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The,
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Bank 8c Quotation Section
Railway Earnings Section
financial
rontrie
INCLUDING
Railway Sc Industrial Section
Bankers' Convention Section
SATURDAY, MAY 3 1924.
VOL. 118.
The That/tick.
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NO.3071.
told, what is true, that the part that "open market
operations may play in general credit policy is influenced by the fact that changes in the volume of securities held by the Reserve banks have an effect on the
volume of their discounts for member banks," but
the idea that runs all through the argument is that
the Board does or can dictate these operations, when
the fact is that the open market operations are in
the control and judgment of the separate Reserve
banks. Each bank must determine for itself what
course is best to pursue and must act in accord with
its own judgment and according to the circumstances of the case, which circumstances may vary
widely at different times and among the different
banks. It cannot rush to Washington for advice.
The experience of the New York Reserve Bank during the last five weeks furnishes an excellent illustration of the truth of this statement. In that period, not only has there been an enormous contraction in the volume of the Bank's rediscounts, but
there has been concurrently a great reduction in the
open market purchases. The shrinkage in the rediscounts is due to the policy the member banks have
been pursuing of liquidating their borrowings at the
Federal Reserve Bank, but the open market purchases one might expect would be adjusted in accordance with the changes in the holdings of discounts and Government securities. In the present
instance nothing of the kind has occurred. As few
persons are aware how striking the situation has
been in this respect, we have compiled and present
the following two tables, the one dealing with the
operations of the Federal Reserve Bank of New York
alone and the other with the operations of the twelve
banks combined.
The Financial Situation.
The reduction from 4 % to 4% in rediscount
/
1
2
rates by the Federal Reserve Bank of New York has
come very much in the nature of a surprise, and it is
difficult to perceive what it is hoped to accomplish
thereby. The action, however, follows close upon
the heels of the elaborate discussions of "Federal
Reserve Discount Policy" appearing in the recently
released annual report of the Federal Reserve Board
at Washington. In these discussions the Board laid
down some beautiful theories regarding the rule of
action that should govern the course of the Board in
controlling and regulating credit, which it takes for
granted is one of its chief functions, and the only
fault to be found with these theories is that the
Board appears to have overlooked one prime essential, namely their practical application.
The Board ventures the Delphic utterance that
"Federal Reserve bank rates should be neither so
FEDERAL RESERVETBANK(OFINEWIYORK.
low as to invite the use of credit for speculative purBills Discounted.
poses, nor so high as to discourage its use for meetHoldings
Bills
Total
of
Bought
Other
Total
Date.
Secured by
ing legitimate productive needs of the business comin Open Government Earning
Bills
Bills
U. S. Govt
Assets.
Obligations Discounted Discounted. Market. Securities.
starting with this noble resolve it armunity," and
$
$
$
8
$
$
gues the question as if the task of managing the April 2___ 87,988,000 23,394,000111,362,000 55,160,000 54,404,000220.926,000
' 9___ 90,340,000 40,8.36.000131,1760)1 49,757,000 57,242,000238,175,000
55,164,000 183,289.000
twelve Reserve banks devolved upon it instead of " 16_-- 50,770,000 24,805,000 75,575,000 52,550,000 57,481,000145,147,000
" 23— 39,758,000 22,180,000 61,938,000 25,728,000
upon the managers of the twelve institutions. Read- .. no__ _ 31.366.000 18.495 000 47 Rai non 27l,3&000 65.547,000140,573,000
ing this discussion one would imagine that all iniTWELVE FEDERAL RESERVE BANKS COMBINED.
tiative and everything else depended upon the omniBills Discounted,
Holdings
Bills
scient men at Washington aided by the superlative
Total
of
Secured by
Date.
Other
Total
Bought
U. S. Govt.
Bills
in Open Government Earning
Bills
wisdom of a dirt farmer. The fact is that the twelve
Assets.
Obligations. Discounted Discounted. Market. Securities.
banks are separate entities and the management of
$
$
$
$
$
1
0
39,063,000290,597,000529,660,000213,772,001 264,855,111 100833800
each institution is in the hands of its own officials. Mail 2_.128.280,000301,279,000529,559,000 197,606,000268,903,000996,119,000
" 9_ __
" 16_ _ 190,419,000279,151,000 69,570,000176,680,i,• 266,667,000912,968,000
.
They are supposed to have brains and to use them. " 23_ _ _ 187,914,000284,929,000472,843,000 140,424,001 274,295,000887,613,000
They are not meant to be puppets, with no inde- .• 30_ _ _ 161.164.000286.021.000447 IRS non 124 4R5 OM 301.880.i II 873.381.000
It will be seen that in the case of the local bank the
pendent judgment of their own. It would be montotal of discounted bills has dropped from $131,176,strous if it were otherwise.
Thus the Board makes extended reference to the 000 April 9 to $47,861,000, and that at the same time
open market operations of the banks, and we are the total of purchased bills has been reduced from
2100
THE CHRONICLE
$55,160,000 April 2 to $27,165,000 April 30. Nor
has there been any great change in the holdings of
Government securities to explain the double decline. The result is total earning assets have fallen
from $238,175,000 April 9 to $140,573,000 on April
30. The results for the twelve banks combined is the
same, only a little more pronounced, and earning
assets have dropped off from $1,008,338,000 April 2
to $873,381,000 April 30. The open niarket purchases doubtless diminished because the bills could
no longer be purchased at the price fixed by the different banks. The fact that the shrinkage is common to the outside banks as well as to the New York
bank would seem to show that the cause was beyond
control. The Federal Reserve Board must have been
equally impotent to change the result. It remains
to be seen what the effect of the reduction in the New
York Bank's discount rate will be.
[Vou 118.
there was a decrease. The liabilities reported
for machinery lines are also much larger this year.
In trading lines more failures are reported this year
among general stores, grocers, dealers in clothing
and shoes, jewelers and druggists.than a year ago,
and in general there is some increase in liabilities
this year over last in the same departments of trade,
the increase being nearly 50% among grocers.
As to the large defaults, there were 38 manufacturing concerns that failed last month reporting a total
indebtedness of $16,916,393, leaving to the remaining
400 other manufacturing failures that occurred in
April of this year liabilities of $6,220,482, an average for each of the latter of $15,551, which contrasts
with $13,734 for April 1923. Of trading failures,
there were only 23 of the larger defaults last month,
and the indebtedness was $6,208,239, the remaining
1,155 trading failures showing liabilities of $12,510,705, an average for each of the latter of $10,882; for
April 1923 the average was practically the same, at
$10,756. Going back over the past 15 years, there is
not one year in which the average liabilities of the
smaller manufacturing defaults was as high as indicated for April of this year, and as to the trading
defaults, in only two years, April 1921 and 1922 was
the average higher than this year.
Business failures continue quite numerous, and
while the number during April of this year is somewhat smaller than for either of the three or four
preceding months, as is generally the case, there is
an increase in the number of such defaults in April
as compared with that month of 1923—in fact, four
o, the last five months report a larger number of insolvencies than for the corresponding months of the
There have been several interesting and signifipreceding year. On the other hand, going back to
cant developments, all apparently with direct bearJanuary 1923, including 16' months in all, the four
months above referred to are the only ones where a ing upon the reparations situation. Briefly, in orlarger n i ber of such defaults is shown, in compari- der, they were the announcement on Friday night
of last week (as noted in these columns a week ago)
son with the same months of the preceding year.
The insolvency retarns, compiled from records ,f by the International Acceptance Bank, Inc., of this
R. G. Dun & Co., are those on which our comments city, that, in conjunction with 21 financial instituare based, as they include only commercial concerns, tions in this and other American cities, it had arall banks and financial institutions naturally being ranged an initial credit of $5,000,000 to the new
reported separately. For April of this year the num- German Gold Rediscount Bank; a dinner conference
ber of commercial failures was 1,707. These figures in Paris between J. P. Morgan and Louis Barthou,
contrast with 1,817 similar defaults for +he preced- President of the Reparations Commission; Sir John
ing month, but with 1,520 insolvencies during April Bradbury, British member, "and the other heads of
1923. As in practically every month for the past the Allied missions to the reparations," and the rethree years or more, the indebtedness shown by the ceipt by the Commission of replies "of the four big.
pril defaults is heavy, amounting to $48,9 4,452. Allied Powers" formally accepting the Dawes report
Much of this sum is attributable to the failure of a "wholly."
In commenting upon the American credit to Gerrelatively small number of large manufacturing con.
cerns. For March the defaulted indebtedn -ss was many local bankers were quoted as saying that "the
$c7,651,026, an unprecedented amount, but 61 insol- full significance of the move was not reflected in the
vencies in that month accounted for more than 80% size of the fund." They stated that "it meant, in
cf the total, or $78,200,000. So,in April, nearly 60% effect, the restoration of a commerce that always has
of the total l'abilities, or $29,060,961, is attributable run, except for the period of the war and the unsetto 71 of the larger defaults. In April 1923 the de- tled period since the war, high into the hundreds of
faulted indebtedness was $51,491,941, and of that millions of dollars annually." It was further pointed
sum 58 failures accounted for 65%, or $33,303,582. out that "the credit will protect the position of the
Defaults in manufacturing lines continue to show dollar in the world markets and by so doing will
much heavier losses. For the month just closed there open up channels for the export of American comw re 438 failures of ma, ufacturing concerns, and modities to Germany as well as the import of Gertl liabiliti s were $23,136,875. Trading failures man goods. The case was cited of American cotton.
numbered 1,177, and the indebtedness reported was The sale of that commodity. its transportation to
18,718,944, while for other commercial lines, induct Germany and its warehousing there could be fiing agents and brokers, the number was 91 ard the nanced, it was explained, through ordinary Ameriliabilities $7,048,633. For April 1923 the corre- can bankers' acceptances. But while the German
,•ponding figures were respectively as follows: Manu- manufacturer would want to buy the cotton on a
facturing 388,for $31,928,723; trading 1,088 for $15,- dollar basis and sell his manufactured goods in the
494,505, and agents 44 for $4,068,713. The losses United States or in world markets on a dollar basis,
last year in the manufacturing division were con- American acceptance facilities could not be utilized
siderably larger than in April this year, and in num- to finance the latter processes of manufacturing and
ber, also, manufacturing defaults in April this year distribution. But trade acceptances given for each
show some reduction. There was some increase last of these latter phases under the new agreement
month in ,the number of defaults in machinery manu- would become trade bills of a quality good enough to
facturing, while in lumber manufacturing and among be offered for rediscount in the United States, thus
MAY 3 1924.]
THE CHRONICLE
2101
.popularizing the use of the dollar not only by im- will waive her Condition that England agree in adporters but also by German manufacturers."
vance to joint action with her should Germany default, and that England will consent to a stipulation
The conference in which Mr. Morgan participated by France that she will reserve her liberty of action
took place at"an official dinner given in honor of the in such an event. This may enable the plan to be put
American financier" in Paris on the evening of April into effect and the loan floated by June 1."
25. The Associated Press representative at that centre said that the bankers "discussed the situation at
As for the acceptance of the Dawes report by
length." The New York "Times" correspondent at Great Britain, France, Belgium and Italy, attention
the French capital explained that "on the suggestion was directed to the fact by the Paris representative
of Colonel James A. Logan, American unofficial of the Associated Press that "France alone raises
member, the Reparations Commission to-day [April the question of procedure." The British, in their
25] appointed Louis Barthou, French member and reply to the Reparations Commission, said: "His
President, and Sir John Bradbury, British member, Majestys Government, for their part, accept and
a committee to discuss with financiers of various will do everything in their power to give practical
countries, especially the United States and England, effect to the recommendation of the Commission that
ways and means of floating the 800,000,000 mark the Allied Governments should likewise adopt the
loan provided by the experts' plan. J. P. Morgan conclusions of the committees with regard to matwas in Paris to-night, and M. Barthou and Sir John ters falling within the jurisdiction of those GovernBradbury were to ask his advice on details respect- ments." The Belgian Government stated that it "is
ing the loan, the necessary interest, guarantee, etc., prepared to accept the experts' conclusions as a
as well as the amount New York probably would whole with a view to a practical and equitable settake." He added that "M. Barthou and Sir John tlement of the reparations problem." In the Italian
Bradbury will confer with other American bankers reply it was stated that "for its part the Italian
as well, it being understood they expect to get in Government is from this time disposed to adopt intouch with Kuhn, Loeb & Co."
tegrally the conclusions of the experts as well as the
Cabling last Saturday afternoon regarding the principles which inspired them, being persuaded
that
two-day stay of Mr. Morgan in Paris and his confer- these principles constitute an equitable basis for
the
ence with French and English bankers, the represen- regulation of the question of reparations and the
tative in that city of "The Sun" of this city said: questions connected therewith in conformity with
"The arrival here yesterday of J.P. Morgan on a two- the line of conduct constantly pursued by the royal
day visit, coming as it does at the present stage of Government." Premier Poincare, who was said to
the negotiations over the experts' plans, has as- have written the French reply, suggested that the
sumed a tremendous importance in French eyes, Mr. Reparations Commission "must be in a position to
Morgan appearing as the biggest figure to-day in the find out whether Germany has taken the measures
financial world." The correspondent suggested, how- necessary to carry out the Commission's decision.
ever, that "exaggerated notions can easily be drawn He emphasizes that no decision can be taken until
of the importance of his visit, any discussion of de- the Commission has approved the drafts of laws and
tails of the international loans being quite impos- decrees it has requested Germany to submit for the
sible at this time." He declared that, "in a general execution of the plan, and he reiterates that only
way, Mr. Morgan's position may be summed up as after that decision will the Allies be in a position to
follows: First, America can be counted upon to reach their own decision."
take a very substantial portion of the $200,000,000
loan once it is convinced that the Allies and GerMuch significance was attached to the announcemany have agreed in a cordial spirit on a plan for ment in Berlin cable advices a
week ago this afterworking out their troubles. Much depends, how- noon that the Industrialists,
'sat a special session of
ever, on the way this agreement is reached and the the Federal Union of German
Industries," adopted
disposition shown towards one another. Secondly, "a resolution endorsing
the Dawes plan as a basis
the security of such a loan must be considered abso- for a reparations
solution." This resolution was
lutely the first underlying lien on German resources handed
to the German Cabinet, and was declared by
and in this respect the projected loan of the experts the Berlin
correspondent of the Philadelphia 'Pubseems to fill the requirements. Thirdly, bankers at lic Ledger"
as being "a serious blow to the Nationalthis time can give no advice on the issuing terms of ists, who counted
on having the Rhine and Westsuch a loan until the special legislation necessary phalian industrialists
in their ranks." The same
has been adopted." The correspondent added that correspondent asserted
also that "the Industrialists
"it is understood that Mr. Morgan has made it quite put their finger on the
reparations report's key
plain already that he is unchanged from the position phrase when, in approving
the Government's accepthe took two years ago in the bankers' committee, that ance of the report as a
basis for negotiations, they
for reparations obligations to be generally market- made as a fundamental hypothesis, 'that the
carryable throughout the world there must be a general ing out of the propositions
should be done in the
settlement among the Allies, including the question same spirit which
animated the experts in drawing
of their debts." Continuing he said: "Naturally, up the report, especially as involves
the protection
hopes have been raised that the experts' plan, once of German currency in connection with
the so-called
adopted, will afford a basis for such a general set- transfers of reparations
funds outside of Germany,'
tlement, but nothing is certain on this point as yet. and 'the reestablishment of economic
and adminisIn conversations now going on here, there is a dif- trative sovereignty in the
Ruhr.'" With respect to
ference between France and England on the question the action of the Industrialists
, the Berlin represenof what penalties will be applied should Germany de- tative of the Associated
Press said that "acceptance
fault. This is not considered vital to the prompt ap- ,of the Dawes report by the League of German
Indusplication of the plan,it being understood that France trialists is viewed in official and political
circles as
2102
THE CHRONICLE
a significant event, inasmuch as it pledges the active
support of an organization whose influence and prestige are commonly rated as indispensable to any ultimate solution of Germany's tangled economic situation."
Dr. Marx, the German Chancellor, "who spoke in
the Ruhr for the first time [last• Sunday] since the
French occupation at a meeting of voters at Duesseldorff, in which district he heads the Centre Party's
list of candidates," made "a statement on the policy
Germany will follow with regard to the Dawes report." A special correspondent of the New York
"Times" in Cologne said that "he spoke approvingly
of the recommendations as a whole and expressed
hopes for the future of Germany, though he'warned
his hearers against overconfidence, as it would take
very little to destroy again the steadiness of the
mark." According to the "Times" correspondent
also, "he strongly advocated a policy of fulfillment
of treaty obligations for Germany and described the
extreme Nationalist attitude that another war was
bound to come as high treason to a defenseless people confronted by the greatest military power of the
world." He further reported that "the Chancellor
severely criticized the attitude of the extreme Nationalists, saying the extravagance of Deutsche Volkische ideas could only result in separating Germany
from her European neighbors. For such isolation
the world had grown too small. The nations to-day
had to co-operate as members of a family in which
the doings of one affected all the others. A Deutsche
Volkische majority in the Reichstag would mean the
extinction of Germany."
A meeting in Paris on Monday, at which there
were present Premier Theunis and Foreign Minister Hymans of Belgium and Premier Poincare of
France, was spoken of by the Paris correspondent
of the Associated Press as "the first direct conference of Allied Premiers since the completion of the
reparations experts' report." He also stated that
the purpose of the gathering was "to discuss methods of procedure to be employed in putting the experts' recommendations into effect." According to
the information obtained by the correspondent, "in
the conference, MM. Theunis and Hymans outlined
the Belgian viewpoint; urging that all speed possible be made to realize the suggestions of the experts. The Belgians argue that only the promptest
realization of the experts' plan will create a good impression upon the outside world, tired as it is of haggling and the continuous holding of conferences."
He added that "their idea is that the Allies must
agree as soon as possible and without restrictions or
provisos. Premier Poincare, however, is said to be
not so insistent upon speeding up the settlement now
that the date of the French elections is so near at
hand." The Paris correspondent of "The Sun" of
this city cabled that "two important decisions already have been reached in the Franco-Belgian conferences, which reached a climax this morning with
a meeting of Poincare and Theunis. First, there
will be no attempt to determine the nature of the
penalties to be applied jointly by the Allies in case
Germany defaults for several months or when the
time comes for economic and possibly military evacuation of the Ruhr. Second, Belgium will remain in
the Ruhr with France until the Dawes scheme is satisfactorily in operation, considering the fact that the
return of Germany to economic unity as demanded
[VOL. 118.
by the experts cannot be effected until it is known
whether the plan is technically a fizzle or the most
vast economic enterprise ever conceived. Premier
Theunis will press Ramsay MacDonald next Sunday
to accept this compromise as grounds for re-cementing the tripartite entente, his idea being that once
the French and German elections are concluded it
will be possible to settle the political phases of the
Dawes plan with a more conciliatory spirit on both
sides."
In an address at Port Talbot, Wales, on April 28,
before "the electors who sent him to Parliament,
Prime Minister MacDonald declared he was not going to lose a single chance of putting the report of
the reparations experts into operation." He said
also, "let there be no doubt about it, I regard these
experts' reports as being an opportunity for peace,
for settlement, for agreement, which if not taken by
European statesmen will be one of the most Godsent opportunities ever neglected and lost." Referring to the continuance of friendly relations between
Great Britain and France, the Prime Minister said:
"If I can only do anything before I leave this office
to remove some of the difficulties that have been in
the way of a European settlement, if I can do anything to bring my country and France into closer
friendship, if I can do anything to enable Central
Europe to find its legs, not with hate and revenge in
its heart but with a new revelation of international
co-operation, then I shall have felt that I have done
my day's work, and regard it as a pretty satisfactory
one at that." Continuing to outline his foreign policy, Mr. MacDonald said: "If we disagree as to the
angle from which we look upon these things it is not
that we do not want security—that we do
not want friendship. I am profoundly convinced that these experts' reports, joined together
with the experience of the last four years, ought to
make both France and ourselves see that by our common friendship and by that alone, working with
Italy, working with Belgium, working with the small
nationalities and offering Germany a real chance to
fulfill its word, a real chance to make a pledge and
keep it—in that way, in that friendly way, in that
allied way, we Can open anew the door to peace, happiness and international co-operation. That is my
policy and that is the policy of my friends, and I will
do my best to carry out, steadily and patiently, but
without any humbug and cheating at all—straight,
honest, open diplomacy."
It was made plain in Paris cable advices that the
German Government acted promptly in taking initial steps toward making the Dawes plan effective.
The New York "Times" representative in the French
capital cabled April 28 that "the German Government took its first step toward putting into operation the Dawes reparations plan when the German
War Burdens Commission communicated to the Reparations Commission to-day the names of the Germans who will serve on the committees recommended
by the experts' report. This was done in compliance
with the letter of the Reparations Commission of
April 17, asking that Berlin present drafts of the
laws necessary to put the experts' plan into effect
and the names of the German members of the committees." This announcement was followed by a
dispatch from Brussels the same day that "France
and Belgium to-day reached a complete accord on
Mey 31924.]
THE CHRONICLE
the course to be taken by the two Governments as
their part in putting the reparations experts' recommendations into effect." It was added that, "as a
result of to-day's decision, taken at a conference between Premier Theunis and Foreign Minister Hymans of Belgium and Premier Poincare of France,
the two governments will separately endeavor to
reach a similar agreement with Great Britain, after
which the final untangling of the reparations snarl
will be attempted in a general allied conference."
Paris believes that Premiers Poincare and MacDonald will have a conference on the Dawes report
in the near future. According to an Associated
Press cablegram from Paris on the evening of April
29, "it was semi-officially given out on that day that
a meeting between Premier Poincare and Prime Minister MacDonald of England was probable some time
during May, but not until after the French elections,
May 11. In any case, it was added, there was no
question of any interview between the two Premiers
inside of a fortnight." The correspondent also reported in the same dispatch that "the Reparations
Commission met in formal session at 3 o'clock this
afternoon to examine the French, British, Belgian
and Italian replies regarding the experts' reports
and to proceed to an interchange of views regarding
the procedure to be followed. The Commission decided to postpone official discussion of the replies
until a later date. Meanwhile the delegates will confer unofficially." The further information was made
public that "Premier.Theunis and Foreign Minister
Hymens will go to Milan to interview Premier Mussolini, it was announced to-day, immediately after
the visit of the Rumanian sovereigns to Brussels.
The Italian Premier has requested this visit, it was
added. Reparations questions, such as those discussed by the Belgian statesmen in Paris yesterday
and to be gone over by them with Premier MacDonald this week end, will be taken up with Premier
Mussolini." Announcement was made in Brussels
on April 30 that "the conference which Premier
Theunis and Foreign Minister Hymens of Belgium
are to have with Premier Mussolini in Italy has been
fixed for May 18 at Milan."
The outlook appears favorable for a continuance
of friendly relations between France and Great Britain. Cabling Wednesday evening, the Paris correspondent of the New York "Herald-Tribune" said
that "possibilities of disagreement among the Allies
regarding Methods of settling the reparations problem along the lines of the Dawes program are daily
becoming smaller." He added that "Premier Poincare to-day, following receipt of official information
from Ambassador Jusserand with regard to the
statement of General Dawes and his associates on
their return to America, sent instructions to the
French Ambassador at Washington which manifest
a most conciliatory spirit."
Premier Theunis and Foreign Minister Hymans
of Belgium arrived in London Thursday night and
yesterday had a conference with Prime Minister
MacDonald at Checquers Court for the purpose of
ascertaining the views of Great Britain "on methods
for making the Dawes plan effective." Commenting
upon the conference, the London correspondent of
"The Sun" said in a dispatch last evening that
"Prime Minister MacDonald's informal discussion
of the reparations question with the Belgian Pre-
2103
mier, Theunis, and his Foreign Minister Hymans at
Checquers to-day is not only the first time the British
leader has entered into direct discussion with any of
the Allied countries on the problem since he assumed
office, but is regarded as a very important step in the
work of clearing the ground which must take placebefore the meeting with Poincare."
Commenting upon the importance of the German
elections to-morrow with respect to the carrying out
of the Dawes report, the Paris correspondent of theNew York "Times" cabled yesterday morning that,.
"as seen from Paris the German elections on Sunday
bear a most important relation to the putting into.
operation of- the Dawes reparations plan. Beforethe plan can begin to work Germany must pass a
series of important laws to be prepared on the basislaid down by the German and allied organization.
committees, which will soon start their task." Healso explained that "these laws relate to handing.
over the railroads of the Reich to an international,
organization, to giving the new bank a monopoly of
the issue of paper money and to the establishing of a
5,000,000,000 gold marks mortgage on German industrial property. They must be acted on by the new
Reichstag to be chosen Sunday and which will meet
June 1. Everything depends on the passage of those
bills."
The British Parliament reassembled on Tuesday.
Philip Snowden, Chancellor of the Exchequer, presented the first budget of the Labor Government. It
was done "in the presence of a packed House,including six former Chancellors of the Exchequer." There
was keen interest in the document, both within and
without Government circles. Prime Minister MacDonald was said to have cancelled a speech "in which)
he intended to make reference to President Coolidge's New York discussion of disarmament in or-der to preside at a Cabinet meeting." The London,
correspondent of "The Sun" declared that this act
"gives the measure of the importance attached by the
Government to the first Labor budget, which will be
thrown into the Parliament hopper by Chancellor
Philip Snowden soon after the House of Commons
reconvenes." It was expected also that the Liberals,
under the leadership of former Premier Lloyd
George, would pick flaws with the document freely_
The opinion prevailed in London in advance that
the reception accorded the budget would have an extremely important bearing on the immediate future
of the Labor Party.
The abolition of the so-called McKenna duties was.
one of the most striking recommendations in the
budget. They are "the 33 1-3% duties on American
and other foreign motor cars, clocks, watches and
films." It was suggested that "their cancellation,
would accord with Labor's traditional free trade
policy." One London correspondent observed in advance of the presentation of the budget that "the demand for their continuance by Tories and a section'
of the Liberals and Labor's position as a minority
Government strongly point to a compromise." The
Chancellor explained that "these duties expire May
1, but there was a period of three months additional
for protection before the expiration actually became
effective. Therefore they would expire Aug. 1." He
proposed "no alteration in the income tax or the
supertax, and no change in the postal rates." It was
disclosed also that "the budget provided for a reduction of three halfpence per pound on sugar. The
2104
7
1HE CHRONICLE
tea duty is reduced one-half. The duty on dried fruit
would not be renewed under the budget provisions
and would lapse Aug. 1. The schedule provided for
reduction of one-half in the duties on cocoa, coffee
and chicory." Another important recommendation
was that "the corporation profits tax be abolished?'
The Associated Press correspondent said that "the
Chancellor estimated the total cost of all the reductions in taxation recommended this year at £34,030,000, and in the full fiscal year at £40,443,000. He,
therefore, would be left with an estimated surplus
of £4,024,000." The correspondent added that "in
opening his budget statement in the House of Commons the Chancellor said "a surplus of £48,329,000
on last year's accounts had gone to reduction of the
debt. Of this surplus, £27,750,000 was due to reduced expenditure." He stated also that "regarding
the expenditure, the Chancellor said the outlay for
the national debt services amounted to £346,250,000,
of which £40,000,000 was for the sinking fund." Continuing, the Chancellor said that "the total dead
weight of the debt on Mar. 31 was £7,680,484,000, as
compared with £7,772,397,000 on the corresponding
date of the preceding year. The floating debt had
been reduced during the year by £35,500,000. A year
ago this debt was £810,000,000 and on Mar.31 of this
year it was £774,500,000. The total debt reduction,
external and internal, since December 1918, had been
over £650,000,000." The Chancellor explained specially that "our one real external debt is to the
United States, £940,500,000 par, and certain market
loans in America amounting to about £45,000,000.
He estimated the total expenditures for the year at
£790,026,000. He estimated "the total revenue of the
existing taxation basis at £828,100,000, leaving a surplus of £38,074,000."
According to the Associated Press representative,
"Mr. Snowden declared the country must devote all
the resources possible to the redemption of the debt,
which, though a more indirect benefit than a shilling
reduction in the income tax, was no less real and was
more widespread and penetrating in its effect. It
improved international trade." Continuing, the
Chancellor suggested that,"in view of the great conversion scheme we shall have to carry out in the not
far. distant future, the maintenance and improvement of British credit is a matter of the most vital
first-class importance?' The correspondent also
stated that, "as regarded the estimated revenue, the
Chancellor felt justified in being rather optimistic
as to the future. Unemployment conditions, although still very bad, were improving, and there
were hopes of a new settlement in Europe. Even
now trade was showing flickering but hopeful signs
of an advance and wages were showing a tendency to
rise." He reported, furthermore, that "Mr. Snowden
aded that the late Government's pledge to submit the
preference proposals to the House of Commons
would be fulfilled to the fullest extent. 'We do not
propose,' he added,'to ask Parliament to abolish the
preferences now afforded, but we reserve full liberty to propose to Parliament, whenever it is deemed
expedient, to reduce or abolish all kinds of preferences now granted."
Commenting on the Labor budget and the reception given it, the London correspondent of the New
York "Times" said in part: "The budget, the first
to be introduced by a Labor Government, is generally
regarded as neither revolutionary nor Socialistic.
[VOL,118.
It is commended for its moderation by members of
both the older political parties, and probably will be
criticized for the same reason by the advanced wing
of the Labor Party. It probably will receive the approval of the great bulk of the people of this country
because it is a free trade budget?' The Associated
Press correspondent added that "Londoni newspapers of all shades of political opinion generally concede to-day that the budget introduced in the House
of Commons yesterday by Chancellor of the Exchequer Philip Snowden is a very clever one, which
will be distinctly popular throughout the country."
On the other hand, as expected, the Conservatives
displayed opposition to the budget. The London
correspondent of the Associated Press cabled Wednesday evening that "the Conservatives began their
attack on the Labor Government's budget in the
House of Commons to-day. As every one expected,
the onslaught of criticism was aimed at the abolition
of the McKenna duties on foreign,manufactures,.and
Labor's intention to oppose any building of a tariff
wall around the empire by a scheme of imperial preference." He added that, "in leading the Conservative attacks, Sir Robert Horne, a former Chancellor.
of the Exchequer, said he saw no prospect at all of
holding the British Empire together if the Government was going to flout the resolutions passed at the
imperial conference last autumn." The Liberals
came forward with support, instead of opposition,,as
had been predicted. The Associated Press representative said that "J. H. Thomas,. Secretary of State
for the Colonies, immediately protested against the
Conservatives regarding themselves as alone the
guardians of the Empire." He further.reported that
"even while Mr. Thomas was defending the budget,
the Liberals left their seats and held a party meeting. The meeting was originally called to consider
complaints that the Labor Government had been
contemptuous toward the Liberals, who were supporting them. But instead of declaring renewed
warfare on Socialism, as some expected, the Liberal
meeting hailed Labor's budget as one after their own
hearts--'A Liberal and free trade budget, vindicating us for turning out the Conservatives,' as Mr. Asquith described it." The correspondent also stated
that "the budget proposals met with a generally favorable reception on the Stock Exchange, where
business was resumed this morning on a slightly
larger scale, with fair strength among the gilt-edged
securities. The rise of these was not large, as the
effect of the debt redemption had already been
largely discounted, but the sentiment in this section
was decidedly favorable, as fears of an increase in
the super-tax did not materialize. The industrial
shares benefited by the abolition of the corporation
tax, and there was a large business at rising prices
in the tea and tobacco companies' shares. The only
weak spot for the moment is in the motor and cycle
share section, where decreased revenue is anticipated
in consequence of the abolition of the war-time duties."
No change has been noted in official discount rates
at leading European centres from 10% in Berlin,
which is the rate fixed on Rentenmarks last December and the basis on which nearly all transactions
are now negotiated; 7% in Norway and Denmark;
2
1
/
6% in Paris; 5 % in Belgium and Sweden; 5% in
Holland and Madrid, and 4% in London and Switzerland. In London the open market discount rate
2
1
/
for short bills dropped to 2 % yesterday after having ruled at 215-16@3%, unchanged from last week.
Three months' bills were quoted yesterday at 3@
2
1
/
3 1-16%, against 3 1-16@3 % a week ago. Money
on call in London was firmer for a while, advancing
/
/
/
to 234%, but closing at 158%, as against 178% the
previous week. In Paris the open market rate is
/
/ /
2
1
now quoted at 514@5 %, against 51 2%, and in
2
1
/
Switzerland 3 %,against 3%,the quotation ruling
a week ago.
A loss of gold amounting to £2,382 was shown by
the weekly statement of the Bank of England, accompanied by expansion in note circulation amounting to £760,000, which was the means of bringing
about a decrease in reserve of £763,000. The proportion of reserve to liabilities fell to 18.30%, from
18.85% a week ago, 19% in the corresponding week
4
of 1923 and 171 % a year earlier. Preparations for
the May 1 disbursements were held responsible for
the showing just noted. Public deposits were reduced £3,118,000, but "other" deposits expanded
£2,616,000. Loans on Government securities rose
£395,000, but loans on other securities fell £148,000.
The bank's gold holdings are now £128,120,532, as
gainst £127,520,900 last year and £128,873,878 in
1922. Reserve aggregates £22,256,000, comparing
with £23,079,330 in 1923 and £25,232,698 the year
.
before. Note circulation stands at £125,616,000
This compares with £124,191,570 last year and £122,091,180 in 1922, while loans amount to £74,345,000,
in comparison with £70,130,283 and £74,968,814 one
and two years ago, respectively. At the weekly meeting of the bank governors, the 4% minimum discount
rate was left unchanged. Clearings through the
London banks for the week totaled £940,785,000,
comparing with £507,035,000 a week ago and £811,••37,000 last year. 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.
1921.
1920.
1922.
1924.
1923.
May 5.
May 3.
May 4.
May 2.
April 30.
125,616,000
Circulation
10,587,000
Public deposits
110,993,000
Other deposits
42,633,000
Govt. securities
74,345,000
Other securitles
Reservenotes &coin 22,256,000
Coln and bullion__ A28,120,532
Proportion of reserve
18.30%
to liabilities
4%
Bank rate
2105
THE CHRONICLE
MAY 31924.]
124,191,570
13,234,545
107,835,894
45,359,445
70,130,283
23,079,330
127,520,900
19%
3%
122,091,180 129,528,238
14,355,679 15.437,573
131,693,656 125,389,985
63,542,646 81,887,043
74,968,814 79,558,234
25,232,698 17,279,399
128,873,878 128,357,634
111,115,815
20,659,578
116,516,229
55,309,621
79,690,577
19,854,402
112,520,717
12.27%
6,4%
14.60%
7%
17.25%
4%
The Bank of France reports an expansion of 196,734,000 francs in note circulation this week, following reductions in that item in the three successive
weeks preceding, aggregating 389,468,000 francs.
The total of notes outstanding, therefore, is now
40,020,828,000 francs, contrasting with 36,904,486,000 francs at this time last year and with 36,178,276,585 francs in 1922. Just prior to the outbreak of
war, in 1914, the amount was only 6,683,184,785
francs. The,gold item shows a further small gain of
95,350 francs. The Bank's aggregate gold holdings
are thus brought up to 5,542,449,200 francs, comparing with 5,536,861,275 francs at the corresponding
date last year and with 5,527,102,934 francs the year
before; of these amounts, 1,864,320,900 francs were
held abroad in 1924, 1,864,044,927 francs in 1923 and
1,948,367,056 francs in 1922. During the week silver
increased 159,000 francs, while bills discounted,
which in the past few weeks had been considerably
reduced, recorded an increase of 340,566,000 francs.
On the other hand,advances fell off 29,893,000 francs,
Treasury deposits were reduced 946,000 francs and
general deposits were diminished 138,790,000 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:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
May. 1 1924. Meg 8 1923. May 4 1922
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
Inc.
In France
95,3.50 3,678,128,300 3,672,816,348 3,578,735.877
No change 1,864,320,900 1,864,044.927 1,948,367,056
Abroad
Inc
95,350
Total
Inc.
159,000
Silver
Ine. 340,566,000
Bills db3counted
Dec, 29,893,000
Advanced
Note circulation .me. 196,734,000
946,000
Treasury tieposits_Dee.
General Deposita_Dee. 138,790,000
5,542,449,200
298,762,000
4,943,505,000
2,534,811,000
40,020,828,000
16,720,000
2,280,548,000
5.536,861,275
292,082,400
3,234,785,000
2,129,018,000
36,904,488,000
8,109,000
2,285,777,000
5,527,102,934
282.871,670
2
2.954,530,74
2,267,050,450
36,178,276,585
15,940,394
2,433,951,812
The Imperial Bank of Germany, in its statement
issued as of April 15, was noteworthy chiefly by
reason of the appearance of the item of silver coin
in the return. This was given as amounting to
964,000 marks. Among the larger changes were
a decline of 5,396,463,000,000,000,000 marks in
note circulatizn. Bills of exchange and checks expanded 25,803,220,000,000,000,000 marks. Rentenmark bills and checks, 7,177,207,000,000,000,000
marks, Rentenmark discounts and advances 134,500,000,000,000,000 marks and deposits 34,647,445,000,000,000,000 marks.
On Thursday,another,later,statement was received
by cable for the week of April 23, which showed an
increase in silver coin reserve of 322,000 marks, and
a further contraction in note circulation of 4,214,207,000,000,000,000 marks, leaving the total outstanding 674,042,274,761,000,000,000 marks, as compared with the high record figure of 689,866,441,761,000,000,000 marks established the week of
March 29. Rentenbank notes increased 72,810,128,000,000,000,000 marks, bills of exchange and
checks 20,853,500,000,000,000,000 marks, Rentenmark discounts and advances 10,746,030,000,000,000,000 marks,investments 91,350,395,000,000,000,000 marks. There were also heavy increases in
deposits, 93,949,576,000,000,000,000 marks, other
liabilities 96,754,070,000,000,000,000 marks, and
other assets 3,476,622,000,000,000,000 marks. Rentenbank loans remain unchanged. In Treasury and
loan association notes there was a reduction of
217,000,000,000,000,000 marks, while Rentenmark
bills and checks declined 14,391,473,000,000,000,000
marks, and notes of other banks 395,000,000,000,000
marks. Gold holdings decreased 17,991,000 marks,to
441,815,000 marks, as against 919,909,000 marks
last year and 999,868,000 marks in 1922. Total
coin and bullion (which now includes aluminum,
nickel and iron coins) decreased 83,969,000 marks.
The Federal Reserve Bank statements issued on
Thursday afternoon showed further gains in gold,
while rediscounting operations continued to diminish. For the System there was an increase of $6,400,000 in gold, a shrinkage in rediscounts of Govern'
ment secured paper of $26,700,000 and of open market purchases of $15,900,000. "All other" bills increased slightly, namely $1,100,000. Total bills discounted now aggregate $447,185,000, as compared
with $730,340,000 at this time a year age. Earning
assets were reduced $14,200,000, but deposits expanded $4,500,000. At the New York bank the addition to gold reserves was appreciably larger,$27,300,000, while rediscounting of all classes of paper fell
approximately $14,000,000, at the same time that bill
buying.in the open market gained $1,400,000. De-
2106
THE CHRONICLE
posits expanded nearly $27,000,000, but earning assets showed a falling off of $4,500,000. The total
discounts of the New York bank are down to $47,861,000, against $211,574,000 last year. Member bank
reserve accounts were larger, both locally and nationally, expanding $20,500,000 at New York and
0,800,000 for the banks as a group. The amount of
Federal Reserve notes in circulation again showed
contraction—$5,500,000 at the local institution an i
$14,800,000 for the combined System. As a result of
the further increase in gold reserves, reserve ratios
advanced a trifle further. At New York there was
a gain of 0.5%, to 91.3%, and for the twelve reporting banks 0.4%, to 82.0%.
Shrinkage in surplus of more than $13,000,000 was
the most noteworthy feature of last Saturday's statement of New York Clearing House banks and trust
companies, although it was merely the result of
drawing down of reserves with the Federal Reserve
Bank. Loans increased $13,677,000. Deposits likewise expanded. In net demand deposits an addition
•of $2,673,000 was shown, to $3,892,433,000, which is
(exclusive of $44,264,000 in Government deposits.
'Time deposits increased $12,205,000, to $500,095,000.
Other smaller changes included an increase of $1,
214,000 in cash in own vaults of members of the Federal Reserve Bank, and increases of $189,000 and
$399,000 in the reserves of State banks and trust
companies in own vaults and in other depositories,
respectively. As noted above, member banks heavily
drew down their reserve credits at the Reserve institution, the reduction being $13,399,000, and this
brought about a loss in surplus of $13,565,00, thus
reducing excess reserves to $18,607,300, as against
$32,172,900 last week. The figures here given for
surplus are based on 13% reserves for member banks
of the Federal Reserve System, but not including
$45,634,000 cash in vault held by these institutions
Dn Saturday last.
The moderate rally in the rates for call money that
was expected, following the extremely low quotations of last week, and in preparation for the May 1
disbursements, came. It was of short duration, however, as on the very first day of the month the rate
dropped to 31 2% in the afternoon. The latter was
/
the prevailing quotation yesterday. There is no
scarcity of money in any section of the country.
Hence, upturns in rates are bound to be followed by
Teactions until the demand becomes more active
than it has been for some time. The recession in the
steel industry and other important lines of business
has continued, but has not yet reached serious proportions. The drop in the production of steel ingots
is estimated at 20%, compared with the peak in the
earlier months of this year. Judge Gary expects the
falling off in the steel industry to go further. Just
how far the slowing down will proceed will depend
considerably, it would seem, on the attitude of business interests toward the political situation. Gradually it is taking more definite shape in both of the
leading parties. This in itself makes for somewhat
greater stability than was possible until very r_cently. Financing in this country for foreign Governments is going forward. A loan of $40,000,000
has been floated for Holland. A new loan of about
$10,000,000 for Bolivia is expected in this market in
the near future. If after the German and French
elections are held those countries go forward wit:i
[VOL. 118.
the Dawes plan, the offering iii the United States of
the larger part of an international loan for Germany
would seem inevitable. The Wall Street demand for
funds continues only moderate. The reduction in
the rediscount rate of the New York Federal Reserve
Bank from 4% to 4% has resulted automatically in
a readjustment of money rates. There is considerable difference of opinion even between Secretary of
the Treasury Mellon and Governor Crissinger of the
Federal Reserve Board, as to the probable effect of
the reduction upon business. Those who in advance
favored the change urged that the lower rate would
stimulate trade. A more definite statement on this
point can be made a few weeks hence, perhaps. It
would seem that confidence on the part of the people
with respect to Conrgess and the political situation
generally would do much more in causing them to
buy and do things on a larger scale than they have
been doing since about March 20.
• Referring to money rates in detail, call loans this
week have ranged between 332g).4%, as compared
with 33,'4% a week ago. On Monday a flat rate
of 33 % was quoted all day, this being the high, the
4
low and the ruling figure. Tuesday firmness developed and while renewals were still negotiated at
34%,a high level of 43/270 was touched; the low was
4
33 %• On Wednesday only one quotation was
named,4,4%, all transactions being put through at
this level. The range on Thursday was 3M@43%,
with the renewal basis again 434 0 A distinctly
,7.
easier ftend was noted Friday, and renewals were
lowered to 332%, and this was the maximum and
minimum figure for the day. In time money the market was quiet with a temporary hardening around
May 1, but an easier teridency toward the close of
the week. The range was riot changed from 43 let,
43/2% for all maturities from sixty days to six months,
although on Friday (yesterday) the bulk of the limited business passing was at the inside quotation.
The figures here given apply to both mixed collateral
and all-industrials alike.
Commercial paper was in good demand, with the
bulk of the buying by country banks. Dealings
were well diversified. The undertone was steady
and quotations still at 43/2@4%% for four to six
months' names of choice character. New England
mill paper and the shorter choice names are passing
at 4M%.
Banks' and bankers' acceptances were again reduced to meet the cut in Federal Reserve rates.
As a result prime names were in more active demand,
with a fairly large turnover reported. Buying was
noted by city and out-of-town institutions, also
private individuals. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council was firm, advancing to 4%, but yesterday was reduced to 33 %, which compares with
4
332% a week ago. The Acceptance Council makes
the discount rates on prime bankers' acceptances
eligible for purchase by the Federal Reserve banks
3%% bid and 3
asked for bills running 30, 60
and 90 days, 33 % bid and 33/2% asked for bills
4
running 120 days and 4% bid and 37 % asked for
A
bills running 150 and 180 days. Open market
quotations were as follows: '
SPOT DELIVERY.
90 Days.
SO Days.
Prime eligible bills
3NID3N
3Hig3N
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days.
3%@3si
3N bid
3N bid
MAY 3 1924.]
THE CHRONICLE
2107
tude of the market is one of extreme caution in
the taking on of new commitments, for the time
being at least. Recent reports of improved industrial conditions in Great Britain, coupled with a
decline in unemployment, were regarded as factors
favoring sterling.
Referring to the day-to-day rates, sterling exchange on Saturday last was firm and higher, on
brisk foreign buying; which brought about an ad%
vance to 4 38%@4 393 for demand, 4 38
4 39% for cable transfers and 4 36@4 373/i for
sixty days. On Monday a slightly reactionary trend
developed and demand declined fractionally, to
4 38 3-16@4 39, cable transfers to 4 38 7-16@4 39%
4
and sixty days to 4 35 15-16@4 363 ;freer offerings
and a lessened inquiry contributed to the weakness.
Dulndss prevailed on Tuesday and rates moved
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
MAY 2 1924.
within narrow limits, with the range 4 38 3-16(4)
4 38% for demand, 4 38 7-16@4 39 for cable transPayer Maturino—
After 90 After 6
fers and 4 35 15-16@4 363/ for sixty days. Wednesbut
Days, but
Within 6 Within 9 day's market was easier and demand sold off to
Within 90 Days.
Months. Months.
FEDERAL RESERVE
3
BANK.
4 373'@4 38%, cable transfers to 4 37%@4 38%
Com'reka Scour. by
Apricul.• Apricul.
and
8
and
A oricul. U. S. Bankers' Trade
and sixty days to 4 35%@4 363/; rumors of posAccepAccep- Livestock Livestock
dtLivesek Govt.
Payer. Obliga- lances. lances. Payer. Paper.
details in the Dawes reparation
sible delay over
lions.
n.e.s.
plan were partly responsible for the reaction. In434
434
4H
5
___
4%
Boston
4
4
4
4
4
4
New York
creased activity, due to preparations for covering
5
434
434
434
434
434
Philadelphia
434
434
434
434
434
434
Cleveland
month-end commitments, led to a small advance
434
434
434
434
434
434
Richmond
434
434
434
434
434
434
Atlanta
on Thursday; the day's range was 4 38@4 38% for
434
434
434
434
434
434
Chicago
434
434
434
434
434
St. Louis
434
demand, 4 38%@4 393/s for cable transfers and
434
434
434
434
434
434
Minneapolis
434
434
434
434
434
Kansas City
434
4 35%@4 365 for sixty days. On Friday trading
434
43-4
434
%
43-4
434
Dallas
43-4
434
43-4
434
43-4
San Francisco
434
434
quieted down again and demand was a shade easier,
*Including bankers' acceptances drawn for an agricultural purpose and secured
4
by warehouse receipts, &c.
at 4 38 5-16@4 383 , cable transfers at 4 38 9-16@
4 39 and sixty days at 4 36 1-16@4 363/2. Closing
Sterling exchange moved within narrow limits quotations were 4 361 for sixty days, 4 383 for
%
%
this week and trading was marked by irregular demand and 4 38% for cable transfers. Commercial
4
fluctuations, with the trend slightly downward, on sight bills finished at 4 38%, sixty days at 4 353 ,
a comparatively small volume of transactions. ninety days at 4 343', documents for payment (sixty
4
Contrary to usual precedent, dealings in the half- days) at 4 36, and seven-day grain bills at 4 373 .
day session of last Saturday morning were for a Cotton and grain for payment closed at 4 38%. So
brief period quite brisk and good buying induced far as could be learned, no gold engagements were
an advance to 4 39%. At the opening on Monday, made this week either for export or import.
however, weakness set in, partly on rumors of
As to Continental exchange, comparative dulness
possible delays and friction over the details of the
and inertia replaced the feverish activity of the
Dawes reparation proposals, which caused a small
flood of selling orders, at the same time that operators previous week. In keeping with this, price changes
the
withdrew from the buying side of the market to were less pronounced. French exchange is still
of trade, but
await the outcome of the Dawes plan. The de- leader in point of strength and volume
cline was relatively limited, however, and the ex- even in this class of remittance a distinct lull was
%
tremes for the week were 4 393 and 4 373,. An- observable and Paris checks ruled quiet, though
other and perhaps even more direct influence on strong, at close to 6.50, with the low for the week
actual values was the interjection of a new British 6.40. Disappointment over failure to arrive at some
budget early in the week. Of late years budgetary definite conclusions as a result of the conferences
changes have exercised no really important effect between French and British Premiers was responsible
on foreign exchange prices, especially in the absence for hesitation on the part of dealers, and an underof speculative activity. The proposed tariff re- current of nervousness developed. Some observers
ductions, however, were taken as an indication of took the view that France's objections to certain
larger British imports in the near future and conse- disputed points in the Dawes plan were nothing more
quently increased offerings of commercial bills, nor less than an endeavor to postpone actual agreewhich make for lower levels. On the other hand, ment until after the approaching general elections.
some bankers took the view that the reaction was Predictions of heavy buying of francs to cover monthwas
a necessary sequence of the recent rapid and sus- end commitments were not fulfilled, owing, it
tained rise. On Thursday a • brief spur of activity claimed, to the fact that these short sales had already
developed incidental, to preparations for covering been fully taken care of, although it was rumored
end-of-the-month committments and rates firmed that some of the French banks were allowing overup a trifle. Just as soon as these special trans- drafts in order to prevent violent and unsettling rate
actions were completed the market relapsed into fluctuations. Belgian francs moved parallel to Paris
ly
dulness and values sagged. Nevertheless, banking exchange and here also trading was exceptional
Italian lire, which were
opinion as regards the future of sterling is still quiet. The same is true of
optimistic; although this is tempered with a well- firmly held at a few points above the closing levels
defined undercurrent of conservatism, and the atti- of last week.
The Federal Reserve Bank of New York this week
lowered its rate for all rediscounts and advances
/
%
from 41 2 to 4%. Announcement of the change in
th0 rate was made by Governor Strong on April 30,
and the reduced rate became effective May 1. The
43% rate had been established by the Bank in Feb.
1923, when it was raised from 4%. Further reference
to this week's action is made in our items under the
head "Current Events and Discussions." None of
the other Federal Reserve Banks have as yet followed
the action of the New York Resenie Bank, although
there is said to be a possibility that the Boston
and Philadelphia Reserve Banks may make a similar
reduction. The following is the schedule of rates
now in effect for the various classes of paper at the
different Reserve banks:
2108
VITE1 CHRONTCLE
[Vol:. 118.
A feature of some interest was the resumption on 11.40
for cable transfers, comparing with 11.20
a very small scale of trading in German marks. For and
11.25 last week. Chilean exchange was firm,
the first time in several months relatively brisk finishing
at 1134, against 113 , with Peru still at
%
bidding for Reichsmarks was reported among the 4 00,
unchanged.
few dealers and agents of German banks who still
Far Eastern exchange was as follows: Hong Kong,
handle marks. As a result there was a fractional 513@5
2, against 523/@523 ; Shanghai, 70%@71,
8
%
advance from the recent level of 0.000000000022, to against
713@713/; Yokohama,40.50@40.60, against
2
0.0000000000234. About the only explanation avail- 39.30@3
3
9.40; Manila,4998@493 (unchanged);Singable was that marks were being accumulated for use apore,
5134.@511 (unchanged); Bombay, 311 8@
%
/
in speculative operations on the Berlin Bourse, which 313
% (unchanged), and Calcutta, 31%@31% (unare said to be expected because of a halt in the changed
).
lowering of values of securities in recent weeks. The
death of Hugo Stinnes is said to have been a factor
Pursuant to the requirements of Section 522 of the
in this respect. Greek exchange hovered at close to
Tariff Act of 1922, the Federal Reserve Bank is now
2.00, closing strong at 2.08, but without special
certifying daily to the Secretary of the Treasury the
trading activity, while the minor Central European
currencies were dull and stable, at or near the levels buying rate for cable transfers in the different countries of the world. We give below a record for the
of last week.
The London check rate on Paris finished at 67.75, week just past:
against 69.60 last week. In New York sight bills FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER
TARIFF ACT OF 1922,
on the French centre closed at 6.46, against 6 2
APRIL 25 1924 TO MAY 2 1924.
INCLUSIVE.
. 73/2;
cable transfers at 6.47, against 6.283/2; commercial
Noon Buying Rale for Cable Transfers
in New York.
sight bills at 6.45, against 6.263/2, and commercial Country and Moneta
Value in United Slates Mona.
Unit.
April 26 April 28 April 29 April 30. May
sixty days at 6.39%, against 6.213 a week ago.
1. May 2.
EUROPE$
$
Final quotations on Antwerp francs were 5.373/ for Austria, krone
$
$
$
$
000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
0552
.0549
.0548
checks and 5.383/ for cable transfers, which compares Bulgaria, lev
.0543
.0539
.007255 .007256 .007272 .007156 .0537
.007200 .007256
Czechoslovakia,
.029378 .029263
with 5.35 and 5.36 the previous week. Reichsmarks Denmark, kronekron .029417 .1680 .1681 .029270 .029290 .029395
1680
.1687
.1691
.1692
England, pound ster
finished at 0.000000000023, against 0.000000000022 ling
4 3893
.3841
.3844
4.3806
4.3864
Finland, markka
025094 .025077 .025113 .025077 4.3840
.025109 .025010
the week before. Austrian kronen remain stationary France,franc
0646
.0644
.0846
.0645
.0646
.0647
Germany, reichsmark
a
a
a
a
a
a
at 0.00143..g, the same as heretofore. Lire finished Greece. drachma
.019980 .020061 .019832 .019655 .020154
.020776
Holland, guilder
.3721
.3724
.3738
.3740
.3746
.3747
Hungary,
at 4.48 for bankers' sight bills and 4.49 for cable Italy, krone
.000013 .000013 .000013 .000012 .000012
.000013
Ira
0449
.0447
.0447
.0448
.0447
.0448
Norway, krone
transfers. A week ago the close was 4.45 and 4.46. Poland, mark
1390
.1380
.1380
.1379
.1383
.1383
b
b
b
b
b
b
Portugal, escudo
Exchange on Czechoslovakia finished at
.0314
.0313
.0312
.0310
.0312
Rumania,leu
2.943/ (un- Spain, peseta
.005206 .005180 .005183 .005202 .005219 .0309
.005176
1384
.1378
changed); on Bucharest at 0.51,against 0.523/; on Sweden,krona
.1373
.1375
.1373
.1380
2
.2631
.2630
.2630
.2632
.2637
.2640
franc_. .1776
.1781
Poland at 0.000012 (unchanged), and on Finland at Switzerland,dinar.--- .012400 .1776 .012435 .1783 .1778 .1778
Yugoslavia,
.012371
.012472 .012463 .012455
ASIA2.52 (unchanged). Greek drachmae closed at 2.08 China.
tael
Chefoo,
7158
.7142
.7133
.7125
for checks and 2.083/b for cable transfers. Last week Hankow tael
.7108
.7133
7175
.7169
.7156
.7150
.7138
71136
Shanghai tael
6933
.6990
.6979
.6975
.6977
.0992
the close was 2.00 and 2
Tientsin tad
.003/2.
7208
.7200
.7183
.7183
.7107
.7192
Hongkong dollar..
_ _ .5146
Mexican dollar- -- - .5057
Tientsin or PelYand
dollar
5092
Yuan dollar
5075
India. rupee
3080
Japan, yen
3933
Singapore (8.S.) dol
.5084
NORTH AMER.
Canada. dollar
983030
Cuba, peso
1 000130
Mexico, peso
482917
Newfoundland. doll
.980563
SOUTH AMER.Argentina, peso (gold) .7410
Brazil, milrela
1126
Chile, peso (paper).- _ .1104
.5153
.5076
.5143
.5055
.5145
.5048
.5145
.5070
.5149
.5068
In the former neutral exchanges trading was not
.5158
.5083
.5075
.5167
.5154
.5200
.5092
.5075
.5183
.5188
especially active, but rates turned strong and higher,
.3077
.3069
.3061
.3058
.3056
.3963
.4020
.4015
.4020
.4010
particularly guilders, which registered gains of more
.5070
.5070
.5081
.5068
.5065
than 30 points on announcement of the securing of a
.983854 .984914 .984563 .984554 .984205
1.000126 1.000031 1.000031 1.000094 1.000188
large loan by the Holland Government. Swiss
.481875 .482708 .482708 .482217 .482708
.981625 .982313 .982188 .982000 .982313
francs were also up several points, while the Scan.7445
.7414
.7424
.7434
.7494
dinavian currencies were firmly held, with the
.1126
.1127
.1124
.1128
.1131
.1104
.1100
.1094
.1101
.1099
77FR
nails
exception of Norwegian krone, which turned weak ftmatinv ,,an
777.1.
7512
775.1
77711
before the close. Spanish pesetas also sagged, a Quotations for German reichsmarks have been April 26, .000000000000222
April 28,.000000000000226; April 29,.000000000000223;
presumably on rumors of military reverses in the May 1..000000000000227; Slay 2,.000000000000226. April 30,.000000000000228
b Quotations for Polish marks have been: April
long-drawn out Moroccan campaign.
26, .000000113: April 28,
.000000112; April 29, .000000114; April 30..0000001
13; May 1, .000000114; May 2
Bankers' sight on Amsterdam closed at 37.42, .000000114.
against 37.15; cable transfers at 37.46, against 37.19;
commercial sight at 37.36, against 37.09, and comThe New York Clearing House banks in their
mercial sixty days at 37.00, against 36.73 last week. operations with interior banking institutions have
Swiss francs finished at 17.82 for bankers' sight bills gained $3,009,951 net in cash as a result of the curand 17.83 for cable remittances, as compared with rency movements for the week ended May 1.
17.73 and 17.74 a week ago. Copenhagen checks Their receipts from the interior have aggregated
closed at 16.88 and cable transfers at 16.92, against $4,080,951, while the shipments have reached $1,071,16.72 and 16.76. Checks on Sweden finished at 000, as per the following table:
26.38 and cable transfers at 26.42, against 26.28 and CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
26.32, while checks on Norway closed at 13.81 and
INSTITUTIONS.
cable transfers at 13.85, against 13.833/ and 13.873/
2
Into
Out of
Gain or Loss
Week ending May 1.
Banks.
• Banks.
to Banks.
the previous week. Spanish pesetas finished the
Banks' Interior movement
81.071.000 Gain $3,009.951
84.080,951
week at 13.86 for checks and 13.88 for cable transfers.
Last'week the close was•14.13 and 14.15.
As the Sub-Treasury was taken over by the FedWith regard to South American rates very little eral Reserve Bank
on Dec. 6 1920, it is no longer
change has taken place, though the trend was possible to show
the effect of Government operaupward, and Argentine checks finished at 331 tions on the Clearin
%
g House institutions. The Fedand cable transfers at 3334, against 323/i and 323/ eral Reserve Bank of New York
2
,
was creditor at the
while Brazil milreis closed at 11.35 for checks and Clearing House each
day as follows:
MAY 3 1924.]
THE CHRONICLE
2109
What is its first purpose. To start the wheels of
industry. What are the necessary first steps? 1. To
Aggregate
Friday,
estimate a fair amount of reparations. 2. To provide
Saturday, Monday, Tuesday, Wednesd'y, Thursday,
for Week.
May 2.
April 26. Aprii 28. April 29. April 30. May 1.
a financial scheme by which trade might function
$
69,000,000 54,000,000 73.000.000 66,000,000 83,000,000 Cr.410,000,000 that reparations be realized. 3. To thus remove the
65.000,000
which come
Note.—The foregoing heavy credits reflect the huge mass of checksoperation of main obstacles to the natural play of economics, the
to the New York Reserve Bank rom all parts of the country in the
large credit balances.
the Federal Reserve System's par collection scheme. These
resumption of industries and exchange of products
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 by which peoples live and thrive and pay their debts.
outside of
daily balances. The large volume of checks on institutions located checks do
such
New York are not accounted for In arriving at these balances, as
Reserve Governments, nationalities, law-making bodies, now
not pass through the Clearing House but are deposited with the Federal
13ank.for collection for the account of the local Clearing House banks.
become subservient to natural laws under which all
peoples exist and through which they prosper. There
The following table indicates the amount of bul- is to be an international bank of issue, a necessary
lion in the principal European banks:
pre-convenience to resumption of trade. There is to
be a moratorium and specific payments of reparaMay 3 1923
May 2 1924.
Banks of
Total.
tions, that trade and industry may be free to funcSilver.
Silver.
Gold.
Total.
(1old.
£
E
tion.
£
£
E
E
127,520,900
128,120,53 127,520,!II
England __ 128,120,532
158,592,654
11.680,
Neither individual, people, nor nation, can pay a
France ..._147,124,171 11,920,000 16).044.171 146,912,6
c64,3
22.155,050 50,105,884 3,475,0 • 53,580,924
Germany. 22,090,750
b2,000,000 debt without freedom to earn the means wherewith
b
b2,000,0• b2,000,000
b
Aus.-Hun. 62,000,000
3,033....
Spain --_- 101.177,000 26,144,000127,321,11 101,019,000 26.401,' 11 127,420.000
38,512,000 to pay it. Governments and laws which restrict the
35,322,000 3,423,11 I 38,745,11 35,479,
Italy
690,000 49,173,000
816,00 46,148,11 48,483,
45,332,000
Nethland
Nat. Belg. 10.819,000 2,771,111 13,590,00 10,757.000 2,450.000 13,207,000 natural activities of man become interferences. The
Switzgand 21,452,000 3,856,011 25,308,00 21,365,000 4,177,000 25,542,000
15,193,000 millions working in their million ways, forced into
15.039.00 15,193,000
Sweden_ __ 15,039,000
12,901,000
222
741,0
12,384,11 12,679,00
Denmark. 11,643,000
8,115,000
8.115.''s
8,182,''
8,182,000
Norway_.
toil for sustenance by the laws of nature, actuated
Total week 548,301,453 49,735,300598.036,753579,629.43 52,128,040631,757,47
and spurred on, if you will, by acquisitiveness, cre550,482,421 53,118,040603,600,461 579.549,21 52,322,440631,871.65
Prey. week
ate a surplus which furnishes a foreign trade that
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
abroad. b No recent figures. c New official figures.
equalizes conditions, promotes comfort and happiness, and pays debts. Nor laws, nor civil rule, can
The Philosophy of the Dawes Committee's
do this—they only serve when they serve rightly, to
Plan.
protect individuals in their private efforts, so that
The triumph of the Dawes Committee Plan for the in their collective capacities they may establish
rehabilitation of Europe, if it shall prove to be such, amicable relations. Governments that are able to
contains perhaps the largest single lesson ever of- make wars through their police powers over citizens
fered to the world with reference to the natural basic and subjects are unable to make peace and pay debts.
relations of peoples. It is a comprehensive, an inde- Toil and trade alone can re-establish good-will and
pendent, view of present affairs, financial, economic, amity by releasing the human war-factors into the
governmental. It is from the outside, looking in. It natural life of labor.
This is the philosophy of the lesson of the Dawes
is not sponsored by Governments in their civil capacity, but adopted by them. It is not a theory in Committee Plan. We cannot ponder this lesson too
economics; it is a practical roadway upon which seriously, for it reacts from its international scope
trade may travel. It issues no world currency, pro- to the farthest county in the remotest country.
vides for the buying and selling of none of the cur- Economics, the natural laws and processes of prorent products of exchange, yet proffers a plan by duction, exchange and consumption, cannot exist
which natural powers and instrumentalities may without personal and national economics. Just as
accomplish all these things. And in this wise, and war is waste, peace is toil,frugality and thrift. Just
no other, it proclaims the end of a war and the be- as war puts a blockade upon all trade, so peace reginning of a peace, for all is bound up in the loosing leases exchange. And as war destroys, so peace conof the floodgates of trade—the world's greatest civil- structs. Again, the major lesson appears—that govizer and peacemaker!
ernment which may make war, cannot construct
We may seem unduly enamored with the impor- peace; cannot renew intimate relations between pea
tance of trade in human affairs, but it is in this very ples; but merely allows them to resume through toil
fundamental physical fact of all life and progress— and trade, the creators and promoters of peace
industry, commerce, toil, call it what you will—that through good-will. Less governmental and arbitrary
we find the transcendent lesson conveyed in the in- rule over toil and trade—the more peace!
dependent report of this committee to which we
And there is no progress without peace. We need
allude. Note that, although there was a Treaty and nationalism not chauvinism. We need internationa League, peace in its true sense had not come. Note alism, not super-government. Through discovery,
that repeated diplomatic conferences had not been development, territorial rights appear. Through naable to bring it The debts of a colossal war were tional courtesies and comities international relaunpaid and unadjusted. Exchanges were degraded tions between countries and peoples may be served.
and disordered. The foreign trade of various coun- True that most boundaries are of military origin.
tries was striving against almost insuperable odds, But each generation must take the world as it finds
was weakening, dwindling and despairing. The it and make the best of it. Territorial integrity and
treasures of once proud nations were run dry. In political independence do not offer free opportunity
certain States there were billions and quadrillions for the unlimited establishment of self-determinaof money, but none that could serve as a measure of tion. A democratized world may be one in which
value. The vast complex human machinery that there is freedom of trade and the private ownership
gives sustenance to the race awaited the touch of a of property under indefeasible rights. Despite all
these matters of political government the philosophy
motive power.
chaos, which Governments, politics and embodied in the Dawes Committee Plan is that the
Into this
policies, diplomacies and national interests, could natural efforts of peoples lay the foundation for
not resolve into order and progress comes the Plan. peace and peace payments.
BANK
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
AT CLEARING HOUSE.
2110
THE CHRONICLE
[VoL. 118.
What have Governments to do now but stand ical
body, whatever the economic aims that were imaside, save where they act in an administrative ca- mediat
ely sought.
pacity, and allow the natural laws of toil and trade
The Dawes plan proceeds upon different princito work their will? Again the old thought comes to ples.
The League of Nations has no part in the
mind, "people are never so well employed as when
scheme, save in the remote contingency of a disput
e
engaged in making money." A prosaic interpreta- in
one of the controlling boards, in which case
the
tion of life. But the cause is not without its bene- League
is to be asked to appoint an arbitrator. No
ficial effect. The advance scout of a trading com- Gover
nment as such is officially represented in the
pany is in time succeeded by the traveler who seeks variou
s official posts for which the plan provides;
knowledge and culture. The thing transported car- on
the contrary, office-holding connection with Govries in it the thought which spreads light and joy. ernmen
t, or the receipt of a Government compensaTrade for mutual benefit must induce mutual re- tion,
appears to be throughout a disqualification.
spect by the peoples engaged, through a knowledge The
only indirect connection with Government that
of attainments and accomplishments. Governments appear
s is in the appointment of members of the comare merely intellectual machines for the salvage of mittee which
is to supervise the payment of reparahuman effort.
tions, these persons being designated by the ReparaWe may hope much from this financial plan. And tions Commis
sion, which, of course, itself represents
hope because it negatives the efforts of Governments, the "princ
ipal allied Powers"; but it does not appear
internally and externally, to pacify, prosper and rethat the Commission, once the plan is in operation,
form the world. It stands out that Governmental is expect
ed to have any active function in relation to
diplomacy has failed. It is apparent that the selfish- it beyond
that of receiving and distributing the repness of national protection oftentimes interferes arations
payments as they are made. The Dawes
with a natural and helpful intercourse. When the plan begins
, then, by clearing the ground of Governnatural wheels of trade begin to turn under a prac- mental
entanglement and reducing the opportunity
tical plan of natural resumption the toiler in factory of politic
al interference to the minimum. Having
and field feels a thrill of new energy. Capital gains done this,
it proceeds to erect an international reassurance to attempt new enterprise. Corporations ceivers
hip in which Germany is invited to share, but
form for wider exploitation. Ships go laden to sea which
it cannot itself in any way control. Under the
and return with full cargoes. Men have no time to directi
on of the boards for which the plan provides,
quarrel who have more work than they can do. Poli- and
in accordance with detailed regulations or sugtics becomes the science of idlers and theorists. Laws gestions
which it elaborates, Germany is to be given
become less helpful than competitive labor and capi- a new
bank, or in its place a reconstituted Reichstal, each attaining co-operation through the sub- bank, with
a monopoly of note issue and vast general
division of effort, and both coming into harmony financial
powers; the German budget is to be rethrough the free play of economics.
formed and controlled; a mortgage is to be placed
on
the receipts of the German railways and a blanket
mortgage on the operations of the leading German
Administering Germany for the Benefit of Her industries; a
strict audit and supervision of German
Reparations Creditors.
revenues is to be instituted, and large external and
If, as seems likely, the plan which the Dawes Com- internal loans are contemplated
in aid of the promittee of Experts has submitted is put in operation, posed gold bank and the tempor
ary financing of repGermany and Europe, and the world at large, will be arations payments in kind.
In other words, the Gerfaced with the problems growing out of what it man Government and the
German people are both to
would not seem inaccurate to describe as an inter- be taken over and admini
stered, as far as economic
national receivership. For the procedure which the activities of the larger
sort are concerned, in subDawes Committee recommends there is no exact stantially the same way
in which a corporation that
parallel in history. The case of Austria, which on has defaulted on its
bonds, dr gone to pieces generthe surface offers certain resemblances, is in impor- ally, is taken over by a
court and placed in the hands
tan respects quite different. The desperate state of receivers, to he manag
ed thereafter in such a way
into which Austria fell, and from which it had to be as, if possible, to
make it a going concern and enable
rescued in the name of common international de- it to pay its debts.
Only to the extent that Germany
cency and humanity, was due primarily to the loss is asked to assent
to the plan may the receivership be
at the hands of the Peace Conference df the larger regarded as volunt
ary,for the plan itself comes from
part of its former economic resources, and not to the creditor Govern
ments, through the Reparations
desperate steps taken in the course of a long running Commission, and
not at the request of Germany as
fight with the Allies in an effort to .
escape the pay- the defaulting debtor.
ment of reparations. Indeed, when the Austrian sitThe possibilities of such a scheme, assuming that
uation was taken in hand, the question of the ulti- it can be made
to work, are very great, but they do
mate ability of the country to pay what had been de- not all lie in one
direction. If an international remanded was entirely subordinated to the greater ceivership such
as the Dawes Committee proposes
question of how best and most quickly to set the abounds in
opportunity of achieving a just and
country upon its feet and enable its people to live. durable settle
ment of a controversy which has set
What was tardily done for Austria, moreover, was half the world by
the ears, it holds also the possibildone through the agency of the League of Nations, a ity of mischief.
It must work very well or it may
political body not created for the purpose of rehabil- work very badly.
On the part of Germany the proitating bankrupt States; and it is through a com- posal calls for indust
ry, economy and good-will in
missioner appointed by the League and responsible a measure much exceed
ing that which Germany has
to it that the program of reorganization is being car- employed at any time since
the peace, but it also
ried out. The reconstitution of Austria was in form involves a continuing accept
ance of a thoroughgoing
as well as in effect an official action taken by a polit- and even drastic reorganizati
on and control of in-
MAY 3 1924.]
THE CHRONICLE
2111
dustry, transportation and national and State bar to collective effort to better personal fortunes.
finance which will inevitably touch closely the capi- And it is worth while to consider just how much this
tal, the labor and the daily economic life of the worker in the fields and furrows can delegate sucwhole German people. The burden of annual taxa- cessfully to an organization to promote his own intion for an indeterminate period, assuming that the terests. We have spoken before of the plan for creAllies leave open for a time the question of the total ating scarcity to enhance price. That, we think, is
amount of reparations to be demanded, will have the contrary to our best economics. There are some repenalty of unsuccessful war written large across its cent figures given out at Washington for partial surface, while the representation of Germany on the veys of Middle West and Northwestern States that
boards which administer the system will only in part seem to indicate a slight decrease in wheat acreage
conceal the fact that foreign control of internal af- in certain counties—but there are also reports showfairs, on a scale unprecedented in our own or any ing in some instances a slight increase. Though
time, has in reality been imposed. It will be easy some diversification of crops is indicated it is a mere
for unscrupulous agitators to urge that the velvet fraction in the whole equation.
The farmer who listens to these appeals to lessen
glove is only a sinister cover for the iron hand, and
production must perceive that he delegates power
they will so urge if they are given a chance.
These are some of the dangers on the German side. but does not receive it. He knows, as he plows
How may they be avoided? Only by the recognition, through the hours of a long day, that nothing comes.
on the part of the administrators upon whom the down from the so-called co-operative organization
working of the plan will devolve, of the "large way above him which will minimize his own effort. Unof statesmanship" to which the proposals point. less he works in the old way he will have no crop to
More important than the great businesses which are gather. Again, he knows every foot of his own so!1
to be mortgaged and controlled are the sixty mil- (he may have had help, previously,from the analysis
lions of German men and women through whom the of a soil expert), knows what each field will prowealth that is to pay the reparations must be pro- duce best—and it makes no difference what the
duced, and it is of their welfare, as well as that of whole outside world does, this is his chief guide. He
the German Government or the Governments and cannot afford to ignore these facts in the interest of
peoples of the allied States, that the plan must take some vague resolve by a loosely woven organization
account. Nothing would more surely invite failure which would increase the price of one or many of
than for the foreign members of the boards of con- his products. To listen to these pleas and resolves
trol that are to be set up to regard themselves as po- would be equivalent to a denial of his own patrilitical personages, answerable politically to the Gov- mony.
ernments, allied or neutral,from whose jurisdictions
The same thing is true concerning the plans for
they come, and hence entitled to work for the inter- aid offered by Congress, or by Government. Whether
ests of their own States at the expense of Germany credits or capital be offered, the application must
or to further some nationalistic advantage at the be by tile farmer himself, under his own supervision
cost of the general good of Europe. That would be in connection with his own daily toil. It may seem
to bring politics in at the side door after it has been almost captious, but how much time, in a busy seaexpedited out at the front. The human element of son, can be given to meetings for co-operative organithe problem may well prove to be a saving element as zation, and to partisan political meetings, without
well, if the boards who are to direct the undertaking detriment to this individual problem? More than
see the task in the large way in which the committee this, how much thought and study can be given tohave presented it. There have been receiverships these artificial helps without destroying peace of
which have vitally concerned the welfare of many mind and weakening that courage of effort which
thousands of persons, but never until now has it v.lone assures success? We have no hesitancy in bebeen proposed to take so completely in charge the lieving that these constant attempts at the imposwell-being of a nation. It is not a question of busi- sible in the way of relief to the farmer are breaking
ness competence, for of that there is fortunately an clown his contentment in work and confidence in
abundance; it is a question rather of spirit and tem- effort.
As the corn is laid by and the wheat and hay harper. If the men, Germans and foreigners alike, upon
will
whom this great international responsibility may vests come on, there is no thoughtful farmer who
the force of initiative and enterprise
fall look upon their task in a narrow sense as "mere not perceive
aids
business," the Dawes plan may easily become only and constant work as compared to the artificial
that spring from politics. Perhaps the campaign
another ingenious device for fending off war and
that and the
chaos a little longer. If they look upon it as a great orator will insinuatingly arraign this,
other, as the farmer's enemy. The cause, whatever
human trust to be administered for the benefit of
farmer's ills will be
peoples and Governments alike, there is reasonable it may be, offered to explain the
far away and very big. And it will grow bigger up to
ground for expecting that they may achieve a settlethe time of the election, when it will suddenly disapment such as the whole world earnestly desires.
pear into the limbo of lost promises. Then, if the
farmer has rested complacently on political theory,
Field—Co-operative Associa- he will find ,Ilimself reaping economic failure. This
The Farmer in the
•tions and Credits.
is an age of machinery—the age of invention, which
spring in the long black does not forget the farm, but he who does not put his
As the leaves of the corn
furrows and green fields of the wheat wave in the own shoulder to the wheel will fail.
Contemplative minds are beginning to wonder at
prairie winds, does the farmer think on credits and
associations, or is his prob- the growing lack of self-reliance in business. Moralco-operative marketing
lem a more intensive one, that of maturing and gar- ists are striving to find the reason for an unmistaknering a crop? This is not an idle question. Nor is able slump in prudent living. The professor of ecoit answered by saying his individual problem is no nomics is analyzing tendencies and statistics. And
2112
THE CHRONICLE
the politicians are indulging in an orgy of relief
measures. Meantime, for all his earnestness and bewilderment, the farmer is working in his own field to
make it produce the most and best of which it is
capable. And all the rest of the occupations and industries are waiting upon his work, are depending
Upon his success, relying on a sufficiency of food and
not a scarcity. And after all, what the farmer produces exchanges for everything else. Food comes
first, and the farmer who has this primal necessity
(in theory, 'tis true) can set the price in exchange
for these other semi-essentials and non-essentials of
life.
We often hear a great deal about the amount of
our circulating medium and its effect on comparative prices. What about the effect of a prime essential like wheat in the avenues of exchange? A dollar
may be used a thousand times in as many separate
transactions—a bushel of wheat actually used once
cannot be used again. As a medium of exchange and
Measure of value can the wheat farmer be really
benefited by growing fewer bushels of wheat, merely
because the market price in dollars is temporarily
depressed. Again,and the thought must come to him
in his hard task of following the plow in the long
furrow, there are countless other farmers in the
world, other wheat growing continents, subject to
many and indeed all his own difficulties—and if a
wheat-growing section or a wheat-growing continent
[VoL. 118.
fail, and by his own hand he has lessened his own
production, is he not depriving himself of the opportunity to reap the benefits of this larger scarcity?
The farmer, as he reflects, recalls that experie
nce
is a hard teacher. He is painfully aware of a
war
and its prices and of a land boom and its
losses.
Conscious, as he may be, of the sun and the wind and
the rain as friends and allies, yet the weeds and
the
drouth and the storm are no respecters of persons.
Insect pests do not wait on legislation at Washington. And if he does not keep the plowshare bright
co-operative marketing will prove a delusive farce.
He lives in the midst of bounty and beneficence, but
he cannot escape incessant work. The worst thing
that can happen to him is his failure to appreciate
conditions. Allowing himself to become the quadrennial prey of quack politics and following the willo'-the-wisp theory of limited production in the interest of price, he may find new burdens in the coming
years. As matters stand he has borne the brunt of
inevitable war consequences and is on the up grade
again. Equalizing processes are at work to make
the so-called "purchasing power" of his dollar advance. He has been wandering mentally in a morass
of political speculation, but he lives in a fertile valley of economic law. And as he "tends his crop" in
burning suns of summer, surely it must be borne in
on his reasoning powers that the most and best his
farm will produce is his manifest destiny.
Indications of Business Activity
THE STATEYOF TRADE—COMMERCIAL EPITOME. five per cent
remains to be done. But one gratifying circumFriday Night, May 2 1924.
stance is that the farmers in the spring wheat country
have
The weather has not been all that could be desired, great to all appeara
nces taken to heart the lessons of the past
storms, indeed, having prevailed at the South and South- and are determin
ed as far as in them lies to relieve their
west, so that trade conditions are still more or less unsatis- situation by crop
diversification. It is believed that the defactory. The demand is under the curb of a general dis- crease in the planted
area of wheat In those sections may be
position to keep close to shore. Prices have been declining. 10 to 12% if not
more. The winter wheat acreage is estiThe record for April was one of retardation of trade in mated
at some 7% smaller than that of last year.
general. Production has outrun consumption in not a few
Rains have delayed plowing in parts of the corn belt.
lines. This is the case in iron, steel, textiles and in some But planting
is in progress in some portions at least of the
other directions. Prices in not a few cases are lower than principa
l producing States. The planting of other grain is
they were a year ago. Yet they do not stimulate trade to well
advanced and indeed almost finished. And as regards
any noticeable extent. There is still plainly a determination the cotton
crop the reports to-day were in some cases more
to buy only for immediate use. The great industries tend hopeful.
Texas is evidently determined to raise a large
to slow down still further. Decrease of production will, of crop. The
forecast was for warmer weather in parts of the
course, in time remedy any evils brought about by over- Southwes
t. With an absence of rain for a time, crop work
expansion of output. But just now trade is, so to speak, will be
vigorously pushed. The estimated increase on the
going ahead on half steam or less. It is in a period of cotton acreage
this year ranges from 4 to 6%, with an avertransition. Buyers, of course, can overdo
the plan of hold- age of about 5. This with the determination on the part
of
ing aloof and buying only from hand to mouth. Sooner or the Souther
n planter to fight the boll weevil with greater
later the tide will turn. Supplies will dwindle. Consump- vigor than
ever before—as evidenced by larger sales of fertion will begin to trench on or overlap output. And then the tilizers for
the fields and of calcium arsenate to fight the
demand will sharpen. Even as the case stands, bank clear- weevil—
give hopes of a materially larger yield this year
ings exceed those of last year. This is significant when it with average weather.
A crop of anywhere from 12,000,000
is remembered that prices are lower than those current at to 13,000,000 bales
is urgently needed to restore the equi1923 for iron, steel, lumber, some textile raw librium in the
this time in
world's cotton business. As the case now
materials, as also cotton fabrics and leather, to go no fur- stands, world's
supplies of cotton are down to a low scale
ther. It shows that, after all, there is a sizeable business and the carry-over
in this country is likely to be small. Of
under way. And if we can get entirely clear of bad weather late, too, it is signific
ant to notice that there has been a corand bad politics there is no reason why trade should not in- ner in old cotton at Alexandr
ia, Egypt, where it has been
crease as the year wears on. One regrettable thing is that selling at a premium
of 12 cents per pound over the next
the outlook for the crops is not altogether satisfactory, al- crop deliveries. Exports
of cotton from this country still
though it is too soon to be at all pessimistic on the subject. make an excellen
t exhibit and are now approximately 800,But prolonged cold weather in the cotton belt, accompanied 000 bales larger
than at this time a year ago.
of late by heavy rains, has retarded planting and other field
It is curious to notice, too, that despite the
tendency to
work. There were some reports, too, of the appearance of dwell on the less cheerful
phases of the business situation
boll weevil in Texas. In parts of the wheat belt conditions in this country the mail order
business is running ahead of
might be better, although there is still time for improve- that of a year ago. Building, too,
is active. It is true, on
ment. The winter wheat outlook is better in most sections, the other hand, that failures are
larger than those for
but in parts of Kansas and Nebraska, as well as Oklahoma, April last year, especially in the amount
of liabilities. This
there are some complaints of destructive insects like the is the inevitable reflex of a prolonge
d period of dull trade
Hessian fly and green bugs. Cold weather in the Northwest and the checking of the turnover
. It is
has delayed the seeding of the spring wheat crop. Twenty- petroleum output in March overtopp noticeable, too, that
ed that of any of the
MAY 3 1924].
THE 'CHRONICLE
2113
•
preceding three months. And It turns out that on April 1 Co. closed Thursday for the rest of the week. The big Manpetroleum stocks in this country were up to a new peak. vine mill at Manville closed Wednesday night. The Globe
Woolen goods business is unsatisfactory, only a moderate and Social mills of the same company are curtailing. At
amount of buying is 'reported. Raw silk, on the other Manchester, N. H., the Amoskeag Co. announced on Wedneshand, has shown an upward tendency. The demand for day that its entire plant would be operated only four days
leather is not up to normal. Anthracite coal has advanced this week, At Nashua, N. H., the Nashua Jackson cotton
10 cents per ton. Bituminous coal is dull. The production mills will close during the week beginning May 5 owing to
of automobiles is still declining. On the Pacific:Coast trade poor trade. The officials are resolved not to pile up stocks.
has suffered from the foot and mouth disease among the North Carolina curtailment continues at 15%. At Andercattle, and the consequent quarantine, though the situation son, S. C., on May 1 a tornado caused damage to the Riverin this respect bas latterly begun to improve in California.
side mills to the extent of some $500,000 to $750,000. The
Steel and iron have been dull and in some cases lower, mills were wrecked. Rebuilding, it is announced, will beBut production is being steadily reduced. And shipments gin at once. Most mills at Columbus, Ga., are closed half a
an old 'business, it is perhaps significant, are reported good. day on Saturday. In the Carolinas the Textile Council
There are predictions of a revival of business in the fall, threatens a strike against big wage cuts if made.
Judge'Gary thinks'buyers may carry the holding off policy
The Clinton plant of the Bigelow-Hartford Carpet Co.
too far. Certain reduced output will tell in time. And the has cut wages approximately
10% in all departments.
United States Steel Corporation's net earnings for the quer- Some 1,500 to 1,600 employees are
affected. At Sherbrooke,
reached the largest total in peace times province of Quebec,the
ter ended March 31
Connecticut milli with 1,000 workers
with at least some slight gain over the preceding quarter have closed owing to the
tariff. Montgomery Ward &
and some 15,300,000 more than in the first quarter of 1923. Co.'s sales to date in 1924 are
$9,572,000 larger than for
This, together with an extra dividend of 50 cents on the cam- the same period last year. Their
sales in April were 19.31%
mon, made no bad exhibit, though, of course, the earnings larger than in April last year.
April's hardware sales
reflect past conditions. The steel trade has had its periods decreased, as weather
conditions were unfavorable but no
of depression, and also periods of very marked recovery and major price changes are
reported. Depression in the
pronounced activity. Business history in this direction Western shoe manufacturing
business is reported. Exports
seems not unlikely to repeat itself when economic condi- to South America, Central America
and Australia and
tions in the trade are corrected as they are bound to be.
Mexico have fallen off, as American shoemaking machinery
general, it still suffers more or less from has been shipped on a
Taking trade in
large scale to Mexico, Argentina,
the blight of pernicious politics and the evident disinclina- Brazil and Australia.
tion of politicians to ease the burden of taxation for the
New Orleans reports that the March 1924 building demand
people. From time to time there have been rather more broke all records for a single month in
its history; that the
hopeful reports in regard to taxation. Secretary Mellon has total building expenditure for the first
three months of 1924
been quoted as saying that prospects for the passage of also exceeded any other quarter of any
previous year; that
legislation of a kind that would meet the views of President building costs in April decreased
slightly from the preceding
Coolidge and the supporters of the Administration were month and that exceptionally heavy
movements of forest
more favorable. But later the outlook seemed to cloud over products are continuing. So says the
April Economics and
again. The truth is that practical politics seems to take Statistics bulletin of the Southern
Pine Association just
little heed of anything but votes in the future with an evi- issued. Forest products car loadings
continued at record
dent disregard of the best interests of the people. One hope- levels, the total for the first three months of
this year being
ful circumstance is the growing opinion that the Dawes 978,397 cars, an increase of 8.1% over the previous
record of
reparations plan will go through This seems to be the out- the first quarter of last year and of
50.2% over the first
look In Europe and the fact has a cheering effect In this quarter of 1922. At Youngstown, Ohio, new wage agreecountry. At times, too, the stock'market has shown a rather ments have been signed in the building trades and no
labor
steadier tone. But to-day it was quiet and more or less disturbances are looked for. Bricklayers receive $1 40 an
irregular if not depressed. Meanwhile London is helped by hour, effective from April 1st, compared with
$1 25 in the
low rates for money, and the tone there is cheerful. Sane previous 12 months. Carpenters are advanced from $1 15
politics at home and abroad will do much if not everything to $1 25 and painters from $1 to $1 25. Sheet metal workers
for the trade of the world, and it is hoped that this is what will receive $1 12 against $1 123/2, while plumbers'
scale
civilized nations will get without undue delay.
remains $1.25 an hour.
If President Coolidge disapproves the McNary-Haugen
Motor car output was cut 12% in April. Operations are
bill, the Senate's majority report on which has just been now about 80% of the high point
in the first quarter. Profiled with the House, its passage is considered uncertain. duction of passenger
automobiles declined from 12 to 15%
Some call it socialistic or Bolshevistic. The grain markets n April as compared with
March, according to preliminary
have advanced during the week, led by wheat, and owing estimates in the trade
based on figures for the first three weeks
partly to a falling off in the crop movement and higher of the month.
The reduction was due in part, observers
prices in Liverpool and Buenos Aires. In the latter market said,
to a change in policy by many manufacturers and in
a harbor strike is threatened. In the long run the American part to slackening
of sales. Alex. Smith & Sons cut rug list
farmer will have to trust to the law of supply and demand prices
20% from last October level and 10% from that of
and discard quack nostrums like the McNary-Haugen bill March
this year. Threats of a river and harbor strike, conand similar forms of paternalism,
tamed in the call for a mass meeting on May 14 of the AssoAt Fall River, Mass., on April 29 the emergency; commitciation of Watermen, are not disturbing shipping employers
tee of the American Federation of Textile Operatives at a
here.
special meeting voted to indorse the action taken last week
President Zayas of Cuba issued a proclamation on Wednesby the Textile Council of New Bedford in condemning the day announcing
the "happy and speedy end of the uprising
importation of cloth into this country. It would be some- in Santa
Clara province." Private cables questioned this
thing more to the point, so far as labor is concerned, to sharply. General
Crowder thinks a revolt will be futile as
lower wages and give New England mills a chance to corn- not being effectively
organized. At Havana a general strike
pete with European goods in American markets. It is the called last week to
support the strike of harbor workers
big overhead of which labor costs form a very important has ended.
part that puts New England mills at such a serious disadAtlanta wired May 1 that towns and villages struck
vantage. At Fall River there was an increase in curtail- suddenly the day
before by great tornadoes in 7 Southern
ment this week. The estimated curtailment is now 80%. States were slowly
recovering. The damage is said to have
At Chicopee, Mass., the Dwight Manufacturing Co. textile been $10,000,000, with
111 killed. Big tornadoes and rains
mills will be reduced to a three-day basis and the Torrington occurred on Wednesday
of this week in South Carolina,
Co. needle factory from 48 to 40 hours a week. The WI!- Alabama,Georgia,
Arkansas,Louisiana,Texas and elsewhere.
liam Carter Co., underwear manufacturers, will resume on Southern weather has
been so cold as to retard the growth of
a 35-hour .week. New Bedford, Mass., cotton mill produc- the cotton crop.
tion for the present month has averaged about 55 to 60% of
There was rain here on Tuesday and Wednesday but the
normal, and is less than for any period since the strike of week, on the whole, has
been clear and rather mild, esfour years ago. In Rhode Island several mills curtailed this pecially to-day, in strong
contrast with great storms of rain
week. Eleven plants in Rhode Island are closed down en- and wind at the South
and Southwest. To-day it was
tirely and not a few others are running on short time. At clear and rather cool at
the South. Latterly the West has
Woonsocket, R. I., the Nourse mill of the Manville-Jencks been fair and cool;
Chicago temperatures were 38 to 62 deg,
2114
THE CHRONICLE
[VoL. 118.
on Thursday, Cleveland 38 to 50, Cincinnati 40 to 60,
Influence of Rent Levels.
Minneapolis 38 to 62, Milwaukee 34 to 62, New York 51 to
The "housing shortage" is the excess of demand for housing
space, at
existing rent levels, over the amount of space available,
62:and Philadelphia 52 to 66.
and the progress
which is made toward supplying the shortage depends in part on
the course
of rents, not only because the level of rents influences the
activity of building, but because it influences also the demand for
space. Estimates of the
building deficiency are frequently based on the increase of
urban population,
with the assumption that the same proportion would
naturally exist between
population and housing space as existed a few years
ago. The error in this
assumption lies in the fact that, as long as rents remain
higher than they
formerly were, a smaller relative amount of space
will be demanded. And
unless relative building costs decline appreciably from
present levels, rents
will remain higher than in past years.
On the other hand, barring higher costs, the rate
of building may be expected to continue near present levels until
rents decline sufficiently to
diminish the incentive to further construction.
Such a decrease in rents, however, would in turn operate
to stimulate the
demand for space—in other words, to prolong
the existence of the housing
shortage. The decline in building activity, therefore,
will probably be
gradual, until the supply of space is ultimately brought
into equilibrium
with population, through the medium of rents
and construction costs.
A large volume of construction, then, may be anticipated
for some time
to come. Its result will necessarily be a continued
stimulation of industrial
and commercial activity along many lines.
Both on account of its actual
size and on account of the variety of its demand,
building is in a peculiar
degree a key industry, and large construction
operations, as in the last two
years, tend not only to promote activity
in the industries and trades
directly associated, but to provide a powerful
stimulus to business in
general.
Conflicting Tendencies in Industry and Trade.
Conflicting tendencies in industry and trade persist,
states the current issue of "The Guaranty Survey," published by the Guaranty Trust Co. of New York. "Lessened
production in some basic industries, a reduced volume of
freight movement, the decline of commodity prices, and
accentuation of the conservatism which characterizes buying policies have all reacted on business sentiment," the
"Survey" continues. "The passage of the bonus bill by the
Senate substantially in the form approved by the House
increases the likelihood of the enactment of the measure
despite a possible veto. And the continued delay in action
on the important matter of tax revision is necessarily a disturbing element in the business situation. The numerous
Congressional inquiries have also contributed to the weakening of confidence in the business outloow. A recent compilation shows that eleven Senate committee and five House
committees, composed of 50 Senators and 30 Representatives, are engaged in various investigations. The "Survey" Federal Reserve
Board's Summary of Business Condicontinues as follows:
tions in the United States—Decrease
in ProFeatures of Underlying Strength.
duction of Basic Commodities.
It is easy, however, to exaggerate the significance of the recessions in
"Production of basic commodities decreased during March,
some lines of production and trade. A year ago activity was at an extraordinarily high level and current records somewhat below those of that period and there was a recession in wholesale prices," says the
Fedare consistent with the maintenance of generally favorable business. Apart eral Reserve Board
in its summary of general business and
from political uncertainties, the economic features of the business situation
Indicate the probable continuance of production and trade at close to normal financial conditions in the United States made public April 27.
levels. There is no threat of a general depression comparable to that of "Distribution, both at wholesale and
retail," says the Board,
1920-21.
"showed less than the usual seasonal increase and was Mailer
President Coolidge's address at the annual luncheon of the Associated
Press last week was gratifying in its promise of continued adherence to than a year ago." The Board continues:
sane and conservative principles.
Production.
The prompt acceptance of the report of the Dawes Committee by the
The Federal Reserve Board's index of production
Oovernments chiefly concerned gives renewed hope that a practicable plan
in basic industries, adjusted to allow for length of month and
for dealing with the reparations problem has at last been formulated.
other
3% in March. Output was reduced by most seasonal variations, declined
American interests are vitally involved in the economic rehabilitation of
industries and the decreases
Europe. And it will be an occasion for lasting gratification and justifiable were particularly large in mill consumption of cotton and production of
pride it it shall prove that a body of experts, under the leadership of an bituminous coal and popper. Daily average production of steel ingots,
American business man, has pointed the way to a definite removal of the however, was larger than in any previous month. The level of factory employment was unchanged but some curtailment in
chief obstacle to progress in the restoration of normal world conditions.
working hours was evidenced by a decline of 1% in average weekly earnings.
Contract awards for
new buildings in March reached the highest total
The Building Industry.
value on record, owing
chiefly to a large increase in the New York district.
In spite of the,high level of building activity which has been maintained
Estimates by the Department of Agriculture on the basis
of condition on
for more than two years, it is evident that an appreciable part of the short- April
1 indicate a reduction of 4% in the yield of winter
wheat and of 6%
age resulting from the relative inaction of the war period still remains. in the
production of rye as compared with the final harvests in
1923.
From time to time attempts have been made to estimate the extent of the
shortage and the progress already made toward its removal. These estimates
Trade.
show considerable variance, but in general they tend toward the conclusion
Shipments of commodities by railroads declined each week in March
and
that a dearth of structures for the country as a whole is still apparent.
car loadings were 4% less than a year ago. Wholesale
trade increased
The greatest obstacle to an even rate of progress in construction has been slightly during March but
was 8% less than a year ago owing to decreases in
4e tendency for the demand for new buildings to induce a rate of activity sales of drygoods, shoes,
and hardware. March sales of department stores
• btyond the capacity of the industry. In the spring of 1923, for example, the were 8% less than in
March 1923 and merchandise stocks at the end of the
huge volume of contemplated construction placed the industry in a critical month were 8% larger
than a year ago. Sales of mail order houses also
position. Both wage scales and the costs of materials, which had been ris- showed less than the
usual seasonal increase in March. Decrease in the
ing throughout 1922, were out of all proportion to the general commodity volume of purchases
at retail compared with last year Is partly accounted
price level. In many cases it became impossible to make deliveries, and for by the late Easter
and the generally unfavorable weather conditions.
the shortage of labor resulted in renewed wage advances. The result was a
situation which is best described as disorganization. Many projects were
Prices.
postponed, and in some instances work already under way was abandoned.
Wholesale prices, as measured by the Bureau of Labor
Statistics index,
The number of new projects undertaken declined sharply until late in the decreased slightly more than I% in
March and were 6% lower than a year
summer, with the result that, measured by physical volume, apparently ago. Prices of farm products,
foods, clothing, chemicals and housefurless new construction was begun in 1923 than in the preceding year.
nishings declined, building materials remained unchanged, while
fuel and
A sharp recovery, however, has taken place in recent months. The value metals were slightly higher than in
February. During the first three weeks
of contracts awarded during the first quarter in 36 States is
higher of April quotations on pig iron, lead, coal, silk, and sugar declined, while
15%
than the corresponding total last year, but the increase is more than ac- prices of wheat, corn and cotton
advanced.
counted for by the figures for New York City, which are
more than double
those of a year ago. The remainder of the country shows a decrease of
Bank Credit.
about 1% in total value, which probably represents a decrease of about 10%
Volume of borrowing for commercial purposes at member
banks in leadin physical volume.
ing cities, after increasing during the early part of the year,
remained conThe same irregularity is shown in the distribution of contracts in March. stant at a bigh level between the middle
of March and the middle of April.
Taking into consideration the slightly higher coats, it is doubtful whether During the four week period total loans of
these banks were in larger volume
the actual physical volume represented by last month's contracts was than at any time in more than two years.
enough larger than that for February to cover the usual seasonal movement.
Discounts and investments of the Federal Reserve banks, which on April 2
As compared with a year ago, March shows an increase in value of 16%, were slightly above $1,000,000,000, declined
by about 5125,000,000 during
which is partly, though not entirely, due to higher costs. With costs at the first three weeks in April to the lowest point for the
year. This decline
their present level, and with the difficulties of last year in retrospect, it Is represents a reduction in discounts and in the holding acceptances,
of
while
not surprising•that the amount of new construction planned in most sections the volume of Government securities increased somewhat.
should be somewhat lower than that of a year ago.
Money rates in the New York market during the first three weeks in April
were at about the same level as in the latter part of March. Prime comNew York City Building on a Large Scale.
mercial paper was quoted at 435% and 90
-day bankers' acceptances at 4%
In New York City building activity, especially that of a speculative sort, throughout the period.
has been projected on such a large scale that considerable anxiety has been
expressed lest the industry again overreach itself, with unfortunate results
similar to those experienced last spring. The New York Building Congress Decrease in Wholesale Trade in Federal Reserve
has recently issued an announcement that unless there is a voluntary curDistrict of New York During March.
tailment of building plans it will undertake an active campaign to induce
Wholesale tade in this district was less active during
moderation. Not only is contemplated work in excess of the industry's physical capacity, but there is a possibility, it is thought, that an actual surplue March, according to the May 1 issue of the "Monthly
Review
of housing space may result from the enormous volume of speculative residential building, which has been estimated to constitute nearly three-fourths of Credit and Business Conditions" by the Federal Reserve
Agent at New York. The "Review" says:
of the activity now in prospect.
For the country as a whole, however, present conditions give promise of
This bank's weighted index of the sales of 163 dealers was 9% below the
a well-sustained rate of activity throughout this year. There are, to be
unusually largo sales of March a year ago and 3% below normal as detersure, certain factors in the present situation which are less favorable than mined
by the trend of sales of past years. with allowance for seasonal variathe conditions which prevailed in 1923. The shortage is undoubtedly less tion and
price changes.
acute than a year ago, and the ability of the industry to proceed in spite
The decrease In sales from a year ago may be attributed partly to lower
of rising costs is correspondingly less. On the other band, the amount of prices and
partly to the lateness of Easter this year. Apparel sales, In
contemplated construction in most sections is somewhat smaller. Except which
the date of Easter is a large factor showed large decreases compared
In New York City, present indications do not point to any likelihood of with
last year. There were also important decreases in sales of groceries
over-expansion.
and machine tools, which are not affected by Easter trade. Hardware
MAY 3 1924.]
THE CHRONICLE
sales, while larger than a year ago, showed the smallest increase almost in
two years.
The following table gives the detailed figures of sales in the various groups
and indicates declines from a year ago in all but stationery, hardware and
drugs:
DOLLAR VALUE OF MARCH SALES (MARCH 1923 EQUALS 100%)•
Commodity1920. 1921. 1922. 1923. 1924.
108
100
88
101
Stationery
127
104
100
83
Hardware
85
122
103
100
86
78
Drugs
102
94
100
92
92
Groceries
139
89
100
85
106
Shoes
188
89
100
66
87
119
Dry goods
83
100
76
(a) Cotton
81
113
94
100
57
93
(b) Silk
125
87
100
78
Clothing
80
99
95
100
73
(a) Men's
70
103
77
100
80
88
97
(8) Women's dresses
85
10083
85
(c) Women's coats and sults
95
83
100
63
Jewelry
73
187
77
100
28
41
Machine tools
171
76
100
64
Diamonds
61
237
-91
100
80
86
Weighted average
121
Decline
in
Chain
-Net Sales During March- -Stock on Hand April 1
(April 1 1923=100%)
(March 1923=100%)
1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924
All dept. stores_ 67 99 96 89 100 94 73 116 93 98 100 105
New York
69 104 97 90 100 95 74 118 93 100 100 103
Buffalo
72 101 100 86 100 96 81 121 108 97 100 109
Newark
58 88 88 91 100 101 70 124 90 94 100 107
Rochester
68 90 101 85 100 90 74 126 110 94 100 98
Syracuse
69 104 102 90 100 92 93 143 115 104 100 113
67 102 98 76 100 81 81 121 96 101 100 104
Bridgeport
Eisewhere,2dDls. 78 104 99 93 100 97 74 97 83 98 100 104
Apparel
58 82 94 83 100 88 55 91 80 94 100 113
Mail-orderhouses 72 115 84 74 100 93
Sales in Federal Reserve
York During March.
Store
District of New
2115
Decrease in Department Store Trade and Wholesale
Trade in Federal Reserve District of Chicago.
For the first time in two years department stores reporting to the Federal Reserve Bank of Chicago failed to show
in March this year larger total sales than for the corresponding month of the preceding year, says the May 1 report of the bank, which continues:
Factors contributing to this unfavorable comparison of March 1924
which a year ago wereladverse weather conditions,the one less trading day,in
March this year, and the later date of Easter. The same influences affected
the seasonal expansion over February, normally the second or third largest
increase of the year.
Collections similarly were retarded, the 43.6 percentage ratio of March
collections to accounts outstanding at the end of February comparing with
46.8 last year. Accounts on the books were reduced during February by
7%, which is a smaller rate of decrease, however, than noted in 1922 and
1923, in both of which years March 1 was the lowest point.
All but three reporting stores were carrying heavier stocks at the end of
March than on Feb. 29, the average increase for the district as a whole
amounting to 11%, and raising the index to 132. This point reflects individual gains over March 31 1923, by most of the firms and indicates in
comparison to sales a larger margin of goods carried than last year. Outstanding orders dropped during the month from 8.6% of 1923 Purchases to
7.9%.
The May 1 "Monthly Review of Credit and Business Conditions" by the Federal Reserve Agent at New York states
"sales by chain stores were 2% smaller in March than in
March 1923, and 4% below the computed trend of past years,
probably due partly to the lateness of Easter this year. The
amount of sales per store also showed a decline in all types
of stores except tobacco stores, but were particularly marked
As to wholesale trade in the Federal Reserve District of
in the cases of grocery, candy, shoe and dry goods stores."
Chicago, the report says:
Per Cent
Change
in Sales
per Store
Percentages- Mar:23
Mar. Mar.
to
1923. 1924. Mar.'24.
-16.1
100
100
+1.3
101
100
100
101
-5.6
100
99
-5.7
100
97
-21.9
100
97
-17.6
-29.4
81
100
Total sales during the first quarter of 1924 for the five groups of whole
salers reporting to this bank were less in the aggregate than the correspond
ing 1923 volume. Except for shoes, however, the differences were slight,
drugs showing 5% less in total sales, dry goods 4,hardware 3, and groceries,
Number of Stores.
-Dollar Value in
in which less than half the stores showed declines, 1%. Furthermore, in
Mar.
Mar, Mar. Mar. Mar.
Type of
comparing the two years, the unusual expansion of the first three months
Store
1923.
1924. 1920. 1921. 1922.
of 1923 should be taken into consideration. Comparisons of 1924 with the
Dry goods____ 438
562
53
78
69
opening quarter of 1922 show increases for all commodities except shoes.
Tobacco
2,732
2.721
90
98
92
Drug, dry goods, and hardware sales were larger than in 1921.
Ten-Cent
1,800
1.920
69
74
72
For March alone, the majority of dealers in each group reported a smaller
Drug
305
320
88
92
88
-drugs and shoes continuing the declines
volume of business than in 1923
14,381
17,851
Grocery
72
66
76
noted in the two preceding months, hardware and groceries averaging the
Candy
104
122
69
84
72
second decreases for the year, and dry goods, which until March had main299
345
Shoes
85
97
68
tained their 1923 level, showing next to the largest decline.
Total
20,059
The dry goods group also registered the only decrease from February, a
23,841
72
73
-17.2
76
100
98
significant trend in view of the large increases usually expected at this time
of year. For the other commodities, gains over February were smaller than
corresponding changes in 1923, partly on account of the extra day in FebDecline in Department Store Sales in March in Federal ruary and the fifth Sunday in March this year. Then, too, cold weather
and bad roads continued,definitely deterring factors throughout March,
Reserve District of New York.
especially to rural trade. These influences likewise affected collections,
Smaller sales of men's and women's clothing in March, none of the groups showing so high a ratio of March collections to February
due partly to the lateness of Easter and unfavorable weather sales this year as last.
The hardware inventory index rose to a new level March 31, the increase
conditions, were largely responsible for a decline of 6% in at this time being a customary seasonal feature in preparation for spring
with shipments. For both hardware and groceries, stocks are being carried in
sales of department stores in this district, compared
March a year ago, according to an item which appeared in about the same proportion to sales as last year. Drug,shoe, and dry goods
inventories, however, are higher.
the May 1 issue of the "Monthly Review of Credit and Business Conditions" by the Federal Reserve Agent at New York.
Continued Unsettled Business Conditions in Federal
The "Review" states:
Reserve District of Boston.
Decreases occurred in every reporting city except Newark and were
The combination of poor weather and lessened confidence
particularly marked in the cases of apparel stores in this city and of general
department stores in Bridgeport, Rochester and Syracuse. Including all in the immediate outlook has prolonged the somewhat unreporting cities and allowing for seasonal variations and price changes. settled business
conditions in New England, although in sevMarch sales were 10% below the computed trend of past years, compared
with 1% below in February and 4% below in the three preceding months. eral important industries trade is satisfactory, says FredThe "Review" continues:
eric H. Curtiss, Chairman and Federal Reserve Agent of the
"During the first three weeks of April prior to Easter, however, sales
Federal Reserve Bank of Boston in the May 1 issue of the
were reported by a number of New York stores to be running considerably
"Monthly Review of Industrial and Financial Conditions"
in excess of those of the corresponding period last year.
"The following table shows the changes in sales in the major departments in the New England District. "Furthermore," says Mr. Curof the stores in March compared with March a year ago:
tiss, "some improvement was reported in April by certain
Per Cent Per Cent of Sales in Each
industries which had previously complained of poor busiChange in
Department to
ness." Continuing he says:
Sales Over
Sales of All
March 1923.
Departments.
+12.9
Furniture
6.3
+12.4
Cotton goods
4.3
some furnishings
+8.8
15.1
-1.3
Hosiery
3.1
Women's ready-to-wear accessories_
-5.9
16.2
-8.2
Woolen goods
2.3
-11.3
Silk goods
5.7
-12.0
Men's and boys' wear
6.8
-15.0
Women's and missess'ready-to-wear
11.2
-21.7
Shoes
3.4
-0.5
Miscellaneous
25.6
"Stocks of goods on hand April 1 were 5% larger than a year ago,the same
Increase as was shown on Feb. 1 and March 1. For the first quarter sales
averaged 5% larger than last year, and the rate of stock turnover for all
stores was unchanged at 3.5 times per year. The average sales check was
$2 58 in March, or 4% smaller than a year ago. The table at the foot of
the page gives the detalled figures on sales and stocks and shows also the
turnover of stocks during the first quarter in terms of the annual rate.
"Sales by leading mail-order houses were 7% smaller in March than in
March 1923. This is the first time in almost two years that sales have
fallen below the corresponding month of the previous year. This bank's
index of mail-order sales, which allows for seasonal variation and Price
changes, declined from 95% of the computed trend In February to 85%
in March,the lowest since November."
In New England as a whole, however, conditions in April approximately
held their own, when compared with those of March. The volume of business of many of the more important industries, as well as retail trade,
normally expands every spring. This year, too, business increased during
March and April, as compared with January and February, but when a
comparison of the relatively small increase this spring is made with that
which ordinarily occurs, the present hesitation in business activity is more
apparent.
Bank deposits are one of the important factors which showed an improvement in April of very nearly the usual proportion. The fact that
commercial deposits of member banks in New England have increased
during recent weeks, while the so-called "conmercial" loans have declined,
furnishes an excellent index of the character of the present situation. Commercial loans would undoubtedly not be liquidated coincidently with an
increase of commercial deposits, if inventories were unwieldy or there was
much of an element of real strain in the business situation. When fundamental economic factors are working into a dangerous position, commercial
loans of banks to their customers tend to increase rather than decrease, as
they are doing at present.
The building industry is another important factor in the New England
situation which showed the usual amount of seasonal expansion in operations between February and March. New construction, especially residential, continues in large volume In this district.
Much of the recent contraction has been in the volume of new business
and production, rather than in shipments of merchandise. Carloadings of
2116
THE CHRONTCLE
[VOL. 118.
merchandise and miscellaneous freight in Now England have not only
Increased steadily since the first of the year, but also have been larger than Factory Workers' Earnings in New York State Maintain
during the corresponding period of' 1923.
Slight Gain in March Over Last Year—Largest
One of the causes of the recent change in the attitude of business men has
Increases in Building Supply Industries.
been the decline in commodity prices. When buyers for any reason hesitate
The following statement was made public on April 28 by
to order merchandise, there is a tendency for commodity prices to decline,
and this very decline regenerates further hesitation. Some such process as Industrial Commissioner
Bernard L. Shientag of the State
this has been going on during recent weeks. However, fewer wholesale
commodities declined in price during the first three weeks of April than Department of Labor on the earnings of workers in the facduring the preceding three weeks, while a larger number increased during tories of New York State:
the first three weeks of April than in the previous three weeks. To be sure,
Average weekly earnings in March were 82.8 16. This was
there remained a net excess of wholesale price declines over advances in
a gain of
43 cents over February, but that was chiefly a recovery from the
April, but apparently the reaction was losing in force rather than gaining.
holiday.
The financial situation, as for months past, continues strong, and is one The gain over last year is becoming narrower. The average weekly Pay of
workers in New York City was not quite a dollar larger in March than
of the most important factors tending to stabilize the business situation.
the
average they received in March 1923. Three months ago
a yearly comparison showed a difference of more than a dollar and a half.
For the
State
Slight Falling Off in Business in Federal Reserve time. at large the difference between the two years dwindled at the same
The average this month does not include some 65,000 persons who
District of Philadelphia.
were employed in factories in March 1923.
but who have been unable to
The summary of business conditions in the Federal Re- obtain the same opportunity this year.
Largest increases come in the building supply industries.
serve District of Philadelphia, issued under date of May 1,
The most generally favored group of workers in the
State in the past
states that "business has fallen off slightly during the past year has been those in the building supply industries. In fact, the largest
increases shown in any division of manufacturing from
last March to this
few weeks, as is evidenced by reduced production schedules came in the trades which are
closely associated with the
in several industries, by decreases in the loadings of freight the heating apparatus plants, the stone yards, the saw building program:
and planing mills
cars, and by declines in wholesale corn odity prices." The and the cement and plaster plants. In the stone yards in New York City
weekly earnings this March averaged nearly $7 more than they did a
"Review" continues: •
year ago.
On the other hand, the only industries to show any considerable drop
Moreover, in six of the eight wholesale lines reporting to this bank sales
were smaller in March than in March 1923, but for this the late Easter was In earnings since last March are the apparel trades—the men's clothing
partly responsible. It must be remembered also that a year ago business shops, the boot and shoe factories, furs, miscellaneous sewing and women's
was entering upon a period of great activity, so that in spite of a smaller headwear establishments. To these should be added the cotton goods
volume at present the total is still large. Employment at industrial estab- mills, where 40% of the workers are now off the pay-rolls entirely.
lishments in Pennsylvania, New Jersey and Delaware increased slightly in
Women in Less Favorable Position Than Men.
March, but average weekly earnings declined, probably as a result of shorter
In only two of the eleven groupos into which the manufacturing industries
working hours.
of this State have been classified are more women employed than men.
The value of building permits issued in 15 cities of the Third Federal Reserve District during March totaled $23,464,044, which, though considerably These are the textile and clothing industries. Taken together these two
above the February total, was well below the record figure of $31,844,831 groups, which employ two-thirds of all the women factory workers in the
in March 1923. The call for building materials is fair, and as was to be State, show a net decllne in employment since last year of 8% as compared
expected, shows some improvement since last month. Manufacturers, in with 3% for the remaining industries. Average weekly earnings in these
most lines, report that demand is rather quiet and that the majority of or- two industries show an increase only one-third as great as that in the inders call for prompt delivery. Iron and steel has been in light request, dustries where 90% or more of the employees are men.
Almost without exception the employment index
and the tendency to purchase only for immediate requirements has continued.
in New York State
Unfilled orders of theUnited States Steel Corporation declined in March for for the past ten years has been higher in March than in the preceding
November. This year neither men nor women were quite
the first time since last November. Production of both big iron and steel
so largely
during March was at a high rate, but during the past few weeks operations employed in March as they wore in November. Employment among the
men has been held down by the reductions in the railroad equipment
have been curtailed. The situation in the textile industries fails to improve,
plants
and practically all textile lines report a sluggish demand and weak prices. while a considerable number of women have been dismissed because of the
As a result, operations have been reduced at several mills producing cotton dulness in the cotton goods mills and the shirt and collar factories.
and woolen and worsted goods. Other manufacturers, especially in the paper
Earnings of Men and Women Compared.
box, cigar, flour and leather industries, report only a moderate demand for
In March this Department received reports covering the separate
earngoods and less activity than last year. Sales of automobiles in this district, ings of men and women from the
factories employing over 260.000 men
however, continue to be good, and most dealers report increases over the and 53,000 women. These reports
indicate that the average weekly earnfirst quarter of 1923.
ings of women in up-State factories are $15 28 and that
men up-State
The agricultural situation is on the whole favorable, although lack of receive a little more than twice this amount.
Women, especially up-State,
snow protection during the winter affected the wheat and rye crops. Fruit are generally found in those industries where
earnings for both men and
trees are in excellent condition, and farmers have purchased more fertilizers women are low. This is evident from the
fact that the wages of men, in
than they did a year ago, which augurs well for the coming crops. The the industries whore more than half the workers
are women, are $5 below
supply of farm labor, though larger than it was a year ago, is still inade- the general average for men up-State. In New York
City earnings of women
quate.
averaged $20 30, which was about 60% of the average for men. While
According to the latest reports, retail trade in April will run ahead of this ratio of women's earnings to those of men is more
favorable than that
that of last year, chiefly because of the late Easter. The same factor is which holds true up-State, a larger percentage of
the women here are
probably responsible for a decline in retail sales in March. Wholesale trade engaged in industries in which employment is highly
seasonal.
in April was somewhat better than in March, during which month sales ran
behind those of March 1923 in all but two of the lines reporting to
this
bank. As was to be expected, sales in March were larger than in February. Structural Steel Workers Strike for Wage Increase.
Wholesale commodity prices declined during March, the index of
the
More than 2,000 members of the Bridge and Structural
Bureau of Labor Statistics falling from 152 to 150. The
decrease was
mostly due to lower prices for farm products and for cloths and clothing. Iron Workers Union quit work on May 1 on buildings under
Prices of some important commodities, such as pig iron, silk
and copper, construction, including some of the large buildings north of
have declined further since April 1.
the Grand Central Terminal, and thirteen school buildings.
Reporting member banks in this district have continued
to extend accommodation in substantial volume for commercial
purposes, and credit condi- The union demands a wage increase from 810 50 a day, or
tions are easy. Money rates are lower than they were a month
ago, the 81 31 an hour, to $12,and a closed shop. Robert B. Thomas,
bulk of sales of commercial paper being at 41 and 4%%, with
/
2
only a small Secretary of the Iron
League of New York, at 101 Park
amount offered at 5%.
Avenue, said his organization composed of structural iron
Employment and Wages in Federal Reserve District of contractors, had ignored the demands, in line with its policy
of having no dealings with the union. William Wade,
Philadelphia.
President of Local
40, at 62East 106th Street, said the trade
From the May 1 number of the "Business Review" of the
was 100% organized, and that more than 3,000 men were
Federal Reserve Bank of Philadelphia, we take the followout. The buildings affected, include the new Roosevelt
ing:
Hotel, Forty-sixth Street and Madison
Avenue, the Postum
Employment and wages in the manufacturing industries of Pennsylvania,
Cereal Building, Forty-ninth Street and Park Avenue, the
New Jersey and Delaware changed but little from February to March.
An
increase of .3% occurred in the number of wage earners at 1,041 reporting George Washington High School, and Public Schools Nos.
establishments, and total wages paid decreased .5%, causing a
decline of 78, 98, 177, 108 and 121. The iron workers did not quit at
.8% in average per capita earnings. Employment increased in 32 of
the 48
industries included in our survey, and average weekly earnings were smaller Erasmus Hall High School.
in the same number of industries.
With few exceptions, however, the changes recorded were quite small.
The largest gain-8.1%—was reported by canneries, and only six other Falling Steel Output is Accompanied by Lower Prices.
industries—foundries and machine shops, blast furnaces, carpet
The shrinkage in iron and steel output, which had been
and rug
factories, chemical, coke and jewelry establishmentl—reparted increases in
continuous throughout April, was more rapid in the final
employment of 8% or more. In all of these industries, moreover, average
earnings declined, indicating either shorter working hours or the hiring of week, says the "Iron Age" in its issue of May 1. For the
losver•paid workmen. Cotton mills, meat packing establishments, cigar industry as a whole the
decline from the peak in March has
factories, paint and varnish factories, lumber and planing mills, musical
instrument factories and leather tanneries were the only industries which been close to 20%, steel ingot production to-day being
estimated at about 40,000,000 tons a year, as against
reported decreases of more than 3% in the number employed.
The average decline of nearly 1% in weekly per capita earnings probably 50,000,000 tons at the
high point seven weeks ago, declares
indicates shorter working hours rather than reduction in wage rates, as
the "Age," and gives further particulars as follows:
very few firma reported either decreases or increases in the latter.
The
Early in April the falling off in orders was laid to price cutting, resulting
number of workers affected by these changes in wage rates was only 2,204,
or less than 1% of the total number employed at reporting establishments. • from overproduction, and to buyers' expectation of lower steel later. It is
now apparent that consuming industries are somewhat less active and thereA detailed statement regarding employment and wages in fore that stocks on hand will last longer.
In respect to prices the situation Is that tho cuts that only recently were
Pennsylvania and New Jersey, i'sued under date of April
made quietly and were considered exceptional are now generally recognized.
15, appeared in these columns April 19, page 1841.
In plates, shapes and bars the recession in ordinary transactions is $4 to $G
MAY 3 1924.]
THE CHRONICLE
a ton from the February levels, so that 2.25c., Pittsburgh, is usual7on bars
and shapes, while competition on plates has made 2.20c. a common price.
A further decline has come in sheet prices, as well as in hoops and in bolts
and nuts.
Steel producers are generally following the procedure of last year in
adjusting their operations to demand and there is no indication of efforts to
get orders by drastic cuts. Cancellations are exceptional and suspensions
are light, seeing that many consumers are urging quick deliveries for their
bare needs.
Conceding that the present quietness may continue into June, steel
companies point out that with all buyers following the same policy, production may soon fall below requirements and replenishment buying become
the decisive factor.
Railroads are taking good-sized rail and track supply shipments from the
mills, but little additional rail business is looked for until late in the year.
The Denver & Rio Grande has just placed 10,000 tons with the Colorado
mill.
The bulk of the year's railroad car business is considered to be now on the
books of the builders. On some of this deliveries of steel will be apread
over several months.
Some lines of manufacture connected with building show slackening.
Chicago reports recession in radiator output, and the metal bed industry is
now running at 65% of capacity.
Farm implement makers, who put into their product steel costing more
than it costs to-day, now find farmers asking reductions in line with the
decline in the steel market.
There is some revision of the original estimate that all the tin plate that
could be turned out would be needed this year. Late planting has delayed
contracts for food containers, and tin plate mills are cutting down output
because storage space has been used up.
The general average of wire mill operations is probably not over 50%•
Stock accumulated some weeks ago in anticipation of a spring movement
are now being drawn upon, but buyers are ordering on the most limited scale.
The week's bookings of structural steel work amounted to 27,000 tons.
Last week they were 20,000 tons, and the weekly average since the first
of the year for the larger projects as reported in "The Iron Age" does not
exceed 28,000 tons. Fresh work appearing calls for 24,000 tons, about
one-fourth less than the rate at which it has been offered since December.
Chicago, Pittsburgh and Cleveland find some lessening in building activity.
In the present trend of prices and demand bar iron manufacturers in the
Middle West are expected to refuse the $3 per ton advance asked by puddlers. Similar advances in sheet and tin plate scales will be contested.
Pig iron has declined 50e. at Chicago and at nearly all centres the market
is so dull that prices are untested. Favorable features are the heavy shipments and the appearance of very little resale iron, but foundry operations,
taking the country through, are somewhat less. The blowing out of a
number of merchant blast furnaces is expected to check the downward
tendency of prices.
In the Pittsburgh district six more blast furnaces, chiefly steel company
stacks, were blown out in the past week and six others will stop within a
few days. In the Pittsburgh and nearby districts 95 furnaces are now
going as against 114 in March.
Falling prices have reduced "The Iron Age" composite figure for finished
steel to 2.653c. per lb., the lowest since February 1923. One year ago it
was 2.824c., the highest point since February 1921.
b The pig iron composite has dropped from $21 96 lsat week to $21 88,
the lowest of the year, and $1 below the level of two months ago. One year
ago it was $30 79 and two years ago $22 23 per ton.
The weekly composite price table is appended:
Composite Price, April 29 1924, Finished Steel, 2.653c. per Pound.
Based on prices of steel bars, beams, tank
Apr. 22 1924, 2.696c.
plates, plain wire, open-hearth rails,
Apr. 1 1924, 2.703c.
black pipe and black sheets, constitutMay 1 1923, 2.810c.
log 88% of U.S.output offinished steel 10
-year pre-war average, 1.689c.
Composite Price April 29 1924, Pig Iron, $21 88 per Gross Ton.
Based on average of basic and foundry
Apr. 22 1924, $2196
irons, the basic being Valley quotation,
Apr. 1 1924, 22 59
the foundry an average of Chicago,
May 1 1923, 30 79
Philadelphia and Birmingham
10
-year pre-war average, 15 72
In its weekly market review issued May 1 the "Iron Trade
Review" of Cleveland observed that the output of steel
declined more rapidly during the last week in April, while
heavy shipments accompanied by light bookings compelled
sharper curtailment. The "Review's" summary follows in
full:
2117
freely at 2.25c. Chicago prices are down another $1. The American
Sheet & Tin Plate Co. is -expected to open its books May 1 on tin plate
for last half at an unchanged price.
"Iron Trade Review" composite of 14 leading iron and steel products
now shows the lowest price since January 1923, standing this week at
$41 72. The highest recent point was in February at $43 53.
The pig iron market has picked up slightly in some districts as some
buyers now are coming out for future requirements which in some cases
run through the third quarter. Reduced prices apparently are becoming
more attractive, and are still receding. At Chicago they are down 50c.
and as low as $20 has been done at Buffalo. Eastern basic has sold lower.
Tennessee iron is offered at $21 50 Birmingham. Structural awards this
week make a fair showing considering general market conditions, totaling
21,122 tons. The New Jersey Central drawbridge. 8,000 tons, is the
largest job placed. Work placed in metropolitan territory in April is
well ahead of a year ago though for the first four months is behind. Activity
may be checked by a threatened ironworkers' strike. The Mandel Bldg..
18,000 tons, and the Dupont Hotel, 12,000 tons, are coming out at New
York. At Chicago also 30,000 tons await the settlement of building wage
scales.
Railroad buying has dropped off abruptly. The Chesapeake & Ohio
car material, 75,000 to 100,000 tons, has attracted spirited competition.
Continental output of iron and steel is growing. French expert prices
are rising due to the increase of the franc.
Fuel Oil Prices Advance-Gasoline and Crude Remain
Stable.
The expected advance in the price of California crude oil
failed of realization during the week closed last night. However, it was reported that fuel oil is selling at $1 40 a barrel
in California against the former price of $1 15. Principal
oil companies in and around New York, on April 29, were
reported to be asking $2 a barrel for fuel oil. This is 15 cents
a barrel higher than the posted price and is the highest quotation in years.
Petroleum Production Remains Nearly Stationary.
An increase of 8,700 barrels per day during the week of
April 26 in comparison with the output during the preceding
week was recorded by the American Petroleum Institute's
weekly statistics. The current production averaged 1,941,050 barrels per day, against 1,932,350 barrels. Compared
with the corresponding figure of 1923, the present output is a
decrease of 5,450 barrels per day. The daily average production east of the Rocky Mountains was 1,294,450 barrels,
as compared with 1,287,050 barrels the previous week.
California production'was 646,600 barrels, as compared with
645,300 barrels. Santa Fe Springs is reported at 74,000
barrels against 75,000 barrels; Long Beach, 170,000 barrels
against 175,000 barrels; Huntington Beach, 53,000 barrels,
the same as the previous week; Torrance, 58,000 barrels,
against 55,000 barrels, and Dominguez, 9,600 barrels,
against 6,300 barrels.
The following are estimates of daily average gross production for the weeks indicated:
DAILY AVERAGE PRODUCTION.
an Barrels.)
Apr.26 '24. Apr. 19'24. Apr. 12'24. Apr. 28'23.
Oklahoma
459,600
430,100
429.950
433,000
Kansas
69,350
81.850
69,750
69,650
68.300
North Texas
74.200
72,900
71,800
Central Texas
209,150
125,550
198,850
201,800
North Louisiana
69.100
53,250
43,000
49,650
Arkansas
137,100
109,750
138,200
137,750
Gulf Coast
96,800
98,350
96,600
97,700
Eastern
108.000
103,000
102,000
101,000
Wyoming and Montana _
131,000
125,650
132,650
130,500
California
695,000
646,600
645,300
659,500
Total
1,946,500
1,941,050
1,932,350 1,953,350
Large shipments by the mills in April, which new bookings have fallen
far short of replacing, have cut deeply into unfilled orders for steel and
further curtailment of production has been quick to follow. The cumuCurtailment of Coal Production Has Steadying Effect
lative effects of this shifting to a lower scale of output in order to match a
contracted market, now are more apparent. Deliveries of the Steel
on Market Conditions.
corporation in April averaged only 4 to 5% leas daily than in March which
Although bituminous production showed a slight increase
the biggest period in 18 months. Steel ingot operations, however,
was
now have been dropped to about 75%, or approximately 20% under the during the third week of the month, says the "Coal Trade
peak in March and stocks of raw steel are being drawn against for the Journal" in its issue of April 30, the preliminary figures for
finishing mills. In the industry at large operations are not over 65 to 70%•
much promise
Independent plants in the Mahoning Valley are running at 56% of the week ended last Saturday do not carry
steel ingot and 58% of sheet capacity. Blast furnaces active in the Valley of a further gain. Moreover, the increase reported-111,000
district are being reduced to 29 against 36 early in March. The H. 0. net tons-is less than half of the total tonnage dumped at the
Frick Coke Co. has cut coke production drastically in the ConnelLsville
Lake Erie ports during the same period. The daily producregion.
New buying has quieted down more perceptibly in all directions this tion rate approximates that of the corresponding period three
week with the single exception of building work. No week of the present years ago, but actual consumption is considerably above that
year has been so unproductive of fresh bookings or of important underdepression was so great.
takings. Competition among producers for new tonnage is keener than of the former period when industrial
ever as rolling schedules are more difficult to round out. Consumers Giving full weight to the ultra cautious spirit in manufacturof steel impressed by the continuing unsettlement of prices are meeting ing and the lowered activity attributable to political untheir needs in a hand-to-mouth way.
is conIron and steel exports in March were the lowest since October 1921, certainty, it is nevertheless apparent that the country
suming coal faster than it is being mined, continues the
amounting to 120,596 tons. Imports were 39.280 tons.
Manufacturers of sheets, tin plate and wrought iron products are strongly "Journal's" review, from
which we make the following furopposed to entertaining seriously the radical program for wage advances
formulated by the Amalgamated Association of Iron, Steel & Tin Workers ther extracts:
as reported in last week's "Iron Trade Review." Some sheet makers
It is this!knowledgetorking both consciously and subconsciously, that
point out that already their costs are exceeding the sales price. Until is injecting thelelement of firmness into the price situation in the spot marthe question comes to conference, the date for which has not yet been ket
-that and the number of mines that have again discovered that it is
set, it cannot be said how far the union proposes to press its demands and cheaper to conserve their coal in place than to sell it at ruinous prices.
to threaten a strike. Further wage reductions made by some coke operators Compared with quotations for the week preceding, the prices given below
in the Connellsville region total 18%•
for the week ended April 26 showed changes in only 28.3% of the figures.
-cent steel on car tonnage Of these changes 74.5% represented advances ranging from 5 to 50 cents
Prices still lack stability. Talk is heard of 2
that recently came into the market. An Eastern sale of plates at 2.05c. and averaging 13.4 cents per ton. The reductions ranged between 5 and
Pittsburgh is reported this week, following a larger transaction at 2.10c. 25 cents and averaged 12.5 cents. The straight average minimum for the
In districts tributary to Pittsburgh, plates, shapes and bars were selling week!was $I 92.0 gain of one cent;the straight average maximum was 82 22.
THE CHRONICLE
1
• mcc, i
i uit-6 1
" ,-...
q
i •,:
4
'6 22S g
415,010,780
149,580,685
429.703,023
128,925,491
564,389,657
i con.i a
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457,825.476
39.730.854
442.976.045
51.483.337
518.995.043
7,587,718
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1,676,3281 262,027 1,868,9741 194,081
1,626,644 258,879 1,817,682 212,676
1,773.532 283,995 2,051,782 247,175
2,645.992
2,063.055
582,937
2,618,055
2.030,358
587,697
2,453,999
2,298,957
155,042
i
5
5
2,295,982
1.938.355
357,627
2,287,891
1,885,523
402,368
2.285,742
2,057.527
228,215
SPINNING SPINDLES.
M
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1,502.243
16.499 .
1,423.677
83,329
1,655,917
a
945
891
1.025
'
II
1,473,921
.553,763
1.486.166
467.262
1,770.161
262,342
i one. i
5,0261
4,998
5,274
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266
223
237
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2,475,290
1,258,912
2,414,205
1.213,767
3,251,061
541,517
NN
3,1961 13,4181
3,339 13,874
4,197 14,565
The consensus of sentiment seems to be that the trade is so flat on its
back that the only direction in which it can look is upward. Though larger
consumers for the most part still are averse to buying except for immediate
requirements, contracts are being signed up here and there by railroads
and industrials. The curtailment of output is having a steadying tendency, there being less glutting of markets with its inevitable accompaniment of distress coal. A number of producers and jobbers argue that
many large users who have been living off their stockpiles will have eaten
so deeply into their reserves soon that they will be forced into the market
again.
The Department of Commerce contemplates instituting in the near future
a campaign to start domestic consumers of coal laying in stocks at this time.
In announcing the plan last week the Department stated that it is proposed
to wait until domestic consumers have used up the remainder of their
winter supplles and then show them that with the present favorable condition of transportation and the low price of coal now is the propitious time
to lay in supplies. Later on industrial consumers will be urged to place
their orders for fuel, the scheme being designed to have one buying movement follow the other, in order to avoid traffic congestion and the possibility of undue effect on the market that might ensuo if both classes of
consumers begin a concerted buying movement at the same time. The
fact that the railroads had a surplus of 180,000 coal cars on April 14 is
convincing proofs that they are unusually well prepared right now for
putting such a scheme into successful operation. All that is necessary to
initiate the movement is some orders.
"Coal Age Index" of spot bituminous coal prices registered a slight
rebound during the last week, the April 28 figure being 171 and the corresponding price $2 07. This compares with $2 04 on April 21 and $2 71 a
year ago.
Activity in the export field was less marked during the last week; nevertheless, total coal shipment from Baltimore for foreign ports during the first
twenty-four days of April were greater than for the full month of either January. February or March. Italy was the largest purchaser, with France
second. Porto Rico has been a steady buyer in small quantities.
Demaid for anthracite is somewhat stronger, which with the lessened
output has tended to make independent prices firmer on domestic sizes.
This is attributed m part to end-of
-the-month buying in anticipation of a
possitle advance in prices, as the new quotations at the beginning of the
month were announced as for April only.
Spinning Spindles.
Of the total number of woolen spindles reported in March 1924, 1.938,355.
or 84.4%, were in operation for some part of the month and 357,627 were
idle throughout the month. The active woolen-spindle hours reported for
this month represented 92.0% of the single-shift capacity, as compared with
89.6% in Feb. 1924 and with 98.6% in March 1923.
The number of worsted spindles in operation during March 1924 was
2,063.055 or 78.0% of the total, and the number idle was 582,937. The
active worsted-spindle hours were equal to 73.5% of the single-shift capacity,
In Feb. 1924 the active worsted-spindle hours represented 76.9% of the
capacity and in March 1923 102.1%.
Cards and Combs.
Of the total number of sets of cards reported for March 1924. 5,971,
or 85.5%, were in operation at some time during the month, while 1,014
were idle throughout the month. The active machine-hours for cards
were equal to 98.9% of the single-shift-capacity in March 1924; 94.5% in
in Feb. 1924, and 103.9% in March 1923.
Of the combs reported for March 1924, 2,2051 or 81.8%, were in operation
for some part of the month, and 489 were idle during the month. The
active machine hours for this month were equal to 90.6% of the single-shift
capacity, as compared with 94.0% in Feb. 1924 and 117.2% in March 1923.
Detailed Report.
The accompanying table gives the total number of machines in operation
some time during the month of March 1924, the number of idle for the
whole month, the number reported on single shift and on double shift, the
active and idle machine or spindle hours, the percentages active and idle,
and comparative figures for Feb. 1924 and March 1923.
Carpet and
Rug.
While observing no pronounced recovery from the dulness
that has been prevalent in the bituminous coal markets, the
"Coal Age" in its summary of market conditions issued
May 1, voiced the opinion that it is probable that the bottom of the valley of depression has been reached. The Lake
navigation season was ushered in last week with the arrival
of three cargoes at the head of the Lakes and several others
are said to be on their way, but the movement is far from
being under full headway. Operation at mines throughout
the Central Competitive Field are at an exceedingly low
ebb, production in the southern Ohio field being down to
10% of capacity, continues the "Age," adding further:
[Vol,. 118.
March 1923. The number of carpet and rug looms reported
for March 1924 was 9,403, of which 7,736 or 82.3%, were in
operation for some part of the month and 1,667 were idle
throughout the month. The active machine-hours reported
for these looms represented 72.7% of the single-shift capacity
of the looms,as compared with 76.1% in Feb. 1924 and 87.1%
in March 1923. Further particulars are as follows:
LOOMS.
a loss of one cent. A year ago the averages were $2 36 and $2 72, respectively.
General market conditions reflect little greater changes over the week
than those mirrored in the prices. The slow start of the Lake season has
disappointed buyers, who counted upon heavy production of screened sizes
for the Northwest to send down the prices on slack. During the week
ended at 7 a. m. April 21 cargo dumpings totaled 217,735 tons and vessel
fuel 16,564 tons. The total for the week was 234.299 tons, as compared
with 244,654 tons a year ago, but the smaller dumpings earlier in the season
brought the cumulative total down to only 388,986 tons, as compared with
665,267 tons in 1923. On the whole, the firmness in slack and small steam
coal prices is the most cheering feature of the market at the present time
but tonnage in volume at any price is lacking.
With the retail trade accepting the forecast of higher company prices in
May as an assured fact, there has been a healthy demand for domestic
sizes of anthracite the past few days. As usual at this season of the year.
stove is the favorite size, but egg has taken on unwonted strength. Nut is
the easiest of the major sizes, but the Lake movement will tone up the market. In the steam trade the relative positions of the buckwheats are unchanged. Independent barley still commands a premium in some quarters,
but offers at less than company circular were also made for the first time in
weeks. Lake loadings last week at Buffalo were 154,400 tons.
50-4nch Reed
'Space or Ult.
2118
a'::
.;
,
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•
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I 41,1551
41,399
48,101
,
.
,
61,490
44,351
17,139
62,700
44,738
17,962
60,566
52,298
8,268
I
2 oVqt:
Activity of Machinery in Wool Manufactures During
i g2r;
E SS2
•4
4
the Month of March 1924.
.4
The Department of Commerce on April 29 issued its report
4 r.com
CS22iS 4 II:
on active and idle wool machinery for March 1924, based on
-.. NN. CI
„.. " ..
.
1.2
el
reports received from 913 manufacturers, operating 1,092
"8:7
rit- ,4:20 • ..tlg
.' .
i ""tm i
cecnceee4
i-,
i .
mills. These do not include the data for the Glastonbury
4;
t i e7.eO 1
"
.
1
Ika
Knitting Co., Glastonbury, Conn.; Farnsworth Mills, Inc.,
Central Village, Conn.; Merrimack Woolen Corp., Lowel,
al
Mass.; Faulkner & Colony Manufacturing Co., Keene, N. H.;
Gera Mills, Passaic, N. J.; Adler Underwear & Hosiery Mfg.
3
g
Co., Cincinnati, Ohio; John and James Dobson, Inc., Philafl
1 kepi
Pa.; Sheble dr Kemp, Philadelphia, Pa.; Davisville
delphia,
Woolen Co., Davisville, R. I.; or Merrill Woolen Mills,
"
; 61 i
0
Merrill, Wis. Of the total number of looms wider than 50
inch reed space, 44,351, or 72.1%, were in operation for
Itgfltu
some part of the month of March 1924, and 17,139 were
z-xa,x
Eg
g
throughout the month. The active machine-hours
idle
reported for wide looms for the month of March formed
a Overtime was reported sufficient to offset all idle hours and leave an enema
71.4% of the single-shift capacity, as compared with 71.4% of 82,490 hours, or 3.9%. A Overtime was reported sufficient to offset all idle hours
and leave an excess of 98,726 hours, or 17.2%. c Overtime was reported sufficient
for the month of Feb. 1924, and 92.9% for March 1923. to offset all idle hours and leave an excess of 11,720,315 hours, or 2.1%.
Of the total number of looms of 50-inch reed space or less
covered by the reports for March 1924, 13,646, or 79.6%, Total Values of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
were in operation at some time during the month and 3,506
The Bureau of Foreign and Domestic Commerce of the
were idle throughout the month. The active machine-hours
for these looms represented 66.3% of the single-shift capacity, Department of Commerce at Washington on April 28 issued
as against 66.5% in the preceding month and 85.7% in its report showing the merchandise imports and exports by
MAY 3 1924.]
THE CHRONICLE
2119
Estimated United States Production of Bituminous Coal (Net Tons) Including
Coal Coked.
1924-1923-a . Year
Cal. Year
Week.
Week.
to Date.
to Dals.c
April 5
6,826,000 141,853,000
9,629,000 146.311,000
Daily average
• 1,777,000
1,741,000
1,241,000
1,791,000
Month of March.
Nine Months Ended March. April 12_a
6,834,000 148,687,000
10,401,000 156,712,000
Daily average
1 139,000
1,788,000
1,734,000
1,700,000
1923.
1924.
1924.
1923.
April 19_b
6 945,000 155,632,000
10,221,000 166.933.000
Daily average
1,158,000
1,665,000
1.704.000
1.782.000
s
s
$
$
a Revised since last report. b linbject to revision. c Minns one day's
120,740,006 85,799,023 863,778.768 817,838,068
115.740,982 114,343,878 690,203,963 730,564,324 production to equalize number of days in the two years.
53,436,203 43,974,478 338,577,157 315,966.010
Production of soft coal during the first 94 workings days of the calendar
91.741,090
60,899,194 715,325,385 699,091,181 year 1924 was 155,632
net tons. In the.
six preceding years it was as
34,323,764
5,469,108
47,129,734
5,719.894
follows:
10,800,993
68,918,523
9,879,576
55,303,640
Years of Activity.
Years of Depression.
397,928,382 320,618,043 2,723,933,530 2,653,086,987 1918
164,689,000 net tons 1919
131,336,000 net tons
1920
165,570,000 net tons 1921
121,089.000 net tons
1923
166,933,000 net tons 1922
143.730,000 net tons
6,431,691
6.097,050
52,457,787
46,431,898
Thus It is seen that from the viewpoint of soft coal production, 1924
525,477
6,256.012
4,902,946
597,005
15,130,797
13,254,306 114,798,900 110,828,986 is about 10,000.000 tons behind the three active years. and 23.500.000
14,996,973
9,951,899 104.390.390 117,343,846 tons ahead of the years of depression.
642,632
6,386,647
16,936,926
1,207,460
11,008,159
62,948,872 63,000,096
5,502,176
ANTHRACITE.
7,476,525
53,245,037
55.195,972
5,525.793
The production of anthracite declined to 1,623,000 net tons in the
1,824,850
16,927,113
13,870,401
2,936.561
week ended April 19. This was a decrease of 233,000 tons, or 13%. In
242,647
4.073,196
649.879
680,063
2,358,827
1,873,374
22,791,198 comparison with production in the corresponding week a year ago, there
24,598,510
'2,041,928
32.447,488
2,046.558
29,608,419 was a decrease of 21%. The number of cars loaded daily indicates that
3,892,895
29,650,534
2,908.357 26,9/4,559
49,389,523 28,460,315 319,679.164 262,285.863 the chief factor in the decline was the partial observance of Good Friday
32,704,924
35,748,909 304,036,794 317,856.196 as a holiday.
6,165,728
4,855,544
22,926,578
24,623,882
Estimated United States Production of Anthracite (Net Tons).
14,234,534
17.069,063 99,402,921 110,309,453
1924
1923
59,827,837
53,985,863 240,449,272 255,958,186
Cal. Year
Cal. Year
481,590
615,144
7,061.848
3,709,836
Week.
to Date.
to Date.
Week.
13,510,683
11.359,077
87,085,673
55,361,055 April 5
1,548,000 24,949,000
1,602,000 27,470,000
17,524,677
14,176,685 109,140.612 110,043,155 April
1,856,000 26,805,000
2,067,000 29,537,000
9,519,166
9,872,118 62,014,129 69,424,130 April 12
19
1,623,000 28,428,000
3,519,692
2,065.000 31.602,000
2,953.741
27,859,373 36,095,086
444,860
396,435
5,465,565
4,630,420
BEEHIVE COKE.
2,256,339
2,463,897
12,673,831
21,799,357
4.399,059
The production of beehive coke continued to decline in the week ended
908.914
19,562,728
5,581.865
1,298,449
1.727.632
10,269,792 April 19, and a new low record for 1924 for a full-time week was estab11,152,271
14,403,722
9.565,364 125,493,543 127,031,44C lished. As now estimated, the
total output is placed at 254,000 net
13.057,862
7,885,311
79,220,661
84,505,062
14,722,623
8,297,930 85,534,025 98,971,622 tons, a decrease of 11,000 tons. Compared with the corresponding week
3,418,910
4.951,611
31,887,372
38,817,017 a year ago, there was a decrease of 182,000 tons, or 42%. The decline
32,787,756
16.133,869 288,751,782 251,622,001 centered in Pennsylvania and Ohio. According to the Connellsville
5.d42,536
8.519,409
48,421.610
55,210,091
2.917.290
4,493,764
35.936,342 24,267,321 "Courier," there was further curtailment in the Connellsville region and
2.427,820
1.029.728
9,321,692
8,152,861 production decreased to 185,620 tons. The "Courier" attributes prac966,828
1.397,464
9,554,377
6,046,711 tically all the decrease to the furnace plants.
5.709.346
5,144.714
39,604.191
22.504.73:
Estimated Production of Beehive Coke (Net Tons).
Week Ended
Apr. 19 Apr. 12 Apr. 21
Month of March.
1924
1923
Nine Months Ended March.
1924a.
1924.b
1923.
to Date.
to Date.
Pennsylvania & Obio___205,000 214,000 355,000 3,587,000 4,761 000
1923.
1924.
1923.
1924.
14,000
13,000 25,000
West Virginia
244,000
360.000
-- Ala., Ky., Tenn. & Ga., 18,000
20,000
23,000
331,000
$
364,000
$
8
$
8,000
8,000
17,000
142,000
164,842,930 169,447,268 1.600,583,029 1,717,764.082 Virginia
257.000
6,000
10.000
86,000
120,000
91,027,666
85,993.528 750,315,499 784,937,857 Colorado & New Mexico 5,000
4,000
6,000
67.000
80.000
22.942,529 23,217,265 188,686,546 205,626,083 Washington & Utah_ _ _ _ 4.000
45,962,851
45,187,429 326,695,867 451,731,485
United States total___254,000 265,000 436,000 4,457,000 5,942.000
12,107,722
11,447,870
87,075,130 116,493,025 Daily average
42,000
44,000
73,000
46,000
62,000
4,492.966
4,380,746
41,568,704
46,380,548
a Subject to revision. b Revised from last report. c Leas one day's
production in New Year's week to equalize the number of days covered
341.376,664 339,674.106 2.994,924,775 3,322,938,080
for the two years.
grand divisions and principal countries for the month of
March and the nine months ending with March for the
years 1923 and 1924. The following is the table complete:
Imports from
Grand DivisionsEurope
North America
South America
Asia
Oceania
Africa
Total
Principal Countries
Belgium
Denmark
France
Germany
Greece in Europe
Italy
Netherlands
Norway
Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Columbia
Ecuador_
Peru
TJruguay
Venezuela
China
British India
Straits Settlements
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
Br. South Africa
Egypt
Exports to-Grand DivisionsEurope
North America
South America
Asia
Oceania
Africa_
Total
80,197,047
28,595,958
206,488.626
224,890,859
9,935,143
136,043,860
90,840,348
24,482,483
49,154,984
9,312,810
27,228,681
3,761,785
661,355,625
475,790,340
38,157,608
82.325.515
111,663,566
8.500.143
78.725,448
35,146,069
20,250,254
18,187,840
3,404,151
11.308.315
9.362,138
7.487.552
72,374,350
21.617.021
4.821.664
7,239,933
157,154.636
33,722,510
68,892,690
17.039,661
17,646,950
4.835.121
78,427,102
29,080,198
216,999,070
299,251,225
7,147,173
136,948,643
90,353,136
16,212,967
52,029,740
6,539,928
33,902,140
5,320,774
717,745,533
457,443,667
43,125,116
89,115,537
144,960,965
10,415,735
79,959,971
37,926,621
22,962,294
15,826.657
3,168.273
16,994,515
12,664,236
10,772,836
91,843,479
24,792.032
5,131,594
9.891,952.
243,804,552
41,345,08(
95,987,231
19,201,574
22,848,511
4 FM ore
Increase in Postal Savings in March.
An increase of $618,000 in postal savings deposits during
the month of March is indicated in the following statement
made public by Postmaster-General New this week:
STATEMENT OF POSTAL SAVINGS BUSINESS FOR THE MONTH OF
MARCH 1924 AS COMPARED WITH THE MONTH OF FEBRUARY 1924.
Balance on deposit Feb. 29
$132,151,97
Increase during March
618,000
Balance on deposit March 31
leek.
Depysitors'
Balance
Post Office.
New York, N. Y
Brooklyn, N.Y
Boston,Mass
Uruguay
Venezuela
Chicago, Ill
China
Seattle, Wash
British India
Philadelphia, Pa
Straits Settlements
Pittsburgh,Pa
Dutch East Indies
Detroit, Mich
Japan
Kansas City, Mo
Philippine Islands
Tacoma,Wash
Australia
Portland, Ore
New Zealand
Newark, N.J
Br. South Africa
Uniontown. Pa
Egypt
St.Louts. Mo
Los Angeles, Calif
San Francisco, Calif
Butte,Mont
Milwaukee,Ms
Jersey city, N.J
Production of Bituminous Coal Rises as that of
Great Falls, Mont
Anthracite Declines.
Cincinnati,0
Providence, R. I
The weekly report on the production of bituminous Denver, Colo
N.Y
coal, anthracite and beehive coke, issued by the Departn ent Buffalo, 0
Columbus,
Cleveland, 0
of the Interior, through the Geological Survey, April 26 1924, St.Paul,Minn
shows that during the week ended April 19 the production Ironwood,Mich
Passaic, N. J
of bituminous coal increased 111,000 tons, while on the other McKees Rocks, Pa
Minneapolis, Minn
hand the output of anthracite declined 233,000 tons. The re- Bridgeport, Conn
McKeesport. Pa
port by the Survey follows in more or less detail:
Aberdeen,Wash
After a month of steady decline the production of soft coal recovered Washington, D.C
Toledo. 0
slightly in the week ended April 19. The total output, including lignite, Lowell. Mass
mine fuel, local sales, and coal coked at the mines, is placed at 6,945,000 Pocatello. Idaho
net tons. This was an increase of 111,000 tons, or slightly less than 2%. Leadville, Colo
The present rate of production is 32% less than it was a year ago. The Roslyn. Wash
Astoria, Ore
average daily output is practically the same as it was in the corresponding Roundup, Mont
week of 1921. Then, as now, the coal industry was greatly depressed Pawtucket, R. I
owing to lack of demand. There is this difference, however, whereas Hartford, Conn
the rate of coal consumption was greatly curtailed in 1921, owing to the New Haven. Corns
Mount Pleasant, Pa
general industrial depression then prevailing, there is no evidence that Erie, Pa
consumption this year has undergone more than the normal spring decline
Omaha.Neb
$132,769,979
•
•
,...evom010.NONMMWOOD.41
,
.00PVt.NWtsMMMt
,
,M*0.0,41 0M,ICOMOP00.0V
,
000t C,N.QWWMOOppm,weromoc,ove;
,
v-IMP.O.nOVAOW=000M,
7,395,860
8,810,259
3,858,615
3,602,400
20,471.156
21,879,055
25,030.957
36,167,331
1,967,407
447,315
12,850,977
13,127.366
9,318,191
11,747.191
4,240,684 • 1.732,099
4,933,835
3,986,340
889,307
2,931,583
3,303,635
4,706,632
403,288
959,569
63,623,741
56,989,484
53,825.736
49,221,815
4,419.658
4,936,403
10,763,003
9.405,265
16,638,923
17,375,936
951,566
1,030,090
9,105,075
8,295.462
3,973,104
4,693,073
2,872,675
2.436,382
2,068,928
1,718.120
441,185
488,909
1,296,610
2,074,283
1,403.808
1,542.966
1,113,667
1,286.602
10,019,196
11,012,933
2,453,610
2,409,105
695,173
622,204
797,486
1,078,719
23,635,616
21,629,471
4,781,916
4,733,667
9,874,378
8,970,035
2,097.556
2,457,737
1,948,768
1,567,344
454,409
484,146
MVOOMP..0t:MOVAMON.VMV14403Nw4 pwO.WW.iVONtZ.ONMSA4141
,
.001 4.0.0VWCO.
101'.CONODNO.OMI WOONNMNOOWVVM , ,
VC,
00 W. C4 V
V
attctnn*PACIROt.t.[..000,
1•VVVVVVMMMMMMMNNNNNNC4NCINN
CA,qt.CCINN*
•
Principal Countries-Belgium _
Denmark _
France
Germany
Greece in Europe
Italy
Netherlands
Norway
Spain
Russia in Europe
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico .
Cuba
Dominican Republic
Argentina
Brazil
Chile
Columbia
Ecuador.,•
Peru
Increase 1-1-) or This Lau
Decrease(-). Month. Month.
+3363,391
+30,946
-39,110
-10,050
+2,102
-16,537
-36,272
-22,069
-8.776
-32,742
-15,407
+8,631
+21,090
+1.148
-10,697
-4,127
+62,727
-6,091
-5,115
+9,770
-10,298
+9,263
-9,603
+5.419
-11,419
-12,414
-198
+9.229
-5,052
-14,971
+7,394
+450
+9,022
-9,188
-10,216
-12,349
+9,193
+17,770
+9.563
-3,355
-3,796
+9,605
-6,343
+673
-1,793
+1,281
. -6,281
-2.342
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
I
2
3
4
5
6
7
8
10
9
11
12
18
14
15
16
18
17
19
21
20
23
22
24
25
26
27
30
29
28
31
33
35
32
34
36
37'
41
39
38
40
47
42
43
44
46
45
48
I
2120
THE CHRONICLE
Rank.
Post Office.
Depositors'
Balance.
Kansas City, Kan
Pensacola, Fla
Pueblo, Colo
Staten Island, N. Y
Altoona, Pa
Jacksonville, Fla
Oakland, Calif
Louisville, Ky
Sioux City, Ia
Long Island City, N. Y
Flushing. N. y
Atlantic City, N. J
Duluth, Minn
Baltimore, Md
Bellingham, Wash
Wilmington, Del
Red Lodge. Mont
Norwood, Mass
Fairbanks, Alaska*
Camden. N. J
Bingham Canyon, Utah
Birmingham,Ala
New Orleans, La
Jamaica, N. Y
Paterson, N.J
Miami, Fla
Gary, Ind
Dallas,Tex
Billings, Mont
Bayonne, N J
Memphis,Tenn
Masontown, Pa
Elizabeth, N. J
Akron, Ohio
Anchorage. Alaska*
Brownsville, Pa
Hurley, Wis
Havre, Mont
Salt Lake City. Utah
Tampa, Fla
Fairmont, W.Va
Dayton, 0
Export, Pa
Everett. Wash
Windber,Pa
Centralia, Wash
Boise, Idaho
East Pittsburgh, Pa
San Antonio, Tex
Manchester, N.H
Breckenridge, Tex
Phoenix, Aria
Indianapolis,Ind
New Kensington,Pa
Rochester, N. Y
Raymond, Wash
Norwich. Conn
Christopher, III
San Diego, Calif
• Greensburg, Pa
Chester, Pa
Maynard, Mass
Hammond, Ind
Monongahela, Pa
Ansonia, Conn
Willimantic. Conn
Oklahoma City, Okla
Waterbury, Conn
Augusta, Ga
Youngstown. 0
230,526
218,693
216,220
212,940
206,684
197,012
194,714
192,319
192,229
190,011
186,921
183,132
180,941
180,717
179,719
179,427
179,272
178,187
177,635
177,037
176,571
173,215
170,166
169,293
164,793
162,811
161,665
160,001
155,943
151,663
148,562
147,824
147,715
147,527
147,196
143,330
138,230
133,249
131,135
129,995
129,573
128,518
126,061
125,951
124,548
123,996
123,229
121,721
120,774
119,713
118,444
117,254
116,842
116,169
115,807
115,424
115,008
114.290
113,481
111,820
109,870
109,514
109,465
106,924
106,705
106,602
103,893
102,855
102,571
102,501
Increase (+) or This Last
DecreaseI-)• Month. Month.
+2,639
+1.628
+8.090
-4,685
+1,619
+3,718
-1,945
-256
-13,629
+7,597
-1,731
-2,851
-1,067
-3,907
+574
-3,449
+11,737
-1,338
-4,357
+3,679
-3,201
+4,370
+29
-3,066
-496
+4,016
+839
-618
+12.617
-961
+8,169
+2,945
+3,595
-6,232
-5,779
+1,725
+6,925
+10,951
-3,667
-648
-145
+4,055
-1,950
-407
+1,257
+2,993
-5,864
+2,292
+150
+3,778
+7,227
855
-913
+550
-2,139
+1,214
-891
+1,740
-4,934
-2,635
-2,478
-1,781
-3,022
-2,256
+795
-118
+1,792
+560
-2,322
-1,756
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
5
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
49
51
52
50
54
56
55
57
53
62
59
60
63
58
67
61
72
66
64
68
65
71
70
69
73
76
74
75
82
79
84
80
81
77
78
83
86
94
85
87
88
92
90
91
93
95
89
97
96
102
111
99
101
104
100
106
103
109
98
105
108
110
107
112
114
113
118
117
115
116
•February balances.
[VoL. 118.
Analysis of Imports and Exports of the United States
for March.
The Department of Commerce at Washington on April 26
issued its analysis of the foreign trade of the United States
for the month of March and the nine months ending with
March, so as to show how much of the merchandise imports
and exports for 1924 and 1923 consisted of crude materials,
and how much of manufactures and in what state, and how
much of foodstuffs and whether crude or partly or wholly
manufactured. The following is the report in full:
Month of March.
Groups.
1923.
Value.
Imports.
$
Crude materialfor use in mfg.144,657,000
F'dstuffs,crude,
Scf'd animals_ 38,298,000
F'dstuffs partly
or wholly mfd. 71,024.000
Mfrs.for further
use in mfg_ __ 73,047,000
Mfrs. ready to
consumption _ 69,830,000
Miscellaneous__ 1,072,000
Nine Months Ended March.
1924.
Per
Cl.Value.
Per
Ct.
$
1923.
,
Value.
$
1924.
Per
Cl.
Value.
Per
Cl.
$
36102,157,00, 32 1,070,255,000 39 896.786,000 34
10 34,465,000 11 265,980,000 10 278,515,000 11
18 67,294,001 21 333,249,000 12 379,597,000 14
18 56,175,000 18 511,042,000 19 506,582.000 19
18 59,014,000 18 527,606,000 19 570,085,000 21
-- 1,511,000 15,802.000 1 21,522,000 1
Total import 397,928,000100320,616,0002,723,934,000 1002,653,087,000100
Exports.
Crude material
for use in mfg. 79.914
24 85,436.000
F'dstuffs,crude,
& f'd animals_ 19,364,000 6 14,968,000
F'dstuffs partly
or wholly mfd. 55,025,000 16 49,825,000
Nitre.for further
use in mfg_ _ _ 45,978,000 14 50,059,000
Nib's. ready to
consumption_ 132,420,000 40130,597,00,
sliscellaneotts ....
789.000 626,000
26 824.926,000 281,082.219,000 33
5 329,285,000 11 164.349.000 5
15 443.065,000 15 447,634,000 14
15 337,713,000 12 441,109,000 14
391.005,772.000 34 1,123,229,000 34
4,949,000 _
5,800.000 -
l'otal domestic
exports
333.490,000 100331,511.0001002,946,561,0001003,283.489,000100
yoreign export- 7.887.000 -- 8.163,000 -_ 48.364.000 -- 59,449,000 -Total export 341.377,000 __ 39.674,0001 __ 2,994.925,000 __ 3.322,938,0# # --
Cotton Traders Warned-Exchange Threatens to Fine
Members Who Violate Rule.
The following is from the New York "Evening Post" of
last night (May 2);
The Executive Committee of the New York Cotton Exchange issued an
order to-day 'warning members against violation of the rule prohibiting
trading on calls in any month other than that which is being called.
The Floor Committee was requested to fine any member violating this
regulation and the Futures Committee was requested to refuse to record
any such transactions.
LSI
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 30 1924, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows a reduction
of $14,200,000 in total earning assets, decreases of $25,700,000 in holdings of discounted bills and of $15,900,000
in acceptances purchased in open market, being partly offset
by an increase of $27,400,000 in Government security holdings. Federal Reserve note circulation declined further by
$14,800,000, while cash reserves increased by $7,800,000
and deposit liabilities by $4,500,000. After noting these
facts the Federal Reserve Board proceeds as follows:
All 'Federal Reserve banks report smaller holdings of discounted bills
except San Francisco. which shows an increase of 37,500.000. and Boston.
Chicago and Dallas. which report a combined increase of $2,900,000. Discount holdings of the New York Reserve Bank declined by $14.100,000:
those of the Cleveland Bank by $6,700,000, those of the St. Louis and
Minneapolis banks by $3,600,000 each, and those of Richmond and Atlanta
by $3,200,000 and $2,800.000, respectively. Paper secured by United
States Government obligations declined by 626,800.000 to 6161,200,000.
Of this amount, 6120,200,000 was secured by Liberty and other United
States bonds. $34,200,000 by Treasury notes and $6,700,000 by certificates
of indebtedness.
Smaller holdings of acceptances purchased in open market are shown by
all Federal Reserve banks except New York and Richmond, which report
a total increase of $1,600,000. Of the remaining banks, Chicago shows a
decrease of 64,800.000. Cleveland a decrease of $2.900,000 and Dallas a
decrease of $2.800.000. Holdings of Government securities increased by
$27.400,000, of which $20,600,000 was in Treasury notes and 66,400,000
in certificates of indebtedness.
Federal Reserve note circulation declined by $14,800,000, the New York
Reserve Bank showing a decrease of 35,600.000, Chicago a decrease of
$3,600,000. Cleveland a decrease of $2,900,000 and Richmond a decrease
of $1.300.000. Gold reserves increased by $6,500,000 during the week.
the New York Bank showing an increase of $27,400,000 and San Francisco
and Chicago reductions of 616.300,000 and $7.100.000, respectively.
Reserves other than gold increased by $1,300,000, while non-reserve cash
declined by $1,800,000.
on subsequent pages, namely, pages 2164 and 2165. A
summary of changes in the principal assets and Jiabilities
of the Reserve banks during the week and the year ending
April 30 1924 follows:
Increase (+) or Decrease (-)
During
Week.
Year.
+$7.800,000 +$48.200,000
Total reserves
+6.500.000
+39.800,000
Gold reserves
-14,200,000 -317.200,000
Total earning assets
-25,700,000 -283,200.000
Bills discounted, total
Secured by U. S. Government obligations_ -26.800,000 -201,500,000
+1,100,000 -81,700,000
Other bills discounted
-15,900,000 -150,900.000
Bills bought in open market
+27,400,000 +116,900,000
U. S. Government securities, total
+400,000
Bonds
-8.700.000
+20,600,000 +101,800.000
Treasury notes
+6,400,000
Certificates of indebtedness
+23,800,000
-14,800,000 -311,500,000
Federal Reserve notes in circulation
+4,600.000
Total deposits
+21,500.000
+9.800,000
Members' reserve deposits
+50,300,000
+21.100,000 -16,600,000
Government deposits
+6,800.000 -12,200,000
Other deposits
The Week with the Member Banks of the Federal
Reserve System.
Aggregate reductions of $50,000,000 in net demand deposits and of $20,000,000 in Government deposits, together
with an increase of $14,000,000 in time deposits, are shown in
the Federal Reserve Board's weekly consolidated statement
of condition on April 23 of 755 member banks in loading
cities. It should be noted that the figures for these member
banks are always a week behind those for the Reserve banks
themselves. Loans secured by United States Government
obligations decreased by $6,000,000, loans on corporate
stocks and bonds increased by $16,000,000, and all other,
largely commercial, loans and discounts declined by $18,The statement in full, in comparison with the preceding 000,000. Holdings of United States bonds increased by
week and with the corresponding date last year, will be found $11,000,000 as against decreases of $8,000,000 each in United
•
MAY 3 1924.]
THE CHRONICLE
States Treasury notes and certificates of indebtedness. All
other bonds, stocks and securities increased by $8,000,000.
Member banks in New York City report a net increase of
$12,000,000 in loans and discounts. Loans on corporate
securities increased by $17,000,000, while decreases of
$3,000,000 in loans on Government securities, and of $2,000,000 in all other loans and discounts are noted. Investment holdings of these banks show an increase of $1,000,000,
an increase of $12,000,000 in United States bonds being
offset by reductions of 811,000,000 in United States Treasury
notes and $1,000,000 in certificates of indebtedness, while all
other bonds, stocks and securities increased by $1,000,000.
Further comment regarding the changes shown by these
member banks is as follows:
Net demand deposits of all reporting institutions decreased by $50,000.000, notwithstanding an increase of $42,000,000 shown for the reporting
banks in the New York district. A decrease of $25,000,000 is shown
for reporting banks in the Boston district, a decrease of $22,000,000 for
reporting banks in the San Francisco district, and of $14,000,000 for
reporting banks in the Chicago district, together with smaller decreases in
the other districts. Time deposits show an increase of $14000,000, of
which $9,000,000 is reported for the New York City banks. Government
deposits decreased by $20,000,000.
Reserve balances of reporting institutions decreased by 84.000.000 and
cash in vault increased by $10,000,000. Reporting banks in New York
City show increases of $6.000.000 and $1,000,000, respectively, in reserve
balances and cash in vault.
Borrowings of all reporting institutions from the Federal Reserve banks
decreased from $242,000,000 to $237,000,000. the increases in other districts
being more than offset by a decline of $21,000,000 for reporting banks in
New York City.
On a subsequent page—that is, on page 2165—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items as
compared with a week ago:
2121
Reparations Commission purposes to mobilize the opinions of all the
leading financers in allied countries on the question how Germany can
borrow 800.000,000 gold marks to help her make her first year's reparation
payment and balance her budget.
The commission will begin its work to-morrow with a conference with
J. P. Morgan, the New York banker. After learning the views of Mr.
Morgan, Louis Barthou, President of the commission, and Sir John Bradbury, Great Britain's representative, will interview M.Robineau, Governor
of the Bank of France. and Montagu Collet Norman, Governor of the Bank
of England. Swiss, Dutch and Scandinavian financiers also will be consulted.
Mr. Morgan is to be consulted only as a representative American financier
and not as a member of the firm of J.P.Morgan & Co. The Commissioners
will ask his opinion as to the prospects of subscriptions to a loan in the
United States and on what conditions a loan can be floated. They also
may invite him to suggets the name for "reparations dictator."
The first task of the commission will be to find out what conditions are
likely to be imposed in the different countries with regard to subscriptions
to an 800,000,000 mark loan to Germany. The idea of the commission is
that the subscriptions should be spread over as wide a territory as possible
so as to make it to the interests of the greatest number of countries that
Germany succeed in carrying out the plans of the experts.
On the same date copyright advices from Paris to the New
York "Times" stated:
On the suggestion of Colonel James A. Logan, American unofficial
member, the Reparations Commission to-day appointed Louis Barthou.
French member and President, and Sir John Bradbury. British member, a
committee to discuss with financiers of various countries, especially the
United States and England, ways and means of floating the 800,000,000
mark loan provided by the experts' plan. J. P. Morgan was in Paris tonight and M. Barthou and Sir John Bradbury were to ask his advice on
details respecting the loan, the necessary interest, guarantees, &c., as well
as the amount New York probably would take.
I am asked to say that this first contact with Mr. Morgan does not necessarily signify his banking house will handle the American end of the loan.
The purpose of the members of the Reparations Commission is to have the
benefit of Mr. Morgan's advice on the program which should be followed to
make American participation certain.
M. Barthou and Sir John Bradbury will confer with other American
bankers as well, it being understood they expect to get in touch with Kuhn,
Loeb & Co. However, the frequent mention of Dwight Morrow's name
and the interview with Mr. Morgan have given rise to numerous reports the
Morgan house will handle the German loan in New York.
During the experts' discussions it was generally said it was hoped the
United States would take half the $200,000,000 loan, London $75,000,000.
with Continental nations, France included, making up the remaining $25,000,000. This money is to be placed in the new bank the experts have
planned for Germany to be held at the Allies' orders for payments on deliveries in kind the first year of operation of the Dawes plan. However, these
deliveries would be paid for in the bank's paper issue, the gold produced by
the loan remaining in the bank to form, with the 400,000,000 marks capital
subscription, the bank's initial gold reserve of 1,200,000,000 marks, which
Is to back, on the basis of one to three, the first paper money isstie.
Increase (+) or Decrease (—)
During
During
Year.
Week.
Loans and discounts, total
—$8,000,000 +$215,000,000
Secured by U. S. Government obligations.. —6.000.000
—49,000,000
Secured by stocks and bonds
+89,000,000
+16,000,000
All other
—18,000,000 +175.000,000
Investments, total
+3,000,000
—81,000,000
U. S. bonds
+11,000,000
+10,000,000
U. S. Treasury notes
—8,000,000 —187,000,000
U. S. Certificates of indebtedness
—8,000,000
—52,000,000
Other bonds, stocks and securities
+8.000,000 +148,000,000
Reserve balances with Federal Reserve Banks —4,000,000
+70.000,000
Later Loans Also Considered.
Cash in vault
+10,000,000
+3.000,000
It is entirely probable M. Barthou and Sir John will seek Mr. Morgan's
Net demand deposits
—50,000,000 +133,000,000
Time deposits
+14,000.000 +276.000,000 opinion on the prospects for other and later loans provided in the Dawes
Government deposits
—61,000,000 scheme,as,for instance, the sale by Germany in the seocnd year of 500,000,—20,000,000
Total accommodation at Fed. Res. Banks_
—5,000,000 —165,000,000 000 marks in bonds of the German railways. But this conversation would
be merely general, since it is obvious the possibility of disposing of these
bonds depends on the record of operation of the experts' plan the first year.
On the 2nd inst. the New York "Commercial" printed the
J. P. Morgan in Conference with Allied Reparation
following from London, May 1:
Members on German keparations—Sails for
J. P. Morgan left for New York yesterday on the Homeric, satisfied that
United States.
the French Government will accept the Dawes report. According to the
J. P. Morgan, who has been abroad nearly two months, most reliable information here he gained this impression when he stopped
and who left London on April 30 on the steamer Homeric off in Paris last week.
Telegraph"•
on his return to the United States, conferred on April 25 J.The "Dailysaved Franceto-morrow is printing an article revealing that
P. Morgan
from complete collapse last month only when he
with Louis Barthou, Sir John Bradbury and the other heads received pledges from members of the then French Government that the
of the allied missions to the Allied Reparations Commission report of the experts would be accepted by France. Morgan's representative
during the course of an official dinner given in Paris in honor haveexacted similar guarantees from other leading Frenchmen who might
succeeded Poincare had his ministry fallen, it is said.
of the American financier. Col. James A. Logan, the Ameri- "When confronted with the collapse of the franc," says the "Daily Telecan unofficial observer on the commission, was also in at- graph," "Messrs. Dawes and Young became greatly alarmed that the
laborious work of
useless and immediately
tendance at the dinner. Regarding a further discussion of sounded the State the experts might be renderedto whether it would come
Department at Washington as
the subject between Mr. Morgan and members of the com- to the rescue of France.
"The American Administration declined to become involved in France's
mission, we quote the following copyright cablegram from
economic condition but subsequently undertook to raise no objection to
Paris to the New York "Times" April 26:
assistance being given by American bankers."
J. P. Morgan had a long conference with M. Barthou and Sir John
Bradbury at the headquarters of the Reparations Commission to-day and
this evening he dined with M. Robineau, director of the Bank of France,
and Finance Minister Morsel.
It is understood that Mr. Morgan discussed with the Reparations Commission delegates only the general principles of the 800.000,000 gold mark
loan for Germany and did not go into the details on which his advice is
sought.
It Is said that Mr. Morgan expressed the opinion that American investors
would be quite disposed to participate in the German loan to facilitate the
reparations settlement so far as the principle of the thing went, but that
they would insist first that the loan be part of a genuine reparations settlement, and, secondly, that it be amply secured. Generally, he thought the
Dawes plan had not got along far enough to discuss technical details of the
loan as, for instance, the rate of interest.
Norman Montagu. head of the Bank of England, will confer with M.
Barthou and Sir John Bradbury the first of the week, and Mr. Morgan
will be in London during the week. So it is hoped here that the commission
will be able to get more definite information on the loan's prospects in the
near future.
The general impression in Paris is that Mr. Morgan has let the Reparations Commission delegates feel that if all the allied Governments and the
German Government accept the Dawes scheme without radical changes
New York will take half the projected $200,000,000 loan. But Mr. Morgan
himself will say nothing.
It is recalled that Mr. Morgan headed the Bankers' Committee which
studied reparations in Paris in 1921, but which adjourned when the French
declined to agree to discussion of the reduction of the reparations total.
Offering of $40,000,000 Kingdom of Netherlands
(Holland) Bonds.
Kuhn, Loeb & Co. and the National City Co. of New York
offered on April 29 $40,000,000 Kingdom of The Netherlands (Holland) thirty-year 6% external sinking fund gold
bonds of 1924. The bonds were offered at 98M% and
accrued interest to date of delivery, to yield over 6.10% on
the investment if held to maturity.
Arrangements for the loan were concluded on April 28,
when a contract therefor was signed at the offices of Kuhn,
Loeb & Co., between Mortimer L. Schiff and Charles E.
Mitchell, representing Kuhn, Loeb & Co. and the National
City Co., respectively, and Dr. A. C. D. de Graeff, representing Holland. An interesting fact regarding the loan is
that it is the first to be floated in behalf of Holland in currency other than guilders and the first loan to be floated in '
a foreign market. Messrs. Schiff and Mitchell referred to
this in a statement given out on April 28 announcing the
purchase of the bonds. This statement said:
Associated Press advices from Paris, April 25, referring to
the proposed conference the succeeding day, stated:
This is the first loan issued by the Dutch Government payable in any
,
currency other than her own. Holland has been for centuries one of the
foremost financial and commercial powers, and one of the chief creditor
I
THE CHRONICLE
nations of the world. In international finance her accustomed role has
been that of lender rather than borrower. It is symptomatic of the greatly
enhanced financial prestige and power of the United States that the first
loan floated by Holland in a foreign market, in a foreign currency, should
belfloated in the United States and expressed as payable in United states
gold dollars. There is something of romance in the fact that the contract
for the first Dutch External Loan, payable in a foreign currency, should
have been signed in New York.the descendant city of the first Dutch colony
In the New World. and it is perhaps a sign of the times that Holland, whose
experience and ability in international finance is second to none, should
have chosen the dollar in preference to any and all other currencies.
This growth of the prestige and power of the United States was, of
course, greatly accelerated by the demand for American goods and services
during the war, and the consequent heavy favorable trade balances that
accrued to the United States and which have only been partially settled by
great importations of gold comprising the greatest flow that the world has
ever seen in a similar period.
It is practically self-evident that the volume of American exports can not
be Indefinitely maintained unless this country be willing to take payment
therefor either by increasing its commodity imports or copy the example
of such countries as Great Britain and Holland and Increase the annual
amount of capital loaned or invested abroad. Looked at from this standpoint. the present loan for the Kingdom of the Netherlands, one of the
finest of the neutral credits, may be regarded as the most desirable form
of increase in imports. Any foreign loan floated in this country, payable in
dollars. must inevitably increase to that extent the purchasing power of the
rest of the world from the United States, whether that purchasing power is
used by the original borrower or is transferred to others.
Loans of this character will do more than anything else to lengthen and
stabilize the economic prosperity of the United States, and in due time
possibly contribute toward a proper redistribution of the nunecessarily large
proportion of the world's gold supply now held in this country.
The bonds will become due April 1 1954. They will be
issued in coupon bearer form in denominations of $1,000 and
$500. Principal and interest will be payable at the offices
of Kuhn, Loeb & Co. and the National City Bank of New
York, fiscal agents of the loan, in United States gold coin
of the present standard of weight and fineness, free from all
taxes, present and future, levied by the Government of the
Kingdom of the Netherlands, and payable as well in time of
war as in time of peace, and whether the holder be a citizen
or resident of a friendly or hostile State. Interest will be
payable April 1 and Oct. 1. The offering circular says:
Its organization may be regarded as the first important step towards
Hungary's economic rehabilitation, which is to be worked out under the
guidance of the newly appoimed High Commissioner, Mr. Jeremiah Smith,
distinguished Boston Jurist and financial economist.
Payment of May 1 Coupons on City of Berne
(Switzerland) Bonds.
Speyer & Co. announce that coupons due May 1 on the
$6,000,000 City of Berne, Switzerland,'25-year 8% sinking
fund gold bonds, due Nov. 1 1945 (municipal external
loan of 1920), will be paid on presentation at their office.
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks under the February 1924 statement, with the return
for January 1924:
ASSETS.
Gold and subsidiary coin—
In Canada
Elsewhere
U. S. and other foreign currencies
Those bonds are a direct obligation of the Kingdom of the Netherlands
and are authorized by Act of Parliament approved Dec. 22 1922.
Holland has been for centuries one of the foremost financial and commercial powers of the world, and for generations one of the most important
markets for United States and other foreign securities. Her two principal
cities. Amsterdam and Rotterdam, to-day occupy a position of great international importance as banking and commercial centres.
The foreign trade of Holland—not including that of her colonies—
aggregated in 1923 f1•3,312,000,000, which is $175 per capita at the present
rate of exchange, as against $73 per capita for the United States. Like
Great Britain, Holland always was, and still Is, a creditor country, having
made very large investments in her colonies and throughout the world.
The total funded and the net unfunded debt of Holland at the close of
the year 1923 aggregated M3,173,000.000* (about $1,275,500.000). This
Is at the rate of about $182 per capita at par of exchange, compared with
approximately $785 per capita for Great Britain, Holland's credit position before the war is illustrated by the fact that her loans were then issued.
from time to time, at interest rates of approximately 3%% and 3%•
The monetary unit of Holland is the guilder (florin) with a value at par
of exchange of $.402 in the United States.
The Bank ofthe Netherlands(Holland's only bank of issue) as of March 31
1924 had a gold reserve against its circulation of about 56%
•
The proceeds of this loan will be applied toward the redemption of floating debt included in the total debt as stated above. The dolars realized
from this loan will be sold to the Netherlands Bank to be from time to time
made available for paymentsto be effected in the United States for purchases
.and other purposes.
Temporary bonds or interim receipts exchangeable for
definitive bonds when prepared may be delivered against
payment in New York funds. Application will be made in
due course to list the bonds on the New York Stock Exchange.
*This figure does not include Treasury bills, issued to finance certain
advances made by the Government to the Government of the Dutch East
Indies against which it holds the obligations of the latter.
Hungary on the Way to Financial Stabilization.
According to a cabled dispatch from Budapest to local
bankers, the Hungarian public is showing great interest
in the announced offering of shares of Hungarian National
Bank, Ltd., and it is confidently expected in governmental
and financial circles that the capital will be subscribed several
times. A statement in behalf of local bankers says:
It will be under the auspices of the League of Nations and will be capitalized at 30,000,000 gold crowns, or $6,000,000. The shares are in denomination of 100 gold crowns, or approximately $20. each, to allow of wide
public participation.
Feb. 29 1924. Jan. 31 1924.
,
$
44.612,601
44,894,972
11,206,053
13.018,263
25.645.314
29,634.142
Total
87,547,377
81.463.968
Dominion notes
155,254.971 169,987.738
Deposited with Minister of Finance for security of note circulation
6,119,119
6,119.119
Deposit of central gold reserves
55,052.533
44.852.533
Duefrom banks
74.184.684
81.896,657
Loans and discounts
1,350.664,535 1,358,674,736
Bonds and securities, &c
465,083.159 435,476.675
Call and short loans in Canada
111,467.549 107.113,769
Call and short loans elsewhere than in Canada 188,915,774 182,019,643
Other assets
160.926,557 165,910.877
Total
2,656,844.822 2,631,887,151
LIABILITIES.
Capital authorized
Capital subscribed
A sinking fund is provided beginning April 1 1925 to retire annually, *Capital paid up
during the first five years. one-thirtieth of the original principal amount of *Reserve fund
the loan by purchases of bonds, if obtainable, below par: The unapplied Circulation
balance of any installment shall revert to the Government. After 1929 Governnient deposits
the sinking fund shall retire annually by drawings at par one-twenty-fifth Demand deposits
Time deposits
of the aggregate principal amount of bonds outstanding on Jan. 1 1930.
Due to banks
On April 1 1929, or on any semi-annual interest date thereafter, the
Bills payable
Government may, at its option, call for redemption all the bonds of this
Other liabilities
Issue then outstanding, in whole but not in part (except as above provided
for the sinking fund), at par and accrued interest.
Total
Statements approved by Dr. L. A. Ries, Assistant Treasurer-General of the Kingdom of the Netherlands, state in
part:
[VOL. 118.
175.175.000 175.175,000
123,572,300 123,572.300
123,409.260 123,409.190
123.775,000 123,775,000
163,446.173 156,865,776
95,450,515
77,585,178
807.560,381 808,141,378
1.192,561.512 1,184,461.830
50,551,939
48.827,616
7,211,456
8.073,766
76.282.982
83,548,337
2,639,387,205 2.615,550.084
* Beginning Oct. 31 1923 capital paid up and reserve fund included in
total.
Natl.—Owing to the omission of the cents in the official reports, the
footings in the above do not exactly aTree with the total given.
British Labor Government Budget Duties Imposed
During War Abolished—The Reduction in Great
Britain's Debt.
Under the British Labor Government's first budget,
presented to the House of Commons on April 29, the duties
on imports imposed during the administration of Chancellor
McKenna will be abolished on Aug. 1. Philip Snowden,
Chancellor of the Exchequer, introduced the new budget in
the House. The Associated Press accounts from London
had the following to say regarding the reductions it would
effect:
The first budget ever prepared for the Government of Great Britain by a
Socialist appeals to every 'Britisher through his stomach as well as his
pocketbook. Abolition of these duties, it is stated, would remove in the
neighborhood of 33 1-3% of the duties on foreign films, motor cars, motor
cycles, clocks, watches and musical instruments, all of which the United
States exports heavily to England. The English motor manufacturers
have claimed that the removal of the McKenna duty would ruin the Industry here. The duty on teals cut in half, ton figure 3Yid. per pound less
than before the war. The duty on sugar that goes into the teacups and
elsewhere in the national diet is reduced more than one-half. from 25.1 to
1 y, pence per pound, the Chancellor pointing out that it is now being
taxed fourteen times as heavily as before the war.
The effect of these reductions in the cost of Great Britain's great indoor
pastime and rite—afternoon tea—will be inunediate. The dealers have
already announced that the price will drop to-morrow.
Coffee. cocoa and chicory also got off with half the duty heretofore imposed, and the duty on dried fruits will pass out of existence on Aug. 1
Loud complaints are going up to-night from British motor manufacturers,
who say that the country will be flooded with American cars, and the
British motor industry given a setback just when it was beginning to achieve
a relatively large production. Some of them are of the opinion that the
workers themselves will complain, since protection has secured for them
their jobs, and perhaps by complaining strong enough will have Mr. Snowden's proposal killed in committee.
Even with the duties on American films, the British motion picture industry has had a hard time of it, and with the taxes abolished next summer,the
way will not be made easier.
The Chancellor estimated the total cost of all the reductions in taxation
recommended this year at £34,030.000, and in the full fiscal year at S40.443,000. He therefore would be left with an estimated surplus of £4,024,000
on the current year.
Mr.Snowden said last year's surplus of £38,060,000 had gone to reduction
of the debt. Of this surplus E27.750,000 was due to reduced expenditure.
MAY 3 1924.]
THE CHRONICLE
2123
Regarding the expenditure,the Chancellor said the outlay for the national want France to be with us." The Associated Press accounts
debt services amounted to £347,250,000, of which £40,000,000 was for the report him as saying on April 28:
sinking fund.
The other day I spoke at York. Over part of my speech as reported in
The total dead weight of the debt on March 31 was £7,680,484,000, as
France there was some misunderstanding as to what I said.
£7,772,397,000 on the corresponding date of the preceding
compared with
Let there be no doubt about it, I regard these experts' reports as being
year, the Chancellor stated. The floating debt had been reduced during the
an opportunity for peace, for settlement, for agreement, which if not taken
year by £35,500,000. A year ago this debt was £810,000,000 and on March
by European statesmen will be one of the most Godsent opportunities ever
31 of this year 4774,500,000.
neglected and lost.
The total debt reduction, external and internal, since December 1918,
As far as I am concerned I am not going to lose a single chance of putting
had been over £650,000,000, Chancellor Snowden said.
these reports into operation if I can help it, and I want France to be with us.
"Our one real external debt is to the United States. £940,500,000 par. and
Some of our papers are talking about France being isolated. That is the
certain market loans in America amounting to about £45,000,000," he
very last thing I want. I do not want France to be isolated. I want to
explained.
stand side by side with France. I want M.Poincare to know that France,
He estimated the total expenditures for the year at £790,026,000.
so far as her security is concerned, has no better friend than this country.
An attack by the Conservatives on the Labor GovernIf we disagree as to the angle from which we look upon these things it is
am
sat
ment's budget was begun in the House of Commons on April not that we do not want security, that we do notJoined friendship. I the
together with
profoundly convinced that these experts' reports,
30. The Associated Press said:
experience of the last four years, ought to make both France and ourselves
In leading the Conservative attack, Sir Robert S. Horne, former Chan- see that.by our common fr endship and by that alone, working with Italy,
cellor of the Exchequer,said he saw no prospects at all of holding the British working with Belgium, working with the small nationalities and offering
Empire together if the Government was going to flout the resolutions passed Germany a real chance to fulfill its word, a real chance to make a pledge
at the imperial conference last autumn. Sir Robert Horne, in his speech to and keep it—in that way, in that friendly way, in that allied way, we can
the House, said that the Labor Government's abolition of the McKenna open anew the door to peace, happiness and international cooperation.
duties was going to have an ill effect on employment. The Government
That is my policy and that is the policy of my friends, and I will do our
was surely running the risk of throwing more men out into the streets. best to carry out, steadily and patiently, but without any humbug and
imperial preference, he wondered If Mr. Thomas realized what cheating at all—straight, honest, open diplomacy.
Referring to
Great Britain owed to the empire in the war of trade. He proceeded to
When we disagree, let us say that we disagree, and when we agree, unite
enumerate:
the agreement with the firm handclasp offriendship and fellowship. In that
Australia, with a population of 5,500.000, had bought more British- way our country will again take its proper place in the councils of the
made goods than America's 110,000,000, or Germany's 65,000,000, or world.
France's 40,000,000 population.
The Prime Minister also, in his Port Talbot speech, deBefore the war New Zealand, with 2,000,000 people, had outbought Russia's teeming millions in the British market. He ridiculed.
the idea that this clared that he was glad President Coolidge had referred to
was due to any merit of British goods over foreign goods, attributing it disarmament the other say; on this point the Prime Minister
largely to good will and preference.
be discussed the President
J. H. Thomas, Secretary of the Colonies, immediately protested against said "When disarmament comes to
the Conservatives regarding themselves as alone the guardians of the will find no stronger support in the world for it than from
empire.
us." Mr. MacDonald began his discussion of foreign affairs
"Stop talking," he remarked to the Conservatives,"as if the empire was
Europe on
the property of one section and realize that on the Government benches— with an expression of his hopes of helping to put
indeed, in all quarters of the House—you will find men ready to co-operate its feet and said:
with you in doing their very best for the empire."
If I can only do anything before I leave this office to remove some of
While Mr. Thomas was defending the budget the Liberals left their seats
the difficulties that have been in the way of a European settlement, if I
and held a party meeting. The meeting hailed Labor's budget as one after can do anything to bring my country and France into closer friendship, if I
their oivn hearts—"a liberal and free trade budget, vindicating us for turncan do anything to enable Central Europe to find its legs, not with hate
ing out the Conservatives," as Mr. Asquith described it. The speakers at
and revenge in its heart but with a new revelation of international cooperathe Liberal conclave indorsed the budget in general.
tion. then I shall have felt that I have done my day's work,and regard it as
a pretty satisfactory one at that.
Canadian
Automobile Manufacturers Affected
Termination of British War Duties.
By
Toronto press advices, April 29, said:
Canadian automobile manufacturers declared to-night that the termintion of the McKenna duties as announced in the British House of Commons to-day would be harmful to the industry in the Dominion and a
serious blow to the automobile export trade.
Cars manufactured in Canada now enter Great Britain at a preferential
rate of 22 2-9% as compared with 33 1-3% on American cars. With the
elimination of the McKenna, duties both Canadian and American cars will
be admitted free of duty.
Prime Minister Ramsay MacDonald of Great Britain
Says Dawes Report Should Be Taken As Whole—
Approves Disarmament Recommendation of
President Coolidge.
Indicating the attitude of British labor toward the experts'
report on reparations, Prime Minister Ramsay MacDonald,
of Great Britain, urged, on April 19, that it be taken as a
whole and put into operation at once; a copyright cablegram
to the New York "Times" from London on that date,
quoted him as saying: "Here is Europe's chance. Put it into
operation all at Once and all together. Then when that is
done, go on and finish the job and bring peace and security
to the Continent." The same paper said:
The Premier was addressing a Labor meeting at York, where he is the
guest of the Lord Mayor of that city, who is also a Labor man. He derided
the idea that his Government had no power and he pointed to the AngloRussian conference and the Singapore decision as evidence to the contrary.
In regard to the Dawes report particularly, the Government had the
whole country behind it, he said. The report should be taken as a whole.
There were things in it he did not like, and there were things in it he did
like, but if he began to raise this detail and that detail, France, Belgium
and Germany would do the same and they would be in exactly the same
position and they would be Just exactly where they started. Even if they
agreed in those circumstances, they would never get good will behind the
agreement. It was clear from the report that if they went on for another
two years carrying out a policy that had been carried out for two or three
years, there would be no hope of relief or hope of reparations, security or
peace.
Germany Needed in the League.
••••••./.4.0
of General Dawes and Other Americans Who
Assisted in Drawing Up Experts' Reports
on German Reparations.
Brigadier-General Charles G. Dawes, of Chicago; Owen D.
Young of New York, and Henry M.Robinson of Los Angeles,
the Americans who participated in the drafting of the experts' reports on German reparations, returned from Europe
on the steamer "Leviathan," reaching New York on Monday
last, April 28. The recommendations of the two committees,
headed by General Dawes and Reginald McKenna, were
referred to at length in these columns April 12, page 1729,
and further reference thereto appeared in our issue of
April 19, page 1849. Following their return to the United
States the three conferred with President Coolidge at Washington on April 30, General Dawes going from there the
same day to his home in Chicago, and Messrs. Young and
Robinson also departing from Washington for their homes.
In a joint statement issued by General Dawes and his
associates in New York on April 28, it is stated that "the
loan contemplated by the plan is, in our opinion, sound, and
will be amply secured. It should be, and we believe will be,
participated in by all important European countries. The
people of the United States will be asked, through private
bankers, to take their share." The statement also said
that "the prompt acceptance of the reports by the Reparations Commission and by the Allied Governments leads us
to hope that the time of substantial controversy is passed
and that of concerted action by the European Allies and
Germany is at hand." In full the statement follows:
Return
We have no comment to make on the plan; as written it must speak. Any
word of ours might excite controversy or be regarded as an interpretation.
The spirit of the plan and its broad outline must be its persuasive force.
The endeavor of both committees was to make their reports clear and keep
them free from technical language and discussion.
We welcome the opportunity to testify to the high purpose and great ability of our European colleagues on the committee. We feel it an honor to
have worked with them.
We have not received instructions from nor have we made reports to
That was all he cared about, the Prime Minister declared, and that was
We have not received suggestions from nor have we made
what he was going to work for. By letting Germany j0111 the League of Washington.
inquiries of bankers regarding the character of the plan. The Reparations
Nations, they could complete the organization upon which he would like to
Commission put at our disposal its vast Accumulation of material and the
found the future peace of Europe.
German Government did not fail to answer fully and frankly every question
He regarded the rise of extreme nationalism in Germany as a very great
put to it by the committees.
menace, dangerous to Europe and deplorable for Germany as well. The
The representatives of the Allied governments were also uninstructed and
policy of the Allies was largely responsible for this rise of German nationalthe responsibility of the plan rests wholly upon the members of the
ism. He urged that Germany's word be accepted and pointed out that the therefore
committees. In making it no member of the committees sacrificed any congreatest danger Germany offered to Europe now was not the danger of
viction of principle or of fact; but, on the other hand,the plan does represent
arms, but the danger of industrial deterioration.
the composite opinion of a group. After full discussion every member of the
Again, speaking at Port Talbot, Wales, on April 28, to the committees assented to the plan, not as a matter of compromise but because
electors who sent him to Parliament, Prime Minister Mac- of conviction.
Americans in some degree in
The plan contemplated the
Donald stated that he was "not going to lose a single chance its execution. This we believeparticipation of desirable. The Judgment
to be in every•way
of putting these reports into operation if I can help it, and I of America is welcomed by all countries in every critical decision because of
2124
THE CHRONICLE
[Vol. 118.
her impartiality. This has been true in most effective conferences since the plished. None of the Commissioners
would make any statement for
./ publication. General
armistice, and will continue to be in future ones.
Dawes said that all that could be told had already
been published.
Loan Contemplated By Plan.
When he was asked in regard to reports that he might be brought forward
The loan contemplated by the plan is, in our opinion, sound, and will be
amply secured. It should be and we believe will be participated in by all for nomination as the Republican candidate for Vice-President of the
important European countries. The people of the United States will be United States, General Dawes was silent.
From the Washington account in the New York "Journal
asked, through private bankers, to take their share. The detailed purpose
for which the loan is to be used is relatively uninportant. It is enough to of
Commerce" we quote the following:
know that it will be effective to start the plan in motion to secure economic
A loan of $200,000,000 to Germany will be all the immediate financial
tranquility in Europe; to restore their buying power; to return the thoughts
assistance required of American capital under the proposed reparations
and energies of their people to production and finally to be a step in the
settlement, Owen D. Young declared to-day at the White House after a
substitution of peace and good will for war and prejudice. We believe that
conference of the American experts with President Coolidge. He predicted
American bankers and investors will subscribe to the loan.
that it would be years before the Allied governments would seek to market
The plan means much to the Allies; it means more to Germany in her
the reparations bonds.
present economic condition. It asks her to assume a burden of taxation
Young's Views Welcomed,
commensurate with but not greater than that of the other countries of
Mr. Young's views of the extent to which American financial aid
Europe. It does not require impairment of her standard of living. We
is to
be expected in the furtherance of the proposed reparations program were
have assumed the good faith of Germany in the acceptance and execution
received with considerable satisfaction here as in some quarters there have
of a plan which she is able to fulfill. Every step taken by Germany thus
arisen doubts as to the extent to which the investing public could be relied
far indicates that our assumption is well founded.
The prompt acceptance of the reports by the Reparations Commission upon to absorb reparations issues. Mr. Young believes that the flotation
of a $200,000,000 loan will be an easy task and indicated that the American
and by the Allied governments leads us to hope that the time of substantial
controversy is passed and that of concerted action by the European Allies experts did not feel called upon to undertake any financial missionary work
in this country in support of a German loan.
and Germany is at hand.
While there is
According to the New York "Times" Mr. Young declined some of the othera disposition in some quarters to believe that Prance and
Allies may desire to realize
to answer any questions that might be construed as leading of the reparations bonds, it is felt that Mr.at once on the principal of some
Young's prediction that it will
to an interpretation of the Dawes report, and would not be years before any actual attempt is made to market those bonds is based
on knowledge of the familiarity of the Allies with probable difficulties in
allow himself to be quoted except on corollary matters. It the way of promptly unloading
these securities.
continu:d:
Advances of American funds to aid in the capitalization of
the suggested
Asked how soon the report could be put into operation, Mr.Young said:
gold bank in Germany are regarded as foregone conclusions. But the
"This will depend upon two things. First, how quickly the Reichstag marketability of the railroad and the industrial bonds at the outset have
passas the necessary enabling legislation: second how promptly the appoint- been very strongly questioned and Mr. Young's belief that these latter
ing power, the Reparation Commission or whatever body it may be, nomin- issues will not be put on the market for a long time is accepted as an enates the personnel. The principal factor is the attitude of the newly elected couraging sign of a disposition on the part of the Allies to carry out the spirit
Reichstag. The report of course is a big issue in the German election of the experts' report.
campaign now on."
Reparations Bonds.
Mr. Young said that he did not know anything about the reported plan
Under the Dawes plan the German railroads would be bonded for some
to name an American as a "reparations czar," but added:
11,000,000,000 gold marks and German Industries for about 5,000,000,000
"It is undoubtedly true that the disinterestedness of America provides in gold
marks. These securities would be turned over to the Allies on repasome degree for such impartiality as cannot be readily obtained from the
rations account and after a few years would yield about 6%. As offering
interested countries."
attractive Investments to the American public, however, these proposed
Mr. Young thought that the right share of the German loan for Americans
railroad and insustrial bonds have been open to question because of their
to take was 50%—the figure attributed to Mr. Morgan in dispatches from
terms in competition with domestic security and also because of the uncerabroad. He also thought that England should take 37M %,and that the
tainty which would surround the properties to some extent.
rest of the loan should go to the Continent:
These bonds would bear interest at 5% with
1% amortization, which
Regarding security for American investors, Mr. Young said that the plan it
is felt would compare rather unfavorably with American
security, espeof the Dawes committee provided that the loan "may be" a first claim on
cially in the light of the fact that the investment would be made
abroad.
all German resources underlying all reparations—"that is, a first charge
Prance and other Allies, it was thought, would have difficulty in passing
on the bank account of Germany." Ile said that the plan did not provide
these bonds along to investors in this country because of
the possibility of
that this must be the case, as the kind of security to be pledged was a
the revenues from these issues being subject to interruption in the
event
mattes for negotiation between the Gerinan Government and the bankers.
of any future occupation activities.
Mr. Young said that if Europe did not accept the Dawes plan, it was
But if the Allies intend to hold these bonds and be content with the
hard to tell what alternative she should have.
installments of interest, provided it is believed that the reparations program
Should Be Effective Quickly.
has an excellent chance of getting at least several years trial. If the
Allied
"Obviously," he went on,"if the plan is to be effective itimust be effective Governments are the holders of the railroad and industrial bonds it is conquickly, because economic conditions change so rapidly you can't possibly tended they would undoubtedly look with great disfavor on any activities
lay out a program in those rapidly shifting times over there that is fit for in the Ruhr or by-way for forced reparations collections which would
interfere with the regular payments on interest on the bonds.
application a very long distance off.
"For example, suppose that the rentenmark should break and Germany
At the time of his departure from Southampton, Eng., on
should go into economic chaos. It would be difficult to deal then with a
plan like this, which is based upon the assumption that the rentenmark will April 22, General Dawes was reported in Associated Press
hold until the new currency, guaranteed by the loan, supports it. And the cablegrams:
rentenmark will most certainly collapse unless the plan is adopted.
I have done all my talking in the experts' report, which speaks for itself,
'"If the plan is successful," he added. "It will show how much will be and I don't intend to go into competition with it. Nothing I could say
available from that source to pay inter-Allied debts."
would make it clearer. It is a document prepared by men who recognized
Some one asked if this would not take several years.
that the obligation to make it understandable to average men was as bind"Not necessarily," he replied.' "I think you are going to get a demon- ing upon them as to have it clear to themselves.
stration very quickly, if Germany can be restored. and I think she can, of
This sense of obligation has not always characterized those who have
how much she can pay and how much can be transferred to pay off the inter- drawn up documents of similar importance, and I attribute the widespread
allied debts."
support it is receiving as much to its clearness as to its common sense.
Mr. Young was asked to reply to German criticisms of the Dawes report,
Advices to the effect that General Charles G. Dawes
chiefly on the ground of its omission of the total amount Germany must pay.
"This committee had no right to deal with the total sum," ho said. refused to permit bands to meet him with his arrival in
"The report says in effect that in order to balance Germany's budget you Chicago on May 1, or allow any demonstration
in his honor,
must know what the annual charge against Germany is to be, but you don't
was indicated in press dispatches from Chicago on the 1st
have to know how many years that charge is to run. The only question
put up to us was the balancing of the budget, and all we've tried to state inst., which said:
There was to have been a big demonstration and reception in Evanston.
is the maximum annual payment Germany is to make.
"I've been asked time and again why Germany should accept any plan but General Dawes got wind of it and headed it off. Previously he had
declined to be dined by the Illinois Manufacturers' Association.
when she didn't know the total amount of her debt. But as far as the
"Nothing in that, nothing in that, so far as lam concerned," his comment
average individual German is concerned, he probably doesn't know and
doesn't care to know what the debt of his country is. What he does want on the Vice-Presidential gossip, was the longest sentence he uttered.
to know is what his taxes will be. I don't know what the total debt of
the United States is, but I know what taxes I have to pay. I think it's
the same with the average citizen of every country."
Views on Dawes Plan of Colonel Ayres, Who Was
Asked to discuss the question of how Germany was to dispose of her goods
Associated with Experts' Committee,
in world markets in order to create enough surplus of exports Over imports
to pay reparations under the Dawes plan, Mr. Young said:
Colonel Leonard P. Ayres, Vice-President of the Cleve"Nobody knows what the German exports will be and who will take them.
If this plan has any advantages over previous plans, it is that for five years land Trust Co., of Cleveland, Ohio, who served as technical
people have been speculating as to what Germany could export and trying adviser to the American members of the Dawes committee
to fix figures In accordance with their speculations, while this plan sets up
of experts, returned on the Cunard line steamer "Berena machinery to make Germany pay as much taxes as any other country,
and to transfer this money to such of the Allies as are willing to take her garia" on April '19. Colonel Ayres had sailed from New
goods.
York on Jan. 12. At the meeting of the Chamber of Com"Let Germany go ahead and develop her business and give her a show, merce
of the United States in Cleveland next week, Colonel
and then take what she can pay. If she becomes prosperous her reparations
payments should be heavy. If the other countries refuse to take her goods, Ayres is to open the discussion on the experts' reports. As
she cannot be expected to pay reparations."
to what he had to
return from abroad,
say with his
we quote
With their visit to Washington on April 30, Messrs. the following from the New York "Evening Post" of April 19:
Dawes, Young and Robinson had interviews with Secretary
Flexible Plan Needed.
"The new plan is a great advance over anything previously done," he
of State Hughes and Secretary of the Treasury Mellon, in
It
addition to President Coolidge. The following is taken from said, "andtoomight briefly be characterized as a good plan, but the figures
are really
large.
the Washington dispatch to the New York "Times":
"I would say that the contemplated payments are too great and that the
They spent an hour with the President, during which they sketched in
an informal way the more important features of their work in connection
with the proposed reparations settlement. Their narrative included an
account of conditions in Germany.
President Coolidge showed a deep interest in what he was told and was
extremely cordial in expressing his appreciation of what had been accom-
plan will break down if it is not amended."
"Do you think that the payments should be cut down
"It is not so much the size of the cut nor any reduction in the payments,
but rather that the plan at present is inflexible. Under the present arrangement, if Germany is unable to meet her payment she is considered in default, which would create probably another economic disturbance.
lifAir 31924.]
THE CHRONICLE
2125
"I believe the plan should be made flexible with a sliding scale and a
commission to determine if Germany really is unable to pay. If so, a reduction could be made allowing her to meet the payment at that particular
time.
"To state any figure that Germany is able to pay at the present time is
rather difficult because one must be thoroughly acquainted with conditions
throughout the country and other involved factors.
"My impression of the social conditions of Germany is that there is widespread hardship rather than general suffering."
Colonel Ayres was in the employ of the Dawes committee as an expert
accountant and looked over the books of banks throughout Germany to
establish the sales of marks and mark credits abroad.
position to ascertain whether the German Government has for its part
taken the necessary measures to carry out the Commission's decision.
It is evident that this decision cannot be taken until the Commission
has approved the drafts of the laws and decrees which it has requested the
German Government to submit to it with a view to insuring execution of
the plan. But it is also evident that only after this decision will the allied
Governments be in the position to arrive at "conclusions coming within
their jurisdiction in order that the plans proposed may be brought into full
operation without delay." In the cirdcumstances, the German Government and the allied Governments cannot in fact be placed on the same
footing.
The Reparation Commission, acting in virtue of its powers under the
peace treaty, can take into account the observations made to it by the
American Mark Buying.
German Government, which is entitled to a just opportunity to be heard,
"As for the sales of marks and mark credits during the last five years,' and must then give its decision
with all the atuhority which the treaty conhe said,"I found my survey to be interesting and perhaps significant.
fers upon it.
"The greatest purchasers in any foreign country were in the United
The experts have, moreover, stated that in their opinion the economic
States. This could not be attributed to a conspiracy, however, but,rather to and financial unity of the Reich should be restored as soon as the plan
an insatiable demand in America, our countrymen believing that Germany recommended is put into execution. Since the Commission has decided
would come back to normalcy.
to accept the experts' conclusions as a whole, the French Government
"American speculators purchased $770.000,000 in marks from the time ventures to assume that on this
point of capiatl importance it does not
when it was at top value to about six months ago, when it reached bottom." intend to modify these
conclusions.
Asked if he would call America the "sucker nation," his only reply was a
The Governments will have to consider together under what conditions
laugh.
the guarantees at present held by France and Belgium shall be merged
"Throughout the world," he continued, "I estimated that there were into or exchanged for those
which will be handed over as an undivided whole
about $2,000,000,000 spent for marks. As far as I could learn, the number to all the Allies. These operations
cannot, however, take place until
foreign purchasers traceable through German banks amounted to one Germany has effectively put the
of
plan into execution. It is for the Governmillion. Approximately 200,000 of these were in the United States.
ments to determine by common agreement the guarantees which these
"The only other flaw I found in the plan was that it does not call for a gold operations may render necessary.
basis bank at the outset. Under the Dawes plan the bank will operate with
It is, moreover, understood that in the course of the conversations to
paper currency, the other countries of Europe being Jealous of the gold be entered into the French
Government, which appreciates the experts'
standard. It will be hard to raise an American loan unless a German fi- work as do the other allied
Governments, will in a spirit of conciliation and
nance is founded on the gold standard.
mutual understanding make every necessary effort compatible with the
"There are two things that I would suggest American bankers should vital interests of France to
facilitate prompt execution of the definite
Insist upon in the Dawes plan:
decision to be communicated to it by the Commission.
"(1) That the plan be made more flexible.
POINCARE.
"(2) That the newly established bank start at once on a gold basis."
Reply of the British Government.
Following is the British reply:
Replies of Great Britain, France, Belgium and Italy
"His Majesty's Government note with satisfaction that the Reparation
Commission has unanimously approved the conclusions of the committees
to Allied Reparations Commission's Recommendaof experts and are taking the necessary steps to give effect to these in regard
tions for Acceptance of Reparations Reports.
to the matters within the jurisdiction of the Commission.
Replies of the Allied Governments—Great Britain, France, "His Majesty's Government for their part accept and will do everything
power to give
to the recommendation of the ComBelgium and Italy—to the Allied Reparations Commission's in their that the Alliedpractical effectshould likewise adopt the conclusions
mission
Governments
request of April 17, recommending the early adoption of the of the committees in regard to the matters falling within the jurisdiction of
experts' reports on German reparations, were made public at those Governments.
"The recommendations of the experts do not
Paris on April 26. Premier Poincare, in his reply, states tion of the total of the German reparation debtappear to involve any reducand necessary modifications
that the Governments will not "be able to take useful action of the schedule of payments of May 1921 appear to be within the competence
the unanimous decision of the Reparation Commissino and not to reuntil they have exact information as to the practical effect of
quire the specific authority
several Governments represented on
which the Reparations Commission gives' to the experts' the Commission under Articleof the the Treaty of Versailles.
234 of
proposals," and he adds the French Government "will in a
"If, however, there is any doubt on this point, His Majesty's Governspirit of conciliation and mutual understanding make every ment are prepared to grant such specific authority,
necessary effort compatible with the vital interests of
France, to facilitate prompt execution of the definite decision to be communicated to it by the commission." The
British Government indicates in its reply that it will accept
and do everything in its power "to give practical effect to the
recommendation of the commission." The Belgian Government likewise states that "it is prepared to accept the experts' conclusions as a whole with the view of a practical and
equitable settlement of the reparations problem," and the
Italian Government says that it is "willing immediately to
adopt the experts' reports in their entirety, as well as the
principles underlying them, being convinced that these conclusions and principles can constitute a fair basis for the
settlement of the question of the reparations." The text of
the replies, as given in 'a copyright cablegram to the New
York "Times" from Paris April 26, follows:
Other Matters for Governments.
"The only other matters arising on the experts'recommendations which
appear to be within the jurisdiction of the Allied Governments are:
"'(a) Restoration of the economic and fiscal authority of the German
Government over the whole of the German territories.
"'(b) The steps necessary to give binding effect to new guarantees and
controls so far as these may not be clearly covered by the existing provisions of the Treaty of Versailles.
"
'(c) The inclusion of all the financial liabilities of Germany under the
peace treaty in a single annuity.'
"On the first point His Majesty's Government are prepared to give their
full support to the experts' recommendation to take, in consultation with
the other Governments concerned, whatever steps may be necessarV to
effect date.
"As regards the second, agreement of the German Government having
already been obtained, all that remains to be done is give formal effect to
it: His Majesty's Government will be prepared to proceed by whatever
may be found the most convenient and effectual method of achieving this
object.
On the third point his Majesty's Government accept the experts' recommendation and are prepared for their part to ask the Reparation Commission
to propose a scheme to put this provision into execution.
Texts of the Allied Replies.
"Should any other of the recommendations of the experts be held by the
The texts of the Allies replies to the Reparation Commission follow:
Reparation Commission to require endorsement by or action on the part of
M. Poincare writes:
the Allied Governments his Majesty's Government will, for their part, be
"I have studied the experts' reports with the greatest interest. They
prepared to take whatever steps may be necessary to give effect to them.
fulfill exactly the tasks assigned them by the Commission, on the one
"In the absence of the Secretary of State.
(Signed) W.TYRRELL.
hand to ascertain the measures necessary to secure the balancing of the
German budget and stabilization of currency, and on the other to ascertain
Belgian Government's Reply.
means of estimating capital exported abroad and causing its return to
The Belgian reply reads:
Germany.
"The Belgian Government has examined the experts' reports with the
"These documents were to enable the Reparation Commission to con- greatest interest.
sider, in conformity with the provisions of Article 234 of the Treaty of
"The indisputable competence of the members of the two committees.
Versailles, the resources and capacity of Germany.
their objective aims and the co-operation of America have given their
"The experts' reports form an extremely interesting and complete unanimous conclusions a high moral importance which the Belgian Governwhole and I can only congratulate myself on having taken the initiative ment is pleased to recognize.
In requesting the French delegate on the Reparation Commission to pro"It has the honor to inform the Reparation Commission that it is prepose convocation of the experts. I am glad to take this opportunity of pared to accept the experts' conclusion as a whole with the view to a practical
paying tribute to the great competence which they have shown, their and equitable settlement of the reparation problem.
impartiality and appreciation of the actual facts.
"It hopes therteparationiCommissionlwill give careful consideration to
"In possession of such detailed and valuable information, the Com- the drafts of the laws and decressiwhich it has,asked the German Governto pronounce judgment, and the Govern- ment to submit to it and whichlareinecessary for complete execution of the
mission is now in the position
ments have a right to expect from it a definite decision which will embody experts' plan.
t
litr41 ,•ste'l
41101
the conclusions contained in the experts' reports, will support them with
"The Belgian Government further hopes the Reparation Commission will
argument, will give them practical form—since in most cases they are lose no time preparing measures the details of which are entrusted to it by
drafted, as is only proper in the case of reports from advisers, in the form the report, so that when this work has been carried out the plan recomof mere indications—and will complete them on certain points which the mended may be brought into prompt operation by common agreement
experts have left the Commission itself to deal with or on which they among the Allied Governments. The Belgian Government is placing itself
have not expressed any opinion.
immediately in touch with these Governments.
"It is only when the Reparation Commission has completed this work
(Signed) HYMANS THEUNIS."
matters which come within its comand has thus clearly defined all the
Italian Government's Note.
petence under the Treaty and those which are not within its jurisdiction
that it will be in the position to communicate the latter to the GovernThe Italian reply is appended:
Manta concerned.
"The Italian Government has the honor to acknowledge receipt of the
Must Have Definite Information.
letters of the Reparation Commission under date of April 17 communicating
Governments will not, in fact, be able to take useful action until the reports of the two committees of experts, together with copies of the
they have exact information as to the practical effect which the Reparation letters exchanged between the Commission and the German Government
Commission gives to the experts' proposals. They must also be in the and the text of the decision adopted by the Commission on the same date.
pr"The
2126
THE CHRONICLE
"The Italian Government
-has taken the greatest interest in examining
these two reports, which on account of the competence of the experts and
the unanimity with which they adopted their conclusions must be considered
documents of the greatest value.
"Since the Royal Government considers the contents of the two reports
as an indivisible whole,it notes with satisfaction that the Reparation Commission adopted them in their entirety and is sure the Commission will
be able to pursue its work rapidly.
'The Italian Government for its part is willing immediately to adopt the
experts' reports in their entirety, as well as the principles underlying them.
being convinced that these conclusions and principles can constitute a fair
basis for settlement of the question of the reparations and connected questions in accordance with the line of action always followed by the Royal
Government.
"The Royal Government considers, moreover, that the conclusions unanimously adopted by the experts and approved by the Reparation Commission will facilitate the solution of the general problem by a settlement of
the questions among the Allied Governments which are within their jurisdiction and which were not within the competence of the committee of
experts.
(Signed> MUSSOLINI.
On April 17 the following statement was issued at Washington by the Italian Embassy indicating the readiness of
the Italian Government to accept "in its integral form the
work of the experts":
The Italian Government has examined with the deepest interest the
report of the reparations experts, not only in the parts containing definite
proposals and suggestions, but also in those setting forth the general principles on which the report is based and that justify its conclusions.
In conformity with the statement made by the experts, the Italian
Government considers that the subject of the reports with all its principles
and proposals must be accepted as an indivisible whole; and it is gratified to
see that all the points et the report have been unanimously approved by the
experts.
The Italian Government has constantly stood on the principle that a
general settlement could only be reached by an agreement of all the Governments interested in the question of reparation and that this should be forth
coming from a preparatory study carried out and unanimously approved by
a committee of experts.
Therefore the Government of Italy is ready to accept in its integral form
the work of the experts and the principle inspiring it. considering them as the
basis for the solution of the reparations problem and of the questions which
are connected with it.
The communique issued April 17 by the Reparations Commission recommending the acceptance of the experts' reports
by the Allied Governments and Germany was given in our
issue of April 19, page 1849. This week interallied conversations have been in progress at Paris between Premiers
Theunis of Belgium and Poincare of France, and at London
between Belgian officials and Prime Minister MacDonald on
the reparations issue. ,
Appointees Named Under Dawes Plan—Allies Select
the Members of Organizing Committees on Railroads' Bank and Bonds.
The following copyright advices from Paris April 30
appeared in the New York "Times" of May 1:
Another step was taken to-day by the Reparation Commission in preparing
the Dawes plan for operation when its political aspects shall have been
settled. This was the selection of its representatives on the organizing
committees provided for in the report to draw up the final working plans
for the bank, railroads and industrial bonds. The German Government
on Monday nominated its representatives on these committees.
As has been expected from the first, Sir William Acworth, England, and
M. Leverve, France, were asked to serve on the Railroad Committee.
These two, working under the Dawes Committee, were responsible for that
portion of the report dealing with the railroads.
Sir Robert Rindersley, President of Lazard Brothers, a director of the
Bank of England and Governor of the Hudson Bay Co. and the principal
British representative on the Dawes committee, was selected to serve on
the Bank Committee. His acceptance caused some surprise, as it is known
that he wished to avoid the position because of ill health.
For the Industrial Bonds Committee Alfred Descamps, the Frensh
banker who assisted the experts, and Alberto Porelll of Italy, members of
the Dawes body, were chosen.
The next step is for the Railroad and Industrial bond committees to select
a fifth member, belonging to a neutral nation, to serve with them. Should
there be a deadlock this member will be selected by the Reparation Commission.
These committees are of a purely temporary character and their functions
are to round out the suggestions of the experts into a workable plan. When
this work has been completed they will cease to exist and permanent commissioners will take over the direction of the enterprises.
Offering of Bonds of Liberty Central Joint Stock
Land Bank of St. Louis.
At 101 and interest, to yield 4.87% to the redeemable date
and 5% thereafter, Blair & Co., Inc., and the Liberty Central
Trust Co. of St. Louis offered on April 28 $1,600,000 5%
bonds of the Liberty Central Joint Stock Land Bank of St.
Louis. The bonds are dated April 1 1924, become due April
1 1964, and are redeemable at par and interest on April 1
1934, or any interest date thereafter. The bonds, coupon,
in denomination of $1,000, and fully registerable, are interchangeable. Principal and semi-annual interest (April 1
and Oct. 1) are payable at the Liberty Central Joint Stock
Land Bank of St. Louis or coupons may be presented for
collection at the office of Blair & Co., New York, or Liberty
Central Trust Co., St. Louis. The bonds, issued under the
Federal Farm Loan Act, are exempt from all Federal, State,
municipal and local taxation, excepting inheritance taxes,
[VOL. 118.
and are legal investments for all fidaciary and trust funds
under the jurisdiction of the Federal Government. C. C.
Lockett, Treasurer of the Liberty Central Joint Stock Land
Bank, in a letter to the offering houses, says in part:
This bank was chartered by the Federal Farm Loan Board on April 14
1922. Its capital stock, which carries a double liability for the protection
of the bondholder, is owned in its entirety by the Liberty Central Trust Co.
It has a paid-in surplus equal to 10% of its capital stock. It is required
by law to set aside 25% of its net earnings yearly until the reserve so established is equal to 20% of its capital stock and thereafter continuously to
set aside 5% of its net profits. . . .
The bank's operations are confined exclusively to the States of Missouri
and Illinolsovhich have long borne high rank in the value and productivity
of their farm lands. The average appraised value of the farm lands upon
which loans have been made by this bank is $74 85 per acre. The average
loan per acre is $30 30, making the percentage of loan to the conservative
appraised value 40.48%. The average size of our loans is about $6,700.
As of March 31 1924 net loans of the bank amounted to $3,187,568 upon
farm lands having an aggregate appraised value of $7,874,322.
All of the operations of Joint Stock Land Banks are, as you know, supervised by the United States Government, by whom bath the bonds and
mortgages securing the same must be approved.
The bank is under the management of men who for years have been
engaged in the making of farm loans in this territory. Each loan is ears
fully analyzed and scrutinized, not only by the entire Executive Committee
of the Liberty Central Joint Stock Land Bank, but likewise by the entire
Officers' Committee of the Liberty Central Trust Co., before final approval.
Governors of New York Stock Exchange Record
Appreciation of Work of Retiring President
Seymour L. Cromwell.
At a meeting of the Governing Committee of the New
York Stock Exchange on April 30 the following resolution
commending the work of President Seymour L. Cromwell,
who will retire at the annual meeting May 12, was unanimously adopted:
Mr. Seymour L. Cromwell in retiring as President of the Exchange,
after his third consecutive year of service, brings to a close an administration
which has sustained the welfare and prosperity of the Exchange under
circumstances which have called for unusual patience, discretion and
high courage, and involved duties and responsibilities greatly in excess of
those arising in more normal times.
Mr. Cromwell has not only been called upon to exercise the talent and
ability for which he.is distinguished, in the services of the Exchange, but,
in order to fulfill his onerous duties, he has been obliged to sacrifice his
private interests in the conduct of his own business to an extent hitherto
almost unparalleled.
, In carrying forward the important work of presenting the real character
and functions of the Exchange to the public his services have been unique
and of inestimable value. Be it therefore
Resolved, That the Governing Committee of the New York Stock Exchange do hereby record their profound appreciation of what Mr. Cromwell
has done for the Exchange of which he has been so brilliant a chief executive,
and do above all register their admiration of the generous and conscientious
self-sacrifice that has characterized his devotion to his duties. Belt further
Resolved, That this resolution be spread upon the minutes of this meeting,
and that an engrossed copy thereof be presented to Mr. Cromwell.
Liverpool Cotton Exchange to Close on Saturdays.
The Liverpool Cotton Exchange will be closed Saturdays
during June, July and August, and on Fridays from June 6
to Aug. 29, the Exchange will remain open for trading until
4.30 p. m.
Death of H. M. Byllesby of Chicago.
Henry Malison Byllesby, head of the well-known Chicago
bond and engineering firm of H. M. Byllesby & Co. and
nationally known promoter of public utilities, died suddenly
in Chicago, on May 1, while in the office of his dentist.
Death was due to heart disease, from which he had suffered
for many years. In addition to being President of H. M.
Byllesby & Co., Mr. Byllesby was an officer and director in
a number of public utilities companies all over the United
States, principally gas and electrical companies. He served
during the War, despite his age of 60 years, as general purchasing agent for the A. E. F. In this capacity he was
stationed at London. When he was discharged in 1918 he
was awarded the Distinguished Service Order by the British
Government, and later he received the American Distinguished Service Medal. He was a member of the American
Society of Civil Engineers, the American Society of Mechanical Engineers and the Union League and University Clubs of
Chicago. At one time Mr. Byllesby was a co-experimenter
in electricity with Thomas A. Edison.
Zimmermann & Forshay Resume Business.
Leopold Zimmermann,former head of the long established
firm of Zimmermann & Forshay, which in June of last year
was placed in the hands of a receiver by reason of its involvement in the financial difficulties of Europe, resumed business
on Wednesday, of this week, April 30, under the firm name
of Zimmermann & Forshay at the same address as the former
firm-170 Broadway. The new organization will specialize
in foreign moneys, gold and silver bullion, United States
Government bonds and other investment securities, both
MAY 3 1924.]
THE CHRONICLE
domeitic and foreign. Mr. Zimmermann, who founded the
old firm in 1872, will continue as active head of the new
organization. On Monday, April 28, Judge Knox, of the
Federal Court, signed the composition plan whereby the
creditors of the old firm of Zimmermann & Forshay are to
receive 40% of their claims. With regard to the resumption
of business by Mr. Zimmermann, the "Herald-Tribune," in
its issue of April 30 said, in part:
Starting off at the age of seventy-one, with a handicap of approximately
$3,000,000 comprising a self-imposed obligation which is in no sense a legal
claim, Leopold Zimmermann will reopen the doors of Zimmermann & Forshay for business this morning. Ten months and nine days ago the firm
Zimmermann & Fershay went into receivership. Day before yesterday e
court approved a composition by which creditors will receive 40% of their
claims. Once this payment is made by the receiver the slate will have been
wiped clean.
Mr. Zimmermann declared yesterday that he will not consider the debts
of the old firm to have been eradicated until he has paid every last dollar,
regardless of the forthcoming discharge from bankruptcy.
"I am seventy-one years old," he said yesterday, "but if God grants me
strength ts go ahead, every friend, every associate, and every customer of
the firm of Zimmermann & Forshay will be repaid in full."
The new business is starting in a small way. Where there were close to
100 employees at the time of the failure, it will begin to-day with but fifteen.
The diversification will not be as great at the start as it was before, and
transactions will be confined to foreign exchange, bullion and specie, and
investment securities. Mr. Zimmermann sold his Stock Exchange seat
two weeks ago and will not again become a member of the institution, at
least for the present.
Judge Knox also, on April 28, handed down a decision
in which between $700,000 and $750,000, it is said, is involved, in favor of the receiver of Zimmermann & Forshay
against the Alien Property Custodian, the United States
Treasurer, Wiener Bankverin of Vienna and the Deutsche
Bank of Berlin, according to the "Wall Street Journal" of
April 28. The receiver had asked, as a basis of settlement, the
dollar value as of the date of the entry of this country into
the war. Judge Knox, in his decision, said demands should
have been made earlier, and took the exchange value as of
August 1919, when the first demand was made on the foreign
banks. The amount asked approximated $1,200,000, it was
said. Our last reference to the affairs of Zimmermann &
Forshy was in the "Chronicle" of April 26, p. 1985.
Newly
Firm of Rees, Scully 8c Forshay, Inc.
Opens for Business.
Louis J. Rees, John S. Scully and David Forshay, all
former partners in the old firm of Zimmermann & Forshay of
this city, have organized a new firm under the title of Rees,
Scully & Forshay, Inc. and opened for business on Thursday
of this week, May 1, at 111 Broadway. The new firm will
deal in bullion, specie, foreign moneys and investment securities. Mr. Rees was associated with the firm of Zimmermann & Forshay for 47 years, while Mr. Scully was with the
firm for 35 years and Mr. Forshay is said to have spent 23
years with the firm.
Organized
International Cotton Congress.
Representatives from all countries interested in the cotton industry will attend the twelfth International Cotton
Gongress to be held at Vienna on June 12-14. Many important subjects will be discussed, including international
courts of arbitration, the report of the 1923 journey of the
American Cotton Crop Reporting Mission sent out to the
United States last year by the International Federation of
Master Cotton Spinners' Associations, the effect of the 48
hour week on the cotton industry, labor saving appliances
in cotton mills, cotton growing in Brazil, the Colonies and
Dependencies, American cotton conditioning reports. Of
great interest will be the address by the representatives of
the American Cotton Growers' Co-operative Movement.
Delegates will attend from England, Switzerland, Belgium,
Italy, Austria, Czechoslovakia, France, Holland, India,
Japan, Spain, Sweden and other countries.
Bean Warehouses to come under Federal
Warehouse Act.
Government licensing of bean warehouses under the provisions of the United States Warehouse Act is contemplated
in a series of public hearings arranged by the United States
Department of Agriculture. The first hearing was held at
Rochester, N. Y., April 30; on May 1 there was a hearing at
Lansing, Mich.; hearings will also be held at Denver, Colo.,
May 5; Twin Falls, Idaho, May 8; San Francisco, Cal., May
12, and Los Angeles, Cal., May 15. The hearings will be
conducted by H. S. Yohe, in charge of the Warehouse Division of the Department of Agriculture, assisted by Paul M.
Williams, also of the Warehouse Division. The Department's
announcement of April 24 said:
2127
Extension of the provisions of the Warehouse Act to bean warehouses is
made possible by an amendment to the Act in February, 1923. providing
for the licensing of warehouses for the storage of such agricultural products
as the Secretary of Agriculture may deem properly storable under the Act.
The law originally provided for licensing warehouses for the storage of cotton, grain, tobacco, and wool. Peanut warehouses now ceme under the
provisions of the Act, and regulations are being drawn for potatoes and
broomcorn. It is planned to extend the Act to other products that might
properly be stored under the law, as soon as the Department can make the
necessa investigations to determine what regulations should be made
iticism of McNary-Haugen Bill. by President Headof American Bankers Association.
The McNary-Haugen bill, designed to afford relief to producers of certain agricultural products, was criticized as an
example of impracticable Government price-fixing by Walter
W. Head, President of the American Bankers Association,
speaking beforelhe Georgia State Bankers ASsciciation at Atlanta on April 24. Mr. Head in his speech said:
Periodically we are afflicted with the passion for price-fixing by governmental decree. Whenever the price of certain commodities has not been
satisfactory to the producers, there has been a demand that the Government, by artificial stimulus or arbitrary act, fix a satisfactory price and require its payment by purchasers. There are two methods by which government can maintain prices above the level established by natural economic
law. One is by the establishment and enforcement of penalties for sale or
purchase of a particular commodity at a price other than that fixed by the
Government: the other is by the purchase by the Government or a Governmental agency of a sufficient amount of the commodity to raise the price
to the decreed level.
The first method has been proved impractical wherever tried. The enforcement of fixed prices by Government purchase to reduce or eliminate a
surplus is the more effective method. Prices can be established by this
method provided the Government has sufficient funds to sustain the loss
which results and provided the producers of other commodities are sufficiently docile to surrender their own advantage.
These two provisos are sufficiently large "ifs," however, to make such
price-fixing impracticable, even though not theoretically impossible. We
have an example in the case of the McNary-Haugen bill, designed to afford
relief to the producers of certain agricultural products. Originally this bill
was advanced as a means of affording relief to growers of wheat. But what
happened? Exactly what one would and should expect. The growers of
corn, of live stock and of cotton objected to special preference by Government toward wheat producers. They insisted that the prices of their
product should also receive protection by Government. As a result, the
McNary-Haugen bill includes provisions for wheat, corn, cattle, swine,
cotton and products thereof. If it should be enacted into law and put into
operation, how long will it be before the producers of other commodities
will demand equal favor? And why should they not? They have an equal
right. The ultimate result is, of course, an absurdity. No Government
can fix prices of all commodities in which its people trade, nor of a large
number of them.
Mr. Head exposed the fallacy of the proposal to fix a present price for an individual commodity at the same ratio to
its average pre-war price as the present general price level
bears to the pre-war general price level. Taking the general
price level, he pointed out that some of the individual articles included in the composite figure are now at only onequarter of their pre-war prices, while others are nearly three
times their own pre-war prices. Yet by Government decree
certain specified commodities would arbitrarily be matstamed at a price at least one and a half times their pre-war
prices. He gave a number of examples of the social injustice, especially to farmers, that would result from such an
attempt to prevent by law the free play of factors of price
competition which establish the relative values of different
commodities and work their own correction of disparities in
prices.
F. N. Shepherd of American Bankers Association Says
United States is Becoming Government by Minority.
Government by minority is coming about in the United
States on aecount of the inditferenee of the people to their
duties as citizens, F. N. Shepherd, Executive Manager,
American Bankers Association, declared on April 24, speaking in New York by radio from WJY to 160 local chapters of
the American Institute of Banking meeting simultaneously
in various parts of the country. Mr. Shepherd, who was one
of 15 figures in the banking world addressing th'e Institute
from a chain of broadcasting stations from coast to coast on
financial and other questions of public moment, spoke on the
subject "Recreant Citizenship." He said in part:
A large percentage of the people neither exercise their right nor give
heed to their duties as citizens. Instead of denouncing Washington. the
people have themselves to blame for not taking a more lively and intelligent interest in the selection of their representatives. It is through the
indifference of the people that we are becoming a Government by minority.
We are dominated by groups and blocs because the voters do not vote.
The investigations now going on in Washington have disclosed a situation
which has shocked the moral sense of the nation. Those who have watched
the proceedings are only a little less astounded by the manner of their
conduct than by the facts revealed. The desire to protect the interests of
the people at times seems lost in the scramble to make political capital
for current consumption. Surfeited by a mass of irrelevant, fantastic and
,
immaterial testimony from witnosses of unquestioned incompetency, the
public is now turning away in disgust. But whatever Washington is, it is
nothing more nor less than the reflection of the people. Its faults can be
corrected only by the constant vigilance of an intelligent electorate.
In the Presidential election of 1920 less than one-half of the legal voters
voted, and in the Congressional election of 1922 less than 40%. Had
2128
THE CHRONTCLE
Harding received the entire vote cast, Democratic, Republican, and all,
he would then have been put into office by a minority of the voters. It is
interesting to note by how small a vote certain men were put in the Senate
in 1922. Brookhart of Iowa received only 29% of the possible legal vote.
La Follette of Wisconsin received 28%. Copeland of New York 25%, Bruce
of Maryland 20%, Dill of Washington 17% and Ferris of Michigan 16%•
Whatever delinquency there is in the Government to-day reflects the deUnquency of the people in their duty of taking an interest in government.
The Constitution, Mr. Shepherd said, provides, not for a
pure democracy but a representative democracy, under
which men were to be selected best qualified to execute the
busins.s of government, and who "were not supposed to keep
their ears to the ground for the whisperings of every voter
in regard to the business of government, but in their capacity as representatives were expected to act in accordance
with their best judgment, like the officers and directors of
a corporation, elected by the stockholders because of their
ability and fitness to carry on the business." He continued:
Largely as a result of the primaries and the subsequent indifference of the
voter, we are becoming a government of blocs and groups. The people
are not content to elect their representatives and have them operate the
business of government in accordance with their best judgment, but after
electing them, they want to tell them how to act on the details of the
business. Our successful corporations would soon be in need of the receiver
if, in matters of business policy and detail, the officers and directors first
gave ear to the wishes and opinion of the widely scattered stockholders.
Imagine the shareholders undertaking to pass upon the loans of a bank.
The statement of the case alone shows its absurdity. The Government is
a business; in fact, the biggest business in the world, but it is the only
business wherein business experience and training are not made qualifications for those who carry it on.
The effect of the direct primary is already shown in the quality and
calibre of our representatives, who aspire to office, become candidates, and
are often elected by reason of their own aggressiveness and ambition and
not because they were selected through any intelligently sifting process as
those best fitted to serve and then presented to the people for consideration
and approval. Though errors were made under the convention system and
at times developed bosses of an undesirable type, it did bring about the
selection of a higher average of experience, ability and fitness and make for
party responsibility—which means intelligent responsibility to the people.
To-day, under the primary system, being responsible to everybody, representatives are in fact responsible te nobody and the system itself brings
about class appeal, particularly in times of economic depression, when
absurd and uneconomic promises mean votes and votes mean election.
As shown by the results of the elections in 1920 and 1922, the worst
feature of the situation is that the people are indifferent, apathetic, and
take little interest in the intelligent exercise of their right to vote. The
irresponsibility developed and the character of representatives elected have.
after the experience of a decade, brought about the repeal of the direct
primary law in certain States and the return to the convention system, with
v responsibility and a better selection of candidates.
[Vol . 118.
.
,
through futures trading holding up the higher American prices'on which
home consumption proceeds month by month. Moreover, the farmer today can sell his crop for delivery next September in Chicago at $1 10, apparently as much as this futile legislation could promise him to-day: and
without initiating Government price interference which the farmer, of all
people,should avoid in this country, where 75% of the voters are consumers
with periodic waves of resentment against the "high cost of living."
If this McNary plan could be set in motion at all. It would advance flour
probably 52 per barrel to American consumers in order that foreign consumers could buy their wheat supplies 60c. cheaper than our home people and
with a very small and dubious gain to our own farmers.
For this futile promise, this McNary proposal would destroy the friendship of buying nations, erect tariff and dumping barriers against us for years
to come, and destroy a highly perfected marketing system which holds our
price thus far above export parity ten months out of twelve.
It is time the farmer realized this and terminated this proposal before
increased misgiving on the part of all business enterprises further undermines
the home buying power which has recently recorded lower prices in hogs and
grain and dairy products and eggs, just as the European situation is becoming most promising for the restoration to him of the buying power of 300,000,000 consumers there. The real friends of the farmer, in Congress and
out, are the men who see this economic futility in its true light as the greatest menace to future farm prosperity proposed in recent years.
Only ignorance or misrepresentation can repeat the broad statement that
the American farm to-day buys at protected prices and sells its products
without tariff benefit. The truth is that the Atlantic seaboard to-day pays
for American corn a price of full freight and full duty over Argentine, our
nearest competitor. The truth is that American oats are selling there
at full duty over Canadian. The truth is that American wheat in Minneapolis sells 20c. to 30c. higher than the same quality across the Canadian
border. 200 miles away.
Only certain areas of agriculture are in real distress to-day; and the farmer
is solving this situation in his own intelligent and resourceful way. He is
decreasing his acreage of wheat and increasing his acreage of corn. He is
shifting from single-crop farming to improved yields of diversification. He
is by co-operative direction raising quality, standardizing grades,avoiding
the losses of gluts and famines by intelligent knowledge of markets and supplies.
Let's devise remedies for poor crop areas where distress exists and let's
stop undermining the credit and attraction of sound farming by picturing
all agriculture as lacking resources and enterprise.
A reference to the bill appeared in our issue of a week
ago, page 1980.
United States Supreme Court Upholds Right of National
Banks to Act as Executives—Dissenting Opinion.
In an opinion handed down on April 28, the United States
Supreme Court held that national banks may act as executors of estates in States where trust powers are conferred
on State banking institutions. The opinion which reversed
the findings of the Missouri Supreme Court was rendered
by Associate Justice Holmes, who, according to the St.
Louis "Globe-Democrat" held that the power to act in
Julius H. Barnes Says McNary-Haugen Farm B
fiduciary capacities, conferred upon national banks by the
Would Advance Flour to American Consumers
Federal Reserve Act, could not be impaired or rendered
$2 a Barrel.
Julius H. Barnes, President of the Chamber of Commerce ineffective by State enactment. The same account said:
Judgment of the Missouri State Supreme Court that the exercise of trust
of the United States, in an analysis of the McNary-Haugen
powers
bill in Chicago on April 22 called attention to several fea- reversedby Missouri national banks was in contravention of State law, is
by to-day's opinion.
tures showing this and similar legislation to be a distinct
The case decided was that of the State of Missouri, at the felation of the
menace to future farm prosperity. "The House Committee," Burnes National Bank of St. Joseph, Mo., planjtiff in error, against A. B.
Duncan, Judge of the Probate Court of Buchanan
said Mr. Barnes, who is former President of the United Justice Sutherland filed a dissenting opinion, in County, Mo. Associate
which Associate Justice
States Grain Corporation, "has done a useful service in McReynolds concurred.
History of Case.
stripping the McNary-Haugen proposal of the false hopes
The Burnes National Bank was appointed executor by a citizen of Misengendered in agricultural districts. By the provision to
on Nov. 22 1922, leaving a will. The bank applied to the
substitute a cash deduction from the proposed ratio price, souri, who diedcourt for letters testamentary,
proper probate
but was denied appointment,
Instead of the unworkable and doubtful-value scrip origin- on the ground that by the laws of Missouri national banks were not Perally proposed, the farmer can now see just how ineffective mitted to act as executors. Thereupon the bank applied to the Supreme
Court of the State for
this plan will be in improving his farm prices." Continuing and an alternate writ a writ of mandamus to the Judge of the Probate Court.
was issued. The respondent demurred, the demurrer
, Mr. Barnes said:
was sustained and the peremptory writ was denied. A writ of error was
The wheat raiser must realize that no price can make profitable a sevenbushel yield of wheat, as in North Dakota this year. while Pennsylvania's
twenty-five bushel yield is profitable to-day. His remedy lies in improved
farm methods with higher yields, in diversification and in demanding from
the Department of Agriculture practical service in showing him how togrow
the superior type of wheat which to-day is selling in Kansas City at $1 20
and In Minneapolis at Si 30.
The Peculiarly American system of future trading on exchanges has
facilitated home consumption of wheat at ten. twenty and thirty cents
above the foreign equivalent. If legislation and regulation should wisely
encourage this trading device, America could face an expert surplus and yet
for many months of the year maintain its home prices far,above the,export
equivalent.
The ratio proposal of the McNary Bill, if workable at all, would affect
the price of wheat thus under the House proposal to deduct the probable
loss on export from the cash price.
The average United States crop of wheat for the last ten years is 870.000,000 bushels. July 1st we may carry over unsold 130,000,000 bushels of
*heat and flour, making the equivalent of 1,000,000.000 possible bushels of
Wheat as of next year. Deduct 100,000,000 bushels for seed and feed on the
farm against which no ratio price would apply. Of the remaining 900,000,000 bushels we would probably consume at home 450,000,000 bushels,
leaving a possible export surplus of 450.000,000.
The price to-day of Canadian wheat equal to a standard American quality
is equivalent to 90c. at Chicago. The McNary ratio price at Chicago for
standard wheat as proposed would work out 51 50 a bushel. If Government
exporting did not frighten foreign buyers and did not undermine this 90c..
there would be a possible loss on forced export from the ratio price of 60c.
a bushel. This is 30c. a bushel on the entire 900,000.000 of American wheat
possible to care for. Deduct this loss of 30c. per bushel on all wheat merketod in America, plus 10c, additional to cover expenses and margin of
safety, and it leaves the price probable in cash to the farmer. Chicago basis
of $1 10. Kansas City about $1 06 and Minneapolis about 51 20.
In all those markets to-day high-grade wheat is selling above these prices,
sustained thus far above its export value by investment and price confidence
allowed by the Chief Justice of the State Court. The bank claims the
capacity to fill the office under the statutes of the United States.
High Court's Decision.
"By the Act of Sept. 29 1918, Section 2,40, Statutes 067, 968. amending
Section 11 (k) of the Federal Reserve Act," says the court opinion, "the
Federal Reserve Board was empowered 'to grant by special permit to
national banks applying therefor, when not in contravention of State or
local laws, the right to act as trustee, executor, administrator or in any
other fiduciary capacity in which State banks, trust companies, or other
corporations which come into competition with national banks are permitted
to act under the laws of the State in which the national bank is located.'
"If the section stopped there, the decision of the State Court might be
final, but it adds the following paragraph:
"
'Wherever the laws of such State authorize or permit the exercise of
any or all of the foregoing powers by State banks, trust companies, or other
corporations which compete with national banks, the granting and the
exercise of such powers by national banks shall not be deemed to be in
contravention of State or local law within the meaning of this Act.'
"This says in a roundabout and polite but unmistakable way that whatever may be the State law, national banks having the permit of the Federal
Reserve Board may act as executors if trust companies competing with
them have that power. The relator has the permit, competing trust
companies can act as executors in Missouri, the importance of the power to
the sustaining of competition in the banking business is so well known and
has been explained so fully heretofore that it does not need to be emphasized
and thus the naked question presented is whether Congress had the power
to do what it tried to do.
Precedent Cited.
'"The question is pretty nearly answered by the decision and fully answered
by the reasoning in First National Bank of Day City vs. Fellows. That
case was decided before the amendment to the Federal Reserve Act that
we have quoted and came here on the single Issue of the power of Congrees
when the State law was not contravened. It was hold that the power
'was to bet ested by the right to create the bank and the authority to attach
MAY 31924.]
THE CHRONICLE
to it that which was relevant in the judgment of Congress to make the
business of the bank successful.' The power was asserted and it was added
that 'this excluded the power of the State in such case, although it might
possess in a general sense authority to regulate such business, to use that
authority to prohibit such business from being united by Congress with
the banking function.' Now that Congress has expressed its paramount
will, this language is more apposite than ever. The States cannot use their
most characteristic powers to reach unconstitutional results.
"There is nothing over which a State has more exclusive authority
than the jurisdiction of its courts, but it cannot escape its constitutional
obligations by the device of denying jurisdiction in courts otherwise competent. So here—the State cannot lay hold of its general control of administration to deprive national banks of their power to compete that
Congress is authorized to sustain.
"The fact that Missouri has regulations to secure the safety of trust
funds in the hands of its trust companies does not affect the case. The
power given by the Act of Congress purports to be general and independent
of that circumstance, and the Act provides its own safeguards. The
authority of Congress is equally independent, as otherwise the State could
make it nugatory. Since the decision in First National Bank of Bay City
vs. Fellows it generally has been recognized that the law now is as the
relator contends."
Dissenting Opinion.
Associate Justice Sutherland, in his dissent, says:
"The real question here, as I understand it, is not whether Congress
may safeguard national banks against ordinary State legislation of a discriminatory character; but whether Congress may intrude upon and pro• hibit the exercise of the Government's powers of a State to the extent that
such exercise discriminates against such banks and in favor of competing
State corporations. The authority of the Fellows case, I think, is pressed
too far. The statute thereunder review simply made national banks competent to act as executors, etc.,'when not in contravention of State or local
law.' The statute did not attempt to override the will of the State in that
respect, but expressly recognized its cqntrol and authority. The State
Supreme Court conceded that the powers thus conditionally conferred by
the Federal statutes in fact would not be in contravention with the State
law, but held that Congress was without constitutional authority, because
the function sought to be given to such banks were subjects of State regulation.
"That view of the matter was rejected. But putting aside some expressions not necessary to the decision, I do not think the case can be regarded as authority for the conelusion apparently now reached. That
Congress may so limit the power of a State, against its expressed will to the
contrary, that it may confer the right to act as executors and administrators upon State corporations which compete with national banks, only
upon condition that the same right be conferred upon the latter. Certainly, that precise question was not there presented for decision."
After citing former decisions, Justice Sutherland concludes:
"The Probate Courts of a State have only such powers as the State
Legislature gives them. They are wholly beyond the jurisdiction of
Congress, and it does not seem to be within the competency of that body on
any pretext, to compel such courts to appoint as executor or administrator one whom the State law has declared shall not be appointed."
2129
Chairman Madden, of the Appropriations Committee, endorsed a bill he
has introduced providing for an increase in the Comptroller's authority.
Representative Dallinger, Republican, Massachusetts, urged enactment of
a measure sponsored by him, which would make the Attorney-General the
arbiter in all disputes arising between the Comptroller's office and various
departments.
Mr. Madden asserted his measure would work for greater economy in the
Government, as it would make it necessary for the Comptroller to pass upon
the disbursements of departing officials and claims against the Government.
Mr. Dellinger and several Treasury Department officials contended that
the authority of the Comptroller should be "limited" rather than increased.
Decrease in Discount Rate of Federal Reserve Bank of
New York.
The Federal Reserve Bank of New York, which since
Feb. 23 1923 had maintained a discount rate of 4% on
all classes of paper (the rate then having been advanced from
4%), lowered its rate this week to 4%. The decision to reduce the rate was reached at a meeting of the directors of
the bank on April 30, which was attended by R. D. Crissinger, Governor of the Federal Reserve Board. Announcement of the change in the rate was made as follows by Ben-.
jamin Strong, Governor of the Federal Reserve Bank of
New York:
FEDERAL RESERVE BANK OF NEW YORK.
Rates of Discount.
To All Member Banks in the Second Federal Reserve District
You are advised that, effective from the opening of business on Thursday.
May 1 1924, until further notice and superseding all existing rates, this bank
has established a rate of4% for all rediscounts and advances.
Very truly yours,
BENJ. STRONG, Governor.
On May 1 Associated Press dispatches from Washington
had the following to say regarding the change in the rate:
Reduction ofthe rediscount rate by the New York Reserve Bank yesterday'
from 43 to 4% is expected at the Treasury to be followed by similar action
by the Reserve banks at Boston and Philadelphia.
It developed to-day that the reduction by the New York Bank with its
subsequent approval by the Reserve Board was a proposition originating
entirely with the bank itself. Members of the Reserve Board, while
expressing opposition, felt it would accomplish little change in the general
economic situation.
Secretary Mellon, among others, believes the reduction will do little to
stimulate new business inasmuch as he regards the general money supply
as adequate and the present rates easy.
According to advices to the New York "Journal of Commerce," from Washington April 30, the action of the Federal
McFadden Bill to Modernize National Bank Laws Reserve Board in approving the reduction in the rate of the
New York Federal Reserve Bank "may be regarded as in
Reported to House.
The omnibus banking bill of Chairman L. T. McFadden the nature of an experiment." This paper said in part:
to be very much the same as that of
The opinion of
of the Banking and Currency Committee was reported Secretary Mellon.the Board seems fundamental necessity for a change in
that there is no
favorably to the House on April 26. The House Committee rates, but the Board appears to have taken the position that no harm could
productive ofsome stimulation of activity.
a
had authorized Chairman McFadden on April 25 to report be done and* lower rate might be*
•
*
*
*
*
*
*
*
*
•
favorably his bill (H. R. 6855) under a new number and to
Reduction of the New York rate marks the first departure of the Federal
secure a rule for its early consideration. Mr. McFadden Reserve System from its uniform rate level of 43.i% in all twelve districts
signalizes a departure from
has the assurance of the Rules Committee and the Majority close to fourteen months, and incidentallystressed a year ago. On the
the policy of uniformity which was heavily
Leader of the House that such rule will be given together other hand, the change in New York demonstrates the force of the newly
with their co-operation for early action on the bill on the announced policy of the Board to exercise its discretion and judgment
in determining credit questions rather than to be bound by hard and fast
floor of the House. A statement regarding the bill says:
rules. To some extent the
the New York rate was a surprise here.
While the bill contains many important amendments to the national
banking laws, the chief centre of interest is perhaps in the section relating
to branch banking. The bill as reported prohibits branch banking outside
of city limits by national and State member banks of the Federal Reserve
System. Under the terms of the bill no State bank can hereafter convert
into or consolidate with a national bank and retain in operation any branches
which it may have outside of city limits. No State bank can become a
member of the Federal Reserve System without giving up as a condition
precedent to membership any branches which it may have in operation
outside of city limits.
National banks and State member banks are permitted to have branches
In those States which permit branch banking by law or regulation, but only
In cities having a population in excess of one hundred thousand, except that
such banks may have one branch in cities in such States where the population is from twenty-five to fifty thousand and two branches in cities where
the population is from fifty to one hundred thousand.
Branches of national banks can only be established with the approval
of the Comptroller of the Currency and by State member banks only with
the approval of the Federal Reserve Board. The bill does not affect
existing branches of State member or national banks in cities or outside
of cities which they may have in operation at the present time.
Other features of the bill of especial interest are the increase of the loan
limits upon improved city property made by national banks from one year
to five years; broadening the powers of national banks to engage In the bond
and investment business; permitting national banks to have indeterminate
charters so that they may be able to handle with more assurance long time
trusts; clarification of the law relating to the loaning power of national
banks to any one customer, and increasing the power of the Federal Reserve
banks to discount paper held by national or State member banks, thus
broadening the field of eligibility for rediscount.
Detailed reference to the committee hearings on the bill
appeared in our issue of a week ago, page 1980.
Broadening of Powers of Comptroller of Currency
Discussed Before House Judiciary Committee.
Conflicting views regarding the advisability of broadening
the powers of the Comptroller General were presented to the
House Judiciary Committee on May 1, according to Washington advices in the New York "Journal of Commerce"
which added:
lowering of
There was no little talk of change in rates about a month ago, but it
apparently died down after the money,market reacted so promptly, when
the heavy financial operations of the Government around the March 15 tax
payment date had ceased. Depressed money rates in the middle of March
appear to have led to some discussion of the rediscount rate with the Board.
which assured the New York Bank that there would be no objection from
Washington to a 4% rate.
The rebound of call money rates after the pressure of Government operations was removed called a halt on proposals to lower the rediscount rate,
but lately the money rates have evidenced a tendency to sag. The New York
bank. It is understood, felt that the condition of commercial rate there
warranted a reduction in the Reserve bank rate and there appears to be a
hope that the lower rate may not only be an inducement to further activity.
but may serve as a check against a slowing up of operations.
Situation in New York.
The commercial rate situation in New York, it appears, had virtually
rendered inoperative as a credit factor the Reserve policy of buying and
selling securities in the open market as a means of increasing or reducing the
supply of money. Acceptance rates went down below the Reserve bank
purchasing rate and activities in the open market seemed blocked.
Nevertheless the possibility of a lower rate in New York working any very
great change in conditions appears scant from the Washington viewpoint.
Secretary Mellon holds that a change in rates will make but little difference
and the Board is understood to have accorded the request of the New York
bank but routine attention.
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The indications are that Washington is planning to watch closely the
effect of the lower rate in New York. It has been contended that under
present conditions with the country overstocked with gold the rediscount
rate was no longer a credit factor. Now that an experiment with the rate is
being made officials here are evidencing keen interest in what the outcome
will be.
Rates of Interest Paid on Deposits by Members of
New York Clearing House Automatically Lowered
with Reduction in Federal Reserve Rate.
As a result of the lowering of the discount rate of the
Federal Reserve Bank of New York from 43' to 4%, the
maximum interest rate which members of the New York
Clearing House may pay on deposits is automatically low-
2130
THE CHRONICLE
constitution of the
While modification
[Vol,. 118.
ered, under the amendment to the
of the corporation tax and the repeal
Association which became effective in July 1922. This is of the tax on telegraph and telephone messages was
voted by the Senate on Monday April 28, notice was given
pointed out in the New York "Times," which says:
When the rediscount rate is to be advanced in this district, in accordance that these taxes would later be contested. The
Senate, on
with this regulation, member banks of the Clearing House may increase their
maximum rate to be paid on deposits, and when the Reserve Bank rate is that day, approved the recommendation of the Senate
lowered, their maximum rate that may be paid is likewise lowered. As Finance Committee that the tax on corporation earnings be
virtually all banks pay the maximum rates under this regulation, the effect increased from 123/
2% to 14%,on the understanding that the
of the Reserve Bank's reduction in the rediscount rate will be carried
capital stock tax be repealed. At the same time Senator
through to depositors as follows:
The maximum interest rates for banks, trust companies and private Simmons, of North Carolina, ranking Democrat on tie
bankers, but excluding mutual savings banks, is cut from 231% to 2%; to Finance Committee,
announced that minority members
mutual savings banks from 3% to 231%, and to others (including corporations, &c.) from 234% to 231%. These rates apply on certificates were drafting a substitute amendment, proposing to replace
of deposit payable within thirty days from date of issue, on certificates of the present corporation tax with one carrying a graduated
deposit payable within thirty days from demand,on credit balances payable scale. The
Associated Press dispatches from Washington,
on demand and on credit balances payable within thirty days from demand.
On certificates of deposit payable on or after thirty days from the date of April 28, said:
Issue or demand and on credit balances payable on or after thirty days
from demand the rate is cut from 3% te 2 %•
Tax Revision Bill in Senate.
The Senate in its action on the tax revision bill this week
approved on April 30 the proposal of the Treasury Department to reduce by 25% the taxes on earned income, but cut
down, from $20,000 to $10,000, the maximum amount on
which said reduction would apply. The House provision
defining all incomes of $5,000 and less as earned was at the
same time accepted by the Senate. The Associated Press
advices from Washington that day said:
Considerable opposition arose, however, to the Treasury proposal to limit
deductions which may be made on account of interest payments to the
amount by which these payments exceeded the income from tax-exempt
securities.
Opponents declared it an indirect tax on tax-exempt bends. Senator
Reed, Republican, Pennsylvania, defending the provision, said it would not
affect these bonds, but would prevent evasions and net the Government
$25.000,000 additional revenue annually. He was joined in its support
by Senator Glass, Democrat. Virginia, Secretary of the Treasury in the Wilson Administration.
An attempt of Senator McCormick, Republican, Illinois, to unite the
party on a plan calling for an increase in the Mellon surtax rates to a maximum of 37% is understood to have brought a counter proposal from farm
bloc Senators for support of the McNary-Haugen farm export bill in return
for their support at a compromise along the lines suggested in the McCormick schedule.
'No agreement was reached, however. and Senator McCormick left the
city to-night on business which he said may prevent his return before the
income rates are reached.
At the same time other Republican organization leaders held to the original plans to swing to the Longworth compromise adopted by the House.
This provides, in addition to a maximum surtax rate of 3734% for greater.
reduction in the normal taxes than carried in the Mellon plan.
Reduction of the normal taxes beyond the point recommended by the
Treasury was the main demand of House Republican insurgents, and is considered also a plank in the program of Senate Republican insurgents, who,
like their group in the House, hold the balance of power.
While the surtax schedule proposed by Senator McCormick would carry a
maximum rate of 37%, this would apply only to in comes of $500,000 and
over, and the rates on the other brackest are only slightly above those in
the Mellon plan.
In voting for the repeal of the tax on telegraph and telephone messages,
the Senate rejected the recommendation of the Finance Committee. Repeal
of this tax had been suggested by Secretary Mellon and was voted by the
House. Chairman Smoot, of the Finance Committee, announced he would
ask for a record vote on it later.
Senator Smoot explained the tax involved revenue amounting to $34,000,000 annually, and it had been restored to the bill by the committee because
it was found necessary to raise more revenue than would be forthcoming
under the measure as framed by the House.
Little opposition was voiced to the proposed change in the corporation
tax, but discussion of the subject stirred up considerable debate, with
Senator Jones, Democrat, ef New Mexico, arguing against the general
principle upon which the tax is levied and in favor of a graduated scale tax.
Mr. Jones was joined by Senators Norris, Republican, of Nebraska, and
Shipstead, Farmer-Labor, of Minnesota, in his contention that the present
flat tax paves the way for evasion.
In its summary of the Senate's proceedings on. the bill on
'April 29 the Associated Press advices stated:
The Senate gave approval to-day to Finance Committee amendments to
the revenue bill, imposing a 10% tax on radio sets, reducing the automobile
taxes, repealing the capital stock tax and restoring to the bill the tax on
drafts, checks and promissory notes.
All were adopted virtually without debate or opposition in rapid order
after more than two hours had been spent in diseussion of minor proposals.
Further contests are expected, however, on the radio and automobile rates.
*
•
*
*
*
*
*
*
*
*
•
•
A tentative draft of the corporation tax amendment was agreed upon today by Senators Simmons and Jones, Democrat, Now Mexico, and placed
before minority members of the Finance Committee for approval. It will
propose a normal tax, probably lower than the pending flat tax of 14%,
and additional taxes, probably on a sliding scale, on undistributed profits
above the amounts subject to the normal tax.
Senator Dill, Democrat, of Washington, has introduced an amendment
proposing to eliminate from the bill the radio tax approved to-day, and he
declared to
-night a roll call vote would be asked on this provision later.
Likewise, Senator Walsh, Democrat, of Massachusetts, had introduced an
amendment proposing entire repeal of the tax on automobile tires, parts and
accessories, and he said to-night a fight would be made for this when amendments of individual members are in order.
The reductions in automobile taxes approved to-day are practically the
same as made by the House repeal of the 3% tax on automobile trucks the
chasses of which sell for less than 31,000 and the bodies of which sell for less
than $200, and a cut in half of the 5% tax on automobile tires, parts and
accessories. These changes, Chairman Smoot of the Finance Committee
said, would mean a cut in revenue of 525,000,000 annually. The new radio
tax would bring in about $10,000,000, it has been estimated.
Elimination of the capital stock tax was in accordance with the action
taken yesterday in increasing the corporation tax from 123i to 14%.
The tax of 2 cents a $100 on drafts, checks and promissory notes was
eliminated from the bill by a close vote on the floor of the House. Its
restoration was recommended by the Finance Committee.
Yesterday (May 2) the Senate rejected, by a vote of 37
to 36, the provision in the bill limiting tax deductions in
relation to income from tax-exempt securities. It was stated
in the press dispatches that Chairman Smoot of the Finance
Regarding the deliberations on the bill on April 26 we
Committee announced that he would demand a further quote the following from the Washington dispatch to the
vote on the question later. The "Sun" of last night said:
New York "Times"
Senator Jones (Democrat. N. Mex.) to-day introduced his proposed
corporation tax provision, which has been agreed to by a conference of
Senate Democrats. It would provide for a reduction in the present flat
corporation tax of 1234% to a normal tax of 9% with a graduated surtax
rate applied on undistributed profits. It would give an option, however.
allowing a corporation to be taxed under the law applying to partnerships
upon unanimous agreement of the shareholders.
This provision also has been approved by the House. A finance committee amendment authorizing the committee to make public the returns
also was accepted by the Senate action.
Senator Norris. Republican of Nebraska, immediately opened a fight
for full publicity ef all tax returns.
Only about half an hour was given to the Revenue bill by the Senate
to-day, a few undisputed amendments being disposed of. When the section
dealing with the change in the corporation taxes was reached there was a
short debate, Senator Smoot then yielding the rest of the afternoon to the
Appropriation Committee, which took up the Naval bill.
Senator McKellar produced a telegram from a Tennessee Chamber of
Commerce protesting against the remodeling of the corporation taxes which
would involve an abandonment of $1 per 31,000 tax on corporation capital
stock and the substitution of 14 for the 123 % corporation income tax.
Mr. McKellar stated that he was against any increase in taxation, and he
declared that if the Treasury contention that $19,000,000 would be raised
in revenue by the contemplated change were correct, there must necessarily
On the 1st inst. when action on the bill was interrupted be a new burden to the corporations.
Replying, Senator Smoot asserted that even though there were additional
by debate, Chairman Smoot gave warning that with the taxation, corporations would welcome a change because the program incontinuance of prolonged debate night sessions would be volved abandoning the existing tax of $1 per $1.000 on the value of capital
resorted to to expedite the measure. From the Associated stock, a tax which necessitated a troublesome revaluation of this stock
annually.
Press accounts that day we quote the following:
It MO indicated to-day that a strong effort would be made to secure full
Debate carried into the approaching fight on normal and surtax rates, publicity of tax returns, Senator Norris of the radical Republicans. Dill of
and while Senat
or Bruce, Democrat, Maryland, openly left the Demo- the radical Democrats, and McKellar of the regular Democratic ranks, all
cratic ranks to support the Mellon surtax rates, Chairman Smoot con- Introducing recommendations to this end.
ceded that there were "probably not enough votes" to gain adoption of
Previous action by the Senate on the bill was referred to
this schedule reinserted in the bill by the Finance Conunittee.
In this regard. Senator Smoot denied that he would negotiate for a by us last week, page 1988.
compromise on the Mellon surtax rates within the Republican party,
but said he might offer compromise amendments on the floor,ifthe Treasury Jake L.
Hamon Contributed $100,000 to Republican
rates were turned down, to make the maximum surtax 32%. Beyond
Campaign Fund in 1920—Not $1,000,000.
this point he declared he would not go.
Senator Bruce said he was ready to cut the present maximum surtax
Frederick L. Thornton, certified public accountant, who
rate of 50% to 25%, as recommended by Secretary Mellon, "or the 20 made an
audit of the estate of Jake L. Hamon, Republican
or 15%."
Continuing their party conference after indorsing last night the Simmons National Committeeman from Oklahoma, denied on April 21
plan calling for a reduction in the maximum surtax of 40%. Democrats that Hamon contributed $1,000,000 toward the nomination
met to-night to consider the advisability of party support for the proposal
of Warren G. Harding, as has been charged in testimony
of Senator 5ones, Democrat ,New Mexico, for a new corporation tax based
before the Senate oil investigating committee. He said
on a normal and graduated scale instead of a flat levy as at present.
Democratic leaders predicted to-day that on the strength of the con- Hamon's campaign contributions in 1920 did not exceed
ference action last night all but two or three members would support the
Simmons income tax schedule.
1111 $100,000.
MAY 3 1924.1
THE CHRONICLE
2131
my
was already written,
to the press for
Jake Hamon Wanted to Make His Son "The Youngest fivemessageMy message went out printed and had been sent Mr. Ford came
days.
Nov. 28;five days before
Hamon Says.
President of the United States," Mrs.
to see me. I expected there would be other bids and wanted all of them
The late Jake Hamon, Oklahoma politician and oil man, considered on their merits. decided on its merits. I have
This question ought to be
no other method
did'not seek to become Secretary of the Interior, as those of dealing with it. The Congress should have none.:
familiar with his political career have told the committee,
From the New York "Times" account of the Senate Comaccording to a statement issued on May 1 by his widow, mittee hearing on April 28 we quote the following:
Mrs. Georgia Hamon-Rohrer, at Chicago. Hamon's ambiSecretary Weeks Examined.
tion, the statement said, was to make his son Jake Jr.,
John W.Weeks, Secretary of War, was being examined by the committee
President of the United States. The statement by Mrs. when the telegram quoting President Coolidge as favoring the sale of the
Hamon-Rohrer was made on her return from Washington, Muscle Shoals project to Mr.Ford was produced. Leading Secretary Weeks
the sequence of events having to do with President
where she had been summoned to testify before the Senate through toward the project. Chairman Norris brought out thatCoolidge's
attitude
when the
investigating committee. When she appeared before the Government sold the Gorgas plant, a detail of the Muscle Shoals undercommittee, however, she was not asked to take the witness taking, to the Alabama Power Co., Mr. Ford had denounced Secretary
a public statement for this sale.
stand. In her statement at Chicago discussing Hamon's Weeks inSenator Norris mentioned Mr. Ford's declaration in favor of PresiWhen
political ambitions she said:
dent Coolidge's candidacy for another Presidential term, Mr. Weeks re"He wanted to be nothing else but Chairman of the marked that this was evidence that Mr. Ford was a sensible man,and got a
sharp retort from Senator Norris to the effect that it was evident that whatRepublican National Committee."
ever anger Mr. Ford felt against the Administration had disappeared.
Secretary Weeks began his testimony by saying he had consulted with
"I'll get it and I'll hold it for years, until Jake Jr., is old
enough to take it over," he told me. "'Then I'll make President Coolidge before selling the Gorgas plant. After advising that the
plant should be sold, the President agreed with this opinion. Secretary
him Chairman in my place and let him hold it until he is Weeks said that inasmuch as Mr. Ford had made an offer of $5,000,000 for
and old enough, and when that time comes I'll definite property, he considered it would be logical that his bid for Muscle
wise enough
be reduced to that extent.
make Jake Jr. President—the youngest President of the Shoals Weeks was then questioned about the attack Mr. Ford made on him
Mr.
United States'."
following the sale of the Gorgas plant. He admitted that he was "pretty
Hamon swung his support from former Governor Lowden hot" about the matter, but that "a member of the Cabinet can't invelve
in vituperative discussion
of Illinois to Warren G. Harding in the 1920 Republican himself had been a private citizen without involving the Administration"
"If I
I would have answered Ford in another
at her request, Mrs. Ramon said. President way," he added.
convention
Senator Norris then mentioned Dec. 3 1923. the date of Mr. Ford's call
Harding, she explained, was a distant relative of her family.
President Coolidge, and inquired about a call Mr. Ford made on the
Then the widow, who was married to a Chicago man and on
Secretary the same day.
divorced since Hamon's death, paid a tribute to the deceased. "Mr. Ford came to my office," said Secretary Weeks, "accompanied by
"I want to be known by his name; I shall have no other, his secretary and an engineer, and said he had not come on business but had
come to pay his respects. It was a social call and we did not talk business."
I shall henceforth be known always as Mrs. Jake Hamon."
The sequence of events following the Miller telegram, which had been sent
President Coolidge Denies That He Was Trying to
Deliver Muscle Shoals to Henry Ford—Bill Passed
By House Authorizing Acceptance of Latter's
Bid.
At the hearing on April 28, before the Senate Committee
on agriculture on the question of the disposition of Muscle
Shoals, a telegram from President Coolidge in which he declared that "I have never said I was trying to deliver Muscle
Shoals to Henry Ford or to any one else" was read. The
McKenzie bill, authorizing the acceptance of Henry Ford's
offer for the Government war-time project at Muscle Shoals,
Ala., was passed by the House of Representatives on March
10 by a vote of 227 to 142. Early in April hearings were
begun by the Senate Committee on the offer of Elou H.
Hooker, of New York City, to take over and operate Muscle
Shoals. This week's statement of President Coolidge denying that he had said he was "trying to deliver Muscle Shoals
to Mr. Ford or any one else" followed the action of Senator
Norris (insurgent Republican, of Nebraska) in reading into
the Senate Committee proceedings on April 28, a telegram
sent from Washington Oct. 12 1923 to "Wm. J. Cameron
or Ernest G. Liebold, care Dearborn Independent, Detroit,"
by "James Martin Miller, National Press Club, Washington"; this telegram is reported to have said:
In private interview with President Coolidge this morning he said incidentally: "I am friendly to Mr. Ford but wish some one would convey to
him that it is my hope that Mr. Ford will not do or say anything that will
make it difficult for me to deliver Muscle Shoals to him which I am trying
to do." While President didn't say so am sure Weeks has been in consultation with President this morning in view of Mr. Ford's reported interview
today's papers. '
The following is the statement of President Coolidge
denying the declarations attributed to him:
My position on Muscle Shoals is fully stated in my message to the Congress delivered Dec. 6, where I said:
"The Government is undertaking to develop a great waterpower project
known as Muscle Shoals, on which it has expended many million dollars.
The work is still going on. Subject to the right to retake in time of war,
I recommended that this property with a location for auxiliary steam plant
and rights of way be sold. This would end the present burden of expense
and should return to the Treasury the largest price possible to secure.
"While the price is an important element, there is another consideration
even more compelling. The agriculture of the nation needs a greater supply
and lower cost of fertilizer. This is now imported in large quantities. The
best information I can secure indicates that present methods of power production would not be able profitably to meet the price at which these imports
can be sold. To obtain a supply from this water power would require long
and costly experimentation to perfect a process for cheap production.
Otherwise our purpose would fail completely. It seems desirable, therefore.
in order to protect and promote the public welfare, to have adequate covenants that such experimentation be made and carried on to success. The
great advantage of low priced nitrates must be secured for the direct benefit
of the farmers and the indirect benefit of the public in time of peace, and of
the Government in time of war. If this main object be accomplished the
amount of money received for the property is not a primary or major consideration.
"Such a solution will involve complicated negotiations, and there is no
authority for that purpose. I, therefore, recommend that the Congress
appoint a small joint committee to consider offers, conduct negotiations
and report definite recommendations."
From the position of this message I have never departed. I have never
said I was trying to deliver Muscle Shoals to Mr. Ford or to anyone else.
I do not think his favor is for sale. I wanted him to have his proposal fairly
considered, just as I wanted any other proposal fairly considered. My
mind was made up when Mr. Ford called on me on Dec.3, and at that time
Oct. 12 1923, was then brought out by Senator Norris. On Dec.3 came Mr.
Ford's call on the President. On Dec.6 the President delivered his message
to Congress in which he advised the sale of Muscle Shoals. This, it was disclosed, was interpreted by members of the Committee on Agriculture as
being favorable to Mr.Ford. On Dec. 19 Mr.Ford issued a statement withdrawing himself as a candidate for President and putting himself on record
in favor of Mr. Coolidge.
"That," remarked Mr. Weeks, "was evidence that he was a sensible
man."
"It was evidence that whatever anger he had against the Administration
had disappeared, was it not?" asked Senator Norris.
"His anger was leveled at me," Mr. Weeks answered.
"He must have known when he made the attack that you had not sold the
Gorgas plant without consulting the President," said Mr. Norris.
"He very likely had not given that consideration," replied Mr. Weeks.
Weeks Doubts Miller's Story.
Senator Norris asked whether Mr. Weeks knew if James Martin Miller,
the Russian representative of Mr. Ford's Dearborn Independent, had held
an interview with the President on Oct. 12 1923. Without waiting for an
answer, Mr. Norris said the records of the White House showed that Mr.
Miller had interviewed the President at 10:25 a. m. that day. Thereupon
Senator Norris read the Miller telegram, which was addressed to "Williana
J. Cameron or Earnest J. Liebold, care the Dearborn Independent, Dearborn, Mich."
"I don't believe the President at that time or any other time stated he was
anxious to turn the property over to Mr. Ford or anybody else," said Secretary Weeks, when the telegram was read.
"He never I pressed such an opinion to me. He never intimated it to me.
I am in favor of turning this property over to the man who makes the best
effer for the Government. I don't believe Mr. Ford's offer is the best offer.
and consequently I am not in favor of it."
Asked about the sale of the Gorgas plant, Mr. Weeks said he was willing
to explain in detail. Senator Norris replied that he was satisfied the Secretary had done the right thing in selling this plant.
Senator Kendrick, of Wyoming, also said Mr. Weeks had done the best
thing under the circumstances.
Continuing his explanation, Mr. Weeks said:
"Mr. Ford's arraignment of me was very severe. If I had been a private
citizen I would have taken advantage of my rights. The Government had
made a definite contract with the Alabama Power Co. I had legal advice
on the subject.
"Estimates were made by the Ordnance Department and the Engineers
and we had split the difference and got $500,000 more than was offered.
After the sale Mr. Ford had announced that his offer for the complete project would remain open.
"I had no interest other than that of the Government in carrying out the
contract. I had no interest in any fertilizer company. I got out of all my
businesses, sold my securities, and for eleven years I haven't had the slightest interest in anybody's business. Nobody could be more completely
divorced from business than I have been for these eleven years. Therefore
I was aggrieved to have the public charge made that I was influenced by my
associations."
In his opinion, said Mr. Weeks, Dam No. 2 should be completed by July
1 1925. He had studied all the offers in a general way, but it was difficult to
compare them.
"What is your own idea?" Mr. Weeks was asked.
"The Government ought to givi3 somebody the authority to take up the
proposition and negotiate and get the best offer that will make for the manufacture of nitrates."
Mr. Weeks said the committee would have taken the offers that came to
it and deal with them,and that the negotiations might properly be carried on
through a subcommittee.
"In this way," he added, "you will get better terms than under any of
these offers."
Asked if he thought the Government should retain the property, Mr.
Weeks replied that he did not favor public operation, and if the Government was to retain Muscle Shoals the only thing to do was to find a qualified
man to handle it.
When he had completed his testimony Secretary Weeks made known to
President Coolidge what had taken place at the hearing, and later in the
day the President's denial was issued from the White House.
2132
THE CHRONICLE
At the Senate Committee's hearing, on April 26, former
Secretary of War Newton D. Baker stated that his recommendation for Muscle Shoals followed in the main that of
Chairman Norris—Government ownership. The Associated
Press accounts state:
-Mr.Baker, who had a part in the selection of Muscle Shoals as the site for
a nitrogen plant, said that never "under any circumstances" should the
Government part with the dams at the shoals, but that the fertilizer plants
were of relatively little importance.
.
"If Muscle Shoals were leased to a private individual," he said,"he would
soon stop making nitrogen because he would find something more profitable
to produce with the power. If some one should invent a chemical process
for producing nitrogen it would be tragic to have this greatest water power
east of the Mississippi tied up for 100 years with some uneconomic process."
The witness declared to give control of the property without provisions of
the Water Power Act would be equal to giving one individual all the coal in
the State. He said fertilizer was of first importance, but insisted that, in
the event of new discoveries in that direction, the plant would be tied up
and lost to its natgral function of producing power for the country.
"Mr. Mayo, Henry Ford's chief engineer," Mr. Baker said, "told the
House Agriculture Committee that Ford did not intend to sell one kilowatt
of power."
"I believe that, at present, industrially, the United States is ahead of
consumption and our main future is in the foreign market," Mr.Baker said.
"It would be useless to use the Muscle Shoals power to create new industries.
It should be used to aid present industries to make operation costs cheaper."
The witness said the committee could get a dozen proposals similar to that
of the Hooker-White-Atterbury group.
"The tendency of water power," he said, "is to be gauged by the price of
coal, so that, at Muscle Shoals, in twenty-five years the tendency will be to
approximate coal cost as the price of power. This should not be the case.
The return should be based on a fair return on the investment. Government ownership would do this.
"I think the Government ought to make the power and sell it to agencies
and companies whose product commends itself to the Government."
The former Secretary said he had no interest in Muscle Shoals other than
that of an American citizen.
Charges placed in the "Congressional Record" that the
Muscle Shoals offer made by Elon H. Hooker, President of
the Hooker Electro-Chemical Co., for himself; W. W. Atterbury, Vice-President of the Pennsylvania Railroad, and J.
G. White of the J. G. White Co. was a move in behalf of
British interests were denied categorically by Senator Wadsworth, of New York, on March 21, according to Washington
a'civices to the New York "Evening Post" which also said:
The charges were made by Representative Garrett of Tennesfee, Democratic leader in the House and an ardent supporter of Henry Ford's proposal
for the development of Muscle Shoals.
"The effort made to associate the offer embodied in my bill with British
.
capital," said Senator Wadsworth, "is too absurd for words. The only
argument is that the White company has done some work for one of the
so-called allied companies. There is probably not one construction company or corporation of the size of the J. G. White Co., which has no foreign
contracts of any kind.
Just why this should Imply that the offer of such outstanding Americans
as Mr. White, Mr. Atterbury and Mr. Hooker for Muscle Shoals is a deepdyed plot on the part of British interests intended to be inimical to the
States is beyond me.
The chart put in the "Congressional Record" shows that the J. G. White
Co. has some connection with George MacAuley Booth, who in turn has
some connection with the Bank of England. It also purports to show that
through a Mr. George E. Hardy this company has some connection with
the Tennessee Power Co., which in turn is supposed to have some connection with the Alabama Power Co., this latter company being shown by a
series of complicated lines to have some connection with a Canadian company which also seems to lead to the Bank of England. Mr. Atterbury and
Mr. Hooker are brought into this interesting picture only because they
have been so indiscreet as to associate themselves with Mr. White.
[VOL. 118.'
The McKenzie bill, passed by the House on March 10,
auttiprizes and directs the Secretary of War to sell to Mr.
Ford, Nitrate Plant No. 1, at Sheffield, Ala.; Nitrate Plant
No. 2 at Muscle Shoals, Ala.; Waco Quarry near Russellville, Ala.; and to lease to the corporation to be incorporated
by Mr. Ford, Dam No. 2 and Dam No. 3, including power
stations. The McKenzie bill was taken up by the House on
March 4;under a resolution reported on Feb. 29.by the Rules
Committee giving the measure priority after the tax bill had
been disposed of. On March 4 the House agreed to the following motion limiting debate on the Muscle Shoals bill:
HOUSE RESOLUTION 169.
Resolved, That upon the adoption of this resolution it shall be in order to
move that the House resolve itself into the Committee of the Whole House
on the state of the Union for the consideration of H. R. 518. That after
general debate, which shall be confined to the bill and shall continue not
to exceed 10 hours, to be equally divided and controlled by the acting
chairman and some member of the Military Affairs Committee opposed to
this bill, the bill shall be read for amendment under the five-minute rule.
At the conclusion of the reading of the bill for amendment the committee
shall arise and report the bill to the House, with such amendments as may
have been adopted, andt he previous question shall be considered as ordered
on the bill and the amendments thereto to final passage without intervening
motion, except one motion to recommit.
Of the 227 votes whereby the bill was passed by the House
170 were cast by Democrats and 57 by Republicans; the 142
votes in opposition came from 122 Republicans, 19 Democrats and 1 Farmer-Labor member (Representative Wefald).
The McKenzie bill, it is stated, was approved by the House
in practically the form in which it was reported by the
House Military Committee, which had been informed by
Mr. Ford that he would take over the Government's nitrate
and power project on the Tennessee River under the terms
embodied in the bill. Advocates of the Ford offer resisted
to the last attempts to modify the proposed contract. The
Associated Press accounts from Washington March 10
stated:
Amendment after amendment aimed at the heart of the bill was thrown
out by decisive vote, and as passed the measure carried fewer than half a
dozen changes of minor importance which its supporters wore willing to
accept.
Attached to the bill, however, was the Madden amendment, approved
by the Military Committee, which obligates the Government to replace the
Gorges steam power plant, recently sold to the Alabama Power Co. Provison is made that this plant—which is not to cost, with a transmission line.
to Nitrate Plant 2, more than the $3,472.487 received for the Gorges plant
—is to be sold to Mr. Ford, along with ntirate plants 1 and 2, and the Waco
Quarry, near Russellville, Ala.
Under the terms of the bill Mr. Ford will have the right to lease for one
hundred years Dams 2 and 3 at Muscle Shoals and adjacent power stations.
Outnumbered, but fighting stubbornly to the last roll-call, opponents of
the offer made a futile last minute attempt to bring the project under the
terms of the Federal Water Power Act, thereby limiting Mr. Ford's lease to
fifty years, and to keep in the bill an amendment adopted Saturday which
would enable the Government to "recapture" the properties if the Detroit
manufacturer failed to live up to his contract in an particular.
On the demand of Chairma Madden of the Appropriations Committee,
one of the leading Ford advocates, a roll-call was demanded just•before the
final vote on the amendment, and it went out of the bill by a vote of 197 to
176.
Party lines were disregarded to a large extent on the final vote, although
Democrats as a rule supported the bill.
Regarding efforts to amend the bill on March 7, ne
The approval of the Hooker-White-Atterbury proposal
Washington Associated Press dispatches said:
embodied in a bill introduced by Senator Wadsworth, Repubto
The
lease
lican, of New York, was urged before the Senate Committee Henry House voted down a proposalthe make theWater of Muscle Shoals to
Federal
Ford subject to provisions of
I'ower Act and also
by Elon H. Hooker on April 16. Press advices that day rejected a proposal to limit the lease to 50 instead of 100 years.
stated:
Both proposals were included in an amendment offered by Represents-year lease on a profit-sharing basis with a $1,000,- tive Burton, Republcan, Ohio, to the McKenzie bill, which would authorThe bid provides a 50
000,000 corporation to be organized. Mr. Hooker, who is President of the ize acceptance of Ford's bid.
Hooker Electro Chemical Co., of New York, said his company now is proOn a standing vote the Burton amendment was rejected 169 to 79, and
clueing caustic soda and ammonia at Niagara Falls.
then, on a tellers' vote, by 182 to 104.
"The only.advantage we have over Henry Ford or the power companies,"
The first test of strength in the voting to-day favored advocates of the
Mr. Hooker said, "is that we have spent our entire life in the chemical Ford bid.
industry and literally spent millions in developing processes."
On the first amendment of importance to be put to a vote, Representative
"Our proposition calls for the Government to put up 99% of the capital Blanton, Democrat, Texas, lost in an effort to limit future appropriations
and get the bulk of the profit."
for completion of dam No. 2 at Muscle Shoals to $28,000,000. the House
He said the fertilizer end could be made an enormous part of the opera- rejecting it 60 to 34. Blanton said he favored the Ford bid but sought to
tions and that the market would fix its price. He added that the Ford bid place a check on expenditures.
would obtain the property for nothing for fifty-six years.
The House also rejected an amendment by Representative Hill. RepubllThe following is from the New York "Times" of April 30: 'can, Maryland, to broaden the provision requiring construction of dam
No. 2 and adjacent locks to be done at actual cost, without profit to the
Replies to Huddleston—J. 0. White Terms as "Nonsense" the Charge of company organized by Ford.
Muscle Shoals Plot.
Representative Burton, Republican, Ohio, urged an amendment which
Charges that their bid for Muscle Shoals was a "plot to prevent the pro- would place the Ford bid under the Federal Water Power Ace and limit the
nitrates and low-cost electricity" were characterized as lease
duction of cheap
to 50 instead of 100 yers.
"nonsense" yesterday by J. G. White, who, with Elon H. Hooker and W.
Repeated efforts on the following day to change the imW. Atterbury, is a bidder for the power project for industrial purposes.
The charges were made in the House Monday by Representative Huddle- portant features of the bill likewise failed. Representative
sten.
Hill of Maryland, during the debate on the bill in the House
"There seems to be a desperate effort to create a false impression concerning our bid," said Mr. White, "because the Ford plan is evidently losing on the 4th inst., stated that he personally favored the passground. We have no relations whatever with Secretary Weeks, Regarding age of the Hull bill, embodying a propositiori made by a
the charges involving the Philippine railroad, we sought merely to manage
-owned line, Governor Wood, once favorable to number of power companies which had agreed to form a
efficiently a Government
$15,000,000 nitrate fertilizer and power company. Reprethe plan, finally vetoed the proposal."
Officials of the Alabama Power Co. which, as the leader in a group of sentative Hill stated that the reasons for his favoring the
Southern power companies, made the Government an offer of approximately
Hull bill were clearly set forth in the report of the minority
$105,000,000 for Muscle Shoals as the centre of a super-power zone have had
little to say about the Ford offer. If has been learned here that while those members of the House Military Committee, submitted on
companies are standing by their offer, and regard it as a move of great Feb. 9. In part Mr. Hull said:
economic importance to the South, the expense incident to carrying out the
Henry Ford is 61 years old. Under his proposition the Ford offer does
Proposed development has mitigated against their insistence upon the offer
being accepted. The Ford bid involves the payment of about $5,000,000. not and cannot become completely operative for six years. and under this
•
MAY 3 1924.]
THE CHRONICLE
2133
in the South has made to the War DepartA group of
the Govern- ment anotherpower companies
offer. The contrast between Mr. Ford's offer and their
proposition Henry Ford's personal responsibility ceases when
to the corporation to be offer is set forth in the following comparative statement:
ment has turned over the Government's interests
of Mr. Ford
COMPARISON OF PENDING BILLS.
formed. There is in the McKenzie bill no guaranty on behalf
corporation that is Hull Bill (H. R. 6781), Based on M'Kenzie Bill (H. R. .513), Based
or anybody else individually for the functioning of the
on Ford Offer.
the 810.000.Nitrate Power Company's Offer.
to be mated. The only guaranty on the part of Ford is that
1. (b) $10,000,000 of capital
of capital
1. (a) $15.000.000
000 corporation shall be created.
(one company): personal liability
impossible (one company). Owned by Ameriof Ford limited to formation of
As our colleague from Alabama, Mr. Bankhead.said, it is quite
They will be cans.
corporation with above capital.
in a brief time to go over all the details of this proposition.
speakers.
Owned by Americans.
taken up by those who favor the Hull bill in detail by subsequent
that was
I desire especially to call the attention of the House to a matter
2. (b) United States deeds to
States deeds to
2. (a) United
the very
company property costing:
new to me until within the last two or three days, and that is
company:
Nitrate plant No. 1_ _ _312,888,000
Nothing.
in the Muscle Shoals situation within the last two years.
great change
Nitrate plant No. 2,In1 nitrate
There are two nitrate plants at Muscle Shoals. There is No.
l
c uding 90.000 horsetwo years
plant and No. 2 nitrate plant. When we visited these plants
power steam plant_ -- 66,252,000
the German
1,303.000
Waco quarry
ago we were told that the No. 1 nitrate plant, which was
that we
New 40.000 horse-power
Haber process plant, had never produced one ounce of nitrate;
steam plant and transduring the war period been able successfully to apply in the Muscle
had not
mission line to be ereccould only
3,472,000
Shoals plant the Haber process. We were told that the plant
ted by Government
the nitrate
be scrapped, and we then went through the acre after acre of
383.915,000
Total
plant No. 2.
3. (b.) In addition to deeding
3. (a) United States leases for
which
Gentlemen of the House, this is a fabulously large project, upon
United States
years 50 years nitrate plant No. 1 and above properties. years the waterGovernment has spent enormous sums of money. We were told two
power plants under Federal water also leases for 100
For a long time Power Act.
plants. disregarding Federal
power
ago that No. 1 plant was not a plant that could be used.
Water Power Act.
be abanthe general theory has been that the No. 1 nitrate plant would
4. (b) Agrees to make 40.000
4. (a) Agrees to make 50.000
desire to call your attention to page 213 of the hearings on the tons annually of fixed nitrogen.
doned. I
tons annually of fixed nitrogen.
Cottrell, the
No promise as to amount or cost
To furnish 100,000 horsepower
first deficiency appropriation bill, to the testimony of Doctor
is to important for fertilizer at cost and 40,000 of power.
chief of the research laboratory, in which he says—and this
To maintain nitrate plant No. 2
additional as required.
road it in full—he says:
that I will take a moment to
To maintain nitrate plant No. 2 or its equivalent (estimated by
aimed at
Doctor Cottrell.—The whole point of our work, of course, is that the at present nitrogen capacity of Ordnance Department to cost not
fertilizer
over $100,000 per annum, or
40,000 tons.
cheapening the production of the nitrogen portion of the
In case of war 90,000 tons of $10,000,000 in 100 years).
farmer uses.
we have had. nitrogen available.
in case of war. 40,000 tons of
The Chairman.—That is the first understandable statement
nitrogen available.
Now state the next phase of it.
get at it?
5. (b) No forfeiture of nitrate
lease on ni5.
Doctor Cottrell.—As to how we
How do trate(a) Forfeiture of power plants plants, steam plants. oe quarry for
plant and water
The Chairman.—You say your object is to make it. cheaper.
cheaper?
violation of agreement: forfeiture
if agreement violated,
you make it
at Muscle
Government may take over In under certain conditions of waterDoctor Cottrell.—At the close of the war period the plants and plant
Shoals were shut down. There were two plants, plant No. 1 being the case of war; does not require Gov- power lease. Government loses
the cyanamid plant and plant No. 1
ernment to protect company against control and ownershfp of both iiiNo. 2, plant No. 2 being
generally, the direct
trate plants, steam plants, and
so-called modified Haber process plant, or, morethe beginning, or from losses.
quarry, except may take over plant
ammonia process. It was recognized from
synthetic
but what
No 2 in case of war on "protecting
the time those plants were put up, that there was no question technique
company from lasses occasioned by
could make plant No. 2 operate and make cyanamid. That
we
was also recognized that it
such use, and shall return the said
was pretty well known in this country, but it
concerned.
pronerty in as good condition a-s
was to be an obsolescent method as far as fertilizer was
when received and reasonably comNo. 1 has
pensate company for the use
Plant No. 2 did make cyanamid during the war, but plant
years
thereof."quary
developed anything. Again I call attention to the fact that two
never
ec
6. (b) No right of rapture as
6. (a) Government has right to
No. 1 plant
ago when your committee began these investigations the
and
I continue from the testimony: recapture all property leased at end to nitrate plants, steam plants,
process at Muscle Shoals was not successful.
of 501 years.
Ford has preferred right to renew
The Chairman.—It was too expensive?
water power leases at end of 100
Doctor Cottrell.—Yes. sir: it had served its purpose in the development
were
years.
of the art. The Haber plant, or plant No. 1. was the one that we
7. (b) In absence of express
7. (a) Federal Water Power Act
taking the greatest gamble on being able to work, but the one that would
provides that no value shall be stipulation, courts would be rethe cutting of the costs if successful.
go furthest toward
allowed for power leases in cases of qui,ed to value power leases in
remind recapture.
proceedings to take over power
Here is the potent portion of this testimony, and this, I again
few
plants by Government if that
you, was not before the Military Affairs Committee, but in the last
should ever be desirable.
mittee on Appropriations in the hearings on the
days before the Sub-Com
8. (b) No regulation of rates,
8. (a) Regulation by public audeficiency appropriation bill.
thority as to rates, service, and service, or security issues.
Profits not regulated, except as to
security issues.
of these processes is economical, is it?
The Chairman.—Neither
Profits limited by public authority, to fertilizer.
Doctor Cottrell.—Yes, sir. At present we believe that we have the
9. (b) Power available only to
9. (a) Power in excess of that
No. 1 process in such shape that it is economical.
used in fertilizer available through- Ford plants at Muscle Shoals.
The Chairman.—That is the Haber process.
States.
Doctor Cottrell.—Yes, sir; it appears to be economical. That process is out Southeastern cash payment of
10. (b) Offers 31,527,512 75 for
10. (a) Offers
a large scale in Germany during the war,
the one that was employed on
-horsepower both nitrate plants, steam plants.
90,000
and it is the one by which Germany is now making a large supply of fer- $4,500,000 for Muscle Shoals if and quarry, costing Government
steam plant at
tilizer, and by which she is cutting her costs down.
over $80,000,000. and divests GovGovernment desires to sell.
Government retains title to bal- ernment of title to same.
There is one more reason for realizing the enormous importance of the
No sum for research work.
Haber process. I invite the ance of properties.
work of Muscle Shoals. We need it for the
Devotes at least 31,000 000 for
attention of the membership of the House, especially to the first four pages research work.
11. (b) Pays nothing for head
of the minority report in reference to Muscle Shoals. There is in these
11. (a) Agrees te pay toward
improvements.
four pages a comparative statement of what the minority members think headwater improvements as required water
with what would by Federal Vl ater Power Act.
will be accomplished under the Hull bill in comparison
12. (10 Rental Dams Nos. 2 and
12. (a) Rental Dams Nos. 2 and
be accomplished under the McKenzie bill. I hope the Members wil1 3 for 50 years. 3138,084.400; total 3 for 50 years. $103.866.654: total
for 100 years. $219,964,954.
They are as follows:
for 100 years, 3295.624,400.
carefully read the pages.
Savings to Government for 50
The Government has constructed works of tremendous value and im- years, 334,218,000.
'
portance at Muscle Shoals. They represent an investment of more than
Savings to Government for 100
This is the actual cost to the taxpayers of the United years. $73,610,000.'
$135,000,000.
because
States.
Some of our colleagues have favored acceptance of the Ford offer
Dam No. 2 and hydro-electric installation of 18 units will, when comregarded this as the only feasible means for securing the development
pleted, be the largest dam in the world and represent an investment of they utilization of Muscle Shoals. It will be reme-nbered that a sharp
and
more than $51,000,000.
House of Representatives several years ago as to
Nitrate plant No. 1 represents an investment of more than $12,000,000. controversy arose in theshould be appropriated for the completion of the
further money
It includes 1,900 acres of land. In addition to nitrate plant No. 1 there whetherDam. Upon this question the House sharply divided, and in the
Wilson
are large permanent,substantial buildings for various smaller manufacturing
of the Sixty-sixth Congress an appropriation for that purpose
mimeses. Located on this tract are 125 permanent residences with all closing hours by a vote in the House. To many p •rsens the meaning of the
modern improvements; also 9 miles of macadam roads; also 8 miles of was defeatedto be that the Government itself would go no further in making
seemed
sewerage; also 4 mile; of standard gauge railroads, with necessary locomo- votedevelopment, and this was the situation when the Ford otter first
the
tives, cars, repair shops, etc. There are paved streets and water works.
insure the completion of the
were
Nitrate plant No. 2, including the Waco quarry, represents an invest- appeared. It was apparently the only way to
purpose for which they great
ment of more than $67,000,000. It includes 2,300 acres of land. On this dam and utilization of the works for the
the time being oven that the
tract are 186 permanent residences, many of them with two bathrooms, originally intended. It seemed for otherwise be practically abandoned.
works at Muscle Shoals might
resemblance
including expensive electric lighting fixtures, water supply, sewers, etc. nitrate
Support of the Ford offer under these circumstances bears no
These great nitrate works include the largest beuildings of their kind In the
House. Since that time Congress has
world There are also a number of permanent buildings for various small to the present problem before the the completion of the Wilssn Dam and
voted many millions of dollars for
manufacturing purposes, such as sawmills, blacksmith shops, etc.
there and
clearly indicated its purpose to complete the entire development
as to
On this tract comprising nitrate plant No. 2 there is a hotel which is retain the nitrate works and the vast power plants in such a manner
100 rooms. On be always available for national defense. re Is new clear that to secure
completely furnished and equipped, containing more than
no such
this tract there are 24 miles of improved roads and cemented sidewalks and these great advantages and to carry out this enlightened policy
streets: there are on this tract about 40 miles of standard gauge railroad sacrifice as would be involved in the acceptance of the Ford offer is necessarY •
tracks; there are 20 miles of sewers; there is also on this tract a complete
projects for the
There are, therefore, before you for consideration two
waterworks and sewerage system; and there is attached to this nitrate plant
,
No.2 a steam plant for the generation of electricity , known as the Sheffield furtherance of an object with which you will all agree. One Is the Ford
steam plant, which alone cost more than $12,000,000. This plant is in offer as contained in the McKenzie bill, and the other is the united power
high-class running oeder to-day and is being used. There should be inthe Hull bal.
cluded in this picture the fact that there is $500,000 worth of platinum in and nitrate companies' offer as contained in
storage at the United States Sub-Treasury in New York belonigng to the
From the New York "Tribune" of the 11th inst. we take
use in a catalyst for extracting nitrogen from the air.
nitrate plants for
There is also cash in the United States Treasury amounting to $3,472,487 25, the following advices from Birmingham, March 10:
recently received by the Government for the sale of the Gorges steam plant.
which it is proposed under the committee bill with the Madden amendment
Cities of the Tennessee Valley reported their greatest celebration since
to immediately spend in behalf of Mr. Ford's offer for the construction of an the armistice on receipt of news that the House had passed the McKenzie
auxiliary steam plant for his benefit.
Ford. At Sheffield.
In return for all the above, including the platinum valued at $500.000 bill providing for leasing of Muscle Shoals to Henry
celeand the $3.472,487 25 cash now in the United States Treasury, Mr. Ford Florence. Decatur. Huntsville and other points citizens gathered for
proposes to pay to the United States Government $5,000,000, and that brations. Bonfires, ringing of bells and blowing of automobile horns
only in several annual installments.
In other words, Mr. Ford proposes to pay $5,000,000 for the following signified the elation over passage of the bill.
miles
Remembering Ford's promise to build an industrial city several
property:
866.252,392 21 long, citizens expect a boom, provided he finally gets the right to develop
Nitrate plant No. 2. costing
12,887,941 31
Nitrate plant No. 1, costing
•
1,302,962 88 the Shoals property.
Waco quarry, costing
3,472.487 25
Cash from sale of Gorges plant
The New York "Sun," in its issue of March 10, discussed
$83.915,783 65
Total
The Government, if it wants to part with the steam plant for the generaattached to nitrate plant No. 2, known as the Sheffield
tion of electricity
steam plant, is now offered by one of the bidders appearing before Congress
in this matter the sum of $4,500,000 spot cash for this one unit alone.
Such are Mr. Ford's demands.
the action of the House editorially as follows:
Another Government Lease.
has indi_
The House, under the control of the Democrats and insurgents,
develop_
cated its unalterable resolve to vote away the Muscle Shoals power
2131
THE CHRONICLE
meat to Mr. Henry Ford. Mr. Ford is probably the richest
man In the
world; to accept his unusual offer it is necessary not only to reject
another
which has every appearance of being more advantageous, but
also to violate
an established national water power policy. But the House perseveres,
although the example of Teapot Dome is still brilliant in the heavens.
It is
so brilliant, in fact, that it seems to have obscured this other and
equally
remarkable disposition of the national resources.
In brief, Mr. Ford proposes to lease the dams and the hydro-elect
ric
plant from the Government for one hundred years, and to buy outright
the
steam plants and nitrate works. These cost $84,000,000 to
build and have
a scrap value of about 316,000,000. Mr. Ford would pay net
a
price of
$1,500.000 for them. He would also engage to manufacture fertilizer
in
accordance with demand and sell it at not more than an 8%
profit. The
surplus power he would use as he likes.
When the offer was first made it was the only one. Congress now has
another proposal from the Southern power companies. They would
lease
the dams and hydro-electric plant for a somewhat higher rental than
Mr.
Ford offers and for a period of only fifty years. They would buy
the
principal steam plant alone for $4,500,000; they would lease one of
the
nitrate plants and agree to maintain the other one in condition. They
would manufacture 50.000 tons annually of fixed nitrogen and the surplus
power they would sell over their switchboards in connection with their
already extensive development of public utility electric power in the Southern States under the usual public regulation.
Congress Is apparently unable to think of anything except cheap fertilizers
for the farmer. But during the coming century the importance of Muscle
Shoals will not lie In the power which either Mr. Ford or his rivals will put
In nitrates. It will lie in the great surplus power which will be available for
general industrial use. The real question is whether that should be turned
over for one hundred years to the unexplained purposes of the Ford Interests
or incorporated for fifty years in the power production system which has
already been built up for the ordinary service of the Southern States.
The Democrats who are so properly suspicious of Mr. Doheny and
Mr. Sinclair have an unbounded confidence in Mr. Ford. It is the extraordinary personal reputation of the manufacturer which has alone made
possible a moment's consideration of the offer; but while the proposed
leases are to run for one hundred years Mr. Ford is already at the age of
sixty-one. Mr. Denby was asked to resign because of stupidity. But it is
impossible to ask the House of Representatives to resign.
[VoL. 118.
York "Times," that much of the testimony he
gave before
the Grand Jury was hearsay. He also admitted
that he had
corrected while in the Grand Jury room an affidavit
he had
previously given to Blair Coan, a representative of
the "National Republican," the editor of which is George
Lockwood,
Secretary of the National Republican Committe
e. Regarding Glosser's testimony, the "Times"
also had the following
to say:
•
Senator Borah subjected the witness to a
searcl hag examination and
when the witness was excused Senator
Borah directed him to remain within
c 11 of the committee, as it .s probable
be w 11 be heard again after certain
witnesses now on the way to Washington
have testifiel.
The witness said that he had never
personally had any conversation
with Senator Wheeler as to the scope
of the latter's employment by Mr.
Campbell, although he declared he was
present at a hotel in Great Falls
when Senator Wheeler said the matters
in controversy could be "fixed up"
In Washington.
The Grand Jury did not have a
stenographer present when Mr. Glosser
was before it, he said, and subsequentl
y this statement was corroborated
by J. W. Sperling, a Great Falls hotel
man, who was a member of the
Grand Jury. Mr. Sperling said that in
the Butte case there was.a stenographer present, but none when the
matter of Senator Wheeler's employment by Mr. Campbell was under
consideration.
While Mr. Glosser insisted he had
heard Mr. Campbell and Senator
Wheeler discuss the Washington phase
of the Campbell case, Edward M.
Harvey of Eugene, Ore., a trustee of
the Campbell properties, declared
that when the matter of Senator
Wheeler's employment was brought
before the trustees for their approval
not one word about litigation before
the Government departments was
mentioned. Senator Wheeler's employment, Mr. Harvey told the
committee, related only to the Campbell
cases in the Montana State courts.
Het Wheeler First in 1923.
Mr. Glosser said that he met Senator
Wheeler for the first time in the
early part of January 1923. He
saw him
Campbell, the witness said, had a large several times afterward. Mr.
number of cases pending in the
courts, some involving titles and others
"Did you ever talk to Senator Wheelerinvolving permits.
as to the scope of his employment
The United States Senate Investigation of Indictment by Mr.
Campbell?" asked Senator Borah.
Against Senator Wheeler.
"I never did," Mr. Glosser replied.
"Did you make an affidavit in this
The special committee of the Senate which was appointed
case?"
"I did."
recently to investigate the circumstances and facts sur"To whom did you give this
affidavit?"
rounding the indictment of Senator Burton K. Wheeler in
"To Mr. Coan."
"Did you make a second affidavit?"
Montana, resumed its sessions this week, hearing the testi"I did."
mony of oil operators, politicians and others. The com"For whom did you make this?"
"The same person, Mr. Coan."
mittee, of which Senator Borah is Chairman, has been holding
This second affidavit, the witness
sessions now for nearly three weeks. At the outset of the
said, was made in Denver. He went
to Denver with Mr. Coen, and the
latter, the witness said, paid his exsession on May 1 Chairman Borah read a letter from Com- penses. He insisted, however,
that he
missioner Spry of the General Land Office saying that a search that the money he received was $80 less received no remuneration and
than he actually spent on the
of the files of his office failed to show any apppearance as trip. Mr. Glosser had only one of his affidavits with him. Senator
Sterling, a member of the committee
to whom the authorities have been
an attorney of Senator Wheeler before that office in the supplying information to use in
examining witnesses, was asked if he
matter of land permits. Blair Coan, who went to Montana bad the other affidavit, but he did not have it.
"Did you testify before the Grand
Jury?"
for Secretary Lockwood of the Republican National Com"Yes, sir, I did," Mr. Glosser answered. Senator Borah inquired.
mittee to investigate the charges against Senator Wheeler, "Were there any minutes of the jury?"
"I did not see anybody taking anything
testified that he had no "direct knowledge" regarding the
down while I was there," Mr.
truth of the accusations in the Senator's indictment. With Glosser replied. of
J. D. Watson
Great Falls was the first man to
whom he talked refurther regard to the session on May 1, press dispatches garding the Wheeler case. Mr. Glosser said.
He said that Mr. Watson
came to him and told him some people
had the following to say:
from Washington were in town
and these people wanted to know what he,
Glosser, knew about the Wheeler
W. W.Rhea of Idaho Springs, Colo., who identified himself as an oil case. Mr.
Watson, he added, told him Coen
was In town, and a little
man, was the first witness. He said he had met Wheeler at the Rainbow later
he was introduced to him. He said he
thought an Assistant United
Hotel in Great Falls on Jan. 15 1923 at a conference at which Gordon States Attorney
named Mayes was the man who
Campbell and H. C. Glosscr also were present.
introduced him to Mr.
Coan.
"The main conversation," he said, "was in regard to the
The witness had testified the be had
Phil McGowan
seen two checks of $2,000 each
permit. Mr. Campbell said it would be fixed up when Mr. Wheeler made
out to the order of Senator Wheeler.
In the affidavit he submitted
got to Washington."
he gave the amounts as 33.000. In
answer to a question by Senator
"What, if anything, did Senator Wheeler say?" asked Senator Borah.
Swanson he said he had changed the
amount to $2,000 while he was before
"He said he didn't need to worry, that this would all be taken care of the Grand
Jury.
when he got back here."
Says He Heard Talk About Lease.
Promised a Big Slice.
Senator Sterling, taking up the
examination, asked Mr. Glosser to
Rhea said he had an interest in the Phil McGowan permit, and that tell what
was said at the conference which
Mr. Glosser had testified was
Campbell declared if the permit was fixed up, they would give Wheeler attended
by Mr. Campbell, Senator
Wheeler, himself and one or two
"quite a big slice out of it."
other persons. The matter discussed,
he replied, was the Phil McGowan
Senator Wheeler make any statement when there was talk of lease.
"Did
Mr. Campbell declared at that
conference, according to the witness.
slicing up the permit?" asked Senator Borah.
that if "Senator Wheeler could get it ifxed
up in Washington it would be
"I don't think he said a word," was the reply.
all right," and Senator Wheeler, he said,
replied that it could be done,
Rhea testified he never paid any sum to Wheeler in connection with and told
Mr. Campbell not to worry.
the permit, nor did he have any knowledge that Wheeler appeared in
"Did Coen tell you what he wanted
with those affidavits?" Senator
the Land Office either in Washington or Montana in connection with it.
Caraway asked.
Senator Borah developed that Rhea had made an affidavit in connection
"He said he wanted to use them in the
newspapers," Mr. Glasser answered
with the Rainbow Hotel conference.
Mr. Glasser said that while in the
Campbell he
"To whom did you first narrate this matter?" asked Senator Borah.
had signed in blank papers relating to emploYmont of Mr.
two oil permits. Senator Caraway
"To Mr. Coan."
asked if he had waived immunity before
the Grand Jury and the reply
had met Coan at Denver on invitation of Glosser, who was that he had
Rhea said he
not been asked to do so.
formerly was an employee of Campbell.
All of the witnesses from both Washington and Montana
"Was this after the investigation of Attorney-General Daugherty had
started?" asked Senator Borah.
who appeared before the Borah committee at the first hear"Well, I guess it was," the witness replied.
Rhea said he made the affidavit within ten minutes after he met Coan. ing on the 17th, denied any knowledge of Senator Wheeler
He added that he and Glosser and Coen had not talked the matter over having acted as attorney
for Gordon Campbell, oil operator
before he made the affidavit.
of Montana, before the Department of the Interior. The
Under examination by Senator Sterling, Republican, of South Dakota,
Rhea said his claim was under contest at Washington at the time of the New York "Times" accounts of the first day's hearing said:
Rainbow Hotel conference. That question wsa discussed.
One of these (witnesses] was Edwin S. Booth, former solicitor of the DeH. E. GlossPr, referred to as the star witness before the partment of the Interior, and now a Special Assistant Attorney-General.
Grand Jury which recently indicted Burton K. Wheeler, Mr. Booth was solicitor in the period covered by the indictment and Is
generally understood
means
appeared on April 26 to testify before the special committee Department of Justiceto be the witness by case. of whose testimony the
expected to prove its
Mr. Booth declared that
which is investigating the facts regarding the Wheeler Senator Wheeler had never represented Mr. Campbell or any other oil
lessee before the Department. Ile testified that he had met Mr.
indictment. Mr. Glosser, who is a former private secre- socially
Wheeler
and that he had discussed Mr. Campbell's troubles with him,
but
tary of Gordon Campbell, the oil operator and one-time that this had "nothing to do with the Government."
"Did Mr. Wheeler at any time appear before you in connection
client of Senator Wheeler, in answer to the questions put to
with any
permits for lands for Mr. Campbell?" asked Senator Borah.
him by Senator Borah, admitted, according to the New
"He did not," replied Mr. Booth.
MAY 31924.1
THE CHRONICLE
these assignments
"Did he solicit your aid or help with reference to
them?"
(those in the indictment) or anything connected with
"No,sir."
Campbell Denies Charges.
Mr. Wheeler's
Mr. Campbell also testified, as did James H. Baldwin,
had not appeared
Montana law partner, and both insisted that Mr. Wheeler
department. They
as attorney for Mr. Campbell before the Government
was for suits in the
emphasized that the $4,000 received by Mr. Wheeler
Wheeler himself had
Montana courts, Mr. Campbell declaring that Mr.
Federal matters.
repeatedly stated that he could not appear for his client in
file of all the teleMr. Campbell produced what he said was a complete
himself as well as
grams which have passed between Senator Wheeler and
addressed to the
other telegrams bearing on the matter in issue, but not
before the Great Falls
Senator. These were copies of the telegrams placed
of the charge that Mr.
grand jury by the Department of Justice as proof
Mr. Campbell
Wheeler was practicing before the Interior Department.
All leases in which
said the telegrams had nothing to do with any leases.
declared, before Mr. Wheeler
he has, or claims an interest, were made, he
represent the Campbell
came to the Senate and before he was retained to
interests in the Montana courts.
been taken from his
Mr. Campbell said the originals of the messages had
Office Department and
office in Great Falls by representatives of the Post
was still in office. Senof the Department of Justice, while Mr. Daugherty
if so if the searchers
ator Swanson asked him if the office was searched, and
files were seized and there
had a warrant. Mr. Campbell said that all of his
2135
their constituents, Commissioner Spry said.. Asked to .describe his talk with Senator Wheeler, Commfssioner Spry
said:
I think it wasin the spring of 1923. He and Mr.Booth came to my officp.
,
After some pleasantry was exchanged I tendered the services of the Depart.
ment to Senator Wheeler, as I do to other Senators. Mr. Booth made the
remark that Senator Wheeler was interested in one case. The Senator replied his interest was only to see that Gordon Campbell got proper treatment and a square deal. I assured him that he would get that.
Senator B. K. Wheeler, of Montana, appeared before
United States Commissioner McDonald at Washington od
April 19 and furnished bond for $1,000 for his appearance.
May 5 at Great Falls, Mont., to answer the indictment charging him with accepting money illegally for appearing before
the Interior Department. He went before the Commissioner
voluntarily soon after he was advised by the District Attori
ney's office that the indictment had been forwarded here
with a request for service. Bond was furnished by William
B. Colver, a former member of the Federal Trade Commission and a personal friend of the Senator.
was no warrant.
Mr.
The Senate committee was told on April 23 that
Contempt Proceedings Against Mal Daugherty by the
activities in behalf of Gordon Campbell had been
Wheeler's
Senate.
the
restricted to actions before the State courts and that
The Senate adopted on April 26 without a record vote a
GovernSenator had declared he "didn't know a thing about
tes- resolution declaring Mal S. Daugherty, brother of the forment permits and wouldn't know one if he saw it." This
Nawho was mer Attorney-General, and President of' the Midland
timony was by L. V. Beaulieu, now of Los Angeles,
tional Bank of Washington Court House, Ohio, in contempt
general counsel for Mr. Campbell from Oct. 1 1922 to Sepof the Senate for refusing to answer two subpoenas directtember 1923. The indictment charges Senator Wheeler with
ing his appearance before the Brookhart Committee which
appearing before the Interior Department for Mr. Campbell
Justice. The following
Senator Sterling Is investigating the Department of
in connection with Government oil leases.
day, i. e. April 27, Mr. Daugherty was arrested at Cincinnati,
of South Dakota stirred up his committee colleagues when and immediately thereafter he obtained a writ of habeas
he consulted a memorandum and asked Mr. Beaulieu if he
corpus in the Federal Court. His arrest was made by John
knew of a letter which the Senator said had been written by
J. McGrain, Deputy Sergeant-at-Arms of the Senate on a
Solicitor Booth of the Interior Department to Senator
behind closed
y
questions about Senate warrant. After a preliminar hearing
Wheeler's law firm containing a reply to
doors, Judge Hickenlooper granted the writ, effective forthGovernment leases. Chairman Borah promptly objected to
with, and Mr. Daugherty was released under bond of $5,000
this line of questioning and called on Senator Sterling to
for his appearance for a hearing on May 10. Mr. Daugherty
produce the letter. No other committee members knew
In Cincinnati was represented by N. P. Clyburn, John Logan,
about the memorandum which had been supplied to Senator
John P. Philips of Chillicothe,
his A. E. Vorys,of Columbus and
Sterling. The latter was asked to divulge the source of
as attorneys. Assistant Federal Attorney Beatty represented
information, but refused to do so, contending that it was not
Mr. McGrain. The arrest of Mal Daugherty grew out of his
pertinent to the inquiry. "I haven't the letter now, but I
failure to obey Senate subpoenas for his appearance before
expect to produce it during the course of the proceedings,"
the committee investigating the regime of his brother as
said Mr. Sterling. "I haven't seen such a letter, but I have
Attorney-General and because he refused to permit a special
a memorandum reminding me of such a letter."
sub-committee of the Senate, composed of Senators Wheeler
William G. Feely, Washington attorney for Gordon Campand Brookhart, to examine records of the Midland National
bell, on April 24 testified that under an oral contract made
Bank. The habeas corpus proceedings filed by Mr. Daughwith Campbell in March 1923 lie represented Campbell in
under which
he had erty charged that "the sole and only authority
land cases before the Interior Department, but said
the committee pretended to have jurisdiction to direct and
never had any consultation with Senator Wheeler or his law
require Daugherty to appear and testify, and to produce the
firm on these matters. "Senator Wheeler had absolutely
bank records, was and is by a resolution passed previously
nothing to do with it," the witness said.
the application charged, had
was in the Interior Depart- by the Senate." The Senate,
Mr. Feely said he formerly
and has no power, under the Constitution or laws of the
ment and met Campbell through Edwin S. Booth, at that
States, to confer any such authority or jurisdiction
time the Department solicitor. Campbell's business with the United
per- on the committee, and did not do so in its resolution. The
Department was in connection with oil land prospecting
Daugherty, it is almits, he said, and "our firm handled all those matters." order of the committee directed to Mr.
the ConSenator Wheeler?" asker Senator leged, was in violation of the Fourth Amendment to
"Are you acquainted with
stitution. The application further charges that the commitBorah, Chairman of the committee. "Yes, sir. I met him in
or authority to
the summer of 1923," the witness replied, "after we had tee and Senate are wholly without power
punish Mr. Daugherty for any alleged contempt, or to order
practically closed up the matters with the Interior Departand that the
ment. "So far as you know, Mr. Wheeler had nothing to do his commitment, or to take him into custody,
asked Senator Caraway, Democrat, Arkan- Senate has no jurisdiction to exercise any gudicial power to
with the matter?"
evidence unsas. "Absolutely nothing." Mr. Feely said the Government compel the attendance and testimony or other
investino financial interest in the Campbell permits, but der "the pretended authority of the resolution" to
had
gate the conduct of Harry M. Daugherty. On April 11 1924,
"merely passed on controversies between claimants." SenaCommon Pleas
tor Sterling, Republican, of South Dakota, asked the wit- the application set out, in an action in the
him to Senator Wheeler. Mr. Feely Court of Fayette County, Ohio, in which the Midland Naness who introduced
Wheeler and Brooksaid it was Booth. "Where was this?" "I think it was in tional Bank was plaintiff and Senators
t of Justice. I did not meet him in the Inte- hart were defendants, a temporary order was granted to the
the Departmen
Brookhart and their
rior Department." "You said you never wrote to Mr. bank, restraining Messrs. Wheeler and
bank.
Did he ever write to you?" "He did not." Mr. agents and employees from molesting the books of the
Wheeler.
A request that President Coolidge direct the Attorneys to the acreage in the
Feely said no question was raised
assignment or permits that he handled for Campbell, but General to defend suits brought by Mal S. Daugherty against
that the question of their validity "was raised in the matter members of the Senate committee investigating the Department of Justice was made in a resolution adopted by the
of the Phillip McGowan permit."
of the General Land Office testified Senate on May 1.
Commissioner Spry
The resolution, offered by Chairman Brookhart of the
on April 24 that Senator Wheeler called at his office in the
with Solicitor Booth, who said Wheeler was Investigating committee, called attention to the habeas
spring of 1923
and the
interested in the Campbell matter. The Commissioner said corpus proceedings instituted by Mr. Daugherty
the Senator himself had declared he was only interested injunction suit filed by him when a sub-committee atthat
to see that Campbell should get a "square deal." Senator tempted to question him at Washington Court House, Ohio,
of
Wheeler never talked to him on any matter except in the as the suits to be defended. There was no discussion
Congress were interested in affairs of the resolution and it was adopted by unanimous consent.
way all members of
2136
THE CHRONICLE
[Vol.. 118.
Attorney-General Stone already has informed the committee
he would co-operate with it in its litigation.
The resolution declaring Mal Daugherty in contempt of
the Senate was offered by Senator Brookhart, Chairman of
the investigating committee, and read as follows:
It would be impertinent for us to express a view upon the wisdom or expediency of such a resolution of inquiry.
If the Senate committee were calling upon the telegraph company to aid
.
it in the inquiry in any way in which the company could act without violation of its duty to its patrons, the company would accept the decision of
the Senate that such an inquiry is in the public interest.
It is necessary, however, in order to make our position clear, to point out,
Whereas, The select committee of the Senate selected pursuant to Senate without intent comment
to
upon its propriety, that the present investigation
Resolution 157, Sixty-eighth Congress, first session, has submitted a report is not one having to do
with laws, but with conduct; not with office, but with
to the Senate; and
officers; not with
b Whereas It appears from such report that M. S. Daugherty as President In charge thereof.governmental Institutions, but with the executive officers
It is an investigation by the Legislature to ascertain is
of the Midland National Bank, Washington Court House, Ohio, was on certain of the
personnel of the executive branch have failed in their duties.
March 27 1924, duly served with a subpoena to appear forthwith before
Denies Senate's Power to Make Inquiry.
such committee in Washington, D. C., and then and there testify relative
to subject matters and to produce specified files, records and books pertinent
Such investigations by the legislative branch are of course contemplated
to the matter under inquiry; and was on April 11 1924, duly served with a by the Constitution. and the tribunals which shall exercise the respective
subpoena to appear forthwith before the committee in Washington Court functions involved in such an investigation are specified. Article 1, Section
House, Ohio, and then and there to testify relative to subject matters 2, provides: "The House of Representatives shall have the sole power of
pertinent to the matter under inquiry; and
impeachment." Section 3 provides: "The Senate shall have the sole power
Whereas It appears from such report that the said M. S. Daugherty has, to try all impeachments."
in disobedience of such subpoena, failed to appear or answer or to produce
The present investigation appears to be such a one as would be appropriate
such files, records and books: and
for the House of Representatives to carry on with a view to impeachment of
I Whereas The appearance and testimony of the said M. S. Daugherty is the executive officers being investigated. In some of its aspects it seems
material and necessary in order that the committee may properly execute similar to such an inquiry as might be undertaken by a Grand Jury.
the functions imposed upon it and may obtain information necessary for
It is certainly clear, however, that it is the House of Representatives
such legislative and other actions as the Senate may deem necessary and which has in this field of investigation the power analog-Ins to that of the
proper; therefore be it,
Grand Jury, whereas the function of the Senate corresponds to that of the
Resolved, That the President of the Senate pro tempore issue his warrant petit jury and the trial court.
commanding the Sergeant-at
It is well known to those who have studied the subject that the extent of
-Arms or his deputies to take into custody the
body of the said M. S. Dangherty wherever found, to bring the said M.S. the power of the Congress to issue compulsory process for the attendance of
Daugherty before the bar of the Senate and then and there to answer such witnesses has never been clearly defined nor authoritatively settled.
questions pertinent under the inquiry as the Senate may order the President
It is clear, however, that the power is not unlimited. It is clear, also,
of the Senate pro tempore to propound;and to keep the said.M.S.Daugherty that the power is essentially Judicial, not legislative, and it is with respect
n custody to await the further order of the Senate.
only to the judicial powers vested In the houses of Congress that the exercise
I The special Senate committee of which Senator Brookbart of the power has received an authoritative sanction.
The doubt as to the power to
is Chairman had been endeavoring for some time to force functions of Congress has arisensubpoena witnesses in aid of the legislative
because if this quasi-judicial power exists
the appearance of Mal Daugherty before it, and also to com- at all it is by implication of the Constitution and not by express grant.
On the other hand, the power to investigate and deal with failures of the
pel him to produce certain records of his bank which the
executive officers to perform their
Constitucommittee has held to be pertinent to the inquiry. It was tion. The power of Congress in duties is by express grant of the plain and
impeachment cases is stated in
the desire of the committee to make an inspection of all ac- explicit words. Equally plain and explicit, however, are the division and
counts at the Midland National Bank which might have a allocation of that power, and the functions of the Senate in this regard.
therefore, cannot be invoked until the House shall
There
bearing on the inquiry in an effort to determine whether is no occasion nor room for an Implication of powerhave impeached.
on this subject.
It may be suggested that the facts developed will be available to the
there were accounts in the bank which, in the opinion of the
House of Representatives, which may find therein a basis for an impeachcommittee, required explanation. Mr. Daugherty was first ment proceeding.
It might with equal force be suggested that facts may be
summoned to appear before the committee at Washington developed which may be brought to the attention of Grand Juries and indictments and convictions secured, all of which might be greatly in the
and a second subpoena was issued and served on him when
public interest.
Senators Brookhart and Wheeler went recently to WashingNo Power to Compel Witnesses.
ton Court House, Ohio, to hold a session there. On both
But such considerations have to do with the expediency of the investigaoccasions Mr. Daugherty failed to appear or produce the rec- tion, not with the legal authority of the Senate to issue compulsory process
to compel citizens to appear
ords sought by the committee. He has retained counsel and ing committee appointed before the tribunal it has set up. An investigatby the President might equally and similarly serve
has made known his intention of fighting the demands. the public interest, but it seems plain that the Executive would have no
There was no debate when Senator Brookhart offered his power by its mandate to compel unwilling witnesses to attend.
In support of the contentions thus set forth by the comresolution. Senator Smoot asked that no action be taken
until a quorum of the members had been summoned. Unani- pany, its counsel calls the attention of the Senate committee
mous consent was given and while Senator Oddie of Nevada to the Kilbourn, Chapman, Henkle and other cases and argues that it is clear that the inquisitorial power of Congress
asked for a record vote, this was not demanded.
and its committees is not unlimited. The memorandum is
Western Union Company Refuses to Reveal Private said to go into a careful analysis of the Senate resolution
which authorized the investigation now being conducted by
Telegrams of Harry Daugherty to Brookhart
the Brookhart-Wheeler committee, and expresses doubt as
Committee Without Consent of Sender and
to whether the Senate intended to give the committee more
Addressee—Position of Company Explained
power than simply, in the words of the resolution, "to send
in Memorandum.
The Western Union Telegraph Co., through its attorney, for persons, books and papers." A power to compel the proPaul E. Lesh, on April 16 formally notified Senator Brook- duction of private papers by unwilling witnesses is certainly
hart and other members of the committee on investigation of beyond the import of the words used," the memorandum
says. "The subpoena calls for all private telegrams of Harry
the Department of Justice, that it will not comply with the
committee's subpoena for the production of the private tele- M. Daugherty, both incoming and outgoing, for the last three
grams of former Attorney-General Harry M. Daugherty years. It lacks altogether any further specifications of
without consent of the senders or addressees of these mes- what is desired." The memorandum later declares:
It seems to us that this subpoena is of the kind which have been called
sages. The memorandum in which the counsel for the tele"fishing expeditions into private papers on the possibility that they may disgraph company sets forth its position challenges the author- close evidence" (Justice Holmes in Federal Trade Commission v. American
ity of the Brookhart investigating committee to "compel" Tobacco Co., decided March -17 1924). which have been condemned by
courts as unreasonable
the appearance of witnesses before it and the submission to the subpoena appears touses of a subpoena duces tecum.
The
be an attempt by "the party wanting evidence
It of the telegrams. The reply says that the company, "like to call for all documents In order to see if they do not contain it," in order
other confidential agents, is, of course, compellable by com- that there may be a search made through all of Mr. Daugherty's private
telegrams,"relevant or irrelevant, In the hope that something
petent legal authority to disclose such information as it has The phrases just quoted are from the same opinion Justicewill turn up."
Holmes.
of
concerning its patrons' business" and that "it may be forced
In conclusion, after an elaborate citation of Supreme
to produce the messages in its files upon subpoena issuing Court decisions, the statement says:
from courts or from other tribunals vested by law with simiAs a matter offact, the estimated cost of making the examination required
lar inquisitorial powers," but that upon this point the com- of the telegraph company's papers under the present subpoena is 91.020.
Nevertheless, because of the more important issues involved and because the
pany's established rules are also quite explicit. The attentelegraph company would not permit this expense to prevent It from extendtion of Chairman Brookhart is then invited to the company's ing to the committee of the Senate any aid it did not feel compelled for other
rule 57 relative to "court orders" for the production of mes- reasons to withhold, and in order that the issues may not be confused by an
which has
sages. The memorandum says that in the opinion of the elementwaives any not entered into the telegraph company's decision, it expressly
objection it might have to the subpoena based upon the
Western Union and its counsel, the investigation of the con- expense to which it would be put in complying with it.
duct of the executive officials is not, in the first instance,
within the constitutional powers of the United States Sen- Harry M. Daugherty's Statement on Testimony Before
ate. In its memorandum the Western Union company furSenate Investigation Committee—Says Most
ther says:
of It is False.
Harry M. Daugherty issued a statement on April 22 at
.
There is a distinctionybetween an inquiry which is undertaken as an incident to the consideration of legislation by either house of Congress and an Washington dealing with the investigation by the Brookhart
inquiry which is not incidental to proposed legislation but is purely inquisitorial and has for its independent object the ascertainment of facts such as Committee of the Senate into the activities of tho Departare hem sought.
ment of Justice during his incumbency of office. Much of
MAy 31924.]
THE CHRONICLE
2137
of my official
far as I am concerned, I should be glad to see the records
the testimony given before the committee, Mr. Daugherty acts while Attorney-General thrown open to the world.
affidavits of
I was told by tbose in high position, not by the President, however,that
alleged, was false, and he asserted that he had
introduced
the
witnesses who testified against him that words were placed if I would voluntarily resign as Attorney-GeneralThisresolution do,for it
I could not
by Wheeler would not be pressed forp assage.
in their mouths and that they were corruptly influenced would have been an admission on my part that there was some truth in
Congress
to tell untruthful stories. He indicated that his Columbus the flase whisperings around Washington and in the cloak rooms ofwho were
by those
purpose of creating
speech would open a vigorous campaign against his accusers. for the the movement withthe condition most desired
no proper motives.
behind
Mr. Daugherty's statement specifically denies that he drank
All the cheap sensational talk by a partisan committee and others in
liquor after becoming Attorney-General regard to the manner in which President Harding was nominated and
any intoxicating
discussion at the convention or during
and that it was served in his home or that anybody brought elected is false. There was no oil
the Harding campaign.
there. He denies that he was ever in Howard Manningit
Says Harding Was a Free man.
ton's "little green house in IC Street," or had any corrupt
President Harding was nominated and elected the freest man that ever
was stepped across the threshold of the White House. No promises were made
)
dealings with Mr. Mannington. II- denies that there
make any promises for him, and nobody else
any deal with oil men to nominate President Harding, de- by him to any man, nor did Ipromises, and if they were made they never
was authorized to make any
claring Mr. Harding the "freest man ever to cross the came to our ears.
threshold of the White House." The statement further
Jess Smith was a young man whom my brother and I assisted in business
in Ohio. He became a successful business man and
denies that Mr. Daugherty knew that Jesse Smith had an in our home towncampaign of President Harding and was helpful to US
was active in the
office in the Department of Justice and defends Mr. Smith's both. He has been dead about a year. your doctors and the undertaker
character. It declares that Mr. Daugherty's Wright- stand ready to testify as to the cause of his mind giving way, which ended
his taking his own life.
Martin stock was purchased before he took office, and in- in I never knew Jess Smith to do a dishonest thing. He was with me only
that he took vigorous action to prosecute the com- part of the time, and while I was net familiar with all his acts. I do not besists
never knew he had an
pany. Mr. Daugherty assails Gaston B. Means, accusing lieve he was capable of doing a dishonest thing. Ihis death I understand
Justice, though since
him of airing grievances, and denounces Senator Wheeler, office in the Department ofof a room occupied by others for the purpose of
that he frequently made use
"the indicted prosecutor," as having promised the I. W. W. looking after some private and legitimate matters for me which I did not
to drive Mr. Daugherty out of office if elected to the Senate. have time to attend to myself.
was
I knew nothing about his domestic affairs except that I knew he
Mr. Daugherty's statement read:
bad
worried on account of demands made upon him and the treatment he
Upon my return to Washington, finding the atmosphere has cleared received at the hands of a woman.
in
somewhat and considering the fact that thinking men and women the entire
I never saw the "mysterious green house in K Street," and was never
country over have expressed their opinion of the situation here. I feel now
H Street house I used temporal Hy because my family was not able
welcome the truth in reference to matters which it. The
Some
that the country would
to be with me. My house was never used for any improper purpose.
It•oprehave recently been exploited.
of the leading politicians, those seeking office, many Senators and
Prior to the passage of the Wheeler resolution it was impossible to interest sentatives called upon me there to confer with me and ask favors. Nothanybody in the truth because of these lies that have been told by "witnesses"
not
ing ever took place there that the world'might not know or that could
and whispered into the ears of Senators, newspaper owners and as many with propriety take place in the most respectable home in the country.
could be used or influenced to perpetuate the deception and set
others as
"The shack" so mysteriously referred to, was a rough place along the
the scene.
creek where with others for years I did considerable work and took healthWithout giving any intimation as to what I shall say in my speech at
ful recreation. Nothing ever took place there that was not wholesaome
Columbus to-morrow night, which is not to be a political speech, I desire
in every way.
American people that the accomplishments of the Depart- or correct
now to say to the
Denies Deals With Mannington.
ment of Justice will be one of the great issues upon which the Republican
Party will win the next election.
As far as Howard Mannington is concerned, I do not think I saw him
That is one cf the reasons for the attacks that have been made upon me,in four times after the first two weeks I was Attorney-General. He never
in order to discredit the department and to assassinate my character in made any proposition of any kind to me and never asked any favors of me.
order that I might be discredited and disbelieved. While no charges have
Gaston Means, an indicted man, has been accommodated by having his
been made against me and no real testimony has been considered the case postponed under a promise by those in control of the Wheeler commitvolumes covering the record of the department have been furnished in tee that he would furnish sensational and dishonest testimony and newsofficial dependable form to the Senate. and also to the Wheeler investigating paper headlines. I appointed Means with reluctance and dismissed him
committee, and hundreds of witnesses and records can be furnished if the in the face of opposition. Later I was importuned to re-employ him and
committee desires facts, yet, considering this villainous attack upon me did so with great reluctance in order that he might complete the procuring
personally, headlines in newspapers have been used to make me almost as of testimony in an important case. I discovered that he had neglected
instructions,
black as some of the criminals who have testified against me.
that duty and was engaged in other work against my positive
I was compelled to stand my ground; I was compelled to shut my eyes to and I discharged him finally. He has gone about the country complaining
cruelty and criminality: I was compelled to ask my family and others to because he has been indicted.
as are the
endure the sorrow and humiliation incident to the production of the testiHis grievance against me on that occasion is well known,
mony which had been whispered into the ears of those who were swept off grievances of other discharged employees used by the Wheeler committee
and reflecting
their feet. Weeks ago I said that I could stand it better than others, for for the vicious purpose of assassinating a man's character
I was better fortified with the department behind me accustomed to criminal upon the administration of the Department of Justice.
out a
assaults.
Wheeler, the indicted prosecutor of the committee. is carrying
to the
Charges Corruption of Witnesses.
public promise made to the I. W. W.in Montana. that if elected
Cabinet." He has
Now,in justice to my family and in justice to my friends, in truth and in Senate "he would drive the Attorney-General from the
his lies and the athonor bound to the American people, I ask, not for myself, but for them. not driven me from tho Cabinet, but those who believed
of telling lies
that the press publish the truth which I now tell. No opportunity has been tacks of those who had been procured for the sole purpose
afforded to cross-examine the star witnesses operating with the committee have succeeded in doing so.
been
I ask nothing for myself, but I ask those newspapers which have
under the management of Scalfe and Vanderlip.
undertaken
No opportunity will be afforded now, though I have statements and misled and used to carry out the most damnable enterprise ever
of decency,
affidavits from those who were prccured as witnesses tosafying to falsehood, against government, law, order, or any individual in the name
averring that words were put Into their mouths and that they were cor- to publish this statement, which can be believed implicitly.
ruptly influenced to tell untruthful stories of a character injurious to me.
Mr. Daugherty followed up his statement issued at
The attacks upon my character, the attacks upon dead men and the use of
on the Senate investigating
weird tales attributed to dead men indicate that it is not the purpose of the Washington with a further attack
Wheeler committee to do justice, to deal in offfrial acts, but rather to spread committee on April 23 at Columbus, Ohio, where he told an
slime, generate hatred, deceit and create confusion and suspicion for reasons
audience of friends and neighbors that he had given up his
which, if not now known, will be made known to-morrow night and freCabinet post rather than "contribute to a reasonable cause."
quently thereafter.
The matter of drinking has been freely referred to. I never was a drink- Files of the Department of Justice, he said, contained
ing man, and shortly after I was appointed Attorney-General, not vrisbing
"abundant proof of the plans, purposes and hellish designs
to be a hypockte, I being my official duty to enforce the prohibition laws.
in mind," he
I refrained from taking a drink of anything intoxicating, and from that day of the Communist International." "Bear
since I have not done so. Nobody every brought any liquor to my house added, "that the files which I refused to deliver to the
and I never served liquor in my house.
Wheeler investigating committee at the time my resignation
My conduct and my associates before and since I have been in Washingand Wheeler,
will compare favorably with that of any other man who maintains his was requested, were demanded by Brookhart
ton
self-respect and conducts himself so as to command the respect of the public. two United States Senators who spent last summer in
My conduct and my associates have been equal in respectability to those
Russia with their Soviet friends—those same Soviet and
of any public official in Washington, President, Cabinet officer or anyCommunist leaders who preach destruction of constitutional
body else.
All these things are known to those who were around use and working government, destruction even to human life. I preferred to
with me during the three years I served as Attorney-General.
honor to hang
Explains Wright-Martin Stock.
The testimony regarding the Wright-Martin stock is false and the witnesses who testified thereto lied, and Brookhart, my "impartial" judge and
juror who called attention to it, made a misstatement when he reiterated
the story for publication. I bought 500 shares of Wright-Martin stock at.
I think. $5 a share long before I became Attorney-General. The company
reorganized and I took in exchange for these 500 shares two or three small
batches of the reorganized stock. This I now hold, and all of it I could
sell to-day for the amount I paid for the original 500 shares, or about $2,500.
The records of the Department of Justice will conclusively show how
vigorously I pressed the Case involving the company in behalf of the Government, despite the interference by some of those who have been most
active in criticizing me.
This is like all the other stories reflecting upon my stock transactions
and the stories reflecang upon Ins personal character. They are false and
my persecutors know it to be false.
I welcome an investigation, with the assistance of my successor in office
and anybody else of honor and respectability, of my official acts, and, as
permit my integrity to be questioned and my
in the balance, for the time being, rather than surrender the
files in the keeping of the Department of Justice. I gladly
gave up a post of honor rather than contribute to a treasonable cause." Mr. Daugherty charged that "pilgrimages to
Moscow by United States Senators" had been arranged for
by the Communist authorities after their efforts to capture
American labor organizations had failed."
Senator Wheeler's Reply to Harry M. Daugherty.
Replying to the statement issued by former AttorneyGeneral Daugherty at Washington on April 22 (given above)
Senator Wheeler, who is "prosecutor" of the Brookhart
Committee of the Ser ate investigating Mr. Daugherty's
2138
THE CHRONICLE
conduct of the Department of Justice,'gave out a statement on April 23 accusing the former Attorney-General of
!having uttered falsehoods. The Wheeler statement bristled
with charges against Mr. Daugherty. The Montana
Senator reveals that his intention is to drive from the Department of Justice "almost a dozen high officials," composing the "Ohio gang," known at Columbus, Mr. Wheeler
says, as "Us Boys." He indicated also that the investigation is to be long drawn out for "the evidence thus far
adduced is but a drop in the bucket." The statement
reads as follows:
• I have just completed a rather hasty reading of Mr. Daugherty's highly
[vol.. 118.
Senator Wheeler denied the claim of Mr. Daugherty
that he had furnished "official dependable records" of the
Department of Justice to the investigation committee. The
only records supplied, Mr. Wheeler said, were the annual
reports of the Department of Justice, "which obviously
contain nothing the Attorney-General would wish to
conceal," adding "His attitude as to supplying information
has been obstructive throughout."
Another Senate Oil Investigation—Inquiry into Leases
Granted Honolulu Oil Co.
Turning its attention for the first time to Naval Reserve
.ingenious statement in to-day's press.
• The evidence thus far adduced before the committee is but a drop in the No. 2 in California, the Senate Oil Committee was advised
bucket.
on May 1 by Assistant Secretary Finney of the Interior
The "achievements of the Department of Justice" of which Mr. Daugherty boasts cannot be fully revealed until the Ohio gang known at Columbus Department that a search of the records failed to show the
,as "us boys" and numbering almost a dozen high officials in the department necessary Presidential approval of the lease of more than
is ousted. The department is still full of Daugherty men.
3,000 acres in that reserve to the Honolulu Oil Co. The
The character of witnesses is assailed by Mr. Daugherty. The character of the witnesses in any case of this kind is determined largely by the lease was not valid, the witness said, unless approved by the
character of the central figure. Birds of a feather flock together.
President, because Secretary Fall had no authority to make
such a contract alone. All Naval Reserve No. 2 had been
Calls Statement False.
Mr. Daugherty complains he has had no opportunity to cross-examine leased by Fall, except 1,280 acres, he said, and since Secrewitnesses. That is false. His counsel have been allowed to examine every tary Work
came into office, the remainder has been leased at
witness who finished his or her direct testimony, and such examination
strengthened rather than weakened the testimony. In the case of Miss the request of the Navy Department. The leases made
Roxy Stinson they complained in the press for days about not being allowed since Fall resigned carry royalties
of from 61 to 50%, he
to cross-examine, but when given the opportunity their questions were
said, which were much higher than those under Fall. At
timid and they were glad to stop in five minutes.
The "attack upon dead men," referred to by Daugherty, results from the the conclusion of Mr. Finney's testimony the Committee
,fact that Jess Smith was his roommate and constant companion. Jess took a recess until May 8.
,Smith was honest before he came to Washington with Daugherty. If he
The history of the lease granted to the Honolulu company
then became corrupt it was as Daugherty's agent, his "buffer."
After Smith's suicide there was no inquest. His body was rushed to Ohio by Secretary Fall was explained at the request of Senator
within a few hours. Jess Smith has been mentioned in the case only because Walsh, who said
that by resolution of the Senate the Comhe was known everywhere as Daugherty's representative, the man who, in
mittee had been directed to go into that matter specially.
,Daugherty's absence, sat in his office and spoke for him authoritatively.
Daugherty says, "I never was a drinking man; nobody ever brought Senator Walsh added that hewanted to obtain from Finney
,liquor to my house, and I never served liquor in my house." The Daugh- a
foundation for such inquiry as would be made later. Fall
erty-Smith apartment at Wardman Park Inn was frequently referred to as
one of the wettest spots in Washington." Evidence clearly shows that had authorized the lease to the Honolulu company, Finney
Daugherty and Jess Smith were always well supplied with liquor.
said, and it was not approved by Secretary Denby. He
Daugherty refers to Jess Smith as a young man whom he and his brother had
been unable to find any record to show that President
helped to business success. Jess Smith inherited $70,000 and sold his
department store for $38.000. He was nearly 55 years old when Daugherty Harding gave his approval. Senator Walsh read from the
brought him to Washington.
law to sustain conclusion that the lease was invalid unless
approved by the President, and Finney agreed. Fall
Says Fear Caused Smith's Suicide.
Evidence shows there was nothing in the condition of his health to cause granted the lease to the Honolulu company
after his predesuicide. He had been under treatment for diabetes, but was getting better.
cessor, Secretary Payne, had denied a patent to the comEvidence shows his suicide was clearly due to fear of detection and of being
pany, the witness said. The land covered was slightly in
made Daugherty's scapegoat.
Daugherty says he "never knew that he, Smith, had an office in the excess of 3,000 acres.
Department of Justice." Everybody else knew it. Many letters introWith the investigation into the Doheny and Sinclair oil
duced at the hearing were written by Smith on Daugherty's official stationery, and Mr. McLean, Congressman Haley and members of Mr. leases of Naval reserve oil lands in its final stages', it became
,Daugherty's staff, when desiring to communicate with Smith, addressed
known on April 21 that a separate investigation into the
him at the department. Many of these documents have been offered in
leases granted to the Honolulu Oil Co. on land within
evidence.
, Daugherty says "I never saw the mysterious greenhouse in It Street." Naval Reserve No. 2 in California is to be made by the
,Several witnesses have testified to seeing him there frequently, and more
Senate Oil Committee. A resolution proposing such an
,can be produced if it becomes necessary to refresh Mr. Daugherty's meminquiry recently was offered by Senator La Follette and
ory.
, Daugherty thinks "he did not see Howard Mannington" four times after adopted by the Senate. No date has yet been fixed, it is
the first two weeks he was Attorney General. Mannington was one of the
regular Daugherty gang of legislative agents and go-betweens in Ohio, stated, for the opening of this investigation, and it may be
,Daugherty made Mannington office manager for the Harding headquarters deferred for some time. The general oil inquiry is to be
In Chicago and appointed him to handle arrangements for the various ended next week, to await final
decision by the court as to
political delegations that came to Marion to see Mr. Harding during the
whether Harry F. Sinclair, lessee of Teapot Dome, is to be
"front porch campaign."
required to testify.
•
Suggests Getting Mannington on Stand.
•
If Mr. Daugherty thinks that Mr. Mannington can clear his (Daugherty's) name, it might be well for him to use his influence with Mannington
to get him to testify before the committee.
Daugherty refers to Gaston Means as "an indicted man" and boasts of
having "appointed him with reluctance and dismissed him in the face of
opposition."
• W. J. Burns, Daugherty's chief detective, testified before the committee
a few weeks ago:"I gave him (Means) a very high recommendation; he is a
good investigator; I had absolute faith in him."
' Daugherty refers to Senator Wheeler as "the indicted prosecutor of the
committee." It is true that Daugherty was active in causing me [Wheelerj
to be indicted, but he has not been so active in the case of former Secretary
Pall, nor in the indictment and prosecution of bootleggers, as revealed in
the current number of Hearst's International Magazine. If the Hearst's
Magazine charges are not true, Mr. Daugherty has a good case against the
°publisher for libel, for the article shows conclusively how the bootleggers
were protected under Mr. Daugherty's regime.
• Daugherty, in referring to my indictment, tries to create the impression
• that he had nothing to do with it, but that It originated in the Post Office
Department. My indictment was due solely to Daugherty's desire to discredit me because I was investigating him.
Points to Daugherty's Hand.
Such indictments have been a regular part of his game, just as it has
been a regular part of his game not to prosecute criminals when some advantage was to be gained thereby. His hand in the Montana indictment shows
clearly from the fact that John S. Pratt, his trusted man, normally on
duty at Toledo, Ohio, was sent to Montana by Solicitor General Beck to
prepare the case for the Grand Jury, the foreman of which is one of my
bitterest political enemies.
One thing Mr. Daugherty conspicuously fails to mention in his statement
Is the case of Mal Daugherty's bank. If Mr. Daugherty is so anxious "to
welcome the truth" as he now says, and to set himself right before the
.
..public, he would do well to arrange for a full investigation of the huge cash
deposits in his brother's bank at Washington Court House, Ohio. The
Daugherty's have used a battery of lawyers and every technicality to prevent the committee's examination.
Finally, if Mr. Daugherty had been as good an Attorney-General as he
thinks he is an explainer, he would not now be out of office and in disgrace.
Secretary Wilbur's Letter to the Senate in Response
to Norris Resolution Showing that W. G. McAdoo,
J. Hamilton Lewis and Hoke Smith Prosecuted
Claims Before Navy Department within
Two Years after Tenure of Office.
In response to a resolution offered by Senator Norris,
Secretary Wilbur sent to the Senate on April 19 a statement
which disclosed that William G. McAdoo, former Secretary
of the Treasury and former Senators James Hamilton Lewis
of Illinois and Hoke Smith of Georgia had prosecuted claims
before the Navy Department within two years after their
tenure of office expired. Mr. McAdoo and Mr. Lewis won
their cases. Mr. Smith lost and has taken his case to the
Court of Claims. Mr. McAdoo put in a claim for $385,000
and got $300,000 for his client. Mr. Lewis got something
more than 25% of the amount he claimed, which was in
excess of $2,225,000. Senator Norris has offered seven resolutions, calling on as many Departments for information as
to whether former Cabinet officers and former Senators and
Representatives have appeared as attorneys in claim cases
before these Departments within two years after the expiration of their terms of office. His object is to ascertain the
extent of a practice of which there has been much criticism,
emphasized by the testimony before a Senate investigating
committee that former Secretary McAdoo had been retained
by Edward L. Doheny. Behind the criticism is said to be
the contention that the appearance of public officers before
MAY 3 1924.]
TIT F1 CHRONICLE
executive departments is contrary to the spirit of a law of
Congress which serves as a ban on the appearance of certain
Government officers within two years after they have left
the Federal service. There has been criticism also on the
ground that without reference to any restrictive law former
public officers, especally those who held high positions,
should not accept retainers to appear before Departments.
The letter of Secretary Wilbur in answer to the Norris resolution reads:
Washington. April 19.
Senator Albert H. Cummins, President pro tempore of the Senate.
Dear Sir —An examination of the records of the Navy Department,
bureaus and offices discloses that the Hon. William Gibbs McAdoo,former
Secretary of the Treasury; the Hon. James Hamilton Lewis. ex-Senator,
and the Hon. Hoke Smith. ex-Senator, appeared before this department in
advocacy of claims against the Government of the United States and who
at the time of their advocacy came within the provisions of Senate Resolution No. 176, above quoted.
The Hon. William Gibbs McAdoo appeared in behalf of Albert C. Burrage, owner of the steam yacht Aztec, in the advocacy of the claim of Mr.
Burrage arising out of the leasing of the steam yacht by the Navy Department during the World War. The amount of money involved in the claim
was $325.000 as the cost of repairs, plus $60,000 for the loss of the use of
the vessel, a total of $385,000. The sum of $300,000 was the final settlement of the claim. This sum has been paid.
The Hon. James Hamilton Lewis appeared before this department in the
advocacy of the claim of the Edward Valve and Manufacturing Co., Chicago. for reimbursement on account of partial cancellation of Navy Department contract No. 2010 for three-inch projectiles, work under which
was terminated after the signing of the armistice. The amount of money
Involved in the claim was $2,259,783 27. The amount of money finally
allowed and which was the final settlement of the claim was $574,291 42.
This amount has been paid.
Amended Complaint Filed by the Government in Suit
to Cancel Elk Hills Naval Reserve Oil Leases.
Edward C. Finney, acting Secretary of the Interior during
a temporary absence of Secretary Fall, was named in an
amended complaint filed in Federal Court, on April 25 at
Los Angeles, in the Government's suit to cancel Elk Hills
Naval Reserve oil leases granted the Pan-American Petroleum Co. and the Pan-American Petroleum and Transport
Co. The amended complaint, which adds 160 acres to the
approximately 32,000 acres now held under receivership
pending outcome of the litigation, alleges that Finney delivered to the Pan-American Petroleum and Transport Co.
a letter conferring upon the company "an especially valuable
great and
right to a lease to lands then known to contain
the
valuable deposits of petroleum," and later arranged
an officer of the company. "The
details of the lease with
with the inletter," the complaint continues, "was written
land should be acquired by the defendant
tent that said
right or
secretly, without competitive bidding and without
executed
authority in the officers of the United States who
by the
the same." The additional quarter section covered
section 3,
alleged Finney lease is the northeast quarter of
"Lease
township 31, south, range 24 east, and is known as
,,
K.
Hoke Smith Pushed Sugar Claim.
The Hon. Hoke Smith appeared before this department in advocacy of
the claim of the Federal Sugar Refining Co., for additional compensation
under Navy Order No. 6273, dated April 15 1920. This claim was based
upon the claimant's assertion that it should be paid 25 cents a pound.
less 2% f. o. b. refinery, instead of .175 cents as fixed by the Bureau of
Supplies and Accounts of the Navy Department on 420,000 pounds of
granulated sugar delivered by the plaintiff company under Navy Order
No. 6273.
Payment was made to the Federal Sugar Refining Co. at the preliminary
price of 14 cents per pound, amounting to a total of $58,000, slightly more
than the price fixed by the Paymaster General of the Navy for said sugar.
The amount of claim in behalf of which the Hon. Hoke Smith appeared
before this department was $37,350, together with interest from May 12
1922. This claim has not been settled. The claimant has now instituted
suit before the Court of Claims, which suit is still pending.
An examination of the records of this department has failed to disclose
the name of any other member of the Senate or ex-Cabinet officer who,
within two years after retirement from office and since the first day of
January 1918, has appeared before this department as attorney or agent.
or who has been a member of any firm or partnership appearing as attorney or agent before the Navy Department, its bureaus or offices in
advocacy of any claim against the Goyernment of the United States.
the ConKin consequence of these remarks of Senator Norris as set forth in
gressional Record of March 1 1924, relative to eliminating from consideraves I
tion under the resolution ex-mombers of the House of Representati
of the
have caused no thorough and complete examination of the records
whether ex.
Navy Department to be made with a view to ascertaining
attorneys in
members of the House of Representatives have appeared as
in respect
the advocacy of claims against the Government. Should reports
ento ex-members of the House of Representatives be requested I shall
deavor to furnish the desired information. Respectfully,
CURTIS D. WILB1LTR. Secretary of the Nam
Limitation
Senator George Says There is No Two-Year
Against Members of Congress Accepting
Federal Cases.
George of Georgia told the Senate on April 25
Senator
Senthat the statutes did not bar members of the House or
within
ate from practicing before Government departments
their
two years after they left office and receiving fees for
services. The statement of Senator George was in connection
with the transmission to the Senate on April 19, in respouse
Nebraska,
to a resolution by Senator Norris, Republican of
names of former Senators Hoke Smith of Georgia an.I
of the
James Hamilton Lewis of Illinois and former Secretary
later
McAdoo of the Treasury. Senator George declared
not believe any of those mentioned had violated
that he did
said:
the law. In the course of his remarks Senator George
or members of the
There is no two-year provision forbidding Senators
with representing
House of Representatives to receive fees in connection
office.
clients before the departments after their retirement from
justice to the names of former
I think the statement should be made in
ves who have been
members of the Senate and of the House of Representati
before the several
reported by the various departments as having appeared
of office.
departments within two years after expiration of their terms
Secretary Wilbur on April 21 made available the official
record in the case of the yacht Aztec, owned by Arthur C.
Burrage of Boston. The record includes letters signed by
William G. McAdoo, indicating that he appeared in behalf
of Mr. Burrage's claims against the Government. Secretary
Wilbur, however, according to the daily papers, refused to
comment on the denial of Gordon Woodbury, Assistant Secretary of the Navy in the latter part of President Wilson's
Administration, that Mr. McAdoo had been active in the
Aztec case. The record relates the history of Mr. Burrage's
claims for use of the yacht, which were heard by various
boards of arbitration and Secretary Daniels. No agreement
satisfactory to the Government and Mr. Burrage was
reached. The case ran along until June 21 1921, when the
Secretary of the Navy under the Harding Administration set
aside all amounts determined upon by the Naval Board of
Appraisers, previously approved by Mr. Daniels, and authorized a payment to Mr. Burrage of $300,000, which he accepted. The record includes letters exchanged between exSecretary McAdoo and Mr. Daniels, then Secretary of the
Navy, during 1919 and 1920. Telegrams recorded, as well
as the letters, indicate on their face that Mr. McAdoo was
actively pressing the case before the Department. Among
the letters is one dated Sept. 3 1920 from the law firm of
McAdoo, Cotton & Franklin, to the Board of Review, which
reads:
We have your letter of the•lst inst. advising us that a
they he
Senator George read the statutes and asked that
Inserted in the record as follows:
delegate to
Whoever, being elected or appointed a Senator, member of or
or appointCongress, or a Resident Commissioner, shall, after his election
continuance
ment and either before or after he has qualified, and during his
clerk in the
in office, or being the head of a department or other officer or
indirectly receive or agree to
employ of the United States, shall directly or
to be renreceive any compensation whatever for any services rendered or
to any prodered to any person, either by himself or another, in relation
arrest or other
ceeding, contract, claim, controversy, charge, accusation,
indirectly
matter or thing in which the United States is a party,or directly or
or any
Interested, before any department, court-martial, bureau officer
more than
civil. military or naval commission whatever, shall be fined not
shall, moreover,
$10,000 and imprisoned not more than two years; and
profit under
thereafter be incapable of holding any office of honor, trust or
1109, 7 Fed. Stat.
the Government of the United States. (35 Stat. L.
Ann. 659.)
day of June,
It shall not be lawful for any person appointed after the first
departments to act as
8172, as an officer, clerk or employe in any of the
against the United
counsel, attorney or agent for prosecuting any claim
while he was such
States which was pending in either of said departments
means to aid in the
officer, clerk or employe, nor in any manner nor by any
after he shall have
prosecution of any such claims, within two years next
Ann. Sec. 190.)
ceased to be such officer, clerk or employe. (2 Fed. Stat.
hearing has been
arranged in the above matter for Friday, Sept. 10 at 10 a. m.
In view of the fact that Mr. W. G. McAdoo, who had charge of this case,
Will be out of the city on that date, we request that, if possible, the hearing
be postponed until the next regular meeting of the board, which we understand will take place Sept. 24.
2139
Senate
Mitsui ec Co.'s Letter Denying Testimony Before
Gaston B. Means
Committee of Charges Made by
and Others in Connection with Air Craft Cases.
by
Mitsui & Co., Ltd., 65 Broadway, who were mentioned
witnesses recently appearing
Gaston B. Means and other
before the Brookhart Committee of the Senate in connection
issued
with the investigation of the Department of Justice,
charges made against
on April 5 an unqualified denial of the
tendering
the company, offering to submit their books and
counsel, to the commitpersonal services, or those of their
signed
tee. The denial and offer were contained in a letter
Manager of the company,
by Shigeji Tajima, New York
the
which was sent to Senator Smith W. Brookhart and
Manager
other members of the Daugherty committee. The
and
summed up the situation by stating that Standard Aero
proAircraft corporations were devoted exclusively to the
and
duction of airplanes for the United States Government,
in exthat Mitsui & Co. financed the company and received
2140
THE CHRONICLE
change only 6.7% interest on the money, and "no profits
whatsoever." The letter follows:
[VOL. 118.
To sum up the whole situation, we wish to call the attention of
your
committee to the fact that the Standard Aero and Aircraft Corporations
were devoted exclusively to the production of airplanes for the
United States
New York. April 4 1924.
Government and that they were financed by Mitsui & Co. out of their own
Hon. Smith W. Brookhart, Chairman, Daugherty Investigatin
g Committee. resources, and that Mitsui furnished all the necessary working capital
United States Senate, Washington, D. C.
and received in return only the money which it had invested in
and adDear Sir—It has been reported in the press that Gaston
B. Means, a vanced to the corporations with 6% interest and absolutely no profit whatwitness called before your committee upon the investigatio
soever. This is not a case where any war profits were received. All pron of AttorneyGeneral Daugherty, testified that he received from
a Japanese, who stated duction was under the strict supervision of the United States Government
that he represented Mitsui & Co., the sum of $100,000,
and that he turned officials. The employees were all Americans, and Mitsui only aided in
this sum over to Jesse Smith. In some ofthe newspaper
accounts it is stated furnishing the capital because it wanted to be of some assistance to the
that it was Jesse Smith who informed Means that the
sum had been received United States and Allies in winning the war.
from Mitsui & Co. As the opportunity to meet this
If I or any other person connected with Mitsui & Co. or the counsel for
testimony may not be
afforded to us, or may be postponed for some time,
I deem it proper at ourselves or for the receiver can be of assistance to you in a further investithis time to make an emphatic and comprehensive denial
of the truth of gation of this matter I shall be glad to have you call upon us.
the statement made by Mr. Means. I also deny with
equal emphasis the
Yours very truly,
statement reported to have been made by Mr. Means that Mitsui
ez Co. has
SHIGEJI TAJIMA.
ever acted, directly or indirectly, as paymaster for the German
Government, or has received or disbursed money for the account of that
Government. The same may be said with reference to the Japanese
Government. Charles R. Forbes Pleads Not Guilty to Indictme
nt in
We never have acted as the fiscal agents of that Government in this
country.
Baltimore.
Makes an Ungualified Denial.
Charles R. Forbes, former Director of the Veterans Buf am the manager of Mitsui & Co. at its principal office in thg
country, reau, who
recently was indicted with others in Chicago and
which is in this city, and I am consequently familiar with every
detail of
its financial transactions. Ifthere had been any such payment
as that men- subsequently in Baltimore, appeared voluntarily in the Fedtion by Mr. Means, it would certainly have come to my attention,
and eral District Court at Baltimore on April
of course would have been reflected in the accounts of the
25 and pleaded
company. lam,
not guilty to an indictment returned against him by a Fedtherefore, able to assert without qualification that no such transaction
was
ever authorized or ever took place. No sum of money was
ever paid to eral Grand Jury in that city charging conspiracy to defraud
Mr. Means or to anyone else connected with the Department
of Justice, or the Government. Bail
was set at $10,000 and was furnished
with any other department of the Government, in connection
with. the
Standard Aircraft transactions. This may be confirmed by
an examina- by Oscar Ricketts of Washington. No date was set for the
tion of our books, which you are at liberty to make at
trial. After the brief proceedings Forbes, accompanied by
any time.
Mitsui & Co. held the preferred stock of the Standard Aircraft
Corpora- his counsel and
bondsman, left for Washington. Nathan
tion, and that corporation was indebted to it for money advanced
to an
amount of nearly $2,000,000. After a settlement of pending
contracts with Thomson, head of the Thomson-Kelly Co. of New York, and
the Government on June 24 1919, the corporation was dissolved
and out of Commander Charles R. O'Leary, U. S.
N., indicted jointly
the moneys received from the Government Mitsui
& Co. received from the with Forbes,
corporation the par amount of the preferred stock,
will be arraigned later.
in addition to the amount
of the indebtedness for the advances above referred
Indictments charging conspiracy to defraud the United
to, with interest. The
representatives of the Government asserted that,
upon the establishment of States were returned on April
16 at Baltimore by the Fedthe claim against the aircraft corporation, they proposed
to procure reimeral Grand Jury for Maryland against Charles R. Forbes,
bursement from Mitsui & Co. for the amounts
so received. The claim
against the aircraft corporation was first
asserted through the Air Service Charles R. O'Leary, former Assistant Director of the BuBureau of the War Department in June
1921.
reau and Chief of the Supply Division, and Nathan Thomson.
This situation made it necessary for Mitsui
& Co.to see to it that a suitable defense was made to the claim of the
President of the Thomson & Kelly Co. of Boston. The
Government.
inAuditors of the Government made an examination
of the books, accounts dictment alleges that a contract bearing Forbes's
and vouchers of the Standard Aircraft
signature
Corporation. Over thirty persons disposed of
more than $3,000,000 worth of supplies to the
were occupied upon this audit for a period
of about five months. The
report of the audit was furnished to us
and the auditors of the receiver of Thomson & Kelly Co. for slightly less than $600,000. These
the Standard Aircraft Corporation were engaged
many months in exam- goods were part of the stores on the
Government reserve at
ining the conclusions of the Governmen auditors
t
and were able to show Perryville
, Md., which experts are said to have appraised at
that the report of the Government auditors was so full
of inaccuracies and
mistakes as to be practically worthless. Upon the reports of the auditors $5,000,000, or 40 cents on
the dollar, as against the alleged
of the Government and of the receiver of the Standard Aircraft Corporation
price of 19 cents on the dollar to the Thomson &
protracted hearings were had before a board of five members in the Air
Kelly Co.
Service, Liquidation Branch, Finance Section, of the War Department. The indictment declares that the conspiracy was formed
to
Elaborate briefs were submitted to the board and the whole matter involved sell the Thomson &
Kelly Co. great quantities of supplies,
consideration of voluminous documentary evidence. The record of these
hearings is, ofcourse, a matter of public record available to your committee. sheets, towels, cotton duck, blankets, shirts, bandages, surThe brief submitted by our counsel; Messrs. Cadwalader, Wickersham & gical dressings and other goods to the value of
$5,000,000 at
Taft, was printed and dealt with every aspect ofthe claim. It is a document "less than one-f
ifth of value." The indictment charges that
of 260 printed pages, and I beg herewith to hand to your committee
a the defendants would
represent falsely that the property
copy of it.
was unserviceable and used, whereas, in point of fact, It
Dealt with War Department.
At no time since the claim was asserted have we or our counsel appeared was, in the main, serviceable, unused and the same
kind of
before or had any communication with any representative of the
Depart- property which the United States was at the same time buyment of Justice. If that department has been consulted concerning
the ing in large quantities
and paying for at the full market
merits of the claim of the Government or our defense, it has been
without
our knowledge, although some quite indefinite rumors came to us at
one price. It is further charged that the defendants "would
time that the department was making some kind
of an investigation. But falsely represent that the price agreed to
be paid by Nathan
so far as we are concerned, in February 1922, and ever since, the
matter Thomson
for the property was the best bid or proposal the
has been in the charge of officials of the War Department
.
Some mention was made in the testimony of the witness Means
of state- said Charles R. Forbes had secured for the sale of the propments made by Harry B. Mingle, a former President
of the Standard Air- erty." The indictment then continues
:
craft Corporation. Mr. Mingle was not familiar
with the details of the
And, in order to further effect the object of the unlawful
claim of the Government. The Standard
Aircraft Corporation had been
conspiracy, combination and confederation, Charles R. Forbes and Charles
dissolved, and as one of its liquidating trustees
R. O'Leary at
he had possession of its
Perryville, Md., between the 15th day of November 1922 and
records and books. He early assumed an attitude
the 28th day
of antagonism to Mitsui
& Co. As neither he nor the dissolved
of January 1923, delivered to Thomson & Kelly Co., at
corporation had the sources to prethe request of
sent a proper defense, it became necessary
Nathan Thomson, of the said property to the extent of 155 railroad
for Mitsui & Co. to cause steps
freight
to be taken to procure from Mr.
Mingle the custody of the books, papers cars filled therewith, of which Nathan Thomson represented that the invoice
and records of the corporation which were
in his possession. A suit in price to the United States Veterans' Bureau to be $3,188,250 75 and for which
equity in this State was, thera-re,commenced
the Thomson & Kelly Co., by the direction of Nathan Thomson, paid to
and resulted in the appointthe
ment of a receiver, Mr. Wilson M. Powell, who was
United States $398,149 62, contrary to statute.
represented before the
War Department Board by our ccunsel, Messrs.
Cadwalader, Wickersham
The indictments came at the end of a two-day investiga& Taft, who have been ever since in charge
of the matter. The controtion by the Federal Grand Jury for the Maryland District
versy which led to the termination of all control by
Mr. Mingle will appear
from the bill of complaint and aff:davits in the equity suit,
a copy of which and followed an investigation conducted by the United
I beg herewith to hand you.
States Senate. In prosecuting the matter Federal Attorney
Captain Scaife, who was a witness before your committee, made
certain
Amos IV. Woodstock acted under orders direct from Washstatements which I desire to correct. He is evidently incorrectly
informed
as to the proceeding In the War Department,
I have accurately ington.
described above. If the committee desires to advise itself as
to the condition of the audits referred to by Captain Smite, we presume
that they will
be produced by the War Department upon request.
American Newspaper Publishers' Association ConCaptain Scalle is reported to have said that a Mr. or Major Coleman,
demns Proposed Increase in Second-Class Mail
who was a disbursing °freer in the Air Service when considerabl
e sums
were paid upon the contracts of the Standard Aircraft
Rates Recommended by Postmaster-General New.
Corporation, was in
the employ of Mitsui & Co. at the time the audit referred
to by him was
A resolution condemning the recommendations of Postmade. This statement is entirely without foundation. Mr.
Coleman was
never in the employ of Mitsui & Co. I never head of hint.
master-General New proposing further increases in postage
The newspapers reported that Mr. Lane made a number of statements on second-cl
ass mail was adopted by the American Newsin regard to the amounts paid by the Government to the
Standard Aircraft
Corporation on account of depreciation and raw material. His statements paper Publishers' Association at the April 24 session of its
are not true. For example, the statement that the asset account of
Stand- annual convention held in New York. The resolution read:
ard Aircraft Corporation included a loss of$1,619,000, sustained
Whereas. The present postal rates for the transportation of the secondby Mitsui
in financing the Sloane Manufacturing Co., is wholly without foundation. class mails are
burdensome and oppressive, and
The exact facts appear in detail in the audit prepared for the receiver
Whereas, The so-called zone postal rates alone of the eleven war
of
revenue
the Standard Aircraft Corporation and filed in the War Deportment
measures of 1917 have been maintained by Congress on the war basis,
.
and
They are discussed in considerable detail in the enclosed printed brief, all other war
revenue measures have been repealed or modified, therefiled with the War Department.
fore be it
MAY 3 1924.]
TIM CHRONICLE
2141
prosecutions were brought and some of the offenders were
a consent to jail. A discussion of what ought to be done in
of
structive effort to bring about a more satisfactory state
affairs from the viewpoint of the consumer was started
when Senator Wheeler, the committee's "prosecutor," asked
of
S. E. Thomason, of the Chicago "Tribune," Chairman
Mr. Thompson if he had any suggestions to make concerning
Association's Committee on Second-Class Postage, gave additional legislation. "There is no necessity for further
the
to
out a statement on April 24 in which he said, according
legislation if criminal prosecutions are brought," Mr. Thompbooks
the New York "Evening Post":
son replied. "There is sufficient law on the statute
The attitude of the convention is that there should be no additional now to break any trade association which is engaged in pre
is time for us
loading up of second-class mail rates. We decided that it
" Chairman
plan to advance regulation or the restriction of production.
to get up on our hind logs and raise a protest in view of the
asked if the recent decision of the Supreme Court
Brookhart
those rates.
overhead of
The proposed increase would add about 20% to the mailing
of the United States in the so-called tobacco cases, which
in this country. The Post Office does not know and
tho daily newspapers
s unavailable to the
second-class mail, made records and files of corporation
never has known the cost of handling and sending out
of mail that pays Commission, did not seriously handicap efforts to obtain
but an investigation would show that it is the only class
for itself. So why increase it?
information against these corporations. "Very much so,"
second-class
Another thing: newspapers in sending out copies through
who sends a replied Mr. Thompson.
mail do most of the work. As a matter of fact the individual
Huston Thompson had previously appeared on -April
first-class mall causes the Government far more trouble than
newspaper by
for our
before the •Brookhart Committee. He charged that
do. I like to emphasize that express companies are coming
we
pounds 22
business and that some of them charge only 80 cents a hundred
-General to prosecute various
114.4w1 failure of the Attorney
half.
where the Government charges a dollar and a
had been
mail rates was made price-fixing groups in the lumber industry
Another thing: the basis of the present second-class
taxes were proposed at that responsible in a large measure for the high cost of
in 1917 under the War Revenue Act and other
second-class mail
time, and all of these have been decreed excepting the
home building as well as high rent. He laid before the comrates.
mittee further evidence to support his testimony that antiAccording to the New York "Times" the report of Mr. trust cases were not properly prosecuted under AttorneyThomason's committee contained the following paragraphs General Daugherty after facts warranting legal action had
bearing upon Postmaster-General New's recommendations of been developed by the Commission and turned over to the
April 4, which were condemned in the resolution:
Justice Department. Turning from conditions in the toOn April 4 the Postmaster-General addressed a communication to Senator bacco industry, which he had described at length the preEdge, Chairman of the joint Subconunittee on Post Offices and Post Roads,
day, the Commission Chairman related how he and
in which he insisted that the increases in salaries suggested by the bills re- ceding
have to be made by increases in postal revenues and postal his colleagues uncovered "price fixing" and "coercive measferred to would
rites. Among other increases, he suggested an increase in second-class ures" among lumber producers in an investigation beginning
rates, which he declared would net approximately 88.000.000.
in 1919. The results of this inquiry, he said, were laid beMagazine Zones Ignored.
fore the Justice Department before Mr. Daugherty took
-14i office. Suit against the Southern Pine Association was inHis suggestion provided for increases in the first four postal zones
cents a pound in the first zone. 1 X cents a pound in the .second:andlthird
stituted in the closing days of the Wilson Administration,
inn tal "1$ Pi,
zones, and J. cent a pound in the fourth zone.
in status quo ever since and
and why the Postmaster-General determined to obtain his increased he declared, but "has remained
How
revenues solely in this zone, in which the bulk of newspaper circulation falls. now rests in the District Court at Kansas City." The Southignoring the zones in which magazines only circulate, is not made apparent
ern Pine Association, Mr. Thompson explained, included
in his communication.
large manufacturers of that commodity. "There
The National Publishers' Association and a number of other organizations most of the
I've never
of publishers immediately attacked the Kelly-Edge bill editorially, and is price fixing going on now in the country such as
your committee was urged to press upon members of the American News- seen before," said Mr. Thompson. He expressed the view
-Chairman and
paper Publishers' Association the same course. Your Vice
on criminal prosecutions were the only your committee, together with members of the New York publishers' that "jail sentences
n excommittee, met in Washington April 18 with the Postmaster-General. solution." W. B. Wooden, Federal Trade Commissio
The Postmaster-General informed your committee that in view of the edi- aminer, who directed the Commission's 1919-20 investigation
torial support accorded by newspapers to the Kelly-Edge bill the newsof the lumber situation, followed Chairman Thompson on
papers should expect to bear a portion of the cost of postal wage increases.
committee,the question of increases in rates of pay the stand and said he had been convinced there were "crimIn the opinion of your
to postal employees and the question of the propriety of present high second- inal violations" in the West Coast Lumber Association.
class rates are in no manner associated. We recommend that our associag operations of the West Coast association, he
tion shall not be sidetracked in its effort to secure fair and lower second- Price-fixin
class rates by discussion of the propriety of postal employees'compensation. said, affected lumber users "as far east as the Mississippi."
We can see no useful purpose in opposition to the Paige and Kelly-Edge bills. Regarding Mr. Thompson's testimony, the New York "Times"
In our judgment,this is a question for the Postal Departments and Congress
accounts had the following to say:
to determine for themselves free from any interference on our part.
program outlined in
Resolved, That this convention hereby endorses the
and be it further
the report of the Committee on Second-Class Postage,
the recommendaResolved. That this convention emphatically condemns
suggesting that further
tions of the Postmaster-General dated April 4 1924.
burdens be imposed upon the second-class mails.
Huston Thompson in Testimony Before the Senate
Committee Investigating Department of Justice
Says Failure to Prosecute Price-Fixing Suits
Has Contributed to High Building
Costs and Rents.
The Brookhart Committee of the Senate, which for the
past several weeks has been investigating the Department
of Justice during the incumbency of office of Harry M.
Daugherty, resumed its inquiry this week, devoting the
large part of its hearings to testimony on defaulted antitrust prosecutions which come within the province of the
Department of Justice. One of the principal witnesses who
have appeared before the committee in connection with this
phase of its inquiry during the current week and last week
has been Huston Thompson, Chairman of the Federal Trade
Commission. Mr. Thompson charged that the Department
of Justice under Mr. Daugherty failed to take action against
several alleged price-fixing combinations operating in restraint of trade and in violation of the anti-trust laws. The
committee, on April 25, for instance, inquired into the
charge that there had been failure to prosecute wholesale
stationers' associations on evidence submitted by the Federal Trade Commission. Chairman Thompson of the Federal Trade Commission and several other witnesses were
heard. Subsequently, on April 30, Chairman Thompson
told the committee that in case after case of trade associations fixing prices and controlling productions submitted by
the Commission the Department of Justice failed to act.
He declared his belief that the restriction of production and
the fixing of prices could not be stopped unless criminal
Mr. Thompson testified at the outset of the hearing that lumber prices were
considerably higher to-day than they were during the war, although somewhat lower than during the runaway market just after the armistice. All
of the actions which the Federal Trade Commission had been able to bring
the
against lumber interests, said Mr. Thompson, had been ineffectual in
fight to break up price fixing combinations, and he added that the Department of Justice under Mr. Daugherty failed to bring criminal actions.
point
Senator Wheeler throughout the hearing sought to emphasize the
that the alleged delinquency of the Department of Justice had hit directly
Thompson
at the pocketbooks of the home builders and to this Chairman
agreed.
seen be"Price fixing is going on in this country such as I have never
fore," said Mr. Thompson.
attempt since
"Isn't it true that this is done because there hasn't been an
Government to
Mr. Daugherty came into power, no effort on the part of the
prosecute?" demanded Senator Wheeler.
some one
"I do not know how we are going to meet the situation unless
Commission has
is prosecuted," replied Mr. Thompson. "The Federal Trade
their illegal acexposed the situation and can order the companies to cease
sufficient to stop
tivities. But what we have been able to do has not been
these activities."
be
"You tihnk," asked Senator Wheeler, "that in addition there should
necessiprosecutions and jail sentences to stop this increase in prices of the
ties of life?"
"I think that is wholly true," said Mr. Thompson.
Mr. Thompson discussed among other cases that involving the Southern
Pine Association. He said that the Federal Trade Commission had uncovered
"price fixing" and other employment of "coercive measures" among lumber producers.
Mr. Thompson said that the investigation of the Southern Pine Association and other lumber interests was started in 1919 at the request of the
Department of Justice and that the first reports were made by the Commission before Mr. Daugherty came into office.
Suit against the Southern Pine Association, said Mr. Thompson. was
started in the closing days of the Wilson Administration. It was not pushed
by Mr. Daugherty, he said, and now rests in the United States District Court
at Kansas City.
"The investigation as we reported it to the Department of Justice," said
Mr. Thompson, "showed price fixing and price regulation and production
restriction by different groups of the Southern Pine Association and coercive
measures toward various concerns to make them work in co-operation with
the association. There were 14 organizations in different parts of the country. We made investigations of them all."
2142
THE Cli-RONICLE
[vol.. 118.
Retention of Section 15a of Transportation Act Urged
By Milton W. Harrison.
Speaking in support of the retention of Section 15a of the
Railroad Transportation Act, Milton W. Harrison, VicePresident of the National Association of Owners of Railroad
Securities, in an address before the Lions Club, New Britain,
Conn., on April 29 said in part:
protect its depositors from loss by ill considered investment of savings,
generally accumulated by long years of self denial, is an ever present duty
of the officers of every savings bank and is one especially important at this
time.
The demand for so-called Blue Sky legislation to render less harmful the
interviews between the voluble, high pressure salesman and the uninformed
wage earner, comes from many quarters and is both insistent and persistent; but the seemingly insurmountable difficulty of framing legislation
which will bar the offering for sale of all classes of worthless securities and
will not at the same time seriously hinder and handicap the marketing of
absolutely sound and desirable investment offerings, has thus far blocked
You all doubtless have shared some apprehension in respect to probable
action by Congress in repealing the financial provisions of the Transporta- remedial legislation along this line—with the exception of the increasingly
effective Martin Law passed in New York State some two years ago. The
tion Act.
We. in the Mutual Savings banks, have seen the average value of our education of the masses by both personal effort and newspaper publicity
remains the.best and in many States apparently the only way to safeguard
highest grade railroad bonds range from 95.51 to 66.82 in the period of ten
years, from 1913 to 1923, making it difficult to maintain a proper ratio of guard their savings.
Generally speaking, any person who has accumulated not over $5,000 is
surplus to deposits, in spite of the fact that our earnings on bond and
fully warranted in believing if he leaves his money in a savings bank, that
mortgage and other investments have been uniformly good.
he will be very much more certain ten years hence of having his principal
We are interested in sustaining the financial provisions of the Transportation Act as described in Section 15A of that Act, for the reason that we fully intact and, with the added compound interest, that he will then have
believe it will aid in giving us permanent relief from the unstable condition more money actually in hand than if he had invested it in higher interest
bearing securities with the probable occasional losses of principal inciden
in our assets which I have just described.
Before the Transportation Act was passed and before Federal control of thereto.
Surprising ability to make poor investments is by no means confined to
railroads, the carriers were under two very practical difficulties in their
people of small means for it is a notorious fact that the "tin box" of nearly
effort to secure adequate revenues.
First, the carriers were under regulation as to rates by forty-eight State every deceased millionaire is found to contain a considerable proportion of
nearly or absolutely worthless securities. The losses of this latter class need
commissions and one Federal commission, always in conflict.
Second, the method of regulating rates before Federal control constituted give us no cause for worry but the very fact that intelligent, well-informed,
rich men do make many bad investments only deepens my conviction that
what Senator Cummins declared to be the"insoluble problem" in the railroad situation. It'the commission made rates to provide a reasonable return no one is warranted in making investments of a speculative character until
to the minority or stronger carriers, the rates would be insufficient to permit the income from his capital exceeds what it costs him to live, and then only
the existence of the majority or weaker carriers. This fact was borne out by the excess of income over living expenses should be used for this character
the numerous railroad receiverships in the decade prior to Federal control. of investment.
If any one, whose entire worldly wealth consists of $5,000 or less, should
On the other hand, if the commission made rates so as to provide a reasonable return to the majority or weaker carriers, such rates would be so large ask me how that money should be invested, and I should accede to his
for the minority or stronger carriers so as to make such return too large. request, that money of his, so far as I was concerned, would be just as much
Now, the majority or weaker carriers who serve sparsely settled territory a trust fund as though I had been duly appointed to administer it by a court
are just as important in the public interest as are the stronger carriers who and I would therefore be morally bound not to advise its investment in any
serve densely populated areas. Railroad transportation in Inter-State security excepting those in which trust funds can be legally invested.
This does not take care of the investor who may be well off and still
Commerce is not like a private industry. There can be no conceivable
Parallel. Congress since the Constitution was established has had power seeks our advice. If such there be let him go for advice to those whose
business it is, to the investment bankers, to his trusted attorney or to the
over Inter-State Commerce. and hence the regulation of the carriers is a
fundamental part of our national life. Railroad transportation is primarily head of the securities department of his commercial bank. I do not hesitate
to contend that it is no part of the regular job ofan officer of a savings bank,
a national public service.
We contend that Section 15A cured these two difficulties. The United or the head of the interest or savings department of a commercial bank, to
take upon himself the responsibility of giving advice to other than legitimate
States Supreme Court confirms this belief. Section 15A. in its operation,
forbids the functioning of State commissions as to railroad rates in Inter- savings depositors.
State Commerce. Hence the "Forty-Nine Bosses" which tended to strangle
the railroads before Federal control, is a thing of the past. On the other Annual Convention of American Institution of Banking
hand, Senator Cummin's "insoluble problem" has been solved by Section
to be Held in Baltimore July 15.
15A. It has placed rate making upon a scientific basis by mandate from
In anticipation of the annual convention of the American
Congress to the Inter-State Commerce Commission, whereby the commission must base its making of rates on the value of railroad property in Institution of
Banking at Baltimore, beginning July 15,
groups, specifically treating railroad transportation as a national system.
This process of rate making to be entered into after the commission has New York Chapter has appointed the following committee
declared what is a reasonable rate ofreturn on the value of railroad property. to make the necessary arrangements: George W. Wright,
Moreover, when any individual carrier has made a net return on its indi- Assistant Secretary of the
Bowery Savings Bank, Chairman;
vidual property value, that is. before fixed charges, in excess of 6%,onehalf of such excess remains with the carrier and the other half is paid by the with Gerald E. Cristie of Blodget & Co., and Arthur W.
carrier into a General Railroad Contingent Fund to be used by the Govern- Sauer of the Williamsburgh Savings Bank. Convention
ment for the benefit of transportation as a whole, not as is generally misun- headquarters
for the New York delegation will be at the
derstood, for the weaker carriers. Now, when we consider that 6% return
on railroad property value, for illustration, to the Lackawanna, means an Hotel Emerson, and it is expected that probably two hundred
equivalent to an amount considerably in excess of 6% of Common stock members of New York Chapter will make the trip to
Baltibecause the capitalization of the Lackawanna is relatively low,and the outmore, including in addition to the regular business and
standing bonded indebtedness bears a considerably less than a 6% average
coupon rate, it is by no means unfair to the Lackawanna for one-half of the educational program, trips on Chesapeake Bay, to the
excess of 6% to be recaptured by the Government. In respect to this Naval Academy at Annapolis, and a
day or two as guests
matter which is not well understood, the Supreme Court in its unanimous
decision declaring that this recaptured clause is constitutional, contends of Washington Chapter in the nation's capital.
that the Government's division of the excess theoretically never belongs
to
the railroad, but is held as a trust fund, the practical purpose being to equal- Annual Meeting of Chamber of Commerce
of the United
ize the rate structure between the stronger and the weaker carriers,
thus
States in Cleveland Next Week—European
permitting the weaker carriers a living return and permitting a return for
Readjustment to Be Discussed.
the stronger or minority carriers that will be reasonably consistent with
public policy.
A distinguished company of speakers will discuss outstandSo, therefore, it is highly important that Congress does not break down
this pre-eminently constructive legislation. We,as security owners,through ing national and international economic problems at the anthe National Association of Owners of Railroad Securities, have stood nual meeting of the Chamber of Commerce of the United
solidly behind the Act and have made every effort to sustain it. There are States, to be held at Cleveland
next week, May 6 to 8. The
certain other things still incompleted which will make this financial provision function more satisfactorily to the shipper and the investor. There are major topics to which the convention will give its attention
considerable savings that may be instituted by the joint use of operating are "Business and Agriculture," "European Readjustment"
facilities of all the carriers in interchange business. The institution of these and "The Responsibility
and Integrity of Business." Among
larger savings will enable the railroad to satisfy the shipping public with
reduced rates and at the same time will not impair an adequate rate of the speakers who will address general sessions of the convenreturn which will serve to support the stability of railroad security market tion are: Sir Esme Howard, British Ambassador; Secretary
values. Fortunately, the railroads have agreed to appoint a committee of of Commerce Hoover; Secretary
of the Navy Wilbur; Newton
unprejudiced experts who will for the first time fairly analyze the constructive suggestions made by the security owners'association which were amply D.Baker,former Secretary of War;Frank 0. Lowden,former
authenticated as to their practicability by a Board of Experts who studied Governor of Illinois; Julius H. Barnes, President of the
every phase of the question. We believe that with the fair-minded attitude Chamber of Commerce of the
United States; General Herof the railroads in approaching an analysis of these constructive suggestions,
there will be the dawn of a new day in the stability of our railroad invest- bert M. Lord, Director of the Budget; Colonel George T.
Buckingham, Chicago; Judge Edwin B.Parker, umpire of the
ment and in the practical rehabilitation of the railroad credit.
Tidal Wave of Worthless Securities Nation-Wide, Says
Samuel H. Beach at Eastern District Savings
Conference.
Prosperity has brought a nation-wide tidal wave of speculative and worthless securities, Samuel H. Beach, President
of the Rome Savings Bank of Rome, N. Y., told the Eastern
District Savings Conference at its meethlg in New York on
April 25. Further reference to the conference is made in
another item in this issue. Mr. Beach said:
The increasing opportunity for the sale of securities to small investors,
the augmented incomes of the well-to-do and the general condition of prosperity with high wages and high prices, have brought a tidal wave,seemingly
nation-wide in extent, of highly speculative and worthless securities. To
German-American Mixed Claims Commission; Dwight B.
Heard, President of the National Livestock Association,
Phoenix, Ariz.; and John W. O'Leary, Vice-President of the
Chicago Trust Co.
Delegations representing the 1,200 member organizations
of the National Chamber, with an underlying membership
of 750,000, will attend the convention, and in addition to the
subjects to be considered at the general sessions will discuss
current problems of business policy and practice at special
group sessions.
An invitation has been extended by the Chamber to General Charles G. Dawes, Owen D. Young and Henry M.
Robinson, the American members of the expert committees
which have just completed their reports to the Reparations
MAY 3 1924.]
THE CHRONICLE
Commission, to attend the general session, which will take
up the question of "European Readjustment." This phase
of the program promises to be one of the most interesting
features of the meeting. In a statement Julius H. Barnes,
President of the National Chamber, said:
2143
The schools must have the co-operation and support of the bankers. Precept and book study are of little value without actual experience and practice. The saving and expenditure of money gives a tangible and easily
understandable basis for wider application of the ideal of thrift.
The great progress made in establishing school savings throughout the
country shows not only a desire for such co-operation, but also a realization
of the future financial and civic importance of this movement. It should
be so extended that every child in the nation shall have the opportunity
to open a saving account throtigh his school, or directly with a bank, or by
mail where no bank is available, not so much for the money that may be.
Immediately saved as for training. In the Meriden schools the second week
after the opening of the school banks 96% of the total enrollment. including
kindergartens, had opened accounts. It was 98% for the year 1923 and
has since averaged weekly 99%.
There is hopeful progress in Europe toward working out of the logical
settlement of the menace of reparations and allied problems.
After five years of pleading that the settlement be constructed on sound
economic principles which business learns through trial and error, and under
actual test and experience, there has finally been constructed an opportunity for co-operative team play between business and government. It
Is a matter of considerable pride that the principles which underlie a settlement, if achieved in Europe, will be principles applied by the business
The banker's viewpoint was presented by William G.
judgment of the world, participated in by America and outlined in the
economic conference at Rome in March 1923. In this Roelker, Vice-President Industrial Trust Co., Providence;
declaration of the
conference the American formula was unanimously adopted by the repre- R. I., who said in part:
sentatives of twenty-six countries of Europe, after days of consideration,
There is now hardly a city or town in the State without its juvenile savings
and the declaration of principles effective in such a settlement made their depositors. There are three very tangible benefits to the bank. One is
very logic which carried con- In the direct association of the bank with the project. Everybody in the
way to this final promising adoption by the
viction.
State, from the members of the School Commission to the youngest and
European readjustment which accomplishes financial and political most timid new pupil, knows the school bank. Our passbooks are in about
on the
stability will mark the resumption of advancing living standards
25.000 Rhode Island homes.
part of the three hundred million people of Europe, whose social progress
The second benefit to the bank is the inculcatiofr of the savings habit
obstructed for ton years by war, and the resultant indeterminate In the minds of the young folks of the community. The generation that
has been
peace. There is a great significance to America, with its process in attained Is growing up with the savings account habit is going to be a generation or
leadership in industrial methods in reaching that stability which will revive savers. Let even 50% of these youngsters drop out of the ranks and you
the individual earning power in Europe, expand the currents of trade and still have a huge army of thrifty,substantial men and women who prosper,
commerce, once more establish the merchant, the importer and the exporter build homes, rear children and become good bank customers. Advertise
on a scale which a vast world trade will justify. This promises something as much as you like, most of your business comes to you as a result of the
to both agriculture and the processes of industry in America.
things that people say about you. Let ten people say to each other that
your bank is all right—just that moderate statement—and something Ilea
more
Regional Meetings of American Bankers Association— been accomplished for you. People will say that and a good deal
of the bank that has a school savings department, operated under official
Eastern District Savings Conference.
the school authorities.
sanction and with the co-operation of
The third benefit is that of bringing up a generation friendly to the
At the Eastern District Savings Conference, held in New
25 under the bank. You know that thousands of people either fear the bank or look
York at the Hotel Commodore on April 24 and
upon it as a grim, cold-blooded and utterly commercial institution. Be-auspices of the Savings Bank Division of the American • cause many ofthem still distrust us a little, the sock,the stove and the coffee
Bankers Association, Herbert K. Twitchell, President of can are taking our places with a good many people. Every tran action
depositors is conducted to instill
bank
between
the Seamen's Bank for Savings of New York, expressed the the idea the schoolmoneyand the young
belongs to them, and that we are merely the
that the
that the deliberations of the convention "will send custodian of the funds. When they need money they find it easy to draw
hope
us back to bur respective institutions better equipped than their funds. They become acquaiRted with the orderliness and security
and they trust us. When they
of banking procedure. They believe
ever so to present the lesson of thrift that idle ten dollar grow up they will approach us in all in us
confidence and vrill do business with
in hiding will be put to work and the thrift- us without misgivings.
gold pieces now
less and careless be led to appreciate the necessity of preparing
Ten and a half billion dollars of savings was reported
for the day when their earning power will cease." Mr. for the district represented at the Eastern District Savings
Twitchell, who delivered the address of welcome to the Conference, it was stated by Charles H. Deppe, President
delegates, also said:
Savings Bank Division, American Bankers Association, who
We are not bent on money making for money making's sake. We are
at the meeting which opened April 24. "When we
not working for increased dividends to stockholders. We are aiming to presided
y 18 billion
transfer those who are spendthrifts and thereby public enemies to the realize that as of June 30 1923 approximatel
thrifty class who are public benefactors.
dollars, representing almost one-half of the reported bank
A Government report makes this startling statement: A record of
country, were in savings deposits, with over
100 average men at 25 years taken 40 years later (at 65 years of age) would deposits of the
of $166, it
show 36 dead, 1 rich, 3 comfortably well off, 6 earning a living and 54 30 million depositors and a per capita savings
dependent upon friends or relief agencies. I am not concerned that out of places savings deposits as one of the most important factors
the 64 remaining at 65, only one is rich. To my mind it is somewhat missaid. He added:
leading for us savings bankers to lay great stress on savings as a road to in banking," Mr. Deppe
great wealth. I am concerned, however, that more than four-fifths of
those living at 65 out of every 100 able bodied men starting at 25, are
dependent upon others for support. Does this not constitute a challenge
to those who are engaged in promoting thrift and savings? What vigorous.
full blooded young man of 25 would contemplate for a moment the possibility
of losing his independence at 85 and depending on the support of friends
or charity? Should these facts not quicken us in our efforts to impress
upon the young manhood and young womanyood of our country the necessity of laying foundations of thrift upon which to build independence and
protection in later years?
Eighty-three years ago a ten-dollar gold piece was given to a little girl
by a rich uncle. She kept it as an heirloom for fifty years. After her
death, the gold piece was left to another favorite niece who recently died.
This gold piece was left to another little girl whose father suggested that it
was about time that this ten dollars was put to work—that it had been
loafing long enough. This practical man had figured out that had this
gold piece been put to work by the first little girl, it would now be worth
$1,200.
I wonder if we realize how much the future, not only of our country but
of nations as well, depends upon the carrying out of the principles of thrift
and economy. As we try to prognosticate the business future we find ourselves asking these questions:
Has building been overdone and have too.many people bought houses at
high prices with too little margin of savings invested if values should
begin to crumble?
Has the wheat farmer enough margin to carry him to another crop?
Is the laborer with present high wages saving a proportionate share of
his income?
Is the tremendous credit being granted by automobile companies going
to prove a menace to our future prosperity?
When we look further afield to the settlement of international questions,
we are impressed with the fact that their solution rests largely upon financial
adjustments and that these adjustments depend largely upon the thrift
and economy of the people of the respective nations and their willingness
to bear taxation burdens sufficient to wipe out gradually war debts,furnish
capital needed to revive industry, and meet the expense involved in the
repair of devastated regions.
of Massachusetts,
In this conference district composed of the States
Connecticut, New
Vermont, New Hampshire, Rhode Island. Maine,
West Virginia, PennsylYork, New Jersey, Delaware, Maryland, Virginia,
the reported savings•
vania, North Carolina and the District of Columbia.
dollars, a gain in the last
deposits were approximately 10% billions of
capita gain of about 75%. The
11 years of slightly over 100%, or a per
dollar out of every
banks in this district have in savings deposits one
in the United States.
one dollar and eighty cents of the total savings deposits
Savings are primarily for investment; they assist in building houses.
the building
and in developing farms. They contribute their share in
When
and equipping of railroads and financing municipal improvements.
industry has been
through commercial enterprise the stability of an
this
thoroughly established, savings has its place in the development of
to
branch of banking. Those in control of operations have held firmly
must primarily underlie
the thought and practice that safety of principal
all savings investments as distinguished from the greater risks apparent
In commercial enterprises.
of one
In the past 11 years savings have increased at the average rate
the United
billion dollars per year. The interest received by the savers in
million dollars, being
States during the year past was about seven hundred
for its
equal in amount to that spent by the United States Government
ordinary expenditures for any year prior to 1913.
developed
School savings—another product of thrift education—has
in America.
through the direct teaching of thrift in the public schools
Since 1920 the number of
Its development has been unexpectedly rapid.
At the close
towns using school -savings systems has largely increased.
enrollment of
of last year approximately seven thousand schools with an
with bank
three million pupils reported almost two million participants
balances of about 12 million dollars.
It was stated at the session on April 25 that a billion
dollars a year is wasted by purchasers of worthless securities,
this statement being made by H. J. Kenner, Manager of the
Better Business Bureau, New York, who told of the measures
taken by the Bureau to combat the evil. Mr. Kenner stated:
It is believed that the money waste for the whole country due to thedistribution of worthless and misrepresented securities approaches a billion
dollars a year. The destructive effects are plain. Three outstanding
perils menace savers and ineprienced investors. The first is the peril ot
money loss to the citizen who can ill afford to lose. The second is the
misunderstanding of inprimarily with training every child in that knowl- peril of suspicion and lost confidence created by a
Schools are concerned
vesting and by experiences with unscrupulous operators. The third is the
and in those habits, skills and virtues essential to his becoming an
edge
citizen. Thrift, resulting peril of prejudice and destructive radicalism inculcated by irresponsible
intelligent, law-abiding, loyal and constructive
salesmen who, to distribute their insecure securities, spread false informain the possession of property and of money, stabilizes character, arouses
tion about banks, banking and the general subject of finance. To quote
ambitions for larger service in life, increases happiness, provides better
investment," and circulated
Bolshevism and other forces destructive of the common from a piece of literature offering a "speculative
homes, counteracts
banks want to stop speculaweal. Instruction in thrift has, therefore, such an important place in the among savings bank depositors recently: "The disturb his balance. They
The banks do not want the speculator to
training of the future citizen that it should be included in the curricula, tion.
But the average man wants
and every child in the country should have the advantage of such in- can pay three for it and peddle it out at six.
to see his money work. He knows it will never grow unless it is exercised."
struction.
David Gibbs, Superintendent of Schools, Meriden, Conn.,
spoke on "School Savings from the Educator's Viewpoint."
He said:
2144
THE CHRONICLE
FNot long ago the promoters of a motor car manufacturing company, who
were indicted on a mail fraud charge, following an investigation by the
national Better Business organization, reproduced in their literature, press
reports of bank embezzlements and failures, under the caption. "Yet You
Are Told Your Money Is Safe in the Banks." Business loaders believe
thaesteady effort to offset these destructive influences is necessary and that
business itself with customary thoroughness should do the job."
[VOL. 118.
generally believed that information returns were required to
be filed only by those who actually pay the interest, but the
new ruling decides that the bank is as much the payer of the
interest as the real borrower. Mr. Seidman points out:
The Income Tax Department realizes, however, that a strict enforcement
of the ruling would make
it necessary for the bank to
An address by Samuel H. Beach'at the conference is re- of a kind never kept before, and impose an undue keep detailed records
burden on it. The
Department has therefore announced that it does not deem It necessary
ferred to in another item in this issue.
for the banks to maintain a record with respect to each item of interest
Reginal Conferences of the American Bankers' Association passing through its
departments. It is expected, however, that all
were inaugurated in Kansas City, Mo. on Feb. 21, and in will use ordinary care on such transactions and render a substantialbanks
comline with this new move, five regional meetings of the Sav- pliance with the law.
In other words, if the bank has reason to believe that the person receiving
ings Bank Division of the association were arranged. One of the income is one to whom
payments during the calendar year of interest
these was held at Los Angeles on Feb. 27 and 28, and still on bonds will amount to $1,000 or more, a record of payments made to
that person should be maintained in order that returns on forms 1096 and
another at Chicago on March 19 and 20. New Orleans,
Seattle and New York were the other cities chosen by the 1099 may be filed not later than March 15 of the succeeding year.
Savings Bank Division for regional meetings.
The Los Angeles regional conference comprised the States Annual Meeting of Association of Reserve City Bankers
of California, Nevada, Utah, Arizona and New Mexico.
—Its Origin and Development.
The meeting at New Orleans was for Louisiana, Texas,
Outlining the development of the Association of Reserve
Oklahoma, Arkansas, Tennessee, Mississippi, Alabama,
City Bankers, at its recent annual meeting in Dallas, Craig
Georgia, South Carolina and Florida. The Chicago meeting
B. Hazlewood, of Chicago, President of the Association,
was for Illinois, Michigan, WisConsin, Minnesota, North
Dakota, South Dakota, Nebraska, Wyoming, Colorado, stated, according to the Dallas "News":
Kansas, Iowa, Missouri, Indiana, Ohio and Kentucky. In This is the twelfth annual meeting of this association, formally organized
1921 in Chicago with a charter membership of 103,
The Seattle covers Washington, Idaho, Montana and Ore- present membership limited to 400. Of the originalwhich has grown to its
103 charter members
gon. The New York meeting was for New York, Maine, 43 are still on its membership roll. Its informal origin was really at the
Indiana Bankers Association convention the year before, when Gux Mueller,
New Hampshire, Vermont, Massachusetts, Rhode Island, one of our real standbys, was
host to a party of outside bank men who hoped
Connecticut, New Jersey, Delaware, Maryland, Virginia, to share with him the privilege of serving Indiana banks. The crowd consisted principally of convention men interested particularly in transit
West Virginia, North Carolina, Pennsylvania and District
of Columbia. In announcing the first of the regional con- matters.
The organization has grown greatly in numbers and scope since that time.
ferences at Kansas City on Feb. 20, Mr. Shepherd, the execu- Assistant cashiers of that day are the vice-presidents and presidents of totive manager of the association, stated that its object was day. The membership now is largely composed of executive and loaning
the discussion of the common problems of the American officers; men who are taking a real part in the conduct of the banking
business in the United States.
banker in regard to agriculture,'the necessity of having bankIt would be interesting to determine what proportion of the total deposits
ing and the banker better understood among the people, of American banks are represented in the banks with which our individual
membership
one-third,
would be
and the best method by which these objectives may be at- and perhaps is connected. My guess resources that more than are repreone-half, of the banking
of the country
tained. A call to participate in the meeting was sent by sented here in our membership list.
Walter W. Head, President of the association, to the offiCommercial Business Large.
cers of the association and an extensive list of bankers
It may fairly be said that our group handles a very largo part of the
resident in the Tenth Federal Reserve District and the entire commercial banking business of America. In those circumstances lie
possibilities of this
State of Missouri active in State and national bank organi- Immensely important in this organizationassociation. In my judgment we
have an opportunity
to do some original thinking, to
zation affairs. The Reserve District comprises the States of conduct some really scientific symposiums on banking questions and to
obtain for the published summary of our deliberations a place in the libraries
Wyoming, Nebraska, Colorado, Kansas, Oklahoma, part of
of banks
New Mexico, and part of Missouri. Those invited from this mists. and colleges, and in the hands of business men, writers and econoterritory were past presidents of the American Bankers
I desire to hold up to you as a high ideal for this association, that it shall
Association; members of its Executive Council; State Vice- become a banking clinic where all may learn the best theory and the best
technique of our profession.
Presidents of the American Bankers Association and its
The meeting covered three days, April 14, 15 and 16. Fred
National Bank, Savings Bank, State Bank and Trust Company Divisions; State representatives of its Clearing House W. Shibley, Tice-President of the Bankers Trust Co., New
Section; members of its commissions and committees; and York, gave a discussion of "The Banker's Relation to Indusofficers and agricultural committee chairmen of State trial Reconstruction Since 1920." As to what he had to say,
we quote as follows from the Dallas "News":
bankers' associations.
In contrast to other addresses dealing with the relations of commercial
Honorary guests at the conference included the following
banks to business concerns suffering from financial difficulties, Mr. Shibley's
past Presidents of the Association: E. F. Swinney, 1904, address dealt with how a bank may prevent its commercial customers from
President First National Bank, Kansas City, Mo.; F. 0. getting into financial difficulties through overproduction and overexpansion.
This preventive
may be carried on through intelligent and intenWatts, 1910, President First National Bank, St. Louis, Mo.; sive study of the system commercial
bank's
accounts and of the industries as a
W. Goebel, 1916, Chairman of Board Commercial Na- whole of which they are a part, Mr. Shibley said, particularly, he declared,
P.
by learning how the manufacturing business must be conducted so as to
tional Bank, Kansas City, Kan.; and R. S. Hawes, 1919,
Vice-President First National Bank, St. Louis, Mo. W. J. produce a profit. of Mr. Shibley's address was devoted to a description
The main portion
Bailey, Governor Federal Reserve Bank of Kansas City, will of a system of management control that has proved successful in industrial
also be an honorary guest. The program of the conference, reorganization and has demonstrated its worth when employed by prosperous corporations.
yardstick
which was presided over by Mr. Head, follows: Morning with wich to measure He gave an analysis of the sales dollar as aa positive
manufacturing efficiency and to maintain
session, address, "Public Education and the American and economical control of operating costs, using for this purpose a series
of blocks representing how mile!' each item of cost bore to the total sales
Banker," J. H. Puelicher, Chairman Committee on Public dollar. The
sales dollar used in illustration was that
Education of the Association, followed by discussion; "The facturer in Now England. The illustration showed theof a large silk manusales dollar made up
Banker and the Public," Charles Cason, of the Public Rela- as follows:
Raw materials
.42$ ”ower, heat, light, gas, water__ .022
tions Commission of the Association, discussion. Afternoon Dyestuffs, supplies, &c
.05 Taxes
.033
tnterest
session, "The Banker and Agriculture," D. H. Otis, director Pay rollsalaries
.006
Clerical
.017
.069
Commission of the Association, discussion; Salaries of officers and managers.... .017 <telling expenses
Agricultural
Reinvested in business
.058
RePairs
.016 Dividend); paid
.042
"The Banker and the A. B. A." Tom J. Hartman, Chairman Insurance
.001
.014
$1.00
Committee on Membership, discussion. The evening session Depreciation
Many financial problems were discussed and debated and
included a dinner given to those attending the conference by
the Kansas Clearing House Association; Governor W. J. the meeting was considered one of the most successful ever
held by the association. The 1925 meeting will be held in
Bailey delivered an address. •
the early spring at Louisville, Ky. The following are the
Income Tax Ruling—Banks Crediting Depositor with officers and directors elected for the ensuing year:
Interest of $1,000 or Over Must File Individual
.1. D. Gillespie, Vice-President Dallas NaHeyward E. Boyce, President,
President Drovers & Mechanics National Bank, Dallas, Texas.
Return.
tional Bank, Baltimore, Md.
ROY L. Stone, VicoPeident Americas
Exchange Bank, Milwaukee, Wis.
An important ruling affecting banks has just been issued Rufus R. Clabaugh, Vice-President,
Vice-President Liberty Central Trust Edward I3uder. Vice-President The MerCo., St. Louis, Mo.
cantile Trust Co., St. Louis, Mo.
by the Income Tax Department, according to M. L. Seid- Richard Bean, Secretary-Treasurer,
C. W. Allendoerfer, Vice-President Fleet
President. Louisville National Bank,
man, C.P.A., tax expert of Seidman & Seidman, certified
National Bank, Kansas City, Mo.
Louisville, Ky.
James Ringold, President United States
accountants. This ruling holds that every bank that
public
National Bank, Denver, Colo.
Directors.
credits a depositor with interest amounting to $1,000 or Craig B. HazIewood, Vico-President Charles 11. Ayers, Vice-President Poophs
State Bank, Detroit, Mich.
Union Trust Co., Chicago, Ill.
year must file individual information returns to
more in any
George V. Drew, Assistant Secretary
0. Howard Wolfe, Cashier Philadelphia
Equitable Trust Oe., New York cur.
that effect on forms 1096 and 1099. Heretofore it was
National Bank, Philadelphia. Pa.
EL N. T.
MAY 3 1924.]
THE CHRONICLE
Co-operative National Bank Organizing
in Portland, Ore.
The Comptroller of the Currency has approved an application to organize the Brotherhood's Co-operative National
Bank of Portland, Ore., with a capital of $200,000. None
of the officers has as yet been decided upon. The stock is
being disposed of at $125 per $100 share.
Brotherhood's
Labor National Bank of Great Falls, Mont.
The second bank controlled entirely by union labor to
be established in Montana was opened in Great Falls on
April 4, when the majority of the stock of the Northern
National Bank was turned over by former owners to the
representatives of the Great Falls labor unions and the
railroad labor organizations having headquarters in that
city. Beginning May 15 the institution will be known as
the Labor National Bank of Great Falls and its capital will
be $100,000. Of this amount the union labor forces have
purchased $70,000. The new board of directors includes
two of the old directors of the Northern National, J. M.
Ryan and Ben S. Hill. The new board with the official
positions of each will be made up as follows: President,
J. C. MeDermand of the Brotherhood of Locomotive Engineers; First Vice-President, J. M. Ryan, former President
of the bank; Second Vice-President, Paul Schermerhorn of
the Brotherhood of Railway Fireman; Third Vice-President,
Edward Shields of the Brotherhood of Railway Conductors;
Cashier, Ben S. Hill. Mr. Hill has been Cashier of the
Northern National. Clarence Berg will continue as Assistant Cashier. The stock is in shares of $100 and is being
disposed of at $125 per share. Montana's first labor bank
is the Labor National Bank of Three Forks, Mont.
Organization of Board of Trade for German-American
Commerce, Inc.
The Board of Trade for German-American Commerce,
Inc., has been organized for the purpose of re-establishing
and furthering commercial relations between the United
States and Germany. Offices have been established at 60
Broadway, New York, and H.. Portack, Executive Secretary,
In advices to us states:
This Association *will be the central body for the exchange of information
In all matters pertaining to trade, industry and finance, for the widening
of existing and the opening of new markets, for aid in facilitating customs
and tariff matters, for arbitration of commercial disputes, for rendering
assistance in all questions which tend to promote and widen friendly commercial relations between the two countries.
The organization is being extended to comprise the entire United States.
with branches in all important centers. It will be in close co-operation with
the existing chambers of commerce and ,
Aroilar organizations throughout
the United States and Germany, and will be of great value not only to the
respective business communities, but also to its members, to whom information and other facilities will be available.
The board solicits applications for membership from responsible firms
and individuals interested in the furthering of trade and the stregthening
of business relations between the United States and Germany. Complete
information may be obtained by addressing Board of Trade for GermanAmerican Commerce, Inc., 60 Broadway, Suite 507, New York City.
2145
Three New York Stock Exchange memberships were reported posted for transfer this week, that of Marshall
Adams, deceased, to Arthur K. Harris, the consideration
being stated as $84,000. That of Julius R. Schmeltzer to
Harry E. R. Hall for $83,000 and the membership of E. Gay
Spencer to Ray M. Mulford for $82,000. The last previous
transaction was at $82,000.
The New York Coffee & Sugar Exchange membership of
Lionel Sutro was reported transferred to Alexander Cycleman
the consideration being stated as $6,800. The last preceding transaction was at $6,900.
Sir John Aird, heretofore Vice-President of the Canadian
Bank of Commerce, head office Toronto, has been elected
President of the institution to succeed the late Sir Edmund
B. Walker. Sir John who has been in the bank's service
since 1878, is also President of the Canadian Bankers'
Association. A new office, that of Chairman of the bank,
has been created in the Canadian Bank of Commerce..
This office carries with it a general supervision of the bank's
affairs. Sir Joseph Flanelle, for many years a member
of the board of directors, has been appointed to the position.
Ownership of the.Central Mercantile Bank at 1 East 14th'
St. has changed hands, according to the "Sun" of last night,
which said:
The new interests in control are headed by C. Stanley Mitchell. Mr.
Mitchell is to be the new President of the institution.
Mr. Mitchell is well known in local banking circles. Until a month
ago he was manager of the 18th St. branch of the Chatham & Phenix
Bank. Formerly he was President of the old Security Bank in Bast 14th St.
The transaction, it is understood, involved between $3,500,000 and
$4,000,000.
The quotation for the shares of the Central Mercantile recently advanced sharply in the over-the-counter market.
The Chemical National Bank of New York announced on
,
April 24 the appointment of Paul Partridge as Vice-President of the bank effective May 1. Mr. Partridge is a native
of Effingham, Ill., and began his banking career in that city
at the First National Bank, which he entered as a clerk at
the age of 16. While there he filled every position in the
bank, including that of Cashier, director and President. In
1916 Mr. Partridge was made a National Bank Eaxminer,
serving in Iowa and in northern and central Illinois, and in
1921 he was transferred to the Second Reserve Bank with
headquarters in New York.
At the annual meeting of th- e United States Safe Deposit
Co. on April 25, the following officers were eleeted: President, J. Lynch Pendergast; Vice-President, H. L. Servoss;
Secretary, Joseph Adams; Treasurer, Ferdinand J. Claussen;
Assistant Treasurer, M. B. Alpaugh. L. C. Deming,
Comptroller,of the Atchison Topeka & Santa Fe RR., was
elected a director.
At a meeting of the board o-f directors of the Pacific Bank
The officers are Jarvis W.
-Mason, President; Eugene Hennigson, Vice-President; C. F. Koth, Treasurer; Henry C. of New York, John F. Degener Jr., of Auffmordt & Co., was
Steneck, Assistant Treasurer, and Robert C. Mayer, Secre- elected a director.
tary. The following are the directors:,
At a meeting of the board of directors of the American
M. S. Bausch, Manager Foreign Department the Equitable Trust Co.
Exchange National Bank of New York this week, Frederic
Carl M. Bernegau, Vice-President Keuffel & Esser.
Hubert Guilts, Chairman Guardian Life Insurance Co.
C. Buswell, First Vice-President of the Home Insurance Co.,
Karl Ellers.
August Elmer, President Elmer & Amend.
was elected a director. Mr. Buswell is also a director of the
C. Ermelbauer, Stoehr & Sons, Inc.
Pacific Bank, with which the American Exchange National
Dr. K. G. Frank, filemens-Rhein-Elbe-Schuckert Union.
Henry Heide, President Henry Heide, Inc.
Bank is' closely affiliated.
Eugene Hennigson, President E. Hennigson Co., Inc.
Hans Hinrichs, President Hans Hinrichs Chemical Corporation.
II. Hollesen, President H. Hollosen, Inc.
E. G. Hothorn, President Hothorn Litzrodt Corporation.
Hermann lrion, General Manager Steinway & Sons.
C. F. Koth,Vice-President & Manager Foreign Dept. Harriman National Bank.
Paul G. Leoni, President Iron & Ore Corporation of America.
JarVis W. Mason, Vice-President American Surety Co. of Now York,
Robert G. Mayer, Robert C. Mayer & Co.
Herman A. Metz, President II. A. Metz & Co., Inc.
Julius P. Meyer, Hamburg-American Line.
C. F. Rutgers, C. F. Rutgers & Co.
Dr. Emil &hill.
Richard C. Schilling, President American Mercedes Co.. Inc.
Henry Schuengel, North German Lloyd.
Henry C. Steneck, Vice-President Steneck Trust Co.
A. F. Stoeger.
Max W.Stoehr, Chairman Botany Worsted Mills.
E. wedemann, President Wedemann, Godknecht & Lally, Inc.
Arthur Wiener, Pres. Atlantic Book & Art Corp.; lion. Repree. Leipsig Fair.
Felix F. Wiener, President Amplex, Inc.
W. L. Wirbelauer, President Royal Piece Dye Works, Inc.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
A charter has been issued by the Comptroller of the Currency for the Perth Amboy National Bank of Perth Amboy,
N. J., with a capital of $100,000. The officers are Harry
Conard, President; Sigmund Spitzer, Vice-President and
Cushier, and Ira R. Crouse, Vice-gresident. The bank plans
to begin business July 1. Its stock (par $100) is being disposed of at $130 per share.
JeromeJ. Hanauer, member of the banking house of Kuhn,
J.
Loeb & Co., was among the passengers arriving on April 30
on the S. S. Olympic. Mr. Ha,nauer has been abroad for the
past three and a half months.
The class of 1925, New York Chapter, American Institute
of Banking, held its get-together dinner on May 1 at the
Building Trades Club. The class which will graduate a year
from this June has recently completed its organization with
the election of Douglas B. Simonson, National City Bank,
President; John H. Kohler, Bank of America, Vice-President; Marjorie C. Todd, Bank of Commerce,Secretary;
William L. Olsen, Tottenville National Bank, Treasurer.
The Bank of America,-York, has issued its Statistical
New
Data Sheet for April comprising a chart of business barometers on money and banking, securities markets, production,
commodity prices, railroads and commercial failures.
At a meeting of the Morris County Bankers Association
on April 24 the following officers were elected for the ensuing year:
2146
TFrE CHRONICLE
[VOL. 118.
President, E. W. Rosevear, Vice-President Dover Trust Co., Dover, N. J.
Vice-President, C. G. Wilson President First National Bank, Butler, N. J.
Secretary-Treasurer, J. P. Dalton, Secretary Madison Trust Co., Madison,
,N, J.
President of the Brown-Crummer Investment Co. of Wichita, of which Mr. Richardson was Treasurer. Warren E.
Brown and H. F. Hoffman, President and Cashier, respectively, of the company, are also under indictment,it is underThe Second National Bank of Elmira, N. Y., announces stood, in connection with the bank's collapse. The closing
'the death of its Vice-President, J. Sloat Fassett, on April 21. of the American State Bank was reported in these columns
in the "Chronicle" of July 7 1923.
Invitations to inspect their new banking rooms on May 1
The closing, on April 22, of the First National of Poteau,
were issued by the officers and directors of the Guaranty
Trust Co. of Cambridge, Mass. The new quarters—Massa- Okla., was reported in an Associated Press dispatch from
chusetts Avenue at Inman Street (Central Square)—were Fort Smith, Ark. on that day, printed in the Dallas "News"
of April 23. The failed bank had a combined capital and
open for inspection from 10 a. m. to 9 p. m.
surplus of $30,000 and was organized in 1904.
The National•Bank of Boyertown of Boyertown, Pa., celeThe former President of the defunct Inter-State Trust
brated its fiftieth birthday on April 26. Besides special
Denver, Frank Newton Briggs, was found guilty of
music at 7 p. m., there were souvenirs for those visiting the Co. of
embezzlement in the West Side Court of Denver on April
bank on the occasion of the anniversary.
It is announced that the organigation of the Mid-Day Club
of Cleveland is now well under way. More than 160 acceptances have already been received and other applications, it
is stated, still continue to come in. The Mid-Day Club of
Cleveland will be a business men's luncheon club, similar to
the Lawyers' Club, the Bankers' Club and other organizations of like character in New York City. The Mid-Day Club
, is not a social club. It is designed primarily as a place
where Cleveland's active business and professional leaders
may meet at noon, as well as a convenient place to which
business men may bring local or out-of-town business friends
or associates for either a quiet luncheon or for a conference.
It is planned to limit the membership of the club to 1,200 or
possibly 1,500 resident members, although provision will be
made for non-resident membership. It is proposed to take
in 500 charter members ifnmediately, the character and personnel of this charter membership determining the future
development of the club. The organization of this club is
the outgrowth of the planning of a group of Cleveland business and professional men who have for a number of years
felt the need of an organization of this kind in Cleveland.
The temporary officers of the club are: Alexander C.
Brown, President; Elton Hoyt 2d, Vice-President; Carl M.
Osborne, Treasurer, and Allard Smith, Secretary. The temporary directors are: Charles E. Adams, Alva Bradly,
Alexander C. Brown, Harold T. Clark, Norris J. Clarke,
Elton Hoyt 2d, Carl M. Osborne, Harry C. Royal, Asa
Shiverick and Allard Smith. The quarters of the Mid-Day
Club of Cleveland will be located on the top of the New
Union Trust Building, and it is expected that the club will
be opened in June. There will be a large dining room, and
in addition, nine private dining rooms. Besides the men's
lounge, there will be a reception room and dining room set
aside for the wives of Members.
A special press dispatch from Wichita, Kan., on April 15
to the Topeka "Capital" stated that at a joint meeting of
the directors of the North End State Bank and the Stock
Yards State Bank, both of that city, on that date (April 15)
arrangements were made for the consolidation of the Institutions under the title of the Industrial State Bank, and that
• the new bank would open for business on the following
day, April 16. The dispatch further stated that J..J. Benjamin, "who is interested in several country banks," had been
elected President of the enlarged institution with Harry S.
'Reynolds, heretofore Cashier of the North End State Bank,
as Vice-President and W. A. Cary, formerly Cashier of the
Stock Yards State Bank, as Cashier. It was also stated that
the new bank would begin business with deposits of $400,000.
The Stock Yards State Bank began business in 1907 and had
a capital of $20,000, while the North End State Bank was
chartered in 1917 and was capitalized at $50,000.
John N. Richardson, former President and one of the
founders of the American State Bank of Wichita, which
closed its doors on June 18 last upon the discovery of a shortage of approximately $1,500,000 (since found, it is said,
to be nearly $2,000,000) in its funds, was on April 23 convicted on nine counts of accepting deposits when he knew the
bank was insolvent. The trial, a sensational one, lasted two
weeks. After the verdict the defendant's bond of $50,000
was continued pending a motion for a new trial. Others
formerly connected with the failed bank awaiting trial on
indictments growing out of the bank's failure are: Philip
Drumm, the Cashier, in whose accounts the alleged shortage
was discovered; C. A. Powell, a Vice-President of the bank,
and Roy A. Crummer, a director. Mr. Crummer is Vice-
25. The defendant was convicted on the second count of an
indictment containing 8 counts, that of the alleged embezzling of $1,700 received from Isador Amter, a stockbroker.
The jury deliberated one hour. The indictment of Mr.
Briggs followed an exhaustive probe into the affairs of the
Interstate Trust Co. after the collapse of the institution in
August 1923. At the time of the failure 0. J. Clark was
President of the bank, the defendant having resigned as
President the previous January in order to be a candidate for
Mayor of Denver in the election last May in which he was
overwhelmingly defeated. When the indictment was returned against him, Mr. Briggs was living in Los Angeles,
but returned at once to Denver and surrendered, subsequently being released on a bond to await his trial which
began on April 17. Following the rendering of the verdict,
Judge Francis E.Bauck of Leadville, Colo., before whom the
case was heard, granted a stay of execution of 15 days in
which to prepare a motion for a new trial and released the
defendant in $10,000 bonds. We reported the failure of the
Interstate Trust Co. in these columns in our issue of Sept.
15 1924.
A bank consolidation was consummated in East St. Louis,
Ill., on April 24 when the Security National Bank and the
Union Trust Co. joined forces under the title of the latter.
The new Union Trust Co. has a capital of $600,000 with
surplus and undivided profits of $250,000. The personnel of
the institution is as follows: Paul A. Schlafly (heretofore
President of the Union Trust Co.), Chairman of the Board;
August Schlafly, Chairman of the Executive Committee;
G. A. Miller (former President of the Security National
Bank), President; E. P. Keshner, Vice-President; Fred W.
Hensker, Vice-President and manager of the bond department; M.P. Murray, Vice-President and Secretary; Sidney
W. W. Ewing, Cashier; S. C. Jarvis, Assistant Cashier and
H.J. Hormberg, Assistant Secretary.
Benjamin Margolius, President of the American Exchange
Bank of Norfolk, Va., and a member of the City School
Board, died on April 13. He was 47 years of age. His death
followed an operation for mastoiditis. He was one of the
organizers of the American Exchange Bank, President of the
Atlantic Jute Mills; Vice-President of the Norfolk Mattress
Co.; a director in the Virginia National Bank, etc.
._
The Comptroller of the Currency has approved an application to organize the City National Bank of Gadsden, Ala.,
with a capital of $100,000. Officers have been elected as
follows: G. C. King, President; It. V. Davidson, Vice-President and Cashier, and Lamar Smith, Vice-President. The
bank will begin business about Sept. 1, its operations being
delayed pending the erection of a building. The stock is
selling at par—$100 per share.
The stockholders of the Atlanta Commercial Bank, Atlanta, at a,special meeting on April 23, unanimously voted
to increase the capital of the institution from $50,000 to
$100,000, according to the Atlanta "Constitution" of April
24. The price of the new stock will be $140 per share, it is
said. It is further stated that plans are now under way for
the erection of a modern bank building for the institution
opposite its present quarters at Marietta Street and Bankhead Avenue, and that the bank will shortly make application for an amendment to its charter giving it authority to
do a general trust company business. The officers of the
Atlanta Commercial Bank are W. B. Chandler, President;
H. B. Davis and Howard Parrish, Vice-President, and William A. Cook, Cashier.
MAY 3 1924.]
2147
THE CHRONICLE
substantial losses at the end of the session. Prices again
showed a declining tendency on Wednesday, although a
moderate recovery during the last hour retrieved most of
the losses of the earlier part of the day. Studebaker was
again the weak feature of the trading, receding two points
to 8034 and recording a new low for the year. Congoleum
was under strong pressure and declined three points to 3732.
On the other hand, Corn Products was particularly strong,
moving up three points to 172 and in the late afternoon
Davison Chemical developed a brisk upward movement
that carried that issue 3 points above its low level of the day.
Much improvement was manifested in the late afternoon
trading, many of the more prominent issues showing a substantial increase as the session closed. On Thursday there
was a notable expansion in the volume of trading during the
fore part of the session, and a brisk recovery in prices occurred, the greater part of the rally developing in the last
According to the San Francisco "Chronicle" of April 23 hour. Railroad issues were in the foreground. Pere Marthe Bank of California, N. A., with headquarters in •San quette attracted considerable attention by its advance of
Francisco, has elected Alexander H. Holley a Vice-President one point to a new high level at 473.j. As the day advanced
of the institution. Mr. Holley, since 1912, has been identi- the recovery became more pronounced, especial interest
fied with the New York Commercial paper house of Hatha- developing in Baldwin Locomotive, which made a gain of
way, Smith, Folds & Co., 45 Wall Street, during the past more than two points from its morning low. General Elecfive years as their Pacific Coast manager with headquarters tric was in strong demand and advanced 8 points to 221.
in San Francisco. He assumed his new duties, it is under- American Can also displayed strong recuperative tendencies
stood, on May 1.
and registered a net gain of three points to 103%. The
trend of prices was again upward as the session opened on
Agreement for the acquisition of the eight branches of the
Friday, and substantial gains were recorded in nearly all
Valley Bank of Fresno, Calif., by the Pacific-Southwest
demand
of Italy sections of the list. General Electric was in special
Trust & Savings Bank (Los Angeles) and the Bank
in the first hour and registered an advance of two points
(San Francisco) was recently reached. The San Francisco
Studebaker reached new high ground on the re"Chronicle," in its issue of March 9, had the following to at 223%.
covery at 843/i and United States Cast Iron Pipe & Foundry
say with regard to the matter:
again advanced 1% to 9234. In the last hour prices again
According to the news from Fresno a basis of agreement has been reached
3 points were recorded by
between the Bank of Italy and the Pacific Southwestern Bank of Los fell off and recessions of 1 to
Angeles for taking over the eight branches of the Valley Bank at Fresno many of the active leaders.
The Citizens National Bank of Los Angeles will formally
Streets,
open its new banking room,corner of 5th and Spring
from
Los Angeles, to-day, May 3. A reception will be held
4 to 10 p. m.
of
W. H. Comstock resigned recently as general manager
the Los Angeles & Salt Lake Division of the Union Pacific
RR. to become a Vice-President and a director of the Citizens' Trust & Savings Bank of Los Angeles, according to the
Los Angeles "Times" of April 25. Mr. Comstock's resignation became effective May 1. After a month's vacation he
will enter upon his new duties at the bank. Mr. Comstock's
connection with the Union Pacific RR. covered a period of
twenty-three years. He entered its employ as a clerk and
rose by successive stages to the position he has now relinquished to enter the banking field.
and vicinity. The deal now appears to be up for approval by the California State Banking Department and the Federal Reserve Board. It may
be reasonably assumed that the two buying banks will divide the branches
between them, probably upon a basis of fifty-fifty. Both have banks at
present in Fresno. Official statements have not been issued by either of the
purchasing banks, but the special dispatch to "The Chronicle" outlining
the progress of negotiations, indicates that the agreement has been ratified
and awaits only the official approval to become effective.
J. Enderman, of 14 Wall Street, New York City, representative in the United States of the Rotterdamsche Bank Vereeniging of Holland, announced on April 29 that after
writing off 293,000 guilders for depreciation of premises,
the bank showed net profits of 10,715,000 guilders for 1923,
which will be divided as follows: Reserves, 500,000 guilders; special reserves, 4,500,000 guilders; dividend 6%,4,500,000 guilders; taxes on dividend, 407,000 guilders; bonus to
officers and employees, 400,000 guilders, and carried forward, 408,000 guilders. The annual report states that no
losses were sustained nor are to be expected on ,forward
contracts as contracting parties have been carefully chosen.
COURSE OF BANK CLEARINGS.
Bank clearings the present week again record a moderate
increase as compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, May 3) 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 4.2%
over the corresponding week last year. The total stands at
$9,235,935,728, against $8,863,664,965 for the same week
in 1923. At this centre there is a gain of 10.2%. Our
comparative summary for the week is as follows:
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Price movements on the New York Stock Exclange
during the early part of the week were decidedly reactionary,
but recovered somewhat the latter part. The returns of railroad earnings for the month of March have in many cases
shown severe losses in net income, and this and the unsatisfactory report of the Studebaker Corporation for the quarter
ending March 31 contributed in a measure to unsettle the
market. In the short period of trading on Saturday the
market displayed considerable irregularity. Renewed declines characterized the movements in the market on Monday, losses of one to three points being fairly numerous in
the more active speculative issues. R:Lilroad securities
were generally weak and motor shares were prominent in
the downward drift. United States Cast Iron Pipe & Foundry shared the general decline of the opening hour, but later
in the day regained its losses and advanced to a new high
level at 903s. American Sugar Refining was particularly
weak, falling about three points to 39%. The market was
again irregular on Tuesday, advances and declines frequently
occurring simultaneously in various parts of the list. The
automobile shares were particularly weak, Studebaker lead4
ing the decline with a loss of two points to 813 . Yellow
Cab Mfg. Co. was also conspicuous in the recession, yielding
5 points to 5034. United States Cast Iron Pipe & Foundry
suffered a decline of three points to 89, followed later in the
day by a brisk advance of five points to 94 and again establishing a new high level. Railroad shares were heavy throughout the day, many of the leading issues of that group showing
Clearings-Returns by Telegraph.
Week ending May 3.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total 12 cities, 5 days
Other cities, 5 days
Total all cities, 5 days
All cities, 1 day
Total all cities for wrek
1924.
1923.
Per
Cent.
54,686,000,000 $4,253,169,214
646.632.073
592,282,861
451,000,000
399,000,000
324,000.000
348.000,000
119.804,884
106,162,243
a
a
141.300,000
132,000,000
121,514.000
115,160,000
138,589,550
131.333.668
114,403.917
124,871,909
106,596,079
82,388,288
93,340,387
86,563,382
48,371,397
53,095,556
56,856,857,907 56,558,781,501
827,605,370
839,755,200
+10.2
-8.4
-11.5
+7.4
-11.4
a
-6.6
-5.2
-5.2
+9.2
-22.7
-7.3
+9.8
$7,386,387,471
1,477,277,494
58.863.664.965
+4.2
+4.2
$7,696,613,107
1,539,322.621
39 235 235.72R
+4.5
+1.5
+4.2
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 April 26. For
that week there is an increase of 6%, the 1924 aggregate
,128,544,102 and the 1923 aggreof the clearings being
gate $7,671,036,710. Outside of New York City, however,
the increase is only 1.9%, the gain in the grand total being
due to the fact that the bank exchanges at this centre made
a gain of 9.3%. We group the cities now according to the
Federal Reserve districts in which they are alocated and from
this it appears that for the Boston Reserve District there is
an improvement of 0.8%, for the New York Reserve District (including this city) of 9.1% and for the Philadelphia
2148
THE CHRONICLE
[Vor.. 118.
-
-Reserve District of 13.6%. In the Richmond Reserve District the totals are larger by 13.1%, in the Atlanta Reserve Clearings al
District by 14.4% and in the Dallas Reserve District by
1924.
8.9%. But for the Cleveland Reserve District there is a
S
Seventh Feder
falling off of 0.1%,for the Chicago Reserve District of 1.2% Mich.-Adrian al Reserve D
248,505
Ann Arbor_ _ _ _
550,086
and for the Kansas City Reserve District of 13.7%. The
Detroit
159,780,622
St. Louis Reserve District shows an increase of 0.9% and
Grand Rapids.
6,391.590
Lansing
2,160.124
the Minneapolis Reserve District of 0.1%. The San Fran- Ind.-Ft. Wayne 2,404.475
Indianapolis_ _ _
16.776,000
cisco Reserve District suffers a loss of 1%.
Solth Bend_ _ _
2.270,000
Terre Haute_ _ _
5,154.930
In the following we furnish a summary by Federal Reserve
Wis.-Milwaukee
32,289,248
districts:
Iowa.-Ced.Rap.
2,252.330
SUMMARY OF BANK CLEARINGS.
Weal ewling A aril 26 1924.
1924.
1922.
Federal Reserve Districts.
(1st) Roston
11 cities 442,170,451 438,612,258
(2nd) New York
10 " 4,652,903,165 4,265,666,980
(3rd) Philatimpula_
552,739,832 488,620,2138
378,581,792 379,019,615
(4th) Cleveland
s
179,752,951 159,007,14/
(5th) Richmond
5 "
179,074,961 156,556,552
11 "
(6th) Atlanta
20
877,483,026 887,975,492
(7th) rhicago
•
(8th) St. Louis
7 •
63,404,917 62,809,065
106,319,513 106,214,792
(9th) Nfinneapolls_ _ 7 ••
(10th) Kansas City_ _ __11 .•
203,224,143 235,477,783
53,439,660 49,057,844
5 ••
(1 lth) Dallas
(12th) San Francisco. _16 ••
439,449,688 443,988,891
Inc.or
Dec.
mg.
1921.
+0.8 352,011,969 277,271,515
+9.1 4,644,549,520 3,511,365,211
+13.6 437,374,955 407,295,766
-0.1 265,142,925 275,210,377
+13.1 133,015,608 123,165,527
+14.4 124,803,529 120,351,614
-1.2 736,891,723 644,138,622
+0.9 48,555,138 43, 68,809
4
+0.1 93,536,005 91,627,551
-13.7 216,013,811 220,607,803
+8.9 41,195,278 41,112,688
-1.0 348,678,442 300,542,273
Grand total
121 cities 8,128,514,102 7,671,036,710 +6.0 7,441,801,925 6,059,180,156
Outside New York City
2,514,754,519 3,478,290,064 +1.9 2,858,185,170 2,500,818,204
Wcek eneirg April 26.
1923.
inc. or
Dec.
1922.
1921.
Des Moines_ _ _
Sioux City_ _ _ _
Waterloo
Bloomingt'n
Chicago
Danville
Decatur
Peoria
Rockford
Springfield_ _ _
10,069,104
5.899,848
1,330,135
1,386,331
818,004,335
a
1,455.512
4,103,462
2.435,278
2.515,612
$
s .
%
$
strict
-Chi cago178,516 +39.2
177,810
200,000
592,267 -7.1
563,342
453,377
144,799,880 +10.4
93,147,388
80,401,148
6.037.021
+5.9
5,456,621
5,241,207
2,095,827 +3.1
1,624,541
1.582.000
2,174,895 +10.6
1.788.463
1,611,463
18,147,000 -7.6
16.425,000
13,849,000
2,411,800 -5.9
2,075,250
1.861,841
6,016,930 -14.3
33,458,230 -3.5
25,771,047
23,008,041
2.357,630 -4.5
2,095,825
2,066.287
10,628,760 -5.3
8,553,204
8,110,332
5.607,264 +5.2
5,224,659
6,210,425
1,300,372 +2.3
1,489,846
1,557,432
1,245,667 +11.3
1,385,259
1,156,814
4
6 0,784,787 -3.6 560,053,504 488.680,889
a
a
a
a
1.177,284 +23.6
1,017.197
1,311.456
4,240,136 -3.1
3,099,822
3.049,869
2,194.484 +11.0
1.833,828
1,613,048
2,526,742 -0.4
2.112,117
2.168,593
Total(20 cities)
877,483,026
887,975,492
-1.2
736,894,723
644,138,022
Eighth Fedora Reserve Dis trict-St.Lo Ws
Ina.-Evansvllie.
4,678,555
4,771,475 -1.9
Mo.-St. Louis. _
a
a
a
Ky.-Louisville_
28.610,803
27.938,911
+2.4
Owensboro
346,714
408,894 -15.2
Tenn.- Memphis 417.388,000
17.392,169 -0.0
-Little Rock
Ark.
10,667,905
10,679.368 -0.1
III.-Jacksonville.
341.107
351,003 -2.8
Quincy
1.371.833
1,267,245 +8.3
3,889,738
a
23.292,273
271.418
12,601.317
7,159,353
270,555
1,070,484
3,890,399
a
20,414,469
297,106
11,187,489
6,445,814
292,275
941,457
Total(7 cities) _
63.404.917
62,809,065 +0.9
48,555,133
43.468.809
Ninth Federal Reserve Dis trict - Min neapol It
-Duluth_ _
Minn.
45,132.638
6,354,824 -19.2
4,358,567
5,415,985
We now add our detailed statement, showing last week's
Minneapolis
- 64,303,670
61,470,837 +4.6
55,619,754
52,877,271
St. Paul
31,587,051
32,020,253 -1.4
27,472,118
27,233,567
figures for each city separately, for the four years:
No. Dak.-Fargo
1,525.600
1,745,454 -12.6
2,065,649
1,649,678
-Aberdeen.
S. D.
1,198,894
1.182,755 +1.4
1,058,083
1,151,428
7410nt.-13111ings _
387,711
490,387 -20.9
Week ending April 26.
458,721
678,996
Helena
2,183,889
Clearings al
2,950,282 -26.0
2.300,000
2,825,739
•
Inc. or
Total(7 cilia° _ 108,319,513 106.214.792 +0.1
1924.
1923.
Dec.
91.627,551
1922.
1921.
Tenth Federal Reserve DiS trict-Kan sas City 93.536.005
Nob.
-Fremont...
4404,604
384,577 +6.5
$
420.365
449,717
Hastings
405.186
First Federal Re serve Distric t
413,749 -2.11
-Boston579,433
496,719
Lincoln
3,436,709
Maine-Bangor._
3,758,991 -8.6
764,279
622,373 +22.8
3,817,841
3,120,590
750.035
883,676
Omaha
35,039,435
Portland
39,450,887 -11.2
2,689,169
2.811,864 -4.4
38,464,529
39,327.275
2,829,172
2,600,000
-Topeka _
2,533,250
Ma.98.-Boston _
2.815,573 -10.0
395,000,000 393.000.000 +0.5 312,000,000 243,041.328 Kan.
2,171,501
2,217,988
Wichita
46,823,000
Fall River._ _ _
9,813,892 -30.5
2.100,194
3,075,522 -31.7
10,760,987
9,967,078
1,409,621
1,253,036 Mo.-Kan. City_
114,434,004 137,333,462 -16.7 122,601,573 127.936,558
Holyoke
a
a
a
a
a
St. Joseph_ _ _
a
Lowell
a
a
1,188.800
1,218,727 -2.5
a
1,014,174 Okla.-Muskogee
1,069,974
a
a
a •
Lynn
a
a
a
a
a
a
a
Okla. City.
20,122,879
New Bedford_ _
20.863,300 -3.6
1.201,131
1,349,575 -11.0
17,604,235
1.123,594
1.069,779
20,621,504
Tulsa
a
a
a
Springfield _ _ _ _
5,340,476
a
4,905,170 +8.9
3,590.852 Cob -Cob.
4,477.822
.a
Spgs
900,593
1,049,414 -14.2
Worcester
__
3,824.000
1,065,933
3,316,000 +0.2
3,129,187
3,596.000
600.000
Denver
18,258,869
18.801,524 -2.9
Conn.
-Hartford
13,336,968
11,245,769 +18.6
16,930,308
7,028.401
17.958,315
9.588,765
Pueblo
e860,614
792,414 +8.6
New Haven_ _ _
6,524.736
6,005.058 +8.7
705,010
4,950.767
4,750.820
804.157
R.I.-Providence
10,200.700
10,562.200 -3.4 *10,500,000
8.650,500
Total(11 cities) 203,224.143 235,477.783 -13.7
Eleventh Fede ral Reserve District-00 alias- 216,013,813 220,607,803
Total(11 cities) 442,170,451 438.612,258 +0.8 352,041,989 277.271,515
Tax -Austin._
1,332,028
2.039,412 -34.7
1,198,311
1,220.360
Dallas
33,518,101
27.100,000 +23.7
Second Federal Reserve Dist act
21,572,831
-New Y ork-23,353,340
Fort Worth_ _
8.708,608
8,677,552 +0.4
N. Y.
-Albany __
5,007,476
8,097,000
5.991,311 -16.4
10,768,281
5,950,000
5,500,000
Galveston
5,201,496
6,740,635 -22.8
Binghamton_ _ _
5,352,411
754.500
950.500 -20.6
5,284,739
734,700
852.000
Houston
a
a
Buffalo
a
444,518,716
46,359.612 -4.0
a
36,833,915
32,820,856 La.
--Shreveport.
4,679,427
4,500,245 -r4.0
Elmira
4,074,725
657.536
705.907 -6.9
3.485,968
439.937
Jamestown_ _
c1,083,267
1.100.255
821,272
925,931
Total(5cities)53.439.660
49,057,844 +8.9
New York._.. 4,583.789.583 4,192,746,846 +9.3 4,583,616.765 3,458,318.952
41,195,278
44,112,888
Twelfth Feder al Reserve D Istrict-San Franci sco-Rochester
9.611,766
10.106,001 -4.9
8,266,946
7.536.753 Wash =Seattle _
35,292,678
38,008,573 -7.1
Syracuse
29,907,996
4,255,273
4,405,455
25,694,662
4,439,800
3.122.712
Spokane
10,283,000
10,056,000 +2.3
Conn.
-Stamford
c2,762,785
8,892.000
2,847,678
7,979,190
2,729,954
2,053,997
Tacoma
a
a
a
N. J.
a
-Montclair
462,263
a
453.615 +1.9
475.969
494.282
Yakima
1.004.747
1,274.163 -21.1
1,366,900
984,782
Ore.
-Portland_ _
40,940,232
38,340,834 +6.8
Total(10 cities) 4,652.903.165 4,265,686,980 +9.1 4.644,549,530 3,511,385,211
29,942,607
27,614,734
Utah-S.L.City.
14,092,222
14,082,408 +0.1
10,739,457
10,952,418
Nev.-Reno
_
a
a
Third Federal R eserve Distri ct-Philadel Phiaa •
a
a
Aria.-Phoenix _
a
a
Pa.
-Altoona __ a
1,442.932
a
1,451,596 -0.6
a
1,003,874
970,992 Calif.-Fresno
3,315,268
3,552,322 -6.7
Bethlehem _ _ _ _
4.066,512
4,857,643
4,877.645 -16.6
3,275,311
2,966,803
3,181,487
Long Beach...
7,316.788
8,240,255 -11.3
Chester
1,137,581
4,019,372
1,130,577 +0.6.
3,191,059
946,588
909.381
Los Angeles__ _ 139,498,000 136,051,000 +2.5
Lancaster
2,872,636
98,173,000
2,761,202 +4.0
77,487,000
2,423,824
2,264,455
Oakland
15,490,166
Philadelphia _ 523,000.000 459.000.000 +13.9 416,000,000 386.188,835
15,323,432 +1.1
12,500,542
10,001,661
Pasadena
5,273,009
Reading
4,862,160 +8.5
4.590.828
3,703,602
3,465,890 +32.5
2,772,644
2,643,977
2.562,431
Sacramento _ _
47,146,421
Scranton
5,890,616 +21.3
5.447,803
5.789,534
4,873,380 +11.8
4,168,490
4,352,665
3,881,961
San Diego__ _ _
3,773,441
Wilkes-Barre_ _
3,325,433 +13.5
43,293,664
2,718,419
3,085.992 +6.7
2,233,060
2,193,000
2.436,932
San Francisco_ 150,600,000 158,200,000
York
1,702.264
1,498,260 +13.6
133,000,000 117,600,000
1,122,556
1,271,730
San Jose
2.139.038
-Trenton._
N.3.
2,330,396 -8.2
5,185,812
4,475.748 +15.9
2,003,425
3,721,662
3,627,512
1,457.697
Santa Barbara.
Del.-Wilm'gton
998,878
070,753 +2.9
a
a
a
1,048,145
a
838,265
a
Stockton
c2.285,800
3,471,500 -34.2
2,017,800
4,293,300
Total(10 cities) 552,739,832 486,620,288 +13.6 437,374,955 407,295,766
Total(16 cities) 439,449,688 443,988,894 -1.0 348,678,442
300,542,273
Grand total (121
Fourth Feder al Reserve 13 istrict-Clev eland
cities)
8,128,544,102 7.671,036.710 +6.0 7,441.801,935
Ohlo--Akron_ _
47,664,000
6,278,000 +22.1
6,226,000
6,219,000 Outside N. Y
8,059.180,158
Canton
3,544.754,519 3,478,290,064 +0.92,858,185,170 2,600,861,204
4,486,310
4,709.384 -4 7.
3,284,840
2.883,850
Cincinnati._ _ - _
63,825,958
65,998,799 -3.3
53.891,282
47,896,687
Cleveland
d109,132.000 108,044.331
+2.9
80,880,335
94,433,639
Columbus
11,227,700
Week Ending April 24.
15,916,400 -29.5
13,111,100
11,061,500
Clearings al
Dayton
a
a
a,
a
a
a
Lima
a
Inc. or
a
a
1924.
41,840,238
Mansfield
1923.
1,657,860 +11.0
Dec.
1922.
1,201,893
1921.
1,028,047
a
Springfield _
a
a'
a
Canada
a
$
Toledo
a
a
a
Montreal
68,465,403
43,829,946
Youngstown__
3,292,432 +16.3
99,267,558 --31.0 108.750,978 107,925,325
4,347,475
2,985,839 Toronto
66,628,527
a
a
Pa.
98,320,692 --32.2 109,872,735
-Erie
a
a
90,508,537
a
47,818,708
35,734.001 +33.8
Pittsburgh
_ 176,575,640 175,152,409 +0.8 102,200,000 108,721,815 Winnipeg
42,842,511
49,455,779
Vancouver
12.718,118
14,339,804 --11.3
13.381,549
15,919,459
Ottawa
5,073,162
Total(8 cities) _ 378,581,792 379,049,615 -0.1 285,142,925 275,210,377
5,537,803 --8.4
8,850,979
6,292,297
Quebec
5,544,946
5,083,468 +9.1
4,625,438
6,038,133
Halifax
2,211.901
Fifth Federal Reserve Dist rict-Richm ond2,916,721 --24.2
2.787.581
3,220.533
Hamilton
4,095,724
1,954,386 -6.3
W.Va.-Huntn'g 'n 1,831,776
5,502,683 -25.6
5.683,599
6,009,009
1,195,500
1.519,015 Calgary
5,477,362
6,274.480 +4.2
48.536,863
Va.-Norfolk-4,251,884 +28.8
5,134,036
6,269,573
6,802,581
5,810.258 St. John
2,133,021
42,925,000 +22.3
52,495,000
Richmond _ _ _
2,728.168 --21.8
2,778,579
2,694,860
38,049.197
33,012,840 Victoria
2.054,887
-Charleston
S.C.
1,927,367 +6.8
1,882,905
2,002,111
London
88.174.194 +11.1
97,952,315
1,957,450
Md.-Baltimore _
2,637,502 --25.8
2,909.956
69,067,012
3,123,035
67.686.895 Edmonton
19,679,087 +8.4
3.250,254
D C.-Washing'n 420.937,000
3.897,566 --16.8
3,930,549
17,901,318
4,837.755
15.136,519 Regina
2,330,689
3,138.452 --25.7
3,104,237
3.461,555
425,145
Total(5 cities)- 179,752.954 159,007.147 +13.1 133,015,608 123,185,527 Brandon
487.130 498,675
-12.7
580,854
Lethbridge
425,355
482,991 --11.9
457,055
608,797
Saskatoon
1,251.257
Sigth Federal Reserve Dist rict-Atlant a1,638,538
1,460,506 --14.3
1,692,270
6,415,340 + 1.4
904,544
Tenn.-Chatt'ga. 46,505.792
1,022.623 --11.5
1,107,497
5,014,810
1,192,441
4,617,999 Moose Jaw
2,408,786 +21.8
2,927,967
747,085
Knoxville
937,982
999.017 -25.2
1,112,191
2.302.215
2.934,113 Brantford
20,545,643 +1.7
20,399,055
651,296
842,491
Nashville
658,829
+1.4
15,963,697
839,991
16,946,292 Fort Westminster
New
41,695,089 +11.0
e48,288,304
504,388
650,122 -22.4
578,873
Ga.-Atlanta
32,040,976
590,907
31,684,653 Medicine
llat
289,285
248,576 +16.4
327,740
Augusta
363.333
Peterborough___
1,048,836 -4.1
1.005,788
720,956
725.248 --0.6
757.973
Macon
900,671
885.057
1,300.000 Sherbrooke
a
a
673,872
816.357 --17.5
a
a
835,685
Savannah
1.208.266
a
Kitchener
12,230.155 +21.2
14,828,324
834.927
1.018.028 --18.0
1,095,446
Fla-Jacksonville
9,699,954
937,229
9,219.809
22.852,356 +34.8
3,842,257 3,226,983
-16.0
4,107.344
Ala.-Birming'm. 430,802.000
17.720.751
3.213,215
15,993,128 Windsor
Albert._ _
1,753,240 -5.2
1,661,681
339,433 247,507
-27.1
329,246
1,458,146
Mobile
277,609
1,600,000 Prince
769,583 +12.2
1,074,541 -31.8
863,829
732,706
1,028,389
Miss.
-Jackson_ _
521.680
1,147.770
391,227 Moncton
214.706 +3.3
518,492 -5.0
492,575
221.880
633,111
186.397
Vicksburg
199,631 Kingston
46.622,838 +13.8
53,070,361
La.
-New Orl'ns_
38,994,232
35,467,762
Total Can.(29) 241,888,013 299,611,481 -19.3 327,556,013 322.403.891
Total(11 cities) 179,074.961 156,556,552 +14.4 124,803,529 120,354,614
a No longer report clearings. b Do not respond to requests for figures. c Week
ending April 23. 4 Week ending April 24. e Week ending April 25. •Estimated.
Carutda
29 cities, 241,888,013 299,611081 -19.3 327,556,013 322,463,891
MAY 3 1924.3 •
THE CHRONICLE
THE CURB MARKET.
Except for brief periods of firmness at the opening of the
week and again on Thursday, prices on the Curb Market this
week showed a sagging tendency. Trading, however, was
light and changes for the most part small. Oil issues as
usual dominated the market. Buckeye Pipe Line lost two
points to 623'. Humble Oil & Ref. sold down from 40 to
38. Magnolia Petroleum was off from 138 to 135. Ohio
Oil after an early advance from 63 to 653', sold down tc
63% and recovered finally to 64. Prairie Oil & Gas rose in
the opening of trading from 22334 to 227, dropped to 219 and
moved upward again, reaching 22834; in the closing session
to-day it dropped to 224. Prairie Pipe Line lost about two
points to 103, recovered to 105 and ended the week at 10434.
Solar Refining lost five points to 193 and sold finally at 195.
Standard Oil (Indiana) after early advance from 58% to
5
603j sagged to 57% and finished to-day at 5834. Standard
Oil(Kentucky) lost two points to 104 but recovered to 105M.
Standard Oil of N. Y. sold up at first from 40 to 413j, then
down to 393t, with a final recovery to 405 . Standard Oil
%
(Ohio) lost nine points to 293. Swan & Finch fell from 52
to 44, while Vacuum Oil lost 23/2 points to 5934, the latter
closing to-day at 6034. Except for a few issues trading in
other oil issues was dull. There was little of interest in the
industrial list. Dubilier Condenser & Radio advanced from
333( to 353, reacting finally to 3432. Durant Motors
dropped from 1934 to 17 and closed to-day at 18. Gillette
Safety Razor sold down from 28234 to 2653, closing to-day
at 267, ex-dividend. Glen Alden Coal weakened from 9134
to 903( and to-day advanced to 93. Hazeltine Corp. improved from 1534 to 18%, the close to-day being at 183.
United Bakeries common moved up from 53 to 5634.
A complete record of Curb Market quotations for the week
will be found on page 2168.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 16 1924:
The London bullion market will be closed from the 18th to the 21st inst.,
inclusive, for the Easter holidays.
GOLD.
The Bank of England gold reserve against its note issue on the 9th inst.
amounted to £126,286,745. as compared with £126,284,360 on the previous
Wednesday. Only a moderate proportion of the substantial amount of
gold available this week was taken for India.
The United Kingdom imports and exports of gold during the month of
March 1924 were as follows:
Imports.
Exports.
Netherlands
£16,748
£128,600
Belgium
1,500
7,090
France
3.147
Egypt
2,200
285,000
West Africa
122,243
480
United States of America
600 4,155.429
Central America and West Indies
2,795
Rhodesia
172,654
Transvaal
2,160.303
British India
888.840
Straits Settlements
38,040
Australia
208
Other countries
3.697
128.615
Total
£2,482,948 £5,635,241
The discount rate of the Imperial Bank of India was reduced from
9%
to 8% on the lOtkinst.
The Transvaal gold output for March 1924 amounted to 705,671 fine
ounces as compared with 760.617 fine ounces for February 1924 and 761,586
ounces for February 1924 and 761,586 fine ounces for March 1923.
SILVER.
Market conditions have remained fairly stable. A sudden revival or
interest on the part of India and China carried the price from 33 1-16d.
to 33 5-16 on the 14th inst., at which figure some Continental selling took
place, and rather free offerings from America. Prices eased 1-16d. next
day, owing to China sales. The appreciation of sterling exchange inclined
America to sell again in this market. Prices seem to keep within somewhat
narrow limits, though the market does not seem robust enough to stand
up against heavy China sales, now that the Indian demand here is so
slight. Therefore any considerable advance in rates would probably be
soon checked by larger offerings, speculative or otherwise.
We are informed authoritatively that the reports current in the press or
rich silver and lead deposits at Mount Isa in the Cloncurry district of
Queensland have substantial foundation, so much so that rivalry with tho
famous Broken Hill mines is predicted. At present, of course, indications
are confined to the surface, but the attraction of miners to the locality in
great numbers will doubtless soon test the permanence of the new mine fields.
INDIAN CURRENCY RETURNS.
Mar. 22. Mar. 31. April 7.
(In Lacs of Rupees.)
18555
Notes in circulation
18545
18345
7970
Sliver coin and bullion in India
8000
7960
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2222
2232
Gold coin and bullion out of India
5753
Securities (Indian Government)
5753
W7M
Securities (British Government)
1400
1400
1400
1200
Bills of exchange
1200
1000
No silver coinage was reported during the week ending 7th Inst.
The stock in Shanghai on the 12th inst. consisted of about 34,200.000
ounces in sycee, 46,500,000 dollars. and 3,390 silver bars, as compared with
32,700,000 ounces in sycee, 46,000,000 dollars, and 1,600 silver bars on
the 5th inst.
2149
-Bar Silver, per Or. Std.Bar Gold
Quotations
Cash.
2 Mos.
per Oz. Fine.
April 10
33d.
33d.
95s. 2d.
11
33d.
33 1-16d.
95s. 3d.
12
33 1-16d.
33 1-16d.
14
33 5-16d.
33 3-16d.
954. 2d.
15
333id.
333
-Id.
954.
16
333.0.
94s. 11d.
33Sid.
Average
33.156d.
33.145d.
95s. 1.2d.
The silver quotations to-day for cash and two months' delivery are.
respectively, 3-158. and ;Id. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &a., at London,
as reported by cable, have been as follows the past week:
Lando
Sat.
Tues.
Mon.
Thurs.
Wed.
Fri.
Week ending May 2
-Apr.
26. Apr. 28. Apr. 29. Apr. 30. May 1. May 2.
Silver, per oz
d 33
33
32 13-16 32 13-16 33
33
Gold, per fine ounce
948. 3d. 94s.
94s.Id. 94s. 10. 94s. 20. 94s.
Consols. 234 per cents
British, 5 per cents
BANK HOLIDAYS
British, 44 per cents
French Rentes (In Paris), fr_ ____
54
54.20
53.80
53.60
53.95
French War Loan(in Paris),fr
__
69 35
69.10
70.55
70.20
70.20
The price of silver in New York on the same day has been:
Silver in N. Y., per oz. (cts.):
Foreign
645i
6434
6434
6434
634
645
numercial.a actiltsceibncoitsgems
Breadstuffs figures brought from page 2215.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
bls.1961bs.lbush.60 lbs. bush.56 lbs. hush. 32lbs. bush.48lbs
Chicago
Minneapoli2Duluth
Milwaukee _
Toledo
Detroit
ImilanaVolls- St. Louis.-..
Peoria
Kansas City_ _
Omaha
St. Joseph_
Sioux City..
216,000
Total a k. '24
Same wk. '23
Same wk. '22
381:001
365,000
366,000
Rye.
bush.Milbs.
263,001
824,000
284,111
20,i i 1
38,111
20.000
49,00
459,000
15,000
447,000
178,000
122,00i
33,00'
86.0001
52,0001
1,131,000
371,001
2,000
286,000
71,001
52.111
351,000
778,'''
366,001
207,000
438,111
22,111
88,tut
119,000
149.000
4,000
143,0 i #
12,000
62,000
203.000
10,000
2,001
3.000
4,11,
3,000
2,752,000
5.036,001
4,868,011
27,000
I
770,011
175,001
43,00
174,011
66,00
16,000
326,001
997.000
424,001
659,011
676,00/
405.011
113,011
4,848,001
3,204,111
4,112,001
4,163,000
3,321,001
2,534,000
421,000
293,000
552,000 1,042,000
374,000
335,000
Since Aug.11923-24 _ _ _ _ 16.128,000 181,341.00'238.452.011 188,462,00034,704,00023,193.000
1922-23._ _ _ 19,020.000358,418,# II 253,321.0 184,591.00032,752.000 .405.000
,noi_oo
IR 77S Rflf29RR 'ARA
sin 557 000152 ORO 11111192 557
17 742 Mil
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday April 26 1924, follow:
New York._ _
Portland. Me_
Philadelphia__
Baltimore_
N'port News
Norfolk
New Orleans*
Galveston__ _ _
Montreal
St. John, N.B
Boston
Flour.
Wheat.
Corn.
Oats.
Barrels.
Receipts at-
B she's.
Bush Is.
Bushels.
250,000
46,000
43.000
20,000
3.000
1,000
63,000
5,000
75,000
46,000
794,000
127,000
641,000
184,000
38.000
17,000
27,000
31,000
9,000
16,000
108.000
238,000
2,000
85,000
3,000
Barley.
102,000
125,000
19,111
Rye.
Bushels. Bushels.
9.000
110,
126.000
3.000
_- --53,000
15.111
164,
- - -
43,000
241.000
15.000
43.000
Total wk. '24
552,000 2,119,000
201,000
598,000
289,001
181,000
SinceJan.1 24 8.938,000 40,203,000 10,160,000 11,308.000 3,487,000 2.878,000
Week 1923_ _ _
816.0001 3,648,000
alneninn 1.
23 R.R1R MI 72 Ann nun
,
95
612,000
992,000
Roc non ii 729
367,000
522,0 i #
2 901 RAI111/ 172 ono
Receipts do not Include grain passing through New Orleans for foreign Ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 26 1924, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Bushels.
Corn.
Flour.
,
Bushels. !Barrels.
New York
1,365,402
1223,090
Portland, Me_ _ __ 127,000
17,000 46,000
Boston
11,000
Philadelphia __ __ 486,000
7,000
Baltimore
726,000
11,000
Norfolk
1,000
Newport News._
3,000
New Orisons_
11,000 31,000
Galveston
151,000
St.John, N.13_ _ _ 238,000
75,000
-Total week 1924_ 3,093,402
28.000 408,090
Wook 1023
5.380.562 1 11211 1145 441 IIRA
Oats.
Rye.
Barley.
Peas.
Bushels. Bushels. Bushels. Bushels.
125,000
38,000
185,645 87,746
110,000
17.000
63,000
8,000
241,000
43,000 164,000
412,000
308,645 361,746
775 924
4R4 8511 2R7 151
The destination of these exports for the week and since
July 1 1923 is as below:
Flour.
Exports for Week and Sl..ce
Week
Apr. 26
Jt,2y Ito-
Wheal.
Corn.
,Since
July 1
Week
Apr. 26
Since
July 1
Week
Apr. 26
1924.
1923,
1924.
1923.
1924.
1923.
Barrels.
Barrels.
Bushels.
Bushels,
Bushels.
Bushels.
United Kingdom_ 128,475 3,862,450 1,108,695 76.383.303
Since
July 1
17,000 3,789,226
Continent
255,615 7,584,790 1,971,707 111.837,627
4,767.636
So.Sz Cent. Amer_ 6,000
93,000
392.000
230.000
West Indies
16,000
11,000 1,085,000
7,000
801,000
Brit.No.Am.Cols
.
75,000
countries__ - 2,000
Other
6,000
703,382
13,000 1,866.536
Total 1924
408.090 13,181,622 .093,402 190,486,466
28,000 9.815.862
Total 1923
441.054 12,917,850 5.308,539 271,224.722 1.1320.648 79.324.951
THE CHRONICLE
150
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, April 25, and since July 1 1923 and 1922,
are shown in the following:
Corn.
Wheat.
1923-24.
Week
April 25.
Since
July 1.
1922-23.
Since
July 1.
1923-24.
Bushels.
Bushels.
Bushels.
Bushels.
97,000
North Amer_ 6,970,000361,311,000376,023,000
Russ.& Dan. 360,0001 42,266,000 5,975,000 1,914,000
Argentina__ 4,615,00 129,003,000111,291,000 2,472,000
Australia ___ 1,600,000 57,202,000 38,820,000
12,424,000 9,156,000
India
1,584,000
Oth.Countr.
Total
Since
July 1.
Week
April 25.
1922-23.
Since
July 1.
Bushels.
Bushels.
11,726,000 82,568,000
29,075,000 5,026,000
79,222,000 97,324,000
15,234,000
4,751,000
13,545,000603.790,000541,265,000 4,483.000 135,257,000189,669,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 26, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
afloat
"
Toledo
Detroit
Chicago
afloat
"
Milwaukee
Duluth
afloat
Minneapolis
Sioux City
St. Louis
Kansas City
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
GRAIN STOCKS.
Oats.
Corn.
Wheat.
bush,
bush,
bush,
374,000
167,000
316.000
15,000
6.000
2,000
38,000
149,000
451.000
60,000
281,000
248,000
120.000
101,000
615,000
181.000
287,000
472,000
644,000
3,516.000
218,000
260,000
203,000
1,114,000
18.000
20,000
12,000
13,481.000 4,449,000 3,335,000
39.000
61,000
323,000
234,000 1,090,000
6,578,000 5.902.000 2,097,000
45,000
97,000
67.000
13,337,000 1,437.000 3,162,000
198,000
236,000
180.000
187.000
648,000
786,000
259,000
8.688,000 1.210.000
65,000
273,000
676,000
37.000
50,000
10,000
60.000
360,000
188,000
523.000
2,343,000 1,053,000
560,000
75,000
Rye.
bush.
110,000
2,000
185,000
57.000
Barley.
bush.
49.000
1,000
4.000
3,000
95,000
42.000
1,908,000
6,000
12,000
7,000
1,889.000
179,000
869,000
7,601,000
63,000
347,000
3,000
[VOL. 118.
CHARTERS ISSUED.
50,000
-The First National Bank of Pineville, La
-12527
April 1S
President, J. A. Packer; Cashier, James A. Christian.
-The Wood River National Bank, Wood River,
-12528
April 15
60,000
111
President. B. M. Olin. Cashier, Joe Mica.
25.000
A pri115-12529-First National Bank in Coalgate, Okla
President. Pasquale Ferrero; Cashier, Henry Brunune.
4150,000
-Citizens National Bank of Jenkintown, Pa
-12530
April 19
President, Frank S. Gentry; Cashier, Anthony L. Aff.
-12531-The First National Bank of La Veta, Colo.... $25,000
April 22
President, Joe K. Kincaid; Cashier, W. H. Harrison.
-The Citizens National Bank of Kendallville, Ind. $80,000
-12532
April 26
Cashier, Charles A. Shirk,
100,000
-The First National Bank of Hope, Ark
-12533
April 26
President, George H. Bell; Cashier, Lloyd Spencer.
NS.
VOLUNTARY LIQUIDATIO
.$100,000
-The First National Bank of Newton Falls, Ohio.
-7391
April 21
Effective close of business April 19 1924.
Liquidating agent, Henry Herbert. Newton Falls, Ohio.
Absorbed by the Newton State Bank, Newton Falls,0.
-The Farmers Exchange National Bank of San
-8618
April 21
100,000
Bernardino, Calif
Effective March 15 1924.
Liquidating agent, Wilmot T. Smith,San Bernardino,Calif.
Absorbed by Hellman Commercial Trust & Savings
Bank, Los Angeles, Calif.
CONSOLIDATION.
-The Citizens National Bank of Middleport, Ohio_ $25,000
April 21-8441
-The Mutual National Bank of Middleport,
and 11614
50,000
Ohio
Consolidated to-day under the provisions of the Act of
Nov.7 1918, and under the charter and corporate title
of "The Citizens National Bank of Middleport," No.
8441, with capital stock of $75.000.
-Among other securities, the following,.
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of this
week:
By Messrs. Adrian H. Muller & Sons, New York:
$ per sh.
$ per sh. Shares. Stocks.
Shares, Stocks.
.
35 American Philippine, pref _ _1150 lot
140
300 Simonson Realty Co
35 American Philippine,corn
Mexico Consol. Min. & Smelt.
276.000 600
7,823.000
81 lot 1 Community Develop corp., preft$4 lot
Co.. par $10
2,000
14,000
8.000 1.550 Hudson Navigation, pref__$60 lot 34 Community Devel.,com..no panl lot
18,000
.555 lot 1 Commonwealth Hotel Constr__1513 lot
5,175 Hudson Navigation, corn.
64,
181,000
$210
1,53 lot 44 Visayan Refining Co
40 General 011 Co., par $10
2,
8,000
200 Arizona Bagdad Copper, par $1 75c.
Car Corp., par $10_ J
5 Elgin Motor
$8101
Inc., prof
20 Carbrox Co.,
100 Island Oil & Transp., par $101
1,000
$1101
10.000 200 U.S.Steamship, par $10.....410 lot 20 Carbrox Co., Inc., corn par..._51 lot
169,000
Hughes Petroleum, no
500
)
300 Victoria Oil, par $10
lot
$1 lot 100 Interlocking Rail Joint corp__81
500 Kenova Oil Co., par $1
$6 lot
$1101 5 Mackwood Oil Co
1,017.000 200 Victorial Oil Co.,par $10
Total April 26 1924_ _ _ _52,781,000 19,707,000 11,749,000 20,991,000 1,132,000 400 Victoria 011 Co., par $10
& Mining
$2 lot 1,000 Pacific Smelting
$2 lot
Total April 19 1924... _54,824,000 21.667.000 12,673,000 21,559,000 2.334,000 150 The Younger Set, Inc., Did.)
Co..com., par $5
lot
Total April 28 1923_ _ _ _44,521,000 22,339,000 21,932.000 19,459,000
1$200 lot 26 Powell Oil Co.. prof., par $10_ ..81 lot
par $10
605,000 bushels;
$1.12
1,312 Powell Oil Co.,corn., par
-Bonded grain not included above: Oats. New York,
Note.
total, 290 The Younger Set, Inc, Inc.,i
51101
12 Western Exploiting Co
Boston, 48,000; Baltimore, 3.000; Buffalo, 130.000; On Lakes, 162,000;43,000
common, par $10
York,
1nc_1$50 lot By order of U. EL District Court.
948,000 bushels, against 1,098,000 bushels in 1923. Barley, New
Wheat, New York. 410 Smith & Terry TransP.,
Eastern District of N.Y.,sundry
bushels; total, 43,000 bushels, against 387,000 bushels in 192 . Buffalo. 1.357,000; 370 Smith & Terry Coastwise,Incl
Philadelphia. 1,446,000; Baltimore, 116.000;
securities of Krinskl & Co..
346,000 bushels;
7,670,000 900 Garland SS. Corp., corn., par
$1400 lot
(17c.
bankrupts
Buffalo afloat, 1,550,000; Duluth, 56.000: On Lakes. 2,799,000; total,
$3
Per cent.
Bonds.
bushels, against 3,888,000 bushels in 1923.
4,100 Star Consol.Mines Co.,corn.,
Abrasives Corp. 1st
20c. 35.000 Natural
par $1
Canadian
214,000. 214,000 33 Denver & Rio Grande, pref __ _ _61 lot
M. & Coll. Tr. 78, July 1930:
786,000
20,000
430.000
Montreal
July 1921, & subsequent coup.
S2 lot
7.046.000 1,490,000 1,584.000 101 Denver & Rio Grande, pref
Ft. William & Pt. Arthur.42,055.000
$100 lot
309,000 23 Chicago & Eastern Illinois RR.
7,000
attached
423,000
1,273,000
Other Canadian
$1 lot $1,200 Seattle Tacoma Short Line
company) preferred
(old
2.107.000 300 Metropolitan 5-50c. Stores, cl.
July 1929; Jan. 1912
lot M. as.
20.000 8,255,000 1.711.000
Total April 26 1924_ _ _ -43,758,000
& subsequent coupons attached_ .117 lot
274
21,000 9,131,000 1,654,000 2,065,000
"A"corn., no par
Total April 19 1924....53,855.000
107,000 4,567,000
234.000 6,835,000
Total April 28 1923..._ _41.816,000
Messrs. R. L. Day & Co., Boston:
By
Summary
$ per sh.
$ per sh.I Shares. Stocks.
52,781,000 19,707.000 11,749,000 20,991,000 1,017,000 Shares. Stocks.
American
Athenaeum, par 8300..._625
'
20,000 8.255,000 1,711,000 2,107.000 50 Fidelity Trust (elf, deposit).- _81 lot 1 Boston
43,758.000
Canadian
6 Montpelier & Barre Light & Pr.
100
12 Arlington Mills
674
Co., common
3,124,000 13 Connecticut Mills, corn., el. A,
Total April 26 1924_ _ _ 96,539,000 19,727,000 20,004,000 22,702,000
10 Edison Electric Illuminating Co.,
2
vot.tr. ctfs., par $10
.
3,197 000
204
Total April 19 1924_ _ _108,679,000 21,688.000 21.804.000 23,213.000 6.901.000
Brockton,ex.-cily
14334
Mfg. Associates
1 Ludlow
Total April 28 1923 _ __ 86.337.000 22.573.000 28,767,000 19,566,000
5 Charlestown Gas& Elec., par $50.162
17 Fall River Electric Light Co.,
574
3234-33 6-10 Sullivan Machinery Co
par 325
Per cent.
Bonds.
Companies.
Co..
500 Westfield River Paper
New York City Banks and Trust
Co., Ltd., 1st M.
$501ot 152,000 RiOrdon
Inc., common
AU prices dollars per share.
and Ref.8s, Dec.1940,eft. dep_68 flat
5 Fall River Electric Light, par 325 33
Aol
Ask Trust Co.'s Bid
Bid
Banks
AM
Banks-N.Y. Bid
Hobbs & Arnold, Boston:
By Messrs. Wise,
New York
215 220 (Harriman.... 355 370
America•_ ___
3 per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
•- 160 162 American _
Amer Exch.. 303 309
9 American Glue Co., common.... 40
1 Waltham Bleach & Dye NVorks _ _ _ 77
Mech Ac Met_ 375 385 Bank of N Y -Bowery •__.... 52.5
19734
10 National Shawmut Bank
60
Machinery Co
& Trust Co 492 497
390 415
10 Sullivan
Broadway Cen 160 170 Mutual*
5 Mass. Lumber & Creosoting,)
8 Fall River Electric Light, par 325 33
Nat American 140 148 Bankers Trust 358 883
Bronx Boroo. 200
1$3 lot
pref., series"A"
5 Charlestown Gas & El., ex-div.,
140 150 National City 360 365 Central Union 530 540
Bronx Nat__
2 Mass. Lumber & Creosoting,I
162
162 Erapire
Commercial... 105 115
150 .
New Netb
Par 550
Bryant Park • 160
common,series"A"
300 310
300
11 Edison Electric Ill. Co. of
Butch & Drov 140 150 Pacific *
20374 5 Greenfield'tap & Die Corp., prof! 9034
Tr_ 204 207
iv
415 420 Equitable
Brockton-Ex.-d
Park
Cent Mercan_ 220
10874 15 Edison Electric Ill. Co. of Brock178 -. Farm L & Tr. 620 625
10 Plymouth Cordage Co
343 348 Port Morris
Chase
203
ton, ex.-div
8034
350 360 Fidelity Inter 205
16 Laconia Car Co., preferred
Chat & Phen_ 250 255 Public
290 325
I83 lot
400 410 Fulton
.
5 Eastern Illaugas Co., prof
Chelsea Exch• 145 152
Per cent.
Bonds.
I
95 Guaranty Tr_ 240 245
5 Eastern Blaugas Co.,corn
550 560 Seventh Ave_ 85
Chemical
245
$1,000 Lockwood Greene & Co.,
100 American Brick, corn., par $5,
218 225 Standard •_ _ 185 200 Hudson
Coal & Iron
9234
Inc., 7s, March 1933
454
355 360 Irving Bankex.-div
State'
Colonial •_ _ 400
145
Columbia Tr 215 219
315 iio Trade•
Commerce
By Messrs. Barnes & Lofland, Philadelphia:
212 217
Law Tit & Tr
Com'nwealth* 235 250 Tradesmen's• 200
8 per sh•
328
$ per sh. Shares. Stocks.
Shares. Stocks.
170 180 23d Ward•__ _ 265 280 Metropolitan_ 320
Continental
$10 2434
15 Manuf. Cas. Ins. Co., par $10_1 525 12 Mfrs. Casualty Ins. Co., par _ _150
United States. 195 205 Mutual (West
447
Corn Exch
130
eyard Co.,com
115
cheater)
10 Manufact Fire Ins. Co., par 810J lot 135 California Vie
.
Cosmoplans_ 118 128 Wash's Brae. 200
364 369
42134 5 American Academy of Music
Trust
10 Penn National Bank.,
East River_ _ _ 195 205 Yorkville'... 100 1500 N Y
875
(with ticket)
Title Cu & Tr 393 398
12 Phila W-house & Cold Stor. Co...112
Fifth Avenue'1300
4 Philadelphia Bourse,common _ - 2154
U 8 Mtg & Tr 295 305
25 Philadelphia National Bank._ _ _390
255
245
Fifth
4 Philadelphia Bourse,common... 21
States 1370 390
$50._198
United
4 Quaker City Nat. Bank,par
Brooklyn
1450 475
First
51134 4 Midland Valley RR. Co., pre- 2034
9 Girard National Bank
280 290 Coney Island. 160 170 Westches Tr. 210
654
Garfield
8 Midland Valley RR. Co., com
290
Brooklyn
395 410
7 Bank of N. A. & Trust Co
166 175 First
1034
Gotham
495 510
495
100 Castle Kid Co., prof
Brooklyn Tr.
4 Provident Trust Co
Invest.
'Creenwich •__ 375 425 Mechanics'•_ 147 151 Kings County 1000
75
25 Uto Mountain Ranch &
84 Mutual Trust Co., par $50
800 815 Montauk •__ _ 180
30
Hanover
Co., preferred
75
_ Manufacturer 280 iio
250
Nassau
10 Mutual Trust Co., par 1550
Co..
410 420
2 George B. Newton Coal
260 ..__ People's
People's
The following fractional shares and
65
1st preferred
rights of the Pennsylvania Co.for
with
20 Hare & Chase, Inc., pref.,
•Banks marked with VI are Stare banks. (x) Ex dividend.
Ins. on Lives & Granting Annu4 shares corn. "A" and 4 shares lot
-10(§)$360; 4-10(88240:
ities: 6
32,100
corn. "13"
New York City Realty and Surety Companies.
3-108)3180. Rights, 7-16(8850:
350..120
AU prices dollars per share.
9 Phila. dr Camden Ferry, Par
2 7-10@550, divided as follows:
1-10, 2-10, 2-10, 2-10, 2-10, 2-10,
Aui
Bid
Per Cent.
Bid
d45k
Ask
Bid
Bonds.
2-10, 2-10, 2-10, 2-10, 3-10 and
___ Mtge Bond__ 113 117 IRealty Assoc
$10,000 Roxborough Chestnut HUI niq
Alliance R'lty 108
5-10.
(13klyn)com 162 169
.
98 Nat Surety-- 158 161
& Norristown Ry. 1st 5s, 1926._
Surety_ 94
60
Amer
5 Logan Bank & Tr. Co., par $50..
81
1st pref.... 80
$7,000 Eastern Petroleum Co.
116
Bond & M G. 298 303 N Y Title &
2 Real Estate Trust Co., pref
77
2d pref ___ _ 72
Mortgage__ 209 213
81
(Pays Prop.) 1st co. 75, 1928
City investing 78
15 Metropolitan Trust Co.,par S50.. 63
2214
_ _ 98 102 U S Casualty_ 185 __ flWe,tchester
.
ctf. deposit
Preferred
5 Metropolitan Trust Co.,par 850... 63
Title & Tr_ 228
Lawyers Mtae 159 164 U S Title Guar 165 175
___ I
II
DIVIDENDS.
-The following information regarding
National Banks.
Dividends are grouped in two separate tables. In the
national banks is from the office of the Comptroller of the
first we bring together all the dividends announced the curCurrency, Treasury Department:
rent week. Then we follow with a second table, in which
APPLICATION TO ORGANIZE APPROVED.
Capital.
previously announced, but which have
$25,000 we show the dividends
April 26-The First National Bank of Washburn, Wig Wis.
not yet been paid.
Scipio N. Wise, Washburn,
Correspondent,
Succeeds the Bayfield County Bank and Northern State
The dividends announced this week are:
Bank of Washburn. Wis.
Name of Company:
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Delaware & Hudson (quar.)
*24 June 20 *Holders of rec. May
3
June 19 Holders of rec. June
Greene RR
"14 June 2'Holders of rec. May
Illinois Central, common (guar.)
N.Y.Chicago & St. Louts,com.(quer.)- •1h July 1 *Holders of rec. May
,
Public Utilities.
Cent. Miss. Vail. Elec. Prop., pref.(qu.) 1%
Eastern Shore Gas & Elec., pref.(quar.)_ *2
Lincoln Traction, preferred (quar.)
1%
Norfolk Ry. & Light
75c.
Southern Calif. Edison,common (quar.) 2
United Elec. Securities, pref. (quay.)_ _ _
1%
Washington Ry. & Elec., common
Preferred (quar.)
14
,
Wisconsin River Power, pref.(quar.) _ 4 144
Fire Insurance.
Bankers & Shippers (quar.)(No. 1).
June
June
May
June
May
May
June
June
May
Name of Company.
28
14a
8
15
2 Holders of rec. May 15a
2 *Holders of rec. May 15
1 Apr. 21 to Apr. 30
1 Holders of rec. May 15
15 Holders of rec. Apr. 20
1 Holders of rec. Apr. 18a
1 Holders of rec. May 17
1 Holders of rec. May 17
20 *Holders of rec. Apr. 30
May 1 Holders of rec. Apr. 26
Miscellaneous.
Acme Wire, preferred (quar.)
May 1 Holders of rec. Apr. 25a
2
Alaska Packers Association (quar.)__ _ _ *2
May 10 *Holders of rec. Apr. 22
Amer. Multigraph, common (guar.) -- "40c. June 1 'Holders of rec. May 15
Common (extra)
*10c. June 1 *Holders of rec. May 15
Amer. Tobacco,com.& corn. B (quar.)_ .3
June 2 "Holders of rec. May 10
Anglo-American 011, Ltd
Me. May 15 Holders of coup. No. 27
Botany Worsted Mills (quar.)
May 1 Holders of rec. Apr. 30
3
Buck Creek 011 (No. I)
*10e. June 1 'Holders of rec. May 20
Bucyrus
pref. (guar.)
'134 July 1 'Holders of rec. June 20
Preferred (acct. accum. div.)
Co..
July 1 *Holders of rec. June 20
*hi
Buda Company, common (guar.)
May 15 Holders of rec. May 5a
1
Preferred (quar.)
14 June 1 Holders of rec. May 20a
Butler Mills (guar.)
May 15 Holders of rec. May 5a
2
Campbell SOUP, preferred (quar.)
14 June 1 Holders of rec. May 15
Cellte Company,class A & B pref.(qu.)_
13% May 1 Apr. 27 to Apr. 30
Cleveland Stone (quar.)
"14 June 1 *Holders of rec. May 15
Consolidation Coal (quar.)
14 Apr. 30 Holders of rec. Apr. 154
Crucible Steel, common (quar.)
1
Apr. 30 Holders of rec. Apr. 15
Deere & Co. prof.(guar.)
75c. June 2 Holders of rec. May 15
Firestone Tire & Rub.,7% pref.(qu.)_ _ *14 May 15 *Holders of rec. May 1
General Asphalt, preferred (quar.)
14 June 2 Holders of rec. May 150
Golden Cycle Mining & Red.(quar.)..- .3
June 10 *Holders of rec. May 31
Hayes Wheel (guar.)
*75c. June 16 'Holders of rec. May 31
Hill Manufacturing (guar.)
"2
May 1 *Holders of roc. Apr. 30
Hollinger Consolidated Gold Mines_ _ _ _ 'Sc. May 19 *Holders of rec. May 1
Hoosae Cotton Mills, preferred (quar.)_
$1.50 May 15 Holders of rec. May 5
Independent Oil& Gas(guar.)
25e. June 30 Holders of rec. June 14
Quarterly
25e. Sept.30 Holders of rec. Sept.14
Quarterly
25c. Dec. 31 Holders of rec. Dec. 12
Inland Steel,common (Oiler.)
"6234 June 1 "Holders of rec. May 15
Preferred (guar.)
"14 July 1 'Holders of rec. June 15
.1- June 2 *Holders of rec. May 10
International Harvester, pref. (quar.)
n
Lanston Monotype Machine (quar.)_ _ _ _
13% May 31 Holders of rec. May 21
Liggett&MyersTob.,com.&com.B(qu.) 3
June 2 Holders of rec. May 15
Common & common B($25 par)(qu.)- 75c. June 2 Holders of rec. May 15
Lima Locomotive Wks.,Inc.,com.(qu.) $1
June 2 Holders of rec. May 15
•1..• May 25 *Holders of rec. May 15
Lindsay Light, preferred (guar.)
74
Manhattan Shirt, corn. (quar.)
*75c. June 2 *Holders of rec. May 12
Merrimack Mfg., common (Wm.)
194 May 31 Holders of rec. Apr. 28
Morris Plan of Rhode Island (quar.)-14 May I Holders of rec. Apr. 25
Nashawena Mills(quar.)
2
May 6 Holders of rec. Apr. 29a
New Madison Square Garden, Cl. A(q)*50e. May 1
Pathe Exchange, Inc., el. A & B (in stk.) ol0
June 4 Holders of rec. May 15
Pittsburgh Steel, preferred (quar.)
194 June 1 Holders of rec. May 15
Punta Alegre Sugar (quar.)
'$1.25 May 15 *Holders of rec. May 6
Quissett Mills, common (guar.)
May 15 Holders of rec. May 5
$2
Renfrew Manufacturing, pref. (quar.)-- '13% July 1 *Holders of rec. June 2 ,
Rosenbaum Grain Corp., prof. (quar.)_ *E1
May 15'Holders of rec. May 7
Roxbury Carpet, preferred (quar.)
14 May 1 Holders of rec. Apr. 29a
Savage Arms Corp., let preferred (guar.) '194 July 1 *Holders of rec. June 14
Second preferred (quar.)
*14 Aug. 15 *Holders of rec. Aug. 1
Silversmiths Mines, Ltd
lc. May 10 Holders of rec. May 1
Southern Pipe Line (guar.)
2
June 2 Holders of rec. May 15
Standard 011 (Calif.) (quar.)
50c. June 16 Holders of rec. May 20
Standard Sanitary Mfg., common (qu.)- 81.25 May 15 Holders of rec. May 7
Preferred (guar.)
13% May 15 Holders of rec. May 7
Studebaker Corp.,corn.(qum.)
June 2 *Holders of rec. May 10
*El
.1, June 2 *Holders of rec. May 10
,
Preferred (guar.)
74
United States Steel Corp.,common (iti.) 13% June 28 May 29 to June 1
Common (extra)
A June 28 May 29 to June 1
Preferred (guar.)
May 6
194 May 29
V.Vivaudou,Inc., preferred (lliar.)-- - *14 June 15'Holders of rec. June 1
White(J. G.)& Co.,Inc., pref.(quar.)-- 14 June 1 Holders of rec. May 15
White (J. G.) Eng. Corp., pref.(qu.)13% June 1 *Holders of rec. May 15
White (J. G.) Mgt. Corp., pref.(quar.)_
13% June 2 Holders of rec. May 15
Wolverine Portland Cement (quar.)__
13% May 15 May 6 to May 15
Wurlitzer (Rudolph) Co.. 8% pt. (qu.). 2
June 1 May 21 to June 2
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch. Top.& Santa Fe, corn.(quar.)..
14 June 2 Holders of rec. May 2a
Atlanta & West Point
34 Juno 30 June 21 to June 30
Baltimore & Ohio,common
14 June 2 Holders of rec. Apr. 12a
Preferred (guar.)
1
June 2 Holders of rec. Apr. 120
Central RR. of N. J.(quer.)
2
May 15 Holders of rec. May 7a
Chm.New Orl.& Tex.Pac..Pref (quar.) 14 June 2 Holders of rec. May 17a
Preferred (guar.)
14 Sept. 2 Holders of roe. Aug. 16a
Georgia Southern & Florida
First and second preferred
234 May 29 Holders of roc. May 15
14 May 15 Holders of rec. May la
Gulf Mobile & Northern, pref
Internat. Rys. of Cent. Am.. pf.(qu.)-14 May 15 Holders of rec. Apr. 30a
Norfolk & Western, common (quar.) _
194 June 19 Holders of rec. May 31a
1
Norfolk & Western, adj. pref.(quar.)_ _ _
May 19 Holders of rec. Apr. 30a
Pennsylvania RR.(quar.)
75c. May 31 Holders of rec. May la
Pittsburgh & West Virginia, pref.(quar.) 14 May 31 Apr. 16 to May 4
1.4 Aug. 30 Holders of rec. Aug. la
Preferred (guar.)
14 Nov.29 Holders of rec. Nov. la
Preferred (quar.)
14
(to)
Holders of rec. Feb.2'25a
Preferred (quar.)
May 8 Holders of rec. Apr. 15a
$1
Reading Company,common (guar.)
50c. June 12 Holders of rec. May 26a
Reading Company, 1st pref.(guar.)_ _
34 June 30 June 21 to June 30
Western Ry.of Alabama
Public Utilities.
134 Apr. 29 Holders of rec. Apr. 15a
Amer. Dist. Teleg. of N.J.(quar.)
American Electric Power, pref.(quar.)-- d$14 May 15 Holders of rec. May 5a
'14 June 2 *Holders of rec. May 31a
Amer. Telegraph & Cable (guar.)
Am.Water Wks.& El.7% let pf.(qu.). 13% May 15 Holders of rec. May 5a
Six per cent participating pref.(guar.) 14 May 15 Holders of rec. May 5a
Associated Gas & Electric, pref.(extra) 25.3. July 1 Holders of rec. June 15a
June 2 Holders of rec. Apr. 30
BrazilianTrac., Lt. & Pow.,ord.(guar.) 1
2
June 2 Holders of rec. May 21a
Brooklyn Edison Co. (quar.)
Brooklyn-Manhattan Tran.. pref.(au). $1.50 May 15 Holders of rec. May la
Cedar Rapids Mfg.& Power (quar.)- -94 May 15 Holders of rec. Arp. 30
May 15 Holders of rec. Apr. 306
Cent. Arizona Light & Pow.,com.(qu.)- 3
2
May 15 Holders of rec. Apr. 30a
Preferred (quar.)
2
July 1 Holders of rec. June 15
City Gas of Norfolk, pref.(qua?.)
2
Oct. 1 Holders of rec. Sept.15
Preferred (quar.)
Jan2'25 Holders of rec. Dec. 15
2
Preferred (quar.)
Columbia Gas & Electric (quar.)
65c. May 15 Holders of rec. Apr. 300
2
Commonwealth-Edison Co.(qua?.)
May 1 Holders of rec. Apr. 15a
May 1 Holders of rec. Apr. 18
Commonwealth Pow.Corp.,com.(No.1) $1
Six Per cent preferred (guar.)
194 May 1 Holders of rec. Apr. 18
Connecticut Ry.& Ltg., com.&pf.(qu.) 14 May 15 May 1 to May 15
2151
THE CHRONICLE
MAY 3 1924.]
Per
When
Coal. Payable
Public Utilities (Concluded).
Consolidated Gas, New York (quar.) - 14 June 16
July 1
Consumers Power,6% pref.(guar.) -1% July 1
Seven per cent preferred (guar.)
Continental Gas & El.Corp.,corn.(qu.) 75c. July 1
July
uy
Common (payable in common stock) /75
1
Participating preferred (quar.)
94
4 July 1
3i
Participating preferred (extra)
JJutayly
Panic. pref.(payable in corn. stock).- 1
Preferred (quar.)
34
14 July 1
Prior preferred (quar.)
Detroit United Ry.(quar.)
13% June 2
M ay
Eastern Mass. St. Ry., adj. pref
3
83 1-3c ma 15
May 10
4
Electrical Utilities Corp., common
Havana,Elec.Ry.,Lt.& Pow.
15
,com.& pf.
Illuminating & Power See., com.(qu.)
45e. May 1
1% May 1
Preferred (quar.)
Kaministiquia Power (quar.)
2
MaY 1
Keystone Telephone of Phila., prof.(qu.) $
J une
Massachusetts Gas Companies, pref _ _
1H 1uno
2
1
135
30
Apr. 3
A
m
Milwaukee Elec. Ry.& Lt., pref. (cm.). 21
Montreal Light,Heat& Power (quar.)_ _
Montreal L., H.& Pow.Cons.(quar.)
m94
May 5
Montreal Water & Power,common
621 .54sy 15
:
3
Preferred
Pacific Gas& Electric, preferred (quar.)Southern Canada Power,corn
2 m Ma.y 5
$114 545y 15
May
Tampa Electric Co. (quar.)
June 1
Texas Electric Ry.,common (quar.)__
1
United Gas Improvement, pref.(quar.). 874c June
United Rye.& Elec., Balt., corn.(quar.) 50c. May
West Penn Co.,6% preferred (guar.)._ _
1m May 15
13%
Seven per cent preferred (quar.)
May 15
Books Closed.
Days Inclusive.
Holders of rec. May 80
Holders of rec. June 15
Holders of rec. June 15
Holders of rec. June 140
Holders of rec. June 140
Holders of rec. June 140
Holders of rec. June 140
Holders of rec. June 14a
Holders of rec. June 14a
Holders of rec. June 146
Holders of rec. May la
Holders of rec. Apr. 30
Holders of rec. Apr. 30
Apr. 17 to May 15
Holders of rec. Apr. 30
Holders of rec. Apr. 30
Holders of rec. Apr. 30
Holders of rec. May 15
May 16 to June 1
Holders of rec. Apr. 216
Holders of rec. Apr. 30
Holders of rec. Apr. 30
Holders of rec. Apr. 300
Holders of rec. Apr. 300
Holders of red. Apr. 300
Holders of MC. Ara. 30
Holders of rec. Apr. 246
Holders of rec. May 150
Holders of rec. May 31a
Holders of rec. Apr. 250
Holders of rec. May 1
Holders of rec. May la
Miscellaneous.
May 15 Holders of rec. Apr. 240
Allis-Chalmers Mfg.Co.,com.(guar.)_ _
1
American Bank Note, com. (quar.)__.... $1.25 May 15 Holders of rec. MSY la
American Beet Sugar, com.(quar.)--- 1
July 31 Holders of rec. July 126
Common (quar.)
1
Oct. 31 Holders of rec. Oct. Ila
.
Common(qua?.)
1 J an31'25 Holders of reclan.10 250
American Can,common(quar.)
14 May 15 Holders of rec. Apr. 300
Am.La France Fire En.,inc.,com.
(m) 250. May 15 Holders of rec. May la
Amer. Laundry Machinery, com.(qu.). 50c. June 2 Mar.24 to June 2
American Metal, common (guar.)
75c. June 1 Holders of rec. May 190
Preferred (quar.)
1% June 1 Holders of rec. May 200
June 30 Holders of rec. June 140
Amer. Radiator, common (quar,)
$1
Preferred (guar.)
1% May 15 Holders of rec. May la
Amer. Shipbuilding, common (quar.).
2
Aug. 1 Holders of rec. July 15a
1% June 1 Holders of rec. May 90
Amer.Smelt.& Refining, pref.(quar.)
American Soda Fountain (qua?.)
1% May 15 Holders of rec. Apr. 30
Ampere Mining (guar.)
,
30. May 10 May 1 to May 10
14 June 2 Holders of rec. May 30
Associated Dry Goods, let pref.(guar.)_
14 June 2 Holders of rec. May 36
Second Preferred (quar.)
14 July 1 Holders of rec. June 200
Babcocx & Wilcox Co.(quar.)
Quarterly
194 Oct. 1 Holders of rec. Sept.200
Quarterly
194 Jan 1'2 Holders of rec. Dec. 200
Quarterly
1% Aprl'2 Holders ofrec.Mar.20'25a
Beacon Manufacturing. Pref.(quar.)
134 May 1 May 1 to May 15
Beacon 011 (guar.)
$1.8794 May 15 Holders of rec. May 1
Berkey & Gray Furniture
June 1
2
Preferred, class B (quar.)
14 July 1 Holders of rec. June 20
Bethlehem Steel, common (cluar.)
July 1 Holders of rec. June 20
2
Eight per cent preferred (guar.)
1% July 1 Holders of rec. June 20
Seven per cent preferred (quar.)
Bond & Mortgage Guarantee (quar.).. 44 May 1 Holders of rec. May 8
1% June 1 Holders of rec. June 1
Borden Company,preferred (guar.)
Brunswick-Balke-Collender, corn. (au.). 1% May 1 Holders of rec. May 5
June 1 Holders of rec. Apr. 26
$1
Buckeye Pipe Line (quar.)
82.50 May 1 Holders of rec. May la
Burns Bros., common, Class A
50c. May 1 Holders of rec. May la
(quar.)_Com,
Class B (quar.)
3)4 May IS May 1 to May 15a
Butler Bros.(guar.)
$1.50 June 1
Holders of rec. May 31a
California Pack. Corp.(guar.)
Canada Cement, Ltd., pref.(quar.).
134 May 16 Holders of rec. Apr. 30a
1% May 15 Holders of rec. Apr. 300
Canadian Converters (quar.)
24 May 15 Holders of rec. may be
Casey-Hedges Co.,common (quar.)__
May 15 Holders of rec. Apr. 306
Celluloid Company,preferred (guar.)._ _
2
Century Ribbon Mills, Inc., pref.(quar.) 14 June 1 Holders of rec. May 15a
4 May 15 Holders of rec. May 76
Chicago Mill & Lumber,common (o.)_
Chicago Yellow Cab (monthly)
331-30 June 2 Holders of rec. May 20a
ChM Copper (guar.)
624c June 30 Holders of rec. June 26
Cincinnati Tobacco Warehouse(quer.).- 2
May 16 Holders of rec. May 100
Cities Service
Common (monthly, pay.In cash scrip) g% June 1 Holders of rec. May 15
Common (payable in corn,stock scrip) 914 June 1 Holders of rec. May 15
Preferred and preferred B (monthly)_ _
34 June 1 Holders of rec. May 15
City Ice & Fuel (Cleveland) (quar.)_ _
2
June 1 Holders of rec. May 200
Quarterly
2
Sent. 1 Holders of rec. Aug. 200
2
Dec. 1 Holders of rec. Nov.200
Quarterly
Colorado Fuel & Iron, pref.(guar.)
2
May 26 Holders of rec. May 106
Commercial InvestmentTrust,common. 630. May 1 Holders of rec. Apr. 300
Continental Can, corn.(guar.)
May 1 Holders of rec. May 5a
$1
Copper Range Co
El
May 20 Holders of rec. Apr. 180
Corn Products Refining
Common(payable in common stock)
/25 June 3 Apr. t6 to Apr. 9
Cosgrove Export Brewery, Ltd.(quar.)_ 1% May 1 Holders of rec. Apr. 30a
Craddock-Terry Co., common (quar.)_ _ 3
June 3 June 16 to June 30
Common (guar.)
3 Sept.30 Sept.16 to Sept.30
Common(guar.)
Dec. 31 Dec. 16 to Dec. 31
3
First and second preferred
June 3 June 15 to June 30
3
First and second preferred
Dec. 31 Dec. 15 to Dec. 31
3
Class C preferred
34 June 3 June 15 to June 30
Class C preferred
354 Dec. 3 Dec. 15 to Dec. 31
Davis Mills(guar.)
'134 June 2 *Holders of rec. June 7
Decker (Alfred) & Cohn, pref. (quar.).- 14 June
Holders of rec. May 206
Diamond Match (quar.)
2
June 16 Holders of rec. May 31a
Dominion Bridge(guar.)
May 15 Holders of rec. Apr. 3
1
Dominion Stores, common
50c. Oct. 1 Holders of rec. Sept.15
Dow Chemical, corn. (quar.)
May 15 Holders of rec. May 5a
$1
Preferred (quar.)
14 May 15 Holders of rec. May 5a
Dubiller Condenser &Radio,Prof.(qu.)_ $2
June 30 Holders of rec. June 25a
Preferred (quar.)
Sent.30 Holders of rec. Sept.256
$2
Dec. 31 Holders of rec. Dec. 26a
Preferred (quar.)
82
Eisenlohr(Otto).4 Bros., corn.(quar.)
134 May 15 Holders of rec. May 5a
Eisenstadt Mfg.,common (annual)
6
MSS 15 Holders of rec. Apr. 10
,
Famous Players Can. Corp., let pf.(qu.) 2
May 31 Holders of rec. Apr. 30a
Flelshmann Co., common (quar.)
75e. July 1 Holders of rec. June 15a
Common (quar.)
75e. Oct. 1 Holders of rec. SePt.15a
Common (guar.)
750. Jan1'25 Holders of rec. Dec. 15a
Frontenac Breweries, Ltd., preferred_. _ 10
May 15 Holders of rec. May 1
Preferred (payable in pref. Stock)_ _ n125
May 15 Holders of rec. May 1
General Cigar, Inc., deb. pref. (quar.).- 14 July 1 Holders of rec. June 24a
Preferred (guar.)
June 2 Holders of rec. May 24
1%
General Fireproofing,Preferred (quer.)
1% July 1 Holders of rec. June 20
Preferred (quar.)
1% Oct. 1 Holders of rec. Sept.20
Preferred (quar.)
1% Jan2'25 Holders of rec. Dec. 20
General Motors, common (guar.) - - 30c. Jun.12 Holders of rec. May 190
e
1m A ug 1
Seven per cent deb.stock (guar.)
Holders of rec. July 70
Six per cent deb.stock (guar.)
14 Aug. 1 Holders of rec. July 76
Six per cent preferred (guar.)
Holders of rec. July 7a
Aug.
Gillette Safety Razor (stock dividend) Holders of rec. May 1
.
Gillette Safety Razor (quar.)
Holders of rec. May 1
Goodrich (B. F.) Co., pref. (quar.).Holders of rec. June 21a
July
Goodwins, Ltd., Prof.(on pref. stock)134m3e45310
jjuunne 2 Holders of rec. June 1 •
7 211
Gossard (H. W.) Co.. corn.(month13')
. June 2 Holders of rec. May 20
Great Lakes Dredge dr Dock (guar.)May 15 Holders of rec. May 86
States Steel, first preferred (quar.)- 1% July 1 Holders of rec. June 140
First preferred (quar.)
Holders of rec. Sept.15a
uly
O
1Z jct.
1
First preferred (guar.)
.
1% clat '21 Holders of rec. Dec. 15a
H Jan2 5
Second preferred (quar.)
Holders of rec. June 14a
Second preferred (guar.)
Holders of rec. Sept.15a
Second preferred (guar.)
194 jan2'25 Holders of rec. Dec. 15a
2r
2152
Name of Company.
TIIE CIIRON I CLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Harbison-Walker Refract., corn. (gill-- 134 June 2 Holders of rec. May 23a
Preferred (quar.)
115 July/19 Holders of rec. July 9a
Flecks Mining (quar.)
.2.5e. June 15 *Holders of rec. May 15
Hercules Powder, preferred (quar.)
•1 X May 15 *Holders of rec. May 5
Hibbard. Spencer, Bartlett Co.(mthly.) 35e. May 29 Holders of rec. May 23
Monthly
350. June 27 Holders of rec. June 20
Extra
150. June 27 Holders of rec. June 20
Hood Rubber Products, pref.(quar.)
•131 June 1 *Holders of rec. May 20
Household Products, Inc. (quar.)
2
May 15 Holders of rec. May 15a
Indiana Pipe Line (quar.)
$2
May 15 Holders of rec. Apr. 16
Intertype Corporation,corn.(guar.)._
250. May 15 Holders of rec. May la
Iron Products Corp., preferred (guar.).- 2
May 15 Holders of rec. May la
Kinney (G. R.) Co., preferred (quer.)_ _ *2
June 1 *Holders of rec. May 21
Lehigh Coal & Navigation (quar.)
$1
May 31 Holders of rec. Apr. 30a
Manati Sugar,common ((plan)
51.25 June 1 Holders of rec. May 15a
Common (quar.)
51.25 Sept. 1 Holders of rec. Aug. 15a
Martin-Parry Corporation (quar.)
$1
June 1 Holders of rec. May 150
Massachusetts Cotton Mills (quar.) - - 3
May 10 Holders of rec. Apr. 22
McCrory Stores Corp., pref. (qaar.)__
13/ Aug. 1 Holders of rec. July 21a
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 200
Mercantile Stores, Inc
$3
May 15 Holders of rec. May 1
Mexican Seaboard Oil
50c. May 15 Holders of rec. May 5a
Miami Cooper (quar.)
50c. May 15 Holders of rec. May la
National Biscuit, common (quar.)
The. July 15 Holders of rec. June 30a
Preferred (quar.)
• 134 May 31 Holders of rec. May 176
National Brick, Ltd., preferred
*1
Aug. 15 *Fielders of rec. July 31
National Cloak & Suit, pref.(quar.)___ - 131 June 1 Holders of rec. May 20a
Natl. Department Stores,2d pref.(qu.)- 134 June 1 Holders of rec. May 15a
Nat. Enamel.& Stpg.. pre/.(quer.)_ -- 134 June 30 Holders of rec. June 10a
Preferred (guar.)
131 Sept.30 Holders of rec. Sept. 10a
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. ha
National Lead, pref.(quar.)
134 June 14 Holders of rec. May 23a
National Supply,common (quar.)
75c. May 15 Holders of rec. May 5a
Cora.(payable in common stock) _ _ /10 June 16 Holders of rec. June 6a
National Tea, common (quar.)
July 1 Holders of rec. June 15
55
National Fireproofing, pref. (quar.)-May 15 Holders of rec. May 1
1
25c. May 26 Holders of rec. May 9a
New Cornelia Copper
2
May 10 Holders of rec. Apr. 30a
New Jersey Zinc (quar.)
New York Air Brake, Class A (quar.)_ _ _ 31
July 1 Holders of rec. June 10a
New York Canners, first pref. (quar.)
34 Aug. 1 Holders of ree. July 21a
Ontario Steel Products. corn, (quar.) _ _ _
1
May 15 Holders of rec. Apr. 30a
Preferred (quar.)
13 May 15 Holders of rec. Apr. 300
4
Orpheum Circuit, common (monthly)_ _ 124e June 2 Holders of rec. May 20a
124o July 1 Holders of rec. June 20a
Common (monthly)
Parish & Bingham, special
*50c. May 20'.Holders of rec. May 5
Penman% Limited, preferred (quar.)
14 May 5 Holders of rec. Apr. 21
Pennsylvania Coal & Coke (guar.)
May 10 Holders of rec. May 5a
$1
Pittsburgh Plate Glass. common (quar.) 2
July 1 Holders of rec. June 18a
Procter & Gamble, common (var.)_ _ 5
May 15 Holders of rec. Apr. 25a
Producers & Refiners Corp., pref. (qu.)_ 874c May 5 Holders of rec. Apr. 26a
Pullman Company (quar.)
2
May 15 Holders of rec. Apr. 30a
Pure 011 Co., common (quar.)
June 1 May 11 to June 5
37
Quaker Oats, preferred (quar.)
134 May 31 Holders of rec. May la
Reynolds Spring. pref. A & B (quar.)IN July 1 Holders of rec. June 16
St. Joseph Lead Co.(quar.)
250. June 20 June 10 to June 20
Extra
250. June 20 June 10 to • June 20
St. Mary's Mineral Land
33
May 20 Holders of rec. Apr. 22
Schulte Retell Stores,common (quar.) _ _ m2
June 1 Holders of rec. May 15a
Common (quar.)
m2
Sept. 1 Holders of rec. Aug. 15a
Common (quar.)
m2
Dec. 1 Holders of rec. Nov. 150
Preferred (guar.)
2
July 1 Holders of rec. June 14a
Scotten, Dillon Co
May 14 May 7 to May 14
3
Shell Union Oil, pref., Series A (quar.)_ _ $1.50 May 15 Holders of rec. Apr. 250
Sherwin-Williams Co., common (quer.). 50c. May 15 Holders of rec. Apr. 300
Common (extra)
124c May 15 Holders of rec. Apr. 30a
First preferred Series A (quar.)
1/$ June 2 Holders of rec. May 150
Sinclair Comet. Oil Corp., com.(quar.)- 5Cc. May 31 May 2 to May 21
Preferred (quar.)
2
May 15 Holders of rec. May la
Smith (A. 0.) Corn.. common (quar.)-- 25e. May 15 Holders of rec. May 1
Preferred
134 May 15 Holders of rec. May 1
Spalding (A. G.)& Bro. 1st pref.(quar.) 134 June 2 Holders of rec. May 170
Second preferred (qual.)
2
June 2 Holders of rec. May 7
Spring (C. G.) de Bumper, common_
Sc. May 15 Holders of rec. may 7
Preferred (guar.)
2
July 1 Holders of rec. June 23
Standard Milling, common (guar.)
11$ May 31 Holders of rec. May 200
Preferred (quar.)
14 May 31 Holders of rec. May 200
Standard 011 (Ohio), pref.(guar.)
134 June 2 Holders of rec. Apr. Ma
Standard Plate Glass. common(No. 1) •75c. July 1
Stern Brothers, common (quar.)
1
July 1 Holders of rec. June 200
Preferred (quar.)
2
June 2 Holders of rec. May 200
Stewart-Warner Speedometer (guar.)... $2.50 May 15 Holders of rec. Apr. 300
Swift Internacional
*900. Aug. 15 *Holders of rec. July 15
Thompson (John R.) Co.. corn.(mthly.) 250. June 1 Holders of rec. May 23
Tobacco Products on. . "lass A (quar.) 134 May 15 Holders of rec. May la
Union Buffalo Mills. fli-t preferred
34 May 15 Holders of rec. May 8a
Second preferred
234 May 15 Holders of rec. May 80
United States Plas g
iquar.)
.$1.50 July 1 *Holders of rec. June 20
Umon Tank Car isimin••ti(
115 June 2 Holders of rec. May 50
Preferred Nos
134 June 2 Holders of rec. May 5a
United Drug,common (onar )
14 June 2 Holders of rec. May 150
Second preferred (quar.)
I% June 1 Holders of rec. may 150
United Dyewood, preferred (quar.)__
I% July 1 Holders of rec. June 136
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.150
Preferred (guar.)
134 Jan2'25 Holders of rec. Dec. 150
United Fruit(guar.)
24 July 1 Holders of rec. June (Sa
Quarterly
215 Oct. 1 Holders of rec. Sept. 80
Quarterly
24 Jan2'25 Holders of rec. Dec. 00
13$ June 16 Holders of rec. June 2a
U.S. Cast Iron Pipe & Fdy., pref.(qu.)_
Preferred (quar.)
134 Sept. 15 Holders of rec. Sept. 2a
134 Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
U.S. Realty C.: impt..common (quar.)_ _ 2
June 16 Holders of rec. May 29
Preferred (guar.)
134 Aug. 1 Holders of rec. May 29
Van Ilaalte Co., Inc.. lot pref.(quar.). 15$ June 1 Holders of rec. May 176
134 June 10 June 2 to June 10
Vapor Car Heating, Inc., pref.(quar.)
Preferred (quar.)
131 Sept.10 Sept. 2 to Sept.10
Preferred (quar.)
134 Dec. 10 Dec. 2 to Dec. 10
134 July 20 Holders of rec. July 90
Vulcan DettnnIng, preferred (quar.)-July 20 Holders of rec. July 90
Preferred (acct. accumulated dive.)-- hi
134 July 20 Holders of rec. July 9a
Preferred A (quar.)
30e. May 15 May 1 to May 15
Warwick Iron 5: Steel (guar.)
i4 June 1 Holders of rec. May 156
Weber & Hellinoner, pref.(quar.)
$1.25 June 20 Holders of rec. May 200
Wells Fargo & Co
•75c. May 15
Westneld Mfg., common (quar.)
*2
May 15
Preferred (quar )
Westinghouse Eleetec Jr
May 21 Holders of rec. May 2
Common (payable In common stock). /10
May 21 Holders of rec. May 2
Preferred (payable in common stock). 110
*51
June 30 *Holders of rec. June 20
White Motor Co.(quar.)
2
June 2 May 3 to May 21
Woolworth (F. W.) co.(quar.)
Will & Ban mer Candle.common (quar.)- 25c. May 15 Holders of rec. May 5a
25c. May 31 Holders of rec. May 150
WrIght Aeronautical Co. (quar.)
Wrigley (William) Jr. & Co.
250.. June 2 Holders of rec. May 200
Monthly
Me. July 1 Holders of rec. Juno 200
Monthly
Yellow Cab Manufacturing (monthly) 412te. June 2 Holders of rec. May 200
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. / The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock. a Payable in Canadian funds.
a Payable in Class A com,stock
fPayable Feb. 28 1925.
Annual dividends for 1924.all payable in equal quarterly installments on April 1,
My 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: Oh the common stock $3 cash and $3 in common stock: on the participating preferred the regular
6% and extra dividends of 1% in cash and 1% In common stock; on the preferred
stock regular 6%; on the prior preferred stock regular 7%
[VOL. 118.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending April 26. The
figures for the separate banks are the averages of the daily
results.
In the case of the grand totals, we also show the
of the week.
actual figures of condition at the end
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Baled !a thousands of dollars-that is, three ciphers (000] omitted.)
New
Capital]Pro/US. Loans,
Week Ending
Discount, Cash
April 26 1924 INat'l, Mar..31 Investin
'State. Mar.20 MOM, Vault.
(000 omitted.) 1Tr.006.,Mar.20 ece.
Members of Feld. Res. Bank.
Bank of N Y &
$
Trust Co_ _ _ _ 4,000 12,361
Bk of Manhat'n 10,000 13,943
Mech & Met Bk 10,000 10,589
Bank of Amerie
6,500 5,376
Nat City Bank_ 40,000 52.027
Chem Nat Bank 4,500 16,876
Nat Butch & Dr
500
68
Amer Exch Na
5,000 7,88
Nat Bk of Com_ 25,000 39,308
Pacific Bank- __ 1,000 1.725
Chat& Phen Nat 10,500 9.183
Hanover Nat Bk 5,000 22,422
Corn Exchange_ 10,000 13,082
National Park__ 10,000 23,758
East River Nat_ 1,500 1,371
First National_ 10.000 60,124
IrvingBk-ColTr 17,500 11,477
Continental Bk. 1,000
988
Chase National. 20,000 24,071
500 2,73
Fifth Ave Bank
800 1,00
Commonwealth.
Garfield Nat_ __ 1,000 1,870
Fifth National. 1,200 1,168
Seaboard Nat__ 4,000 7,462
1,500 1.350
Coal & Iron Na
Banker's Trust. 20.000 24.912
U S Mtge & Tr_ 3,000 4,543
Guaranty Trust 25,000 18,709
Fidel-interTrust 2,000 2,042
NY Trust Co__ 10,000 18,407
Metropolitan Tr 2,000 4,085
Farm Loan & Tr 5,000 16,785
Equitable Trust 23,000 10,659
Reserve
with
Net
Time Bank
Legal Demand
De- CircuDeposi- Deposits. POSUS. latories.
Hon.
Average Average Average
$
67,484
712 8,469
147,976 2,397 19,14
153,327 4,302 19,201
81,374 1,533 11,388
538.450 4,207 58,087
116,110 1,093 13,237
4,764
73
594
96.845
939 11,559
320,31
864 35,951
28.000
882 3,96
155,259 4,264 17,413
113,706
632 13,276
189,910 5,791 23,106
159,482
895 16,447
17,245
469 1,954
283,165
457 23,016
270.93
3,249 35,23
7,448
154
89
322,086 4,311 47,405
22,331
686 2,861
10.792
318 1,276
15,009
444 3,041
18,957
247 2,280
85,959
834 11,069
15,795
281 2,126
277,914
955 30,396
50.441
636 5,837
352,404 1,525 38,827
20,988
343 2,360
151,457
515 17,598
39,508
574 4,485
123.223
433 12,922
236.540 1,4841 27,495
Average Average AVg.
$
47,551 7,376
-123,985 21,276 143,806 8,996 650
83,890 3,244
*585,980 87,439 2:122'
98,342 8,479 347"
3,821
2 297"
85,05
6.169 4,939
271,711 20,792
27,051 2,617_
120,172 30,574 8,0 8
4
98,863
300
168,445 24:867_ _ _
9
124,038 7,047 8:1 1
50
13,681 3,22
171.425 24,402 7,421
_
265,397 19,452
373
5.862
311,318 17,874 finia
22,448
9,361 1,777
98
15,270
16,978 1,371
81,460 2,361
13,334 1,130
*241,930 31,493
44,693 3,846
*378,847 39,223
18,038 1,790
125,389 19,202
33,577 3.28
*92,880 24,388
*269,050 27,622
Total of averages 290,800 48.171 .508.286 46.499(520,913 3,779,390433,484 32,476
Totals, actual co dition Apr. 26 4,513,709 45.634(522,014 3,778,462437,773I2
Totals, actual co ndition Apr. 19 4,500.692 44,420 535,413 3,774,610425,446 32,548
Totals, actual co dition Apr. 124,476,127 40.188483.867 3,695,874 417.336 32.240
State Banks Not Members f
Res've Bank.
Greenwich Bank 1,000 2,367 20,032 1,912 2,191
21,202
68
Bowery Bank__
002
250
5,634
384
304
3,019 1,952
State Bank__ __ 3,500 4,661
95,212 3,920 2,132
33.215 58,271
Total of averages
4,750
7,931
120,878
8,216
4,627
57,436 60,291
Totals, actual condition Apr. 28 120,845 6,248 4,814
Totals, actual condition Apr. 19 120,281 6,145 4,099
Totals, actual condition Apr. 12 119.522 6.093 4,009
,
Trust Companies Not Members of Fed 1 Sea's BankTitle Guar & Tr 10,000 14,378 58,618 1,328 4,540
Lawyers Tit & T 6,000 5,701
26,999
866 1,744
-Total of averages 16,000 20,079 85,615 2,194 6,284
38,991
16,610
1,42
788
55,601
2,208
Totals, actuate° ndition Apr. 26
Totals, actual co ndition Apr. 19
Totals, actual co ndition Apr. 12
55,721
55,596
55,317
1,982
2,251
2,214
85,611
85,515
84,615
2,1951 6,261
2,109 8,377
2.416 6,286
57,185 60,340
56,489 60,193
55,234 60,207
Gr'd aggr.. aver. 31i,550470,1824,712.759 54,909 531,824 3,892,433495,98332,478
Comparison wit h prev. week.. _ +18,792 +282+13757 +47,598+9,082 +114
Gr'd aggr., acel cond'n Apr. 26 4,720,165 54,077 532,889 3,889,368 500,095 32,482
Comparison with prey. week __ +13,677 +1,403-13000 +2,673 +12205 -86
Gr'd aggro aca cond'n
Gr'd aggr., acel cond'n
Gr'd aggr., aca cond'n
Gr'd agar., eta cond'n
Gr'd aggr., act't cond'n
Gr'd agar., acel cond'n
Apr.194,706,488
Apr. 124,680,302
Apr. 64.699.755
Mar.29 4,714,105
Mar.224,727,310
Mar.154,666,565
52,674 545,889
64.677494.132
55,383494,418
55,070533,708
55,004•
54,591 519,400
3,886,695487,890 32,548
3,806,425479,757 32,240
3.827,408481,786 32,253
3,847,026 489,292 31,972
3,964,438464,029 31,893
3,892,723 452,70731,810
Note.-U. S. deposits deducted from net demand deposits in the general totals
above wore as follows: Average total Apr I 28, 344,289,000; actual totals April 26,
$44,264,000; April IR, $44,277,000; April 12, 1152,044,000; April 5, 352,044,000:
Mar. 29, $52,044,000. Bills payable, red scounts. acceptances and other liabilities.
average for week April 26, 3395,431.000: April 19. 3425,538.000: April 12. $449,075,
000; April 5, $432,125,000: Mar. 29. $422 634,000. Actual totals, April 26, $397.741,000; April 19, $419.861,000: April 12, 8438,911,000; April 5, 8440,185,000:
Mar. 29, $465,919.000.
•Includes deposits in foreign branches not included in total footings, as follows:
National City Bank.$139.705,000: Bankers Trust Co., $16,808,000; Guaranty Trust
Co., $89,495,000; Farmers' Loan & Trust Co., $238,0130; Equitable Trust Co..
$65,489,000. Balances carried In banks in foreign countries as reserve for such
deposits were: National City Bank, $20,152,000; Bankers Trust Co., $3,888,000:
Guaranty Trust Co., $10,129,000; Farmers' Loan & Trust Co., $238,000; Equitable
Trust Co., $13,618,000. c Deposits in foreign branches not icnluded.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
Reserve
in
In Vault. Depositaries
Members Federal
Reserve banks_ _
State banks*
Trust companies* _ _ _
Total
Reserve.
a
Reserve
Required
Surplus
Reserve.
$
520,913.000 520,913,000 504,326,000 16,587,000
504,520
4,627,000 10,834,000 10,338,480
137,850
6,284.000 8,478,000 8,340,150
-8,410,000 531,824,000 540,225,000 523,004,830 17,229,370
8,388.000 518,067,000 526,455,000 518,483,890 9,071,110
8,478,000 515,414,000 523,890.000 512.553,680 11,336,320
8.040,0001522.780.000 530,820,000 518.981,930 11,838,070
6,216,000
2,194,000
Total Apr. 26_ _
Total Apr. 19_ _ _
Total Apr. i2_..
Teta,. Apr. 5_
•Not members of Federal Reserve Bank.
a This la the reserve required on the net demand deposits lathe case of State bank.
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:
Apr. 26, 813,004.520; Apr. 19, $12,734,760; Apr. 12, $12,556,380; Apr. 5, 812,800,060.
MAY 3 1924.]
THE CHRONICLE •
Actual Figures.
Cash
Reserve
Reserve
in
in VauU. Depositaries
Members Federal
Reserve banks
State banks*
Trust companies*._
Total Apr. 26._ _
Total Apr. 19_
Total Apr. 12..._
Total Apr. 5
Total
Reserve.
Surplus
Reserve.
Reserve
Required.
2153
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 w.eeks:
BOSTON CLEARING HOUSE MEMBERS.
6,248,000
2,195,000
5
522.014,000 522,014.000 504.703,250 17,940,750
568.700
4,614,000 10.862,000 10,293,300
97,850
6,261,000 8,456,000 8.358,150
8,443,000 532,889,000 541.332,000 522,724,700 18,607.300
8,254,000 545,889,000 554,143,000 521,970,100 32.172,900
8,509,000 494,132,000 502,641.000 511.223,370 x8.582,370
8,408,000 494,418.000 502,556,000 513,981,490 x11,155,490
* 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 wan as follows:
Apr.26, 513,133,190; Apr. 19, $12,763,380; Apr. 12, 512,520.080: Apr. 3. 512,578,340. x Deficit.
April 30
1924.
Changes from
previous week.
April 23
1924.
April 16
1924.
Capital
57,400,000 Unchanged
57,400.000 57.400,000
Surplus and profits
81,109,000 Inc.
95,000 81,014,000 81.024,000
Loans, disc'ts & investments. 827,378,000 Dec. 3,823,000 831,201,000 837,158,000
Individual deposits,incl. U.S.604,035,000 Dec. 1,927,000 605,962.000 605,973,000
Due to banks
122,572,000 Dec. 312,000 122,884.000 123,364,000
Timedeposits
137,602,000 Dec. 663,000 138,265,000 137,967,000
United States deposits
14,000 11,866,000 14.693,000
11,880,000 Inc.
Exchangesfor Clearing blouse 27,639,000 Inc. 2,316,000 25,323,000 29.373.000
Due from other banks
68,297,000 Dec. 7,934,000 76,231,000 72.770,000
Reserve in Fed. Res. Bank.. 70,813,000 Inc.
244,000 70,569.000 69,251,000
Cash in bank and P.R. Bank 8,922,000 Inc.
346,000 8.576,000 9,145,000
Reserve excess In bank and
Federal Reserve Bank__
1,939,000 Inc.
174,000 1,765,000
599.000
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending April 26, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differencefrom
April 26.
Previous Week. is not a part of legal reserve. For trust companies not memLoans and investments
5833.408,200 Dec. $642.500 bers of the Federal Reserve System the reserve required is
Gold
3,920,300 Inc.
62,300
on demand deposits and includes "Reserve with legal
Curren y and bank notes
21,385.000 Inc.
434,700 10%
Deposits with Federal Reserve Bank of New York
74.693,200 Dec. 3,085.900 depositaries" and "Cash in vaults."
Total deposits
868,729,700 Dec. 13,579,900
Deposits, eliminating amounts due from reserve de- 820,407,800 Dec. 9,105,700
pontaries and from other banks and trust omWeak ending April 26 1924.
panies in N. Y. City, exchange and Ti. S. deposits
Two Ciphers (00)
April 10
Reserve on deposits
omitted.
Membersof Trust
1924.
135,066,000 Dec. 4,914,300
1924.
Percentage of reserve, 21.5%.
F.R.System Companies Total.
RESERVE.
539,875,0 $5,000.0 544.875,0 $44,875.0
-State Banks
---Trust Companies
- Capital
110.161,0 16,000,0 126,161.0 126,129.0
Cash In vault
*831.535,100 16.20%
868,463,700 15.83% Surplus and profits
Deposits in banks and trust cos
9,954,100 5.11%
25,113,100 5.80% Loans. dise'te & investm'ts 712,180.0 42,807,0 754,967,0 754,658.0
Exchangesfor Clear.House 31,585,0
527,0 32,112,0 32.954,0
99,056,0
18.0 99,074.0 107,488,0
Total
541,489,200 21.31%
593,576,800 21.63% Due from banks
119.411,0
914.0 120.325.0 124,734,0
Bank deposits
518,827,0 24,473,0 543,300.0 547,651,0
•Includes deposits with the Federal Reserve Bank of New York, which for the Individual deposits
64,694,0
1,170,0 65.864.0 65,751,0
State banks and trust companies combined on April 26 was $74,693,200.
Time deposits
702,932,0 26,557,0 729,489.0 738,136,0
Total deposits
20.756,0 22,522.0
U.S.deposits (not incl.).
3,398,0
3,398,0
3,307,0
Res've with legal deposit's
54,778,0 54,858,0
Reserve with F.It. Bank.. 54,778,0
Banks and Trust Companies in New York City.
-The Cash in vault*
9,840,0
1,110.0 10,950,0 10.793,0
averages of the New York City Clearing House banks and Total reserve and cash held 64,618,0 4.508,0 69.126,0 68.958,0
trust companies combined with those for the State banks and Reserve required in vault 54.983,0 3,784,0 58,772.0 59.022,0
9,610.0
724.0 10,354.0
9,936,0
req. & cash
trust companies in Greater New York City outside of the Exert' in vault not counted as reserve for Federal Reserve members.
•Cash
April 12
1924.
$44,875.0
126,129.0
750,813,0
27,939.0
96,242,0
123,691,0
535,900,0
63,466,0
723,047,0
24,247.0
3.245,0
54,525,0
10,708.0
68,478,0
58,617,0
9,861,0
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedJan. .5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
April 5
April 12
April 19
Anril 26_
Demand
Deposits.
$
5,486.657,900
5,414,724.400
5,418,393,500
5,393,304.400
5,415,772,300
5,542,356,600
5,432,697,600
5,432,287.500
5,424,841,800
5,432,225,300
5,462,366,300
5,534,270,900
5,557.132,400
5.554,501,000
5,517,615,300
5,530,017.700
A Kaft 1A7 cm
$
4.087,252,400
4,647,636,700
4,651,352,800
4,608,974,700
4,665,239.000
4,690.532.700
4,646,580.300
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
A 719 can onn
*Total Cash
in Vaults.
I erve In
D, positartes.
$
88,504,200
89,168,000
81,339,900
80,042,600
79,395.000
79,497,600
81.717,400
78.822,000
82,862,500
80,120,600
80,148,100
79,268,200
80,050.500
78,352,100
81,490,600
79,455,600
on ... A on,.
3,539,300
8,171,800
3,035,300
15.261,500
19,211,100
1.032,400
3,209,400
18,208,200
15,358.000
14,521.100
4,625,700
4.938.900
1,464,100
1.029.100
7,002,100
33.238,700
W New York City Non-Member Banks and Trust Corn-
panies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars
-that is, three clphers (0001 omitted.)
1
Net
CLEARING
Capital. Profits.
NON-MEMBERS.
Nat. bks. Mar 31
Week Ending State bks. Mar.20
April 26 1924. Tr. cos. Mar. 20
Members of
Fed'I Res've Bank
W. R. Grace & Co.
Total
State Banks
Not Members of
Fed'i Reeve Bank
Bank of Wash. Ms_
Colonial Bank
Total
Trust Company
Not Member of
Fed'I Reeve Bank
Mech.Tr.,Bayonne
Total
6
500
500
Loans,
Digcount",
Investmints,
,Sc.
Apr. 30 1924. April 23 1924 May 2 1933.
Resources
-
635,651,000
Gold with Federal Reserve agent
7,357,000
Gold redemp.fund with 15. 2. Treasury_
585,695,000 638,239,000
7,001,000
9,187,000
Gold held exclusively agst. F.R.notes. 643,008.000
204,027.000
Gold settlement fund with F.R. Board
171,897,000
Gold and gold certificates held by bank
591,882,000 645,340,000
207,089,000 286,129,000
189,603,000 150,280,000
Total gold reserves
Reserves other than gold
991,574,000 1.081,649,000
26,628,000 13,046,000
1,018,932,000
24,463,000
1,043,385.000 1,018,202,000 1,094,695,000
Totalreserves
7,836,000
10,912,000
12,827,000
Non-reserve cash
discounted
Bills
31,366,000
39,758,000 136,456,000
Secured by U. S. Govt. obligations_ _ _
75,118,000
16,495,000
22,180.000
Other biUs discounted
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
2
S
401
2,275
7,139
24.400
772
2.679
355
1.357
5,690
22,397
1,200
2,676
31,539
3,451
1,712
28,037
- 4,304
500
426
8,780
354
82
2,733
426
8,781
354.
82
2.733
5,876
211,574,000
54,373,000
1,202.000
48.371,000
15,074,000
1,202,000
42,259,000
14,020.000
1,149,000
*2,244,000
346,000
65,547,000
57,481,000
3,739,000
145.147,000
131,023.000
14.676,000
3,894,000
269,686,000
140,485,00*
11,695,000
1,675,800
Liabilities
352,005,000
Fed. Res. notes In actual circulation
-Member bank, reserve aoc't_ _ 763,689,000
Deposits
Government
9.169,000
18,107,000
Other deposits
357,566,000
743,095,000
9,006,000
11,952,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
784.053,000 753,009,000
112,114.000 109,401,000
28,942,000
29.799.000
59,800,009
59,929.000
3,454,000
2,308,000
790,965,000
116.494.000
29,799.000
59,929,000
2,199,000
571,466,000
713,310,000
9,732,000
29,967,000
1,351,391,000 1,325,769,000 1,526,072,000
5,876
500
61,938,000
25,728,000
1,351,391,000 1,325,769.000 1,526,072,000
Totalliabillties
200
1,000
47,861,000
27,165,000
140.573,000
137.430,000
14,678,000
4,413,000
Total U.8.Government securitiesTotal earning assets
Uncollected items
Bank premiums
All other resouroes
Totalresources
Reserve
Net
Net
Cash
with Demand Time
in
Legal Deposits Deposits.
VauU. Degositortes.
Average Average Average Average Average
$
$
$
8,927
19
494
2,187
5,252
1,639
8,927
19
494
2,187
5,252
$
1,639
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 April 30 1924 in
comparison with the previous week and the corresponding
date last year:
1,773
2,531
Grand aggregate
2,200
Comparison with prev, week
4,742
49,24.
-47
3,824
-1
2,288 a33,007
--203 -664
Gr'd aggr., April 19
Gr'd agar., April 12
Gr'd aggr., April
Or'd agar.. Mar. 29l
4,742
4,742
4,742
4.724
49,721
49,454
49,020
48_043
3,837
3.86
3.560
3.6651
2,491 233,671 15,667
2.565 a33,372 15,410
2.415 032.781 15,158
246.6 .019 Ova 'a o70
2,200
2,200
2,000
2.0o1)
a United States deposits deducted, 550,000.
Bills payable, rediseounts, acceptances and other liabilities, 5365,000.
Excess reserve, $94,430 decrease.
15,432
-235
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined_ _ _
Contingent liability on bills purchased
for foreign correspondents
* Includes Victory notes.
91.3%
90.8%
82.7%
8,210,000
4,981,000
9,138,009
CURRENT NOTICES.
-Harry I. Tuttle, formerly head of the unlisted securities department
of Markoe, Morgan & Co., has joined the New York office of Laird, Bissell
& Meeds, members of the New York Stock Exchange, as manager of their
unlisted securities department.
-Boland & Preim announce that Paul B. Roura, formerly associated
with Myron S. Hall & Co., has been admitted to partnership as of May
1 1924.
-Eldon H. Earle, formerly of W. A. Harriman & 00., Lae., sad tke
National City Co., is now associated with Bortle & Co.
2154
FOL. 118.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the returnissued by the Federal Reserve Board Thursday afternoon, May 1, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 2120, 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 APRIL 30 1924.
Apr. 30 1924. April 23 1924 Apr. 16 1924. April 9 1924. April 2 1924. Mar.26 1924. Mar.19 1924. Mar.12 1924. May 2 1923.
RESOURCES.
2,088,317,000 2,047,470,000 1,997,364,000 1,984,054,000 1,974,624,000 2,082,859,000 2,098,170,000 2,046,696,000 2,005,998,000
Gold with Federal Reserve agenia
63,277,000
57,223.000
50,533,000
56,945,000
55,971,000 56,715,000
50,801,000
49,101,000
52,764,000
Gold redemption fund with U. S.Treas.
Gold held exclusive)? eget. F.R.notee 2,139,118.000 2,103,441,000 2,054,079,000 2,041.277,000 2,025,157,000 2,139,604,000 2,150,934,000 2.095,797,000 2,069,275,000
Gold settlement fund with F.R.Board. 610,570,000 623,182,000 671,222,000 672,888,000 709,581,000 805,918.000 606,747,000 657.175,000 693,564,000
Gold and gold certificates held by banks 370,701,000 387,287,000 379.585.000 389,281,000 357,029.000 377.422,000 374,164,000 377,110.000 317,740,000
Total gold reserves
Reserves other than gold
3,120.389,000 3,113.890,000 3,104.888,000 3,103,448,000 3,091,767.000 3,122,944,000 3,131,845,000 3,130,082,000 3,080,579,000
93,809,000
97,975,000
99,564,000 100,107.000 101,352,000 105,758,000
102,220,000 100.937,000 100,404,000
Total reserves
Sfon-reserve cash
Mlle discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,222,609,000 3,214.827,000 3,205.290,000 3,001,421,000 3,191,331,000 3,223,051,000 3,233,197.000 3.235,840,000 3,174,388,000
61,642,000
49,351,000
46,599,000
48,750,000
51,054,000
51,624,000
49,811,000
50,282,000
51,137,000
161,164.000
286,021,000
187,914,000
284,929,000
190,419,000 228,280,000
279,151,000 301,279,000
239,063,000
290,597,000
214,658,000
267,659,000
166.826,000
284,425,000
214,557,000
268,842,000
362,633,000.
367,707,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
447,185,000
124,485.000
472,843.000
140,424,000
469,570,000 529,559,000
176,680,000 197,806.000
529,660,000
213,772,000
482,315,000
202,458.000
431,251,000
194,203,000
483,399,000
242,816,000
730,340,000
275,429,000
19,269,000
221,771,000
60,820,000
18.892,000
18.855,000
201,158,000 193,327.000
54,245,000
54,485,000
18,331,000
18,801,000
184,887.000 176,704,000
61,637,000 81,751,000
18,264.000
174,577,000
103,836.000
27,963,000
18,282,000
155,311.000 *120,030,000
36,779,000
38,776.000
Total U. S Govt. securities
All other earning assets
301.660,000
51,000
274,295.000
51,000
264,855,000
51,000
296,677,000
51,000
212.369.000
100,000
Total earning assets
redemp.fund agst. F.R.bank notes
Uncollected Items
Bank Premises
All other resources
873,381.000 887,613,000 912,968,000 996.119,000 1,008,338,000
28,000
28,000
28,000
28,000
28,000
586,350,000 611,729,000 713,559,000 677,583,000 586,085,000
55,985,000
55,876,000
56,184,000
56,404,000
56,480,000
22,420,000
21,398,000
21,802,000
22,530,000
22,114,000
18,273,000
187,615,000
63.015,000
266,667,000 268,903.000
51,000
51,000
257,256,000
51.000
184,772,000
40,000
942.080.000 922,182,000 938,484,000 1,190,581,000
191,000
28.000
28,000
28,000
557.304.000 681,527,000 638,715.000 640,543,000
50,059,000
55,864,000
55,254.000
55,466,000
14,199,000
21,486,000
21,286,000
23,282,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
bank notes In circulation-net_
F. R.
Deposits
Member banks-reserve account
Government
Other deposits
4,811,203,000 4,844,415,0004,958,561,000 4,902,907,000 4,909.655,000 4.850.867.000 4,964,823,000 4,941,885,000 5.131,603,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,005,381,000 2,000,858.000 2,011,585,000 2,055.067,000 2,062,384.000 2,007,116.000 2,012,131,000 2,018,850,000 1,983,848,000
533,466,000 556,051,000 634.333,000 519,305,000 513,483.000 513,782,000 618,883,000 586,026,000 564,788,000
110,927,000 110,8E5,000 110,869,000 110,837,000 110,859,000 110,831,000 110,828,000 110,836,000 108,822,000
220,915,000 220,915.000 220,915,000 220.915,000 220.915.000 220,915,000 220,915.000 220,915,000 218,369,000
15,155,000
14,780.000
14,418,000
15,972,000
14.029,000
14,154.000
14,289,000
14.557,000
14,158,000
1,923,013,000 1,940,821,000 1,966,349,000 1,981,638.000 1,987.262.000 1.982,706.000 1.989,848,000 2,010,595,000 2,237,505,000
2,299,000
382,000
374,000
365.000
389,000
358.000
394,000
343,000
350.000
1,944.952,000 1,935,113,000 1,040,810,000 1,934.999.000 1,933,113,000 1,912,411,000 1,981.042,000 1,944,699,000 1,894,651,000
75,191,000
49,083,000
98.841.000 109.838,000
49,711,000
54,222.000
44,567,000
8.856,000
32.503,000
19,514,000
21,227,000
40,114,000
19,413,000
19,929,000
22,233,000
21,176,000 21,064,000
27,926,000
4.811,203.000 4,844,415,000 4,958,561,000 4,902,907,000 4,909,655,000 4,850,887.000 4,964,823,000 4,941,885,000 5,131,603,000
Total liabilities
Ratio of gold reserves to deposit and
78.5%
76.9%
76.3%
73.0%
78.3%
78.1%
77.7%
79.4%
79.0%
F. R. note liabilities combined
Ratio of total rek rves to deposit and
79.3%
80.8%
78.8%
80.8%
75.2%
80.3%
80.6%
81.6%
82.0%
F. It. note liabilities combined
Contingent liability on bills purchased
11,033,000
14,002,000
11.230,000
17.343,000
9,785,000 33,235,000
9,769,000
17.271.000
20,505,000
for foreign correspondents
---.-$
Distribution Si) Maturities
97.253,000 107,651.000 88,089,000
66,288,000
56,490,000
92.878,000
69,400,000 90,964,000
63,564.000
1-16 days bills bought in open market
245,805,000 274,219.000 282.473,000 332,846,000 328,040,000 292,787,000 244,358,000 302,284,000 507,132,000
1-15 days bills discounted
1,125,000
515,000
1,040,000
58.000,000
11,187,000
Indebtedness.
1-15 days 11. H. certif. of
40,000
1-15 days municipal warrants
45,648,000
42,871,000
39,321,000
41,181,000
50,077,000
35,261.000
49,880,000
29,108.000
24,120,000
bills bought In open market.
18-30 days
49,386,000
44,715.000 51,233,000
43.227,000
43,014,000
48,807.000
44,925,000
44,666.000
40,070,000
18-30 days bills discounted
205.000
16-30 days U. H. certif. of indebtedness_
16-30 days municipal warrants
98,944,000
42,177,000
55,839,000
61.957.000
44,359,000
37,859,000
49.817.000
29,141,000
32,750,000
81-60 days bills bought in open market_
86,441,000
68.009,000
88,251,000 65,702,000
88,572,000
69,120,000
71,919,000, 63,410,000
79,690,000
81-60 days bills discounted
213,000
11,822,000
9,339,000
31-60 days U. S. certif. of indebtedness_
31-80 days municipal warrants
54,889,000
30,031,000
35,064,000
14,570,000
11,829,000
21,884,000
20,890,000
7,228,000
8,806,000
bills bought in open market_
81-00 days
50,652,000
56,365,000
45,836,000
48,726,000
47,872,000
51,597.000
58,382,000
46,979,000
49,451,000
81-90 days bills discounted
9,265,000
9,547,000
3,000
9,136,000
9,218,000
9.269,000
943,000
certif. of indebtedness.
I
61-90 days U
51,000
51,000
51,000
51,000
51,000
01-90 days municipal warrants
9,610.000
735,000
1,766.000
2,837,000
1,507,000
767,000
1,551,000
432,000
360,000
Over 90 days bills boughtIn open market
29,179,000
28.666.000
30.890,000
25,062,000
26,345,000 26,689,000
27,311.000
34,641,000
32,588,000
Over 90 days bills discounted
52.625,000
36,051,000
36,620,000
51,328,000
44,938,000
27,586,000
52,615,000
47,650,000
44,906,000
Over 90 days certif. of indebtedness
51,000
51,000
Over 90 days municipal warrants
Federal Reserve Notes
Outstanding
Held by banks
2,444.073,000 2,438,680,000 2,445.344.000 2,467,323.000 2,473.180,000 2,489.943.000 2,507,758,000 2,521,424,000 2,599,440,000
518,060,000 497,859,000 478,995,000 485,685,000 485.898.000 507,237.000 517,910,000 510,829,000 361,935,000
1,928,013,000 3,390,352,000 1,966.349,000 1.981,638,0001 1,987,262,000 1,982.706,000 1.989,848,000 2,010,595,000 2,237,505,000
In actual circulation
Amount chargeable to Fed. Res. Agent 3,379,820,000 3,390,352,000 3,409,911,000 3,426.670,000 3,448.762,000 3,452,025,000 3,464,475,000 3,480,281,000 3,427,903,000
935.747.000 951.672,000 984,597,000 959,347,000 975,602,000 962,082.000 956,717.000 958,857,000 828,463,000
In bands of Federal Reserve Agent
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
2,444,073,000 2,438,680.000 2.445,344.000 2,467,323.000 2,473.160,000 2,489,943,000 2,507,758,000 2,521,424,000 2,599,440,000
335,864,000 331,939,000 329.729,000 329.729,000 329,729,000 329,729,000 330,939,000 328,184.000 314,899,000
355.756,000 391,210,000 447,980,000 483,269,000 498.536,000 407,284,000 4
09,588.000 474,728,000 593,422,000
123,889,000 112,153,000 118,157.000 124,769,000 113,724,000 119,989,000 117,558,000 115,728.000 135,068,000
1,628,584,000 1,603,378,000 1,551.478,000 1,529,556.000 1,531,171,000 1,632.941,000,1,649,673,000 1,602.784,000 1,556,031,000
2,444,073,000 2.438,680,000 2,445,344,000 2,467,323,000 2,473,180,000 2,489,943,000,507.758.000 2,521,424.000 2,599,440,000
Eligible paper delivered to F.R.Agent-- 548.031,000 591,602,000 620.784,000 706.845.000 714.190.000 654,130.000' 598.084.000 893.236,000 962.877,000
• Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 30 1924
Two ciphers(00) omitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. Si. Louie. Mtnneap. ICan, Mg Dallas, San Fran.
Total.
Federal &UM Bank of
S
6
$
$
$
S
RESOURCES.
S
$
S
6
$
$
S
Gold with Federal Reserve agents 197,420,0 635,851,0 187.024,0204,702,0 36,108,0 111,496,0 300,245,0 82.718,0 58,253,0 54,760,0 32,151,0 209,789,0 2,088,317,0
50,801,0
7,357,0 10,890,0 1.391,0 6,489,0 2.787,0 5,775.0 3.583,0 1,474.0 1,972.0 1,761.0 2,127,0
Gold red'n fund with U.S.Treas. 4,838,0
Gold held excl, agst.F.R. notes 202.258.0 643.008,0 197,914,0 206,093.0 42.957,0 114,283,0 308,020.0 66,301,0 57,724,0 56,732.0 33.912.0 211.916,0 2,139,118,0
Gold settle't fund with F. It B'rd 62,895.0 204,027,0 29,549.0 80,706,0 28,809.0 10.715,0 100,181,0 14,704,0 10,165,0 29,726,0 10.022,0 29.071,0 610,570,0
Gold de gold certifs. held by banks 18,015,0 171,897.0 39.698,0 12.492,0 5,740.0 7,140,0 59.775,0 7,446,0 9.633,0 3,665,0 6.596,0 28,604,0 370.701,0
Total gold reserves
Reserves other than gold
283,168.0 1,018,932.0 267,161.0 299,201,0 77,506.0 132,138,0 465,976,0 88,451.0 77,522.0 90,123,0 50,530,0 269,591,0 3,120,389,0
11.025,0
24,453,0 2,177,0 6,246.0 5,168,0 10,889,0 11,563,0 14,627,0 1,190,0 4,204,0 6,570,0 4,108,0 102,220,0
294,193,0 1.043.385,0 269,338.0 305,537,0 82.674,0 143.027,0 477,539,0 103.078.0 78,712,0 94,327,0 57.100.0 273.699,0 3,222,60,0
Total reserves
49,811.0
3,893,0
10,912,0 1,687,0 3,633,0 2,960,0 4.916,0 7,421,0 4,034,0
808,0 2,823.0 3,090,0 3,634,0
Non-reserve cash
discounted:
Bills
31,366,0 23,650,0 25.916,0 16,173,0 7.536,0 16,752.0 8,618,0
845,0 2,777,0 1,158,0 14.975,0 161,164,0
Sec. by 11.5. Govt. obligations 11,398,0
10.935,0
16,495,0 12,403,0 19,216.0 43.807,0 36,257.0 39.088,0 22,286,0 12,846,0 22,617,0 11,817,0 38,256,0 286,021,0
Other bills discounted
22,333,0
47,881.0 36.053,0 45,132,0 59,980.0 43,793,0 55,838.0 30,904,0 13,691,0 25,394.0 12.975,0 53.231,0 447.185,0
Total bills discounted
11,419,0
27.165,0 7.079,0 13.672,0 2,058.0 7,123,0 20.353,0 4.241,0 3.731.0 4,887,0 10,178.0 12,579,0 124,485,0
in open market
Bli's bought
r.S Government securities:
4,0
542.0
108,0 4.426,0
19,269,0
980.0 1,780,0
7,571.0
1,202,0
549,0
916,0 1,191.0
Bonds
48,371.0 23,643,0 26,485,0 2,982,0
31,597,0 5,138,0 9,462,0 14,156.0 16,419,0 25,488,0 221,771,0
18,052,0
Treasury notes
9,843,0 1.830,0 4,340.0 4.156,0 3,281,0 5.381.0
4,957.0
972,0
60.620,0
15,974,0 2,189,0 7,697,0
Certificates of indebtedness_
- 21.851.0
Total U. B. Govt securities
51111470 25.251 0 an noe n
a 19n II
108.0 45 AM n
5 055 n 21 5720 10 909 n 21 480 0 an 872 n
201 5500
2155
THE CHRONICLE
MAY 3 1924.}
RESOURCES(Concluded)
Two ciphers (00) omitted.
Boston. New York. Phila.
$
$
$
51.0
All other earning assets
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City Dallas. San Fran.
$
$
$
$
S
Total.
$
$
$
$
$
51.0
140,573,0 69,564,0 93,902,0 67.163,0 51,024,0 122,057,0 42,111,0 38,795,0 49,573,0 44,633,0 96,683,0
873,381,0
28.0
137,430,0 51,276,0 55.865,0 50,522,0 27,717,0 82,271,0 32,505,0 10,725,0 31,492,0 20,074,0 34,687,0
14,678,0 1,113,0 9.118,0 2,528,0 2,718,0 8,264,0 1,792,0 2,631,0 4,595,0 1,912,0 2,833,0
459,0
442,0 1.747,0
131,0 5,647,0 1,064,0 3,788.0 4,129,0
310.0
308,0
4,413.0
57,303,0
Total earning assets
6% redemption fund-F.It. bank
notes
51,786,0
Uncollected Items
4,312,0
Bank premises
82,0
All other resources
28,0
588,350.0
56,494,0
22,530,0
411,569,0 1,351,391.0 393,288,0 468,365,0 206,289,0 231,149,0 698,011,0 183.651,0 137,328.0 183,874,0 130,625,0 415,665,0 4,811,203,0
Total resources
LIABILITIES.
F.R.notes in actual circulation 205,579,0 352,005,0 197.573,0 221,090,0 78,198,0 139,828,0 290,447,0 65,582,0 65,430,0 63,388,0 43,685,0 203,210,0 1,926,013,0
F. R.Bank notes in circulation
343,0
343,0
net liability
•
Deposits:
Member bank-reserve acc't 128,175,0 763,689,0 116,311,0 156.599,0 60,349,0 56,342,0 284,713,0 69,331,0 45,185,0 71,142.0 48,622,0 144,514,0 1,944,952,0
32,503,0
867,0 .1,869,0 2,121,0 2,151,0 1,906,0 1,804,0 3,167,0
2,391,0
9,169,0 2,020,0 2,738,0 2,300,0
Government
27,926,0
217.0 4,536,0
110,0
113,0 1,059,0
460,0 1,434,0
311.0
149,0
256,0 1,174,0
18,107,0
Other deposits
790,965,0 118,587,0 160,511,0 82,759,0 57,322,0 287.641.0 71.912.0 48.750.0 73,359,0 50,843,0 152.217.02,005.381.0
116,494,0 46,430,0 49,304,0 46,793,0 18,977,0 72,890,0 30,305,0 11.002,0 32,501,0 22,589.0 35,607.0 533,466,0
29,799,0 10.154,0 12,557.0 5,842,0 4,558,0 15,150,0 5.071,0 3,431,0 4,440,0 4,178,0 7,832,0 110,927.0
59,929,0 19,927,0 23,691,0 11,872.0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,0 7,577,0 15,301,0 220,91510
14,158,0
709,0 1,231,0
692,0 1,610,0 1,498,0
615,0 1,212,0 1,025,0 1,514,0 1,457,0
2,199,0
130,715,0
50,574,0
7,915,0
16,390,0
398,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
411,569,0 1.351,391,0 393,286,0 468,365,0 206,289,0 231,149,0 698,011,0 183,651,0 137,328.0 183,874,0 130,625,0 415,685,0 4,811,203,0
Total liabilities
Memoranda.
reserves to deposit
Ratio of total
and F. It. note liabilities com82.0
72.5
82.6
58.7
75.0
68.9
77.0
80.1
69.0
60.5
85.2
87.5
91.3
bined, per cent
Contingent liability on bills pur20,505.0
763,0 2,584.0
850.0
988.0
624.0
798.0
659.0 1.318.0
8.210.0 1.682.0 2.029.0
chased for foreign correspondla
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS APRIL 30 1924
Boston. New York Phila.
Federal Reserve Agent at-
Cleve. Richns'd Atlanta Chicago. St. L. Minn. K.City. Dallas. San F. Total.
(In Thousands of Dollars)
$
3
$
5
5
$
104,451 255,060 49,720 43,235 37,360 75,932
Federal Reserve notes on band
Federal Reserve notes outstanding
225,857 656,757 223,731 244,579 89,227 151,344
Collateral security for Federal Reserve notes outstanding
2,400
35,300 238,531 14,000 8,780
Geld and gold certificates
19,120
31,120 14,635 13,922 3,813 8,096
Gold redemption fund
143,000 366,000 158,389 182,000 32,295 101,000
Gold Fund-Federal Reserve Board
21,106 36,707 39,877 53,119 39,848
28,437
Eligible paperf Amount required
'Excess amount held
5,315
42.171
618 18,753 8,546 9,871
RNOWTX8
$
$
5
$
$
5
$
192,180 26,900 18,000 29,593 22.157 81,160 935,747
324,076 79,378 70,164 75,984 43,423 249,553 2,444,073
335,864
9,985 13,052
13,818
6,600 3,733 1,201 4,400 2,835 14,394 123,869
293,845 49,000 42,000 50,360 15,500 195.395 1,628.584
23,831 16,660 13,911 21,224 21,272 39,764 355,758
51,952 15,935 2,848 8,330 1,497 24,443 190,275
Total
561,479 1,610,745 497,798 551,146 224,360 388,491 892,284 201.591 161,174 189,891 130,500 604,709 6,014,168
Liabilities
Net amount of Federal Reserve noted received from
Comptroller of the Currency
330,307 911,817 273,451 287,814 126,587 227,276 516,256 106.278 88,164 105,577 75,580 330.713 3,379,820
197,420 635,651 187,024 204,702 36,108 111.496 300,245 62,718 56,253 54,760 32,151 209,789 2,088,317
Collateral received fromfGold
75,783 32,595 16,757 29,554 22,769 64,207 546,031
Federal Reserve BanklEligible paper
33,752
63,277 37.323 58,630 61,665 49,719
561,479 1,610,745 497,798 551,146 224,360 388,491
Federal Rosteron nntpn In
A/71W
892,284 201,591 161,174 189,891 130.500 604,709 6,014,168
225,857
20,278
656,757 223,731 244,579 89,227 151,344
304,752 26,158 23,489 11,029 11,516
324,078 79,378 70.164 75,984 53,423 249,553 2,444,073
33,629 13,796 4,734 12,598 9,738 46,343 518,080
non
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Ir9
rIrenIntInn
A70
nns 107 c72 991 nool
76 108
110.628
290.447 65.582 65.430 63.386 43.685 203.210 1.926.013
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
the liabilities of the 755 member banks from which weekly returns are obtained. These figures are 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 2120.
1. Data for all reporting member banks In each Federal Reserve District at close of business April 23 1924. Three ciphers (000) omitted.
Federal Reserve District.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
U.S. pre-war bonds
U.S. Liberty bonds
U.S.Treasury bonds
U.S. Treasury notes
U.S. Certificates of Indebtedness
Other bonds,stocks and securities.._
Boston
43
New York
110
Phila.
Richm'd
Cleve.
$
$
11,850
81,297
244,844 1.631,044
597,351 2,579.206
55
79
$
$
11,767
22,831
265,710 409,814
362,081 720,706
854.0454,291,547
13,508
51,389
78,202 519,814
4,221
22,085
17,967 371,808
7,138
28,796
172,237 829,964
639,558 1,153,351
10,679
48.194
46,253 109.064
2.595
3,607
32,408
51,079
6,960
6.741
200,670 306,507
Atlanta
36
Chicago
M.Louis
Mnpl . Kan. City
s
Dallas
52
72
$
$
$
3,477
3,280
6,132
83,154
42,297
85,046
190,182 319,294 206,165
Total
67
755
$
$
11,243
213,052
197,883 3,882,241
812,094 7,958,772
35
$
8,800
126,756
342,936
$
$
8,415
34,638
71,052 598,007
349,099 1,168,658
$
9,322
146,634
311,010
478,492
28,832
26,946
2,102
8,374
2,981
52,731
428,566 1,801.303 466:986 235,759 410,462 272,796 1,021,220 12,054,065
272,464
15,025
23,833
19,084
25,908
14,810
9,071
12,131
97,261 1,082,654
14,175 103.569
34,337
12,761
23.845
18,427
13,436
70,293
1,454
1,018
12,396
4,371
680
2,348
721,621
5,224 119,381
40,810
14,504
28,234
18,353
13,901
166,125
22,544
3,787
3,543
1,488
4,974
13,828
3,347
41,454 346,673
13,824 164,977 2,299,645
90,804
24,370
55,434
Total loans & disc'ts ds investm'ts 1,147,318 8,115,181 939,123 1,678,543 600,458
Reserve balance with F. R. bank
85,011 668,842
69,624 104,980
35,446
Cash in vault
19,809
78,814
15,633
32,523
12,841
Net demand deposits
797,892 4,931,892 880,538 888,927 328,822
Time deposits
285,608 961,675 132,260 626,537 165,409
Government deposits
12,508
56,032
25,191
27.228
7,269
Bills payable and rediscounts with
Federal Reserve Bank:
3,437
Secured by U.S.Govt. oblIgens24,200
7,416
17,885
10,919
All other
4.792
11 762
A AA2
i.e..',
on non
508,809 2,429,679 619,087
36,902 199,820
44,941
11,389
56,245
7,138
275,475 1,509,432 355,809
183,180 820,001 200,169
7,223
28,340
4,688
26
San Fran.
104
76
318,084
23,780
8,012
200,822
82,357
5,487
534,553 338,794 1,377,238 16,606,867
27,142 100,018 1,437,810
41.324
283,254
9.852
20,756
12,444
394,802 225,232 720.155 11.289,398
130,491
87,587 589,742 4,265,014
19,417
7,491
204.337
3,463
7,349
10,556
5.429
2,303
1.556
770
11 nle
11 nen
1 In.
n nno
In
773
n net
9,835
101,858
17079
126121
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
Three ciphers (000) omitted
City of Chicago. All F. R. Bank Cities.F. R. Branch Cities.Other Selected Cities.
Apr.23. Apr. 16. Apr.23. Apr. 16. Apr. 23.
-67
67
Number of reporting banks
48
48
25
$
$
$
$
Loans and discounts, gross:
$
73,914
77,258 26.347 25.782i 142,487
Secured by U.S. Govt.obligations
1,421.250 1,404,489 439.319 442,9711 2.884.984
Secured by stocks and bonds
All other loans and discounts_._ 2,263,787 2.265,108 670,085 657,5781 4,929,168
3,758,951 3,746,853 1,135,751 1,126,331 7,756,639
Total loans and discounts
40,084
40,109
4,195
U. S. pro
-war bonds
90,894
4.195
457,108 446,934 46,809 44,490 874,720
U. S. Liberty bonds
16,136
14,582
4,709
U.S.Treasury bonds
4.8011
35,125
345,947 356,597 79,17
U. S. Treasury notes
80,4951 529,234
26,734 27.919
13,873
U.S. Certificates of Indebtedness
13,83
66,931
Other bonds, stocks and securities_ 608,542 805,913 166,047 166,573 1,235,691
I
Total.
Apr. 16. Apr.23. Apr. 16. Apr.23. Apr. 18. Apr. 23'24 Apr. 16'24 Apr. 25'23
778
755
255
200
755
200
301
300
$
$
$
$
$
$
$
$
38,355
146,90:
38,832
32,21i
33,189 213,052 218,929 281,817
2,676,08: 850.704 848,788 546,553 541,452 3,882,241 3,866,328 3,792.995
4,930.721 1,647.956 1.657.004 1,381,6481,389,154 7,958,772 7,976,879 7,784,383
7,753,7172,337,0152,344.6241,960,411 1,963,79512,054,06512,062,136 11,839,195
90.931
75,10'
272,464 271.295281,483
74.320 106,461 106,044
667,197 240,748 237,819 167,186 167,828 1.082,654 1,072,844 1,032,742
100,466
70,846
17,138
34,17
70,293
16,735
19,741
18,032
729,773 .908,842
126.343 125,775 66,044 65,769 721,621
538.22
70,345 28,048 30,989
106,125 113,966 158,586
11.146
12,632
1,229,404 611,774 611,352 452,180 450,699 2,299.845 2,291,455 2,151,772
Total loans & disets de investla_ 5,251,5025,238,9071.450,5611,440,52410.389,23410,383,9933,438.1733,441,614 2,781,4602,788,508 16,606,867 16,612,11518,472, 8
88
617,259 611.4951 135,747 145,035 1,025,422 l,O33,iS9i 242,394 237,706 189,994 171,321 1,437,810 1,442,186 1.357.695
Reserve balance with F. R. Bank
63,867 62.5591 29,506 27,412
Cash In vault
,03!
135.9381 62,223 59,411
80,992 78,076 283,254 273,425 280,503
4,405,0684,388,9421.006,43 1,002,457 7,711,68 7,713,3261,909,2611,947,708 1,668.4581,678,721 11.289,39811.339.75211,156.317
Net demand deposits
659,132 649.616 376,191 373,391 2,075,99 2,062,2151,275,4471,276,917 913,570 911,619 4,265.014 4,250,751 3,988,783
Time deposits
49.707 55,125
12.381
Government deposits
142,9051 57,617 63,217
13,343 130,152
204,337 224,298 265,843
18,178
16,56:
Bills payable and rediscounts with
F. R. Bank:
8,023
10,550 26.641
Secured by U.S. Govt.obligations
8,462
38,236
55,37
41.793 31,876 21.629
101.858 106,490 243,046
19.240
14,701
All other
2,680
59,2191 42,339 37,413 40,736
9,487
3,565
53,046
135,935 159,430
138,121
39,303
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
.7
.4
and investments. per cent
.s
2.4
1.1
2.4
2
92
91
1.4
1.5
•Includes Victory notes.
2156
[Vol,. 118.
THE CHRONICLE
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
"Bankers' Oiazette.
Wall Street, Friday Night, May 2 1924.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2147.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Week ending May 2.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
'T'nfAl
STOCKS.
Week ending May 2.
Sales
for
Week
Par.Shares
Range for Week.
Lowest.
per share.
Highest.
Lowest.
Highelt.
.
Sales at
New York Stock
Exchange.
4 0RA 070
222 9417
Ann
40 00fl
nnn
$1,131,000
4,008,000
4,540,000
2,644,000
5,383.000
5,004.000
S09 710
nest
Week ending May 2.
1924.
1923.
Jan. Ito May2.
1924.
1923.
6,341,772
83,572,338
89,243,506
Bonds.
Government bonds_ _ _ $22,717,000 $15,791,000
9,026,000 11,443,000
State & foreign bonds_
Railroad 33 misc. bonds 38,267.000 32,215,000
$348,805,000
130,238,000
585,214,000
$267,956,000
177,898,000
607,003,000
Stocks
Jan 91
Apr
Jan 4% Jan
Feb 3% Feb
Apr 7534 Jan
Feb
Jan 53
Jan
Jan 46
Jan
Jan
Apr 5
Jan
Mar 110
Jan
Apr 33% Feb
Jan 57
Apr
Apr 46
Jan
Mar 76% May
Mar 39
4 Jan
May 72% May
Jan 139
Mar
Mar 22% Jan
Feb 40)4 May
100 9834 Apr 26 9834 Apr 26 9712
All America Cables_100
300 9434 Apr 3 94% Apr 29 9234
Am For & Pow pald____
100 94% Apr 2 9434 Apr 29 9134
Isul paid
1
200 135 May 113534 May 1 134
American Snuff
200 98 May 2 98 May 2 92
Am WholesaleCorpp1100
Assoc Dry Gds Ist pf-100 200 87 Apr 25 87 Apr 28 84
Am Metal tent Ott pf _100
10010734 Apr 3110734 AOr 3 10734
100 103 Apr 30 103 Apr 30 98
Amer Rolling Mill pf _100
AU Fruit Col T Co et!dep 1,800 134 Apr 2b 134 Apr 26 134
300 7 Apr 2
7% Ayr 26 634
Atlas Tack
50
100 334 Apr 3
334 Apr 30 3
Auto Sales
50
100 15 May 2 15 May 2 11%
Preferred
-100
100 87 May 1 87 May 1 85
Barnet Leather pref.
300 80 Apr 26 85 May 1 80
Blumenthal pref___100
300 58 • Apr 2 60
Bklyn Union Gas
May 1 5634
Bklyn Edison rIghts____1 5,600 234 May 2 3 May 2 234
100
Burns Bros pref
400 9734 Apr 2 9834 Apr 2 9534
100 9034 Apr 2 9034 Apr 28 88 34
Bush Term'! Bldg pf _100
25
900 14 May 1 1534 Apr 29 14
Calumet & Heela
Century Ribbon Mills... 200 2734 May 2 28% May 2 2534
Chicago Yellow Cab..' 9,400 41 Apr 29 49 Apr 26 41
200 101 Apr 30 101 Apr 30 10034
Cluett, Peab & Co pf 100
*
100 3234 Apr 26 3234 Apr 26 323.
Cora Invest Trust
* 400 834 Apr 2
834 Apr 29 834
Conley Tin Foil
Commercial Solvents A • 1,000 53 Apr 28 56 May 2 4334
*
100 43 May 2 43 May 2 33
100 91 May 1 91 May 1 8934
Continental Insurance 2
100 117% Apr 2911734 Apr 29 11534
Corn Prod Ref pfd_ _100
100 106 May 2 106 May 2 0434
Continental Can pfd_100
Daniel Boone Win Mills* 7,400 2334 Apr 30 2534 Apr 26 2194
94
Detroit Edison rights_ 38,327
34 May 1
34 Apr 30
100 93% Apr 28 9334 Apr 28 93
Devoe & Rayn 1st pf_100
100
400 87 Apr 28 8714 Apr 26 85
DuPont deb6%
200 103 Apr 212 103 Apr 28,102
Duquesne Lt let pfd_100
300 7% Apr 29 894 May 1 734
Emerson-Brant prof..100
100 334 May 1 334 May 1 3
Fairbanks Co (The)__2
Fidel Phan F Ins N Y_25
10011834 Apr 29 11894 Apr 29 118
Fisk Rubber 151 pfd_100 600 46 Apr 30 4734 Apr 26 46
200 94% May 1 95 Apr 29 92
Gen Am Tk C 7% pf 100
• 100 97 May 1 97 May 1 93
Gen Baking Co
28 100
General Cigar pref_ _ _100 200102% Apr 28 10234 A
General Petroleum-2517,400 4134 Apr 30 4394 Apr 26 383.4
300 4634 Apr 30 47 Apr 30 46%
General Refractories
Gimbel Bros pref_ __ _100 300 99% Apr 28 100 Apr 28 99
Great Western Sugar_25 600 91 Apr 30 91 Apr 30 8934
100
Preferred
10010534 Apr 30 10594 Apr 30 105
300 88 Apr 26 89 Apr 29 88
Minna 1St pf class A_100
Ingersoll-Rand prat _100
10 104 May 2 104 May 2 102
Inland Steel pref w 1_ • 100102% Apr 28 10234 Apr 28 10134
Int Agricultural new__ _• 100 4 May 2 4 May 2 334
Internat Business Mach' 2,500 8734 Apr 28 9334 May 2 83
International Slioe____• 600 73 Apr 30 7334 Apr 28 73
100
Preferred
10011734 Apr 2911734 Apr 29 115%
Jones & L Steel preL _100
10010934 May 110934 May 1 109
• 1,200 24 Apr 28 2434 Apr 26 2234
Jordan Motor Car
10
100
% May 2
34 May 2
Kansas & Gulf
• 100 56 Apr 29 56 Apr 29 56
Kinney & Co
100e30 Apr 29230 Apr 29 190
10
Kress.S FI & Co
25 400 51 Apr 26 5194 Apr 26 50
Liggett & Myers
25 500 50 Apr 29 50% Apr 29 4834
25 1,500 3534 May 1 36 Apr 28 24%
Lorillard new
100 200 117 May 1 117 May 1 115
Preferred
• 400 20 Apr 26 20% Apr 26 20
Ludlum Steel
_100
100 81 May 1 81 May 1 81
MallInson & Co "ref.
Power pref_100
10010634 Apr26 10634 Apr 26 104%
Montana
Nat Cloak & Suit pf_100 300 93% Apr 26 9434 May 1 91%
Nat Dept Stores, pfd 100 200 9334 May 2 9394 May 2 93
10 87 Apr 29 87 Apr 2 79
Nat Enam Sr Sing pf.100
G
Ramp
NY
100 7734 Apr 30 7734 Apr 3 7734
100
& Elea, pref
100 108 Apr 30 108 Apr 30 108
Niagara Falls Pt pfd _100
• 100 13 May 2 13 May 2 12
Shipbuilding
NY
100 94 Apr 29 94 Apr 29 92
OrPheum Circuit pfd-100
100
300 56 Apr 26 56 Apr 26 52 .
Otis Steel prof
700 2734 May 2 28 Apr 29 27%
Park & TlIford
300 4234 Apr 28 4234 Apr 28 42%
PhIla Co 6% Pre-:--5
- -. 600 60 May 1 62 May 1 60
Pierce Arrow Pr
400 96 Apr 30 9634 Apr 30 95
Pittsburgh Steel pref _100
100 1234 Apr 26 1234 Apr 26 11%
Pitts 13411 pr ads_ _ -100
PS Corp of N J
goo 9035 Apr 3010034 may 2 9994
Preferred 8% _____ 100
50
2% May 1 29-4 MaY 1 29-4
Pub Ser of N J new ____ _
• 100 11 Apr 29 11 Apr 29 11
Reis (Robt) & Co
100 6434 Apr 26 6431 Apr 26 6434
100
preferred
1st
100 86 Apr 28 86 Apr 28 86
Roman Insurance Co_ _25
100 75 Apr 30 75 Apr 30 75
Standard Milling pref100
7,200 3234 Ayr 3 3494 Apr 26 3234
wL
Studebaker new
100 110 May 110 May 2 110
11).?,
Preferred
2,400
M May 2
34 May
%
Union 011
22 Apr 2 22 Ayr 28 22
S Distribut Corp- - _•
34 May 1
34 May 1
%
Va-Carolina Chem B *
66 Apr 2 66 Apr 2 6034
Van Raalte 1st prof __I
40 Apr 2 41 May 1 40
Va Iron Coal & Coke-10
7 May 1 7
Vulcan DetInning__ _10
6534 Apr 21 88 May 1 6534
10
Preferred
200 114 May 1 114 May 1 111%
West Elea 7% cum Dr 100
60l 90 Apr 2 91 Apr 3 8734
%
West Penn Co pf 7 _100
34 Apr 2 26
80 26 May
1
Wilson Co prof
7214
Woolworth(F W)new 25 6.l00 73334 Apr 3 8094 May
Tel Cab Mfg tern cas _10 ,3001 5034 Apr 3 5794 Apr 211 48
Apr 102
Jan
Mar 9534 Jan
Apr 9634 Jan
Apr 144% Jan
Jan 9934 Feb
mar 8834 Jan
Apr 11334 Feb
Feb
Jan 104
Jan 234 Fb
mar 1134 Jan
Jan 434 Feb
Jan 1594 Feb
May
Feb 87
Jan
Apr 93
Feb
Apr 60
May 3 May
Mar 9834 Apr
Jan 9134 Jan
May 1934 Jan
Apr 3334 Jan
Apr 6134 Apr
Jan 10534 Jan
Apr
Apr 33
Apr 1234 Feb
Jan 6234 Mar
Feb
Jan 56
Apr 9734 Jan
Apr i2034 Jan
Jan 10834 Jan
Apr 3234 Mar
% Apr
May
Feb
Mar 94
Apr
Apr 88
Mar 10694 Jan
Jan
Apr 15
Apr 434 Jan
Jan
Mar 127
Jan
Apr 65
Mar
Feb 96
Feb
Jan 110
Apr 10234 Apr
Apr 4334 Apr
Jan
Apr 55
Jan 10234 Apr
Apr 9634 Feb
Apr 108% Jan
Apr 95
Feb
Mar 104 May
Jan 10334 Feb
Apr 994 Jan
Apr 9734 Feb
Apr 7834 Jan
Jan 11734 Apr
Jan
Jan 110
Mar
Apr 27
Jan
Jan 1
Jan
Feb 63
Apr
Feb 230
Mar 54
Mar
Feb
Mar 53
Mar 38% Mar
Feb
Jan 117
Apr 23% Mar
Jan
May 92
Apr
Feb 108
Mar 97
Jan
Feb
AP 96
Jan
Apr 89
Apr 2 90
Apr 2
234
Apr 2
334
Apr 3 70
Apr 2 53
Apr 29 4
May
234
May 1 4
May 105%
Apr 2 2834
Apr 2 5534
Apr 2 3234
May 1 7634
Ayr 2
334
May 2 7234
May 113734
Apr 30 19
May 1 4034
Industrial & Misc.
_
$1,378,000
1,578,000
1,547,000
1,282,000
1,373,000
1,868,000
$ per share. $ per share.$ per share.
Apr 28 86
1
Apr 2
Apr 29 3
Apr 3 6834
May 2 50
45
May
2%
May 1 3%
Apr 2 104
Apr 26 25%
Apr 2 42
Apr 28 29%
May 1 74%
Apr 26 234
May 21 7214
May 1, 137
Apr 26' 15%
May 2 36
• No par value.
_
United
States
Bonds.
State,
Municipal &
Foreign lids.
Range Since Jan. 1.
Railroads.
200 90
Bangor & Aroostook_100
500 194
Brunswick Terminai_100
300 334
Chicago & Alton etfs_100
100 70
COL P M &0 pref __ _100
200 52
Colo South 1st pf_ _ _ _100
Second preferred 100200 46
,
4
Duluth S S & Ati_100 200 23
100
300 4
Preferred
Illinois Central pref _100 2,300 104%
Lehigh Valley rights__ __ 15,800 2634
200 5534
Manhattan Elec gtd_100
100
200 3234
MStP&SSM
100 7634
50
Morris & Essex
N Y Cent Readhig rto.-- 38,355 234
10 7234
Northern Central-100
1 13734
Pitts Ft W &Clnpf_ _100
13,600 1734
Reading rights
Virginia Ry& Power_100 1,500 3834
522,980
635.000
687,425
702,843
846,531
691,200
Railroad
&c.
Bowls.
$1,187,000
5,483,000
5.657,000
6,166,000
8,882,000
7,892,000
Stocks,
No Shares.
Total bonds
Jan
Apr
Jan
Jan
Mar
Apr
Mar
Jan
Jan
Mar
Apr 102
May 294
Apr 16%
Apr 7434
Mar 90
Apr 85
Apr 38
Feb 115
%
Feb
Apr 2414
Apr 7
Mar 80
Apr 53
Ma) 7
Apr 68
Apr 115
Apr 9134
May 7234
Ape 8034
Apr 85%
Jan
May
Jan
Jan
Jan
Mar
Apr
Jan
Apr
Apr
Jan
Jan
Jan
May
Feb
Jan
Jan
Jan
May
Mar
870.010.000 859,449.000 $1.064,257,000' 81,052,857,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
amen.
pottage:pais
Baltimore.
Week ending
Shares. 'Bond Sates. Shares, 1Bond Sates. Shares. Bond Sales.
Mad 2 1924.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
AP 85
AP 108
Feb 14%
Jan 9434
AP 74%
MaS 30
Jan 43%
May 72%
Jan 101
Feb 13
4,085,929
*11,081
*14,830
.9,189
10,011
12,199
8,309
$66,050
243,250
40,900
26,650
34,850
13,000
65,619
5424,700
8,2451
16,0291
10,967;
15,975,
10,267,
3,8331
838,250
630,000
420,100
266,350
34,400
46,600
398
397
751
754
1,062
1,423
85,000
42,400
21,100
42,500
21,500
46,000
65,317.81,435,700
4,783
6178,500
AA AlA' e,,nnAill
Anion
orpsn Inn
o Eno
oEIE Ann
Prey, week revised
*In addition, sales of rights were: Saturday, 143; Monday,265: Tuesday, 346.
Daily Record of U. S. Bond Prices. Ayr.26 Apr.28 Apr. 29 Apr. 30 May 1 May 2
(High
First Liberty Loan
394% bonds 01 7932-47._ Low_
(Close
(First 334s)
Total sales in 81,000 units_ _
Converted 4% bonds of (High
1932-47 (First 4s)_ _I Low_
Close
Total sales in $1,000 units_ -Converted 434% bonds (High
of 1932-47 (First 434s)(Low_
(Close
Total sales in $1,000 units_ _ _
Second Converted 434%(High
bonds 011932-47 (First( Low_
(Close
Second 434s)
Total sales in $1,000 units...
Second Liberty Loan
(High
4% bonds of 1927-42,
I Low_
(Close
(Second 4
8)
Total sales in $1,000 units...
Converted 434% bonds (High
of 1927-42 (Second (Low_
4348)
(Close
Total sales in $1,000 units...
Third Liberty Loan
(HIgh
434% bonds of 1928_ _ _ _ Low_
(Close
(Third 4.34s)
Total sales in 81,000
_
Fourth Liberty Loan
(High
434% bonds of 1933-38_ Low_
(Close
(Fourth 414s)
Total sales in 81,000 units...
Treasury
(High
Low_
434s, 1947-52
Close
Total sales in 81,000 units_ _ _
991132
991132
9911n
54
9011n
9911n
991132
95
9911a2
658
991132
901132
9911n
168
901132
991132
991032
1
10 -1;2 100 31
0 ,
100112 100'32 100231
10013, 100131 100132
80
213
26
_
-
100932
100932
361
1001132
1001132
1001122
153
1001132
100122
1001132
352
101.1932:
1011932
1011922
119
locon
icon
100132
836
1001935
1001932
1001432
1,032
100,,a
1041132
100 .1
,
1,245
1011932
1011432
1011132
564
uctic
100.00
100.00
1.209
1001922
100932
1001332
1,389
100 31
,
100 :s
,
It0922
964
1011932
10111n
1011132
217
100.00
100132
682
1001132
1001132
1001,12
710
100 2,
,
100132
100122
893
10111,1
1011122
10111:2
97
100.00 100.00
999922 991132
999032 991132
279
197
10 0an
1001132
1001132
66
1001012
100nu
10011n
10 19-z;
0
100"n
1001932
129
1001932
100153
100193
10
1001132
1001132
1001122
44
1001922
100932
1001932
1,425
10011n
1001132
100103
,
456
1001932
1001932
1001922
2.575
102.00
1019912
1011132
334
100131
100121
1,931
1001121
1001132
10011n
524
1001132
1001132
10011n
1,631
10111n
1011112
1011132
757
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
7 1st 43423
100.00 to 10019321 12 3d 4345
1009,2 to 1001922
9914s to Nun 200 4th
I 2d 45
100.00 to 1001921
434,
65 2d 496s
999032 to 10019s 5 U. S. Treas. 494s..100',, to 100922
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange
were 4 36 1-160
43634 for sixty days, 4 38 5-1604 3834 for checks and 4 38 9-160439
for cables. Commercial on banks, sight 4 38 3-1604 3834, sixty days
4 35 11-16043694. ninety days 4 34 7-1604 3474, and documents for
payment (sixty days) 4 35 15-1604 3634. Cotton for payment 4 383-16
@438% and grain for payment 4 38 3-1604 38%•
To-day's (Friday's) actual rates for Paris bankers' francs were 6.38M
-6.42 for long and 6.43%06.47M for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 37.00037.0434 for long and 37.36037.4034 for short.
Exchanges at Paris on London, 67.75 francs; week's range. 67.75 francs
high and 70.55 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualCables.
Sixty Days.
Cheques.
High for the week
4.373
4.39%
4.39•A
Low for the week
4.35 Si
4.37%
4.3734
Paris Bankers' Francs
Hitch for the week
6.51
6.43'4
6.50
Low for the week
6.41
6.40
6.3334
Germany Bankers' Marks
High for the week
0.0000000000239,4 0.00000000002394
0.000000000022
Low for the week
-- - 0.000000000022
Amsterdam Bankers' Guilders
High for the week
37.51
37.47
37.05
37.18
Low for the week
37.14
36.72
15025c. per $1,000
Domestic Exchange.
-Chicago, par. St. L03118.
discount. Boston, par. San Francisco, par. Montreal, $15.3125 per
$1,000 discount. Cincinnati. Par.
Quotations for U. S. Treas. Ctfs. of Indebtedness,&c.
-See page 2169.
The Curb Market.
-The review of the Curb Market is
given this week on page 2149.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS (Par Value).
STOCKS(No. Shares)
•
Week ending April 25.
Altana. Domestic. For'n Coot.
1i4.&M13.
22,200
24.705
20,005
19,590
23,670
34,585
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
I
72,590
109,410
63.200
110,010
132,775
109.460
107,810
122,000
154,755
104,600
127,445
176,180
$278,000
427,000
378,000
381,000
499,000
548,000
$35,000
57,000
79.000
24,000
79.000
33,000
144.755
597,445
792,790 $2,511,000
$307,000
New York Stock Exchange-Stock Record, Daily Weekly and Yearly
2157
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
11 Kill AND LOW SALE PRICE
-PER SHARE. NOT PER CENT.
Saturday,
April 26.
Monday.
AprIl 28.
Tuesday,
April 29.
Wednesday.' Thursday,
April 30.
May 1.
Friday.
May 2.
$ per share S per share $ per share $ per share $ per share $ Per share
*24
30
*24
*24
25
26
.243 30
4
293 293 *24
26
4
4
10118 10114 10014 10118 10012 101
10058 1013 101 18 10214 10014 101
8
.8753 8814 873 88
873 88
4
4
8734 874 8814 8814 8814 8814
*17
.173 2
8 2
•178
2
13
4
173
134
13
3
134
13
4
4
1173 1173 11714 11714 116 116
4
11634 1173 .11034 11713 117 11713
4
533a 5312 5212 533
3 5238 523
4 5213 5234 5234 53
53
53
*5718 5712 5714 5714 *57
574 57
57
57
57
57
57 8
,
*1514 1512 1518 1512 1513 1514
1434 1513 1414 15
1434 15
.61
6114 6012 603
4 6014 6012 60
6012 5813 5812 53
5813
14714 1471 1 14834 14714 *14674 14778 14718 14714 14739 14734 1475 148
8
744 744 734 7414 7312 7378
737 743
8
4 743 743
8
4 744 7512
•102 1027 *102 1024 102 102 .10214 10278 1027 1024 103 10313
8
8
4
4
4
4
33
4 33
.
312 33
4
33
4 3 4 *34 4
3
.
83
4 83
g *812 93
914 914 *83
918 918
4 93
4 *9
934
2213 *2114 23 .21
*2113 23
*21
22
2133 213
8 2114 215
8
*42
44
42
*40
40
40
.38
40 .38
40
39
39
*418 438 *414 43
3 .413 41.
4
44 *4
418
4(3 413
•1114 1134 11 18 1118 1114 111.
1114 1114 *1114 11 4 113 113
3
4
,
1414 1412 137 1414 1338 14
3
1334 14
14
1418 14
14
2414 23
2418 2412 2414 241
, 2378 2414 2378 2413 237 2434
3
51
•503 513
4
51
4 51
5111 5118 5114 5138 5131 5114 51,,
10014 10012 .100 101 *100 101 "100 101
10012 10012 •100 101
2414 2318 234 2313 2:317 23
24
2313 2318 2373 2312 237
8
7013 7914 7938 794 797
.78
8 794 7973 793 793 *7812 793
4
4
4
.6612 68
6712 68
•6612 671
: 68
68
6758 6753 *6612 6712
4
2812 283 *283 2014 29
4
2914 *2914 2912 29
29 . 2914 2914
•1084 109
10814 10814 .10814 109
10812 109
10814 109
109 109
*11414 116
114 11414 114 114 '114 11513 114 11512 11512 116
8 2438 25
243 253
4
234 2112 2358 24
2413 2413 2518
24
3212 3212 313 32
.323 33
8
8
:3114 3158 3112 3214 323 324
8
*2634 2812 *2613 28
26
26
*2514 27
*2613 2812 265.3 265
8
*5512 5612 555 5
553 56
4
8 6
5534 56
553 56
4
56
567
8
2712 2713 2712 277
8 2712 2712 2714 2712 273 2712 2714 273
8
8
*1214 13
*1214 13 •1214 13
1134 1214 •12
1214 •1214 13
*5512 57
•5413 56
*5412 57
55
55
5334 54 .5412 57
8
•10112 1013 1013 10132 1013 1013 102 102
4
4
4
103 104
103 103
21
2112 194 20
197 1973 1912 1912 197 21
8
8
21
213
4
194 20
20
•1913 20
20
191g 1912 1913 197 *1912 20
3
5218 524 *5113 5213 513 5158 *5113 5212 *52
8
5214 5214, 52 4
,
403
403 4073 4017 4112 40
4
4018 403
4 40, 4118 4014 4113
3
9014 907
8 90
8 9012 907
9013 90
907
3 893 9014 9012 0013
4
357 3653 357 36
8
8
3534 3534 34
3314 3418 3518 354 36
.73
4 9
*7
•713
9
.7
9
.713 9
.713 9
26
.20
*20
26
•2:3
26
*20
26
.20
26
.20
26
48 .4713 481, 4712 4712 .47
48
48
.47
4718 4713
471
,
*14
22
221 •1.3
.15
20 .14
23
*14
22 .14
23
214
14
2
17g •178 214 .14 21
218 218
114 11 18 .103 11
*1034 11
4
*103 1034 104 107
3
8
11
1114
3114 31
3212 31
.32
3113 31
31
31
314 3118 3114
•1212 1234 1214 1214
1214 1214 1213 1233 1218 1238 123 1234
8
3814 384 3811 387
8 3814 39
3814 3914 39
407
4014 41'34
.112 134 .112 184 •138
134 •I5
8
178 *15
8
13
14
15
8
116 11634 115 115
114 11418 11412 11412 11412 11413 114 114
1005 10034 100 10012 100 10038 10018 1003 10012 10114 101
8
$
101 14
78
78
.76
78
77
76
7614 7612 7618 7634
4
*8412 8514 .8413 85
8412 8412 8413 8412 8134 8434 8413 8112
173 18
4
1718 1813 1713 173
4 173 1734 1734 187
4
3 1812
.1612 1634 1614 1612 .1612 1714 17
*1612 17
17
.161 1712
.1234 14
.1234 14
*13
1334 13
13
.13
14
8
8
121 12213 12158 12334 1221s 1227 122 1231. 1227 12453 133 133
8
3
123 12414
•73
78 .73
78
*73
78
78
•72
•75
78
*73
78
51
51
503 5113 51
4
514 51
5173 5118 514 513 517
8
4
3 4153 447
4414 4453 4412 443
8 4412 443
4 4312 44
435 434
8
.1012 12
*101 12
.1013 12
•1012 12
.1012 12
*1013 12
46
465
8 4512 46
4558 461
4512 46
46
4734 47
48
*71
74
*69
74 .68
74
•71
74
•70
7413 .71
74
6114 613 .6012 6114 6114 611 •6013 6114 6114 6114 *6012
3
6114
4214 423
3 42
42
4134 413
4112 4134 4134 42
4134 4214
.9313 95
9:3
93
*92
95 .92
'J5
*92
95 .92
95
5318 5338 523 534 5212 527
4
5214 5213 525 5313 53
8
533
3
*3514 3512 *3514 3512 3514 351 .35
3512 35
3512 *35
3512
3413 3412 *34
3412 •3414 343
3 3414 3414 3418 3413 *34
3412
*32
36
*32
36
•32
36
•3212 36
35
35 .32
36
2013 203
4 2012 2012 1934 193
191g 1914 1914 2014 2014 2014
4434 4434 44
44
434 437
4312 4334 4414 4414 4412 4412
353 3614 3513 3512 3553 3553 3514 3513 354 365
4
8 3613 37
•5912 6012 5912 5913 *5812 60
*5813 5913 59
59
5834 594
63
6 bh
612 93
4
912 01
914 1018
97 101$
8
63
4
93
4
2034 21
2014 21
2014 2014 201.1 2114 2114 2134 2138 215
8
887 8914 8813 883
8
4 88
8812 8734 8814 8839 8914
5314 535
4
8 523 5318 5234 5318 5253 5312 5234 5312 8834 8953
5314 534
•71
7134 71
71
714 7114 71
7114 7114 7153 7112 7112
2714 2778 27
2714 2612 27,
4 2014 264 2613 275
8 2713 2734
•10
11
*10
11
10
10
4
*93 1012 *03 103
4
4 *93 1013
4
•53
56
*5012 5512 .50
5534 •
60 *
60 •
60
13034 1303 12913 13012 1294 130
4
12934 130
13014 131
1303 1303
4
4
71
71
707 7114 71
8
71
711$ 714 711s 714 71
7114
*814 9
.812 9
838 833' •814 9
8 2 812
,
.812 9
31
3112 31
3112 3112 325 •3012 31
8
31
31
31
3131
1513 154 1512 157
8 1514 157
8 1514 1512 153 1512 1513 1512
8
4538 457
8 4514 4612 447 4615 4414 4434 4453
8
454 45
4514
31
•30
*3018 31
304 3018 .28
31i2 .28
3012 •30
31
.84 9
8
83
4 87
813
853
85
8 83
812 83
4
812 812
4
1614 .16
.16
1613 16
16
•15
16
16
16
•15
1613
•175 18
8
1713 173 .1712 18
4
1712 1712 1713 18
1758 1778
.60
6214 •60
62
62
•60
6014 6018 .6012 61
61
61
•834 0
*83
4 9
85
85
8 88
8 834
4
853 83
83
8 83
4
8
1712 *1612 17
4
*17
173 .17
•1613 1712 1713 1712 173 173
3
4
*3512 37 .3512 37 .3513 37
*3512 37
.3512 37
*3512 37
Sates
for
the
Week.
PER SHARE
Range Since Jan. 1 1924.
On basis of 100
-share has
Lowest
Shares.
Railroads.
Par
200 Ann Arbor preferred
100
19,500 Atch Topeka & Santa Fe100
Do pref
2,000
100
900 Atlanta 131rm & Atiantic_100
800 Atlantic Coast Line RR _100
4.700 Baltimore & Ohio
100
800
Do pref
100
6,500 Bklyn Mani' Tr v t a_ _No par
1.700
Pre( vot tr ctfs
No par
2.000 Canadian Pacific
100
11,600 Chesapeake & Ohio
100
Do pref
400
100
900 Chicago & Alton
100
Do pref
503
100
600 Chic & East Ill RR
100
Do pref
300
100
500 Chicago Great Western._.J00
1.300
Do pref
100
2,400 Chicago Nlilw & St Paul__ _100
11,700
Do pref
100
3,100 Chicago & North Western.100
300
Do pref
100
3,200 Chicago Rock 1814c Pacific 100
700
7% Preferred
100
500
6% preferred
100
1,300 Colorado & Southern
1,000 Delaware & Hudson
1,000 Delaware Lack & Western. 50
10,000 Erie
100
3,200
Do 1st preferred
100
400
Do 25 preferred
100
3,400 Great Northern prof
100
2,600
Iron Ore Properties. _No par
500 Gulf Mob 82 Nor tr egg- 100
3011
Do prof
100
1,400 Illinois Central
100
2.800 Interboro Rap Tran
100
2,400 Kansas City Southern
100
Do pref
300
100
15,800 Lehigh Valley
50
1,500 Louisville & Nashville
100
3,000. Manh Elevated, mod guar_100
Market Street By
100
Do met
100
Do prior pref
300
100
Do 2d pref
100
500 Minneap & St L (new)
100
2,500 Al0-Kan-Texa.s 1111___ _No par
Do pref
3,200
100
4,100 Missouri Pacific corn
100
9,000
Do pref
100
200 Nat Rys of Alex 24 prof-100
1.000 New Orl 'rex & Nlex
100
9.100 New York Central
100
1,700 NYC& St L new co
100
Do pref
700
100
11.000 NY N II & Hartford
100
300 N Y Ontario 42 Western.
..100
300 Norfolk Southern
100
45.700 Norfolk & Western
.....100
Do pref
100
4,700 Northern Pacific
100
10,300 Pennsylvania
50
Peoria & Eastern
100
30.000 Pete,Marquette
100
Do prior prof
100
Do pref
600
10
2,200 Pittsburgh So West Va
.10
100
4,500 Reading
50
900
Do lot preferred
50
1,000
Do 2d preferred
50
100 Rutland RR pref
100
1,800 St Louis-San Fran
100
Do pref A
700
100
3,600 St Louis Southwestern-100
Do pref
500
100
5,900 Seaboard Air Line
100
11,400
Do pref
100
17.900 Southern Pacific Co
100
32.100 Southern Railway
100
1,900
Do pref
100
5,700 Texas & Pacific
100
100 Third Avenue
100
Twin City Rapid Transit_100
2,400 Union Pacific
100
2,100, Do pref
100
200 United Railways Invest.._100
2,700
Do prof
100
16,000 Wabash
100
35,100
Do pre( A
100
100
Do pref 13
100
6,100 Western Maryland
100
200
Do 2d preferred
100
1,500 Western Pacific
100
50(8
1)0 pref
100
1,400 Wheeling & Lake Erie By 100
Do pref
500
100
Wisconsin Central
100
77
.751 4 77
*75
*7512 77
*75
77
*75
77
77
77
100
7 3 75
5
8
8
714 714 •7
•7
774
714 71.1 •7
74
400
•3018 3213 3112 3112 *3112 3214 3112 3112 .31
3213 •31.
3214
103
7234 73
7113 7214 .713 723
4
4 71
71
72i2 73
.71
7312 1,500
53
4 6
*513 0
6
6
513 512 .53
3 G
.
512 6
2,500
14
*18
•18
14
•18
14
*18
*1
1
18
18
1
100
o1', 13
*114
4
114
11
138
114
11.
13
4
13
6
138
138 10.100
694 69
3 6918 7018 99
7014 703
694 6913 7114 7133 7,313 22.100
•113 1131. 11312 114
3
114 114
114 114
114 114
11433 11412 1,800
42
4173 423
43384333 4212 424 .4158 42 .41
4 43
433
8 1,300
9112 •90
92
•90
90 •90
90
02
•90
92
.90
92
100
•813 9
753 8
•734
8
73
4 8,2
tb i
8
504 4,300
24
.24
203 21
8
203 22
2412 22
8
2113 237
8 2338 234 5,600
•103 107 •103 107 •103 107 •103 107 .101 107 •103 107
.52
5874
48
543 .52
543 "3878 3 3 .5112 54
543 .52
4
4
4 152
•52
543
4
40
39
3912 3912 39
40
3913 391_ 3
94 4013 1,200
2413 2434 24
24 .23
24
23
2414 •22
24
24
243
4 1,600
.77
79
7812 •77
•77
79
•77
78
79
78
7813 79
300
•108 110 •108 110 •108 110 •I08 110 13108 110
10814 10814
100
1024 1024 10018 103
4
3
1004 10233 983 10012 1007 1033 1021$ 1033 186.600
3
4
.11113 112
11178 1114 112 112
11212 11213 •11214 1123 11214 11214
700
•15712 159 •157 159 •157 159
157 158 •156 158
158 158
300
•12014 126 •12014 125 •120 126 •12014 1263 *12014 1263 •12014 1263
4
4
.23
234 22
23 .227 231 •227 23
23
3
22 .227 23
8
8
200
1512 155
8 16
16 '
1513 151,„ •15
11
'15
1552 1434 15
1512
800
.9
12
1113 *9
.9
•9
11
12
12
12
1214 1214
400
.28
.34
_ _ _ .30
•28
___
.412 43
4 *412 43
434
8
453 45
434 •412 45
8 •413 -45
8
200
•89
94
9413 9434 95
•8814 92
94
92
91 14 9114 92
1,200
8
*8
84 814
8
8
,2
8
8
'8
*734 8
812
300
54
tiViti 5234 5414 5212 53
5238 524 5212 534 53
54
4,100
. 201. ?
21 1s 113
2rr
"
Ol
^17
. Si 100
Bid and asked Priem. a Ex-dividend, 0 Ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE
Industrial & Miscellaneous
Adams Express
100
Advance Rumely
1011
Do pref
100
Air Reduction, Inc_ __No wir
Max Rubber, Inc
50
Alaska Gold Mines
10
Alaska Juneau Gold Min
10
Allied Chemical & Dye_No par
Do pref
100
Allis-Chalmers Nlfg
100
Do pref
100
Amer Agricultural Chem_ 100
Do pref
10
American hank Note
50
Do pref
50
American Beet Sugar
10
Amer BoRch Magneto __No par
Am Brake Shoe & F_ ...No par
Do pref
100
American Can
100
Do pref
100
American Car & Foundry.lig)
Do pref
100
American Chain, CIA
25
American Chicle
No par
Amer Cot Oil ctfs of dep._100
Do pref etre of dep__ -100
Amer Druggists Syndicate. _10
American Express
100
American Hide & Leather_ 100
Do prof
100
Tnts.rnatInnnIon,,, 100
,
Amor
Highest
PER SHARE
Range for Previous
Year 1923,
Lowest
I Highest
Per share
25 Mar 4
974 Jan 2
8613 Jan 2
15 Feb 23
8
112 Jan 23
5213 Apr 22
5614 Apr 16
1313 Jan 4
483 Jan 3
4
1424 Mar 10
673 Feb 26
4
9913 Jan 3
314 Apr 15
83 Apr 16
4
2114May 2
39 May 2
4 Apr 30
104 Jan 4
135 Jan 8
8
22 Mar 1
494 Jan 31
100 Jan 8
2113 Feb 15
7634 Feb 26
655 Jan 2
8
20 Jan 2
10412 Mar 5
110 4 Feb 15
3
203 Jan 3
4
2853 Feb 19
2513 Jan 3
533
4Mar 3
27 Apr 21
113 Apr30
4
50 Jan 3
100', Mar 4
1234 Jan 2
1784 Mar 28
51 14 Mar 31
b3912 Apr 10
875 Jan 15
3
3012 Jan 2
63 Mar 15
4
22 Feb 20
4312 Ater 17
14 Mar 18
13 Jan 3
s
1058 Mar 25
293 Feb IS
4
934 Jan 3
29 Jan 3
113 Apr 25
9312 Feb 15
9918 Feb 15
7212 Feb 18
8413 Apr 15
1418 Jan 2
1614 Apr 22
1212 Apr 22
10213 Jan 3
4
723 Feb 26
474 Mar 3
4214 Jan 3
954 Mar 13
4012 Mar 31
71 12A pr 23
60 Jan 4
38 Jan 4
854 Jan 5
524 Apr 15
35 Apr 15
b3318 Jan 16
32 Jan 3
1918 Apr 30
425 Jan 3
8
33 Jan 2
5773 Jan 3
614 Jan 2
144 Jan 2
8512 Mar 26
3813 Jan 2
663 Jan 3
.1
19 Jan 3
958 Jan 3
60 Mar 2'
1265 Mar 3
8
70 Mar 20
758 Apr 23
2613 Apr 21
1034 Jun 4
34 Jan 3
224 Jan 3
812 Apr 29
1512 Apr 23
1434 Jan 2
58 Jan 7
712 Jan 2
1414 Jan 2
34 Jan 16
$ Per Aare $ per share $ per share
34 Jan 8
21 Sept 45 Feb
10214 Jan 29
94
Oct 10513 Mar
8913 Jan 19
8553 Dec 9058 Mar
23 Jan 11
4
14 Aug
314 Feb
12134 Apr 5 1094 July 127 Feb
6012 Jan 9
4013 Jan 603 Dec
4
5913 Jan 5
553 May 604 Mar
4
914 Oct 1413 Dec
177 Mar 22
8
624 Apr 16
3412 Oct 4973 Dee
1504 Jan 9 1393 Sept 160 Apr
4
771 Feb 5
57 June 763 Jan
8
1034 Mar 15
96 June 1047 Feb
8
518 Jan 10
2 May
43 Dec
8
127 Feb 29
3
33 Jan 124 Dee
8
19 Aug 3834 Feb
27 Jan 10
4612 Aug 8214 Mar
5113 Jan 8
8
24 Oct
7 Feb
55 Jan 17
134 Feb 5
64 Oct 17 Feb
Ws Jan 10
1114 Oct 263 Mar
3
3014 Apr 12
204 Dec 4512 Mar
5412 Feb 7
4718 Dec 88 Mar
10313 Jan 19
9718 Dec 11818 Mar
274 Jan 10
1913 Oct 374 Mar
83 Jan 10
72 Aug 95 Feb
697 Jan 10
8
607 Aug 85 Mar
3
314 Mar 26
Oct 4513 Feb
17
11234 Feb 25
9314 July 12413 Feb
124 Mar 22 10973 Oct 13012 Feb
2813 Feb 4
4
1018 May 223 Dec
354 Apr 5
Jan 3114 Dec
15
3073 Apr 4
103 May 2753 Dec
4
594 Feb. 4
505 Oct SO Mar
3
3112 Feb 4
25 July 36 Mar
1734 Jan 9
912 Aug 20 Mar
587 Apr 4
3
444 Jan 623 Feb
4
10514 Mar 24
9953 Dec 11712 Feb
25 Mar 21
913 June 2273 Mar
213 Feb 4
4
8
155 July 247 Mar
8
535 Feb 5
8
4853 July 573 Mar
4
723 Jan 25
3
54 June 7133 Feb
933 Apr S
8
843 Oct 155 Feb
4
3934 Mar 5
2712 Dec 4512 Apr
1312 Jan 4
713 Oct 22 Mar
4018 Jan 5
23
Oct 6812 Mar
7112 Jan 4
5612 Oct 87 Mar
30 Jan 4
1453 Oct 5614 Mar
4 Jan 28
912 Feb
4 Aug
1314 Feb 4
94 Oct 17 Feb
3413 Feb 4
247 Oct 4513 Feb
3
1313 Apr S
814 Oct 193 Feb
8
4213 Apr 8
224 Oct 49 Feb
24 Feb 6
114 Nov
43 Feb
4
11778 Apr 5
8212 Aug 105 Mar
1064 Feb 4
9013 May 10714 Dec
7913 Jan 9
6712 Aug 8012 Dec
873 Jan 22
4
86 Nov 9513 July
21 Feb 13
953 July 2212 Jan
197 Jan 9
8
1414 June 215 Feb
8
1512 Feb 7
9 Sept 184 Feb
13213 Apr 8 100 July 1175 Feb
8
79 Apr 7
72 Sept 7812 Aug
555 Feb 4
3
493 Oct 8112 Mar
4
4613 Apr 4
407 Nov 4778 Apr
3
125 Jan 10
8
8
Oct 17 Mar
48 May 2
36
Jan 4714 June
7518 Feb 26
6712 Oct 7634 Mar
623 Feb 5
3
5712 Oct 7013 Jan
45 8 Jan 18
8
3378 Jan 505 MaY
8
95 Apr 9
85 Dec 93
Jan
79 Jan 12
6812 June 814 Feb
14
44 June 5612 Feb
Jan 14
45 June 564 Jan
0
0
24 ; Feb 5
4 2 jan
356 F
2212 Oct 39 Dee
eb 29
163 Oct 27 Mar
4
4878 Alar 24
3213 Jan 50 Mar
427 Feb 2
8
2512 Aug 364 Feb
6314 Feb 2
5433 June 637 Mar
8
103 Feb 23
4
712 Feb
4
43 Aug
2213 Feb 25
814 Aug
1534 Dec
9314 Apr 3
844 Aug 9514 Feb
554 Apr 4
243 Jan 3918 Dec
4
7314 Mar 22
63 July 707 Mar
8
30 Apr 10
14 Aug 2912 Mar
1212 Jan 23
812 Dec 1914 Feb
66 Jan 12
5814 Jan 7712 June
1323 Feb 8 12412 Aug 1447 Feb
4
8
74 Feb 13, 7014 Dec 7612 Jan
1114 Jan 5
8
7 3 Oct 217 Mar
7
4013 Jan 4
Oct 62 Mar
26
173
87o4ar 20
7 Solar 12 Dee
4734 Mar 19
2314 Jan 3612 Dec
3234 Apr 4
4
1613 Jan 233 Dec
8 Sept 15 Feb
11% Jan 9
4
2014 Jan 10
14 Sept 263 Mar
1912 Apr 12
12 Sete 2014 Mar
6614 Apr 14
53 May 633 Mar
3
Oct 1012 Feb
10 Apr 7
6
Oct 19 Feb
207 Feb 5
3
10
23 Aug 384 Dec
3712 Jan 29
7312 Jun 2
7 4 Apr 25
,
3012 Mar 10
6714 Jan 2
5 4 Apr 15
,
18 Jan 3
78 Jan 30
65 Mar 18
110 Apr 8
4134 Apr 11
90 Apr 29
74 Apr 7
183 Apr 7
4
98 Jan 8
534 Jan 26
36 Mar 21
2214 Apr 1
76 Apr 14
10714 Apr 22
957 Apr 21
8
109 Jan 8
15312 Apr 14
11834 Apr 9
213 Mar 21
3
144 Apr 22
1012 Feb 18
3314 Jan 2
414 Mar 24
88 Apr 15
,
7 4 Apr 28
501 Jan 3
,
173. Mnr
824 Feb 11
67 Sept
1212 Jan 2
612 Oct
24 Nov
4118 Jan 4
8112 Jan 29
56 July
414 Oct
1012 Jan 11
4 Aug
14 Feb 2
3 Oct
112 Afar 4
5914 Aug
745 Jan 8
8
11412Nlay 2 10514 Aug
5012 Jan 22
373 Jun
4
9634 Jan 17
89 Nov
17 Jan 2
1018 July
495 Jan 0
8
2814 Oct
1083 Jan 14
Jan
4
77
55 Mar 13
5012 Jun
4912 Feb 6
25 Au
3834 Jan 7
224 Oct
82 Feb 8
6918 Sep
110 Afar 26 102 July
1225 Feb I
8
7312 Jan
11434Alar 12 106 Sep
178 Jan 26 14814 July
12214 Feb 5 117 Sep
3
233 Apr 12
3
203 June
4
2012 Jan 7
53 Jun
123 Jan 11
3
34 July
14 May
4
373 Jan 11
44 Sept
614 Jan 30
87 Nov
10312 Jan 7
134 Feb 13
64 Aug
293 Aug
4
65 Feb 11
951. Iqn SI
16 Ron!
82
1912
,543
8
724
1473
5
8
17
3
80
112
Mar
Mar
Jan
Mar
Mar
Mar
Oct
Jan
Mar
511, Feb
9712 Jai .
?
367 Fe.
3
6878 Feb
100 Nov
554 Aug
4913 Feb
60 Mar
8314 Feb
Jan
110
10753 Dee
115 Feb
189 Mar
1257 Jan
3
2512 Afar
173 Nov
8
204 Jan
383 Jan
4
753 Feb
14312 Mar
1334 Mar
743 Mar
4
334 Msr
New York Stock Record-Continued-Page 2
158
For sales during the week of sto%ks usually Inactive, see second page preceding
-PER SHARE, NOT PER CENT.
MOH AND LOW SALE PRICE
Saturday.
Aprti 26.
MOnday,
April 28.
Tuesday.
April 29.
Wsdnesday. Thursday,
May 1.
April 30.
Friday.
May 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
-share lois
On basis 01100
Lowe.:
Highest
PER SHARE
Range for Precious
Year 1923.
Lowest
Highesi
Per share
Indus. & Miscall.(Con.) Par
Per share $ per share $ per share
78 Oct 11112 Apr
100 86 Jan 14 96 Feb 7
American Ice
774 Oct 89 Feb
100 7912Mar 28 83 Feb 5
Do pre!
10 1012 Jan 31 1214 Jan 9
1018 July 13 Mar
American La France F E
100 14 Mar 21 223 Jan 14
13 Oct 38 Mar
American Linseed
8
100 30 Apr 15 45 Jan 14
2812 Oct 59 Feb
Do prof
American Locom, new..No par 70% Apr 15 76% Feb 7 6434 July 7614 Dec
100 11614 Apr 16 120 Mar 12 11413 Sept 122 Feb
Do pref
No par 4018 April 457 Feb 14 4014 June 5578 Mar
8
American Metals
25 9414 Apr 16 107% Mar 20
American Radiator
78 Jan 97 Dec
4
1
/
7%Mar 6
9 Feb
4% June
25
American Safety Razor
5% Apr 22
1
/
10% July 21% Jan
Amer Ship & Comm. No par 114 Apr 1 1538 Feb 11
5114 Oct 6912 Mar
Amer Smelting & Refining _100 5713 Jan 14 6378May 2
100 96 Jan 2 10014 Jan 24
93 June 102% Mar
Do pref
3158 July 4072 Mar
Am Steel Foundries__33 1-3 33% Apr 21 40 Feb 7
97% Aug 10514 Feb
100 10114 Apr 25 10412 Mar 17
Do pref
American Sugar Refining-100 3858 Apr 23 6134 Feb 7 48 Oct 85 Feb
92 Dec 10834 Jan
100 8318 Apr 23 99% Feb 14
Do prof
8
16 July 363 Feb
100 10 Mar 25 2812 Jan 9
Amer Sumatra Tobacco
4
32% July 653 Feb
100 4218 Mar 25 69 Jan 16
Do prof
100 123 Mar 31 13078 Mar 13 119% June 12834 Dec
Amer Telea & Toted
25 167 Jan 28 14014 July 16134 Feb
100 13658Mar
American Tobacco
100 101 Apr 11 104 Feb 19 10018 Nov 10578 Mar
Do pref
Do common Class B-100 13514 Mar 26 153 Jan 28 140 May 15934 Feb
2712 Jan 4434 Apr
100 40 Feb 18 6114 Apr 10
Am Wat Wks di El v t c
1
/
854 July 93 Jan
Do 1st pref(7%) v t 0-100 8912Mar 21 9234May 1
4812 Jan 6712 Dec
Do partic pf(6%) v t 0.100 68 Feb 19 74 Apr 8
65 Oct 10958 Mar
100 62 Apr 23 7878 Jan 11
American Woolen '
96% Oct 11134 Jan
100 9634 Apr 30 10258 Jan 19
Do prof
118 Dec 34 Mar
113 Apr 16
4 Jan 7
Amer Writing Paper pref..100
1
/
618 Oct 194 Feb
7 Mar 29 10% Feb 14
Amer Zinc, Lead & Smelt_-_25
2434 Dec 5814 Feb
25 24% Mar 27 34% Jan 14
Do pref
8
Anaconda Copper Mining- 50 3118 Mar 29 41 Feb 15 323 Oct 5312 Mar
4
883 Oct 9414 Dec
Armour & Co(Del) pref_ _ _100 8614May 1 93% Jan 24
10% Nov 184 Oct
814 Mar 20 15 Jan 9
Arnold ConstlediCo v toNo par
6214 Jan 89 Mar
100 79 Jan 15 10012 Mar 11
Associated Dry Goods
2478 Oct 2912 Dec
25 2813 Jan 10 3458 Feb 6
Associated Oil, new
3% Feb
13 Nov
2% Feb 20
1% Jan 15
Atlantic Fruit
914 July 34 Mar
N -100
1534 1684 -i$181584 -181 154 -iiis -19,200 Atl Gulf &W I EIS Line o 11ar 1034 Mar 26 19 Feb 26
6- 16 10215
4
17's 4
634 July 27 Mar
100 1213 Jan 4 2078 Apr 28
8
187 2012 20 2078 1934 2012 •19 19341 1912 1913 20 203 5,200 Do pref
4
99% Sept 15312 Jan
100 104 Apr 21 140% Jan 31
110 110% 1,100 Atlantic Refining
110 110
114 114 *110 114 110 110 110 110
100 114 Apr 26 118 Feb 7 115 May 120 Jan
Do pref
900
114 11413 114 11418 114 114 *113 114 11412 11412 11412 115
17 July 35% Jan
700 Austin. Nichols & Co__No par 18% Mar 28 30 Jan 9
21
21
2013 20 20
21
20 2014 *20 203 *20
21
4
7834 June 89% Jan
100 79 Apr 17 884 Jan 24
1
/
Do pref
84
8412 *80 84 I *80
82 .80
.80 82 *80 84 *80
6% Doe 2814 Apr
213 Apr 22
8% Jan 2
200 Auto Knitter Hosiery_No pa
318!
312
314 *3
318 318 *3
312 *3
*3
3% *3
4
1
/
10818 11014 10914 11238 112 11358 138,100 Baldwin Locomotive Wks_100 108 Apr 22 131 Feb 7 11012 Aug 144 4 Mar
11234 11312 110% 112% 1097s 111
100 111 Jan 4 12112 Jan 12 111 Apr 1163 Jan
Do pref
300
11438 *113 114 11312 11312 *11412 11512 11412 11512
.11458 11513 11418
26 Jan 9 35 Feb 7 20% Doe 55 Feb
No pa
Barnet Leather
27
27 .20
*20 27 *20 27 *20
27 I *20
27 '20
978 Aug 35 Mar
1618 3,000 Barnsdall Corp, Class A__ 25 14 Feb 16 18% Feb 1
1612 1512 17
•16
16
*1512 1612 *15
16
1612 '15
6 Oct 22 Jan
25 10 Jan 7 145 Feb 7
8
Do Class B
.
500_
12
12
ii1261i44
13
12
1212 12
1218 *1212 1312. •11
8
5 Aug
1g July
18 Jan 2
20
4 Jan 17
Batopilas Mining
53' ---- -- -•12
50 June 6214 Apr
4012 Apr 28 59 Jan 5
400 Bayuk Cigars, Inc__ __No pa
42
*4013 43
2
161- -4012 1632 41 41 *39 42
4818 Dec 8414 Mar
20 4434 Apr 15 58% Jan 31
500 Beech Nut Packing
48 48
48
4878 4878 *4712 48% '48 4834 48
49 49
4134 June 70 Mar
100 47% Apr 14 6218 Feb 6
8 4858 497 70,300 Bethlehem Steel Corp
8
513 52
4924 5114 48% 5018 472g 484 48 495
Do cum cony 8% pref _100 10578 Feb 4 11058 Feb 14 10014 June 11114 Mar
500
10812 108% •10712 109 *10712 109 10712 10712 107 107
4
1
/
87 July 67 Mar
100 9012 Jan 9 9832Mar 18
Preferred new1.200
93
*9312 94
7
03 107
19
,
93 8 93% 94 94 9312 9338 93 93
7% Jan
4 Apr 15
334 Oct
No pa
718 Jan 6
500 Booth Fisheries
4
1
/
4
/
41 4
433 438 *414 5
418 414 *418 438
*438 4%
9% Mar
Dec
3
213 Apr 3
5 Feb 9
British Empire Steel
100
4 4
•22
•272 4
4 314 *23
8 338 *28
*27
4 314 '278 4
6214 Doe 6913 Mar
100 35 Apr 29 54 Mar 12
Do 1st preferred
100
3534
4
3,53 *35 3534 35 35
*33
353 *34
3512 *34
4
*35
1218 Doe 26% Feb
100
Do 2d preferred
918 Apr 3 1578 Jan 11
*7% 9
9
*8
913 *8
9
*8
*714 8% *7% 12
100 110 Mar 28 116 Feb 6 10414 May 121% Jan
3,800 Brooklyn Edison. Ino
11034 11112 111 11134 *11118 11214 •111 11134 11012 11114 111 113
100 11914 Jan 3 1295s Jan 23 10312 May 128 Feb
Brooklyn Union Gas
41% Oct 65% Apr
Brown Shoe Inc
100 42 Mar 18 6312 Jan 9
*44
-,ii- ii16- .
-id- *44 47
50
100 97% Feb 26 11112 Apr 15 100 Sept 14434 Mar
1.400 Burns Brothers
108 108 107 10712 107 107
10914 10912 •10834 10912 108 108
2113 Sept 43 Jan
Do new Class B com____ 19% Feb 26 26 Apr 14
700
*2318 2378
24 24 *23% 2412 23% 23% 2338 2353 23 23
434 Mar 31
5
4
1
/
4 Oct 1134 Feb
613 Feb 14
600 Butte Copper & Zinc
4 5
*434 5
*43
4% 47
8 5
*47
So 518
5%
5
1314 Juno 22 Aug
100 17 Apr 28 23% Jan 23
• 200 Butterick Co
17
1712 *17
1734 17
*17
17 "1634 17 *17
1734 17
1278 Oct 3778 Mar
10 14% Apr 21 20% Feb 15
1.000 Butte di Superior Mining
1614
165± 16
16 •1512 16% 1512 1512 1514 1514 16
16
9% Feb
114 Nov
414 Jan 19
112Mar 21
17
178 17$ 3.000 Caddo Cent 011 di Rel_No par
238
.2
2
238 238
2% 21,
213 21
4
77 Aug 87 Feb
1,200 California Packing____No par 80 Apr 30 8714 Feb 1
82
80 8118 8012 8012 82
81
81
82 82
82
*81
1718 Sept 29'a May
18,800. California Petroleum. new_ 25 2214 Apr 21 2914 Feb 5
241g 241. 2234 2413 2318 2312 2313 2312 23,4 232
4 2334 2412
9012 Sept 110% May
100 94 Apr 22 107 Jan 31
Do pref
800
97
9614 9612 •95
97
95 96 '95 98 *95
•95 100
4 Apr 15
5% Jan 9
10
34 Oct 1258 Feb
1.500 Callahan Zino-Lead
4
418 *4
418
4
4
418
4
4
4
4
4
42 Oct 88 Mar
10 41114Mar 31 4918 Jan 24
Mining
43
4612 46% 2,200 Calumet Arizona
4478 46
4334 453 *43
4
4578 4634 4413 45
9% Feb
113 Dec
1
34 Jan 22
1 Mar 21
100 Carson Hill Gold
2
2
•1
•*1
2
2
*1
*1
112 112 *1% 2
434 Feb
1% Jan 11
%Mar 26
No par
14 Oct
100 Case (J 1) Plow
%
4
3
"8
8
6
"8
4
3
*511
4
3
8
7
8
*5
2
7
2
*3
17 Dec 42 Mar
Case Threshing Mach_No par 14 Mar 19 2712 Jan 26
16
16
16 *14
16
*14
*14
*14
'1312 16 *1312 16
958 Nov 4013 Mar
978 Mar 25 17% Feb 13
100
*1112 12 *11% 12% •1138 12
1112 11% 1138 1218 1214 1214 2,100 Central Leather
284 Nov 7934 Mar
100 2914Mar 5 4478 Feb 13
Do pref
5,400
37
4 38 3814 3612 38
3814 39
37
3813 40
38% 383
3618 Oct 5012 Mar
445 4478 45
4 4478 45
4412 443
4512 4618 12,700 Cerro de Pasco Copper_No par 4034 Mar 31 4813 Feb 16
46
4
443 45
17,900 Chandler Motor Car_ _ No par 42% Apr 14 6612 Jan 2 43 Oct 76 Mar
4612 47% 4334 4612 4312 4478 4234 4372 4212 4412 4438 4512
7512 June 903 Mar
4
200 Chicago Pneumatic Tool 100 8112 Apr 15 8412 Apr 2
83
83
82 "79% 83 *8014 83 *8014 83 *8012 81
82
2418 June 304 Mar
25 2558Mar 29 2838 Feb 16
7,500 Chile Copiter
2724 28
4 2713 2758 2712 28
4 2738 273
8 2712 273
2734 277
1434 Aug 3178 Mar
5 15 mar 28 2013 Feb 16
1638 16313 1614 1614 1618 1614 1618 1614 1614 1614 1612 1612 4,100 Chino Conner
60 July 7614 Mar
600 Cluett, Peabody & Co_ __ _100 6212 Apr 30 7513 Jan 30
6314 6314 6212 6213 6212 6212 6234 63
6412 6412 *6314 65
8
No par 61 Apr 21 7712 Jan 2 6514 Oct 833 June
6434 6434 654 663g 6512 66 2 7,500 Coca Cola Co v to
,
66 6638 6434 65 2 6413 65
7
20 Oct 3538 May
3634May 2
4
3272 3512 3334 35
34% 3538 3314 34 4 3278 34
3
4
343 363 52,000 Colorado Fuel & Iron No 100 24% Feb 16 65% Jan 18
41 Oct 6118 Dec
par 4712:Way 2
49
48
474 473
4732 478
4 1.900 Columbian Carbon v to
48
4912 493 49
50 50
4
4
3014 June 373 Apr
3614 22,500 Col Gas di Elea, new___ No par 33 Mar 21 38 Feb 5
7
35% 36% 3514 35 3 3514 35% 35 3512 3514 36% 36
4
1
/
Computing-Tab-RecordNo par 90% Feb 15 104 Feb 5 67 June 97 Dec
No par 35 Apr 21 6634 Feb 18 c4413 Dee 1843 NOV
3
42
387 54.400 Congoleum Co
4
403 4184 -3634 164
38
4134 41
'41
14% Dec 39% Jan
No par 1138Mar 25 2218 Jan 14
3,200 Consolidated Cfgar
15
14 .14
1478 15
15
15
1314 13
4 13
1334 133
Do pref
100 5912 Apr 24 84 Jan 15 60 Deo 83 Feb
200
60
8
60
*57 64% *57 647 *5712 65 '5712 65 *5712 65
5634 July 6958 Feb
4
,
8 6234 63% 6312 6412 24,300 Consolidated Gas(N Y)---100 6078 Jan 2 673 J1412 23
8 6218 6273 621. 6234 62 3 627
4
623 627
232 Apr 22
6 Oct 1413 Feb
8 Jan 5
314 313 *318 3,2 *3% 312
314 34 4,000 Consolidated Textile__ _No par
3% 334
313 3%
100 43% Apr 14 60 Jan 8 4278 MAY 5732 Dec
,
4814 25,000 Continental Can, Inc
47 47% 47
47
4712 46 8 47% 47% 48
48
4712
6 Apr 22
6 Oct 1214 Jan
Continental Motors__ No par
8 Jan 16
614
614
8 2,100
8
4 63
614 612
614 63
63
614 614
638 612
8
16834 17114 169% 172
172 173 17278 17334 7,100 Corn Products Refining_ _100 15232 Jan 4 1877 Jan 28 1143 July 160% Dec
170 170% 16812 169
26 3112 Jan 15 37% Jan 28
New when Issued
3438 3414 3434 3413 343 23.000
333 3414 34
4
4
,
8
337 34 8 33% 34
No par 29% Apr 21 404 Feb 6 /A Sept
1
/
4
,
8 3112 321s 64,800 Cosden & Co
,
3312 3432 31% 33 4 315 32 3 3114 3218 3012 323
5713 Sept 8413 Mar
50 5212 5112 53
8
5234 5312 16,200 Crucible Steel of America-100 5014 Apr 15 714 Feb 7
4 52 5418 5118 53
4
533 543
4
100 8614 Apr 11 92 Feb 11
853 Aug 9413 Mar
Do pref
88i2 *87
8812 *87
8812
*87 90 '87 8812 •87
90
*87
8% Aug 20 Feb
4
No Par 113 Apr 22 18 Feb 6
13
8 12% 12% 1278 1278 13
133
1314 1314 1,500 Cuba Cane Sugar
1313 1312 13
33% Aug 6512 Dec
100 633 Apr 21 7178 Feb 11
Do pref
8
5558 57,
5714 57 8 58% 5732 5832 36,100
56
8
,
8
58% 5938 567 59
23 Aug 3738 Feb
31% 3214 3213 3213 6,800 Cuban-American Sugar___ 10 2912 Apr 21 38% Feb 11
32% 31% 3214 3114 32
8 32
3212 327
92 July 106 Apr
100 96 Jan 4 9912 Feb 28
Do prof
9814 *97 9814
*97 9814 *97 9814 *97 9814 *97 9814 *97
3 July 1214 Mar
54 Apr 15
Cuban Dominion Sugar No par
8% Feb 5
618 64
800
612 612
6% 618
618 6%
4 618 "64 612
53
30 Aug 5813 Mar
Do prof
100 42 Apr 11 62 Feb 6
200
45 *42
45
45 .42
4512 *42
4512 45
4512 4512 *42
5412 July 72% Dec
No par 6014 Apr 21 74% Jan 8
5,000 Cuyamel Fruit
6212 6312 6134 6214 61% 631 63 63
4
/
6412 6512 62% 644
20% May 8114 Dee
8
437 46% 4518 49
4038 51 100,600 Davison Chemical v t c_No par 41 Apr 14 69% Jan 8
52
50
,
45 8 4678 4358 46
1834 Dec 28 Mar
De Beers Cons MInes_No par 1814 Jan 21 2218Mar 14
4
/
*2114 2212 .211 22% *2118 22 8 *211 2238
,
2214 *2034 21
*21
Detroit Edison
100 10114 Jan 30 10814 Jan 10 10014 June III Mar
4
*10434 106 10412 10412 1033 105 104 104 *10314 10312 103% 1034 1.000
3034 May 4418 Jan
Dome Mines, LtdNo par 15 Apr 28 2014 Jan 7
1614 1618 1614 11,600
16
% 1513 151 157
3
15 15 4 15
4
*153 157
4ct 1414 June
11 1
1038May 2 1134 Jan 11
900 Douglas Pectin
1012 1034 *1012 1034 1012 1012 1038 103
8
11
11
*1034 11
4
1
/
4
500 Eastman Kodak Co___No par 10418 Apr 21 11213 Jan 8 893 Jan 115 Apr
107 107 *106 107
107 107 10614 10614 106 406 *106 107
27
17
1714 17
1814 177s 184 3,100 Eaton Axle & Spring_ __No par 1478 Apr 10 241s Jan 8, 20 Oct 148% July
17
1
/
1712 1714 174 17
1714
Apr
Jan
120 1213 14,700 El du Pont de Nem & C0-100 117 Apr 21 14178 Feb 11 10614 July 6718 Mar
119 1201± 119 1205s 11718 121
4
4
4
12112 1233 1193 123
8
4
665 667 *661, 57
1,400 Elec Storage Battery__No par 65 Apr 10 64 Feb 7 52
57
4
563 5678 *56
5634 57
57 57
1214 Dee 2034 Jan
1313 Apr 3
60 12 Feb
100 Elk Horn Coal Corp
12 *12
1278 12
128
1212 *12
1278 *12
1278 *1218
.12
7% Feb
58 Dec
318 Jan 9
1 Feb 29
Emerson-Brantingham Co_100
2
11
2
.1
112 *1
*I
*1
2
.1
2
*1
1
/
58% Oct 944 Jan
350 Endicott-Johnson Corp___ 50 5718 Apr 10 8713 Jan 16
60 60
,
8
591 59 8
59's *5960 *595 60
.5912 6014 59
Do Prof
100 11014 Apr 19 115 Jan 17 110 Oat 118 Jan
200
11214 112 112 *112 11218 *11112 1121s
1978 Dec 31
*110 ---1111± 1111 *110 23 *20 23 .20
Jan
8
Corp_No par 20 Mar 19 223 Jan 12
100 Exchange Buffet
22
*20
22
23 *20
20 20 *20
52 Oct 93 Jan
Jan 17
6814 6912 6814 69
69
704 69
4
703 14.200 Famous Players-Lasky_No par 61 Jan 29 7212 Jan 14
7012 7114 6834 701
82 Oct 994 Feb
8
7
Do prof (8%)
100 87s Jan 28 917
1.000
891 891 *8912 90
90
90
4
90 90 .883 90
5 June 13 Nov
90 90
13 Feb 20
518 Air 2
-g-100
200 Federal Mining & Smelt
*7
10
10
*7
*7
10
10
8'4 *7
*8
8
8
1
/
344 June 6012 Feb
4
473 Jan 24
Do prof
100 4112 Jan
1,100
43 43
43
434 43% 44
431 4312 43 43
*431 44
8
8
133 Jan 26
7% Sept 103 Jan
No par
912 Jan
1114 1118 1118 •1114 1112 1112 111s 4,900 Fifth Avenue Bus
11
8
117 11% 1112 12
No par 163 Jan 23 22312 Mar 21 140 July 21214 Jan
1,500 Fisher Body Corp
20712 195 200 190 1003 190 191 *190 200
207 20912 204
94 July 102% June
100 98 Jan 29 10218 Mar 13
300 Fisher Body Ohio pref
99% 100
9912 994 *9912 100
9912 091
9912 991 *9912 100
4
103 Jan 16
11
57 Oct 16% Feb
614 Apr
No par
612 612
634 678 1.300 Fisk Rubber
653 6%
658 653
638 658
612 612
37% Feb 4714 Mar
4
No par 4414 Jan 2 503 Apr 23
4914 4912 49% 503
8 49 49
4 9.900 Fleischman Co
4914 4978 49 497
4934 50
5812 Oct 7838 July
par 6612 Jan 21 7534 Mar 11
No
300 Foundation Co
6912 6912 69% 694 *8912 70 *694 70
*6913 701
7012
*70
8 Apr 11 13% Jan 7
No par
912 July 22 Jan
8,500 Freeport Texas Co
814 85
10
834 9
8
9
814 9
*914 98
834 9
4
3812 Oat 7178 Feb
4814 Jan 2
4 1.300 Gen Amer Tank Car_ _ _No par 38 Aim 2
3838 3918 3934 3978 3612 403
*3814 41
*3912 41
*3912 41
•Did and asked prices: no sales on this day. •El 300% In stook. s Ex-dividend.
per share $ per share $ per share $ Per share $ Per share
Per share Shares.
901
9012 9912 91
911
9134 9113 .90
9012 9012 88% 9034 1.500
200
83
83 *82
8212 8112 82 *80
8112 *82
*82
83 *82
*1013 1034 103 1034 1034 103
4
4 1034 1034 *1053 1034 1058 10% 1,000
1412 *14
1514 1,700
1414 *14
1434 14
1412 1413 14
*1412 1612
35 *30 35 *31
35 *30
35
*3014 3412 *3014 35 *30
2 711s 7184 7118 7118 71
721,3 727
7114 711 7114 7212 72% 2,900
100
*117 118 *117 118 118 118 *116 119 *116 119 *116 119
800
*4113 4234 *4112 423
*42
4234 *4113 421
42 42
4 41% 42
1
9514 9512 97% 9713 1,600
*9612 97
98 98
97 9712
97 97
614
800
612
.6
618 •6
6
*6
6
6
6
6
6
12
12
12
12
1234 3,700
*114 12
1158 1234 12
1134 12
63 63 8 28,400
7
6113 603 6114 603 6114 6012 6114 6118 63
61
2
4
10018 10018 1,300
9778 97 8 981g 9834 9814 985 9912 9934 100 100
7
2,800
3414 3412 35 35
4
35 3514 3434 35
343 3434 3414 35
*100 102 *100 104 *10112 103 *10112 10234 '10112 103 •10112 10212
4318 19,900
40123 4138 4034 42 2 42
4134 4213 39% 4214 4014 41
,
85 85
8512 8.534 2.240
85 88
83% 8518 84% 8512 85 86
1112 123
13
8 1112 1112 1113 12'2 1238 1212 1,300
12 *12
12
*42
*42
51
51
51
*4214 51 *42
4
1
/
*42 54 *4214 51
12.000
125 12538 12434 1251± 125 12512 125% 12512 12512 12678 125% 126
144% 144% 1,000
014114 14213 14234 1425± *1401 142 14112 141% 1421 144
1021 10212 10213 102% 1,400
102 102 •10112 10214 10114 10218 *10112 102
700
13712 139 '138 140 13934 13934 13912 13912 140 140
139 139
461± 46
46 *45
4718 47% 4713 1,300
46
46
46
45%
200
9234 9234 *9112 9234
9214 *92 9234 *9112 92,
2 92 92
711 7112 "72
500
7212 '7112 7212 *7112 724
72 72% *71l 72
8
6314 643 6314 643
4 6414 66
3
853 662 36,900
66 66% 6414 66
4
*9512 98
97
700
9814 9814 9718 9712 *96
4
4
963 963 "9512 98
214
214
212 212
214 214
300
*214 212 *214 212 *214 212
200
8
*734 8
*758 8
8
4 814 *7 4 814 *734 8
*73
3
200
*2614 27
27 27
*2618 27 *2614 27
2614 2614 *264 27
3212 32
321
3212 323
4 3214 3212 10,200
3213 32% 3212 323
4 32
1,000
8614 8614 •8614 87
4
4
863 863 *8614 87 *8614 87 *8634 87
912 978 1153 1238
500
912 913
*9% 10
9% 913
8
8 93
95
9112 9212 92 9213 9212 9212 3,000
93
*92
9413 943 93 93
4
30
30
30 30
3014 30
30
,
29 8 303
30% 303
8 3,700
4 30
New York Stock Record-Continued-Page 3
2159
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
8afordao,
April 26.
Mondays. • Tuesday.
April 28.
April 29.
Wednesday. Thursday.
April 30.
May 1.
Friday.
May 2.
Sales
for
the
Week.
I per share
per share $ Per share $ per share
per share $ per share Shares.
36
3634 3418 3553 3414 35
7,300
36
34
35
3412 3534 35
737
*7434 7512 *73
737s 737 737s *73 73% 73% 737 *73
200
2
84 84
8312 837 *83
8312 8214 8214 8312 8312 84 84
800
*10214 106 *10214 106 *10112 10212 •10214 106 *10214 106 *10214 106
214 21412 21034 21314 21112 21334 211 213h 21314 22114 21814 22312 52,800
11
11
1078 11
1012 11
107e 11
3,400
11
11
1073 11
137 14
133
1358 137
s 135s 1334 1314 133,4 135e 137 00.400
4
s
•82h 8312 *8212 8312 83 83 *8212 84
300
83 83
*8212 83
83 83
83 83
83 8312 83 83
1.240
83
83
83 83
971 9712 *96h 98 *2612 9712 *9612 97z *9634 9712 *9612 9712
4
100
*4912 5012 50 50
*5012 51
200
*4912 50 *4934 51
50
50
*812 9
*812 9
*834 9
*812 9
500
•834 9
9h 914
*311 33 *3112 32
321* 3214 3214 327
3612 36
s 33
378 10.200
.15
153e 14
141
14h 1434 1412 1412 1412 1412 1434 143
4 2.500
2012 2012 2012 21
*2012 21
2118 2112 3.400
*20
2012 21
21
4 71h 7112 *71
*7112 713
713 *7034 7134 7014 7012 707 71
4
500
*4212 4312 4212 43
43 .43 •
600
43
42 43 *42
43 *42
*9112 9312 91
913 913 *9112 9218
91
91
91
91
91
500
4
*13 1312 *13
135s *1312 14
400
13e *13
135s
135s 138 *13
*43
512
434 434 *4h 434 *41r 43
*41
*41
434
200
4'
1258 125
8 1212 1258 1212 1212 1212 1212 1233 13
13
1.100
13
838 838
8
8
8
8
*8
812
712 78 *8
878 1.300
663 6778 6534 67
7012 7114 6712 7018
67 68% 677 6914 26,200
8
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Indus.& Miscall.(Con.) Par
per share
General Asphalt
100 31h Apr 21
Do pref
100 7112 Apr 15
General Cigar,Inc
100 8214 Apr 30
Debenture preferred_ _100 102 Apr 14
General Electric
100 193h Jan 3
Special
10 1012 Apr 29
General Motors Corp__No par 1314May 1
Do pref
100 8118 Jan 4
Do Deb stock (6%) 100 81 Jan 14
Do Deb stock (7%)_ _100 95 Mar 28
Gimbel Bros
No par 477s Jan 30
Glidden Co
No par
812 Apr 23
Gold Dust Corp
No par 2812 Apr 10
Goldwyn Pictures, new_No par
8h Feb 15
Goodrich Co (B F)
No par 19 Mar 22
Do pref
100 7014May 1
Goodyear T & Rub pf v t 0_100 39 Jan 4
Prior preferred
100 8814 Jan 2
Granby Cons M.Sm & Pow100 1212 Apr 14
Gray .12 Davis, Inc__ _No par
.
4 Apr 23
Greene Cananea Copper__ _100 1212 Apr 28
Guantanamo Sugar___No par
634 Jan 7
Gulf States Steel tr ctfs---100 6553 Apr 21
Habirshaw Elec Cable_No par
h Jan 2
36 - -- -164 "iii" ---14 -35h -36- -iiii -- 2 -58i: -- - -a&Es -ilf- -1,55, Hartman Corporation-No par 341Mar 25
.
-58i4 5
36i36
/
4
348
38 387
s 363 384 3212 37
4
34
343 3514 3512 3618 29,300 Hayes Wheel
4
100 3212 Apr 29
*4934 52 *4934 5012 4934 50
4934 498 *4934 50 *493 501±
400 Homestake Mining
100 485 Apr 17
8
3214 3214 3214 3212 325e 3258 3254 323
331
1,500 Household Prod,Ine-No par 3138 Apr 19
4 33 3314 33
66
6634 64 67h 64 655s 6312 6418 6415 6638 655e 6684 5,800 Houston 0110! Texas
100 61 Apr 22
237e 23h 23s 2358 23
2318 23 2318 23
2.900 Hudson Motor Car____No par 23 Apr 11
23h 23
233*
121z 127
8 1214 123
4 128 1212 12
1238 121s 123
s
8 123 1238 4,500 Hupp Motor Car Corp__ - 10 I13 Apr 15
h
h
3
4
3
4
h
h
h
No par
3
4
12 Jan 2
h
h
*h
h 1,900 Hydraulic Steel
*75
77
8
8
818
77
77
8'8 83
8
814
1,600 Independent Oil& Gas_No par
818
8
6 Jan 3
/
1
4
3
4
7
3
h
3
4
3
4
3
4
*3
4
7
8
*34
h
*34
78 1,000 Indlahoma Refining
5
34 Feb 5
2012 2012 20 20
194 20
20
20
20 20
20
1,500 Indian Motocycle____No par 19 Mar 20
20
4
4
"33
4 412 *33
4 412 *33
4 412 *334 412 *334 412
500 Indian Refining
10
3 4 Apr 12
3
*3312 3412 *3312 3414 *3312 3414 3312 3312 *33
34
600 Inland Steel
No par 33 Apr 11
334 3312
/
1
4
.2434 2478 2412 2434 2438 2438 244 2414 2418 2512 25
2538 5,300 Inspiration Cons Copper-- 20 2218 Feb 28
34
3
4
_34
34
54
h
*3
3
78
*5
8
500 Internat Agrieul Corp
100
7
8
*3
8
7
8
12 Apr 15
.051, ,
*512 7
*512 7
"512 7
Do pref
*512 67
8 *512 7
100
4h Apr 1
4034 407
s 41
4034 41
41
4078 4112 *4112 42
4134 413
4 1,500 International Cement_No par 4034 Apr 24
223 235
2314 238
8 2314 23s 2234 2234 23
2312 2312 233
4,900 Inter Combus Engine_No par 22 Mar 31
8412 854 8312 84
85 85
8312 87
85
853
8 8478 8514 7,500 International Harvester---100 78 Jan 3
*107 110 *107 110 *107 110 *108 110 *107 110
*107
I Do prat
100 106 Feb 26
87
9
834 834
834 9
912 94
914
918 958 4,700, Int Mercantile Marine
634 Jan 2
100
214
3312 343
3133 337
3212 3118 33
3312 3334 337 35h 21,300, Do pref
34
100 2612 Mar 26
1214 1214 1238 124 1238 1212 1218 1214 12
12
1134 1214 4,300 International Nickel (The) 25 1154May 2
8014 *75 80 *75
80 *75 80
*75
100 7714 Apr 21
80
*75
I Do pref
80
371g 39 *361 37
3738 3733 *36
3712 37
100 3412 Apr 15
3814 37
3812 2,700 International Paper
6712 6712 *6612 68 *67 67 2 667 667 •
,
Do stamped preferred-100 6212 Mar 25
8 6012 6712 *6612 6712
300
*67 6814 *66 68 •613h 68
6714 68
100 66 Feb 1
800, Internat Telep & Teleg
68 4 6814 6814 6834
,
1338 1332 13s 1312 13
4
1312 13
1318 123 13
12h 131e 6,600 Invincible 011 Corp___No par 1234 Feb 16
4438 46 *43
4512 465 4934 47
4834 47
4912 4712 49 13.400, Iron Products Corp____No par 3918 Apr 2
1784 *17
*1714 18 *17
1712 17
17 *17
100 1653 Apr 15
18
*17
18100 Jewel Tea, Inc
*82
84 *83
90
8312 8312 *80 90 *80
83 *80
100 78 Mar 31
83
1001 Do pref
21
21
*2012 21
*2012 21
21
21
100 1812 Apr 1
2114 2134
*2114 22
500 Jones Bros Tea, Inc
*2214 234 *2112 23 *2138 2212 *2138 2212 22
22
*2112 2212
100 Kayser (J) Co, v t e___No par 2034 Apr 14
*88 90 "88 90 *88
89
88 88
No par 85 May 1
85
85
*88
Do 1st pref
90
300
155s 153
8 1438 147
1458 15 *1412 15
25 1212 Apr 15
1534 1612 5.800, Kelly-Springfield Tire
1514 16
*48
51 "4512 49
4512 46
47 47
*4512 48
100 44 Apr 4
*4512 49
4001 8% prererred
*82 88 *82
88
81
81
80 80
100 80 Apr 25
*79
80
100 Kelsey Wheel. Inc
80
80
3812 3834 3814 387
8 3814 3838 377 3812 378 3855 38
No par 341s Jan 21
s
3838 35,900 Kennecott Copper
2
2
*134 2
134 134
17
1h Apr 22
18 18
17g
1,100 Keystone Tire & Rubber-- 10
13
4 134
*315 330 *315 330 3304 3304 *315 330 *315 330 *315 330100 28713 Jan 17
25 Kresge(SS) Co
95 95
93 95 *93
9412 *90
95 *93
96 *90
400 Laclede Gas L (St Louis)-100 79 Jan 2
95
103 10% 1038 103
8
8 1014 1014 10
934May 2
10
10
934 934 1,400'Lee Rubber & Tire____No par
10
Liggett,& MYers Tobacco-100 20614 Feb 18
▪
ffiiff iiii 1167s116'8 ffi- 11712 ffi7s
100 11538Mar 5
iii- ---800 Do pref
8
5912 6934 *5812 5934 58 584 58h 587a 5873 587
8 59
5914 1,400 Lima Loo Wks tern ctf_No par 57 Apr 15
1612 1612 1638 1612 16
16h 16
16
4,500 Loew's Incorporated_ _No par 1512Mar 29
1614 1618 163
16
5 53
No par
512 Apr 22
400 Loft Incorporated
*83
4 6
*55
6
5% 53
8
*53
4 6
55
512 6
8
*54 58 *53 .55 *54
55
5114
5300
1
50 Mar 6
1,500 Loose-Wiles Biscuit
5214 5212 54
56
Lorillard(P)
100 14818Mar 14
Ili_ ▪
fif115 *log- ffi- *log100 107 Jan 2
Mackay Companies
.bitoit" fff - *log80¼ 81 7814 81 7712 7812 7712 7812 78 794 8014 81 10,800 Mack Trucks, Inc
No par 7534 Apr 14
*9534 96
*9534 96,, "9534 96
100 9512 Jan 16
*953s 96
95% 957
9612
500
Do 1st preferred
8 96
*8612 89 •
Do 25 preferred
8613 89 *8612 89 *8612 89 *8612 89 •8612 89
100 87 Apr 22
*6014 6114 *6014 6114 •
13038 6078 *60
61
*60
61
61
61
100 Macy(R H)& Co,Ino_No par 6018 Mar 26
*31
31h 31
3112 3034 31 "308 31
3158 318 .31
No par 3012 Jan 2
315
1.400 Magma Copper
1912 1912 1912 1912 1918 1918 19
19
19
193 *1914 1934 1,500 Mallinson(H R)& Co_No par 18 Mar 28
4
.57 65 .57 65 *57 65 *57 65 .58
Manati Sugar
65
100 60 Apr 14
*57
65
*83 87 .83 86 *83
86 .83 86 •82
Do pref
86
*83
86
100 82 Jan 14
42 43
*4214 43
4212 4278 *42
4234 43
4318 4314 45
3,300 Manhattan Elee SupplyNo par 3314 Mar 21
36 3614 *3534 36
36
36
35
35
35
35
*3412 3553 1,100 Manhattan Shirt
25 35 Apr 30
2858 294 2612 2712 2633 273
8 2678 284 2678 27
27
2738 5,600 Maracaibo 011 Expl___No par 253 Apr 21
8
35
3518 3418 35
338 3412 3338 34
3312 3438 3314 348 37,600 Marland Oil
No par 33 Apr 21
•11
1212 *11
1212 *11
1212 *11
124 *11
1212 11
No par
8 Jan 8
11
100 Marlin-Rockwell
3512 3512 347 35
8
35
35 *3434 35
3434 343
4 35
35
No par 33 Feb 15
800 Martin-Parry Corp
3112 3112 *3112 33 *31
*3112 32
33 *31
33
3112 3112
50 3112 Apr 14
200 Mathieson Alkali Works_
4212 4312 4034 423
4 4018 4138 397 40 4 40
4214 42
s
,
4214 7.200, Maxwell Motor Class A-- _100 38 Apr 14
1134 1178 1138 1138 *1012 II
1018 11
1012 12
1134 1124 3,8001 Maxwell Motor Class B.No par 1018 Apr 30
88 86 *86
8678 8478 8512 8412 8412 *85
87
1214 Apr 8
*86
600, May Department Stores-- -100 8812 mar 21
87
8 1538 1534 155 1558 153 153
1512 1512 *155 16 *15h 187
8
.
8
4 2,300 McIntyre Porcupine Mines _ _
2038 2078 20
2078 20
203
8 195 2033 1912 2012 2038 2038 10,700 Mexican Seaboard 011- _No par 1418 Jan 3
8
2014 2038 197 2038 1912 19h 19h 1958 1918 20
8
1938 20
137
28
14
3,9001 Voting trust certificates_ _ _ _
2218 224 *22
22
2212 22
2112 2172 2114 2114 207 2114 1,300, Miami Copper
5 2012 Mar 29
8
362 32
2
314 32
2
3l4 312
312 354
312 3 8
3
.
Aan 28
j pr 3
312 38 30,200 Middle States 011 Corp_ _ 10
*2812 32
*2734 32 •27h 32 *2612 32
*27
32
*27
32 __
I Midvale Steel & Ordnance_ 50 21 Mar 21
6212 *62 6212 .
6214 6214 62 62 *62
062
6212 *62
1130 6113 Jan 10
6212
200 Montana Power
2314 2312 231s 233
8 2234 23
2212 23
2234 2314 234 233
8 7.600; Mont Ward & Co Ill Corp_ 10 2212 Apr 30
203 2012 194 20
1953 193
4 1914 1938
1912 197 197
No par 187 Apr 22
2,700' Moon Motors
77
8
818
8
8 18
8
8
8
8
8
8
818 8,400: Mother Lode Coalition_No par
•1134 1284 *1112 1234 *11h 1234 •1112 1234 •1112 123
4 11
100 Mullins Body Corp__ No par
11
3312 3338 *3212 3412 *324 3412 *3214 3412 *3214 3412
*3212 35
97ZMpr 2
No par 33 Aan 222
200 Munsingwear, Inc
ja 8
4
9612 98
9612 974 *98 100
10034 10034 973 99
No par 91312 Apr 29
*98 100
2.000, Nash Motors Co
4
97% 99
*98 100 *973 100 98 100
•98 100 •975 100
Do preferred A
100 99 Feb 23
*73
6
61g
*738 8
7
74
8
578 6
*6
634 1,400, National Acme
50 8018May 28
574 mar 1
513 5134 52
52
5212 5212 52 52 *51% 52
52
25
52
600] National Biscuit
122 124
122 124 •I22 124 .122 124
*122 124 *122 124
100 12012 Jan 8
I Do pref
50 .
48 48 *47
4718 4712 *47
47 50
50
*48
National Cloak & Suit---100 471sMay 1
200
50
3212 3254 3212 3312 325 3312 3314 3334 33
3212 33
3314 8,100 NatDairy Prod tem ctfs-No par 3018 April
•1
393 *39
3914 3812 3912 *3812 3914 *39
39 *39
39
3914
700 Nat Department Stores No par 38 Apr 14
2818 2818 28
2714 275
2814 29
2712 28
28 28
29
2,400 Nat Enam'g & Stamping_100 24 Apr 17
/
1
4
12812 131
12712 12838 127 12712 12714 12714 130 1325
131 132
3,700 National Lead
100 12312 Apr 21
113 113 *111 113 *112 113 11212 11212 *11212 113 •112 113
0, pref
200
100 11212 Apr 21
6514 6412 6412 66
6612 6678 *65h 66
663 603
4
1,400 National Supply
4
66
50 60 Apr 16
/
1
4
12h
13
13
13
127 127
8 1278 1278 13
1278 13
1,900 Nevada Consol Copper__ 5 117 Jan 2
37h 3712 *3714 3712 3712 362
3712 38
s
377 38
4 2,600 NY Air Brake temp Otis No par 3658 Apr 22
38 38
4 4934 50
*4912 4934 49% 49% 495 49h 4912 4938 4934 493
Class A
1,200
No par 4714 Jan 7
2412 2412 *2312 2478 24
24
24
247 247
8
8 24
2414 2414
800 New York Dock
100
45 *42
*42h 443
Do pref
100
45
4 4438 44% *4214 4412 *4214 4434 *42
19 jeb 9
100 41h Fan 27
2314 23
23
2314 23 2314 2278 2314 2313 2314 2318 2314 9,700 North American Co
10 22 Jan 2
45
444 45
45
*4434 45 *44h 45
45 45
45
Do prof
4514 2,200
50 437g Jan 2
*814 912 •814 914 *712 88
4 *74 6l4 *7h 914 *7 4 914
Nova Scotia Steel & Coal _100
3
7 A p 25
812 Apr 1
,7
712 *7
718 714 *7
712
712 *7
714 73
300 Nunnally Co (The)
8 4
712
---_No par
•1h 17g •112 178 •I12 178 *112 17
8 •112 lh •lh 17s
Ohio Body & Blower_ _No par
112 Apr 15
2
2
2
*lh 213 *134
2
2
2
2
2,000 Okla Prod & Ref of Amer-- 5
2
11 Jan 2
/
4
.05% 7
*53
2
•,252 7
*5h 6
7
'5h 7
.
1
*54 7
Ontario Sliver Mining
100
434 Mar 24
•18h 19 •18h 19
19
1834 183
4 19
1812 185
1534 19
s 1,600 Orpheum Circuit, Inc
1 18 Feb 18
14914 1497s 14912 14938 1483 14938 147 148
147h 148
147 148
2,000 Otis Elevator
100 1394 Jan 14
/
1
812 812
7 8 77
7
8
73
4 84
,
818 812
814 814
8
8
2,400 Otis Steel
No par 4712mi 3
13 Ap 2
4 z 0
7
•43h 44
4212 427e 4212 4314 *4212 4312 1,150 Owens Bottle
43 433
43
43
25
*3
4
12
12
*h
12
12
12
12
h
h
12
400 Pacific Development
,
2
h Jan 2
9238 9238 9218 924 92
92 *92
9234 92 92 .92
924
800 Pacific Gas dr Electric
100 901s Jan 4
•Bld and flaked Dam;no sales this day s Es
-dividend
-Highest
PER SHARE
Rangefor Previous
Year 1923.
Lowest
$ per share $ Per share
46h Feb 5 23 Aug
81 Feb 8 60 Sept
8018 June
978 Jan 10
107 Jan 11 10414 Nov
23113 mar 20 1675s Sent
1014 Oct
1114 Feb 7
1234 June
1614 Feb 1
5412Mar 3
79 July
7834 July
8314 Jan 11
9334 Oct
10018 Mar 17
3912 June
52h Mar 8
195s Jan 11
6 Sera
3738May 2
8 Nov
157s Mar 25
175 Oct
8
2634 Jan 10
6734 Oct
80 Jan 17
35 Oct
49 Jan 8
9338Mar 12 88 Oct
12 Oct
174 Feb 15
1
634 Dec
918 Jan 11
1358 Dec
1634 Feb 18
5 Sept
1018 Feb 6
8953 Feb 7 66 June
13s Jan 8
14 Aug
445 Feb 4
7934 Nov
31 July
5278 Feb 4
54 Dec
5612 Jan 3
3412 Jan 2
285s July
5212 Feb 5 4034 Aug
2914 Mar 10
20 June
151s Dec
18 Jan 2
112 Jan 10
12 Oct
3h Sept
9 Jan 18
14
1 Oct
275 Jan 17
2512 Feb 4
18 Dec
312 Dec
5 s Jan 17
7
3814 Jan 30
311s July
2713 Jan 24
,
23 4 Oct
2 Feb 7
/
1
4
12 Oct
1013 Jan 8
48 Oct
4434 Feb 11
31 June
2738 Jan 12
1088 June
8712 Feb 4
6634 Oct
108 Feb 2 106 Oct
9 8May 2
5
478 Aug
3514May 2
1812 Aug
15 Jan 28
103s Oct
8214 Feb 20
6934 Jan
4218 Feb 8
2778 Oct
667 Apr 30
60 Oct
7014 Feb 13
64 Oct
71 Nov
167 Jan 2
5234 Jan 10
3212 Aug
234 Jan 2
/
1
1532 Oct
9158 Jan 16
62 June
2712 Jan 3
2038 Dec
383s Jan 18
28 July
10212 Feb 11
96 July
35 Jan 10
2012 Oct
78 Nov
88 Jan 10
101 Jan 10
75 Oct
3878 Apr 28
293,3 Oct
151, Oct
438 Jan 9
360 Mar 24 177 Mar
75 July
9614 Apr 24
1188 Oct
17 Jan 11
/
1
4
245 Feb 9 19034 May
1171s Jan 24 11134 Apr
5814 June
68h Feb 7
14 June
18 Jan 10
6 Sept
83 Jan 11
4
3614 July
6212 Jan 26
17534 Jan 5 146 June
117 Jan 30 103 May
9078 Jan 7
5818 Jan
87 July
9834 Mar 19
72 Jun
90 Jan 8
57 July
6812 Jan 2
3614Mar 14
2714 Oct
3134 Jan 18
21 Jun
69h Mar 24
43 July
87 Mar 14
72 Oct
45 may 2
35 Oct
44 Jan 10
40 Oct
16 Sept
3712 Jan 26
42 Feb 5
1712 Oct
17h Mar 11
314 Nov
26 July
37 8 Jan 17
5
411 Jan 8
3114 Oct
36 Oct
5534 Jan 9
1014 Oct
16 Jan 9
6718 Jan
95 Jan 25
15 Sent
1814 Jan 7
534 Aug
2413 Feb 6
6 Aug
23 Feb 6
2012 Oct
24 Jan 28
312 Nov
67 Jan 2
2112 June
3414 Feb 7
5412 Jun
65 Apr 4
1814 May
27 Jan 28
/
1
4
17h Jan
2712 Feb 7
718 June
914 Feb 15
1013 Aug
1478 Jan 9
3112 Oct
3914 Jan 16
7518 Jan
11434 Feb 9
9814 Dec
10033 Jan 16
7 Nov
1013 Jan 28
38 Jan
8
543 Jan 26
12414 Feb 20 11812 July
40 June
64 Feb 1
37 Feb 15
Highest
per Mare
54 Mar
83 Mar
9713 Dec
110 Apr
2021 Dec
4
12 Jan
1712 Apr
89 Apr
90 Apr
105 Apr
5112 Apr
123 Feb
3
- --- -2218 June
4118 Mar
9212 Mar
6212 Apr
99 Feb
33 Mar
1553 Mar
3418 Mar
14h Feb
10458 Mar
211 Jan
9478 Feb
44 Apr
8
797 Jar
398 Mal
8
78 Feb
4
323 Mar
3012 Apr
61 Jan
114 May
/
1
19 Mar
19 Dec
/
1
4
812 Apr
4658 Apr
43 Mar
/
1
4
11 Feb
3978 Feb
44 Mar
2718 Apr
981 Fe_
11614 Jar.
11h Fe'
47 Ja2
1614 Fe'
83 Juno
585 Mar
s
751s Jan
7112 Apr
194 Max
/
1
5814 Mar
24 Mar
8812 Dec
4388 Mar
45% Feb
104 Mar
624 Mar
108 Jan
11714 Mar
45 Mar
1118 Mar
300 Dec
893 June
s
311 Mar
/
4
240 Dec
11818 Jan
7478 Mar
2114 Feb
1134 Jan
6614 Dec
18234 Dec
121 Feb
9312 Apr
99 Mar
/
1
4
92 Mar
7112 Jan
3814 Mar
40 Jan
7314 Mar
90 Feb
66 Mar
477 Jan
2853 Dec
595 Apr
16 Feb
37 Apr
/
1
4
6334 Mar
6314 Mar
21 Apr
93 Dec
202 May
23 4 May
3
23 4 May
,
3012 Feb
1214 Jan
3333 Apr
75 Mar
2614 Nov
2938 Mar
14 Feb
2978 Mar
3613 Nov
11412 Jan
10134 Jan
184 Feb
/
1
5278 Nov
125 Feb
67 Feb
14
34 June 4212 Apr
/
1
4
43 Jan 9
35 Oct 73 Mar
4478 Jan 17
155 Jan 28 108 July 148 Dee
/
1
4
115 Feb 28 10712 June 114 Jan
5412 Oct 6813 Dee
7212 Feb 4
918 Oct 1853 Mar
1418 Feb 21
2658 Jan 4278 Nov
4358 Jan 19
50 Jan 19
451 Aug 5112 Feb
15h June 27 Apr
2534 Apr 15
4
373 Au 5112 Mar
4934 Jan 18
iyh May 2414 Apr
25 Jan 10
4212 July 48h Feb
45h Feb 20
1388 Dec 2978 Mar
143 Jan 18
98 Feb 5
7 8 Oct 101s Feb
7
13 Dec 1018 Jan
438 Jan 14
318 Feb
7 Nov
2
/
1
24 Jan 22
9 Dec
/
1
4
3 July
8 Jan 7
1653 June 2153 Apr
2014 Jan 3
13984 Mar 13 11412 July 153 Feb
7 June 1434 Mar
11s Jan 26
365 Jan 5234 Apr
2
47 Jan 10
214 Mar
38 NOV
114 Jan 11
73 July 947 Dee
11
95 8 Jan 28
7
New York Stock Record-Concluded--Page 4
2160
For sales during the week of stocks usually Inactive, see fourth (rage Preceding
HIGH AND LOW SALE PRICE
-PER SHARE. NOT PER CENT.
Saturday.
Aprii 26.
Monday
Apri/ 28.
Tuesday.
April 29.
Wednesday. Thursday
April 30.
May;1.
Friday.
May 2.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ Per share $ per share $ per share $ per share Shares. Indus.& Miscall.(Con.) Par
4
83
4 83
812
812 *8
200 Pacific Mall Steamship__ 5
838 8% *8
812
*84 812 *8
4912 4834 49% 42,500 Pacific Oil
4 48
50 50% 48 4934 484 4914 47% 483
10
9% 10
10
10
10
10
10
10
1014 10 10
104 5,000 Packard Motor Car
Preferred
100
100
.85
9014 *88
*88
90
8912 8912
9014 •8614 90
9014 *86
50
4714 47% 4714 483
4834 46% 473
48
7
3 4738 48
4 484 48 3 8.400 Pan-Amer Petr & Trans
30
Do Class B
464 4718 4434 4534 45% 48% 454 46
4638 474 37,100
4512 47
100 Panhandle Prod & Ref_No par
2% 2% *212 312
*212 3
*212 3
*212 31' *212 312
NO par
1512 *1434 1512 *1478 1513 14% 14% 15
1514 1512 1,300 Parish & Bingham
*15
15
•
10,700 Penn-Seaboard St'l t cNo par
134 2
1% 218
2
17
8 214
1% 2
178 I%
2
200 People's 01.& C(Chic) .100
*9212 93
9234 9234 *9234 93 *9234 93 *9234 93
93 93
*427 4312 4278 43
8
1,600 Philadelphia Co (Pittab)-- 50
43 43
43 43
43 43
43 43
394 4034 3914 4014 4014 41% 41
4134 4218 4012 42
41% 27,300 Phila & Read C & I w I_No par
300 Phillips-Jones Corp___ _No par
*47
51
*52 52% *51
*47
52
5234 *47
52%
523
4 48
164 14% 1618 1513 183
*1512 1814 154 154 '15
4 1634 17% 5,000 Phillip Morris & Co Ltd_ _ _ _10
38
39% 39% 37% 39
4
3
383
4 3834 3712 3714 3834 373 387 35.700 Phillips Petroleum_ _ _No par
74 758
84 812 *74 814
6% 6% 6,800 Pierce-Arrow Mot Car _No par
74 74
63
4 74
4 1834 19
Do pre/
100
184 1934 •1834 193
1834 1912 4,700
21
2113 2112 20
25
8 24
2
218 19,200 Pierce 011 Corporation
14 178 .1% 218
112 13
1% 158
3
Do prof
100
24
2534 2534 2612 254 2634 3,900
24
23 24
23% 23% *22
400 Pittsburgh Coal of Pa
100
*50 60 *58 59 *58
59 *58
59
5818 5818 584 5812
Do prof
100
99 *9412 99
99
*9878 99 *98
+98 9834 *98 99 *98
1178 1214 •111a 12
114 1178 1134 117 .1178 1178 1,000 Pittsburgh Utilities pref._ _100
12
12
*
800 Post= Cereal Co Inc_.No par
50 *4912 50
*4912 50
49
49 *49
5114 5114
50 .51
100
Do 8% preferred
*110 113 *107 113 *110 113 *110 11112 *110 112 *110 113
100
2,100 Pressed Steel Car
47
4712 47 47
484 49
48 4834 47 48
474 48
Do pref
100
*81
84 *81
84 *81
84 *81
81
*81
84 *81
84
27 2734 25
27
254 25% 217 2318 2412 2534 244 2612 17.700 Producers& Refiners Corp 50
8
4214 4212' 4212 4234 42
424 42
4212 415 424 4214 424 7,200 PubServCorp ofNJ new NO Par
8
100
4,000 Pullman Company
117 117 11612 1178* 117 11714 11312 115 11412 1153 116 117
50
5712 575
6,700 Punta Alegre Sugar
58
57
5614 57
8 5 3* 573
6
57 577
68313 59
25
2278 2314 224 227
8 22
2213 2218 224 22
2234 2278 2314 12,800 Pure 011 (The)
100
100
Do 8% preferred
96
*9512 96 *95 98 *95 98
954 9518 .95
96
.95
100
500 Railway Steel Spring
*10312 111 *10412 110 110 110 *103 110
11018 11018 *10412 110
No par
Rang Mines. Ltd
3218 *314 324 *3118 324 *314 324
*3013 325s *3013 324 *31
97 10
97
934 934 *93
95
8 97
94
934 97
98 6.800 Ray Consolidated Copper_ 10
11412 384 38
3934 41
1,600 Remington Typewriter__100
*3812 40
38 *35
37
39
37
let preferred
100
100
*91
95 *91
95 *9312 95
9312 9312 *91
95 *91
95
100
2d preferred.
100
*91 100 *91 100 *91 100 *91 109
91
91
*91 100
No par
*84 9
8
81
*8
83
2
8
8
8
8
8 / 814 2,200 Replogle Steel
1
4
100
473* 473
46 47
/ 4512 4614 44 454 45
1
4
46
45
48is 10,800 Republic Iron & Steel
Do prof
100
*84 88 *84 84 *81 88 *85
*84 84
88 *84
88
No par
14 144 181 14
1412 147
134 1314 1334 144 14
1418 3.000 Reynolds Spring
4
65 6514 6534 88 I 5,600 Reynolds(R I) Top Class B 25
8
0542 6718 643 66
4
64 6412 643 65
Do 7% preferred
100
400
•118313 __ 11814 1184 11838 11838 *11834 ____ *119 ____ *11834 __
553 553
8
55
5513 5514 5534 5434 551. 55 55
5538 5513 2.000 Royal Dutch Co(N Y shares)
10
2334 2334 237 237
8
8 2378 2378 *234 2378 2378 237
8 2312 24 I 2.100 St Joseph Lead
800 Banta Cecelia Sugar...No par
•112 2
112
112
8
112 112
132 Ps *112 1s *112 17
4434 5,000 Savage Arms Corporation-100
49
5114 4912 4914 4812 5012 4512 4438 46
47
43
1,300 Schulte Retail Stores..No par
987 937
983* 99
•
100 101
8 9334 9834 10012 10013 10012 101
8.100 Sears, Roebuck dr Co
100
843* 8114 84
84
8112 8212 814 8212 82
8314 84
7 83
I Do prof
100
*110 114% 1
'110 11472 •111 114% •111 113 *110 1147 +111 113
2
No ao
opi r
12
34 2,300 Seneca Copper
2
4 1
1
14
1
1
1
1
57
800 Shattuck Arizona Copper_.
*514 54
5
512 6
5
*5
5
512 . *5
6
Shell Transp di Trading__ E2
*3912 4012 *391e 4012 *3934 4012 *397 403* *393 405 *31338 40%
No par
1718 17
17
174 17
1718 174 174 1718 17% 1714 173* 14,000 Shell Union Oil
900
Preferred
934 9438 +9412 95
/
1
4 9312 9312
93 *93 933
93
93 93
8.700 Simms Petroleum
10
1312 137
137 1438 131 134 1312 134 13
8
2
/
1
/ 13
1
4
/ 134 14
1
4
No par
8 1,700 SIMmone Co
223* 2212 2212 224 2214 2214
2214 224 224 223* 2214 223
2034 25,3001 Sinclair Cons 011 Corp_No par
2114 211, 203* 2114 203* 207
8 2013 21
2014 2078 2014
Preferred
200
100
4.92
84
*8018 83
84
*8312 8412 *83
85
8212 83 *82
25
243* 2412 233* 2412 233* 24 •235s 24
2314 244 2312 233* 3,700 Skelly Oil Co
5534 564 1,800 Sloss-Sheffield Steel & Iron 100
58
5734 5734 554 67
5518 584 5518 5518 56
Do prof
100
*81
84 "8012 84
*80 84 *80
84 "80 84 *80
84
784 7812 744 76
/
1
74
774 7712 774 774 774 7514 7712 2.500 South Porto Rico Sugar-100
No par
9
11
10
1014 1012 111s 4.000 Spicer Mfg Co
' 13
12
12
12 '11
12
Do prat
100
8612
8612 1--__ 8612 •_ ___ 8812 *____ 8812 *_ __ 8812
'
Standard Milling
100
4912 *4012 4912 *4012 4912
*4012 494 *4012 494 *40 494 +42
58 60
58 59
5912 60
584 5878, 5812 5912 5878 59% 21,600 Standard 011 of California_ 25
384 3648 11,200 Standard 01101 New Jersey 25
5 363* 353* 36
353* 357
8' 3578 361
3614 3718 35
Do prat non-voting---100
1,750
/ 11814 119
1
4
118 118 11712 118 *11734 118 11734 11778 118 118
No par
*5818 5612 1,200 Sterling Products
*5612 5712 56
564 66
56
58
56
56
56
-Warn Bp Corp.NO Par
7012 721
8438 6712 6512 6712 6534 6712 42,300 Stewart
7414 713* 74
73
6112 8214 4.300 Stromberg Carburetor_No par
64
6014 614 514 60
6012 61
8312 6444 61
8134 833
8012 824 814 8312 8278 8412 234,100 Studebaker Corp (The).-100
854 8614 838* 851
oo parpar
014 13,400 Submarine Boat
84 9
87
838 98
878 8%
9
91
83* 834
No
438 412
412 41
414 41
418 44 8.300 Superior 011
44 412
418 412
Superior Steel
100
347 *2638
*263 ____ *2638 ____ *263 _-__
3
8
*263,
10
400 Sweets Co of America
214 24
212 212 *214 212 *214 212 *214 212
*214 212
par
2,400 Tenn Copp & C
7
67
7
67
*678 7
678 7
7
7
713 714
N
14.500 Texas Company (The)___o
4132 4172 4032 414 4034 41
413e
4012 404 4018 4114 4034 4138
10
800 Texas Gulf Sulphur
59
5812 58's 58
*58
584 *534 5878 5814 5814 58% 5912
10
1014 1012
978 104 10
10
978 10
978 1013 *94 104 2,900 Texas Pacific Coal & 011
100
1,100 Tidewater 011
127 127 124 1257 *124 127
3
12518 1254 *125 128
127 127
347 35
*347 35
354 2.500 Timken Roller Bearing_No par
35
3512 3413 3412 344 364 35
.100
5514 56
5314 583
4 5514 5512 553* 38i
3 574 583* 43,100 Tobacco Products Corp..
557 563
100
Do Class A
88
864 8512 8512 854 854 854 8618 8412 '855
8 8412 8512 4.800
Preferred
100
•117 119 "117 118% 11812 11812 *118 11872 11814 11812 "118 11872 1,000
442 412
4
/ 412
1
4
44 432
4
414
4
414
4
414 23,900 Transcontinental OIL._ _No par
Underwood Typewriter__ 25
3812 .
, 600
39
38
39
38
*38
39
3818 3814 *38
39
*38
4934 4934 *4912 50
*494 503 *4912 50
*4912 50
8
*494 50 • 100 Union Bag & Paper Corp_100
Union Tank Car
100
*9912 10034 *98 104 '100 102 *9912 102
•100 101 *100 101
100
Do prat
300
*108 10912 *108 10914 *108 10914 *108 10914 *104 10914 10914 1094
No par
United Alloy Steel
*354 2512 *2538 26 *2338 253 *2514 26
*2538 26
*2518 26
100
200 United Drug
8
7834 *747 77
7612 761 *73
77 *75
7612 7812 7612
*75
Do 1st preferred
50
100
*4612 47 *46
47
47
47
*48
4678 *46
47
47
•
46
100
500 United Fruit
190 191 *187 191 *187 191
191 191 *187 191
192 192
S Cast Iron Pipe& Fdy 100
9412
8812 92
8714 903
8 88
9214 202.100
8 85% 91% 89
853 903
4
re
fi
D
s
100
3.500
93
931
92 937
8 93
93
8
8812 8812 8834 9334 93% 947
Products Corp_ _100
U
---105 u S floff'n Mach Corp-No Par
115i
-5
•18
1813 •18- 184
6714 85% 674 6512 6612 884 6712 8714 883 16,000 12 S Industrial Alcohol-100
4
874 6818 86
Do prof
100
•1004 103 *10012 103 *10012 103 *10012 103 *100 103 *10012 103
900 U S Realty di Improv't-- _ _100
9413 *9412 95
94
95
9514 9712 9712
*94
96
.
94 97
Preferred
700
103 1034 10318 1034
•10012 102 *10012 102 *10012 102 *10012 103
2912 2812 29
100
28
281 3014 2934 304 10,500 United States Rubber
2918 2938 2874 29
Do 1st preferred
100
7514 77
76
77
7614 77
774 7712 7,100
7614 79
78% 79
2014 20
2014 20
2014 1,300 U S Smelting, Ref de Min.- 60
20
20 *1912 1978 •1913 20 *19
100
50
Do Prof
*3812 3918 *3812 40
41
38
*3812 40
41 .
"38
41
*38
8
98 10014 977 99% 0718 98'2 0734 9912 9812 100 310,800 United States Steel Corp 100
10014 101
Do prof
100
120 120 120 120
119% 120
120 12018 3,500
1193 120
8
119 119
10
8
8 66s 6714 6634 663
4 3,700 Utah Copper
68% 68% 663 683
6658 87
663 67
4
100
2812 29% 19,100 Utah Securities
; 268 2634 *2612 2834 2618 2712 2712 29
278* 273
2212 22
2214 2238 225
8
8 3,100 Vanadium Corp
234 2314 227 2272 22
24
24
134 2
134 134
17
8 17
8 1.800 Virginia-Carolina Chem...100
134 178 *158 2
5134 2
Do prof
100
8 *64 64 *614 612
61 63
/
4
614 64 2,300
/
1
638 64
8
/ 651
1
4
No par
714 714
714 712
73
8 75
8 *712 7 8 7,200 Vivaudou(Y)
7
714 83,
9
9
*137 15 *14
No par
200 Waldorf System
14
1412 *14
15
14
15
*14
15
•14
1734 1714 1734 17
1738 1712 1814 11,9001 Weber 43 Hellbroner.. _No par
17
1814 17
1638 17
2001 Wells Fargo Express
50
38
3834 '3634 *36
38
38 *36
38 *38
38 *36
48
105 105
10514 MA 1054 106
10314 1054 1,100 Western Union Telegraph-100
4
*1053 1061: 1013 106
800 Westinghouse Air Brake..
.50
8912 8812 90 90
89
*89
90
89
90
4
8812 883 *89
6014
8
507 14.000 Westinghouse Eleo & Mfg_ 50
8
604 604 60 8012 604 6012 244 8012 603 6112 56
par
2412 2414 2434 2934 243
No pul
4 3,500 White Eagle Oft
2514 2514 24% 2514 2404 243
1,000 White Motor
51% 5134 513 52
4
52
52
513 *51 . 52
5214 525t *51
White Oil ctfa
..o par
N.
1.700 Wickwire Spencer Steel
5
238 232 -;i%
234
214 214
4
- 21- 214 9
818 84
818 83
8
812 83 13,500 WIllya-Overland (The)._ 25
4
814 84
812
7
8% 8 3
Do prof
100
8 88
Ms 874 6618 6734 653* 883
693 16,800
4
89
68/8 7034 67
838 9
8
3,300 Wilson & Co Inc
813
No Par
712 8
4 94
83
914 94
*94 9 4
3
2,800 Woolworth Co (F W)
100
318 31812 318 31912 317 317 3124 315 314 319 318 319
500 Worthington P & M
100
27
*25
27 +25
2812
25 *23
25
26
2512 2814 "25
3,300 Wright Aeronatuleal__No par
978 104 10
10
*912 10
1012
7 10
1014 10
10
59
No par
3714 3714 3614 3833 3618 3618 3614 3814 1,000 Wrigley(Wm Jr)
361% 37
37 37
Youngstown Sheet Jr T We par
83
*61
63
82 *80
*5114 814t., *61
84 *813* 63
*63
on title day.
Ex-dIvIdend.
•Bid and wawa price; no gales
FRB SHARE
Range Since Jan. 1 1924.
On basis of 100-share lost
Lowest
Highest
$ Per share
7 Apr 7
45 Apr 22
978May 1
8912 Apr 24
4
44 Feb 14
4114 Feb 14
24 Jan 3
/
1
1312 Jan 2
134May 1
9234 Apr 29
4278May 1
3412 Mar 28
48 Apr 29
1432 Apr 30
3334 Jan 21
63*May 2
1834 Apr 29
112 Apr 3
20 Mar 4
57 Apr 22
98 Jan 14
97 Jan 22
04 Apr 22
4 12 Ap
81
110 Feb 7
15
8134 Apr 23
2214 Apr 22
39 Mar 25
11312 Apr 10
554 Apr 21
2114 Apr 22
92 Jan 10
106 Jan 3
30 Jan 17
9 Mar 27
3214 Jan 4
91 Jan 4
91 May 1
8 Apr 28
44 Apr 30
88 Apr 15
1334 Apr 15
811 Mar 31
/
4
11514 Mar 26
48 Jan 2
22 Jan 7
11 Mar 6
/
4
32 Jan 2
/
1
4
9634 Apr 18
7934 Apr 22
11213 Mar 26
12may e
4 Apr 11
33 Jan 5
1614 Apr 22
914 Jan 4
1032 Jan 4
22 Apr 14
194 Feb 10
/
1
8614 Feb 19
2232 Mar 21
55 Apr 22
80 Apr 10
67 Jan 3
9 Apr 30
80 Apr 12
40 Apr 8
554 Apr 21
3434 Apr 21
1153 Mar 1
4
5512 Apr 28
6458 Apr 30
57 Apr 15
8012 Apr 30
7 Mar 29
238 Jan 2
30 Max 27
2 Mar 15
834 Mar 31
4014 Apr 22
5714 Apr 21
9 Mar 3
120 Jan 5
33 Apr 22
53 Apr I I
8314 Mar 25
113 Feb 19
38 Apr 15
4
38 Apr 11
4912 Apr 17
94 Jan 7
1064 Feb 18
25 Apr 21
7472 Apr 15
47 Apr 28
182 Jan 4
84 Feb 27
8178 Jan 15
, Feb 20
8
ups Mar 28
634 Apr 22
98 Jan 3
9234 Apr 21
10114 Apr 21
25 Apr 15
69 Apr 15
1812Mar 26
3712 M ar 22
9512 Apr 10
2
1183 Feb 1
64 Jan 18
164 Jan 4
/
1
22 Apr 8
114 Mar 22
414 Mae 20
714 Apr 28
14 Apr 29
143 Jan 31
4
3514 Jan 19
105 May 1
84 Jan 2
56 May 2
2414 Apr 30
5012 Apr 11
18 Jan 7
214 Apr 28
71 Apr 11
644 Apr 14
/
1
712May 2
280 Jan 4
24 Apr 22
91 Apr 3
35 Apr 22
83 Anr 215
$ per share
1034 Jan 9
6814 Feb 5
1278 Jan 7
954 Feb 11
/
1
6114 Jan 2
594 Jan 2
412 Jan 23
16 Mar 12
414 Jan 17
984 Jan 2
47 Jan 30
4934 Jan 12
60 Feb 5
2334 Jan 31
4212 Apr 5
1218 Jan 17
30 Jan 17
/
1
4
412 Jan 22
36 Jan 21
633 Mar 12
4
100 Apr 4
1314 Mar 12
5812 Jan 8
114 Apr 1
62 Jan 26
90 Feb 6
434 Jan 22
4412 Jan 7
128 Jan 28
67% Mar 14
28% Feb 6
9812 Mar 13
11512 Jan 25
3312 Feb 15
121 Feb 18
/
4
49 Feb 5
12
943 Feb 5
4
102 Feb 1
15 Jan 28
/
1
4
817 Feb 11
2
95 Mar 6
2234 Jan 7
74% Jan 2
1183 Jan 8
4
5912 Feb 6
2732 Feb 21
238 Feb 13
5434 Feb 4
10934 Jan 4
9712 Feb 1
11412Mar 13
614 Jan 11
672 Jan 10
4112 Feb 4
2018 Feb 6
95 Jan 25
147 Mar 24
2
253 Feb 5
8
2712 Jan 2
90 Jan 21
29 Feb 4
873 Feb 7
4
874 Feb 14
957 Mar 8
18 Jan 12
90 Jan 2
624 Feb 7
684 Jan 28
4214 Jan 26
119 May 2
63% Jan 2
10078 Jan 12
84% Jan 11
10814 Jan 8
1212 Jan 2
518 Mar 24
347 Jan 9
3 Jan 2
93* Jan 5
We Jan 30
8514 Jan 11
1514 Feb 6
151 Feb 7
41 Jan 7
7034 Feb 5
91, Feb 11
2
1184 Apr 22
64 Jan 21
43 Jan 9
8438 Feb 9
104 Apr 3
10914May 2
87 Feb 11
86 Feb 4
48% Jan 11
20114 Jan 26
9412 Apr 29
997 Apr 29
44 Jan 3
2012 Mar 5
833* Jan 31
10334 Feb 7
10734 Feb 13
109 Feb 13
4272 Jan 12
943 Jan tO
23% Feb 15
4432 Mar 6
109 Feb 7
1204 Jan 14
68 Feb 15
2978May 2
3312 Feb 11
1032 Jan 11
3434 Jan 2
1812 Jan 26
1534 Jan 22
1912Mar 15
3954 Feb 11
113 Jan 30
98114 Jan 28
65 Jan 22
2938 Feb 6
5932 Feb 11
112 Jan 22
5 Jan 11
1414 Jan 16
88 Jan 15
28 Jan 0
345 Mar 24
3134 Jan 9
1312 Jan 3
40 Jan 12
/
4
7n1 Ian 7
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
$ Per share $ per share
7 July 1234 Mar
3114 Sept 5214 Dee
97 Oct 154 Mar
9012 June 99 Feb
53 Sept 934 Feb
504 Oct 86 Feb
814 Apr
114 Oct
9 May 1512 Mar
6 Apr
14 Oct
86 Apr 9812 Dee
41 July 5014 Mar
-- -go;
55 Aug 16
114 July 243* Dee
19% Sept 693* Apr
814 July 154 Jan
1312 July 35 Jan
/
1
4
6 Feb
Ds July
18 Oct 45 Jan
58 Jan 677 Mar
96 Opt 100 Apr
10 July 1112 Sent
47 July 134 Feb
1084 June 11414 Jan
424 Oct 814 Jan
80 Oct 9934 Jan
17 Nov 5812 Mar
4112 Dec 514 Apr
11012 July 134 Mar
417 July 8914 Apr
1814 Sept 32 Feb
8212 Aug 100 Mar
994 Oct 123 Mar
2914 July 3432 Feb
97 Sept 1714 Mar
24 June 484 Mar
89 Dec 104 Feb
80 Jan 99 No,
4
8 Oct 313 Feb
4
4012 June 663 Mu
843 Oct 9672 Mar
4
14 June 29% Apr
47 Jan 75 Dee
114 July 118 Feb
4012 Aug 5512 Feb
/
1
4
17 June 23 Dee
5 Feb
114 Oct
1812 Jan 3512 Dee
88 May 11834 Dee
4
853 June 9232 Feb
10612 June 115 No•
47 Oct 124 Mar
2
5 Oct 107 Mar
294 Oct 4114 Mar
1232 Jan 1914 May
8912 Nov 95 May
612 July 16 Feb
/
1
2234 Dec 344 Mar
16 Sept 39 Mar
/
1
4
/
4
8014 Aug 991 Feb
9 Jan 35 Mar
/
1
4
3914 July 63 Dec
88 Jan 90 Mar
3814 Aug 70 Dee
1114 June 2714 Feb
88 Oct 9778 Feb
6014 Dec 9012 Ja11
4718 July 12312 Jan
30% July 444 Mar
11434 Aug 11814 July
51 June 67 Mar
/
1
4
74 July 12412 Apr
5912 July 9414 Mar
9334 Oct 1264 Mar
7 Jan 15 Apr
2 Sept
834 Feb
234 Oct 34 Mar
1 June
4 Oct
8 June 1234 Feb
344 Nov 5278 Mar
/
1
534 July 65 Jan
512 Nov 2414 Feb
04 July 144 Mar
3312 Jan 45 Mar
488 Aug 783* Dee
7612 July 9278 Dee
10434 Feb 11512 Oat
114 Oct 1412 Jan
357 Aug 42 Dee
50 Oct 7712 Mar
81 Feb 994 Mar
106 Sept 112 Jae
29 July 3912 Mar
7414 Oct 8534 Feb
4614 Feb 49 July
15212 Jan 1874 Dec
20 July 694 Dec
64 June 87 No•
61, mar
212 June
1334 Oct 25 Jan
40 June 7314 Mar
9514 June 101 Mar
8818 July 106 Mar
9712 Aug 1083, Mar
30% Oct 0478 Mar
7634 Oct 105 Jan
18/8 Oct 4338 Mar
/
4
381 Dec 481 Jan
8
/
1
4
8512 July 109 May
1164 Aug 1234 Jan
5512 Oct 7612 Mar
8
14 Oct 243 Feb
12
24$4 July 44 Mar
2
3 Feb
614 June 27 mr Ar
17 June 69 Mat
12 Oct
1412 June 20 May
121 Jan 163 Dec
/
4
2
33 Dec 105 Mar
10112 July 1194 Feb
78 July 120 Feb
524 June 671 Feb
/
4
20 Oct 3032 Mar
4538 June 607
t
13
Nov
2 Dec 14 Feb
5 June 114 Dee
424
19
Jj e 83 M
ua
nn 4234 DR
"
19912 .Tan 290 Dee
le% Oct 4012 Feb
814 Jan 134 Nov
3784 Dec 4012 Dec
62 Oct 80 Jag
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of(noting 6onds was changed and prices are now
BONDS.
N. Y.STOCK EXCHANGE
Week ending May 2.
P.
Price
Friday
May 2.
Week's
Range or
Last Sale
pe
U. S. Government.
Bid
High No.
Ask Low
First Liberty Loan
JD 9977.2 Sale 9917.2100.00 1411
34% of 1932-1947
JD 10015.2 - - - - 99742 9935.2
Cone 4% of 1932-1947
1
JD 100142 Sale 1007.2 10013.2 519
Cony 4(.% of 1932-1947
2d cony 411% of 1932-1947_ J
1001522 Sale 10010
.100,34, 11
Second Liberty Loan
MN 10942
4% of 1927-1942
100113,10011n 44
MN 1000.2 Sale 109.00 100134: 6344
Cony 494% of 1927-1942
Third Liberty Loan
MS 10017.2 Sale 100 4, 1001342 4261
414% of 1928
,
Fourth Liberty Loan
AO 10017.2 Sale 1003 10013 7660
.•
,
4)4% of 1933-1938
AO 101142 Sale 101",s 102.00 2188
Treasury 419s 1947-1952
d1930 Q .1
28 consol registered
10312 Mar'24
d1930 Q J
25 consol coupon
10238 Mar'24
1925 Q F
4s registered
104 May'23
1925Q F
4s coupon
103 July'23
Panama Canal 10-30-Yr 28.81930 @ F
IOU Aug'23
1961 Q M 91 Panama Canal 38 gold
9113 Apr'23
93
State and City Securities.
N Y City-43412 Corp stock _1960 M 5 100
____ 997 Apr'24
8
1964 M 5 10012 ____ 997 Feb'24
4345 Corporate stock
8
l966 A 0 10012 ----9930 Feb'24
49121 Corporate stock
1971 J D 10478 ____ 1044 Apr'24
4553 Corporate stock
7
4 h s Corporate stock _July 1967 J J 1043 ____ 10458 1043
4
4
1965 J D 105 Sale 1044 105
21
4948 Corporate stock
1963 M S 10434
10314 Apr'24
43-45 Corporate stock
1959 M N 9 6
9
4% Corporate stock
954
954
1958 M N 96
4% Corporate stock
8
964 953 Apr'24
1957 M N 10412 ____ 9614 Jan'24
4% Corporate stock
4% Corporate stock reg_1956 M N
944 Feb'24
2
8
43.4% Corporate stock _ _ _1957 M N 1047 Sale 1044 104 8
43.4% Corporate stock ___1957 M N 10412 ____ 10438 Apr'24
5
87
334% Corporate st ock _ _ _1954 MN 87 Sale 87
1961 M S
-48
New York State
10212 June'23
Canal Improvement 4s....-1961 3 J
10212 June'23
Improv't 4.348_1963 M S
Highway
100 11214 July'23
Highway Improv't 43402_1965 M S
10412 Apr'22
1991 J -1 6414 ____ 7114 Oct'21
Virginia 2-38
Foreign Government.
1927 F A
Argentine(Govt) 70
1945 M
Argentine Treasury 58
1943 J D
Austrian (Govt) 7s w
Belgium 25-yr ext s 1 730 g_11/45 1 D
Jan 1925 J J
5
-year 6% notes
1941 F A
20
-years f 88
1945 M N
Bergen (Norway) 8188
1945 M N
Berne (City of) s 1 88
Bolivia (Republic of) Ss__ 1947 M N
Bordeaux (City of) I5-yr 68_1934 MN
1941 J 1)
Brazil, U S external 8s
1952 J D
78 (Central RY)
1952 A 0
7.14s (Coffee Security)
Canada(Dominion of) g 5s_ A926 A 0
1931 A 0
521
10-year 53-58
1929 F A
1952 M N
So
Chile (Republic) ext s f 8s 1941 F A
External 5-year e 1 8s____1926 A 0
1942 M N
78
25-year f 88
1946 M N
Chinese (Iluktiang Ry) 55_1951 .1 D
Christiania (City) s f 894. _ _1945 A 0
Colombia (Republic) 610..1927 A 0
,
Copenhagen 25-years 5Sis_1944 J 3
Cuba So
1944 M S
Ester debt Os 1914 Ser A__1949 F A
External loan 43.49
MP V A
5348
1953 J J
Czechoslovak (Repub of) 8s.1951 A 0
Danish Con Municip 88"A"..1946 F A
Series B
1946 F A
Denmark external s f 88
1945 A 0
20
-year 621
1942 J J
Dominican Rep Con Adm o f 50'58 F A
5%
1942 M S
Dutch East Indlea ext 6s
1947 J J
40-year 6s
1962 M 5
5945 trust recta
1953 M 13
French Repub 25-yr ext 85_1945 M 5
20-yr external loan 7348.1941 J D
Gt Brit & Irel(UK of) 5348_1937 F A
10
-year cony 590
1929 F A
Greater Prague 793s
1952 M N
Haiti (Republic) 6s
1952 A 0
Italy (Kingd or) Ser A 6148_1925 F A
Japanese Govt
-f loan 4139_1925 F A
Second series 450
1925 3 J
Sterling loan 4s
1931 J J
Temporary s f g 693
1954 F A
Oriental Development 60-I953 M S
Lyons (City of) 15-year 68_1934 M N
Marseilles(City of) 15-yr 612-1934 M
Mexican Irrigation 494s_ __ _1943 M N
Mexico
-Os 01 1899
1945 Q J
Gold debt 48 of 1904
1954 J 0
Montevideo 78
1952 1 D
Netherlands 6s(flat prices). 1972 M S
Norway external 8188
1940 A 0
68
1952 A 0
68 (interim certificatea)_ _ _1943 F A
Panama (Rep) 534s tr reets_1963 J D
Porto Alegre (City of) 8s_ _ _ _1961 J D
Queensland (State) ext ef 7s 1941 A 0
25
-year Os
1947 F A
Rio Grande do Sul 8s
1946 A 0
Rio de Janeiro 25-yr f 8s 1946 A 0
88
1947 A 0
El Salvador (Rep) temp 8s 1948 J J
San Paulo (City) s f 86
1952 M S
San Paulo (State) ext f 88 1936 J J
1942 J J
Seine (France) ext 7s
Serbs, Croats dr Slovenes 88_1962 M N
1936 M N
Solmsons(City)(113
1939 J D
Sweden 20-year Os
Swiss Confeder'n 20-yr s 188 1940 J J
1912 M S
Tokyo CRS 58
Uruguay (Republic) ext 8s__1946 F A
1945 A 0
Zurich (City of) a f 88
10112 Sale 101
10134 153
785 Sale' 783
8
8
785
8
1
90 Sale SA
9018 158
102 Sale 10113 10218 164
997 Sale 99,
8
997 232
8
8
102 Sale 10113 103
98
109 Sale 10814
11
109
108 10912 10834
20
109
9013 Sale 88 4
913 422
4
,
82 Sale 813
8278 120
4
95 Sale 9438
95
83
81 Sale 8012
81
59
99 Sale 98.4
99
33
1001. Sale 10014
1003
8 90
994 gle 9934
100
125
10112 Sale 1013
1013
4 56
994 Sale 993
100
134
4
10358 Sale 10312 104
38
103 Sale 10234 103
24
96 Sale 96
9612 126
10334 104 10312 1033
4 14
3912 Sale 3914
4014 41
10812 Sale 108
1083
4 18
957 Sale 9514
8
957
8 64
89 Sale 89
90
50
954 95
95
7
89
91
9011 Apr'24
__
8018 8112 8018
81
57
937 Sale 9313
8
9414 421
97 Sale 963
4
973
.1 75
10712 10734 12
1064 Saf- 1063
e
4 1073
4 60
1139 Sale 1084 109
71
9412 Sale 94
953 141
4
1015 10212 102
8
Apr'24
8612 87
87
20
8612
9331 Sale 935
8
9413 69
9314 Sale 9318
94
121
8612 Sale 8612
87
63
9912 Sale 9912 100
323
9558 Sale 9512
9612 619
101 Sale 10012 101
332
109 Sale 10833 10912 166
85 Sale 8412
8514 44
90 Sale 90
91
13
100 Sale 100
100
26
9714 Sale 9714
9714 27
9714 Sale 9714
974 38
7914 sale 794
793
4 23
9112 Sale 91
913 595
4
86
8613 853
4
8612 21
813 Sale 813
4
4
827
8 86
813 Bale 813
4
8278) 137
4
25
30 29 Mar'24
49 Sale 4812
49
3
30 Sale 2912
30
3
8818 Sale 8753
MI 17
903 Sale 893
4
4
91
152
111 Sale 11012 11118 34
94 Sale 933
8
9412 54
9412 Sale 9312
0412 125
0614 sale 9618
9618
8
9434 96
943
4
95
2
106 gale 10534 106
18
997 Sale 0934 100
8
57
9518 Sale 95
9512 18
923 Sale 923
4
8
9314 30
913 Sale 91
8
913
4 35
10014 Sale 10014
1003 100
8
983 9918 99
4
995
8
5
9912 Sale 99
994 44
873 Sale 873
4
4
89
88
814 sale 80
823 1470
4
82
8212 82
8212 10
11)214 Sale 10214
1024 60
1127 Sale 11214
8
113
14
6118 62
6014 Apr'24 _ _ _ _
1033 Sale 1033
4
4
10412 15
110 111 110
11014
4
Railroad.
Ala Gt Sou 1st cons A 58____1943 JO 9612
Ala Mid let guar gold 52L-__1928 MN 100 101
Alb & Susq conv 33413
1946 *0 8018 803
8
Alieg & West 1st g 48 gu
19 AO 8012 8112
Aileg Val gen guar g 98
1942 MS 8912 9014
Ann Arbor 18t g 45
81995 Q
4
587 593
8
Atoll Top & 5 Fe
-Gen g 40_1995 AO 873 Sale
4
Adjustment gold 48
81995 Nov 82 Sale
Stamped
81995 Nov 813 Sale
4
Cony gold 48 1909
1955 3D 815 83
8
Cm)v 4s 1905
1955 3D 815 83
8
Cone 412 Issue of 1910
1960 ID 8218 - Ent Ohio Div 1st R 421____1928 MS 953 ____
4
Rocky Mtn Div 1st 4s_
'3 913 Sale
1965
4
Trans-Con Short L 1st 48.1958 J J 8412 8434
(751-Arts 1st & ref 410"A"1902 MS 913 Sale
4
9614
9712
6
994 June'24
80
8011
4
8030 Apr'24
8914 Apr'24
581
,
5938
8712
8838 128
8118
82
8
813
4
82
48
821 1
83
8
823 Apr'24
8
83
83
9518 Apr'24
914
913
4
8412
8412
3
914
9131
5
Range
Since
Jan. 1
i6 1
and interest"-except for Income an4 defautted /vtad4
BONDS.
N.Y.STOCK EXCHANGE
Week ending May 2.
Price
Friday
May 2.
Week's
Range or
Last Sale
H
Rang.
Since
Jan, 1
Low
High
Bid
Ask Low
Low
Htoh
High
Atl & Birm 30-yr 1st g 4s___c1933 M
7534 Sale 75
76
77
11
70
981124100.00 At1 Knoxv Cln Div 4s_ __ _1955 MN 85
85
86
835 87
8
85
9834, 991341 Atl Knoxv & Nor 1st g 58.__1946 JO 9912 ____ 91113 Mar'24
9914 994
9873410013n Atl & Churl A List A 43-48_19443' 925 Sale 925
8
8
9134 925
924 15
/
1
8
9810.1100,343
1st 30-year 5s Series 11_ _ _ _1944 33 100 ____ 998
96 100
100
34
Atl Coast Line lot con 4s...51952 M 8 88
8814 30
8818 8712
8612 887
8
984n1001,42
10-year secured 7s
1931) MN 10714 1073 10712 Apr'24
10658 1073
8
4
9833210013n
General unified 434s
1964 31) 883 Sale 8814
89
4
32
8614 89%
L& N eoll gold 4s
01952 M S 83
8330 83
4
3
81% 833
8312
9934310010n AU & Danv let g 4s
7518
7314 777
744 7513 7412
/
1
1948 J J
11
8
2714s
651, 8518
1
1948 33 62
6518 Mar'24
69
987
.210(Porr Atl & Yad 1st g guards
1949 AO 74
7214 8018
74
754 74
/
1
2
99..162.00 A & N W 1st gu g 5s
1941 33 95 ____ 9612 Dec'23
10313 10312
10238 10238 Bait & Ohio prior 394s
964 9812
1925 33 9814 Sale 977
8
983 239
3
Registered
81925 Q
98
_
96
973 Apr'24
4
1st 50
-year gold 45
8113 8512
81948 A0 845 Sale 8412- 843 121
4
8
Registered
81948 @ J
81
_
80
81 Mar'24
-year cone 4338
10
8214 8812
1933 MS 8814 Sale 875
8814 239
8
Refund & gen 58 Series A _1995 .1 D 853 Sale 8513
88
83
8614 80
4
987 100
8
10-year as
1929 J
,
19714 Sale ,8 19712 104 10018 1033
017 911 101%
8
17
02
7
5
995 100
8
P Jet & M Div 1st g 39413_1925 111 N
9514 9712
e
99. 997
4
P LE&W Va Sys ref 4s_ _1941 MN 8218 Sale 82
824
79
8214 33
10412 10112
Southw Div 1st gold 3348.1925 J J 98 Sale 973
961/ 981/
4
98
168
11/23 11.43
4
2
Tol & CM Div 1st ref 45 A_1959
663 697
4
4
J 67
677 6634
8
674 24
1023 105 Battle Cr & Stur 181 gu 38..1989 J
4
58
60
564 63
58 Mar'24
103 1033 Beech Creek 1st gu 11 4s
4
1936 J J 907 Sale 9078
90% 9114
8
907
8
6
9458 9614
Registered
1936 J
86
9458 9618
24 guar gold Os
1936 J J 9914
9614 9614 Beech Cr Ext 1st g 3148_51951 AG
60 July'23
943 9514 Big Sandy 1st 48
/
1944 3D 817 - 5 8112 Apr'24 _
1i14
8 8i 8
10318 1043 B & N Y Air Line 1st 98
s
1955 FA 63
66
61
64
9412 Apr'24
102% 164% Bruns & W 1st gu gold 9s
1938
'3 89
8812 90
90
89
Apr'24
8514 87 Buffalo R & P gen gold 5s 1937 MS 100 19114 100
100 100
Jan'24
Consul 494s
1957 MN 89 Sale 883
4
871/ 90
893
8 16
Burl C R & Nor 1st Sa
1934 AG 99 Sale 981/
:
953 991
4
99
12
75,, _ _
i b:22
i‘Fftey 14
Canada Sou cons gu A 58.-1962 A0 993 Sale 99N
4
/
1
4
97 100
993
4
4
Canadian North deb s I 78..1940 3D 1123 Sale 11258
4
11314 50 111 11413
25
-year yr deb 6525
1916 J, 11234 Sale 11214
4
113
35 1103 113
Canadian Pac Ity deb 48 stock__ J J 80 4 Sale 793
4
.
8014 83
783 8234
4
1003 10214 Curb & Shaw 1st gold 4s_ _ _1932 MS 8912 ____ 9184 Feb'24
4
73
90
913
4
7812 84 Caro Cent 1st con g 48
1949 1
70
/ 7230
1
4
_ -. 7073 Mar'24
8514 9018 Caro Clinch &0 1st 3-yr 58_ _1938
D 943 943 94
8
923 9438
8
4
9430 68
97 10218
68
D
1952
96
99%
9034 100 Cart & Ad 1st gu g 48
1981 1 D 8
9
"4 S8le 2 874
0
821g
a21 02
82 " 81
9S14
1
97 103 Cent Branch U P 1511 g 48._ _1948 3D 703
4..-. 71
72
67
72
3
108 10912 Cent New Eng let gu 4.8_ __ _1961 1 1 5818 59% 58%
5034 65
59
23
10812 11114 Central Ohio 4948 1930
9.534 ---_ 933 Dec'23
1930 NI S
4
9124 Central of Ga 1st gold 5s_p1945 FA
85
2
, Apr'24 9712
9
99 101
,20
8
7112 827
8
1945 MN
Consol gold Os
Sale
9514 98
55
9278 95
June 1929 3D 101 18 Sale 10118
10-year secur(113
1013
4
4 22 100 1013
7712 81
D 7812 ___- 74
Chatt Div our money g 4.1951
Ort'23
9912
94
j
4
Mae & Nor Div 1st g 58_1996
9812 ____ 974
9718
3 -953
99% 10114
J
1947
Mid Ga & All Div 59
94 July'23
9912 100
1846
.
Mobile Division 58
___ 96
Feb'24 ____
1003 10214 Cent RR & B of Ga coil g 58_1937 MN 97- 8 921!
4
93
937
93
6
9914 10014 central of NJ gen gold Os...1987 J J 1043 110 1043
4
4
9
210614
105
96
29 10
102 10412
#1987
Registered
J 10312 ----10312 Apr'24
10253 105
10233 104
1949 FA 8618 Sale 803
Cent Paz 1st ref gu g 48
85
4
8613 47
8712
M tge guar gold 33.48
94 100
#1929 JD 9212 Sale 92
9212 11
91
923
4
102 10412
Through St L 1st gu 48__ _1954 *0 833 ____ 834
4
817 863
8
844 24
4
3914 4.3 Charleston & Savannah 75-1936 JJ 116
____ 11518 Feb'24
11514 116%
107 10912 Ches & Ohio fund & impt 55_1929 3.1 98 Sale 93
98
16
943 96
4
19311 MN 1015 ____ 1013
3
8 1013,
97 101%
99 9S3
%
1st consol gold Os
2
8714 9112
1939 MN
8634 Apr'24
98
Registered
98
8 2
05
933 96
4
1992 MS 8714 Sale
General gold 43.6,
3
84% 8712
314 8 58
28
8912 9214
Registered
1992 MS
79, 83
4
i;t- - 83 4 jan4 - - 8814 9213
e 913-'8 92 116
-year cow% ertible 4%5..1930 FA
.211
20
914 944
4
30
-year cony secured 5s_..1946 *0 9418 Sale 931....
9414 173
94
9734
_
1940
Craig Valley 1st g 58
82 8 9334
98374
935 --__ 9334 Apr'24
a
414
10615 103
Potts Creek Branch 1st 45_1946
78
781
79
_ _ 7938 Apr'24,____
/
1
4
111612 108
4
8012 814 803 A pr'24
8R & A Div 1st con g .1s___1989
61 6
4
79 811/
7/ 7
10714 11.1914
Jan'24._..
1989
76
24 consol gold 48
7512 78
9318 9534
Warm Springs V 1st g 5s__1991 MS 9214 95
93 Dec'23
_
100 10212 Chic dr Alton RR ref g 38.-1949 AC 5812 Sale 5812
584 21 -55- 587
853 90
4
______
New York Trust Co
53 July'23
927 9.5%
8
531.
Stamped Oct 1922 Interest..
58
5618 Apr'24
92% 96
Stamped April 1923 Interest__
56
64 I 8
_ 584
5S7f
584
5
8612 90%
Railway first lien 3 118.-__1951)33 3612 Sale 3614
304 40
3612 23
/
1
4
9212 100 Chic Burl & Q-III Div 3148-1999
11 803 Sale 8)
783 8112
4
4
81
18
90
9612
Illinois Division 45
1949ii 88
8812 88
86
891
/
4
8830 10
9918 101%
Nebraska Extension 40._ _1927 MN 973 Sale 973
4
8
973
4 17
9611 98
10613 11014
Rep,Istered
1927 MN
96 Nov'23
7612 86
General 4s
1958 MS 86 ,3 8718 863
g71r,
4
871s 13 -55- 8813 92
1971 FA 08 Sale 9738
lot & ref 58
9813 197
967 99 4
8
,
9812 10018 Chic City & Conn Rys Os__ _1927 A0 52 Sale 51
52
3
5013 5512
925 9714 Chicago & East III 1st )',a._.1934 A0 10538 ____ 11153 Apr'24
2
8
14 0 12
83
10412 175.8
78
1113 973 C & E Ill RR (new co) gen 529.1951 MN 7512 Sale
4
4
7612 205
751/
78N 8I1 Chic & Erie 1st gold 5s_ _ _1982 MN 9412 97
90 Apr'24
917 95
4
845 913 Chicago Great West Oat 473_ _1959 NI S 525 Sale 5212
8
4
8
534 77
With Sept 1924 coupon on....
3
52 Feb'24
5%
4818 5534
5°
gii Chic hod & Loul8v-Itel 65._1917
__ 10634 10912 6 10538 10912
7214 8274
Refunding gold Ss
11147 J J 0)13 9718 9618 Apr'24
2714 30
Refunding 48 Series C____1947 ii 8212 85 Apr'24
91% 187
85 9: 95
9 1 00
5E
2
43
5113
General 5a A
1966 MN 833 - -3- 84
3 84 4
4
13
8112 843
26
30
General 6a B
c1966 J J 98 Sale 973
8
9812
8
8514 8812
Ind & Louisville 1st gu 48_1956 3J 74
Apr'24
76
71
76, 76
3
8934 063 Chic Ind & Sou 50-year 4s_ _1956 33
4
4 8412 85 Apr'24
10934 11278 Chic LB & East 1st 434s_ _1969 J 13 833 Sale 894
90
90
82 4 853,
81 91
74 2 740
2
2
91, 94i2 C M & Puget Sd 1st go 4s_ _ _1949 J .1 58
60
5918 5914
22
9218 943 Ch M & SIP gen g 4s Ser A..e1989 3' 73
4
734 727
8
7314 35
9514 97%
4s
General gold 37 Ser B 814189 3, 645 6514 6412
8
5
6412
92
9712
General 49-4s Series C___ _01989 J J 8214 Sale 814
7
8214
10418 107
4813 58 '3
67954 86241112
Gen & ref Series A 433s a2014 A0 55 Sale 54
5514 50
9912 10118
a2014 FA 584 Sale 5814
Gen ref cony Ser B 5.8
85
5 ,2 6218
4
5918 48
88
92
9712
Convertible 4335
1932 3D 6330 Sale 6213
641
s 47
/
1
4
87% 94
1925 3D 8212 Sale 82
421
83% 273
87
93
1934 J J 563 5714 508
25-year debenture 43
4
11
691 6
481 804
°74
575
100 1004
Chic & Mo Riv Div 5s.._1926 33 983 Bale 983
96
4
2
994
4
983
4
9512 995 Chic & N'west Ext 45._1886-1926 FA 0714 ____ 9714
8
963 98
2
9714 10
9814 9934
Registered
1880-1926 FA 9714 Sale 97
96
9714 55
9714
79
89
General gold 3938
1987 MN 71
693 72%
3
711e 7034
7118 13
6314 82%
Registered
7)1987
6858 Jan'24
68% 703
4
76
8213
General 4s
1987 NI N
80
8114 25
8112 8012
8134
102 105,
4
Stamped 95
1987 01 N
804 Apr'24
794 8118
1113 118
4
General 55 stamped
N -60i8 10114 1013 Apr'24
1987
8
9912 1013a
601s 635
8
Sinking fund 68
1879-1929 A0 1023 104 1023 Mar'24
8
8
102 10412
Registered
1879-1929 A0 1017 10313 10134 Feb'24
101 1°2 2
8
99
02
4
110 112
Sinking fund 5s
1879-1929 A0 9730 9813 98
963 98
8
98
2
Registered
1879-1920 A0 953 9812 96
Jan'24
4
Sinking fund deb 58
1933 MN
99
9912 99
9918 14
Registered
1933 MN 974 100
9814
9814 10
9 r 975
3
: 992
'2
10
-year secured 718 g
1930 3D 10612 Sale 10512
1061
4 14
8034
15-year secured 694s g__ _ _1936 MS 10712 1077 10712
8
10712
5 105 2 11100°699988611144
°999486 3
711;44
3
80
Chic R I & P-Ratlway gen 481988 J
8014 Salo 8018
803
8 48
78',
9
800 1 8
8 32
8
0
97
Registered
3J 783 Sale 784
8
2
783
8
Refunding gold 4s
1934 *0 773 Salo 77
4
7814 211
7 54 78
7 8 788;
6
3
1
86
883 Chic St LA NO gold ,5s_..1951
4
D 1003 102 1003 Apr'24
8
4
99 1003
4
791/ 8218
Registered
J I)
9553
7912 82
Gold 3945
1951 J I) 77
77 Feb'24
77
821s 844
Joint lot ref Ss Series A
1963 JO 944 - 514 94
6
Apr'24
2
94 - Z
814 8412
Memphis Div 1st g 4s
1951 JO 82 _
82 I
1 1:890, z
82
8054 1 2
% 81
813 83 C St I. & P 1st coot g 5s___1932 A0 9812 __
4
100 Apr'24
997 10018
8
9518 064 Chic St P NI & 0 cons 63._.1930
D 1035 Sale 10330
8
2
10330
80
8234
Cons Os reduced to 39372..1930 3D 90
/
1
4
8914
8818 8712
Debenture 5s
1930 MS 94 I.4
91141 11
4
193% 98
8
01115 927 Chit T it k So East 1st 5s. loan I II 71114 sale2 933
,
7712 6114
80 ' 34
79,2
--
872
*N0Prlee Friday:'sten bid and asked. 16=A. a Due Jan. dDueApfl. e Due May. p Due June. I
Dna July. k Due Aug. °Due Oat. /Wee Nov. Due Deo. @Option sale.
New York Bond Record-Continued-Page 2
Z162
BONDS
N.Y.STOCK EXCHANGE
Week ending May 2.
tg
it
.,n,
Price
Friday
May 2.
Week's .
1H,
Range or
al ei
Last Sale
Range
S4nce
Jan. 1.
BONDS.I"
b.2
1 la
Y.
N. STOCK EXCHANGE
No.
Week ending May 2.
Price
Friday
May 2.
Week's
Range or
Last Sale
g
,
g ,1
gO.a
Range
Since
Jan. 1.
High
High No. Low
BM
Ask Low
High Illinois Central (Concluded)High No. Low
Ask Low
1316
754 7812
1
77
8932 92
Purchased lines 348
1952 J J 77
77
4 15
903
78
90 Sale 90
794 8212
824 44
8212 813
Collateral trust gold 48_1953 M N
4
97 100
9838 Sale 9778
9812 274
78
7914
1953 MN 7912 -___ 7914 Apr'24 ---Registered
11512 116 11538 11512 17 11458 116
9934 102
10112 72
1955 MN 10112 Sale 101
Refunding 59
105 ____ 105 Apr'24 ____ 105 105
67 10012 10212
1934) J 102 Sale 10114 102
15
-year secured 548
7112 7534
2
7478
7478 Sale 7418
3 10812 1114
15
11012 11058
-year secured 634s g__ _ _1938 J .1 11012
1024 10334 10212 10212 32 10112 10338
85 85
Cairo Bridge gold 49
1950.1 D 8478 18 85 Jan'24 -__
94 96
953 ---- 96 Feb'24 --__
4
9
8
697 701
70 Apr'24 -__
Litchfield Div 1st gold 38_1951 J J 694 71
-------- 88 Mar'17 -___ -_._ -__
4
748 77
4
753 Apr'24 --,
Louis/ Div & Term g 348 1953 J J 7534 77
883 ____ 8812 Apr'24 ---884 WS
4
4
688 7014
89 8978Omaha Div let gold 35_ _ 1951 F A 6914 -_ 7014 Apr'24 --- _
Jan'24 ____
8814
8978
7013 74
St Louis Div & Term g 39_1951 J .1 6884 . _ 84 Feb'24 --- _
8678 _-- 87 Dee'23 -.__ -ia _
754 7715
1951.1 J 7658 - - 7518 Apr'24 ---81
Gold 3349
88 87 Apr'24 8634 8
758 7538
Div let g 349_1951 J J 774
754 Jan'24 ---Springfield
8
98 8 994
8
9988 ---- 985 Apr'24 ____
3
3
83 4 83 4
7
1951 1 A 8418 1514 833 Mar'24 ---_
Western Linea let g &a
4
. _ _
9618 - _ 53 Mar'22 -___ 1951 F A 83 85 92 Mar'16 - --- ---- ---814
Registered
784 - 8012 - - 803
8088 16
8138
s
1940 A 0 9088 ____ 86 Mar'16 -----------924 95 Ind B dz W let pref 4s
25
8
95
8
9484 955 947
8334 8484
1950.1 1 8334
8334 Apr'24 ____
997 Ind Ill & Iowa 11stg 48
994
98
8
8
9938 984
99
9712
96
I
96
1965.3 .1 9578 - - 96
9712
76 10012 10378 Ind Union Ry 59 A
103 Sale 10238 103
4018 56
4634 289
1 10138 10418 Int & Great Nor adjust 63.1952.1 1 46 Sale 4588
10418 Sale 10418 1044
9038 96
954 111
1st mortgage Os certificates1952 J J 9538 Sale 9514
14
8018 88
8612 89 8738 Apr'24 ____
6419 70
6718 45
80 Iowa Central let gold 5s__ ...1938J D 66 Sale 6538
77
7834 22
80
78
7812
1634 20
17
17
7812 81
4
1951 M S 163 Sale 1634
Refunding gold 45
7918 803 7912 Apr'24 ____
4
8512 8612
Mar'24 ____
8538 --__ 8612
8314 8412
8312 __ __ 9238 Sept'23 ---- --,... -- - James Frank dc Clear 151 48.1959 J D 8312 8412 8412 Apr'24 -.- 9
10618 ___ 10618 Apr'24 ____ 1038 10618
s
977 10018 Ka A & G It let gu g 58-1938 .1 J 96
5
10018
4 983 100 100
7784 797g
8
7812
844 848 Kan .1z M 1st gu g 48
1990 A 0 7812 Sale 7812
4
8434 Apr'24 _
,
94 2
984
95
5
9834
95 95
1927.1 .1 9834 99 9834
2
95
2d 20
-year 59
9478 96 95
8 10012 103
102 10284 10178 102
954 ____ 91 Mar'21 ____ - - -K C Ft S & M cons g 139---1928 MN
4
7312 781
35
78
4 943
4
9512 ____ 9434 Apr'24 ___ 948 ---- K C Ft S & M Sty ref g 48-1936 A 0 78 Sale 7712
9412 97
8012 ____ 7612 Feb'12 ____ ---- ---- K C & MR & B let gu 59-1929 A 0 9312 9538 944 Apr'24 ____
70
67
35
70
7934--- 7018 Dee'12 ____ ---- ---- Kansas City Sou 1st gold 38.1950 A 0 69 Sale 6814
86
3
90 4
9034 70
Apr 1950 J J 90 Sale 8912
Ref & impt 58
80 82 67 Jan'21 _
8114 8334
24
83
95 9314 Apr'24 __9012 9314 Kansas City Term 1st 481960 J .3 8234 Sale 8212
94
_
82 84
8
10414 Sale 104
111414 27 10238 1043 Kentucky Central gold 48-.1987 J J 8214 837 84 Apr'24 --__
4
614 6318
1
6138
9738 199
954 9812 Keok & Des Moines 1st 59-1923 A 0 6114 67 6188
974 Sale 97
3
1925.3 .1 10012 ____ 10014 Apr'24 ---- 10014 100 4
80 821 Knoxv & Ohio 1st g Os
1
81
8112 8212 81
4
9234 943
9434 21
9434 Sale 9413
9328 9729
1
9718
1st g 58-1937 .1 J 9718 9714 974
8012 8612 Lake Erie dr West
,
86 4 106
,
86 8 Sale 8538
87 92
11
91
8118 8214
1941 J J 9088 Sale 9012
2d gold 59
8212 8312 8214 Mar'24 _
7518 80
5
774
824 83 Lake Shore gold 3.49
1997.3 D 774 Sale 7718
8134 '84 8178 Apr'24 _
75
75
Feb'24 ____
75
1997) D 744 77
813 8412
5
4
84
Registered
8312 84 8312
9438 963
4
64
96
101 10212
1928 M $ 96 Sale 9534
Debenture gold 48
101 102 101 Apr'24 _
9214 94
7
4
933
1931 M N 9334 Sale 9328
25
-year gold 49
4
912 913
9212 9212
.1 94
1931 MN 9178 ___ 9134 Dec'23 ___Registered
9478 9212 Jan'24__ _
Day & Mich let cons 449._ _1931
3
923 94
9414 9318 Apr'24 ____
8714 53
835 8778 Leh Val NY 1st gu g 448_1940 J J 934 8
Del& Hudson 1st & ref 481943 MN 87 sale 864
Apr'24 -, 9112 9112
8 - 9312
1940.3 1 913
8
925 943
1935 A 0 9312 94 9339
4
19
Registered '
94
-year cony 58
20
3
768 79
14
78
9712 10114 Lehigh Val (pa) cons g 48_2003 M N 7712 1814 7712
1937 MN 10014 Sale 9912 10034 22
-year 5348
15
4
853 89
8 18
883
2003 MN 8712 8838 87
General eons 448
1930 D 10812 Sale 108
10812 12 10011 1084
-year secured 78
10
1 10014 103
1936 F A 914
89 May'22 __
--, z - Leh V Term RY let gu g 58-11941 A 0 10014 Sale 1004 10014
D RR & Bdge let gu 41; g
- 9912 994
1941 A 0 --------992 Jan'24 _
703
074 - -4
J 7018 Sale 6913
Registered
Gr-let cons g 412 1936
78
4
703
Den & It
21 101 103
8
5
8
742
7212 75 Leh Val RR 10-yr colt 6s._n1928 M S 1028 Sale 10288 103
8
J 742 sale 7314
1936
Consol gold 448
824 83
8312 8212 Apr'24 __
794 86 Leh & N Y let guar gold 43_ _1945 M S 83
1928J D 86 Sale 844
16
86
Improvement gold 5s
99 10179
F A 351 sale 357
344 41/ Lox & East 1st 50-yr 59 gu--1965 A 0 9912 10114 10034 10034 10
8
4
1955
3734 16
let dc refunding 59
1962 MN 8012 ____ 8188 Nov'23 --------49 Oct'20Little Miami 49
do Registered
344 41 Long Dock consol g 68
1935 A 0 10684-_ _ 10688 Feb'24 ---- 10638 10682.
L&Tr rens Aug '55_ _-__ ____ 38 35 Apr'24 _
Farmers
974 9812
3414 8814 Long Rad 1st con gold 58..-81931 Q J 9718 100 9812 Feb'24 __-_
3414 Mar'24 ___
26
Bankers Tr ars of dep
3714
33
81931 Q J 9212 9312 90 Dee'23 --- - ---- ---1st consol gold 4s
39 35 Apr'24
32
do Stamped
*
845 87
86 Apr'24 ____
1938) D 86 87
40 40
343 Apr'24
General gold 48
Am Ex Nat Bk Feb '22 ctfs- ____ ____ 40
8312 83114
3418 384
- 8318 Jan'24 ____
1932.3 D
Gold 49
3812 Jan'24
do Aug 1922 ctfs
804
79
84
7918 1949 M 9 868_- 7978 Apr'24 ____
Unified gold 48
4
423 4714
4412 30
D 1st gu 48____1935 J J 4314 Sale 4314
Dee M & Ft
s
913 92
1934) D 9138 944 92 Mar'24 ___
Debenture gold 58
r,
9314 Sept'23 ___ -, - ---Dee Plaines Val 1st gu 449_1947 M S 8682_
87
84
71
7
4
863
69
1037 M N 8634 Sale 86
-year p m deb Ls
20
8
Del &Mack-let lien g 49__1995 J D 67 197 70 Apr'24 _ _
81
79
1
81
Guar refunding gold 48-1949 M S 81 Sale 81
8 60 62
62
1995.3 ID 62 Sale 62
()old 49
9414 951y
5
954
9512
8712 9012
Nor Sh B 1st con g gu 5e_a1932 Q .11 95
1961 MN 89 Sale 88%
894 12
Det Rio Tun 4348
9512 9838
3
4
953
9714 9534
,
9938 100 2 Louisiana & Ark let g 58-1927 M S 9534 2
_ 10012 10012
gen 58_1941 J J 100
Dul Mamba &Nor
7912 8312
8312 11
997 Lou &Jeff Bdge Co gu g 48-1945 M S 8212 8384 8112
98
8
Dul & Iron Range let 59---1937 A 0 9914 100 997 Apr'24 ___
8
_ _ 9578 July'23 ___ .....,- --_, Louisville di Nashville 58-1937 M N 1014 102 10118 Apr'24 ____ 1007 10212
1937 A 0 ___
Registered
89 918
9184 38
1940.1 J 9118 Sale 91
Unified gold 45
4
10 81
8238 13
1937 J J 8058 82 81
Del Sou Shore & All g 58
.1 8718 ____ 9014 May'23 -- ---- --1940.1
Registered
8
067 99
Collateral trust gold 52..-1931 MM 9714 ___ 964 Apr'24 ____
5
8412 8
2
I Minn Nor Div let g 49_ _ _ _1948 A 0 8434 8612 847 Apr'24 ___
6 1064 108%
93 96
1930 MN 10712 Sale 10712 1074
10
-year secured 75
1938 M S 95
96 96 Apr'24 __
E. Tenn reorg lien g 58
4
19 1043 107
4
2003 A 0 105 1064 0678 107
let refunding 548
983 9928
6
9912
2030.3 .1 98
994
1' T Va & Ga Div g 58
974 102
2003 A 0 1014 Sale lOO7e 10112 28
7
97 8 9912
58 B (when issued)
9912 17
1958 M N 9912 Sale 99
Cons let gold 58
N (:) & m 1st gold 68
9712 10012
1930 J J 10312 ____ 0358 Feb'24 ____ 10358 104
5
Elgin Joliet & East let g 58_ _1941 M N 10618 10614 994 1004
1930) J 102 ____ 103 Apr'24 ____ 103 10319
2d gold 68
6
Ririe 1st consol gold 78 ext. 1930 M S 10612 Sale 10618 1064 19 10438 10 38
854 87%
_ _ 8512 Mar'24 ____
6184 677
8
Paducah & Mom Div 48_ _1946 F A
92
66
1996 J .1 6512 Sale 65
1st eons g 48 prior
4
613
60
1
6038
8
60 61
61
61
St Louis Div 2d gold 38_1980 M S 86- - 605
1996) J 6038 64 61 Mar'24 ___
Registered
4
953
94
9618 95 Jan'24 ____
L & N & M & Al 1st g 449 1945 M S 95
5312 5712
206
56
8
let consol gen lien g 49-1996 J J 554 Sale 553
8111
79
23
81
South joint M 48_ _1952 J .1 8012 Sale 8018
L& N
1996.3 J --------53 Mar'24 ____
_3
5_ _
53
Registered
77
77
81952 Q J 7218 ____ 77 Jan'24 ___
Registered
884 e812
Penn coil trust gold 48_ A951 F A 8912 9218 9012 Apr'24...
97
96
10
97
54.4 614 Loolsy Gin & Lox gold 449-1931 MN 97 Sale 9678
-year cony 4s Ser A_ _1953 A 0 58 Sale 58
50
8 1:
585
5412 61
1953 A 0 58 Sale 58
5834 21
do Series B
4
981 998
1934 J J 100 -- - 98 4 Feb'24 ____
3
s
3
59 4 663 Mahon Coal RR 1st 58
,
176
Gen eons 49 Series D _ _1953 A 0 6438 Sale 6414
65%
55 60
14
58
8912 96 Manila RR(Southern Lines) 1939 M N 58 Sale 5778
1955 J J 96 Sale 9512
19
96
Ede & Jersey let 8 f 68
4
9618 973
1
9612
,
83 4 834 Manitoba Colonization 59.-1934 J 13 96% 974 9612
8
Erie & Pitts gu g 3345 B----1940 J J 823 __-- 834 Jan'24 ____
82 8258
83
83 Man GB & NW 1st 34s_ _ _1941 J .1 8112 83 82 Feb'24 ____
1940.1 a 8238 ____ 83 Jan'24 _
Series C
Internat'l let cons g 4s-1977 M S --------37 Mar'13 ____ -.-- - Evans & T H 1st gen g 59_ _ _1942 A 0 102 ____ 88 Apr'23 ____ ---- ---- Mex
98 110
1931 M S 99 ____ 9918 Apr'24 ____
Sul Co Branch 1st g 59-1930 A 0 96 ___ 6912 Apr'23 ____ -------- Michigan Central Ss
8
9
88
___ 88 Apr'24 ___
1931 Q M 983
Registered
1924) J
9914 Oct'23 ____
/ergo & Sou 69
8634 8912.
I
90
8912
8912
1940 J J 8912
48
s
.
__ 9412 Dec'23 __ -,- f ,,-,...
'la Cent & Pen let ext g 55.1930) J 9558
7718 85
1940.3 J 86 _ _ __ 78 Mar'24 ___
Registered
1943) J 94 - 9 8
9883 -4
95 94 Apr'24 __
Consol gold 58
934 9311
774 Apr'24 __
8
1951 MS 767
87% 8838
J L & 9 1st gold 349
8
8838 12
norlda E Coast 1st 4Ms_ _1959 .1 D 888 go 884
78% 894
79is jo
79
1952 MN 7918 gals
65 70
1st gold 3348
1952 M N 654 6712 6512
6712
8
ondaJ & Glov 448
,
943
9214 95
4 ___ 9438
1929 A 0 948
19
8
-year debenture 49
823 84
_ 84 Mar'24 __
20
89rt st LT D Co let g 448_ _1941 J .1 8412
1940 A 0 8618 88 87 Apr'24
4
rr w & Den c 1st g 548_ _1961 J D 10214 1iii 10214 10212 -.I 1003 105 Mid of NJ 1st ext 59
-994 100
1
100
8418 88 Milw L 9& Wait imp g 58-1929 F A 100 Sale 100
1
88
Rio Gr let g 4s 1928 1 .1 88 Sale 88
5t Worth &
1925 M 9 10012 ----100 Dee'23 ___--- ,
Ashland Div let g 68
5rem Elk & Mo V 1st 62._ t933 A 0 10638 __ 10614 Jan'24 ____ 10514 10612
- .1 10012 __ 10012 Jan'24 _2 10012 1004.
1924
9512 99
Mich Div let gold Os
___ 9812 Apr'24 ____
3 1.1 & SAM & P let 58----1931 MN 98
8858 923
8
927
1931 J J 9712 63
612 9 4 Mllw & Nor let ext 4348.-1934 J D 8912 - - 9112 Apr'24 ___
9
9912 963 Apr'24 ____
4
2d eaten 59 guar
8712 8912
1934 D 8912 9112 8912 Mar'24 ____
CODS extended 445
8918 93
22
93
lalv Hous & Rend let 58_ _ _1933 A 0 92 Sale 9114
8339 86
6
86
96 8511 Spar di N W let gu 48_1947 M 91 86 Sale 8438
89
4
9412 11
8
ienesee River let 9 1 68___ _1957 J J 9214 943 933
82 82
Min ez 9 L let gu 349.-1941 1 J 80 93 82 Mar'24 ___
8413 86
9
854
Is St Ala fly 1st con 59___o1945 J J 8512 8678 8512
36 100 102
1927 D 10012 1023 1013e 102
9318 9538 Minn & 9t Louie let 78
s
.1 932, 95% 9559 Mar'24 ____
is Car & No let gu g 59-- 192J6312 6812
1934 M N 028s Sale 6238
604 62
let consol gold 58
8 20
667
1946 A 0 613 63 6118 Apr'24 ____
/a Midland 1st 38
1614 17
17
2312.
19
9812 100
1st & refunding gold 49.... A949 M s 16
46
1924 M N 99 ____ 100 Feb'24 ____
lila V G & N let gu g 58
1512 20
Re(& ext 50-yr 59 Ser A_1962 Q F 1512 103 1513
985
153
5
98
4
1942.3 D 9513 --- 98% Feb'24 ____
;ou & Oswegatch 58
8618 88388
J 8612 Sale 8612
903 9112 M St P&88 M con g 45 int gU'38
8718 21
__
d 9112 93 9112 Apr'24
4 R & I ex let gu 84%s-1941 J
4
973 103
1938 J J 99 100 100
5
181 cons 5s
100
Irand Trunk of Can deb 79-1940 A 0 1125* 113 11234 11314 21 11034 113%
22 10112 10384.
10
1931 M S 10212 10234 10258 103
-year colt trust 6359
1936 M S 10419 Sale 10338 10412 141 10212 10412
13
-years f(is
6 100 10212,
1948 J J 10012 103 102
1024
612 A
1947.1 D 86
_ 10112 Apr*07 ____
;rays Point Ter bit
9112 9112
_ __
__
4
1st Chicago Terms f 48-1941 M N 913 94
6 10814
;rest Nor gen 78 Series A-1936 J J 10738 Sale 10712 10818 242 10
4
985 9814
0i
- 14 ii
.1 98 Sale 3/3
85% 874 M SEIM & A let g 411int g11-1926
873 891
4
8912
1st & ref 44e Series A._1961 J J -------- 8738 June'23 __ 27
4
881
88
3
83 84 Mississippi Central 1st 59... _1949
J 8814 Sale 8814
884
1961 .1 J
_ 90
Registered
--_, -1942
01% May'23 _1952.3 J 9918 Sale 9812
io 004 0012 M K & Okla 1st guar 59.-;1_1990 MN _ 77is
991z
8345 Series B_
8 i812
107 7814 66
2
773
D
Sale
5934 64 Mo Kati & Tex-lst gold 4
Imp Bay a, w aeb ctfs "A"---- Feb 63 65 64 Apr'24 ____
78% 8312
8
-Pr 165 Ser A-1902
827 275
1012 Mo-K-T R31
Feb
J 8238 Sale 82
7
8 85 814
83
,
8
85
Debentures cas "B"
05 6884
6818 43
1962
40-year 45 Series 13
.1 677 Sale 674
8
_
ireenbrier fly let gu g 49__ _1940 M N 8312 . _ _ 8412 Oct'23 - --- ---- ---9453 9934
86
993 276
81
-year 6s Series C
10
1932 J J 99% Sale 90
_ 848 Apr'24 ____
1st ref & t g 59_3)1952 J J
lull & 9 I
4 67
513 5 8
5312 659
Cum adjust 59 Ser A Jan-1967 A 0 53 Sale 524
734 78
773* 7812
Tarim It & Pt Choi let 4s_ .1954 MN 8318-- - 78 Apr'24 ____
834 874 Missouri Pacific (reorg Co)
874 24
7518 824
rocking Val 1st cons g 4342.1999.3 .1 87 Sale 8658
4 43
803
83 84
6
84
85 83
151 & refunding 59 Ser A_ _1905 F A 8034 Sale 7912
1999 J J 83
Registered
9414 98%
0858 48
1st & refunding 58 Ser C1926 y A 93 sale 98
99
1937.1 .1 9918 ___ 99 Apr'24___
97
I & T C 151 g 59 int gu
8738 964
9478 99
NI,
i
9014 9214
1st & refunding 139 Ser D 1940 F A 9458 Sale 044
9212 Salo 9212
Townon Belt & Term 1st 58-1937 J .1 92
5812
51
320
57
General 4s
8
95 953*
1933 MN
9514 98
9538 13
1975 M 9 6135 Sale 5618
[me E di W T 1st g 59
3 - -- - 9318 July'23 ___
Missouri Pacific-.
1933 M N 95
808 8218
1st guar 59 red
8278 Apr'24 ____
3d 75 extended at 4% _ _ _ _1938 MN 824 84
0
9
844 -- 4
9084
9034 li
g 5s_ __ _1937 MN 951
923 934
tousatonic fly cons
__ 9314 Apr'24 ____
4
803 8412 Mob de Sir prior lien g 58...1945 J 1
8278 153
1957 F A 825*
78
Cud & Manhat 55 Series A_ 1957 A 0 613 Sale 824
68
744 73 Apr'24 ____
73
1945.1 J 93-Mortgage gold 4s
4 Sale 603
5814 6314
4
4
613 109
Adjust income 59
4
8914
2
88 92 Mobile & Ohio new gold 62.A927 J D 10234 10312 1033 Apr'24 ___,. 1024 103
6_1951 ji .7 884 _ __ es%
linois Central let gold 4
2 1008 10112
___ 10114 10114
J 101
let extended gold 68._ _ _h1027 Q
,,- ---,
1951 J J -------- 8318 Sept'23 __
Registered
74
2
774
8
767
80
78 General gold 45
1938 M S 7678 Sale 764
1951 1 J 7838 83 7834 Apr'24 _
954
92
1st gold 33511
98 95 Apr'24 ____
Montgomery Div 1st g Ss_1947 F A 95
1951 .1 J --------80 Oct'20 --__ -,Registered
954 9818
4
9818
1927.1 D 9818 Sale 98
St Louis Div 58
4 78
773 ,- a
8
7
2
7878
1st gold 349-1951 A 0 788 8012 78 2
Extended
7818
76
2
784
1
1938 14 S --__ ___ 7818
- Mob & Ohio coil tr g 49
1951 A 0 7612 80 7634 Sept'23 __ ---Registered
2 82 82
82
82
1991 M S
60
60 -_-_- Mob & Mal let gu g 4s
1
72 60
60
1951 M El 60
lst gold 3s sterling
82-1937.1 J 109 110 10914 Apr'24 __ 10814 10914
8512 Mont C 1st gu g 68
5 83
85
8414 85 8478
___
Collateral trust gold 48-1952 M 8 --------9325
1937.1 J 108 1093 13614 May'00 ____ ____
---------Registered
Elept'19
1952 A 0
-_.
Registered
.
9914 101
1037.3 J 100 101 1004 Anr'24 ___
lot guar gold Se
l! 8714
S71.41 24
1955 M N 874 Sale 86
Cble UnSta'n let gil 449 A-1963 1 J
1963.1 .1
5e B
1963.1 J
let Series C 648
Chic & West Ind gen g 69_ _e1932 Q M
1952.1 J
Consol 50
-year 48
15
-year 9 1 734s
1935 M S
Cboo Okla de Gulf CODs 58 1952 M N
1923 MN
C Find & Ft Wlst gu4sg
Cln H & 1)2d gold 448_ _1937 J J
k1936 Q F
OIStL&Clstg4s
k1936 Q F
Registered
1942 MN
Gin Lob & Nor gu 49 g
1928) J
Gin S di Cl cons 1st g 58
Clear'& Mab let gu g 5s- 1943 J J
Cleve Cinch & St L gen 48_1993 J 0
1931 .1 i
20-year deb 434e
1993.3 D
General Se Series B
1929 J J
Ref & impt 68 Series A
1941 J J
6s C
1939.3 J
Cairo Div 1st gold 49
Cln W & M Div 151 g 4e_ _1991 J J
St L Div 1st coll tr g g 43.1990 MN
Spr di Col Div 1st g 4s_ _ _ _1940 M S
W W Val Div 1st g 4s.__.1940 J J
1934.3 J
C C & I gen eons 9139
C
Cleo Lor & W eon 1st g 58-1933 A 0
1935 MN
Cl & Mar 1st gu g 448
Cleve & Mahon Vail g 58_ _ _1938 J J
Cl & P gen gu 449 Ser A _ _ 1942 J J
1942 A 0
Series B
Int reduced to 3348_ _ _1942 A 0
1948 M N
Series C 3325
1950 F A
Series D 3lis
Cleve Sher Line let gu 449_1961 A 0
1972 A 0
Cleve Union Term 548
1973 A 0
58(WI)
Coal River Ry let gu 49_ _1945 .1 El
Colorado & South 1st g &L.-1929 F A
Refunding & exten 449_1935 MN
1948 A 0
Col & H V 1st ext g 48
1955 F A
Del & Toilet ext 49
Cuba RR let 50-year 58 g _1952 J J
1936 D
ref 748
let
ii.
" ..
--
•No price Friday:latest bid and asked this week.
Due JAIL 0 Due Feb. •Doe Jana. 0 Dile July. a Due Sept
0 Due Oct. e Option Sala.
.
.
BONDS.
N Y STOCK EXCHANGE
. .
Week ending May 2.
New York Bond Record-Continued-Page 3
7•4 •
I'..!%:
...It'
..a.
Pries
Friday
May 2.
Week's
Range or
Last Sale.
4.
4
g.
g.
rot?.
Ranee
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week ending May 2.
'4
.91
t it
u3
J.Isi.;
2163
Pries
Friday
May 2.
Range or
Last Sale.
1
40
Range
Mem
Jan. 1.
BM
Ask Low
HUM No. Low
High
Ask Lew
BM
Nigh No. Low
Mob
M & E 1st gu 310
2000 J D 758 7712 7718
7718
2
764 7712 Peoria & East 18t cons 43_1940 A 0 7212 74 72
7312
8 67
Malay Chatt & St List 58_ A928 A 0 10018 Sale 100
7414
10018
9978 101
6
Income 4s
1990 Apr. 301 Sale 2934
304 41
21
8212
N Fla & S 1st gu g bs
1937 F A 983 100 99
99
1
99
99
/
1
95
191
9112 95
Nat Ry of Mex pr lien 4348_.i957.1 J --------30 Sept'23 ---- -_---- Pere Marquette let Ser A bs 1956 J .1 944 Sale 9418
1st Series B 4s
1956.1 .1 7838 7912 78%
7812
6
7618 793
July coupon on
4
29 2314 Apr'24.
234 37 Phila Bait & W 1st g 48
1943 MN
9034
4
8912 993
4
do off
26 Nov'23 ___ _ ____ ____ Philippine Ry 1st 30-yr s 145 1937 J .7 9018 914 90 Apr'24
3734 38 38
--- 37 437
General its (Oct on)
8
1977 A 0
2618 July'23 _
PC C & St L go 4118 A
1940 A 0 9358 Sale 9318
938 9512
9358
1
April coupon on
18
21 July'23 ------------Series B 4118 guar
1942 A 0 9334 9434 93 4 Apr'24 ---3
93 4 9434
do 'off
3
24 Dec'23 ------------Series C 4113 guar
1942 MN 9314 943 9314 Jan'24 ___ 88 944
Nat RR Mex prior lien 410-1928 J .1 ____
___ 3814 June'23 ____ __ _
_ Series 1)4s guar
1945 MN 881 93 8812
8813
5 87 8812
July coupon on
37 4114 Apr'24 ---4114
36 - Series E 311s guar gold_ 1949 F A 88
89 8714 Apr'24 ____
864 8714
do
off
34 Oct'23 ------------Series F guar 49 gold
1953.1 D 8812 8912 8712 Mar'24 ---874 8712
1st consol 49 (Oct on)____1951 A 0 --------28 Apr'23 ---- --- --Series G 4,3 guar
1957 MN 88
883 884
4
884
April coupon on
3 8812 8814
19 ____ 36 Jan'24 ____
3$ 36
Series I cons guar 4315.....1963 F A 903
9112 Apr'24 ---908 9112
do
off
1714
1814 Apr'24 _
10 22
Series J 4143
1964 MN 911
9112 Apr'24 --,..,
Naugatuck RR 1st 4s
9034 9112
1954 MN 6914
6618 May'23 ------------General 59 Series A
1970 J D 9814 Sale 98
98% 37
5
New England cons be
9512 98 a
1945 J J 854
70 Aug'23 ------------Plus & L Erie 2d g 58
a1928 A 0 98 ____ 9634 Feb'24 ---Consol 4s
1945.1 J 753 773 7614 Apr 24 ____
4
75 83 Pitts Melt & Y 1st gu 6s_ _1932 J J 106 ____ 105 Dec'23 ---- ---- -..
4
____ ___
N J June RR guar 1st 45
1986 F A 8018 ___ 80 Dec 23 ____ ____ -__
2d guaranteed Os
1934.1 J
_ ____ 9514 June'23 ---NO & NE 1st ref &imp 4115 A'52 J J 8312 Sale 83
.
814 8412 Pitts Sh ALE 1st g 58
8412 28
1940 A 0 i_00 ____ 9914 Apr'24 ---- ____' 4
98 991
New Orleans Term 1st 4s_ 1953 J J 79 Sale 783
/
1
4
14
79
4
7614 79
/
1
4
1st consol gold bs
1943.3 J ____ ____
4 Feb'24 --,.
97 983
N0Texas & Mexico 1st(38 1925 J D 1011 Sale 101
2
101
18 61 1003 10118 Pitts Y & Ash 1st cons bs__ _1927 MN 9913 Sale 983
4
9914
9913 17
Non-corn income 55
99 1
004
1935 A 0 8712 Sale 864
8518
8712 58
1957 MN 3914
4114
4114
2
4114 4114
N & C Bdge gen gu 4Xs___ _1945 J J 911 92 90 Dec'23 ____ ____ 9112 Providence Secur deb 4s_
/
4
/
1
4
__ _ Providence Term 1st 4s
1956M S 7538
714 Dec'23
NY 13 & MB let con g bs_ _1935 A 0 9618 ____ 954
9512
2 95 9512
1997 J J 9034 9114 9012
91
N Y Cent RR cony deb 62..1935 M N 10518 Sale 11458 10614 360 10312 1055 Reading Co gen gold 4s
36
8714 913
4
8
Certificates of deposit
91 Sale 91
91
27
8714 911g
Consol 48 Series A
1998 F A 811 Sale 8112
/
4
Jersey Central colt g 4s1951 A 0 8434 Sale 8434
817
8 92 8018 8314
85
3 83 4 8814
Ref & inapt 411s "A"
1
2013 A 0 88
8812 88
25 854 894
88
Gen & ref 4143 See A
19973 J 8914 Sale 8914
165
90
Ref & inapt 5s
4
2013 A 0 9778 Sale 9734
g
984 353
953 9818 Rums & Saratoga 20-yr 6s_ _ _1941 MN 109- 88% 901
N Y Central& Hudson River-Rich & Dan 59
1927 A 0 984 ___ - 984 Feb'24 ---/
1
Mortgage 3119
984 12114
/ 1
1997.1 .1 76 Sale 7513
74
75
76
7612 Rich & Meek 1st g Is
1948 MN 70
72 Mar'24 ---- .-- Registered
1997.1 J
72
/ 75 Rich Ter 53
1
4
75 Apr'24 _
19523 J 9758 I0018 964
/
1
9712 11
96 - 712
Debenture gold 4s
9
1934 MN 9118 Sale 911
/
1
4
92 123 89 92 Rio Grande June 1st gu 59-1939 J D 84 Sale 84
86
30-year debenture 48
5 84 87
1942 J .3 88
90 8812
8812
2 87 8911 RIO Grande Sou 1st gold 43-1940 J J
314 7
514
514
Lake Shore coil gold 3113-1998 F A 7414 Sale 7338
2
bls 64
707 74
7414 14
/
1
4
Guaranteed
1940 J J
31
___ 1 Dec'23 ---- . .Registered
1998 F A 7078 75 7113 Apr'24 ____
89
/ 7212 Rio Gralade West 1st gold 4s-1939 J J 7512 76
1
4
47512
754
7 794 76
Mich Cent coll gold 3Me_ _1998 F A 7412 Sale 7413
744
/
1
6
73
76
Mtge & coll trust 4s A _-_1949 A 0 664 Sale 6534
/
1
6614 25 60 6614
Registered
1998 F A 7114 _ - 7212 Jan'24 ____
7214 7214 R I Ark & Louis 1st 4349
1934 M 5 77 Sale 76
77
N Y Chic & St List g 49-.1937 A 0 8913 safe 89'
35
7412 77 4
3
2
8912
1
89% 90 Rut
/
1
4
-Canada 1st gu g 4s
19493 J 70
75 697 Mar'24 --- 68
Reglatered
70
1937 A 0
88
8878
/
1
4
s
1
881s 887 Rutland 1st con g 411s
1941 J J 8081
81
Debenture 4a
2
8012 814
1931 MN 9034 Bale 89
/
1
4
9034
9 88 902 St Jos & Grand 1st g 413
4
1947.3 J 7334 - - 114 75
74 75 123 71% 75
2d Os A B C
1931 MN 10118 Sale
10112 126 10018 103 St Lawr & Adir 1st g 58
1998 J J 907 --__ 9114 Apr'24 ---8
NY Connect 1st gu 4315 A19t3 F A 8834 Sale 101
91
/
1
4
8818
883
4 30 86% 883
4
2d gold 65
1996 A 0 975 ____ 98 Mar'24 ---- ___ - 902
8
NY & Erie let ext g 43 • 1947 MN 8412
..
39
89 St LA Cairo guar g 4s
89 Mar'24.
1931 J .1 9312 Sale 9312
9312
1
89 93t2
8d ext gold 4143
1933 M S 9413
96 May'23
____
. St L Ir NI & S gen con g 55-1931 A 0 9814 Sale 97
/
1
4
9814 137
4th ext gold be
96 9814
1930 A 0 9612 97
9634 Mar'24 ___- 96
_
Unified & ref gold 48
__9634
1939 J J 8878 Sale 8818
89
64
8312 89
5th ext gold 43
19283 D 9313
9334 Dec'23 _
Riv ds G Div 1st g 48
1933 M N 80 Sale 79
80
107
NY & Green L gu g bs
72 80
1948 M N 8512 87 86 Apr'24 ____
8413 87 St L NI Bridge Ter gu g 59--1930 A
973 9912
4
99 9912
N Y & Harlem g 3113
2000 M N 7613 -- -- 74 Sept'2 ____ ____ __-- St L.& San Fran (reorg co)43 1950 .1 0 8858 Sale 9912 Mar'24 _ -__
.1
6814
69
N Y Lack Js Western 5s_,,1923 F A --------993 June'23 ____ ____
299
65
/ 7018
1
4
____
Prior lien Ser 13 bs
1950.1 .1 8234 Sale 8214
83
43
8012 852
1st A ref 5s
's
1973 MN
Prior lien Ser C 63
19283 J 99 Sale 9978 10014 40
/
1
4
1st & ref 4112
9834 102
1973 M N 9514
96 Mar'24 _
96
9712 5145
19423 J 9214 Sale 92
9212 57
N Y L E & W 1st 73 ext„ _1930 M $ --------103
8712 9314
__
June'23 -- -- --,.--.2.
Cum adjust Ser A 6s___./11955 A 0 7258 Sale 7214
723 104
4
72
773
Dock & Imp 5a
1943.1 J 9734 99% 9734
1
973
9734 98
Income Series A 69
51960 Oct. 644 Sale 63
6414
N Y & Jersey 1st 56
5834 85
/
1
4
1932 F A 98
9812 99 St Louis & San Fran gen 65-1931 J J 103 Sale 10334 103 237
98
6
984
/
1
4
/
1
4
4
N Y de Long Br gen g 4s___ _1941 MS 875 Sale 91 July'23 ____
99 1033
/
1
4
4
8 ---____ ---General gold bs
1931.1 J 9834100
9818 Apr'24 ---NY N H Jr Hartford974 99
st Le,BF RR cons g 45._ -1996 J .1 9018 ____ 824 July'23 --__
____ _
Non-cony deben 351e
1954 A 0 444 47 448
/
1
45
11
Southw DIY 1st g 58
3913 4912
1947 A 0 96
_ _ 9712 Mar'24 ---974 9712
Non-cony deben 4s
1947 M 5 5012 52 53 Apr'24 ____
4413 53 St L Peo & NW 1st gu 58...1948J J 10018 fof 9912 Apr'24 ---Non-cony deben 311s_ __ _1947 M IS 4434 49 43 Apr'24 _ _ _
98 100
.
38 46 8t Louis Sou let gu g 45
1931 M S 893 -- -- 8858 Dec'23 ---- ____ . _
4
Non-cony deben 4,5
19553 J 5012 Sale 5013
5112 32
4418 59 St LB W 1st g 4s bond etfe..-1989 M N 7712 Sale 7718
77
/ 18
1
4
76 29
Non-eonv deben 4s
1956 MN 5013 514 503
/
1
4
517
8 16
4313 524
2d g 43income bond etfa_01989 J J 7214 74
711 Apr'24 ---/
4
Cony debenture 3113
691 73
4
1956 J J 4434 47 45
9
45
3934 4612
Congo!gold 49
1932 J D 82% Sale 81
29
83
777 83
8
/
1
4
Cony debenture 6s
1948 J J 33 Sale 6734
6834 734
7013
59
1st terminal & unifying 58-1952 J J 8014 Sale 8014
8114 46
78
88
4% debentures
1957 M N 424 Sale 423
4212
4412 St Paul & It C Sb. L 181 4118-1941 F A 7418 7514 7478
36
5
6
7514
73 7612
7s European Loan
1923 A 0 8012 Sale 8014
8114 98
703 8212 St Paul E Gr Trunk 411s--1947.3 J 89
___ 90 Mar'24 ---90 90
Francs
1925 A 0 79 Sale 79
794 298
69 81 St Paul Minn & Man 4s--1933 J .1 9134 9512 9134 Mar'24 --__
912 93
4
Cons Ry non-cony 42
1930 F A -_-_
_ - _ ___ -- _-__ ----1st consol g 65
19333 1 107 108 10614 Apr'24 _--- 105 108
Non-conv 43
1954.3 J 4712 50 48
-48
2
4612 - 4912, 68 reduced to gold 4113.-1933 J J 9614 -- -- 97 Apr'24 -•--9513 97
Non-cony deben 4s......1955 J J 48 Sale 48
48
48
5
4913
Mont ext 1st gold 48
19373 13 90 ____ 8972
904
6
1
1812 901
Non-cony deben 49......1956 J .7 4712 49 4912 Apr'24 ____
4
4212 4913
Pacific ext guar 43
19403 J --------8234
8212
I
N l' & Northern 1st g 5s
8212 8212
1927 A 0 994 ____ 99
-- ___ S A & A Pass 1st gu g 49..---194 J J 76
/
1
4
80 7558
7614 40
NY 0& W ref 18t g 4s_ _ _o1992 M S 621s Sale 62 Oct'20 ____ 7134 76
6212 51
60 - / Santa Fe Pres & Phen 513._1942 NI 9 98
661
4
9013 993g Feb'24 ---9934 9934
General 48
1955 .1 D 587 60 60
60
2
585 6234 San Fran Terml 1st 45
8
1950 A 0 8258 Sale 8012
27
83
N Y Prov & Boston 45
8018 8313
1942 A 0 85
73
Say Fla & West 138
1934 A 0 107'l-_
10712 Apr'24 - --- 10714 108
NY & Pu 1st cons gti g 4s_1998 A 0 8034 ____ 81 Aug'23
Apr'24 ____
81
81
1934 A 0 1004 1011 100% Mar'24 ---- 1004 10018
5s
/
1
/
1
NY & R13 1st gold Is
1927 M S 9714--8912 8912 Scioto V & NE 1st gu g 43-1989 NI N 86
9334 861s
861
NY Soso & W 1st ref 58._ _1937 J J 57785934 8012 Mar'24 ____
4 84% 86%
- 58
58
1
5212 613 Seaboard Air Line g 45
4
1950 A 0 86
9338 6412 Apr'24 ____
61
66
2(1 gold 4145
1937 F A 47% 60 474 Apr'24
43
50
Gold 4s stamped
_1950 A 0 6534 Sale 65
65s 95
General gold 55
584 657
8
1940 F' A 50
5012 5013
5012
8
4014 521
AdJustment 55
4
01949 F A 5812 Sale 5414
591 407
437 5918
Termlnal 1st gold 55
8
1943 MN 8812 _
8818
884
3 8614 884
Rsfunding 4s
1959 A 0 5318 Sale 5214
54 209 • 4734 544
NY W'rhes & B Ist Per I 4113_'46 J J 4612 Sale 46
47
74
3912 48
let & cons 63 Series A-- 1945 M S 794 Sale 784
Norfolk Sou 1st & ref A 55196l F A 66 Sale 66
79'z
673 WS
4
667
8
7
8134 5711 Seaboard & Roan 1st 53--1926 J .1 984 100 98 Apr'24 -386
/
1
/
1
4
Norfolk & Sou 1st gold 5s-1941 MN 93 _ ___ 9212 Apr'24 __
-- 97 994
3
89 9212 Sher Sh As So 1st gu g 5&...1943 .1 0 984 --- 3612June'23 _____4 _.
/
1
Nor!& West gen gold 6s
1931 MN 10614 --__ 10612 Apr'24 __
1053 1063 SAN Ala eons au g58
2
4
1936 P' A 101._
98 Aug'23 ____ ____ .....
/
1
4
lniprovement & extg
1934 F A 10612 ____ 107 Apr'24 ___ 108 107
Gen cons guar 50-yr 511-1963 A 0 1003 102 101
4
New River 1st gold
4 99 leg
1932 A 0 107 ____
107
2 106 107 So Par Col 4s(Cent Par col)11943 D 8212 Sale 8218 101
'Y & W fly 1st eons g 45...l096 A 0 8714 Sale 107
8234 45
815s 85
8714
RR
56
88
RR17
20
-year cony 43
01929 NI S 9412 Sale 94%
Reg Istel ed
9434 89
9212 943
1996 A 0 863
4
8
8614
8614
1
8614 8614
20-year cony 5s
1934 J D 984 99 9818
/
1
Div't 1st lien & gen g 48.1944.3 J 8734 88 8712
99
9
97
/ 907
1
4
8712
4
864 88 so par of Cal
/
1
-Cue 5s
1927 MN 10112 102 101 Feb'24 ---- 101 10112
/
1
4
10-25 year cony 411s--1938 M S -------- 82 Dec'23
_-__
- So Par Coast 1st gu 45 g.„-1937 J
10
8934 ____ 10118
-year cony Si
10118
2
1929 M S 123 Sale 1214 124
9112 94
1955 J
Pocah C & C Joint 43-1941 J D 8812 90 8834 Apr'24 118 10612 fins So Par nit 1st ref 4s
87 Sale 8678
87
/ 100
1
4
85 8713
-764 8914 Southern-Ist cons g 55_ _1994 .1 J 99 Sale 9812
North Ohio let guar g 5..._ _1945 A 0 84
9934 220
954 993
4
8612 8412
8
85
8412 85
Develop & gen 4s Ser A..1956 A 0 72 Sale 7134
Nor Pacific prior lien 45
1907 Q 1 8134 Sale 814
7214 394
8918 73
/
1
8212 80
8013 8314
6s (w 1)
1958 A 0 994 Sale 9934 100 389
Registered
/
1
1997 Q J
9812 100
80 Apr'24
7824 8214
General lien gold 38
1958 A 0 1045 Sale 10414 1044 210 1014 105
6343
8
a2047 Q F 5734 Sale 5718
58
81
5834 597
Mem Div 1st g 430-53-1996 1 J 96
3
Registered
98 9558 •Feb'24 -- -a2047 Q F 5413
9338 984
56% Dec'23 -_
....
St Louis Div 1st 448
Ref & Isnot 434s scr A __ _2047 J J 813 1951
8112 86
8112
813
4
3
7934 824
8234 811
/
4
8212 .4
792 4 83 So Car & Ga 1st ext 511s
Os ser B
1929 M N 10014
2047.1 J 104 Sale 1034 104
100% Apr'24 _-__
97 10014
/
1
4
107 10124 MA Spokane Internet 1st g 61.....1955J J 8418 56 C
20471 J 9212 Sale 9134
86
8614 Apr'24 ---83 861
4
924 17
9018 93 Sunbury & Lew 45
1938.3 J 8634 --- - 91
53 13
2047 J 1 92 Sale 917
Oct'23 ____ ____ ___
9214
895 9313 Superior Short L 151 58 9_31930 M S
8
St Paul-DuluthDIY g 49-1096 .1 D --------50
9517 ____ 95 May'18 ___- - .-_ Term Assn ()1St L 1st g 430_1939 A 0 94 Sale 9318
St Paul & Duluth 1st 56-.1931 Q F 9985 100 9914 Feb'24 _7 -92% 9418
95
Mar'24 --__ -9914 991.4
151 cons gold Is
1944 F A 9812 Sale 984
1st consol gold 45
111683 D 81
9812
5 9714 99
84
8414 Jan'24
Gen refunds f g 48
Nor Pac Term Co lst g 6..._1933J J 10938 10912 1093 Feb'24
19533 J 8112 Sale 8112
814
4
783 83
4
4
-1171$14 1091 Tex & NO con gold 53
- 2
No of Cal guar g 55
1943.3 .1 92__ 903 May'23 _-_,, ___. -_-,_.
1038 A 0 10014 _ _ 10012 10012
2 994 10012 Texas & Pac 1st gold bs
North Wisconsin 1st 65
2000 1 D 9514 - - 9514
19303 J
953
4
958
_ 100 June'23
5 92 9
54
973 97%
2d gold income .a4
Og & L Cham 1st gu 49 g.--1948 J J 101782000 Mar 60
70
80 58 Aug'20 ____ ____ 72 70
70
1
s9
73
La Div B List g 53
Ohio Conn Ry 4s
1931 J J 913 92 93 Apr'24 --_1943 M S 85 __-_ 8912
4
/
1
4
91 - 11
93
8934 10
8912 893 Tol & Ohio Cent 1st all 53-1935 J J 98_ 9818
19363 D 9778 ____ 974 Feb'24 ____
Ohio River RR 1st g ba
9818
2
97 984
Western Div 1st g 52
9714
1935 A 0 9512 --- 96
General gold Is
1937 A 0 96
947 9612
3
6
9612
971
9534 Apr'24
9714 9733
9524
General gold be
19363 D 9314
Ore & Cal 1st guar g 5s
1927.2 1 993 100 9934 100
9314
4
9312
3
9112 934
25
9914 100 Toledo Peons & West43_ _1917 J .1 22 Ore RIt & Nay con g 4s_- 1946 J D 867 Sale 863
i414 3014 Jan'24 - -__
8
3014 301
4
4
864 12
/
1
8534 88 Tol St LAW pr lien g 310_1926 J J 95 Sale 98
Ore Short Line--lst cons g 59.'46 J J 10218 ____ 1024 10213
/
1
4
9814
7
9612 98 1
3
7 lol 103
-year gold 48
50
1950 A 0 78% Sale 784
1946.3 J 10212 Sale 10212 103
Guar cons 58
31
79
76
MI
18 10135 103 Tol WV &0 gu 4345 A
1931.3 j 9814
19293 D 9419 Sale 93
Guar refund 46
954 Apr'24 --__
95 9514
/
1
4
/
1
4
9414 100
9214 9415
Series B 41 s
1
19333 J 9514 - 7- 9518 Feb'24 ---95
Oregon-Wash 1st & ref 46.- _1961 J J 8034 Sale 803
4
Ms WA
8114 01
793 813
Series C 45
4
1942 M S 8734
Pacific Cot Co 1st g 53_ __ _1946 J D
Coast
8612 Mar'23 ___ ____ ..- .
7512 8012 Tor Ham & Buff 1st it 49_ _11946 J D 81 - __- 82 Feb'24
Pat RR of Mo 1st sate 4s.__1938 F A 79
80 79 Apr'24 ____
8314
8112 9i
867k 8712 Ulster & Del 1st cons g 55_1928 J D 9414 9512 95 Apr'24 ---1938.3 .1 8714 88 97 Feb'24
2d extended gold bs
--__
95 96
9614 98
ist refunding g 43
8952 A 0 6234 65 62 Dec'23 ____ __
Paducah & Ills 1s1 s f 4145._1955 .1 .1 968 9817 9634
4
_-.
9634
1
9112 9113 Union Pacific 1st g 48
1947 J J 9012 Sale 901
Parls-Lyons-Med RR 65- _1958 F A 9114 _. 91 Mar'24 _r_
/
4
903 111
884 / 921.
1
65
7512
20-year cony 43
1927.2 J 97 Sale 9634
Paultata R y 75
1942 M 8 744 Sale 7412
971
65
9534 9711
751 406
95
9613
1st& refunding 43
02008 M S 84 Sale 8318
Pennayiyarda RR-cons g 46 1943 MN 9712 975 9518
8
84
48
8153 85
954
2 8912 8913
ist Jr ref temp 56
02008 M S 1011 Sale 10113 102 110 100 103
Consol gold 45
/
4
1948 M N 885 ___ 8913 Jan'24 ____
8
87
10
90
-year perm secured 621_1928 J J 10338
45 stamped
May 1 1948 MN 894 90 8914
1033
90
11
87
/ 8912
1
4
N jRR & Can gen 45_. 1944 M 8 894 Sale 103 Feb'24 30 10234 104
Consol 4113
1960 F A --------887 Apr'24.
____ 89
/
1
4
8
_--885 39 1
7
9414 9634 Utah & Nor gold 55
1920.3 J 997 ____ 9913
General 4119
8
1905.3 D 9534 0612 9534
991
2
OR
9812 9911
9014 9214
7
1st extended 49
1933.3 .1
General 53
8
1968 J D 9134 Sale 9158
9218 81
99 110 vandal's consg 45 Ser A...AM F A 965 ____ 104 Dec'23 _ __-__ -..
10
-year secured 75
844 ___ 85 Jan'24 ___
1930 A 0 10038 Sale 10034 102
85 85
81 1004 10878
Consol 4s Series B
1957 NI N 844 I5-year secured 6342
1938 p A 10813 Sale 108
87 87 Mar'24 _-__
63 87
1087 195
s
Pennsylvania Co110 Sale 10913 11014 115 10734 11014 Vera Cruz & P let gu4118._1934 J J --------36 June'23 ___--,.
July coupon on
Guar 3Sig coil trust rug A _1937 M S 8434 8612 8412 Dec'23 ____ ___
40 26 Apr'24 _--Ws 2611
___ verdt v j& W lit g 88
Guar 334s coil trust Ser 13_1941 A A 82 84
1926 M S 984 9912 9812 Apr'24 --__ --- -.
8218 Dec'23 -__ ___- -_-- Virginia Mid Series
E 55-1926 M S 99 __9914 Apr'24 -__
Guar 3116 trust Ws C.-1942 J D 8112 85 8114 Apr'24 __ .
/
1
4
97 100
-_ -.. . General 58
103661
Guar 31.1a trust ctfg D_ _ _ _1044 J 0 8118 ____ 8134
-3- 98
981
/
1
4
5 98 98
11
813
20 71114 - -311 Vs & Southw'n 1st gu 5s.....2003 J N 98
81
Guar 15
J 9224 9412 92
-25-year gold 45 1931 A 0
933
21
9214 9355
.__ 927 Apr'24 ---90% 93
1st cons 50
-year bs
1958 A 0 821 89 2
Guar 4s Ser E
/
4
18
1952 M N 84
92138812 8414 Apr'24 __
,
764 85
8384 8613 VIrgitalan 186 55 Series A
1962 M N 9518 Hale 9413
9514 331
921 9511
4
•No price Frldarlatest bid and asked. a Due Jan. CDueMare11,
g Duo April. 0306)&1%7. ifluejune. A Due July kDilio Aug
0Due Oet. pDUeDec. •Option sale
-_
New York Bond Record-Continued-Page 4
2164
BONDS.
N. Y.STOCK EXCHANGE
Week ending May 2.
t
•
t
Price
Friday
May 2.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS.
N. Y. STOCK EXCFIANGE
Week ending May 2.
.2
Fria
Friday
Afag 2.
Week's
Range or
Last Sale
471 •
e
4'53
Range
Since
.lats 1.
cern
High
High No Low
AO Low
Bid
High
Htoh No. Low
Ask Low
Bid
8
845 9012
51
89
s
9812 993 Dec United Ist cons g 4%s_ _1932 is 8812 Sale 8818 Mar'24
8
471 5418
8 82
995
1939 M N 99 Sale 983
Wabash 1st gold .513
8
467
40
9178 Distill Sec Corp cony lot g 55 1927 A0
8718
9178 50
F j
j A 917 Sale 9114
8
14
25 gold 58
391s
3812 Sale 3812
3813 5478
1
Trust certificates of deposit...
2N
9,s
7234
6
8
7914
70
715 7418 7234 Feb'24
9
1st lien 50-yr g term 4s_.A195349
7214 21
3
92
Dominion Iron & Steel .5s___ 1949.33 7112 7214 71
97
- 9814 Apr'24
92
88
2
Det & Ch ext 1st g 514._ 1941 .1 J 9758,
ii 85
86
86
86
Donner Steel 75)
78
78
Jan'24
78
91
76
91
Des Moines Div 1st g 4a_ A030 J J 75
Feb'24
D 8
--__ 91
4
7112 31
4
673 713 du Pont (E I) Powder 43.I8_19313
1941 A 0 7112 Sale 7018
2 10812
Om Div 1st g 384s
8
778 79 duPont de Nemours & Co 7%6'31 MN 107 4 Sale 10712 1077 124 1067 105N
79 Apr'24
4
1941 M 9 773
Tol & Ch Div g 43
10412 113 80314
Duquesne Lt 1st & coil Cs__ _1949 J J 10412 Sale 104
7418 May'23
2000 F A
Warren lot ref gu g 3 JO_
10614 168 10418 111
East Cuba Sue 15-yr at g 7%s'37 MS 10512 Sale 105
- .
7818
7818 Feb'24
1948 Q ITI
1
8912 9014
Wash Cent let gold 45
8
9918 993 Ed El HI Bkn 181 con g 48_ _1939 J J
9938 Jan'24
1924 F A
0812 100
W 0& W 1st cy gu 48
9918 Mar'24
4
8012 813 Ed Elec III 1st eons g 58_ _ _.1995 J J 9918 101
2
81
4
813
1945 F A
9612
96
Wash Term let gu 3%s
9612 Feb'24
192.5 J o 9612 98
Elk Horn Coal cony 68
8578 857
8578 Apr'24
9312
1945 F A 8618 _
90
-year guar 4s
1st 40
s
MN
913 145
91 18 Sale 9012
Empire Gas & Fuel 75's._...1937
86 Aug'23
90
4 0
933 9
W Min W & NW 1st go 56_ _1930 F A 84
1932 MS 9478 -- -- 954 Mar'24 -63 Eqult Gas Light 58
18
98
63
98
1952 A 0 6214 Sale 6134
93
12
95
West Maryland lot g 46
& Trac Ca__ _ _1942 MS 95 Sale 931n
8
975 99 Federal Light
17
99
993 10712
4
12
West N Y & Pa let g 5s._ _ _1937 .1 J 9812 Sale 9753
1953 15 S 10112 Sale 10112 102
78
2
7612 7814
7718
9918 1047s
1943 A 0 7718 787s 7718
4 43
Gen gold Is
1003
1041 NI
100 Sale 100
7912 8518 Fisk Rubber 1st 5 f 88
27
85
4
77' 773
4
Western Pat 151 Set A 55__ _1946 NI S 85 Sale 8412
773 Mar'24
.1936 MS 7712 80
Ft Smith Lt & Tr lot g 5s_
24
9218 09
99
194615 S 964 9814 9734
84,18 9212
9038 14
B 63
9
1' 2
s
785 8414 Fratneric Ind & Dev 20-yr 7%5 42 is 8912 Sale 8012 10312 24 101' I(33
8
8118 21
8
2351 J J 805 Sale 8038
N 10312 Sale 10312
West Shore let 4e guar
Francisco Sugar 7525
7714 81
8
79
94
2361 J J 79 Sale 79
94
4
.941 ____ 04
Jan 24 J
Registered
3
983 100 Gas& El of Berg Co cons g 53 1941 ill
1926 A 0 9914 993 9918 Apr'24
4
_ 101 102
102 Apr'24
Wheeling & L E 1st g Ue
98 General Baking lot 25-yr 65-1936
98
98 Apr'24
99
82
80
6
8012
FA 8012 Sale ; 8014
Wheeling Div 151 gold 56_1928 J J 98
94 Gen Electric deb g 3345-- -1942
94
94 Mar'24
10112 84 100 1031.
10112 Sale :10014
Exten & impt gold 5s.._1930 F A
1952 St
4
Debenture 5.5
534 633
6178
6112 61
9
9814 10014
100
99
Refunding 434s Serice A 1966 M S 61
9.574
1st a f g 66 Ber A 19 2 FA 99 100
673 Gen Retr
4
60
6512
9338 101112
1949 31 S 6514 Sale 6514
34
96
J J 943 Sale 9418
RR lot consul 45
57 Goodrich Co6 %a
49
8
1942 J I) 5558 5612 555 Apr'24
11012 141 11412 118
Wilk & East lot go g 55
94
e'
99 100 Goodyear Tire& Rub lets f 8/ 31 MN 11912 Salo .11512 103
100 Mar'24
1938 .1 D 10014
263 100 104
FA 1023 Sale '10112
Will & 9 F let gold 58
4
10-years f deb g 88
82
3
81
82
82
MN
Winston-Salem 9 B 1st 4s_1960 .1 J
89 - - _ _ 89 Dec 23 __
8
765 8112 Granby Cons MS& Peon 63 A'28
68
80
9012
8
9014 9412' 90 Apr'24 -- -9(1 .
1928 M N
Wis Cent 50-yr 1st gen _ _1949 .1 J 795 Sale 7912
Stamped
831s
77
6
93
8
8318
8
89
4sS
M N
9014
9014 Sale I 89
Sup & Dul div at term 1st 4s'36 NI N 827 Sale 827
1925
Cony debenture fts
8514 96
Apr'24 - _
INDUSTRIALS
8014 9312 86
1932 F A
803 Gray & Davis 75
80
4
3
80
80
3
99 4
98
9934 Apr'24 - _
Adams Express eon tr g 45_1948 M 8 80 Sale 8012
8
785 95 Great Falls Power let 8159.1940 M N
8134 12
1,
1936.3 D 81 Sale
7914 807
_
4
Ajax Rubber 8s
1952 J J 793 ---- 793 Apr'24
4
558 712 Hackensack Water 4s
53
__
8 578 Apr'24
57
4
813 86
1925 NI 9
83 I 12
Alaska Gold M deb 136 A
Havana El Ry L & P gen 59A 1954 M S 83 Sate 8118
,
7
4 72
53
578
4
933
92
8 578
1926 IN S
4 75
53
9234 Apr'24 -9112 93
Cony deb es series B
5s_ _ _ _1952 F A
98 Havana Elec consol g
94
9512 10
1928 A 0 05 Sale 95
10212 50 101 103
Am Agee Chem 1st 521
Hershey Clone 1st s f g 6s_.A942 St N 102'4 Sale 102
82 101
225
88
1941 F A 85 Sale 8434
7512 8112
76 I 11
76 Sale 751.
lat ref e f 7%s g
9112 9618 Holland-Amer Line Os Ula1).1947 MN
25
93
1933 A 0 92 Sale 92
9414 9514
Apr'24
Chain de
M N
9514
American
9518 9014 Hudson Co Gas 1st g 5s_ _ _ _1949
82
21
89
903 99
8
9814 42
8
977
Am Cot 011 debenture 5s_...1931 IA N 8812 Sale 8812
10714 Humble 011 & Refining 5518_1932 J .1 9738 08
2 10612
___ _ 10718 10714
8
9312 957
1936J J 107
9518 335
e
Am Dock & Impt gu N.
19.56 J D 947 Sale 9412
s
875 9218 Illinois Bell Telephone EA
9112 28
911, alit
1937 A 0 91 Sale 91
03 I 44
4
Amer Itepublics Os
1935J .1
91940 A 0 923 Sale .9218
9314 Illinois Steel deb 4%s
92
187
923
82
82
Am Sm & It lst 30-yr 5s ser A1947 A 0 9238 Sale 92
--- 82 Apr'24
1936 M N 8
G & 0 5s
4
35 1013 10458 Ind Nat
104
1947 A 0 10312 Sale 103
10258 34 190 11J2N
Sail
1952 M N 10114 10212 1011s
28
965 IO2N Indiana Steel 1st 5s
9878 244
8
__ 96 Nov'23 _ - _ _
97
Amer Sugar Refining 68_ _ _1937 J J 987 Sale 08
8
9212 947 Ingersoll-Rand 1st 58
9478 93
2
1 -1(4- -if
4
103
8
1034
14
Am Telep & Teleg coil tr 4.1_1929 .1 1 945 Sale 9418
coil 4%8.-1956 A 0 ION _Interboro Metrop
91
87
2
91
91
58,4 6614
1936 NI 5 9018
6218 82
3
82 A 3
Convertible 45
5s_ _ 1 9 6 J 0 62 Sale 61
7 104 109 Interboro Rap 'Fran lot
10514
584 653
1933 M 9 103 106 104
4
8
617 135
8
617 Sale 60
-year cony 4345
20
Stamped
9718 9914
9824 224
4
66
1946 J D 983 Sale 98
64
5418 7018
6334 Sale , 6112
-year coil tr 512
30
9714 1003
10-year 138
4
8
1005 473
8318 8911
1943 MN 1005 Sale 10014
8
8612 61
1932 M S e(112 Sale I 8514
-years f 53.s
20
75
11214 123
583 7
s 012
3
1925 17 A 11814 Sale 11712 11912 15
58
M N
5712 6714 5712
-year convertible 6a
7
8418 88 Int Agile Corp 1st 20-yr 55..1932 A 0 843 Sale 84
7912 8512
8 78
8
875
8512 200
4
8
Am Wat Wks & Elec 5s__1934 A 0 875 Sale 863
%
481 Inter 31ercan Marine a f 8a_ _1941
36
25
40
85
83
8
8418 49
84 Sale 1 8314
Am Writ Paper a f 7-43/2___ _1939 .3 J 40 Sale 397
1947 1 J
8 International Paper 545
9512 987
9612 288
_ 5318 85
1953 F A 96 Sale 9558
84 Mar'24 _
8312 84
Anaconda Copper 612
1947 J J
lot & ref 5s B
9512 10114
119
97
7312 80
1938 F A 9504 Sale 9512
773s 12
7714 Sale 77
75
(4
835 87 Jurgens Works6s(flat price)- 1947 J 5 913, Sale 905
92
8614 145
89
4
8
913 107
Armour & Co 1st real est 4%61939 J D 8614 Sale 85
9214 Kansas City Pow & Lt 5a_ _1952 M
88
67
983
93
4
89
8
96 I 59
Armour & Co of Del 5828__ _1943 J J 883 Sale 88
1952 M S 913 Salo 955
8
4
963 987 Kansas Gas & Electric 62
4 91
983
6 100121 0512
8
1935 M S 983 Sale 9814
1015
4
4
91 F A
932 m N 101 12 Sale 101
Assoctated 011 temp tis
40 Kayser & Co 7s
29
_ 35 Mar'24 _ _
8
913 10414
967
8 26
11
Atlantic Fruit cony deb 75 A _1934 J D
812 Sale 9814
0
4
283 40 Kelly-Springfield Tire 8s
8
3012
7318 80
.,
.
80 Feb'24
00
Trust certificates of deposit__ - _ - _ 2918 303 2914
3912 Keystone Telep Co let 5s...1935 J 1 7614 9918 9818
29
8
985 Um
8
3
083
8
1814 357 35 Apr'24
8
983
stamped
do
8
967 9812 Kings Co El & P g 512
8
9812 23
3 110, 11212
1937.3 J 9814 Sale 9712
0
7
7 A 0 11212 Sale 11212 11212'
93
199
Atlantic Refg deb 5s
Purchase money Os
10018 10155
977s Sept'23
_
Baldw Loco Works 1st 5s_ _1940 M N 100 10012 10018 Apr'24
8
Convertible debenture 85_1925 M
951., 1003
49
34
6
08
70
2 - . -76
4
7012
693
Barnadall Corps f cony 8% A1931 J .1 9712 Sale 97
5 Kings County El 1st g 4.5_ _1949 IC A
974 9
4
7014 733
,
99 8 317
5
7014
8
Bell Telephone of Pa 5s_ __ _1948 J J 987 Sale 98
6812 7014 7014
Stamped guar 4s
98 10014
s 27
997
7714 81
8
81 Apr'24
82
1926 J J 997 Sale 9978
81
3
4 9.
54 3
9 9 .1
Beth Steel 1st ext a f 5s
8
935s 967 Kings County Lighting 55_ 19 0 3 J 100 Salo .100
4
6
95 1003
957
3 30
100
8
1942 M N 947 Sale 9478
A
1954
1st & ref 55 guar
4
6%5
913
89
8 51
895
4 10214 17 10112 104
10214 103 :1013
21)-yr pm & imp s t 56.... 1036 J J 88 Sale 88
97 100 Kinney Co 7158
93
9812 326
88
0078 29
1948 F A 9612 Sale 96
1950 15 S 9078 Sale 00
65 A
8
883 92 Lackawanna Steel 55 A
319
91g 95
89
34
05
4
8
1953 F A 8818 Sale 88
8 047
58515
4
833 Lac Gas L ot St L ref & ext 5s 1934 A 0 943 ____ 043 Feb'24
80
2
8212
93
91
79
0118
1926 A 0 7712 85
91
Booth Fisheries deb a f 68
4%5 A 1054 J J
10312 Lehigh C & Nav
9911
oil
1
98
10312 40 10012
98
09
98
1933.2
M coll tr u t 69_1931 F A 10312 Sale 10214
Braden Cop
96 Lehigh Valley Coal 55
93
9512 64
8712 8712
8712 Apr'24
Brier IIIII Steel 1st 554s_ _ 1942 A 0 95 Sale 9412
6012 69
s
323 37
65 Apr'24
66
8
323 Mar'24
1 3 MS 31 12 35
3
& 7th Av 1st e g 58_1943 .1 D 65
lat gu g 5s_ _ _1993 .1 .1
Sway
8812 Lex Av & P F
87
5
4
4 1143 118
1163
8714
3
1941 J 1 8714 ____ 8714
116N 115
1044 A 0
Brooklyn City RR 58
93
974 9 4 Liggett & Myers Tobac 75 1951 , A 11618 Sale 06
12
7
95 8 9778
99
4 32
063
9612
I
Bklyn Edison inc gen 59 A 1949 J J 99 Sale 98
Is
8
9 10212 106
26 11412 11712
8
1930 J J 1037 Sale 10212 1037
1944 A 0 1153 116 11518 1153
65 Series B
4
General
Lorillard Co (P) 78
5 10512 109
9.534 19
974
95
10612
1930 .1 J 10612 10712 106
9558 Sale 9514
General 72; Series C
8
5.9
4 21 108 1095
8818 9114
8 1083
8914 39
4
1940.3 0 1083 Sale 1083
Sale 8812
N
2
1951 M A
General 78 Series 0
4
725 773 Louisville Gas & Electrle 58_ 195 F D 8814 11312 11112 113
125 11111 11712
7714 462
8
See(tem)Os 1968.3 1 765 Sale 7612
J
112
Bklyn Man R Tr
6412 66 Magma Cop 10-yr cony g 75_1932
1
4
6412
983 10112
8 76
1003
,
64 4 6412
1942 A 0 10014 Sale 110
Bklyn Qu Co & Sub con gtd 5s'41 MN 64
Maned Sugar 7%5
80
80
34
60
Jan'24
56
101
80
58
1941 .1 J _
1st 5s
Y) eons g 4B_1990 A 0 57 Sale 5614
7814 835s Manhat Ry
53
47
7
8338 Mar'24
5014
4
2013.3 D 473 5014 50
e-1945 A 0
Brooklyn Rapid Trans g 5
2545
9412 100
20
99
4
733 Nov'23 _ _
91) Sale 98
Trust certificaten
76
8
8
647 647 Manila Electric
86
83
7418 Jan'24
83
83
89
M N
052 DIS
1st refund cony gold 40-2002 J i
9712 105 Manila Etc° Ry & Lt 5 f 55 1 943 NI S 82
8
945 10012
102 Apr'24 _ _
100 Apr'24
3-yr 7;44 secured notes_ _1921 J 1
9512 1074 Market St Ry 1st cons 512__ _1924
1)712 101
107 Apr'24
---100 Mar'24
Certificates of deposit
1924 A 0
-year 6% notes
5
4
922 102
120 140
Apr'24 -102
_
Apr'24
Ctfs of deposit stam
4
8012 843 Marland 0115 f 88 with waents'31 A 0 ill 122 120 4
4 12
813
8{17
105 10514
8
10331
aklyn Un El lot g 4-5s Ped1;iii) 11 -81i2 - - 8 813
8412
Without warrant attached__ _. A 0 10333 104 1033
81
2
1950 F A 813 8212 813
120 138
4
8212
4
guar 4-5e
5
1 A 112 2 123 12118 12014
Stamped
1031
,
7%s Series B
8
965 99
9812 17
8
98N 102
3
10014
Bklyn Un Gas 1st coca g 56_1945 IM! N 983 Sale 981
10014 Sale 100
121
do without warrants
11514 18 114
1932 M N 11514 Sale 11414
8
1047 Nov'23
75
10312 10512 Merchants & Mfrs Exch 7a 1942 F D
10114
10018 13
A
1st lien 6c ref 65 Series A 1947 M N 105 10512 105 Apr'24
114 120)2 Melt Ed ist & ref g 6s Ser 13.1952 J I) loo gale 100
2
1929 M N 115 117 11412 11412
0411 0712
9712 11
19,53
97 Sale 97
75
9054 9112 Melt Power Os
1932.3 D 903 9312 9112 Apr'24
8
8 18 10114 10412
Susq Iron s f 5a
1023
Sale 102
Buff &
4
833 Mexican Petroleum a t 818..„1936 M N 10218
Si
2
8112
1952 A 0 8112 Sale 8112
9978 9978
99
Apr'24
Bush Terminal 1st 4s
838 84N Mich State Telep lot Ss _ _1924 F A
4
2
8412
. 1955 J J 8412 Sale 8414
4
853 904
Consol 5s
3
8914 123
9412 Midvale Steel &0cony a 4581936 H S §812 Sale 883
91
9412 25
tax 62_1960 A 0 94 Sale 9314
s
895 9512
Building 5s guar
93 Feb'24
9714 983
6
Certificates of deposit- - --193 - -8
0738 13
1937 MN 9714 Sale 9614
96 100
2
9912
667Cal0 dr E Corp 58
Elec Ry & Lt eons g 55 1926 F A -66i2 - 8 9912
98 3111w
95
4
973 132
9011 9258
4
9212
8
8
Cal Petroleum 85s (w 1)_ _1933 A 0 9712 Sale 97
9784
Refunding & exten 4555_ _1931 J J 923 Sale 923
95
_1942 A 0 951 2 953 953
4
9714 78
05
4
92
4 13
943
Camaguey Sug lot at g 75_
1951 J D 9412 Sale 9414
95
General 5s A
91
8
94
9334
80N 85
8312 27
no.nada SS Lines 1st coll 5 f 75'42 M N 9312 94
4
82, Sale 8214
lot 58
1942 F A 10414 1043 104
10412 32 10218 10512
4
8
4
943 963
15
97
Canada Gen Elec Co 6s_
96
9618 97
_ 1027 111
Milwaukee Gas Lt lot 48196 1 .1
4
973 99
3
9814
9712
95
19
96
Cent Dist Tel 1st 30-yr 5s_ _1043 J D 983 991s 9814
1943 J .1 06 Sale 9514
93 Montana Power 1st 55 A
90
9118 90 Apr'24
864 90
20
Foundry let a f 6s__ _1931 F A 90
8
897
.1 ON Sale 8914
Cent
9212 91112 Montreal Tram lst & ref 58.1941
255
4
96
8
773 8214
4 14
783
Cent Leather 20-year g 58_ _1925 A 0 953 Sale 9412
J
_
7814 78s 7814
8
194 MN 10734 Sale 1073
4 13 1075 10818 Morris & Co 181 s 1 4 %)1_ _ _1939
4 1073
6412 1)cc'23
Central Steel 88
43 127 144% Mortgage Bond 4a
91
1931 J .1 138 Sale 13118 138
02
85
744
Cerro de Pasco Cop
923 93 93 Apr'24
56
0312 97
.1 9312 9714 9512
04
7
_1937 J
07
92
04
2
Ch G L & Coke 1st gu g 5s_ 1927 F A 77 Salo
11946 NI N
1 99367 AA D0 0314 - - -- 94
Mu Fuel Gas lot Cu g 5a
81
74
7714 48
91
7514
94
94
1st 5s
94
__
Chicago Rys
Mut Un gtd bonds ext 5% 104 I MN 94
99 101
88
1932 A 0 10012 Sale 100
6
101
54 583
53
8 11
567
Chile Copper 818 Ser A
Nassau Elec guar gold Is_ _1951 J .1 5614 Sale 5614
8
955 0812
A 0
94
16
981.1
90
107
90
Gas & Elec 1st & ref 5s'56 A 0 9818 _ _ _ _ 9Sts
8
857 Sale 8214
Cincin
99 National Acme 715s
96
1961
8
9812 40
977 083 9738
8
0618 9912
1
1
9912
s
2
1 9 1 J 11
53.8 Set B due Jan
9012 Nat Enam & stampg lot 59_1939 j 1) 973 9912 9912 Oct'23
88
3
19.13 F A 903 Sale 903s
8
9012
Colo F & I Co gen Si 5s
Nat Starch 20-year deb 58 1030 1 .1 97_ _ _ 93
81
75
22
2
80
,14
9 -815 2 1011193 F A 80 Sale 7912
7 100 ti 102 10012 10112
Col Indus 1st & coil 55 gli
8
9614 985 National Tube let Is
8 49
983
9358 96
1927.2 J 98321 985 9812
8
4
4
Columbia G & E 1st 53
943 -- -- 043 Apr'23
Gas
4
9014 983 Newark Con G 5a
3
9714 993
8 58
1927.2 J 9812 Sale 9838
985
4 51
983
s
1
1 DD 98N Sale 983
'21 1" N
119452
Stamped
7 New England Tel & Tel 55_ _1 995
7
_
6
1712 7
Apr'24
_1993 34 S
7 10118 1024
102
Col & 9th Av let go g 55_
9318 9514 N Y Air Brake lot cony 6s 1928 M N 10012 102 101N
77
73
Apr'24
55_1932 J J 93 4 - - 04
,
7612 13
76
7012 77
Columbus Gas lot gold
N Y Dock 50-yr bat g 4s_ _ _ _1951 F A
73
70
8
4
713 Apr'24
11012 Ill's 55 10978 1117
lot g 4s 2397 Q J 7112 72
8
Commercial Cable
NY Edison 1st & ref6%5 A.1941 A 0 1003 Sale
02
87
9814 100
93
7
92
1947 M N 92 Salo 9014
9912
9914 9914
Commonwealth Power 5e
4
1033 N Y Gas El Lt & Pow g 5s...11148 J D 89
100
8218 88
102
1937.3 J 102 Sale 102
4
85,
8511 Sale 844
Sara 7%13
1949 F A
Comp Azu
Purchase money g 4s
98 10114
J J 9912 Sale 993g
9912 29
8018 8112
Apr'24
Computing-Tab-Bee a f 6s .i941
N Y Munic Ry 1st s f .50 A_ _1966 J .1 80'2_--. 8112
3
5
99 4
98
7714 Sept'23 _ _ _
9918
9918
corm By & L 1st & ref g 4%5 1951 J 3 8414 85
84'l NYQElL&PIstg5s193l1C A 9918 997 3712
82
2
8
8414
333 4012
8414
3712 10
1951 J .1
38
3618
Stamped guar 4%8
901/ NY Rys 1st K E & ref 48..._1942 J J
86
4012
32
8712 106
3712 16
58 1950 J D 8712 Sale 8614
4
30, Sale 3814
Cons Coal of Mel 18t & ref
Certificates of deposit
9514
9312
112
9
112
1 12 212
5
94
9312
58.-1936 J J 9312 94
4 214
13
0
_-.
a194.2
9012
-year adl tot 55
30
Con G Co of Ch 1st gu g
8
87
112 23
8912 35
1952 NI N 8912 Sale 8814
Consumers Power
Certificates of deposit _ __
65
58
_ _ 10018 1004
7
_1931 M N 99 100 108 Feb'24
e
Prod Refg s f g 58._ _ 1934 M N 983 Sale 983
NY State Rye 1st cons 454819132 MN 58 831:1-- 85 Apr'24
Corn
4
9814 1003
85
5
4
4
9912
96
854
85
-year a 1 58
1st 25
,
1is
85
72
8
13
77
96
9312 '3613
1943 F A 7612 Sale 7612
4 Sale 955
967 1s4 1.4
Crown Cork & Seal 65
9112 95 N Y Steam 1st 25-yr Os Ser A 1 942 111 31 053
8
7
933 95
4
943
9412 88
1930 J J 933 Sale 9312
94
8
Cuba Cane Sugar cony 7s
s
997 NY Telep 1st & gen e f 4546_11)39 H N 945 Salo 10612 10718 228 1(15 108
96
9912 46
X8_1930 .1 J 9914 Sale 99
Sale
-year deben s f 6s_ _ _Feb 1949 F A 10612
30
Cony deben stamped 81
8
8 73 104 111652
1053
10712 36 107 1084
M S 1073 Sale 10714
8
8658
1047
Am Sugar 1st coil 88_1931 J J 943 Sale 943
9414
20-year refunding gold 68.1941 A 0 10514 Sale 907
Cuban
8 21
8
8
945
09 10114
8
10158 07
Sale
_ _1937
Cumb T & T Ist & gen Us _g 58'51 SIN 863 Sale 8614
8414 8718 Niagara Falls Power 1st Is._1932 J J 100 10412 10258
13
4
87
4 42 104 1054
1043
10418
Ref & gen Os
Den Gas & EL letScref 5 f
4
743 82
7912 75
7918 21
994 103
10212 26
1942 M S 79
N
5
G) 7e
194
_1932 15,1 0 10218 Sale 11)2
993 10012 Niag Lock & 0 Pow lot 5a _u
,
Dem Corp (D
10038 24
4
9114 93N
0238
56.1933 J .3 10014 Sale 100
9212 Sale 9214
98 No Amer Edison 68
Detroit Edison let cull tr 31940.51 S 975 Sale 074
95
4 39
973
8
60
97
98
977s
Sale 9658
1998 M
Secured sten 465 Ser 11_ _ _1 042 M S 97
ref be Serir3i A
lat &
85 104 10614
108
11940, 51 5 10534 Sale 10514
1st & ref 6s Series B
Oct. 11 Duo Nov. r Due Dec. a Option sale.
and asked. a Due Jan. b Due Feb. o Due June. 8 Due July. k Due Aug. o Due
bid
'No price rrlday; latest
--
----
----
973j
MAY 3 1924.]
2165
THE CHRONICLE
New York Bond Record-Concluded----Page 5
Quotations of Sundry Securities
All hood prices aro "and Interest" except where marked "9"
Railroad Equipments Per Ct. Basta Standard 011 Stocks Par Bid. Ask..
Range
Price
Week's
1 5.69 5.25
1612 17
BONDS.
Atlantic Court 1.1ne tie
Anglo-American Oil new_ LI .
Since
Range or
Friday
5.30 5.10
EquIpment°Ms
100 108 110
N.Y.STOCK EXCHANGE
Atlantic Refining
Jan. 1
av,
May 2.
Last Sale
1 5.55 5.30
100 114 115 Baltimore 'I Ohio 68
Week ending May 2.
Preferred
5.25 5.05
Equipment 430 A 58
100
Borne Scrymser Co
High Buckeye Pipe Line CO.
High No. Low
Ask Low
Bid
,50 •6213 6312 Buff finch A Pitts equip 6e.. 5.80 5.10
8818 93
9112 17
9012 90
5012 Canadian Pacific 434s & 135.. 55.45 5. 0
.
5 35 52
1
.
Chesebrough Mfg new. 25 *50
Nor Ohio Trac & Light 6e___1047 M S 90
8
8914 927
9214 69
100 113 117 Central RR of N J es
Preferred
N or States Pow 25-yr & A _1941 A 0 9214 Sale 9178
42 101 104
104
8
5.60 5.30
25 *42
43 Chesapeake & Ohio 6a
1st A ref 25-yr 65 Ser B_1941 A 0 1025 Sale 102
Continental 011 new
75 A _1941 F A 1073 Sale 10715 1077
13 65 10712 10813 Crescent Pipe Line Co- 50 *13
4
65.35 5.20
15
'.orthwest'n Bell T 1st
Equipment 650
92
92
8
5.25 5.10
North W T let fd g 4 he gtd_1934 J J 927 ____ 92 Feb'24
Equipment59
Cumberland Pipe Line_100 133 13412
4 10378 10512 Eureka Pipe Line 0o
4
100 9612 9712 Chicago Burl & Quincy 68
5.50 5.25
Ohio Public Service 750_1946 A 0 1043 Sale 10438 105
12 10014 10354 Galena Signal 011 com_100 5712 59 Chicago & Eastern Ill 63.4s. 6.45 5 50
10218
1947 F A 102 Sale 102
0 .2
5.0
0
7s
8
943g 975
1943 F A 965 Sale 053
4 44
963
8
4
Ontario Power N F 1st 5s
5.55 5.25 •
100 110 115 Chicago & North West 68
Preferred old
9512
94
1945 M N 9412 ____ 9434 Apr'24
Ontario Transmission 5s
100 100 103
EquIpment6As
Preferred new
98
98 10113 Humble 011 & Ref new_ 25 373 3814 Chic RI & Pac 414 e & 58
1941 F A 9814
98313 15
5..40 .2
5 75 5.40
Oth3 Steel 8s
0
'4
23
95
93
94
1st 25-yr 51 g 750 Ser B_.1047 F A 9312 sale 9312
100 137 139
Equipment&
Illinois Pipe Line
8
8
903 9314 Imperial Oil
4
8
917
pacific G & El egn & ref 58_ A942 J J 918 sale 9114
65.60 5.25
25 *102 103 Colorado & Southern es
9514 18
9212 957 Indiana Pipe Line Co
8
4
9514 943
Pac PowArLt Ist&ref 20-yr 53 '30 F A 95
5.75 5.40
50 *91
93 Delaware & Hudson fie _ _
9812 International Petroleum_(I) *1814 1812 Erie 450 & 5e
96
1397 J J 98 sale 9714
9813 195
Pacific Tel & Tel 1st be
77
9058 9212 Magnolia Petroleum__ 100 13412 136
92
1952 M N 9134 Sale 9114
513
Equipment6s
7
9958 10234 National Transit Co.._12.5 *2112 22
8
85 75 -5.21
5..50 5
Pan-Amer P & T 15t 10-yr 781930 F A 1007 Sale 10012 101
:
Great Northern 613
97
93
1935 NI N --------9614 Mar'24
650(w I)
5.30 5.15
82
Equipment 58
New York Transit Co.-.-.- 100 79
3
95 4 100
1953 J 1 9614 Sale 957
8
9658 13
5.65 5.35
Park-Lox (etre) 6 3-t,s
Northern Pipe Line Co.- 100 9712 100 Hocking Valley 6s
8
937 9514
Pat A Passaic G & El cons 5s 1949 M S 9514 ____ 9514 Mar'24 - _
5.30 5.15
6412
25 *63
new
Equipment 55
1 10414 1063 Ohio Oil Fuel Co
4 Penn NIex
A
Peop Gas & C 1st cons g (3e 141 1,4 I: 1234 10778 10512 10518
0 .
55
5.2 0 5. 5
25 *34
2
0
373 Illinois Central 4545 & 5e
4
9
8714 917 Prairie Oil& Gas new
s
9114
8
91
917
Refunding gold Os
100 22312 22412
Equipment&
9938 10238
8 52
1013
10138 Sale 101
Philadelphia C 6s A
4
.
5 40 5..10
5.30 5 0
5
Equipment 75 &
Prairie Pipe Line new....100 104 1043
55
94
90
91
Int Ir1 t 90% Sale 00
1
b58
100 193 198 Kanawha & Nfichlgan ea.__ 5.70 5.40
9314 9414 Solar Refining
9414 167
Phila &Reading C A I ref 58_1973 J J 94 Sale 9312
9712
Southern Pipe Line Co.-.100 97
Equipment 450
182
70
82
M S 70 Sale 6818
1943
7318
Pierce-Arrow 83
5..40 5 10
100 133 135 Kansas City Southern 534a. 5 50 5..25
South Penn 011
2
8
847 102
1931 J D 95 Sale 9412
95
Pierce 0118185
Pipe Lines.100 8412 86 Louisville A Nashville U.__ .5.55 5.25
as
a
947 9712 Southwest Pa
965s 37
Pillsbury 11 Mills 6s (rcts)_ _1943 A 0 9614 sale 96
359 I 5912
Standard Oil (California) 25 '
Equipment650
93
93
4
Pleasant Val Coal lst g s f 58 1928 J J 931z 963 03 Mar'24
8
5.45, 5.10
Standard 011 (Indiana) _ _ 25 *5813' 585 Michigan Central 58 &
9012 94
9012 10
Pocah Con Collieries 1st e f 581957 .1 -I 9012 sale 9012
25 *4012 41i2 Minn St PASSM 450& Le 5.45 5.15
4
95
4
975 Standard Oil(Kan)
5
4
973
Portland Gen Eiec 1st 5s.....1936 J 1 9718 ____ 963
4
5.60 5.30
Standard 011 (Kentucky) 25 *105 1053
Equipment 650 & 75
88
86
8
8
Portland By Jot & ref Os__ .. _1930 M N 867 88 873 Apr'24
Standard Oil(Nebraska) 100 233 237 Missouri Kansas & Tessa 68 5.8 5.30
8
803 88
Fist ref 50942 F A 8458 Sale 835
8
8512 35
Portland fly Lt &I'
Standard Oil of New Jet_ 25 *361 3612 Missouri Pacific Cs & fl}is_. 5.7 5.45
M N 937 Sale 913
43
893 937
1947
4
8
8
937
8
4
6t1 B
.100 11712 11814
5.4 5.15
OIL
Preferred
3 103 10434 Standard 01101 New York 25 *4014 403 Mobile & Ohio 434B A s & 55 5.21 5.05
103
1st & refund 714$ Ser A..1946 M N 103 104 103
4 New York Central 454
1 10418 10518
105
105
Porto Rican Ara Tob 88___.1931 M N 105
100 290 295
Standard OD (011o)
Equipment6s
8918 95
1933 J .1 9018 9012 903
8
4
91
Pressed Steel Car 58
100 118 123 I Equipment 7s
5.'3. 5.105
51 5
Preferred
1 114 11614
115
Prod & Bets f 8s(with warnte)'31 J D 110 131 115
45 'Norfolk er Western
100 42
5.11 4.95
Swan A Finch
10912 25 10612 110
Without warrants attached__ J D 10914 10912 109
5.4( 5.15
Union Tank Car Co__ _100 100 10314 Northern Pacific 75
9112 115
8
91 18
77
Pub Sent Corp of N J gen 58.1059 A 0 897 sale 8958
8
100 10812 1093 Pacific Fruit Express 78..-.-.5.3: 5.15
Preferred
1837.3 J 11012 Sale 110
1123 156 109 122
4
Punta Metre Sugar 78
8
8
25 *603 605 Pennsylvania RR ea 53 & 05 5.. 77 5..05'
new
.5( 58.32
9512 Vacuum 011 011
92
1937 M N
9318 Sale 92
9312 26
Remington Arms (is
30 Pitts & Lake Erie 650
28
10 .
Washington
15
93
963
4
9534
Repub I & 5 10-30-yr 513s t 1940 A 0 9518 Sale 9512
Other 011 Stocks
Equipment&
8
34
34 312
8 915
•
875
1953 J J 90 Sale 893
90
4
550
011
(I)
5.12 5.00
Reading Co 4548 & be
7512 9112 Atlantic Lobos
1
1952 J 12 7614 81
81
Sonoma & Myers e f 78
81
16 St Louis & San Francisco be.. 5.50 5.20
50 *8
Preferred
91
91
Jan'24
90
91
Roch & Pitts Coal A Iron 513_1946 M N
26 *5812 59 Seaboard Mr Line 430 & be 6.1)j 5.65
Gulf 011 new_
N 7912 gril- - 7912
90
80
-Brown Iron Co 7e.....1942 M
8012 13
e
Rose's
412 Southern Pacific Co 430_
5 *4
Eagle 011
4
4
763 8112 Mexican011
8112
St Jos fly Lt lit & Pr Cie.__.1937 MN 8114 Sale 8114
*101. 107,
8
520 555
5..30 5..05
Mutual
Equipment 7s
_
80
77
7812 77 Apr'24
St L Rock Mt & F 513stmpd_1955 1 1 77
-100 90
93 Southern Sty 454s & 58
5.30 5.10
National Fuel G882
5212 58
.1924 A Ot 5412 5614 5414
St Louis Transit be
5414
2512
Equipment)3s
9l12 Mar'24 - 9112 9158 Salt Creek Produr,re- 10 *2514 218 Toledo & Ohio Central 65..-.- 5.60 5.35
•-• Paul City Cal le bs.. .......1937 J JI 9134
138
5.75 5.35
Sapulpa Refining
28
9512 9S
1972 J J
4
973 i,;11 9712
98
St Paul Union Depot &s
5.25 5.10
Union Pacific 7t3
_194: Ai 5 1043 10434 10414
5 102 10474
10414
8
Saks Co 7s
Public UtilitIes
Tobacco Stocks
4 96
Antonio Pub Ser 65.. _ .199' 1 J
95 Sale 95
9512 11 933
San
(I) *6614 6714 American Cigar common 100 76
78
Amer Gas A Elec new...
-baron Steel Hoop let 88 ger A '41 M 8 10012 Sale 10012 10034 24 100 1023
4
43
50 *42
100 83
86
Preferred
Preferred
F A
1 10012 1023
2
Shelfieio }arms65,5A O 10113 10214 1013
4 1013
4
. MAN 933
4
Amer Machine & Fdry _ _100 140 145
Deb 65 2014
8
837 87
_
84
837g Apr'24
85
Sierra & Sun Fren PON.er 55.1195441
British-Amer Tobac ord. Cl *2234 2312
Amer Light & Tree corn,100 124
8914 97
9112 68
Sinclair Cons 011 15-year 78.193: M S 91 Sale 903
4
93
100 92
4
El .221 2312
Bearer
Preferred
85
56
9014
193t• J D 8614 Sale 8614
87
65013(w1)
CO
Amer Power & Lt coin _ _100 238 240 Heline (Ben W) Co, new 25 .58
97
,1
192Z A 0 983 Sale 983
Sinclair Crude 0 544s
99
8 88
087
8
4
3
8
84
100 *0234 0634
100 111 114
Preferred
Preferred
9812 32
957 983
8
192(
1921 F A
Cs
8
Sale 98
M&S
Imperial Tob ot G B & Irei'd •1512 16
Deb (is 2016
A 0 8314 Sale 83
33
813 86
1941
s
Sinclair Pipe Line 58
8312
45 Int Cigar Machinery
Util com_ _100 43
/00 55 60
14 10078 10412 Amer Public
104
South Porto Rico Sugar 78_ _194l J 11 1033 Sale 10318
8
8(1 Johnson Tin Foil & Met _100 75
100 77
7% prior pref
94
9612
8 14
South Bell Tel & Tel lst a f 581941 J J 0612 sale 9514
957
Cl
0 35 -100 58
- 10
3
MacAndrews & Forbes..100 *107 10 F
4% panic pret
9312 935
8
8
935 372
13'west Bell Tel let & re/ 5s_ .1954 F A 9312 Sale 9318
75
Val CI & E corn 50 *73
Preferred
8714 903 131ackst00e
Southern Colo Power (35_ _1947 1 J 8812 9014 9014
4 Carolina Pow & Lt com_100 143 147 Mengel Co
9014 10
35
100 33
24 100 105
Stand Gas & El cony s f 68_1926 1 0 1047 Sale 10414 105
8
corn..-.l00 143 144 Porto Rican-Amer Tob.-.-100 50
60
2
9412 98' Cities Service Co
3
Cony deb 11653s serles___.1933 M B 943 953 945
4
943
4
8
8
100 7334 7414 Universal Leaf Tob corn.100 34
37
Preferred_
4
953 98
2
193(1 MN 97 Sale 97
Milling 18t bs
9712
Standard
8
CitiesServieeBankera'Suares 1438 147
Preferred
4
10414 26 103 1043 Colorado Power cong
Steel A Tube gen s 1 7s Ser C 1951 J J 104 Sale 104
00 13
1
150 154 155
100 3334 34 Young (1 S) Co
16
4
953 9712
15
97
Sugar Estates (Orlenti) 713_1942 M S 96
9612 06
94
100 91
_100 105 107
Preferred
Preferred
9514
92
6
Syracuse Lighting 1st 8 Os_ .1951 J 0 95
9514
_ 95
79
Rubber Stocks(Cleveland) prices)
Com'w'th Pow Corp corn (() *78
8418 105
Light & Pow Co coll tr u 8:8'84 J . 1047 105 1047 Apr'24
1
8
s
100 7412 7612 Firestone Tire & Rub corn 10 *6812 70
Preferred
9914 10212
Tenn Coal Iron & RR gen Os 1951 J J 9912 101
9912 Apr'24
90
0 94
0
10
6
8
964
86
6% preferred
Consumers Power pref.. _100 87
4
983 102
Tennessee Cop 1st cony 68_ _1925 NI N 1001s 1003 9912 Apr'24
4
Share pref.-100 9814 9914
7% preferred
Elee Bond A
8
935 97
68
1947 J D 96 Sale 95 4
96
Tennessee Mee Power Cs
3
(I) •1313 1413 General Tire & Rub corn 50 16312 185
8 Elec fly Securities
4
533 567
18
1960 i J 553 Sale 5538
Third Ave 1st ref 4s
5614
8
80
_
100 9814
Preferred
4114 4914 Federal Light & Traction(;) *78
4212 100
Adjustment Income 55_51960 A 0 4212 Sale 4114
77 Goodyear Tire & R com_100
100 75
8 10 97 - - 18
Preferred
93 9312
Third Ave By 1st g 55
9312 9312 Apr'24
1037 J J 93
62 Goody'r T&R of Can pt.100
75
Lehigh Power Securities-(I) *61
8
1931 r t, 1025 Sale 1025s 10278 27 102 10312 Missistippi Riv Pow rem 100 23
Tide Water 011 650
0
8
2412 India Tire & Rub com 100 74 8
0 70
0
_
Dec'23
Tobacco Preducts s I 7s_ __ .1931
821.
100 -80
Preferred
Preft rred
31 106 feTi
1941 Ni S 1073 Sale 107
108
Toledo Edison 75
3
118
9314 9414 Mason Tire & Rub com.
(I) *1
Drat mtge 5n, 1951_
9511
8 12
997
Toledo Trac, Lt & Pr Cs__.1921 F A 095 Sale 995
8
8
100 12
16
Preferred
S F g deb 75 1935_ _MAN 102 103
1045 M S 94
Trenton GA El 1st g 5s.
4
66_ 925 Nov'23
65
61
Nat Fewer & Lt corn.- -(t) *111 113 Miller Rubber
Undersea of London 450_1933 J J 853,, 87 Dec'23
90
109 97
98
Pref, rred (I) •89
Preferred
. 1945 J J 825
8
Income 65.
8914 Oct'23
J&J 91
93 Mohawk Rubber
12
8
100
Income 7s 1972
96
1942 M N 9512 96
8
963
Union Bag & Paper Ss
10
45 55
Preferred
Nort1 ern Ohio Electric_(() *9
9718 9814
_
Union Eiev I.t & Pr lot g 53.1932 NI 5 9812 9978 98 Apr'24
100 2812 2912 Selberling Tire & Rubber((.) *312 4
Preferred
9712
9512 56
be
s
9512 953
8
1933 IVI N 955
45
North States Pow cOnt.100 •98 102
100 38
Preferred
74
70
Union Elev (Chicago) bs _1945 A 0 67
____ 74 Apr'24
100 92 94 Swinehart Tire & R com_10C,
15
8
Preferred
1931 .1 J 97
Union 011 5s
97 Apr'24
964 9714
64
Nor Texas 191ec Co com_100 61
100 ____ 40
Preferred
(1942 F A 1007 Sale- 10058 10078 24
9912 102
631
8
10)3 70
73
Preferred
Sugar Stocks
1 103 10412
104
Union Tank car equip Th.._ .1930 A A 10414 10514 104
4
883 Caracas Sttgar
20
50 517
1041 J 0 11314 Sale 11314
8 14 11112 11414 Pacific Gas & El 1st Dreg 100 288
1137
United Drug COW/ 8s
12 Cent Aguirre Sugar corn_ 20 *80
82
2
9212 9712 Power Securities corn._.-(1) *10
2
8
957
United Fuel GO8 18t.8 f 68._ _1936 J J 0514 9. 4 o-t2
37 Fajardo Sugar
100 105 108
Secend preferred
(I) *34
9611
91
2
United Rye Inv Os Pitts issue 1926 M N 9514 9614 95
9514
90 Federfe S
rugar Ref com_100 60 62
Freaired
Coll trust 138 1949_ JAD 86
6118 67
20
United R3s St List g 4s__ _ A934 J J 67 sale 6654
67
100 90 99
73
Incomes June 1949__F'A A /69
2
A937 61 N 8612 sale 86'
88
8612
86
17rdted SS Co Int relit Os
6
49 Godchaux Sugar, Inc
(:) *4
1042 A 0 100 Sale 997
9814 10118 Puget Sound Pow A Lt. 100 47
14
10018
8
United Stores Its
43
100 38
100 78
83
6% p,eferred
1932 J 1 10618 107 10618
Preferred
Mach 88
28 103 107
10612
U S Hoffman
94
2
IOU d10012 103 2 Great Western Sugar new 25 *90
8
,
7% pteterred
25
100
5
905 100
US Realty A I cony deb g 591924 J .1 997 sale 997
33
Gen mice 71-0 1941_MAN 1o47
rr
eteed Corp corn_(I) .30
8
797 8778
Sugar
8
4
4 92
803
US Rubber 1st & ref baser A 1947 J 1 803 Sale 793
4
85
100 82
Pl
Hoiry
1930 F A 10158 Sale 10118
1013
0
4 52 10014 10612 Reputlic fly & Light. _100 26
10
-year 71
100 52
5412 Juncos Central Sugar._10C 110 120
4
Preferred
10012 26
993 10012
US Smelt Ref A NI cony 65.1926 F A 10013 Sale 10014
9
89
07
: ..1 0 0
l uerosue, n g
taSugar R gf r_in 100 87
s
1037 517 102 1037 South Calif Edison corn.- 100 100 101
fcoupon .......d19631h1 N 10313 Sale_ 1
1gra
8
1:1 S Steel Corp
100 114 117 NNeawt1°Nna
New
3 10134 103
8% preferred
103
et 10-60-yr 5s1 registered..dI963 M N
8
4
1944 A 0 -iiis - 12 8058
33 Santa Cecilia SUE1 Corp pi 100
80
8
8 10
61
807
863 Standard Gas & El (Del) 50 *32
Utah Light A Traction be
75
(I) *71
50 *471.1 4814 Savannah Sugar corn..-.
,
8758 9112
Pr,ferred
01
903
8
8 97
Utah Power A Lt let 58_ _ _ 1944 F A 0 8 Sale 887
'100 87 90
Ten:essee Else Power _(I) *3212 3312
Preferred
Utica Dec I.& Pow 1st s f Os 1951 J J 951._-.-- 9,,14 Sept'23
84 87
, 3
QOls 94
1957 J 1 9214 6- 92 13
(I) *62 63 Sugar EstateeOriente pref__
931
Se,ond preferred
3
ref Os
Utica Gas & Dec
_
_
28 West India Sug Fin eom_100 12
100 26
Wegt ern Power Corn_
4
983 Nov'23
Va-Caro Chem 1st 15-yr 56._1923 J 0
37
100 78
100 32
62
80
Preferred
1947 1 0 61 Sale 61
8512
62
PTOerred
7e
8
307 7314
50
3078
11)37 .1 1 31 Sale
3114
-year 8 I 750
12
2 sale 31
31
IndustrIal&Nliscallaneour
Short Turin Securities
5
76
3112
Without warrants. attached .1.1 J 313
67
88
Am Cot Oil Is 1924 _ _MA 52 100 10012 American Hardware__ ..i06 66
91
Vs Iron Coal & Coke let g 58 I949,M S 8814 90 88 Apr'24
9012 15
99
91
88
Anaconda Cop Min 613'29 J&J 10114 10112 Amer Typefounders corn 100 97
1
Va fly Pow 1st A ref be_.....19341. J 8912 90 90
8914 9738 Ang10-Amer011750'25 A&O 102 10214
31
100 99 101
96
Preferred
191211 0 9514 Sale 9558
Sugar 75
Vertientes
48 10112 10314 Federal Sue Ref Os'33.M&N 975 9818 Bliss (E W) Co now_ .. _(I) *1512 17
8
103
102 Sale 102
144111 0
Warner Sugar 78
93
8
79
965 Hocking Valley 5a 1926 M&S 997 10018
95
8
Preferred
11.11 1 Sale 93
1439,1 J
First& ref 7sSer A
8
993 1015 Itterl oro It T 8s 1922_M&S
8
*
9912 Apr'24
8
Borden Company corn_ AV) 1E 1N
Wash Wat Powers f 55_ _. 1939J J 995 100
9638 98
K C Term fly Is '23 M&N15
100 103 105
Preferred
Westehes 1.tg g 513s1mpt1 gid 195(0 11 98 ____ 98 Apr'24
.184.11 103 104
6SisJuly 1931
75
9118 36
100 70
4
8912 9118
Celluloid Company
Power Series T Os 1946.M S 9118 Sale 903
West Penn
1926 101 1013
102
10214
100 107 110
3 101 10214
8
Preferred
195811 D 10214
-year 68 Series C
let 40
7 10414 10734 Lehigh Pow Sec Cs'27FkA 100 10014 Childs Company corn new(3) .34
35
c1946 F A 10514 10512 10514 10512
1st series D 75
8712 11
.
4
863 8914 Sloss-Sheff S&1 Ss '29-FAA 993 100
100 111 11213
. 1963 M 8 8712 Sale 87
8
Preferred
58 E
984 39
96
5
967 993 U S Rubber 750 1930.F&A 10114 1013 Hercules Powder
100 92
4
8
Western Unlon colt tr cur 55_1938 J .1 98 Sale 9714
Joint Stk Land Bk Bonds
93
100 10212 104
90314 94
3
Preferred
Fund & real estate g 458s.1950 M N 9214 9312 93
8
100 ____ 8918
4
11014 38 1085 1113 Chic Jt Stk Land Bk 53_1951 10014 10112 International Salt
.
1030 F A 10714 Sale 10714
15
-year 650 g
8 84 10654 108
Os 1952 opt 1932
10014 10112 International Silver prof 100 104 108
8
Westinghouse E & M 7s_ .._ _1931 NI N 1077 Sale 10712 1077
78
8
64
10013 10134 Lehigh Valley Coal Sales 50 77
Os 1963 opt 1933
583 797
8
61
Wickwire Spen Steel 1st 7e_ _1935 .1 .1 6218 Sale 82
100 115 125
85
.
80
185
ais 1951 opt 1931
8
985
102 103 Phelps Dodge Corp
Wilson A Co 1st 25-yr s f 68-1941 A 0 8112 Sale 80
(11
41.i a 1952 opt 1932
531g 923
4
126
99 100 Royal Baking Pow corn_ MO 134 139
10-3'ear cony 8 f 68_ _ .....1928 1 11 5318 Sale 5318
100 98 100
63
450 1952 opt 1932
55 100
97
138
96
Preterred
1931 F A .5734 Sale 55
744s
4
102
4
14 1003 1023
99 100 Singer ManufarturIng...100 130 132
ASis 1963 opt 19.33...-.
i'141 A 0 10112 102 10112
Winchester Arms 7 145
4
953 106
9415 97
lie (wit 1943 I J 9514 Sale 95
Young'n Sheet AT
•Per share. I No par value. o seals. el Purchaser also pays accrued dividend.
y Ex-rigEgt
•No price Friday;latest bld and asked. a DueJan. d Due Apr. c Due Mar. sBus I New stock. f Flat price. k Last sale n Nominal. z Ex-dividend
e Ex-stock dividend. 5 Sale price 5 Canadian quotation
May. g.DueJune. S Due July k Due Aug. 0 Due Oct p Due Dec a Option sale
13434
BOSTON STOCK EXCHANGE-Stock RecordBONDS
2166
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
&Xtardag.
April 26.
Monday.
Apr11 28.
Tuesday. . Wednesday. Thursday,
April 29.
April 30.
May 1.
Friday,
May 2.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan.1 1924.
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Shares.
Railroads
151 151
151 151
15012 151
151 15114 15112 152
789 Boston & Albany
15118 152
8Mar 27 152 May 1 143 Apr 151 June
100 1457
76
76
76
76
76
7614 76
94 Boston Elevated
76
7614 57512 76
76
100 75 Mar 20 80 Jan 8
75 June 84
Jan
9412 94
*94
94
*94 ____ 9412 9412 *9412
Do pref
18
100 92 Feb 7 96 Apr 7
914 Aug 100 Mar
113 113
113 113
113 113
113 113 *112 114
182
Do 1st pref
100 1114 Feb 5 1164 Jan 24 11112 Aug 125 June
*9712 98
98
97
9712 97 97
98
*97
9i 2
13
62
Do 2d pref
98
9712 - - 113
3
100 95 4 Jan 2 100 Feb 27
95 Nov 106 Mar
.1214 13
1214 1214 *1214 13
1214 1214 1214 1214
132 Boston & Maine
84 Jan 2 1514 Mar 31
100
73 Dec 2012 Mar
4
*1212
*1512
*1212 ____ *1212
*1212
Do pref
100 12 Jan 10 15 Feb 4
7 Dec 27 Feb
*1512
•1512
1512 1512 16
*1512 16
Do Series A 1st pref __AN) 134 Jan 2 19 Jan 10
16
30
1212 Oct 3212 Mar
*2012 21
21
21
21
*20
*2012 21
21
95
Do Series B 1st pref
21
100 174 Jan 2 2412Mar 1
154 Dec 48 Feb
*19
20
19
+19
19
20
*19
20
46
20
Do Series C 1s1 prof _100 18 Feb 27 23 Apr 5
20
1512 Dec 42 Mar
*2712 28
*2712 28
*2712 28 •274 28
Do Series D 1st pref
*2712 28
100 23 Jan 3 34 Apr 5
20 Dec 59 Feb
•146 147 •146 147
146 147
Boston & Providence
146 147 *146
100 143 Jan 4 148 Feb 27 135 July 18012 Jan
*20
2012 19
2012
/ 20
1
4
2012 2012 201.
24 East Mass Street Ry Co.- _100 19 Jan 7 24 Feb 9
18 Feb 35 Mar
60
60
60 60
Do 1st pref
60
6012 6012
38
60
100 584 Jan 8 8412 Feb 13
58 Dec 72
Jan
28
51
*5014 51
Do pref B
51
*5012 52
*5012 52
*5014 52
51
31% 32
50
100 493 Apr 7 58 Jan 25
503 Dec 65 Mar
*32
_ 311 3134 3214 3214 *z____ 32 *z_ _
Do adjustment
32
312
/
4
100 3112May 2 394 Feb 14
31 Dec 46 Mar
4
*313 3212 32
15 East Mass St fly (tr ctfs).._100 313 Apr 23 394 Feb 11
32
3214 3214
4
31 Nov 45 Mar
31
31
31
110 Maine Central
*29
3212 32 32
'31
33
32
100 31 Apr 25 374 Apr 9
/
1
2212 Dec 43
J30
17% 1812 173 18 8 1712 177
8
3
1734 1734 177 188s -1.6E8 -iii- 2,802 N Y N H & Hartford
100 14 Jan 3 207 Jan 10
8
93 July 2212 Jan
4
Northern New Hampshire _100 62 Jan 14 68 Apr 29
68
62 Dec 84 Feb
--- - -- - •____ 92
Norwich & Worcester pref _100 80 Jan 2 95 Mar 10
913 •____ 92 *__ __ 92
4
75 Dec 100
Jan
155 old Colony
76" - *79
79
79
79
79
79
79
79
100 7212 Jan 4 81 Apr 4
6412 Oct 81
Feb
Rutland pref
100 34 Mar 3 413* Jan 14
214 Aug 3878 flea
Vermont de Massachusetts _100 70 Jan 22 85 Mar 13
83
-_-_-_-_
70 Nov 98
Jan
Miscellaneous
8 13
4
112 112 *I% 13
50 Amer Pneumatic Service_ 25
8 112
4 *13
*13
8 13
114 Apr 11
4 *13
2 Jan 18
1 Sept
312 Jaa
14
14
97
*131 1312 13
1234 13
Do pref
/
4
*13
1318 .13
50 12 Jan 3 1412 Feb 28
Jan
12 Dec 20
4
12434 1253 1243 12512 1243 126
8
1247 12514 125 12612 12534 12614 2,332 Amer Telephone & Tales--100 1234 Mar 31 1307 Mar 12 119 June 1284 Dec
8
8
67
66
375 Amoskeag Mfg
65
66
65 8 6512 66
67
5
66
66
67
67
No par 65 Apr 28 83 Jan 14
6712 Oct 112
Jan
9
74 74
Do pref
79
79 .74
*74
573
74
743 •73
4
72 Mar 6 774 Jan 19
Oct 88
72
Jan
Art Metal Construe,Inc_7 p11
*14
214
17
17
*14
17
17 *114
17
.214
l%a a
__
16 Feb 15 16 Feb 15
1454 Nov
1612 Mar
*6
712 *6
Atlas Tack Corp
712 *6
712
71.2 '6
No par
7 2 *6
,
7 Mar 3 1014 Jan 8
8 Dec 2018 Feb
*106
198 106
38 Boston Cons Gas Co pref...100 104 Jan 18 107 Jan 8 104
10614 10614 10512 10512
Oct 10812
Boston Mex Pet Trus No per .07 Mar 29 .20 Jan 10 .05 Dec .30 Feb
•
_
Jan
2612 -. 6- - 2
2612634 *26
165 Connor (John T)
2634 26
26
.07-2612 .26
5
263 *26
4
10 24 Jan 2 28's Mar 5
19 July 27 Mar
26
26
26
•25
26
*25
*25
26
26
*25
26
100 Dominion Stores. Ltd
26
26 Feb 3 3014 Feb 14
2512 Dec 2614 Dec
90
90
*85
90
90
*86
•85
*85
Preferred A
90
*85
100 84 Jan 15 85 Jan 5
212 212 •214 212 *214 212
*234 3
150 East Boston Land
.2 4 3
3
10
214Mar 5
3 Feb 25
1- Dec -1s Jan
*512 6
*54 8
6
6
125 Eastern Manufacturing
6
*614 7
6
6
6
5
6 Apr 28
812 Feb 8
5 Dec4 Ma
52
*4912 52
5212 5112 52
*49
50
590 Eastern SS Lines, Inc
51
50% 514 5112
25 38 Jan 3 5514Mar 8
31 Nov 1274 Mar
615
Preferred
37
•3612 37
37
37
37 37
37
*36
37
37 37
No par 35 Jan 25 40 Feb 7
Oct 40 ' Oct
35
8812 8812 •88
89
1st preferred
*88
89
89
15
3588
89
*88
100 8512 Jan 8 93 Mar 8
85 Aug 88
Oct
16834 16912 1691 1704 169 170
16812 16912 16812 16912, 169- 1697844 Edison Electric Ilium
/
4
- 8
/
1
100 16312 Jan 2 177 Jan 28 1523* Nov 172
Jan
.9
414 *3
414 *3
412
432 *3
Elder Corporation
No par
212 Jan 17
44 Apr 8
112 Dec 1078 Jan
21
*21
22
20
•19
20
22
23
*22
24
50 Galveston-Houston Elee--100 13 Jan 11 23 May 2
2218 23
5 July 2912 Feb
Gardner Motor
No par
5 Jan 2
612 Jan 8
514 Dec
1534 Mar
"1313 14 '1334 14 ;i6i4 14
65 Greenfield Tap & Die
*1314 14
__
25 123
4Mar 31 157 Jan 7
8
1454 Nov 24 Feb
*4618 48
*4612 48
*4618 48
*4618 48
83 Hood Rubber
4618 463
No par 46 Mar 25 52 Jan 8
4 4612 4612
50 Dec 634 Mar
*4912 4112 41
8 415
40 Internal Cement Corp_No par 41 Apr 28 444 Feb
41
*4912 4112 *4014 41
.41
42 i 41
8
/
1
13
32 July 44 Mar
--------------International Products_No par .10 Feb 18 .75
•.25 .45 *.25 .45 '.25 .45 *.25 .45
Feb 26 .10 Dee
3 Mar
•114
Do pref
•114
*114 ---100 .25 Feb 14
112 Jan 2 .60 Dec
8 Mar
Kidder, Peabody Acceptance
7
Corp Class A pref
'282
*z82
_ _ ..282
_ _ _ _ *z82
82 82
•
53:82
____
100 80 Jan 3 834Mar 22
80 May 8312 Feb
•4.s, 473 *458 4
/ *45
1
4
51 Libby. McNeill & Libby
5
5
8 44
10
414 Apr 25
44
612 Jan 4
44 Dec
84 Aug
Lincoln Fire Insurance
.70
*70
*70
_ _ *70 _ _ -- *70
20 70 Jan 9 70 Jan 9
9% 10
67 Loew's Theatres
*10
1012 10
10*2 *10
- -16
1018 lo -1- -I -iiii2 -10 2
25
9 Mat 21
1012 Jan 9
139 Massachusetts Gas Coa
.
5215
7512 7512 75 2 75 2 *27512 _ _
100 7434 Apr 21 81 Feb 20 - 1i i
,
,
7512 7512 7512 7512
;31 nt - 7 -A
2
811 •lat
1;
143
65 - - 64% 65
Do pref
lig
68
67
67 1 67
100 84 Jan 2 70 Jan 31
6512 6512 6512 66
Jan
82 Dec 73
148 Mergenthaler Linotype
155 155 *155 15612 154 154
15512 15512 *15512 15612
155 155
1Q0 150 Apr 22 160 Jan 12 147 June 179
Jan
975 Mexican Investment,Inc- 10
1438 143
1312 13% 1312 1334
1412 133 133 *1334 14
4
4 14
4
612 Jan 2 173 Feb 21
3
3 Dec 143 Feb
4
2414 244 24
/
1
705 Mississippi River Power_ _ _100 19 Feb 18 2412 Apr 25
24
23
23
.231 2312' 23
2414 24
23
/
4
18 Nov 2814 Jan
Do stamped pref
*so 82 *80 82 *80 82 .81 8214 *81
100 80 Jan 4 8212 Mar 24
80
Jan 84 Feb
.212 23
23
8 234
.212 2% *212 2%
10
2 Apr 24
4
23* 212 ___663 National Leather
4 Jan 28
/
1
4
88 Feb
11 Dec
4
258 New England 011 Corp tr Ole_
412 412
*4
412 *414
4141
414 414
414
414 414
2 Jan 2
53 Apr 8
4
44 Sept
2
Oct
165
Preferred (tr et!,)
26
24
.
523
26
24 I 27
26
243
27
4 23
*23
23
100 17 Jan 10 3114 Mar 20
1212 Dec
Oct
1,058 New England Telephone-100 10312 Apr 24 1154 Jan 31 110 Dec 16
10634 107 ' 10612 107
107 10712 108 107
105 4 106
3
105% 107
Jan
122
Orpheum Circuit, Inc
/
1
521812 194 *184
811812 194 *21812 1912 *21912 1912 .
I
14 Jan 18 204 Jan 2
1634 July 2112 Apr
352 Pacific Mills
8112 8112 82
81
8112 81% 8112 81% 81
81
81
81
80 Mar 13 87 Feb 14
84 Dec 190
Jan
75 Reece Button Hole
8
/
1
4
10 1434 Jan 5 158 Apr 2 1145 Dec 18 Mar
*1512 153 *1512 15 4 1534 153 *153 15 ' 1512 1234
4
4
3
4
---------100 Reece Folding Machine
10
.2
/ 3 1 *212 .
1
4
*234 2
3
/
1
4
50
8 3
214 Feb 1
4 234 *23
33
3 Jan 2
314 Mar
2 Jan
Simms Magneto
a .15 Apr 14 .40 Feb 15 .10 Dec 2 Feb
*.15 .50 ..15 .60 *.15 .50 •.15 .50 *.15
_ _ __ _ _ _ _
699 Swift & Co
10134 102
10114 1013 10112 102
10112 10112 10114 102
100 101 Jan 4 10512Mar 6
10112 102
4
9812 June 10912 Jan
178 Torrington
3812 3812 3712 3712 38
40
36
39
3614 *3612
.37
25 3534 Apr 22 4212 Jan 11
393 Dec 50 Mar
4
*8
*8
9
*8
I Union Twist Drill
+8
9
9
9
*8
9
5
7 Feb 2 10 Feb 18
11 Mar
6 Dec
7
g 6,692 United Shoe Mach Corp_
3534 35
/ 354 35
1
4
/
3412 3514 35
1
3512 3512 36
25
3512 35
4
3212 Nov 553 Mar
/75 Do pref
8
8 2514 2514 2514 253
8 2514 25%
25 24 Feb 29 37l2 Jan 8
*2514 2512 2514 2514 253 253
3%
4
: 27
3
7
4 .1
243 J nge 20 .J z
115954 ee 38
8
i
2412 2434 2434 25
24
/ 2538 24% 2.514 243 243
1
4
4
2514 1,085 Ventura Consol Oil Fields_ 5 24 Mar 26 27 Jan 29
25
4
Aug
144 13 8 14
/
1
145 Waldorf Sys,Inc,new sh No par 13% Apr 30 1714 Jan 9
*1334 1412 1412 1412 *14
7
14
14
143
8
14
82218 Mar
13
.914 9
•914 9
Walth Watch CI B com_No par
*814 9
__ __
612 Jan 11 104 Feb 1
*814 9
*814 9
5 Feb
1812 17
1812 .17
1812 *17
17
.17
*17
1812 --------20 Preferred trust ctfs
100 1512 Jan 5 2312 Feb 13
15 Dec 2912 Mar
*172 18
4
1734 173 '1734 18
4
245 Walworth Manufacturing_ 20 2612 J
178 173
1818
18
19% Jan 5 313 1ar 12
4 18
3 2 14 F
9 4 feb 1
18 Dee
1 14 Jan
50
36
4
354 351 35
/
1
343 35
35
35
/
4
343 354 35
4
353* 1,295 Warren Bros
Jan
*3512 361z 35
35
Do 1st pref
36
36
50 3434 Apr 25 41 Jan 25
*35
3612 ____ __
3932 Mar
3 4 Dec 341' M r
2 2
0
8
4012 *39
*39
Do 2d pref
41
42 •39
*39
41
50 38 Mar 5 42 Jan 18
*39
41
____ ____
33 July 42 Mar
Wickwire Spencer Steel
-1-- ---5
3 Jan 10
51s Jan 14
3 Dec 1212 Feb
Mining
.20 .50 '.20 .50 '.20 .50 '.20 .50 *.20 .50
Adventure Consolidated
'.20 .50 •
25 .20 Apr 8 .20 Apr 8 .10 Nov
Feb
1
Algomah Mining
•.10 .20 •.10 .24) '.10 .30 •.10 .20 *10 .20 '
25 .15 Jan 15 .20 Mar 20 .10 July .50 Mar
5.10 .20
•1
1
20 Arcadian Consolidated
•1
114
114 *1
25
.1
114
14 5
1 Apr 11
214 Jan 8 .70 July
44 Mar
+84 9
/
1
9
9
*812 9
812 812 .812 83
4
150 Arizona Commercial
5
8 Jan 2
*812
934 Jan 7
7 Dec 1412 Mai
17
*15
*15
Bingham Militia
17
17
*15
17 .15
*15
17
10 15 Jan 10 1878 Jan 15
*15
17
144 Oct 19 Feb
154 1434 15
/
1
1515 1514 1514 154 15
1414 143
25 1414May 1
4 1414 14% 2,227 Calumet St Ueda
197 Jan 7
17
Oct 49 June
15
*114
11 *I
/
4
112 *1
1% *14 112 *14
150 Carson Hill Gold
1
114 14
1 Mar 31
3 Feb 1
11 Dec
/
4
93 Feb
8
22
2112 22
22
2214 23
2114 22
895 Copper Range Co
217 2212 2114 22
25 21 Apr 23 267 Feb 15
8
4
2218 Oct 463 Mar
Davis
-Daly Copper
10
3 8 Jan 3
5
43 Jan 23
-5 Feb
214 June
424 -41- --41- -11414
434
4
414
4
4
East Butte Copper Mining_ 10
4i.
i4
414 Feb 14
54 Jan 24
1112 Mar
43* Nov
115 Franklin
.75 .75 •.75 1
'.75 .95
•
.75 .95
.75 .75 '
25 .44 Feb 17
5.70 .95
1 Jan 8 .30 May
234 Mar
112 *1
112
*1
1
114 *1
1
135 Hancock Consolidated_ _ _ 25 1
1
1
1
1
Jan 22
2 Jan 28
4 Mar
1
Oct
Hardy Coal Co
*2312 2414 •2312 2414 *2312 2414 *2312 2418 *2312 2414 *2312 2414
22 A a
,
1
1 9412Nlpr 26 2812 Jan 7
2434 Mar 3358 June
Helvetia
•.41 .55 '.41 .5; • .40 .55 *.41 .55 *.41 .55
'.41
25 .40 Jan 2 .75 Jan 8 .10 Sept
114 Feb
9512 96
954 9512 96
96
196 Island Creek Coal
9612 *9514 96
.1
6
4
96
9 / 96
I
2 1003 Jan 8
4
934 Nov 11512 Apr
9412 *93
Do pref
944 93
*93
37
93
9312 03
1 9112 Jan 8 95 Mar 24
4
*923 9412 *9234_
9014 Nov 10012 Mar
15
15
1412 1412 143 14%
15
.15 1512 15
270 Isle Royal Copper
1512
25 1312Mar 29 20 Jan 3
*15
4
Oct 3314 Mar
16
50 Kerr Lake
1% *158 1% *11 11 *15
13
4 13
*138 11
/
4
4 •114
/
4
5
8
17
s
/
31 Jan
4
112Mar 5
218 Feb 13
178 Dec
300 Keweenaw Copper
25 .50 Jan 7
.91 .91
114
•.90 114 '.90 114 '.90 114 •.90 114 *.90
I Feb 19 .60 Sept
214 Mar
•114 1% *114 1% •
Lake Copper Co
•114 1% *114
11.1
15
8
1513 *114
25 .90 Apr 3
15
8
14 Jan 28
514 Mar
1
Oct
/
4
.99 .99 •.75 11 '.75
300 La Salle Copper
118 •
5.75 14
25 .75 Apr 23
.85
1
.85 .85 .
114 Feb 8 .50 Dec
34 Mar
4 *112 134 •112
50 Mason Valley Mine
4 *112 13
112. 112 *14 13
134
5
*112 1%
112Mar 11
2 Mar 7
2% Mar
114 Nov
20 Mass Consolidated
.50 .50 '.60 .75 +.60 .75 '.60 .75 •.60 .75
25 .50 Jan 8
*.60 .75
414 Mar
1 Jan 5 .50 Dec
4
I%1% *a112 13
545 Mayflower-Old Colony
25 .80 Apr 9
158 15
112 1 ,4
5
1%
4
7 Feb
2 Jan 11
13
112 Oct
4 134
2912 274 2712 2914 2912 28
/
1
224 Mohawk
29
284 2912 *28
25 26 Mar 31 3512 Feb 15
2912 30
Oct 71 Mar
27
18
18
18
1814 1814 184 1812 1.187 New Corneila Copper
18
18
18
18
1612 Jan 2 197 Jan 7
18
1414 Oct 2412 Mar
222 212 *214 23
700 New Dominion Copper
212 212
212 212
218 Feb 6
4
212 Aug
2% Apr 7 J
212 212
44 Apr
38
38
New River Company
*37
*37
38
38
*37
100 37 Apr 8 40 Mar 11
*37
38
35 Apr 40 Apr
*37
38
*37
Do pref
69
69
_
69
69
72 Nov 84 Mar
100 65 Feb 5 75 Mar 11
*____ 69
•57
2 61g *6
534 6
635 Nipissing Mines
4
434 July
63 Feb
618
5
554 Jan 10 61114Feb 1
*53
4 6
4 6
*53
6
6
533 North Butte
212 212
212 23
4
13 { Nov 123 Mar
,4
4 *212 2%
15
212 212 *212 23
312 Jan 24
2 Jan 16
4
4
234 23
01Ibway Mining
'.80 1
• .60
1
25 Mar
8
'
5.60 1
25 .50 Feb II .90 Jan 3 .50 Nov
*.60
1
1
'
5.60
.60 1
•
1912 19
193 •19
160 Old Dominion Co
1912 *19
1312 Oct 3212 Mar
4
1912
4
4 1912
25 15 Jan 30 193 Apr 28
1934 193
•1812 20
414 *4
400 Park City Mining & Smelt.. 5
214 Aug
414 *4
34 Jan 3
*4
412 Nov
414
4
4
4
4
54 Feb 1
414
*4
•l112 12
285 Pd Crk Pocahontas Co_No par 11 Apr 21 1212 Jan 11
*1112 12
1214 Dec 1614 Mar
1114 113 •1114 12
4
/
4
111 12
•1112 12
18
18
35 Quincy
*17
Oct 50 Mar
18
1712 1712
*1712 1812 •17
25 17123.111y 2 2312 Feb 15
*1712 19
19
•18
95 St Mary's Mineral Land...._ 25 28 Mar 28 35 Feb 20
27
Oct 5312 Mar
2912 30
+2812 30
3034 2912 2912 *.r2814 30
2912 31 *229
390 Shannon
.35 .35
112 Mar
.35 .35 *.35 .45
.32 .32
10 .30 Apr 2 .70 Feb 14 .30 Dec
.35 .35 *.35 .45
South Lake
.10 June
1 Aug
25
.75 ..15 .75 +.15 .75 •.15 .75 '.15 .75 *15 .75
.15
•
112 *1
112 518
112 •1
118 .1
250 Superior
1 Dec
1
112
112 *I
314 Mar
25 .90 Jan 15
*118 184
38 Feb
1 Jan 11 .65 Dec
.60 .70 '.60 .70 1.185 Superior & Boston Copper_ 10 .40 Apr 23
.60 .60 *.60 .75
.60 .80
.70
.60
Trinity Copper Corp
Oct
112 Feb
.30 Feb 18 .85 Jan 28 .20
- - - -- -Tuolumne Copper
15* Aug
10 .10 Jan 24 .50 Feb 7 .30 Dec
- - --212 Oct
314Mar 8
213 - 25
8Mat 5
-.
214
23
6 Apr
*
5
23
8 212 _ 1.305 Utah-Apex Mining
Utah Consolidated
3 Mar
1 .01 Jan 3 .01 Jan 3 .01 Dec
Utah Metal & Tunnel
1 .30 Feb 21 .45 Jan 4 .25 Dec
134 Feb
.30 -Tie)
Victoria
25s Feb
25 .15 Apr 24 .75 Jan 3 .60 Aug
- 0 .65- •.60 .65 '.60 .65 '.60 .65
6
65 •. - -5.60
'
5.60 .65 '
Winona
___ .5,15 .30 •.15 .30 *.I5 .30 *.15 .30
25 ,13 Feb 6 .35 Mar 10 .10 Dec
134 Mar
wvannnt
25 * ___
.25 *
25 .20 Mar 4 .20 Mar 4 .10 Dec
15
1 Mar
.25'....95*
5---.
SEX-rights. b Ex- div and &CUD. z Ex-d1v. Ex-stock dIv. a Assessment paid • Price on new basis.
•Bid and asked prices: no sales 0081118 day
sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange April 26 to May 2, both inclusive:
Bonds
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Range since Jan. 1.
Low.
94
94
$1,000 93%
Amer Tel & Tel 4& _ _ _1936
1943
100% 100% 2,000 97%
513s
53% 83,000 42
52
Atl Gulf & W I 58 L 58 1959 53
17,000 9234
93
95
Chic June Ry & US Y 58'40 95
1949
70% 7034 3,000 7034
Copper Range 58
9,000 59
62
62
E Mass St RR ser A 4346'48
350 60
1948
66
66
Series B 58
450 76
1948
76
76
Series D 6e
974 9734 4,000 9713
ser A 648 1949
Fla Pub
15,000 100
1936
100 100
Hearst Pub 614e
1936 100
100 100% 12,000 100
Hood Rubber 78
924 9214 15,000 85
K C Clip & Spr let 58_1925
1931 95% 94% 95% 1,000 91
Mass Gar 4145
93
934 4,000 92
Miss River Power 5s.1951 93
13,000 97
New England Tel 55_ _1932 9834 9834 99
1944 96
9534 96% 22,000 95
Swift & Co 55
1932 97% 97% 98
13,000 95%
Western Tel 58
High.
Apr
Jan 94
Mar 100% Apr
Jan 534 Apr
Jan 95% Feb
Jan
Jan 73
Mar
Feb 63
Jan 6714 Apr
Apr 77% Apr
Mar 97% Mar
Apr
Apr 100
Feb
Jan 102
Apr
Jan 93
Jan 95% May
Jan 9334 Mar
Apr
Jan 99
Apr 9734 Feb
Jan 98% Apr
lib Baltimore Stock Exchange.-Tecord of transactions at
Baltimore Stock Exehange April 26 to May 2, both inclusive, compiled from official hsts:
Stocks-
Frtaay
bates
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
98
58
3634
2634
7834
....
p
_
g
g_p ,..
9934 9914 40.0001
XXXXXXXX=XXXX=X
9914
XXXXXX
9534
XXXXX
35
58%
1134
7614 $12.000
19.000
52
3934 7,000
9533 2,000
9733 2,000
bbh 16,000
76
5134
3934
9814
9734
9554
7634
...'444MR14r01.9.9P44014'4% pz.1....74i12.4= 404P
304
Bonds
Chicago City Ry 5s_ _ _1927
Chic City&Con Rye 581927
1927
Chic Rye 4s."B"
Commonw Edison 58_ _1943
Commonw'th Elec 58_1943
Swift & Co 1st 8 f g 58_1944
Yellow Cab Mfg Co accept
1934
64e. wi a
• No par value.
W :2
""44
30%
..20ON0400N...0.0..
90^..ONNN 00N.0,
....
.
0. ..28.....g..c... ...4..0... . .
.eMt..N.4C.01 ..00,
.
- . .
-
79
XX
234
X
47%
.. .. ..0
38%
VS,
28%
92
High.
N
3031
Low.
30 90
Apr 90
Apr
90
90
2934 33% 24.333 22% Apr 3334 Apr
305 7714 Mar 8434 Apr
84
83
150 774 Apr 86
82
81
Jan
2634 29
11,278 26% Apr 32
Mar
10 10934 Apr 13034 Feb
109% 109%
89 100
1,390 85% Jan 123
Jan
5 95
95
95
Feb
Apr 99
61 384 Apr 41
38% 3834
Mar
37% 38%
300 37% Apr 6634 Feb
42
43
175 31
Feb 43
Apr
33
38
555 33 May 6114 Jan
85
30 85
85
Jan
Apr 95
56% 57
765 554 Apr 6334 Feb
2514 25%
100 2314 Jan 2513 Apr
100 33
35
35
Apr 4533 Feb
110 46
4633 47%
Apr 534 Feb
51
3
84 10
Mar 10 May
230 48% Jan 56
524 53
Feb
63
50 4613 Jan 63
63
Apr
100
634 633
734 Feb
654 Jan
700
314
3
Apr
3
414 Jan
95 64% Jan 70
664 67%
Jan
20 39% Apr 72
41
41
Jan
2614 2734 3,758 2514 Apr 32% Feb
300 2234 Apr 2334 Apr
2234 2314
25 57
594 5934
Jan 60
Jan
50 78
Mar 794 Jan
79 , 79
10 82
83
Apr 89
Feb
83
434 44% 3,665 42% Jan 46% Jan
10 43
43
Apr 46% Feb
43
40 42
4214 42%
Jan 44
Mar
30% 3,763 29% Mar 33% Jan
30
3110
4.933
3
Mar 31114 Apr
354 2934 mar 33
30% 31
Jan
41
42
Jan 454 Feb
42
1,428 35
35
Jan 39
35
Jan
170 58% May 64
Jan
5874 5935
9
Jan 12
1134 1,024
Jan
10
500
34
13
Apr
1115 Feb
XX
Abbots Old Dairies prof _ _
American Elee Pow Co_ _ 50
100
Preferred
American Gas of N J. _100
•
American Stores
Baldwin Locomotive_ _100
100
Brill(JO)Co
100
• Preferred
50
Cambria Iron
Congoleum Co Inc
Consol Traction of N J-100
100
Eisenlohr (Otto)
100
Preferred
,
Electric Storage Batt's _100
•
Erie Lighting Co
100
General Asphalt
•
General Refractories
Giant Portland Cement_50
Insurance Co of N A_ -.10
Ky Seeurities Corp_ _100
Keystone Telephone_ - _50
Lake Superior Corp- -100
50
Lehigh Navigation
50
Lehigh Valley
Warrant&
10
Lit Brothers
Penn Cent Light & Pow_ _•
North Pennsylvania_ _50
Pennsylvania Salt Mfg_ _50
50
Pennsylvania RR
Philadelphia Co(Pitts)-50
Preferred (cumul6%)_60
Phila Eiectrio of Pa_ _ _25
Warrants
25
Preferred
Phi% Insulated Wire
•
Phila Rapid Transit._ .10
Philadelphia Traction_ _ _50
Phila & Western
50
.1
Tono-Belmont Develon..
Range since Jan. 1.
XX
Sales
Friday
Last Week's Range for
Sale
1Veek.
of Prices.
Par. Price. Low. High. Shares.
High.
Jan
90
Jan
102
9334 Jan
Feb
84
714 Mar
7834 Mar
5134 Jan
3814 Jan
Mar
16
Jan
31
1213 Mar
Mar
11
Jan
89
Feb
195
Jan
95
4814 Mar
X Feb
136
Jan
534 Apr
814 Jan
32
Apr
1124 Jan
60
Jan
38
Jan
75
Jan
12034 Jan
10331 Jan
Jan
18
Jan
8
Jan
30
8934 Jan
1734 Jan
5334 Jan
Jan
86
8654 Jar
SO% Jan
Jar
9
47
Fet
8734 Fet
X
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange April 26 to May 2, both
inclusive, compiled from official sales lists:
1
Low.
60
Amer Pub Serv, pref _ _100
8634 8834
25
60
97
97
American Radiator
86
8734
270
Armour & Co(Del) pref 100 86
475
Armour & Co, pref--_100 7454 744 754
15
334 434
392
Armour Leather
100 7034 7034 764
210
Preferred
41
45
1,190
Balaban & Katz v t c -25 43
30
Bassick Alemite Corp_ _ _ ..•
3034 1.106
15
15
15
Beaver Board, pfd etfs_100
•
234 2433
535
Borg & Beck
8
8
75
8
Bridgeport Mach, com- •
i0
10
10
10
Bunte Bros
115
85
85
Central III Pub Ser, pfd....• 85
655
12214 135
Chicago Mot Coach com_5 125
100 85
75
85
85
Preferred
36
470
3734
Chic Nipple klfg Co"A"50 36
450
11
13
Chicago Rye part ctf Ser 3_
Com'wealth Edison__ _ _100 12734 12631 12734 1,515
614 514 11,863
Rights
633
6
64 2,850
Continental Motors_ _ _ _10
32
25
32
32
Crane Co, common
617
10934 110
100 110
Preferred
80
55
58
Cudahy Packing,com...100
9.615
26
Dan'l Boone Woolen M.25 2434 23
20
64
64
100 62
Deere de Co. pref
165
11834 119
100
Diamond Match
295
10034 102
Corp (The), pref--100
Fair
10
64 654
614
*
Gill Mfg Co
125
533
6
Goderhaux Sugar, com_ •
445
2434 2534
Coward,H W,pref _ _ _ _100 25
20
83
83
Great Lakes D dc D....100
1234 3,859
10 1234 12
Hupp Motor
35
• 4834 4813 4834
Hurley Machine Co
50
7834 79
100 79
Illinois Brick
55
84 33 55
Illinois Nor Utilities pf-100
.•
130
76
70
Independent Pneum Tool
700
113
Lamp Corp_ _ _25
134
1
internat'l
125
3713
37
Kellogg Switchboard_ _25
22
Kentucky Hydro Elec Co_ _ 8714 8734 874
Kup'h'mer & Co(B)Ino26
25
126
5
Common
125
914
91
100
Preferred
150
413 434
Libby, McNeill& Libby _10
454
254 3
100
10
Lindsay Light
17
*
15
120
MeQuey-Norris Mfg
573
5114
Middle West UHL com_....• 5154 51
187
8533 86
100 86
Preferred
175
9734 98
Prior lien preferred_ _100
25
117 117
Nat'l Carbon pref(new)100
453
214 234
10
234
National Leatter
154 114
500
Philipsborn's,Inc.tr ctf_ _1
440
1813
10 1814 18
Pick (Albert) & Co
204 2134
845
Pines Winterfront"A" _5
355
Pub Serv of N III, com___* 10034 100 10034
396
Pub Serv of N IS,com_100 10034 100 1004
92
120
92
100 92
Preferred
177
Quaker oats Co, pref_ _100 994 994 10034
375
Real Silk Hosiery Mills_ _10 3034 3034 31
617
10 1654 1634 17
Reo Motor
50
8134 8334
Sears-Roebuck, corn_ _100
3234 1,445
Standard Gas& Elec Co__• 324 32
4734 48
305
50
Preferred
26,900
74
Stew-Warn Speed,cont._ _• 6734 64
930
10114 10214
100 102
Swift & Co
20
15 20
2034 2,345
Swift International
100
Thompson,J R,corn__ _ _25 4334 4333 44
.790
5734 5
lInlon Carbide .1‘ Carbon.I0 5634 55
100
24 24
United Iron Wks v t c_ _50
United Light & Power- •
155
1 29
2874 30
Corn "A" WI a
215
• 3234 325-4 33
Com "B" w I a
no
7834 77
7834
Prat"A" w i a
*
150
4334 44
1
. 44
Prof "13" w 1 a
10
77
77
Unit Lt & Rye, 1st prat100
ao
20
LT S Gypsum
8374 8354
115
107 107
100 107
Preferred
90
21
20
Vesta Battery Corp,com.• 20
3,810
•
3634 38
Wahl Co
45
Wanner Malleable Cast'gs• 2134 214 2114
50
1115111134
Ward, Montg & Co, pf_100
When issued
20 2354 224 234 3,505
325
•
"A"
10551 10614
Class
•
735
433 5
Wolff Mfg Corp
3,055
3534 37
Wrigley. Jr, corn
• 36
5714 23,640
Yellow Cab Mfg,“B". _10 5233 51
_
Yellow Cab Co,Inc(Chle) • 4534 4134 4874 14,105
NO:1"
Apr
$300 9034 Mar 91
3,000 9734 Jan 9834 Apr
Mar 8834 Apr
2,000 86
2,000 10034 Apr 10134 Feb
Apr
Jan 94
8,000 91
1,000 9734 Jan 9954 Apr
Jan 10834 Feb
45,500 106
6.000 9534 Jan 9734 Apr
Jan
Jan 92
2,000 90
Jan 8534 Apr
1,000 84
Mar
Jan 65
1,000 55
Jan 824 May
3,000 76
24,000 6834 Mar 7213 Jan
Apr 5234 Jan
28,000 49
Jan
2.100 624 Jan 75
36,000 953.4 Apr 9934 Jan
Mar 7134 Jan
10.000 68
Apr
Apr
Apr
Mar
Feb
Feb
Feb
Feb
Apr
May
Apr
Mar
Mar
Apr
Apr
Mar
Mar
Feb
Apr
Jan
Apr
Mar
A or
Range since Jan. 1.
-
Bonds91
Atl C L (Conn) etfs is_ _ _ _ ______ 91
384 9834
1947
Bait Electric 58
884 8854
Balt Sparrows P&C 4343'53
101 101
Bernheimer-Leader St78'43
9334 9334
ConsolG E L&P 4138 1935
9934 9934
1952
Series E 5148
107 10734
1931 107
Series C 78
Elkhorn Coal Corp 68_1925 9734 0734 9734
91
91
Fair 4t Clarke Traci 58_1938
1945
8534 8534
Oa & Ala cons 5e
6434 6414
Macon Dub & Say 58_1947
824
82
Monon Valley Trac 55 1942
United Ry & E 48_ _ _ _1949 6934 6934 6934
1949 4934 49
4934
Income 48
71
7134
1936 71
Funding 58
1949
9534 96
(48
70
70
Wash Bait & Ann 55.1941 70
Stocks-
rrueuer
bawl
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
NO
it
894
96
6934
66
100
45
82
1913
8714
874
7034
92
101
100
9814
102
102
10534
88
94
864
55
75
Jan
Jan
Mar
Feb
Apr
Jan
Feb
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange April 26 to May 2, both inclusive,
compiled from official sales lists:
"
3
1674
147
4934
84
Mar
954 Apr
6134 Jan
6213 Jan
9834 May
Feb
44
Jan
75
1334 Mar
8613 Jan
874 May
6934 Jan
8814 Jan
Feb
97
9614 Jan
Jan
983
9913 Jan
9834 Jan
10334 Jan
8614 Jan
9314 Apr
8434 Jan
Mar
54
A nr
75
N
10934
Bonds
Amer Gas& Bloc 5s_ _ _2007
8833 $8,000
84
2,000
96
Choctaw Okla & G53.1952
96
Consol Trac N J 1st 581932
69
6954 4,000
Stec & Peoples tr Ws4s'45 63
624 6434 13,200
General Refrac ser A 68'52
9834 9834 2,000
Inter-State Rye coil 48 1943 4413 444 444 1,000
8,000
Keystone Tel let 5a_ _ _1935 78
7754 78
3,000
14
14
Lake Superior Corp 58.1924
874 874 1,000
LehighValgencons4482003
Penn & N Y Canal 4a_1939 874 874 8734 7.000
Peoplee Pass tr etfs 48_1943
7014 7034 2,000
Phil& Co cons & stpd 58'51
9174 9134 1,000
1966 9934 9834 100
55,900
Phila Elee 1st 58
1.600
1966
100 loo
Small let 58
Registered let 5e _ _ _1966
9854 9834 1,000
1947 10134 101 10134 8,000
5348
1953 10134 10074 1014 120,500
548
1941
10554 10534 1,000
Os
7,000
Phila & Read impt 48_1947
88
88
1973 94
94
2.000
94
Reading Coal 58
1947
864 8613 3,000
Sayre Elec 58
United Ry g tr etfe 48_1949
5434 5434 8,000
i n(wl
75
75
Wilm & North 48
--
224
79
Jan
220 9734 Apr 100
98
9834
Jan 58 May
1,011 46
5413 58
Feb
5
413 Apr
100
434 434
Feb
Jan 37
20 21
25
25
Jan 7334 Feb
15 53
54
55
Mar
Jan 39
55 36
3634 3734
Jan 2734 Apr
48 26
2634 27
13 Apr
134 Jan
13 1,000
%
Feb
36 1094 Jan 112
11034 11034
Jan 314 Feb
2634 2634
238 26
2433 244
188 2434 Apr 254 Jan
270 2434 Feb 264 Mar
2534 254
Jan
Mar 114
117 zI08
11114 112
Apr
24 z10434 Mar 110
108 109
Mar
246 11534 Jan 119
1184 120
174 694 Apr 814 Jan
71
71
Mar
85
85
100 6634 Jan 95
Jan 106
Mar
186 88
100 101
Jan
159 784 Apr 82
7834 79
Apr
11 4533 Jan 47
464 464
Apr
Feb 25
25
50 22
25
Jan 9354 Feb
45 87
8734
87
Feb 53
Jan
15 50
53
53
Mar
50 22
Jan 23
2233 224
Jan
Jan 83
7913
82 76
79
Jan 10634 Apr
5 104
105 105
Jan
61 3834 Apr 40
3814 3834
Feb
Apr 74
7 72
7234 7234
170 9834 Jan 111
Feb
10934 10934
Jan
Feb
2
4
70
4
4
Apr 3034 Feb
24
20 22
24
220
234 May
234 3
3 may
Jan
467 1834 Apr 18
1634 17
Apr 1554 Jan
57 145
147 1474
25 4934 May 504 Jan
4934 50
Intik.
MNNM
87
High.
Lore.
165 3834 Apr 43
5 18733 Jan 193
810 5834 Jan 6634
135 554 Jan 5734
135 3744 Apr 3734
8
1.060
754 Apr
31 624 Jan 6634
r.m0..04
108
120
Low.
3851 39
193 193
6334 6334 65
56
56
56
3734 3733
z713 5
6434 6434 6434
3834
X
XXX
X
XX
X
9,1I.V01010190W.INNWO4M704 0,0011/
11034
264
2434
Range since Jan. 1.
Union Traction
ao
United Cos of NJ
100
United Gas Impt
50
Preferred
50
Virginia Ry & Power _ _100
1Varwick Iron & Steel _10
50
Westmoreland Coal
Range Since Jan. 1.
wwwW
Amer Wholesale pref _ _ _100
Arundel Sand & Gravel 100
100
Baltimore Brick
100
Baltimore Tube
100
Preferred
•
Benesch (I)corn
25
Preferred
Central Teresa Bug com-10
Chas & Po Tel of Balt_ _100
•
Commercial Credit
25
Preferred
25
13
Preferred
Gomel Gas,E L & Pow 100
100
7% preferred
100
8% preferred
Consolidation Coal_ _ _100
•
Eastern Rolling Mill
100
8% preferred
50
Fidelity az Deposit
Finance Co of America_ _25
25
Finance & Guar
Houston 011 pf tr ct18-100
Manufacturers Finance_25
25
2d preferred
Maryland Casualty Co 25
March & Min Tr Co _ _ _100
New Amsterd'm Gas Co100
ao
Northern Central
Penns Water & Power_100
10
Pitts Oil ilref
•
Silica Gel Corp v t
Union Trust rights
United Ry & Electric...AO
U S Fidelity & Guar_ _ _ _50
Weet Md Dairy Inc prat _ 50
Stocks-
2167
THE CHRONICLE
MAY 3 1924.]
27
924
634
4
2034
5734
89
9934
125
414
234
2134
2234
103
103
9914
10154
3334
1934
9514
3434
4831
101
10534
2234
5034
6334
44
Jar
Jan
Jan
Jan
Jar
Mai
Jar
Jar
Jar
Jar
Jar
Jar
Mai
Api
Are
Jar
Jar
Pet
Jar
Pet
Mai
Jar
Jar
Mal
Jar
Jar
Pet
Jar
3234
3434
80
46
81
99
107
28
42
2534
115
3034
112
814
40
96
6434
Mai
Api
Mai
Mai
Jar
Jar
Api
Jar
Jar
Fel
Pet
Mal
Jar
Jar
Jar
Jar
Jar
79
5534
45
99
98
9734
Jar
Jai
Jai
M&
Ap
Fel
994 Jar
2168
THE eIHRONICLE
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange April 26 to May 2, both inclusive, compiled from official sales lists:
Stocks-
vrtaay
sates
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
Am Wind Glass Mach_ _100 8835 8834 13836
60 8834 Apr
Preferred
100
9356 9335
50 9335 Apr
Arkansas Nat Gas,com_10
534 535 1,655
534
5
Apr
Carnegie Lead & Zinc_ __ _5
4
4
6
7,398
234 Apr
Citizens Traction
50
38
38
50 2834 Apr
Commonswealth Tr Co_100
17335 17335
25 17334 Apr
Consolidated Ice, com__50
135 155
.50
135 Apr
Preferred
50
18
18
33 1734 Feb
Indep Brewing, pref_
50
834 9
160
631 Apr
Jones-Lang Steel pref_ _100 110
110 110
95 104
Mar
Lone Star Gas
25 2731 2731 2734
82 2635 Jan
Mfrs Light & Heat
50 5134 51
5135
410 51
Apr
Nat Fireproofing, corn_ 50
835
40
855 935
736 Jan
'Preferred
50 2134 2135 24
880 2034 Jan
Ohio Fuel 011
1 13
13
13
50 1235 Mar
Ohio Fuel Supply
25 32
3134 32
583 3134 Apr
Oklahoma Natural Gas...25 23
2234 23
600 2234 Jan
Pittsburgh Brew,pref.. 50
734 8
260
436 Jan
Pittsburgh Coal, coin_ A00
515 5834 May
835
5834 5
. Preferred
100
99
99
30 9435 Mar
Pittsb & Mt Shasta Cop...1
9c
Sc
9c 10,500
5c Mar
Pittsburgh Oil& Gas
5
734 734
10
735 Apr
Pittsburgh Plate Glass_100 23934 239 240
267 209
Jan
Salt Creek Consol 011_ _ _10
9
83-4 934
40
735 Apr
Standard Plate Glass__ • 29
2634 29
3,680 25
Jan
Tidal Osage 011
ifl
11
11
• 20 10
Jan
Union Natural Gas
25
2731 28
180 2331 Feb
Weit'house Air Brake._ _50 90
89
90
146 84
Feb
-BondsCent Dist Teleg lst 58_1943
Ixaltiolrarnn 01 CUR Lea
9834 9835 $1,000 98% Apr
_ _In, _ _ 2 nni,
-------------105
High.
9634
9634
7
6
3934
17535
136
19
9
11034
2834
5434
934
2434
1635
3335
2534
8
63
100
lle
931
265
1015
39
16
2934
9634
Feb
Mar
Jan
Apr
Apr
Mar
Feb
Jan
May
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Apr
Jan
Apr
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Jan
9834 Mar
. St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange April 26 to May 2, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Merchants-Laclede Nat'l_ _ -----Nat'l Bank of Commerce_
Units Rys. preferred CD._
Brown Shoe. common
--4634
Certain-teed Prod let pref. 74
Hydraulic Press Brick, corn
Preferred
Internat'l Shoe, common_ _ 7331
Preferred
115%
Mo Portland Cement__ _ -----National Candy, common_
Southern Acid & Sul, com_
S'western Bell Tel, pref. _ _ 104%
Wagner Electric, corn
25
Wagner Elea Corp. prof.
-----Johnson Stephens Shoe_ _ _ -----Bonds
E St L & Sub Co 55
St L dc Sub RyGen mtge 58 CD
United Railways 48
4s0 D
Range since Jan. 1..
Low.
262
141
11
45
74
431
262
1 260
Feb
142
12 139
Apr
11
935 Jan
,
250
46%
Apr
20 42
75
9 75
Apr
434 Mar
43-4
200
6834 6831
145 6135 Jan
73
Apr
7336
738 73
11536 116
67 115% Jan
96% 96% 32 1-3 94
Apr
82
82
Apr
40 80
182 182
10 17736 Air
104 105
Mar
28 103
25
25
• 190 25 May
79
79
Apr
10 79
54
54
115 35
Jan
High.
265
147
11
50%
80
6931
7935
118
11036
92
182
105%
34%
84
5735
Apr
Feb
Apr
Feb
Feb
Feb
Mar
Jan
Feb
Mar
Jan
Mar
Apr
Jan
Mar
Mar
78
78
78
$1,000
77% Feb
8136 Mar
65
66%
66
65
65
8635 67
66
66
5,000
39,000
3,000
6236 Mar
61
Mar
61
Mar
65 May
APr
67
6631 APr
New York Curb Market.
-Below is a record of tho
transactions in the New York Curb Market from April 26 to
May 2, 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
.Sates
Last Week's Range for
Week ending May 2.
Sale
of Prices
Week.
Par. Price. Low. High. Shares:
StocksIndus. & Miscellaneous.
10
Acme Coal Mining
Allied Pack, prior pref _100
Amer Cotton Fab. pref_ 100
Amer Cyanamid,corn_ _100
Amer Gas 3r Elec, com___.
American-Hawallan SS_ _10
Amer Lt & Trac. com_ _100
100
Preferred
Amer Power & Lt pref_ _100
American Thread pref.._ 5
Archer-Daniels-Mid Co_ *
Armour & Co of Ill, pf-100
Armour Leather, pref__100
Atlantic Fruit & Bug w I -•
Blyn Shoes. Inc.. 00E0- -10
Borden Co,comm00___100
Bridgeport Machine Co- •
lirit-Amer Tob ord bear.£1
Ordinary registered_ _El
10
Brooklyn City RR
Candy Products Corp---2
Car Ltg & Power, corn...2
Central Teresa Sus com_10
10
Preferred
Centrifugal Cast Iron PIPe•
Checker Cab Mfg class A _•
Chic Nipple Mfg CI A..50
so
Class B
Childs Co. new stock- •
Cities Service, com----100
100
Preferred
10
Preferred B
100
Preferred BB
Stock scrip
Cash scrip
•
Bankers' shares
Cleve Automobile, coin_ •
Colorado Power, com-100
•
Com'wealth Pr Corp100
Preferred
Continental Tobacco----•
•
Cuba Company
Curtiss Aaroni ctfs of intWest Coal_
Del Lack & .---.---. _50
- 2
• No par value.
21
9734
67 •
936
12636
73
12835
2331
134
134
1
2834
143
6734
87
79
76
23
25.
8935
9112
Range since Jan. I.
Low.
High.
135 135
200
Jan
134 Jan
3
21
21
100 21
Jan
mar
800 95 May30
9734
97
Jan 98
95
96
20 93
Apr
Apr 96
641-4 6436
800 4334 Jan 6834 Ayr
936 936
200
Jan
8
Apr 14
12334 127
780 11834 Jan 13534 Mar
92
92
20 91
Mar 93% Ayr
84
84
Apr 84
10 84
Apr
4
4
200
336 Feb
436 Jail
1934 20
400 1934 Apr 2635 Feb
73
75
60 72
Apr 83
Mar
71
71
10 71
Feb
Apr 78
134 134
400
334 Feb
134 Apr
1034 1031
600
936 Feb 1334 Feb
122 12835
170 11734 Mar 12835 May
731 734
300
754 Apr 1234 Mar
2234 2334 1,600 2034 Jan 2334 May
23
23
200 2154 Feb 23
APr
1131 1134
300 1034 Jan 14
Jan
134 . 134 8,900
1313 Apr
234 Feb
134 136
500
334 Jan
154 Apr
1
90c
500 90c Apr
134 Jan
3
3
1,000
3
Apr
454 Mar
28
2934 2,700 2534 Apr 313.1 Jan
20
20
100 17
Jan
Apr 40
3735 3735
100 35
Apr 4034 Jan
16
20
200 18
Apr 223-4 Jan
3236 34
200 3236 Apr 37
Jan
14134 14435
360 141
Apr 155
Feb
7334 7336 1,500 6754 Jan 7354 MaS
631 634
100
635 Jan
634 Mar
6736 6735
100 64
Mar 6734 May
87
8731 $7,000 77
Jan 98
Feb
71
72
$2,000 71
Mar 74
Jan
1436 1434 2,800 1334 Apr 16
Jan
1734 18
200 1734 Apr 2334 Jan
34
34
200 2234 Feb 3431 Mar
77
7934
205 56
Feb 8034 Apr
76
76
100 75
Mar 77
APr
2134 23
300 2136 Apr 2634 Jan
35
3554
300 35
Apr 4034 Feb
2235 25
350 20
Apr 25
Apr
8936 90
100 88
Apr 9335 Jan
2041 22
4000 91 IL •
... no ad ...
[vol.. 118.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Dort Motor Car
Dubllier Condenser & Rail' 3435
Dunhill International_
•
Du Pont Motors, Inc__ _
Durant Motors, lac
• 18
Eastern Steel Cast'g corn.*
Elec Bond dr Sh, pref _100 9836
Electric Ry Securities_
•
Fairbanks Morse & Co w 1. 2554
Ford Motor of Canada_100
Gillette Safety Razor_ - • x267
Gleasonite Products Co _ _1 10
Glen Alden Coal
• 93
Goodyear Tire & R,com100
Grand 5-10-250. Stores---• 4934
Havana Tob, pf ctf dep_100
4
Hazeltine Corp. WI
• 1831
•
Hayden Chemical
Hudson Cos,pref
100 26
Hudson & Manh.corn..100 15
Imperial Tob of GB & I £1.
Intercontinental Rubb_100
Internal Concrete Indus 10
Kresge Dept Stores. corn..' 49%
Landover Hold Corp.cl A 1
Lehigh Power Securities-. 61
Lehigh Val Coal Sales -50
Leh Vail Coal ctfs, new, WI 28
Libby. McNeill& Libby-10
Lupton(F M)Pub CI A_
13
McCrory Stores,corn'
100
Mengel Co
Mercurbank(Vienna)Am sh 11%
Mesabi Iron Co
•
435
•
Midvale Co
National Tea corn
* 357
1
New Mex & Ariz Land
73
N Y Telep 635% pref-100 10934
Otis Elev new common_50 733
Palge-Detrolt Mot Car_ _10
Pyrene Manufacturing..10 10%
Radio Corp of Amer.corn.'
334
5
Preferred
4hs
10 16%
Reo Motor Car
Repetti, Inc
5
Republic Ry & L. Pref_100
Richmond Radiator
1435
Silica Gel Corp com v t c_• 24;5
Singer Manufacturing_ _100
Southern Coal & Iron____5
8c
•
Stutz Motor Car
Swift dr Co
100 102
Tenn Elec Power, com__• 33
• 6231
Second preferred
Tob Prod Exports Corp._'
435
Todd Shipyards Corp_ _ __ •
Union Carbide & Carbon.'
Unit Bakeries Corp. com-• 5834
100
Preferred
United Profit Sharing---1
Unit Retail Stores Candy.'
434
United Shoe Mach,com_25 3535
U 8 Light &Heat,corn-10 75c
Univ Pipe Sr Rad corn
14%
Ward Corp Corn cl B____• 16%
Class A
•
7% preferred
100
Warner Bros Pictures
8
White Rock SAin Spg v t c
10
Woodward Iron, com_ A00 80
Yel Taxi Corp. NY.new..' 22
Former Standard Oil
Subsidiaries
Anglo-American 011_--£1
50
Buckeye Pipe Line
Chesebrough Mfg.new._25
Blair & Co.interim rots_
Crescent Pipe Line
25
Cumberland Pipe Line_100
100
Eureka Pipe Line
Galena-Signal Oil, com_100
Humble Oil& Refining_ _25
100
Illinois Pipe Line
Imperial 011(Can) coup_25
Indiana Pipe Line
50
Magnolia Petroleum_ _ _100
National Transit _ _ _12.50
New York Transit_ _- _100
Ohio 011
25
Penn Mex Fuel
25
Prairie Oil& Gas
100
100
Prairie Pine Line
Solar Refining
100
South Penn 011
100
Southern Pipe Line_ _..l00
So West Pa Pipe L113138_100
Standard 011 (Indiana)-25
Standard 011 (Kansas)-25
Standard Oil(Ky)
25
Standard 011(Nob)---100
Standard Oil of N Y.-- _25
Stand 011 (Ohio) com--I00
Swan & Finch
100
Vacuum 011
25
Other Oil Stocks
Atlantic Lobos Oil, com__•
Boston-Wyoming 011- _1
Carib Syndicate
Consolidated Royalties__ A
Creole Syndicate
5
Derby Oil& Refg coin_
Engineers Petroleum Co 1
Federal 011
5
Gulf 011 Corp of Pa
25
Gulf States 011 & Ref _5
Hudson 011
1
International Petroleum..'
Kirby Petroleum
•
Lago Petroleum Corp.....
Latin-Ainer 011
1
Livingston Petroleum_
•
Margay 011 Corp
•
Marland 011 of Mex
1
Mexican Eagle 011
5
Mexican Panuco 011_ _ __10
Mexico 011 Corporation-10
Mountain & Gulf 011
I
Mountain Producers- _-10
Mutual Oil cot trust ctfs_5
New Bradford 011
5
New York 011
25
Noble(Chas F)O&G.com.1
Northwest 011
1
Ohio Ranger
1
Omar 011 & Gas
10
Peer Oli Corporation_ •
Pennsylvania Beaver 00.1
Pennok Oil
10
Red Bank Oil
25
02%
50%
13455
9735
38
137
10236
135 .
21%
80
64
38
224
10435
195
134
97
5835
10534
236
40%
293
44
6056
3%
535
435
12c
69
18%
434
15c
131
1%
19%
1051
,
535
4c
68c
41c
15
2335
231 2%
- 3331 35%
23% 2331
1
1
17
1934
1334 13%
98
9834
13
14
25% 2635
450 454
265% 28255
10
10
90% 93
10
10
49% 50
4
4
1531 18%
1% 1%
25
26%
1434 15
1534 1595
3% 3%
10
10
4734 4934
715 735
58
61%
76
78
2731 2935
5
5
13
13
69' 69
3535 3534
1134 1131
,
434 5
2235 22%
353 360
7
735
109% 11035
73
7435
13% 13%
1034 11%
334 3%
4% 4313
16% 16%
70e 70c
53
53
1434 14%
24
25
132% 132%
Sc 10c
735 735
10134 10234
3231 33
63
58
434 431
46
4835
58
5635
53
56%
86
88
6
6%
4% 4%
3431 3535
75e 800
1231 14%
16% 1734
6634 6635
80% 8034
8
8
10
10
80
80
22
24
10
831 1135
1 9%
5% 531
1235 12%
Sc
50
Sc
Sc
4c
40
620 70c
0 54
256
40o 45e
1451 14
23
24
Low.
High.
2
100
Feb
235 APr
16,950 1035 Jan 35% May
400 2334 May 28% Jan
I
Mar
200
351 Jan3,600 1635 Apr 3634 Jan
100 1335 Apr 15% Jan
120 97
Jan 100
Mar
Mar 14
345 11
Apr
600 25% May 28
Mar
40
482
APr1,680 26531 Mar 28235 Apr
100 10 May 1254 Jan, .
2,300 7635 Jan 93
Apr
600
8% Jan 11% Jan
300 35
Feb 52
Apr
Mar
4
100
435 Mar
Feb 18% May
10.300 13
100
134 Jan
2% Jan
2.600 1734 Feb 26% Apr
2,500
9% Mar 1534 AprJan 1555 Apr
500 15
100
Feb
235 Apr
5
300
Apr 12% Jan
9
Jan 5334 Mar
1,500 41
400
Fels
734 May 13
Jan 61% May
1,900 33
Apr 89% Feb
675 75
7,800 26% Apr 8534 Jan
100
4% Apr
Jan
6
100
535 Jan 10% Mar
Apr 73
100 69
Feb
Apr 3535 Apr
100 25
Jan
200 1111 May 14
1,100 • 4% May
814 _Jnn
500 18
Jan 2634 . Mar .
Apr 370
Apr
270 322
4,800
3% Jan 10
AIR
Mar 112
275 109
Jan
600 72% Apr
Apr
Apr 18
Feb
100 13
800 1031 May 1334 Feb9,200
335 Apr
4% Jan
5,600
Jan
4
4% Jan
200 16
Mar 18% JAM100 50c Mar
114 Jan
Jan 53 May
10 44
100 14% May 14% May
300 20% Feb 35
Jan
Jan 148
10 125
Jan
19,000
6e Apr 170 Jan
100
7
Apr 1534 Jan
210 101
Jan 105
Feb
600 17% Jan 34
Apr
625 49% Jan 6334 Apr
1,400
3% Feb
55( Feb
125 4334 Jan 55
Jan
200 56
Apr 6335 Feb
1,100 43
Feb 62
Jan
175 85
Jan 89
Jan
400
Apr
6
7Si Feb
800
Mar
4
634 Jan
600 3434 ADZ 36% Feb
800 70e Mar
13( Jan
5,800 12
Apr 17
Jan
1,400 143( Apr 2231 Jan
200 5235 Jan 81% Feb
400 79% Jan 85
Feb
200
Apr 12% Jan
8
100
931 Mar 10% Jan
100 72
Apr 83
Apr
4,700 17
Apr 3934 Jan
1635 17% 2,300
6234 85
260
50
5135
510
5131 5134
,
100
13
13
100
132 135
200
9735
97
40
57;5 5735
60
38
40
2,800
136 137
40
10134 105
1,980
92
93
145
135 138
410
21
2131 1,100
78
80
270
6334 6535 2,000
34
36
700
219 22835 4,190
103 105
1,055
193 198
70
13336 13535
140
9634 9735
200
85
85
20
57% 60% 110,100
40% 42
1.400
104 106
3,000
233 238
380
3931 4131 8,900
293 302
600
44
52
550
5935 62
8,900
331 334
90c 90e
431 434
1% 134
5
5%
4% 5
10e 12c
250 27c
5735 60
1550 750
4c
50
18
1931
135 134
334 435
150 25c
1% 135
90c 95e
3
3
4
4
1% 13-1
13c , 14c
po 1%
Range since Jan. 1.
100
300
500
100
23,600
700
55,000
2,000
4,200
1,500
32,000
13,200
700
91,000
4,000
3,000
800
100
700
1.300
3.000
2,500
12,800
24,100
2,500
100
3,000
3,000
2,000
14,800
100
13,000
1,000
1,110
15% Jan
60
Apr
50 May
5151 May
Apr
13
11054 Jan
Feb
95
Mar
57
35% Jan
Apr
130
Apr
99
Feb
88
135
Apr
21
Apr
Apr
73
60% Apr
Apr
32
215
Apr
100
Feb
183
Jan
Apr
130
90%. Feb
Feb
80
55% Apr
3935 Mar
10234 Apr
Jan
199
38% Apr
280% Apr
Jan
36
5634 Jan
18
8534
52%
52%
20
144
105
69%
43;5
161
119
100
162
27%
97
7935
43
269
ill
230
171
100
89
68%
5034
120
25635
48
335
81
693(
Feb
Jan
Mar
Apr
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Mar
Apr
Apr
Jan
Jan
May
Mar
Apr
Apr
Apr
Jan
Apr
Apr
Jan
Apr
Mar
Jan
Apr
Jan
Jan
Mar
Jan
Feb
Apr
Feb
Jan
Jan
Apr
Jan
Fob
Apr
Apr
Jan
Jan
4%
1%
6%
135
515
8
13o
60o
66
2%
70
2234
2%
434
Jan
Jan
Jan'
Feb
APrJan
Apr
Jan.
Jan
Jan.
Jan
Feb
Jan.
Jan
Feb •
Apr'
Apr
Jan
Feb •
Apr
Jan
Mar
May
Jan
Jan
Feb •
Feb
Jan
Apr
Jan
Jan
Feb
Jan
Apr
3
90c
435
1
2%
4%
So
200
5734
55c
So
1714
1%
2%
15e
600
85e
231
334
70c
12c
135
16
1031
4%
931
7c
4c
20
55c
1%
38e
1231
531
11,,
131
134
4%
431
131
30c
154
1911
13%
831
14
16e
Sc
Sc
800
6
82c
1534
2534
JanJan
Jan
Jan
Jan.
Jan.
Jan
Jan.
Jan •
Jan.
Jan
Jan.
9,
J9
3 ,,
9
Jan
Jan
Feb•
MAY 3 1924.]
Royal Can Oil Syndicate-'
Ryan Consol Petrol
•
10
Salt Creek Cons 011
Salt Creek Producers__ -10
5
Sapulpa Refining
5
Savoy 011
5
Seaboard Oil& Gas
Sunstar Oil
Tidal Osage Oil non-votstk.
Western States Oil & Gas_l
1
Wilcox 011 & Gas
Woolly Petroleum Co-- -"Y" Oil & Gas
1
.1
Mining Stocks
Alamo Gold Mining
American Exploration__ __
..1
Arizona Globe Copper.
Black Oak Mines Co
Butte & Western 1111n4_ A
1
Caledonia Mining
Calumet & Jerome Copp-1
10
Caned° Copper
Central Amer Mines. Inc-1
1
Chief Consol kilning
Consol Copper Mines- --1
Cork Province Mines,Ltd 1
1
Cortez Silver
Cresson Con Gold M & N.1
1
Crown Reserve
Diamond!El Butte (reorg)
1
Divide Extension
2
Dolores Esperanza
1
Emma Silver
Engineer Gold Mines Ltd _ 6
1
Eureka Croesus
Golden Cycle kilning
Goldfield Consol klInes_10
Goldfield Deep Mines- Ac
1
Goldfield Florence
Gold Zone Divide
Great Bend Mining
1
Hard Shell Mining
100
Hamill Divide
250
Hecht Mining
Hilltop-Nevada kilning_ A
Hollinger Cons Gold Mln.f.
1
Howe Sound Co
Independence Lead Min_ _1
Iron Blossom Con Min_ A
Jerome Verde 1)evelop't_ A
Jib Consol Mining
1
Kay Copper Co
Kelly Extension Mining
Knox Divide
Lone Star Consolidated_ _I
Mason Valley Mines
5
McKinley-Darragh-Say_ _1
Metals Production Co_ _ _
Mohican Copper Co
1
Montana Tonopah
National Tin Corp
50c
Nevada Hills
Nevada Ophlr
New Cornelia
New Dominion Copper_..5
New Jersey Zinc
100
Nipissing Mines
5
North Butte
Ohio Copper
1
Plymouth Lead Mines_ _I
Premier Gold
Red Warrior
Reorg Div Ann M
Rocky Mt Smelt & Ref
Preferred
Sandstorm Kendall
Silver Horn M & D
South Amer Gold & PlatA
Spearhead
1
Standard Silver-Lead.__ A
Success Mining
1
Superstition Cons
Teck-Hughes
1
Tonopah Belmont DevelA
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
1
Trinity Copper
United Eastern Mining_ _1
United Verde Extension 500
Unity Gold Mines
5
Walker Mining
Wenden Copper Mining_ _ _
West End Consol
5
West End Extension Mm
Western Utah Copper._ _ _1
Wettlaufer-Lorrain S M_ _1
White Knob Copper, pref _ _
Yukon Gold Co
5
Bonds
Allied Pack 88 Ser B__1939
Convertible deb 68_ _1939
Aluminum Co of Am 78.'33
7s
1925
Amer Cotton Oil 68_1924
..20l4
Amer G & E deb 65.
Amer Rolling killl 65_1938
Am Sumatra Tob 7 As 1925
American Thread 65_ A928
Anaconda Cop MM 68.1929
Anglo-Amer Oil 7645_1925
Ante's Sugar 734a_ _ A939
Atom Simmons Herds/
1933
648
All Gulf & WISS L 551959
Beaver Board Co 85_ A933
Beth Steel equip 75_.A035
1948
6s Series A w 1
Canadian Nat Rys 78_1935
1925
55
Charcoal Iron of Am 85.'35
Chic RI & Pao 548.-1926
Cities Service 7s, Ser C '66
1066
75 Series D
1966
7s, Series E
Columbia Graphoph 881925
N Y Tr Co partic certifs.
Cons GEL&P Balt 68'49
1931
7s
564a
1952
Coneol Textile 88
1941
Coot Pap & Dag M 646'44
Cuban Tel 7148
1941
Cudahy Pk deb. 56451937
Deere & Co 764s
1931
Detroit City Gas 6s._1947
Detroit Edison 66._ 1932
DunlopT&R of Am 78_1942
Duquesne Light 54s _1949
2169,
THE CHRONICLE
Friday
Sales
Last Week's Range for
Other 011 Stocks.
ofPrices.
Week.
Sale
(Concluded) Par. Price. Low. High. Shares.
4
2531
3
60c
2Ic
54
1061
7c
75c
67c
7c
8c
211$
14
211$
37c
15c
3c
lc
15
4c
4c
Sc
Sc
8%
24
100
1
15c
14
2c
120
14
24c
80
25c
1861
214
135
73c
330
14
1%
Pie
2116
14
59c
14
34
14
1024
1004
944
994
9464
1014
102
90
534
1034
964
1094
100
94%
92
1764
107
80
DO%
1064
9964
100%
103%
91
994
34
44
8%
2461
211$
24
50c
18c
10
18c
5%
8%
6c
44
4%
9%
264
211$
334
65c
21c
10
19c
561
104
7c
6,100
200
4,500
12,600
4,500
2.000
30.400
30.500
100
3,000
7,400
12,100
5,000
63c 65c
200
75c 75c
100
4c
4c
2,000
62c 68c 45,000
12c 120
2.000
Sc
70
5,000
8c
9c
3.000
2
2% 7,000
1% 14
300
900
3
% 3%
211$ 24 4,700
6c
6c
1,000
340 38e 96,000
3% 311u 1.800
53c 53c
100
11c 15c 114,600
3c
3c
5,000
60c 500
100
it
lc 16,000
14
15
4,000
50
7c 48,000
14 164 1,000
4c
4c
2,000
3c
40
3,000
15c 16c
2,000
Sc
6c 12,000
4c
4c
1,000
lc
it
7,000
Sc
5c 10,000
8% 864 1,200
20
2c
7,000
124 124
300
24 264 1,400
100 10c
5.000
27c 28c
3.000
99c
1
1,900
16c 20c
8.000
11i$ I
56,000
Sc
Sc
4,000
lc
lc
1,000
2c
4c 67,000
14 14 1,000
12c 12c
1.000
14 2
4,000
24c 25c
2,000
Sc
Sc
3,000
8c
90 32,000
24e 25c
4,000
Sc
7c 11,000
17% 184
800
234 2% 11,600
13411 1354
100
1,100
5% 6
264 261
200
69c 75c 39,000
47c 47c
1,000
1% 2
800
30c 34c 27,000
11c 13e 47.000
14, 14 10,600
Ple 14 7.200
lc
lc
4,000
lo
lc
9,000
200
361 34
4c
Sc 15.000
14c 14c
1,000
34c 35c
3,000
10
lc
4,000
134 11,
2,300
40c 52c
3,100
25e 280
3,000
1,11, 361
3,600
300
1%
13.4
30c 30c
3,000
57o 62c
7.70
24
244
800
14 134 1.100
311$ 34 1,400
14 14 20,200
48c 51c
2.300
45
4c
4.000
20e 20.5
1,00
190 250 13,00
62c 650
70
65c 65c
1,000
68% 714 $27,000
6,000
554 60
1064 107
16,000
1024 1024 40,000
100% 10064 11,000
94
944 49,000
99% 99% 19,000
944 96
33,000
1024 102% 1,000
10111 101% 34,000
102 102% 23,060
98
98
8,000
90
9034
514 5361
72
73
103 103%
96% 91,4
108% 109%
100 100
88
88
993.4 99%
9464 94%
904 92
101 101%
174 18
1034 103%
107 108
9961 9961
79
80
90% 9264
10661 10634
84
83
9961 100
1004 1014
103% 104
904 91
994 9961
Range since Jan, 1.
24
334
8
194
82c
14
50c
15c
9%
15c
551
7
7c
Bonds (Concluded)
-
High.
Low.
Apr
Jan
Feb
Feb
Jan
Jan
May
Apr
Feb
Apr
Apr
Apr
Jan
464
5%
104
264
2%
34
2
21c
14
300
834
1054
140
Jan
Mar
Jan
May
Mar
Jan
Jan
May
Jan
Jan
Feb
May
Feb
789 Apr
14 Feb
Jan
120
68c May
Jan
55c
7c Feb
Jan
10c
24 Mar
164 Mar
Jan
4
3116 Feb
Apr
6c
70c Mar
44 Jan
750 Jan
150 May
Sc Feb
Feb
70c
Jan
lc
mar 15 May
Jan
Apr 15o
14 Jan
Apr
Feb
60 Jan
Jan
Mar
80
Mar 420 Jan
Jan
Mar 12c
4c
Apr
Apr
Jan
5c
Feb
7c Apr
Jan
94 mar
Jan
lc Feb 7c mar
1154 Mar 1234 Apr
3
Jan
24 Jan
Se Apr 18o Feb
Apr 32c
Jan
27c
Jan
99e Apr
2
15e Mar 50c Feb
Apr
1
Pi, Apr
Sc
Apr 75c Mar
lc May
lc May
20 Mar
70
Jan
Feb154 Jan
Jan 16c Mar
6c
14 Feb
2
Apr
Jan
24c May 480
Sc May
5c May
Apr 14c
Feb
7c
Sc
Jan 25e
Apr
Sc Mar 14c Feb
15% Jan 184 Feb
14 Jan
3
Mar
13461 May 151% Jan
54 Jan
84 Mar
214 Apr
3
Mar
Jan
650 Mar 860
30c
Jan 47e Apr
161 Apr
24 Jan
21e
Jan 450 Feb
6c Mar 15o Mar
Apr
14 Apr
1
1% Apr
1
Apr
le
Jan
2c Mar
Jan
it Feb
8c
Feb
4
24 Jan
2c
Jan
Sc Feb
Jan
10o
Jan 16c
34c May 5Ic Feb
2c
Jan
lc Mar
14 Jan
14 Apr
40o
Apr 75e Feb
250
Apr 40c Feb
164 Jan
311$ May
161 Jan
Phi Jan
30c
Apr 80c
Jan
57c Apr
111$ Feb
Jan
2334 Feb 29
Jan
211 Feb
2
Apr
8
Jan
1
Apr
14 Jan
480 May 88o
Jan
3c
Jan
Jan
8c
20c Slay 400 Jan
12c
Jan 25c Feb
60c Star 650 Mar
80e
Feb 80o
Jan
63c
25c
4c
37o
10c
6c
7c
2
870
364
14
6c
33c
364
530
40
20
37c
lc
6
5o
1%
4c
3c
11c
4o
4c
le
2o
84
Apr
Mar
Apr
Jan
Mar
Apr
Feb
Jan
Jan
Jan
Jan
Apr
Apr
Jan
May
Jan
Mar
Apr
Jan
134
8854
554
105%
1014
100
94
98%
78
1014
101
1014
98
Apr
May
Mar
Jan
Jan
Feb
Apr
Mar
Jan
Feb
Mar
Mar
84
7051
1074
1034
1004
95%
100
99
1024
1024
1024
9851
Jen
Jan
Jan
Mar
klar
Jan
Feb
Feb
Jan
Jan
Mar
Mar
102,000 89
Mar 98% Feb
49.000 42
Jan 5361 May
10,000 70
Jan 794 Jan
61,000 1024 Feb 183% Mar
1,000 9664 May 9611 May
45,000 10634 Jan 10934 May
7,000 9961 Jan 10061 Mar
3.000 55
Apr 94
Feb
26,000 97% Jan 99
Apr
33,000 89
Jan 954 kiar
77,000 8
92 May
734 Jan
2,000 101
Apr 102% Mar
3.000
22,000
49,000
14,000
22,000
28,000
1,000
27,000
20,000
41,000
16,000
65,000
88,000
Friday
Last Week's Range Sales
for
ofPrices.
Sale.
Price. Low. High. Week.
15
10134
1054
93
754
904
1003.4
83
9934
9964
1024
90
9934
Feb
Jan
Jan
Jan
Apr
May
Jan
May
May
Jan
Jan
Apr
Mar
19
104
1084
99%
97
95
107
8851
1014
1014
10434
94
100
Jan
Feb
Apr
Apr
Jae
Feb
Feb
Jan
Feb
Feb
Mar
Feb
Mar
Federal Sugar 6s
1933
Fisher Body (Is
1925
1926
6s
6s
1927
6s
1928
Galr (Robert) Co 7s-1937
Galena-Signal 01i 7s_ -1930
General Asphalt 88.
..1930
General Petroleum 65-1928
Grand Trunk Ry 6648-1936
Gulf 011 of Pa 58
1937
Serial 5115
1926
Hood Rubber 78
1936
Internet Match 664s_ _1943
Kan City Term RY 5645'26
Kennecott Copper 7s-1930
Lehigh Power Secur em 1927
Lehigh Valley Coal 58_1934
Lehigh ValHarb Term 5e'54
Libby,McNelli&Libby7s'31
Liggett Winchester 7s 1942
Manitoba Power 7s
1941
Maracaibo 011 78
1925
MStP&SSM 548_1949
Morris & Co 74s
1930
National Leather 85_ _1925
New Orl Pub Serv 58.-1952
Nor States Pow 648 w 1'33
Ohio Power 58
1952
Park & Tliford 6s
1936
Penn Pow & Light 58 B252
Phila Electric 545_1953
54s
1947
Os
1941
Phillips Petrol 7 AS- - -1931
Without warrants
Public Service Corp 75 1941
Pure Oil Co 664s
1933
Shawsheen Mills 78_ _ _1931
Sloss Sheffield S & I 65 1929
1934
Solvay & Clods
South Calif Edison 55_1944
Stand 011 of NY 6645_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
1931
Bun Co 76
1929
65
Superior Oil Corp 7s_ A929
With warrants
Swift & Co 58- _Oct 15 1932
_ _1931
Tidal-Osage 011
7s_Union El L& PotI11530'54
Union Oil 6s, Ser B .A925
United 011 Produc 88_ _1931
Unit Rys of Havana 7645'36
1936
Vacuum 011 75
Webster/411158A %notes'33
Foreign Government
and Municipalities
1945
Mexican Govt 4s
Certificates of deposit_
Netherlands(Kingd)(1813'72
Exten 6s of 1924_ _ _1954
Peru (Republic of) 88_1932
Russian Govt 664s _ _1919
Certificates
1921
548
Certificates
Switzerland Govt 5645 1929
Est 5% notes
1926
97%
100%
10034
1004
96
964
1054
95%
100%
93%
1014
105
wog
9864
99%
84%
944
96%
844
984
88
90%
1014
9764 98 628,000
1004 100% 3.
000
10034 10061 28.000
1004 100% 8.000
100 10011 31,000
96
9634 17.00
0
5.000
1044 105
104 104% 2.000
964 964 14,000
10511 10034 9.000
9534 9534 17,000
100% 10094 3,900
994 10094 15,000
93
9334 31,000
101 101% 12.000
35,000
1044 105
9934 10061 61,000
1,000
98
98
98
9864 32,000
29,000
9914 100
1044 10414 1.000
964 674 11,000
1.000
260 260
83
8434 28.000
63
qe,
76,000
96
9634 64,000
84% 8461 14,000
62,000
9864 99
17,000
8764 88
18.000
90% 96
894 cto si 23,000
100% 10164 77,000
101
101
26,00
10564 1054 4,000
Range since Jan. 1.
High.
Low.
9764
100
99%
9861
9761
9564
1044
1024
944
1054
94
100
9964
924
10034
103
98
964
954
9814
1024
9564
260
83
93
924
8151
98
844
84
8764
9854
983.4
104%
Jan
Mar
Jan
Jun
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Star
Apr
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
1004
101
101
10011
1004
100
10564
10514
97
10751
98
10064
102
94
1014
105
10051
98
98%
101
105
9884
350
88
10061
101
854
100
8835
Jan
Feb
Feb
Apr
Feb
Apr
Feb
Jan
Jan
Apr
Jan
Apr
Jan
Jan
Mar
Jan
May
Apr
Mar
Feb
Apr
Jan
Jan
Feb
Fat
Mar
Jan
Mar
Feb
Apr
90;.‘ May
1014 Apr
Feb
101
Mar
106
Mar
Mai
101 102
1064 10661 106%
944 94% 95
10214 103
103
99
9961
99
9934
894 904
106 106%
106
101% 101% 1014
104 104
105 105%
10561 106%
106 106
106
106 106
106 10664
106
1014 102
9964 99%
2.000
54,000
61.000
14.000
32,000
26,000
23,000
17.000
40,000
5,000
18,000
17,000
9.000
10,000
9.000
4,000
2,000
100
101
924
102
97
99
894
10554
1014
104
105
105
10554
105
106
10164
98
AD
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Mar
Apr
Feb
Jan
Mar
Feb
Mar
Jan
Feb
103
10754
96%
104%
100%
gg;.4
91
10711
102
105
106
106%
106%
1074
109
10254
99%
125 125
904 914
104 1044
954 9461 95%
100% 1004
45
56
6061
107 107
1063.4107%
10051 10061 1004
1,000
64,000
4,000
62,000
7.000
30,000
6,000
70.000
33,800
124
904
10114
944
100
45
10561
108
10054
Mar
Apr
Jan
Apr
Jan
Apr
Jan
Jan
Jan
Apr
Jan
Apr
Jan
l00% Jan
7951 Feb
10754 Apr
10734 Jan
Jan
102
9134
31%
91
97%
9861
31
8961
984
99
14
13
12
13
97%
98%
32
91
98%
9961
14%
13
13
13
9761
084
31,000
14,000
41,000
10,000
10,00
15,000
6,000
5.000
44,000
164,000
mu
Mar
Mar
Apr
Mar
Jan
Jan
Jan
Jan
Feb
bast
Mar
Feb
Apr
May
150
9334
104%
96%.
2854 Jan 34
984
89,4 SP
9854 MAY 98%
9714 Jan 9961
Jan 2064
9
Jan 2064
10
951 Jan 19
934 Jan 18%
974 Apr 100
974 Jan 9874
Feb
Jan
May
Apr
Feb
Feb
Feb
Mar
Jan
Mar
• No par value. k Correction. m Dollars per 1,000 lire flat. I Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. s Option sale. w When Issued. s Ex-dividend. y Ex-rights. z Ex-stock
dividend.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Matures.
Rate.
Bid.
Asked.
June 15 1924... 54% 1006.$ 100'ts
Sept.15 1924 __ _ 534%
Mar. 15 1925... 434%
100 sie
,
Mar. 15 1926... 434% 101h. 101
Dec. 151925... 454% 1004 1003(
Sept.15 1928... 434% 10061 100%
June 151925... 44% 100% 1003(
CURRENT
Maturity.
Du.
Rata.
Bid.
Dec. 15 1927...
Mar. 151927...
June 15. 1924..
Dec. 151924...
Mar. 15 1925.--
434%
4%%
4%
434%
4%
101%
1014
100
1004
10011.
Asked
1014
102
100%
1004
100116
NOTICES.
-Guaranty Trust Co. of New York has been appointed transfer agent
for the capital stock of the Pierce Petroleum Corp., without nominal or
par value.
-McDowell, Gibb & Herdling have had installed a private telephone
connecting their office with the office of Hale, Waters & Co., Boston, Mass.
-Greene & Cooke announce that Jerome B. Sellers has been admitted
to the firm as a general partner.
-Abbott. Hoppin & Co., members of the New York Stock Exchange,
announce that James F. Shaw has become associated with them.
-E. A. de Chutkonski, formerly with Ralph W. Voorhees & Co., has
become associated with Bonner, Brooks & Co.in their syndicate department
-M. W. Stroud was elected chairman of the board of National Power
c•curities Corp., and Edwaren7Robineitrwas elected President.
-Alfred M. Dick has recently become associated with Wm. G. Hooper
their trading department._
& Co.. 115 South 3d St., Philadelphia, in,
-Clement & Whitney, members New York Stock Exchange, announce
the removal of their offices to 150 Broadway, New York.
-fc i s -inerly- a partner- George 11. Wasqii & C.
,
of
has become associated with McClure, Jones & Reed.
-Lloyd & Co., members New York Stock Exchange, have removed
their offices to 141 Broadway, New York.
-H. D. Smith & Co. have removed their offices from 52 Broadway to
15 'William Street, New York City
-Farr & Co. have issued for free distribution.to investqrs an analysis of
Cuba Cane Sugar Preferred stock.
Coffin & Co. have moved their offices from 34 Pine St. to 56 Pine St..
New York City.
-Taylor & White have removed their offices to 66 Broadway, New York.
The Zimmermann Co. has removed to new offices at 82 Broadway.
.2170
Znoestuunt and Sailroati ntthin
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third week
of April. The table covers 15 roads and shows 11.95% decrease from the same week last year.
-Grossfrom Railway- -Nei from Railway- -Net after Taxes
1924.
1924.
1923.
1923.
1924.
1923.
$ •
$
Central Vermont
March
794,953
705,063
114,589 -15.527
133,447
4,992
From Jan 1.. 2,105,998 1,924,185
246,786 -128,396
303,372 -66,762
Charles & West Carolina
130,265
March
381,870
83,294
409.922
100,898
141,255
Third week of April.
1924.
1923.
Increase. Decrease.
From Jan 1_ 1,004,898 1,027,378
274,536
156.999
307,583
209,715
Chea & Ohio Lines
$
Ann Arbor
March
8,846,492 7,979,408 2,019,285 1,650,476 1,642.960 1,345,612
108,961
119,240
10,297
From Jan 1_25,400,857 22,441,878 5,794,517 4,564,930 4,667,254 3,652,017
Buffalo Rochester & Pittsburgh281,299
439,403
158,104
Canadian National
4,277,760 4,986,975
709,215 Chicago & Alton
Canadian Pacific
2,941,000 3,174,000
589,111
March
623,855
2,522,326 2,842,685
717,254
233,000
681,821
Duluth South Shore & Atlantic_
108,227
From Jan E 7,554,287 8,205,705 1,688,846 1,646,128 1,416,530 1,390,278
115,093
6,866
Georgia & Florida
31,200
32,000
800 Chicago Burl & Quincy
Great Northern
1,603,559 1,894,525
290.966
March
13,288,233 14,813,534 3,927,384 3,456.601 3.038,529 2,530,907
Mineral Range
12.277
9,261
3,016
From Jan 1.39,547,355 43,123,858 9.624.138 10,154,330 7,046,244 7,361,403
Mobile & Ohio
387.325
406,754
19,429 Chicago & East Illinois
Nevada-California-Oregon
6,287
4,336
1.951
326,463
76,184
March
176,602
2,232,089 2.541,687
446,601
St Louis
-San Francisco
1.666.626 1,815.275
148.649
836,241
589,835
From Jan 1_ 7,203,904 7,418,227
902,193 1,159,139
St Louis Southwestern
438,263
550,040
111.777
Southern
3,526,280 3,969,151
433.871 Chicago Great Western
295,101
335.047
368,214
Texas & Pacific
408,319
March
2,050,167 2,198,254
564,842
569,045
4,203
731,554
726.339
973,532
Western Maryland
960,735
From Jan 1- 5,853,183 6,204,442
381,785
477,099
95,314
Chicago 1041 & Louisville-Total (15 roads)
16,335,691 18,553,197
390,837
324,483
484,778
402,222
4,967 2,222,473
1,482,193 1,640,998
March
Net decrease (11.95%)
898,538
862,241
2,217,506
From Jan 1_ 4,261,288 4,403,909 1,065,842 1,114,310
Chicago Milw & St Paul
Net Earnings Monthly to Latest Dates.
March
13,117,750 14,791,287 2,656,582 2,964,941 1,851,506 2,172,187
-The table
From Jan 1_38,445,499 41,608,208 6,980,406 7,726,845 4,603,922 5,353,411
• following shows the gross and net earnings for STEAM
Chicago & North Western
12,352,051 13,453,884 2,575,386 2,022,134 1,815,351 1,255.841
railroads reported this week:
March
FromJan 1_35,873,787 37,432,757 6,561,714 4,968,067 4,278,989 2,711,191
-eSrossfrom Railway- -Net from Railway- -Net after Tans
- Chicago
Peoria dr St Louis
1924.
1923.1924.
1923.
1924.
1923.
1,863 -16.663
--7,163
5.380
107,825
March
111,918
3
$
3,351 -52,178
13,895 --23,594
369,706
From Jan 1_ 332,231
Akron Canton & Youngstown
March
254,727
216,527
113,912
83,0'88
69,012 Chicago River & Indiana
101,453
215,163
194,971
261,220
234,899
672,192
630,233
March
From Jan 1_ 701,263
609,987
299,469
234,759
257,976
194,269
588,638
576,767
703,985
708,476
From Jan E 1,880,071 1,879,498
Alabama & Vicksburg
Chic Ill & Gulf
March
296,112
272,471
60,730
46,044
24,651
37,609
-8,547
131,986
4,055
March
144,653
432,863
474,972
From Jan 1_ 860,263
840,688
150,213
185,082
84,921
112,265
44,590
387,834
81,864
From Jan E 1,484,477 1,265,823
425.846
American By Express
Chicago It 1 de Pacific
January _ _12,780,755 12,696,179
265,026
283,524
March
101,870
84,937
9,995,394 10,119.407 2,017,352 1,543,239 1,497,770 1,028,873
From Jan 1_29,048,920 29,049.655 5,845,611 3,516,296 4,287,461 1,983,131
Aim Arbor
March
608,543
270,699
128,037 -91.470
106,727 -113,932 Chicago St Paul Minn & Om
From Jan 1_ 1,353,315 1,044,480
March
507,720
184.784
321,152
639,847
2361,833 2.451,641
256,356 -88,659
192,360 -156,028
From Jan 1_ 7,022,750 6,939,322 1,438.030
535.281
947,799 1,054,990
Atch Topeka & Santa Fe
March
14,657,342 16,551.794 3,115,011 4,997.222 2,115,653 3,822,946 Cinc Indiana dr Western
March
44,649
359,743
77,929
417,870
FYona Jan 1_43.569.739 47,171.141 9,511,851 14,021,235 6,307,393 10,282,065
labt7
From Jan 1_ 1,090,117 1,212,710
1ROP7
201,175
181,175
Gulf Colo & Santa Fe
Colorado & Southern
March
1,904,304 1,817,505
85.669
11.451
168,575 -73,976
991
March
124.655
1,018,848 1,007,339
65,272
187,414
From Jan 1. 6.099,087 5.511,909
478,384
630,198
374,062
723.397
23,194
From Jan 1- 3,155,582 3,022,175
391,700
580,364
216,059
Panhandle & Santa Fe
-Ft Worth & Denver City
March
698,611
144,928
652,404
152,368
March
73,692
53.686
193,534
744,825
77,596
182,965
705,171
49,022
From Jail 1 2,272,312 1,793,444
387,906
From Jan E 2,433,656 2,084,642
655,853
214,061
515,045
562,723
777,894
286,735
486,343
Atlanta Enron & AU
Trinity & Brazos Valley
-5.667
March
March
1,227 -24,867
213,977
125.743 -17.576
433,289
421,797
1,075
56,092
14.447
43,317
From Jan 1
-9,594 -122,444 -32,282
558,772
From Jan 1_ 1,205.472 1,199,388
419,698 -100,806
104,702
66,312 -24,452
16,889
Wichita Valley
Atlanta & West Point
-29,040
March
45,501
144.540
105,150
52,948
34,740
March
246,106
252.381
57,417
49,321
66,823
76,139
From Jan 1
210,013
84,876
233,625
499,416
66,393
306,806
From Jan 1_ 744,456
129,496
716,312
185,409
143,211
174,738
Columbus & Greens
Atlantic City-14,922
March
130,204
28,007
29.512
126,255
17,448
March
285,083
20,147
323,165 -45,061
67,108
39,735 -65,177
From Jan 1_ 382,469
68,783
55,715
376,293
73,289
From Jan 1- 739,278
791,894 -230.991 -72,533 --291,022 -131,281 Delaware & Hudson
314,263
Atlantic Coast Line
394,727
399,840
March
497,427
3,933,588 3,836,136
March
From Jan 1_11,151,053 10,040,306 1,145,269 -100,673
835.998 -356.544
8,282,213 8,378,952 2,868,701 3,060,946 2,418,606 2,684,333
From Jan E23,859,884 22,761,159 8,259,609 7,878,927 7,094,955 6,801.126 Delaware Lack & Western
802,317
March
7,402,060 7,533,389 1,810,117 1,214,926 1,254,671
Baltimore & Ohio
927,571
From Jan 1_21,164,377 20,438,431 4,543,934 2,163,554 3.010,742
March
19,675,976 22,747.280 3,985,711 5,597,541 3.119,691 4,754,750
FromJan 1_56,623,704 61,996,643 9.722.099 14,293,565 7,114,449 11,798.531 Denver & Rio Grande
83,132
263,269
431.079
253,198
March
2,354,266 2.430.435
B &0 Chic Terminal
85,713
667,588
591,930
From Jan 1_ 7,179.557 7,458,001 1.172,479
March
306,995
321,939
-5,615
3,455
34,863 -28,939
Denver & Salt Lake
From Jan 1_ 874,411
877,957
-3.097
110.265 -114,447 -18.760
122,450 -36,463 -58,506 -45,470 -67,631
March
170,800
Bangor & Aroostook
425,453 -62.931 -115,789 -89,938 -142,868
From Jan 1- 587,525
March
834,301
668,267
365.880
102,204 Detroit & Mackinac
142,309
297,762
From Jan 1_ 2,179,033 1,655,334
757,482
125.889
235.298
596,692
6,337
42,164
17,049
161.983
March
51,728
173.761
Bellefonte Central
20,812 -33.594
49,667
-480
409,083
From Jan 1_ 426.720
March
10,291
13,921
845
2.289 Detroit Toledo & Shore Line
2,403
675
From Jan 1
26,745
36,211
2,583
1,452
191,330
209,630
396,191
159,491
185,216
373,287
1,812
March
2.073
482,154
537,054
From Jan 1_ 1,039,412 1.042.327
405,183
480,908
Belt RY 01 Chicago
March
600,781
624,679
188,536
143,190 Det Toledo & Ironton
152,957
205,937
From Jan 1_ 1,724,649 1,797,749
926,335
March
515,661
1,163.998
301,242
492,719
288,678
475,224
456,152
583,577
361,366
From Jan 1_ 3,115,801 2,376,961 1,356,945
672,569 1.302.552
643.757
Bessemer & Lake Erie
Duluth & Iron Range
March
825,409 1,331,792 -55,116
261,562
290,764 -97,675
March
183.415
211,195 -187,575 -165,923 -198,832 -178,653
From Jan 1_ 2.,387.074 3,333,719 -264,678
551,402
639,018 -392.300
From Jan 1_ 538,525
586,000 -559,264 -506,048 -591,706 -541,839
Bingham & Garfield
Duluth Missabe & Northern
March
38,759
38,099
10,219
4,951
12,445
-275
March
147,861
190,042 -382,899 -344,707 -495,449 -422,371
From Jan 1_
112,095
103,282
23,160
12,008
33,943
-7,812
From Jan 1
404.615
469,237 -1,146,030 -1,034,683 -1,482,181 -1,264,156
Boston & Maine
Dul So Shore & Atlantic
6,862,176 7,455,326 1,330,236
March
March
488,212
426,371
423,161
646,682 1,105,102
89,639
5,514
35.471
59,639
From Jan 1_19,479,750 19,699,485 2,897,420 -552,249 2,193,801-1,260,761
From Jan 1_ 1.386,612 1,231,855
234,510
83,617
-6,402
148,429
Duluth Winnipeg dr Pacific
Brooklyn E D Terminal
March
245,748
284,035
89,654
167,309
133,000
36,677
March
97,798
86,6841
57,368
74,446
86.334
48,466
From Jan 1
710.825
727,392
22,101
435,332
171.722
From Jan 1_ 387,550
101,789
186,989
153.540
210,546
131,834
186.631
East St Louis Connecting
Buff Roth & Pittsburgh
March
186,204
211,346
1,503,571 2,225,361
89.177
123.103
79,670
36,575
112,533
March
345,217
310,213
1.350
From Jan I- 617.123
619,759
280,094
311,888
343,566
From Jan 1_ 4,452,977 6,353,536
251,706
218,573
676,549
781.742
112,982
Elgin Joliet & Eastern
Buffalo & Susquehanna
March
2,233.755 2,465,863
787,659
705,6378ff 717,467
792,424
275,346 -10,110
171,719
March
44,221
61,821 -15,460
From Jan._ 6.382,476 6.762,009 1,925,816 2,172,923 1,679,85111,948,171
784,759
18,463
From Jan 1_ 596,628
147.114
102,013
-5,991
El Paso dr Southwestern
Canadian National RyeMarch
1,099,652 1,043,830
312.527
245,614
229,784
145,353
Atl & St Lawrence
From Jan 1_ 3,132,876 3,019,567
474,821
521,076
768,823
726,075
342,951
36,886 -29,113
285,968
March
21,690 -44,263 Erie Railroad989,627 -30,897 -168.158 -76,373 -213,661
723,707
From Jan 1_
March
9,152,678 11,057,119 1.248,983 1,989,574
902,761 1,644,631
From Jan 1-26,137,618 30,025,753 3,635,872 3,606,355 2,688,363 2,645,748
Chl Det & Can 0 T Jct.297,'55
193,585
327,493
March
144,144
151,766
Chicago & Erie
184,875
775.747
448,009
From Jan 1_ 827,913
367,474
390.337
March
422,790
1,251,354 1,189,164
445,562
324.433
392,836
271,779
From Jan 1_ 3,677,156 3,156,830 1,333,278
621,276 1,175,086
489,132
Det G H & MlIwuakee580,737
160,876
620,038
NJ&NYRR130,703
March
125,330
154,664
March
425,039
133,023
217,335
From Jan 1_ 1,651,794 1,443,399
201,361
135.260
409,780
19,574
18,296
15,759
14,918
From Jan 1
378,468
377,590
48,399
29,263
37,214
19,174
Canadian PacltleEvansville Ind & Terre Haute
14,812,927 13.585,762 2,510,798 1,979,713
March
March
135,304
24.938
25,194
136.919
20,688
20,961
From Jan 141,288,482 37,894,541 4,449,048 3,195,233
From Jan 1
488,707
435,777
149,225
108.420
134,181
95,721
Caro Clinch & Ohio
Florida East Coast
802,067
223,799
751,827
262,345
March
212.136
173,701
March
2,289,573 2,013,106
987,959 1,040,978
888.955
966,009
600,777
625,614
FromJan 1_ 2,145,177 2,182.435
475,406
450,651
From Jan I _ 6,332,556 5,235,496 2,639,281 2,456,955 2,344,823 2,231,366
Ft Smith dr Western
Central of Georgia
701,744
2.498,371 2,478,682
677,841
March
March
550,141
570,225
136,855
140,124
14.162
30.146
8.362
24,317
FronlJeml_ 8,839,428 6,796.167 1,623,313 1.618,768 1.281.498 1,281,542
From Jan 1_ 390.740
19,438
67,411
400,985
1.093
49,822
Galveston Wharf
Central RR of N 3
March
977,952
92,701
111,783
4,759,594 5,058,274
13,061
793,183
27,370
March
648,074
-3,939
487,096
10.312
From Jan 1- 316.919
From Jan 1_13,263,448 13,477,880 1,769,080 1,777,101
344,380
70,595
100,792
19,620
883,142
647,586
49,724
Central New England
Georgia Railroad
587,282
203,595
667,765
66,793
March
March
177,894
524,026
532,995
107,604
42.690
136.139
99,745
129,572
591,596
From Jail_ 1,985,755 1,619,907
128,966
From Jan E 1.491,338 1,445,023
514,389
293,509
57,354
245,303
272,057
225.907
MAY 3 1924.]
-Grossfrom Railway- -Net from Railway- -Net after Tares
1923.
1924.
1924.
1923.
1924.
1923.
$
$
$
$
$
$
Georgia & Florida
30,655
170.655
158,325
43,939
March
50,428
37,114
86,552
From Jan 1
467.832
446,852
96,070
115,484
105.692
Grand Trunk Western
499,046
1,781,849 1,735,672
334,746
March
408,250
558,937
892,329
750,142
From Jan 1_ 4,868,476 4,427,014
914,140 1,072,013
Great Northern System
646,082
March
7,540,184 9,179,935 1,440,183 1,335,178
749,347
601,843
From Jan 1_21,133,586 24,835,930 3,765,067 2,656,032 1,751,404
Green Bay & Western
March
134,991
118,786
13,829
36,519
44,038
21,829
18,809
From Jan 1_ 384,271
313,988
82,684
105,208
42,809
Gulf Mobile & Northern
97,216
546,592
504,978
March
163,845
123,467
132,915
314,792
From Jan 1_ 1,515,766 1,453,175
427,103
341,673
388,262
Gulf & Ship Island
308,015
277,429
62,776
March
73,554
50.092
89,082
764,647
157,955
902,862
192,848
From Jan 1
271,807
232,203
Hocking Valley
March
1,241,396 1,257,589
97,076
283,112
189,695
178,996
From Jan 1_ 3,278,999 3,689,422
232,269
885,801
606,496
477,570
Illinois Central System
14,716,270 16,677,485 3,762,835 3.524.517 2,719,126 2,540,263
March
From Jan 144.642.832 48,021,593 11,209,733 10,718,622 8,078,995 7,764,340
Illinois Central Co
12,969,659 14,945,775 3,360,620 3,330,042 2,432,247 2,456,881
March
From Jan 139,391,414 42,912,254 9,867,033 9,965,300 7,082,543 7,344,015
Yazoo & Miss Valley
1,746,611 1.731,710
March
83,382
402,215
194,475
286,879
420,325
From Jan 1 5,251,418 5,109,339 1,342,700
753,322
996,452
International Great Northern
1,366,141 1.188,730
March
137.294
226,062
191,028
169,827
From Jan 1_ 3,993,126 3,442,007
414,433
619,286
511,969
514,644
Internat Ry Co.of Me
355,929
316,132
March
127,189
65,984
116,189
50,984
From Jan 1
986.067
962,854
178,124
299,606
266,606
223,124
Kansas City Mex & Orient
137,352
141,490
March _
--7,177 --11,097 --13,793 --18,327
431,567
351,062 -_15.236 --65.050 --31.765 --86,749
From Jan 1
Orient of Tex
.
K C Mex &
134,515
139,278 -20,467
March
-4,812 -24,470 -11.438
460,050
372,312
From Jan 1
22,449 -43,414
10,410 -62,279
Kansas City Southern
1,484,526 1,642,123
March
329,109
272,064
360,329
235,959
From Jan 1_ 4.499,512 4,904,694 1,139,227 1,230,733
859,074
969,062
Texarkana & F Smith
267,373
221,491
March
149,606
112,613
133,743
101.200
719,084
634,085
From Jan 1
379,620
297,681
332,713
263,108
Kansas Okla & Gulf
March
188,029
245,803
24,674
48,537
14,146
38.589
576,002
From Jan 1
736,672
80,391
48,957
163,054
133,304
Lake Superior & Ishpeming
March
78.781
79,745 -15,247 -38,381 -25,494 -57,076
From Jan 1
230,769
244,503 -69,264 -94,443 -100,007 -131.263
Lake Terminal
March
91,408
89.804
3,468
1,694
-2,937
-4,557
From Jan 1- 242,417
247,622 -16,065
10,142 -35,279
-9,810
Lehigh & Hudson River
March
392,750
241,227
116,087
68,433
101,662
58,433
From Jan 1
518,176
669.943
252,101
177,950
208,825
145,950
Lehigh & New England
March
419,726
529,928
40,478
124,049
29,575
102,951
From Jan 1 1,226,475 1,316,435
177,179
182,746
219,265
145,411
Lehigh Valley
March
6,723,528 6,196,228 1,585,091
157,402
367,243 1,354,816
From Jan 1_18,534,379 16,027,545 3,177,184 -896,716 2,481,853-1,525.649
Los Angeles & Salt Lake
March
2.161,511 1,939,672
303,521
563,294
416,952
433,117
From Jan I 6,141,119 5,213,624 1,275,491
434,878
887,127
775,355
Louisiana & Arkansas
March
100,918
324,398
347,613
84.469
130,411
62,605
From Jan 1
938,704 1,012,905
253,522
183.034
395,027
309,517
Louisville Henderson dr St It
March
71.754
312,658
294,365
69.815
82,926
87,475
From Jan 1
193,896
924,156
231,099
833,948
269,703
241,054
Louisville & Nashville
March
12,037,515 11,608,410 2,238,577 2,385,553 1,794,363 1,949.171
From Jan 1_34.165,655 32.423,027 5,591.044 5,973,861 4,301,848 4,635,810
La Ry & Nay Co
La Ry & Nay Co of T
March
792
100,396
4.792
From Jan 1_ 816,171
2,967
14,967
Maine Central
March
109,539
300,942
1,921,666 1,819,443
208,105
403,323
From Jan 1 5.331.506 4,742,841
12,478
615,090 -283,521
922,114
Midland Valley
March
123,672
390,623
139.150
125,688
392,577
142,360
From Jan 1_ 1,114,621 1,124.791
349.952
349,638
399,320
395,753
Minneapolis & St Louis
March
135,276
1,312,054 1,491,408
200,892
108.248
174,284
From Jan 1_ 3,840,836 4,280,937
670,462
366,134
470,469
566,553
Minn St P & 88 M
March
196,620
102,131
1,875,753 2,068,288
47.008 -69,704
From Jan I _ 5,356,660 6,498,145
809,041 -19,689
308,693
421,712
Wisconsin Central
March
293,423
343,247
254,224
1,688,246 1,748,407
195,806
From Jan 1_ 4,676,966 4,709,487
779,464
807,637
546,045
502,145
Minn St Paul & S 8 M System
395,554
March
539,867
301,232
126.102
3,563,999 3,814.695
From Jan 1_10,033,626 11,207,632 1,229,349 1,588,505
526,356
810,838
Mississippi Central
46,794
March
38.665
32.165
158,752
41,793
147,579
From Jan 1. 455,321
120,152
152,719
100,634
469,293
135.632
Missouri-Kansas
-Texas
906,717
751,504
March
728,380
606,334
2,643,916 2,994,192
From Jan 1_ 7,843.192 8,488,168 2.399,149 1,754,301 1,569,143 1,307.640
Mo-Kan-Tex of Texas
238,284
145,685
March
190.085
1,475,744 1,618,419
87.066
438.739
From Jan 1 4,732,472 4.857,258 1,013,063
860,977
263,523
Total system
897,189
March
4,119.660 4,612,611 1.145,001
918,465
693,400
From Jan 1_12,575,664 13,345,426 3,412.212 2,191,040 2,730,120 1,571,163
Missouri Pacific
March
9,709,442 9,233,402 1,783,761 1.141,885 1,406,173
760,452
From Jan 1.28,625,277 25,606,872 5,096.653 3,314,084 3,964,695 2,170,860
Mobile & Ohio
443,753
471,577
March
357.585
1.706,971 1,874,310
368,896
From Jan 1- 5,071,214 5,379,860 1,336,154 1,303,217 1.090,061 1,030.441
Monongahela Connecting
From Jan 1_ 234,624
36,136
32.308
229,385
30,533
29,652
From Jan 1_ 624,978
73,418
73,177
626,123
57,272
67.105
Nashv Chatt & St Louis
March
399,658
422,949
2,106,886 2,184.247
339,522
362,098
From Jan L 5,996,638 5,933,388
907,922
953,193
726,566
771,587
Newburgh & South Shore
March
35,232
20,482
180,303
173,444
6.884
22,374
From Jan 1_ 498,587
68,498
502,146
49,198
9,153
30,824
New Orleans Great Northern
March
82,121
252,021
243,484
96.870
64,048
80,247
From Jan 1_ 731,742
691,734
225,233
248,515
173,563
198,147
2171
THE CHRONICLE
-Grossfrom Railway -Net from Railway- -Net after Tares
1923,
1924.
1024.
1923.
1924.
1923.
New Orleans Texas & Mexico
March
118,370
61,944
69,116
266,087
276,504
From Jan 1_ 756,515
320,066
235.202
170.189
810,486
Beaumont So Lake & W
121,739
March
78,186
129,421
274,795
191,808
From Jan 1_ 676.541
222,996
247,623
265.375
567,539
St L Browns dr Mexico
110,316
381.755
March
768,621
427,749
420,060
342,393
803,841
From Jan 1_ 1,907,901 1,253,870
879,346
New York Central
March
33,089,891 37,107,359 8,026,353 9,035,028 5,928,601
From Jan 1_92,745,799 100997,950 20,668,683 20,586,596 14,824,236
Indiana Harbor Belt
217,016
304,886
March
988,627 1,056,041
255,309
573,393
730,982
From Jan 1_ 2,753,659 2,898,987
660,199
Michigan Central
March
8,144,010 8,568,157 2,671,390 2,720.957 2,187,890
From Jan 1_22,796,829 23,190,528 8,712,050 7,011.341 5,384,733
C C C& St Louis
March
7.662,376 8.298,896 2,061,259 2,026,476 1.615,243
From Jan 1_22,184.923 23,765,866 5,066,773 5,690,105 3,884,663
Cincinnati Northern
160,966
177,544
March
501,037
489,229
187,083
389.692
429,206
From Jan 1, 1,321,470 1,336,030
460,159
Pittsburgh & Lake Erie
686,844
878,267 1,178.635
March
3,119,586 3,758,899
FromJanL 9.168,146 10,620,696 2,136,312 3,273,393 1,002.683
98,617
260,847
72,788
207.110
86,079
269,841
6,913,970
15,055,892
293,761
6/2,765
2,250.844
5,718,804
1.594,003
4,432,291
149,165
355,600
975.194
2,646,261
New York Chicago & St L
March
4,904,579 5,197,401 1,384,749 1,678,441 1,156,448 1,401,654
FromJan 1-13,895,024 13,998,867 3,337,600 3,602,434 2,622,681 2,812.657
New York Connecting
-3,925
146.351
33,875
178,032
181.051
March
254,215
327,059
419,428
440,459
715,099
528,828
From Jan 1_ 737,994
NYNH& Hartford
March
10,955,468 11,288,630 2,672,584 2,227,896 2.256.861 1,817,200
FromJan1-30,666.742 30,478,679 6,524,618 3.873,902 5,276.207 2,610,282
N Y Ontario & Western
73,500
47.924
March
937,799 1,133,505
96,007
116,123
-2,057 -240.494
FromJan 1_ 2.743.399 2.941.473
142.209 -112.633
N Y Sus('& Western
70,406
509.192 -.26,865
377,722
101.401 --56,044
March
-2.596
91.507 -104,671
From Jan 1_ 1,133,591 1.269,560 -11,604
Norfolk Southern
232.282
252,788
914.108
295,700
270,616
925,136
March
406,046
607,433
636.516
521,326
From Jan 1_ 2,425.534 2,294,396
Norfolk & Western
8,708,113 7.772,801 2,168.437 1,885,982 1,592,618 1,410,196
March
From Jan 1_23,840,351 21,267,275 4,946,870 3,869,198 3,220,842 2,433,447
Northern Pacific
652,728
883,387
7,420,609 8,201.602 1,559,025 1,259,720
March
474,314
From Jan 1_21.291.196 22,624,515 4,258,001 2,567,655 2,211,945
Northwestern Pacific
53,012
28,980
102.212
602,479
74,302
525.484
March
55,716
203,089 --11,555
125,381
From Jan 1_ 1,493,771 1,645,983
Pennsylvania System
59.758,955 64,270,834 11'522,449 12,555,975 9,111,877 10,169,664
March
From Jan1170.056,680 176242,743 29.498,409 26,324,126 23,632,991 20,589,494
Pennsylvania Co
55,890,283 60,331,996 11,092,218 12,169,221 8,748,762 9,871.105
March
From Jan 1_159335823 165457,739 28,742,419 25,728,433 23.095.815 20,192,161
Bait Ched dr Atlantic
111,332 -18,756 -40,845 -21,780 -43,870
89,246
March
270,320 --57,070 --96,132 --67,070 -96,170
From Jan 1- 259,057
Long Island
302,002
323.072
360,783
388,379
2,580,588 2,490,352
March
619,545
703,668
745,367
843,308
From Jan 1- 7.163,203 6,894,479
Monongahela
421,901
452,843
139.797
March
498,866
From Jan 1- 1,386,346 1,240,625
Peoria & Western
Toledo
170.264
163,427
36,968
March
50,622
471,308
From Jan 1_ 463,869
West Jersey & Seashore
901,832 1,042,262
43,089
March
11,278
From Jan 1_ 2,501,034 2,833,508
Peoria & Pekin Union
161,854
March
153,124
52,520
452,170
159,443
From Jan 1- 495,308
Pere Marquette
3,849.961 3,838,932 1,034,728
March
From Jan 1-10,479,692 10,348,036 2,387,799
Perklomen83,120
82.238
March
43,826
270,542
116,966
From Jan 1- 282,757
Pittsburgh & Shawmut77,772
March
160,295 -20,707
431,070 -35.964
From Jan 1_ 265,943
Pitts Shaw & Northern
March
118,466
136.014
3,339
From Jan 1_ 321,712
429,989 -26,856
Pittsburgh & West VaMarch
303,951
319,894
87.784
829.622
From Jan 1_ 937,146
249,819
Port ReadingMarch
174,240
271.753
71.986
851.636
From Jan 1_ 509.148
165,660
Quincy Omaha & K C
94,290
March
141,157
12,386
From Jan 1_ 277,827
355,188 -12,892
Reading Co
March
8,089,155 9,501,100 1.745,411
FromJan 1_23.510,838 27,063,271 4,923,044
Richmond Fredericksburg & Potomac
March
1.081,663 1.154,636
365,537
From Jan 1_ 3,058,421 2,995,323 1,048,501
Rutland
March
605,057
621,240
146,569
From Jan 1- 1,607,891 1,577,322
248,209
St Louis-San Francisco
March
6,764,603 7.220,498 1,878,820
From Jan 1_19,922.998 20,219,863 5,552,614
-San Fran of Texas
St L
March
113,527
114,495
-448
From Jan 1_ 396,911
355,908
75,180
Ft Worth & Rio Grande-March
101,492
10.5,393
-4,055
From Jan 1_ 344.247
315,591
31,074
St Louis Southwestern
March
1,566,586 1,939,911
469,049
From Jan 1_ 4.644,249 5,556,461 1,503,646
Total System
March
2,171.963 2,567,663
416,844
From Jan 1_ 6.550.380 7,458,336 1,466.605
St Louis Southwestern of Texas
March
605.378
627,752 -52,204
From Jan 1_ 1,906,071 1,901,875 -36,941
St Louis Transfer
March
65,411
74.787
6,199
From Jam 1_ 224,178
223,075
29,171
136,290, 129.246
467.182
351,944
126,340
322,094
-3.720
--24.533
25.468
19,080
-14,720
--57.616
104,140
119.420
32,161
11,035
89.304
119.305
37,706
133,556
40,020
121,943
25,206
96,056
872.159
892,498
1.008.898
2,360,401 1,943,200 1.957.639'
31,070
123.290
39,390
107,803
24,937
104,891
16,831
32.884
--20.855
--36,962
16,675.
32,438
6,629
20,770
480
-35,168
4,229
13.498
88,667
194,661
50.986
135,950
46,145
75,695
146,691
453,005
55,596
129.055
132.537
411.703
7,797
-9,020
8.324
-25,991
4,125-20.047
3,436,377 1.357,506 3,095,416
8.645.777 3.762,917 7,625,004
455,629
1,017,409
307,611
876.213
388.575858,943
130,243
184,583
111,892
167,238
105.270
124,121
1,973,155 1,529,448 1.631,130
5,526,016 4,504,685 4,614.084
-671
20,686
-11,576
-11,386
-2,635
68,810
-3,056.
14,167
-7,911 -15,357
19.529 . -22,727
649.689
396,452
740,314
2,076,176 1,298,914 1,844,175
438.759
318,455
558.990
1,647,991 1.185,031 1,236,157
,
--181,324 - 77.996 --210.930
--528,185 --113,883 --608,018
24.635
71.608
6,265
27,547
24,367
70,794
2172
THE CHRONICLE
1.18.
-Grossfrom Railway- -Net from Railway- -Net after Taxes
-Gross Earnings
-NetEarnings
1924.
1924.
1924.
1923.
1923.
1923.
Current
Current
Previous
Previous
$
Companies.
Year.
Year.
Year.
Year.
San Antonio & Aransas Pass
$
$
$
.
March
17,120 -65,725
399,052
514,213
1,106 -81,151 Amer Elec Pr CoMarch_ 1.764,559 1,858,915
198,007
194.657
From Jan 1_ 1.474.471 1,172,313
84,221 -168.992
34,537 -216,218
3 mos ended March 31_ 5,346,822 5,465,625
599,230
542,571
Seaboard Air Line
Brazilian Tr Lt & Pr Feb_ 2,200,534 1,952,529 1.324,472 1,248,141
March
5,220,190 4,886,727 1,441,477 1,027,273 1,250,384
851.855
2 mos ended Feb 29
4,328,719 3,978.009 2,669,542 2.515,450
From Jan 1_14.798.887 13.916,934 3,656,064 3.024.224 3.083.507 2.496.709
Cities Service Co_ __March_ 1.823,418 1,776,487 1.766,223 1,725.973
Southern Pacific System
12 mos ended March 31 16.651,787 15,643,277 16,136,533 15,176,308
Southern Pacific Co
March
15.737,038 16,143,649 3,746,318 4,918,633 2,516,154 3,636,214 Staten Isi'd Edison Corp Mar 221,083
207,401
81.849
65,464
12 mos ended March 31 2,559,774 2.371,049
From Jan 1_44,602,627 43.619,618 10.020,155 11,202,991 6,450,403 7,351,958
792,517
797,354
Atlantic Steamship Lines
Gross
Net after
Balance,
Fixed
March
1,008,411 1,181.936
91,706
230,812
79,772
219,050
Earnings.
Charges.
,
Taxes.
Surplus
From Jan I_ 2.988,569 3,383,599
216,962
850,070
615,146
181,002
Arizona Eastern
Associated Gas &
Mar'24 270,627
48,970
51,815
100,786
March
300,012
58,106
340,932
31,463
134,402
104,997
Electric Co
'23
241,276
32,263
45,284
77,547
From Jan 1_ 884,201
919,599
196,633
115,958
370.715
287,845
12 mos ending Mar 31 '24.. 3.409,415 1,272,334
689.678
582,656
Gab. Harris & San Antonio
,
• '23 2.713,882
438,611
471,563
910.174
March
2,096,151 1,863,123
348.669. 253,364
280,837
192.258
Mar'24 2,803,760 1,134,927
581,966
552.961
From Jan 1_ 6,129,874 5,431,438
825,296
440,991 Commonwealth
862,006
663.054
Power Corp
'2 2.441.943
3
952,447
447,696
504,751
Houston az Texas Central
12 mos ended Mar 31 '24-31.246,624 12.361,614 6,391,822 5,969,792
1,169,844 1.072.968
March
127,760
87.250
82,015
27.728
'23 26,588.714 10,379,958 6,112,734 4,267,224
From Jan 1_ 3,454,496 3,276,162
332,400
362,959
200,824
189,704
Cumberland County Mar'24
319,502
78,143
Houston E az W Texas63,131
141,274
Power & Light
'23
317,858
70,460
March
63,318
133,778
274,195
265,536
11,656
3,056
35,241
26,816
12 mos ended Mar 31 '24_ 3,829,257 1,638,205
896,809
741,396
From Jan 1_ 773,565
703,352
-9,560
39,385 -35,577
13,486
'23 3,588,585 1.520,706
733,045
787,661
Louisiana Western
March
334,431
406,239
81,279
Mar'24
103,275
76,411 Great Western
54,322
627,828
214,602
366,067
151,465
From Jan 1_ 1,077,280 1,185,742
Power System
283,309
'23
194,028
328,805
248,211
589.171
211,511
373,062
161.551
3 mos ended Mar 31 '24- 1,911,036 1,159.582
Morgan's La & Texas
643,869
515,713
'23 1,859,849 1,175,877
March
540.673
635,204
693,336
742,168
41,735
22,629
1,921
45,604
From Jan 1_ 2,067,590 2,328,037
69,461
311,525 -66,815
170,306 Huntington Develop Mar'24
117.420
19,993
44,952
24,959
Texas & New Orleans
& Gas Co
'23
120,962
20.133
50,537
30,404
March
756,123
12 mos ended Mar 31 '24- 1,348,453
54.755
773,976
89,584
25,787
60,990
243,960
476,643
232.683
1From Jan 1_ 2,222,289 2,152,369
'23 1,261,553
32,748
99,286 -55,155
13,228
282,422
240,828
523,250
Southern Railway CoNew York Dock Co Mar'24
'
273.407
158,298 z106.971
51,327
March
12,249,204 13,186.303 3.273.568 3,480,944 2,622,405 2,836,097
'23
288.327
z108,977
151,967
42,990
From Jan L35,004.748 36,355,683 8,538,879 8,703,319 6,849,353 7,170,879
3 mos ending Mar 31 '24_ 791,697
452,229 z320,518
131,711
'23
838,450
Ala Gt Southern
449,238 z324,475
124,763
March
868,146
942,537
253,694
338,899
278.547 Northern Ohio
221,891
Mar'24
867,997
162,896
46,360
209,256
From Jan 1_ 2,479.755 2,653,251
576,485
Electric Corp
825,288
665,599
476,565
'23
937,111
163.367 • 107,974
271,341
Cin N 0& T P
12 mos ended Mar 31 '24- 9,876.176 2.269.187 1,905,120
364,067
March
1,959,371 2.087,368
'23 9,893,056 2.488,170 1,994,524
599,102
615,169
493,646
732,817
539,847
From Jan 1_ 5,525,313 5,703.311 1,555,655 1,789,560 1,372,818 1,495,263 Portland Ry, Light
Mar'24
951,875
393,497
216,217
177,280
Georgia So & Florida
& Power
'23
921,541
204,967
170,218
375,185
March
415,554
463,974
95,056
12 mos ended Mar 31 '24-10,947,317 4,243,405 2,084,152 2,159,253
83,118
76,903
102,637
From Jan 1_ 1,239,400 1,291,139
304,035
289,895
228,028
246,853
'23 10,304.411 3,915,550 2.112,985 1,802,665
New Orleans ee Northeast
Tennessee Electric Mar'24
796,296
241.907
153,842
395,749
March
483,830
606,581
151,562
163,213
105,979
114,197
Power Co
'23
792,242
319,301
180,359
138,942
From Jan 1_ 1,474,178 1,752,732
434,853
294,875
321,315
450,850
12 mos ended Mar 31 '24- 9.240,107 4,359.219 1,778,667 2,580,562
North Alabama
'23 8,338,123 3,699,324
March
137,400
135.755
41,751 Texas Electric Ry
55,548
46,511
48,721
Mar'24
223,956
From Jan 1_ 410.134
94,178
58,233
35,945
403,458
139,201
192,933
172,816
154.128
'23
221,266
83,322
46,264
37,058
Spokane International
12 mos ended Mar 31 '24- 3,035,918 1,278,029
437,963
840.066
March
106,094
125,322
45,567
38,789
33,030
51,402
'23 2.724,238 1.081,177
455,835
605,342
From Jan 1_ 284,930
317,659
84,227 United Gas &
101,628
90,899
73,585
Mar'24 1,266,718 *430,852
271.219
159.633
Spokane Portland & Seattle
Electric Corp
'23 1.195,335 *396,590
146.002
260,588
March
12 mos ended Mar 31 '24-14,323.304 *4,919,008 1,796.397 3,122,611
685,856
151,082
665.995
238,630
167,945
226.183
From Jan L 2,002,596 1,820,839
384,922
737.365
521,929
'23 13.016,312 *4,580.107 1.736,776 2,843,331
610,388
Staten Island R T
* After allowing for other income. z Includes taxes.
March
212,580
186,857
14,763 -19,260
-303 -36,880
From Jan 1_ 610,284
517,480
24,169 -65,675 -25,121 -118,417
New York City Street Railways.
Tennessee Central
March
231,437
264.728
53,472
58,827
47,662
64.480
Gross
*Net
Fixed
Net Corp.
From Jan 1_ 650,952
137.663
739,576
160,281
119.891
176,003
CompaniesRevenue. Revenue.
Charges.
Income.
$
•Term Ry Assn of St Louis
II
$
$
March
397,851
431,667
85.153
Feb '24
87,755 Bklyn City
918,502
149,475
21,731
191,570
43.409
148.161
From Jan 1_ 1,225,134 1,198,775
'23
248.410
871.349
61,577
368,397
175,889
190,506
53,248
138,258
2 mos ending Feb 29 '24 1,914,049
390,002
St Louis Merchants Bridge Terminal
87,196
302,806
'23 1,859,273
438,917
March
106,320
440,515
448.743
333.597
129.424
159,733
132,956
101,720
From Jan 1_ 1,302.406 1,313,314
339,856
6,337
339,985 Bklyn Heights (rec) Feb '24
420,372
8.710
261,320
58,231 -49,521
6.529
'23
8,503
68,208 -59,705
Texas & Paciflo2 mos ending Feb 29 '24
13,007
16,861
116,446 -99,585
March
2,623,454 2,657,673
520,329
212,706
314,757
380,467
13,751
'23
16,142
136,412 -120,270
From Jan L 7,978,407 7,737,629 1,882,204
844,175 1,460,609
537,888 Bklyn Queens
Co
Feb '24
192.103
37,617
50,882 -13.265
Ulster & Delaware
•
& Sub
'23
192,998
54,559
51,740
3,819
March
99,624
129,819
4,214
2 mos ending Feb 29 '24 '400,077
14.976
20,990
1,288
92.923
111,301
-8,378
From Jan 1_ 256.220
333,952 -15,201
12,578 -31,782
-5,442
'23
410,894
83,476
103,769 -19,293
Union Pacific
Coney Island &
Feb '24
203,211
46,064
27,814
18,250
March
Bklyn (rec)
8,426,342 8,828,009 2,784,353 2,884.625 2,125,928 2,319,352
'23
191,432
47,010
26,722
20,288
From Jan 1_24.572,004 24,562,798 7,923,938 7.323,555 5,949,755 5,631,018
2 mos ending Feb 29 '24
423.638
92,043
55,429
37,614
'23
409,682
Oregon Short Line
103,377
53,264
50,113
March
Feb'24
2,989,401 3,041,930
5,234
808,048
-8,580
13,552 -22,132
762,970
511,200 Coney Island &
530,230
, From Jan 1_ 8,525,934 8,749,027 2.250.760 2,165,515 1,416,948 1,408,340
Gravesend
'23
4,954
678
13,532 -12,854
2 mos ending Feb 29 '24
10.716
Ore-Wash RR az Nay Co
-8,834
27,096 -35.930
'23
10,460
March
1.595
2.398,424 2,299,850
27,055 -25,460
473,774
171,545
4,641
302,600
From Jan 1- 7,096.824 6,613,706 1,643,301
Feb '24
429.107
82,804
293.218 1,132.474 -206,898 Nassau Electric
93,663 -10,859
'23
386.978
98,112
St Joseph az Grand Island
93.091
5,021
2 mos ending Feb 29 '24
891,097
March
189,430
277,000
286,346
184,320
5,110
48,447
24,395
37,542
35.132
'23
824,583
From Jan 1_ 830,546
201,887
186,338
792,044
177,865
15,499
137.917
111,852
72.313
South Brooklyn
Feb'24 • 88,689
22,957
24,209
-1,252
Union RR (Penn)
'23
89,275
29,951
30,409
-458
912,184
March
898.809
1,229
152,346
141,346
-9,771
2 mos ending Feb 29 '24
176,353
48,421
48,166
-1,745
From Jan 1- 2,552,20 2,164,884
118,411
485,229
452,229
85,411
'23
176,939
32,875
64,071 -31,196
Utah
Manhattan Bridge Feb '24
20,990
461
327
134
96,291
March
120,426
12,812
3c.Lino
31.145
21,289
'23
5,621
20,129
-323
-549
226
98,374
Prom Jan 1- 395,88
92,325
2 mos ending Feb 29 '24
82,205
106,348
87,752
• 43.946
1.900
658
1.242
'23
Vicks Shreve & Pacific
42,986
-254
-706
452
361,512
358,394
March
64,007
81,935 Interboro R T System
109,470
45,610
161.273
From Jan 1_ 1,043,538 1,047,685
Subway Division Feb'24 3,260.443 1,431.267 1,059,029
292,901
215.330
103,870
372.238
'23 2,947.812 1,199,249 1,031.873
Virginian
167,376
2 mos ending Feb 29'24 6.737,093 1,946.122 2,119,774
1,593,336 2.087,197
451.487
March •
826,448
844,623
943,983
307,753
FromJan 1_ 4,857,020 5,207,344 1,709,466 1,941,853 1.272,880 1,628,359
'23 6,285.750 2,473,138 2.065,425
407.713
Elevated Division Feb '24 1.493,941
Wabash
624,473 -278,213
348.280
5,736,547 5,501,278 1,355,323 1,284,815 1,118,673 1,093,853
'23 1.441,667
573,405 -200,398
283.009
March
2 mos ending Feb 29'24 3.111.040
1_16.214,067 14.983,010 3,358,306 2.866,291 2,664,105 2,294,512
800,352 1,248.988 --448,318
From Jan
'23 3,083,883
757.812 1.148,120 -390.508
Western Maryland1,752,111 2,011.685
94.175
463,129
481,537
575.712
March
423.270
353,270 N Y Rapid Transit Feb'24 2,181,659
373,129
539,713 --43,269
'23 1.833,368 ' 498,444
919,855 , Corp
From Jan 1_ 5,078,437 5,447,724 1.341,124 1,119,855 1,071,124
2 mos ending Feb 29 '24 4.535,555 1.163.191
983.173
200,018
Western Pacific
1,213
'23 3,900,563 1,081,011 1,079,798
909,870
966.787
2110.541 2150.866
March
224,947 -47,475
Feb '24 1,119,731
177,472
From Jan 1- 2,758,871 2,567,542
2308,657 2302,750 Third Ave Ry
System
227,109 --47,347
179,782
'23 1,025,696
Western Ry of Alabama
2 mos ending Feb 29 '24 2.331,439
451,338 -74,247
377.091
258,449
78,895
268.006
57,516
76,694
March
61,384
397,108
450,014 --52.908
723,135
'23 2,197,306
221,925
142,355
185,935
180,124
From Jan 1- 794,109
Now York Rya
212,818 --182,668
30.148
657,039
Feb '24
Wheeling & Lake Erie(receiver)
233,087 --212,044
21,043
648,465
'23
363,015
1.669,290 1,330.759
282,993
182,171
249,268
" March
2 mos ending Feb 29'24 1.392,870
81,709
439.204 --387,495
174,854
472,278
751,947
From Jan 1_ 4.733,964 3,458,619 1,090,047
467,821 -412.188
65,633
'23 1,396,727
Net
Bal.for Surp. after Eighth Ave RR
--8,424
9.997 --I8.421
89,735
Feb '24
Gross.
Income,
Charges.
Interest.
11.165 -44.925
84,897 -33,780
'23
241,733
Fran Mar '24 7,002,526 1,485,553 1,461,786
2 mos ending Feb 29 24
-San
21.780 --42,090
188,317 --20,310
St Louis
'23 7,466,289 1,503,341 1,494,216
304,366
22,204 -68,364
183,010 -34.160
System
'23
802,888 Ninth Ave RR
3 mos ended Mar 31 '24 20.733,929 4,543.224 4,467,973
36,744 --18,540
1,498 -18.038
Feb '24
'23 20.050,422 4.293,620 4,209,072
696,250
1,416 --20,427
36,435 --19,012
'23
2 mos ending Feb 29 '24
3,099 --28,012
78,851 --24,913
and Other Public Utility Net
Electric 'Railway
79,818 -31,353
3.109 -34.482
'23
-The following table ..ives the returns of N Y & Harlem
127,928
Earnings.
120,170
49.423
Feb '24
78,503
115,257
112,463
49.178
'23
88.079
other public utility gross and net
ELECTRIC railway and
2 mos ending Feb 29 '24
257,999
254,292
99,142
158.857
earnings with charges and surplus reported this week:
241.393- . 99,738
243,949
'23
142,655
MAY 3 1924.]
Gross
Revenue.
$
Companies.
Feb '24
'23
2 mos ending Feb 29'24
'23
N Y & Queens (me) Feb '24
'23
2 mos ending Feb 29'24
'23
Steinway Rys (roe) Feb '24
'23
2 mos ending Feb 29 '24
'23
Long Island Electric Feb '24
'23
2 mos ending Feb 29 '24
'23
NY & Long Is! (rec)Feb '24
'23
2 mos ending Feb 29 '24
'23
Ocean Electric
Feb '24
'23
2 mos ending Feb 29 '24
'23
Manhattan &
Feb '24
Queens (roe)
'23
2 nios ending Feb 29 '24
'23
Richmond Lt & RR Feb '24
23
2 mos ending Feb 29 '24
'23
Second Ave (roe)
* Includes other income.
.83,290
89,733
173,560
149.473
48,710
49,424
102,706
106,958
57,535
57,794
179,898
124,395
27,437
22,980
57,989
48,859
29,300
31.734
68,583
69,081
15,469
15,350
33,453
30,773
28,544
27,497
60,673
58,704
59,561
56,704
123,741
122,132
*Net
Riventi",
$
6,108
-3,052
11.511
-7,805
2,633
-6,086
9,981
-13,171
2,661
4.243
6,712
-3,293
-2,631
-10.852
-8,400
-29,416
-3.538
-16,574
-9,374
-36,368
797
961
551
-226
3,073
3,487
8,578
9 .710
188
83,228
4.721
154,515
Fixed
Charges.
$
18,324
15,805
36,648
32,575
25,375
1,045
50,829
16,419
4,058
3.242
8,334
6,869
3,481
3,515
7.021
7,299
6.399
8,161
14,321
16,627
3,028
4,173
6,848
8,479
10,061
9,926
20,388
20,712
9,606
13.781
17,894
27,730
-Deficit.
Net Corp.
Income,
$
Seaboard Air Line Railway.
(Annual Report
-Year Ended Dec. 31 1923.)
The remarks of President S. Davies Warfield, together
with comparative income account and balance sheet for 1923,
are given under "Reports and Documents" on subsequent.
pages. The results for the first three months of 1924 are
also given.
-12,216
-18,857
-25,137
-40.380
-22,742
-7,131
-40,848
-29,590
TRAFFIC STATISTICS YEAR ENDED DEC. 31.
-1,397
1921.
1920.
1923.
1922.
1,001 Average miles
operated_
3,563.21
3,563.21
3.576.11
3,576.11
-1,622 No.
14,995.016 12,379,096 9.878,529 12,931.210
-10,162 No. of tons carried 1
of tons carried m-2627222274 2250338,257 1858505.148 2533255.969
-6,112 No. of tons 1 mile per
-14,367
mile of road
521,582
710.948
629,270
734,659
-15,421 Average haul per ton_
188.14
193.90.
181.79
175.21
-36,715 Avge, rec't per ton p.m
31.282
$1.571
31.422
$1.392
-9,937 No.of passengers carried 4,205,053 3,939.254 4.478,329 6.300.638
-24.735 No. pass. carried 1 mile_292,740,830 256,165,272 280.511,052 373,868,397
-23.695 No. pass. carried 1 mile
per mile of road
104.925
-52,995
78.724
71,632
81,860
59.34
62.64
69.62
65.03
-2,231 Avge.dist.carr.each pass
-3,212 Avge. amt, rec. from
each passenger
51.74827
52.17816
52.46129
$2.26850
-6,297
-8,705 Av.rec, per pass. per m_ 3.536 eta. 3.488 eta. 3.477 eta. _2.946 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
-6,988
.
-6.439
Operating Revenues1921.
1922.
1923.
-11,810 Freight
$36,574,384 $31,998,052 $29,205,390.
-11,002 Passenger
10,349,864 8,936,217 9,754,522
-9.418 Mail
1,207,878 1,109,555 1,076,019
69,447 Express
2,303,766 2,045,575 1,130,680
-13,163 Other transportation
509,960
428.700
.533.523
1.168,361
126,785 Other than transportation
1,279,695 1,160.949
Total oper. revenues
$52,249,110 $45,679.048 542,844.933
Comparative Earnings of Companies Under the Executive Management of
Stone & Webster, Inc.
Month of March
12 Months Ending March 31
Surplus
Surplus
Net.
Gross.
After Chgs, Gross.
After Clips.
Net.
Companies
Puget Bound Pr & Lt Co
1,056,828
1924
407,902
249,475 12,521,169 4,870,932 2.971,516
1,049,245
1923
417,458
260,824 10,950,088 4,504,177 2,744,039
Baton Rouge Elec Co
1924
59,693
21,522
18,575
184,257
653,840
215,369
51,820
1923
17,385
14,911
177,612
603,121
216,822
Black Val Gas & El Co
364841
1924
87,000
55,566 4,554,461 1,569,635 1,220,266
385,149
.1923
139,390
111,479 4,158,656 1,530.473 1,197,730
Cape Breton Elea Co Ltd
1924
60,630
13,920
8,208
712,522
128,093
60,034
1923
53,464
-226
-5,845
652,426
99,748
32,361
Cent Miss Valley Elec Properties
1924
48,658
11,026'
7,796 ' 585.776
161,519
122,641
1923
46,294
. 12,524
9,280
558,064
157,168
113,785
Columbus Elec & Pow Co
1924
201,201
98,851
76,034 2,279,001 1,151,392
1923
190,522
95,046
72,284 2,064,320 1.029,744
Eastern Texas Elec Co
1924
176,432
67,229
50,034 2,120,622
806,961
611,181
1923
162,576
58,469
39,975 1,852;270
673,683
472,676
Edison El Ilium Co of Brock
1924
128,481
32,311
31,096 1,576,197
556,410
543,388
1923
143.721
54,769
53,919 1,461,826
530,987
520,646
The El Lt & Pow Cool A & R1924
33,691
3,233
3,090
354,369
68,599
65,824
1923
34,610
3,024
2,324
400,529
73,057
65,339
El Paso Elec Co
1924
204,162
73,622
56,397 2,420,663
878,578
673,119
1923
206,582 • 74,557
57,650 2,325.818
883,402
680,001
Fall River Gas Works Co
1924
77,587
10,946
10,660 1,031,969
236,723
235.519
1923
83,783
18,116
18,101 1,617,239
232,468
231.806
Galv-Houston Elec Co
-1924
288,150
62,795
19,672 3,361,716
704.475
205,834
1923
272,533
52,184
11,774 3,318,929
870,080
198,353
Haverhill Gas Lt Co
-1924
47.530
8,232
7,691
672,727
126,774
125,036
1923
44,125
3,432
3,429
555,765
130,306
129,826
Houghton Co El Lt Co
1924
43,343
12,937
8,856
522,545
134,467
85,313
1923
46,778
11,474
7,087
551,546
142,220
89,488
Keokuk Elec 0°1924
34,666
8,162
4,876
420,343
109,544
70,460
1923
33,107
8,487
5,243
396,349
109,081
65,773
The Key West Cleo Co
1924
20,145
8,135
5,651
241,358
90,916
60,559
1923
21,881
9,516
6,938
351,703
102,747
71,099
The Lowell El Lt Corp
1924
131,107
51,488
48,752 1,598,010
574,254
556,620
1923
140,690
35,592
33,581 1,475,204
499,738
496,290
Miss River Power Co
285,370
1924
225,747
126,335 3,072,910 2,206,789 1,009,342
269,849
1923
212,146
111,237 2.931,835 2,175,365
952,453
Northern Texas El Co
1924
253,697
98,602
70,539 2,887,345
976,294
644,646
1923
263,075
101,661
76,613 3,017,190 1,013,865
714,910
Paducah Elec Co
1924
54,660
19,378
11,916
621.320
203,993
96,763
51,646
16,659
1923
8,238
581,354
208.714
107,517
Savannah El & Pow Co
161,838
58.143
27,411 1,862,920
1924
663,288
312,387
48,376
24.372 1,602,083
136,607
1923
589,588
303,190
Sierra Pao Elee Co
44,889
39,087 1,033,063
87,496
1924
493,060
426,212
39,542
34,332
80,529
939,225
1923
443,336
383,330
Tampa Elm Co
86,225 2,195,433
90.914
196,717
1924
950,971
889,538
77,727
71,402 1,898354
188,575
1923
788,348
730,753
12 Moran., Ending Feb. 29
Month of February
Blackstone Valley Gas & Elec Co
120,478 4,574,768 1,622.025 1,276.179
152,261
1924
406,051
125,078 4,083,771 1,492,323 1,159,742
152,549
1923
375,957
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
April g6. The next will appear in that of May 31.
2173
THE CHRONICLE
Operating Expense
-
Maintenance of way and structures_ $6,972,362 $5,358,092 $5,003,620
,
Maintenance of equipment
8.947.037„7.848.414
Traffic
1,642,467
1,478,277 1,460,462
Transportation
20,317,381 18,667,039 20,555,651 •
Miscellaneous operations
392,493
465,441
378,041
General
1,776,284
2,026,814
1.945,711
Trans.for investment
Cr.29,243 Cr.29,249 Cr.12,123
Total operating expenses
$40,342,259 $36,222,884 $37,024,801
Net operating revenues
.
$11,906,851 59,456,164 $5,820,132
Taxes
2,204,054 2,124,235 1,862,057
Uncollectible railway revenues
12.314
36.014
3,776
Operating income
$9,690,482 $7,328,153 $3,922,061
Other Incom Joint facility rent income
131,421
113,459
71,956
Income from lease of road
86
1,278 x1,474,579
Dividend income
67,456
49,409
644,037
Income from funded securities
214,427
197,048
552,599
Income from unfunded secur. & accts.
39,943
88,096
78,308 Miscelaneous
194,843
153,244
177,447
Gross income
$10,338,660 $7,930,686Cr$6.920,985
-Dr. bal_ $1,644.548 52.991,975 $1,735,730
Deduction -Hire of equip.
219,068.
Joint facility rents
219.392
195.915
Interest on funded debt
5,395,019 5.328,356 5,269,716
679,742
249.192
Interest on equipment obligations- _
180,580
Rent for leased road
59,068
58.865
59,364
Miscellaneous
85.846 Cr.226.952
68.510
surplus
$2.272,3791oss$1002617loss$293.369
Not
625.000
yCr.208,333
Int. on Adjustment Mtge. bonds_ _ _ _
Annual allotment of discount secur_ _
252,939
155.613
139.171
Surplus for year
51.394.441 df$1.158,230 def.$224,207
x Includes $1,473,279 accrued additional compensation applicable to
period of Federal control. y Reversal of Nov. and Dec. 1920 accrual.
GENERAL BALANCE SHEET DECEMBER 31.
1923.
1922.
1923.
Assets
-
1922.
$
Inv. in r'd & eq -206,027,428 198,059,865 Common stock- 37,019.100 37.019,400
1,032
Sinking funds__
1,032 Prof.4-2% stock 23,894.100 23,894,100
Pf 6% cap.stk.
Depos. in lieu of
37,300
37,300
M.prop. sold.
Misc.phys.prop.
Inv.In aft'. cos.;
Enke., pledged
Stks.,unpledg.
Bds., pledged.
Bds., unpledg.
Notes
Advances_ _
Other invest'ts.
Cash
Special deposits_
Loans & bills rec.
Traffic and car
service balance
receivable_ _
Net bal. recelvle
from agents &
conductors__ _
& cos
U.S. Governm't
Other companies
for claims...-.
at'ls & supP - Int.& dive. rec_
Rents receivable
U.S.RR.Adm.
0th. curr. assets
Work fund advs.
U.S.RR. Adm.
0th. def. assets_
Insur. premiums
prepaid
Disc, on funded
debt
Claims in susp_ _
U.S. Governm't
U.S. RR. Adm.
Other unadjust.
debits
1,024,206
835.944
3,088,654
299,639
916,158
407,552
741,905
4,266,946
317.854
4,921,791
1,059,568
43,575
1,224,276
190,617
1,630,801
259,151
131,894
5,088,110
3,302
3,868
314,302
65,931
474,948
102.924
4,587,540
386,775
1,496,791
1,286,609 Equip. oblig'ns_ 17.338,000
746,919 Mtge.bds. prop.
companies _ 33,659,000
2,121,454 S. A.L.bonds__ 84,902,500
966,039 3
-year notes
916,158 Sec. & Treas. of
273,552
U.S.-Notes. 14,557,400
498,999 Dir.-Gen.of RR.
2,868,249
notes
2,000,000
313,087 Non-negot. debt
2,664,710
to aftlid cos__
420,362
4,799,382 Loans&bills pay.
32,560
33.809 Traf & car serv.
bal. payable..
961,476
And, acc'ts and
861,855
wages payable 5,276,064
Misc,acc'ts pay.
282,644
682,386
mat'd unpd.
342,551 Div. mat.unpd_
9
1,410.943 Fund, debt ma251,608
129,500
tured unpaid_
Unmet.int. seer 2,124.254
132,805 Unmat.ets seer.
33,288
4,554,211 U.S.RR.Adm.
8,879 0th,curr.liab'L
241,265
5.201 U.S.RR.Adm_
7,038,292 Oth, def. ltabll's
389.307
540,675
382,503 Ry. tax accruals
287,776 Oper. reserves__ 1.448.490
5.887,705 Accr.dep.equip _ 4,653,238
538,924 Res. for outstdg.
19,526
stk. prop.cos.
33,181 U.S.RR.Adm.
0th. unadj. cred 1,587,789
4,501,778 Add'n to prop'Y
479,649
through Inc.&
280,382
2,854,688
surplus
5,576,812 Fund,debt ret'd
through Inc.&
3,896
3,311,105
surplus
Profit & loss sur. 7,398,970
12.214,000
36,659.000
84,902.500
1,000.000
8.698,400
474,013
187,500
1,091,174
5,039.139
384.363
782.533
9
97,000
1,377,002
104.537
7,505,000
290,140
7,189
410.837
1,021,367
1,264.656
5,302,177
19,526
16,132.324
3,438,418
242,020
3,896
4,408.728
239,913,486 254,008,229
Total
239,913.486 254,008,229
Total
'
-Accumulated and unpaid interest on Adjustment Mortgage (iaNote.
come) bonds amounting to $3,333.333 and payable out of future income or
otherwise,or at the maturity of the bonds,is not comprehended in the above
balance sheet.
Guaranty.
-The company is liable as a guarantor of the following:
$100,000
Athens Terminal Co. 1st Mtge
Birmingham Term. Co. 1st Mtge.
-Seaboard proportion 1-6 of_ 1,940,000
569,045
Fruit Growers Express 00.
-Payments
400,000
Jacksonville Term. Co. 1st M.
-Seaboard proportion 1-3 of.
100,000
__
Jacksonv. Term. Co. 1st & Gen. M.-Seab. proportion M of...
Jacksonv,Term. Co. Ref.& Ext. M.-Seab.proportion X of... 3,100,000
1.529,000
Dublin & Savannah RR. 1st Mtge
Macon
550,000
Raleigh & Charleston RR. Co. Prior Lien & Consol. Mtges_ _
Richmond-Washington Co. Coll. Tr. M.-Seab.propor. 1-6 of.. 10.000.000
185,000
Savannah & Statesboro Ry. Co. 1st Mtge
150,000
Southeastern Investment Co.
-Note
750,000
Gulf Coast RR.Co. 1st Mtge
Tampa &
300,000
The Seaboard Bay Line Co.
-Payments
4,239,000
The Seaboard Bay Line Co. notes to Secy. of Treasury of U.S
217.000
Wilmington Ry. Bridge Co. Cons. Mtge.-Seab. propor. X of..
-V.118,p. 2043.
2174
[vol.. 118.
THE CHRONICLE
Chesapeake 8z Ohio Railway Co.
Fonda, Johnstown 8c Gloversville RR.
(53d Annual Report-Year Ended Dec. 31 1923.)
(46th Annual Report
-Year Ended Dec. 31 1923.)
The remarks of President J. Ledlie Hees, together with the
The remarks of President W. J. Harahan, together with
the income account and balance sheet, will be found under comparative statement of operating revenues and expenses
and a comparative balance sheet, will be found under "Re"Reports and Documents" on subsequent pages.
ports and Documents" below.
TRAFFIC STATISTICS, CALENDAR YEARS.
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1920.
1921.
Operating Revenue.1923.
Avge. mileage operated..
1922.
1921.
1920.
2.552
2,549
2,519
2,545
Freight revenue
$569,014
Rev. coal & coke carried
$487,220
$484,323
$456,243
51,811
42.105
, (tons)
43,087
57,907
35.377,871 28,526,039 24,074,459 29,353,213 Passenger,steam division
Passenger, elec. division
778,124
Oth,rev.fgt. carr.(tons) 12,571.623 9,400,386 7.418,628 11.484,903
816,465
806,870
828,761
72,269
Avge.rev. per rev. ton
63,858
49.460
60,572
11.777
$1.811
31.782 Mail, express, &c
82.139
Av.rev, per ton per mile
Total oper. revenue $1,471.219 $1,409,648 $1.355,660 $1,431,562
from all rev. freight .00660 cts. .00687 cts. .00737 cts. .00621 cts.
Operating ExpensesNo.of passengers carried 7,430.827 6.654,126 7.950,673 87,67,811
do one mile
$166,202
$168,442
1170,210
334,582,773 304.221,296 331,513,000 384,045.169 Maint. of way 3c strue_ _ $165,596
157.015
129.941
do per mile of road
122,663
136,997
3,038
2,724
3,480 Maint. of equipment__ _
3,259
7.581
9,187
8,399
6.426
Avg.rev.from each Pass.
$1.57
$1.59
$1.34 Traffic expenses
$1.48
Power
88,571 '
74,870
84,387
89.042
Av.rev, per pass. per m_ 3.482 cts. 3.480 0s. 3.541 cts. 3.066 cts.
394,409
368,181
Oper. rev, per mile oper_
403.004
447,365
$39.948
132.761
$35,934 Transportation
832.872
85,523
78,350
70.839
Net oper.rev. p. m.oper
$9,044
$6,823
$4.234 General expenses
. 82,100
16.711
Total oper. expenses
RESULTS FOR CALENDAR YEARS.
$898,695
$830,481
9865.245
$920,880
Net rev,from ry. oper
$572,524
$579.167
11490,415
9510,683
Operating Revenues1923.
1921.
1922.
Railway tax accruals_
94,713
76,265
71,065
53,896
Freight traffic
$85,202,379 868,671.907 167,367.983
Passenger traffic
11,650,941 10,586,625 11,739,627
Railway oper.income_ $477,811
$502,903
1419.350
8456.786
Transportation of mails
822,373
797,740 Miscellaneous income...
764,796
21,439 . 18,440
11,569
6,691
rtation of express
684,564 iVon-operating income
1,278,851
1.110,261
62.479
50.315
53,350
40,425
Mis ianeous_
TraMlci
3,021,253
2,377,973 3.098,044
Gross income
$561,728. 8571.657
$484.269
$503,903
Total operating revenues
1101.975,798 $83,511,561 $83,687,958 Deductions
392,259
382.642
383.147
392,327
Operating Expenses
Divs.on preferred stock..
30.000
30,000
30,000
30,000
Maintenance of way & structures_ _ _ _$12.847,570 $10,558,138 $12,170,021
Maintenance of equipment
28.693,866 22,530,747 20.023,122 Balance to profit & loss- $139,469
$159,014
$71,122
$81,576
Traffic
, .
.
.
-V. 118, p. 907.
Transportation
33.725,951 29,831,398 31,427.435
Miscellaneous operations
363,458
418,951
330,381
The New York Chicago & St. Louis Railroad Co.
General
1,983.073
2,248.921
1.953,360
Transportation for investment
Cr.85,822 Cr.28,908 Cr.164,650
(37th Annual Report-Year
Total operating expenses
Net operating revenue
Railway tax accruals
Uncollectible railway revenues
Railway operating income
Equipment rents (net)
Joint facility rents (net)
Net railway operating income
Income from Other Sources
-
178,889,776 $66,118,030 $66,603,077
123.086,021 117,393,531 117.084.881
2,682,160
4.687,394 3,301,201
20,709
29,275
11,203
$18,369,351 $14,081,127 114,382,012
$206,053
12.155.899 11,331.416
Dr.1.389,894Dr.1,002,213 Dr.927,139
$19,135,356 $14,410,330 813,660,926
Interest from investments & accounts $1.348,630 $1,216,290
Miscellaneous
867.418
1,262,213
$685,547
435,203
Gross income
321,351,404 816.888,833 $14,781,677
Deductions from Gross Income
Interest on debt
$11,991,208 $9,995.942 $9,691,402
Rentals,leased roads,joint tracks. &c.
133,605
139,995
163,069
Loss on C.& 0. grain elevator
19,289
23.328
19,019
Miscellaneous
744,780
217,443
187,133
Preferred dividends
(635%)816,302(1 %)204,070
Common dividends
(4%)2,591.032 (4)2.511,264 (2)1,255,632
Total deductions
Net income
815.779,308 813,080.497 811,844,707
35.572,096 83,808.336 12,936.969
GENERAL BALANCE SHEET DECEMBER 31.
[Excluding stocks and bonds owned by the C. & 0. Ry. of Indiana and of
the C. & 0. Equipment Corporation.]
1022,
1923
.
•
AssetsS
$
Liabililies$
8
Inv. in road and
Common stock- 65,425,725 62,792,600
equipment__ _320,655,945 304,187,677 6yi% cum.cony
Secure. of prop'y
Pref. stk."A" 12,558,500 12,558,500
aftii. & conted
3,000
1st Pref.stock__
3,000
cos. pledged__ 13,714,001 13,714,001 2d Pref. stock__
200
200
0th.Inv.pledged
385,000 Common(C.&0.
385,000
Secure, issued or
1,200
Ry.of Ind.)_ _
1,200
assum.,plelgd_x62,274,001 64,681,001 Funded debt__ _180,402,524 182,601,024
phys. prop_
525,346 Equip. tr. oblig.
446,905
Special funds &
and contracts. 31,913,600 26,627,400
funded debt
1st lien & imp.5s 66,842,000 66,842,000
issued & res..
96,482
94,783 Loans and bills
Spec. dep. Prof.
Payable
40,000 3,985,000
"A"proceeds_
y12,661,627 Traffic balances.
534,473 1,185,998
Impts. on leased
Vouchers & payrailway prop_
40,716
rolls
8,602,085 10,324,124
Cash
1,411,615 6,037,640 Unpaid wages
39,588
109,579
Cash dep.to pay
Misc.accts. pay.
486,853
436,887
laterest & dive 2,172,402
533,468 Matured int. &
Cash dep.-U.S.
diva. unpaid_ 2,109,634 1,863,174
.
Govt.loan for
Matured mtge.&
add'ns & bett_ 8,467,394
see. debt unpd
6,174
7,174
Cash dep.-Spec
U.S. Governm't
fund for add'ns
working Habil. 7,000,000
bett'ts, new
&
Other work. nab.
13,680
45,229
equIp.&maint.
U. S. Govt. deof equip.res__ 3,262,184 4,976,213
ferred Ilabil'a.
31,652,773
Cash dep.to pay
Unmatured Int.
equip. tr. prin. 2,083,157 7,554,608
and rents_ _ _ _ 2,911,011
2,626,607
3,000
6,378 Empl. pay'ts on
Misc.cash depos
76,066
2,200
Loans & bills rec.
Liberty bonds
Traffic balances. 2,813,560 2,513,032 'Taxes accrued__ 2,373,673 1,317,107
Agents & conduc 1,339,157 1,247,826 Accr. deprec'nMisc. accts. rec_ 2,211,888 1,835,545
equipment_ _ 15,591,825 16,346,210
U.S.Govern'tSundry accounts 4,984,104 2,841,666
6,195,834 Add'ns to prop.
comp'n unpd_
355,901
27,063
through Inc.&
OW,work.mete
Material & suPp. 10,840,335 7,935,962
surplus
24,941,997 24,638,833
Res.Inv. InsinkSem.in treas.13,726,501 9,267,486
Ins funds_ _ _ unpledged ___
193,300
239,363
Insur.& casualty
Deferred assets:
U.S.Govt. dereserve
103,859
121,634
20,044,190 Funded debt referred meets
•
tired through
Unmatured int.,
1,259,003
300,605
Income surp
& rents_ _ 1,160,271
378,826
978,934 Profit and loss
1,408,447
Advances
625,644
496,738
balance
Special deposits.
29,003,807 21,747,601
297,159
360,997
Cash&securities
Sundry accounts 3,004,224 3,182,618
456,578,053 471,099,079
Total
Total
456,578,053 471,099,079
-Company is also liable as guarantor of the following securities:
Note.
Pocahontas Fuel Co. Coupon 5% notes, due 1919 and
Western
$1.000,000
1921 ($500,000 each year), owned by this company
820,000
Ches.& Ohio Grain Elev. Co. 1st Mtge.4% bonds, due 1938Richmond-Washington Co. Coll. Trust Mtge.(C. & 0. propor10.000.000
tion 1-6) 4% bonds due 1943
Louisville & Jeffersonville Bridge & RR.Co. bills payable (C.&
147.000
0. proportion 1-3) 6% notes due 1931
Louisville & Jeffersonville Bridge & RR.Co. Mortgage (o.& 0.
4,500,000
proportion 1-3) bonds due 1945
750,000
Western Pocahontas Corp. 1st M.434% bonds due 1945
97,000
Western Pocahontas Corp. Ext. M.No. 1,4 Si% bonds due 1945
51,000
Western Pocahontas Corp. Ext. M.No. 2. 414% bonds due 1946
500,000
Norfolk Term. & Transp. Co. 1st Mtge.5% bonds due 1948
Ended Dec. 31 1923.)
This company, formerly a part of the Vanderbilt System,
passed in July 1916 under the control of Cleveland interests,
who bought the holdings of the New York Central RR.,
0. P. Van Sweringen becoming Chairman of the Board.
The present company was formed in 1923 as a consolidation
of the New York Chicago & St. Louis RR., Chicago & State
Line RR., Toledo St. Louis & Western RR., Lake Erie &
Western RR. and Fort Wayne Cincinnati & Louisville RR.
The report for the fiscal year ending Dec. 31, signed by
President J. J. Bernet, will be found on subsequent pages of
this issue, together with the income account and general
balance sheet as of Dec. 31 1923. Our usual comparative
income account was given in V. 118, p. 2035.
GENERAL STATISTICS FOR CALENDAR YEARS.
1923.
1922.
Passengers carried
915.149
911.959
Passengers carried one mile
68,898,401
77,325,679
Rate per passenger per mile
3.07 cts.
3.08 cts.
Earnings per passenger train mile
$1.27
$1.37
Revenue freight (tons)
25,034.211
21,089,006
Revenue freight (tons) one mile
5,260,378,000 4,537,416,236
Rare per ton per mile
1.004 cts.
1.035 cts.
GENERAL BALANCE SHEET DECEMBER 31.
1923.
1922.
1923.
1922.
Assets
Liabilities$
Road & equip't-182,040,048 163,216.207 Preferred stock_ 32,720,000 38,640,000
Leased line Impt
56,778
774,423 Common stock_ 46,247,900 40,327,900
Investments ___ 8,613,640 5,275,089 Funded debt... 86,033,000 78,897,000
Sinking fund..
211,911
247,345 Ace'ts & wages_ 6,452,751
2,992,456
Depos. in lieu of
Interest, div'ds,
property sold_
116,801
6,836
&c., unpaid__ 1,338,914
809,612
Mi4c.phys.prop, 1,025,058 2,643.037 Int., diva., &a.,
Cash
3,469,481 6,453,828
accrued
808,874
595,862
Inventories_ _ _ - 4,963,551 4,035,125 Loans and bills
Agts.&cond.bal708,232
783,177
payable
4,273,381
285,000
Special deposits- 3,062,993 2,425,610 Traffic balances
Traffic. &c.,bal. 1,286,419 3,037,278
payable
1,861,425 3,068,531
Int.. div., loans
Misc. accounts_
998,324 1,456,418
& bills reedy421,735
285,991 Other liabilities_
699,985
233,175
Drafts & depos_ 1,833,397 1,000,000 Def'd liabilities. 10,488,248 9,657,259
Other assets_ __ _
438,649
345,528 Approp.surplus. 7,275,269 7,462,477
Misc, accounts_ 1,350,267 3,106.054 Other unadjustDeferred assets- 9,775,609 8,001,030
ed accounts
5,329,193 3,533,120
Disc.on fund.dt.
338,620
370,065 Deprec. (equip.) 7.570,246 0,420,339
Other unadj.deb 28.268,015 9,794,274 Profit and loss 35,883,692 17,421,747
Total
247,981.205 211,800,898
-V. 118, p.2042, 2035.
Total
247,981,205 211,800,898
St. Louis Southwestern Railway.
(Preliminary Statement-Year Ended Dec. 31 1923.)
RESULTS FOR CALENDAR YEARS.
Corporate
Combined
1923.
1922.
1920.
1921.
Freight revenues
$24,596,071 $22,297,231 820,837,819 $25,280,354
Passenger
3,390,917 2,686.794
3,089,890 4,026,709
Mall, express, &c
1,085.618
932,409
1,312,712
946,331
Incidental, &c
478.514
229,557
293.343
401.183
Total oper. revenue_ 329,551,120 826,159,914 825.153,462 931,020,958
Maint. of way & struc
4.251.897
3,962,520 6,326,553
4,299,438
Maintenance of equip't. 6,798,326 4,831,412 4,415,772 6,717,152
Traffic expenses
755,704
800.443
784,522
740,968
Transportation
8,984,543 9,091,609 8,764,729 10.898,597
General, &c
1.188.051
1,169,089
1.170,924
1,043.999
Total o r. expenses_321,990.212 $20,007,425 $19.112,553 825.886.056
Net earn
5,134,902
7.560,908 6,152.488 6.040.909
Tax accruals
1,155,912 1.247,677
1,261.882
1.630,624
Uncollectibles
3,708
1,777
5,066
5,855
Operating income---- 85,924,429 $4,885.541 $4,881,289 33.885,448
329,679
109,980
921,840
249,766
236,396
236,909
239,373
254,777
Interest income
138.936
169.074
367,162
217.397
Misc. other income
120.559
144.499
311,041
149,129
Hire of freight cars
Joint facility rents
Gross income
96,795.498 95,548,467 85,706,858 15,722,490
Deductions
Joint facility rents
674.453
787,116
775,001
602,952
Rent for leased roads_
318,618
Miscellaneous rents_ _ _ _
20,259
31,996
61.578
32,238
Interest on funded debt_ 2.522.425 2,449.192
2,473,697 2,236.887
Other interest
2,874
1,567
6,110
15,924
Miscellaneous
29,292
32,346
47,457
92,041
Net income
$3,401,092 12.256.679 82,477,685 $2,423,743
Federal net income
def536,093
x Includes First Lien & Impt. 5% Mtge. bonds, $62,274,000. y RepreCorporate net income- $3,401,092 92,256,679 $2.477,685 $2.959,836
sented in part by U. B. Government Treasury notes and U.S. Govt. certifi-V. 118. p. 1136.
cates of ludebtedness.-V. 118. p. 1664.
MAY :3 1924.]
THE CHRONICLE
Missouri-Kansas-Texas Railroad.
(Annual Report
-Year Ended Dec. 31 1923.)
The remarks of President C. E. Schaff, together with
'comparative income account and balance sheet and other
-tables, will be found under "Reports and Documents" on
subsequent pages.
COMMODITIES CARRIED FOR YEAR ENDED DEC. 31.
(AU in Tons)- Agriculture. Animals. Mines.
Forests. Mfrs.,&C.
1923
1,943,514 619,067 2,965,940 653,725 5,048,986
1922
1,895,923 516.412 3,100,006.673.443 4,659,761
1921
2,472,928 438.274 3,265.018w 656,272 4.583,827
2,293,846 552,512 3,871,630 844,611 5,789.868
1920
1919
2.463,314 719,028 4,837.662 975,020 4.313,923
1918
2,685.712 704,985 4,510,078 897,862 4,077.230
2,329,886 693,115 4,624,013 944,994 4.218.965
1917
2,452,768 552,106 4,531,497 842,132 2,747.351
1916
GENERAL STATISTICS FOR YEARS ENDING DEC. 31.
1923.
1922.
1921.
1920.
Average miles operated..
3.360
3,737
3,784
3,793
Passengers carried
3.530,823
3,918.058
5,605,478
8,699,660
Pass,carried one mile.._ _335,121,955 319,262',865 412,495,644 658,772,164
3.37 cts.
Revenue pass. per mile
3.43 cts.
3.37 cts.
2.94 cts.
Revenue tons carried
11,231,232 10,845.547 11,416,319 13,352,467
do 1 mile(000 omit). 2.789.306
2.546.598
2.761.318 3,312.953
Rev, per ton per mile
1.43 cts.
1.54 cts.
1.59 cts.
1.43 cts.
Rev. per mile of road-_ $16,664
$14,725
$16,656
$19,221
-V. 118,•p. 2042.
United States Steel Corporation.
ahs statementforuartegi
r
ouitsMarcho nsubsidiariesTu3 d1a9y24
t
.
Ei
Endedgiven
earningsThe financial
Tuesday following
the monthly meeting of directors reports the total net
the corporation and
efor the
)
quarter.ended March 31 1924 as below shown. Judge Gary,
in reply to questions after the directors' meeting, said in'part:
2175
that can succeed and prosper if any other similar corporation can survive.
and could be pessimistic, he must have an imagination that is greater than
I have ability to comprehend.
Some one asked if there would be any reduction in prices. Again I
must remind you that you know what our policy is in regard to prices.
We stand for stability of prices, regularity of prices, because our customers
like that best, because we think in the long run it pays best and because
it is for the best interests of the country to have steady markets. That
does not mean we would never reduce prices, and it does not, to a greater
extent, mean that we will increase our prices at any time simply because
the demand is so great we think we can do it and collect. It does mean
that it is a settled principle with us.
While we admit we are as liable to make mistakes as any body, our intention is to transact business in a fair way and with justice to every one
who is interested in the results of our business, including the general public,
our employees, our customers, our stockholders and our competitors.
And then again it does not mean that we will always maintain prices.which
have been established, simply because we believe in stability. Provided
our competitors reduce their price to the extent that they will get buisness
which legitimately and reasonably belongs to us, in justice to our purchasers or customers, we must protect tnem, and if they can buy goods
which we manufacture elsewhere at a lower price, we are compelled to
meet those prices.
But when we talk about reduction of prices our policy is to follow others
and to lead in the advance, and when it comes to the reduction of wages
our policy is to wait until conditions compel us to do it. And when we
think wage rates are not sufficiently large, it is our policy to be one of the
leaders in advance there. Now, please do not think I am posing as one
who has any better disposition than any one else, for I again emphasize
the fact that it pays in dollars and cents to do at all times what we believe
is sincerely the right thing to do.
INCOME ACCOUNT FOR QUARTER ENDING MARCH 31.
1921.
Net after Taxes,
1922.
1924.
1923.
January*
$14.771,103 $10,561,241 64,654,134 $14,387,474
February*
6,180,685 10.157,896
16,238,867
9,527,181
7,741.352
March*
19.065,475 14,691,647 8.505,166
Total (see x below)-$50,075,445 $34,780,069 $19,339.985 632,286,722
Deduct
For sinkingfund,deprec.
and reserve funds_ _ _ 13.274.972 12,252.744
8,364,289 11,630,383
Interest
4.975,734
4.631,637
4,751,774
4,866.464
Prem,on bonds redeem_
205.000
200,000
250,000
257,500
At the present time, so far as I know, there is no good reason for the
depression of business in this country. That there has been some of late
Total deductions
is well known, and in fact I have freely stated. The fundamental conditions
$18,156,609 $17,262.018 $13,430,753 616,811,117
of this country, as I see them, were never better. That does not mean Balance
631,918,836 617,518,050 $5,909,232 815.475,605
that there are not at the present time some things in the business atmos- Div. on Pref.(i3%)_..,. 6,304,919
6,304,919
6,304,919
6,304,919
phere which are discouraging and which ought to be corrected, and those Div.on Com.(1%%)- - 6,353,781
6.353,781
6,353,781
6.353.781
do
I have referred to at the annual and the semi-annual meetings of the Ameriextra (3i go) 2,541,512
•can Iron & Steel Institute since the great war was closed in 1918. There
Balance, surplus
are inequalities, injustices, as between different lines of economic activities.
616,718,624 $4,859.351def$6,749.468 $2,816,905
that are things which have needed correction, and which in a measure have
* After deducting interest on subsidiary co.'s bonds outstanding, viz.:
been corrected, but still some are receiving too much and some too little
for what they produce, whether it is labor or commodity. But this country
1924.
1923.
1921.
1922.
has prospered and is prospering in spite of those things, and it is only a January
$685,765
$685,593
$656,248
$698,547
question of time when the man of courage and patience will find that he February
684,507
698.070
684,135
656,958
never had any reason to fear as to the final solution of the problems which March
684,022
697.989
650.441
685.556
circumstances presented. It is natural, as I have said before, for business
to be very strong for a period and then to slow up for another period. For
x After deducting all expenses incident to operations, comprising those
a good many months last past the iron and steel business was extraordinarily for ordinary repairs and maintenance of plants, estimated taxes (incl. estiprosperous, and some of us expected there would be a recession earlier than mate for Federal income taxes) and interest on bonds of subsidiary co's.
that which appeared. I believe, early in March, although I was not here at
No intimation is given as to the amount reserved from the earnings of
that time and consequently am not as well informed as some who were here.
the quarter for Federal taxes. For the entire fiscal years the reports have
Our country is rich, the cash in circulation throughout the country per shown deductions as follows:
capita is very large, the ability to pay is slowly, though not regularly, inTaxes Entire Year1923.
1922.
1920.
1921.
creasing, and, although one occurrence or another not necessary to mention Ordinary
1655.082,523 $35,798,450 $37,683,727f$38,724,289
at this time, political or otherwise, has caused slight interruptions, still Estimated Fed. taxes I
1 37,500,000
there has been no really good ground for any business man to become
Unfilled Orders as Previously Reported (V. 118, p. 1727).
frightened or to lose hope or confidence in future prospects and prosperity.
I think, on the whole, the steel fraternity have reason to be very well Mar 31 1924. Dec. 31 1923. Sept. 30 1923. June 30 1923. Mar,31 1923
4,782.807
4.445,339
5,035,750
6,386,261
7,403.332
satisfied with conditions.
I would be less than candid if I failed to repeat, in substance, what I -V. 118, p. 1786.
said at the stockholders' meeting, namely that there has been some letting
up of new business in the iron and steel lines, and probably in other lines, Northern States Power Co. of Delaware and Subsids.
and I am only insisting now that, as I see it, there is no good reason for that.
I think on April 1 new business was at least 10% less than it was 4. 5 or 6
(Annual Report-Year Ended Dec. 31 1923.)
weeks before that time, and I doubt if it was any more. I believe May 1
The remarks of President H. M. Byllesby, together with
it will be from 5 to 10% less than it was April 1. Now that statement is
partly based on facts and partly it is only an opinion which expresses what the income account and balance sheet, will be found under
seems to me to be the natural trend. Vt'e do not get our figures of actual "Reports and
Documents" on a subsequent page of this issue.
bookings until a week or ten days later than the last day represented in
the report. Now, then, any one could see that if a manufacturer or the
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
purchaser was disposed to look on the worst side of the question and was
1920
1921.
1923.
1922.
to argue that that condition of decrease would continue for the rest of this
year or longer a very poor representation of business would be made. It Electric department_ _ _ _$13,684,365 612,144,909 $11,164,308 $10,264,734
660.594
714,869
705,959
671,557
would be a most extraordinary thing if it continued for long. Certainly Gas department
636,993
648,321
667.270
It would be a great surprise to me if business immediately after election. Steam department
639.055
75,722
if not before, and I think probably a month before, is not very much better Telephone department
82.254
89,366
85,194
Street railway departm't
160,735
than it is now. That is a mere guess.
362,380
333,919
341.204
Our business is not exactly the same as that of some other steel corporaTotal gross earnings_ _$15,489,791 $13,881,919 $12,963,222 611.798,779
tions because we have a greater diversity of products than most of them.
and therefore it happens that when there is a depression in some lines it Operating expenses
$6,686,993 $6,037,793 $5,833,109 $5,610,005
Maintenance
does not apply to many other of our lines of business
799,938
992.253
919,788
937,634
921,897
I must be a little more specific now, first, in regard to the question as to Taxes
1,229,552
1,143.247
984,935
whether or not we are going to maintain a certain rata of dividend, regularly
Net earnings
and permanently. I have answered that question before, but it is always
$6,580,992 $5,781.092 $5,207,544 $4,466,938
pertinent and I am always glad to answer it. First, remember several Interest charges (net) _ $2,345,293 $2,311,432 $2,295.682 62,148,470
years ago
-I should think as long ago as 1912 and perhaps earlier; it might Preferred dividends_ _ _ _ 2,161.775
1,341.374
1,841,534
1,601.165
be two or three years earlier
-I put out a statement substantially like this. Common dividends_ _ _ _(8%)493,600(8%) ,600 %) ,800
(4 246
493
(Some of you are very familiar with it.) While the finance committee Depreciation
475,000
525,000
650.000
550,000
of our corporation could not speak for their successors, nor bind them in Amortization of debt disany way as to the future, yet it was the opinion of those then occupying
count and expenses__ _
250,000
275,000
350,000
325,000
positions on the finance committee that the corporation would be justified
In going upon the basis of 5% dividend on the Common stock, and,further,
Balance, surplus
$252,094
$580,324
$263,897
$259,526
that if and when the earnings of the corporation justified the payment of Total surplus
$2,423,557 $1,843,234 $1,583.707 $1,319,811
larger returns on the Common stock, they should be declared as extra divi- -V. 118. p. 2052.
dends. That idea has been persistently and consistently followed since,
and that is still the policy of the corporation, as 1 understand.
International-Great Northern Railroad.
I said at the stockholders' meeting last week: "We allowed quarter
before last an extra dividend of 3,1 of 1%,the next quarter we added another
(2d Annual Report
-Year Ended Dec. 31 1923.)
3I of 1%, making % for that quarter. If we could maintain that regularly and permanently you could see that would make the dividend on the
President T. A. Hamilton reports in substance:
Common stock equal to 7% per annum, which is very good for any stock.
Now, of course, concerning that no one can say, because no one can accuOperations.
-As the company had no operations prior to Dec. 1 1922.
rately and with certainty prognosticate what will happen in the future. the operations of the receiver have been included wherever necessary to
We allowed the first extra -because we thought we could afford to do it, round out periods for comparative purposes.
taking everything into account; and for the same reason we added to that
Results.
-Notwithstanding increased expenditures for maintenance of
the last quarter."
way and structures and maintenance of equipment, which combined were
And then in another place I said: "You must remember it is the policy 11.8% greater in 1923 than in 1922, there was secured, out of an increase of
of our corporation to be prudent, to be careful, to look way ahead, to be 7.7% in operating revenues, an increase of 60.7% in the balance available
prepared for eventualities, whatever may happen, and to take care of your for interest.
Additions and Betterments.
stock exactly the same as you would take care of your farm or your business
-The amounts charged under the accounting
of any kind, namely to protect it whatever might happen. And in that rules of the I.
-S. C. Commission to capital account during the year were
connection it is to be remembered the transaction of our business is very as follows: Road, $1,147.197; equipment, $1,032,988: total road and equipextensive, the amount involved is very great: there has never been another ment, $2,180,184.
industrial corporation of such size and magnitude and strength and power."
Maintenance.
-The physical condition of the property, with respect to
Our corporation is expending at the present time not less than $6,500,000 both track and track structures and equipment, has been materially imto $7,000,000 per month in keeping our properties in fine condition, in proved during the year. With the expenditures on capital account authormaking extensions in accordance with appropriations determined upon ized in the company's 1924 improvement budget, and the maintenance
during the last year or longer to take care of the business which is before program outlined for that year, the condition of the property at the end of
us and which is being offered, and which we feel certain will continue; and 1924 will show further substantial gains and will be such that it is believed
those expenditures by us not only keep our men employed at fair wages, this condition can be maintained after 1924 with a reduction in the annual
but show the confidence we have in the future of our business
-not only amount of expenditures now necessary to keep the property up to a good
for next week or next month, but for the year or two years and longer.
standard of maintenance.
This country is never going into the hands of a receiver if any other
New Industries.
-During the year progress has been made in locating
country in the world can possibly survive. Remember that. God Al- new tonnage-producing industries on the company's lines. Chief among
mighty has given to this nation the opportunity to prosper if any other these is the large cotton warehouse, with two high-density compresses.
country can live, and there is nothing that can take that away from us, storage capacity of 100,000 bales and wharf accommodating four oceanexcept God Almighty or our own stupidity and mismanagement. I have going vessels, constructed by the Houston Compress Co. on the Houston
said before, and others more important, in better language, have siad: Ship Channel. The establishment of this large and modern facility, which
Have faith in our country. Do not be discouraged because at any particu- began operation just prior to the opening of the 1923 cotton season, has been
lar time, for the present, it may appear that business, then or even for the instrumental in largely increasing the quantity of export cotton handled
Immediate future, is not as good as you hope it will be on the average. by the railroad company.
How any one could imagine that, with my own beliefs and with my inforAt Percival Junction, 5 miles north of Houston. the Houston Wood Premation concerning this country and its chances, and with our corporation serving Co.began the erection in the closing monthsof 1923ofa two-cylinder
2176
THE CHRONICLE
Rueping process wood-preserving plant, which, in addition to providing
more efficient and more economical treatment of the railroad company's
tie and timber requirements, than was formerly obtainable, will also
furnish a considerable amount of commercial traffic.
The Humble Oil & Refining Co. in Oct. 1923 established a new plant on
the company's rails at Hearne, Texas, which installation, in addition to
enabling the company to secure an advantageous contract for fuel oil, is
furnishing a substantial volume of commercial traffic. At the present time
this plant is shipping via I.
-G. N.rails commercial output to the amount of
between 400 and 500 carloads per month.
At Huntsville, Texas, a new quarry was opened during the closing months
of 1923 by D. M.Picton & Co.of Port Arthur, Texas, which firm is engaged
principally in furnishing rock for Government harbor work along the Gulf
Coast, as well as rock for building purposes in the Gulf Coast and South
Texas cities. The present output from this quarry is averaging approximately 20 cars per day, and rates received for its transportation average in
excess of 1 cent per ton mile, which is very satisfactory revenue for this
heavy loading traffic, particularly on account of the absence of casualty
risk in movement.
During 1923 an extensive deposit of brick clay was discovered in the vicinity of Conroe, Texas, and a brick-making plant has been erected at that
point which, when operating to full capacity, will furbish approximately
15 cars of revenue traffic daily.
During the later months of 1922 the Texas Company erected a Fuller's
earth plant at Riverside, Texas. This plant began operation early in 1923.
Its daily output averages approximately 10 cars.
At New Braunfels, Texas, the Planters & Merchants Gingham Mill Co.
erected during 1923 the first gingham mill to be placed in operation west of
the Mississippi River. This plant is equipped with 10,160 spindles and
an adequate complement of looms. It is operated by water power secured
from the Guadalupe River. Its annual capacity is 4,500,000 yards, working single shift, and when an enlargement of the power plant, now under
way, is gompleted, it is the intention to operate the plant on double shift
increasing the annual output capacity to approximately 9,000.000 yards.
All of the above mentioned industries are served exclusively by the International-Great. Northern RR.
In addition, there have been located on the company's rails during 1923,
principally at local non-competitive points, a considerable number ofsmaller
commercial enterprises, such as cotton seed warehouses, vegetable and fruit
packing and loading plants, wholesale and jobbing houses, &c.
Port Development.
-The deep-water port at Houston, Texas, has made
rapid strides in development and enlargement during 1923. The HoustonHarris County Navigation District Commission, which is in charge of the
construction, development and operation of the port, is at present engaged
In the expenditure of the proceeds of a 24,500,000 bond issue authorized
early in 1923. The ship channel leading up from the head of Galveston
Bay to the Turning Basin, approximately 6 miles from the centre of the City
of Houston, is being enlarged and its depth increased from 25 to 30 feet.
The Turning Basin is also toeing enlarged. The construction of additional
docks and warehouses on the property of the Navigation District is contemplated and will be undertaken in the near future. The local expenditure
for development of the port facilities is being supplemented by appropriations made by the Federal Government.
The International-Great Northern RR.Co.owns extensive acreage fronting on the ship channel immediately east of and adjoining the Turning Basin.
Located on this acreage are the plants and dock facilities of the Texas Cuban
Molasses Co., Armour Fertilizer Works, the new plant of the Houston
Compress Co. and the warehouses and cotton compresses of Alexander
Sprunt & Co. and Wells-Neville & Co.
Approximately 1,000 linear feet of this ship channel frontage still remains
vacant and constitutes an attractive location for industries yet to be secured.
This ship channel property is all served exclusively by the rails of the
International-Great Northern RR., and along its southern edge the company has constructed during 1923 new yard facilities with a capacity of
450 cars.
The traffic of Port Houston, both inbound and outbound, is rapidly increasing and approaching the volume handled through the Port of Galveston, which latter is also reached by the International-Great Northern
through its ownership, jointly with the Missouri-Kansas-Texas Ry., of the
Galveston Houston & Henderson RR.
Agricultural Development.
-During the past year an intensive campaign
for development of the agricultural resources of the territory served by the
company has been undertaken and is being actively pushed.
In June an Agricultural Department was inaugurated to promote this
development. Increased traffic is already in evidence as a result.
-Traffic.-Partieular attention has been devoted, during the past year,
to the improvement of the company's traffic solicitation_, and the development of its traffic generally, with gratifying results. While the operating
revenues of the first half of 1923 were, as was the case with other Texas
carriers and competing lines, comparatively thin, the traffic secured during the latter half of the year indicated substantial gains. Anticipations
of increased traffic volume during 1924 are at this time showing definite
signs of realization.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1923.
1922.
1920.
1921.
Tons rev, freight carr'd_ 4,170,323 3,857,959 4,132,086 4,973,659
Tons rev.fr't car. 1 mile 677,805,666 618,063.625 736,286,482 922,502,143
Rev. per ton per mile._ 1.713 cts.
1.736 cts.
1.516 eta.
1.787 cts.
Tons rev. fet carr'd per
rev,freight train mile_
383
376
336
370
Rev, passengers carried_ 1,103,625
2,161,798
1,080,005
1,277.209
Rev, pass. carr'd 1 mile_ 81,281.988 73.147,728 88,099,198 135,899,539
Aver.distance car., miles
73.65
67.73
62.86
68.98
Aver, rev, per passenger
$2.51
$1.81
22.30
$2.32
Rev, per passenger mile_ 3.412 cts. 3.390 cts. 3.363 cts.
2.877 cts.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue 1923.
1921.
1922.
Freight
811,607,925 $10,733,365 $13,160,128
Passenger
2,773,103 2,479,459 2,962,550
Mail
450,774
378,681
397,173
Express
320,880
407,858
477,974
Miscellaneous
416,423
431,569
378,476
Incidental
290,820
236,032
219,439
Jointfacility revenue-net
20,518
Dr.28,560 Dr.11,770
[VoL. 118.
Note.
-The year 1922 includes eleven months of receiver's operations and
one month of the new company, which commenced operations on Dec. 1
1922. The interest shown for the year 1922 is based on the interest-bearing
obligations of the new company.
Profit and Loss Account.
-The consolidated profit and loss account for
the year ended Dec. 31 1923 shows: Credits-Credit balance Jan. 1 1923,
$1,579; balance transferred from income account, $431,511; donations
(for construction of industry tracks
-see contra), $4,297; total credits.
2437,388. Debits-Surplus appropriated for investment in physical prop-.
erty (see contra),$4,297;surplus available for capital expenditures and other
corporate purposes, but not available for dividends as per Adjustment
Mortgage, $340,000; loss on retired road and equipment, $15.660; miscel
laneous debits, net, $7,515; credit balance Dec. 31 1923, $69,915; total.
$437.388.
CONSOLIDATED BALANCE SHEET DEC. 31.
1923.
1922.
1922.
1923.
Assets$
$
Liabilities-$
$
Investments
40,387,494 37,972,296 Common stock__ _ 7,500,000 7,500,000
Cash
1,126,425 5,723,994 Long-term debt_ _17,250,000 17,250,000
.
Time deposits_ -- 2,250,000
.
Adj. Mtge. bonds 17,000,000 17,000,000
Special deposits.-- 525,072
U.S. Govt. notes_ 2,400,000 2,400,000
Loans & bills roc __
649
Equip, trust obllg_
370,000
Traffic & car very.
Traffic & car eery.
balances rec'ble_ 155,097
442.059
balances
Agts.tt cond. bals. 299,782
453.571 Aud.accts.& wages 1,2t2P 1 1 (
3 1 3VOU
17 .,11
MIscel. accts. rec. 568,510
526,570 Misc, accts. pay
33,804
71,218
Mat'ls & supplies_ 2,359,916 1,903,019 Int. mat unpaid- 525,072
'd
583,276
Int. & dive. rec. _ _
13,873
149 Unmat,int. accr
26,083
728,000
Working fund adv.
55,244
53,718 Unmat.rents accr_
13,262
13,262
U. S. Govt. guar.
0th. curr. liabils18,309
15,904
account______ _ _ 448,853
451,840 Deferred liabilities
710
4,114
Other def. assets__
28,676
533,131 Tax liability
2,071
85,834
Rents & Ins. paid_
11,502
8,187 0th. unadj. credits 661,026
668,882
0th. unadJ. debits 575,468
670,958 Add'ns to prop.th.
1,441
Inc. & surplus
5,738
Sur.avail,for corp.
340,000
expend., &c__
1,129
Sink,fund reserves
1,579
Profit and loss_ _ _
. 69,915
Total
48,806,564 48,739,493
-V. 118, p. 2035.
Total
48,806,564 48.739,493
International Railways of Central America.
(Annual Report
-Year Ended Dec. 31 1923.)
INCOME ACCT.FOR CAL. YRS.(EXCL. OCCIDENTAL RR.)(U.S.Gold)
.
1923.
1920.
1922.
1921.
Miles op.(excl.Occ.RR.)
524.42
537.62
Operating revenues
24.271,923 $3,867,184 $3.679,104 23,637,674
Operating expenses
2,392,198 2,416,646
2,317,418 2,183.804
Net earnings
Taxes
$1,879.725 81,450.538 81,361,686 81,453,870
137,092
66.604
103,717
66.978
Operating income_ -__ $1,742,633 $1,346.821 $1,294,708 $1,387,261
Outside operations (net)
60,69
49,028
60,302
44,284
Int., diset., &c.,received
38,610 deb.12,595 deb.52,872 deb.45,76
Gross income
51.830,271 $1,394,529 $1,286,120 $1,402,191
Bond interest, &c
779,293
615,225
743,494
675,514
Unexting. discount, &c_
7,505
20,012
20,012
7,505
Total deductions
Balance, surplus
P.& L.surplus Jan. 1
Occidental RR
GuatemalaTr.,L.&P.Co.
Chiquimula Ship. Corp
Profit on bonds in tress..
Preferred dividends_
Insur, res. discontinued..
Miscellaneous
5799,305
1.030,966
750,417
Cr.529,151
$763.506
631,023
192,035
$683,018
603,102
2,134,850
77,949
Cr.16,182
225.280
212,545
Cr.2,507
y2,000,000
10.875
110,599
$622,730
779,462
1,484,533
x1,375,000
Cr.82,441
129,144
P. & L.surp. Dec. 31_ $1,017.976
$750417
$192,035 $2,134,850
x This amount consists of $875.000 back dividends on Preferred (8t°/)
discharged in 13
-year 6% notes, $250,000 dividends (234%) in 13-year 6%
notes and $250,000 cash (2 Si %).
y Preferred div.(20%) paid in 15-yr.6% notes (covering period Feb. 1917
to Jan. 1921, unpaid since that date).
z Insurance reserve was discontinued as all properties are now covered
by insurance policies.
BALANCE SHEET DEC. 31.
1922.
1923.
1922.
1923.
$
Assets
Liabilities-Road & equipm't_58,213,093 55,136,026 Common stock_ -30,000,000 30,000,000
Inv. In MM. cos- 935,184 x984.541 Preferred stock_ _ _10,000,000 10,000,000
14,025
873.514 Govt. grants
4,083,857 2,235,006
Other investments
Sinking fund for
Funded debt
14,822,745 13.738,445
52,730
25,354 Debt to Occ. RIL
1st Mtge. bonds
592,90
373,092
406,955 Notes payable_ _ _ - 503,224
Cash
545,570
Traffic, &c., bal_ _
811
503 Acc'ts & wages paY 160,559
220,121
Awe.& conduc'rs. 143.049
113,964 Int.& divs. mat'd. 130,293
146.720
Remit. In trans_ _ _ 139.775
157.579 Interest accrued._ 115,806
111,444
Due from GuateEquity in underwriting Salvador
mala
x1,275,000
991,664
loan
Min.int. Occ.RR.
5,294
633.974 Invest. reserve_
Mans az supplies_ 590,958
125,271
MIscell. accounts_ 871,299
815,133 Miscall. accounts_
62,579
36,998
747,485 Tax liability
Govt. of Guatem'a 1,966,265
135,651
102,226
423,906 Fire insur. reserve_
Other Governm'ts _ 260,593
72,594
261,620 Accrued deprec'n_ 1,865,881 1,639,294
Disci. on fund. d't 234,104
160,637 Int. rec. suspense_ 310,092
176,647
Other unadi. deb
410,123
Other unadj. erect. 149,062
141,333
Deferred liab
200,000
Profit & loss
1,017,976
750,417
Total operating revenue
215,806,608 $14,674,116 817,622,093
Operating Expense Total
64.063,290 60,741,194
Total
64,963,290 60,741,194
Maintenance of way and structures
2.929,392
2,965.152 2,273,391
x Invested in affiliated companies: Occidental RR.of Guatemala (28.308
Maintenance of equipment
2,742,532 2,831,968 3,546,089
Traffic expenses
316,219 shares of stock), $984,541.
318,233
z "Net consideration due from Govt. of Guatemala under terms of setTransportation expenses
5,879:493 6,222,477 8,534,907
Miscellaneous operations
74.578
80,278
77,584 tlement of May 22 1923."
Contingent Liatrilitg.-(a) Guarantee of principal of 910 shares Preferred
General expenses
573,836
622,321
568,999
Transportation for investment-Cr- 72,527
71 stock of the Guatemala Tramway, Light & Power Co. at $100 per share,
15,047
on liquidation or dissolution of that company, in addition to guarantee a
$12,542,633 $12,280,299 $16,026,423 dividends thereon at the rate of6% per annum. (6) The International Rye.
Total operating expenses
$3,263,975 $2,393,816 $1,595,670 Co. of Central America is entitled to receive the following subvention not
Net operating revenue
mentioned in above balance sheet: From the Govt. of Guatemala. $7L
500
Operating Charges
-V. 118, P. 104.
$485,295
Taxes
$448,312 U. S. gold per kilometer for approximately 90 kilometers.
$392,817
railway revenues
616
Uncollectible
16,942
14,161
General Motors Corporation.
-Debit
555,069
1,177,482
Hire of equipment
628,546
47,069
Joint facility-Net
67.583
39.904
(Report for Quarter Ended, March 31 1924.)
Total operating charges
$1,088,049 $1,075,428 $1.710,319
Operating income
Other income
$2,175,926 $1,318,388 def$114,649
160.453
61,772
133,967
Total income
Deductionsfrom Incom Rentals
Miscellaneous
$2,336,379 $1,452,356
$38,884
2,249
$15,086
8,984
$52,877
42,513
$41.133
Total deductionsfrom income
$24,071
242.513
Balance available for interest, &c_ _ _ _ $2,295,245 $1,428,285 def$95,392
1,180,767
Interest on fixed charge obligations.. _ 1,183.734
x680,000
Int. on Adjust. Mtge. bonds at 4%-$431,511
Balance of income
8247,518
z The Adjustment Mortgage provides that the Adjustment bonds did
not rank for interest until Jan.1 1923. In accordance with the terms of
the Adjustment Mortgage, interest for the year 1923 at the rate of 4% was
declared by the board.of directors to be payable on April 1 1924.
Pres. Alfred P. Sloan Jr., in announcing that the directors have adopted the policy of publishing quarterly statements of earnings, says:
In the first quarter there were sold 212.572 cars and trucks as compared
with 176,258 cars and trucks in the first quarter of 1923.
Consumer demand in the spring of 1923 exceeded all previous records,
and this year is equal to and probably 10% greater than last year. Due to
unseasonable weather, what is termed the spring buying is just getting well
under way. We lost business last year by not having sufficient cars in the
field. To avoid repetition of this condition the corporation changed its
policy and ran its plants at a peak during the past winter and this sprin.in
order that dealers and distributors should have a sufficient supply offinished
cars to meet this spring demand.
•
This having been accomplished, the plants of the corporation are now
being operated at a rate equal to slightly over 80% of the sales for the first
quarter. It will be noted that this policy of running the plants at peak
through the winter and spring enables the corporation to supply its dealers
and distributors with sufficient cars to meet spring requirements and to
slack off its operations during the summer months to that point necessary to
cover the lesser demand for automobiles during that season of the year.
MAY 31924.]
2177
THE CHRONICLE
The policy of purchasing the crop based upon returns from the sale of
CONDENSED CONSOL.INCOME ACCOUNT,3 MOS.ENDED MAR.31.
the sugar is being continued. In addition to the initial payment, further
1923.
1924.
payments are being made as rapidly as the marketing of the product justifies.
About the usual proportion of the season's production has been disposed of
Profit from operations and investments, after all
to date, and there is no. Indication that the unsold balance will not show
expenses incident thereto, but before deprecia27,532,965 satisfactory returns to both grower and company.
28,261,034
tion of real estate, plants and equipment
The
for the coming season, is encouraging. The beet contract.
3,986.641 3,560,223 workedoutlook joint
Prov. for deprecn. of real estate, plants & equip
out in
conference with the various beet growers' associations
In our territories, has received the endorsement of these organizations, and
Net profit from operations and investments_ _ -- 24,274.394 23,972,741 it is expected that all plants will be operated with a good supply of beets
1,194,000 the coming season.
653,000
for employees' bonus
Less-Provision
653,000
Amount due Managers Securities Co
466,173 CONSOLIDATED INCOME ACCOUNT YEARS ENDED LAST DAY OF
636,026
Employees' savings and investment fund
165.037
152,615
FEBRUARY.
Interest on notes payable
2,625.000 2,670,000
Federal income taxes
1921-22.
1923-24.
1922-23.
$13,760,579 $8,056,092loss25495111
19,477,532 Profits from operation
19,554,753
Net income
interest income
112,835
211,369
247,508
General Motors Corp. proportion of net income 19.400.956 19,406.123 Income from investments
146,273
54,812
450.733
547,377 Dividends from Gt. Western Ry
576,303
Debenture dividends at rate of 7
639,600
911.965
912,015
Debenture dividends at rate of 6%
242,581
242,751
Total Income
Preferred dividends at rate of 6%
214,422,681 $8,449.873loss$4687858
Interest on money borrowed
$93.113 $1.110.623
1,731,069 1,701,924 Loss on investments
666,419
Total dividends
48.125
1,317,648
Loss on farming. &c.,side operations_
1,162
*17,669,887 *17,704,199 Depreciation of plants & railroad_ _ _ _ 1,202,520 1,176,765
Amount earned on Common Stock
585,799
A ustm't of construction in suspense
252,756
*The earnings of General Motors Corp. reflect
earnings of Fisher Body Corp. and General Motors
Cr.4.929
Adjustment of inc. taxes (prey. years)
Federal taxes
Acceptance Corp. only to the extent of dividends
1,214,696
received. General Motors Corp's proportion
Balance, surplus
$12.004.304 $6,879,114loss$8363418
(60%) of undivided profits of Fisher Body Corp..
Previous surplus
25,145,623 19,868,560 24.737.958
and (100%) of General Motors Acceptance Corp.,
Cr5,000,000
Special deprec. res. restored to stu•_
amounts to: 1924, $3,327.506; 1923, $3,329,228; so
954,100
Deduct-Preferred dividends (7%)___ 1,050,000
1.002.050
that the net amount earned on common stock of
Common dividends
General Motors Corp., including amount accrued
(16%)2,400,000 (4)600,000 (6)900,000
21,033.428
20,997,393
within these two companies is
Profit and loss
$33.699,927 $25,145,623 219,520,440
SURPLUS ACCOUNT.
1923.
1924.
CONSOLIDATED BALANCE SHEET.
Feb .29'24. Feb .2823.
Feb .2924. Feb .28'23.
Surplus over and above $10 per share of no par
Assets$
$
Liabilities
value common stock outstanding at the beginPlants, RR., real
Preferred stock...15,000,000 15,000,000
120,699,300 89,936,863
ning of the year
estate & equip_ _29,088,911 28,895,145 Common stock___15,000,000 15,000,000
Addition arising from excess over $10 per share of
Investments
791,527
754,680 Taxes, pay-roll &
no par value common stock issued for employees'
Cash
764,908
12,283,698 8,140,809 accts. payable__ 716,497
354,308 U. S.
bonus
Treasury
Reserve for defer.
on corn,stock, as per Income account_ 17,669,887 17,704.199
Amt.earned
notes & certifs._ 6.895,000 3,000,000
manufac. costs_ 7,393,320 3,000,000
Accts. & notes
3,386,224
138,369.187 107,995,370 Refined sugar,rec. 2,447,416 14,276,339 Depreen reserve__ 3,014,782 2,051,518
Total
dre_19,654,186
Accrued Inc. taxes. 1,238.908
-Cash dividends paid on common stock:
Less
Beetseed tit trupp_ _ 4,250,631 4,053,210 Surplus
33,699,927 25,145,823
6,193,074 6,154,468 Deferred assets__ _ 652,085
March 12, 30c. per share
455,843
Surplus over and above $10 per share of no par
Totl
76,063,435 80,982,049
Total
76,083,435 60,962,049
value common stock outstanding March 31_ _ _ _132,176,113 101,840,902 -v. 118. lit. 799.
-V. 118, p. 2048.
Studebaker Corporation, South Bend, Ind.
(Report for Quarter Ended March 311924.)
President A. R. Erskine says:
Net profits for the first quarter before taxes were $4,036,620. against
4
$7.085.45 last year. This year's profits would have been about $5,400.000.
or $1,400,000 more had last year's basis of charging dealers' discounts been
followed this year. For some years prior to this year, retroactive sliding
scale discounts obtained, under which profits were charged with base
discounts quarterly, and with extra discounts as they accrued during the
year., Maximum flat discounts were adopted this year, under which complete charges are made each quarter. Under this change, subsequent quarters and especially the third and fourth quarters, will benefit considerably.
Business In the second quarter is proceeding in big volume and all plants
are working at capacity.
RESULTS FOR THREE MONTHS ENDED MARCH 31.
1922.
1921.
1923.
x1924.
10,983
28.665
X
37,509
automobiles prod_ _
No.
11.620
22.801
38,211
29,435
No. automobiles sold___
$35.603,490 $43,278,454 $27,816,818 $18,475,271
Net sales
Net profits, before taxes 4,036,620 7.085.454 4,575.837 2.110,578
505.988
494,361
914.483
Less reserve for inc. taxes
Rolls-Royce of America, Inc.
(Annual Report-Year Ended Dec. 31 1923.)
President L. J. Belnap, Springfield, Mass., says in subst.:
The financial statement for 1923 shows a net profit, after interest said
depreciation. of $313,240. as compared with a net loss of $294,509 for 1922.
The year 1923 is the first since passing from the construction and development stage to the beginning of operations, that the works have been in
continuous and regular production. At no time, however, have the
operations reached the maximum of which the plants are capable.
The sales billed for the year were approximately 65% in excess of 1922.
70% of the total was through direct factory branches of which there are
now five, and the balance through dealers, of which there are 14. Two
of the branches were open for sales distribution only during the last half
of the year.
The above results, compared with the previous year, tend to confirm
the most satisfactory means of sales distribution is through the company's
direct sales branches.
During the year, many orders have been received from owners for a
second and even a third car, which is further evidence of the continued
favor with which Rolls-Royce cars are received by the discriminating
purchaser. The sales outlook, with expansion of distributing facilities
and with continued sound general business conditions, is even more promising than at the beginning of any previous year.
Unfilled orders on file are approximately $900,000.
Net profits, all sources $3,542,259 $6,170,971 $4,069,849 $2,101.123
:Not reported.
CONSOLIDATED BALANCE SHEET MARCH 31.
1924.
1923.
1924.
Liabilities$
8
Assets$
5,131.188 12,578,797 Preferred stock_ 8.600,000
Cash
Sight drafts out_ 8,001,377 7,553.162 Common stock_ 75.000,000
Investments..... 2,175,314 3,589,902 Curr.acc'ts pay. 7,127,754
Net rec.(less res) 8,100.107 6,701,589 Notes payable.- 4,000,000
Inventories ____ 30,414.435 19.754,648 Res've for taxes. 3,728,794
440,491 Reserves-Deal459,218
Deferred charges
454,050
ers ellsc.&dep.
plants& prop'y_ 52.427,802 44,486,861
Housing devert_ 1,505,239 1.520,489 Other pay'le res. 1,080,885
Special surplus_ 4,860,000
Trade name and
21,190.493
19,807,278 19,807,277 Surplus
goodwill
1923.
$
9,450,000
75.000,000
8,194,528
Net profit
Bond interest
Depreciation
RESULTS FOR CALENDAR YEARS.
1922.
1921.
1923.
$660,267
Not available
'
137,2931
209.734
Surplus for year
Debit balance Dec. 31
$313,240 loss$294,510 loss$796,402
sur.4,849
791,553
1.086.063
4,319,311
Profit and loss deficit
$791,553
2772.823 $1.086.063
BALANCE SHEET DEC. 31.
Assets-1922.
1923.
1923.
1922.
Liabilities-Ld., bldgs., mach.
7% Pref. stock__y$3,500,000 $3,500,000
& equipment_ _ _$1,558,162 $1,731,857 Common stock_ _ - x175,000
175,000
Tr. name, designs,
Accts.& notes,loci
126.021,956 118,393,218
1861
11. 1726 021,956 116,393,216 Total
Total
models, patents,
accr. wages, ins.
-V. 118.
good-will, dm... 1,525,888
560,880
891,190 &c., payable... 921,753
Adv. collect'ns on
UnUe. exp. during
Shell Union Oil Corporation.
97,258
constr. & devel.
sales
43,843
1919-20 & disct.
Accrued interest
(Annual Report-Year Ended Dec. 31 1923.)
on 10-yr. notes &
Pur. money mtge.
34,486
15-year bonds_
640,787 Rolls-Royce, Ltd.,
CONSOLIDATED INCOME ACCOUNT YEAR ENDING DEC. 31.
29,015
Cash,notes& accts.
current account_
[Including income of Wolverine Petroleum Corp.. successor to Central
37.702
reedy. (trade)._ 294,686
304,318 L.I.land at bldg..
Petroleum Co. from May 1 1923.)
Adv..4 Ins to empl
3,084 16-year sink. fund
1923.
1922.
Calendar Years2,000,000 1,879,000
Inventories
2,458,041 1,644,286 7% bonds
438.909.833 $19,324,808 Prepd. exp.,Maur_
Gross income
9,000
25,838
30,113 Res. for guar. serv
2,120,824 Deficit
Investment income
' 772,823 1,086,063
678,951
Miscellaneous income
$8,631,239 $6,331,697
Total
$8.831,239 $8,331,697 Total
238,909,833 $22.124,583
Totalincome
820.626,750 $12,141,232
Depletion, depreciation, &c
x Common stock, $35,000 shares of no par value. y Preferred stock
1,200,000
Provision for contingencies
387,000 dividends unpaid since 1921.-V. 116, p. 3006.
Provision for income tax
'y
223,926
Proportion applic. to minor st kholders in sub.cos
Net income
Previous surplus
Total surplus
Preferred dividends(6%)
Common dividends
Balance,surplus
1,247,384
1,721.136
4,455,000
14,005,857
118.859,158 89,598,351
4,848.351
821.705.507 $9496.351
21.200.000
2750,000
(81)8.500.000(50)4000,000
$12.005.507 24,846.351
of Comar Oil Co. V.117, p.2334.
Great Western Sugar Co.
•
(Annual Report-Fiscal Year Ended Feb. 29 1924.)
Pres. W. L. Petrikin, Denver, Colo., April 16 wrote in
brief:
sugar for the
x Including a half interest in the income
was
The total production of granulated increase of season 18% 5.918.381
about
over the
bags of 100 lbs. each, representing an
previous season's production.
conditions during the most of the growing season were quite
Climatic
unusual. The abnormally heavy precipitation was undoubtedly an
Important factor in the high per acre average yield of 12.18 tons, which
period. Unfavorable
figure has been exceeded only once in the last 10-yearonly
resulted in higher
weather conditions during the harvesting period not
harvesting costs to both grower and company. but also impaired the ripening
lower average sugar content than that of the
of the crop, which showed a
previous season.
The Winchester Company.
-Year Ended Dec. 31 1923.)
(Annual Report
President J. E. Otterson, New Haven, Conn., March 28,
wrote in brief:
The sales for the year 1923 were 220.373,998. compared with 818148,200
In 1922, an increase of about 22,200,000.
The operating profit for the year amounted to $659,741. Out of this
profit there was charged off $526.124 covering extraordinary expenses due
to the development of new products. No new lines of products were undertaken during the year, but about 1,000 new items were added to existing
lines, increasing their completeness and salability.
The number of Winchester stockholding agents was increased during the
year by about 650, and the business done with them substantially increased.
The increase in the sale of roller and ice skates made necessary an increase
In the capacity of the company's skate plant during the year, and the plant
was accordingly moved from Springfield to New Haven into buildings available and suitable for the purpose. Tao buildings at Springfield were disposed of to the Associated Simmons Hardware Cos., and are now being used
as their distribiting house for the New England district.
The Philadelphia plant of the Mound City Paint & Color Co., which occupied rented quarters, was moved into available space in the company's plant
in New Haven and is now operating satisfactorily with increased capacity.
Continuing the policy of the previous year, special attention has bees
given to obtaining Winchester exclusive agencies in the larger cities and two
of the retail stores not suitable for sporting goods and conflicting with
aranrenthavebeen closelndhecost of their liquidation iagabfetlaroatngenslorleyear.Tsagen_
:r
2178
THE CHRONICLE
agement of the remaining stores, they have been separately incorporated
as Winchester Retail Stores Co., thus placing Winchester Co. as the parent
corporation in the position of holding company.
The comparative income account was given in V. 118,
p. 2079. The report of the Winchester Repeating Arms Co.
was also given in V. 118, p. 2079.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1923.
1922.
1923.
AssetsLiabilities$
$
$
Plant & equipm1_29,700,975 30,042.223 1st P1.7% stock- - 9,754,700
Retail stores-Cost
2d Pref. 6% nonof establ., lnel.
cum. stock
2,000,000
equip.& realest. 2,502,474 2,425.592 Common stock
10,000,000
Cash
669.326 1,714,217 Acc'ts& notes pay. 780,139
Acc'ts & notes roc_ 1,275,161 1,039,974 Bank loans
8,273,750
Due from SImmona
Accrued interest._ 141,571
Hardware Co,.. 1,158,859
Accrued taxes__ __ 199.252
Marketable secure.
Misc. reserves____ 1,117,654
depos. as sec.for
181 M.20-yr. bds_ 6,722,000
workmen's cornMinor.int.In subs. 1,137,259
pensation
137,594
137,594 General reserve_ - 575,633
Inventories
11,737,703 11,028,846 Capital surplus__ 7,979,560
Inv.er adv.to affit.
Surplus (earned) _ _
99,152
cos
726.304
Inv. in other cos
759.858
2,000
Deferred items_
870.276
858.052
1922.
$
9.754,700
2,000.000
10,000,000
1,373,990
6,177.000
167,623
227.225
2,293,439
6.880,000
[VOL. 118.
Canadian Northern Ry.-No Interest on Debenture
Stxwk.
Referring to the trust deed securing the 5% Income
Debenture stock, the directors regret to announce thatCharge Convertible
the earnings of the
company for the half
-year ended Dec. 31
them to declare any interest to be payable 1923 are insufficient to enable
on the above stock on May 2.
__Nr, 116, p. 2762.
Chicago & Interurban Traction Co.
-Wages Increased..
Circuit Judge Hugo M. Friend, in an
Increase of 10 cents an hour to 82 motormen order recently granted a wage
and conductors of the company.
-V.116, p. 1759.
Chicago Railways.
-Suit to Stop Negotiations for Sale of
Properties to City, &c.
-
A move to upset negotiations now under way for the sale of
properties to the city of Chicago to displace directors of the the traction
Chicago RYs•
and give control of the property to holsters of the participation
certificates.
was launched April 23 with the filing of a bill
County, Illinois. The suit requested that in the Circuit Court of Cook
a receiver be appointed If
necessary to gain these ends.
The bill is largely directed at President Henry
he is acting in the interest of the bondholders A. Blair, and charges that
in any sale of the traction
688.189 properties, because he is Vice-President and director of the Illinois Mer8,505.952 chants Trust Co., which is trustee under some of the mortgages
and alleged
to be a holder of bonds in its own name.
def41,761
The action Is in the name of Orville E. Babcock, William F. Prindle,
Robert J. Dunham, Harry C. Edmonds, Judson F. Stone, Sidney Mitchell,
Albert A. Sack, Arthur T. Gault and Hugh T. Birch. It is
alleged
these interests hold more than two-thirds of the Series 1 participation that
cerTotal
48,780,673 48,008,356
Total
43,780.673 48,006,356 tificates of the Chicago Rye., which is the principal unit in the traction
x Land, buildings, machinery and equipment, $37,795,624; less $8,096,- system operated by the Chicago Surface Lines.
Tho complainants ask that no further negotiations looking toward sale649 for depreciation.
-V. 118, p. 2079.
of the property to the city shall be held until the participation
certificate
owners can hold a meeting to elect directors, which the court is asked
to
order. They charge that Henry A. Blair has withheld earnings accruing
to the certificates since 1917, which issue
out unsuccessfully in the courts (V. 118, p. 1664), recently was fought the holdersof those securities from meeting through a and has prevented
arrangement and has
RAILROADS, INCLUDING ELECTRIC ROADS.
withheld a list of their names.
The complainants also intimate
The following news in brief form touches the high points used funds for political and other that Mr. Blair is excessively paid and has
purposes. They declare he now receives.
in the railroad and electric railway world during the week a salary of $60,000 annually and ask the court to fix a fair figure and force
return of any excessive amounts,
just past, together with a summary of the items of greatest and expenditure in recent years as well as to obtain an accounting ofincome
aside from
interest which were published in full details in last week's tions. They also say he receives $40,000 athose relating directly to operayear as Chairman of
control, despite
"Chronicle" either under "Editorial Comment" or "Current ofThe bill asks thethe fact that he is not an operating man. the board
following court oders:
Events and Discussions."
1. The trust agreement of Aug. 1 1907 giving depositaries
the right to
Havana Strike Settled.
-It was reported that the strike which has pre- vote the stock of the Chicago Rye. be
vailed for some time in Havana (Cuba). including harbor workers, street the control of the c- mpany hereafter decreed no longer operative and that
i
to be in directors elected by holders.
car men, icemen, tobacco workers and taxi drivers, &c., has been settled. of participation certificates.
with the strikers losing their demands. "Daily Fin. Am." Apr. 28, p. 1.
2. That a meeting of certificate holders be held under supervision of the
Advices on May 2 state that there will probably be a strike on the 'United court for election of directors "and that the present
directors be required
Rys, to-morrow at noon. "Wall St. Journal" May 2, p. 11.
to take such steps as may be necessary to effect a substitution of the newly
"Freight Charges Are Not Large Factor in Cost of Living," Says President elected directors.'
Loomis of Lehigh Valley RR.
3. That the defendants be ordered to
-That railroad transportation costs "are
credited with an importance in the cost of living entirely unwarranted by a true list of present holders of all classes file immediately with the court
of participation certificates.
the facts," is the observation of E.E.Loomis, President Lehigh Valley RR.
4. That defendants be enjoined from voting any of the stock of the
comDefinite examples of the relation of rates to the cost of living was made pany for election of directors.
public yesterday, Mr. Loomis acting for the Committee on Public Relations
5. That City of Chicago be enjoined from entering into any contract or
of the Eastern Railroads. New York "Times" May 1. p. 29.
agreement for the purchase of the railways company properties.
Authorized Statistics.
6. That directors be enjoined from creating or permitting
-Reports filed with the t.,ar Service Division of
any defaults.
Lie American Railway Association show toe following facts:
under any of the four mortgages against the property.
Surplus Cars.-Barplus freight cars in good repair ami immediately ' 7. The Harris Trust & Savings Bank, Illinois
available for service totalee 300,981 on April 14, an increase of 27.257 Central Trust Co. be enjoined from taking anyMerchants Trust Co. and
over the number reported on April 7, at Nt hie.' time there were 278,724. other court to foreclose any of the mortgages. legal proceedings in any
Of the total number, surplus real cars in good repair totaled 180.620.
8. If necessary to enforce court jurisdiction, a receiver be appointed for
an increase within a week of 21,182, while surplus box cars in goo. repair Chicago Railways Co.
The complainants, in their bill, express little hope that the City
numbered 92,023, or an increase within the same period of 4.645. Sarplus
of Chistock cars totaled 18,849, an increase since April 7 of 206, while there cago will purchase the properties.
also was an increase of 718 in Lie number of surplus refrigerator cars.
In this regard the bill says: "It is alleged that the fair market value
of
the properties of the Chicago Rye. exceeds $110,000,000, and,
whicn brought tne total for that class of equipn ent to 8,169.
while the
ordinance reserves to the city or its nominee right to purchase for cash
Car Sho, e.
-Practically no car shortage is being reported.
at
Repair of Locomotives.
-The railroads on April 15 had 12,144 locomotives the expiration of the ordinance for less than the amount stated,
in need of repair, or 18.8% of the number op line. This was an increase are informed and believe that the city will not at the expirationyour orators
of 586 locomotives over the number in need of repair on April 1. at which nance be in a financial condition to and will not exercise its optionof the ordito buy.
They contend in the bill that if the directors act in the interest of certifitime there were 11.568, or 17.9%. Of the total number, 6,463, or 10%,
were in need of classified repair, an increase of 335 compared with the cate holders there will be $10,000,000 left for them after payment of all liens.
number on April 1. Reports also showed 5,681 or 8.8% in need of running -V. 118. p. 1771, 1664.
repair, an increase of 251 since the same previous date. The railroads
Chesapeake & Ohio Ry.-Where the Dollar Goes.
on April 15 had 5.508 serviceable locomotives in storage, in readiness for
-1-use whenever traffic conditions warrant. This was an increase of 860
President W. J. Harahan has had a table prepared showing how every
over the number in storage on April 1. During the first 15 days in April, dollar of revenue on the road is spent. The dollar Is divided as follows:
28,836 locomotives were repaired and turned out of the shops.
Freight Car Repair -Freight cars in need of repair on April 15 totaled Maintenance of tracks, roadbed, buildings, bridges and other Cents.
176.698, or 7.8% of the total number online, an increase of 3,951 compared
structures
with the number of such freight cars on April 1, at which time there were Maintenance of locomotives, freight and passenger cars and other 11.20
172,747. or 7.6%. Freight cars in need of heavy repair totaled 129.892,
equipment
19.76
or 5.7%, an increase of 3.960 compared with the number on April 1, while Train, station, yard and other transportation service
at the same time there were 46,806 freight cars in need of light repair, Traffic agencies, compilation and issuance of tariffs, miscellaneous 21.33
2.1% of the number on line, or a decrease of nine cars compared with the
traffic and operating expenses, hotel, restaurant, dining service
number at the beginning of the month.
and grain elevators
1.93
Matters Covered in "Chronicle" April 26.-(s.) Inter-State • aammerce Locomotive fuel
6.98
Commission postpones until June 20 effective aate of preferential railroad. Salaries of general officers
0.24
rate section of Shipping Act, p. 2001. (b) Flour millers' objections to Salaries of clerks and other general office employees
1.02
Section 20 (preferential rate section of Shipping Act), p. 2002. (c) Argu- Legal expenses, pensions, valuation and miscellaneous general
expenses 0.72
ment of 1. C. Powell. urgingpostponement of preferential railroad rate Depreciation and retirement of equipment
5.42
under S.ipping Act, p. 2002. (d) 5% wage increase granteo to con- Loss, damage and casualties
1.18
ductors and trainmen on Western roads. p. 200.3. (e) Increases in wages Rent of equipment, leased lines, joint facilities and
miscell. rents
7.51
on Wabash RR.. p. 200.. (f) N. Y. N. H. & H. RR. raises wages
- Interest on bonds and other interest charges
10.60
Agreement gives 5% increase to engineers and firemen, p. 2003. (g) Wage Dividends on capital stock
3.01
increase granted by Bessemer & Lake Erie, p. 2003.
Taxes
4.14
Equipment trust and sinking fund payments
American Electric Power Co.
2.38
According to a Philadelphia dispatch the company has received overtures Balance for enlarging and improving the property
2.58
to sell one of its properties to an outside operating company, but the latter
Total
Is not the Electric Bond & Share Co.
100.00
-Y. 118, p. 1663, 1259.
The company has applied to the I.
-S. C. Commission for authority to
pledge with the Director-General of Railroads, as securiy for a proposed
-New Director.
Ann Arbor RR.
note issue of $9.200.000, bring interest at the rate of 6
ea
W. D. Hutton has been elected a director.
-Y. 118, p. 1663, 1266.
$12.896,000 of
1st Lien & Impt. 20-Year 5% Mortgage bonds and $487,000
Atchison Topeka & Santa Fe Ry.-Div. Outlook &c.- 44% Gold bonds. The note will mature 10 years from°the Gen. Mtge.
termination
President W.B. Storey,in reply to a question as to whether the dividend of Federal control, or earlier, at the option of the carrier.
'
-V. 118, P. 1604,
would be increased in the near future, said: "If our net earnings for the next 1519.
two months should fall off $2,000.000 more, probably that would settle for
Chicago Burlington & Quincy RR.
the present any possibility of an increase in the Common dividend.
The
-Tenders.
The New England Trust Co., trustee, 35 Devonshire St., Boston, Mass.,
directors meet the last week in June to take action on the Common dividend.
The California RR. Commission has authorized the company to acqure will until May 13 receive bids for the sale to it of C. B. & Q. Nebraska
all the outstanding stock, except five directors' shares, of California South- Extension 4% bonds, duo May 1 1927, to an amount sufficient to exhaust
$294,410, at a price not exceeding 110 and int.-V. 118, p. 2034.
ern By. This line is now operated by Atchison under a 10
-year lease.
The Kansas P. U. Comthission has granted the Saline & Santa Fe RR.
Cleveland Cincinnati Chicago & St. Louis Ry.-Bonds.
permission to lease its property to the Atchison. The old Saline & Northern
The I.
-S. C.Commission on April 24 Issued a supplemental order modifyrecently was purchased by the Santa Fe and incorporated as the Saline &
ing its order of Dec. 29 1923 wherein the company was authorized to issue
-V. 118, p. 2040, 2033.
Santa Fe RR.
$2U,000,000 Ref. & Impt. Mtge, bonds, series •13., bearing interest at the
•
West Point RR.
Atlanta &
-Report.
rate of54%.red. as a whole on any int, date at 1074 and maturing July 1
1923.
Calendar Years1922.
1921.
1948, and to sell at not less
the int. from
operating revenues
$2,950,513 $2,606,415 $2,470,656 54 to 5%, the redemption than 94.81 and Int, reducing extending
Railway
price from 1074 to 105 and
the
2,283,862
Railway operating expenses
2,159,609 maturity date to July 1 1963.
2,109,885
No definite arrangements for the sale of the proposed bonds, as modified
$666,651
$311,047 have been made. Negotiations have been had with J. P. Morgan & Co.
Net rev,from railway operations
$496,530
171.756
Railway tax accruals
120,305 and it is expected that such bond will be sold at a net price to the applicant
153,724
962
Uncollectible railway revenues
45 of not less than 90 and int.-V. 118, p. 2041, 1518.
1,667
$493,932
East Jersey RR. & Term. Co.
Railway operating income
$190,696
$341,139
-Equip. Trust Notes.
249.729
236,242
The I.
253,385
Non-operating income
-S. C. Commission on April 17 authorized the company to issue
$138,000 Equip. Trust notes, series "A"; said notes to be delivered at par
$743,661
Gross income
$594,524
$426,939 to the American Car & Foundry Co. in connection with the procurement of
$172,951
Deduct-Hire of equipment
$107,191 64 50
$153,238
-ton 10.000-gallon tank cars at the unit price of $2,214 and at an
110,085
Joint facility rents
90,638 agreed total cost of $145,530. The latter sum includes $3,850. which
89,592
111,625
Interest on unfunded debt
73,708
74,263 represents expenses in financing the cost of the equipment and deferred
cr33
Miscellaneous income charges
interest payments in connection therewith.
-V. 118. p. 1772.
147,816
147,816
147,816
Dividends,6%
GENERAL INVESTMENT NEWS
Surplus
-V. 118, p. 1909.
$201,218
$130,169
$7,030
Eastern Massachusetts Street Ry.-Adjust. Trust Cgs
By the terms of the Deed of Trust under which the Adjustment Trims'
certificates are issued, this trust expires April 30 1924. These certificate;
MAY 3 1924.1
THE CHRONICLE
will be exchangeable for the stock which they represent on and after May 1
1924 and the Adjustment Trust certificates will be dropped from the Boston
-V. 118. p. 2041, 1133.
Stock Exchange list thereafter.
Erie RR.
-New Member of Executive Committee.
Myron C. Taylor, recently elected a director, has been elected a member
of the executive committee.
-V.118, p. 1772, 1764.
Frankfort & Cincinnati Ry.-Abandonment Denied.
The L-S. C. Commission on April 19 denied the company's application
for authority to abandon its line of railroad, extending from Frankfort,
Franklin County, through Georgetown, Scott County, to Paris, Bourbon
County, a distance of 40.8 miles, all in the State of Kentucky.
-V. 116.
p. 2255.
Georgia Florida & Alabama Ry.-Equipment Notes.The company has applied to the I.-S. C. Commission for permission to
issue $131,099 6% Equip. Trust Notes, proceeds to be used to purchase
-V. 117, p. 324.
4 locomotives from the Baldwin Locomotive Works.
2179
Maine Central RR.
-Equipment Trusts.
-
The company has petitioned the L-S. C. Commission for authority to
issue $1,300,000 534% Equipment Trust certificates, to be sold to Kidder.
Peabody & Co. Boston, at 96.86.
The proceeds are to be used to purchase 8 locomdtives, 100 gondola cars. 250 box cars and 9 coaches, at
total cost of $1,750,000-v. 118. p. 1911, 1767.
Manila Electric Corporation.
-Annual Report.
Calendar Year1923.
1922.
1921.
1920.
Gross operating revenue_ __ 33,571,861 $3,584,121 $3.681,398 $3,418,407
Operating expenses & taxes.. 1,820,508 1,939,356 2,123,339 2,081,832
Operating income
$1,751,352 $1,644,765 $1,558,058 $1,336,575
Replacements & renew.res've 240,000
108,000
108,600
108,000
Gross income
Charges
Dividends
$1,511,352 $1,536,765 $1,450,058 $1.228,575
473,118
450,613
503.827
409,746
559,970
400,000
300.000
300,000
-Bonds Authorized.
Balance
Greene RR.
$500,769 $663,646 $646.231 $518.828
The L-S. C. Commission on April 21 authorized the company to issue -V. 117, p. 1992.
not exceeding $207,000 1st & Ref. Mtge. 5% Gold bonds to be delivered to
Maryland & Delaware Coast RR.
-To Issue Stock.
the Delaware Lackawanna & Western "RR., lessee, in refundment of certain
The company has applied to the Maryland P. S. Commission for auobligations. The Commission also authorized to the Delaware Lackawanaa
& Western RR. to assume obligation and liability, as guarantor, in respect thority to issue 17.500 shares of capital stock without par value. Authority
is also asked to execute and deliver a mortgage upon its property in the
-V. 118, p. 1267, 794.
of the bonds.
principal amount of $350,000 and to issue and sell under this mortgage
Florida East Coast Ry.-Final Valuation.
$300,000 20
-Year Sinking Fund 6% bonds.
-V. 118, p. 1268.
The I.
-S. C. Commission has placed a final value of $46,200,000 on the
Maryalnd & Pennsylvania RR.
-Securities Auth.owned and used property of the company as of June 30 1916 and of $764,196
The L-S. C. Commission on April 17 authorized the company to issue
on the used but not owned property. The tentative valuation of the
property was placed at $47,646,143 by the Commission, composed of (1) not exceeding $450,000 1st Consol. Mtge. 6% bonds, series "A," and
$46,931,947 which is found to be the value of the property wholly owned (2) not exceeding $450,000 Common stock, par $100 each; said bonds and
and used and $714,196 the value of the property used by not owned (see stock to be exchanged for $900,000 Income bonds outstanding. See also
V. 117, p. 1461; V. 118. p. 1392.
V. 113. p. 1573).-V. 117, p. 324.
Hestonville, Mantua & Fairmount Passenger RR.
-Dillon, Read & Co. are offering
Extended Bonds Offered.
and int. $1,250,000 Extended Consol. (Now 1st)
at 100
Mtge. 53/2% Gold bonds (closed mortgage). A circular
shows:
Dated May 1 1894;extended to May 1 1934. Denom.$1,000 and $500c5
.
Int, payable M.& N. at Girard Trust Co., Phila., trustee, without deduction for normal Federal income tax up to 2%. Pennsylvania fourmills tax refunded. Red., all or part, on any int. date prior to maturity,
on 30 days' notice at 102)i and int.
These bonds were issued in 1894 and mature on May 1 1924: $199,500
bear interest at the rate of 3.)i% and 111,050,500 bear interest at the rate
of 5%. They are extended at 53. % for ten years under an extension
agreement dated April 2 1924.
-This issue of bodns is secured by first mortgage upon the
Security.
road, equipment, and franchises of the Hestonville. Mantua & Fairmount
Passenger RR. This company was leased in 1898 for 999 years to the
Union Traction Co., the lease providing for the payment of all expenses
of operation, interest on funded indebtedness and the sum of $110,658
annually as rental. In 1902 this entire system was leased to the Philadelphia Rapid Transit Co., and the lines of the Hestonville company are
now operated as an integral part of the street railway system of Philadelphia.
A total of 14 miles of track is covered by the mortgage.
The Philadelphia Rapid Transit Co. leases and operates substantially
the entire street railway system in the City of Philadelphia and vicinity,
covering about 695 miles of track, including approximately 39 miles of
elevated and subway track. During the 13 years 1911-1923, under the
present continuing management, the company earned a surplus of $15,061,643. Of this total $9,444,810 has been paid in dividends and $5,616.833 has been put back into the property.
Valuation.
-Philadelphia Rapid Transit property valuation has been
found by the Pennsylvania P. S. Commission to be substantially upwards
of $200,000,000 upon which the company is entitled to a return of 7%
per annum, or at least $14,000,000. This decision was recently affirmed
by the Pennsylvania Superior Court in an appeal taken by the City of
Philadelphia. The total capitalization of the property as represented
by funded debt and paid-in capital of Philadelphia Rapid Transit and
leased companies amounts to $144,807,000 with fixed charges and dividend
payments calling for an annual disbursement of $11,635,500, including
6% on Philadelphia Rapid Transit stock.
-V. 118, p. 1519.
Hornell (N. Y.) Traction Co.
-Fares Reduced.
The reduction of street car fares in Hornell, N. Y. became effective
May 1. Cash fares on the cars are now 7 cents (against g cents previously),
but tokens can be bought 20for $1. The reduction is merely an experiment;
if it fails to produce sufficient revenue within 60 or 90 days the rates will
be raised again.
It is said that plans are now being considered for the abandonment of the
North Hornell line.
-V. 118, p. 2042.
Midland Valley Railway.
-Bonds Authorized.
The 1-S. C. Commission on April 22 authorized the company to issue
$420,000 First Mtge.5% gold bonds, to be sold at not less than 75, or to be
pledged and repledged as collateral security for notes which may be issued.
-V. 118, p. 664.
Minneapolis & St. Louis RR.
-Defers Interest.
'rho Committee on Securities of the New York Stock Exchange, having
received notice that the interest due May 1 on the $5.282.000 1st Consol.
it
5% gold bonds, due 1934. will not be paid, on said date, rules that
beginning May 1 and untll further notice said bonds must be dealt in "flat"
and to be a delivery must carry the May 1 and subsequent coupons.
V. 118, p. 2042.
Missouri Pacific RR.
-Railroad Merger Reported Pending
-Said to Seek Control of New Orleans Texas & Mexico Ry.-
The New York "Times" April 26 says: "Following directly the plans laid
down by the L-S. C. Commission, the Missouri Pacific RR. is preparing
to establish a huge railroad system to include most of the property in
Group 19 of the Commission's consolidation plan. This is the first effort
by a railroad to follow the recommendations of the Commission for consolidation, and promises to furnish a test case for railroads throughout the
country.
"From two different sources the financial district has learned that the
Missouri Pacific was attempting to acquire the controlling interest of the
New Orleans Texas & Mexico. It was reported that the company had
entered into an agreement with the large stockholders of the New Orleans
Texas & Mexico to purchase 25% of the common stock at $120 a share
provided they were assured that another 26% could be obtained at a similar
figure. From St. Louis came dispatches to the effect that the Missouri
Pacific was offering $16 50 in cash and $114 in Missouri Pacific 7% 15
-Year
notes for each share of the New Orleans Texas & Mexico.
"Those in close touch with the Missouri Pacific say that this vtat the
logical development to expect, that they did not anticipate any official
announcement of the plan for some time to come.
"Special significance is attached to the efforts of the Missouri Pacific to
obtain control of the New Orleans Texas & Mexico. because the latter company has Just completed an arrangement with the stockholders of the
International
-Great Northern to take over that company. This would
give the Missouri Pacific two of the systems classified with it in the consolidation plan of the L-S. C. Commission. Already the Missouri Pacific
is in a position to take over control of the Texas & Pacific under the recent
reorganization plan of the latter road."
See Kansas City North Western Ry.-V. 118, p. 2034. 1666.
Montreal Tramways & Power Co.
-New Director.
Former Justice J. E. Robicioux has been elected a director.-V.118,p.191.
New York Central RR.
-Application to Issue $45,631,000
5% Equipment Certificates.
The company has filed an application with the
Indiana Columbus & Eastern Traction Co.
-Interest. authority to issue $45,631,000 5% Equip. Trust 1.-S. 0. Commission for
Gold certificates. ProThe Nov. 1923 coupons pertaining to the Dayton Springfield & Urgana ceeds will be used to pay for equipment, pr.mtically all of which,it is stated,
Electric Ry. 1st Mtge. 5% 30-Year Gold bonds, will be paid May 1 1924 has been ordered and delivery of which is expected soon. The equipment
at their face amount together with 6% interest thereon, viz., 75c. per cou- includes 189 locomotives. 15,250 freight cars and 1,000 other cars, which
pon, upon presentation thereof at the office of the New York Trust Co.. will have a total value of $61,739,668.-V. 118, p. 1911, 1773.
100 Broadway, New York, if accompanied by appropriate ownership certificate.
-V. 118, p. 1520.
New York New Haven & Hartford RR.
-Equip. Trusts.
The company has asked the 1.-S. 0. Commission for authority to issue
Interstate Public Service Co.
-Offer Not Favored.
The offer of $1,500,000 for the municipal electric light and power plant at $1,043,000 6% Equip. Trust notes, to be exchanged, par for par, with
Richmond. Ind., recently made to the city by the company, will probably Albert Hale & Co.,of Boston,for notes which have been purchased from the
receive no further consideration from the City Council, a committee of Westinghouse Electric Mfg, Co.
The Connecticut P. U.Commission has approved the plan of the company
Richmond business men named by the Mayor to consider the offer having
announced that it will make an unfavorable report. It is thought that the for a proposed extension of its line in the town of Madison, Conn., to Long
Island Sound through property owned by the State of Connecticut at
company may make a new offer.-"Electrical World."
-V. 118, p. 2042.
Ilamnnonassett Beach.
-V.117, p. 1884.
Kansas City North Western Ry.-Sale.-
Federal Judge Sanborn in the U. S. Circuit Court at Kansas City has
approved the sale of the terminal properties of the company in Kansas City,
at'. to the Missouri Pacific Ry. The road, which is owned entirely by
Louis Cass of Waterloo, fa., is in receivership and has been inoperative for
'
four years. The sale price is around $2,000,000, it is said.-V.118. la• 1665.
'k
Lake Tahoe Ry. & Transportation Co.
-Notes.
-
The L-S. C. Commission on April 19 authorized the company to issue
$20,000 of one-day promissory notes for the purpose of providing funds to
pay interest on bonds and for working capital.
-V. 118. p. 202.
Lehigh Valley RR.
-Bonds Authorized.
The L-S. C. Commission on April 18 authorized the company to issue
$10,400,000 Gen. Consol. Mtge. bonds and to pledge said bonds and
$5,000,000 additional bonds (now held by applicant) with the trustee of the
-V. 118, p. 1904, 1773.
Gen. Consol.- Mtge.
-General Manager.Los Aneles & Salt Lake RR.
Frederick 'Ti. Knickerbocker has been elected General Manager. succeeding W. H. Comstock, who has resigned to become Vice-President of
-V. 117, P. 2890; V. 115. la•
the Citizens Trust Co. of LGS Angeles, Calif.
1942.
Louisville Henderson & St. Louis Ry.-Report.Calendar YearsRailway operating revenues
Railway operating expenses
1923.
1922.
$3,464,744 $3,274,808
2,546,677 2.333,067
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenues
$918,067
152,897
405
$941,741
229,531
103
Railway operating income
Non-operating income
$764,764
58,996
$712,106
89,108
Gross income
Miscellaneous deductions
Interest on funded debt
$823,760
191,777
160,000
$801,214
198,029
160,900
Net income
-tr_. 118. p. 311.
$471,983
$442,284
New York Ontario & Western Ry.-Vice-President.--
J. H. Nuelle, Gen. Mgr., with headquarters at Middletown, N. Y., has
been elected Vice-President, with the same headquarters.
-V.118. p. 1773.
North Hudson County Ry.-Bonds Offered.
-Drexel &
Co., Philadelphia, and Bonbright & Co. Inc., New York,
are offering at 100 and int. $1,291,00d Improv. (closed)
Mtge. 5% Gold bonds, extended at 6% by extension contract and guaranteed principal and interest by endorsement
by Public Service Corp. of New Jersey. (See adv. pages.)
Purchase of Bonds.
-The above bonds became due May 1 1924 and the
above bankers offered to purchase the bonds on or before that date from
the holders thereof at par and interest
These bonds, dated May 1 1894, became due May 1 1924 but have been
extended to May 1 1926 at 6% per annum. Interest payable M. & N.
without deduction for Federal income tax not exceeding 2% per annum, at
the office of Fidelity-Union Trust Co., Newark, N. J., trustee. Red. on
any int. date on not less than 30 days' notice at 101 and int. Denom.
$1.000c5.Securiy-The lines of the former North Hudson County Ry. comprise
a street and elevated railway system aggregating 63 miles of road, serving
the densely populated territory in and about Hoboken, Jersey City, West
Hoboken, North Bergen and Union, New Jersey.
These bonds are secured as to principal and as to interest at the rate of
5% by direct mortgage on the entire property, subject to $3,098.000 underlying closed mortgage bonds. As of Jan. 1 1924 the value of the physical
property covered by this mortgage, on the basis of reproduction cost new
less depreciation, was placed at over $10,000,000. which is more than 2Yt
times the aggregate principal amount of this issue and the underlying bonds.
This issue is prior as a divisional lien to the First Mtge. 4% bonds of the
former Jersey City Hoboken & Paterson Street Ry., of which $14,061,000
are outstanding.
Extension.
-The extension of the bonds on the above terms has been authorized by the New Jersey P. U. Commission.
-V. 97, P. 1899.
-Organized
NorthernColorado 8c Eastern RR.
The Northern Colorado & Eastern Railroad has been incorporated in Colorado with an authorized capital of $1,050,000 Preferred stock (par $100)
2180
THE CHRONICLE
and 25,000 shares of Common stock (no par value) to take over the property
and assets of the Colorado Wyoming & Eastern running from Laramie,
Wyo.,to Coalmont, Colo., 130 miles, which was sold at foreclosure at Cheyenne.
Directors are: Trowbridge Callaway, Harold J. Gallagher, Alfred Dewitt
Mason,Leo P. Dorsey and Winthrop H. Kellogg. See also V. 118.P. 1774
.
-Results for 1923.
Paris Orleans RR.
Revenuesfor the past year amounted to 1,030,273.676 francs as compared
with 941,098,562 in 1922, an increase of about 9.5%. Operating expenses
for 1923, amounting to 917,738,520 francs, compared with 910,984,404
francs, an increase of only 7-10 of 1%. The operating ratio for 1923 was
89.04%, against 96.48% for 1922 and. 119.01% for 1921. After deduction
of debt service and other charges there was a deficit for the past year of
180,168,856francs,as compared with 237,322,547francs in 1922,a reduction
of about 25%. The deficit in 1920 aggregated about 495,000,000 francs.
V. 118, p. 1666.
-Equipment Trusts.
Pennsylvania Railroad.
-S.
The company has been authorized by the I. 0. Commission to assume
obligations for $20,100,000 Equip. Trust certificates to be issued by the
Fidelity Trust Co.and sold at not less than 97.56 and interest. See offering
In V. 118, p. 1774, 2042.
Pennsylvania-Ohio Electric Co.
-Sub: Co. Purchase.
-
The New Castle & Lowell Realty Co., a subsidiary, has purchased a
-ft. frontage in the business district in Youngstown, Ohio, occupied
75
in part by a four-story brick structure. The building will be remodelled
for use as an office building in connection with the Pennsylvania-Ohio's
present nearby office structure, which has become inadequate. The
-V. 118, p. 1268.
consideration is not stated.
-Bonds Reduced.
Philadelphia Company.
The Philadelphia Stock Exchange on April 22 reduced the amount of
let Mtge.& Con. Trust 5% bonds, due 1949,from $1,971,000 to $1,862,000
-$109,000 reported purchased and canceled by operation of the sinking
-V. 118, p. 1660, 1521.
fund.
Philadelphia Rapid Transit Co.
-Loss on Frankford L
• Operation.
The joint report of City Transit Department and the P. R. T. Co., in response to a request of P.S. Comm'er Benn, finds that the net effect of the
operation of the Frankford "L" in 1923 was a loss to the P. R. 'I'. Co. of
$860.814. The company had previously estimated the loss at approximately $1,000,000.
The report to the P. S. Commission on the loss to the P. R. T. Co.
through operation of Frankford Elevated shows:
(1) Increase in operating expenses account of Frankford Elevated: Way and structures,$157,425;equipment,$213,145;power
$353.102: conducting transportation, $448,291; injuries and
damages, $27.656; general (net increase) $100.000
$1,299,619
(2) Decrease in operating expenses on surface lines affected:
Operating expenses-equipment, $62,220; power, $134,030;
conducting transp'n, $324,601; injuries & damages, $41,034_ 561,885
Net increase in operating expense due to Frankford Elevated
$737,734
operation
Rental to city. $156,040;less credit for released cars,$24,000__._ 132,040
Sub-total
Revenue from station privileges, &c., on Frankford Elevated
Credit
$869,774
[VOL. 118.
Huntley & Co. are offering $750,000 7% Cumul. Prior Pref.
stock at 98, to yield 7.14%.
Company.
-Was incorporated in California in July 1910 as a consolidation
of several public service companies which had been in successful operation in various sections of the San Joaquin Valley from as early as 1896.
Outstanding Capitalization at Conclusion of This Financing.
Divisional closed mortgage bonds
$2,401,000
First & Refunding Mtge. bonds, due 1950, outstanding
14,285,000
Unifying & Ref. Mtge. bonds
-Series"A"7s
7,800,000
Series "B" 68
9,633,000
Prior Preferred 7% Cumulative stock
8,461,700
Preferred 7% and 6% Cumulative stock
6,500,000
Common stock
11,000,000
Results for Calendar Years.
Cal. Years1923. . 1922.
Cal. Years1923,
1922.
Gross oper. rev__.$6,898,353 $6,405,116 Int,on float. debt_
$35,873
$5,548
Oper. expenses..__ 2,954,544 2,791,900 Int.chgd. to cap__Cr.212,409 Cr.117,129
Bond dint. exp__ 111,253
140,509
Net earnings_ $3,943,809 $3,613,216 Depreciation
684,207
830,479
Sundry earnings__ 138,298
156,010 Dividends paid
899,764
766,800
Total net Inc- _$4,082,107 $3,769,226
Bond interest____$1.895,908 $1,804,852 Balance, sup- $551,564 $454,113
General Balance Sheet December 31.
1923.
1922.
1922.
1923.
Asseti$
8
Mabilftles$
$
Rights, real estate,
7% Prior Pt.stock 7,566,700 7,019,400
Plants, &c
58,262,020 53,681,014 6% Pref. stock__ 6,600,000 6,500,000
Investments
25.3,389
219,082 Common stock_ __11,000,000 11,000,000
Reacquired secure.
88,243
114,181 Bonds
32,423,000 30,577,000
Subs, to cap. stk_ 517,854
4:16 Cap. stk. subscr__ 685,200
7
3 301
Cash
1,356,836 2,83Bond int. & other
Notes receivable
616,163
565,124 accounts
77258:304401
Acc'ts receivable__ 1,051,162
849,369 Accounts payable_ 4909
9 6,
0
83792
Marketable seems. 35,000
25,000 Consumers'dens_ _
76.255
67,743
Mat'l & supplies__ 1,683,782 1,272,958 Consumers' advs.
Misc. curr. assets_
56,386
8:823 for construc'n
5 33
8
144,114
77.260
Sinking fund
361,202
46
4,490,078 3,815,036
Reserves
Deferred charges 1,900,436 1,982,719 Capital surplus__ _ 373,918
373,918
Disct,on cap.stk_ 1,639,622 1,651,390 Surplus
3,165,705 2,639,276
Total
67,822,095 63,673,014
-V. 118, p. 2043, 1774.
Total
67,822.095 63,673,014
San Antonio Public Service Co.
-Earnings.
Calendar Years1923
1922.
1920.
1921.
Gross operating revenue
(incl. other income)__ $4,232,759 $4,358,682 $4,500,979 $4,049,746
Oper.exp.(incl. taxes)_ _ $3,311,021 $3,519.215 $3,716,691 $3.403,406
Bonded debt
326,400
230,450
230,450
336,303
Other interest & amortiz.
38,243
14,912
Cr.7,285
50,864
Balance
$557,094
$400,977
$502,973
8510.448
Previous
239,288
567,037
781.207
592.014
Total
$796,382 $1,291,656 $1,094,988
$968,014
Preferred dividends
$82,560
$52,367
$13,781
Common dividends
400,000 y1,000,000
376.000
x300,000
Adjustments
Dr.2,600
8.960
Profit and loss,surplus $311,222
$592,014
$239,288
$781,207
$860,814
Net effect-approximate added cost of
x Includes $300,000 stock dividend. y Includes $600,000 stock divl-V. 118.
See Hestonville, Mantua & Fairmount Passenger RR. above.
dend.-V. 118, p. 312.
p. 2042.
-Receivers' CerPittsburgh Shawmut & Northern RR.
tificates and Note.
The I.
-S. 0. Commission on April 18 authorized the company to issue
-year Receiver's Certificates and one promissory note in
$2,170,000 6% 3
the sum of $339,771. The report of the Commission says in part:
There were issued by predecessor receivers under authority of the courts
of New York and Pennsylvania having jurisdiction, $3,100,000 6% receiver's certificates and a promissory note in the amount of $525,000 which
has, by payment thereon, been reduced to $485,387. Of the $3,100,000 of
certificates issued, $2,590,000 thereof are in the hands of the public and
$510,000 are deposited as collateral security for the promissory note.
By an order of the courts, the applicant is authorized to retire $2,590,000
of receiver's certificates in the hands of the public by the payment of 30%,
in cash on each certificate and by issuing to the holders thereof new certificates in the amount of 70% of the par value of each certificate outstanding,
or $1,813,000; to retire the promissory note of $485,387 by the payment of
30% in cash and the issue of a new note for 70% of the face amount or
$339,771. and to issue new certificates in an amount of 70% of the $510,000
of certificates pledged as collateral security for the note or $357,000.V. 118, p. 1666.
Portland (Ore.) Electric Power Co.(formerly Portland
Ry. Light & Power Co.).
-Earnings.
(The change in name was effected April 26 1924.1
San Luis Southern RR.
-Receiver's Certificates.
-
The I.
-S. C. Commission on April 17 authorized the company to issue
$40.000 receiver's certificates; said certificates to be sold at not less than
90 and interest, and the proceeds used for the following purposes: $15,000
for effecting a settlement of a tax claim of Costilla County, Colo., against
the property of the company: $8,000 in the purchase of four box cars at
$1,000 each, one flat car for $1,000, and one gasoline-motor truck rigged
to carry passengers, mail and freight, at $3,000; not exceeding $9,000 for
replacement of ties and bridge timbers; and not to exceed $4,000 in payment
for materials and labor furnished and to be furnished.
The Commission also authorized the company to pledge and repledge not
exceeding $15,000 of bat Mtge.6% bonds as collateral security for any note
or notes which may be issued.
-V.118, p. 1521.
Scioto Valley Ry. & Power Co.
-Annual Report.Calendar Years
Passenger car mileage
Paid passengers carried
Tons freight carried
Total earnings
Total maintenance and operating expenses
Taxes
Miscellaneous rents
Interest
Amortization of discount on funded debt
Federalincome tax
Dividends on Preferred stock
1923.
1,185,784
1,134,657
22,809
$723.922
466,584
49,910
6,250
79,262
4.151
17,464
84,465
1922.
1,121,031
1,116,357
23,357
$716,262
473.990
46,142
6.250
71,300
16,323
Calendar Year1923.
84,465
1922.
1920.
1921.
Grossearnings
$10,825,380 $10,120,898 $9,922,241 $9,564,615
Surplus
•815,836
$17,793
Operating expenses
$5,647,130 $5,439,499 $5,442,970 $5,376,579
1,003,878
657,576 -V. 116, p. 2994, 2768.
Taxes
881,757
831,969
Interest
2,066,823 2,126,892 2,107,733 2,101,615
South Georgia Ry.-Capital Stock.
-Prior Pre_
Dividends
205,001
32.543
The I.
-S. C. Commission on April 8 authorized the company to issue
1st Preferred
375,000
do
300,000
375,000
318,750
$232,000 Common stock, par $100, for distribution as a stock dividend
2d Preferred_
75,000
do
for the purpose of more nearly equalizing company's capitalization with
-V. 117, p. 2544.
Balance
$1,452,548 $1,265,207 $1,220,819 $1,128,845 the value of its property.
Depredation
717,386
717,386
717.386
717,386
-Equipment Trusts.
Southern Pacific Co.
The company has applied to the I.
-S. C. Commission for authority to
$735,162
Balance
$411,459
$547,821
$503,433
Issue and sell $17,640,000 5% Equip. Trust certificates to Kuhn, Loeb &
General Statistics for Calendar Years.
Co. at 97.56. Proceeds from the sale of the certificates will be used in
1923.
1922.
acquisition of certain equipment to cost 822,050.000 See offering in V.
No. of revenue passengers carried_ __ 67,995,333 68,661.868 691921,734 118, p. 2043.
840
No. of transfer passengers carried - _ 22,565,980 22,762,174 22,686,798
-Bond Extension.
Union Traction Co. of Indiana.
2.476,672 2,535,218
No. of non-rev, passengers carried__ _ 2.575,181
President Arthur W. Brady, in a letter to the holders of tho $328,000
93,136,494 93,900,714 95,062,750 Marion City By. 1st Mtge.6s, due May 11924,states that the investment
Total passengers carried
16,034,821 15,972,536 16,175,365 banking situation is not yet such as to make it feasible to refund the bonds,
No. of motor car miles run
57.477 and proposes to the holders thereof a five-year extension, at the same
70,215
62,754
No. of light Sc power customers
hours sold
220,491,126 188,333,469 173,018,239 rate of interest to May 1 1929. The extension will be stamped upon the
No. of kilowatt
28,420,400 27,933,700 27,157,800 face of the bonds, and semi-annual interest coupon sheets will be attached
Gas sold (cubid feet)
1,962
1,870 payable M. & N. by Equitable Trust Co., New York, the present trustee.
1,851
No. of gas customers
Holders should forward their bonds to Equitable Trust Co., 37 Wall St.,
-V. 118, p. 1774, 1666.
N. Y. City.
Service Corp. of New Jersey.-Guarant.The net earnings for the year 1923 of the lines covered by the mortgage
Public
were more than three times the interest charge on the bonds. The physical
-V. 118, p. 2043, 191*.
See North Hudson County By. above.
property has been maintained in good condition. The interest coupons
arefree from the normal income tax up to 2%. The May 1 interest coupons
-Bond Extension.
Public Service Ry., New Jersey.
will be paid as usual.
-V. 118, p. 1269.
-V. 118, p. 1912.
See North Hudson County By. above.
-Removal Notice.
United Gas & Electric Corp.
Quebec Central Ry.-Annual Report.
1923.
1922.
1921.
1920.
Calendar Years$3,112,420 $2,770,687 $2,838,926 $3,405,647
Gross revenue
Oper. exp. and taxes_ _ _ 2,494,877 2,199,945 2,298,017 2,777,211
Net revenue
Other income
$617.543
44,831
$570,742
43,548
$540,909
94,381
$628,436
98,792
Total income
Charges
Dividends
$662,374
359,177
169,080
$614,290
334,044
169,080
$635,290
322,067
169,080
$727,228
257,561
169,080
Surplus
-ir. 117, p. 782.
$134,117
$111,166
$144,143
$300,587
San Joaquin Light & Power Corp.-Pref. Stock Offered.
-Blyth, Witter & Co., Peirce, Fair & Co. and Banks,
This corporation and the United Gas & Electric Engineering Corp.
on and after May 1 1924 will be located on the 17th floor, Trinity
111 Broadway, N. Y. City.
-V. 118, 1: 1398
0•
.
United Light & Power Co.
-Bonds Offered.-Bonbright
& Co., Inc., are offering at 90 and int., to yield 6.20%
$3,500,000 1st Lien & Consol. Mtge. Gold bonds,/Vo
-32
Series of 1924 (see advertising pages).
Dated April 1 1924. Due April 11959. Int. payable A. & 0. at the
office or agency of the company in New York or Chicago. Red. all or part
-year period at 10734; during second 5-year
on 30 days notice during first 5
period at 105: thereafter at 1% less during each 5
-year period until March
31 1954: during the succeeding 235 years at 10034, and thereafter at 100:
plus interest in each case. Denorns., c* $1,000, 8500 and $100, and r•
$1,000 and multiples. Company will pay the normal Federal income tax
MAY 3 1924.]
THE CHRONICLE
2181
up to 2% and will refund the Penn. 4-mills tax and the State tax in Conn.
Western New York & Pennsylvania RR.
-Ann. Reportup to 4 mills annually. New York Trust Co., New York, trustee.
1923.
1922.
1922.
1923.
Data from Letter of Pres. Frank T. Hulswit, Chicago, April 28.
Calendar Years$
Cal. Years$
$
-Controls and operates properties furnishing a diversified pub- Freight
Company.
21,314,094 16,960,798 Hire of oquipm't
lic utility service in prosperous and growing communities located in the Passenger
1,959.824 1,899,472
Dr. balance_- 1,070,927
913,538
heart of the Middle West. These are situated principally in Iowa and Mail
163,099
149,939 Joint facility rents
Illinois. In all, 97 communities are served with electric power and light, Express
285,494
227,733 -Dr. balance__ 247.791
136.831
gas, street railway or interurban service. Combined population of terri- All other transp
507,384
450.027
tory served has grown from 340,000 in 1900 to over 600,000 at present.
282,773
207,728
Net ry. op. inc. 2,104,641
98,200'
-Proceeds will partially reimburse the company for construc- Incidental
Purpose.
Non-oper.income_ 101,917
49,320
tion expenditures made during the past two years and will provide for the
Total income_ _ _24,512,668 19,895,698
enlargement of its electric power business in the States of Iowa and Illinois
Oper. ExpensesGross income__ _ 2,206,559" 147,520
and for other corporate purposes, including the retirement of certain under- Maint. of way.&c. 2,947,424
2,596,142
lying subsidiary company bonds.
Maint.
Deductions
-There will he presently outstanding $14,500,000 First Lien & Traffic of eaulpm't 6,996,955 6,702,492
Security.
196,341
163,153 Rent for leased r'd
1,000
1,000
Consol. Mtge. Gold bonds secured by a direct mortgage lien upon impor- Transportation
76,713
tant properties, and by pledge of all securities of subsidiary companies Miami'. operations 9,653,439 8,367,706 Miscell. rents_ _ _ _ 119,845
73,206
68,689 Miscell, tax accels
3,788
4,065
now or hereafter owned, subject only to existing liens. Further secured by General
543,494
484,272 Int. on fund. debt 902,922
903,206
an equal face amount of 1st & Ref. Mtge.5% Gold bonds, or,in lieu thereof,
103
409 do unfund. debt 1,246,012 1,283,451
cash or obligations of the U. S. Government. These pledged bonds are Transp.for inv. Cr.
Misc.inc.charges.
11,202
11,067
secured by a first mortgage upon important properties and by pledge of all
Total
securities of subsidiary companies owned by the company as required by Net revenue from20,410,756 18,382,044
Deficit
78,210 2,131.982
the terms of that mortgage.
railway over.. _ 4,101,913 1.513,654
The outstanding issue of $1,988,000 Convertible debentures due 1926
678,553
365,085
share with the bonds of this issue in the lien on the property and assets of Ry. tax accruals
the company.
Ry. over. Inc.__ 3,423,360 1,148,569
The profit and loss statement shows: Amount to debit of profit and
Combined Capitalization Outstanding with Public upon Completion of Present
loss Dec. 31 1922. 527,913,260; add, debit balance for the year. $78,211:
Financing.
First & Refunding Mortgage 55. 1932
411.000,000 sunary net debits during the year, $5,759; total. 527,997,229. Less
First Lien & Cons. Mtge. 65, 1952
11.000,000 additions to property charged against income, $7,397,317; balance, deficit.
First Lien & Cons. Mtge.530, 1959
3,500.000 520,599,911.-V. 118, p. 433.
Divisional bonds and securities on portions of property
y8,666,998
Western Pacific RR.
-Equipment Trusts.
6% Convertible debentures. 1926
1,988,000
Toe company has Jecn
1.-S. C. Commission to issue
Gold Debenture bonds, Series "A," 8s, 1973
2,750,000 $3,105,000 Equip. Trusts authorized by the sold at par. The certificates
Series "C" to be
7% Prior Preferred stock (Delaware company)
2.944,892 will oear 5 % interest and proceeds from
sale will be used in the purchase
Preferred stock, Class"A. $6 50 cumulative
101,000 shs. of 10 locomotives, 775 refrigerator cars, 100
Preferred stock, Class "B," $3 50 cumulative (now $4)
,
68,174 abs. a speeder. Certificates will be sold to thelogging cars, 200 auto cars and
American Car & Foundry Co.
Common stock, Class "A"& 'B' (now paying 11 60 & extras),225.000 shs. at par.
-V. 11 p. 1521, 1270.
x Not including bonds pledged as collateral to First Lien & Consol.
Mtge. Gold bonds. y Not including bonds and securities pledged with
the trustee of First & Ref. Mtge. or underlying mortgages.
INDUSTRIAL AND MISCELLANEOUS.
Of the issued securities of the subsidiary companies, the United Light &
Power Co. owns over 75% of bonds and notes, over 91% of Pref. and ComThe following brief items touch the most important
mon stocks combined, and over 99% of the Common stocks. The term
"subsidiary company"does not include United Light& Rys.Co. of Delaware. developments in the industrial world during the past week,
together with a summary of similar news published in full
Consolidated Earnings 12 Months ended February.
detail in last week's "Chronicle."
1922.
1923.
1924.
Gross earnings
Steel and Iron Production, Prices, &c:
$11,235,195 $12.029,087 $12.616,443
Oper. expenses, maintenance & taxes_ 7,833.899 8,133,699 8,221.075
The review of market conditions by the trade journals formerly given
under this heading appears to-day on a preceding page under
"Indications
Net earnings
$3,401,296 $3,895,388 $4,395.368 of Business Activity."
Total annual charges prior to interest on secured debt of
Coal Productioh, Prices, &c.
United Light & Power Co
$469,608
The United States Geological Survey's report on coal production, together
Annual interest on 1st & Ref. Mtge. 5s, 1st Lien & Cons. Mtge.
6s and 5s.and 6% Convertible debentures
1.521.780 with the detailed statements by the "Coal Trade Journal" and the 'Coal
Age," regarding market conditions, heretofore appearing in this column.
Balance
$2.403,980 will be found to-day on a preceding page under i the heading "Indications
Consolidated net earnings for the 12 months ended Feb. 29 1924 were of Business Activity.
Oil Production, Prices, &e...
times the sum of annual interest charges on the total secured indebted2.2
ness of the company, including this issue, and all annual prior charges.
The statistics regarding gross crude oil production in
Over 82% of the net earnings are derived from the electric and gas business. compiled by the American Petroleum Institute and the United States.
The city railway lines furnish about 11% and the interurban lines about under the above heading, will be found to-day on a formerly appearing
preceding page.
7% of the net earnings.
-V. 118. p. 2043, 1912.
Prices, Wages and Other Trade Matters.
-On
Refined Sugar Prices.
United Railways Co. (St. Louis).
-Engineer Submits reduced the price 15 pts. to April 28 the American Sugar Refining Co.
8.10c, per lb. On May 2 Federal reduced
Plan for Purchase of Street Car System by City.
price 10 pts. to 7.70c.
American Brass Co. Reduces Prices.
L. R. Bowen, Chief Engineer in charge of bridges and buildings for the
-Sheet brass and copper prices reBoard of Public Service of St. Louis. in a report submitted to President duced Mc. per lb. April 28. New York "Times" Apr. 29. p. 29.
Carpet Prices Slightly Lower in Price -Alexander Smith & Sons Carpet
Kinsey of the Board, strongly urges the immediate purchase and operation
by the city of the property of the United Rys. Co.. and details a plan by Co. has named prices on carpets and rugs for -next fall. Reductions range
which he holds this can be accomplished without additional cost to the citi- up to a maximum of 8%, and in many of the higher grades prices were
unchanged. "New York News Bureau Association" May 2.
zens, and with no increase in fare.
-New wage agreements have been signed in YoungsWage Adjustments.
The plan, which involves the floating of a $51,000,000 bond issue, is the
result of a year's investigation made by Bowen, during which he visited town (0.) buildhag trades. Bricklayers receive $1 40 an hour, effective
several large cities studying the relations between the municipalities and from April 1, against $1 25 in previous 12 months. Carpenters are advanced from 11 15 to $I 25; paintersfrom $I to $1 25. Sheet metal workers
their local transportation systems.
He is now convinced teat the trend is decidealy towaras municipal own- will receive $1 12, against $1 12%. Plumbers'scale remains $1 25 an hour.
ership of street railway systems, and points to toe fact that of all the cities "Wall Street Journal" Apr. 30. p. 8.
U. S. Smelting, Refining & Mining Co. offers increase of 25c. per day
that nave embarked upon this venture there is none that had the opportunity of taking over a transportation system under such auspicious circum- at Midvale plant. Men decide to accept offer instead of holding out for
50c. increase they at first demanded. Five-day strike was thereby settled.
stances as St. Louis has to-day.
International Smelting and American Smelting & Refining companies
Ho presents figures tending to show how the interest and principal of the
$51,000,000 bona issue can be taken care of from the net operating profits also raised wages 25c. per day.
Utah Copper Co. made similar increase at its mines in Bingham and mills
of the company. He further sets forth teat the taking over 01 tne properties
of the United Railways will immediately effect a saving of $310,442 to the at Magna and Arthur. "Wall Street Journal" Apr. 30. p. 7.
A wage cut of approximately 10%, affecting between 1,500 and 1,600
car riders. This latter figure is predicated upon the interest rate advantage enjoyed by the city over a private corporation and the city's exemption employees, has been made in all departments of the Clinton plant of the
from State and Federal property tax.
Bigelow-Hartford Carpet Co. "Daily Financial America" May 1, p. 2.
This money. it Is Bowen s idea, can be used in making needed extensions
Iron Workers in N. Y. City and Vicinity Strike on May 1 for Wage Increase
in Lie northwestern and southwestern sections of the city.
and Closed Shop.
-Demand $12 per day instead of present
From the report it is clear that ids investigation has convinced him that per day and a closed shop agreement. New York "Times"wage of $10 50
May 1, p. 22,
i.e city can and shodld purchase and operate the street railway system. and May 2, p. 26.
-V. 118, p. 1775, 1667.
MaUers Covered in "Chronicle" April 26.-(a) New capital flotations
three montns since Jan. 1. p. 1967. (b) Abolition in
March and the
of
12-hr. day costs U.S. Steel Corp. 535.000.000 a year. p. 1974. (e) AmendUnited Rys. & Electric Co. of Balto.-Earnings.ment to constitution of New York Stock Exchange requiring members to
3 Months ended March 31
1924.
1923.
show books when concerned in
a
Total operating revenue
$2.115,295 $2,034,433 change whose affairs are under transactions ofp. member of another exinvestigation,
1984.
Total operating expenses
1,956,196
1,890,595 to be used for odd lot loans on Stock Excnange, p. 1984. (d) Call money
(e) New York
Curb Market adopts amendment similar to that
Net operating revenue
$159,099
$143,838 garding inspection of books of members. p. 1984. of Stock Excnange reNon-operating income
3,748
56,807
Abbott's Alderney Dairies, Inc.
-Listing.
Total income
$162.847
$200,645
The Phila. Stock Exchange has admitted to the
Deduct-Taxes
list $1,469,400
$90,310
$81,281 Participating Cumulative First Preferred stock. regularFirst Preferred
The
Interest on funded debt
165,665
165.631 stack pays regular dividend of 7% per annum,and in addition is entitled
Interest on unfunded debt
to
4,194
share equally with the common stock after the common has received $7
Miscellaneous debits
29
150 per share, up to $10 per share.
-V. 116,9. 1895; V. 108, 9. 975.
Miscellaneous rents
25
25
Allis-Chalmers Mfg. Co., Inc.
-Earnings &c.
Deficit
$97,375
$46,441
Net Profit after Pros. for
-V. 118, p. 1775.
Sales BilledFederal Taxes.
Month of1924.
1923,
1924.
Virginia Railway & Power Co.
1923.
-Acquisition.
January
$2,252,104 $1,616,955
$283,567
$123,479
President Thomas S. Wheelwright recently announced that his company February
2,279,596
1,727,415
275,977
156,711
had acquired by purchase the plant and properties of the Roanoke (Va.) March
2,287,631
1,877,322
271,637
188,499
Rapids Light & Power Co.for a consideration of approximately $1,000.000.
-V. 118. p. 1667. 1521.
Total
$6.819.331 $5,221,692
1831,181
1468,689
Unfilled orders on hand as of March 31 1924 amount to $10,876,156.
-Dividend Disbursing Agent.
West Penn Co.
See Worthington Pump & Machinery Corp. below.
-V.118,p.1913,1906.
The Equitable Trust Co. of New York has been appointed agent for the
American Bosch Magneto Corp.
disbursement of dividends on the Prof. and Common stock.
-V.118, p. 1775.
-Quarterly Earnings.
Three Months Ended March 311924.
1923.
Total sales
Western Railway of Alabama.
-Report.
-13,095,764 12.661,905
Operating profits
$245,503
Calendar Years$147,255
1923.
1922.
1921.
Depreciation
$50.474
Railway operating revenues
$3,042,220 $2,741,539 $2,530,457 Interest charges
150,000
Railway operating expenses
47.500
2,318,894
2,057,939
2,201,335
Balance to surplus
Net revenue from railway oper
1147.529
$723,326
197.255
$683,600
$329,122
Railway tax accruals
176,653
175,567
American Can Co.
111,380
-Old Suit Dismissed.
Uncolloctible railway revenues
296
418
203
The Federal Trade Commission's suit against the company, instituted
May 8 1918, charging violation of Sections 2 and 3 of the Clayton Act and
Railway operating income
$546,378
$507,614
$217,539 sections of Federal Trade Conunission Act, has been dismissed.
Non-operating income
The al256,250
300,422
298.382 leged violations under the Clayton Act were price discrimination between
purchasers and sale provisos against purchasers dealing in products
Gross income
2808,036
$802.628
$515,922 competitors. These acts,it was contended,lessened competition and of its
Deductions from gross income
tended
410,507
362,102
347.874 to create a monopoly.
-V.118, p. 2044, 1777.
Dividends
180,000
180,000
180,000
Balance, surplus
-V. 118. p. 1912.
$212,120
1265.934 def.$11,952
American Chicle Co.
-Sales
--New Director-Tenders.
-
Sales for the first three months of 1924 showed an increase of 20.3% over
the corresponding period of last year. Profits after all expenses, including
2182
THE CHRONICLE
depreciation and interest, but before income taxes, totaled $203,462 for
the first three months of 1924. This compares with a profit of $104,089
for the same period of 1923.
It is stated that the company has voted to appropriate $200,000 toward
-Year 6% notes, making a total
the reduction of bank indebtedness and its 5
of approximately $800,000 applied to this purpose since Jan. 1 1924.
Henry L. McVickar has been elected a director.
The Bankers Trust Co., 16 Wall St.. N. Y. City, will until May 20
-Year notes dated Oct. 1 1922 to an
receive bids for the sale to it of 6% 5
amount sufficient to exhaust 385.000.-V. 118, p. 1390. 1138.
-Earnings.
American Express Co.
Netincomefor the quarter ended March 31 1924 is estimated at $485,000.
-V.118. p. 2044.
-New Financing.
American Ice Co.
The company is preparing to offer to Common and Preferred stockholders,
subject to their approval at a special meeting, an issue of $3,375,000 7%
15
-Year Gold Debenture notes convertible into Common stock at par.
Stockholders will be entitled to subscribe to the new notes up to 15% of
their holdings. The issue will be underwritten by a syndicate of stockholders at present being formed, subject to prior rights of all stockholders.
The purpose of the new financing, according to President Wesley M. Oler,
Is for extension of facilities, Improvement of plant and for general uses of
-V. 117, p. 2888.
the company.
-Earnings.
American-La France Fire Engine Co., Inc.
Quarters End. Mar.31.
Operating profit
Less-Interest
1924.
$198,957
14,623
1923.
3222.061
3,222
1922.
3205.217
9.168
1921.
$225,814
41,863
Net before taxes
-V. 118, p. 1913.
$184.334
$218.839
3196,049
$183,951
-Earnings.
American Light & Traction Co.
1921.
1923,
1922.
12 mos.end. Mar.31- 1924.
Earns. on stks. sub. cos_x$3,427,434 $3,521,615 $3,808,732 31.643.657
1,202.163
962,195
1,232,495
1,276.812
Miscellaneous earnings-Gross earnings
34,389.619 34.754,110 35.085,544 32.845,820
3343,042
3466,428
3485,989
$435,731
Expenses
275,037
360,000
285,000
180,000
Interest on 6% notes_
Balance for 12 months $3,773,888 33,983,121 $4,259,116 $2,227,741
9,910.790
8,533,002
9,685,105
Sur. & res. previous year 10,469,002
Total surp. & reserve_314.242,891 313,668,226 312.792,117 $12,138.531
3854,172
3854,172
$854.172
Cash diva, on Pref.stock $854,172
1,275,356
1,126.420
1,172,526
Cash divs. on Com.stk. 1,220,111
1,476,002
1,126,420
Stock dive. on Corn.stk_ 1,220,111
1,172,526
Sur. & res. March 31_310,948,497 $10,469,002 39,685,105 38,533,002
x After deductions of $1.278.945 in the 12 months ended March 31 1924
and $1,125,316 in the 12 months ended March 31 1923 for depreciation
and replacement.
-V. 118, p. 1668.
American Manganese Mfg. Co.
-Sale.
-
The adjourned receiver's sale of the properties was held April 28 and the
only bid received was that of the bondholders' protective committee. This
offer will be reported to the court on May 3.-V. 118, p. 1668.
-Extra Div.
American Multigraph Co. of Cleveland.
An extra dividend of 10c. a share and the regular quarterly dividend of
40c. a share have been declared on the Common stock, no par value, payable June 1 to holders of record May 15.
Sales for the quarter ended March 31 1924 were $1,424,273, with net
profits of $145,418. Profit and loss surplus as of March 31 1924 was
$1.023,070.-V. 118, p. 910.
-Income Account for Year
American Power & Light Co.
Ended Dec. 31 1923.
-
[VOL. 118.
American Writing Paper Co.
-To Close Mill.
-
The Chester Paper Co. division at Huntington, Mass., is to be closed
indefinitely, the manufacture of the grades now being made in the Huntington mill being transferred to one or more of the Holyoke (Mass.) plants
until renewed trade activity warrants reopening of the mill.
-V. 118. 13• 1271
.
Anglo-American Oil Co., Ltd.
-Change in Preference
Stock Authorized.
-Final Dividend
The stockholders on April 30 approved resolutions affecting the £5,000,000
Preference shares (being part of the £7,000,000 new shares created in 1921)
as follows: (1) Such shares shall carry the right to a fixed cumulative
dividend at such rate or rates not exceeding 8% per annum;(2) to be given
priority over all other shares,and (3) shall not have voting power unless
dividends have been in arrears 60 days. (See V. 118, P. 1777.)
Secretary A. H. Hewett announces that the company will pay to the
shareholders out of the net earnings for the year ending Dec. 31 1923, a
final dividend of 2s.6d. per share,free of Income tax in the United Kingdom.
This, with the interim dividend of ls. per share declared on Dec. 5 last and
paid on Dec. 17 last, will make a total dividend of 1734% for the year
ending Dec. 311923. The final dividend will be paid on and after May 15
next by the National Provincial & Union Bank of England, Ltd., Bishopgate, London. or at any of its branches, or by the Guaranty TrustCo.
140 Broadway, N. Y. City, at the equivalent in U. S. currency of $4 40 per
pounds sterling (equal to 55 cents per share).
-V. 118, p. 1777.
Arizona Commercial Mining Co.
-Annual Report.
-
Calendar Years1923.
1922.
Income from sales of cop..
per, silver and gold _ _ $1,235,589 31,256,780
Mining,treating & rerg813,439
1,044,231
Selling. gen. adm.. &c-90,162
56,662
Depreciation
67,964
66,928
Depletion
139,105
Interest
6,990
23.749
Dividends (50c.)
132,500
Balance
1921.
1920.
3336,757 11,020,223
414,953
717.615
155,862
93,922
46,891
65,502
194,930
35,777
4158,042 def$107,395 def$335.337
def$63.135
x Surplus before charging depletion.
The total production for 1922 was 8.115,678 lbs. refined copper, 37.826
ozs. silver and 2.143 ozs. gold. 9,454,678 lbs. of refined copper were sold
at an average price of 14.29c. per lb.
-V. 118. p. 1777.
Arizona Power Co.
-To Consider Plan to Pay Back Dividends
-Annual Report.
-President F. S. Viele says in brief:
It has been suggested to the directors by interested bankers that the
stockholders might authorize a 1st'Prof. or Prior Preference stock, to be
sold to the public when and as needed to provide the cash balance for
additions. The bankers point out that such stock would not be regarded
favorably by investors, while the large accumulated dividends on the
existing Pref. stock remain unllquidated and current dividends are not
paid on the present Preferred.
A study of the balance sheet shows conclusively that it is impossible to
pay the accumulations in cash. Some plan of cancellation of back dividends, or adjustment of same, must be devised and approved by stockholders jointly with a plan for junior finance, under which holders of the
existing Pref. stock may receive dividends commencing 1924. Unless
these defects in our present financial structure are remedied, no dividends
on stock can be expected for many years.
The directors propose to immediately appoint a finance committee of
stockholders to formulate and present plans for consideration.
Results for Calendar Years.
•
1922.
1920.
1923.
1921.
Operating revenue
3872.624 $625,846 $587,032 $687,071
Operating exp. az taxes
407.116
440.725
303,679
287,038
Net operating revenue_ _ _ $431,899
Non-operating revenue
2.565
$322,166
3,138
3299.995
1.969
$279,956
1.274
The income account of the company and the balance applicable to the
company from the operations of its subsidiaries for the twelve months ended
Dec. 31 1923 follows:
(a) American Power & Light Co.
Gross earnings, $4,209,161; expenses, 1107,390; net earnings__ _ _33,801,771
716,965
Interest and discounts
Total income
$434,464
Deduct int, on bonds & notes 191.174
Int. on floating debt
4.864
Amort. debt disc. & exp....
25,053
$325,304
194,848
8.741
26,558
$301,964
186,848
13,041
26,558
$281,230
186.820
10.201
x8,364
Net income, before deprec_ $213,373
3103,157
$75,517
$75,845
33,084,806
Net income
Divs. paid:On pref. stock,$844,425;on coin. stock,$1,626,651_ _ 2.471,076
x Does not include amortization debt discount and expense of Arizona
Power Co., 312,000 per annum; Arizona Steam Generating Co., 34.615 per
annum; Prescott Gas & Electric Co., $1,250 per annum.
General Balance Sheet December 31.
1923.
1922.
1923.
1922.
Liabilities
Assets$
$
Property investment.7,395,025 8,080,550 Preferred stock
975,000 950,000
Common stock
Unatnort. debt tits3,000,000 3,800,000
count & expense... 321,236 215,906 Funded debt:
45,559
15,136
1st Mtge.68, 1933. 699,000 1,781,000
Cash
1st ln,kunif.6s,'47 2,117,500
Cash to red.7% notes 340,000
Cash in sinking fund
1,080
1,080 A.S.G.Co.lst 6s,'33 225,700 700,000
Accts. receivable..... 90,920
76,157 P.G.&E.1st 68,'40 174,000 236,000
Notes receivable.
2,101
7% notes (retired) 340,400 340,400
Materials & supplies 50,875
58,600
36,257 Notes payable
40,000
Prepared accounts..
1,949
1,935 Vouch.& accts. pay_ 53,582
67,699
Operation suspense...
365 Consumers'deposits_ 17,270
15,980
Treasury securities...
3,740
3,742 Accrued liabilities... 52,398
37,060
Reserves
225,579 248,415
Suspense
971
Corporate surplus_ _ 328,983 198.075
$613,730
Balance after dividends
(b) Subsidiary Companies
Undistributed income of subsidiary companies before renewal and
33,014,181
replacement reserves
2.055,191
Transferred to renewal and replacement (depreciation) reserve
14.478
Amt.applic. to corn. stock not owned by Amer. Pow. & Lt. Co.._
Balancefrom oper. ofsub. cos. applic. to Am.Pow.& Lt. Co__
944.512
31,558,242
Combined undistributed income
-V. 118, p. 2044.
American Republics Corp.Earning8.3 Months Ended March 31Sales
Cost of sales
Expenses
1923.
1924.
$6,981,198 $5,176;392
4,227.625
5,483.524
397.816
443,308
Net profit
Other charges and taxes
$1,054,366
237,652
$550,951
159.402
3816,714
3391,549
Surplus
-V. 118, p. 1394.
American Steel Foundries.
-Quarterly Earnings.
Quarter End. Mar.31- 1924.
1923.
41.137.997 31,883,449
Net earnings
250,255
Depreciation
320,380
Cr.95,028
Cr.49,105
Other income
72,838
82,848
Interest,sinking fund,&c.
See x
See x
Federal taxes
1922.
$738,728
167,541
Cr.79.727
94,905
78,570
1921.
$879,717
152,848
Cr.94,304
176,393
126,500
Total
8 250,384 8,433,229
-V.118. p. 1777. 796.
Total
8 250,383 8,433,229
Arkansas-Missouri Power Co.
-Pays Back Dividends.
A. E. Fitkin & Co. on May 1 made a dividend distribution of an% on
the outstanding Preferred stock of the Arkansas-Missouri Power Co., representing accrued and unpaid dividends on this Preferred stock from Feb. 1
The Arkansas-Missouri Power Co. was acquired by the Fitkin interests
on Mar.5 1924.-V. 118. p. 1914.
Arundel Corp. (Baltimore).
-Preferred Stock Called.
All of the outstanding Preferred stock has been called for redemption
$518,082 June 30 at 110 and divs. at the Fidelity Trust Co., Baltimore, Md.$909.933 $1,529,326
Balance, surplus
3447.439
- V. 118, p. 2045.
x Net earnings in 1924 and 1923 are after deducting Federal taxes.
V. 118, p. 1263.
Associated Simmons Hardware Cos.
-Earnings.
The net results of operations for the year ended Dec. 31 1923 (together
-Earnings.American Zinc, Lead & Smelting Co.
with sundry adjustments) amounted to $147,752, against a loss of $109,616
1924.
1923.
in 1922. After preferred dividends of $357,700 and adding a loss on operaThree Months Ended March 319 . timoun Grans Leath iy
$5 ,15
1022 2 a ons oted to t626,oleC orp. amounting to $120,560, the loss for the year.
$142,665
Oper. profits before deprec. &deplet'n 367.834
.
Comparative Balance Sheet December 31.
Sales for 1923 show an increase of $5,849,000 over the sales of 1922.
1922.
19522.
1923.
1923.
Consolidated BalanceSheet Dec. 31 (Including Grant Leather Corporation).
Liabilities1923
Assets1922.1923.
1922.
8
Property account_12,391,84 12,606,554 Preferred stock... 2,414,000 2,414,000
Assets-1,903,318 1,875,009 Common stock... 4,828,000 4,828,000
Investments
2,262 1st M.5% bonds.. 1,153,600
Real est. & bldgs_ _ 2,137,834 1,824,861 Accounts payable.. 1,099,432 1,511,098
22,604
Cash in sinking Id.
751,851 1st Mtge. 10
Fixtures & equip't. 916,008
573,686
919,069 Due Winches. Co.
-year
Ore stocks
57,582
175,663 5% notes
1,256,800 Properties of Grant
Ac subsidiaries... 1,158,859
Speltcr,pig lead,&c 419,653
747,755 Res. for deal.,
Leather Corp__ _ 700,002
778,297 Notes Payable.... 5,061,153 4,456,153
726,878
Inventories
85,261
172,791
139,365
Due to employees_
217.029
deprec., ins., &c 5,983,218 6,308,081 "Keen Kutter," &c.
Cash
398,848
33,809
74,624 Notes payable_ _
1 Accr. int. & taxes. 422,567
400,000
trade masks,&c.
1
Notes receivable
2785:243247 Cash
647,514 Accounts Payable_ 210,540
761,408 1,748,460 10-year6 % notes 2.075.000
Trade accts. rec._ 571.799
due 1933
91,457 Interest accrued
Acc'ts & notes rec.,
117,123
4,807
Other accts. rec._ _
33,284
less reserve
7,843,045 8,223,978 5-year 7% gold
Taxes accrued......_
34,551
Advance to Wis.
notes, due 1925.
97,414
7,448,500
40,000 Drafts in transit
147,653 Misc.inv. & adv._
68,445
80,128
Zinc Co
let M.7s, G.L.Co. 350,000
Prepaid int., Maur.,
400,000
151,459 Special sur. from
167,292
Deferred charges
75,000
181,095 Real estate mtges.
taxes, &c
90,000
240,420
revaluation
44,188
66,579 Min.int.In sub.cos 132,101
221,562
Surplus (earned)... 1,991,808 2,032,035 Adv.to employees.
56,906
Inventories
14,359,516 11,009,432 7% cum. pref.stk_ 5,110,000 5,110,000
Common stock__ .x5,316,313 5,604,050
Total
17,144,841 17,303,515
17,144,841 17,303,515 Proceeds for sale of
Total
361,813
buildings
352,251
--Company has guaranteed principal and interest of
amtingent Liability.
259,584
Total (ea. side)_28,785,687 25,470,583
-Year Gold notes of the Silver Dyke Mining Co., Deferred charges._ 1,348,949
$600.000 7% 5
issue of
due June 1 1928.
-V.117, p.442.
Represented by 930,000 shares of no par value.
The usual income account was given in V. 118. p. 1522.
MAY 3 1924.]
THE CHRONICLE
Atlas Tack Corp.
-Earnings.
The company reports for the quarter ended March 31 1924 net sales of
$612,479 and a net loss of $49,997.
Comparative Balance Sheet.
Mar.31'24.Dec.31'23.
AssetsLiabilities-- .Afar 31:24.Dec.31'23.
.
Plant & equipm't,..$2,743,973 $2,737,346 Capital & surplus_$3,118,853 $3,118,853
64,242
Good-will, &c____ 260,112
261,091 Accts. payable_.
65,608
Cash
77,377
350,000
64,028 Notes payable__ __ 375,000
Accts.receivable
244,729
13,365
17,442
186,506 Accrued accounts_
Investments
1,925
1,925 Res.for pl.&equip. 745,2481 731,546
Inventories
913,270
987,659 Other reserves_ _
9,337)
Deferred charges
40,103
39,451 Deficit
49,997
Total
$4,281,489 $4,278,006
V. 118, p. 1138.
$4,281,489 $4,278,006
Total
Attleboro (Mass.) Steam & Electric Co.
-Stock.
The company has applied to the Massachusetts Dept. of Public Utilities
for authority to issue 4,160 additional shares of capital stock (par $25)
at $37 50 a share. The proceeds will be used to pay for capital improvements.
-V.118, p. 1015.
Barnsdall Corp.
-Earns. Quarter Ended Mar. 31 1924.
Gross sales and earnings from operations. $2,448,021: producing
and operating expenses, $1,494,928: net earnings
$953,093
Other income
3,395
Total income
Interest charges, $179,640; Federal taxes, $12,000
Depreciation, $189.154; depletion, $105,044
$956,488
191,640
294.198
Net income
-V. 118, p. 1139, 1015.
$470,650
Bassick-Alemite Corp.
-Acquisition.
-
2183
These acquisitions admirably supplemented the Bethlehem system.
adding an annual capacity of more than 4,250,000 gross tons of ingots at
well located plants, new lines of products and valuable reserves of raw
materials.
Purpose.
-At the time of the acquisition of the properties mentioned
above, it was known that considerable expenditures would be necessary
to improve, enlarge and co-ordinate them with the Bethlehem system. A
substantial portion of such expenditures has already been provided and
the proceeds of the present issue will supply additional funds for carrying
on this work, which will result in very substantial operating economies.
Security.
-The Consolidated Mortgage bonds are direct obligations ot
Bethlehem Steel Corp. and (through a covenant in the Mtge.) of its subsidiary Bethlehem Steel Co. They will be secured by direct mortgage
upon, or by the pledge of stocks of companies owning or holdings under
lease directly or through other companies, all the plants and raw material
properties of the system, having a depreciated book value of $403,300,000.
subject to $145,640,000 of bonds of prior issues in the hands of the public
and to the rental payable under the Cambria Iron Co.lease. The mortgage
will share in prior liens through pledge of $23,014,000 of bonds of sucn
prior issues.
Issuance of Additional Bonds -Additional consolidated bonds may be
issued, under certain restrictions, for the retirement of underlying bonds
and for, or to reimburse Bethlehem Steel Co. for, expenditures made or to
be made for investments in properties (including obligations or shares of
subsidiary companies as defined in the mortgage) at not exceeding 80%
of such expenditures.
Sales & Earnings of Bethlehem Steel Corp. Calendar Years.
yEarnings
Depre,c.,
Available
Amort. &
for Interest.
Depletion.
YearGross Sales.
$4,716,000 $20,105,409
1915
$146,513,795
36.067,719
17,911,641
1917
298.929,531
24,875,066
1919
12,566,152
281,641,908
19,751,962
6,002,715
1921
147,794,353
13,294,524
x1922
6,499,189
131.866,111
26,697,150
10,676,078
y1923
275,213,423
The corporation is reported to have obtained control of the Allyne
Zerk & Co., manufacturers of a lubricating device for automobiles.
x The above earnings include the results of operation after Oct. 10 1922
V. 118, p. 1395.
of properties acquired from Lackawanna and after March 30 1923 of
properties acquired from Cambria and Midvale. 3 Earnings after deprecia,
Batchelder & Snyder Co.
-Balance Sheet Oct. 31.
tion, &c., and all taxes available for interest.
[As filed with the Massachusetts Commissioner of Corporations.]
The above earnings available for interest show an annual average of
Assets
1922.
1923.
1922.
1923.
$26,250,000, or almost twice the $13,800,000 total annual interest requireReal est.. mach'y
Capital stock
$800,000 $800,000 ments including interest on these bonds.
& equipment_ __ $293,278 $220,837 Accts. & notes pay 412,040
95,004
From Jan. 1 1915 until their acquisition by Bethlehem,the Lackawanna.
Porn., autos, &c_ _
103,703
86,301 Reserves
60,809 Midvale and Cambria properties acquired had aggregate earnings of over
1,944
Inventories
563,181
3,234 8123.900.000 available for interest. These earnings combined with those
454,910 Sinking fund
3,234
Cash & debts rec_ _ 656,330
672,705 Accrued expenses_
8,080 of Bethlehem averaged over $42,500,000 a year, or more than 3 times the
11,307
Investments
8,697
9,959 Surplus
522,685 total annual interest requirements upon completion of this financing.
x466,184
Prepaid insurance,
Earnings available for interest for the first quarter of 1924 amounted to
expenses, &c_ _
33,592
11,255
$7.600,000, or substantially more than the rate for 1923, since which time
35,928
Cash val, life ins_
Tot.(each side) _$1,694,709 $1,489,812 there has been some falling off in orders.
33,845
Balance Sheet March 31 1924 (Before giving effect to this financing).
x Company has approximately 12,202 shares of no par value stock out- Consol.
[Bethlehem Steel Corporation and Subsidiary Companies.]
-V. 117. p. 672.
standing.
Mar .31'24. Dec. 31 '23.
Mar.31 '24. Dec. 31 '23.
Batopilas Mining Co.
-Transfer and Registration Facilities
Assets
5
The transfer agent and the registrar of the capital stock of the company Property acct_x453,675,474 452,936,911 8% Cum. Cony.
have notified the N. Y. Stock Exchange that transfer and registration facili- Inv.in & adv.to
Prof. stock.- - 16,056,800 18,662,300
ties have been discontinued, but it is understood information in relation
affiliated cos- 7,691,634
7,944,425 7% Cum. Prof.
to the transfer of stock can be obtained at the office of the company, 154 Special funds in
stock
43,110,508 40,114,100
Nassau St., N. Y. City.
hands of trust 2,013,664 1,288,380 Common stock_lE0,151,900 180,151,900
The stock was stricken from the list of the N. Y. Stock Exchange last Coating. & ins,
Cambria Iron
week.
-V. 118. p. 2045.
fund assets... 4.222,748 3,958,703
Co. stock.__ 8,465,625 8,465,625
Fund.& sec.debt
Stocks & sundry
Beech-Nut Packing Co.
---Balance Sheet.
incl.mtges.pay211.794,279 212,884,225
securities ____ y6,009,887 4,520,141
Notes payable
7,256,878 9,630,000
Mar.3124 Dec .31'23.
Mar.31'24. Dec.3123. Raw materials &
48,212,272 53,850,382 Accts. pay. &
supplies
Assets$
$
Liabilities$
$
seer.liabilitiesz30.097,924 30,185,405
Worked materls 37,920,816 35,954,840
Real estate, bldgs.,
Common stock_ _ _ 7.500.000 7,500,000
1,915,351
2,911,242
&c
4,169,249 4,748,061 Pref. stock, Cl. A.
4,500 Accts.& notes rec 41,628,054 36,379,148 Bond int. seer
4.500
Mtge& and secured
Prof. stock, Cl. 13_ 1,119,500 1,119,500 U.S. Govt.sec's 14,895,363 18,395.801 Canting. de misc,
5,550,389 5,379,919
108,298
oper. res
477,278
loans on real est.
63,984
59,169 Min .stk .cont .cos.
64.950 Marketle sec _ _ _
Insurance res _ _ _ 2,645,750 2,327,654
Pats., tr.-mks., &c
1
52 Notes & accts. pay 374,104
107,373 Cash in banks &
126,995,953 126,188,803
13,184,699 17,393,390 Surplus
on hand
Securities owned
1,571,255
936,550 Short term notes
Cash
944,952
774,982
1,127 Deferred charges 4,478,446 3.803,791
mat'd or called_
623
Cash for red. notes
244,644
623
1,127 Dividends payable 244,670
Total
Total
634,041,356 636,901.172
634,041,356 636,901,172
Securities
56,670
117,473 Expenses & taxes_ 263,678
147,296
Accts.& notes rec. 825,727
764,490 Fed, tax reserve__
300,669
x Property account (depletion and amortization deducted) as at Jan. 1
Inventories (cost) _ 4,514,607 4,501,821 Other reserves__ 1,269,707 1,355,781
Due from sub. co_ 224,721
3.572 1924, S599.767,767; additions during 3 months, $4,238.050; total, $604,Deferred liabilities
Deferred assets_ _ _
106,225 005,818; Less reserve for depreciation, obsolescence, relining of furnaces
159,030
464,111 Surplus paid In... 106,225
Earned surplus... 1.647,792 1,412,200 &c., 8150,330.343. y ;Including Pref. stock held for employees (less
payments on account) and real estate mortgages. z Including advance
-V.118, p. 2045.
Total
12,530,799 12,367,837
Total
12,530.799 12,367.837 payments on contracts, payrolls and accruing liabilities.
-V. 118, p. 2045.
Bigelow-Hartford Carpet Co.
-Obituary.-
Bell Telephone Co. (of Pa.).
-Earnings.
Quarter Ended March 31Gross
Net after taxes
Total income
Interest and rentals
Preferred dividends
Common dividends
1923.
1924.
$10,770,107 $10,080,289
2,110,213
1,838.132
2,214,825
2,644,313
968.237
1,056,849
220,180
1,200,000
1,200,000
Balance
-V. 118, p. 911. 668.
def$173,592 sur$387,466
•
Pres. Robert P. Perkins died in New York on April 28.-V.118, p. 2045.
Biflex Products Co.
-Stock Offered.-Gorrell & Co. Inc.,
Chicago, are offering, in blocks of 2 shares of Prof. stock and
'
1 share of Corn, stock at $200, $500,000 7% Cum. Sinking
Fund Prof. (a. & d.) Stock. Par $100.
Dividends payable Q.
-J. Redeemable on any dividend date upon 30
days' notice at 103 and dividend if redeemed during or prior to 1929: 105
and dividend if redeemed during 1930 to 1934,inclusive: 1074 and dividend
if redeemed in any year thereafter. Free of normal Federal income tax.
Central Trust Co. of Illinois. Chicago, transfer agent.
Capitalization.-Pref. Stock 7% Cumul. (par $100). 5,000 shares; Corn.
Bethlehem Shipbuilding Co. Ltd.
-To Push Claim.
Attorney-General Stone. according to a Washington dispatch of April 29, stock (no par value), 50,000 shares.
has appointed Henry P. Brown, of Philadelphia, as special counsel for the
Data from Letter of W.G.Pancoast,President of the Company.
Department of Justice to prosecute the Government's claim against the
Company.
entered into
-Organized in
company. The claim, it is said, amounts to approximately $11.000,000, production of what is now Illinois late in 1919, and in 1920
nationally known as the Biflex cushion bumper.
and grew out of alleged overpayments by the Government.
-V. 118. p. Company was later reorganized in Delaware. From a modest start with an
911, 206.
invested capital of less than $150,000, the company has grown to a commanding position in the industry.
Bethlehem Steel Corp.
-Bonds Sold.
-Guaranty Co.
Purpose
.-To acquire a substantial majority
capital stock of the
of New York and Bankers Trust Co. have sold at 96 and L. P. Halladay Co., Decatur. Ill., and to provideof the
additional working capital
Sales and Earnings.
-Net sales of the Biflex Products Co. from 1921 to
int., to yield 6.30%, $30,000,000 Consol. Mtge. 30
-Year 1923, inclusive, averaged $1,246.484. whereas average net profits after deGold bonds,Series A(see advertising pages). predation and Federal taxes for the same period were $193,456. Net sales
Dated Aug. 1 1918, due Aug. 1 1948. Consol. Mtge. bonds to be out- for 1923 were $1,957,556, while net profits after depredation and Federal
standing in hands of public upon completion of this financing $50,166,000 taxes were $321.313. No consideration is given to the earnings of the L.P.
Halladay Co., which should be substantial.
series "A" 6% (including this issue) and $24.728,500 series "B"
Sinking Fund.
-An annual cumulative sinking fund beginning in 1925,
Pledged under other issues 812,000000 series "A." Int. payable F. &%.
A.
or agency of the corporation in N. Y. City. Denom. c* $1,000 amounting to $25,000, or 10% of net earnings (after preferred dividends)for
at office
and r* $1,000, $5,000 and $10,000. Red. all or part on any int. date on the preceding calendar year whichever sum is greater, will be payable out
30 days' notice at 105 and int. Guaranty Trust Co., of New York trustee. of earnings and will be applied to retire Preferred stock at not more than
-Annual sinking fund payable Aug. 1 of 1% of the total the current.redemption price.
Sinking Fund.
of series "A" bonds issued, to be applied to purchase of series "A" bonds
Braeburn (Pa.) Alloy Steel Corp.
-New Company.
up to the redemption price and accrued int. or to their call at that price.
This company was recently organized to acquire the plant of the Braeburn
Data from Letter of Pres. E. G. Grace, New York April 30.
Steel Co. from the Marlin-Rockwell Corp. (V. 118. p. 439). The new
-Corporation was incorp. in New Jersey in 1904 to company has an
History & Business.
authorized capital of $1,1300,000. consisting of $500,000
acquire the Capital stocks of several companies engaged in production of 8% Preferred stock and
$500,000 Common stock, all outstanding.
iron and steel and in shipbuilding. The business, particularly in iron and
Officers of the new
Sipe, formerly President of
steel, has been extensively developed and extended through acquisitions the Vanadium Alloy company include: D. T. President; G. H. Nedson,
Steel Co., Latrobe, Pa.,
and construction of new facilities, so that the corporation, through its formerly President Braeburn Steel Co.. Vice-President & Gen. Mgr.;
subsidiaries, is now the second largest iron and steel producer in the United G. W. Yealy. President First Savings te Trust Co., Dairy, Pa., Treasurer,
States, having a present capacity of 7,600,000 gross tons ofingots per annum. and A. J. Barnett, President Barnett Coal Co.. Latrobe, Secretary. The
The steel plants of the Bethlehem system are located at Bethlehem, board of directors includes: F. N. Graff, President First National Bank,
Steelton, Lebanon, Johnstown and Coatesville, Pa., Sparrows Point, Md., Blairsville, Pa.: F. Malcolm Graff, of Graff Brothers, coal operators. Blairsand Lackawanna, N. Y. Bethlehem thus has a strategic location on the ville, Pa.; F. E. Pratt. Vice-President First National Bank, New KensingAtlantic Seaboard and the Great Lakes. Its business is thoroughly ton. Pa., and S. M. Volkel, of J. H. Holmes & Co.. Pittsburgh. Pa.
integrated, with extensive reserves of iron ore, coal and limestone, and its
products are of wide diversity, covering every imphrtant steel product
Braeburn (Pa.) Steel Co.
-Sale.
except pipe and seamless tube.
See Braeburn Alloy Steel Corp. above.
-V. 108, p. 2631.
Recent Acquisitions.
-In Oct. 1922 Bethlehem acquired the entire properties of Lackawanna Steel Co., and in March 1923 acquired the most imBridgeport Brass Co.
-Earnings.
-portant tiroperties of Midvale Steel & Ordnance Co.and the entire properties
1922.
Calendar Years1923.
of Cambria Steel Co., Including the lease of the Cambria Iron Co. properties Net gain
$225,000
$308,000
for a term of 999 years under which the rental payable, in addition to Dividends paid
120,000
120.000
taxes, is only 4% upon the stock of Cambria Iron Co., of which $8.465,625
is outstanding in the hands of the public.
Surplus
$188,000
$105,000
Sinking Fund 6%
2184
THE CHRONICLE
Balance Sheet Dec. 31.
1923.
1922.
1922.
Liabilities1923.
AssetsCapital stock
$2,000,000 $2,000.000
Real est. & mach
'y
1,130,000
52,495,000 52,498.000 Notes payable__
750,000
less deprec
187,000
33,000
32,500 Accts. payable
259,000
Investments
967,000 Res. for taxes, &c. 175,000
178,000
Cash & accts. rec. 1.004,000
1,966,000 2.180.000
1,821,000 1,771,000 Surplus
Inventory
50.000
66,000
Employees' notes_
Tot.(each side) $5,458,000 $5,367,000
54,000
32,000
Deferred assets_ - _
-V.113. p. 1057.
-Dividend:Botany Worsted Mills, Passaic, N. J.
eT The directors on April 30 declared a dividend of 3%, payable May 1 to
holders of record April 30.-V. 118, p. 1523.
-Bonds Offered.
Bridgeport (Conn.) Hydraulic Co.
Lee, Higginson & Co.; Estabrook & Co.; Hincks Bros. & Co.;
T. L. Watson & Co.; Putnam & Co.; Chas. W. Scranton &
Co., and the Bridgeport Trust Co., are offering, at 100 and
interest, $5,000,000 First Mtge.5% Gold Bonds, Series A.
[Vol.. 118.
Butte & Superior Mining Co.
-Balance Sheet Dec. 31.-
1923,
1922.
Assets1922.
1923.
LiabilitiesMining claims &
Capital stock
$2,901,977 $2,901,977
development_ _ _52,983,002 $2,797,958 Accts. payable.. _ _
56.816
82,340
Plant & equipm't_ 2,845,690 2,779,806 Payrolls accrued
24,781
61,898
Investments
1,820,534 1,350,213 Res. for taxes____
575
12,000
Ore on hand
2,062
22,885 Res. for deprec_ __ 2,244,157 2,024,745
Shipments in OenRes,for compensasit(estimated)._ 236,698
324,834 lion insurance__
72,211
64,148
Mat'Is & supplies_ 283,501
352,105 Surplus from sale
43,743
15,773
Accts.receivable_ _
of securities_ _
2,176,868 2,176,868
Prepaid Insurance_
865
1,066 Surplus from oper_ 1,889,672 2,210,921
U.S. Lib. bds., &c
16,253
9,081
Cash
1,105,739 1,289,635
99,604 'Tot.(each side)_ $9,358,994 $9,542,959
Deferred charges..
20,908
The usual income account was given in V. 118, p. 2046.
Cabot Mfg. Co., Boston.
-Smaller Dividend.
The directors have declared a quarterly dividend of 51 a share, payable
May 15 to holders of record May 1. This is a reduction of 50c. a share
from the previous rate.
-V. 112. p. 655.
California Packing Corp.
-Annual Report.
Dated June 1 1924. Due June 1 1944. Interest payable J. & D. in
Feb. 29
Feb.29
New York and Bridgeport without deduction for Federal income tax up to
Years ending1923-24.
1920-21.
1922-23.
1921-22.
and $500, and r• $1,000 or authorized multiples
2%. Denom. c• $1,000
*Profits
$4,479,221 $5,172,879 $2,598.955 $4.253.015 ,
thereof. Callable as a whole at any time, or in part on any interest date.
840.129
995,504 1oss358,367
on 30 days' notice, at 105 and interest up to and including June 1 1934, Income from investments
% annually to 101 after June 1 1941. Bridgeport
thereafter decreasing
Net profit
$5,319,350 $6,168,383 $2,240,591 $4,253.015
Trust Co., trustee. Legal investment for savings banks in Connecticut. Common dividend
2,830,248
2,830,248 2.830,248
2,830,248
Exempt from Connecticut State tax.
Data from Letter of Samuel P. Senior, Bridgeport, Conn., April 26.
Balance, surplus
52,489102 53.338.135 def$589,657 51,422,767
-Supplies water to Bridgeport, Stratford. Fairfield, Southport
Company.
* After charges and taxes.
-V. 117, D. 1131.
and parts of Shelton and Trumbull in Conn., under a franchtsewhich is
both perpetual and exclusive, existing by special acts of the Legislature of
Calumet & Heck Consolidated Copper Co.
-Earnings
Company serves a population of about 175,000. Property
Connecticut.
includes 17 reservoirs with a storage capacity of nine billion gallons, 2 pump- Statement 3 Months ended Mar. 31 1924.ing stations, 12.643 acres of land and 307 miles of mains serving about
Receipts
Disbursements
23,000 customers.
Copper sales
32.688,924 Copper on hand Jan. 1 '2434,816,495.
Custom milling & smelt'g_
35,818 Prod., sell., adm., & taxes 2,253,644
Capitalization Outstanding (Upon Completion of Present Financing)
Dividends
3,714 Depreciation & depletion- 966,862
x$.5,000,000 Interest
First Mortgage 5% Gold Bonds, Series A (this issue)
6.098 Miscellaneous
53,015
6,000,000 Miscellaneous
Capital Stock
6.722
Total expenditures...
..$8,090.017'
x$1,000.000 of bonds of other series can be issued against property owned
Less copper on hand, Mar.
ooriqdrtionnotlexprcoeepderiu.
2
th 4con
1
6 g1 2A .3q1 l9 e asg
5,198,235
31 1924
of
oardfdiagovirllueboewtcTenveb:is less)
Petal issue
or improvements, on which this mortgage is a first mortgage. ?
$2.891,781
Net expenditures
is further restricted by the company's charter which requires that
of bonds
Total receipts
Loss for quarter
$150,506$2,741,276
bonds shall not be issued to an aggregate amount exceeding one-half the fair -V. 118. p. 1778, 1016.
value of the company's property and rights as they exist at the time action
a certifiis taken by the company to create such issue and as evidenced by
Canadian Consol. Rubber Co., Ltd.-Bal. Sheet Dec.31.
cate endorsed on each bond by the commissioners of the company appointed
1922.
1923.
1922.
1923.
by the General Assembly in the State of Connecticut.
Assets
Liabilities$
$
,
property, &e
13,549,078 13,154,548 Common stock.. 2,805,500 2,805,500
Earnings Years Ended December 31.
Good-will, &c.... 4,203,702 4,203.702 Preferred stock.- 3,000,000 3,000,000
Balance.
Gross Income. Net Income. Int.Chges.
148,357
236.687 Bonded debt
10.600,000 10,600,000.
Cash
$348,619
$777,269
$150,000
$498,619
1917
479,062
Accts.receivable.. 1,444,877 1,497,455 Accts. payable.&c. 512,702
401.543
553.626
818,948
152,083
1918
459,001
Loans receivable
652,480
Accept. payable__
7,074
334,857
175,000
509,857
841,351
1919
105,069'
Inventories
4,626,389 5,386.019 Loans payable
296,617
215,658
866,048
512,275
1920
38.982
38,982
Investments
611,145
609,341 Accrued interest__
245.960
208,464
454,424
789,839
1921
19,749
14,176
P.& D.assets.... 629,803
577,534 Contingent res've_
291,506
219.792
511,298
846.722
1922
Reserve for dep__ _ 2,583,677 2,561,304
445.666
228,182
673,848
1,069,449
1923
6,298,147 5,602,103.
Surplus
Balance Sheet March 31 1924 (After Proposed Financing).
Total
Total
25,885,833 25.665,289
25.865,833 25,665,288
Liabilities
Assets-Guar. Felt bonds, $287,000; paper under disOrnament Liabilities.
$6,000,000
$9.978,964 Capital stock
Plant account
$651,723.
427,800 1st M.bonds (this issue)_ 5,000,000 count,usual
Invest, in affil. cos
comparative income account was given in V. 118, p. 2046.
The
56.749
100,000 Notes & accounts payable
Miscell. investments_....131,560
1,433,464 Accrued taxes & interestCash
-New Control.
Canton (N. C.) Electric Co.
120,000
465,239 Dividends declared
Notes & acets receivable
According to a Charlotte, No. Caro., dispatch, tho capital stock of
380.291
124,303 Reserve for depreciation_
Materials and supplies.._ _
company has been sold to interests associated with the Electric Bond
886,117 this
3,354 Surplus
Prepaid accounts
& Share Co. of Now York, who were represented in the negotiations by
41,593
Miscellaneous
Frank Millman Jr.
$12.574,718
-312,574,718 Total
-Acquisition.
Central Aguirre Sugar Co.
Total
The company,it is reported, has completed arrangements for the acquisi-Part of the proceeds are to be used to pay $4,000.000 5%
Purpose.
for payment June 1 1924 at 1003. and interest at the tion of stock control of the Santa Isabella Sugar Co. A total of 9,900 shares
Gold Notes called
Bridgeport Trust Co. The balance of the proceeds, included in cash in or about 62% of the 16,000 outstanding shares of Santa Isabella were
the above balance sheet, will be used for additions and extensions to the acquired at a price slightly above par, $100 a share, it is said, the largest
-V. 117, p. 2545.
block, or 4,000 shares being acquired from Juan Cortaba, President of'
company's property.
-V.118, 1)• 1915.
Santa Isabella and the largest stockholder.
-Earnings, &c.
Bristol (Conn.) Brass Co.
-Earns. Quar. End. Mar. 311924.
Central Steel Co.
The company for the year ended Dec. 31 1923 reports a loss of $43,395.
$1,447,757
Preferred dividends paid amounted to $43,400.
Net profits after all charges, except Federal taxes
-Vol. 118, p. 1778.
Balance Sheet Dec. 31.
1922.
-Trustee Resigns.1923.
1922.
1923.
Central Sugar Corp. New York.
Assets$1.732,220 $1,880,602 Preferred stock. _ _ $620,000 $620,000
Piant
The Trust Co. of Cuba has tendered its resignation as trustee of an issue.
55,267 Common stock_ _ 1,500,000 1,500,000 of $3,000,000 10-Year 8% Convertible gold notes dated Oct. 1. 1902.104,905
Cash
575,000
325,000
492,649 Bills payable
253,510
Receivables
239,609 V. 116. p. 2280.
741,206 Other payables_ _ 102,950
637,218
Inventories
10,850
10,850
-Earnings.
47,084
49,600 Accrued dividends
Deferred charges__
Century Ribbon Mills, Inc.
450,511 Res.for bad debts.
1923.
40,393
257,469
1924.
Investments
Three Months Ended March 31724,376
Surplus
433,211
5175.983 $175,428.
Net profits for dividends
35,005
32,900
Dividends paid on preferred
Total
$3,032,406 53,669,835
$3,032,406 $3,669,835
Total
8143,083 $140,428.
-V.118.D. 1139.
Balance for common
Net profits for the first 3 months of 1924 were equal to 31 43 on the
-$1 Gas Law Unconstitutional. Common, an annual rate of $5 70 a share, against which annual dividends
Bronx Gas & Electric Co.
Special Master gram has recommended to the Federal Court that at the rate of $2 a share are now being distributed.
y the New York Legislature be declared confiscatory
In spite of the fact that the silk business generally has been passing
the $1 gas law pass
few months,
subsidiary
and unconstitutfena as applied to Bronx Gas & Electric Co., ais in excess through rather unsatisfactory trade conditions for the past satisfactory'
Das Co. He held that the cost of production
the company's sales, it is stated, have maintained an extremely
of Consolidated.
by the volume and in the first 3 months of 1924 were practically as large as in 1923.
of this rate. The standard of 650 British thermal Units provided
showing quite a notestatute was Upheld, but he recommended the company be allowed suf- It is understood that April business in particular is confident of a year of
forced worthy expansion and officials of the company are
ficient Hoare to adjust appliances to use of the new gas before being
company, it is understood, continues in
supply this quality of gas. 1923 the actual net cost of gas sold by the excellent results in 1924. Theratio of current assets to current liabilities
to
strong financial position with a
In the year ended Dec. 31
on the incompany was $1.1824 per 1,000 cu. ft., aside from any return650 British of better than 3 to 1.-V. 118. p. 1141. 668.
and if the company had supplied gas of not less than the dollar
vestment,
-Bond Application, &c.
Cincinnati Gas & Electric Co.
thermal units, the cost would have been 51 21. Therefore
20c. per
confiscatory
The company has applied to the Ohio P. U. Commission for authority
rate, the report states, is 1272. 1015. to extent of more than
-year S. F. Gold bonds.
118. v.
to issue $2,500,000 of Prior Lien & Ref. Mtge.40
(a)
-V.
$1,000 Cu. ft.
due 1961, and (b) to sell them to the Union Gas & Electric Co. the lease
companies for
denied a Joint petition of the
-Rights.
Brooklyn Edison Co., Inc. the company's treasury for expendi- ofThe Commission Cincinnati Co. to the Union two-Y. 118, p. 1669
.
Co.
property of the
of
To provide for the reimbursement
additions and extensions to its plants and facilities the
tures made for
-Earnings.
Cities Service Co.
216,000,000 capital stock from the increase
directors have voted to issue the stockholders Feb. 25 1924 and approved
Earnings for March and 12 Months Ended March 31. March 31.
of capital stock authorized by order dated April 24 1924.
by its
-Month of March- 12 Mos. End. 1923.
by the P. S. Commission
1924.
of record May 12 1924 for
1923.
1924.
stock will be offered to the stockholders
The
$1,823,418 $1,776,487 $16,651,787 215,643,278
the right to subscribe to expire May 29. Subscriptions Gross earnings
subscription at par,
466,969
515,254
50,514
on May 29 1924 or in three installments as Expenses
57,195
2,485,070
will be payable efrhe'r in fullon Sept. 2, 30%. and on Dec. 1,30%.
2,447,475
227,916
161,318
follows: On may 29. 40%;entitled to subscribe for 4 shares of the new Int. & disct. on dabs_ _ _ _
414.759 5,007,513 4,931,322
be
422,712
Dividends, Prof. stock
Each stocichoider will
stock held. Payment will be at the rate of
stock for each 11 shares of the
instaltments paid.
Net to Corn. stk. & res $1,182,194 31,083.298 $8,681,546 57.759.917
6% iDer annum upon
payment in full, or of the first installment,
,
bj
Total surplus and reserves, 849.429,708.-V. 118, p. 2035, 1915.
'Warrants, acconajunied before May 29 to Dillon, Read & Co., 28 Nassau
must be surrendered on or issue of stock has been entirely underwritten by
-Retires Notes.
Columbia Gas & Electric Co.
This
Street. New York. subject to the prior right of the stockholders.
-V. 118.
The company on May I retired with treasury funds the $2,040,000 5%
Dillon, Stead 500..
Purchase Money notes maturing on that date.
applied to the
IL 1015, 792.
The Columbia Gas & Supply Co., Cincinnati. O., has
shares of Common
Account
Ohio P. U. Commission for authority to issue 15,000
-1% Dividend on quarterly of Arrears.
operate the
Bucyrtis Co.
and stock, no par value. This company has been organized to communities
dividend of 1U%
the regular
The directors have declared back dividends on the Preferred stocic, both Columbia as properties at Dayton, Middletown and other
of
78
a dividend of 1% CM account
June 20. Like amounts were paid April 1 between Dayton and Cincinnati, 0.-V. 118. P. 17 .
record
payable July 1 to holders of
of 7% was made on account of accumu-Bonds Called.last. on Jan. 2last a distribution 2216.)-V. 118. v. 1139.
Consol. Gas Elec. Lt. & Power Co.
p.
Mtge. Sinking
lations. (Conipare also V. 117.
All of the outstanding $8,752,500 Series"C"7% First Ref.
been called for payment July 1 at
Fund Gold Bonds, due Oct. 1 1931, have
-Obituary.
City, or at
Co.,
Burns Brothers (Coal). the Advisory Committee, acid formerly 102 and interest at the Bank of the Manhattanat theNew Yorkthe London.
office of
Sons, Baltimore, Md., or
Michael F. Burns, Chairman of
in New York on April 28.-V. 118,p. 1778. Alexander Brown &
President Of the company, died
MAY 3 1924.]
THE CHRONICLE
2185
Joint City & Midland Bank, Ltd., in London, Eng., now known as Midland
Edison Electric Illuminating Co. of Boston.
-Notes
Bank, Ltd.
These bonds are convertible at the option of the holders on five days Sold.
-Blake Brothers & Co., First National Corp. of
written notice into Series "D" 65 % First Ref. Mtge. Sinking Fund Gold Boston, R.
L. Day & Co., and Merrill, Oldham & Co., have
Bonds, par for par, with a cash adjustment of accrued interest. This right
to convert said bonds will cease ten days prior to July 1 1924,the date fixed sold
,000,000 notes, to yield 4.80%.
for redemption.
The notes are dated April 30 1924 and are due Jan. 15 1925. Denom.
The New York Trust Co. has been appointed transfer agent of an $5,000, $10,000, $25,000 and $50.000. A legal investment for savings
additional issue of Series "0" Preferred stock.
banks in Massachusetts. These notes are issued principally to refund bank
-V. 118, p. 2046.
loans. Earnings for the year ended Dec. 31 1923 amounted to
Columbian Carbon Co.
-Earns. Three Mos. End. Mar.31 Continuous dividends of at least6% have been paid since 1901.$6.520.908.
the present
Three Months Ended March 31rate being 12%.
1924.
1923.
Gross income
The present outstanding stock amounting to $38.928.400 was issued for
$1.947,773 $2,243,009
Operating expenses and charges
711,593
824,901 $63,524.236, or an average of about $163 a share. At present price of the
Depreciation and depletion
440,119
285,132 stock, about $170, there is an equity for these notes of over 566.178,000.Reserve for Federal taxes
100,000
140,000 V. 118, p. 1142, 557.
Dividends ($1 per share)
402.081
402.131
Electric Auto Lite Co.
-Earnings.
Balance, surplus
Quarter Ended March 31$293,979
$591,745
1924.
1923.
-V. 118, p. 1387.
Net after all charges
$650,670
$809,921
- 118, p. 1142, 437.
V.
Consolidated Coppermines
Corp.-Bal. Sheet Dec.31'23
Assets
Liabilities
Property and equipment- $6,657.553 Capital stock outstanding $5,947,973
Deferred development_ __ 3,319.406 Stock to be issued for
Investments
148,886
property acquired_ _ _ _
430,427
Current assets
672,086 Current liabilities
33,027
Treasury stock
35,167 Deferred liabilities
9,212
Deferred accounts
5.531 Reserve for depletion_ _ _
354,66.3
Paid-in surplus
4,063.325
Total
$10,838,628
Total
$10,838,628
-V,116. p. 1416.
Empire Gas & Electric Co.
-Earnings.
-
Calendar YearsGross earnings
Other earnings
1923.
1922.
1921.
1920.
$2.101,740 $1,861,780 $1,673,574 $1,599,905
6.816
4,586
4.484
4,790
Total earnings
$2,108,556 $1.866,264 $1.678.160 $1,604,696
Oper. exp., incl. deprec.
and taxes
1,393,659
1,207.561
1,249.795
1,334.240
Uncollectible bills
2.109
7,360
Interest on funded debt..
344.176
231,281
314,930
268.064
Other interest
10,198
23.835
20,826
1.608
Amort. of bond disc t_
28,373
21,791
Continental Oil Co.
Adjustments
-Sub. Co. Declares Dividend.
630
The Buck Creek Oil Co., a subsidiary, has declared an initial dividend of Dividends paid
228.490
139,352
85.055
34,440
10 cents a share, payable June 1 to holders of record May 20. The dividend
Balance, surplus
is not for any stated period and is being paid from reserves.
$129,924
$173,227
$25,417 def$18,664
-V.118. p. 556.
The income account for the 12 months ending Dec.31 1923 of the Empire
Continental Paper Co.
-Bonds Called.
Coke Co. shows: Dividend revenue, $181,829: interest revenue. $190;
-year 6% Gold coupon bonds, dated Oct. 1 1912 profit on sale of securities, $3,156; gross earnings, $185,175;expense.$3.995;
Thirty 1st Mtge. 15
(aggregating $25,000) have been called for redemption Oct. 1 at par and int. taxes, $5,916: interest charges, $3,894; net income, $171,370: diva. 1st
at the Empire Trust Co., successor trustee, 120 Broadway, N. Y. City. Prof. stock. $18,000; diva, Prof. stock, $74,973; diva. Common stock,
-V. 116, P. 1537.
$30,000: balance surplus, $48,397.-V. 118, p. 1398.
Cushman's Sons, Inc.
-Quarterly Earnings.
-
3 Months ended March 31Earnings before depreciation and Federal tax
Depreciation and Federal tax
Not earnings
See also V. 118, P. 2047.
1924.
$352,751
112,419
1923.
$320,832
104,875
$240,332
$215,957
Copper Range Co.
-Annual Report.
-
Everlastik, Inc., Chelsea, Mass.-Bal. Sheet Dec.31.-
[As filed with the Massachusetta Commissioner of Corporations.]
Assets1923,
1922.
1922.
1923.
Real est.,mach.,dtc.$2,715,370 52,683,355 Capital stock
$3,658,700 $3,660,100
Inventories
1,341,342 1,238,502 Funded debt
1,092,600 1,150.000
Cash & debts rec
959,640
862,410 Accts. payable_ _ 219,022
242,786
Patent rights
286,022
286,022 Glad-aid fund_ _
19,860
22,600
Investments
171,058
104,500 Reserves
906,724
992,306
-mks.dc g'd-will 675,282
Tr.
675,282 Surplus
495,009
258,074
Defei red charges
328,783
390,213
Calendar Years1923,
1922.
1921.
1920.
Copper produced (lbs.)_ 23,571,360 29,029,474 32,669,738 23,756,267
Proceeds
3,490,566 4,129,538 4,324,638 4,073,884
Total
$8,477,497 $6,240,284 Total
$6,477,497 $6,240,284
Interest, &c., received
197,197
V.
140,883
132,667
158,880 - 117. p. 1132.
Gross income
Fairbanks & Co.
$3.687,763 $4,270,422 $4,457,305 $4.232,764
-Earnings.
Net after local taxes__
582,746
3 Months ended March 31699.847
471,873
103,507
1924.
1923.
Surplus earnings of Cop-Gross sales
$1,219,345 $1.727,171
per Range RR. Co_ _ _ Cr.34,807
Cr.77.094 Cr.126,801
Cr.91.540 Profit after expenses, &c
81.157 def84.358
Deduct Champion net
389,435
445,258
363,489
199,886 Interest, depreciation, &c
98,279
124,102
Deprec. &
711,543
Tr tWn't shut
depletion_---down exp
107,321
Net loss
$17322
$208,460
Dividends
394,422
394.422
591,625 -V. 118, p. 2048.
Balance,sur.or def.._ _def$965,167 def$62,739 sur$235.185 def$596,464
Fitchburg (Mass.) Gas & Elec. Co.
-Stock Application.
-Ir. 118, p. 1779.
The company has applied to the Massachusetts Dept. of Public Utilities
for authority to issue 12,343 additional shares of Common stock (par $50)
Detroit City Gas Co.
-Gas Rate Case.
at $65 a share. The proceeds are to be used for additions and improveThe Detroit City Council has voted unanimously to accept over Acting ments.
-V. 117. P• 786.
Mayor Joseph A. Martin's veto the gas rate award of the arbitration
board chosen jointly by the city and the gas company. The award retained
Fleischmann Co. Cincinnati.
-Purchases Plant
-Earns.
-cent rate to household consumers, but raised rates to large industhe 79
The company purchased from the Ward Baking Co..
Research
trial users from 49 to 58 cents per 1,000 Cu. ft. It also reduced the British Products Co., operating in Ohio. The chief product of the Research
the
thermal unit requirement from 600 to 530.
Products Co. is mineral salts used in bakeshops. The purchase price was
• It is estimated the award will increase the company's annual revenue not announced.
by over $1,000,000, of which about $500,000 will result from the increase
Earnings
1924.
1923.
in rates and $600,000 from savings through the reduction in B. T. U. Net profit-3 Months ended March 31after expenses
$2,321,369 $2,038.573
requirements.
-V. 118. p. 1916.
Other income
263,673
191,909
Durham (N. C.) Public Service Co.
-Bonds Offered.
A. B. Leach & Co. Inc., and P. W. Chapman & Co. Inc.,
are offering at 994 and div., to yield over 7%,$1,560,00
Ref. Mtge. 7% Gold Bonds, Series "A."
Dated April 11924, due April 11949. Int. payable
agency of the company in New York without deductionA.& 0. at office or
for normal Federal
Income tax not to exceed 2%. Penn. 4 mills tax, Maryland 410 mills
tax and Mass. 6% tax refundable. Denom. c5 $1,000 and $500 and
$1,000 and multiples. Red. all or part on any int. date on 60 days notice
to and including April 1 1929 at 10734, thereafter to and incl. April
at 105, thereafter to and incl. April 1 1939 at 10234 and thereafter at11934
less X of 1% for each year or part thereof expired, plus int. in each10234
case.
New York Trust Co., New York, trustee.
Data from Letter of R. L. Lindsey, Vice•President of the Company.
Company.
-Does without competition the entire domestic and commercial
electric light business and street railway business in
supplies a number of power consumers, among themDurham, N. C.. and
the Liggett
Tobacco Co., with electric power. Also furnishes the city under & Myers
contract
with street lighting service. Company supplies 6.442 customers with
electric current; the sales of electric energy to the public in the year 1923
were over 5,800,000 k.w. hours. Company also does a large and profitable
business in the manufacture and distribution of artificial ice. The electric
power system consists of a modern steam generating plant with a capacity
of 3,100 k.w., located in Durham, and transmission and distribution lines
aggregating about 160 miles in length. Company also has a
contract with the Southern Power Co. for the purchase of electricfavorable
energy.
Earnings 12 Months Ended March 31 1924.
Gross earnings
$710,861
Operating expenses, maintenance and taxes
451,363
Net earnings available for interest, Federal taxes & reserves_ $259.498
Annual int. requirements on total fund, debt outstanding,
including this issue
125,000
-Secured by a direct mortgage on all the physical properties,
Security.
rights and franchises now or hereafter owned, subject only to the prior
$400,000 1st Mtge. 5% Gold bonds (closed) now outstanding and
lien of
non-callable.
-Proceeds will be used for the retirement of company's outPurpose.
standing Gen. Mtge. Gold bonds; to reimburse the company for additions
and betterments already made to the properties, and for other corporate
purposes.
-Company will set aside as an annual sinking fund,
Sinking Fund.
beginning April 1 1925 a sum equal to 1% of the largest amount of these
bonds and any underlying bonds outstanding, to be used for the retirement
of Ref. Mtge. bonds or underlying bonds by purchase in the market, or
by call by lot.
Authorized, Ontstandina
CapitalizationRef. Mtge.7% Gold bonds,series"A"(this issue) _
a
31.500,060
1st Mtge.5% Gold bonds (closed issue)
$400.000
400,000
Cumulative 6% Preferred stock
2,000,000
300,000
Common stock
1,000,000
300,000
a Issuance of additional bonds restricted by provisions of the Trust Deed.
Management.
-Company is a subsidiary of Cities Service Co.
-V. 113,
p. 2405.
Gross income
Insurance fund and Pref. stock premium
Charges and Federal taxes
Preferred dividends
Common dividends
52,513.278 $2,302,246
$92,235 $132,063
322,680
283,530
19.425
21,161
1,125,000
750,000
Surplus
Profit and loss credits
$953.938 $1,115,492
12,270
9,311
Total surplus
- 118. p. 1018. 1398.
V.
$966,208 $1,124,803
Ford Motor Co.
-Balance Sheet.
[As filed with the Massachusetts Commissioner of Corporations.1
Feb. 29 '24. Feb. 28 '23. Feb. 28 '22.
Assets$
$
Real estate
93,100,049 86,047.010 81.026,633
Machinery and equipment
87,689,441 54,743,388 49.401,132
Inventories
94.328.306 83,693,884 45,208.094
Notes
74,833
6,899
Cash
159.605,687 109.232.732
Accounts receivable
271,618,668 41,938,329 39,375.702
Patent rights
110,740
155.896
Securities
37.401.695 15,749,953
Furniture and fixtures
51,094.765 39.221.862
Miscellaneous investments
500.814
548,700
Good-will
20,517,986 20,517.986 20.517,986
Deferred charges
196,399
529,766
847,187
Total
568,101.639 536,351.939 400,548,946
Liabilities
Capital stock
17,264,500 17.264,500 17.264.500
Mortgages
Accounts payable
71.214.937 61.488.980 33,089.894
Deprec. and amortization reserve_ _
62,576,256 50,829,307
Deferred credit
388,598
853.950
Reserve for Federal, &c.. taxes
37.436,120 34.856,007 58,032,559
Profit and loss surplus
442,041,081 359,777,598 240,478,736
Total
568,101,639 536,351,939 400,548.946
-V. 118, p. 1916. 1274.
Foundation Co., New York.
-New Business on HandRights.-Pres. John W. Doty in a letter to stockholders
dated April 28 says:
The value of work on the books of the company as of Jan. 1 was $23.000.000, of which the amount of uncompleted business was 512,000,000.
The volume of new business closed to date since Jan. 1 aggregates $15.000,000. which equals 60% of the total business closed during 1923.
The total value of the work on the books aggregates 538,000.000. of which
$25,000,000 is incomplete as of this date.
The amount of additional new business which we anticipate closing
during May approximates $10,000.000. making the volume of new business
for the first 5 months of this year in excess of the total business closed
during 1923. New business prospects are conservatively indicative that
the aggregate business booked during 1924 will be more than double the
amount taken during 1923.
East Bear Ridge Colliery Co.
-Bonds Called.
In view of the volume of business closed and the prospective business
Forty-three ($43,000) bonds, dated May 11915, were called for
offering, the officers believe that additional financing should be done at
tion May 1 1924 at 10234 and int. at the Fidelity Trust Co., redemp- this time. The directors
trustee,
have, therefore, authorized the issue of 5,000
Philadelphia. Pa.
-V. 111, v. 1953.
shares of Cumul. no-par value Preferred stock bearing dividends of $7
2186
THE CHRONICLE
[VOL. 118.
per share per year, previously authorized, and the right entitling stockGeneral Motors Corp.
-Export Business.
holders of record April 28 to subscribe to the stock to no issued at $95 per
In
share on the basis of 1-11 share for each 1 share of Preferred and (or) Corn. sold the first three months this year, the cars and trucks manufactured or
overseas by General Motors numbered over 17,000 valued at approxistock now held. Fractional warrants will be issued for subscriptions to
or nearly double the 8,800 cars valued at about $7,less than 1 full share. Certificates for the stock so subscribed will be mately $13,500,000,corresponding
period of 1923, according to Vice-Pros.
delivered on or after June 2 1924, and will bear dividends from that date. 500,000, sold in the
Jas. D. Mooney. This includes sales of Buick, Cadillac, Chevrolet, OakThis offer to stockholders will expire May 19.-V. 118, p. 2048.
land and Oldsmobile cars and GMC trucks.
Mr. Mooney further states: "This is the largest business both in number
Freeport-Texas (Sulphur) Co.
-New Director.
of units and volume in dollars, ever
by the General Motors Export Co.
Judge Amos L. Beaty, President of the Texas Co., has been elected a in any similar period. While 1923doneregarded as a most prosperous one
was
director.
-V. 118, p. 1779, 1670.
for the entire motor industry, both at home and abroad, all indications
point to the establishment of a new record in 1924, at least insofar as
Frontenac Breweries, Ltd.
-To Pay Accrued Dividends. overseas sales are concerned."
The dividend of 35 1 (10% in cash and 25% in Cumul. 7% Pref. stock)
See also report of General Motors Corp. for the quarter ended March 31
recently declared on the Pref. shares (see V. 118, p. 1916) will be paid 1924 under "Financial Reports" above.
May 15 to holders of record May 1. With this payment, all arrearages
Buick Motor Co.
-President H. H. Bassett says in substance: "There
on the Pref. stock will have been paid. A payment of 21% on account are 23,306 men on our payroll and we expect soon to increase this number.
of accumulations was made on Oct. 15 1923. See also V. 118. p. 1916.
"Extensions and additions to our engine plant, sheet metal plant, body
building plant, gray iron foundry, axle plant, forge shop, tool making plant
General Automotive Corp., Chicago.
-Stock Offered.
- and finished stock department,the work upon which has recently somewhat
Common stock was offered at par ($25) restricted production, are rapidly approaching completion. These imAn issue of $415,000 Class "A"
by Fiscal Engineering Co. of Chicago and the company itself. Registrar provements will supply facilities for meeting our constantly and rapidly
increasing domestic and export business.
and transfer agent, Standard Trust & Savings Bank. Chicago.
"We have sold 12,000 more models for the season ended March 30 than
Capitalization (no bonds)Authorized. Outstanding.
Class "A" Common stock (par $25)
$500.000
$500.000 for the same period in our best previous sales year."
Class "B" Common stock (par $5)
350,000
350,000
To Sell Interest in General Leather Co.4
Company.-Incorp. in Illinois June 1 1921. Has operated as exclusive
See that company above.
-V.118, p. 2048, 1917.
distributors of the automotive accessories manufactured by Miller &
Pardee, Inc. Company acquired as of Dec. 31 1923 all of the automotive
Gimbel Brothers.
-Outlook.
Patents, trade-marks, merchandise in process of manufacture and the
Chairman Charles Gimbel is quoted as saying: "The outlook for the
machinery and equipment used in the manufacture ofautomotive accessories
from Miller & Pardee, Inc., and will, in the future, therefore, be the owners company is very good for this year. We think that this year's business
of all patents of accessories distributed by them. Business is devoted to will exceed 1923. April sales, I understand, showed an increase of 15%
-V. 118, p. 1399.
the marketing of automotive accessories, and the company has gained a over last year."
national reputation in the distribution of the "Monogram" radiator cap.
Golden Cycle Mining & Reduction Co., Colorado
This accessory is now considered essential in automotive equipment.
Company acquired in fee as of Dec. 31 1923,6 patents and 26 applications Springs, Colo.
-Increases Dividend.
for patents on this and other accessories.
The directors have declared a quarterly dividend of 3% payable June 10
Purpose.
-For the exclusive purpose of providing the company with
to holders of record May 31. This increases the annual dividend rate from
additional working capital needed in the expanding business activities.
8 to 12%.
Earnings Years Ended Dec. 31.
Prior Chges.
Great Atlantic & Pacific Tea Co., Inc.
-Sales for Year.
Inc. before Inc. Taxes
Net
Years Ended- Feb. 29 '24. Feb. 28 '23. Feb. 28 '22. Feb. 28 '21.
Net Sales. Prior Chges. & Interest.
Income.
$302,888,369 $246,940,873 5202,433,531 8235.302,887
1922
$104,810 Sales
5696,091
$167,010
$62,200
13,607,502
19,570,325
24.562,361
1923
210,248 Profit & loss surplus 31.181,140
1,491,949
252,107
41,858
Dividends.
-Directors have signified their intention of immediately -V. 118, p. 90.
placing the class "A" Common stock on a 10% dividend basis, payable
Great Western Power Co. of Calif.
-Bonds Offered.
semi-annually.
Stock Provisions.
-No dividend shall be declared on class"B"stock unless E. H. Rollins & Sons, Lee, Higginson & Co. Bonbright &
an equivalent rate of dividend shall be declared and paid on class"A"stock. Co. and Peirce, Fair & Co. are offering at 99
%
, and lot.'to
In the event of any liquidation, dissolution, winding up,or sale of the assets
whether voluntary, or involuntary, or in the event of any distribution of yield over 6%, $2,000,000 1st & Ref. Mtge. Sinking Fund
capital, the holders of class "A" stock shall first be entitled to be paid in Gold bonds, Series "C," 6%. (See description in V. 114, •
full the par value of their shares before any amount shall be paid to tbe!
holders of class "B" shares; and after payment to the holders of class "A' p. 2020.)
Company.
shares the holders of class "B" shares shall be entitled to be paid in full the
-Incorporated in 1915 in California for the purpose of unipar value of their shares, and the remaining assets and funds shall be fying the Great Western Power System. Owns in fee, subject to existing
distributed equally among the holders of class "A" and class "B" shares, liens, all the properties, rights and franchises formerly owned by the Great
Western Power Co., the City Electric Co.and the Consolidated Electric Co.
without regard to class, share and share alike.
Company Serves the greater part of central California, with a populaGeneral Gas & Electric Corp.
-Bonds Offered.- tion of over 1,400,000. Since the beginning of 1912 the connected load
has been
h. p., and the
Pynchon & Co., New York; Moors & Cabot, Boston. and number ofincreased from 110.000 h. p. to about 425,000this same period
consumers from 4,230 to about 48,000. During
Parsley Bros. & Co., Phila., are offering at 100 and int. gross earnings have increased from about $2,000,000 per annum to over
$7,225,000 per annum. Company's
$500,000 7% Sinking Fund Gold bonds, due 1952, series installed capacity of 233,000 h. p., of electric generating plants have an
"A," dated Sept. 1 1922,due Sept. 1 1942. A circular shows: and 50,000 Ii. p. is in auxilairy steam which 183,000 h. p. is hydro-electric
plants.
Purpose.
-To provide in part the funds necessary to reimburse the
Company.
-Controls through ownership of practically the entire Common
stocks, 12 public utility operating companies which, in turn, through stock company's treasury for capital expenditures recently made and soon to
ownership and long term leases. control 34 additional public utility com- be made.
panies serving important communities in the eastern section of the linited Capitalization Outstanding as of Feb. 28 1924 (Including this Offering).
States with electric light and power, gas and interurban and street electric Common stock
$27,500,000
railway service. Properties controlled direct or through subsidiaries are Pref. stock, 7% Cumul. (incl. $630.000 subscribed for but
mainly electric light and power, and are located in Pennsylvania, New
7,755,584
not fully paid up)
Jersey, New York, Ohio, Vermont, New Hampshire, North Carolina Debentures, 6%, 1925
4.177,600
and Florida.
2,489,000
General Lien Cony. 15
-year 8s, 1936
Security.
-These bonds, outstanding in an amount of $2,039,500, have 1st & Ref. Mtge. bonds, Series "C" 6s, 1952
5,983,000
as security $2,060,100 10
-Year 6% Secured Gold bonds, due Sept. 1 1929,
x5,107,100
do
do
do
Series "B" 7s, 1950
which is more than 50% of the outstanding amount of the 1929 issue.
5,968,000
do
do
do
Series "A" 6s, 1949
The collateral deposited to secure this latter issue represents control of Underlying Divisional Mortgage bonds (closed)
2,830,450
practically all of the principal operating subsidiaries of the corporation.
19.708.000
1st Mtge. 55. 1946 (closed)
Earnings -Consolidated net earnings of the corporation and its subsidiaries for 1923, after deductions for maintenance and depreciation and
x $2,489,000 additional Series "B" bonds have been issued and pledged
for payments of interest and dividends on subsidiary companies' securities as collateral security for the $2,489,000 outstanding 8% Convertible bonds.
held by the public, and after allowance for proportion of surplus earnings
Earnings of System for March and Three Months Ended March 31.
applicable to minority holdings were $1.672,531. Expenses and taxes
(Great Western Power Co. of Calif. and California Elec. Generating Co.]
were $41,861; balance, $1,630,670.
Management.
-W.S. Barstow & Co.,Inc., New York.
-V. 118, p. 1779,
.
-Month of March- -3 Mos End. Mar.31913.
1923.
1924.
1924.
1923.
$1,859,849
Gross revenues
General Leather Co.
-Bonds Offered.
Read & Oper. exp., taxes & raise- $627,829 $589,172 $1,911,036
-Dillon,
683,971
751,454
216,109
261,761
635,205
211,512
643,870
214,602
Co. are offering at 99 and int. $1,200,000 1st (closed) Mtge. Interest on funded debt
Accrued divs. on Calif. El.
• 15-Year 63/2% Sinking Fund Gold bonds.
37,500
Gen. Co. pref. stock__ _
37,500
12,500
12,500
90,000
132,004
Dated May 1 1924. Due May 11939. Int. payable M.& N.in N. Y. Renewal & replace't res
44,001
30,000
City at the office of American Trust CO.. trustee. Denom. $1,000 and
Balance
$413,173
$500c5 Red. as a whole or in part by lot for sinking fund, at 105 and
.
5346,208
$94,964
$119,051
int. on any int. date. Int. payable without deduction for Federal normal
income tax up to 2% per annum. Present Pennsylvania four-milts personal to Vice-President H. P. Wilson says: "Notwithstanding the fact that sales
other distributing companies in March were $16,000 less than during
property tax refundable.
the-corresponding period last year, and due to unusually mild weather. the
Data from Letter of James T. Smith, Vice-Pres. of the Company.
steam heating business was down $9,000, we increased our gross revenues
-Is the largest manufacturer in the United States of leather 538.656 over 'March 1923. This reflects an addition to our system during
Company.
used for upholstery. During the past five years the company has sup- the past year of over 7,800 consumers, with a connected load of upwards of
plied under a "cost-plus" contract with the General Motors Corp. the .53.000k. w.,and a consumption in additional k. w. hours of over one million.
"The increase in operating expense in March of $45,652 is due almost
greater part of its leather requirements for the Buick, Cadillac, Oakland,
Oldsmobile and Chevrolet cars and for the Fisher Body Corp.; and also a entirely to fuel and labor costs of operating the steam generating stations
substantial part of the requirements of the manufacturers of the Dodge, to full capacity, in order that our stored waters at Big Meadows may be
conserved against the time of our heaviest demands during the summer and
Hudson, Packard, Chandler, Durant, Maxwell and other automobiles.
Company has closed a new contract with General Motors Corp., running fall months of this unusual year.
"The entire State of California is passing through the dryest year it has
for three years from Jan. 1 1924, under the terms of which it has the
preferential rights of supplying on a competitive basis up to 75% of General experienced since 1888. During the winter months when the greatest
Motors Corp.'s upholstery leatner requirements during this period. Ap- precipitation of snow and rain usually occurs, those of 1923-24 were pracproximately two-thirds of the company's output is beitn consumed by tically without moisture of any kind until late in February. During March,
the automobile trade, the remainder being divided among the shoe, bag, however, material relief was had, but, owing to lack of heavily packed snow
and ice in the mountains, the run-off was unusually rapid.
strap, furniture and novelties trades.in
New Jersey as successor to two
''These conditions have made advisable the conservation of our stored
Company was organized in 1916
leather producing concerns which had been in continuous operation from waters, until later in the year, when they will prove of greatest value not
establishemnt in 1862 and 1879 respectively. Company performs only for power purposes, but to mature the crops of agriculture during the
their
the complete process from tanning raw hides to producing various finished summer.
"On Feb. 1, therefore, we initiated full use of our various steam plants.
leathers. The plant consists of two complete units constructed of steel,
concrete and brick throughout. All buildings were erected in 1916 and which, of course, has added enormously to our immediate expense of
operation, as, for instance, our cost of fuel oil alone was nearly $40,000
subsequent years. Plant is located in Newark, N. J.
Net Earnings for Calendar Years, after Interest, Depreciation, and all Other greater in March this year than last.
"This money is by no means lost, however. It means full capacity output
Charges, but Before Federal Taxes.
of our hydro-electric plants during the late summer and fall, when our
1924
1922.
1921.
1923.
(3 mos.). heaviest demand occurs, and when every available kilowatt hour of energy
1920.
1919.
$128,786
5535.575
$162,120 will be needed not only to supply the requirements of our own customers,
$213,864
$390,154
$578,245
this period were $382,618. The maxi- but by other distributing companies.
Average annual net earnings for
While for these reasons our shovring during the early months of this year
mum annual interest charge on these bonds is $78.000. Net earnings in will not be favorable
as during the corresponding periods of 1923, we have
the first three months of the current year were more than twice maximum no doubt that the
nsults of the year as a whole will fully demonstrate the
interest charges on these bonds for an entire year.
and notwithstanding
-Proceeds will be used to purchase from the General Motors wisdom of our present policy of water conservation entirely satisfactory.the
Purpose.
prove
Corp. its 50% ownership in General Leather Co. Common stock, and extraordinary conditions herein mentioned,
V. 118. p. 1526.
for other corporate purposes.
-An annual sinking fund of $55,000 will be provided
Sinking Fund.
Hayes Wheel Co., Jackson, Mich.-Earninqs-Sales.which will be used to acquire bonds, beginning May 1 1925, at 105 and
1924, including companies
Earnings for the quarter
int., said bonds to be drawn by lot by the trustee. Bonds acquired will acquired in March last, wereended March 31
approximately $585,000 before taxes. .After
and interest thereon added to sinking
be kept alive in the sinking fund
dividends, combined net earnings
of approximately
fund moneys for subsequent acquisitions. The sinking fund is calculated taxes about $476,000. $75,000. and Pref.
were
to retire the entire issue of bonds by maturity at 105 and int.
Net earnings of the company proper in the first quarter of 1924, not
-The outstanding capitalization consists of $276,200 7%
Capitalization.
($500.000 auth.) and $643,800 Common stock (auth., including companies recently acquired, were $353,441, against $401,813
Cumul. Pref. stock
in the corresponding period of 1923.
51,000.000).
MAY 3 1924.]
THE CHRONICLE
Gross sales of the company, not including sales of subsidiaries, were
$5.664,760 in the first quarter of 1924, against $4,553,424 for the same
period last year. Gross sales at present, it is stated, are running approximately the same as last year.
-V.118, P. 1780.
Hearst Publications, Inc.
-Guaranteed Bonds Offered.
Halsey, Stuart & Co., Inc., New York, and Anglo-London
Paris Co., San Francisco, are offering at 100 and int., $12,000,000 First Mtge. & Coll. Trust 6%% Serial Golds Bonds
(see advertising pages).
Dated May 1 1924. Due serially May 1 1926 to May 1 1936, inclusive.
Interest payable M. & N. at the office of the trustee, Anglo-California
Trust Co.in San Francisco, and at the office of Halsey, Stuart & Co., Inc.,
New York and Chicago, without deduction for the normal Federal
tax now or hereafter lawfully deductible at the source not in excess income
of 2 •
%
Denom.c* $1,000.$500 and $100.and r $1,000 and multiples. Redeemable
as a whole or in part (if in part the last maturing series in their order to be
first redeemed) at any time on 45 days' notice at 105 and interest on or
prior to May 1 1926, and thereafter at 105 less ;I% for each expired year or
portion thereof after May 1 1926. Company agrees to reimburse the holders of these bonds for the Penn.4 mill tax, the Conn. personal porperty tax
not exceeding 4 mills, the District of Columbia personal property tax
exceeding 5 mills per dollar per annum,and for the Mass,income tax on not
the
interest not exceeding 6% of such interest per annum.
-Unconditionally guaranteed as to principal and interest by
Guaranty.
William Randolph Hearst.
Data from Letter of William Randolph Hearst, New York, April 22.
Company.-Incorp. in California. Will own all of the outstanding capital stocks of the subsidiary companies publishing the following well-established and successful newspapers and magazines:
Newspapers.
Magazines.
San Francisco Examiner_(Est. 1880) Good Housekeeping
(Est. 1885)
San Fran. Call & Post..
(Est. 1856-74) Cosmopolitan
(Est. 1886)
Los Angeles Examiner_ __(Est. 1903) Harper's Bazaar
(Est. 1867)
Los Angeles Herald
(Est. 1911) Motor
(Est. 1903)
Oakland Post-Enquirer....(Est. 1886) Motor Boating
(Est. 1907)
The diversified type of the various publications is a strong
Hearst Publications, Inc. All of the newspapers are among the factor in
foremost
in the respective cities where they operate and the magazines are
ranked
with the leaders of corresponding nationally-known periodicals.
Each of the publications represents an important unit in the Hearst
organization and all of the publications have the advantage of the supervision of experts connected with this extensive organization.
The publications each have their own distribution system and the newspapers
have
their own printing establishments.
In addition to the Associated Press franchises owned by certain of
newspapers, which are very valuable, all of the publications share in the
benefits rendered by the special services of the Hearst organization, the
include a system of direct private wires all over the United Ztates. which
The publications comprising Hearst Publications. Inc.. have
had a remarkable growth, the newspepres having a present
circulation of 627.000 on week days and 715,000 oncombined net paid
Zundays, and the
magazines of 2.575.000 monthly.
CapitalizationFirst Mtge. & Coll. Trust 6;6% Serial Gold BondsAuthorized. Outstanding.
(this issue)
$12,000,000 $12,000,000
Capital at
15.000.000 15,000,000
Purpose.
-Proceeds will be used for refunding
of current liabilities and for other corporate purposes,for the retirement
purposes.
Security.
-Bonds will be a direct obligation of Hearst Publications, Inc.,
together with the joint and several obligation of its various
subsidiary
companies, and will be secured by a first mortgage lien on real
estate, buildings, equipment and other fixed assets now or hereafter owned.
The bonds
will be additionally secured by the pledge under a collateral
ment of all the stocks, exclusive of qualifying shares, of the deposit agreevarious subsidiary companies.
Balance Sheet.
-The balance sheet as of Feb. 29 1924, reflecting
coeds of the new financing, shows current assets of $11,057,200, the proas compared with current liabilities of $1,472.500. Including
Associated Press franchises and circulation), in addition assets (value of
to physical
current, which are of basic value to successful publishing companies, and
a very
conservative valuation of the property and business to be owned
by Hearst
Publications, Inc., is in excess of $40,000,000. The conservative value
of
the physical property owned directly and indirectly is in
of which amount over $5,500.000 represents real estate excess of$8,500,000.
and buildings located
in established business districts in the cities of Los Angeles, San
Francisco
and Oakland, Calif.
Earnings a the properties te be acquired, as reported by independent
auditors, for the last three calendar years:
1921.
1922.
1923.
Gross earnings
$25,842,067
Net,after deprec.,int. and all taxes- - 4,045,792 329.370305 $35,851,495
5,805.687 6,474,134
Annual interest requirements on $12,000,000 First Mtge. and
Coll. Trust
614% Serial Gold Bonds to be outstanding. $780,000.
Of the above net earnings for the year 1923, $3,924,551 were
derived
from the newspapers and $2,549,582 from the
magazines.
Provisions of Trust Indenture.
-The agreement will provide, so long as
any of these bonds are outstanding: (a) For the monthly
payment to the
trustee of amounts sufficient to take care of the semi-annual
payments of principal of these bonds: and (b) for the release interest and
of any of the
security for those bonds by the deposit of cash with the
trustee or by the
cancellation or redemption of any bonds equal in principal
amount to the
cash release requirements.
It is provided that in no event shall any
thereunder be made which would bring the release of real estate pledged
release
remaining real estate below an amount which aggregate equal toprice of the
would be
50% of the
then outstanding principal amount of bonds, and that in no case
stock of any newspaper corporation or the property of any of the shall the
magazines.
referred to above, be released if the net earnings for a preceding period
of
twelve months ending not more than sixty days prior to the
date of
release of the remaining property shall not equal twice the amount such
of the
annual payments for necessary interest and principal purposes.
(c) Company will covenant not to pay,or to permit any of its subsidiaries
to pay,cash dividends out of the surplus as of Feb.29 1924, of the
respective
companies.
-The so-called Hearst organization had its
Hearst Organization.
inception
in the San Francisco "Examiner," which was acquired by the father
of
William Randolph Hearst and has since developed into a chain of
papers serving a number of the important cities of the United Statesnewscoast to coast, together with a number of magazines, comprising the from
largest
Publishing business in the world.
The more important newspapers, in addition to those included in Hearst
Publications, Inc., are: "The New York American," "New York Evening
Journal," "Chicago Herald and Examiner." "Chicago Evening American,"
"The Milwaukee Telegram,""The Wisconsin News,""The Detroit Times,"
"Rochester Evening Journal," "Rochester Sunday American," "Syracuse
American,,, ,rp
Evening Telegram," "Syracuse SundayM rican," "The Boston Suny
da
Advertiser.", "The Boston
Baltimore News," "Baltimore
American," "The Washington Herald," "The Washington Timm." "The
Atlanta Georgian," "Atlanta Sunday American," "Fort Worth Record,"
"Seattle Post-Intelligencer." and "Albany Times
-Union."
Some idea of the extent of the Hearst organization may be gathered from
the fact that one or more of its publications may be found in over 9,000,000
homes and are read by one out of every three fernlike of the United States.
The gross business for 1923 amounted to 3123,000.000. The combined net
Paid circulation of these publications is approximately 9.000.000. the
printing of which requires annually 800,000,000 lbs. of paper.-''. 118, p.
2049.
Hercules Powder Co.
-Quarterly Report.
-
2187
Consolidated Balance Sheet March 31.
1924.
1923.
1924.
Assets-Liabilitiess
Plants & property_23,824,964 22,945,235 Common stock___14,300,000
Cash
1,624,103 1,253,867 Preferred atock___10,294,900
Accts.receivable_ _ 3,541,746 3,761,559 Aetna bonds
3,688,875
Collateral loans
1,930,000 2,000,000 Rills payable
Investment securiAccounts payable_ 316,510
ties
2,241,534 2,489,131 Pref. div. payable_
90,080
Liberty bonds
1,438,814 1,351,283 Deferred credits..
15,142
Mat'ls & supplies_ 3,517,738 3,806,079 Federal taxes(est.) 307,711
Finished product_ 2,307,523 2,089,822 Reserves
2,887,927
Deferred charges
119,674
122,205 Profit and loss_ _ _ 8,844,950
Total
40,546,097 39,819,181
-V. 118, p. 788.
Total
1923.
$
14,300,000
10,143,300
3,891,475
2,146
612,852
88,754
26,328
312,991
2,201,724
8,239,611
40,546,096 89,819,181
Hoosac Cotton Mills.
-Smaller Preferred Dividend.
-
The directors have declared a quarterly dividend of 1M % on the 6%
Cumul. Partic. Preferred stock, payable May 15 to holders ofrecord May 5.
The stock has participating privileges with the Common up to 8% p. a..
and paid 2% on Feb. 15 last.
-V.101. p. 531.
•
Humble Oil & Refining Co.
-Acquisition.
-
A published statement, understood by the "Chronicle" to be correct,says:
"The company has taken over the Webb leaseholds in the Cotton Valley
or Dorcheat district, Webster Parish, La., for $1,550,000. Of this consideration $200,000 was paid in cash- The remainder is payable out of
oil to be produced from the properties."
-V. 118, p. 1780.
Huntington (W. Va.) Water Corp.
-Guaranteed Bonds
Offered.
-P. W. Chapman & Co., Inc., and H. M. Payson
& Co., Portland, Me., are offering at 963 and interest, to
4
yield about 6X%,$1,300,000 First Mtge. 6% Gold Bonds,
Series "A."
Guaranty.
-Principal and intereseguaranteed by American Water-Works
& Electric Co., Inc.
Dated March 1 1924. Due March 11954. Interest payable M.& S. at
the office or agency of the corporation in New York City, without deduction
of normal Federal income tax not in excess of 2%. Penn.and Conn.4 mills
tax. Maryland 4 mills tax, and the Mass, income tax not to exceed 6%
refunded. Denom. 31,000, $500 and $100 c5 Redeemable, all or part,
.
upon four weeks' notice, prior to March 1 1934, at 105 and interest: thereafter and prior to March 1 1944, at 102 and int.; thereafter and prior to
March 1 1949 at 101 and int., and thereafter at 1911 and int. In the event
the city purchases the corporation's property, the bonds will be forthwith
paid at 100 and int. Equitable Trust Co., New York, trustee.
Data from Letter of J. C. Adams, President of the Company.
Company.-Incorp. in 1917, aN.tuiring the properties of Huntington
Water Co. and Guyandotte Water Works Co., which had served the cities
of Huntington and Guyandotte (now a part of Huntington)in West Virginia
since 1886 and 1888. respectively. These properties have always been a
part of the group of water-works properties which are now owned and controlled by American Water Works & Electric Co., Inc. Corporation supplies water for domestic and public use without competition to the city of
Huntington and vicinity. Total population served is over 60.000.
CapitalizationAuthorized.
Issued.
First Mtge.6s, Series"A"(thisIssue)31,300,000
7% Preferred Stock
31.40,000
Common Stock (no par value)
10,000 shs. 10,000 abs.
x Mortgage provides that additional bonds may be issued thereunder for
not in excess of 80% of the actual cost or fair value to the corporation,
whichever is the lower, of improvements, additions or extensions to the
property, provided the annual net earnings have been at least 1. times
3
4
interest charges on all bonds outstanding and those to be issued. In the
calculation of net earnings at least 5% of' gross earnings must be charged
to maintenance.
Earnings Year Ended Feb. 29 1924.
Gross revenue
$295,213
Operating expenses, maintenance and taxes
136.172
Net earnings
3169,042
Annual interest on entire funded debt (this issue)
878,000
Purchase by the City.
-Under the agreement now in effect between the
city and the corporation, the city has an option to purchase the properties
of the corporation at intervals of five years at an appraised value of the
property to be determined by two appraisers appointed by the city, two
by the corporation and a fifth chosen by agreement of the four thus selected,
otherwise by the Circuit Court of West Virginia.
Purpose.
-To retire all mortgage bonds now outstanding, namely, the
Huntington Water Co. First Mtge. 5s and the Huntington Water Corp.
First & Ref. Mtge. 6s, and to partially reimburse the corporation for additions,improvements and extensions made to its properties.
-V.107. p. 1484.
Hurley Machine Co. Chicago.
-Earnings.-
Calendar YearsNet sales
Net after taxes
V.
- 118. p. 1527.
1923.
1922.
1921.
1920.
36.855.088 $4,857.464 $3,844,164 $8.828,025
959,014
635,942
429,309
706,664
Independent Oil & Gas Co.
-Dividends.
-
The company has declared three quarterly dividends of 25 cents a share,
payable June 30, Sept. 30 and Dec. 31 to holders of record June 14, Sept. 14
and Dec. 12, respectively. A like amount was paid March 31 last.
V. 118. p. 2049.
Ingersoll-Rand Co.
-Earnings.
--
Calendar Years1923.
1922.
1921.
1920.
Total income
$7,829,592 $4,982,949 $33,062,824 $5,841,191
Depreciation
31.015,788 $1,071,091 $1,041,659 $1,184,199
Reserve for Federal taxes
792,666
283,595 Not shown
721,063
Interest on bonds
50,000
50,000
50,000
50,000
Div. on pref. stock (6%)
151,518
151.518
151.518
151,518
Balance. surplus
$5,819,620 $33,426,744 $1,819,646 $3,734,410
Previous surplus
6,525,727 17,308.429 18,075,826 14,716,913
Adjustments
Cr.149,334 Dr.40,306 Dr.108,459 Cr.714,132
Total surplus
$12,494,681 $20,694,867 $19,787.013 319.185.458
Inventory adjustment_
1,388,924
Common dividends:
Old stock (10%)
1,089.630
1,089,700
1,089.660
New stock
(28%)6,102,532
(10)2179,440
In stock
( %)2,180,000(100)10900000
10
Profit & loss, surplus_ $44,212,149 $6,525,727 $17,308.429 $18,075,826
--V. 118, p. 1275. 438.
Inland Steel Co., Chicago.
-Earnings.
-New Directors.
A. E. Norman and W. D. Truesdale have been elected directors to fill
vacancies.
Earnings for the Quarter Ending March 31 1924.
Net earnings after expenses and maintenance
$2,775,753
Deprec'n and depit'n. $309.014:int,on bonds,$11.250:estimated
Federal taxes, $285,000___________________________ 605,264
Net profits...................
- 118. p. 673. 558.
V.
Internation
32 170.489
al Business Machines Corp.-Quar. Earns.
Quarters end. Mar. 31. 1924.
1923.
1922.
Three Months Ended March 31
1921.
1922.
1023.
1924.
Gross receipts
$5,171,399 $5,503,261 24,243,659 32,828,238 Net earnings after bond interest
$658,410 $558,063 $402,774
xNet earns., all sources..
679.899
433,828
375.847
def62,401 Estimated Federal taxes
50,774
110,063
82,410
Pref. div.
179,369
%)
177,160
160,834
116,652
Balance, surplus
$576,000 $448,000 $352,000
Balance, surplus
3502.740
$254.460
3215,013 def3179,053 - 118. p. 2049. 1672.
V.
x After deducting all expenses incident to manufacture and sale, ordinary
International Mercantile Marine Co.
-Resignation.
and extraordinary repairs, maintenance of plants, accidents, depreciation,
The directors have accepted the resignation of Frank A. Vanderlip
taxes, &c., also interest on Aetna bonds.
from the board.
-V.118. p. 1527.
T-FrE CHRONICLE
2188
[vol.,. 118.
Madison Tire & Rubber Co., Inc.
-Merger Approved.
-Earnings.
Internat. Combustion Engineering Corp.
The stockholders on Feb. 19 (a) approved a merger of the company with
-1923.
1922.
1921.
Calendar Years
$725,704 the U. S. Rubber Reclaiming Co., Inc., a subsidiary corporation, the entire
41,042.796
$513,160
Net income from operations
75,535 capital stock of which is owned by the company, and (b) changed the name
300,405
75,253
Other income
of the company to the U. S. Rubber Reclaiming Co.,Inc.
-V.118,P.2050.
$801,239
$1.343,201
$588,413
Total income
Manhasset Mfg. Co.
$86,051
-Payment to Creditors.
$108,879
Interest, depreciation, &c
$308,670
118,198
The payment of $624,747 by the receivers of the company to creditors
125.972
43,752
Reserve for Federal taxes, &c
228,423 as a partial distribution on account of their claims has been authorized
434,587
Dividends
569,608
by the Connecticut Superior Court, which granted an order directing the
$368,567 receivers to make such payment. Creditors, it is said, have claims against
$338,950
$1.195
Balance, surplus
the concern for more than $5,000,000 and this payment represents a 10%
-V. 118. 1:/•
x Gross income for 1923 totaled $8,121,630; manufacturing and other recovery of the total due from the company to its creditors.
1672, 1277.
expenses, $7,078.834; net income, $1,042,796.-V. 118, P. 2049, 317.
International Shoe Co., St. Louis, Mo.-Obituary.-
Manhattan Electric Supply Co., Inc.
-Earnings.
-
The income
John C. Roberts, Vice-President and a director, died April 26.-V. $2.444,913; cost account for the March 1924 quarter follows: Sales,
of sales, $1,948,217: gross profit, $496,697; miscellaneous
118,p. 199,90.
profit, $47 385; total income, 8544,082• selling, admin., gen. exp., MS. for
-Earnings. taxes and depreciation, $433,187; net profit, $110.895.-V 118. p• 1400.
International Telephone & Telegraph Co.
1922.
1923.
Calendar YearsManufacturers' Water Co.
-Bonds Called.
$4,415,638 $3,847,808
Operating revenues
One hundred six ($106,000) 1st Mtge. S. F. Gold bonds, due 1939. have
367,705
287,596
Non-operating revenues
been called for payment June 1 at 101 and int. at Girard Trust Co.,trustee,
-V. 96. p. 1159.
$4,703,234 $4,215,513 Philadelphia, Pa.
Total gross earnings
1,870,036 1,758,740
Maintenance, taxes, &c
Mathieson Alkali Works.
-Earnings.
620,441
592.892
Interest. amortization, &c
Quarters end. Mar 31- 1924.
.
1922.
1921.
1923.
522,758
579,141
_
Depreciation
$1,418,291
$683.858
64.478 Sales
56,532
Dividends prior stock
Cost of sales
1,132,288
625,529
120.000
120,000
Preferred diva. Cuba Telephone Co
20,583
20,667
Preferred diva. Porto Rico Telephone Co
Operating profit
$286,003
$231,472
$38.329
$521,228
892,339
966M67
Common dividends
Other income
21,451
25,009
$216,090
$497,983
Balance,surplus
Gross income
$307,454
$231,472
$83,338
$521.228
626,109 Depreciation reserves_ _ _
1,140,183
Profit and loss surplus
$133,506
$124.702
$138,214
$134,924
-V. 118. p. 1400.
Miscellaneous expenses..
22,279
20,207
-Earnings.
Corp.
Iron Products
Net income
$151,667 def$61,571
$93,258
$386,303
The corporation in the quarter ended March 31 1924 showed net of about
Pres. E. M. Allen says: "The decrease
the earnings as compared
$372,000 after depreciation and all charges except Federal taxes. January with 1923 is directly due to forced reduction on operations from December
of
net was $107,000, while February showed $120,000 and March $145.000. to early March, mainly on account of conditions in the textile and paper
-V. 118, p. 1672, 1527.
trade. We continue our liberal depreciations, due to plant improvements
made. Conditions are gradually getting better in our business and should
-Earnings.Jones Bros. Tea Co. Inc.
continue."
-V.118. p. 1144, 1020.
The company for the quarter ended March 29 1924 reports sales of
$6,536,165; expenses, depreciation, &c., $6,434,007; balance, $102,158.
Medico-Dental Building Corp., San Francisco.
-Bonds
Interest, taxes, &c., $24,632; net profit. $77.526.-V. 118, p. 2050, 1919.
-Contract.
-Kansas City Power & Light Co.
The company has closed a contract with the municipality of Kansas
City (Mo.) to supply electric energy for operation of the city's pumping
station, which it is estimated will increase gross earnings about $1,0100.000 a
year.
-V. 118, p. 1260, 801.
Offered.
-Stephens & Co., Anglo London Paris Co. and
Wm. R. Staats Co., San Francisco, are offering at 100 and
int. $1,200,000 1st (Closed) Mtge. 6% Sinking Fund gold
bonds. A circular shows:
Dated March 15 1924; due March 15 1939. Int. payable M. & S.
without deduction for normal Federal income tax not to exceed 2%, at
-Transfer Agent.
Keystone Telephone Co.
The Pennsylvania Co. for Insurance on Lives & Granting Annuities has office of Anglo-California Trust Co., San Francisco, Calif., trustee. A
been appointed to act as transfer agent for the Common and Pref. stock sinking fund beginning in 1927 provides for the retirement of a fixed amount
certificates of the Keystone Telephone Co., effective May 1 1924.- of bonds annually by purchase in the market or by call at 103 and int., and
is sufficient to retire half the issue before maturity. Denom. $1,000 and
V. 118, p. 1919. 1019.
.
$500 c5
These bonds are secured by a first (closed) mortgage on real estate
-Easter Sales Set Record.
(G. R.) Kinney Co., Inc.
established a new high record. (137i5 by 13734 ft.) at the Northeast corner of Post and Mason streets,
Easter business reported by the company
Sales of the 176 shoe stores in operation on Easter Saturday were San Francisco, Calif., and the 15-story Medico-Dental Building, for which
$352,000. and represented an increase averaging $334, or 20%, per store a contract has been let. Performance of contracts for construction of the
over sales of Easter Saturday 1923. Sales on that day, it is stated, were building will be guaranteed by adequate surety bonds. Title insurance
about the same as they were for the entire year 1902, the ninth year of is carried on the lot. The building will be adequately protected by fire,
earthquake, plate glass, steam boiler, public liability and rental insurance.
the company's existence.
Sales for the period April 1 to 12 incl. were reported at $785,544, and The value of the land and building as appraised is $2,035,000 or $835,000
from April 14 to 19. $710,000, making a total from the first to the 19th of in excess of the bond issue.
Annual gross income, as estimated by the
$1,495,544. In the corresponding period of 1923 sales were $758,765, delved from the 71,000 sq. ft. of office corporation, will be $264,960,
space, eight ground-floor stores
making a gain of $736,779, or 97%.
stores, and con- and 163 permanent garage stalls. Net income is figured at $163,962, after
During the past month the company opened 17 new
the
templates the further enlargement of its chain by the opening of six or usual deductions for vacancies, cost of operation, insurance and taxes,
more than 234 times the maximum annual interest charge, and more than
-V. 118, p. 1276, 673.
additional stores in the near future.
$50,000 over the maximum annual sinking fund interest requirements.
-New Control.Laclede Gas Light Co.
," Arrangements have been concluded, it is announced, whereby Chas. A.
Chicago, and
Monroe, V.-Pres. of the People's Gas Light & Coke Co. of
associates have acquired a majority of the Common stock of the Laclede
company. Interests associated with Mr. Monroe are the Koppers Co. of
Pittsburgh, the Guaranty Co. of New York and T. B. Maculay and Sir
Herbert Holt of Montreal. The securities have been acquired principally
outside of St. Louis from many different owners.
Mr. Monroe. who will retire from the Vice-Presidency of People's Gas.
to become Chairman of Laclede Gas Light Co., says:
"After a very thorough examination of the property and the future pros
pects of St. Louis, I believe this company offers a safe and satisfactory investment opportunity. The company has a reputation as one of the most
forward gas companies in the industry and its engineering department has
been pointed to as a standard for other companies. Notwithstanding
the present efficiency,it can be made better and its field for service enlarged.
The securities have hitherto been held widely outside the city, none of the
holders having a sufficiently large interest to give the company his personal
attention. Concentration of these securities,into a few hands creates an
interest in the property that insures that it will receive the closest attention.
It is the expectation that customers will be permitted to share in the earnings through opportunities being offered to purchase its securities.
"Neither the People's Gas Light & Coke Co. nor Samuel Insult has any
financial interest, directly or indirectly, in the Laclede Gas Light Co."
V. 118, p. 1672, 1020.
Laconia (N. H.) Car Co.
-To Retire Back Dividends.
At the special meeting of Preferred shareholders April 30 the plan of
recapitalization was approved. The plan provides for an issue of 10,000
shares of 2d Prof. stock entitled to non-cumul. divs. at the rate of $3 50
a share per annum, to be issued to Pref. shareholders share for share in
-V. 118. p. 438, 1672.
payment for back dividends.
Lanston Monotype Machine Co.
-Annual Report.
Years EndingNet earnings
Taxes
Dividends (6%)
Written off
Balance. surplus
-V.118, p. 1781.
Feb. 29 '24. Feb. 28 '23. Feb. 28 '22. Feb. 28 '21.
$715,531
$614,091
$786,680 11.'663 530
.
224,685
$85,913
$308,803
$76.856
360,000
360.000
360,000
360.000
130,257
69,541
41,451
49,840
$200.076
$127,395
$76,426
-Bonds Paid.
Lehigh Coal & Navigation Co.
$948,588
The $3,906,000 414% bonds due May 1 are being paid off at office of
-V. 118. p. 1020. 904.
company, 437 Chestnut St., Philadelphia.
Mexican Eagle Oil Co., Ltd.
-Preferred Dividend.The company has declared a dividend of 75. on each ten shares of First
Preference stock, payable in London April 30.-V. 117, p. 2897.
-Bonds Offered.
Minnesota Electric Distributing Co.
Breed, Elliott & Harrison, Chicago, and W. B. Foshay &
Co. Minneapolis, are offering at 100 and int. $200,000
1st Mtge. 7% Gold bonds, 1924 series.
'
The bonds are dated Feb. 1 1924, due serially Aug. 1 1925 to May 11934.
Net earnings were $94,867, or 334 times interest requirements on bonds
outstanding for the year 1923, and with the income derived from service
furnished to 32 additional communities, net earnings for 1924 are conservatively estimated at more than three times interest requirements
on all bonds outstanding, including this issue.
Montgomery Ward & Co., Chicago.
-April Sales.
1924
-April
-1923. Increase. I 1924-4 Mos.-1923. Increase.
$13.736.692 $11.512.969 $2,223,7231851,600,624 $42,028,585 $9,572,039
-V. 118, p. 1673, 1277.
•
(A. I.) Namm & Son, Brooklyn N. Y.
-Earnings.The company for the year ended Jan. 31 1924 established a new high
record in sales volume and in earnings. Both were the largest in the history
of the company. Earnings applicable to interest on the 1st Mtge. 6%
Sinking Fund gold bonds, due 1943, amounted to $1,323,658, or over 631
times the present requirement of $207,000. Earnings after depreciation
amounted to $1,091,679, compared with earnings of $945,000 after depreciation in the fiscal year ended Jan. 31 1923. Sales totaled $17,207,483.
compared with $15,677,226 the year before.
The balance sheet as of Jan. 31 1924 showed the company to be in a very
strong financial condition, with current assets of $3.192.528, compared
with current liabilities of $575,706, a ratio of better than 5 to 1. ComPan.V had no bank loans and of the current assets $096,509 was cash.
-V. 118. p. 2051.
National Fuel Gas Co.-Annual.Report.-
During 1923 the company acquired 85,463,200 additional capital stock
of the Iroquois Gas Corp.
Consolidated Income Account-Calendar Years.
1920.
1921.
1922.
1923.
208.190
Number of consumers
186.873'
223,519
230,631
do served by Nat.
185,048
163.646
F'uel Gas Co
211,866
219,461
From sales of gas
813.671.953 811.397.661 $9,390,661 88,581.815
1,391.184
From other sources
1,369,384
1,279.014
1,438,799
-Tenders.
Lever Bros. Co.(Cambridge, Mass.).
Total earnings
815.110,752 812,767.045 810181,845 $9,860,829
The Old Colony Trust Co., trustee, 17 Court St., Boston. Mass., will Expenses and taxes__ -8,867,405 8,078,645 7,151,493 14,098,008
until May 5 receive bids for the sale to it of 1st Mtge. S. F. Gold bonds, due Gas purchased
11,185,751
amount sufficient to exhaust $38,293.-V. 117, p. 2549. Reserve for depr., dept.,
July 1 1928 to an
1,269,260
1,398,566
1,961,798
amort., p. & I. adjust_ 1,068,363
-Common Dividends.
Liggett & Myers Tobacco Co.
Net earnings
85.174.984 83.289.834 $2,361.092 82,615.272
The directors have declared a quarterly dividend of 75c. a share on the
Note.
-The above includes only the proportion of the business of undernew $25 par value Common stock and Conunon "13" stock, payable June 2
to holders of record May 15. This faeces the new stock on a 12% per annum lying companies owned by National Fuel Gas Co.
-V.
paid on the old Common stocks of $100 par value.
basis, same as
Balance Sheet Dec. 3 (Company Proper).
1923.
1922.
118. P. 547, 801
1922.
1923.
.
Liabilities$
$
A33433
9
Co.
Capital stock
37,000,000 37,000,000
Lynn Gas & Electric the -To Issue Stock.
Stocks St bonds of
Massachusetts Dept. of Public Utilities
The company has applied to
underlying cos_ _39,110,480 32,524,968 Div. pay. in Jan- - 832,500
482,500
Capital stock prefor authority to issue $406.250 additional capital stock (par $25) at $62 50 Securities & acc'ts
360,120
360,120
receivable
1,431,053 4,887,089 mium account
a share. The proceeds are to ne used to pay for additions and improvemente..-Nr, 116 p.2890.
,
347,120 Accounts payable_
96
Cash
90
26,587
653 Surplus
2,378,018
528
122,660
Office equipment..
-Circular.
8,539
Deferred charges...
2,128
McCall Corp.
J. K. Rice Jr. & Co.New York, dealers in the stockfof theabove comTotal
40,570,734 37,948,370
Total
40,570,734 37,948,370
pany, have Issued a special circular dealing with the company. The circular
See also V. 118, v. 1401.
-V. 118. p.
gives a broad outline of the history, earnings, &c.
MAY 3 1924.]
THE CHRONICLE
Nevada Consolidated Copper Co.
-New Director.
-
Elliott 0. Bacon of J. P. Morgan & Co. has been elected a director,
succeeding William Pierson Hamilton.
-V. 118. p. 1921, 915.
New Britain Machine Co.
-Balance Sheet Dec. 31.-
Assets1922.
1923.
Liabilities1922.
1923.
Plant & mach'y___ $1,011,35651,137,691 Preferred stock__ 15,713,30051,713,300
Cash and tee
$517,458 $535,052 Common stock- 1,978,950 1,978.950
Inventories
1,180,748 1,467,461 Bills payable
57,177 779.136
Other assets
540,459 552.571 Pur, money oblig_
42,800
42,800
Deferred charges
18.099 Defd.Income
24,311
9,801
18,503
1,068,139 1.350,257 U. S. account__
Deficit
540,444 528,443
Total
14,342,47115,061,131
-V. 113, p. 2827.
Total
14,342,47135,061,131
New England Portland Cement & Lime Co.
-Trustee.
The New York Trust Co. has been appointed trustee of an issue of
$400,000 6% 1st Mtge. Gold bonds.
New Jersey Zinc Co.
-Quarterly Report.
-
2189
Consolidated Earnings of Company and Subsidiaries
-Year Ended March 31.
1923.
1924.
34,732,752 $5,720,239
2.524,789
2.935460
Gross operating income
$2,207,963 $2,784,679
Income from other sources
45.452
49,676
Gross income
$2,253,415 $2,834,354
Taxes, rentals, deprec., amortlz , &c
1,572,248
1.790.395
Net earnings available for dividends
S681.167 31,043.959
Purpose.
-Proceeds of the present issue are to reimburse the company
for expenditures heretofore made and for acquisitions, extensions and
improvements now being made.
-V. 118. p. 1922. 675.
Sales of electric energy
Cost of energy and operating expenses
Nipissing Mines Co., Ltd.
-Earnings.
-
Calendar YearsTotal income
Expenses
Dividends
1923.
1922.
$1,115,119 $1,120,092
$535,336
*40,739
1,080,000
1,080,000
1921.
1920.
$935.187 $1,835,185
336,589
$34.939
900,000
1.800,000
Quarters End. Mar.31: 1924.
1923.
1922.
1921.
Balance, surplus
def$217
def$1,402
def$647
$246
Total income
41,840.850 $1,905,456 $1,126.080
$244,345 P. &L.surplus Dec. 31 _
7,952
10.219
8,816
8,169
Bond interest
40,000
40,000
40.000 -V. 118, p. 1922.
40.000
Accr. int. on stk. subscr
20,979
26,184
Dividends
(2%)979,632 %)964,706
(2
(2%)909.328 ySee below
North American Company.
-Earnings.
Balance, surplus
$821,218 $ 900.750
$155,773
$178,161 Consolidated Income Statement of Company and Subs. 12 Mos. end. Mar. 31.
1923.
1924.
x This item, which includes dividends from sub. cos., is shown after de- Electric output (k. w. hrs.)
2,218.191,136 1,846.214.529
ductions for expenses, taxes, maintenance repairs, betterments, deprecia- Electric customers
492,879
609,040
tion and contingencies. y The company in April 1921 declared two divi- Gross earnings
*77.377.079 $63.998,724
dends of 2% each, the first ($840.000) payable May 10 to holders of record Operating expenses and taxes
41.041,298
49,129,411
April 30, the other on Aug. 10 to holders of July 30. Stockholders of record
May 12 1920 received a stock dividend of 20% (E7,000.000), increasing the
Net income
328.247.668 $22,957,426
outstanding stock to $42,000,000. and were allowed to subscribe at par for Other net income
575,910
766,772
an additional *7.000.000 new stock, payable in four equal semi-annual installments from Nov. 15 1920 to May 15 1922.-V. 118, p. 675.
Total
$29,014.440 $23,533,337
Deduct
-Interest charges
$7,478,737
$9.347,795
New York Air Brake Co.
Preferred divs, of subsidiaries
-Balance Sheet Dec. 31.1,511.341
1.977,279
Minority interest
825,108
1922.
1923.
1.017,475
1922.
1923.
$
AssetsLiabilities.
Total deductions
Land, bldgs., ma$9,815,186
Class "A" stock. x5,000,000 5.000.000
312.342,549
chinery,
6,069,476 6,445,436 Common stocky11,390,924 11,080.202
Balance for deprec'n, diva. & surplus
Int.in neebee's 181.
1st M.6s, 1928___ 3,000,000 3.000,000
316,671,891. 813,718.151
Annual div. on total Pref. stock outstanding- $1,145.145
Corp. wat. Dow.
31,138.308
Acc'ts pay., royalrights &develop. 1,509,517 1,509,517 ties, &c
715,675
445,046
Balance
Pats.,trade names,
$15.526,746 $12,579,843
Accrued accounts_ 102,924
67,741 No.shares of Common stock
outstanding
5,502,709 5,502,709 Divs.decl.,not due 411.591
&c
*2,255.695
2,715.079
102,507
Other. egulp't and
Fed'i taxes, accr'd. 325,000
•Computed on basis of $10 par value Common stock for purposes of
152,223
173,792 Res've for conting_ 1,000,000
fixtures
500,000 comparison.
3,625,087 1.827,997 Reserve for purchCash
See West Kentucky Coal Co. below.
-V. 118, p. 1530.
Acets receivable 2,400,177 2,277,324
ot bonds
500,000
550,162
249,395 Deferred credits_
Securities
North Atlantic Oyster Farms, Inc.
5,000
-Listing, &c.
1,974,676 2,361,721
Inventories
The Boston Stock Exchange on April 28 authorized for the list temMisc.acc'ts & Inv_ 242,641
porary certificates for 32,500 shares Class "A" stock (par 340) and 50,000
charges
148,816
Deferred
123.234
Total (each side)22,175,485 20,471,125 shares Common stock (no par value).
This company is a holding company and acquired, through a reorganizax 100.000 snares of no par value. y 200.000 shares of no par value.
tion committee, all the assets and property formerly belonging to the
The usual income account was given in V. 118. p. 1278.
Sealshipt Oyster System, Inc. The company owns outright the following
notes and stock, with the exception of the stock of the Connecticut Oyster
New York Dock Co.-Quartcrly Report.
Farms Co., which is owned by the South Norwalk Oyster Farms Co.:
3 Months Ended March 31(1) Long Island Oyster Farms, Inc. (of N. Y.), 4,000 shares Common
1924.
1923.
Revenues
$791.698
$838,451 stock and $960,000 demand notes: (2) South Norwalk Oyster Farms Co..
Expenses
339,468
389.212 3,495 shares Common stock and all right, title and interest of the company
Taxes,interest, &c
320,518
324.476 in and to the remaining five shares of said South Norwalk Oyster Farms
Co. now standing in the names of the directors thereof respectively, and
Net income
$131,712
$124.763 3140.000 demand notes; (3) Rhode Island Oyster Farms Co.. 3.495 shares
-V. 118. p. 2052.
Common stock and all right, title and interest of the company in and to
the remaining five shares of stock now standing in the names of the directors
New York Telephone Co.
-Court Grants 10% Increase thereof respectively, and $250.000 demand notes: (4) Bluepoint Co..
Inc., 250 shares Common stock; (5) Producers Sales Co.. 32 shares of
in Rates in New York City.
Common stock and all right, title and interest of the company in and to
Federal Judge John C. Knox on May I granted the company a tem- the remaining 18 shares of stock now standing in the names of directors
porary injunction restraining the New York State Attorney-General and thereof respectively; (6) Connecticut Oyster Farms Co., (a) the Common
the New York P. S. Commission from enforcing the present telephone stock of this company is owned by the South Norwalk Oyster Farms Co..
rate as applied to New York City. At the request of the company. Judge whose stock and notes are owned by the North Atlantic Oyster
Knox granted a 10% increase effective immediately on the rates in New Inc., and (b) 3720,000 demand notes owned by North Atlantic Farms.
Oyster
York City and exacted a bond of $5,000,000 from the company until the Farms, Inc.; (7) Rhode Island Oyster Farms Co.; (8) South Norwalk
matter is definitely determined by the higher court.
Oyster Farms Co.: (9) Connecticut Oyster Farms Co.: (10) Long Island
The company stated that it was losing considerable money daily and Oyster Farms, Inc.
not getting the return it was entitled to on the Public Service Commission's
Comparative Consolidated Income Statement
-Year Ended June 30.
own valuation. It is expected that this increase will augment the com(North Atlantic Oyster Farms, Inc., and Subsidiaries except Wallops
pany's revenue by over $5,500,000.-V. 118. p. 802.
Island Oyster Co., Inc.1
1921-22.
1922-23.
• Niagara Falls Power Co.
-Capital Changes, &c.$321.564
$184,2913
The stockholders on April 18 voted to change the authorized capital stock Gross earnings from operation
71.404
57,388
from $40,000,000 (320,(500.000 Preferred and $20,000,000 Common), par Other income
$100, to 800,000 shares of Preferred stock, par $25, and 800,000 shares
Totalincome
S3$97268301::990165552859
of Common stock, no par value.
The stockholders at the annual meeting, March 28 1924, approved the Interest on 1st Lien bonds
Depreciation
U4 0495
1
0535
sale to employees of $900,000 additional stock.
-V. 118. p. 1922, 1782.
Depletion
Bad debts
25,000
Niagara Lockport & Ontario Power Co.-Pref. Stock Reserve for Federal taxes
30,000 •
8.000
Offered.
-Blair dr Co., Inc., New York, and Schoellkpof, Loss on liquidation Bluepoints Co
314,440
Bonds and debentures cancelled
Cr.383.674
Hutton & Pomeroy,
Inc., Buffalo, are offering at 102%
$3,000,000 7% Cumul. Pref. stock (see advertising pages).
Redeemable at the option of the company on any div. date
at 115 and
diva. Divs. payable P.
-J.
Issuance.
-Subject to approval by the New York P. S. Commission.
Data from Letter of President Fred D. Corey, Buffalo, April 28.
-Organized in New York and is engaged in the
Company.
and distribution of electric power, principally hydro-electric, production
in
and central New York. It serves a highly developed industrial western
extending from the Niagara River to and beyond the city of territory
including the cities of Lockport, Batavia, Rochester, Geneva.Syracuse,
Syracuse, Oswego, Lackawanna, Dunkirk, Jamestown. Olean, N.Auburn.
Y., and
Bradford. Pa. The service of the company extends into 16
the territory reached and supplied in whole or in part, embracescounties and
a population
of more than 2,000,000. In addition to the sale of power on a wholesale
basis, direct retail distribution is being constantly extended and now
forms
a very substantial portion of the total. Company's retail customers now
number approidmately 22,000.
Company has over 430 miles of private right-of-way, 4,500 acres of
which are owned in fee, upon which are located more than 900
high-tension transmission lines. In addition to its transmissionmiles of
system
the company owns a hydro-electric plant on the Salmon River near Syracuse with an installed capacity of 35,000 h. p. and steam plants located
at Lyons and Olean, N. Y., having an installed capacity of over
45,000
h p. It leases a hydro-electic plant on the Oswego River near the city
of Oswego, having an installed capacity of 12.000 h. p. and purchases from
Niagara Falls Power Co. and Ontario Power Co. under long-term contracts
130.000 hydro-electric h. p., giving the company a total available supply
of about 225,000 h. p.
Growth -Business of company and its subsidiaries has shown remarkable
growth, sales of power having increased from 96,575310 k. w. is. in 1908
to 613.547,320 k. w. h. in 1923. Power sales and net revenues from sales
in the three months ended March 31 1924 were larger than for any corresponding period in the company's history, gross revenue from sales showing
an increase of 12% and net revenue from sales an increase of 28% over
the same period in 1923.
CapitalizationAuthorized.
Outstanding.
'7% Cumul. Prof. stock (par $100)
$10,000,000
$4.999,400
Common shares of no par value_ - - 300,000 shs.
199.618 shs.
The funded debt totaled *18,929.000 as of Dec. 31 1923, including
.000,000 Cony. Gold notes due 1926 (convertible into Prof. stock after
1 1924, subject to the company's right to limit such conversion
$1,000,000 prior to June 1 1925 and $2,000.000 maximum prior to Jan.to
1
1926) and $2,000,000 Cony. 67 Debentures, due 1926 (convertible into
Common stock at the option of the holders or the company) which Debentures may be regarded as junior to the Prof. stock.
Pine
Net income
Previous deficit
2243,005
710,422
$76.126
786.548
Balance, deficit
*710.422
3467,418
The Common stock of 13,000 shares. $100 par, was issued by the reorganization committee of the Sealshipt Oyster System, Inc., in 1924, in
part payment for the following securities: Long Island Oyster Farms.
Inc., demand notes, 3960.000: South Norwalk Oyster Farms Co., demand
notes. $140.000; Connecticut Oyster Farms Co., demand notes, $350.000.
This Common stock (par $100) has been changed to stock of no par value.
authorized 50,000 shares; issued, 13,000 shares.
The Class "A" stock was issued for the purpose of refunding $1,300,000
Income Debenture bonds out of original issue of 31,625,000, which were
issued to the reorganization committee, together with 82.200,000 1st
Lien Gold bonds for the following securities: Rhode Island Oyster Farms
Co., demand notes. $250,000; Connecticut Oyster Farms Co., demand
notes, $370.000; Long Island Oyster Farms, Inc., 4,000 shares Common
stock (par $100); South Norwalk Oyster Farms Co., 4,000 shares Common
stock (par $100); Rhode Island Oyster Farms Co., 4,000 shares Common
stock (par $100); Producers Sales co., 50 shares Common stock (par $100);
Bluepoints Co. Inc.. 1,349 shares Common stock (par $100). together
with the accounts receivable and cash paid in by subscribers.
Of the Common stock 450 shares are held in trust for distribution to
employees. Owners of Class "A" stock may exchange their holdings
on the basis of share for share, for Common capital stock. In case of
liquidation or dissolution, holders of Class "A" stock are entitled to receive
$40 per share, plus accumulated and unpaid dividends thereon.
The bonded indebtedness consists a $799,300 1st Lien 10
-Year 7%
Sinking Fund Gold bonds dated, Dec. 1 1923, and due Dec. 1 1933. The
amount authorized was $800,000, of which $799,300 has been issued.
The bonds were issued, under an
of trust, to the Old Colony
Trust Co., trustee.
No dividends have been paid on the Common stock. A dividend of
25 cents a share was paid on the Class "A" stock on
The
dividends on the Class "A" stock are cumulative atMarch 1 1924.
the rate of 5% Per
annum ($2). Compare plan in V. 116, p. 1657.
North Atlantic & Western SS, Co.
-Schedules Filed.
-
The bankruptcy schedule of the company, just filed, shows liabilities
of U16,053. assets $168,008, unsecured $338,551, secured *77.105.V. 118, p. 1530.
Northern States Power Co.(Minn.).
-Bonds Ready.
-
Harris, Forbes & Co. announce that permanent 1st Lien & Gen.Mtge.
6% Gold bonds, Series "A," due Nov. 1 1948, are now ready for delivery in
exchange for temporary certificates at their office. (For offering of bonds,
see V. 118. p. 1673.)-V. 118, p. 2052.
2190
[VOL. 118.
THE CHRONICLE
Northwestern Electric Co., Portland, Ore.
-Bonds
Offered.
-E. H. Rollins & Sons and Harris Forbes &Co.
are offering at 100 and int. $700,000 1st Mtge. 6% Sinking
Fund Gold bonds dated May 1 1915, due May 1 1935. A
circular shows:
Company.
-Generates and distributes electricity for light and power
purposes in the City of Portland. Ore., and in Camas, Washougal and
Vancouver. Wash., and conducts a steam heating business in the downtown business district of Portland. Population of communities served
estimated to exceed 315.000.
CapitalizationAuthorized. Outstanding.
1st Mtge. 64
*87,180,500
$10,000,000
213,600
Orignal Preferred 6% Cumul- stock
2,000.000
1st Preferred 7% Cumnl.stock
a3,102,600
10.000,000
Common stock
10,000,000
10,000,000
cash adjustment in lieu of the instance of fractional shares will be made.
The directors also declared the regular quarterly dividend of 27 on the
Preferred stock, payable June 1 to holders of record May 10.-V.117,P.96.
Pennsylvania Electric Corp.
-Registrar.
-
The New York Trust Co. has been appointed registrar of the Preferred
and Common stocks.
-V. 118, p. 1783.
Pennsylvania Salt Mfg. Co.
-New Director.
-
William P. Gest, President of the Fidelity. Trust Co., has been elected
a director, succeeding William W. Fitler.-V. 117. p. 1896.
Pennsylvania Water & Power Co.
-Listing.
The Phila. Stock Exchange has authorized the listing of $2,000.000
1st Ref. Mtge. 5%% Gold bonds, Series "A." (For offering see V. 117,
p. 2222.)-V. 118, p. 1022.
Phillips
-Jones Corp.-Consol. Balance Sheet Dec. 31.-
1923.
* Does not include $420,000 bonds held alive in the sinking fund.
Assets
a Shares of the 6% stock are exchangeable for shares of the 7% stock in
Cash
468,068
the ratio of 10 to 9.
A eels receivable 1,806,830
Earnings
-Year Ended March 31 1924.
$2,117,889 Sundry acets and
Gross earnings
notes receivable.
54,496
996,496
Net after oper.exp.,including maintenance & taxes
51,515
430,830 Notes receivable
Annual interest charges on 1st Mtge.6s requires
Inventories
5,534,997
-V.115, p. 1217.
Life insurance_
Adv. to salesmen_
92,182
Nunnally Co.
-Quarterly Earnings.
Investments
3,800
Three Months Ended March 311923.
1924.
324,050
earnings before depreciation and Federal taxes
$21,063 Deferred charges
Net
$32,370
Fixed assets (less
- 118. p. 789.
V.
depreciation) _
2,012,696
Nyanza Mills of Woonsocket, R. I.
- Trade name,good-Omits Dividend.
will,&c
1
The directors have voted to take no action on the dividend. The com-V.117. p. 2780.
pany had been paying $1 quarterly.
Total
10,348,636
1923.
Liabilities$
478,721 7% Pref. stock.. _ 2,275,000
1,575,713 Common stock...x2,000,000
Notes payable_ _ -- 2,800,000
45.983 Trade accept. pay.
33,830 Accounts payable_ 602,833
16,539
5,496,737 Dep.on leases, &c.
94,877
104,850 Royalties pay.,&c_
6,015
138,795 Taxes payable__ __
69,397
17,155 Reserve for taxes_
26,542
357,993 Pref. thy. payable_
Res. for conting_ _ 225,000
2,232,433
2,068,613 Surplus
1922.
1922.
$
2,350,000
2,000,000
2,752,500
79,135
506,796
22,057
125,585
58.454
135,000
27,417
2,261.448
1
10,318,391
Total
10,348,636 10,318.391
Ohio Fuel Oil Co.
-Balance Sheet Dec. 31.Assets1922.
1923.
Investment
68,003,497 $7,929,744
Incomplete constr_
21,868
21,709
Material in stock. 167,356
225,108
Cash
492,028
371,841
Accts.receivable_ _ 561,560
512,906
x Representing 85,000 shares of no par value.
1922. .
1923.
Liabilities-The income account was given in V. 118, p. 1279.
Capital stock
6320,000 $320,000
328,295
Pierce-Arrow Motor Car Co.
Accts. payable__ _ 394,186
-Quarterly Earnings.
Res. for deprec_ _ 3,675,475 3,455,074
.
Three Months to March 31 19241923.
1924.
68,309 xNet earnings
22,554
Res. for amortiz_
$378,110 $430,527
4.834,093 4,889,630 Depreciation
Profit & loss
190.204
175,569
TotaL
63,246,309 89,061,308
Total
69,246,309 $9.061,308
The usual income account was published in V. 118. p. 1922.
Ohio Fuel Supply Co.
--Quarterly Statement.
-
Three Months Ended March 31Gross earnings
Expenses, taxes, depreciation, &c
Dividends
Surplus
V•
- 117. P. 2780.
1922.
1924.
1923.
85,773.270 $5,799,789 45,059,504
$3,459,104 $3,339,412 $2.765.980
877,036
894,482
990,652
81,323,514 81,565,895 81,416,488
Ohio Oil Co., Findlay, Ohio.-Acguisition.-
A published statement, understood by the "Chronicle" to be correct,
says:
The company has acquired the holdings of John Y. Snyder and others,
consisting of about 3,000 acres in the Cotten Valley district, Webster
County, La., paying $200,000 in cash and a sliding royalty, the maximum
being 15c. per barrel
-V. 118. p. 1674.
Net earnings
$202,541 $240,323
Misc,income charges and provision for interest on notes
135,265
and debentures
123,812
Net income for period
$78,729 $105,058
During the quarter ended March 31 1924 the regular dividend of $2 per
share on Prior Preference Stock, amounting to $31,500, was paid.
x After deducting all expenses of operation, Inclnding those for repairs
and maintenance, but before deductions for depreciation of property and
equipment.
-V. 118, p. 1923. 1530.
(Thomas G.) Plant Co.
-Reduces 2d Preferred Stock.
The company has canceled 1,491 shares of 2d Preferred stock (par 850)
which had been held in the treasury. This reduces the authorized 2d
Preferred stock to 52.425,450.-V. 113, p. 1682.
Plymouth
Cordage
Co.
-To
Amend
Charter.
-
President A. P. Loring in a circular to stockholders says:"The situation
which has existed for some time past in Mexico has made it seem desirable
that the company open up additional sources from which It may obtain sisal.
The directors have, therefore, recently authorized the acquisition of all of
Cuba.
The stockholderson April 28 (a) changed the par value of the Common the capital stock ofa small corporation which owns a sisal plantation inmerely
'The charter of the company, which was granted in 1824, states
capital
stock from $100 to 850 per share. and (5) increased the authorired
incorporated
the
manufacturing cordstock from $15,000,000 to 825,000.000. New shares of Common stock, that the company is capital stock 'for beenpurpose offrom time to time as
has
increased
age. Although the
par $50, will be issued in exchange for the present Common stock on a the needs of the company have required, no change has ever been made in
basis of two new shares for each $100 share now held.
statement of purposes,
altogether too
Baldwin stated that the directors feel a 10% stock the original carrying on a business which issize in modern narrow for a
Chairman W. D.
of any
times.
dividend warranted. In addition, 81,000,000 of the new stock will be corporation
The directors are, therefore, advised that it Is desirable
set aside for employees. No plan has been made for the disposition of charter of the company by broadening and modernizing theto amend the
statement of
the remainder of the stock.
purposes, so
not be hampered in any measures they may
Chairman Baldwin also stated that at the present time the company desire to takethat they may of the company, by any question as to whether
for the benefit
had approximately $30,000.000 contracts on its books.
William W. Miller has been elected a director, succeeding George H. such measures are beyond the powers of the corporation as stated in its
charter.
Fensom.
"A special meeting of the stockholders has, therefore, been called, to be
Results for Quarter Ended March 31.
-V.117. p.1563
held on May 7 1924 to consider and act upon this question."
1921.
1924.
1922.
1923.
Net after deprec., &c___ $1,364,096
8905.806 $1,695,088
3815.009
-Receivers.
Port Huron (Mich.) Engine & Thresh. Co.
375,000
Reserve for Fed'l taxes_
100,000
165,000
80,000
Fred J. Dixon and Harry E. Shitand of Port Huron have been appointed
25,000
Pension fund
25,000
50,000
25,000
receivers for this company. The company, it is said, has 65,080 shares
Contingent reserve
425.000
80,000
Preferred stock, par $100, which it was unable to retire Dec. 31 1923 upon
-V. 104, p. 566.
Net income
3780,806 $1,295,088 maturity, upon which there is 61% in dividends due.
$724.096
8630.009
-V. 118, p. 1661. 1674.
-Definitive Bonds Ready.
Potomac Edison Co.
Definitive 1st Mtge. & Ref. 04% Gold bonds. Series "B." are now
Owens Bottle Co., Toledo, 0.-Earning8.ready for delivery in exchange for temporary bonds at the office of the
1921.
Results for lit Quar.1924.
1923.
1922.
$503,188 United States Mortgage dr Trust Co. (For offering of bonds, see V.
Net profits
8802,454
$646.948
3907,361
118. p. 441.)-V. 118, p. 1402.
- 118. p. 1783, 1518.
V.
Otis Elevator Co.
-Stock Increased-Par Value Changed-10% Stock Div. Probable-New Director, &c.
Pacific Coast Co.
-May Resume Dividend-Earnings.
The quarterly statement mailed to stockholders states: "It now seems
probable that the resumption of dividends upon the company's first Pref.
stock will be justified in the near future.
Earnings for the Quarter Ended March 31 1924.
$1,384,779
Gross
1,241,277
Expenses
Producers & Refiners Corp.
-Bonds Called.
-Year 8% Sinking Fund Gold bonds, aggregating
Certain 1st Mtge. 10
$261.100. have been called for payment June 1 at 110 and interest at the
Central Union Trust Co.,trustee,80 Broadway,N. Y.City.
-V.118. p.804.
Public Service Co. of Oklahoma.
-Annual Rport.-
1920.
Calendar Years1922.
1921.
1923.
Gross earns.(incl. merch.
sales)
$1,867,366 $1,710,299 $1,654,139 $1,516,561
$143,502 Oper. exp. & taxes
Net
81,280,610 $1,129,839 81,121,235 $1,063,533
194,252
-V. 118, p. 1279.
Interest
209,858
229,195
204,852
Gen. int. & amort. of
Paige-Detroit Motor Car Co.
22,734
-Earnings.
discount & expenses..
36,220
28,687
24,227
Earnings before charges in the quarter ended Mar. 31 1924 were 81,175.- 7% Prior Lien diva
24,6211
40,033
145,557
199,028
000. Net available for the Common, after depreciation, taxes and all 6% Preferred dividends_
30,000k
30,000
charges, was $822,904, against $376,465 in the corresponding quarter of Common dividends
160,040J
160,040
1923. Production the first quarter was 16.630 cars, against 9,903 last
$90,485
$95.331
Balance, surplus
$124.727
3103,260
year. V. 118, p. 1674.
Comparative Balance Sheet Dec. 31.
Penn Seaboard Steel Corp.
-Balance Sheet Dec. 31.1922.
1923.
1923.
1922.
1922.
1923.
1922.
1923.
$
$
LiabilitiesAssets$
$
$
$
$
Liabilities$
Assets513,100
Plant, real estate,
7% pref.stock... _ 498,100
Capital stock_ _ _ _b4,625,882 3,400,365
500,000
Real est.. Plants &
less depreciation 7,297,014 6.970.065 6% Pref. stock... 260,000
10,451,634 11,798,944 Pref. stock of Taequipment
Disct.& exp.secur.
371,408 Common stock_ - _ 2,000,500 2,000,500
see (a)
467,700 Sundry inv., sk.fds. 299,964
337,232
cony Steel Co__ d467.700
9,448
22,274
Goodwill
5,465 net,stock paym'ts
20,652
79,247
155,172 Minority Interests.
4,532,500 3,904,800
Cash
Inter-co. accts.rec.
20,189 Funded debt
4,346
159,208 Inventories
83.058
136,151
90,448
Rockaway
. 34,618
80,620
Notes receivable- _
76,298 Due assoc. co's__
87,741
638.610 Bonds & mtges. of
3,000
Acels receivable__ 503,554
137,447 Notes payable_._. 105,000
Accts.
1.193,390 1,529,673 subsidiary cos_ _ 2,242,600 1.149.000 Cash & notes rec.. 165,908
89,514
77,318
Inventories
94,540 Consum. deposits_
80,484
286,414 Deferred
315,261 Long term notes__ c220,591
Marketable secure. 244,111
78,986
18,958 Accts. payable_ _ _ 154,485
charges
40,081
1,599,000
25,326 Gold notes
92,026
15,816
17,734
Investments
Custom's'adv. bill.
969,000
33
427 TitumForge notes
10,466
Sinking fund
Divs. payable_
222,625
Purchase obligation 191,750
90,871
Prepaid int..insur.
Accr. taxes & int_ 103,623
505,371
18,019
22.706 Vouch & accts.pay. 722,225
219,359
Deprec'n reserve..
and taxes
134,579 Total
176,124 Accr. wages ,!z int_
48,222
1,450
8,400
Deferred charges_ _ 2532,091
Res, for maint'nce
781,434 -V. (each side). 7,996,194 7,694,373 Surplus
Notes payable_ _ _ - 875,015
177,410
180.670
117. p. 1672.
1,232,082 1,414,686
Reserves
Ended March 1 1924.
-Results for Year
Pure Oil Co.
2,434,947 4,000.541
Total(each side)_13,197,166 15.089,923 Surplus
The report of the company for the year ended March 31 1924 will show
organization expenses. miscellaneous and good-will. b 1,134.- net profits of $19.181,865 contrasted with $11,460,538 in the previous
a Includes
942 shares of no par value. c $7,500 payable monthly. d 20% dividends year, an increase of $7,721.327. Gross earnings increased $18,278,688 to
887,432.424.-V. 118, p. 2052.
unpaid Jan. 1 1924.
The usual income account was given In V. 118, p. 1279.
-Omits Common Div.
Renfrew Manufacturing Co.
Sproul has been elected a director, succeeding C. H. Williams.
S. E.
The directors have decided to omit payment of the Common dividend
- 118. p. 1279. 2052.
the rate of 6% per annum (1 ji% quarusually cue May 1. Dividends at
-10% Stock Dividend, etc.terly) were paid on the Common stock from Nov. 1 1919 to Feb. 1 1924
Pathe Exchange Inc.
V. 118. p• 876)•
The directors have declared a 10% stock dividend on the Class "A" incl. (compare quarterly, dividend of 15i% has been declared on the Pre
,
The regular
"B" Common stock, payable in Class"A" Common stock June 4
and Class
holders of record June 20.-V. 118, p. 917.
o holders of record May 15. Fractional shares will not be issued, as a ferred stock, payable July 1 to
MAY 31924.]
THE CHRONICLE
Replogle Steel Co.
-Earnings.
-
Quarter ended March 31Netloss after expenses, taxes,&c
Depreciation and maintenance
Southwestern Power & Light Co.
-Notes Called.
1924.
$91.549
91.500
1923.
$36,106
73.759
Total loss
$109.865
$183,049
Comparative Balance Sheet.
3far.31 '24. Dec.3l'23.
Mar.31 '24. Dec. 31'23.
Assets$
Liabilities$
8
$
Prop., plant, &c.,
Capital & equity _114.414,141 14,605,190
less deur.& dep1.10,901,822 10.976,779 Acc'ts& wages pay. 282,758
333.111
Stocks & bonds__ _ 1,766,105 1,764,105 Notes payable__ _ _ 286.875
356,250
Cash
189,585
332.392 Def'd Items& susp.
5,504
18.013
Acets & notes rec_ 659,778
566,120 Res've & accruals_ 129,288
93,627
Inventories
1,538,453 1.677,256
Def.cbgs.& prepd.
insurance, &c
75.332
77,027
Total(each side) 15.131,074 15,393.682
x Includes 375.000 shares of capital stock no par value outstanding.
T. 118. p. 1403, 1280.
Reynolds Spring Co.
-Quarterly Report.
-
3 Months ended March 31Net
Depreciation
Federal taxes
1924.
389,327
15,000
9,289
2191
1923.
$115.172
15.000
11.000
1922.
$22,546
3.611
2,367
Net income
565.038
$16.568
589.172
The company has closed a contract with the Chicago Telephone Supply
-Co. for delivery of 1,250.000 bakelite parts, consisting principally of telephone receiver caps, shells and radio parts. The company also closed a
contract with the Buick Motor Co. to supply all of the motor company's
cushion springs during 1924.-V. 118. p. 804. 441.
Richmond Radiator Co.
-May Pay Back Dividends.
-
All of the outstanding 5
-year 8% bond secured gold notes, series "A,"
dated Aug. 2 1920. have been called for payment Aug. 1 at 102 and int.
at the Bank of America, trustee, 44 Wall St., N.Y.City.
-V.118.9. 1924.
Standard Bakeries Corp.
-Earnings Cal. Year 1923.
-
Net sales. $4.334.964; oper. exp,. $33,784,875; net profit
Income from other sources
$550,088
38,650
Total
5588.739
Depreciation, $186,337; bond interest. $21,317: Federal taxes,
$48,025; Preferred stock dividends, $6,429
262,108
Net earnings
-V. 116. p. 2778.
$326.630
Standard Gas & Electric Co.
-Obituary-Bonds Called.
President Henry M. Byllesby died at Chicago on May 1. Mr. Byllesby
was also President of the Oklahoma Gas & Electric Co., the Western States
Gas & Electric Co. and the Mountain States Power Co., besides being an
officer and director in a number of other utility companies.
All of the outstanding 54,670.000 Cony. Sink. Fund Gold bonds, dated
Dec. 1 1911, have been called for payment June 1 at 105 and int. at the
Philadelphia Trust Co., trustee, Broad and Chestnut Sts.. Phila., Pa.
(See offering of 57,500,000 7% Cumul. Prior Preference stock in V. 118.
I3• 1785.)-V. 118. p. 2035.
-Smaller Dividend.
Standard Sanitary Mfg. Co.
The directors have declared a dividend of $1 25 a share on the Common
stock, par $25, and the regular quarterly dividend of 1 j% on the Preferred.
both payable May 15 to holders of record May 7. On Feb. 15 last a
distribution of 32 50 a share was made on the Common, while in May.
August and November 1923 dLstributions of 131 25 a share were made.
-V. 118. p. 1148.
It is reported that with the improvement in the company's affairs the
Stephens College, Columbia, Mo.-Bonds Offered.
company may soon inaugurate some plan whereby the accumulated dividends of 68 y,% on the Preferred stock may be paid off. Since the turn in Whitaker & Co., St. Louis, are offering at 100 and int.
1921 company's results, it is said, have improved steadily, and net earnings $500,000 1st Mtge. Serial 6% Real Estate bonds.
in 1923 exceeded 5475.000, comparing with a profit for 1922 of $223,308.
Dated April 15 1924. due serially Oct. 15. Interest (A.& 0.15)Payable
Shipments in 1923 exceeded those for the previous
at Boatmen's Bank, St. Louis. Boone
Columbia, Mo..
by 30%.
said, and were larger than for any similar period in year history ofit is trustee. Denominations, $1,000, $500 County Trust Co., upon 40 days'
the
the
and $100. Callable
company.
notice on any int. date at par and int., plus a premium of 34" of 1% for each
The increase in volume is attributed in large measure
year or fraction thereof of unexpired maturity.
growth in residential construction, which is the field of to the substantial
Stephens College, established in 1833 and incorporated
company, but
1856. occupies
an important factor has been the inpprovements effectedthe the company's a prominent position among Junior colleges for girls, and in affiliated from
is
in
plants whereby output has been ificreased and the cost of manufacture an educational standpoint with all the colleges and universities of the United
reduced. The capitalization consists of $1,529,682 7% Cumulative States. The present student enrollment of 614 should be greatly increased
Preferred stock and $2,857.447 Common stock, both of par value $100. when additional dormitory facilities are provided. The college enjoys the
outstanding.
-V. 107, p. 910.
financial and moral support of the Baptist churches.
A portion of the proceeds of this issue will be used to refund other loans
Ryan Consolidated Petroleum Corp.
-Annual Report. on the various parcels of property owned by the college. The balance will
For the year ending Dec. 31 1923 net profits were $218,414. without be applied to the erection of another dormitory, which is necessary to acallowing for depreciation and depletion.
commodate additional students.
Consolidated Balance Sheet Dec. 311923.
Studebaker Corp. of America.
-Dividends.
Assets.
LtaStlttles.
The directors have declared a regular quarterly dividend of $I a share on
()Hand gas properties
86,102,761 Capital stock
:$3.171.202 the new no par value Common stock and the regular quarterly dividend of
Warehouse material
46,029 Purchase obligations
59,004 1 ce... on the Preferred stock, both payable June 2 to holders of record May
Cash
284,409 Accts. payable & accr. sects_ _
34.177 10. The dividend of $1 on the Common stock is equivalent to $2 50 per
Notes & accounts receivable..
43,353 Deferred accounts
1,716 shere (the rate previously paid quarterly) on the old Common stock, par
Deferred accounts
4,343 Reserve for depreciation
326,957 3100.-V. 118, p. 1786.
Reserve for depletion
2,487.848
Total (each side)
86,480,895 Surplus and earnings
Superior Oil Corporation.
393,992
-New Director.
R. H. Colley has been elected a director, succeeding W. P. Cutler.
x Represented by 295,120 shares, no par value.
-V.115. p. 1739.
V. 118, p. 2053, 1786.
Savage Arms Corp.
-Earnings.
-
The company for the first quarter of 1924 reports net
after all expenses and reserves for taxes and depreciation earnings of $67.099
-V.
118, p.677.
Sayre Electric Co. (Pa.).
-Listing
The Phila. Stock Exchange has authorized the listing
tional 1st Mtge. S. F. 5% Gold bonds, due April 11947. of $25,000 addimaking the total
amount of said bonds listed at April 26
5385.000.-V. 118, p. 320.
Sears, Roebuck & Co., Chicago.
-April Sales.-
1924-APril-1923,
520.098.994 319.178.350
-V. 118, p. 1676, 1147.
Increased 1924-4 Mos.-1923.
5920.6441574,660.908 $74.978,529
Decrease.
$317,621
Seneca Copper Corp.
-Receivers to Issue Certificates for
$300,000-Operations Suspended.---.
Superior Steel Corp.
-Earns. Qum.. end. Mar.31 1924.
-
Net sales, less discounts allowed, $2,081,169; manufacturing
cost. $1.786,407; balance
Selling, administrative and general expenses
$294.762
87,626
Balance
Other income
$207,136
21,195
income
Ttaol
Reserve fFed.,&c., taxes, $29,885; res. for int.,$35,200;unamortized discount on bonds. $3,208
Dividends
$228.331
Surplus
Previous surplus
68.293
75.000
$85.038
803.010
Total
In a statement to bondholders Guy W.Currier and W.J.
58£48,048
Uren,
state that at present there are debts in excess of $70,000 past due receivers, Reserve for sinking funds (net)
57,459
and coming due, owing
56,533
the company for labor and payrolls, which claims like Exps. incident to redemp. Pfd. stk. & issuance of bonds
taxes, caretak
and receiver's outlays are first liens upon the property.
Final surplus
To provide for a 1 these charges past due, accruing and to Accrue in
$774,056
the future, and also to carry on operations if and when resumed,
President R. E. Emery says: "March business exceeded both Jan. and
it will be nacessau that the receivers issue their certificates in the sum of $300,000. In Feb., but April has fallen off. Operations for March were at 90%, of
order that the receivers may raise funds by the sale or
capacity, but declined 30% during the current month. Customers intificates, they must when issued constitute liens upon pledge of thesa cer- quiries are very low, but the majority of orders now received are prompt."
the property of the
company prior in rank to the first mortgage and the bonds
issued there- -V. 118. p. 1532. 1404.
under. The receivers recommend
the first mortgage consent to thethat the holders of the bonds issued under
Superior (Wis.) Water, Light & Power Co.
-Decision.
issuance of receiver's certificates in the
amount stated.
A decision, which puts back the litigation and valuation proceedings
All mining operations at the property of the company and
to the original starting point in the action of the city of Superior. Wis..
its subsidiary.
the Gratiot Mining Co.. were suspended April 26.
to acquire and operate the electric light and gas plants of the company.
In connection with suspension of mining and development
been handed down by the U. S. District Court, which has denied
operations. has petition
W.F. Bartholomew, a director, says: "Closing down the
of•the
the
an injunction restraining the
to conserve the interests of the bondholders and the mine is a measure the Wisconsin RR. company forfrom continuing proceedings city and
Commission
to acquire
stockholders. In
view of the high cost of labor, coal, mining supplies.
&c., and the Made- the plants in question. While the decision emphesizes the fact that the
quate price of the metal, it was deemed advisable to
Commission is not deprived of jurisdiction on account of the long delay
suspend operations.
The receivers took this action with a view to
conserving mineral resources in finally determining the value and fixing the terms of the purchase,
until such time as the copper market will permit
another part of it rules that the order
the Comprofitable
the present time Seneca is mining and hoisting 1 200 tons operation. At mission to fix a valuation for the twoof July 111921. issued byvaluation,
plants, is invalid. This
of copper rock a
day, and is in position materially to increase this
production when opera- therefore, cannot stand in future acquisition proceedings. ("Electrical
tions are resumed."
-V. 118. p. 1924.
World.") (See also V. 117. P. 2782.)-V. 118. p. 1786.
(Roy) Sheldon Production Corp.
-Stops Sale
Swan & Finch Co.
-To Reduce Common Stock-To Reduce
of Stock.
Supreme Court Justice Leonard A. Gelgerich of
temporary injunction restraining this corporation, New York has issued a Dividend Rate on Preferred Shares-Change of Name Proposed.
with offices at 233-239
Watt 42d St., N. Y. City,from selling its stock in the State
The stockholders will vote May 15 on reducing the Common stock so as
of
The order was issued upon the application of Attorney-GeneralNew York. to wipe out the profit and lass deficit and enable the company to resume
Carl Sher- dividends in the near future on the
man.
Preferred stock.
The stockholders will vote on reducing the par value of the Common stock
Southern Bell Telep. & Teleg. Co.
from $100 to $25 per share and on the issuance of 2 shares of new Common
-Acquisition.
--S. C. Commission on April 17 authorized the company
The I.
in exchange for each share of old Common stock, par $100.
to
The stockholders will also be asked to change the Preferred stock from an
the telephone properties of the Black Mountain Telephone Corp. acquire
By a contract made Nov. 5 1923. the Southern Co. agrees to purchase 8% to a 7% cumulative issue No dividends have been paid on this issue
since Nov. 1 1919.
the telephone properties of the Black Mountain company for
$10.000
It is also proposed to change the name of the company to the Swan-Finch
cash. No securities will be issued to effect the proposed acquisition.
- Oil Corp -V.118.9. 1281.
v. 118. P. 1785
'
Southern Building Co., Inc. Listing--Officers.-
The Washington (D. C.) Stock Exchange has authorized the listing of
$2,100,000 1st Mtge.644% S. F. Gold bonds, dated April 1 1924.
liesOfficers of the company are Allan E. Walker, President; Leroy Caddis
Jr., Vice-President; ad William L. Browning, Secretary-Treasurer.
For offering of bonds, see V. 118. p. 1677.
Spicer Manufacturing Corp.
-Earnings for 1st Quarter.
Preliminary Income Account for the Three Months Ending March 31.
1924.
1923.
1922.
Sales
$3,659.457 $3,588,380 $1,570,654
Deduct
-Cost of Sales
$3,062,660 $2,867.709 $1,201,350
•
Admin., selling & general asp
188.799
163.696
106,057
Add-Miscellaneous income
Deduct
-Interest and discount
$4407.998
Cr.37,651
66.529
$556,974
Cr.37,855
83,403
$263,247
Cr.10,022
87,235
rrofit first quarter
-V. 118, p. 1678.
$379.120
$511,426
$186.034
Swedish Match Co.
-To Increase Capital.
The stockholders will vote May 5 on increasing the authorized capital
stock to 180,000,000 kr. by issuing 900.000 new shares.
-V.117.P. 1899.
Sweets Co. of America.
-Earnings.
-
The company reports a profit of $32,278 for the first quarter of 1924,
after reserves for depreciation and other deductions.
-V. 118, p. 1678.
33rd & Market Streets, Philadelphia.
-Bonds Offered.Schibener, Boenning & Co. and Mackie-Hentz &
Philadelphia, are offering at 100 and int. $600,000 6%Co., Mtge.
1st
Real Estate Gold bonds of C. Benton Cooper.
Dated
April 11924. Due April 1 1949. Int. A. & 0. Denom. $1,000.
$500 and $100c5 Red. as a whole at 102% and int. and for the account
.
of the sinking fund by lot at 101 and int. The sinking fund provided
under the mortgage will redeem the entire Issue at or before maturity
at 101 and int. The Pennsylvania Co. for Insurance on Lives & Granting
Annuities, Philadelphia, trustee. A legal investment for trust funds 41
Pennsylvania. Pennsylvania personal property tax of four mills and 2%
normal Federal income tax refunded.
2192
This issue of bonds is secured by a direct first mortgage on land and
buildings located at 33d and Market. Ludlow St. and Woodland Ave..
Philadelphia, and valued by William Wallace Smith at $1,000,000. The
appraisal places the value of the ground alone at $700,000, or $100,000
In excess of the amount of this issue.
-Summary of Earnings for
Telephone Operations.
Month of February.
-S. C. Commission (subject to reThe following compilations of the I.
vision) are from reports of revenues and expenses of 72 telephone companies
for the month of Feb. 1924 as filed in the Bureau of Statistics. This summary includes only companies having annual operating revenues in excess of $250,000.
Summary of Monthly Reports of Large Telephone Companies.
-Month of February- -2 Mos. End. Feb.
1923.
1924.
1923.
No. of co. stations in 1924.
service atend of month 11,522,814 10,659,053
RevenueSubscrib. station revs__ 36,363,824 33,271.005 72,944,568 66.662,725
Public pay station revs.. 2.420.586 2,169,168 5,067,120 4,624,542
871,086
442,706
417,094
Miscall. exch.service rev
903.635
13,202,112 12,600.026 27,567,935 26,433,589
Message tolls
1,515,200
1,458,206 3.105,204 2,917,986
Miscell. toll line revs
1,087,024
959,929 2,138,948 1,892,246
Sundry miscell. revs__
Licensee revenue-Cr_ _ _ 2,174,393 1,943,155 4,340,560 3,866,772
2,136,880 1,941,975 4,245,137 3,864,828
-Dr
Licensee revenue
Telephone oper. revs_ 55,068,965 50,876,608 111,822,833 103,404,118
ExpensesDeprec.of plant & equip. 8.529,508 7,670,648 16,958,544 15,274,286
All other maintenance__ 8,255,772 6,883,559 17,052,109 14,383,623
15,083,308 13,223,771 30,602,072 27.426,329
Traffic Expenses
Commercial expenses_ -- 5,005,440 4,495,325 10,001,457 9,105,133
2,448,951
2,362,616 4.987,991
4.741.093
General & miscell. exp
Telephone oper. exp_ _ 39,322.979 34,635,919 79,602,173 70,930,464
Net teleph. oper. revs__ 15,745,986 16,240,689 32,220,660 32,473,654
Cr.475
Cr.!
.122
C .527
Cr.1,057
Other operating revs_
3.375
850
Other operating exp_ _ _ _
1,847
2,785
Uncollectible oper. revs..
336,168
303,654
674.423
635.470
Operat'g income before
deducting taxes....... 15,409,443 15,935,715 31,544,509 31,835.931
Taxes assignable to oper_ 4.411,323 4,162,429 8.861,503 8,405,297
Operating income_ -- - 10,998,120 11,773.286 22,683.006 23,430,634
Ratio of exp. to revs--71.41%
68.08%
68.60%
71.19%
(John R.) Thompson Co., Chicago.
-Earnings.
Three Months Ended March 311923.
1924.
Gross income
$3,175.700 $2,951.170
Net income after reserve for Federal taxes & dep. 394,357
340.804
17.444
Preferred dividends
16,295
Common dividends
180,000
180,000
Surplus for quarter
Profit and loss surplus
-V. 118. p. 2053.
Tide Water Oil Co.
-Earnings.
3 Months ended March 31
Gross earnings
Expenses
[VOL. 118.
THE CHRONICLE
$198,062 $143,360
2.476,599 2.282,365
Union Oil Co. of California.
-Quarterly Report.
-
The report for the three months ended March 31 1924. listed at Los
Angeles, April 7, says in brief:
Approx. Results
-3 Mos.End.Mar.31 1924.
1922.
1923.
xProfit subject to depreciation, &c_ __ .$5,600,000 25,050,000 $5,250.000
Depreciation and depletion
1,650,000
1,500,000
1,280,000
Labor & incidental cost of new drilling_ 850,000
1,800,000
1,220.000
Net profit
$3,100,000 $1,750,000 $2,750,000
x Profits earned from all operations,less general expenses, taxes (including
income tax), interest charges, employees' share of profits, and provident
fund.
Production.
-Of crude oil by the company and controlled companies
approximates 4,250,000 bbls., an increase over the same period last year of
650,000 bbls.
Sales for the three months approximate $15,800,000, an increase in value
of $400,000. Our exports of crude oil to the Atlantic seaboard have been
materially redtmed in the last three months. The price of fuel oil has been
advanced 494. per bbl. and gasoline and distillate 4c. per gallon.
Capital Expenditures approximate $2,800,000, consisting principally of
the cost of drilling new wells and additions to our marketing station facilities.
Current Assets,consisting ofcash, U.S.Treasury certificates, accounts and
bills receivable, oil inventories (included at substantially the same prices as
at Dec. 31 last) and materials and supplies at March 31 1924, amounted to
$43,500,000, an increase of $1,250,000 over Dec. 311923. Current assets
are over 6 to 1 of current liabilities.
Current Liabilities at March 31 1924 approximate 27,000,000. a decrease
of $300,000 from Dec.31 1923. During the three months there has been a
decrease in mortgage debt in the hands of the public of $2,930,000, making
a total reduction in indebtedness of $3,230,000.
Capital Stock Subscriptions already paid on the offering of $4,500,000
Capital stock, made in January last, amounted to $2,963,000, leaving a
balance of $1,537,000 to be paid on the due dates of May 10, Aug. 10 and
Nov. 10 next.
Total dividends paid to date (including quarterly cash dividend of
$1 80 per share pal.:1 April 28 1924): Cash, $54,211,788, and in stock,
$59.745,993; total $113,957,781.
.
[Signed by W.L. Stewart, Pres., and R. D. Matthews, Comp.]
-V.118,
p. 1786.
United Bakeries Corp.
-Earnings.
The company reports for the 15 weeks ended April 12 1924 profits of
$768,406, after depreciation, but before income tax. Sales during the
period amounted to 29,852,438.-V. 118, p. 1532.
United Engineering & Foundry Co.
-Extra Dividend.
An extra dividend of 1% was paid on the Common stock April 22 in addition to the regular quarterly dividend of 2%.-V. 116. ro• 1307.
United Gas Improvement Co.
-Sales of Gas.
-
The sales of gas in Philadelphia through the company's subsidiary,
the Equitable Illuminating Gas Light Co., in the 3 months ended March 31.
1924 compare as follows:
1922.
3 Months end. Mar. 311924.
1923.
Sales ofgas(cubic feet)
4.767,938,160 5,106,485.260 4,472,207,570
The amount due the City of Philadelphia on sales for the quarter ended
Mar. 31 1924 was 21.191,982.-V. 118, p. 2053, 786.
United States Finishing Co.
-Earnings.
1923.
1924.
$12,251,415 $10.963,636
9,577,114 9,291,855
Operating income
Other income
$3,674,301 $1,671,781
446.073
153,198
Totalincome
Depreciation and depletion
Minority proportion
Federal taxes
Dividends
$3,827,499 $2,117,854
993,851
1.403,349
Dr.1,843
Dr.1,751
250.000
500,020
Surplus
-V. 118, p. 1662.
21,675,881
$1,125,846
Calendar Years1922.
1923.
Gross income
211.384,158 $8,273,226
Net operating income
1.650,378
868,357
Balance after charges and preferred dividends ..._ _ 1,433,137
482.064
During the year the dividend rate on the Common stock was increased
from 7 to 8% and an extra div. of $1 a share was paid -V.117. p. 2900.
United States Hoffman Machinery Corp.
-Earnings.
Quarters ended March 31Gross sales
Operating expenses, depreciation, &c
1924.
1923.
$1.398,519 $1,235,181
1,156,611
983,106
Profit from operation
x Interest, &c., income
2241,908
35,764
$252,075
34,697
Gross income
Interest and other charges
Debenture bond int., Federal taxes, &c
Provision for amortization
$277,672
45,321
66,725
53,253
$286,772
70,015
66,179
52,884
Tidewater Steel Corp., Baltimore, Md.-New Co.
This company was organized in Delaware in March 1924 with an authorized capital of 21,500.000 ($1,200,000 Common, par $10, and *300.0008%
Net income
$112,373
297,694
Preferred, par $10) to take over the properties of the Maryland Steel Rolling Profit and loss charges
Dr.7,498
Co. and the Trenton Strip Steel Co. There is at present $600,000 of Previous surplus
1.105,403
510,679
Common stock and all of the $300.000 Pref. stock outstanding. The
latter issue is callable at $12 50 after Feb. 11925.
$1,210,278
$608,373
Profit and loss surplus
Officers and directors of the new company are: M. D. Perine (Pres.).
x Does not include interest accrued on customers notes receivable.
D. D. Mallory (V.-Pres.), Arthur Aston (Treas.), A. J. Hirsch (Sec.). V. 118. p. 1679.
J. H.
Offices: 1411 Fidelity Building, Baltimore. Md.
Dashiell.
-Merger.
U. S. Rubber Reclaiming Co., Inc.
-V.118, p. 2067.
See Madison Tire & Rubber Co.. Inc., above.
Timken-Detroit Axle Co.
-Balance Sheet Dec. 31.-
1922.
1923.
1922.
1923.
LiabilitiesAssets
$
$
Notes payable..._ _ 1,700,000 2,100,000
Land, bides., &c.,
less depreciation 9,766,595 9,298,780 Accounts payable,
not due
941,241
1
1
640,045
Good-win & pats__
Accrued dividends
Cash on hand and
540,186 d: expenses
424,893
73,759
71,558
on deposit
Notes & accts. rec. 1,177,149 1,528,498 7% Preferred sten]: 1,657,300 4,816,900
5,653,555 6,597,452 Common stock
Inventories
8,217,220 7,429,060
Surplus
4417,769 4,122,545
Invest. (Standard
Equipment Co.) 1,327,734
71,690
71,007
Securities owned._
Sale contract on
925,520
Canton pit. sold 762,223
344,355
Miscellaneous_ _ 455,702
195,032
179,023 Tot.(each side).19.833,891 19,183.505
Deferred assets.
-V. 118, p. 1925.
-Extra Dividend of
United States Steel Corporation.
34 of 1% Declared-Quarterly Statement-Foreign Holdings.
The directors have declared an extra dividend of
of 1% on
the outstanding $508,302,500 Common stock, par $100, in
addition to the usual quarterly dividend of 13,4%, both payable June 28 to holders of record May 28. Like amounts
were paid on the Common stock on March 29 last. The
company on Dec. 29 1923 paid an extra dividend of W of
I,
1% on the Common stock. (For record of cash dividends
paid on the Common stock from 1908 to 1923, inclusive, see
V. 117, p. 2004).
The regular quarterly dividend of 13 % on the out4
standing $360,281,100 7% Cumulative stock, par $100, has
-Earnings.Transue & Williams Steel Forging Corp.
-Month of March- -3 Mos.End.Mar. 31- also been declared, payable May 28 to holders of record
May 5.
1924.
1923.
1923.
1924.
$61.215
262,628 $117,486
The financial statement of the corporation and subsidiary
Net profit after all deduc'ns- 232,428
Gross sales for the first three months of 1924 were $1,698,697, against companies for the quarter ending March 31 1924 will be
21,670.229 for the same period of 1923.-V. 118. p. 805, 678.
found under "Financial Reports" above.
-Tenders.
For foreign holdings of Common and Preferred stocks of
Two Rector Street Corp.
The Guaranty Trust Co.. trustee, 140 Broadway, N. Y. City, will until the Corporation, see under "Current Events and Discus-Year 6% Sinking Fund
May 19 receive bids for the sale to it of 1st Mtge. 15
Gold Loan certificates, due April 1 1935. to an amount sufficient to exhaust sions" in last week's "Chronicle," page 2000.-V. 118, p.
255.666, at a price not exceeding 103 and int.-V. 118, p. 1678.
1786.
-Must Liquidate.
Union Cattle Co.
United Verde Extension Mining Co.-Quar. Report.-
The bitterly contested litigation, occupying the attention of the Federal
the
Courts of Nevada and California for its last 4 years. revolving around the
indebtedness to the First National
tangled affairs of this company and
Bank and the First Federal Trust Co. of San Francisco. with more than
24,000,000 involved, was ended April 7 through a decision of the U. S.
Circuit Court of Appeals, which handed down in substance the following
order:
"(1) The right to foreclose the mortgage held by the trustees (First
Federal Trust Co.) on the property of the Union Cattle Co. is denied, and
the decision of the Federal District Court of Nevada in relation thereto
sustained.
R.
"(2) The right of the receiver, W.wasSmith, to borrow $110,000 for the
allowed
purchase of cattle and sheep, which Is modified, through a decision of the
in that there must be no
Nevada.
Federal District Court of
of the company's expansion. This
further obligations contracted in behalfbe allowed to
concern will not
negotiate any part of
means that the cattle
the loan not completed.
must be liquidation of the affairs of the company, and its
"(3) There
affairs must be removed as speedily as possible from the protection of the
of the company must also
to an end
Court. The receivership must be no delaying of the be brought properties
sale of the
with despatch, and there
in the expectancy of better prices, or for speculative purposes."
Pres. James S. Douglas reports in brief for the first 3 months of 1924:
January. February. March.
Copper Output (Pounds)1924
3,517,862 3,901,444 3,302,560
3,083,500 3,220,306 3,621,074
1923
The mine is in good shape and there is nothing of importance in the way
of development to report either in the Jerome Verde or in our ground.
Our copper is fairly well sold ahead in accordance with our usual policy,
but the price does not justify the same dividend rate as of last year.
Apr. 1 '24. Dec. 31 '23
$278,324 $1,069,111
Cash on hand
Liberty bonds(par value $3,363,950), market value) 3,335,669 3,312,032
100,000
200,000
U. S. Treasury certificates
The directors on March 19 1924(V. 118, p. 1413) declared a dividend of
50 cents per share, payable on May 1 to holders of record April 3.-V. 118,
p. 1786.
Utah Copper Co.
-New Director.
Elliott C. Bacon of J. P. Morgan & Co. has been elected a director, succeeding William Pierson Hamilton.
-V. 118,P. 2038, 1149.
For other Investment News,'see page 2206 and 2207.
MAY 3 1924.]
THE CHRONICLE
geports anti
2193
giscuments.
SEABOARD AIR LINE RAILWAY COMPANY
ANNUAL REPORT—FISCAL TEAR ENDED DECEMBER 31 1923.
Baltimore, Md., April 10 1924.
the Stockholders and Security Owners
Of the Seaboard Air Line Railway Company:
The President and Board of Directors submit the following report of the affairs of the Company for the year ended
December 31 1923:
INCOME ACCOUNT.
FOR THE YEAR ENDED DECEMBER 31 1923, COMPARED WITH
YEAR ENDED DECEMBER 31 1922.
tee
Increase.
1922.
1923.
Railway Operating Revenues.$52,249,110 36 $45,679,048 19 $6,570,062 17
Railway Operating Expenses_ 40,342,259 48 36,222,884 20 4,119,375 28
Net Revenue from Railway
$11,906.850 88 $9,456,163 99 $2,450,686 89
Operations
79,818 96
2,204,054 28 2,124,235 32
Railway Tax Accruals
8.53809
3,77611
12,314 20
Uncollectible Ry. Revenues
Railway Operating Income. 59,690.482 40 37,328,152 56 $2,362,329 84
2,991,974 66 *1,347.426 35
1,644,548 31
Equipment Rents—Dr
*1765327
105.608 95
87,970 68
Joint FacIlity Rents—Dr _ _
Net Ry. Operating Income
Other Income
$7,957.963 41 5.4,230.568 95 33,727,394 46
27,682 54
489,074 06
516,756 60
58,474,720 01 34,719,643 01 53.755,07700
Gross Income
1,122 07
105,973 03
107,095 10
Rents and Other Charges_ _ _ _
$8,367,624 91 34,613,669 98 33.753,95493
Applicable to Interest
478,958 43
6,095.245 36 5,616.286 93
Fed Interest Charges
Annual Allotment of Dis97,325 68
155.613 13
252,938 81
on Securities
count
Interest Adjustment Mort625,000 00
625,000 00
gage (Income) Bonds
Net Income
$1,394,440 74D41158,23008 52,552.670 82
Decrease.
FUNDED DEBT.
The President, by authority and direction of the Board of
Directors, negotiated a loan of $6,759,000 with the United
States Government under the provisions of Section 210 of
the Transportation Act, 1920, to provide funds for the retirement of $3,000,000 Florida Central and Peninsular Railroad
Company First Mortgage Bonds maturing July 1 1923;
$1,000,000 Secured Gold Notes of the Company maturing
September 15 1923; for the retiral of other obligations, and
for additions and betterments. Accordingly the Company
Issued and delivered to the Secretary of the Treasury of the
United States secured notes maturing ten years after date,
bearing interest at the rate of Six Per Cent (6%) per annum,
payable semi-annually, as follows:
Dated May 21 1923
Dated June 30 1923
Dated August 1 1923
Dated September 14 1923
Dated October 1 1923
Dated November 1 1923
Dated December 1 1923
Total
51,259,000
3,000,000
300,000
1,000 000
450.000
350,000
400,000
56.759,000
During the year $4,028,000 First and Consolidated Mortgage, Series "A," Six Per Cent (6%) Bonds, due 1945, were
delivered to the Company by the Trustee of the First and
Consolidated Mortgage in reimbursement of expenditures
for additions, betterments and equipment pursuant to the
provisions of said Mortgage. These bonds were used by the
Company as part of the collateral to secure the loans received from the United States under Section 210 of the
Transportation Act.
During the year 1920 allotment of $2,750,000 Refunding
Mortgage Four Per Cent (4%) Gold Bonds, due 1959, were
delivered to the Company by the Trustee of the Refunding
Mortgage in respect of expenditures for additions, betterments and property, pursuant to the provisions of said
Mortgage. These bonds were pledged under the Company's
First and Consolidated Mortgage, as therein provided.
In April 1923 Equipment Trust Agreement Series "V,"
Philadelphia Plan, was entered into with The Chase National Bank of the City of New York as Trustee, under
which there was issued $6,600,000 principal amount of Six
Per Cent (6%) equipment trust certificates payable in
twenty-four semi-annual installments of $275,000 each, on
the first day of October and the first day of April in each
year, commencing October 1 1923 and ending April 1 1935.
The equipment acquired under Trust "V," most of which
was reported in last year's annual report as contracted for,
Is hereinafter enumerated.
Since the close of the year Equipment Trust Agreement
Series "W," dated December 15 1923, has been entered into
with The Chase National Bank of the City of New York,
as Trustee. There is to be issued thereunder $1,620,000
principal amount of Six Per Cent (6%) equipment trust
certificates. The equipment to be acquired under this trust
is hereinafter enumerated.
$3,000,000 Florida Central and Peninsular Railroad Company First Mortgage "Extended" Bonds, maturing July 1
1923 were acquired by the Company; these bonds remain
uncancelled and have been pledged under the Refunding
Mortgage, as required thereunder, and a like face amount of
Refunding Mortgage Four Per Cent (4%) Gold Bonds, due
1959, were delivered to the Company in 1924. These $3,000,000 Refunding Bonds have been pledged under the Company's First and Consolidated Mortgage as against the delivery in 1924 of $3,000,000 First and Consolidated Mortgage,
Series "A" Six Per Cent Bonds, due 1945, which were used
as collateral to secure loans received from the United States
under Section 210 of the Transportation Act, 1920.
There were paid and retired during the year $1,000,000
face amount of Seaboard Air Line Railway Company Three
Year Extended Gold Notes, maturing September 15 1923.
Equipment Trust Certificates aggregating $1,476,000 were
paid off and acquired during the year. The certificates are
uncancelled and have been or may be pledged under the
First and Consolidated Mortgage against the drawing down
of First and Consolidated Bonds.
EQUIPMENT.
Equipment Trust Series "V" provides for the following
equipment:
20 new Mikado type freight locomotives.
4 new all steel combination mail.and baggage cars,
1000 new 80.000 lb. capacity steel upperframe and underframe, steel end
ventilated box cars,
1000 new 100,000 lb. capacity steel upperframe and underframe, low side
gondola cars,
25 new steel underframe caboose cars,
1100 rebuilt steel upperframe and underframe ventilated box cars,
500 rebuilt steel center sill, reinforced ends, ventilated box cars.
400 rebuilt steel tmderframe hopper bottom gondola cars.
Of the above equipment, and other equipment reported in
last year's report as contracted for and undelivered, the following was received and put into service during the year:
23 new Mikado type freight locomotives,
1 new steel dining car,
1726 new 80,000 lb. capacity steel upperframe and underframe, steel end
ventilated box cars,
1000 new 100.000 lb. capacity steel upperframe and underframe, low side
goldola cars.
25 new steel underframe caboose cars,
1178 rebuilt steel upperframe and underframe ventilated box cars,
1539 rebuilt steel centre sill, reinforced ends, box cars,
400 rebuilt steel underframe hopper bottom gondola cars.
245 rebuilt wood upperframe and steel underframe box cars.
1533 rebuilt drop bottom gondola cars,
76 rebuilt all steel phosphate cars,
leaving equipment contracted for but undelivered as follows:
4 new all steel combination mail and baggage cars,
225 rebuilt steel upperframe and underframe ventilated box cars,
56 rebuilt steel centre sill, reinforced ends, box cars.
Since January 1 1924 the following additional equipment
to be acquired under Equipment Trust Series "W" has been
contracted for delivery as early as possible during the current year, to wit.
4 new all steel combination mall and baggage cars.
2 new all steel diming cars,
1 new all steel ousiness car,
25 new steel underframe caboose cars,
932 80.000 lb. capacity steel underframe flat cars, new except for rebuilt
trucks,
558 rebuilt freight cars.
At the close of the year only 15.5% of the Company's locomotives were awaiting repairs, 10.8% being in need of
heavy repairs, the balance, 4.7%, requiring running repairs
only.
At the close of the year only 4.91% of the freight cars
owned by the Company, were on its line, in unserviceable
condition, awaiting repairs.
The Company's rebuilding program, begun in 1922, involved the complete rehabilitation of 10,620 freight cars. It
is anticipated that the entire program will be completed by
the summer of 1924. As of the close of the year 8,819 had
been rebuilt and put into service, leaving a balance of 1,801
to be completed in the early part of 1924.
GENERAL REMARKS.
The freight car rebuilding program put into effect by this
Company during 1922, marked a new eta in overcoming the
delinquencies of Federal control during which Seaboard
equipment suffered severely and as a result of which the
railroad, upon return to its owners, faced a serious problem
owing to the bad order equipment conditions. Equipment
rehabilitation under the Company's policy, together with
the purchase of certain new equipment, increased operating
efficiency and enabled the Company to handle the large volume of freight business during the year which otherwise
could not have been secured. The policy adopted placed the
Company in position to handle additional traffic, both
frieight and passenger, and not only were the Company's
gross earnings largely increased over the preceding year,
but equipment per diem paid for foreign cars decreased
$1,347,426 35, although the equipment program had not been
completed at the close of 1923.
Gross revenues increased $6,570,062 17 over 1922. Freight
revenue increased $4,576,331 65, although a ten per cent
(10%) rate reduction became effective during the previous
year. Passenger train revenue increased $1,808,275 03, and
2194
THE CHRONICLE
[VOL. 118.
other revenue from operations increased $185,455 49. The sections of this country and from
other
number of revenue tons carried during 1923 was 14,995,016, ning to realize that the South offers, countries are beginthe greatest inducean increase over the previous year of 2,615,920 tons, or 21%. ments not only for relaxation and
rest, because of climatic
The number of tons of revenue freight carried one mile in- and other conditions and the
excellence of the hotel accomcreased 17%, and there was an equal increase in the num- modations, but also as a place of
residence, many Investingber of revenue tons carried one mile per mile of road.
In property and making the South either a permanent or
Operating expenses increased $4,119,375 28, of which part time residence.
$2,136,334 52 was in maintenance. Gross revenues increased
Traffic density in Seaboard territory has greatly in$6,570,062 17, while transportation expenses increased only creased. Mileage at one time unproductive is now
produc$1,650,341 89. The transportation ratio was 38.89, as against tive.
40.86 for the previous year. The number of revenue tons
Too great a concentration of railroads into a very few
per train increased 4% over the previous year. Train miles large consolidated systems, such as has been proposed,
will
Increased 10% and locomotive miles increased 11% and, as not secure the best results to the South. Many
millions of
previously stated, equipment rents decreased $1,347,426 35. acres of agricultural lands; great deposits of minerals, clays.
The negotiations for the settlement of the Company's and material used in industrial commerce, await developclaim against the United States Railroad Administration, ment. Adequate transportation facilities are essential to.
growing out of Federal control, terminated during 1923. enable the South to work out its destiny. These facilities
These negotiations had been carried on since 1920. Your can only be obtained by an attitude toward the railroads
management believed that the terms named by the Director- that will en _ble them to sell their securities with reasonable
General of Railroads at the beginning of these negotiations assurance to the investor of their ability to meet their obin 1920 were totally inadequate and not commensurate with ligations.
The Transportation Act of 1920 should not be amended in
the value of the property to the Government under the
rental value the Director-General then proposed, and would essential particulars. Harmful legislation affecting the
not compensate the Company for the damage done to its railroads would have much to do with depressing existing
freight car equipment during Federal control. The freight business conditions.
The Directors desire that an expression of appreciation,
car equipment of this Company was turned over to the Railroad Administration in 6.7% bad order and returned in ap- be extended to the officers and employees for the loyal and
proximately 40% bad order. Your management believed it efficient service which they have rendered in the developwas essential that sufficient time be given to prove the ment and satisfactory progress of the Company's business.
claims made in this respect and declined to press matters to
S. DAVIES WARFIELD, President.
a conclusion until sufficient time had been given to permit
freights cars in the ordinary course of business to be INCOME ACCOUNT FOR THE QUARTER
the
ENDED MARCH 31 1924,
COMPARED WITH .QUARTER ENDED MARCH
returned from other lines in order that their condition could
31 1923.
Three Months Three Months
be ascertained.
Ended
Ended
The rental or standard return for the Company's property
March 311924. March 311923. Increase.
Railway
was finally fixed at $7,800,000 per annum for the period of Railway operating revenues_ _$14,798,887 33 $13,916,934 62 $881,952 71
operating expenses__ 11,142,823 59
250,113 22
10,892,710 37
Federal control, compared with the figure of $6,504,428 76
Net revenue from railway
originally certified for the standard rental. As a result of
operations
$3,656,063 74 $3,024,224 25 $631,839 49
the fixing of this amount as standard rental, the Company Railway tax accruals
570,000 00
525,000 00
45,000 00'
received $650,188 43 in final settlement with the Inter-State Uncollectible railway revenues
2,557 33
2,515 45
41 88Commerce Commission on account of the six months' guar- Railway operating income- _ _ $3,083,506 41
32,496,708 80 $586,797 61
-Dr
anty period, and in reimbursement, under Section 209 of the Equipmentrents
324,436 56
831,132 80 *506,69624
Joint facility rents
-Dr
24,075 00
21,150 00
2,92500
Transportation Act, of the deficit from operations during
Net railway oper. income $2,734,994 85 $1,644,426
that period. The balance of the amount for the guaranty
00 $1,090,568 85Other income
165,567 04
124,399 37
41,167 67
period had been previously paid. The settlement of the
Gross income
guaranty period resulted in a charge to Profit and Loss due
$2,900,561 89 $1.768,825 37 $1,131,736 52
Rents and other charges
29,425 78
26,306 14
to abnormal maintenance which was necessary during the
3,119,64
Applicable to interest
period immediately following Federal control.
$2,871,136 11 $1,742,519 23 $1,128,616 88
In the final settlement with the Director-General of Rail- Interest charges (exclusive of
interest of adjustment
mortgage (income bonds)_ _ 1,645,286 10 1.484,44481
roads $750,000 was received in addition to the amount re160,841 29
Discount on securities
62.925 31
ceived from the Commission, the balance between the in63,387 18
'461 87
1
Net income before adjustcreased amount finally agreed upon as a standard rental and
ment mortgage (income)
the rental first certified, which had been paid by previous
bond interest
$1,162.924 70
$194,687 24 $968,237 44.
advances. Expenditures made by the Director-General for ad*Decrease•
ditions and betterments to the Company's property during
Federal control were funded in the amount of $2,000,000,
TABLE NO. 2
-GENERAL BALANCE SHEET, DEC. 31 1923.
increasing the cash received by the Company in final setASSETS.
Investments
tlement with the Government to $3,400,188 43.
Investment in Road and Equipment:
Road
In this settlement all Federal control accounts against
$167,864.141 81
Equipment
37,590,539 17
the Seaboard were discharged, including items of the book
General Expenditures
572,747 24
accounts between the Director-General and the Company,
$206,027,428 22'
Sinking Funds
which, on the basis of the so-called standard return indi- Deposits in Lieu of Mortgaged
1,032 04
Property Sold
1.024,205 67
cated an apparent balance against the Seaboard amounting Miscellaneous Physical Property
835,943 63
to approximately $8,000,000, without computing interest or Investments in Affiliated Companies:
Stocks
-Pledged
$3,088,654 31
the Director-General's claim for over-expenditures with reStocks-Unpledged
299,639 22
Bonds
-Pledged
spect to maintenance on the flat accounting basis, which the
916,158 45
Bonds-Unpledged
407,551 78
Company declined to accept.
Notes
741,905 12
Advances
While the settlement did not produce the amount which as
4,266,945 82
9,720,854 70'
a result of litigation, in the judgment of your management, Other Investments:
Stocks-Pledged
would be recoverable, in view of the fact that your Company
$2600
Stocks-Unpledged
84,546 82
declined to accept the standard form of contract for the takBonds
-Pledged
9,850 00
Bonds--Unpledged
ing of the property under Federal control, a suit in the
21,000 00
Notes
30,636 00
Court of Claims would have been requisite to establish full
Advances
171.794 97
recovery. For this reason, in view of the substantial con317,853 70
cessions by the Director-General, regarded as reasonable
Total
S217,927,318 05.
Current Assets
from his standpoint, in view of the basis of settlement with
Cash with Treasurer
$3,879,877 41
other carriers, the settlement was agreed to. The result Cash in Transit
1,041,914 24
was a substantial credit to the Company's Profit and Loss
4,921,791 65
Special Deposits
-Cash with Fiscal Agencies
Account.
and Trustees
1,059,568 57
On December 20 1923, the Board of Directors declared Loans and Bills Receivable
43,575 23
Service Balances
and ordered paid on February 1 1924 an installment of inter- Traffic and CarReceivable from Receivable_ 1,224.275 76
Net Balances
Agents and
est on the $25,000,000 Adjusted Mortgage Bonds, amounting
Conductors
190,617 12
Accounts Receivable:
to two and one-half per cent (2%%), represented by August Miscellaneous and
Individuals
Companies_$1.630,800 89
numbers 45 and 46 for $1250 each.
1 1921 coupons,
United States Government__ 259,151 46
Other Companies for Claims 131,894 55
The outlook for business throughout the territory tra2,021,846 90
versed by this railroad is excellent. The favorable prices Material and Supplies
5,088,110 42
3,302 04
for cotton, tobacco and other products of the Southern coun- Interest and Dividends Receivable
Rents Receivable
3,867 60
try give an increased purchasing power throughout this ter- Other Current Assets
314,302 47
ritory. Indications are that the movement of fertilizer dur___________________________________________
Total
14,871.257 76
ing 1924 will be very heavy. The production of citrus fruits
Deferred Assets
Working
$65,930 96
and vegetables in Florida and products from the other Other Fund Advances
474,947 62
Deferred Assets
States of the South is increasing from year to year with
Total
540,878 58
unprecedented rapidity, indicating heavy increases in this
Unadjusted Debits
class of traffic for 1924.
Insurance Premiums Paid in Advance
$102,924 49
4,587,539 93
The passenger business of the Seaboard has already shown Discount on Funded Debt
386,775 59
large increases and promises for the coming year to be Claims in Suspense
1.496.791 58
Other Unadjusted Debits
heavily augmented. Florida and the whole Southern counTotal
6,574,031 59
try are now looked to as perhaps the most important pleasGrand Total
$239,913,485 98
ure seeking territory of the country. People from various
MAY 3 1924.]
THE CHRONICLE
Brought forward
Interest Matured Unpaid:
Funded Debt
Equipment Trust Obligations
LIABILITIES
Capital Stock
Common Capital Stock
Issued
840.041.000 00
Less:1Pledged as Collateral $3,021,600 00
Treasury
300 00
$37,019,100 00
Preferred 4-2% Capital Stock
Issued
$25,000,000 00
Less: Pledged as Collateral 1,105,900 00
23,894,100 00
Preferred 6% Capita Stock
Issued
$2,273,100 00
2195
$6,552,744 78 $152,877,262 48
$668,793 75
13,593 03
Dividends Matured Unpaid
Funded Debt Matured Unpaid
Unmatured Interest Accrued:
Funded Debt
$1,806,402 79
Equipment Trust Obligations
315,000 14
Unfunded Debt
2,851 64
Unmatureu Rents Accrued
Other Current Liabilities
Less:Wledged as Collateral $2.2.5,000 00
IIn Treasury
800 00
2,124,25457
33.28826
241,26471
•
37,30000
Total
Funded Debt UnmaturedEquipment Obligations
$26,628,687 47
682,386 78
9 00
129,500 00
860,950,500 00
Less:JPledged as Collateral $9,224,687 47
lIn Treasury
66,000
00$17338000 00
Mortgage Bonds Proprietary
Companies
$39,606,000 00
Lacs: Pledged as Collateral 5,947,000 00
33,659.000 00
S. A. L. Railway First Mort$39,775,000 00
gage Bonds
Less: Pledged as Collateral 27,000.000 00
12,775.000 00
S. A. L. Railway Refunding
Mortgage Bonds
$58,761,000 00
Less: Pledged as Collateral 39,411.000 00
19,350,000 00
S. A. L. Railway Company
First and Consolidated
Mortgage Bonds, Series
$48,749,000 00
Total
Deferred Liabilities
Other Deferred Liabilities
Unadjusted Credits
Accrued Taxes
8540,675 17
Operating Reserves
1,448.490 14
Accrued Depreciation-Equipment
4,653.238 52
Reserve for Outstanding Stock of Proprietary
Companies
19,526 41
Other 'Unadjusted.Credits '
1,587,789 78
9.763,448 10
Total
Corporate Surplus
Additions to Property through Income and
Surplus
Funded Debt Retired through Income and
Surplus
Profit and Loss-Surplus
8,249,720 02
Total
Grand Total
389.307 40
$280.381 71
3,896 12
7.398,970 20
7,683,248 03
6239,913,485 98
Accumulated and unpaid interest on Adjustment Mortgage (Income)
Bonds amounting to $3,333,333 34 and payable out of future income, or
otherwise,or at the maturity of the bonds,is not comprehended in the above
•
balance sheet.
27,777,500 00
This Company is liable as a Guarantor of the following Securities and
Income Bonds:
Obligations:
S. A. L. Railway Adjustment Mortgage
Athens Terminal Company First Mortgage
Bonds
6100,000 00
25,000,000 00
Birmingham Terminal Company First Mortgage-Seaboard
Miscellaneous Obligations:
proportion one-sixth of
Secretary of Treasury of United States
1,940.000 00
Fruit Growers Express Company-Payments
-Notes
14,557,400 00
569,045 22
Jacksonville Terminal Company First Mortgage-Seaboard
Director-General of Railroads, United
proportion one-third of
-Note
States
2,000,000 00
400,000 00
Jacksonville Terminal Company First and General Mortgage
-Seaboard proportion one-fourth of
Total
152,456,900 00
100,000 00
Non-Negotiable Debt to Affiliated Companies
420,362 43 Jacksonville Terminal Company Refunding and Extension
Mortgage-Seaboard proportion one-fourth of
Current Liabilities
3.100,00000
Macon Dublin & Savannah Railroad Company First Mortgage 1.529.000 00
Loans and Bills Payable
$32,560 19
Raleigh & Charleston Railroad Company Prior Lien and ConTraffic and Car Service Balances Payable_
961,476 79
solidated Mortgages
Audited Accounts an., Wages
550,000 00
Payable:
Richmond-Washington Company Collateral Trust Mortgage
-Seaboard proportion one-sixth of
Audited Vouchers Unpaid_ $4,084.833 37
10,000,000 00
Savannah & Statesboro Railway Company First Mortgage_ _ _ _ 185,000 00
Wages Unpaid
1,191,230 57
Southeastern Investment Company
-Note
5,276,063 94
150,000 00
Miscellaneous Accounts PayTampa & Gulf Coast Railroad Company First Mortgage
750,000 00
able:
The Seaboard-Bay Line Company
-Payments
300.000 00
Individuals and Companies $104,789 95
The Seaboard-Bay Line Company Notes to Secretary of TreasAgents Traffic Drafts
126,805 02
ury of United States
4,239,000 00
Claim Authorities
Wilmington Railway Bridge Company Consolidated Mortgage
51,048 89
-Seaboard proportion one-half of
282.643 86
217,000 00
Less:iPledgeo as Collateral$20,838,500 00
lIn'lreasury
133,000 00
THE NEW YORK CHICAGO AND ST. LOUIS RAILROAD COMPANY
-YEAR ENDED DECEMBER 31 1923.
FIRST ANNUAL REPORT OF THE BOARD OF DIRECTORS
To the Stockholders of
The New York Chicago & St. Louis Railroad Company:
The Board of Directors herewith submits its report for
the year ended December 31 1923.
This Company was formed under the laws of New York,
Pennsylvania, Ohio, Indiana and Illinois by consolidation of
The New York Chicago & St. Louis Railroad Company,
The Chicago & State Line Railroad Company,
Toledo St. Louis & Western Railroad Company,
The Lake Erie & Western Railroad Company, and
Fort Wayne Cincinnati & Louisville Railroad Company.
The Agreement and Articles of Consolidation were entered
into by the directors of the constituent companies on December 28 1922. Ratification by the stockholders, and
compliances with the requirements of State statutes, were
completed on April 111923, on which date the consolidation
became effective. On June 18 1923 the Inter-State Commerce Commission issued a certificate of public convenience
and necessity authorizing the acquisition, and operation in
inter-State commerce, of the lines of railroad of the constituent companies by the consolidated corporation, and
approved the necessary issue of securities.
The total capital stock of the consolidated company authorized by the Agreement and Articles of Consolidation is
$105,500,000, of which $45,880,000 is to be preferred stock
and $59,620,000 is to be common stock. The amount of
stock authorized by the Inter-State Commerce Commission
to be presently issued in exchange for the stocks of the constituent companies is $78,967,900, of which $32,720,000 is
preferred stock and $46,247,900 is common stock. On
December 31 1923 capital stock of the constituent companies
amounting to $78,468,800 par value had been exchanged,
par for par, for stock of this company, leaving a stock
liability for conversion under the Agreement and Articles of
Consolidation of $499,100. A part of the stock which will
be issued to discharge that liability will be contributed tO
the Company pursuant to the Agreement. Because of contributions by stockholders and other adjustments incident
to the consolidation, the Company holds in its treasury,
out of the total of $78,468,800 issued and exchanged to
December 31 1923,fully paid preferred stock of the par value
of $6,785,714 and fully paid common stock of the par value
of $15,751,596.
The outstanding funded debt of the Company on December 31 1923, including funded debt of the constituents, was
as follows:
Mortgage Bonds
First -inking Fund 4s, due 1937-N. Y.C.& St. LA1/,655,000
Gold 4s, due 1931
10.000,000
Second and Improvement 6s, due 1931
12,230,000
$39.885.000.
Prior Lien 334s, due 1925-T. St. L.& W
$9,575,000
First 4s, due 1950
6,500,000
16,075.000
First os, cue 1937-L. E. & W
67,250,000
Second 5s, due 1941
3,625,000
10,875.000
Equipment Obligations
Serials 4%s, due 1924-1926-N. Y.0.& dt. L___ _ $420,000
sinldng Fund 5s, due 1931
3,157,000
Sinking Fund 535s, due 1932
,
326,000
Serial 5s, due 1924-1937
3,150,000
7,053,000
Federal Serial 6s, due 1924-1935--T. St. L.& W. 945,600
Serial 4s,due 1924-1927-L. E. & W
$440,000
Federal Serial 6s, due 1924-1935
518,400
958,400
Serial 5s, due 1924-1938
4,275,000
Miscellaneous Obligations
Note to U. -. Railroad Administration, due, 1930-N. Y. C.
& St. L ____________ _ ___________________
1,000,000
Serial notes to U. S. Treasurer, due 1924-1936---T. St. L.& W600.000
Serial notes to N. Y. C. RR.. due 1924-1932-L. E. & W
1,170.000
Total_________________________________________________$82,837.000
In addition to the funded debt outstanding at December 31
1923, $690,000 in N. Y. C. & St. L. Second and Improvement 6s, issued during the year, and $425,000 in T. St. L. &
W. Prior Lien nis, were held in the treasury of the Corn-
2196
THE CHRONICLE
pany, while $1,389,000 in N. Y. C. & St. L. Second and
Improvement 6s and $692,000 in T. St. L. & W. Receiver's
Certificates of Indebtedness were pledged as collateral
security for the notes to the United States Government.
Inasmuch as this Company succeeded to all the properties,
rights and privileges of the constituent companies under the
provisions of the Agreement and Articles of Consolidation
dated December 28 1922, the financial and statistical statements, which are appended, show the results from operation
of the Company's property for the entire year, and comparisons are made with the combined figures of the constituent
companies for the previous year.
The Board takes pleasure in acknowledging the fidelity,
efficiency and united efforts displayed by your officers and
employees in the discharge of their duties during the year.
For the Board of Directors,
J. J. BERNET, President.
0. P. VAN SWERINGEN, Chairman of the Board.
INCOME ACCOUNT.
Operating Income
Railway operating revenues
Railway operating expenses
1923.
1922.
357,477,378 99 850,948,424 92
43,938,161 63 39,060,666 86
Net revenue from railway operations_ _ __$13,539,217 36 $11.887,758 06
Railway tax accruals
3Jncollectible railway revenues
$2,852,483 16 $2,604,453 98
7,690 40
5,890 87
$2,860,173 56 32,610.344 85
Railway operating income
$10,679,043 80 $9,277,413 21
Nonoperating Income
Rent from locomotives
Rent from passenger-train cars
Rent from work equipment
Joint facility rent income
Miscellaneous rent income
Miscellaneous non-operating physical property
Dividend income
Income from funded securities
Income from unfunded securities & accounts..
Income from sinking & other reserve funds_ _
Miscellaneous income
Total nonoperating income
Gross income
$47,09488
23.52458
13.921 10
202,748 19
119,893 26
24,821 28
719,582 50
46,96806
329,194 80
425 00
2,62530
$63,55308
19,84959
12,29098
263,79033
77,860 17
22,74829
85,76850
56,52622
316,86652
425 00
4,56262
$1.530.798 95
$924,241 30
$12,209,842 75 $10,201,654 51
[VOL. 118.
GENERAL BALANCE SHEET DECHMBIRR 31 1923.
ASSETS.
Investments
Investment in road & equipment:
Road
$142,029,270 45
Equipment
39,575,064 93
General expenditures
435,712 96
$182,040,048 34
Improvements on leased railway property
56,777 82
Sinkingfund for equipment trust certificates
211,911 41
Deposits in lieu of mortgaged property sold_
116,800 99
Miscellaneous physical property
1,025,057 71
Investments in affiliated companies:
Stocks
37,839,183 00
Bonds
466,601 00
Advances
93,800 00
8,399.58400
Other investments:
Stocks
31,000 00
Bonds
189,166 32
Notes
21.800 00
Miscellaneous
2,090 00
214,056 32
5192,064.236 50
Current Assets
Cash
53,469,481 43
Time drafts & deposits
1,833,397 00
Special deposits
3,062,993 26
Loans & bills receivable
141,194 27
Traffic & car service balances receivable
1.286,418 61
Net balance receivable from agents &
conductors
708,231 88
Miscellaneous accounts receivable
1,350,266 70
Material & supplies
4,963,551 07
Interest & dividends receivable
265,940 68
Rents receivable
14,600 61
Other current assets
438,649 84
17,534,72536
Deferred Assets
Working fund advances
316,851 55
Insurance & other funds
10,287 50
Other deferred assets
9,748,469 86
9,775,608 91
Unadjusted Debits
Rents & insurance premiums paid in advance
$62,500 00
Discount on funded debt
338,620 14
Other unadjusted debits
2,472,204 51
Securities issued or assumed-Unpledged:
Capital stock-Common. 315.751.59600
Cumulative preferred_
6,785,714 00
Second & improvement
mortgage bonds
690,000 00
Prior lien bonds
425.000 00
23.652.31000
Securities issued or assumed-Pledged:
Second & improvement
mortgage bonds
$1,389,000 00
Receivers' certificates of
Indebtedness
692,000 00
2,081,000 00
28,606,634 65
5247,981.205 60
Deductions from Gross Income
Hire of freight cars
-Debit balance
Rent for locomotives
Rent for passenger-train cars
Rent for work equipment
Joint facility rents
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt
Interest on unfunded debt
Amortization of discount on funded debt
Miscellaneous income charges
LIABILITIES.
Stock
Capital stock:
Common
545,942.800 00
Cumulative preferred,
Series A
32,508,300 00
Ownership certificates:
Common
7,050 00
Cumulative preferred,
Series A
10,650 00
$78,468,800 00
Stock liability for conversion:
Common
5298,050 00
Cumulative preferred,
Series A
201,050 00
499,100 00
Total deductions from gross income
$5.878,501 14 $4,861,691 39
$78,967,900 00
Long Term Debt
Funded debt unmatured:
Not income
$6,331,341 61 $5.339,963 12
Equipment obligations_ - _ _313.232,000 00
Mortgage bonds
66,835,000 00
Mortgage bonds nominally
Disposition of Net Income
issued
2,504,000 00
Collateral trust notes:
Income applied to sinking funds
398,482 05
$98.226 00
Note to U. S. Railroad
Dividend appropriations of income
3,556,648 00
1,499,365 00
Administration
1,000,000 00
U. S. Government loan
notes, Series 1921....
600,000 00
Total sinking fund & dividend appropriaMiscellaneous obligations'
tions
$3,655.130 05 $1,597.591 00
Serial notes to New York
Central RR
1,170,000 00
585.341.000 00
Income balance transferred to profit &
Receiver's certificates of indebtedness
692,000 00
loss account
$2,676,211 56 $3,743,372 12
86,033.000 00
Current Liabilities
Loans and bills payable
PROFIT AND LOSS ACCOUNT.
$4,273,381 11
Traffic and car service balances payable____ 1.861,42555
$17,421,930 18 Audited accounts and wages payable
6,452,751 04
Credit balance December 31 1922
Miscellaneous accounts payable
998,323 68
Income Account
$2,676,211 56
Balance transferred from
Interest matured unpaid
502,345 00
equipment sold
487,130 75
Profit on road &
Dividends matured unpaid
836.569 50
Unmatured interest accrued
808,874 44
10,517 95
Discount on bonds purchased & retired
Other current liabilities
699,985 29
Unrefundable overcharges
4.49643
16,433,655 61
Deferred Liabilities
9,310 17
Donations
Other deferred liabilities
Miscellaneous credits & adjustments
16,637,422 32
10,488,248 31
19,825,089 18
Unadjusted Credits
Tax liability
52,441,778 87
$37,247,019 36 Operating reserves
177,807 14
Accrued depreciation-Equipment
7,570,246 58
$134,478 04
Loss on retired road & equipment
Other unadjusted credits
2,709,607 59
798,110 80
Dividend appropriations of surplus
12,899,440 18
Corporate Surplus
Surplus appropriated for investment in
Additions to property through income and
9,310 17
physical property
surplus
$5,703,172 35
228,604 59
Debt discount extinguished through surplus..
Funded debt retired through income and
surplus
1,478,296 96
Premium on equipment trust certificates
Miscellaneous fund reserves
93,800 00
1,36960
purchased & retired
191,45407
Miscellaneous debits
Total appropriated surplus
$7,275,269 31
35,883,692 09
1,363,327 27 Profit and loss-Balance
43,158.961 40
$35.883,69209
Credit balance December 31 1923
5247,981,205 50
$1,301,615 28
13,723 25
59,899 51
14,472 88
377.767 57
2,789 90
101,100 76
9,316 17
3,669,233 39
248,575 30
45,846 79
34,160 34
$794,370 42
58,610 01
54,342 97
4,326 38
351,402 61
5,689 90
174,921 51
14,317 38
3,121,179 87
117,211 49
46,353 63
118,965 22
THE CHRONICLE
MAY 31924.]
2197
THE CHESAPEAKE AND OHIO RAILWAY COMPANY
FORTY-SIXTH ANNUAL REPORT—FISCAL YEAR ENDED DECEMBER 31 1923.
Richmond, Va., March 31 1924.
To the Stockholders:
The Forty-sixth Annual Report of the Board of Directors
for the fiscal year ended December 31 1923 is herewith
submitted.
The average mileage operated during the year was 2,552.7
miles, an increase over the previous year of 3.6 miles. The
mileage at the end of the year was 2,552.9 miles, an increase
of 2.2 miles over mileage on December 31 1922. See
.
schedule on page 12[pamphlet report]
RESULTS FOR THE YEAR.
$101,975,797 68
Operating Revenues
(Increase $18,464,236 66, or 22.11%)
78,889,776 46
Operating Expenses
(Increase $12,771.746 62, or 19.32%)
$23.086,021 22
Net Operating Revenue
(Increase $5,692,490 04, or 32.73%)
4.716,669 98
Taxes and Uncollectible Railway Revenue
(Increase $1,404.265 78, or 42.39%)
$18,369,351 24
Railway Operating Income
(Increase $4,288,224 26, or 30.45%)
766,004 37
Net Equipment and Joint Facility Rents
(Increase $436,801 50, or 132.68%)
$19,135,355 61
Net Railway Operating Income
(Increase $4,725,025 76, or 32.79%)
2,216,048 22
Miscellaneous Income
(Decrease $262,454 77. or 10.59%)
Income
$21,351,403 83
Total Gross
(Increase $4,462,570 99, or 26.42%)
380,765 58
Rental and Other Payments
(Increase $11,544 79, or 3.13%)
available for interest
Income for the year
$20.970,638 25
(Increase $4,451,026 20. or 26.94%)
11,991,20773
Interest (57.18% of amount available) amounted to
(Increase $1,995,265 72, or 19.96%)
Net Income for the year
$8,979,430 52
(Increase $2,455,760 48, or 37.64%)
Dividend of 6 % on Cumulative Convertible Preferred
Stock, Series A, aggregating
816,302 50
Net Income equivalent to 12.48% of Common Stock Outstanding
$8.163,128 02
Common Stock Dividend—two of 2% each, aggregating
2,591,031 79
Remainder, devoted to improvement of physical and other
assets
$5,572,096 23
during the year. Much of this work was completed and put
in operation during the year and the major portion of that
remaining will be completed during the year 1924.
Attention is called in the table showing "Changes in
funded debt in the hands of the public" to the retirement
of 5 per cent Convertible Secured Gold Bonds, amounting to
$2,106,500. In accordance with Trust Indenture, dated
April 1 1916, between your Company and the Central Union
Trust Company of New York, these Bonds were convertible
into Stock up to April 2 1923 at $80 00 per share, and accordingly there was issued Common Capital Stock to a par
value of $2,633,125 to the holders of the Convertible Bonds
retired. This increases the amount of Common Capital
Stock outstanding as of December 31 1923 to $65,425,725.
The changes in funded debt in the hands of the public
during the year were as follows:
Retired.
$51,000 00
4 per cent Big Sandy Ry. First Mortgage Bonds
30,000 00
4 per cent Coal River Ry. First Mortgage Bonds
5,00000
4 per cent Greenbrier By. First Mortgage Bonds
5 per cent Kanawha Bridge & Terminal Co. First Mortgage
5,000 00
Bonds
1,00000
4 per cent Raleigh & Southwestern Ry. First Mortgage Bonds
2.106,500 00
5 per cent Convertible Secured Gold Bonds
2,588,80000
Equipment Trust Obligations
$4,787,30000
Decrease
Increase in obligations shown under funded debt on balance
sheet of December 31 1923 were as follows:
$7.875.000 00
5 per cent Equipment Trust Certificates—Series"U"
GENERAL REMARKS.
Line Extensions during the year have been as
Branch
follows:
Logan Division, Extension from Mallory No. 2 Coal Mines to
2.2 Miles
West Gilbert, W.Va.,increase
Additional second track mileage put into operation during
the year is as follows:
Big Sandy Division—Big Sandy Junction, Ky.,to Hampton, Ky_1.08 Miles
Clifton Forge Division in West Virginia—Elimination of second
.45 Miles
track—(Gauntlet) Second Creek Tunnel
making total increase in second track
.63 Miles
Third track mileage increased by:
RETURN ON PROPERTY.
2.39 Miles
Westend Catlettsburg, Ky.,to eastend of Ashland, Ky
The following table shows the amount of return to your
The equipment inventory as of December 31. 1923 was as
Company, including subsidiary companies, from transporta- follows:
Increase. Decrease.
tion operations only, upon its investment in road and equip46
749
Locomotives owned
ment at the termination of each year of the five year period Locomotives leased
34
182
and the average for the five years:
ended December 31 1923
12
Total
931
Net Railway Percent- Passenger Train Cars owned
11
366
*Property
Operating
aye of Passenger Train Cars leased
63
101
Investment.
Income.
Return.
Total
52
467
$329,703,287 00 $19,135,355 61 5.80%
Year ended Dec. 31 1923
8,095
313,102,488 50
14,410.329 85 4.60% Freight Train and Miscellaneous Cars owned 33,091
Year ended Dec. 31 1922
19,220
7,449
Freight Train Cars leased
308,004,741 01
13.660.926 20 4.44%
Year ended Dec. 31 1921
65 14,410.821 80 4.89%
294.686,412
aYear ended Dec. 31 1920
Total
52,311
646
291,042,054 93 13,725,866 83 4.72%
aYear ended Dec. 31 1919
Yearly average for five years
The changes during the year in the accrued depreciation of
$307,307.796 82 $15,068,660 06 4.90%
ended Dec. 31 1923
equipment account were as follows:
•Does not include Material and Supplies and Cash on hand during year.
616,346,210 35
Balance to credit of account December 31 1922
a The road having been operated in 1919, and during January and Amount credited during year ended December
1920, by the United States Railroad Administration, the comFebruary
31 1923, by charges to Operating Expenses_ -$2,284,530 46
pensation payable during the period mentioned has been used in lieu of
Charges to account, for:
operating and other items making up the return for transportation opera- Accrued depreciation on equipment: 8,163
tions. In these computations, interest payable by way of compensation
freight train and work cars; 9 passenger train
for additions and betterments completed during Federal control has been
cars; 46 locomotives; 3 floating equipment
excluded.
retired during year; and 2.268 freight train
cars; 10 locomotives and 2 floating equipFINANCIAL.
ment rebuilt
$3,038.915 65 $754.385 19
$15,591,825 16
In the Annual Report for the year 1922, your Company Balance to credit of account December 31 1923
1923.
1922.
announced that arrangements had been made to purchase Operating Revenues
$101,975,797 68 $83,511,561 02 Inc.$18,464,326 66
were
the following locomotives and cars:
Operating Expenses
2 Class J-2 Mountain Type Passenger locomotives;
were
78,889.776 46 66,118,02984 Inc. 12,771.746 62
6 Class F-17 Pacific Type Passenger locomotives;
Net Operating Reve25 Class 11-6 Compound Mallet freight locomotives;
nues were
23,086,021 22 17,393,531 18 Inc. 5,692,490 04
25 Simple Mallet freight locomotives;
Operating Ratio_ _ _ _
1.8%
77.4%
79.2% Dec.
2,000 70-Ton Steel Coal Cars;
at an approximate cost of $9,844,825. Equipment Trust,
Series "U," was created during the year under which 5 per
cent Equipment Trust Certificates were issued to the aggregate principal amount of $7,875,000, an amount sufficient
to provide approximately 80 per cent of the total cost of
the above mentioned equipment. These Certificates, dated
March 15 1923, will be due March 15 1938, and provide
for an annual payment of $525,000 on March 15th of each
year commencing with 1924.
The program of additions, betterments and improvements,
financed in a large part by the issue of preferred stock, referred to in the annual report for 1922, has proceeded rapidly
The revenue coal and coke tonnage was 35,377,871, an
increase of 24.0 per cent; other freight tonnage was 12,571,623, an increase of 33.7 per cent. Total revenue tonnage
was 47,949,494 tons, an increase of 26.4 per cent. Freight
revenue was $85,202,379 50, an increase of 24.1 per cent.
Freight train mileage was 10,944,416 miles, an increase of
30.2 per cent. Revenue ton miles were 12,909,457,276, an
increase of 29.1 per cent. Ton mile revenue was 6.60
mills, a decrease of 3.9 per cent. Revenue per freight train
mile was $7.785, a decrease of 4.7 per cent. Revenue tonnage per train mile was 1,180 tons, a decrease of .8 per cent;
including company's freight, the tonnage per train mile wan
2198
THE CHRONICLE
1,236 tons, a decrease of 1.3 per cent. Tonnage per locomotive mile, including company's freight, was 1,105 tons, a
decrease of .5 per cent. Revenue tonnage per loaded car
was 39.3 tons a decrease of .3 per cent. Tons of revenue
freight carried one mile per mile of road were 5,057,178, an
'
increase of 28.9 per cent.
While the increase in coal and coke tonnage carried was
24 per cent, the increase in coal and coke freight revenue was
24.5 per cent, notwithstanding rates were reduced 10 per
cent on July 1 1922, due to the fact that Tidewater coal
tonnage increased from 2,972,527 tons in 1922 to 4,965,367
tons in 1923, an increase of 67 per cent, and the total eastbound coal tonnage increased from 6,112,908 tons in 1922 to
9,217,566 tons in 1923, an increase of 50.8 per cent. The
revenue on Tidewater coal and on eastbound coal generally
is higher than on westbound coal. Tonnage of freight traffic other than coal and coke increased 33.7 per cent, whereas
the revenue therefrom increased only 23.3 per cent, showing
the effect of reduction in freight rates and heavy increases in
tonnage of lumber, brick, gravel, sand, stone and other
building materials carried at relatively lower freight rates.
p There was a slight reduction in the revenue tons per train
,
mile due to the disproportionate increase in eastbound coal
shipments and to the large increase in tonnage of commodities other than coal.
There were 7,430,827 passengers carried, an increase of
11.7 per cent. The number carried one mile was 334,582,773, an increase of 10 per cent. Passenger revenue was
$11,650,940 65, an increase of 10.1 per cent. Revenue per
passenger per mile was 3.482 cents, an increase of .1 per cent.
Number of passengers carried one mile per mile of road was
136,771, an increase of 9.8 per cent. Passenger train mileage was 5,562,898, an increase of 5.5 per cent. Passenger
revenue per train mile was $2.094, an increase of 4.3 per cent;
including mail and express it was $2.472, an increase of 4.6
per cent. Passenger service train revenue per train mile
was $2.527, an increase of 4.2 per cent.
Operating Expenses increased $12,771,746 62, or 19.3
per cent. Transportation Expenses increased $3,894,553 04,
or 13.1 per cent. Ratio of Transportation Expenses to Operating Revenues was 33.07 per cent in 1923, and 35.72 per
cent in 1922. The revenue ton miles carried increased 29.1
per cent. The increase of 33.7 per cent in tonnage of freight
other than coal and coke, which is handled in fast freight
trains, and the increase of 50.8 per cent in eastbound coal
tonnage, which encounters heavier grades than the westbound coal tonnage, tended to increase transportation expenses in relation to net ton miles.
There were 28,891.9 tons of new rail (10,793.6 tons 130
lb., 15,716.8 tons 100 lb., 2,381.5 tons 90 lb.), equal to
169.7 miles of track, used in renewal of existing track.
There were 1,131,893 cross ties used in maintaining existing tracks, a decrease of 101,857.
There were 884,210 yards of ballast (478,539 yards stone)
used in maintaining existing tracks, an increase of 184,462
yards.
The roadway, track and structures were maintained in
general good condition throughout the year.
The average amount expended for repairs per locomotive
was ,555 75, an increase of 29.4 per cent over 1922; per
passenger train car, $1,796 50, a decrease of 8.3 per cent;
per freight train car, $230 93, an increase of 3.7 per cent.
The increase in the average amount expended per locomotive
was due to increased business, requiring more intensive use
of locomotives and improvement in the general condition of
motive power. There was also an increase of 3.5 per cent
in the average tractive power of locomotives in service. The
increase in the average amount expended per freight train car
was due to improvement in the general condition of equipment.
During 1922 contracts were made for repairing 6,290 freight
oars and 34 locomotives at outside shops at approximate
total cost of $5,126,124, of which approximately $1,100,000
was charged to operating expenses during the year 1922 and
the remainder during the current year. 5,165 of the freight
cars and 24 of the locomotives covered by these contracts
were repaired and restored to service during the year. 8,103
freight train cars were retired from service and 1,935 coal ears
were retired and rebuilt, causing a total charge to operating
expenses of $3,533,242 75. 46 obsolete locomotives were
retired from service, causing a charge to operating expenses of
$277,943 40. The Company's locomotive and car shops
were worked to full capacity throughout the year in addition
to the work done under contract and the general condition of
the equipment was materially improved. On December 31
1922,6,476freight cars,or 12.2 per cent of the number owned,
were out of service for heavy or general repairs, while at the
tlose of the year 1923 only 1,112 freight cars, or 3.3 per cent
of the total, were out of service for heavy or general repairs.
*There were 140 locomotives, or 14.8 per cent at the beginning
of the year, and only 107 locomotives, or 11.5 per cent, at
the close of the year undergoing or awaiting classified
repairs.
In the month of October 1923 3,488,692 tons of bituminous
-coal were shipped as revenue freight, which exceeded by 12
per cent the highest previous record, in the month of June
1922. The revenue tonnage of coal and coke carried during
the year exceeded by 22 per cent the previous high record of
the year 1920.
In the annual report for 1922 it was stated that public
hearings would be held before the Inter-State Commerce
[VOL. 118.
Commission during the year 1923 relating to the tentative
plan of the Commission for the consolidation of the railway
properties of the United States into a limited number of
systems. This tentative plan provides for the consolidation
of the property of the Virginian Railway Company with
that of your Company and the Hocking Valley Railway Company. The Norfolk & Western Railway Cordpany and
others presented evidence in support of their contention that
the Virginian Railway should be consolidated with the Norfolk & Western instead of with the Chesapeake & Ohio. The
officers of your Company presented evidence in support of
the tentative plan of the Commission.
As of December 11 1923, by authority of your Board of
Directors, a final settlement was made with the DirectorGeneral of Railroads covering operations during the period
of Federal Control, in accordance with the contract between
the Chesapeake & Ohio Railway Company and its subsidiary
Companies with the Director-General, dated February 28
1920. Under this settlement your Company agreed to pay
to the Director-General the net sum of $7,000,000 in final
settlement. The Director-General, however, agreed to fund
indebtedness for Additions and Betterments made to the
property during the period of Federal Control to the extent
of $9,200,000, thus releasing to your Company $2,200,000 in
cash. The $9,200,000, so funded, will mature March 1
1930 and will be secured by pledge of certain of your Company's treasury securities. Negotiations for the final completion of the funding transaction have not, as of December 31
1923, been completed, therefore your Balance Sheet shows,
under the caption "Working Liabilities," the net amount of
$7,000,000 due to the Railroad Administration. The adjustments necessary to account for this final settlement have
been included in the accounts for 1923 and reflect a net credit
to Profit and Loss of $3,283,997 87.
Your Company has, through its Public Relations Department, endeavored to cultivate as close an association with
the people along the line of its road as it is practicable for it
to do. Our purpose has been to show clearly and definitely
the railroad situation, and convince people that it is of far
greater importance to have good railroad facilities than to
make any practicable reduction in rates. For this purpose
it has been strenuously argued that no action should be taken
to prevent the railroads building up their facilities in such a
way as will enable thorn to render the best possible service.
It is gratifying to observe that this has had some effect on
those to whom these arguments have been addressed and that
real, practical results have come from these efforts. It has
been attempted to put the arguments in simple, understandable shape, so that they might be divested of any technical cloudiness.
During the year an extension of three miles to the Elk
Creek Branch of Logan Division, from Wylo, W. Va., was
completed, making this branch six miles in length.
An extension of about one mile up Clear Fork of Coal
River from Colcord, W. Va., was completed.
A section of second track on Big Sandy Division from Big
Sandy Junction to Hampton, a distance of 1.08 miles, was
completed and put in operation.
At Handley, W. Va., 4 additional yard tracks were built
and at Huntington track and embankment for storage of
steel car parts was completed, as well as track for the assembling of frogs and switches. In addition, on every division existing sidings were extended to hold the longer trains
now being operated and new sidings, storage and yards
tracks built.
At Phoebus, Va., Bridges No.00 and No.05 were strengthened; Bridge No. 1070 at So. Anna, Va., and Bridge No.
1087 at Little River, Va., were rebuilt; Bridges No. 2017-A
at Springwood, Va.; No. 1896-A at Indian Rock, Va.;
No. 2049-A at Saltpetre, Va.; No. 2206-A at Baldwin, Va.;
No. 3294 at Ft. Springs, W. Va.; No. 3477 at Taleott,
W. Va.; No. 17 at Ansted, W. Va., on Hawks Nest Branch,
and No. 05 and No. 12 on Whitmans Branch were renewed;
the westbound span of Bridge No. 2814 at Low Moor, Va.,
was renewed, the west abutment and piers of Bridge No.
5103 at Ceredo, W. Va., were rebuilt, and Bridge No. 6012
at Maysville, Ky., filled and channel of Limestone Creek
changed.
At Newport News, Va., facilities were installed for the
recovery of waste coal at Pier No. 9, the floors of Warehouse
No. 25 repaired and strengthened, and improvements made
to passenger station.
At Lynchburg, Va., new 150-ton track scales installed.
At Clifton Forge, Va., an 800-ton reinforced concrete coaling station was constructed; at Gladstone, Va., a 300-ton
frame coaling station was built, and at Raleigh, W. Va., a
300-ton frame coaling station was constructed. At Russell,
Ky., a conveyor was installed for handling coal from badorder cars.
Shop improvements at Peach Creek, W. Va., consisting
of 5 additional stalls to roundhouse, new power plant,
machine shop, storehouse and boiler washing plant were
completed and put in operation. At Peru, Ind., 5 stalls
were added to the roundhouse.
New passenger station was constructed at Crozet, Va.,
combined freight and passenger station was built at Cass,
W. Va., and new freight station built at Norfolk, Va., to
replace station destroyed by fire.
Traffic looking signals installed between D. K. Cabin
and Barboursville, W. Va., to protect and increase movement of traffic.
MAY 3 1924.]
2199
THE CHRONICLE
100-foot turntables were installed at Whitesville, W. Va.,
and Sproul, W. Va.
A large program for improving the water supply was undertaken and the following works are now rapidly approaching
completion:
Strathmore, Va., 100,000 gallon tank and pumping
station; Huntington, W. Va., water treating plant; Sproul,
W. Va., 100,000 gallon tank and oil burning pumping plant;
Whitesville, W. Va., 100,000 gallon water station; Brushton, W. Va., 100,000 gallon water station; Ranger, W. Va.,
replacing 50,000 gallon wooden water tank and steam
pumps with 150,000 gallon steel tank and oil burning pumping
equipment with concrete pit and intake; Logan, W. Va.,
6 inch gravity pipe line from treating plant at Peach Creek
to tank at Logan; Peach Creek, W. Va., pumping plant;
Taplin, W. Va., water station, and water treating plants
at Russell, Ky., Edgington, Ky., So. Portsmouth, Ky.,
Maysville, Ky., Foster, Ky., Wheeler, 0., and Robbins,
0.; water treating plant was constructed and put in operation at Cane Fork, W. Va., and soda ash treating facilities
installed at West Hamlin, W. Va., Ranger, W. Va., and
Big Creek, W. Va., 50,000 gallon water tanks were constructed at Sabot, Va., Paint Creek (Scale Yard), W. Va.,
Ethel, W. Va., and Garrison, Ky., and 100,000 gallon water
tank at Taplin, W. Va.
A great many improvements were started during the year
which have not been completed—Some of the more important projects are:
Newport News, Va., construction storage yard east of
Pier No.9 to hold 1,500 cars.
Fulton, Va., extension of five tracks in eastbound yard
to hold 100 car trains, which will be completed early this
year.
Clifton Forge, Va., new freight terminal consisting of a
receiving yard and a classification and forwarding yard for
eastbound business. The receiving yard will include ten
100 car tracks a double track hump with scales in each track
and two main linos and thoroughfare track. The classification yard will include twenty tracks to hold 100 car trains,
two main lines and a car rider track. This project will
cost more than $3,500,000. The work should be completed
the latter part of 1924.
piCovington, W. Va., the reduction of "Paynes Grade"—a
distance of 2.3 miles, between Covington, Va., and Steele,
Va., from 0.4% ascending eastward and 1.13% ascending
westward to level grade which will increase the tons per
train in both directions. This work will be completed in
summer of 1924.
The installation of new 115 ft. twin span turntables at
Allegany, Va., and Hinton, W. Va., to turn the heavier
engines assigned to this territory. These tables will be
completed early next year.
)0 Montgomery, W. Va., the construction of a modern up to
date passenger station, which will be completed early next
year.
Ashland, Ky., improyements and extension of transportation facilities, including new passengers station, construction
of yard and other tracks and a third main track between
Ashland and Rusell, Ky., and a 200 ton track scale. This
is a large and important improvement, will cost approximately 82,500,000 and the work will extend through next
year into 1925.
The construction of second track on Big Sandy Division
between Hampton and Lockwood,Buffalo Tunnel and Auxier
and Fergo and Shelby. The authorizations for this second
track amount to 81,250,000 and cover the construction of
14.1 miles new second track. This work should be completed late in 1924.
Rusell, Ky., extension of switching lead from eastbound
yard about one mile, transfer tracks, flood lighting in yard,
connecting old and new westbound receiving yard, re-arranging engine house tracks, 10 additional tracks in westbound
yard, 800 ton reinforced concrete coaling station. This
work will cost in the neighborhood of $800,000 and will
extend well into 1924.
On the Northern Division second track is being constructed between Robbins and Gregg 1.5 miles, passing
siding at Robbins to hold 100 car trains and 300 ton frame
coaling station at Robbins. This watt- will extend well into
1924.
In addition, side and yard tracks are being constructed at
various points; also other miscellaneous improvements are
being made to properly handle the increasing business of the
Company.
Among the new local industries were the following:
4 manufacturers of farm implements and farm products.
4 manufacturers of lumber and lumber products.
14 manufacturers of mineral, metal and other products.
Mr. R. N. Begien was elected Vice-President in charge of
Operations, effective June 11923.
Mr. H. T. Wickham, who had for a number of years been
Vice-President and General Counsel of this Company, requested that he be relieved of the heavier burdens of his
office and his resignation as Vice-President and General
Counsel was accepted by the Board of Directors, effective
September 15 1923. Mr. Wickham was prevailed upon to
remain in the Company's service as Advisory Counsel, in
which position he is rendering valuable service.
Mr. H. Fitzpatrick, who had also be in the service of
the Company for a number of years was elected to succeed
Mr. Wickham as Vice-President and General Counsel,
effective September 15 1923.
Your Directors acknowledge the great appreciation of the
Company for the faithful and efficient services of its officers
and employees.
By order of the Board of Directors.
W. J. HARAHAN,
President.
0. P. VAN SWERINGEN,
Chairman.
GENERAL BALANCE SHEET DECEMBER 31 1923.
ASSETS.
(Excluding Stocks and Bonds owned of The C. & 0. Ry. Co. of Indiana and of The C. & 0. Equipment Corporation.)
Property Investment—
$219,255,753 65
Cost of Road
Cost of Equipment
101,400,191 97
$320,655,945 62
40,716 21
Improvements on Leased Railway Property
Securities of Proprietary, Affiliated and Controlled Cornpanies—Pledged—
Stocks
$11.213,999 44
Bonds
2,500,002 00
Other Investments—Pledged—
pp. Bonds
Securities—Issued or Assumed—Pledged—
Bonds
(Includes First Lien and Improvement 5% Mortgage Bonds,$62,274.000 00. See Contra.)
Miscellaneous Investments—
Physical Property
Special Funds and Funded Debt Issued and Reserved—
R.& S. W. Ry. Co. First Mortgage Bonds—Reserved for Construction
Pettis Creek Branch—Cash
Working Assets—
Cash in Treasury
Cash in Transit
313,714,001 44
385.000 00
62,274,001 00
$76,373,002 44
446,905 60
$40,000 00
56.482 06
96,482 06
76,916.390 10
$397,613,051 93
$4,318,838 18
1,092,776 84
Cash Deposit—Equipment Trust "II" Funds
*Cash Deposit—Preferred Stock, Series "A" Proceeds
Cash Deposit—Spectal Fund for Additions and Betterments, New Equipment and Maintenance of
Equipment Reserve
Cash deposits to pay Interest and Dividends
Miscellaneous Cash Deposits
Loans and Bills Receivable
Traffic Balances
Agents and Conductors
Miscellaneous Accounts Receivable
Other Working Assets
$5.411,615 02
2,083,156 86
8.467,394 49
3.262.183 90
2.172.402 52
3,00000
76,066 01
2.813,560 56
1,339,157 03
2,211,887 82
27.062 80
Material and Supplies
Securities in Treasury—Unpledged—
Stocks
Bonds---------------------------------------------------------
$5,647,652 98
8.078.848 46
Deferred Assets—
Unmatured Interest, Dividends and Rents
Advances to Proprietary, Affiliated and Controlled Companies
Advances. Working Funds (Fast Freight Lines, etc.)
Special Deposits with Trustees, Various Mortgage Funds
Cash and Securities in Sinking Funds
Cash and Securities in Insurance Reserve Fund
Sundry Accounts
$1.160.271 44
1,396.923 95
11,523 22
596,738 26
239,362 73
121,634 39
3,004.223 83
$27,867,487 01
10.840,335 14
13.726.501 44
6,530,677 82
58.955,001 4 1
Total
•Represented in part by U. S. Government Treasury Notes
$456,578,053 34
2200
THE CHRONICLE
[vol.. 118.
GENERAL BALANCE SHEET DECEMBER 31 1923-Concluded.
LIABILITIES.
(Excluding Stocks and Bonds owned of the C.& 0. By.Co. of Indiana and of tho C.& 0.Equipment Corporation.)
Capital Stock
Common
$65,425,725 00
% Cumulative Convertible Preferred Stock-Series "A"
12,558,500 00
First Preferred (To be retired under plan of Feb. 23 1892)
3,00000
Second Preferred (To be retired under plan of Feb. 23 1892)
200 00
$77,987,425 00
Common
-The Chesapeake & Ohio Railway Co. of Indiana
1,20000
$77,988,625 00
Funded Debt
General Funding and Improvement 5% Bonds
Convertible 43% Bonds
First Mortgage, R. & S. W. Railway,4% Bonds
First Consolidated Mortgage, 5% Bonds
First Mortgage, Craig Valley Branch, 5% Bonds
First Mortgage, Greenbrier Railway, 4% Bonds
First Mortgage, Warm Springs Branch, 5% Bonds
First Mortgage, Big Sandy Railway, 4% Bonds
First Mortgage, Paint Creek Branch, 4% Bonds
First Mortgage, Coal River Railway, 4% Bonds
First Mortgage, C. & 0. Northern Railway Co., 5% Bonds
Convertible 5% Secured Gold Bonds
First Mortgage, Potts Creek Branch, 4% Bonds
First Mortgage, Kanawha Bridge & Terminal Co., 5% Bonds
First Mortgage, Va. Air Line Railway, 5% Bonds
First Mortgage, R. & A. Division,4% Bonds
Second Mortgage, R. & A. Division, 4% Bonds
General Mortgage, 434% Bonds
Secured Obligations to U. S. Government
Secured Obligations to U. S. Government
1929
1930
1936
1939
1940
1940
1941
1944
1945
1945
1945
1946
1946
1948
1952
1989
1989
1992
1931
1932
Equipment Trust Obligations and Contracts
First Lien and Improvement 5% Mortgage Bonds not in hands of public (see Contra)
Working Liabilities
Loans and Bills Payable
Traffic Balances
Audited Vouchers and Pay Rolls
Unpaid Wages
Miscellaneous Accounts Payable
Matured Interest and Dividemds Unpaid
Matured Mortgage and Secured Debt Unpaid
U. S. Government, U. S. Railroad Administration
Other Working Liabilities
$3,698,000 00
31,390,000 00
825,000 00
29,858,000 00
650,000 00
1.641,00000
400.000 00
4,165,000 00
539,000 00
2,528,000 00
1,000,000 00
38,073,500 00
600,000 00
446,000 00
00
.
6,000,000 00
1,000,000 00
48,616,000 00
6,738,523 97
1,334,500 00
$180,402,523 97
31,913,600 00
212,316.123 97
$290,304,748 97
66,842,000 00
1930
840,000 00
534473 15
8,602,084 94
109,579 29
436,886 74
2.109,634 15
7,174 17
7,000,000 00
45,229 48
$18,885,061 92
Deferred Liabihties-Unmatured Interest and Rents
Insurance and Casualty Reserves
Taxes Accrued
Accrued Depreciation-Equipment
Sundry Accounts
$2,911,011 56
121,634 39
2,373,673 25
15,591,825 16
4,984,104 86
25,982,249 22
Appropriated Surplus
Additions to Property through Income and Surplus
Reserve Invested in Sinking Funds
Funded Debt Retired Through Income and Surplus
$24,941,996 83
239,262 73
378,826 28
44,867,311 14
325.560,185 84
29,003,807 39
Profit and Loss-Balance
54,563,993 23
Total
$456,578,053 34
This Company is also liable as a guarantor of the following securities:
Western Pocahontas Fuel Co. Coupon 5% Notes. Due 1919 end 1921 ($500,000 each year) owned by this Company
The Chesapeake & Ohio Grain Elevator Co., First Mortgage 4% Bonds, due 1938
Richmond-Washington Co. Collateral Trust Mortgage (C. & 0. prop'n 1-6) 4% Bonds, due 1943
Louisville & Jeffersonville Bridge & Railroad Co. Bills Payable (C.& 0. prop'n 1-3)6% Notes, due 1931
Louisville & Jeffersonville Bridge & Railroad Co. Mortgage (0. & 0. prop'n 1-3) 4% Bonds, due 1945
Western Pocahontas Corporation, First Mortgage 434% Bonds, due 1945
Western Pocahontas Corporation, Extension Mortgage No. 1, 435% Bonds, due 1945
Western Pocahontas Corporation, Extension Mortgage No. 2, 434% Bonds, due 1946
Norfolk Terminal & Transportation Co., First Mortgage 5% Bonds, due 1948
$1,000,000 00
820,000 00
10,000.000 00
147,000 00
4,500,000 00
750,000 00
97,000 00
51,000 00
500,000 00
FONDA JOHNSTOWN & GLOVERSVILLE RAILROAD COMPANY
FIFTY-THIRD ANNUAL REPORT
-FOR THE FISCAL YEAR ENDED DECEMBER 31 1923.
To the Stockholders of the Fonda Johnstown & Gloversville
Railroad Company:
The Board of Directors herewith submits the following
report of the business and operations of the Company for
the fiscal year ended December 31 1923:
OPERATING REVENUES AND EXPENSES.
The statement below shows a comparison of the total
revenues and expenses and net revenue from operation for
the fiscal year, with similar figures for year 1922.
The complete income account appears further below.
1923.
Railway Operating Revenues
Freight revenue, Steam Division_ _ _ 569,014 36
Passenger revenue, Steam Division_ 51,811 30
Passenger revenue. Electric Division 778.124 23
All other revenue from transportat'n 57,409 66
Revenuefrom other railway operat'ns 14,859 44
Total operating revenues
Railway Operating Expenses
Maintenance of way and structures_
Maintenance of equipment
Traffic expenses
Power
Transportation expenses
General expenses
Total operating expenses
1922.
Increase(+ )or
Decrease(-).
487,220 47 +81,793 89
42,104 91 +9,706 39
816,464 78 -38,340 55
52,561 34 +4,848 32
11,296 86 +3,562 58
1,471,218 99 1.409,648 36 +61,570 63
165,595 72
157,015 37
7,58077
88.570 67
394,409 86
85,522 89
166,201 68
129,941 44
9,187 09
74.870 06
368,181 22
82,099 53
898,695 28
830,481 02 +68,214 26
572,523 71
Net operating revenues
Ratio of operating expenses to oper61.09%
ting revenues
-605 96
+27,073 93
-1,60632
+13.700 61
+26,228 64
+3,423 36
579.16734
-6,643 63
58.91%
+2.18%
GENERAL STATEMENT.
Gross revenues for the year were $1,471,219, the largest
in the history of your Company, and an increase of $61,571
over the previous year. All classes of revenue showed an
increase, with the exception of the Electric Division which
decreased $38,341, partly due to the Schenectady Railway
strike of several months' duration. Freight revenues
amounted to $569,014, an increase of $81,794, through an
increase of 64,851 tons of coal and 3,532 tons of merchandise
handled, making the total tonnage carried 334,726. Passenger revenues on the Steam Division showed an increase
of $9,706 through more frequent service provided by the
operation of gasoline coaches.
Operating expenses, including depreciation reserves,
amounted to 98,695, an increase of $68,214. This increase reflects increased wages which became effective
May 1st, abnormal operating charges on both divisions
due to an unusually severe winter and also a new charge
of $15,312 for depreciation on equipment of Power House
and Sub-Stations not heretofore included in operating
expenses.
The Company's payroll amounted to $612,110, or 41 per
cent of gross revenue, an increase of $38,146.
Taxes were $94,713, an increase of $18,448. Miscellaneous operating income (Sacandaga) was $21,439, an increase for the year of $2,999, and non-operating income was
$62,479, an increase of $12,164. The amount paid for
"Hire of Freight Cars" for the year was $46,076, an increase
of $19,140, due principally to congestion of freight traffic
caused by snow blockades. Interest charges for the year
decreased $11,572. (See table No. 4, page 12, pamphlet
report.) Income available for interest charges amounted to
$478,446, against $509,563, while after deducting interest
charges of $308,977, the net income was $169,469, against
$189,014 in 1922.
The Company earned 1.55 times its interest requirements
and 5.65 times its preferred stock dividend. The balance
after payment of the preferred dividends was equivalent to
2201
THE CHRONICLE
3I.kY 3 1924.]
For details of operation you are referred to the statements
5.58 per cent a share on the common stock. Its corporate
surplus on December 31 1923 amounted to $396,027 and its prepared by the Auditor and submitted herewith.
For the Board of Directors,
depreciation reserves $611,297.
J. LEDLIE HEES, President.
FINANCIAL RESULTS FOR PERIOD OF YEARS.
•
Since the last issue of securities in 1911, your Company
has paid off $550,000 prior lien bonds (Oct. 1922), paid
dividends amounting to $540,000 and put into property
and equipment $673,302 34, or a total of $1,763,302 34.
These payments have been made out of surplus income and
current assets, proceeds of sale of $250,000 First Consolidated
General Refunding 434% Mortgage Bonds and Company's
loans which amounted, at date of this report, April 1, to
only $200,000. The Company holds in its treasury $300,000
First Consolidated General Refunding 434% Mortgage
Bonds, the sale of which has been authorized by the InterState Commerce Commission and Public Service Commission
of New York State.
The Treasury Bonds have been sold since printing this
report.
During the year there were charged to Investment, Road
and Equipment expenditures for additions and betterments
as follows:
ROAD.
Paving, City of Gloversville
Paving, City of Johnstown
Paving, City of Amsterdam
Paving, Village of Fonda
New steel pole line, Gloversville
Industrialsidings-Gloversville.Johnstown and Cranberry Creek
Lowering grade. South Perry St., Johnstown
Increased cost of 5 new boilers, Tribes Hill Power Station, over
original cost of same number removed
Macadam road to freight house, Johnstown
Motor car gasoline supply tank and pump
Shop machinery and tools
Other improvements
EQUIPMENT.
•
Locomotive-Steam Division
Gasoline motor car-Steam Division
Other equipment
$2,765 71
513 40
138 32
2,015 09
4,946 15
3,025 69
5,340 89
9,942 65
1,422 98
1,046 97
1,503 85
1,525 83
37,376 61
16,553 70
2,547 74
$7,85000
NEW EQUIPMENT.
The Company added to its equipment through purchase
from the American Locomotive Company a locomotive
weighing 215,000 pounds with tender weighing 110,000
pounds at a cost of $37,376 61. This locomotive, with a
tractive power 60% greater than any other owned by the
Company, nearly doubles the train loads over the steep
grades between Fonda and Johnstown, insuring more
efficient operation and improved service: Due to increased
weight this locomotive necessitated replacing one bridge at
Fonda, another at Johnstown and strengthening all other
structures at an approximate cost of $22,000, this work
having been completed in the early part of the current year.
DEPRECIATION.
By resolution of the Board Nov. 5 1923, a plan was
adopted and filed with the Inter-State Commerce Commission for depreciation on the equipment of Power House and
Sub-Stations which also authorized a charge to Profit and
Loss account of $273,719 72 accrued from Jan. 1 1904 to
Dec. 31 1922, said amount to be credited to depreciation
reserves. The Company purchased five new boilers for its
Tribes Hill Power Station during the year at a cost of
$47,212 65 to replace an equal number installed in the
year 1903 and the original cost of which, $37 270, was
charged to the above mentioned depreciation reserve.
Commencing with the year 1923 the additional annual
charge credited to depreciation reserves is $15,312, which
brings the total depreciation charges in operating expenses
up to approximately $45,000 a year.
GENERAL.
The brick passenger station in Johnstown, which had been
used but little in recent years, was remodeled and is now
rented under a long term lease as a wholesale fruit warehouse
and storage building.
In line with the Company's policy to install sidings for
industrial plants to facilitate the movement of carload shipments, sidings were built at Cranberry Creek to property of
the Gloversville Feldspar Company, and in Gloversville,
N. Y., to the J. J. Dillenbeck warehouse, and at the plant
of Richard Young's leather mill. Several other industrial
sidings to large plants on the Company's lines are to be
constructed during the current year.
The general balance sheet, table No. 5[pamphlet report],
reflects the financial condition of the Company at the
close of the year.
dOilai
Your Directors acknowledgelwithipleasure the faithful
officers and employees
and;efficient services rendered byltheof the Company.
1920.
88.77
$487,220 47
$456.243 23
$484,322 51
42,104 91
43.087 09
57,907 04
Miles operated__
Railway Operating Revenues
Freight revenue,
steam division $569.014 36
Passenger revenue, steam division
51,811 30
Passenger revenue.electric division
778,124 23
Mail revenue__ _
5.12342
Expressrevenue_
43.126 46
All other revenue
from transportation
9,15978
Revenue from
other railway
operations...
14,859 44
890,675 58
Equipment retired
INCOME ACCOUNT.
December 31
1921.
1922.
88.77
88.77
1923.
88.77
g.
23,581 74
828.760 55
4,09432
28.385 80
7,041 89
4.887 56
6,00890
11,296 86
16.045 88
22,083 00
816,464 78
5.12386
40.395 59
.
802.av
Total Operating Revenues
$1,471,218 99 $1,409,648 36 $1,355,659 34 $1.431,562 12
Railway Operat64.33%
63.82%
ing Expenses
58.91%
61.09%
Maintenance of
way and structures
$165.595 72 $166,201 68 $168,441 88 $170,210 11
Maintenance of
136,996 95
122.663 31
equipment.... 157.015 37
129,941 44
6,426 11
8.39887
Traffic expenses_
9,18709
7,58077
89,042 19
84,386 70
Power
74,870 06
88,570 67
Transportation
447,364 73
403,004 19
expenses
368,181 22
394,409 86
70,83947
78.349 69
82,099 53
General expenses
85,522 89
Total Operating Expenses- - $898,695 28
Netrevenuefrom
railway operations
$572,523 71
Railway tax ac94,712 96
cruals
Railway operatingIncome $477,810 75
Miscellaneous opperations (Sacandaga, N.
Y., Summer
-InResort)
21,438 72
come
Operating In$4499.249 47
come
Non-operating in62,478 98
come
Gross Income_ $561,728 45
Deductions from
gross income
other than in83,282 04
terest charges_
Balance (availableforinterest
$478,446 41
charges)
Interest charges_ 308,976 87
Income
Net
(avatPble for
Dividends) _ 5169,469 54
Total Dividends
for year (Pre30.000 00
ferred Stock).
$830,481 02
$865.244 64
$920,879 56
$579.167 34
$490,414 70
8510,682 56
76.26463
71,064 63
53,896 26
$502,902 71
5419.350 07
$456.786 30
18.439 80
11,568 53
6.691 85
8521.342 51
5430.918 60
$463.478 15
50,314 53
53,350 14
40,424 91
5571,657 04
$484,268 74
5503.903 06
62.093 94
54,614 23
62,279 55
$509,563 10
320.548 66
$429,654 51
328,532 68
$441,62351
330,047 36
5189,014 44
$101,121 83
$111,576 15
30,000 00
30.000 00
30.000 00
Balance to Profit
$81.576 15
$71,121 83
$139,469 54 $159,014 44
and Loss
GENERAL BALANCE SHEET
COMPARATIVE CONDENSED
DECEMBER 31 1922 AND 1923.
ASSETS.
1923.
Inrestments1922.
$10,126,919 35
$10,044,093 77 Investment in road and equipment
24,379 26
24,379 26 Improvements on leased railway property-384.541 83
370,001 36 Miscellaneous physical property
279.990 34
275,527 38 Investments in affiliated companies
8.60000
71,600 00 Other investments
$10,785.601 77
$48.224 23
11.231 00
48.736 07
94,589 96
$202,781 26
Total investments
Current Assets
Cash
Loans and bills receivable
Accounts receivable
Materials and supplies
Total current assets
$15,840 00 Deferred assets
30,868 85 Unadjusted debits
-Per
450,000 00 Securities issued or assumed-Bonds
contra
$11,485,091 88
Total assets
$10,824,430 78
$60.157 30
10.827 15
62,173 86
122,377 75
5255,536 06
16.375 00
78,399 49
300,000 00
$11,474,741 33
LIABILITIES.
Capital Stock
52.500,000 00 Common stock
500,000 00 Preferred stock
52.500.000 00
500.000 00
$3,000,000 00
83.000.000 00
Total capital stock
56.550,000 00 Funded debt uninatured (See detail)(pam$6.700,000 00
ph.et report]
-year First Consolidated General Refund450,000 00 50
300,000 00
ing 43.5% bonds
-Per contra
Current Liabilities
235,000 00
367,500 00 Loans and bills payable
163,454 08
141.719 26 Accounts payable
70.939 18
69.964 25 Accrued liabilities
$469.393 26
$579,183 51
Total current liabilities
$50 40 Deferred liabilities
9.17227 Unadjusted credits
.00 Accrued depreciation-Road-Power and
Sub-Station equipment
365,204 16 Accrued depreciation-Equipment
Surplus
531,481 54 Profit and loss-balance
511.485,091 88
Total liabilities
.00
Cr.1.976 46
359,535 34
251.761 64
396.027 55
$11.474.741 33
2202
THE CHRONICLE
[VoL. 118.
MISSOURI-KANSAS-TEXAS RAILROAD COMPANY
and Controlled Companies.
REPORT AS OF DECEMBER 31 1923.
St. Louis, Mo., April 21 1924.
To the Stockholders:
The Board of Directors submit herewith report for the
year ended December 31 1923, including three months' operations of the Receiver prior to April 1.
A summary of the results of operations for the year compared with the year 1922 is as follows:
Operating Revenues were
(Increase, $952,216 19 or 2%)
Operating Expenses were
(Increase, "3,944,617 91 or 10%)
Net Operating Revenue was
(Decrease. $2,992,401 72 or 19%)
Taxes were
(Decrease, $338.915 56 or 12%)
Operating Income, Taxes Deducted, was
(Decrease, $2,653,486 16 or 21%)
Miscellaneous Income was
(Increase, $816,178 66 or 160%)
Rentals and Other Payments were
(Decrease, $1,190,787 39 or 56%)
Income for the Year Available for Interest was
(Decrease, $646,520 11 or 6%)
Fixed Interest Charge for year was
(Decrease, $119,872 10 or 2%)
Balance available for Interest on Adjustment Bonds was
Interest on Adjustment Bonds was
$55,987.918 08
$43,628,318 95
$12,359,599 13
$2,587,461 12
$9,772,138 01
$1,327.564 87
$11,099,702 88
$918,034 33
$10.181,668 55
$4.781,973 66
$5,399,694 89
$2.791,013 64
Balance
$2.608,681 25
Interest charges are based on securities of company as reorganized.
month of October due to seriousfloods in Oklahoma. During
that month the main line at crossings of the North and South
Canadian Rivers between Muskogee and McAlester was
broken for several days and there were numerous washouts
on the Wichita Falls-Forgan branch where the line was
out of service for practically the entire month.
The locomotive and car shops are on a normal operating
basis and have adequate capacity to properly take care of
all repair work.
Locomotives, passenger and freight cars, as well as track
and bridge and building structures, are in good condition.
It is expected that passenger and freight traffic will continue in volume at least equal to that of 1923, and the
railroad is in condition to handle it economically.
ADDITIONS TO THE PROPERTY.
The larger improvements completed during the year to
attract traffic and facilitate operation were:
Million bushel elevator at Kansas City.
New freight and engine terminal at Denison.
Locomotive shop at Bellmead.
New Freight stations at Waco and Wichita Falls and
extension of present station at Ft. Worth.
•
Water treating plants at 77 locomotive water stations.
New Equipment purchased and delivered during the year
included the following:
40 Mikado Locomotives.
10 Switch Locomotives.
5 Pacific type passenger locomotives.
30 Passenger coaches.
200 Refrigerator cars.
300 Flat cars.
500 Automobile cars.
1,500 Box cars.
Prc
-FINANCIAL.
_
'Missouri-Kansas-Texas Railroad Company was incorporated under the general laws of the State of Missouri, July 6
1922,'and has acquired substantially all of the lines of railroad, franchises and property formerly of Missouri Kansas
& Texas Railway Company and the Wichita Falls & Northwestern Railway Company. The entire capital stock and all
the mortgage bonds of the Missouri-Kansas-Texas Railroad
Company of Texas (Reorganized Company) were also
acquired, as well as all or a majority of the capital stock of
various controlled and subsidiary companies now constituting part of the system as reorganized.
Missouri-Kansas-Texas Railroad Company acquired posGENERAL.
session of the properties on April 1 1923 in exchange for bonds
Negotiations with the Inter-State Commerce Commission
and stock of the company. Of these 'securities there have
covering allowance for maintenance of the property and final
thus far been issued and are now in the hands of the public
determination of the amount guaranteed to the Receiver
the following:
Outstanding in for operating income during the six months period beginning
hands of public March 1 1920 and ending August 31 1920, under
proDec. 31 1923.
Common Stock (no par value)
804.874 shares visions of Section 209 of the Transportation Act, 1920, are
Preferred Stock(7% cumulative after Jan. 1 1928)
$23,939,200 00
Prior Lien Mortgage 5% Series "A" bonds
36,599,502 00 still under way and it is hoped that final settlement may be
Prior Lien Mortgage 4% Series "B" bonds
11,483,750 00 reached at an
early date.
Prior Lien Mortgage 6% Series "C" bonds
12,894,570 00
Adjustment Mortgage 5% Series "A" bonds
55,820,272 71
Federal valuation of the properties by the Inter-State
Total
$140,737,294 71 Commerce Commission, with the co-operation and assistance
• There are additional amounts of these securities in the of the Officers of the Company, has progressed during the
hands of the Reorganization Managers, to be used for the year.
The officers and employees are especially commended for
purposes of the reorganization, and so far as not used, to be
their faithful and efficient services during the past year.
returned to the Company.
There were in addition on December 31 1923, $35,010,700
C. E. SCHAFF,
underlying bonds and equipment obligations left undisPresident.
turbed in the reorganization, also $4,750,000 United States
Government Loans issued in June 1923.
INCOME ACCOUNT YEAR ENDED DECEMBER 31 1923. COMPARED WITH YEAR ENDED DECEMBER 31 1922.
w• ROLLING STOCK.
Increase
or
nine months to!December 31 1923 expenditures
;During the
1923.
1922.
Decrease -).
,
3359.76
-3 7.70
3,737.46
were ;made for new equipment amounting to $7,614,901 42 Average Mileage OperatedOperating Revenue
and improvements to :existing equipment amounting to Freight
839.791.214 67 $39,198,400 88 +5592,813 79
Passenger
11,295,456 27 10,958,411 71
$227,873 20.
+337,044.58
Mail
-20,848 55
1,221,101 46
1,241,950 01
value of equipment replacements during the nine Express
The
+50.477 45
2,181,233 24 2,130.755 79
Miscellaneous
+16,765 97
637,146 76
620,380 79
months, less retirements, was $716,098 29, leaving a net Incidental
+78,558 40
788,633 92
710,075 52
-102,595 43
73,131 76
175,727 19
increase of $8,558,872 91 in the value of equipment owned. Joint Facility
OPERATIONS.
The mileage operated on December 31 1923 was 3,202.55,
compared with 3,738.51 on December 31 1922, a decrease
of 535.96 miles, due to 466.29 miles having been relinquished
in the reorganization effective April 1 1923, and 69.67 miles
between Hannibal and Moberly, Mo., leased to the Wabash
Railway Company effective August 1 1923. Despite this
decrease in mileage freight revenues increased $592,813 79,
or 1.5%, passenger revenues increased $337,044 56, or
3.1%, other revenues increased $22,357 84 or 0.5%, and
total operating revenues increased $952,216 19 or 2%.
Passenger and freight train service was generally satisfactory, and traffic was moved without interruption, with
the exception of interference with operations during the
Total Operating Revenue$55.987,918 08 $55,035,701 89
+$952,216 19
Operating Expenses
Maintenance of Way and
Structures
$7.393,307 28 $7.237,276 60
Maintenance of Equipment 14,636,724 26 10.548,094 49
Traffic Expenses
1,151,353 02 1,041,435 68
Transportation Expenses
18.380.268 53 18,780,007 03
Miscellaneous Operations
337.509 18
• 362.232 53
General Expenses
2,053,373 25 2,023,709 14
Transportation for Investment--Cr
284,331 08
348,939 92
+$156,030 68
+4,088,629 77
+109.917 84
-399,738 50
+24.723 35
+29,664 11
-64,60884
Total Operating Expenses$43,628,318 95 $39,683,701 04 +$3,944.617 91
Net Operating Revenue-$12,359,599 13 $15.352.000 85 -$2,992,401 72
Railway Tax Accruals
$2,587,461 12 $2,926,376 68 -$338,915 56
31,354 78
Uncollectible Ry. Revenue
26,091 57
-5,263 21
Total
$2,613,552 69 $2,957,731 46
-$344,178 77
Total Operating Income_ $9,746,046 44 $12,394,269 39 -$2,648,222 95
MAY 3 1924.]
Non-Operating Income
Rent from Locomotives___
Rent from Passenger Train
Increase(+)or
Decrease (-).
1922.
Deduct.from Gross Income- 1923.
Hire of Freight Cars
-Dr.
Balance
$519,500 86 $1,403,503 84 -3884.002 98
+5.541 22
18.952 55
Rent for Locomotives
24.493 77
-22,20978
112.343 66
Rent for Pass. Train Cars_
90,133 88
-1.18208
Rent foriWork Equipment_
9,818 30
8,638 22
-34.64562
834.791 01
Joint Facility Rents
800.245 39
-6,121 83
Rent for Leased Roads
15.823 23
9,701 40
+241 92
1,090 95
Miscellaneous Rents
1,332 87
+2.391 70
2.207 65
Miscellaneous Tax Accruals
4,599 35
-100.805 64
158,399 38
Interest on Unfunded Debt
57,593 74
-6,977 96
8.721 04
Miscell. Income Charges
1.74308
Total Deductions from
$2,565.651 61 -$1,047.67105
Gross Income
$1.517,98056
Balance Available for
Interest
$10.181.668 55 $10,828,188 66 -$646,520 11
-119,872 10
Fixed Interest Charges
4.781,973 66 4.901,845 76
Balance available for Int.
on Adjustment Bonds_ $5.399,694 89 $5,926,342 90 -$526,648 01
Int. on Adjustment Bonds_ 2.791,01364 2.791,01364
Balance
$2,608,681 25 $3,135,329 26 -$526,648 01
Interest deductions are based on securities of reorganized company.
Decrease
1922.
+$76.979 72
$43,966 60
1923.
$120.946 32
169,516 25
38.188 69
177,901 72
61,273 12
58.211 70
117.99474
32,327 60
185.871 10
11,273 12
96,751 51
+51,521 51
+5,861 09
-7,969 38
+50,000 00
-38,539 81
18,051 75
8,000 00
26,096 20
5,500 00
-8,044 45
+2.50000
322,293 09
204,628 60
+117.66449
275,823 69
271,317 80
+4,50589
36
-9
753, ---54
53 85
3.78976
-53 85
+699,606 58
Total Non-Operating In$1,953,602 67
come
$999.570 88
+$954,031 79
Cars
Rentfrom Work Equipment
Joint Facility Rent Income
Income from Lease of Road
Miscellaneous Rent Income
Miscellaneous Non-Operating Physical Property
Dividend Income
Income from Funded
Securities
Income from Unfunded Securities and Accounts
Income from •Sinking and
Other Reserve Funds
Miscellaneous Income
Gross Income
2203
THE CHRONICLE
(
Increase +)or
(-).
$11,699,649 11 $13,393,840 27 -31.694.191 16
CONSOLIDATED GENERAL BALANCE SHEET.
ASSETS.
December 31
1923.
LIABILITIES.
December 31
1923.
Increase(+)or
April 1
Decrease(-)•
1923.
Stock•
Investments
Capital Stock:
Investment in Road and
-15,000 00
Equipment:
30.000,000 00 30,015,000 00
Preferred
-2,425 00
222,383,018 18 218,410,248 07 +3.972.770 11
Common
82,420.000 00 82.422.425 00
Road
48,009.239 08 39.450,366 17 +8.558.872 91
Equipment
-17,425 00
Total Stock
112,420,000 00 112,437.425 00
Leased270,392,257 26 257,860,614 24+12,531,643 02
Long Term Debt
Improvements on
Mortgage Bonds:
7,959,96
7,959 96
Railway Property
Book Liabil-294 81
43 75
338 56
Sinking Funds
ity
$107,832,899
Deposits in Lieu of MortPledged with
117,275 65 -116.43801
837 64
gaged Property Sold
U.8.Govt _
6,100,000
Physical PropMiscellaneous
141,673 44 +410.354 45
552.027 89
erty
Actually Outstanding_ _101,732,899 00 107.403,602 05 -5.670,703 05
Investments in Affiliated
Equipment Trust Obligations 1,077.200 00 1,476,496 95 -399,296 95
-Pledged__
529,001 00
529.001 00
Companies
United States Government
Other Investments, (United
Loans
420,000 00 +4,720.000 00
5,140,000 00
States Government Secur57,500,000 00 57,500,000 00
4,457,874 98 -1,262,71873 Income Mortgage Bonds
3,195,156 25
ities)
Total Long Term Debt..... 165,450,099 00 166,800,099 00 -1.350,00000
274,677,283 75 263,114.737 83+11,562,545 92
Total Investments
Current Liabilities
Current Assets
Traffic and Car Service Bal2,505.811 77 10,095,141 17 -7,589,329 40
Cash
ances Payable
1,296,603 69
973,042 48 +323.561 21
200,000 00 2,650,000 00 -2.450.000 00
Time Drafts and Deposits
-69.059 62 Audited Accounts and Wages
11.293 76
80.353 38
Special Deposits
Payable
4,904,357 61
5,245,705 16 -341,347 55
+23,349 32
380 95
23,730 27
Loans and Bills Receivable_
Miscellaneous Accounts PayTraffic and Car Service Bal+23.027 49
able
167.367 35
144.339 86
578,413 86 +196.668 34
775,082 20
ances Receivable
Interest Matured Unpaid_ - _ 2,082,841 51
7,562,829 91 -5.479,988 40
Net Balance Receivable from
1.126,57543
816,707 02 +309.868 41 Funded Debt Matured UnAgents and Conductors
13,000 00
+13,00000
paid
Miscellaneous Accounts Re2,370,458 35 -711,728 54
2,343,131 36 2,461,472 24 -118.34088 Unmatured Interest Accrued 1,658,729 81
ceivabie
Unmatured Rents Accrued..
107,109 67
103,021 85
+4.087 82
8,059,484 01 8,167,593 75 -108.109 74
Material and Supplies
243.513 89 2,397.299 15 -2.153.785 26
Other Current Liabilities_
Interest and Dividends Re-16,576 30
23,619 78
40,196 08
ceivable
Total Current Liabilities_ 10 473,523 53 18,796,696 76 -8.323,173 23
33 00
+9900
132 00
Rents Receivable
Deferred Liabilities
70,503 83
+45,972 46
116,476 29
Other Current Assets
233.516 58 -155,345 06
78.171 52
Other Deferred Liabilities
Unadjusted Credits
Total Current Assets___ 15,185,336 87 24.960.795 28 -9,775,458 41
1,773,286 57 -644,97591
1.128,31066
Tax Liability
Deferred Assets
+2,226 18 Insurance and Casualty Re75,320 32
Working Fund Advances___
77,546 50
+87 75
74 55
162 30
serves
-59,742 40
68,742 40
Other Deferred Assets
9,000 00
Accrued Depreciation
42,592 72 +1.118,781 00
Equipment
1,161,373 72
-57.516 22
144,062 72
Total Deferred Assets_ _
86.546 50
1,185,215 92 +614.246 82
1,799.46224
Other Unadjusted Credits
Unadjusted Debits
Rents and Insurance PreTotal Unadjusted Credits_ 4.089.308 92 3.001,16976 +1.088.13916
-47.19725
141,105 04
miums Paid In Advance
93,907 79
Corporate Surplus
-15,330 22
421,614 42
438.944 64
Other Unadjusted Debits__ _
4.349,517 75 12.471,261 59 -8,121,743 84 Additions to Property
Reorganization Suspense..
through Income and SurSecurities Issued or Assumed
+15.35328
15,353 28
plus
-Pledged (With U. S.
+2.287.75083
Profit and Loss-Balance_ .._ 2,287,75083
Govt.)
$6,100,000 00.
April 1'
1923.
Increase (-I-) or
Decrease (-)
•
8
TotalUnadjusted Debits 4,865,039 96 13,049,311 27 -8,184,271 31
294,814,20708 301,268,907 10 -8.454.70002
Total
Total Corporate Surplus__
+2,303,10411
2,303.104 11
294,814.207 08 301,268.907 10 -6,454,70002
Total
Note.-Intercorporate Assets and Liabilities are excluded.
The Company is guarantor, jointly with other Companies, of the securities of certain terminal companies, none of which are in default.
OPERATING REVENUES AND EXPENSES FOR TEN YEARS ENDED DECEMBER 31 1923.
REVENUES.
Average
Mileage
Operated.
Passenger.
Mail.
3,848.97
3,865.07
3,865.02
3,866.31
3,860.88
3,838.66
3,793.42
3.783.69
3,737.46
3,359.76
$20,692,214 11
22.142,57603
24.795.719 61
29,027,903 37
35,754,940 45
41,283,105 84
47,363.850 89
43,782,692 09
39.198,400 88
39,791,214 67.
$8.489,071 23
7,966,913 35
9,215,627 16
11.160,92206
14.715.178 42
16,709,710 51
19,378.120 16
13,904,679 97
10,958.411 71
11.295,45627
$718386 06
770.382 12
783,675 57
796,848 22
765.503 13
715,238 82
2,286,746 68
1.356.041 38
1.241,95001
1.221.101 46
Maintenance
of Way and
Structures.
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
Freight.
Maintenance
of
Equipment.
Traffic.
Transportation
Expenses.
General
and
Other.
Total.
$4.098,710 24
5.277.655 26
7,635,694 93
6.353,665 13
9,539.254 15
12,124,064 16
16,422,652 00
9,835.638 33
7.237,27660
7,393.307 28
$4.191,637 16
4,657.976 77
7.273,803 80
8.737.922 08
12,630,284 39
14,814,834 52
17,378,345 36
13,803,427 26
10,548.094 49
14,636,724 28
$700,92030
658.522 72
725,56402
786.979 55
582,149 43
657.119 63
978,596 39
1,064,545 36
1,041,435 68
1.151,353 02
$12.065.737 51
11.494.484 95
12,400,520 85
15,672,561 22
22,377,510 36
26,876,430 00
32.014,151 75
22,866,804 76
18.780.007 03
18,380.268 53
$1,301,358 03
1,135,176 59
1,404,117 14
1,594,982 61
2,199,835 07
2.514,447 24
3,087.133 40
2,485.368 60
2.076.887 24
2,066.665 86
$22,358,363 24
23.223.816 29
29,439.700 74
33.146.110 59
47.329,033 40
56.986,895 55
69.880,878 90
50,055.784 31
39,683,701 04
43.628.318 95
Express.
$883.642 79
858.629 05
1,055,446 23
1,239.934 08
1,623.472 00
1.609,89009
1399,966 98
2,102,426 33
2.130.755 79
2.181.233 24
Miscellaneous.
$246,703 14
267.702 92
331,073 57
426,765 48
489.494 21
416,308 03
794.557 53
779,656 03
620.380 79
637.146 76
Other.
$609.546 56
447,258 98
552.140 14
691,777 18
790,210 76
1.091,323 00
1.191.494 82
1,095,479 65
885,802 71
861.765 68
Total.
$31,639,563 89
32.453,462 43
36,733.682 28
43,344,15039
54.138.798 97
61.825.376 29
72.914,737 06
63.020,975 45
55,035,701 89
55,987.918 08
EXPENSES.
1914
1916
1916
1917
1918
1919
1920
1921
1922
1923
NET
REVENUE.
$9.281,200 65
9,229.646 16
7,293.981 54
10.198.039 80
6,809.765 57
4,838.480 74
3,033.858 16
12,965.191 14
15,352,000 85
12.359,599 13
RATIO TO TOTAL REVENUE.
Maintenance
of Way and
structures.
1914
1915
1916
1917
1918
1919
1920
1921
1922
1092
Maintenance
of
Equipment.
Traffic.
Transportation
Expenses.
General
and
Other.
12.95
16.26
20.79
14.66
17.62
19.61
22.52
15.61
13.15
13.25
14.35
19.80
20.16
23.33
23.96
23.84
21.90
19.17
2.22
2.03
1.98
1.81
1.07
1.06
1.34
1.69
1.89
38.13
35.42
33.75
36.16
41.34
43.47
43.91
36.28
34.13
4.12
3.50
3.82
3.68
4.06
4.07
4.23
3.95
NI
0A
10•
9f111
9 AA
29 112
Total.
70.67
71.56
80.14
78.47
87.42
92.17
95.84
79.43
72.1.1
Net
Revenue.
29.33
28.44
19.86
23.53
12.58
7.83
4.16
20.57
27.89
92117
2204
THE CHRONICLE
[VOL. 118.
NORTHERN STATES POWER COMPANY
REPORT FOR THE YEAR ENDED DECEMBER 31 1923.
h
nected water and steam power sources, by means of whic
the public will be increasingly benefited in the future.
Another large acquisition was that of the St. Anthony
Falls Water Power Company and the Minneapolis Mill
April 14 1924.
Company. These companies own the historic power
To the Stockholders of
development at the Falls of St. Anthony on the Mississippi
Northern States Power Company:
river in the heart of Minneapolis. The property has a
Submitted herewith is the report of the operations of your potential capacity of approximately 60,000 hydraulic horseCompany and its subsidiaries for the year ended December power.
CONSTRUCTION PROGRAM.
31 1943.
The amount of construction accomplished in 1923 to care
After payment of the regular dividend on the preferred
for the Company's expanding business exceeded that of any
stock, quarterly dividends at the rate of 8 per cent per an- previous year, and called for the investment of ,468,726 51.
num were paid on the common stock of your Company, Measured in terms of public service the new construction in
leaving a balance of $1,580,324 07 available for amortiza- part enabled the rendering of service to 53 additional comtion, retirement reserves and surplus, compared with a bal- munities; to add 15,29 new customers supplied direct with
electricity, and 568 new customers supplied with, gas; to
ance of $1,134,526 19 in 1922.
install 12,000 horsepower in additional electric producing
The earnings of the properties operated for the four-year capacity; the building of 462 miles of new transmission and
period ended December 31 compare as follows:
distributing lines, and the construction of nine important
1923.
1922.
new substations. It enabled the partial construction of the
1921.
1920.
Gross Earnings__15,489,790 76 13,881,9i9 01 12,963,222 30 11,798,778 84 new High Bridge steam turbine station in St. Paul, and
Net Earn1ngs__ 6,580,991 99 5,781,092 07 5,207.543 82 4,466,938 23 installation work to enlarge capacities at five other power
Interest Charges 2,345,292 51 2,311,432 30 2,295,682 41 2,148.470 28 plants.
Balance
4,235,699 48 3,469,659 77 2,911,861 41 2.318,467 95
For the year 1924 the total amount of new construction,
Preferred Dividends
2,161,775 41 1,841,533 58 1,601,164 58 1.341,37422 including the completion of projects already started, calls
Balance Availsfor the investment of $14,440,000. The facts recited will
bor for Amortization, Regive the stockholders some conception of the rate at which
tirement Retheir Company is growing, and why large amounts of new
serves, Common Dividends
capital are required from year to year to supply the steadily
and Surplus 2,073,924 07 1,628,126 19 1,310.696 83
977,093 73 increasing demands of the
great.geographical field covered
The business of your Company increased substantially by the Company's operations.
Included in the 1924 construction program is the comover the preceding year, as shown by an increase in gross
earnings of 11.58 per cent and in net earnings of 13.83 per pletion of the High Bridge power station to a capacity of
cent over the corresponding earnings for the year 1922. 80,000 horsepower (the first 40,000 horsepower generating
unit at the High Bridge station about June 1924, and the
Fuel costs required 18 per cent of the gross earnings, and are second 40,000 horsepower unit before the close of the year)
still high as compared with pre-war prices, but compare of the 200,000 horsepower ultimately planned; completion
favorably with 21 per cent of gross earnings required in the of a new 10,000 horsepower steam turbine station at Sioux
previous year. The ratio of operating expenses to gross Falls; improvements at the Riverside steam turbine station,
and completion
earnings has decreased steadily from 62.14 per cent in the apolis, importantof the large Aldrich substation in Minnenew substations, high tension transmission
year 1920 to 57.51 per cent in the year 1923.
lines and extensions, additions and improvements throughout
The above figures for 1923 do not include certain large the territories served.
companies which were acquired during the year, but which
ENGINEERING AND MANAGEMENT.
actually did not become part of the corporate structure of
Engineering and management services are performed for
the Company until December 29. The combined earnings the Northern States Power Company by the Byllesby
of your Company and the full earnings of the acquired com- Engineering and Management Corporation, which is companies for the entire year of 1923, compared with those of posed of specialists with long and successful experience in
the administration of public utility properties. The proper1922, were as follows:
ties are efficiently operated, an example being found in the
Twelve Months ended Dec. 31—
1922.
1923.
fact that during the past two years there has been a decrease
Gross Earnings
$18,869,140 31 $17,088,868 32
Net Earnings, Exclusive of Depreciation.._.. 8,321,943 46
7,434,259 20 of about 20% in the quantity of coal required for the produc85.74% of the gross earnings and 93.41% of the net earn- tion of each kilowatt hour of electric energy generated.
DEVELOPMENT OF WATER POWERS.
ings are derived from the sale of electric power and light.
A subject of interest to stockholders and the public is the
ACQUIREMENT OF ADDITIONAL COMPANIES.
The year 1923 was notable in the purchase of additional development of additional water powers. A number of
sites on the Mississippi and St. Croix rivers are controlled
companies and properties possessing a satisfactory degree by your Company. The Federal Water Power Commission
of existing earning power, and capable of much more efficient has granted preliminary permits to the Company for the
development when operated as units of a large system. development of two sites on each river, or four in all, with
These acquisitions have considerably enlarged the scope of a combined potential capacity of 96,000 horsepower. Suroperations and include large developed water powers and veys, designs and plans are under way for these developments for submission to the Federal Water Power Commisundeveloped water power sites. These purchases have sion for approval, as all work must be carried out, and the
further materially strengthened the physical and strategic power utilized, as specified by the Commission.
The acquisition of the Wisconsin-Minnesota Light &
position of your Company, and at the same time will assist
it towards discharging its broad obligations as a public Power Company not only brought 73,000 horsepower of
servant furnishing vital services in adequate quantity and developed hydro-energy under the control of your Company
but also a number of undeveloped sites on the Chippewa
quality at the lowest reasonable cost.
and Red Cedar rivers. St. Anthony Falls property added a
One of the principal purchases of the year was that of all large new water power source to the Company's resources.
Early in the year the water power created by the Governof the common stock and part of the preferred stock of the
Wisconsin-Minnesota Light & Power Company. This ment High Dam was leased by the Federal Water Power
company, whose name was changed to that of Northern Commission to the Ford Motor Company, which is now
States Power Company of Wisconsin, in April 1924, was constructing a large factory in St. Paul adjacent to the dam.
taken over for operation in July 1923. Its properties Under the terms of the award all surplus power not used by
include several valuable water power plants (one of them, the Ford factory is to be sold to the Northern States Power
of 14,400 horsepower, being operated under lease) aggregating Company at favorable rates. The power plant is nearly
73,000 horsepower and upwards of 800 miles of transmission completed, and it is apparent that for part of 1924, and until
lines. The territory served is a rich agricultural and manu- the factory is finished and in operation, all of the Government
Dam power will be delivered to your Company.
facturing area, approximately 140 miles wide and 160 miles High is
It the intention of the Company to proceed with new
from north to south, in western Wisconsin and eastern water power
developments according to a comprehensive
Minnesota. Electricity is supplied in 78 communities with
Federal Water Power
a total population of 165,500, including the cities of La plan, in line with the wishes of the the
requirements of the
Crosse, Eau Claire, Chippewa Palls, Menominee and Commission, and well in advance of
Red Wing. Gas is supplied in La Crosse, Eau Claire, public for additional power.
Chippewa Falls and Winona, and other utility services are
FINANCING.
It will be realized that the properties added to the System,
rendered in some of these places. The transmission lines
are tied in with those of the Northern States Power System, as well as the largest construction budget in its history, have
the whole now being a conspicuous example of intercon- called for a considerable amount of new capital. Favorable
Office of the President
208 South La Salle Street
Chicago, Illinois.
MAY 31924.]
220541
THE CHRONICLE
market conditions during the year led the Company to
anticipate the redemption of its outstanding short-term
debt, and no funded debt of your Company now matures
before 1933. It was also deemed an auspicious time for
the creation of a new mortgage, which permits the Company
to readily finance its requirements with a security, that can
be carried as to maturity, coupon and other terms, to meet
changing market conditions. The creation of this new
mortgage closes the issuance to the public of further bonds
under the old indenture, all of which bonds mature in 1941.
• During 1923 your Company issued and sold $3,000,000
of first and refunding Series "B" 6% gold bonds, due 1941;
$8,500,000 first lien and general mortgage gold bonds,
Series "A," 6%, due 1948; $10,000,000 6M% convertible
gold notes, due 1933, and $6,001,200 of 7% cumulative
preferred stock. During the same period the bonds and
notes and stocks retired aggregated $9,164,800 face value.
DEVELOPMENT OF CUSTOMER OWNERSHIP.
At the close of 1923 the companies comprising the Northern States Power Company System had a total of 30,163
shareholders of record. In addition there were 5,381 contracts outstanding for the purchase of preferred stock.
Upwards of 90 per cent of the shareholders are residents of
the territories served. More than 80 per cent of the Company's employees are now shareholders.
In 1923 a larger number of home shareholders were added
to the Company's list of owners than in any previous year.
There were 16,716 separate sales of preferred stock by the
Company's investment department, and the number of new
home or local shareholders added was 7,368.
The distribution of dividends to the people of the cities
and territories served is now approximately $2,200,000 a
year.
ELECTRIC SERVICE FOR THE FARMS.
Towards the further development of diversified and profitable farming few steps have been taken with greater possibilities for practical assistance than the progress made by
your Company in the establishment of experimental rural
lines. These lines have been built, and trial rate schedules
formulated, under the direction of co-operative committees
composed of representatives of the farm organizations,
agricultural educational institutions, the farm press and the
power companies. The application of electricity to farming,
towards the end of reducing labor and increasing production
and profits, is now being scientifically tested in Minnesota
and South Dakota, and records kept of costs and results.
In Wisconsin considerable practical progress has been made
in serving the farms at places where the conditions are exceptionally favorable.
COMBINED STATISTICS SHOWING GROWTH.
Including the Wisconsin-Minnesota Light & Power Company properties, the number of communities served (both
on a wholesale and retail basis) increased from 586 to a
total of 517 in 1923. At the close of the year the Company
served 209,501 users of electricity and 30,079 consumers of
gas, representing a gain of 45,422 electric customers and
15,595 gas customers. Not included in these totals are
many thousands of individual customers supplied directly
by other companies and municipalities, to which your Company supplies power on a wholesale basis.
CONCLUSION.
.The future growth of your Company in public usefulness,
with resultant earnings, is indicated in a most satisfactory
manner. The managers, their staffs and the employees
have carried out their duties so as to retain the respect and
good will of the public and fully warrant the confidence of
the stockholders, and the Directors wish to express appreciation of the efficient and loyal services which they have rendered.
The report of the Treasurer for the twelve months ended
December 31 1923 will be found on pages 6 to 16 [pamphlet
report].
By order of the Board of Directors,
H. M. BYLLESBY,
President.
REPORT OF TREASURER.
Minneapolis, Minn., April 14 1924.
H. M. Byllesby, Esq.,
President, Northern States Power Company,
Chicago Illinois.
Dear Sir.—I beg to submit herewith consolidated balance
sheet as of December 31 1923, of Northern States Power
Company of Delaware and subsidiaries, prepared by Arthur
Andersen & Company, certified public accountants, and consolidated by them with the consolidated balance sheet as of
December 31 1923, of Wisconsin-Minnesota Light & Power
Company, prepared by Haskins & Sells, certified public
accountants.
There is also submitted the consolidated income account
of Northern States Power Company of Delaware and subsidiaries for the year ended December 31 1923, prepared by
Arthur Andersen & Company, certified public accountants,
which does not include any earnings of Wisconsin-Minnesota
Light & Power Company,. St. Anthony Falls Water Power
Company, or Minneapolis Mill Company, which latter
properties did not become a part of the Northern States
Power Company financial structure until December 29 1923.
However, as a matter of information, earnings of Northern
States Power Company System, including the newly acquired properties, for the twelve months ended December 31
1923, and comparative statement of earnings of the properties for the period operated, as well as for the full period,
together with statistical information covering population,
consumers, connected load and installed capacity, are also
appended.
Northern States Power Company of Delaware owns all
the capital stock of Northern States Power Company of
Minnesota except qualifying Directors' shares, and any
changes in the outstanding stocks of the two companies are
identical.
The Company has outstanding 67,610 option warrants,
issued April 1 1916, due April 1 1922, which have been
extended to October 1 1925.
Certain of the affiliated and subsidiary companies have
securities issued not shown on the balance sheet; however1
none of these are in the hands of the public, but are pledged
as collateral to the bonds shown outstanding.
Since December 31 1923 the outstanding $594,500 underlying bonds and $1,067,000 Ottumwa Railway & Light Company bonds have been retired with the cash shown deposited
for that purpose on the certified balance sheet.
Respectfully yours,
J. J. MOLYNEAUX, Treasurer.
NORTHERN STATES POWER COMPANY OF
DELAWARE AND SUBSIDIARIES.
CONSOLIDATED INCOME ACCOUNT FOR THE YEAR ENDED
DECEMBER 31 1923. AND SUMMARY OF SURPLUS ACCOUNT.
Particulars—
Amount.
Gross Earnings:
$13,684,365 24
Electric Department
714,869 66
Gas Department
667,270 25
Steam Department
333,919 36
Street Railway Department
Telephone Department
89,366 25
Total Gross Earnings
Operating Expenses and Taxes:
Operation
Maintenance
Taxes
$15.489,790 76
56,686.993 54
992,252 80
1,229,552 43
Total Operating Expenses and Taxes
Net Earnings
Interest Charges (Net)
8,908,798 77
$6,580.991 99
2.345.292 51
Net Income Available for Amortization of Debt Discount
$4,235.699 48
and Expense. Depreciation and Dividends
Deduct:
2,161,775 41
Preferred Stock Dividends
$2,073,924 07
493,600 00
Remainder
Common Stock Dividends
51,580,324 07
Remainder
Appropriations for:
Retirement (Depreciation) Reserve
$650,000 00
Amortization of Debt Discount and Ex350,000 00
1,000,000 00
Balance—Carried to Surplus Account
Surplus:January 1 1923
Total Surplus Dec. 31 1923, per Balance Sheet
April 14 1924.
$580,324 07
1,843,233 52
$2.423.557 59
ARTHUR ANDERSEN & co.maimeli
Certified Public Accountants.
CONSOLIDATED GENERAL BALANCE SHEET, DEC. 31 1923.
OF NORTHERN STATES POWER COMPANY OF DELAWARE
AND SUBSIDIARIES AND WISCONSIN-MINNESOTA
LIGHT & POWER COMPANY.
(After Giving Effect to the Sale of 92,500,000 First Lien and General
Mortgage Bonds of Northern States Power Company of Minnesota
on February 13 1924 and the Application of the Proceeds as Set
Forth in the Accompanying Certificate.)
ASSETS.
Capital Assets:
Plant, Property, Rights. Franchises, &c., including Preferred Stock Discount and Expense
$116,357.125 23
Special Cash Deposits:
Depositto Retire Ottumwa
Railway az Light Company bonds, per contra_ $1,067,000 00
Deposit to Retire Other
Underlying Bonds
594.500 00
51.661,50000
5,987 18
Sinking Funds and Other Deposits
Investments:
Investments in and Advances to Affiliated
Companies
$356.80869
Stocks and Bonds of Other Companies.
Associations, &c
141.21775
498,026 44
Debt Discount and Expense In Process of Amortization_ --- 7,840.443 82
Deferred Charges and Prepaid Accounts:
Unexpired
$67,532 10
Prepaid Interest and Taxes
18,186 97
Rate Investigation Expense
255.302 42
Expenses and Advances on Purchase of
Properties
40,996 15
Miscellaneous and Unadjusted items
70.833 96
452,851:60
Current Assets:
Cash in Banks and on Hand
$4,072,312 65
Cash on Deposit to be Withdrawn against
1923 Construction Expenditures
1,272,000 00
Cash Deposited for Bond Interest
29,120 00
Investment in Marketable Securities_
287,545 75
Notes Receivable
51,551,536 08
Less—Notes Receivable
Discounted
1,500,000 00
51,536 08
Accounts Receivable
31,700,409 69
Less—Reserve for Uncollectible Accounts_ 144,248 45
1,556,161 24
Unbilled Electricity and Gas
651,689 07
Receivable on Sales of Preferred Stock_
346,012 88
Inventories
1.904,451 67
10,170.829'34
Total __________________________________________'4135,325.263 61
2206
THE CHRONICLE
LIABILITIES.
Capital Stock of Northern States Power Company of Delaware:
Authorized:
7% Cumulative Preferred, 500,000
shares. $100 00 each
$50,000,000 00
Common,500,000 shares, $100 00 each 50,000,000 00
$100,000,000 00
Issued and Outstanding:
Iulative
7
"ern%
Pre$33,740,000 00
Less
-In Treasury__
72.900 00
Common Issued
$16,170,000 00
Less
-Amount Deposited with Trustee of
the Convertible
634% Gold Notes
to provide for Conversion of these
10.000.000 00
Notes
33.667,10000
6.170.000 00
Cumulative 7% Preferred Stock of Wisconsin-Minnesota
Light & Power Company in Hands of Public
Common Stock of Subsidiaries in Hands of Public
$39,837,100 00
4,766,800 00
2.000 00
Total Capital Stock Outstanding in Hands of Public-- $44,605,900 00
Funded Debt:
Northern States Power Company of Minnesota:
25
-Year 5% First and Refunding Mortgage Gold Bonds, due April 1 1941-- $26,560,500 00
25
-Year 6% First and Refunding Mortgage Gold Bonds, due April 1 194L.. 7,492,500 00
25
-Year 6% First Lien and General
Mortgage Gold Bonds, due November 1 1948
8,500,000 00
10
-Year Convertible 6g% Gold Notes,
due November 1 1933
10,000,000 00
The Minneapolis General Electric Company 30-Year 5% First Mortgage
Bonds, due December 1 1934
7,100,000 00
Ottumwa Railway & Light
Company First and Refunding 5% Bonds, duo
January 1 1924, see Deposit, per contra
81,067,000 00
Other Underlying Bonds,
see Deposit, per contra_
594,500 00
$59,653,000 00
NORTHERN STATES POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME ACCOUNT
-TWELVE MONTHS
ENDED DECEMBER 31 1923.
(New properties, including Wisconsin-Minnesota Light & Power Company
for the full period.)
Gross Earnings:
Northern States Power Company and Subsidiaries
$15,872,394 41
Wisconsin-Minnesota Light & Power Company and
Affiliated Companies
3,398,300 22
Total
$19,270,694 63
Less Inter-Company Billing
401,554 32
Total
$18,869,14031
Operating Expenses. Maintenance and Taxes:
Northern States Power Company and Subsidiaries
$9,058,614 06
Wisconsin-Minnesota Light & Power Company and Affiliated Companies
1,890,137 11
Total
810,948,751 17
Less Inter-Company Billing
401,554 32
Total
10.547.196 85
Net Earnings:
Northern States Power Company and Subsidiaries
$6,813,780 35
Wisconsin-Minnesota Light & Power Company and Affiliated Companies
1,508,163 11
Total
$8,321,94346
Interest Charges (Net):
Northern States Power Company and Subsidiaries
$2,526,572 84
Wisconsin-Minnesota Light & Power Com873,939 40
pany and Affiliated Companies
Total
3,400.512 24
Net Income Available for Amortization, Retirement Reserve
and Dividends:
Northern States Power Company and Subsidiaries
$4,287,207 51
Wisconsin-Minnesota Light & Power Company and Affiliated Companies
634.223 71
Total
64,921,431 22
Preferred Stock Dividends:
Northern States Power Company and Subsidiaries
$2,161,775 41
Wisconsin-Minnesota Light & Power Company and Affiliated Companies
350.000 00
Total
2,511.775 41
Balance of Net Income for Amortization, Retirement Reserve
and Dividends on Common Stock, etc
$2,409.655 81
AUDITOR'S CERTIFICATE.
Total Funded Debt
Covered by Deposit $1,661,500 00
Wisconsin-Minnesota Light
& Power Company:
First and Refunding
Mortgage 5% Gold
Bonds, due May 1
1944
610,549,000 00
General and Refunding
Mortgage 7% Gold
Bonds, due January 1
1947
3.096.00000
Underlying Bonds
1,260,500 00
14,905,50000
Current Liabilities:
Notes Payable
$2,967,273 31
Accounts Payable to Affiliated Companies 2,651,304 73
Other Accounts Payable
1.633,820 88
Accrued Interest
760,396 69
Accrued Taxes
1,594,569 79
Accrued Preferred Stock Dividends
618,518 43
Common Stock Dividends Payable
123,400 00
Consumers' and Other Deposits
215,145 23
Sundry Current Liabilities
136,095 79
74.558,500 00
10,700,524 85
Reserves:
Retirement(Depreciation)
Reserve
6405,173 32
Retirement(Depreciation)
Reserve on books of
companies acquired at
date
of acquisition
thereof
1,509,395 37
Other Operating Reserves
[VOL. 118.
31,914,568 69
306,768 97
Capital Surplus:
Surplus on books of companies acquired at date of acqui!Wanton thereof
Surplus
Total
2,221,337 66
815,443 51
2,423,557 59
$135,325,26361
Utah-Idaho Sugar Co.
-Bonds Called.
-
All of the 1st Mtge. Serial 7% Gold bonds of Series"E," Nos. 2121 to
2590 inclusive (total $470,000) and Nos. 2591 to 2650 (total $30,000),
maturing July 1 1925, will be redeemed July 1 at 101 and int. at the Bankers
-V.118, p. 2067.
Trust Co., 16 Wall St., N. Y. City.
-To Issue Bonds, &c.
Valdosta Lighting Co.
-
We have prepared and submit herewith:
(a) Consolidated Balance Sheet as of December 31 1923
of the Northern States Power Company of Delaware and
Subsidiaries and Wisconsin-Minnesota Light & Power Company, and
(b) Consolidated Income and Surplus Accounts for the
year ended December 31, 1923, of the Northern States
Power Company of Delaware and Subsidiaries, but excluding the Wisconsin-Minnesota Light & Power Company, the
investment in the latter being made on December 29 1923.
We have audited the books and records of the Northern
States Power Company of Delaware and Subsidiaries, the
accounts of which have been consolidated, as indicated above,
with those of the Wisconsin-Minnesota Light & Power Company, which were audited by Haskins & Sells, Certified
Public Accountants.
The Consolidated Balance Sheet is stated after giving effect
to the sale of ,500,000 00 First Lien and General Mortgage 6% Gold Bonds of the Northern States Power Company of Minnesota, and the application of the proceeds, in
part, in the reduction of liabilities, and in the making of
certain escrow deposits.
On the above basis, we hereby certify that, in our opinion,
the attached Consolidated Balance Sheet and Consolidated
Income and Surplus Accounts correctly reflect the financial
condition of the Company at December 31 1923, after giving
effect to the financing noted, and the results from operations
for the year ended that date.
ARTHUR ANDERSEN & CO.,
Certified Public Accountants.
Chicago, Illinois, April 14 1924.
Western States Gas & Electric Co.
-Bonds Offered.
H. M. Byllesby & Co., Blyth, Witter & Co. and Peirce,
Fair & Co. are offering at 95 and int. $850,000 1st & Unified
Mtge. Gold bonds, 6%, Series "A," dated March 1 1922;
due March 1 1947. A circular shows:
Company.
-Owns and operates electric and gas properties in central
and northern California, supplying 36 communities, Including the cities
of Stockton, Richmond and Eureka. Population estimated in excess of
116,000. Company operates three hydro-electric generating plants having
a combined installed capacity of 26,470 kw.,and two steam-electric generatVictor Talking Machine Co. Canada, Ltd.-Incorp.- ing plants having a combined installed capacity of 8,500 kw. Artificial
gas plants are operated in Stockton and Eureka, operations in Stockton
This company has been incorporated in Canada with an authorized being in conjunction with natural gas wells. Included in the hydro-electric
Capital stock of 61,000,000. par $100.-V. 117. p. 2662.
installed capacity mentioned is an installation of 20,000 kw. which has
recently been completed as the first unit of what is kown as the El Dorado
-Defers Common Dividend.
(V.) Vivaudou, Inc.
project. Completion of this unit enables company to provide for immeThe directors have voted to defer the quarterly dividend of 50c. a share diate and future power demands and to replace power purchased from
on the outstanding 300,000 shares of Common stock, no par value, due other companies.
at this time, until it Is seen what the profits for the fkst six months will be.
Purpose.
-Proceeds will be used to reimburse the company in part for
On March 15 last a quarterly dividend of 50c. per share was paid on the additions, betterments, &c., heretofore made.
Common stock in 7% Cumul. Cony. Pref. stock.
Capitalization Outstanding (Giving Effect to Present Financing).
The directors have declared an initial quarterly dividend of 1 % on
(incl. this issue)---$8,850,006
&
due
the Preferred stock payable June 15 to holders of record June 1.-V. 118. 1st & Unified Mtge.6s, Series "A,"19421947
*4,012.500
1st Ref.(now 1st) Mtge. 5s, due
(closed)
p. 2067.
5,000,000
15
-Year 6% Gold notes, due 1937
3,648,000
-Annual Report Year Ended 7% Cumulative Preferred stock
Wisconsin Telephone Co.
3,981,500
Common stock
1923.Dec. 31
Telep. oper. revs., $10,664,261: teleP• °Pm exP.. 87.597.836:33066425
*Additional 1st & Ref. Mtge. 5% bonds in the amount of $1,724,000
33,066,425
net telep. oper. rev
are deposited as additional security for the 1st & Unified Mtge. bonds.
Uncollectible oper. revs., $18,858: taxes assignable to open,
-Years Ended Dec. 31.
Earnings
855,126
.6
6836 2 8
Over. Exp..
Net
Interest
lCia nt. &
$2,211,298
Operating income
Charges. 9
4
Taxes.
Earnings.
Gross.
84,127
Non-operating income
6596,883
$488,764
$1,085,647
1913
572,365
611,469
280,584
1,183,834
$2,295,426 1915
Total gross income
768,938
633.931
325,348
1,402.869
1917
Deduci-Rent and misc., $52,342: bond int., $13,991: other int.,
378,860
785.748
1,901,303 1,115,555
281846 1919
,
-----------------------S215,5131,685,981
861,183
420,376
2,547.164
979 1921
i- 80,000 1,198,
sinia, $318,979: common
8
Dividends--Pief.1,052,738
554,960
2,984,670 1,931,932
1923
1,903.272
1,193.183
563,974
3,096,455
$814,600 1924(March 31 year)Balance, surplus,
•-V.1.18, p. 919.
-v. 118. P. 215
.
The Georgia P. S. Commission has authorized the company to issue
$225,000 Ref. Mtge. bonds, and $75,000 capital stock. The proceeds, it is
understood, are to be used to replace money already expended on additions
-V. 104. p. 1806.
and improvements.
MAY 3 1924.]
THE CHRONICLE
2207
securities. The volume also contains special articles on Indian finance and
Westinghouse Air Brake Co.—Moves Office.—
county
The company on May 1 moved its New York office from the Benenson company law decisions: statistics relating to municipal finance,
150 Broadway. finance, colonial finance, and British and foreign finance; a list of brokers
Building, 165 Broadway,to the new Westinghouse Building,
who are members of the London Stock Exchange; also information as to
—V. 118, p. 1663, 1413.
registrations, &c,. &c. The
Westinghouse Electric & Manufacturing Co.—Listing. stamp duties, trustee investments, company
book is published in London, under the sanction of the Committee of the
There have been authorized for the Boston Stock Exchange list, on London
Stock Exchange, by Spottiwoode, Ballantyne & Co., Ltd., 1 New
notice of issuance, 574,560 additional shares (par $50) Common stock.
Street-Square, E. C. 4.
118. p. 2070, 1926.
—The announcement of the formation of a big new Stock Exchange firm
Wheeling Steel Corp.—Mining Accident.—
According to a dispatch from Bentwood, W. Va., 114 men lost their under the name of Kinkead, Florentine & Co., coming as it does, at a time
explosion at the Bentwood mine of the company on April 28. when the financial columns are filled with announcements of mergers and
lives in an
—V. 118.. 200. 1769.
consolidations of brokerage firms necessitated by high overhead costs, has
business circles. The members
considerable
West Kentucky Coal Co.—Bonds Sold.—Lee, Higginson creatednew firm are interest in financial and J. Florentine and James A.
of the
Eugene F: Kinkead, Leo
& Co., New York; Drexel & Co. and Cassatt & Co.,
Healy, general partners, and Thomas J. Maloney, special. The new firm
have sold, at 100 and interest? $5,000,000 First Mtge. 7% began business May 1 with main offices at 120 Broadway and a branch at
Sinking Fund Gold Bonds, Series A (see adv. pages).
the Hotel Pennsylvania, the latter under the management of E. Martin
Dated May 1 1924. Due May 1 1944. Interest payable M. & N. in Whitton. formerly a partner in the firm of Morrison & Townsend.
New York, Roston and Chicago. Denom. $1,000 and $500 c*. Callable
—Fred Emert & Co. Inc., of St. Louis, announce the enlargement of
on 30 days' notice, as a whole at any time or in part on any interest date, at
105 and interest during the first four years with successive reductions of their organization to include, as Vice-President, C. E. Keplinger, for the
price during each four years'period thereafter, without deduction past six years Vice-President of Stern Brothers & Co. of Kansas City, and
I% in call
for normal Federal income tax up to 2%. Conn .and Penn. 4 milb3 taxes, as Secretary, Burt D. McConnell,formerly a partner in the firm of Crosby,
Maryland 434 mills securities tax and Mass. income tax up to 6% refundMcConnell & Co. of Denver. Fred Emert & Co., Inc., was organized in
able. Bank of North America & Trust Co., Philadelphia, trustee.
Sinking Fund.—Sinking fund of 10 cents per ton of coal mined, to be used December 1923, Fred Emert, President, having been previously a partner
for retirement of First Mtge. bonds, minimum sinking fund payments for in the firm of Kauffman, Smith, Emert & Co. and Sam L. Jones, Treasurer.
each series to be sufficient to retire entire series in equal annual installments
of New York
by maturity. Minimum sinking fund for Series A bonds sufficient to retire formerly St. Louis representative of the Guaranty Trust Co.
$250,000 bonds per annum and for retirement of entire $5,000.000 Series A
—The co-partnership heretofore existing between Edward C. Hartshorne,
bonds by maturity.
Seavey Battelle, Frederick W. Ludwig and Stanley L. Roggenburg, under
Data from Letter of President C.F. Richardson,Sturgis, Ky.,Apr.29 the firm name of Hartshorne & Battelle, has been dissolved as of April 30
Company.—Incorp. in New Jersey in 1905. Acquired at its organization
Battelle, member New York Stock Exchange; Frederick
properties of previously existing companies in western Kentucky, which it 1924. Seavey
has successfully operated and further extensively developed. It is now W. Ludwig, member New York Curb Association, and Stanley L. Roggenacquiring the properties of St. Bernard Mining Co., with an operating burg have formed a co-partnership under the firm name of Battelle. Ludwig
history extending over a period of more than 50 years and Kentucky Block & Co. to conduct a commission business in bonds and stocks, at 25 Broad
Coal Corp. Including the properties now being acquired, company will be Street,
beginning May 1 1924.
the largest coal operator in the western Kentucky field, with 22 mines and
present developed annual capacity in excess of 3,200,000 tons. Average
—Henry Morgan, Clarence L. Howland, George C. Slemin and Malcolm
annual sales for last six years 2,510,192 tons; 1923 sales. 2,861.449 tons.
Company's product in 1923 was sold in 15 different States in this country, McBurney, special partner, have formed a co-partnership for the transacas follows: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, tion of a general investment and commission business in securities under
Wisconsin, Illinois, Kentucky, Tennessee, Mississippi, Arkansas, Missouri, the firm name of Morgan, Howland & Co., members New York Stock
Indiana, Texas and Louisiana.
Purpose.—Proceeds will be used to retire the entire funded debt of com- Exchange, with offices at 120 Broadway, New York.
pany now outstanding and for part of the cost of the properties of St. Ber—colonel Henry D. Lindsley, former head of the American Legion.
nard Mining Co. and Kentucky Block Coal Corp.
who has been associated with Potter & Co., members of the New York
Authorized. Outstanding. and
Capitalization—
$10,000,000 $5,000,00 Stock Exchange of 5 Nassau St., has retired from that firm. He is forming
First Mortgage Sinking Fund Gold Bonds
11.000,000 6,000,000 his own firm, which will start business about May 15 and will specialize in
Preferred Stock, 7% Cumulative
7,000,000 the underwriting of securities.
7,000,000
Common Stock
Earnings Available for Depreciation. Depletion, Interest and Federal
Net
—Owing to the rapid growth of their business, Brandon, Gordon &
Taxes. Properties to Be Owned. Calendar Years.
Waddell, municipal bond dealers, have moved from their quarters in the
$1.884,36511920
22,690,00711922
22.894.652
1918
1.127.868 Singer Building, which they have occupied for the past five years, to larger
1,261.70711921
716,03211923
1919
offices on the 17th floor of the Equitable Building, 120 Broadway, New
Net earnings available for depreciation, depletion, interest and Federal
taxes for the six years ended Dec. 31 1923 averaged $1,762,438 a year, or York.
nearly three times the $600,000 combined maximum interest and minimum
—The firm of Dawson, Lyon & Co. has been dissolved by mutual consent
sinking fund requirements on these bonds.
Control.—Company is controlled by North American Co. through owner as of May 1. A new partnership has been formed by W. Wallace Lyon
ship of entire Common stock except directors' qualifying shares. North and Northrop Dawson under the name of Dawson, Lyon & Co., with
American Co. will have an actual cash investment in the equity of more offices at 25 Broad Street, New York.
than $6,000,000.
—Harry I. Tuttle, formerly head of the unlisted securities department of
Properties.—Company will own mineral rights underlying more than
73,000 acres of coal lands, and will hold favorable leaseholds of additional Markoe, Morgan & Co., has Joined the New York office of Laird, Bissell &
mineral rights underlying 2,400 acres, in Union, Webster and Hopkins Meeds, members of the New York Stock Exchange, as manager of their
Counties. Ky., with sufficient surface lands for mining operations. The
total recoverable coal is estimated at more than 400,000.000 tons, sufficient unlisted securities department.
for more than 100 years operations at present rate of output. These proper
—Russell, Miller & Carey, members New York Stock Exchange, 52
ties have been developed by 22 mines, of which 9 are shaft-mine operations Broadway, New York, announce that John D. Wing has been admitted to
and 13 drift-mine operations, modern and well equipped, with present
general partnership in their firm, and that Walton A. Green retires as a
annual capacity in excess of 3,200,000 tons.
Railroad transportation from the company's properties is available over general partner.
The Illinois Central and Louisville & Nashville railroads, and water trans—Bortle & Co. announce that Eldon H. Earle has Joined their organizaportation from the company's properties in Union and Webster Counties is
available by the Ohio River. Company also owns and operates a fleet of tion. Mr. Earle has been associated with W. A. Harriman. Inc., for
steamers and barges with auxiliary equipment. The river transportation several years past and prior to that time was connected with the National
equipment is capable of handling more than 500,000 tons a year.
Co.
Company also owns and operates a large barge building plant at Paducah. City
—Kraus Bros. & Co., members New York Stock Exchange, 149 BroadKy., and coaljards at Evansville, Jeffersonville and New Albany, Ind.:
Louisville and Paducah, Ky.; and Memphis and Nashville, Tenn.; elevators, way, New York, announce that Daniel H. Kassel], who has been associated
storage facilities, shops, more than 1,100 miners' houses, 12 large commis- with them for twenty-two years, has been admitted to partnership in their
saries or stores, a modern steel and concrete tipple (having a daily loading
capacity of 3,000 tons) on the Ohio River.river unloading tipples at Paducah firm.
Ky., and Memphis, Tenn.. connecting the river transportation department
—A. E. Fitkin & Co. announce that Mr. N. P. Zech has become assoat those points with practically all the railroads of the South and Southwest, and 21 miles of standard gauge steam railroad (with three consolida- ciated with them as of May 1 and that he will be principally identified with
tion typo locomotives and 175 railroad cars) by which deliveries are made the operations of their public utility and industrial properties.
to the company's tipple from its mines.
—Macartney & McLean announce the dissolution of their firm, as of
Officers are: C.F. Richardson,Pres. & Gen. Mgr.;Edwin Gruhl, V.-Pres.:
James F. Fogarty, V.-Pres.; T. E. Jenkins. V.-Pres.; H. L. Richardson, May 1, and the formation of a new firm under the name of Macartney,
McLean & Dawson, with offices at 52 Broadway, New York.
V.-Pres.; Robert Sealy. Treas.: and F. II. Piske, Sec.
-0.F. Richardson, Frank L. Dame, Edwin Gruhl, Edwin M.
Directors.
—Boland & Prelm, 49 Wall St., New York, announce that Paul S.
Sulkies', James F. Fogarty, John Foster Dulles, and John I. Beggs.—
Roura, formerly associated with the Equitable Trust Co., and Myron S.
V, 116, P.1661.
Hall & Co., has been admitted to partnership in their firm.
Western Power Corp.—Earnings for Calendar Years.—
—F. W.Wright,formerly of the Bankers Trust Co., has become identified
[The income statement for 1923, already noted in V. 118. p. 1926, has
been restated to show changes In income charges and provision for renewals with the New York office of Taylor, Ewart & Co., as manager of their
and replacements.]
statistican department.
1923.
1922.
1921.
—Sylvester W. Lawson announces the opening of offices under the name
$7,123,970 $7,199,472 $6,382,162
Operating revenues
104.956
503,583
991,565 of Lawson & Co.at 115 Broadway to conduct a general brokerage business in
Other income credits
securities.
$7,228,926 $7,703,055 $7,373,726 unlisted
Gross revenues
2,359,031
—Pask & Walbridge announce that William B. Smith, 2d, formerly
2,767,167 2,350,770
Operating expenses
373,263
,365,418 connected with Messrs. Schatzkin, Bernstein & Co., has become associated
Income charges
2,513,945
2,574,119
2,402,152 with them.
Bond interest
502,453
360,000
360,000
renewals and replacement
Prov. for
150,000
150,000
150,000
—Edwin A. Riehle, for many years associated with the New York office
Divs.—Calif. El. Gen. Co.6% Pref
339,209
173,448 of Wm. R. Compton Co.. has Joined with sales organization of C. W.
Western Pr. Co. of Cal. Pref.(7%)461,468
Gt.
442.292
Pref
424,569
424.541 McNear & Co.
Western Power Corp. 6%
$426,473
$758,034 $1,147,399
—Ware & Co., members New York Stock Exchange, have removed their
Balance, surplus
—1r, 118, p. 2070, 1926.
offices to larger quarters in the Westinghouse Bldg., 150 Broadway,
New York.
Worthington Pump & Machinery Corp.—Sale, etc.
purchased
—Ross. Pogue & Willard announce the change of their firm name to
The Allis-Chalmers Mfg. Co. has Cudahy,the business and machinery
Wis. The plant and real Pogue, Willard &
s plant at
of the above corporation
Co. and the removal of their New York office to 150
The machinery will be transferred
estate was not included in the purchase.
Co. and business will be con- Broadway.
to the West Allis plant of the Allis-Chalmers
—A. D. Braham & Co., 1 Broadway, New York, announce that Arthur
tinued from there.
It is stated that sale of the plant is in line with a policy of concentrating I. Heyman is now associated with them in their unlisted securities dethe activities of the Worthington Co. The Allis-Chalmers Co. takes over partment.
and creosoting machinery lines.
production of mining, cement, crushingCorp.. it is
stated, has obtained a
—Pynchon & Co. announce that M. M. Mattison, formerly of George
The Worthington Pump & Machinery
$500,000 contract for the delivery of engine and pumping equipment for the H. Watson & Co., has become associated with them in their bond departproposed McCorkle pipe line, which is to be laid in the West.—V. 118, P. ment.
1926.
—Johnson & Wood announce that Charles Maury Jones, member of the
New York Stock Exchange, has been admitted as a general partner in their
CURRENT NOTICES.
firm.
—Bortie & Co. announce that Henry H. Hay has Joined their organiza—"The Stock Exchange Official Intelligence" for 1924(Vol. 42) has Just
been received. This volume, containing 1,866 pages, is a carefully revised tion. Mr. Hay has been district sales manager for the National City Co.
compendium of information regarding British. American and foreign In the Slate of Ohio for the past four years.
2208
THE CHRONICLE
[VOL. 118.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
accumulation resulted from the three record crops, there is
no reason to expect such excessive stocks from the current
crop. We are now just completing nine years in which the
world's production of sugar has been below pre-war needs,
and during which time many countries have been on short
Friday Night, May 2 1924.
COFFEE on the spot has been in fair demand with No. rations. The great increase in the consumption of the
United States
7 Rio 15 to 153jc. No.4 Santos 183j to 193'c.; fair to good crease in the during the last few years and the natural inconsumption of the world during
Cucuta 203/i to 213/2, Bogota 243/2 to 25c.; Medellin 26 to ten years preclude the possibility that any crop, a period of
little larger
27c. Today trade was dull with No. 7 Rio 15 to 153, No. than those of pre-war days, should not be readily absorbed."
4 Santos 193 to 20c., according to the views in some quar- Receipts at Cuban ports for the week were 94,472 tons
ters. Futures declined with weakness in Brazilian markets against 138,888 last week, 122,662 in the same week last
or less steadiness than had been expected. Cost and freight year and 198,664 two years ago; exports, 81,483 tons against
73,889 last week, 121,140 last year and 157,391 two years
offers declined. Wall Street sold. Also there was general ago; stock, 917,954 tons against
904,965 last week, 756,155
commission house selling and no speculative life. People last year and 997,291 two years ago. Centrals grinding
were cautious. On Thursday prices declined after an early numbered 134 against 146 last week, 87 last year and 163
slight advance. It was a rather cool response to better two years ago. Of the exports, 53,790 tons were destined
cables. It took little selling to cause a decline later. Some for United States Atlantic ports, 11,313 for New Orleans,
2,785 for Galveston 6,020 for Savannah and 7,575 for
of the cable news indeed was not altogether favorable. An Europe. Havana
cabled: "Weather dry."
early special dispatch, it is true, reported the Santos terme
One firm remarked on Thursday: "We have had drought,
market 425 to 250 reis higher, with exchange on London un- and floods and fires and strikes, and now a 'revolution' in
changed and the dollar rate 50 reis lower. But private Cuba as incentives to bull sugar, but there is no scarcity of
cables showed some anxiety to sell low grade Santos coffee offerings of Cuban raws and apparently no lack of supplies.
for prompt shipment even though the better selections were In the refined sugar market the consumer is content to let
things drift and to buy his
firm. That was blowing hot and cold and the result was eral Crowder says the Cubansupplies without rush." Gennot inspiriting. Local bulls, it is true had supporting orders effective leadership and thatrevolt is sporadic and without
but Europe sold and this outweighed the buying. Specula- be able to control it. To-day the Cuban Government will
'
Cuban raws were rumored to
tion still flagged.
have sold at as low as 43'c., but this was not confirmed.
To-day prices advanced after an early decline. Santos Recently, however, it appears that
big operators sold some
closed unchanged but Rio advanced 75 to 200 reis. Ex- 85,000 to 100,000 bags of Cuba
at 43jc. According to the
change on London was 1-32d. higher at 6 5-16d. The dollar general idea, information about trading
in
rate was 10 reis lower at MOO. Very few firm offers were some cases being withheld. Transactions,actual sugar is in
according to
received. The visible supply shows an increase for April idea, have been larger than was generally supposed. this
It
for the first time this season, owing to a decrease in ware- appears, too, that about 15,000 bags sold on Thursday at
house deliveries here and in Europe. The New York Ex- 4 5-16c. To-day the market was believed to be about 43.e.
change puts the total at 4,351,037 bags against 3,891,886 on Refined was 7.70 to 7.80c. European markets were weaker.
April 1. Duuring & Zoon put the increase at 481,000 bags Some sales were reported at 23s. to 23s. 3d., c. i. f. Futures
for April. Luneville makes the total 4,369,000 bags against were lower. It is believed that the Cuban revolt cannot last.
3,893,900 on April 1 and 6,104,000 a year ago. So that Prices for the week show a decline of 25 to 30 points.
there is still a marked disparity between the supply now and Spot unofficial 4
[July
4.421104.43[December _ _A.12@nom
4.28 ©nom September_ _4.46
that held at this time last year. World's deliveries, how- May
j March
3.55® _
ever, during April were only 1,506,000 bags against 1,718,000
LARD on the spot was in fair demand. At times it was
in March and 1,919,000 in April last year. On the other rather liberal; at others, small. Prime Western, 11.25 to
hand, the deliveries for ten months are 18,684,000 bags 11.35c.; refined Continent, 11.75c.; South America, 12.25c.;
against 16,342,000 for the same time last season. And net Brazil, 13.250. Futures were rather weaker with May
changes for the week show a decline of 39 to 44 points.
liquidation and selling of distant months, lower hogs, deSpot(unotr1)--15-Mc.[July
pression in Liverpool, some decline in grain markets and
12.82 ®nom[December _ _11.90 May
13.26@Mom[September _12.26 ©nom I March
11.60@nom export demand small. Packers and shorts bought; also
SUGAR.
-Cuban raws advanced to 4%c. asked for first houses with cottonseed oil trade connections. On the 3d
half of May on news of a revolt of troops in Santa Clara inst. prices opened a little higher, with better prices for
Province of that island. On the 30th inst. open revolt hogs, firmer cables, and Western receipts moderate, being
broke out. Some 25 soldiers in the city of Santa Clara 127,000 against 131,000 last week and 124,000 a year ago.
deserted with their arms, two machine guns and their horses But later liquidation caused new low levels for the season.
and attacked the city hall and seized the safe in the nearby Smaller packers and commission houses sold. Weakness
town of San Juan de los Yeras. The Government imme- in cottonseed oil and disappointing cash lard demand
diately sent soldiers in pursuit of the rebels and ordered the accounted for some of the selling. Also the export demand
arrest of leaders of the Veterans' and Patriots' Association, continued light. A rather liberal increase was expected in
which has been threatening a revolution since it was organ- the monthly lard stook statement at Chicago. Chicago
ized last August. Buyers were cautious on Tuesday, how- May deliveries included 550,000 lbs. of lard and 100,000 lbs.
ever. The new British budget reduces the duty from of bellies. Lard stocks during April at Chicago showed
25s. 8d. per cwt. to us. 8d., or 14s., which, at the current an increase of about 9,000,000 lbs., or more than was
rate of sterling exchange, is about 2.73e. per pound. Euro- generally expected. Yet on May 1 lard prices advanced
pean demand may be much stimulated by this decided seven points. To-day prices advanced about eight points,
change in the British tariff. It is true the stock of raw closing unchanged for the week on May and three to five
sugar in Liverpool is now 75,288 tons, which looks ample points higher on other months.
for the time being. Later Cuba fell to 55'e. as the Cuban DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Frt.
Mon. Tues.
Wed. Thurs.
revolt was quelled. Many are bearish, taking the ground May delivery
10.65
cts_10.60
10.57
10.52
10.50
10.60
that there seems to be no likelihood of a scarcity in raw July delivery
10.82
10.90
10.82
10.77
10.75
10.85
sugar for the rest of the season and that until a better de- September delivery----11.07 11.02 11.10 11.00 11.07 11.15
PORK dull; mess, $24 75 to $25 25; family, $27; short
mand arises for refined sugar there is little prospect of sustained higher prices. Early on May 1 Cuba was said to clears, $22 to $26. Beef firmer; mess, $16 to $17; packet,
have sold at 43o. to the amount of 25,000 bags, though $17 to $18; family, $20 to $22; extra India mess, $32 to $34,
this was not fully confirmed. Later when futures advanced nominal; No. 1 canned corned beef, $2 35; No. 2, $4;6 lbs.,
Cuban raws moved up to 4%c., with small sales reported. $15; pickled tongues, $55 to $65, nominal per bbl. Cut
Private cables were far from confirming President Zayas's meats quiet; 10 to 24 lbs., 133 to 160.; pickled bellies, 6 to
%
assertion that the revolt had been suppressed. The New 12 lbs., 11c. Butter, creamery, lower grades to high
York stock in public warehouses was 259,019 bags. Futures scoring, 32 to 38c. Cheese, flats, 19 to 25c. Eggs, fresh
were erratic with sharp rallies now and then,attributed partly gathered to extras, 22 to 28 Mc.
to Cuban buying. Trade and commission interests sold.
OILS.
-Linseed advanced lc. a gallon to 91c. for May
The American Sugar Bulletin said: "While it is true that car lots. The demand shows some improvement but busithe sugar crops of the world after nine years of decline and ness in the main is along conservative lines. Stooks are
recovery are now reported to be regaining their.pre-war rather small. Spot oar lots 91o.; tanks 84c.; less than car
size, this increase has been accom_plished by a jump of loads 92c.; less than 5 bbls., 95c. Cocoanut oil, Ceylon,
almost 1,000,000 tons in one year. In'pre-war days, on the bbls., 93/2e. Corn, crude, tanks, mills, 9c.; edible, 100 lbs.,
other hand, the large crops were but an incident, there being 123c. Olive, $1 25@$l 30. Cod, domestic, 61@63c.
three years in succession of crops of over 18,000,000 tons. Newfoundland, 63(a)65c. Lard, prime, 137 3.; extra
4
It is apparent, therefore, that while in those days a large strained, New York, 1234c. Spirits of turpentine, 91e.
The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."1
MAY
3 1924.]
THE CHRONICLE
2209
Rosin, $5 50(07 70. Cottonseed oil sales to-day includ- city stock with collectors now asking 18c. or Mc. advance.
ing switches, 6,500. P. Crude S. E., 8.50@8.623/2c. Kipskins were scarce with packers' last sales at 15c., and
Prices closed as follows:
first salted city kipskins nom. at 14 to 1434e. Country
9.90110.001July
September110.1810ctober _ - _ 9.701 9.85 hides were more active. .Sales of good quality extreme
10.16
Spot
9.93 August___ _10.25 10.27 November_ 9.10
9.50
9.90
May
10.0010.15
.10.31 10.33 December _ 9.00 9.30 weights were made at 10c. Some buyers bid for badly
June
PETROLEUM.
-Bunker oil in good demand and firmer, grubby lots 9c. and for slightly better quality 93'c. Buffowing to the advancing market for Panuco crude, which weights were wanted and while some talk of 83'c. for good
recently sold at $1 20 per barrel, exclusive of taxes. Stocks buffweights, the top was 8c., with badly grubby, 7c. Allof bunker oil are rather small. Prices range from $1 75 to weight hides were active with sales of stock running about
4
$1f85. Diesel oil has been in good demand and firm at one-fourth grubs at 73 c. selected, freight paid, Chicago.
$2131 to $2 73 per barrel at refinery. Stocks of this oil are Later city packer hides were rather more active and 6,000
Colorado branded hides sold, it was stated, at 9c. and
also light. Of late gasoline has been firmer, owing to the
better weather prevailing. Jobbers are more inclined to butt brands at 10c. Country hides were later reported in
buy more freely and export business has picked up a little. better demand and firmer. Later a sale was reported of
Kerosene has been quiet and easier. Gas oil though rather 5,000 Campana frigorifico steers at $38, or 133'c.; also
quiet has been firm. Stocks,, however, are not very large 4,000 Artiga steers at the same price. Some 1,500 Colorados
and offerings have been rather scarce. Leading refiners sold at 9c. and 1,400 April butt brands at 103'e.
OCEAN FREIGHTS have been quiet here and active
quote 5c. a gallon locally for 26-28 at the Gulf and 6c. for
36-40. Later on gasoline became rather easier. Mid- in London. Rates have been fairly steady here, but lower
Continent was reported available at 10%c. from jobbers on the Pacific Coast, where tonnage is plentiful. The
and local refiners were offering at 14%c. Even this price, lumber trade with Japan has subsided on the Pacific. A
it is said, could be shaded. Of late the weather has been larger tonnage is therefore expected here and not improbunfavorable and this has caused a rather unsettled condition ably lower rates. Sugar and coal trades were quiet. Though
in the gasoline market. There were rumors late in the week generally quiet, of late a somewhat better business has been
that the Standard Oil Co. of Indiana was to cut prices. done in grain tonnage.
Charters included coal from Atlantic range to Montreal. 95c. prompt:
Waxes have been rather quiet and easier. Western refiners,
-ton
Coast
it is reported, will shortly reduce operations, owing to the one round trip, 2,87595c.,steamer in United States and West York, South
America trade basis,
May: linseed from Rosario to New
$5 60.
depression in refined oils.
May; one round trip, 2.355
-ton steamer in United States and East Coast
South America trade, 95c., May: coal from
New York prices: Gasoline, cases, cargo lots, 28.15. $3 35. prompt: coal from Virginia to Rio de Virginia to Rio de Janeiro,
U. S. Navy specifications, 14; naptha, cargo lots, 15.25; grain from Montreal to Italy, 4s.4Md., JuneJaneiro, $3 50, April loading;
loading; grain from Montreal
Atlantic,
63-66 degrees, 17; 66-68 degrees, 18.50; kerosene in cargo to West 5s.. May 15c., May loading; grain from Montreal to Genoa and
Naples.
loading; grain
Montreal to West Italy, 194c..
lots, cases, 16.90; petroleum, refined, tank wagon to store, June loading, option Greece. 22c.:from Montreal to Genoa or Naples, 4s.
from
15; motor gasoline, garages, steel bbls., 20. Tulsa, Okla., 734d., May loading; grain from Montreal to West Italy. 1934c , option
22c., July loading; grain from Montreal to United Kingdom,basis
reports on April 29 stated that refined products prices were Greece,Channel, 4s., May-June loading.
Bristol
out owing to rumors of an impeding tank wagon reduction
-Soft coal was dull. Hard
COAL.
by the Standard Oil of Indiana. New navy brought 10%c. coal stocks have fallen off, but so has coal was firm. Soft
demand. Anthracite
resale, or 10%c. from jobbers direct. The Titus Norris made a better showing; deliveries
for
are
& Bird's No.3 in the Northeast of Section 6-21-11 has made expectation of an advance of 10 to 15e. good. There is an
4,000 bbls. daily from Wilcox sand. The Barnsdall Oil to be made by the railroad companies.per ton on domestic
Independents are
Corporation's No. 17 in the northeast section of 32-21-12 in
to
southeastern Osage County has started at 60 bbls. per hour. likely1, it follow. The new schedule was put into effect
was stated.
May
The Jarvis & Holms' No. 2 Harjo in southwest of section
TOBACCO has been very quiet, as it has been for months
22-10-8 Cromwell pool was completed for 60 bbls. per hour.
In the week ended April 26 the number of new wells started past. Some do not take an altogether cheerful view of the
in California was 32, against 38 in the preceding week. Ih outlook. The dullness has been so prolonged that it has
the Torrance field 7 were started in Dominguez and Santa Fe given rise to a certain tendency towards a pessimistic view
Springs 3 each; in Kern County 8, Long Beach and Coalinga of the general situation. This perhaps is not unnatural.
2 each; Huntington Beach and. Newhall fields and Alameda, But the protracted dullness argues depleted stocks. At any
Ventura, Santa Barbara, Lake and San Luis counties 1 each. rate, that is usually the inference, and it seems logical
The last few weekly reports indicate that there has been enough. Also, there is said to be no great supply of tobacco
here. What stock of leaf tobacco there is here is said to
much wildcatting activity in northern California.
be held by very strong interests. Also,. there seems to be
Oklahoma, Kansas and TexasMid-Continent
Under 28 Magnolia
51 00
39 and over
$225 no pessimistic note in the manufacturing trade. People
28-30.9
33-35.9 deg
1 75 go on smoking cigars and pipe tobacco, and will. Wages
31-32.9
1 45
30-32.9 below
1 45
are high and the buying power of th labor population is
33-35.9
1 75 Caddo
36-38.0
200
Below 32 deg
1 50 correspondingly high. A. man will do without a good deal
39 and above
2 25
32-34.9
1 65
Below 30 Humble
1 25
1 85 before he will give up his tobacco. Also, it is now said that
38 and above
33-35.9
1 75
there will be a reduced acreage in shade-grown tobacco in
36-38.9
200
Florida and Georgia. Some manufacturers, it seems, will
39 and above
2 25
Pennsylvania
$400 Bradford
54 50 Bull-Bayou32-34.951 50 begin the use of Florida wrappers.
Corning
2 15 Ragland
1 10 Illinois
2 07
COPPER declined to 133 to 1338e. for electrolytic,.
/
Cabell
2 20 Corsicana,light_ - 200 Crichton
1 65
Somerset, light- 250 Lima
2 28 Plymouth
1 45 The inability of producers to make profits at the present level
Wyoming
1 95 Indiana
208 Mexia
200 is indicated by
the placing of the Seneca Copper Co. in the
Smackover,26 deg.
Princeton
207 Calif.,35& above.. 1 40
1 35 Canadian
263 Gulf Coastal
2 00 hands of a receiver. The Calumet & Hecla smelter has
RUBBER has been rather quiet and lower. There was closed down another furnace owing to the dulness of business.
some business done for the tire trade at one time at 233.c. Sales of copper in the Michigan district have been smaller
for April and 233/sc. for May. The premium on April over than expected at this time. The American Brass Co. reother months was wiped out when some large interests liqui- duced sheet brass and sheet copper Mc. a pound.
dated most of their holdings. A report in London early in
TIN though higher early in the week declined to 48c. for
the week was to the effect that the Stevenson Committee spot. London has also been lower, as has sterling exchange
would leave the rate unchanged at 60%. The general ex- of late. Business has been quiet. Tin deliveries last
pectation, however, was that it would be reduced to 55% month were 7,590 tons, of which 90
were made from
in view of the 2%d. difference in the present London spot Pacific ports. The stock on April 30 tons 392 tons and the
was
price and the value set by the committee as profitable market. amount landing 3,930. Imports totalled 10,110 tons, of
Later in the week prices &alined further on the action of the which 8,450 came from the Straits and 525 from England.
Stevenson Committee in allowing the export allowance rate
LEAD has been quiet and easier. Spot New York, 7.75
of 60% to stand. An encouraging feature, however, was the to Sc.; East St. Louis, 7.55 to 7.600. Receipts at East St.
buying by rubber manufacturers at the lows on April 30. Louis for the week were 65,980 pigs, against 63,280 last
Smoked ribbed sheets, spot, 223 c.; May, 225 c.; June, week; since Jan. 1, 1,001,470, against 1,042,460 last year.
4
A
-Dec., 2358e. First latex Shipments were 42,870 pigs, against 54,140 the week pre/
/
2230.; July-Sept., 23o.; Oct.
crepe, spot, 23%c.; May, 233/8c.; June, 2334c.; July-Sept., vious; since Jan. 1, 663,390, against 534,830 in the same
-Dec., 243'c. London on the 1st was dull and time last year.
23y Oct.
2c.;
/
32d. <3. i. f. lower; spot, 123. to 123scl.; June, 123i to 125 d.;
.
/
/
ZINC has been quiet and lower at 6.15@6.20 spot New
July, 123' to 12%d. Singapore weaker with London; York and 5.80 to 5.85c. for East St. Louis. Consumption
%d.; June, 12d.; July-Sept., 123d.
spot, 113
is falling off. Considerable postponements of shipments are
-River Plates have been very quiet. Last being asked. Production in some instances is being reHIDES.
sales were on a basis of 133'c. c. & f. and 113c. for cow- duced, however. East St. Louis receipts for the week were
hides. Some 800 Tumacoe sold at 18c. Common dry 70,470 slabs, against 61,040 last week;since Jan. 1 1,145,800
hides have been quiet. City packer has also been slow. slabs, against 1,083,430 last year. Shipments were 43,390
Two cars of native steers sold lately, it seems, at 103.c. slabs, against 42,110 last week; since Jan. 1, 982,390,
Country hides early in the week were neglected and quoted against 841,000 last year.
nominally at 7 to 95c. In Chicago liberal trading in packer
STEEL has been quiet and there is no attempt to disguise
hides was reported, including sales of about 20,000 April the fact that recently prices were eased. Overproduction
light native cows at 93'c., or Mc. advance. A block of and reduced trade are the outstanding factors. The ratio
about 10,000 Colorado and light Texas steers brought 10c., of production per year is about 10,000,000 tons less than a
taking in the takeoff of January to April. Tanners bid 9c. month and a half ago. Yet there are few cancellations and
for heavy native cows and holders asked 93c. Unsold postponements are not numerous. Some consumers want
.
April stocks were held at 93'c. for all weight native cows and prompt deliveries on recent orders. Steel and iron scrap is
steers, or %c. advance. Calfskins were active. One reported 50c. lower. Heavy melting steel is $14 delivered to
packer sold 120,000 at 19c. Liberal sales were made of Eastern mills. Is a steel strike ahead? It seems a queer
2210
THE CHRONICLE
time even to think of it. But it is said that may happen this
summer through a walkout of the members of the Amalgamated Association of Iron, Steel & Tin Workers and the possible date is July 1, when the present wage agreement between the employers and the union expires. A wage increase is asked of 15 to 43%, which producers pronounce
"fantastic." The plants referred to are outside of the Steel
Corporation and embrace 32 makers of black sheets, 17 rollers
of blue annealed sheets, 21 makers of galvanized sheets, 18
rollers of full-finished sheets, 10 electrical sheet makers,
5 tin plate makers and 6 producers of terne plate, also 40
companies making muck bar. A meeting to consider the
matter will be held shortly at Atlantic City. It is believed
that the mills will close down rather than pay such demands.
Meanwhile it is reported that some of the large steel companies contemplate laying off at least 25% of their workers
because of the dulness of trade. Finally, there is little export demand. Japanese business is hit hard by the fall in
yen exchange. What Japanese buying is being 'done is said
to be at sharp cuts in prices. The composite price of steel
of 2.65c. is the lowest since February 1923. Bids of late on
steel for railroad cars are said to have been in some cases
only 2 to 2.10c. Pittsburgh. But the American Sheet &
Tin Plate Co., it is said, will quote for second half on tin
plate at $5 50 per box, which is the old price.
PIG IRON has been dull and depressed. Chicago's price
has fallen 50c. At other centres quotations if unchanged
are mostly nominal. Output lessens and shipments are
large. These things, especially of course decreased output,
it stands to reason will sooner or later remedy existing
drawbacks. There is not much reselling But practical
working first hand prices are now supposed to be about
$21 50 to $22 base eastern Pennsylvania and $20 51 to $20
Buffalo. Now and then more is paid. It is the exception,
however, that proves the rule, according to current opinion.
In the Pittsburgh and nearby districts 95 furnaces are now
going as against 114 in March. This decrease of 19 will soon,
it is believed, be increased to 30. Keystone coke fell 50 to
75 cents per ton, making it $5 75 to $6 per ton owing to
wage cuts at the coke ovens. There may be a strike but that
remains to be seen. Ordinary foundry coke is $5 to $5 50.
WOOL has been quiet with American prices if anything
weak or at best, as a rule, only barely steady. Foreign
markets, on the other hand, have recently been firm. The
trade here and elsewhere have been awaiting the sales at
Liverpool of Thursday and Friday this week in London,
when the "Bawra" was to offer its 40,000 bales of medium
to low crossbreds.'On May 6 the Colonial wool auctions
will commence in London with offerings of only 93t500
bales net, of which about 30,000 bales are South American
wool, including a fair percentage of Puntas. The sale will
last nine days. Some stress the belief that this third
Colonial series brings out in striking relief the scarcity of
wool as compared with other recent years when offerings
usually were 150,000 bales or more during March and
May. Meantime Western trading has been, as a rule,
nothing noteworthy. It is noted to be sure, that in Nevada
recently the Jenkins clip of 200,000 lbs. sold at 40c., or
about 43c. landed Boston for wool estimated to shrink about
two-thirds. In Wyoming the Lee Simonson clip of about
250,000 lbs. has been sold at 41c., it is stated. The Snyder
clip, mainly 3' -blood, sold at 433/2c. In Idaho and 'Utah
sales have been made at very similar prices, it is said.
In Texas some sales are reported in the vicinity of 46c. for
12 months and 41 to 42c. for 8 months wools. Australian
merinos, 64-70s good combings wool sold recently in Boston,
it is stated, at $1 25 to $1 27 with average wools of this
grade and staple at $1 23 to $1 24. Some short combing
64s have been sold in the neighborhood, it seems, of $1 18
to $1 20. Of pulled good Eastern Bs sold at 950. to $1,
some of the better Western Bs at 92 to 93 c., with $1 10 to
$1 15 for fine and $1 25 for choice double As.
New York admits that domestic wool is weaker. Mills
are not buying at all freely, either here or at the West.
Shearing in Washington is estimated to be about 75%
completed. Southern California is practically finished. In
most States little shearing has been done. In Texas,
Idaho, Oregon, New Mexico and Wyoming it should begin
shortly. Prices, based on a few actual sales made, are
stated as follows: California, 42c. to 473'c.; New Mexico,
30 to 450.; Oregon, 35 to 40c.• Texas, 8 months, 40e., and
to 37%e. and Wyoming,
12 months, 45c.• Washington,
'
40 to 41%0. Washington wired: "Few sales of this season's wool clip in the Western range States had been made,
according to reports received by the Department of Agriculture from its field representatives. Bids have been
considerably under growers' ideas as to values. Shearing
in Washington is estimated about 70 to 75% complete, but
little shearing has been done to date in most of the range
Sestat."
At Liverpool on April 25, 1,227 bales of River Plate an.d
2,431 bales of Peruvians were offered. Attendance fair.
Plate merinos were quiet. Fine crossbreds were firm.
Coarse grades were rather firmer. Compared with the
March sale, Peruvian demand was smaller, with prices equal
to recent private treaty prices. On May 1 prices were firm
at the opening of the last sale of Bawra wools in Liverpool.
Fine crossbreds and comebacks ruled very steady. Yorkshire and Germany bought in rather sharp competition for
the finer wools. Bradford was braced by the Liverpool news.
[VoL. 118.
COTTON
Friday Night, May 2 1924.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
64,783 bales, against 69,435 bales last week and 60,709 bales
the previous week, making the total receipts since the 1st
of August 1923, 6,224,637 bales, against 5,394,543 bales for
the same period of 1922-23, showing an increase since Aug. 1
1923 of 830,094 bales.
, Receipts at-
Sat.
Mon.
Tues.
Wed.
Total.
Fri.
Thurs.
Galveston
Houston
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
1,275
__-8.330
3
0
.
04
190
256
2,284
2,595
556
-
2,479 13,436
_-- 15,268
2,520
1,249 19,578
6
841
250
8(.) _„_
1,582 '20 1711
1
.
-. ,
873 6.811
552
227
43
75
41 1,575
999
98
269
154
152 1.105
176
757
8
280 4,869
1
'
364
----------------------364
76
595
142
100
5
120
72
93
__
Totals this week_
4,904 16,288 18.239 111107
7.203
1.226
2,145
8,520
2,728
4,027
4,153
4,195
832
6.544 64.783
The following tab e shows the week's total receipts, the
total since Aug. 1 1923 and stocks to-night, compared with
last year.
1923-24.
Receipts to
May 2.
Stock.
1922-23.
This Since Aug This Since Aug
Week. 1 1923. Week. 1 1922.
1924.
1923.
88,85 2,250,850
69,790
702,452
113,157
19
97,201
164
9,421 1,286,459
102,569
110,763
82,461
8,820
9,149
3,120 401,299
27.912
1,690 109,765
4,224
2,473
2,533
33,272
37
22,105
4,964
36,721
152
36,889
353
1,268
89,626
261.915
10,745
62,687
11.446
59,462
350
2,450
145
71
6.535
65.696
16,872
4.942
91,634
4,960
1,524
3,788
61.570
10,346
2.369
4,525
84.78:1 5 224 tift7 28.880 6.3114.A43
483 9114
4310.045
Galveston
13,436 2,767,168
Texas City
18,606
Houston
15,268 1,031,190
Port Arthur, Stc_
New Orleans
19,576 1,202.332
Gulfport
Mobile
841
55.407
Pensacola
11,477
250
Jacksonville
3,875
Savannah
6,811 370.320
Brunswick
880
Charleston
1,575 180.198
Georgetown
Wilmington
1,105 118,970
Norfolk
4,869 394,049
N'port News, &a_
New York
9,182
364
Boston
34.905
595
Baltimore
24,754
93
Philadelphia
1,324
Totals
836
.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1924.
1923.
Galveston __ Houston, arcNew OVeans_
Mobile
Savannah
Brunswick
Charleston_....
Wilmington....
Norfolk
N'port N.,8tc.
MT others__ _ -
13.436
15,268
19.576
841
6,811
1,575
1,105
4,869
1.302
60,262
7,109
23,475
3,278
17,218
3,016
64.783
1920.
1921.
28,316
1,230
28,798
4,676
15,457
500
7,069
853
4,593
1,690
353
1,268
Tat, this week
1922.
8,885
28,589
9,421
836
3,120
1919.
39,226
1,435
26,993
1,597
18,153
3,000
4,714
1,231
8,727
2,966
5,176
3,266
9,188
36
4,239
18,792
2,829
18,469
2,058
13,846
500
2,379
583
2,704
28
2,353
94,458
133,247
60,541
104,230
1,554
Since Amt. 1_ _ 5.224 527 A 304 MR A 18:1 071 A RAR 204 A 371 22A 4.874.084
The exports for the week ending this evening reach a total
of 132,966 bales, of which 31,063 were to Great Britain,
16,479 to France and 85,424 to other destinations. Below are the exports for the week and since Aug. 11923.
Week ending May 2 1024.
Exported toExports
fromGalveston_
Houston _ _ _
Texas City _
New Odell
Mobile
Jacksonville
Pensacola _ _
Savannah _ _
Brunswick _
Charleston _
Wilmingto
Norfolk_
New York_ _
Boston
Baltimore _ _
Philadelphl
Los Angel
San Fran.
San Diego__
Seattle
Total_
From Aug. 1 1923 to May 2 1924.
Exported to-
Great
Crest
Britain France Other. Total. Britain. France.
8.836
8,52
5.948
25
1;iii
5,980
-iao
I
other.
Total.
4,839 11,102 24.867 524,643 299.325 1,129,45 1,953,421
2,345 4,403 15,268 347,414 182,921 498,4861,026,821
1,754
1,754
5,270 28;iii 38,008 255,228 04,942 396,323 716,493
19,580
6,657
12,873
1,05
1,919
400
1,51
11,170
80
250 10,080
290
2,418 13:15i5 15,441 93,554 14,497 148,802 258,853
50
50
74,237
300 67,650 142,187
77,550
9,800 59,6
8,300
185.343
4,437 87,32
93.577
600 1,731
907 29,109 35,996 113,960 69,570 218,670 402,200
8,220
6,6319
1,581
270
279
2,569
2,463
700
700
2,459
1.210
66
1
1,1A
31
31
27,299
10,186
600
16,513
400
77,888
77,886
1,231
1,231
47,134
47,134
3l.063[9 85.424 132,966 1,567,803 650,061 2.754,2754,962,139
Total '22-23 5,445 7,207 19,147 31,79 1,229,873 564,52212.327,718 4,122,113
Total '21-22 50.854 24,947 50.047 125.848 1,348,681 613.80 2,861,1754,823.559
-It has never been our practice to include In the
NOTE.
-Exports o Canada.
above table exports of cotton to Canada. the reason being that virtue ly all the
cotton destined to the Dominion comes overland and it is Impossible to get returns
concerning the same from week to.week, while reports from the customs d stricts on
the Canadian border are always very slow In coming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that for
the month of March the exports to the Dominion the present season have been
13.035 bales. In the corresponding month of the preceding season the exports were
18,540 bales.
For the eight months ending Mar. 31 1924 there were 120,027 bales exported, as
against 150,481 bales for the corresponding eight months in 1922-23.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
THE CHRONICLE
MAY 3 1924.]
2211
and in others were in the low 50's. In Texas it has been as
low recently as 32. That, of course, is not growing weather.
Another bad feature was persistent reports that replanting
Total.
May 2 atwould be necessary in Texas, Arkansas and other parts of
2,995 2.558 9,000 12,567 2,800 29.920 83,237 the belt. The storms, of course, delayed field work and
Galveston
784 23,240 79,329
5,442 1,263 8,468 7,283
New Orleans
200 33,072 planting. Another feature was the steady exportation of
200
---- ---- ---Savannah
3,954 cotton. Exports are some 750,000 bales above the total at
270 ---------------- - 270
Mobile
5,198 the corresponding date last year. Not a little of the cotton
____ ____ .547
- - 5,547
Norfolk
500 12,500 154,682 lately exported has gone from New York. Bremen has been
5,000 1,500 3,500 2,000
Other pone
381,577
Total 1924 13.707 5,321 26.515 21,850 4,284 71,677 398.168 a steady buyer. Much cotton has recently gone to that port.
4.774 1.891 11,513 13,585 9,114 40,877
Total 1923
will be trans-shipped to
Total 1922- 20,126 11,226 22,076 17,071 5,071 75,570 818,491 It is supposed that some of itin Liverpool have been Russia.
And of late the spot sales
larger,
•Estimated.
Speculation in cotton for future delivery has been quiet reaching 18,000 bales in a few days. London has been buying there. Offerings fell off there. The trade was buying.
as a rule but showed more life on Thursday. Prices de- Manchester persistently reported a good demand for cloths
clined in the fore part of the week owing to continued stag- from
India.
a report that
nation in cotton goods, the favorable weather which in- Manchester The other day, too, there was
spinners were considering the question of increased selling of the new crop and a lower stock market.
creasing working hours on American cotton. The MacAlso, Liverpool at times was dull and heavy. It reported Donald budget,
so much dreaded by the political and comselling by big importers. Recent rains in Texas were said mercial world of
Great Britain, turned out to be more or
to have been very beneficial. The black lands of that State less of a compromise, certainly it was not radical, and
were sending very favorable reports. Liverpool, Wall therefore was on the
whole an agreeable surprise. And the
Street and the South sold here. Curtailment was spreading in opinion grows
that the Dawes plan will be adopted. On
England and was very noticeable at the South. On both
New
Thursday a Washington dispatch was quoted as saying that
sides of the water bearish sentiment for a time predom- Secretary Mellon looked for
the passage of a tax bill by the
inated. In Liverpool there was heavy liquidation of May United
States Senate which would be satisfactory to Presiand a good deal of short selling. Support was lacking. Liv- dent Coolidge and the
supporters of the Administration.
erpool sold partly, too, in fear of May notices. May notices President
Coolidge
here, by the way, reached 15,200 bales on the 29th inst. The maries. But while forges steadily ahead in the State priall these things were more or less influpremium on May fell to 145 points at one time. One report
ential, the technical position, after all, had much to do with
put the acreage as .06% larger than last year. In the main shaping the
upward course of prices. On Thursday the old
for a time the crop seemed to be doing well. The idea was crop advanced 70 to
75 points and the new about half as
persistent that Texas would endeavor to raise one of the
much. There is believed to be a large short account in both
largest crops in its history, with reasonable prospects of May and
July, both for speculative and trade interests.
success. Speculation fell off. That of itself was a depres- Also
in the next crop. '
sing factor. Say what they will about the speculator, he
To-day prices opened higher, but closed lower, after a
helps to carry the crop; he helps to carry supplies; he is a sharp break from the
early high amounting to some 50 to 62
useful if much abused individual. But one of the worst points on the old
crop and 35 to 50 on the new. The ending
features was prostration in the textile industry. It sufwas weak, at a net loss of some 22 to 25 points. It was a
fered from high costs of material and labor and from big narrow affair.
Uptown, Wall Street and local selling caused
importations, from what somebody at the convention of cota decline in the afternoon, after the more urgent demand to
ton manufacturers the other day termed "the cut-throat com- cover shorts had
subsided. Besides, the weather map was
petition of England." And the big Amoskeag mills closed on
Wednesday for the rest of the week. The Nashua mills in better. It was too cool, but on the other hand it was genclear. And the forecast was in the main rather
New Hampshire will also curtail. They will close for the erally
week beginning May 5, owing to dulness of trade. Curtail- favorable than otherwise. Spinners' takings were relament is slowly spreading in Rhode Island. Some ten big tively large and exports were good. But on the other hand
mills in Rhode Island are now said to be entirely closed. there were afternoon rumors of an easier spot basis in
Also, spot trade at the South fell off noticeably for a time. Texas, which had an effect, even though they were not fully
Everybody was inclined to be cautious, with general trade confirmed. The cables were on the whole rather unsatisfacWorth Street was dull, Fall River sales for the week
In this country reported quiet and Wall Street especially in tory.
were only 30,000 pieces and Manchester seemed a little less
• a despondent mood. Another thing that was not without a
active. And finally the stock market weakened. This encertain influence, though its importance could easily be excouraged Wall Street selling. Some crop reports were favoraggerated, was the fact that Utica, N. Y., mills sold spot
They say that all that is needed is warmer weather.
cotton here. Also, it was said that some half a dozen other able.
Replanting has to be done every year. Final prices show a
mills have recently been offering some of their spot cotton
decline for the week of 95 points on May, 77 on July, 65 on
at New York. Mills now and then do this in almost every
October, 62 on December and 65 on January. Spot cotton
season. But taken in connection with the dulness of goods, closed
at 30.15c. for middling, a loss for the week of 85
It made at the time a rather unfavorable impression, as givpoints.
ing additional color to reports of the general slowness of
The official quotation for middling upland cotton in the
business.
But of late it has been another story. Shorts have become New York market each day for the past week has been:
April 26 to May
Sat. Mon. Tues. Wed.Thurs.
Fri.
alarmed over big rains and hurricanes on both sides of the Middling upland 230.50 29.80 29.80 29.80 30.30 30.15
river, and reports of much replanting being necessary in
NEW YORK QUOTATIONS FOR 32 YEARS.
Texas and elsewhere. This has given rise to fears of a late 1924
30.15c. 1916
12.60c. 1908
10.20e. 1900
9.81c.
crop, and consequently a late movement of new cotton. 1923
27.95c. 1915
10.40c. 1907
6.12c.
11.55c. 1899
19.90e. 1914
13.00c. 1906
Shorts in July therefore took the alarm. They covered 1922
11.75c. 1898
6.31c
1921
12.90c. 1913
11.85c. 1905
7.90c. 1897
7.75c.
freely. Large local operators took in big lines. Prominent 1920
41.45c. 1912
11.40e. 1904
8.25c.
13.65c. 1896
29.15c. 1911
New Orleans operators who had sold freely on Wednesday in 1919
15.45c. 1903
6.81c.
10.75c. 1895
27.75c. 1910
15.25c. 1902
7.31c.
9.69c. 1894
New Orleans were good buyers, it was understood in New 1918
1917
20.50c. 1909
7.25c.
10.85c. 1901
8.31c. 1893
York on Thursday. Atlantic points were also buying July
FUTURES.
-The highest, lowest and closing prices at
here. July came to the front as practically the leader on New York for
the past week have been as follows:
Thursday. From being at a premium over October on Wednesday of 355 points it advanced the next day to 385 and
Saturday, Monday, Tuesday. Wednesday, Thursday, Friday,
Agri/ 26. April 28. April 29. April 30.
there are predictions that the difference between the two
May I.
May 2.
will widen considerably more than this under the May
months
Range__ 30.07-30.70 29.10-29.85 29.35-29.78 29.05-29.75 30.08-29.35 29.70-30.20
stress of the statistical position. July shorts were alarmed
Closing. 30.12-30.18 29.40-29.45 29.44 -29.4729.96-29.98 29.70-29.79
also by the stronger spot situation at the South. And May June18
Range__
cotton has been in steady demand. Its premium at times
29.55-29.60 - - Closing. 29.64 -28.91 -28.95 -28.98-29.40 -29.20 -has been 165 points over July. The low point of the week JutyRange-- 28.38-28.9027.42-28.00 27.89-28.2/ 27.58-28.07 27.74-28.50 28.12-28.75
was 145 pounds. A week ago it was 175; the high thus far on
Closing
this movement was 180. There began to be talk at one time August- - 28.41-28.45 27.75-27.78 27.85-27.88 27.85-27.90 28.35-28.38 28.13-28.15
Pal
Range-- 26.75-26.70 26.00-27.00 --- to the effect that the May interest was pretty well liqui-- 26.30-26.5026.16-26.16
Closhngdated. But Thursday developments did not bear out that September- 26.25 -27.00 ---- 26.80 -26.60 ---- 26.60 ---- 28.16 ---Range._
view. It ended 161 points over July on that day. Contracts
Closing.
became scarcer. The technical position was stronger. The October- 25.25-24.95 -- 25.00-25.05-25.20 -24.95 -Range_ 24.47-24.84 23.90-24.21 24.18-24.54 24.09-24.42 24.23-24.65 24.25-24.75
market acted oversold. Everybody had been impressed.
Closing.
24.50-24.56 24.25-24.36
perhaps unduly, by the persistent reports of dulness of gen- November-'24.47-24.54 24.15-24.19 24.25-24.2 24.30Range..
eral business in the United States. Everybody had had it
- Closing_
dinned into their ears that a general business reaction was December 24.11 -23.72 -23.89 -23.89 -24.11 -23.87 Range._ 23.90-24.25 23.31-23.63 23.62-23.95 23.55-23.84 23.68-24.0523.68-24.05
The result was that it seemed as though everybody
ahead.
Closing_
23.68-23.76
had got short of cotton. All the commodity markets as well January 23.92-23.98 23.53-23.60 23.70-23.7 23.70-23.71 23.92as stocks declined. Then on Wednesday suddenly came
Range__ 23.62-23.87 23.08-23.32 23.33-23.5 23.25-23.53 23.40-23.63 23.38-23.7C
Closing.
23.57-23.5823.35-23.43
great storms in the cotton belt, both east and west of the February- 23.60 --- 23.30-23.3223.38 -23.35Mississippi River. Hailstorms occurred in Texas. Frost
Range__
Closing. 23.65 -23.35 -23.40-23.40 -23.62-23.40was predicted for the panhandle of Texas and also for March
Oklahoma and Arkansas. These predictions were not fulRange__-23.47-23.55 23.80-23.71
23.40-23.40 23.50-23.80
Closing. 23.70- 40 -23.50 --- 23.4623
---23.67 -23.45 1
filled. But one fact is undeniable. The nights for some
Apriltime past have been too cold. The temperatures accomRange-Closing.
panying the big storm dropped to the 40's in some States
,
On Shipboard, Not Cleared for
GerOther CoastGreat
Britain. France. many. Cont'nt. wise.
Leaving
Stock.
2212
THE CHRONICLE
[VoL. 118.
The above total shows that the interior stocks have deRange of future prices at New York for week ending
May 2 1924 and since trading beang on each option.
creased during the week 42,871 bales and are to-night
129,332 bales less than at the same time last year. The
Option for
Range Since Beginning of Option.
Range for Week.
receipts at all towns have been 17,075 bales more than the
27.70 Oct. 1 1923 36.40 Dec. 3 1923 same week last year.
April 1924..
May 1924_ _ 29.05 April 30 30.70 April 26 20.73 July 30 1923 37.23 Nov.30 1923
MARKET AND SALES AT NEW YORK.
23.10 Aug. 11 1923 35.75 Dec. 28 1923
June 1924
July 1924.... 37.42 April 28 28.90 Apri126 22.05 Aug. 4 1923 36.50 Nov.30 1923
The total sales of cotton on the spot each day during the
Aug. 1924_ _ 26.00 AprI128 27.00 April 28 25.25 Mar.27 1924 34.50 Nov.30 1923
24.20 Mar.28 1924 31.00 Nov.30 1923 week at New York are indicated in the following statement.
Sept.1924
Oct. 1924.. _ 23.90 Apr1128 24.84 Apr1126 23.45 Mar.27 1924 30.00 Nov.30 1923 For the convenience of the reader we also add columns
23.84 Mar.2 7 1924 28.60 Dec. 1 1923
Nov. 1924
Dec. 1924.... 23.31 April 28 24.25 Aprl126 23.15 Mar.27 1924 28.40 Jan. 2 1924 which show at a glance how the market for spot and futures
Jan. 1925_ 23.08 April 28 23.87 Apr1126 22.47 April 9 1924 27.85 Feb. 4 1924 closed on same days.
23.85 April 8
23.85 April 8 1924
1924
Feb. 1925
Mar.1925.- 23.40 Apri128 23.80 April 29 23.19 Apri122 1924 25.06 April 5 1924
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Spot
Market
Closed.
SALES.
Futures
Market
Closed.
Spot. Contet. Total.
Saturday_ _ - Quiet,50 pts. dec _ Easy
Monday _-- Quiet,70 pts. dec.... _ Very steady
Tuesday -- _ Quiet, unchanged _ _ Steady
Wednesday.. Quiet, unchanged _ _ Barely steady
Thursday _ _ Steady,50 pts. ads' _ Easy
Friday
Quiet, 15 pts.dec..... Weak
1.800
1,800
Total_ _ -1.800 1,800
2-1922. 1921.
May
bales_ 569,600 688,000 907,000 986,000
Stock at Liverpocl
2,000
4,000
OVERLAND MOVEMENT FOR THE WEEK AND
Stock at London
68,000
91,000
71,000
93.000
Stock at Manchester
SINCE AUG. 1.
-We give below a statement showing the
662.000 763,000 975.000 1,079,000
Total Great Britain
25,000 overland movement for the week and since Aug. 1, as made
35,000
7,000
Stock at Hamburg
150,000
85.000 329,000 199,000 up from telegraphic reports Friday night. The results for
Stock at Bremen
121,000 107,000 126,000 161,000 the week
'Stock at Havre
and since Aug. 1 in the last two years are as follows:
7,000
13,000
15,000
17.000
Stock at Rotterdam
82,000 124.000
57,000 106,000
-4922-23-Stock at Barcelona
-4923-24-May 237,000
28,000
Since
15,000
18,000
Stock at Genoa
10,000
32,000 Shipped
2,000
2.000
Week. Aug. 1.
Stock at Ghent
Week. Aug. 1.
2,000
10,000
12,000
Via St. Louis
Stock at Antwerp
7,126 656,761
8,880 552,561
Via Mounds, &c
2,340 220,668
381.000 343,000 619,000 591,000
Total Continental stocks
2,620 178,700
Via Rock Island
7,393
_--_
64
19.955
1,043,000 1,106.000 1,594,000 1,670.000
Total European stocks
Via Louisville
53,251
678
632
24,881
58,000
188,000 121,000 100.000
India cotton afloat for Europe_ _ _
Via Virginia points
3,216 148,501
3,093 173,588
American cotton afloat for Europe 266,000 134,000 366,000 246,783
Via other routes, &c
9.562 378,528
9.829 374,315
72,000
79,000
Egypt,Brazil,&c..afloatforEurope 56,000
57.000
161,000 236,000 295,000 252,000
Stock in Alexandria,Egypt
Total gross overland
22,922 1,465,102
25,118 1,324,000
909,000 762,000 1,204,000 1,314,000 Deduct Shipments
Stock in Bombay,India
453,254 439,045 894,061 1.492,837
Stock in U. S. ports
Overland to N. Y., Boston, Sm._ 1,052
443,328 572,660 956,883 1,545,200
Stock in U. S. interior towns-interior owns
519
3,075
8.174
800
U.S.exports to-day
Inaldn, &c.,from South
6,225 436.401
7,460 574,543
Total visible supply
3,520,382 3.427.705 5.499,118 6,660,895
Total to be deducted
9,714 553,580
9,031 666,972
Of the above, totals of American and other descriptions are as follows:
American
Leaving total net overland*
13.208 911,522
16,087 657,028
bales 311,000 356,000 508,000 596,000
p 1 ock
41,000,78,000
Manchester stock
76,000
*Including movement by rail to Canada.
Continental stock
284,000 270,000 534,000 511.000
American afloat for Europe
266,000 134,000 366,000 246,783
The foregoing shows the week's net overland movement
453,254 439,045 894,061 1,492,837
U. S. ports stocks
443,328 572,660 965.883 1,545.200 this year has been 16,087 bales, against 13,208 bales for the
U.S. interior stocks
3.075 week last year,
8.174
800
U. S. exports to-day
and that for the season to date the aggregate
Total American
1,834.382 1.812,705 3,324.118 4.472,81T5 net overland exhibits a decrease
from a year ago of 254,494
East Indian, Brazil. &c.
258,000 332,000 399,000 390,000 bales.
Liverpool stock
2,000
4,000
London stock
-1922-23
-1923-24
13.000
20,000
In Sight and Spinners'
30,000
17,000
Since
Manchester stock
Since
80,000
85,000
97,000
73,000
Takings.
Continental stock
Week. Aug. 1.
Week. Aug. 1.
58,000 Receipts at norts to May 2
188,000 121,000 100,000
India afloat for Europe
5,394,543
64,783 6,224,637 28,589
79,000 Net overland to May 2
72,000
57.000
56.000
Egypt, Brazil, &c., afloat
911,522
16.087
13,208
657,028
161,000 236.000 295,000 252,000 Southern consumption to May 2- 76,000 3,223,000 98,000 3,263.000
Stocic in Alexandria. Egypt
909.000 762.000 1,204,000 1.314,000
Stock in Bombay. India
Total marketed
1,686,000 1,615,000 2,175,000 2,188,000
156,870 10,104,665 139,797 9,569,065
Total East India, &c
209,335
1,834,382 1.812,705 3,324,118 4,472,895 Interior stocks in excess
*42.871
Total American
184,045 *29,830
Excess of Southern mill takings
3,520,382 3.427,705 5,499,118 6,660.895
Total visible supply
over consumption to April 1_
605,068
7.71d.
326,053
11.006.
17.35d. 14.786.
Middling uplands, Liverpool
19.80c.
13.004.
Middling uplands, New York_ _ _ _ 30.15c. 26.956.
Came into sight during week--113.999
109,967
Egypt. good Sa]cel, Liverpool_ __ _ 24.55d. 17.806. 20.25d. 18.75d.
Total in sight May 2
10,383,468
10,614,763
Peruvian, rough good, Liverpool.. 23.75d. 18.756. 12.756. 12.90d.
7.55 . North. spinn's' takings to
6
14.30d. 12.00d. 10.056.
Broach, fine, Liverpool
May 2.. 20,250 1,625,853 38,503 2,115,226
8.056.
10.95d.
Tinnevelly, good, Liverpool
15.206. 13.156.
* Decrease.
Continental imports for past week have been 58,000 bales.
RTE
I2
MS :fliBetwn
The above figures for 1924 show a decreasefrom last week
LARGE COTTON HOUSE WITHDRAWS FROM SPOT
of 83,417 bales, an increase of 92,677 from 1923,a decline of
1,978,736 bales from 1922, and a falling off of 3,140,513 BUSINESS.-Harriss, Irby & Vose, members of the
New York Cotton Exchange and the New Orleans Cotton
bales from 1921.
Exchange and associate members of Liverpool Cotton
AT THE INTERIOR TOWNS.
Association, Ltd., announce that at the close of the present
cotton season (July 31 1924) they will withdraw from the
Movement to May 2 1924.
Movement to May 4 1923.
spot cotton business and thereafter devote their attention
Receipts.
Ship- Stocks
Ship- Stocks
Receipts.
ments. May
mods. May
exclusively to the execution of orders for the purchase and
4.
Week. Season. Week.
Week. Season. Week.
2.
sale of contracts for the future delivery of cotton in New
139 4,871 York, New
Ala.,Birming'..
32: 31,348
533 2,878
29 40,167
Orleans and Liverpool. They feel that through
120 3,400
Eufaula
____
9,369
___ _ 3,957
20
8,307
Montgomery
202 58,780
328 7,047 their years of activity in the spot business their partners
61 49,417
938 10,296
564 1,706
Selma
254 4,145
11
54,203
26 33,34:
238 10,587 have acquired an intimate knowledge of these markets, as
Ark., Helena...
5 14,615
515 3.214
34,404
1
Little Rock_
484 169,928 1,572 24,679
133 110.805 1,992 12,516
Pine Bluff.-- 1,09
890 128,881 1,533 34,031 well as of their relationships and parities, such as will enable
59,391 2,560 17,716
___ _ 2,109 them to offer to shippers,
6,255
16 2.083
---Ga., Albany.-2,07.
--merchants and spinners a service
620 18,735
194 44,553
Athens
949 9,763
25
43.684
Atlanta
2,54 144.82. 2,688 17,894 1,267 269,689 8,020 47.442 of practical experience in placing their hedges and executing
580 279,710 2,026 27,755
Augusta
59, 182.96, 1,691 19,690
612 7,499 their orders for future delivery. They also announce that
Columbus_ _.
93
76,31.
900 9,818 1,028 121,663
230 11,802 on July 31
808 5,012
70 55,064
Macon
47: 28,24.
1924 they will turn over and transfer to the
250 5,130
43,489
Rome
____ 3,781
388
12 29,521
100 2,500 employees of their spot sales department the entire European
72,500
La., Shrevepo .
900 13,800 _
.1, 112.81,
__-- 2,308
24,676
____
Miss.,Columb
2
19,187
219 1,564
258 128,530 1.709 31,154 selling organization that they have been building up and
Clarksdale _ _
12.
78,341 1,666 15,009
97,38
714 24,309
Greenwood...
6
35 106,177 1,976 26,520 perfecting
for years. This gift is made in recognition of the
932 3,474
Meridian_ _ _
.
1
20,647
423 2,150
25 34,014
32,418 -- 4,127 faithful service that they have received from those into
31.117
311 3,240
21
Natchez.-231 5,302
1
17.133
345 3,059
83 23,092
Vicksburg-784 10,704 whose control the organization will pass. An advertisement
---..
19,2
34
6,514
4 28.107
Yazoo City_
Mo.,St. LouLs_ 8,43: 533.476 8,880 8,588 6,622 660,482 7,126 14,326
59,816 1,542 11,817
43
105 104,149 1,745 28,982 on another page gives further details.
N.C.,Gensbo .
187
28
11,264
250
193
50
11,10.
Raleigh
9
7 118,962 1,55 16.721
119 4,484
.
____ 102,723
Okla., Altus_ _
COTTON PRODUCTION IN INDIA AND UGANDA.
31 98,454
532 4,778
197 2,024 -The
100 81,357
Chickasha
United States Department of Agriculture has issued
281 8,600
285 5.110
31 62,185
7 78,09
Oklahoma
1,711 143,407 4,97i 18.463 1,237 163,091 4,025 46,576 a statement, compiled from cable advice from the Indian
S.C.,Greenvill
____
,
10.752
_-__ 10,291
__
Greenwood_ _
- --- 7,260
which shows the estimated cotton
870.811 11,83! 62,074 4,0691,052,713 6,878 74,644 Department of Statistics
7,2
Tenn.,Memp
production in India and Uganda. The report is as follows:
'
Nashville_
208
5,206
442
4,257
341
Houston .. _ - 11.7323,417,726 30,711 97,720
7
100
8. 76,729
Paris
49.416
---513
San Antonio--90.011 1,189
949
87
Fort Worth....
Texas, Abilene.
Brenham.-Austin
Dallas
Total, 40 town
__
1
63,534
26.407
39.735
122,362
--4
__
511
29 45,797
14 18,373
--__
35,596
--_82,999
3,5382,639.891
--. 71,63
---41,143
147 62.94'
38.54 7,008.88, 81.053443,328 21,46 7.025,11
772
3,868
828
Cotton production in India is estimated to be 4,247,000 bales of 478
pounds net, exactly the same as the revised final estimate for 1922-23,
according to a cable received by the Department of Agriculture from the
4,936 Indian Department of Statistics. The crop this year was picked from
7,907 83,074 23„088,000 acres, compared with 21,792,000 acres last year.
--_
908
Uganda's cotton production for 1923-24 is estimated to be 94,000 bales
-_
152 of 478 pounds net, according to a radiogram from the International Insti684 3.475 tute of Agriculture. Last year's crop was 75,000 bales of 478 pounds net.
This year's crop was picked from 418,600 acres, compared with 333,600
51.29 572.660 acres last year.
232
34
20
11
Her 3 1924.]
THE CHRONICLE
QUOTATIONS FOR MIDDLING COTTON AT
OTHER ATARKETS.-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Week ending
May 2.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
30.75
30.25
30.25
30.00
30.30
30.50
30.38
29.75
29.75
29.75
29.88
30.25
29.50
29.50
29.50
29.75
29.50
29.05
29.15
29.15
29.45
29.67
30.50
29.75
29.75
29.88
30.38
30.13
30.50
30.00
30.00
30.00
30.00
30.19
29.38
29.31
29.31
29.38
29.63
30.25
29.50
29.75
29.75
30.25
30.25
30.50
29.75
29.75
29.75
30.00
30.25
30.25
29.50
29.75
29.75
30.00
30.00
29.80
29.10
29.10
29.10
29.25
29.45
____
29.10
29.10
29.10
29.60
29.35
Week
ending
2213
Receipts at Porte.
Stocks at Interior Towns. Receipt,
from Plantations
1923-241922-231921-22 1923-24 1922-23 I 1921-22 1923-24 1922-23192122
Feb.
16.104138.820 66.553 944.8681.150,906 1,488,284
04.226 87.381 81,090 898.1901.089,756]1.450.778
15_ 01,244 83,079 82,273 884.9181.017.5681.418.643
22_ _ 78.924 83,536 76,269 823.83 943.669 1,391,466
29_ - 69,338 96,326 88.817 789,313 876.948 1,360.134
Mar.
69.374 83,369 84,833 738,1
835.175 1,047,828
14.. 43,809 82,005 123.593 696,682 800,678 1.261,591
21._ 58.871 68,644 102.691 682.02 775.517 1,230.152
28.. 49,733 62.634 90,932 623.832 742,998 1,203.18
April
55.370 63,854 115.100 586,349 690,625 1,145.06
60,709 34,990 114.106 555,542 665.834 1.096.51
18_ _ 69,43 34.681 101,999 517,534 631,756 1,043,089
25.. 58,548 35.743 88.760 486,199 604,340 1.008,85
May
64,783 28,589 94,458 443,3281 572,6601 965.88
83.70
57.548
87,972
17.842
34,815
65,667
26,231
10.888
9,640
29.605
38,081
44,484
50.128
49.092
55.485
16.194
4,358
22.214
11.54
41,596
47,508
43,543
30,11
44.418
65.467
71,259
83.962
17,887 11,481 56.986
29,902 10.199 65,555
31,427
67 48,571
28,821 10,436 52,528
21,9121
I 51,484
NEW ORLEANS CONTRACT MARKET.
The above statement shows: (1) That the total receipts
-The closing
quotations for leading contracts in the New Orleans cotton from the plantations since Aug. 1 1923 are 6,336,972 bales; in
market for the past week have been as follows:
1922-23 were 5,494,183 bales, and in 1921-22 were 4,905,482
bales. (2) That although the receipts at the outports the
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
past week were 64,783 bales, the actual movement from
April 26. April 28. April 29. April 30.
May 1.
May 2.
plantations was 21,912 bales, stocks at interior towns
April
-- having decreased 42,871 bales during the week. Last year
May
29.95-30.00 29.38-29.38 29.32-29.33 29.30-29.38 29.8829.56-29.60
July
28.02•28.06 27.42-27.47 27.52-27.55 27.45-27.48 27.95-27.99 27.65-27.69 receipts from the plantations for the week were nil bales
October _ 23.90-23.94 23.50-23.53 23.62-23.70 23.65-23.69 23.90-23.92 23.64-23.68 and for 1922 they
were 51,484 bales.
December_ 23.60-23.61 23.18-23.23 23.4423.35-23.37 23.60-23.62 23.38-23.42
January 23.47 bid 23.07-23.11 23.27WORLD'S SUPPLY AND TAKINGS OF COTTON.
23.28 bid 23.51-23.52 23.20ToneThe following brief but comprehensive statement indicates
Spot
Quiet
Quiet
Quiet
Steady
Quiet
Quiet
Ra.rrly Fit'v
Options _
Steady
Eltentiv
fats4nriv
Atonal"
Barely sFY at a glance the world's supply of cotton for the week and
since Aug. 1 for the
WEATHER REPORTS BY TELEGRAPH.
-Reports which statistics are last two seasons, from all sources from
obtainable; also the takings, or amounts
to us by telegraph from the South this evening denote that
gone out of sight, for the like period.
rain has fallen in nearly all sections of the cotton belt, and
precipitation in many cases has been heavy. In the eastern
Cotton Takings.
1923-24.
1922-23.
Week and Season.
section of the cotton belt the weather has been too wet and
Week.
Season.
Week.
Season.
cool for the best germination of the seed, and some damage Visible supply April 25
3,603.799
3,568,890
has resulted from the heavy rains and high winds, which in Visible Supply Aug. 1
2,024,671
3,760,450
American in sight to May 2____ 113.999 10,614,763 109,967 10,383,468
many places proved to be mall cyclones.
Bombay receipts to May 1
73,000 2.954.000
82,000 2,995,000
Other India Ship'ts to may 1_
23,000
528,000
7,000
267.550
Galveston, Teras.-Progress of early planted cotton and Alexandria receipts to April 30
10,000 1,248.600
19,000 1.300,800
germination of the seed of later planted cotton have both Other supply to April 30 *b_ _
9,000
330.000
8,000
304.000
been very good. Planting has been extended to the extreme
Total supply
3,832,798 17.700,034 3,794.857 19.011,268
Deduct
Northwest. Chopping and cultivation have proceeded satis- Visible supply May 2
3,520,382 3,520,382 3.427.705 3.427,705
factorily on the lower coast section where rain is now needed. Total takings to May 2_a
312,416 14.179.652 367.152 15,583.563
Of which American
Mobile, Ala.
221.416 9,634.052 175,152 10,535,013
-There has been considerable damage in
Of which other
91,000 4,545.600 192.000 5,048.550
scattered localities from heavy rains and small cyclones.
*Embraces receipts in Europe from Brazil. Smyrna. West Indies. &c.
Bad stands of cotton are feared on account of cool nights.
This total embraces since Aug. 1 the total estimated consumption by
a
Southern mills. 3.223.000 bales in 1923-24 and 3,263.000 bales in 1922-23
Planting has made good progress.
takings not being available-and the aggregate amounts taken by Northern
Galveston, Texas
Abllene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley. Ark
Eldorado
Little Rock
Pine Bluff
Alexandria. La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston, So. Caro
Greenwood
Columbia
Conway
Charlotte, No. Caro
Newbern
Weldon
Memphis
Rain. Rainfall.
1 day 0.18 in.
2 days 2.08 in.
2 days 2.33 in.
1 day 0.02 in.
1 day 0.01 in.
2 days 1.20 in.
2 days 0.82 in.
3 days 0.14 in.
2 days 0.92 in.
3 days 1.71 in.
4 days 1.02 in.
3 days 4.35 in.
1 day 1.201n.
3 days 1.91 in.
4 days 2.27 in.
4 days 2.60 in.
1 day 2.61 in.
3 days 6.95 in.
3 days 2.43 in.
4 days 5.03 in.
4 days 3.28 in.
5 days 3.06 in.
3 days 2,36 in.
5 days 2.82 in.
5 days 2.48 in.
3 days 1.77 in.
2 days 0.18 in.
1 day 0.42 in.
4 days 2.60 in.
5 days 2.08 in.
2 days 1.30 in.
2 days 1.00 in.
3 days 0.77 in.
1 day 0.04 in.
2 days 2.69 in.
1 day 1.04 in.
2 days 0.65 in.
1 day 0.65 in.
dry
5 days b.05 in.
4 days 1.37 in.
4 days 0.70 in.
2 days 0.89 in.
2 days 0.22 in.
4 days 0.75 In.
4 days 0.28 in.
3 days 0.44 in.
4 days 2.44 in.
3 days 0.24 in.
2 days 0.56 in.
2 days 2.17 in.
Thermometer
high 78 low 60 mean 69
high 78 low 44 mean 62
high 85 low 53 mean 69
high 86 low 60 mean 73
high 86 low 62 mean 74
high 85 low 50 mean 68
high 85 low 45 mean 65
high 86 low 42 mean 64
high 85 low 43 mean 64
high 87 low 47 mean 67
high 88 low 53 mean 71
high 88 low 48 mean 68
high 84 low 50 mean 67
high 89 low 39 mean 64
high 90 low 54 mean 72
low 52
high 84 low 46 mean 63
high 76 low 43 mean 60
high 87 low 39 mean 63
high 85 low 41 mean 63
high 82 low 42 mean 62
high 85 low 48 mean 67
high 82 low 50 mean 66
high 80 low 50 mean 65
high 87 low 47 mean 67
high 86 low 54 mean 70
high 82 low 52 mean 67
mean 73
high 83 low 50 mean 67
high 89 low 49 mean 69
high 86 low 50 mean 68
high 85 low 49 mean 67
high 84 low 55 mean 70
high 83 low 58 mean 71
high 87 low 48 mean 68
high 85 low 56 mean
high 84 low 49 mean 71
high 89 low 54 mean 68
72
high 87 low 55 mean 71
high 84 low 54 mean 69
high 88 low 41 mean 65
high 86 low 51 mean 68
high 90 low 53 mean 72
high 54 low 54 mean 70
high 83 low 50 mean 67
low 52
high 86 low 40 mean 63
high 85 low 47 mean 62
high 89 low 30 mean 64
high 84 low 40 mean 62
high 82 low 50 mean 66
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
May 2 1924. May 4 1923.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gaugeAbove zero of gauge..
Above zero of gauge_
Above zero of gauge-
Feet.
12.6
23.1
20.1
23.9
36.7
Feet.
15.2
18.9
16.0
18.9
41.1
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
and foreign spinners. 10,956,652 bales in 1923-24 and 12,340,563 bales in
1922-23, of which 6.411,052 bales and 7,292,013 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1923-24.
May 1.
Receipts at
-
1922-23.
Bombay
SfrCe
Aug. 1.
73,000 2,954.000 82,000 2.995,000 82,000 2.755,000
For the Week.
Since August 1.
Exports. Great Conti- Japan&
Great
from
Britain. neat. China. Total. Britain.
Bombay
-24_ _
1923
1922-23- _
1921-22._
Other India:
1923-24_ _
1922-23.1921-22
1921-22.
Since
Since
Week. Aug. 1. Week. Aug. 1. Week.
28
4.999 28
4,000 23
6,000 17
1,000 6
5
Coati- Japan &
neat.
China. Total.
34,000 62,000 133,
771,0 1,312,000 2,216,000
110.000142.0'' 103.000 538,500 1,646,500 2.288,000
92,000 119.$
30.
391
1,390,000 1.811,000
23.000 116,000 412,000
7.
62,00 205,5
5,000
9,00 148.'''
528,000
267,550
18.000 175.000
Total all
-24._ 6.000 45.1,1 34,000 85,
1923
249,,,,1.183,000l.312.0002.744,000
1922-23.. 5.000 34,000110,000149,000 165,011 744.0501,646.5002,555,550
1921-22.- 4.
28.000 92.000124.000 39,111 539.000 1.408.0001.986.00
0
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
9,000 bales. Exports from all India ports record a decrease
of 64,000 bales during the week, and since Aug. 1 show an
increase of 188,450 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt.
April 30.
Receipts (cantors)
This week
Since Aug. 1
1923-24.
1922-23.
1921-22.
50.000
95,000
6.2411.5452
R R12 745
50,000
4.941.267
Since
Week. Aug. 1.
To Liverpool
- 190.486
To Manchester, &c
8.000 184,168
To Continent and India_ 4,000 321.097
To America
---- 103.028
Exports (bales)
-
TntAl ornnrts
Since
Since
Week. Aug. 1. Week. Aug. 1.
4,000 215.366
5,750 155.696
4,950270.687
700 203.199
5,000 142,377
5,000 117,166
7,750 183.305
2,500 156.202
19 ilnn 7t1.2 .1 ln 1C AnA OAA CIAO Oft 9KII.P.111 ficfl
,
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts
50,000 canters and the foreign shipmentsfor the week ending April 30 were
12,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns and cloths is steady. Demand for cloth is improving.
'We give prices to-day below and leave those for previous
weeks of this and last year for comparison:
328 Cop
Twist.
0600 60Q9 0004)
831 lbs. Shirt- Corn
ing.. Common
Upr8
to Finest.
32s Cop
Tudor
2356
1856
2434
2456
171 @176
15 556016 3
171 @176
171 @176
6.60
0.75
6.08
4.80
0
0
0
0
2436
2434
23%
2434
17 0 017 6
7
17 0 :17 t
18.35
17 0
17 0 017 4
5.88
5.95
5.18
5.46
17.3512255 0 2354 16 6 017 2
4.76
17 6
18 1
18 3
18 4
018 0
018 4
6618 6
019 0
17.68123;4
18.96 2356
22%
17.70,22%
2766
2934
2856
2854
28H 18 3 018 7
d.
15.74
15.93
16.34
16.44
0
0
0
0
018 2
018 1
018
017 7
s. d.
019 5
019 3
018 7
018 2
s. d.
@174
017 4
017 4
@178
d. s. d.
23 170
2234 170
2234 170
2234 167
28% 17 7
2834 17 6
27 17 5
2634 17 4
a. d.
19 2
19 0
18 4
17 7
854 tbs. Shirt- Corn
ing,. Common Mid
UpTs
to Finest.
0
0
0
0
d. d.
18 89 22
17.74 21%
17 65 22
17.18,22
1
16.76 2254
16.75 17
17.09 23H
16.01,2356
d.
2754
2654
26
26
BREADSTUFFS
1921-22.
1922-23.
Feb. d.
8 26
15 25%
22 2456
29 2456
Mar
7 24%
14 25
21 2534
28 24%
April
' 4 2556
11 27
18 26%
25 2634
May
2 2654 0
[Vol.. 118.
THE CHRONICLE
2214
-Shipments in detail:
SHIPPING NEWS.
Bales.
25
5
-Albania. 9
-To London-April 25
NEW YORK
907
-Waukegan. 907
25
To Havre-April
247
To Rotterdam-April 25-Schodack. 247
-President Harding, 9,126; Republic.
To Bramen-April 29
19,326
10,200
101)
-Angela, 100
To Bilboa-April 26
5,955
-Scythia. 2,705; Baltic. 3,250
-April 25
To Liverpool
1.570
-Lucia, 1.570
To Trieste--April 26
200
-Lucia. 200
To Venice-April 26
360
To Antwerp-.Apri130--Somland, 360
301
To Gothenburg-April 29-Kungsholm, 301
-Cabo
To Barcelona-April 29-Skijssea, 4,235; April 30
6.052
Villano, 1.817
653
-City of Eureka, 653
To Genoa-April 30
300
-City of Eureka, 300
30
-April
To Naples
1.637
-Vittoria. 1.637
-To Venice-April 24
NEW ORLEANS
652
--Vittoria,652
To Trieste-April 24
5.896
To Murmansk-April 24-Eda, 5,896
200
-Suriname, 200
-April 26
To Port Barrios
200
Colombia-.April 26-Heredla. 200
To Port
900
To Rotterdam-April 26-Maasdam, 300; Valedam, 600
4,350
To Japan-April 26-Heffron, 4.350
250
To China-April 26-Heffron, 250
5,834
-Raymond. 5,834
To Bremen-April 29
5.746
-West Caddoa, 5.746
rpuol-April 26
To Liv
200
-West Caddoa. 200
To Manchester-April 26
775
-West Chetola, 775
To Barcelona-April 30
5,270
-West Errol, 5.270
-May 1
To Havre
1,470
-May 1-West Errol, 1,470
To Antwerp
4,623
-May 1-Eldshorn, 4,623
To Murmansk
5.771
-West Camak, 5,771
GALVESTON-To Bremen-April 24
250
-West Camak, 250
To Hamburg-April 24
1.469
il -Vittoria, 1,469
To Venice-April 30
-Vittoria, 50
Trieste-April 30
6.45
5
0
2
-Narcissus,6,425
To Liverpool-April30
2.411
-Narcissus. 2,411
-April 30
To Manchester
4,839
-West Cheswald, 4,839
-April 30
To Havre
310
-West Cheswald. 310
To Antwerp-April 30
732
-West Cheswald, 732
--April 30
To Ghent
2.610
To Barcelona-May 1-Infanta Isabel, 2,610
8.520
-Narcissus, 8,520
110USTON-To Liverpool-April 26
3.815949
Camak, 3,199
West8'2
To
-Vittoria, 854
-April 28
Venice
Bremn-ApilTo
100
-Vittoria, 100
To Trieste-April 28
2,315
To Havre-April 30-Saccarappa, 2,345
250
To Rotterdam-April 30-Saccarappa. 250
700
-Waukegan. 700
-To Havre-April 16
BALTIMORE
279
BOSTON-To hamburg-April 17-Napierian, 279
931:
-London Corporation,
-April 30
-To Liverpool
NORFOLK
1,131
-Westlake, 200
May 2
600
-West Cherow,600
-May 2
To Rotterdam
250
PENSACOLA-To Liverpool-April 25-Antinoas, 250
31
-To Genoa-April 15-Elcasco, 31
PHILADELPHIA
400
-Selma City, 400
-To Liverpool-April 26
SAN DIEGO
2.418
-Kentucky. 2,418
SAVANNAH-To liavre--April 28
11,267
To Bremen-April 29-Luise Hemsoth, 11.267
693
-Ruth,693
To Rotterdam-April 30
100
-Ruth, 100
Antwerp-April 30
To
963
-Ruth,963
To Hamburg-April 30
•
Friday Night, Hay 2 1924.
Flour was quiet, but as a rule steady, early in the week.
Mills in some cases were In a rather belligerent mood. They
had gone as far as they in reducing prices. Good milling
wheat was firm. It was none too easy to get. And the export demand for flour was fair. Business increased somewhat with Danzig. Clearances on old transactions reached
the liberal total from New York last week of 307,947 sacks
and 190 barrels. But when it came to the domestic trade
it was the old story. Buyers stuck to their old plan of
buying a little at a time for immediate needs. It was
the old waiting game. Also, is a change in the method
of trading being gradually introduced? Is overproduction
having its logical effect in the adoption by the mills in some
cases at least of the maxim "Every man for himself"? In
this case is every mill for itself? The amount of business
done direct between mill and large consumer is said to be
increasing. Small bakers at the same time buy less. Are
they being gradually pushed to the wall? And mills compete more sharply. More or less cutting at prices Is supposed to be done from time to time, whatever may be said
about cost of production, margin of profits, etc. Certain
high standard brands are naturally better sustained than
others. But a noticeable feature is the evident disposition,
not to say anxiety, of mills to do business if bids are at all
worthy of consideration. Later in the week, though trade
was still sluggish, many of the mills were firm in maintaining prices. Mills that cut prices are not getting large orders. Export sales were fair, but in small lots, with the
business mostly in Canadian. Hamburg and Danzig were
the chief buyers. Clearances from New York on Wednesday made no bad showing, being 90,285 sacks, mostly to
Hamburg, Bremen and Rotterdam. Clearances from New
York on May 1 were 1,525 barrels and 42,499 sacks to Hamburg and the Near East. Stocks of flour at the terminals
here are 1,180 cars, against 1,280 a week ago and 1,978 last
year. Recent purchases for Danzig are estimated at 25,000
barrels. Wheat export business, however, outruns that in
flour.
Wheat advanced somewhat with a better export business
in Manitoba, buying by elevators and covering of shorts with
offerings smaller. Also, some emphasized the fact that there
is a total of 80,000,000 bushels increase in the East Indian
and Italian crops as compared with last year. The outlook
for the American new winter wheat crop is good, but the
chances usually favor some deterioration before very long.
And on Wednesday the export sales were stated at from
1,000,000 to 1,500,000 bushels of Manitoba at the seaboard.
England and Italy took the most. This woke up the trade.
it larger than has
132.966 Has export business been concealed? Is
Total
been suspected? On April 1 Canada had 119,000,000 bushels
past week:
-Sales, stocks, &c., for
LIVERPOOL.
May 2. of wheat available for export, according to an official reApril 11. etrpii 18. April 25.
39,000 port, against 80,600,000 last year. Farm reserves are 70,28,000
26,000
60,000
Sales of the week
21,000
15.000
37,000
14,000
Of which American
7,000 000,000 bushels, or 21,000,000 more than in 1923. But if
5,000
5.000
2,000
export
Actual
62,000 Europe is taking it faster than had been imagined these fig55,000
51,000
38,000
Forwarded
617,000 599,000 588,000 569,000
Total stock
Also, about 40,000 bushels of
355.000 342,000 326,000 311.000 ures lose some of their force.
Of which American
36,000 American new hard wheat were sold at the Gulf, and a little
42,000
22,000
19.000
Total Imports
15.000
12.000
5,000
9,000
American
Of which
was wanted. It is pointed out
121,000 107,000 115.000 132,000 durum. Ocean freight room
Amount afloat
01.000 that since Saturday five full cargo steamers have been char44,000
36,000
33,000
Ofwhich American
The tone of the Liverpool market for spots and futures tered, including three to Italy, one to the Bordeaux-Hameach day of the past week and the daily closing prices of burg range and one to Sweden. The American visible supply last week decreased no less than 2,043,000 bushels,
spot cotton have been as follows:
against 1,074,000 in the same week last year. This looked
Friday.
Saturday. Monday. Tuesday. Wednesday. Thursday.
spec
a bit suggestive. It is true that the total is still 52,781,000
A fair
bushels, against 44,521,000 last year. The McNary-Haugen
Market,{
Quiet.
Moderate Moderate
business
More
Quiet.
12:15
bill was again to come up. Bears chose to be a little nervdemand, demand, demand.
doing.
P.M.
17.35
ous over it. Yet there was no disguising the fact that of
17.33
17.21
17.21
16.95
17.80
Mic1.17p1
real snap and old-time life and push the speculative market
5.000
had none at all. Whatever may be said, stocks are large
7,000
7,000
8,000
10,000
6.900
Sales
practically shut out of Europe.
12 and the United States is
Barely st'Y Quizt.3 pts Quiet,810 Steady at Steady,
bushFutures.
18 pts.
16 to 33 dec. to 2
19 to 24 to 18 pts. Chicago charters were made on Wednesday for 300,000
Barely
Market 4I steady.
pts. dec. pta. adv. decline. pts. adv. advance.
opened i
els of wheat to Buffalo at 1%c. per bushel, a new "low."
Quiet but
On Wednesday an enormous business was done at Chicago in
at
East at Quiet but
UnMarket. l,Barely sty Steady42 Barely st'y 4 to 20 Cy,8 to 15 std1... to 7
1 to 10
hgd.
5 to 25 29 to
switching, from May to July and the reverse. Elevator in4
pta. adv. pts. dec. pta. adv. it.. dec. pts. adv. pts. adv.
p. m.
terests bought, it was said, some 35,000,000 bushels of the
ces of futures at Liverpool for each day are given below: May and sold an equal quantity of the July. May ended
that day 2%c. under July. Hedges taking off 1,250,000
Fri.
Tues.
Mon.
Thurs.
Wed.
Set.
bushels of Manitoba at the seaboard kept Winnipeg firm on
April 26
1
,
1251 1234 125/1 4:00 1254 4:00 1234 4:00 123.4 4:00 123 4:00 April 30, with May there about 3%c. under Chicago. In
to
P. M•11. m• IL m.P• M•P• M•P• M•D. M. p. M.p. m.p. m.p. m.p. m. about two days sales of Manitoba were 2,500,000 bushels.
May 2.
d. cl.
d. Id. d.
France is said to have been a large buyer. Nat. C. Murray,
d. I d. d. d. d.
81.
d.
- - -- -- -.17.66 17.3317.24 17.21 17.25 16.88 16.87 __ __ __
puts the winter wheat condition at
April
. 17.12 17.04 17.0217.06 16.69 16.67 17.11 17.02 17.2 17.08 of Clement, Curtis & Co.,
abanMaY
__ 17.21 16.96116.83 16.82 16.87 16.31 16.31 16. 16. 16 9 16.86 S5%, compared with the 10-year average of 86.3. The
June
-.16.7 16.53 16.42 16.42 16.47 15.58 15.58 16.53 16.43 16.61 16.50 donment is estimated at 7.4%, which is somewhat more than
July
15.7415.64 15.64 15.6. 14.83 14.84 15.78 15.6 15.85 15.72
__ 15.9
owing to heavy abandonAugust
__ 15.2! 14.99,14.83 14.84 14.93 14.17 4.1 15.03 14.92 15.05 14.94 the estimate of 6% a month ago,
September ___
-year average of
.14.4 14.31114.16 14.1714.26 14.83 l3.861l4.39314.291l4.41 14.29 ment in Illinois, but smaller than the 10
October
13.83 13.83 13.92 13.70 13.74 /4.08 13.96 14.08 13.96
November --------14.1 13.98 13.69 13.70 131! 13.56 13.60 13.94 13.8 13.98 13.86 10.6%. The area for harvest is put at 37,200,000 acres,
_ 13.9. 13.83
December
_ _ 13.8 13.6813.54 13.56 13.64 13.46 13.50 13.81 13.72 13.85 13.73 against 39,522.000 last year, a reduction of 6%. On the
January
__ 13.7 13.58 3.44 13.46 13.54 13.44 13.48 13.72 13.6 13.7613.64
559,225,000 bushels. The GovFebruary
13.72 13.56 . 13.45 13.52 13.39 13.43 13.7 13.61 13.74'13.62 Government basis the crop is
March
lI.8813.SsIlI.68 13.56 ernment has lowered materially its basis of May 1 condi:
..1•11
•
MAY 3 1924.]
THE CHRONICLE
2215
tion. On the par basis used last year, the forecast would
be 575,000,000 bushels. The meaning of this difference is
that the basis used this year makes a more liberal allowance
for damage after May 1. The three States, Ohio, Indiana
and Illinois, forecast 92,644,000 bushels, against a production of 137,310,000 last year; the three States of Nebraska,
Kansas and Oklahoma 231,566,000 bushels, against 148,198,000 last year. The spring wheat area is estimated at about
16,222,000 acres, against 18,786,000 last year, a reduction of
13.7%. Primary receipts in the United States on a given
day were 410,000 bushels, against 434,000 a week previous
and 643,000 last year. Shipments were 707,000 bushels,
against 452,000 a week before and 548,000 last year. The
Kansas weekly weather and crop report said: "Wheat continues in good condition and is growing rapidly. It is six
inches to a foot high over most of the southern half of the
State except the extreme western counties and four to six
inches high in the northern half and Jointing from the Kaw
Valley south. In the Northwest counties it will not begin
to Joint for two or three weeks yet."
Washington wired:
"Heavy increases in imports of bonded wheat from Canada
ended April 19 were reported by the Comduring the week
merce Department. Figures for imports duty paid wheat
from Canada for the week were not available, but imports
into bonded mills for grinding into flour for export were
98,652 bushels, compared with 9,997 bushels during the week
ended April 12." Minneapolis wired: "Our traveling man,
after covering a large part of the north half of Dakota
says that the acreage in corn, barley and flax will be double
that of last year and at the expense largely of wheat. He
thinks the shortage in summer fallow and the increase in
other crops may represent a 20% decrease in the wheat acreage. In the territory covered, however, wheat is seeded
under the best of conditions except along the extreme northern border, where only about half the proposed acreage has
been sown." Kansas City wheat deliveries on May 1 were
1,750,000 bushels. On May 1 May deliveries at Chicago
reached the large total of 3,851,000 bushels; at Winnipeg
1,915,000 bushels. Yet the effect was only momentary. An
upturn followed, at both Chicago and Winnipeg, especially
at Winnipeg, which rose 1 to 1%c.. which held up Chicago.
Export sales were reported of 600,000 bushels. The total
may have been larger, as ocean freights were said to be unusually active. Berth business with the United Kingdom
was said to be good. Montreal shipped to the British Channel a cargo of 205,000 bushels. Some Canadian crop reports were not good. To-day prices advanced on better
cables, light receipts, lessened disposition to sell, and reports
of a large export business. Liverpool advanced in the teeth
of clearances from Argentina for the week of 6,868.000
bushels and from Australia of 2.984,000 bushels. India,
to be
sure, shipped only 8,000 and the Danube 472,000. Liverpool
advanced % to 11Ad., and Buenos Aires shot upward
2% to
2%c., owing to fears of a strike and the necessity of making
prompt deliveries on sales to exporters. Chicago prices
show a rise for the week of 2 to 2%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
cts 96
96
9634 9634 9634 98
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
ate_ 7634 7634 77
7634 77
789.4
July delivery in elevator
7834 7834 7834 7934
7834 78
September delivery in elevator
7714 7834 7834 79
7734 78
of corn decreased last week 1,900,000 bushels, against
000 a year ago, making the present total 19,707,000 2,284,against 22,339,000 in 1923. This excited comment, bushels,
and even
had some momentary effect. But it was only
momentary.
For trade was slow, the receipts increased and
liquidation
was very apparent. Later most of the business
was in
switching from near to later deliveries. On a
receipts were 713,000 bushels, against 606,000 a given day
week
vious and 646,000 last year. Shipments were 842,000 prebushels, against 828,000 a week previous and 462,000 last
year.
Murray estimates an increase of 3.7% in the
acreage,
same as the Government report of farmers' intention. the
gentina's corn crop now being harvested is estimated Arat
270,000,000 bushels, against 176,000,000 last year,
according to a cable to the Department of Agriculture. This
is
largest crop harvested since 1914. There were Western the
rumors early in the week that 300,000 bushels had been
bought
for export. New York could not confirm this, but it
was a
fact that freight room for about 80,000 bushels was taken for
Antwerp. The Kansas weekly weather and crop report
stated that corn planting was in full swing last week in the
eastern half of the State until the rains began in the closing
days. From 50 to 75% of it is finished in the south central
and southeastern counties, where much of it is coming up.
In the northwestern and north central counties 10 to
is planted and is beginning this week In the extreme 20%
northeastern counties. On May 1 at Chicago May deliveries
were
1,105,000 bushels. Wheat supported corn, though it was
not
firm itself. The cash demand was poor. Still, big deliveries were powerless to put corn down and keep it
down.
To-day prices advanced 1 to 14c. In sympathy with the
/
1
rise
In wheat, and also because of light receipts.
Concluding
prices show a rise for the .week of %c.
WEATHER BULLETIN FOR THE WEEK ENDING
APRIL 29.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending April 26, is
as follows:
Oats declined a little, but only a little, early in the week
on general liquidation. The American visible supply, it is
true, fell off last week 924,000 bushels, against 821,000 last
year, and it is now only 11,749,000, against 21,932,000 last
year. But nobody paid much attention to this. Wheat was
a kind of drag. Oats heeded that and little or nothing else.
Heavy rains in Illinois and Indiana benefited the crop
there. Murray puts the acreage increase at about 2%,
which compares with the Government report of farmers' "intention" to increase of 7%. St. Louis reported a fair cash
demand for oats. Some export business was reported in
Canadian oats. Kansas City wired that oats showed an improvement during the week and alfalfa is looking fine. On
May 1 May deliveries at Chicago were 1,775,000 bushels, but
there was a good demand and prices stood up very well.
To-day prices were higher with other grain, though the
advance was fractional. Last prices were % to %c. higher
for the week. Chicago reported support to-day by prominent
people.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_ 59
59
69
59
5834 5834
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 4634 4634 4634 461
% 4634 4734
July delivery in elevator
44 34 4434 4434 44% 4434 4434
September delivery in elevator_
4034 3934 3934 40
40
4034
Rye declined for May delivery at one time and advanced
slightly on later months. Liquidation at times, however,
was very apparent. At no time early in the week did the
market show any real life and animation. Yet the American visible supply decreased last week 568,000 bushels.
against an increase in the same week last year of 66,000
bushels. It is now not much larger than a year ago, 1. e.
20,991,000 bushels, against 19,459,000 in 1923. But statistics
counted for nothing. On the 1st inst. 100,000 buShels were
reported taken for export. Chicago deliveries in May contract were 1,646,000 bushels, which the market took very
well, following the example of other grain. To-day prices
advanced with wheat some 2c.. This left final quotations %
to 1%c. higher than a week ago.
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
May delivery in elevator
cts_ 6534 6534 6434
July delivery in elevator
6734 6734 6734
September delivery in elevator
6934 6934 69%
IN CHICAGO.
Wed. Thurs. Fri.
6331 6334 6534
66!.( 6634 6834
6834 6834 7034
The following are closing quotations:
FLOUR.
Spring Patents
$6 004E6 50 Rye flour. patents
$4 00MA 40
Clears. first spring
5 000 5 50 Serninola No.2,lb
4
Soft winter straights
5 000 530 Oats goods
280 0 2 90
Hard winter straights_ _ 5 600 6 co Corn flour
22234(8 225
Hard winter patents_.._ 6 ono 6 50 Barley goods—
Hard winter clears
485(8 615 Nos. 2,3 and 4
360
Fancy Minn. patents
7 45(at S 10 Fancy pearl, Nos.2,3
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
City mills
7 55a 806
600
Sat. Mon. Tues. Wed. Thurs, Fri.
No. 2 red
GRAIN.
cts_12034 120
121
12034 12034 122
Wheat, New York:
Oats:
DAILY CLOSING PRIORS OF WHEAT FUTURES
No. 2 red,f.o.b
IN CHICAGO.
122
No. 2 white
5834
No. 1 Northern
Sat. Mon. Tues. Wed.Thurs. Fri.
13934 No. 3 white
574
May delivery in elevator
No.2 hard winter, f.o.b- —121% Rye, New York:
cts_10334 1027 10
%
334 10334 1031 10534
4
July delivery in elevator
10534 10534 106
Chicago.N 2 c
10534 10534 107
7734
September delivery in elevator
Corn:
106% 106
'No. 2
il
10634 10634 10734 108
No.2 mixed
98 Barley, New York:
Indian corn drifted to a somewhat lower level early
No.2 yellow
99
Malting
in the
week. It got little or no encouragement from
Chicago
710 8
C
6
wheat. In
fact, wheat at times declined. The American visible
For other tables usually given here, see page 2142.
supply
Moderate temperatures were the rule
it
was cool for the season in the south Atlanticduring the week, although of
and in the western half
the country. Warmer weather overspread area Great Plains and interior
the
valleys during the first few days. but it was much cooler in the central
valley States the latter part of the week. Rainfall was widespread, but in
most cases was light to moderate east of the
little occurred in the more western States. Mississippi River, while very
Chart 1. page 4, shows that, for the
temperature
averaged above normal throughout theweek, as a whole, the in centralMsisissippi Valley and
northern districts. The week was cooler than the seasonal average from the
eastern Lake region southward, and from the western Plains westward to
the Pacific Coast States. The minus temperature departures from normal
ranged from 5 to 8 degrees throughout the Rocky Mountain area. East of
the Plains freezing weather was confined to extreme northern localities
from the upper Great Lakes eastward, but freezing was general in the west
southward to northwestern Texas and in the northern portions of New
Mexico and Arizona.
Chart II, page 4, shows that rainfall was
nearly all sections between the Mississippi moderately heavy to heavy in
River and
tains. East of the Mississippi the falls were generally the Rocky Mounlight to moderate.
while from the Rocky Mountains westward very little precipitation occured
The generous rains that occurred during the week from the upper Misissippi Valley and western upper Lake
region westward to the Rocky
Mountains were very beneficial in improving the soil condition and the
starting of vegetative growth, as the soil had become dry
of the
area. It was rather too wet for field work in much of this in most but at
section,
the same time fairly good progress was reported in plowing and planting of
spring crops. Rain was beneficial also in the Southwestern States, particularly in western Texas, New Mexico, and Arizona, where the range
was
becoming dry in many localities.
Good growing weather prevailed in the lower Great Plains and the central
and lower Mississippi Valley where the temperatures were moderate, ranging mostly somewhat above normal, and soil moisture was ample, though
rain was needed in parts of Iowa and Missouri. Better growing conditions
prevailed also in most Eastern States,except that
for warm-weather crops in the Southeast. The the nights were too cool
favorable for drying out lowlands'in the Floridadry, sunshiny weather was
Peninsula.
Drought was becoming rather severe, however,in much
west, and at the same time unseasonably low temperaturesof the far Northdid considerable
damage to fruit. There was also frost damage in Nevada and New Mexico.
while some harm was done by low temperatures in central Rocky
Mountain
2216
THE CHRONICLE
States. Warmer weather is needed generally in the West and in the Eastern
States where the season continues late.
SMALL GRAINS.—Winter wheat made satisfactory progress in the
Ohio Valley States, except those portions where there was heavy winter
killing; the crop deteriorated in central and southern Illinois. Good wheat
growing weather prevailed throughout the trans
-Mississippi States and
generally good to excellent progress was reported from that area. The
plants are from 6 to 12 inches high and jointing in south-central and southeastern Kansas, and about ready to Joint in Missouri. Conditions were
unfavorable, however, in the more northwestern States, where wheat was
adversely affected by the cold, dry weather, though rain near the close
of the week was beneficial in Montana. General improvement was noted
In the condition of wheat in the middle Atlantic area, but the crop was still
spotted in some localities.
The week was rather unfavorable for field work in the Spring Wheat
Belt, but seeding has been well advanced and the increased moisture favorably affected early-seeded grain. Germination has been satisfactory.
The lateness of the season in Montana will probably result in the seeding of
a smaller acreage of spring wheat than was intended.
Oat seeding made satisfactory progress in the Northern States; this
work was about completed in central valley districts. Oats did well in the
earlier sections, but there was some frost damage in the North Pacific States.
Winter oats were heading in the Gulf area.
CORN.—The preparation of ground for planting made satisfactory
progress in the northern portion of the Corn Belt, especially in the upper
Mississippi Valley and the north-central Plains States. Much ground is
now ready for seeding in Iowa and some local planting has been done.
Planting was general in Missouri and well along in the southern half of Kan-planted corn is reported as germinating satisfactorily in the
sas. The early
southern portion of the belt with generally good stands. Early corn was
favorably affected by the weather in the Southern States, except for the
cool nights in the south Atlantic area.
COTTON.—The temperatures were too low for best germination of cotton in the eastern portion of the belt, but they were moderate in most other
sections, while less rainfall in the Southeast was favorable. Planting
progressed well during the week and has been extended to the northern
portions of the belt in all sections. The cool, wet weather at the close of the
week in the northwestern portion of the belt was unfavorable.
The germination of late-planted cotton in Texas and the progress of
early-planted were very good, and chopping and cultivating advanced in
the southern portion of the State. It was too cool and wet the latter part
of the week in Oklahoma, which will probably necessitate considerable
replanting. Conditions were favorable in Arkansas, and early-planted
cotton shows good stands, while the warmth and ample moisture were
beneficial in Louisiana. Most of the crop has been seeded in the central
and southern portions of the east Gulf States, while about one-half has been
planted in Tennessee: chopping out was in progress in the southern parts of
Alabama and Georgia, where the stands were mostly good. The nights were
too cool for best germination and growth in the south Atlantic coast area.
[vol.. 118.
THE DRY GOODS TRADE
Friday Night, May 2 1924.
Textile makets, taken as a whole, have displayed little
activity during the past week. The desire on the part of
consumers to buy from hand-to-mouth continues widespread,
and small parcel purchases are the feature. Textile production has steadily declined since the beginning of the year,
and it is now estimated that mills are not operating on an
average of more than 75% of capacity. This gradual curtailment in production has been due to a falling off in demand, the latter being attributed to various causes. Prominent among these is the apprehension growing out of legislative conditions, together with doubt about the stability
of raw material prices. Another reason advanced for the
slackening demand is the "wide belief that the rank and file
of textile consumers are being pinched in their finances as a
natural result of large expenditures for luxuries, such as
automobiles, radios, theatres and various things for which
extended credit payments have been arranged. Furthermore, there appears to be more or less uncertainty as to the
accuracy of reports concerning great activity in building
throughout the country as well as in the auto industry, and
in many other lines whose prosperity stimulates business in
textiles. Prolonged cool and unsettled weather in many
sections of the country has also delayed business in textiles_
in a number of directions. However, should there be a week
or two of seasonable weather it is believed that a substantial
increase would be noted in demand for various lines of
goods. As stocks are of moderate volume, owing to curThe Weather Bureau also furnishes the following resume tailed production, there is little apprehension felt that the
movement will not be sufficient to take care of merchanof the conditions in the different States:
Virginia.—Richmond: Week was favorable and preparation of soil for dise now in sight.
corn, tobacco and cotton made good progress. Planting of corn and cotton
began where condition of soil favorable. Wheat improved; potatoes comDOMESTIC COTTON GOODS: The past week has been
ing up in southeastern counties. Abundant fruit bloom with prospects another quiet one in
markets for domestic cottons. Buying
very satisfactory.
North Carolina.—Raleigh: A favorable week, though nights rather cool. has continued of a hand-to-mouth character, with the tenPlanting of cotton and corn proceeding actively; early-planted cotton com- dency of prices easier. On
most lines of domestic and fancy
ing up to good stands. Light rain would be beneficial, especially for transplanting tobacco. Truck improved. but late; carlot shipments of lettuce. cotton products for dress year, buyers are said to be making
May peas blooming; potatoes and beans doing well. Fruit reports favora- the prices. They are confining purchases to very small
ble. 'Wheat good.
South Carolina.—Columbia: A generally favorable week, but nights lots, and as some sellers are anxious to trade, buyers have
too cool for good germination of cotton and corn: planting practically com- an added advantage. Jobbers continue to operate very
pleted many sections of Coastal Plain. Winter cereals poor to good; spring
oats very good. Gardens and truck improved, but backward; potatoes close, while manufacturing trades are taking goods only as
growing nicely. Fruits and berries developing favorably. Warmer weather thy need them for cutting to fill actual orders. To some
needed.
Georgia.—Atlanta: Week quite favorable. Plowing and planting made extent the backward weather has been responsible for the
excellent progress everywhere. Growth of cotton slow and considerable quietness which appears to have been felt most in the wash
killed by cool nights, necessitating replanting; good stand in south, where
chopping made good progress. Much lowland corn to be planted. Early- goods departments. However, while the trade in wash
planted receiving first cultivation. Fall oats heading. -Potatoes. forage fabrics has been disappointing with the jobbers, some busicrops and truck late; growth rather slow. Orchards in good condition in
ness is being transacted every day. Black on white is a new
Fort Valley district.
---Jacksonville: Progress and condition of cotton fair; planting style in wash fabrics and the offerings of new voiles are
Florida.
continued. Late corn made good progress, but much early poor. Cane
doing well. Oats fair to good with some rust. Melons late, but improved. very enticing to visiting buyers. Ginghams and percales.
Digging early potatoes continued in Peninsula and begun in west; some newly styled, are being purchased moderately, but on the
fungus damage, but dry weather retarding it. Tobacco made good progress
generady; local planting continued. Setting sweet potatoes. Groves whole the volume of staple trade is below normal. A few
good condition: satsumas west and pineapples south improved.
buyers are beginning to find that prolonged curtailment of
Alabama.—Montgomery: Cotton planting general under favorable conditions; nearly finished some sections in south and good progress in north. production is telling on stocks of many standard goods.
Coming up to mostly good stands in south, though bad locally, and chopping Agents nevertheless are not saying much about this phase
beginning. Corn planting made good progress; growing well. Oats and
potatoes mostly doing well. Transplanting sweet potatoes beginning in of the situation, as many of them have reached the conclusouth. Growth and condition of truck and pastures good. Fruits made sion that jobbers are not likely to do much buying until June
mostly good progress, though satsumas slow.
Mississinpi.—Vicksburg: Weather generally favorable. Planting of cotton crop reports come to hand. The curtailment in the
cotton and early corn mostly completed in south and central; excellent South is varied, including not only print cloths and sheetprogress in north. Progress fruit, gardens, pastures and truck generally ings in a large way, but also many colored cottons and stagood.
Louisiana.—New Orleans: Weather very favorable for growth of all crops. ples. Bleached cottons ruled quiet, while irregular prices in
Cotton planting continued, but generally well advanced, with fair stands; second-hand transactions were heard of frequently on denchopping early-planted in south. Corn made excellent jorogress; generally
well cultivated. Some rice still to plant; early fields ready to flood. Sugar ims, chambrays and other coarse colored cottons. Convertcane improved. Strawberry shipments heavy: quality excellent.
Texas.—Houston: Week favorable for vegetation and germination of ers continue to sell specialties from day to day in moderate
seed, except freeze 26th in Panhandle injured fruit, and heavy rains and hail quantities. Print cloths, 28-inch, 64 x 64's construction, are
damaged locally. Progress of ranges, truck, fruit, corn, winter wheat and quoted at 7c., and 27-inch, 64 v 60's, at 6%c. Gray goods,
oats generally excellent and condition averages good. Winter oats heading
In south and corn planting about completed. Progress of early-planted in the 39-inch, 68 x 72's, are quoted at 10c., and 39-inch,
cotton and germination of later plantings very good; condition of early fair; 80 x 80's, at 13%c.
planting extended to extreme northwest and chopping and cultivation made
fair progress on lower coast, where rain now needed. Truck shipments
WOOLEN GOODS: Markets for woolens and worsted5
continue large. Amarillo: Ranges greening rapidly and livestock improved.
Oklahoma.—Oklahoma City: Heavy to excessive rains were generally developed an irregular undertone during the week. The
necessitate considerable replanting of cotton and corn. women's wear division
beneficial but will
continued to mark time, owing to the
Progress of winter wheat generally excellent; condition fair to excellent.
Good progress in planting corn; early-planted up to good stand. Planting impending strike of garment workers scheduled for June 1.
cotton under way in all sections; well advanced in southeast. Oats. Po- In many quarters it has been agreed that practically nothing
tatoes, alfalfa and pastures good,
Arkansas.—Little Rock: Cotton planting made excellent progress under stands in the way of a strike when existing agreements exvery favorable conditions; planting completed in many localities and well pire. Various meetings of committees from both sides have
along elsewhere; good stands where planted early. Planting corn about
completed, except on lowlands; much of it up and some cultivated; condition left the situation in a deadlock. Hence the prospect of a
very good. Weather favorable for small grains, meadows, truck, fruit strike. On the other hand, the men's wear division appears
and berries, which are all in good to excellent condition. Picking straw- to be in a much better position than the women's wear diviberries begun in central portion.
Tennessee.—Nashville: Week favorable. Corn and cotton planting sion. Demand for men's wear has been fairly active in
rushed and about half finished; some of both up to good stands. Some several directions, although buyers are slow to commit themearly corn plowed. Wheat improved; condition poor to fair. Apples in
full bloom and heavy crop of peaches set. Strawberries blooming and doing selves in regard to orders for deferred delivery.
well generally.
Kenjuckv.—Louisville: Heavy rains north and central stopped plowing
FOREIGN DRY GOODS: Nothing of interest has develand beneficial other districts. Farm work well adand planting; moderatewinter wheat left standing
poor to fair; progress very cped in the linen markets during the week. At present the
vanced. Condition of
good • Oats mostly up. Tobacco plants small and late, but growing nicely. handkerchief division is experiencing a lessened amount of
Potatoes coming up. Pastures improving slowly; young clover somewhat new business, while demand for other lines is quiet. PerIrregular stand, but generally good. Corn being planted south and cotton
haps a little demand which has stood out in the prevailing
southwest with good Prospects.
New Merieo.—Santa Fe: Rather cold with some frost damage. Apples dulness has been the requests for Continental damasks in
still safe in southern valleys, but some loss to peaches, pears, plums and
Precipitation benefited ranges, soil moisture, the ripple and standard weaves. A moderate amount of
cherries in central and north. mostly fair and
improving; stock fair, though
plowing and seeding. Ranges Planting corn, sugar beets and alfalfa in cancellations on dress goods has been received from small
much thin with minor losses.
and south.
and north, and cotton centralbeneficial to ranges, which show gen- manufacturers not in a position to accept the goods owing
central
Arizona.—Phoenix: Rain in east
to the falling off in business. Burlaps, owing to the absence
development of vegetation and
eral improvement. Cool nights delayed damage to fruit on foothills less of buyers, together with the weakness of the Calcutta maraltitudes. Frost
nelting of snow in high crop expected. Wheat and barley in valleys turnkets, ruled easy. Light weights were quoted at 5.60c. to,
than first reported; fair
ing. Cotton still going in; greater part planted. Local tomatoes in market 5.65c., and heavies at 7.50e. to 7.55c.
Yuma section.
in
MAY 3 1924.]
TUE CHRONICLE
2217
bids will be received until 7:30 p. m. May 7 by John Laubenthal, Clerk.
Bd. of Ed.. for $170,000 school bonds. Denom. 51.000. Date May 1
1924. Int. M. & N. Interest rate not to exceed 5%. Due on Nov. 1
as follows: $3,000, 1925 to 1929 incl.; 54,000, 1930 to 1934 incl.. 1.5,000,
1935 to 1939 incl.; $6,000, 1940 to 1944 incl., and $8,000, 1945 to ' incl.
1954
A certified check for 10% of bid required. Legality approved by Clay &
Dillon, New York City.
AMSTERDAM, Montgomery County, N. Y.
-BONDS NOT SOLD.
Indiana (State of).-McCray Resigns as Indiana Governor The issues of 4%% registered bonds, aggregating $1,020,000, offered on
-Following his conviction on April 7 1924-V. 118, p. 1946-were not sold. E. O. Bartlett, City Treas..
x
-Found Guilty of Fraud.
April 28 by a jury in the Federal Court of using the mails says:"Expect to readvertise serial 4%% coupon bonds on May 8."
ANNE ARUNDEL COUNTY (P. 0. Annapolis), Md.-BOND OFFERas
to defraud, Warren T. McCray on April 28 resigned
'NO.
-George Fox,
Schools, will receive sealed bids
Governor of Indiana, the resignation being effective 10 a. m. until 12 m. May 27Superintendent of% coupon school building bonds.
for 5225,000 4
Date July 1924. Prin. and semi-ann.
April 29. He was found guilty on thirteen counts. . The Denom. $1.000. 59,000 July11 1926 to 1950, inclusive. int., payable in
Lieutenant-Governor, Emmett F. Branch, automatically Annapolis. Due
ARCHER COUNTY ROAD DISTRICT NO. 4 (P. 0. Archer City),
became Governor. On the day the former Governor's Texas.
-BONDS VOTED.
-At the election held on April 12 (V. 118. ro•
resignation became effective he was sentenced by Judge 1707). the voters authorized the issuance of $200,000 road improvement
bonds by a vote of5 to 1.
A. B. Anderson in the Federal Court to serve ten years in
-At the
ARKANSAS
Cowley County, Kan.
the Atlanta Federal prison and in addition was fined $10,000. offering on AprilCITY,118, p. 2090),$38,153 11-BOND SALE.
29(V.
5% internal improvement
bonds were
the
of Arkansas City at
-External par plus cost awarded toDate Home National Bank& S. Due 1 to 10 yrs.
Kingdom of the Netherlands (Holland).
of bonds.
Mar.1 1924. Int. M.
-Following the action by Rotterdam,
Loan Floated Here.
-Proposals
ASHLAND,
-BOND OFFERING.
ago will be received Aroostook County, Me.
one of her two principal cities, which about two weeks
by Harry S. McGowan,Town Treasurer, until 2 D. m. May
the 3for $50,000 4 Yi% coupon refunding bonds. Denom. $1,000. Date May
floated a loan of $6,000,000 here, Holland has come into
Ashland Trust
1 1924. Prin.
& N.) paaable at
United States market and negotiated through Kuhn, Loeb Co., Ashland. and semi-ann. bat..from 1925 to 1949the The official
incl.
Due $2,000 on May 1
from
& Co. and the National City Co., both of New York, a circular offering these bonds states that "these bonds are exemptundertaxthe
ation in Maine and from all Federal income tax, and are
loan of $40,000,000. As in the case of the city loan, this is supervision of and certified as to genuineness by Fidelity issued Co., PortTrust
said to be the first time that Holland has gone outside her land, Maine, and their legality will be approved by Cook. Hutchison &
purchaser.
opinion
own boundaries for new money. Bonds in the amount Pierce, Portland, Maine, whoseissue will will be furnished the Trust Co..
All legal papers incident to this
be filed with Fidelity
of $40,000,000, denominated "External Sinking Fund 6% where they may be inspected at any time. Payment for the loan may be
made on or about May 5 1924, at which time definite bonds will be ready
,
Gold Bonds of 1924," are now being offered to the investing for delivery.'
public at 98.50 and accrued interest to date of delivery,
Financial Statement.
Assessed valuation for 1923
$1,045,753 00
yielding over 6.10% on the investment if held to maturity. Indebtedness (of which
$50,000 is to be refunded by bonds
The bonds are coupon bearer bonds in denominations of
now offered)
50,886 97
9,000 00
$1,000 and $500 and mature April 1 1954. Principal and Temporary loan in anticipation of 1924 taxes
Population (approximately). 2,000.
interest payable semi-annually (A. Sr 0.) at the offices of
ASTORIA, Clatsop County, Ore.
-BOND SALE.
-The Columbia
Kuhn, Loeb & Co. and the National City Bank of New Trust & Savings Co. has purchased $20,000 5% % bonds at par.
city
York, fiscal agents of the loan, in United States gold coin
ATLANTA, Fulton County, Ga.-BOND SALE.
-R. W. Pressprich
of the present standard of weight and fineness, free from & Co. of New York and the Trust Company of Georgia of Atlanta have
all taxes, present and future, levied by the Government of jointly purchased 5118,500 5% street improvement bonds at a premium
$2,105, equal to 101.77.
the Kingdom of the Netherlands, and payable as well in ofBAKER, Baker
Ore.
-BOND
-The Lumbermen's
time of war as in time of peace, and whether the holder be Trust Co. and Ladd County, Bank, both of SALE. jointly purchased
& Tilton
Portland,
bonds
a citizen or resident of a friendly or hostile State. On April 1 the following 6%Districtat 100.30: bonds.
No. 1-23
1929, or on any semi-annual interest date thereafter, the 543.000 sidewalk District No. 3-23 bonds.
6,000 sidewalk
Government may, at its option, call for redemption all the
BALDWIN, Jackson County, Iowa.
-BOND ELECTION.
-An elecbonds of this issue then outstanding, in whole but not in tion will be held on Ma3 14 to vote on the question of issuing 515,000 bonds.
part (except as above provided for the sinking fund) at par
-LOAN OFFERING.
BANGOR, Penobscot County, Me.
-Bids were
G.
Treasurer, for the
and accrued interest. The offering circular says regarding received until May 1 by T.loanDonovan, issued in anticipationpurchase
of $125,000
of taxes
at discount of a temporary
the sinking fund:
for 1924. Date May 1 1924. Due Oct. 1 1924. Certification as to
legality by the Eastern Trust & Banking Co. of Bangor.
A sinking fund is provided beginning April 1 1925 to retire annually,
during the first five years, one-thirtieth of the original principal amount
-BOND OFFERING.
BATTLE CREEK, Calhoun County, Mich.
of the loan by purchase of bonds, if obtainable, below par. The unapplied Bids will be received until May 12 by Thos. H. Thoerne, City Clerk, for
balance of any installment shall revert to the Government. After 1929 $100,000 paving bonds.
the Sinking Fund shall retire annually by drawings at par one twenty-fifth
BEEVILLE, Bee County, Tex.
-On May 10 an
-BOND ELECTION.
of the aggregate principal amount of bonds outstanding on Jan. 1 1930.
will be held to vote on a proposition to issue $30,000 5% school
The proceeds of this loan will be applied toward the redemption of election bonds. M. W. Bates, Secretary of the School Board.
building
floating debt included in the total debt as stated above. The dollars
-Sealed
BETHEL, Pitt County, No. Caro.
-BOND OFFERING.
realized from this loan will be sold to the Netherlands Bank to be from
time to time made available for payments to be effected in the United proposals will be received by J. W. Rork, Mayor, until 8 p. m. May 12
for $25.000 coupon registerable as to principal and interest light and power
States for purchases and other purposes.
rate not to exceed 6%. Denom. $1,000. Date
bonds
Further details of this offering may be found in an ad- Jan. 1bearing interest at asemi-ann. int. (J.-J.). payable at the Hanover
1924. Prin. and
vertisement appearing on a preceding page of this issue and National Bank, N. Y. City. Due $1,000 yearly on Jan. 1 from 1925 to
incorporated bank
1949, incl. A certified check
also in our "Department of Current Events & Discussions." or cash, for 2% of amount ofupon anbid for, payable to or trust company.
13onds
the above official
required. The successful bidder will be furnished with the opinion of
Pennsylvania (State of).
-State Attorney-General Asks Chapman C. Cutler and Parker. of Chicago, Ill., that the bonds are valid
that Suit Against Soldier Bonus Amendment be Dismissed.
- and binding obligations of the town of Bethel, North Carolina.
BEVERLY, Essex County, Mass.
Attorney-General George W. Woodruff, in a brief presented
-TEMPORARY LOAN.
-A temporary loan of $200.000,
to the Dauphin County Court, disputes the contentions of Beverly National Bank maturing on Nov.6 1924, has been awarded to the
on a 4% discount basis plus a $5 25 Premlum•
the applicants of the injunction suit brought there
-V. Other bidders were:
-4%
premium.
118, p. 1945
-in which it is sought to restrain the Secre- Blake Bros. & Co. Co. plus $1.2plus $5.
Old Colony
tary of State from putting on the ballot at the coming Estabrook &Trust -4.03%Si 25.
Co.
-4.03% plus
-4.049% plus $1. 25.
November election the proposed constitutional amendment Grafton Co.
-4.05% Plus 51 25.
providing for the issuance of $35,000,000 bonds for a State S. N. Bond & Co.
BEVERLY,
-BOND SALE OF 1923.
soldier bonus and has petitioned the above court to dismiss purposes only, Essex County, Mass.the sale of $321.000 4% -For record
.
we are now reporting
school bonds
the suit. The Pittsburgh "Post" of April 25 sums up the to the Old Colony Trust Co. of Boston at 100.187, which took place on
June 21 1923. The bonds are described as follows: Denom. $1,000.
situation as follows:
Int. 3.4. Due serially on July 1 from 1923 to 1943. incl.
Attorney-General Woodruff April 25 petitioned the Dauphin County
BEXAR COUNTY (P. 0. San Antonio), Texas.
-BONDS REGIScourts to dismiss the injunction suit brought by a group of taxpayers to
-The State Comptroller of Texas registered $98,000 4% %
reprevent the Secretary of the Commonwealth from submitting the $35,- TERED.
000.000 soldier bonus amendment to the voters of the State at the November funding bonds and $173,000 4(% bridge refinding bonds on April 23.
Due serially.
elections.
BIG STONE SCHOOL DISTRICT NO. 59, Williams County, No.
A brief disputes the contention of the applicants for the injunction In
-Sealed bids will be received until 2 p. m.
which they stated that the wording of the soldier bonus amendment would Dak.-BOND OFFERING.
In effect reduce the highway bond issue recently placed at $100,000.000 May 12 by C. E. Burdick. District Clerk, at the County Auditor's office
by the action of the voters to $50,000,000, as specified in the wording in Williston for $10.000 534% building bonds. Date March 1 1924.
Prin. and semi-ann. int. payable at the First National Bank of Minneapolis.
of the bonus amendment.
The brief cites that the $50,000,000 highway bond clause of the soldier Due March 1 1944. A certified check for 5% of bid required.
is inoperative because it would constitute an amendBOARD OF EDUCATION OF THE CITY OF WILDROSE, Williams
bonus amendment
ment that has not been passed upon by two successive Legislatures. The and Divide Counties, No. Dak.-BOND SALE.
-The Drake-Jones Co.
brief states that the only purpose of the bonus amendment Is to increase of Minneapolis has purchased the following 6% bonds offered on April 22
the State borrowing capacity to provide for the bonus. It was never (V. 118. p. 1699) at par:
intended to alter in any way the borrowing capacity of the State in other 515.000 funding bonds maturing $5,000 on April 1 in each of the years
1934. 1939 and 1944.
respects. It is contended.
15,000 building bonds maturing $5,000 on April 1 in each of the years
1934, 1939 and 1944.
Date April 1 1924. Denom. $1,000.
BOISE, Ada County, Idaho.
-The election that
-BOND ELECTION.
was scheduled to take place on May 20-V. 118, p. 1946
-was postponed
until June 3.
-BOND ELECTION.
BOSTON, Mass.
-BOND SALE.
ABILENE, Taylor County, Texas.
-The following issues of bonds. aggre-An election
will be held on May 26 to vote on the question of issuing $100,000 5% gating 52,410,000, which consist of $2,020,000 434% serial bonds and
$390,000 4% registered sinking fund bonds, offered on May 1 (V. 118, P
.
school building and $50,000 street improvement bonds.
2090). were awarded to a syndicate composed of R. L. Day & Co., Merrill,
ALAMO SCHOOL DISTRICT, Madera County, Calif.
-BOND Oldham & Co.,
be received by L. W. Cooper, County a basis of aboutEstabrook & Co. and Harris. Forbes & Co., at 100.19,
-Sealed bids will
OFFERING.
4.19%:
Clerk (P. 0. Madera) until 2 p. m. May 5 for $20,000 6% school bonds.
4% Sinking Fund Bonds.
Denom. $1,000. Due 1 to 20 years.
5390,000 East Boston Tunnel alterations. Chapter 373, Special Acts of
ALBANY COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Laramie),
Massachusetts. 1917. Payable May 1 1969.
Wyo.-BOND ELECTION.
-A special election will be held on May 19
4%% Serial Bonds.
to vote on the question of issuing $100,000 coupon school bonds bearing $150,000 Chelsea Bridge South Loan (Acts of 1921). Order of the City
Interest at a rate not to exceed 6%. E. E. Fitcn, District Clerk.
.
Council of Boston of April 5 1921. Payable $8,000 annually
May 1 1925 to May 1 1934 incl., and $7,000 annually May 1 1935
ALLEGAN COUNTY (P. 0. Allegan), Mich.
-BOND OFFERING.
to May 1 1944 inclusive.
Sealed bids will be received until 1 p. m. May 7 by the Clerk Board of
40,000 court house, Brighton. Order of the City Council of Boston.
road assessment district No. 9 bonds,
County Commissioners for $49,600
of March 25 1924. Payable $2,000 annually May 1 1925 to
bearing interest at a rate not to exceed 5%%. Denom. to suit purchaser.
1944 inclusive.
Due on May 1 as follows: $5,500 1926 to 1933 and $5,600 1934. A certified
25,000 William E. Carter playground, bleachers, &c. Order of the
check for 1% of bonds, payable to the Board of Commissioners required.
City Council of Boston of March 25 1924. Payable $2,000
ALLEGHENY UNION FREE SCHOOL DISTRICT NO. 8 (P. O.
annually May 1 1925 to May 1 1929 incl.. and $1,000 annually
Allegheny), Cattaraugus County, N. Y.
-BOND OFFERING.
-Sealed
May 1 1930 to May 1 1944 inclusive.
ffitate mut City Ptpartnunt
NEWS ITEMS
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
2218
THE CHRONICLE
[VOL. 118.
200,000 fire alarm signal station, Back Bay Fens (Chapter 309, Acts of
CLYDE, Cloud County, Kan.
-BOND
-Sealed bids
1923). Order of the City Council of Boston of May 14 1923. will be received until 8 p. m. May 14 by J. N.OFFERING.
L'Ecuer, City Clerk, for
Payable $10,000 annually May 1 1925 to May 1 1944 inclusive.
140.280 30 5% internal impt. bonds. Denom. $1,000 and 1280 30.
60,000 Dartmouth St. Bridge. Order of the City Council of Boston. Date Nov. 16 1923. Int. J. & J. Due on July 1 as follows: 13,280 30,
March 11 1924. Payable $3,000 annually May 1 1925 to May 1 1925; 15.000, 1926; $4,000, 1927; $5,000. 1928: 34,000. 1929; 35,000. 1930:
1944 inclusive.
14.000. 1931, and $5,000, 1932 and 1933. A certified check for 2% of
150,000 Columbus Park impts. Order of the City Council of Boston of bid required.
March 25 1924. Payable 18,000 annually May 1 1925 to May 1
COCONUT GROVE, Dade County, Fla.
-BOND ELECTION.1934 incl., and $7,000, annually May 1 1935 to May 1 1944 incl.
450,000 sewerage works. Order of the City Council of Boston of March 4 An election will be held on May 27 to vote on the question of issuing
annually May 1 1925 to May 1 1954 incl. $200,000 water bonds.
1924. Payable $15,000
500.000 highways, making of (Chapter 393, Acts of 1906). Order of the
COLFAX COUNTY SCHOOL DISTRICT (P. 0. Schuyler), Neb.
City Council of Boston of March 19 1924. Payable $25,000 -BOND OFFERING.
-B. F. Farrell, Secretary Board of Education, will
annually May 1 1925 to May 1 1944 inclusive.
offer at public auction about May 15 137,000 5% coupon building bonds.
25,000 garage, Albany St. Order of the City Council of Boston of Denom. $500. Date June 11924. Int. semi-ann. (J. & J.). Due 1944.
Jan. 29 1924. Payable $2,000 annually May 1 1925 to May 1 A certified check for 10% of bid, payable to the School Treasurer, required.
1929 incl., and $1,000 annually May 1 1930 to May 1 1944 incl.
COLLETON COUNTY (P. 0. Waltboro), So. Caro.
80,000 police station, Hyde Park. Order of the City Council of Boston
-BOND SALE.
of March 20 1923. Payable $4,000 annually May 1 1925 to -The 1250,000 534% coupon road bonds offered on April 25-V. 118,
p. 1947
-were purchased by the Providence Savings Bank & Trust Co.
May 1 1944 incl.
100,000 Faneull Hall Bldg. Orders of the City Council of Boston of of Cincinnati and the Robinson Humphrey Co. of Atlanta at a premium
June 2 1923 and March 11 1924. Payable 15,000 annually of $9,975, equal to 103.99, a basis of about 5.18% if called at optional
date and 5.15% if allowed to run to maturity. Date May 1 1914. Due
May 1 1925 to May 1 1944 incl.
20,000 playground. Readville District. Order of the City Council of as follows on May 1: $50,000, 1934. 1939, 1944, 1949 and 1953; opt. 1944.
Boston of Jan. 2 1924. Payable 11,000 annually May 1 1925 to
COLUMBUS, Polk County, No. Caro.
-BOND OFFERING.
-Sealed
May 1 1944 incl.
bids will be received until May 5 for the purchase of
100,000 East Boston Ferry, impts., &c. Order of the City Council of For details of this issue,see item under "Polk County,$16,000 water bonds.
No. Caro." appearing
Boston of March 11 1924. Payable $10,000 annually May 1 on a subsequent page of this issue.
1925 to May 1 1934 incl.
COLUMBUS, Franklin County, Ohio.
60,000 Charities Administration Bldg. and Temporary Home. Order
-BONDS DEFEATED.
of the City Council of Boston of March 11 1924. Payable The proposition to issue $800,000 bonds to enlarge the new city hall site,
submitted to a vote of the people at the election held on April 29 (V. 118,
$3,000 annually May 1 1925 to Maty 1 1944 incl.
60,000 court house. Dorchester, site and plans. Order of the City p. 2092). failed to carry.
Council of Boston of March 25 1924. Payable $3,000 annually
COMYN, Comanche County, Texas.
-BOND ELECTION.
-An
May 1 1925 to May 1 1944 incl.
election will be held on May 5 to vote on the question of issuing $30,000
BOSTON, Suffolk County, Mass.
-TEMPORARY LOAN.
-A tem- school building bonds.
porary loan of $2,000,000. maturing Nov. 1 1924, has been awarded to the
CONROE,Montgomery County, Tex.
-BONDS DEFEATED.
Old Colony Trust Co. of Boston on a 3.85% discount basis plus a $24 75 election held on April 15 (V. 118. p. 1305) the voters turned -At the
down the
premium. Other bidders were:
proposition to issue 149,000 sewer bonds by a count of 95 for to 131 against.
Rate. Premium
CORTLAND, Cortland County, New York.
S. N. Bond & Co
-BOND OFFERING.
3.89%
Sealed bids will be received until 8 p. m. May 6 by Ralph II. Ames, City
National Shawmut Bank
3.94
First National Bank
3.97 0
26 00 Chamberlain, for the following coupon with privilege of registration as to
Merchants National Bank
---- principal only or both principal and interest bonds:
4.00%
Street Improvement bonds,
maturing $7,000 bonds
BOULDER COUNTY SCHOOL DISTRICT NO.52(P.O. Lafayette), $130.000 on March 1 of each of the series "A,"to
years 1927
1943, inclusive, and
Colo.
-At a recent election, $63,000 535% 20 -year
-BONDS VOTED.
-40
111.000 bonds on March 11944.
(opt.) school building bonds were voted. These bonds had been sold,
47.000 Street Improvement bonds, Series "B," maturing $5,000 bonds
subject to being voted to Van Riper, Day & Co. of Denver. Notice of
on March 1 of each of the years 1925 to 1931,inclusive; and $4,000
the election and sale was given in V. 118, p. 1575.
bonds on March 1 of each of the years 1932 to 1934, inclusive.
15,000 Sewer Extension(No. 10) bonds, maturing March 11943.
BOWIE COUNTY ROAD DISTRICT NO. 1 (P. 0. Boston), Tex.
BOND ELECTION.
Denom.$1,000. Date March 11924. Prin. and semi-ann.int._(M.& N.)
-On May 24 an election will be held to vote on the
question of issuing 1490,000 road bonds.
payable at the office of the U.S. Mortgage & Trust Co., New York City.
BUFFALO, Johnson County, Wyo.-BOND OFFERING.-Blds will Bidder to name rate of interest not to exceed 6%. A cert. check for 2% of
be received until 11 a. m. May 7 by Harley Fischer, City Clerk, for 125,000 amount of bonds bid for, payable to the City of Cortland, required.
The legality of the bonds will be examined by Caldwell and Raymond of
6% special assessment bonds. Denom. $500.
New York City, whose favorable opinion will be furnished to the purCALIFORNIA (State of).
-BOND SALE.
-Ofthe remaining $1,650,000 chaser.
The bonds will be prepared under the supervision of the United States
of the $4,000,000 434% veterans welfare bonds, $2,350,000 of which were
awarded to E. H. Rollins & Sons and Phelps. Fenn & Co., both of New Mortgage & Trust Co., of New York City, which will certify as to the
York, at par, as stated in V. 118. p. 1700, $1,044,000 have been purchased genuineness of the signatures of the city officials and the seal impressed
thereon.
as follows:
Bonds will be delivered to the purchaser on the 20th day of May 1924.
1834.000 to a syndicate composed of the First National Bank of Now
York, Stevenson, Perry Stacy & Co. of Toledo; Barr Bros. & Co., or as soon thereafter as the bonds are ready for delivery, at the office of
Inc., of New York, and the Anglo-London-Paris Co. of Los the United States Mortggge & Trust Co.
Angeles at par. Mature on Fob. 1 as follows: $195,000 1935.
COTTAGE GROVE, Harris County, Tex.
-BONDS VOTED.
-Ara
$204,000 1936, $213.000 1937 and $222,000 1938.
recent election the voters approved the issuance of $12,000 water and
210,000.to Dean, Witter & Co. of Los Angeles at par. Due 1939.
Of the total ($4,000,000) there is now remaining 1606,000. maturing 17.000 street bonds.
COTTONWOOD COUNTY (P. 0. Windom), Minn.
$70,000 1931, 1171.000 1932, $179.000 1933 and $186,000 1934, still be
-CHANGE IN
be sold.
AMOUNT.
-Because of payments made on the mincipal of liens for
Judicial Ditches Numbers 10 and 18, the amount a bonds which can be
CAMBRIDGE, Middlesex County, Mass.
-LOAN OFFERING.
Henry '. Lehan, City Treasurer, received bids until 12 m. yesterday issued in these proceedings has been reduced to $11,000 and that amount
will be sold
7 instead of $16,000, as stated in notice of the offering
(May 2) for the purchase at discount of a temporary loan of 1500,000. given in V. on May2092.
118, p.
Issued in anticipation of revenue for 1924. Notes will be dated May 6
CREEL SCHOOL DISTRICT NO. 22 (P. 0. Devils Lake), Ramsey
1924 and payable Dec. 5 1924 at the National Shawmut Bank of Boston. in
Boston, or at Chase National Bank, New York. at the option of the holder County, No. Dak.-BONDS NOT SOLD
-WITHDRAWN FROM MARand will be ready for delivery on or about May 6 1924. These notes will be KET.
-In answering our inquiry regarding the $3,000 6% funding bonds
certified as to the genuineness of the signatures thereon by the National offered on April 22(V. 118. p. 1947),.J. A. Krarnus, County Auditor. says:
Shawmut Bank of Boston. The bank will further certify that the validity "No bids were received for the foregoing bonds. I have been informed that
of the notes has been approved by Ropes, Gray, Boyden & Perkins of the School Board discovered that they couldn't legally issue this amount in
Boston. All legal papers Incident to the issue will be filed with the National addition to the amount atht had already been sold without first voting to
Shawmut Bank a Boston. where they may be inspected.
increase the debt limit, so have given up the proposition of trying to dispose
of any bonds at this time."
CAMPBELL COUNTY(P.O. Jacksboro), Tenn.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m. May 3 by William Allen,
CROSBYTON, Crosby County, Texas.
-BOND SALE.
-The $25,000
County Judge. for 6160,000 road bonds, bearing interest at a rate not to paying and 123,000 water 6% ()omit; registered oy the State Comptroller
exceed 6%. Date Feb. 11924. Prin. and semi-ann. int., payable at the of Texas on Marc.' 17-V. 118, p. 1700
-were purchased by Bosworth,
Chase National Bank of New York City. Due Feb. 11954. A certified Chanute & Co. of Denver at par and accrued interest. Denom. $500.
cheek for $1,000 required.
Date Feb. 1 1924. Int. F. & J. Due serially.
CARROLLTON, Carroll County, Ohio.
-On April 28
CUMBERLAND TOWNSHIP SCHOOL DISTRICT,Greene County,
-BOND SALE.
the Pearl Street Savings & Trust Co. of Cleveland was the successful Pa.
-BOND OFFERING.
-Sealed bids will be received by J. P. Gvrynne.
bidder for the following two issues of bonds, offering a premium of 1886. Secretary (P. 0. Carmichaels) until 2 p. m. May 3 for $60,000 5° school
,
,
equal to 101.75. a basis of about 5.22%:
bonds. Denom. 11,000. Date Jan. 1 1920. Due on Jan. 1 as follows:
'
$10,300 6% corporation's portion streets. paving, vurbing, grading and 12.000 1932, 35.000 1933 to 1943, incl., and 13,000 1944; optional ant" time
draining bonds (V. 118. pll• 1946). Date April 1 1924. Due after Jan. 1 1935, provided the district gives notice of its intention to
yearly on March 1 as follows: $1,300, 1925, and $1,000. redeem bonds 30 days before day of redemption. A certified check for
1926 to 1934 inclusive.
$1,000 required.
40,200 5%% paving bonds (V. 118. p. 2901). Due yearly on March 1
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
as follows: $4,200, 1925, and 14,000, 1926 to 1934 incl.
-BONDS DEFEATED.
-Early returns indicate that at an election held on April 20 the
Date April 1 1924.
voters defeated a proposition to issue 11,300,000 site purchase and 84.200.CASTLE PEAK SCHOOL DISTRICT, Madera County, Calif.- 000 erection bonds. The vote being 11,226 for to 8,170 against, and 11,518
-Sealed bids will be received by L. W.Cooper, County for to 7,602 against, respectively.
BOND OFFERING.
Clerk (P. 0. Madera) until 2 p. m. May 5 for 11,425 6% school bonds.
DANVILLE, Pittsylvania County, Va.-BOND ELECTION.
-An
Denom.1475. Due In 2 to 4 years.
election will be held on June 10 to vote on the question of issuing $350.00
0
CHAMBERS COUNTY ROAD DISTRICT NO. 4 (P. 0. Anahuac), school bonds.
-BOND ELECTION.
-An election will be held on May 24 to vote
Texas.
DARKE COUNTY (P. 0. Greenville), Ohlo.-BOND OFFERING.
on the question of issuing 1100,000
% road bonds.
Until 10 a. m. May 10 E. A. Goubeaux, Clerk Board of County CommisCHARLOTTESVILLE, Albemarle County, No. Caro.
-BOND SALE. sioners. will receive sealed bids for
bonds, issued for the pay-Redmond & Co. and the Equitable Trust Co. of New York have jointly ment of the cost of construction of $42,500 534%Small Road and Laberman
layard Road,
purchased 1440,000 5% coupon bonds at 100.55, a basis of about 4.97%• and Schroeder Road, under authority of Sec. 6929 of General Code. Deif allowed to run full term of years. The issue is composed of:
note. $500. Date May 15 1924. Int. M. & S. Duo yearly on Sept. 1
$125,000 impt. bonds. Date Sept. 1 1922. Due Sept. 1 1962; optional as follows: 18.000. 1925; 58,500, 1926; $9,000, 1927 and 1928, and 88,000.
Sept. 1 1942. Int. M. & S.
1929. Certified check for $300 (or cash), payable to the Board of County
school and armory bonds. Date Dec. 1 1923. Due Dec. 1 Commissioners, required.
315,000
1963. Int. J. & D.
DAYTONA BEACH, Volusia County, Fla.
-BOND OFFERING.
Denom. $1,000. Prin. and semi-ann. int. payable in N. Y. City.
Sealed bids will be received
May 27 by E. A. Donovan, Town
CHEROKEE COUNTY INDEPENDENT CONSOLIDATED SCHOOL Clerk,for 3174.0000% 30 until 12 m.Date July 1 1924. Due in 30 years.
-year bonds.
DISTRICT (P. 0. Cherokee), Iowa.
-BOND ELECTION.
-An election Legality approved by Reed, Dougherty & Hoyt, New York City. A certiwill be held on May 24 to vote on the question of issuing 120.000 school fied check for 1% of bid, payable to the town, required.
building bonds.
-Our Western
DENVER (City and County of), Colo.
-BOND SALE.
CHEYENNE COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Lodge correspondent advises us in a special telegraphic dispatch that a syndicate
-At the election held on April 8 (V. 118.
Pole), Nebr.-BONDS VOTED.
Wm. R. Compton Co. and Estabrook & Co.
authorized the issuance of $7,500 school building bonds composed of Newton & Co., 7 water bonds offered on April 30 at 102.159.
p. 1700), the voters
has purchased 51,000.000 4Si 0
by a vote of 42 for to 28 against.
These bonds are part of the $6,500,000 issued voted at the election held
CLAY COUNTY INDEPENDENT SCHOOL DISTRICT NO. 18 on May 15 1923 W 116, 9. 2300), of which $1,000,000 has been sold, the
-BOND SALE.
-The 129.000 school building sale of which was given in these columns when it took place.
(P. 0. Dilworth), Minn.
bonds offered on April 23-V. 118, p. 2091-were purchased by WoodDENVER INDEPENDENT SCHOOL DISTRICT (P. 0. Denser),
Magraw-Kerfoot Co. of St. Paul as 554s for $30.100. equal to 103.79, Bremer
-Sealed bids will be reCounty, Iowa.- BOND OFFERING.
a basis of about 5.14%. Dat April 1 1924. Due April 11939.
ceivea by J. L. Hartung, District Secretary, until 7 p. m. May 12 for
CLEMONS CONSOL IDATED INDEPENDENT SCHOOL DIST- $40,000 school building bonds.
Grove), Marshall County, Iowa.
-BOND ELECRICT (P. 0. Clemons
-BONDS VOTED.
DE SOTO PARISH (P. 0. Mansfield), La.
-At a
-A special election will be held on May 17 to vote on the question
TION.
recenthard sunthe highwTs yoein. to issue 11,000,000 bonds to provide
a lt
enteec io ce tax pan syst ted
of issuing 115.000 school building bonds.
for
surface
CLEVELAND HEIGHTS,Cuyahoga County, Ohio.
-BOND OFFER-Chas. C. Frazine. Director of Finance. will receive sealed bids until
-AMOUNT AND
DUVAL COUNTY P. 0. San Diego), Texas.
ING.
0
-A new election date has been set and
11 a. m. May 10 for 1127,380 534°," coupon street improvement bonds. DATE OF ELECTION CHANGED.
Date April 11924. Int. semi-ann. Due Oct. 1 as follows: 112.380 1925, the amount of bonds has been changed by this county. The new date1iN
The date first set and the
113.000 1026, 112,000 1927. $13,000 1928, 112,000 1929 and $13,000 1930 May 17 and the new amount is $400.000.
to 1934. incl. A certified check for 3% of bid, payable to the above official amount to be voted on was May 3 and $300,000. Notice of this election
was given in V. 118, p. 1947.
required.
MAY 3 1924.]
THE CHRONICLE
EAST FELICIANA PARISH SCHOOL DISTRICT NO. 4 (P. 0.
-Sealed bids will be received by
-BOND OFFERING.
Clinton), La.
H. R. McCullough, Secretary of the Parish School Board, for $5,000 6%
bonds. Date Dec. 19 1923. A certified check for $250 required.
school
-The 345.000 5%
ELBERTON, Elbert County, Ga.-BOND SALE.
municipal improvement bonds offered on April 17 (V. 118. p. 1818), were
by the Hibernia Securities Co., Inc., of Atlanta. Date April 1
purchased
1924. Due serially Jan. 1 1935 to 1954. inclusive.
-The following
-BOND SALE.
ESSEX COUNTY(P.O. Salem), Mass.
2 issues of 43i% coupon bonds offered on April 25-V. 118, p. 1947-were
awarded the Merchants National Bank, of Salem, at 100.33-a basis of
about 4.36%.
$115,000 Gloucester Rockport Highway Loan Act of 1919 bonds, payable
$25,000 on May!from 1925 to 1928 incl., and $15,000 May 11929.
33,000 Haverhill Lower Bridge Act of 1922 Loan No. 1 bonds, payable
$11,000 on May 1 from 1925 to 1927 inclusive.
Date May 11924.
-BOND SALE.
FAIRFIELD COUNTY (P. 0. Winnsboro), So. Caro.
-The Winnsboro Bank, Bank of Fairfield and the Merchants & Planters'
Bank, all of Winnsboro, have jointly purchased $500,000 road bonds as
5s at a premium of $185, equal to 100.03.
-The Old
-BOND SALE.
FALL RIVER, Bristol County, Mass.
Colony Trust Co.. E. H. Rollins & Sons, Edmunds Bros. & Co. and F. S.
Moseley & Co.of Boston have jointly purchased $1,382,000 bonds at 100.016
as follows:
,
I
1$582,000 school as 4S4s
$200,000 sewer as 4S s
I 225,000 highway as as
375,000 public imp!. as 4s
COUNTY (P.O. Marlin), Texas.
-BOND SALE.
-The BrownFALLS
Crummer Co. of Dallas has purchased $119,000 refunding road and bridge
bonds at 96.
-FALLS COUNTY ROAD DISTRICT NO.6 (P. 0. Marlin), Texas.
-On May 24 an election will be held to vote on the
BOND ELECTION.
question of issuing $115,000 road bonds.
-BOND OFFERFARIBAULT COUNTY (P. 0. Faribault), Minn.
-Bids will be received by Jesse L. Herring, County Auditor, until
ING.
1 p. m. May 6 for $88,000 public drainage ditch bonds. Date May 1 1924.
Interest rate not to exceed 5%. A certified check for 2% of bid, payable
to the County Treasurer, required.
-BONDS VOTED.
FAIRFIELD TOWNSHIP, Cambria County, Pa.
-The voters by a count of 464 for to 161 against, recently authorized
the issuance of $70,000 road improvement bonds.
-BOND OFFERING.
-Sealed
FERNDALE, Oakland County, Mich.
bids will be received until 8 p.in. May 5 by J. C. Graves, Village Clerk, for
$2,000 special assessment sewer district bonds bearing interest at a rate
not to exceed 6%. Denom. $500. Date May 1 1924. Bidder to furnish
bonds. A certified check for 5% of issue, payable to the Village Treasurer,
required.
-Chas. T.
FINDLAY, Hancock County, Ohlo.-BOND OFFERING.
Pope, City Auditor, will receive sealed bids until 12 m. May 23 for $26,315
83i91 home and hospital bonds. Denom. $1,000 and $1,315. Due Oct. 1
as follows: $7.:315. 1925: $2,000, 1926 to 1935. and $1.000, 1936 to 1939
incl. A certified check for 2%,payable to the City Treasurer, required.
-BOND ,SALE.-Sidlo. Simons.
FLORENCE, Fremont County, Colo.
Fels & Co. and the U. S. National Co., both of Denver, have purchased
$70,000 5% refunding bonds.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
The $54,135 534% I. C. H. No. 48 bonds offered on April 26-V. 118,
-were awarded to the Second Ward Securities Co. of Milwaukee
p. 1947
at a premium of $1,550. equal to 102.86. a basis of about 4.90%. Date
April 1 1924. Due yearly on Oct. 1 as follows: $6,135, 1925. and $6,000.
1926 to 1933 inc/. The following bids were received:
Prem.
Prem.
Otis & Co., Cleveland
$1,311 01 Sidney Spitzer & Co., C1n_$1.385 00
W.L. Slayton & Co., Ted
1,494 I? Breed, Elliott & Harrison,
Cincinnati
Herrick Co., Cleveland__
1,31321
1,170 00
Grau,Todd & Co., Cin__
1,469 00 Federal Sec. Corp.. Chic_ - 1,502 74
Bohmer-Reinhart & Co.,
Second Ward Securities Co.,
Cincinnati
Milwaukee
1,348 00
1.550 00
Provident Savings Bank &
Stevenson, Perry, Stacy &
Trust Co.. Cincinnati..._ 1,396 68
Co., Chicago
1,065 00
Seasongood & Mayer, Cin.. 1,25000 Weil, Roth & Irving, Cin_ - 1,261 34
N. S. Hill & Co., Cin
1,39500
FREDERICKA INDEPENDENT SCHOOL DISTRICT (P. 0. Fredericka), Bremer County, Iowa
-BONDS VOTED.
-At the election
held on April 19-V. 11,:, P. 1701-the voters authorized the issuance of
$30,000 school bonds by a vote of 120 "for" to 78 "against."
FREEMAN INDEPENDENT SCHOOL DISTRICT NO. 41 (P. 0.
Freeman), Hutchinson County, So. Dak.-BOND SALE.
-The 355.000
school bonds offered on April 25-V. 118. v. 1948-were purchased by
Morrison & Co. as 5 k's at a premium of $483 plus accrued interest, equal
to 100.87, a basis of about 5.18%. Date April 1 1924. Due on April 1
as follows: $2,000, 1932: 33.000. 1933; $2,000, 1934: $3,000. 1935, and
$5,000, 1936 to 1944 incl. The following is a list of bids received:
Names of Other BiddersInt. Rate.
Price.
Lane, Piper & Jaffray, Inc., Chicago
5Si%
855,330 00
Drake-Jones Co., Minneapolis
55.013 00
Wells, Dickey & Co.. Minneapolis
5j%
55,467 50
White. Phillips Co.. Davenport
55,476 00
Minnesota Loan & Trust Co.
5
55,477 00
Rtrigheim, Wheelock & Co
5
55,478 00
Paine, Webber & Co
53(%
55.48200
FREEPORT, Nassau County, N. Y.
-BOND SALE.
-The 320.000
coupon improvement bonds offered on April 25-V. 118. p. 1701-were
awarded to Curtis & Sanger of New York as 43 at 100.44. Date July 1
4s
1924. Duo $2,000, 1925 to 1934 inclusive.
FULTON COUNTY (P. 0. Hickman), Ky.-BOND OFFERING.
Sealed bids will be received until 11 a. m. May 21 for $100,000 5% 30
-year
road bonds. Interest semi-ann. Date July 1 1924. A certified chock
required.
for $3,000
GALLUP, McKinley County, N. Mex.-BOND OFFERING.
-Sealed
bids will be received by Pay Diggs, Town Clerk, until June 2 for $125,000
6% bonds. Date May 1 1924. Prin. and semi-ann. int. payable at
Kountze Bros., New York. Duo in 30 years: optional after 20 years.
Legality approved by Pershing, Nye. Fry & Tallmadge of Denver. A
certified check for 5% of bid required.
GARDEN CITY, Nassau County, N. Y.
-BOND OFFERING.
Eugene R. Courtney, Village Clerk, will receive sealed bids until 8 p.
May 15 for the following 4N% coupon bonds:
$15,000 fire apparatus and fire alarm extension bonds. Denom. $1,000.
Duo $3,000 on May 1 from 1925 to 1929 incl.
35,000 fire house bonds. Denom. $1,000. Due 85.000 on May 1 from
1925 to 1931 incl.
12.500 village hall bonds. Denom. $1,000 and $500. Due $2,500 on
May 1 from 1925 to 1929 incl.
45.000 sewer system bonds. Denom. $1,000 and $500. Due $4,500 on
May 1 from 1925 to 1934 incl.
Date May 11924. A certified check for 2% of bonds bid for, payable to
the County Treasurer, required. Legality approved by John C. Thomson,
New York City.
GASCOYNE, Bowman County, No. Dak.-BOND ELECTION.
-An
election will be held on May 5 to vote on the question of issuing $4.000 6%
20
-year bonds. Int. semi-annual. Max D. Fischbein, Town Clerk.
-BOND OFFERING.
GENESEE COUNTY (P. 0. Flint), Mich.
F. R. Ottaway,Chairman Board of Road Commissioners, will receive sealed
bids until 2 p. m. May 5 for $75,000 53.% or
% road bonds. Date
May 1 1924. Prin. and semi-ann. int. payable at the American Exchange
National Bank, N. Y. City, or at any of the banks in Flint. Due May 1
1926 to 1934. Legal opinion and printing of bonds to be paid by the purchaser. A cert.check for $500„ payable to the Commissioners,required.
GENEVA, Ontario County, N. Y.
-BOND OFFERING.
-Sealed bids
will be received by George I. Teter, City Attorney, until 10 a. m. May 15
for $20,000 4% refunding 10
-year registered bonds.
2219
GILBERTON SCHOOL DISTRICT (P. 0. Gilberton), Schuylkill
County, Pa.
-BOND SALE.
-The 3100,000 534% coupon school bonds
offered on April 29 (V. 118, p. 1818) were purchased by M. M.
Freeman &
Co. of Philadelphia at a premium of $7,829 99, equal to 107.829, a basis of
about 4.56%. Date June 1 1923. Due 85.000 yearly on June 1 from 1925
to 1944 inclusive.
-BOND OFFERING
GOUVERNEUR, St. Lawrence County, N. Y.
POSTPONED.
-The offering of the $40.000 coupon village bonds which was
to have taken place on April 29 (V. 118. p. 1948) has been postponed until
a later date.
-BOND ELECTION.
GRAETTINGER, Palo Alto County, Iowa.
An election will be held May 12 to vote on the question of issuing $10,000
school bonds.
GRAND SALINE, Van Zandt County, Texs.-BONDS VOTED.
By a vote of 212 for to 81 against the people authorized the issuance of
$15,000 auditorium and gymnasium bonds.
GRANGER SCHOOL DISTRICT (P. 0. Granger), Yakima County,
Wash.
-BOND SALE.
-The Yaldma Trust Co. of Yakima purchased
$30,000 5% school bonds at 100.65.
GRAPEVINE INDEPENDENT SCHOOL DISTRICT (P. 0. Grape-At the election held
vine), Tarrant County, Texas.
-BONDS VOTED.
on April 19 (V. 118, p. 1819). the voters authorized the issuance of 312.000
school bonds. Interest not to exceed 534%.
-Wm.
GREENFIELD, Franklin County, Mass.
-LOAN OFFERING.
Blake Allen, TOVM Treasurer, received bids until May 2, 5 p. m., for the
purchase at discount of a temporary loan of $100,000 issued in anticipation
of revenue for the current year, dated May 6 1924 and maturing Nov. 3
1924. These notes will be issued on the standard form of town notes and
certified by the Director of Accounts and will be delivered on or about
May 13 1924.
GREENFIELD INDEPENDENT SCHOOL DISTRICT (P. 0. Greenfield), Adair County,lowa.-BOND SALE.
-The issue of 8110.000 school
building bonds voted on April 28 by 527 to 254 has been sold. Bonds bear
Interest at 4H%. Notice that this district would vote on the above issue
was given in V. 118, p. 1948.
-On April
GROSSE POINTE, Wayne County, Mich.
-BOND SALE.
13 the First National Company of Detroit, bidding 100.139 for 434s, was
awarded 370.000 paving bonds. The following bids were received:
4U%.
434%.
First National Company
100.139
Security Trust Company
100.133
Detroit Trust Company
100.01
Harris. Small & Company
102.52
E.E. MacCrone & Company
101.97
Nicol
-Ford & Co., Inc
101.91
Hornblower & Weeks
101.59
Watling. Lerchen & Co
101.31
Keane, Higbie & Co
101.28
Livingstone, Hiable & Co. bids premium of $6850 on 325,000 for 448.
and $45,000 for 4Hs.
HAINES CITY, Polk County, Fla.
-BOND OFFERING.
-Sealed bids
will be received by Jed. R. Yale. Town Clerk, until 2 p. in. May 20 for
8129.638 60 6% coupon or registered street improvement bonds. Date
June 11924. Due one-tenth on June 1 1925 to 1934 incl. Prin. and semiann. int. (J. & D. 1) payable at the National Bank of Commerce in New
York City. A certified check on a national bank or State bank incorporated
under the laws of Florida, for 2% of bid, required. The approving opinion
of Caldwell & Raymond of New York as to the legality of Elie bonds will be
furnished to the purchaser without charge.
-LOAN OFFERING.
HAMPDEN COUNTY (P.0.Springfield), Mass.
-Bids will be received by Fred A. Bearse, County Treasurer. until 11 a. m.
(daylight saving time) May 7 for the purchase at discount of a temporary
loan of8100,000 issued in anticipation of taxes for the current year, maturing
Nov. 6 1924. Denom. $10,000. These notes will be engraved under the
supervision of the Old Colony Trust Co., Boston. The Old Colony Trust
Co. will guarantee the signatures and will certify that the notes are issued
by virtue and in pursuance of an order of the County Commissioners, the
validity of which order has been approved by Ropes, Gray. Boyden &
Perkins, of Boston. It is stated that these notes are exempt from taxation
in Massachusetts. The legal papers incident to this issue will be filed with
the Old Colony Trust Co., where they may be inspected.
-The $53,347 586%
HAMMOND, Lake County, Ind.
-BOND SALE.
street widening improvement bonds offered on April 21-V. 118. p. 1701
were awarded to the Municipal Securities Corp. of Chicago for $53.352 58,
equal to 100,0009, a basis of about 5.99%. Date March 21 1924. Due
yearly on June 1 as follows: 35.334 76 1924 to 1931, incl., and 85,334 75
1932 and 1933. The following bids were received:
$53,352 58
Municipal Securities Corp.. Chicago
53.350 00
City Trust Co., Indianapolis
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND OFFERING.
Sealed bids will be received until 10 a. m.May 3 by G.R.Morehart,County
Auditor, for $17,500 5% bridge improvement bonds. Denom. $1,000 and
$500. Date May 11924. Prin. and semi-ann.int.. payable at the County
Treasurer's office. Due in Nov. 1 as follows: $1,500 1925 and 31,000
1926 to 1941, inclusive. A certified check for $500 required. These bonds
are issued under authority of Sections 5643 and 5644 of the Gen. Code.
HARBOR BEACH, Huron County, Mich.
-The
-BOND SALE.
$10,000 paving bonds recently voted , 118, p. 1948
-V.
-have been disposed of to local investors.
HARDEN COUNTY ROAD DISTRICT NO. 1 (P. 0. Kountse),
-BOND SALE.
Texas.
-The $125,000 534% road bonds offered on April
28(V. 118, p. 1701) were awarded to Hall & Hall of Temple at par. Date
April 10 1924. Due serially 1 to 30 years.
HARRIS COUNTY (P.O. Houston),Texas.
-BONDS REGISTERED.
The State Comptroller of Texas registered $750,000 5% and $150,000
534% road and bridge bonds on April 22. Due serially.
HARVEY COUNTY SCHOOL DISTRICT NO. 52 (P. 0. Newton),
-BOND SALE.
Kan.
-The 338.000 5% school bonds offered on April 24-were purchased by the Guarantee Title & Trust Co. of
V. 118. p. 1948
Wichita at 102.04. a basis of about 4.73%. Date April 1 1924. Due
$13,000, 1929: $13,000. 1934; 812.000, 1939.
-The
HENRY COUNTY (P. O. Martinsville), Va.-BOND SALE.
$100.000 534% road bonds offered on April 28-V. 118. p. 1701-were
purchased by the Title Guarantee & Trust Co. of Cincinnati at a premium
of $1,460. equal to 101.46, a basis of about 5.19%. Date June 1 1924.
Due 310,000 on June 1 from 1925 to 1934 inclusive.
HILL COUNTY ROAD DISTRICT NO. 4 (P. 0. Hillsboro), Texas.
BOND OFFERING.
-Sealed bids will be received until 2 p. in. May 12'
by Marion Ciyette for $50,000 road bonds.
HONOLULU (City and County of), Hawaii.
-BOND OFERING.Sealed bids will be received by D. L. Conklin, City and County Treasurer,
until 12 m. May 15 for 8250.000 5% gold coupon series "B" water-works
bonds. Denom. $1,000. Date April 15 1924. Prin. and semi-ann.
int. (A. & 0.) payable in Honolulu or New York City, at holder's option.
Due April 15 1954, redeemable April 15 1944. The bonds will be prepared
under the supervision of the U. S. Mtge. & Trust Co. of New York, which
will certify as to the genuineness of the signatures of the officials and the
seal impressed thereon and the validity of the bonds will be approved by
John C. Thomson, N. Y. City. A certified check for 2% of bid, payable
to the Treasurer, required. Bids will be received at the office of the
above trust company or at the City and County Treasurer's office.
The official notice of this offering will be found on a subsequent page of
this issue.
HOT SPRINGS, Sierra County, N. Mex.-BOND OFFERING.
Sealed bids will be received until 2 p. m. May 29 by Emil James. Chairman
Board of Trustees, for $50,000 6% negotiable coupon water bonds. Date
June 1 1924. Due June 11954; redeemable at option of village on June 1
1934. A certified check on a national bank for 5% of bid required.
HOT SPRINGS INDEPENDENT SCHOOL DISTRICT NO.10(P.O.
Hot Springs), Fall River County, So. Dak.-BOND SALE.
-The
2220
THE CHRONTCLE
[vm.. ilg.
586.800 school bonds offered on April 25-V.118.P. 1701-were purchased
LAKEWOOD CITY SCHOOL DISTRICT (P. 0. Lakewood),
by Prudden & Co.of Toledo as 5s at a premium of $880. equal to 101.01. Cuyahoga County,
Ohio.
-The $100,000 5% coupon
Denom.$1,000. Date June 1 1924. Int. semi-ann.(J. & D.). Due 1944. school building and impt. -BOND SALE.
bonds offered on April 28-V. 118, p. 1819
-were jointly purchased by Gratz, Todd & Co. of Cincinnati and the Federal
HOUSTON, Harris County, Tex.
-ONLY ONE ISSUE OF FIVE
Securities Corp. of Chilago at 101.40, a basis of about 4.83%. Date
SUBMITTED VOTED.
-Of the six propositions submitted to a vote of the
people at the election held on April 26-V. 118, p. 1575
-the $150.000 April 11924. Due on Oct. 1 as follows: $6,000, 1925 to 1940 incl., and
Issue for sanliary sewers was the only one that carried the other five going $4,000, 1941.
down to defeat. The issues submitted were: $350,000 for drainage
LARAMIE,
-An election
sewers. $150,000 for sanitary sewers, 5500.000 for permanent paving, $200,- will he held onAlbany County, Wyo.-BOND ELECTION.
000 for gravel streets. 3300,000 for completion of the first two units of the building, site May 19 to vote on the question of issuing $100,000 school
and equipment bonds.
public library, and $100,000 for repafrs and improvements to the city
LEONARD SCHOOL DISTRICT NO. 9, Rolette County, No. Dak.
auditorium. The Houston "Post" of April 27 says:
"The hardest defeat was sustained by the $100,000 issue for the re- -CERTIFICATE OFFERING.
-Sealed bids will be received until 2
m.
modeling of the city auditorium, which was snowed under to the tune of May 7 by William Beaver, District Clerk, at the County Auditor's ist•
office
more than two to one. The final count showed that 1,196 people voted in Rolla for $4,000 certificates of Indebtedness. hit. not to exceed
7%•
for the auditorium bends and 2,599 against them. Most of this money Denom. $500. Date May 15 1924. Due May 15 1925. A certified
would have been used to purchase land for setting back the stage about 50 check for 5% of bid required.
feet, the City Council having voted a $100,000 bond issue last December
LINCOLN COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Boyero),
for interior alterations on the building.
-BONDS VOTED.
-At an election held on Aoril 19 an issue of $35,000
"The four other issues were beaten by an average of about 150 votes in Colo.
% school bonds was voted. These bonds had been sold, subject to
each case. A surprising thing to those who watched the election closely
was the rebuff dealt to the plan to finish three units of the new central being voted, to James N. Wright & Co. of Denver. The price paid was
library building at once by the issuance of $300,000 in bonds, the vote 100.81. Notice of the election and sale was given in V. 118, p. 1702.
on this being 1984 to 1807.
LITTLEFIELD, Lamb County,
-BOND SALE.
-The $80,000
"The $350.000 issue for permanent paring was defeated 1954 to 1813: school bonds voted at a recent electionTexas.
(V.
)
the $200,000 gravel paving bonds lost by the margin of 1965 to 1779, and to the Southwestern Securities Co. of 118. p. 1949 were sold on Mar.22
Amarillo at 104. Denom. $1,000.
the $350,000 drainage sewer issue by 1,951 to 1,834."
Date April 10 1924. Int. semi-ann.(A. & 0. 10). Due serially.
HOWLAND TOWNSHIP RURAL SCHOOL DISTRICT, Trumbull
LOCKNEY INDEPENDENT SCHOOL DISTRICT (P. 0. LockneY),
County, Ohio.
-BOND OFFERING.
-Sealed proposals will be received Floyd County, Texas.
-BONDS REGISTERED.-The State Comptroller
until 1 P. m. May 9 by A. C. Gaffing, Clerk Board of Education (P. 0. of Texas registered $35,000 6% school bonds on April 23. Due serially.
Warren) for $21,500 5°/ school bonds issued under authority of Secs.
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
-BOND
7629-7630 of the General Code. Denom. $500. Date April 1 1924. OFFERING.
-Sealed proposals will be received until 2 p. m. May 12
Prin. and semi-ann. int. (A. & 0.) payable at the Citizens Commercial
& Savings Bank Co. of Warren. Due as follows: $1,000. April 1 and by L. E. Lampton, Clerk Board of Supervisors, for 51.01)0.000 5% jail
Oct. 1 from 1925 to 1934 incl.; $1.000, April 1 1935 and $500. Oct. 1 1935. bonds. Denom. $1,000. Date July 1 1023. Prin. and semi-ann. Int.
payable In gold coin at the County Treasurer's office in Los Angeles, or
A certified check for $500, payable to the above official, required.
at Kountze Bros.. New York. Due $50.000 yearly on July 1 from 1928
HUNTINGTON PARK UNION HIGH SCHOOL DISTRICT, Los to 1947 incl. Payment for and delivery of
bonds will be Made in the office
Angeles County, Calif.
-BOND SALE.
-The 1750,000 5% school bonds of the Board of Supervisors. A certified or cashier's check for 3% of
offered on April 28-V. 118. p. 1948
-were purchased by the Citizens amount of issue, payable to the order of the Chairman of the Board of
National Bank of Los Angeles at a premium of $6,005, equal to 100.80, Supervisors, is required. The
a basis of about 4.95%. Date April 1 1924. Due on April 1 as follows: In Los Angeles County for the assessed valuation of the taxable property
total
year 1923 is
$7,000. 1926; $16.000. 1027 to 1929 incl.; 510.000, 1930; $15,000, 1931 to amount of bonds of said county previously$1,695,251,165, and the
issued and now outstanding
1933 incl.: $20,000, 1934; 515,000. 1935 to 1940 incl.: 511.000. 1941; is 54,750,000.
1115,000, 1942 to 1945 incl.: 516,000. 1946 to 1949 incl.; $21,000, 1950 to
LOS ANGELES COUNTY (P.O. Los Angeles), Calif.
1960 incl.; $41,000, 1961 to 1964.
-BOND SALE.
Elliot & Home of Los Angeles have purchased and are now offering to
IMPERIAL IRRIGATION DISTRICT, Imperial County, Calif.
investors at prices to net 8%, $21,554 8% improvement district paving
BOND SALE.
-J. R. Mason & Co. of San Francisco have purchased bonds.
5500,0006% irrigation bonds, part ofa total authorized issue of $16,000,000.
LUBBOCK,
-W.A. Myrick
-BOND SALE.
INDIANOLA INDEPENDENT SCHOOL DISTRICT (P. 0. Indian- of Lubbock hasLubbock County, Texas.
purchased $375.000 5%% paving bonds at par.
ola), Warren County, Iowa.
-BONDS NOT SOLD.
-The $175,000
LUBBOCK INDEPENDENT SCHOOL DISTRICT (P. 0. Lubbock),
school bonds offered on April 25 (V. 118, p. 2094) were not sold.
Lubbock County, Texas.
-BOND ELECTION.
-An election will be held
IRONTON, Lawrence County, Ohio.
-BOND SALE.
-The $29.891 on May 20 to vote on the question of issuing $125,000 school building bonds.
53(% Adams St. impt. bonds offered on April 21-V. 118, p. 1819LYNBROOK, Nassau County, N. Y.
were purchased by Ryan, Bowman & Co. of Toledo at a premium of
-The
-BOND OFFERING.
5396 68, equal to 101.32, a basis of about 4.98%. Date Sept. 1 1923. 515.000 paving bonds offered on April 28(V. 118, P. 1949) were purchased
Due yearly on Sept. 1 as follows: $3.000. 1925 to 1930 Incl.; 54,000, 1931 by D. T. Moore & Co. of New York as 5s at 100.383, a basis of about
4.835%. Date April 11924. Due $3,000 yearly on Jan. 1 from 1925 to
and 1932, and $3,891, 1933. The following bids were received:
1929 incl.
Prem.
Prem.
First Nat. Bank, Ironton-- _$111 00 Breed, Elliott & Harrison,
MACOMB COUNTY (P. 0. Mt. Clemens), Mich.
-At
-BOND SALE.
Otis & Co., Cleveland
Cincinnati
7600
$75 72 the offering on April 17(V. 118, p. 1821) the Citizens' Savings Bank of Mt.
Provident Savings Bank &
Spitzer, Rorick & Co., Tol
101 00 Clemens was awarded $647,000 road assessment bonds as 554s at a premium
Trust Co., Cincinnati_ _ _ _ 83 69 Davis, Bertram Co., Cin_ _ _ _ 181 00 of $4,207, equal to 100.65. Denom. $1,000 and $500. Date May 11924.
Ryan, Bowman & Co.. Tol
396 68 A. E. Aub & Co.. Cincinnati- 11 00 Int. M. & N. Due 1926 to 1934. Optional (only 15%) on May 11925.
David Robinson & Co., Tol_ 161 41 Gram, Todd & Co., Cin
209 25 As stated in the notice of offering, the amount given, $700,000, was only
Citizens Tr.& Cav. Co., Col_ 91 91 seasengood & Mayer, Cin_ _ _ 75 00 approximate.
ps$4.4
N. 8. Hill & Co., Cincinnati- 102 00
MADISON, Dane County, Wis.-BOND SALE.
-The Wells-Dickey
ITHACA, Tompkins County, N. Y.
-BOND SALE.
-On April 30 Co. of Minneapolis purchased $230,000 4, % improvement bonds at a
3
4
R. W. Pressprich & Co. of New York, bidding 101.19, a basis of about premium of $2,300, equal to 101.00.
4.30%, were awarded $100,000 4%% impt. bonds. Denom. $1,000.
MANNINGTON SCHOOL DISTRICT (P. 0. Mannington), Marion
Date July 1 1924. Due $10,000 on July 1 from 1926 to 1935 inclusive.
County, W. Va.-BOND ELECTION.
-An election will be held on May 15
JACKSON, Jackson County, Mich.
-BOND OFFERING.
-Clifton to vote on the question of issuing $200,000 53. % serial school bonds.
II. Vedder, City Clerk, will at 2 p. m.(Eastern standard time) on May 3
MANSFIELD INDEPENDENT SCHOOL DISTRICT (P. 0. Mansconsider sealed bids for the purchase of City of Jackson water plant bonds,
-BONDS REGISTERED.
-The State
paving and sewer bonds, general sewerage system bonds and water ex- field), Tarrant County, Texas,
tension bonds, aggregating 5710.000, dated May 1 1924, payable in 1926 Comptroller of Texas registered $65,000 5 % school bonds on April 26.
Due serially.
to 1954 incl. Bids will be received on a basis of 4% , 41
4% and 5%
interest payable seml-ann., denom. of bonds $500 and $1,000. All said
MARICOPA
2
bonds constitute general obligations of the City of Jackson. Bids may Bend), Ariz. COUNTY SCHOOL DISTRICT NO. 24 (1. 0. Gila
-At the election held on April 19-V.
Include printing of bonds or city will furnish printed bonds, as desired. 118, p. 1820 -BONDS VOTED.
-the voters
-year
All bids must be accompanied by certified check payable to the order of the school building bonds by authorized the Issuance of $37,500 6% 20
a vote of 21 for to 1 against.
above official, in the amount of 2% of par.
MARION, Marion County, Ohio.
JACKSONVILLE, Duval County, Fla.
-BOND SALE -The 5125.000 5%
-BOND SALE.
-The $400,000 improvement bonds offered
on April 24 (V. 118, p. 1576) were purchased
5% refunding impt. bonds offered on April 30-V. 118, p. 1819
-were
purchased by the Detroit Co. and Blodget & Co. at 106.31, a basis of by the Detroit Trust Co. of Detroit at a premium of $2,306 plus cost of
printing bonds. Date April 24 1924. Due yearly on Sept..1 as follows:
about 4.61%. Date April 15 1924. Due April 15 1954.
$7,000. 1925:86,000. 1926 to 1928 incl., and $5.000, 1929 to 1948 incl.
JAY COUNTY (P. 0. Portland), Ind.
-BOND OFFERING.
-0.Leroy
Morrow, County Treasurer, will receive bids until 2 p. m. May 9 for 89.000
MARSHALL AND WOODFORD COUNTIES SCHOOL DISTRICT
• % coupon R. W. Donnell et al. stone road in Pike Township bonds. NO. 120 (P. 0. Washburn), III.
-BOND SALE.
5% school
Denom. $450. Date April 28 1924. Int. M. de N. 15. Due $450 each bonds offered on April 25 (V. 118, p. 1949) were-The $33,000the Whitepurchased by
six months from May 15 1925 to Nov. 15 1934 incl.
Phillips Co. of Davenport,Iowa,at a premium of$207 50,equal to 100.628.
KANSAS CITY, Wyandotte County, Kan.
- Date April 11924.
-BOND OFFERING.
Sealed proposals will be received by A. H. Strickland, Commissioner of
MARTIN COUNTY (P. 0. Fairmont), Minn.
-BOND SALE.
-The
Finance. until 10 a. m. May 6 for the following bonds:
$115,000 road bonds offered on April 22 (V. 118. p. 1949) were purchased
$200,000 431% water works impt. bonds. Due May 1 1944.
by the Minnesota Loan & Trust CO. and the Minneapolis Trust Co. Date
500,000 4%% electric light inapt. bonds. Due May 1 1944.
April 11924. Due on April 1 as follows: $11,000, 1935 to 1939, inclusive;
200,000 5% military memorial bonds. Due serially.
Denom. 51.000. Date May 1 1924. Principal and semi-annual interest $12,000, 1940 to 1944, inclusive.
(M. At N.) payable at the State Treasurer's office in Topeka. Legal
MARYLAND (State
-CERTIFICATE OFFERING.
-John M.
opinion of Wood & Oakley, Chicago. will be furnished. A certified check Dennis. State Treasurer,of). receive
will
sealed proposals at his office in
for 2% of bid (for each issue) payable to the City Treasurer, required.
Annapolis until 12 m. June 11 for the following 4%% coupon certificates
JONES COUNTY ROAD DISTRICT NO. 18-B (P. 0. Anson), Texas. of indebtedness:
-An election will be held on May 17 to vote on $1,500,000 series "A" to "M" Lateral and Post
-BOND ELECTION.
-Road Loan of 1924,
maturing on June 15 as follows: $87,000, 1927; 590,000, 1928:
the question of issuing $100,009 road bonds.
$96,000, 1929: $99,000. 1930; $104,000, 1931; $109,000, 1932:
KAUFMAN COUNTY IMPROVEMENT DISTRICT NO. I (P. 0.
$114,000. 1933; $120,000, 1934; 8125.000. 1935; $131,000.
-BONDS REGISTERED.
Kaufman), Texas.
'
-The State Comptroller of
1936; 5136,000, 1937: $142,001), 1938. and 5147.000. 1939.
Texas registered $140.000 6% inapt. bonds on April 26. Due serially.
300,000 series "A" to "M" Bridge and Grade Crossing Loan of 1924,
maturing on June 15 as follows: $18,000, 1927 to 1929 incl.:
KAUFMAN COUNTY ROAD DISTRICT NO. 3 (P. 0. Kaufman),
321.000, 1930 to 1932 incl.; 524.000. 1933 to 1935 incl.; $27,000,
-BONDS REGISTERED.
-The State Comptroller of Texas regisTexas.
1936 to 1938 incl., and $30,000, 1939.
tered $55,000 road bonds on April 25. Due in 80 years.
Denom. $1,000. Date June 15 1924. Certificates are registerable
KILLDEER, Dunn County, No. Dak.-BOND SALE.
-The $17,900 as to principal. Int. J. & D. 15. A certified check for 5% of bid (for
coupon funding bends offered on April 16 (V. 118, p. 1702). were pur- each issue), payable to the above official, required. The official circular
chased by Paine, Webber & Co.,of Minneapolis, at par and accrued interest offering these bonds states: "This loan and the interest payable thereon is
exempt from the Federal income tax and from State, county, and municipal
as 6%s.
taxation.
of said Act of Assembly
,
KING COUNTY SCHOOL DISTRICT NO.51(P.O. Seattle), Wash. authorizingThe constitutionality and validityof Indebtedness have been
the issuance of said certificates
-The $30,000 coupon school bonds offered on Apia 26
-BOND SALE.
favorably passed upon by the Attorney-General of Maryland, who will
(v 118, p. 1949) were purchased by the State at par as 4.78s.
.
also certify that all necessary legal formalities prescribed for said issue
KING COUNTY SCHOOL DISTRICT NO.86(P.O. Seattle), Wash. have been duly complied with. The certificates of indebtedness awarded
-The 525.000 coupon school bonds offered on April 26 will be delivered to the successful bidder or bidders upon receipt of the
-BOND SALE.
amount of the successful bid or bids on Monday, June 16 1924. at the
(V. 118, p• 1949) were purchased by the State at par as 5s.
KING COUNTY SCHOOL DISTRICT NO. 186 (P. 0. Seattle), office of the State Treasurer, Annapolis, Md."
-The $5,000 coupon school bonds offered on
-BONDS NOT SOLD.
-BONDS VOTED.
Wash.
MATAGORDA COUNTY (P. 0. Bay City), Texas.
-the voters authorized
At
May 3(V. 118. D. 1049) were not sold. The bonds will be re-offered later. - the election held on April 19-V. 118, p. 1576
KING COUNTY SCHOOL DISTRICT NO. 200 (P. O. Seattle), the issuance of 5685.060 6% road bonds.
-The $55,000 coupon school bonds offered
-BONDS NOT SOLD.
Wash.
-TEMPORARY LOAN.
-The
MEDFORD, Middlesex County, Mass.
on May 3(V. 118, p. 1949) were not sold. The bonds will be re-offered at Old Colony Trust Co. of Boston has been awarded a temporary loan of
later date.
a
$150,000 on a 3.95% discount basis plus a $1 25 premium. The loan
KIT CARSON COUNTY SCHOOL DISTRICT NO. 1 (P. 0. matures $75,000 on Dec. 23 and $75,000 on Dec. 30 1924.
-AMOUNT CHANGED.
-The amount of the 5%%
Bethune), Colo.
County, No. Dak.-BOND SALE.MEDORA
school bond issue to be submitted to a vote of the people at an election The $6,000 TOWNSHIP, Billings on April 19-V. 118, p. 1703
-were
bonds offered
held on May 5 has been changed from $25.000 to $26,200. These purchased building Spitzer, Rorick & Co. of Toledo at par. Denom.
to be
as 7s by
1819. have been sold subject to being voted.
bonds, as stated in V. 118, p.
$1.000. Date April 19 1924. Int. M. & N. Due May 11944.
to Bosworth, Chanute & Co. of Denver.
-West & Co. of New
MERCER, Mercer County, Pa.-730ND SALE.
-BOND
K1TSAP COUNTY SCHOOL DISTRICT NO. 300, Wash.
% Charleston York have purchased $30,000 bonds as 4s at par plus a premium of
-The State of Washington has purchased $10,000
SALE.
$293 10. equal to 100.97.
school bonds at par. Due in 20 years; optional at any time.
F
MAY 3 1924.]
THE CHRONICLE
MERKEL, Taylor County, Texas.
-BOND ELECTION.
-An election
will be held on May 14 to vote on the question of issuing. 355,000 6%
sewer bonds. G. W. Johnson, Secretary.
METHUEN, Essex County Mass.-BOND OFFERING.--Geo. G.
Frederick, Town Treasurer,received proposals until 12 m.(daylight saving
time) May 1 for $109,000 4g% coupon county tuberculosis hospital loan
bonds. Denom. $1,000. Date May 1 1924. Prin. and semi-ann. int.
(M.& N.) payable at the First National Bank of Boston. Due on May 1
as follows: $6,000. 1925 to 1933 incl.. and $5,000, 1934 to 1944 incl. Official notice says: These bonds are exempt from taxation in Massachusetts
and are engraved under the supervision of and certified as to genuineness by
the First National Bank of Boston; their legality will be approved by
Messrs. Ropes, Gray, Boyden & Perkins, whose opinion will be furnished
the purchaser. All legal papers incident to this issue will be filed with said
bank, where they may be inspected at any time. Bonds will be delivered to
the_purchaser on or about Monday. May 5 1924, at the First National Bank
of Boston, 70 Federal Street, Boston, Mass.
Financial Statement April 7 1924.
Net valuation for year 1923
$17,603,331 00
Debtlimit
503.914 00
Total gross debt
861,900 00
Exempted debt
-Water bonds
$278,700 00
School bonds
357,000 00
Sinking funds for debts inside
debt limit
19,517 47
655,217 47
Net debt
9206,682 53
Borrowing capacity
$297,231 47
Sinking funds for debts outside debt limit
$152,096 88
MICHIGAN CITY, La Porte County, Ind.
-BOND OFFERING.
Guy R. Stoddard, Director of Finance, will receive sealed proposals until
12 m. May 10 for $25.000 SV garbage reduction plant bonds. Denom.
$1.000. Date June 1 1924. Int. semi-annually. T/ue yearly on
as follows: $1,000. 1925 to 1929 incl., and $2,000, 1930 to 1939 incl. June 1
Certified check for $250 required.
MIDLAND, Midland County, Texas.
-BOND ELECTION.
-An election will be held on May 21 to vote on thequestion ofissuing $60,000 sewer
and $7,000 water bonds.
MILLARD COUNTY SCHOOL DISTRICT(P.O. Fillmore), Utah.
BONDS DEFEATED.
-At the election held on April 26 the voters defeated
the issuance of 950,000 school bonds. These bonds had been sold subject
to being voted at said election to the Palmer Bond & Mortgage Co. of
Salt Lake City. Notice of the election and sale was given in V.118,p. 1950.
P- MINOCQUA, Oneida County, Wis.-BOND ELECTION.
-An election will be held on May 17 to vote on the question ofissuing $15,000 bonds
for the development of a pure and wholesome ground water supply system.
MISSISSIPPI (State of).
-BIDS REJECTED-BONDS TO BE REOFFERED ON JUNE 24.
-All bids received for the 95,816.500
offered on April 28(V. 118, p. 1950) were rejected. They will be5% bonds
re-offered
on Juno 24.
MISSISSIPPI COUNTY SUB-DISTRICT NO. 1 OF DRAINAGE
DISTRICT NO. 12 (P. 0. Osceola), Ark.
-BOND SALE.
-The $100.000
6% drainage bonds offered on April 25-V. 118, p. 1950-were purchased
by M. W. Elkins & Co. of Little Rock at 96. Date May 1 1924. Int.
M.& N. Due 1931 to 1943.
MONA, Juab County, Utah.
-BONDS SOLD SUBJECT
AUTHORIZED.-Suhject to being voted at an election to beTO BEING
held soon,
$16,500 water bonds have been purchased by the Palmer Bond & Mtge.
Co. of Salt Lake City. Notice of this sale was given in V. 118, p.
2095:
it is given again, as additional data have come to hand.
MONROE SCHOOL TOWNSHIP, Randolph County, Ind.
-BOND
OFFERING.
--Charles Gilbert, Township Trustee (P. 0. Farmland), will
receive bids until 11 a. m. May 17 for $60,000 5% coupon school boMis.
Denom. $500. Date May 15 1924. Prin. and semi-ann. int.
payable at the Farmland State Bank. Farmland. Due each six (J. & J.)
follows: 91.500, July 1 1925 to Jan. 11929: $2,000, July 1 1929months as
to
1933:32.500, July 1 1933 to Jan. 11937:83.000,July 1 1937 to Jan. Jan. 1
A certified check for $500. payable to the above official. required. 1 1939.
MONTGOMERY COUNTY (P. 0. Dayton),
-BOND SALE.
The $25,000 53:t% detention home bonds offered Ohio,
on April 28-V. 118. p.
1950
-were purchased by A. C. Allyn & Co. at a premium of 91,050, equal
to 104.20, a basis of about 4.83%. Date April 1 1924. Due $1,000 yearly
on Oct. 1 from 1925 to 1949 Inclusive.
MONTROSE COUNTY SCHOOL DISTRICT NO.1(P.O. Montrose),
Colo.
-BONDS SOLD SUBJECT TO BEING VOTED.
-Subject to
voted at an election to be held on May 13. $50,000 building bondsbeing
have
been sold to Bosworth, Chanute & Co. of Denver. Notice of the election
was given in V. 118, p. 2C95.
MORAVIA INDEPENDENT SCHOOL DISTRICT (P. 0. Moravia),
Appanoose County, Iowa.
-BONDS VOTED.
-The proposition to issue
945.000 school house and construction bonds submitted to a vote of the
people at the election held on April 21-V. 118, p. 1703
-carried by a vote
of 133 to 38.
NASHUA, Hillsboro County, N. H.
-TEMPORARY LOAN.
-A temporary loan maturing Dec. 4 1924 has been awarded to S. N. Bond & Co.
of Boston on a 4.03% discount basis.
NEW HANOVER COUNTY (P. 0. Wilmington), No. Caro.
-BOND
OFFERING.
-Sealed proposals will be received until
J. A. Orrell, County Auditor, for $225,000 5% court 10 a. m. May 12 by
-house bonds.
$LOW. Date Jan. 11924. Prin. and semi-ann. int. (J. & J.) Denom.
payable in
gold in New York. Due on Jan. 1 as follows: $10,000, 1929
and 911,000, 1946 to 1950. The purchaser will be furnished to 1945, incl.,
with the
opinion of the bonds without charge. A certified check upon an legal
porated bank or trust company for $5.000. payable to J. A. Orrell, incorCounty
Auditor, is required. Bonds will be delivered in Wilmington.
New
Chicago. Cincinnati or Toledo. at purchaser's option, on or about York,
June 1
1924.
NEW MEXICO (State a).
-BOND SALE.
-The 8500,000 5% coupon
with privilege of registration as to principal only or both
State highway bonds,offered on April 30-V.118, p.1703 principal and int.
-were
we are informed by wire from our Western representative, by purchased,
Porter & Co. of Denver and H. L. Allen and Blodgett & Co. of Boettcher.
New York
at 101.83, a basis of about 4.71% if called at optional
allowed to run full term of years. Date Jan. 1 1922. date and 4.87% if
redeemable at option of State after 10 years from date. Due Jan. 1 1952.
.-The $871.700 miscellaneous lot of bonds and securiBONDS NOTSOLD
ties of various counties, municipalities, school districts, &c., of the State of
Mexico owned and held by the State, bearing interest at rates ranging from
5 to 8%, offered at the same time were not sold.
-BOND SALE.
NEW ORLEANS, La.
-The $1,200,000 4g% coupon
with privilege of registration as to principal only or both
interest refunding bonds offered on April 29-V._118, principal and
p. 1950
-were
purchased by a syndicate composed of Caldwell & Co., Nashville; R. W.
Pressprich & Co. and the First National Bank, both of New York; the
Marine Dank dic Trust Co., Interstate Trust dc Banking Co., sutheriin
Barry & Co., Inc., all of New Orleans, and several local banks, at a discount of $32,040, equal to 97.33, a basis of about 4.68%. Date Jan. 1
1917. Due as follows: 919,000, 1926: 313,000, 1927:
342.000. 1929: $16,000, 1930 and 1931; 817.000, 1932 and 918.000, 1928:
1933;
1934: 920,000, 1935; $22,000. 1936: 826,000. 1937 to 1939 incl.; $18.000,
$20,000,
1940 to 1942 incl.; $22.000, 1943 and 1944;823,000. 1945: 925,000, 1946 and
1947: 830,000, 1948: $34,000, 1949 and 1950; 931.000, 1951: 828,000. 1952:
$31,000, 1953;833,000, 1954 and 1955:336,000. 1956:930,090, 1957;$33.000
1958; 334,000. 1959; $37,000. 1960; 934,000, 1961; 840,000, 1962; 838,000,
1963:342,000, 1964; $46,000, 1965; $67,000, 1966, and $36,000, 1967.
NEW PHILADELPHIA Tuscarawas County, Ohio.
-BOND SALE.
-The $6,000 5 g% sewer ejector bonds offered April 25-V. 118, p. 1703
were awarded to the Davies-Bertram Co. of Cincinnati at a premium of
$57, equal to 100.95, a basis of about 5.29%. Date April 1 1924. Due
81.000 yearly on April 1 from 1926 to 1931 inclusive.
NEWPORT, Lincoln County, Ore.
-BOND OFFERING.
will be received by George 131anchard, City Recorder, until 10-Sealed bids
a. m.
for $10,000 6% rock quarry coupon bonds. Denom. 9500. DateMay 10
May 1
1924. Prin. and semi-ann. int. M. & N.) payable at the fiscal
the State in New York City. Due May 1 1944 (optional Mayagency of
1 1929)•
2221
Legality approved by Teal Winfree, Johnson dcMcCulloch of Portland.
A certified check for 2% of bid required.
-•••1
NEWPORT, Newport County, R. I.
-TEMPORARY LOA2V.-A
temporary loan of $100,000 maturing Sept. 5 1924 has been awarded to
the Aquidneck National Bank on a 4% discount basis. ••
NILES, Trumbull County, Ohio.
-BOND OFFERING.
-BONDS NOT
SOLD.
-Homer Thomas, City Auditor, until 2 p. m. May 27 will receive
bids for $11.000 5g% impt. bonds issued under authority of Sec. 3914
of the General Code. Date Oct. 1 1923. Int. semi-ann. Due on Oct. 1
as follows: 32,000, 1925 to 1928 incl., and $3,000, 1929. A certified
check for 2% of amount bid for required. These bonds were offered on
April 28-V. 118, p. 1821-but not sold.
NORTHAMPTON COUNTY (P. 0. Jackson), No. Caro.
-BOND
OFFERING.
-Sealed bids will be received until 11 a. m. June 2 by S. J.
Calvert, Clerk Board of County Commissioners. for $45.000 county home
bonds, interest not to exceed 5 g%. Denom. $1,000. Date June 1 1924.
Prin. and semi-ann. Int. payable in Jackson or New York. Due $2,000
1927 and 1928, 93,000 1929 to 1935. and 34,000 1936 to 1940. Legality
approved by Bruce Craven of Trinity.
ses
NORTH DAKOTA (State of).
-Spitzer, Rorick & Co.
-BOND SALE.
have purchased the following bonds offered on April 26-V. 118. p. 2095
at a premium of 31.785, equal to 100.07:
$1.000.000 5% real estate bonds, series "D."
1,500,000 5g% real estate bonds, series "E."
OAKES SPECIAL SCHOOL DISTRICT (P. 0. Oakes), Dickey
County, No. Dak.-BOND SALE.
-The $20,000 5g% coupon refunding
bonds offered on April 19-V. 118,_p. 1821-were purchased lcoy the DrakeJones Co. of Minneapolis at par. District to pay purchaser 95 75 for legal
opinion and printing of bonds. Date May 1 1924. Due $4,000 yearly on
May 1 from 1930 to 1934, inclusive.
OCEOLA SCHOOL DISTRICT (P. 0. Oceola), Crawford County,
-BOND SALE.
Ohio.
-On April 21 the State Industrial Commission
purchased 33,033 41 6% school bonds at par. Date Dec. 1 1923. Due
each six months as follows: $189 71 and $158 51 Aug. 1 1924 and $158 58
Feb. 1 1925 to Aug. 1 1931, inclusive. These bonds were originally offered
-see V. 118. p. 102.
on Jan. 15
OLEAN, Cattaraugus County., N. Y.
-BOND OFFERING.
-=r.
Turner, City Clerk, will receive sealed bids utnil 8 p. m.May 27 for $51.030
coupon improvement bonds bearing interest at a rate not to exceed 5%.
Date April 11924. Interest A. & 0. Due 35,670 on April 1 from 1925
to 1933. inclusive. A certified check for 2% of face value of issue, payable
to the City Treasurer, required. Bonds are to be delivered to the purchaser on or before June 211924.
ORANGE COUNTY (P. 0. Goshen), N. Y.
-BOND OFFERING
John L. Sloan, County Treasurer, will offer at public auction at 10 a. m.
(standard time) May 7, $150,000 4 Si 7 coupon road bonds. Denom.
$1,000. Date June 1 1924. Int. J.
-D. Due $10.000 on June 1 from 1934
to 1948, incl. A good faith deposit of 2% of issue required.
OREGON (State of).
-BOND OFFERING.
-Sealed bids will be. ecelved
by Jefferson Myers. State Treasurer, until 11 a. m. June 2 for 3206,160
Oregon district interest bonds. Denom.$1,000 and $500 to suit purchaser.
Date June 2 1924. Prin. and semi-ann. int, payable in gold coin at the
State Treasurer's office, Salem. or at the fiscal agency of the State in
New York. Due $41,520 July 1 1943: 919.500 Jan. 11944. 912.000 July 1
1750 April 11946. 87.800 Jan. 1 1948. $12.000
1944.32.250 Jan. 11945.$42.
Jan. 11949. $17.220 July 1 1950.$8.250 Jan. 1 1951, 95,670 Jan. 1 1952,
824.000 July 1 1952, 313.200 July 11954. Bidder to name rate of interest.
A certified check for 5% of bid payable to Jefferson Myers. State Treasurer,
is required. Legal opinion a Teal, Winfrea, Johnson & McCulloch a
Portland as to legality of issue will be furnished by the State.
OROVILLE SCHOOL DISTRICT, Butte County, Calif.
-BOND
-According to the San Francisco "ComISSUE DECLARED INVALID.
mercial News" of April 26, a bond issue of 952.000 voted by the City of
Oroville March 7 for the construction of new school buildings is held to
be invalid by a group of San Francisco bond authorities called in to decide
on the issue. The bonds were to have been retired from year to year
by the school dLstrict, but this, the authorities hold, cannot be done because
a a flaw in advertisements prior to the election. W. W. Reece. Chairman of the City Board of Education, says the bonds will have to be voted
again, but believes that the next election will not be held until the fall,
because it would be too late now to erect a building in time for the next
school term.
PAINT ROCK, Conch° County, Texas.
-BONDS VOTED.
-At a recent election the voters approved the issuance of 920,000 building bonds.'49
POMONA CITY HIGH SCHOOL DISTRICT, Los Angeles County,
-BOND SALE.
Calif.
-The 9125.000 5% school bonds offered on April 28
(V. 118. p. 1951) were purchased by the Wells Fargo Bank of San Francisco
101.10. a basis of about 4.97%. Date Apr. 1 1924. Due on Apr. 1
at
as follows: $4,000, 1925 to 1964, incl.
PATERSON, Passaic County, N. J.
-BOND SALE.
-Hoffman &
Co. and J. A. de Camp & Co., Inc., both of New York, have jointly pur% sewer bonds for 1367.620 20. equal to 100.14,
chased 9367.000
a basis of about 4.49%. Due on Jan. 1 as follows: $15.000, 1925 to
1948 inclusive, and 97,000. 1949.
PEABODY, Essex County, Mass.
-TEMPORARY LOAN.
-A temporary loan of 8250.000 maturing Nov. 15 1924 has been awarded to the
Old Colony Trust Co. of Boston on a 3.93% discount basis, plus„a 31,25
premium.
PIEDMONT, Alameda County, Calif.
-BOND OFFERING.
-Sealed
bids are now being received by W. C. Little, City Clerk. for 945,000 5%
coupon improvement bonds. 'Denom. 91,000. Date June 1 1925. Semiann. int. (J. & . 1), payable at the City Treasury in Piedmont. Due
serially on June 1. A certified check for 5% of bid, payable to the city of
Piedmont required. These bonds are part of the $177,000 voted recently
V. 118. p. 1821.
PIMA COUNTY UNION HIGH SCHOOL DISTRICT NO. 2 (P. 0.
Tucson), Ariz.
-BOND ELECTION.
-An election will be held on May 10
to vote on the question of issuing 960.000 6% school bonds. Due in
20 years.
PINAL COUNTY ELECTRICAL DISTRICT NO. 2 (P. 0. Casa
Grande), Ariz.
-BOND OFFERING.-Bids will be received until 10 a. m.
May 19 by Floyd C.Templeton,Secretary,for 350,0006% 20
-year electrical
development bonds.
PITTSBURGH, Allegheny County, Pa.
SALE.-Thefollow-BOND
ing 4g% bonds offered on April 25 (V. 118.0. 1950) were awarded to the
Mellon National Bank of Pittsburgh at 100.215-a basis of about 4.48%:
3420,000 funding. Due $14,000 Feb. 1 1925 to 1954, inclusive.
180,000 funding, Series B. Due $6,000 Feb. 1925 to 1954, inclusive.
330,000 water. Due $11.000 Feb. 1 1925 to 1
1954. inclusive.
60,000 subway improvement. Series A. Due $2,000 yearly on'yeb.11
from 1925 to 1954, inclusive.
ono
Date Feb. 1 1924. The following bids were also received:
,
'Union Trust Co.. Pittsburgh
$990,200 00
National City Co. and Harris, Forbes & Co.. New York
990.782 10
Peoples Savings & Trust Co.; First National Bank;J. H.Holmes
& Co., and Redmond & Co., all of Pittsburgh
991.009l
PLEASANT RIDGE, Oakland County, Mich.
-BOND OFFERING.
-Sealed bids will be received until 8 p. m. May 5 by 0. C. Keil, Village
Clerk. for $15,000 Special Assessment District No. .10 sewer bonds.
Denom. $1,000. Date Aug. 1 1923. Int. F. & A. Rate not to exceed
6%. Due $3,000 yearly on Aug. 1 from 1925 to 1929 inclusive.
PLEASANTVILLE, Atlantic County, N. J.
,
-BOND SALE.-O.' W.
Whitis & Co.and Batchelder, Wack & Co., both New York, have jointly
purchased the following two issues of bonds: of
$193,000 ($201,000 offered) 53. % bonds at 104.261, a basis of abut 5.12%.
Due on March 1 as follows: $5.000 1925 and 1926. 85.000 1927
to 1945. incl.: 86,000 1946 to 1959, incl., and $4,000 1960.
40.000j340.000 offered) 6% bonds at 101.15, a basis of about 4.90%•
Due $20,000 Nov. 1 1925 and 1926.
POCOMOKE CITY, Worcester County. Md.-BOND c'SALE.The 355,0005% "tax exempt" municipal bonds offered on April 28-V.118.
-were purchased by Stein Bros. & Boyce of Baltimore at 105.66.
P. 1950
a basis of about 4.66%. Date July 1 1924. Due yearly on'.Jan.,1 as
follows:193,000 1947 to 1963, incl., and $4,000 1964.
2222
THE CHRONICLE
-BOND OFFERING.
POLK COUNTY (P. 0. Columbus), No. Caro.
-Sealed bids will be received until 11 a. m. May 5 by W. C. Hague.
clerk Board of County Commissioners, for the following 6% semi-annual
bonds:
$10.000 county court house impt. bonds. Due $500 1929 to 1948.
16.000 Town of Columbus water bonds. Due $500 1927 to 1958.
Date May 1 1924. Prin. and semi-ann. int. payable at the U. S. Mtge.
& Trust Co.. N. Y. City. Legality approved by Bruce Craven of Trinity.
-BOND OFFERPORTAGE TOWNSHIP, St. Joseph County, Ind.
ING.
-Bids will be received until 10 a. m. May 19 by Benjamin F. Armstrong, Township Trustee (P. 0. South Bend) for $37,000 57,, coupon
• school erection bends. Denom. $1.000. Date May 1 1924. P'rin. and
semi-ann. Int. (J.
-D. 15), payable at the Union Trust Co. of South Bend.
Due on June 15 as follows: 53,000 1925 to 1935. incl., and $4,000 1936.
A certified check for 3% of bid, payable to the above official required.
Purchaser to pay for printing of bonds.
-The following
-BOND SALE.
PORT HENRY, Essex County N. Y.
'
issues of 5% coupon or registered bonds offered on April 25-V. 118, P.
by the Citizens National Bank of Port Henrr.
-were purchased
1822
$15,000 water impt. and enlargement. Date May 1 1924. Due $1.000
May 1 105 to 1939 incl.; optional three years from date of issue.
10,000 fire truck and equipment. Date June 15 1924. Due June 15 1925
to 1934 incl.; optional three years from date of issue.
PORT HURON SCHOOL DISTRICT (P. 0. Port Huron), St. Clair
-The Detroit Trust Co. and Nicol Ford
-BOND SALE.
County, Mich.
jointly
& Co., both of Detroit. and Ames, Emerich & Co. of Chicago have May 1
purchased $400,000 4% school bonds. Denom. $1,000. Date
1924. Int. M.& N. Due $20,000 yearly on May 1 from 1925 to 1944,incl.
-BOND SALE.
PORT OF SEATTLE (P. 0. Seattle), Wash.
-were
The $600,000 port bonds offered on April 23-V. 118. p. 1822
purchased by Peirce, Fair & Co. of Seattle as 5s at a premium of $6,060,
equal to 101.01. Duo serially 2 to 30 years. Date July 11924.
-Sealed
PORTSMOUTH, Scioto County, Ohlo.-BOND OFFERING.
proposals will be received by .1. Earl Chandler. City Auditor. until 12 m
May 26 for $16,531 42 514% coupon city's portion street and alley improvement bonds. Denom. $1,000 and one for $531 42. Date March 1 1924.
Principal and semi-annual interest (M. & S.) payable at the City Treasurer's office. Due on Sept. 1 as follows: $1,531 42, 1925: $1,000, 1926 to
1928, Inclusive; $2.000, 1929 to 1934, Inclusive. A certified check on some
solvent bank, payable to the above official. for 2% of amount bid for, required. These bonds are issued under authority of Ordinance No. 3408,
passed March 5 1929. by the City Council.
POTTER AND RANDALL COUNTIES COMMON SCHOOL DIS-The
-BONDS REGISTERED.
TRICT NO. 1 (P. 0. Amarillo), Texas.
State Comptroller of Texas registered 565,000 6% school bonds on April 23.
Due serially.
-The fol-BOND SALE.
POTTSVILLE, Schuylkill County, Pa.
-were purchased
lowing 4q% bonds offered on April 29-V. 118, p. 1822
, by M. M.Freeman & Co. of Philadelphia at 101.079. a basis of about
4.36% if called at optional date and 4.49% if allowed to run full term of
years:
$137,500 street improvement bonds.
95.000 street improvement bonds.
Date May 1 1924. Due May 11954; optional May 11934.
-At an election
PRESTON, Carolina County, Md.-BONDS VOTED.
held on April 29 the voters approved the issuance of $10,000 water works
construction bonds by a vote of 58 to 18.
-James C.
PROVIDENCE, Webster County, Ky.-BOND SALE.
Willson & Co. of Louisville have purchased 350,5006% public impt. bonds.
Date May 15 1924. Due serially 1929 to 1942.
Denom.$1,000 and $500.
QUITAQUE INDEPENDENT SCHOOL DISTRICT (P. 0. Quito-The State
-BONDS REGISTERED.
our), Briscoe County, Texas.
Comptroller of Texas registered $45,000 6% school bonds on April 24.
Due serially.
RANDALL COUNTY COMMON SCHOOL. DISTRICT NO.17 (P. 0.
-The State Comptroller of
-BONDS REGISTERED.
Canyon), Texas.
Texas registered $20,000 6% school bonds'on April 23. Due 20 Years.
-The $10.000
-BOND SALE.
READING, Hamilton County, Ohio.
.5%% water works improvement bonds offered on April 22(V. 118, p. 1704)
were purchased by Soasongood & Mayer of Cincinnati at 100.33, a basis of
about 5.42%. Date Feb. 15 1924. Due $1,000 yearly on Sept. 1 from
1924 to 1933 incl.
-BIDS REREDWOOD COUNTY (P. 0. Redwood Falls), Minn.
-All bids received for the $132,000 drainage bonds offered on
JECTED.
April 22-V. 118. p. 1951-were rejected. Due on May 1 as follows:
$8.000, 1930 to 1932, incl.; $9,000. 1933 to 1944, incl.
RIDGEWAY RURAL SCHOOL DISTRICT, Hardin and Logan
-Eliza Limes, Clerk Board of
-BOND OFFERING.
Counties, Ohio.
Education (P. 0. Ridgeway), will receive sealed proposals until 12 m.
May 12 for $20.000 514% coupon school bonds issued under authority of
Section 7626 of the General Code. Denom. $500. Date April 1 1924.
Principal and semi-annual interest (A. & 0.) playable at the District Treasurer's office. Due on Oct. 1 as follows: $1,500, 1926 to 1936, inclusive, and
0.500, 1937. A certified check for 5% of amount bid for, payable to the
District Treasurer, required.
ROSCOE INDEPENDENT SCHOOL DISTRICT (P. 0. Roscoe),
-A proposition to Issue
-BOND ELECTION.
Nolan County, Texas.
$25,000 school 6% bonds will be submitted to a vote of the people at an
election to be held on May 10.
-The $18,000 534%
-BOND SALE.
ROSEBUD,Falls County, Texas.
street improvement bonds offered on April 7 (V. 118, p. 1444) were purchased by the First National Bank of Rosebud at 101. Date Feb. 11024.
-The Douglas
-BOND SALE.
ROSEBURG, Douglas County, Ore.
National Bank and Umpqua Valley Bank,both of Roseburg,have purchased
at a premium of $1,769 35.
$46,439 65 improvement-bonds
-The following
RUTLAND, Rutland County, Vt.-BOND SALE.
% coupon gold bonds offered on April 24-V. 118, p. 1951-were
purchased lpy R.L. Day & Co.of Boston at 100.899, a basis of about 4.18%:
each,
$50,000 street improvement. Issued In denomination of $1,000 1915,
dated May 1 1924 and payable $10,000 on May 1 1941 to
inclusive. To be paid from taxes each year as specified.
15,000 sewer and sidewalk. Issued in denomination of $1,000 each, dated
May 11024 and payable on May 1 1944. A sinking fund will be
provided for their payment.
DISTRICT
ST. FRANCIS COUNTY ROAD IMPROVEMENT until 2 p. m.
-Sealed bids were received
NO. 5, Ark.-130ND OFFERING.
the office of the County Commissioners in Memphis, Tenn., for
April 30 at
Aug. 1 as
7°
$50.000 13, road improvement bonds. Denom.$1,000. Due on
1928:
follows: $1.000, 1924 and 1925; 52,000, 1926 and 1927: $1,000, 1935;
1932. incl.: 53.000, 103: $2,000, 1934: 53.000.
$2,000, 1929 to
1940; $4,000.
$2,000. 1936; 53,000. 1937 and 1938; $4.000, 1939: $3,000,Rose Heming1941 to 1943. The approving legal opinion of the issue by
district.
way,Cantrell & Loughborough of Little Rock to be furnished by the
[Vol,. 118.,
-BOND SALE CALLED OFF.
SALINAS, Monterey County, Calif.
The bond sale scheduled to take place May 5 (V. 118, p. 1951) has been
called off. The bonds will not be sold this year.
-The
-BOND SALE.
SALT LAKE CITY, Salt Lake County, Utah.
Palmer Bond & Mortggae Company of Salt Lake City has purchased $100.000 4%% general obligation bonds. Denom. $1,000. Date May 1 1924.
Prin. and semi-ann. int.(M.& N. 1) payable in N. Y. City. Due $10,000
May 1 1925 to 1934 incl.
-BONDS
SAN BERNARDINO, San Bernardino County, Calif.
-At a recent election the voters authorized the issuance of$275.000
VOTED.
water bonds.
-BOND ELECTION DATE
SAN DIEGO, San Diego County, Calif.
-A bond election for the purpose of voting on
PUT OFF TWO WEEKS.
issuing 113,500,000 water bonds which was to take place on May 20 has been
postponed for at least two weeks. Failure to receive a complete reportfrom
John Freeman. Eastern hydraulic engineer, who made survey of the county
several months ago, influenced the Council to put off the bond election.
-The 513,000 5%
-BOND SALE.
SANDUSKY, Erie County, Ohio.
street-improvement bonds offered on April 19 (V. 118, p. 1705) were Purchased by Breed. Elliott & Harrison of Cincinnati at par and a premium of
$11 70. equal to 100.09- a basis of about 4.98%. Date March 1 1924.
Due on March 1 as follows: $1,000. 1926 to 1929, inclusive, and 0.500.
1930 to 1935,inclusive. Notice that this bid was one of the two submitted
was given in last week's issue, page 2096.
SAN JUAN COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Aztec),
-Bids are
New Mex.-BONDS OFFERED SUBJECT TO BEING VOTED.
now being received for the purchase of $12,000 6% school-building bonds
subject to being voted at an election to be held on May 12. Denom. $500.
Date April 1 1924. A certified check for $500 required.
-An elec-BOND ELECTION.
SAN MARCOS, Hays County, Texas.
tion will be held on May 20 to vote on the question of issuing $25,000
paving bonds.
SAN PATRICIO COUNTY ROAD DISTRICT NO. (P.O. Sinton),
-The State Comptroller of Texas regis-BONDS REGISTERED.
Texas.
tered $25,000 534% road bonds on April 25. Due serially.
-BOND OFFERING.
SARANAC LAKE, Franklin County, N. Y.
S. A. Miller. Village Clerk, will receive sealed bids until 4 p. m. May 6
for $19,050 coupon or registered paving bonds bearing interest at a rate not
to exceed 5%. Denom.$1.000 and 51.050. Date Sept. 11923. Principal
and semi-annual interest (M. & S.) payable at the Adirondack National
Bank of Saranac Lake. Due Sept. 1 as follows: 0.000, 1924 to 1932.
Inclusive, and 51.050, 1933. A certified check for 5% of amount bid,
payable to the Village, required.
-The
-BOND SALE.
SCOTT COUNTY (P. 0. Davenport), Iowa.
% funding bonds and 5750.000 5% road bonds offered on
$450.000
April 25(V. 118. p. 2097) were purchased by the Continental & Commercial
Trust & Savings Bank of Chicago at $14,800 premium, equal to 101.25.
Date May 1 1924.
-The 529.000
-BOND SALE.
SENECA COUNTY(P.O. Tiffin). Ohio.
534% road bonds offered on April 23(V.118. p. 1822) were purchased by the
Tiffin National Bank of Tiffin at a premium of 51,111, equal to 103.83-a
.
basis of about 4.66%. Date April 1 1924. Due on Oct. 1 as follows
$4,000, 1925 and 1926. and 53.000, 1927 to 1933, inclusive.
SHELBY COUNTY (P. 0. Memphis), Tenn.-130ND OFFERING.
Sealed bids will be received until 12 m. May 26 by Clarence G. Garven.
Chairman of the County Court, for the following bonds:
5300.000 53i% Jail bonds. Date Mar. 1 1922. Prin. and semi-ann. Int.
(M. & 8.) payable at the Fleaborad National Bank, N. Y.
City, and the North Memphis Savings Bank. Due
525.000 Mar. 1 1940 to 1951.
% additional jail bonds. Data Jan. 11924. Prin. and semi300,000
ann. interest (J. & J.) payable at the Chemical National
Bank. New York, or at the North Memphis Savings Bank
of Memphis. Due $15.000 Jan. 1 1934 to 1953.
100,000 434% Tuberculosis Hospital bonds. Date Dec. 1 1923. Prin•
and semi-ann. int. (J. & D) payable at the Chemical National Bank, New York City, or at the North Memphis
Savings Bank in Memphis.
Denom. 51.000. Legality approved by John C. Thomeon, New York
City. A certified check for $1,000 (for each issue), payable to the above
official, required.
-The Omaha Trust
SIDNEY. Cheyenne County, Neb.-BOND SALE.
Co. of Omaha has purchased $111,397 paving bonds.
SLAB FORK MAGISTERIAL DISTRICT,Raleigh County, W.Va.BOND OFFERING.
-Sealed bids will be received until 2 p. in. May 24 by
Jackson Smith. Clerk County Court (P. 0. Beckley), for $400,000 5%
road bonds. Denom. $1,000.
SOMERSET, Somerset County, Pa.
-BOND OFFER/NO.-Richard
Pile, Borough Secretary, will receive sealed bids until 2 p. In. May 8 for
$30,000 5% water-works bonds. Denom. $500. Date April 1 1924.
Interest semi-annual. Due $3,000 yearly on April 1 1925 to 1934. inclusive, optional April 11930. A certified check for 2% of the bonds bid for,
required.
-The
-BOND SALE.
SOUTH WHITLEY, Whitley County, Ind.
Fletcher-American Co. of Indianapolis, bidding par plus a premium of
5203 50, equal to 101.62-a basis of about 5.40%-was awarded the
512,500 6% coupon paving bonds offered on April 25 (V. 118, p. 1951)
Date March 15 1924. Due $2.500 yearly on March 15 from 1925 to 1929.
inclusive.
-BIDS REJECTED.
SPINDALE, Rutherford County, No. Caro.
All bids received for the $145.000 coupon (registerable as to principal)
ubae iy
privlitel mprovement bonds offered on April 28 (V. 118, p. 1951) were
turned down. The town will now try to negotiate for the sale of the bonds
-A. C.•
-BOND SALE.
SPRINGFIELD, Sangamon County, III.
Allyn & Co. of Chicago have purchased 5300,000 5% water works improvement bonds. Denom. $1.000. Date April 15 1924. Prin. and semi-ann.
int. (J.-J.) payable at the Continental /4: Commercial National Bank of
Chicago.bite on July 1 as follows: $40.090 1926 and 1927. $41,000
1928, 542,000 1929, 544,000 1930, 546,000 1931 and 547,000 1932.
-The 519.000
-BOND SALE.
STAMFORD, Fairfield County, Conn.
5% public impt. coupon bonds offered on April 25-V. 118, P. 1951-were
awarded to R. L. Day & Co., of Boston. at 103.09-a basis of about 4.36%.
Date Feb. 11924. Due yearly on Feb. 1 as follows:$1,000, 1925 and $2,000.
1926 to 1934 incl.
STEELE, Pemiscot County, Mo.-BOND SALE.-Kauffroan-Smith &
Co. of St. Louis have purchased 530.000 high school building bonds.
Denom. $1,000. Date May 10 1924. Due May 10 1944.
STEUBEN COUNTY (P. 0. Angola), Ind.-130ND OFFERING.
Bids will be received until 10 a. m. May 10 by Earl Tuttle, County Treasbonds:
urer, for the following 5% coupon road
Denom.
$18,000 Clair Gettings et al. road in Otsego Township bonds. Nov. 15
$900. Due $900 each six months on May 15 from 1925 to
1934.
Denom.
13,600 Wm, S. Lincoln et al road in Jackson Township bonds. Nov. 15
3
8:
116 4 Due
19 0 Inclusi$480 each six months from May 15 1925 to
Date April 7 1924. Interest M. & N. 15.
NO.35
-BOND OFSTONEY CREEK TOWNSHIP, Henry County, Ind.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT A. L.
by
-BOND OFFERING.
-Bids will be received
FERING.
-Sealed bids will be received by William A. Bair, Township
(P. 0. Buhl), Minn.
Clerk of the School Board. until 8 p. m. May 5 for $150,000 school Trustee(P.O. Blountsville) until 1:30 p. m.May 14 for *30.0005% coupon
Smith,
1924. school construction bonds. Int. J.& J. 15. Due each six months as follows:
bonds bearing Interest at a rate not to exceed 7%. Date April 11
for $7,500 upon some state or national S500. Jan. 15 1925 to July 15 1926; $1,000, Jan. 15 1927 to July 15 1938:
Int. semi-ann. A certified checkLouis
County, payable to F. R. Kane, andv 3
connections in St.
bo $
2
lularnedd.July 11930. A cert. chock for MOO payable to the
$2,000
bank having
this offering was
cial
0 j required.
District Treasurer, must accompany all bids. Notice ofis given again as
-The $50,000 5%
-BOND SALE.
V. 118. p. 2096. under "St. Louis County"; it
given in
SULLIVAN, Sullivan County, Ind.
-were awarded
new high school bonds offered on April 19-V. 118, p. 1823
additional data have come to hand.
to J. F. Wild & Co., of Indianapolis, at a premium of 51,111-equal to
-George
-BOND SALE.
SALAMANCA, Cattaraugus County, N. Y.
each six months from Jan. 1 1926 to Jan.
Inc., of New York, bidding 100.13 for 434s, a basis of 102.22 Date June 11924. Due
B. Gibbons & Co.,
the $80,000 coupon or registered city ball bonds 1 1944.
about 4.47%. were awarded p. 1178). Date May 11924. Due yearly on
-BOND OFFERING.SULLIVAN COUNTY_(r. 0. Sullivan), Ind.
offered on April 28(V. 118,
to 1933 incl.; $2,000, 1934; e3,000, 195 to Bids will be received until May 15 by Chas. W.Coffman,County Treasurer,
May 1 as follows: 51,000. 19261954 incl.
for the following road bonds:
and $4,000, 1945 to
1944 incl.,
MAY 31924.]
THE CHRONICLE
549,100 Wm.V. Frye at at.. road bonds. Due In 10 years.
37,620 D. E. Everhart. et at.. road bonds. Due in 20 years. Date April
'
15 1924. Int. M.& N. 15.
SUMMIT COUNTY (P. 0. Akron), Ohlo.-BOND OFFERING.
Sealed proposals will be received until 12 m. May 6 by Scott Porter, Clerk
Board of County Commissioners, for $17,460 514% highway impt. bonds,
issued under authority of Section 6929 of the General Code. Denom.
$1,000 and $1,460. Date April 11924. Prin. and semi-ann. int.(A. & 0.)
payable at the
Due
1721 er174750
7al
e
2nt !rr fol ows;c e
Penie
l
solvent bank for 5% of bid payable to the above Board required.
SWAMPSCOTT,Essex County, Mass.
-NOTE SALE.
-The Sagamore
Trust Co. of Lynn has been awarded $146,000 notes, dated May 1 and
maturing Nov. 25 1924 on a 3.84% discount basis. Other bidders were:
Rate. Premium.
Manufacturers National Bank, Lynn
3
$1.00
Central Trust Co ,Lynn
4.00
--Securities Trust Co.. Lynn
4.00
FIrst•National Bank,Boston
4.00
Salomon Brothers & Hutzler
4.03
1156
Estabrook & Co
4.03
S.N.Bond & Co
4.04
F. 8. Moseley & Oo
4.09
SWIFT COUNTY DRAINAGE DISTRICT NO. 8 (P. 0. Benson),
Minn.
-BOND SALE.
-The $369,271 5% public drainage ditch bonds.
offered on April 23-V. 118. p. 1705
-were purchased jointly by the
Kaiman-Gatee-White Co., Minnesota, Loan & Trust Co. and the Wells
Dickey Co. at par. Date April 1 1924. Due 1944.
SYKES SCHOOL DISTRICT NO, 89, Wells County, No. Dak.BOND OFFERINO.-Sealed bids will be received until 2 p. m. May 5 by
Forrest Daniels, District Clerk, at the County Auditor's office in Fessenden
for $11,000 6% funding bonds. Interest
t
-annually. Due May I 1944.
A certified check for 5% of bid required.
TAVARES, Lake County Fla.
-BOND OFFERING.
-Sealed bids will
be received until 3 p. m. May 20 by J. W. Hunter, Mayor, for 5138.000
'
6% general obligation bonds. Denom. $1,000. Date July 11924. Principal and semi-ann. int. payable at the National Park Bank in New York.
Due In 1 to 10 years. A certified check for $2,500, payable to the Town
Clerk, required.
TILLAMOOK, Tillamook County, Ore.
-BOND SALE.
-The Ladd
& Tilton Bank of Portland has purchased $85,500 514% serial bonds.
TOLEDO, Lucas County., Ohio.
-BOND OFFERING.
-Sealed Two.als will be received by Walter Stewart. Director of Finance, until 12 m.
May 27 for the following 41i% bonds:
$200.000 street repair bonds. Due on Nov. 1 as follows: $20,000. 1925 to
1934, inclusive.
36,000 fire department signal wire and apparatus bonds. Due on
Nov. 1 as follows: $3,000, 1925 to 1928, incl., and 54.000, 1929
to 1934. inclusive.
Denom. $1,000. Date May 1 1924. Principal and semi-ann. int.
(M.& N.) payable at the U. S. Mtge.& Trust Co.. N.Y.City. A certified
check for 2% of amount bid for (each issue), payable to the Commissioner of
the Treasury, required. These bonds are issued under authority of the
General Code of Ohio and under ordinances 3366 and 3346,respectively, of
the City of Toledo.
TRAVIS COUNTY (P.O. Austin), Texas.
-BONDS REGISTERED.Tbe State Comptroller of Texas registered $20.000 5;i% special road bonds
on April 25. Due serially.
TURLOCK IRRIGATION DISTRICT, Stanklaus and Merced
Counties Calif.-BOND SALE.
-Wm. Cavalier & Co., The American
Securities Co. and Schwabacher & Co., all of San Francisco, have jointly
'
purchased 5185.000 5% irrigation bonds at 97.57-a basis of about
Date Jan. 1 1924. Denom. $1.000. Interest J. & J. Due on 5.34% •
follows: $35,000. 1928, and $50,000, 1934 to 1936. inclusive. TheJan. 1 as
following
bids were received:
Wm.Cavalier & Co.,The American Sec. Co.,and Schwabacher & Co_97.57
Peoples Bank of Turlock
Anglo London-Paris Co
9 ..5°
7 11
Weeden & Co
96.31
A private investor of Turlock (for 30 bonds)
98.60
TURTLE CREEK, Allegheny County, Pa.
-BOND SALE.
-The
$90,000 414% coupon general street improvement bonds offered on
April 30(V. 118. p. 1952) were purchased by the Mellon National Bank of
Pittsburgh at par plus a premium of 8720, equal to 100.80-a basis of
about 4.45%. Date May 1 1924. Due yearly on May 1 as follows:
54,000, 1929 to 1934. Inclusive; $5,000, 1935 to 1940, inclusive, and $9,000,
1941 to 1944. inclusive.
TYLER, Smith County, Tex.
-PRICE AND DESCRIPTION-The
price paid by the Citizens National Bank of Tyler for the 840.000
5%
Hertel school bonds awarded as stated in V. 118. p. 2097. was par. The
bonds are described as follows: Denom. $1,000. Date April 16 1923.
Interest A. & 0. Due serially.
ULYSSES, Butler County., Neb.-BONDS DEFEATED.
sition to issue 510.000 water bonds submitted to a vote of the-The propoelection held on April 24 (V. 118, p. 1952) failed to carry. people at the
UNION, Union County, So. Caro.
-BOND SALE.
-J. H.
& Co.. Inc.. of Atlanta, have purchasd 890,0006% paving bonds. 1Rilsman
$1,000. Date May 11924. l'rin. and semi-ann. in, payable(M.Denom.
in New York. Due $9,000 on May 1 from 1925 to 1934. inclusive.& N.1)
' UNION COUNTY (P. 0. Elizabeth), N. J.
-BOND OFFERING.Sealed proposals will be received by N. R. Leavitt, County Treasurer,
until 12 m.(daylight saving time) May 8 for an issue of coupon,registerable
as to principal only or both principal and interest, park bonds,in
not to exceed $250,000, no more bonds to be awarded than willan amount
premium over $250.000. Denom. $1,000. Date May 11924. produce a
Prin.
semi-ann. Int.(M. & N.) payable in gold coin at the National State and
Elizabeth. Due on May 1 as follows: $5,000, 1926 to 1969. and Bank,
1970 to 1974, inel. Bidder to name rate of interest not to exceed 56.000.
A certified check upon an incorporated bank or trust company for 4%%•
2%
amount bid, payable to Union County. required. Successful bidders of
will
be furnished with the approving opinion of Reed, Dougherty & Hoyt,
City, that the bonds are valid and binding obligations of Union
N. Y.
County.
UNION SCHOOL DISTRICT NO, 19, Rolette County, No, Dak.-Sealed bids will he received until 4 p. m. May 3 by
BOND OFFERING.
Victor La France. District Clerk, at the County Auditor's office in Rolla
for 56,000 6% building bonds. Date April 11924. Interest payable semiannually. Due April 1 1934. A certified check for 5% of bid, payable
to the District Treasurer is required.
-BOND ELECTION.
VALERIA, Jasper County, Iowa.
-A special
election will be held on May 12 to vote on the question of issuing bonds for
erecting a municipal electric lighting system, amount not stated. Guy
S. Kline, Mayor.
VENICE CITY SCHOOL DISTRICT, Los Angeles County, Calif..school bonds offered on April 28-V.
BOND SALE.
-The $100.000
-were purchased by the Citizens National Bank of Los Angeles
118. i3. 1705
at 100.10. a basis of about 4.98%. Date April 1 1924. Due on April 1
as follows: 54.000, 1925 to 1934 incl., and 53,000. 1935 to 1954 incl.
VIGO COUNTY (P. 0. Terre Haute). Ind.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. May 12 by R. F. Davis, County
Treasurer, for $19.260 5% Benj, F. Holdaway et al road in Fayette Township bonds. Denom. $9113. Date May 1 1924. Interest M. & N. 15.
Due $963 each six months from May 15 1925 to Nov. 15 1934, inclusive.
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 8
(P. 0. De Land), Fla.
-The $125,000 5145 school bonds
-BOND SALE.
offered on April 24-V. 118, p. 1579
-were purchased by W.L. Slayton &
Co. of Toledo at a premium of 83,875, equal to 103.10-a basis of about
4.85%. Date Jan. 1 1924. Due on July 1 as follows: 95.000, 1940;
910.000. 1991 to 1952. Inclusive.
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 19
(P. 0. De Land), Fla.
-BOND SALE.
-The 5120.000 5147 school bonds
offered on April 24-V. 118, p. 1579
-were purchased by Sidney Spitzer
& Co. of Toledo at a premium of 34,104, equal to 103.42-a basis of about
5.26%. Date Jan. 1 1924. Due on July 1 as follows: 56.000. 1941 to
1945. Wei; $8.000, 1946 to 1950. Incl.: $10,000, 1951 to 1955. incl.
2223
WABASH COUNTY (P. 0. Wabash), Ind.
-BOND SALE.
-The
$20,000 5% W. J. Miller,et at. road bonds offered on April 25-V. 118.
-were awarded to the LaFontaine Bank, of LaFontaine, at a preP. 1952
mium of $267, equal to 101.33-a basis of about 4.74%. Date AprII 15
1924. Due $1,000 each six months from May 15 1925 t• Nov. 151934.
WACONIA,Carver County, Minn.
-BONDS VOTED.
-At the election
held on April 22-V. 118. p. 1952
-the voters authorized the issuance of
$335.000 coupon water and sewer bonds by a vote of 312 for to 222 against.
WALLACE, Shoshone County, Ida.-BOD ELECTION.
-An election will be held on May 20 to vote on the question of issuing $35,000 city
hall and fire station bonds.
WARREN, Trumbull County, Ohio.
-Sealed
-BOND OFFERING.
proposals will be received by
Frank S. Watters, City Auditor. until 12 m.
Central standard time) May 28 for 532,000 554% coupon city's share
Elm St. to Park Ave. paving bonds. Denom.$1,000. Date April 1 1924.
Principal and semi-ann. int. payable at the office of the SinW.ng Fund
Trustees. Due on Oct. 1 asfollows: 53,000. 1925 to 1933.incl.. and 54.000.
1932. (This maturity only takes care of 531,000). A certified check for
$500 payable to the City of Warren, required. These bonds are issued
under authority of Ordinance 1519 of the City of Warren.
WARWICK (P. 0. Apponaug), Kent County, R. I.
-BOND OFFER
'NO.
-Howard V. Allen, Town Treasurer, will receive sealed proposals
until 4 p. m. May 9 for $325.000 414% coupon school bonds. Denom.
$1,000. Date June 1 1924. Int. J. & D. Due en June 1 as follows:
$20,000, 1925 to 1934,incl.; 515.000, 1935 to 1939, incl., and $10,000. 1944
to 1944, incl. Bonds will be ready for delivery on May 27.
WASHINGTON COUNTY (P. 0. Salem), Ind.
-BOND SALE.
S. F. Wild & Co., of Indianapolis, is bidding par plus a premium of $199.
equal to 101.25-a basis of about
awarded the following two
issues of 5% coupon road bonds offered on April 22-V. 118. p. 1952:
810,000 Kilo Kilman, et al. bonds. Denom. 5500.
5.800 Walter A. Mahureon, et al., bonds. Denom. $290.
'
Date April 7 1924. Due one bond of each issue each six months from
May 15 1925 to Nov. 15 1934 incl.
WASHINGTON COUNTY (P.O. Washington), Pa.-BOND OFP7M'NO.-Sealed proposals will be received until 11 s. m. May 28 by T. J.
Underwood, County Controller, for $165,000 454% road-improvement
bonds. Date May 1 1924. Due on May 1 as follows: 85,000, 1939 and
1940:810,000, 1941 to 1943,inclusive; 525.000, 1944: 510.000. 1945:525.000.
1946: $30,000, 1947; $20,000, 1948, and $15,000. 1949. A certified check
for $2,500 required. This issue of bonds is made under the approval of
Townsend, Elliott & Munson, attorneys at law, Philadelphia.
WASHINGTON COUNTY (P.O. West Bend), Wis.-BOND SALE.
A. B. Leach & Co. have purchased the $200,000 5% highway bonds offered
on April 29 (V. 118, p. 1952) at a premium of $4.225, equal to 102.12
basis of about 4.72%. Date April 1 1923. Due $100,000 on April 1 in
1928 and 1937. The following is a list of bids received:
Second Ward Securities Co
5204,120 00
Minnesota Loan & Trust C9
203,925 00
Hill, Joiner & Co
203.740 00
Federal Securities Corporation
203,640 00
First Wisconsin Co
203,356 00
Illinois Merchants Trust Co
203.179 019
The Detroit Company
203,159 SO
WENHAM, Essex County, Mass.
-NOTE SALR.-The Naurokeag
Trust Co.of Salem,bidding par plus a premium of$5 80 per $1,000, equal to
100.058 for 410, was awarded 515,000 notes dated May 1 1924 and due
1925 to 1939. Other bidders were:
-Par plus $10 premium.
Grafton Co.
Merchants National Bank, Salem-Par plus 70 cents per $1,000.
-Par plus $6 40 per 51.000.
Estabrook & Co.
-Par plus $5 20 per $1,000.
Blodget & Co.
-Par and accrued interest.
Harris, Forbes & Co.
-Par.
Salem Trust Co.
All 414% coupon bonds.
WEST VIEW SCHOOL DISTRICT (P. 0. Zanesville), Muskingum
-BOND SALE.
County, Ohio.
-The 550,000 514% school bonds offered
-were purchased by the Hanchett Bond 0o.,
on April 29-V. 118. p. 1952
Inc., of Chicago, at a premium of $1,527 50. equal to 103.055. a basis of
about 5.10%. Date March 1 1924. Due $2,500 yearly on Sept. 1 from
1925 to 1944 incl. The following bids were received:
Premium.
Premium.
Spitzer. Rorick & Co.. To131,336 00 Herrick Co., Cleveland_ _ -51,311 00
Sidney Spitzer & Co.,_Tol_ 1,225 00 ()Us & Co., Cleveland
1.37300
W.L. Slayton & Co.. Tol__ 1,095 00 Detroit Trust Co., Detroit- 1.383 00
Seasongood & Mayer,eine_ 893 00 The Hanchett Bond Co.,
David Robinson Co., Tol__
1.527 SO
935 00
Chicago
WHEELER COUNTY (P. 0. Wheeler), Tex.
-BOND ELECTION.
On May 24 an election will be held to vote on a proposition to issue 575.000
6% court house bonds.
WHITE SCHOOL DISTRICT NO. 24 (P. 0. McClusky). Sheridan
County, No. Dak.-BOND SALE.-Geo.B. Keenan & Co.of Minneapolla.
bidding par for 614s, were awarded on April 24 the $4,800 funding bonds
offered on that date (V. 118, p. 1952). Denom. 4 for $1,000 and 1 for
$800. Interest M.& N. Date May 11924. Due•MaY 1 1934.
WHITEHALL TOWN UNION FREE SCHOOL DISTRICT NO. 11
(P. 0. Whitehall), Washington County, N. Y.
-The
-BOND SALE.
5188.000 4%% school bonds offered on April 28-V. 118, p. 1952
-were
purchased by Geo. B. Gibbons & Co.. Inc., of New York. at 101.55, a
basis of about 4.60%. Date June 1 1924. Due yearly on June 1 as follows: $2,000. 1925 to 1934 incl.; 56.000, 1935 to 1944 incl.. and 59,000.
1945 to 1956 incl.
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-BOND OFFER'
ING.-Bids will be received by Merck W.Rhoads, County Treasurer, until
10 a. m. May 9 for $56,500 434% Jacob Karsch, Emanuel Sheets, et al..
Jefferson and Washington Township highway bonds. Denom. $500 and
5412 50. Date April 15 1924. Int. M. & N. 15. Due $2,825 each six
months from May 15 1925 to Nov. 15 1934.
WICHITA, Sedswick County, Kan.
-Bids will
-BOND OFFERING.
be received by E. 8. Worrell, City Clerk, until 3 p. m. May 12 for $42,500
414% coupon internal improvement bonds. Date May 1 1924. Int.
semi-ann. A certified check for 2% of bid required. Due serially. All
bids to be made and will be received only subject to the following conditions.
viz.: First, that said bonds are required by law to be submitted to the
State School Fund Commission, which Commission has the option to take
or reject said bonds. If taken in whole or in part by said School Fund Commission, the bonds so taken will not be included in the sale here by proposed:
second, each bidder will be required to state whether his or its bid covers
the whole of the bonds above described, or whether he or it will take such
portion thereof as are not taken by said School Fund Commission of the
State of Kansas.
WILSON COUNTY (P. 0. Wilson), No. Caro.
-The
-BOND SALE.
$400.000 court house and jail coupon bonds offered on April 29-V. 118,
-were purchased by Braun, Bosworth & Co. of Toledo as 5s at
P. 1823
a premium of $2,168, equal to 100.542, a basis of about 4.95%. Date
June 1 1924. Due on Dec. 1 as follows: 510.000, 1929 to 1933 incl.
515.000, 1934 to 1938 incl.• 820.000, 1939 to 1948, and $15,000, 1949 to
1953 incl. The following bids were received:
Names of Other BiddersITU.
Price Bid.
A. B. Leach & Co., Inc.. New York
$401.521 00 5
Farmers Bank & Trust Co., Wilson, No Caro
405,56000 54%
The Planters Bank. Wilson, No. Caro
406.750 00 5
Wachovia Bank & Trust Co., Winston-Salem No Caro. 408 206 00 5
American Trust Co., Charlotte, No. Caro
401'720 00
*
Hanchett Bond Co. and W. L. Slayton & Co., Toledo- 401'653 00 5%
5%
Bankers Trust Co. and Federal Commerce Trust
Co..
Raleigh, No. Caro
405,880 00 514%
Stevenson, Perry. Stacy & Co., Chicago
401.412 00 5
Prudden & Co. and Bray Bros., Toledo
400,511 00
Kauffman,Smith & Co. and Detroit Trust Co.,Toledo_ 400,653 00 5 0
5
John Nuveen & Co., Chicago
408,25.3 00 t5(%
R. M. Grant & Co.. New York
409,388 00 534%
Weil, Roth & Irving Co. Cincinnati
404,560 00 514%
Whitaker & Co., St. Louis
404,200 00 "54%
C. W.MeNear, Chicago, and Caldwell & Co., Nashville 401,656 89 5%
H. D. Fellows Co., Chicago
400,520 00 5%
WINDOM, Cottonwood County, Minn.
-Bids
-BOND OFFERING.
will be received until 8 p. m. May 5 by Merida Peterson, City Clerk, for
[VOL. 118.
THE CHRONICLE
2224
$2,500 tourist camp site purchase bonds. A certified check for 5% required. Corp. of Montreal at 99.27. Denom.$500 and $100. Date May 1 1924.
Int. M.
-N. Due May 1 1934.
Date June 1 1924. Interest rate not to exceed 5%.
-Tenders were re-The following
-BOND SALE.
KITCHENER„Ont.-DEBENTURE OFFERING.
WOBURN, Middlesex County, Mass.
118, p. ceived until 12 m. May 1 by E. Huber, Treasurer, for $280,000 534%
Issues of coupon or registered 431% bonds offered on April 29-V.
-were purchased by Merrill. Oldham & Co. of Boston at 100.72. a 10, 20 and 30 installment local improvement debentures, dated March 1
2098
1924 and payable in Kitchener.
basis of about 4.11%:
$35,500 macadam pavement bonds payable $7,500 April 1 1925, $7,000
MERRITTON, Ont.-BOND SALE.-Dyment, Anderson & Co. were
April 1 1926 to 1929 inclusive.
the successful bidders for $20,000 534% 20
-installment bonds paying
36,000 School Loan Act of 1924 bonds, payable $3,000, April 1 1925 to 100.22. The following tenders were received:
1930 incl.: $2,000. April 1 1931 to 1939 incl.
99.78
100.221 Bird, Harris & Co
Dyment, Anderson & Co
28,500 water mains bonds, payable $2.500. April 1 1925: $2,000, April 1 McLeod, Young, Weir & Co_ -100.19 Gairciner, Clarke & Co
99.73
1926 to 1937 incl.; $1,000. April 1 1938 and 1939.
99.17
Municipal Bankers Corp
100.18 C. H. Burgess & Co
Date April 1 1924.
R. A. Daly & Co
100.13
0. WoodINDEPENDENT SCHOOL DISTRICT
WOODVILLE
RENFREW, Ont.-BOND SALE.-Gairdner, Clarke & Co. were the
-BONDS REGISTERED.-The State Compville), Tyler County, Texas.
-installment bonds, paying 99.43,
troller of Texas registered $30,000 5% wchool bonds on April 25. Due successful bidders for $11,753 534% 20
which means a cost basis of about 5.56%. Tenders were WI follows:
serially.
99.00
Gairdner, Clarke & Co
99.43IC. H. Burgess & Co
(P. 0. Batesville), McLeod, Young, Weir & Co--99.40'Macneill. Graham & Co
ZAVALLI COUNTY ROAD DISTRICT NO. 1
98.57
-An election will be held on May 17 to vote
Tex.
-BOND ELECTION.
RENFREW COUNTY (P. 0. Pembroke), Ont.-DEBENTURE
on the question of issuing $125,000 road improvement bonds.
OFFERING.
-Tenders will be received until 12 m. May 5 by R. J. Roney,
County Clerk, for $100,000 534% 20
-year permanent highway work bonds.
Date May 6 1924. Denom. $1,000 and odd amounts. Due in 20 yearly
payments, payable at the Bank of Nova Scotia, in Pembroke.
-Macneill, Graham & Co. have been
ATHENS, Ont.-BOND SALE.
ST. JOHN, N. B.
1%
,
-An issue of $600,000 53
-DEBENTURE SALE.
-installment school bonds offered on April 25
awarded the $40.000 6% 30
10, 15. 20 and 30 year debentures was recently awarded to the Royal
-on a bid of 105.
1953
-V. 118, p.
Securities Corp. at 99.37. The following bids were received:
- Royal Securities Corp
-An issue of $29,000 534% 20
BLENHEIM,Ont.-DEBENTURE SALE.
99.37 IMcLeod, Young, Weir & Co. &
installment school,debentures was awarded to R.A. Daly & Co. at 100.11, Eastern Securities Co
99.33J Thomas, Armstrong & Bell- -98.75
costing the municipality about 5.48%. Tenders were as follows: Bell, Gouinlock & Co
the money
Co.and Johnston
98.68 Macneill, Graham & Co. and99.17 IA. E. Ames &
& Co
ent, Anderson
100.11 D
98.56
R. A. Daly & Co
& Ward
98.63
100.10 W.C. Brent & Co
C. H. Burgess di Co
Goss Forgie & Co
98.93
98.61
99.50 Nesbitt,Thomson & Co
Municloar Bankers Corp
-The
AUTHORIZED.
SASKATCHEWAN (Province of).
-BONDS
98.36
99.11 W. A. Mackenzie & Co
MacneW,Graham & Co
following, according to the "Monetary Times" of Toronto, is a list of
98.89
C. H. Burgess & Co
authorizations granted by the Local Government Board from March 27
-An issue of $90,112 5.31% to April 3: School Districts Manitou Plains, $2,500. not exceeding 8%.
Ont.-DEBENTURE SALE.
CHATHAM,
-installment debentures has been 15 years; Kindersley, $20,000, not exceeding 634%, 20
-installment and $42,623 534% 15
-years; Little Pine,
10
$2,500, not exceeding 83', 10
sold to local investors at par.
-years; Majestic, $800, not exceeding 8%,
-years; Town of Oxbow, $2,500, 7%. 10-years.
-An issue of $69,572 534% 20- 10
CORNWALL, Ont.-BOND SALE.
Installment bonds was awarded to Bain, Snowball & Co. of a bid of 100.697.
SOREL, Que.-BOND OFFERING.
-Tenders will be received by A.0.
Other tenders submitted were as follows: Goss. Forgie & Co., 100.50; Cartier, City Clerk, until8 p. m.May 10 for $160,000 534% bonds. Denom.
Nesbitt, Thomson & Co.. 100.65; A. E. Ames & Co., 100.34; Bell, Gouin- $100, $500 and $1,000. Date June 1 1924.
Due June 1 1939, less an
lock & Co.. 100.30; McLeod, Young, Weir & Co., 100.27; R. A. Daly & amount of $49,400, to be refunded by annual amounts during the 15 years
Co., 100.27; C. H. Burgess & Co., 100.22; Macneill, Graham & Co.. 100.14; of the issue.
Matthews & Co.. 100.13; Gairdner, Clarke, 99.92; Wood, Gundy & Co.,
TORONTO TOWNSHIP (P. 0. Dixie), Ont.-DEBENTURE OFFER99.59; W. C. Brent & Co., 98.78.
-Tenders will be received by J. R. Kennedy, Township Clerk, until
ING.
GIFFARD SCHOOL COMMISSION, Que.-DEBENTURE OFFER- 12 m. May 3 for $10,000 534% 20
-year installment debentures. Int. ann.
ING.
-Tenders will be received by Joseph Draoin. Secretary-Treasurer,
WATERLOO ROMAN CATHOLIC SCHOOL DISTRICT, Quo.
-year serial bonds. Denom.$100 and $500. BOND OFFERING.
until May 5for 321,400534%28
-Sealed bids will be received until May 6 by the Clerk
Date Nov. 1 1923.
Board of Education for $35,000 534% bonds maturing in 40 annual install-On April 25 A. E. Ames & Co. of ments.
GODERICH, Ont.-BOND SALE.
Toronto purchased $20,000 534% 30-installment debentures at 101.07.
WOODSTOCK, Ont.-BOND SALE.
-Two issues of bonds, amounting
Int. ann. (April 15).
Date April 15 1924.
to $37,500. bearing 534%, were sold locally at par recently. The issues arc
-The $77,100 534% bonds offered $28,800 bonds, comprising the city's share of Provincial Highvay expendiJOLIETTE, Que.-BOND SALE.
on Apri116-V. 118, p. 1824-were purchased by the Municipal Debentures ture and $8,500 bonds for local improvements.
(r..
CANADA, its Provinces and Municipalities.
NEW LOANS
NEW LOANS
FINANCIAL
$5005000
We Specialize in
CITY AND COUNTY OF HONOLULU
City of Philadelphia
Territory of Hawaii
38
/
31 2s
4s
/is
41
41As
5s
5145
1
/
528
Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to."New- York
Call Canal 8437
Adrian H. Muller & Son
AUCTIONEERS
FIVE PER CENT WATER WORKS
BONDS, SERIES "B," 1924.
GOLD, TAX-FREE, 20-30-YEAR
COUPON BONDS.
OFFICE No. 56 WILLIAM STREET
Corner Pine Street
Regular Weekly Sales
F
SEALED PROPOSALS will be received for all
or any part of $500,000 City and County of
Honolulu, Territory of Hawaii Water Works
Bonds, Series"B." 1924, of $1.000 denomination,
dated April 15, 1924. payable April 15, 1954,
redeemable on or after April 15. 1944, bonds to
be in coupon form, bearing interest at the rate
of five per centum per annum, payable semiExchange Sales Rooms
annually April 15 and October 15: principal and
14-16 Vesey Street
Interest payable in Honolulu, Hawaii, or New
York City, at option of holder. The issuance of
these bonds has been approved by the President
proceeds
of the United States of America. The
of the sale will be used exclusively for the purpose
of extensions, betterments and replacements to
the water works and water systems of the City
and County of Honolulu.
Each bid should set out clearly the total par
value of the bonds desired and the amount,
together with accrued interest to date of delivery,
the bidder offers to pay therefor. Each bid must
be accompanied by a certified check upon a
solvent bank or trust company to the order of the
Treasurer of the City and County of Honolulu in
the amount of two per cent of the par value of the
bonds for which application is made. Checks of
unsuccessful bidders will be returned by mail
after the opening of the bids. Checks of the
successful bidders will be retained until delivery of
the bonds awarded and payment therefor is made.
The failure to make such payment will forfeit all
MANILLA, SISAL, JUTE
right to the bonds and the check accompanying
the bid will be collected and its proceeds retained
as liquidated damages. Unless otherwise stated
in the bid, each bid will be understood as an offer Noble and West Streets. Brooklyn. N.Y.City
for all or any part of the total amount of bonds for
which application is made, and no bid can be
accepted for less than 98 per cent of the par of
the bonds bid for.
The bonds have been prepared under the supervision of THE UNITED STATES MORTGAGE
AND TRUST COMPANY OF NEW YORK
CITY, which has certified as to the genuineness
of the signatures of the officials and the seal impressed thereon, and the legality of the bonds
will be approved by JOHN C. THOMSON,
Esquire, of New York City, whose approving
opinion will be furnished to the successful bidder.
you are looking for an executive
BIDS WILL BE RECEIVED at the office
accountant and manager, who
, of the United States Mortgage & Trust Company, 55 Cedar Street, New York City, or at the
can relieve you of many details
office of the Treasurer of the City and County of
and install money saving imHonolulu, Hawaii, until 12 o'clock of Thursday,
May 15th, 1924. Bonds will be delivered a.s
recomhighly
provements,
be mutually agreed upon by the purchaser
may
mended by well known bankers
and the Treasurer of the City and Cowity of
Honolulu.
and business men, seeking reTbe right is reserved to reject any and all bids.
sponsible connection, write to
Form of proposal to purchase bonds may be
had on appllcation to above.
Box A-1, Financial Chronicle,
D. L. CONKLING,
90 Pine Street, New York.
Treasurer. City & County of Honolulu.
April 10, 1924.
Stocks and Bonds
EVERY WEDNESDAY
AMERICAN MFG.CO.
BALLARD & COMPANY
Members New York Stock Exchange
HARTFORD
Connecticut Securities
USE AND CONSULT
the Classified Department of
the
Financial Chronicle
Our Classified Department faces the
inside back cover.
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@FedFRASER