The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
r
The
PM111ffrial
INCLUDING
financial
brontrie
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
SATURDAY, NOVEMBER 15 1%24
VOL. 119.
ghe
Thrornicie
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
12 Mos. 6 Mos.
Including Postage—
$6.00
$10.00
Within Continental United States except Alaska
6.75
11.50
In Dominion of Canada
7.75
Other foreign countries. U. S. Possessions and territories— 13.50
NOTICE.—On account of the fluctuations in the rates of exchange.
remittances for European subscriptions and advertisements must be made
In New York Funds.
Subscription includes following Supplements—
BANE AND QUOTATION (monthly)1 RAILWAY & INDUSTRIAL(semi-annually)
RAILWAY EARNINGS (monthly) PUBLIC UTILITY COMPENDIUM (Semi-SIII1.)
STATE AND CITY (semi-annually) RANKERS' CONVENTION (yearly)
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
CHICAGO Orrics—In charge of Fred. H. Gray, Business Representative,
19 South La Salle Street, Telephone State 5594.
LONDON Orrics—Edwards & Smith. 1 Drapers' Gardens, London, E. C.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York.
Published every Saturday morning by W ILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert; Mildness Manager, William D. WM:
Treas. William Dana Seibert: See. Herbert D.Seibert. Addresses of all. Office of Co.
The Financial Situation.
The activity and buoyancy of the stock market
are overshadowing everything else. For the time
being the attention of the whole country, and indeed
of the entire world, is concentrated on the Stock
Exchange. Transactions are enormous, the sales
having run in excess of 2,000,000 shares a day for
each full business day on every day since the election, excepting only yesterday, when the aggregate
ran but a trifle below the 2,000,000 mark. At the
same time, the advances in prices are of prodigious
proportions. And apparently the end is not yet,
though no one can deny that there are serious elements of danger in such an uncontrolled upward
movement. Manipulation is undoubtedly having a
part in the wonderful rise, room traders and speculators availing of the opportunity to boost their
favorites, in some instances to a reckless extent, but
the true impetus is coming from without the precincts of the Exchange. The entire population is
behind the movement. They are buying for investment and they are buying on margin as a pure speculation. At such a time the habitues of the Exchange
lose all control, and get swept aside. The momentum
becomes too great for anyone to resist. This is the
situation at the present moment. It is the great
American public which has taken possession of the
market and the ordinary room trader becomes inconsequential. He can no doubt help the movement
along, but he is powerless to resist its onward sweep.
The post-election boom of 1924 will no doubt go
down in history as the greatest of its kind.
In these circumstances it will do no good to say
that the pace is too fast and too furious, and that the
reaction and the downward plunges, when they come,
as they surely must, will be in proportion to the up-
State and City Section
Public Utility Compendium
NO. 3099.
ward splurges and that many an unwary speculator
will lose his all and be involved in general disaster.
Perhaps all the good things hoped for and prophesied will not come all at once. The railroads, it may
be, have entered upon a new era and are already enjoying its fruits, for it would seem that they have
once more come into their own. But the industrial
companies occupy a somewhat different position.
Their prospects of course have also improved. But
in their case everything will depend upon the extent
and continuity of the revival in trade, which everyone now looks upon as a foregone conclusion. And
not only must they be able to find buyers for their
goods and wares, but they must be able to obtain a
profit from the manufacture and sale of these goods
and wares. This last is where the rub will come in.
Manufacturing costs are high. How can they be
reduced? One way would be through lower taxes.
But if the newspaper correspondents are correctly
informed, the authorities at Washington have decided to put off tax reduction for a full year. However, while injecting this word of caution, we do not
want to be understood as saying that improvement
in security values is without warrant or justification, nor that there are not many bright and encouraging factors in the situation. As one example we
might refer to the phenomenally favorable state of
the country's foreign trade as reflected in the huge
magnitude of our outward shipments. The return
for the month of October was made public yesterday
and it showed that the merchandise exports in that
month the present year had a value of $527,000,000,
against $399,199,000 in October 1923 and $371,000,000 in October 1922. The expansion follows from
the large exports of cotton and the equally large
exports of grain, both at high prices. The cotton exports for the month fell but little short of a full million bales, having reached 947,556 bales, which compares with only 737,010 bales in October 1923. The
exports of grain were of like phenomenal extent. In
the last analysis, this means that the South on the
one hand and the West on the other are both exceedingly prosperous. Now let business revival proceed
and the rest of the country will also be prosperous.
In addition, Europe is now being set on its feet
through the Dawes plan. What more favorable combination of events could we wish for?
The foreign commerce statement for the month of
October, issued yesterday, is noteworthy as stated,
in respect to the very large increase in the value of
merchandise exports shown for that month. All
preliminary information pointed in that direction
and the figures now published unmistakably establish the fact. The value of all merchandise exports
2214
THE
CHRONICLE
[VoL. 119.
from the United States during the month just closed ten-year average of 27.6 bushels. The merchantable
is $527,000,000 this amount being larger by $100,000,- quality, moreover, of this year's corn crop is only
000 than the exports in September and $128,000,000 63.2%. The larger yield promised in the latest relarger than for October 1923. September was the port follows mainly because of improvement in Illihigh point in exports up to that month since Febru- nois, Indiana and Minnesota. Some gain is also
ary 1921—in fact, with the exception of January and shown in the reports from a few of the less important
February 1921, merchandise exports have been in ex- corn States. On the other hand, Iowa, the State in
cess of $400,000,000 in any one month only three which production is the largest, Nebraska, Kansas,
times, and the October report this year shows an in- Missouri and Wisconsin report a loss in yield for
crease of $100,000,000 over the highest of these three the month, and for each of the fourteen important
months, which include the preceding month, and corn growing States, except Kansas and Oklahoma,
November and December 1923, when cotton exports this year's crop will be considerably below that of
were also unusually heavy.
1923. The early frosts affected a considerable part
Cotton and wheat exports during October this year of the crop that was grown in Iowa and neighboring
were very large—for cotton the quantity was 947,556 States.
bales, an increase over September of 210,000 bales, or
Apart from corn, however, the harvests in 1924
nearly 30%, while in comparison with October 1923 have been bounteous and there is, of course, the furthe gain was nearly as great. In other departments ther advantage of high prices. The wheat crop is put
of trade, beside cotton and wheat, exports during at 855,806,000 bushels, against 785,741,000 bushels
October this year were likewise very heavy. October last year and the oats crop at 1,509,409,000 bushels,
exports of $527,000,000 contrast with $427,636,000 against 1,299,823,000 bushels. The latest Governfor September and $399,199,000 for October 1923. ment report estimates the production of white potaMerchandise imports last month were also slightly toes this year at 454,119,000 bushels, an average per
larger in value, though not notably so, the total be- acre of 121 bushels, against 99.1 bushels the ten-year
ing $310,000,000, these figures contrasting with average. The yield this year will exceed the big crops
$288,125,800 for September and $308,290,800 for Oc- of 1917 and 1922. In important sections of the
tober 1923. The balance of trade for the latest Northern States the crop escaped frost and continmonth this year is $217,000,000 on the export side, ued to show progress well into October. On the
which is far in excess of any preceding month for a other hand, drought in the South greatly reduced the
long time—in fact, since February 1921. For the ten yield of sweet potatoes and production is now estimonths of the current calendar year the value of mated at 75,620,000 bushels, a decrease of nearly
merchandise exports is $3,651,990,000 and this con- 25% from the average yield of the preceding five
trasts with *3,339,343,000 for the first ten months years, and less than in any year since 1916. The toof the preceding calendar year, an increase of $312,- bacco crop has shown excellent progress in some sec647,000. Merchandise imports for the year.to date tions, but is poor in others. It varies in New Engare $2,979,260,000 and for the same period of 1923 land, is good in Pennsylvania, and poor in Wiscon$3,212,428,000, a decrease this year of $233,168,000. sin; in Kentucky the outcome of the crop depends on
The balance of trade for the current year is $672,- rain. Bright tobacco is slightly better in quality
732,000 in favor of the United States; for the corre- this year than last year, but the condition is still
sponding period of 1923 the balance was $126,915,- low. Production of 1,213,975,000 pounds this year
000, also in favor of the United States.
contrasts with 1,491,066,000 pounds for 1923 and
Exports and imports of the precious metals during 1,360,661,000 pounds, the average for five years.
October showed little change. Exports of gold
amounted to $4,125,268 and imports $19,701,542. For
The size of this year's cotton crop is gradually bethe corresponding month of last year the figures ing pushed higher. The forecast of the Department
were respectively $1,301,060 and $29,858,016. Silver of Agriculture, issued a week ago to-clay, and relatexports last month were $9,465,023 and imports ing to the condition on Nov. 1, indicates a produc$5,828,572.
tion of 12,816,000 bales, which is 141,000 bales larger
than. was shown two weeks earlier, and 317,000 bales
Agricultural conditions generally are progressing more than was indicated Oct. 1. Two weeks have
very well. Some little betterment occurred during elapsed since the date of the latest report and pickthe month of October in the condition of this year's ing continues in most sections. A substantial yield
crop of corn, but the improvement was not very is expected from the top crop. The condition Nov. 1
great. The Department of Agriculture at Washing- was 55.9% of normal, which contrasts with 54.7%
ton issued its monthly report on crop conditions on two weeks earlier, 53.5% Oct. 1 and 47.8% on Oct. 25.
Monday, and an increase in the estimated yield of 1923. As was the case two weeks earlier, every imcorn of 18,734,000 bushels was shown, over the har- portant cotton growing State is entered in the latest
vest indicated in the Oct. 1 report. Unfortunately, report, as showing some improvement in condition
however, the production this year will be very much over the preceding report. For Texas it is one point,
below that of any year in the past ten, while the Arkansas and Alabama two points each and Oklaquality of the grain is poor. The indicated crop is homa and Mississippi three points. For Texas the
now 2,477,538,000 bushels; a month ago it was esti- Nov. 1 forecast makes the yield in that State 4,450,mated at 2,458,804,000 bushels, while the first fore- 000 bales. This contrasts with an estimate of 4,350,cast of this year's production made in July was 000 bales two weeks earlier and 4,342,000 bales from
2,515,000,000 bushels. The average yield of corn the crop of 1923. Some little loss in yield is indieach year for the past four years has been in excess cated in the latest report for both Georgia and Tenof 3,000,000,000 bushels, and not since 1913 has the nessee as contrasted with the report of Oct. 18, but
production been so low as is promised for 1924. The for nearly all of the other cotton growing Statea
yield this year will average only 23.5 bushels to the there is an increase, the exceptions being Louisiana.
acre, as compared with 29.2 bushels last year and a where the figures are the same,Florida the same and
Nov. 15 1924.]
THE CHRONICLE
2215
be shown whether he has the qualities of a real negotiator. It is said he certainly can be counted on
to defend with clarity and vigor the interests of his
own country. Toward France he is known to have a
warm regard, but it is said he is likely to prove a
hard bargainer in any negotiations on the debt and
other questions. His inclusion in the Cabinet is interpreted here as an indication that Mr. Baldwin
does not intend his Government to be reactionary
conservative, but progressive and liberal." He indicated clearly that Austen Chamberlain's appointThe new Conservative Cabinet in Great Britain ment as Foreign Secretary had been well received in
assumed its duties on Nov. 7. The London repre- the French capital. According to that correspondsentative of the New York "Times" briefly described ent's statement, "Premier Baldwin's choice of Austhe event as follows: "Ramsay MacDonald's Labor ten Chamberlain as Foreign Secretary has been reCabinet gave up their seals of office to the King at ceived in France with great satisfaction. Mr. ChamBuckingham Palace to-day, and Stanley Baldwin's berlain is known as a resolute partisan of the Ennew Ministers received them a few minutes later, tente with France while at the same time an eager
kissed the King's hand and took the oath." In an- worker for reconciliation with Germany."
Special interest was shown in advance in Premier
other dispatch it was asserted that "the main discussion on the new Cabinet continues to centre around Baldwin's speech at the banquet to the Lord Mayor
Mr. Churchill's appointment as Chancellor of the of London on Monday night, because it would be his
Exchequer, to the exclusion of Sir Robert Horne." first speech following the general election and his
In outlining the attitude toward the new Premier becoming Prime Minister again in a Conservative
because of the selection of Mr. Churchill, the London Cabinet. He and other members of the Cabinet, parrepresentative of the New York "Herald Tribune" ticularly Winston Churchill, were said to have resaid: "The Baldwin Government began to function ceived a "warm reception" when they entered Guildto-day, most of the new Ministers assuming charge of hall, where the banquet was held. Referring to the
their departments. Winston Churchill's appoint- significance of the election, Mr. Baldwin was quoted
of
ment as Chancellor of the Exchequer rankles in the in part as follows: "We know it is a testimony
not
and
progress
of
favor
our
fellow-countrymen in
'die-hard' element in the Conservative Party, several
leading newspapers expressing frankly their disap- of stagnation. We know that it is a decisive vote
proval of Prime Minister Baldwin's decision which against minority government and we know that we
elevated a former Liberal to one of the highest offices have received support from many of those who at
at his command, and left Sir Robert Horne, his ordinary times might have given their support to
faithful and experienced colleague, outside his polit- other parties. They have attempted to put into
ical family. They describe it as a blunder, but Bald- power a national Government, and it is in the exerwin's independence has won him favor in many other cise of that trust that we shall endeavor to deserve
places. Even the Liberal press praises his Cabinet, their confidence." With respect to the foreign poldeclaring it is stronger than the one he headed when icy of the new Ministry he was reported to have said
he succeeded Bonar Law. The old guard element in that "we stand by peace treaties, and we will cultithe party is deeply vexed, but Baldwin is the com- vate good relations with foreign countries on the
plete master of the situation, and he is most unlikely basis of those treaties. That this policy is not a polto be moved by adverse comment, even if it comes icy of stagnation is shown by the action taken by the
from his closest colleagues. Baldwin is aiming to last Unionist Administration that led directly to the
draw upon the younger progressives of his party, as Dawes report and the London Conference, which
proved by his appointment of Lord Eustace Percy under the able direction of Ramsay MacDonald
repand Sir Arthur Steel Maitland to Cabinet rank. Un- proved so successful." The New York "Times"
MinPrime
the
less Churchill abandons all his old political views resentative said that "in conclusion
and adopts the theories of the protectionists, this ister referred to domestic problems, such as housing
Government will pursue the same fiscal policy as the and insurance. The Government, he said, would do
last. One of the most interesting events in the fu- its utmost, but the real redemption of the people
ture will be the Baldwin Government's attitude to- must come from themselves. The Government would
ward Russia, especially that of Chancellor Church- not attempt to control the country's industries, and
ill, who has been one of the Soviet Government's bit- they would do all they could to prevent others from
terest enemies in Great Britain. He lost no time in obtaining that control." He was quoted directly as
presenting himself at the Treasury to-day, going having stated that "we believe that ordered progress
there immediately after his audience with the Bing lies along the lines which this country has hitherto
pursued and that by changing the basis of our sysat Buckingham Palace."
tem we should fall into a pit of poverty and misery
Apparently doubt existed in the minds of French hardly to be visualized by our workers, and certainly
Government officials as to whether the selection of never yet experienced by them."
On Monday also 'Premier Baldwin completed his
Mr. Churchill would prove to have been a wise one.
the
of
New
new
Cabinet by appointing Viscount Peel as First
Paris
York
The representative in
of Works and Public Buildings and
7
dated
Nov.
Commissioner
that
"the
cablegram
"Times" said in a
as Chancellor of the Duchy of LanCecil
as
Viscount
Chancellor
Churchill
of
the
selection of Winston
Exchequer has caused some surprise here. At a time caster." Announcement was made also that "King
when so many inter-Allied financial arrangements George called a meeting of the Privy Council at the
are imminent Mr. Churchill's task will be a most dif- Palace to-day and Parliament was further prorogued
ficult one, it is believed here, and that it has yet to from Nov. 18 to Dec. 2. This postponement was
Virginia a slight reduction, but for Florida and Virginia the production is very small any way. The
acreage abandoned from July 1 to Nov.1 this year is
placed by the Department at 3.7%, which contrasts
with a ten-year average of 3.1%. Ginning to Nov. 1
is 9,694,920 bales, which contrasts with 7,600,826
Oct. 18 and 7,556,042 bales Nov. 1 1923. The amount
ginned this year to Nov.1 is 75.6% of the latest estimate of yield; a year ago it was 74.5% of the final
estimate of yield for that year.
2216
THE CHRONICLE
made for the purpose of enabling the new Ministers
to become acquainted with their departments before
the meeting of the new Parliament." The Associated
Press correspondent explained, furthermore, that
"when Parliament does reassemble many days will
be spent in swearing in the members and electing a
Speaker and other officials. Only when these formalities have been completed will the King formally
open Parliament with a State ceremony." Attention was called in a subsequent London dispatch to
the fact that "the Duchess of Atholl is the only woman among the more than a score of Ministerial appointments made public to-night. The Duchess becomes Parliamentary Secretary to the Board of Education in the new Baldwin Ministry."
In view of the difference in the political ideas and
party affiliations of Prime Minister Baldwin, a Conservative, and Premier Herriot, virtually a Socialist,
special significance was attached to the reception
given in France to the British Prime Minister's
Guildhall speech. According to a special Paris dispatch to the New York "Times" under date of Nov.
11, "Prime Minister Stanley Baldwin's Guildhall
speech last evening and the courtesies exchanged between the British Ambassador and Premier Herriot
have started Franco-British relations on the right
road,in French opinion. The Prime Minister's statement that he intended to continue the work for
peace in Europe on the basis of signed treaties is
warmly welcomed." It was added that "the statement is held to mean that the Dawes plan for reparations is to be the furthest France is to be asked
to go in the matter of concessions, and that if the
movement for the attachment of Austria to the Reich
continues France and Italy can count on the English
Government siding with them solidly in opposition."
As bearing directly on the foreign policy of the
present Conservative Ministry it was interesting to
observe in an Associated Press dispatch from London on Nov. 12 that "one of the first acts of the new
Conservative Administration is expected to be the
reopening of a complete investigation of the relations between Great Britain and Mexico." According to the dispatch also, "the attitude of the Cabinet, as a consequence of the successful suppression
of the Be la Huerta revolution and the desire for a
resumption of relations by commercial organizations, is said in well-informed quarters to be friendlier than that of the Labor Government at the time
of the visit here last March of Senor Rafael Nieto."
It might be noted in passsing that the first meeting of the Baldwin Cabinet was held at 10 Downing
Street on Wednesday. It was set forth in an Associated Press cablegram that it "assembled to discuss
and to frame the statement of policy which will appear in the King's address on the opening of Parliament." It became known also that "the Cabinet has
appointed a Cabinet committee to reinvestigate the
alleged letter from M. Zinoviev calling for increased
activities by British Communists, according to statements in morning newspapers." The London representative of the Associated Press said also that
"these reports say the Ministers agreed that the matter could not remain in the indefinite position in
which it was left by the retiring Government, as it
was necessary to establish whether the letter was
genuine or forged in order to reply to the Soviet Government's demand for an apology." He added that
[IroL. 119.
"it is believed the committee's report will be ready
for submission to the Cabinet at the next meeting,
probably early next week."
In a special London cable dispatch to "The Sun"
last evening it was claimed that "if the Cabinet committee appointed by Prime Minister Baldwin to
carry out the investigation of the Zinoviev affair reports that in the light of new evidence there is no
question as to the authenticity of the letter which
did so much to bring about the Tory landslide, it is
certain that a considerable element of the Cabinet
will press immediately for the rupture of relations
with Soviet Russia." It was also stated that "it is
understood that there are others, however, including
the Prime Minister himself, who believe it is possible
to exact satisfaction without taking such a drastic
step as the breaking off of all relations and the opening of a way to increased trouble in Eastern Europe
through an intensified Communist campaign of
propaganda."
Forecasts of the probable policy of the Baldwin
Ministry with respect to various important domestic
and foreign problems are appearing in the London
cable dispatches. On Nov. 13 the correspondent of
"The Sun" cabled that "the belief was expressed in
political quarters to-day that the Conservative Government will not lose any time in reviving the scheme
for an imperial preference, which was sidetracked
with Labor's entry to office. The King's speech at
the opening of Parliament on Dec. 9 will, it is declared, not only outline an imperial preference program for the 1925 sessions, but also include a housing scheme, a new factory bill and special measure
for dealing with unemployment." He added that
"the decision taken at the first Cabinet Council yesterday to open the new session before Christmas, although only emergency business can be taken up
before adjournment, was welcomed on all sides."
Premier Herriot and the French Chamber of Deputies have given much attention to the question of
finances. At the session of that body on Nov. 7 "it
was brought out that the budget proposed by the
Government amounts to 33,359,576,787 francs." It
was also explained that "this includes 623,000,000
francs for the occupation of foreign countries, which
is given as a separate item." In calling attention to
some of the leading features of the budget, the Paris
representative of the Associated Press said: "More
than half the French receipts, or 17,814,593,338
francs, will go to pay the interest on loans and debts.
The interest payments include 214,000,000 francs on
the American 1920 loan; 249,000,000 francs on the
American 1921 loan; 367,000,000 francs on the bonds
given for American army stocks, and 3,575,000,000
francs on the floating debt. The war budget totals
3,693,796,000 francs and that for the navy 1,313,104,000 francs."
The session was characterized as "stormy." The
Opposition was disposed to present frequent interpellations, but the Paris correspondent of the New
York "Times" declared that "in the Chamber's discussion of the budget to-day Premier Herriot showed
his determination to follow to the bitter end his
financial policy in every phase, even to the point of
staking his Government against the slightest opposition. Thus for the first time fiscal policy was
made a question of confidence when he was pressed
by a member of the Opposition for a definite date for
interpellation on the intentions of the Government
Nov. 15 1924.]
THE CHRONICLE
concerning a capital levy." The Premier was quoted
directly as saying that "I refuse categorically to enter a debate where a word I might say might be
turned not against the Government but against the
country. It is the custom when a great national operation is in course for the parties to keep quiet.
But since certain people have repudiated this usage,
the Government raises the question of confidence on
the postponement sine die of the interpellation." It
developed that "the vote which followed gave the
Government 393 to 117 against."
Premier Herriot was called upon to face still other
criticism and attacks. In outlining them the Paris
representative of the New York "Herald Tribune"
said in part: "Encouraged by the distinct swing to
the right in British and American elections, as contrasted with the Herriot Government's recognition
of Soviet Russia, a powerful political movement has
sprung up in France which may prove analogous to
Fascism in Italy. Not only has a new Republican
League been formed, under the direction of former
President Millerand, but the Nationalist section of
the French press to-night contends that the movement will include the mobilization of the French
youth, if necessary, as shock troops ready to fight
the Communist movement." Continuing he said:
"Following the announcement of the forming of the
Republican League to-day, the Right Wing opened
its heaviest guns of criticism against the Government in the Chamber, forcing Premier Herriot to
defend the Ministry's decision to float an interior
loan. The Government's policy will be worked out
entirely in the open, he said, with budgetary equilibrium in view. The Premier charged his opponents
with unpatriotic motives at the moment of daily and
hourly attacks on French credit. The League's line
of assault on Herriot was outlined in its first manifesto which condemns the Radical Socialist regime
for the 'destruction of the moral unity of the nation.'
Class hatred has been engendered, religious antagonism revived and Bolshevism encouraged, it charges,
and all this has brought the country into a serious
financial and economic position. Taxes and rents
have been increased, earning power has declined, and
the cost of living is mounting daily, it adds." The
correspondent further stated that "the appeal is
signed by Millerand and thirteen followers, and calls
on Frenchmen to enroll in the League to drive out
the regime leading to economic chaos and eventual
Communism. 'Shall we allow without resistance
the continuation of a policy so dangerous to the nation?' it asks. 'Your good sense, patriotism, love of
order and care for the future of your children will
dictate your duty.' The League's aims are given as
peace, based on real guaranties, the authority of the
State supreme in the hands of those entitled to it,
social improvement, fiscal justice and religious
peace, but an insurmountable barrier against revolutionary agents. The Republic, it says, must serve
the interests of all citizens, and concludes: 'For the
Republic of France we ask you Frenchmen to fight
with us against revolution and anarchy.'"
Premier Herriot did not wait long to defend his
Government and himself from the attacks of former
President Millerand. The New York "Times" correspondent in Paris cabled on Nov. 9 that "Premier
Herriot at Rodez, south of France, this afternoon
assailed without mercy former President Millerand
and his new National Party in a speech in which he
2217
claimed for his Parliamentary majority that it had
saved France from isolation, ruin and another war."
The Premier was quoted directly as having said that
"we have declared peace to all nations. If that is
the crime of which our opponents accuse us, then we
gladly plead guilty. In London and at Geneva we
issued that declaration and for result we have the
beginning of the payment of reparations, the goodwill of our former friends, a better understanding
with Our former enemies and a feeling of security for
ourslves such as we have not had during all the sixyears since the war ended. We know that a democracy which is not solvent is not free. We have condemned and will condemn any loans for expenses
which should be met by taxation. If we are borrowing now,it is not to meet expenditure for present expenses. These we are meeting out of taxation. Our
borrowings are only to meet past burdens, to honor
engagements taken by past Governments and to show
foreign countries thtt we are prepared to protect our
savings and our national currency."
The new interior loan for 4,000,000,000 francs was
offered at noon in Paris on Nov. 12. Paris dispatches stated that "at a meeting of the Presidents
of all the Chambers of Commerce of France this afternoon, Premier Herriot and the Minister of Finance, M. Clementel, made stirring pleas for the success of the loan. M. Herriot said: 'The budget equilibrium is assured. Now it is a question of taking
measures to assure the equilibrium of the Treasury.'
In his discourse M. Clementel said: 'In order that
the year 1925 shall not see a renewal of the serious
financial difficulties which are still overshadowing
us the Government has decided to issue a loan of
liquidation. This loan is indispensable to the realization of the policy of final restoration and monetary rehabilitation which the Government is following and intends to foltow to the very end.'"
The announcement has been made in Paris dispatches that the Reparations Commission is about to
be practically abolished. The New York "Times"
representative in the French capital cabled on Nov.
12 that, "at a meeting to-day the Reparations Commission passed a resolution which practically abolishes its organization as it has existed during the
last five years. All the highly paid representatives
of the four countries thereon represented decided
that henceforth they would do without their salaries
and continue to serve, when needed, for their traveling expenses, a fixed monthly indemnity and a variable allowance calculated according to the days of
their presence at meetings." In outlining the new
plan further he said that "the big Astoria Hotel beside the Arc de Triomphe, which has been the headquarters of the Commission, will be given up from
Jan. 31 and smaller premises obtained for use of the
permanent Secretariat and for the nucleus of a service which will be retained. The Commission itself
as constituted by the Treaty of Versailles will continue in existence, but its work having been now
largely handed over to organizations provided in the
experts' plan, it will meet only from time to time as
may be necessary and its members will not be obliged
to live in Paris. Many posts and services will be
abolished or reduced. The main work will be handled by those who have served as assistant delegates.
These will now be formed into a permanent managing committee, which will direct all work of the
2218
THE CHRONICLE
inter-Allied General Secretariat; will, in the name
of the Commission, make all decisions necessary for
the conduct of current business, and will report to
the Commission sitting in plenary session. To this
committee will be added a citizen of the United
States when a decision has to be taken on a question
regarding the report of the First Committee of Experts. For the four principal national delegations
an annual lump sum will be made of 200,000 francs
each, which will cover all expenses at present entered
on their respective budgets." The Associated Press
correspondent said that "the Reparations Commission's establishment in Paris has been costing about
27,000,000 francs a year,24,000,000 of which has been
for salaries. It had been hoped that economies
would cut this figure, but the addition of an American member and the customary difficulties of executing any drastic program make a heavy reduction less
likely. Officials think that the saving probably will
amount to 40 or possibly 50%. The Dawes organization, with many American and neutral members from
high exchange countries, it is suggested, is likely to
prove fairly expensive, and it is hardly expected that
the Reparations Commission's economies will more
than meet the Dawes plan expenses."
Scarcely a week passes without a European Cabinet being overthrown. The latest is that of Austria'.
It became known in Vienna on Nov.8 that "Chancellor Seipel of Austria has tendered his own resignation and the resignation of his Government." It was
explained in a dispatch from the Austrian capital
that "his action followed the Government's failure
to avert a general strike of railroad workers, which
went into effect last night. The railway men demanded an increase in wages involving approximately $200,000, which the Government refused, although admitting the validity of their claim in view
of living costs." According to the same dispatch
"'every train in Austria is affected by the strike, including the international expresses."
Commenting somewhat in detail upon the situation in a dispatch dated Nov. 8, the Vienna correspondent of the New York "Times" said: "The Seipel Government having resigned late last night as a
result of the general railroad strike which has
stopped all trains in Austria, President Hainisoh
of the Republic is faced with the severest crisis the
young Republic has yet gone through. Confronted
with the railroad unions' demands, the President of
the Federal Railroads, Herr Gunther, also resigned
because he was unable to meet the unions' demands
and carry out the economies prescribed by the Geneva program of reconstruction as laid down in the
1925 Austrian budget, which finishes the reconstruction period. The present criasis is regarded as a surface expression of deep-rooted dissatisfaction of the
masses with the Geneva program and, on the other
hand, of the fierce intrigue going on against the Government." Dr. Seipel was quoted in part as follows:
"This is a most serious situation. The resignation
of the Government is not, as is surmised by our opponents, a mere bluff. The very existence of the
whole reconstruction program is threatened. It is
not merely a question of this strike which prevented
us from remaining in office, but it is also the spirit
of the people on these questions. We stand or fall
with the President of the Federal Railroads. I do
not worry about the ultimate outcome of the crisis."
Attention was called to the fact that "Parliament
[VoL. 119.
will convene on Tuesday [Nov. 11], when the Government's resignation will be announced. Chancellor Seipel said there was no question of a vote of confidence but if the President of the Federal Railroads
meantime reaches an agreement with the strikers the
present Government could be re-electd."
The situation was described in part as follows by
a special Vienna correspondent of the New York
"Times" in a dispatch on Nov. 9: "Austria is settling down to-day to a railroad strike of at least several days' duration. A number of emergency measures have been takn to mitigate the worst consequences of the traffic tie-up. Most important of
these is the decision of the postal administration to
forward foreign first class mails by motor trucks to
the frontier, this step following the failure of officials to induce railwaymen to maintain this vital service. A sympathetic strike of postal employees who
at first refused to load mail bags on trucks last night
was warded off with difficulty." He added that "in
well-informed circles the idea prevails that the present chaos will be settled within a few days and that
probably Chancellor Seipel will be re-elected to form
a new Cabinet. A compromise favoring the railroad
men is expected to dispose of the strike." President
Gunther of the federated railroads explained that
the cost of living has increased in the last seven
2% inmonths by 7%, which had been met by a 41/
crease in wages. He added that in no country and at
no time had there ever been so immediate and full an
adjustment of wages to prices. The strikers' demands involve wage increases ranging from $2 15 to
about $5 a month per man added to monthly wages
of $18 for stokers to $130 for the highest class of
employees." According to the latest cable advices
from Vienna, the strike is still in progress.
Considerable speculation has appeared in Berlin
cable dispatches as to the probable outcome and effects of the general election in Germany that is to be
held on Dec. 7. According to an Associated Press
cablegram from the German capital under date of
Nov. 12, "President Ebert succeeding Dr. Wilhelm
Marx as Chancellor, and the latter's election to the
Presidency of Germany, is now being reckoned with
in political circles as not an improbable sequel to the
forthcoming Reichstag elections." It was added
that "the present calculations assume that the MarxStresemann Cabinet will continue in office until the
Government's compulsory program of tax and social
legislation will have slipped through the Reichstag.
After that it is expected that the Cabinet will give
way to a brand-new coalition comprising the Socialists, Clericals, Democrats, Bavarian People's Party
and several unattached groups whose total representation in the newly elected Reichstag will insure the
new Government a comfortable working majority."
The further observation was made that "political
prophets now contemplate the formation next spring
of a coalition Government headed by Ebert, whose
term expires as President in June 1925. As Marx
has already been groomed for the Presidency, it is
assumed that a party line-up resulting from the balloting on Dec.7 will be so constituted that the Socialists will command the traditional privilege of nominating the Chancellor, and that they will propose
Ebert, who will be supported by other coalition parties in return for the Socialists' approval of Marx as
a Presidential candidate."
Nov. 15 19241
THE CHRONICLE
2219
The point was stressed in cable dispatches from face wore the same scowl, the sudden squint of irriRome early in the week that apparently the Fascisti tation, the flashing, darting glance from one face to
in Italy were facing a critical period. The corre- another. During the speeches of Deputies, Mussospondent of the New York "Times" said on Nov. 10 lini would put his arm about the shoulder of the
right or
that "with the reopening of Parliament only two White-haired Admiral Thao de Reval at his
he-covered
times
other
At
Ministers.
various
to
talk
state
a
in
still
opinion
days distant, and with public
ceiling, shiftof feverish turmoil after the Armistice Day incidents his face with his hands and gazed at the
then
attitude,
bored
restless,
a
in
frequently
ing
ex-combatants,
opposition
and
between the Fascisti
him.
before
manuscript
the feeling is widespread that Italy is on the brink plunging into corrections of
chara
in
danced,
virtually
of big political develoments, and some even believe I n reading his address he
that the fate of the present Cabinet may be decided acteristic springy movement which bespoke his splenwithin relatively few hours." He asserted also that did physical condition and tremendous moral con"partisan sentiment is running so high, and the bat- fidence in his personal leadership of the Fascist
•
tle is engaged with such bitterness, that victory for Party."
special Rome cablegram to
a
to
According
one side or the other cannot be long delayed." The
Tribune" yesterday morning,
"Herald
a
to
published
manifesto
the New York
next day "the Opposition
of an impending coup
reports
with
to
not
its
participate
filled
confirming
decision
"Italy
is
the nation
Fascist GovMussolini's
Premier
Govpresent
the
work
overthrow
as
as
long
d'etat
to
Parliamentary
in
ernmental situation continues and is even aggra- ernment." It was added that, "although tangible
vated." It was pointed out that "although the sta- evidence to substantiate these reports is difficult to
tistics of the last general election showed that the find, the Government's movements of warships and
Opposition received votes representing one-third of troops are regarded as highly significant. The Adthe entire eleCtorate the manifesto declares that the miralty to-day dispatched a cruiser, four torpedo
Opposition now undoubtedly represents a majority boats and four submarine chasers to watch the coast
of the population." Premier Mussolini, on the other line in the neighborhood of the frontier, and, in addihand, "in an address to his followers on the eve of tion, the War Office has posted soldiers at certain
the reassembling of the Italian Parliament, made the strategic points along the border. The King's hurmildest speech he has delivered since becoming Dic- ried return to Rome from the country has accentutator, while simultaneously a rumor gained currency ated the apprehension felt in all quarters." The
to-day that the Fascists may change the name of their impression was likewise conveyed in a special Paris
organization to the National Party." He was quoted cablegram to "The Sun" last evening that the border
as claiming that "Fascism will restore the country," situation was threatening for Spain as well as Italy.
and in conclusion as asserting that "the Government The message stated that "both Spanish and Italian
has done its duty and faithfully served the nation. forces are keeping a close watch on their French
Gentlemen Deputies of the majority, do yours and frontiers in anticipation of Communist and Anarchist raids resulting from big scale plots hatched in
think of Italy."
12,
Nov.
on
Paris, one with the object of installing a Soviet in
The Italian Parliament did assemble
York
New
The
four
Barcelona, another .with the complete overthrow of
months recess."
"after almost
"Times" correspondent in Rome said that "it is an Mussolini." It was even asserted. that "thousands
experimental phase to determine whether it is pos- of the enemies of the dictators in both countries, now
sible for a Parliament to function despite the with- refugees along the Riviera and in the Pyrenees, only
drawal of the Opposition, or whether decisions await the signal of revolt to stream across the fronreached by representatives of only one party will tiers." According to the cablegram also, "the Italbe so devoid of moral force as to render dissolution ians have taken comprehensive measures to repel any
of the Chamber inevitable." In his account of the such invasion. Their troops have occupied certain
session, the "Times" representative said that "the strategic points controlling the frontier communicabegining was not auspicious. The Parliament hall tions and a cruiser, four torpedo boats and four subhad a depopulated appearance with barely 250 Dep- marine chasers are cruising off San Remo to preuties spread thinly over benches intended to accom- vent any sea landing and to intercept gun-runners."
modate more than 500. Deprived of the tonic of the
Opposition's interruptions and taunts, the Deputies
The British Board of Trade statement for October
appeared listless and bored and their applause at disclosed rather striking changes in comparison with
the end of each speech lacked conviction." He even the previous month and also with October of last
claimed that "the interest evoked by Mussolini when year. In both instances there were big increases in
he rose to speak died out as soon as he resumed his both the imports and excess of imports. For inseat." Continuing he said: -"Mussolini spoke only stance, the imports for October of this year were
a very few words to commemorate Deputies Matte- £19,560,000 larger than for September of this year
otti and Casalini and a few other eminent Italians and £20,540,000 larger than for October a year ago.
who have died since Parliament went into recess, Excess of imports increased .£10,800,000 over Sepsuch as General Ricciotti Garibaldi. He said that tember anfl £21,490,000 over October 1923. Fairly
Parliament's indignation at the murder of Deputy good-sized changes were shown in the other items,
Matteotti was not attenuated but increased by the particularly when compared with September•of the
fact that the victim was a political opponent of the current year. The following are the figures for Octopresent Government, and then he made a beautiful ber and the first ten months of this year compared
eulogy of Deputy Casalini, who fought many polit- with the corresponding periods of 1923:
—_—Month ofoaoaer— —Jan.110 Sept.30ical fights side by side with him." In describing the
1924.
1924.
1923.
1923.
120,450,000 99,914,731 1,029,805,000 887,459,651
Imports
Rome
the
Premier
appearance and actions of the
68,580,000 71,322,931 657,899,000 637,445,312
Exports, British products
12,930,000 11,146,961 115,768,000
goods
98,004,852
representative of the New York "Evening Post" said: 11e-exports, foreign
81,510,000 82,469,892 773,667,000 735,450,164
Total exports
dapper
nervous,
quick,
"Mussolini appeared the same
38,940,000 17,444,839 256,138,000 152,009,487
Excess imports
leader as in his first appearance as Premier. His
2220
THE CHRONICLE
Official discount rates at leading European centres continue to be quoted at 10% in Berlin; 7% in
Norway and Denmark; 6% in Paris, 5/
1
2% in Belgium and Sweden; 5% in Holland and Madrid and
4% in London and Switzerland. In London open
market discounts were a shade easier and short bills
closed at 35
/
8@311-16%, against 35
/
8@33
/
4% the
previous week. Three months' bills closed at 33
/
8%,
against 334@313-16% a week ago. Call money
ruled strong, touching 33
/
8%, but receding later to
2/
1
2% and closed at 27
1
2%
/
8%, as compared with 2/
last week. In Paris and Switzerland open market
discount rates have declined from 53
/
8% and 35
/
8%
to 5% and 31/
4%, respectively.
The Bank of England lost gold this week, albeit
only £311, while reserve increased £976,000, as a result of contraction in note circulation of £977,000,
while the proportion of reserve to liabilities advanced to 20.90%, which is the highest point of the
year. The lowest was 12.24% for the week ending
Jan. 3. A week ago the reserve ratio stood at
4 and in 1922
19.39%; last year the ratio was 191/
195
/
8%. Sharp reductions were shown in deposits,
public deposits declining £544,000 and "other" deposits £3,859,000. The bank's temporary loans-to the
Government increased £440,000, although loans on
other securities fell £5,771,000. Gold holdings now
stand at £128,494,253, as against £127,686,026 in 1923
and £127,441,016 a year earlier. Reserve aggregates
£25,374,000, compared with £23,231,871 a year ago
and £23,989,056 in 1922. Loans amount to £72,827,.000. A year ago the total was £71,469,488 and the
year preceding £66,143,276, while note circulation
stands at £122,870,000, in comparison with £124,204,155 and £121,901,960 one and two years ago, respectively. Clearings through the London banks for the
week were £810,997,000, which,compares with £873,306,000 last week and £694,000,000 a year ago. The
official discount rate of the bank remains at 4%, unchanged. We append herewith comparisons of the
different items of the Bank of England return extending over a series of years:
[VoL. 119.
940,000 francs, comparing with 37,439,366,595 francs
at this time last year and with 36,321,245,860 francs
the year before. 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.
Changts.
Status as of
for Week.
Nov. 13 1924. Nov. 15 1923. Nov. 16 1922.
Gold Holdings-Francs.
Francs.
Franca.
Francs.
In France
Inc.
17,293 3,680,239,618 3,675,214,704 3,635,602,779
Abroad
No change
1,864,320,907 1,834,320,907 1,897,967,056
Total
Inc.
17,293
Sliver
Inc.
546,000
Bills discounted_ _Dec.1,200,848,000
Advances
Inc. 112,388,000
Note circulation_Dec. 69,340,000
Treas. deposItsDec.
412,000
General deposits_Dec. 71,286,000
5,544.560,525
304.029,000
4.630,669,000
2,838,410,000
40.635,940.000
16,316,000
1,850,549,000
5,539,635,612
295,837,295
3,351,186,416
2,329,186,846
37,439,366,595
83,658,353
2,118,735,642
5,533.569,836
288,356,078
2,259,710,638
2.158,451,780
36,321,245,860
19,392,718
2,064,680,962
The report of the German Reichsbank, issued as
of Oct. 31, was featured by a material increase in
gold holdings and further heavy expansion in note
circulation. The amount of notes outstanding is
1,780,930,000 gold marks (the equivalent of a trillion
paper marks), an increase for the week of 467,809,000 marks, and compares with 2,496,822 marks at
this time a year ago. Deposits abroad increased 62,330,000 marks, reserve in foreign currencies expanded 21,240,000 marks, while there was an addition of 165,953,000 marks to the holdings of bills of
exchange and checks. Other lesser increases comprised 16,678,000 marks in advances, 190,000 marks
in investments and 4,372,000 marks in other assets.
Among the declines were 6,120,000 marks in silver
and other coins and 3,000 marks in notes of other
banks. In the liabilities there was a decline of 277,663,000 marks in maturing obligations and of 75,892,000 marks in other liabilities. Gold and bullion recorded an increase of 63,722,000 marks, to 694,224,000 marks, as compared with 467,025,000 marks a
year ago and 1,004,853,000 marks in 1922. These
figures are given in the new reichsmark, which equals
one trillion paper marks or one rentenmark.
Another statement, under date of Nov. 7, was
received by cable late Friday (yesterday), which
reported a further increase of 64,000 marks in gold
BANK OF ENGLAND'S COMPARATIVE STATEMENT
and bullion, but a contraction of 59,125,000 marks
1923.
1924
1922.
1921.
1920.
in note circulation. Reserve in foreign currencies
Nov. 14.
Nov 12.
Nov. 15.
Nov. 16.
Nov. 17
expanded 22,000 marks and silver and other coins
122,870,000 124,204,155 121,901,960 123,587,030 127,569,380
Circulation
Notes on other banks and investments
16,863,000 14,885,309 12,854,839 20,067,150 19,508,652 7,000 marks.
Public deposits
105,493,000 105,804,208 109,505.988 106,037,703 116,278.543 increased
Other deposits
marks and 299,000 marks, respec82,000
Governm't securities 40,898.000 43,718,506 49,967,519 35,725,883 63,788,073
72,827,000 71,469,488 66,143,276 84,822,923 76,165,989 tively.
There were declines in holdings of bills of
Other securities_ _
Reserve notes & coin 25,374,000 23,231,871 23,989,056 23,296,166 14,599,044
exchange and checks of 12,309,000 marks and in
Coin and bullion_ J28,494,253 127.686,026 127,441,016 128,433,196 123.719,324
Proportion of reserve
advances 17,970,000 marks. The Bank's gold hold20.90%
195i%
1911%
1844%
to liabilities
10,4%
4%
3%
4%
5%
7% ings aggregate 689,288,000 marks, while total note
Bank rate
circulation has been reduced to 1,721,805,000 marks.
The Bank of France in its weekly statement reports Other maturing obligations showed an increase of
a further small gain of 17,293 francs in the gold item. 119,891,000 marks and other liabilities an increase
The Bank's gold holdings, therefore, now aggregate of 10,564,000 marks.
5,544,560,525 francs, comparing with 5,539,535,612
The Federal Reserve Bank statements issued late
francs at the corresponding date last year and with
Thursday
afternoon showed increased gold reserves
before;
of these
5,533,569,836 francs the year
and
larger
or smaller changes in other directions.
were
held
francs
abroad
in
amounts 1,864,320,907
For
the
System
1,897,967,056
francs
an addition of $9,100,000 was shown
in
1922.
both 1924 and 1923 and
Rediscounting of Government
in
the
gold
holdings.
546,000
increased
francs,
During the week silver
banks as a whole was but
secured
for
the
paper
francs.
On
112,388,000
the
while advances rose
rediscounts
of "other" bills
slightly
but
changed,
off
1,200,848,000
fell
discounted
other hand, bills
francs, Treasury deposits were reduced 412,000 francs declined $5,200,000. Bill buying in the open market
and general deposits diminished 71,286,000 francs. expanded $13,300,000. Total bills discounted fell
Note circulation took a favorable turn, a contraction $5,000,000, to $224,232,000, which compares with
of 69,340,000 francs, from the record high figure of $791,112,000 last year. Earning assets increased
40,705,280,000 francs registered last week, being $12,000,000 and deposits no less than $56,500,000.
recorded. The total outstanding is now 40,635,- There were likewise increases in the amount of Fed-
Nov. 15 19241
THE CHRONICLE
2221
bursement $6,157,000 is being withdrawn from banks
in this Federal Reserve District. The new bond offerings have not been especially large. While money
may be firmer naturally higher rates are not expected in the immediate future.
Dealing with specific rates for money, call loans
this week ranged between 2@2%,which compares
with 23/2@33/2% last week. On Monday a flat rate
of 23/2% prevailed all day. Tuesday the undertone
was easier and 2% was named, although renewals
which was still
continued to be negotiated at
the high. During the remainder of the week,
Wednesday, Thursday and Friday, the quotation
went back to the 2% level, at which figure call funds
opened, closed and renewed. All transactions were
money the
put through at this figure. In tifor a while
c.d
firmnes
greater
tendency was toward
with the
M%,
at
:
31
4
,
quoted
was
sixty day money
close,
Clearing
the
York
cfore
New
%.
of
A
statement
332@33
Saturday's
Last
longer periods at
to
by
declined
featured
days
was
y
s'
and
companies
in
and
trust
set
banks
relaxation
House
however,
sharp reductions in both loans and deposits and a 3@334%, ninety days to 334c,:, four months 334@,
gain in surplus of more than $89,000,000. In detail 33/2%, five months 332%, the same as last week,
the figures showed contraction in the loan item of with six months at 332@3%%, against 334@,31A%
$169,619,000. Net demand deposits fell $95,056,000, the previous week. A fairly good demand was
to $4,574,147,000. This total is exclusive of Govern- noted, with borrowers showing more interest than
ment deposits amounting to $31,800,000. Time de- for quite some time. ,
posits were reduced $9,707,000 to $606,257,000. There
Commercial paper was only moderately active.
of
members
of
vaults
own
in
was an increase of cash
There was a fairly broad inquiry for the best names,
$52,566,to
,
$6,420,000
of
Bank
the Federal Reserve
but the supply of offerings was limited. Quotations
of
Reserves
reserve.
as
counted
not
000, which is
for four to six months' names of choice character
ex.
vaults
own
in
companies
trust
and
State banks
have not been changed from 3@334%, with names
s
institution
these
of
reserves
but
$257,000,
panded
not so well known still requiring 334@33/2%. New
kept in other depositories declined $73,000. An in- England mill'paper and the shorter choice names
crease of $76,730,000 was shown in the reserves of continue to be dealt in at 3%.
member banks at the Reserve Bank,and this in comBanks' and bankers' acceptances were generally
bination with curtailment in deposits served to quiet. In the latter part of the week some inquiry
bring about an addition of $89,609,770 in surphs're- developed from both local and out-of-town instituserves, rasing excess reserves to $111,524,480, as tions, though many of the larger concerns are out of
against $21,914,710 a week ago. The figures here the market for the time being. Brokers are pregiven are based on 13% legal reserve requirements dicting higher quotations. For call loans against
for member banks of the Federal Reserve System. bankers' acceptances the posted rate of the American
but not including $52,566,000 held by these member Acceptance Council is now 13
4%, against 23/2% a
banks in own vaults on Saturday last.
week ago. The Acceptance Council makes the discount rate on prime bankers' acceptances eligible for
To the superficial observer transactions in stocks purchase by the Federal Reserve Bank 234% bid
on the New York Stock Exchange averaging largely and 21A% asked for bills running 30 and 90 days,
in excess of 2,000,000 shares daily until yes- 23
/% bid and 234% asked for bills running 60 days
terday, and a 2% call money market did not and 2
bid and 2%
8% asked for bills running 90
seem natural. According to unofficial estimates, and 120 days, 23
1% bid and 23/2% asked for 150
/
brokers' loans have increased $125,000,000 or days, and 278% bid and 25
/% asked for 180 days.
more within the past month, mostly within the Open market quotations were as follows:
last week or ten days. This might logically
SPOT DELIVERY.
30 Das.
60 Datis.
00 Days.
be expected to bring about higher rates for
2,4€0
2lift2%
2H€S2Si
Prime eligible bills
call money. Important bankers and heads of modFOR DELIVERY WITHIN THIRTY DAYS.
2h' bid
erate-sized and specially conservative Stock 'Ex- Eligible member banks
24 bid
change houses say that in a good many cases brokers' Eligible non-member banks
There have been no changes this week in Federal
loans actually have decreased since the big upward
movement in stocks began, following Election Day. Reserve Bank rates.
This seeming anomaly is said to have been brought
Sterling exchange values made further progress in
about by heavy investment buying of stocks that
on
margin.
carrying
The
standthe upswing that commenced a week ago and demand
brokers had been
have
been
that
issues
by
bought
paying
bills after an opening quotation of 4 603/ were forced
ard dividend
are
movement
present
likely
to
the
during
up to 4 63%, under the stimulus of unusually heavy
investors
an
indefinite
for
time.
This
boxes
strong
buying. As a matter of fact, sterling has been
remain in
will give material stability to the stock market and throughout easily the leader in point of activity and
tend to keep brokers' loans down. The business of strength; and the inquiry, which .was ascribed to a
the country has not expanded sufficiently to affect variety of causes, aroused considerable comment.
the money market. Approximately $66,000,000 is Speculative interests figures prominently in the
being paid by the Government to-day for interest on week's dealings. Offerings of grain and other comLiberty bonds. In partial preparation for this dis- modity bills at times attained substantial volume, but
eral Reserve notes in circulation and in member bank
reserve accounts—$12,400,000 and $54,300,000, respectively. The New York Reserve Bank added more
than $45,000,000 to its gold reserves at the expense
of interior institutions mainly through the Gold Settlement Fund, while rediscounting of all classes of
paper fell approximately $14,600,000 and open market purchases were $16,800,000 smaller. Earning
assets were also reduced, $31,400,000, although deposits expanded $49,900,000. Member bank reserve
accounts expanded $50,600,000 and the amount of
Federal Reserve notes in circulation $7,300,000. As
deposits were larger, this in a measure offset the
gains in gold and prevented any material alteration
in reserve ratios. For the banks as a group there
was a small decrease to 77.2%, or 1% off, while at
New York the ratio advanced .4%, to 77.3%.
2222
THE CHRONICLE
[VOL. 119.
it was claimed that the buying demand was of such 4 613
/@4 635
% and sixty days to 4 589/8@4 60%.
extensive proportions that supplies of bills were On Friday the market was quiet but
strong, with
readily absorbed. The intervention of Armistice the range for demand bills 4 62%@4
63%, cable
Day, which was observed as a holiday at several of the transfers 4 62%@4 643/
8, and sixty days 4 60%@
more important European financial centres, caused a 4 619/
8. Closing quotations were 4 6034. for sixty
temporary slackening in activity. On Wednesday days, 4 629 for demand and 4 63 for cable
transtrading was resumed, but on a somewhat smaller fers. Commercial sight bills finished at 4 625
/
8,
scale, while profit taking set in. Many of the larger sixty days at 4 583'2, ninety days at 4 58,
documents
interests seized the opportunity to close out long ac- for payment (sixty days) at 4 583, and seven-day
counts and the result was the customary "natural grain bills at 4 621
/
8. Cotton and grain for payment
reaction" to lower levels that so often succeeds a closed at 4 628
/
8.
rapid and sustained rise. Towards the latter part of
A small amount of gold was shipped this week to
the week, however, prices began to soar again and the Venezuela. The consignment, which amounted
to
close was at the top.
$250,000, is said to have been preceded by several
Events of the week seem to confirm the belief that a other small shipments to this destination recently.
turning point has at length been definitely reached in Y3sterday $500,000 in gold bars was sent
to Bombay.
Europe's affairs. The apparently smooth working of No imports were reported.
the Dawes plan, coupled with epoch-marking improvement in political conditions here and in England,
While a greater degree of stability marked dealings
are regarded as presaging an era of returning pros- in Continental exchange this week, the volume
of
perity, bringing stability and confidence in inter- business passing was comparatively light, and attennational trade relations within measureable distance. tion again centered, for the most
part, in sterling
Even in Germany, which has so long been the storm movements. French francs were the
most active
centre of politics, latest returns in the provincial feature of a dull market, though in the
early part of
elections now going on indicate a well defined leaning the week buying was inclined to be sporadic
and untoward the more moderate element, thereby giving an certain. With the resumption of business
after the
auspicious outlook to the national election scheduled Armistice Day celebrations, francs were
subjected to
for the early part of December. Among the reasons heavy selling pressure and quotations ranged
beassigned for the buying of sterling, aside from en- tween 5.233/ and 5.25. Subsequently, what was
decouragement over the outlook, were continued trans- scribed as "window-dressing" on the part of
the
fers of American funds abroad, buying on the part of French authorities for the purpose of aiding
distribubusiness concerns who have deferred filling their tion of the new 4,000,000,000 franc French
internal
sterling requirements in the expectation of a slump in loan, which was offered publicly Wednesday,led to
an
prices, and Governmental support with a view, it is . advance of about 6 points, to 5.323/
2. As the offering
claimed, to re-establish sterling at par. Opinions on will probably take several days to dispose of,
francs
this point differ, some maintaining that it is too soon are expected to show increased strength.
Financial
for this, since it would necessitate a return to a gold interests, however, continue to exhibit
caution in
basis, something that it is claimed England is not their attitude toward French
exchange. It is reready for. On the other hand, as a number of the ported that French exporters and
business interests
Continental countries have succeeded in restoring are again resorting
to various devices to export
their currencies to par, it is felt that Great Britain capital from the country.
Efforts to increase taxes
will not be willing to lag behind for fear of a loss of on securities and the unpopular
attitude of the Herprestige. Indian rupees which have been dull and riott Government toward
financial affairs are held
heavy for many months, ruled strong and appreci- responsible for the movement
to draw funds away.
ably higher. To prevent too wide fluctuations the The new reichsmarks were
dealt
into a moderate
Indian Government is making offerings of rupee extent and the quotation
ranged between 23.82 and
Council bills in London, also accumulating sterling 23.81. Apparently all
serious restrictions on foreign
balances for future requirements. Talk is heard of exchange dealings have now
been removed in Gerreducing the rupee parity from $.4866 to the pre-war many. Germans are now
allowed to buy exchange
level of $.3244.
and even sell marks abroad without interference.
Referring to the day-to-day rates, sterling exchange Restrictions of exchange
business to the "exchange
on Saturday last was strong and higher; demand bills banks" is still, however,
demanded, also that the ofsold up to 4 5914@4 603/2, cable transfers to 4 593@ ficial Bourse rate be
preserved. . Lire, which have
4 609, and sixty days to 4 569@4 58; good buying been practically motionless
for weeks, came in for
both for foreign and domestic account developed. some attention by reason
of fresh outbreaks of poOn Monday rates were rushed up another 23/ cents litical unsettlement in Italy.
Present bitter opposion brisk buying, to 4 59%@4 623 for demand, tion to the Mussolini
regime, is taken to mean that a
4 60%@4 63 for cable transfers, and 4 57%@4 6034 general election may be
demanded shortly. However,
for sixty days. Less activity was displayed on Tues- lire quotations continue
to be closely controlled, thus
day, owing to holiday conditions abroad, and while precluding speculativ
e attack, while despatches late
prices were firmly held the range was narrow with in the week to the effect
that the necessary funds to
demand at 4 609@4 623, cable transfers at 4 61@ meet payment of the $15,000,000 Italian loan due
in
4 629/
s, and sixty days at 4 5834@4 59%; heavier February would be forthcoming had a favorable
inofferings and profit taking caused a reactionary ten- fluence and induced a slight recovery. Greek exdency. Wednesday there was a further decline of change and the other minor European currencies
nearly 2 cents to 4 59%@4 60 9-16 for demand, ruled quiet but steady, and were little changed.
4 59%@4 60 13-16 for cable transfers and 4 56%@
The London check rate on Paris finished at 87.40,
4 58 1-16 for gixty days. Activity and strength as compared with 87.40 last week. In
New York
marked Thursday's trading and renewed buying sent sight bills on the French centre closed at 5.279,
demand up to 4 613/
8@4 639.g, cable transfers to against 5.233'; cable transfers at 5.289, against
Nov. 15 024.1
2223
THE CHRONICLE
%, against tries of the world. We give below a record for the
5.243'; commercial sight bills at 5.263
2, and commercial sixty days at 5.211A,against week just past.: RATES CERTIFIED BY FEDERAL RESERVE
5.223/
FOREIGN EXCHANGE
4a week ago. Closing rates for Antwerp francs,
5.171
BANKS TO TREASURY UNDER• TARIFF ACT OF 1922,
NOV. 8 1924 TO NOV. 14 1924, INCLUSIVE.
were
checks,
which as usual followed the lead of Paris
comparing
transfers,
4.84 for checks and 4.85 for cable
Noon Buying Rate for Cable Frontiers in New York.
Value in United States Money.
Monetary
4 and 4.813.1 the previous week. Reichs- nnintry and
with 4.801
Unit.
10. Nov. 11. Nov. 12. Nov. 13. Nos. 14.
Nov.
8.
Nov.
marks finished at 23.81 (one rate), for both checks
8
1
$
EUROPEAustria, krone
$ 000014 8.000014 8.000014 8.000014 8.000014 3.000014
and cable transfers, as. against 23.80 a week earlier. Belgium,
.0484
.0483
.0484
.0484
.0482
.0481
franc
.007325
.007320 .00733
.007325 .00731
007305
Bulgaria, ley
Austrian kronen, however, remain stationary at Czechoslovakia,
kron .029814 .029815 .029806 .029807 .029813 .029799
.1765
.1762
.1759
.1763
sight
for
bankers'
1757
%
.1760
4.313
at
krone
closed
Denmark,
Lire
0.00143/g.
England. pound ster
4.6338
4.6242
4.5969
4.6204
4.6201
ling
4.5991
%for cable transfers,in comparison with Finland,
bills and 4.323
025178 .025198 .025182 .025175 .025197 .025184
markka
.0529
.0528
.0528
.0531
.0527
0524
France,franc
.2379
.2380
.2380
.2379
4.293/2 and 4.303/2 last week. Exchange on Czecho- Germany,
.2380
381
reichsmark
.017993
.017955
.017907
.017888
017907 .017885
drachma
.4010
.4003
slovakia finished at 2.983, against 2.983; on Buch- Greece.
.3990
.3996
.4001
.3997
Holland, guilder
.000013 .000013 .000013 .000013 .000013 .000013
4(un- Hungary, krone
.0433
.0434
.0433
arest at 0.55, against 0.563i; on Poland at 191
.0433
.0430
0430
Italy. lira
.1482
.1480
.1469
.1482
.1483
.1462
Norway, krone
.1922
.1921
.1920
.1921
changed), and on Finland at 2.58, against 2.52. Poland.
.1919
.1919
zloty
.0461
.0455
.0454
.0152
.0442
.0436
escudo
Portugal.
1.80
and
.005468
.005458
.005482
.005530
Greek exchange closed at 1.79% for checks
.005593
005616
Rumania,leu
.1360
.1358
.1354
.1355
peseta
.1354
1354
.2682
.2582
.2681
.2(82
.2682
for cable transfers. This compares with 1.783.. and Spain,
.2685
Sweden,krona
.1927
.1926
.1925
.1926
.1926
Switzerland, frane___ .1927
.014452 .014458
1.79 a week earlier.
Yugoslavia, dinar__ .014511 .014497 .014459 .014464
Trading in the neutral exchanges, formerly socalled, was generally active and additional gains
were made. Guilders crossed the 40-cent level
on continued brisk buying. Swiss francs, on the
other hand, were a trifle lower, ruling between 19.27
and 19.253/2. The Scandinavian exchanges, however, were all up, Norwegian krone scoring an advance at one time of about 40 points, with lesser gains
in Danish and Swedish currencies. Spanish pesetas
were well maintained, despite war rumors, and finished at a fractional advance.
Bankers' sight on Amsterdam closed at 40.05,
against 39.86; cable transfers at 40.09, against 39.90;
commercial sight bills at 39.99, against 39.80, and
commercial sixty days at 39.62, against 39.44 last
week. Swiss francs finished at 19.263' for bankers'
sight bills and 19.273/2 for cable transfers, as compared
with 19.27 and 19.28 a week ago. Copenhagen
checks closed at 17.63 and cable remittances at 17.67,
against 17.46 and 17.50. Checks on Sweden finished at 26.783/i and cable transfers at 26.823',
against 26.79 and 26.83, while checks on Norway
closed at 14.78 and cable transfers at 14.82, against
14.54 and 14.58 the week preceding. Spanish pesetas
finished the week at 13.59 for checks and 13.61 for
cable transfers. Last week the close was 13.483r and
ASIAChina.7775
Chefon.tael
.7800
.7783
.7808
Hankow,tael
.7635
7600
Shanghai, tael
.7846
Tientsin. tael
.7875
.5468
Hong Kong. dollar. .5449
.5508
.5531
Mexican dollar
.5521
Tientsin or Pelyaiu 5525
dollar
.5579
Yuan dollar
5455
.3417
.3418
India,rupee
.3856
3853
Japan, yen
.5296
Singapore(S.S.) dollar .5279
NORTH AMER..999521 .999551
Canada, dollar
.999714 .999576
Cuba. peso
.487917 .488083
Mexico peso
Newfoundland. dollar .997000 .997240
SOUTH AMER..8504
Argentina, peso (gold, .8486
.1156
.1139
Brazil, milrels
.1132
.1123
Chile, peso(papa)
.9315
.9291
Uruguay,peso
•The new reichamark-ls equivalent to
.7783
.7792
.7646
.7858
.5471
.5513
.5525
.7796
.7775
.7641
.7879
.5179
.5525
.5529
.7846
.7819
.7679
.7900
.5484
.5523
.5575
.7833
.7813
.7652
.7908
.5505
.553b
.5567
.5583
.3407
.3852
.5300
.5579
.3415
.3854
.5296
.5592
.3440
.3852
.5300
.5463
.3437
.3848
.5325
.999508
.999609
.487917
.997240
.999623
.999578
.487750
.999240
.999678 .999746
.999609 .999505
.487708 .487083
.997083 .997188
.8570
.8537
.8495
.8541
.1162
.1165
.1154
.1166
.1133
.1132
.1130
.1130
.9644
.9507
.9483
.9461
1 rentanmark or 1 trillion payer marks.
The New York Clearing .aouse bank.., in their
oi,erations with interior banking institutions, have
gained $3,926,818 net in cash as a result of the currency movements for the week ended Nov. 13.
Their receipts from the interior have aggregated
$5,407,618, while the shipments have reached $1,480,800, as per the following table:
CURRENT RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ending Nov. 14.
Banks Interior movement
Into
Banks.
I
$5.4, 7 618
Out of
Banks.
Grain or Lose
to Banks.
81.450.800 Gain $3,98.818
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
As to South American exchange,firmness prevailed DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
and the trend of quotations was upward. Argentine
Aggregate
Monday, Tuesday. Wednesday Thursday. Friday.
currency advanced to 37.78 for checks and 37.83 for Saturday,
for Week.
Nov. 8. Nov. 10. Nov. 11. Nov. 12. Nov. 13. Nov. 14.
Brazilian
-cable transfers, against 37.26 and 37.31.
$
$
$
8
$
$
S
Cr. 457.000.000
milreis closed at 11.70 for checks and at 11.75 for 83.000.000 81,000,000 60.000 00(7.000,000 85.000.000 91.000.000
which
come
checks
-The foregoing heavy creolts reflect the huge mass of
cable transfers, comparing with 11.42 and 11.47 last to Note.
the New York Reserve Bank from all parts of the country in he operation of
balances,
credit
large
These
Federal Reserve System's par collection scheme
week. Chilian exchange was strong and moved up the
however, reflect only a part of the Reserve Bank's operations with the Clearing House
in the
Institutions, as only the items payable In New York City are represented
of
finished
18
at
Peru
4
daily balances. The largc volume of checks on Institations located outside
to 11.43, against 11.27, but
do
New York are not accounted for In arriving a. these balances, as such checks
Reserve
Federal
the
with
(unchanged).
not pass through the C.earing House but are deposited
Bank for collection for the account of the local Clearing House banks.
Far Eastern exchange though steady was not materially changed except for the Indian currencies.
The following table indicates the amount of bulagainst
44h()
55%@56,
at
finished
lion in the principal European banks:
Hong Kong
2
1
/
against
;
78
%
2,
@.783
at
7834@,783/
Shanghai
November 15 1923.
5532;
November 13 1924.
Total.
Yokohama,2914@.393/2(unchanged); Manila, 503'@, Banks of
Silver.
Geld.
ntal.
Saver.
Odd.
%, against
Singapore,
543'i@54
d);
(unchange
e
E
•£
509
127.686,026
128,494,253127.688,026
_.128,494,253
53@,533i; Bombay, 34%@35, against 34%@.34%, England
Frances._ 147,208.44 12.160,000159,368.444 147,007,627 11,800,000 158.807,627
994,6001 23,704,300 28.390.900 3,475,4011 31.856.300
c22.709,7I I
.
Germany
62,000,000
b
62.000,000 b2.000,000
b
Au.-Hun. 62.000.• 1 •
and Calcutta, 347A@35%,against 34%@347A. The Spain
____ 101,397, I i 26.038,000 127.435,000 101.090,000 25,932.000 127.022.000
35.583,000 3,415.000 38.998.000 35.693,000 3,034,000 38.727,000
strength in rupees is interpreted as indicating a good Italy
598.000 49.079,000
878,000 41,003.000, 48.481,000
Neth'Iand 40,125,555
13,338.000
Nat. Belg. 10,8 9055 2,724,000 13.543.000' 10,789.000 2,549.000
export season.
3,729,000 23,038,000 21,099,000 3,795.000 24,894,000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different coun-
Saltfland 20,209,000
Sweden_ _. 13,341,000
Denmark _ 11.640,000
Norway.. 8,180•000
13,341,000, 15.127.000
1,244.000 12,884,000j 11.646.000
8.180,0001 8.182,0001
15.127.000
203.000 11,819,000
8382,000
51.386,400608,577,953
Total week 541,706,397 51.182,600 592,888,997557.191,553
72,548
Prey. week 542,419,601 51,119,600 593,539,201556,008.148 51,664,400607,6
are exclusive of £74,573,977 held
-a Gold holdings of the Bank of France this yearof the Bank of Germany this year
holdings
Gold
abroad. b No recent figures. c
arc exclusive of £12,001,500 held abroad.
2224
THE CHRONICLE
[Arm. 119.
he saw it, America and the world were surely driftPreachers and the League-7he Services of
ing, and in which the League and the protocol could
Senator Lodge.
alone save them from being engulfed. "How many
It was the distinction of the late Senator Lodge citizens of the United States," Dr. Fosdick is quoted
that he rarely failed, however strong his partisanship as saying, "do you suppose have heard of the protomight be, to bring to the discussion of public ques- col? How many citizens have read it? Is it true, as
tions the learning and discipline of the scholar and was recently stated by a good authority, that 99% of
the wisdom of the statesman. Men might differ our people have not yet even read the Covenant of
from him in his conclusions or in the policies which the League of Nations?"
he advocated, but few failed to recognize the wealth
We have no means of knowing precisely what proof his information, his power of searching analysis, portion of the people of the United States have read
or his clear perception of the way in which a pro- either the protocol or the Covenant, notwithstandgram or policy was likely to work. One of the most ing that both documents have been printed in milstriking illustrations of his statesman-like grasp of lions of copies of newspapers which are not in the
a great political situation was his relentless and habit of printing what their readers do not want. If,
unanswerable opposition to the Treaty of Versailles, however, the impressive popular endorsement which
and in particular to the Covenant of the League of has just been given to President Coolidge may be reNations. In the face of an excited public opinion all garded as evidence, we are justified in concluding
but convinced that the great war had ended war, and that some fifteen million voters, representing conof the powerful influence of a President supremely siderably more than half of all the men and women
confident of the righteousness of his own course, who voted at all for Presidential candidates, had so
Senator Lodge insisted that the treaty ought not to far read and pondered both the Covenant and the
be ratified, and that the Covenant of the League was protocol as to be induced to give the solid weight of
an engagement which the United States could not their support to Mr. Coolidge's plain statements that
with safety take. In proof of the latter contention the United States ought to remain outside of the
he stripped the Covenant bare, dissected and ana- League. As a matter of fact, the arguments in favor
lyzed it, and demonstrated to the country its danger- of such a course are overwhelming and irrefutable,
ous implications and the un-American entanglements as we showed at length in an article entitled "The
to which it would give rise. But for his invincible Menace of the League of Nations" in our issue of
opposition the Treaty of Versailles would probably Sept. 20, pages 1329, 1330 and 1331, and in another
have been ratified under Executive pressure, the article entitled "Ensuring Peace by Threats and
armed forces of the United States would have been at Force" in our issue of Oct. 4, pages 1549, 1550 and
the disposal of the League and its members to uphold 1551.
the political arrangements, good and bad alike, which
But what is the character of the protocol which
the treaty imposed, and the door would have been Dr. Fosdick commends as "one of the most imporopened for European interference in American af- tant documents thus far produced in the world's hisfairs such as the League, with a flourish of trumpets, tory," "the realest, most thoroughgoing, most hopehas lately had the presumption to attempt. The de- ful, practical endeavor to substitute law-abiding
feat of the treaty and the Covenant was one of Sena- processes for war that mankind has ever undertor Lodge's greatest contributions to American wel- taken"? It is an attempt to alter the structure of
fare, and for it, if for nothing else, he is worthy of international law by branding as an aggressor any
grateful remembrance.
nation, whether a member of the League or not,
It would be well if the clear thinking which char- which shall refuse to submit any controversy with
acterized Senator Lodge's treatment of public ques- another nation, if so be the controversy may contions, and the courageous opposition to ignorant or ceivably lead to war, to the judgment of an internamisguided public opinion which he showed, were tional tribunal which the League itself has set up,
more sedulously cultivated by some of those who, and, failing a decision by that tribunal, to the judghaving the ear of the public, essay to tell the people ment of the Council of the League. For the enforcewhat they ought to do. If one may judge by some of ment of its fiat, the protocol proposes to subject the
the sermons and addresses just delivered in com- aggressor nation, so defined and branded, to milimemoration of Armistice Day, the great fight which tary or economic "sanctions," or both, to the extent,
Senator Lodge carried through for American inde- if necessary, of the resources which all the members
pendence has been forgotten, and the work which he of the League may jointly be able to dispose, thereby
accomplished in keeping the United States out of the plunging the nations into war as a means of preventLeague held up to contempt. One of the most prom- ing war. The fact that the controversy in question
inent of American preachers, for example, the Rev. may involve the domestic policy of one of the parties
Harry Emerson Fosdick—a deep thinker, a man of is no defense against the proposed interference, for
great attainments and of broad views and not usually the protocol virtually makes of the League a supergiven to the making of hasty or ill-considered state- State, empowered to inquire into every international
ments—in a sermon preached last Sunday at the dispute to which a possibility of war may be conFirst Presbyterian Church in this city and repeated strued by it to attach.
in substance the following evening at Utica, and
One is tempted to ask whether Dr. Fosdick, who
again repeated in part at Buffalo on Wednesday be- must be presumed to have studied the protocol,
fore the Peace Congress of the American Council of really desires the scheme to be put into operation;
the World Alliance for International Friendship whether he wishes to see the sovereignty and indethrough the Churches, arraigned the United States pendence of the United States subjected in any parfor its failure to join the League of Nations or the ticular to the oversight of the League, or whether he
World Court, lauded to the skies the protocol re- cares to preserve for this country the hitherto inaliencently adopted by the League at Geneva, and painted able right to determine for itself the domestic poliin vivid colors the desolating war towards which, as cies which it shall pursue? Does he, for example,
Nov. 15. 1924.]
THE - CHRONICLE
2225
camwish to see the League take up the vexed question of have to keep it up through life. A political
it
that
grounds
the
on
only
immigration on behalf of Japan, or challenge the paign can be justified
what
to
as
informed
become
to
Monroe Doctrine the next time its principles are in- enables the citizens
for their country
yoked, or oppose the American policy of the "open policies are best for themselves and
those who from
elect
to
.vote
may
they
that
in
order
door," or demand that American citizens shall fight
they knowprofessions
present
and
record
past
their
in
Europe
in support of some tottering Government
of a
purpose
The
effect.
into
policies
desuch
will
put
the
down
in
set
whose boundaries happen to be
and
informed
intelligent
an
send
to
is
campaign
Versailles?
fective Treaty of
all the litWe are loth to believe that Dr. Fosdick, or most of voter to the ballot box. ,All the speeches,
all the
effort,
the
all
organization,
the
all
the
erature,
in
praising
him
with
join
who
the preachers
finally
not
regisare
League or the protocol, desire any of these things. time and all the money which
wasted."
If they do not, they cannot do better than to take a tered on election day are
If we may use the phrase, there is an intelligence
leaf from the public life of Senator Lodge, and clear
their thought of confusion and study the facts of the of the heart as well as of the mind. Principles must
case. There is no way of outlawing war as crimes be discerned before they can be adopted. Parties
may be outlawed, for crimes are personal, and the must be espoused before fundamentals can be made
conception of crime has no application to the acts of effective. But having used the mind thus far in
a people or their government. There is not, and preparation for voting one must not allow the mere
there never will be, an internatioal tribunal before desire to win to overpower the reason. Parties must
which a nation can be brought to book for adopting be tried in the crucible of fitness. It is easy to depolicies deliberately framed in the interest of its own clare principles, hard to put them into practice.
welfare. The fact that the Geneva protocol embodies Many men become blind partisans after they have
these futile notions is enough to condemn it, even if found a place inside party. They refuse to reason .
the League which framed it did not stand condemned longer. They come to look upon defection to party
before world opinion by its failure to oppose the con- as a form of treason. They are for their party, right
tinued formation of offensive and defensive alli- or wrong. Having sworn allegiance, they cannot
ances among its own members, or to rebuke the mad apply the test of reason to the conduct of their berace for armaments in which many of its members loved party. They forsake the courage of independcontinue to indulge on a larger and larger scale. The ence. Thus in our two old parties there is a nucleus
sword which, in the words of the Master, shall de- of dyed-in-the-wool adherents upon which the polistroy those who take it cannot be transmuted into a ticians can always count. These never-change adhealing ointment by giving a monopoly of its use to herents are unwittingly the tools of manipulators.
the League. The way to peace is through the educa- Their hearts do not think. They love party so much
tion of the peoples in the spirit of peace, the removal they say it alone can save the country. To this class,
of economic barriers between nations, the oblitera- warm, eager, honest, a platform of principles is of
tion of war budgets and the reduction of armies and little moment. Of course, the principles are those
,navies to the necessities of police, the dropping of an- conductive to the public welfare, for they have been
niversary commemorations of wars that ought never promulgated by that party to which they belong.
to have been, and the cultivation of honorable inter- These men are patriots—but only through their own
national relations everywhere. Until this road is party. They want the best—but there is no best save
taken, neither protocols nor threats will serve any inside long adhered-to party lines. Independence
other purpose than to make the next war bigger and thus ceases at the ballot box, the place where it
ought to culminate. Intelligence we must have. But
more dreadful than the last.
it must be of that kind which controls the desire of
the heart by the liberalism of a love stronger than
Patriotic Versus Partisan Voting.
That was an impressive speech President Coolidge party.
Said Mr. Coolidge: "We shall always have with
delivered by radio on the night before the election.
As we look back on the pressure of the occasion and us an element of discontent, an element inspired
as we reread it in the light of events we find it ad- with More zeal than knowledge. They will always
mirable in poise and important in content. We think be active and energetic, and they seldom fail to vote
he avoided almost wholly the feeling of a partisan. on election day. But the people at large in this counMost certainly he did not summarize or re-state the try are not represented by them. They are greatly
principles and policies of the Republican Party put in the minority. But their number is large enough
forth during the campaign. It was intended as an to be a decisive factor in many elections, unless it is
address to the American people on the duty of voting offset by the sober second thought of the people who
earnestly and intelligently, and it kept the faith with have something at stake, whether it be earnings from
its intent. We do not wish now, even in restrospect, investment or from employment, who are considerto contrast it with any other similar utterance. It ing not only their own welfare, but the welfare of
is sufficient to point out excellences standing alone. their children and of coming generations. Our instiAnd we think it might well be reprinted at the be- tutions never contemplated that the conduct of this
ginning of the discussions in the next general elec- country, the direction of its affairs, the adoption of
tion. An early paragraph in the address we quote its policies, the maintenance of its principles, should
in full: "To live up to the full measure of citizen- be decided by a minority in part by self-interest and
ship in this nation requires not only action, but it prejudice. They were framed on the theory that
requires intelligent action. It is necessary to secure decisions would be made by the great body of voters
information and to acquire education. The back- inspired by patriotic motives." One great bane in
ground of our citizenship is the meeting house and our social and political life is selfishness. Our electhe school house, the place of religious worship and tions are not alone to determine principles but to
the place of intellectual training. But we cannot select men for office to represent us. Thus the "voteabandon our education at the schoolhouse door. We 'er-straight" pressure takes the citizen down the line
imMN
2226
THE CHRONICLE
[VoL. 119.
from national Presidential electors to State, county the prerogative of any party. The "outs" must find
and municipal offices in most of which no fundamen- some other method of attacking the "ins." To believe
tal or constitutional principle is at stake. The "bat- that the rank and file of one party is more honest
tle of the ballots" here descends to the selfish effort than another is the equivalent of an indictment of a
to "elect the ticket." This is a false zeal though it whole people. In the same way radicalism must fall
be exercised by a majority. True patriotism is sub- before conservatism. England has furnished a remerged in party.
cent example. The fact is that in a time of recuperaLove of country requires a willingness to sacrifice tion and reconstruction following a world war the
the supremacy of party to the public welfare. Love wish and hope of every people is for a return to
of party must not induce party slavery. He must quietude along the old lines. Experimentalism at
dare and bear the odium of a "scratched ticket" who such a time is readily seen to be complicating and
would keep his party in the right road. Neither men destructive. Within the memory of present-day votnor measures must be set aside, though the voter be- ers is that prosperity and contentment which prelieve in the general principles of his party when vailed everywhere. In our own country we are not
occasion and the good of the country require that he willing to shuffle off that protection to labor and
vote for the opposition. All good parties are entitled trade under which we achieve national success.
to respect. Only by a refusal to follow blindly parIt is a little early to pass upon the effects of the
tisanship can constituted parties be disciplined. We radio. At least it is not spectacular. It must have
do not want our political field crowded with ephe- an effect upon the speaker and hearer. One who
meral and opportunist parties. We do not want listens to words without the presence of the speaker
tried and representative parties deserted for dere- will be forced to give a more undivided attention to
lictions that apply to men rather than party masses. pure thought and argument. One who speaks for
We must not allow organized discontent either as to broadcasting in like manner must devote more
parties or as to Governments to rule us. Our liberal- thought to the character of the message. Taking all
ism ought not to lead us in to the miasmas of whin- into consideration we are warranted in saying that
ing protest. Yet an independence of reasoning poise and reflection are growing components of our
thought and a love of principle rather than party elections. Also, we have reason to believe the indifmust always guide us in our allegiance when the ferent voter by reason of radicalism is being shown
welfare of the whole people is at stake. Too great a the duty of voting. Blocs, classes and parties, are
readiness to change renders government unstable; being taught the futility of trumped up issues. When
too blind a following of party surrenders the Govern- "fundamentals" are attacked the quiet, thoughtful,
ment to partisanship. At the ballot box, at the time even timid, citizen is aroused to action. Only thus
of voting, the consecration must come. As said, the can the Government be guarded against the attacks
vote is a "sacrament."
of envy, hate and selfishness. President Coolidge
As a religious symbol those who partake of the rose to the demands of a peculiar situation in this
sacrament must drive hate, envy, enmity, selfishness non-partisan address from which we have quoted.
from the heart. In the same way must the ballot be But its truths must not be dismissed now the elecconsecrated—be it cast for one party or another. A tion has passed. Vigilance is the price of our reprelarge popular vote indicates a more thoughtful atti- sentative republican institutions.
tude on the part of citizens. For, unfortunately, the
large percentage of absentees that has characterized
"Real Estate Finance" and the Nation's
elections in prior years is not alone indifference, bad
Welfare.
as that is, but protest against political methods.
ARTICLE
I.
get-out-the-vote
Work of the
clubs this year has done
The extraordinary development of building conmuch good. We shall not ever have an election in
which the "workers" are not out in force. And while struction in the United States during the past five
those who can recall the days before the Australian years, still at, or near, record heights in many secBallot System was inaugurated note an increase in tions, particularly in large cities, renders of the first
quietude and dignity around and about the polls, importance all matters relating to:
(1) The forces at work furthering this development.
interest in the success of candidates is evident. In
local elections this will continue as a natural conse- (2) The soundness of the financing on which It is based.
(3) The steps that are being taken to improve the standquence. But even here much scratching in latter
ard
of real estate mortgages and real estate bonds.
years emphasizes a desire for worthy men. Zeal of
(4)
The outlook for a continuance of the urgent demand.
cannot
"workers"
supplant
a growing thoughtthe
fulness upon the part of voters. "Electioneering" in
Much light on these matters is shed by a careful
the future must be put forth before the day of the study of "Real Estate Finance," the second volume
election by educational methods. And we doubt not just issued by the Mortgage and Finance Division of
voting by women will add a touch of seriousness to the National Association of Real Estate Boards.
The special value of this publication lies in the
the occasion. While women are "learning" politics
they will not engage, as men have in the past, in in- fact that we have here, not a prospectus, not the good
side of the story only, but rather a chance "to listen
trigue and trading.
The election just held, while complicated by the in" behind closed doors, as it were, both (a) to the
appearance of a third party of protest and radical reports and recommendations of 32 committees of
aims, has not been without its effect upon delibera- experts, who, aided by questionnaire replies from
tion and study. For one thing it has demonstrated many members of the organization representing all
that manufactured issues cannot be made to overturn parts of the country, have studied the principal feaprinciples affecting the form of government. To set tures of the mortgage business of recent years; and
up a bugaboo of "dishonesty" in office as a basis for also (b) to the discussion by members respecting the
overthrow of a reigning party is a futile political tac- various methods pursued in the leading cities retic. Masses of the people know that "honesty" is not- garding the more important subjects introduced.
Nov. 15 1924.]
TRE CHRONICLE
2227
summation the concentrated endeavors of numerous and diverse forces working to the common end.
It is not surprising, therefore, that the "Realtors"
as business men, proverbially enterprising and untiring, embracing the building construction firms, the
real estate developers and the mortgage men, whose
representatives form the backbone of the national
organization whose work we are considering, should
in this race for building have been driven forward
The relative merits of city mortgages and farm mortgages; by the ravenous public appetite for homes and other
Long-term housing loans;
accommodations, and been encouraged, if not
Mortgages for insurance companies and requirements for spurred on, in their course by three most powerful
same;
groups, viz.:
Methods for building up a mortgage business, also rea
(1) Financial institutions, many of them of great size,
estate bond business;
, The National ASseciation, which is backed by 40,000 active and associate, members, held its seventeenth annual convention in Washington, D. C., last
June; the Mortgage and Finance Division formed
in January 1923, and now having 1,800 members,
met at the same time, Hiram S. Cody of Chicago being in the chair. It was on this occasion that the
reports in question were read covering more or less
fully such timely topics as the following:
Necessity for appraisals;
Amortization loans;
Office procedure and forms;
New methods in first mortgages;
Mortgages as liquid securities;
The use of second mortgages and land contracts;
Subdivision financing;
Business property loans;
Participations certificates;
Ground rent system;
Preferred stock plan;
Standards of practice;
Licensing mortgage brokers;
Commission rates;
Mortgage laws;
Construction costs;
Mechanics' liens;
Financing ready-cut houses;
Long-time financing by building and loan associations.
seeking more or less permanent lodgment for their funds,
their treasuries in many cases swelled as never before with
resources and income, namely:
(a) The leading Life Insurance companies with headquarters largely in the East;
(b) The Savings Banks up and down the country;
(c) Endowed educational and charitable Institutions;
(d) To some extent Trust Companies and Commercial
Banks;
(e) Thousands of local Building and Loan Associations.
(2) The national and commercial banks and trust companies, whose hands, because of the country's prolonged
business prosperity and heavy gold imports, are full to overflowing wtih funds seeking profitable employment as temporary loans.
(3) The huge building material and supply interests, their
output capacity at a maximum and they themselves only too
glad to extend liberal credits to help on the enterprises of
their biggest customers, the realtors.
In addition to dealing broadly with the financial
side of all kinds of real estate development and building construction, it is natural that the housing department as the outstanding feature of these remarkable times should receive special consideration at
the recent convention.
Given an army of eager homeseekers and any such
array as we have here of interests willing and anxious to loan for greater or shorter periods and it
would be highly astonishing, had the building industry not displayed, as it has, a buoyancy never before
surpassed.
Wave of Home Building—Underlying Causes.
Part Taken by Life Insurance Companies.
While these reports do not investigate the causes
of the phenomenal demand for housing, it is evident
that the World War brought to the American industrial class, with greatly increased intensity, along
with the higher wages and steady employment, a
most laudable ambition—the desire to own their own
homes, or if lacking an income which would justify
this, at all events they wish to rent comfortable quarters with modern conveniences either in new houses,
or houses thoroughly modernized, and inexpensive
to heat and maintain; with, also, in very many cases,
accommodations for the coveted automobile.
So, too, the stimulus given by the war to American
manufacturers led many persons who had been employed on farms to seek the better wages offered by
city industrial plants, thus increasing still further
the demand for homes in the cities and their suburbs.
Mr. John W. Davis, the late Democratic candidate
for President, in a campaign speech on Sept. 6 asserted that in 1922 alone 1,200,000 persons had so
migrated.
These special influences, in the nature of tidal
waves, have served to swell the torrent of building
construction occasioned by the breaking of the dam
of war regulations, which for nearly one and threequarters years held back new enterprises in the
United States and caused building orders to accumulate.
Manifestly such a building program as that of the
past five or six years—highly praiseworthy if conservatively financed and not too rapidly carried
through—could not be accomplished by any ordinary means, but must have for its financing and con-
The greatest single force, however, that has arisen
in recent years to encourage home building in the
United States has undoubtedly been the leading part
taken in this field since the World War closed by
many of the great life insurance companies and the
granting by most of them of first mortgages on
houses of moderate cost—mortgages running more
and more commonly from five to fifteen years, instead of the one, two or three-year mortgages that in
the past kept so many house owners on the anxious
seat—under "Damocles's Sword," as has been said.
An extremely interesting table appearing in "Real
Estate Finance" shows for each of the 76 life insurance companies of the country having $5,000,000 or
more assets, both the total amount of assets at the
end of each of the last four years and the proportion
thereof admitted to have been invested in (a) Farm
mortgages; (b) other mortgages; (c) stocks and
bonds.
The 76 companies in question include (1) 60 companies having assets ranging from $5,000,000 to
$100,000,000; (2) ten whose assets aggregate from
$100,000,000 to $500,000,000; (3) three from $500,000, to $1,000,000,000, and (4) three from $1,000,000,000 to $1,500,000,000, the last six being respectively the Northwestern, the Equitable and the Mutual, and the New York, the Prudential and the Metropolitan. One or two of these last named are said
to have an income in excess of a million dollars a
day.
This table was prepared by S. S. Thorpe of Minneapolise, who Mr. Cody, the Chairman, stated might
properly be called "the watch dog of the insurance
2228
THE CHRONICLE
tnmpaniefi." Mr. Thorpe's analysis tabulated for
the "Chronicle" shows that on Dec. 31 1923 the aforesaid 76 companies (which represent about one-third
of the country's 208 leading life insurance companies) had the following investments in real estate
mortgages on city and other property:
REAL ESTATE MORTGAGE INVESTMENTS OF 76 LIFE INSURANCE
COMPANIES.
Total Investments in—
Dec. 31 1923. Dec. 31 1922.
Real estate mortgages ___ $2,288,125,724 $1,711,513,504
774,656,011
(1) On city properties__ 1,169,312,558
(2) On other properties.- 1,118,813,166
936,857,493
Increase.
$576,612,220
394,656,547
181,955,673
are: (1) The rise of the Federal Land Banks, which
have taken over a large share of the farm loan mortgages of the better class that formerly yielded the
insurance companies and other investors a liberal
return; (2) the present mode of financing large
apartment and industrial building loans (formerly
specialties for insurance investment) quite largely
with bonds offered to the public—$216,000,000 having been so placed during the nine months ended
Sept. 30 1924, as against $83,000,000 in the same
months of 1920 (compare our "New Capital Flotations," issue of Oct. 25, p. 1890).
In the last 6I/2 years, it may be recalled, the Federal Land Banks have invested approximately a thousand million dollars in farm loan mortgages, of
which $881,000,000 remained in force in June 30
1924, as against which some $866,000,000 of farm
loan bonds were outstanding. At the same time the
sister institutions, the Joint Stock Land Banks, have
done their part to give the farmers a free hand for
building by loaning them $420,000,000; and now the
Intermediate Credit Banks are coming along and
have already sold approximately $50,000,000 bonds,
the proceeds of which will be loaned to farmers to
assist them in marketing their crops and live stock.
In other words, at the end of 1923 these 76 companies had no less than $2,288,000,000 invested in
real estate mortgages, an increase of $576,000,000
over the amount • on Dec. 31 1922. Of the total,
$1,169,000,000 was in mortgages on city properties,
an increase over 1922 of $394,000,000, or 52%. On
the other hand, the mortgages on "Other Real Estate" increased only $182,000,000 and the holdings
a miscellaneous bonds and stocks (not shown in our
table), while still larger than their mortgage assets,
increased during 1923 only $113,000,000.
In June 1924 the total amount of mortgage loans
held by all the life insurance companies of the United
States was estimated at approximately $3,500,000,Metropolitan Company in Housing Movement.
000 divided about evenly between those secured on
Walter Stabler, Comptroller of the Metropolitan
farms and those on other real estate, according to
the report on "City Mortgage Advantages" made to Life Insurance Co., was introduced to the convention
the convention by R. A. Simmons, of Greenbaum & as "the leading mortgage authority of this country,"
the man "who invests each year a hundred million
Sons Investment Co. of Chicago.
• As compared with this recent estimate, we note dollars in city loans" (mortgages), among them
$8,000,000," but who takes the
that on Dec. 31 1922 the total mortgage holdings of "some of $5,000,000 to
"those small loans, $3,000
in
satisfaction
greatest
all said companies aggregated $2,843,000,000 and on
amount, which enable families in modin
$4,000
to
Dec. 31 1921, $2,539,000,000, the mortgages on prophave a home of their own."
erty other than farms then amounting to $1,388,000,- erate circumstances to
briefly
how, with the help of
retold
Stabler
Mr.
000 and $1,233,000,000, respectively. These figures
in
correspondents
37
States
of the Union, his
were submitted at the annual meeting of Life Insur- loyal
than
four
less
in
years,
up to May 31
company had
ance Presidents, which was held on Dec. 6 1923.
$203,000,000
in
city
mortgage
invested
loans
The total assets of all the companies last June, 1924,
60,000 families have profited directly or
which
by
Mr. Simmons also states, was estimated at $9,750,included $179,500,000 in mortgages
000,000, of which 36% ($3,500,000,000) in real estate indirectly. This
the aggregate 23,243 new dwellings and
in
covering
mortgages,23% in railroad securities,18% in United
apartment houses, which together accomStates Government, State, county and other munic- 1,820 new
families.
52,562
modate
ipal bonds, and 4% in other bonds and stocks.
Dec. 31 1923 the Metropolitan had
on
Although
Mr. Thorpe further estimates that in 1923 practhird
($464,000,000) of its total assets
a
just
over
tically one-half (48.5%) of the construction of busiinvested
in city loans, yet on Jan.
($1,431,000,000)
ness, industrial and residence buildings in the United
Stabler
said,
Mr.
there was owing thereon
1924,
2
States was financed by the life insurance companies,
interest
more
than 30 days overdue.
of
$2,511
only
against only 35.7% in 1922 and that these expendiInsurance
Nature
Company
of
Real Estate Loans.
tures went largely "to aid in properly housing the
Estate
Finance"
"Real
we also learn that
From
people of our American cities."
These figures are based on the life insurance sta- 50% of a conservative appraisal is usually regarded
tistics of 76 companies above referred to and the as the absolute limit of a real estate mortgage applibuilding construction figures for "perhaps 50% of cable to life insurance investments. However, rethe total population of the United States,"i. e. for the plies to questionnaires widely distributed are quoted
27 States extending easterly from the Dakotas and as showing a tendency on the part of these companies
"to be more liberal both regarding amount of loan
northerly from South Carolina, etc., viz.:
and requirements of title—abstracting, insurance,
CONSTRUCTION OF BUSINESS, INDUSTRIAL AND RESIDENCE
survey, etc.—than heretofore."
BUILDINGS IN 27 CENTRAL AND EASTERN STATES.
—Calendar Year 1923— —Calendar Year 1922—
Those who wish to sell securities to insurance comAmount.
Per Cent.
Amount. Per Cent.
Business buildings
$446,124.000' 34.205 $496.298,0001 37.80 panies were counseled by the speakers to use extreme
Industrial buildings
1
378.818.0001
325,008,0001
mortgages and
Residence buildings
1.682.752,000 65.80 1,347,420,000 62.20 care in the selection of real estate
also with respect to appraisals of property and the
$2,407.892,000 100.00 $2.168,724,000 100.00
Total
responsibility of borrowers in connection therewith.
Effect of Federal Land Banks on Farm Mortgage
As to construction loans and commitments in adInvestments.
vance of completion of the house, the report entitled
The large scale on which the life insurance com- "New Methods in First Mortgages," by C. H. Corbett
panies have gone into city mortgage investments of Canton, Ohio, has this to say, based on 102 replies
Since the armistice in 1918, especially housing loans, to questionnaires which were widely scattered over
*irks attributed at the convention to two facts. These the United States:
2229
THE CHRONICLE
Nov..151924;]
The majority of loan,agents handling insurance money
will not make construction loans and those who do charge
an additional commission. Builders (in such cases) meet
their obligations during the period of construction very
largely through private loans with commercial banks and
by giving notes to material men and sub-contractors, maturing when a permanent loan is procured.
Advanced commitments on uncompleted property are
made by (or for) insurance companies in only a small percentage of the cities heard from.
The Metropolitan Life Insurance Company makes advance
commitments from the plans and specifications, but larger
loans are usually obtained by getting the appraisal after
completion of the building.
Some insurance companies still make housing loans for
fixed periods of from three to five years, but the tendency
is, as shown by the questionnaire replies, toward the longer
amortized mortgages, such as the Metropolitan's 15-year 6%
loans with 3% semi-annual payments of principal [subject
to anticipation after three years, but not subject to call];
and the Prudential company's housing loans paid in monthly
installments extending over 12 years.
Real Estate Board, emphasizes the importance of
submitting only choice loans, and adds:
In general insurance companies prefer what are known
as standard loans, that is loans on houses, apartments and
ordinary business structures. Loans on vacant property are
never considered by a life insurance company and the majority of life insurance companies will not consider making
loans on property devoted to special purposes, such as theatres, institutional buildings, buildings owned by fraternal
organizations, church property and such like.
With reference to interest rates on mortgage loans
—not those in particular made by the insurance companies—the November issue of the "Monthly Review" of conditions in the Seeond Federal Reserve
District, published by the Federal Reserve Bank of
New York. makes these suggestive comments:
The supply of funds for high grade mortgage loans is reported to be large, and this, together with some decrease in
acceptable applicalicns, has led to a decline of approximately
2 of 1% since the first of the year in the prevailing interest
1/
rate
on mortgage loans. In Manhattan [New York City] the
Loans on business property still figure conspicu- prevailing rate for highest grade mortgages is close to 5%
ously among the city mortgages held by insurance and In the outlying boroughs 51/2%. Lenders report that
companies. This appears in the report of John J. they are adopting a cautious policy in granting new loans.
McCarthy of Boston on "Business Property Loans," [The reader will do well to turn to the issue of this paper
for Sept. 27 1924 and read the extracts there given from the
which says:
•
report of the Real Estate Securities Committee of the InFrom the survey it was found that the insurance com- vestment Bankers Association regarding real estate mortpanies are the largest lenders on business property through- gages and the loans of the Federal Land Banks and Joint
out the country. The mortgage rates of interest vary from Stock Land Banks.—Ed.]
5% to 6%, depending on the percentage of loan to the value
A reduction of one-half of 1% in the interest rate
of the property, the majority of the loans being written at
Nov. 13 by
about 50% of the appraised valuation and the interest rate on real estate mortgages was announced
divided
all future
be
for
may
property
York
Business
New
5%%.
of
of
the Mortgage Bond Co.
at an average
as follows: Office buildings, garages, factory buildings, issues marketed by that company-51/
2% instead of
etc.
6% to be the rate. Some New York investment
.
.
'Ernest 31. Fisher of Chicago, Director of Educa- houses have recently been offering guaranteed certion and Research of the National Association of the tificates to yield 5%.a reduction of one-half of 1%.
Railroad Gross and Net Earnings for September
The earnings of United States railroads in comparison with a year ago are getting better with each
succeeding month and the compilations which we
present below covering the month of September show
a very substantial improvement in the comparative
results over those for the months immediately preceding. The gross revenues from operations come
very close to those for the corresponding month last
year, while the net earnings run very much higher.
For August our tabulations showed $55,952,018 decrease in gross and $2,148,281 decrease in net; for
July the record was $53,517,158 falling off in gross
and $9,601,751 in net; for June the loss was $75,442,339 in gross and -22,846,602 in net; while back in
May the carriers fell $70,476,133 behind in the gross
and $30,448,063 in the net. In fact, in the eight
months preceding September there was a shrinkage
in gross and net alike for every month with the single
exception of February, when both gross and net
earnings ran better than in the preceding year, in
part because 1924 is a leap year and February had an
extra day. After this continuous monthly record of
decreases, running back to last February, we have
now for September a decrease in the gross of no more
than $5,116,223 (being not quite 1%), while the net
earnings show an increase in the very considerable
sum of $33,137,287, or 22 1-3%. The grand total of
the gross for September 1924 is $539,853,860, as
against $544,970,083 for September 1923 and the
grand total of the net $165,049,184, against $134,911.-
897. From the following table it will be seen that
the roads during the month the present year were
operated at 6942% of their gross revenues, as against
75.24% in September last year.
September—
Mlles of road
Gross earnings
Operating expenses
Ratio of expenses to earnings_
Netearnings
Inc. (-1-) or Dec.(—).
1023.
1924.
—462 0.19
235,640
235,178
—5,116.223 0.93
S544,970,083
$539,853,860
—35,253.510 8.59
410,058.186
374,804.676
75.24%
69.42%
22.33
$165,049,184 $134,911,897 +830.137,287
• The figures thus present the two-fold aspect of an
improvement in the gross revenues (as compared
with last year), so that this year's total falls relatively little below that of 1923, and concurrently
a heavy reduction in the expenses. Whether this reduction in expenses is tantamount to an actual saving is perhaps open to question. At all events the
greater part of the reduction occurs in the maintenance expenditures; and outlays for maintenance
are notoriously governed by the state of income. In
1923 the carriers, at least in the great manufacturing
sections in the eastern half of the country, were in
the enjoyment of the very largest traffic and earnings in their entire history and their outlays for
maintenance were on a corresponding scale. The
present year, with traffic and gross receipts shrinking, we may suppose that the maintenance outlays
were curtailed accordingly. Compilations prepared
by the Bureau of Railway Economics at Washington
show that there was a reduction of $23,919,000, or
nearly 12%,in the expenses for maintenance in September this year as compared with September last
2230
PH PI CHRONICLE
year. We may add that for the nine months to the
end of September the decrease in maintenance expenses reaches $166,027,350, or nearly 10%. For
maintenance of way alone the decrease in the September expenditures was only $3,866,680, or 5%, but
the decrease in the September expenditures for maintenance of equipment reached $20,052,300, or 16%.
As concerns the volume of traffic moved, the roads
in the great manufacturing districts of the East still
felt the effects of continuous inactivity of trade and
they handled a tonnage well below that of last year,
but on the other hand the roads in the agricultural
regions of the western half of the country, and particularly those in the Southwest, were favored with
a record-breaking movement of grain, and more especially an exceptionally large movement of wheat to
market, growing out of the bounteous harvest of
wheat and oats and the high market price obtainable
for all cereals. This induced a rushing of wheat and
other grains to market, where in turn they were
quickly absorbed by an export demand of prodigious
proportions. For the four weeks of September the
total loading of revenue freight for all the railroads
in the United States comprised 4,146,403 carloads, as
against 4,147,783 cars in the same four weeks of 1923.
But for the reasons already stated, the comparisons
in the different sections of the country varied widely.
Referring once more to the statistics prepared by
the Bureau of Railway Economics at Washington,
we find that freight traffic during September in the
Eastern district, according to incomplete returns,
was nearly 6% under that for the corresponding
month in 1923. In the case of the Southern roads
the shrinkage in the freight traffic was only 4%,
while on the other hand, in the Western district, the
freight traffic actually increased over that of the
preceding year in amount of approximately 3%,
emphasizing what has already been said concerning
the part played by the extraordinary grain movement in swelling both tonnage and revenues in that
part of the country.
Speaking again of the roads as a whole, it deserves to be pointed out that in comparing with September last year we are comparing with a month that
showed good results in gross earnings and net earnings alike, our tables having then recorded an improvement of $44,549,658 in gross, or 8.91%, and an
improvement in the net of $37,441,385, or over 40%.
On the other hand, however, this notable improvement in 1923 followed in part from the poor exhibit
made by the carriers in September 1922, when
our compilations showed only $1,723,772 increase in
gross accompanied by a decrease of $29,046,959 in
net, due to the fact that in 1922 the carriers were
contending at once with the shopmen's strike and the
strike in the coal mines. The 1922 loss in the net in
turn came after $11,372,524 (or 10.41%) improvement in the net of 1921 as compared with September
1920. The noteworthy feature about this 1921 improvement in the net was that it occurred notwithstanding a tremendous shrinkage in the gross revenues in that year arising out of the great slump in
trade and industry which marked the course of the
whole of the year 1921. The improvement in net
came as a result of prodigious curtailment of the
expenditures which was forced upon the carriers in
order to offset the great loss in traffic. In previous
months the extent of the shrinkage in traffic consequent upon the collapse in trade had been in considerable measure concealed owing to the fact that the
[vou 119.
roads were then getting very much higher transportation rates, both for passengers and for freight. In
other words,in these earlier months the loss in gross
revenues because of diminished traffic had been in
large part offset by the additional revenue derived
from higher rates on the traffic which the carriers
actually did handle and transport. In September
this was no longer the case. For in that month comparison was with a time in 1920 when the higher
rates authorized by the Inter-State Commerce Commission in the summer of that year were already in
effect. It was estimated at the time when these rate
increases were made that on the volume of traffic
then being handled they would add $1,500,000,000 to
the annual gross revenues of the roads, or, roughly,
$125,000,000 a month.
Deprived of the advantage—in the comparisons—
of these higher rates, the naked fact of a tremendous
shrinkage in the'volume of business being moved
stood out in all its grimness. The loss accordingly
aggregated no less than $120,753,579, or not far from
20%. But by dint of great effort the roads managed
to cut down their expenses in the prodigious sum of
$132,126,103, leaving a gain in net of $11,372,524.
The 12% reduction in the wages of railroad employees which had been in effect since July 1, under
the authorization of the Railroad Labor Board, was
one fact in the reduction in expenses; the shrinkage
in traffic was yet another factor and of much larger
magnitude, in addition to which railroad managers
skimped and pared in every direction, in particular
cutting the maintenance outlays to the bone, little
repair work of any kind being done that could be deferred.
As against the gain in net in 1921, however,
brought about in the way indicated, it is important
to note that in preceding years very large additions
to gross revenues arising either from a larger volume
of traffic or from higher rates failed to yield any substantial additions to the net. This remark applies
to the results for many successive years, operating
costs having steadily risen at the expense of the net.
In that respect the exhibit for September 1920 was
particularly disappointing. Great expectations had
been built on the benefits to be derived from the noteworthy increase in passenger and freight rates that
had then just been put into effect. Gross earnings
did reflect the higher rates in an increase of no less
than $113,783,775, or 23.68%, but $104,878,082 of
this was consumed by augmented expenses, leaving
hence a gain in net of only $8,905,693, or less than
10%. In the years preceding the showing as to the
net was equally unsatisfactory. Thus for September
1919 our tabulations registered $9,252,922 gain in
gross, but $18,828,861 loss in the net. In September 1918 the gain in the gross revenue reached enormous proportions, the war being still in progress, the
volume of traffic extremely large, besides which decided advances in both passenger and freight rates
had been made only a few months before. The addition to the gross was no less than $129,367,931, or
36.16%. But this was accompanied by an augmentation in expenses of $126,177,381, or 51.82%,leaving
net larger by only $3,190,550, or 2.79%. The year before rising expenses played a similar part in contracting the net results. In that year (in September
1917) there was $33,901,638 increase in gross, but
$7,699,654 loss in net, owing to an expansion of 41y2
million dollars in expenses. In the following we furnish the September comparisons back to 1906:
Nov. 15 1924.]
Gross Earnings.
Year
Year
Given.
Year
Preceding.
THE CHRONICLE
Net Earnings.
Inc.(+) or
Year , Year
Given. I Preceding. Dec.(-).
$
Sept.
1906_ 136,839,986126,782,987 +10,056,99 48.341,798 45,853,884
45.413,358
41,818,855,
+13,172,222
141,220,009128.047,78
19071908_ 218,929,381 234.228,778 -15,299,39 81,815.313 77,531,878
1909_ 248,065,958 219.013.703 +27,052.253 95,443,9581 81,858,560
1910_ 756.647,702246,335,586 +10,312,118 91,580,434 95,449.517
+39.801 90,720.543 89.398,733
1911- 249,054,036 249,014,235
1912- 272.209.629252,318,597 +19,891,03 96.878,558 90,842,946
1913- 285,050.042 275,244,811 +9,805,231 92,847.193, 98.000.260
1914_ 272.992,001285.850.74.-12,857,84 92.022,9471 91,274.033
1915_ 294,241,340278.458.199 +17,783,141 111,728,276 93,181,915
1918- 332.888,990 294,333,449 +38,555,541 124,447,839 111.875.298
118,086.103 123,785.757
1917- 364,880.088330,978,448+33.901.
1918_ 487,140.781 357.772,8W +129.387.931 117,470,621 114,280,071
1919- 495.123,397485.870.475 +9.252.92 98.302.598117,131,459
1920- 594,192.321 480.408,546 +113,783.77 102,329.084 93,423,391
192E 496,784,097617.537,678-120.753.579 120.804,482 109,232,938
1922_ 498,702.275498.978,503 +1.723,772 91,384,503 120.428.552
1923 _ 544.270,233499,720,575 +44,549,858 129,300.309 91.858.924
185,049.184 134,911,897
1024 _ 539,853,860544.970.083
+2.887.914
-3,594,503
+4.083.435
+13,585,396
-3,889.083
+1.321.815
+6,035,612
--5.153.067
+748,914
+18,548.361
+12.572,543
-7,699.854
+3.190,550
-18,828,881
+8,905,693
+11,372,524
-29,046,959
+37.441,385
+30.137,287
Note.-In 1906 the number of roads included for the month of September was 95:
In 1907,84;in 1908 the returns were based on 231.387 miles;In 1909 on 236,545 miles.
In 1910 on 240.078 miles; in 1911 on 230.918 miles; in 1912. 237.951 miles; in 1913,
242,097 miles; in 1914, 242.386 miles: in 1915, 245,132 miles; in 1916.248,156 miles;
In 1917,245.148 miles: In 1918.232.186 miles;In 1919. 232.772 miles;In 1920.226,955
Mlles; in 1921, 235,155 miles; In 1922, 235,280 mike: In 1923, 235,811 miles; In
1924, 235.178 miles.
Concerning the returns of the separate roads the
results vary widely in the different sections of the
country. In the gross we have both some very large
-decreases and some very considerable increases. The
latter are supplied mainly by Western grain carrying systems and the Eastern anthracite roads, the
last mentioned having had to contend with a suspension of mining for a part of the month in 1923, an
.adverse influence which was not repeated in 1924.
The big losses in the gross are contributed by the
Eastern trunk lines and by the ore-carrying roads.
In the net increased overwhelmingly predominate,
owing to the general cutting down of expenses, while
the decreases in net are relatively few and comprise
mainly the ore-carrying roads, though there are also
a few Western roads that did not share in the increase in gross revenues and were unable to overcome
their shrinkage in gross receipts by corresponding
curtailment of the expense accounts. Among the
Eastern trunk lines, the Pennsylvania Railroad system, comprising all lines east and west of Pittsburgh and Erie, reports $6,013,121 loss in gross, but
$1,295,213 gain in net brought about by a reduction
-of $7,308,334 in expenses. Similarly the Baltimore
& Ohio shows $2,171,157 decrease in gross with $371,214 increase in net. The New York Central has$2,359,374 decrease in gross and $1,265,364 increase in net.
This is for the New York Central itself. Including the
various auxiliary and controlled roads, the result is
43,849,046 loss in gross with $2,639,359 gain in net.
The Erie, having its anthracite tonnage to offset
losses in other items of freight, is able to report improvement in gross and net alike-$917,164 in the
gross and $830,956 in the net. In the West the
showing is quite generally satisfactory in the case of
both gross and net, while Southern roads are distinguished in much the same way, but there are excep
tions to the rule in both instances and these can be
readily picked out in the following, in which we
bring together all changes for the separate roads in
amounts in excess of $100,000, whether increases or
-decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONT:4
OF SEPTEMBER 1924.
Increase.
Atch Topeka & S Fe(3)- $3,315.884
Chicago-It I & Pacific (2) 1,225,100
1,177.452
Lehigh Valley
1.061.367
Missouri Pacific
Delaware Lack & West.... 1,034,413
Erie (3)
721.395
'Central Now Jersey
656.974
-Chicago Burl & Quincy-607,744
Delaware & Iludson---581,435
Mo-Kansas-Texas_ (2)..-..
569,448
Chicago & North WestSt Louis-San Fran (3)-- 647,248
'Chesapeake & Ohio
490,845
Florida East Coast
468,392
Reading Co
350,789
Chic St Paul Minn & ()323 807
Chic Milw & St Paul_
323,352
N Y Ontario & Western_
290,390
Texas & Pacific
Louisville & Nashville.. _ _
Yazoo & Miss Valley_ _ _
Central of Georgia
Chicago Great Western_
Atlantic Coast Line
Colorado Southern (2). _
Long Island
Lehigh & New England_ _
Kan City Mex &0of Tex
Western Pacific
NY Susq & Western.._ _ _
Hocking Valley
Detroit Toledo & Ironton
NO Tex & Meg (3)..
Total (44 roads)
•
Increase.
$285.370
265.748
211.870
211.824
187,122
180.278
175,956
159.543
138,729
l27.757
120.468
120.177
118,919
114.480
111.063
817,192.503
2231
Decrease.
Decrease.
$281,098
a$5,952.968 Western Maryland
Pennsylvania
244,130
52.359.374 Trinity & Brazos Valley..
New York Central
Range_
Iron
&
241.172
Duluth
2,171,157
Baltimore & Ohio
238.749
Pittsburgh & Lake Erie.. 1,436.953 St Louis Southwest (2)-234.066
Duluth Missabe & North 1,359,422 Union Railroad
223.605
755,912 Chicago & East Illinois__
Union Pacific (4)
187.821
648,301 Nashv Chatt & St Louis_
Northern Pacific
175,407
645,849 Chicago & Alton
Illinois Central
173.347
601,255 Virginian
Bessemer & Lake Erie._ _
172,388
515,158 West Jersey & Sea Shore
Norfolk & Western
165,054
472,271 Maine Central
Elgin Joliet & Eastern
153.525
468.244 Michigan Central
N YNH & Ha;tford144,021
456,220 Monongahela
Buffalo Roch & Pittsb112.815
412.477 Wheeling & Lake Erie....
Great Northern
105.633
386.729 Monongahela Connecting
Pere Marquette
364.936
Southern Pacific (8)---$22,470.623
Total(44 roads)
320.808
Southern Railway
289.758
Boston & Maine
Note -All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
the
returns do not show the total for any system, we have combined
as possible to
separate returns so as to make the results conform as nearly themselves.
those given in the statements furnished by the companies
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana), the Pennsylvania RR. reporting $5,952.968 decrease. For the entire Pennsylvania System, including all roads
owned and controlled, the result is a decrease in gross a $6,013.121.
b The New York Central proper shows $2.359.374 decrease. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Pour." &c., the whole going to form the New York Central System,
the result Is a less of 33.849.046.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF SEPTEMBER 1924.
Increase.
Increase.
$239,541
Atch Top & Santa Fe (3) $3,723,063 Central of Georgia
237.975
Now
England
of
Central
2,078.235
Central New Jersey
227.754
1,600,816 Texas & Pacific
Louisville & Nashville219,680
1.587.190 Chicago Great Western..
Reading Company
181,644
Line
Coast
Atlantic
1,269,554
C C C & St Louis
180.218
b1,265,364 Nashv Chatt & St LouisNew York Central
177.187
England..
New
&
Lehigh
8
.262,9f
Pennsylvania Company- al
173.432
1,156.367 Long Island
Chicago Burl & Quincy
169,212
1.141,899 Denver & Rio (hr West....
Missouri Pacific
168.915
Delaware Lack & West- - 1.047,561 Minn St Paul & S S
157.618
960.643 Cin N 0 & Texas Pacific
Chicago & North West
144,508
916,204 Buffalo Roch & Pittsb-Chic Rock ts1 & Pac (2)143.586
884.511 Cincinnati Northern.._ -Lehigh Valley
136.661
830,1'56 Western Pacific
Erie (3)
128.100
Valley
Hocking
St Louis-San Fran (3)_..807,452
124,378
769.835 Internet Great Northern
Michigan Central
112.534
739.854 Mobile & Ohio
Southern Railway
105.685
727.366 N Y Susq & Western
Delaware & Hudson_691.103
Missouri Kan & Tex (2)..
$32.615,260
roads)
(72
Total
569.436
Illinois Central
516,622
Southern Pacific
Decrease.
Union Pacific (4)
476,388
NY NH & Hartford
421.035 Duluth Misiabe & North $1,080.395
757.225
N Y Chicago & St Louis.,
419.398 Pittsburgh & Lake Erie..
239,933
Chicago Milw & St Paul_
391,844 Bessemer & Lake Erie......
211.887
381,827 Northern Pacific
Chicago St Paul M & 0..
203.510
Alton
&
Chicago
Florida East Coast
377.423
151,073
371.214 Los Angel a & Salt Lake.
Baltimore & Ohio
145.770
N Y Ontario & Western..
366.609 Duluth & Iron Range__
139.565
Colorado Southern (2)355,685 Union Railroad
137.562
Boston & Maine
344.529 Trinity & Brazos Valley_
105,599
Southwest
(2)..Louis
Wabash
St
315,859
101,033
Yazoo & Miss Valley...... _
300,351 Seaboard Air Line
Pere Marquette
276.234
$33.273.552
Total(12 roads)
Norfolk & Western
241.327
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana). the Pennsylvania RR. reporting $1.262,968
increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase of 31.295.213.
b These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c., the result is an increase of $2,639,359.
When the roads are arranged in groups or geographical divisions, according to their location, the
features already emphasized again appear. In the
gross every division shows diminished totals with the
exception of the Southwestern and the Southern, the
former having been favored beyond all others by the
heavy grain movement. In the matter of the net, the
part played by lower expenses in favorably affecting
results is seen in the fact that every group records
improvement in net with the exception of the small
group of roads located on the Pacific Coast. The
Southwestern roads again stand out most prominently, as their improvement in net exceeds that of
any of the other groups, being no less than 46.54%.
Our summary by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
1923. Inc.(÷)or Dec.(-).
1924.
Section or Group.
SeptemberGroup 1(9 roads), New England_ _ _ _ 21,459,345 22.502.881 -1,043.316
Group 2(33 roads), East & Middle. 163,231,995 189,398.341 -8,186,346
Group 3(27 roads), Middle West.._ 46.429,269 49.128,238 -2.898,969
+702.765
Groups 4 & 5(34 roads),Southern__ 72,127,502 71.424,737
Groups8 & 7(29 roads), Northwest_ 117.253,749 119,211,777 -1,958,028
Groups 8& 9(49 roads). Southwest 88.466.331 80,736.540 +7.729.791
Group 10(12 roads), Pacific Coast__ 30.885,669 32.567,789 -1,682.120
4.63
3.64
5.49
0.93
1.64
9.57
5.16
Total(193 roads)
539,853,860 544,970,083 -5.118.223 0.93
Net Earnings
-mileage
Seaton or Group.
1924.
1923. Inc.(+)or Dec.(-)•
3
September1924. 1923.
$
%
$
Group 1
+833.043 19.32
7,362 7,473 5,144,308 4,311,263
Group 2
34.878 34,476 48.553,2,74 37.202.784 +11,350.490 30.50
Group 3
15,987 15,924 14,128,533 11,976,321 +2,152.212 17.97
Groups 4 & 6
38,988 39,0133 19,754,849 15,519,108 +4,235,743 27.29
Groups6 dt 7
66,983 68.974 37,853,451 35,118,814 +2.738,837 7.79
Groups 8 & 9
54,206 54,799 29,013,004 19,797,871 +9,215.133 48.54
18,994 18,931 10,601,767 10.987.738. -385,971 3.51
Group 10
Total
235,178 235,640 165,049.184 134.911.897 +30,137,287 22.33
NOTE.-Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion watt
of Pittsburgh and Buffalo, also all of New Jersey. Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Ineian), all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
2232
THE CHRONICLE
Groups IV. and V. combined include the Southern States outh of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group Y. includes all of Washington, Orevon; Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
We have already referred to the exceptional size
of the grain movement. The statistics concerning it
bear out what has already been said. And it should
be noted that it was not alone wheat that moved to
market in unusual volume, but also oats, barley and
rye, while the corn receipts were likewise on a somewhat larger scale. This has reference more particularly to the movement to the Western primary markets, where the receipts for the four weeks ended
Sept. 27 the present year aggregated 76,020,000 bushas,as against only 43,054,000 in the same four weeks
.of 1923 and the receipts of oats were 52,406,000 bushels, against 24,198,000 bushels and where the total of
all grain receipts reached the huge total of 172,046,000 bushels in the four weeks of 1924, as against
only 94,272,000 bushels in the corresponding four
weeks of '1923. . The details of the Western grain
movement in our usual form are Se out in the table
We now present:
4 Weeks
ended
Flour.
147/coi.
Sept. 27. Bbls.
Bush.
Chicago• 1924 ___ 1,027,000 14,517.000
1923 ___
899,000
5,759,000
Milwaukee1,905,000
1924
278,000
350,000
' 1923
234,000
St. Louis5,071,000
438,000
1924 ___
2,917,000
1923 .__
426,000
Toledo1,881,000
1924 ___
605,000
1923 ___
Detroit475,000
1924
157,000
1923
Peoria1924 _ _ _
192,000
281,000
186,000
1923 _ _ _
137,000
Duluth12,776,000
1924 ___
8,606,000
1923 ___
Minneapolis19,234,000
1924 ___
15,350,000
1923 _ _
[
corn.
Bush.
Oats.
Bush.
Barley.
Bush.
Ryc.
Bush.
1,592,000
908,000
622,000
221,000
813,000
1,454,000
3,327,000 2,135,000
2,030,000 1,112,000
317,000
123,000
1,827,000
7,338,000
2,684,000
3,142,000
109,000
53,000
9,405,000
7,513,000
15,491,000
6,652,000
139,000
156,000
1,459,000
506,000
69,000
174,000
550,000
445,000
1,374,000
1,417,000
1,326,000
1,062,000
335,000
4,000
710,000
279.000
102,000
153,000
15,000
4.000
•
74,000
37,000
19,000
43,000
113,000
37,000
9,000
8,434,000 4,473,000 9,142,000
.530,000 1,345,000 2,559,000
13,291,000 3,755,000
4,164,000 2,171,000
1,546,000
1,349,000
Flour
1W/tea .
bush,
bush,
Kansas City1924
11,325,000
1923
5,734.000
Omaha tt: Indianapolis1924
4,430,000
1923 _
2,713,000
Sioux City1924 _
130,000
1923 _
St. Joseph1924 _
1,122,000
1923 _
677,000
Wichita- 1924 _
2.873,000
1923 _
Corn.
bush,
Oats.
bush.
672,000
685,000
978,000
1,809,000
2,879,000
2,233,000
3,827,000
3,580,000
477,000
753,000
814,000
610,000
272,000
278,000
63,000
14,000
Barley.
bush.
45,000
Rye.
bush. •
17,000
Total all1924 ___ 1,935,000 76,020,000 19,577,000 52,406,000 12,160,000 11,883,000
1923 ___ 1,696,000 43,054,000 16,863,000 24,198,000 .5,808,000 4,351,000
The Western live stock movement, on the other
hand, ran in some instances smaller than a year ago.
At all events at Chicago the receipts in September
1924 comprised only 21,447 carloads, as against 22,935 in September 1923, though at Kansas City the
receipts were 17,920 cars, against 17,619, and at
Omaha 12,551 cars, against 11,438.
In the South the roads had the advantage of a
larger cotton movement, which was natural, considering that the 1924 crop of the staple is so much in
excess of that of last season. The shipments overland for September were 99,983 bales, against 72,299 bales in September 1823; 59,424 bales in September 1922 and 125,235 bales in September 1921. The
receipts at the Southern outports reached 1,132,993
bales, against 900,947 bales in 1923; 787,478 bales in
September 1922 and 642,918 bales in September 1921,
as will be seen by the following: •
RECEIPTS OF COTTON AT SOUTHERN PORTS IN SEPTEMBER AND
FROM JAN. 1 TO SEPT. 30 1924, 1923 AND 1922.
Month of September.
Galveston
Texas City
New Orleans
Mobile
Pensacola, eze
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
Since Jan. 1.
1924.
1924.
1923.
1922.
568,389
178,060
173,859
21,709
2,477
148,669
23,151
7,648
9,031
528,323
156,032
104,121
3,231
646
55,263
30
14,591
13,338
25,372
438,473 1,354,798 1.240,1851 1,501,942
81,738 471,835 399,360 364,548
96,370 779,083 625.1100 707,431
15,045
79,739
24.892 100,382
5,584
8,092
4,348
14,416
96,661 361,029 253,491 490,065
16,087
183
3,481
33,984
8,335
74,515
97,233 120,530
12,611
41,046
50,468
56,294
15,674 124,811 122,708 150,024
1923.
1,132,993
900,947
787,4783,295,131 2,821,966 3.539,598
1922.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Nov. 14 1924.
There is a growing feeling of hopefulness all over the
country that trade has turned the corner, and with more
seasonable weather will improve steadily. It is true that
unseasonably high temperaturep have continued to hurt business. This is one great drawback, but in the nature of the
case It is temporary. Of course it is regrettable, because a
certain amount of trade has been lost just as it was last
spring, which, it will be remembered, was very late, cold
and stormy. Naturally, the mill does not grind with the
water that is past. But optimism is in the air. Since the
election men have breathed more freely. It is not a mere
matter of sentiment. Grave political obstacles to trade, it is
felt, have been removed. The great advance In stocks is one
of the stimulating signs of the time. It Is estimated that
the recent rise in prices has amounted to $3,000,000,000.
Two-million-share days have lasted fully a week on the
Stock Exchange and for eight successive days prices have
advanced. A side light on the situation, not without interest, is the fact that New York Stock Exchange "seats" are
now up to $102,000 bid, as against $80,000 paid just before
the election. Also, the price of memberships in the Chicago
Board of Trade has latterly been advancing. It is believed
that Cotton Exchange memberships will follow the same
trend, although cotton trading has been seriously injured by
the bi-monthly crop reports issued by the Government this I
year, and which have kept the trade in a state of uncertainty, not to say turmoil, for many months past. Mean-
[VOL. 119.
while bonds have been active and rising. The grain markets have risen sharply as the evidence multiplies that foreign crops are deficient. The Canadian wheat crop may be
20,000,000 bushels smaller Chan was expected, and the outlook for the Argentine and Australian crops is none too favorable. Europe, it is a foregone conclusion, must continue
to purchase American grain on a considerable scale. An
important circumstance, too, is that American prices are
some 10 to 12 cents below the level of those in Canada and
Argentina. At the same time the American spring, wheat,
especially, is of exceptionally high grade, so much so that
the premiums are something beyond the ordinary. On the
other hand, the Canadian crop is of unusually low quality,
due to bad weather. Cotton has risen sharply under the spur
of a big trade demand and also some increase of late in the
speculation. A better business in cotton goods has also
helped raw cotton. The trade at Fall River is described as
the best for many months past and that in Worth Street is
said to have been the largest this week for a year or two.
There is a general tendency toward longer working time, if
not full time, in the cotton mills in parts of New England
and parts of the South. The increase in the consumption of
raw cotton is significant. During October it rose to a total
nearly 100,000 bales larger than that in September. And
whereas the world's consumption of American cotton last
year was approximately 11,240,000 bales, the estimates for
the present year range from 12,500,000 to 13,000,000 bales.
The exports thus far continue to keep well ahead of the
total for the corresponding period last year. The South is
Nov. 15 1924.]
THE CHRONICLE
greatly encouraged by the rise in raw cotton. Money is plentiful there and some of the farmers and merchants are
holding back their supplies of cotton. Manchester mills will
increase their working hours.
, Coffee has had lurid markets of late, both here and in
Brazil, and after a recent rise of some 100 to 150 points there
was a sudden break this afternoon here of over 100 points,
coincident with a bad break in Rio and Santos. It is supposed
that the trend of coffee prices on the whole is upward, owing
to the fear of deficient supplies. But conservative interests
naturally deprecate the violent fluctuations which have latterly characterized the markets here and in Brazil. Sugar
advanced somewhat without showing much activity. Copper has risen with a fair demand. Petroleum has not shown
- much change, though gasoline is higher with a better business. The output of crude petroleum continues to decline.
Wool has been in better demand at some advance in prices.
They are very firm in Australia, South America and London.
According to some estimates Americans may buy something like 200,000 bales of wool this season in Australia
alone. Heavy weight goods have been, as a rule, dull in this
country, owing to the exceptionally warm weather. Bituminous coal has declined somewhat, with a large production and
a more or less restricted sale owing to the warm weather.
Pig iron has been active and rising. The buying of steel
has increased somewhat and here and there some advance in
. prices was reported. At the West trade is increasing, with
wheat up to a new high level for the year and railroad
- stock prices the highest on the average for the last eight
years and industrial stocks at the best for five years past.
The Western dry goods houses In particular take a hopeful
view of the outlook. A fact not without significance is
that some of the coke ovens are reopening. Industry tends
to expand slowly but surely. Building during October was
soniewhat larger than in the same month last year. The
unusually high temperatures for this time of the year has
-made for larger crops of cotton, corn, potatoes and tobacco
than seemed possible at one time. The trouble is that the
corn crop is nevertheless much smaller than the five-year
average and, what is worse, the quality is poor as the result
.of a wet harvest. The price of potatoes has declined, owing
to a high record crop. In general, commodity prices have
risen. The carpet and rug business has been unusually active and prices have advanced somewhat. Broad silks have
been in better demand at primary points. Japanese raw
- silk has advanced In response to a rise in Yokohama. The
export trade in grain as well as cotton makes a striking
showing. And it is not surprising to learn that the October
• freight movement on Western railroads reached the highest
figures ever known. The exports of -wheat alone this week
reached the imposing total of 17,500,000 bushels, which is
over 35,000,000 bushels In two weeks, or practically double
the total for the same weeks last year. Thus far this season
the total is up to nearly 200,000,000 bushels, or some 53,000,000 bushels larger than at this time last year, the effect, as
already noted, both of European shortage and of cheaper
prices in the United States than in any other exporting country in the world. It is feared, however, that seed corn is
, likely to be scarce. And it is noticeable that while there is
some German inquiry for American corn the exports thus
far this year are some 250,000 bushels behind the total for
•s, the same period of 1923. The truth would seem to be that
, we have no good corn to spare for export, or at any rate
very little. Cooler weather of late along the Northern
f States has helped trade there, and it is hoped that it will
• soon spread southward. Rain is needed also for winter
wheat and to prepare the fields for plowing, from Texas
northward. Drought still prevails in the Atlantic States.
and not less noticeably so in New York and hereabouts, than
elsewhere. To-day, however, It was 42 degrees at 2 p.
here, and the forecast was for somewhat cooler weather by
to-morrow. And in spite of the unfavorable weather conditions for seasonable trade, it is of interest to notice that the
• mail order business of three of the largest concerns in Octo-ber reached a total of $42,852,843, or an increase of nearly
$10,000,000 over September and of some $3,500,000 over
October last year. Moreover, nine of the large chain stores
made sales in October amounting to $48,330,449, or some
49,300,000 more than in September and nearly $6,000,000
-More than In October last year. What is more, the mail
order business for ten months ending Oct. 31 reached close
to $315,000,000, an increase of 7% over the same period last
'year. The sales of chain stores for ten months this year
amounted to $376,624,559, an increase over the same period
2233
last year of nearly.14%. The grand total of mail order and
chain store transactions for ten months reached $691,582,848,
an increase of 1016%. This is surely -a gratifying exhibit.
Stocks during the week have been very active at rapidly
rising prices. Transactions ranged from 2,000,000 to 2,400,000 shares daily, with some falling. off to-day, although the
total was put even to-day at 1,943,600 shares. In general
prices have steadily risen, until to-day, when there was
some irregularity. With big carloadings, striking railroad
earnings, immunity from unreasonable legislation, the dispelling of fears of the nationalization of the roads and the
gradual expansion of business even in the teeth of unfavorable weather conditions'and to cap the- climax the very favorable result of the recent national election, the, universal
spirit of optimism is nothing surprising. Money continues
abundant and cheap, and this of 'course favors trade and
speculation. There has been .some inflation in the credit
and money situation since the first week of June, following
the large gold imports and decreased trade for a time. But
now gold imports have decreased, and it is not expected,
with European loans being negotiated in the United States,
that the gold imports will reach important totals in the near
future. There is some talk in the West to the effect that -the
banks stand ready to check inflation and that bankers are
closely watching loan accounts to put a curb on undue enthusiasm. Of course, conservative interests will frown upon
and discourage an era of excessive trading of which there
can be but one result. But a liberal expansion of trade in
this country is due, and interference with a view of "planing
down the boom" would not meet with general approval.
Meanwhile, as stocks here advance London has at length
caught the contagion and to-day there was a noticeable rally
there. Industrial stocks were advancing and British trade
generally was favorably affected by the steady advance in
sterling exchange. On this side sterling has latterly risen
to $404, a new high for the year,.ahd only about'22 cents
under par. Continental currencies haVe also been firm,-with
an upward tendency. In a word, the world is coming back to
a normal condition of things, after the nightmare of the
war and post-war period. In this country and England, as
merchants and financiers recognize, with increasing pride
and satisfaction, conservative -political parties have been
installed in power, and the fact will inure to the advantage
not only of the Anglo-Saxon race, but to the world in general. So that it seems reasonable to expect an improvement
in business, the chief preoccupation of mankind throughout
the world. In a speech 'yesterday in Germany Foreign
Minister Stresemann expressed his gratification at the result of the recent election, which merely echoes similar
opinions in other parts of the Continent as well as in Great
Britain and elsewhere in the world.. It was certainly a .histonic event. •
The outlook for European exchange,'according to international bankers, is decidedly better, owing to recent elections. Advices from hbroad indicate that a rebuke to radicals in Continental Europe can also be looked for. The
supply of commercial bills has been light during the past
week, considering this season of the year, when offerings
are generally on a huge scale.
At Fall River, Mass., the FirestoneTire & Rubber Co. has
bought the Sanford cotton mills. They Will be operated by'a
subsidiary of the pareht corpOration to be known as the
Firestone Cotton Mills. Fall River's trade showed more life
and on Nov. 11 it was Unusually active. in two days the
sales exceeded 200,000 pieces and Tor the week over 300,000.
The bulk of the trading has been'in 36-inch low counts, some
of which sold at an advitnee of 1-16c.; though considerable
business has been'done In 4.37 sateens at from 13% to 1331,c.
New England mill officials are more hopeful. Boston wired
that notices have been posted in the mills of the Ludlow
Manufactuing Association that they will operate on a 48hour schedule. 'ThiS is said to be: the first time in malay
months that the various departments will all work on this
schedule. At Ware, Mass., on Nov. 10 the cloth department
of the Otis Co. mills resumed full time. Nearly 1.000 operatives will- benefit. Orders for denim goods make the change
possible. For a long period the department has run three or
four days a week, Rhode Island mills continued on an unchanged schedule. At Manchester, N. H., the petition of
the Amoskeag mills for an abatement of taxes of $311,77550 on their 1924 tax bill has been denied by the tax
assessors. At Lisbon Falls, Me., the Worumbo Manufacturing Co. and the Devonshire mills at Goff's Falls are operating on full time. At Clinton, Me., the new Clinton woolen
2234
THE CHRONICLE
mill has started operation of the whole plant. Atlanta, Ga.,
wired that mills throughout that section are running full
time and sold ahead generally from six weeks to two months.
The general impression among mill executives is that with
the political uncertainty removed a much better demand for
both cotton and goods will develop within the near future.
Hartford, Conn., wired that the Saxton Woolen Co. continues to operate on full time and that if any change is made
it will be to increase the working hours. The New England
Woolen Co. has increased its working force slightly since
election. The Reliance Yarn Co. increased its working force
more than in any week in the last two years and prospects
are excellent. The J. B. Martin Co., manufacturing velvets
and silk, anticipate no immediate change in its schedule
operating three days a week. Jan. 1, it is added, however.
may see improvement. The Ponemah mills at Taftville, cotton manufacturers, continue to run on half-time schedules,
the plant being open alternate weeks. The Glen woolen
mills are on full time now and expect to continue so. Hartford, Conn., wired later that continued drought throughout
Connecticut is seriously affecting and threatening the textile industries of the eastern section. No rain to speak of
has fallen in eight weeks. Only a trickle of water runs
where the Quinebaug River, serving the principal industries
in the Windham County section, flowed. The Everett mill
at Willimantic has closed for lack of water. An attempt
will be made to resume on Nov. 17, and then on a three-daysa-week schedule until the condition improves. The Grosvenordale mills at Grosvenordale have been operating by
bringing into use their steam plant for the past two weeks.
Not in 34 years has the company used its steam plant so
long. The Keegan woolen mill at Wilsonville Is operating
as it can in the weaving department, using electricity. Other
departments are shut down. The Putnam Silk Co. Is operating by electricity. The power generating plant, the Put.
name Electric Light Co., is buying all its power from a company nearby, having been compelled to close its own 75-k.w.h.
hydro-electric plant.
At Greenville, S. C., all the mills are operating six days a
week, with the outlook declared to be considerably brighter
since the general election. In Alabama various mills on
Tuesday were going on full time. Dwight & Cordova mills
In Alabama are running 100%. The Dwight for the first
time in twelve months.
Production is evidently increasing. According to the
Harvard Economic Service, manufacturing production had
made an 8-point advance in September over August. A single month's gain of this magnitude has occurred only once
before—in January 1920, when the boom was at its peak.
It brings the index of production back to approximately normal after the extremely sharp but brief recession earlier in
the year. Price advances exceeded declines in the month.
Yet stocks of goods were kept down awaiting the national
election. That they advanced on hand-to-mouth buying
was striking evidence of the imperative nature of the demand. And now there is no obstacle to expanding trade.
Money is cheap. Stocks are still low and replenishment is
necessary, with a rising demand for merchandise in all parts
of the country.
The weather at New York has, as a rule, been rather cool,
with snow flurries last Sunday. But at the West it was too
warm early in the week for the seasonal business. Chicago
had 60 degrees, Cincinnati, Cleveland and Detroit, 58, St.
Paul, 58, and Kansas City 70. In this city there had been
no rain for 34 days up to Nov. 11. It rained a little that
night. The previous longest rainless period in the Weather
Bureau's history, which reaches back to 1871, was in 1884,
when only three very slight traces of rain fell in 28 days.
Next to that was the drought in 1872, when none fell for 24
days.
Further Improvement in Factory Employment in New
York State in October.
Factory employment in New York State went up 1%
from September to October. This is just about equal to
the inorease from September to October last year, and represents the usual seasonal gain. This remark appears in a
statement issued Nov. 13 by Industrial Commissioner Bernard L. Shientag of the State Department of Labor, who discusses the situation as follows:
Important Gains in Iron and Steel.
The most interesting changes came in the metals. The steel shills. which
are frequently used as an index of industrial conditions, took on over 1,200
workers this month. However, brass and copper mills, sheet metal work
and hardware factories and plants making instruments, typewriters and
[VoL. 119.
lenses showed little net change. The automobile industry, which has reported substantial gains in the last two months, following the record low
point in July, did not gain. Some plants reported increases in employment,
but these were offset by decreases in others. Similarly, factories dependent
on the automobile industry showed varying tendencies. There was no net
gain or loss in the machinery and electrical division.
Railroad equipment manufacture, which suffered a severe decline in the
past three months, was more active and some of the men released in August
and September were taken back. Repair shops added workers to their
forces. Radiator factories, which have held up well, took on more workers,
and some of the cutlery plants increased operations. Metal furniture
showed the largest decline in the stamped metal ware division.
Building Materials Slower.
Building materials continued to report less active conditions but this
month the decline was hardly more than seasonal. More reductions In
employment were put into effect in the brick yards, though one plant which
was closed in September reopened. Most of the cement plants remained
the same and plaster tended to gain after a low September. Cut stone
lost a little. Most of the manufacturers of house trim reduced forces this
month, with one or two rather heavy cuts.
The manufacture of furniture and pianos continued to pick up.
Cotton and Knitting Mills More Active.
The textile situation continued to improve. Some of the cotton mills
Increased forces substantially and reported more employees than they have
had since 1923. Practically all the knitting mills were busier. Several
reopened as market conditions improved, and only two or three reported
fewer employees this month. Silk underwear and hosiery factories followed
in line but several of the glove plants reduced activity further, although this
Is usually their busy season. Mills making woolen dress goods re-employed
some of the workers dropped in the summer months. There was a seasonal reduction in the felt and velour hat factories.
The increases In the shoe factories were slight and irregular, though the
tanneries continued to enlarge operations gradually. Gains in the shirt
and collar factories were scattered and in most cases small.
There were fewer workers employed In the Mod plants. Sugar refining
continued to slow up and over 600 workers were released this month in
the reporting factories after previous reductions. The tlour mills dropped
some employees and meat packing plants reduced operations a little. Candy
factories are busy as the holidays approach. Activity in the cigar and
cigarette plants was lower after the improvement last month.
Moderate Gain in New York City.
Employment in New York City went up less than 1%. In most of the
clothing trades the peak of the season had passed, and the steel and textile
mills which were factors in the up-State gain are not found here.
There was little change in the more important metal industries. The
instruments factories which released employees last month continued on a
reduced scale. Souse of the railroad repair shops took on quite a few
employees. Copper and brass factories were unchanged except those
making products for the automobile trade. The Christmas demand was
reflected in jewelry and cutlery.
The holiday season was also responsible for increases in smoking pipes,
leather novelties, men's neckwear. women's underwear and knitted silk wear.
Men's clothing was slightly less busy and the season in millinery was
slowing up. Women's dress shops, however, took on several hundred
employees after gains last month. The season in furs has been extremely
backward. Shoe factories sent in conflicting reports.
Stone and plaster plants in New York City let some ot their men go
and in house trim operations were curtailed.
Sugar refineries continued reductions and there was a slowing up in the
flour mills. Biscuit and cracker factories went up after the drop in September and candy plants added several hundred workers as fall orders came in.
The number of cigar makers released slightly exceeded the number taken on.
Utica Leads in Increases.
The Improvement in the textile mills reported by the Utica District last
month was repeated in October and Utica led the rest of the cities with an
increase of over 3%. Over 1,000 workers were re-employed In the textile
mills reporting to the State in September and the gain this month was
about equally large. Both cotton and knitting mills were more active.
The metals in Utica chiefly represented by brass and copper muds and instrument factories showed a slight loss in contrast to the increasing activity in
the Buffalo district, where the steel mills are located. Radiator shops.
however, added some workers to their forces. The men's clothing factories
let some operatives go between seasons. Furniture plants went up a little.
Another Increase in Buffalo.
•
Buffalo ranked next to Utica in the size of the gain reported this month.
Following decided improvements in August and September came a 2%
increase in October. The importance of steel in the industries of the
Buffalo district made itself felt. The steel mills took on over 1,000 workers
in October. GainsIn the rest of the metal industries were large but irregular
and were partly offset by losses. Railroad repair shops increased the
number of employees beyond the losses last month but equipment factories
reduced operations as contracts were filled. Machinery and heating apparatus reported gains, but conflicting reports came from the factories making
automobiles and products used in the automobile industry. Mineral
products followed the upward tendency ot the metals with a longer working
schedule.
The food industries in the Buffalo district employed fewer workers this
month than last. There was an early loss in some of the flour mills. though
the expected gains appeared in others. Meat packing and biscuit factories
also released some workers. There was a slight gain In furniture and
pianos. The season in men's clothing fell off rather early this year and the
reductions of the last two months were continued with a few exceptions.
Men's shirts and women's dresses increased operations somewhat.
Tertiles and Sewing Improve in Capitol District.
There was an increase of about 1% In the Capitol District in October.
Shirt and collar factories and textile mills were responsible. In machinery
and electrical apparatus, which has held up well, several plants went lower
In October. On the other hand, the railroad equipment shops took back
several hundred men.
Little Change in Syracuse and Binghamton.
A small gain in automobiles provided employment for a few more workers
In Syracuse. Not all the factories related to the automobile industry
went up. however. There was a small loss in the typewriter plants, but
the steel mills took on a few men.
The shoe factories showed little change after email losses last month.
The sewing trades let some workers go. Knit underwear showed the same
improvement as in the rest of the State. The important industrial chem.,
teals released workers after the partial gains of August and September.
There are several hundred fewer employees here this year than last.
Nov. 1S.1924.}
THE CHRONICLE
2235
Although the number of workers was reduced, steadier work was the rule
for those who were retained. The amount of money put in circulation as
wages during the week of Oct. 15 by 1,505 employers was $10,496,564, an
increase of 2.7% from the amount these identical employers paid out in
Seasonal Decrease in Rochester.
wagessduring the corresponding week of September. For factory workers
Further seasonal losses in men's clothing and a few important decreases the average weekly earnings amounted to $27 66, which was the largest
since
May, but about 2% less than last year. The average earnings of
was
off.
This
show
a
falling
district
to
In metals made Rochester the only
less than 1%. The most severe reduction was in railroad equipment and factory workers in October was $30 32 for males and $17 01 for females.
the plants making instruments. Although the season is ending, plants Corresponding averages for September were $30 60 and $18 53.
Building operations already responded to the coming of fall. Building
packing fruits and vegetables used more workers than in September.
construction contractors reported laying off 5.5%. The value of new
Furniture and piano factories were more active.
projects, however, rose during the month. For 24 of the principal cities
of the State building permits called for an increase of $5,500,000 from the
September figure, but $4,250,000 less than the figure for October 1923.
Activity in Factory Employment in Illinois Not
In Chicago $23,830,3'50 worth of work was authorized. Cities in which
the month's authorizations were above the $200,000 mark follow: Aurora,
October.
Maintained in
$204,860; Berwyn, $928,825; Cicero, $554,519; Decatur. $427,975: East
The increases in factory employment of August and Sep- St. Louis, 8410.529; Evanston, $1,267,670; Highland Park, $324,618;
tember did not continue into October, says R. D. Cahn, Oak Park, $826,567; Peoria, $288,295; Rockford, $283,340; Springfield
chief statistician, in his review of the industrial situation $274.650.
The labor market reflected a slightly improved condition over one month
in Illinois in October 1924. Although there were some ago: 139 persons were registered for each 100 places open, in comparison
with
143 in September. One year ago the index stood at 117 and two
significant advances in the metal industries during October,
years ago at 96. During October the Illinois free employment offices in
there were somewhat more than offsetting declines in the 13 of the
principal cities ofthe State placed-11.938 personsin positions, which
other groups, so that the total number of factory employees they accepted. This was 365 more than were placed in September. In
in Illinois in October was 1% less than in September. Again, October 1923 the offices placed 17,265 and in October 1922 17.332.
Binghamton reported a small Increase, with the rhoe factories slightly
more active. Furniture plants gained a little, but there was slight,change
in the other industries of the district.
the majority of the principal manufacturing industries of
the State recorded gains, but the margin was less than
before. Thirty of the 56 principal industries expanded in
October in contrast with 35 in September. It is pointed
out that a substantial increase in the volume of employment
was to be expected, for October, in ,the absence of ar4,y
substantial cyclical trend, is the month of the fall peak in
employment and in many instances the peak of the entire
year. Whatever the future may hold in store, says Mr.
Cahn, the past month has failed to bring the expected increase in the general level of operations in Illinois factories.
The precipitate declines of early 1924 with only slight
swells in August and September and a renewed decline in
October leave the factories with 13% fewer persons than
were at work at the peak of operations in 1923 and 12%
fewer than one year ago. The survey shows that the factories of Illinois had fewer workers than they had in any
October in the past four years. "We face the beginning of
winter, a time when out-of-door industries are generally
closed with a large number of people out of work." Statistician Cahn then proceeds as follows:
As is usually the case, glass factories in October had 2.7% more employees
than they had in September. Employmmit still holds up sca 11 in the brick
kilns with an expansion of 1.7% in employment. In miscellaneous stone
and mineral products, in which roofing concerns are included, employment
has fallen.
In the metals, machinery and conveyances group, 7 ouil of 12 industries
expanded. The largest gain was in heating apparatus, in which industry
firms added 6% more employees in October. This expansion is, of course,
of a seasonal character, but the gain of the past month in the metal Industties is not entirely of that character. Iron and steel firms whose employment has lagged in the two preceding months added 3.5% to the workers
on the payrolls, although foundries were not sharing the expansion. A
revival of employment in the agricultural implements is another favorable
change that current statistics show. Thirty-one agricultural implement
makers had 5.5% more workers than a month ago. Car builders laid off
1.5%, machine shops a fraction of 1% and electrical apparatus firms 7.1%.
All the wood industries with the exception of the planing mills had more
workers in October than in September. The mills laid off 4.4% • in the
wood novelties factories the production of holiday goods brought an increase of 6.9% and in furniture factories 3%.
The leather industries are still expanding. In the month they gained
6.7%. Shoe factories also were reporting good business and had 5.6%
more employees in October than one month previous. In the chemical
Industries the paint factories led with an expansion of 6.8%, followed by
drugs with 5%.
In the printing and paper group of industries employment trend was
downward in three instances and upward in two of the minor industries.
Job printers laid off 5.5% for the most pronounced change of the month.
Five out of eight of the apparel industries had fewer employees in October
than they had in the preceding month. Men's clothing factories represented in the calculations by about 11.000 workers laid off 6.9%, and
declines also were the rule in men's hat factories, women's furnishing and
millinery. Employment rose in men's furnishings and women's clothing.
In the food industries the changes were chiefly seasonal. Flour and feed
gained 5%. In canning more than half of the employees of the preceding
month were laid off. In the meat packing industry there was a slight
decline in employment, for the heavy receipts of cattle that have been reported in the latter part of October and early November had.not started
to arrive at the yards by the middle of the month. Candy factories retained
nearly all the employees they had added the preceding month. Ice and
Ice cream employment fell sharply.
Fall business apparently is good. Department stores and mail order
houses were both adding considerable numbers to their working forces and
the wholesale grocery firms joined in the expansion. Further reopenings
of mines were reported and total number of workers increased 7.4% and
average weekly earnings rose 7.2%.
The survey for the month is based fundamentally upon signed reports
from 1,190 manufacturers who had 273,335 workers in October and 276.123
in September, a decline of 1% in the month. Aside from the manufacturers,
there were included in the tabulations reports from retail and wholesale
trade, public utilities, mining, building, bringing the total number of
raporting employers up to 1,506. These employers in all industries had
397,829 workers in October, a decline of 4-10 of 1% from the number they
had in September. Employment increased in 7 of the 13 principal cities
of the State. In Rock Island the increase was 31% due to the enlargement
of the operations of several implement factories. In Joliet the figure was
4,8% and in Moline 4.3%. In Chicago 603 manufacturers had 136,620
workers in October, an increase of 3-10 of 1% from the number the identical
mployers had in September.
Retail Cost of Food Higher.
The United States Department of Labor, through the Bu.
reau of Labor Statistics, has completed the compilations
showing changes in the retail cost of food in 21 of the 51
cities included in the Bureau's report. During the month
from Sept. 15 1924 to Oct. 15 1924 19 of the 21 cities showed
increases as follows: Charleston, S. C., 3%; Birmingham,
Kansas City, Louisville, Newark, New York, Norfolk and St.
Louis, 2%; Boston, Columbus, Fall River, Indianapolis,
Minneapolis, Omaha, Providence, Richmond and St. Paul,
1%, and Dallas and Portland,. Me., less than 5-10 of 1%.
Milwaukee decreased 1% and Manchester showed no change
in the month.
For the year period, Oct. 15 1923 to Oct. 15 1924, 12 of the
21 cities showed decreases as follows: Fall River, Manchester, Newark and New York, 3%; Boston, Portland, Me., and Providence, 2%; Minneapolis and
Omaha, 1%, and Milwaukee, Richmond and St. Paul,
less than 5-10 of 1%. The following 9 cities showed an increase: Birmingham, Charleston, S. C., Dallas, Kansas City
and Louisville, 2%; St. Louis, 1%, and Indianapolis, Norfolk and Columbus,less than 5-10 of 1%.
As compared with the average cost in the year 1913, the
retail cost of food on Oct. 15 1924 was 57% higher,in Richmond; 54% in Birmingham ; 53% in Boston and Providence;
52% in Charleston, S. C. and New York; 49% in Fall River,
Milwaukee and St. Louis; 48% in Dallas; 47% in Manchester; 45% in Newark; 44% in Indianapolis and Kansts City;
43% in Minneapolis and Omaha, and 42% in Louisville.
Prices were not obtained from Columbus, Norfolk, Portland,
Me., and St. Paul in 1913, hence no comparison for the 11year period can be given for these cities.
Big Increase in Building Construction in October—The
F. W. Dodge Corporation Figures.
Construction activity increased very considerably in October, according to F. W. Dodge Corporation. Contracts
awarded last month in the 36 Eastern States (which include
about seven-eighths of the total construction of the country)
amounted to 8410,090,800. The -increase over September
was 19%; over October of last year, 14%. The increase,
it is stated, is very largely-accounted for by a number of big
public works and utilities projects. In October there is
usually a seasonal increase over September. Last year this
increase amounted to 24%.' Public- works and utilities in
last month's record amounted to $101,224,000, or 25% of all
construction; compared with'$52,033,800 in September and
$63,498,600 in October 1923. This group was surpassed
last month only by residential construction, which amounted
to $166,198,900, or 41% of the total. Commercial buildings amounted-to $55,969,100, or 14%; industrial buildings,
$29,032,800, or 7%; and educational buildings, 827,675,400,
or 7%.
The October figures brought the total of building contracts
for the first ten months of this year up to $3,775,093,500,
an increase of 12% over the corresponding period of last year.
Contemplated new work reported in October amounted to
$553,016,200. While this was a 29% increase over the
amount reported in September, it was somewhat less than
the total for October of last year. The high record of
last
month's building contracts, it is stated, is a good indication
that building activity will continue into the winter
months
at a very good rate. The F. W. Dodge Corporation
also
2236
THE CHRONICLE
[VOL. 119.
has the following to Say With reference to the different Sec- by reports made to S. W. Straus & Co. in a survey of all
- tiOrIS Of the Country:
cities of more than 10,000 population, the results of which
were recently made public. Studies were made, it is stated,
New York State and Northern New Jerseg.
October building contracts in Now York State and northern Now Jersey in 528 cities. In'380 of these, building shortgages were
amounted to $109,927,500. The increase over September was 31%; over reported amounting to $4,050,820,000 of which $2,102,698,October of last year, 1%. Last month's total included $58,870,200, or
53% of all construction, for residential buildings: $21,969,200, or 20%,for 500 is needed for residential types; $1,130,851,500 for comcommercial buildings; $14.145.800, or 13%. for public works and utilities mercial types and $870,270,000 for public buildings of all
(which included the 10-million dollar contractfor electrification of the Staten kinds. In 148 cities no shortage was reported, thus indicatIsland RR.); $6,328.200, or 6%.for educational buildings; and $2.106,800, ing that in these
places the amount of building requirements
.or 2%, for industrial buildings.
Construction started from the first of this year to Nov. 1 has amounted now rests on the normal demands of growth and improveto $1.119,805.700, an increase of 34% over the first ten months of last year, ment. That a shortage of considerable mag itude also '
and nearly 5% more than total 1923 construction.
Contemplated new work reported in October amounted to $115,805,500. exists, says S. W. Straus & Co., in places having less than
10,000 population was indicated by the results of their invery slightly in excess of the contracts awarded.
quiry in 20 typical towns of this type in various parts of the
New England.
Contracts awarded in New England during October amounted to $31,- United States. Twelve of these places showed aggregate
298,800. While this was a 3% increase over September, it was practically shortages of more than $14,000,000 while 8 revealed normal
equal to the figure for October 1923. Last month's total included $15,916,300, or 51% of all construction, for residential buildings; $5,130,000. conditions.
The investigation also brought to light definitely planned
or 16%, for educational buildings; $3.792.800. or 12%. for commercial
buildings; $1.725,500, or 6%, for industrial buildings; and $1,506,900, or expenditures of nearly $800,000,000 during the next two
5%. for public works and utilities.
Total construction started in New England during the first ten months of years for churches, hospitals, charitable and educational
this year has amounted to $299,214,400, an increase of 6% over the corre- institutions, these figures not being included in actual shortsponding period of 1923.
ages now existing. The survey, which it is averred is the
Contemplated new work reported last month amounted to $39.685,000, most complete study of actual
building conditions throughbeing very little in excess of the amount of contracts awarded.
out the country ever undertaken, was made by S. W. Straus
Middle Atlantic States.
Co. through its educational department. Chambers of
October building contracts in the Middle Atlantic States (eastern Penn- &
sylvania, southern New Jersey, Maryland, Delaware, District of Colum- commerce, real estate boards, building departments, municbia and Virginia) amounted to $58,814,500. This was not only a 22% ipal governments and other agencies best qualified in their
Increase over September, but also 77% over October of last year. Last respective communities to give authentic data, co-operated.
month's record included 132.997,500. or 56% of all construction, for public
It is'pointed out in the survey that even within the bounworks and utilities (including a $27,000,000 subway project in Philadelphia); $16,494.600, or 28%, for residential buildings; $3,762.600. or 6%, daries of cities where the general situation is such as to justify
for commercial buildings: $1.424,400, or 2%, for educational buildings; reports of shortages there may be limited residential zones or
and $1.401,100, or 2%, for industrial buildings.
Total construction started in this district during the first ten months of there may be certain types of construction in which the saturthis year has amounted to 3414,757,500, an increase of 27% over the corre- ation point has been reached. Such conditions particularly
sponding period of last year, and 11% more than the total of work started are pointed in connection with certain sections of the Borin the entire year 1923.
Contemplated new work reported in October amounted to $82,229,400, oughs of Brooklyn and the Bronx in New York and in Chia considerable increase over the amount reported in September.
cago. The Eastern section of the country reported total
Southeastern States.
shortages of $2,312,510,000, of which $1,652,887,500 was
Construction started during October in the Southeastern States (the Caro- residential; $439,220,000 commercial and $220,402,500
linas, Georgia, Florida. Tennessee. Alabama, Mississippi. Arkansas and public. The Central States reported $1,149,700,000 shortLouisiana) amounted to $65,150,000. This was not only a 41% increase
over September. but also a 60% increase over October 1923. Last month's age, consisting of $294,486,000 residential, $462,741,500
record included $20,826,200. or 32% of all construction, for public works commercial, and $392,472,500 public. In the Southern
and utilities (this group included a six-million dollar contract for railroad
shortage of $307,495,000 was distributed as
construction): $17,217,300, or 26%. for residential buildings; $14,637,500 States a total
(including a seven-million dollar power plant), or 22%,for Industrial plants; follows: residential, $83,425,000; commercial, $137,515,000;
54.943.600. or 8%, for commercial buildings, and $4,064,800, or 6%. for public, $86,555,000. The Western States reported shortages
educational buildings.
Total building contracts awarded In this district during the first ten of only $281,115,000 of which $79,900,000 was residential,
months of 1924 have amounted to $523,043,900, which is not only 23% $91,375,000 commercial and $117,840,000 public.
ahead of the first ten months of last year, but also 7% greater than last
Of the 25 leading cities, New York led with a shortage of
year's entire construction volume.
Contemplated new work reported last month amounted to $95,700,200. $855,000,000, the greater part of which is said to be needed
an increase of 40% over the amount reported in September.
for residential types of buildings. Chicago with a shortage
Pittsburgh District.
of $501,543,000 was second. Philadelphia reported a shortOctober building contracts in western Pennsylvania, West Virginia, age of 3240,000,000; Milwaukee, $130,000,000; San FranOhio and Kentucky amounted to $42.833,000. This was a decline of 12%
$78,500,000; Pittsburgh, $77,000,000; Los Angeles,
from September and of 18% from October of last year. The principal items cisco,
In last month's record were $17,207,500, or 40% of all construction, for resi- $51,000,000; Denver, $45,500,000; Cincinnati, $42,000,000;
dential buildings; $8,176,300. or 19%. for public works and utilities; $4,- Portland, $35,000,000; Cleveland, $29,750,000; St. Louis,
754.700, or 11%, for commercial buildings; $3,634,000, or 8%,for educa- $16,000,000; Buffalo, $5,250,000; Newark, $5,000,000;
tional buildings; and 1.3.386.000, or 8%,for industrial buildings.
Total construction started in this district during the first ten months of Detroit, $7,000,000; Indianapolis, $3,000,000; Seattle,
this year amounted to $461,854,200, a decrease of 11% from the correspond- Wash., $2,500,000; Rochester, $1,800,000. No shortage
ing period of last year.
Contemplated new work reported last month amounted to $63,012.600, was reported in Boston, Baltimore, Washington, D. C., New
an increase of 15% over the amount reported in September.
Orleans, Minneapolis, Kansas City or Jersey City.
The Central West.
Contracts awarded during October in the Central West (Illinois. Indiana,
Iowa, Wisconsin, Michigan, Missouri, Kansas, Oklahoma and Nebraska)
amounted to $93.640,900. The increase over September was 16%; over
October oflast year, 12%. Included in last month's total were 138.070.100,
or.41% of all construction, for residential buildings; $20,868.900, or 22%,
for public works and utilities (there was a toe-million dollar Chicago
street improvement project included in this group): $16.078,100, or 17%,
for commercial buildings; $5,315.600, or 6%, for industrial buildings; and
15.243.600. or 6%,for educational buildings.
Total construction started in this district during the first ten months of
this year has amounted to $878,504.200, just equal to the total for the corresponding period of last year.
Contemplated new work reported during October amounted to $147,663,400, a 30% increase over the amount reported in September.
The Northwest.
Increased Building Volume in New York.
October building contracts in the five boroughs of New
York City amounted to $73,111,100, according to F. W.
Dodge Corporation. This .was a 40% increase over September and a 7% increase over October 1923. The largest
item continues to be residential building, which amounted
to $45,691,300,'or 62% of the month's total. Commercial
buildings amounted to $10,613,500, or 15%, and public
works and utilities (including the project for electrification
of the Staten Island RR.) to $10,390,000, or 14%.
Construction started in the five boroughs during the first
ten months of this year has amounted to $737,678,700,
which is not only 50% greater than the amount for the first
ten months of last year, but, according to the F. W. Dodge
Corporation, also a hundred million dollars over last year's
entire construction volume.
October building contracts in Minnesota,the Dakotas and northern Michigan amounted to $8.426,100. While this was a 33% increase over September. it was 11% under the October 1923 total. Included in last month's
record were 82,702.400, or 32% of all construction, for public works and
utilities: $2,422,900, or 29%,for residential buildings; 31.849,900. or 22%.
for educational buildings; 8668,100, or 8%, for commercial buildings; and
$460,300. or 5%, for Industrial buildings.
Construction started in this territory during the first ten months of 1924
Las amounted to $77,913,600, a decrease of 30% from the corresponding Rise in Coffee Prices Explained—Resumption of Sao
period of last year.
Paulo Valorization Scheme Leads to Reduced
Contemplated new work reported last month amounted to 38,920,100.
Supplies.
somewhat less than the amount reported In September.
under date of Oct.29, which were
Janeiro
Rio
from
Advices
published in the New York "Journal of Commerce" on ThursBuilding Shortage Still Claimed to Exist.
That a national building shortage somewhat in excess of day (Nov. 13), attributed the recent rise—and the expectaS4,000,000,000 now exists in the entire country is indicated tion by market authorities of a further increase—in the price
Nov. 15 1924.]
THE CHRONICLE
of coffee to the action of the Brazilian Federal Government
in discontinuing its veto on the Sao Paulo valorization scheme
under which entires of coffee into Santos are regulated as to so
ensure even distribution of the crop throughout the entire
year. In further explanation of the present state of affairs,
the report continued:
2237
of 118,000,000 bushels during the four months this year, as
compared with 73,800,000 bushels in 1923 which was 47%
of the total exports for that year. Exports during the same
period in 1922 were 115,000,000 bushels or 52% of the exportable surplus in that year.
Wheat exports for October promise to exceed those of any
During September and October the Federal authorities, in an effort to preceding month since August 1921, the Department of
bring coffee prices down as an aid to the monetary situation, discontinued
Operation of the Sao Paulo plan. Under this plan the daily entries of coffee Agriculture says. Estimates based upon preliminary reInto Santos are fixed on a basis which approximately distributes the average turns give the exports from the principal ports during Occrop throughout the entire year. thereby avoiding the low prices caused tober at 41,800,000 bushels, compared with 32,662,000 in
each season before the adoption of the plan, through dumping the coffee
on the market only during the crop season of from six to seven months. September. Exports of flour during October are estimated
Thus, with the valorization not in operation, the shipments into Santos at the wheat equivalent of 8,200,000 bushels. Total exports
Instead of being regularly 35,000 bags a day, as the plan provided of
wheat and wheat flour are estimated at 50,000,000 bushels
were increased during September and October this year until the huge
Warehouses scattered throughout the State of Sao Paulo poured a maxi- compared with 39,200,000 bushels in September. Exports
mum of double this quantity into the market daily.
of wheat, not including flour, to the United Kingdom during
The effort to lower the price of the bean by such means failed, however.
the four weeks ending Nov. 1 are reported at 8,000,000
(Coffee experts in New York explain that this was because exports were
not increased in proportion to the increase in the amount released by the bushels ;Italy 2,000,000 bushels, and to other European
Government. The excess amount was bought up by dealers operating in countries 22,000,000 bushels. Declared exports to Canada
the Brazilian market, and has not yet found its way abroad.)
The Government now has discontinued its efforts to lower the price, were 2,000,000 bushels compared with 14,000,000 in Sepleaving the State of Sao Paulo again in control of the market. Arrivals tember. Practically all of the declared exports to Canada
at Santos now are very irregular, the average number of bags varying represent wheat shipped in transit through that country for
between 20,000 and 30,000, and the reduction in quantity explains the
export from Canadian ports.
further rise in price recently.
Coffee men here are in doubt concerning the future of the market. The
Duluth was the principal port of exit in October with
general impression is that there is a shortage of stocks in the United States,
10,000,000 bushels of wheat, followed by Galveston with
the buying being on a hand-to-mouth scale. Brazilian experts declare
the American importers do not dare to come into the Brazilian market 6,000,000 bushels, and New York 5,000,000 bushels. Exafter adequate supplies, as they thereby would force the price higher ports from other ports during the month were sa follows:
until they left the market, when the quotations would drop, leaving serious New
Orleans, 3,600,000 bushels; Portland, Oregon, 3,700,000
losses for the importers to face.
bushels; Philadelphia, 2,216,000 bushels; Chicago, 1,500,000
bushels; Baltimore, 1,000,000 bushels; Seattle, 900,000
Labor Dispute in Cuban Sugar Industry—Country's bushels;
Milwaukee, 516,000 bushels; other ports 886,000
Largest Source of Revenue Menaced by Strike
bushels.
Affecting Twenty Mills—President Zayas
Intervenes.
Automotive Exports Running Well Ahead of 1923
A labor dispute, described as a menace to the Cuban sugar
Figures--September Figures Fall Off Slightly.
industry, from which the country derives most of its income,
Reaching figures of $166,667,971, automotive exports for
is causing rapidly-growing unrest among the sugar mill the first nine
months of this year are within $4,000,000 of
workers, many of whom are striking for recognition of thier. the total shipments for the entire year of 1923, according to
union, according to special cabled advices from Havana to the Automotive Division of the Department of Commerce.
the New York "Journal of Commerce," which stated on 1923 exports amounted to about $170,000,000 and will be
Wednesday (Nov. 2) that the Government had promised greatly exceeded by the totals'for the present year. Sepprotection to sugar mills and for all the employes of mills tember exports were valued at $16,251,566, a slight decrease
where strikes are in operation who desire to work. It is said from the figure for August. Shipments so far this year
that about twenty mills are affected, chiefly in the Province have fluctuated materially month by month, rising steadily
of Camaguey. Similar advices Nov. 11 said, in reference to from January to April, falling from May to July, rising
the outlook of the industry in Cuba:
again in August and once more receding very slightly in
The Secretary of State, Carlos Manuel de Cespedes, whose opinion was
September. The figures are as follows: January, $18,465,asked regarding the situation, said:
"I consider the outlook as extremeg serious and as requiring an immediate 202; February, $19,566,226; March, $21,226,273; April,
and at the same time permanelly7effective
,
solution in order to avoid a $22,829,150; May, $20,966,227; June, $16,294,524; July,
greater conflict latergespecially as we are now at the beginning of the
grinding season at7theyntills.trInsmApinfon an eight-heur day and a single $14,758,142; August, $16,310,661; September, $16,251566.
shift would be no solutionrbecause?of the limited number of technically
Production of cars and trucks in United States and
competent employees."
Canada
increased during September, but exports were less
Miguel Arango, ex-director-general of the Cuba Cane Sugar Corporation,
than in August. Consequently, the ratio of exports to proissued the following statement to-day:
- "The dispute is a more serious matter than it appears to be at first sight. duction in September was 6.3% as compared with 6.5%
Fundamentally there are ery important features that must be studied and
during August. Production was 288,008 as compared with
decided from a morally elevated point of view with equity and Justice and
Without haste or violence. The sugar industry, which is undoubtedly our 271,933 in August.
largest source ofincome,is seriously menaced. It is impossible to determine
Assemblies of American cars and trucks in foreign countries
Just how much this conflict will affect the crop, but we must do our very
are increased this month by the addition of figures from a
best to put an end to it."
A later cable announced that President Zayas intervened large American producer, the sales in plants operated by
personally in the dispute Nov. 13, when he addressed repro- this company at London and Copenhagen being included
sentatives of the workers and employers in the following this month in the official figures for the first time. Most
of the individual classes of passenger cars and motor trucks
terms:
The strike which now exists and which may so deeply affect our principal show decreases in September as compared with August.
source of wealth, namely the sugar industry, also affects other centers of Exceptions were
"passenger cars valued over $800 to $2,000,"
production, impeding notably the preparation for the.beginning of grinding
"commercial cars," and "motor trucks with capacity over
at the mills, which grinding must start some time next month."
President Zayas added that if sugar owners and planters were in agree- 23/2 tons." The total decrease was not great, amounting to
ment with the workers the Government could have no reason for interven- less than 700
in passenger cars and only 45 in trucks. Auing, but that otherwise it would be the duty of the Government to see that
delegates who might improve absurd conditions for hiring laborers and stralia held first place among foreign countries as purchaser
employes are not appointed.
of both cars and trucks, the quantity increasing very maThe Government, he said, must protect those wishing to work in the mills terially
over August. Other leading markets did not change
Without becoming members of the union, but as it is aware that outsiders
are promoting and encouraging the present strike it may be forced to expel their position greatly during September.
them from the country. President Zayas concluded by inviting both sides
The salient feature of the automotive shipments during
to co-operate with him in securing a quick settlement of the strike without
September was the large falling off in automobile unit asany violent measures being taken.
The late afternoon papers to-day state that President Zayas is preparing a semblies, the value of which dropped from $411,795 in August
list of foreigners to be expelled from Cuba for their proved activities in pre- to
7,106 in September. On the other hand, parts for
venting workers from returning to the mills and in general encouraging the
assembly
more than doubled and automobile accessories
strike.
increased materially.
Wheat Exports Making New High Record.
New Models of Automobiles—Price Changes.
Total exports of wheat and flour during the present crop
year are likely to run well in excess of 200,000,000 bushels,
The Reo Motor Car Co. is bringing out a new 5-passenger
says the United States Department of Agriculture in an sedan to be known as the "Twentieth Anniversary Sedan,"
analysis of available export figures. Exports last year were selling at $1,595.
156,430,000 bushels. The Department's estimate is based
On Nov. 14 the Buick Motor Co. announced a new coach
on the increased exports over last year since the.beginning of model to be available on the Standard Six chassis (114 in.
returns from the Department of Commerce indicate exports wheel base) at $1,295, and on the Master Six chasiss (120-in.
1
2238
THE CHRONICLE
wheel base) at $1,495. The coaches will be finished in Duco,
with Fisher bodies, ventilator and four-wheel brakes.
The Maxwell Motor Corp. is introducing an entire new line
of Maxwell cars ranging from $885 for the roadster to $1,345
for the standard sedan. The bodies and chasses are lower
than in the former Maxwell line. Balloon tires are standard
on all models. Duco finish is the standard in all models
except touring, and the closed cars have a one-piece windshield and an enclosed instrument board. The sun visor is
shrouded and integral with roof.
Prices of Crude Oil and Gasoline Continue to Advance.
According to press reports early in the week the crude
oil situation in northwestern Pennsylvania is acute, with
producers declining to sell their oil and running it to storage.
Pipe line storage tanks are said to be filled.
A premium of 40c. per barrel was reported on Nov. 11
as being offered in the Tulsa, Okla., district for Tonkawa
crude oil. Reports on the following day stated that a
premium of 40c. a barrel is being paid for crude oil in the
Garber pool of Oklahoma which, with the posted price of
$1 25, brings the crude to $1 65 a barrel.
Advices from Shreveport, La., on Nov. 12 declared that
the Standard Oil Co. of Louisiana had advanced Bellevue
crude oil 25c. a barrel to $1 35.
Numerous changes occurred in the price of gasoline also,
although up to a late hour yesterday no advances were
reported in the service station prices.
The higher grades of gasoline were advanced Mc. a gallon
by northwestern Pennsylvania refiners on Nov. 8, according
to advices r ceived from Oil City, Pa. Further dispatches
from that city on Nov. 11 stated that motor gasoline was
advanced Mc. a gallon by northwestern Pennsylvania
refiners.
The Sinclair Refining Co. on Nov. 12 advanced the price
of gasoline in tank oar lots, in New York and Philadelphia,
40. This is the third advance of
Ya of a cent a gallon to 93
M of a cent in the last two weeks.
Some Pittsburgh refiners have advanced the wholesale
price of gasoline 1 Mc. a gallon.
On the other hand, a special dispatch from Denver late
ysterday stated that the tank wagon price of gasoline had
been cut 2c. a gallon in that city.
Gradual Decline Ev:dent in Crude Oil Output.
Accordirg to statistics furnished by the American
Petroleum Institute on Nov. 12, a decline of 15,300 barrels
per day occurred in the crude oil output during the week
ended Nov. 8, when the production reached 1,928,800
barrels, as comr ared with 1,944,100 barrels for the preceding
week. When ccmpared with the corresponding week of
1923, the decreaie amounts to 309,950 barrels per day.
The daily averge production east of California was 1,338,550
barrels, as compared with 1,348,100 barrels the previous
week, a decrease of 9,550 barrels. California production
was 590,250 barrels as compared with 596,000 barrels, a
decrease of 5,750 barrels. The following are estimates of
daily average gross production for the weeks indicated:
DAILY AVERAGE PRODUCTION.
Nor.8'24. Nov.1'24. Oct.25'24. Nov.10'23
(In Barrels)—
502,600 509.350 510,750 387.200
Oklahoma
88.400
87.400
85,830
71,300
Kansas
72.100
71.450
71,200
66.350
North Texas
168,750 171.000 171,950 415,350
Central Texas
53.250
58.850
54.550
57.000
North Louisiana
121.100 121.650 122.950 123.950
Arkansas
133.500
131.250
Texas_
134.750
94,000
Southwest
Gulf Coast and
106,000 105.500 105.000 108,000
Eastern
95,000
99,950 152.200
Wyoming. Montana and Colorado 89,500
590,250 596,000 600.750 763.400
California
Total
short of the high record consumption figures attained in
August. Offsetting this sharp drop in domestic demand was
a continuation of foreign demand, expressed in exports, at
over 100,000,000 gallons which caused a reduction in stocks
amounting to 80,000,000 gallons. Stocks of gasoline on hand
at refineries Oct. 1 stood at 1,230,000,000 gallons, representing 51 days supply at the present rate of domestic demand.
This compares with 45 days supply on hand Oct. 1 of last
year.
There was very little change in the kerosene situation as
reported to the Bureau of Mines. Exports increased 14,000,000 gallons over August figures, this being accounted for
by slightly increased production and a small reduction in
stocks.
The production of gas and fuel oils was 1,114,000,000 gallons, a daily average of 37,130,000 gallons, and a decrease
from the previous month of 1.4%. Stocks on hand Oct. 1
were 1,641,000,000 gallons, a decrease from the previous
month of 18,000,000 gallons. As with gasoline, these stocks
represented approximately 50 days supply at the present
rate of domestic demand.
The lubricant situation showed little change from that of
the previous month. Stocks remained at 243,000,000 galons, the production of 90,000,000 gallons being divided int
25,000,000 exports and 65,000,000 domestic demand.
While ordinarily considered of minor importance, the
paraffin wax situation is of unusual interest just at this time,
It is stated. Stocks of wax are now lower than at any time
since the last half of 1917, standing on Oct. 1 at 98,000,000
pounds. Stocks on Oct. 1 1922, and 1923 were 215,000,000
and 177,000,000 pounds, respectively. Exports of wax are
now almost in pace with production at thirty-odd million
pounds, the domestic demand supply being drawn from
stocks.
During the month of September the Bureau of Mines received reports from 273 refineries, with an aggregate daily
crude oil capacity of 2,276,822 barrels, running to staill s
daily average of 1,787,231 barrels of both foreign and domestic crude oil, or 78.5% of their daily operating capacity.
This represents an increase of 1% over the refinery operations
of the previous month and a decrease of 0.5% from the
operations of September 1923.
Amoskeag Resumes Work at 10% Wage Reduction,
Affecting 14,000 Workers.
The Amoskeag Manufacturing Co. on Nov. 10 resumed
work at the 10% reduction in wages accepted bjthe operatives several weeks ago, and the new scale, affecting 14,000
textile workers, went into operation on that date. Though
the reduction in wages had been agreed to some time ago,
it was later suspended by the management on the ground
that under new circumstances the reduction was too small
to be effectual. In last week's issue we announced that the
operatives had refused to accept anything in excess of 10%.
The above mentioned advices, dated Nov. 10, continued:
In tho mechanical department 1.000 employees resumed work after
a layoff of ten days. The worsted end of the busInms continues to run very
well. No now rooms were opened in the cotton department.
The resumption of the Amoskeag on the basis of a 10% reduction in wage,
seems bound to have its effect upon the other manufacturers of New England and other mills arc expected to make similar reductions in the near
future. In fact, this is a subject of discussion among the manufacturers
generally, although there is no concerted action looking to this end.
Advicesfrom Manchester, N.H.,dated Nov. 12, published
in the New York "Times" said:
According to a statement made this morning by an official of the Amoskeag Manufacturing Co.. the entire plant here will be operated at capacity
as soon as it is possible to prepare the various units. The Amosii, kg
at capacity employees 18.000 hands manufacturing cotton and worst..ri
goods. For the past four months the mills have been operating but a few
departments at three days a week.
1 928,800 1,944.100 1,957,700 2.238,750
Large Gasoline Production.
The daily average production of gasoline in the United
States for the first time in the history of the industry reached
the 25,000,000 gallon mark for an entire month in September, states the Department of the Interior, through the
Bureau of Mines. Because of September being a shorter
month, however, the total gasoline output, 750,000,000
gallons, was 5,000,000 gallons below that for August. The
daily production rate for September represents an increase
over the August daily production rate of 620,000 gallons or
2.5%, and an increase of 20% over the daily average of
September 1923.
Owing principally to the waning of the automobile season,
the domestic demand for gasoline fell 100,000,000 gallons
[voL. 119.
Ludlow Manufacturing Associates' Mills Operating on
Forty-Eight-Hour Schedule.
From the "Wall Street News" we take the following
Boston message, dated Nov. 10:
Notices have been posted that the mills of the Ludlow Manufacturing
Associates will operate on a 48-hour schedule. This is the first time in
many months that tho various departments will all work on this schedule
Decrease of 75,000 Bales in Estimates of Russian
Requirements of American Cotton for
Current Year.
The Russian Government's imports of American cotton in
the current year, commencing Oct. 1, are estimated at
325,000 bales, compared with 400,000 during the year
1923-24, according to copyright advices from Berlin, puh.
.Nov. 15 1924.]
THE CHRONICLE
lished Nov. 11 in the New York "Evening Post." It is
also stated that the Soviet business interests intend to do
35% of their foreign trading in the United States, despite
the fact that the Soviet Socialist Government so far has not
• obtained official recognition from Washington. The advices referred to read:
•
The Russian Government plans to import 325.000 bales of American
cotton in the current operative year, commencing Oct. 1. The reduction
from the previous year's program-400.000 bales-is due to increased production of domestic cotton, which Soviet crop reports estimate at 360.000
bales, or double the 1923 harvest.
American cotton, which Soviet experts figure will cost 100,000.000
rubles delivered in Russia, still constitutes, however, by far the biggest item
in the Soviet import program, representing 26% of the total imports.
' Another large sum of $200,000,000, which the Soviet plans to spend
• abroad this year, will be invested in American agricultural machinery, tractors, typewriters and other American specialties.
All in all, the Bolshevist business rulers will do probably 35% of their
foreign shopping in the United States, although it alone of the big commercial powers has not established official relations with Bolshevism.
2239
Cotton Production and Distribution. in the Season
of 1923-24.
The annual report of the Department of Commerce on
the supply and distribution of cotton in the United States
for the season of 1923-24, issued on Oct. 18, summarizes
the periodical reports concerning cotton ginned, cotton
consumed and on hand, cotton spindles and active spindle
hours, and cottonseed and cottonseed products issued during
the year. The following tabular statements present the
principal data. Statement I. shows the principal items of
supply and distribution; Statement II. the comparative
figures as to stocks held on July 31 1923 and 1924, while
Statement III. gives more detail concerning the supply and
distribution. The quantities are given in running bales,
except that round bales are counted as half bales and foreign
cotton in equivalent 500-lb. bales. Linters are notincluded.
I.-COTTON GINNED, IMPORTED, EXPORTED. CONSUMED.
AND BURNED IN THE UNITED STATES FOR THE 12
MONTHS ENDING JULY 31 1924.
Bales.
10,128,108
Exports for the coming operative year, estimated at $235,000,000, are Ginnings during 12 months
272,179
$10,000,000 more than last year, and with imports $106,500.000 give the Net imports
Net exports
5,647,108
Soviet Government an estimated favorable trade balance of about $38,000.- Consumed
5,680,554
000 to use in continuing its financial stabilization, meeting domestic expen- Burned
20,000
ditures and financing Bolshevist propaganda abroad.
IL-STOCKS OF COTTON IN THE UNITED STATES JULY 31
The Bolshevist budget makers, however, are able to calculate this favor1923 AND 1924.
1924.
1923.
able result only on the basis of exporting 1.350,000 tons of grain from the
Bales.
Bales.
scanty 1924 harvest, and a quite improbable increase in the exports of tim- In
721,589 1,099,556
consuming establishments
ber, petroleum and manganese.
673,925
945,443
In public storage and at compresses
280.000
160,000
Elsewhere (partially wtimated)_a
Commenting on the export and import estimates of Russia
for the current year, the message continued:
Settlement of Ohio Textile and West Virginian Coal
Miners' Strikes Announced by Department of
Labor.
Adjustment of a strike of textile workers in Ohio and
miners of the Kelly's Creek Coal Co. of West Virginia,
which involved 800 men, was announced by the Bureau of
Conciliation of the Department of Labor on Nov. 10. The
statement said that at the end of the week (Nov. 8) there
were seven strikes and 13 controversies before the Department for settlement.
1,555.514 2,324.999
Total
II1.-SUPPLY AND DISTRIBUTION OF COTTON IN THE UNITED
STATES FOR THE 12 MONTHS ENDING JULY 31 1924.
Bales.
SupplyOn hand Aug. 1 1923. total
2,324,999
In consuming establishments
1,099,556
In public storage and at compresses_
946.443
280,000
Elsewhere (partially estimated)_a
272.179
Net imports
10.128.108
Ginnings during 12 months
Aggregate supply
DtstributionNet exports
Consumed
Burned
On hand July 31 1924. total
In consuming establishments
In public storage and at compresses
Elsewhere (partially estimated)_a
12,725,286
5.647,108
5,680.554
20.000
1,555,514
721.589
673.925
160,000
12,903,176
Aggregate distribution
Reduction in Wages of Youngstown Sheet and Tin
Excess of distribution over supply_b
177,890
Workers.
a Includes cotton for export on shipboard but not cleared; cotton coastthe
wages
of
that
Announcement was made on Nov. 10
wise; cotton in transit to ports,interior towns,and mills;cotton on farms, &c.
b Due principally to the inclusion in all distribution items of the "city
sheet and tin workers in Youngstown, Ohio, are reduced crop."
which consists of re-baled samples and pickings from cotton damaged
by
fire and weather.
and
December.
November
above
from 403%
base to 39%for
The cut followed the bi-monthly examination of selling prices
held at Youngstown Nov. 10 by representatives of the Railroad Revenue Freight Continues High for the
Season. •
manufacturers and the Amalgamated Association of Iron,
Loading of revenue freight on the railroads of the United
Steel & Tin Workers, who found that the average price of
26, 27 and 28 gauge black sheets was $3 45 per 100 lbs., as States continues to be the highest for this season of the year
on record, the total for the week ended on Nov. 1 being
compared with $3 50 for the preceding two-months' period.
1,073,430 cars. This was an increase, according to a statement issued on Nov. 10 by the Car Service Division of the
Census Report on Cotton Consumed and on Hand, also American Railway Association, of 37,581 cars over the corActive Spindles, and Exports and Imports.
responding week in 1923 and an increase of 93,579 over the
Under date of Nov. 14 1924 the Census Board issued its corresponding week in 1922. It also was an increase of
regular preliminary report showing cotton consumed, cotton 235,854 cars over the same week in 1921 and an increase of
on hand, active cotton spindles and imports and exports of 157,815 cars over 1920. The total for the week ending
cotton for the, month of October 1923 and 1924 and the Nov. 1 was a decrease, due to the usual seasonal decline in
three months ending with October. Cotton consumed freight traffic, of 38,915 cars under the preceding week when
amounted to 532,629 bales of lint and 55,095 of linters, loading totaled 1,112,345 cars, the biggest number ever
compared with 543,260 'bales of lint and 57,491 of linters in loaded during any one week in railroad history. . With the
October last year, and 435,216 of lint and 49,976 of linters exception of merchandise and less-than-carload lot freight,
in September this year, the Bureau announced. The statis- decreases were reported compared with the preceding week
tics of cotton in this report are-given in running bales, count- in the loading of all classes of commodities. Further paring round as half bales, except foreign bales, which are in ticulars follow:
Loading of merchandise and less than carload freight totaled 257,937
equivalent 500-lb. bales.
The amount of cotton on hand in consuming establishments on Oct. 31
1924 was 730,656 bales, contrasted with 1,106,347 bales on Oct. 31 1923
and 514,537 bales on Sept. 30 1924
The quantity of cotton on hand in public storage and at compresses on
Oct. 31 last was 4,224,854 bales, against 3.485,005 bales on Oct. 31 1923
and 2,072,956 bales on Sept. 30 1924.
The number of active spindles on Oct. 31 1924 was 31,078,804, compared
with 34,335.936 on Oct. 31 1923 and 30,122,384 on Sept. 30 last.
The exports of domestic cotton in October, including linters, amounted
to 947,556 running bales, contrasted with 774,320 running bales in October
1923 and 737.010 bales in September last.
Exports of cotton to Germany in October were 188.419 running bales,
including linters, against 152,529 bales in October 1923 and 174,390 bales
in September last.
The imports of foreign cotton in October this year were 18,113 500-lb.
bales contrasted with 7.615 500-1b. bales in October last year and 9.6.
54
bales in September last.
Linters consumed during October 1924 amounted to 55,095 bales,
compared with 49,976 bales in September last and 57,491 bales in October
1923. There were 74.405 bales on hand in consuming establishments on
Oct. 31 last, against 70,479 bales on Sept. 301924,and 87,412 on Oct. 31
1923. The number of bales in public storage and at compresses on Oct. 31
last was 46,958, compared with 38,202 bales on Sept. 30 1924, and 35,117
bales on Oct. 31 a year ago.
cars, 310 cars above the week before and 5.619 cars above the same week
last year. Compared with the same week In 1922, it was an increase of
25,888 cars.
Miscellaneous freight loading totaled 416,269 cars. 6.621 cars below the
week before but 33,534 cars above the corresponding week in 1923 and
68.737 cars above the corresponding week in 1922.
Grain and grain products loading arm:milted to 62,350 cars. While this
was a decrease of 10,124 cars compared with the preceding week, it was
an increase of 14.535 cars above the same week last year and an increase
of 10,747 cars above two years ago. In the western districts alone grain
and grain products loading totaled 40.545 cars, an increase over the corresponding week last year of 9,162 cars.
Live stock loading for the week totaled 39,472 cars, a decrease of 2.884
cars under the week before. Compared with the corresponding week last
year it was a decrease of 3,897 cars but an Increase of 81 cars over the
corresponding week in 1922.
Coal loading totaled 181.718 cars, a decrease of 12,018 cars under the
previous week but 2.180 cars above the corresponding week in 1923. It
was, however, a decrease of 9,365 cars below the corresponding week in
1922.
Forest products loading totaled 70,125 cars. 3.132 cars below the week
before and 5,404 cars below last year. Compared with the corresponding
week two years ago, it was an increase of 10.503 cars.
Ore loading amounted to 35.717 cars, 4,309 cars below the week before'
This also was 7,481 cars under last year and 11,435 cars below two years ago!
2240
THE CHRONICLE
[VOL. 119.
Coke loading totaled 9,842 cars, 137 cars below the preceding week and
1,505 cars below the corresponding period in 1923. Compared with the Steel and Iron Markets Stimulated by Election Results
same period in 1922. it was a decrease of 1.577 cars.
—Prices Rise a Trifle.
Compared by districts, decreases under the week before in the total
loading of all commodities were reported in all except the Southern and
The election result has stimulated iron and steel markets,
Southwestern districts, while all reported increases over the corresponding
week last year except the Northwestern and Central Western districts. and views of the future are uniformly optimistic, according
All districts showed increases over the corresponding week in 1922 except to the opinion of "The Iron Age" this week. No rush of
the Allegheny.
buying was looked for and none came, but there is greater
Loading of revenue freight this year compared with the two previous
activity and it is more marked in the Chicago district than
years follows:
1924.
1923.
1922.
elsewhere. In pig iron the movement well under way before
4 weeks of January
3,362,136 3,373,965 2,785.119
4 weeks of February
3,617,432 3,361,599 3,027,886 Nov. 4 has broadened and total sales are put at 600,000
5 weeks of March
4,607,706 4,581.176 4,088,132
4 weeks of April
3,499.210 3.764.266
2,863.416 tons, continues the "Age" review, dated Nov. 13,from which
5 weeks of May
4,474,751
4.876,893
3,841,683
following:
4 weeks of June
3,625,472 4,047,603
3,414,031 we quote the
4 weeks of July
3,526,500 3,940,735 3,252,107
With inventory so near, buying of finished steel for this year is well
5 weeks of August
4.843,404
5,209,219 4,335,327 calculated, but there is a lively interest in requirements for the first quarter
4 weeks of September
4,146.403 4.147.783 3.699,397
largo business could be done at recent low levels,
4 weeks of October
4.380,149 4,312,650 3,913,046 of 1925. Apparently a
Week of November 1
1,073.430
1,035.849
979,851 but most producers ask $2 to $3 a ton higher, and prices are thus the crux
of the situation.
Total
41.156,593 42,651,738 36.199,995
The Steel Corp. three weeks ago began quoting a $2 advance on bars,
plates and shapes. Meanwhile, considerable business has gone to independent companies at the old prices. The Pennsylvania RR. has bought
West Coast Lumbermen's Association Weekly Review 9,000 tons of plates from six independent makers in Pennsylvania, all at
1.65c. at mill. It placed 2,000 tons of steel bars at 1.90c., Pittsburgh, the
One hundred and eighteen mills reporting to the associa- Carnegie Steel Co. asking 2c.
Following these plate sales, a central Pennsylvania mill advanced its
tion for the week ending Nov. 1 manufactured 96,872,893
price to 1.80c., Pittsburgh, and several eastern mills followed suit. In the
feet of lumber, sold 92,427,633 feet and shipped 93,881,728 Middle
West weakness continues.
feet. New business was 5% below production. ShipA stabilizing effort is seen in the sheet market, advances of $2 to $3 a ton
being asked for early 1925. Automobile interests are trying to put through
ments were 2% above new business.
first quarter sheet contracts at the early delivery price, but mills are holding
Forty-eight per cent of all new business taken during the week was to
future water delivery. This amounted to 44.147,990 feet, of which out. Meanwhile prompt sheets still show irregularity.
The Steel Corp.'s October gain of 51,000 tons in unfilled orders reflects
35.947,156 feet was for domestic cargo delivery, and 8,200,834 feet export
the decline in buying just before election, the increased output of October
New business by rail amounted to 1,435 cars.
Forty-five per cent of the lumber shipments moved by water. This and also the loss of business in the effort to advance prices.
The country's steel ingot output in October at 3,111,000 tons was 6M %
amounted to 41,942,085 feet, of which 26,048,394 feet moved coastwise
and intercoastal, and 15,893,691 feet export. Rail shipments totaled greater in daily rate than that of September, operations averaging 68.4%
of
capacity. For November an Increase over the October rate is indicated.
1.557 cars.
The Chicago steel market has been rather more active since the election
Local auto and team deliveries totaled 5,229,643 feet.
Unfilled domestic cargo orders totaled 162,630,175 feet. Unfilled export than those of Pennsylvania and the Central West. A leading producer
there of bars, plates, shapes and rails reports the largest week's bookings
orders, 69,421.668 feet. Unfilled rail trade orders, 3,066 cars.
In the forty-four weeks of the year, production reported to West Coast in those products in two years. Local capacity on bars is sold to the end
of
the year.
Lumbermen's Association has been 4,109,225,123 feet; new business,
With the Chicago estimate that cars ordered for this year will run up to
4.106,731.869 feet, and shipments, 4,245,993,864 feet.
150,000 is the prediction of 200,000 for 1925 in view of extension plans now
made possible. The past week's awards were 5,000, and the 13. & 0. has
closed for 16,000 tons of steel for the repair of 2,000 cars. Rail sales of the
week were 40,000 tons.
New Business Exceeds Production of Lumber.
Structural awards have increased, running up to 30.000 tons for the week.
A decline in production, shipments and new business for Competition is sharp, as appears In bids of $67 for fabricated steel delivered
at
the site.
the week ending Nov. 8 is indicated in reports received by
The latest development in steel basing is the placing of Duluth prices for
the National Lumber Manufacturers Association from 354 wire
products on a parity with those of Chicago district mills, that is, at $2
of the larger softwood commercial sawmills of the country, a ton higher than at Cleveland and Pittsburgh. Originally Duluth prices
as compared with reports from 367 mills of the preceding were $4 a ton higher.
Sales of pig iron just before and Just after election have been very largeweek. Reported production decreased 6,592,141 feet, ship- 200,000
tons at Chicago, 150,000 tons at Cleveland, 60,000 tons at Birmingments 31,166,766 feet, and orders 1,499,923 feet. Com- ham.50,000 tons each at Buffalo and New York, 30,000 tens at Cincinnati,
pared with the saine period a year ago, production decreased 20,000 tons at Pittsburgh and amounts at St. Louis, Detroit and other cities
to make the grand total considerably over 600,000 tons. Most of
34,886,878 feet, shipments 16,471,847, and orders increased sufficient
this iron is for delivery In the first quarter of next year. Basic, foundry and
21,034,040 feet.
malleable iron prices have been put up 50c. at Chicago and Bessemer has
The unfilled orders of 246 Southern Pine and West Coast advanced $1 at Pittsburgh, but as a rule the heavy buying has not lifted
prices.
tnills were 541,704,562 feet, as against 549,358,363 feet for
More cheerful reports came this week from European steel markets.
248 mills the week before. Separately, the Southern Pine British pig iron and steel demand is better and there is talk of restarting
group, 130 mills, reported unfilled orders as 236,759,425 feet blast furnaces. Welsh and German tin plate makers are talking of an agreement on prices in Central and Northern Europe.
compared with 225,326,500 feet for the same number of
England has sold 24,000 tons of rails to West Africa and Belgian railroads
mills the previous week; 116 West Coast mills had unfilled have bought 75,000 tons from domestic mills. Continental markets are
orders amounting to 304,945,137 feet, as against 324,031,863 strong on heavy sales. The German "raw steel" union has been formed,
taking In 95% of capacity, but a disturbing factor is the labor minister's
feet for 118 mills a week earlier.
proposal to restore the 8-hour day at iron and steel works.
Altogether the 354 comparably reporting mills had shipMeanwhile representatives of the Stinnes and Thyssen groups are in the
United
States studying the prospects for marketing steel here.
ments of 94% and orders of 105% of actual production. For
Pig iron has advanced to $19 54 per ton this week, according to "The
the Southern Pine mills these percentages were, respectively, Iron Age" composite price. This is the highest figure since the end of June,
while last week's at $19 21 was the lowest in more than 30 months. lag
'
.
105 and 121; and for the West Coast mills 84 and 96.
Finished steel has advanced slightly to 2.474c. per lb., from 2.460c. last
Of the comparably reporting mills, 333 (having a normal week,
according to "The Iron Age" composite price. It now is $6 per net
production for the week of 209,540,343 feet) reported pro- ton above the figure of one year ago.
duction 99% of normal, shipments 90%, and orders 102%
thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Mills
Production
Shipments
Orders (new business)----
Past
Week.
354
213,669,901
200,141,449
224,152,680
Corresponding Preceding Week
Week 1923. 1924( Revised).
393
368
248.556,779
220,262,042
216,613.296
231,308,215
203.118.640
225,652.603
The following figures cnmpare the lumber movement for
the first forty-five weeks of 1924 with the same period of
1923:
Production.
10,594.661,770
11.085.001,184
Shipments.
10,494,406,077
11.005,626,932
Orders.
10,190.125,203
10.432.820,644
The weekly composite price table is as follows:
Nov. 11 1924. Finished Steel, 2.474c. Per. Lb.
Based on prices of steel bars, beams. tankl
Nov. 3 1924, 2.460c.
plates, plain wire, open-hearth rails,}
Oct. 14 1924, 2.460c.
black pipe & black sheets constituting I
Nov. 13 1923. 2.775c.
88% of the U. S. output
J 10-year pre-war average. 1.689c.
Nov. 11 1924, Pig Iron, $19 54 Per Gross Ton.
Bawd on average of basic & foundry howl
Nov. 3 1924, $19 21
the basic being Valley quotation, the
Oct. 14 1924. 19 46
foundry an average of Chicago, Phila-I
Nov. 13 1923, 20 94
delphia and Birmingham
J 10-year pre-war average, 15 72
Finished steel, 1924 to date: High, Jan. 25, 2.789c.: low, Oct. 14,2.460c.:
1923, high, April 24, 2.824c.; low. Jan. 2, 2.446c. Pig iron, 1924 to date:
Feb.26,$2288:July 8,$19 21: 1923. high. March 20, 830 86;low, Nov. 20.
$20 77.
Continued improvement in the market situation is confidently expected by the "Iron Trade Teview" of Cleveland,
511.220,855
242,695.441 since the results of the election have restored market faith
490,339,414
1924 decrease
The mills of the California White& Sugar Pine Association and the covering of future requirements has becn stimulated
make weekly reports, but for a considerable period they thereby. In its weekly summary of conditions affecting the
were not comparable in respect to orders with those of other market the "Review" goes on to say:
Election results have cleared the air of much uncertainty and indecision
mills. Consequently, the former are not represented in any
and have brought high confidence to the iron and steel market which has
of the foregoing figures. Thirteen of these mills reported a resulted
in an appreciable stimulation of new buying the past]week. This
cut of 10,432,000 feet last week, shipments 10,231,000 and immediate buying has been more pronounced in basic materials, particularly
orders 10,221,000. The reported out represents 31% of the pig iron which has been lagging, than in finished lines. However, the latter
also are reflecting the enhanced faith in future conditions and the shaping
total of the California Pine region.
up of larger programs to meet these. Consumers of ironjand steel seem
1924
1923
THE CHRONICLE
Nov. 15 1924.]
2241
no longer to feel cause for hesitation in committing themselves on forward the production for October a year ago this year's figures
requirements, at least for the first quarter and this attitude plainly has show a decrease of 465,639 tons, and they are 1,076,390 tons
marked the tonnage placed this week.
Despite the much stronger undertone, capacities remain only partially smaller than the record total of 4,187,942 tons produced
booked and producers show no disposition to attempt to force the situation. in March of this year. There has been an uninterrupted
The mills are talking higher prices but are quoting conservatively. One
improvement in production since July. In that month
Independent maker in southern Ohio this week has advanced sheet prices
$2 and $3 per ton and other mills may follow this example soon. There is the average daily output was only 71,901 tons and the cala stiffening apparent in some other lines but competition remains keen, culated production for all companies was 1,869,416 tons;
which tends to keep the situation in check.
97,750 tons and 2,541,501 tons,
Higher pig iron prices all around have given "Iron Trade Review" in August the figures were
composite of 14 leading iron and steel prices its first substantial increase respectively; in September 108,269 tons and 2,814,996 tons,
• since January. This week the index is $38 79 compared with $38 56 last and in October 115,239 tons and 3,111,452 tons (as stated
week and $43 26 in January.
Pig iron has led all markets in the expansion of buying. The movement above).
begun shortly before the election has bsen extended rapidly this week
In the following we show the details of production back
until virtually all the leading consumers of the country have closed or are to January 1923:
Radiator
and
April.
sanitary
to
ware
their
requirements
closing upon
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1922 TO
manufacturers have bought heavily. In some sections the movement is
DECEMBER 1923.
described as the largest since 1920. Estimates place the sales in the past
two weeks at not less than 600,000 to 700,000 tons. Of this 350.000 to Reported for 1923 by cos. which made 94.84% of the steel ingot production In 1923.
the
Cleveland-Buffalo-Detroit
district,
150.000
400,000 tons was closed in
Calculated
Appras4to 175,000 tons at Chicago, 60,000 tons at New York and liberal totals
Monthly Morghly No. of mate date
at all market points. Under the influence of this buying swell, prices
working
production
production
production
AU
Bessemer.
Months.
Opengenerally have been advanced 50 cents'per ton. Valley basic has been
all
days,
an
Other, companies
hearth.
lifted to $19. Demand for structural shapes and building steel is an outcompanies.
reporting. companies.
gross tons.
standing feature this week. In the East fully 100,000 tons of plain material
is under negotiation. At Chicago, one mill put 40,000 tons on its books
1923.
In the week. Chicago has one 15,000-ton and one 10,000-ton contract Ian
27
142.263
2,906,892 '728,270 9,467 3,644.629 3,841,095
24
in the closing stage. The week's record of structural steel awards is 29,- Feb
144.660
2,613,564 689,903 10.797 3,294,264 3,471,843
4,066,680
3.858,675
27
150,618
March
12,841
tons.
3,046,309 799,525
359
25
3.760.997 3,963,736
168.549
The railroads still are the steel industry's best.customer. Of about 60,000 April,... 2,974,579 772,485 13,933 4,000,695
156.161
27
May
15.719
4.216,355
847,418
3.136.558
tons of rails placed this week, 30,000 tons is for the Chesapeake & Ohio, June .... 2.821,239 737,845 15,483 3,574.567 3,767,256
144,894
28
141,258
25
15,750 tons for the Northern Pacific, 7,500 tons for the International & July
2,558,449 680.884 11.495 3,350,829 3.531,458
27
136,881
Great Northern and 5.000 tons for the Hocking Valley. The Norfolk & August... 2,798.370 701.059 9.326 3.506,755 3.695,788
3,356,775
25
134.271
Western has closed for 3,000 cars and the Baltimore & Ohio bought 16,000 Bent- - 2,562,771 613.709 8,602 3,185.082
27
132,485
October-. 2,735,513 649,452 9,163 3,394,128 3.577,091
tons of steel for car repairs.
144,185
Recent export inquiries for 500,000 boxes of tin plate principally for 10months 28,252,244 7,200,550 117.827 35,570.621 37,488.078 260
Standard Oil companies have not been closed, contrary to published reports.
26
120.551
November 2,348,361 515,335 9,309 2,974,005 3,134.321
Some heavier buying by consumers and prospects for increased future December
114,531
25
2,135,898 570.004 10,912 2,716,814 2,863.266
demands have invited the usual buoyant behavior of the scrap market
139,825
under such conditions, in which speculation has figured largely. Heavy
Total- 32,736,503 8,386.889 138,048 41.261,440 43,485,665 311
melting steel has advanced 50 cents to $1 50 a ton and other grades in lesser
1924.
degree.
134,579
Jan
2,756,534 667,032 12,577 3,446,143 3,633,839 27
Revived interest by pig iron producers in their future requirements of Feb
25
152.367
2.902,641 695,905 14,085 3,612.531 3,809.185
26
161,075
3,249,783 706,801 15,260 3,971,844 4,187.942
coke is giving a new tone to the market. While spot prices are no higher, March
128,218
April_ 2,575,788 673.381 12,356 3,161,525 3,333,535 26
$3 25 ovens now is minimum for first quarter and some makers are asking May
27
97.343
2,060,896 425,099 6,648 2,492,643 2,628,251
82,259
$3 35.
JUDO---. 1,637,660 310,070 2,622 1,950.352 2,056.466
26
71.901
26
Steelworks operations in October averaged 71.5% of the historic high July 1,525,912 211,SSO 5,162 1,772,954 1,869,416
97.750
26
record in March, according to steel ingot statistics. They also are shown August.... 2.042.820 361,781 5.759 2.410.360 2,541,501
108,269
26
Sept
2,814,996
2,669.742
2,252,976
409,922
6.844
to have risen 60.3% above the low point in July. The gain of October over October _ 2,505,403
115,239
27
2.950,901 3,111,452
7,030
438,468
September was 6.4%. For the first time in ix months total ingot output
,1 Kon A lo A •con•..m oo •,•9 no Aon•nnr. On•OQR•002 951
114500
in October exceeded 3,000,000 tons monthly or at the rate of 35,840,000 111ninnthe 0„
tons annually. The annual rate in September was 33,670,000 tons.
Further Small Increase in Unfilled Orders of Steel
Corporation.
The United States Steel Corporation on Monday, Nov. 10,
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of Oct. 31
1924 amounting to 3,525,270 tons. This is an increase of
51,490 tons over the unfilled orders on hand Sept. 30 last
and is a gain of 338,198 tons as compared with the unfilled
tonnage as of July 31 1924, which last was the lowest level
reached in over 13 years. In 1923 on Oct. 31 the unfilled
orders were 4,672,825 tons, while on Oct. 31 1922 they stood
at 6,902,287 tons and on Oct. 31 1920 they aggregated no
less than 9,836,852 tons.
In the following we show the figures back to the beginning of 1920. Figures for earlier dates may be found in
the issue of the "Chronicle" for April 14 1923, page 1617.
January
February
March
April
May
June
July
August
September
October
November
' December
1924.
4,798,429
4,912,901
4,782,807
4,208,447
3,628,089
3,262,505
3 187,072
3,289,577
3,473,780
3,525,270
1923.
6,910,776
7,283.989
7,403,332
7,288,509
6,981,851
6,386,261
5,910,763
5,414,663
5,035,750
4,672,825
4,368,584
4,445.339
1922.
4,241,678
4,141,069
4.494,148
5,098,917
5,254,228
5,635,531
5,776,161
5,950,105
0,091,607
6,902,287
6,840,242
6,745,703
1921.
7,573,164
6,933,867
6,284,765
5,845,224
5.482,487
5,117,868
4,830,324
4,531,926
4460,670
4,286,829
4,250442
4,268,414
1920.
9,285,441
9,502,081
9,892,075
10,359,747
10,940,466
10,978,817
11,118,468
10.805,038
10,374,804
9,836,852
9,021,481
8.148,122
Larger Steel Production in • October.
A further considerable increase is shown in the output of
steel in October, bringing the production for that month up
to the highest level since April last, although the total for
October falls more than a million tong short of the record
figure of 4,187,942 tons registered in March last. The
American Iron & Steel Institute in its regular monthly
statement reports the production of steel ingots in October
1924 by companies, which in 1923 made 94.84% of the steel
ingot production in that year, at 2,950,901 tons, of which
2,505,403 tons were open-hearth, 438,468 tons Bessemer,
and 7,030 tons all other grades. On this basis the calculated production forrn all companies during October is
3,111,452 tons, which, as already stated, is the largest output for any month since April last. When compared with
Activity of Machinery in Wool Manufactures During
the Month of September 1924.
The Department of Commerce on Oct. 29 issued its report
on active and idle wool machinery for September 1924,
based on reports received from 906 manufacturers, operating
1,080 mills. This is exclusive of 13 which failed to report for
the month. Of the total number of looms wider than 50inch reed space, 39,293, or 64.9%, were in operation for
some part of the month of September 1924 and 21,274 were
idle throughout the month. The active machine hours
reported for wide looms for the month of September formed
65.9% of the single-shift capacity, as compared with 58.4%
for the month of August 1924 and 77.6% for September
1923. Of the total number of looms of 50-inch reed space
or less covered by the reports for September 1924, 12,833,
or 73.8%, were in operation at some time during the month
and 4,559 were idle throughout the month. The active
machine-hours for these looms represented 59.1% of the
single-shift capacity, as against 54.3% in the preceding
month and 67.4% in September 1923. The number of
carpet and rug looms reported for September 1924 was
9,498, of which 7,000, or 73.7%, were in operation for some
part of the month, and 2,498 were idle throughout the
month. The active machine hours reported for these looms
represented 65.2% of the single shift capacity of the looms,
as compared with 56.8% in August 1924 and 80.9% in September 1923. The following further details are also furnished:
Spinning Spindles.
Of the total number of woolen spindles reported In September 1924,
1,809,412, or 79.3%, were in operation for some part of the month, and
472,435 were idle throughout the month. The'active woolen-spindle
hours reported for this month represented 86.4% of the single shift capacity, as compared with 72.1% in August 1924 and with 88.9% in September 1923.
The number of worsted spindles in operation during September 1924
was 1,730,310, or 66.5% of the total, and the number idle was 873,766.
The active worsted spindle hours were equal to 67% of the single shift
capacity. In August 1924 the active worsted spindle hours represented
51.1% of the capacity, and in September 1923, 82.8%•
Cards and Combs.
Of the total number of sets of cars reported for September 1924. 5,645.
or 81.3%, were in operation at some time during the month, while 1,298
were idle throughout the month. The active machine hours for cards were
equal to 87.1% of the single shift capacity in September 1924. 73% in
August 1924, and 94% in September 1923.
Of the combs reported for September 1924. 1,928. or 72.5%, were in
operation for some part of the month, and 731 were idle during the month.
2242
THE CHRONICLE
0.0
g28224ngg
a
stet'',.
0,
NNO
.V0
to
tot000
01-to 100010
.
N
04..N-
nqn
.
ts ggg
.a
MOWNWVC0M
VV00.M.m0
°IgNCINJ.
0
.
0
.
0
00.00.NO
• CO.
MN.;
V .N.
VON
NNM
.V0
t- too
MC.
mle101,
gt22
Is
4 MMN
nog
SWO
.
moo,.
,omq
C°01
MVO
.N.
tg2g
to
Double.' Single.
faggSPogrl°g
cl^l°1
CNNNNO
m. NV
g
ONM
.00
ci co
cstzstotoopn
to
a.44.",-
M.V
.M.
mign
c1R 00•
eine,
Migg
020gt,0 tot
g211
i
N..vm
Ui
812$95724
to
-41-$
cbc:cacc7M4mt.....
N. 00V
ON
MN.
"1°1.1
clogot
222
CONSUMPTION OF WOOL BY GEOGRAPHIC SECTIONS SEPTEMBER 1924
g2.1201X
MN.
NOW
13
000
NMONMVNNO 1.
; NNN
01°101
ON0
CNN
V.VM
'80'8
mnica
.MV
OVN
13 NNO
.m.
MOM
MVN
""1"!
V.N
to,to
2228g2;;,7,2
".
NMV00MQNM
:
41q.
qqq8
88-4,S2g=
Section.
Total.
New England
Middle Atlantic
Pacific Coast
Other sections
A
OWN
MON
4.1.
mm,
NWN
13 ONN
-4
Scoured.
Grease.
18,277,071 14,520,047 2,988,130
13,236,759 16,313,796 1,316,865
266,238
180,517
457,813
964,119
2.574,076 1,322.574
Fulled.
Grease
Eguivaleru.
770,894 21,520,166
606,098 19,755.667
11.058
727,737
287,383 3,633,989
39 545.719 32.336.934 5.533.352 1.675.433 45.637.849
Tntal
01'110?
V00
CNN
The consumption of foreign tops and noils constitutes one element which
It has not been possible to include in the consumption reports since the
manufacturers would be unable to distinguish between foreign and domestic
tops and nolls. In the long run, though not necessarily month by month.
this element must be equal to the imports. The imports of wool and hair,
advanced, including tops, for the current month were 7,791 pounds and for
1924, including September were 180,771; noils for the current month were
1,363,218 and for 1924, including September, 7,732,630. The exports of
tops and noils were negligible.
The following tables show the quantities of wool consumed, classified
according to grades, class and condition, with separate figures for foreign
and domestic wool. Comparative figures are also given for September 1923
August 1924 and 1923: and totals for the months. January to September,
Inclusive,
to too
non
Geographic Distribution of Consumption.
Of the total consumption of wool in September 1924 (amounting to 39,545,719 pounds) 18,277.071 pounds, or 46.2%, were reported from the
New England States; 46.1% from the Middle Atlantic States; 1.2% from
the Pacific Coast States; and 6,5% from the other sections of the country.
Detailed Statement.
oo ce
to
°11"R
'0
tool
NM.
Domestic and Foreign Wool.
Of the total quantity of wool used by manufacturers during the month of
September 1924, 22,946,158 pounds, or 58%, was domestic wool; and
16,599,561 pounds, or 42%, was foreign wool. The carpet wool was all of
foreign origin; while 73% of the fine wool was produced in this country:
89.8% of the
blood; 83.5% of the
blood; 71.3% of the y, blood and
47.6% of the low g blood.
Imports of Tops and Nails.
rl°1"1
13 ea moo
882
0001
M.M
.4MM
WNW
V.0
WNW
.OWN
OWW
V.=
N0N
1924, and 7,838.563 pounds consumed in September 1923:5,762,873 pounds
of 3. blood as against 4,833,079 pounds in August 1924. and 3,881,794
pounds in September 1923;5.954,434 pounds of % blood as against 5,518.752
pounds in the month preceding and 6,046,326 pounds in September 1923;
7,158,045 pounds of 311 blood, which may be compared with 5,880,525
pounds in August 1924 and 8,003,861 pounds in September 1923; 2.180,193
pounds of low 5( blood, common, braid and Lincoln as against 1.715,833
pounds in August 1924, and 1.960,848 pounds in September 1923; and
9,245,150 pounds of carpet wool, as against 7,559,841 pounds in the preceding month and 12,269,987 pounds in September 1923.
gc"°1
to totmy.
;100000
woo.v.m.ov
0010 "
M.N.
o.-.
gacew
N..
ONM
NN.
V.MO.ONN0
to I'
1 toot-tooto
Cl- N.
Idle. I Adive. I Idle.
SPINNING SPINDLES.
The active machine hours for this month were equal to 86.3% of the single
shift capacity, as compared with 68.2% in August 1924 and 85.5% in
September 1923.
Detailed Report.
' The accompanying table gives the total number of machines in operation
some time during the month of September, 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 August 1924 and September 1923.
[VOL. 119.
WOOL CONSUMPTION FOR SEPTEMBER,FOR AUGUST AND FOR NINE
MONTHS 1924.
(All quantities in pounds.)
Class and
Grade.
Total for September.1 Total for August. Total Jan. to
1924.
Total
Domestic
Foreign
1923.
I
1924.
I
1923.
1924.
Sept. /rid.
1923.
39,545,71940,011.37934,640,017141,538,269326,045,034424,008,353
22,946.158 13,185,081119,687,099 12,917,170156,580,569 147.629,632
16.599,561 26,826,298 14,952,918 28,621.099169,464.465 276,378,721
Combing a..23,273,210 20,683,78520,407,37920,956,199173,037,502 235,063,388
Clothing a_ _ 7,027,359 7,057,607, 6,672,797 '7,505.701 64,701,636 76,926,777
- A
b;:s8.1.ee - a
IdaVogg
-‹
September 1924 Shows Further
Increase.
The Department of Commerce, on Oct. 31, made public
the following statistics with regard to the consumption of
wool, by manufacturers in the United States during the
month of September, based on reports ,received from 576
manufacturers. This is exclusive of 30 which failed to report
the consumption of wool for the month. The total quantity of
wool entering into manufacture during September 1924, as
reported, was 39,545,719 pounds as compared with 34,640,017 pounds in August 1924, and.,40,011,379 pounds for
September 1923. The consumption shown for September
1924 included 32,336,934 pounds of wool reported as in the
grease; 5,533,352 pounds of scoured wool; and 1;675,433
pounds of pulled wool. Reduced to a grease equivalent
these quantities would amount to 45,637,549 pounds. The
grease equivalent for August' 1924 was 40,063,717 pounds
and for September 1923, 46,615,997 pounds. The monthly
consumption of wool (pounds) in grease equivalent for concerns reporting for 1924 was as follows: January, 53,845,024;
February, 50,632,884; March, 47,630,291; April, 44,361,464;
May, 36,507,484; June; 30,972,041; July, 33,777,635;
August, 40,063,717, and September 45,637,549 pounds.
The report also gives the following:
Wool Consumption in
Consumption by Grades..
Classified according to grade, the total includes 9,245,024 pounds of fine
Wool, which may be compared with 9.131,987 pounds consumed in August
Fine, total_ _ 9,245,024 7,838,5631 9,131,987 8,703,717 73,558,104 83,965,276
Combing:
Domestic _ 5,371,827 2,596,9431 4,858,915 2,526,000 35,380,629 26,421,242
Foreign_ 2,147,176 3.627,230 2,323,288 4.581,068 22,291,639 41.166.767
Clothing:
Domestic 1,372,544 1,113.984 1,521,250 1,168,530 12,424,244 11,201,604
Foreign_ _
353,477 500,406 428.534 428,119 3.461.592 5.175,663
34-Blood,total 5.762,873 3.881,794 4,833,079 4.081,010 41,146,342 49,297.123
Combing:
Domestic _ 4,055,683 1,683,748 3,454,134 1,498,009 26,270.460 18,931,511
Foreign.-- 485.074 1,349.027 506,950 1,495,015 6,317,577 18.112,620
Clothing:
Domestic. 1,118,197 667,187 727.507 799,459 7,278,378 9,024,637
103,919 181,832 144,488 288.627 1,279,927 2,328.355
Foreign
s-Blood,total 5,954,434 6.046,326 5,518.752 6,327.830 49,226,200 70,802.863
Combing:
Domestic 3.203,485 1,745,217 2.648.596 1,582,751 19,277,971 21,084,456
Foreign.-- 795.557 2,250,356 788,517 2,572,447 10.957,55. 26,809,381
Clothing:
Domestic 1,769.862 1,522,939 1.683.611 1,635.265 15.370.178 16.673.011
185.530 527.814 362.039 537,367 3,620,493 6,236.015
Foreign- _ _
)(-Blood,total 7,158,045 8.003,861 5,880,525 7.411.849 56,777,761 90.477.743
Combing:
Domestic. 3,976,549 1.819.575 3,222,638 1,879,895 23,345,80' 25,018,904
Foreign_ _ 1.537.621 4.056.793 1,263,85 3,397,529 17.126,48; 43,231.424
Clothing:
Domestic 1,126,830 1,144,762 679,576 1,008,581 9,787.497 12.260.960
Foreign__ _
517,045 982,731 714,45 1,127,844 6.517,9741 0.966.455
Low 34-blood b. 1.431,255 .716.007 1.216,934 694,281 10,429.055 5,509.243
Combing:
Domestic 4,489,001 443,173 521.172 254,541 3.395,739 3,391,120
Foreign
3.666,494
585,946
328,166
Clothing:
Domestic
191,743 272,834 211,66' 339,740 1,960,808 2,118.123
Foreign...; 164.565
1.406,014
155,931
Common,totalc 229,730 122,29
398.068
84,472 170.413 1,482,203
Combing _
587,920
165,480
121,413
90.555
57,344
42,054
Clothing.... 108,317
894,283
232,586
79,858
27.12
80,236
Braid, total a_ _
205,998
55,986
606,656
40.707
52,429
37,574
303,182
Combing
153,347
48.968
41.396
25,789
27,158
303,474
Clothing_ _ _
52,651
7,018
11,033
11,785
13,549
Lincoln, total
478.501 1,080,122 376,853 1,116,814 4,512.817 11,333,853
Combing
476,720 1,028,273 372,014 1,029,421 4,116,045 10,577,136
87,393
Clothing...
396,772
4,839
756,717
61.849
Carpet,total d. 9,245,15012,269,987 7,559,841 13,076,369 88,305,896 112.018,188
Combing ..„ 4,076,731 6,682.039 3,135,521 6,654,748 39,520,082 58,340,865
Filling
5,168,419 6,587,948 4,424,320 6.421,621 48,785.814 53.677,323
Total, reduced to
grease equiv.c45.637,54946,615,997 40,063,71748.232,955383.428.089 494,061,785
Domestic _ _ 27,323,20017.159.922 23,348,683 17.101.808194.175,868 190,194,541
18,314,34929,456,075 16,715,03431,131,087 189,252,221 303,887,244
Foreign
a Exclusive o carpet wools. bFigures for dates previous to Aug. 1923, include
"common" and "braid." c All domestic. d All foreign. e In computing the
grease equivalent, 1 pound of scoured wool is considered equivalent to 2 pounds in
the grease, and 1 pound of pulled to 1 1-3 pounds in the grease.
THE CHRONICLE
Nov. 15 1924.1
•
CONSUMPTION OF GREASE, SCOURED AND PULLED WOOL FOR
SEPTEMBER 1924 AND '1923.
(All quantities in pounds.)
Grease.
Scoured.
Pulled.
Class & Grade.
1924.
1923.
1924.
1923.
1924.
I
1923.
Total, Sept__ 32,336.9341 32,011,130 5,533,352 5,906,803 1,675,433 2,093,446
Domestic ___ 17,735,0331 8,351,445 3,960,000 3,545,444 1,251,125 1,288.192
424,308 805,254
Foreign
34,601,9011 23,659,685 1,573,352 2,361.359
Combing_a_ 22,0j1 19,032,512 1,792,486
790,609
Clothing_b- 1.550.674j 1,667,837 4.509,988 4,759,096
Fine, total._Combing:
Domestic _
Foreign
Clothing:
Domestic _
Foreign
34-blood,total_
Combing:
Domestic Foreign.-Clothing:
Domestic _
Foreign
34-blood,totalCombing:
Domestic _
Foreign.Clothing:
Domestic.
Foreign__ _
34-blood,tOtal.
Combing:
Domestic Foreign.-Clothing:
Domestic Foreign
Low 34-blood_b
Combing:
Domestic Foreign.-Clothing:
Domestic.
Foreign...
Common, tot_c
Combing_ -Clothing_ _ _.
Braid, total_cCombing-Clothing__
Lincoln,total_
Combing._
Clothing_
Carpet, total_d
Combing....
Filling
386,880
966.697
860,664
630,674
7,894,166
6,452,249 1,064,494
940,928
286,364
445,386
5,212,763
2,145,476
2,206,110
3,617,331
115,405
1,700
59,302
6,960
43,659
331,531
2,939
468,744
67,183
4,817,922
605,911
22,897
3,009,622
681,275
266,114
683,136
401,278
473,388
615,203
222,525
20,180
261,815
106,795
4,121
256,969
3,928,297
481,113
1,525,081
1,336,606
32,298
3,961
17,607
12,421
95,088
141,055
403,955
4,557
3,818.206
122,605 560,388
433,333
25,325
86,489
151,842
3,936,514 1,796,862 1,832,937
153,854
12,873
339,366
111,249
4,665
276,875
2,939,71
771,337
1,405,770
2,224,068i
257,595
24,324
96,521
81,852
1,964
5,560,122
261,5191 1,421,994 1,080,213
45,157
183,398 470,805
5,833,949 1,265,709 1,772,862
240,713
2,132
332,214
181,207
11,852
397,055
3,693,057
1,391,789
1,520,886
3,795,990
197,804
130,396
161,514
161,455
85,688
15,436
137,175
99.348
405,636
69,640
962,114
293,464
273,604
363,509
534,274
403,235
390,159
805,217
644,676
256,527
186,920
44,170
78,982
96,081
64,451
95,971
415,618
528,742
338,206
24,041
56,544
48.879
49,342
660
56,088
11,348
6,406
121.338
115,538
5,800
27,408
27,158
250
443,242
443,242
25,303
157,930
151,644
54,042
5,875
48,167
13,299
207,648
22,465
6,515
54,350
39,883
58,743
29,624
29,119
37,842
37,842
107,155
167,250
24,220
58,271
8,354
49,917
14,587
3,554
11,033
58,390
28,644
29,746
357,098
51,112
305,986
54,350
5,276
4,076
1,200
2243
,
ing the "open contracts" (one side only) on the Ckkiego Board of Trade at'
the beginning and at the end of the month, together with the largest,..
smallest and average of the "open contracts" during October. In order togive a better picture of the activities in the market during the monthkf - October, the "open contracts" in each of the grains, by days, is made_a '
part of the report.
'OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR OCTOBER 1924 (BUSHELS)-ONE SIDE ONLY.
AU Grain
DaleOats. .
Rye.
Futures..
Corn.
October
Wheat.
1
106,072,000 58,343,000 65,683,000 20,493,000 250,591,000,
2
105,155,000 59,689,000 67,091,000 20,847,000 252,782,000.
3
106,019,000 61,606,000 72,430,000 21,539,000 261,594,900,
4
104,649,000 59,599,000 73.757,000 21,200,000 259,205,000'
SUNDAY
5
6
104,710,000 60,957,000 75,339,, I i 21,299,000 262,305,000
107,263,000 61,152,000 74,637,111 22.199,000 265,251,000
7
8
110,113,000 62,315,000 74,941,000 22,903,000 270,272,000
9
108,424,000 61,928,000 74,683,000 23,483,000 268,518,000 •
10
109,867,000 64,082,000 75,620,000 23,768,000 273,337,000
11_ _
108,614,000 65,182,000 75,445,000 24,067,000 273,308,000
SUNDAY
12
13
I HOLIDAY
14
111,568,000 63,788,000 74,833,000 23,933,000 274,122,000
15
110,195.000 65,040,000 75,512,000 24,204,000 274,951,000
16
111,348,000 64,523,000 75,751,000-25,270,000 276,892,000
17
113,836,000 66,827,000 75,830,000 25,631,000 282,124,000
18
114,507,000 65,135,000 76,235,000 25,543,000 281,420,000
19
SUNDAY
20
115,568,000 65.424,000 76,019,000 25,239,000 282,250,000
21
116,672,000 66,176,000 76,705,000 25,262,000 284,815,00
22
116,204,000 67,140,000 77,468,000 25,601,000 286,413,000
23
114,690,000 67,249,000 77,322,000 25,809,000 285,070,000
24
114,033,000 65,388,000 75,396,000 25,615,000 280,432,000
25
111,177,000 62,628,000 73.073,000 25,547,000 272,425,000
24
SUNDAY
27
112,007,000 62,774,000 73,251,000 25,676,000 273.708,000
28
111,532,000 63,968,000 73,215,000 25,688,000 274,403,000
29
112,024,000 65,438,000 72,955,000 25,851,000 276,268,000
30
112,805,000 65,999,000 73,263,000 26,174,000 278,241,000
31
109,642,000 63,949,000 73,440,000 26,269,000 273,300,000
Average October
110,719,000 63.703,000 74,227,000 24,196,000 272,846,000
Average September_ --107,051,000 53,906,000 53,697,000 22,665,000 237.320,000
In addition to the foregoing the Grain Futures Administration recently
released a chart showing the daily volume of trading and the daily "open
contracts," in wheat on the Chicago Board of Trade for the months of July,
August and September 1924. For the purpose of a more accurate comparison the figures on "open contracts" for these three months, together with
the figures for October, are included as a part of this summary.
"OPEN CONTRACTS" IN WHEAT FUTURES ON THE CHICAGO BOARD
OF TRADE FOR JULY, AUGUST, SEPTEMBER AND OCTOBER 1924.
(Short side of contract only, there being an equal volume open on the "long" side.)
plate,Oaober
July
August
321,856
Date.
Bushels.
Bushels Date.SeptembBerushels Dale.
65,545
1
„
106,072,000
Holiday1
1
80,B
96
w8h,000
els.
256,311
2
105,155.000
80,121,000 2
102,201,000 2
3
106sun,Olda9,0760
78.711,000 3
1110
04:56
Sunday
3
506
"
2:000 32
Total for Aug 28,208,026 33,221,606 4,919,554 5,883,697 1,512,437 2,432,966
4
104,649,000
HolidaySundayHoliday
106,133,000 4
103,748,000 4
5
104,934,000
5
645
104,790,000
5
Total, Jan. to
6
104,710,000
106,612,000
6
104,516,000 6
Sept., incl_ 256,606.394339.218.41051,355.26172,685,17618.083.27922,104,767
7
107,263,000
7
79,848,000 7
Sunday
106,101,000 7
8
110,113,000
80,950,000 8
108,267,000 8
a Exclusive of carpet wools. b 1923 figures include "Common" and "Braid".
108,549,000 8
9
108,424,000
81,978,000 9
107,153,000 9
C All domestic. a All foreign.
108,285.000 9
10
109,867,000
84,122,000 10
107,897,000 10
Sunday 10
11
10686,661d4a,000y
84,593,000 11 -____110,371,000 11
107,634,000 11
12
84,942.000 12
106,536,000 12
112,730,000 12
Transactions in Grain Futures During October on 13
11H1,o661Ida8,0007
Sunday 13
105,851,000 13
113,636,000 13
14
82,237,000 14
Chicago Board of Trade and Other Contract
Sunday 14
116,622,000 14
15
110,195,000
78,218,000 15
117,203,000 15
106,254,000 15
16
Markets.
111,348,000
80,184,000 16
118,594,000 16
108,145,000 16
17
82,742,000 17
Sunday 17
107,485,000 17
Revised figures, showing the daily volume of trading in 18
84,121,000 18
107,113,000 18
122,240,000 18
19
84.331,000 19
108,583,000 19
122,961,000 19
Grain Futures on the Board of Trade of the city of Chicago 20
Sunday 20
125,046,000 20
107,860,000 20
21
85,644,000 21
during the month of October 1924, together with monthly 22
123,792,00 21
Sunday 21
1
11111
1111S
6
654372
86,086,000 22
::8565836
108,274,000 22
04
124,409,000 22
:787.
::0
207
00
totals for all "contract markets" as reported by the Grain 23
114,690,000
88,609 000 23
121,191,000 23
107,079,000 23
24
114,033,000
90,271,0(10 24
Sunday 24
108,562,000 24
Futures Administration of the U. S. Department of Agri- 25
90,097,000 25
5
118,462,000 25
82
1;0
000 26
1
10
077:3
12
26
118
1u
3
n7a7,"
ay
91,738,000 26
117,000,000 26
culture, were given out Nov. 10. The figures listed represent 27
112,007,000
Sunday 27
108,665,000 27
115,367,000 27
111,532,000
90,768,000 28
sales, or only one side of the transaction, there being an equal 28
Sunday 28
116,366,000 28
29
112,024,000
92,380,000 29
109,677,000 29
113,690,00 29
volume of purchases. The statement follows:
30
112.805,000
96,268,000 30
3?
103,928,000 3
108,179,000 30
31
109,642,000
98,453,000
Wheat. Corn,
DaleOars.
Rye. Barley. Flax. Total.
October 1924.
(Expressed in thousand bushels, 1. e., 000 omitted.)
Daily
42,121 27,827 24,962 5,321 --__
Daily
1
---- 100,231 Daily
Daily
64,076 33,757. 28.353,
2
134,583 average_ 85,535,000 avemge_113,673,000 average_107,051,000 avemge_110,719,000
70,789 38,438 37,298 11,146 ---3
157,671
•
J. W. T. DUVED, Grain Exchange Supervisor.
46,937 22,319 12,574 5,177 ---4
87,007
5
SUNDAY
69,803 30,610 18,190 6,004
e
124,607
61,071 35,237 12,410 6,352
_
7
115,070
Temperate Weather Holding Back the Coal Markets.
57,720 23,895 8,756 6,600
8
96,971
60,477 25,486 8,385 5,347
9
99,695
Too short a time has elapsed since the Presidential election
54,619 22,253 9,273 6,976
10
93,121
51,011 16,892 12,170 3,780
11
83,853 to determine just how rapidly business will forgealiM,
12
SUNDAY
but from every part of the country come expressions of
13
HOLIDAY
53,431 19,103 8,342 6,123
14
86,999 optimism and there is very little doubt that better business,
52,428 17,178 8,132 . 4,938 ---15
82,676
71,184 35,881 9,229 6,654 ---16
122,948 and much more of it, is in sight. Certainly, the entire
63,158 30,404
17
7,411
4,136 - --105,109
31,215 10,408 2,219
18
1.984 --- 45,826 business world seems perfectly satisfied with the election
19
SUNDAY
this week. The
57,870 22,972 8,805 4,011
20
93,658 result, declares the "Coal Trade Journal"
54,495 22,645 7,613 4,455 _--21
89,208 weather has until the last day or two remained warm, holding
39,113
14,217
5,843 2,839
22
62.012
39,800 16,384
5,654 2,823
23
64,661 back the jobbing and retail trades. But many contingent
55,360 36,523 18,597 4,826
24
115,306
45,071 23,740 12,538 5,363
25
86,712 orders have already been placed for steel, the stock
SUNDAY
26
bond markets have become very active, improvement-in
41,443 16,174 7,625 3,745
68,987
27
36,660 18,568 6,018 3,038
64,284 lumber began a few days before Nov. 4 and textiles
28
-iris51,283
26,841
7,777
3,625
89,526
29
41,499 22,267 6,065 3,180
73,011 played a better tone, continues this trade journal in its Nov.
30
39,862 22,506
3,922
1,733
68,023
31
1,007,926
994,993
12,933
8,692,416 11,310,781
3,975,538 5,425,813
4,716,878 5,884,968
13,299
34,773
32,992
1,781
230,878
35,648
195,230
486
486
13,806
4,636
9,170
601,108
205,114
396,994
12 market review, further extracts of which are as follows:
• Total Chi. Bd. of Tr_1,352,496 632,525 298,161 128,573
2,411,755
503
57,133
Chicago Open Board.. 39,223 15,335 2,072
-- - 26,057 8,419 3.798 3,142 148,397
Minneapolis C. of C. 106,981
229
Kansas City Bd.of'Tr. 44,423 23,012
67,664
17,66 77,302
Duluth Board of Tr__ 38,065k21,277
3 7
12,284 4,7
St. Louis March.Ex__
17,021
-.5/38
1,988 1-,85-41
2,154
6,534
Milwaukee C. of C___
86
San Francisco C.of C..
583
21
21
LoAngeles Gr. Exch.
Baltimore C. of C.. _
Total all markets_1,595,626 677,597 328,323 159,360 4,402 21,102 2,786,410
•Durum wheat, except 1 spring wheat.
Deliveries.-Deliveries, including redeliveries, on October contracts:
Oats
Corn
100,000 bushels
1,210,000 bushels
All grains
1 317,000 bushels
Bye
7,000 bushels
As a supplement to the summary of transactions in grain futures for:the
month of October the:Grain'Futures!Administration released figureeshoW-
Optimism prevailed in the country's bituminous markets during the
past week, and the demand improved slightly. Prices were firm.UIn
New York the market remained dull, but with many more inquiries from
industrials. The Chicago trade looks for better demand and prices, but
the past week's demand showed no increase. The week was quiet in
Buffalo, with early improvement expected, and this sentiment prevailed
in Detroit, Cincinnati, Columbus and the Superior-Duluth markets.
The concensus of opinion was that the next two weeks would see a
marked increase in demand and that the worst was over. The resumption
of industrial activities, after the lull that preceded the Presidential election,
has begun and it should be reflected in the coal markets within that period.
Lake dumpings for the week that ended 7 a. m. Nov. 3 were 738,529
net tons, a decrease of 142.941 tons, or 16%. Of this total 701,153 tons
were cargo coal and 37,376 tons vessel fuel. Dnmpings over the HamptonRoads piers declined to 363,b32 net tons for the week that ended Nov. 1
as against 381,511 t,r_^.s.for the preceding week. The decrease Of 17,679
2244
T H N CHRONICLE
tons was due to a sharp decrease of 38% in dumpings for tweign account,
cargo and bunker coal combined. Cargoes consigned to New England
Increased appreciably and totaled 232.499 tons.
Up to last Sunday warm weather prevailed pretty generally throughout
the country and this, combined with the usual election-week lull
in business
bad its effect upon the anthracite markets. They were, with hardly
an
exception, inactive. Philadelphia was an exception and demand continued strong although not quite as strong as tor the preceding week.
The weather, however, has now turned definitely in the coal man's favor
and this will no doubt greatly stimulate the demand.
For the week that ended Nev. 2 shipments of anthracite from Buffalo
and Erie totaled 57,575 net tons, against 55.429 tons for the preceding
week and the cumulative movement of anthracite up the Lakes this season
stood at 2,803,172 tons, or 187,847 tons loss than at the corresponding
date last year.
Anthracite receipts at Duluth-Superior harbor showed a notable decrease.
The total is reported to have been 45,748 tons, bringing the cumulative
receipts ot anthracite up to 1,177.271 tons.
The last report on car loadings, for the week that ended Oct. 25.show
a gain of 10.000 cars over the preceding week. They totaled 1,112.345
cars. Coal cars totaled 193,736, an increase of 2,287.
A touch of cold weather in the Middle West last week
was all that saved the coal trade from a further general
decline, for in practically every other section of the country
the demand fell far behind expectations, according to the
current "Coal Age." This was especially marked in Eastern
markets and in Ohio,and to a less notable degree in Kentucky
where there is sufficient business in hand to keep the mines
going for a while. The undertone is less firm in New
England, too, despite the fact that there has been a gradual
pickup in the textile industry, continues the "Age," in its
Nov. 13 market review, which we add herewith:
As usual, the election is blamed in many quarters for the halt in business,
though the result had been sized up fairly generally long ago. The concensus is that the outcome will benefit the trade, but insufficient time
has
elapsed as yet for the observance of any substantial effect. The impending
close of navigation on the Lakes is a conflicting element that is puzzling
the
trade, as it will throw such a large tonnage on other markets that the problem of absorbing it may be too difficult for solution. In that event
some
mines may be forced to close down until they are able to find an outlet
for
their product. Distress coal is not much in evidence, save in odd lots
here
and there, nor is much being shipped on consignment, though some shippers are said to be contemplating such tactics.
Business in general is expected to show renewed impetus from now on,
according to most authorities, including the Federal Reserve Board, which
reports increased production in most lines. Even those in which the gains
have not been so marked show healthy conditions, the Board states.
"Coal Age" index of spot prices of bituminous coal receded another
point last week, standing on Nov. 10 at 170. the corresponding price for
which is $2 06, compared with 171 and $2 07, respectively, on Nov. 3.
There was a further reaction in activity at Hampton Roads last week
dumpings of coal for all accounts during the seven-day period ended Nov.
6
totaling 325.568 net tons, compared with 363.818 tons handled during
the
preceding week.
A slight increase in movement up the Lakes took place, dumpings
at
Lake Erie ports during the week ended Nov. 9, according to the
"Oro &
Coal Exchange," being as follows: For cargo. 704,538 net tons; for
fuel.
30,937 tons, compared with 688,548 and 38.272 tons, respectively, during
the previous week.
Mild weather is proving a stumbling block to the anthracite trade, demand being slow and independent prices showing a tendency to weaken.
With output curtailed, however, the movement has been strong enough to
prevent accumulations. Dealers are well supplied with most sizes. Stove
leads in demand and nut moves without much difficulty, but pea is in trouble. Rice and barley are the strongest of the steam sizes. buckwheat
No. 1 being comparatively weak.
[VOL. 119.
Day in the anthracite regions, brought down the production
of anthracite by about 25% and of bituminous by about
2%, according to statistics furnished Nov. 8 by the United
States Geological Survey. Extracts from the Survey's
report on the output of these two important fuels and of
coke in addition, are appended.
The week ended Nov. 1 witnessed a reduction in the production of soft
coal that was due to the partial observance of All Saints Day as a holiday.
The total output, as estimated from the railroad reports of cars loaded
and including allowances for mine fuel, local sales, and coal coked
at the
mines, is placed at 10,091,000 net tons. Compared with the week before
this was a decrease of approximately 2%. The average daily rate
of output
continued downward, and again approached the level of 1921.
Estimated United States Production of Bituminous Coal (in Net Tons),
Including Coal Coked.
1924
1923
Week. Cal.Yr.toDate
Week. Cal.Yr.toDate.c
Oct. 18
10,261.000 363,162,000
10.694,000
443,359,000
Daily average
1,710,000
1.469,000
1,782,000
1,799,000
Oct. 25_a
10.300,000 373,462,000
10.919,000
454,278,000
Daily average
1,717,000
1.475,000
1,820.000
1,799,000
Nov. Lb
10.091.000 383,553.000
10,547,000 464,825,000
Daily average
1,682.000
1,480,000
1,758,000
1,798,000
a Revised since last report. b Subject to revision. c Minus one day's
production in January to equalize number of days in the two years.
Production of soft coal during the first 259 days of the calendar year 1924
was 383,553,000 net tons. In the six preceding years it was as follows:
Years of Activity.
Years of Depression.
1918
498.288,000 net tons 1919
411,232,000 net tons
1920
4567579.000 net tons 1921
351.492.000 net tons
1923
464,825,000 net tons 1922
332.379,000 net tons
Thus it is seen that in point of soft coal production 1924 stands far
behind each of the years of activity, and is considerably behind 1919, when
the output was curtailed through a temporary business depression in the
early part of the year. Compared with the average of the three actiye
Years. the 1924 output has been approximately 20% less, and it has been
but 5% more than the average of the three years of depression.
ANTHRACITE.
The mining of anthracito was interrupted in the week ended
Nov. 1 by
the occurrence of two holidays widely observed in the anthracite region—
Mitchell Day, Oct. 29. and All Saints Day, Nov. 1. The nine principal
anthracite carriers reoorted loading 27.607 cars, and using that as a basis,
It is estimated that the total output was 1,444.000 net tons. This was a
decrease of 483.000 tons, or 25%. In the corresponding holiday week a
year ago, production totaled 1,328.000 tons.
Estimated United States Production of Anthracite (Net Tons).
1924
1923
Week Ended—
1Week.
Yr. to Date.
Week.
Yr. to Date.
Oct. 18
1 750.000 72.630.000
1,978.000 75,492,000
Oct. 25
1,927,000 74,690.000
2.001.000 77,493,000
Nov. 1
1 444,000 76.134.000
1.328,000 78.821.000
BEEHIVE COKE.
Coal Output Declines Because of Holidays—
Coke Gains.
The production of beehive coke recovered somewhat in the week ended
Nov. 1. Reports from the coke carriers on the number of cars loaded
indicate that the total output was approximately 150,000 net tons, an
increase of 10,000 tons. Appreciable improvement occurred only in Pennsylvania and Ohio. The cumulative production of beehive coke during
1924 to date now stands at 8,161.000 tons, a decrease, when compared with
the corresponding period of 1923. of 7,713,000 tons, or nearly 50%•
Estimated Production of Beehive Coke (Net Tons).
Week Ended
Nov. 1 Oct. 25 Nov. 1
1924 to
1923 to
1924.a 1924.
1923.
Date.
Date.b
Pennsylvania & Ohio
109,000 100,000 213.000 6,206,000 12,811,000
West Virginia
8,000 8.000 15.000 428,000
921,000
Ala.. Ky., Tenn. & Ga-15,000 16.000 17.000 781.000
940.000
Virginia
9.000 8,000 11,000 346.000
646,000
Colorado & New Mexico_ 5,000
4,000 6,000 223,000
324,000
Washington & Utah
4.000
4.000
4,000 177,000
232.000
United States total
150.000 140,000 266,000 8,161,000 15,874.000
The observance of church holidays in both the hard and
soft coal fields and in addition the celebration of Mitchell
Daily average
25,000 23,000 44,000
31,000
60,000
a Subject to revision. b Less one day's production in New Year's week
to equalize the number of days covered for the two years.
jj
Ctirrent Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federla
Reserve banks on Nov. 12, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows further increases of $13,300,000 in holdings of acceptances purchased
in'open market and of $3,500,000 in Government securities,
and a decrease of $5,000,000 in holdings of discounted bills.
Federal Reserve note circulation went up $12,400,000, total
deposits $56,400,000, cash reserves $14,000,000, and nonreserve cash $6,400,000.
Declines of $14,600,000 and $4,300,000, respectively, in
holdings of discounted bills were reported by the Federal
Reserve banks of New York and San Francisco, while the
Cleveland bank shows an increase of $14,500,000 in its
holdings, Boston an increase of $3,600,000, and Philadelphia
an increase of $2,100,000. The remaining banks report
smaller changes in their holdings of discounted bills for the
week. Holdings of paper secured by U. S. Government
1
obligations increased by $200,000 to $95,300,000. After
noting these facts, the Federal Reserve Board proceeds as
follows:
All Federal Reserve banks report larger holdings of acceptances purchased in open market except New York, which shows a decline of $16.800.000. Richmond and Minneapolis. The Boston Reserve bank shows
the largest increase, 89,200,000, Chicago shows an increase of $7,000.000.
San Francisco of $4,200,000 and Philadelphia of $3,600,000. The System's
holdings of U. S. bonds increased by $2.500,000, of Treasury notes by
$300,000, and of certificates of indebtedness by 8700.000.
Increases in the volume of Federal Reserve notes in circulation are
shown for all of the Reserve banks except Chicago and Boston, which
report declines of $3,100,000 and $1,800,000, respectively, and Dallas and
San Francisco, which report a total decline of $1,100,000. The largest
Increase, $7,300,000. is shown for the New York bank. Cleveland shows
an increase of $4,700,000, Philadelphia of $3.400,000, and Richmond of
81,800,000.
The statement in full, in comparison with the preceding
week and with the corresponding week last year, will be found
on subsequent pages, namely pages 2265 and 2266. A summary of the changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending
Nov. 12 1924 follows:
Nov. 15 1924.1
2245
THE CHRONICLE
5,427.
that is, on July 1 1914, the total was only $3,402,01
:
The following is the statement
0 J V:45F 11Wg 0
r?,5p0E06.11
i'ngn §
,R
0000000
Y..GGG
-.CO0000
DW.G00
400G0.0
Meo.
..
.-WW.
mwoomm
A CO 0 00
CO
.
0N
A -CON -G.
G .4 G OD
02
.
0
.
0
CO
.00
.4
0
,,c,
b
-,.,2z
CO
"
...
0
0
Ww
m
G
I.
ot •
O.
0
v.
0,
A00
0
..4
1,1
:
g
.
. o.coo-1
m
0
l:8
co
. co.
Mom
'
'
• 00 g IVO
j
1:
. :
;
g
tCgt.
01400.w0
.WWW
WW.
.moomm
.co.00mo
.
A
is
co
a
AG
0.0Y
ttbt.
4,879,693,585
.mo.
omo.m
.
Y
.ono
MOO
w
.0.00. 00.03
......
...m.
W.
Wtabo --.11a.
YO.W.. 00000
0000200 ...0
'1.2
1g 0,8.
1,1 1.3 12
tl .000
In McWalton.
4,806,366,540
4,835,252,947
5,628,427,732
4,100.590,704
3,402,015.427
816.266.721
"
M.G.
.
.
"......o
S: il 8 2 tl
W.I.Co".
it g it g i;;
0.0..400
mow
00
4.;4...o.O
.coo
Per
Capita.
.
A
.WW0..
OGG
0
0.0GWGW
;-.
4.6.1
.46O
6 WCROM.1.
m
mo.00.
mo.o.m
.
....
w
'..
.
CI
°1 4'
.
gt.
- 8
.40..
WWOW
..w.
ocom.
Amount.
co
CO SPO g
"
a
C
MONEY OUTSIDE OF THE TREASURY.
lo 'co
"to
.
.
.
......i.
.
. .
.
....
.
.
-11
om.m
comw..w
iob.....C.I.gb
0
NG
AU
Other
Money.
. . .,
..
a
..4
.
Held for
Federal
Reserve
Banks
and
Agents.
G
0
CO
-.
0
m
W
"
00
...010N
ii
Amt. Held in Reeve Against
Trust Against United States
Notes
Gold ck Silver
Certificates (ct (and Treasury
Notes
Treas'y Notes
at 1890).
of 1890).
w
w
w .
.. W
m
o
.4.
to
lo so
..a.
.
00 .
o
o
03
o
0
w
0
G
10
.4
00
it
Wca
.
.
.
00
0
I..
'....v.
. w
G
Y
la
.
.
&CO
CO
Co
.
.
14.0N
N
c
.0..0
CO
0.00 Y
..co
..
;....mb
..
.omvo
o.omo
m
6,198,912,293
6,148,770,932
6.140,318,291
6,616,390,721
5,053.910,830
3,402,015,427
018 288 721
a week ago, increases
Net demand deposits were 125,000,000 higher than
Dallas, Kansas City, St.
in the Minneapolis, Richmond, San Francisco,
by decreases in the
part
Louis and Philadelphia districts being offset in
Time deposits inChicago. New York, Cleveland and Boston districts.
by banks in the
creased by $23,000,000, of which 119.000,000 was reported
Chicago District.
decline of
larger
Reserve balances show a decline of $48,000,000, the
offset by
$57.000,000 reported by the Now York City banks being partly
118,000,000, of
small increases in other cities. Cash holdings increased by
banks.
which $5,000,000 was reported by the New York City
inBorrowings of all reporting banks from the Federal Reserve banks
New York City
the
of
creased from $65.000,000 to 177,000.000, and those
banks from $12,000,000 to $21,000,000.
G
CO
T.
Nt
i.30,...
....1 . WomA
.
,
WCO ,
0.Y. .0.W,
y
co
.00000.
0
0.mo
.....Ww.
W.
...
y0A.
00000G0
o
0
• CO ...e-,•
co .
.www
" 1....0 0 m
.
W
-CA
•-• G
.
•-•
A C,00 ItO •-•
0
1,786,812,040
1,750,336,947
1,286.035,749
696,854,226
2,684,800,085
1,507,178,879
21 00204(1
of the Federal
The Week with the Member Banks
mw.moa
Reserve System.
of
Increases of $29,000,000 in loans and investments and
decrease
$25,000,000 in net demand deposits, together with a
in the Federal
of $48,000,000 in reserve balances, are shown
condition
Reserve Board's weekly consolidated statement of
It should
on Nov. 5 of 743 member lianks in leading cities.
MOGGGG
are always 500000
banks
member
these
for
figures
.the
that
noted
be
gg15.2ali;23
s.
themselve
banks
0000==
Reserve
the
for
those
a week behind
'=',Diab -cCe,
OOGGGN
Loans on United States securities and loans on corporate 0000=0
.GG
ly,
respective
00,
$33,000,0
and
0
$4,000,00
up
went
securities
00Y
,
discounts
and
loans
l,
0Y0
while "all other," largely commercia
WW1,
increased
ts
C. G
investmen
.
Total
00.
$32,000,0
down
.WO
went
.0.,..1„
Treasury
States
United
in
0
of
$3,000,00
$24,00.0,000, declines
8
S
8
notes and of $11,000,000 in United States certificates of .....
indebtedness partly offsetting an increase of $38,000,000 in 8828 t r.;
0.
C.
0N10.
.
corporate securities.
..4.GILOG
.pmoo.
Loans and discounts of the New York City banks were . ;o..0.
:,-4nE24
$15,000,000 larger than for the previous week. Loans on
0
United States Government securities were up $4,000,00
"All
and loans on corporate securities $46,000,000, whereas
Their
other" loans and discounts declined by $35,000,000.
0,
holdings of United States securities declined by $6,000,00
......
$13,000,up
went
securities
of
W
while their holdings corporate
by
shown
a
changes
alii.8
000. Further comment regarding the
follows:
is
as
banks
these member
a
MONEY HELD IN THE TREASURY.
. e-, b0b043.
013
'm -4.. .
.
.
87.
GCOG0
-.4
A;ANO -01 ,
.00000
DGM.M.
o.
...C.1.2
'..c.o.
sOfq: gq"
rill.
1.5
Total.
Increase (+) or Decrease (—)
During
Year.
Week.
—$71,400,000
+114,000,000
Total reserves
0
—86,100,00
+9,100.000
Gold reserves
—85,900,000
+11,800,000
Total earning assets
—566.900.000
—5.000.000
Bills discounted, total
—278.200.000
+200,000
Secured by U. S. Govt. obligations_
—288.700.000
—5,000,000
Other bills discounted
—20,300,000
+13,300,000
market
open
in
bought
Bills
+498.000.000
+3,500.000
U. S. Government securities, total—
+26.600,000
+2.500,000
Bonds
+337,900.000
+300,000
Treasury notes
00
+133,600,0
+700,000
Certificates of indebtedness
—433.800.000
+12,400,000
_
Federal Reserve notes in circulation_ _ _
+253.000.000
+56.400.000
Total deposits
+259.000.000
+54.300,000
Members' reserve deposits
—11,500.000
+3,600,000
Government deposits
+5.500.000
—1.500,000
Other deposits
4
a
E a a '4 On a subsequent page—that is, on page 2266—we give the
5
a f
§
figures in full contained in this latest weekly return of the §§§§§§
and teli
countries
foreign
in
member banks of the Reserve System. In the following is
circulation
In
a Includes United States paper currency
held by the Cuban agencies of the Federal Reserve banks
furnished a summary of the changes in the principal items amount
S Does not include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents
as compared with a week ago and with last year:
held in trust against
Increase (+) or Decrease (—)
During
Week.Year.
+85,000,000 +1848.000,000
Loans and discounts, total
—45,000.000
Secured by U. S. Government obligations +4,000,000
0
+701.000.000
+33.000.00
Secured by stocks and bonds
—32,000,000 +192.000.000
All other
+24.000,000 +1.078.000.000
Investments, total
+383.000.000
U. S. bonds
—3.000,000 —236.000.000
U. S. Treasury notes
—11.000,000 +222.000,000
U. S. certificates of indebtedness
+38,000,000 +709.000,000
Other bonds, stocks and securities
0 +240.000.000
Reserve balances with Federal Res've banks —48.000,00
+6.000.000
+18,000.000
Cash in vault
0
+25,000.00
+1.817.000,000
Net demand deposits
+23,000.000 +772,000,000
Time deposits
+2,000.000 +104,000.000
Government deposits
banks +12,000,000 —462,000,000
Total accommodation at Fed'I Res've
Stock of Money in the Country.
on has issued its
The Treasury Department at Washingt
of money in
the
stock
showing
statement
monthly
y
customar
after
n
the
circulatio
deducting
in
amount
the country and the
and by Federal
moneys held in the United States Treasury
figures this time are for
Reserve banks and agents. The
n
Nov. 1. They show that the money in circulatio at that
bank
in
vaults
held
and
is
what
course,
of
g,
(includin
date
the reserve that the member banks of the Federal Reserve
System keep*with the Federal Reserve banks) was $4,879,693,585, as against $4,806,366,540 Oct. 11924, and $4,835,252,947 Nov. 1 1923, but comparing with $5,628,427,732 on
Nov. 1 1920. Just before the outbreak of the European war,
C These amounts are not included lathe total since the money
gold and silver certificates and Treasury notes of 1890 is included under gold coin
and bullion and standard sliver dollars, respectively.
ti The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money In the United
States.
e This total Includes $17,294,620 of notes in process of redemption, 3146,719,583
deposited
of gold deposited for redemption of Federal Reserve notes, 815,632,909
of additional
for redemption of national bank notes, 36,445 deposited for retirement
circulation (Act of May 30 1908), and 36,624,106 deposited as a reserve against
Postal savings deposits
I Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
held In the Treasury
Note.—Gold certificates are secured dollar for dollar by gold
for dollar by standard
for their redemption; silver certificates are secured dollarUnited
States notes are
redemption;
their
for
silver dollars held in the Treasury
the Treasury. This reserve
secured by a gold reserve of 5152,969,025 63 held in notes
of 1890, which are also
fund may also be used for the redemption of Treasury
the Treasury. Federal
secured dollar for dollar by standard silver dollars, heldaIn
and first lien on all the assets
Reserve notes are obligations of the United States
are secured by the
notes
Reserve
Federal
bank.
of the Issuing Federal Reserve
of gold or of gold and such
deposit with Federal Reserve agents of a like amount
the
of
Federal Reserve
terms
the
under
eligible
is
as
paper
discounted or purchased
of at least 40%,including
Act. Federal Reserve banks must maintain a gold reserve
the United States Treasurer,
the gold redemption fund which must be deposited with Federal
Reserve bank notes
against Federal Reserve notes in actual circulation.
obligations, and
and national bank notes are secured by United States Government
with
the Treasurer of
maintained
be
to
is
required
redemption
their
a 5% fund for
the United States in gold or lawful money.
Germany's Great Need of Capital as Seen by Representative of the Bank of America.
A fine high-powered motor car with an empty gasoline
tank—that is the way L. B. Heemskerk, head of the foreign
department of The Bank of America, describes conditions in
industrial Germany to-day. Mr. Heemskerk, who was
formerly a native of Holland, has just returned from an extended visit to Europe, most of his time being spent in Germany. Says Mr. Heemskerk: "Germany's factories and in-
2246
THE CHRONICLE
dustrial plants generally are as modern as an American automobile,.but until they are supplied with gas, that is working
capital, they will be unable to function. Accordingly Germany's great need to-day is working capital and in a quantity totaling several billion dollars." Mr. Heemskerk points
out that with the establishment of the Rentenbank which
was created for the purpose of stabilizing the German monetary system, the German banks generally were compelled to
restrict their discounting privileges. He continues as follows:
All the large banks were limited in the amount which the
Rentenbank
placed at their disposal for re-discounting purposes, with the
result that the
banks themselves had to restrict and in many instances cancel the
extension
of credit to firms and industries. You can imagine the effect if you
consider
for a moment what would happen in New York if suddenly
for commerce
and industry the discounting of trade paper or their own
notes became so
restricted that it amounted to a cancellation of this privilege.
Consequently the industries were heavily handicapped. During the
period of inflation it had been their custom to rid themselves of the
constantly deteriorating money as soon as possible. Almost every hour reduced
the value of the paper mark and there was no inducement to hold
such
money. They therefore applied it to modernization and improvement
of their factories. As a result at this time one may safely say that
the industries and factories are in excellent condition. The only thing
which
fails them is working capital.
[voL. 119.
Previous to stating the above, the Italian Ambassador
referred to the United States immigration laws, admitting
that "the Italian people have been painfully impressed by
the fact that the United States has considered it necessary to
close its doors to immigration." In reply, Henry P.
Fletcher, the American Ambassador to Italy, upheld the
foreign policy of the United States Government, particularly in regard to the question of entry into the League of
Nations, to become a member of which, he said, would
create a "contractual relation with other countries, which
would fetter rather than facilitate the free and independent
employment of our helpful co-operation as occasion or
emergency should arise."
Name of Christiania, Norway, to be Changed to "Osla"
on Jan. I Next.
H. Bryn, Norwegian Minister at Washington, notified
the State Department.on Nov. 13 that the name of the
City of Christiania, Norway, will be changed after Jan. 1
1925 to Osla, according to a message from the Washington
Mr. Heemskerk points out that in this situation many Bureau of the New York "Journal
of Commerce" yesterday
English and Dutch capitalists and financial institutions have (Nov. 14).
been granting the large credits but the amount available has
naturally been insufficient to revive the whole of German Premier Stanley Baldwin, Completing His Cabinet,
industry. In his opinion many small industries and plants
Appoints Viscount Peel to Represent Britain
which have been operating individually as competitors of the
on League of Nations Council.
great organizations and which have been unable to secure
Cabling from London to the New York "World" Nov. 11,
loans or bring out issues of stock are fairly certain to go out of John L.
Balderston, staff correspondent, announced:
business or be taken over and amalgamated with their larger
Prime Minister Baldwin completed his Cabinet to-day with the appointcompetitors. Discussing interest rates in Germany he says ment of Viscount Cecil as Chancellor of the Duchy of Lancaster and of
that with the more stable conditions now prevailing the rates Viscount Peel as Commissioner of Works and Public Buildings.
King George, on the advice of the Premier, to-day postponed the asof interest obtainable for credit granted have tended to de- sembling of Parliament
from Nov. 18 to Dec. 2. The purpose is to permit
cline, high rates being obtainable only when credits are for the new Ministers to become familiar with their departments.
long durations and secured by mortgages, a form of credit Is Viscount Cecil, better known in the United States as Lord Robert Cecil,
simply given Cabinet rank so that he can represent Great Britain on the
extension which will hardly appeal to American banks. League of Nations Council,
as he did during the first Baldwin Administration. He is one of the leading League exponents in England and has
Mr. Heemskerk adds:
The opinion is general among observers that the large banks of Germany
are now operating on a conservative basis. Further, there appears
to be a
propaganda among the banks and large industries to the effect
that even
greater conservatism should be the order of the day so that the
confidence
of the outside world in German business and finance may once
more prevail.
had much to do with strengthening League support throughout the world.
Further ministerial appointments were reported by the
London correspondent of Associated Press Nov. 11, thus:
The Duchess of Atholl is the only woman among the more than a score
of ministerial appointments made public to-night. The Duchess becomes
Parliamentary Secretary to the Board of Education in the new Baldwin
The conservatism of German banks is shown by the fact that
notwith- Ministry.
standing the favorable rates of interest which have prevailed
Aside from other Parliamentary secretaryships appointments are anin Germany
the larger banks are at present keeping considerable balances
abroad even nouced as follows:
at the present time when interest rates throughout the world
Sir William Mitchell-Thomson, Postmaster-General; Lieutenant-Colonel
are generally
at low levels and the return to them is practically nothing..
Wilfred Absley, Minister of Transport, and Major G. 0. Tryon, Minister
While the banks have saved a part of their assets principally
Pensions, which post he previously held.
of
through the
conversion of available funds in foreign currency, nevertheless
The Earl of Onslow is made Under Secretary for War; Sir Philip Sassoon.
before the
restrictions preventing the flight of capital went into effect they
lost heavily Under Secretary for Air, and Earl Stanhope, Civil Lord of the Admiralty.
in the collapse of the mark, and unscrupulous individuals and
groups have Sir Thomas Inskip again becomes Solicitor-General.
of course profited heavily through their misfortune.
Others who will retain their old posts are Ronald McNeil, Under Secretary for Foreign Affairs; Walter Guinness, Financial Secretary to the
Treasury, and Earl Winterton. Uhder Secretary for India.
Ecuador Abolishes Restrictions on Dealings
in Foreign
Exchange—Free Exchange Market.
After about three years of unsuccessful "Government
control" of foreign exchange, the Ecuador Congress last
month abolished it, by an Act signed on Oct. 15 by the
President of the Republic, effective on Oct. 22 1924. In
the opinion'of the Banco de Descuento at Guayaquil, this
will permit future trade with Ecuador to be carried on without
difficulties or restrictions. With reference to unpaid or
overdue drafts, the bank says:
(a) We are ready to advise you, in each particular case, on receipt of
detailed information; and
(b) In the meantime, we suggest that you offer to "payees" the opportunity to pay overdue drafts, at ruling free market rates for "foreign
exchange," less a discount of from 3% to 5% for prompt payment:
(c) Because we believe that by February 1925 "foreign exchange" should
be purchasable by you at from 3% to 5% less than at present; and we are
willing to pay you interest on "Sucres" deposited with us "at can," at
the rate of 5% p. a.
Italy Will Pay Off $15,000,000 Bond Issue Floated in
United States, Which Matures Next February,
States Prince Caetoni, Italian Ambassador.
It is the intention of the Italian Government to pay off
the $15,000,000 bond issue floated in the United States in
1920, when it matures in February next, Prince Gelasis
Caetani, Italian Ambassador, stated at a banquet in his
honor on Tuesday night (Nov. 11) at the Hotel Astor, this
city, under the auspices of the Italy-America Society. On
the subject of the bond issue, Prince Caetani said:
The willingness of the American people to co-operate is proved by the
fact that lately there has been reason to believe that a large new loan, such
as are being negotiated for other European countries, could be placed successfully in this country. Italy, however, with her budget balanced and her
prosperous industries, does not need or wish at present to Increase her
foreign liabilities this year by 2.400.000.000 lire, and strives chiefly to
better her economic balance by natural and not artificial means. As proof
of this I can state that the Italian bonds issued in the United States, which
expire in February 1925, are not going to be renewed but are going to be
paid off.
General Gerardo Machado, Liberal, Elected President
of Cuba.
Advices received from Havana state that General Gerardo
Machado, Liberal candidate, has been elected President of
Cuba as a result of the elections held throughout the Republic
Nov. 1. General Mario G. Menocol, Conservative, a former
President of Cuba, was the defeated candidate. General
Machado, who assumes the Presidential office in May next,
is a land owner, planter and manufacturer, and is VicePresident of the Havana office of the Electric Bond & Share
Co., Cuban division. He is 53 years old, and was promoted
to the rank of general for gallantry during the Cuban War
of Independence. He is understood to be in favor of a new
reciprocity treaty with the United States.
Severing of Diplomatic Relations. Between Great
Britain and Mexico.
On Oct. 31 Associated Press advices from London reported:
The only diplomatic tie which bound the British and Mexican Governments was severed to-day with the closing of all the Mexican Consulates
in Great Britain.
This action was the result of Mexico's decision that her representatives
could not carry out their duties with self-respect after the failure of the
attempt to re-establish official relations.
The offices of the Consfil-General in London and the Consulates of
Liverpool and Glasgow will be locked up at the close of business to-day
and notices posted on the doors stating that no official transactions will
be conducted until further notice and that the Mexican Government will
not accept any documents legalized by the Consuls of friendly nations.U4
Decision to refuse to accept documents attested by other consuls cuts off
entirely commerce between Great Britain and Mexico which, although of
comparatively little importance,formed the entire business of several small
trading companies. Consul-General Carillo will leave for Mexico Nov.18
and members of the Mexican Consulate staffs are being transferred to
France and Holland.
Senor Carina will not take official leave of the British Government.
Mr. Sheffield, the American Ambassador, is understood
to be endeavoring to close the breach existing between
Britain and Mexico, and is stated to be confident that
Nov. 15 1924.)
THE CHRONICLE
2247
The main rebel forces in the State of Parana are said to be
relations between the two countries will soon be resumed.
of the Panama River from IgThis was learned through special cabled advices from Mexico encamped along the banks
where they are putting up deGuayra,
as
north
:
far
as
uazu
continued
which
9,
Nov.
on
"Times"
City to the New York
between Federal and rebel postnts
in
t
Engageme
Governmen
Mexican
the
of
works.
attitude
fensive
It Is also believed that the
poning the withdrawal of Mexican consuls from all the British Dominions forces were described in Associated Press advices from Buenos
until Nov. 20 is due to a desire to give the Foreign Affairs Department time
Aires Nov. 2 thus:
to study the plan presented by Mr. Sheilield, who, after a series of conferBrazil,
that no
Two hundred revolutionists in the State of Rio Grande do Sul,
ences with the Mexican Minister of Foreign Relations, is satisfied
sufbut that were killed, wounded or made prisoner when the revolutionary forces
two
countries,
the
between
exist
difficulties
able
unsurmount
a feeling fered a reverse at the hands of the Government troops at Alegrete, accordMexico was obliged to order the withdrawal of her consuls through
Libros, on the Aring to a dispatch from "La Nacion" from Paso de Los
of national dignity.
frontier.
It Is known that the Mexican Foreign Office, while welcoming any friendly gentine-Brazilian
and were nearing
Uruguayana
from
will not make any overThe rebel forces were proceeding
efforts taken by the American State D epartment,
1,800. attacked them.
Alegrete when the State forces, numbering about
tures of its own, but is willing to meet Britain half way.
Uruguayans.
The rebels, fled and cavalry pursued them back toward
Military Revolt in Brazil—Insurgents in State of Rio
Grande do Sul Seize Various Towns—Rising
Spreads to Navy.
Although a period of little more than three months has
elapsed since Sao Paulo was a center of hostilities, another
military revolt is in full swing in Brazil, confined, it appears,
to the States of Rio Grande do Sul and Parana. As in the
case of the July rebellion at Sao Paulo, official information
concerning the extent of the rising, the strength of the rival
forces and the fortunes of battle, is lacking, but press advices from Buenos Aires suggest that the rebellion may develop into a serious affair. The revolt started Oct. 29 and
already numerous casualties have been suffered in clashes
between Federal and insurgent troops, with the heavier
losses, apparently, to the latter. So far as can be gathered,
the revolutionists are commanded by Honorio Lemos, leader
in the State of Rio Grande do Sul; Juarez Tavora, rebel military Governor; Lucio Megalhaes, civil Governor; and Generals Zeceametto and Mezquita. There has been no information available as to the strength in numbers or equipment of
the opposing armies.
The purpose of the rising in Rio Grande do Sul was set
forth in a proclamation signed and issued by the insurgent
leaders at Uruguayana on Oct. 31, the feature of which appeared to be a demand for a definite interpretation of the
Brazilian constitution upon the question of Federal intervention, "thereby ending the continued brutal assaults
directed by the Federal Government against the autonomy
of the Brazilian provincial authorities." The Associated
Press account of the proclamation follows:
From the same source on Nov.5 came the following:
on the Argentine-Brazilian
Dispatches from newspaper correspondents
do Sul, Brazil. made a
border say that the rebels in the State of Rio Grande
outside the town.
strong attack on Itaqui to-day but were repulsed
the rebels upon the town of
The dispatches add that a second attack by
seventy rebel dead or
Alegrete also was reuplsed and that a train carrying
rebels desire Alegrete
wounded has returned to Uruguayana. It is said the
Itaqui was made
owing to its strategic situation and that their attack on
garrison.
Alegrete
the
of
with the purpose of distracting the attention
battleship
Mutineers who seized command of the Brazilian
interned
been
have
5
Nov.
on
Janeiro
Sao Paola at Rio de
by the Uruguayan authorities at Montevideo, where the war
the
vessel Nov. 10 took refuge from pursuit by units of
and
Brazilian navy, which arrived at Montevideo, Nov. 11,
took charge of the truant battleship. The recapture by
byrebel
Federal forces of Uruguayanna, seized Oct. 29
troops, was reported by Associated Press from Montevideo
Nov. 11, as follows:
of Rio Grande de
the State
Honorio Lemos, the Brazilian rebel leader in
at Guassuboi. western
Sul. whose troops were defeated by government forces
into UruRio Grande, is reported to have fled across the Brazilian border
guay.
revolt started, was ocThe town of Uruguayana, where the Rio Grande
with the rebels. Railway traffic
cupied by government forces after a battle
with Porto Alegre has been restored.
on of
The proclamation declares it is necessary that a definite interpretati
interthe Brazilian constitution be made upon the question of Federal
the
vention, thereby ending "the continued brutal assaults directed by
Federal Government against the automony of the Brazilian provincial
authorities."
The rebels demand that the powers of the Federal Government to decree
a state of siege be restricted, and ask that the legal authorities of the country be placed upon an exclusively federal basis.
Another demand is for unification of the fiscal revenues. The proceeds,
the rebels declare, should be distributed among states and municipalities
proportionately in accordance with their respective contributions after provision has been made for the Federal Government.
The rebels call also for uniformity in the provincial constitutions. upon the
elecbasis of the Federal Constitution. Other reforms demanded concern
toral guarantees and public instruction.
Thus far, according to Associated Press telegrams from
Buenos Aires, actual fighting has not been particularly
heavy, and most of the military movements have consisted of
rebel coup d'etats resulting in'the seizure of various towns in
Rio Grande do Sul. On Oct. 29 it was reported that the
Fifth Brazilian Calvary regiment stationed at Uruguayana
had revolted and took possession of the city without resistance. On the same day another report stated that the
Eleventh Brazilian Cavalry regiment at San Borje had revolted and took over the town. Advices from Argentine correspondents on the Brazilian border Nov. 1 were to the effect that Federal garrisons located at Santo Angel, San Lius,
Cruz Alta and San Nicholas had joined the revolutionary
movement, while a later message (Nov. 5) from Montevideo, Uruguay, brought the news that a like fate had befallen the towns of Bage, Lavras and Sao Francisco de
Assis. Associated Press reports from Buenos Aires said that
the plan of the insurgents was to occupy the State capital at
Porto Alegre and take over the State Government, and then
to co-operate with the Sao Paulo rebels in an effort to separate southern Brazil from the control of the Federal Government at Rio Janeiro. The despatch continued:
cy
M'Nary Won't Press Agricultural Bill—Says Emergen
and
Past
is
Written
was
Measure
for which
Farm Distress Relieved.
The MeNary-Haugen Farm Relief Bill will not be pressed
for enactment at the next session of Congress, Senator
measure,
MeNary, Republican, of Oregon, co-author of the
said yesterday upon his return to Washington. Senator
tal
MeNary said he still believed in the bill as a fundamen
was
it
y
emergenc
the
principle of legislation, but felt that
designed to meet had passed. Conditions of distress among
farmers had been relieved hirgely, he said, except for the
cattle raisers, who could not be assisted by the bill. This
is in accordance with a Washington dispatch to the New
York "Evening Post" last night, which added:
and hogs
He predicted that if the present increased price of wheat, corn
difficulty.
is maintained farmers will extricate themselves from any further
who believe
The Oregon Senator declared he could not agree with those
Co-operative
the farmer's salvation lies in co-operative marketing.
applies to
it
when
marketing, he declared, can be used succpssfully only
and command
special products, where the producers can control the product
a market.
and Irrigation.
As Chairman of the Senate Committee on Reclamation
the Boulder Dam
Senator McNary expects to hold hearings this winter on
for this deons
and Columbia River reclamation projects. Appropriati
they would
velopment would meet strong opposition, he said, because
open up large new farm areas, which would add surplus crops.
aSchedule in Bankruptcy of Day & Heaton Filed—Li
1.
$2,909,50
bilities Given as
On Wednesday of this week (Nov. 12) a schedule in bankruptcy was filed in the U.S. District Court for the New York
Stock Exchange firm of Day & Heaton, 42 Broadway, this
city, whose failure on Sept. 18 last was brought about by the
members,
defalcations of George R. Christian, one of its
liabilities
shows
schedule
now a fugitive from justice. The
of $2,909,501 with assets of $1,148,128. According to the
of
New York "Times" of Nov. 13, the liabilities consist
claims of members of the New York Stock Exchange against
the seats of the firm on the Stock Exchange, totaling $129,035, and unsecured claims of customers totaling $2,779,754.
The firm had three seats on the Exchange, then valued at
$80,000 each. The assets, it is said,include securities,$554,373; personal property, $240,600; accounts, $191,621, and
deposit
money in bank, $161,248. The securities in safe
boxes are valued, it is said, at $106,470, and the collateral
prinsurviving the liquidation of bank loans $447,903. The
follows:
as
are
"Times"
the
ciapl creditors as given in
have been in control in the westThe Sao Paulo rebels, who for some time
to be moving again. The Rio
ern part of the State of Parana, are reported
dispatches, are seizing bank funds.
Grande do Sul rebels, according to the
Juarez Tavora, the rebel miliThey also have issued a manifesto, signed by
R. H. Adams, 294 Fourth
A. L. Adams, Ensenada. P. R., $11,411;
Governor, requiring civilians
tary Governor, and Ludo Megalhaes,the civil
Mrs. Annie S. Baldwin, Massillon, Ohio, 8192.008:
$55.838;
food
requisitions
Avenue,
also
and
supplies
manifesto
to deliver up their arms. The
John K. Berry or Elizabeth
Maude D. Atchison, Salem, Ohio. $11,706;
vehicles.
George A. Bicknell. 82 Beaver
that the position of the Gov- D. Berry, 27 William Street, 16123,219;
John B. CauId"La Nacion"says it has received information
$66.333; Andrew F. Bogert, Nyack, N. Y., $14,088;
ernment of President Bernardes in Brazil is far from secure; that the growing Street.
Seymour, 50 West 45th Street, $11.387; George W. Crampton.
Hotel
well,
repressive
measures
against
alleged
by
opposition to it is being intensified
Conn., $44,321;
Ill., $51,058; Mrs. Helen S. Crocker, Greenwich,
• political opponents or persons suspected of opposition, a large number of Moline.
Day, 120 BroadMiss Laura V. Day,37 East 49th Street,$10,344; Sherman
whom have been imprisoned.
2248
THE CHRONICLE
way. $213.147; W. B. Devereaux, 52 William Street, $107,661; Nat
90 West Street, $16.404; Mrs. William Dunn, Salem, Ohio, $12,771;Duke.
First
National Bank of Massillon, Ohio, $106,425; Mrs. Jessie Folsom,
Islip,
L. I., $84,905; James J. Godfrey, 29 Broadway,
$29,236; Harry C. Good.
Moline, III., $34,667; H. A. Green, 2 John St., $41,500; Mrs. Mary
Hartwell, 27 East 63d Street, $59,161; William R. Meneely,
220 Broadway,
$57.120; Victor Morawetz, 37 Wall Street, $165,062; C. R. Mulligan.
34 Nassau Street. $170,846; John Mulligan, 34 Nassau Street,
$249,360;
Mrs. A. G. Steese, Massillon, $40,823; Isidor Tweles, 51 Clark
Street.
Brooklyn, $48,439; J. E. Trevor, Ithaca, N. Y., $47,677; Edward Van
Volicenburgh, 46 Cedar Street, $50,262; W.H. Wickham,88 Nassau Street,
$133,603, and Minnie W. Adams, Greenwich. Conn., $34,623.
The schedule is signed by the following former partners of
the firm: William Weaver Heaton, Franklin W. Griffin,
Harry V. Day, James E. Waterbury and William Wilson
Heaton. No mention was made in the papers of the absconding partner, Christian. We last referred to the affairs
of the failed firm in our issue of Oct. 18, page 1803.
[VOL. 119.
tens of millions. Germany threatens o become the greatest
gamble in the
world, owing to the low price of German securities, since
capital there has
been commanding as much as 20 to 40% interest.
A German investment is, of course, speculative, since, in
putting money
into German industries, one is betting on the economic
restoration of the
country.
While the lure of Germany is greater than that of any other
foreign
market, other foreign opportunities are proving attractive and
the movement of capital to them is large.
Also, there is the promise of an industrial boom in this country which
will
absorb much capital in the form of new undertakings, the extension
of
existing plants and, probably, a considerable rise in prices.
Hall Marks of Prosperity.
These are the familiar accompaniments of business.
The spirit of confidence shown in business expansion at home and in investment in foreign industries also is being reflected in the unusual burst of
speculation on the Stock Exchange.
At the same time,it is remarked that we have reached the point where the
flow of gold into this country probably has ended and an outflow of gold will
probably begin. Increasing foreign investments and the German loan make
this shift almost certain. So the country is entering upon a period of expansion, with the metal base upon which it Is to be built tending to contract.
These are the facts which have been receiving the consideration of the
Federal Reserve governors during their meeting here. The bankers would
like to see the country enter upon the coming boom period in a less excited
and speculative frame of mind. Generally, such speculation as has been
witnessed in the last few days has come rather toward the peak of an exexpansion than, as now, near the beginning of it.
What conclusions the Federal Reserve governors have reached they have
so far kept to themselves.
Deflation Not Popular.
Political considerations and economic considerations operate against each
other. Deflative measures never are popular, and especially so at the beginning of a boom movement and immediately after an election. At the
most, no step that will be more than a mild signal of caution is likely to be
taken at present.
It is a question whether a raise in the discount rates would be effective at
this time, since much idle money has plied up in the banks during the last
few months of relative inactivity.
If any check is applied finally, it will be in stock market centers, because
of the immense psychological effect on the speculative instinct of such a
demonstration as the recent rise of three billion dollars in security prices.
Resources of National Banks the Largest Since
November 1920.
According to Comptroller of the Currency Dawes, a
summary of the returns from 8,074 reporting national
banks Oct. 10 1924 shows greater resources than at the date
of any report since Nov. 15 1920. The resources of these
banks at the date of the last report amounted to $23,323,061,000, and show an increase over the amount June 30
1924 of $757,142,000, and an increase since Sept. 14 1923
of $1,610,185,000. Between the dates of the last two reports loans and discounts were increased $231,420,000,
and the amount Oct. 10 1924, $12,210,148,000, shows a
gain over Sept. 14 1923 of $275,592,000.
United States Government securities amounting to $2,579,190,000 Oct. 10, were $97,412,000 greater than on June
30, and $23,572,000 less than a year ago. Other miscellaneous bonds and securities, amounting to $2,897,040,000
Oct. 10, show an increase since June 30 of $236,490,000 and Nominations for Directors of Federal Reserve Bank
an increase in the year of $498,736,000. Mr. Dawes's
of Now York.
statement also says:
Pierre Jay, Chairman, has sent a notice to all member
Debit balances in the accounts of correspondent banks and
bankers. banks in the Second Federal Reserve District giving the
Including lawful reserve with Federal Reserve banks and items in
process nominations received from member banks
of collection, and cash in vault,show increases since June 30 of
in Group 3 in
$542,895,000
and $14,882,000. respectively. The amount due from other
banks and this district for one Class A director and one Class B director
bankers Oct. 10 was 83.583,688,000, showing an increase in
the year of in the Federal Reserve Bank of New York. The banks of
$697,144,000, and the amount of cash in vault Oct. 10
5360,101,000, shows
Group 3, that is, those having capital and surplus below
a reduction in the year of $1,384,000.
Capital stock of $1,332,527,000 was reduced since June
30 $1,484,000, $201,000, will be the only ones which will vote at this
but increased in the year $133,000. Surplus and
undividend profits election. On or about Dec. 4, announcement of the result
show an increase between the dates of the last two reports
of $48,826,000,
and the amount Oct. 10 $1,631,060,000 was $39,730,000
will be made to all member banks.
greater than a
year ago.
The nominee for Class A director is Delmer Runkle of
Liabilities for circulating notes outstanding, amounting
to
Oct. 10, show a reduction since June 30 of $6,156,000, and $723,530,000 Hoosick Falls, N. Y., and the nominee for Class B director
a reduction in
the year of $7,949,000.
Samuel W. Reyburn of New York, N. Y.
In the classification of deposit liabilities Oct. 10,
amounting to $19,108,798,000, or $760,961,000 in excess of the amount June 30
and
268,000 greater than a year ago, balances due to other banks, $2,068,show an
increase since June 30 of $292,807,000, and an increase
in the year of
$920,999,000; demand deposits, including United States
deposits, show
an increase since Juno 30 of $267,410,000, and an
increase in the year
of $550,961,000, and time deposits, including postal
savings deposits,
were increased since June 10 $200,744.000 and since
Sept. 14 1923 $596,308,000. Balances due to other banks and bankers Oct.
10 amounted to
83,664,143,000. demand deposits, including United States
deposits, totaled
$9,983.978,000, and time deposits, including postal
savings, were $5.460.677,000.
Between June 30 and Oct. 10 aggregate liabilities on
account of bills
payable and rediscounts were reduced from $340,625,000
to $294,030,000,
and the reduction since Sept. 14 1923 amounted to
8459.764,000. Bills
payable amounted to only 3123.611,000 Oct. 10. while
rediscounts were
$170,419,000.
The percentage of investments in bonds and securities to
total resources
Oct. 10 was 23.48, compared with 22.79 June 30 and 23.03
Sept. 14 1923.
The percentage of loans and discounts to total deposits
Oct. 10 was
63.90, compared with 65.29 Juno 30 and 70.04 Sept. 14
11)23.
Reserve'Banks Said to be Determined to Keep Speculation within Bounds—Meeting of Governors of
Federal Reserve Banks.
The burst of speculation which the election has let loose
will test the power of the Federal Reserve Banking System
to hold inflation within safe bounds,says Clinton W.Gilbert,
Staff Correspondent of the New York "Evening Post,"
in a copyrighted dispatch to that paper last night, and
then proceeds as follows:
First Post-Election Address of President Coolidge—
Says America Must Soon Import Agricultural
Staples—Urges Co-Operative Marketing.
In his first address since the election, President Coolidge
at the thirty-eighth annual convention of the Association
of Land Grant Colleges at the New Willard Hotel, Washington, on Thursday (Nov. 13) stressed the importance of an
exhaustive study of the subject of co-operative marketing
and farm economics as an esiential to the future prosperity
of the agricultural industry. "Up to the present time," said
the President, "the main emphasis of our agricultural education has been placed upon production." While admitting
the fundamental necessity of this, he continued: "I want to
see courses in co-operative marketing and farm economics
alongside of soil chemistry and animal husbandry. The
agricultural problem of to-day is not on the side of production, but on the side of distribution." Perhaps of greatest
interest in President Coolidge's speech was his forecast of
the time—"in a very few years"—when "we shall be not
only an agricultural importing nation, but in the lives of
many who are now among us, we are likely to be one of the
greatest of the agricultural buying nations." He based
this belief on `!the natural increase in population and the
inevitable tendency to industrialization." His remarks on
this particular theme follow:
Governors of the Federal Reserve Banks all over the country have been
We are not nearly a generation ahead of the time when our country will
meeting hero for several days to consider the extraordinary demands for
witness a reversal of its relation to world agriculture. I mean that in a very
capital with which this country now is confronted.
few
years the natural increase of population and the inevitable tendency to
The marketing up of securities sold on the Stock Market by three billion
dollars in ten days is only an indication of what is going on in many lines. industrialization will place us among the nations producing a deficit rather
In brief, American capital Is becoming active in more directions than ever than a surplus of agricultural staples.
We were fairly on the verge of that condition when the World War gave
before in the history of the country.
An astonishing amount of American money is going into foreign invest- a temporary and artificial stimulation which ultimately brought disastrous
consequences.
Even to-day If in making up our balance sheet we include
ments, which is something new in American financial history. Individual
investors are buying stocks in foreign industries. The total outflow of our requirements of coffee, tea, sugar and wool, we already have a considcapital in this direction. I am told by those who have made an attempt to erable agricultural deficit.
It may not be generally known, but even now we consume more calories
estimate it, is amazing.
of food in this country than we produce. The main reason is that we do
Flows Out in Tens of Millions.
not raise nearly enough sugar.
Persons familiar with the situation in Germany say apartfrom the German
Our only exports of consequence are cotton, meat products and wheat:
loan subscribed here American money is pouring into German industries
in and as to the two latter, it must be plain that the scales will shortly turn
Nov. 151924.]
THE CHRONICLE
2249
American agriculture by the protective tariff. But we welcome all other
sysefforts. Se we may well be gratified at every evidence of conscious,
tematic effort to improve agricultural conditions in other countries. Our
colleges have had an effect that is coming to be world wide.
Farm Welfare Concern of AU.
The permanent maintenance of our country's superiod level of human
require that our agriculture be made and kept
Dealing with the benefits that American agriculture, in comfort and well-being will
mainmost efficient in the world. Our agricultural community must be
his estimation, gains from the protective tariff, President the
tained,through constant improvement of methods and constant strengthenwhich
edul
better
staples
prosperous,
agricultura
more
of
structure,
ing of the place it holds in the social
Coolidge talked of the excluinges
that of any other nation. If we ever permit
must take place in international trade, owing to the fact cated, more contented than
peasantry,
our farming population to fall to the level of a mere agricultural
that "some areas are naturally adapted to producing sur- they will carry down with them the general social and economic level.
farmer.
of
the
welfare
to
requiremeet
the
for
unable
concern
pluses in certain directions, while
Every citizen among us has a personal
all of us will in the end go up or down with his.
ments in others." When these exchanges take place be- The fortunes ofeffect
of your colleges has been to raise agriculture to a new
The general
tween countries of widely different standards of living, he standard. It can no longer be associated with a rude and uncultured extrened and well eduof
ge
the
disadvanta
proceeded, "the tendency must be to
istence, but has become the occupation of a broadly
social structure. The men and women on the farm no
those having the highest standard." A safeguard, in part, cated element in ourcalling
in a haphazard rule of thumb method, but with a
longer pursue their
was provided by the protective tariff. President Coolidge, scientific accuracy that insures the best possible results. No longer conraise crops, but they
who in the course of the address paid a compliment to the tent with a narrow and forlorn existence, they wish tomarket
quotations for
They want to know the
books.
read
wish
had
also
to
they
that
stating
by
Colleges
Grant
Land
of
Association
the world.
but they want also to know what is going on in
their
products,
rescuing
at
done "a truly wonderful work, which was aimed
Need of Scientific Marketing.
education
agriculture from an almost chronic state as the Cinderalla in
Up to the present time the main emphasis of our agricultural
unless
has been placed upon production. I believe that was right, because
the industrial family," said:
efficiency in production there is no need for thought in
It would be impossible for me to come before a gathering of this nature there is economy and
and any other direction. But our experience of the last few years has demonat this time without having recalled to my mind the long association
enough. The farmer is not only a producer, he
friendly relations which I had with the late Secretary of Agriculture, strated that it is by no means
does him no good to get quantity production; in
Henry C. Wallace, and my regret and sorrow at his loss. Be was most is likewise a merchant. It
he cna likewise have a scientific marketing.
devoted to the interests which he represented in the Cabinet, a man of fact, it may do him harm unless
phase
I feel that too little thought has been given to this most important
experience, ability and character, who discharged the duties of his office
and farm
of agriculture. I want to see courses in co-operative marketing
with fidelity and discretion.
agriThe
husbandry.
animal
chemistry and
I regarded him as an ideal public servant, who met the difficult problems economics alongside of soil
not on the side of production, but on the side
that came to him day by day, and through his industry and intelligence cultural problem of to-day is
good farmer on a good farm raise a good crop
found for them wise solutions. He has left behind him not only a precious of distribution. I want to see a
memory, but remarkable accomplishments. It is only necessary to recall and secure a good price.
It is for these reasons that I emphasize so earnestly the responsibility
to mind in this presence the depressed state in which he found the farming
of the land grant colleges. The record
industry of our nation in March 1921, and the prosperous state in which it that rests upon you men and women
that
of what you have done and are doing to-day warrants all confidence
was beginning to assume when he left it in October 1924.
will be adequate to the demands upon you.
It Is because of what I learned through my assaciation with him, as well your accomplishments hereafter
industry
the
to
Without assuming that your work is by any means limited
as a recognition of the important place which the institutions that you
gathering. of agriculture, I recognize it as highly important in that field. You are conrepresent hold in the life of our country, that brings me to this
civof all the cerned in contributing in every possible way to making a better rural
You have under your direction the great land grant colleges
rests a ilization. Your efforts comprehend all the problems of better farming methStates in the nation. I look upon you as the group in whose hands
the
of
than can ods, of larger and cheaper production, of conserving all resources
greater responsibility for the destiny of American agriculture
homes, better rural schools, betbetter
of
soil,
of
marketing,
more
efficient
body.
single
fairly be attributed to any other
and guidance ter places of religious worship and more intimate and helpful neighborly
The great chain of colleges and universities under your care
merely kindness among the people of the open country. They look to wise and inare institutions of practical economics. They are much more than
operations which affect the farmer,
agricultural colleges. They, are also concerned in the diffusion of a wide telligent co-operation in all the business
Their interests RO that wasteful and unnecessary processes may be eliminated. They congeneral culture, as all properly directed education must be.
forestry, and template the establishment of a closer contact, a better understanding, a
are broad, scientific, and practical. They deal with mining,
between the people of the farms
the application of science to many diversified industries. They are applied more sympathetic and helpful relationship,
areas.
to the actual rather than the theoretical. They roach the workaday Phases and those of the cities and the industrial
ink
If you make retort that I am giving you a large order, my rejoinder will be
of farming which involve dirt and tired muscles, rather than printing
aimed
has
that
which
we are going to omit no effort to prevent a repetition of the misfortunes
work,
wonderful
truly
a
They
have
done
and oratory.
in which in recent years have involved agriculture. We are not nearly a genat rescuing agriculture from an almost chronic status as the Cinderella
will witness a reversal of Its
the industrial family, and placing it on a higher plane of scientific accuracy eration ahead of the time when our country
relation to world agriculture. I mean, that in very few years. the natural
and permanent prosperity.
will
increase ofpopulation and the inevitable tendency to industrialization,
Traces Their Development.
place us among the nations producing a deficit rather than a surplus of agriIt would be hard to find a better illustration of the Federal Govern- cultural staples. We were fairly on the verge of that condition when the
ment's peculiar opportunity for initiating and inspiring useful effort. World War gave a temporary and artificial stimulation to agriculture which
These institutions had their foundation in a piece of legislation fathered. ultimately brought disastrous consequences.
I am proud to recall, by a great and wise Senator from my own native State
Consume More Than We Produce.
of Vermont, bearing his name and known as the Morrill Act of 1860. it set
requireEven to-day if in making up our balance sheet we include our
be
to
was
these
from
income
lands
and
public
the
that
provided
certain
agriaside
ments of coffee, tea, sugar and wool, we already have a considerable
consume
the nation's contribution for establishing what are now called our land grant
we
now
cultural deficit. It may not be generally known but even
colleges.
IS
reason
main
The
more calories of food in this country than we produce.
This basic enactment was followed by the Nelson measure, providing for
that we do not raise near enough sugar.
of
Act
Hatch
the
Treasury;
directly
grants
from
the
national
additional
producOur only agricultural exports of consequence are cotton, meat
1888. to encourage agricultural research and establish the system of experithe scales
tions and wheat, and as to the two latter, it must be plain that
mentation; the Adams Act, which increased tho appropriation for the experiimporting
agricultural
will shortly turn against us. We shall be not only an
ment station work; and the Smith-Lever Act, inaugurating the highly useful
to be
nation, but in the lives of many who are now among us, we are likely
extension work through which the results of scientific and experimental
one of the greatest of the agricultural buying nations.
is
effort have been carried directly to the farm.
future
In this lies the assurance to the American farmer that his own
production and
Imitated by Many Countries.
secure enough. But he must readiest his methods of
Our immediate
All the States in the Union have set up institutions under this group of marketing until he comes within sight of the new day.
period of abnormal
laws. As these have grown and proved their usefulness, the States have problem has been to carry him through the intervening
the real problem
taken pride in them,and have appropriated liberally for them. The Federal and war-stimulated surpluses. After that we shall face
self-reliant.
contribution, although comparatively small. I believe now runs at about of our long future; the problem of maintaining a prosperous.
commercial and
y
$8,500,000 annually. That amount in the gebinning would have been
agriculture in the country preponderantl
accounted lavish, but to-day it is probably under 8% of the expense of these Industrial.
tends to disinstitutions. Nevertheless, the Federal participation has been a means for
It has been attested by all experience that agriculture
of the coununifying and systematizing, so that a healthy practical co-operation is couragement and decadence whenever the predominant interests
America. I
in
that
secured among all these colleges, and the Federal and State Departments of try turn to manufacture and trade. We must prevent
for its prevention.
Agriculture.
believe the land grant college is the main great agency
never before been
Under this wise arrangement your colleges and experiment stations have It has added a new element to the equation which has
expanded to the point where they represent an investment of over $250,000.- In it. You must make that element decisive.
of these elements
It is true there are some countries in which the balance
000 in physical properties. They have become models, imitated by many
to flourish alongcountries in the establishment of similar institutions. So far indeed has has been so well maintained that agriculture has continued
But these are found
imitation gone that I am told that in some countries, notably Great Britain side prosperous industries and successful commerce.
community comparaand Germany, the development of agricultural experimentation and re- where the population is approximately static and the
community of that kind.
search is now established on a scale fully Justifying comparison with our tively self-contained. It is not our destiny to be a
population. Wet
accomplishments.
We must look forward to a long-continuing increase of
world, already enorHow Tariff Aids Farmer.
must realize that our relationships with the outside
complexity and importance in
The fact that some other countries nave followed our example should be a mously important, will increase in number,
satisfaction to us. We want to see agriculture looked upon as a univer- their influences on our social structure.
seem conthis attitude toward it abroad asWe cannot begin too soon to prepare for this future. It may
sally important interest. We realize that
we are embarrassed with surit
sures that it is coming to be given the full recognition deserves. The mis- tradictory to suggest that in a time when
plan for
to
begin
we mist
fortunes of agriculture in our country since the World War have been very pluses for which markets are not easily found
really a contradiction. The
much like the experiences in most other countries. We rejoice that its exactly opposite conditions. But it is not
economies and efficiencies in prorestoration has been effectively begun here, so that it promises security and organizations and methods which look to
in either
ducing and distributing will be equally useful, equally necessary.
permanence.
these instruments will commit
establishing
producer,
in
To
fail
.
agricultural
he
wherever
of
the
set
circumstances
of
estate
the
improves
Whatever
deliberate policy of wastebe found, will benefit the rural population of our own country. There will us to that most inexcusable of economic sins—a
disposing of a surplus or permitting
always be considerable exchanges of agricultural staples in international fulness. And wastefulness—whether in
trade. Some areas are naturally adapted to producing surpluses in certain a deficiency in the end can only result in calamity.
product.
Finally, you will remember that America has but one great staple
directions, while unable to meet requirements in others. So there must be
we develop transportation, we
exchanges, and when these take place between countries which have widely We till the soil. wo operate our industries,
sciences, but these are
different standards of living, the tendency must be to the disadvantage of engage in commerce, we encourage the arts and
order that America may
those having the highest standard. We provide a safeguard, in part. for only means to an end. They are all carried on in
against us. We shall be not only an agricultural importing nation, but in
the lives of many who are now among us we are likely to be one of the greatest of the agricultural buying nations.
In this lies the assurance to the American farmer that his own future
is secure enough. But he must readjust his methods of production and
marketing until he comes within sight of the new day.
A
2250
THE CHRONICLE
produce men and women worthy of our standards of citizenship. We want
to see them endowed with ability and character, with patriotism and religious devotion. We want to see them truly American, while ready and
eager to contribute a generous share to world welfare. We want to see
them honest, industrious and independent, possessed of all those virtues
which arise from an adequate moral and intellectual training joined to
experiences which come from the open country.
Tax Reduction Will Not Be Brought up in Short Session of Congress, Secretary Mellon Advises.
Recent discussion regarding the possibility of Secretary of
the Treasury Mellon carrying out during the short session of
the present Congress, which elids March 4, the Administration's plans for a further reduction in taxation, received an
answer Nov. 12 when Secretary Mellon, following a conference with President Coolidge at the White House, made it
known that 'nn legislation for that purpose in the coming
session is contemplated. Although it is understood that the
Administration favors lower tax rates, as soon as such action
is warranted, the fact that President Coolidge recently expressed himself as-against the summoning of a special session
of Congress after March 4 defers consideration of the tax
question, until the new Congress convenes in December 1925.
It was stated, however, that Senator Smoot, Chairman of
the Senate Finance Committee, believed it possible that a
.horizontal cut of 25% in all tax rates, provided under the
Revenue Act of 1924, may be effected during the short session. Giving reasons for the ° Administration's deferring the
question, a message from the Washington Bureau of the
New York "Journal of Commerce" had the following to say:
The Treasury,it is believed, would like to see the results of a full year of
the operation of the present law before attempting another revision. It is
estimated that the reduction in rates made by the last session of Congress
will mean a loss of revenue of about S450,000,000 a year, and that a horizontal cut of 25% on top of that would mean a further loss of revenues of
$200,000,000.
In view of the $140,000,000 a year in expenditures which is required by
the soldiers' bonus law and the possibility of postal pay increases, coupled
with the fact that tax collections are running well behind those of a year
ago, it is believed that the Treasury would prefer to know exactly where it
stands before seeking to reduce taxes again.
This situation, it is felt, will probably argue against a special session of
Congress to consider taxation. It may be stated definitely that it is the
wish of the Administration to effect further reductions in tax rates as soon
as practicable, but at the same time it is the policy of the Treasury to attack the problem from a scientific standpoint, which would be impossible
without actual figures upon which to base the calculations as to revenues
to be derived under new tax rates.
Secretary Mellon Directs Assistant A. W. Gregg to
Study British Methods of Taxation With View to
Improving American System.
It was announced at Washington Nov. 11 that Secretary
of the Treasury Mellon had directed A. W. Gregg, a special
Assistant to the Secretary, to sail to-day (Nov. 15) for
England, where he will stay for a month or six weeks in order
to study the ,British Methods of levying and collecting taxation with a view to obtaining ideas which may assist the
Treasury in laying out a program of taxation in the future.
It was emphasized that Secretary Mellon did not intend to
adopt British methods immediately. He felt, however,
that the greater experience the British have had in raising
revenue through direct taxes might furnish, through study,
grounds for development of a better American system.
[VOL. 119.
in which she said at least ten district attorneys were in
different toward prohibition enforcement.
Theodore Douglas Robinson, Nephew of President
Roosevelt, Appointed Assistant Secretary of the
Navy—Senator Lodge's Last Wish to President
Coolidge.
Theodore Douglas Robinson, member of the New York
State Senate, and son of a sister of President Roosevelt, has
been appointed Assistant Secretary of the Navy in place of
Colonel Theodore Roosevelt, his cousin, who resigned on his
nomination as Republican candidate for Governor of New
York, according to an official announcement made at the
White House on Nov. 11. This appointment, the statement
said, was in accordance with the last wish expressed to
President Coolidge by Senator Lodge, of Massachusetts, who
died Sunday night (Nov. 9). Following is the announcement:
Theodore Douglas Robinson, member of the New York State Senate, has
been appointed Assistant Secretary of the Navy. Mr. Robinson was in the
Assembly in 1912; was Chairman of the New York State Progressive Committee in 1913 and 1915; was elected to the New York State Senate for the
Unlit beginning 1916; resigned in 1918 to enter the army, where he served
until December 1918, being discharged with the grade of first lieutenant in
the Officers' Reserve Corps. He again served in the State Senate for two
terms beginning in 1920.
Mr. Robinson is a graduate of Harvard College, class of '04. He is a
son of the late Douglas Robinson. His mother is the sister of President
Roosevelt. Mr. Robinson is returning to Boston to attend the funeral of
Senator Lodge. The last request that Senator Lodge made of the President
was that he should appoint Senator Robinson to be Assistant Secretary of
the Navy. He will come to Washington immediately and take up the duties
of his office. Prior to his appointment he notified the Secretary of State,
Mr. Hamilton, of resignation from the New York State Senate.
Secretary of Labor James J. Davis Announces Wish
to Retire from Cabinet Position.
Announcement came Tuesday (Nov. 11) that James J.
Davis, Secretary of Labor, had informed President Coolidge
that he desires to retire from his post on March 4 next. Mr.
Davis, it is said, is the only member of the present Cabinet
who has expressed the wish to vacate his position. Referring
to the question of a successor to Secretary Davis, a special
Washington despatch to the New York "World," Nov. 12,
had the following to say:
It was stated at the White House that as yet there had been no thought
of Secretary Davis's successor. There is a widespread notion that John L.
Lewis, President of the United Mine Workers, one of the few conspicuous
Labor leaders who came out definitely and strongly for Mr. Coolidge in the
recent campaign, will have the opportunity to accept that portfolio when the
vacancy occurs.
Change in Political Alignment in Congress as a Result
of Further Election Counts.
The only change which has occurred in the new political
alignment in Congress as a result of further counts of election
returns during the past week is in the House of Representatives, and was occasioned by the victory of former Representative W. W. Bailey, of Johnstown, a Democrat,
who in the unofficial returns from the 20th District of
Pennsylvania was reported as having been defeated by the
Republican candidate. The political division in the House
in the Sixty-ninth Congress will be 246 Republicans, 184
Democrats, 3 Farmer-Laborites and 2 Socialists; giving the
Republicans a majority over the combined opposition of
Howard M. Gore to Serve as Secretary of Agriculture Democrats, Farmer-Laborites and Socialists of 57.
The outcome of the Presidential election in New Mexico,
Until March 4.
reported
doubtful a week ago, is now definitely in favor of
We give the following from the New York "Herald TribPresident Coolidge, who has a majority, with only 12
une's" Washington bureau under date of Nov. 2:
precincts missing, of 4,563 votes. Latest advices from
President Coolidge soon will appoint Howard M. Gore Secretary of AgriDes Moines, Iowa, regarding the contest between Senator
culture, according to persons close to the White House.
Mr. Gore has been acting head of the Department of Agriculture since Smith W. Brookhart, Republican, and Daniel F. Steck, his
the death of Secretary Wallace. He was elected Governor of West Virginia
and will take that office next March 4. The legal requirements relating to Democratic opponent for the Senate, say that the Senator's
the appointment of Cabinet members provide that temporary department majority (unofficial) had dwindled from 1,025 to 743.
heads may act in that capacity for only thirty days.
The thirty-day period since the death of Mr. Wallace soon will be up.
Agricultural interests have not yet agreed upon the successor, and President Coolidge is confronted with a field of almost thirty "favorite sons."
Therefore, to meet the technicalities of the law. Mr. Gore undoubtedly will
be given the full appointment, with the understanding that he will leave
Washington on March 4 to take up his duties as Governor of West Virginia.
Ten United States Attorneys Ousted Through Failure
to Enforce Prohibition Laws.
Four United States attorneys have been asked to resign
and six others have resigned since last July, Attorney-General
Stone announced on Oct. 27, as a result of failure in most
instances to enforce the prohibition laws. He did not mention any names. The statement, it is said, was made by
Mr. Stone in amplification of a letter published recently by
Mrs. Mabel Walker Willebrandt,Assistant Attorney-General,
Death of Senator Lodge—President Coolidge's Tribute.
The death of Senator Henry Cabot Lodge, who passed
away in Charlesgate Hospital; Cambridge, Mass., on
Sunday night (Nov. 9), removes a commanding figure from
the United States Senate. Since 1893 he has represented
Massachusetts continuously in the higher house of Congress.
Senator Lodge had been suffering from a malady diagnosed
as prostatic obstruction, and in July, and again on Oct. 20,
underwent an operation at Charlesgate Hospital, from
which apparently he. seemed to be making satisfactory
recovery. On Wednesday (Nov. 5), however, he suffered
a severe stroke, and despite his tenacious hold upon life,
Dr. John H. Cunningham and Dr. Frederick H. Winslow,
his physicians, announced that death could not be long
postponed. A brief bulletin issued Sunday night said:
Nov. 15 1924.)
THE CHRONICLE
"Senator Lodge died at 11.14 this evening." His son,
John E. Lodge, and two grandsons, John D. and Henry C.
Lodge, and his secretary, Charles F. Redmond, were present
when death came.
The esteem in which Senator Lodge was held was evidenced
by tributes paid by President Coolidge, Secretary of State
Hughes and other public men when his death became known.
The President,in the following statement,referred to Senator
Lodge as "one of the great men of our time," possessing a
"wide scholarship and a wonderful facility of expression,"
and exerting an influence that was world-wide:
2251
War and, especially, immediately following it, that Senator
Lodge reached the summit of his exceptional career. In
opposing the policies of President Wilson regarding the
Treaty of Versailles and American participation in the League
of Nations, the Massachusetts Senator rendered services of
inestimable value to his country. The New York "Times,"
on Nov. 10, published the following interesting account of
the life of Senator Lodge since his entry into the political
arena in 1880:
In 1880 he ran for a seat in the State House of Representatives and was
elected. He was re-elected In 1881. The following year he made an unsuccessful attempt to secure the Republican nomination to the lower House
Senator Lodge was a prominent figure in Massachusetts before I knew of Congress, 130 ballots being required in the Congressional convention
time
For
long
a
commonwealth.
that
before his opponent was finally selected. In 1886, however, he was nomanything about the public affairs of
he had been our senior Senator. He was the Jloor leader of the Senate. inated and elected and served six years before his election to the Senate in
This is not the occasion to undertake to review the positions he has filled 1893.
He went into the Senate in 1893 and had been there ever since. That
and the work he has done. It is enough now to recall that he was one
of the great men of our time. He had a wide scholarship and a wonderful made him,in length of continuous service, the senior member of the United
world-wide.
was
influence
His
States Senate some years ago. One authority states that his term has been
facility of expression.
A large collection of his writings and speeches is left to us, which will the longest ever served by any member in the upper chamber of Congress.
He worked hard at Washington from the time he became a member of the
be not only of historlcal interest but of permanent literary value. Full of
years, bearing the honors that have never ceased to be bestowed in increas- House of Representatives. His gifts were unique and his personality comfathers.
his
to
gathered
pelling, and he very soon made himself felt. The "scholar in politics"
ing number, he has been
it was a help—from the very start. In a
Secretary of State Hughes paid his tribute in the following legend was there to help him—if
yellowed Boston newspaper clipping from the year 1890, which tells of his
words:
seeking a third term in the lower House, one finds the words: "His first
The death of Senator Lodge removes one of the outstanding figures appearance there as 'the scholar in politics' showed clearly the mettle of the
rare
in our public life. He was a man of great intellectual power and
man."
culture, and his career forms a highly important chapter in the history
The combination of his qualifications, his personality and the seniority
of the country.
rule slowly but relentlessly forced him ahead. He became a leading figure
outside. At Republican
Secretary of War Weeks said that Senator Lodge was the In his party's activities, both in Congress and
national conventions he was a conspicuous figure. He was permanent
associated.
been
had
he
whom
with
legislator
trained
best
Chairman of the convention of 1900 and temporary Chairman of the conHe stated:
vention of 1920. He was Chairman of the important Committee on lIcsopolitical
and
personal
For nearly thirty years I have enjoyed an intimate
lution.s in 1904 and 1908.
experience,
this
have
could
relationship with Senator Lodge. No man
He was active in the negotiations at the Chicago convention in 1920
whatever might be his political views, without having for the Senator which led to the nomination of President Harding and during the latter's
great admiration. He has been conspicuously identified with the con- administration was prominent in party councils and in the White House.
sideration of practically all the important legislative enactments of Congress He was even more influential with the executive during Theodore Rooseduring the past thirty years. In fact, Senator Lodge was the best trained velt's presidency. They formed a close friendship soon after their unilegislator with whom I have been associated, and whether or not one versity days, both being graduates of Harvard. Their joint interest in
agreed with him in all of his opinions, his importance in the public life of the history and politics formed an enduring link of interest. Senator Lodge's
eulogy of Roosevelt in the Senate was one of his oratorical masterpieces.
nation cannot be overestimated.
It was, however, during and after the World War that the country in
The funeral of Senator Lodge was held at Mount Auburn general
became acutely aware of Senator Lodge.
Cemetery, Cambridge, on Wednesday (Nov. 12), and was
During the World War Senator Lodge was the floor leader of the Republeader. When the
attended by Secretary Weeks, representing President lican Party in the Senate. He was then a minority
gained control in 1919 he became the majority leader, with a.
Coolidge; Secretary Hughes, Edward F. Gray, British Con- Republicans
probably have
would
Democratic President in office. His leadership
sul-General, under direction of Sir Esme Howard, British brought him in conflict with the White House even normally, but there
was added to it the fact that Republican control allowed him to attain his
Ambassador, and the following committee of Senators:
of being Chairman of the Committee on Foreign Relations, and
Walsh, Massachusetts; Curtis, Kansas; Borah, Idaho; Swanson, Vir- ambition
this committee was largely the custodian of the controversial issues between
ginia; McLean, Connecticut; Smoot, Utah; Ashurst, Arizona; Pittman,
the Senate and the President. Thus in a double sense Senator Lodge was
Nevada; Sterling, South Dakota; Underwood, Alabama; Wadsworth, New
in opposition to Woodrow Wilson.
York; Fernald, Maine; Watson, Indiana; Gerry, Rhode Island; Hale, conspicuous
Leads Fight on the League.
Maine; Moses, New Hampshire; Spencer, Missouri; Ball, Delaware; Edge.
New Jersey; Keyes, New Hampshire; Pepper and Reed.Pennsylvania;
It is the consensus of observers that Senator Lodge is likely to go down
Copeland, New York; Edwards, New Jersey, and Greene and Dale, in history as the most conspicuous figure in the fight that raged over the
Vermont.
League of Nations and the Treaty of Versailles. That fight came out
with beingA committee representing the House of Representatives precisely as Senator Lodge wanted it to. And he is credited
that time the chief architect of the foreign policy of the Republican
and many prominent citizens from Boston and the State of since
Party, which was the foreign policy of the United States up to the time when
Massachusetts also attended.
the first rift appeared in the lute with President Harding's World Court
Coolidge.
The life-story of Senator Lodge, who was born at Boston, proposal, later taken up even more definitely by President
The fight against President Wilson led by Senator Lodge contained many
Mass., on May 12 1850, is not that of a successful politician, bitter chapters. The Senator from Massachusetts will long be remembered
but that of a man eminent in statesmanship, literature, law, as one of the most implacable foes a President of the United States ever
in the Senate.
history and oratory. In 1875 he graduated as LL.B. at hadAfter
this country got in the war, Senator Lodge supported President
Harvard University., and in the following year obtained the Wilson's war policies with energy, a fact for which he has always been
up anew.
degree of Ph.D.,following a further study of law and history. credited. After the Armistice, however, his opposition flamed policies
in
He made bitter attacks on the President, his administration, his
His literary talent was early proven. While a Harvard negotiating
negoabroad
was
he
peace. He attacked Mr. Wilson while
student between 1873 and 1876 he edited "The North tiating the treaty. When he returned with the treaty and the League of
American Review," then a leading literary magazine, while Nations covenant, he became the forefront of the historic opposition to it,
details need not be gone into now.
later, from 1879 to 1881, he was editor of "The International whose
Competent observers declare that Senator Lodge was at the height of
Review"; thereafter he assumed the editorship of "Ballads his influence and power during and immediately after the League of Nations
and Lyrics." His literary and historical genius is manifest fight.
The political analysts have lately asserted they saw a break and a downin the following list of works of his authorship:
ward slant to the hitherto always ascending curve of the Lodge career.
of
the
English
History
"Short
1877;
George
"Life and Letters of
Cabot,"
The World Court issue became more acute when President Coolidge
Colonies in America," 1881; "Life of Alexander Hamilton." 1882; "Life pressed the original Harding proposals. The situation became difficult
of Daniel Webster," 1883; "Studies in History." 1886; "Life of Washing- for Senator Lodge, whose ideas proved not to have changed even though it
ton," two volumes, 1889; "History of Boston," 1891; "Historical and Po- was no easy task for him to assert them in opposition to a President whom
litical Essays," 1892; "Hero Tales from American History" fin collabora- he had announced he would support.
tion with Theodore Roosevelt), 1895; "Certain Accepted Heroes," 1897.
The inactivity of the Foreign Relations Committee, over which he Pre"Story of the Revolution," two volumes, 1898;"Story of the Spanish War" sided,came into sharp and continuous fire from the League of Nations Nonand "A Fighting Frigate," 1899;"A Frontier Town," 1906; "Speeches and Partisan Association, which addressed several strong letters of protest
Addresses," 1910; "Early Memories" and "One Hundred Years of Peace,'; signed by Democrats and Republicans whose names commanded respectful
1913;"The Democracy of the Constitution," 1915, and "War Addresses," attention even from the Senate Foreign Relations Committee.
On May 8 Senator Lodge himself introduced into the Senate a resolution
1917.
a plan for a new World Court and asking President Coolidge
Although the possessor of a high degree in law, Senator embodying
to call an international conference to consider it. This proposal aroused
the
of
practice
His
profession.
into
entered
never
Lodge
again the most severe criticism. It was said to be merely an attempt to
early post graduate days were more or less devoted to his- sidetrack the issue without considering President Coolidge's plan, by the
method of proposing a World Court measure than could not possibly be
torical study, shown by his position as lecturer on American passed.
he
occupied
from
which
University,
1876
history at Harvard
sgIn the closing days of the Congressional session Senator Lodge failed to
to 1879. It was but natural that a man, stamped with such sustain the President's position on some of the legislative issues which made
history.
diversified genius as was Senator Lodge, should have ex- Congressional
The reflex to this came at the Republican National Convention in Clevehe
which
to
applied
his,
celled at the particular vocation
land the following month. On that occasion Senator Lodge suffered what
position of his political career.
special attention. Entering the political sphere in 1880 as a must have seemed the most humiliating
The Massachusetts convention delegation, which showed itself to be under
of
House
he
Representatives,
Massachusetts
member of the
the control of William M.Butler, President Coolidge's campaign manager,
rose to be a powerful force in the direction of American pol- deliberately left the name of Senator Lodge off all its committee designations.
icies.
In 1872 Senator Lodge married Anna Cabot Davis,
Although he had assumed a prominent role in many
political events prior to the Great War, it was during the daughter of Rear Admiral Charles H. Davis of the United
2252
THE CHRONICLE
[VOL. 119.
States Navy. Of the three children born to them, George
Cabot Lodge, a poet of promise, died soon after he graduated Gompers Says Labor Gained in Election—More Than
170 House Members Indorsed by Unions Are
from Harvard; John E. Lodge is a lawyer in Boston; and the
Returned, He Insists.
daughter is Mrs. Augustus P. Gardner, widow of the late
Labor fared "almost phenomenally well" in the general
Congressman Gardner of Massachusetts. Mrs. Lodge died
elections, Samuel Gompers, President of the American
in 1915.
Federation of Labor, said in a statement at El Paso ,Texas,
Changes in United States Senate Through Death of on Nov. 14. The election comment was combined with an
outline of the forty-fourth annual convention of the FederaSenator Lodge.
tion, beginning Monday. "The delegates," he said, "will
William M. Butler, Chairman of the Republican National
do their best to act wisely for the good of the workers and
Committee in the recent election, was appointed on Thurs- for the
common good of our Republic," and then continued
day (Nov. 13) by Governor Cox of Massachusetts to fill
as follows, according to Associated Press advices from
until the next general State election in 1926 the seat in the
El Paso:
United States Senate left vacant by the death of Senator
It has been said by many that labor fared badly in the recent election.
Lodge. The Democratic State organization, however, have That is not true. Labor fared well, almost phenomenally well.
In the face of tho tremendous Coolldge landslide, there were elected to
announced their intention of fighting for a reduction of the
new House of Representatrves more members having labor's indorsetwo-year period and the holding of an election for the purpose the
ment than are to be found in the present House, which has 170 such memof filling the vacancy, between Jan. 1 and March 4, after bers. Among the labor members are Republicans, Democrats and Farmerwhich the elected Senator would be qualified to take his seat Labor Party members.
new Congress is not likely to pass any measure greatly dertiemntal
in the next Congress. They are prepared, they state, to toThe
the interests of the workers and our people generally. Those who hope
carry -their point of view before the Supreme Court.
to rule the new Congress in favor of reactionary interests will find themselves
With regard to further changes in the Senate through the facing a solid group which will not permit the passage of time-serving
death of Senator Lodge, Charles Michelson, in a special dis- legislation.
Reaction, seemingly drunk with victory, may soon enough find itself
patch to the New York "World" Nov. 11, had the following intoxicated upon imaginary wine.
to say:
Borah of Idaho succeeds Lodge as Chairman of the Foreign Relations
Committee. Though Borah leads the Progressives and Lodge was chief
of the Old Guard, they were not far apart in their views on such foreign
affairs as the World Court, which is due to come up at the next session,
that view being entirely opposed to the Coolidge plan.
Boiah Must Be Offset.
Likewise, Borah is determined on recognition of Russia, against which
Secretary Hughes has set his face. These two circumstances mean that
two reliable Administration Senators will have to go on that Committee
to take care of Borah. Butler probably will be one of these and McKinley
of Illinois the other. The elimination of Medi11 McCormick and the
death of Brandegee furnish the convenient vacancies.
Borah would normally succeed to the Chairmanship of the Judidary
Committee, as he was the ranking member after Brandegee. but he prefers
the broader influence of Foreign Relations, and Cummins of Iowa probably
Will get the dignity of the Judiciary Chairmanship. The election of a VicePresident automatically will eliminate Cummins as President of the Senate
after March 4, and the pro tem. Presidency is expected to go to Moses of
New Hampshire.
Lodge's successor as Floor Leader, which the Massachusetts statesman
considered as the most important of his activities, probably will be Senator
Wadsworth of New York. Wadsworth runs again in 1926. perhaps against
Al Smith, and the idea is that he needs all the help he can get from any
source.
Ninety-two Per Cent of Congressmen Blacklisted by
Organized Labor Elected.
Ninety-two per cent of the Congressmen blacklisted by
organized labor in the recent election have been re-elected,
declared Noel Sargent, Manager, Open Shop Department
of the National Association of Manufacturers, in an address
on Nov. 10 at the Northwestern University. "The closed
shop labor forces of the country failed miserably in their
efforts to seize control of American institutions through the
recent elections," said. Mr. Sargent. "The failure of their
effort to elect La Follette needs no comment other than the
evident inability to control the votes of union members.
It is true that many Congressional candidates endorsed by
the American Federation of Labor and the railway brotherhoods have been elected. Since they endorsed Democratic
aspirants in the South and Republican candidates generally
in the North and West, the successful Congressmen were
evidently elected because of the voting trend in the several
States without reference to the endorsements of closed shop
labor. Congressmen elected from the South because of the
dominant Democratic vote and from the North and West
because of the great Coolidge sentiment owe nothing to
closed shop labor for any endorsement received.
"Complete evidence of the failure of organized closed shop
labor to control American politics is given by a canvass of
fifty Congressmen they 'blacklisted.' Of these one retired
from public life and one has been elected to the Senate. Of
the other forty-eight, forty-four, or 92%, have been reelected despite the determined and vigorous opposition of
closed shop unionism.
"The elections furnish complete evidence that these forces
which overawed Congress into passing the Adamson Bill
and now propose by threat of nation-wide strikes to force
passage of the Howell-Barkley Bill for railway control are
unable to defeat Congressmen courageous enough to oppose
their demands. We believe that members of Congress will
refuse to heed future demands and threats of the closed
shop unionism of our country, but will vote without regard
to blocks or organized coercion of any character or coming
from any source."
Slight Increase in American Wool Clip.
A slight increase in wool production in the United States
this year over last is estimated by the United States Department of Agriculture. Production is placed at 239,378,000
pounds in a preliminary estimate, as compared with 223,610,000 pounds produced last year. Production by geographical sections of the country was as follows:
North Atlantic
South Atlantic
East North Central
West North Central
South Central
Far Western
Total
1924.
pounds_ 7,220.000
"
5,450,000
"
31,626.000
"
23.601,000
"
27,381 ,000
" 144,7 00,000
1923.
7,288,000
5,586,000
30,976,000
21,949.000
25.591,000
132.240.000
239,378.000
'
• 223,610,000
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The recent heavy trading on the Stock Exchange has been
responsible for quite a number of sales of memberships.
The following changes were reported this week: The membership of Harold S. Frankenheimer was transferred to Morin
S. Hare for a consideration stated to be $90,000; that of
Edward H. Roselle to Richmond Proskauer for $82,000;
that of Harry Payne Bingham to John J. Wyole for $95,000;
that of Henry K. Skinner, decessed, to Albert L. Smith, for
$91,000; that of Walter Lewisohn to James H. McGean, for
$89,000; that of Campbell Meeker, deceased, to George E.
Watson for $85,000. The following were reported transfers for a consideration stated to be $80,000 each: Harry
V. Day to N. H. Stilwell; William Wilson Heaton to Effingham Lawrence, and George H. Moore to Gilbert W. Keech.
It was stated that $102,000 was bid for It membership, but
officials of the Exchange are reported as saying that no bid
n excess of $100,000 has thus far been received. The last
sale was at $95,000.
Three New York Curb Market memberships were reported
sold this week, that of W. E. Streeter Jr. to Peter P. McDermott for $6,500; that of Alexander Guest to Charles E.
Stanley Bellows Jr., for $7,500, and that of M.M. McIntyre
to Arthur M. Kay for $8,000. The last preceding sale was
at $6,500.
The New York Cotton Exchange membership of Geo.
A. Ellis Jr. was reported sold this week to Louis Brooks
for a consideration stated to be $29,500. The last previous
sale was at $31,000.
Two Chicago Board of Trade memberships were reported
sold this week for $8,100 each net to buyer.
The Bank of New York & Trust Company opened for business yesterday in its remodeled and modernized quarters at
52 Wall Street, where the trust office of the bank has been
located since 1830. Extensive alterations were begun nearly
a year ago with the idea of concentrating at 52 Wall Street,
the downtown activities of the bank. The building is much
larger than the old structure at 48 Wall Street, and all of the
departments of the old Bank of New York,founded by Alexander Hamilton 140 years ago, can readily be taken care of
at that location. Edwin G. Merrill, President of the trust
company, stated that the remodeled offices will be
Nov. 151924.]
THE CHRONICLE
occupied by the banking as well as by the trust departments,
and will be known as the main office. The new location for
the banking department affords much more space and improved facilities for handling its business. The foreign
departments, however—export and import—and the foreign exchange department will remain at 48 Wall Street as
heretofore, and that office will hereafter be known as the
foreign department. The Bank of New York & Trust Company represents the consolidation of two of the oldest banks
in the United States, the Bank of New York, founded in
1784, and the New York Life Insurance & Trust Co., established in 1830. These banks were amalgamated in September 1922 under the direction of Herbert L. Griggs, as Chairman of the Board, and Edwin G. Merrill, as President. The
latest statement of resources as of Sept. 29 last shows total
assets of $125,008,471, with $4,000,000 capital and surplus
and undivided profits of $12,356,831. Deposits totaled
$100,821,717.
2253
President, Nelson M. McKernan, Irving Bank-Columbia Trust Co.;
First Vice-President. Fred I. Collins, Bound Brook Trust Co.; Second
Vice-President, Charles A. Brophy, American Exchange National Bank;
Secretary. Chester N. Van Deventer. Blyth, Witter & Co.; Treasurer,
Charles Qyattlander, Metropolitan Trust Co. Those elected to the
executive committee were: Charles L. Getz, National City Bank; Frank
Totten, Chase National Bank, and John J. Golden, National City Co.
A very interesting booklet has been issued by the Seaboard
National Bank of this city, entitled "Seven Ways to Protect
Your Family and Property." Each of these seven ways is
briefly described and discussed and valuable suggestions
given in each instance.
Charles H. K. Halsey, Chairman of the board of directors
and former President of the Union County Trust Co. of
Elizabeth, N. J., died on Nov. 11 after a prolonged illness.
Mr. Halsey began his banking. career more than fifty years
ago in the National City Bank as a runner, advancing in the
nine years he remained with that institution to the position
of Assistant Cashier. He went to Elizabeth in 1893. He was
At a special meeting of the stockholders of the Hamilton 74 years of age.
Henry
George
National Bank of this city held Nov. 6 1924,
Payne, Tax Commissioner, and William A. Badger, President
The respective directors of the Sussex National Bank of
Brand & Badger, Inc., were elected to the board of directors. Newton, N. J., and the Merchants' National Bank of that
voted to consolidate the institutions under
The country's—trust company resources for the year place on Nov. 10
& Merchants' National Bank of NewSussex
the
title
of
the
$1,584,ending June 30 1924 were $16,025,502,000, a gain of
dispatch from Newton printed in
042,000, or nearly 11% over 1923, as shown by the twenty- ton, according to a press
11. The proposed consolidation
Nov.
the
of
"News"
Newark
United
the
of
Companies
"Trust
second annual edition of
1 1925. It is further stated
Jan.
on
will
be
consummated
States," just published by the United States Mortgage &
erected in the near future for
Trust Co. of New York. Deposits for the same period that a new, building is to be
of the present building of the
increased from $11,828,983,000 to $13,289,148,000, while the enlarged bank on the site
Bank and adjoining property which
the number of companies reporting was 2,562 against 2,478. Merchants' National
Comparative figures for the five leading States are as follows: has been acquired.
1924.
1923.
$3.931,340,448 $4,397,196.358
1,399.424.534
1.200.895.428
2.021,712,793
1.832.326.397
1.576.250.071
1.390.964.012
1,311.226,723
1.133.962,485
Gain.
8465.855,910
198,529,106
189.386.396
185.256.059
177.264,238
The Supreme Court of Massachusetts yesterday (Nov. 14)
authorized Joseph C. Allen, Bank Commissioner for that
State, to pay a dividend of 6%% to depositors in the commercial department of the defunct Tremont Trust Co. of
In commenting on the figures for the year, John W. Boston, according to a press dispatch from that city on Nov.
Platten, President of the United States Mortgage & Trust 14, which appeared in last night's "Evening Post." This
2% which the depositors in
1
dividend makes, it is said, 36/
Co., says:
New York
California
Pennsylvania
IllInois
Ohio
It is significant that trust company resources in the United States have
more than doubled In eight years and have practically trebled in twelve
years. These tremendous increases, together with the rapidly amounting
volume of corporate and personal trust business, give evidence of the deep
rooted and commanding position of trust companies and furnish the best
evidence of their ever growing usefulness.
the commercial department of the trust company have received so far. Still further dividends will follow, it is said.
Up to the present time, the dispatch further stated, depositors in the savings department have received dividends aggregating 91% of their claims and will ultimately get ap• An important addition is made to-day to the new Grand proximately 97%. Our last reference to the affairs of the
Central financial district by the opening of the midtown Tremont Trust Co. (which failed in February 1921) was in
office of the American Trust Co. and New York Title & the "Chronicle" of March 22, page 1357.
Mortgage Co. at 41st St. and Madison Ave. This opening
is in a direct line with the tremendous expansion of this
important section of Manhattan, which has resulted in a
real estate and business development unparalleled in the
city's history and which has drawn to it a representation
from practically all the large banking and real estate interests.
These institutions, the American Trust Co. and New York
Title & Mortgage Co., occupy an entire building at 297
Madison Ave., which was formerly owned by the Thompson
estate. It is on the southeast corner. The American Trust
Co. occupies the first floor and mezzanine of the building.
Offices for the New York Title & Mortgage Co. are on the
next floor, conference and closing rooms for real estate titles
occupy the other floors. The building, which stands out
as an architectural masterpiece, has been altered only to the
extent necessary for banking convenience, but preserving its
unique character. The acquisition of this site is a further
step in:the development of the American Trust Co. and New
York Title & Mortgage Co. These allied institutions own
the entire block bounded by Broadway, Cedar, Temple and
Liberty streets, a remarkable site in the Wall Street district,
and at the present time occupy the Broadway and Cedar
St. corner. The Brooklyn office, which was enlarged a little
over a year ago in order to accommodate the increasing business, is in the heart of Brooklyn's financial centre. In Long
Island City, the Bridge Plaza office is at the hub of the great
manufacturing district and the focus of Long Island's traffic.
In Jamaica, at 161-19 Jamaica Ave., the companies own a
banking structure on a prominent corner. They are also
affiliated with the County Trust Co. in White Plains, where
the Title company has an office. The Title company also
has an office in Staten Island.
Bank Commissioner Joseph C. Allen was authorized by
Judge Crosby of the Supreme Court of Massachusetts to pay
a dividend of 10% to depositors in the commercial department of the closed Cosmopolitan Trust Co. of Boston, according to a press dispatch from that city yesterday, which appeared in the New York "Evening Post." We last referred
to the affairs of the Cosmopolitan Trust Co. in our issue of
Aug. 30, page 1138.
According to a special dispatch from Putnam, Conn., to
the Hartford "Courant," the newly organized Cargill Trust
Co., a State institution, began business on Nov. 12—the same
day as the Citizens' National Bank, whose opening is noted
elsewhere in these columns to-day. The State bank has an
authorized capital of $100,000, of which $25,000 is paid in.
It opened auspiciously, more than $200,000 in deposits being
received on the first day. Byron D. Bugbee is President;
Luther M. Keith, Vice-President, and C. A. Boyce, Treasurer.
The death occurred in Philadelphia on Nov.8 of C. Stuart
Patterson, President for the past 23 years of the Western
Savings Fund Society of that city, and noted lawyer and
financier. Mr. Patterson, who was 82 years of age, was
born in Philadelphia. He received his early education in
the Lawrenceville School and subsequently was graduated
from the University of Pennsylvania in the class of 1860.
He then took up the study of law. In 1887 he was appointed
Professor of Real Property and Conveyancing in the law
school of his Alma Mater, later being elected Professor of
Constitutional Law and eventually Dean of the school.
Upon his retirement from the bar in 1893 he was elected a
of
the
dinner
New York Vice-President of the Western Savings Fund Society, a posiAt the annual meeting and
President of the
Chapter, Alumni Association, American Institute of Banking, tion he held until 1901, when he became
elected
unanimously
was
1895
Mr.
In
Patterson
institution.
the
Boulevard,
following
Cafe
held Thursday night at the
a director of the Pennsylvania Railroad and served in that
officers were elected:
2254
TIM CHRONICLE
capacity until his death. He was the author of a number
of legal books among them being "The Liability of Railways
for Injuries to the Person." His treatises on "Railway Accident Law" and "Federal Restraints on State Action" are
accepted as authoritative.
[VOL. 119.
With the consummation recently of the merger of the
Second National Bank of Toledo with the Toledo Trust Co.
that organization now represents the combined strength and
resources of the Second National Bank, the Northern National Bank, the Toledo Savings Bank & Trust Co. and the
Summit Trust Co. The enlarged institution has a combined
capital, surplus and undivided profits of more than $8,000,000. The personnel of the company is now as follows: Morrison W. Young, Chairman of the Board; Charles L. Reynolds, Vice-Chairman of the Board; Henry L. Thompson,
President; Henry C. Truesdall, W. C. Carr, John T. Rohr,
H. M. Bash (and Assistant Secretary), C. A. Russell, Benjamin T. Batsch (also Trust Officer and Secretary) and
D. L. Reynolds, Vice-Presidents; C. W. Cole, Treasurer and
Assistant Secretary; H. F. Duquette, Assistant Secretary;
W. K. Corson, F. H. Greene, 0. F. Holtgrieve, I. Meyers,
C. A. Baldwin, E. J. Burnam, R. J. Comstock and G. L. Irons,
Assistant Treasurers.
The name of the People's National Bank of Hagerstown,
Md., was recently changed to the Nicodemus National Bank
of Hagerstown.
The Citizens' National Bank, the new institution organized to succeed the First National Bank of Putnam, Conn.,
wrecked through the embezzlement of its Cashier, G. Harold
Gilpatric, opened for business on Wednesday of this week,
Nov. 12, according to a special dispatch to the Hartford
"Courant" on Nov. 13. The new institution occupies the
former quatIters of the First 'National Bank and is capitalized at $125,900, with surplus of $50,000. Samuel Reynolds
heads the new bank as President, With A. Newton Vaughn,
Judge H. Geissler and Alexander Gilman as Vice-Presidents.
Whitman Danielson, one of the directors, is acting as CashA sentence of 25 years in Leavenworth penitentiary was
ier until such time as one shall be selected.
imposed on Fred A. Ludwig, the former Cashier of the First
National Bank of Minnesota Lake, Minn., by Judge John F.
Stock of the Foreman banks of Chicago, held by members McGee in the Federal District Court at Minneapolis on Oct.
of the family since Gerhard Foreman founded his private 22. Ludwig pleaded "guilty" to the nine counts of an indictbank in 1862, was offered to the public last week for the first ment charging him with the embezzlement of $100,000 of the
time in a plan effective Dec. 24, which will increase the bank's funds. The bank was obliged to close on Aug. 4 last
capital and surplus of the combined institutions from and is still in the hands of a receiver, it is said. Ludwig
$6,000,000 to $10,000,000. The present capital of the (as stated in these columns in the "Chronicle" of Aug. 23
Foreman National Bank is to be increased from $2,500,000 and Sept. 13) disappeared upon the discovery of the shortto $4,000,000 through sale of 10,000 new shares at $400 a age and after a nation-wide hunt was found in a wood near
share, $3,000,000 of which will be added to the surplus of St. Peter, Minn., on Aug. 24, apparently suffering from
the institution. This will make the surplus $4,500,000. aphasia. Speculation, it is said, was the cause of his downThe other 5,000 shares of new stock will be issued to present fall. In imposing sentence Judge McGee was reported in the
Minneapolis "Journal" of Oct. 22 as saying:
stockholders as a stock dividend. The capital of the
State
bank remains at $1,000,000, with a surplus of $500,000.
The added stock will make the Foreman National and
Trust banks rank fifth in capitalization among banking
institutions in Chicago. The Foreman banks, starting in
1897 with $977,914 95 in deposits, have grown to $71,806,846 19 in deposits as of Oct. 10 this year, jumping from
$33,237,642 37 in 1921 to the present figure, the reorganization and expansion of the institution coming in 1923.
"The general public will be given opportunity," said Oscar G.
Foreman, Chairman of the board of the State and national
banks, "to acquire a fourth ownership in the Foreman institutions. The bank also will increase its board of directors
from five to such number as will permit representation of
the various business enterprises of Chicago."
"The capital stock of the Foreman Trust & Savings Bank
and the Foreman Securities Co." said Mr. Foreman's
announcement, "is held for the benefit of the stockhold rs
of the Foreman National. Thus the new stockholders will,
through their ownership of the stock of the national bank,
acquire an interest in all the Foreman institutions. Initial
dividends of 16% per annum on the new capitalization will
be paid out of earnings and after the payment of dividends
a substantial amount will be added annually to the surplus
of he banks. In view of the record of uniformly good
earnings of the Foreman banks this dividend policy is a
conservative one." Dividends heretofore have not been
made public by the Foremans, as the stock has been held
within the family. Subscriptions to the new stock are to
be made directly to the bank, which reserves the right,
Mr. Foreman said, to make allotments in its discretion.
Subscriptions are payable on or before Dec. 23, a day before
the new plan becomes operative.
The Foreman institutions came into being in 1862 when
Gerhard Foreman founded a private bank. In 1885 Oscar
G. Foreman and Edwin G., sons of Gerhard Foreman,
succeeded to the business and continued it under the name
of Foreman Brothers. In 1897 it was incorporated as a
State bank under the name of Foreman Brothers Banking Co.
Edwin G. Foreman was the first President and continued
in that capacity until his death in 1915. He was succeeded
by his brother, Oscar G., who continued as President until
he was made Chairman of the board in 1922, which position
he now holds. Harold E. Foreman has been President
since 1922. On July 2 1923 the Foreman National Bank
came into being. There are five Foremans in the organization now, Oscar G., Chairman of the board, and his son,
Gerhard, Vice-President, and Harold E., President, and
Alfred K. and Edwin G. Jr., Vice-Presidents, sons of the
first President.
The offense here hardly could have been worse. What wreck and ruin
it brought is difficult to say. It is the policy of the court to impose sentence
to deter other people front similar offenses. That end is Just as important
as the punishment of the individual.
A press dispatch from Leavenworth, Kan., under date of
Oct. 14, printed in the Topeka "Capital" of the following
day, stated that Leo A. Mergen, former Cashier of the defunct Union National Bank of Beloit, Kan., which closed its
doors on Nov. 3 1923, had pleaded "guilty" in the Federal
Court at Leavenworth before Judge John C. Pollock on that
day (Oct. 14) to 17 counts contained in 10 indictments,
charging embezzlement, misappropriation of funds and false
reports as to the bank's condition to the Comptroller of the
Currency. Judge Pollock reserved imposition of sentence
until Dec. 31 next at Kansas City. The maximum penalty,
according to the dispatch, is five years' imprisonment on
each count and a fine of $5,000.
As the result of a general reorganization of the Oklahoma
Stockyards National Bank of Oklahoma City, which took
place recently, the name of the institution was changed to
the Oklahoma National Bank and the institution was moved
from the stockyards to 209 West Main Street, opening in its
new quarters on Nov. 10. In announcing the removal, Ben
Mills, the President, said in part:
That, having heretofore specially served the
livestock industry and
outside banks, it now solicits a fair share of the regular
banking business
of Oklahoma City and tributary territory. Having a
convenient location
and ample resources it Is in a position to care for such
business according to
the highest and most approved banking standards.
The present officers of the bank are as follows: Ben
Mills, President; Melvin Cornish, Chairman of the Board;
E. F. Bisbee, Vice-President; H. R. Empie, Vice-President
and Cashier; 0. N. Harris and M. K. Moussa, Assistant
Cashier. The board of directors has been increased from
six to nine members; the newly elected directors being Melvin Cornish, E. E. McInnis and Dr. Le Roy Long. Mr. Mills,
the President, has,been the head of the institution for the
past three years, and prior to that time was a Vice-President of the McAlester Trust Co. of McAlester, Okla.
At a meeting of the directors of the Louisville Trust Co.,
Louisville, on Monday of this week (Nov. 10) Huston Quin,
the Mayor of Louisville, was elected a Vice-President of the
institution. It was stipulated at the meeting that Mr. Quin
could serve out his term (which expires next fall) as the
city's chief executive and he will, therefore, it is understood,
not assume his full duties as Viet-President of the company
until that time. An official statement issued by the directors said:
Nov. 15 1924.]
THE CHRONICLE
2255
For some time the directors and officials of the trust company have
had in mind the addition of a well-known, highly qualified executive to
the company's staff, and after considering many names the unanimous
choice fell upon the Mayor.
Mayor Quin has had wide experience as a Commission of the County
court in settling estates, and in an executive capacity, not only in the City
Attorney's office but as Mayor, and as Judge of the Court of Appeals in
the judicial consideration of numerous problems that naturally confront
trust company officials and officers of trust companies.
The directors realize that probably no man had a greater acquaintance
or was more favorably known than the Mayor,not only in the city of Louisville but throughout the State, and that his integrity was such that it would
assure the confidence of the public in the administration of its trust business.
It was not deemed incompatible that the Mayor should continue his duties
n that office to the expiration of his term.
six months ending June 30 1924, was recently received. It
shows net profits for the half year of yen 3,823,825,170,
which when added to yen 1,217,270,120, the balance brought
forward from the preceding six months, made the sum of
yen 5,041,095,290 available for distribution. From this
amount the following appropriations were made: Yen
2,487,500,000 to pay dividends at the rate of 10% per annum;
yen 1,100,000,000 transferred to reserve funds and yen 200,000,000 to pay officers' bonus, leaving a balance of yen 1,253,595,290 to be carried forward to the next account. Total
assets of the Jugo Ginko Limited as of June 30 were yen
John Stites is President of the Louisville Trust Co.
531,881,376,952, of which yen 33,981,608,512 was cash. Deposits were given as yen 352,013,905,932. The bank's paid-up
The Anglo & London Paris National Bank of San Fran- capital is yen 49,750,000,000 and its reserve funds amount to
cisco announces the appointment of H. L. Machen,formerly yen 29,902,740,000.
Chief National Bank Examiner Twelfth Federal Reserve
The balance sheet of the note department of the State
District, as Vice-President, effective Nov. 1 1924.
Bank of the United States of Soviet Russia, as of Oct. 16
A press dispatch from San Francisco printed in the "Wall 1924 has just recently been received and is as follows:
Assets—
Chervonetz.
Street Journal" of Nov. 7 stated that the Mercantile Trust
coin and bars (at the rate of r. 5 cop. 55=1 zolotnik
Co. of California of that city had acquired by purchase the Gold
Pure gold)
13,139,938
Bank of Napa, Cal., which would be added to the chain of Platinum (at the rate of ch. 2 r. 6 cop. 65=1 zolotnik pure
Platinum)
742.679
branch banks operated by the company. Deposits of the
oreign currency (at the rate of El sterling=r. 8 cop. 25; at the
Bank of Napa, it was said, aggregated $1,500,000.
rate of $1=r.1 cop.94; at the rate of 1 Swedish kronerop.50)10.317.385
Announcement was made in Ottawa on Oct. 31 by the
Hon. J. A. Robb, Acting Canadian Minister of Finance, of
the appointment of C. E. S. Tompkins as Inspector-General
of Banks for the Dominion, pursuant to an amendment to
the Bank Act passed at the last session of Pay'lament, according to a press dispatch from Ottawa on that date appearing in the Montreal "Gazette" of Nov. 1. With regard
to the duties of the Inspector, the dispatch went'on to say:
Under the amendment to the Bank Act, the Inspector "from time to
time, but not less frequently than twice in each calendar iear. shall make
or cause to be made such examination and inquiry into the affairs or bust.
fleas of each bank as he may deem it necessary or expedient." The Inspector has the power to take charge of the assets of any bank in order to
satisfy himself that the provisions of the Bank Act are being duly observed,
and that the bank is in sound financial condition. At the conclusion of
each examination the Inspector is required to report to the Minister of
Finance.
While the amendment to the Bank Act providing for the creation of the
office of Inspector-General of Banks came into force on Oct. 1. the appointment states that "it shall not be incumbent upon the Inspector to examine
all of the banks under this section during the calendar year 1924."
Mr. Tompkins, the newly appointed Inspector-General, it
Is further stated, began his banking career in 1902, when he
entered the service of the Bank of New Brunswick. He remained ten years with that institution, occupying the positions of Manager and Inspector. He then went to British Columbia, where he became-Inspector for the head office of the
Bank of Vancouver, which institution suspended in payment
in 1914. He remained, however,for over two years in charge
of the consequent liquidation of the bank. He next entered
the employ of the Royal Bank of Canada, going to Montreal
In 1917 and continuing his work as an inspector .in that city.
Mr. Tompkins was born in 1888 at East Florenceville, N. B.
On Nov. 6 0. E. Smith of Halifax was elected a director
of the Bank of Nova Scotia to fill a vacancy caused by the
recent death of the. Hon. R. M. MacGregor of New Glascow,
N. S.
A special general meeting of the shareholders of Molsons
Bank will be held at the head office in Montreal on Dec. 22
for the purpose of ratifying the agreement between the institution and the. Bank of Montreal, providing for the sale
of the undertaking, assets and rights of the bank to the latter institution.
J. Endermam, representative in the United States of the
Rotterdamsche Bankvereeniging (Rotterdam-AmsterdamThe Hague), has received adviees from the bank in Holland
saying that at the general meeting of shareholders, which
was held on Nov. 12, modification of articles was adopted
unanimously without discussion. The capitalization of the
Rotterdamsche Bankvereeniging is now as follows: Capital,
50,000,000 florins; surplus, 20,000,000 florins. The following gentlemen were elected to the board of directors:
W. Westerman, Dr. A. J. van Hengel, Dr. J. P. van Tienhoven. We referred to the coming meeting in our issue of
Oct. 25, page 1925.
The statement of condition of the Jugo Ginko Limited
(The Fifteenth Bank, Ltd.) head office Tokio, covering the
Drafts in foreign currencies to a total sum of ch.394,429 r.8 cop.75
at valuation
354.987
Bills in chervonetz to a total sum of ch.24,986.379 at valuation_ _22,487,742
Securities covering on goods We total sum of ch.10,474,332 at
valuation
8,707.271
Total
Liabilities—
Bank notes transferred to State Bank
Balance to which notes may still be issued
Total
55,750,000
Cheroonetz.
54,357.600
1.392,400
55,750,000
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
There has been a further and almost unparalleled manifestation of strength and activity in the New York stock
market during the present week. Speculation has been
nationwide and the flood of buying has been enormous.
The extent of the present boom with its amazing daily sales
of more than 2,000,000 shares over a period of nearly a week
is almost unprecedented. New high records have been
established each day by numerous standard issues only to
be displaced by still higher records on the following day.
Hundreds of separate issues have been traded in during the
week, many of which heretofore have shown little or no
activity. In fact, the number increased to such an extent
that the daily sales report of the New York Stock Exchange
has appeared each day with an extra two-page supplement.
Oil stocks and copper stocks have been unusually strong,
but the leadership for most of the week remained with the,
railroad shares, which have generally forged ahead to new
high levels. In the brief session on Saturday, many stocks.
recorded advances of from two to three points during the
first hour. The most important feature of the day was the
sharp upward spurt in New York Central which moved forward to 1163
%,recording a gain of nearly 8 points in a week.
Sales again passed the two million mark on Monday and
established a new record for the number of separate issues
dealt in during the day. A total of 526 stocks were handled,
which exceeds by 9 the record of 517 established in 1923.
Price movements were irregular, many issues yielding a
point or more from their previods high. New high records
were recorded by both railroad and industrial issues on Tuesday. United States Steel pushed through its previous high
to a new level at 115 but reacted to 1133. in the last hour.
American Can sold as high as 150, an advance of nine points,
and Baldwin Locomotive crossed 125. In the railroad group
St. Louis & San Francisco common was the centre of interest
and advanced to a new high at 47. Price movements were
irregular on Wednesday, some prominent stocks moving
upward while others, equally prominent, declined. United
States Cast Iron Pipe & Foundry registered a new high with
an advance of more than 12 points to 139. Most of the
railroad issues declined a point or two, though Missouri
Pacific common moved against the trend and registered a
new high at 26. St. Louis & San Francisco common was
also in strong demand at advancing prices. In the first hour
this stock crossed 51, but later yielded a point and closed at
Stocks again moved briskly upward in another
two million market on Thursday. Industrial issues were the
feature of the day, though considerable interest was manifested in oils and specialties. United States Cast Iron Pipe
& Foundry and American Can recorded new high levels in
2256
[Vol,. 119.
THE CHRONICLE
the morning session but each yielded a point or more in the
later trading. In the railroad group Delaware Lackawanna
& Western, Missouri Pacific preferred, and Atlantic Coast
Line were in strong demand at improving prices, the latter
crossing 143 for the first time. The market continued its
vigorous upward movement on Friday and many new high
records were established, but the volume of business fell
slightly short of the two million market that had prevailed
during the earlier days of the week. Interest again centred
in the railroad shares, Missouri Kansas & Texas preferred
being in special demand and going into new high ground at
more than 6 points above Thursday's close. New York
%. Atchison, ChesaCentral also reached a new top at 1173
peake & Ohio, New York Ontario & Western, and Wabash
preferred A likewise registered substantial gains. Industrials and specialties were also in strong demand at advancing prices, and motor shares improved-especially Studebaker
and General Motors. The final tone was buoyant.
Tenders were invited yesterday for 100 lace India Council bills and T. T.
and applications for 1267% lace were received. The whole of the amount
on offer was allotted; applications for deferred T. T. at Is. 6d. receiving
96.64% and above in full, and for immediate T. T. at is. 6 1-32d. receiving
98.32%, above in full. No bills were allotted. Next week 100 hies will
be offered.
INDIAN CURRENCY RETURNS.
Oct. 7. Oct. 15. Oct. 22.
(In Lacs of Rupees.)
17987
17956
17892
Notes in circulation
8643
8612
8547
Silver coin and bullion in India
Silver coin and bullion out of India
2232
.
.252
2232
Gold coin and bullion in India
Gold coin and bullion out of India
5713
5713
5713
Securities (Indian Government)
1399
1399
1400
Securities (British Government)
inst.
22d
ending
week
the
No silver coinage was reported during
The stock in Shanghai on the 25th inst. consisted of about 47.400,000
ounces in sycee, 44,000,000 dollars, and 3,600 bars, as compared with
about 45,200,000 ounces in sycee, 44,000,000 dollars and 2,080 silver bars
on the 18th inst.
-Bar Silver,Per Oz. Std.- Bar Gold,
2 Mos. Per Oz, Fine
Cash.
Quotations92s.
3534d.
Oct. 23
925. 2d.
35 5-16(1.
15Y-d160:1.
24
35d.
35 1-16d.
25
92s. 2d.
35d.
35 1-16d.
27
92s. Id.
34%d.
34 13-16d.
28
dd:
.2
92s. l
34 iici.
34 15-16d.
35.093d.
Avera2
e ,.
g9
9
The silver quotations to-day for cash and two months delivery
respectively, %d. and 5-16d. below those fixed a week ago.
,
FOREIGN EXCHANGE.
Sterling was again strong and active, with fresh advances
ENGLISH FINANCIAL MARKETS-PER CABLE.
that carried the rate to another new high record on the
quieter,
but
were
also
The daily closing quotations for securities, &c., at London,
continentals
The
current movement.
as reported by cable, have been as follows the past week:
firm, with guilders conspicuous for strength.
To-day's (Friday's) actual rates for sterling exchange were 4 6034(4)4 6134
for sixty days, 4 6234(4)4 63% for cheques and 4 62%(4)4 6434 for cables.
Commercial on banks, sight 4 62Si ®4 637%, sixty days 4 58% ®4 5954,
ninety days 4 577%(414 5934, and documents for payment (sixty days)
4 58% ®4 597%. Cotton for payment 46234(4,4 6334 and grain for
payment 4 6234 ®4 637%.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 21©
5247% for long and 5 2634(4)5 297% for short. German bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.62(4)39.69 for long and 39.98@40.05 for short.
Exchange at Paris on London 87.40 francs. Week's range 87.00 francs
high and 87.55 francs low. •
The range for foreign exchange for the week follows:
Sixty Days. Cheques.
Gables.
Sterhng Actual4637%
46134
46434
High for the week
4
5034
4
5631
4
597%
Low for the week
Paris Bankers' Francs5327%
52634
53334
High for the week
5247%
5 1734
5237%
Low for the week
Germany Bankers' Marks*23.82
*23.82
High for the week
*23.81
*23.81
Low for the week
Amsterdam Bankers' Guilders39.69
40.11
40.15
High for the week
39.42
39.84
39.88
Low for the week
•Quotations are now in gold marks or rentenmarks, each representing
one trillion paper marks.
Domestic Exchange.-Chicago, par. St. Louis, 15@25c, per 51,000
discount. Boston, par. San Francisco, par. Montreal, par. Cincinnati, par.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 29 1924:
GOLD.
The Bank of England gold reserve against its note issue on the 23d inst
amounted to £126,659,380 as compared with £126,659,245 on the pre:
vious Wednesday. The moderate supplies of gold available this week have
been taken on account of India, the Continent and the trade. The Southern
Rhodesian gold output for September 1924 amounted to 53,138 counces, as
compared with 54,678 ounces for August 1924 and 57,144 ounces for
September 1923.
The "Times" correspondent at Toronto telegraphed on the 22d inst.
as follows: "There is some excitement in Canada over new gold discoveries reported from the Yukon. A band of Indian prospectors found gold
within 40 miles of Carcross and 20 miles east of the old Tagish post. Other
prospectors are on the way from Whitehorse and Skagway. The strike is
within 60 miles of the Rush placer mines near Atlin and the famous Engineer quartz mine. The dirt pays approximately $4 to the pan, and as a
nuggets valued at a dollar."
rule gold comes in flakes or small
32 of Mineral Industry, published in
The United States official Volume
"In considering the
September last, contains the following paragraph:
Lawrie argues that only about half
N.
economics of gold during 1923, H.
year should be taken into account when
of the gain in production over last
or progress of
making any deductions regarding the economic condition
the Rand in 1922 caused a reduction in
the industry, because the strike on
A net increase
argument.
sound
output of about $23,000.000-which is a
although it indicates improvement,
of 6.7%, largely from one locality,
a return to normal economic condidoes not warrant the conclusion that
While the year 1923 opened with
tions in the industry is in progress.
Empire, the downward tendency
a small 'premium' on gold in the British
'premium' at the end of the year,
of sterling exchange resulted in a high
in maintaining the normal
assisted
which, according to Mr. Lawrie, greatly
production. Costs also were
output of the Transvaal and stimulated
lowered in South Africa."
SILVER.
and to a lack of the
Owing to the persistent sales on China account,
fall
a
support given in recent weeks from the United States, considerable
active, and bear
been
has taken place in prices. Indian inquiry has not
tendency
the
uneasy
of
face
covering has naturally been reluctant in the
now
shown by the market. It remains to be seen whether the lower level
but little interest.
reached will attract the Continent, which has oflate taken
account, prices
Unless renewal of demand sets in on Continental coinage
the time when
onnot resist China selling and a better market must await
which
encourages
reached
China reverses its attitude owing to a price being
bear covering.
The silver production of Czechoslovakia for 1923 is returned as 21,844
kilogrammes, valued at Kc. 15,287,999.
Sat.,
Mon.. Tues., Wed., Thurs., Fri..
London.
Nov. 8. Nov. 10. Nov. 11. Nov. 12, Nov. 13. Nov. 14.
Week ending Nov. 14,
33 7-16
34
d 33 15-16 33 13-16 33 13-16 34
Silver, per oz
908. 10d. 908. 2d. 89s. 8d. 90s. 2d. 90s. ca. 89s. 6d.
Gold, per tine ounce
5834
5834
5834
58%
5834
Consols, 27% per cents
10134
101
101
1017%
10134
British 5 per cents
97%
9734 . 9731
9734
9731
British 434s per cents------50.90
Boerse 51.10
51
50.5
French Rentes(la Paris)_ _fr_ ____
closed.
French War Loan (In
60.75
60.40
59.95
60.45
fr_
Paris)
The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(cts.):
6934
Foreign
6931
6935
6934
6934
697%
COURSE OF BANK CLEARINGS.
for the country as a whole will again show a
clearings
Bank
substantial increase over a year ago. As before, the improvement follows mainly from the expansion at New York City,
the exchanges at this centre showing an increase for the five
days of 22.2%. 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, Nov. 15)
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 14.7% over the corresponding
week last- year. The total stands at 89,652,797,104, against
$8,416,207,160 for the same week in 1923. Our comparative
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ending Nov. 15.
1924.
1923.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,630,000,000
535,335,546
410.000,000
438.000.000
*119.000,000
129.021,734
142,200.000
111,633.000
130.586.007
123.531.617
95,021,262
79,321.913
54,412,038
$3,789,706.508 • +22.2
-0.2
536,420,946
+1.5
404,000;000
327,000.000 +33.9
+8.9
109,281.797
+4.2
123,811,968
+7.0
132,000.000
-5.9
118.702.000
+3.3
126,390.579
+5.1
117,579,218
-4.2
99.169.319
+7.1
74,043,299
68,060,708 -20.1
Total 13 cities. 5 days
Other cities, 5 days
$6,998,063,117
1,045,934,470
$6,027,066,342
986.439,825
+18.1
+5.9
Total all cities, 5 days
All cities, 1 day
58.043,997.587
1,608,799,517
57,013,505,967
1.402,701.193
+14.7
+14.7
* Estimated.
Complete and exact details for the weel5 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 Nov. 8. For
that week there is an increase of 24.8%, the 1924 aggregate of
the clearings being $9,161,468,345, and the 1923 aggregate
$7,343,086,751. Outside of New York City, however, the
increase is only 6.9%, the bank exchanges at this centre
having recorded a gain of 42.4%. We now group the cities
according to the Federal Reserve districts in which they are
located and from this it appears that in the Boston Reserve
district there is an expansion of 24.2% and in the New York
Reserve district (including this city) of 41.3% but in the
Philadelphia Reserve district of only 3%. In the Cleveland
Nov. 15 1924.j
THE CHRONICLE
Reserve district the totals are larger by 6.1%, in the Richmond Reserve district by 7.4% and in the Atlanta Reserve
district by 0.1%. The Chicago Reserve district shows an
improvement of 7.1%, the St. Louis Reserve district of 7%
and the Minneapolis Reserve district of 21.1%. In the
Kansas City Reserve district there is an increase of 4.8%
.and in the Dallas Reserve district of 8.6%. The San Francisco Reserve district is the only one showing smaller totals;
it has suffered a loss of 3.6%.
In the following we furnish a summary by Federal Reserve
districts:
1923.
1924.
$
Federal Reserve Districts.
11 cities 511,606,919
(1st) Boston
11 " 5,355,550,411
(2nd) New York
522,645,754
10 "
(3rd) Philadelphia
351,473,236
8 "
(4th) Cleveland
191,880,343
6 "
(5511) Richmond
12 "
208,495,996
(61h) Atlanta
(7th) Chicag0
850,712,679
20 "
8 "
225,082,513
(8th) St. Louis
7 "
174,469,403
(9th) Niinticap0118
(10th) Kansas City
248,287,008
12 "
5 "
(11th) Dallas
81,834,319
439,429,764
(12th) San Francisco _16 t•
$
411,793,485
,789,155,983
507,433,303
331,142,929
178,680,456
208,316,110
794,137,323
210,357,895
144,026,215
236,861,262
75,319,400
455,862,390
Inc.or
Dec.
1922.
1924.
11.. F1F no,
P/1,
e, arc
1921.
$
%
$
+24.2 387,104,790 287,492,015
+41.3 3,666,165,267 2,915,069,581
+3.0 349,790,790 318,576,583
+6.1 334,694,945 284,775,316
+7.4 115,872,020 122,178,629
+0.1 150,885,396 141,440,369
+7.1 638,946,174 596,514,147
+7.0 70,096,070 57,688,005
+21.1 105,265,607 105,976,693
+4.8 201,356,044 213,794,206
+8.6 59,630,064 46,697,465
-3.6 321,483,196 298,608,888
_nen
IS"4.ong
,
91n lonn.n
,
Week ending November 8.
1924.
1932.
First Federal Reserve Dist rict-lioston
Maine-Bangor _
834,346
851.706
Portland
3,929,571
3.158,328
Mass.-Boston _ 460,000,000 361,000,000
Fall River_ _ _ _
2,163,115
2,916.323
Holyoke
a
a
Lowell
1,279.331
2,090,442
Lynn
a
a
New Bedford_ _
2,178,254
2.514,686
Springfield__
5.500,839
5.228,284
Worcester
3.568,000
3.350,000
Conn.-Hartford
13,182,690
11,544,331
New Haven__ _
7,180.673
6,453,025
R.I.-Providence
11,784.100
12,686,300
Total(11 cities)
511,606,919
Inc. or
Dec.
1922.
698,575
2,987,877
342,000.000
2,503,478
a
2,228,343
a
2.280,542
5,447,904
3,375,000
8,826,730
6,390,141
10,366,200
870,708
2,000,000
250,000,000
1,678,606
a
1,631,610
a
1,733,216
4,312.934
2.611.000
6,947,434
5,259,707
10,446,800
411,793.485 +24.2
387,104,790
287,492,015
Second Feder al Reserve D Istrict-New
N. Y
6,623,137
5,058,387
Binghamton
1,229.400
934.200
Buffalo
d40,074,812
39,169.966
Elmira
927,157
709,310
Jamestown___ _
d992,558
986.564
New York._ _ _ 5,250.408,679 3.685,718,330
Rochester
12,102,184
10.458,277
Syracuse
6,130,598
4,482,266
Conn.-Stamford
c3,066,500
2,853,799
N. .1.-Montclair
591,227
443,591
Northern N. J
33,401,150
38,341,293
Total(11 cities) 5,355,550,411 3,789,155,983 +41.3 3,666.165,267 2,915,069,58
Total(10 cities)
522,645,754
507,433,303
+3.0
1,040.668
3,026,131
903,452
2,314,220
327.000,000
2,290,078
4,802,930
3,088,511
1,092,927
4,231,873
a
875,652
2,012,209
836,885
2,036,420
299.000,000
2,059.742
4,519.465
2,737,778
1,116,150
3,382.282
a
349,790,790
318,576,583
Fourth Feder al Reserve D istrict-Cloy eland
_
Ohlo-Akron
d6.849,000
6,829,000 +0.3
5,696,000
d3,898,430
Canton
3,935,352
4,392.796
0.9
63.789.953
Cincinnati
57,183,485
58,468.352 +9.1
Cleveland
107,078.377
93,710,885 +14.2
85,746,757
Columbus - _ _ _
17,369,900
14,429,000 +20.4
14,350.800
Dayton
a
a
a
a
Lima
a
a
a
d1,740,269
Mansfield
1,893,002 -8.1
1,288,066
a
Springfield
a
a
a
a
Toledo
a
a
d3,705,466
Youngstown _ _
4,039,440 -8.5
3,037,041
a
a
Pa.-Erie
a
a
147.041,833
Pittsburgh
_
147,837,898 -0.5 .163,000,000
351,473,236
331.142.929
e
5,659,000
2,845,674
45,056,123
61.498,952
10,967,600
a
a
1,132,887
a
a
2,615,080
a
155,000,000
+6.1
334,694,945
284,775,316
Fifth Federal Reserve Dist rict-Richm ond1,679,086
2.003,343 -16.2
W.Va.-11unt'g'n
d8,644,382
10.079,866 -14.2
Va.-Norfolk _ _
57,294,000
56.273.000 +1.8
Richmond
2.891.000
3,599,179 -19.7
S.C.-Charleston.
96,729.991
83,994,068 +15.2
Md.-11althnore _
24,641,884
22,731.000 +8.4
D. c.-wash.ton
1.634,950
8,564,149
44,218,800
2,108.653
68,304,951
21.041,117
1,462,591
7,171.441
38.266,383
2.064,468
56,428,054
16.785.692
+7.4
145,872,020
122,178,629
Sixth Federal Reserve Dist rict-Atiant ad5,807,8'28
6.443.072 -9.9
Tenn.-Chatt'ga.
3,210,313 -5.1
3,053,855
Knoxville
20,114,691
21,116,090 -3.7
Nashville
63,432,045
60,838,878 +4.3
Georgla-Atlanta
2.804.422 -17.5
2,315.010
Augusta
1,758,328 +4.8
Macon
1,842,947
a
a
Savannah
a
11,267,644 +23.7
13,935,884
Fla.-Jacks'nville
26,817.268 +6.0
28,449,395
Mobile
2,060,557
2.059,477 +0.1
Nliss.-Jackson
1,600,000
1,321,886 +27.8
.1,Vicksburg _ - _ 664,637
667,611 -0.4
La.-New Orl'ns_
65,129.147
70,005,121 -7.0
6,449.415
2.092,857
14,721,846
43.641,681
2,500,000
1,271,021
a
7,843,897
24,560,971
1,634,370
878,024
397,543
44,893,771
5,028,659
2.600,898
14,853,684
38,437,415
1,514,507
1,200,000
a
8,380.752
16,423,613
1,542.985
675,019
470,166
50 312.671
150,885.396
141,440.369
Total(8 cities).
Total(6 cities)-
Total(12 cities)
191,880.343
208,495.996
179,680,456
208.316.110
+0.1
1921.
$
$
31,673,587
1,939.251
8,566.953
4.177.325
1,245.444
1,052.377
452,955,902
a
988,497
3.519,396
1 749.549
2,096,517
25,008,787
1,603.915
8,061,546
3.796,299
1.150.000
1,025,439
441.561.304
a
935,662
3.202.721
1,544.820
1,936.502
+7.1
638,946.174
506,514,147
Eighth Feder 1 Reserve Dis trict-St. Lo ulsInd.-Evansville •
5,378,520 -9.0
4,892,267
51o.-St. Louis_
136.500,000 136,600,000 -0.1
32,823,736
22,367.971 +46.7
KY.-Louisville_ •
Owensboro__ _
+1.6
419.625
412.971
Tenn.- Memphi
31,685,217
29,644,139 +6.9
Ark.-LittleRoc:
14,180,673 +18.5
16,798,888
Ill.-Jacksonvill
357,750 +15.0
411,315
Quincy
1,551,465
1,415,871
+9.6
4,577.620
4,307.292
21,905.319
348.353
27.608,747
14,260.669
333.465
1,061,905
19,457,803
274.242
23,000.000
9.290,487
237,790
1,120,391
Total(8 cities) • 225,082,513 210,357,895 +7.1
70,096.070
Ninth FederaI Reserve Dist rict-Minne a pol i t Minn.-Duluth_ - d22,163,339
13,894,684 +59.)
9,141,042
Minneapolis--. 111,228,557
79,610,502 +39.7
60,519.821
St. Paul
42,217,109 -22.8
28.458,12.
32.590,735
No. Dak.-Farg 9
2,325.276
1.881.990
+3-2
2,400,087
S. D.-Aberdeen•
1,592,989 +9.8
1,747.817
1,165,823
Mont.-Billings 752,392
607,581 +23.8
521.234
Helena
3,778,075 -5.1
3,586,476
3.573,571
57,688,005
850,712,679
794,137,323
+21.1 105.266.607
s Cit, 392,358
+0.
+11.1
398,511
+18.
3,500,000
31,914.771
+1.8
-8.8
3.025.558
10,467,964
-6.8
+1.1 110.939,468
-10.8
a
a
23.364,161
+45.3
a
a
841.897
+21.5
15,655,180
-2.4
856.176
+14.7
Total(12 cities I 248,287.008 236.801.262 +4.8 201,356,044
Eleventh Fed!ral Reserve District-f) aliasTexas-Austin__
1.896.105
1,467,570
1,808,465 +4.8
Dallas
48.049,553
42,620,760 +12.7
34,073,000
Fort Worth_ _ . d12,913,064
12,728,304 +1.7
13.010.164
Galveston
.
13,345,937
12,422,895 +7.4
6.890,828
Houston
a
a
a
a
La.-Shreveport
5,599,660
5,738.886 -2.4
4,188,502
Total(5 cities) •
81,834.319
75.319,400
+8.6
59.630.064
Twelfth Fede r al Reserve I) strict-San Franc
iscoWash -Seattle.,•
37,427,092
37,165,583
+0.7
26,248,276
Spokane
dI0,316,000
12,611,000 --18.2
12,500.000
Tacoma
a
a
a
a
Yakima
2,316,106
1,383,481
1,744,760 +32.8
Ore.-Portland _ •
36.806,632
38,845,374 -5.2
27,945,577
Utah-S.L.City.
16,622,695
14,629,068
16,926,686 -1.8
Nev.-Reno _
a
a
a
a
Ariz.-Phoenix _ a
a
a
a
Calif.-Fresno 6,288,195
5,971,680
5,052,811 +11.2
Long Bea ch 6,319,854
4.593.485
8,752.538
Los Angeles.. _ 128,861,000 142,911.000 -27.8
81:010.000
-9.8
Oakland
14,848,561
10.889.136
15,920.26
-6.7
Pasadena __ _ 5,560,077
3,194,528
5,769,76
-3.6
Sacramento d8,542,582
7,393,729
8.966,74
--4.7
San Diego_ _ 4,395,374
3,000,000
4.062.332 +8.2
San Francisco. 154,000,000 149,200,000
+3.2 116,800.000
San Jose
3,601,057
2.424,500
2,718.38 +32.6
Santa Barbara.
1,310,939
963,035
1,291.954
+1.4
Stockton
c2,210.600
2.528.700
3,323,200 -33.5
York
4,188,209
+30.9
3,088,051
1,145.646
+31.5
983,200
38,012,495
+2.3
29,359,365
556,024
+30.7
981.506
839.366
+0.6
+42.4 3,567.425,270 2,840,410.705
8,973,431
+15.7
6,757,707
5,066,466
3,244,521
+30.8
2,632,747
+7.5
2,212,982
+31.0
367.951
320,233
35,915,522
-12.9
27,853,451
Third Federal Reserve Dist rict-Phllad elphla
_
1,461,548
Pa.-Altoona
1,418,333 +3.0
Bethlehem __ _ _
3,978,227
3,591.015 +10.8
1,564,184
Chester
1,293,214 +20.9
Lancaster
2,789,895
2,882.889 -3.2
493,000.000 480,000,000 +2.7
Philadelehla
Reading
3,464,037
3,179,325 +9.0
5,621,552
Scranton
5,345,758 +5.2
Willces-Barre. _
d3,176,708
3,442,157 -7.7
1,968,178
York .4
1.439,639 +36.7
-Trenton.
_
5,621,425
N.J.
4,840,973 +16.1
Del.-Wlinfton
a
a
1922.
181,614
594,410
79,000,000
5.417,124
1,832,232
1.694.080
16,087.000
1.880,692
Total(7 cities) . 174,469.403 144,026,210
Tenth Federa I Reserve Dist act- Kansa
Neb.-Fremont._
d458,112
456,866
Hastings
597,764
604,545
Lincoln
•
4,893,617
4,145,61?
Omaha
38,199,455
37,526.837
Kan.-Topeka _ •
d3,423,160
3,754,122
Wichita
d7,650,794
8,207,409
Mo.-Kan. City.• 130,323,504 128,948,64'
St. Joseph_
d6.882,943
7,713,097
Okla.-Muskoge ?
a
a
Oklahoma City• d33,528,679
23,071,817
Tulsa
S
a
Colo.-Col,Spgs.
1,165,745
959,381
1)enver
20,134,121
20,640,541
Pueblo
•
0962,333
839,138
1921.
-2.0
+24.4
+27.4
-25.8
a
38.8
a
-13.4
+5.2
+6.5
+14.2
+11.4
-7.1
inc. or
Dec.
218.943
744.342
95,008.359
6,153.211
2,231,981
2,344.133
20,063,000
2,217,407
Total(20 cities
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Clearings at
1923.
5
$
%
Seventh Feder al Reserve D istrict-Chi cagoMich.-Adrian __
244,748
224.750+8.9
Ann Arbor__ - _
963,190
798,614 +20.6
Detroit
131,564,695 110,529.683 +10.0
Grand Rapids_
6,977,373
6,376,345 +9.4
Lansing
2,535,194
2,429.981
+4.3
Ind.-Ft. Wayne
2,814,442
2,640,523 +6.6
Indianapolis__
17,796,000
22,545,000 -21.1
South Bend__
-1.6
2,754,00
2,710.000
Terre Haute__
5,879,467
6,185,210 -4.9
Wis.-Milwauke
38,343,144
36,978,550 +3.7
Iowa-Ced. Rap
2,717,264
2,275.674 +19.4
Des Moines__
11,679,833
11,959,238 -2.3
Sioux City___
6,194,615
6.166,538 +0.5
Waterloo
1,690,509
1,598,259 +5.8
IIL-Bloomingto
1,585,754
1,296.251 +22.3
Chicago
605,709,758 568.903,568 +6.5
Danville
a
a
a
Decatur
1.309.222
1,333,786 -1.8
Peoria
4,782,769
4,367,401
+9.5
Rockford
2,598,312
2,367.149 +9.8
Springfield _ _ _
2,616,390
2,406.803 +8.7
126 cities 9,161,468,345 7,343,085,751 +24.8 6,431,291,363 5,389,012,097
Grand total
Outside New York City
3,911,059,666 3,657,368,421 +6.9 2,863,866,093 2,548,601,392
90 rift.,
Week ending November 8.
Clearings at
SUMMARY OF BANK CLEARINGS.
Week Eluting Nov. 8 1924.
2257
9.697.409
61,010.467
27,631,791
2.201.797
1.235.761
. 686,911
3,512.757
105.976.893
447,017
4(18,255
2.738,633
29,229,4'2
2.924.421
10,957,624
120,892,400
a
26.242.720
a
992.237
18,294.343
667.011
213,794.206
1.763.463
23,9(19,641
12,750.984
4.998.392
a
3.484,985
46.897.465
25.064,775
9,717.407
a
1,734.562
29,190,464
11.405,329
a
a
7,167.846
3.287.944
74.801.000
10.224.040
2,688.214
7,226.648
2,516.320
108,200,000
2,122,590
872.549
2.369.200
Total(16 cities) 439,429,764 455,862,390 -3.6 321.483,196 298.608.888
Grand total (12 1
cities)
.9.161.468,345 7,343,066.751 +24.8 6,431,291.363 5,389,012.097
.4 nii non 055', Or', .3e o A rs.
Outside N. Y
i c n e• orn 5011 nag') c.112 mu :402
Week ending November 8.
Clearings al1924.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _._
New Westminster
Medicine Hat...
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert_ .. _ _
Moneton
Kingston
Tn.,
11,01
$
144,440,116
126,230,874
81,330.323
19,918.379
10,942.841
7,064,783
4,040,273
5.986.765
8.327,746
3,093.521
2,307,596
3,158.314
4,944,301
6.026.845
1,120,675
838.168
2.275.423
1,768,239
1,008,254
1,267,539
671,765
429.544
1,083.911
750.549
1,037.157
3.246,789
401,432
888,475
934,695
4.15 515 909
1923.
$
233.785,786
169,053,390
94,072,973
18,761.416
12,120,560
9.074,555
4.378.313
7.046.966
9.036,150
4,459.974
3,974.244
3,721,197
4,601,061
7,248,527
1,035,363
1.040,097
3,218,828
2,115,955
1,364,936
1,691,003
642.522
588,976
1,119.717
1,169,715
1.176,938
3,426,555
419,927
1.198,551
887,764
Inc. or
Dec.
%
-38.2
-25.3
-13.5
+6.2
-9.7
-22.1
-7.7
-15.0
-7.8
-30.e
-41.9
-9.8
+7.4
-16.9
+8.2
-19.4
-29.3
-16.4
-26.1
-25.0
+4.6
-27.1
-3.2
-35.8
-11.9
-5.2
-4.4
-25.9
+5.3
Rro Az, rixn _ nn n
1922.
1921.
$
105.969.971
91.811.288
80,908,389
12.535.266
10.816,497
6,966.205
2.855,892
5.723.526
5,770,428
2.647.045
1,931.900
2.705.877
4.552.467
5.215.091
947.154
871,209
2,188.417
1,911.318
1,091,477
988.298
463,124
471,747
806.763
941.981
1,047.972
2,968.827
406.951
1.112.272
829.576
6
106 726.812
90.042.321
67.466.461
13.489.550
11,586.153
6.100.412
3,266,427
5,197.460
6.424.269
2.674.735
2.152.599
2,952,038
5.297,733
5,599.713
842.058
653.427
2.384.116
1,805.165
1,253,303
895,910
562.271
442,643
797,384
1,076.107
1.450.519
2,404.463
ne., ev. n,lo
RIM
1,009.535
752.612
InA
ola
a No longer report clearings. b Do not respond to requests for figures. c Week
eded Oct. 22. d Week ended Oct. 23. e Week ended Oct. 24. •Estimated.
[Vol,. 119.
THE CHRONICLE
2258
Treasury Cash and Current Liabilities.
THE CURB MARKET.
The cash holdings of the Government as the items stooa
A heavy business was done in the Curb Market this week
and the list of securities traded in broadened considerably. Oct. 31 1924 are set out in the following. The figures are
entirely from the daily statement of the United States
Prices displayed pronounced strength despite their irregular taken
Treasury of Oct. 31 1924.
movements. Oils for most of the time absorbed most attenCURRENT ASSETS AND LIABILITIES.
GOLD.
tion. Buckeye Pipe Line was up three points to 65, dropped
LiabilitiesAMU-back to 62 and closed to-day at 63%. Cumberland Pipe Gold coin
532,200,773 56 Gold certifs. outstand'g_ 1,362,394,039 0()
Gold fund, F. R. Board
Gold
3,312,931,507
23
bullion
Eureka
Pipe
Line
sold
138.
Line advanced from 134% to
(Act of Dec. 23'13, as
amended June 21 '17).2,159,522,535 12
up from 88 to 94% and reacted to-day to 91. Galena-Signal
152,979,025 63
Gold reserve
Gold in general fund._ _ _ 170,236,681 04
Oil corn. rose from 54% to 6034 and finished to-day at 59.
Indiana Pipe Line advanced from 75 to 7934 and ends the
3,845,132,280 79
Total
Total
3,845,132,280 79
Note.-Reserved against $346,681,016 of 13. S. notes and $1,410,326 of Treasury
week at 79. N. Y. Transit gained some twelve points to notes
of 1890 outstanding. Treasury notes of 1890 are also secured by silver
74, fell back to 63 and recovered finally to 66. Northern dollars in the Treasury.
SILVER DOLLARS.
Pipe Line gained fifteen points to 90, dropped back to 75
LiabilitiesAssets443,147,233 00 Silver certifs. outstand'g 923,007,675 00
and to-day sold up to 82. Prairie Oil & Gas (old) from 208 Silver dollars
1,410,326 00
Treas. notes of 1890 out.
reached 215%, the final figure to-day being 213. Solar
Silver dollars in gen.fund 18,729,232 00
Refining and South Penn Oil were conspicuous for a heavy
443,147,233 00
Total
Total
443,147,233 00
advance, the former moving up from 190 to 199 and the
GENERAL FUND.
Assets
LiabilUies$
latter from 135 to 146. The close to-day was at 198 and Gold (see above)
170,236,681 04 Treasurer's checks out143, respectively. Standard Oil corn. moved up from 315 Silver dollars (see above) 18,729.232 00 standing
1,361,246 24
United States notes...4,346,478 00 Depos. of Govt. officers:
to 325 and finished to-day at 320. Pennok Oil Corp.(new) Federal
2,806,115 96
Reserve notes.648,025 50
Poet Office Dept
advanced from 163 to 183 and closed to-day at 17%• Fed.
Res. bank notes_ _ _
151,904 00
BoardofTrusteesPostal
National bank notes. _ _ _
16,715,110 50
SavingsSystem(5%)
The main feature in the industrial list was the break in Subsidiary
6,624,105 90
56
res'velawful money)
baking issues due to the proposed formation of the new Minor coinsilver coin.- 8,167,379
391,978 34
2,501,013 65
Other deposits
27,406,805 02
Comptroller of CurContinental Baking Corp. The Class A corn. of this com- Silver bullion
fI
d-collecfor
U
n
el
a
ssi
e
rency,
agent
pany was dealt in for the first time this week, down from
3,214,869 68
tons, 6,c
creditors of insolv7,058,257 98
ent banks
99% to 94 and up to 100, with the final figure to-day at 993. Deposits in Federal Re36,010,797 91
Postmasters, clerks of
serve banks
Class B corn. rose from 16% to 19% and finished to-day at Deposits
courts, disbursing
in special de34,714,581 76
officers, Orc
positaries account of
19%. United Bakeries corn. made a sensational drop from
Deposits for:
sales of certificates of
167 to 112, recovering finally to 135%. The pref. fell from
253,310,000 00
Redemption of Fed.
indebtedness
119 to 101%, recovered to 10834 and eased off finally to Deposits in foreign deReserve notes (5%
fund,gold)
147,166.499 69
positaries:
106. German Bakeries sold down from 20 to 16% and up
139,164 36
Redemption of nat'l
To credit Treas. U.S.
to 18%, the close to-day being at 18. Del. Lack. & West. To credit of other
bank notes (5%
222,038 76
fund,lawful money) 32,328,708 07
Government officers.
Coal moved up sharply from 108% to 11934, closing to-day
Retirement of addl
in nat'l banks:
at 119. Glen Alden Coal was offfrom 130% to 122%,recover- Deposits
7,614,008 87
circulating notes,
To credit Treas. U.S.
6,44500
Act May 30 1908,.
To credit of other
ing finally to 124. Lehigh Valley Coal Sales improved from
21,409,591 03 Uncollecteditems, exGovt. officers
84% to 87.
4,167,039 24
changes, &c
Deposits in Philippine
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ending Nov. 14.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
STOCKS(No. Shares).
BONDS (Par Value).
Oil.
Dome ogle. Porn Govt.
InciAmts.
89,120
159,575
100,390
144,765
156,520
236,825
mount/.
138,040
235,970
202,840
207,533
155,041
196,605
103,100 *779,000
180,100 1,144,000
163,130
845,000
200,320
911,000
138,160 1,017,000
180.380
949,000
$51,000
67,000
52,000
101,000
101,000
69,000
887,195 1,136,029
963,170 $5,645,000
$441,000
Public Debt of United States-Completed Return
Showing Net Debt as of August 31 1924.
The statement of the public debt and Treasury cash
holdings of the United States, as officially issued August 31
1924, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1923.
Treasury:
To credit Treas. U.S.
236,624,978 18
931,55228
Total
571,754,652 16
Preliminary Debt Statement of U. S. Oct. 31 1924.
The preliminary statement of the public debt of the
United States Oct. 31 1924 as made up on the basis of the
daily Treasury statements is as follows:
BondsConsolsof 1930
Loan of 1925
Panama's of 1916-1938
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
$599,724,050 00
118,489,900 00
48,954,180 00
25,947,400 00
49,800,000 00
28,894,500 00
11,903,080 00
$883,713,11000
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
$1,951,523,65000
3,104,574,80000
2,978,776,30000
6,324,489,85000
a The total gross debt Aug.31 1929,on the basis of daily Treasury statements, was
821,245,351,822 52, and the net amount of public debt redemption and receipts
In transit, &c., was $13,849 98.
S No deduction is made on account of obligations of foreign Governments or
other investments.
14.359,384,60000
763,948,300 00
Treasury bonds of 1947-1952
Total bonds
NotesTreasury notesSeries A-1925, maturing Mar. 15 1925
Series B-1925, maturing Dec. 15 1925
Series C-1925, maturing June 15 1925
Series A-1926, maturing Mar. 15 1926
Series B-1926, maturing Sept. 15 1926
251,551,629
214,421,110
Series A-1927, maturing Dec. 15 1927
Deduct outstanding obligations:
Series B-1927, maturing Mar. 15 1927
1,804,294
" 1,892,491
Treasury warrants
42,705,988 • Treasury Certlitcales38,717,850
Matured interest obligations
Taxchecks
67,203,672
68,414.285
Disbursing officers'
Series TD-1924, maturing Dec. 15 1924
23.487,001
41,833,363
Discount accrued on War Savings Certificates
Series TD2-1924.maturing Dec. 15 1924
Series TM-1925, maturing Mar. 15 1925
131,212,817
154,846,127
Total
Series TS-1925, maturing Sept. 15 1925
(War) Savings SecuritiesTreasury
+83.208,293
+96,705,502
Balance.deficit(-)or surplus 1+)
War Savings Certificates:
INTEREST-BEARING DEBT OUTSTANDING.
Series 1920 a
Series 1921 a
InterestAug. 31 1924. Aug. 31 1923.
Treasury Savings Certificates:
Payable.
Me 0/LoanSeries 1921, Issue of Dec. 15 1921 5
Q.-J. 599,724,050
599,724,050
2s, Consols of 1930
Series 1922, Issue of Dec. 15 1921 b
Q.-F. 118,489,900
118,489,900
4s, Loan of 1925
Series 1922, Issue of Sept.30 1922 b
Q.
-F.
48,954,180
48,954,180
2s of 1916-1938
Series
1923, Issue of Sept.30 1922 5
25,947,400
25,947,400
Q -F.
25 011918-1938
Series 1923, Issue of Dec. 1 19230
49,800.000
49,800,000
Q
-M.
35 of 1961
Series
1924, Issue of Dec. 119238
28,894,500
28,894.500
Q.-J.
3s, Conversion bonds of 1946-1947
981,790,000 Thrift and Treasury Savings Stamps, unclassiJ -J. 807,513,500
Certificates of indebtedness
fied sales, dre
1,409,999,050
1,409,998,950
J
-J.
3)95, First Liberty Loan. 1932-1947
6,982,900
9,660,900
J.-D.
45, First Liberty Loan, converted
528,527,600
3.-D. 531,049,650
43(s. First Liberty Loan, converted
Total interest-bearing debt
3,492,150
3,492,150
4395. First Liberty Loan,second converted-- _J.-D.
Matured Debt on Which Interest Has Ceased41,379,850
27,771,100
M.-N.
45,Second Liberty Loan, 1927-1942
Old
debt matured at various dates prior to
3,157,130,600
3,076,810,200
93‘s, Second Liberty Loan, convert
AprIl 1 1917
M.-S. 2,988,952,900 3,380.708,300
4(s, Third Liberty Loan of 1928
Spanish
War Loan of 1908-1918
6,324,489,850
6,327,388,700
-0.
A
43s, Fourth Liberty Loan of 1933-1938
Certificates of indebtedness
763,964,300
763,948,300
4)9s, Treasury bonds of 1947-1952
Treasury notes
347,399,498
421,135,728
Matured
Stamps
45, War Savings and Thrift
11,877,900 04% Victory Notes of 1022-1923
11,903,080
J.-J.
239s, Postal Savings bonds
J -D. 3,735,309,400 4,066,659,200 494% Victory Notes of 1922-1923559s to 5)9s, Treasury notes
Called for redemption Doc. 15 1922
Matured May 20 1923
20,981,167,738 21,901,778,078
Aggregate of interest-bearing debt
242,678,764
245,635,914
Bearing no interest
Debt Bearing No Interen18,534,320
56,218,760
Matured.Interest ceased
United States notes
Less gold reserve
22,200,675,602
a21,245,337,972
Total debt
+83,208,293 +96,705,502
Deduct Treasury surplus or add Treasury deficit
621,162,129,679 22,103,970,100
571,754,652 16
Total
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Aug. 31 1924. Aug. 31 1923.
Balance end month by daily statement.&c
252.456,238
Add or Deduct-Excess or deficiency of receipts over 214,793,771
-904,609
-372,661
or under disbursements on belated items
Netdebt
335,129,673 98
Net balance
Deposits for retirement of national bank notes
and Federal Reserve bank notes
Old demand notes and fractional currency.
$16,007,026,010 00
8597.325,90000
299,859,900 00
406,031,000 00
615,707,900 00
414,922,300 1)0
355,779,900 00
668,201.40000
3,357,628,30000
$214,148,000 00
193,049,500 00
400,299,000 00
388,869,500 00
1.190.366.00000
$20,357,053 51
11,686,146 34
1,805,047 30
98,740,349 10
15,598,159 65
138,443,181 30
25,215,723 55
101,520,632 67
4,040.947 69
417,357,241 11
820,978,377,551 11
$1,281,76026
262,38000
715,50000
6,911,80000
108,30000
3,589,30000
6,834.40000
19,703,42026
8346,681,016 00
152,979,025 63
$193,701,990 37
47,702,950 00
2,049,217 54
243,454,186 91
$21,241,535,138 28
Total gross debt
a Net cash receipts. b Net redemption value of certificates outstanding.
THE CHRONICLE
Nov. 15 1924.]
2259
Government Revenue and Expenditures.
(Oulu:m=14 i1tdMi5ce1lautous4atirs
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Philadelphia Stock Exchange.-Record of transactions
Government receipts and disbursements for October 1924 at Philadelphia Stock Exchange, Nov. 8 to Nov. 14, both
and 1923 and the four months of the fiscal years 1924-25 inclusive, compiled from official sales lists:
and 1923-24.
Friday
Sales
2,168,362
10.857,194
8,897,428
3,061,872
3,502,454
9,534,695
8,085,265
19,326,229
9,289,210
2,484,666
38,931,348
8,819,950
57,209,936
17,027,606
86.133,472
255.323,001 230,261,069 1,124,179,718 1,202,286.065
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
receipts
Excess of total expenditures
chargeable against ordinary
receipts over ordinary rec'ts 64,984,121 196,286,913
Expend itu resOrdinary(Checks & warrants paid, &c.)
General expenditures
162,362,468 170,927,228
Interest on public debt L.
143.820,807 147,869,588
Refunds of receipts:
Customs
1,825,416
1,462,159
Internal revenue
7,680,552 14,614,863
Postal deficiency
8.000,000
Panama Canal
584,446 1,660,302
Oper. in Special Accounts:
Railroads
1,309,364 15,239,139
War Finance Corporation.. c6,915,512 c8,058,219
Shipping Board
3,998,121 31,626,839
501,571
Alien property funds
1,140,023
Loans to railroads
450,000
Investment of trust fundsGov't life insurance
4,403,625 2,148,396
Civil service retirement... c112,129
Dist. of Col. Teachers' Retirement
19,966
'
Foreign Service Retirement
Gen'i Railroad Contingent_
206,325
98,500
Total ordinary
9,810.960
15,801,954
640,985,442
288,990,754
648,452,757
304,771,439
6,562,408
48,978,428
8,969,317
44,174.709
8,000,000
3,386.920
3,527,997
4,059,991
c20,085,743
14,838,382
4,236,057
15,694,243
c25,704,424
54,225,943
c1,127,680
1,821,000
10,532,958
12.171,781
8,842,433
11,023,666
23,519
60,984
300,717
54,996
98,500
320,303,506 386,560,332 1,015,183,675 1,082,683,819
Public debt retiremls chargeable against ord. receipts:
Sinking fund
Purchases from foreign repayments
Received from for. Coots.
under debt settlements_
Received for estate taxes_
Purchases from franchise
tax receipts (Fed. Reeve
and Fed. Intermediate
Credit banks)
Forfeitures, gifts, &c
Total
16,588,300
118,374,000
93,661.900
22,311,000
208,600
37.951,700
1,078,350
47,550
3,759,200
10.000
152,200
24,654
31,400
3,619 39,987,650
118,807,004
135,404,200
3,619
a Receipts and expenditures for June reaching the Treasury In July are included.
b The figures for the month include 5743,779 99 and for the fiscal year 1925 to
date 53,430,580 44, accrued discount on war-savings certificates of the series of 1918
and 1919: and for the corresponding periods last year the figures include $1,763,73339 and $10.011,924 05, respectively, for the series of 1918.
c Excess of credits (deduct).
TREASURY MONEY HOLDINGS.-The following
compilation made up from the daily Government statements
shows the money holdings of the Treasury at the beginning
of business on the first of August, September, October anci
November 1924:
Aug. 1 1924. Sept. 1 1924. Oct. 1 1924. Nov.1 1924.
$
$
$
$
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net national bank notes.Net Fed'i Reserve notes__
Net Fed'i Res. bank notes
Net subsidiary sliver
Minor coin,&et
317,934,120 310,901,411
45,727.814
53,154,008
2,669,024
1,512,894
18,796,045
17,038,852
685,894
758,802
199,244
183,497
8,941,212
8,164,132
6,840,089
4,770,641
Total cash in Treasury_ 401,793,442 396,484,237
Less gold reserve fund_ _ _ _ 152,979,026 152,979,026
323,700,689
46,319,707
1,984,933
15,757,531
734,638
154,712
7,840,109
5,653.296
323,215,707
46,136,037
4,346,478
16,715,110
648,025
151,904
8,167,380
5,715,884
402,145,615 *405,096,525
152,979,026 152,979,026
248,814,416
243,505,211
249,166,589
252,117,499
122,986,000
67,016,499
122,396,000
52,504,384
300,573,000
69,164,139
253,310,000
36,010,798
7,270,334
19.325,902
1,059,878
401.485
7,825,981
19,489,921
991,016
355,220
7,156,789
19,017,024
1,412,860
423,004
7.614,009
21,409,591
931,552
361,203
Net cash in Treasury
and in banks
Deduct current liabilities_
466,874,514
240,066,492
447,067,733
232,273,962
646,913,405
234,329,520
571,754,652
236,624,978
Available casn balance_
226.808.022
214 703.771
412.583.885
335.120 R74
Cash balance in Treasury_
Dep.In speel depositories:
Acct. Ws. of indebt
Dep.In Feel'i Res. banks_
Dep.In national banks:
To credit Treas. U.S
To credit dist.. officers_
Cash In Philippine Islands
Depoalts In foreign depts.
Dep.in Fed'i Land banks.
•Includes Nov.1 $27,400,805.02 silver bullion and $2,501,013.05 minor coin.
&e., not Included In statement "Stock of Money."
BondsAm Gas & El 5s
2007
87
9134 83,600
Baldwin Locom 5s_ _ _ _1944)
1,000
101 101
Bell Telephone 5s_ _ _ _1948 10034 100% 101% 4,000
Consol Trac NJ 55_ _ _1932
7134 72
2,000
Elec & Peon tr ctfs 48_1945 62
62
63
22,100
General Asphalt 6s...1939 9934 9874 9974 39,000
Inter-State Rys coil 45 1943
56
56
1,000
Keyatone Tel 5s
1935 84
8334 8434 20,000
Lake Superior Corp 5s 1924 1634 1674 1674 15,000
Philo, Co cons & stpd 55 '51
93
93
12,000
Phila Elec let 84
1966 10134 10074 10134 32,600
534s
1953 10434 10335 10434 12,100
65
1941
107 107
5,000
Phila & Read 2d ext 5s 1933
10334 10334 14,000
RaC1111g Coal 55
1973
101 101
1,000
Vni•Ir Dv. 1 et C.
...
92
101
10134
76
66
9934
60
8531
1934
93
10334
105
107%
10335
101
July
Nov
Oct
June
Mat
Nov
June
Jull
Fet
June
Am
Non
Oct
NON
Non
• No par value.
Total expenditures chargeable against ord. receipts 320,307,125 426,547,982 1,133,990,679 1,218,088,019
Holdings in
U. S. Treasury.
g,4trimgmq.4944m.gg44MgtArimm'gtra..n.4.1.14.4giVillalVg4;
37,873,593
11,527,621
9,320,866
2,627,518
High.
;17iggwg7.fal..;t2,
4
147,194
10,711,761
88,222,410
944,932
XXX XXXXXX
475,000
1,231,954
980,207
Low.
Alliance Insurance
10 3634 3634 3634
130
3735 Sept
Amer Elec Pow Co pfd_100
90
9135
96 June
57
101 102
Amerlyan Gas of N J_ _100
109 June
113
American Stores
• 3834 3734 3834 10,186
3834 Nov
Bell Tel Coot Pa, pref. _ ______ 10735 10834
122
10834 Nov
Brill(I G)Co
100 10234 95 10234
123
460
Jan
41
Cambria Iron
50 3934 3931 3974 1,087
Mar
•
Congoleum Co Inc
5034 Aug
4134 4334
500
Cramp(Wm)& Sons .100
43
52
25
43
Feb
44
Eisenlohr (Otto)
44
100
61% Jan
25
Electric Stor Battery-100
5935 63%
797
6334 Nov
Fire Assn of Phila warrants
4234 Oct
565
40
4034
General Asphalt
100
49
550
Nov
4434 49
44
General Refractories
44
5335 Feb
130
•
Giant Portland Cement _50 15
147
2234 Sept
64
% 15
Preferred
50 4934 4334 4934
169
50
Sept
Insurance Co of N A__ - _10 6334 62
6334 1,190
6334 Nov
8
Keystone Telephone
8
50
834 June
25
Keystone Watch Case_ _100
25
50
50
50
Feb
Lake Superior Corp_ _ _ _100
2% 4% 4,545
4
4% Nov
Lehigh Navigation
8934 Oct
8535 8734 2,090
50 86
Lehigh Valley
68% 70
1,276
72
Jan
50
Lehigh Valley Coal cgs-41
25
41
4435 July
Lit Brothers
10 2635 2534 2635
673
2634 Nov
Penn Cent Lt & Power_ _ _. 5935 5935 5934
45
60
Jan
Pennsylvania Salt Mfg_ -50 81
458
Feb
81
89
8134
Pennsylvania RR
13,022
Nov
48
50
4634 48
Philadelphia Co (Pitts)-50
5234 July
120
49
4934
Preferred (5%)
36 June
29
34
34
50
30
Preferred (cumul6%)_50
45
45
4534 Sept
Phila Klee of Pa
3934 Aug
16,740
25 3834 3734 39
7239% Aug
Preferred
25 3834 3734 3834
Phila Insulated Wire
48
45
Nov
48
48
•
Phila Germ & Norris_ _50
122
122 122
Nov
10
Phila Rap Transit
39
Jan
50 35% 3574 36 . 2,548
314
Philadelphia Traction__ -50 6035 6074 61
64
Jan
Phila & Western
16
2034 May
1634
50
910
Reading Coal
779
4534 4634
4634 Nov
Reading Company
78% Jan
65
100
65
50
Warrants
46
42
43
106
Aug
Scott Paper Co pref._ _ _100
81
98% Aug
9734 98
TonoBelmont Devel_ _1
11-16 Feb
9-16 9-16
700
Union Traction
30 4074 40
43
Jan
4035 1,381
United Gas Impt
84
Aug
50 80% 8074 8234 10,065
Preferred
58 June
212
5774 58
50 58
Warwick Iron & Steel_ _ _10
834 Oct
475
8
8
8
W Jersey & Sea Shore_ .. _50 37
42
Mar
37
3835
140
York Rys, pref
3634 Apr
50
20
3435 3435
X
450,258,607
367,755,706
=XX
182,248,209
431,313,595
309,118,255
XX
189,214,531
33,713,003
91,999,143
Range since Jan. 1.
W4-4ggiVEn4t.gt5t=tntft=VM:t.ttl.nnS8V2Eging=
51,713,060
Stocks-
XXXXXX5X XX XXX X
Total ordinary
Last Week's Range for
Week.
Sale
of Prices.
Par. Price Low. High. Shares.
Oct. 1923. 4 mos. '24.a 4 mos. '23.a
4°288,14=t1=1985°
xxg xx
zgx
Oct. 1924.
FeeceiptsOrdinary$
49,889,811
Customs
Internal revenue:
Income and profits tax- _ 29,589.654
Miscell. internal revenue 89,843,688
Miscellaneous receipts:
Proceeds Govt.owned securitiesForeign obligationsPrincipal
256
47.5,000
Interest
58,967,951
Railroad securities
All others
136.553
Trust fund receipts (reappropriated for invest.) 4.609,950
Proceeds sale of surplus
1,285,174
property
Panama Canal toils, &c.. 1,456,205
Receipts from miscellaneous
sources credited direct to
appropriations
1,935.834
17,332,925
Other miscellaneous
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Anat. BR,. on Deposit to
Secure Circulation forNational
Fed. Res.
Bank Notes. Bank Notes.
National Bank Circulation
Afloat onBonds.
Legal
Tenders.
Toial.
Oct. 31 1924._ 739,842,890
735,602,435 38,679,189 774,281,624
Sept.30 1924.. 741,239,890
736,557.680 39,269,184 775.826.844
Aug.30 1924 _ _ 742,462,390
737,141,058 40,052,136 777,193,194
July 311924.. 746,611,640
740,549,740 36,537,849 777.087.589
June 30 1924_ 750,858,930
744,953,710 33,058,069 778,011,779
May 31 1924_ 750,113,430
545.900 745,029,518 32,460.609 777,490,127
April 30 1924._ 750,676,680
545,900 745,795,653 31.611,339 777,406.992
Mar.31 1924_
749.974.180
545.900 745,171,678 31,162,366 776.334,042
Feb. 29 1924._ 748,875,180
545,900 743,454,758 30,964,444 774,419,202
Jan. 31 1924_ 747,256,230
545,900 742,670.537 30,126,232 772,796,769
Dec. 311923.. 746,577.780
545.900 740,521.752 31,045,227 771,566.979
Nov.30 1923.. 7441,778,030
545,900 743,984,275 29,450,769 773,435,044
Oct. 31 1923._ 746,562,330
545,900 743.806,385 28.799,884 772,606,289
Sept.29 1923._ 746,780.830
545,900 742,184,915 28,137.092 770,322.007
Aug. 31 1923._ 745,585.080 4,543,700 740,323,568 28,621.244 768,944,812
July 31 1923._ 744,848.940 4,793,700 740,988,663 28,823,714 769.810,877
June 30 1923_ 744.654,990 4,993,700 719,103,625 28.336,094 747,439.719
May 311923.. 744,034,190 5,593,700 742,178,351 27,829,641 770.007,992
April 30 1923._ 742,823,590 6,148.700 740,099,541 27,868,731 767.968,272
Mar.31 1923_ 742,879,540 6.368,700 739,084,523 27.197.981 767,182,504
Feb. 28 1923_ 741.077,590 6,878,700 738,423,517 28,620,187 767.043,704
Jan. 31 1923_ 739.329.840 7.888.700 734,541,173 29.209,789 763.750,962
$9,134,170 Federal Reserve bank notes outstanding Oct. 31 secured by' lawful
money against $15,758,000 Oct. 31 1923.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Oct. 31:
U. S. Bonds Held Oct. 31 to SecureBonds on Deposit
Oct. 31 1924.
2s, U. S. Consols of 1930
ts, U. S. Loan of 1925
2s, U. S. Panama of 1936
25, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
ag!•:.Noles•
Total
Held.
589,086,200
76,687,050
48,484,720
25.584.920
589,086,200
76,687.050
48.484,720
25,584.920
739,842,890
739.842.890
2260
[Vol,. 119.
THE CHRONICLE
The visible supply of grain, comprising the stocks in
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Oct. 1 and granary at principal points of accumulation at lake and
Nov. 1, and their increase or decrease during the month seaboard ports Saturday, Nov.8 1924, were as follows:
of October:
GRAIN STOCKS.
National Bank Notes-,Total AfloatAmount afloat Oct. 1 1924
Net decrease during October
$775,826,844
1,545,220
$774,281,624
Amount of bank notes afloat Nov. 1 1924
Legal Tender NotesAmount on deposit to redeem national bank notes Oct. 1 1924
Net amount of bank notes retired in October
$39,269,184
589,995
Amount on deposit to redeem national bank notes Nov. 1 1924
538.679,189
Breadstuffs figures brought from page 2310.-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-
Oats.
Corn,
Wheat.
Flour.
Rye.
Barley.
bl.s.196Ibs. bush.60 lbs. bush.56 lbs.bush. 32 lbs.bush.48Ibs.bush.56lbs.
Chicago
805.000 1,310,000 1.500,000 403.000 609.000
274,000
85,00# 1,278.000 • 628,000 213,000
Minneapolis_
4,241,000
281,000 544,000 1,131,000
5.000
Duluth
7,925,000
470,00
85,000
423,000
99,000
457,000
Milwaukee...
70,011
122,000
106,000
Toledo
23,000
206,000
31,000
Detroit
8,000
42,000
194,000
406,000
88,000
Indianapolis442,000
42.000
204,000
2,000
St. Louis_ _ _ _
839.000
101,000
227,000
251,000
25,000
8,000
Peoria
46,000
20,000
141,000
79,000
Kansas City_
1,338,000
298,000
84.000
Omaha
406,000
26,000
62,000
St. Joseph_
200,000
2,000
5,001
371,000
Wichita
78,000
49,000
31,000
Sioux City_
Total wk. '24
Same wk. '23
Same wk. '22
Since Aug.1
1924
1923
1092
491,000 16,969,000
459,000 9,382,000
516.000 8,357,000
2,739,000
3,318.000
4.885,000
5,090,000 2,065,000 2,085,000
4.693,000 1,141.000 641,000
4,590,000 719,000 1,209,000
7,277.000294.269,000 67.225,000129.540.00031,238,00037,526,000
6,260,000168,139,000 61,870,000 92.233,000 17,233.00012.112,000
R121 non su4 R72 non 97.554.000 77.559.000 15.027.00034.916.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov.8 1924, follow:
Receipts at-
Wheat. I
Flour.
Corn.
Oats.
I Barley.
Rye.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Barrels.
108,000
363,000 978,000 1,165.000
270,000 2,728,000
New York__
8,000
40,000
17,000
56.000 1,006,000
Philadelphia__
22,000
165,000,
12,000
27,000 187.000 152,000
Baltimore._ _
53,000
9,000
Newport New
1
79,000
27.00
89,000 1,137,000,
New Orleans *
1,443,0001
Galveston_ _
4,000
105,000 5,663,000.
335,000 244,000 374,000
Montreal ____
27,0001
1,000
31,000
24.000
Boston
3,000
1,000
212,000
816,000 1,429,000 1,714,000
Total wk. '24 613,000 12,169,0001
Since Jan.1'2422,541,000262.181,000 17,430,000 43.702,00022,738.00030,880,000
151,000
Same wk '23 599.000 9.613,000
777,000 323,000 204,000
Since Jan.1'23 20.859,000 229,389,000, 36,661,000 34,893,09014,740,006 32,355,000
not
include
New
grain passing through
•Receipts do
Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Nov. 8 1924, are shown in the annexed
statement:
ExportsfromNew York
Boston
Philadelphia
Baltimore
Newport News__
New Orleans
Galveston
Montreal
Wheat, Corn, Flour,' Oats,
Rye,
Barley, Pea*,
Bushels. Bushels. Barrels„Bushels. Bushels. Bushels. Bushels.
1,885.083 24,961 183,4651432,518 139,831
48,000
1,000
17,000
719,000
4,000
17,000
296,000
24,000 20,000 415.000
9,000
1,603,000 21,000 112,000 18,000
16,000
2,061,000
71,000 216.000 1,485,000
6,984,000
978,482
25,000
17,000
234,000
136,000
Total week 1924- 13596083 45,961 420,465 686,518 2,073,831 1,390.482
n.-.......... ,#)0.2
a 007.055 7.000 406.590 58.988 227,805 AFR 954
Wheat.
bush,
2,439,000
20.000
1,974,000
928,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
5t.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
3,367.000
2,839,000
4,928,000
5,521,000
1,857.000
230,000
13,031.000
239,000
534,000
11,531,000
10.963.000
323,000
3,624,000
18,985,000
2,813,000
1,361,000
Rye.
Oats.
Corn.
bush.
bush,
bush,
33,000 1,195,000 1,812.000
3.000
32,000
234,000
169,000
54,000
322,000 1,126,000
45,000
116,000
36.000
340,000
312,000
46,000
807.000
1,688,000 1,945,000
4,249,000 1,802,000
25.000
726.000
83,000
16,000
275,000
20,000
3,129,000 19,188,000 5,926,000
698,000
4,474,000
1,649.000
379,000
50,000
265,000
320,000
210,000
282.000
158,000
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Brit.NoAm.Cols_
Other Countries
Total 1924
21,000
Week'
Nog. 8
1924.
420,465 6,490,628 13,596,083 136,698,645
ran a 0.1.0 Inn 5007.085 95.621.662
Since
July 1
1924.
45.961 1,214,501
7.000 1.394.026
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Nov. 7, and since July 1 1924 and 1923,
are shown in the following:
Corn.
Wheat.
1924.
Since
July 1.
J
1923.
Since
July 1.
1924.
Week
Nov. 7.
Since
July 1.
1923.
Since
July 1.
Bushels.
Bushels.
Bushels
Bushels. I Bushels.
Bushels.
547,000 1,801,000
16,000
North Amer_ 18,570,I I 189,705,000,148,634,000
68,000 8,371,000 3,687,000
Black Sea__ _
32,I I I 2,816,0001 8,742,000
Argentina_ _ _ 1,110,000 36,161,0001 39,481,000 4,772,000 102,758,000 57,350,000
Australia ___
528, I I 15,480,0001 15,240,000
India
768,000 16,864,0001 10,912,000
95,000 11.95400
0th. countr'
I 1,584,000
Total
21,008,000261,026,000'224,593,000 4,856,00 111,771,
16,000
7.000
69,000
447,000
261,000
222.000
41,000
156.000
136,000
615,000 11,334,000
Total Nov. 8 1924._ __26,157,000
370,000 10,314,000
Total Nov. 1 1924____19,947,000
6,000 4.954.000
Total Nov.10 1923.- _ _33,548,000
Summary
94,707,000 7,477,000 68,396,000
American
615,000 11,334,000
26,157,000
Canadian
2,081,000 5,396,000
1,891,000 4,941.000
2.482,000 1,902,000
18,670,000 5,226,000
2,081,000 5,396.000
Total Nov. 8 1924_ _ _120,864.000 8,092,000 79,730,000 20,751,000 10,622.000
Total Nov. 1 1924 _ __109,848,000 8,467,000 76,878.000 19,122,000 10,137,000
Total Nov.10 1923___104.993.000 1,050.000 25,226.000 19,854.000 5.693.000
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y. Bid Ask
Amerlea _- 237 242
Amer Exch.- 349 355
Amer Union. 165
525
Bowery •
Broadway Cen 155 Fre
Bronx Boro• 251)
Bronx Nat... 150
Bryant Park• 175
Butch & Drov 138 145
Cent Mercan. 177 184
393 397
Mule
Chat & Phen_ 288 293
Chelsea Each* 155 165
585 595
Chemical
Coal & Iron_ 224 230
Colonial'....440
Commerce... 370 374
Com'nwealth• 280
Continental.. 200 2115
448 458
Corn Etch
Cosmop'tan•_ 115 125
215 225
East Myer.
Fifth Avenue* 1400
20 257
Fifth
2050 2150
First
298 305
Garfield
120 127
Gotham _
Greenwich'... 375
900 iiiO
Hanover
450 475
Hardman.
Bid
Banks
Manhattan'. 169
Meth it Met_ 377
400
Nat American 140
National City 424
New Neth •_ _ 140
450
Park
Penn Etch
105
178
Port Morris
Public
415
465
Seaboard _
Seventh Ave. 95
Standard _ 275
405
State'__
142
Trade•
iTrademen's• _ 200
23d Ward•_ _ 190
;United States. 200
1Wash'n
205
Yorkville •_ _ 200
Brooklyn
Coney Island*
First
Mechanics'•
ontaut•
Nassau
People's _
Qucensboro•_
180
420
140
180
290
270
165
Ask Trust Co.'s Bid
New York
174
381 American_ ...Bank of N Y
155
& Trust Co 570
430 Bankers Trust 405
155 Central Union 670
295
455 Empire
115 Equitable Tr_ 245
Farm L & Tr_ 720
425 Fidelity Inter 215
380
475 Fulton
105 Guaranty Tr 297
Irving BankColumbia Tr 240
150 Law Tit & Tr 233
Metropolitan. 345
200 Mutual (West
cheater) -- 140
N Y Trust-- 405
Title Gu & Tt 478
U S Mtg & Tr 315
United States 1570
Weatches Tr. 250
Brooklyn
.65
150 Brooklyn Tr_ 620
Inge County 100
308 Manufacturer 305
425
'eople's
175
x)
Ask
580
410
690
248
740
410
304
245
238
Ziti
486
825
815
lividend. (t) New stock.
New York City Realty and Surety Companies.
Corn.
Since
July 1
1924.
Bushels.
Bushels. Bushels. Bushels.
Barrels. Barrels.
125,587 1,735,869 3.973.494 49,980,405
24,961
70,961
232,745 3,532,229 9,622,589 86,164,608
272,600
615.830
436,513
32,055
69,200
502.810
508,127
17,590
21,000
21,000
3,705
250
211.832
3,900
274,185
12,238
Week
Nov. 7.
380,000
All prices dollars per share.
Wheat.
Week
Nov.8
1924.
1,000
320,000
311,000
1,000
94,707,000 7,477,000 68,396,000 18,670,000 5,226,000
Total Nov.8 1924
89,901,090 8,097,000 66,564,000 17.231,000 5,196,000
Total Nov.1 1924
1923_
_71,445,000 1,044,000 20.272,000 17,372.000 3,791,000
Total Nov.10
Note.-Bonded grain not included above: Oats, New York, 553,000 bushels;
Buffalo, 112,000; Duluth. 51,000; total, 716,000 bushels, against 584,000 bushels
In 1923. Barley, New York, 1.288.000 bushels; Boston, 56,000; Baltimore. 102.000:
Buffalo, 346,000; Buffalo afloat. 439,000; Duluth, 71,000; on Lakes, 782.000; total,
3,084,000 bushels, against 368,000 bushels in 1923. Wheat, New York, 568,000
bushels; Boston. 122.000; Philadelphia, 435,000; Baltimore, 278,000; Buffalo, 2,544.000; Buffalo afloat, 252,000; Duluth, 160,000; on Canal, 84,000; on Lakes, 446,000:
total, 4,884,000 bushels, against 10,697,000 bushels in 1923.
Canadian559,000
2,129,000
156,000
615,000
945.000
Montreal
7,395,000 1,614,00(1 4,507,000
Ft. William Sc Pt. Arthur-20,441,000
330,000
2,994,000
311,000
3,587,000
Other Canadian
•
Flour.
Exports for Week
Since
1Veek
and Since
July 1
Nov.8
July 1101924.
1924.
42.000
237,000
308,000
444,000
2.813,000
959.000
7,999.000 3,796.000
22,031,000 1,383,000 1,455,000
15,000
15,000
625.000
11,000
23,000
375,000
27,000
161,000
2.010,000
264,000
140,000
966.000
9,000
552,000
511,000
368,000 2,183,000
• Banks marked with (* are State banks,
The destination of these exports for the week and since
July 1 1924 is as below:
Barley.
bush.
819,000
74,792,000
Alliance Mt)
Amer Surety.
Bond & M G.
City Investing
Preferred..
Lawyer,. Mtge
Bid
115
115
345
98
98
190
Ask
.
125
355
102
105
195
Mtge Bond
Nat Surety.
N Y Title &
Mortgage..
US CasualtyUS TItie Gun
Bid
115
188
Ask
120
193
252
235
190
258
Bid
Realty Assoc
(Bklyn)com 145
83
1st pref
74
2d prof...
Westchester
Title A, Tr 230
AA
152
88
79
260
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Mar. 15 1925_
Mar.15 1926.Dec. 151925...
3ept.15 1926_
lone 15 1925.--
4.!.(%
44%
44%
4li%
44%
Bid.
Asked.
100he 100014
1014 1014
1014 1014
101#1, 101$14
1004 101
Maturity.
hit.
Rate.
Dee. 15 1927Mar.15 1927_
Dee. 15 1924...
Mar. 15 1925...
Dee. 15 1924...
Fumt 1 A 11)23 _ -
414%
44%
4(4%
4%
2(4%
2Si%
Bid.
Asked.
102316
102816
1001ii
102rio
102fit•
100hs
100,
11
100h.
991112
Nog
100
9954
National Banks.-The fo lowing information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$1.000
Nov.4-The Clifton National Bank, Clifton, N. J
Correspondent, John C. Barbour,750 Main Ave., Clifton
N. J.
$100.000
Nov.6-The First National Bank of Royal Oak, Mich
Correspondent, Lewis Erb, Royal Oak, Mich.
25,000
Nov.6--The Citizens National Bank of Hayti, So. Dak
Correspondent, J. A. Brandt, Hayti, So. flak.
APPLICATION TO ORGANIZE APPROVED.
Nov.8-The Cherokee National Bank of St. Louis, Mo
$200,000
CorMespondent, Harry G. Frelert, 4528a S. Grand Boulevard, St. Louis, Mo.
Nov. 151924.]
THE CHRONICLE
CHARTERS ISSUED.
Nov. 1-12591-The First National Bank in Ada, Okla
$100,000
President, P. A. Norris. Cashier, J. A. Smith.
Nov.7-12592-The National Bank of Port Byron, N. Y
25,000
Pres., Benjamin W. Mott; Cashier, Hubert C. Gutchess.
Nov.8-12593-The Citizens National Bank of East Northport,
N.Y
25,000
President, Henry S. Mott; Cashier, Howard Lefferts.
VOLUNTARY LIQUIDATIONS.
Nov.3-9557-The Stock Growers National Bank of Rawlins,Wyo $75.000
Effective Oct. 28 1924. Liquidating Committee: IL
Breitenstein, W. A. McKay and D. P. Espy, Rawlins,
Wyo. Absorbed by the First National Bank of Rawlins,
Wyo., No. 4320.
Nov.4-10902-The Farmers National Bank of Americus, Kan
$25,000
Effective Sept. 29 1924. Liquidating Agents: J. M.
Downing and E. L. Hunsaker, Americus, Kan. Absorbed by the Americus State Bank. Americus, Kan.
Nov.8-7513-The First National Bank of Shelburn. Ind
25,000
Effective Oct. 21 1924. Liquidating Agent. J. F. Bolinger, Shelburn, Ind. Succeeded by the First State Bank
of Shelburn.
Note.-The bulletin for Monday, Nov. 3 1924, contains-the announcement that the First National Bank of Portland, Conn., was placed in voluntary liquidation as of Oct. 27 1924. This bulletin was based on an incorrect
copy of the resolution placing the bank in liquidation, which was received
from the bank. This has now been corrected. It is not proposed that this
bank be placed in liquidation untilsome time In the spring of 1925. Records
should be corrected accordingly.
2261
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per oh. Shares. Stocks.
i Pee sh.
12 National Shawmut Bank
20114 50 Cambridge Gas Lt. Co.. Par $25- 6434
10 Webster & Atlas Nat. Bank_ ---20034 2 Wm. Whitman Co.. Inc., pre5 Danvers (Mass.) Nat. Bank_
ferred
112
943( & d1v.
1 Bates Manufacturing Co
211% 40 American Glue Co.,common__ 43
5 Lowell BleacherY
75 B. B.& It. Knight, Inc., pref.__ 8
115
25 Connecticut Mills common Class
300 Tintic Co., Par $3
$I lot
"A" v. t. c., par 810
434 38 Reed Prentice Co., pref
20
1 Worcester Cons. St. Ry. Co. 1st)
100 Edison Elec. Ill. of Brockton,
pref., par $80
par $25
I $26
5234-524
$1867 New Eng. Invest, At Sec./ lot 17 Fall River El. Lt. Co., par $25.._ 3534
Co. pref. ctf. of int. dated July 21
750 Hydro-United Tire Corp., par
1914
$5
$5101
40 Edison El. Illum.(of Brockton),
BondsDar $25
5234
10 Dennison Mfg. Co., 151 pre$2,000 Hartford Jr Springf. Sr. Ry.
Co. 1st 55,July 1921 (coupon July
ferred
1330 & div- _
20 Cambridge Elec. Securities Co__3263.4
1918 and sub. on)
8% flat
DIVIDENDS.
Dividends are grouped in •two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were sold at auction
When
Books Closed.
Per
in New York, Boston and Philadelphia on Wednesday of
Days Inclusive.
Cent. Payable.
Name of Company.
this week:
Railroads
(Steam).
By Messrs. Adrian H. Muller & Sans, New York:
3% Dec. 26 Holders of rec. Nov.26
Alabama Great Southern, ordinary
Shares. Stocks.
$ per share.
400 New River Collieries Co., COM
25-26
25 Automatic Weighing Machine Co., prof
1
25 Automatic Weighing Machine Co., corn
1550 lot
3035-100 Federal Gas 011 & Coal Co
13
100 General Transmission Co
$40 lot
75 National Nassau Bank of N. Y.(in liquidation) declared divs. not incl.)_ _$35 lot
100 Henry L. Hughes Co., Inc
$4,500 lot
375 Wharton Mining Co., corn
$380 lot
1 Free right New York Society Library
$100 lot
150 United States Food Products Corporation
$1 lot
50 United States Food Products Corp
$1 lot
10 United States Food Products Corp
$1 lot
2,700 Mexico & Northwestern Railway Co
$300 lot
575 Representative Realty Co. et ale certificates of deposit
$50 lot
200 Halcyon Real Estate Corporation, no par
$25 lot
1 International Automobile League Tire & Rubber Co
$6 lot
5 Athens Hardwood Mfg Co
$3 lot
50 American Acceptance Corp., met, with 50 shs, corn, and 5 Ohs. com,stock
and an allotment rights certificate not to exceed 5 ohs
$23 lot
85 Copley Cement Co., preferred
$3,200 lot
543 Van Brunt Street Erie Basin RR.Co., trustees certificates
$1,093 lot
131 General Syndicate, Inc., of Delaware, no par
$5 lot
1,000 Ray Broken Hill Mining Co. of Arizona, par $1
$5101
200 Royal Tiger Mines (Colorado), par 1 cent
$5 lot
163 Seaboard Finance & Investment Co. of Delaware, no par
$5 lot
1,000 Vernon Mining Co. of Delaware. Par $1
100 Thraman 01.1 Co. of Delaware, par $1
182 lot
500 Southwest States Oil Co. of Delaware, par $1
1
400 Denver & Rio Grande RR., pref
$6 lot
2 Empire Vineyard & Orchard Co., par $250
$2 lot
100 Asbestos Co. of America, corn
425 lot
100 Asbestos Co. of America, pref
f
5 Automobile Owners Assn. of New York, par $10
$4 lot
250 Phonolite Gold Mining be Leasing Co., Colorado, par $1
$1 lot
5,000 Purdom Mining Co. of Colorado, par $1
$2 lot
1 St. Albans Golf Corporation of New York
$6 lot
100 Island Oil & Transport Corp. of Virginia, par $10
$2 lot
25 Scott Shoe Machinery Co. of Maine, par $25
$2 lot
50 Scott Shoe Machinery Co.of Maine. par $25
$10 lot
50 National Power dr Light Co.. common
160
10.000 Black Oak Gold Mines Co., par $1
40e.
140,334 Petroleum Producers Co
$105 lot
aggregating
Sundry notes
$136,701 45, list at auctioneer's office
$105 lot
Sundry drafts of Heilbron, Wolff & Co., Inc., unpaid balance aggregating
$3,978 51; list at auctioneer's office
$3 lot
Various and sundry notes receivable of the Palmetto Grocery Co.. Mullins,
S. C., aggregating the face amount of 828,375 98, and all and any other •
collateral that may secure the said notes receivable
$1,000 lot
Wm. R. Boyce & Son, Inc., warehouse receipt No. 136, for 248 bales said to
contain tobacco; the marks and numbers of these bales are AA 7951-8180-82814)8
811.000 lot
Bonds.
Per cent.
33,000 rubles Russian Govt. short term war loan 535s, due Feb. 1 1926
$50 lot
$5,000 Military-Naval Corp. 5% bonds, Jan. 1914 coupons on
$6 lot
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
10 Commercial Security Nat. Bank 1709-i
64 Hudson (Mass.) Nat. Bank.- __130
1 Nashawens Mills
1159i
5 Flint Mills
130
• 1 II:enrich Mills. common
264
3 Pepperell Mfg. Co
121
40 Massachusetts Ltg. Cos., corn
30
5 Fitchburg Gas& El. Co.,par $50- 9754
7 Boston Woven Hose & Rubber Co.
common
7914
Shares. Stocks.
$ per sh.
10 Great Northern Paper Co_225-225%
5 Eastern Texas Elec. Co.,common 77
20 Shaffer Oil & Ref. Co.. pref
47
5 Units First Peoples Trust
763j
3 Draper Corporation
165
5 American Glue Co., common__
43%
844 International Abrasive Corp.,
common, par $25
85 lot
4 Cambridge Gas Light Co., par $25 63%
3 Boston Wharf Co
11734
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ Per oh. Shares. Stocks.
18 Corn EXCIIIITIge National Rank__4183.• 10 Horn & Harden Co. of N. i Per oh.
Y...15914
20 Provident Trust Co
553
5 Horn dr Hardart Baking Co.
of
6 First National Bank of Phila._ _ _272%
Philadelphia
175
25 Market Street National Beak_ _295
1 Penn. Academy of the Fine Arts
25
556
20 Girard National Bank
5 Autocar Co., preferred
9014
Bank
National
20 Franklin
561% 5 Autocar Co., common
60
561
12 Franklin National Bank
250 J. C. Haartz Co., prof
10 Quaker City National Bank__ __204
360 J. C. Haartz Co., no par, bone- %
15 Southwestern National Bank _ _ _157
tidal interest
%
380 J. C. Hearts Co., prior pref.__
10 Producers dr Consumers Bank,
%
1014 84 John D.Stetson Co., pt., par $25
par 810
34
510% 6 Penn. Cold Stor.& Market
13 Fidelity Trust Co
Co--- 56%
13 Fidelity Trust Co
5101.4 10 L. H. Gilman,common
5101.4 5 Phila. National League Club__ 5%
37 Fidelity Trust Co
661.4
220
1 United Gas & Electric, corn
50 West End Trust Co
23
4 Penn. Co. for Ins. on Lives, &o...60614 No. Rights.
$ per right.
2 Penn. Co. for Ins. on Lives, &c...606
122 Fire Assn. of Philadelphia
40
33 Guarantee Trust & S. D. Co._ -181%
84 The National 011 Co., pref., with
Bonds.
Per cent.
21 shares common
$20 lot $1,000 City of Trenton, N.J.,5%s,
9 Bergner & Engel Brew. Co., pref.. 6
1928
101
14 Bergner dr Engel Brew. Co.,com. 1% $1,000 City of Perth Amboy, N.J.,
27 Insur. Co.of Nor. Amer., par $1062
6s. 1926
3 Victory Insurance Co., par 850_ _100% $500 City of Maissoneuve, Can.,5s,1011.4
50 Victory Insurance Co., par 850_ _100
1954
98
12 Reliance Insurance Co., par 850.101
$1,000 Province of Ontario, Can.,
35 Traylor Engineering dr Mfg. Co.,
5s, 1926
10034
preferred
•
52
Miami
8%
$1,000
Conservancy Dist.,
40 Hestonville Mantua At Fairmount
Ohio, 510, 1233
103
Passenger Ry., corn
27
$1,000 Mercer County, Pa., 5%11,
1947
29 Frankford & Southwark Pass.
98
241
$1,000 Township of Wilkes-Barre,
Ry
Pa., Paving & Sewer Is, 1928_..l00
10 Horn dr Hardart Automat Co.of
18
Illinois. pref
8100 Benevolent & Protective Order
of Elks (Phila. Lodge No. 2) gen.
10 Horn dr Hardart Baking Co. of
Philadelphia
176
mtge. (is, 1942
8534
Preferred
Canadian Pacific, corn. (quar.)
Chestnut Hill (quar.)
Chicago & North Western, corn
Preferred
Chic., St. Paul, Minn. & Omaha, pref._
Delaware & Bound Brook (quar.)
Mobile & Birmingham
North Pennsylvania (quar.)
Phila. Germantown & Norristown (qu.)
Piedmont& Northern (quar.)
Pittsb. Bessemer & Lake Erie, pref
Southern Pacific Co.(quar.)
Union Pacific, core. (mar.)
334
234
*750.
*2
"3%
*5
*2
*2
*El
*3
1
$1.50
1%
2%
Public Utilities.
Amer. Power & Light, coin. (guar.).25c.
Corn.(one-fiftieth of a eh.f coin. stk.)
Central Indiana Power,7% Pt. (qu.).-. •1%
& Stock Telegraph (quar)
•I
Laclede Gas Light, corn, (guar.)
*2
.1
Common (extra)
Middle West Utilities, prior lien (mar.)_
1%
Municipal Service, corn. (extra)
40c.
Nat. Power & Light, coin. (guar.)
$1.50
Preferred (quar.)
$1.75
Nebraska Power, pref. (guar.)
1%
Philadelphia Electric, corn. & pf, (qu.). *50e.
Southwestern Power & Light, pref.(qu.) 134
Feb. 16 Holders of rec. Jan. 16
Dec. 31 Holders of rec. Dec. 1
*Holders of rec. Nov.20
Dec.
Dec. 31 *Holders of rec. Dec. 1
Dec. 31 'Holders of rec. Dec. 1
Dec. 31 *Holders of rec. Dec. 1
Nov.20 *Holders of rec. Nov. 19
Jan. 2 *Holders of rec. Dec. 1
Nov.25 *Holders of rec. Nov. 17
*Holders of rec. Nov.20
Dec.
Dec. 15 Holders of rec. Nov. 15
Dec. 1 Holders of rec. Nov. 15
Jan. 2 Holders of rec. Nov.286
Jan. 2 Holders of rec. Dec. 1
Dee.
Dec.
Dec.
Jan.
Dec.
1 Holders of rec. Nov.18
1 Holders of rec. Nov. 18
1 'Holders of rec. Nov.20
2 *Holders of rec. Jan. 2
Dec. 15 Holders of rec. Nov.29
Dec. 20 Holders of rec. Dec. 1
Dec. 1 Holders of rec. Nov. 18
Jan. 2 Holders of rec. Dec. 10
Dec. 1 Holders of rec. Nov. 15
Dec. 15 *Holders of rec. Nov. 17
Dec. 1 Holders of rec. Nov. 15
Banks.
Amer. Colonial Dania' Porto Rico....
Dec. 1 Holders of rec. Nov. 14
4
Extra
Dec. 1 Holders of rec. Nov.14
4
•
Miscellaneous.
American Railway Express (quar.)
$1.50 Dee. 31 Holders of rec. Dec. 154
Amer. Sugar Refining, pref. (quar.).... "1% Jan. 2 "Holders of rec. Dee. 1
Atlas Powder, corn. (quar.)
Dec. 10 Holders of recs. Nov.290
$1
Batchelder & Snyder Co., COM
53.50 Nov. 15 Nov. 5 to Nov. 18
Brookside Mills
Nov. 15 Holders of rec. Nov.104
2
Borden Co., old common (quar.)
2
Dee. 1 Holders of rec. Nov. 15a
Borden Farm Products, corn. (quer.). "82
Dec. 1 *Holders of rec. Nov. 15
Border City Mtg. (quar.)
1
Nov. 15 Holders of rec. Nov. 5a
Brandram-Henderson, Ltd., coin
1
Dee. 1 Holders of rec. Nov. 10
Brill (J. G.) Co.(mar.)
v50
*1% Dec. 1 *Holders of rec. Nov.22
Brunswlek-Balke-Collender, corn
Nov. 1 'Holders of rec. Nov. 12
Butler MIll (quar.).
20. Nov.. 15 Holders of rec. Nov. 116
50
Butte Copper & Zinc
Dec. 10 to Dec. 23
Dec.
California Petrol Corp.,com.(guar.)... *43K
*Holders of rec. Nov.20
Ja
.1n Dec.
Preferred (quar.)
'Holders of rec. Dec. 20
Cleveland Stone (guar.)
Holders of rec. Nov. 15
1% Dec.
Extra
Holders of rec. Nov. 15
1
Dec.
Quarterly
*Holders of rec. Feb. 15
13‘M
Jutr.
e
:1h,
Quarterly
*Holders of rec. May 15
Quarterly
134 Sept. 1 *Holders of rec. Aug. 15
City Ice 4: Fuel (Cleve.)(mar.)
Holders of rec. Nov. 15
2
1m Dec.
Continental Can, pref.(quar.)
Holders of rec. Dec. 200
Jan.
Cumberland Pipe Line (quar.)
Dec. 15 Holders of rm. Nov.29
3
Decker (Alfred) & Cohn, corn
'50
.0
1c. D
1 *Holders of rec. Dec.5
Dec.
ee 15
Preferred (guar.)
*Holders of rec. Nov.20
Dictograph P.*od. Corp., pref. (quar.).. *2
*Holders of rec. Nov.21
Dec.
Dictaphone Corp.. pref. (quar.)
: 1 *Holders of rec. Nov.21
j
Dan
ec
Eastman Kodak, coin. (quar.)
Holders of rec. Nov.29
.2
. Jan.
$
*
75
2
1e
Common (extra)
Holders of rec. Nov.29
Preferred (quar.)
134 Jan, 2 Holders of me. Nov.29
Ely-Walker Dry Goods, corn. (quar.)
254. Nov.29Holders of rec. Nov.19
Essex Company
Holders of rec. Nov. 10
Dec.
$3
Extra
Dec. 1 Holders of rec. Nov. 10
Famous Players-Lasky Corp.,corn.(qu.) 52
Jan. 2 Holders of rec. Dec. 15a
Fay (J. A.) & Egan, corn. (quar.)
Nov. 20 Nov. 13 to Nov.20
1
Preferred (quar.)
ec 20
1
.114f No
Federal Mining & Smelt., pref.(gear.)..
•N
H°
ec. N°
o1vd
.
ei
r8
3 of tro
ov 2
25
D y..
°
Foundation Co., core. (guar.)
$1.50 Dec. 15 Holders of rec. Dec. 1
Preferred (quar.)
81.75Dec. 15 Holders of rm. Dec. 1
General Petroleum, corn. (mar.)
*50c. Dec. 15 *Holders of rec. Nov.29
Glen Alden Coal
"$3.50 Dec. 20 'Holders of rec. Nov.29
Great Northern Iron Properties
Dec. 24 Holders of rec. Dee. 1
$2
Heels Mining (quar.)
*2513 Dee. 15 *Holders of rec. Nov.15
Higbee Company, 2d pref. (quar.)
Dec. 21 Nov.22 to Dee. 1
2
Hollinger Consolidated Gold Mines
Dec. 1 Holders of rec. Nov.13
1
Hoossc Cotton Mills, pref. (quar.)
$1.50 Nov. 15 Holders of rm. Nov. 11
Hydrox Corp.. pref. (quar.)
•134 Dec. 1 *Holders of rec. Nov.21
International Shoe, pref. (monthly)._
50e. Dec. 1 Holders of rec. Nov. 15a
Johnson-Stephens-Shinkle Shoe (qu.).... $1
Nov.30 Holders of rm. Nov. 15
Kuppenheimer (B.) & Co., Inc., core_
Jan. 2 *Holders of rec. Dec. 24
*51
Preferred (quar.)
.1% Dec. 1 *Holdeni of rec. Nov.24
Lanston Monotype Machine (quar.)...... 134 Nov.29 Holders of rec. Nov. 19
Libbey-Oweas Sheet Glass, corn. (quar.) *50c. Dec. 1 *Holders of rm. Nov. 15
Preferred (quar,)
•1% Dm. 1 'Holders of rm. Nov. 15
Mengel Company, preferred (guar.)---- 1% Dec. 1 Holders of rec. Nov.28
Metropol. Paving Brick Co., corn. (qu.) *2
Dec. 1 *Holders of rec. Nov.15
Common (extra)
•2
Dec. 15 *Holders of rec. Dec. 1
Preferred (mar.)
*1% Jan. 1 *Holders of rec. Dec. 15
Montgomery Ward & Co.. prof.(guar.). "1% Jan. 1 'Holders of rec. Dec. 20
Class A stock (quar)
41.75 Jan. 1 'Holders of rec. Dec. 20
Motor Wheel Corp., pref.(mar.)
"254
ov
Munsingwear, Inc. (quar.)
Dec. 15
1 Holde
Holders of rec. Nov.16
National Refining (quar.)
134 Nov.15 Holders of rec. Nov. 1
National Sugar Refining Mar.)
134 Jan. 2 Holders of rec. Dec. 8
Neild Manufacturing (mar.)
3
Nov.15 Holders of rm. Nov.
6
Northern Pipe Line
3
Jan. 1 Holders of rec.
Ogilvie Flour Mills, preferred (mar.)_
13.4 Dec. 1 Holders of rec. Dec. 8
Nov.
20
Old Dominion Iron & Steel
6
Dec. 1 Holders of rec.
Omnibus Corp. pref
*2
Jan.. 2 *Holders of rec. Nov. 15
Packard Motor
'
Car. preferred (quar.)
134 Dec. 15 Holders of rec. Dec. 20
Nov.29
Phoenix Hosiery,first preferred (quar.).
% Dec. 1 *Holders of rec. Nov.
17
•
2262
Name of Company.
When
Per
Cent. Payable,
Miscellaneous (Concluded).
53
Quaker Oats Co.. common (guar.)
4.1
Preferred (quar.)
Quissett Mill, corn. (quar.)
$2
Remington Typewriter, 1st pref.(quar.) 134
First preferred, Series S (quar.)
131
2
Second preferred (quar.)
h2
Second preferred (acct.accum. div.)
Shell Union Oil, corn.(quar.)
52,5e.
2)
Standard 011 (Ohio), corn.(quar.)
Tower Manufacturing, common (quar.)- 575e.
Underwood TYpewriter, com.(quar.)--- 75c.
114
Preferred (quar.)
550c.
United Cigar Stores, com.(quar.)
Common (payable in common stock)_ •1134
*111
Preferred (quar.)
•33i
U. S. Distributing Corp., pref
*1
U.S.Gypsum,common (quar.)
4,5
Common (special)
Common (payable in common stock) 135
Preferred (quar.)
*2
U. S. Realty & I:apt., com.(quar.)_
Preferred (quar.)
114
Valvoline Oil, common (quar.)
•111
Vesta Battery, preferred (guar.)
134
Wamsutta MI113(quar.)
Books Closed,
Days Inclusive.
Jan. 15 *Holders of rec. Dec. 31
Feb. 20 *Holders of rec. Feb. 2
Nov. 15 Holders of rec. Nov. 11
Jan. 1 Holders of rec. Dec. 20
Jan. 1 Holders of rec. Dec. 20
Dec. 20 Holders of rec. Dec. 13
Dec. 20 Holders of rec. Dec. 13
Dec. 31 *Holders of rec. Dec. 10
Jan. 1 Holders of rec. Nov.28
Feb. 1 *Holders of rec. Jan. 15
Jan. 1 Holders of rec. Dec. 6
Jan. 1 Holders of rec. Dec. 6
Dec. 31 *Holders of rec. Dec. 15
Dec. 31 *Holders of rec. Dec. 15
Dec. 15 *Holders of rec. Dec. 1
Jan. 1 *Holders of rec. Dec. 20
Dec. 31 *Holders of rec. Dec. 6
Dec. 31 *Holders of reo. Dec. 6
Dec. 31 *Holders of rec. Dec. 6
Dec. 31 *Holders of rec. Dec. 6
Dec. 15 *Holders of rec. Dec. 5
Feb. 2 *Holders of rec. Dec. 5
Dec. 17 Holders of rec. Dec. 12
Dec. 1 *Holders of rec. Nov.20
Dec. 15 Holders of rec. Nov. 11
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this wool:, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
Atch. Topeka & Santa Fe, com.(quar.)- 131
130
Baltimore & Ohio.corn.(guar.)
1
Preferred (guar.)
2
Central RR.of New Jersey (Var.)
Cleveland & Pittsburgh,reg. guar.(qu.(_ 8734o.
500.
Special guaranteed (quar.)
3
Cuba RR., preferred
231
Delaware & Hudson Co. (quar.)
231
Ga. Sou. dc Florida 1st & 2d pref
Gulf Mobile & Northern, pref. (quar.)-- 131
131
Illinois Central, corn. (quar.)
Internat.Rys.of Cent. Amer..Pt.(qu.)_ 131
New Orleans Texas & Mexico (guar.) - 131
N.Y.Chic. dr St. Louis,com.& pt.(qu.) 131
111
Nofolk & Western, corn. (quar.)
1
Common (extra)
1
Ad). pref. (near.)
231
Ontario & Quebec, debenture stock
75e.
Pennsylvania (quar.)
Plaseurgh West Virginia. pref (guar.) 131
114
Preferred (quar.)
111
Ptttab. Youngst. a, Ash.. Pref.(quar.)
Reading Company, 1st pref.(quar.) _ _ _ 50e.
Books Closed.
Days Inclusive.
Dec. 1 Holders of roe. Oct. 31a
Dec. 1 Oct. 12 to Oct. 13
Dec. 1 Oct. 12 to Oct. 13
Nov. 15 Holders of rec. Nov. 6a
Dec. 1 Holders of rec. Nov. 10a
Dec. 1 Holders of rec. Nov. 10a
Feb2'25 Holders of me Jan 15'25a
Dec. 20 Holders of rec. Nov.28a
Nov.28 Holders of rec. Nov. 14
Nov. 15 Holders of rec. Nov. 1
Dec. 1 Holders of rec. Noy. 7a
Nov. 15 Holders of roe. Oct. 31a
Dec. 1 Holders of rec. Nov.20a
Jan. 2 Holders of rec. Nov. 15a
Dec. 19 Holders of rec. Nov.29a
Dee. 19 Holders of rec. Nov.29a
Nov. 19 Holder:, of rec. Oct. 3Ia
Dec. 1 Nov. 2 to Dec. 1
Nov. 29 Holders of rec. Nov. la
Nov. ill Homer:, of roe No. Is
Feb. 28 Holders of rec. Feb.2'25a
Dec. 1 Holders of rec. Nov.20a
Dec. 11 Holders of rec. Nov. 25a
Public Utilities.
13.1 Nov. 11 Holders of rec. Nov. 154
Amer. Electric Power, pref. (quar.) __
Amer.Superpower Corp.,A & B(No.1)- 1600. Nov. 15 Holders of rec. Nov. 5o
.1K Dec.1
Amer. Telegraph & Cable (quar.)
Amer. Telephone dr Telegraph (quer.)._ 231 Jan15'25 Holders of rec. Dec. 20a
2 y AphY45 Holders of ree.Mar.17'.0,
_
Quarterly.
Amer. Water-Works dr Elec., 1st pf.(qu.) 134 Nov. 15 Holders of rec. Nov. la
131 Nov. 15 Holders of rec. Nov. la
Participating preferred (qual.)
12340. Apr.1'25 Holders of rec. Mar. 15
Aisociated Gas & Elec.. Pref. (extra)
12340. July1'25 Holders of rec. June 15
Preferred (extra)
12340. Oct.1.25 Holders of rec. Sept.15
Preferred (extra)
12310. Jan1'26 Holders of rec. Dec. 15
Preferred (extra)
Dec. 1 Holders of rec. Oct. 31
Brazilian Tr.. Lt.& Pr., ord.(quar.)--. 1
200. Dec. 1 Holders of roe. Nov.150
Brooklyn City RR.((Mara
Sc. Dec. 1 Holders of rec. Nov. 15a
Extra
Dec. 1 Holders of rec. Nov. 140
2
Brooklyn Edison Co. (quar.)
31 Nov. 15 Holders of roe. Oct. 31
Cedar Rapids Mfg.& Power(Mari-Cent. Ark. Ry.& Light, pref.((Nara_ 134 Dec. 1 Holders of rec. Nov.15
Cent.Miss.Val.Elec.Prop..Prof (qu.)_ 114 Dec. 1 Holders of rec. Nov.150
Chic. Rap.Tran. Co.. prior pref.(mthly) 65o. Dec. 1 Holders of rec. Nov. 180
Cleveland Elec. Ilium., 6% prof. (qu.). 114 Dec. 1 Holders of rec. Nov.15
Columbia Gas & Elec.,common (quar.)_ 650. Nov. 15 Holders of rec. Oct. 31a
111 Nov. 15 Holders of rec. Oct. 31a
Preferred, Series "A"(NO. 1)
Connecticut Ry.& Lilt.,com. dc pf.(qu.) IH Nov. 15 Nov. 1 to Nov. 16
Consumers Power,6.6% pref. (mthly.) 550. Dec. 1 Holders of rec. Nov. 15
55c. Jan. 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
114 Jan. 2 Holders of rec. Dec. 15
6% preferred (quar.)
131 Jan, 2 Holders of rec. Dec. 15
7% Preferred (Mar.)
1.65 Jan. 2 Holders of rec. Dec. 15
6.6% preferred (guar.)
Consolidated Gas,N.Y.,common (qu.). $1.25 Deo, 15 Holders of reo. Nov. 110
!Continental Gas& El.Corp.,corn.(qu.) 75c. Jan 125 Holders of ree. Dec. I30
Common(Payable in common stock)_ _ 175c. Jan 1'25 Holders of rec. Dec. 130
114 Ian 1'25 Holders of rec. Dec. 13a
Participating preferred (quar.)
M Jan 1'25 Holders of roe. Dec 134
Participating preferred (extra)
Partic. pref.(payable in corn.stock).. fq fan 1'25 Holders of rec. Dec. 13n
131 Jan 1'25 Holders of rec. Dec. 13a
Preferred (quar.)
134 Ian 125 Holders of ree. Dec. 13s
Prior preferred (quar.)
Duquesne Light. 1st pref.,set. A (guar.) 111 Dee, 15 Holders of rec. Nov. 15a
Dec. 1 Holders of rec. Nov. 15a
Eastern Shore Gas dr Elec., pref. (quar.) 2
Jan. 2 Holders of roe. Dec. 15a
Federal Light dr Traction, corn. (guar.). $1
stk.).
2 Holders of rec. Dec. 15a
Jan.
m7513.
pref.
.
Comm on(pay.In 6%Tuna
114 Dec. 1 Holders of reo. Nov.150
Preferred (quar.)
1
1 Holders of rec. Nov.200
Dec.
-(quar.)corn.
Georgia Ry.& Power,
Jan. 1 Holders of rec. Dec. 20a
2
First pref. cum.8% (quar.)
1 Holders of reo. Dec. 200
Jan.
134
(quar)
7%
cum.
First pref.
Dec. 1 Holders of rec. Nov.20a
1
Second preferred (quar.)
3
Nov. 15 Oct. 25 to Nov. 16
Havana El. Hy.. Lt.& Pow.,com.&pref.
131 Nov. 15 Holders of rec. Oct. 31
Ilium.& Pow.Sectir. Corp., pref.(qu.)_ _ 2
Nov. 15 Holders of rec. Oct. 31
Kaministiquia Power (quar.)
Dec. 1 Holders of rec. Nov. 15
$I
(qu.)
Phila.
of
Keystone Telephone
1 Nov. 16 to Nov. 30
Dee.
2
Massachusetts Gas Cos.. Pre!
Nov. 15 Holders of rec. Oct. 31
Montreal L., H.& P Consd.(qUar.)---- 111 Nov. 15 Holders of reo. Oct. 31
2
(quar.)...
Montreal L., H.& Power Co.
62140. Nov. 16 Holders of rec. Oct. 31
Montreal Water dr Power, corn
Nov. 15 Holders of rec. Oct. 31
Common (payable In common stock). 1$25
334 Nov. 15 Holders of rec. Oct. 31
Preferred
1 Holders of reo. Nov.156
Dec.
3
Light
&
Norfolk R.
Dec. 1 Holders of rec. Nov.20
Northern Texas Elec. Co.,corn'.(quar.). 2
111 Nov. 15 Holders of rec. Oct. 31
Pacific Gas dr Elec., pref. (guar.)
Nov. 15 *Holders of rec. Oct. 31
*4
Pacific Lighting Corp., com. (qu.)
•131 Nov. 15 *Holders of Tee. Oct. 31
Preferred (quar.)
1 *Holders of reo. Nov. 17
Dee.
*134
(qu.)pref.
2d
Power,
Portland Electric
1
- 231 Nov. 15 Holders of tee. Nov.
South Eastern Mass.Pow.& El.
Nov. 15 Holders of reo. Nov. 1
1
Extra
20
Oct.
rec.
of
Holders
15
Nov.
2
(qu.).
corn.
Southern California Edison,
Nov. 15 Holders of rec. Oct. 31
$1
Southern Canada Power (guar.)
234 Nov. 15 Holders of rec. Nov. 7a
Tampa Electric Co. (quar.)
Dec. 1 Holders of rec. Nov. 15
1
Texas Electric Ry.,common (guar.).Holders of rec. Nov. 29
United Gas Improvement, pref. (quar.). 8734e. Dec. 15 Holders of rec. Oct. 25a
Nov. 15
500.
(quar.)....
United Rys. Jr El., Bait.. corn.
of rec. Nov. la
Holders
134 Nov. 15
West Penn Company.7% pref.(quar.)
Miscellaneous,
SI Nov. 15
A111.-Chalmer, air r.. common (quar.)._
American Art Works. corn. & pref.(qu.) 111 Jan. 15
$1 .2S Nov.15
Amer. Ban): Note, corn. (gar.)
1 J an31'25
Preferred (guax.)
1 J an31'25
American Beet Sugar. corn (guar.)
131 Nov. 15
American Can., com.(guar.)
Amer.La Franee Fire Eng.. corn (quar.) 25c. Nov. 15
75o. Dee. 1
American Metal, common (quar.)
131 Dec. 1
Preferred (quar.)
[vol.. 119.
THE CHRONICLE
Holders of roc. Oct. 24a
Holders of rec. Nov la
Holders of rec. Jan10'25a
Holders ofreolan.10'25o
Holders of rec. Oct 31c
Holders of rec. Nov. In
Holders of rec. Nov. 19a
Holders of rec. Nov. 20a
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
40c. Dec. 1 Holders of rec. Nov. 15
American Multigraph (qua?.)
Dec. 31 Holders of rec. Dec. 15a
American Radiator, common (guar.)
/50 Dec. 31 Holders of rec. Dec. 15a
Common (In common stock)
111 Nov. 15 Holders of rec. Nov. lo
Preferred (quer.)
Feb2'25 Holders of rec. Jan. 15'25
American Shipbuilding, com. (quar.).-- 2
Wy1'25 Holders of rec. Apr.15'25
2
Common(quar.)
Aug.I 25 Holders of rec. July 15'25
2
Common(guar.)
111 Dec. 1 Holders of rec. Nov. 7a
Amer. Smelt. dc Ref., pref. (quer.)
Amer. Soda Fountain (Mar.)
131 Nov. 15 Holders of rec. Oct. 31
American Tobacco, com.& com. B (211.) 331 Dec. 1 Holders of rec. Nov. 15a
Associated Dry Goods, 1st pref. (grist.). 131 Dec. 1 Holders of rec. Nov. 8
Second preferred (guar.)
111 Dec. 1 Holders of rec. Nov. 8
134 Dec. 31 Holders of rec. Dec. 20
Atlantic Steel, common
I.34 Jan 1'25 Holders of rec. Dec. sod
trabcocs 4 Wilcox Co.(guar.)
Quarterly.
131 Aprl'25 Holders of rec Mar.20'250
Nov. 15 Holders of rec. Oct. 31a
Beacon Mfg., com.(guar.)
2
Preferred (guar.)
154 Nov. 15 Holders of rec. Oct. 310
Beacon Oil. preferred (quar.)
11.876 Nov. 15 Holders of roe. Nov. 1
Beech-Nut Packing, common (extra)... 60c. Dec. 10 Holders of rec. Dec. la
Jan. 2 Holders of rec. Dee. lo
Bethlehem Steel Corp.. 8% pref.(guar.) 2
Seven per cent pref. (quar.)
111 Jan. 2 Holders of rec. Dec. lo
Bond Jr Mortgage Guarantee (guar.)... 411 Nov. 15 Holders of roe. Nov. 8
Borden Company, preferred (quar.)
131 Dec 15 Holders of rec. Dec. la
Nov. 15 Holders of rec. Oct. 310
Brompton Pulp Jr Paper, Prof.(quer.).- 2
Dec. 1 Holders of roe. Nov.20a
Brown Shoe, corn. (quar.)
$1
Brunswick-Balke-Collender, com.(qu.)- 134 Nov. 15 Holders of rec. Nov. ma
Dec. 15 Holders of roe. Nov.20
$I
Buckeye Pipe Line (quer.)
Burns Bros.. corn. Cl. A (quar.)
$2.50 Nov. 15 Holders of rec. Nov. la
Common,class B (quar.)
500. Nov. 15 Holders of rec. Nov. la
Butler Brothers (quar.)
6231c. Nov. 15 Holders of roe. Oct. 28
California Packing Corp.(guar.)
$1.50 Dec. 15 Holders of rec. Nov.200
111 Dec. 1 Holders of rec. Nov.15
Campbell Soup, prof.(quar.)
(quar.)
111 Nov. 15 Holders of rec. Oct. 3I0
Canada Cement, pref.
131 Nov. 15 Holders of rec. Oct. 31
Canadian Converters, Ltd.(quar.)
Nov.15 Holders of rec. Nov. 70
Casein Co. of Amer.(of Del.) (quar.)
Nov.15 Holders of rec. Nov. 7a
Extra
231 Nov. 15 Holders of roe. Nov. la
Casey-Hedges Co. (quar.)
2
Nov.15 Holders of rec. Oct. 310
Celluloid Co., pref. (quar.)
Centrifugal Pipe Corp.(quar.)
3734c. Nov. 15 Holders of rec. Nov. 17
1,‘ Dec. 1 Holders of rec. Nov.15a
Century Ribbon Mills, prof.(quar.)
C.G.Spring Jr Bumper,corn,(quar.)_ _ _ se. Nov. 15 Holders of rec. Nov. 7
'134 Dec. 1 *Holders of rec. Nov.20
Chicago Flexible Shaft, pref. (Qua?.)
534 Nov. 15 *Holders of rec. Nov. 7
Chicago MIII Jr Lumber. corn, (gust.)
33 1-3c Dee. 1 Holders of rec. Nov. 206
Chicago Yellow Cab (monthly)
62340 Dec. 29 Holders of rec. Dec. 30
Chill Copper (guar.)
Cities Service Co.04 Dec. 1 Holders of rec. Nov. 15
Common (mthly., pay.in cash scrip)_
Corn.(mthly., pay.In com.stk.scrip). e131 Dee. 1 Holders of rec. Nov. 15
11 Dec. 1 Holders of rec. Nov. 15
Preferred and pref.B(monthly)
Dec. I Holders of rec. Nov.200
2
City lee Fuel(Clevelandangliar.)
134 Nov. 15 Holders of too. Nov. 100
Clinchfleld Coal Corp., common
$1 .75 Dec. 30 Holders of rec. Dee. 150
Coca-Cola Co., corn, (quar.)
354 Dec. 30 Holders of rec. Dec. 15a
Preferred
Nov.26 Holders of rec. Nov. 100
2
Colorado Fuel Jr Iron, pref. (guar.)...
Comml Invest. Trust Corp.,com.(qu.). 630. Nov. 15 Holders of rec. Oct. 310
A
el.
5$1 Nov. 15 Holders of rec. Nov. 5a
Commercial Solvents Corp.,
114 Dec. 1 Holders of rec. Nov. 15a
Congoleum Co.. preferred (quar.)
111 Dec. 1 Holders of roe. Nov.15o
prof.
(quar.)
Corp.,
Consolidated Cigar
In Dee. 1 Holders of rec. Nov.20
Consolidation Coal, pref. (guar.)
Nov. 15 Holders of roe. Nov. fro
$I
Continental Can, Inc., corn.(quar.)-*500. Dec. 15 *Holders of roe. Nov.15
Continental 011 (guar.)
114 Dec. 1 Holders of rec. Nov. 150
Cosden Jr Co., pref. (guar.)
Dec. 31 Dee. 16 to Dee. 31
Craddock-Terry Co.. common (guar.)... 3
Dec. 31 Dee. 15 to Dec. 31
First and second preferred
314 Dec. 31 Dee. 15 to Dec. sr
Class C preferred
$1 Dec. 1 Holders of roe. Nov.15
Cuba Co.,common (quar.)
750. Deo, 1 Holders of rec. Nov.15*
Cushman Jr Sons, corn. (gusr.)
(quar.)
Dee. 1 *Holders of rec. Nov.15a
preferred
*154
cent
Seven per
$2 Dee. 1 Holders of rec. Nov. 15a
Preferred (88) (guar.)
134 Dec. 20 Holders of rec. Dec. 6a
Davis Mills(guar.)
75e. Dec. 1 Holders of rec. Nov. 15o
Deere Jr Co., preferred (quar.)
14 Doe. 10 Nov.26 to Nov.30
Detroit Brass Jr Malleable Wks.(mthly.)
31 Jan. 10 Dec. 26 to Dec. 31
Monthly
2
Dec. 15 Holders of rec. Nov.29a
Diamond Match (guar.)
1
Nov. 15 Holders of rec. Oct. 31
Dominion Bridge(guar.)
Nov. 15 Holders of rec. Nov. 5n
El
Dow Chemical, corn. (guar.)
144 Nov. 15 Holders of rec. Nov. 50
Preferred (quar.)
(quar.)
pref.
Co.,
Jr
1 Holders of rec. Nov. 150
Dec.
134
Morse
Fairbanks,
Deo, 1 Holders of rec. Oct. 31
Fam.Players Can. Corp., let pt.(qu.)._ 2
Firestone Tire Jr Rubber,7% prof.(qu.)_ 114 Nov. 15 Holders of rec. Nov. 1
75o. Jan l'25 Holders of roe. Dec. 154
Fleishmann Co., common (Wm.)
10
Nov. 15 !folders of rec. Nov. 6
Ford Motor of Canada
(guar.)
pref.
111 Deo, 1 Holders of roe. Nov. 14a
Gdneral Asphalt,
134 Dec. 1 Holders of rec. Nov.220
General Cigar, pref. (guar.)
114 Jan 2'25 Holders of rec. Dec. 230
Debenture preferred (guar.)
250. Nov. 20 Holders of reo. Nov. 104
General Development(mum)
114 lan2'25 Holders of rec. Dec. 20
General FirepmetIng. prof. (guar.)
51 .25 Dee. 12 Holders of rec. Nov. 17a
General Motors, com.(guar.)
124 Feb. 2 Holders of rec. Jan. 50
Seven per cent pref. (guar.)
stock
debenture
(quar.)
cent
per
Six
131 Feb. 2 Holders of rec. Jan. fla
134 Feb. 2 Holders of rec. Jan. 50
Six per cent Prof. (guar.)
Dee. 1 Holders of reo. Nov. its
$3
Gillette Safety Razor (guar.)
Dee, 1 Holders of rec. Nov. el
05
Stock dividend
114 Jan. 2 Holders of rec. Dec. 20o
Goodrich (B. F.) Co., pref.(guar.)
25c. Dec. 1 Holders of rec. Nov. 20
Gossard (H. W.)Co.(monthly)
Nov. 15 Nov. 9 to Nov. 15
2
Great Lakes Dredge Jr Dock (quar,) _ _
Greenfield Tap Jr Die,6% prof.(quar.. 134 Jan. 2 Holders of rec. Dec. 13
13% preferred (guar.)
Jan. 2 Holders of rec. Dec. 13
2
Jan. 2 Holders of rec. Dec. 150
2
Guantanamo Sugar, pref. (guar.)
preferred
first
Steel,
States
(guar.)
Jan2'25 Holders of rec. Dee. 150
134
Gulf
131 Jan2'25 Holders of roe. Dec. 15o
Second preferred (Muir.)
25o. Nov. 15 Holders of rec. Nov. 100
Hall(C. M.)Lamp Co
Harbison-Walk. Refract., corn. (guar.). 134 Dee, 1 Holders of roe. Nov.20a
Preferred (guar.)
111 Jan. 20 Holders of rec. Jan. 10a
Hartman Corporation(guar.)
Dec. 1 Holders of rec. Nov. 17a
$1
Hart. Schaffner Jr Marx,'no..com.(qu.) 114 Nov.29 Holders of rec. Nov. 17a
Hayes Wheel,common (quar.)
750. Dee. 15 Holders of rec. Nov.290
Preferred (quer.)
134 Dec. 15 Holders of rec. Nov.29
Hibbard, Spencer, Bartlett Co.(mthly.) 35e. Nov.28 Holders of ree. Nov. 21
Monthly
350. Dec. 26 Holders of rec. Dec. 19
19
150. Dee. 26 Holders of rec. Dee. 20a
Extra
500. Nov.25 Holders of rec. Nov. 150
Homestake Mining (monthly)
Nov.
reo.
of
Holders
750. Dec. 1
Household Products (guar.)
Nov.28
Imperial Oil, Ltd.(quar.)
n75o: Dee. 1 Nov. 16w to Dec.
120
25e. Dee. 31 Holders of rec. Oct. 17
Independent 011 Jr Gas(guar.)
Nov. 11 MI!ors of rec.
Indiana Pine Line (guar.)
SI
Dec. 1 HolderS of rec. Nov. 14n
Ingersoll-Rand Co., common Mari_ _ _ 2
6214c Dec. 1 Holders of rec. Nov. 14a
Inland Steel,common (guar.)
131 Jan. 1 Holders of rec. Dec. 15s
Preferred (guar.)
(goat,)..
131 Dee. 1 Holders of rec. Nov. 10a
International Harvester, pref.
Interstate Iron Jr Steel, preferred (guar.) •111 Dec. 1 *Holders of roe. Nov. 20
Nov. la
Intertype Corporation,com.(quar.)__ _ _ 25c. Nov. 17 Holders of rec.
Nov. 17 Holders of roe. Nov. 1
Common (payable in common stack).. 110
$1.50 Dec. 1 Holders of roe. Nov.15a
Iron Products Corp., corn..(quar.)
Nov. 15 Holders of rec. Nov. 3a
2
Prefe7red (quar
134 Nov.15 Holders of rec. Oct. 310
Kelvinator Corp.(quer.)
Dec. 1 Holders of rec. Nov.20a
2
(griar.)
pref.
Co.,
R.)
(G.
Kinney
Dec. 1 *Holders of rec. Nov.22
Lake of the Woods Milling, coin. (du.). *3
•131 Dec. 1 *Holders of rec. Nov.22
Preferred (guar.)
Nov.29 Holders of ree. Oct. 31a
$1
Lehigh Coal Jr Nay,(quar.)
Holders of rec. Nov. 17a
Dec.
Liggett&MyersTob.,corn.drcorn.B(MO 3
Holders of rec. Nov. 15a
Dec.
1
Lima Locomotive Works (corn. quer.)_ _
Loew's Boston Theatres Co..corn.(qu.)_ 250. Nov. 1 Holders of rec. Nov. 1
Holders of too. Nov. 18a
111 Doe.
Lord Jr Taylor, 1st pref.(Oar.)
Holders of reo. Nov. 6
Doe.
$2
Ludlow Mfg. Associates (quar.)
Holders of rec. Nov. 6
Doe.
$2
Extra
Holders of rec. Nov.18a
131 Dec.
Manati Sugar(quer)
Holders of rec. Feb. 140
131 Mar.
Quarterly
Holders of roe. May 15a
131 June
Quarterly
Holders of rec. Aug. 15a
13;
I
Sept.
Quarterly
Nov. 15 1924.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Manhattan Shirt, corn. (guar.)
750. Dec. 1 Holders of rec. Nov. 17a
Martin-Parry Corp. (guar.)
Si Dec. 1 Holders of rec. Nov. 150
May Department Stores, corn.(guar.)
81.25 Dec. 1 Holders of rec. Nov.15a
*1,4
Preferred (guar.)
Jan. 2 *Holders of rec. Dec. 150
AleCrory Stoma Corp.. corn. A & B(:01.) fl
Dec. 1 Holders of rec. Nov.20a
McIntyre Porcupine Mines, Ltd. (qu.)
Dec. 1 Holders of rec. Nov. la
5
Mercantile Stores Co.. Inc
Nov. 15 Holders of rec. Nov. 1
$5
Merrimack Mfg., common (guar.)
114 Dec. 1 Holders of rec. Oct. 27
Mexican Seaboard 011 (guar.)
50e. Nov. 15 Holders of rec. Oct. 21a
Miami Copper (quar)
50e. Nov. 15 Holders of rec. Nov. la
Miller Rubber. Prof.(quar.)
Dee. 1 Holders of rec. Nov.10
2
Prof.(acct. accum. dividends)
Dec. 1 Holders or rec. Nov.10
hl
Mutual 011 (guar.)
*12)4c Dec. 15 *Holders of rec. Nov.15
National Biscuit, corn. (guar.)
75e. Jan. 15 Holders of rec. Dec. 31a
Common (extra)
Nov. 15 Holders of rec. Oct. 31a
1
Preferred (guar.)
131 Nov.29 Holders of rec. Nov. 154
National Cloak & Suit, pref. (quar.)._
154 Dec. 1 Holders of rec. Nov. 250
National Dept. Stores, 2d pref. (quar.)_
154 Dec. 1 Holders of rec. Nov. 15a
Nat. En tmei & strut . wet.(guar.).- • I% nee. Si Holders of rec. Dec no
National Lead, pref.(guar.)
144 Dec. 15 Holder's of rec. Nov.21a
National Supply of Delaware, com.(qu.) 75c. Nov. 15 Holders of rec. Nov. 5a
New Cornelia Cooper (guar.)
25c. Nov.24 Holders of rec. Nov. 70
New York Air Brake class A stock (qu.)_ 31.
Jan2'25 Holders of rec. Dec. 3a
'low York Canners, Inc.. first preferred _ 3
Febt'25 Hold,of rec. Jan.22' 260
Seem)d preferred
4
Febl'25 Hold,of rec. Jan.22'25n
Ohio Copper Co. of Utah (No. 1).
Sc. Dec. 2 Holders of rec. Nov. 14a
Ontario Steel Products, corn. (guar.)._ _ 1
Nov. 15 Holders of rec. Oct. 31
Preferred (guar.)
134 Nov. 15 Holders of rec. Oct. 31
Onyx Hosiery. pref. (quar.)
1% Dec. 1 Holders of rec. Nov.17a
Orpheum Circuit, corn.(monthly)
1214c Dec. 1 Holders of rec. Nov.200
Owens Bottle, common (guar.)
75c. Jan. 1 Holders of rec. Dec. ler
Preferred (guar.)
1% Jan. 1 Holders of rec. Dee. 16a
Package Machinery Co.. corn
$I
Dec. 1 Holders of rec. Nov.20a
Patchogue-Plymouth Mills, common..
$1 Dec. 15 Holders of rec. Nov. 18
Preferred (guar.)
2
Dec. 1 Holders of rec. Nov. 18
Penrnans. Ltd., corn. (guar.)
2
Nov 16 Holders of rec. Nov. 5
Permanent Mtge.Co.. Preferred (extra). 134 FebS25
Pittsburgh Steel, preferred (guar.)
1% Dec., 1 Holders of rec. Nov. 15a
Procter & Gamble Co.,corn.(quar.)
5
Nov. 15 Holders of rec. Oct. 250
Producers Oil Corp., prof. (guar.)
2
Nov. 15 Holders of rec. Oct. 31
Pullman Company (quar.)
2
Nov. 18 Holders of rec. Oct. 31a
Pure Oil, common (guar.)
3754e Dee. 1 Holders of rec. Nov. 15a
Quaker Oats, preferred (guar.)
Nov.29 Holders of rec. Nov. la
Itynolds Spring, class A & B (guar.)._ _ 1)4
131 Jan. 1 Holders of rec. Dec. 15
Rosenbaum Grain Corp.. prof.(quar.).. *2
Nov.15 *Holders of rec. Nov. 7
St. Joseph Lead (guar.)
50c. Dec. 20 Dec. 10 to Dec. 21
St. Louis Cotton Compress (quar.).. 1
Oct. 31 Oct. 29 to Oct. 31
Savage Arms Corp., first pref. (quar.)-- •1% Jan. 2 *Holders of rec. Dee. 15
Second preferred (guar.)
•114 Feb. 16 *Holders of rec. Feb. 2
Second preferred (guar.)
1)4 Nov. 15 Holders of rec. Nov. la
oettulte Retail Stores. common (guar.)
m2
Dec. 1 Holders of rec. Nov. 15a
Preferred (guar.)
Jan 1'25 Holders of rec. Dec. 15a
2
Scotten-Dillon Co. (guar.)
Nov. 15 Nov. 6 to Nov. 16
3
Extra
Nov. 15 Nov. 6 to Nov. 16
2
Shell Union 011, Prof.(guar.)
1% Nov. 15 Holders of roe. Oct. 200
Sherwin-Williams Co., common (guar.). 2
Nov. 15 Holders of rec. Oct. 31
Common (extra)
1
Nov. 15 Holders of rec. Oct. 31
Preferred (guar.)
I% Dec. 1 *Holders of rec. Nov. 150
Simon (Franklin) & Co., pref. (quar.).._
ji Dec. 1 *Holders of rec. Nov.19
Sinclair Consol. Oil, pref. (guar.)
Nov. 15 Holders of rec. Nov la
2
Sloss-Sheffield Steel & Iron, pref. (qu.). •13,‘ Dec. 20 *Holders of rec. Dec. 9
Smith (A. 0.) Corp., common (guar.)._ 25c. Nov. 15 Holders of rec. Nov. 1
Preferred (guar.)
134 Nov. 15 Holders of rec. Nov. 1
Southern Pipe Line (War.)
Dec. 1 Holders of rec. Nov.15
2
Spalding(A.G.)& Bros., 1st Prof.(qu.)_ 1% Dec. 1 Holders of roe Nov. 19
Second preferred (guar.)
Dec. 1 Holders of rec. Nov. 19
2
Standard Miffing, corn. (guar.)
lg Nov. 29 Holders of rec. Nov. 19a
Preferred (guar.)
1% Nov.29 Holders of rec. Nov. 196
Standard Oil(Calif.)(guar.)
50c. Dec. 1 Holders of rev. Nov. 17a
Standard 011 (Indiana) (guar.)
'62)4c Dec. 1 *Holders of rec. Nov.15
Standard 011 (Nebraska)
6
Dec. 20 Nov.20 to Dec. 20
Standard 011 of N. Y.(guar.)
*35c. Dec. 1 *Holders of rec. Nov.21
Standard Oil (Ohio), pref.(guar.)
15( Dec. 1 Holders of rec. Oct. 24
Standard Sanitary Mtg., common (qu.). $1.25 Nov. 1 Holders of rec. Nov. 6
Preferred (guar.)
1% Nov. 15 Holders of rec. Nov. 6
Stern Brothers. 8% pref.(guar.)
Holders of rec. Nov. 15a
2
Dec.
Stewart-Warner Speedometer (quar.)__ 81.25
Nov. 1 Holders of rec. Oct. 310
Studebaker Corp., common (guar.)._ _ 81
Dec. 1 Holders of rec. Nov. 106
Preferred (guar.)
Dec.
Holders of rec. Nov. 10a
Thompson (John R.) Co., corn. (mthly.) 1%
1
Dec. 1 Holders of rec. Nov. 24
Timken-Detroit Axle, prof.(guar.)
'134 Dec. 1 *Holders of rec. Nov.20
Timken Roller Bearing (guar.)
75
Dec. 5 Holders of rec Nov. 18a
Extra
Dec.
25
Holders of rec. Nov.180
Tobacco Products Corp., cl. A (quar.)
151 Nov. 15 Holders of roe. Oct. 310
Union-Buffalo Mills, first preferred
3% Nov. 15 Nov. 9 to Nov. 16
Second preferred
234 Nov. 1 Nov. 9 to Nov. 16
Union Tank Car, common (guar.)
1.% Dec.
Holders of rec. Nov. 100
Preferred (guar.)
Holders of rec. Nov. 100
131 Dee.
United Drug. common (guar.)
.M) Dec. 1 Holders of roc. Nov. I5a
Second preferred (guar.)
$1.50 Dec. 1 Holders of rec. Nov. 150
United Dyewood, pref. (guar.)
154 Jan2'2 Holden of rec. Dec. 156
United Fruit ((roar.).
2)4 Jan.2'2. Holders of rec. Dec. 6a
U.S. Cast Iron Pipe & Fdy., Pref.(qu.)
1% Dec. 1 Holders of rec. Dee. la
Preferred (extra)
hl
Holders of rec. Dec. la
Dec.
U. S. Hoff. Machinery, corn. (No. I)._ 5007. Dec. 1 Holders of rec. Nov.
United States Steel Corp.,corn.(guar.). 134 Dec. 30 Nov.29 to Dec. 200
1
Common (extra)
M Dec. 3 Nov. 29 to Dec. 1
Preferred (guar.)
Nov.29 Nov. 4 to Nov. 5
134
Universal Pipe dt Radiator, Pref. (qu.)
151 Dec.
Holders of rec. Nov.170
Prof.(acct. accum. dist.)
11134 Dee.
Holders of rec. Nov. 17
Vacuum Oil (guar.)
•500. Dec. 2 *Holders of rec. Nov.29
Extra
•$1
Dec. 2 *Holders of rec. Nov.29
Van Raalte Co., 1st pref.(guar.)
1% Dec.
Holders of rec. Nov. 17a
Vapor Car Heating. preferred (quar.)
1s4 Deo. It Dec. 2 to Dee 10
Wahl Company, pref. (guar.)
1% Jan.
Holders of roe. Dec. 26a
Warwick Iron & Steel (guar.)
30c. Nov. 1 Nov. 1 to Nov. 16
Welch Grape Juice Co.. prof. (guar.)._ 1% Nov.29
Holders of rec. Nov.20
White (J. G.) dr Co., Inc., pref. (guar.). 1% Dec.
Holders of rec. Nov. 15
White (J. G.) Engineering. pref. (guar.) 1% Dee.
Holders of rec. Nov. 15
White(J. G.) Manart Corp., pref.(qu.) 1% Dec.
Holders of rec. Nov. 15
White Motor (guar.)
$1
Dec. 3 Holders of rec. Dec. 20a
Will& Baumer Candle,common (quar.)_ 25c. Nov. 1 Holders of rec. Nov.
la
Wolverine Portland Cement
1% Nov. 15 Holders of rec. Nov. 5
Wooriley Petroleum (guar.)
40e. Dec. 20 Holders of rec. I tee. 15
Woolworth (F. W.)Co.(quar.)
75o. Dec.
Holders of rec. Nov. 101
Wright Aeronautioal Corp.(guar.)
250. Nov.2 Holders of roe. Nov. 14a
Wrigley (Wm.) Jr., &
Monthly
25c. Dec.
Holders of rec. Nov.207
Monthly
230. Jan.
Holders of rec. Dec. 20a
25c. Feb.
Monthly
Holders of rec. Jan. 207
Monthly
25c. Mar.
Holders of rec. Feb. 20a
Wurlitzer(Rudolph) Co.8% pref.(qu.)
2
Dec.
Nov.21 to Dec. 1
Yellow Cab lls Clf199 B (monthly)_
1-101410,1 nf re' Voo.
41trc lice.
York Manufacturing
Dec.
$3
Holders of rec. Nov. 7
•From unofficial sources. t The New York Stock Exchange has ruled that stock
dB not be quoted ex-dividend on this date and not until further notice.
I The.
New York Curb Market Association has ruled that stock will not be Quoted
ex.
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction.
Payable In noes
I Payable in common stock.
o Payable in scrip PI On account of at:cue:mimed
dividends. m Payable in preferred stock. n Payable in Canadian funds.
Annual dIvIdeno,for 1924,all payanle In equal quarterly Installment.,on ADM 1.
July 1 and Oct. 1 1924 and Jan. I 1925 have been declared its follow,: On the coinMon stock $3 each and $3 In common stock: on the participating preferred the regular
'1% and extra dividends of 1% In cash and 1% In common stock: on the preferred
scot* regular e
or the prior Preferred stock regular 7%
o N. Y. Curb Market rules that Gillette Safety RAW shall be quoted ex-the
,took dividend on Dec. 1 (not Nov. 1).
to N.Y. Curb Market rules that Imperial 011 (Canada) be not quoted ex
-dividend
until Dec. 1.
2263
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 Nov.8. The
figures for the separate banks are the avergaes of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Weekly
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers [000) omtued.)
Capl
New
Reserve
Profits. Loans,
Week Ending
Discount, Cash
with
Net
Time Bank
Nov. 8 1924 Nat'l, Oct. 10 InvestLegal Demand
en
De- "CuState, Sept. 29 merits. Vault. Deport- DeposUs. posits. lo.Cos.Sept. 29
cite.
(000 omitted.)
tortes.
tion.
Members of Fed. Res. Bank.
Bank of N Y &
$
$
Trust Co___ 4,000 12,356
Bk of Manhat'n 10,000 11,464
Mech & Met Bk 10,000 16,020
Bank of America 6,500 5,622
Nat City Bank. 40,000 54,355
Chem Nat Bank 4, ii 16,857
Nat Butch & Dr 1,
262
Amer Exch Nat 5,000 8,07
Nat Bk of Corn_ 25,000 39,854
Pacific Bank__ 1,000 1,742
Chat&Phen Na 10,500, 9,357
Hanover Nat Bk 5,000 23,096
Corn Each Bank 10,000 13,204
Nat Park Bank. 10,000 23,870
East River Nat. 2,100 1,952
First National_ 10,000 62,690
IrvinglIk-ColTr 17,500 12,03
Continental Bk_ 1,000 1,038
Chase National_ 20,000 25,141
Fifth Ave Bank
II 2,706
Commonwealth.
600 1,
Garfield Nat__ _ 1,000 1,680
Fifth National. 1,200 1,301
Seaboard Nat.._ 4,
7,788
Coal & Iron Na
1,341
1,5
Bankers Trust_ 20,000 25,913
US Mtge &
3,000 4,487
Guaranty Trust 25,000 18,988
Fidel-In
2,000 2,142
N Y Trust Co._ 10,000 19,09
Metropolitan Tr 2,000 4,096
Farm Loan & Tr 5,000 17,363
Equitable Trust 23,000 11,191
Average Average At/eras
Average Average Meg'.
$
74,024
54,157 9,16
714 7,263
158,121 2,505 17,748
.
91 iv,
27
10
11
183,654 3,429 22,750
85,223 1,747 12,083 .6
1190
814
2728194
:
4
318
21 4------664,710 4,967 75,606
71,886 956
134,827 1,186 16,481
124
46
4,5
8
7
12
91 1
6,511
852
63
5.308
110,510
89 13,585
96,721 9,998 4.931
354,255 1,281 42,399
321,89 16,103
_
31,273 1,035 4,226
29.771 2,955
162,083 4,635 18,436
125.106 33,702 5,19-39
127,67
550 14.695
112,95
202,296 6,682 25,912
183,803
:
8_,3317
179,683
980 18,477. 140,335 8,905
3,399
24,472 7,155 500
31,602 1,2
326,324
403 32,014 239.305 30,121 7,424
295,239 3,445 37,567; 281,063 32,856
772
162
5.637
452
7,40
381,319 4,171 47,898 358,058 27,965 1,088
23,553
24.0021
803 3,149
1,468
10,628
44
13,02
43
1,888
15,222
16,418
394
5
17,029 1,262 250
19,269
232 2,288
99,181 4,388
102,036
90 31,207,
60
17,379 2,003
20,505
291 2,330
409
38,709 *305,435 40,648 -.337,889
9
45,9531 9,082 -56,901
761 6,281
477,94
1,510 50,950 11'456,391 54,879 -18,01 1,799
20,37
384 2,448
67- 21,347, 150.49 30,596
185,051
621 5,550,
41,396, 3,3.58
45,642
14,908' *113,572 25,832
4
137,79
1,476 31,8391 *300,850 30,102
269,03
--
Total of averages 291,900460,167 5,242,16
49,998608,5251c4,497,025534,53032,127
Totals, actual co ndition Nov. 85,155.06 52,566 707,276c4,464,580 539,739132,150
Totals, actual co ndition Nov. 1 5,324.07 46,146630.548 c4,558,247 549,520132,140
Totals, actual co ndition Oct. 255,308,17 49,726600,89tc4,545,775 545,56 2,394
State Banks lNotM mbers
5,0941of Fed'I Res've rank.
Greenwich Ban
1,000 2,455 20,529 1,847 1,877
20.551
765
Bowery Bank__
250
917
2,584 1,967
545,
5,170
332
State Bank.... 3,500
32,816 60.837
97,173 3,9161 2,2231
Totalofcveracesj 4,750 8.4671 122,872 6,095 4,6451
55,951 63,569
Totals, actual co ndition Nov. 8 123,424
4,7781
Totals, actual condition Nov. 1 123,907 6,092
5,963 4,7031
Totals, actual condition Oct. 251 123,534 6,180 4,4281
Trust Compan les NotMem rs of Fed 'I Res'ye Ban k.
Title Guar & Tr 10,000 15,21
57,787 1,498
9331 4,072
LawyersTit&Tr 6,000 6,16
28,256
1,699
56,530 63,591
57,106 63,535
56,765 63.508
Total of averages 16,000 21,3
2,4311 5,771
54,067
2,912
2,371
2,24
2,3
53,037
53,850
53,485
2,927
2,909
2,822
Totals, actual co nffition Nov. 1
Totals, actual condition Nov. 1
Totals, actual co ndition Oct. 25
85,515
85,467
85,253
5,71
5,87
5,901
36,836
17,231
1,994
918
1
Gr'd aggr.. av 312,650490.0205,451,084 58.524618.94114,607.043601,011 2,127
Comparison wi h.prev. week_ -50,196 +675-5,522 -44,850-11.231 -312
Gr'd neer., act' cond'n Nov. 85.364,008
4,574,147 606,257 32,150
Comparison wit h prey. week_ _ -169,619 61,029717,780
+6,677 +76657 -9.5,056 -9,707 +10
Gr'd aggr.. ace! condo Nov. 15.533,627 54,352641,123 4,669,203615,964 32,140
Gr'd aggr., act./ cond'n Nov. 1
58,348611,220 4,656,025611,89732.394
Ord agar., aa't cond'n Oct. 2515.516,959
5,459,205 57,305653,231 46,57.672 593,549 12,288
Gr'd seer.,eel cond'n Oct. 18 5,465,074 59.017619,303
4,626,640 592,21032,319
Gr'd aggr.. net cond'n Oct. 45,543,328 58,868
663,250 4,694,067 580,872 32,353
Gird aggr., curl cond'n Sept.27 5.528,499 55.188594,872. 4,638,640 589,881 32,409
Note.-U. S. deposits deducted from net demand deposits in the genera totaP
above were as follows: Average.total
Nov. 8, $32,279,000; actual totals, No. 8.
$31,800,000; Nov. 1,832,501,000; Oct.25,832,501,000;
Oct. 18,333,201,000! Oct. 11
$35,508,000. Bills payable, rediscounts acceptances and other liabilities, average
for weeks Nov. 8, $474,109,000: Nov.
'1, $465,166,000: Oct. 25, $438,068,000;
Oct. 18, $445,676,000; Oct. 11, 8438 768 000. Actual totals Nov. 8, 8532,483,000;
Nov. 1,8497,022,000; Oct. 25, $455,733
;
000; Oct. 18, S439,706,000; Oct. 11. 8422,936,000.
• Includes deposits In foreign branches not included in total footings as follows
National City Bank,8131,255,000; Bankers
Trust Co.. $18,330,000: Guaranty Trust
Co., $78,373,000: Farmers' Loan & Trust Co., $7,430,000; Equitable Trust Co.,
$64,051,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, 817,304,000; Bankers Trust Co., 8966.000:
Guaranty Trust Co.,$8,306,000; Farmers' Loan & Trust Co., $7,430,000; Equltable
Trust Co., $7,324,000. •c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANK'S
AND TRUST COMPANIES.
Averages.
Reserve
Cash
In
Reserve
In Vault. Depositories
Members Federal
Reserve Bank
State banks*
Trust companies•
6,095,000
2,431.000
Total
Reserve.
a
Reserve
Required.
$
$
608,525.000 608,525,000 600,649.150
4,645,000 10,740,000 10,071,180
5,771,000 8,202.000 8,110,050
Surplus
Reserve.
$
7,875,850
668,820
91,950
Total
8,526,000 616,941,000 627,467,000 618,830,380
Total Nov. L._
8,323,000 624,463,000 632,786,000 625,021,870 8,636,620
Total Oct. 25._ 8,282,000 629.059.000637,341.000 628,227,430 7,764,130
Total Oct. 18_ _
8.470.000 624.054.000 632,524.000 619.440.010 9,113,570
13,083.990
Not members of Federal Reserve Bank.
a This Is the reserve required on the net demand deposits in the case
of
State
banks
and trust companies, but in the case of members of the
Federal Reserve Bank
Includes also amount in reserve required on net time deposits,
which
Nov.8,816,035,900:Nov. 1,51)375,620; Oct.25,815,917,250; Oct. was as follows:
18,815.776,730
Actual Figures.
Cash
Reserve
Sn
Reserve
in Vault. Depositories
Members Federal
Reserve Bank_
State banks
Trust companies_ _ --
[Vol:. 119.
THE CHRONICLE
2264
6.092.000
2,371,000
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS
$
$
707,276,000 707.276,000 596,587,570 110,688,430
694,600
4,778,000 10,870,000 10.175,400
141,450
5,726,000 8.097,000 7,955,550
Total Nov. 8_ - - 8,463.000 717,780,000 726,243,000 614,718.520 111,524,480
Total Nov. 1._ - 8,208.000 841.123,000 649,329,000 627,414.290 21,914,710
Total Oct. 25
8,522,000 611,220,000 619,742.000 825,558,210 -5,816,210
TotalOct. 18
8,327,000 853,231.000 861.558.000 825,185,320 36.392,880
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Nov.8,816.192.170; Nov.1,816.485,600; Oct.25.318.367,010: Oct. 18,$15,840,720.
Changes from
previous week.
Nov. 12
1924.
Oct. 29
1924.
Nov. 5
1924.
57,400,000 57,400,000
57,400,000 Unchanged
Capital
83,000 82,331,000 81,985.000
82,248,000 Dec.
Surplus and profits
940,816,000
938,218.000
16,586,000
Dec.
Loans, distets & investments_ 921,632,000
Individual deposits,inel. U.S. 870,811,000 Dec. 17,499,000 888,310.000 678,363,000
150,919,000 Dee. 1,885,000 152,804,000 150.234,000
Due to banks
167,521,000 Dec. 1,965,000 169,488,000 175,521,000
Timedeposits
19,691.000 Dec. 2,183,000 21,874.000 22,808.000
United States deposits
Exchanges for Clearing House 33,631,000 Dec. 0,309,000 39,940,000 30.408,000
81,869,000 Dec. 1,348,000 83,217,000 79.913,000
Due from other banks
79,894,000 Dec. 2,182,000 82,056,000 82,032.000
Reserve in Fed. Res. Bank
49,000 9,518,000 9,521,000
Cash In bank and FR.Bank. 9,587,000 Inc.
Reserve excess in bank and
1,788.000 2,375.000
124,000
Dec.
1,664,000
Federal Reserve Bank__
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending Nov.8, 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.)
in vaults"
Differences from to be kept with the Federal Reserve Bank. "Cash
Nov. 8.
previous week.
is not a part of legal reserve. For trust companies not memInc.
$975,843,200
$5,995,400
and
Loans
investments
System the reserve required is
4,077,500 Dec.
31,800 bers of the Federal Reserve
Gold
21,498.200 Dec. 326,500 10% on demand deposits and includes "Reserve with legal
Currency and notes
Inc.
5,891,400
89,257.800
York
Deposits with Federal Reserve Bank of New
and "Cash in vaults."
1 047,621,900 Inc. 9,881,900 depositaries"
Total deposits
Deposits, eliminating amounts due from reserve deWeek Ended Nov. 8 1924.
positories and from other banks and trust comNov. 1
panies in N. Y. City, exchange and U. S. deposits 984,003,400 Inc. 8,302,500
Two Ciphen (00)
Trust
1924
157,648,000 Inc. 5,841,200
1924.
Membersof
Reserve on deposits
omitted.
F.R.System Companies Total.
Percentage of reserve. 21.4%.
RESERVE.
$41,819,0 $5,000,0 $46,819,0 346,819,0
-Trust Companies- Capital
-State Banks-123,688.0 16,526,0 140,192,0 140,148,0
882,764,800 15.64% Surplus and profits
.$32,068,700 15.53%
Cash in vault
817,087,0 44,327,0 881,414,0 854,428,0
28,788,700 5.44% Loans, disels & invesets
Deposits in banks and trust cos__ __ 14,025,800 6.79%
1,011,0 37,125,0 34,653,0
Exchanges for Clear.House 38,114,0
12,0 119,603,0 124.439,0
119.591,0
$111,553,500 21.08% Due from banks
$46,094,500 22.32%
Total
1,027,0 162,947,0 167,3138.0
161,920,0
Bank deposits
590,952,0 25,805,0 618.757,0 607,701,0
•Includes deposits with the Federal Reserve Bank of New York, which for the Individual deposits
1,429,0 94,573,0 91,144.0
93,144,0
Time deposits
State banks and trust companies combined on Nov. 8 was $83,257,800.
846,016,0 28,281,0 874,277,0 866,213,0
Total deposits
24,934,0 23,605,0
U.S. deposits (not incl.)_ 3,216.0
3,270,0
3,270,0
Reeve with legal deposit's_
66,013,0 83,635,0
Reserve with F.R. Bank__ 66,013,0
11,618,0
11,367,0
1,360,0
York
New
in
10,007.0
City.
Companies
-The
Banks and Trust
Cash in vault •
4,630,0 80,650,0 78,469,0
78,020.0
reserve& cash held
averages of the New York City Clearing House Banks and Total
3,912,0 68,649,0 67,539,0
64,707,0
Reserve required
12.001,0 10,930,0
the
for
State
11,313,0888,0
those
with
banks
combined
and
trust companies
Excess res. de cash In vault_
Federal Reserve members.
for
reserve
City
New
York
as
Greater
of
the
outside
trust companies in
4. Cash in vault not counted
Clearing House are as follows:
002.1BINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
West EndedJuly 12
July 19
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1
MAR
R
Loans and
Investments.
Demand
Deposits.
$
5,937.803,400
5,981.963,600
6,020.856,100
6,078,827,900
6,133,212,300
6,147,562,200
6,197,834,200
6,178,232,200
6,189,878,800
6,171,331,700
6,245,090,200
6,380,981,700
6,482.535,800
6.413,396.800
6,406.300,400
6,455,020,500
6,471,127,800
2
5,208,912,100
5,274.074,000
5,291.357.000
5,335,452,300
5,382,392,900
5,396,229,400
5.420,377,600
5,410,175,900
5,413,636,100
5,428.157,800
5,544,643,300
5,544,168,600
5,616,632,400
5,568,625,300
5,572.477,300
5,649,980,400
5,627,593,900
$
86,578,700
80,692,800
78,972,700
77,149,800
78,544,500
78,611,500
77,334,600
78.013,900
80,217.700
83,772,900
80.731,400
81,522,500
81.794,900
87,219,200
85,602.500
83,921,000
83.783,000
Ft 49R 027200
ARO' Ada Ann
Of nnn 'AA
*Total Cash
Reserve its
in Vaults. Depositaries.
$
700,834,000
736,247,400
750,661,600
746,518,800
744,370,500
761,925,500
727,393,700
/33.914,000
722,157,200
739,130.000
828,036,100
749,472,300
748,565,400
749,029,900
765,528,200
762,706.900
750,335.800
Inn
,TEI nlq ,
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:
Swum OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
Mated Its thousands of dollars-that is, three ciphers 10001 omitted.)
Net
Capital] Profits.
CLEARING
RON-MEMBERS .
Nat. Us. Oct. 10
Week Ending State bks. Sept.29
Tr. cos. Oct. 10
Nov. 8 1924.
Loans,
DUcounts,
Investments,
dec.
e Average Average Average Average
•
Members ofAverag
$
$
$
$
$
$
I
$
Fed'i Res've Bank
9.992
64
549
2,896
4,728
1,000, 1,6
Grace Nat Bank__.
Total
State Banks
Not Members of
Eted'i Res've Bank
Bank of Wash. Fits_
Colonial Bank
Total
Trust Company
Not Member of
Fedi Reeve Bank
Koch. Tr., Bayonne
1,000J
1,6:
9,992
64
549
2,896
4,728
200
1.000
457
2,506
7,663
26,400
838
2,871
373
1,699
6,213
23,894
2,029
3,083
1,200
2,963
34,083
3,708
2,072
30,107
5,092
500
464
8,818
345
81
2,681
500
46
8,818
345
81
2,681
5,950
2,700
Grand aggregate
•oomparlson with prey, Week
5,113
52,873
+723
4,117
+82
2,702 a35.687
+244 -119
15,770
+81
2,704
2.7
2,700,
2.70iN
5,113
5,113
5.129
5.120
52,150
51,788
52,47:
52807
4,035
4,033
4,068
2,458
2,420
2,661
2 ona
e35,806
a34,962
a36,207
*35000
15.689
15,677
15,641
15503
Total
led San. Nov. 11
'd aggr., Oct. 25
I
3rd aggr., Oct. 18;
''5de kowr CNA 11
4 000
• United States deposits deducted, 5300,000.
BM payable, rediscounts. acceptances and other liabilities. $377,033.
Excess reserve. 5299,590 increase.
5,950
$46,819,0
140,148,0
850,288,0
30,551,0
139,755,0
169,025,0
617,085,0
88,795.0
874,905,0
25,664,0
3,355,0
64,807,0
11,433,0
79,595,0
67,423,0
12,172,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Nov. 12 1924 in
comparison with the previous week and the corresponding
date last year:
Nov. 5 1924. Nov. 14 1923.
Nov. 12
1924.
Ragtime,
529,747,000
Agent
Reserve
Federal
Gold with
5.914.000
Gold redemp. fund with U. S. Treasury_
544.775,000
7,648,000
634,147,000
9,211,000
Gold held exclusively agst. FR. notes. 535,681,000
Goldsettlement fund with F. R. Board. 185,995,000
Goldand gold certificates held by bank-. 216.728,000
552,423,000
142,399,000
198.361,000
643,358,000
73,336,000
196,581,090
938,384,000
21,053,000
893,183,000
18.021,000
913,293,000
17,059,000
959,437,000
Total reserves
15.815,000
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations..... 14,155,000
10,995,000
Other bills discounted
911,204,000
11,124.000
930,354,000
10,652,000
26,298,000
18,440,000
117,986,000
44.300,000
25,150,000
76,943,000
39,738,000
93,758,000
162,286,000
78,430,000
4,902,000
138,394,000
46,020,000
4,902,000
136,394.000
46,020,000
1,149,000
6,356,000
9,224,000
Total gold reserves
Reserves other than gold
Total bills discounted
Bills bought In open market
U. S. Government securitiesMuds
Treasury notes
Certificates of indebtedness
Total U. S. Government securities- 187,318,000
187,316,000
15,729,000
289,409,000
184,008,000
17,047,000
10,523,000
320,812,000
124,611,000
17,044.000
10,401,000
257,435,000
178,131,000
13,806,000
1,205,000
Total earning assets
Uncollected items
Bank premises
All other resources
Total resources
Reserve
Net
Net
Cash
with Demand Time
in
Legal Deposits. Deposits
Vault. Deposttortes.
Oct. 25
1924.
1,456,244,001) 1,395,198,000 1,391,583,000
LiabilitiesFed. Res. notes in actual circulation
Deposits-Member bank, reserve aco't
Government
Other deposits
365,282,000
852,424.000
5,082,000
19.056,000
357,945,000
801,837,000
4,783.000
19,945,000
443,898,000
695.828,000
13,600,906
14,217,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
876,582.000
122,112,000
30,228,000
59,929,000
2,153,000
828,505,000
118,517,000
30,196.001)
59,929,000
2,044,000
723.645.000
129,911,000
29,438,000
69,800,000
4,891,000
Total liabilities
1,456,244,000 1,395,198,000 1,391,583,000
Ratio of total reserves to deposit and
Fed. Res, note liabilities combined---Contingent liability on bills purchased
for foreign correspondents
77.3%
76.9%
79.7%
7,200.000
8,757,000
12,195,000
CURRENT NOTICES.
-Guaranty Trust Co. of New York has been appointed trustee and
registrar under an indenture dated Nov. 1 1924, relating to an authorized
Issue of $20,000,000 par value Marland 011 Co. 2-Year 5% Gold notes
duo Nov. 1 1926.
-Halsey, Stuart & Co., Inc., announced to-day that they have contracted for space, under long-term lease, in the Packard Bldg., 15th and
Chestnut Sta., in the heart of the financial district of Philadelphia.
-The Equitable Trust Co. of New York has boon appointed transfer
agent for the Common stock of the Preed-Elsemann Radio Corp. and
also transfer agent for the Common stock of Deforest Radio Co.
-Fellowes, Davis & Co., members of tho New York Stock Exchange,
have issued a survey on Magma Copper.
Nov. 15 1924.]
THE CHRONICLE
2265
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov.13,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the latent
week appears on page 2244, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS Al' THE CLOSE OP BUSINESS Nov. 12
1924
Noe. 12 1324 Nor. 5 1924.1 Oct. 29 1924. Oct. 22 1921. Oct. 15 1924. Oct. 8 1924. Oct. 1 1924. Sept. 24 1924. Nov. 14 1923.
RESOURCES.
$
Gold with Federal Reserve agents
1,970,011,000 1,939,213,0001 2,004,220,000 2,006,200.000 1,974,799,000 1,934,893.000 2.027,304,000 2,031,406.000 2,107,168,000
Gold redemption fund with U. S. Tress_
27,114,000
38,070,000: 36,246,000
29,905,000
34,772,000
54,748,000
39,915.000
39,605,000
34,686,000
Gold held exclusively agst.
It notes 1,997,125,000 2,027,233,000 2.040,466,000 2,036,105,000 2,014,714,000 2,024,498.000 2,052.076.000 2,066,092.000 2,161,916,000
Gold settlement fund with F. It. Board_
601,642,000 586,866,000 580,869,000 607,378,000 626,083,000 819,128,000 588.384,000 603,443,000 584,046,000
Gold and gold certificates held by banks_
449,115,000 424.370,000 422,491,000 400,735,000 396,580,000 402,320,000 394,779,000 399,623,000 388,047,000
Total gold reserves
3,047.832,000 3,033,519.000 3,013,826,000 3,044,218.000 3,037,377,000 3,045,946.000 3.015.239.000 3,069,163.000 3,134,009.000
Reserves other than gold
90,065.000
85,148,000
87.768,000, 87,403,000
75,370,000
85,694,000
85.786,000
86.852,0011
83.307,000
Total reserves
3,137,917,000 3.123,667,000 3,131.594.000!3,131,621,009 3,120,634.000 3,131,640.0003.131,025.000 3,156,015,000 3,209,379,000
Non-reserve cash
41,731,000
35,355,000
42,300,000
72,860,000
39.776,000
42,037,000
48,771,000
43,191,009
33.279,000
Bills discounted:
Secured by U. S. Govt. obligations__ _
95,334,000
95,175,000
75,471,009
373,536,000
75,915,000 109,851.000 110.444.000 104,785,000
89,515.000
Othor bills discounted
128,893,000 134,033,000 147,094,009i 147,295,000 153,227,000 155,944.000 161,971,000 170,348,000 417,576.000
Total bills discounted
224,232,000 229,263,000 222,565,000: 223,240,000 263,078.000 266,383,000 266.756,000 259,863,003 791,112,000
Bills bought in open market
248,190,000 234,848,000 215.404,000' 169,659,000 197,261.000 175.392.000 138.261,000
91,931,000 268,450,000
U. S. Government securities:
Bonds
44,746,000
42,309,000
41,702.005
18,192.000
40,854,000
37.663.000
37,081.000
39,873,000
33,316,000
Treasury notes
398.318,000 393.006,000 398,429,000 397,931,000 400.911,000 397.916,000 397,762,000 397.753,090
60.465.000
Certificates of Indebtedness
145,300,000 144,561.000 144,059,000, 144,012,000 157,738,000 143.089,000 140.532.000 139,782.000
11,663.000
584.200,090 582,827,000 598,522,000 531,221,000
2.007,000
2.007,000
1,750,000
2,007,000
Total earning assets
1,064,343,000 1.052,544,000 1,024.176,000 977,733.000 1.060,868,000 1,024.751,000
5% redemp. fund nest. F. R. bank notes
1
Uncollected items
685,893,000 583.567,000 611,709,000 669,125,009 831,460,000 628,384.000
Bank premises
60,743,000
60,721,000
60,751,000
60,322,000
60,070,000
60,302,000
All other resources
27,541,000
26.766,000
27,439,000
26.450,000
26,469,000
26,273,000
Total U. S. Government securities_
All other earning assets
Total resources
LIABILITIES.
F. R. notes In actual circulation
F. R. bank notes In circulation—net
Deposits—
Member banks—reserve account
Government
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
588,364,000
3,557,000
584.876,000
3,557,000
575,957,000
1,995.000
574,595.000
1,995,000
982,969.000
928,355,000 1.150,199,000
28.000
593,345.000 787,899,000
56,162.000
60,026,000
13,945.000
26,211,000
621,409.000
60,010,000
20,511,000
90,320,000
317,000
5,018,104,000 4,883,417,000 4,897,269.000.4,907,283,000 5,137,866,009 4,916,035,000 4,861,730,000 4.812,143,000.5,290,472,000
1,829,202,000 1,816,817,000 1,766,622,000 1,751,701,0001 1,767,264,00 1,757,452,000 1,744,974.000 1.729,859.000 2,263.048,000
507,000
2,172.354,000 2.118,075,000 2,162,347,000 2,149.992,0001 2,188,481M 2,189,536,000 2.127.919,000 2,120.331,0001,913,355,000
29,813.000
33,424,000
28,266,000
23,197,000
46,926,000' 44.911,000
37,546,000
56.542,000
62,663,000
31.107,000
27,351,000
29,662.000
23,859,000
24,165.000
28,625,000
29,511.000
30,083,000
28,469,000
2,235,440,000 2,178.995,0002,217.964,000 2,202,043,000 2,279,227,000 2,255,551,000 2.214,002,0092.195.882.090 1,982,431,000
606,738,000 541.592,000 566,510,000 607,786,000 745,661,000 557,432,000 557,664,000 540,929.000 691,589,000
112.222,000 112,009,000 111,953,000 111,911,000 112,011,000 111.981,000 111,984,000 111,976,000' 110,023.000
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
13,039,000
13,537,000
13,305,000
12,927,000
12,532,0001 24,505.000
12,783,000
12,211,000
12,754,000
Total liabilities
5,018,101,000 4,833,417,000 4,897,269.000 4.907,283,000 5,137,866,01)0 4,916,085,000 4,861,730,000 4,812.143,000 5,290,472,000
Ratio of gold reserves to deposit and
F. It. note liabilities combined
76.0%
76.6%.
74.9%
75.0%
73.8%
78.2%
75.9%
76.9%
Ratio of total reserves to deposit and
F. it. note liabilities combined
78.2%
78.6%
77.2%
79.2%
77.1%
75.6';
80.4%
78.0%
79.1%
Contingent liability on bills purchased
for foreign correspondents
25,929,000
21,070,000
25,534,000
20,566,000
21,910,000
35,709.000
18.865,000
19,692,000
18,727,000
Distribution by Maturities1-15 days bills bought In open market..
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness..
1-15 days municipal warrants
16-30 days bills bought In open market
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought Monett market
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness
81-00 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedne-ss
Over 90 days municipal warrants
Federal Reserve Notes—
Outstanding
Held by banks
In actual circulation
74,489,000
137.645,000
$
91,576,000
138,101,000
$
78,429,000
124,903,000
50,150,000
126,409,000
92.819.000
153,990.000
13,000.000
78,778,000
157.885,000
52,103.000
155,256,000
20,064,000
143.331,000
46,126,000
38,195.000
41,293,000
26,413,000
42,114,000
27,271,000
31.684.000
26.719,000
28,436,000
29,504,000
24,783.000
31.199,000
18,333,000
26,276,000
13,593,000
30,559.000
74,404,000
34,014,000
68,341,000
59,128,000
38.685,000
68,267,000
1
37,311,000
17,124,000
1,416,000
7,000
5.540,000
8,940,000
74,878,000
52,503,000
42,266,000
68,266,000
45,746,000
41,528,000
68,269,000
44,641,000
42,674,000
2,511,000
43,102,000
43,993,000
3,000
31.949,000
48,200,000
24,270.000
48,859,000
3,000
36,660.000
19.695,000
1,416.000
7,000
5,698,000
8,430,000
74,387.000
34.859.000
20,417,000
1,411,000
7,000
7,220.000
8.167,000
74.362,000
25,561,000
24,376,000
65,854,000
21.581,000
25,992,000
68.264,000
25,404,000
29,043,000
72,760,000
27,910,000
28,417,000
76,282.000
5,804,000
7,534.000
76,373,000
7.000
7.150,000
7.318,000
75,722,000
7,472,000
7,981,000
67,772,000
6,064,000
8,687,000
63,497,000
46,145,000
15,239.000
7,00(1
7,026,000
8,139,000
76,959.000
1
84,356.000
520,155,000
9,289,000
266,000
43.170.000
84,621,000
61,380,000
110,911,000
1,375,000
10.090
69.118,000
54,847,000
1,000
31,000
10,426,000
20,575,000
998.000
10.000
2,255,532,000 2,252,367,00012,256,452.000 2,250,435,000 2,244,368,000
2.250,137,000 2,232,463.000 2,236,419,000 2,730,668,000
426,330,000 435,550,000, 489,830,000 498,734,000 477,104,000
492,685,000 487.489,000 503.560,000 467,620,000
1.829,202,000 1,816,817.000 1,766,622,000 1,751,701,00) 1,767,264,000
1,757,452,000 1,744,974,000 1.729,859.000 2.263.048.000
Amount chargeable to Fed. Res. Agent 3,174,616.000 3,147,311,000 3,155,526,000 3,159,062,000
3,145.995.O00'3.159.486.0003,595,957.0001
3.157,279,000
In hands of Federal Reserve Agent
919,084,000 894,944,000 899,074.000 908,627.000 912,911,000 3,163,884,000
913,747,000 913,532,000 923,047,000 865,289,090
Issued to Federal Reserve Banks
2,255,532,000 2,252,367,000 2,256 452 000
2.250,435,0002,244,308,0002,250,137,900 2,232,463.0002.238,419.0002,730,668.000
How Secured—
By gold and gold certificates
290,504,000 305,504.000 306,504,000 331,504,000 331,504,000
331,504,000 320.534,000
By cilgiblo paper
235,521,000 283,154,000 252,232,000 244,235,000 269.569,000 331.504,000 331,505.000 205.013,000 623,500.000
Gold redemption fund
117,372,000 118,555,000 113,756,000112,523,000 113,625,000 265,244,000 205,159.000
114,669,000 119,972.000
115,626.000
111,364,000
With Federal Reserve Board
1,562,135,0001,565,154,000 1,583,960,000 1,552.173,000 1,529,670,000
1,542,025,000 1,580,173,000 1.585,233,000 1,666,662,000
Total
2,255,532,0002,252,367,000,2,256,452.000 2.250.435,0002.244,308,000
2,250,137,000 2,232,453,000 2.236,419.000 2.730.668.000
Eligible paper delivered to F. R. Agent_
456,665,000 443,334,0001 417,904,000 378.374,000
439.255.009 423,368.000 383,887,0001 341.280,000 1.008,342,000
• Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 12 1924
1
1
Two ciphers (00) omitted.
I
Boston. New York. Phila. Cleveland.'Richmond Atlanta.
Federal Reserve Bank of—
Chicago. St. Louis. 3finneap. Han. City Dallas. San Ems.
Total.
—
RESOURCES.
$
$
$
3
$
$
S
S
$
$
3
8
$
Gold with Federal Reserve Agents 188,503,0 529,747,0 170,789,0 207,232,0 70,389,0 130,165,0
4,382,0
5,914.0 2,180,0 1,554,0 2,235,0 1,750,0 211,134,0 55,925,0 71.258,0 64,716,0 49,903,0 220,250,0 1,970,011,0
Gold red'n fund with U.S.Tress_
1,481,0 2,454,0
1,099,0
412.0 2,255,0 1,387,0
27,114,0
-—
—
—
Gold held excl. agst.F.R.notes_ 192,385,0 535,661,0 172,969,0 208,786,0 72,624.0 131.915,0
212,615,0 58,379.0 71.670,0 66,982,0 51,290,0 221,349,0 1,997,125,0
Gold settle't fund with F.R.I.Vrd 35,855,0 185,995,0 33,589,0 56.167,0 23,161,0
103,703,0 30,273,0 '18,201,0 30,137,0 17,055,0 43,485,0 601,642.0
Gold and gold Ws. held by banks 21,167.0 216,728.0 27,944,0 18,748,0 16,552,0 20,959,0
7,530,0 84,431,0 9,791,0 5,579,0 3,583,0 8,120,0 28,942,0 449,115.0
-—--—
249,908,0 938,384,0 234,502,0 28.3,701,0 115,337,0 160,414,0
Total gold reserves
21,053,0 3,399.0 6,385,0 4,483,0 7,649,0 400,749,0 98,443,0 95,450,0 100,752,0 76,465,0 293,777,0 3,047,882,0
Reserves other than gold
9,991,0
11,132,0 10.433,0 1,187,0 2,750,0 8,307,0 3,296,0
90,085,0
Total reserves
259,899.0 959.437,0 237,901.0 290,086,0 119,820,0 168,053,0 411,881,0 108,876.0 96,637,0 103,502,0 81,772,0
297,073,0
3,137,947,0
15,815,0
Non-re.serve cash
910,0 2,283,0
4,021,0
1,562,0 3,363,0 5,215,0 2,189,0
581,0 1,733,0
1,394,0 2.660,0
41,731.0
Bills discounted:
14,155,0 14,358,0 30,327,0 7,691.0
See. by U. S. Govt. obligations 7,827,0
93,0 1,202.0
8,858,0 4,318,0
1,077,0
605.0 4,810,0
95,334.0
Other bills discounted
10,995,0 7,745,0 9,294.0 22,991.0 18,272.0 21.719,0 10,997,0 5,537,0 5.796,0
5,442,0
2,726,0 7,384,0 128,898,0
Total bills discounted
22,103,0
25,150.0
13,269,0
39.621,0 30,685,0 19,349,0 30,587,0 15,315,0 5,630,0 6,998,0 3,331,0
12,194,0 224,322,0
Bills bought is open market
76,943,0 13,729,0 22,076,0
31,900,0
7.850,0 31.503,0 10,834,0 1,314,0 10,150,0 13,645,0 28,246,0 248,190,0
U. S. Government securities:
Bonds
1,030,0
4,902,0
749,0 5,115,0 1,191,0
1,520,0 15,765,0
600,0 8,754,0
1,122,0
Treasury notes
44,746,0
26,796,0 136,394,0 25,426,0 38,511,0 2,811.0 1,438,0 53,142,0 12,715,0 15,068,0 2,164,0 1,834.0
24,492,0 19,469,0 42,056,0
Certificates of indebtedness_ 11.029,0
46,020,0 5,277,0 21,410,0
991,0
791,0 18,748,0 3,454,0 4,768,0 9,107,0 6,542,0 17,163,0 398,318,0
145,300,0
Total TT B. Govt. securitiee___ 38,855,0 187,316,0 31.452,0 65,036,0
4.993.0 3.749.0 87.655.0 16.769.0 28.5000 35 703 0 97 0450 RA qA1 n too grA n
[VoL. 11g.
THE CHRONICLE
2266
RESOURCES (Concludea)Tree ciphers (00) omitted.
Boston.
New York.
$
$
Cleveland. Richmond Atlanta. Chicago, St. Louis.
$
3.300,0
All other earning assets
Total °snail:1g assets
Uncollected items
Bank promises
All other resources
Phila.
$
$
$
$
inneap. Kars. City Dallas. San Fran.
$
$
7,0
$
250,0
$
$
Total.
$
3,557,0
289.409,0 70,584,0 126.733,0 35,678,0 30,948,0 149,745,0 42.918,0 35,541,0 53,181,0 44,821,0 100,781,0 1,064,343,0
164.008,0 68.925,0 54,988,0 55,117,0 28,837,0 72,312,0 34,235,0 17,237,0 44,572,0 36,252,0 41,041,0 685,893,0
60,751,0
17,047.0 1,112,0 9,129,0 2,528,0 2,875,0 8,264,0 2,759,0 3,052.0 4,596,0 1,912,0 3,165,0
27,439,0
756,0 3,289,0 4,464,0
138,0 4,144,0
388,0
276,0
195.01 2,014,0 1,021,0
10.528,0
84.024.0
68,369.0
4,312,0
226.0
Total resources
420,851,0 1,458,244,0 379,820,0 483,500,0 214,900,0 236,100,0 648,438,0 191,115,0 157,192,0 208,320,0 172,440,0 449,1840 5,018,104,0
LIABILITIES.
F.R.notesin actual circulation 196,534,0 365,262,0 159,880,0 212,785,0 82,972,0 137,405,0 203,382,0 56,952,0 72,420,0 71,958,0 57,835,0 211,837,0 1,829.202,0
Deposits:
Member bank-reserve sect_ 138,984,0 852,424,0 122,895,0 179,436,0 62,295,0 63,585,0 312,993,0 78,254,0 56,119,0 86,659,0 57,640,0 161,090,0 2,172,354,0
33,424,0
5,082,0 3,308,0 2,540,0 2,010,0 2,752,0 5,035,0 2,235,0 1,262,0 1,154,0 1,975,0 3,616,0
2,455,0
Government
29,662,0
474,0 4,762,0
664,0
326.0 1,204,0
155,0
337,0
19,056,0
124,0 1,277,0 1,168,0
115,0
Other deposits
141,554,0 876,562,0 126,529,0 183,180.0 64,460,0 88.441,0 319,305,0 81,657,0 57,718,0 88,477,0 60,089,0 169,468,0 2,235,440,0
Total deposits
58,029.0 122,112,0 62,479,0 49,966,0 49,002,0 17,348,0 78,485,0 36,816,0 14,874,0 33,420,0 41,005,0 43.222,0 606,738,0
Deferred availability items
30,226,0 10,517,0 12,755,0 5,897,0 4.581,0 15,180,0 5,134,0 3,282,0 4,344,0 4,140,0 8,147,0 112,222,0
8,019,0
Capital paid in
59,929,0 19,927,0 23,691,0 11,672,0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,0 7,577,0 15,301,0 220,915,0
16,390,0
Surplus
13,587,0
488,0 1,143,0
625,0 1,794,0 1,209,0
2,153,0
897,0 1,375,0 1,680,0
325,0
484,0 1,414,0
All other liabilities
420,851.0 1,456,244,0 379,820,0 483,500,0 214,900,0 236,100.0 648,438,0 191,115,0 157,192.0 208,320,0 172,440,0 449,184,0 5,018,104,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com77.2
83.1
73.3
71.9
77.9
77.3
64.5
81.3
82.4
78.8
78.5
74.3
76.9
bined, percent.
Contingent liability on bills pur25.554.0
ohnoori Inv fnrnInn onproannnti'tsk
7.200.0 2.515.0 3.034.0 1.478.0 1.141.0 3.883.0 1.271.0
933.0 1.193.0
985.0 1.971.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OP BUSINESS NOV. 12 1924.
Boston Newyork Phila,
Federal Reserve Agent at-
Cleve, Richned Atlanta Chicago. St. L. Minn. K.City. Dallas. Scully?.
Total.
$
$
$
$
$
251,960 49,160 49,070 31,165 69,015
609,418 195,776 230,974 90,423 154,190
$
$
$
$
$
$
$
240,920 26,300 15,994 26,853 19,397 71.900 919,084
222,113 63,385 75,305 78,560 63,394 250,354 2,255,532
198,531 7,800 8,780
3,500
30,216 12,600 13,452 2,594 5,665
301,000 150,389 185,000 67,795 121,000
79.671 24,987 23,742 20,034 24,025
18,441 3,885 35,888 10,278 2,973
8,985 13,052
___ 14,556
_ 290,504
5,489 3,940 1,206 4:356 3,847 18,804 117,372
205,645 43,000 57,000 60,360 31,500 201,446 1,562,135
10,979 7,460 4.047 13,844 13,491 30,104 285,521
50,954 18,675 1,742 3,273 3,057 9,948 171,144
522,862 1,489.237 444,597 546,906 222.289 380,368
Total
LiabitUiesNet amount of Federal Reserve notes received from
288,990 861,378 244.936 280,044 121,588 223,205
Comptroller of the Currency
188,503 529,747 170.789 207,232 70,389 130,165
Collateral received from 1 Gold
45,169
98,112 28,872 59.830 30,312 28,998
Federal Reserve BanklEligible paper
736,100 171,745 168,346 187,246 149,242 582,554 5,801,292
463,033 89,885 91,299 105.413 82,791 322,254 3,174,616
211.134 55,925 71,258 64,716 49,903 220,250 1,970,011
61,933 28.135 5,789 17,117 16,548 40,050 456,666
522,662 1,489,237 444,597 546,906 222.289 380.388
736,100 171,745 168,346 187,246 140,242 582,554 5,601,292
221,640
25,108
609,418 195,776 230,974 90,423 154,190
244,156 35,896 18,209 7,451 16,785
222,113 63,385 75,305 78,580 63,394 250,354 2,255,532
18,731 6,433 2,885 6,602 5,559 38,517 426,330
irla Ald
Silk 909 1SO 412,1 010 .fflO
9n2 209 50 052 72.420 71.958 57.835 211.837 1.829.202
$
Resources(In Thousands of Dollars)
67,350
Federal Reserve notes on hand
221,640
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates
15,203
Gold redemption fund
138,000
Gold Fund-Federal Reserve Board
33,137
Eligible paperfAmount required
12,032
lExcess amount held
Total
Federal Reserve notes outstanding
Federal Reserve notes held by bzulirs
Federal Reserve notes in actual circulation
so ass, IR, sae
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 743 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 "Chronittle" of Dec. 29 1917, page 2639. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2245.
1. Data for
all reporting member
Federal Reserve District.
banks in each Federal Reserve District at close of business Nor. 5 1934. Three ciphers (000) omitted.
Boston. New York
43
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City Dallas. San Fran.
Total.
103
33
25
72
50
2
$
$
2
30,270
7,628
18,525
6,606
415,442 121,459
82,704 687,241
722,981 345,467 365,804 1,199,858
-688,388 1,156,928 473,532 436,136 1,917,369
22,569
10,689
14,667
45,536
26,712
53,454 196,514
9,429 158,302
31,521
10,704
3,248
622
1,988
2,299
3,049 119,232
24,357
63,157
2,914
30,277
17,130
2,565
18,520
7,411
256,839 348,178
42,340 411,333
63.927
2
9,779
158.474
320,107
$
2,792
55,065
213.643
$
5,688
84,274
330,185
$
3,148
59,144
219,950
488,360
14,343
23,351
2,360
9,612
2,726
94,161
271,500
8,525
25,183
226
19,085
12,615
33,284
420.147
11.404
41,531
2,647
23,295
7,218
69,395
282,242 1,049,042 12,768.951
264,397
26,153
18,534
12,748 127,226 1,448,919
69,616
17,998
1,086
34,013
620.585
8,975
295,073
29,522
5,093
18,870 175,432 2.876.750
508,808 2,689,786
35,852 234,508
60,061
11,548
289,644 1,741,054
189,997 892,028
16,788
7,228
634,913
45,109
8,750
378,400
214,020
3,469
370,418
29,350
6.401
266,631
95.915
1,817
575,637
54,615
13,023
474,287
135,312
3,781
347,548 1,459.386 18,344,291
25,366 111,711 1,598,124
22,876
310.726
13,138
250,575 816,407 12,946,773
90,611 660,183 4,805,083
200,442
25,360
5.193
2,310
058
287
2 403
184
108
320
Number of reporting banks
Loans and discounts, gross:
secured by U.s,Gov't obligations
Secured by stocks and bonds
All other loans and discount5_ _ _ _
108
55
2
2
8,720
71,923
274,481 1,975,916
669,207 2,58.5,060
2
9,868
297,466
381,054
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
952,408 4,632,899
13,756
51,509
87,546 682,114
5,941
20,497
11,632 301,264
9.572 152,424
209,683 1,153,308
77
Total loans dr disels & investmls 1,290.5386,994.015 1,054,105 1,830,821
91,943 722,506
80.042 125,897
Reserve balance with F. R. Bank
20,694
90,763
16,448
32,034
Cash in vault
921.8805,686,142
758,012 1,004,912
Net demand deposits
326,031 1,141.002 172,572 706,546
Time deposits
23,623
45,790
31,712
25.440
Government deposits
Rills payable and rediscounts with
Federal Reserve Bank:
16,640
675
3,090
5,999
Secured by U.B. Govt. obligations
2 081
9.283
2.447
2.095
A VI ..........
75
608,316
41,225
14,990
358,829
180,886
10,241
2,621
7 170
38
1,035
4 009
395
1 251
86
743
3
3
184,762
9,815
207,810 4,399,478
831,417 8,184.713
6,400
2.844
39,560
37.616
2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
City of Chicago. All F. R. Bank Cities. F. R. Branch Cities Other Selected Cities.
Total.
New York City.
-Nov. 5. I Oct. 29. Nov. 5. Oct. 29. Nov. 5.
Oct. 29. Nov. 5. Oct 29 Nor. 5. Oct. 29. Nov.5'24.Oct.29'24.Nov.7'23.
-'----767
47
743
47
255
743
294
255
294
194
194
Plumber of reporting banks67
$
$
$
$
$
15
$
S
$
S 61
$
$
$
Loans and discounts, gross:
229,417
181,113
22,499
62,804
128,521
184,762
23.2901
66,630
122,474
32,51:
,
,
- ,
Secured by U.S.Govt.obligati°
1,768,6721,722,713 526.5901 535,164 3,232,529 3,194,986 640,688 641,461 526,259 529.677 4,399,476 4,366,124 3,698,857
Secured by stocks and bonds
7,992,709
All other loans and discounts_ _ _ _ 2,292,1002,326,780 714,309 731,032 5,173,713 5,213,165 1.647,164 1,639,8021.363,830 1,363,46 8,184,713 8,216.431
4,127,4024,112,2971,264,1891,288,695 8,532,783 8,530,6252,320,4302.313,781 1,915,758 1,910,262 12,768,951 12,763,668 11,920,983
Total loans and discounts
275,387
264,397,
4,132
4.125
92,033
40.932140,883
91,963
98,30
74,533 74,51
0.8. pre-war bonds
82,138 84,411
912,993 910.952 342,340 346,10
193,588 191,977 1,448,919 1,449,036 1,041,811
597,7471 595,871
U.S. Liberty bonds
83,138
69,019
69,616
2,973
3,399
33,57:
18,244
14,123
33,154
18,372
17,666
17,621
U. B. Treasury bonds
14,0101
89,662 89,487 452,681
46,808 620,585 623,168 856,630
454,611 120,419 121,749 47,486
782.5i6j 282,364
U.S. Treasury notes
73,070
295,073 306,549
17,374 227,163 235,366
15,977
17,429
16.29:
51,612 55,206
U.S. Certificates of Indebtedness.. 149.3021 157,158
524.24' 521,203 2,876,750 2,838,683 2,167,545
895.423j 882,249 199,844 189,818 1.868,83. 1,635,697 683,666 681,7
Other bonds,stocks and securities
18,314,900 16,418,364
Totalloans & dlsc'ts Sc Investm'ts- 6,107.3926,084,945 1,660,367 1,677.309 11.920,045 11,892,3683,610,666 3,610,759 2,813.5802,811,773 18,344,291
1,646,35t 1,358,176
Reserve balance with F.R.Bank_
670,815 727,932 163,511 168,290 1,155,739 1,213,344 263,309 260,90: 179,076 172,107 1.598,124
292,832 304,861
310,726
28,132
154,872
84,925 82,
29,911
146,313
64,211
70,929
Cash in vault
68,082
73,513
I
12,946,773
12,922,096
11,129,600
1,704,443
1,231,396
9,096.1701
1,733,848
1,199,642
9,124,6482,116,7552,093,005
Net demand deposits
15,166,7255.177,529
985,430 4,805,083 4,782,263 4,033,525
Thne deposits
I 802,885 813,312 428,217 411,58' 2,438,7651 2.423,953 1,379,074 1,372,880 987,244
96,531
200,442
198,736
14,915
14,911
7,579
130,314
7,57'
55,217
128,604
55,217
37,70:
Government dePatts
37.708
Bills payable and rediscounts with
Federal Reserve Bank:
264,665
20,416
39,561
7,220
I
6,752
24,24
4,296
1,100
8,568
8,
Secured by U.S.Govt.obligation
1,350
14,150
274,506
44,661
16,056
37.616
14,051
ii
16,19
19,829
8,776
7,371
All other
10,511
6,462
Ratio of bills payable de rediscounts
with F. R. Bank to total loans
0.4
0.4
3.3
2111i invamtmante nap rant
Three dithers (000) emitted.
Nov. 15 1924.]
THE CHRONICLE
tianhersi fibazetit
Wall Street, Friday Night, Nov. 14 1924.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2255.
Sales at the Stock Exchange not represented in detailed list:
STOCKS.
Week ending Nov. 14.
(Concluded)
2267
Sales.
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Indus. & Misce11. par. Shares $ per share. $ per share. $ per share.$ per share.
Penn Coal & Coke____50 2,300 19 Nov : 26 Nov 14 184 No 3055 Jan
Philadelphia Co pref_ _50 700 4474 Nov 12 4474 Nov 12 424 Ja 47
Jan
Phil&ReadC &Letfs wi*
100 443-4 Nov 13 444 Nov 13 35
Ma 5234 July
Phillips Jones Corp pf 100 500 77 Nov 11 80 Nov 11 77
Nov 90
July
400 21 Nov 11 22 Nov 13 19 Jun 325,5 Jan
Phoenix Hosiery
Rang for Week.
Range since Jan. 1.
STOCKS.
Sales.
Pierze-Arrow prior pf • 300 75 Nov 10 75 Nov 10 5934 June 8115 Aug
Week Ending Nov. 14. for
Pittsburgh Steel pref_100
100 97 Nov 13 97 Nov 13 95
Ja 103
Aug
Week. Lowest.
Highest. I Lowest.
Highest.
1254 Nov 11 1134 Feb 1455 July
Pitts Utilities pref ctfa 1 3,300 1234 Nov
Par. Sher $ per share. 3 per share. $ per share.$ per share. P S Corp of NJ pf8% 100 400109 Nov 11 109% Nov 11 9034 Apr 110
Railroads.
Sept
Apr 183-4 Nov
1
200 18 Nov 13 1855 Nov 13 12
Ann Arbor
Rights
6,500 18 Nov 10 1954 Nov 13 124 Ma 1954 Nov
1
4 No
Mar 42
4,100 38 Nov 8 42 Nov 13 25
New rights
18,468
4 Nov 10
34 Oct
Preferred
54 Nov 10
Nov
Ja 9454 Oct Pub Serv Elec pr pf __1
700 9355 Nov 10 9355 Nov 10 86
Bangor & Aroos, pref.1
100 993-4 Nov 1 9934 Nov 14 9434 Ma 1044 Oct
117 Nov 8 113
Jan 118
Feb 5655 Nov Ry Steel Spring pref_100
160 564 Nov 1 5654 Nov 11 23
Canada Southern..1I I
100 117 Nov
July
Ma 2533.4 Aug Reis (Robt) 1st pref_100 200 60 Nov 13 GO Nov 13 60 June 7455 Jan
Central RR of N J 1
[90024834 Nov 11 252 Nov 12 199
49 Nov 11 493-4 Nov 10 29
Ja. 50
100 95 Nov 11 95 Nov 11 90
Jan 95
Nov
C St P Minn & Orn1II 4:
Nov RemTypewlstpfSerS1
1 1
600 87 Nov : 8954 Nov 10 684. Apr 89% Nov Roata Insurance Co_ _25 400 93 Nov 1. 93 Nov 10 86
Preferred
Ma 96
Sept
IS
100 145 Nov 10 145 Nov 10 100
Ap 150
C C C & St Louis__
20011234 Nov :11274 Nvo 8.105 Ma 1124 Nov
Aug Schulte Retail St's pf 1
Ja. 413-4 Feb
Jan 64
600 62 Nov 10 64 Nov 8 50
Colo & Sou, let preLl SI
Nov Shell Trans & Trading 3:2 1,400 38% Nov 11 3955 Nov 101 33
200 55 Nov 14 5.5 Nov 14 45
Second preferred_ A
Jan 5655 Ncni Sherwin Williams p1_100
Nov
100 105 Nov 11 105 Nov 11 102% Mar 105
400 23-4 Nov 11 34 Nov 12 2% Ja
Duluth So Sh & Atl_ _1 II
4% Jan Simmons Co pref__ _100
100 10054 Nov 1310034 Nov 13 9434 Ja. 10054 Nov
Hud & Manh, pref_ A II 3,60 5954 Nov : 6234 Nov 14 573.4 Oct 62% Nov Sioes-Sheff St'l & I pf 100 700 904 Nov : 91% Nov 14 80
Apr 91% Nov
Illinois Central, preLl
Ma 114% Aug So Porto Rico Sug pf_100
Nov 110% Apr
100 98 Nov 13 96 Nov 13 96
2,30011234 Nov 14 114 Nov 8 104
55 Oct 1% Nov Standard Milling_ _ _ _100 3 64 Nov 11 66 Nov 14 3955 Ma 66
Rights
26,899 1 3-6 Nov: 1% Nov 8
Nov
Manhat Elev guar_ _ _1
800 73 Nov 13 78 Nov 13 42
Jan 80% Sept
Jul 85
Mar
Preferred
100 200 80 Nov : 80 Nov : 70
M St Paul & S M_ _100 750 35 Nov 8 383.4 Nov 11 2934 Ap 46
July 3474 Jan
Jan Superior Steel
100 500 26 Nov 10 28 Nov 14 23
10
Preferred
200 60 Nov 10 6054 Nov 11 50 Jun, 6734 Jan Teiautograph Corp_ _ _. 1,500 834 Nov 12 955 Nov 11 63-4 Jun. 955 Aug
Nashv Chatt hi St L_100
100 13354 Nov 1313334 Nov 13 12054 Jul 135
200 29 Nov 11 29 Nov 11 2554 Ma 354 Jan
Aug Transue & Wins Steel__*
20 7834 Nov 10 763-4 Nov 10 72% Ma 7634 Nov Union Oil
Northern Central
.21Nov 10
.25Nov 21
4 Fe.
55 Apr
• 4,800
1
500 303-4 Nov 11 303-4 Nov 11 16
Pacific Coast
Ja 40
Feb Union Oil, California__ 29,000 3534 Nov 14 383-4 Nov 13 354 Nov 3635 Nov
100 3834 Nov 12 3854 Nov 12 2015 2a. 40% Feb United Cig Stores pf _100
Second preferred_ _100
Jan 119
July
100i11734 Nov 811734 Nov $113
10 140 Nov 10 140 Nov 10 137
Pitts Ft W& Chic, pf 10
Ja. 141
Sept
New
2513,20015234 Nov 8 543.4 Nov 111 4234 June 5454 Aug
Pittsly & W Va rig ts7,000 103-4 Nov 13 1154 Nov 12 74 Oct 12
No 86
Nov
Nov
Preferred
100 200 85 Nov 11 86 Nov 13 85
Reading rights
46,7
2055 Nov
244 July United Paperb'd Co.100
2154 Nov 1 154 M
Jul 2154 Jan
100 184 Nov 11 1854 Nov 11 16
Industrial & Misc.
Van Raalte
100 3001 2055 Nov 10 5034 Nov 10 1554 Oct 334 Jan
Cables_
_100
America
9634 Ma 1111
All
110 Nov 1111 Nov
Jan
Nov
let preferred
100
1001 67 Nov 11 67 Nov 1111 53 Sep 80
3 145 Nov 1 146 Nov 11 98
American Bank Note _
Jan 146 Nov
55 Jun. 7
Jan
2001
4 Nov 14 154 Nov 125
Va-Carolina Chem B--*
200 5454 Nov 1 5455 Nov 13 52 May 56
Preferred
Sept Virginia Coal & Coke 1001 100 36 Nov 14 36 Nov 1 I 35
Oct 53
Jan
Amer Beet Sugar, pf_10
400 74 Nov 13 78 Nov 13 6854 Oct 78
Nov
77 Nov 14 77 Nov 1 ' 71 June 7934 Jan
Preferred
100 2
American Chicle, p1..1
90 86 Nov 11 884 Nov 12 5155 Feb 884 Nov West Elee 7% cum p110011.200113 Nov 12114 Nov 1 11154 Apr 117
July
Certificates
6
35% Nov 1 3655 Nov 11 23 Sept 30)5 Nov West E & Ms 1st Pt.50! 600 76 Nov 12 7754 Nov 1 I 72
Ja, 804 Aug
Amer Metal, pref_ _ _1
1 113 Nov 10 113 Nov 10 my, Apr 113% Feb West Penn Co
July
*1 300 84 Nov 10 8454 Nov 1 4754 Ja 98
American Piano, pref
92 Nov 13 92 Nov 13 92
1
Nov 92
Nov
Preferred 7% p'-...lOOI 300 9154 Nov 12 92 Nov 1 8774 Apzj 9434 July
Amer Radiator, preLl
2 12354 Nov 11 124 Nov 11 120% Ma 125 June West Penn Power pf_100 300 1024 Nov 12103 Nov 1 10254 0,8)103
Nov
Amer Railway Exp__1
700 78 Nov 12 79 Nov 8 78
Nov 83
4 Nov 1
h No
Oct White Motor rights
4 Nov
55 Nov 14
I 5,100
Amer Roll Mill, pref _1
Jan 108
3 106% Nov 13 10755 Nov 13 98
Oct Wilson Co pref
Aug 7255 Jan
100 1,100 1454 Nov 13 16 Nov 1 I 11
American Snuff
10 3,715 146 Nov 11 1504 Nov 12 134
Ap 150% Nov Worthington pref A_ _1
July 8534 Nov
400 85 Nov 11 8554 Nov 1 1 68
Am Type Founders-100 300107 Nov 11 107% Nov 13 106
Sept 115 Sept
Preferred B
1001 600 70 Nov 11 7074 Nov 141' 5834 Jan 72 Sept
Am Writ Paper Ms_ _1 II
Nov 474 July
2
1 Nov 13 1 Nov 13 1
*
No
par
value.
Art Metal Construe_ _ _1
10 1555 Nov 14 1555 Nov 11 1434 Oct 1635 Jan
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Assets Realization_ _1
100
4 Nov 14
.4 Nov I I 54 Mar 4 Jan
DAILY. WEEKLY AND YEARLY .
Assoc DO,1st pref _ _1 SI
100 92 Nov 11 92 Nov 11 8314 May 92% Oct
dote,
Untied
Railroad,
Ja 9955 Oct
Second preferred_ _1
300 97 Nov 13 97 Nov 13 89
de.
Municipal &
States
Wee!
Sleeks,
Ending Nov. 14.
Ap 54% Feb
Atlas Powder, new _
300 49 Nov 10 49 Nov 10 47
Foreign Bds.
Bonds.
Bonds.
No. Shares.
Atlas Tack
600 6 Nov 13 8% Nov 14 5 June 1155 Jan
Bayuk Bros, 1st pref _1
100 96 Nov 14 96 Nov 14 95% Oct 98 Sept
21,632,100
19,341,000 32,058,000
1,388,105
Feb Saturday
200 24 Nov 10 24 Nov 10 23% Nov 35
Barnet Leather
3,614,500
1,984,425
14.736,500
2,226,220
British Empire SteeLl IS
100 155 Nov 14 14 Nov 14 154 Nov 6
Aug Monday
1,502,900
Tuesday
3,697,500
13,980,500
2,258,399
15% Jan
1
Second preferred..1 II
755 Nov 14 755 Nov 14 755 A
3.788,050
3,395,000
16,037,000
2,303,435
Booth Fish, 1st pref_ 1
2
27 Nov 13 27 Nov 13 20 Jun 4255 Jan Wednesday
2,091,000
3,359,000
12,918,500
2,178,733
Nov 93
Jon Thursday
Blumenthal, pref. _1
100 73 Nov 13 73 Nov 13 73
2,241,000
1,435,000
12,942,000
1,916.700
Nov Friday
Brown Shoe, Inc, pf..1 SI
600 9234 Nov 10 95 Nov 14 84 Jo.-95
Burns Bros, pref.__ _1
200 98 Nov 11 98 Nov 11 9555 Ma 994 May
TotaL
19 9'71 c09 170 est VIA SIR RAS MO 812 483 475
Oct 6755 Oct
141
8 65
Burroughs Add Mach....•
5001 65 Nov 13 66 Nov 12
Calumet & Hecht
133.4 May 1954 Jan
2 1,8
16 Nov 10 1755 Nov
Sales at
Jan. it. Nov. 14.
Week Ending Nov. 14,
Case (2 I) Th M,pf _ _1
Jan
6
58 Nov 10 59 Nov
414 Me 77
New York Stock
Century Ribbon Mfg_ _• 200 294 Nov 11 30 Nov 12 2534 Apr 3354 Jan
Exchange.
1924.
1924.
1923.
1923.
Certaln-Teed
7.200 3934 Nov 8 4055 Nov 10 2474 Jun 40% Nov
1st preferred
10
500 85 Nov 10 87 Nov 13 7334 May 87
Nov Stocks-No. shares__ _
200,009,561
12,271,592
216,317,801
5,180,465
400 102% Nov 12 104 Nov 12 10055 Jan 105% Jan
Cluett Peab St Co pf._1
Bonds.
Coca-Cole preferred_10
200 97 Nov 8 97 Nov 8 92 June 97
Nov Government bonds_ _ _ $12,433,475 $15,737,000
8711.755,775
2801,987,415
• 800 454 Nov 10 47 Nov 12 303.4 May 47 Sept State
Corn Invest Trust
& foreign bonds_
387,441,000
18,365,000
6,936,000
465,628,500
1 I
Preferred
Nov Railroad & misc. bonds 79,955,500 35.636,000 1,952,272,000 1,353,047,150
20010255 Nov 12 102% Nov 12 93 May 103
Conley Tin Foil
700 104 Nov 8 107-4 Nov 13 754 May 133.4 Sept
ConsolDistributors_ _ _ _• 300
55 Jan
55 Jan
55 Nov 11
4 Nov 11
Total bonds
$110,753,975 $58,309.000 23,219,887.915 82.452.243.925
Coot Insurance
2
700 9555 Nov 10 984 Nov 24 8954 Ali 9834 July
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Corn Prod Refg pref.
_100 700 11954 Nov 10 120 Nov 24 11554 Ap 12334 Aug
Cont Can Inc pref,. _i0
700 10855 Nov 13 110 Nov 13 10454 Ja. 114 June
BALTIMORE EXCHANGES.
Rights
28,100
55 Nov 14
54 Nov
54 Nov 13
55 Nov
Baltimore.
Boston.
Phitadelphta.
Cosden &Co pref _ _ _ _10 1,100 86 Nov 8 87 Nov 10 8354 Sep 95
Feb
Week Ending
Cushman's Sons
1,000 6234 Nov 14 6834 Nov 8 5634 Au 7634 Sept
Nov. 141924.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bondliales.
Deere & Co. prof
600 8234 Nov 24 84 Nov 13 634 Ma 84
Nov
Devoe-Rayn'ds let p110
100 98 Nov 24 98 Nov 24 93 'Mar 9855 Aug Saturday
$21,500
1,716
*23,905
$17,000
$5,500
12,756
Duquesne Lt 1st pref 100 300 1064 Nov 12 10834 Nov 12 10054 Ma 10854 Sept Monday
2,326
32,900
*37,096
43,000
58,650
15,291
_10 1,000 9 Nov 13 9 Nov 13 755 Apr 15
Emerson-Brant pref.
Jan Tuesday
*35,642
Closed -Bolide Y
30,900
Excha
nge
200 354 Nov 12 4 Nov 11 234 June 44 Jan Wednesday
Fairbanks Co (The)__2
1,755
28,600
*32,502
40,000
46,400
21,518
tern
ctf_*
Fairb'ks-Morse
8,100 27 Nov 8 2934 Nov 13 2534 May 2934 Aug Thursday
1,028
10,500
*39,480
29,000
69,100
17,915
:I I 89 Nov 8 9354 Nov 24 7435 M
Fed Lt & Tr tern offs_ _
9354 Nov Friday
42,800
1,060
31,003
55,000
17,000
12,082
Fidelity Phenix Fire I
-•
25 1,05 135 Nov 813934 Nov 12 118
of N Y
Mar 1393.4 Nov
Total
7,885 $136,300
199,628 2198,950
79,562 8212,600
100 10154 Nov 10 10134 Noy 10 98
Fisher Body Ohio pf_ I I I
Ja' 10234 Mar
Franklin Simon pref___ _
300 106 Nov 13 10655 Nov 14 106
Nov 10654 Nov Prey. week revised 111.623 3169.350
9,764 5156,500
8169.300
50.506
• 200 424 Nov 10 433.4 Nov 12 31 Jun 55
Gen Refractories
Jan
•In addition sa es of rights were: Saturday, 2,308; Monday, 6,545; Tuesday,
Gimbel Bros pref_ _ _ _10 1.10010354 Nov 1110434 Nov 13 99
Jan 107 Sept 22.031: Wednesday,
21,933:
Thursday,
11,284.
1.4
Ginter Co
2634 Nov 13 27% Nov 13 2654 Nov 2734 Nov
Great Western Sug p1100 1,700107 Nov 13 10855 Nov 24 105
Air 10834 Jan
Hantuy 1st pf C I A__100 200 88 Nov 10 88 Nov 10 88
Apr 95
Feb Daily Record of U. S. Bond Prices. Nov. 8. Nov. 10 Nov. 11 Nos. 12 Nov. 13 Nor. 14
1 I'
Ingersoll Rand
201 248 Nov 13260 Nov 13 159
Ja. 260
Nov
Inland Steel w I prof.. _• 30010534 Nov 1310634 Nov 13 1014 Jan 107
(High 10141 10011n 100lon 100"sy 100lln 100's,
Oct First Liberty Loan
Internet Agricultural 1 I
354% bonds of 1932-47__ILow_ 101Plit )100"22 100,132 100"22 100"12 100"n
200
54 Nov 13 14 Nov 12
54 Apr 255 Feb
• 1,400 554 Nov
New
(First 334$)
(Close 100,122 ,100,42 100"n 100"22 100"12 100un
13 53. Nov 11 3 June 955 Jan
64
428
151
International Salt__ _1 I'
Total sales in $1,000 units__
113
100 7234 Nov 12 7234 Nov 12 70
$82
91
July 753.4 July
5Shoe_
____ 101lin
------International
____
500111 Nov 8 115 Nov 24 73
Converted 4% bonds of {High
____
Apr 115
Nov
------ _
Intertype Corp
_ _ _ _ 101"n
• 100 274 Nov 13 2734 Nov 13 2534 Nov 3255 Mar
1932-47 (First 48)_ __ _ I.ow_
_______
*
lat pf
K C Pr &
200 97 Nov 13 98 Nov 10
Feb92
98
Aug
Kansas & GuU
10 1,500
Total sales in $1,000 units_ _ _
54 Nov 11
54 Nov 11
___---- --May 1
Jan
Kelly-Sp Tire 6% pf_100 4130 4954 Nov
Converted 44% bonds (High 102"22 102,
22 102,12 101,022 102,22 102,n
5054 Nov 13 40 June 7835 Jan
of 1932-47 (First 441))Low_ 102lit 102611 102.00 101"a2 101"22 101"n
Kresge Dept St pref-100 300 93 Nov 12 94 Nov 11 93
Nov 98 Sept
Kuppenheimer
5 31, 26 Nov 8 27 Nov 27 25 Sept 27
(Close 102,22 102'n 102,22 101"n 102.00 101"22
Nov
83
126
99
31
Total sales in $1,000 units_ _ 16
14
Loose-Wiles Dia 1st pf100 40 1054 Nov 1 106 Nov 13 105
Ap 106
Nov
---- 1011ln
____
1
Second
____
3 102 Nov 11 105 Nov 12 90 Sept 105
(High
2d preferred
Converted
4
q
%
Nov
_
1011ln
--__
-___
100) 1 116 Nov 24 116 Nov 24 11334 Sep 117
bonds of 1932-47 (First)Low_
Lorillard prof
Feb
Second 45(s)
87 Nov 11 88 Nov 11 86
McCrory Stores el B.. _?.21 2
Oct 10654 July
Total sales in $1,000 units__. ---Mackay Cos pref.__ _100 1,20 663-4 Nov 86734 Nov 12 6434 Ap 69
----- -Feb
(High
-------- -------Mack Trucks let Inst pd ,400 96 Nov 8 101 Nov 14 93
--Oc 101
Nov Second Liberty Loan
100 1154 Nov 1111534 Nov 11 11134 May 116
10
Macy Co prof
July
(Second 4s)
Mailing=(H R)& Co
100 90 Nov 1 90 Nov 13 7834 July 92
Total sales in 21,000 units-------10
------------Preferred
Jan
Converted 454% bonds (High 101",, 10117n101",, 101,122 101,132 101"31
7
51 Nov 11 55 Nov 13 45
1
Menet'Sugar
July 6934 Mar
12 1014n 101'23
of 1927-42 (Second ;Low_ 101"22 101"22 101"ss 101,
117 Nov 14 8934 Mar 117
50011534 Nov
1
Manila Electric
Nov
21 101,122 101$n
101,
41(0
(close 101"22 101"22 101"32
1
92 Nov 1 92 Nov 14 9155 June 94 June
Mathleson Alkali PL1
657 1,032
395
557
174
475
Total sales in 21.000 units100 95 Nov 1 95 Nov 13 9054 Apr 96
Met Edison pref
July
{High 1025ty 1022n 101",,101,411 101243
Met-Goldwyn Pie pf_ -27 1,600 1534 Nov 10 16% Nov 12 15 Sept 16% Nov Third Liberty Loan
101"n
101",,
101,122
1011,
102.00
12 101
10",4 ,41
%
bonds
of
1928
Low93 Nov 12 9655 Nov 14 9154 June 9654 Sept
Midland Steel Prod lii 1,7
Close -102,22 1022,22 101,122 101,42 101un 101"si
(Third 43.4o)
2
254 Nov 11 26 Nov 13 2334 Oe 3454 Feb
Midvale Steel
5
200
564
410
231
319
Total sales in $1,000 units__
281
7
32 Nov 12 33 Nov 12 2934 July 3954 Jan
Munsingwear
{MO 1021,22 1021,23 1021,22 102,022 102"22 102'121
10 10374 Nov 12 10334 Nov 12 9854 July 104
Nash Motors Co pi_ _1
Oct Fourth Liberty Loan
41f% bonds of 1933-38 Low- 102",,102,222 102"22 102,22 102'n 102'n
3
Nat Cloak & Suit pf _1 Ii
0634 Nov 11 9734 Nov 12 9154 Mar 9754 Nov
23 102"n 102,22
3
Close 1021522 102"n 102"22 102,
36 Nov11 963.4 Nov 13 9234 Jun 99
(Fourth 45(s)
Nat Dept Stereo pref 10
Oct
933
619
196 1,005
Total sales in $1,000 units...
604
421
Nat Distil Prod pref._ _* 3,90 33 Nov 8 394 Nov 14 3054 Au 393.4 Nov
106"22
106"ss
106"21
(High
105"22
Treasury
106.00 106.0C
July
10634
Nat Supply pref. _ -100 200105 Nov le 105 Nov 10 100
Ja.
{Low_ 106"n 108,22 105"22 105"n 105", 1052131
4U8, 1947-52
New York Canners__ _ _ 2,40 2854 Nov 11 3034 Nov 14 23 Jun 303-4 Nov
(close 106",, 106',, 105",,1052422 loom 10521.
Meg Falls Pow pt new 25 90 28% Nov
2834 Nov 12 27 June 29
Sept
113
108
Taal salmi in 11.000 units__
173
208
72a
GI
Ohio Fuel Supply
2
374 Nov 1 38 Nov 14 3134 Ap 3954 Aug
2
Onyx Hosiery
701 1834 Nov 11 20 Nov 11 18 May 30
Jan
above
table
-The
includes
only
Note.
sales
of
coupon
Nov
14
Preferred
20 82 Novi 82
7634 Aug 9855 Feb
1
Orpheum Ciro Inc 91_1
200 97 Nov 11 9734 Nov 13 92
Jan 9755 Nov bonds. Transactions in registered bonds were:
Otis Elevator pref__.111 1.2 10455 Nov
108 Nov 14 96
Jan 109% June 38 1s1 330
Mono to 1001644 ad 41(8
101'n to 102.00
Otis Steel preferred-.111 2,7
45 Nov
Oct 7454 Mar
55 Nov 1 44
101,
43 to 102.00 230 4th 454s
6 lot Cie
10181n to 102uss
Owens Bottle pref._ _1
300109 Nov 13 109 Nov 13 10754 July'11155 Mar 44 2.1 4345
10141 to 1011tyi 30 Treasury 4510
105*.Ist to 105usi
New York Stock Exchange--Stock Record, Daily, 'Neekly and Yearly
2268
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually inactive, see preced ng page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nor. 8.
Monday,
Nor, 10.
Tuesday,
Nov. 11.
Wednesday, Thursday,
Nov. 13.
Nov. 12.
Friday,
Nov. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Railroads.
$ per share S per share $ per share $ per share 3 per share $ per share Shares.
110 11132 60,300 Atch Topeka & Santa Fe_100
4 110 11178 10958 111
1
11214 11338 11034 11234 11058 112/
4 2,400
1
Do pref
4 934 93/
1
100
9312 9313 931.2 9312 9314 9312 9338 93/
4 934 93/
1
212 212 17,000 Atlanta firm & Atlantic. 100
213 278
234 3
4 34
1
4 3
1
2/
2/
214 3
142 14413 14278 144
7,000 Atlantic Coast Line RR_ .100
14112 14212 141 143
141 142
14112 143
4 6918 119.000 Balthnore & Ohio
1
100
4 6958 6814 6938 6712 6914 6814 6914 6838 6912 68/
1
68/
6214
3,500
62
Do prof,
6212
100
62
6212
6214 6218
62
81
62
6178 62
57,900 Bklyn Manh Tr v t 1:7__No par
3113 334 3112 3218 3112 3234 318 3278 31 13 32
3214 335
Pref vot tr ette
No par
7414 711
75
4 7418 7418 9,900
/
74
74
74
7414 7414 7413 *74
1,800 Brunswick Term dr Ry____100
31a
31
*318 334
3
3
4
4
4 44
1
3/
4
1
378 3/
100
4 151 15314 15158 15218 12,500 Canadian Pacific
1
4 153 153/
1
154 154/
4 15334 15412 154 154/
1
26,500
4
863
4
1
/
85
87
100
Chesapeake & Ohlo
86
8814
87
8818
86
87
855 8634 8818
Do pref
100
10812 10612 10612 10613 10613 10634 1,900
106 106 *104 10534 106 106
658 634 23.700 Chicago & Alton
6%
7
658 718
100
718 7%
712
7
4
1
612 6/
4 38,500
1
4 15/
1
4 15/
/
161
Do pref.
100
4 16
1
17/
1734 16
1434 1538 1518 1712 17
100
33
3334 3312 3312 *3234 3312 2,300 Chic dr East IIIRR
34
4 3534 34
1
3512 3578 33/
Do pref.
5212 5222 10,000
100
52381 5212 .53
5234 5314 52
5134 51
53
52
834 8341 25,400 Chleago Great Western__ _100
834 9
8% 9141
858 9
812 9
838 858
24781 31,600
24
100
Do prof
4 2412 25
1
4 2414 25/
1
25/
2518 2618 2538 2638 25
1458 14
1538 14
1413 37,400 Chicago 5111w & St Paul- -100
1534 14
1614 15
15
1534 15
23N 21
100
69,400
Do pref
2534 2634 2434 2614 2412 2512 2334 2518 2313 24
67
6814 66
67581 66
32.200 Chicago & North Western-100
6713 6878 67:2 68 8 67
6714 69
100
100
Do prat
109 109 *10912 114 *10912 115
*107 112 *109 115
310712
39 -4038 3914 414 3912 4114 3912 4124 3858 403*2 3918 4014 173,500 Chicago Rock Isi & Pacific_100
100
94
9414 94
3,100
7% preferred
9312 9418 9412 9178 94
4 94
1
9312 9312 93/
8222 83
100
82
3,200
6% preferred
8234 8314 82
8212 83
8212 8212 8212 83
100
4634 4714 3,300 Clotorado & Southern
46
47
47
47
48
4313 4834 43
4812 49
100
10,100 Delaware & !Judson
130 13034 12938 12934 12712 12934 12818 13018 129 131
130 131
141 14278 19,600 Delaware Lack & Western_ 50
13914 142
138 14014 138 13934 138 139
140 141
100
3012
8
293
303
2938
8
Erie
4
/
311
89.100
3018
3112
30
3112
3012
4 3214
1
30/
100
32,700
Do let preferred
3914 3914 40
4 39
1
3934 40/
3334 40
4 385 40
1
39% 40/
100
Do 20 preferred
3,000
3934 3918 39% 3818 39
3912 3958 3813 3812 *3834 3912 39
100
pref
Northern
Great
55,300
42
6714
6612
6618 6758
4 6618 6678 8534 6612 6614 673
/
684 661
Iron Ore Propertles__No par
3338 33
3312 51,200
4 32121 32
/
311 3212 311
3058 3112 3118 311
4 2034 2112 9,800 Gulf Mob & Nor tr 006_100
/
22
4 211
1
22/
4 2258 21% 2212 2112 22381 2034 211
/
100
Do pref
8012 8118 8178 3,100
8314 8112 81121 80
82
83
8212 84
83
2234 40,100 Hudson &Manhattan
22
2234 224 2212 2212 2112 2234 244 2214 2314 22
100
Central
,
:Mirth
11212
11312
113
14,100
113 11334 113 11428 1134 11334 11213 11312 1124
4 1418 144 1412 1,800 lot Rys of Cent AmerIca_100
1
1312 1334 1378 1378 13/
135
1312 *13
*13
100
Preferred
200
4
563
*55
*55
4
563
5612
.55
5612
*5312 5412 5412 5412 *5412
100
30
8,700 toterbore Rap Pran
31 i 29
3112 30
30
32
3034 30
30
3034 30
100
4 2718 2513 26342 2512 2612 35.100 Kausas City Southern
1
2714 2818 27
4 2618 2758 25/
/
281
100
1/2) pref.
4 57
1
5658 57/
5724 2,700
5834 57
57
5734 57
4 57
1
5612 56/
50
6838 6938 6834 7014 6912 7013 6914 7018 6834 7038 6878 6912 97,000 Lehigh Valley
10214 10312 103 10312 11,000 Loidaviiie & Nashville__ _100
10212 10314 10178 10312 102 10312 10314 104
guar_100
mod
Elevated,
5
Mann
3,000
4 4858 47
1
4638 4612 47
4714 4512 4678 45
4813 4834 46/
100
Market Street Ry
•013 8
*638 8
*638 8
8
*7
8
*7
•714 8
100
Do pref
100
23
*19
20
20
23
28
•20
*19
•19
2312 *19
25
100
Do prior Prof
1,100
*4113 43.
4212 43
43
4212 43
42
41
4114 *4112 42
WO
Do 20 pref
16
500
*1618 1612 16
17
15 *16
15
15
1414 1414 15
-WO
_
(nen')
1,
St
&
01Inneap
2.900
234 234
212 279
3
3
34
3
234 3
*278 3
233* 25 '253,800 %to-Kan-Texas RM.-No par
2212 2.423 2353 2638 24
2218 23
2534 2418 25
100
Do pref
8212 6413 63
6614 6514 70 119.900
5614 5734 5612 5734 5734 83
100
25
255* 76,830 Missouri Pact/to com
26
25
2412 2534 2518 26
244 25
25
24
100
Do pre(
8212 6484 6312 6478 6312 6314 64
65
58,600
64
6312 6438 62
_100
pref._
2d
Mel
of
Rya
Nat
300
4
/
11
•158
134
17
134
4 .158 2
/
134 *158 11
134
8
*112
100
4 10913 10934 11014 11034 11014 110/
1
4 7,600 New On Tex & Men
1
110 11012 109 109/
10918 111
100
4 11713 148,200 New York Central
1
11438 11534 114/
4 11658 114N 11512 11412 11614 1145s 116
/
1151
100
3,700 N Y C & St L new co
11534 116
11514 11614 11513 116 x115 115
115 11578 11513 116
100
Do pref
4 38734 8734 3,300
1
8934 89/
90
8918 8878 8938 89
89
89
89
100
Hartford
dc
H
N
II
N
4
1
/
27
168,300
284
4
283
28%
29
2938
2714
285* 28
2814 2958 2814
Western...100
2212 2438 27,800 N Y Ontario &
4 23/
1
4 23
1
2312 2238 23
2318 2378 2311 2378 23/
100
2112 2112 2112 8,400 Norfolk Southern
4 2034 2114 21
1
4 2012 2114 2012 20/
/
4 211
1
20/
100
1245* 12538 12334 12478 12334 12538 12334 12512 12378 1241
4 12458 22.100 Norfolk & Western .
1
4 123/
/
100
Do pref.
78 I
78 .76
78
78
*76
*76
*76
*74
*75
78
78
100
78,400 \terthern FacIfic
4 66
1
6738 67
6834 6724 6834 674 68
6034 6712 6638 66/
50
4 474 43
1
4712 4613 46/
46
4 55.200 Pennsylvania
1
47
475* 4718 47/
4612 47
100
*20
20
700 Peoria & Eastern
20
*2013 21
20
2134 20
*1812 21
2114 22
100
Marquette
Pere
64
4
10,500
64
633
4
1
/
63
6312
6414
6414
6318
6314
6334
6312 65
100
Do prior pref
7918 785* 7914 1,100
79
7814 7914 79
7812 7812 79
*7834 81
100
Do pref
7112 7113 7112 7134 7134 7114 7114 1,800
7013 7112 71
4 71
1
70/
100
Ya
West
&
Pittsburgh
5714 55/
4 5612 13,200
1
5834 5712 5814 5714 5812 56
4 5914 58
1
53/
100
Do pref
500
4 10558 105% 10512 10534 *10512 105/
1
4
1
4 10534 105% 105/
1
10512 10534 *105/
50
6412 6513 65
4 56,800 Reading
1
6534 6414 654 6412 65/
643* 6512 6434 66
50
Do 1st preferred
06
3578 36
*3512 36
38
3512 35/
4 1,400
1
3538 3538 3512 36
60
preferred
2d
Do
3512
1,000
3512
*3518
4
1
/
35
3512
4
1
8
/
35
.353
3512
3512
4
*343
3512
*34
100
63
63
*61
6334 2,400 Rutland RR prof
6334 •62
65
65
4 6312 65
1
4 63/
1
63/
100
4 5034 4812 50 251,800 St Lotils-San Fran
1
47/
4712 51
4414 47
4 4358 45
1
4234 44/
100
A
pref
Do
7712
7,000
7514
76
7612
76
75
75
7513
4
1
/
74
7534 7412
75
100
4518 4658 4512 4612 45
4 45
1
4613 33,900 St Louis Smithwe8tern
45/
4758 4512 47
47
100
Do prof
4,100
71
71
71% 71
7012 7132 7034 71
71
7134 7214 71
100
Line
Air
Seaboard
2112
2213
20/
2278
4 211
1
4 2014 214 47.400
/
2214 21
2212 2212 21
100
Do pref.
22,400
333
4
1
/
35
35
33
3314
3312
4
3412
325*
3412
33
34
35s
100
Co
Pacific
Southern
394,900
102
10512
101
1017
10312
10412
t
10
8
4
1
/
99
4
1
9912 10012 993* 100/
100
4 7134 72/
1
4 88,600 Southern RallwaY
1
7218 734 7134 7234 7112 7212 7113 72/
7218 73
100
Do prof
4 7814 9,700
1
4 78
1
77/
7714 7714 7734 77/
7734 7612 7738 77
77
100
......
Pacific
&
Texas
55,400
4014
4
/
411
40% 4112 40
4078
4014 4178 4014 4138
42
41
100
Third Avenue
4,500
01312
13
8
8
14
14
133
137
•13
13
4
1
/
14
1312
131s
1112
48 I 48
200 Twin City Rapid Transit. _100
48
50
50
*4512 48 .45
*4418 48
48
144
100
PacIfie
4 14712 146 1475* 14518 1471.1 145 14812 14413 14612 54,300 Union prof
1
145/
146 147
100
Do
74
4 2,000
1
4 *7412 75
1
/
74/
74
4
743
4
743
4
743
75
4
1
/
74
4
1
/
74
8
747
100
Invest
Railways
United
3,800
21
203
8
4
'210
21
203
4
20
2012
2012 2012
2018 2034 20
100
prof
Do
4814 49
7,100
4812 49
4734 48
48
48
4813 4758 48
48
*6312 65
*6312 65
500 Virginia Railway & Power_100
65
4 6412 6412 65
1
64/
.6312 6538 64
4 1834 83.100 Wabash..
1
4 1852 1914 1838 1918 18/
1
1814 1834 1734 183 1712 19/
100
Do pref A
4 50/
1
4 5234 5038 52/
/
4 52 120,860
1
5118 5212 504 5114 5034 52,2 511
100
Do pref It
1,600
3512 3434 3512 3434 3518 *3518 3514
35
35
3413 3514 35
100
Maryland
1218 1178 12
1238 12
14,100 Western
1218 1234 12
1212 1314
1234 13
100
preferred
2d
1912
Do
8
197
19
20
20
4
1
/
4,000
4
193
2014
20
21
20
2034 21
100
4 18,200 Western Pacific
1
4 2512 2612 2538 2534 2534 2713 2614 26/
1
2678 2512 26/
26
100
Do pref
78
2,300
78
78
7778 78
1
77
7722 7778 77 4 7734
78
78
Ry_100
Erie
Lake
&
Wheeling
29,000
1414
145*
4
1
/
13
14
4
1
/
14
14
15
1414
144 15
1412 15
100
Do prat
2512 6,200
4 25
1
4 25% 26/
1
4 25/
1
4 2514 2512 24/
1
26/
4 25
1
2634 26/
Industrial & Miscellaneous
100
9112 3,900 Adams Express
9134 91
9012 9112 9012 9034 91
91
4 8834 89
1
88/
100
4 1,9002 Advance Rumely
/
4 1012 1013 ION 111
1
4 10/
1
1012 1014 1058 10/
1012 1012 *10
100
Do pref
3813 3,000
38
38
38
4 38
*373
39
38
38
38
3814
38
4 5,800 Air Reduction. Ine____NO par
1
4 8412 8524 8412 84/
1
85/
4 84
1
08218 8212 8212 84/
8278 83
50
Inc
Rubber.
12,200
Max
4
1
/
9
4
1
/
8
1
912
9
878 9 2
830 9
838
83s 9
8
10
18
18
1,700 Alaska Gold Mines
_ - __ ____
•15 •15 --- - ---- - - ---1181 2,500 klaaka Juneau Gold Min_ 10
*1
118
*1
1
1
1%
118
1
1
118
•1
28.100 killed Chemical & Dye_No par
4 7514 76
1
76/
4 7438 7434 7412 7714 75
1
731, 7331 74/
73
100
1.)n pret
11612 11612 2,900
11613 117
1638 1163* 11634 11634 11613 11634 11612 117
100
22,900 APIs-Chalmers Mfg
63
6134
63
6112
5
64
62
100
5912 6038 6018 61.18 6014 63
pref
Do
1.400
10012 10012 10014 10112 100 101.12 9,200
0112 10112 10012 101 *100 101
kmer Agricultural Chem_100
1434
4
1
/
13
4
133
1312
1518
1312
1458
4 1334 1412 14
1
100
4 13/
1
13/
5
3912
prat
Do
4,800
1
37
37%
4 3712 3814 375 3812 37 2
1
100
3712 37/
367 37
3912 4012 4014 4212 9,200 American Beet Sugar
40
39
3834 3334 39
3812 3334 38
Bosch Magneto_No par
Amer
5,100
'26
4
243
2514
2414
2512 2412 25
par
2512 2558 2514 2.512 25
.No
F..
&
Shoe
Brake
Arn
900
84
83
83
83
•8314 84
100
8218 8212 8212 8312 *8213 84
Do pref
*10512 108 *10512 108
100
03 110 *104 108 *105 108 *10512 108
Can
American
288,100
15312
15018
4 15312
1
147/
4 14234 15034 147 150
1
100
4013 14234 141 142/
Do prat
11738 11738 1,200
11614 11614 11614 117
11712 118
Foundry_100
18 118 *117 118
172 17412 173 17312 8,400 American Car &
4 174
1
100
8714 16813 16712 16834 18712 17012 170/
prof
Do
600
123
122 123 *121
25
2114 12234 12114 122 *121 12234 *121 122
1,000 American Chain, el A
23
23
2318 2278 23
pat
2314 2318 2318 23
2314 23
No
23
Chicle
American
5,500
3614
3712 3614 3738 3638 3634 3614
_10
4 36
1
4 3534 35/
1
Syndicate_
3412 34/
Druggists
534 578 5,100 Amer
578 6
4 578
1
5/
64
100
6
6
8
534 6
12034 12214 12014 12112 8.800 American Express 25% paid_
120 12112 12034 12212 120 121
119 119
2,000 Am & Foreign Pow
4 116
1
11534 1164 116 11613 115/
11534 116
1153811538 116 116
Full paid
11612 11612 2,200
11612 117
4 117
1
118/
117 117
116 11812 116 116
800 American Illde & Leather_LOO,
1138 1188 1128 1128 *1112 1158
1114 1114 1112 1158 115* 115
r'^ -^*
6758 6714 671, 3,300
67
f24274 e7
I- 417 "427
42885, 4203.
42714
RR
•1/id and asked priced. a Ex-ellvIdcuad. 9 Ex-tigh411.
PER SHARE
Range Since Jan. 1 1924.
On basis o 100-share lots
Lowest
$ per share
9718 Jan 2
8813 Jan 2
I% Feb 23
112 Jan 23
5218 Apr 22
564 Apr 18
4 Jan 4
1
l3/
4 Jan 3
1
48/
I Jan 3
14244Mar 10
6734 Feb 26
99N Jan 3
314 Apr 15
818May 20
21 May 5
37 May 5
4 Apr30
1012Juue 4
4 Oct 6
1
10/
19 Oct 11
4914 Jan 3
100 Jan 8
2113 Feb 15
7634 Feb 26
6558 Jan 2
20 Jan 2
10412Mar 5
11034 Feb 15
204 Jan 3
2858 Feb 19
2518 Jan 3
5334 Mar 3
26 May 23
1134 Apr30
50 Jan 3
4 Oct 30
1
20/
10014 Mar 4
1134Juiy 24
44140t2y 12
4 Jan 2
1
12/
1734 Mar 26
5114 Mar 31
b3912 Apr 10
4 Jan la
1
87/
3012 Jan 2
4 Mar 15
1
6/
20 Oct 17
41 Nov 8
14 Mar 18
4 Jan 3
/
11
1012M5y 20
4 Feb 18
/
291
4 Jan 3
1
9/
29 Jan 3
118July 18
9318 Feb 15
9918 Feb 15
7212 Feb 18
83 May 21
1418 Jan 2
16 May 21
1213 Apr 22
10212 Jan 3
4 Feb 26
1
72/
4778 Mar 3
4214 Jan 3
934Mar 13
4013 Mar 31
7112Apr 23
60 Jan 4
38 Jan 4
8514 Jan 5
5178May 20
34 Oct 14
93318 Jan 16
32 Jan 3
194 Apr30
4258 Jan 3
33 Jan 2
4 Jan 3
1
57/
64 Jan 2
1414 Jan 2
8512Mar 26
3812 Jan 2
4 Jan 3
1
66/
19 Jan 3
834781ay 20
3912 Oct 2
12658 Mar 3
70 Mar 20
758 Apr 23
4 Apr 21
/
261
36 Feb 29
1014 Jan 4
34 Jan 3
2212 Jan 3
838211110 3
151451ay 15
4 Jan 2
1
14/
58 Jan 7
712 Jan 2
1414 Jan 2
73,2 Jan 2
8 June 9
2814June 14
6714 Jan 2
4121May 14
.10 Oct 24
78 Jan 30
65 Mar 18
110 Apr 8
41 May 20
90 ADr29
74 Apr 7
4 Apr 7
1
18/
38 Mar 21
2214 Apr 1
76 Apr 14
10414J:415:10
4 Apr 21
1
95/
109 Jan 8
15313 Apr 14
11814 Apr 9
2138Mar 21
4 Apr 22
1
14/
312June 6
88 Apr 15
9212Mar 8
9112 Apr 4
714 Apr 28
,
,ni. Ian 3
PER SHARE
Range for Precious
Year 1923.
Lowest
Highest
Highest
S per share $ per share $ per share
94
Oct .0518 Mat
11338Nov 7
4 Mar
1
85% Dec 90/
9312 Aug 1
314 Feb
114 Aug
314 July 22
27 Feb
4 July
/
14413 Nov 13 1091
4 Dec
1
4018 Jan 60/
6958 Nov 8
5534 May 6078 Mar
6212 Nov 12
141s Den
914 Oct
3358 Nov 8
4 Dec
1
34N Oct 49/
4 Nov 13
1
71/
73 Nov
25* Jan
412May 9
Apr
15178 Nov 11 13934 Sept 160
7838 Jan
57 June
9234 Aug 4
10918July 25
96 June 10478 Feb
438 Dee
2 May
758 Nov 11
3% Jar
1288 Dye
1734 Nov 11
3834 Feb
19 Aug
4 Nov 11
1
35/
6214 Mar
4612 Aug
51 Nov 10
Pet)
7
4 Oct
1
2/
914 Nov 12
FR
17
4 Oct
1
6/
4 Nov 10
/
261
4 Mar
/
1114 Oct 281
1818 Jan 10
2058 Dec 4512 Mn
3014 Apr 12
4718 Dec 88 Mn,
69 Nov 8
9718 Dec 11818 Mar
109 Nov 7
4 Mar
1
194 Oct 37/
4114 Nov 10
72 Aug 95 Feb
4 Nov 12
/
941
601
4 Aug 85 Mea
/
8314 Nov 12
Oct 4512 Feb
17
49 Nov 8
934 July 12412 Feb
13434 Aug 11
13012 Feb
Oct
8
8Sept
1097
1163
9
1018 May 2234 Dei
4 Aug 1
1
35/
Jan 3114 pet
15
4 Aug 1
1
42/
12)84 May 27% Des
42 Aug 1s
80 Mar
4July 23
1
69/
4 Om
1
50/
38 Mar
3312Nov 14
25 July
23 Mat
2278 Nov 7
313 A111
84 Nov 10
4 Jan 8234 Feb
1
41/
2412 Nov 11
11112 Aug 18
4 -Dec 11.711 -Feb
1
09/
1614 Aug 28
5512 Aug 19
3924 July17,
4 Ma,
/
221
4 Jum
1
9/
2478 Mar
2818 Nov 81
4 July
1
15/
4 Mar
1
57/
4858 July
5711Nov 10
4 Jail 15
1
72/
4 Feb
/
711
54 June
4 0.1 155 Feb
/
841
101 Nov 12
4 Apr
/
5178July IS
2712 Dec 451
22 Mar
712 Oct
1312 Jan 4
8813 Mat
Oct
23
4018 Jan t
87 Mar
5613 Oct
7113 Jan 4
1452 Oct 5614 Mar
30 Jan 4
ON Feb
78 Aug
4 Jan 28
1
4/
17 Feb
4 Oct
1
9/
26 Nov 11
4513 Feb
2178 Oct
70 Nov I4
4 Feb
/
191
26 Nov 12
814 Oct
49 Feb
2214 Oct
6514 Nov 13
434 Feb
114 Nov
2388e2)1 28
8212 Aug 105 Mar
12112May 20
9012 May 10714 Dec
11712 Nov 14
121. Sept 5
674 Aug 8012 Dee
9512 Jul,
86 Nov
4Sept 5
1
93/
2212 Jan
30% JulY 24
958 July
2158 Feb
1414 Jun(
4Nov 11
1
21/
9 Sept
1888 Feb
2112Nov 13
13212 Apr 8 100 July 11738 Feb
72 Sept 7812 Aug
80181008 10
81.12 Mar
4 Oct
1
49/
4 Nov 12
/
681
4778 Apr
48 Nov 12
4078 Nov
17 Mar
Oct
8
2238 Nov 7
Jan 474 June
36
6818 Aug 8
7814 Mar
6713 Oct
8512 Aug 2
7(113 Jan
5712 Oct
77 Aug 0
6414Sept 9
4 Jan
1
33/
503a Ma7
Jan
85 Dec 93
10678 Oct 29
6812 June 8118 Feb
79 Jan 12
5613 Jan 14
44 June 5612 Feb
fan 14
45 June 564 Jan
501
05 Nov 10
2212 Oct 39 Deo
27 Mar
4 Oct
/
101
51 Nov 12
50 Mar
3212 Jan
7712 Nov 12
4 Feb
1
38/
2512 Aug
4758Nov 8
4 Mar
1
4 June 63/
/
541
7214 Nov 8
711 Feb
434 Aug
4 Nov 11
1
22/
1534 Dee
84 Aug
3538 Nov 8
8414 Aug 954 Feb
10512 Nov 12
3918 Dee
4 Jan
/
241
7318 Nov 10
4 Mar
1
70/
63 July
7934 Oct 21
2913 Mar
14 Allit
42 Nov 8
194 Feb
812 Dec
1812July 17
66 Jan 12
11758Nov 11
7612 Aug 27
235* Oct 1
5458July 14
4July 12
1
72/
1938 Nov 11
5234 Nov 12
3512 Nov 11
1334 Aug 8
2158July 18
2712 Nov 13
78 .Nov 8
1514 Aug 0
2714 Nov 7
774 June
5814 Jan
4 Feb
/
12412 Aug 1441
7014 Dec 764 Jan
Mar
4
/
211
Oct
its
Oct 62 Mar
26
3034 Aug 3612 Oct
12 Deo
7 Mar
3612 Deo
2314 Jan
2334 Dee
4 Jan
/
181
15 Feb
8 Sept
4 Mar
/
261
14 Sept
12 Setp 2014 Mar
63 May 6348 Mar
1012 Feb
Oct
8
Feb
19
Oct
10
913iNov 13
1234July 29
4118 Jan 4
88388e1t 29
1114 Aug 18
14 Feb 2
112Mar 4
79 July 28
11814July 16
6612 Aug 19
10112 Nov 8
1714July 29
4958 Jan 9
4 Fob 6
1
49/
4 Jan 12
1
38/
4 Aug 15
1
85/
110 Mar 26
15312 Nov 13
119 Oct 27
178 Jan 26
125 July 18
25 Sept 5
4Nov 12
1
37/
7 Oct 25
4 Aug 4
/
1221
1214 Aug
12112 Aug 22
135* Feb 18
69 Oct 22
67 Sept
612 Oct
24 Nov
56 July
414 Oct
1g Aug
34 Oct
594 Aug
10514 Aug
3784 June
89 Nov
1018 July
2814 Oct
25 AU3
2234 Oct
6918 Sept
102 July
7313 Jan
106 Sept
14814 July
11/ Sept
2038 June
4 Jan
1
6/
418 Sept
87 Nov
96 Dec
82 Ms(
1912 Mar
5438 Jan
4 Mar
1
72/
1472 Mar
58 Mar
178 Oct
Jan
.
80
112 Mar
514 Feb
9712 Jan
4 Feb
1
36/
8878 Feb
4 Feb
/
491
60 Mar
8314 Feb
110
Jan
1075* Dee
115 Feb
109 Mar
4 Jan
1
125/
2513 Mar
171
4 Nov
/
75* Feb
14312 Mar
97 Deo
6-4 -Aug
2934 Aug
IA itiar
22
713
.Mot.
New York Stock Recora-continued-rage Z
226D
sales during the week of stocks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 8.
Monday,
Nor. 10.
Tuesday,
Nov. 11.
Wednesday, Thursday,
Nov. 12.
Nov. 13.
Friday,
Nov. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
Indus. & Miscell. (Con.) Par
7712 80
77
7914 78
7858 7814 7914 79
8414 82
8414 23,200 American Ice
100
*7514 7612 7612 77
*7512 78
*7512 78
07612 7812 *7612 7812
200
Do pref
100
3018 3078 2912 3084 30
304 2912 3014 3058 3114 314 3278 61,900 Amer International Corn _ -100
11
11
11
11
1078 1078 1078 1078 1014 11
a1014 104 1,500 American La France F E
10
19
19
1914 20
20
2018 2012 2014 2012 2012 2012 2014 1.700 American Linseed
100
40
40
4058 41
41
4112 41
4112 *38
41
*39
41
900
Do pref
100
8114 82
8414 8312 854 8312 8412 8312 8458 56,700 American
3158 824 82
Locom, new_No par
*118 119 *118 11812 118 11812 *11812 11912 *119 11912 1194 11914
400
Do pref
100
4718 4718 4718 4814 4814 4812 484 484 48
4818 48
4812 8,400 American Metals
No par
12412 12.053 123 12414 123 123
12278 12312 123 123
122 123
2,900 American Radiator
25
818
814 84
814
814
814 812
812
88 878
84 878 16,000 American Safety Razor_ _ _ 25
1018 1014 1014 1012 1014 1012 1012 1012 1014 1112 1112 12
8,500 Amer Ship & Comm__ _No par
8214 8214 8214 8412 8418 8514 8514 8618 8418 8578 8412 85
63.400 Amer Smelting & Renning_100
10514 10514 106 1064 10514 10514 10514 10614 106 106
10514 106
1,400
Do pref
100
3714 384 3812 3918 3918 4014 3914 4084 3914 4014 3914 40
37,300 Am Steel Foundrles____33 1-3
.10812
10812 10812 109 109
10812 109 *108 109
10878 1084 1.100
Do
pref
100
437
455
8
4112
8
4312
4214
4512
4114 -4314 404
4838 4712 4914 94.390 American
Sugar Refining...100
8514 8614 8518 8614 8618 87
847s 85
874 83
8714 89
4,400
Do pref
10(1
8
8
*758 8
8
8
712 814
778 818
8
818 2,600 Amer Sumatra Tobacco_100
*2614 2614 *2614 35
*2614 34
32
32
3412 3412 3058 35
700
Do
pref
100
12818 12878 12858 12878 12814 129
129 12918 12938 1294 12912 12914 15,400 Amer Tele!,
A Teleg
100
16514 16614 1654 169
16814 16978 168 16938 167 16978 2164 165
20,000 American Tobacco
100
10514 10514 1041s 10518 10418 10412 10412 10412 105 105
105 1054 1.500
Do pre/
100
16512 16578 165 16712 16614 16818 166 16778 16512 16718 216318 16414 19.300
DO common Class B 100
*107 110
108 10812 10918 11014 10978 110
110 111
11012 115
3,600 Am Wat Wks & El v t c
100
9612 07
*94
9714 *94
97 .94
90
*95
97
*95
97
300
Do 1st pref (7%) vi 6_100
98
98
96
97
*9518 96
*9512 9614 97
98
98
9853 1,700
Do partie pf(6%) v t c.100
5458 5512 554 58
5412 55
5714 5914 5714 61
601a 6118 60,700 American Woolen
100
944 944 *9414 9512 9518 9538 9512 9512 *9512 96
9618 9618 1,100
Do pref
100
*214 212
214 214
214 214 *214
212
214
218 *214
2tz
500 Amer Writing Paper pref 100
*8
814 914
812
858 938
9
914
858 94
84 94 3.100 Amer Zinc, Lead & Smelt-25
*28
2978 2914 32
2912 31
30
3112 3018 3114 3.000
324 30
Do pref__
26
37
3758 3714 39
384 3912 3824 3938 384 394 3878 3912 65,100 Anaconda
Copper Mining_ 50
*8712 8812 88
88
*87
8812 8814 8814 8312 8812 8912 8912
700 Armour & Co (1)el) pref._ _100
*714
778
74 74
778
g
8
8
734
878
8
814
1,500 Arnold Constle& Co v t()No par
127 12778 12712 1304 127 12812 127 12918 12712 129
126 126
6,500 Associated
100
3114 3218 . 3178 3234 3158 3212 3118 3218 3112 3112 3114 3178 28,000 Associated Dry Goods
011. new
.25
15
1514 15
154 1512 16
1518 1578 16
16121 10
1612 4,700 Atl Gulf & W 188 Line_100
2114 2178 22
22
2214 2212 23
2378 24 I 2418 2412 1,800
23
Do pref
Ex
8914 9014 90
9212 92
934 93
94
9314 18,400 Atlantic RefInIng
9314 93531 93
100
•110 114 *110 114 *11014 114
11214 11214 *112 114 .
100
1 '11012 114
Do pref
10C
24
2414 24
2458 2414 2514 2512 2612 2612 27 1 27
2734 15,400 Austin, Nichols A, Co__No par
*85
88
86
86
87
88
8812 8912 8914 90
90
90
1,500
Do
prey
100
5112 114 *112 114 *112 114
2
114
112 112
2
114
1.700 Auto Knitter Hosiery. _No par
12218 124
1214 12214 122 126
12258 12514 12218 12434 12312 12518 141,700 Baldwin Locomotive Wks_100
11612 11612 *116 117
116 116
11514 1154 1154 11612 11658 1164
500
Do pref
100
1818 1818 1814 184 1814 1912 1914 1912 1918 1912 19
1914 0,500 Barnsdall Corp, Class A... 26
*1312 14
14
14
14
14
1412 1412 1458 1478 14
1412 1.700
Do Class It
20
46
46
4574 46
46
46
4612 46
*46
46
46
47
1,300 Baylik Cigars, Inc
Vo P47
56
5614 5612 5614 554 56
56
50
5514 4,100 Beech Nut Packing
55
5078 55
20
41
4214 4218 4314 4214 434 43
4314 444 4414 45
44
63,100 Bethlehem Steel Corp
10C
*105 106
105 106
104 10412 *104 105
10418 10418 10518 10612
800
Do cure cony 8% pref_100
9178 9212 92
92
91
9114 9112 9178 91
9112 92 .0218 2,400
Preferred new
100
*414 412
44 418 *44 412
4
414
418 44
412 458 4,900 Booth Fisheries
No ow
•119 11912 11812 11918 11918 11978 11958 120
119 1204 211818 11934 6,200 :Irooklyn Edison, Inc • 100
74
7412 7414 7414 7418 7418 744 7514 7514 7578 7512 754 9,600 Bklyn Union Gas new No
pal
*5612 57
57
58
5714 5778 5778 57
5818 6078 62
6412 6,400 Brown Shoe Inc
100
*10412 10612 10512 10514 *10412 10514 10412 1044 *10412 10458 10458 10714 3,300 Burns Brothers
100
*2312 2414 2414 2414 2412 25
2,100
Do new Class 11 corn._
2412 2412 244 2478 2478 25
54 6
614 64
678 714
678 718
678 7
678 7
23,400 Butte Copper & Zinc
*
1712 1712 *1712 184 *1712 1818 1758 1714 18
1818 184 1814
900 ButterIck Co
10C
1614 1612 1612 1812 1838 1834 1758 1818 1778 1814
1714 174 13.900 Butte & Superior Mining
10
*118
112
118
114 *118
134 *118
184
114
118
14 1,300 Caddo Cent 011 & Ref_No par
114
95
95
05
95
95
9514 95
9514 95
95
9478 9512 2,300 California Packing _ ___No pat
231g 2314 2378 2412 2314 244 2312 2414 2318 2414 2312 234 37,000 California Petroleum,
new. 25
964 9678 9714 98
97
98
9814 *9714 9814 2,300
9712 93
97
Do pref
100
358 314
314 414
414 418
4
378 4
11.400 Callahan Zinc-Lead
414
314 4
10
5014 514 52
5414 5318 5414 *52
5318 5214 534 5318 5318 4,300 Calumet Arizona Mlniag
10
*4
4
*4
4
•14
Case (J I) Plow
4
*54t
*58
7e
78
*58
4
No pat
*2014 2312 *2014 2314 2014 2014 *20
20
2014 *20
21
200 Case Thrmhing Mach_No pat
20
1514 154 15
154 1378 1414 15
154 1558 1712 1614 1718 25,600 Central Leather
100
4612 4712 4612 4318 4514 4618 46
47841 4718 51
BO
pre(
484 5014 27,800
100
4612 464 4612 4812 48
4878 43
4834 474 4818 4714 484 49.100 Cerro de P£0340(7opper_No par
28
2812 2678 287s 2754 2838 2753 2814
2853 3012 2912 3178 20,700 Chandler Motor Car___No par
*8514 8612 8612 87
*86
87
*86
87
8612 86
87
*86
500 Chicago Pneumatic Tool...100
43
44
44
44
4312 4314 42
43
4212 2,000 Chicago Yellow Cab_ __ No pat
4112 43
42
324 334 334 3414 3418 3478 3314 3412 3312 344
334 344 63,400 Chile Copper
25
2314 2314 2314 2412 25
2614 2513 26
2514 2618 2578 2612 8,100 Chino Copper
6
58
5814 60
60
6018 6018 60
1,400 Cluett, Peabody & Co
62
62
6212 6284 62
100
7718 7658 7712 774 78
7612 7678 77
7712 7912 7812 7978 22,200 Cora COIR CO V t c
Nova'
78
3912 3858 3978 39
4014 3858 3914 38
4112 41
4214 54,000 Colorado Fuel & Iron
*4112 4312 43
4314 4212 4212 4178 4212 4212 4212 4212 4212 2,500 Columbian Carbon vi0 No 100
par
4318 4312 43
4358 4314 4314 4312 4478 4453 45
34.800 Col Gas & Elec. new ._.No par
4438 45
86
85
85
85
83
8378 8312 8312 8218 8358 8214 8214 2,300 Commercial Solvents A No pat
SO
8014 83
78
80
8158 80
81
5,600
7853 7978 7914 80
B
No pa
4014 4178 4014 4178 4112 44
4212 4314 4212 44 . 4358 46
32,100 Congoleum Co
No pat
1912 194 2012 2212 2214 23
2112 22
214 11,400 Consolldated Cigar_ __ _•Vo pa?
2014 2112 21
•74
7612 7512 7912 7912 80
7914 81
•80
81
81
*80
Do pre:
6,900
100
7418 7514 7412 7514 z724 7334 7312 7512 74
75
88.900 Consoltdated Gas(N VAN° Pa'
7614 74
.4314 4334
Consol Gas,E LA P of 11a11100
3
278 3
278 3
3
- -3- - -3'. - -24 312
312 378 54,400 Consolidated Textile_ ...A o pat
58
581
5712 5811 5714 6014 5918 6278 59
5978 584 5914 112,700 Continental Can, I"-- • - - 10(u
614 7
7
7
64 74
718
7
64 7
7
7
13,000 Continental Mann__ _No par
3714 3814 3778 38/4 3812 3912 3812 3934 38158 393-€
381, 3914
83,400 corn Products Refill w I _ _20
2858 2918 2878 '294 2858 29
2812 2012 2858 2912 29
294 51,600 Cosden & Co
Ivo par
458
5712 5912
5812 5914 5858 5912 59
6114 614 6214 61,400 Crucible:4M of Amerlca__100
*91
9114 91
590
91
9114 900
9114 9114 9112 93
93
Do pref
400
100
114 1178 1112 1114 12
124 124 1353 124 1312 13
15
25,200 Cuba Cane Sugar
No Par
5614 574 5514 5678 5614 5714 58
6014 5958 61
6018 621 41,500
Do pref
100
2858 29
284 284 2814 2814 2812 2914 2912 3014 2914 3014 26,300 Cuban
-American Sugar... 10
9812 98
98
*98
9814 9814 *9814 984 59814 9812 *9814 98t2
Do pref
200
10e
5'2
512
554
514
538
534
5
514
518 54
514
518 4,000 Cuban Dominion Sugar No pat
47
46
47
46
45
4512 *44
45 .42
46
*44
46
400
Do pref
101
4678 48
4518 474 4678 4778 4818 5034 5012 53
5114 531 40,000 Cuyamel Fruit,.,. __1€o pat
814
84
8
84
74 818
84 9
812 914
812
Boone WooleD Mills 25
Daniel
6,700
9
8
4317 4414 43% 4434 4314 4458 3812 41
40
4318 3958 42
Davison
62,500
Chemical v I e..1A'o par
2058 2058 2012 2012 2014 204 *2012 21
*2012 21
*2012 21
300 De Peers Cons Mines__ No par
10978 1094 10914 10912 10914 10978 10978 10978 10978 110 *1091. 1997
3.500 DKr,ir Edi,,,,,,
10(11
1414 144 1458 1414 1412 1414 .144 1414
1418 1418 144 141
1,800 Dome Mines. I td__No par
1112 1178
1114 12
114 1114 1114 1158 *1114 ll7s 3,700 Douglas Pectin
1214 1214
112 11312 III 11124 11138 11112 4,1001 Easunan Kodak
112 11214 11214 11212 11278 113
Ce-No Far
•10
1134 *1012 12
1134 *10
*11
1134 *10
1112 1112 11121
100 Eaton Axle & SprIng___No pa
12718 12812 12812 12914 12712 1294 12714 12958 129 134
133 134t41 34.600 El du Pont de Nero & Co 100
59
6218 62
64
6214 64
6318 64
5953 5918 5978 59
36,800 Flee Storage Battery.EC par
1112 114 51112 12
*1112 12
1112 1112 1112 1112
*1112 12
500 Elk Dorn Coal Corp
50
24 *2
*178 278 *2
212 212 *2
278
212 *2
21.
400 Emerson-Brantinghsin Co 100
634 6318 6312 6512 6514 6614 6578 6612 6578 6612 6512 66 - 6,100 F.ndleott-Johnson corp
50
•10912 110
10014 1094
_ •10912 110 *10912 110
110 110
400
Do pref ____ _ ... ___ _1(10
2314 2338 2318 23
2211 2314 23
23
2318 •10912-2312
23
23
4.200 Exchange Buffet Corp.A o par
861 1 85
8614 86
85
85
834 8414 825€ 8478 84
8712 35,600 Famous Players I asky _No par
97
98
9814 9812 9812 9812 9812 99 100
964 0612 97
1,400
Do veil ff•%).
100
14
1414
1418 17
16
1418 1418 1378 144 1312 14
1712 9,600 Federal S.-lining a Smelt-n 100
53
53
5312 5312 5634 554 5678 7,600
53
5414 53
5414 53
100
Do pret
•11
1112 1112 1112 *1114 1114 1114 1114 *1114 12
*1112 12
1,000 Fifth Avenue Bus
No par
•18214 185
18012 182
181 182
180 18014 180 18112 18018 191
No par
5,100 Fisher Body Corp
918 94
9
012
9
914
94
9
918 912
912 1018 26,100 Fisk Rubber_
No pat
6558 6612 654 6514 6712 6712 6714 6758 674 71 14 704 7114 6,200
100
First preferred
793 7974 80
814 8178 8312 20,400 Fielschman Cu
8312 8214 8312 81
824 81
A o par
8614 8712 87
8818 8714 924 8452 834 844 87
8512 8612 49,000 Foundation Co
No par
778 8
754 818
84 9
812 9
84 84
818 Ps 13.800 Freeport 'vela. Co
No Irar
414 418
414
414
44 41 1
414 414
No par
438 418 *414 478 2,200 Gardner Motor
4412 45
45
4678 46
47
4653 4614 461, 46
4.512 4614 3,800 Gen Amer Tank Car
No par
4414 45
444 464 4512 4712 47
100
4818 4758 4914 4812 4912 64,900 General Asphalt
86
8614 86
117
87
RR
RS737 RS%
RS
89
104
8814 884 1.900
710 v77`f
too and asked prices; no sale, on Ulla day. c Ex 300% In stook. a Es-debts s es-alvideua.
PER SHARE
Range Since Jan. 1 1924.
On basis o 100-share lots
Lowest
$ per share
72 Aug 28
7512Nov 3
1738 Mar 19
10 May 19
1314May 7
30 Apr 15
7018 Apr 15
11614 Apr 16
3814June 3
9414 Apr 16
54 Apr 22
1018 Oct 28
5712 Jan 14
90 Jan 2
334 Apr 21
10114 Apr 25
36 Oct 30
77 Oct 30
618July 11
2212Sept 0
12118June 26
13658 M ar 25
101 Apr 11
13514Mar 25
40 Feb lb
8912Mar 21
66 Feb 19
5114SePt 10
90 Oct 25
112 Apr 16
7 Mar 29
24 June 5
28127elay 20
8314June 18
6 Oct 27
79 Jan 11
2712July 16
1034Mar 26
124 Jan 4
781 2.1111y le
108 Oct 27
1812Mar 28
79 Apr 17
112 Nov 7
10412Nlay 20
11012June 10
14 Feb 113
10 Jan 7
3912M8y 16
4414 Apr 15
3714 Oct 22
1014 Apr 12
8012.1une 30
358June 11
10714June 2
5158 Apr 21
39 May 27
9712 Feb 26
194 Feb 26
358June 26
17 Apr 2S
14 May 29
114 Oct 15
*0 Apr 30
1912July 16
9212July 16
212May 10
4184 Mar 31
4 Mar 26
14 Mar 19
972 Mar 25
2914 Mar 6
4084 Max 31
2678 Nov 10
79701ay 15
39 May 12
2558 Mar 29
15 Mar 2f,
53 Oct 7
01 Apr 21
2478 Feb 16
3914Sept 30
33 Mar 21
4312 Jan 11
33 Jan It
32187itay If.
I 14MA'. 25,
5912 Apr 24
6078 Jan 2
129 Sept 15
24 A pr 22
4314 Apr 14
6 Apr 22
3112 Jan 15
2258Sept 30
48 May 13
86 May 22
1012 Oct 22
5358 Apr 21
2814 Nov 11
96 Jan 4
418June 16
41 Aug 29
4518 Nov 10
6 Nov 6
3812Nov 12
184 Jan 21
1011, Jan 30
1378 Oct 8
918June 9
1041a Apr 21
834Sept 11
112 May 20
5012May If
I 112June 20
78June 23
5578May 0
10512June 28
1812May 21
61 Jan 29
8774 Jan 28
514 A's" 1
4112 Jan 2
912 Jan 23
163 Jan 23
512.1une 6
3818 July 10
444 Jan 22
6612 Jan 11
74Sept 6
314 Oct 21
3512May 28
3132 Apr 11
711, Arm 8
Highest
PER SHARE
Range or Previous
Year 1923.
Lowest
Highest
$ per share $ per share S per share
96 Feb 7
78
Oct 11112 Apr
83 Feb 15
7714 Oct 89 Feb
3278 Nov 14
16 Sept
3312 Mar
1214 Jan 9
104 July
13 Max
Oct 38 mar
2253 Jan 14
13
45 Jan 14
284 Oct 59 Feb
8514 Nov 12
6434 July
7614 Dee
124112Sept 29 11412 Sept 122 Feb
4918 Aug 18
4014 June 5574 Mar
139 Nov 6
76
Jar 97 Dee
478 June
878Sept 27
918 Feb
154 Feb 11
1018 July
2118 Jan
8618 Nov 12
5114 Oct 6912 Mar
93 June 10218 Mar
10612 Nov 6
404 Nov 12
3158 July
4078 Mar
109 Nov 11
974 Aug 10514 Feb
61/4 Feb 7
48
Oct
85 Feb
92 Dec 108314 Jan
9972 Feb 14
2812 Jan 9
16 Jul) 3618 Feb
69 Jan 10
3212 July
854 Feb
13074Mar 13 11918 June 12814 Dee
16978 Nov 11 14014 Jul) 10134 Feb
10612July 23 10018 Nov 10578 Mar
16818Nov 11 140 May 15914 Feb
12618Sept 25
2712 Jar
4414 Apr
09 July 8
8514 July
93
Jan
99 July 10
4812 Jac 6712 Dee
7878 Jan 11
65
Oct 10958 May
9658 Oct 1114 Jan
10258 Jan 16
7 July 14
14 Dec 34 Max
104 Feb 14
618 Oct
194 Feb
2414 Dec 5814 Feb
3478 Jan 14
42 Aug 2(3
3218 Oci
5312 Mar
934 Jan 24
8814 Oct 9414 Dec
15 Jan 6
1012 Nov
1814 Oct
13012Nov 11
6214 Jan 89 Mar
844 Feb 5
2478 Oct
2912 Dee
914 July
2158July 14
34 Mar
274July 3
614 July
27 Mar
14018 Jan 31
9918 Sept 1534 Jan
118 Feb 7 115 May 120
Jar
17 July
SO Jan 0
3512 Jan
90 Nov 13
7814 June
8914 Jan
658 Dec
84 Jan 2
2814 Apr
131 Feb 7 11012 Aug 14414 Mar
11(58Nov 14 111
Apr 11634 Jan
2152June 30
974 Aug
35 tiler
6
Oct
1614June 30
22
71812
60 Jun( 6214 Apr
59 Jan 1
5812 Jan 31
4818 Der
8414 Mar
6218 Feb 5
414 Jun( 70 Mar
11014 Feb 15 10014 June 11114 Mar
87 July
97 Feb 11
9712 Mar
718 Jan
334 Oct
718 Jan 6
12018Nov 13 10414 May 1214 Jan
8014Sept 25
4138 Oct 654 Apr
6412Nov 14
11212June 27 100 Sept 14434 Ma.
43 Jan
27 June 27
2112 Sept
414 Oct
111* Feb
711 Nov 11
22 Aug
1314 June
23/2 Jan 23
2018 Feb 15
1278 Oct
374 Mal
1112 Fel:
114 Nov
44 Jan 19
11512 Nov 14
77 Aug
87
Pet
914 tan 0
1718 Sept 294 57143
107 Jan 31
9012 Sept 110121.120
34 Oct
574 Jan 9
1258 Fel
544 Aug 15
42 Oct 66 Mai
44 Fet
1* July 18
14 Oct
29 July 28
17 Dee 42 Mai
1774 Feb 13
058 Nov
404 Mal
524 Aug 15
281s Nov
794 Mal
4914 July 22
3612 Oct
6012 Mal
76 Mat
Oct
43
6612 Jan 2
874 Jttly 21
754 June 9054 Ma,
6112 Apr 10___ - ---- - .- _ -.- •
,
8 Ma'
n512 Aug 18
2418 June i0
3174 Ma.
1414 Aug
2612 Nov 14
eo July 7614 Mai
7512 Jan 30
8354 JUDI
654 Oct
794 Nov 14
Oct
354 Ma)
20
5114 Aug.
5118 De.
Oct
41
5518 .lan 1S
3714 Are
3014 June
45 Nov 13
Fel
46
Apt
25
86 Nov 1
40 De.
15 A91
83 Nov 10
0634 Orb re (444 Dec 1844 Nol
1458 Der .494 Jar
23 Nov 11
83 Fel
60 Dee
84 Jan it
5614 July 6953 Fel
75'z Nov 12
-- - ---- - - - 15514 Oct 1
Oct
1412 Fel
6
8 .nn f
674 11e.
627* M111
6278 Nov 12
1214 Jai
5 Oct
tan I t
s
. . --- . - - ...
3914 Nov
- Sept -6214 Ma
a 2284
4014 Feb 129412 Ms
5712 Sept
71,
4 Feb 7
854 Aug 0412 Ma
93 Nov 14
20 Fel
812 Aug
18 Feb 0
3312 Aug 6512 De
7172 Feb 11
371
8 Fel
AUF
23
11
Feb
3874
92 July 106 AP
100 Aug 27
3 July
1214 Ma
812 Feb 6
584 Ma
20 A to
52 Feb 6
544 Jul, 7212 De
7412 Jan 3
e
_
r
_.
321481ar
---- r - .eel, Jan 9 2018 Slay 1414 -De
1834 De, 28 Ma
2218M sr 14
1 1 1 ma
Jun.
1001,
11012 ADR 2,
4414 181
3014 May
204 Jan
1414 Jun
5481
I.,54 A 77v 27
11
11312Nov 12
8914 Jan 11534 Ap
244 Jan S
14178 Sob 1
64 Feb 7
1458July 26
312July 29
6712 Jan 10
115 Jan 17
2412 Aug 1
8712 Aug 4
100 Nov 14
1712 Nov 14
5678 Nor 14
1318 Jan 26
22312Mar 21
11184 Jan 16
7114 Nov 14
8312 Nov 10
9314 Nov 12
1378 Jan 7
7 Jan 9
4914 Aug 20
4912Nov 14
89 Nov 13
2: Jul
Oct
20
10614 Jan 146.2 AD
674 ma
52 July
1214 De, 204 31.
4 Dec
712 Fe
9414 la
5872 Oct
110
Oct 118
Ja
Ja
1971 Der
31
93
Oct
Ja
52
92 Oct
9934 Fe
5 Jun,
13 No
344 Jun(
6012 Fe'
714 Sept
104 Js
140 July 21214 Ja
54 Oci
1614 Fe
47-12 teL
684 Oct
912 July
5 Dec
3812 Oct
23 Aug
60 Sent
4714
784
22
1414
7172
54
83
Ms
Jul
Ja
Al:
Fe
M4
Ms
New York Stock Record-continued-Page 3
2270
For sales during the week of stocks usually Inactive. see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 8.
Monday,
Nov. 10.
Tuesday,
Nov. 11.
Wednesday, Thursday,
Nor. 13.
Nov. 12.
Friday,
Nov. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
$ per share $ per share $ per share
$ per share $ per share $ per share S per share $ per share $ per share Shares. Indira. & Macon.(Coo.1 Par 3 per share
72 July 10313 Nov
700 General Baking
Vs par 93 Jan 12 160 Sept 24
145 145
145 145 .140 144 *140 145 *140 145
147 148
8018 Jour 974 Des
3U
Apr
95
19.000
4 Jan 10
1
97/
4
/
941
4
9413
/
941
9512
General
tuc
824
Cigar,
100
95
9634
92
90
9312 95
9418
200
Debenture preferred
100 100 Apr 3 10813Sept 17 10414 Nov 110 Api
•13612 10714 .10612 10714 *10612 10714 010612 10714 *10612 10714 10714 10714
79,300 General Electric
100 19313 Jan 3 281 Aug 4 18758 Sept 20214 De.
25534 25734 25512 260
257 26114 261 26834 26512 27014 266 269
Jac
1014 001 12
1118 13,700
1118 11
10 1013 Apr 29 1112July 11
1118 11
Special
1118 11
1118 11
11
il's 11
4 6014 40,500 General Motors Corp_No par 553 Oct 15 614Sept 19
1
59/
4 5813 60
1
4 5713 58/
1
5713 58
5734 5833 5734 58/
Ay.
89
90
July
*89
79
4
Oct
4
1
/
89
4
June
200
90
Do
*89
prof
80
100
90
90
.89
8938 8933 8913 8913 *89
Apt
90
8912 1,600
Do Deb stock (6%).-100 804June 9 90 Oct 4
781 July
8918 *89
89, 89
894 8914 8914 8914 8914 8934 *89
4
1
/
05
100
July
Oct
9958
9914
10
100
9913
4-993
9914
Preferred
4
993
9913
9913
7%
4
993
3,600
9913
9912 9912
4
Aug
4318
44
45
67,000 General Petroleum
4412 4134 4312
25 3838June 9
4 42
1
44/
44
4 45
1
4314 4313 43/
51-4 -Ain
3912 June
4 5534 5614 3,600 Gimbel Bros
1
No par 4718June 8 6114Sept 17
4 5634 5634 5638 58/
1
5634 57
4 5714 57/
1
5613 56/
4 Far
/
13
13
6 Sep' 121
13
9,900 Glidden Co
8 June 8 14 Feb 4
1314 13
No par
4 12/
1
1213 12/
4 1313 123 1314 13
1
39
4.900 Gold Dust Corp
No par 2812 Apr 10 41 14 July 2'
3934 4038 3934 4012 39
40
39
.38
3934 39
39
Mat
414
4
323
4
313
Oct
3238
4
1
/
33
3
32
173
8
303
14
Nov
4
1
/
8,600
31
33
19
Goodrich
June
17
Co
4
par
303
F)_No
(I3
3158
3012
3
307
3038
!Ma
674 Oct 921
300
Do pref
86 .8612 8812 *8812 89
100 7014May 1 8938 Oct 31
.8813 90
8812 8812 8812 8812 86
Oct 6213 AP
8013 20,300 Goodyear T & Rub pf v t 0.100 39 Jan 4 801871ov 14
35
7778 78
7478 75
73
7212 7312 7213 73
73
72
Fel
Oct 90
10214 10314 5.100
88
102 103
Prior preferred
100 8314 Jan 2 105 Nov 12
4 99
1
4 10014 10034 105
1
99/
9734 9812 98/
33 Ma
4 1778 9,100 Granby Cons M.Stu & Pow100
1
1814 17/
Oct
12
1734 1834 18
1213 Apr 14 2153 Aug 20
18
19'sI 1838 19
173 18
r
Mt
s
155
81
33
De,
318
648
4,300
34
11
Jan
913
10
Gray
Oct
318
&
212
Davis.
par
313
4
/
*31
fric____No
313
4
1
/
*3
34 318
314 314
91
45,800 Great Western Sugar
9012 8914 9038 90
25 8314 Oct 22 9613 Fob 14
8638 8618 8912 89
4 8534 85
1
85/
1512 164 1,300 Greene Uauanea Capper__ 100 10 May 16 18‘,8J my 22
16
16
*1512 16
18
135s Dee 34.4 Ma,
16
16
16
16
•15
1413 Vet
534 534 4,900 Guantanamo Sugar__ _No par
433 Nov 11 104 Feb 6
5 Sept
514 513
5
5
4 5
1
4/
5
5
5
5
4 24,400 Gulf States Steel
1
75/
88 June 10458 Ma,
7334 7638 75
100 62 May 20 894 Feb 7
4 7334 7513 7414 7518 7334 75
1
74/
73
7934 Nov 9478 Fab
3412 7,600 HartuaanCorporation_No par 31 Sept 10 4434 Feb 4
34
4 3418 3334 34
1
4 33/
1
4 3412 3378 34/
/
4 3414 341
1
34/
37
AIL
41
3814 32,500 Mums Wheel
31 July
100 3214May 20 623* Feb 4
4 3414 3312 37
1
3414 33/
33
3314 3378 3378 '34
4334 4512
45
54 Dee 791s Jat
900 Homeetake Mining
100 35 July 1 564 Jan 3
4512 45
45
45
45
45
.4412 4512 45
Mal
4
1
/
39
3413
July
z334
3413
3412
4
1
/
34
3,600
Aug
4
1
/
par
35
.No
19
2853
3434
Apr
Ins._
4
8
4
1
/
313
Prod.
34
Household
3434
3434 3478
3434 35
Feb
4 7218 7313 19,500 Houston 01101 rotas
1
4 Feb 6
1
4034 Aug 78
100 81 Apr 22 82/
7113 7234 7234 7334 7218 7334 724 7313 7214 73/
20 June 324 Mal
4 2714 271t 2718 2713 2733 2734 18,100 Rudson Motor Car___No par 2012May 13 30 Aug 28
1
2678 2738 2714 2753 2718 27/
154
AP'
2
3013
Jan
18
Dee
13
1118May
10
14't 144 5,700 Hupp Motor Car Corp
4 134 14
1
144 1334 13/
1418 14
14
1334 14
613 Jan
58
*12
ts Oct
13
12
58
*12
4 Jan 2
1
/
112 Jan 10
No par
400 Hydraulic Steel
12
12
12
12
34
4
/
*1
4 Nov 14
/
4 1012 1178 43,006 Independent Oil& Gas.No par
/
514Sept 27 111
4 Sept
1
3/
1115 Mli
914 1012 1018 1034 1012 1134 1034 111
918 938
19 Mar
Oct
1
13 Nov 10
6
4 Jan 17
1
2/
400 Indiaboma RefloIng
14
14
14
14
4
1
/
*4
33
*18
14
15
14
•4
1934 Dec
18 Dec
1518June 6 2514 Feb 4
1712 1712 18
1813 1,400 Indian Motocycle____No par
*1712 18
17
17
18
1712 *17
17
813 AD,
713.1tine 18
354 Apr 12
10
34 Dec
300 Indian Refining
4 *534 578
/
4 51
1
5/
4
1
*558 5/
558 538 9534 6
4
1
578 5/
4632 Act
4014 15,300 Inland Steel
No par 3112.May 16 4013 Nov 13
3118 July
4 3813 391, 3913 3934 393 4012 540
1
3818 3812 3818 38/
Ma.
434
8
297
297
Oct
2918
2S
8
Copper
Feb
2
293
27,900
2213
8Sept
20
_
2114
2818
2914
Cons
Inspiration
2678
2714
2634
2738
2434 2434 25
418 Oct 3978 Feb
313May 29 1013 Jan 8
2,000 Internat Agr1cul Corp pref-100
913 9,
714 8
4 *7,2 84
1
812 8/
818 818
*74 812
110
11
Nov
11
Apr
10912
83
4
1
/
108
par
109
8
1097
Machluett_No
10912
8
1085
9,200
Business
Int
110
8
1085
1094
3
1083
108
10733
55
5434 54
5,730 International Cement-No pal 404 Apr 24 85 Nov 10 -31 - June -44 - Mat
5412 61
5412 54
*54
5312 55
4 54
/
511
1634 Nov 14
3514 3512 3634 141,900 Inter embus Englne_No par
32 Mar 31
1953 June 2718 AP
324 3212 3134 3213 3112 3214 3112 3212 33
8634 Oct 9812 F. b
9812
93
9713
10213
8
983
International Harvester-100 78 Jan 3 10212Nov 14
12,900
me 9612 9614 97
9713
4
/
9878 971
Nov
114
13
28
Feb
Oct 1164 Jan
106
114
106
11312
_
114
100
200
pref
Do
114
.11313
•113 11312 z113 113 *11313
88 Jan 2 1238 Nov 14
114 Feb
4 Aug
1
4/
1238 29,900 Int Mercantile Marine.-100
1058 1034 1178 1134 --918 -1018 10
914
9
9
9
Jan
28
Mar
2812
47
434
21
Aug
Aug
1813
42
4218
4012
100
4314
pref
4018
Do
88,500
3812
3
393
4
1
/
4 3838 37
1
3734 36/
37
5
1814 Feb
Nov
4
3
20
9
103
1112May
Oct
8
2038 20
2013 20
2038 64,700 International Nickel (The) 26
2018 2012 2018 2058 2014 204 20
100 75127vtay 29 95 Nov 10
6934 Jab 83 Just
95
9512 9413
Do prat
400
95 .92
*92
95
95
95
95
94
94
6858 Mar
100 3411 Apr 16 59 July 15
4 Oct
/
271
5014 25,000 International Paper
4438 4438 4434 4513 4538 4834 4714 4834 4734 4914 49
754 Jan
Oct
60
4 Oct 1
1
7113 714 7173
Do stamped preferred_100 6212Mar 25 74/
600
711 •71
8818 684 6912 69'2 6912 6912 *70
714 Ain
Oct
25
4Sept
64
863
1
Feb
60
_100
Teleg
85
83
4
8278
843
&
Telep
85
Internal
4,100
82
8213
82
82
8238 8253 82
194 Mar
Nov
4
1
/
16
718
17
2
1012July
Jan
par
Vs
4 1553 1614 98,100 Invincible Oil Corp
1
4 1578 16/
1
4 16'2 1614 1658 1534 16/
1
1614 15/
15
14 5714 5714 3,200 Iron Products Corp___No par 3912 Apr 2 5713 Nov 6
A113 584 Mat
3313
5613
8
557
57
5513
5612
*554
571
554
5614 5712
Mar
24
Oct
1518
2
Jan
234
15
Apr
164
100
2014
Inc
2014
Tea,
2014
Jewel
2,700
*1912
1812 194
20
20
4 2053 .1913 20
/
201
62 June 8812 Dec
100 78 Mar 31 103 Nov 6
92
98
Do pref
700
10214 10212 .100 102 .100 102 .100 1017 .99 102
2038 Del 634 Mar
4Sept 10 274 Jan 3
143
100
17
Inc
'18
Tea.
1712
Bros
4
1
/
4
1
/
17
4
1
/
17
Jones
1712
5.300
4
173
1713
18
4
1
1712 17/
17
No par 2134May 20 3734 Nov 14
3234 3414 3334 3734 16,400 Jordan Motor Car
4 337
/
331
3312 34
4 3313 341
1
33/
33
28 July
457X -Feb
1614 Aug 16 384 Jan 18
No par
23
4,700 Kayser (1) Co, v t e
2213 23
24
2234 2213 23
4 2134 2214 22
1
2138 21/
98 July 104 Mar
par 77 Aug 16 10212 Feb 11
No
81
pref
*82
181
84
84
Do
84
.82
100
84
08113 82 .8112 84 .82
Mar
6212
Oct
2013
10
Jan
35
20
4June
3
9
25
1534 1614 16
17
15,200 Kelly-Springfield Tire
4 1514 16
1
1513 15/
153
15
15
15
Jan
78 Nov 108
100 33 June 21 88 Jan 10
45
4478 46
4834 464
900
471
8% Preferred
4 45
1
4 47/
/
*3712 49
•3713 50
Oct
Mar
11714
10
Jan
101
75
7
May
76
100
Inc
9414
92 .90
92
92
93
94
1,800 Kelsey Wheel,
90
90
90
*8913 91
4 Oct 45 Mar
1
29/
3414 Jan 21 50 Nov 11
No par
4934 4933 50
4812 493
49
4934 49,1 4913 115,800 Kennecott Copper
4813 48
48
114 Mar
138 Oct
112 Oct 22 438 Jan 9
148
112
158
144
158
148 138 5,000 Keystone Tire & Rubber- 10
112
178
Ds
*112 134
Vs par 5214May 14 8114 Nov 13
7738 7738 8114 7913 80
10,500 Kinney Co
7612 764 764 7734 7714 7712 77
2874 Jan 17 440 Aug 215 177 Mar 800 Dec
WO
Co
5)
(8
42913
460
Kresge
*430
200
*430
42912
430
150
430
434
*425
460
.41512
4June 28
1
4434 4512 4213 4513 4412 4412 43/
4 46
1
4,200 Kresge Dept Stores-----Vs par 4212 Nov 12 62/
4512 4412 453
45
78 July 891s June
10713 10813 1,300 Laclede Gas L (St Louts)._100 79 Jan 2 10813 Nov 14
10378 105
105 105
•103 10512 .103 105's 101 104
3158 Mar
1188 Call
8 May 13 1718 Jan 11
par
__Ng
lire_
&
(tubber
Lee
3,300
4
1014
93
4
1
/
9
4
1
/
9
10
4
93
10
912
10
4
/
91
10
*834
4 bql
/
Apr 1181
1114
23
48ept
613
26
new.
Mar
50
25
Tobnew
Myers
&
Liggett
3,100
4
1
8212 62/
8214 03
4 83
1
62/
63
63
63
63
63
83
4July 7 121 June 26
1
100 114/
Do pre
400
011713 11812 .118 11812 118 118 *118 11812 *118 11812 11812 11812
28
Mar
8
22
85e94
613
487
25
new
B
4
823
8
625
83
6213
63
4,000
83
4
623
63
634
4 6234 63
1
82/
5818 June 747a Mar
4 Feb 9
/
6358 834 84
84
65
62
£6413 8512 13,800 Lima Loc Wks tom ett_No par 58 June 9 681
8034 6238 613 81
1518June 25 1912 Nov II
14 June 2114 Feb
1912 25,800 Loew's Incorporated__ _ At° par
4 1914 19
1
1913 18/
1812 1814 18'2 1812 1912 19
18
1134 Jan
11
Jail
814
6 Beta
22
Apr
54
par
aro
Incorporated
Loft
4
1
813 8/
613 612 3,100
618 612
814 64
4
1
618 6/
gig gig
6814 Dec
3614 July
(00 50 Mar 6 81 Nov 8
Biscuit
Loose-Wiles
78
77
5,300
77
80
7718
8014
7912
7813
83
79
84
84
4014
3118May
July
15
2
25
new
Lorillard
26,630
3714
36
4
363
8
373
354
37
4
/
371
3813
4
1
4 37/
1
374 38/
37
No par
17 Oct 28 26/
4 Nov14-1
2412 2658 41,900 Ludlum Steel
2234 24
2238 2238 23
20
20
1912 1912 20
100 107 Jan 2 119 Aug I 103 May 121 -Feb
900 Mackay Companies
4 1171s 11718 .116 11718
1
11658 11658 117 117/
.116 117 .116 117
14
584 Jan 934 Apt
Apr
4
3
75
par
10712
No
Inc
Aug 20
['rucks,
10012 102
83,500 Mack
10214 105/
4 10413 108
1
4 9914 10114 9913 101
1
984 99/
87 Jul, 994 Mal
100 9512 Jan 16 10112 Aug 10
Do 1st preferred
500
10338 10333 10318 10314
104 *103 104
10214 10214 *103 104 *10212
Apr
87
22
72 June 92 Mar
9712
__AM
6
Oct
preferred__
.96
2d
Do
97
.96
700
97
97
97
97
*96
9612
.95
714 Jan
67 July
59 May 15 684 Jan 2
1,600 Macy (II II) & Co. Ine_No Par
4 6434 6514
1
64/
4 *6313 6334 6334 8334 84
1
4 133/
1
63/
•6314 64
3814 Mar
14 3714 Aug 18
2714 Oct
2618Juue
par
No
Copper
Magma
24,300
4
1
/
35
3834
37
8
35
385
4
1
/
36
3614
3
353
1
3412 3413 35 4 3634
Jan
40
June
28
21
Mar
18
3158
14
Nov
par
_No
Co
kr
It)
4 56,400 MallInson (II
1
4 34/
1
33/
3218 3112 34
315s 3233 31
4 3212 3112 323
/
311
Ott, 68 Mar
49/
33
4July 15
1
4,100 Manhattan Elec SupplyNo par 3314 Mar 21
4 384 3814 3913 4038 3813 40
/
4 3834 3658 371
/
4 371
/
3612 371
Jan
4772
Oct
40
334Nlay
16
10
Jan
26
44
_
_
...4
Shirt
35l
Manhattan
3
361,
36
36
6.700
4
353 36
3653
3634 3634 353 354 35
16 Sept 2832 Dee
No par 2438 Oct 14 3712 Jan 26
2913 2713 2812 2812 2812 14,700 Maracalbo 011 Expl
28
2938 2858 29
4 2714 27
1
28/
1712 Oct 5958 AM
No par 29 May 12 42 Feb 6
4078 3913 4012 183,200 Marland 011
3914 3834 4014 39
3734 3812 3813 3938 384
IS
Feb
314 Nor
8 Jan it 1744 Mar 11
No Dor
100 Marlin-Rockwell
*814 912 *813 10
*813 10
*813 10
9
9
10
*9
3114June 3 3761 Jan 17
20 July 3734 Ayr
*3212 323
3258 33/
4 53212 3212 2,000 Martin-Parry Corp___-No pat
1
3278 3234 33
3212 334 .32
314 Oct 634 Mar
60 29581t1ay 13 46781une 20
WorksAlkali
Mathieson
35
3,700
35
36
3713
3412
36
3814
37
4 334 3378 36
1
33/
Oci 634 Mar
4Nov 13
/
36
4 704 7132 33,700 Maxwell Motor Class A...100 38 Apr 14 711
/
7033 8918 711
4 88
/
4 691
/
681
Apt
21
674 6814 883* 693
UN Oct
2318 54,200 Maxwell Motor Class B.No pal 1018 Apr 30 2318 Nov 14
4 2158 2213 2158 2212 22
/
4 221
/
2158 2218 2134 2238 211
Jan 93 Dec
10012
4
1
/
21
67
Apr
8213
Aug
20
Steree.....100
Department
May
98
9712
19713
20.200
9878
98
4 9713 9834 97
1
4 98/
1
9738 96/
97
204
Sept
May
16
May
7
15
Jan
184
23
Minns__
1513 1534
1512 1558 1,300 McIntyre Porcupine
*1558 16 .154 16
4 18
1
15/
16
16
4 Aug 234 May
1
5/
1418 Jan 3 2534Sept 12
1812 1913 64,300 Mexican Seaboard 011_No par
1734 1812 1818 19
20
4 21
1
20/
1958 204 17
3012 Feb
2013 Oct
5 20 May 19 25 Aug 18
12,700 Miami Copper
2212 23
4 2213 23
1
234 2258 23/
23
214 2178 2178 23
1214 Pin
311 Nos
678 Jan 2
1 Aug 14
10
Corp
011
States
Middle
9,700
154
8
15
154
8
15
154
8
15
4
13
8
15
184
158
112 Ins
75 Mar
Jun,
5412
11
July
71
17
8114June
10(1
Power
Montana
66
3,500
*6512
67
6512
66
4
1
/
4 8534 .64
1
Na,
8458 644 6813 65/
84
2614
Ma)
14
Nov
4513
20
1814
4May
213
4334 45
444 4512 144,000 Mont Ward & Co Ill Corp 10
4112 44
4158 4238 4112 4238 4133 4178
4 Jat, 294 Mar
1
17/
1712 Oct 28 2712 Feb 7
No par
6,500 Moon Motors
1913 19/
19
4 20
1
1878 20
Feb
1934 1978 1913 20
14
20
June
20
718
lb
Fob
914
19
May
6
par
Coalition_No
814
Lode
8
812
818 833 24,500 Mother
8
81/4
8's
734 853
2972 MIL/
4 8
1
7/
1018 Aug
0 Mar 22 18 July 24
800 Mullins Body Corp.-No par
4
1
1478 14/
14
4 *1414 1412 1413 141 .13
1
4 14/
1
1358 1358 13/
/518 Jau 1144 Jan
14
Nov
29
Apr
16114
9612
par
No
Co
Motors
3,900
16114
160
Nash
160
155
16034
158
15934 161
1818 Feb
155 159
.150 154
7 Nov
4 Oct 11 104 Jan 2t3
1
3/
60
600 National Acme
4
1
434 4/
*434 513
4 43
1
4/
*44 5
5
5
Jan 52/
4 Noy
1
*453 54
38
26 504 Mar 28 7714 Sept 23
4 7334 7512 17,000 National Btscult
1
4 73/
1
704 70/
7114 70
Feb
126
July
7318 7114 7213 70
72
11812
15
Aug
126
8
Jan
12012
100
prof
Do
100
*124 12434 12414 12414 .124 12413
60 Jun. 674 Feb
.1244 12434 *124 1244 *124 12412
44 June 5 64 Fob 1
_100
Suit_
&
Cloak
National
1,100
5314
4
503
50
50
50
50
50
*49
50
4978 *49
49
12
Nov
3913
11
Apr
301s
par
etts.No
tem
9,200
Prod
Dairy
Nat
3912
3
393
3812
3912 3812
344 June 4212 Apr
3734 3734 3712 3734 3734 3914 39
364 Oct 27 43 Jan It
900 Nat Department Storee No par
3711 3713 3713
3735 03612 37,4 37
35 Oct 73 Mat
*3714 3713 .3714 3738 37
2312 2312 2373 6.300 Nat Enam'S .1r fnamping 100 1812Seot 8 4478 Jan 17
4 2178 22
2112 2134 2178 2214 2112 2134 213
15 108 July 148 Dee
Aug
16914
21
Apr
1234
Lead
100
8,700
4
1603
16014
National
4
1603
157
4
Jan
15714 15834 15734 1593
16638 158
155 157
100 1102may 27 118 Sept 9 10712 June 114
11J pref
500
117 117
2, 116 317 .116 117
11712 1171'
6412 Oct 6812 Dee
117 117 *117 118
60 5412 Oct 10 7212 Feb 4
6118 5913 8073 7,600 National Supply
4 5812 59
1
57/
58
Oct 184 Mar
58
913
5712 5712 5712 58
19
Aug
4
1
/
15
2
Jan
8
117
1412
6
4
/
Copper._
141
Consol
1418
Nevada
10,000
1418
1414
2858 Jan 4278 Noy
1378 1418 1418 1434 14
14
14
3818 Apr 22 4814 Nov 13
4818 40,000 NY Air Brake temp We No par
4 484 47
1
4 454 4412 4538 45/
1
4514 Aug 6112 Feb
434 43/
4338 43
43
474 Jan 7 544 Nov 13
No par
Class A
5312 5334 544 5372 544 1,600
533* 53
1514 June 27 Apr
53 .53
23
53
374May
9
05232 53
Jan
19
100
2918 1,500 New York Dock
29
30
4 2912 3033 29
1
3734 Aug 614 May
30/
30
*294 3012 3012 31
100 414 Feb 37 5514May 14
Do pref
400
5113
174 May 2414 Apr
5112 514 5114 5114 51
52
2
5113 .50
Oct
36
5112 .49
2
.49
Jan
22
10
North
38,100
American Co
4213 July 484 Feb
3412 3413 3434 3438 3478 3438 35
3434 34
3418 3412 34
50 4378 Jan 2 5014July 11
Do pref
2,200
4734 48
778 Oct 104 Feb
4 Feb 6
1
4 4813 4818 484 4772 48
1
47/
9/
48
II
48
48
48
Apr
7
par
_No
(The)......
100
Co
813
Nunnally
.8
4
1
813 8/
813
84 *8
14 Dec 1012 Jan
4 .8
1
8/
813 .8
.8
44 Jan 14
4 NOV 5
1
/
600 01110 Body & Blower__ _No par
13
014
12
12
13
3 July
914 Dec
12
84 Oct 14
13
4
4
44 Mar 24
514
12
100
4
/
*1
MinIng
Silver
Ontario
772
713 07
1614 June 2158 Ape
14
74 *7
712 *7
Nov
254
IS
714 *7
Feb
18
1
74 *7
*7
Inc
Circuit.
254 7,500 Orpheum
2434 2538 25
July
11413
6
153
Nov
Feb
2434 2412 25
8
743
24
3June
2414 24
24
*2334 24
833
50
7313 3,400 Otis Elevator.k
73
4 723* 73
1
7 June
7318 73/
144 Mar
*7214 7234 7313 734 7312 74
614 Nov 6 1178 Jan 26
Vo par
7,800 Otts Stool
8
8
712 8
Jan
364
734 814
10
Jan
734 84
524
47
29
3014May
35
714
7
AD,
73* 712
4112 4113 3,300 Owens Bottle
4112 42
4118 42
24 Mar
42
4 Nor
42
118 Jan 11
414 42
4 Jan 2
1
/
414 42
Pacific Development
29
July
73
8
947
sSept
Dee
997
4
Jan
904
100
- iii, ii- "iiiz -98 - 3,600 Pacific Oita& Electric
-9813 993* -611i4 -Oily -ill -(ig-Li -6§- 143,
1238 Ma.
7 July
7 Apr 7 1034 Jan 9
400 Pacific Mall Steranship-__ 6
4 *913 P 973
1
9/
94 938 *9
812 94
3118 Sept 624 Dee
*812 10
.81 10
45 Apr22 684 Feb 6
96.400 Pacific 011
5412 55
4 5412 5514 5334 55
1
55/
974
29
164
1413Sept
Oct
584 55
Ma^
55
1
4 55
1
54/
2May
7
9
10
1318 1318 1358 1312 1334 14,300 Packard Motor Car
13
4 13
1
12/
1254 1273 12/
4 13
1
4 June 99 Fel*
1
90/
_100 8912 Apr 24 102 Oct 9
Preferred
100
4•102 1024 .102 10213
1
*102 104 •IO2 1024 102 102 *102 102/
.
•
•Bid and asked tackles: no sales this day. a Ex-dlindend • S Par value
New York Stock Record-Concluded-Page 4
2271
Per sees during the week 01 stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 8.
Monday,
Nov. 10.
Tuesday,
Nov. 11.
Wednesday, Thursday,
Nov. 13.
Nov. 12.
Friday,
Nov. 14.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
S per share $ per share $ per Aare
ver share $ per share $ per share $ per share Shares. Indus.& Miguel'.(Con.) Pa $ per share
$ per share $ per share
MO.
65 06g,
5672 5514 5612 554 5514 19,900 Pan-Amer Pete & Trans.-- 50 4414 Feb 14 6114 Jan /
5414 54
54
5512 55 5534 56
5012 0e, 38 Feb
51' 413* Feb 14 5912 Jan 2
Do Class B
5414 5334 5414 5414 5514 .53% 55115 5334 5112 103,100
52% 5314 53
Apr
Jan 23
44
614
,
0e
114
6
112Sept
pm
_No
Ref
400
&
Prod
3
Panhandle
3
*212
3
3
•212 3
*214
3
3
*284 3
112S7pt
4July 1
1
/
- 4- - --14 152 1,900 Parish & Bing.stapd __No par
*112 132 •112 132
112 . 112
14 112
No par 24 Bent 8 303,JulY 8
2512 25% 5,200 Park & Tilford
28
25% 26% 2512 28% 2512 2512 26
26
26
1;88 m
Oacy
414 1511 1.;
t 19
4 00 -1- -Ai:
/
11
1% 2 23,500 Penn-Seaboard
1% 2
v coNo pa, 42
1% 212
1% 24
212
2
212
2
86 Apf 0216 Day
10314 108% 10832 10534 1,900 People'.0 L & C(C610-100 92% Apr 29 10912 Oct 1
108 109
108 10812 109 109 *108 109
6014 Mal
41 July
5312Ju1y 14
4914
4932
51
9,203
(Pittsb)
4934
49
Co
Philadelphia
49
4
493
4914
4834
4814
4914
4734 4814
527/Ju1y 31
4412 44% 4412 4632 45% 4614 4434 4614 4434 4634 464 47% 89,300 Phil* & Read C & 1w l_No Pa' 344 ar 25 88 July 14
55 Au* ird" Api
200 Phillips-Jones Corp_ _ _No pre 44 May 14
6112 6118 •60 65 *60 85 *60 65
61
61
*130 65
1113 Jul) 245* Des
11 July 10 233* Jan 31
13% 1414 4,300 Phillip Morrie & Co Ltd
14
14
14
1412 1412 1414 1414 14
14
14
)% Act
193* Sep'
No pa, 2812 Oct 3 42% Apr 1
3632 3632 3732 3634 3712 3634 3712 3612 37% 36% 37% 110,800 Phillips Petroleum_
36
614 July
Jan 17
1514 Jas
1218
13
614May
94
84
Pierce-Arrow
4,403
Car_No
8%
Mot
pal
84
8%
812
4
83
9
834
87s
9
*812
July
1312
2
1 Jan
3678Sept
351
15
1818May
100
4,909
Do prof
2912 3012 2934 30
2512 29
31
3012 3034 31.4 30
*28
112 Jul)
6 Feb
412 Jan 21
112 Apr
27
134 172 2,20) Pierce 011 Corporation
134 134
134 134
134 172
134 134 *134 178
,
2
tan
16
38
,
0e
Jai
45
4
mar
20
27
2672
26%
27
Do
101
903
26%
pref
2672
2812 26,2 26% 2714 *2672 2712
43 030 11
5 Sept 30
No par
4% 5 20,100 Pierce Petroleum
484 5
434 5
4% 5
47
47
4% 5
z
68
6314 id;14
6
Nov
52
1
56
5512
55
5312
7,400
Pa
5314
of
coat
53
5212
'
entsburgn
52
525,
.5212
53
*5112
1 100
'
.'0
96 0
r
iX 9478 Aug 21 WO A
500
Do prof
9834 9634 9612 9612 *984 9612 96,2 96,2 9612 9812
*J612 97
10 Jul) 1112 Sept
1232 121
6,000 Pittsburgh Utilities prat_ _ .101
978 Jan 22 1412 July 10
1214 12. 1214 1214 1212 1212 12% 1212 121
*12
47 JuB 134 Feb
79% 86
83,2 881 26,700 Fostum Cereal Co 11)0_1110 poi 481s Apr 22 83% Nov 14
7512 7534 7434 7514 7432 7812 7712 80
600
101 110 Feb 7 117 Oct 2 10812Juni 11414 is.
Do 8% preferred
11512 11512 11512 1154 11514 1154 •11532 1151 11511 1151
*115 116
4212 0e, 8112 Jae
4814 481
100 39 Aug 6 62 Jai, 26
4612 47
3,800 Pressed Steel Car
4512 47
44 4414 444 4514 45 46
80 0e, 9934 Jai
67 Aug lb 90 Feb I
771
Do prof
101
1,700
77
76
7812 76,4 7612 761
75
76
7232 7212 75
17 No 681p Mar
22
Jan
4312
22
Apr
29
14,100 Produeers & Refiners Corp_ 50 2284
28
2812 2932 28% 2914 284 29
30
26% 274 28
414 De' 51% Apt
6212 627 14,509 PlbServCorp ofNJ new No pa, 39 Mar 25 63 PPM 211
62 627
6134 6272 6112 6172 6034 811
6034 62
Jul) 134 Mat
11012
11
13612Nov
10
Apr
11312
101
1341
26.600
13284
Pullman Company
129 13014 12912 130 130 1353 134 13612 13412 13514
41744 Jul) 695* Ape
4012 Nov 10 871k mar 1*
451 21,200 Punta Alegre Sugar
51
4514 44
424 4414 43
41% 4134 4012 4214 4134 423
3614
12
Nov
, 82 Feb
Sep
27%
t
June
20
2!
111,910
271
22634
011
Pure
271
26%
27
2732
2672
27
27%
2614
(The)
26
2512
8212 Aur 100 !tar_
pp par,
10314 Nov 14
Do 5% preferred..
10,
1,309
9934 1003
9934 99% 100 100
99 *994 100
99
*99 100
3234 341 45,500 Radio Corp of Amer__ _No par 25% Oct 15 3412 Nov 14
324 331
31% 331
27% 2812 2812 2812 2832 31
g2m
180acyt 21 4712 Oct 23
57
0
50 4
471
2,000
47
Preferred
4732 471
4712 471
47 4732 4732 471
47 47
:
Ws
kit;
104 109 Jan b 13572 Oct
5,100 li llway mom Spring
12614 1281 128 129
12614 1281 12712 1277
125 12612 12612 127
2914 Jul) 343* Feb
Pang
pa'
100
35
*3234
323
No
Mines,
3234
__
I.td
33
*32%
34
35
4
*323
35
*32%
*3312
11
Nov
1
5
v
o
N
Mar
,
p
Se
9%
3'2
173*
1
3
5
1?
2
n
ar
ja
ag M
1534 16
95,500 i Sy Coneolidated Copper_ 11
1512 157
1534 16
13% 1412 13% 1432 1412 16
24 Jun, 48% ma,
4412 45
5,700 Remington Typewriter__ -101 8214 Jan 4 49% Feb 5
451
44
447
4532 45
43% 4334 4312 4412 44
89 De, 104 Feb
99 Nov 12
300
1st preferred
100 9014 July
98 98
99 99 *98 100 *97 100
90 96 *95 98
99 Nov
Jai
80
12
Nov
13 10034
200
2d preferred
101
*10512 109 •10512 108 10734 1073 10334 1093 *105 110 *108 110
8 Oct al% Feb
1578 Nov 10
714June 11
151 94,300 Replogle Steel
15
No pa:
1414 15,4 14% 151
12% 134 1312 15% 143481153
6634 Mar
Jun,
4012
II
ktb
61%
7
June
42
48% 497 17,500 Republic Iron &Steel
101
4734 497
473
4634 48
463 47
444 4412 45
84% 0c, 98% Mar
82 June 19 95 Mar
Do pref.
600
88
87
101
87
87
85 85
85
•83% 85 *84 85 *84
Jun,
14
'
29% AM
Jan
19
223*
8May
7
9
10,690
13
4
Reynolds Spring
No pa
123
1234 131
14
144 15
14
15
1312 13% 12
75 Dec
Jar
Ciaess13 2: 8182Mar 31 78 Oct 2 1 47
(Rpl)
%
tegm
reT
7634 77
6,200 Reir
774 7634 77
oold7s
77
7634 77
4 78s 7072 77
10. 1151434m 26 121 June 17 114 July 118 Feb
*12018 12014 *1204 1204 *12012 1201 *1201s 1201 *1201s 12014 •12012 12014
6
Feb
5518 Feb
Au,
4113
5912
14
Oct
4012
Royal
22,800
4572
4512
Dutch
shares)
Y
Co(N
4572 401s 4512 4572
4814 457 464 4532 457
46
17 Jun. 2318 Doe
24 Jan 7 38 Nov 14
7,200 St Joseph Lead
38
3612 36
11
3654 36
38
3512 36
3434 354 354 36
5 Feb
114 Or
24
Jan
38*
6
11,2301
pa
Bugar__No
Santa
10,200
3
284
Cecelia
3
232
23
214
114 11
4 112
/
11
4 2
/
.
4 •11
/
3512 Dos
154 Jai
3178 30,900 Savage Arms Corporation.10, 82% Jan 2 8178 Nov 14
7112 7812 77
7114 727
6072 71
70
68
7112 73
89 Ma) 116% Dee
19 12914 Aug 7
Apr
pa
Stores._No
Schulte
21,400
109
4
210712
063
Retail
112
11012
1097
10914
11018
112
10914
1095*
110
109
1347 Nov 13
65% Jun. 923. Feb
7834May 1
101
125 13034 131 134% 13214 13334 40,600 Sears, Roebuck & Co_.
12432 125
12334 12372 124 125
10' 11212 M ar 2f 125% Nov 12 10612 Jun, 115 Nov
300
Do pref. •
*12512 12534 ---- ---- 12512 12512 1255* 1253* *1253* 126 *12512 126
11
5,100
Seneca
Copper
pa
No
8
13
114
138
13*
112
13
114 112
114 138
14
11
3 Ma,
217 8
10
c•1
0e
478 °
5
64
/1 .1.19a1vn
4 Apr 11
74 714 3,800 Shattuck Arizona Copper_ If
714 7l4
*74 714
714 714
714 734
714 734
1914 May
1238 JAI
1534July 17 2(58 Nov 11
No pa
2014 117,700 Shell Union 011
2014 20
2013 20
203* 20
2038 20
20 2014 20
May
95
No
8912
11
2Nov
971
4
Jan
rred
Fret(
9112
1,000
9714
10(
9632 9612 9512 9534 9712 9712 9672 9672 9714 974 *9612
16 Feb
612 July
10 10% Jan 4 19 Nov 14
1818 1878 1814 1878 1712 1838 173* 1814 17% 1814 1812 19 154,400 Simms PetroleumDe, 84% Maz
223*
14
Nov
3512
14
351
Apr
168,700
3434
22
Simmons
par
Co
35
No
334
34
337 3414 3372 3432 3372 3414 335*
18 Sep, 39118 Mar
15 July 16 274 Jan 2
1872 98.100 Sinclair Cons Oil Corp !%o pa
18
184 19
1734 18
177 1834 1812 1872 1832 19
9918 Feb
8014 Am
1,400
Preferred-.
100 75 Oct 14 90 Jar 21
8118 8118 81
8114 8034 8118 8114 8114 8114 82
8114 81
35 Mar
95* Jai
4
Feb
29
17
174July
Skelly
2252
011
27
16.700
Co.
22
2212
2212 2382 22
22
2212 2252 2314 2284 23
Dee
63
Jul)
3914
20
744 7312 74% 9.800 Sloss-Sheffle'd Steel & iron 101 52 May '21' 7613 Aug
7234 72
69 6912 7012 7012 7012 7134 72
70 Dee
Aul
384
t
Mar
2
967
29
Oct
58
South
2,100
Rico
Pon°
68
6612
-100
Sugar-6614
65%
6512 86
66 66
66 *65 66
60
Feb
2714
Jun,
4
Jan11
111
18
pa'
1,800 Spitz!. hlfg Co
718June 21
13
1214 *1112 1212 12
1212 12
12
*124 13
.1212 13
88 00, 9778 Feb
78 Jbly 19 92 Oct 2
prof
911
9112 *90 914 •90
9112 *90
9184 *90 914 *90
*90
29
4Sept
20
3112May
Standard
1plA
4,400
401
Co.::
El
&
G118
2
383
38 3814 384 3814 3814 384 381s 384 3814 38% 3814
474 Jul) 12311 Jam
6178 41,8001 E1a Ward 011 of ('alifornia. 27 554 Apr 21 6811 Jan 2b
6134 613* 6234 617 6218 616 623* 6112 6214 61
61
4414 Mar
3072 July
Rta edard 011 of New Jersey 25 33 May 14 4214 Jan 28
3678 374 374 3334 3818 3812 384 3472 3814 3834 375* 3812 87,9001
Am 11814 JUL!
114%
22
Aug
I
Mar
nref
,
11918
voting____10i
non
4
1163
D
2.500
118
1177
11772 11814 11734 11812 118 11812
11,34 118
•11734 118
--15% 9,700 Stan! Plate Glass Co. No par 1318 0:0 21 3514June 11
14
14
14
1334 1334 135 14
1384 1384 13% 14
61 Jun. -67-3i jai;
554 Apr 23 65 Oct a
No pa
6414 64% 6412 6134 6414 6112 6412 134% 648 615* 64% 044 1,800 Sr, 11 ,g Products
74 Jul) 12412 Apr
12
5532 567
5634 555* 5612 5512 568* 5512 5814 24,300 Sta..*I-Warn Sp Corp _No pa, 4812July 17 1007s Jan 11
56
55 56
944 Mae
5912 Jub
5412May 14 847s Jan
3,200. Stromberg Carburetor Nn per
6784 69
64% 6178 64% 6572 65 67
648 65
65 65
.3834 3934 3912 401 75,100 Slid.biker Corp(The)owl No 301331av 20 42 Sept 25
3832 387
3834 3914 2384 3834 3814 39 •
16 Apt
MU
7
2
6 Nov 3 1212 Jan
882 6.800 Sub"arida Boat
8
712 734
712 814
712 7%
712 84
732 712
614 Feb
2 Bern
818 Aug 4
2% Jan 2
'
pa
ap
V°
%'
'
47
432 43 14,200 Superior 011
47
412 434
5
5
472 5
514
5
4 OM
Jun.
1
:
Jan
11
8
3
134SePt
212 24 3,000 Sweets Co of America
212 214
214 214
24 232
2'4 232
23* 212
8 Jun. 12% Feb
1
poi
Jan
31
Mar
No
4
8
6
Tema
9%
C
&
Copp
3.600
8
8
8
814
818
8
4
812
2
83
3
7
814
734 734
8484 No. 6278 Mat
425* 43% 43,700 Texas Company (The)-__ 2/. 3734June 7 4582 fan 3P
4234 4338 425 43
417 4234 427 4338 4318 433
5314 Jul) 65 Jag
11 574 Apr 21 85 Nov 13
834 8432 51,600 Texas Gulf Sulphur
, 8112 8312 83
85
8034 8112 8118 8218 815* 828
2% Na' 24% Feb
if
Feb
015
Texas
&
14
Coal
Oct
8
Pacific
1514
39.199
1112
1118
1134
1118
1178
934 103* 1012 1178 1118
934 978
94 Jul) 144 Mar
7
Feb
101 11814 Oct 15 151
5.400 Tidewater 011_
126 126
12714 13012 110 132
127 12972 128 128
12612 127
45 Mar
334 Jai
Jan 1
pay
Beartug_No
Timken
41
7k
Roller
3112May
19
20.000
373,
37
375*
3734
3714
373
3712
4
373
374
375*
3634 3712
46114 Aug 78% Des
10( 53 Apr 11 7034 Feb 1
67% 6632 0734 34,600 Tobacco Pioduct. Corp
66 6872 6632 674 67 6712 67 6712 66
927. Des
July
764
Do Class A
tOG 8314 Mac 25 9312 Oct
9178 911 017k 9.100
9034 9114 91
9238 91
9034 9118 903* 91
1% Om
144 Jab
3% Apr 15
614 Jan 21
44 41 42,700 Transcontiorntal Oil__ Vo pa,
4% 44
414 412
372 414
44 45,
44
4
8
227
62 Doc
Aug
Jan
43
377 3814 2.400 Underwood 'Tynan rIter-... 21 384Rept 8
38
3834 39
38
3818 383* 39
3712 *37
*37
60 Oct 7712 Mar
Feb 9
&
Bag
64%
Cop_10(
Panay
Union
10
33128ept
600
371
3718
37
3812
36
37
36%
30
36
*3512
36
*3512
81 Feb 99% Mgr
10e 94 Jan 7 13272Sept 18
12034 12084 1,900 Union Tank Ca
12114 12114 121 122
121 122
*122 12512 •12034 124
Do pref..
100 10614 Feb 18 116341uty 23 106 Sold 112 Jab
100
11414 11414 *114 120 *115 118
O112 115 *111 115 .111 115
29 July 394
1,000 United Alloy St,el ----No pa/ 20 Oct 23 37 Feb 11
21% 22
21
2112 2112 2112 2112 2114 23
*2012 2112 21
744 OM 26% Feb
100 71 May 29 10914 Nov 11
13,000 United Drug -....
106 108'2 10714 108
108 109 10712 10914 106 108
10414 107
4814 Feb 49 July
11
Nov
3
Millmay
50
5114
Do lot prefer,el
5112 1,300
5114 Si
5112 5112 5112 *51
5112 51
5072 50% 51
1524 Jan 18712 Doe
5
Aug
..
22112
4
Jan
Fruit
182
United
100
3,410
210
209
4
2043
21212
205
208
206
206
206 206
20534 20534
-1,500 Universal Pipe & Rad_ _No par 13 July 23 21 June 20 - - - 17
17
*1612 17
1714 1612 17
1734 17
1734 1734 17
_ _100 4712 Oct 14 63 Nov 5
Preferred
*6012 6034 6034 6034 .60 604 6058 615, 6238 6238 6232 6232 1,100
July WI; Bi;
20
13
Nov
14714
27
Feb
Iron
64
Cast
Sdy....100
&
Pips
S
U
12414 12814 12414 12678 12832 1394 137 1474 13912 14634 106,200
12432 125
64 Jung 87 Nov
MP RI% Jan 19 1044 Oct 21
Do prof _
1,500
10184 10134 101 10112 10112 10214 102 103 •10112 103
101 101
No par 2112May 8 3218 Nov 7
30% 31% 8,400 US DIstrlb Corp
314 3132 3112 3112 3012 3132 30% 31
3132 317
- -7
Nov
126
18
July
Preferred
100 98
300
125 125 *125 129
•125 129 *125 129 *128 129 •126 129
243* Oct 22 114 "OW 26 Jab
28
Mar
8
6
16
torfmn
pa,
t..7orp.Ne
Maui
US
*22%
1,700
23
2212
2
233
8
8
23
23
2234
225
23%
4
*
221
23
*224
40 Juo, 7314 Mao
WO 6118May 20 85% Nov 11
824 7972 8172 8012 815* 81% 857 131,100 U El Industrial Alcohol
7812 8114 81
7814 791
100 98 Jan 3 105 Nov 3 9514 Jun, 101 Mae
Do prof
_ •105
•10512 109 *10512
-*105 110 .105 109 •105
Feb 13 8818 July 106 Mal
1073*
9
June
90
-100
Improol&
Realty
9712
US
10,200
97
95
96
96
9512
2
957
4
95
954
96
934 95
9712 Aug 10814 Mat
100 June 9 109 Feb le
Preferred •
600
103 103 •10212 103
10212 10212 •10212 10312 103 103
102 102
30% Oct 6472 Map
3512 36% 32,400 United States Rubber__ - -100 22I2May 22 42% Jan 12
35% 36
:1314 3334 333 3414 3332 3372 3312 35
7634 0c, 105 Jan
1
10
Jan
94
25
6612May
100
8934
89
Do lit preferred
89% 5,400
88 8814 88 8812 8732 8814 878 8812 89
1838 Oct 4338 Mar
19
347 36
50 184 Mar 28 38 Anil
3584 3434 3512 10,600 (I El Smelting. Ref & Min
35
3414 353* 35% 36
337 34
3814 Dec 4818 Jan
484July 21
22
Mar
871,
50
prof
46
46
46
4534
4532
Do
40
1,100
45%
46
46
46
.1514 46
July 109% 6151
854
13
Nov
11512
6
4June
11312 115
1131* 1151 113% 115 430,200 United States Steel Corp-100 941
11232 11312 11214 115
11214 113
100 11811 Feb 1 123 July 231 1184 Aug 123% Jaz
Do prof
12212 1221 1222 122,2 12212 122% 122 12214 12214 12234 122 12212 3,000
Oct 7612 MM
5512
241
Oct
82
18
Jan
64
10
80
80
79
79
7978 3,700 Utah Copper
79
82
81
794 82
7934 798
14 Om
24% Feb
37 Sept 10
3372 3514 3332 3414 3312 33% 19,500 Utah Securities
Jul)
2434
3232 3314 3314 3534 3434 354
11
4 Mae
1
414/
,
, 11T
No 1p7
Otlan
25% 271
ne t 3312 Feb
2712 2834 23.300 Vanadium Corp
2412 2514 2512 274 2612 2712 2512 27
JUDI614
27 Feb
103*
11
Jan
10
%June
100
Chem.,
114 14
114 13*
114
1
114 13s 1,900 Virginia-Carolina
114 114
14 114
17 JIM 89 Mal
212June 0 3414 Jan 5
100
514
4
3%
414
prof
Do
3,100
44
4
414
44
432
*4
412 41
12 Oct 23 Mat
434July 12 1518 Jan 10
No pal
812 8%
812 834
914
9
814 812 4,300 VIvaudou(V)
9
9
9
9
1438 June
29 May
14 Apr 29 20 Nov 7
No par
1812 187
1834 1872 21,700 Waldorf System
1834 187
194 1834 19
1012 19
19
1012M ar 15
1214 Jab 16/
4 Dec
1
143* Jan 31
pa,
Uelibroner-No
14%
15
1434
&
147
Weber
14%
3,500
1472
1514
1472
15
1434 14% 15
11
Nov
1214
I
Oct
5
1
1214 1214 1172 11% 11% 11% •1112 11% 2,500 Wells Fargo
12
115* 121
- 12
Telegraph_100 106 ki ay I 11814 Nov 14 i61.; July 1195) Feb
1181
11512
Union
1113
1171
Western
15,000
11814
11412
1147
11412
1127s114'±
11212 113
76 July 120 Feb
9912 9912 8,800 Westinghouse Air Brake___50 84 Jan 2 10112 Nov 11
,1011 10034 1011 100 1011
975
977
97
98
*07
5212 Jun. 674 Feb
5514:vlay 15 75 May 17
644 651
644 65 52.100 Westinghouse Elec & Mfg_ 51, 2318May
6332 63% 8312 6572 6412 853
6234 631
12 29% Reb 6
20 Oci 30/
4 Mar
1
par
No
27
26%
011
2634
2678
Eagt•
White
4,800
27
26%
26% 27
2614 2684 265, 267
13
11
Apr
45
Nov
6914
Jun, 60% Ma,
6012
50
66% 691
6734 6872 44,000 White Me or
6512 667
6514 6412 651
64
64 651
5 Jan 11
2 Do, 14 Feb
34 Oct 20
5
Steel
3pencer
11
11
Wickwire
112
114
OR
3.600
Os
1
1
1
1
its
1
5 Junr
67sMay 17 1414 Jan 16
1114 Des
Ps 77
734 814 33,200 Willys-O• erland (The)._ _ 25 6112May
712 73
712 753
712 734
712 8
16 28 Jan 15
4212 Jar 83 Dee
100
61% 64'
64
6272 64
66
24,300
Do r ref
6312 611
634 65
6332 60
19 Jun, 42% Mar
41854ay 16 28 Jan g
par
Na
Inc
Co
a
532
Wilson
514
5
1,800
5
51
512
512 51
512 512
55* 55,
Apr 10 12012June 30
_
11012 111
22,200 Woolwrzth Co(F av) owl 25 7212
110 1113 110 112
10812 1094 210814 10834 10812 110
1978 Oin -46110(' 231.4June 9 4712Sent 21
8 Feb
4212 4514 33,200 Worthington P & 21
•-.40
394 4112 4014 418* 4012 418s 4032 423
41
15
8May
1
91
12
Nov
1384
par
Jac
814
Aeronatideal__No
1318 Nor
131
x1234
Wrigbt
12%
13
3.400
133
13
1272 13
125* 13 *124 13
87% Do, 404 Dee
No par 36 Apr 22 447 Oct 1
4312 437
431 44
4312 4312 2.200 Wrigley(Wm Jr)
4384 44
44
44
44
44
39
3812 39
38
5.100 Yellow Cab Mfg tern etre__ _10 37 Oct 30 855* M ar 27
381
38
3814 39
39
3812 3911 39
62 Or
80 las
65
6414 641 *64
300 Youngstown Elbeet& T.No pa, 5934 Oct 27 7038 Aug 20
65
*64
84
64
65
65
*6234 65
•Bld and asked Wee: no sales on this day. x Et-dlvidend. a'Et-new right.. n No par.
2272
New York Stock Exchange—Bond Record, friday, Weekly and Yearly
Jan. I lone the Erchange meshod of quoting bonds was changed and prices are now ..and
interest"—except for income and delaultrd 82nds
BONDS
N Y STOCK EXCHANGE
Week Ending Nov. 14
*g
.
Pace'
Friday
Nov. 14.
Week't
Range or
Last Sale
,2
U. S. Government.
864
High No.
Ash Low
First Liberty Loan334% of 1932-1947
J B 1002)32 Sale 1001522 1015,2 1429
Cony 4% of 1932-47
J D 10131i2
101554210153n 44
Cony 434% of 1932-47
.1 D 10123)2 Sale 1015522102022' 373
2d cony 434% of 1932-47
• DI1011032102 101,522101,5n
5
Second Liberty Loan0 of 1927-1942
MN 101222
_ 10223)2Nov'24
Cony 45d % of 1927-1942
MN 101522
101542 1011522 3370
Third Liberty LoanI
1
41.4% of 1928
M S 1012222 Sale 101 1.0 102141 2005
Fourth Liberty Loan1
4 K % of 1933-1938
A 0 10242 Sale 102522 102,32212603
Treasury 410 1947-1952
A 0 102342 Sale 1055421055522 724
25 consol registered
d1930
10334 Sept'24
2s consol coupon
d1930
10238 Mar'24 ____
Panama Canal 3s gold
19o1
9712 Oct'24._.
State and City Securities.
NY
e Corp stuck_1960 M
101
6
10012 10034 10034
&mg Corporate atock
1964 IN S 10112 10172 10212 1024 40
4 h a Corporate stock
1066 A 0 10112 _ _ 1024 Oct,'24
434 a Corporate stock
1971 J D
10718 51
4
- 10678
434e Corporate stock_July 1967 J .1 106 10678 1061s Sept'24 _ _ _ _
4M a Corporate stock
19653 D 1064 Sale 1065g
1064 10
00 Corporate atock
1963 M S 106 10634 1064 Nov'24
% Corporate stock
1959 M N
7
98744
9812 9912 084
4% Corporate stock
1958 M N 9812 99
7
9834
9834
4% Corporate stock
1957 M N 9812 99
99 Oct'24 __ _
4% Corporate stock reg 1956 M N 98 Sale 98
I
98
44% Corporate stock_ __ _1957 M N 10534 ____ 10578
10578 13
434% Corporate stock _ _ _ _ 1957 M N 10534 ____ 106
1
106
54% Corporate stock _ _ _1954 MN 89
897a 894 Nov'24 - __ _
New York State ,.an Im 48.1961 3 J
10212 Aug'24 ____
kl1ghway Ituprov't 450 _1963 M S
11278 Aug'24 _ _ _ _
Foreign Government.
I
Argentine(Govt)is
1927 F A 10214 Sale 10218
10238 87
Argentine Treason 51
8314 30
- 1445 M 8 82 Sale 82
Sinking fund 6s Ser A__ _ _1957 M S 9334 Sale 9334
94
199
Illustritu,((Jwn) s f 7s
1943
D 95 Sale 9412
954 202
Belgium 25-yr ext a f 73.4, g _1945 J D 11012 Sale 10934 1104 85
6-year 6% notes
Jan 1925 J J 10018 Sale 10018
10038 39
gb-vear f gs
1941 F A 1074 Sale 10714
10712 59
25-yr ext 610 temp rects_1919 M S 9612 Sale 9632
967g 311
%ors... • _. 194 51 iv 11112 Sale 111
Bet
11112
6
25-year s f Co temp
1949 A 0 98 Sale . 98
98 , 59
Berux 22.3ty ot, s I as
1943 M f4 11112 Sale 11034 11112 35
Bolivia (Republic of) Ss__ _1947 M is
93 .
6
93 Sale 9212
Bordeaux (City of) 15-yr 6a_1934 M N 8778 Sale 8774
8834 276
Brasil, US external 8s
1941 J D 9614 Sale 9512
97 1 184
78 (Central RY)
1952 J D 8258 Sale 82
83
85
(Coffee secur) E (flat) 1952 A 0 102 Sale 101
74,
22
104
Buenos Aires (City) ext 650.1955 J J 9506 Sale 95
9634 75
Canada ,Dominion of) g 5131926 A 0 10058 Sale 1004
10118 71
1931 A 0 102 Sale 10128
5a
102 I 90
10-year 614s
1929 F A 103 Sale 103
10378 212
1952 M N 103 Sale 103
Sc
10414 216
1954 J J 98 Sale 98
Carlsbad (City) s f 89
'99 1 14
Chile (Belmont)) ext s 1 80_1941 F A 10514 Sale 10514
107
58
External 5-year f 88__. _1926 A 0 103% Sale 1034 105
29
1942
51
N
20-yr ext 70
98 Sale 9778
9834 91
1946 NI N 1061
25-year I Se
.$ale 106
1061, 86
Chinese (Ilukuang Ry) 58-1951 J D 4312 Sale 4212
44 I 19
Chrtatianla (City) a f 89_ _1945 A 0 11034 Sale 1101, Ill
35
Colombia (Republic) 650_1927 A 0 9912 9934 9912
9934 18
546_1944
Copenhagen 25-year f
J
9512 Sale ' 9512
9534 37
1944 M El 9534 Sale 9512
Cuba 5a of 1904
96 I .51
Ester debt Is 1914 Ser A 1949 F A
97
Oct'24 ___ _
1949 F A 88
External loan 410
89 8712
89 I 48
1953 J J 9712 Sale 964
54s
974 172
Czechoslovak (Replib of) Rs 1951 A 0 10034 Sale 10038 10034 96
Sink fund 8s Ser B lot etfa.1952 A 0 1004 Sale 10014
10034 80
Daman C.,0 3151121cl') Sc"A".1940 F A 10912 Sale 10912 10934 10
1946 F A 10912 Sale 10914
Series 11 8 f 8s
10912
3
Denmark external ft f 88_ ...1945 A 0 Ill Sale 11034 Ill 1 44
1992
J 101 Sale 10012 101
20-year es
80
Dominican Rep('on Adm 81 5958 F A 101 Sale 101
101
2
Custom Administr 510_1942 M
9112 Sale . 9112
9112 20
11 3091
Cute!) East Indies ext 68. 1947 3J
9714 Sale I 97
97
1911.,
40 -•ar Rs
9678 Sale 96
974 573,
1953 M S 9018 Sale 8912
30-year ext 510
9014 108;
1953 M N 8978 90 I 8912
30-year ext 550
90 1 313
Rang,
Since
Jan. 1
11
BONDS.
N.Y STOCK EXCHANGE
Week Ending Nov. 11
i=
it
Price
Friday
Nov. 14.
Week*.
Range or
Lail Sale
1
Rosa
re,2
Low
High
4,8 bow
Bid
High
5tch Top & S Fe—Gen g 0_1995.40 8934 Sale 8912
9034 204
98128r 10242
5dJustment gold 48
94
1
81995 NOV 84 Sale 8312
98542 102.11
Stamped
85
8414 8312
44
81995 Nov 84
98144 1021111 ' Cony gold 45 1909
9
8212
84
1955 3D 824 __
981022 10215,2
'60• 4s 1905
_1955 J O 8378 8414' 83
8312 18
Cony g 43 issue of 1910..- 1960 30 8112 __
8212 Oct'24 _
98,43102"n
halt Onlo Div le( it
1925 MS 984 994 9838
1
99
9832, 102
Rocky Mtn Div let 4s_ __ _1965'.8 8312 8412 8478 Nov'24 -Trans-Con Short L 181 48.1958 J J 8714 884 88
88
99144 102",2
Cal-Ariz lit & ref 4.10"A"1962 MS 9312 9412 934
95
5
All& Hirai 30-yr 181k 0_01933 54 El 8412 Sale 84
43
86
98,522 103
All Knoxv & Cm Div 0._ 1955 MN 89
903 90
00
5
991125 1075,2 At] Knoxv & Nor bat g 5s
1946 JD 10134 10212 103
Oct'24
10312 10334 All & Charm A L let A 450_1944.8, 964 sale 964
964 10
10238 10238
let 3(1-year 58 Series B _ _1944.8' 10218 Sale 10218
1024
8
9378 9712 Atl Coast Line lat con 45_a1952 M
914 Sale 914
92 I 46
10-year secured 7s
1930 MN 108 1084 108
108
6
9872 10134
General unified 410
1964 3D 93 Sale 93
9312 14
994 10234
L & N coll gold 0
a1952 54 S 8612 Sale 8614
87
138
9934 10232 All & Danv lot g 4s
77
1948 J
7818 7812
11
79
10534 10714
2d 4s
1948 J J 64
67
67
67 . 3
1024 111634 All & Yad lst g guar 48
1949 AG 7512 78
78
Oct'24
103 1064 A & N W 1st gu g 5s
1941 J J 9812 ____ 10918 Aug'24
10234 107
Balt & Ohlo prior 310
1923 J J 9978 Sale 9978
100
48
944 9912
Registered
81925 Q J ____ 100
9978 Sept'24
9442 9938
lat 50-year gold 4s
81948 AG 874 8734 8712
8978 45
964 9334
Registered
81948 Q J
8612 Oct'24
9472 9812
10-year cony 410
90 Sale 8378
1933 M
9034 311
1034 10652
Refund & con 6,4 Series A.1095 J
8578 Sale 854
864 133
10272 10612
let g 55 bat ctfs
1948 A 0 10014 Sale 100
10078 482
8504 90.85
_
Ill-year Os
.0929)
103 Sale 1025s
103
154
10212 10334
Ref & gen 68 Ser C temp 1995 J D 101 Sale 10078
10112 269
1124 1124
P Jet & 54 Div 1st g 3)0.1925 MM
100
Oct'24
PLE&W Va Sys ref 4s_ _1941 M N 85 Sale 85
113
86
10034 10314
Southw Div let gold 350_1925 J
9934 Sale 9934
997886
'
78
84
Tol & CID Div lst ref 48 A_1959 J J 6818 Sale 6812
6934 101
8912 9412 Battle Cr dr Star Ist gu 35_ _1989 J D 5914 63
62 Aug'24
854 98 Beech Creek bet gu g 48
1936.8 .1
___ 9278 Oct'24
97 111
Beech Cr Ext late 310...81951 A 0 9247688 80
7714 May'24
9534 101
1944 J D 8412 85 •8478 Oct'24 _ Big Sandy 1st 4s
1)7 109
B & N Y Air Line 1st 48_
F A 6712 Sale 67
674 40
9414 9812 Bruns & W 1st gu gold 4s
1938
J 0112 93 92 Nov'24
108 115 Buffalo 11 & P gen gold 512_1937 M
102 Sale 10178
102
7
06
98
1957 M N 8714 Sale 8718
Consol 450
8712 105
108 11212 Burl C R & Nor 1st 58
1934 A 0 10012 101 10012 101
94
85
9.
87
91
Canada Sou cons gu A Si.__1962 A0 10172 Sale 1011g
101781
91
99's Canadian North deb 8 f 78_ _1940 J O 1164 Sale 11674
1174 18
76
88
1940 J J 11738 Sale 11738
211-years f deb 650
11712 37
94 104 Canadian Poe Ry deb 0stock. J J 7912 Sale 7912
80
177
94
97 Carb & Shaw 1st gold 49_ _ 1932 MS 93
9412 94 Sept'24
99% 10112 Caro Cent 1st con g 48
1949 3J 8218 84
83
83 I
5
9912 103% Caro Clinch &0 1st 3-yr 58.-1938• D 10038 Sale 10018
10012 46
10034 10434
1952 J o 10512 Sale 10538
ea
1053, 82
9914 1044 Cart At Ad 1st gu g de
1981 J O 834 85
8312 Sept'24
9414 99 Cent Branch U P Isle 4s _ _ _1948• D 7114 7412 74
74
102 10912 Cent New Keg lot gu 4s___ _1961 J J 64
65
6438
67 I 61
102% 1054 Central Ohio 410 1930
1930 54 S 98
9912 9752 July'24 --94
99 Central of Ga bat gold 5e—P1945 FA 101 Sale 101
10278 21
102 10714
1945
Consul gold Si
N 1004 Sale 1004
10118 118
3914 474
June 1929 3D 1034 Sale 10234
10-year serer es
1034
19
107 113
Chatt Div pur money g 0.1951
D 84 -___ 84
Oct'24
9434 109
Mac & Nor Div 1st g 55_ .1946 J J 9834 _-__ 9578 July'24 _
8714 96,4
1947 J J 95
Mid Ga & Atl Div 53
__
94 July'23 _ _
9334 9612
__
1816 J J
Mobile Division 58
Oct'24
89
97
Cent RR & El of Gs coil g 58 1937 MN 9618 Sale 9618
9618
6
794 89 Central of NJ gen gold 511-1987 J J 107t2 11)8 10712
10712 17
9112 9734
81987 Q J 10578 Sale 10578
Registered
10578
2
94 10134' I ent l'ac 1st ref gu g0
1949 F A 874 Sale 8711
8818 117
9712 10112' Mtge guar gold 350
9312 96
81929 J
9512
954
17
10612 111
Through St L 1st gu 48_ —19,54 AO 8612 Sale 8512
8612 17
10611 11012 Charleston & Savannah 7a._1936
'
3 11618 ____ 1154
_
10714 1124 Ches & Ohio fund & itnpt 58_1929 J J 9818 1004 10032 Feb'24
Oct'24
- '
934 10112
1939 MN 10134 --__ 10174
lst consol gold 5e
102
15
RIO 10112
1939 MN 10018 102 1004 Oct'24 _ _
Registered
8534 9438
1992 MS 8812 Sale 8812
General gold 434e
8978 58
9258 9755
Registered
1992 M
861, Oct'24
9212 97ii
20-year convertible 434,.,1930 P A 9534 Sale 9534
9614 201
✓ 2 91
30-year cony secured 5s___1946 AO 994 Sale 99
10014 2657
8532 6214
Craig Valley 1st g 5s
1940 3' 9712 9934 9912
1
9912
Potts Creek Branch 1st 48.1946 J
8412 85 . 8212 Nov'24 --- 1
French Repub 25-yr ext 8a_ _1945 51 S 10434 Sale 10412 10512 506
9212 109
89'.8 8412
R & A Div 1st con g 4s,_ 198
8478
11
8434
20-yr external loan 7;0..1941 J D 10038 Sale 10014
10034 311
9012 10514
J J
2d cornice gold 48
8
804
1948 NI 5 88 Sale 87
Finland (Rep) ext. Co
88
51
8512 91 12
Warm Springs V let g 5a._1941 MS 9614
.
9812 95 July'24
_-1
German ext'l loan 7s w 1_ _ _1949 A 0 95 Sale 9418
9538 4439
9274 954 ChIc & Alton RR ref g ati
1949 A0 6214 63 • 62
28
6214
Gt nt, & Irel (...K of) 550_1937 F A 114 Sale 1054
10614 368
9852 10614
Certifs dep nod Oct 1924 Int_ _
5912 Sale ' 61
10
61
1929 F A 106 Sale 113
10-year cony 510
11414 717 1064 114.1
Certif dep stmed Apr 1924 lot
4534 Sale ; 5912
0954
1952 M N
9214 Sale 9034
Greater Prague 710
7812 931
924 218
16'
Railway
first
lien
.1
35453
1
195()
4712
Sale
47
487
8
139,
0
1952
A
9134 Sale I 9134
Haiti (Repuhlle1 es
9234 45
Chic Burl & Q—III DIv 350_1949 J J 82
8214 82 Nov'24
Hungary (Kingd of) et 710.71'44 F A 88 Sale ' 87%
8
97
881s 154
91' 8
91121
Denote Division 4e
1949 J J 9018 9078 9:1
9012 16
Ind Bank of Japan 6% notes 1927 F A 9938 Sale 9914
9912 35
9914 994
Nebraska Extension 4s
1927 MN 9878 9934 9938
11
9938
10038
Italy khingti of) der A 0,1,4925 F t 1004 Sale 1004
4
1958 MS 8912 Sale 89314
General 48
89% 19
9738 Sept'24 _ ___
99
Japanese Govt-1 loan 445_1925 F A
24 197
91721
P
A
1st
&
ref
1971
54
1017
4
Sale
36
10218
10134
J
1925
J
9714 Sept'24 _ _ _ _
Second series 44e £
Chic City & Conn Rye t,e._ _1927 A0 4712 51 , 48
Oct'24
1931 J J 834 Sale 8314
8334 107
Sterling loan 48 C
9
7514
3, 8
981'21 Chicago & East III let es_ _1934 A0
0
1954 F A 9218 Sale 914
9212 672
Temporary a g 6Si
8812 9358 C Ac E III RR(new co) gen 58_1951 MN. 106 2 ----10034 Oct'24
76 Sale I 75
7678 781.
8914 63
Oriental Development 68_1953 IN 13 88 Sale 88
81
91 I Chic & Erie 1st gold 59._ _ .1982 MN
-. 9934 Nov'24
9914
_1
Lyons (City of) 15-year 6s. _1934 M N 88 Sale 8712
883,1 3121 7218 91
Chicago
NI
S
0_1959
1st
Great
West
61
Sale
.
618
61
6212
N
M
66.1934
-98 Sale I 874
8834 374' 7212 91
Marseilles (City of) 15-yr
Chic lad Loguolisdv—llef
u
ea_ _1947 J Si 10734 110 11018 Nov'24
44
20 Sept'24 ____I 20
Mexican irrigation 4 1,5 a
40
1943 MN 36
Refunding
1947 .1
991 2 ---- 100
Oct'24 -3414 Sale 3312 Oct'24 __ _ _
1945 Q J
20
5112
Mexico-5a of 1899 £
Refunding 45 Series C._ _ _1917 J J 811s 87 I 8312 Oct'24 _18 Sale 1 18
1
18 1
1954 J
18
Gold debt 48 of 1904
30
General Si A
19611 MN 8612 ____' 864
15
87
904 53
1952 J D 894 Sale 8912
Montevideo 76
General (is B.
c1966 J J 102 Sale 102
1024 37
8
99
10118 Sale 10034
10112 297
53
34 10
Netherlands as Mat mites) _ ..1972141
9:1312
J
Ind & Louisville let gu 0_1956
7812
6
342 10
9
,
8/
1
4 tu3
i3/
1
4 Chic Ind & Sou 50-year 0_1956• J 7734 7834 7812
30-year external 6a (flas)._19.54 A 0 10134 Sale 10078 103
864
864 10
864
1124 31
1940 A 0 11214 11212 11214
Norway external 918s
Chic I. S es East 1st 410_1969 J D 92 100
93
99 1 119_
,
97
14 9
1943 F A 99 Sale 9812
,
914 C NI & Puget
20-yr ext) es
03
I
5
SII 1st gu 4s_...1949 1 J 54 Sale 5258
5438 242
99
233
20-year external 66 Int ett8.1944 F A 9834 Sale 9812
Ch M & St P gen g 48 Fier A.e19S9 J J 73 Sale 724
744 46
32
99
1952 A 0 9834 Sale 9812
30- r exit 63
General
gold
310
J
Ser
J
11..e1989
6318 65
6114 Oct'24
10134 26
10078
I)
92189514 10
9'11'1
Panama (Rep) 534s tr rects_1953
General 449 Series C
e1989 J J 8134 sale 8112
83
125
94 I 15
92
99
Porto Alegre(City of) 88. _ _1961 J D 94 Sale 0314
Gen & ref Scrim A 4 10..a2014 A0 5112 Sale 51
54 I 161
10934 13 10414 11084
Queensland (State) ext s f 7s 1941 A 0 10918 Sale 10918
Gen
rpf
cony
Ser B be...._02014 FA
511 Sale 554
6934 177
31
104
,103
991: 104
1947 F A 103 1032
25-year es
Debenture 410
1932 3D 56 Sale 55
6034 242
9
96
92
99
Rio Grande do Sul 83
1946 A 0 9514 Sale 95
Debenture 0
1925 315 7112 Sale 7034
7512 757
39
96
874 9934
Rio de Janelre 25-yr e f 8e 1946 A 0 95 Sale 944
25-year debenture 4s
J
J
1934
207
53
55
Sale
52
61
87
9414
977
9314
Sale
e
0
9312
1947 A
25-yr esti Re
Chic & Mo ftiv Dly 5s...A926 J
96321 31
9614 Sale 96
98 100'4 Chic
1003, 127
Rotterdam (City) external 6,1964 M N 10012 Sale 9934
&
N'west Ext 4a __18811-1926 FA 9912 9978 9978
1
9978
El saivador (Rep) +Ie.__ 1948 J .1 10234 Sale 10212 • 103 I 27 100 11)414
Registered
1886-1197
92
86 FA 9912 Sale 9938
3
9912
9012 10212
9734 16
Sao Paulo (City)
1952 NI N 100 Sale 97
88
General gold 310
MN 734 754 7512
75,2
1
100 t 59, 94 103
San l'au (State) ext e f 8s 1936 J J 964 16012 99
General Is
3
834
1957 MN 8318 8512 8312
79
9234 425
9712
Seine (France) ext 75
1942 1 J 9234 Sale 9134
Stamped 4s
1987 MN 8014 Sale 8434 Nov'24
6314 9012
8834 474
Serbs. Create & Slovenes 88_1962 1W N 8778 Sale 864
General
5s stamped
4,
1987 54 N 10334 10412 10312 10312
8034
76
flotations(City)es
88 1 138
1936 11.1 N 874 Sale 8714
Sinking fund Os
Oct'24
____ 105
1879-1929 .40 104
958
96
,4
99
17
18
2 10
Swe,
lee 2o-vear It.
l°39 /
10412 Sale 10412 105 1 132 10
Sinking fund 59
1879-1929 A0 10012 Sale 10012 1004 10
9938 123
External loan 510 W 1_1954 M N 0958 Sale 9912
Registered
2
bOO
1879-1929 A0 100 Sale 100
Swine contedeen 215-yr 8088 1940 J
1154 Sale 11412 11514 127 1114 'ill
Sinking fund deb 58
4
10114
1933 MN 10118 10114 1011s
9-Ilit 101
101 , 294
SIMZeriand Clovt ext 5128 _1946 A 0 1004 Sale 99'8
9934
Registered
5
994
1933 M
0
59
0
12
64
0
61314
2
6012
Tekvo city 5,2 loan nf 1012
Sale
41 S 6612
65
10-year secured 75 g
10914 26
1930• D 109 Sale 109
Trondhlem (City) esti 610_1944 J J 084 Sale 9804
9834 05
15-year secured 60
111
1 g..._ _1936 M
•111 11112 111
106 I 18
'Ltusuay tRepuullci eat Se Ivan 1 A 105 Sale 105
Chic ill & P—Railway gen 431988
'
3 8312 Sale 824
833, 1031
1
0
9
9
114
8flrlcb(City of) s f 88
21
1 %4
7,
11334
1945 A 0 11134 Sale 111
Reltletered
• . 814 84
8212
834 271
Railroad.
I
1
Refunding gold 48.
84 1379
1934 AO 83 Sale 823,
Ala Gt Sou 181 eons A 518_ _1993 J
95
3
4
1004
Oct'24---.
Chic St I. & N 0 gold 58.___1951 • D 10178 ____ 10058 Aug'24„
100 10178 994
Ala Mid 1st guar gold 5e_
9884 102
1928 51 N 10114 ____ 102 Sept'24
Gold 3148
_
1951 3D 81
8312 7518 Oct'24
Alb & Snap cony 310
83
1946 A 0 813, 8212 814 Nov'24 ----, 79
Joint 1st ref 54 Series A.,_1963 J O 97 Sale 97
Alice & West I st g 48 gu
80
8-t
1998 A 0 824 ____, 82
Oct'24 _
Do Series B
•D
9512 Jun9c721
1963
Alice Val gen guar g Is
8834 03
1942 IN El 9138 934 93
Oct'24 — - 95
-1
Memphis Div Isle 4e
84
WM
854 8274 Oct'24 "AIM Arbor
57
6512 0'1 4 P I at eon•
915950 .1 64 Sale 64
6512 47
2919 A 0 10114 -- -. 1003.1 Sruit'24
a Is
I 15—g. a Due Jan. d Due API' I.
Due MliS
g Due June. 8 Due July. 8 Due Aug.
Due Oct. p Due Nov. 6 Due Doe.
Option este.
Jas
High
Leta
86
9114
794 85
7912 85
81
85
8072 85
814 8318
9512 9912
80
8512
834 89
9012 155
83
70
81
99
8912 103
9134 96I2
96 103
8612 93.2
106 10852
8614 9334
8132 874
734 8194
65
6912
68
8012
Mg 10012
9614 15034
98 1004
8112 894
8872
80
8214 9034
894
83
9914 10078
100., .034
100 10112
054 100
86
79
9612 10014
13614 70
58
62
9012 9312
774 7714
8072 8478
61
6912
8812 92
100 103
8012 9014
9574 1014
974 102
111 11714
11034 118,2
7812 8284
94
90
704 83
924 10912
96 10614
8312
81
67
7514
6074 67
6/18
96
99 1124
954 101 12
100 104
7812 84
954 9.4
66 160
91%
10834 108
1024 it1712
85
8912
91
9612
8178 87
11514 11 54
457 10172
994 103
98 1004
8414 90
834 8614
881 964
8871 103
9234 9912
78
8212
7912 85
76
8852
96
95
634
66
01
64
5312 60
3034 4873
7824 5,515
9112
86
9612 10112
91
85
9678 10234
47
5512
10414 1064
6912 7812
9172 100
60
6212
10532 Ill
954 100
81152 854
8112 8714
9512 10212
71
9974
8212 88
814 93
48
6034
1184 7514
6114 6314
78
81
484 5512
621s
52
51 12 86
867,
63
604
47
96 100
964 9978
9912
Oft
6932 715
8612
80
7952 86
95 1054
99 105
9672 10012
96 10412
974 102
984 1074
10414 10914
1054 1124
7814 84
7872 834
7352 84
99 1014
Mg,
77
94
98
9514 9614
8058 85
10014
2273
New York Bond Record—Continued—Page 2
Price
Friday
Nor. 11.
BONDS.
N. Y. STOCK EXCHANGE
Week Ending Nov. 14
Week's
Range or
Last Sale
/lanes
Since
Jan, 1,
BONDS.
N. Y.STOCK EXCHANGE
Week Ending Nov. 14.
t
e
Price
FriclaY
Nov. 14,
Week's
Range or
Last SaJe
,3
54
071.
gull7f
Since
Jan, 1.
Mai
11100 No Low
Ask Lo- w
854
High fIllnole Central (Concluded')—
Filch No. r.ow
Atk Lo- w
1
69% 7214
Rid
72
_ _ 72
Litchfield 131v lst gold 3s-1951 .1 3 7014
1, 1013e 106
10418
4
713
13
81)4
8018
Chic St P M & 0 cons 0...A930 3D 105 Sale 1087e
8914 8018
73% 0178
Loulsv Div & Term g 3491983 J J 79
68% 72
7012 Sept'24
Cons 85 reduced to 350__1930 J o 92% --- 9178 Sept'24 ----I 9318 9938
Omaha Div let gold 33_1951 J A 7034 7213 81
99% 25
9814
81
7012
1930 M
We
Oct'24
Debenture Eis
J
7134 -St Louis Div & Term g 35_1951 J
8058 147, 764 82
754 8218
Oct'24
D 7912 Sale 79
Chic T H & So East 1st 55..198.
81
1951 33 8014 83
Coll 1149
5713 63
36
63
75% 82
82 July'24
Dec 1 1960 M S 62 Sale 6114
Inc gu 5s
82
8
33
787
Springfield Div 1st g 310-1951
92% 43, 89% 01_
92 Sale 92
8334 5,718
• J
5
87113
u
.011. kJ,.
97 1024
Western Line, let g 48—A931 FA 87 Sale 87
85
10238 Sale 102% 10234 25
85
1963 1
85 May'24 -let 58 Series B
1951 FA
Registered.
171 1143s 1134,4
117
14' 31
8334 87,4
J 11638 11712 117
1963
8718
87
let 650 0'08 C
Sale
J
•
8714
10512 101 10434 10512 Ind III & Iowa let g Is
1950
96 101
1
10014
10014
- - 10512
Clic & West Ind gen g 138 81932 Q NI 10512
10014
J
•
-7118
1965
4
78,
Ind
A
5e
Union
Ry
7778 99,
6678
40
77 Sale 71378
1952 J J
6678 1474
Consol 50-year 48
J J 6634 Sale 6418
10414 131 int% 10178 Int S. Great Nor adjust 6a 11152 33 10078 Sale 100%
90% 10212
101141 59
1935 11 S 10338 104 103%
15-year s f 754s
2
94:1
112 100
88
9
let mortgage 68 eertlficates1952
3
109
564 70
8
58
5718
Oboe Okla & Gulf cons 53_1952 MN 9934 101 100
Sale
D
•
574
_A938
55_
Iowa
gold
let
Central
9334
4
1 4 26
9312 -- 9312
58
20
18
Cla H & D 2d gold 414s_ _ _1937 J J
MS 1914 21
82% 91
Refunding gold 18_
8314 44
91 Sep '24 --t
/1936 Q F 9112
CIStL&Clstg4s
91'2 91 12 James Frank & Clear let 15_19
1 3D 8314 8812 8718 Nov'24
59
95
99 100
5
/1936 Q F 9018 9234 9112 Sept'24
100
Registered_
100
____
99%
3
3
86
it„Ad2
Ka
894 ic
atugilta 4g858__ VMS
8 18121.g
0
&1
8
8918
7734 03
8
1942 NI N 9818 9934 894
81
Ciii Leb & Nor gu 48 g
1990 AO 8038 Sale 8038 10014
98% 101's
3
93 IN
1928 J J 9818 9912 10018 033C24 -CM 8& CI cone let g 5s
1927 ii 100 Sale 100
7/31% 84
27
2c1 29-year 53
84
1 104
101 .
1034
4
,
aere Cln Ch & St L gen 48_1993 3D 8314 Sale 8314
103
Sale
1034
MN
8218 9812 K C Pt SAM cons g 6s_ _ 1928
6
98
97%
Sale
73: 82%
98
JJ
1931
197
82%
23-year deb 4148
9738 10114 IC C Ft S & NI Ry ref g 0_1936 A0 8212 Sale 8218 0:311
9412 9812
1993 3D 10258 10312 10318 03,1'24
'24
2
General 59 Series B
974
100
-ii
A0
98
51 100,2 1114
K C & NI s & B 1st gu 55_1929
104
67
7178
Ref & Imot 89 Series A_ 1929 J , 103 10312 103
71,4 Sale 71
1018 1074 Kansas Clty Sou let gold 38_1930 AO 8912
1941 J J 105 10578 10512 02t24
91
138 series C
4 60, 83
38
47
89
0
14
43
Sale 89
9612
94
Ref & Impt 55 -------Apr 1950 J J
9578 -117i
1963 J J 9514 Sale 9478
8058 8514
5eSeriesD
84
4
,
83
Sale
84
1
8818 91
Kansas City Term let is_ _ _1960
90
1939 J j 90 Sale 90
804
82
6
4
16
Cairo Div let 101(1 49
8 Sale
540;4
1
Kentucky Central gold 0_1987 J J 48
81
81
92
89
6012 8514
Ciii W & M Div let g 0_1991
4
Steak & Des Moines 1st 53_1023 A 0
84
813 8312
101
1004
_1
_2
—1
4
2
8,3
81 L Div let cell trg e 48-1990 NI N 80
Noo
2
2314
0
8
10
-_-__
8
7787
a 8
54
1
8'18 Kooky & Ohio 1st g 65
'3859
1925 J8
8734
Spr & Col Div 1st g 49_ _1940 NI S 8778 9034 8734
1 93% 1111
4 10018
9978
87
85
Lake Erie & West let g 58_1937 J J 100 Sale
8718 8812 8678 Aug'24
87
99%
W W Val Div let g 45_ —1910 J
99
3 10358 1094
1911 J J 9434
2d gold 518
108%
_ 10838
1934
'3 10734
10
73% 8912
()CC& I genconeg0
8
--112
7914
7914
1
10112
97% 101 12 Lake Shore gold 314s
1997 J D 7873
7834
75
31
Clew Lor & W con let g 55_1933 AO 10112 ____ 10112
784
7738
7914
J
8
767
D
84% 9338
1997
Registered
96 Aug'24
1935 M
96
91% 99
CI & Mar lit gu g 443
9)
95
1928 MS 9814
Nov'24
Debenture gold 45
I938
9214 97
11
96
2 5
Clive & Mahon Vail g 58
814
96
8
6
9
%
1e
6
4
9
8
M
96
91
91
1931
25-year
gold 4e
91 Mar'24 -9184 9.534
--i
CI & P gen gu 4 48 Ser A_ _1942 i• i 92% _ _
9
9534 July'24
92
81'2 9134
1931 M
Registered
8412 Aug'24 -1942 A0 82
92% 97
Series B
___-, 97
96
8312 84,8 Leh Val N Y let gu g 4148_1940 J
_
1950 FA 81
_9
2
118
8514 8313 Oct'24
914 9478
4 -234
Series D 3 411
39
'
69
Nov
2
18
7
6
744
9
8
913
9712 10
00,2 9734 1
_
1940 J
Registered
78% 83
8034 18
Cleve Shot Line let gu 445_1961 AO 9618 Sale ma
803-4 8012
.
80% 6 1.12% 1 18 Lehigh Val (Pa) eons g 0_2003 _m
106%
1451.1 9114
INeve Union Term 530-1972 AO 10612 Sale 10614
90 Sale '
06m N
72 -95,2 101,8
11-1oneral
110_ _ _ _23
101
1973 AO 10018 Sale 101)18
994
99%
1st f Cos Ser 13.
9914
Sale
MN
994
3
84,2 Lehigh Vali RR gen 5sserles_2003
80
8412
10014
-_-___
103
Coat River Fly let gu 4s. _ A945 it) 8418 8434 84%
Nov'24
312
,
0
10! 19
92% 93121 Leh V Perin lty lot gag 58-191114 0 101% .
97% 148
9734 Sale 9714
9912 9912
Colorado & South 1st 2 1r._1929 FA
9112
64
8011
Registered1911
9112
8212 86
Refunding & exten 4 45_ _1935 MN 91 Sale 91
Oct'24
I 86
8414
2
814 874 Leh & N Y 1st guar geld 45_1945,M
8718
99 10512
1948 A0 8718 Sale 8718
Col & II V let ext g 45
1 _22_
5214
0,
112 July
05
.18
105 Sa_M
8178 86
Len & East let 50-yr 5s gtl 1965'_A
86 Nov'24
1955 FA 844 90
8112 All:
Col & Tot let ext 40
4
813
8134 85 Little Miami 15
1962 131
84% 57
1952 J J 84 Sale 8314
_
1
8 107%
1063
—
Chiba RR let 50-year 50g
0
,
4
,
2
8
t
'
es
4 0
8314
87
8814 17:: 10
1935 A 0 108
102,2 13 10012 103 Long Dock canall g 65
19363 D 10114 Sale 10114
ler ref 710
9718 10012
2 --__
Aug
100
____
100
Q
19
87% 8912 Long laid 1st con gold 5s_h1931
J
8812
88 Sale 88
--__
9312
Cuba Northern Ry let 5s A966 J
10012
Aug'24
10018
____
9234
dzi2 97
let CWI801 gold 4s
51931 G
Oct'24
L0ii J
9858 97
97
Lift,A (AICli Len cons 4 rto
8434 8834
83% 91 14
General gold 48
3
1938 '
9114 37
9058 Sale 00%
89
Del & Hudson 151 S3 ref 4s. _1913 M N
83
--_
July'24
89
-116
92% 1004
23 D
341_
03
119
Gold 41
D_ 8818
1935 A 0 9912 Sale 9912 100
8158
10-year cony 53
79
4
84%
84
8214 85
9718 102%
1989,M
Unified gout Is
. 10214 44
1937 M N 102 Sale 1011
91% 91
18-year 54s.
Nov'24 --__
6
,
9
8
97
9518
4
110
1054
Debenture geld Os.
110
1930 J D 109 Sale 109
84
90
10-Year secured 75
92
92
20-year p m deb 5s
19371m 01 89% Sale
9278 ____ 92 June'24
86
79
I) RR & ildge 1st gu 13 8_1936 F A
2341 It
89
9
85
674 83
Guar reloading gold /3_1949,M S 8258 Sale 8212
83
9414 100
Den & It Gr—Ist cone g 48-1936 3J 82 Sale 82
997 Nov'24 --__
7413 8614
Nor Sh B let con g gu 53_341932 Q J 9834 100
8634 32
9512
19383 J 8412 87s8 8618
,1
114
14
Coosol gold 448
10018,
100 Sale 9978
794 954 Louisiana & Ark 1st g 59_ _1927 _M
96% 151
7912 95
1928 J D 9578 Sale 95
Improvement gold 55
8614 11
8538
844 4814 Lou &Jeff Bdge Co gu g 48_1945 m _
55 85
4814 95
47.12 Sale 47
100%
1955 F A
10411
2
let & refunding 59
10318
10234 104 10318
4414 4512 Louisville & Nashville 53._ _1937 M
9112
_ Sale 4612 Nov'24
801
do Registered
931e, 25
93i2 Sale 9338
344 48
Unified gold 45
1910 J
48 "2011
471y Sale 47
6912 9l34
L&Tr tette Aug '55_
Balm
_
.7
4 —3
y'3278
l0
8 Jul
74
73
01
344 48
86
858 s_a_l_e_ 19
07
18
1910
48
---- 4738 Sale 4678
103
9682
Bankers Tr ctfe of Sap
1
1
102
____ 102
33
4512
11'
Co14
isrlaelrast gold 6a_ .1931 Mil 102
ale
4434 45% 4512 Nov'24
10578 10834
do Stamped
46(2
10-year seeiired 7q _ _ .1930 M N
37
4612 25
464 Sale 46,4
Am Ex Nat ilk Feb '22 ells_
16 10434 I. 8
3418 43.2
let refund 54a Series A_ _2003 A 2 106 106% 106% 108 1
4238 03t.'24
44
9-12 10514
flo Aug 1022 Mts.........
5
10331
A
103
2093
o./
Sale
474
3712
103
53
1st
B
Seles
53
ref
'Sr
40
3712
4%
Dett M & Ft D Ist gu 15_ _ _1935
3938 --0
92% 9334
934 216
9212
60
1st & ref 44s Series C —2093 A 0 927 93
73
Oct'24
73
'Del & Mack—let lien g 48..1995 J 13 70% __
105
10312
104 1 - 11
70
60
10418 ____ 104
N 0 3..11 1st gold 0
6918 19
8 67
1995 .13 D 69 -691
Gold 43
102 10312
—.1
June'24
102%..
102
12
9312
8713
2d
gold
68
93
19
310111 .
9212
3
4
19(11 M N 9318 9312 92
Del RI, Tun 4 149
8512
9134
Oct'24
9318
3
9933 1.0158
Paducah & Mem Div 45 _1916'
3 A„. 8812 90
_
1 10112 101 2
f)nliklissabe & N ir gen 55..1911 J J 10112 Sale
84
51 As
62
78 10
13
83
98
9
St Leslie Div 2d gold 3s _1980.m '
8
,4
z 62 Sale 617e
1014
Dlii & Iron Fie, g let 59._ _1937 A 0 10114 Sale 10114
95%
93
1
93
3
L & N & M & NI 1st g 4143,11195
6
642
: 93 Sale 9
...
51(3.M
85,4
uol Sou Shore & III g 55_1937 J .1 8514 Sale 8413
85
1, 79
83
83
844 89.8
LA N South Joint NI 1.5_ _1952 3 3 8212 83
1948 A 0 8734 8918 8838 June'24
E Minn Nor uiv let g 48
77
Jan'e4 --.1 77
1
9012 10014
7612 ____ 77
Reglsterel
99
99
1938 M S 99
E'Tenn reorg ten g 59
96
984
Loulev Cln as Len gold 410_19311m 131
93.4 100
9978 Sept'21
19303 J 100
1),v g 5e
E T Va &
-_ 51 98% 9934
21
8
9
Feb
4
118
8
8
9
9
97%
iti
2
:
1
0
8
0
9
:0
4
1013
Coal
Mallon
53
let
RR
_1934
._
1
A.
I/.
101%
_
10114
101 4
Cons let gold 55 -------- 1956 NI N
63
10, 55
2
5712 t00% MA12118 1111(Scuthern Lines) 1939 m _. 6214 Sale 6214 628
100%
.Teller * Om+ let g .52_ _loll M
119431
100% Sale 100%
l' 9612 90
99 1
99
93
98 100% Maaltoba Colonization 53_193113 U 98
993 9912 Nov'24
1965A 0
El Paso & S W 1st 5e
82%
80%
--ii
2
11
2
8
'
,
July
2
1
,1
2
8
9
Gil
82
10
W
10912
N
&
la113a
Man
1st 350-1911 2.
109
93'1 10918 109
gene to consul goid 713 ext 1930 M S 10
98
98 Lau%
388
alis, 74381 Michigan Central 511
93
1,
i0
1:—
72
1996 J J 7078 Sale 7038
let cons g 48 prior
98
88
_ - __
Apr'24
83
___
8
987
69
61
Registered
m
19311G
68 Sept'24
1996 J J
Regletered
86% 90
93 July'24 --__
5312 68
4i3
1910•3
644 294
let consel gen lien ig 41_ _1996 J J 63 Sale- 6278
8 03
77% '
59
8714 ____ 8612 Sept'24 --__
53
ReeLetered
1996 J
Registered
5834 Nov'21
_
7718 93%
11993511mM N_ 7738 ___ 774 Apr'24 -___
J LAS let gold 310
8812 9534
9412 39
Penn cell trust gold 48 1951 F A 9414 -943.
4 9414
774 83
3
82%
let gold 314s
82
5134 664
8234 82
6513 64
50-year cony 4s Ser A 1953 A 0 6518 6514 6514
9214 9838
54
9712
9718
8912
5112
Sale
82
debenture
20-vear
43
9718
,
3
19291A
A
1953
13
0
Series
6512
do
65 Sale 6478
474 894
--__
0
1940.8
Sept'24
8914
59% 77
AIM of NJ Is: ext 5s
8912 91
1953 A 0 7058 Sale 70
7112 436
Gen cony 0Series D
9912 11,4
3
10014
8911 104
11
1111w L 9 & West imp g 59_1929 F A 10014 101 10014
1955 J J 102 10213 10212
101
Erie & Jersey lets f 55
1 1004 10014
1004
82
(Boland Div let gas
85
1925 M 8 10018 100% 10014
1040 J J
8418• Oct'24
Erie & Pitts go g 314s 13
058 044
-Aug'24
85
83
Maw & Nor let ext 410
19341.
0:1'21
1940 J J
84
1. D
I2 8312 9138 91% July'24
Series C
874 9212
9734 9912
Cons exte wied 4148
81% 90 1 92
Via Cent & Pen let text g 59.19(03 J 100 ___ 9912 02t'24
83% 88
--__
Nov'24
933e 100
Mil Spar & N W 1st gu 48_19471m 15 - - -_ 877 88
1943 3 J 100 102 100
03'24
Mimi gold 58
802
82
1
8612 May'24 _—
8738 95
Viso
Mile & S L 1st gu 3481941 3 3 8)31 __
93,2
E clove let 4 Lie
▪
9315 Sale 9312
100 103
Oct'24
137
102
96
Louis
St
103
let
0612
&
Minn
78
102
N
D
ht
3
NI
4
7
3
9
92
1
$ 96 Sale 96
9618
lot & ref 5s Ser A temp-1974
6812
5114
36
1
52
63
38
70
let cotool gold 58
52 Sale 51
—1952 ,I re 6312 65 63
65
Wanda J & tilov 4 49_
13124 234
35
21
8218 8314
1919 MS
Sale 18%
let & refunding gold 4s
Wort St U 13 Co 1st g 410....1941 3 J 884 ____ 8814 Oct'24
21
1318
12
17
F
1512
t)
100/4
10538
Ref & ext 50-yr 55 Ser A1962
2161.34
Ft W & Den C Isle 5 43-1961 J D 101 4 ____ 10414 02C24
8618 90
87,8 87
8418 9434 NI St P & S 9 M con g 43 Int gu 38• J 8618 Sale 86%
Oct'24
9412 94
Pt Worth & Rio Or 1st g 48_1928 3 J 94
9734 103%
8
994
J
J
10514
107
99
121
0
A
58
1933
cons
1st
Oct'24
1938
Sale
9914
From Elk & Mo V let 68
108% ____ 107
7 101 111334
36
17188 8
06
18
9512 100%
10-vear en11 tram' 610._ 193 I MS 10112 Bale 101%
10918 25
OH &SA MAP let 5s__1931 M N 100 ____ 100
9714 10212
4
312 10034
00
18
1931 J J 1004 Sale 10018 10018 15
let A ref 68 Series A
4 Sale
8,%
964 10ols
1946 Ji 1003
25 eaten 55 guar
87
83
MS
1
9258
9258
1919
25-year 550
Only lions & liend let 55_ _1933 AO 9212 93
89'5 0114
9112 10158
89 101s8' 182 Cuteago Perm s 1 45_ _1941 MN 92 8 -6
1 10034 Sale 10034
10112
Genesee River let 8 f 85._ 1957
9834 99(3
...
0
_4
0
-1
2
1
1
2
2
V
9
0
0:
J
J
3
:
9
36
2
9
0
19
0._
con
J
J
o1915
91
let
A
8112
&
M
99
SS
NI
4sint
letg
gu_1920
9912
Ga & Ala Rs
9334 Sale 934
95
9)18
18482 Oct'24 --1 118
01;
0
6786
9
934 100
NlIssielippi Central Ist Ss_._1949 J J
99 Nov'24
Ga Car & No let RU g Se_ _ _1929 J J 9912 100
8 8334
D 87
8234 55' 757
60% 67 Ito Kan & Tex—let gold 45_1990
1918 AO 58
65 Nov'24
Sale 8112
66
12 s
1%
(38 Midland let 38
78% 87%
871
16
0
712
6
14
7:
77
834
J
9812
1924 MN 9934
Oct'24
10018 Nlo-K-T KR—Pr l53 Ser A_1962
_ 100
Gii&VO&N 1st RU g 53
74
85
J 7234 Sale
98
1.3 9914
Geo A Oswegatch Ss
1942
98%
983 Feb'24
40-year 48 Series 13
1982
94% 111,11
1941 J J 95
90% 95 1
9534 94 Sept'24
fir R & 1 ex let gu g 410
10-year de Serim C
10214 Sale
1932 J
75%
4
513
25 110% 11714I
117
Cum adjust 59 Ser A Jan.11)67 AO 7414 Sale
Grand Trunk of Can deb 70_191 AO 11634 Sale 1I634
1936 NI 5 107% Sale 10738
1
15-years f 63_
10778 37 10211 1077 Missouri Pacific (reorg CO
84121 2151 754 8514
let & refunding 5s Ser A..1965 FA 8414 Sale 8334
Great Nor gen 7s Series A 1936 J J 10912 Sale 109123 10978 208 106 1104
1004 571 944 100%
928
0
,
,
83
let A ref 4'-I' goriqp 4,___1981 J J 904 91% 91,8
9111 13
let & refunding 5s Ser C.-1926 FA 100 Sale 10
99% 1951 8738 100
9618 10172
101'8 118
let & refunding 63 Ser D..11319 FA 9914 Sale
General 514e Series 13.-1952 J J 10012 Sale 10018
6412
51
2
.
8 _7_4
,44
423
844
MS 6334 Sale 684
0831184 oc6
9114 9514
1073 J J 9312 Sale 1 9318
General Is _ _
94% 113
General 5s Series C
8034 85
MN
Feb
"A"____
Oct'24
6812
g%
75
ells
684
70
Mo
deb
W
78
331
_1938
Pac
4%
at
ext
&
Bay
Green
9818
4
923
81
3
Feb
3
7
124 1114
1312
12
1312 Mob & Bir prior ilen g 5s_ _ _1945
Debentures ells "B"
7778
68
8_1
42
.• 1 8
2114
0803
'
:
81
3 No:
86
94 14 1
7;1-4 7
9434 26
2 —
4:4
76
191.5
Mortgage gold 48_ _ _ _
Gulf & S I let ref & t 58_ _5195e J J 94% Sale 1 9412
1 1024 1047e
10478
734 83121 Mobile & Ohio new gold 65_1927 J O 10418 __ 10478
813 8034 Oct'24
Harlem R & Pt dies let 4s._1954 M N 80
10234
100%
_
--3
8372 90%
8914 16
____ 10212 102s8 Sept'24
61927 Q
let extended gold 65
Hocking Val 1st cons g 410_1999 J J 88% 90 1 8918
3451
74
84
83
1999 3
84 1 • General gold 43
__ 84
8334 90 83 May'24
1938 11 S 84
Registered
984
92
2
9814
Oct'24
97 10014
19373 3 100 ---- 100
Montgomery Div 1st a 53_1947 FA 984 9812 9814
131 & T C 1st g 5sInt gu
9514 100%
7
J
9612
9612 97
9712 9612
96
100% 1033 10014
St Louis Div .55
Houston Belt & Term let 58_1937 J
85
76
1933 MN 99% -- -- 990 Aug'24
7 M S 8212 Sale
28
11514 90% Mob & Ohio coil tr g 48._ 193
Houe 111413WT 1st g 58
8011 85%
MS 8412 ____ 8414 Oct'24 — _
9914 100
1933 M N 99% ---- 9934 Oct'24
Moh & Mal let gu g 4.ii
let guar 68 red
108.4 11038
--__
J
July'24
J
Oct'24
110
___
N
9413
11014
M
8414
1937
-95
9414
11993971
c
Mont
g
gu
1st
55._
65
Housatonic Ity cons g
0914 101
___ 10034 Sept 24 - ___
8712 "Ziti
8034 83
8712 Sale 87
1937 J J 1003
is' guar gold 51
Hull & Manhat 59 Series A 1957 F A
78% 80
5814 68,2 NI • E let gu 348
76 4-7814 7834 Nov'24 -__ _
2900
67,2 609
8 3111911 income 5s
1957 A 0 664 Sale 6534
9978 102
g
Nov.24
8
3
1014
Nov'24
92
4
1093
8
1005
88
93
J
J
Nashv Chatt & St L let 53.1928
Illinois Central 1st gold 43 1951
99
99
Apr'24
89 July'24
89
1937 FA 10014 ____ 99
89 N 'le IS Mt gu g 58
1951 J J 8714 91
nostered
30 Sept'24
83i4 Nat Ry of Mex or 1ien 448 -1957• J
78
1951 J J 8l12 ---- 82 Nov'24
let gold 348
37
15'
July'24
4
153
4
3
Oct'24
77% 8112
July 1914 coupon on
Extended let gold 3(48_1951 A 0 80% ____ 81
26 Nov'23
8012 8012
8012 June'24
77's _
1951 A U
July 1914 coupon off
Reghttered
_
_
__
July'23
2718
June'24
Ali!
0.1977
61
1
61
60
72
Guaranteed 70-years
let gold 38 sterling
1951 M S 60
18
18
1
18 May'24
8914
86%
83
86%
April 1911 coupon on
1952 M S 86% 88
Collateral trust gold 48
56 1 8412 904
24 Dec'23
;--e
90
April 1914 coupon off
1955 NI N 89 Sale 89
let refunding 1e
_
___
June'23
5
3811
805
.
f....J
449_1926
; 7512 81
Nat RR Men prior lien
1952 j 1 8013 Sale 8018
Purchased lines 314s
4
25 11125 July'24 -- __
70 , 7978 8818
26
85
July 1911 coupon on
Collateral trust gold la_ _1953 NI N 83% Sale 83%
Oct'23
34
105% 32
9934 10512
July 1911 coupon off
1955 NI N 10514 Sale 105
Refunding Is
Apr'23
28
AI,.
21
1951
10314
10012 104
let consul 0
15-year secured 514s
103 10318 102
1934 J
Jan'24.___ _
513- -ier
36
---11112 16 10812 ' 212
April 1914 coupon on
15-year seemed 6 48 g___ _1936 J J 11118 Sale 11118
10
22
1814 Apr'24
g5
Anr11 1914 coupon off
8318 10
Cairn TIrldep en111 I
884
1901.9 I) 884 Sale 8818
__, _ _
a Due Jan
11 048 Feb
8 Due JUne.
Due Jule. n Due Seel. 0 Due Oct
5 Option sue
2274
BONDS.
N V.STOCK EXCHANGE
Week Ending Nov. 14.
New York Bond Record-Continued-Page 3
Prfee
Friday
Nov. 14,
Week's
Range 07
Last Sale,
olr2i
Rases
814we
Jac 1.
BONDS.
I N Y. STOCK EXCHANGE
Week Ending Nov. 14.
.
,s,
Price
F4iday
Noy, 14.
Week's
Range Of
Last Sale.
al
Dimas
Jam, 1.
HUM No.1 Low
Ask Low
80
High Pitts Cin Chic &St L (coact)Rich No. Low
Big
Ask Low
HISS
__
teatigatuck RR let 43
667814lay'23
1954 MN 72
9238 Sept'24 -Aortae E sie guar 8.no___1949 F A 8912 __
8812 9238
New England cons 58
9312 95
9218 Oct'24
-311 Wig
1945 J
8912 Nov'24 Series F guar 4s gold
871s 9714
1953 J D 8912 Oct'24
82
Congo'4s
75
83
1945 J J 79
92 Sept'24 -Series 0 45 guar
1957 M N 8912 92
881
/
4 92
NJ June RR guar let 4s
83 Sept'24
8034 83
1986 CA 83 ,86
Series cons guar 14M.-.1963
A 9434 __-- 9412 Oct'24 -.90/
1
4 9812
NO &N E let ref &imp 441e A*52 J J 8578 Sale 8518
868 18
811
/
4 88
9334
/
4
9318 Aug'24 - -Series J 441s
1
4 9:41
90/
New Orleans Term tat 48_A953 J J 8118 Sale 8118
8214 35
7814 83
101 Sale 101
7
93/
1
4 10112
101 I
General 541 Series A
0
1N4
19
NO Team & Mexico 1st 8e...1925 21) 10118 Sale 10118 102
9814 102/
1
4 Pitts & L Erie
100 100/
g 58
01928
2d A 0 10012 ____ 10012 Sept'24
1
4
9118 29
Non-cum income 58.
19745 AO 91% Sale 9138
851
/
4 9312 Pitts McK & Y let gu 6a,
____ 105 Dec'23 -- -1932 J J 104
91% 133
1st 50 Series B temp
89
1054* 0 9118 Sale 9034
9214
9834
2d guaranteed (Is
-33134 1983
4 Aug'24
0
11934 J J 997
9938 198
1st 541sSeriee A temp_1954 A 0 99 Sale 9878
98 100 Pitts Sh & E 1st g 5/3
Oct'24 ---9512 10014
1940 A 0 9934 ____ 100
X A C Beige gen gu 4y2s_
9378 Nov'24
92
9112
let come! gold 5s
Dna J J 9258
97
J
9834
---- 9834 Feb'24
1943
_
Oct'24
100
95 101 Pitts Y & Ash tat cons 581927
10134 Nov'24 -NYII&MBIstcong58_1935 A0
99 10218
'
14 N 31-1(-)T8
_
11112 2754 10311 111 12 Providence Secur deb 4s
if Y Cent RR cony deb 6s 1935 MN 11114 Sale 110
40
4610
1957 M N 4338 ___- 45 Nov'24 54
86
Consol 4s Series A
801
/
4 8638 Providence Term let 44)
1998 FA 84% Sale 83%
80
80
1956 M S 81 18 ____ 80 Sept'24
9038 134
Ref & kept
"A"
841
/
4 9012 Reading Co gen gold 4s
2013 *0 8912 Sale 893g
9412 19
8714 9534
J 9334 Sale 9334
1997
382
1003
8
993
4
10018
Sale
Ref & impt 5s
953
*0
8
10034
8714 92
2013
92 May'24
Certificates of deposit
X Y Central & Hudson River8812 41
Jersey Central coil g 481951 A 0 88 Sale 88
83/
1
4 8811
74
7918
Mortgage 340
1997 J J 7678 773s 7678
-7738 31
8818 94%
94% 64
Gen & ref 441s Ser A
19972 J 937 Sale 9318
713
Sept'24
4
7214 7814 ,Rich & Dan 543
Reglatered
1997 ii
10038 ____ 0038 Oct'24
98%
118138
A
0
1927
9414 Sale 9418
9434 162
8918 96 Rich de Meek let g 58
Debenture gold 4s
1934 MN
7414 74%
7414
1948 SIN 7038
7414
1
32
92
87
SO-year debenture 444
9334 Rich Ter 5s
9134 Sale 9134
1942 ,1
1
100
100 10012
_96 100%
00
1952 J
7558 18
7078 7714 Rio Grande Julie let gu 58 1939 J
Lake Shore coil gold 3318-1998 CA 77 Sale 75
84
923s
9112 93
1
92%
92%
2
75
75
89/
1
4 75 Rio Grande Sou Igt gold 4a._1940
Registered
1999 CA 7212 76
412 7
7
Oct'24
J
34 7
7518 7714 7712 Oct'24
Mich Cent coil gold 3418...1998 CA
73
7818
Guaranteed
6 - - 7 Dec'23 -1940 J J
10
75
75
7414 80
Registered
7214 7711 Rio Grande West let gold 46.1939 J
1998 CA
8318 8312
78 If
- - 8312
8334 25 -33
3
9212
X Y Chic & St L let g 4s___ _1937
0 9214 9234 9212
891
/
4 93
Mtge & coil trust 4s A
60
727s
1949 A 0 7118 7234 7212
727 177
8938June'24
Registered
88,8 891
.
/
4 RI Ark & Louis 1st 44M
1937 *0 9114 __
7912 85
158
8478 Sale 84
85
1934 M
94% 31
9314 Sale 9314
25-year debenture 444
88
9518 Rut-Canada let gu g 48
1931 MN
68
8372
7318
4
J 7218 747 7318
1949
26
1013
4
10212
102
Sale
MN
2d 68 Series A BC
10018 10314 Rutland let con g 441e
1931
&Is 88
1
8538
1941 J .1 8538 __-_ 8538
9614 123
Ref 51443 Series A
1974 AO 9434 Sale 9438
93,2 0614 1
X Y Connect lat gu 4%s A..1056
A 9012 917 9012
30
92
8618 92 St Jos & Grand 191 g 4s
7112 77
7512
7512
7512 77
1
1947 J
_
Oct'24
89
92
Y & Erie lat ext g 4s
8812 8212 St Lawr & Adir let g 5s
9114 9634
1947 MN 89
95
9712 95
Oct'24 ---1996 j
_
gd ext gold 440
9312 96 I 2d gold 68
193:- MS 913 ____ 96 May'24
118
98
93 Mar'24 - A 0 99 103
97144 Sept'24
ext gold 58
98
9714 St LA Cairo guar g 48
1934 A 0 9912 ____ 0
89
j 9514 Sale 9514 Oct'24 --- 9514
1931
D 9714
fltb ext gold 4s
9312 9712 St L Ir M & S gen con g 58_1931 A 0 10018 Sale 9234 10018 52
192)
96 1011
/
4
5
92
91 -9
.
2
- 91
Y & Green L gu g 5a
84% 921*
1944 MN
8312 9312
9312 181
Unified & ref gold 48
1929 J .1 9234 93 9238
_I 7834 78
N Y & Harlem g 34113
2004, MN 7814 8338 78 Aug'24
72
Rh,& G Div let g 43
8534
1933 M N 8434 Sale 84
8558 507
I 981
0812 Mar'24
N V Lack & W ,et & ref 58.1972 MN
9812 9934
9314 Sept'24
/
4 9812 St L M Bridge Ter gu g 58__ A930 A 0 9912 191
101
let & ref 4418 _____
197:- MN i5i- ____ 101
96 101 St L & San Fran (reorg co)4619
7112 Sale 7112
65% 73
7278 866
96
50
01
S 10314 109 10212 Aug'24 ____1 10214 10212
WYLE&WIst7sext__1931
129
Prior lien Ser B 58
87
J J 8634 Sale 8614
802 87%
10138 lulls 1.2214
Dock & Imp Sc
10212 24
194: 1 .1 9914 9912 9914 Sept'24 ____1 97/
Prior lien See C fie
1
4 99,4
9158 10314
1928 j
71 9612 1001
& Jersey ist be
1931 CA 10038 Sale 9912 1003
4 J J 9118 Sale 9334
/
4 54e Series D
41199602
8.12 9514
9412 150
).1 S 905 --- 9012
4
9012
90
Y & Long Br gen
72
84741
9012
84% 878
Cum adjust Set A 138---81955 A 0, 84 Sale , 8314
X TN H & Hartuard 1
6/
7714 2091
1
4 7714
.)ct.* 7514 Sale 7518
Ineome 14,00A 65
53
54 I 16
302 55 St Louis & San Fran gen 85. 1951
Non-cony deben 334s--._ 1954 *0 5218 53
8
9978 10538
J 10514 - - 10514
9
105%
59
5
59
4412 80
Non-cony deben 48
4
1947 MS 58 __
902 10011
J J 10018 10014 10038 10038
General gold 513
58
Oct'24
527 56
.2 9034 __
38
58
Non-cony deben 341e
1V46 M
8212 July'23
St L & S F RA &meg 4s
1994.
59 Sale 5812
5912 18
Non-cony deben 48
A 0 9734 ---- 9912 Oct'24
195.
-9172 9-9-12
Soutbw .13,y 1st g 59-1947
.
5934 577
5934 18
58
Non-cony deben 4a
1954 SIN
4
4118
2 684 St L Peo & N W 1st gu 5s
J 102 10212 1028 10218 15
98 10318
194)
5312 60
.1 527 532 517
1954
3934 60 St Louis Sou 1st gu g 48
Cony debenture 310
91 18 94
Oct'24 - - - 1931 VI S 93 ___- 94
207
81
79% Sale 7912
83
59
81 St L S W let g 48 bond cgs-19814 NI N 8038 8114 8034
19* / J
Cony debenture 81
76
8134 47
5112! 92
N 5014 Sale 5014
36
1957
6914 7414
_ 7418 Nov'24 5112
41% debentures
2dg 48 Income bond cgs_ p1
19
93
89
2 J J 7412
93 I 501
1
4
701
/
4 93
1921 A 0 9334 Sale 92
7.78 87/
78 ...rope». OM]
8714 96
D 8538 Sale 86
Censel gold is
91% 3508
47
69
1926 *0 9018 Sale 91)
78
85
911
/
4
Cranes
827
let terminal & unifying 58.1952 J J 82 Sale 1 82
44 Apr'23 ____•
291
19:94 CA
73
83
83
St Paul& K CSb L 1st 440_1941 F A 82 Sale ; 8012
Cone Ry non-cony 4e
.f 50's 13 5112 Oct'24
1954
88
J 91
98
____ 88 Sept'24 ---4012 151; St Paul E Or Trunk 4918...1947
Non-cony 48
52
1
52
195.4 ii 5018 54
911
/
4 981s
9434 Nov'24 --48
Non-cony deben 4s_
5512 St Paul Minn & Man 4s
1933 J J 9418 95
53
53
5
1954 ii 5018 53
42/
1
4 5712
Non-cony deben 4a
let cense] g 641
1933 .1 J 10838 109 109 Nov'24 --- 1015 109
01
Oct'24
9438 99
9834i 10
9914 101
X
& Northern tat g 5s_ _ _1927 *0 10012_
els reduced to gold 440-1933 J J 9834 Sale 9812
68
8734 97/
2
83
81341
1
4
Si) 688
Y 0 & W ref 1st g 4s._. el992 MS 6734 -6-8 6712
Mont ext tat gold 411
1937 J D 9238 9312 8734
Oct'24 __ • 581
13 6734 Sale 65
1951
8212 89
Sept'24
General la
/
4 66*
Pacific ext guar 41
1940 .1 11, - _ 89 89
1941, AG 858853 Oct'24 _-__ 1
7138 80
80 1 74
Ji 7938 Sale ' 7938
.41 V Proy & Boston 49
8518 8538 El A & A Pass let gu g 4s___ _1943
;
1e
- - 83
83
1
9918 100
Oct'24 - - Y & Putnam let con gu 48 '93 *0 83 Sr
81
83% Santa Fe Pres & Phen Ss__ _1992 M S 100 ___ 100
9914 Sept'24
1927 MS
801
8612 54
/
4 87/
85
le & R B let gold 5s
1
4
195() A 0 8514 86
8912 100 San Fran Terml let 48
9934-6612
6612
10712 108
108 Aug'24 67
37
X Y SUSQ & W tat ref 544_ _.1937 .1.1 66
1034 A 0 10734
5212 72 Say Fla & West Cs
1937 CA 5438 5712 5678 Sept'24
241 gold 4413
68
5812
1034 A 0 10114 Sale 10114
43
1 10018 10115
10114
56
F
A
9014
56
Sale
5612
_____
1940
2
General gold 58
8478
8914
9012 8914
8
4014 66 Scioto V & N 171st gu g 4s 1989 M N 88
9512 Oct'24
1943 MN 93 _
Terminal let gold 58
5514 7434
7434 28
A 0 74i
74
8614 9512 Seaboard Air Line g 48
ger 14 SiP '48 .1 I 56 Sale 5534
57% 247
w',thee
A 0 75 Sale 73%
5812 75
95
75
39/
1
4 58
Gold Mstamped
1950 A0 8812 8838 8812
881
8812 68
Nord Ry s f 6353 w
4378 73
73
81150994
9 F A 7112 Sale 693s
8812 8838
50
Adjustment 58
.si-rioila Sou 184 & ref A 68 19o1 IA 7412 Sale 728
47/
1
4 81
7434 168
429
61
1959 A 0 5834 Sale 5812
6113 7434
Refunding 48
eg
95.4,
95
9612 9514 Nvo'24
992
86
Xorfolk & Sou tat gold 541._ .1941 MN
6714 88
tat & cons 6014erles A _ _94
_ 1936
5 M S 85 Sale 8414
1931 MN 1071
/
4 108 10778 10778
97/
X0rf & West gen gold 6.
1
4 lulls
1
100
10538 10718 Seaboard & Roan let 5s_ 1926 J J 100 101 100
106 107i2, SAN Ala COn8 gu g 5s
Improvement & ext 691934 CA 10718 ____ 10712 Oct'24
F A 10214 103 10234 10234
/
4 10438
1 1011
1932 *0 1065s ____ 10712 Sept'24 _ _ _ 106 10712
99 105/
New River let gold
1
4
Gen cons guar 50-yr 55....1963 A 0 10412 10512 10438 Oct'24
spa
804
9034 43
NA WRY let cons g 48-1996 A0 8934 Sale 8938
86
9138 SO Pac Col 45(Cent Pac col)51949 J 13 86 Sale 86
8812 43
1998 A0 ____ 8914 89 Sept'24 _
M S 97 Sale 1 97
Registered
9734 148
20-year cony 4.4
8614 89
9212 10012
97/
1
4 1011
84114 907
D 100 10034 10014
8934 37
Diy'l 1st lien & gen g 48_1944 .1.1 8912 9014 8912
31
101
20-year cony 59
01928
1934
/
4
12234 12434 123
1929 M
12414 76 10612 13112 So Pac of Cal-Gug 5s
Ii,- year cony 83
1927 St N 10112 ____ 103 Sept'24 --- 101 103
/
4 93
9218 Nov'24
9112 WI
Focal) CA C Joint 48.__194I JD 911
761
/
4 9212 So Pac Coast tat gu 441 g__ _ _ 196
35
7 J 3 9314 9412 9314 Oct'24
9012 35
J 8914 Sale 1 8914
841
/
4 91 So Pm RR 1st ref 48
Xarth Ohio 1st guar g 58---1945 A0 8812 Sale 8812
85
9038
9014 131
95Ie 1114
.1 10112 Sale 10114
8012 8634 Southern-let cons g 5s
8534 200
10118 182
195
96
4
Nor Pacific prior lien 4s_1997 Q J 8434 Sale 8412
1997 Q J
84
Oct'24
254
I
7814 8518
Registered
6918 7534
Develop & gen 48Ser A _ _1956 A 0 7412 Sale 7414
75
6012 Sale 6038
9642 10414
a2047
5634 63
A 0 10338 Sale 103%
6112 60
10414 100
general iten gold 3e
Develop & gen 68
a2047 Q F 5934 Sale 5934
57
6312
5934
1
Registered
Developatigr
uw e U61
4 24-68.
8
10734 89 10114 10734
..119,6
19
95
56
1 A 0 107 Sale 1067
87
93
/
1
4 1U0
8734 42
J 9914
Mew
9918
79/
1
4 8812
Ref & Inapt 4419 eel' A.---2047 J .1 8614 87
991s:
5
2047.1 .1 107 Sale 107
7914 86
10838 174 1011
St Louis Div 1st g 441
.1 8614 Sale 85%
/
4 108/
1
4
8518' 4
Re ger B
2047.1 .1 9714 Sale 901
9772 102/
1
4
9714 11 90/
1
4 9812 So Car & Ga 1st ext 5418.... _1929 M N 101 10112 10114
59 C.
1011z
3
97 Sale 964
2047J
83
9234
9714 69
8512 8638 9038 Oct'24 -8914 WO Spokane Internal let g 58._ -1055
68 D
9914 Mar'24
3 8912
9914 9914, Sunbury & Lew 45
Oct'23
__ 91
1936
81 Paul & Duluth let 59-1931 Q F 100 _
1968 .1 D 80 -__
8414 Jan 23 --.
__
_I Superior Short L 1st 5s g_ .e1930 1 S 100 ____ 95 May'18 --let consol gold 4s
.1 10914 10974 10914 Nov'24
151)
-14 1093-4 Term Assn of St L let g 4518_1939 A 0 95 Sale 95
Nor Pac Term Co tat g 69.__1933
9512
8
1938A 0 102
9114 Aug'24 _
10014 Sale 18
• 8912 10912
9714 10014
4
06
014
let cons gold 55
1001,1
1944
go ogCal guar g 58
1930 1 J 1033s ___ 100 June'24 _
744/
1
4 8834
8412 22
8334 8414 84
9738 100 I
Gen refund 8 f g 48
Sfortb WIsconsin tat 39
9412 97%
9514
1 Tex & NO con gold 5s
9714 Oct'24 -723
J
7314
J
1948
73
1111
g
92
D
I
46
42
2
.1
69
7414
1st
gu
993
8
Sale
33
7414
26
Cbam
99
100
Texas
&
Pac
let
gold
58
2
1101,)0
&
L
04
1943 M S 9034 _-__ 8912 Apr'24 - ' 8912 89/
73% 80
1
4
28 gold income 5s
15
86
Ohio Coon Ry 45
9934 -_
9938 Sept'24
1936
91 104)
97% 9912
9818 Sale 98
La Div B L 1st g 58
9878
Ohio River RR let 115s
3
98 Sept'24
1937 AO 98
97 103
9534 9814 Tol & Ohio Cent 1st gu U._ 1
1
101 1
3MaJ
jr 101 Sale 100
_ 129
803
45
7J
General gold 58
1927 3, 10114 Sale 10118 10214 42
9478 101
99u, 10214
Oct'24 - - Western Div 1st g 58
1935 A 0 9934 101 100
Ore & Cal 1st guar g tel
69
8812
8934
884
JO
48-19
46
9112
99/
1
4
25,
1
9938!
8838
9012
con
g
995
8
General
Nay
gold
58
RR
&
Ore
20/
12, 101 10614 Toledo Peoria & West 48_ 111)T :1 :
1
4 3014
23 1 14
20
23
18
.
I111 0
2 0
Ore Short Line-18t COBH g 59.'46 J J 10512 110 10512 1057
20
57
38
4 2212
10514 10512 10538 Oct'24
19441 J
1013g 10638 Tol St LAW 'viten g 3418_1925 J J
9013 100
9938 Nov'24.- _ _
Guar cons 59
1929 JD 964 Sale 9634
84/
1
4
9738 2;25
1950 A 0 8314 Sale 8314
9214 9814
76
50-year gold •1s
84 1 65
Guar refund 18
8312 150
9514 97
7934 84 Tol W V &0 gu 44113 A _
Oregon-Wash 1st & ref 49 _ .1961 JJ 821.4 Sale 82
193
2 j
33
1 3
J 9
56
61
3
38 :::: 97 July'24 1
4
95/
1
4 95/
Series B 441a
9518 Feb'24 80
3
IsS 8912 _ _ _ _ 8612 Mar'23,-Series C
751
/
4 801
/
4
Psciflc Coast Co let g 5s. __ASO 1 D 80 Sale 80
9014
78
15
-31T28634
9014 Tor Ham & Buff let g 48_ .k11
1.1 D 85
9°V 1
Par RR of Mo 1st ext g 4s._ _1939 F A 9014 Sale 91314
8722 853.1 Oct'24 9814 Oct'24
1938 .1 .1 981s
89
9712
991
/
4 Ulster & Del 1st cone g 541
93
2
9638
1928 1 D 6
95
212 6
93
614 96
341 extended gold 58
- - 937 Sept'24
6238 7014
__
9111 9812
let refunding g 4s
Paducah & Ills 1st 81 434c 1955 .1 .1 9312 -9814
62% Nov'24
8114 541
94
65
81/
1
4 Union Pacific 1st g 4e _
88%
110
91%
93
92
N
J
Parts-Lyons-Med RR 844_._ MS P * 8034 Sale 8012
Sale
.
J
I
P
1
7
2
1 5
1
9338 86
95% 100
9914 52
99% 9914
20-year cony 4s
93% 9338
09
92
Sink fund external 7s w 1_1958 M S 9314 Sale 9314
9214 113
9034 9314
8138 8814
72
1
5.
8 0
1(8
)5
67
0478
1st & refunding 44
8.534 86
Paris-Orleans RR a f 7e___ _1954 M S 9034 Sale 9034
8538
98
98
98
97
89
15
S
100 106
M
98
.11442
1st
10512 Sale
lien A ref 53
Paulista Ry 7s. _ _ ._ ._ __
08
42:94
/
9238 Aug'24 _ _ _
102/
1
4 10512
_
Ut152 4 10
10-year perm secured 68.
s
8914 9512
314 sep
10414 Sale 04
Pennsylvania RR-cons548 1943 M N 93 - _
9334 23
8814 93
87
9334 U N 2 RR & Can gen 48.__ 9 24 5 91 Sale
1919 M N 92 Sale 92
Congo'gold 48
93 10014
9258 92 Nov'24 _ _
__
0034 Oct'24
Utah & Nor gold 51
87% 95
10014 101
May 1 194)M N 92
J
J
1928
4stamped
993 9914
93
100
93
90 100
25
1980 F A 99
1st extended 4s
1
4 94,4 93 Aug'24
1933 J 1 93/
Consol 4418
9414 143
85
86/
91)14 9914 Vandalia sous Sic Set A.___1955 F A 8614 88% 8612 Oct'24
1
4
19(1: J D 9312 Sale 9314
General 4418
10312 106
88
89
9334 110
8534 Oct'24 - _
Consol 4s Series 13
1989 J D 102% Sale 1025
General 58
20
Sale
_
_
101
1093
s
20
/
1
4
Oct'24
11014
58
1097
s
1093
8
0
20
A
Vera
Crux
A
1930
2
M
N
.1
P
8"
let
_,1934
157
- -511448.
9
10-year secured It.
25344 2618
74 10738 111
111
Apr'24
July 1914 coupon on.
1936 F A 10918 Sale 10918
-15- 16 26
15-year secured 648
9914 100
Verdi V I & V7 ist g 5s._ ._._1926 PA 5 9938 --100 Nov'24 --__
Pennsylvania Co97 10078
8554 8614 Virginia Mid Series E 54)... _1926 M S 10018 10038 10038 Oct'24
Guar 3418 coil trust reg A.1937 M S 8458 -.. 8538 Sept'24
83 84
98 1001a
8312 Oct'24
General Sc.1938 191 N 9934 10018 10018 Oct'24
Guar 341s coil trust Ser B.1941 A A 83%
Sept'24
9214
1
_
4
_
t
.
0
2
4
0
9
4
5
,
3
0
c
0
8318
8312
97
8114
83%
823
4
1
D
Va
1942
9518
J
J
&
.
9614
_2003
C___
Southw'n let gu 5s...
Guar 341e trust cgs
8114 8334
8312 Oct'24
7614 8812
tat cons 50-year 58
19.59 A 0 8414 Sale
Guar 341s trust etre D__ _ _ 1944 J D 8312 84
9512
9038 98 Virginian tat 58 Series A ..,,1962 M N 9638 Sale
9534 14
9214 9734
Guar 15-25-year gold 49_1931 A 0 9612 96
96
038
9612 10112
U8/8
1138
2 23580
19314M N 101 Sale 10
8612 8611 Oct'24 _ -1,334 871* Wabash lit gold tie__
1052 M N 85
Guar 4s Ser E
951.1 12
67
7934 10
80
9818
2,1 gold 522.
79% 7934
1939 F A 95 Sale 9438
Peoria & East 1st eons 4s_ _1940 A t) 79
21 , 3812
Oct'24
84
38
77
611
(.1 lien 5n-yr g term 48 -.1954 J J
79
3538 Sale 35%
1990 Apr
Income 45
9112 99
98% 108
__
4 99% Oct'24
97
1018
Dtt & Ch ext 1st g 5s ...„19 .1 J -oois 1601Pere Marquette 1st Ser A 58 1956 J J 98 Sale 9712
7214 8114
30
761
/
4 8212
13
82
8111
82
O ,4 Maine,Div ist g 49..1939 8 .1 8138 Sale 8112
82
19563 .1 81
ist 48 Ser B
737 7338 Nov'24
8912 9934
1
6734 7334
92
n Div 1st R 3 sis....._1941 A 0 73
92 Sale 92
Phlla Salt & W let g 45
1943 M N
37
7734 85
47
9
85
1` & Cli Div g 49.
27
447
1911 111 S 8134 ____ 82
Philippine Ry lat 30-yr a 14a 1937J .1 4314 4434 4312
oh 97
__
7738 Oct'24
Oct'24 _
c wen 1st re( gu g
77/
1
4 77/
._2000 F A
1940 A 0 96% 9712 97
1
4
PCC&StLgu 41MA
9334 96/
1948 Q M 8212 8812 8612 Aug'24 _ _
1
4 8'$814 Cent let gold 41
7818 861s
9614 23
Series B 4419 guar
1042 AG 96 Sale 96
88
82%
74 Jle2
A„ug:2:,____
1945 F A 8212 83
Series C 4/
1942 M N 95
31012 89
04'el Wih Term let gu 341,
1
441 guar
9612 9412 Auf'24 _
0014
7534 gg1
444 40-sea. guar 49
/
4
83
Serie., D 49 guar
1945 M N 8912
_1945 F & 881
Oct'24
83
/
4
jr•' ,1 SJ
a Due Jan. o Due ‘farch. 8 Due tPr. e 13 7 tflY. 0 1310
h Ds) t• iy
10 9115.
o r) le ()Ct.
P DNB 1333, a 00100 Bale,
2275
New York Bond Record-Continued--Page 4
BONDS.
U. Y.STOCK EXCHANGE
Week Ending Nov. 14.
4.
a
.444
Pries
Friday
Not, 14.
Week's
Rant,or
Last Sale.
Range
Since
Jae. 1.
BONDS.
N. V. STOOK EXCHANGE
Week Ending Nov. 14,
II
Moe
Friday
Not. 14.
Wook's
Range or
LW Salo.
224
&MI
848ea
Jae. I
Hip!
Flto1 No Low
Ark Low
Ind
High
Illok No Low
Ask Low
814
147 10213 111
90 95 East Cuba Bug 15-yr 8 f g 7%8'37 M 3 105 Sale 10312 105
Oct'24 - - _4 95
1
891e 92
W Min W & N W let gu 55_1930 F A 9514 95/
91 Nov'24
91
9012
3
3
48._1939
g
con
let
Bkn
6512
III
El
58
Ed
171
8
647
9813 1014
Wait Maryland 1st g 4s _ _ __I952 A 0 64 Sale 64
Oct'24 --__
5 9712 10114 Ed Elea III 1st cone g 55-1995 3 .1 997 ____ 100
100
West N Y dz Pa 1st g 5e.___1937 J J 9934 10012 100
994
96
4 9912 Oct'24 --__
1
1925.7 D 9918 99/
7612 8413 Elk Horn Coal cony 63
8
8412
88% 98
1943 A 0 8214 84 82k;
Gen gold 45
3413
9734
4
1
/
96
Bale
4
1
/
97
N
1
11
740.-1937
Fuel
&
9314
Gas
7912
Empire
87
91
7k
99
Weetern Pao let See A As.. _1946 M 8 9014 Sale 9018
4
931
-_
Nov'24
4
3
99
100
9912
23 92% 102 &tuft Gas Light 55
8812 98
1945M5 101 Sale 100% 101
B 6a
8812 33
0 8812 Sale 8812
2 7M6 8
32
94
8312 39
7838 85 Federal Light & Trac 64.-19
110
2361 J J 8314 Sale 8214
West Shore let 45 guar
4
9
9
32
110
107
D
MS
Sale
_1939i
194•3
110
7714 88%
8211 10
9812 9912
2361 J .7 8114 Sale 8114
Registered
9912 63
9814 99
98
9818 10034 Federated Metals a f 78_ __
983* 108
wheeling & L E let g 5a-1926 A o 10018 ____ 1004 Nov'24
38
108
108 Bale 107
12 98 10034 Flik Hooper ltlt el 1 88
100
81
J 100 10014 100
77
7
Wheeling Div let gold 58_1928
7912
79
Sale
79
8
61 6
1 61
946
193
9912 Ft Smith Lt & Tr 1st g 5s. _ _1
94
1
9812
843* 971k
Etten & impt gold 5e._ _1930 F A 95 9812 9612
9314 48
5312 69 Frameric Ind & Dev 20-yr 740'42 3 3 935* Sale 9214
Refunding 445 Series A 1966 M S 6812 Sale 684
10534
10514
Sale
4
1
105
60 75 Francisco Sugar 7411
7413 101
98
1949 M S 72% 73141 73
RR let coneol 4e
98
99% 98
98
49 70 Gas& El of Berg Co cons558
11
64
19423 D 6238 634 63%
109 ____ 101 1057*
East let gu g 52
•
99 1014 General Baking lit 25-yr 6 1936' 13 105 Sale 105
81
80
19383 D 102 ____ 10114 Nov'24
6
Will & S F let gold 58
84
83
A
F
84
81
8412 GenElectric deb g 348--1942
1980 J J 83 86 8212 Oct'24
Winston-Salem 43 B let 48
1
10538 23 100 1053*
1054 Sale 104,
76% 8414
Debenture
c
8112 25
984 1112
4
Wis Cent 50-yr let gen 48-1949 J .4 81 Sale 8018
4 101 1004 10034
1
100/
Genadh
10
leot6
Reefr D
77
14 68 Ser A 18H
5 f44
874 000
4
1
84
4 100/
1
93/
120
Sup & Dul dly & term let 48'35 Iii N 84 Sale 83%
10014
4
1
/
100
1947 1 21 10014 Sale
14412
1204
INDUSTRIALS
296
12018
8.514 Goodyear Tire & Rub let a f Eis'41 MN 129 Sale 1197a
78
mit 16
934
32
10
1
u
0
13
Adams Express coll tr g 4s._1948M S 9412 9512 9312
285
1
4
9,53
Sale
4
1
109
744
81931 F A
10-year e f deb g 88
9514 53
1936 J D 94 Sale 94
Alai Rubber 80
1 Au12993244
99
9
54 712 Gra
912
stnabmype4
6
Cone MS& Peon 68 A'28 M N
918 63; 513
90 94
Meeks Gold M deb Os A....1925 M S
932 Sept'24 -.__
54 713
1928 IA N 9214
54 678 54
5'8
1926 M S
Cony deb 65 aeries B
89 98
96 I 14
9512
94 10014
1925 PA N 934 98
Cony debenture 88
78 98
994 11
1928 A 0 994 9914 99
Am AgrIc Chem 1st 58
8813 85% Oct'24
82 101 Gray di Davis 7s._ ____ . 1032 P A 82
86
95
1941 F A 95 Sale 9412
9112 92
1st ref a f 748 g
2
92 1
53 9112 97% Gt Cons El Power (Japan)71; 1944 F A 9112 Sale 91
97
1933 A 0 9634 Sale 9688
American Chain Os
10212
98
12
10218
82 9114 Great Falls Power tat at 641_1940 MN 102 10218 102
9134 36
Am Cot 011 debenture 6i...1931 M N 9138 Sale 9112
2 794 831g
8315
8312
844
10714
105%
8311
i
3
1952
Hackensack
Water 48
107 Aug'24 -1936 3 J 106
861g
8154
Am Dock & Impt gul38
33
8638
85%
S
Sale
863*
3 874 97% Havana El Ry L &P gen be A 1954 M
9178
9514
1937•0 9113 92 9112
92
Amer Republics 13s
__
91% 97% Havana Else consol g 58._-.1952 F A 94% 9614 9414 Oct'24 44 101 104
9734 272
Am Elm & let 30-yr 58 ser A1947 A 0 9812 Sale 9612
10318
10314
MN
Sale
1033*
8412
1947 A 0 10578 Sale 10518 106% 62 10114 1004 Hershey Choc let at g 68„_1942
72
87
Oil
8413
Mg 10234 Holland-Amer Line Os (Jlaf)-1947 M N 84 Sale 8154
199
9912 Sale 9912 100
1937 J
Amer Sugar Refining 85
9415 997
1
984
1949 M N 9818 100 9814
978* 255 9213 0814 Hudson Co Gas let g 5e
10012
J 9678 Sale 9024
963
Am Telep & Teieg coil tr 4e_1929
33
10088
100
Sale
87 93 Humble Oil& Refining 545_1932 3 3 100
9114 Nov'14
1636 M S 9038 91
9312 9814
Convertible 45
9814 144
- 10018 109 Illinois Bell Telephone 54-1956 J D 978* Bale 9712
Oct'24
1933M B 1061g 11012 106
914 9515
10-year cony 44e
94% 20
1940 A 0 9314 Sale 9384
4 102% Illinois Steel deb 448
/
971
1946.7 D 101 Sale 100% 1013 101
911*
82
60
30-year coil It 58
91
I
8818 904 9014
104
1943 M N 103 Sale 1023* 10314 305 974 10314 Ind Nat G & 0 58
20-year a f 542810312 Sale 10312 104 I 20 100 100
123 Indiana Steel let 58
100
T-Year convertible 65_ __ _1925 F A 12012 Sale 1204 12114 31 11214
-Aug'24
100
____
844 94 Ingersoll-Rand let 58
65
93
169
P136
2.3IWPA NN3 9834
1934 A 0 9213 Sale 9214
1012 11
9234 37
Am Wat Wks & Elea 50
11 Nov'24 _-__
12
57 Interboro Metrop coll 4748_1996 A 0 11
583* 15 38
Am Writ Paper f 7-14._ 1939 J J 41338 Sale 46
68% 245 6844 7114
45 57 Interboro Rap Tran let 58_ _196613 3 6718 Sale 67
83
45
7214
4513 4812 45
15841
Temp interchangeable aft deP
407
66
673*
4 Sale
1
4 Stamped
1
4 99/
1
94/
9914 513
I --- 66/
z 99 Sale 9812
19531-1543* 7314
Asaconda Copper es
69% 154
68 Sale 68
10-year 6a
logg F A 10118 Bale 100
9278
Ws
10114 513 9418 10114
75
429
9034
8912
Sale
8914
7e
9678
94
9414 26
4614 204
9514 94
95
Conip Azue AntIlla 748...- 1939
06 62% 65 6218 Oct'24 ____
11A1 N
8:3% 87% lot Agrle Corp let 20-yr 58_ _ 19
2 91
332
993
8838 48
79% 90
armour a Co ISL rea,ow. Hoslitato J
854 Sale 8512
8814 81
8418 9212 Inter Mercan Marine *1 63_ _1941 A 0 8714 Sale 874
9018 81
88
Armour & Coot Del 5Sis__ _194313 J 9012 Sale 8938
83
26
4
1
/
86
4
/
9534 102 International Paper Se
1947i 3 86 Sale 861
47
86
Associated 011 temp 68
.10151M S 10114 Sale 10112 102
834
84 Mar'24
1938 40
lot & ref SIB
89
1912 Oct'24 --.
22
Atlantic Fruit 7e ctfe dep___1934
19
206
732
89
4
1
/
87
Sale
3912 Jurgens Works 611(fiat price).1
4
1
21
7 I ; 88/
947
19
96
22 25% Sept'24 - -89
19
certifs of depoeit 1937Stamped
157
96
9414
99 ,15 96% 99% 101,1113aa City Pow dr Lt 58_ _ _1952 M S 9478 Sale 971
93 994
tiantto itefg deb 58
9834 99 98k;
A1:4
987g 58
1
4 Sale
1
98/
4 10514
1
97/
Flalaw Loco Works let 55_1940 19I N 10214 Sale 10114 10214 12 100% 102% Kansas Gas de Electric 85._ _1952 191 s 100073,48
9712 100% 13
Sale10 l 12 100
100.
4
3
&
103
Kayser
22
Co
78
844
10314
102%
1048*
81 0
831:
7
3
1937
10414
8
0nub Azu Bars 745
05
7%4 14
94
8
104
9514
Kelly
181
61
F
P
_NE
8e__
11
Tire
10334
-Springfield
BarnadallCorP et cony 8% A1931 J 3 10338 Sale 103
81
Sale
97% 1008 Keystone Telep Co let 5e_._1935 3 3 8414
103
981*
10114 Sale 1004 10114 38
Bell Telephone of Pa 524._ 1948
____
Oct'24
100 101 101
99 10113 Kings Co El & P g 58
Beth teel let ext 5 f 58......1926
10014 Sale 10018 10014 20
2 11078 11513
9218 9712
115% Sale 11512 11512
Purchase money 88
693* 76
964 25
1942 M N 95 Sale 95
1st & ref 5s guar A
87% 9114 Hinge County El let g 45 191913
4 80 I 75 Nov'24 ---_
1
/
74
71
71
0
i
7
49
8918
4
881
1936J
t
•
-.
..
7014 78
Sale
Imo
8834
&
m
n
30-yr
Stamped guar 4s
7414 76 72 Oct'24 -: 251
NI
9314 100
1949
7714 103
Cony 30-year 65 Series A.-1948 F A 94 Sale 934
-___
Nov'24
8712
J
92
87
84
8618
Kings County Lighting 55_.19541
72
104
86
95
Cony 30-year 5445 Series B1953 F A 854 8512 84
3
4 10334
1
7211 8314
4 10384 103/
1
3 103/
36
19543
10112 1054
Booth Fisheries den Sf de_ _1926 A 0 7738 8014 7914 Oct'24 --2
10514
105
Bale
1:1714
K1
s
93
13je
105
Co
y
19
748
3 0
9718 29
93
974 97
88
Brier Hill Steel lot 5411.---1942 A 0 97
30
90
4
1
1950 M s 90 Sale 89/
35 604 7314 Lackawanna Steel 55 A
71
B way & 7th Av let c a 54/ 19433 D 70 Sale 70
9812 13 91% 98%
9813 95
70 Nov'24 -- 6014 73 Lac Gas L of St L ref & ext 5e 1934 A 0 98
951*
924
80; __
Certits of dep stpd Dec '23 int
7
47,
9514
94
94
Bale
Coll & ref 54e ser C
1953 F A 95
3 87
92
94
1941
9218 9278 92
IlrOOklyn City alt As
24 _-__I
9434 Sept'24
100
C & Nay a f 4He A._19,543 3 19
9712 102%
4
58
01
05
Oldyn Edison Inc gun 98 A_1949
.11 10012 Sale 10013 102 I 28 10212 10612 Lehigh
3 91 101
Lehigh
Valley
Coal
54
3
3
3
9
3
1
..1
3
3
8938
General 65 Series 13
8712
1930
3 10338 106 10338 1037* 11 10438 109
_.__
Sept'24
4
1
45
91 ____ 89/
4 10512 33
/
32% 4312
General 78 Series C
1930
" 10538 10538 1051
_
4 391 Nov'24
1
3834 55/
74 107 110% Lex Av & P F lst IM g 58-1993 m
General 78 Series D
1
4
/
10712 Sale 10712 10714 992
1181
11414
25
11714
11814
0
84
A
11814
72%
Liggett & Myers Tobae 78..1944
118
84 ,
eklyn-Man It Tr Sec 6s..1968
8214 Sale 824
9511 100
9918 39
se
99 Sale 99
1951 1 I
I
7 68% 69%
6512
Uklyn Qu Co & Bub con gtd 58'41 M N 65 66 1 65
11412 1184
49
11778
11712
80%
Lorillard
Co
11814
70
80
(P)
11714
8012 Oct'24 _ -lit As
1941 3
95 99
99 I 26
1051 F A 978* 98 975
784 101
55
1
98 ,
Brooklyn Rapid Trans g 58._1945 A 0 95 ___ 98
88% 9314
934 94
96 96 Louisville Gas & Electric 56_1952 MN 93 Sale 9214
Trust certificates
_I 96 3une'24
I
647a 8254
Oct'24
let refund cony gold 45_2002 3
80 ____' 81
5 1081411934
04
842 24
14
13
974 10912 Magma Cop 10-yr cony g 75.1932 3D 11712 Sale 116
_
S-yr 7% secured notee_1921 3
10912 Sept'24
_
4
1
9612 11612 Manful Sugar 745
1942 AO 99 Sale 98/
Certificates of deposit
14
1148* Sept'24
4
40
7
_
467 19
6
885
55
4 Sale 631
/
4
/
921g 110% Manhat Ry(NY)cons g 4s-1990 AO 641
CUE of deposit stamped.
11034 July'24 -.. 8011
5438 534
892
5384
2d 4s
2013 3D 5334 54
2
8312
Un El let g 4-5e
•
1950
94% WO
83% 84 83%
54
9914
984
MN
Manila
Sale
Electric 75
8512
1942
9912
1950 F A 8338 84 83
18 81
84
Stamped limit 4-5e
9612 13 8212 88
96% 1004 Manila Elea Sty & Lti f 55..1953 MS 8612 88 8612
21
Oklyn Un Gas let consg 55_1945 M N 993* Sale 998* 100
23 97 10034
98
1940 Q J 9712 Sale 07
35 114 1513 Market St Ry 78 Set A
1932 MN 15014 Bale 14812 151
75
7 116% 140
32
ILO%
130 150 130
5 991g 10714 Marland 011 sf80with war'nte'31
let lien & ref Os Series A-1947 M N - 10714 107% 107%
100 10614
AO
4
1
/
105
,
Sale
Without
114
10688
156
attached...
warrant
14
151%
1929 M N 15018 __ 150
Ti
1 117 136
9
6
2914
106
I
FA
125
134
y412
9384
9034
B
130
Serlea
14151
1932 3 D, 917 __ 92's Oct'24 Buff & Bum Iron e f 58
98% 1064
81
105% 10514 105%
86% I do without warrants
Oct'24.
1952
Bush Terminal let 4.8
22 97% 103
.A 102 Bale 10113 103
8314 85% Metr Ed 1st & ref g 88 tier 13_1952 F
15
87
1955
3. 87
8712 864
Cowl 58
9412 102
1
2
1
4
2
8
0
18
91
97% Melt Power 68
1953 ID 101 Bale 10012
18
95
Building Si guar tax ex1960 A 0 9934 sale 99
1084
Mexican Petroleum 5 f 8..._1936 MN 10712 Sale 107% 107% 51 1014
8514 9012
M
878*
9714
0
&
Steel
100
Sale
Midvale
8713
cony a f 58 1936
43
1937 51
Cal0& E Corp 58
10518
_33,1 9914 Sale 9914 loo
96
38
4
1003
P A 10013 101 100%
Cal Petroleum 648(w I) -1933 ^" 10114 Sale 10034 10114 69 95 10112 Milw Else Ry & Lt cons 550 1926 1
8 9013 96
9514
Refunding & exten 4%8_1931
9534 Sale 95%
9314 10 9212 97%
Camaguey Bug let if g 711-1942 A 0
9814
_ 9314 Sale 9212
92
19
9814
98 96
1951 3 0 96
9914 60 944 9914 I General 55 A
_ "! 9918 99% 97%
Canada SS Lines let coils f 75'42 M
80% 88
50
96
let 5a B
1961 • D 8514 Sale 8512
1 102% 107
Canada Gen Elea Co 65_ _ _1942• "` 10612 107 10612 106%
95/11 100
88
99%
51
101
97%
C
&
Sale
ger
let
139
4
1
9912
/
g
97
ref
1953
1
101
Cent Diet Tel 1st 30-yr 58..1943 J D 10012 101 101
0444 9834
9834 37
89% 9712 Milwaukee Gas Lt lit 48_1927 MN 984 Bale 98%
9713 16
Dent Foundry let s f Its.. _1931 F A 9334 9934 9984
95 101
29
99
9212 lours Montana Power 1st 55 A
98% 98%
1943 33 98
Cent Leather 20-year g 5e._1925 A 0 10014 Sale 10014 10014 145
95
854
3
8
2
3
95
5 107% 110 Montreal Tram 1st & ref 58_1941 J J 9514 Sale 94% 7914
1941 I:1 N. 109 Sale 1084 109
Central Steel 8e
83
78
3 934 9914 Morris & Co ists f 448_ _ _1939 I, 7814 Bale 78
9914
Salo 9914
5514
Oh 0 L & Coke let gu g 5e._1937
7412 7412
June'24
7412
____
81
40
74
4
A
F
gale
48
Mortgage
783,
Bond
7913
2718 102
1965
•
1927
Chicago Rya let 58
9484
92
24
99 10914
55
1932 A0
1932 A 0 10738 Sale 10634 10812 347
Chile Copper 13e Set A
92 9614
412 Nov'24
913
2:43 9
g9334 93
95% 10014 Mu Fuel Gas let cog 5e_ _ _1947 MN 9
Mein Gas & Else let & ref 5s'56 A 0 10114 Sale 9914 Oct'24 -9584
4
1
/
93
9518
Aug'24
9918
96 10212 Mut On gtd bonds ext 5%._1941 MN 95's
5%i Set B due Jan I_ _ _1961 A_ 0
, 10212 Sale 10114 10212 14
4 6378
1
53/
4 70
1
83/
6218
.• 1
5184 9218 9112
9114
6 81% 9314 Nassau Else guar gold 42..._1951
1943 F
0010 F& I Co gen 5!58
82 94
14
8818
87
82
3D
75
National
Acme 748
80
17
1931
Col Indus let & coil 95 gu_ _1934 F A 80 Sale 7911
954 994
9712 Oct'24
1927 3,
OolumbisG & E let 55
10014 Sale 10018 10014 67 964 10112 Nat Eniun & Stamps 1st 58_1929 3D
9512 97
96 Oct'24 -9614 101 Nat Starch 20-year deb 5e_ _1930 3,
Stamped
1927
10014 10014 10018 10075 16
9912 l0212
3
10218
102
7 National Tube let 5e
7
96982
0
763358'1; aS1:0a:31 1:e
7 Apr'24
1952 MN 16
12
5
Col & 9th Av lit gu g 58_1993
93% 1004
83 9714 Newark Con Gas 58
1948 Jo 977a 100 98 Nov'24
9814 100 9414 Sept'24
Columbus Gas lit gold 68_1932
974 101%
43
101%
101
Sale
70
J
New
101
7614
England Tel & Tel 58..1952
76 78 Nov'24
74
Commercial Cable let 5 45_ _2397
104
1014
18
104
104
ale
Sa
87
98% N Y Air Brake 1st cony 50..1928 ▪ N 104
1358 s
977e1 131
N 9718 Sale 97
Commonwealth Power Os...1947
73 78%
44
95
103
FA
Y
N
3
4
Dock
1011
let
4
50-yr
1013
g
1951
10118 103
Computing-Tab-Rae s f 65..1941 "
114
109%
37
41
8
4
/
17
114
3
1
1
17
877a 88% NY Edison let & ref64.5_9744 ____ 8818 Oct'24 - 45A..1941 40
Conn Ry & L let &ref g 4481951
9814 102
1011:8 1014 10118 13
82 88% NY Gas El Lt & Pow g 58._1948 JO 100
29 88'
1951 •
3 8734 -__ 83% Sept'24
▪ _
Stamped guar 445
8674
8218
24
864
4
903
86
8618
8612
32
A
P
86
88
Purchase money g 48
1949
Cons Coal of Md lit & ref Egi 1950 • u 8734 Bale
801a 814
18001143
88 94 NY Muni° Ry let If 55 A..1966'.7 8012
8813 25
Cont Pap & Bag Mills6%i..1944 F A 8834 Sale 88
98 1004
Nov'24
934
27
100
FA
J
98%
9812
9912
Y
N
Q
&
L
El
let
P
985
g 55- _ _193C
r 6s1936
Con0 Co of Ch let
33% 4412
4018 20
4018 3914
9112 100 87
3 40
92% NY Rya let R E& ref 48_ _ _1942
9072
N 91
Consumers Power lot 5a. _1952 M
82 43%
114 497
44
4 Salels 39
Ws 103
40
Certificates of deposit
Corn Prod Refg e f g 58_ _1931 M N 991* __... 9038 July'24 -- 61
112 6
4
64
3
4
Sale
M
1007
9814
8
2
1002
0
10078
N
A
____
4
30-year &di inc 55
10114
01942
1934
let 26-years f 58
lls 6
51
89
71
78 76 Nov'24 Certificates of deposit
1943 F A 75
Crown Cork & Seal Be
6918
58
31
9
32
6
67
MN
Sale
23
9414
914
67
9314
NY
98
Sale
4
State
Rye 1st cons 44.1962
Cuba Cane Sugar cony 78_1930 ▪ 3 933
85 96
2
984
2%
ttlle 97
96 10112
214 s
634s
9818 Sale 98
9812 86
1962 • N 95
Cony deben stamped 84_1930 J
924 99
10
MN
107
47
10814
108
S
10812
NY
Bale
1947
A
Set
Steam
let
10818
Is
25-yr
341
88_1931
Cuban Am Sugar 1st coil
93% 9712
4
/
4 54
1
96/
9414 98% N Y Telep let & gene f 445_1939 MN 9812 Sale 961
9734 22
973* 9734 974
Cumb T & T let & gen 58._ _1937
17 105 109
9212 53 8414 9312
30-year deben f 6s_ _ Feb 1944 P A 10812 Sale 10812 109
Den Gas & EL lat&ref f g 54'51 M N 9014 Sale 9014
22 1034 10714
107
10838
Sale
0
•
4
1061
3
92
7218
87
72
74
S
20-year
72i
58_1941
refunding
gold
1942
Dery Corp (D 0) 75
1
99 1038
4
/
3 10118 Sale 10114 1011
99 101% Niagara Falls Power let 54..1932
4 10114 10138 25
/
10112 1011
Detroit Edison let ooll tr 52_1933
- 10212 1064
1054
105 Sale 105
9914 39
95 101
a1932 t
Ref & gen tie
51940 M S 9918 Sale 994
lit & ref 45e Series A
9912 104%
10
1
1
.
t.2
104
89,
2
3
0
1
SI
N
44
1
/
04
031
1
104
17
107%
107
10712 Niag Lock di 0 Pow let 59_ _1954
let & ref 88 Series B
k1940 M 11 107 10714
99 10378
9312 15 84% 9414
Refunding 85 Series A____1958 FA
Dot United lei cones 4%.l932 J .1 9312 Sale 9312
9114 98
9714 78
4314 15
1952 81 8 97 Sale 961^ 1013
5418 Nio Amer Edison 6s
40
Distill Sec 1st 58 ctf dep....1927 40 43 92 42
20
4
96 103
4
1
/
100
Sale
10034
S
▪
5478
38
4 16
1
39/
3818
Secured s f g 6%a See 13-1948
C fa of deposit stamped
871/ 93
834 87 Nor unlo Trac & Light 61._ _1947 S'S
4
/
8318
1
Dold (Jacob) Pack let 68_1942 88 N 8314 84 831
894 9414
4
94 Sale 9114'
9234. 9277
94
63 85
Nor States Pow 25-yr 541 A -1941 S O 9212
60% 63 Oct'24
Dominion Iron & Steel be._ _ 9lii J J
20
10414'
106
101
0412
0
S
105
104
924
8412 17
let k ref 25-yr es Bar B _ _1941
81
Donner Steel 70
1942• J 8412 Sale 844
10713 1094
5!
8912 9212 Narthwest'n Bell T let 7.4.1941 P A 10812 Sale 0818 10812 84
9212 8438 012
ID 90
du Pont(E I) Powder 4%8_1936
9512
92
Sept'24
4
1
/
93
Sale
9414
J
gtd_1934
37 l0618 105% lezth W lit td 5445
duPont de Nemours& Co 7%''31 ▪ N 10712 Sale 10712
110 I 43 103% 11012
• 0 110 11014 110
Duquesne Lt let&rnll5e_..10418 .1 J 106 Sale 1054 10638 70 10314 10838 Mato Public Service 7343_1946
S
109
P
10014
6
I
107
107
1074
107
1947
102
23
UM%
let coil trust 544s Series R.1949 J 3 10312 Bale 10313 10414
Due Nov. r Due Dee. *Option We.
DUO Aug e Due Oet,
0 Due Jan. 3 Due Feb. e Due June. 3 Due J1117.
't.7,
IS'S
`4 2
1
1`44
2276
THE CHRONICLE
New York Bond Record-Concluded-Page 5
[VOL. 119.
Quotations of Sundry Securities
All bond prices are "and Interest- except where marked "f."
Standard 011 Stocks Par Bid. I Ask.
Railroad Ilgulonsents Perri 'Basis
5..
.250
3001
5..
'64
Anglo-American 011eaw_ El .1714' 1712 Atlantic Coast Line Ss-- 55
.0
205
0
9258 93
Atlantic Refining
Equipment
(134s
100
*513. Nov. 14.
Preferred
100 11214 114 Baltimore & Ohio (is
4.95 4.70
Borne Sorymser Co
Equipment 450 & Se
100 210 220
44 Low
HOB No. Low
Bid
Hiah Buckeye Pipe Line Co__50 *63 64 Buff Roth & Pitts equip 88. 5:2
15
0: 6
4.0
80
5
0Id Ben Coal 1st 6s
1944 F A 97% Sale 9635
974 59
9834 98
Cheaebrough Mfg new
25 *48 59 Canadian Pacific 434s & 81. 5.00 4.80
unto.. ruwoi
194.j F A 99 Sale 99
9912 15 9438 9934
46L59
115
112
of
N
J
6s
Preferred
100
Central
RR
Ontario Transmission 55_
9712
3 94
9812 Continental 011 new..... 25 *48 49 Chesapeake & Ohio 85
1945 M /1 974 9812 9712
5.25 5.00
9414
7
Otis Steel 8s
1941 F A 94I2 Sale 934
93 1014 Crescent Pipe Line Co
5.10' 4.85
50 *134 15
Equipment63411
18t 25-yr is f g 7348 See B 1947 F A 86 Sale 843
86
12
84
95
138
5.00
140
4.75
Cumberland
Pipe
Line._100
Equipment
58
Pacific G & El egn & ref 55._1942 J .1 94 Sale 934
9412 74
90% 95
5.25' 5.00
Eureka Pipe Line Co_-100
93 Chicago Burl & Quincy 68
Pea Pow&Lt lat&ret 20-yr 68 '30 F A 99 Sale 99
99
17
91% 9912 Galena Signal 011 corn--100 90
III
5Hs.
58
5.05
5.50
Eastern
60
Chicago
&
Pacific Tel & Tel let 58
1937 J .1 9912 Sale 9912
96% 100
57
30
5 4
100 112 118 ChE
5:0
85
5
thsWest 65_ 5.0
Preferred old
N2o6r3.4
&en
logsugiopm
68
994
937
38 110 9038 9378
1952 M N 938 Sale 9314
100 104 106
Preferred new
Pan-Amer P & T 1st 10-yr 73 1930 F A 104 10418 103
9914 10514
104
124
5
4
.
5
.
.
5
15
0
.2
9
5
5
&Isnew..
25
Ref
Chic
RI
&
Pao
43.4s
39
*3814
Humble
Oil&
Park-Lax (etre) 636s
95 9412
95
33 94 100
94
1053 J
Illinois Pipe Line
100 134 135
Equipment6a
Pat & Passaic & El cons 5a 1949 M S 9734 ____ 975 Oct'24
9378 9912 Imperial 011
5.
20
.2
45 5.0
25 109 10912 Colorado & Southern 88.Poop Gas & C 1st cons g 68_ _1943 A 0 1075 108 10778 108
7 10414 108
79 Delaware & Hudion Gs
Indiana Pipe Line Co__.. 50 *78
Refunding gold Is
954
7
1947 id S 95 ____ 9434
8714 98
5.20
5.00
Petroleum_
(5)
International
50
434s
&
Erie
21
*207
1
1027
10334
42
Philadelphia C 6s A
A
10314 Sale
1944 F
99% 10378 Magnolia Petroleum
5.50 5.20
100 138
947
,5348
57
1938M S 9414 Sale 9414
90
96
33
5.25 5.05
931. Grea
th
netr6na6s
National Transit Co__12.50 2314 12
EgtuN
I9orare
Philo & Reading C&!ref 55_1973 J J 10114 Sale 101
1014 31
9114 102
64
4.95
67
100
4.70
Transit
Co.
New
York
Equipment
5s
Plerce-Arrow 88.
8518 87 6818 8738
1943 M S 85 Sale 837s
5.40 5.10
83
*0
112 6
712 Hocking Valley 65
Pierce 011 f
19 84% 10214 Northern Pipe Line Co_ _100
1931 J D 102 Sale 0112 102
25
5.00 4.75
ha
Ohio
011
new
Equipment
Pillsbury Fl killis 20-yr 6$ _1943 A 0 9812 Sale 9812
11
99
947s 100
25
4.6
00
5
5..9
20 5
Penn Max Fuel Co
Illinois Central 4%5 & al- 4
Pleasant Val Coal ist Carla 1928 J
9714 ____ 1017s 102
18
93 102
213 214
t8
785 k 034
Prairie 011 & One new.
ent
y men
t
nu
iuitpm
Poch Con Collieries 1sts f 551957 J
9214 9378 9258 Oct'24
9012 9412 Prairie
'
1
0
3
5
1.4
1
new.
-100
4.80
5.05
103555s
Line
Pipe
Portland Gen Elec let 5s
99 Sale 99
99
1
95 99
1935
100 19
.00
10
5.2
40
5 5.
Solar Refining
99
4 Kanawha & Michigan 65
7 19
93
Portland Ry 1st & ref 5s
96
5
1920 M N 9218 95 9518
86
96
Equipment4301
Southern Pipe Line Co-100
844 29 8038 90
Portlandity Lt& P Ist ref 551942 F A 834 8414 835s
5.°8
5.30
145
142
100
5341
Southern
South
Penn
011
City
Kansas
tis B
95
19
1947 M N 9418 Sale 944
89% 97
5.0
20
5 5
4.
.80
00
SouthwestPa Pipe Llnes-100 80 85 Louisville & Nashville 61
let & refund 734s See A_ _1946 MN 105 Sale 10434 105
9 103 107
*6114 6134
Equipment8345
Porto Rican Am Tob 8s...1931 M N 10514 ____ 10514 Nov'24
_ 10415 1064 Standard 011 (California) 25
25
(Indiana)._
*604
Standard 011
60% Michigan Central 5s & 68- 5.20 4.95
Pressed Steel Car 513
934 65
1933
J 93 Sale 9112
8812 95
..-- 25 *13
0
834 13
19
03
34
4 Minn SIP & 8S M 4345 & 51 5.30 5.00
Prod & Ref 5 I 88(with war'nts)'31 S D 110 Sale 110 Oct'24
109% 11614 Standard 011(Kan)
5.25 5.00
Equipment 8348 & 7s
Without warrants attached__ .1 D 110 11012 10912 110
21 10615 110% Standard 011(Kentucky) 25
Standard 011(Nebraska)100 244 246
Pub .1sn,rlerp nf N a.n 5s_1959 A 0 1043 Sale 1044 10434 41
77 107
lee
25
8..2
38
5
5
3
.15
3 5
99
5_
6
..
8
New
z
34
of
&
Te
6
Oil
61
Standard
an
tf
s
l
a
is
9
ss
aw
ou
u
g
P
Nac
M
i
t
Certificates
9738 Oct'24 __
9614 9712
100 177
778 13
54.07
700
5
54.9
2005
5 4..
18
8 MobileNew Yorkge Ohio 4348L&
58 4..
8-i85&
Preferred
Put. eery
974 37
1st 53,561959 ;Co -154
968
96 9814
York 25 *4414 4434
New
Oil
of
Standard
Pub Serv El Pow & Ltg 135_1948 A 0 10312 Sale 1035s 104 I 33
OR 104
100 317 322
Standard Oil(Ohio)
Equipment fla
Punta Alegre Sugar To
1931 J J 10512 Sale 10212 106
40 1024 122
100 115 117
5.05 4.80
Preferred
Equipment 75
N 934 Sale 9312
Remington Arms 6s
9412 23
1937
94
9512 Swan
100
124 126 Norfolk & Western 4141
' 4.85 4.40
Finch
&
Repub 1 & S 10-30-yr 58 s f_ _1940 A 0 9412 Sale 94
94341 42
9634
92
100
122
Co
12034
' 5.05 4.85
Union Tank Car
Northern Pacific 7s
534s
92723
1
87% 93
..1953 J J 9212 Sale 9212
100 112 115 Pacific Fruit Express 78----1 5.05 4.80
Preferred
Robbins & Myers s I 7s
66
1
1952.3 D 66 Sale 66
66
9112 Vacuum
25 7978 80 Pennsylvania RR eq 55 & Ss 5.10 4.78
OH new
Rath & Pitta Coal & Iron 55_1946 M N 9034 _
90 Aug'24 _
90 91
10 294 31 Pitts & Lake Erie 6343
5.15 4.90
Washington 011
Rogers-Brown Iron Co 75..._1942
74 Sale 75
7512
8
74 90
Stocks
011
5.60 5.28
Other
t4
fiai & 58
t Jos Ry Lt 111k Pr 55.- 1937 MN 85
Equ
hilg
pm
ce0n4
Read
8612 85
85 I
7
7834 8514
(5) *258 234
4.75 4.50
Atlantic Lobos Oil
St L Hoek Mt & P 5s stmpd-1955 J .1 7714 794 78
7912
3
74 80
60 4'6612 16106
6%
Preferred
12, Elt Louis & San Francisco 5iL. 5.15 4.90
St Louis Transit 55
1924 A 0 7018 7134 7012
7012
5
524 7812
25 *312 414 Seaboard Air Line 44e & as 5.50 4.90
Gulf 011 new
St Paul City Cable 5e
J 95
1937
9612 95 Oct'24
3112 9612 Mexican Eagle Oil
5
.80
50
5
4.0
85 4.
St Paul Union Depot 5a__..1972 J J 10134 Sale 10114 • 102
1218 Southern Pacific Co &As
57
9512 102
5 *1•12
Mutual Oil
Equipment78
1942M S 10634 107 1063
Saks Co 7s
10634
2 102 107
5.05 4.80
100 109
National Fuel Gas
San Antonio Pub Ser 135._ _1052 J
Southern RI 43411& 54
994 Sale 9912
9934 24
93% 100
5.40 5.10
Equipment68
Sharon Steel Hoop 1st Seam' A '41 M S 105 Sale 0412 10518 20 100 10518 Salt Creak Producere- 10 *2238 2258
*114 2 Toledo & Ohio Central Os-- 6
4.
5.0
30
5 5
.80
10
Sapulpa Refining
1942•A 0 10412 105 105
Sheffield Farms 634s
105
20 10012 105
Sierra & San Fran Power 55_1949 F A 8934 Sale 8934
Union Paddle76
90
57
83% 9112
Utilities
Public
Sinclair Cons r111 15-year 75_1937 M 8 9112 Sale 9012
92 212
854 97
•
*9712 984
I
Tobacco Stocks
1938 J D 86 Sale 854
634s B temp etts
87 229
8212 9014 Amer Gas & Elee now....(I)
50 .45 46 American Cigar common 100 75 77
Preferred
1925 A 0 100 Sale 100
Sinclair Cruue oft 6146
10058 157
97 10114
100 86 88
M&N 95 96 I Preferred.
A
Deb Os 2014
F
1928
61
10038 Sale 10014 10034 92
95% 10114
1042A 0 8418 Sale 834
Amer Light & Trail eom-100 136 1304 Amor Machine & FdrY-100 157
Sinclair Pipe Line Is
8412 65
81% 86
2512
Preferred
British-Amer Tobac ord. £1 *25
South Porto Rico Sugar 7s 1941 1J D 10218 Sale 102I
1024 21 100% 10415
corn 199 4
el *24$4 2514
96
3% 4754
South Bell Tel& Tel let s I 581941 J J 9918 Sale 99
Bearer
9912 34
94
9912 Amer Power & Lt
69
91
90
1
00
*65
com
25
Preferred
Co,
S'west Bell Tel 15t & ref 5s_ _1954 F A 9012 Sale 96323
Helme
(Geo
Vi)
9718 194
934 0714
100 113 115
Deb (Iii 2016
rmrs 9334 9412 Preferred
Southern Colo Power So.__ _1947•J .1 91 Sale 9034
91 I
7
85
9312
Amer Public 13tH com-100
Stand Gas & El deb g 6348-1933 M S 10214 Sale 102
Imperial Tob of CI B & Irerd 188 19
103
42
944 104
91
67 69
r
87
Pre!
Standard Milling lot 58
7%
prior
100
19301M N 9934 100
Machinery-AO°
Cigar
Int
9978
9978
1
95% 10014
100
75 Johnson Tin Foil & Met-100 75 1 _ _._
Steel & Tube gen s f 78 Ser C 19511.1 J 10512 10612 104
4% partio pref
10612 55 103 10612
ii- 75 MacAndrews & Forbes-100 151 154
50
com
CI
&
E
Blackstone
Val
Sugar Estates (Oriente) 78 _1942 M S 95 Sale 9412
943
10
944 98
Carolina Pow & Lt com-100 226 230
Superior 011 let a f 78
1929 FA" 9818 100 98 Oct'24 100 99 101
Preferred
98 100
-100 170 173 Mengel Co
Syracuse Lighting let g 55_1951 J D 9812 Sale 9812 Nov'24
33
100 31
92
9834 Cities Service Co coM-Light & Pow Co coil tr 50'54 J J
8112
Preferred
81
100
50 60
100
TOb
Porto Rican-Amer
1047 May'24
844 105 10 *734 77e Universal Leaf Tob com-100 33 36
Preferred B
Penn Coal Iron & RR gen 58 1951 J ./ 1013 ____ 102 Oct'24
9914
103
7
187
:
1i 7434
ankereshare0
100 .
se
ferrrve(oe
il BBB
Tennessee Cop 1st ,,nnv Rs .1925 MN 10112 Sale 103 Nov'24
100 83 86
Preferred
_
9712 103
018P
tl
Tennessee Elec Power 1st 65_1947 J D 9812 Sale 9734
100 119 123
985
Young (J El) CO
84 93% 98% 0
1960.3 J 55 Sale 5458
loeerreado Power com____100 344 35
Third Ave 1st ref 4s
100 102 104
563 107
Preferred
514 6I35
100 9212 9412 Rubber St
Preferred
Ad' Inc Is tax-ex N Y___a1960 A 0 464 Sale 45
Cleveland) prices)
48 212
394 58%
Com'w•th Pow Corp corn (I) *09 100 Am Tire & Rub corn
Third Ave Ry 1st g Is
10
5
945 Sale 95
1637 J
95
2
927s 96
100
8012
794
Tide Water Oil 10-yr 630...1931 F A 1034 Sale 103
25 40
1034 13 102 10434
Preferred
1041 M
erredPower prat_ _100 90 93 Firestone Tire & Rub corn 10 *88 90
CoP
tirseufmers
Toledo Edison 1st 75
10978 Sale 1097
110 I
1 106 110
& Share prof _100 !0
12
334110
Elea Bond
7% preferred
1.4
4
Securities(I)14
Toledo Tree Lt& Pr6% notes'25 F A 1003 1008 10038 10012' 51
100 96 98
6%
preferred
9815 101
Elee Ry
Trenton G & El 1st g 58- .1049M S
97 Sept'24
97
97
Lehigh Power Securities-(t) 84 85 General Tire & Rub tom 50*23
95
213 246J 8858 __
MississiPISI Ftiv Pow corn 100 33 34
110018
18
Undergr'd of London 4%5_1933
00 Aug'24 - _
90
Preferred
90
100 88 90 Goodyear
Ronm-1100® 918
1948.3 .7 7914 8812 797
Preferred
7
Income 68
797
&
8812
1
Tire
79%
Union Bag & Paper let M 68_1942 M N 963 Sale 9514
First mtge 50. 1951-5&J 9714 9814 Goody'r T&R of Can p1.100 1/8712 88
92
96581 14
9838
8 F g deb 78 1935__M&N 10212 10312 India Tire & Rub corn. 100
Union Elec Lt & Pr let g 55-1932 M
9934 ____ 100
10012! 6
9715 10012
1933 M N 9834 Sale 984
•
Ref & eat 5s
100 90 100
92
99121 20
9912 Nat Power & Lt ciens-(/) 160 162 I Preferred
(1) 94 9512 Mason Tire & Rub com-(5) *112 2
Preferred
Union Key Ry (Chic) 55-1945 A 0 76
77 77
77 I
70
2
77
Ski 951
Income 70 1972
Union 011 1st lien a f 58.-1931 J J 997 10034 997 Oct'24
100 19 23
. 9612
9514
_
1024
Preferred
May 1942 F A 103 Sale 103
30-yr 6s Ser A'
100 91 I 03
10318
7 994 10315 Northern Ohio ElectrioAD •12
Miller Rubber
Preferred
Union Tank Car equip 75_1930 F A 1044 Sale 1044 105
31
100 *30
100 100 10112
16 103 10515
Preferred
1415 D 11514 1154 11558 11534 41 1114 11638 North States Pow oom_100 101 103 Mohawk
United Drug cony 88
100 15 I 20
Rubber
Preferred
65
United Fuel Gas lets f 68__..1936J J 987 Sale 983
99
924 100
23
100, 9412
Preferred
MN
coM-1003
Nor Texas Elee Co
9834 99, 1,9834
60 63 Selberling Ttre & Rubber(t) *94 1012
United Rye Inv.55 Pitts issue 1926
91
99
99
9
Preferred
9814 99 99 Nov'24
-Stamped
78 85
100' 70 73
91
994
100
_
Preferred
734 Sale ! 7312
United Rya St L 1st g 45-1934 J
7312 28 8115 734 Pacific Gas & El let pref 100 905 9112 Swinehart Tire & Room-I®
Power &snuffles corn,.-(2) *12
92 Sale 92
United SS Co 153rr 8s
100
14
02
86
3
93
Preferred
N 10218 10214 10218 10212 142
A O
19
'32
47 M
Second preferred
(2) *41
44
United Stores Realty 20-yr 68
9814 10212
Sugar Starks
85 Sale 8414
Coll trust tIs 1949-J&D 89 92 Caracas Sugar
8
7812 87/8
8514 187
US Rubber 1st & ret 53 ser A 1947
50
Incomes June 1949__P&A 74 77 Cent Aguirre Sugar corn. 20 *68 70
10412 Sale 1037
104141 37
10-Yr 734 %.see notes__ --1930 F A
994
1064
A
F
51
65-1928
Lt_
_100
101 1013 101
Puget Sound Pow &
10114
1711 Smelt Ref & M cony
3 9934 102
100 105 107
53
Fajardo
Sugar
8% preferred
60
100 83 85 Federal Sugar Ref coM-100
136 102 10515
U S Steel Corp(coupon _ _d1963 MN 10478 Sale 10458 105
7% preferred
100 d10313 0512
1044 Nov'24 _ _ _ 10134 10413
If 10-60-yr 58lregIstered_d1983 M N
100 Id- 00
Preferred •
1st & ref 514s 1949 __J&D
4
86 I 38 80 8712
*2
Utah Lt& Trac ist & ref 58 1944 A 0 86 Sale 8434
Ine
10
9712
Sugar.
2
Godchaux
Republic Ity & Light-100 4012 43Preferred
94
87% 94
Utah Power & Lt 1st 5s__ _ _1944 F A 9212 9314' 93
70
100 19 20
I
I9914 __ I 98 Nov 24 ____
Preferred
100 63 65 Holly Sugar Corp Wm a) *22
25
Utica Elec L & Pow 1st s f 53 1950
97% um
South Calif Edison oom 100 100 10034
9712 984 9812 Nov'24
80
100 77
Utica Gas& Elee ref & ext Is 1957 J
9015 99
Preferred
1953 J 5 50
100 115 117 1 Juncos Central Sugar.„100 75 125
554 6434
57 5518 Sept'24 _
8% preferred
Victor Fuel 1st 5 f 58
D 6714 Sale 64
1947
68 337
534 8512 Standard Gdf El 7% pr pf 100 9312 97 NatIOUfl Sugar ReflaIng.100 100 102
V&-Caro-Chem 1st 75
8% cum pref
52% 65
50 4912 50 New NIquero Sugar
---- 65 Sale 6112
65
11
• Certificates of deposit
100 88 93
F.
6112 11
5312 6112 Tennessee Elea Power-(8) *39 4012 Santa Coalsla Sue Corn Id 100
Certificates of deposit strand ---- 62 Sale 59
274 7314
3578 Sale 337
Second preferred
36
57
(1) *6912 7012 Savannah Sugar corn -(0 W66- 65
734s with & without war--1937 J
335
81
26
3512
Sale
85
100
---35
23
Western Power Corp__ __100 34 36
35
Certifs of dep with warrants_
Preferred
100 82 83 Sugar Esteem Oriente DI 100 00 93
Preferred
92
Va Iron Coal & Coke let g Is 1949 M S 905 915 9034 • 9034
5 88
83 9512
94
44
1934 J J 9378 Sale 09278
Va Ry Pow 1st & ref 55
West India Sag Fin aorn-!00 19. 25
8914 97%
Short Terns Securities
93
0
_100 40 43
...
Preferred
Vertlentes Sugar let ref 75_ _1942 J D 92 Sale 92
72 87 10314 Anaconda Cop Minfla'29 J&J 1034 104 Industrial&MIscel
947
Warner Sugar Refits 1st 7s_ _1941 J0 034 Sale 9312
7714 9534 Ando-Amer 0117%5'25 A&O 10114 10112 American Hardware___ _100 87 89
8412 104
Warner Sugar Corp 1st 75._A939 5 S84% 8512 82
5 10038 10114 1005s Oct'24
100 138 140
99% 101
Federal Bug Ref 69'33_ M&N 974 9812 Babcock & Wilcox
Wash Wat Power s f Is.....1039
9632 10012 Hoskins Valley 5s 1026 ISMS 10038 101 Bliss (E W) Co new....() •1212 1312.
2
Westches 1..ta g Is stmpd gtd 1950 0 10018 Sale 10012 10012
8)12 96I4 K 0 Term Ry 6345'31 .1&11 1034 __ 50 *52 57
9614 27
West Pena Power Ser A 5s..-.1948 M S 9618 Sale 953
Preferred
1926 10134 10218 Borden Company eom-100 128 130
105
9 101 105
51gs
1st 40-year 115 Series C_ _1958
D 1045 Sale 1043
t •126 128
New torn
let 7s Series D
1916 M S 10518 Sale 1054 10614 13 10414 10734 Lehigh Pow Sec 8s'27.F&A 10114 10125
8634 9712 Sloss-Shelf JAI Os '29 P&A 10112 102
100 103 105
9434 16
Preferred
181 58 Series•E
1963 m S 941 Sale I 9414
98 102
10112 21
100 56 89
U S Rubber nie 1930.F&A 10312 104 Celluloid Company
let 514s Series F
1953 A 0 1024 Sale 101
100 96 100
96
994
994 316
Preferred
1944 A 0 983 Sale 9334
Western Electric deb 5e
*35 37
96% 101% Joint Stk Land Bk Bonds
Childs Company corn -Western Union cell tr cur 55_1938 J J 10038 Sale 10 Os 1013s 35
Preferred
100 11112 113
94% 18
3031 071s OhicItStk Land Bk 58_1951 10232 103
Fund & real estate g 4345_1950 1.11 N 9434 93 • 944
100 87 92
54 1952 opt 1932
15-year 1114s g
1024 10314 Hercules Powder
1938 F A 11118 Sale 1107a 11114 42 10838 11214
Preferred-..
10814 69 10614 10954
100 103 10555 1063 opt 1033
10258 1034
Westinghouse E & M 75_ _ _1931 M N 10814 Sale 108
51
39
797a
634s 1951 opt 1931
Wickwire Seen Steel 1st 7e 1935 J J 76 Sale 757
77
1044 1051 1 International Sliver pref 100 107 111
95 100 ' 4lis 1952 opt 1932
994 68
10125 102% Lehigh Valley Coal Salee 50 .80 87
WIllvs-Overianci 9 f 6348_1933 M
9914 Sale 9818
80 9834
100 105 109{Xs 1952 Opt 1932
Willson at Co 1st 25-yr s f 68_1941 A 0 8912 Sale 8878
894 125
9934 10032 Phelps Dodge Corp
44 93
10-year cony a f 6s •
4912 43
10134 10212 Royal Raking Pow com 100 140 149
Ws 1083 opt 1933
1928 1 D 473 Sale 47
4615 100
493
26
10-yr cony a 1734s • p1931 F A 4812 Sale 47
100 98 100
, Preferred
Pac Coast of Portland. Ore
1
.26 10035 10214
55 1954 on 1934._
Winchester AM.;7145 •
1941 A 0 1013 Sale 10134 102
1 10112 10212 FlIngsr kfanuffeturlog -100 193 195
04
Yonag'n Sheet & T 29-yr 65_1943 J S 9534 Sale 9512
96% 103
97
•Per share.
No par value. 0 Basis. 4 eareneser diSO pays scorned dividend
a Due Jan d Due April. c Due March. s Dila May. u Due June. A Due eNevrstock; f Flat price t Last sale. n Nominal, x-Rx-divIdend
to Ex-rights
111v. k Due Aug. • Oge Oct. o Die Dm sOptIon sale.
Ex-steak dividend. e Sale price. r Canadian quotation.
BONDS.
Y.STOCK EXCHANGE
Week Ending Nov. 14.
Price
Friday
Week',
Range or
Last Sale
Ratsgo
Since
Jets. 1
;3
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOIV SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 8.
Monday,
Nor. 10.
Tuesday,
Nov. 11.
Wednesday, Thursday,
Nov. 13.
Nov. 12.
Friday,
Nov. 14.
Sales
for
the
1Veelc.
STOCKS
BOSTON STOCK
EXCHANGE
,1
2277
Range Since Jan. 1 1924.
PER SIIA RE
Range for Precious
Year 1923.
Lowest
Highest
Lowest
Highest
Railroads.
158 15304 15814 160
15314 159
1531.4 15814 159 160
15934 160
331 Boston & Albany
100 14578 Mar 27 161 Oct 7 143 Apr 151 June
73
74
72
7314 7212 73
74
7218 73
73
72
76
1,620 Boston Elevated
100 7124 Aug 8 80 Jan 8
75 Jum
84
Jan
•____ 9112 9112 9119 9112 9112 90
90 *____ 9112 90
90
65 Do pref
100 887a Aug 6 9614May 10
9112 Aug 100 Mar
111 111
11018 111
112 112
III 111
110 111
. 195 Do 1st pref
11018 111
100 110 Juno 18 11614 Jan 24 11118 Aug 125 June
93
94
93
93
*9312 91
9312 9358 94
9312
9312 94
30
100 Feb 27
401 Do 2d pref
95 Non 106 Mar
100 92 Sept
2212 24
23
2212 24
2418 23
23
24
2434 2312 24
5,607 Boston& Maine
812 Jan 2 2434 Nov 10
714 De(
2012 Mar
100
*24
26
2612 2612 2612 2678 2612 2612 *____ 2612 --------225 Do pref
7 De(
27 Feb
100 12 Jan 10 2678 Nov 11
343
4
3212
35
3312 34,
3112 34
8 --------4,796 Do Series A let pre:
33
3214 34
1212 Oci 1 3212 Mar
100 13 June 12 35 Nov 12
44
44
44
44
45
44
44
43
43
44
---------435 Do Series 13 1st pref
1512 Dec
48 Feb
100 1712 Jan 2 45 Nov 12
39
*37
39
38
36
38
3614 36
3712 37
--------370 Do Series C let pref
16 Feb 27 av Nov 12
42 Mar
100
1512 Dec
60
58
59
58
56
59
--------1,394 Do Series D 1st pref _ 100 23 Jan 1 60 Nov 12
52
55
5412 56
20 De(
59 Feb
_ 171 171
171 171 *171
_ 170 170
*167
_ *150
69 Boston & Providence
100 143 Jan 4 171 Nov 12 135 July 16012 Jan
25 -26
-22 -22
25
--25
24
26
21,
2012 -22
4 25
2,214 East Mass Street Ry Co
18 May 12 27 July 30
18 Fet
35 Mar
106
66
69
6212 6338 63
69
67
63
6812 69
67
*61
988 Do let pref
58 Dec
72
Jan
10Q 5812 Jan 1 69 Nov 13
6014 60
5912 60
55
5634 60
59
55
6014 1,890 Do pref B
553
55
50,4 De( 65 Mar
100 48 May 26 6014 Nov 13
3814 3734 3814 3,400 Do adjustment
35
35
3512 3512 3812 3752 3812 38
35
31 Dec
46 Mar
3912 Feb 14
10(1 28 'May 21
3912 Feb 11
31 Non
45 Mar
---- -- -- ---- ---- -- -- - --- -- - - ---- ---- -- - - ---- ---- ___ __ _ East Mass St Ry (tr WM _ -10(
3134 Apr 21
32
32
----32 32
32
32
32
. *30_ 32
105 Maine Central
2212 De( 43
Jan
25 June 19 3712 Apr 9
106
2878 2714 2838 2712 2834 28
,
8 29,
4 28
2814 -2212 28
2834 13,336 NY Nil & Hartford
2212 Jan
9
,
4 July
14 Jan 3 3012 lily 25
100
579
81
81
82
40 Northern New Hampsbire_106 62 Jan 14 81 Nov 10
62 Dec
84 Fel;
105 108 *_.__ 108
___
___
*10212 105 *10212 105 *10212 105
25 Norwich & Worcester pref _100 80 Jan 2 108 Nov 10
Jan
75 Dec 100
94
94
. 94 95
95
95
95
94
95
96
95 26
256 Old Colony
Feb
6412 Oct 81
100 7212 Jan 4 98 Nov 10
____ ____ *__ _ _ 65
*6212 6414 64' 64
----------------10
.
2112 Aug 387/ Dec
Rutland oref
100 34 Mar 3 64 Nov 10
*92
*9112 92
*9218 95
____ ___- ______ Vermont & Massachusetts_100 70 Jan 22 91 Oct 14
99
Jar
70 Nov
Miscellaneous
178 17
178 2
212 3
2
212
212 212 2,609 Amer Pneumatic Service_ 20
2
234
3 Nov 13
1 Sept
312 Jan
1 Nov 6
*1412 15
15
1512 1512 1612 1512 17
1612 17
1612 17
2,934
Jar
Do pref
12 Dec 20
50 12 Jan 3 17 Nov 12
1285* 129
12878 12934 12918 12912 12932 12934 3,293 Amer Telephone & Teleg 100 121 June 24 131378 Mat 12 119 June 12812 Del
12814 1283 12812 129
68
70
69
6612 68
6912 69
70
70
77
75
75
2,879 imoskeag Mfg
5712 Oct 28 83 Jan 14
No par
Jat
671 2 Oct 112
75
75
*75 _ _- 751s 7518 75
75
7612 7612 76
76
89 Do pref
Jar
72
Oct 88
69 Oct 29 79 Aug 14
No par
*14
1-7
*14
•14
17
17
*14
17
*14
17
____ ____ --- -__ Art Metal Construe,Inc__ 10 13 Aug 8 18 Feb 15
1434 Nov
1612 Mac
4.6
71
+014
712 *614 712
638 612 *614 712 --------100 Atlas Tack Corp
8 Dec 2012 Fet
6 June 10 1014 Jan 8
No par
____ *107
-_ *107
*107
*107
•107
Boston Cons Gas Co pref_106 104 Jan 18 108 July 1 104
Oct 10812 Fet
•.15
__ •.15*.15 ___ +.16 -----07 .07 --------250 Boston Met Pet Trus No par .07 Mar 29 .20 Jan 10 .05 Dec .30
Jar
2312 2312 2312 -iii2 24 24
2312 2312 2312 2312 23
25
856 Connor (John Ti
19 July 27 Mac
10 2114 Oct 6 • 2812 Mar 5
*3414
36
*3414 3612 .3412 36
*3414 36
*3414 36
94 Dominion Stores, Ltd
3414 3414
2512 Dec 2614 Dti
2412May 22 35 Sept 26
*9212
_ •9212 _ __ *9212 _ __ *9212 _ __ *9212
_ ____ ___ -----Preferred A
106 84 Jan 15 86 Aug 7
+2
-3
*2
*2
_-3
____ _-.._ ------ East lioston Land
*2 .-3-3
*2
2
1 Jar
2 Dec
3 Feb 25
10
2 Sept 22
*2
5
5218 5
*212 5
*218 412 *Vs 412
*218 5
6 Dec 1418 Ma
Eastern Manufacturing
812 Feb 6
4 Oct 3
6
45
46
45
46
46
48
47
47
4912 12,626 Eastern SS Lines, Inc
46
4688 47
31 Nov 12718 Ms
25 39 Jan 3 5514 Mar 8
3
3518 3518 3518 36
36
8 3714
740
3712 36,
3712 3712 37 4 *37
Oc
Preferred
35
Oct 40
3418 Jan 25 40 Feb 7
No pat
*87
90
*87
90
87
--------155 let preferred
90
89
8934 8934 90
Oe
85 Aug 88
100 8512 Jan 8 93 Mar 8
178 17812 178 17934 17914 185
183 184
2,012 Edison Electric Blum
183 184
182 183
Jar
100 16312 Jan 2 190 Aug 6 1525* Nov 172
• . *278 314
1
318 3,8 *318 3 4 *312 314 5318 314 --------50 Elder Corporation
112 Dec 107s Jar
411
/
4klay 14
212 Jan 17
No par
'36
38 .36
38
*36
38
____
*36
38
*36
38
5 July 2912 Fel
ealveston-Houst0n Elee__100 13 Jan 11 40 Aug 31
5 •_
5 •_
5 •
____ _ - Gardner Motor
514 Dec 1558 Ma
612 Jan 8
334Scpt 10
No par
....2
Oct 11618 Oc
i'll; 11412 --------25 ieorgi, Ry P. E'er
100 11314Mar 26 116120ept 16 116
*7712
*77,2 - - *7712 - _ *7712
3
5%
--78
--Feb 8014 Jun,
Jan
son
80
coin
18
*7712
prof
100 79 Aug
*1214 1212 *1214 1212
- - *1214 1212 *12
1212 _-__ ____ --Fel
1214 *12
Greenfield Tap & Die
14,
4 Nov 24
1576 Jan 7
25 1214 Oct 21
*48
50
4712 50
50
50
5112 --------207 Siod Rubber
*50
51
51
50 Dec 6318 Ma
No par 46 Mar 25 52 Jan 8
*53
54
55
55
54
5414 *5312 5412 5434 5434 --------95 Internal Cement Corp No par 41 Apr 28 55 Nov 10
32 July 44 Ma
.80 .90
.80 .80 3,701 International Products_No par .10 Feb 18
1
.00
•.15 .40 *.15 .40 +.15 .40
3 Ma
112M xv VI .10 Dec
--------925
*234 4
112 3
*112 3
Do pref
*112 3
8 Ma
•112 3
3 Nov 12 .60 Dec
100 .25 Feb 14
Kidder, Peabody Acceptance
.
86
____ _ __
86 Corp Class A pref
-.8612 891 *86
86
*86
_ _
_ 1_ •86
80 .May 5312 Fel
100 80 Jan 3 8612 Nov 10
734 73
811 Au
612 -612 1,069 Libby,!McNeill & Libby
*612 7
418 Dec
7,8 _-8
7,8 -714
714 -712
8 Nov 8
4 Juno 12
10
____
---71
*70
'70
71
*70
71
71
Lincoln Fire Insurance
71
570
*70
-- -70 Jan 9 . - ---20 70 Jan
54 Loew's Theatres
1 -Ap
*z912 934
June
1
912 _-91
*1912 10
4
10
1
14
934 93
10
934 934
9
1012 Jan
9 May 21
25
72
1,332 Massachusetts Gas Cos
6712 69
6912 71
7114 7152 7212 72
7312 Dec 87,2 Ja
71
7012 71
100 66 Nov 3 81 Feb 20
6618 z64
64
397
66
66
Do pref
6614 6612 663
66
66
6634 66
62 Dec 73 la
100 62 Juan)26 70 Jan 31
16712 16312
159 Mergenthaler LinotYpe-100 150 Apr 22 1711/Sept 25 147 June 179
Ja
*165 167
16612 16612 16512 16612 166,
8 16658 16612 167
11
1112
530 Mexican Investment, Inc_ 10
1214
1214 1238 1214 121
1214 *11
1214 1214 *11
3 Dec 14114 Fe
612 Jan 2 1738 Feb 21
3
474
4
323
4
33
3234 3412 34
4
2814
3212
Ja
Mississippi
323
Nov
34
River
33
33
3312 33
18
rower_ 100 19 Feb 18 35 Oct 2
20
____ _ _
*8814 8834 *8814 90
89
Do stamped pref
89 •88
538
Jan 84 Fe
89
89
80
100 SO Jan 4 90 Sept 25
5
518
Fe
434 134 3,250 National Leather
5
8114
532
484 478
478 5
434 434
Dec
7
154
Nov
10
2 Apr 24
53*
*2
214 --------100 New England Oil Corp tr ctfs_
3
2
214 *2
214 210
214 *2
2 Oct412 Set
17
,Oct 28
534 Apr 8
12
175
12
*10
12
Preferred (tr ars)
15
12
12
*10
512
15
12
12
1212 Dec16 01
100
12 Oct 31 3114 Mar20
1,657 Nov England Telenhone_100 10214 Oct 31 11512 Jan 31 110 Dec 122
10234 10314 10314 1033 103 101
Ja
102,4 10312 10212 103
10284 101
--------375 Orpneum Circuit. Inc
24
2412 2412 *2458 25
•23
25
23,
4 24
25
2112 At
11. Jan 16 25 Nov 13
1
1634 Jul
71
806 Pacific Mills.,,...6918 Oct 30 87 Feb 14
71
74
71
75
72
7212 75
Ja
71
7112
72
84 t)ec 190
sx16
1612 •216
1612 1612 1612 1612 1612 1614 1614 16
75 Ree 'e Hutton Hole
16
* Dec18 M2
10 11,
4 Jan 5 17 July 22 214,
5212 234 *212 23
*212 3
Reece Foiling Machine._ 10
+212 3
*212 3
____
Jan
314 Mr
2
3 Jan 2
214May 14
_
Simms Magneto
5 10 Oct 27 .40 Feb 15 .10 Dec2 Fe
109 10912 10912 11014 110 11012 1.6612 111
Swift & (10
110 11012 10914 11012
9812 June 10912 la
100 100 June 11 111 Nov 12
*44
_
43
43
4414 4412 44
635 Corti gton
44
44
50 Mt
44
44
44
39,
4 De
25 3512June 3 4412 Nov 11
•____
9 •___ _-9 •____
9 5_
9 +..
Union I ,Alst Drill
6
____
__ - _
6 Dec11 Ml
5
7 Feb .2 10 Feb 18
40
4014 3958 40
3634 40
39,
8 40
-,
8 4,529 United Shoe Mach Corp- 25 34 Jan'3 4034 Nov 5
3212 Nov 5514 Mt
40 -40
aOir,
4ols
2714 2712 2712 2712 2754 2814 28
241
Do pref
28
2734 2734 2712 2712
245* June 281.4 Ja
25 245* Feb 29 2814 Nov 11
is
1912 2014 2012 2058 203* 2014 2014 2034 20
4 Aug 30
19,
20,4 7,776 Ventura ,'onsol OH Fields_ 5 1914 Oct 15 27 Jan 29
2012 20
2,449 Valdorf Sys, Inc, new sh No par
1878 19, 1878 13
1812 19
15 Dec c2218 Mr
1812 1834 1812 1834 1812 19
1378 Apr 3(3 23 Nov 7
Mt
'
37
13
8
*7
*7
8
8
Feb
12 Nalth Watch Cl B com_No par
7
7
*7
8
..._ _ _ __
5
1012 Feb 1
6o2 Jan 11
•1412 15
1412 1412 15
15
*1412 15
15
*1412 15
162
Preferred trust Ws
15
100 14 Rule 10 2312 Feb 13
15 Dec 2913 Mg
17
17
1712
1034 1714 17
510 Walworth !Manufacturing_ 20 1512June 20 2114 Feb 11
18 D(
•16:14 1712 1684 1712 16,1 162.1
1114 Jan
3714
Varren
37
5,447
363
4 38
37:/
1
4
Bros
3614 3832
37
3612 37,
2512 Jan 3412 Ml
4 3612 37
50 2958 Jan 3 3834 Mar 12
37
101
*37
DO 1st pref
38
3772 3778 37
3712 3712 3712
*37
38
37
3012 Dec 3912 MI
50 343* Apr 25 41 Jan 25
*38
.40
40
*38
5
Do 26 pre!.
40
*38
40
40
*38
40
40
*38
33 July 42 Ma
50 38 Mar 5 42 Jan 18
Wickwlre Spencer Steel,.., 6 .90 Aug 20
3 Dec 1212 Fr
518 Jan 14
Mining
5.45 .75 *.45 .75 5.45 .75 5.45 .75 5.45 .75
Ft
1
.42 .42
50 Adventure Consolidated _ 25 20 Apr 8 .42 Nov 14 .10 Nov
3.20 .30 '3.20 .30 '
•.20 .30
3.20 .3
•.20 .25 *.20 .30 '
tlgomah Mining
25 .10 Jan 15 .42 Nov 14 .10 July .50 I&
414 M:
112
+1
158
1
Ill •112
111
/
4
520 trcaillan Consolidated
112 112
112
112
134
25 .75 June 16
212 JUIY 22 .70 July
1012 11
1058 11
1114 1112 2,980 tritons Commercial
7 Dec' 1412 M,
1034 11
1012 11
1012 103
5
8 Jan 2 1218 Aug 19
16
163* 1678 •17
16
17
•16
1712 1714 171, 1734 1814 1,220 iingham Mines
14,
4 Oct19 171
10 14 June 13 1872 Jan 15
Oct 49 Jo'
m & Ud
4 4,638 Ialuet
1678 1712 1714 17,
1512 1558 1512 1634 1634 1718 1634 17
ea
25 13ay
,
17
8M
15 1972 Jan 7
Os Fi
.75 .75
.75 .75
172 Dec
.41) .50 3.350 ;arson 11111 (1411d
•.132 .8(
.65 .65
.50 .62
3 Feb 1
1 .40 Nov 14
2414 2614 26
2684 25
2218 Oct 4684 M
2414 243
2612 2534 2714 2634 273* 3,608 lopper Range Co
25 1812June 6 2914 Aug 20
_ _
5 Fi
Jay's-Daly Copper
214 June
434 Jan 23
10
352 Jan 3
418 41e
41
414
434 412
414 412
312 43*
412 434 1,242 East Butte Copper Mining_ 10
45* Nov 11,2 M
511 Jan 24
314July 15
23* M
.75 .7.
•.60 .75 '3.70 .75
.70 .70 t.70 .75 *.70 .75
115 zranklin
1 Jan 8 .30 May
25 40 Mar 24
4 M
Oct
+.80
112 *1
112 '
3.85 112
112
120 lancock Consolidated
1
1 12 *I
1
114 *1
2 Jau 28
25 .30 Oct 27
20
20
*1934 2012 *1912 20 .1912 20
1934 21
4 Mar 335* Jul
435 lardy Coal Co
2012 21
24,
1
1914 Nov 14 2812 Jan 7
114 Fl
1
114 *1
114
114
112Sept 2 .10 Sept
340 Ielvetia
•.75 1
114 *I
11
114 *1
25 30 May 10
9312 Nov 11512 A
13612 139
136 139
4 136 13812 137 139
138 1413
1,205 Island Creek Coal
136 136,
1 9114 Apr 2 140 Nov 12
M
Nov
10012
96
96
96
9014
*95
•95
97
*95
45
11
1)0 pre
95
96
Sept
95
9612 *95
1 00 Jame 4 100
Oct 3314 M
16
17
1634 17
*1512 1612 1534 1712 1712 1778 1,035 tole Royal Copper
1512 1512 15
25 12 June 7 20. Jan 3
.11
Ai
*184 2
Dec
184 *134 2
•134 2
17
8
134
13
•152 2
30 Kerr Lake
Feb
•158 2
24
112Mar 5
5
214 M
1
114
1
60 Sew
*1
1
112 *1
112 *1
112
250 Keweenaw Copper
*25 1
1,14 Nov 11
25 60 Jan 7
514 M
*112 2
*112 2
Oct
*112 214 *112 2
1
*112 2
Lake Copper Co
234July 23
5114 2
25 .90 Apr 3
314 M
212 212
214 212
212 212
520 La Salle Copper
258Sept 24 .50 Dec
212 212 *212 258
•214 212
25 .70 Juno 13
*112 2
25* M
•138
*1 12 2
172 •1
118 Nov
1,
8
*112 2
2 Mar 7
Mason Valley Mine
5138 2
114 Oct 23
5
414 M
Dec
114
114 *1
11.t
1
114 *1
112
112
50
125 Mass Consolidated
Aug
20
•1
112 *1
134
25 50 Jan 8
+224 3
7 F
3
3
3
278
3
278 1,295 Mayflower-Old Colony_
112 Oct
218 3
8
5 July 21
,
25 80 Apr •• 9
238 2
•11612 ____ •iii-i12____ ..iii,,__._ ,iii12...._
33
3334 34
20
13s1912 20
.70
.80 .80
•
35 •_ _
i60i4 63 6614
6
*6 _ _
212
*212 -2,-4
1
+.85
4,.85
2212
2112 22
•414 4,
4 *414
*1312
•1312 14
21
2112 22
36
3512 36
.99
•.85
1
+1.25 .75 *.25
*124
•15s 2
114
13e
132
278
318 354
.25
*.60
•.25
...
.25 '3.25
.60
I
.45 - .45
•4. ••..
3612 35
2112 21
.70
.78
35 11 _.__
63
65
6
614
278
3
*.99
I
*2212
24
*414
5
*1312
14
2234
24
3518
38
.90
114
.7' •.25
it
2
Ire112
3
3
_ __ ___
.32 '3.25 .32 *.25
•.60
I
.60 41.60
.45 4..30 :45 ..30
... • ..
0.
,n
35
36
4
20,
4 20,
.70
.80
35 5 _ _
*63
64
*6
6
278
3
118 *^9
2.212
24
434 *414
*1312
14
4
2312 23,
37, 3512
1
1
.75 *.25
*134
2
138
12e
3
3's
3712 36
3512 35
2112
22
2112 22
.75
.60 .70
.70
35 •____ 35 *
*6014 63
63
*6014
614 *6
614 *6
214 3
3
3
.75 .7' '3.99
1 14
2334 2218 233* 23
*414 5
*414
5
1324
1312 131+
14
2234 2212 24
2412
3584 371
36
36
1% • 114
1
1
.7' •.25 .7. •.25
*134
*134 2
2
15
112
1,
s
112
*278 3
278
3
___ _-- .25
.26 .30
.32
.95
I
'3.60
1
.40 .40 •.10
.45
i a • 15 .25
_20
37
22
.70
35
63
6t
31g
11
2313
5
1384
2412
3712
Ds
.75
2
112
3
-- .28
.95
.50
_211
970 Mohawk
'
35 2312June 13 3812 Aug 20
2,578 Now Cornelia Copper
1612 Jan 2 23 Aug 13
1.120 New Do:Malan Cdpper
234 Apr 7
65 Oct 29
New River Company
100 35 June 16 40 Mar 11
53
Do pref
100 60 June 10 75 Mar 11
49 Nipissing Mines
I
534 Jan 10 61118Feb I
4,228 North Butte
,
8Ju1y 26
6
178 Oct. 7
16
14 Ojibway Mining
1 Nov 3
25 .40 June 10
1,852 Old Dominion Co
25 15 • Jan 30 2712.1111y 28
Park City Mining & Smelt_ 5
312 Jan 3
Ms Feb 1
1034July 11
1512July 23
100 Pd Crk Pottabontas Co_No par
25 14 June 10 2534July 28
839 Quincy
25 26. June 16 4014 Aug 18
1,780 St Mary's Mineral Land
112Sept 13
10 30 Apr 2
4,355 Shannon
25 25 July 19 .40 Sept 3
South Lake
1'1 July 25
25 90 Jan 15
Superior
2 July 26
1,810 Superior Ss Boston Copper_ 10 25 • Aug 19
314 Mar 8
1%June 26
5
2,295 Utah-Apex Mining
1 01 Jan 3 01 Jan 3
- - -_ Utah ConsoUdated
1 .14 June 18 .70 July 22
8,250 Utah Metal & Tunnel
1 Aug 18
25 .15 Apr 24
125 Victoria
25 13. Feb 6 71 July 22
125 Winona
.....
'nnn ,v •,Arst
25 -10 Je44 23 . 25 July 23
*Bid and asked prices au amts., 00 tuis (lay. s Ea-mints. 8 fra-dly. and neat,. 8 Es-divideud
tix.-ecoet dividend. a Assessment pod.
Oct71 13.1•sr
.47
1414 Oct 2412 M at
414 A PT
212 Aug
35 Apr 40 A Pr
72 Nov 84 34 an
684 Feb
414 July
4 5.1 ar
1% Nov 12,
25
,NI ar
.50 Nov
1312 Oct3212 NI at
412 N OT
214 Aug
1214 Dec 1614 Si ar
Oct50 ki ar
18
Oct 5312 713 sr
27
112 Isi at
30 Dec
1 A Ulf
.10 June
314 SI at
1 Dec
314 9
.85 Dec
- eb
A er
6
22 Oct
3 NI ar
01 Dec
Its F eb
25 Dec
2
,
8 P eb
60 Aug
1,
4 NtnT
10 Dec
1 Re
1
Dec
In
I Price on new bads.
2278
. THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record -Transactions in bonds at Boston
Stock Exchange Nov. 8 to Nov. 14, both inclusive.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds-
AU Gulf& WISS L 5s 1959
55
57
Cities Services P & L 6s.'44
9455 9455
Chic June Ry & U S Yds'40 9851 9851 98%
East MaasSt 1111.ser B 58'48 69
66
69
Series A 4555
1948 62
62
62
flood Rubber 7s
1936 102% 10255 103
K C din & Spring 5s_ _192.5
98% 9831
Kansas City South 58_1950 9811 9851 ossi,
Mass Gas 455s
1929
9755 97%
455s
1931
98
96
Miss River Power 5&_1951
98
97
New England Tel 49..1930
9555 9555
1932
.51;
100% 100%
Swift Se Co 53
96
97
1944 97
Warren Bros 7559._.1937 125
122 125
100% 100%
Western Tel At Tel 58_1932
Range since Jan. 1.
Low.
Jan
54,500 42
5,000 94% Nov
6,000 92% Jan
Aug
11,000 59
2,000 58 Sept
10,000 99% May
1,000 85 • Jan
1,000 92% Apr
3,000 94% Jan
Jan
3,000 91
Jan
17,000 92
15,000 95% Sept
Jan
18,000 97
11,500 9455 May
Jan
9,000 106
5,000 9555 Jan
High..
6051
9455
98%
75
63
103
98%
98%
98
9734
99%
95%
101%
101.
126
10031
July
Nov
Nov
June
Mar
Nov
Nov
Nov
Sept
Sept
Oct
Sept
Aug
July
Oct
Aug
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Nov. 8 to Nov. 14, both inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares
Alabama Co 2d pref...100
Armstr-Cator 8% pref _100 68
ArundelSand dr Gravel_100
Allan Coast L(Conn)_ -100
Baltimore Brick
100
Baltimore Trust Co..._50
Baltimore Tube
100
100
Preferred
Beneath (I)common
•
Preferred
25
Central Teresa Bug pret_10
Century Trust
50
Ches At Po Tel of Balt_100 110%
Commerce Trust
..50
tommercial Credit
• 24
25 2451
Preferred
Preferred B
25 25
Conaol Gas,E L & Pow_ ..• 3354
655% preferred
100 105%
100 110
7% preferred
8% preferred
100 123%
Consolidation Coal..._100 73
100 104
Preferred
100
Continental Trust
Cosden & Co
2931
.
•
Eastern Rolling Mill
100 103%
8% preferred
50
Fidelity At Deposit
Finance Co of America_ _25 473'
Finance Service Class A.10
10
Preferred
Houston Oil pf tr ctfs_ -100
•
Humpluyes Mfg Co
Manufacturers Finance_25
25
1st preferred
25
2d preferred
Maryland Casualty Co. 25 8.5
Merch At Min Tr Co_ _100
Monon Val Trae pref._ _25 20
Mt V-Woodb Mills vi r 100
100
Preferred v t r
New Amsterd Gas Co_ -100 4051
50
Northern Central
Penna. Water At Power-100
50
Union Trust
United RY At Electric- --50 18%
U S Fidelity At Guar_ _50 158
50
Wash Ball At Annap_
West /11d Dairy pref. 50
93
68
87
150
5
157%
25
60
3755
26%
255
10051
110%
53
23%
2451
24%
33%
105%
110
123%
73
103
198%
27
8235
102
86
46
20
951
915(
26
55
24%
9655
70
8735
155
5
15755
25
60
37%
27
2%
100%
1105(
5551
24
24%
25
35
106
110
123%
74
104
19854
29%
82%
10355
86
47%
20
92%
26
55
2451
2334 2351
85
85%
114 115
20
20%
10
10%
5751 62
40
40%
77
77
132 133
135% 135%
1855 1851
158 158
4% 4%
5131 5151
Bonds94
94
Alabama Co gen 65_ _1933
102% 102%
Bernheimer-L Stores 78.'43
Consolidated Gag 58.A939 10034 100 100%
1950 9234 92% 9255
Genem14515
Conrad G.E L dc P 4158-'35 9551 945( 955(
102% 102%
1952
Series E 5558
10551 106
1949
Series A 68
1957
10954 10951
645
Series D
88
88
Consol Coal ref 58.-1950
Elkhorn Coal Corp 68_1925 99% 99% 9955
5e..1945
9351
Georgia At Ala cons
99% 9955
Ga Car At Nor lot 58_ _1929
9234 92%
Nod At Ports Trac 58-1936
United Ry At E 45. _1949 70% 7034 70%
1949 5134 15135 5151
Income 4s
73
733'
1938 73
Funding 5s
98% 98%
1927
gs
96%
9651
1949
6s
61%
Wash Bait At Annan 551941 615( 81
70
20
259
69
50
8
20
10
17
61
100
50
21
22
701
181
117
502
172
7
49
103
10
560
101
125
215
115
14
513
65
10
21
20
20
128
110
50
75
581
223
32
110
5
720
13
20
2
Range since Jan. 1.
Low.
Mar
60
Nov
68
Jan
46
115
Jan
4% Aug
155
Apr
Jan
21
53
Jan
36
Jan
26
Jan
151 Oct
99
Mar
109% June
52
Nov
2255 June
23% June
24% May
3355 Oct
10055 June
10454 Mar
11555 Jan
6935 Apr
102 Sept
179% July
2235 Sept
66% Jan
88
Jan
77 June
4555 Jan
17% Apr
711 June
8634 May
25
Oct
50
Feb
22
Jan
21% Sept
75 June
102 June
17 May
7 Sept
45 June
38% June
72
Apr
9851 Jan
125% June
1551 May
145
Apr
4% Nov
3951 May
High.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Nov.8 to Nov. 14, both inclusive,
compiled from official sales lists:
Stocks-
Amer Pub Seto pref. .100
American shIpbuildlng_100
Armour At Co(Del) pref 100
100
Armour dr Co pref
15
Armour Leather
100
Preferred
Balaban & Katz v t c.. _ _25
Basslck-Alemite Corp_ _ -•
Beaver Board v t c "B"._•
Pref certificates
100
Booth Fisheries pref.-.100
Borg At Beck
•
Bunte Bros
10
Case (J I) 1st prof
100
Central 111 Pub Sere preL•
Chl City At Con By pt ah pt•
Chic Rys part ctf Series 2_
Part ctf Series 3
Commonwealth Edison 100
Continental Motors
•
Crane Co common
25
Preferred
100
Cudahy Pack Co corn. _100
Daniel Boone Wool Mills 25
Deere At Co prat
100
89%
58
89%
8251
52
5031
37%
8
31%
2655
855(
132%
7
70
74
8%
83
Range since Jan. 1.
Low,
Diamond Match
100 117%
Eddy Paper Corp (The)- •
Fair Corp(The) pref. _ _100 105
Gill Manufacturing Co_ __•
4
Godchaux Sugar common •
3
Gossard (H W) pref
•
Great Lakes D & D.. -100
Hartman Corporation...*
Hart Shaft At Marx coin 100
Hibbard. Spencer, Bartlett
At Co
25 68
Hupp Motor
10 14%
Hurley Machine Co
• 6355
Illinois Brick
100
Illinois Nor Utilities pfd 100 85
Independent PneumTool_• 73
Inland Steel
• 40
Intermit Lamp Corp_ _ _25
3
25 4255
Kellogg Switchboard _
Kraft Cheese, w I
2934
Kuppenheimer & Co.co m.5
Libby, McNeill.455, ner10
Lindsay Light
10 .
Lyon & Healy, Inc, pref100
McCord Rad Mfg."A"..• 37
McQuay-Norria Mfg
•
Middle West UM,corn...' 77
Preferred
0
Prior lien preferred._100 98%
Midland Steel Prod, com__ 34
Murray (J W)Mfg Co_ 10 20
4%
10
National Leather
North American Car Co_ _• 28
Omnibus, pref"A," w 1_100 8834
Voting truer ctfs, w I a_• 16
Philipsborn's, Inc,tr ctf _ 1
100
Preferred
Pick (Albert) At Co
10 2055
Pines Winterfront"A"..-5 55
Pub Serv of N Ill, coin...* 102
Pub Serv of N Ill, com_1110
100 9215
Preferred
100
7% preferred
100
Quaker Oats Co
100 102%
Preferred
Real Silk Hosiery Mills_ AO 54
10 18
Reo Motor
Standard Gas At Elec Co.-• 38%
0 50
Preferred
Stewart-Warn Speed,corn • 57
100 110
Swift & Co
Swift International
15 32%
Thompson (J R). corn- --25
Union Carbide At Carbon.* 84%
United Iron Works v t c-50
United Light At PowerCommon"A" w I a_
•
Preferred "A" w 1 a--.• 83
Preferred "B" WI a__ _ -• 4255
United Pap Board,com.100
U S Gypsum
20 144%
100 115%
Preferred
Universal Theatres ConcCo
37%
Class "A" common
Vesta Battery Corp, corn.' 17
Wahl Co
• 23
Ward, Montg At Co,com.10 4551
• 117
Class "A"
8%
Wolff Mfg Corp
435(
Wrigley, Jr. com
Yellow Cab Mfg,"B"_10 38%
Yellow Cab Co.Inc(Chic)' 4255
117 118
20
20
105 105
4
4
235 3
25
26
87%
•86
3451 35
11655 116%
68
68
1351 14%
6451
60
97
95
85
85%
70
73
3951 40
25( 351
40% 4255
26% 32
27
30
6% 7%
154
102 102
3651 37
13
13
755( 7751
92
91
98%
98
32% 34
15% 20
451 551
27% 2834
883.1 8891
1551 17
44
56
17
17
19% 21
50
5555
102 102
10251 102%
9155 92%
105 10555
'300 300
102 103
5451
52
17% 18
38
3851
49% 50
5554 5851
109 11155
34
32
4651 4755
64% 6655
2
23(
Range dries .ran. 1.
Low.
249 115
25 15
75 100%
810
351
1,070
2.170 22
130 7935
35 3454
50 116%
190
12,450
10,875
230
160
470
150
3,550
652
2,100
700
12,575
200
40
745
47
635
610
713
2,000
600
4,175
295
140
3,105
9,750
10
3,625
9,340
100
10
305
335
20
195
8.350
865
1,120
1,295
16,935
5.140
29,685
340
25,770
125
High.
July 120% Jan
June 20
Oct
Apr 106% Sept
Oct 18
Jan
Nov
8
Jan
July 30
Jan
Apr 8955 Jan
Nov 4451 Feb
Nov 126
Mar
85% Jan
10% June
Apr
48
78 May
84
Jan
62 June
Mar
34
1
Mar
Apr
37
24
Oct
25
Mar
4 June
1% Aug
96
July
30
Apr
11 June
43
Jan
8391 Mar
94
Jan
32% Nov
Oct
14
2% June
27
Oct
87% Oct
14% Sept
34 Aug
17
Nov
17
July
1991 Apr
99 June
96 May
90% June
105
Aug
250
Apr
9955 May
28% July
15 June
3055 Jan
4651 May
4955 Aug
10031 May
19
Jan
42% Apr
55
Apr
Oct
70
Feb
1735 Jan
6555 Sept
97
Nov
87 Sept
80% Jan
40
Nov
Jan
9
47
Feb
32
Nov
30
Nov
735 Nov
4
Jan
102
Nov
3851 Aug •
2055 Jan
85 Sept
9455 Sept
99% Sept
34
Nov
Feb
20
5% Nov
33% Oct
92 July
185( July
2% Jan
Jan
42
2135 Jan
5555 Nov
10355 Oct
103% Oct
9955 Jan
Oct
108
300
Nov
103
Nov
53
Nov
1991 Jan
40% Sept
50
July
101
Jan
111% Nov
Nov
34
50% Jan
66% Nov
455 Jan
9635 Nov
89
Mar
8755 Nov
155
Nov
5
Feb
160
Jan
37
Feb
7335 Feb
39
Mar
27% Apr
4% Jan
101% Jan
112
Feb
5835 Jan
31% Feb
2535 Jan
2635 Mar
35% Oct
106
Sept
110
Apr
124% Oct
81% Jan
42
44
Oct
49 28% May 56
104 May
83
84 •
600 75% Apr 85 Sept
198% Nov
40
44
Oct 48
2.140 42
Oct
2955 Nov
18% 1851
100 16
July 21% Jan
95
Mar
133 • 147
Nov
4,445 78
Apr 147
106
Mar
100 102% Jan 116
11551 11555
Aug
90 June
475( Oct
34% 38
9,465 3455 Nov 38
Nov
20 Sept
17
30 15
July 28
17
Jan
935 Nov
24
1,150 21
Sept 42
23
Jan
95
July
41% 45% 28.495 2191 May 4555 Nov
26
Nov
117 117
1,160 104 May 117% Oct
55
Nov
145
455 Apr
8
9
9% Oct
2451 Nov
43% 44
7.500 3534 Oct 44% Oct
23% Oct
374
3951
Jan
96
10.305
37
Oct
85% Nov
4054 4351 10,070 38% Oct 64% Jan
115
Oct
2351 July
Bonds11
Jan
48
48
Nov 5514 Jan
$2.000 96
62
Nov Chic City At Con Rys 55'27 46
77
77
Oct 7914 JAB
10,000 74
40% Nov Chicago Railways 59..1927 77
1927 5751 5731 58
5s,Series"A"
19.000 5734 Nov 8314 Aug
7755 Oct
9694
59_1944
LSO°
9611
1st
s
f
g
Co
Swift
95(4
At
98% July
May
Oct
13531
13535 Nov
20% Sept
St, Louis Stock Exchange.-Record of transactions at
158% Oct
7% June St. Louis Stock Exchange Nov. 8 to Nov. 14, both in52% Oct clusive, compiled from official sales lists:
$500 93
Jan 94
Nov
1.000 10055 Apr 1021% Nov
2.000 98
Mar 100% Aug
6.000 8855 Jan 93% Nov
4,000 91
Jan 96
Nov
2,000 975( Jan 102% Nov
7.000 102% Jan 106
Nov
2,000 107 May 109% Nov
1,000 87
Jan 90 June
20,000 9554 Jan 99% Oct
1,000 84
Jan 9331 Nov
2.000 91
Jan 9955 Oct
9.000 88
Mar 93
July
18,000 6851 Mar 73% Aug
25,000 49
Apr 53 Sept
9.000 72% Jan 75
Jan
5.000 9551 May 99% Sept
3,000 9551 Apr 99% Jan
23.000 60
Oct 17% Jan
Sales
Friday
Last Week's Range for
a/ Prices. Week.
Sale
Par. Price. Low. High Shares.
[VOL. 119.
Priday
sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
High.
438 85 May 91
89% 8954
230 48% Oct 63
59
57
699 83 MAY 9351
8951
88
Apr 84
4.595 69
81% 83
2 May 71
4% 13% 2,100
250 47 June 7831
52
52
Apr 51%
155 38
5051 50%
3631 3751 9,691 2735 May 3834
134 Feb
8
2,015
2% 6
2255 31% 1,260 13 June 3155
Nov 40
33 27
27
35
585 20 June 31
26%
26
Jan 11
9
105
10% 1054
434
1 June
100
I% 135
Jan 92
228 85
85%
85
4
150
151 Aug
2% 254
1
55 Apr
86
55
54
51
250
34 May
51
51
840 126% May 136
132 13251
8%
Apr
6
631 751 7,200
Nov 73
603
t
73
61
50 107% Mar 114
114 114
Apr 75
1.715 55
75
70
Nov 38
5
10% 11,425
8
344 61
MaY .11854
8214 8414
Aug
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Nov
Nov
Jan
Jan
Mar
Jan
Sept
Jan
Jan
May
Jan
Jan
Nov
Nov
Nov
Jan
Nov
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low, High. Shares,
First National Bank
20234
Nat'l Bank of Commerce_ _ 141
Mercantile Trust
39251
243
St Louis Union Trust
50
Title Guaranty Trust
Amer Credit Indemnity- ..- - 644
Brown Shoe,common
9554
Preferred
Emerson Electric, prof.... 96
Ely At Walker D 0,corn.. 2255
Fulton Iron Works, pref.- 9755
Hamilton-Brown Shoe._ _ _ ..._ Hydraulic Press Brick, corn
3.35
Preferred
International Shoe, corn_ 115
11855
Preferred
Laclede Steel Co
Missouri Portland Cement_
National Candy, corn
91
Rice-Stir Dry G'ds, 1st pf._
Second preferred
Southwestern Bell Tel, pref 107
Wagner Electric, corn
Wagner Elec Corp, pref.__ 7954
Shinkle Shoe
Pedico Weber
United Railways, pref
BondsEast St Louis & Sub Co 5sSt L At Sub Gy gen mtge 511
United Railways 48
St Louis Rya 4s, certifs._
KInloch Totnnhnna a.
202 20235
14055 141
39255 39214
243 243
50
50
38
36
57
65
943-4 9554
96
96
21% 2294
97% 9755
41
41
3% 334
64% 6535
111 115
11834 118%
130 130
139 142
91
89
109% 10954
103 103
10651 107
24% 2554
79
793.4
95% 9534
87
86
4% 455
85%
85
7351 72%
83% 82
inx
85%
85
7331
84
103
18
126
1
10
88
5
190
164
46
275
20
20
80
215
535
25
10
125
330
10
50
90
265
35
10
70
100
Range since Jan. 1.
Low,
198
135
388
225
37
35
40
85
90
2051
92
41
3%
6155
73
115
100
94
80
106
101
103
20
77
35
85
4%
$1,000 77%
11,000 64
44,000 61
14,000 62%
1.000 10111
Sept
July
Oct
Apr
Oct
June
June
June
June
July
Aug
Nov
Sept
Jan
May
May
July
Apr
May
Apr
July
Mar
May
Oct
Jan
Oct
Nov
High.
20255
147
398
293
58
38
65
9534
98
24
100
47
6
6934
115
1183-4
130
142
92
10955
103%
Nov
Feb
May
Nov
Jan
Aim
NOV
Nov
Oct
Jan
Jan
Mar
Feb
Mar
Nov
Nov
Nov
Nov
Jan
Nov
Sept
3451
8455
9554
92
135
Jan
Feb
Sent
Oct
Jan
icag oct
Feb 8734 Oet
Nov
Apr 85
Mar 733.4 Oct
Mar 84
Nov
Feb 103
Nov
.Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Nov. 8 to Nov. 14, both inclusive, compiled from official sales lists:
Stocks-
Sala
Friday
Last Week's Range for
1Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Am Vitrified Prod, corn-50
Preferred
50
Am Wind Glass Mach__100
Preferred
100
Am Wind Glass Co. 91_100
* No par value.
15%
SO
8355 83)4
94
110
16%
17
80
84%
94
110
Range since Jan. 1.
Low.
855
445
50 72%
295 8254
60 9255
10 107
High.
June 17
Aug 82
Nov 96%
May 9651
Ma 112
Nov
Mar
Feb
Mar
Feb
sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price, Low. High. Shares.
Arkansas Nat Gas,com_10
Carnegie Lead & Zinc_ .5
Colonial Trust
100
Consolidated Gaa, pref—50
Consolidated Ice, pref_ _50
Duquesne Lt, 7% pref_100
Exchange Nat Bank_ _100
Federated Metals
Fidelity Title & Trust_ _100
Barb-Walk Refrac,com100
Indep Brewing, pref._ _ _ 50
Jones & L. Steel, pref_100
25
Lone Star Gas
Mfrs Light & Heat
50
Nat Fireproofing, pret_50
Ohio Fuel Corp w i
1
Ohio Fuel Co
25
Ohio Fuel Supply
Oklahoma Natural Gas_ _25
Pittsburgh Brew,coin_ _50
Preferred
50
Pittsburgh Coal. corn_ _100
100
Preferred
Pittsb. Malleable Iron_ _ _ _
Plash & Mt Shasta Cop_ _ I
Pittsburgh Plate Glass 100
Salt Creek Cense'011_ _ _10
Stand Plate Glass,com_ •
Prior preferred
Stand San Mfg,com
10
Tidal Osage Oil
25
U S Glass
West-house Air Brake_ _.50
2279
THE CHRONICLE
Nov. 15 1924.)
534
32
122
11134
32
3034
38
27
6
6%
110
100
534 614
3% 414
182 182
2134 2134
18
18
10634 wog
90
90
sog 32
370 370
122 122
5
594
11114 111%
30
32
60
60
3034 31
2934 3034
14
13
37
38
2634 27
114 194
534 6
5534 5534
9714 9794
96
96
7c
8c
256 260
614 734
14
14
98
98
105 111
1134 12
17
1734
100 101
Bonds—
Indep Brewing 6s._ _ _1955
75
75
West Penn Rvs 5s,1931 See No to below
8.210
1,325
100
14
20
15
6
1,000
5
20
120
35
2,166
115
435
9.024
440
2.024
1.055
25
375
20
20
100
2,200
318
2,903
30
110
1,173
80
700
744
$1,000
Range since Jan. 1.
High.
Law.
Oct
7
Apr
4
Apr
6
134 May
Oct 195
Feb
182
2034 Apr 2134 Nov
July
1734 Feb 24
102
Feb 108 Sept
Jan 90
Jan
90
3034 Nov 35 June
Feb 370
Nov
350
Apr
120
July 125
8
Feb
5 July
11034 Oct 11434 Jar
Nov
2634 Jan 32
Sept
51
Apr 61
2034 June 3134 Oct
Oat
2834 Sept 30
1114 June 1534 Aug
Feb 3934 Aul
31
2254 May 2714 Sept
Jar
134 Jan
8
714 Fet
494 Jan
Oct63
Jar
53
9434 Mar 100
Afr
Jul)
Feb 96
90
Jar
Sc Mar Ito
Mai
Jan 265
209
634 Nov1014 Jal
Nov39 Mai
14
Mai
Oct101
98
No'
9034 Jan III
Jai
8 July 16
17
Nov3034 Aul
No'
Feb101
84
65
Oct
8234 Jai
Note.—Sold last week and not reported: $3,000 West Penn Rye. 58, at 0514.
Philadephia Stock Exchange.—This week's record on
the Philadelphia Stock Exchange will be found on page 2259.
New York Curb Market.—Below is a record of the
transactions in the New York Curb Market from Nov.8 to
Nov. 14, 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 Associatibn is now issuing an official sheet
which forms the basis of the compilations below.
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares
Week ending Nov. 14.
Range since Jan. 1.
Stocks—
r".
Indus. & Miscellaneous.
Acme Coal kilning
10
Allied Packers,coin
• 10
Prior preferred
100
Amalgam Leather, corn_ _•
Amer Cyanamid. pref _100
Amer Foreign Pow tea w 1
AMer Gas & Elec. am--• 98
Preferred
50
Amer flaWallan BB
10
Ainer Lt & Trac.com-100 13554
Preferred
100 92
Amer Pow & Lt corn new_• 47
Preferred
100
American Stores
•
Am Superpower Corp,CIA 2634
Class B
2734
American Thread, pref_5
334
Amer Tobacco new w 1_50
ComBnew w I
50 8134
Am Wat Wks & Elec w 1_20 2334
Appalachian Pow,com_100 71
Areticr-Datile1)-M la Co ' 23
Arizona Power corn— _ _100 1754
Armour & Co (III )pref-100
Atlantic Fruit & Hug, w I.• 950
Borden Co. common__.100 130
Botany COT1S M1118 cl A _ _50 47
Bridgeport Mach. corn_ •
Brit-Am Tob ord bearer..E1
934
Brooklyn City RR
III
Brown & Will Tob cl B._10 1034
Burroughs Add M. pf-100
Campbell Soup. pref _100
Cent Teresa Sugar, corn .10
254
10
Preferred
Centrifugal Cast Iron Pipe* 1654
Chatterton & Son rom 111 1234
Checker Cab Mfg,cl A. •
Chic Nipple Mfg, cl B._Mr 16
Obilds Co. new stock_ • 36
Cities Service, corn_ _100 170
100 81
Preferred
In
714
Preferred B
100
Preferred BB
115
Stock scrip
92
Cash eerie
• 1734
Bankers' shares
corn
'
Automobile,
Cleve
Columbia 0& El pf A.100 103%
COm'wealth Pow Corp...• 9954
Warrants w 1
100 7934
Preferred
Cons(1,EL&P.Balt.new.wi 3334
continental Baking,com A• 9914
• 1954
Common II
8934
8% preferred
Continental Tobacco— — • 24
• 34%
Cuba Company
Curtiss A ero &NI,new com*
De Forest Radio Corp — -5 2194
119
Del Lack & West Coal_50
, 17
Doehler Die-Casting
Dubiller Condenser & Rad• 5354
Du Pont Motors. Inc- •
• 1834
Durant mown, Inc
Duz Co, Inc, Class A w I.• 2414
East Penn Elea Co cow__.• 6134
Else Bend & Share,pref 100 10254
Federated Metals Corp..' 3254
1711m Inspection Machine •
Ford Motor of Canada_100
Poundal ion Co, pref
•
Franklin,Simon & Co,pr.*
Freed-Elsemann Radio-- 2714
Gillette Safety Razor____• 828
ew w
• No per value.
High.
Jan
3
60() Nov
1,200
I
60c
114 Mar 1074 Nov
9% 1034 1,700
Nov
50
June
200 1434
4834 4834
6 Sent 1634 Jan
75,4 1054 1,200
100 73 June 7715 Aug
77
77
Aug
Aug 39
3054 3334 2,900 30
9534 9894 12,500 4314 Jan 9934 Sent
4634
Apr
July
4534 46
200 4154
Apr 1534 Sept
8
1234 1334
500
Aug 14534 Oct
700 117
13554 133
Nov
Apr 94
92
94
160 84
47
4814 14,900 3734 Oct 5054 Sept
Aug
92
Apr
9034
170 84
90
Nov
Feb 40
38
200 30
40
Nov
Oct2794
2714
2.100
2154
2594
Oct2734 Nov
26
2734 3.300 25
414 Jan
334 3"is 1,600
3Ire Oct
8234 84
12,003 8034 Oct83 .Nov
8134 8334 10,300 7914 Oct8134 Nov
Oct
Oct24
22
800 22
2334
Oct93 June
71
230 65
734
23
700 le% Aut. 26 94 Fri
2434
200 1734 July 1934 Sere
1754 1754
APt 83
Mai
81
82
60 72
830 Sem
88e
234 Fet
4,300
154
640 11734 Mar 13334 Job
130 131
Nov
Nov47
47
100 47
47
5 Sept1234 Mai
200
5
5
2514 2534 2.000 2014 JAI] 2534 Nor
14•• Jolt
9% 1054 7,800 z34 Bain
700 103,4 Oct 1034 Nov
1054 1034
Nov
July 104
103 103
20 98
111 111
20 10734 Jan 11134 Oc
154 Jar
500 800 Oct
80e 80c
2 Sept
800
214 394
434 Mai
1634 17
2,600 1534 Sept 1714 4 tri
Jill%
1134 1234 1,200 10
1234 No(
3434 35
Jai
Aug 40
300 14
1434 10
500 1354 Sent 22% Jai
36
1.800 32 May 3734 Jull
37
166 175
3,610 132 June 190
No'
81
823,4 4,100 6654 Jan 82% No'
634 Jan
714 734 3,800
7u No'
7814 834
Mar 79
100 64
Non
115 120 $42,003 77
Jan 125
No"
92
94 $29,000 70 May 91
No
17
1714 4,600 1334 MAY 19
No
2034 2034
300 1634 June 2334 Jo,'
10334 10394 2.400 103
Oct 106
Oc
98 101
Feb 11014 All
3,300 56
200 20
20
20
Oct 2434 Os
1,370 74
Mar 81
7834 80
Au
33
3414 8,200 83
Nov 3934 rw•
3,000 94
9734 100
Nov 1(10
No
16% 1934 38,500 1634 Nov 1934 No
100 8994 Nov 8954 No
8934 8914
24
2434 1,300 2034 May 27
Sep
3434 3636 4,900 32
July 4011 Fel
300
8
434 June
834
834 No
16,300 21
23
21
Nov 23
No
925 88
103% 11934
Apr 1193.4 No
1,100 16
Sept 22j MI.
1654 ly
53
5634 19.600 1034 Jan 5994 OC
33‘ ja
1
Mar
700
13.4 154
11,503 12 May 365,i Ja
15
19
2454 2634 4,000 2214 Sept 2834 sa5
Rep
6834 6294 2.92C 36 June 84
390 97
Jan 103
101 103
No
Oct3534 Set
3194 32% 2,200 SO
314 Aug
25‘ 834 2.200
1034 Au
410
June
220
456 460
482
An
112 11474
100 8694 JUlY 11474 No
100 105 Sept10654 Sef
105% 10554
2734 3014 22,600 2734 Nov3234 Oe
780 257 May 335
nap
319 328
Friday
Sala
Last Weak's Range for
of Prices. Week.
Sale
Stocks (Concluded) Par. Price. Low. High Shares.
Range since Jan. 1.
Low.
High.
•
500 24% July 3014 July
25
2634
Ginter Co. corn
• 124
12234 13094 2,800 76% Jan 13014 Nov
Glen Alden Coal
834 Jan 18% Oct
1854 79,200
Goodyear Tire & 11.com100 1854 14
June
Feb hi
70
800 35
Grand 5-10-25c Stores...-* 6714 65
17,100 16% Nov 22% Nov
1634 21
Grennan Bakeries
18
Feb
sq Oct
1
700
4
4
4
Hall Switch & Sig, corn _100
Mar
4
5% Sept
5% 534 5.100
Happiness Candy St el A
514
3 May
5% Oct
4
4%
414
300
Founders shares
Feb 35 Nov
20.30G 13
31% 35
• 35
Hazeltine Corp
3% Aug
1 June
2% 2% 2,100
•
234
Heyden Chemical
• 50
Oct 5074 Oct
100 50
50
50
Iloe(R)& Co cl A
Jan 1934 Nov
200 15
1954 19%
Imperial Tob of GB & Ire1% Nov
600 90c Nov
900
134
90c
Internet Prod
5
June
Feb
701
4
4%
ietercontinental rtitb13.100
Nov
8% Sept 16
4.800
15% 16
Inter-Ocean Radio Corp...• 16
734 AIM 1034 Oct
8% 9% 7.100
8%
Jones(Jos ur) Radio Mfg.•
2 July
2,900 75e June
80e 99c
Keystone Solether
10 80c
Feb
6% June 13
300
8
8
Landover Holding Corp A 1
Oct
Jan 91
8714 2.000 83
Lehigh Power Securities--• 8334 82
2,475 72 May 89% Feb
8414 87
Lehigh Val Coal Sales_ _50 87
Jaw
4154 8'3.700 26% Apr 45
Leh Vali Coal, ale new wI 4114 40
734 Nov
4 June
654 7% 3.000
Libby McNeil & Libby-10
Apr 67
July
100 27
48
48
McCror y Storrs warrants
Apr 35% Apr
40 25
30
33
Mengel Co
100
Mercurbank (Vienna)—
934 Nov 14 o Jet
200
914
9% 934
American shares
2
854 Sept
Mar
2% 2% 2.100
•
Mesabi iron Co
274
75% 79
4,600 50 May 2534 Sept
Middle West Utilities corn• 77
Anil
88 June 98
2
98
95
Preferred
100
Jan 25114 Mat
24
24
300 19
Midvale Co
Feb 3334 Nov
32% 3354
400 19
Mississippi lIly Pw,com100
734 Sept 12
Nov
12
Nat Distillers Products_ _12
10
3.700
514 Nov
214 July
434 534 1.100
43,4
National Leather
10
162 16735
.130 8334 Mar 190 Sept
Nat Power & Light, corn.• 162
May 258 Sept
190 151
232 236
National Tea new
232
3% Jan 10
Ara
New Mex & Ariz Land-1
634 654 2,000
634
Mar 112% July
109
N Y Telep 634% pref-100 110% 110% 110%
900
Nov
70
Oct SO
7634 SO
15,20
Nickel Plate corn,new,w I_
Oct 135 Sept
Preferred, new. w 1. _
83% 8434 7.500 83
84
Feb
101 101
50 100 June 104
North StatesPow,com_100
Ally 98% Nov
20 93
9834 98%
Preferred
100
7%
Oct
834
Sept
300
Nor States Pow Del warr _
7% 714
July
400 144 Aug 19
Omnibus Corp v to, w 1_ _• 1514 1534 1634
July
87
88%
500 8654 July 93
Series A preferred__ _100 88
Feb
Palge-Detroit Mot Car_ _10 1594 1414 15% 1.300 1234 May 18
Oct 81
Aug
81
81
10 76
Parke Davis & Co
25
48%
Befit
38%
Sept
325
Pathe Exch Inc class A_._• 4354 4314 45%
Oct 26% Jan
18
19
900 13
Peerless Truck & Motor..50
Oct 134
Oct
660 128
130 132%
Penna. Watt & Power_ _100 130
25 87% Nov 9214 Oct
85
85
Pierce. But]&P.8% ore:—
200 26% June 49 Sept
50
50
Pines Winterfront el A__ .5
52
623,4
500 39% Oct 5534 Nov
Pittab Term Coal,com_100 52
900 79 Sent 83 Sept
6%
4534 82% 83
82
800 4034 A102 46 Sept
Pro-play-lac-tic
44%
4514
Br, corn._•
preferred99
400 10 May 1334 Feb
PYrene Manufacturing_ _10 1014 10% 10%
6% Nov
3% Apr
Radio Corp of Amer,com-•
5% 634 14.000
3l5 July
5
Nov
1.200
Preferred
454 5
5
5
Reo Motor Car
1,000 151‘ June 1824 Jan
17% 18
10
154
Jan
50c
Mar
Repetti, Inc
400
50e
50()
5
Jan 3914 Nov
Republic Ry & Lt,corn.100 3994 3714 39%
60 18
Jan
Rosenb'm Grain Corp, pf50
47% 42
200 4634 Aug 50
0s Jniy 1714 Sept
Rove Radio Corp tr ats • 1034 10
1134 6,20
Royal Typewriter, corn_ *
200 1354 May 16% Nov
16% 16%
Sie
Pate Elec Co corn_ 100 19
100 16% Sept 2014 Sent
19
19
Jan
Nov 35
11
Silica-Gel Corp corn v t c_• 1214 11
3.21
13
Rimer Manufacturing__ Ino nog 191 19534
181 122
Jan 195% Nov
104%
Ayr
150
Sept
Sou Calif Edison corn_ _100
9734
9834 WI
Sept
Preferred
10 104 Sep 104
100
104 104
Southern Coal & Iron_ _..5 17e
4e May 20c Oct
13e 18e 88,000
Southwest Bell Telep.-pref
107 107
50 105% Au 107 Sept
4% July
Standard Motor Coristr_10
234 Jan
303
354
311 354
Stand Purnirnine CIA __25 27
26
2.400 254 tidy 27 Nov
27
Aug
Stutz Motor Car
4% 5% 1,000
•
4%
434 Nov
Nov
Swift & Co
100 110
613 100 June 111
109 III
Swift International
15 3214 3254 34% 23.000 1831 Mar 34% Nov
Tenn Elec Power, corn_ _ _• 4094 3914 41%
700 1714 Jan 4434 Sept
Nov
Second nreferred
550 4034 Jan 71
* 7054 89% 71
Nov 12% Nov
Thermlodyne Radio w 1...• 1214 12
1234 30.500 12
Aug
Oct
18%
7
(BE)
Radio
vtc
•
8
934
TbomPson
934
1.500
5)4 Feb
Tob Prod Export Corp....*
800
234 Sept
3
3%
Todd Shinvards Corp_ _* 42
4014 43
1.275 4254 May 634 Feb
Tower Mfg Corp w I
26
5 26
3.600 18% Sera 28% Nov
22
Apr CM Nov
Union Carbide & Carbon.•
6454 6634 3 400 56
Nov
Feb 170
Unit Bakeries Corp corn.• 13534 112 167
32.300 43
Nov
Jan 119
Pmferred
100 106
7,600 85
101% 119
United G & E.corn. new_10
29
SOH
500 1834 Jan 41 June
Apr
5614
Oct
United Lt & Pow corn A.
40
900 30
4514
7r4 Feb
United oront Riviring._ 1
514 Joh'
554 5% 1,400
4034
Nov
Apr
United Shoe Mach corn..25 40
3454
40
500
40%
Oct 135 'Nov
*
133% 135
70 119
1141 Jan
1.1
279
73 "
G
Lt &su
Hrn
t •Ccoorni
p.com 10
300 580 May
63c rnic
Nov
Ward Corp.corn ,Class A_• 124
121 132
2,200 8314 Jan 133
Common. Class 13
67,700 1434 Apr 48% Nov
32% 44
Jan
97%
Nov
79)4
2,400
100
* 3
94
4 93% 96%
134 June 30% Oct
W7
are
% Rado""lrCerl
orp. w 1_ _ _• 2614 25
2754 4,33
Nov
Warren Bros. corn
420 3134 Jan 38
* 8139,4 33
3214
Mar 45% Sept
Western Pr Corp, com_100 3414 33
35% 2,200 26
Preferred
120 80 June 85 Sept
82
83
White Rock Min Ser. new' 15% 14% 111% 2,200 10 may 18% Nov
9 June 1534 Nov
Voting trust certificates *
900
1414 1514
Yellow Taxi Corp N Y-_-• 1794 1734 1814
600 1834 Oct' 39% Jan
Former Standard 011
Subsidiaries
Anglo-American 011--£1
Borne-Scrymser Co_
100
Buckeye Pipe Line • 50
Chesebrough Mfg new_ _25
Preferred
100
Crescent Pipe Line
25
Cumberland Pipe Line_100
Eureka Pipe Line
Galena-Signal Oil, com_100
199
New preferred
100
Humble Oil & Refining_ _25
Illinois Pine Line
100
Imperial 011 (Can)coup_25
Indiana Pipe Line
50
Magnolia
.100
National Transit„
Petroleum_.
.12.50
..
New York Transit
100
Northern Pipe Line_ — 100
Ohio 011
25
Penn Me: Fuel
25
Prairie 011 & Gas
New when issued
199
25
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
100
Southern Pipe Line.. _100
South west Pipe Linee_100
Standard 011 (Indlana)._25
Standard 011(Kansas)_ _25
25
Standard Oil(KY)
Standard 011 (Neb)-- —100
Standard Oil of N Y.- 25
Stand 011 (Ohio) oom--100
100
Preferred
Swan & Pinch
10°
25
vacuum Oil
1714
6334
4834
133
59
91
3834
109
79
139
66
82
67%
3434
213
5154
105
198
143
94
6054
3934
119
246
4414
320
2
85
0
7.900
1634 18
90
212 220
750
62 • 65
400
48% 4914
150
114% 115
100
15
15
330
13434 138
110
88
94%
940
54% 6034
40
104 104%
4,300
33
39
70
133 134
109 111% 3,710
520
75
80
73137 140
800
22% 2354
700
6234 75
2,442
75
90
6714 6834 4.500
33% 34% 1.100
203 215% 6.265
53
5433 7.100
2,450
10414 107
290
190 199
135 146
1.070
540
90
95
10
80
80
58% 62% 122,200
36% 40% 10.500
119 12134 5,500
210
243 248
43% 4552 36.500
460
315 325
100
11534 116%
940
22
28
76%
'81% 39.700
1454 June
Jan
155
51
Sept
4754 May
112% Sept
11% June
11034 Jan
Oct
74
52 Sept
10034 June
34)4 Aug
Sent
120
98% Apr
66 Sept
122 .1' 37
20% June
55
Aug
Nov
72
58 June
July
27
193
Oct
52
Nov
Feb
100
175
July
117 June
8014 Oct
Oct
70
5414 July
3214 Aug
101
May
Jan
199
37% May
275 June
115% Nov
34
July
554 Jan
18
Feb
Mar
265
851( Jan
52% Mar
115 June
Jan
20
149
31111
Jan
105
July
70
Oct
108
43% Mai
Jan
161
An
119
Jan
100
Jan
162
27% Feb
Jan
97
10711 Jan
7934 7.11
Jab
43
Jae
269
504 Nov
Feb
111
230 1Jan
Jan
171
100 Van
Jan
89
6834 Van
.50r4 Jan
121% Nov
256% Jan
48
Jan
335
Jan
120 May
81
Jan
8114 NOV
2280
THE CHRONICLE
Friday
Sales
Last Week's Range for
Other 011 Stocks.
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Allen Oil
1
Arkansas Natural Gas.-10
Atlantic Lobos Oil, com_ *
Roston-Wyoming 011___I
Brit Controlled Oil Fields__
Carib Syndicate
4
Creole Syndicate
5
956
Derby Oil& Ref, com
4%
•
Engineers Petroleum Co 1
Euclid 011 Co
96c
Federal Oil
5
Gilliland Oil v t e
4
Gulf Oil Corp of Pa
25 6631
Hudson 011
1
5
International Petroleum-* 21
Kirby Petroleum
1%
Lego Petroleum Corn_ _ *
451
Lance Creek Royalties-1
IC
Latin-Amer 011
1
Margay Oil Corp
Mexican Panuco 011
_10
Mexico Oil Corporation-10
Mountain & Gulf 011__ _1
Mountain Producers. _ .10 18
Mutual Oil vol trust otfs-5 12%
National Fuel Gas
110
NIM Bradford 011
5
454
New England Fuel Oil_ _ _5
New York Oil
25
9
Noble(ChasF)Oil& Geom 1
Northwest Oil
1
Peer 011 Corp
•
Pennok Oil Company -__10 1234
Pennok 011 Corp (new)__* 1751
Pennsylvania Beaver 011_1 200
Red Bank 011
25 2754
Royal Can 011 Syndicate-.
5%
Ryan Consol Petroleum_ *
Salt Creek Consol 011_ _ _10
654
Salt Creek Producers--10 2234
Sapulpa Refining
5
Pits
Savoy Oil
5
flunstar Oil
Sc
Superior 011 warrants A. *
Onion Oil of Calitornia_101,
Dillon. Read & Co lot re, 142
Venezuelan Petroleum_ _ 334
Western States Oil& Gas.1
Sc
WlIcox Oil & Gas
6
1
714
wnodleY Petroleum Co •
"T" Oil dr Gas
1
Range since Jan. 1.
Low
43e 480
4,003 100 Apr
4
Oct
100
6
6
2% Oct
2% 2%
200
75e May
1
11,400
81c
Oct
2
3
3
600
2% Oct
334 414 7.000
2% Jan
8% 954 33,900
500
234 June
2% 4%
Sc
5c
4,000
30 Mar
Oct
950 99e
5,900 80e
15e 250
3,000 I5c May
154 Jan
4
4
2,800
6554 67
21,700 56% May
lo Sept
be 213,000
3c
1954 2134 54,300 1614 June
1% Apr
134 134 1.100
2% Jan
434 5
36,300
lc Feb
lc
2c 72,006
lo Aug
9,000
2c
3c
Oct
60c 60e
100 55c
710 85e
2,200 50c Sept
120 120
70 May
1,000
154 Jan
114 151 1,300
Feb
1754 1934 26,100 16
94 July
1154 1251 79,20(
Jan
230 85
110 11034
4 Nov
4
4% 3,800
Oct
21
400 17
20
8% June
200
9
9
130 Sept
90 130 16,000
2c June
20
30
2.000
2,800 97c
Oct
1
90e
1214 1254 4,500 i234 July
1651 1851 7,400 1234 Oct
Oct
10e 220 47,000 13o
5% Jan
35
6.200
27
12,300
254 Apr
534 6
3% Jan
33-1 494 1,400
1,400
644 Nov
6% 7
2134 2554 37,500 1934 Feb
200 82c Jan
1.5re 11514
134 Oct
134 1%
200
So Nov
8c 12c 26,100
1 200 May
301 301
3,890 116
Jan
139 144
20.660 13034 Oct
136 143
2% Sept
354 354 16.500
1,100
90 110
9e Nov
4% May
534 634 8,000
751 8
1,300
7
Apr
60 18,000
Sc
50 June
High.
50c Sept
7
Jan
4% Jan
156 Jan
3% Nov
13% Jan
9% Nov
8
Jan
13e June
990 Oct
60e
Jan
534 Feb
67
Nov
7o
Jan
22% Feb
254 Jan
534 Aug
Sc Aug
1.114 Feb
154 Apr
154 Apr
30e Jan
154 Mar
20% Oct
13% Jan
11056 Sept
651 Jan
July
44
14
Feb
16e Feb
Sc
Jan
Jan
6
17% Sept
18% Nov
620 Feb
58
Aug
7
Aug
556 Mar
1054 Jan
27% Sept
254 Mar
3% Jan
25o May
350 May
144
Nov
Nov
143
3% Oct
30e
Jan
8% Feb
13 May
14e Feb
Mining Stocks
Alaska-Br Col Metals__ _10 110
Amer Cora M & M
Arizona Globe Copper
1
Beaver Consolidated
Booth Mining Reorganized
Butte & Western Mining_l
5
Calaveras Copper
1
70
Caledonia
Calumet &Jerome Cop__ _1 150
434
10
&nark. Copper
1
Chief Consol Mining
Comstock Tunnel & Dr 10c
3%
Consol Copper Mines__ _ _1
Consol Nevada Utah_ _3
Continental Mines, Ltd_15
Cartel Silver
3
Cresson Con Gold M & M 1
1 49c
Crown Reserve
Diamond B1 Butte Reorifl 13e
El Paso Consol Gold
14%
Engineer Gold Mines Ltd
Se
Eureka Grooms
570
First Thought G M
Goldfield Consol Mines.10
3c
Goldfield Deep Mims---6e
Goldneld Development_5c 140
30
10e
Gold Zone Divide
100 110
Rarmin Divide
19c
Hawthorne Mines, Inc- _ _1
25'
9%
Hecht mining
Mining-1
Nevada
Hilltop
Hollinger Consol GM-_ _ _5 14%
214
Howe Sound Co
100
Independence Lead M1n...1
1
Jerome Verde Devel
350
1
Consol Mining
40
1
Jim Butler Tonopah
1
154
Kay Copper Co
5
Kerr Lake
Kewanas ReorganizedLone Star Consol
Lorrain Silver Syndicate_ _1 20c
Mason Valley Mines
McKinley-Darragh-Say_ _1
1
Mohican Copper
80
National Tin Corp__ _500
New Cornelia Copper-Co.5 2114
100 177
New Jersey Zinc
N Y-Porcupine Mines Ltd I
5
Niphishig Mlnee
Nixon Nevada
114
1
Ohio Copper
Parmac Porcupine Mines.]
Plymouth Lead Mln1 710
291
Prprn1er Gold Mine Ltd_ _1
Quincy Mining
5
Ray Hercules. Inc
30
10c
Red Hill Florence
Red Warrior Mining Co-I -----Reorg Div Ann M
Rochester Silver Corp
1514
RockyMtSmelt&Ref,coml
San Toy Mining
1
70
Sliver Dale Mining
4%
South Amer Gold & Plat_ _1
50
1
Spearhead
1 /0C
Success Mining
Tech Hughes
1
Temiskaming Mining Co_l
Tonopah Belmont Dev___1 52e
Tonopah Divide
1 170
334
1
Tonopah Extension
Tonopah Mining
1
1%
S&D
10c 15e
Trinity Copper
370
United Verde Extension 500 28%
U 8 Continental MInes„..5 Illo
Unity Gold Mines
5
Wenden Copper Mining1
West End ConsolidatecL _5
West End Exten Mining_.1
Weetern Utah Copper _ _ _ _1 16e
Wettlaufer-Lorrain Silv MI
White Caps Mining_ _10e
Wilbert Mining
1
lai
10c 110
4,000
30
3c
2.000
Sc
3c
1,000
160 170
3,000
40
4c
2,000
20c 290
1,000
154 3
1,300
70
7c
1,000
14c 15e
6,000
4
4% 18,000
354
700
3
300 300
1,000
3
4% 9,600
50
60
5,000
154 1%
100
120 12%c 4,100
354 4
5,500
49e 49c
9.000
Ilc 14e 83,000
15e 15c
5,000
13% 14% 1,200
7,000
56e 600 22,100
5c
Sc
1,000
3c
3e 54.000
9c 190 01,000
3c
30
5.000
8c 14e 41,000
150 190 11,000
914 9%
700
2e
20
2,000
1351 14% 2,300
254 2% 3.300
10e 10c 16,000
95e
1
1,400
35c 41e 24.000
4c
40
2,000
154 1514 36,100
1% 1%
100
Sc
6c
8,000
Sc
70 11,000
20c 43e 14,000
1% 1% 3,000
9c 10e
4,000
10c 10c
1,000
7c 12c 28,000
1954 21% 1,500
165 178 .
870
10c 12c
2,000
646
800
7,300
44e 46c
1% Pre 58,100
1,000
49c 49c
70c 75c 37,900
2514 251 4,000
21
100
21
6,000
16e 19c
30
2,000
30
2,900
35e 350
6,000
15e 200
3,000
lle lie
400
154 1.51.
2,000
30
3e
70 91.000
Sc
2,100
4% 5
70 26,000
50
3,000
100 100
144 134 1.000
160 '.16c 12.000
1,100
520 57c
4,000
17c 190
351. 8,200
1% Ph. 1.100
13e 16e 37,000
29c • 37a 60,000
1,700
27
29
7,000
100 100
200
1
95c
1% 1;4 11,700
100
600 600
1,000
13e 13c
16c
5.000
15e
1.000
180 180
1,000
7c
7e
3.000
Sc
60
100 May 40e Feb
20 May
90 Jan
3o Oct 12e
Jan
12c Aug 27c Feb
40 Oct
6o Nov
10c Mar 55c
Jan
1
Feb
Nov
3
Sc Apr 10c Aug
7e Feb 25c May
4% Nov
1% May
2% July
4
Jan
15c Aug 30c
Oct
1% Jan
434 Nov
5c Apr
Sc May
July
1
3% Feb
10o June 70c Mar
341 Oct
434 Jan
44c Sept 75e
Jan
4o Jan 22o July
15c Nov 15c Nov
Mar 2334 June
6
40 June 15.3 Jan
400 Sept 600 Nov
4c Feb
Jan
2e Sept
70 Sept
2e Aug 19c Nov
20 June 12c Jan
20 Apr 260 Aug
150 May 82e .1q
8% Jan
Oct
lo Feb
70 Mar
1134 Mar 14% Oct
1% June
3
Jan
6o Apr 18e Feb
760 July
2
Jan
150 Mar 950 July
2o Apr
90 Sept
Apr
1
lite Sent
234 Jan
1% Mar
40 Aug
80 Aug
los May
90 Aug
200 Nov 81e
Oct
154 Jan
254 Aug
6e
Jan 16e Mar
Sc
Oct 48e
Jan
5o Aug 180 Oct
15% Jan 22% July
134% May 178
Nov
50 Sept 35e
Jan
551 Jan
654 May
25o Sept 50e
Oct
1350 Mar 19ri
Oct
16c June 67c Mar
30e Jan 800
Oct
154 Apr
2% Nov
21
Nov 2634 July
10e Mar 38c Feb
10 Jan
Sc
Jan
210 Jan 15e Aug
lo July 320 Sept
Jan 12c
Sc
Oct
1
Apr
1% July
2c Apr
Sc Feb
le July
Sc Jan
231 June
5% Oct
2c Jan 10o June
10c Nov 51c Feb
1% Jan
1.1. May
16e Aug 31c Jan
40c Apr 750 Feb
17c May 40e Feb
3% Oct
154 Jan
2% lair
154 Jan
3o Feb 16c Nov
Jan
250 May 80e
21 June 3034 July
10o May 200 Jan
2% Feb
60c July
1% Sept
Apr
1
Jan
30c June 86c
33e
Sept
May
2o
150 Aug 500 Jan
120 Jan 27c May
20 Mar 100 Sept
(10 Nov
lo June
BondsAllied Pack cony deb 138 '39
88. series B
1939
Aluminum Co of Ara 741.'33
76
1925
Amer G & E deb 6s__ _2014
N14 w
American Ice 7s
Am Pow & Lt Saw 1_2016
Ss old warr attach. _2016
Amer Rolling Mill 6s_1938
Amer Sumat Tob 754s 1925
American Thread 6s__1928
Anaconda Cop Min (is 1929
Anglo-Amer 0117%s_ _1925
Mooed Simmons Hardware
63.4e
1933
Atlantic Fruit Ss
AtIG&W ISSL 58_1959
Beaver Board Co 88_1933
Belgo-Canadian Pap 681943
Beth Steel equip 78.„1935
Boston & Maine RR 681933
Bklyia Edison Co 58 A.1949
Canadian Nat Rye 78_1935
58
1925
456s
1954
Chic R I & Pae 550_ _1926
1929
Childs Co 68
Cities Serv 7s, Ser B_ _1966
75, Series C
1966
78 Series D
1966
Cons CI,E L&P,Balt.66'49
1952
5568
1951
6 ies Series D
1941
Consol Textile Rs
Cuban Domln Bug 7448'44
Cuban Telephone 75481941
Cudahy Pk deb 5KS--1937
1931
Deere & Co 7446
Detroit City Gas 138_1947
1932
Detroit Edison 6s
1949
5sAwl
1931
8s
Dunlop T& Rot Am 76_1942
1933
Federal Sugar 68
1926
Fisher Body 138
1927
(is
1928
68
Gals (Robert) Co 7e...1937
Galena-Signal 011 78._1930
General Asphalt 811_1930
1928
6s
General Petroleum 6s_1928
Grand Trunk RI 634e.1936
1937
Gulf 011 of Pa 5s
1926
Serial 534s
Hoe (it)& Co Inc6As 1934
1938
Hood Rubber 78
Internet Match 64411-1943
Italian Power 53.48. _1928
Kan City Term Ry 5345'26
Lehigh Pow Secur 6s_.1927
Lehigh Val Her Term 58'54
Libby McNeill& Libby 76'31
Liggett-Winchester 78_1942
Lower Austrian HydroElee Pow 6%s w I..1944
Manitoba Power 78-1941
Maracaibo Oil Expl 73.1925
Maxwell Mot Corp 711_1934
1927
Mo Pee RR 5s
Morris & Co 754s
1930
Nat Distillers Prod 78.1930
National Leather 85_1925
New Orl Pub Serv 58_1952
Nor States Pow 63.48.-1933
654% gold notes.--1933
1952
Ohio Power 58
1951
7s
1936
Park & Tilford Ss
Penn Pow At Light-5a _1952
Pennsylvania RR 58-1964
1941
Phila Elee 6s
1947
5148
1953
556s
Phillips Petrol 714s.._ .1931
Pub Serv El At Gas 5 Sis_'64
Public Service Corp 7s 1941
1944
6s
Pure OH Co 61414
1933
Shawsheen Mills 7s-1931
1927
Skelly 011 6lis
Sloss-Sheff St & I 65.1929
1934
Solvay & Cie 94
South Calif Edison 5s.1944
Standard Gas & El 63-48'54
Stand Oil of NY 6 As_1933
7% serial gold deb 1925
7% serial gold deb_ _1926
7% serial gold deb..3927
7% serial gold deb_1928
7% serial gold deb--1929
serial gold deb 1930
7% serial gold deb_ .1931
Swift & Co 55....Oct 15 1932
Tidal Osage 0117s_ _ _ _1931
Union El L& Pot 111548'54
Union 01113s, Series B_1926
1944
United Drug 88
United 011 Prod 68_ _ _.1931
Un Rya of Havana 710-'36
Vacuum 011 78
1936
1937
Valvoline 01113s
Webster Mills 134411-1933
[VoL. 119.
Friday
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
Range since Jan. 1.
Low.
High,
102;4
74;4
86
107%
10251
95
95
10056
75
89
10754
10254
9534
95%
10256
$19,000 48 May 76
37,000 57 May 8954
7,000 10551 Mar 107%
9.000 101% Jan 10354
113,000 9454 Oct 9654
40,000 94% Oct 16
88,000 9944 Oct 107%
Nov
Oct
Aug
June
June
Bent
Aug
94
10034
8956
103%
103%
10114
94
100%
87%
103%
10354
'10134
9454
101
8954
10454
104
10154
119,000 94
Sent 95
18,000 953-4 Apr 101%
July 99
8,000 73
30,000 10144 Jan 104%
Feb 104
49,000 101
9,000 1014 Mar 102%
Sept
Oct
Feb
Nov
Aug
June
87%
10751
102%
95%
85
5634
833-4
9731
10354
86
10054
1104
10034
10334
1C7
99
106
10154
80
9754
8754
10354
10234
10854
973.4
109
9654
98
10234
102
9934
9831
1003-4
10794
9354
9936
102
101%
101
84
85
9,000
20
203-4 12,000
S43--4 Si,' 57,000
7751 8354 82.000
9731 9734 7,000
10334 10334 9,000
86
86
2,OCO
100 1005e 40,000
1104 1104 53,000
1004 1.004 31,000
9554 9554 5,000
10056 100% 1,000
10334 103% 13,000
140 142
5.000
100 10734 232,000
9854 100
90.000
10551 106
18,000
10154 10234 6,000
1093-410934 3.000
8
82
35,000
9714 9734 54,003
106% 107
6.000
87
8734 79,000
30,000
10334 104
10134 10234 30.000
108 10834 54.000
9736 979-6 3.000
109 109
10.003
959-4 963-4 73,000
97% 98
64,000
10234 10251 14,000
10254 10234 5,000
102 10214 42,000
9954 9954 25,0®
105% 105;4 11,000
105 105
2.000
9811 99
34,000
20,000
1003-4 101
10734 103
23,000
9854 9894 27,000
101% 101% 5,000
27,000
9934 100
10254 16234 2.000
10054 10234 142,000
99
9956 13,000
1015( 102
7,000
10134 10134 17,000
101 101
2,000
10014 101
28,000
1083-410834 12,000
85
85
85
7,000
9954 9951 9934 15,000
280 280
280
2,000
100 101% 117,500
99% 993-4 9954 16,000
97% 9751 93
14.000
9954 9954 10.000
10234 102 102% 43.000
8751 87
88
37,000
103% 10254 104
89.000
9931 99 100
27,000
90
91
64,000
10634 1069-4 1,000
9554 9534 3.000
9314 9314 94
20.000
98% 9854 983.4 292,000
107 107
2.000
104 104
1,000
10334 10451 15.000
103 103
2.000
9634 9534 97
75,000
10754 10754 11.000
94
94
9414 76,000
WI% 951.6 9634 148.000
10331 10414 32.000
102% 10154 10356 905,000
10131 10191 102
30.000
101
101 10154 19.003
9331 93
034 23,400
102% 102 10254 173,00G
107% 0754 1074 25,000
10034 10034 11,000
1059-4 16554 9,000
105% 10534 1053-4 36,000
10554 1053-41011-4 34.000
10534 10554 10554 51,003
105% 1033.4 105% 22,000
10536 10554 1055.4 51,000
04% 9454 95
94.000
10454 1045.4 5,000
98% 9834 99
22,000
10134 1013-4 1,000
100% 10094 100% 119,000
33
14,000
32% 31
10354 1033-41093-4 32,000
107
39,000
10634 107
10311 1033-4 4,000
9,000
10154 10134 102
June
Oct
Jan
Jan
Feb
Feb
Jan
Nov
Jan
Jan
Nov
Jan
June
Feb
Jan
Jan
Jan
Jan
May
Sept
Oct
July
May
May
Jan
Jan
Oct
Nov
Jan
Nov
Jan
Jan
Jan
May
Jan
May
Oct
Jan
Jan
Jan
Mar
Oct
May
Jan
Feb
Jan
Jan
Jan
June
Jan
9354
36
61
8334
97%
10434
83
100%
112
101
96
10154
104%
142
112
101
10554
103
01954
97
9944
10744
8814
101;4
103%
100%
973-4
109
96%
101%
10251
102%
10254
1003(
106
105%
99
101
106%
98%
10154
100%
10254
102%
100
10251
10154
101%
101
10844
Feb
Mar
July
Nov
Oct
Oct
Nov
Nov
Sent
Sept
Sept
July
July
Nov
Nov
Nov
June
Oct
Nov
Jan
Oct
Oct
Jan
Oct
June
Aug
Nov
Nov
Oct
Aug
Sept
Aug
Oct
Sept
Aug
Oct
Nov
Aug
Aug
Nov
July
Oct
Nov
Nov
Sent
Sept
Nov
July
Feb
Nov
ja
95
54 Aug
953-4 Jan
Nov
280
9934 Oct
9934 June
92 Juno
85 June;
92
Apr,
8134 Jan'
98
Jan
634
ia
aY
n'
9
54 M
10654 Nov
84
Feb
8714 Jan
9834 Oct
1043.4 Jan
9834 Jan
9854 Jan
Apr
100
9114 Oct
Jan
101
Oct
94
9234 Jan
Jan
102
10134 Oct
Jan
97
99
895.4 j
Aapor
115,5
4
4
11(134
280
10234
1003-4
Mg
9944
1023--I
9534
1014
seu
,
g
t
Aug
19
01
04
10634
9736
94
0891
107
10454
10414
104
97
10844
97
9654
10444
10334
1025.4
2
19
03
Se
On
et
Nov
Sept
Juni
Oct
.111/7
Oct
Nov
Aug
Nov
July
July
Aug
Mar
Nov
July
Sept
71%
20
42
70
92
10234
72
100
10614
9911
9534
97%
102
11844
89%
89
10144
93
10654
68
9756
106
8134
9944
99%
1024
0534
109
90
95
993'
98%
97%
9414
104%
10244
97%
94%
105%
94
100
99
99
92%
9744
100%
96
953'
94
102%
96
1053-4
1004
10254
10434
105
10534
105
10554
8914
1013-4
9454
1003.4
10034
23
10551
106
10114
10051
Aug
Jan
Nov
May
July
Jan
Jan
Fob'
Nov
May
Jan
Apr
Oct
Oeti
Oct
Jan
Jan
Apr
Jan
Nov
Nov
Aug
Feb
Oct
Nov
Jan
June
10534 SePl
1094 June
102% June
10654 Sent
10614 Aug
106% Feb
10744 June
108 JUJU!
Feb
109
9551 Ana
1043-4 July
(Sot
99
102
July
10014 Nov
7054 Feb
July
109
108 June
10454 July
1043-4 Sept
Foreign Government
and Municipalities
11,000 98
Bogota (Colombia) 8s.1945 98
98
98
Finnish munic8%s A_ 1954
91
91 914,000 91
24,000 91
Class B
91
91
91
Indus Mtge Bk of Finland
let M colt s f 7s_ .._l944 9556 9314 95% 302,000 9354
Netherlands(Kingd)(1811'72 101% 1011e 1013e 72,000 898
9,000 97%
99
09
Peru (Republic of) 89_1932 99
8s
1944 99% 99% 9954 19,000 9934
6354
47,000
74
72%
1041'.
73
Poland (Itereib of) Ss.
9
10.000
15
15
Russian Govt654 _ _1919 15
43,000 • 10
14
6548 certificates_ _ _1919 1344 13
9.11
534s
1919 1344 1334 1354 5,000
13
13% 23.003
934
514s certificates__ _.1921
83.000
10154
101%
9734
Switzerland Govt 544s 1929
Ext 5% notes
1926 100% 100% 10054 74.000 9754
Nov 98
Oct 91
Nov, 91
Nov
Apr
Jan
Oct
Sept
Jan
Jan
Jan
Jan
Apr
Jan
9654
1013.4
100
9934
7554
21
2034
2054
21
102
101
Nov
Oct
Nov
Sept
Nov
Sept
Oct
Oct
Aug
Feb
Aug
Aug
Aug
Nov
correction. 1 Listed on the Stock Exchange this week, where
•No par value,
additional transactions will be found. o New stock. a Option Sale. IV When
Issued. z Ex-dividend. y Ex-rIghts. z Ex-stock dividend.
2281
Punstutent mut Sailircati pielliffertav
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of November. The table covers 12 roads and shows 6.76%
decrease from the same week last year:
First Week of November.
1924.
$
Ann Arbor
131,182
293,366
Buffalo Rochester & Pittsburgh_
5,201.894
Canadian National
Canadian Pacific
4,507.000
112.347
Duluth South Shorb & Atlantic_
3,161.309
Great Northern
8,525
Mineral Range
336,097
Minneapolis & St Louis
349.640
Mobile & Ohio
1,935.676
St Louis-San Francisco
559,829
St Louis Southwestern
3.768,021
Southern Railway System
1923.
Increase. Decrease.
$
141.418
380,756
5,381,781
5,397.000
105,735
3,341.781
9,144
321,444
368.753
1,745,935
661,935
3.887.684
s
$
10,236
87.390
179,887
890,000
6,612
180,472
619
14,653
19,113
INOOME ACCOUNT FOR YEARS ENDED SEPT. 30.
1920-21.
1921-22.
1922-23.
1923-24.
Sept. 30 Years127,555
132.141
137.182
142.836
Meters, number
Receipts from gas sales_ _$5,152,129 $5.392,860 $5.408,830 $5,827,282
1.033.977
1.029,857
1,116,664
1,111,591
Residuals. coke, tar. &c
Merchandise sold, piping
353.623
375.253
373,829
and burner, rentals, &c. 391,615
$6,655,336 $6,883,354 $6,813,940 $7.214.882
Total income
5.335.666 5,673.949
Oper. expenses and taxes_ 5,212,505 5,498.649
$1,540,933
$1,478,274
$1,384,704
$1,442,831
Net earnings
Deduct$63.022
$51.516
$8.586
Interest
581,337
600,000
689.253
$798,741
Dividends
543.584
565.539
591,002
634,235
Renewal fund
352,989
140.906
Reserve fund
None
$120,312
$95,863
$9.855
Balance, surplus
189,741
BALANCE SHEET SEPTEMBER 30.
1923.
1924.
1923.
1924.
$
8
LiabilitiesAssets8,000,000 8.000,000
Stock
12,168,835
Plant,
Sze
13,074,799
Total (12 roads)
20,364,886 21,743,366 211,006 1,589,486
1,000.000
1,000,000
fund
Reserve
Net decrease (6.76%)
1.378.480 Other investments. 818,039 1,124,933 Renewal fund__
1,477,902 1,486,272
947,858
Materials, ate_ _ 1,001,805
216,175
100,638 Spec. sure. acct. _ 226.030
Cash
8,650
In the following we also complete our summary for the Unpaid
374,962
439,681
accounts
Sundry
cap'l stock
197,501
200,000
111,166 Reserve for diva
fourth week of October:
subscription_ _ _ _
357,677
advances..
Bank
537,577
Accts.receivable
465,054
16.340 Stock prem.(1904) 3,676,507 3,676,507
64,964
Miscellaneous_
_
_
_
Fourth Week of October.
Increase. Decrease.
1923.
1924.
Prow. for Donna.
55,930
55,513
Total(each side)_ _15,433,311 15,007,347 Govt. taxation_
16
$
$
it
-V. 118, p. 436.
Previously reported (10 roads)_- 29,747,004 33,079,103 347,975 3,680.074
Duluth South Shore & Atlantic18,602
167.153
185.755
Union Oil Co. of California.
Georgia & Florida
2,302
54.000
56,302
Mineral Range
168
15,447
15,279
(Results
for
Nine Months Ended Sept. 30 1924.)
Nevada California & Oregon__
2,641
10,676
13,317
Texas & Pacific
29,130
1,079,638 1,108.768
The
figures
for
the nine months ended Sept. 30 1924 are
Western Maryland
81,333
553,120
634,453
statement to the New York Stock
Total (16 roads)
Net decrease (10.95%)
31,627,038 35,092,977
102.106
119,663
348,143 3.814,082
3,465,938
taken from the official
Exchange in connection with the listing of the company's
stock.
CONSOLIDATED INCOME ACCOUNT.
[Including proportionate share of the operations of controlled companies.]
Calendar Year
9 Mos.End.
1921.
'1922.
1923.
PeriodSept. 30'24.
$58,937,140 $59,027,577
$72,962.578
Gross sales
550,700.000
Total profits
$21,497,987 $24,357,393 $25,419,981 $23,839,187
Deduct-NetEarnings
-Gross Earnings
$786,358
$887,929
$918,000
$710,000
General expenses
Previous
Current
Current
Previous
1,500,654
1,702,353 1,448.790
Taxes
1,660,734
Companies.
Year.
Year.
Year.
Year.
739,920
804,304
502,192
756,877
Employees share in prof.
S
$
S
s
114.570
240,235
fund
Western Union Teleg_ Sept 9,888,682 9,511,431 1,288.807 1,147,818 Provident
12,311,235 10.563,729 8,630.799
Depreciation
&
8,357,998
depletion
Jan 1 to Sept 30
448,183
83,098,288 83,368,792 9,596,951 10,067,039 Interest on bonds
832,162
1,298,955
939,047
Miscellaneous Interest... Cr.211.602 Cr.522,561 Cr.402.808 Cr.444,934
Fixed
Balance,
Net after
Gross
Prov. for income taxes,
Charges.
Surplus.
Earnings.
Taxes.
1.650.000
550,000
&c.,contingencies_ _
4,978,593 6,435,000 6.000,000 6,000,000
Adirondack Power Oct '24
67.935 Cash dividend
642,147 d918,711 0130,776
& Lt Corp
e72,618
61,780
'23
618,227 d134.398
Total deductions
317.431,882 $22,759,744 $20,684,106 $19,310,979
12 mos ended Oct 31 '24 7,267,512 d2,410,285 e1,399.548 1,010.737
$4,528,208
$ 4,066,105 $1,597.649 $4,735,875
700,102 Balance, surplus
'23 6.816,631 d1,820,388 e1,120,286
Previous surplus
8,703,683 9,222,680 36,317,141 7,039,254
Appalachian Power Oct '24
85.509
123,654
338.572 *209,163
Co
54,533
94.759
'23
307,812 *149,292
Total surplus
$12,769,788 810,820,329 541,053,016 311,567,462
12 mos ended Oct 31 '24 3,588.698 *1,992,256
832,170 1,160.086 Adjustments
Deb.250.321
930,035 Discount on 6% bonds_
653.400
'23 3.379.938 *1,583,435
300,000
106,646
Citizens Traction Sept '24
11,251
25,941
14,690 Stock dividend (80%)_40,000,000
72,744
Co & subs
10,287
26,614 Inventory losses
'23
36,901
75,809
2,010,000
12 mos ended Sept 30 '24
315.938 Difference between cost
132,403
979.863
448,341
& par of bonds purch_ Cr.12.418
'23
119,516
295.719
949,123
415,235
Manila Electric Co Oct '24
116.992 Commission on sale of
318,195
158,856
41,864
stock
90.280
'23
155.975
37,314
118.661
309.303
• 12 mos ended Oct 31 '24 3.698,670 1,871,512
464.838 1,406,674 Bal. of comp. ins. res.... Cr.607,586 Cr.656,734
'23 3,579,716 1,735.443
513.645 1,281,798 Appraisal (op. prop.)_Cr.20,427.671Cr20,428,310 Cr8.469,664
Market Street Ry
Oct '24
134,516
855,156 *210,832
76,316
Total surplus
533,727,183 $29,788,728 $9.222,680 $11,317,141
''23
874,685 *248,654
60,284
188,370
10 mos ended Oct 31 '24 8,211,525 *1,870,397
711,999 1,158.398
x
discovery areas brought in as producing territorY,
Appropriation
of
new
'23 8.058,026 *1,967,160
572,217 1,394,943 subsequent to March 1 1913,
less depletion accrued to Dec. 31 1923, the
values of such properties for the purposes of depletion having been agreed
d After deducting credit to reserve for depreciation.
upon
with
the
Natural Resources Division of the Internal Revenue Dept.
e Includes rentals.
* Includes other incomes.
CONSOLIDATED BALANCE SHEET (INCLUDING OWNED COS.)*
Sept.30'24. Dec.31 '23
Sept. 30 '24. Dec. 31 '23.
$
S
LiabilitiesAssets-$
$
*Oil lands.rights,
FINANCIAL REPORTS
Capital stock___ 94,264,200 90,000,000
gas and water
Subscriptions to
235,800
lines, Ate_ -__a109.076.957 108,935,949 capital stock_
Financial Reports.-An index to annual reports of steam Inv. In Mill, and
ndes 6,444,000 7.515,000
soeri
ytem
art6
g8e..b
controlled cos.
920,523
929,487 2
FOirs
railroads, street railway and miscellaneous companies which U.S.Govt.bonds
79:250044:000
000
A
have been published during the preceding month will be given
'
0°
& treas. Ws_ _ 5,500,000 3,500,000 Serial6s,Ser.B_ 59.0040;001
OIL &c.,invent_ 23,623,961 21,155,212 Purchase money,
on the last Saturday of each month. This index will not Mat'ls
et suppl's 4.971.869 4,997,806
die.. oblig'ns_ 1,091,433 1,520,402
include reports in the issue of the "Chronicle" in which it is Bills&accts.
rec- 7,664,436 7,457,829 Res've for taxes.
2,821,910 2,206.787
Ae.ate
published. The latest index will be found in the issue of Balance due on
5,338.323 4.733,657
sale of stock__
Payable
163,320
Nov.8. The next will appear in that of Nov. 29.
372.941
191,976.
Prepaid taxes &
Accrue
:d interest
29,788,728
33,727,183
insurance_ _ .. _
141.615
326,636 Surplus
•
Consumers' Gas Co. of Toronto.
Cash
5,642,583 5,141,478
Miscellaneous _ _
413.561
437,119
•
(76th Annual Report-Year Ended Sept. 30 1924.)
158,118,825 152,881,516
Total
158,118,825 152,881,516 Total
President A. W.
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Austin reports in substance:
The number of consumers supplied has been increased by 5,654 during
the year.
Although there has been a slight reduction in the cost of coal at the mines,
the present price of coal laid down at the works is still 75% above the prewar cost, whilst the price of gas oil and the rates for labor are 100% higher
than those prevailing prior to 1915.
The company's manufacturing plants, distribution system and equipment
have been maintained in good physical condition, there having been expended on repairs and renewals during the year the sum of $642.605.
The directors have deemad it necessary to reconstruct and extend the
coal gas manufacturing plant at Station "A." A portion of the present
plant of horizontal type retorts has been torn down, and will be replaced
with 8 settings of Glover-West vertical retorts capable of producing about
5,000.000 Cu. ft. of gas per day. Other plant, consisting of 2 exhausters,
6 multitubular condensers. 1 ammonia scrubber-washer, one set of 4 purifiers and 2 rotary station meters, will also be erected, partly for the accommodation of the new vertical generating plant and partly as a renewal of
worn-out equipment.
Alterations to the main floor of the head office building have been carried
out to provide much-needed additional accommodation for the public.
To meet the constantly increasing demand for gas and to insure a uniform
and adequate supply throughout the territory served by the company, a
comprehensive program of extensions to the trunk mains system has been
planned. While good progress has been made with these extensions during
the year, it is expected that it will take in all about three years to complete
the work. The new mains have been planned with .view to adopting a
medium high-pressure system of gas distribution, by which the company
Will be enabled to extend its area of supply into the more thickly populated
districts surrounding the city of Toronto, now without gas service.
In this connection also the company has acquired a suitable site in the
northwesterly section of the city for the location of a district gas-holder.
This site will also be useful as an additional place of storage for distribution
supplies and equipment.
The cost of the additions and Improvements to the plant and equipment
has entirely exhausted the proceeds of the last sale of capital stock, and
favorable arrangements have been made with the company's bankers for
such further funds as may be required in the meantime.
* Oil lands, rights and,leases does not include 324.765,212, representing
appreciation of new discovery areas brought in as producing territory subsequent to March 11913,less depletion accrued to Dec. 31 1923. the values
of which properties have not been agreed upon with the Natural Resources
Division of the Internal Revenue Department.
a Includes in 1924 oil lands rights and leasas, $95,053,021; on wells and
development, $20,859.796; pipe lines and storage systems, 316,126.240;
steamships, marine equipment, $13,716.134; refineries and absorption
Plants, $15,089,476; marketing stations, $20,231,554, less reserve for depreciation and depletion, 571,949.264.-V. 119. p. 1746. 1636.
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
•
Representatives of Twenty Brotherhoods Met Nor. 8 in Cleveland to Discuss
Homell-Barkley Bill Which Seeks to Abolish the U. S. RR. Labor Board.New York "Times" Nov. 8, p. 2..
Some Roads Repotted Seeking an Extension of Time for Installation of
Automatic Train Control.-I.-C. C. Commission ruled that at least one
section of each road must be provided with control system not later than
Jan. 11925. Some roads have practically completed required construction
but others will not be able to complete work on time. As I.-C. C.Comndssion can impose fine of $100 for each day over time limit, the roads are
planning a petition for extension of time. New York "Times" Nov.S. p. 22.
Surplus Cars.-Class I roads on Oct. 31 had 99,190 surplus freight ears
In good repair and immediately available for use although loading, of
revenue freight for that week amounted to 1,073,430 cars, according to
reports by the Car Service Division of the American Railway Association.
This was an increase of 5,037 cars over the number reported on Oct. 23.
at which time there were 94,153. Surplus coal cars in good repair on Oct.31
totaled 49,058. an increase of 2.582 over the number reported on Oct. 23.
while surplus box cars in good repair totaled 30,486, an increase of 2,951
within a week. Reports showed 7,131 surplus stock cars, a decrease o
2282
THE CHRONICLE
.
[Vor.. 119.
661 under the number reported on Oct. 23, while there was an increase
Chicago Rock Island & Pacific Ry.-Advance in Stock
during the same period of 12 in the number of surplus refrigerator cars,
Due to Improved Condition of Company'sPropertyand Business.
which brought the total for that class of equipment to 3.303.
Car Shortage.-Practically no car shortage is being reported.
Relative to the sharp advance in the company's stock, N. L. Amster,
Matters Covered in "Chronicle" Nov. 8.-(a) Loading of revenue freight a director, is emoted as saying:
again breaks all records, p. 2115. (b) Inter-State Commerce Commission
"As far as I know there have not been any open negotiations between
charges roads with excess costs-Commissioner Hall says Inter-State the Southern Pacific and Rock Island directors concerning consolidation
Commerce Commission is exceeding its jurisdiction, p. 2142. (c) Chairman of the two properties. The advance in Rock Island is, in my opinion,
Ball of Inter-State Commerce Commission says freight reductions from due entirely to the improved condition of the company's property and its
July 1922 to end of 1923 amount to 8800,000.000-Large part represents business.
decrease in live stock and agricultural freight charges, p. 2142. (d) R. S.
"September was one of the best months in the company's history, and
Binkerd reports investments of 21.600,000,000 by railroads in new cars October Is likely to be better. Cost of transportation has been perceptibly
and locomotives since 1921, p. 2143.
reduced and it now appears that Rock Island will make the best net showing
this year it has made in a decade. It is true that everybody is agreed
Arkansas & Memphis Ry. Bridge & Term. Co.-Bonds • that Southern Pacific-Rock Island consolidation, as proposed by the
The I.-S. C. Commission on Nov. 3 authorized the Chicago Rock Island I.-S. C. Commission, is the most logical of all proposed consolidations and
& Pacific Ry., the Missouri Pacific RR. and the St. Louis Southwestern that in the interests of the respective railroads and communities they
Ry. to sell $1,177,000 of Ark. & Memphis Ry., Bridge & Terminal Co. serve it should be put into effect at once: yet so far as I know the matter
1st Mtge. 5% gold bonds (total, $3,531.000) at NI and int. to Kuhn, Loeb has not yet come up before our board."-V. 119, p. 2063, 1509.
& Co. See offering in V. 119, p. 1508.
Chicago St. Paul Minneapolis & Omaha Ry.-Declares
Atlantic Coast Line RR.-Assumption of Obligation and Dividend of 5/
0 on. Preferred Shares.-The directors on
Liability by Atlantic Coast Line and Louisv. & Nashv. RRs.-- Dec. 11 declared a dividend of 5% on the 7% Non-Cumul.
Line
Coast
Atlantic
the
The I.-S. C. Commission on Nov. 1 authorized
RR. and the Louisville & Nashville RR. to assume, as joint lessees, obliga- Pref. stock, payable Dec. 31 to holders of record Dec. 1.
tion and liability in respect of the payment of interest or dividends on This dividend is in payment of the 1924 dividend,action on
$1.000.000 Carolina Cllnchfield & Ohio Ry. Equip. Trust certificates,
which was deferred at the June meeting of the board (see
Series "I."-V. 119, p. 941.
V. 118, p. 2947). A semi-annual dividend of 33% was
Baltimore & Ohio RR.-Listing.The New York Stock Exchange has authorized the listing of $35.000.000 paid on this issue on Feb. 20 1924, making total distributions
Ref. & Gen. Mtge. bonds, Series "C." 6%, due Dec. 111195. making the during 1924 8
118, p. 2944, 2947.
total principal amount of Ref. & Gen. Mtge. bonds applied for as follows:
$60,000,000 Series "A" bonds and $35,000,000 Series "C" bonds.-V.
Cin. Indianapolis & Western RR.-Upholds Contracts.
119, p. 2062. 1623.
The petitions filed by the road against the Indianapolis Union Ry.
asking that the plaintiff's contracts be rescinded with the Indianapolis
for use of its terminal facilities at Indianapolis were dismissed
company
The New York Stock Exchange has authorized the listing of $3,000,000
equity in an opinion given by Judge Hickenlooper in U.S.District
(authorized 235.000.000) additional Consolidated Mortgage 4%% bonds, for lack ofCincinnati.
In his opinion Judge Hickenlooper said that for two
due May 1 1957. making the total amount applied for $27,178,000 (see Court at
entering into the contract the plaintiff paid rentals under the
years
after
offering in V. 119, p. 941).
Ile held that, while the law provided relief for a mistake of
contract.
1924.
30
Income Account for Six Months Ending June
law or fact, proceedings to rescind must be begun immediately.
Revenue
58.070,082
The petitions were originally filed in the foreclosure suits of the Central
Expenses
7,159,877 Trust Co. and Equitable Trust Co., Now York, as trustees under mortgages
Railway tax accruals, $195,000: uncoil. ry. revenue, $737
195,737 against the Cincinnati Indianapolis & Western, and sought to have rescinded
contracts for use of terminal facilities. The railroad was to pay twoOperating income
$714,468 thirteenths of the fixed rental for its use of the terminal. The plaintiff
Non-operating income
551,081 alleged that when it purchased the property of the Cincinnati Indianapolis
its Western in 191-1 it agreed to only one contract regarding the use of the
Gross income
$1,265,550 terminal-("Electric Railway Journal").-V. 119, p. 1171.
Deductions for rentals, interest, &c
1.254.427
Buffalo Rochester & Pittsburgh Ry.-Listing-Earns.
Net income
Denver & Rio Grande Western RR.-Bonds.--
$11,123
The I.-S. C. Commission on Nov. 1 authorized the company to issue
Condensed General Balance Sheet June 30 1924.
$3.000,000 Ref. & Inapt. Mtge. 6% bonds. Series "A"; said bonds to be
sold at not less than par and int. The report of the Commission says in part:
LiabilitiesAssets"The applicant now proposes to issue the 53.000.000 of bonds. The
$66,943,643 Common stock
Total investments
$10,500,000
Series "A," will be dated Oct. 1 1924,
280,914 Preferred stock
Cash
6,000,000 pronosed bonds will be designated
bear int. at rate of 6% per annum, will be redeemable, in whole or in
will
debt
484,329 Long term
Demand loans and deposits-27,355,000
mature Oct. 1 1974.
290 Equipment trust obligations_ 6,722.600 part,on or after Oct. 1 1931 at 107% and int..and willof
Loans and bills receivablethe Denver & Rio
"Under the terms of the plan of reorganization
909,645 U.S.Government loan
Accounts receivable
1,000,000
Pacific RR. Corp.
Western
the
modified,
as
system,
RR.
Western
2,057,937 Non-negole debt to aftII. cos_
Material and supplies
7,447 Grande
have agreed to purchase up to 63.000.000 of
4,652 Loans and bills payable
Working fund advances
1,000,000 and the Missouri Pacific RR.
It is the puramounts.
equal
in
bonds
Mtge.
'mot.
&
Ref.
applicant's
32,981 Audited accts.& wages payle
N. Y.State Ind. Comm. Fd.
679.207
the proposed bonds to those carriers at 95 and
36,032 Miscellaneous accts. payableRents & ins. prem paid in adv.
222,119 pose of the applicant to sell cost
the applicant will be
to
proceeds
the
of
the
basis
which
upon
bit.,
Unmatured
225,432
interest
debits__
unadjusted
accrued.
Other
355,009
their sale at par and
Unmatured rents accrued...
159,072 approximately 6.30% per annum. We will authorize
Deferred liabilities
17,673 int.-V. 119, p. 1843. 941.
Unadjusted credits
8,362,363
Indianapolis Union Ry.-Contracts Upheld.Appropriated surplus
4,717,849
See Cincinnati Indianapolis & Western RR.-V. 117, p. 2212.
$70,975,856 Profit and loss
Total (each side)
3,857,516
-V. 119, p. 1623, 1063.
• International Rye. of Central America.-Listing,
has authorized the listing of $1,000,000
Canadian Pacific Ry.-New Financing Contemplated.- The New York Stock Exchange
A Toronto dispatch states: "Canadian Pacific refunding financing of (auth. E6,000,000 or its equivalent In U. S. gold and other1 currencies)
1912. due
about $30,000.000 Is likely to go to a Canadian syndicate, comprising 1st Mtge. 60-Year 5% gold bonds, Series "13, dated May
on official notice
Wood, Gundy & Co., Dominion Securities Corp.. A. E. Ames & Co., May 11972. with authority to add to the list $1.099.000
public: and with further authority to add to
National City Co.. Ltd.. and several of the chartered banks. The issue of sale and distribution to theon
official notice of issuance in exchange for
will in part refund the $52.000.000 10-year certificate issue of Sept. 1914, the list 5100.000 additional,of the
same issue, making the total amount
which was taken up before maturity. It is likely to be a 10-year 4%% outstanding sterling bonds
$2.100,000.
for
applied
by
directly
funds
in
coming
secured
time
from
of
sales
Issue
land and advances made to farmers, plus an unconditional guarantee from the comConsolidated Income Account Six Months Ended June 30 1924.
pany. It may be payable in Canada, London and New York, certain syn- Operating income
52.619.850
dicate members favoring alternative payments."
1.327,580
expenses
Operating
Ross H. McMaster has been elected a director to succeed the late Lord Railway tax accruals
68,546
a
is
McMaster
Mr.
Vice-President
of the Steel Co. of CanShaughnessy.
ada, Ltd.-V. 119. p. 1394.
$1,223.724
income
operating
Railway
53.469
Net Income from miscellaneous operation
Carolina Clinchfield & Ohio RR.-Assumption of Ctfs. Non-operating
15.000
income
See Atlantic Coast Line RR. above.-V. 119, p. 2063, 1952.
$1.292.193
Gross income
Chesapeake & Ohio Ry.-Listing--Earnings.$272.566
-Interest on bonds
The New York Stock Exchange has authorized the listing of 2142,000 Deduct
126.842
Interest on dividend notes
additional 1st Comet. Mtge. 5% 50-Year gold bonds, making the total
3,752
bonds
on
discount
of
Amortization
amount applied for $30,000.000 [total authorized issue).
46
Income applicable to Occidental RR. minority interest
Account
Six
Income
Months
Ending June 30 1924.
General
29.333
Sinking Fund reserve
250.000
$43,515,493
revenue
Preferred dividends
Freight
5.285.317 •
Passenger revenue
$609.652
438,520
Balance to credit
Mail revenue
571.919
Express revenue
Consolidated Balance Sheet as at June 30 1924.
1,396.636
Miscellaneous revenue
LiabilitiesAssets230,000,000
.$58,698,114 Common stock
$51,207.884 Investment in road & equip_
Railway operating revenues
10,000,000
148,218 Preferred stock
$6.969.242 Govt. of Salvador gold bonds
Maintenance of way and structures
4,126,856
936,785
grants
&a_
devel.,
&
Government
expl.
for
Invest,
13.402.006
Maintenance of equipment
14,613,844
82,063
term
Long
fund
Sinking
debt
Traffic ------------------------------------------------- -- 581,739 Current assets
937,719
2,528,690 Current liabilities
.396.294
Transportation
587,332
269.296 Deferred liabilities
Ln
213.483 Equity in underw.ot
Miscellaneous operations
4,099.974
2,628,280 Unadjusted credits
1,239.772 Deferred assets
General
82.063
721,233
reserve
fund
Sinking
debits
Unadjusted
(Cr.)
26.709
Transportation for investment
1,564,891
Profit and loss account
512,432,058
Net revenues
666,012,881
266,012,681
Total
Total
1,709.936
Other income (balance)
-V. 119. p. 1844. 1281.
$14.141.994
Gross Income
Lehigh Valley Harbor Terminal Ry.-Listing.7,825.648
Deduct: Fixed charges, $5.582,398; taxes, $2,243,250
The New York Stock Exchange has authorized the listing of $10,000,00()
Mtm. Guaranteed bonds. "Series due °x4." bearing interest at the
let
26,316,346
Net income
rate of 5% per annum. Authorized, $30,000.000. PrIncinal and interest
Consolidated General Balance Sheet (Condensed) June 30 1924.
of this series is guaranteed by the Lehigh Valley RR.-V. 118, p. 202,664.
[Excl. aka.and bds.owned of C.ec 0. Ry.of Ind. and C.& 0.Equip. Corp.i
Louisville & Nashville RR.-Joint
LiabilitiesAssetsSee Atlantic Coast Line RR. above.-V. 119, P. 1733, 1395.
$77,988,625
5324,098,906 Capital stock
Road and equipment
256.581,524
Secur.-aff11. cos.-pledged 17,504.667 Funded debttrusts
Minarets & Western Ry.-Operation of Lines.29,469,800
&cur.Iss. or aesum.-pledg. 67.329,000 Equipment
The I.-S. C. Commission on Oct. 31 issued a certificate authorizing the
2,860,737
385,000 Loans and bills payable
Other investments pledged.
_
pay-rolls_
operation
&
vouchers
in Inter-State commerce of two lines of railroad, one extending
7,575,773
Aud.
9.605,973
Miscellaneous investments_
a point near Crane Valley
5,093,618 Matured int. & dive. unpaid 2,099,074 from Friant. Fresno County, northeasterly to and
Cash In treasury
the other from Pinedale
1,075,248 Dam,Madera County,a distance of 39.3 miles,
2.162,279 Sundry other accounts
Cash to pay int. and divs_
to Pinedale in said county,
direction
westerly
rents._
a
In
and
Junction,
County.
int.
Fresno
Unmatured
100,750
Loans and bills receivable
The two lines will be
California.
of
State
3,593,644 a distance of 4.6 miles. all in the
7.839,621 Taxes accrued
Various other accts. receiv
line and the Pinedale line.
8,979,087 Accrued deprec.-equipml. 16,527,332 designated herein, respectively, as the Friant
Materials and supplies
of these lines was
operation
the
from
(timings
Permission
den
excess
retain
4,607,527
to
&cur. in treas. unpledged- _ 13,774,627 Sundry accounts
47.374
7,606.000 U. S. Govt. accounts
Deferred assets
25.664.202
Appropriated surplus
The report of the Commission says in part:
33,349,034
$464,479,530 Profit and loss balance
Total (each side)
The applicant was incorporated In California March 19 1921. The
-V. 119, p. 1623. 1171.
Friant line connects at Friant with the northern terminus of the Clovis
branch of the Southern Pacific Co.'s road,and at a point near Crane Valley
Chicago & North Western Ry.-Dividends.Pine Lumber Co. The Pinedale line
The directors have declared the regular Wird-annual dividends of 2% Dam with a logging road of the SugarPinedale
Junction 9.2 miles south of
with the Clovis branch at
connects
payable
both
stock,
on the Common stock and 3%% on the Preferred
under a trackage rights agreement
operating
Dec. 31 to holders of record Dec. 1. These dividends represent payments Friant. The applicantis now
Junction.
ordinarily made in January so as to bring the payment within the calendar over the Southern Pacific between Friant and Pinedale
The linos ViCre constructed primarily to serve the lumber company which
year. Similar amounts were paid July 15 last (see V. 118, p. 2946).
See also Chicago St. Paul Minneapolls,&„Omaha Ry. below.-V. 119. owns about 750,000.000 ft. of timber, and has Government contracts for
approximately two billion feet. This timber is near the northern terminus
a. 1842.
Nov. 15 1924.)
2283
THE CHRONICLE
Myron C. Taylor has been elected a director to succeed the late James B.
of the Friant line. The applicant has erected and is now operating a large
mill at Pinedale. The logs are brought down over the Friant line to Friant, Forgan. Mr. Taylor is a director of the First National Bank of New York.
thence over the Southern Pacific's line to Pinedale Junction. thence over the -V. 119. p. 75.
Pinedale line to the applicant's mill. Here they are converted into finished
Pennsylvania RR.-Obituary.lumber which is hauled back over the Pinedale line to Pinedale Junction,
C. Stuart Patterson, a director, died Nov. 8 at Chestnut Hill, Pa.
where it is delivered to the Southern Pacific. The chief source of the appli-V.
119. p. 2064, 1953.
cant's traffic will be the lumber company's business.
The applicant has heretofore issued and sold for cash, at par, $50,000
Antonio & Aransas Pass Ry.-Notes.San
mtge.
6%
first
$2,500,000
at
97.
for
cash
stock. It has also issued and sold
The I.-S. C. Commission on Nov. 3 authorized the company to issue
serial gold bonds. These bonds are dated Nov. 1 1922, will mature in
promissory notes in connection with the procurement of five
$60,000
of
and
are
due
Nov.
11926.
being
series
first
annually,
the
$200,000
series of
a lien upon all the applicant's property and assets except cash, accounts and passenger locomotives.-V. 114. p. 1892.
bills receivable, traffic and other operating balances, and other cash items.
Washington Brandywine & Point Lookout RR.
They are guaranteed as to payment of both principal and interest by the
The I.-S. C. Commission on Nov. 5 authorized the company to issue a
lumber company under an agreement deposited with the trustee of the
procurement of a locomortgage securing them,and are now pledged as collateral for an equivalent promissory note for $5.500 in connection with the
amount of the lumber company's 6% serial coupon guaranteed gold notes motive.-V. 119, p. 1845.
dated May 1 1923, and maturing in specified amounts on May 1 in each of
the years 1926 to 1928, inclusive.
PUBLIC UTILITIES.
Missouri Pacific RR.-Equip. Notes Offered.-Bank of
North America & Trust Co., 131uladelphia, is offering $600,000 6% Equip. Gold notes (stamped subordinate in lien)
due $100,000 each Jan. 15 1929 to 1935, both inclusive, at
prices ranging from 5.40% to 5.65%, according to maturity.
Malden (Mass.) Refuses Petition for Six-Cent Fare.-General Manager
Dana of Boston Elevated, on behalf of the trustees, presented a petition
to Malden City Council Tuesday asking the right to raise fares in that
city from five to six cents without a transfer and to ten cents with transfer,
in accordance with the new seiedule established on other parts of the
system. The petition was unanimously refused. "Boston News Bureau"
Nov. 13.
The notes. dated Jan. 15 1920, are the direct obligation of the company.
Employees of Havana (Cuba) Electric Railway. Light & Power Co. Strike
being part of the series originally issued in the total amount of $10.401.000. Without Warning.-Union leaders announc d that the strike would last for
under agreements between Director-General of Railroads, company and the 24 hours as a protest against the suspension of six employees, charged with
Guaranty Trust Co., New York, trustee. Through supplemental agree- minor infractions of rules. The strike, which affects about 2,000 emments 33 1-3% of the notes of each maturity originally issued are stamped ployees, came entirely without warning to the public. New York "Times"
as subordinate in lien to the other 66 2-3% of the notes. Four maturities Nov. 9, Sec. 1, p. 26.
of both subordinated and unstamwd notes, having now been paid. the total
All America Cables, Inc.-Meeting Adjourned.of the subordinated and unstamp-d notes now outstanding is equivalent to
about 73% of the total original cost of the following equipment: 3,000 steel
The stockholders' meeting called for Nov. 6 to consider the purchase
gondola cars: 250 double-sheathed box cars 7 light mountain locomotives. of the Antilles system of the French Cable Co. has been adjourned to a
and 25 light Mikado locomotives.-V. 119. p. 2064.
later date.-V. 119. P. 1397.
Mobile & Ohio RR.-Rouipment Trusts.'The I.-S. C. Commission on Nov. 1 authorized the company to assume
obligation and liability in respect of $1.650.000 41i% Equip. Trust CertifiIN."said certificates to be sold at not less than 9614 and dies. to
cates. Series'
Clark, Dodge & Co.. in connection with the procurement of certain equipment. See offering in V. 119. p. 1844.
New Orleans Texas & Mexico Ry.-Listing.The New York Stock Exehan.33 has authori.erl the listing of an additional
$2,784.000 1st Mtge. 54i% Goll bells, Series "A," die April 1 1954,
making the total alined for: Steles "4." bTlls $10.518,033; and Series
.939, bonds, $13,500.000.-V. 119, P. 2064, 1952.
Norfolk & Western Ry.-Listing.-The New York Stock Exchange has authorized the listing of $166,000
additional 1st Consol. Mtge. 4% Gold bonds due Oct. 1 1996 (aufherized
issue $62,500,000). making the total amount applied for $41,066,500.
The purpose of this issue of $666,000 bonds is to reimburse the treasury
for a payment of $600,000 Columbus Connecting & Terminal RR. 1st
Mtge. 5% bonds, which were paid at maturity Jan. 1 1922 and have been
cremated.
Income Account-Seven Months Ended July 31 1924.
Net ry. oper. revenues_ -$11,941.779
Operating Revenues$44,992,30r Railway tax accruals- --- 4,425,000
Freight
5.052
Passenger, mail & express 6,491,443 Uncollectible ry. revs__
Other transportation_
326,828
By. oper. income---- $7.511.727
& joint facility_
623,941
Eouipment rents (net).... $835,285
109.283
Ry. oper. revenues--$52.434.517 Joint facility rents (net)_
Operating ExpensesNet ry. oper. income__ $8,456,2e5
Maint. of way & struc-- $8,539.527
544.682
Maint. of equipment-13.018.538 0th. inc. items (balance)
Traffic
598.523
$9,000,977
Gross income
Transportation, rail line_ 17,101.004
2,945,004
Miscell. operations
165,896 Int. on funded debt
General
1,176.993 Propor. of div. on Adj.
536,487
Transp. for invest.-Cr_
Pref. stock
107,744
Ry. oper. expenses---$40.492.738
Income balance
$5,519,486
Condensed General Balance Sheet as of July 31 1924.
Assets.
Liabilities.
inv. in road & equip--3356,720,685 Adjust. Prof. stock_ _ _ _ $22,992,300
Dee. in lieu of mtged.
Common stock
132,002,400
property sold
10,185 Mortgage bonds
82,622.500
Miscell. physical prop
3.851,837 Convertible bonds
9.162,200
affil.
companies_
Inv. In
6,621.773 Equipment obligations_ 24,454,000
Other investments
11.524.382 Aud. accts.& wages pay
3,615,673
Cash
3,813.665 Miscell. accts. payable..
200.426
Loans & bills receivable
157,300 Int. matured unpaid......54.858
Divs. matured unpaid ._
Net balances rec. from
7.381
690,391 Fund,debt mat'd unpd_
agents .!‘ conductors_
6.000
Macon. accts. roc
2,872.703 Unmat'd diva declared..
229,923
Materials & supplies
13,989,280 Unmat'd int. accrued
1,426.761
Int.& diva. receivable
25,332 Sec. for reflief & pension
Other current assets.._
7,942
account
641,000
Working fund advances
9,156 Joint Purchase Money
Joint Purch. Money
Mtge. bonds
14,495,000
Mtge. bonds
14,495,000 Other accounts
254.988
Securities held in trust_
641.000 Tax liability
5,031,168
10,000 Ins. & casualty reserve..
Other deferred assets_ _ _
576.698
Unadjusted debtis
1,597.926 Accr. deprec.-road
10,391,646
Accr. deprec.--equip
23,049,931
Aecr. deprec.-miscel-441,305
Other unadj. credits_
56,468
Addns. to prop. thr.Inc.
& surplus,road
20,091,792
Addns. to prop. thy. inc.
& surplus, equipment 23,305,026
Total (each side)- - 4417,038,558 Profit and loss
41.929,112
--sr. 119, P. 2064.
New York Central Lines.-Equipment Trusts Ready.-
The Guaranty Trust Co.. 140 Broadway. N. Y. City, is now prepared
to deliver definitive 5% Equipment Trust certificates in exchange for the
temporary certificates outstanding under New York Central Lines Equipment Trust of 1924.-V. 119. p. 1733.
New York Central RR.-Bonds Offered.-First National
Bank and Harris, Forbes & Co., are offering at 92 and interest a block of $1,750,000 New York Central & Hudson River
RR. gold 4% bonds, due Jan. 11942. This offering does
not represent new financing in behalf of the company.
Legal investment for savings banks in New York, New Jersey, Massachusetts and Connecticut.
Decision-New Director.-
American Gas Co.-New Subsidiory.-
See Central Iowa Power & Light Co. bslow.-V. 119. p. 944.
American Light & Tracti3n Co. (and Subs.).-Earns.
-Quar.Ended Sept.30- -12Mos.End.Sept.301924.
1923.
(a) Subsidiary Cos.• 1923.
1924.
Operating revenue
$7,849,222 $7,'466.576 $32,309.478 $30.685.796
Operating expense
4.712.397 4.712.364 20.010.001 19.756.315
782.042 3.420.047
3.138.081
Taxes
838.242
288.679
1.245.368
Reserved for retirements
1.170.923
294.532
Net operating income_ $2,004.052 $1,563.490 $7,614.062 $6,620,477
12.059
43.681
Non-operating income
14.632
65.525
Gross income
$2.018.684 $1.575.549 $7 657,744 56,686,002
714.442 3.091.095
2.777.490
Interest deductions
828.375
25.941
101.816
Amort. of bond discount
127.551
26.580
16.859
6.630
20.997
Miscell. deductions
4,961
Cr.3,139 Dr.430,039 Cr.107.6641
Surplus & reserve adjust. Dr.344,268
218,0016
304,311
Preferred dividends......
59.689
87,437
Amount applicable to
33.173
39.134
minority interests_ _-8,976
7,889
Balance applicable to
Amer.Lt.& Tr. Co. $719.173
5763.011 53.680,449 $3,610,49t1
(b) American Light & Traction Co.
Earnings on stocks of
subsidiary cos.owned- $719.173
$763.011 5.3,680.450 $3.610,492
Miscellaneous earnings_
969,533
220.504
1.077.855
283,565
Gross earnings
Taxes
Expense
Int. & disc. on 6% notes
31,002.738
30.000
49,700
30.153
5983.515 54.758.305 34,580.025
37.500
82.500
127.500
42,730
236,632
235,292
75.153
225.611
315.611
Balance
$892.885
$828.132 $4,168,562 $3,946.622
Surplus and reserve at
beginning of period_ ..- 11,468.150 10.683,092 10,690.925 9.990.539
Total surp. & reserve312,361.036 311.511.224 514.859.487 513.937.161
Preferred dividends--$213,543
5854.172
$854,172
$213,543
Common divs.--Cash__
315,719
1.196.032
303,378
1,244.630
Stock
1.196,032
315.719
1,244.630
303.378
Surp.& res. Sept.30_311.516.055 510.690.925 511,516.055 510.690.925
Gas sales(cu.ft.)
6.943.111,5006186.682.00028731521700260l8175400
Electric sales (k.w.h.)-_ 36.172,481 33,372.305 144.787.619 135.342,413
Revenue passengers..--- 7,405.441
7,420.255 30,236,395 29,842,613
Condensed Balance Sheet,
Sept.30.24. June30'24,
Sept.30'24. June3014.
Assets$
$
3
Investment acet__35,914.628 35,914,628 Preferred stock.... _14.236.200 14,236,200
Temporary invest.. 2,207,989 2,201,642 Common stock_ _ _31,560.600 31,259,200
Earnings, sub. cos.11,381,153 11,073,172 Warrants
190,140
178,835
131115 receivable._ _10,933,349 10,556,033 Miscellaneous
33.796
14.026
Accts.receivable_ - 197.670
217,877 Accrued taxes_ _ _ 374,944
363,203
Miscellaneous ___36,527
25,168 Coupons payableNote discount_ 657,495
70,357
98,022
100,509 subsidiary cos
Int.& diva. receiv.
767.546
23,512
29,873 Dividends accrued 773.574
Bub.cos.coup.Ide.
98.022
657,495 Contingent reserve 3,791.156 3.452.465
Cash
1,711,281 1,620.720 Surplus & reserve_11,516,055 11.468.150
Total
62,574.487 62.397,121
-V. 119, p. 2177. 1736.
Total
62,574,487 62,397,121
American Power & Light Co.-Stock Dividend.The directors have declared a dividend of 1-50 of a share of stock in
addition to a regular quarterly cash dividend of 25c. per share on the
Common stock, both payable Dec. 1 to holders of record Nov. 18.
The Common stock was recently split into no par Common shares at
the rate of 10 for 1. On the old Common stock, the company during 1923
and up to and including Sept. 1 1924, paid quarterly cash dividends of
24%, and in addition on June 1 and Dec. 1 1923 and June 2 1924 paid
stock dividends of 2% each.
Acquires Control of Three Additional Florida Properties.The company announces the purchase in its Interests of the Miami
Electric Light & Power Co.. the Miami Water Co. and the Daytona Public
Service Co.
Earlier in the year there were bought in the interests of the American
Power & Light Co. the gas property in Miami and the electric power and
light and electric railway properties in Miami Beach. More recently the
American Power & Light Co. has obtained control of the Southern Utilities
Co. through the exchange of its Preferred stock for the Common stock of
the Southern Utilities Co. (see V. 119. p. 1635).
Including the companies recently purchased, the American Power &
Light Co. will control companies operating in 30 cities and towns in Florida
having present annual gross earnings of approximately $5.500.000.
Electric power and light service is supplied to all of the communities
with the exception of two. Among the most important cities served with
one or more classes of service are Miami, Miami Beach. Palm Beach.
West Palm Beach, Daytona, St. Augustine, Sanford, Arcadia, Ft. Myers
and Palatka.
Supreme Court Justice Wasservogel signed an order Oct. 27 upholding
the chief defense of the company in a suit of Ida Small, a bondholder, to
compel the company to pay 1124.000 of bonds held by her, which are not
due until 1998. on the ground that the company had violated the terms of
the bond by consolidating a number of its subsidiaries. The Court denied
her application to strike out the answer in its entirety, although deciding
in her favor as to allegations that she sued too late, and did not make any
protest against the consolidation before bringing her action.
Also Acquires Control of Central Arizona Light & Power Co.
The plaintiff's suit, in which other holders of 356% bonds, secured
The American Power & Light Co. makes the further
that
by the stock of the Lake Shore & Michigan RR.as collaterat were interested, it has acquired control of the Central Arizona Light & announcement
Power Co.. serving
alleged that the bonds were secured by a mortgage of $50,000,000. The with electric power and light and gas Phoenix. Ariz., and adjoining
territory,
asserted
that
as
a
result
of the consolidation of the New York
complaint
During the present year American Power & Light Co. has also largely'
Central subsidiaries the value of various stocks was destroyed to the extended its interests in Minnesota and Texas through the
acquisition of
extent of 3226.446.000 when these stocks were cancelled, and for that additional properties by the Minnesota Power & Light Co. and
the 'Texas
reason the bonds are not protected as provided by the terms of the mortgage. Power & Light Co. and the Texas Public Utilities CO.
She alleged that instead of having a first lien on the Lake Shore property
The properties in which the American Power & Light Co.is
now
may
cointmmeresunited
her bonds are now subject to two prior mortgages.
operated in widely separated parts of the country, serving
22$.4
= ,• • [Yor... 119.
:CHRONICLE
tiles having widely varying climatic conditions and diversified agricultural.
commercial and manufacturing interests. They serve a total of 440 communities located In the following 11 States: Oregon, Washington, Idaho,
Kansas, Nebraska, Iowa, Minnesota, Wisconsin, Arizona. Texas and
Florida. Among the most important cities served by the operating companies are Portland, Ore.; Yakima and 'Walla Walla, Wash.; Lewiston, Ida.:
Wichita and Pittsburg, Nan.: Omaha, Neb.: Council Bluffs, Iowa; Duluth.
Mimi.: Superior, Wis.: Phoenix, Ariz.: Fort Worth, El Paso. Galveston,
Wichita Falls and Waco, Tex.: and Miami, Miami Beach, Daytona, St.
Augustine, Palatka and Sanford, Fla. The total population served is
.estimated at 2.300.000.
The operating companies served a total of more than 460.000 customers,
of whom about 300,000 are served with electric power and light. The
present total annual gross earnings of the operating companies are in excess
of $40,000.000.-V. 119. p. 1956.
American Telephone & Telegraph Co.-SomeInformation about Bell Telephone System-Total Investment of System
Over $2,500,000,000-Listing.About one-third of the investment of the Bell Telephone System comes
from stock sold at par, about a third from money borrowed on long-term
debentures or mortgage bonds and the remainder from surplus and reserves,
according to an analysis by W.S. Gifford. V.-Pres. of the A. T. & T. Co.
This analysis, made public in the current issue of the "Bell Telephone
Quarterly," explains how, with the relatively small earnings on the investment, the company is able to pay 9% dividends on its stock. The
total investment of the system is over 32,500,000.000.
On the third of the investment which comes from borrowed money, the
company pays 5 to 534% and on the surplus and reserves it naturally pays
nothing, according to Mr. Clifford's analysis. If, therefore, the company
earns 5% on its entire property, it earns about 10% on its stock. To pay
9% dividends with a margin the company does not have to earn 10 or 11%
on its investment, but because of its conservative financial set-up, considerably less than 9% on the property devoted to public service.
Vi,•e-Pre-lident Gifford says in part.:
This year we are building plant that will cost $360.000.000. Some
of this is for reconstruction, for replacing equipment worn out or inadequate to serve the needs, but our net construction program this year will
Involve about 285,000.000. We add about seven to eight hundred thousand
telephones a year, net, to our system.
It means something like $200.000,000 of new money every year brought
in from investors, large and small, in order to take care of the annual
capital requirements of the business. The balance of the program is met
by moneys obtained from earningsan the shape of depreciation reserves,
which take care of the replacement end of the construction budget, and
from surplus earnings or undivided profits. Because, for 40 odd years,
the Bell System has never paid out all that it has earned In dividends,
because it has conservatively put a small amount each year (a considerable
amount over 40years) back into its properties, we are in the fortunate
state of being able to keep telephone rates down to a relatively low level
and still earn enough to enable us to raise this large sum of money annually,
to continue to extend and keep up our business and furnish service to
those who want it.
The stock of the A. T. & T. Co. is widely owned. Nobody owns as
much as 1% of it. No particular group of persons in New York or elsewhere owns or controls the company. The company has over 340.000
stockholders. Associated companies have some 200.000 stockholders.
In addition, there are many hundreds of millions of bonds and debentures
owned by several hundred thousand individuals and corporations. The
business is one which may be said to be publicly owned. Therefore, we
have this picture: An American institution, grown up under American
laws, plans and Ideals, rendering a nation-wide service, publicly owned,
publicly regulated, and ririvately operated.
We are regulated, and on the whole, we have no complaint whatever, to
make with our regulation. We have always welcomed regulation. We
favor it. We recognize the necessity for it, but we believe that, in some
respects, like everything else, it can be improved: and we also believe
It will be.
The London Stock Exchange has granted an official quotation to $125,523.800 additional capital stock, par $100, making the total amount listed
$881,471,100 capital stock.
Company owns and operates a modern electric generating station situated
about ono
-third of'a mile from the centre of the business district of Little
Rock, on the south bank of the Arkansas River. The total installed generating capacity is 19,900k. w. By means of 27 miles of high-tension transmission and 151 miles of distributing lines, 14,453 customers, with a connected load of 33,040 k. w., are served.
The street railway system includes 15 miles of double track and 12 miles
of single track, equivalent to a total of 42 miles of single track. Practically
all of the double track and a substantial part of the single track is laid in
paved streets and heavy rail has been used exclusively.
Capitalization Outstanding in the Hands of the Public as of Aug. 31 1924.
10.000 shs.
Preferred stock (no par value)
150,000 abs.
Common stock (no par value)
x$2,075,500
Underlying bonds (mortgages closed)
y 1st Lien & Ref. Mtge. Gold bonds,8% Series due April 1 1948 3.500.000
x In addition, 32,458.000 of these underlying bonds are pledged as additional security for the First Lien & Refunding Mortgage Gold bonds and
$466.500 are held alive in sinking funds.
y Additional issues limited by the conservative restrictions of the mtge.
Comparative Earnings Statement-12 Months EndedAug.31 '24. Dec. 31 '23. Dec. 31 '22.
Gross earnings from operation
$2.137,711 $2,057.458 $1,951,643
1.258.660
1.332.744
1.302,569
Operating expenses and taxes
Net earnings
Other income
$835.142
7.723
$724,714
7,502
$692,983
21,334
Total income
Total interest charges
3842.865
301.748
$732,216
276.658
$714,317
261.127
Bal. for diva., renewals and re3453,190
placements, and surplus
3455,558
$541,117
After all charges, incl. renewals and
replacements, the balance available
per share of Prof. stock outstanding
$s$1h69a.troe
at the end of each period was
• $29.07
$35.81
&
eq
per share
Dividend requirement
O
Supervision.-Operation is supervised by the Electric Bond
Co.-V. 118, p. 3194.
Associated Gas & Electric Co.-Stock Increased.-
The stockholders on Nov. S increased the authorized capital stock
from 260,000 shares (150.000 shares of Pref. no par value and 110.000
shares of Common, no par value), to 350.000 shares of no par value, to
consist of 200.000 shares of Pref. and 150.000 shares of Common stock.V. 119, p. 2177.
Bangor Ry. & Electric Co.-Fare Increase Authorized.The Maine P. U. Commission on Nov. 1 authorized the company to
increase its fares on all lines from 7 to 10c.-V. 119. p. 1281.
d
Brooklyn Edison Co., Inc.-Acquires Electric Propertie
of Flatbush Gas Co.The New York P. S. Commission has approved the purchase from the
Brooklyn Union Gas Co. of the franchises and electrical business of the
Flatbush Gas Co. In the 29th Ward, including its distribution system but
excluding its old operating plant. The purchase involves a consideration
of 34.200.000 plus expenditures for additions to distributing facilities
made since Jan. 1 1924.
The property acquired covers distributing facilities to about 40,000 consumers in that part of Flatbush which is In the 29th Ward. Originally
It was Intended to sell also the Flatbush company's electrical conduit
running through Ocean Parkway,from Foster Ave. to the Atlantic Ocean,
but delay by the city authorities In approving the transfer of the franchise
caused a splitting of the property into two parcels. The sale of this conduit
probably will be arranged later.-V. 119. p. 2177.
Brooklyn Union Gas Co.-Sqle of Flatbush Gas Co.
Electric Properties to Brooklyn Edison Co.,
See Brooklyn Edison Co., Inc., above.-17. 119, p. 1737.
Broad River Power Co.-Pref. Stock Vd.---West &
Review of Last Stock Issue.-Reviewing the 1924 stock Co.
Pynchon & Co. and Jackson & Curtis h vo sold at
issue, H. Blair-Smith, Treasurer, says in part:
93 and div., to yield about 7.48%, $1,250,000 7% Cumul.
The company on May 20 1924 offered for subscription now stock to its
stockholders of record on June 10 1924 in the proportion of one share for Pref. (a. & d.) stock.
each five shares then held. Thus determined, the stockholders had tho
right to subscribe for 1,511,575 shares of a par value of $151,157,500. It
was the 22d offer so made by the company and its predecessors. The
number of subscribers was 30,000 more than the total number of stockholders in any other corporation.
As usual a small percentage of the stockholders failed to exercise their
rights to sell them, the amount of stock remaining unsubscribed being
slightly over 1% and the number of stockholders thus affected probably 4,000.
Facilities for the purchase and sale of rights were established for the first
time in a large number of offices throughout the United States during this
issue, and in all there were 52.000 transactions effected by the Bell Telephone Securities Co. in Now York and through the associated companies
at their business offices in those States where stock sales campaigns were
being conducted by the securities company.
It is interesting to note the confidence which the stockholders showed
towards the company, numerous checks being received which were blank
as to the amounts,accompanied by letters requesting that the proper figures
be filled in in order to put through their subscriptions. And there were
many other cases in which the character of the stockholders' communications placed the matter of making their subscriptions entirely in the hands
of the company.
Of the 193,000 subscriptions 140.000 were made under the full payment
plan and 53.000 under the installment plan. The average subscription
under the former was 8.7 shares, under the latter 5.1 shares, making the
average for all 7.7 shares. 55% of the 316.000 stockholders of June 10
subscribed for additional stock and the shares taken by them were 86%
balance of 14% having been taken
of the total amount subscribed, the
by 18.000 investors who did not at the time own any stock. The average
number of shares now outstanding is 26 per stockholder.
On the record date. June 10, men represented 42% of the total stockwho paid in full, men were
holders and women 53%. Of the subscribers
in full for an average of 8.2 shares each,
45% and women 51%. Men paid
4.65
of
average
shares each.
an
for
full
in
paid
women
while
The capital stock of the Bell System now outstanding in the hands of
the public including the shares of this NSW,subscribed for under the partial
payment plan but not yet fully paid Is 59% of all capital obligations and
-V. 119, p. 1956.
Interest-bearing securities 41%.
As provided in the Federal income tax law of 1924, dividends are exempt
from normal Federal income tax. They are also exempt from all Federal
income taxes when received by an Individual whose net income, after all
allowable deductions, does not exceed $10,000. Dividends are not subject
to Federal income tax when received by a domestic corporation. Massachusetts income tax and Pennsylvania personal property tax refunded.
Callable at 110 and divs. Dividends payable Q.-F. Seaboard National
Bank, New York, transfer agent; Chase National Bank, New York, registrar.
Data from Letter of President W. S. Barstow, Nov. 10.
Company.-Organized in July 1924 In South Carolina to acquire the entire
outstanding Common and Preferred stock of the Columbia Ry., Gas &
Electric Co., which latter company owns or controls all the outstanding
Common stock of Parr Shoals Power Co. and Columbia Gas Light Co.
In pursuance of this plan company will now take over substantially all of
such Preferred and Common stock of the Columbia Ry., Gas Sc Electric Co.
and of the Preferred stock of Parr Shoals Power Co. It is intended that the
company will effect the transfer to its,ff of all the physical properties, franchises and other assets of Columbia Ry., Gas & Electric Co.. Parr Shoals
Power Co.and Columbia Gas Light Co.(except that the street railway properties may be held in a separate ownership) after expected authorization by
the Legislature of the State of South Carolina at its next session, in Jan.
1925.
In contemplation of Its acquisition of the electric and gas properties and
other assets of Columbia Ry., Gas & Electric Co. and its subsidiaries,
Broad River Power Co. has commenced the construction of a now steam
power plant at a site on the Broad River near the present hydro-electric
plant of Parr Shoals Power Co.
It is estimated that the total population which will be served in the Columbia district is about 100,000. By building the 70-mile transmission line
from the new plant at Parr Shoals to the Spartanburg district, the company
will obtain a very considerable amount of desirable power business which
Is not now secured. The Spartanburg district has an estimated population of about 75.000.
The electric properties which company will control and operate include,
in addition to the new steam power plant, 2 hydro-electric power plants and
a steam power plant. The hydro-electric properties consist of the modern
plant of Parr Shoals Power Co. and the plant now owned by Columbia
of these plants
RV.. Gas & Electric Co. The present Installed capacity
Arkansas Central Power Co.-Pref. Stock Offered.- aggregates
25,500 k. w., of which 20.000 k. w. is hydro-electric generation
include a plant
W. C. Langley & Co., New York, and Old Colony Trust Co., and 5.500 k. w. Is steam generation. The gas properties
a daily capacity of 1.500,000 cu. ft. and 60 miles of gas mains.
Boston, are offering at $98 a share and divs., to yield about having
The electric railway property consists of 30 miles of standard gauge track7.14%, 5,000 shares Cumulative Preferred stock (no par age and
sufficient equipment for operation.
Gas Li& Electric
Valuations.-The physical properties of Columbia Ity.,
value). Dividends $7 per share per annum.
Co.,
Columbia
Gas Light Co. and Parr Shoals Power Co. were valued as
Redeemable on 30 days' notice on any div. date at $110 per share and of may 31 1924 by independent engineers at a total of $12,227,000, of which
$100 per share. only about
department.
divs. Pref. over the Common stock as to assets up to Co.,
is represented in the electric railway
Little Rock, This total $2,250,000
similar value.
Dividends payable Q.-J. Transfer agents, Union Trust
valuation is exclusive of any franchise or otherRiver
Power Co.
Broad
$12,227,000.
Ark.. and Registrar ,ic Transfer Co., Jersey City, N. J. Registrars, Southof
valuation
Against the combined
ern Trust Co., Little Rock, Ark., and Corporation Trust Co., Jersey City, and its constituent companies will have a total funded debt of $,7.819.000
N. J.
upon completion of financing to be done immediately,Including the issuance
and sale of $100,000 1st & Ref. Mtgo. 5% bonds and 31.500,000 10-Year
Data from Letter of V.-Pres. E. W. Hill, New York, Oct. 30.
Cornpany.-Ineorp. April 10 1923 and acquired the physical property 63 % Secured bonds.
Authorized. Outstand'g.
Co. Does
Capitalizationformerly owned and operated by the Little Rock Ry. & Electric
3100.000
the entire commercial els!ctric power and light and street railway business First & Refunding Mortgage bonds
$1,500,000
1,500.000
1934
due
bonds
in Little Rock, Ark., and provides all the electricity commercially dis- 10-Year 6)1% Secured Gold
1,250.000
10.000.000
tributed directly or indirectly in North Little Rock. The annual sale of 7% Cumulative Preferred stock (this issue)
10,000.000
2,200,000
electric energy for power and light service has grown remarkably for a num- Common stock
companies,
ber of years, and the street railway system has been operated on an economic The bonds of Columbia Ry., Gas & Electric Co. and subsidiary
public,
the
with
outstanding
now
Co.,
31
Aug.
Power
ended
months
Shoals
12
the
for
Parr
earnings
including
gross
the
basis. More than half
aggregate $6,219,000.
1924 was dnrived from the sale of electricity. Number of electric customers
on Aug. 31 1924. 14.453, against 10,125 on Dec. 31 1919, an increase of
The let & Ref. Mtge. will bo a first lien on the plant and transmission
42.7%. The output of kilowatt hours In the 12 months ending Aug. 31
1924 was 48.041,606, against 31,343,000 in the calendar year 1919. an in- lines of Broad River Power Co.. presently to be constructed, and a lien upon
the physical properties, when transferred, of Columbia Ry., Gas & Electric
crease of 53.2%.
k
Nov. 15 1924.]
THE CHRONICLE
2285
Co. and subsidiary companies, subject to the liens of the mortgages outapproximately $200,000. In addition, company will supply electric
standing against those properties. This 1st & Ref. Mtge, will not limit energy,
under a favorable contract expiring in 1934, to the Northeastern
In amount the authorized total of bonds to be issued, but the certification Iowa
Power Co., which serves a population estimated at 100,000, and has
and delivery of bonds will be carefully restricted to the refunding of under- approximately
8 000 customers.
lying bonds on any properties of the company owned or acquired, and to the
Capitalization Outstanding upon Completion of Present Financing.
issue of bonds for not to exceed 80% of the cost or fair value, whichever is
less, of properties built or newly acquired.
1st Mtge. Gold bonds,6% Series "A" (this issue)
$6.500.000 •
Only $100,000 principal amount of these bonds of Series A will be issued 7% Cony. Gen. Mtge. Gold bonds
1.000,000
in the first instance as the immediate requirements of the company in con- 7% Cumul. Preferred stock
1,788.800
nection with the new construction and the acquisition of its property, in- Common stock (no par value)
40.000 she.
cluding the stocks hereinbefore referred to. will be provided by the issuance
Security.-Secured by a direct first mortgage on all the fixed property
of the 10-Year 6J• % Secured bonds, duo 1934, the 7% Cumulative Preferred to be owned. The reproduction cost new, less accrued depreciation of
stock and the Common stock. Series A bonds to the extent of $1,750,000 the property to be owned, as recently determined by independent public
may be issued only up to 75% of such cost or value.
utility engineers and appraisers. is $14,189,837.
Earnings of the Properties to be Owned-12 Mos. Ended Aug. 31 1924.
Earnings, 12 Months Ended.
[Columbia Ry., Gas & Electric Co. and Subs., incl. Parr Shoals Power Co. Gross earnings
51.912.386
Oper.
and Columbia Gas Light Co.)
exp. (incl. current maint. & taxes other than Fed. taxes)
1.130,660
Dec. 31 '22. Dec. 31 '23. June 30 '24.
Net earnings
Operating revenue
$781.726
$1.383,475 $1.515.169 $1.558.370
interest charges on outstanding 1st Mtge. Gold bonds.
Oper. inc., after exp., maint. & taxes_ $543,022
$695,381
$754,763 Annual
6% Series "A" (this issue)Other income
$390.000
7.535
4,539
4.752
Property.-The electric generating equipment will consist of four hydroelectric plants, four main steam generating stations and four auxiliary steam
Total income
$550,557
$699.920
$759,515 generating
stations, having a total capacity of 26.481 k. w., with adequate
Interest charges
335,485
335,517
340.764 boiler
and steam turbine facilities. The hydro
-electric generating plants
are
located
Bal. avail, for divs., deprec'n, &c__ $215,072
at Humboldt, Rutland, Charles City and Nashua,. and the
$364,403
$418,751
There Is now controlled for the purpose of delivery to Broad River principal steam stations are at Waterloo, Charles City Eagle Grove and
Power Co. over 93.6% of the total a Columbia River Ry.. Gas & Electric Spirit Lake. The aggregate sales of electric energy for the year 1923
Ce. Prof. and Common stocks. and Parr Shoals Power Co. Pref. stock. were 25.680.027 k. w. h., this energy being distributed by means of 490
miles of high tension transmission lines and the necessary distribution
Present financing provides for the purchase of 100% in each instance.
Control and Manaaement.-Broad River Power Co. is controlled by Gen- lines to its 23.800 electric customers. The gas manufacturing plants at
eral Gas & Electric Corp. through ownership of the entire outstanding Com- Waterloo and Eagle Grove have a daily rated production capacity of
mon stock and the properties are under the management of the W. S. Bar- 3.444.000 Cu. ft., distributed by means of 163 miles of gas mains of ample
size, sales for the year 1923 being 321,810.700 cu. ft.. to more than 11.800
stow Management Association, Inc.-V. 119, p. 2177.
customers.
California-Oregon Power Co.-Tenders.
Growth of the Busmess Done by the Properties now Being Acquired-Cal. Years.
The Mercantile Trust Co., trustee, San Francisco, Calif.. will until
No. of
Kilowatt
Nov. 25 receive bids for the sale to it of 7% 20-Year Sinldng Fund Cony.
Gross
Hours
Gas & Elec.
Net
Gold debentures, due May 1 1944, to an amount sufficient to exhaust
Customers.
Earnings,
Sold.
Earnings.
$18,750.-V. 119. p. 1629.
1918
16,890.898
25.729
$1,176,492
$357,179
1919
29.499
1.392.208
18.962,356
483.363
Cedar Valley (Iowa) Electric Co.-Merger.1920
31.129
1.704.651
23,258.318
571,415
See Central Iowa Power & Light Co. below.-V. 100. p•
1921
1754.
31.858
1.706.289
19.987,446
565.256
1.773.502
33.073
22.053.867
646.297
Central Arizona Light & Power Co.-New Control.- 1922
192.3
1,875,958
34,634
25.680,027
749.923
See American Power & Light Co. above.-V. 119. p. 2067.
Pranchises.-All franchises under which the properties are operated are
satisfactory
in form and without burdensome restrictions.
Central Illinois Light Co.-Pref. Stock Offered.Maintenance, Renewal & Sinking Fund.-Company covenants while
liOdenpyl, Hardy & Co., New York, and Chas. W.Scranton any 1st Mtge. bonds are outstanding,
to pay to the trustee on Nov. 1 1925
on each Nov. 1 thereafter, a sum in cash equivalent to the amount
& Co., New Haven, are offering at 923i and div., to yield and
by which 10% of its gross operating revenue (as defined in the mortgage)
06% a block of 6% Cumul. Pref. (a. & d.) stock. This for the 12 calendar months ending Aug. 31 of each such year exceeds the
during the same period of maintenance, repairs, renewals and replacedoes not represent new financing, the stock having been cost
ments to the mortgaged property. The moneys paid into this fund may
purchased from Commonwealth Power Corp.
be used at the option of the company for extensions and improvements to
Dividends payable Q.-J. Callable at 105 and div. Transfer agents. the mortgaged property against which no additional bonds may be issued
Hodenpyl, Hardy & Co., Inc., New York. and company's office. Peoria, and (or) for the retirement of 1st Mtge. bonds at or below the redemption
Ill. Registrars, Bankers Trust Co., Now York, and Dime Savings & price.
Management.-Company will be controlled by American Gas Co. AmeriTrust Co., Peoria, Ill. Exempt from the Illinois State personal tax.
can Gas Co.controls and operates electric light and power and gas prole erties
Dividends free from the normal- Federal income tax.
Company.-Incorp. in Illinois. Manufactures and sells without competi- located in seven States, serving a population estimated at 1.000,000. intion, electricity for light and power, and also gas and steam heat in the cluding the Philadelphia Suburban Gas & Electric Co.. Luzern° County
cities of Peoria and Pekin, 111. Electricity is also furnished directly or (Pa.) Gas & Electric Co.. Rockford (Ill.) Gas Light & Coke Co., and the
through the distribution lines of other companies to more than 40 sur- Burlington (Vt.) Light & Power Co.
rounding cities and towns.
Central Power & Light Co.-Acquisition.The electric system includes central steam stations at Peoria and Pekin
The company recently purchased the Mammoth Spring Electric Light &
with a total generating capacity of 44,800 h.p. Electricity is supplied to
Power
Co., and will enlarge the properties and extend the lines. Dam
33.092 customers over 3.100 miles of transmission and distribution lines.
Company has a favorable long term contract for the purchase and ex- No. 2 on Sp-ing River will be reconstructed and a new dam will be built
below
Darn
No. 3, which furnishes energy to a number of North Arkansas
change of power with the Illinois Electric Power Co., which is constructing
a 61,300 h.p. steam station on the Illinois River opposite Pwria, to be and So-th Missouri towns. Transmission lines will be extended to Hosts
completed before the end of 1924. The ultimate capacity, however, will and Walnut Ridge, Ark., on the south.
The name of the M marnoth Spring Electric Light & Power Co. has been
be upwards of 100,000 h.p. That company is also building 65 miles of
high tension transmission lines to be operated at 132.000 volts pressure. changed to Mammoth Spring Power Co -V. 119. p. 328.
to connect the new station with the distribution systems of the Central
Chicago North Shore & Milwaukee RR.-Stock.Illinois Light Co. and of the Illinois Power Co. at Springfield. 65 mil(
The company is offering to its employees and customers,
south of Peoria..hich will form an intuccnnected power system with as
at Par MOO?!
$1,000,000
additional 7% Prior Lien stock. A year ago the company
combined generating capacity of 113,800 h.p.
so a
The gas properties, located at Peoria. have a combined daily capacity $1,500,000 of Prior Lien stock under the customer-ownership plan.
of 4.900,000 cu. ft. of gas, with a storage capacity in 4 holders of 2,416,000 V. 119, p. 1952.
•
cu. ft. The gas service of the company is expanding into many new fields.
Christiania Tramways Corp. (Aktieselskapet KrisGas is distributed through 216 flubs of high and low pressure mains to
customers
22,984
in Peoria and Pekin.
tiania Sporveier).-Notes Offered.-White, Weld V Co.;
The business sections of Peoria and Pekin are served with steam for
Blair V Co., Inc., and Brown Brothers V Co. are offering
heating the large buildings and business establishments.
customOver
482
ers aro connected to the 5 miles of steam mains and consume
433,000,000 at 1003,4 and int. to yield about 4 , $1,400,000 2-Year
5% Gold note, unconditionally guaranteed by the City of
Christiania (Norway) as to principal and interest by endorsement.
Dated Oct. 1 1924: due Oct. 1 1926. Principal and hit. (A. & 0.)
payable in New York at the office of National Bank of Commerce in New
York, fiscal agent. in United States gold coin without deduction for any
Norwegian taxes, present or future.
ure. Certificates of participation in the
above note, with interest warrants, in the denomination of S1.000.
Data from Information Furnished by the Mayor of Christiania and
the President of the Christiania Municipality & Tramways Board
Security.-The note is unconditionally guaranteed as to principal and
interest by endorsement by the City of Christiania. The company agrees
that during the life of the note it will issue no other loan entitled to priority
over this note.
Christiania.-The City of Christiania, founded in 1624, is the capital
and largest city of Norway and is the principal port and the leading financial
and commercial centre of the kingdom.
The city has always enjoyed high credit and prior to the war it borrowed
abroad at the low rates of 4% and 4Yi %. In each of three fiscal years
ended June 30 1921-1923, revenues have been substantially in excess of
total expenditures and the budget for the fiscal year ending June 30 1925
has been balanced. There is no record of any default ever having occurred
on the indebtedness of the City of Christiania.
Company.-Christiania Tramways Corp., 51% of whose stock is owned
by the City of Christiania, was organized May 1 1924 as a consolidation
of two privately owned companies. It does all the street railway business
in the city, serving a population estimated at about 260.000. The business
has been conducted at a substantial profit, dividends of not less than 6%
having been paid on the stocks of the constituent companies in each of
the past five years.
Citizens Gas Co., Iron Mountain, Mich.-Sale.-
accepted by A. C. Allyn &
o. at 101 and int.in payment
See Iron Mountain Gas Co. below.-V. 117. p. 1352.
Citizens Gas & Elec. Co. Waterloo & Cedar Falls, Ia.
See Central Iowa Power & Light
'
Co. above.-V. 105, p. 1106.
Colorado Springs Light, Heat & Power Co.-Receivers.
For the purpose of giving the bondholders of the company title to the
property so that they can deliver the city distribution system to the municipality in accordance with the agreement arrived at (V. 119, p. 945). the
U. Z. District Court at Denver has appointed J. Frank Dostal, Gen. Mgr.,
and Ivor Wingren of Denver receivers. The question of the disposition
of the company's distribution system outside the city and of its gas system
has not been settled, and the bondholders are still negotiating with the city
in an effort to get it to take over all the property of the company.-V.119.
IL 1280, 945.
Commonwealth Edison Co.-Interests Acquire Control of
C. T. C. Safe Deposit Co.See that company under "Industrials" below.-V. 119, p. 2069.
Consolidated Gas Co., N. Y.-Annircrsary.The company on Nov. 10 celebrates its fortieth anniversary and furnishes
as an indication of its growth a comparison of its original capital of 843,000,000, with its present capital of $195.003,000. The company received
its charter from the State on Nov. 10 1884.
I
THE CHRONICLE
2286
At the present time there are 22,000 holders of the company's Common
stock and 38,000 of the Preferred. In the latter classification are customers
and employees ofthe company.-V.118. p. 3082,2442.
Consolidated Gas, Electric Light & Power Co. of
Baltimore.-New Common Stock Certificates Ready.L.Bailey,
The Common stockholders were advised by the Treasurer. John
on Oct. 21 that the company will forthwith issue new certificates for Common stock without par value in exchange for now outstanding certificates
for Common stock with a par value of $100 per share, in accordance with
for no par
charter amendments adopted that day. The new certificatesthe
number
value Common stock will be issued for 4 times as many shares as
of $1110 par value shares represented by the surrendered certificates.
value
par
no
for
certificates
The stockholders in order to receive the new
York Trust
Common stock can either send their old certificates to the New Co.,
ContiTrust
Continental
the
to
or
Y.
City,
Co., 100 Broadway, N.
nental Bldg., Baltimore, Md., who will issue the new certificates in exchange.-V.119, p.2068.
Daytona Public Service Co.-New Control.-
See American Power & Light Co above.-V. 115. p. 1638.
Detroit Edison Co.-To Retire 8% Debenture Bonds.-
The company will redeem the entire issue of 10-Year 8% Cony. Gold
Debenture bonds,series of 1931. at the office of Bankers Trust Co., 16 Wall
St.. N. Y. City, on Jan. 10 1925 at 103 and int. to said date.
into stock at any
The bonds are convertible, at the option of the holder,absolutely
expire.
time on or prior to Jan. 9 1925. when this right will company
the comtrust
the
Upon surrender of any bond for conversion at
pany will deliver a certificate or certificates for shares of the par value of
share for each $100 in
$100 of its full paid capital stock at the rate of onecase
of such conversion
principal amount of each bond so surrendered. In
the dividends on the
and
surrendered
so
bonds
the
on
Interest
accrued
the
stock to be issued will be adjusted as of the date of conversion,so that both
interest and dividend will not be paid for the same period.
For the convenience of holders residing in Michigan the bonds may be
surrendered either for conversion or redemption at the office of Security
Trust Co., Detroit. Mich.-V. 119. p. 1960, 1847.
Eastern Massachusetts Street Py.-Earnings.-
-Plum grid. Sept.30- -9 Mos.End.Sept.301924.
1993.
1923.
1924.
Period5.007.788 14.586.434 14.717.995
5.025.459
mileage
Total car
Railway over. revenue_ _ _S2.348.682 $2.616.619 $7.347.402 $8.150.118
Railway oper. expenses._ 1.801.329 2.072.013 5.702.688 6.421,971
Netfrom operations_ _ _ $547.353
464.511
Operating income
534,499
Gross income
341,933
Deductions
433.704
Dividends
Deficit
-V. 119. p. 2063.
$544.606 $1,644.714 $1.722.147
448.987
1.380.707
1.443.522
1,606,125
526,499
1.710.107
344.315
1,029.137
1,053.799
722.216
215.127
741,263
$240,438
$32,943
$145,228
$84,955
Eastern Texas Electric Co. (Del.).-Stock Offered.-
Secretary Henry T. Graham, in a letter to the Common stockholders,
dated Nov. 6. says:
The plan submitted to stockholders of the Eastern Texas Electric Co.
(Texas) under date of March 1 1924 (V. 118. P. 2303). providing f w• the
issue of Preferred and Common stock of the Delaware Corporation in exchange for similar classes of stock of the Texas Corporation, has been successfully consummated.
As a result your company controls, through stock ownership, Eastern
Texas Electric Co. (Texas), Port Arthur Ice & Refrigerating Co. and
Lake Charles Electric Co., Inc. These companies do the entire electric
light and power business in Beaumont and Port Arthur, Texas. an ice
business in Port Arthur. the entire electric railway business in Beaumont.
operate a high speed interurban electric railway between Beaumont and
Port Arthur, and do the electric light, power, gas, street railway, ice and
water business in the City of Lake Charles. La.
In order to finance its purchase of the capital stocks of Port Arthur Ice
& Refrigerating Co. and Lake Charles Electric Co.. Inc.. and to provide
those companies with additional funds for construction requirements and
working capital, the company borrowed $775,000 from banks. Part of
this indebtedness has already been retired and will be further reduced from
the proceeds of the sale of its 7% Prof. stock. Series "A," approximately
$250,000 of which is being sold to employees and customers of the subsidiary companies in Beaumont and Port Arthur, Texas, and Lake
Charles, La.
It is proposed to offer to Common stockholders at this time out of the
authorized but unissued 20,000 shares of Common stock without par value.
which the directors have authority to issue without further action of the
stockholders, additional Common stock on a basis of one new share for each
four shares outstanding. This stock is to be offered to Common stockholders of record Dec. 1 1924 at $50 per share. Rights expire Jan. 2 1925.
Based on the number of shares of Common stock now outstanding including certificates of deposit for Common stock, there will be issued 12.621 Se
shares. The proceeds from this offering of additional Common stock will
amount to at least 8631,075, which will be used to retire the remaining
bank debt and leave available funds for financing additional construction
requirements of the subsidiary companies.
The holders of the unexchanged outstanding $25,300 Common stock of
the Texas Corporation and of the outstanding $350,400 of 5-Year 7%
Cony, gold coupon notes due May 1 1925 of the Texas Corporation still
have the privilege of exchanging such securities for Common stock of the
Delaware Corporation and to the extent that such Common stock is issued
in exchange for such securities prior to Dec. 1 1924, the actual number of
shares of additional Common stock to be issued will be increased accordingly
have
so that such holders who make the exchange prior to Dec. 1 1924 will
the right to subscribe for the Common shares on the terms above stated.
-er. 119, P. 1624.
Edison Electric Illuminating Co. of Boston.-Stock.-
of 77.857 additional shares
In approving the issuance bv the company
a share. the Massachusetts Department
of Capital stock (par $100). at $155
proceeds from the sale of
the
that
provided
order
its
in
Utilities
of Public
to retiring floating indebtedness
the stock be applied as follows: $1.250,000
Electric Light Co. bonds and the balance
incurred in payment of the Boston
obligations of the
to the payment and cancellation of an equal amount of the
See V. 119, P.
company represented by its promissory notes outstanding.
2179.
Electric Investors, Inc.-Consolidation, &c.
See Electrical Utilities Corp. below.
Electrical Utilities Corp.-To Merge with Electric Into Subscribe, &c.vestors, Inc.-Rightsconsolidation
of the Electric Investors, Inc., with
(Vol.. 119.
Electrical Utilities Corp. shall be.entitled to receive upon surrender thereof
one share of the Prof. stock of the consolidated company, the registered
holder of each share of the Common stock of Electrical Utilities Corp.shall
be entitled to receive upon surrender thereof 5 shares of the Common stock
of the consolidated company and the holders of option warrants for the
purchase of shares of the Common stock of Electrical Utilities Corp. shall
be entitled to receive upon surrender thereof warrants entitling the holders
thereof to purchase on or after March 1 1925 a total of 25.000 shares of the
Common stock of the consolidated company at $20 per share.
It also provides that each registered shareholder of the consolidated
company is to have the right (to be evidenced by subscription warrants)
until Dec. 31 1924 to subscribe for 714 shares of the Common stock of the
consolidated company for each share of its Prof. stock held by him at the
time the consolidation becomes effective and 3 shares of Common stock
of the consolidated company for each share of such Common stock held
by him at that time, in each case at $20 per share. This will permit the
holder of each share of the Prof. stock of Electrical Utilities Corp. which
participate, in the consolidation to purchase 714 shares of the Common
stock of the consolidated company and the holder of each such share of
the Common stock of the Electrical Utilities Corp. to purchase 15 shares
of the Common stock of the consolidated company. •
Each subscription warrant, with the subscription thereon duly executed,
must be actually received, and the first installment(10% of the subscription
price of the shares) thereby subscribed for must be actually paid in New
York funds at the agency of the consolidated company, 71 Broadway,
New York City, before the close of business on Dec. 31 1924.
Any holder of a subscription receipt desiring Common stock of the consolidated company before his subscription has been paid in full may split
his subscription receipt into several integral parts and by paying the subscription price provided for in any part in full will be entitled to receive
upon the part so paid in full the shares of such Common stock represented
thereby.
Upon the completion of the consolidation the consolidated company will
have outstanding 15.000 shares of its Prof. stock and 112,500 shares of its
Common stock (in addition to the directors' qualifying shares), and it will
be obligated to issue 562,500 shares more of its Common stock in accordance
with the terms of the subscriptions and 25,000 shares thereof in accordance
with the terms of the option warrants. All subscriptions to shares of Electric Investors, Inc.. heretofore made will be canceled and new subscriptions
to shares of the consolidated company will be accepted from the subscribers
or their nominees in lieu thereof, but the present subscribers to the stock
of Electric Investors, Inc., have waived their right to make such subscriptions to the shares of the consolidated company to such extent as may
be necessary to enable the consolidated company to comply with the privilege to subscribe to its stock, given as stated above to the stockholders at
the time of the consolidation, with the result that the consolidated company will not be required to accept such subscriptions for a total of more
than 562,500 shares of its Common stock. The assets of the consolidated
company will consist of the assets of Electrical Utilities Corp., and in
addition, $1,125,000 in cash and the right to call for the payment of $10,125,000 more as provided by the subscriptions.-V. 119, P. 1961.
Erie Railways.-Bonds Sold.-Myron S. Hall & Co.,
New York, have sold at 95 and int., to yield 6/%,$1,000,000 1st & Ref. Mtge. 6% Gold bonds.
Dated Oct. 1 1924: due Oct. 1 1954. Denom. $1,000 and $500c'.
Interest payable A. & 0. in New York without deduction for normal
Federal income tax not in excess of 2%. Red, all or part on any int. date
at 105 and int. beginning April 1 1929, the callable price decreasing 1%
each 5-year period thereafter to maturity. Free of Penna. 4-mill tax.
Equitable Trust Co.. New York. trustee.
Data from Letter of President A. R. Myers, Erie, Pa., Nov. 3,
Company.-Incorp. Sept. 27 1924 and took over (per plan in V. 118. P.
by the Buffalo & Lake
1770) the property formerly owned and operated
Erie Traction Co. in the City of Erie, Pa.. and adjacent townships. Company does the entire street railway business in the city and certain suburbs
operates
serving a population estimated at 125,000. Company owns and
a total of about 67 miles of modern electric street railway lines in Erie. Pa.
and upwith
cars
adequate
together
passenger
100
operates
Also owns and
to-date operating properties including car shops, barns, &c. Company
operates without competition under an 8c. fare or 6 tickets for 45c.
Authorized. Outstanding.
Capitalization60,000
60.000
Common shares(no par value)
$1,500.000 $1,050.800
Preferred stock. 7% cumulative (par $100)
1,000,000
First and Refunding Mortgage 6% gold bonds_ _ _ _ 5,000,000
Underlying bonds ($861,800 Erie & Sub. Ry. and
*1,733,800
$872.000 Erie El. Motor bonds)
*The sinking and improvement funds on the two underlying mortgages
are equivalent to $60,000 Per Year.
Security.-Secured by a first mortgage on essential parts of the system
and a direct mortgage upon the remainder of the physical property subject
only to the underlying mortgage bonds.
Valuations.-The P. S. Commission of Pennsylvania fixed a valuation
as of Oct. 12 1920 of $4,100,000 for the property, which, plus net capital
expenditures since that date to Aug. 1924. amounts to nearly 35.500,000.
Earnings.-In each year since 1911 the earnings of this property applicable
for interest, maintenance, renewals and replacements have been in excess
of the total amount of bond interest, including this iSSUO, and for the past
six years have averaged over twice such requirements.
The net income available for the payment of interest on these bonds was
$282.710 for the 12 months ended June 30 1924, or approximately 4.( times
the annual Interest requirement. Annual net income available for these
charges averaged $227.800 during the six years ended Dec. 31 1923 and
was as follows in each year: 1918.$271,489: 1919.$176,748; 1920,$254.823:
1921,$177.432; 1922. $196.771; 1923, 3290.359.
Purpose.-Proceeds will be used to reimburse the company in part for
the cost of additions and improvements under the first lien of the mortgage
and for other corporate purposes.
Power Contrad.-Electric power sufficient for operation of the company's
present facilities and future requirements is contracted for at advantageous
rates under long term agreements with the Erie Lighting Co. and with the
Niagara Lockport & Ontario Power Co. through the Buffalo & Erie Ry.
Maintenance and Renewal Funds.-Company covenants to pay to the
trustee on or before April 1 in each year beginning with 1929, as a maintenance and renewal fund, an amount of money as follows: For the years to
ATM 1 1934. 2% of the railway operating revenues from all sources for the
preceding calendar year: for the years thereafter to maturity, 5% of the
railway operating revenues. This fund may be used and applied for improvement, repairs, renewals, betterments and additions, against which
no 1st & Ref. Mtge. bonds may be issued. This fund may, however, be
used for the purpose and retirement of 1st & Ref. Mtge. bonds at not exceeding the then redemption price.
Franchises.-The franchise situation is satisfactory. All franchisee,
except in minor exceptions, are for an indeterminate period, which under
the Pennsylvania law, in the opinion of counsel, make the franchises perpetual.-V. 119, p. 1732, 1624.
An agreement for the
to the approval thereof
Flatbush Gas Co., Brooklyn, N. Y.-Sale.Electrical Utfities Corp. has been executed subject
By the Provisions of this agreeSee Brooklyn Edison Co., Inc., above.-V. 118, P. 3084.
by the stockholders of the two companies.
is to be called Electric Investors. Inc..
ment the consolidated corporation
stock consisting of 50.000 shares of
Gardner-Templeton Street Ry.-Fares.and is to have an authorized capital
stock, all shares without par
Pref. stock and 1.000.000 shares of Common
The company has abolished tho 5-cont zone fare collection system in
to the Common stock
value. The Prof. stock is to be entitled in preference
Templeton and East Templeton, Mass., and put into effect a minimum
at the rate of $7 per share per annum, fare
and limited to cumulative dividends
of 10 cents.-V. 119, p. 1064.
than by dividend from surplus or
and in any distribution of assets otherdividends.
It is to be redeemable,
Gary
(Ind.) Street Ry.-Acquires Bus Line.Profits to $100 per share and accrued time at $110 per share and accrued
at the option of the company, at any
The company has purchased the bus line operating between Hammond
and Crown Point, mu. Three buses are now in operation between the two
dividends.
A circular letter to the stockholders of Electrical Utilities towns.-V. 118, P. 2304•
Corp. says in substance:
Electric Co.-Tenders.--
General Gas &
of which are owned
Electric Imre tors. Inc. (of Maine), all the securitieshas
The New York Trust Co., trustee, will until Nov. 28 receive bids for
authority under
by Electric Bond & Share Co. and certain associates.
sale to it of7% Sinking Fund Gold bonds, Series "A." due Sept. 1 1952,
the
It
corporation.
your
of
prices not exceeding 105
its charter to engage in a business similar to that
with its organi- to an amount sufficient to exhaust $21,113, at
is free from debt except indebtedness incurred in connection
of$1,125,000 and interest.-V. 119, P. 1740.
zation and it has no Prof.stock outstanding. Its assets consist
in
in cash and the right to call for the payment of $10,125,000 more, accordGreat Falls Power Co.-Tenders.outance with the terms of subscriptions for its Common stock. It has
The Bankers Trust Co.. trustee. 10 Wall St., N. Y. City, will until
shares
standing and subject to be issued under these subscriptions 562,500
Dec. 10 receive bids for the sale to it of 1st Mtge. bonds dated May 11911,
of its Common stock in addition to qualifying shares held by its directors.
to exhaust $149,033, at a price not exceeding 107ie
a The consolidation agreement provides that upon such consolidation be- to an amount sufficientD.
2579.
coming effective the registered holder of each share of the Pref. stock of and interest.-V. 118,
Nov. 15 1924.]
THE CHRONICLE
Holyoke (Mass.) Street Ry.-To Sell Plant.-
The directors voted on Oct.28 to sell the company's power plant on the
Connecticut River to the Turners Falls Power & Electric Co. and make
contracts with the latter company for energy for operating the electric
railway system. The sale price is said to be $400,000. The stockholders
will meet Nov. 18 to take action on the plan.-V. 119, p. 1732.
Home Telephone & Telegraph Co., Fort Wayne, Ind.
-Bonds Sold.-Fletcher American Co., Indianapolis; Wm.
L. Ross & Co., Inc., Chicago, and Security Trust Co.,
Detroit, have sold at par and int. $500,000 1st Mtge. 6%
Gold bonds, Series "A2
2287
It is proposed to use $192,800 of the stock to acquire the Citizens property'
The same property, it was brought out, was purchased by an individual
buyer for about $21,000 recently. A Preferred issue of$150,000.if approved
by the Commission, is to be used in building 6 or 8 miles of mains and extending the plant's facilities to Kingsford. Mich.
Despite the low figure, at which the property was recently sold by court
order, the Commission values it at about $170,030 and the company holds
it worth $176,234-("Gas Age-Record").
Italian Power Co. (Del.).-Changes Name.-
The stockholders and directors have decided that the name of the corporation be changed to International Power Securities Corp.
President J. E. Aldred stated that while as indicated by the original
name, the company was organized primarily to acquire securities and
obligations
of electric light and power companies operating in Italy, it
Dated July 2 1923. Due July 2 1943. Int. payable J. & J. at First
operations to include other
National Bank, Fort Wayne. Ind., trustee. without deduction for any had been decided to broaden the scope ofcompanies
in this country as
countries and power and electric
normal Federal income tax not to exceed 2%. Red. all or part on 60 days' European
well.
-V.
117.
p.
1784.
notice on or after July 2 1933 at 103 and hit. Denom.$1.000 and $560 c*.
Issuance.-Authorized by the Indiana P. S. Commission.
Jersey Central Power & Light Corp.-Earnings.-CapitalizationAuthorized. Outstand'.
12 Mos. Ended Sept. 301923.
1924.
Increase.
First Alortgage 6% Gold bonds. Series "A"
$1,000.000
$500.066 Gross earnings
$467.348
$5.155.020 $4,687,672
Preferred stock, 7% cumulative
1,500,000
1,084,400 Net earnings
1,688.226
1,404,118
284,108
Common stock
750,000
750.000
Data from Letter of Frank E. Bohn, Vice-Pres. & Gen. Mgr. of Co.
:Balance avail, for diva. & deprec_
$848,335
Company.-Incorp. in 1896 In Indiana. Is now operating without comx After providing for annual interest requirements on total funded debt
petition under an indeterminate permit granted by the Indiana P. 8.
Commission. Company owns the telephone plant and distributing systems and estimated Federal income taxes.-V. 119, D. 1850. 1070.
in Fort Wayne and New Haven and long-distance lines radiating from
Laclede Gas Light Co.-Dividend Increased.Fort Wayne 25 to 50 miles, connecting with other telephone systems.
The directors have declared a quarterly dividend of $2 a share on the
Population, 110,000. Has over 25,000 customers as compared with less
Common stock (par $100) thus placing the issue on an $8 annual basis.
than 10.000 customers in 1914.
Purpose -Entire proceeds will be used for extensions and improvements compared with $7 paid formerly. An extra dividend of $1 a share has
also been declared on the Common stock to reimburse stockholders for
to plant and distribution system.
Security and Valuation.-Secured by a first mortgage on all the property the period when dividends were omitted.-V. 119, p. 1963. 1402.
now or hereafter owned. The value of the company's property for rateManhattan Railway.-New Directors.making purposes was fixed by the P. S. Commission as of May 1 1923 at
James F. Hughes, William Dean Embree and John Nordhouse have been
$2.440,000, and subsequently $800,000 has been expended for extensions
elected to the board of directors to fill vacancies.-V. 119, p. 1733, 1510.
and improvements, making a total to date of approximately $3,250,000.
Earnings.-Net earnings for the 12 months ending Sept. 30 1924 availMassachusetts Northeastern Street Ry.-Bonds Extend.
able for interest charges, were $282,896, and for the calendar year 1923
The Mass. Dept. of Public Utilities has approved the extension to July 1
were $251,801. For the five years ending Dec. 31 1923 such earnings aver1934 of the maturity of *230.000 1st Mtge. 5% Gold bonds of the Citizens'
aged approximately five times the interest charges on these bonds.
Electric Street Ry. Co. which were payable Dec. 1 1920. and an increase
Indiana Bell Telep. Co.-Revocation of Charter Asked.- from 5% to 6% per annum during the extension period.-V.118, p. 1392.
A motion to dismiss a suit now pending against the company, filed by
Maumee Valley Ry.-Foreclosure.the State of Indiana, which seeks the revocation of the charter of the comForeclosure of the mortgage and sale of the property of the company
pany and the appointment of a receiver, was overruled by Judge T. J. Moll
for which a receiver was appointed some weeks ago was ordered by Judge
In Superior Court at Indiana Oct. 28.-V. 119, p. 461.
Martin in Common Pleas Court at Toledo Nov. 11 on motion of the ComIndiana Columbus & Eastern Trac, Co.-Branch Line. mercial Savings
Bank & Trust Co.
The company on Nov. 1 discontinued electric railway service. Its subThe receiver recently asked authority of the Ohio P. U. Commission for
permission to abandon and sell the branch road running from Dayton to sidiary, the Maumee Valley Transportation Co.. immediately thereafter
h. po.piem
Union City. This action was in accordance with an order of Federal Judge
raon
to buses over the old railway route.
c
ti
of a fleet of motor
Faints of Toledo, ordering sale of this line. A request has been filed by the -V.11
Dayton-Columbus Transportation Co., a subsidiary, for a certificate to
Morristown (N. J.) Gas Light Co.-Merger.operate a bus line between Dayton and Union City by way_of Greenville,
See Public Service Electric & Gas Co. below.-V.72. p. 630.
between Dayton and Brookville and between Urbana and West Jefferson.
("Electric Railway Journal.")-V. 119, p. 324.
Municipal Service Co., Phila.-Extra Dividend.-
Indianapolis Light & Heat Co.-New Officers.-
The dir ctors have declared an extra div. of 40c. a share on the no per
Common stock, payable Dec.20 to holders of record Dec. 1. The company
has been making regular quarterly payments of 40c. a share on the stock,
the last regular dividend having been paid last month. The extra payment
jlir..
tst1118eflpared
139t
2ori
. ngs the total disbursement for the year to $2 a share.
Interborough Rapid Transit Co.-Equipment Trusts.-
12 Months Ended Sept. 30Grossoperating earnings
Operating, general expenses and taxes
1923.
24
,.
934 34,084,863
98
$4.4
13
1,893.823
2.278,542
Operating profits
Other net earnings
*2,160.392 *2,191.039
31,970
53,124
Total income
Interest
Depreciation
Other deductions
$2,213,515 $2.223,010
1,031,598
1,107,928
325.525
342.793
30.443
37.689
New officers of the company follow: Walter C. Marmon,Pres.: Charles N.
Thompson, 1st V.-P.: Thomas Neil Wynne, 2d V.-P.; and Norman A.
Parry,Sec. Messrs. Marmon, Wynne and Perry were also elected directors.
Changes in officers were made necessary by the deaths during the year
of Charles C. Perry, Pres., and Thomas A. Wynne, V.-P. & Gan. Mgr.
V. 118, p. 1671.
The New York Trust Co. has been appointed trustee of an issue of
$2,850.000 6% Equipment Trust Gold certificates, Series "C." dated
Nov. 1 1924.-V. 119, p. 2172.
Inter-Mountain Water & Power Co., Denver.-Bonds
Offered.-The Frank C. Evans Co., Denver, Colo. are
offering at prices ranging from 96 and int. to 993
4 and int.,
to yield from 7.15% to 7.60%, according to maturity,
$600,000 1st Mtge. 7% Serial Gold bonds.
Dated July 11924: due July 1 1926 to 1935. Principal and int. (J. & J.)
payable in New York exchange at the International Trust Co., Denver,
Colo., trustee. Federal income tax, 2% normal tax paid by company.
Non-callable until after July 1 1926. Thereafter at 103 and int. on any
int, date after 60 days' notice, in the inverse of their numerical order.
Denom. $100, $500 and $1,000c*.
Data from Letter of Pres. M. W. Weber, Denver, Nov. 1 1924.
Company.-Organized to furnish water to the Salt Creek Field of central
Wyoming, where the water has been found most unsatisfactory due to the
heavy alkaline content and general filth. The cost has been excessive,
ranging as high as 10c. per barrel-distilled water for domestic consumption
costing $3 15 per barrel. To remedy such a condition, the Inter-Mountain
Water & Power Co. is bringing water from the Tisdale Artesian Well, a
distance of 20 miles. This well is said to be the third largest in the world,
flowing 133,000 barrels daily.
The company operates under a certificate of necessity and convenience,
issued by the Wyoming P. U. Commission. This certificate protects the
company from competition from any other public utility company that
might in the future attempt to provide water to this territory. Company
holds perpetual easements on rights-of-way for all pipe lines now constructed or at present provided for.
Security -First mortgage covers all property owned or constructed and
also covers any other propert y acquired or that may be constructed during
the life of these bonds. The value of the property as determined by competent engineers is in excess of twice the amount of this issue; viz.,
$1,293,423.
Earnings.-Water is sold only at wholesale to the largo operating companies. Contracts which have been made with these companies are evi'
dence that the earnings will continue to be largely in excess of all requirements and during peak consumption will be in excess of ten times interest
requirements-carrying unusual margins at all times.
Purpose.-Procoods will be used to extend the present system and provide
additional distributing linos with the necessary reservoirs and buildings.
Trust Fund.-Mortgage provides that there shall be maintained during
the life of these bonds with the trustee, a sum of money out of earnings
sufficient to pay 114 years' interest in advance and to retire the next
maturing bonds of the series.
Sinking Fund.-In addition to the trust fund, there will be created a
sinking fund to retire this issue in its inverse order at 103 beginning with
the 1935 maturities. All earnings after paying operating expenses, trust
fuhd and other charges and dividends on stock not in excess of 105' must
be placed in the hands of the trustee for the purpose of such retirement
of bonds.
International Power Securities Corp.-New Name.
-
See Italian Power Co. below.
International Telephone & Telegraph Co.-Withdraws
Italian Bid.The company, according to a United Press dispatch from Rome, Nov. 7,
has withdrawn from bidding for the Italian telephone concessions, negotiations for which have been going on for over two years. The reason for withdrawing is the rather difficult terms which the Italians put forward.-V.119,
P. 1963, 1849.
Interstate Public Service Co.-Acquisition.-
The Indiana P. S. Commission has authorized the company to acquire
the electric system of the Leesburg Electric Light & Water Co.-V. 119,
D. 1052.
Iron Mountain (Mich.) Gas Co.-Acquisition.--
The company has applied to the Michigan P. U. Commission for permission to issue $350,000 of stock to take over the property of the Citizens
Gas Co.,Iron Mountain, Mich.,and make improvements and extensions.
Nevada-California Electric Corp.-Earnings.-
Surplus
-V. 119, p. 1290, 587.
$725.105
$335,443
New Haven Gas Light Co.-New Directors.-
George J. Bassett and G. Y. Gaillard, President of the New Haves
Water Co., have been elected directors to succeed the late A. Heaton
Robertson and the late Eli Whitney, respectively.-V. 118, P. 560.
New York Central Electric Corp.-Franchises.
-
The corporation has applied to the New York P. S. Commission for
approval of franchises granted it by the town of Erwin and the villages of
Bath and Hammondsport, Steuben County. and the town of West Sparta,
Livingston County, N. Y.-V. 119, p. 2179.
Niagara Falls Power Co.-Acquisition.-
The company has applied to the New York P. S. Commission for permission to purchase all or any part not less than a majority, of the capital
stock of the Niagara Gorge RR. Co. The petition sets forth the belief
that control of the road is necessary to protect riparian rights of the power
company. (See also V. 119, p. 1403.).-V. 119. p. 1851.
North American Light & Power Corp.-Notes Ready.-
Permanent 30-year 7% Sinking Fund Secured Gold notes. due July 1
1954, are now ready for delivery upon surrender of interim receipts at the
office of the National Bank of the Republic, Chicago. Exchange of the
interim receipts for definitive notes may also be made through any office
of H. M. Byllesby & Co. See offering in V. 119. ro• 75.
North Boston Lighting Properties.-Stock Increase.
The stockholders will vote Nov 17 on increasing the authorized Common
stock by 28.000 shares of no par value. The new stock will be offered to
holders of the present 114,000 shares of Preferred (par $100) and 30,000
shares of Common stock (no par value). The proceeds are to be applied
to the payment of indebtedness, the purchase of stocks of public utilities
and for other corporate purposes. It is expected that the offering price
will be around the present market of about $50 a share. The company
paid dividends totaling $3 50 a share this year.-V. 117, p. 1470.
Northern Iowa Gas & Electric Co.-Merger.
-
See Central Iowa Power & Light Co. above.-V. 114. p. 2477.
Northern New York Utilities Inc.-Franchises.-
The company has applied to the New York P. S. Commission for approval
of franchises granted it by the village of Port Leyden and the town of
Leyden, Lewis County, N. Y., and for permission to begin construction of
service lines.-V. 119, p. 463.
Northwestern Electric Co., Portland, Ore.-Franchise.
The Board of Commissioners of Clarke County at Vancouver. Wash..
has granted the company a 50-year franchise on 37 roads in the county on
which the company did not previously hold a franchise. This gives the
company the right to erect power linos on virtually every road in the
county, but the franchise will lapse on all roads not used for this purpose
within 5 years.-V. 119. p. 1965.
Olean (N. Y.) Electric Light & Power Co.-Acquisition.
The company has applied to the New York P. S. Commission for permission to acquire the capital stock of the Cuba (N. Y.) Electric Co.
V. 117, p. 1022.
Page Power Co., Stanley, Va.-Merger Approved.The Virginia Corporation Commission has authorized the merger of the
Shenandoah River Light & Power Corp. and the Page Power Co. under
the name of the Page Power Co. with a capitalization of $800,000. See
also V. 119. p. 2180.
2288
THE CHRONICLE
Public Service Corp. of New Jersey.-Listing, &c.
The New York Stock Exchange has authorized the listing of $20,000,000
• Secured Gold bonds, 6% Series, due 1944, collateral trust mortgage
• (authorized $21,400,000).
The Exchange has also authorized the listing of an additional 105.103
shares (total authorized issue, 2.000,000 shares) Common stock, without
par value,on official notice of issuance and payment in full, making the total
amount applied for 905.103 shares of Common stock.
The additional shares of Common stock were offered for subscription to
stockholders of record Oct. 17, in the proportion of one share for each ten
shares held, both Preferred and Common, at $60 per share. The right to
subscribe expires Dec. 1 1924. Any shares not subscribed for by stockholders have been underwritten.
The proceeds of the sale of the Common stock are to be used to pay for
additions and betterments to the properties of the operating subsidiary
companies.
Combined Results of Operations 12 Months Ended Aug. 31 1924 (Inc!. Subs.).
$83,393,653
Operating revenue of subsidiary companies
Operating expenses, $47,646,330; taxes, $8.711,432; amortiza62,628,966
tion charges, $6,271,203
$20,764.687
Operating Income
Int. on advances to Public Service Corp. of New Jersey. $5,085;
380.664
other non-operating Income, 5375,579
521,145,351
Gross income
Income deductions of subsidiary companies (bond interest, ren12.867.371
tals and miscellaneous interest charges)
[VOL. 119.
increase of approximately one-third in volume of gas sales during a period
of less than 5 years Is entirely the result of normal growth and of creative
sales effort, no existing gas properties having been acquired by the company
during this period.
"Our construction program in the Pit River region and in other parts of
our territory is quite heavy, but the present cash balance should be sufficient
to take care of construction requirements during the remainder of the current year and well into 1925."-V. 119, p. 2074.
Piedmont & Northern Ry.-Dividend of 1%.
The directors have declared a quarterly dividend of 1%, payable Dec. 15
to holders of record Nov. 15.-V. 112, p. 1867.
Portland Electric Power Co.-Earnings.-12 Months Ended Sept. 30Gross earnings
Operating expenses, including depreciation
Interest
Taxes and bridge rentals
Operating surplus
-V. 119, p. 199.
1924.
1923.
$10,853,544 $10,718,602
6.220,350
6,205,768
2,173,958
2,094,521
1,152,176
1,042,648
$1,307,060 $1,375,665
Princeton (N. J.) Light, Heat & Power Co.-Merger.--
See Public Service Electric & Gas Co. below.-V. 91. p. 399.
Sioux Falls (So. Dak.) Gas Co.-Bonds Offered.-Bond
& Goodwin, Inc. Boston; Lane, Piper & Jaffray, Inc.,
Maynard S. Bird & Co., Portland, Me.
Minneapolis, and'
are offering at 98 and int., to yield about 6.15%, 8550,000
1st Mtge. 20-Year 6% Gold bonds, Series of 1924.
$8,277,980.
Net income of subsidiary companies
Public Service Corp. of New Jersey income from securities pledged (excl. of diva, on stocks of operating companies) and from miscellaneous sources_ _ _$3.331.357
Dated June 1 1924; due June 1 1944. Principal and int. (S. & D.)
549,648
Operating expenses, $441.51; taxes. $108,146_ _ -and New York. Denorn. $1,000 and $500c5. Red.,
2,781.709 payable in Boston
all or part on any int. date at 105 and int. upon 30 days' notice. The
normal Federal income tax up to 2%. Penna. and
pay
to
agrees
company
Operating income (Public Service Corp. of New Jersey).-,411.059,689 Conn, four-mill taxes and Mass. and Now Hampshire income taxes up to
Deduct:-Interest charges. $4,627,033; amortization of debt
Old Colony Trust Co.. Boston, trustee.
refundable.
rates
present
discount and expense.$263,229; other contractual deductions,
Letter of Ralph H. Beaton, Presidtnt of the Company.
4,939,709 Data from -Owns
$49.448
and operates a modern, well-equipped gas plant
Company.
population of about 33,000 in the City of Sioux Falls,
$6,119,979 serving an estimatedthe
Net income of Public Service Corporation
ten years ended Dec. 31 1923 the company's gas
So. Dak. During
Appropriation accounts ofsub. cos. adjustments of surp. acc'ts_Cr.1.045,971 sales
and the number of consumers 63.1%. The number
124%
Increased
Cr.11,461
Approp. acc'ts of P. S. Corp. of N.J. (excl. of diva.)
is in excess of 6.700.
installed
of services now
Purpose.-Proceeds will be used to retire the present outstanding funded
$7,177.412
Total
purposes.
corporate
other
for
and
2,213,811 debt
Preferred stock dividends of Public Service Corp. of N. J
Security.-Secured by a first mortgage on its entire property, including
2,499.185
Common dividends
after-acquired property, except securities not spvifically pledged. The
June 30 1924 was $1,051,754. As of July 31 1924
$2,464,414 value of this property on
Net increase In surplus
Day & Zimmermann Inc., extimated the actual cost of reproducing the
Consolidated Balance Sheet.
$1.332.542.
at
property
Aug. 31 '24. Dec. 31 '23
Earnings.-For the three fiscal years ended Dec. 31 1923 average net
Aug. 31 '24. Dec. 31 '23.
LiabilitiesAssets-earnings available for interest were 1.9 times the annual interest charges.
par)
Com.stk.(no
30,000,000
34,399.912
347,860,087
Fixed capital_ ..370,891,9l9
Net earnings for the 12 months ended Juno 30 1924 were over 2.2 times
Investments____ 4,816,897 4,408,207 8% cum. pt. stk. 21,508,600 21,508,600 interest charges on this Issue.
7% cum. pf. stk. 10,373,200 6,934.000
Sinking & other
Sinking Fund.-Under the terms of the indenture company must deposit
869,313 Stocks of sub..
305,748
special funds_
with the trustee on Dec. 1 in each year, beginning Dec. 11925. as a sinking
controlled and
99,724
Specialdeposits_ 18,329,043
fund a suni equal to 1% of the largest principal amount of bonds of the
lessor cos_ _ _ _ 56,306,032 56,331,882 "Series of 1924" which shall have been issued.
Materials &sum) 5,789,563 5,982,255
1,957,231 4,616,054 Subscrip. to prof. •
Franchise.-The franchise under which the company operates was
Cash
17,148 & corn, stocks 2,832,732 1,881,400 granted In 1883 for a period of 99 years.-V. 107, p. 402.
11,471
Bills receivable_
Funded
200,815,127
debt...219,843,997
Accls receivable 7,484,879 8,240.714
5,906 Bills payable__ 13,859,007 12,539,893
60,451
Southern Power Co.-New Steam Plant.Int. & diva. rec.
197,538 Fedi & exc. prof.
262,022
Other assets_ _
The latest steam plant of the Southern Power system, known as the
taxes accrued_ 1,870,862 1,564,350 Tiger steam station, is located on the tracks of the Piedmont & Northern
Subs. to pref stk 1,689,878 1,263,314
Other.
taxes neer. 5,128,171 4,162,161 Ry. at Duncan. S. C. Work of building this station was started the latter
1,837
Subs, to com.stk
Deferred charges 6,564,978 4,519,112 Interest accrued 3,138,525 2,400,922 part of Dec. 1923. and the first power was turned out in Sept. 1924.
Other accr. liab.
361,470 ("Manufacturers Record" Nov. 6 1924. page 94)-V. 119. p. 2180.
891,716
Consumers' dep. 3,184,439 3,082,128
Other acc'ts pay 5,405,518 4,059,565
Southern Power & Light Co.-Acquires New Properties.
the
0th. unfund. dt.
399,171
619,171
The company has acquired the entire outstanding Common stocks of
& Light Co.
Adv. from other
recently formed Louisiana Power Co. and Louisiana Power
corporations__
625,000
Construction by Louisiana Power Co. of a $3,500,000 electic power plant
a Reserves
26,359,497 22,833,857 at Sterlington, La.. is now under way. This plant will have an initial inTotal(each side)417,965,917 377,879,353 Corp. surplus 11,619,537 9,004,826 stalled capacity of 30.000 k. w., all of which has been contracted for over a
the Mississippi
period of 20 years by the Arkansas Light & l'ower co.,
a Premiums on stocks. $1,750; other permanent reserves. $596,167; Power & Light Co. and the Louisiana l'ower & Light Co. The new plant
contractual reserves. $56,825; accrued amortization of capital, $23,040,852; is being equipped with gas-fired boilers to take advantage of low fuel costs
unamortized premium on debt, $7.780; casualty and insurance reserve, in the Monroe natural gas fields located in the immediate vicinity. Fuel
39.009: reserve for bad debts, $395,075: other optional reserves, $1.- contracts have been entered into with the Union Power Co. and the Natural
, .-V. 119, p. 1734, 1626.
242$1.0190
Gas Producing Co., which control 50% of the proven field.
The Louisiana Power Co. will also construct transmission lines to the
Arkansas border south of El Dorado, Ark., to connect with the lines of the
Public Service Electric & Gas Co.-Listing, &c.
State
The New York Stock Exchange has authorized the listing of $26,586,000 Arkansas Light & Power Co. An additional line to the Mississippi
Miss., will tie in with the Mississippi Light & Fewer
1st & Ref. Mtge. Gold bonds 5%% Series, due 1059 (auth. $31,834,000) line west of Vicksburg.
102
approximately
system.
These
lines,
aggregating
transmission
Co.'s
due Oct. 1 1959.
miles, will be operated at 110,000 volts.-V. 119, p. 1406.
Balance Sheet Aug. 311924.
Assets.
Shawinigan Water & Power Co.-New Project.2;84,250.000
$140,922,020 Common stock
Fixed capital
A dispatch from Montreal states that the company has started work on
34,175,990 7% Cumul. Pref. stock_ _ _ _ 20,000,000
Investments
new power development on the Batiscan River, Quebec, Canada, which
the
241,242 Funded debt
57,129,476
Sinking funds. Ore
30,000 h.p.
76 will have initial capacity of 20.000 h.p. and may be Increased to
400
90
4,707,145 Adv. fr. other corporations_
125:
7;20
2
Materials and supplies
cost about 51,500,000 and is expected to be completed by May 1926.
will
It
5,172,077
700,518
Taxes accrued
Cash
line to
transmission
connected
company's
with
be
the
943,776 The power will
107 Interest accrued
Bills receivable
1,120,224 Quebec, supplementing the present supply.-V. 119, p. 1518.
9,881,449 Other accrued liabilities
Accounts receivable
3,184,439
286,095 Consumers' deposits
Int. ar diva. receivable
Third Avenue Railway, N. Y. City.-New Director.4,466,215
187,414 Other accounts payable__ _ _
ether current assets
William Carnegie Ewen has been elected a director succeeding Harry
619,171
737,204 Other unfunded debt
Prepayments
1,744,398 Bronner resigned.-V. 119, p. 1954.
130,127 Permanent reserves
Unamot. debt, dint. & exp.
19,898,531
39,984 Accr. amort. of capital
Other suspense items
Tiffin & Fostoria Rv.-To he Operated by Toledo Co.
47
Unamort. prem. on debt__ See Toledo Fostoria & Findlay By. below.-V. 119, p. 1954.
590,433
Casualty & insurance reserve
Other optional reserves_ _ _ _
673,269
Tiffin (0.) Water Works Co.-To Issue Stock.5191,989,298 Corporate surplus
10,172,237
Total (each side)
The company has applied to the Ohio P. U. Commission for authority to
issue 556,000 6% Pref, stock, the proceeds to capitalize treasury expendia 6,425,000 shares no par value.
tures for improvements -V. 106, p. 2127.
Proposed Merger of Other Companies.-
-
Toledo Fostoria & Findlay Ry.-Ordinance Passed.
Supplementing the recent merger of.the Public Service Electric Co., the
The City Council of Fostoria, 0., on Nov. 6 passed over the Mayor's
Electric Co. of New Jersey into the
Public Service Gas Co.. and United
an ordinance granting the company a franchise to operate the Tiffin
veto
Co.(V. 118, p. 2712. 1280). application has
Public Service Electric & Gas P.
U. Commission for permission to amalga- & Fostoria llne for 20 years. See also V. 119, p. 1954, 2065.
been made to the New Jersey
comseven relatively small additional
mate into the newly formed company
United Elec. Rys., Providence, R. I.-Car Houses Sold.
Electric Light & Power Co.. the Citizens
panies. These are the Burlington
The company has sold two trolley car houses used for storage purposes,
Co., the Middlesex Electric Light & Plwer
Electric Light, Heat & Power Co..
the Nichols Electric Light & Power Co. and two more are for sale at the present time.-V. 119, p. 1511.
Co., the lorristewn Gas Light
Heat & Power Co. and the Weehawof Nutley. N. J.. the Princeton Light,
Virginia Railway & Power Co.-Fare Petition.capital stock of the foregoing companies
ken Contracting Co. Neatly all theNew
This company has petitioned the Virginia Corporation Commission for
Jersey._ V. 119, p. 1965.
of
Corp.
Service
Public
is owned by
an increase of fares on the Richmond-Petersburg Interurban electric line.
-V. 119, p. 943.
-Earnings.Pacific Gas & Electric Co. of Calif.
1923.
1924.
30Income Account Nine Months Ended Sept.
Washington Idaho Water Light & Power Co.
333,272,970
_
income_
$29,640,351
miscellaneous
including
Gross revenue,
The U. S. District Court for the Eastern District of the State of Washing(incl. Fed. taxes)
company to be sold to the highest
tho
of
properties
the
Maint.. oper. exp.. rentals, taxesuncollectible
ordered
recently
ton
accts. 20,966,054 17.195.404
and reserves far casualties and
bidder.-V. 117. p. 2783.
$12,306.916 $12,444,947
Wausau (Wis.) Telephone Co.-Bonds Offered.-Blyth,
Net income
4,634.881
4,696,867
charges
Net interest
243,393 Witter & Co., are offering at 100 and interest, $200,000
281,128
Bond discount and expense
2,398.322
2.556,699 First Mortgage 53'% Gold Bonds, Series "A." A circular
Reserve for depreciation
$4,930,598 $5,009.973 shows:
Balance to surplus
Service Magazine,"
Dated Nov. 11924; due Nov. 11944. Principal and interest (M. & N.)
The company, in its quarterly publication "Pacific
payable at Citizens State Bank of Wausau, trustee. Denom. $1,000, $500
for October 1924, says:
5.531
of
customers and $100 cs. Redeemable on any Interact date on 60 days' notice at 105
"The company during August 1924 made a net addition
meters during any month and interest for the first 5 years. 104 and interest for the next 5 years.
to its lines, this being the largest gain in active
receiving
service at 102% and interest for the next 5 years, and % of 1% less for each succeeding
customers
of the current year. The total number of
of electricity increased year until maturity.
the close of August was 742,971. In August salesin
8
of
first
months
the
Issuance.-Authorized by Wisconsin Railroad Commission.
and
1923,
13,963,089 k.w.h., or 12.32% over Aug.
Company.-Owns and operates a modern and complete telephone plant,
or 12.47%. In the
this year electric sales increased 97,723,184 k.w.h.,
of
117.045,200
Increase
supplying
service to the city of Wausau. Wis., and 19 adjacent towns and
an
showed
August
during
sales
gas 'department
increased
1924
Estimated population, 35,000. Much of the equipment has
31
villages.
Aug.
cu. ft., or 12.19%. and in the 8 months ended
more gas in the first recently been installed, and consists of the newest automatic type. Com1.063,554.800 cu. ft., or 11.72%. The company sold prior
1920.
to
This
its own fireproof 3-story office and telephone building.
owns
pany
period
months
8 months of 1924 than in any entire 12
Nov. 151924.]
THE CHRONICLE
Company was incorp. in 1895, and in each and every year &nes that time
its gross income and number of stations have increased. The present number of telephones in use is over 4,000. and without any changes the system
can be expanded to 10.000 individual stations.
Purpose.-To reimburse the company for capital expenditures, largely
for the cost of installing the latest automatic equipment throughout the
entire system.
Capitalization (upon Completion of Present Financing).
First mortgage 534% bonds (this issue)
3200.000
500,000
Capital stock (10,000 shares at $50)
Earnings Years Ended December 31.
1923.
1922.
$110,184 $97,079
Gross income
47.998
Operating expenses, maintenance and taxes
47.879
Net, available for bond interest, deproc'n and diva_ _ _ _ $62,275 $49.200
Gross and net earnings for the year 1924, it is estimated, will be substantially larger than the above.
Western Union Telegraph Co.-Earnings-Outlook.Vice-President John C. Willever says in substance: "Our earnings for
the year should be 10% ahead of last year. To data we are about 5%
ahead of a year ago and present indications point to their doubling that
percentage by the close of the year."-V. 119. p. 1854, 1520.
Weymouth Light & Power Co.-Reduces Par Value.The stockholders have voted to reduce the par value of the capital stock
from $100 to $25 per share.-V. 119, p. 1747.
Wisconsin Public Service Corp.-Acquisition.This company is reported to have acquired the hydro-electric plant at
Crivitz. Wis., from the Hoberg Paper Sc Fiber Co. of Green Bay, Wis.
-v. 118, p. 1013.
Worcester Consolidated Street Ry.-Bond Issue.-
The company has petitioned the Massachusetts Department of Public
Utilities for authority to issue $5,355.000 20-year gold mortgage bonds
under a $7,000,000 mortgage authorized by stockholders. The new bonds
in the amount of $1,343.000 are to retire funded debt of the same amount
maturing 1925 and 1926: $428,000 to reimburse the company for payment
of funded debt heretofore matured and paid; $345,000 for working capital
and $3,239,000 for retiring of other funded debt now outstanding. The
first three lots of bonds will bear interest at 6%, the last lot will be issued
from time to time as needed to retire funded debt and at such rates of
Interest as then decided upon.-V. 119, p. 2181.
Worcester (Mass.) Suburban Elec. Co.-Par Value.-
The stockholders have voted to reduce the par value of the capital stock
from $100 to $25 a sham-V. 119, p. 1747.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.-On Nov. 12 the following companies reduced the
price 25 pts. to 7.25c. per lb.: American, Arbuckle, McCahan, National,
Pennsylvania. Revere and Warner.
Brass Prices Advanced.-American Brass Co. advanced price of brass,
copper and seamless tubes 34c. per lb. "Wall St. Journal" Nov. 11. p. 15.
Textile Mill Cuts Wages.-Amoskeag Mfg. Co. posted notices of a 10%
wage reduction, effective Nov. 10„ affecting all (about 14,000) employees.
The wage reduction was accepted by the textile workers'convention several
weeks ago and was then suspended by the management. "Wall St. Journal" Nov.8, p. 10. '
Waltham 1Vatch Co.-Striking Employees Refuse Company's Offer.-An
offer by the company to take 'back 600 strikers was refused. The men
struck Aug. 11 because of a 10% wage cut. "New York Evening Post"
Nov. 11, p. I.
Pacific Freight Rate Cut 50c. Per Ton.-Transpacific conference has cut the
freight rate from Kobe to Pacific Coast ports of the U. S. 50c. a ton to $3
on beans, peas, bean cake, linseed cake, cotton rags and bean, fish, seed,
or nut oils. Copra cake will be $3 50 and oranges $6 50. Cut was made
to meet competition. "Wall St. Journal" Nov. 14, p. 15.
Matters Covered in "Chronicle" Not, 8.-(a) Amoskeag Mills Cotton
Division running at 10% of normal production-Operatives maintain stand
against more than 10% wage cut, p. 2119. (b) Everett Mills of Lawrence.
Mass., close down until Nov. 17, p. 2119. (c) Percale and print prices
for spring delivery. p. 2119. (d) British coal wage agreement, p. 2121.
(e) Rumania adopts metric system-Textile goods from U. S. will be
affected as of Jan. 11925. p. 2125. (f) American Smelting & Refining Co.
to quit Chihuahua-Company forced to give workers net income percentage,
p. 2126. (g) Ghent Exchange signs universal cotton standards agreement.
p.2127. (h)Liverpool and New Orleans cotton exchanges protest against
Issuance of semi-monthly Government crop reports-New York Exchange
asked to aid in securing change, p. 2127. (i) Odd lot Cotton Exchange
of New York adopts 25-bale contract, p. 2127. (j) Third national radio
conference-Erection of super-power broadcasting stations recommendedReport to Secretary of Commerce Hoover, p.2137. (k)Election of W.J. L.
Benham as President of the New York Board of Trade and Transportation,
p. 2139. (1) Protest by newspaper publishers against any increase in
rates on second-class mail, p. 2139. (m) Report presented at convention
of American Bar Association approving Kansas Court of Industrial Relations-Survey of Court by National Industrial Conference Board, p. 2140.
(n) United States Supreme Court declined to pass on strike provision in
Act creating Kansas Court of Industrial Relations-Held that State courts
must decide issue, p. 2141.
2289
Consolidated Income Account for Stated Periods.
6 Mos.End. -Calendar Years
June 30'24.
1923.
1922.
Net profits
$735,724 $1,737,026 81.319.367
Previous surplus
3,347.128
2,270,307
1.497.799
Adjustments
Dr196,510
Cr36,450
$3,886,343 $4 007,332 32.853,617
$210,000
$553,192
$353.192
173,524
307,013
230,118
Total
Preferred dividends
Common dividends
83,502.819 $3,347.128 $2,270.307
Consolidated Balance Sheet.
June 3024 Dec.31'23
June 30'24 Dec.31 '23
Liabilities-$
Assets8
$
RI. eat., plants, &c 3,192,631 2,560,212 Preferred stock__ _ 6,000,000 5,045,600
Pats.,tr-mks.,&c_ 4,235,544 3,985,544 Common stock.. _ 4,341,230 3,841,230
221,124 Notes payable__ _ _ 2,544,126
Investments
800,000
202,155
530,165 Accts. payable_ _ _ 423,771
Cash
341,925
462,313
Notes receivable
677,089 Accrued wages_ _ _
34,238
605.779
40,574
Accts.receivable 3,571,267 2,931,268 Def. credit Items
90,518
266,758
Inventories
4,203,757 2.808,099 Accrued taxes_ _ _ _ 167,993
3,502.819 3.347.128
Unexp. Insurance,
Net surplus
taxes, &c
55,896
467,067
Net surplus
Total
17,030,515 13,767,398
-V. 118, p. 2575.
Total
17,030,515 13.767,398
American Pipe & Construction Co.-GeiRt Offer Accepted
The Pennsylvania Co. for Insurances on Lives & Granting Annuities,
Philadelphia, announces that as over 30,000 shares of American Pipe &
Construction Co. have been deposited in accordance with the offer of
G. H. Geist, it is now prepared to settle for the deposited stock against the
return of the certificate of the deposit issued by it at rate of $70 per share.
It is understood that a holding company shortly will be formed to take
over the American Pipe & Construction Co,. control of which has just been
acquired by C. H. Geist. and that it will be merged with other Geist properties. Some announcement of this plan is expected shortly.-V. 119. p.
1955. 1174.
American Rolling Mill Co.-Earnings.PeriodNet sales
Operating income
Other income
Quarter Ended
Total.
Sept. 30 '24. June 30 '24. Mar.31 '24. 9 Months.
85.913,664 86.845.244 89.053,499 $21.812,407
1.610,475
1.028,431
608.510
loss26,466
1.440,740
119,112
1,215.076
106.551
Net earnings before interest & F•xl. taxes..
-V. 119, p. 813.
$80,085 $1,823,586 $1,147,543 $3,051.215
American Safety Razor Corp.-Listing.-
The New York Stock Exchange has authorized the listing of 200.000
shares of Common stock (par $100) in exchange for 800.000 shares of
capital stock (par value $25) now outstanding and listed, on the basis of
exchange of one share of Common stock for four shares of capital stock.-V.119, p. 2066. 1956.
American Sugar Refining Co.-Negotiating for the Purchase of the Property of National Sugar Refining Co.
President Earl Babst has issued the following statements:
"At a special meeting of the board of directors the officers were authorized
to complete the purchase of the property of the National Sugar Refining Co."
"For some time this company has had under consideration plans for
restoring its refining position in New York Harbor. For many years it has
owned a quarter interest in the National Sugar Refining Co.. and is now
discussing tentatively an otter for the property. The matter has not
reached a point which warrants any further statement."-V.119, p. 2182.
American Tobacco Co.-Listing-Earnings.-
The New York Stock Exchange has authorized the listing on or after
Nov.28 of $40.242.400 (auth. 950,000,000).
consisting
804,848 shares,
of Common stock. par $50 per share, and of $57.414.510of
(auth. $100.000.000). consisting of 1.148,290 shares of Common stock B. par S50 per share.
on official notice of issuance in exchange for present outstanding Common
stock and Common stock 13, par $100, on the basis of 2 shares of Common
stock and 2 shares of Common stock B of the par value of 350 per share.
respectively, for one share of Common stock and one share of Common
stock B of the par value of $100 per share, respectively.
Comparative Income Account.
9 Mos. End.
Calendar Years
Sept. 30'24.
1921.
1922.
1923.
Sales (incl. cos. whose
$ '
stock is owned)
114,926,095 138,473,340 143,901,445 155.963,752
Net earnings, after
charges. expenses, &c _ x10,615,803
18,075.137 18.117.236
Divs., partly owned cos_ 1,359.135 15.603,249
1,999,055
1,727.473
1.967,409
Miscellaneous income__ _
158,065
224,065
306,638
371,886
Total net income
12,133,000 17,942,544 20,380.840 20,068.774
Prem. on bonds & notes
purchased & canceled_
47.531
2,496
135,215
Cr.39,449
Interest on bonds
76.074
78,544
Alabama Co.-Sale to Sloss-Sheffield Steel.45,317
66.403
Interest
on gold notes
1.078,551
691.590
Subject only to the formal approval of the stockholders Nov. 21, negotianmt.
on
div.
certifs., &c_
644,707
609.444
107,451
tions for the purchase of the company by the Sloss-Sheffield Steel & Iron Preferred
dividends (454%)2,371,456(6)3,161,982(6)3.161,982(6)3.161.982
Co. have been completed. '
Corn, diva. (cash)--(9%)8,785.776(12)11470695(12)10750533(9)6.062,455
See Sloss-Sheffield Steel & Iron Co. below.-V. 119, p. 1845.
do (scrip)
(3)2,686,278
Alabama By-Products Corp.-Meroer of Coal Cos.Total deductions
11.205,076 14,767,082 15,460,101 15.724,825
See Pratt Consolidated Coal Co. below.-V. 118. p. 1270.
Balance, surplus
4.920,740 4.343.949
3.175,462
927,926
Previous surplus
Alabama Pipe Corp.-New Company Formed.22.845.869 19.670,407 14.749.667 14.655,900
Formal filing of incorporation papers with the Secretary of State of
Total surplus
19,670,407 18,999.849
Alabama has been transacted by the above corporation, which will operate
y Dividend in Mengel 23,773,795 22,845,869
a doxon or mere soil pipe plants and one gas and water pipe company
in the
common stock
Birmingham district. The authorized capitalization of the new company
($4 04250182
consists of $4,000,000 Prof. and 80,000 shares Corn, stock. T. E. Kilby,
Final surplus
former Governor of Alabama,is Chairman of the Board,and W.P.Johnson
23,773.795 22.845,869 19.670,407 14,749,667
is President. New company will make its headquarters in Anniston, Ala.
x After deducting all charges and expenses of management, taxes (in("Iron Trade Review.")
cluding provision for Federal income taxes). fic. y Dividends of $4 75 in
the par value of the Mengel Co. Common stock distributed Aug. 15 on each
American Beet Sugar Co.-Merger Proposed.share of Common stock (including Common "B" stock).
Advicee from Detroit Nov. 10 state that the company is negotiating
Comparative Balance Sheet.
for the properties of the Minnesota Sugar Co., the Northern Sugar Corp.
and the Red River Sugar Co. The negotiations are understood to be
Sept. 30 '24. Dec. 31 '23.
Sept. 30'24. Dec. 31 '23.
nearing completion. Tentative terms, according to the Detroit reports,
Assets$Liabilities$
$
$
call for the payment of $117 a share for the Preferred and $49 for the Real estate, maPreferred stock_ 52,699,700 52,699.700
Common stock of the Northern company. and $10 for the Preferred and
chinery, fixCOTOMOIL stock_ 40,242.400 40,242,400
tures, &c._ _ _ 9,119,909 9,183.392 Corn stock "B" 57,382,400 57,369,400
$21 for the Common of the Minnesota company. All these figures are
said to be the minimum amounts the stockholders will receive.-V. 119. Brands, trade8% bonds__ _ _
300,100
314,300
p. 1845.
marks, good4% bonds.a___ 1,040.200 1.072,700
will,&o
54,099.430 54,099,430 &I'M
5,376
6,020
American Cotton Fabric Corp.-Sale.Leaf tobacoo,
Preferred diviSee Goodyear Tire & Rubber Co. below.-V. 118. P. 2307.
operating supdend payable_
790,496
790.496
plies, &c
75,086,272 76,578,999 Dividend certifs.
26,698
39,054
American Express Co.-Earns 12% This Year.U. S. Treasury
Provision for
President Small is quoted in substance as follows: "We have arloady
notes
4,520,629
taxes. Arc_ __ _ 5,024,713 6.036,668
earned 12% on the Common stock this year, which is double dividend re- Stocks & bonds_ 24,884,738 25,890,106 , ef. Credits_ _.
. 214,593
quirements. We still have two months ahead of us and from indications Cash
7,715,650 9,570,480 Accrued interest
15,938
22,593
there will be no let up in the business -V. 118, p. 320).
Bilis& accts.rec. 12,870,290 11.563,106 Accts.& bills pay 2,744,295
9,792,046
AIMS. due from
Amts. due to cos.
American Milling Co.-Listing.cos. In which
11ch stock
The Philadelphia Stock Exchange has authorized the listing of $525,000
stock is owned
837.710 1,290,562
is owned
888.667 1,897,943
additional Common stock, reported issued account of stock dividend of Prepaid ins., am.
535.370
432,484 Surplus
23,773,795 22.845,869
33 1-3% on the Common stock, declared Sept. 6 1924, making the total
amount of said stock listed at Nov. 8 $2,100,000. the total authorized
Total
185,149.371 193,129.189
Total
185,149,371 193,129,189
issue.-V. 119, p. 1397.
a 4% gold bonds dated Oct. 20 1904, interest payable
American Piano Co.-Listing-Earnings.semi-annually
Feb.
1
and
Aug.
1,
and
4%
gold
bonds
of
Consolidated
The New York Stock Exchange has authorized the listing of $6,000,000
Aug. 1 1901, interest payable semi-annually Feb. 1 andTobacco Co. dated
7% Cumul. Pref. stock, par $100.
Aug. 1.-V. 119,
P. 2182, 2066.
2290
THE CHRONICLE
Anglo-American Oil Co., Ltd.-May Retire Notes.-
Chairman F. E. Powell says in substance:"We have not decided whether
to pay off our $7,500,000 Gold notes in February. We are in a position to
do so, and with sterling as high as it is, the advisable thing to do, it seems
to me would be to pay them off. A number of New York firms approached
me with regard to a loan, but all offers were declined. We are in strong
cash position and not in the market for funds."-V. 119, p. 2067.
Armour & Co. (MO.-Grocers Oppose Setting Aside of
Decree.The American Wholesale Grocers' Association has filed a motion in
the District of Columbia Supreme Court opposing the demand of Armour
& Co. and Swift & Co. that the consent decree of 1920 be set aside. The
group of Pacific Coast canners have charged that the consent decree has
allowed the Grocers' Association to become monopolists.-V.119, p. 327.
Atlas Powder Co. Wilmington, Del.-New Product.The company,through its subsidiary, the Zapon Company,is now marketing a new finish for automobiles and furniture, which should cut down the
time of finishing at least 50%. The new finish, known as "Zapon," belongs to the recently developed group of surface pyroxylin finishes, which
not only dry quicker than paint and varnish but give a harder and much
more durable surface. "Zapon" can be applied to most surfaces, where
paints and varnishes are now used, but the most logical field of employment is in the automobile industry. This new finish is composed chiefly
of pyroxylin dissolved in certain solvents. The pyroxylin is one of the
principal products manufactured by powder companies.
The Atlas Powder Co., through ownership of the Zapon organization,
which has an extensive plant at Stamford. Conn., has been active in the
production and marketing of pyroxdlin solutions for a great many years,
and has already developed a distributing organization of ample size to take
care of new demands. As a means of demonstrating and training operators
in the use of "Zapon" finish, this company is opening schools of instruction
In New York, Chicago and Los Angeles.-V. 118. p. 1777.
Atlas Steel Corp.-Sale.The receivers' sale of the property has been scheduled for Nov. 26.
-V. 119, p. 1628.
Atlas Tack Corp.-Earnings.
Net sales
Net lass
-V. 119, p. 696. 582.
Months Ended
Tote
Sept.30'24. June 30'24. Mar.31 '24. 9 Mos.
4542,184
4612,479 $1,617,127
4462.458
24,539
26,706
49,997
101,243
(B. T.) Babbitt (Soap), Inc.-Complaint Dismissed.The Federal Trade Commission has dismissed its complaint against the
company. The company is a manufacturer of soap, soap powder, and
other cleansing compounds, and was charged in the Commission's complaint with the use of alleged unfair methods of competition in connection
with guaranteeing against price decline in its products.-V.87. p. 417.
Balaban & Katz Corp.-Earninas.PeriodGross profits
Depreciation
Federal taxes
-3Mos.End. Sept.30- -9 Mos.End. Sept.301923.
1924.
1924.
1923.
$536,081 $1,669,861 $1,406,935
$671,454
62,916
53,253
172.155
159,410
76.067
60,399
187,822
154,952
4532.470
$422,429 41,309,884 $1,092,573
Net avail.for divs__
Dividends paid for the 9 months period of 1924 amounted to $149,693
on the Preferred stock and 4594.463 on the Common, leaving a balance of
$565,727 carried to the surplus account.-V. 119, p. 1175.
(The) Baldwin Co., Cincinnati.-To Issue New 6%
Preferred and Retire Present 7% and 8% Preferred Stocks.-
The Cincinnati "Enquirer" says: "The directors are, It is understood,
contemplating calling all of the outstanding $560,100 7% and 41,653.000
8% Debenture Preferred stocks on Dec. 15 at 10214 and int. The directors
also contemplate offering the 7% and 8% Preferred stockholders the
privilege of converting their shares into a new 6% Preferred stock
(42.000.000 to be authorized) par for par, the call premium of 2;4% on the old
Preferred stocks to be paid in cash.
"There is also 4239,900 of an old 6% Preferred outstanding, which is
unaffected by the present plans."-V. 118, P. 667.
Barnett Leather Co., Inc.-Earnings.-Quar.Ended Sept.30- -9 Mos.End. Sept.30Period1924.
1923.
1924.
1923.
412,447
Net earnings*
414,561 loss $3.464
472,488
Preferred dividends- --26.250
29,750
78.750
89,250
Sinking fund
75,000
Balance, deficit
$13,802
415.189
482,213
491,762
* After deducting charges for maintenance and repairs of plants, depreciation and estimated amount of Federal and State taxes, &c.
Note.-The result is subject to adjustment at the end of the year, when
accounts are finally audited, and to change incident to income tax rulings.
The total surplus as of Sept. 30 194 amounted to $463,463, against
$564.753 as of Sept. 30 1923.-V. 119, p. 2182, 815.
Bassick-Alemite Corp.-Merger.See Stewart-Warner Speedometer Corp. below.-V. 118, p. 2707.
Bethlehem Steel Corp.-Good Business Ahead.-Pres.
•
E. G. Grace says:
Indications point to a period of good business immediately ahead. We
are emerging from a period of reduced operations and in the short spaee
of three months have doubled our operating rate. The present outlook is
for a steady increase in demand for our products.-V. 119, p. 1957, 697.
Borden Co.-Common Stock Put on Quarterly Div: Basis.-
The directors have declared a quarterly dividend of 2% on the Common
stock, par 4100, payable Dec. 1 to holders of record Nov. 15. Heretofore
dividends on the Common stock have been paid semi-annually-in installments of 44 each. The payment of this 42 dividend makes $10 a share
Paid in 1924.-V. 11, p. 2708.
Borg & Beck Co.-Earnings.-
The company reports for the nine months ended Sept. 30 1924, net
earnings of 4202,327. Dividends paid during the nine months amounted
to $175,000.-V. 119, p. 1846. 1629.
Botany Consolidated Mills, Inc.-Stock Sold.-Blair
& Co., Inc., have sold at $46.50 per share 60,000 shares
Class "A" stock (par $50).
[VOL. 119.
wool spinning, weaving, dyeing and finishing departments. The weaving
department comprises about 2,200 looms. The real estate, plant and
equipment of this company as appraised as of Dec. 31 1923 had a sound
value of $15.722,698.
Garfield Worsted Mills was organized in 1902. Its original 4nstallation
comprised 150 looms, which has since been increased to approximately
1.000 looms. Manufactures a standard line of dress goods and cloakings. •
Manufacturing facilities consist of weaving, dyeing and finishing departments. Real estate, plant and equipment as appraised as of Feb. 9 1924
had a sound value of $3,445,903.
Authorized.
CapitalizationOutstanding.
10-Year Secured 6t% Sinking Fund
Gold bonds, due April 1 1934
410,000,000
48,663,500
Class "A" stock (par $50)
100.000 shs.
60,000 shs
Common stock
429.531 skis.
500,000 shs.
The controlled company has no mortgage debt, its funded debt as of
Nov. 1 1924, consisting of 4915,000 6% Debentures due serially Oct. 1
1927-31 and 4734,500 7% debentures due Jan. 11925.
Purpose.-To provide a part of the consideration for the acquisition of
12,631 shares of the capital- stock of Botany Worsted Mills to be presently
purchased.
Earnings.-Consolidated net profits of Botany Consolidated Mills, Inc..
and subsidiary, on the basis of the ownership of 33,631 shares of the latter
(about 93;4%), after all deductions (including interest on the $8,663,500
Secured 614% bonds to be presently outstanding and Federal taxes computed at 1923 rates) after eliminating certain non-recurring charges, as
prepared from the records of the companies and the auditors, have been
as follows:
Annual average for the 7 fiscal years ended Dec. 31 1923 (being
7H years to Dec. 31 1923 for Garfield and 7 years to Nov. 30
1923 for Botany)
$3,160.212
For the fiscal year ended Dec. 31 1923 (being 12 months to Dec.
31 1923 for Garfield and 12 months to Nov. 30 1923 for
2,880,147
Botany)
These consolidated net profits average for the above seven fiscal years
over 13 times the cumulative annual dividends of $4 per share on the
Class "A" stock. Such consolidated net profits for the current fiscal
year ending Dec. 31 1924 are conservatively estimated, basod on operations to date, at over 41.300,000. approximately 534 times such annual
dividend requirements on the Class "A" stock.
Consolidated Condensed Balance Sheet June 30 1924 (after Present Financing).
Assets.
Liabilities.
43,000,000
Class "A" stock
Real estate, plant &
x19,408,476
equipment
419,190,588 Net worth
Investments
18,550 10-Year Secured 84s_ _ _ 8,723,500
1,000,000
Cash
2,199,397 6% Debs.(Botany)
7% Debs. due Jan. 1 '25
Notes & accts. rec., less
837,500
reserves
3,194,027 (Botany)
5,321,000
Inventories
19,868,146 Notes payable
3.732,020
Deferred debit items_ __ _
431,573 Accounts payable
410,268
Reserves
Deferred liabilities
651.000
Total (each side)
444,902,281 Min. int. subsidiary_ _ __ 1,818,517
x Represented by 429,531 shares of Common stock, no par value, (including 410,179,641, being 93.41% of unappropriated surplus of Botany
Worsted Mills).-V. 118, p. 1523.
(F. S.) Bowser 1tr Co. Inc.-Bonds Offered.-Otis & Co.,
Porter & Co. and First National Bank, Ft. Wayne, Ind., are
offering at 100 and int. $2,200,000 1st Mtge. 10-Year 7%
Sinking Fund gold bonds.
Dated Nov. 1 1924: due Nov. 1 1934. Callable all or part at any time
on 30 days' notice at 105 and int. during first year and at 14 of 1% less for
each succeeding year until matruity. Company will agree to pay int.
without deduction for the normal Federal income tax up to 2%. Ohio
Savings Bank & Trust Co., Toledo, and Frank P. Kennison, trustees.
Data from Letter of President S. B. Bechtel, Ft. Wayne, Nov. 10
Company.-Established in Ft. Wayne, Ind., in 1885. Is the largest
manufacturer of self-measuring gasoline pumps and tanks for use at filling
stations and public garages, these products being sold throughout the
United States and in 65 foreign countries. Company also manufactures
complete systems for the storage, distribution, filtration and reclaiming of
lubricating oils, as well as storage, distribution and clarifying gasoline
systems for dry cleaners and paint storage and handling systems. Gross
business now amounts to about 410,000,000 annually.
In addition to the Fort Wayne plant with 17 acres of land and 12 acres
of floor space, the company has plants in Milwaukee and Toronto. Company has 30 sales and service branches with warehouses at Albany, Dallas.
San Francisco, London, Paris and Sydney and sales representatives in all
parts of the world. Number of employees approximately 2,000.
Security.-Secured by a closed first mortgage on all the fixed assets.
including the deposit and pledge with the trustee of a mortgage constituting
a first lien upon the fixed assets and a floating charge upon all other assets
td., of Toronto, the Canadian subsidiary, together
of S. F. Bowser
Co.,Of the Common stock of said subsidiary. Properties
with pledge of all
have been appraised as of Sept. 30 1924 at $3,355,988, as compared to this
issue of $2,200,000.
Net Earnings, After Depreciation but Before Federal Taxes, Applicable to int.
loss $347,879
4634,86511918
4240,75811921
1915
345,978
873,064 1919
248.17l1922
1916
395,632
1,087,416 1920
282,219 1923
1917
Net earnings for the first nine months of 1924 were $422,837. or at the
annual rate of 3.6 times interest charges.
Sinking. Fund, 4:c.-Indenture provides for monthly interest payments
and semi-annual sinking fund payments to(ho trustee, the latter beginning
May 1 1926. Such sluicing fund payments will provide for the retirement
of approximately 75% of this issue by maturity. Indenture also provides
that company maintain at all time net current assets of at least 100% of
these bonds outstanding and that no dividends will be paid on either Pref.
or Common stock that will reduce net current assets below 150% of the
amount of these bonds outstanding.
Consolidated Balance Sheet Sept. 30 1924 (After This Financing).
Assets•
$2,948,600
bides.,
mach'y & equip_43,355.088 7% Preferred stock
Land,
1
do subsidiary company_ _ _ 250,000
Patents
2,025,100
309,146 Common stock
Cash
2,200,000
2,425,603 First Mortgage 78
Accounts receivable
132,000
2,295,266 Notes payable
Inventories
78,440 Accts, pay,and accrued Items. 316,427
Other assets
81,815 Notes payable (individuals)___ 134,000
Prepaid expenses
225,000
--- Reserve tor contingencies
315,134
$8.546,261 Surplus
Total (each Me)
-V.116, p. 1279.
Bristol Mfg. Co. New Bedford.-La/ger Dividends.-
The directors have declared a quarterly dividend of $3 per share. Last
Entitled to preference over the Common stock as to assets, and as to quarter a distribution of $2 per share was paid.-V. 117, p. 2437.
cumulative dividends at the rate of 44 per share per annum, and in addition
British-American Nickel Corp., Ltd.-To Be Liquidated.
entitled in each year to participate part pas.su with the Common stock
in any further dividends declared in such year by the corporation until
The company, with mines near Sudbury. Ont. and a big refinery near
the Class "A" stock shall have received dividends of $7 in all in such year. Ottawa, has been placed in liquidation by Justice' Middleton. This is the
Cumulative dividends payable Q.-F. Red. as a whole at any time or in aftermath of action instituted on July 21 by the National Trust Co. as
part from time to time on any div. date on 60 days' notice at $60 per share trustee for the 1st Mtge. bondholders to the extent of 46,000,000. Liquidation permits the National Trust Co. to dispose of both the Ontario and
and dividends.
Listing -It is expected that application will be made in due course to Quebec properties en bloc, which was formerly impossible.-V. 119, p. 459.
list this stock on the New York Stock Exchange.
Brockway Motor Truck Corp.(Cortland, N.Y.).-Bd.
Data from Letter of Pres. Max W. Stoehr, New York, Nov. 12.
All of the outstanding 1st Mtge, 15-Year 7% S. F. Gold bonds,dated
Company.-Was organized in Delaware in March 1924 when it acquired Dec.
1 1922, have been called for payment Dec. 31 at 107 H and int. at
the assets. business and property of Garfield (N. J.) Worsted Mills, and the Equitable
Trust Co.. 37 Wall St., N. Y. City.-V. 115. p. 2796.
the control of Botany Worsted -Allis of Passaic, N. S.
Brunswick-Balke-Collender Co.-50% Stock Dividend.
Company is about to acquire an additional 21,631 shares, approximately,
of the capital soock of Botany Worsted Mills, which will bring its stock
The directors have declared a 50% stock dividend on the Common
ownership in that company up to about 933.4% of the total authorized stock, payable Nov. 17 to holders of record Nov. 12. The company has
and outstanding shares.
an authorized issue of 430,000,000 Common stock (par 4100) of which
Botany Worsted Mills was incorporated in 1889. Originally company there is outstanding 412,375.000.
produced only worsted yarns. To-day it is probably the largest single
Bankers Acquire Interest-To Offer Stock.unit in this country manufacturing a complete lino of high-grade dress
It is understood that Goldman, Sachs & Co. and Lehman Brothers have
goods and French-spun worsted yarns. Its products also include men's
wear worsted fabrics. This company is a complete manufacturing enter- acquired an interest in the Common stock of the Company and that a pubprise starting with the raw wool. Plants include combing, worsted and lic offering of same will be made in the near future.-V. 119, p. 328.
Nov. 15 1924.]
THE CHRONICLE
2291
(P.) Burns & Co., Ltd., Calgary.-Bal. Sheet June 30'24.
Dock company has so grown that last year, in addition to the capacity of
its own docks, it was necessary for it to rent additional storage of 200,000
tons.
In addition to the mortgaged property, the company owns a large im$6,845,257 proved dock (unencumbered) at Ashland, Wis.
2,254,203
Security.-Secured by a first mortgage on the dock property at Duluth.
This property has a total area, including slips, of 1.661.263 Sq. ft. Of this
42,189 1.276,263 sq. ft. is fully improved and 85,000 sq ft. partly improved.
3,382,077 The balance consists of a 75-foot slip on each side of
dock. These slips
2,436.746 have a depth of 20 feet and afford excellent loading and unloading facilities.
-Net earnings for the past five years available for bond interTotal
Total
$14,960,472
$14.960.472 estEarnings.
and depreciation, after deducting all Federal taxes, have averaged
-V. 116, p. 1415.
over 4 times the interest charges on these bonds. In no year has the company sustained a loss. Such net earnings for the year ending March 31
Butte Copper & Zinc Co.-50c. Dividend.A dividend of 50c. per share has been declared on the stock, payable 1924 amounted to 8117.113.
be used to retire present bonded debt, to provide
Dec.24 to holders of record Dec.9. A like amount was paid in March 1923: forPurpose.-Proceeds willimprovements
to the Duluth dock, sad for other
further additions and
none since.-V. 119, p. 583.
corporate purposes.
Liabilities.
Assets.
Current assets
$5,648,811 Capital. income bonds &
Mtges. & agreements of
surplus
sale receivable
264,987 Current liabilities
Investments
728,025 Mtges. & agreements of
Fixed assets
sale payable
7.870,201
Deferred charges
448,449 Sinking fund gold bonds_
Res.for depreciation, &c.
California Petroleum Corp.-Earnings.-Quer. End. Sept. 30- -9 Mos.End. Sept.30Period1923.
1924.
1924.
1923.
Gross earnings
$4.277,683 35,496,460 $13,285,586 $15,363.557
Operating expenses
1,842,026
2.540,068 5.508,680 6.814,911
Deprec.,depletion, &c , 1,496.764
820,681„
2.151,639
Bond interest, &c
144,600
11,866
447,423
35.599
Res.for Fed. taxes. &c- 81.500
174,754
293.345
700.000
Preferred dividends209,214
211,950
628,973
649.675
Common dividends
304.098
304.098
912,292
912,293
xOther reserve
154,764
143,472
415.398
453,619
Surplus
$44,717 81.289.571
3515.064 83,845.821
x Appropriation for redemption of Preferred stock and bonds of subsidiary companies.-V. 119. p. 815. 328.
Canadian Connecticut Cotton Mills, Ltd.-Rpeort.Years Ended Sept. 13Gross income
Other income
1923-24.
$106,556
84.804
1921-22.
1922-23.
3695.076 81,648.105
25,081
75,616
Cleveland (Ohio) Stone Co.-Extra Dividend.The directors have declared the regular quarterly dividend of 1 % and
an extra of 1%, both payable Dec. 1 to holders of record Nov. 15. Like
amounts were paid in March. June and September last.
The directors have also declared three regular quarterly dividends of
11.4%,parable March 1, June 1 and Sept. 1 1925. to holders of record
Feb. 15. May 15 and Aug. 15 1925, respectively.-V. 119. p. 698.
Consolidated Cigar Corp.-Earnings.PeriodGross profit on sales
Selling expenses
Administrative and general expenses
June 28 to
Jan. 1 to
Sept.27'24. Sept.27'24.
1882.051 $2,321,464
8946.441
$335.173
69,286
221.058
Operating profit
Other income
3477.593 $1,153,966
9,942
152.275
Total income
Int. on loans, discts. allowed and miscell. charges_
$487,535 31.306,241
153,672
473.141
Net profit, before taxes
3333.862
$833.100
3770.691 $1.673,186 -V.119, p. 698. 2183.
281,165
483.477
115.060
48.419
Consolidated Textile Corporation.-Earnings.32,615
The company reports for the six months ended June 28 1924 a loss of
173,860
3906.518 from operation of mills directly owned, after all charges.including
*300,000
*240,000
depreciation. amortization. &c.-V. 119. P. 1286. 1176.
Surplus
$201,107 $1,074,649
def.$482,123
Consolidation Coal Co.-Tenders.
Previous surplus
1,000,382 def.40,202
1.262.668
The Guaranty Trust Co., trustee, 140 Broadway. N. Y. City, will until
Nov.
24
receive
of
1st
&
Ref. Mtge. 5% bonds due
to
bids
it
for
the
sale
Total surplus
3780.545 31,201.489 31.034.447 Dec. 1 1950 to an amount sufficient to exhaust $69.568, at prices not exAdjustments
34,065 ceeding 1071.4 and int.-V. 119, p. 1738.
61,179
1,941
Profit and loss balance
Constantin Refining Co.-Reorgonization Plan.3782.486 81.262.668 $1.000,3e2
* Incl. one quarterly payment of 2% on acct. of arrears, paid Nov.15'23.
The bondholders' protective committee, consisting of H. C. Rorick.
-V. 119, p. 201.
Chairman (of Spitzer, Rorick & Co.), Walter H. Lippincott (of Bioren &
Co.), and Paul P. Prudden (of Prudden & Co.), has prepared and adopted
Canadian Locomotive Co., Ltd.-New Chairman, &c.
a plan of reorganization for the company.
Robert Hobson, President of the Steel Co. of Canada, Led., has been
Holders of certificates of deposit for the 1st Mtge. 8% bonds who on or
elected Chairman of the Board, succeeding Aemilius Jarvis.
befo-e Dec. 1 1924 do not withdraw their bonds from the deposit agreement
H. F. Osier has been elected a director, succeeding M. J. Haney.
- dated May 15 1923, shall be deemed as having assented to the plan. DeV. 119, p. 1393.
positary, Spitzer-Rorick Trust & Savings Bank, Toledo. 0. Secretary of
committee, John Wehage, 120 Broadway, N. Y. City. Counsel, Murray.
(J. I.) Case Plow Works Co.--Stricken From List.The Board of Governors of the New York Stock Exchange at their Aldrich & Roberts, New York.
The committee in a circular Nov. 6 to the holders of the
meeting Nov. 12 ruled that tho Common and 1st and 26 Preferred stocks
of the J. 1. CASO Plow Works Co. and the old Common and Preferred stocks 1st
Mtge. 8% bonds says:
of the International Agricultural Corp. be stricken from the trading list.
Of the 33,500,000 1st Mtge. bonds outstanding on March 29 1923, when
In connection with the announcement, representatives of the Stock
receivers were appointed in foreclosure proceedings. $25,000 have been
Exchange explained that the stock of the J. I. Case Plow Works was cancelled
under the terms of a settlement with the Hibernia Bank, leaving
stricken because of the failure of the company to live up to its agreement $3,475,000
bonds now outstanding. Of these $3,430,000. or nearly 997e,
with the Stock Exchange calling for the issuance of quarterly statements
of earnings. The company informed the Exchange under date of Oct. 8 have been deposited with the committee. This solid support by the bondholders
has
been of great benefit and encouragement to the committee in
1924 "that it is not possible under present conditions to make and publish
quarterly reports.' The Governing Committee of the Exchange under preserving and maintaining the bondholders' rights against the strenuous
date of Oct. 16 1924 informed the company that unless within a reasonable and bitter fight against them by the unsecured creditors.
On Nov.5 the U. S. District Court at Muskogee entered an order of sale
time assurances were received that the agreement would be strictly complied
with, the matter would be referred to the Board of Governors and proper of all company properties in Oklahoma. to be held on Dec. 8, and in Texas.
to be held on Dec. 10. These properties will be offered for sale in parcels
action taken. No reply was received,
Failure to maintain facilities for the transfer of stock was the reason for and then as a whole. It is not expected that any cash bids will be received
for the refineries, nor any substantial bids received for the balance of the
suspending trading in the stock of the International Agricultural
Corp.
The Exchange was notified by the company that "it desires to avoid the properties. As the properties are ordered sold without appraisal and to the
highest cash bidder, it was necessary and advisable that the committee
expense of obtaining a further supply of stock certificates
the
and that
transfer agent has been notified to make no further transfers of said stock." immediately prepare and put into effect a reorganization plan under which
As a result the stock has been ordered stricken from the list as of Nov. 24 the bondholders will buy in these jproperties and operate them until they
can be sold to better advantage. It is not believed that any cash bid will
1924.-V. 117, p. 2650.
be received for these properties and assets in their present condition in the
hands of receivers that will net the non-depositing bondholders, after payCasein Co. of America (N. J.)-Extra Dividends.The company has declared an extra dividend of 2% and the regular ment of taxes, court costa and receivership charges, more than 20 cents on
quarterly dividend of 2% on the Preferred stock, both payable Nov. 13 to the dollar.
Because of the depression and unsatisfactory conditions prevailing in the
holders of record on Nov. 8.
The Casein Co. of America (Delaware) has declared an extra dividend oil business during the past two years. add because these properties could
of 1% and the regular quarterly dividend of 1%, both payable Nov. 15 not be operated advantageously and economically during receivership, and
while the trustee, receivers and the committee had to devote a large portion
to holders of record Nov. 7.-V. 118, p. 2708.
of their time and ability in litigation, it was to be expected that the depletion and depreciation during receivership would be very large. However.
Chancellor Hotel, Los Angeles.-Bonds Offered.Lumbermen's Trust Co. Bank. Portland, tDre., is offering at 100 and int. the gross income from car rentals and from oil leases, even during receiverhas justified the committee in believing that if these properties are
$150,000 1st Mtge. 634% Sinking Fund Gold bonds dated Oct. 1 1924, ship,
due serially April 1 and Oct. 1 1926-1929. Denom. 41.000. $500 and $.100. bid in by the bondholders and properly reorganized and managed, they can
put on a sound and paying basis so that 6% interest can be promptly
Interest payable A.& 0. Lumbermen's Trust Co., Portland. Ore., trustee. be
These bonds will be secured by a first mortgage and charge upon the paid on the 1st Mtge. Income bonds during the coming year and the propChancellor Hotel,situated in Wilshire District, Los Angeles, Calif.. together erties put in shape so that they can be disposed of to good advantage.
Digest of Reorganization Plan Dated Nov. 1 1924.
with all buildings and fixtures now or hereafter erected or annexed thereto.
The land, which is owned in fee simple, has been conservatively appraised
Foreclosure Proceedings.-On March
1923 a suit to foreclose the First
for the purpose of this loan at 885.000, and the building, when completed. Mortgage was begun by Spitzer-Rorick29
Trust & Savings Bank, as trustee,
will show sound values, exclusive of equipment of $217.000. giving a total in the U. S. District Court for the Eastern
District of Oklahoma, at Muskovalue of 3302.000 pledged to secure this first mortgage. Bonds will be fur- gee, in which suit receivers were appointed. Over the opposition of certain
ther secured by a mortgage on the old J. K. Gill building, located at Third creditors, a decree foreclosing the
and authorizing the sale of all
mortgage
and Alder streets. Portland. Ore. (subject only to a first mortgage in the the properties of the company and of its subsidiary companies was entered
amount of 3100.000). showing an malty of $75,000. The bonds will be on or about Nov. 10 1923.
the joint and several obligation of!. Holman and wife, who unconditionally
The defendants and intervening creditors were allowed until May 10
guarantee the prompt payment of both principal and interest. Mr. Pole- 1924 within which to appeal, and shortly before the expiration of the period
man's signed statement shows a conservative net worth in excess of$250.000. the trustee in bankruptcy for the Inliahoma Refining Co. appealed from
this decree of foreclosure and sale. By stipulation of all parties this claim
was settled and settlement app-oved by the Court on Sept. 29 1924. On
Chevrolet Motor Car Co.-Output-Sales.The company in October produced 23,57e cars and trucks, compared with Nov. 5 the Court entered an order of sale of all properties in Oklahoma, to
25,472 in Sentember and 25.192 in March. Retail deliveries in October beholden Dec.8,and of all properties in Texas,to be held on Dec. 10 1924.
totaled 22.100 cars and trucks, against 24,958 in September and 25,329 in Orders of sale will be issued Eater covering all properties located in Arkansas
and Kansas.
August.
Receive;ships of Subsidiaries.-In connection with the above foreclosure
The company on Nov.3 completed its 13th year with an aggregate output
of 1,744,870 cars and trucks, nearly 6% of which were produced since proceedings, it was necessary for the trustee to file ancillary bills in the
above
Court and have receivers appointed for the Constantin Oil & Gas Ce.
p.
1738.
Jan. 1 1922.-V. 119,
the Constantin 011 Corp.. the Lindner Oil Co. and Export Oil Corp.tattle
an
ancillary
in the U. S. District Court for the Western District of
Building.-Acouired
by
Nett,
Trust
Chicago
Interests.- Arkansas andbill
have receivers appointed therein for the Constantin RefinSee C. T. 0. Safe Deposit Co. below.-V. 116. p. 2888.
ing Co. and Constantin Oil & Gas Co.; to file an ancillary bill in the U. S.
District Court for the Baton Rouge division of the Eastern District of LouClarkson Coal & Dock Co.-Bonds Offered.-Minnesota islana
and have receivers appointed therein for the Constantin Refining Co.:
Loan & Trust Co. is offering at prices ranging from 98 to to file ancillary bills in the U. S. District Court for the Northern District
Texas at Fort Worth and secure the appointment of re elvers therein for
101 . to yield from 4.95 to 6.20% according to maturity, of
the Constantin Refining Co. and Constantin Oil & Gas Co.. and to file an
$650,000 1st (closed) Mtge. 6% Serial Gold bonds. A cir- ancillary bill in the U. S. District Court for the Third Division of the DMtrict of Kansas and have receivers appointed thoeriu for the Constantin
cular shows:
•
011 & Gas Co. This was necessary because the Constantin Refining Co.
Dated Nov. 1 1924, duo serially. 1925 to 1939. Dement. 81.000, $500 and its above subsidiaries owned property within all of the foregoing innsand $100 c*. Interest payable M. & N. at the office of Minnesota Loan dictions.
& Trust Co., Minneapolis, trustee, without deduction for Federal income
Claims Against Company.-The determination of the amount, the validtax not exceeding 2%. Red. all or part on or before Nov. 1 1929 at 105 ity and order of priority of all claims against the company, the Constantin
and int., the premium decreasing ee of 1% annually thereafter. Tax- Oil & Gas Co- the Constantin Oil Corp. and the Lindner Oil Co. were reexempt in Minnesota.
!erred by the U. S. District Court at Muskogee to Phillip Kates as special
Company.-Is engaged in the business of handling and selling coal at master. The master found as to the order and priority of claims against
the head of Lake Suprrior. Interests allied with the company, together the company:
With the Soo Line, own certain mines in Ohio from which the Soo Line
(1) The lien of S Itzer-Rorick Trust & Savings Bank, trustee under the
derives the major portion of its Eastern coal. The Deck company has a bond mortgage of May 11921. is a first and valid lien upon all of the propcontract for the handling of this coal over its docks. The business of the en)
,and assets of every kind and character of Constantin Refining Co., in
Total income
Expenses, including reserves
Government taxes
Inventory written off
Depreciation
Preferred dividends
$191,360
167.008
2292
THE CHRONICLE
the sum of $3,751,117, with interest from Nov. 10 1923,the date of the foreclosure decree in this case, subject to: (a) Court costs and expenses of administration; (b) To the tax lien of Tulsa County, Okla., for $13.683. and
of Cotton County, Okla., for $21,961: (c) a lien of the Exchange Trust Co.
on proceeds of a contract dated April 8 1921 between Constantin Refining
Co. and Standard Oil Co. of Louisiana to secure payment of balance on
notes;(d) the lien of F. I'. McCormick for paving taxes on certain property
of the Constantin Refining Co.
The master allowed no claims against Lindner Oil Co.
The master allowed claims against Constantin Oil Corp. of $110,425, of
which he found $93,704 were owned by Constantin Refining Co., and covered by the first mortgage to the above trustee.
The master allowed claims against Constantin Oil & Gas Co. of $328,263 20, of which he found $103,407 were owned by Constantin Refining
Co. and covered by the first mortgage to the above trustee. Certain other
claims were filed in U. S. District Court of Arkansas which are being contested by the trustee.
While the First Mortgage bondholders have won out In the foregoing
litigation and have fully sustained the validity and priority of the First
Mortgage securing their bonds, yet this litigation has been long and expensive.
Unsecured Creditors and Stockholders.—Neither the owners of the $8,000,000 capital stock of the company nor the unsecured creditors who filed
claims amounting to something like $3,000,000 have ever submitted any
plan of reorganization, or made any proposition along the line of participating in any plan of reorganization to be prepared by the committee. Therefore the owners of the capital stock and the unsecured creditors will receive
no recognition under the plan of reorganization, which is for the sole benefit
of the First Mortgage bondholders.
Sale of Assets—Upon the sale of the properties of company and its subsidiaries, the company expects to bid for the same and to use for the purpose
of paying for them, in case the committee is the successful bidder, the First
Mortgage Sinking Fund Gold bonds of such bondholders who shall assent
to the plan. The properties, if purchased by or for the account of the committee, will be transferred to a new company which the committee will
cause to be formed. The new company will issue the securities which parties to the plan will receive in lieu of the First Mortgage Sinking Fund Gold
bonds.
New Company.—The reorganization will be effected through a new company or new companies to be formed under the laws of such State or States
as may be approved by the committee, to acquire and operate the properties
which may lee acquired of Constantin Refining Co. and Constantin Oil dr
Gas Co. and Constantin Oil Corp., subject, however, as to the tank cars,
to the issued and outstanding Equipment Trust certificates of Constantin
Refining Co., Series A and B,of the aggregate principal amount of $540,000
and 185.000, respectively.
It is the purrose and intention of the committee to assure to the holders
of the First Mortgage Sinking Fund Gold bonds of Constantin Refining Co.
the benefits of all the properties of Constantin Refining Co. and its subsidiary companies, through the securities to be issued by the new company,
after first paying or providing for the payment of the expenses of the receivership and of the reorganization.
To complete the reorganization, it will be necessary to meet the unpaid
expenses of the receivership and the expenses of the reorganization as contemplated in this plan. The bondholders will not be required to contribute
any new cash, but the cash necessary to meet such expenses will be secured
through the cash and the sale of certain assets of ready marketability, which
may be acquired by the new company. In the event that these are not sufficient to discharge all such expenses or that the sale of certain assets is
not advisable, additional cash will be realized through the sale of Equipment
Trust certificates to be issued.
New Securities.—The securities of the now company to be authorized will
be as follows:
$3,475.000
First Mortgage 6% Income Gold bonds
285,000
Equipment Trust certificates, Series "C"
5,650 shares
Common stock
First Mortgage 6% Income Gold Bonds.—Secured by a first and closed
mortgage which shall be a direct lien upon all the refineries, tank farms.
pumping stations, pipe lines and tank cars of the new company, subject,
however, to the $625,000 Equipment Trust certificates, Series A and B,
now outstanding, and to any extension, renewal or refunding thereof,
and to the $285,000 Equipment Trust certificates, Series C, of the new
company. Denom.$1,000; will mature in 10 years: will bear int. at the rate
of 6% per annum (payable only out of net income as the same shall be defined in the bonds or in the mortgage securing the same).
Stock.—New company will have an authorized issue of 5,650 shares of
Common stock, either of par value of $100 each or of no par value,as the
committee may determine.
Equipment Trust Certificates.—To the extent that additional cash may be
required to complete the reorganization or as working capital, or for other
necessary purposes of the new company,it will be procured through the issuance and sale of the above-mentioned Equipment Trust certificates, Series C.
of the new company. These will be secured by 285 tank cars more or less,
of Constantin Refining Co.. which it is contemplated that the committee
will acquire at the foreclosure sale, which cars are not now sebject to Equipment Trust certificates of Constantin Refining Co.
Voting Trust.—The stock to be issued to the holders of the First Mortgage
Sinking Fund Gold bonds will be deposited under a voting trust agreement
limited to the period of ten years. The voting trustees will be H. C. Korick,
Walter H. Lippincott and Paul P. Prudden, and their successors.
Comparison of Outstanding Socurities of New and Old Company.
New Company. Old Company.
$3,475.000
$3,500,000
First Mortgage bonds684,000
540,000
Equipment Trust certificates Series A_ _
B
85.000
85,000
Equipment Trust certificates Series
285,000
Equipment Trust certificates Series C
565.000
8.000,000
Common stock
Distribution of New Securities.—Each holder of a First Mortgage Sinking Fund Gold bond of Constantin Refining Co. of the principal amount of
$1,000, who shall become a party to this plan, will upon the completion of
of such bond the following:
the reorganization receive in respectGold
bond of the new company of the
(a) A First Mortgage 6% Income
and
$1,000;
principal amount of
(b) A voting trust certificate representing one share of stock of the new
company for each $100 of interest coupons payable upon the bond, and unpaid on Dec. 1 1924.
assenting to the plan
The new securities will be issued to bondholders
of deposit of Spitzer-Rorick Trust
upon their surrender of the certificatesMortgage
Sinking Fund Gold bonds.
& Savings Bank. representing the First
—V.116, P. 1537*
Continental Baking Corp.—New Company Formed—
Offers to Exchange Stock for United Bakeries Corp. Stock—
Acquires 85% of Ouktanding Stock of American Bakery Co.
of St. Louis.—Announcement was made during the past week
of the incorporation in Maryland of the above company
and the offer to exchange stock of the new company for
stock of the United Bakeries as outlined below. Announcement was also made of the acquisition of 85% of the outstanding stock of the American Bakery Co. of St. Louis.
of the Continental
George G. Barber, Chairman of the board of directors
in part.
company, issued a statement Nov. 7 which saidincormwated
in Maryland.
"The Continental Baking Corp. has been
par $100
It Is capitalized at 2.000,000 shares of 8% Cumul. Pref. stock,
stock without
per share; 2,000,000 shari-a of Non-Cumul. Class'A' Common
without par
stock,
Common
'B'
Class
of
shares
2.000.000
and
value,
Par
value.
The Class 'A'
"The Pref. stock is callable at 110 and is non-voting. Common
stock
Common stock is preferred as to dividend over Class 'B' will
participate
thereafter
to the extent of $8 per share per annum and
stock will be
share and share alike with Class 'B' Common stock. This
issued as needed for the purchase of new and additional bakeries.
"If and when the pr.?sent and immediate program of the company is
completed the tete) prospective sales of all companies should produce a
profit sufficient to reflect earnings of about $3 a share on the Common
'B' stock after 8% on Prof. stbck and $11 a share on the Common 'A'
stock have been provided.
"The organizatien behind Continental has proven itself. Its personnel
includes many of the leading executives in the baking industry. The
policy of the organization will be to 'build' men who in turn will 'hullos
business bakeries and profits. The character and effectiveness of the
[VOL. 119.
organization and the fact that have attracted individually owned companies
with the result that many profitable purchases are possible. The decreased
cost, increased sales and increased profits have followed the sale of individual
owned bakeries o larger baking companies."
A further statement was given out Nov. 10 by Chairman Barber in
the form of a letter written by him to George B. Smith, Chairman of the
board of the United Bakeries Corp.. and a letter written by Mr. Smith
to the stockholders of the United Bakeries Corp
Mr. Barber in his letter to Mr. Smith gives the outlines of the formation
of the Continental Baking Corp. and states that the Continental desires to
acquire the outstanding stock of the United Bakeries Corp., and offers
it its stock in exchange for stock of the United Bakeries Corp. on the
following basis:
For one share of Prof. stock of United Bakeries Corp. the stockhelders
may obtain one share of Prof. stock and one share of Class "B" Common
stock of Continental Baking Corp.
For one share of Common stock of United Bakeries Corp. the stockholders may obtain one share of Class "A" Common stock and two shares
of Class "B" Common stock of Continental Baking Corp.
It is the intention of Continental Baking Corp. to pay regular quarterly
dividends at the rate of 8% per annum on its Prof. stock and also to pay
regular quarterly dividends at the rate of $8 per share per annum on its
Class "A" Common stock, and to make the first quarterly payment on
bo..11 classes of stock Jan. 1 1925.
If the stockholders desire to exchange the stock of the United Bakeries
Corp. which they now own for stock of Continental Baking Corp. on the
terms above set fcrth and will send their stock certificates to the Guaranty
Trust Co., Fifth Ave. Office, Fifth Ave. and 44th St., N. Y. City, this
company will cause o be issued in exchange ,herefor its own stock as
above set forth. The offer to exchange expires Dec. 1.
Mr. Smith in his letter to the stockholders of the United Bakeries Corp.
states that he has personally decided to accept the offer of the Continental
Baking Corp., that he will transfer his own stock on the terms suggested,
and that he recommends without reservation to the stockholders of the
United Bakeries Corp. that they accept the offer and send their stock for
exchange.
Mr. Smith adds that he is familiar with the organization and the plans
of the Continental Baking Corp. and that he knows the men who will
conduct its business. The officers and managers who have served with
the United Bakeries Corp. will continue with the Continental Baking Corp.
Chairman Barber announced Nov. 12 that the corporation had acquired
85% of the outstanding stock of the American Bakery Co. of St. Louis.
comprising 14,043 shares out of a total of 17.045 shares.
The American Bakery Co. is a Missouri corporation, incorporated in
1907. The yearly profits of the American Bakery Co. are approximately
$275,000. The gross sales are $2,150,000 yearly. The offer made by the
Continental Baking Corp. to the stockholders of the American Baking
Co., on the basis of which they acquired their business, was $100 a share
for the Pref. stock. $75 a share for the Common stock.
The American Bakery Co. was capitalized as follows: 10,000 shares of
$100 par value Common stock. 10,000 shares of $100 par value 7% Cumul.
value Prof. stock. and 1775.0006% 1st Mtge. Sinking Fund bonds due 1927.
Chairman Barber on Nov. 14 announced that the corporation now has
in hand a majority of the outstanding voting stock of United Bakeries Corp.
Further exchange of securities is proceeding at a satisfactory rate, according
to announcement.
When all the stockholders of United Bakeries Corp. have exchanged
their stock for Continental Baking Corp. securities, there will have been
Issued to them about 157,103 shares of Preferred stock, 209,000 shares of
Class "A" Common stock and 675,000 shares of Class "B" Common stock.
Continental Can Co., Inc.—Rights.—
The Preferred and Common stockholders of record Nov. 24 will be given
the right to subscribe to no par value Common stock at $54 per share to
the extent of 15% of the number of shares of Preferred and (or) Common
stock held. Payment is to be made Dec. 9 at National Bank of Commerce,
31 Nassau St. New York. The required 66,313 shares of no par value
'have already been authorized by the stockholders and are
Common stock
available for issue at the present time.
The company has arranged for the underwriting of this offer with Goldman, Sachs & Co., Lehman Bros. and C. D. Barney & Co. Arrangements
have also been made with these bankers to assist stockholders in purchasing
or selling warrants for subscription to fractional shares, as subscription upon
warrants will be accepted by the National Bank of Commerce in New York
only for full shares.
President Thomas G. Cranwell in a circular to stockholders Nov. 13 says:
"The business of the company has grown to such proportions and the
prospective development is such that the directors have decided that the
company should have the additional capital involved in the sale of this stock.
While It is a fact that the company at the end of the year would in any event
be in a comfortable position with regard to working capital, the recent additions to plants with the prospective increase in the company's business have
made it seem advisable to prepare in advance for the additional working
capital which will be needed as the business expands."—V. 119. p. 329.
Continental Motors Corp.—To Show Increase in Profits.
With the closing of the fiscal year of the corporation. it is reported the
company will show an increase in net profits of approximately 20% over
last year.
Vice-President W. R. Angell, when asked regarding the year's business,
said: "While of course it will be several weeks before the auditors have
Completed the annual statement, from all indications the company will
show a satisfactory increase in profits over last year, although our sales
were slightly less. Our cash position is the best in our history. Through
reductions in inventory and through various economies effected, we have
been able to materially increase the ratio of our current assets to current
liabilities. This ratio is now approximately 11 to 1. On the whole we have
had a very satisfactory year. —V. 119. p. 2183.
Cresson Consol. Gold Mining & Milling Co.—Report.
Quer. End. Sept. 30 1924—
July
August
September (estimated)
Total
—V. 119, p. 202.
Net
Tons,
11,264
10,404
10,284
Awe.
Or. Val.
$13.84
13.48
12.34
Net
Returns.
140,476
34,618
20,000
31,952
$13.24
$95,09
C. T. C. Safe Deposit Co.—New Control.—
The Chicago "Journal of Commerce" of Nov.8 stated that control of the
Chicago Trust Building at the northwest corner of Monroe and Clark streets.
Chicago, Ill., has been acquired by interests affiliated with the Commonwealth Edison Co., from the C. T. C. Safe Deposit Co., by the transfer to
the Commonwealth interests of $800,000 of C. 'I'. C. Safe Deposit Co.
Common stock at a price said to be 11,100,000.—V. 115. P. 1434.
Cutler Mail Chute Co.—Changes Name.—
See Cutler Securities Corp. below.—V. 117, p. 2327.
Cutler Securities Corp.(of Delaware).—Tenders.—
The Seaboard National Bank, 115 Broadway. N. Y. City, trustee, will
until Nov. 25 receive bids for the sale to it of Collat. Trust S. F. Gold bonds
of the Cutler Securities Corp. formerly the Cutler Mail Chute Co.(V. 117,
p. 2327). to an amount sufficient to exhaust $20.041. at prices not exceeding par and interest.
Davison Chemical Co.—Outlook, ckc.—
PracIdent C. Wilbur Miller, discussing the company's present situation
and outlook, stated in substance:
"So far as the Silica Gel Corp. Is concerned, there is very definite progress
being made in the number of commercial uses that Silica Gel is put to.
The oil plants are rapidly reaching results expected. and nothing has developed to change our confidence in our process for refining oils. It is
quite natural that any new plant requires adjustment and tuning down
before the best results are obtained. We are no exception to that rule.
"The abserption plants have been put into operation and are working
perfectly. The engineering and development work on refrigeration, which
we cans:der one of our largest fields, is about completed, and 2,000 household units are now running In private houses with most satisfactory results.
"Very interesting work is now being done by the U. S. Navy Department
testing the use of Silica Gel for re-hydration in connection with submarines
and the use of refrigeration on navy vessels.
"The Silica Gel, Ltd..of England,has been organized and is functioning.
(Silica Gel, Ltd., of.England has been registered in the United Kingdom
Nov. 151924.]
2293
THE CHRONICLE
with a nominal capital of £315,000. The capitalization is divided into
300,000 Preference shares of £1 each and 300,000 ordinary shares of one
shilling each. Affiliated with C. Wilbur Miller, President of the Davison
Chemical Co., in the control of the new company, are several British
capitalists, it is stated.-Ed.]
"Our development in Germany is well under way and now that the
economic conditions have changed, rapid progress will be made.
"The regular business of Davison Chemical Co. has enormously improved
in the last couple of months and we will go out of the year in black figures.
Business on the books for the next six months is more than the entire
volume for 1923 and on a very different selling basis. For the first time in
five years, we have received a large export order for Europe. During the
current year the company has paid off its debentures and other indebtedness
to a total amount of $2.600,000, and to-day owes lees than at any time in its
history."-V. 119, p. 816.
- - -addition thereto, as a sinking fund,for the four years beginning May 11925,
$50,000 annually, in cash and (or) securities of this issue at their face value.
and beginning May 1 1929 and annually thereafter at amount in cash and
(or) securities of this issue at their face value sufficient to bring the amount
including interest up to $135,000. all such sinking fund payments to be made
in equal semi-annual installments. This sinking fund, it is estimated, will
retire approximaetly 45% of this loan by maturity.
Firestone Tire & Rubber Co.-Buys Cotton Mills.-
President Harvey S. Firestone announced on Nov. 11 the purchase of the
Sanford Cotton Mills in Fall River, Mass. The mills will be operated by
a subsidiary of the parent corporation to be known as the Firestone Cotton
Mills. This company has been incorporated in Massachusetts with a
capitalization of $5.000,000 Common stock, par $100. Bernard M. Robinson of Akron, 0., Secretary of the Firestone Company, is President of the
new company.
(Alfred) Decker & Cohn, Inc.-Common Div. No. 2.Practically all the tire fabric used by the two Firestone Akron plants, the
The directors have declared a dividend (No. 2) of 50c. a share on the tire manufacturing subsidiary in Massachusetts, and the rubber footwear
Common stock, no par value. payable Dec. 15 to holders of record Dec. 5, factory in Massachusetts will be produced by the newly-acquired Fall River
and the regular quarterly dividend of 1Y.% on the Preferred stock, payable mills, it is said.-V. 118, p. 1670.
Dec. 1 to holders of record Nov. 20. An initial dividend of 50 cents per
Fisk Rubber Co.-Sub, Co. Purchase.share was paid on the Common stock on June 15 last.-V. 118, p. 2443.
Devon Mills, Inc.. a recently organized Massachusetts corporation, has
Eastman Kodak Co.-Extra Dividend on Common.
- acquired all
the property of the Roach Mills at New Bedford, Mass. The
An extra dividend of 75c. per share has been declared on the Common Minigret Co., a subsidiary of the Fisk Rubber Co., has one-half interest
stock, no par value, in addition to the regular quarterly dividends of $1 25 in this purchase. This will enable the Minigret Co. to supply to the Fisk
per share on the Common and of 1;4% on the Preferred, all payable Jan. 2 company a greater portion of tire fabric than heretofore, and is expected
to holders of record Nov. 29. In the last three quarters extra dividends to be of considerable advantage to both companies.
See Goodyear Tire & Rubber Co. below.-V.119, p. 1400.
of 75c. a share were also paid on the Common stock, while in January 1924
an extra dividend of $1 25 per share was paid.-V. 119, p. 945. 816.
Electrical Research Laboratories Inc.-Stock Offered.
-Stein, Alstrin & Co. and Paul H. Davis & Co., Chicago,
are offering at $23 per share 26,000 shares of capital stock
without par value.
Transfer agent, Northern Trust Co., Chicago. Registrar, Foreman
Trust & Savings Bank, Chicago. Dividends exempt from normal Federal
income tax under present laws. Application will be made to list this stock
on the Chicago Stock Exchange.
Capitalization (No Bonds). Authorized. Outstanding.
Capital stock (no par value)
65,000 shs. 65,000 shs.
Data from Letter of President Geo. A. Pearson, Nov. 10.
Company.-Recently incorp. in Delaware. Company, manufacturing
"Erla' radio products, was through its predecessors founded in the fall of
1921 by George A. Pearson and his staff, as a department of the National
Motor Sales Co.,a co-partnership dealing in the distribution of automobiles.
The automobile department was discontinued July 1 1923 and since that
date the efforts of this company have been devoted entirely to the manufacture and sale of radio products.
Company at present time manufactures practically every major unit
employed in receiving apparatus, in addition to knockdown receivers and
complete receivers in table cabinet, table console and floor console styles.
Sales are made exclusively through jobbers, of which there are more than
350 in the United States alone. It is estimated that there are not less than
10,000 retailers handling "Erie" products. Sales in Oct. 1924 were approximately three times the sales in Oct. 1923. With the increased manufacturing facilities made possible by this financing, the management believes the company will be able to satisfy fully the demand for its products
and at the same time offer new items to the trade.
Company occupies under a very favorable lease an entire building containing approximately 50,000 sq. ft. located at 2500 Cottage Grove Ave.,
Chicago.
Purpose.-Proceeds will provide additional working capital and enable
the company to take advantage of the greatly increasing demand for its
products.
Earnings from Manufacture and Sale of Radio Products.
Before Taxes. Taxes at 1924 Rate. After Tax.
1923
$14.139
$98,978
$113,117
1924 (10 months)
310,227
271,449
38,778
Estimating the last two months of 1924, earnings for the full year after
taxes should be approximately $375,000, or more than $5 75 per share.
Dividends -Directors have signified their intention of placing the stock
on a dividend basis of $2 per annum, the initial quarterly dividend of 50
cents per share to be payable in the near future.
Balance Sheet of Oct. 31 1924 (Giving Effect to Present Financing).
AssetsLiabilitiesFixed assets
$51,582 Capita stock
a$1,118,474
Trade-marks, patents. &c. 400,000 Accounts payable
25,552
Cash in banks & on hand_
479.067 Accrued commission
10,902
Acc'ts & notes receivable.. 130,077 Reserve for Federal tax
61,601
Inventories
155.094
Prepaid insurance
710
Total (each side)
$1,216,532
a Authorized and to be issued, 65,000 shares no par value Common stock.
Directors.-George A. Pearson, Louis Geyler, Frank E. Alstrin, Leonard
S. Florsheim, and Edward N. D'Ancona.
Empire Tank Line Co.-Gold Certificates Called.-
Certain of the outstanding 10-Year 8% Equip. Trust Gold certificates,
dated for June 1 1921, aggregating $112,900. have been called for payment
Dec. 1 at 10334 and int. at the Bankers Trust Co., 10 Wall St., N.Y.City.
-V. 118. p. 1670.
Fairbanks Co.(and Subs.).-Earnings.-
Quarter Ended Sept. 30Gross operating profit
Expenses
Interest on bank loans
Depreciation, &c., charges
Deficit
-V. 119, p. 1513, 946.
1924.
$305,934
$233,851
45,912
42,539
1923.
$113,676
$315,244
55,353
56,962
$16,369
$113,882
Famous Players-Lasky Corp.-Earnings.-
Treasurer E. J. Ludvigh says: "Earnings of corporation so far in the
fourth quarter of this year are runnitti ahead of the third quarter and also
ahead a the last three months of 1923.' Compare V. 119. p. 2070, 2185.
Foundation
Co.-Declares
Regular
Dividends.-
The directors have declared the regular quarterly dividends of $1 50 on
the Common and $1 75 on the Preferred, both payable Dec. 15 to holders
of record Dec. 1.
John W.Doty, President of the company,issued the following statement:
The directors, at their meeting, Nov. 12, authorized the regular rate of
dividends to be paid on the Preferred and Common stocks. The question
of an increase in the dividend rate on the Common was not acted upon at
this meeting and will not be btought up for consideration of the board until
the full earnings figures for the year are before them.
"New business so far booked in the last quarter of the year totaled $7.500000 and the estimated earnings for the last quarter indicate a total net profit
for the year of approximately 51,000,000. which would be equivalent to
approximately $15 a share on the Common stock now outstanding."-V.
119, p. 2185.
Freed-Eisemann Radio Corp.-Transfer Agent.-
The Equitable Trust Co. of New York has been appointed transfer agent
for the Common stock of the corporation. See also V. 119, P. 2070.
Freeport Texas Company.-Earnings.-Quar. End. Aug.31- -9 Mos.End.Aug.311924.
1923.
1923.
1924.
$1,004,543 $1,729,049 53,639,884 54,613,996
2.974,214
2,547,475
1,225,545
737,566
PeriodGross sales
Cost of goods sold
Gross profit
$266,976
Shipping, sell. & gen. exp_
256,328
5503.504 51,092,408 $1,639,782
608,538
722.275
220,589
Net profits
Other income from prop
$10,648
5,309
5282,915
Deb.2,344
5370.134 $1,031,244
20.680
10.688
Gross income
Reeve for deprec. & taxes
815,958
146,552
5280,571
136,073
5380,823 51,051.924
363.371
352,628
def $130,594
$144.497
Surplus
-V. 119, p. 817.
$28,195
$688,553
General Asphalt Co.-New Director.-
Edgar C. Felton has been elected a director, succeeding Charles F.
Ingersoll.-V. 119, p. 2070.
General Cigar Co., Inc.-Earnings.
-
The company earned for the 3 months ending Sept. 30 1924, after deducting all charges including provision for Federal taxes, $691.489. Earnings
for the 9 months ending Sept. 30 1924 were $1,873,820 after deducting for
all charges including provision for Federal taxes and dividends on the
Preferred issues.-V. 119, p. 576.
General Motors Corp.-Sales of Cars to Users.-
The deliveries of General Motors cars by dealers to ultimate consumers
in October totaled 45.479* cars and trucks, compared with 58,173 in the
same month a year ago and further with 48,568 in September this year.
From Jan. 1 to Oct. 31 there were delivered 588,783 General Motors cars
and trucks by dealers to ultimate users, compared with 646,310 in the
same period last year, a decrease of 8.9%•
The following tabulation shows sales of General Motors cars by dealers
to ultimate consumers as well as sales by manufacturing divisions of General
Motors to their dealers:
Sales to Users by Dealers. Sales by G. M.to Dealers.
1923.
1924.
.
1923.
January
49.162
61,398
33.295
30,464
February
55,427
78,668
50,008,
March
71.669
75,484
55,845
74.137
April
75,822
58.600
89,610
97,667
75,393
May
45.965
84,686
89,317
69.708
June
32,984
66,146
75,952
51,634
July
40.563
60.275
63,209
65,999
August
48.614
54,871
55,832
69.081
September
51,951
48,568
60,111
*45,479.
86,936
October
*49,034
58,173
670.831
Total
543,261
588,783
646,310
* These preliminary figures include Buick, Cadillac, Chevrolet, Oakland.
Oldsmobile passenger and commercial cars and GMC Trucks sold in the
United States, Canada and overseas.
Offers Stock to Employees.-
Employees of General Meters and its subsidiaries are being offered the
right to subscribe to the 7% Preferred stock of the corporation at $99 a
Fifty-Five Fifth Avenue Building, N. Y. City.-- share, in amounts from 1 share up to 10 shares, based upon the wages of
the employee. Subscription books open Dec. 1 1924 and close Feb. 28 1925.
Bonds Offered.-A. B. Leach & Co., Inc., are offering at Payment
may be made in cash, or in 11 equal monthly installments of $9
100 and int. $2,000,000 1st Mtge. 20-Year 6% Sinking Fund a share during 1925. Employees buying the stock for cash will receive
direct the full amount of dividends paid.$7 a share a year. Those subscribGold Loan.
ing on
partial payment plan will also receive their dividends direct, but
Dated Nov. 11924; due Nov. 11944. Interest payable M. & N. at the will bethe
charged 6% interest on unpaid balances. As an inducement to
office of the trustee in U. S. gold coin. Denom.$1.000 and $500 c*. Red.
to remain with the corporation, an extra payment of $2 a share
except under the sinking fund provisions, all or part, on any int. date upon subscribers
a year for 5 years commencing Feb. 15 1926 will be made to subscribers
30 days' notice at 103 during the first 10 years, at 102 during next 5 years. under
this plan, in addition to the regular dividend of $7 a share a year.
and at 101 thereafter, plus int. in each case. Interest payable without
Under the stock subscription plan of last year there were 3,355 employees
deduction of normal Federal income tax up to 2%. Penna. 4-mills tax, who
subscribed for 10,993 shares of stock. .
Conn. 4-mills tax, Maryland 4%-mills tax, and Mass. 6% income tax reproperty
personal
tax
in
the
fundable. Exempt from
State of New York.
Employees to Receive $2,400,000.Legal for the investment of trust funds under the laws of the State of New
Shortly after the end of this year more than 8.200 employees of General
York.
Motors and its subsidiaries will receive $1,036,000 cash and 23.500 shares
The following information is taken from a letter by Mr. Frederick Brown, of new Common stock which at current market prices is worth $1,364,000.
President of the company, to A. B. Leach & Co., Inc.:
This total of $2,400,000 is the participation of these employees in the
Location and Property.-Theproperty is located on the northeast corner savings and investment fund, Class of 1919, into which these employees
of Fifth Avenue and 12th St., N. Y. City, and covers 18,312 sq. ft.with Paid $760.000
from their wages and have left with the corporation for a
a frontage of 13115 ft. on Fifth Ave. and 150 ft. on 12th St. The building period of five years. This distribution therefore represents better than
is a modern office and store building 18 stories in height, and contains ap- $3 for $1 paid into the fund by employees.
proximately 300,000 sq. ft. of rentable space, practically all of which is
During each year, since the establishment of the savings fund in 1919.
leased to responsible tenants, among which are Sun Insurance Co.. Atlas a new class is formed, each maturing in five years. Employees are given
Assurance Co., Ltd., of London, Metropolitan Casualty Co.. Review of the right to pay in to each class as it is formed 10% of their annual wages,
Reviews Corp. London Guarantee & Accident Co., Longmans, Green & not to exceed $300. Under the present plan the corporation agrees to put
Co., Oxord University Press.
into an investment fund which is credited to the employees over a period
Security.-This loan will be secured by a first (closed) mortgage to the of the subsequent five years, 50 cents for each $1 that the employee
pays
Manufacturers' Prust Co., New York, as trustee, on the land and building into the saigs fund. Interest is compounded semi-annually
owned in fee. The property was recently appraised as follows: Fenimore of 6% per annum. Employees have the right to withdraw theirat the rate
money
at
C. Goode Co., Inc., $3.185,000; William Kennelly, Inc., $3.125.000.
any time, but to derive the full benefits it is essential to leave the money
Earnings.-The entire rentable office space (17 floors) in the building is in the fund until the end of the five years, when the class
matures.
mil
under long-term leases at.increasing rentals to concerns of high financial
For example, take the case of an employee who, during 1919, paid $100
standing, and ranking among the foremost in their respective fields.
into the fund and left it there until the end of this year. The corporation's
Sinking Fund.-Mortgage will provide for the payment to the trustee of contribution
has amounted to $223, BO the employee will
the annual interest requirements in semi-annual installments, and in equivalent,
the
in cash and Common stock of the corporation, ofwithdraw
$323.
2294
THE CHRONICLE
Under the present operation of the plan the corporation assures employees
a minimum return of better than 20% a year over a period of five years.
At the present time there are 55% of those eligible now participating in
the plan and the number Is 28.000 employees located in the plants of the
corporation and its subsidiaries in 38 cities of this country and Canada.
The corporation assists its employees to become home owners through the
savings and investment fund by allowing employees to borrow money from
the savings fund to the extent they are depositors therein when such borrowed money is to be used to make payment for homes employees desire
to purchase. An employee thus borrowing loses none of the advantages of
the investment fund, which continues to his credit. Out of the 8,200
employees who are participating in the 1919 class there are 1.752 who are
buying homes through the aid of the savings fund. In all the classes
since the fund has been established there have been over 5,000 employees
who have utilized the fund to help them to become home owners.-V.
119. p. 2185.
General Railway Signal Co.-Earnings.
1923.
8963.656
235.323
Nine Months Ended Sept. 30Gross earnings
Other income
1924.
$1,640,249
153.740
Total income
Expenses, charges, reserves, &c
Interest,&c
Estimated Federal and State taxes
Preferred dividends
$1.793,989 $1.198.979
$942.957
$701.519
133,834
82.983
74,518
109,084
90.000
$533.598
Surplus
8324.477
In a statement issued in connection with the report, the company says:
"We have just been awarded a contract by the Great Northern Ry. for
signaling materials required for the installation of our absolute, permissive
block system, covering 400 track miles. The manufacture of such will be
conducted during the winter months for shipment in early spring.
"The general outlook for our business the coming year is very favorable."
-V.119, p. 1513. 1401.
Ginter Co., Boston.-October Sales-Listino.Increase.I1924-10 Mos-1923
1924-October-1923
Increase.
$179,3851$10,137,520 89,296,693 8840.827
81.178,672
8999307
The New York Stock Exchange has authorized the listing of 150.000
shares (authorized 200,000 shares) Common stock without par value.
Consolidated Income Statement Eight Months Ending Aug. 311924.
Sales, $7,978,021; cost of sales, $5.738.345: grass trading profit_ -$2.239,676
84.911
Other income
$2,324,586
Total income
Deduct selling and general expenses, insurance, salaries, rents,
$1.960.584
taxes, except provision for 1924 Federal taxes
45.000
Provision for 1924 Federal taxes (eight months)
226,348
Dividends
Net profit
$92,874
$800,431
Total surplus
Aug.
31
at
as
1924.
Consolidated Balance Sheet
LiabilitiesAssets$1.671,130
5283.384 Preferred stock
Cash
87,975 Common stock
8175,000
U.S.,&c.. bonds
29,606 Accounts payable
295,720
Awls receivable, less reserve_
1,320,159 Accrued profit sharing
43.000
Inventories
27,050 Accrued expenses
8,204
Investments.securities
29,346 Accrued pay-rolls
8,931
Deferred charges
1,131,540 Accrued local and State taxes_
31,332
Fixed assets
336,298 Provision for 1923 Fed. taxes_
45,778
Good wIll
Reserve for fire risk
16,616
Reserve for Preferred stock
149.216
$3,245,360 Surplus
Total (each side)
800,430
[VOL. 119.
Hawaiian Sugar Co.-Extra Dividend.-
Dispatches from Honolulu state that the company has declared an extra
of 60 cents in addition to the regular monthly dividend of 30 cents a share,
both payable Nov. 15 to holders of record Nov. 10.-V.1118, p. 2579.
Hayes Wheel Co., Jackson, Mich.-Dividends.-
The regular quarterly dividends of $1 87% per share on the Preferred
per annum for the months of September,
stock (being at the rate of 7
October and November), and 75 cents per share on the non-par stock of
the company have been declared, payable Dec. 15 to holders of record
Nov. 29. Like amounts were paid Sept. 16 last.-V. 119, p. 2186.
Hazel-Atlas Glass Co.,Wheeling, W. Va.-Earnings.Income Account Three Months Ending Sept. 27 1924.
Total income after deducting for repairs and maintenance
$548,457
amounting to $191,028
205,293
Provision for general depreciation
40.137
Interest on bonds and borrowed money
Net gain
Surplus at June 28 1924
$303,027
81.905,079
Total surplus
Deduct dividend of 2% payable Oct. 1 1924
$2,208,106
226,738
$1.981,370
Net surplus as of Sept. 27 1924
The abovefigures aresubject to change after annual audit.-V.119,P.2188-
Hibbard, Spencer, Bartlett & Co.-Extra Dividend.-
The directors recently declared two monthly dividends of 35c. a share,
payable Nov. 28 and Dec. 26 to holders of record Nov. 21 and Dec. 19.
In addition, an extra dividend of 15c. was declared payable Dec. 28
to holders of record Dec. 19. An extra of 15c. was also paid June 27 and
Sept. 26 last.-V. 119. p. 1288.
Hoberg Paper & Fibre Co., Green Bay, Wis.-Sale.-
See Wisconsin Public Service Corp. under "Public Utilities" above.
V. 114, p. 743.
Holmes Mfg. Co., New Bedford.-Dividend Reduced.-
The directors have declared a quarterly dividend of Ili% on the Common
stock, payable Nov. 15. In August last a dividend of 2% was paid on the
Common, and in May last. 3%.-V. 119, D. 700.
Hotel Gibson Co., Cincinnati.-To Increase Capital.-
The stockholders will vote Nov. 17 on increasing the capital stock from
82,500.000 (*1.800,000 Common and 8700.000 Pref.) to $3,700,000. the
increase to be Common stock.
A circular to the stockholders says that at the annual meeting Feb. 20
1924, a resolution was adopted referring the matter of refinancing the debt
of the company, arising from the now building operations, to the directors.
After careful consideration, the directors consider it advisable to recommend
to the stockholders that the Capital stock be Increased as above specified.
It is the intention of the directors to offer first to the Common stockholders,
at par, such amount of the increased stock as may be necessary to pay the
outstanding obligations.
Ice Service Co., Inc.-Bonds Offered.-Frazier & Co. and
R. F. De Voe & Co. Inc., New York, recently offered at
100 and interest 81,000,000 First & Gen. Mtge, 7% Serial
Gold Bonds. A circular shows:
Dated Oct. 1 1924: duo 8100.000 Oct. 1 192,8 8200.000 Oct. 1 1927,
3300.000 Oct. 1 1928 and 3400.000 Oct. 1 1929. Interest payable A. & 0.
without deduction of normal Federal income tax up to 2%. Company
agrees to refund Penn.4 mills tax. Conn.personal property tax not exceeding
4 mills and Mass. Income tax on interest not exceeding 6%. Denom.
$1,000 c*. Redeemable, all or part, on any interest date at 103 on not less
than 30 days' notice. Metropolitan Trust Co., New York, trustee.
a 150,000 shares no par value.-V. 119, p. 1740, 1631.
Company.-Incorp. in 1919 in Delaware. Has since acquired by purchase
ice in Manhattan
Glen Alden Coal Co.,Scranton,Pa.-$3 50 Dividend.- or consolidation 11 companies manufacturing and selling
The directors have declared a dividend of$3 50 a share on the outstanding and Brooklyn, N. Y. Company is now one of the two largest companies
Capital stock, no par value, payable Dec. 20 to holders of record Nov. 29. serving Greater New York with ice. In addition to a largo wholesale
A like amount was paid June 20 last. In 1923 the company paid a total of business. including such well-known concerns as Sheffield Farms Co., Inc.,
Atlantic & Pacific Stores, Reid Ice Cream Co., &c., among its customers,
$4 50 per share in dividends.-V. 118. p. 2444.
the company maintains over 100 routes.
newest
Goodyear Tire & Rubber Co.-Acquires Cotton Mills.- Security.-Secured by a closed first mortgage on the company's
Pending financing, negotiations have been concluded whereby the plant on 40th St., N. Y. City, also on all of the delivery equipment of the
Goodyear Tire & Rubber Co. and the Fisk Rubber Co. become joint pur- company. carried at $272,192. The property on which these bonds alone
chasers of the Retch Mills of the American Cotton Fabric Co. at New Bed- will be a first mortgage is valued at approximatley $1.250.000.
These bonds will be securcsi. In addition. by a general mortgage on all
ford, Mass. Whether the newly acquired property will be operated as a
unit for the account of both companies, or a physical division made, is not of the other properties of the company. The properties of the company
have been appraised at 86.567.185. After deducting $3.000.000 of mortyet determined.
The Fisk company already owns plants for the production of cotton yarn gages there is an equity for these bonds in excess of $3,000,000.
Earnings for the four years, 1920-1923, inclusive, of the company and the
for tire fabric at Westerly and Pawtucket, R. I., and leases a plant at
of taxes
Jewett City, Conn. The Goodyear company owns cotton mills at Killingly. other companies whose properties it has acquired, after deduction
all interest charges, including interest on the $3.000.000 First Mtge.
and
Conn., and in California. besides some 37.000 acres of cotton growing land
Serial bonds, but before depreciation, have been $2.883,772. or an average
In Arizona. (Boston "Herald.")-V. 119. p. 1961.
of$720.943 per year. The interest on the present $1,000,000 issue amounts
- to but $70,000 per annum.
Granby Consol. Mining,Smelting & Power Co., Ltd.
Purpose.-To reimburse the corporation for expenses in connection with
Quarter Ended
Total9 Mos,
Sept.30'24. June 30'24. Mar.31'24. Sept.30'24. the erection of their new 40th St. plant, upon which these bonds are a first
EarningsValue ofcopper produced $1,118,641 31.185.186 81.172.942 $3,476.769 mortgage, and other proper corporate purposes.-V. 119, p. 1962.
1.003.947
835.730 2.881.722
Oper. costs,incl. overh'd 1,042,045
Independent Brewing Co.-Annual Report.1920-21.
1921-22.
1923-24.
1922-23.
Years End. Sept. 30-878.596
8595.047
$181.239
8337.212
Operating income_ ___
$406,906 $1,777,228 $5,522,289 $2,468,391
(all sources)
Income
28.568
132.243
49.289
54,386
Miscellaneousincome_ _ _
1,503,491
3,797.201
418.989
976.490
Cost of produc. dr oper'n_
8727.290
$105,184
8230.528
$391.598
Total income
$982,901
sales
Profit on
loss$12.083
$830,738 $1,725,088
71.435
71,435
214.305
71,435
Less accrued bond Int
Disbursements$254,550
3202,125
$232,560
boa's
on
Interest
$210,300
833.729
3512,985
8159.093
8320,163
Net Income
427.848
939,888
212,145
Depreciation &c
425.927
Net income is prior to depletion and depreciation, but after all other Preferred dividends_ -(31i %)157,500
(8%)360.000(6%)270.000
charges and credits.
Common dividends
(4%)180.000
of
output
concentrator
and
combined
smelter
quarter,
For the third
aggregated 8,679,285 pounds of copper, at a cost of 11.83c. This cost is
Balanes
loss3583.853 sur$184.512 sur$12,839 sur$10,503
higher than normal because of breaking in expense of concentrator, which,
Balance Sheet September 30.
since April, has handled an increasing proportion of total tonnage under
1923.
1924.
1923.
1924.
conditions where recoveries and costs were not yet stabilized. Concen$
Assets
LtatAttlfes$
-$
trator ore so far handled has been of a lower grade than that of smelting oro,
Preferred stock_ _ _ 4,500,000 4,500,000
which has also tended to increase costs, by reason of lower poundage re- Real estate, lildgs.
4.500,000
4,500,000
_
9.666.275
stock
9,436,068
Common
equipment..
and
817.
p.
119.
-V.
treated.
covery per ton
278.350 First mtge. bonds. 2,564,000 3,470,000
Cash
68,299
27,074
1,944
11,954 Accounts payable_
-Sales.-Cash ins.f.Imlay_
14,127
(W. T.) Grant Co. (Massachusetts).
46,727 Reserved for bond
Increase
&
Mtges.
44,006
of
rec.
notes
an
$2.561.108,
of
October
27%
The company reports sales for
89,443
55,181
taxes.
63.633
Interest &
24,022
over Oct. 1923. For the ten months ended Oct. 31 sales were $17.502.205, Accts. receivable
424,789
1,759,406 2,014,883 Surplus
an increase of 19.78% over thesame period last year.-V. 119. p. 2185. 1981. Investments
99,978
Inventory
78,666
Properties.-$2 Dividend.- Ins.& taxes unused 37,468
40,5211
Great Northern Iron Ore
769.000
The trustees have ordered a cash distribution of $2 a share on the certifi- Bendel n sink.fund
Total(each aide)_ _11,621,125 12,991.808
Deficit
159,063
cates of beneficial interest. payable Dec. 24 to holders of record Dec. 1. -V.
year,
this
119,
certificates
D.
comthe
1288.
on
distributed
This will make $4 a share
pared with $3 in 1923.-V. 118. D. 2821.
Acceptance Corp.-Pref. Stock Offered.-
Guffey-Gillespie Gas Products Corp.-Receiver.--
The appointment of a co-receiver for the company is asked in a petition
presented in the U.S.District Court at Pittsburgh by S. J. Richards & Co.,
Inc., and C. Freeman Olsen, personally, and doing business as 0. Freeman
Olsen & Co., Boston. A rule was granted by Judge Thomson, returnable
forthwith, to show cause why a co-receiver should not be appointed. Former Judge Stephen Stone had been appointed receiver.-V. 115, p. 313.
Gulf Oil Corp.-Tenders.-
Industrial
Edward B. Smith & Co.; Howe, Snow & Bertles, Inc.;
R. F. Devoe & Co., Inc.; Weld, Grew & Co., and West &
Co. are offering at 100 and divs. $4,000,000 7% Cumul.
1st Pref. (a. & d.) stock. Each 10 shares of Prof. stock
now offered will carry a voting trust certificate for three
shares of Common stock.
Pref. entitled to $110 and divs, in liquidation. Red., all or part, on
any div. date upon 60 days' notice at 110 and diva. Divs. payable Q.-J.
Transfer agent, Guaranty Trust Co., New York. Registrar, Central
Union Trust Co. of New York.
Data from Letter of Pres. A. J. Morris, South Bend, Ind., Nov. 3.
Corporation.-Haa been organized in Virginia, to finance the automobile
(M. A.) Hanna Co., Cleveland.-Definitive Bonds.Dillon, Read & Co. announce that temporary bonds for the issue of acceptance business under exclusive contract for Studebaker Corp. the
part of the sales procedure
$7,000,000 10-Year 6% Sinking Fund debentures, due Aug. 1 1934. are now operation of the business forming an integral the
contract are subject to
exchangeable for definitive bonds at the National Bank of Commerce. of Studebaker Corp. All transactions under
Corp.
Acceptance
Industrial
the
of
approval
the
(For offering of bonds, see V. 119. p. 481.)-V. 119. p• 1070.
The Union Trust Co. of Pittsburgh. trustee, will until Nov. 29 receive
bids for the sale to it of 15-Year 5% Debenture Gold bonds dated Dec. 1
1922, to an amount sufficient to exhaust 82,000,000. at prices not exceeding par and Interest.-V.118. p. 2311.
Nov. 15 1924.]
2295
THE CHRONICLE
Corporation will acquire and carry on a business established five years
ago, which at the present time is financing at the rate of 60,000 Studebaker
automobiles per annum. The volume of transactions financed amounted
to over $26,000,000 in the year ended July 31 1923 and over $62,000,000
in the year ended July 31 1924, with every prospect of future growth.
The automobile acceiptance business is an established form of modern
commercial banking. It is estimated that over 65% of the total sales
of automobiles in the United States in 1923 were made through this medium.
Of the three major groups responsible for 75% of the automobiles manufactured in 1923, the Ford Motor Co. has worked out its own financing
system, operating through local banks, the General Motors Corp. has
created the General Motors Acceptance Corp., and the Studebaker sales
are handled by exclusive contract as above.
Financing Procedure.-The operations of the business fall under two
main heads: (a) The wholesale plan, covering sales from factory to
dealer. (b) The retail plan, covering sales from dealer to individual purchaser.
A modification of the retail plan has been worked out so as to apply to
the special conditions and requirements of the farmer. This is known as
the "farmer plan" and constitutes about 2% of the total business.
On each car purchased a minimum cash payment is required of 20%
in the case of dealers and from 33 1-3% to 40% in the case of individual
purchasers. The balance due is advanced, and notes or acceptances are
received, representing these advances. These notes and acceptances are
used in part to secure loans by which the volume of the business is expanded.
Substantially all of the corporation's borrowings will be effected, in
continuation of the practice of the predecessor company, through the
issue of Collateral Trust Gold notes, which are secured by the deposit of
the above-mentioned notes and acceptances under a trust indenture with
the National City Bank, New York, as trustee. The Collateral Trust
Gold notes are either sold in the open market (the corporation acting as
its own note broker) or used as the basis of borrowing from the group of
banks with which lines of credit have been established. These lines of
credit, which have been established with the leading banks throughout
the United States, are in excess of $28,000,000, based on the amount of
capital employed in the business previous to the present financing. With
the additional capital provided through the present financing, the corporation will be fully equipped to handle a normal expansion of the business.
The borrowings effected through the issue of Collateral Trust Gold
notes are self-liquidating, the maturities coinciding substantially with the
average maturity of notes receivable and acceptances. Liquidation is
further facilitated by the fact that a considerable proportion of notes nad
acceptances are paid before maturity.
Security.-The corporation's plan of financing embodies the following
safeguards:
(a' Wholesale plan: (1) Ownership of title to each automobile financed
until completely paid for;(2) an initial cash payment of 20% by the dealer;
(3) the direct obligation of the dealer for the balance, evidence by acceptances maturing in three months or less (a small percentage of dealers'
acceptances, when made in the months of December,January and February,
mature in from four to six months); (4) the agreement of Studebker Corp.
to repurchase upon delivery each car at a price not less than any unpaid
balance of acceptance, in the event of default by the dealer; (5) insurance
on each car against fire and theft.
(b) Retail plan: (1) Ownership of title to, or lien on each automobile
financed, until completely paid for; (2) an initial cash payment of not
less than 33 1-3% (under farmer plan 40%) by each purchaser; (3) the
direct obligation of each purchaser for the balance, evidenced by notes
payable in equal monthly installments, over a period of not more than
12 months (under farmer plan, from one to three installments, over a
period of not more than nine months); (4) the dealer's endorsement on
each purchaser's note; (5) insurance on each car against fire, theft and
conversion.
Issued.
Authorized.
Capitalization7% Cumul. 1st Pref. stock (par $100)
$4.000.000
$6.000.000
* 2d Preferred stock (par $100)
1,500.000
2,500.000
200.000 shs.
Common stock (no par value)
400,000 shs.
•In addition to regular 8% cumulative dividends, the 2d Pref. stock
is entitled to receive a further 1% for every dollar per share declared and
paid in dividends on the Common stock, until a total of 10% in all has
been paid in any one year on the 2d Pref. stock. Interests responsible
for the development and success of the business have subscribed the full
par value ($100 per share) of the $1,500,000 2d Prof. stock.
Earnings-Years Ended July 31.
Avail.for
% Earned
Gross
Dies. on
x Net
for 1st
Volume.
Corn.
Pref. Stock.
Earnings.
1923
$183.542
$26,456,530
15.48
$619,231
9124
62,099,354
565,947
1,062,163
26.55
The officers and directors as elected are: Pres., Ernest L. Nye; V.-Pres.,
Leon S. Freeman and E. Kirk Haskell; Treas., Walter A. Moehren; Sec.,
S. Halline. The following directors were elected: Ernest L. Nye, Leon S.
Freeman, E. Kirk Haskell, Walter A. Moehren, S. Herniae, W. S. Haskell
and F. L. Cole. For the present the entire control of the company will rest
with Freeman & Co. See also V. 119. p. 1962.
International Agricultural Corp.-Strickenfrom List.-
See .1. I. Case Plow Works Co. above.-V. 119, p.1731.
International Cement Corp.-Quarterly Earnings.--
-Quarter Ended- -Nine Months EndedSept.30'24. Sept.30'23. Sept.30'24. Seel.30'23.
Period$4,955,033 $4,001,543 $12,403,945 $10,463.326
Gross sales
2,256,679
1,915,806
724.777
912.884
Less pkg.,dLs. & allow'c,e
5,071,368
4.224.052
1.583.650
Mfg. costs, excl. deprec_ 1,989,291
699,699
746.535
275,396
298,976
Depreciation
Manufacturing profit_ $1,753.882 $1,417,721
532,428
Ship., sell. & admin.exp.
626,175
$4,329,363 $3,623,770
1.454.878
1.733.031
$1,127,707
Net profit
33.237
Miscellaneous income_ --
$885,293 $2,596,332 $2,168,892
20,528
57,273
3,940
Gross income
$1.160.944
Int.chgs.& financial exp
Fed'l tax.& corning.res_
239,518
$889.232 $2,653,605 $2,189,420
16.213
Cr.4,479
320,663
611.875
138.088
$755,623 $2,041.729 $1,852.543
Net to surplus
$921,426
The net to surplus for the nine months amounted to 52.041.729. compared
with $1,852,543 for the first nine months of 1923. These earnings after
allowing for preferred dividends are equivalent to $5 24 per share for the
nine months on the 364,167 shares of Common stock now outstanding.
V. 119, p. 948.
International Silver Co.-Invitation for Bids for Shares
of Common Stock Held in Treasury.The company calls attention to the offer which it has made to sell to the
highest bidders 6,000 shares of its common stock now held in its treasury
and to the invitation for bids, dated Nov. 1 1924, which the company has
issued to its stockholders and the general public. Any one desiring to make
a bid for such shares of stock, or any part thereof, must deliver his bid
therefor to the Ameriacn Exchange National Bank,the transfer agent, of the
company, 128 Broadway, N. Y. before 3 o'clock p. m. Nov. 24, and must
make with the bid a deposit of 10% of the purchase price in New York City
funds.-V. 119. p. 1070.
Intertype Corp.-Listing, &C.
The New York Stock Exchange has authorized the listing of 18,131
additional shares of Common stock without par value (authorized 300,000
shares), on official notice of issuance as a 10% stock dividend, payable
Nov. 17 to holders of record Nov. 1, making the total amount applied for
199,435 shares of Common stock.
Consolidated Balance Sheet as of Sept. 30 1924.
LiabilitiesAssets$1,095,900
Machinery, tools & equip..
First Preferred stock
5.430
less depreciation
$498,462 Second Preferred stock
Patents and patterns
1 Common stock. no par value_ _n1,649,570
750.000
Cash
1,030,368 Debenture notes, 7%
24,249
Debenture 7s, 1932
80,000 Accounts payable
21,668
Notes & acc'ts rec., less res. _ 3,278,457 Dividends payable
25.037
_
payments_
Invents les
stock
Employees'
4"
.811
1,e
26,539
Deferred charges
80,069 Adv.pay.on machines sold_ _ _
430,665
Reserves for taxes, &e
2,585,138
Total (each side)
$6,614,198 General surplus
a Authorized 300.000 shares, Issued (net of 271.5 shares reserved for conversions of 2d Prof. stock and of 18,696.9535 shares held in treasury).
181,031.5465 shares.-V. 119, p. 1849.
Iron Products Corp.-Listing, &c.The New York Stock Exchange has authorized the listing of $330,780
Common stock (par $10) on official notice of issuance in lieu of certificates
for shares of Common stock without par value, with authority to add
$164,550 Common stock, on official notice of issuance on conversion of all
or any part of the 9,873 shares of Pref. stock (par value 5100), now is.sued
and outstanding, at the rate of 1 2-3 shares of Common stock for each share
of Preferred stock converted, making the total amount applied for $504,330.
The stockholders on Oct. 31 reduced the capital stock of the company
from 30.000 shares of Pref. stock (oar $100) and 300,000 shares of Common
stock without per value to 9,873 shares of Prof. stock (par $100) and
157.310 shares (including scrip for shares) of Common stock (par $10).
Consolidated Balance Sheet Sept. 30 1924.
AssetsLiabilities$987.300
Patents and good-will
$1 Preferred stock
a8.644,022
Land, binge., &c.,less deprec. 11,767,987 Common stock
2,289,700
Deferred charges
346,615 Bonds Sc ledges. of subs
616,102
Miscell. investments
184,417 Accounts Payable
1,533.475
Cash with trustee
17,249 Bills payable
Inventories
2,821,466 Reserves for accrued interest.
275,502
Notes receivable
57,071
taxes,&c
2.579,894
Accounts receivable
1,394.815 Surplus
hand
Cash on
and in banks
336.375
$16,925,997
Total
516,925,997
Total
x Net earnings from the business, after setting aside reserves for contingencies and Federal taxes, and allowing for the saving in interest through
the introduction of additional capital by the present financing.
Sinking Fund.-Provision has been made for an annual sinking fund
equivalent to 10% of the surplus earnings after payment of regular dividends
on both classes of Prof. stock, but not to exceed $100,000 in any one year,
to be applied annually, to the purchase of 1st Prof. stock at not exceeding
$110 per share. If no stock should be obtained at or below this price,
the sinking fund moneys will revert to the corporation.
Directors -William M. Betties, Stanwood G. Bradlee, Veto Brown,
T. J. Coolidge, W. R. Craig, John W. Cutler. N. R. Feltes, E. Roland
Harriman, L. E. Jones, H. H. Kohn, John Markle, Arthur J. Morris,
Fergus Reid. Albert L. Smith, Corn Tucker,
Voting Trust.-All shares of the Common stock will be transferred to
voting trustees approved by the bankers, to be held under a voting trust
agreement for a period of five years.
a Outstanding 10,851 shares no par value.-V. 119, P. 2186, 2071.
Condensed Balance Sheet July 31 1924 (Giving Effect to Present Financing).
Assets.
Liabilities.
Jones Bros. Tea Co.-Earnings.
in
&
banks
Cash on hand
$4,241,267 First Preferred stock_ ___ $4.000.000
Total
Quarter Ended
Cash on deposit with
Second Preferred stock-- 1,500,000
9 Mos.
Sept.
Mar. 31'24.
30
'24.
June
3024.
trustee
2,429,323 Common stock
1,280.0(10 Net prof. aft. ded. & tax
$149,793
$77.526
568.873
$3.394
Accepts. & notes rec _
16,989,243 Coll. Trust Gold notes
17,550.000
Sales for the nine months ended Sept. 27 1924 amounted to.$18,086,075.
Accounts receivable
71,900 Notes payable. secured....
488.134 -V. 119, p. 1402,
701.
Accrued interest
80,350 Drafts in transit
350,000
Office furniture & fixtures
50,107 Accounts payable
6.645
(Geo. E.) Keith Co.-Reduces Preferred Stock.Dint. on Coll. Tr. Gold
Accrued interest
50,488
The company has retired 1.500 shares of 1st Pref, stock purchased for
notes
41.531 Reserve for unearned disthe sinking fund, reducing the capital from 519.800.000 to 519,650.000,
Good-will, &c., 'titan& - 1,570.000
count, &c
278,453 represented by 96,500
shares 1st Pref. stock, 50.000 shares 2d Pref. stock
and 50,000 shares Common stockall $100 par value.
Total
$25,473.719
Total
$25,473,719
The capital stock of the Geo. Si. Keith Stores Co. (a 100% owned subIndustrial Equipment Corporation of America.-- sidiary) has been reconstructed through the retirement and cancellation
of all the 1st and 2d Pref. stock, and the issuing of an equal number of
Permanent Organization.shares of Common stock in the same company. There are absolutely no
The perrnament organization of the company has been effected at office securities of this subsidiary
for sale, nor are any banking houses
of Freeman & Co. and stops have been taken to further the present negotia- participating in any way. offered
This is simply an internal problem. The
tions of the company leading towards the financing of large units of indus- capital (Common)
consists
of $3,000,000 (par 5100).-V. 113.
stock
now
trial machinery under the equipment trust plan. The incorporation papers
of the corporation provide for the issuance of 10,000 shares of 7% pref. stock p. 2190.
(Par $100) and 20,000 shares of Common stock (no par value). Company
(B. B. & R.) Knight, Inc.-Earnings.was incorporated in Delaware Oct. 23 1924.
The company and its subsidiaries. Converse & Co. and the Terry Textile
It is believed that during the next few weeks the first pieces of business Corporation,
report for the six months ended June 28 1924 a loss of 51.894.to be brought out under the auspices of this new company will he handled. 098
after all charges. including depreciation. amortization, &c.-V.119, p.
The new corporation will undertake to apply the principle of equipment 1288,
1177.
trust financing now so widely used in connection with . the purchase and sale
of railroad rolling stock, to the purchase and sale of standard units of indus(S. S.) Kresge Co.-Purchases Building.trial equipment, including such types as large steam turbine generators,
The company is reported to have purchased a four-story building and
electric dynamos, hydraulic steam pumps, high speed newspaper presses, basement
in Englewood. Ill., with the intention of erecting a $250,000
textile looms and other well-known kinds of manufacturign equipment.
A new phn 11-s been evolved ,by the bankers and their associates to be building.-V. 119, p. 2186.
known as the "Freeman Plan" and embodying certain very novel and im(B.) Kuppenheimer & Co., Inc.-Initial Common Div.portant provisions which it is believed will render certificates issued against
An initial semi-annual dividend of $1 per share has been declared on the
such equipments as secure as those now in existence against railroad equipstock, par $5, payable Jan. 2 to holders of
ment. The present plan is the outgrowth of a groat deal of study on the outstanding 5500,000 Common
part of those to be associated in the new venture and it is believed will play record Dec. 24.-V. 118, p. 2445.
a very important part in the expansion of industrial enterprises not only in
Liberty Radio Chain Stores, Inc.-Stock Offered.this country but abroad.
Especially in the public utility field and in the equipping of such corpora- Frank T. Stanton & Co., New York, are offering at $5 per
tion with modern electrical units of high voltage, it is expected that the new share 50,000 shares no par value capital stock. A circular
plan will be of much service. It is planned that the "Industrial Equipment
Trust Corp. of America" will arrange for the purchase of these units from shows:
the better-known manufacturing compaines, accepting ftzm the purchasing
Transfer agent and registrar, Corporation Trust Co., New York.
company a certain percentage in cash and issuing industrial equipment trust
Capttslizetion, authorized. 150,000 shares: outstanding (giving effect
notes covering the payment of the balance.
to present financing), 120,000 shares.. No bonds.
2296
THE CHRONICLE
Company.-Recently incorp. in Delaware to take over a business started
in March 1922 which consists principally in the retail sale of radio parts,
sets and equipment. Company at present owns seven retail stores dealing
exclusively in radio sets, parts and equipment, and located as follows:
3 in N. Y. City: 1 in Providence, R. I.; 2 in Washington, D. C., and 1 in
Rockaway Park, Long Island.
While the company has never been engaged directly in the manufacture
of radio equipment, it nevertheless has developed certain trademarks
which are said to be of very great value.
Earnings.-During first year's business (March to Dec. 31 1922) profits
were approximately $30,000. Total net sales for 1923 amounted to 8687.635
with gross profits of 8170,317 and net profits of $68,915. Sales already in
1924 have exceeded the total sales of 1923.-V. 119, p. 2186.
Lord & Taylor (Dry Goods), N. Y. City.-Tells How
Company Paid up $10,000,000.J. L. Wilkie, attorney for the company, in an address to approximately
250 executives of the stores, said in part: "Looking at the Lord & Taylor
situation and reviewing the past ten years since Mr. Reyburn assumed the
responsibility for the direction of this business, he has paid off an indebtedness exceeding $6,000,000; he has turned a deficit of over $1,000,000 into a
substantial surplus, and has paid all the arrears of dividends on the First
and Second Preferred stocks, approximately $3.000,000. a total of over
810,000.000, in addition to which the company has paid a large sum of
money for insurance protection against expiration of the store leasehold,
has written off large SUMS of money for fixtures and furnishings accounts."
-V. 119, p. 1850.
Louisiana Oil Refining Corporation.-Bonds Sold.Spencer Trask & Co., New York, and Stevenson, Perry,
Stacy & Co., Chicago, have rold at prices to yield from
43% to 6%, acording to maturity, $3,500,000 53% Serial
Debenture Gold bonds.
Dated Dec. 1 1924; to mature 8700,000 each Dec. 1 1925 to 1929, both
inclusive. Interest payable .1. & D. without deduction for normal Federal
income tax up to 2%, at office of Seaboard National Bank, New York.
trustee. Penn. and Conn. 4 mills taxes and Mass, income tax on interest
not exceeding 6% of such interest per annum refunded. Denom.$1,000 Cs.
Redeemable as a whole, upon 90 clays' notice, on any interest date on and
after Dec. 1 1925 at 102 and interest.
Data from Letter of President R. B. Kahle, New York, Nov. 12.
Company.-Incorp. in Virginia in April 1917. Is engaged in the producing, transporting, refining and marketing of petroleum and its products,
principally in Oklahoma,Texas. Arkansas. Louisiana and Mississippi. Has
refineries at Shreveport, La., and Fort Worth, Tex., and pipe line systems
centred in Shreveport, extending through the principal fields of Louisiana
and Arkansas. Refineries in Shreveport have a daily capacity of 14,000
bbls. Fort Worth refinery has a daily refining capacity of 5,0N bbls.
Corporation has approximately 75.000 acres of land-15.000 acres fn and
60,000 acres lease land. It has production in Louann (Smackover), Eldorado, Haynesville, Homer. Bellevue. Caddo and Cotton Valley fields in
Arkansas and Louisiana and in the Humble field of Texas. in addition to
small production in North Texas and South Oklahoma. Total daily production is approximately 7,500 bbls., of which 5,000 bbls. is settled production. Owns and operates over 200 miles of pipe lines. In addition company
owns a 40% interest in a six-inch line from the Stephens field to its Haynesvine Tank Farm. a distance of 28 miles, and owns and operates gathering
systems at Smackover, Eldorado, Haynesville, Homer, Stephens and
Cotton Valley. Company also owns and operates 815 tank cars of 10,000
and 8,000 gallon capacity.
Corporation has over 1,600,000 bbls. of steel field storage in addition to
500,000 bbls. of earthen storage pits.
Earnings Years Ended December 31.
Depletion
Miscell. Net. Avail.
and
Charges for Int. be!.
Net Sales. Net Profit. Devrec'n.
(Net).
Fed'I Taxes
812330,429 $7.918.482 $677,320 $650,194 $6,590.967
1920
1921
4,227.917 1,288,325
695,903
331,805
260.617
1922
7.550.783 3,845,286 1,008.569
543.743 2,292,973
5,929.546 1.636,145
1923
756.281
34.658
845,204
1924 (6 months) 4,366,345 1,343.435
331.778
Or.3.199 1,014,855
The above statement of earnings does notltake into consideration the operations of the properties of the Invincible Oil Co., the Arkansas-Invincible
Oil Corp.,Inc., and the Gladstone Oil & Refining Co.,formerly held directly
by the Invincible Oil Corp. and its subsidiaries.
Consolidated Balance Sheet as of August 31 1924.
(After giving effect to present financing, to the acquisition of the properties of the Invincible Oil Co.. the Arkansas-Invincible Oil Corp., Inc.,
and the Gladstone Oil & Refining Co. and to the appraisal of undeveloped
leases and physical properties.]
LiabilitiesAssets*Preferred stock
Producing leases at cost,
$411,800
a81.294,552 *Common stock
less depletion
3,877.195
5 % serial debentures
Other capital assets at ap3,500.000
b9,903,672 Purchase money notes_ _ _
praised values
80,000
1.500.225 Tank car equip. trusts_ _ _
Cash
696,250
721,894 Accounts payable
Accounts receivable
578.266
39,776,Accrued liabilities
Notes receivable
159,369
1.097,269 Notes payable
Inventories
440,419
38,9021Reserve for contingencies
Sinking fund
250,000
104.000 Surplus
Investments
4,905,249
198,2571
Def'd chges. & prep. exp..
Total (each side)
$14,898,549
a Appraised value. 88,526,818. b Undeveloped leases, $812,388: leases
and well equipment, $1,255.119; general equipment. 8355.511; refineries(land and leases, $294,503; plant and equipment, S6.672.932) $6,967.435;
furniture and fixtures. $70,830; warehouse supplies, 8442,388; *Proceedings are now being taken to covert the stock into one class, to change the
shares from $50 to no par value, and to increase the number of shares.
Note -Claims in court in respect of which the company is contingently
liable for amounts not exceeding, in the aggregate. 8175,000.
Purpose.-Proceeds will be used in part for additions and improvements to
plant and equipment to increase and round out the company's retail
marketing facilities, to pay off bank loans incurred for the acquisition of
new property at extremely favorable prices and for additional working capital.
Conlrol.-CorporatIon is the operating subsidiary of the Invincible Oil
Corp.. which owns more than 99% of its capital stock. Large economies
have recently been effected by concentrating in the Louisiana Oil Refining
Corp. all of the assets formerly held directly by Invincible Oil Corp. and its
other subsidiaries, so that to-day the Invincible Oil Corp. is merely a stock
holding corporation, and all of the assets are now owned by the Louisiana
Oil Refining Corporation.-V. 118. p. 1672.
[VOL. 119.
During the three months ended Sept. 30 1924 there were produced from
ores mined, milled and smelted during that period 6.762,560 lbs. of refined
copper at a cost of 7.41c. per lb.. after crediting gold and silver values.
During the same period there were also produced 1.467,162 lbs. of refined
copper from ores which were mined and milled during the first quarter of
the year and the cost of producing this copper was 9.44c. per lb. after
crediting gold and silver values, making a total production for the quarter
ended Sept. 30 of 8,229.722 lbs. at an average cost of 7.77c. per lb. These
costs do not include any allowance for depreciation or interest, but include
all other fixed and general expenses.-V. 119, p. 1289, 819.
Magor Car Corporation.-Annual Report.Years Ended June 30Total income
Depreciation
Credit adjustments
Interest
Prem.on redemp. of Pref. stockEst, provision for Federal taxes
Dividends paid
Balance,surplus
1922.
1921.
1923.
1924.
$73,707 8140,753 $391.340 $593,208
37.986
62.201
62,871
72.854
x81,621
17,840
600
235,000
70,352
9,773
39.394
46,180
43,905
43,030
$5,764 $212,607 $280,828
$39,434
x Of provisions for Federal taxes and liability insurance claims.-V. 117,
P. 1670.
Manati Sugar Co.-Div. of 5% Declared for Full Year.The directors have declared a dividend of 5% on the Common stock,
payable in four installments, as follows: 1 I% payable Dec. 1 192 4th holders of record Nov. 18 1924: 1% payable March 2 1925 to holders of
record Feb. 14 1925: 1 3 % payable June 1 1925 to holders of record May 15
1925. and 1 % payable Sept. 1 1925 to holders of record Aug. 15 1925.
A dividend of 5% was also declared on the Common stock a year ago.
-V. 119, p. 2187.
Marlin-Rockwell Corp.-Earnings.Sept. 30 '24. June 30 '24$327.091
$214,089
136,030
114,898
114,114
113.431
Quarter EndingGross earnings
Selling and administrative expenses
Depreciation
loss$14,240
7.404
$76,946
6,657
Net profit
Preferred dividend
loss$6,836
47.649
$83,604
47,649
Surplus
-V. 119, p. 948, 204.
def$54,485
835,955
Net operating profits
Other income
Maxwell Motor Corp.-Listing.1 he New York Stock Exchange has authorized the listing of $4,750,000
10-Year 7% Convertible Sinking Fund Gold debentures due Mar. 11934.
Earnings, Incl. Those of All Constituent, Subsidiary, Owned or Controlled Cos,
Net
Gross
Depreciation &
Earnings. Amortiza'n Reserve. Earnings.
$2,677,852
$1,538,904
54.216,756
Calendar year 1923
2,296.094
1,767.293
4,063,388
9 mos.to Sept. 30 1924
Consolidated Surplus (Class "B" Stock Equity Account) Sept. 30 1924.
(Corporation and Subsidiaries).
$32,728,581
Balance Jan, 1 1924
Adjustments:To adjust Class"A"stock to amount outstanding__ Dr.9,800
Adjusted surplus
Profit current period, before interest and depreciation
Depreciation and amortization
Interest
$32.718,781
4,437,221
1,767.294
373,833
Balance, Sept. 30 1924
-V. 119, p. 1963. 2072.
$35,014,875
Maytag Co., Newton, Iowa.-Notes Called.-
The company has elected to redeem all of the 6% Serial Gold notes dated
June 1 1919 now remaining outstanding and unpaid, to-wit: Series F. due
June 1 1925: Series G, due June 11926: Series II, duo June 1 1927; Series I,
due June 11928, and Series J, due June 11929. on Dec. 1 1924 at the office
of either Continental & Commercial Trust Savings Bank in Chicago, III.,
or at the office of Stern Brothers & Co. in Kansas City, Mo., at the option
of the holder, at the par value thereof plus a premium of 1% upon the principal amount thereof.-V. 109, p. 985.
Metropolitan Chain Stores, Inc.-October Sales.Month of OctoberSales
-V. 119, p. 2187. 1963.
1923.
1924.
8703.870 8612,884
Increase.
$90,986
Midwest Engine Corp.-Sale.-
Sale of the Hill Pump Works of the corporation at Anderson, Ind., to
Huntlie Gordon, pump manufacturer, representing Boston interests, for
$215,000, has been approved by Judge Mahlon E. Bash in Probate Court
at Indianapolis.
The Union Trust Co., Indianapolis, and Charles Jewett have been receivers for the Anderson plant and other property of the corporation for
several months. The receivers have been offering the Indianapolis plant,
which is valued at 81.000,000, for sale for some time.-V. 119, p. 1850, 333.
-Earnings.
Moon Motor Car Co.
1922.
1923.
1924.
9 Months ended Sept. 31187.675.128 $8.171,563 86,877,159
Sales
$552.126
$932,107
$526,072
Net earns, aft. chgs. but before taxes_
As of Sept. 30 1924 net current assets were 82.290,166, with current liabilities of 8634,525. There are no bank loans.--V. 119, p. 2072, 1178.
Moore Drop Forging Co.-Notes Called.-
All of the outstanding 7% Serial Gold notes due July 1 1925 have been
called for payment Jan. 1 at 1003. and int. at the First National Bank of
Boston, V Milk St., Boston. Mass. Arrangements have been made with
the First National Bank of Boston to have these notes paid before Jan. 1
1925 at 100 less a discount at rate of 3% per annum, upon presentation
of the notes.
The 7% Serial Gold notes duo Jan. 1 1925 will be paid at maturity but
the holders may anticipate payment at the principal amount thereof and
accrued interest thereon to Jan. 1 1925, less a discount at the rate of 3%
per annum by presenting them to the First National Bank of Boston,
115, p. 2387.
National Dairy Products Corp.-Listing.-
The New York Stock Exchange has authorized the listing of 40,000
due Nov. 11924. the additional shares of capital stock without par value on official notice of
Regarding the $500,000 6% bonds which
etpects to pay off these bonds, issuance in exchange for the entire outstanding Common stocks of the
company says: "The company confidentlymonths."
J. T. Castles Ice Cream Co. and Castles Ice Cream Co. of Perth Amboy,
principal and interest, within the next six
with further authority to add to the list 45,000 shares of capital stock on
notice of issuance on conversion of the Preferred stocks of the above
McCrory Stores Corp.-Small Shareholders to Be Paid official
mentioned
companies, making the total amount applied for 355,000 shares
Cash Instead of Fractional Lots of Stock.of capital stock.
receive their stock
There is now issued and outstanding 12,000 shares of no par value Prof.
Small stockholders of the company will in the future
lots of stock, according stock and 4.000 shares of no par value Common stock of J. T. Castles
dividend payments in cash instead of in fractionalThis
applies to the Com- Ice Cream Co. and 3,000 shares of no par value Pref. stock and 1,000 shares
to a resolution passed by the board of directors.
stocks.
of no par value Common stock of Castles Ice Cream Co. of Perth Amboy.
Common
"B"
mon and Class
a share, payable The 4,000 shares of no par value Common stock of J. T. Castles Ice Cream
40c.
dividend
of
On Oct. 13 the company declared a
It has now been pro- Co. and the 1,000 shares of no par value Common stock of Castles Ice
Dec. 1 in Common stock at the price of 840 a share. acquired
by the com- Cream Co. of Perth Amboy are to be delivered to National Dairy Products
vided that the amounts of fractional shares shall be
of such fractional Corp. in consideration of 40.000 shares of the capital stock.
pany and combined into total shares and the amount
for
the stock
price
bid
the
of
rate
the
An agreement has also been entered into between National Dairy Products
at
cash
stockholders
in
shares be paid to
on the New York Curb Market at the close of business Nov. 20 1924. If Corp. and the holders of the 12,000 shares of no par value Prof. stock of
the bid price be fractional, then at the even price below such fractional J. T. Castles Ice Cream Co. and the 3.000 shares of no par value Pref,
stock of Castles Ice Cream Co. of Perth Amboy, whereby, as soon as
price.-V. 119. p. 2187. 1963.
the net combined earnings of the two Castles companies for any one fiscal
Statement.
year shall aggregate $550.000 (provided this occurs within a period of 10
-Quarterly
Magma Copper Co.
1 1934), these stockholders shall have the privilege
The company reports for the quarter ended Sept. 30 1924 net earnings years terminating Oct.
of
converting all or any part of their Preferred stock (aggregating 15,000
sales
net
price
of
on
based
interest
of 8411,837 before depreciation and
without par value of National Dairy Products
stock
capital
shares)
into
of
$315,754
12.774c. per pound of copper, as compared with net earnings
of 3 shares of the capital stock of the latter corporation
before depreciation and interest, based on net sales price of 12.445 c. per Corp. on the basis Prof.
stock
of no par value of either of the Castles cos.
of
share
for
each
1
pound of copper in the preceding quarter.
to Pay Bonds.Low Moor Iron Co. of Va.-Expects
became
Nov. 15 1924.]
THE CHRONICLE
2297
they have acted in the past in the extension of their maturities and in their
agreement to their large part of the present plan and to their desire to be of
assistance, contrasted with the enforcement of collection of their just dues
which has always been open to them, but which would necessarily destroy
any equity of the stockholders and opportunities of the stockholders to
regain their investment.
The plan briefly contemplates (a) the funding of the old indebtedness to
the banks amounting to $1,865,000 for a period of 15 years, and (b) the
Balance of profits carried to statement of capital and surplus- - _ Si.711.851 securing of $700,000 of additional cash to take up the land contract of the
* The figures in this statement are for the companies and periods specifird company, which has matured, and the repayment of the current banking
as follows: (a) For 8 months ending Aug. 31 1924: Rieck-McJunkin Dairy obligation extended during the past two years for the purpose of financing
Co. and subsidiary cos., Hydros Corp. and subsidiary cos. (b) For 11 the company's current operations.
Furthermore the banks in the securities which they will take for their
months ending Aug. 31 1924 J. T. Castles Ica Cream Co. (Irvington).
costly and burdensome interest has been paid
For 10 months ending Aug. 31 1924: Castles Ice Cream Co. of Perth old debt on which the verywaive
their interest for a period of two years,
currently, have agreed to
Amboy. (d) For 3 months ending Aug. 31 1924: W. E. Hoffman Co.
in order to put the company in such satisfactory cash position as to enable
Consolidated Balance Sheet at Aug. 31 1924,the company to maintain itself in competition and to conduct its business
(Giving effect as of that date to (a) th 3 recapitalizations of the two Castles In an economic and efficient manner, restoring its credit and enabling it to
companies completed Oct. 24 1924. and (b) the acquisition by the corpora- take full advantage of the business on hand and in prospect.
tion for 40,000 shares of its capital stock of the entire Common stocks
Digest of Reorganization Plan.
of the Castles companies.)
Transfer of Permanent Assets to ,Subsidiary.-It is proposed that the
Liabilities
Assetspresent company transfer to the Ohio Body Co. (its 100% owned subsidiary
Land, bldgs., mach.& equip..$10,593,298 I Notes payable
594,641 now
engaged in the manufacturo and marketing of Ford master bodies
1 Accounts payable, including
Good-will, trade names, &c__
s;k13.
-), all of its current assets, its loose and movable tools, and certain
1,944,587 sundry ace uals
Cash
842,528 other miscellaneous
investments and assets (not including the stock in the
U. S. Liberty bonds
66,650 Accrued Preferred dividends_
71,359 Swartwout Co.), together
with about $70,000 of the new cash, and assume
Notes & accts. rec., less res
1,514,690 Provision for Federal taxes_ _
437,476 the
carrent bank debt of the Ohio Body Co. in the amount of $275,000.
Life insurance policies
128,092 Reserves for contingencies_ _ _
376,949 In return
Body Co. will assume the current liabiliOhio
for
this
the
Inventories
999,135 Funded and mortgage debt__
544,000 ties and commitments of the present compnay, with the exception of
Investments
348,598 Minority stockholders' int__ _
5.568
(the old bank debts) and the land contract.
Advances
115,525 Preferred stocks of sub. cos__ a6,196.400 $1.865,000
Present Company to Sell Other Assets to New Company.-The Ohio Body &
Sinking fund with t:ustee
30,000 Capital and surP. (see below) 7,466,668 Blower
Co. then proposes to sell to a new company to be formed, namely
Deferred charges
295,015
Ohio Body & Blower Co., Inc. the land, buildings, machinery and equipment,
together with its holdings in the Swartwout Co., which company
Total
816,035,5911 Total
$16,035,590 Purchased
the ventilator and general lines business of the Ohio Body &
a Rieck-McJunkin Dairy Co.. 8% Cum. Pref.. $3,121.400. Hydrox Blower Co. Dec. 31 1922. and the entire capital stock of the Ohio Body Co..
Corp. 7% Cum. Prof., $1,250,000. The J. T. Castles Ice Cream Co. for the consideration of $2,565,000 of Class "A." Class "B" and Class "C"
(Irvington
'.$1.200,000. Castles Ice Cream Co. of Perth Amboy,$300,000. debentures of the new company: Class "A" bearing int, at the rate of 6%;
W. E. Hoffman Co., 7% Cum. Prof., $325.000.
and Class "B" and "C" at the rate of 7%, the int. on Class "B" and "C'
to start two years from Oct. 1 1924, together with 110.254 shares of the
Consolidated Statement of Capital and Surplus at Aug. 31 1924.
Co.. Inc.
Balance of profits for period ended Aug. 31 1924 (as above)_--$1,711.850 no par value common stock of the new Ohio Body & Blower-With
these
Proceeds of Securities of New Company to Liquidate Debts.
Deduct-Amount included above representing profits after Pref.
securities, or the proceeds of sale thereof, the present the Ohio Body &
diva, of Castles companies, prior to acquisition by National
current
bank
pay
the
contract,
Blower
land
Co.
its
proposes
take
up
to
Dairy Products Corp
259.458 Indebtedness
of 8275,000, pay about 870,000 to the Ohio Body Co. and
Dividends on National Dairy Products Corp. capital stock
401,839 pay the
Blower
Ohio
Body
&
of
the
indebtedness
bank
old
$1,865,000
of
the
do on Hydrox Corp. Common stock not owned
1.945 Co. To that end the banks have agreed to take the Class "A,' Class "B"
Class "C" debentures, together with 100.000 shares of no par value
Balance
$1,048,608 and
Common stock of the new company, and to pay therefor $700,000 in cash
Add-Capital stock and initial surplus of National Dairy
and
cancel
the bank indebtedness of $1,865.000.
Products Corp. at Dec. 31 1923
5,251,557
New Company to Be Holding Company -The proposed new Ohio Body &
Less-Balance representing 409 shares (unissued) of National
Blower Co. Inc., will then be a holding' company, having the fee to the
Dairy Products Corp. capital stock reserved for issue in exbuildings, machinery, equipment, investment in the Swartout Co.
change for 681 shares of Hydrox Corp. Common stock
4.123 land,
and the entire capital stock of the Ohio Body Co., which company will
Net assets applicable to Common stocks of sub. cos. acquired
function as the operating company.
for cash by Rieck-McJunkin Dairy Co. during the 8 months
Capitalization of New Company.-The holding company will have the
ending Aug. 31 1924
252,410
following outstanding securities and capitalization:
Net asset values applicable to the Common stocks of the Castles
Class "A" debentures, bearing hit. at 6% from Oct. 1 1924 and
companies which were acquired in exchange for 40.000 shares
having priority as to int., and in case of liquidation as to
of National Dairy Products Corp capital stock
1.022.699
$700,000
principal, over all other classes of security issued
Class
"13" debentures, bearing int. at 7% from Oct. 1 1926--_ - 1,665,000
Total
87.571.152 Class "C"
200,000
debentures, bearing int. at 7% from Oct. 1 1926
Deduct-Organization expenses of National Dairy Products
shs
ite.
fin
d5
e4
-The reet1h13,2
stock (no par value)
Corp. charged off
104,484 Common
Present Stockholders to Participate in Reorganization.
agreement has been obtained from the banks and bankers to allow the
Balance, Aug. 31 1924 (represented by 309.591 shares of no
par value capital stock of National Dairy Products Corp.)_ 37.466,668 present stockholders to participate in the recapitalization of the company
by offering to the present stockholders of the Ohio Body & Blower Co. the
-V. 119, p. 1178. 703.
6% Class 'A" debentures at par and int., and the banks and bankers have
further
agreed subject to the approval of the Division of Securities of
National Department Stores Inc.-New Subsidiary.The National Department Stores Beatty Corp., a subsidiary, was in- Ohio, to give the stockholders purchasing such Class "A" debentures the
Common
stock of the new Ohio Body & Blower Co., Inc., as a bonus on
corporated in Delaware Nov. 7 1924 to acquire lands and develop the same.
the basis of one share of the stock for each $7 par value of Class "A" gold
See also V. 119, p. 2073, 2187.
debentures purchased.
New Company to Lease Property to Operating Cornvany.-The new holding
National Sugar Refining Co.-Sale Negotiations.company will lease to its 100% subsidiary, the Ohio Body
then the
See American Sugar Refining Co. above.-V. 119, p. 819.
operating company, the land, buildings, machinery, equipment,
Co.. &c., for
Neild Mfg. Corp., New Bedford, Mass.-Extra Dividend. such a rental as will pay the interest and other obligations of the holding
An extra dividend of 1% has been declared on the outstanding 81,200,000 company.
The fact of the ownership by the holding company of 100% of the capital
capital stock, par $100, in addition to the usual quarterly dividend of 2%,
stock of the Ohio Body Co., its operating company, permits the full share
both payable Nov. 15 to holders of record Nov. 6.-V. 118. P. 2711.
of the earnings of the operating company becoming available for the securiNevada Consolidated Copper Co.-61st Quarterly Report. ties of the new company.
Balance of Stock to Be Used as Liquidating Dividend.-The balance of the
The report covering the third quarter of 1924 shows:
Production.-Production of copper for the quarter was 1•7.166,492 pounds, outstanding capital stock of the new Ohio Body & Blower Co., Inc..
as compared with 17,183.089 pounds for the preceding quarter and 18.334,- amounting to 10,254 shares, remaining after satisfaction of the present
the Ohio Body & Blower Co.'s indebtedness, will then be left available for
857 pounds for the first quarter of the year.
a liquidating dividend to the present stockholders of the present the Ohio
3d Quar.July.
Aug.
Sept.
Total.
Av.Mthly.Prod. Body & Blower Co. on the basis of one share of the new stock for each
Pounds
5,702,048 5,708.222 5,756.222 17,166.492
5,722,164
ten of the old.
April.
2d Quar.May,
June.
Total,
Av.Mthly.Prod.
Two Courses Open to Stockholders.-Assuming the success of this plan,
Pounds
5,707,574 5.735.811 5,739,704 17.183.089
5.727.696
there are two courses open to the stockholders of the present company,
1st Quar.Jan.
Feb.
March.
Total.
Av.Mthly.Prod. the Ohio Body & Blower Co.:
Pounds
6,196,556 6,435.134 5.703,167 18,334,857
6,111,619
(1) To purchase the new Class "A" gold debentures at par and int.,
A total of ------- tons dry weight of Nevada Consolidated ore was milled
with every
and 8,159 dry tons of Ruth Mine direct-smelting ore, averaging 7.04% receiving one share of the new Common capital stock as a bonus
a share of the new
copper, was shipped to the smelter. Besides, the company ores received. $7 par value of debentures purchased, plus one-tenth ofshare
present
the
of
value
Common
each
par
capital
no
stock
in
exchange
for
7,389 dry tons of direct-smelting custom ores were received and treated at
stock.
the smelter.
new
of
the
share
a
case
of
non-purchase,
of
In
one-tenth
(2)
to
receive
The average grade of ore treated at the concentrator was 1.18% copper.
and the average mill recovery of copper in concentrates was 87.69%, as Common capital stock for each share of the present stock.
Balance Sheet as of Aug. 31 1924 (New Holding Company).
compared with 1.23% heads and an 85% recovery for the previous quarter.
The cost of production, including charges for depreciation and all fixed
[After giving effect to the proposals submitted above.]
and general expenses and after credit for gold and silver values and misLiabilitiesAssetscellaneous earnings, was 11.42 cents per pound of copper produced, as combldgs.,
mach. & eq_$1,503,465 Capital stock issued (110,Land,
pared with 11.36 cents per pound for the preceding quarterly period.
$397,272
Co. Pref. stock 200,000
Swart-sout
54 shares
2
Financial Results of Operations by Quarters.
700,000
do Common stock_ _ _ _
360,000 Deben. notes-Cia-ss"A"_
1,665,000
"B"
3d Or. '24. 2d Qr. '24. ls! Qr.'24. 3d Qr.'23. Ohio Body Co.-Com.stk. 619,057
do Class
200,000
Oper. gain from prod, of cop_ $250.293 $229,257 $199,611 $431,035
do • Class "C"
Discount on Class"B"and
Value gold and silver and mis"C" debentures
279,750
cellaneous earnings
166,992
177,094
213.849
219,720
Total$2,962,272
Nevada Northern Ry. div_
Total
$2.962,272
100,000
100,000
150,000
Balance Sheet as of Aug. 31 1924 (Ohio Body Co.), Giving Effect to Plan.
Total income
$517,285 $506,351 $563.460 $650,755
LiabilitiesAssetsPlant dr equip. depreciation-150.430
150,430
150.430
*851,000
Capital stock
Equipment,patterns, tools
110.527
and automobiles
$221,475 Notes payable for purch-to
Increase in earned surplus- $366.855 $355,921 $413,030 $650,755
purfor
payable
Accounts
Cash
the
third
quarter are taken into accounts on the basis of
Earnings for
chases,
expenses,
&c155,942
12.98 cents per pound carrying price for copper, as compared with 12.85 Notes and accts. receivable 28226:853405 E
55,018
eeerueth
ble
730
eiaes
plaay
ee tree
468,706 Wxecgis
cents for the second quarter and 12.75 cents for the first quarter of the year. Inventories
All major construction planned for the present or immediate future at Capital stock and bonds
sze
t7
est
.,
erhe
22,199 Inetle
owned
the concentrator and power plant has been completed, and installation for
cdrurdmulis- 560
8..0
aes
15
75
8
4,695
Increased capacity at the crushing plant. the roasters and the converter Prepaid expenses,&c
Reserved for workmen's
department will soon be finished, thus ending the period of heavy expendiventing
and
comp.
25,000
purposes.
tures for improvement
449Su
Total (each side)
[Signed D.C.Jackling, Pres.: C. B. Lakenan, Gen. Mgr.]-V.119, p.703
issued.-V. 119, p. 2187.
•5,100 shares no par value authorized
Consolidated Statement of Profit and Loss to Aug. 31 1924.*
$15,332,605
Net sales
Cost of sales and distributing, advertising and general and ad13,097,769
ministrative expenses, lees miscellaneous income
Proportion of profits of sub. cos. appl. to minority stockholdings
16,049
265.891
Prov.for Fed taxes for current period terminated Aug.31 1924_
241,045
Deduct-Divs, paid or accrued on Pref. stocks of subsidiary_ _ _
Ohio Body & Blower Co., Cleveland.-Reorg. Plan.-
Ohio Copper Co. of Utah.-Production.-.
The stockholders on Nov. 14 approved a plan of reorganization which
contemplates the funding of bank indebtedness of $1.865.000 for 15 years
and securing 8700.000 additional cash to take up the land contract of the
company and repay current banking obligation extended during the past
two years for the purpose of financing the company's current operations.
The company in October produced 1,122,842 pounds of copper at an
operating profit of 880.761. The cost per pound was 5.5945 cents. Corn.
pare V. 119, p. 2073.
in this country in 1920 and 1921, which the losses sustained from one cause
or another during this time have made impossible of repayment as a current
indebtedness.
The management feels that a large measure of appreciation should be
extended to the banks and bankers for the extremely liberal spirit in which
Dated Nov.6 1924. Serial maturities, 3 to 15 years. Interest coupons
due M. & N. 2% Federal income tax paid.
These bonds are a direct closed first mortgage on a 17-story office and mercantile building to be erected at once on the block fronting on Park Avenue
between 32d and 33d Sts., and land in fee. There is a marked demand for
One Park Avenue Building, N. Y. City.-Bonds Offered.
President Nathan A. Middleton in a circular to the stock- -S. W. Straus & Co., Inc., are offering at prices to net 6%
holders, Nov. 1, said:
for all maturities except 1927, 1928 and 1929, which are ofThe management is very glad to announce the successful culmination
of plans for the rehabilitation of the company to enable it to proceed with fered at prices to yield 5.75, 5.85 and 5.95%, respectively,
its business without what has been the-practically speaking-insur- $5,750,000 1st Mtge. 6% Serial Coupon Gold bonds. Safemountable obstacle of the large indebtedness of the company to the company's banks and bankers, incurred during the period of severe deflation guarded under the Straus plan.
2298
THE CHRONICLE
moderate priced space of this character on the part of large mercantile and
similar corporations, particularly in this neighborhood, and the building is
designed and located to meet this demand, thus assuring prompt rentals
and continued financial success. The land and completed building have
been appraised at $7,655,000.
Paige-Detroit Motor Car Co.-New Director.W. A. Wheeler, Vice-Pres. in charge of production, has been elected a
director to succeed the late Sherman L. Depow.-V. 119, p. 1965.
Pan-American Petroleum & Transport Co.-Listing.The New York Stock Exchange has authorized the listing not to exceed
$10,000,000 additional Class "B" Common stock, par $50 each, on official
notice of issuance and payment in full, with statement of property acquired
or application of proceeds, making the total amount applied for $93,923.650.
At a meeting of the directors Oct. 6 corporate action was duly taken
authorizing the issuance of 200,000 additional shares of the Class "B"
Common stock and empowering the proper officers to issue from time to
time all or any number of said shares at not less than par. Pursuant to
the provisions of the certificate of incorporation of the company, present
stockholders are not entitled to subscribe for this additional issue. The
proceeds of all of the 200,000 shares of stock, or such part thereof as is
Issued, will be used for additional working capital of the company.
V. 119, p. 2074, 1965.
Panhandle Prod. & Ref. Co.-Earnings (Incl. Suhsid's).
Nine Months EndedQuarters Ended
PeriodSept. 30'24. Sept. 30'23. Sept. 30'24. Sept.30'23.
Operating revenues
$802,927 $3,414,831 $2,723,360
$1,248,030
2.896,996 2,174,257
722,114
Operating expenses
1,114,240
150,898
Admin., selling & taxes....
59,158
49.982
180,913
[VOL. 119.
Pure Oil Co., Columbus, Ohio.-New Gas Well.-
The company reports the completion of a gas well, making more than
5,250,000 Cu. ft. a day, in Magoffin County, Ky. The well was a test
drill on a small lease in the centre of the company's holdings in that State,
which, it is said, amount to approximately 6,800 acres.-V. 119, p. 1406.
Radio Corp. of America.-Earnings.Income for Quarter Ended Sept. 30.
Gross income from sales, &c
Expenses and depreciation
Profit
-V. 119. p. 2074, 1517.
$11,183,379
9.983,095
$1,200,284
Rand (Gold) Mines, Ltd.-Gold Production (in Ounces).-
Anril.
March.
May.
June.
July.
Oct.
Aug.
Sept.
827,583 799,422 809,571 829,437 773,053 809,003 768,923 795,671
-V. 119, p. 1852.
Ray Consolidated Copper Co.-53d Quarterly Report.The report covering the third quarter of 1924 shows:
Production.-Total net production of copper from all sources, including
a small tonnage of crude ore and precipitates shipped direct to the smelters,
was 32,911,783 lbs., as compared with 32,000,013 lbs. for the second
quarter and 32,392,026 lbs. for the first quarter.
Lbs.
I 1st Quar.Lbs.
3d Quar.Lbs.
2d Quar.10,331,671
10,301,3601January
July
11,065.927 April
11.207.7121February_ _ _ _10,766,954
11,598,611 may
August
11,293,401
10,490,941 March
September__ _10.247,245 June
32,392,026
Total
32,000,013
Total
32,911,783
Total
Av. mo. pro_10,970.594 Av. mo. pro_10,666,671 Av. mo. pro-10,797,342
The total ore milled at both properties was 1.394,300 dry tons, cone
Mining 1.54% copper, as compared with 1,352 000 tons of an average
Gross income
$25,401
$384,908
$95469
$377,653 grade
of 1.56% copper in the second quarter and 1.433.600 tons, averaging
Deductions
853,180
$18,890
814,970
843,684
in the first quarter. The average daily tonnage handled
1.54%
Preferred divs. accrued
58,704
176,112
58,704
176,112 by the copper,
mills during the quarter was 15.155 tons, as against 14,857 tons
and 15,754 tons in the first quarter.
in
the
second
quarter
Balance, surplus
$155,605
$17,866 def$48,279
$157.887
The average mill extraction for the period was 78.60%. corresponding
of 24.25 lbs. copper per ton of ore treated, as compared with
xThis amount does not include loss on inventories amounting to $226.111 to a recovery24.19
lbs. for the second quarter and 74.20% and 22.91 lbs.
During the first quarter there was a gain of $129,937. leaving a netlees for 77.65% and quarter.
for the first
the year of 1196,174 to Sept. 30.-V. 119, p. 1180.
The cost per net pound of copper produced from all sources was 11.32c.,
as compared to 11.28c. for the preceding quarter and 11.75c. for the
Parker Mills, Fall River.-Balance Sheet.quarter. These costs include all operating and general charges of
LiabilitiesSept.27'24. Sept.3023 first
AssetsSept.27'24. Sept.30'23.
every
kind, except depreciation and reserve for Federal taxes. They
Real est. & mach_$4,602,005 $4,473,925 Preferred stock $l,250,00() $1,250,900 also include the usual charges for retirement of prepaid mine development
Common
stock_
__
1,268,181
Merchandise
1,061,277
1,195,900 1,195,000 expense and take into account credits for miscellaneous income and the
Cash & accts. rec_ 390,524
536,689 Bonds
989,500
994,500
of gold and silver recovered.
Bills & accts. pay_ 2,252,203 1,710,287 value
Financial Results of Operations by Quarters.
Total(each side)_ -$6,053,806 $6,278,798 Profit and loss_ _ 366,203 1,128,111
3d guar.'24 2d Quar.'24 1st Quar.'24 3d Qatar.'23
-V. 117, p. 2002.
Operating profit from
$343,303
$248,834
$443,500
1429.041
copper produced
Pepperell Mfg. Co.-New Trewurer.Russell H. Leonard, Treasurer of the Ipswich Mills, has been elected Miscell. income, incl.
100,999
123,939
04.785
61,238
metals
precious
val. of
Treasurer of the Pepperell Mfg. Co., succeeding Walter H. Bradley.
V. 119. p. 2188.
$444,301
8343,619
8552.980
8504.738
Totals
The above earnings are based on an average carrying price for copper
Pittsburgh Terminal Coal Co.-New Company Formed
of 12.85c. for the third quarter, as compared with 13.0Ic. and 12.81c. for
Through Merger with Meadowlands Coal Co.the second and first quarters of 1924 and 14.833c. for the third quarter
The joint committee constituted by the Pittsburgh & West Virginia of 1923.
Ry. Co., at a meeting of the board of directors held on Sept. 8 1924, to
Improvements in equipment and operating methods which have been
investigate the desirsbility of consolidating the Pittsburgh Terminal Coal in progress at both the Ray and Chino properties, and mine development
Co. with other properties in the Pittsburgh district, reports that, as the at both, continued at a normal rate throughout the quarter.
first step in the consolid Won of properties, negotiations between the
Betterments at the mills, which are nearing completion, are reflected
Pittsburgh Terminal Coal Co. and the Meadowlands Coal Co. have been In constantly increasing recoveries, and promise correspondingly important
concluded; as a result e which these two companies are being merged reductions in operating costs when finished and in full use.
into a new corporation to be known as the Pittsbu•gh Terminal Coal Corp.,
The more modern and heavier equipment recently installed at the Chino
with a capital stock of 816.000,000. consisting of $4,000,009 of 6% Cumul. Mines is also demonstrating marked economies over that heretofore employed:
Pre'. stone and $12.000,000 of Common stock.
[Signed, Sherwood Aldrich, Pres.; D. C. Jackling, Mng. Director.1The present owners of Pittsburgh Terminal Coal Co. stock will receive v. 119, p. 821.
$4,000,000 6% Cumul. Pref. stock and $8.000.000 of the Common stock
of the merged company. The stockholders of the Meadowlands Coal Co
Remington Typewriter Co.-Back Divs.-Bonds Called'
will receive 84.000.000 of the Common stock. As a result of the consolidaThe directors have declared two quarterly dividends of 82 each per
tion, the land holdings of the new company will be increased from the share (Nos. 65 and 66) on the 2d Prof. stock, payable Dec. 20 to holders
present acreage of about 10,000 acres to over 20.000 acres and the daily of record Dec. 13. This payment reduces accumulations on the 2d Pref.
output from 10,000 to 15.000 tons. Economies of operation can be effected stock to $16 per share.
under the consolidation, which will result in a reduced cost of production.
The directors also declared a quarterly dividend (No. 74) of 1:4%
.-V. 119, P. 1517.
($1 75) per share on the 1st Pref. and Series "S" 1st Pref. stocks, payable
Jan.
1 1925 to holders of record Dec. 20 1924.
PittsburghTerminal Coal Corp.-New Company.All of the outstanding 1st Mtge. 6% Gold bonds. 1926 Series, dated
See Pittsburgh Terminal Coal Co. above.
Jan. 11916. have been called for payment Jan. 1 at 102tej and int. at the
trustee, 60 Broadway, N. Y. City.
Irving Dank-Columbia Trust
Postum Cereal Co., Inc.-Earnings.Co. has been elected a director, succeeding
Henry J. Fuller of Aldred &Co..
The company reports net profits in October after all deductions,including Edward Bruce.-V. 119, p. 821.
Federal taxes of approximately $401,090. against $172,00() in the corScotten-Dillon (Tobacco) Co.-Extra Dividend.responding month last year.-V. 119, p. 2074. 1965.
The directors have declared an extra dividend of 2% and the regular
Pratt Consolidated Coal Co.-Merger.nuarterly dividend of 3%,both payable Nov. 15 to holders of record Nov.6.
The Pratt Consolidated Coal Co. and the Globe Coal Co. have boon The company in February last paid an extra dividend of 2%. in addition
merged with the Alabama By-Products Corp. The deal, it is said, involves to the usual quarterly dividend of 3%, making a total for 1924 (incl. diviabout $6,000,000.
dends payable Nov. 15) of 16%. compared with a total of 20% paid in
The merged company will secure 110,000 acres of land. More than 20 1923.-V. 118, p. 1924.
mines are located on the properties, with an annual output of over 2,500.000
Sheffield Farms Co., Inc.-Earnings Statement.tons of coal.
(Sheffield Farms Co.. Inc.. and Its Subsidiary, Lourain Construction Corp.)
An official statement regarding the merger says:
-3 Months Ending- --9 Months EndingThe stockholders of the Pratt Consolidated Coal Co. have agreed to
Sept.30'24. Sept.30'23. Sept. 30'24. Sept. 30'23.
Perioda merger on consolidation of that company and its.subsidiary, Globe Coal
$20,930,g15
,701,311 $11.987,964 $32547010,,
810,701.311
Co., with Alabama By-Products Corp., which owns and controls the Im- Net sales......
5,932,529 17,794,709 17,407.765
perial Coal & Coke Co., Majestic Coal Co., Birmingham Coal & By-Prod- Cost of goods sold _ _ _ _ 5,799,143
11.693,804
12,946,648
Corp.
exp..
4,559,508
Gas
There
is
operating
4,090,895
no
Selling
&
Industrial
new
whatever
financing
ucts Co. and
involved and therefore, of course, no outside financial aid has been or will
$829.246
$1,505,654
the
Operating
profit_
_
e342,661
with
consolidation
of
def.$35,460
connection
these
It
will
interests.
for
in
be called
157,496
150,535
Other income
73,753
52,768
bo strictly a Birmingham and Alabama concern.
The merged company will have approximately 110,000 acres of coal land
$986,742
$1,9.56,189
Net
profit
6416.414
and
practically
the
field,
entire
contains
817.303
acreage
all in the Warring' coal
123,342
157,500
89,000
2,342
proven coal seams. Both the Mary Lee (or Big Seam) and Black Creek Federal taxes (est.)
seam underlie almost all the whole acreage, while a large acreage carried
8863.400
Not profit before depr_ $327,414
$14,966 $1.798,689
the Pratt. America and Nickle Plate sun's.
More than 20 mines are located on the property and have a proven produc- -V. 119. p. 950.
ing capacity of 2,500,000 tons of coal annually. All grades of coal-domesSimmons Company.-Reduces Bank Loans.-Earnings.
tic. steam, bunker and high-grade blacksmith fuel-are being produced.
Bank loans of the company have been reduced from $11,000.000 in June
The Alabana By-Products Corp. is already operating 75 now modern 1923 to less than
$3,000.000. It is expected the company will be entirely
by-product coke ovens and is now building an additional battery of 25 ovens, free from debt excepting
current bills, which are always discounted as outgiving them 100 large thoroughly modern by-product ovens with complete standing notes
become
due, between now and the end of December.
tar,
sulphate
of
as
ammonia,
such
by-products.
recovery system for all
The
company
has
bought
in the open market and canceled during the
toluol, neg. benzol, motor fuel, naphthalenes. &c.
past year over $160.000 of Preferred stock.
The original plan calls for 300 by-product ovens to be located on this site
Net
profits
for
the
ended Oct. 31 1924, it is stated, exceed
11
months
continue
to add new units
ultimately. It Is the purpose of tho company to
after charges but before Federal taxes. This compares with net
of by-product ovens, anticipating from time to time the demand for high- S3.560.000
profits
for
the
12
months
ended
30 1923 of $2,754,403 after charges
Nov.
serves.
the
territory
it
district
and
this
grade low wash low sulphur coke in
but before Federal taxes.
The Imperial Coal & Coke Co., a subsidiary of the Alabama By-Products
Gross sales for the 11 months ended Oct. 31 1924 amounted to $29.588.low
ash
special
sulphur
supplying
a
ovens,
bee-hive
Corp.. is operating 103
043, as compared with $31,517,908 in the same period of 1923.-V. 119, p.
coke for a certain class of trade. It also specializes on its "Imp:rial Smith- 335,
84.
before distribution
iste" ccal, which undergoes individual preparation
The
Majestic
Coal
Co..
Southwest.
Simms Petroleum Co.-Initial Dividend on Common Stock.
throughout the South, Southeast and
producing the same high quality of Black Creek coal, sends its entire outThe directors have declared an initial dividend of 50 cents per share OD
put to the by-product ovens.
the Capital stock (par $10), payable Jan. 2 to holders of record Dec. 15.
Industrial Gas Corp. distributes the entire output of gas from Alabama
Tne resignation of Henry Oliver, of Pittsburgh, as a director-as been
By-Products Corp. ovens, having about eight miles of gas main from 30 accepted, and the executive committee has been enlarged by the election
inches in size down to 4 inches in size, and having recently completed ore to the committee of A. C. Brush, President of the American International
of the largest gasholders in the entire Southern section of the country. Corp.. and John L. Weeks. of Luke, Banks & Weeks.
which it uses as a reservoir for surplus gas. This gas is used entirely fcr
The following statement is understood by the "Chronicle" to be sub4
manufacturing Industries of Birmingham for industrial purposes.
stantially correct:
The Pratt Consolidated Coal Co. is one of the pioneer companies of
As of Sept. 30 the company had cash and government securities of about
this district and has been operating most successfully in the commercial $2,225,000 while inventories of a little over $1,790,000, receivables and
field for a long number of years, having more than 15 years age established other items brought total quick assets to about $4,470,000. Against these
itself as the largest individual commercial coal producer in the south. It the company had current liabilities of less than $600,000. a ratio of better
was founded by McCormack & Ramsay 1g connection with the late T. T. than 7 to 1.-V. 119, p. 2074, 464.
Hillman.
(Franklin) Simon & Co., Inc.-Listing-Earnings.Completion of the new coke ovens now under construction will give this
The New York Stock Exchange has authorized the listing of $4,000,000
company a capacity of more than 1,500 tons of high-grade coke daily every
day in the year.-V. 93. p. 536.
7% Cumul. Pref. stock, par $100.
Net earnings
Other income
$43,808
11,661
$21.655
3.746
$366,936
17.971
$368,190
9,463
Nov. 15 1924.]
THE CHRONICLE
2299
and of Alabama Co.for the five years and nine months ended Sept.30 1924,
after deduction of depreciation and depletion, but before deduction of
Federal taxes and interest charges, was $2.238,486. or more than 3.7 times
the interest charges on the entire present funded debt of the company
(including this issue), and the interest payable on the outstanding mortgage
bonds of Alabama Co. and the Sheffield Iron Corp.. which are secured by
liens on property now owned or presently to be acquired by Sloss-Sheffield
$1,139,820 Steel & Iron Co. Such combined profits for the year ended Dec. 31 1923
87,473 were 83.577.203, or more than six times such interest requirements, and
for the nine months ended Sept. 30 1924 were $1,660.394, or more than 3.7
$1.227,2e3 times such interest requirements for the period.
It is estimated that such profits for the full year 1924 will approximate
x175,471
82.085.000. It is anticipated that the ownership and operation by Slossthe two
$1.051,822 Sheffield Steel & Iron Co. of the combined properties and plants ofp.
1852.
companies will materially increase their earning capacity.-V.119,
Consolidated Income Account.
6 mos. end. -Years End. Jan. 311923.
1924.
July 31 '24.
$11,604,796 $23,475,110 $20,759,104
Net sales
Cost, selling, operating, &c., exp__ _ _ 11,044,028 21,767,00e 19,504,874
114,411
147.247
74,208
Depreciation
Miscellaneous earnings
$486,560 $1,560.860
95,204
36,908
Net income
Federal taxes (est.)
$523,468 31,656.065
x257.000
65,500
Net income after deducting taxes_ -
$457.968 31,399,065
x Including State franchise taxes.-V. 119, p. 1180. 2188.
(L. C.) Smith & Bros. Typewriter, Inc., Syracuse,
Skelly Oil Co.-Notes Sold.-Hayden, Stone & Co., and N. Y.-Bonds Offered.-City Bank Trust Co. and E. G.
Luke, Banks & Weeks, have sold at 101% and interest the Childs & Co., Inc. Syracuse, are offering at 100 and int.
unsold portion of $6,850,000 634% 3-Year Convertible Gold $1,000,000 15-Year '1st Mtge.6% Sinking Fund Gold bonds.
Dated Nov. 1 1924: due Nov. 1 1939. Principal and int. (M & N.)
notes not subscribed for by stockholders.
Co., New York, trustee, without deduction
Dated Oct. 1 1924; due Oct. 1 1927. Denom. $500 and $1,000 c*. Redeemable, all or part, at any time on or after April 1 1925 upon 60 days'
notice at 110 and interest. Interest payable A. & 0. New York Trust
Co., New York, trustee.
Authorized. Outstanding.
CapitalizationFirst Mtge. & Coll. Trust 714% Sinking Fund Gold
(Closed) $2,678,000
bonds, due 1931
6,850,000
$6,850,000
614% 3-Year Convertible Gold notes, 1927
35,000,000 20,579,090
Capital stock (par $25)
Company.-Ineorp. in 1919. Is one of the large independent producers
of petroleum in the United States. In addition to producing crude oil the
company manufactures gasoline, lubricating oils, kerosene, naphtha. gas
oil, fuel oil and greases. Complier owns two refineries with a working
capaity of 16,500 lebls. of crude oil daily. Its refinery at Eldorado. Kan.,
is equipped with the latest type cracking stills and a.plant for compounding
lubricating oils and greases. It also owns and operates nine casing-head
gasoline plants located in Oklahoma and Texas, with a total capacity of
80.000 net gallons of natural gasoline daily.
Company owns leases on 165 oil-producing tracts, aggregating 17.200
acres and containing over 960 producing oil and gas wells, of which over
200 are located in the Burbank Field, Okla. In 1923 company had a net
production from these properties totaling 5,926,650 bbls., and for the first
six months of 1924 approximately 2,700,e00 Ws.(or a net average production of nearly 15
@FedFRASER