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Railway & Industrial Section
Bankers' Convention Section
Bank Sr Quotation Section
Railway Earnings Section
SATURDAY, NOVEMBER 17 1923
VOL. 117.
Thranicit.
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Clearing House Returns.
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
2184 and 2185.
The Financial Situation.
The overshadowing event of the week in domestic
affairs has been the publication of the letter which
Secretary of the Treasury Mellon addressed last
Saturday to Acting Chairman Green of the Committee on Ways and Means of the House of Representatives, laying down a comprehensive program for
Federal tax reduction. Business in the United
States since the advent of the country into the war
has been conducted under a great handicap because
of high costs in every direction, and perhaps the
most burdensome of them all has been the high Government costs in the shape of taxes. What is particularly gratifying is not alone the fact that the Secretary should propose a reduction, but that he should
be able to show in such a convincing manner that a
reduction is feasible, having due regard for Government requirements and prospective revenues--always leaving out of consideration the possibility of
the enactment of a soldier bonus law. All the Secretary's recommendations are on the basis of full
provision for the contributions to the sinking funds
for the steady retirement, on a very large scale, of
the outstanding Government bond issues. The Secretary's plan does not contemplate even a partial
suspension of the operations of the sinking fund, but
is expressly founded on the idea that the sinking fund
must be taken care of to its full extent and in every
detail. The message which the Secretary gives to the
country is that very large reductions can be made in
Electric Railway Sectice
State and City Sectior
NO.3047
the taxes and yet the budget be balanced. That is
certainly an assuring piece of news which will carry
joy to the business community. :Not less gratifying
is the way the Secretary's proposals for a large reduction have been received. No opposition is being
raised in any responsible or influential quarter,
political or economical. The proposition has found
almost universal approval, which may be taken at
once as proof of its inherent soundness as well as the
pressing need of a reduction under the influence of
which need no one is inclined to carp at the details.
We give the Secretary's letter in full in our news
columns on subsequent pages, along with the tabular
appendices (pages 2170 to 2172) and need not go
at length into the details here. As far as the income
taxes are concerned, Mr. Mellon proposes that where
the present normal tax is 4% there shall bl a reduction to 3% and where the normal tax now is 8% there
shall be,a reduction to 6%. He would at the same
time reduce the surtaxes by commencing their application at $10,000 instead of $6,000 and scaling them
progressively upwards to 25% at $100,000. It is in
this last direction that relief is most urgently needed.
At present the taxes run to 50% on amounts above
$200,000. The change is a step in the right direction,-but it does not, in our opinion, go far enough.
TheiT ought to be provision for the total abolition
of these surtaxes, the most onerous of all taxes, and
if this cannot be done all at once the law should be
framed on the occasion of the present revision with
that idea expressly in mind. For instance, the law
might provide after reducing the maximum to 25%,
as suggested by the Secretary, that these graded
rates be further reduced by one-quarter or one-fifth
for each of the four or five succeeding years until
they were entirely wiped out. We make this suggestion not for the benefit of the Astors or the Vanderhilts, but in the interest of the entire community. As
the matter now stands, the new investment capital
which the country so sorely needs from year to year
is being eaten up by these heavy surtaxes which cannot be justified on any economic grounds. Mr. Mellon does not propose any reduction in corporation
taxes and the bulk of the country's income comes
from corporations. These corporations are subjected to very heavy taxes before the surtaxes come
/
1
2
into play. The Federal corporation tax is 12 %.
/%
New York State tax on corporations is 41 2
the
more, making 17%, and the capital stock tax will in
most cases increase this to 20%. So the income of
these wealthy people subject to surtaxes is cut onefifth before it comes to them in the shape of dividends. To clap on another 25% on top of this, together with the State personal tax of 3%,is not only
2140
THE CHRONICLE
inequitable and unjust, but positively destructive
and ruinous.
To offset the loss of income from the abolition of
the surtaxes, Mr. Mellon's proposed reduction of
25% in favor of earned incomes might be omitted,
and the tax on theatre tickets be retained. Without
arguing the soundness of a discrimination in favor
of earned incomes, it is enough to say that it would
not benefit persons of small incomes, who are in
most cases now entirely exempt, while in the case of
persons of large earned incomes it would advantage
mainly movie stars who earn all the way from $100,000 to $1,000,000 a year. As to the theatre tax, that
is of small moment in the case of the laboring
classes (who, by the way, are now in enjoyment of
the highest incomes among those who have to earn
their own living), while in the case of those who pay
$2 to $5 for a ticket, the extra 20 or 50 cents which
now has to be paid is of little consequence. At all
events the country cannot hope to get back to a sound
and safe basis again until the surtaxes have been
entirely eliminated.
Merchandise imports and exports during October
this year show an increase over September, as is
quite frequently the case, and are in excess of the
movement of the corresponding period of 1922. Total
exports last month amounted in value to $402,000,000, the largest of any month since February 1921,
while imports were valued at $303,000,000. The excess of exports over imports for the month was $99,000,000, the largest "favorable" balance of trade for
any month, with the exception of September, in two
years—in fact, of the ten months this year, there
were four months in which imports exceeded exports.
The merchandise exports in October were $402,000,000. This compares with $381,530,803 in the preceding months and with $370,718,595 for October 1922.
The merchandise imports were $303,000,000, as
against $253,645,380 in September and comparing
with $276,103,979 in October last year. There has
been a disposition in some quarters to seize upon the
increase in the value of merchandise exports during
the past two months and proclaim it as an indication
of coming expansion in our export trade. The large
increase in the value of the exports of raw cotton will
account for much of this apparent improvement. Exports of raw cotton in September this year exceeded
by 87.1% the quantity exported in September 1922,
while in value there was.a gain this,year of 132.6%.
The exports of raw cotton in September 1923 were
689,435 bales, an increase over a year ago of 321,045
bales. The value of the cotton exports in September
1923 was $99,415,151, which was more than 26% of
the total value of all merchandise exports during
that month. The increase in the value of cotton exported in September this year over that of September
1922 was $56,672,800, while the total increase in September merchandise export values this year over last
year was $68,335,000.
Cotton exports in October were much larger than
those of September and considerably in excess of
October 1922. Cotton prices in October this year
were also higher than in September,so that the value
of the exports of raw cotton in October will be relatively greater than the increase in quantity. Exports of raw cotton in October 1922 were valued at
$93,923,700. Actual figures for this year are not
available, but an increase in quantity of 20% in October this year, as compared with October 1922, at
[VOL. 117.
the same relative increase in price as appeared in
September, would mean an increase of $40,000,000
in cotton exports values for that month, and the increase in all exports of merchandise during October
this year as contrasted with October 1922 was $31,282,000.
For the ten months of 1923 merchandise exports
were valued at $3,342,607,000; these figures contrast with $3,107,450,000 for the corresponding period of 1922, an increase this year of $235,157,000.
Merchandise imports for ten months of 1923 are valued at $3,207,153,000, whereas the corresponding figures for the first ten months of 1922 were $2,527,153,000, an increase this year of $680,000,000. The
balance of trade for the ten months this year is on the
export side to the amount of $135,454,000; for the
corresponding period of 1922 it was likewise on the
export side, but the amount was $580,297,000.
Imports of gold during October were $29,858,016
—the corresponding figures for September were $27,803,961 and for October 1922 $20,866,156. Gold exports in October were $1,307,060—during the preceding month they were only $862,697, but for October
1922 amounted to $17,591,595. Gold imports for the
ten months this year exceed exports by $223,194,887;
for the corresponding period of 1922 the excess of
gold imports was $199,687,783. The movement of
silver shows little change. Imports of silver during
October this year were $6,927,681 and the exports
$7,522,845.
Seemingly there have been more important and
striking developments in Europe politically this
week than for a long time. The former Crown
Prince of Germany has returned from his island retreat off the coast of Holland to his country estate
at Oels in Upper Silesia. There have been persistent
rumors that his father, the former Kaiser, was about
to go back also, and that with their return a monarchy would be set up again. Conditions in Germany,politically and economically,have been getting
rapidly worse. Berlin dispatches have stated that
the Stresemann Ministry was about to fall again.
The Government was said to have decided to discontinue support to the Rhineland and the Ruhr, but
Friday evening it was reported from Berlin that
"the German Cabinet last evening decided to devote
100 million of the new rentenmarks to the continued
payment of subsidies in the occupied Ruhr and Rhine
territories, with special reference to the maintenance
of the unemployment doles." It was added that "the
Rentenbank has placed a total of 900 millions of the
new issue at the disposal of the Government." The
political situation in Great Britain is greatly disturbed and may undergo a radical change as a result
of the general election set for Dec. 6. King George
dissolved Parliament yesterday, but it is scheduled to
reconvene on Dec. 20. Former Premiers Lloyd
George and Asquith are reported to have "buried
the hatchet," and to have joined forces in support of
a continuance of free trade in opposition to Premier
Baldwin's advocacy of a tariff for Great Britain.
The British trade statement for October disclosed an
excess of imports of £17,436,000, against £16,350,000
for the corresponding month of last year.
With the capture of General Ludendorff and
Adolph Hitler, leaders of the revolt in Bavaria, that
particular movement was squelched within a single
day. The Berlin correspondent of the New York
Nov.171923.]
THE CHRONICLE
"Times" cabled on Nov. 9 that "after no great defensive fight, the two leaders are down and out and
thoroughly discredited, even if they should get light
sentences in treason trials." He further stated that
"so far as Berlin is concerned, the Ludendorff-Hitler
'putsch' was all over this morning with no shouting.
This Buergerbrau coup d'etat was the craziest farce
pulled off in memory, making the Kapp 'putsch' look
like a gilt-edged revolution." Commenting upon the
incident, the Berlin representative of the Associated
Press said: "The Nationalist leaders in the Reichstag make no concealment of their chagrin over the
fiasco of the Hitler 'putsch' in Bavaria, which they
obviously view as having done irreparable damage to
the swing to the Right among a large body of the
voters. Incidentally the movement has seriously
handicapped the negotiations proceeding between
the members of the Nationalist Party and the German People's Party for the formation of a bourgeois
Cabinet, a movement which had received fresh impetus to-day when Chancellor Stresemann's party
adopted a resolution to suggest to the Chancellor
the advisability of inviting the Nationalists into such
a coalition."
That the Ludendorff-Hitler movement might be
revived was indicated in a wireless dispatch from
Munich to the New York "Times" under date of Nov.
11. The correspondent said that "Adolph Hitler,
the fugitive chief of the Bavarian Fascisti, is rallying his supporters in the Isar Valley and his dramatic return is a possibility. Indeed, it is feared
that the disorders of the last few days may be only
the prelude to further and far more serious conflicts." He added that "Reichswehr and Green Police are concentrated at the main station in view of
a possible advance by Hitler's forces." In an Associated Press cablegram from Berlin Monday evening
it was reported that Adolph Hitler, leader of the
Munich revolt, had been arrested on that day near
Lake Staffel, South Bavaria. He offered no resistance. With regard to the status of General Ludendorff in Germany, the Berlin correspondent of the
New York "Tribune" said that "General Eric Ludendorff must leave Germany and remain out of the
country until he receives permission to return. He
has agreed to do this in exchange for his liberty and
assurance that no more severe punishment will be
visited upon him." This information reaches the
'Tribune' from authoritative official sources tonight." The New York "Times" representative stated
the next day, however, that "General Ludendorff has
issued a statement to-day to the effect that the oath
he gave when he was released on parole only binds
him to refrain from any political activity against
the existing Government of Bavaria while this particular incident is under consideration. Beyond
this he still considers himself free to work for and to
support the program outlined by the Nationalist
fighting organization at Nuremberg on Sept. 1, when
Hitler was present."
There were striking developments in Bavaria on
Thursday. From Munich came an Associated Press
dispatch stating that "the Bavarian dictator, von
Kahr, who with General von Lossow and Colonel
Seisser has been lodging in one of the infantry barracks since the Ludendorff-Hitler 'putsch,' to-day
transferrdd his offices to the Government building.
The approaches to the building are blocked with
barbed wire entanglements and patrolled by sen
2141
tinels, and troops are bivouacked in the court basement. Von Kahr ordered displayed the old German
imperial flag of black, white and red, instead of the
official flag of the German republic, which is black,
red and gold. The significance of this order is the
subject of conjecture and it is interpreted by some as
indicating that the dictator has small confidence in
the Berlin Government."
For several weeks the report had been persistent
in Berlin cable advices that Chancellor Stresemann
would be compelled to give up, either on account of
political opposition, or his health, or both. In a
Central News dispatch from Berlin on Nov. 12 the
statement was made that "it is generally expected
that General Von Seeckt, Commander-in-Chief or
the Reichswehr, will be appointed dictator of Germany."
According to Berlin cable advices yesterday morning it is feared there that the German Cabinet may
fall as a result of the Government's decision to abandon the Rhineland and the Ruhr. Chancellor Stresemann will make formal presentation of this decision
to the Reichstag to-day. The New York "Herald"
correspondent cabled that "official quarters assert
that abandonment of the Ruhr and the Rhineland is
unavoidable if the rest of Germanyis to be saved from
becoming engulfed in the chaos precipitated by
French 'obstructionist' tactics, and that national
finances are doomed to further devastation if the
Government is obliged to pay the bill for the social
and economic rehabilitation of the occupied areas."
The rapidly changing political situation in Germany took a new turn, when on Monday it was reported that the former German Emperor, as well as
the Crown Prince, was planning to return to Germany. The Brussels correspondent of the Associated Press cabled that "the former German Emperor
is preparing to return to the Fatherland. He already
has in his hands passports for himself and his suite,
and the Brussels 'Gazette' goes so far as to say that
it is expected the Hohenzollern monarchy will be
restored on Dec. 4, with William or his son, the former Crown Prince Frederick William, ascending the
throne." The Chicago "Tribune" correspondent in
Paris sent word that "this morning's [Nov. 13]
newspapers carry dispatches from The Hague, Amsterdam and Brussels stating that the ex-Kaiser is
all prepared to return to Germany." Later it was
officially denied that he had been given passports.
In an Associated Press cablegram from 'Doom,
Holland, under date of Nov. 13, it was asserted that
William Hohenzollern, the former German Emperor,
goes calmly about his customary tasks at Doom
House, notwithstanding the reports which have gone
abroad that he was preparing to depart for the
Fatherland. It is asserted here that there is no
foundation for the report that he and the members of
his entourage have been granted passports for a journey to Berlin or elsewhere in Germany, and those
close to him declare he has no intention of leaving
Doom." In an Associated Press dispatch from London, also under date of Nov. 13, it was stated that
"British Government officials reiterated this afternoon that they were entirely satisfied with the adequacy of the assurances given by Holland that exEmperor William would not be allowed to leave
Dutch custody. They say that up to the moment
2142
TirF CHRONICLE
[VOL. 117.
they have no reason to suppose the former war lord
As against the foregoing announcement, the folproposes to decamp, and if he has such an intention lowing came forward through a Paris cable dispatch
they are confident the Dutch Government,in view of to the New York "Times" under date of Nov. 13:
its pledge, will frustrate the attempt." It was added "The Reparations Commission sent to Berlin tothat "no new representations, therefore, have been night a note stating that representatives of the Germade to Holland." As to the attitude of the Ameri- man Government would be heard at their convenican Government in the matter of the former Kaiser's ence by the Commission. This notification is the
return it was set forth in a Washington dispatch result of a unanimous vote by the Commission this
Tuesday evening that "President Coolidge believes afternoon on the proposal by M. Barthou, the French
that traditional policy of the American Government delegate. At the same time M. Barthou proposed
would preclude it from joining with the Allied Gov- that after hearing the Germans an expert committee
ernments in protesting to Germany against the re- should be named by the Commission to consider Gerturn of Crown Prince Frederick William or his fa- many's present capacity for payment. This committher, the former Emperor, or in measures to prevent tee would proceed under the same restrictions as
the establishment of the monarchy."
those proposed by M. Poincare to Secretary Hughes,
with the exception that the inquiry would deal with
i‘
I An important but not surprising statement re- German payments up to 1927, instead of 1930. Ungarding the German situation, appeared in an Asso- der the French proposal a place would be left on the
ciated Press dispatch from Berlin Wednesday morn- committee for the United States should Washington
ing. It was to the effect that "after permitting to change its mind."
go unchallenged throughout the day reports to the
Apparently the various bodies set up under the
effect that the German Government was about to Peace Treaty have avoided taking definite action
proclaim an autonomous Rhineland and Ruhr State with respect to the return of the Crown Prince. In
within the German Federation, an official communi- an Associated Press dispatch from Paris Wednesday
action issued to-night threw h. strange light upon a evening it was stated that "the Allied Council of
secret conference which was in progress at the Chan- Ambassadors failed to consider at its meeting to-day
cellery all day. At the conference President Ebert the question of what action should be taken in conand Chancellor Stresemann and others of the Cabi- nection with the return of the Crown Prince to Gernet discussed at great length with the Premiers of many and as to Germany's attitude regarding the rethe Federated States and a committee comprising sumption of Allied military control. The entire sesRuhr and Rhineland leaders the question of liquidat- sion was devoted to routine work, and it is underchaos of the occupied zones. By stood the Ambassadors avoided mentioning these
ing the economic .
indirection the German Government in its statement two burning questions because the Allies were not in
virtually admits its inability to 'support' the Ruhr accord as to the proper course of action."
and Rhineland any longer, and to-day's action is conIn the House of Commons on Thursday Premier
sidered as having resolved itself into an abandonment
of those territories and leaving their populations to Baldwin was called upon to reply to the Labor Party
their own fate and at the mercy of the occupying with respect to the Government's attitude on the GerPowers." In a Berlin cablegram the same evening man situation. It was related that "Prime Minister
it was definitely stated that "after Nov. 25 Germany Stanley Baldwin, in answer to the Labor motion of
no longer will be able to meet the drain upon her censure in the House of Commons to-day, said with
exchequer for the payment of unemployment doles reference to the Ruhr and reparations situation that
in the Ruhr and the Rhineland and will then set both he had spared no pains to let it be known to Great
these regions adrift, permitting them to shift for Britain's allies that the British people could not conthemselves." The correspondent added that "this tinue indefinitely to maintain the spirit necessary
direct statement was made in official quarters here for co-operation if the present situation were alto-night." Commenting upon this new feature of lowed to continue. Mr. Baldwin declared it might be
the situation, the Associated Press correspondent difficult to maintain indefinitely efforts to work tosaid that "unless Chancellor Stresemann arrives at a gether with the Allies who made it so difficult." It
different conclusion after pending conferences with became known through dispatches from Paris yesterleaders in the occupied areas, as the Reichstag op- day morning that "after nearly three hours' discusposes such a policy, it is now believed that the imme- sion the Conference of Ambassadors this [Thursdayl
diate future of the Rhineland and the Ruhr will be evening adjourned to Saturday final decision on the
wholly determined by the nature of agreements measures to be taken for enforcement of the resumpwhich the local leaders there are able to enter into tion of disarmament control in Germany. The delay
with the French and Belgian authorities." He ex- was granted by M.Poincare, as official President of
plained that "the unemployment doles which the the Conference,'til Saturday, but not longer,'so as to
German Government is paying out to unemployed enable the British Ambassador, Lord Crewe, fully to
men and women in the Rhineland and the Ruhr will acquaint his Government with the French attitude
amount to 200,000,000 gold marks in the next ten and to give London 24 hours for reflection." The
days." In another cable message it was said that New York "Times" correspondent added that "here
"this action was taken on the ground that the Treaty it is considered that the situation is so grave that it
of Versailles had been violated by France and that is spoken of in the newspapers as likely to cause a
therefore it could not be observed by Germany." definite end of the Entente and all joint Allied polFrom Berlin came a dispatch Thursday evening stat- icy. If the English refuse in face of German defiance
ing that "official quarters here dismiss as wholly to adopt the measures advocated by the French Govunfounded the reports circulated abroad that the ernment, then it is considered that the last shred of
German Government has decided to repudiate the the alliance will have disappeared." Premier Poincare, speaking in the Chamber of Deputies yesterday,
Treaty of Versailles in its entirety."
asserted that "I cannot let it be said that it is by
Nov.17 1923.]
THE CHRONICLE
2143
body seems to care whether he comes back or not."
He added that "this amazing, almost unbelievable,
indifference extends so far that it is difficult to locate the Crown Prince in his motor journey." He is
expected to reach his home, wife and children at Oels
Although it had been denied that former Crown to-morrow evening." (Nov. 11.) Commenting upon
Prince Frederick William of Germany would leave the preparations at Oels for the return of the Prince,
his retreat at Wieringen, situated on an island near a special correspondent of the Chicago "Tribune,"
Holland, the Associated Press correspondent at Am- in a dispatch dated Nov. 11 said that "shortly before
sterdam cabled on Nov. 10 that "the Dutch Govezn- noon the good burgers of Oels began to gather in
ment officially announced to-day that ex-Crown holiday attire in the narrow cobbled streets to await
Prince Frederick William of Germany crossed the Crown Prince Frederick William's return. Despite
German frontier this morning en route to Oels, Up- the fact that the workers in this town are chiefly
per Silesia." It was explained that "the Crown Socialists, the Crown Prince will receive a warm
Prince's estate, to which he recently expressed a de- welcome."
Referring to the return of the Crown Prince, Chansire to retire, is located at Oels. The Allied note recellor Stresemann, in a speech at Halle on Nov. 11,
questing Holland to prevent his departure was to
have been presented to-day." According to the Ex- was quoted as saying that "if a republic, as we,is unchange Telegraph account of the ex-Crown Prince's able to stand the presence of German Kings and
departure, he left the island of Wieringen at 4.30 Queens on German soil then it is no republic." The
o'clock. Two big motors cars awaited him in the vil- Berlin correspondent of the Chicago "Tribune"
lage of Ewijcksluis, on the mainland. Frederick added that "he [the Chancellor] is of the opinion
William entered the first car, accompanied by Bur- that the desire of the Crown Prince to return to Gergomaster Kolf of Wieringen, while his luggage was many must be supported and he said that he had
loaded in the second. Both cars drove off at day- asked this permission of the Coalition Cabinet bebreak." The Associated Press representative added cause he wanted permission from all classes and did
that "before leaving Wieringen Frederick William not want any differences with the parties." The
addressed a letter to the population expressing his Chancellor was quoted further as asserting that "the
regret at being unable to say good-by and expressing return of the Crown Prince was entirely Germany's
gratitude for the good friends he had made during affair." Commenting upon the effect of France's athis years of exile and for the hospitality shown to titude on internal conditions in Germany, the Chanhim." He added that "it is considered here that the cellor was reported to have asserted that "we had a
Dutch Government had no right to detain him in possibility of improving had France's policy been
Holland, that his departure is quite legal, and that such as to permit Germany to live. I am being atit will not involve Holland in any diplomatic con- tacked by extremists on both sides, but I do not beflict. It none the less has caused a sensation." Ac- lieve Russian Communism is a German development.
cording to a cable dispatch from The Hague dated After four years in which no nation would have got
Nov. 10, "it is officially stated that both the Dutch through such privations and such starving as Gerand German Governments granted ex-Crown Prince many, after an oppression which would shake any
Frederick William permission to return to Ger- healthy nation into fever and trances, we can say
many."
only to France, 'You have brought us thus far."
From Paris came an Associated Press cablegram The assertion was made in a Berlin wireless message
saying that "a note signed by Premier Poincare as to the New York "Times" that "the Crown Prince's
President of the Allied Council of Ambassadors, was return has occasioned no stir in public opinion or
delivered to the German Charge d'Affaires yesterday the press. The only persons in Germany showing
protesting against the return of ex-Crown Prince human interest in the Crown Prince's return are the
Frederick William to Germany." Commenting upon American and some English correspondents, many
the incident, the Paris correspondent of the New of whom were forced to go on a hunt for bootleggers
York "Times" said that "on just such a fall day as to raise paper mark funds for an expedition to Silethat on which he and his father fled from their angry sia, in view of the acute paper money shortage intenand disappointed nation to the safety of the Dutch sified by the money printers' strike." The Assodunes, the War Lord's heir returned to the Father- ciated Press correspondent at the German capital
land to-day, a short time before the Allied Ministers declared that "the departure of the Hohenzollern
presented to the Dutch Government a prayer to keep heir from his island retreat and his entry into Gerthe Crown Prince away from Germany and trouble many does not seem to have caused the excitement in
making." He added that "the Allied Ministers called Berlin that might be expected. As it synchronized
at The Hague Foreign Office this afternoon, but the with the Munich insurrection and widespread clamor
bird had flown since dawn." The correspondent fur- for a dictatorship it has aroused considerable curither observed that "contemporaneously the German osity, but popular opinion appears wholly disinGovernment sent to Paris a refusal, polite but firm, clined to associate him with present or future nato facilitate resumption in Germany of inter-Allied tionalistic machinations, if only for the reason that
he is viewed as being 'wholly out of the running,' in
military control."
that he is considered a liability to any reactionary
In a wireless dispatch to his paper Nov.11 the Ber- enterprise."
lin correspondent of the New York "Times" deIt was stated in an Associated Press dispatch
clared that "the Crown Prince's motor trip from the
Dutch border to his estate at Oels, Silesia, is no tri- from Paris dated Nov. 11 that "the future adjustumphal transit.. So far German public opinion is ment of the life of the German Crown Prince is now
utterly indifferent to his return from Wieringen. entirely in the hands of the Ambassadors' Council,
Nobody talks about the Crown Prince's return, no- in so far as the Reich Government will heed its ad-
our fault an agreement has not been reached. For
several years we have not ceased to make concessions
from our rights, and it is not on our side that the
attitude is uncompromising."
2144 •
THE CHRONICLE
vice, and the Ambassadors absolutely refuse to reveal what recommendations, notes or ultimatums, if
any, they will send to the Berlin Government on the
subject." Announcement was made in an Associated
Press dispatch from the French capital Monday evening that "the Allied Council of Ambassadors, after
an hour's discussion of the German reply to their
protest against the return of the ex-Crown Prince,
decided to-day to refer it to their respective Governments. If the replies from the Governments are received in time the Ambassadors will meet again on
Wednesday." It was added that "Germany's reply
to the protest of the Council of Ambassadors against
the return to Germany of ex-Crown Prince Frederick
William, was received here this morning. The note
is understood to be of an unsatisfactory nature to the
Allies." In a subsequent dispatch it was stated that
Germany "declared officially that she cannot interfere legally with the return of any German citizen to
his own fireside and family whether he be the exEmperor, the former Crown Prince or just plain
Hans Sachs."
[VoL. 117.
Government in permitting the return of the former
Crown Prince and Berlin's refusal to comply with
the terms of the Allies' ultimatum on military control." It was added that "an ultimatum would be
sent to Berlin demanding that Germany comply with
the Allies' wishes or face this penalty." The further
statement was made that "M. Poincare at the same
time informed London that if the British Government did not agree to this program France would inflict penalties alone. It is believed The Premier refers to the occupation of Frankfort and the rail centres to the east of the city, which link Northern and
Southern Germany." In a Washington dispatch
Thursday evening to "The Sun and The Globe" it
was claimed that "confirmation of the report that
the French Government intends to seize the great
German seaport of Hamburg was received to-day at
the State Department, although the confirmation
did not come directly from the French Government
and therefore is not regarded by this Government as
'official.' There is little doubt in the minds of officials here, however, but that the report is true."
The Crown Prince arrived at his estate in Oels,
The proposed international committee to inquire
Silesia, at 6 o'clock Tuesday evening, Nov. 13. The into Germany's capacity to pay reparations seems to
next afternoon "the Crown Prince's Adjutant, Major have died a natural death, at least so far as the presMuldner von Moehlheim, received the foreign corre- ent is concerned. The chief stumbling block was
spondents and the German newspaper men here and the "rigid insistence" of Premier Poincare of France
on behalf of the Crown Prince divulged a carefully that the inquiry be limited to Germany's "present"
prepared statement. In this statement the Crown capacity to pay. The New York "Times" represenhave ab- tative in Washington said in a dispatch under date
Prince goes on record in part as follows:
solutely the intention to mind my own business, de- of Nov. 9 that "the American Government has devote myself to my duties as a husband, father and cided that it cannot favor or participate in any exfarmer of a country estate, and within the frame- pert inquiry on the capacity of Germany to pay repwork of this my work and these duties to co-operate arations if the scope of the investigation is to be limfor the reconstruction and resurrection of the Father- ited as proposed by the French Government." The
land, as to the coming up again of which in the world New York "Herald" correspondent at the national
I never harbored and to-day do not harbor any capital was still more definite and emphatic when
doubt.'"
he said that "Secretary Hughes has informed the
In a cablegram from "The Hague yesterday morn- French Government through Ambassador Jules Jusing the New York "Times" representative said: "I serand that the United States cannot participate in
am informed on absolutely reliable authority that, an inquiry into a settlement of the reparations quesalthough the ex-Kaiser still entertains the plan and tion under the restrictions insisted on by Premier
desire to return to the Fatherland, the German Gov- Poincare, as transmitted to Washington to-day."
ernment has not yet given the ex-Kaiser a passport. (Nov. 9.)
It is stated, moreover, that the ex-Kaiser considered
this a dangerous time for the Crown Prince to return
Purporting to give the French attitude with reto Germany and strongly advised him to wait, but spect to the failure of the British-American proposal
Frederick William, knowing the Allied note would the Paris correspondent of the New York "Times"
arrive at The Hague, preferred to be on the safe side." said in a cable dispatch dated Nov. 10 that "there
According to a wireless dispatch from Rome to the seemed to be in Paris to-day a disposition to put on
New York "Times" yesterday morning, "the Italian Washington the responsibility of the death of the
Ministry of Foreign Affairs,from all the information experts' reparations inquiry. In other words, that
it has received, believes that there is no foundation it was Secretary Hughes's refusal to accept Premier
for the rumors of a possible move for re-establishing Poincare's kind of investigation rather than M.Poinex-Kaiser Wilhelm on the German throne. It is, care's refusal to accept Mr. Hughes's kind of investihowever, closely watching the situation which has gation which led to the impasse." He added that
been brought about by the former Crown Prince's "now that the tale is told the moral is a repetition of
return, as it believes that there is a possibility of a the truth that Europe is not seeking American admonarchist coup being attempted soon."
vice nor platonic counsel, which many thought
Washington had learned from the sorry experience
The French Chamber of Deputies, at its session on of our experiment with unofficial observers. Rightly
Tuesday, gave Premier Poincare a vote of confidence or wrongly, European statesmen are prone to think
of 379 to 165, essentially on a technicality. This ap- they know more about Europe's troubles than Amerparently made the Premier the more independent in ican statesmen do. Therefore, they think their opinhis dealings with Great Britain and also Germany. ions are better than Washington's. Of course, it was
Dispatches from Paris Wednesday morning stated different when American opinion was backed by an
that he had "proposed to the British Cabinet joint army of 4,000,000 men. It would be different now if
occupation of 'a maritime city' of Germany, meaning American advice were coupled with material offers,
Hamburg, as a penalty for the action of the Berlin such as a reduction in the inter-Allied debts, if the
Nov.17 1923.]
THE CHRONICLE
2145
Allies would reduce their claims on Germany. But necessary obligations. The strongest representaWashington is not ready to do that, and so we are tions on this subject were, accordingly, made to the
deprived of the opportunity to give gratuitous coun- Allied Governments."
Announcement was made in a Paris dispatch to
sel on Europe's leading problems." The Rome correspondent of the New York "Times," in a wireless dis- the Associated Press on Nov. 12 that "Premier Poinpatch, also dated Nov.10,said in part: "It was with care has decided to propose the creation of a commitregret that Italy learned to-day that America has tee of experts for the purpose. of investigating the
withdrawn her participation in the proposed inter- question of German reparations." It was explained
national committee of inquiry into Germany's ca- that "the committee, as suggested, would be compacity to pay reparations. With Germany disrupted posed of delegates from the Powers represented on
to
by internal strife, with France apparently no nearer the Reparations Commission; its duties would be
making the Ruhr occupation a paying proposition, establish Germany's external and internal resources;
to
and with the Allies still unable to agree upon a com- where the exported German capital lies and how it
mon policy, it was felt that American intervention can be brought back; how and in what amount the
at this moment with the whole weight of her author- resources of the Reich can, at the present moment, be
ity and prestige would have been invaluable to Eu- utilized for reparations, and how Germany can rerope, and the disappointment at her withdrawal is establish her financial position. It is further proposed that a technical expert be added to the commitcorrespondingly great."
Brussels sent word, through an Associated Press tee for each country. The investigation would last
cablegram, that "the apparent failure of Allied ne- two months at least." The statement was made in
gotiations for a reparations conference is regarded behalf of the French Premier that "in taking up on
in opposition quarters as certain to spell the doom of his own account a plan for a committee of experts,
the Theunis Cabinet before the ordinary session of M. Poincare was moved by a desire to furnish fresh
the Chamber of Deputies, which opens next Tuesday, proof of his resolution to leave no method likely to
is adjourned." It was also asserted that "grave dis- lead to a solution of the reparations problem unsensions in the Cabinet are reported, some of the tried."
Ministers favoring open adoption of the British
Premier Lloyd George arrived in Southampton
viewpoint and continuing their effort to obtain concessions from France that will make the conference. and London on Nov. 9 from his trip to the United
possible," The further announcement was made that States and Canada. The London correspondent of
"Foreign Minister Jaspar will appear before the the New York "Times" said that "an extraordinary
Foreign Affairs Committee of the Chamber on Wed- welcome was accorded to David Lloyd George tonesday next [Nov. 14] and give an exposition of the night on his arrival, with Dame Margaret and Miss
Government's policy." The London correspondent Megan, at Waterloo Station. But the friendliness
of the Associated Press cabled that, "although the of the seaport borough was nothing compared to the
press reports from Washington regarding the pros- wild enthusiasm for the ex-Premier shown by the
pect of a reparations inquiry conducted within the London crowd. It was frankly political." In an
limited scope of the French proposal are by no means interview in Southampton with a large number of
sanguine, British official circles in London do not newspaper correspondents, the former Premier was
consider the time has yet arrived to abandon hopes quoted as commenting as follows upon Premier
of an Allied conference including America."
Baldwin's recent pronouncement in favor of a tariff:
"As far as I can judge, it was an incredible proThe Imperial Conference of Premiers of the Brit- nouncement. I think it is unutterable folly. It is an
ish Empire closed its sessions on Nov. 9 and in a re- insult to the intelligence of the nation to feed starvport made public on Nov. 11 it was stated that care- ing industry with the mildewed straw of last century,
ful consideration had been given to the proposed in- with every grain of statesmanship beaten out of it."
ternational conference to determine how much Ger- Asked for a specific statement of his own position,
many could pay, and that, if necessary, a conference he was reported to have asserted," adhere exactly
without France was favored. With respect to these to the position I took up at Manchester in April,' retwo points the report said: "The conference cor- ferring to the speech in which he declared that if the
dially welcomed consideration of the policy which issue of protection were raised, all the partial prohad been pursued, and was of the opinion that the tective measures, introduced during the war, the
European situation could be lifted onto a plane of Asquith tariff and the safeguarding of specially
possible settlement only by the co-operation of the hard-pressed industries must go by the board." Asked
United States, and that if the scheme of a common regarding his attitude toward a reunion of his wing
inquiry to be followed by common action were to of the Liberal Party with the Asquithian following,
break down the results would be inimical both to the Lloyd George replied, "it would be a fine thing. I
peace and to the economic recovery of the world. The have said so repeatedly." The New York "Times"
conference went still further, and decided that it representative said: "Then, when he was asked the
might be necessary for Great Britain to act alone, test question, 'Would you follow Asquith?' he rewould work with anybody who would serve
for, as the report says, it felt that in such event it plied:
desirable for the British Government to the country faithfully. I have never raised any perwould be
consider very carefully the alternative of summon- sonal issue in these controversies.'" Continuing his
ing a conference itself in order to examine the finan- account, the New York "Times" correspondent said:
cial and economic problem in its widest aspect. The "Some one brought up his old idea of a Centre Party,
conference regarded any policy which would result but he brushed it aside with the remark that protecin breaking up the unity of the German State as in- tion and free trade were now the only issues."
consistent with the treaty obligations entered into
For two weeks or more the London cable advices
both by Germany and the Powers, and as incompatible with the future discharge by Germany of her have contained definite predictions of a general elec-
2146
THE CHRONICLE
[VOL. 117.
tion in Great Britain at an early date. The prevail- Asquith met and buried the hatchet. The details of
ing opinion was that it would be held in December their agreement are not yet announced, but they
or January at the latest. According to a Central were brought together in a business office near the
News cablegram a week ago this morning, it had Houses of Parliament by Sir Alfred Mond and there
been estimated in London that since mention was in conference with Sir John Simon made up their old
first made of the dissolution of Parliament and the quarrels. Mr. Lloyd George for the moment will
holding of a general.election standard British securi- serve under Mr. Asquith, but it is suggested that if a
ties had depreciated popopo. The New York Liberal Administration is ever formed Mr. Asquith
"Herald" correspondent in London cabled on the may go to the Lords with the dignity of the Premiersame date that "the threat of a general election has ship and leave the practical power in the hands of
put the City in suspense and has sent down gilt- Mr. Lloyd George as leader of the House of Comedged securities. It has likewise put a damper on mons."
the slowly reviving trade. In the political clubs toCommenting upon the wisdom and necessity of a
night it is believed that the Liberal reunion is well general election, the London representative of the
on its way, and that if the battle is to be one of free Associated Press said in a cablegram dated Nov. 14
trade versus half-hearted protection the Liberals will that "probably the first question a foreigner would
find some informal arrangement with Labor in many ask after reading to-day's editorial comment on the
constituencies to insure the return of a free trader impending dissolution of Parliament would be:
under whatever banner he may come out. If such an 'Why is this country having an election? Clearly
arrangement is made it will be disastrous to the To- nobody wants it.' This disinclination to take a poll
ries, many long-sighted politicians admit."
of the electorate on the protection question is maniThe question of an early general election took even fested by all parties. The Government's supporters
more definite form on Monday. According to a reluctantly acquiesce, while their political opponspecial cable dispatch to the New York "Times" that ents are disgusted and resentful. Some of the comevening, "as a result of political developments to- ments are vicious, and Prime Minister Baldwin is
day there is trustworthy authority for stating that charged variously with unexampled levity, shabby
the session of Parliament which will begin to-mor- maneuvering, trickiness and with having lapsed from
row will last exactly three days, and that on Thurs- the traditional honor and decency of British public
day Parliament will be prorogued with a view to life." Speaking in the House of Commons on Thursimmediate dissolution.' He added that "definite day, "with regard to his tariff protection program,
steps were taken to-day toward securing complete the Premier said he did not propose under any cirreunion between the Government and Lord Birken- cumstances to put a tax on wheat, flour, cheese, buthead, Austen Chamberlain, Sir Robert Horne and ter, eggs or meat, including mutton. He reserved a
other former ex-Coalition Unionist Ministers. There perfectly free hand on everything else." Before the
was a series of important conferences at 10 Downing close of the session "a labor motion of censure of the
Street." According to the dispatch also, both Lord Baldwin Government, which gave J. Ramsay MacBirkenhead and Austen Chamberlain informed Pre- donald, the leader of the opposition, an opportunity
mier Baldwin that "they would give him all the help for stinging criticism of the Premier's domestic poliin their power, though it was understood that in the cies, failed in the House, the vote being 190 to 285."
event of the Unionist Party being again returned to
power they would expect Ministerial offices of at
King George dissolved Parliament yesterday "in
least the same importance as those which they held preparation for the general election to be held Dec.
under the coalition. Obviously a matter of that 6." Parliament will reassemble on Dec. 20. The
kind could not be settled at a minute's notice, and King, in his speech, said that economic conditions
this aspect of the question was left open for consid- depend on the reparations settlement. The Associeration."
ated Press correspondent stated that 'most of the
members, knowing that dissolution was to be anThe situation with respect to a general election nounced this morning, had already hurried to their
became still more definite on Tuesday. The London constituencies to begin the intensive election camcorrespondent of the New York "Times" cabled that paign. In the Upper House only seven Lords and a
"Parliament will be dissolved on Friday. Premier Bishop were present, while in the House of ComBaldwin made this announcement in the House of mons most of the seats were empty."
Commons to-night. It is expected'that nominations
for the next House will be made on Monday, Nov. 26,
That Great Britain is feeling still the lack of a free
and that the general election will take place on market on the Continent for her goods was shown by
Thursday, Dec. 6. Before Friday every effort will the October statement of the Board of Trade. Albe made to pass the Workmen's Compensation Bill, though exports were larger than for September of
a comparatively non-contentious measure needed to this year and October of last year, the excess of imbring the existing system up to date, and on Thurs- ports last month was £17,436,000, against £11,320,day, J. Ramsay Macdonald,'Rader of the opposition, 000 in September and £16,350,000 in October a year
will move a vote of censure on the Government in ago. This fact probably will be included in Premier
'reference to its plans for relieving unemployment Baldwin's argument for a tariff for Great Britain.
and to its foreign policy." Other important political The following table shows the October figures comdevelopments were outlined in part as follows: "Mr. pared with those for the corresponding month a year
Baldwin,it is understood, welcomed back to-day into ago:
Oa. 1022.
Oa. 1923.
the Government ranks Lord Birkenhead and Austen
£85,010,000
£99,914,000
Imports
60,390,000
Chamberlain and may find places in the Cabinet for Exports
71.332,000
8,270,000
11,196,000
Re-exports
them, with or without portfolios. To offset this Total exports
£68,660,000
£82,478,000
most important addition to the platform speaking Excessimports
£17,436,000
£16,350,000
strength of the Unionists, Mr. Lloyd George and Mr.
Nov.17 1923.1
2147
THE CHRONICLE
The Bank of Norway has raised its discount rate
from 6 to 7%, according to a London cable dispatch
on Nov. ,10. Otherwise, official discount rates at
leading European centres continue to be quoted at
90% in Berlin, 6% in Denmark, 532% in Belgium
and Sweden, 5% in France and Madrid and 4% in
London, Switzerland and Holland. According to a
cable dispatch from London, under date of Nov. 15,
the Imperial Bank of India has fixed its discount rate
at 5%, which compares with 4% the previous quotation, which had been in effect since June 22 last.
In London open market discounts have been advanced
and are now quoted at 3%@3 7-16 for short bills,
1%
against 3 3-16 last week and 3%@3Y for three
months, against 3 3-16% a week ago. Call money at
the British centre also firmed up, touching 25 %,but
A
finished at 21
4%,in comparison with 23/2% the week
previous. At Paris and Switzerland the open market
discount rate has not been changed from 43/2% and
2%, respectively.
francs. On the other hand, advances were reduced
26,832,000 francs. Note circulation took a favorable turn, a contraction of 602,107,000 francs being
recorded. The total of notes outstanding is now
,
37,439,366,000 francs, as against 36,321,245,860
francs on the corresponding date last year and with
36,719,267,100 francs in 1921. Just prior to the
outbreak of war in 1914 the amount was only 6,683,184,785 francs. Comparisons of the various items
in this week's return with the statement of last week
and corresponding dates in both 1922 and 1921 are
as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Nov. 15 1923. Nov. 16 1922. Nov. 17 1921.
for Week.
Francs.
Franca.
Francs.
Francs.
Gold Holdings—
203,575 3,675,214.700 3,635,602,779 3,575,643,263
Inc.
In France
No change
1,864,320,900 1,897,967,056 1,948,367,056
Abroad
Inc.
203,575
Total
Inc.
158,000
Silver
Bills discounted_Inc. 30,650,000
Dec. 26,832,000
Advances
Note circulation_Dec.602,107,000
Treasury deposits_Inc. 60,327,000
General depositsInc. 130,009,000
5,539,535,600
295,837,000
3,351,183,000
2,329,187,000
37,439,366,000
83,658,000
2,118,735,000
5,533,569,836 5,524,010,320
288,356,078
278,859,782
2,259,710,638 2,217,274,194
2,158,451.780 2,255,041,699
36,321,245,860 36,719,267.100
19,392,718
33,957,800
2,064,680,962 2,429,003,740
The Bank of England in its statement for the week
The weekly Federal Reserve Bank statement, isending Nov. 14 reported a further addition to gold
sued at the close of business on Thursday,showed the
of £11,262, making the total now £127,686,026, as
tendencies as in the week immediately
against £127,441,016 a year ago and £128,433,196 in same general
preceding, namely another gain in gold for the Sys1921. There was, moreover, an increase in reserve
rediscounting, both locally and naof £669,000 as a result of a decrease in note circula- tem, reduction in
tionally, and a further decrease in gold stocks at
tion of £658,000, while the proportion of reserve to
combined statement showed an inliabilities advanced from 18.90% a week ago to New York. The
crease in gold holdings of $11,000,000; curtailment in
19.25%. In the corresponding week of 1922 the
of all classes of paper amounting to
ratio stood at 19%% and a year earlier at 183/2%. the discounts
$26,000,000, although bill buying in the open market
Public deposits fell off £3,465,000, although "other"
$20,000,000, so that the reduction in total
deposits increased £4,753,000. Loans on Govern- expanded
bills on hand amounted to only $6,000,000. There
ment securities showed an expansion of £830,000
in earning assets, but a gain in
at the same time that loans on other securities were was a like decrease
deposits of no less than $73,000,000. The New York
decreased £180,000. Reserve aggregates £23,388,000, which compares with £23,989,056 in 1922 and bank in its operations with interior institutions lost
However, here
£23,296,166 a year ago. Loans amount to £71,470,- gold to the amount of $20,000,000.
also rediscounts were smaller—approximately $1,000. Last year the total was £66,143,276 and in
1921 £84,822,923, while note circulation is now 200,000 in Government secured paper and $10,800,£124,204,000, as against £121,901,960 and £123,587,- 000 in "all other." Bill purchases remained prac030 one and two years ago, respectively. Clearings tically unchanged; hence total bill holdings dethrough the London banks for the week totaled creased $12,000,000. Earning assets fell $8,000,000,
£694,000,000, against £695,865,000 a week ago and while deposits expanded $31,000,000. The amount
072,385,000 last year. The Bank's minimum dis- of Federal Reserve notes in circulation fell off $2,count rate remains at 4%, unchanged. We append 500,000 for the System and $11,600,000 at New York.
herewith comparisons for a series of years of the Member bank reserve accounts were larger, the
banks as a group reporting a gain of $49,000,000, to
different items of the Bank of England returns:
$1,913,355,000, while locally there was an increase of
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1922.
1923.
1920.
1919.
$22,000,000 to $695,827,991. Reserve ratios, as a
Nov. 15.
Nov. 16.
Nov. 14.
Nov. 17.
Nov. 19.
result of additions to deposits, showed a falling off.
124,204,000 121,901,960 123,687,030 127,569,380 85,676,315
Circulation
of .9%, to
12,864,839 20,067,150 19,508,652 23,268,045 The combined System reported a. decline
14,885,000
Public deposits
105,804,000 109,505,988 106,037,703 116,278,543 95,323,682 75.6%, while at New York there was a drop of 2.9%,
Other deposits
Governin't securities 43,719,000 49,967,519 35,725,883 63,786,073 34,789,117
Other securities
71,470,000 66,143,276 84.822,923 75,165,989 80,816,165 to 79.7%.
Reserve notes & coin 23,388,000 23,989,056 23,296,166 14,599,944 20,738,476
Coin and bul1ion_127,686,026 127,441,016 128,433,196 123,719,324 87,964,791
Proportion of reserve
to liabilities
19.25%
1911%
1034%
10,i%
1734%
5%
3%
Bank rate
4%
7%
6%
The Bank of France continues to report small
gains in its gold item, the increase this week being
203,575 francs. The Bank's gold holdings, therefore, now aggregate 5,539,535,600 francs, comparing
with 5,533,569,836 francs at this time last year and
with 5,524,010,320 francs the year before; of these
amounts, 1,864,320,900 francs were held abroad in
1923, 1,897,967,056 francs in 1922 and 1,948,367,056
francs in 1921. Silver, during the week, increased
158,000 francs, bills discounted were augmented by
30,650,000 francs, Treasury deposits gained 60,327,000 francs and general deposits rose 130,009,000
Last Saturday's statement of the New York Clearing House banks and trust companies was in line
with expectations and indicated clearly the return of
funds into normal channels following the recent
month-end strain. Among the more noteworthy features were a reduction in loans of $42,775,000, a decline in net demand deposits of $31,208,000 and an
addition to surplus reserve of well over $37,000,000.
The total of demand deposits is $3,711,058,000, which
is exclusive of $15,728,000 in Government deposits, a
decline in the latter item of $2,775,000. Time deposits on the other hand expanded $5,298,000, to $457,466,000. Other changes included an increase in
cash in own vaults of members of the Federal Reserve
Bank of $4,011,000, to $51,259,000 (not counted as
2148
THE CHRONICLE
reserve), an increase in the reserve of State banks
and trust companies in own vault of $213,000 and a
reduction of $122,000 in the reserves of these same
banks increased their reserve with the Reserve Bank
433,712,000, and this in turn, in combination with
the falling off in deposits, served to bring about a
gain in surplus reserve of $37,698,000, not only eliminating last week's deficit, but leaving excess reserves of $24,348,330. The figures here given for surplus are based on reserve requirements of 13% for
member banks of the Federal Reserve System, but
not including cash in own vaults to the amount of
$51,259,000 held by these banks on Saturday last.
[Vol,. 117.
against bankers' acceptances the posted rate of the
American Acceptance Council is now 434%, against
CA% last week. The Acceptance Council makes the
discount rates on prime bankers' acceptances eligible
for purchase by the Federal Reserve banks 438%
bid and 4% asked for bills running for 30 days,
434% bid and 43% asked for bills running for 60
and 90 days, 49'% bid and 434% asked for bills
running 120 days, and 43/2% bid and 4347 asked for
0
bills running 150 and 180 days. Open market quotations followSPOT DELIVERY.
90 Days.
60 Days.
434@434
434@434
FOR DELIVERY WITHIN THIRTY DAYS.
banks
er
n-member banks
Prime eligible
Eligibl
b(
80 Days
434(§)434
434 bid
lp spite of the continued activity in the specu- EU a
434 bid
ladve stock market and in the offering of new securihere have been no changes this week in Federal
ties, call money has ranged this week between 4%
and 5% and time money between 5 and 534%. eserve Bank rates. The following is the schedule
Although transactions in stocks on the New York of rates now in effect for the various classes of paper
Stock Exchange averaged close to 1,000,000 shares at the different/Reserve banks:
DISC013NT RATES OF THE FEDERAL RESERVE BANKS
daily, conservative brokers reported that their loans
IN EFFECT NOV. 16 1923.
have decreased. The investment houses had disposed
Paper Maturiny—
of previous offerings to such an extent before the
After 90 After 6
present degree of activity set in that they say that
Days, but
but
Within 90 Days.
Within 6 Within 9
they have not been large borrowers of money this FEDERAL RESERVE
Months. Months.
BANK.
week. Secretary Mellon's proposals for reductions
Secur. by
Agricul.* Agricia.
Com'rcial U. S. Bankers
Trade
and
and
in income taxes were regarded as easily the most
Agricul. Govt.
Accep- Accep- Livestock Livestock
&Limn ObItga- tances. tances. Paper. Paper.
Paper.
constructive development of the week. The plan
lions.
434
4%
cheered both speculative and investment sentiment, Boston
4)4
434
5
New York
4)4
4%
(tiji
434
4,4
34
Philadelphia
434
4%
4)4
but, of course, doubts are entertained as to whether Cleveland
434
5
4%
4%
4
4
4,4
434
Richmond
4%
434
4g
4
434
434
43'
Congress will pass a bill embodying the recommenda- Atlanta
434
4)4
4)4
434
434
434
Chicago
434
44
4%
434
434
43'
tions. Government financing is expected before the St. Louis
4%
4
434
434
434
'34
Minneapolis
434
434
434
434
434
end of the year. There is likely to be the usual year- Kansas City
4%
4g
4
4%
41
4
434
4
Dallas
434
4%
434
434
end flurry in call money, but real stringency is not San Francisco
434
4%
434
434
434
•Including bankers acceptances drawn for an agricultural purpose a
looked for.
sec
by warehouse receipts. dm.
As to money rates in detail, call loans covered a
range of 41 @5%,the same as a week ago. Monday
/
the high was 5%, the low 432%, with renewals
at 5%. On Tuesday there was a slight lowering
and the range was 43/2@4%%, with 43 % the
4
renewal basis. Firmness again set in on Wednesday,
so that the maximum quotation was 5%, the minimum 4%7 and 4%7' the ruling rate. Thursday's
0
0
range was 4M@,4%%, with renewals still nego4
.tiated at 43 %, while on Friday a flat rate of 49'%
was quoted, this being the high, the low and the
renewal rate for the day. The figures here given
apply to mixed collateral and all-industrials without
differentiation. In time money trading has been
quiet and the undertone firm. During the early
part of the week, quotations were advanced to
5@53'%, but later on rates eased off on freer
offerings and sixty days money was again quoted
at 4%@5%, and ninety days, four, five and six
months at 5%, the same as at the close on last
Friday. No large individual loans were reported.
Commercial paper rates continue at 5@53i.% for
sixty and ninety days' endorsed bills receivable and
six months' names of choice character, with names
not so well known still requiring 531 %. A fair in.
quiry has been noted, with country banks still the
principal buyers. The aggregate turn-over was of
moderate proportions.
,Banks' and bankers' acceptances have been in
better demand, and both local and out-of-town institutions have been in the market for round amounts.
Offerings of prime bills, however, were light, and the
result was to restrict operations at least to some extent. The undertone was steady. For call loans
Sterling exchange again took the lead in •oint of
activity at sharply lower levels, and the week's
trading was marked by a series of violent breaks
which eventually forced prices to 4 303', the lowest
point touched since March 1922, and a loss of 9%
cents from the low quotation established last Friday.
This was apparently the result of a combination of
adverse circumstances, chief of which were undoubtedly the failure to bring about improvement
in the German embroglio and uneasiness over the
British political situation. News from abroad was,
for the most part, unsettling. Inability to arrive
at an agreement on the proposed reparations conference, though somewhat of a disappointment, was
not wholly unexpected and was probably less of a
factor in lowering quotations than was the growing
anxiety over the prospects of a general election in
Great Britain during December, which it is felt
will likely prove a serious deterrent to normaliholiday
trade. Latest British trade returns showing a very
heavy increase in imports over exports, had not a
little to do with the general depression, which was
further augmented by pressure to sell on the part
of British banks in preparation for forthcoming
debt payments, also for the purpose of transferring
funds to this side for safe keeping in the event of
fresh complications in Franco-German affairs, and
continued heavy offerings of cotton bills in the
local market. All of this proved too much for an
already nervous and slightly panicky market and
prices gave way precipitately, as already shown.
It was noted with some surprise and not a little
uneasiness that there was practically none of the
buying support which is usually accorded during
Nov.171923.1
THE CHRONICLE
2149
Continental exchange shared in the general downperiods of acute depressions. Large quantities of
sterling bills were offered at times with no takers ward swing and spectacular losses occurred in many
even at extreme concessions. Reports that diplo- of the major European currencies. French and
matic relations had been broken off between Great Italian exchange were the principal sufferers, the
Britain and France were responsible for the fresh first named tumbling more than 38 points; to 5.21,
while Belgian francs moved down 41 points, to 4.42,
display of weakness at the close.
Trading practically throughout was nervous and and lire lost 29 points, to 4.13. Trading in these
excited with the undertone of the market unsettled exchanges, however, was quiet as compared with
and weak. Considerable confsuion prevailed and sterling and the declines were largely sentimental in
on several days quotations were widely apart, a character, reflecting the unsatisfactory state of
spread of as much as three cents being reported in affairs existing abroad. Fresh declines were rea single hour. The strictly speculative element corded in the final dealings as a result of the reparticipated to some extent in operations and the ported break between the French and English
occasional rallies recorded were due largely to short Governments. Reichsmarks were adversely affected
covering. It is worthy of note that the sterling not only by the hitch in the reparations program,
market has at no time since the summer of 1921 but by reports that the German Government was
experienced so sharp a break as that witnessed in about to repudiate the Versailles Treaty, and
the week under reveiw. Grave fears at the apparent also to declare an autonomous Rhineland state.
strength of the British Labor Party and prospects Various conflicting reports as to the progress of
in the event of a victory at the forthcoming election, events caused considerable backing and filling and
of an enforced capital levy, exercised a depressing prices fluctuated erratically, with the extremes
influence on values. Little or no hope is felt of 0.000000000044 and 0.000000000015; figures that are
improvement in exchange prices in the immediate virtually worthless so far as actual transactions in
future, and there are some who look for further this market are concerned. Talk of the formation
recessions. Large operators, however, are likely of a group of leading American banks for the purpose
to hold aloof as much as possible, at least for the of negotiating a large German loan aroused some.
next week or two.
attention, but very little notice was taken of the
Referring to the more detailed quotations, sterling announcement that the German authorities had made
exchange on Saturday last suffered another break arrangements to begin the issuance of the new renten%
of approximately 25 s cents in the pound; to 4 375 mark on Nov. 15, and that after that date it would
/
for demand; the high was 4 38%, while cable trans- no longer be necessary to meet the needs of the
fers ranged between 4 3718@4 38% and sixty days Reichsbank by the printing of paper marks. Bankers
3
between 4 35/@4 363'; decision of the United here take the view thaf the all-important point just
States not to participate in the projected repara- at present is adjustment of reparations problems.
tions conference was the primary cause of the Notwithstanding the drop in local quotations for the
decline; trading was fairly active with heavy offerings franc, it is claimed that its value internationally has
of cotton bills. On Monday increased weakness only slightly changed, and that it is relatively steadier
developed on unfavorable foreign news, so that than most of the other Continental currencies.
prices declined to 4 353@4 37 13-16 for demand,
The London check rate on Paris finished at 80.50,
4 353/@),4 38 1-16 for cable transfers and 4 33@ against 78.30 last week. In New York, sight bills
4 35 9-16 for sixty days. An improving tendency on the French centre closed at 5.23, against 5.663/2;
was noted on Tuesday, which brought about a cable transfers at 5.24, against 5.673/2; commercial
recovery in the quotation for demand, to 4.37%@, sight bills at 5.22, against 5.65 and commercial
4
4
4
4 383 , for cable transfers to 4 37%@4 39 and for sixty days at 5.163 , against 5.601 a week ago.
2
sixty days to 4 343'@4.363/; short covering on Antwerp francs finished at 4.42 for checks and
more encouraging foreign advices • was mainly.re- 4.43 for cable transfers, which compares with
sponsible for the firmness. On Wednesday sterling 4.90 and 4.91 in the preceding week. Closing rates
prices again broke sensationally, in consequence of on Berlin, marks were 0.000000000015 for both
lower London cable rates; heavy selling and increased checks and cable transfers, as compared with
with 0.000000000040 last week. Austrian kronen were
offerings; demand bills sold as low as 4 33
the high 4 36, while cable transfers ranged between not changed from 0.0014%. Lire finished the week
4
4 33%@4 361 and sixty days between 4 311 ® at 4.13 for bankers' sight bills and 4.14 for cable
4
4 33%. Ireegular weakness marked Thursday's transfers. This compares with 4.37 and 4.38 the
dealings, with a further decline to 4 33%@4 343. previous week. Exchange on Czechoslovakia closed
for demand, 4 33%@4 343/b for cable transfers and at 2.89, against 2.90; on Bucharest at 0.53, against
4 311
/@4 3234. for sixty days. Friday's market was 0.50; on Poland at 0.000065, against 0.000050, and
quieter and the undertone weak; demand bills on Finland at 2.68, against 2.67 last week. Greek
A
sagged off to 4 303/g@4 33%, cable transfers be- exchange ruled steady and finished at 1.531 for
tween 4 30%@4 33% and sixty days between 4 273 checks and 1.54 for cable transfers, against 1.53
@,4 31%. Closing quotations were 4 283 for sixty and 1.533/ the week before.
4
for demand and 4 303 for cable
days, 4 30
Movements in the former neutral exchanges were
sight bills finished at 4 30%,
transfers. Commercial
%
8
at 4 273/, ninety days at 4 265 , docu- in sympathy with those in sterling and the other
sixty days
ments for payment (sixty days) at 4 283/i and Continental currencies, and there were further sharp
seven-day grain bills at 4 293/s. Cotton and grain declines in values. Guilders dropped to 36.96, a,
loss of 117 points. Swiss francs lost ground to the
for payment closed at 4 30%.
There were no gold arrivals this week, but it is extent of 34 points, while there were smaller losses
reported that the SS. Adriatic is on its way to in the Scandinavian currencies and pesetas. Trading
was intermittently active, with the undertone nervous
New York with $1,365,000 in gold from Liverpool.
and irregular.
2150
THE CHRONICLE
[VOL. 117.
Bankers' sight on Amsterdam closed at 36.96,
The New York Clearing House banks in their
against 38.13; cable transfers at 37.00, against 38.17; operations with
interior banking institutions have
commercial sight at 36.90, against 38.07, and com- gained $4,223,99
8 net in cash as a result of the curmercial sixty days at 36.54, against 37.71 a week ago. rency movemen
ts for the week ended Nov. 15.
Swiss francs finished at 17.293/ for bankers' sight bills Their receipts
2
from the interior have aggregated
and 17.303/ for cable remittances. A week ago the $5,478,998, while
the shipments have reached $1,255,close was 17.64 and 17.65. Copenhagen checks 000, as per
the following table:
closed at 16.84 and cable transfers at 16.88, against CURRENCY RECEIPTS AND SHIPMENTS BY
NEW YORK BANKING
INSTITUTIONS.
16.63 and 16.67. Checks on Sweden finished at
26.10 and cable transfers at 26.14, against 26.31
Into
Ogg of
Gain or Lou
Week ending Nov. 15.
Banks.
Banks.
to Ba• ks.
and 26.35, while checks on Norway closed at 14.36
Banks'interior movement
35,478.993
81,255,000 Gain $4,223,998
and cable transfers at 14.40, against 14.37 and 14.41
the preceding week. Pesetas finished at 12.88 for
As the Sub-Treasury was taken over by the Fedcheeks and 12.90 for cable transfers, against 13.15 eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operaand 13.17 last week.
tions on the Clearing House institutions. The FedAs to the South American exchanges, the same
eral Reserve Bank of New York was creditor at the
general trend was recorded. Argentine checks fin- Clearing House
each day as follows:
ished at 31% and cable transfers at 313', against DAILY CREDIT BALANCES OF NEW YORK FEDERAL
RESERVE BANK
AT CLEARING HOUSE.
314 and 32.15. Brazil, however, was a shade
firmer, closing at 8.60 for checks and 8.65 for cable Baurday, Monday. Tuesday, Wedriesey. 77sursday, Friday.
.
Aggregate
Nov. 10. Nov. 12. Nov. 13. Nov. 14. Nov.
15. Nov. 16.
for Week.
transfers,in comparison with 8.55 and 8.65 last week.
$
$
Chilean exchange was weak and finished at 11.25, e8.00e.060 72.000.000 44,000,000 84,000,000 78,000,000 81.000.000 Cr. 427.000.000
-The foregoing heavy
against 11.65, but Peru remained at 4 08, unchanged. toNote.New York Reserve credits reflect the huge mass of checks which come
the
Bank from all parts of the country In
operation of
the Federal Reserve System's par
Far Eastern exchange was quoted as follows: however,reflect only a part of the collection scheme. These largethe balances,
credit
Reserve Bank's operations with the Clearing House
in New
Hong Kong,50M@)51, against 511 @51M; Shang- institutions, as only the items payable checks York City are represented in the
daily balances. The large volume of
4
on institutions located outside of
New York are not accounted
hai, 703(470%, against 703,4(4)703/2; Yokohama, not pass through the Clearingfor In arriving at these balances, as such checks do
House but
Bank for collection for the account of the are deposited with the Federal Reserve
local Clearing House banks.
49Mig49% (unchanged); Manila, 4932®49% (unchanged); Singapore, 513'
log51, against 524A
The following table indicates the amount of bul523/ Bombay, 31@313.1, against 31/s®31%, and lion in the
2
;
3
principal European banks:
Calcutta, 30%@)31%, against 31M@31%..
Nov. 15 1923.
Banks of
Gold.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED
BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT
OF 1922.
NOV. 10 1923 TO NOV. 16 1923, INCLUSIVE.
Noon Buying Rate for Cable Transfers In NOW York.
Value in United States Monett.
Country and Monetary!
Unit
Noe. 10 Noe. 12 Nov. 13. Nor. 14.Noe. 15.Nov.
16.
EUROPE$
$
$
$
$
$
Austria. krone....„...- 5.000014 5.000014
1.000014 1.000014 5.000014 5.000014
Belgium. franc
.0482
.0477
.0478
.0461
.0469
.0446
Bulgaria, lev
.009433 .009450
Czechoslovakia, krone .028918 .028884 .009517 .009100 .009125 .009033
.028868 .028875 .028868 .028875
Denmark, krone
1680
.1703
.1702
.1700
.1692
.1694
England, pound sterling
.4.3861
4.3681
4.3829
4.3556
4.3251
4.3393
Finland, markka
.026744 .026717 .026750 .026761 .026700 .026669
France, franc
.J .0558
.0556
.0558
.0549
.0525
.0540
Germany, reiohsmark
(a)
(a)
(a)
(a)
(a)
(a)
Greece, drachma
.015165 .015190 .015240 .015290 .015210 .015280
Holland. guilder
379
'
.3777
.3790
.3760
.3718
.3732
Hungary. krone
.000054 .000055 .000054 .000054 .000054 .000054
Italy, ilra
'
0437
.0435
.0437
.0433
.0428
.0418
Norway, krone
.1432
.1457
.1456
.1440
.1436
.1444
Poland, [nark
(b)
(b)
(b)
(b)
(b)
(b)
Portugal. escudo
.0387
.0382
.0381
.0378
.0378
.0370
Rumania. Teti
.004983 .005017 .005097 .005206 .005256 .005286
Spain, peseta
.1207
.1303
.1308
.1301
.1295
.1290
Sweden, krona
.2629
.2625
.2627
.2626
.2624
.2624
Switzerland, hang- .1758
.1755
.1758
.1751
.1739
.1748
Yugoslavia, dinar..., .011578 .011593 .011813
.011560 .011423 .011438
ASIAChinaChefoo tadl
__, .7125
.7165
.7256
.7187
.7188
.7192
Hankow tael
...: .7079
.7117
.7208
.7121
.7142
.7146
Shanghai tadl
.6969
.7032
.7064
.6995
.7038
.7022
Tientsin tael
.7183
.7221
.7313
.7225
.7246
.7250
Hongkong dollar_ .5095
.5116
.5123
.5070
.5042
.5025
Mexican dollar
.5058
.5076
.5093
.5030
.5066
.5052
Tientsin or Pelyang
dollar
., .5058
.5067
.5108
.5050
.5038
.5067
Yuan dollar
.5075
.5083
.5117
.5075
.5054
.5083
India, rupee
.3073
.3073
.3082
.3067
.3054
.3054
Wan, yen, 4842
.4815
.4820
.4827
.4830
.4828
Mngapore(S.S.)dolt's' .5200
.5183
.5183
.5163
.5150
.5158
NORTH AMER.3anada. dollar
.981989 .982388 .983082 .982386 .982159 .981811
1.000188 1.000313 1.000250 1.000250 1.000250 1.000250
'Alba. Peso
482708 .482188 .482500 .482500 .482656 .483333
Idextoo, Peso
kIewfoundland, dolls .979609 .979844 .980469 .979766
.979009 .979375
SOUTH AMER:trgentina, peso (gold) .7119
.7079
.7116
.7112
.7106
.7123
.0878
,
3razil, mitre's_ _
.0890
.0888
.0872
.0858
.0873
.1118
ThIle, peso GAM --4 .1123
.1111
.1099
.1101
,
.1106
T....sw.cr "pin
I .7122
.7089
.7126
.7136
.7168
.7193
a German marks were quoted as follows. Nov. 10, .000000000000430: Nov. 12,
00000000000039; Nov. 13, .000000000000380; Nov. 14, .00000000000030* Nov. 15.
.000000000000255; Nov. 16, .00000000000022.
b Polish marks were quoted as follows: Nov. 10, .000000538: Nov. 12, .000000585,
Nov. 13. .000000550; Nov. 14, .000000580; Nov. 15, .000000556; Nov. 16,
.00000058.
__,,,,.._
£
England.. 127,688,026
.
France a
-147.007.627
Germany _ 28,390,900
Aus.-Hun. 10,944,000
Spain _
101,090,000
Italy
35.693,0001
Neth-lands 48,481,000
Nat, Belg- 10,789,000
SwItaerrd- 21,099,000
Sweden___ 15.127,000
Denmark - 11.848.000
Norway __ 8,182.000
£
I Total. I
IM
Noe. 16 1922.
Gold.
Slyer.
I
Total.
£
£
I
£
i127,686,0213127,441.016
127,441,016
11.800,000 158,807.627 145,424,112 11,520,000158.944,112
b3,475,400 31,866,300 50,111,030 3,186,750 53,207.780
2,369,000 13,313,000 10,944.(.00j 2,369,000 13,313,000
25,932,000127,022.000100,939,000125,566,000126.505,000
3,034,000 38,727,000 34.620.0001 3,039,000 37.688,000
598,000 49,079,000 48,482.0001
742,000 49,224,000
2,549,000, 13,338.000 10,664,0001 2,062,000 12,726,000
3,795.000 24,894,000 20.804.000j 4,558,000 25,362,000
15,127,000 15,219,000
15,219,000
203,000, 11,849,000 12,683,000
251,000 12,934,000
I 8,182,000 8,183,000
,
8,183,000
I
I
I
Tota week 566,135,553 53,755,400619,890,953 585,523,158
53,293,750638,816,' 08
Prey. week 564,952,148 54,033.400618,985,548585,4
93,719 53,241,000638,735,619
a Gold holdings of the Bank of France this year are excluslve
of £74,573,797 held
abroad. b It is no longer possible to tell the amount
of
of Germany. On March 15 1923 the Relchsbank began silver held by the Bank
Reserve" not only gold and silver but aluminum, nickel andincluding in its "Metal
Iron coin as well. The
Bank still gives the gold holdings as a separate
item, but as under the new practice
the remainder of the metal reserve can no
is now no way of arriving at the Bank's longer be considered as being silver, there
stock
along at the figure computed March 7 1923. of silver, and we therefore carryi
-Proposed Government Aid to the Farmer.
The world survey of agricultural conditions contemplated by the Department at Washington will be
of ultimate advantage to "the farmer" if carried out
systematically. There would be little value in a
spasmodic effort made in deference to the present
demand to "do something." Our consular service
has long been blamed for its inefficiency in this field.
It has been noted that the English Government keeps
a "business agent" attached to its own foreign service; and that its representatives, reappointed over
a long term of years, are able to undertake a close
study of imports and exports, and thus make annual
reports of real value. There are many difficulties to
be overcome, due to language, and to the lax efforts
put forth by many Governments in the keeping of
available records. All tabulated returns must be
translated into terms that are available for use in
the countries represented.
For these reasons no immediate advantage can
result from so widespread an investigation; and unless coupled with decisive reforms in our foreign
representation no information of very great value is
likely to be obtained. There is thus a field for Governmental work of this kind that should be culti-
Nov. 171923.]
THE CHRONICLE
2151
A recent report by investigators sent out by Presivated, and the want has been recognized for a long
dent Coolidge of the wheat situation contains the
time. Notwithstanding this fact, however, it seems
be following: "The speculator is supposed to be the
to us that the making of such information as may
mind, directing and distributing the flow of
rightfully gathered of direct benefit to our farmers master
wheat, adjusting supply and demand and stabilizing
as a class is only a remote possibility. It is knowlsteadying prices. The trouble is that the specuedge more useful to exporters and importers, to those and
materials, lator does not observe the rules laid down in books
who buy and sell farm products and raw
on political science. No one can foretell whether, in
than to the agriculturists themselves. We should
need, he will be there or not. When he is
beware of expecting too much from efforts of this time of
most needed, he is often least in evidence, and,in fact,
nature.
declining market is likely to make matters
For instance, suppose the wheat conditions in the on a
selling wheat rather than buying.
various wheat-raising countries are sought in the worse by
a result, the public contract wheat market
"As
interest of the farmer. It is contemplated that crop
has not been fulfilling in a satisfactory
limitation or expansion is to follow the broadcasting since the war
functions as a regulator and disof statistics? if so, as we have had ocasion to say, way its supposed
of wheat. It undoubtedly has a
the principle is wrong, because our wheat lands tributer of the flow
ss. But as the principal piece of
should produce primarily all they can, that there field of usefulne
g the price of the great Amerimay be more bread for everybody tributary to this machinery for adjustin
under present conditions, ensection. Diversifying crops has nothing to do with can wheat crop, it is,
may be good as far as it goes,
I his condition. It would be folly to waste the nat- tirely inadequate. It
for the task nor is it dependural advantages of a region of country by trying to but it is not big enough
be the wheat trade's sole reliance."
turn its agriculture into unnatural channels. But able enough to
This use of the word "speculator" will prejudice
the impracticability of even so using statistics must
is a legitimate export trade that
be apparent when seasons and distances from prin- many minds. There
primarily or solely speculative in the common
cipal consuming markets are taken into considera- is not
unuse of the term. Would not a Government that
tion.
in the same way
s" become
The fact is that this kind of information is best dertook to buy the "surplu
speculative? But this is the important factor—if the
gathered by those interested in imports and exports.
es the task of making market
These so-called "interests" send their salesmen into Government undertak
direct competition with legitiforeign countries not only to sell and to buy, but to and price it will be in
the result must be greater disand
, report on the vital conditions they find. And as we mate exporters
The people, the taxpayers,
of adventure will find order than at present.
grow in world trade the spirit
losses; the consumers will pay all adout foreign needs and make foreign markets, based will pay all the
induced.
upon the information that is part of the conduct of vances Governmentally
may see the time when he will pray to
The farmer
business. We will never become leading factors in
, The time will soon
world trade until we have large trading companies be delivered from his friends.
engage public attenwilling to back their own investigations with vigor- 'come when other questions will
and Congress. The
ous foreign commerce. We are making notable ad- tion and occupy Administration
exist. Machinvances in this way and the need for enlarged foreign laws of supply and demand will still
The
ery is wanting for these Governmental tasks.
trade will furnish us the highest incentive.
has grown
There is much talk now of farmers' co-operative costs are an added burden to all. What
become
associations. We see no reason why the experiment up is natural; it will continue to expand and
it is pertinent to
should not be tried. But to suppose that Govern- systematized if let alone. Again,
All
ment statistics gathered over the world by the De- say that there is co-operation in competition.
end. The direction
partment of Agriculture can much avail these com- men work together to a common
the "conpanies, once formed, is presuming much. The inter- and power of these combined energies are
the amount of production and estabmediate dealers in grain exports, risking their capi- trol" that fixes
associations
tal on their information of markets, are much more lishes price. Co-operative marketing
in their way, we repeat, but neither these nor
apt to be successful. Governments are not good are well
work of peoples
business men, if we may use such a phrase. They any one Government can unify the
students of world
lack in detail and incisiveness. They "want to help," remote and independent. The safest
which risk their
perhaps, but they take no risks. They are interested conditions are those great companies
Zeal coupled
in one side only of the transaction and do not "look all in the foreign trade they cultivate.
producers who seek to
out for the other fellow." They are not striving to with ignorance on the part of
build up mutual interests, and lose their purpose deal direct can never take their place.,
once they have published statistics.
Thanksgiving Day Proclamation.
That is to say, our traditional Governmental attiSpeaking of the time-honored custom of setting
tude toward foreign trade has been to let it alone, to
"the
let it carve out its own career. We except, of course, aside one day in the year for acknowledgment of
with which Divine Providence has favored"
our commercial treaties and favored nation policies. bounty
his
The United States has not been a "trading nation." the American people, President C4olidge, in
based on a desire to ex- Thanksgiving Day Proclaamtion, days: "It has
Our diplomacy has not been
and the
tend our trade. And only lately, in a mad rush to- given opportunity justly to balance the good
have never
ward paternalism, have we coupled Government with evil we have experienced. In that we
God for
business—and this largely in a domestic manner. failed to find reasons for being grateful to
If we were
We have no colonies, few outlying possessions, have a generous preponderance of the good."
in the whole
adhered to high tariff policies, and even now we want disposed to be captious we might find
of the President too
to sell without very much desiring to buy. And to tenor of this pronouncement
s and too much
connect statistics with production and exchange is great a stress upon material blessing
son with the condition of other
by way of compari
a task that may work ill as well as good.
2152
THE CHRONICLE
[VOL. 117.
peoples. But such is the seeming custom, which, as life unfolds is a splendid high
emprise, though there
indicated, grew out of thankfulness for the harvests, be work along the way and the
millions come to few.
that, at this November date, are safely garnered.
To contemplate the soul of the universe, to do good
The peoples of earth have been through such dark to those near by, to seek
the cause in effect, to reexperiences in recent years that there is room vere beauty and love truth, these
are open to man,
now for pause and contemplation not alone of the though he possess
less than his neighbor. Comparimaterial but of spiritual things. It may be doubted sons on this day set apart for contempl
ation may
that we are thankful enough for the "opportunity" well begin at home though
they reach to other counto think and to love. Verily our troubles are largely tries and peoples. Money
is a necessary measure of
of our own making. We have in great abundance values; but to measure
the spiritual by physical
the power of thought and the healing of love. Yet standards is to deny the
matchless opportunity in
we are growing in pessimism. We see but through a life itself. All that is
really great is good; and simglass darkly. We love—but we demand love in re- plicity in living attunes the
spirit to devotion and
turn and with usury. The "bounty" is ready on exaltation.
every hand for our gathering, but we grow tired of
We are losing in self-reliance because we have
work. Love we may and do, but we are ever measur- come to ask too much of
institutions, especially of
uring the spiritual by the material. Yet the Divine Government. The best of
all boons is the chance to
broadcasts His love through the universe and puts carve out a career—not
one measured by wealth for
no measurement upon it save that it be received.
its own sake, but one for the cultivation of the highWe are considering at times the relations of peo- est powers of self. Let
thanks be given for the charples, relations that follow upon conditions imposed ter of a Constitution
which protects the inalienable
by war. There is no room for an exultant note of and nature-born
rights of the individual. That he
thanksgiving here—rather one of humility and sor- may choose
his own occupation, that he may become
row. It matters not that we are blessed with mate- a factor in
right social living, that he may conform
rial abundance if we turn our spiritual life into a to the environm
ent that blesses and elevates, that he
riot of mad pleasure, paid for by our toil and our may take part
in that advance that prospers civilizaeasy gathering of the material "bounty." Too much tion and promotes
happiness. We need, now, to inwe are grown grasping and selfish. We want peace, voke tolerance charity,
,
love. Our lines have fallen
but are unwilling to make the necessary sacrifice of in pleasant places—let them
not be entangled by
non-retaliation. We want trade, but are unwilling selfishness, greed, envy. We
make many of our conto buy as much as we sell. We want amity between flicts. Opinions soften and smooth the way
when
nations, yet would tie this down by rules, regula- allowed their free scope. That we may
forego the
tions, treaties and leagues. We want reverence by egotism that would fasten our ideas on others—f
or
peoples and Governments, yet harness good-will to this let us humbly pray!
Governmental diplomacy.
Our churches are not better than the best of their
The Alien Land Law Sustained by the
members. Our Government is not better than its
United States Supreme Court.
most thoughtful voters. In the abstract we look
On Monday of this week the Supreme Court susupon these two institutions, separate and apart, as tained the
laws of California and Oregon which proour saviors, as the exemplars of the best that is in hibit aliens
ineligible to citizenship from either ownus as a whole people. Yet neither can transcend the ing or
leasing land. The opinion was by Justice
sacred devotion of the individual to God, and the Butler, with
Justice Sutherland not taking part and
good of all, as exemplified in the wise and upright Justices
McReynolds and Brandeis holding that the
and loving man. The great thing in our economic leasing of
land does not present any justiciable quesand social life is the chance the individual has to rise tion. One
of the two cases passed upon originated
above his surroundings—and by this we mean to live in
California, the other coming from the State of
his life superior to and unaffected by material in- Washington.
Upon the plea that the laws of these
equalities. Thanks, then, should be given not for the States conflict
with existing treaties the opinion
blessings of life, but for the life that may be a bless- held that the
burden of showing such a conflict must
ing.
lie upon those who assert its existence. Said Justice
If we could only think long enough in our pause Butler:
for thanksgiving upon the beauty and joy of the
"Each State, in the absence of any treaty provispiritual opportunity granted to us all, we would go sion
conferring the right, may enact laws prohibiting
forth into the new year tempered in thought and aliens from
owning lands within its borders. Unless
quickened in love. And thus living a new life our the right to own or lease lands is given by treaty,
a
civic and commercial endeavors, our social and eco- no question of conflict can arise."
nomic contacts, would be shorn of the envy that
The Fourteenth Amendment, so often ineffectively
rankles and the suspicion that corrodes. Why should cited as a defense against alleged discriminatory
free citizens in this wonderful continent find occa- legislation, forbids a State to "make or enforce any
sion to quarrel in public discussions, seek selfish law which shall abridge the privileges or immunities
ends and aims by laws and regulations, put labor and of citizens of the United States . . . or deny to
capital in constant antagonism, and grow into sullen any person within its jurisdiction the equal protecmood and despairing thought because one has more tion of the laws"; but this applies to persons "born or
property than another when the whole of the spir- naturalized in the United States"; such persons are
itual may belong to each without deprivation to any? declared to be "citizens-of the United States and of
Do not disparage wealth. Decry not the means of the State wherein they reside," and obviously no
getting it. Remember that the house must have a cover is extended to persons who are not permitted
stable foundation. Wealth buys the spiritual as well to become citizens.
as the material; or at least the "opportunity"
Whatever be thought of the political or the ecothereto. For this be thankful. But the panorama nomic expediency of the effort to exclude our Japan
Nov.17 1923.]
THE CHRONICLE
2153
preservation of order, in the stability
ese neighbors from American citizenship, it is cer- terest" in the
and in the welfare of the State; as soon as
tain that there is nothing in the Constitution which of affairs
put by he begins to feel concern in
prohibits such exclusion. "No State shall enter into a man has savings
is the public peace and the maintenance of property
any treaty, alliance, or confederation"; all that
Butler's suggestion seems to imply
reserved as an exclusive national and centralized rights. Justice
hip and the suffrage are an effectual
function. So much as this is a part of the limitation that citizens
safety under the democratic form. So
of sovereignty to which the colonies assented when,in warrant of
boasted and believed, and so indeed
ratifying the charter of liberty, they expected to gain we have always
now we are menaced by bonus raids,
from union for the common defense and the general it should be; but
revulsion of property against killing
welfare more than they lost by surrendering some- and it is to the
must look for defense. If suffrage
what of their powers as separate entities. And now, taxation that we
ip ever do get separated, deas will be noticed, this decision virtually reaffirms and property ownersh
have failed.
the declaration in the tenth of the first batch of mocracy will
amendments, that "the powers not delegated to the
The Lesson of Armistice Day.
United States by the Constitution nor prohibited by it
Last Sunday was Armistice Day and was recogto the States are reserved to the States respectively
with a generally appropriate observance
or to the people": that is, international law-making nized
throughout the country, and in France and Great
having been committed exclusively to the central
at least was observed "with seriousness."
Government,in order to make of the "United States" Britain
One's thoughts turn back to the date in 1918, when
a real nation, an afterthought was quickly put into
news of the signing came and this city broke out
the charter that what had not been distinctly given the
frenzy of joy. There was a natural regret that
over was reserved and retained. The Supreme Court's in a
way had not come home to German soil and the
decision agrees with this view, and it is one more the
had not been done in Berlin, because that
affirmation of sovereignty in the separate States; signing
would have brought the lesson more vividly and perwhat they have not debarred themselves from doing
more lastingly home; but nobody could find it
they may do. The scope appears to be fully broad, haps
heart to wish for even one more day of carand it is hard to see why, under it, a State might not in his
And yet there was in the thoughts of some who
claim that in the absence of treaty provisions to the nage.
join in the open rejoicing a wonder whether
contrary its sovereignty extends to excluding a cer- did not
real peace had been attained or merely an armistain class of foreigners from residence within its a
That word itself does not mean a settlement, a
borders as well as from owning land therein. For if tice.
restoration of any former status, a finality—only a
a State may do the latter, so long as no treaty made
grounding of offensive weapons while the combatby its agents, to wit, Congress and the Executive,
set about bringing back peace as best they may.
has forbidden it, may it not also do the former, by ants
These five years now past have been terrible and
parity of reasoning? The fact is recalled to mind
years, after a struggle which Lord Kitchener
that in 1921 and at dates quite close together the trying
d would last "at least four years." It did,
Supreme Court virtually threw away Sfate sover- predicte
overlapped the term by several months. Coneignty by holding that, under the Eighteenth Amend- and it
ons always leave blazing embers, and war is
ment,the States could concur with Congress in legis- flagrati
of conflagration, always leaving behind it
latidn for enforcement but could not non-concur, the climax
is very hard to endure and has for
thus making Congress dominant everywhere; but the an after-war which
the hope and the faith that it
denied sovereignty was also virtually affirmed in its best alleviation
healing with it and will gradually die
respect to the housing laws of this State, by holding carries its own
be recalled, for our encourage
that nothing in the Constitution can be construed to out. It may again
our own Civil War—and internal wars
limit the power of a State to discover an emergency ment, that
d among the most bitter—cost us
and deal with it as it sees fit, in the exercise of its are always reckone
years for the "return," if we take the
police powers. Now, we have certain States geo- about fears
when the seceding States were again represented
graphically nearest to a race deemed undesirable for date
Congress, while if we take as the date the return
citizenship discovering an emergency and dealing in
specie basis it cost us nearly fourteen. We had
with it by what is expected to be an effective discour- to the
to the temptation which seems almost an inagement. Of this assumed emergency, Justice But- yielded
separable part of great wars, the resort to the printler says:
ing press whereby to "make" money; we made it in
"We agree with the court below that it is obvious plenty, and we paid the bitter penalty of falsehood
that one who is not a citizen and cannot become one
values and standards; we had a delusive prosperlacks an interest and the power to effectually work in
its bubbles in 1873, and then we had
for the welfare of the State, and, so lacking, the ity, which burst
in several years
State may rightfully deny him the right to own and to work down towards solid ground
n. The bitter experience has repeated itlease real estate within its boundaries. If one in- of deflatio
capable of citizenship may lease or own real estate, self. Inflation has had its delirium, and the return
it is within the realm of possibility that every foot of soberness and solid reality is resisted stubbornly,
of land within the State might pass to the ownership because it is painful. So, after an upheaval comor possession of non-citizens."
pared with which our four years were light, there is
r
Is not this rather a startling and a far-fetched de- no reason for discouragement because the after-wa
duction, the "possibility" that an alien race and one is not yet ended.
There is a lesson for us all, however, which all
denied citizenship might come to possess all the
celeland? Where would be the American, and if he be- should take to heart. A feature of the frenzied
receipt of the news
came enervated to such a degree would he not have bration, five years ago, with the
which began
reached the stage of effacement, under the inexorable of the armistice, was the paper snowfall
of ticker tape torn and flung by clerks in
natural law of survival of the fittest? Moreover, with bits
d us
ownership of property is the surest guaranty of "in- the financial district. This might have reminde
2154
THE CHRONICLE
[VOL. 117.
The intermingling, even the co-existence of races of
men greatly differing in language, character, culture
and manner of life is everywher a national problem.
Racial traits, difficult as they are to define, are
deep and enduring. Contact does not obliterate them
and they are not determined by color. They may be
slowly modified and for a time suppressed by change
of circumstances, but they persist. Maxim Gorky,
a Russian of the Russians, says: "The cruelties
practiced in Russia to-day are what they always
have been. We have records in the beginning of the
17th century. Cruelty is a marked trait of the Russian social character, not always of the individual,
but of the group." Through all the centuries of his
contact with Europe the Turk remains the same.
"Pan-Turkanism," the emancipation of all peoples of
Turkish blood, is a popular passion and makes them
"Till each man finds his own in all men's good,
And all men work in noble brotherhood,
hot sticklers for national ideals. These are only ilBreaking their mailed fleets and armed towers,
lustrations of the general truth.
And ruling by obeying Nature's powers,
And gathering all the fruits of peace and crowned with all her flowers."
Race prejudices are equally persistent. They are
So wrote Tennyson, more than fifty years ago. To not to be considered instinctive, as there are many
our short-sighted vision, progress towards it is barely provocative influences; as the assumption of supeperceptible; yet we do know that nothing is ever won riority, economic rivalry, diversity of habits, reliin progress—either physical, intellectual, moral or gious differences, and the like. The awakened interspiritual—except by wrestling with difficulties. est in nationality which the war has created increases
Whoever believes that God exists must believe that this antagonism; especially as nationalism or sentihe has a plan which overlaps the ages. If so, the mental attachment to the land of one's birth is displan must be unconquerable as well as slow, and it tinct from love of the country in which one's permay be that war itself is an instrument in it, ulti- sonal home now is established. These divisive inmately working out compensations. Not to believe fluences become strong, especially where there is
close contact of groups, and are increased and kept
this would seem to be to give up to despair.
Yet we Americans have a work right at home. We alive when there is difference of color. Race antipcannot help the outer world until we are strong and athy may serve to preserve race value; for every race
more united ourselves. We are rent in blocs and con- has its own special contribution to make to the hutentions. We are not showing and trusting in the man stock; a fact which is constantly overlooked.
traditional American character characteristics, if Of this race hatred and race distrust are definitely
one may use such an expression. We snatch at one destructiVe.
The problem, then, is to preserve all that is valuaanother's shares, and try to dump upon others the
duty and the patience and the steadfastness in well- ble, and minimize as far as possible the influences
doing which we ought to keep in ourselves. To do which stand in the way of the possible immediate
our part in bringing back the world, we need to begin benefits of racial traits, as well as of their prime imbringing ourselves back.
portance to human progress. While it may be true
that there is no natural race antipathy, and that
This is our lesson for and from Armistice Day.
what appears is superficial, grounds for antagonism
exist and are constantly increased with the growing
The Race Problem and National Antagonism.
strength of certain forces of civilization; expanding
Ellis Island is only the local and incidental mark population demanding
space, industrial rivalry, cerof a serious problem that perplexes the world. The tain stages of culture, race pride, and even difference
negro question is but a single feature.
of religion, are all recognized forces keeping people
The war has loosened home ties, changed boun- apart. They must be reckoned with as influences to
daries and started up restlessness to a new extent. be guarded against. A definite national policy is inPeople otherwise quiescent and settled are in reponse dispensable; but it is not easy to say what that
to the new conditions beginning to seek change as should be; it will differ in different cases, though
individuals, as families and in groups so large as to certain features are common to all.
raise with all its complications the question of race.
The intermarriage of people of widely different
Once again migrations are occurring, not in the race is looked upon askance everywhere. Cross-breedmass, but in the trickling stream which in time has ing, on the other hand, may have very positive
adthe effect of the flood. The groups have but to coal- vantages. Certain nations in history have
received
esce and you have the problem of the migrating race. the influx of other peoples in large number, more
America is termed the "melting pot," but other na- than once, and have retained their own distinct chartions face similar conditions. Poland, for example, acter, notably Greece, China, England and France.
carries over much of the racial difficulties of the The difficulty is to draw the dividing line. The naAustrian Empire and has in addition new adjust- tional type is valuable and may be essential. Where
ment to make with a multitude belonging to the it exists it is a force of great strength; the native
numerous contiguous States and the Jews, who alone race and the nation tend to coincide as time goes on;
constitute 14% of her population and 40% of her the homogeneity in which the strength of nationality
cities. The entire region extending from the Baltic lies, is sustained by heredity, by tradition, by oneness
to the Mediterranean through East Central Europe, of language, by the mores, by unity of territory, and
not to mention Asia Minor, the African Littoral and often by religion. So powerful is this tendency that
the Far East, is struggling with the same difficulty. in instances where territory is ample, as in America,
that all treaties are but scraps of paper except as
representing a real state of mind. No treaty held
back the war-lust in 1914, and no treaty, between two
or between all nations, can ever be any warrant of
permanent world peace until the evil spirits of jealousy, greed, suspicion, and hate are replaced by some
measure of brotherhood in men. No League of Nations can ever be made which will bind nations who
need one, except as a fear of a joint defense may hold
back a nation that would turn pirate if it dared.
Peace is in the recognition that war is the climax of
folly as well as of crime. Destruction will come upon
fools who resist God, we have just been told. History confirms this, apparently, but who are God's
enemies? Plainly those who are enemies towards
one another, contending instead of agreeing.
Nov.17 1923.]
THE CHRONICLE
2155
there is danger that the distinctive qualities of the the germs or the vehicles of Nature's gifts. These
uniting peoples be too rapidly and too completely will prove endlessly varied, and may be regarded as
repressed. Contact of cultures is certainly valuable; gifts of God, or gifts to the men of to-day from those
in nature diversity is the source of improvement, preceding us, who in their struggle for existence by
and a new stock introduced into an old seems,to give labor and sacrifice made certain attainments and
developed certain qualities which have passed on to
new vigor.
All this applies to races which do not widely dif- their successors, and by them are brought over to us.
fer. The trouble arises when the races are wholly It would be as reckless for us to disregard them or
dissimilar or wide apart in their civilization. The cast them aside as it would be to treat in like fashwhich,
State that has attained a superior culture has a ion the various minerals we find in the earth
to be preserved. Only so can it be per- carefully sought everywhere, are the material of all
possession
petuated and made to contribute to the progress of our industrious life.
The negro in Vermont and the negro in Louisiana,
the race. Recognition of this ought not to imply
racial superiority, or minister to pride of race, but the Japanese or the Chinese in California, and the
it should be regarded in race intermingling or in Japanese or Chinese in New York, are a different
cross breeding. The case against half-breeds is not problem, but each is a member of a race which has
conclusive, but it is at best doubtful, and where it its function and its right to a place. In each case
exists to any great extent, as in Eastern Asia and the duty of the community is to recognize this and to
South Africa, the individual is heavily handicapped. deal justly and honorably with the individual.
In large measure the same is true of the mulatto in Doing to others as, in change of circumstances, you
the United States, though not perhaps to the same would have them do to you, is obviously the only
degree. The original attempt at fusion of Turks and rule. Any other than that or anything less than that
Greeks in Anatolia, or the "Turkifying of the would surely not solve the problem.
The same is true of the Jew, historically the alien
Greeks," has given way to later division and accentin every land, and in common with the others, preing of the differences.
What, then, can be done? Three things are clear. senting in each case the same diversity of problem
1. We can never trust to a general disregard of with differences as to numbers, whether individuals
racial differences. Humanitarianism or Cosmopol- or a mass. Their contribution has been great, their
itanism cannot be pushed to that extent. It ignores difficulties excessive, and their problem is still unthe existence of facts which are among the most per- solved. Zionism holds out small hope of affecting it.
manent and important in human nature, and is anar- In America, recognizing its difficulty, we are amichistic, as destructive to such social order as in the ably hoping that it will settle itself, while in Europe
it shows no advance toward solution in the presence
progress of the years has been attained.
be solved by resort to force; of all the social and political upheaval.
2. The problem cannot
For the situation as a whol3 between those who say
the contact, and even the intermingling of races is
too world-wide and too deep-seated an impulse to be that left to itself the problem of race mingling will
so dealt with. It belongs to the life of the race; its disappear, and those who argue that the races will
guidance and control, no less than its ultimate pur- spontaneously settle their own destiny, there are
pose, are not in our hands; we may work with it, those who look to legislative action and Governand, in the particular case, if we have wisdom and mental restriction. The hope of the "melting pot"
patience, and, above all, belief in its significance in will be justified only if the heat that gives the name
the hands of the Father of us all, we may profit by is supplied by enlightened consciences and unselfish
it, greatly to the beneft of the generations who will hearts; by men who love God, and their neighbor as
follow us. But arbitrary or violent measures can themselves. The contacts are different, but the need
only work confusion and ultimate evil. 3. Both ra- is to-day as compelling among the nations of Europe,
cial and national distinctions are to be cherished as as it is with us.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Nov. 16 1923.
Though business is still larger than that of a year ago it is
not all that could be desired. Retail trade has recently suffered from a rise in temperatures over much of the country.
It is true that jobbing trade is better for the holidays. Collections are somewhat better. The disbursements for building during the month of October were, with two exceptions,
the largest ever known. Car loadings are very large. For
nearly half a year they have run above a million a week.
But with it all there is a cautious note. Business, after all,
is very largely of a hand-to-mouth sort so far as domestic
trade is concerned. There is some increase in the demand
for pig iron reported, though at lower prices. But on the
other band the cotton goods business suffers from the high
price of raw material. Cotton has advanced during the past
week $7 to $8 a bale, and the price here is close to 35 cents
per pound. Under the circumstances New England trade in
cotton goods in some cases is falling off. Fall River plainly
feels it. Even the big Amoskeag mills at Manchester, N. H.,
although they are slowly resuming work, are running on a
-day week. One of the largest cotton mills in the country
3
at Danville, Va., is curtailing its output of coarse goods owing to the slackness of trade and the high cost of raw cotton. One of the mills at Augusta, Me., is also reducing its
output. The trouble is that the cotton manufacturer Is between two fires. At a certain price his trade leaves him.
On the other hand, estimates of the cotton crop are being
steadily reduced. Meanwhile, too, stocks of cotton at home
and abroad are far smaller than those of a year ago and
especially as compared with two years ago. Liverpool nowa-days in its daily business in actual cotton trades takes only
50% as a rule of the American staple. It is so high that
substitutes are certain to be used in this country. Already
there is talk of employing burlap in the automobile trade for
imitation leather. This condition of things has been brought
about by the boll weevil, for which no entirely satisfactory
remedy has been found. To all intents and purposes it has
thus far baffled science. And wool prices have had an upward tendency of late at the big auction sales in England
and Australia, and the natural effect has been a certain
repercussion on the wool markets of this country. So that
there seems little prospect of moderate prices for cotton,
ordinarily the cheapest clothing known to mankind, or of
2156
THE CHRONICLE
[Vol,. 117.
wool, to say nothing of silk. Silk is sellng at prices that for bonds. Some noted Wall Street operators
have broadseem to militate against a normal consumption, as the mills cast their views to the effect that the United
States is on
of Paterson, N. J., in not a few cases, it seems, are running the eve of higher prices for stocks, grain, etc. Foreign
exon a 40% basis of production. The steel consumption of the change has been declining. Sterling has dropped
to a new
country on the whole seems to keep pace with the output, low during the week. French francs are down to the
lowest
but the output has recently been reduced here and there. level in'French history. And English politics are disturbed
With so much building going on it stands to reason, however, by the approiching election. There is a fight in England,
as
that there will be a large consumption of steel and also of is well known, over the issue of free trade or protection, with
lumber. Japan, by the way, has been buying lumber on a Lloyd George on the side of free trade on the ground that
.
considerable scale; in other words, nearly 100,000,000 feet some of the great industries of England, notably woolen,
since the earthquake.
lace, cutlery, boots and shoes and silk, on which depends
What the effect on building will be of the new demand the prosperity of such great centres as Bradford, Nottingthis week for higher wages remains to be seen. But with ham, Sheffield and Leicester are in a bad way because of
builders practically at the mercy of labor under the present French, Belgian and other competition and in a word of
Immigration laws, it would appear that for the time being dumping upon English markets favored by lower rates of
they may have to submit. There is naturally a good deal of Continental exchange. Also, there is the German question.
opposition to this further instance of systematic and studied There has been more or less _uneasiness about the Crown
gouging. It will work its own cure in time. The trouble is Prince and his presence in Germany, about the threatened
that it will take time. Meantime it is a noteworthy fact return of the ex-Kaisr, about th possibility of the downfall
that such a branch as the jewelry trade is still active. The of the Stresemann Ministry and about the condition of
working population is getting very high wages and as usual things in the Ruhr and the Rhineland. It is not too much
to
In such periods is spending money freely. That was the case say that in all this German muddle France is the enfant
during the war also. Some of the knit goods mills.are work- terrible, or at any rate is generally so regarded. The United
ing at 100%. Cigar manufacturers are doing an excellent States very properly refuses to enter into an investigation
holiday trade. Railroad earnings make a good showing. A of the ability of Germany to pay reparations under
the
further decline has taken place in crude oil. And prices for hampering restrictions which France imposes.
gasoline continue to tend downward. The same is true of
How all this will turn out time alone can determine. It is
bituminous coal. There is less demand for anthracite. As certainly all very regrettable. Finally,
coming back to the
winter approaches a good many negroes, it is said are going United States and its commercial and
financial condition, it
back to Southern towns and cities. Sugar and coffee have Is certainly sound. Among
industries extra dvidends in
advanced during the week, but the grain markets have de- some cases have been declared. And the
investment demand
clined. There is considerable talk about measures to "elieve for securities argues an increasing confidence.
Merchants
the wheat farmer. Among the projects broached are an are trading cautiously until they can see
their way more
increase in the tariff, which is now 30 cents per bushel; also clearly as to the future of trade and prices.
This is as it
a scheme for the Government to buy up the surplus and sell should be. But there is no reason to doubt that the
future
It in Europe, and finally the organizing of co-operative asso- holds out reasonable promise of prosperous business
along
ciations for selling the farmer's wheat gradually, very much conservative lines.
as s done with cotton in many cases at the South. The sanest
In the building trades 100,000 workmen will ask a $1 wage
measure of all is the movement to have the farmer cut down raise for a two-year period. The Building Council will
inhis acreage. In the long run that will be the only effectual sist on increase for mechanics on Jan. 1. It is expected
that
measure. If the market is not big enough the farmer must employers will resist. Carpenters and painters
have served
reduce the output. That is common sense, and it is the notices that they will demand additional pay. In other
practice throughout the ramifications of trade whether it words, the Building Trades Council has served
notice on the
relates to the field or the factory. The principle is obviously New York Building Trades Employers' Association
that
the same. As regards raising the tariff, it would only en- 100,000 mechanics will demand a minimum wage
of $11 a
courage the farmer to increase his acreage. Of course it day for journeymen and $9
a day for helpers on Jan. 1.
would increase the cost of food to the great mass of the This is in addition to
the bonus now being paid. The Council
people. And the people have burdens enough. Even if Sec- has also gone
on record to fix the new wage scale for a tworetary of the Treasury Mellon succeeds in carrying through year
period—from Jan. 1 1924 to Dec. 31 1925. The demand,
his project to reduce income taxation.about $325,000,000, if
granted, will add approximately $25,000,000 annually to
though important, it is, after all, only a drop in the bucket, the
cost of construction, exclusive of overtime pay. Carpencompared with the sum total of the staggering load of taxa- ters,
the largest single craft in the building trades with a
tion under which the people still labor more than five years
membership of 36,000 under the District Council, already
after the armistice. As for the co-operative associations, if have
another wage increase demand before the Master Carthey are to be financed by the War Finance Corporation, it
penters' Association. The painters, with 12,000 members,
seems an anomaly to keep such an organization going in
have been negotiating for several weeks with the Associatime of peace. It is nonsense to ask the Government to buy tion
of Master Painters and Decorators without reaching an
up the surplus supply of wheat; it is paternalism in one
of agreement. The remaining crafts will meet their employers
its most demoralizing forms. Until the farmer reduces
his within the next seven days. The position of the New York
crop he must suffer from unprofitable prices, although if a Building Trades Employers' Association has been weakened
plan could be arranged whereby the crop could be marketed by the recent grant of 50 cents a day increase to the marble
gradually so that the farmer could get the benefit of the cutters and setters by the Marble Industry Employers' Assobetter prices which always followed the first rush of mar- ciation after a three weeks' strike. The stone derrick men
keting it would ease the situation. But the Government on strike for five weeks for $10 a day were reported at work
should not be asked to do it. It should be a matter of busi- on Wednesday with the understanding they would get
50
ness arrangement. How it is to be done is another matter.
cents a day increase, or a wage of $950 a day.
Meanwhile credit is abundant in this country; the United
Labor is beginning to admit that wages in the shoe indusStates was never so wealthy. It has an almost fabulous try of Lynn,
Mass., must be cut if this industry is to be
stock of gold. London was cheered by the report to-day saved. The
removal of several more firms from that city
about rediscounts in the United States being reduced by the recently
and the failure of one or two others has shown the
Federal Reserve banks and pays a high compliment to this operatives that
the situation has become serious. At a joint
country, if the report is true, regarding it as the adoption meeting of the Amalgamated Shoe
Workers of America it
of a very broad and far-sighted policy. Americans regard it was voted almost unanimously to invite
the State Board of
in another light. They think it is a sign of inflation. They Arbitration to
make an investigation and report on labor
are wondering whether, if this is true, we may not be on the costs and conditions. It is stated that over a million square
eve of a period of rising prices accompanied by no little feet of floor space formerly given over to the manufacture
speculaton. The cotton speculation at the present time is of boots and shoes is now idle and that
the strikes have been
the largest seen for years, while the sweep of quotations in a the cause of this fact along with insistence of the workers on
single day often ranges from 100 to 200 points. The New impossible wages.
York Cotton Exchange is obliged to retain the rule limiting
A Washington dispatch says that Pres. Coolidge regards
daily fluctuations upward or downward to 200 points, or in as certain the extension of restrictive immigration laws by
others, 2 cents a pound or $10 a bale, something which is a the next Congress and indicates that there was little hope
legacy of the war. The stock market has been active and at for a liberalization of the immigration laws permitting a
times higher. There has been a large investment demand larger influx of common labor. At the last session hearings
Nov. 171923.]
-
THE CHRONICLE
2157
Reduction to $2 60 a barrel for Pennsylvania grade crude oil makes the
were held before Congressional committees, at which represeventh price cut since the high price of $4 25 established Feb. 15. This
many industries testified there was a shortage was the result of eight successive advances from the price of $3 prevailing
sentatives of
of common labor and that unless Congress permitted a larger on Dec. 30. I resent price is 40 cents a barrel lower than at that time
barrel, or 38%•
number of aliens to come in there would not be enough and total reduction is $1 65 a
On Nov. 14 the price of Corning crude which had reworkers to permit the desired expansion in industrial deunchanged on the price list of the previous day, was
velopment. It is understood that legislation will be intro- mained
importation of unskilled as well as reduced 20 cents per barrel to $1 25.
duced to permit the
On Nov. 16 the Gulf Oil Corporation announced through
skilled labor under a flexible provision in a new law, to be
subsidiaries the end of the company's
cases of labor shortages. Representative its Mid-Continent
applicable in
pro-rating and storage policy and that the company will
Johnson of Washington, who is Chairman of the House Compurchase all oil offered at the wells. This action follows the
mittee on Immigration, has prepared a new immigration
Nov. 1 (see V.
pressed for early pas- example of the Magnolia Petroleum Co. on
bill which he has announced will be
117, p. 1954). The Texas Co. made the same announcesage at the next session of Congress.
ment on Nov. 16.
The Amoskeag Manufacturing Co. announced the reopenThe Standard Oil Co. of Louisiana on Nov. 15 announced
ing of 3 weaving sectionqg the Coolidge Mill last Monday,
of Hainesville
also three weaving sections of No. 11 mill, the dress a reduction of 10 cents per barrel in the price
and
crude oil and 15 cents per barrel for Homer, El Dorado and
and yarn dyeing sections of No. 7 mill, and part of the stock
dye house. The reopening affects 2,000 operatives. Some Caddo.
The new prices for crude oil effected additional reductions
other departments of the Amoskeag mills resumed work toin the price of gasoline. In Chicago on Nov.10 the Standard
day on a three-day week. The Nashua mills at Boston went
Co. of Indiana announced a reduction of 1.4c. per gallon,
on a three-day schedule in the sheeting department, with Oil
making the selling price 14e. a gallon. In the other parts of
day and night shifts operating, the whole amounting to 40%
Standard's territory the cut amounted to 2c. per gallon,
of the production. Some blanket mills will operate on full the
except in South Dakota, where the price was advanced
time; flannel 50 to 100%. At Augusta, Me., the Edwards
gallon. All the independent dealers serving the same
Manufacturing Co. has been forced to curtail operations be- 2c. per
on a four-day- territory met the cut at once. The independents made the
cause of the lack of business, and they will run
announcement through J. V. Nicholas, President of the
a-week schedule until business improves. At Chattanooga,
Dixie mills are steadily increasing their output National Petroleum Marketer's Association, according to
Tenn., the
the Chicago "Journal of Commerce" on Nov. 10. The
and are now operating at about 75% of capacity. The Danstatement reads as follows:
ville, Va., mills and others will curtail their output. Some
"The laws of supply and demand are inexorable." Mr. Nicholas declared.
reports from Georgia and the Carolinas are that mills do "A majority of our organization has fought for the reduction for months.
not find trade satisfactory. As to Danville, Va., the report The decision of producers to reduce their prices to refiners has at last
getting gasoline on something approaching a reasonable basis."
means that the Riverside mill started on half time in the resulted in
The tank wagon price throughout this entire territory,
coarse goods department for the first time in the history of
• the company. The Danville mill is said to be the largest in comprising 11 States, is 12c. per gallon.
Effective Nov. 10, the Standard Oil Co. of Ohio reduced
the United States outside of the Amoskeag. At Chicago the
Daniel Boone woolen mills has a capacity business already the price of gasoline lc., to 18e. per gallon at filling stations.
Because of a price war between independent dealers and
engaged for the spring, although only one-third of the territory has been covered. Sales booked will amount to $3,000,- the Standard Oil Co. in New York, the price of gasoline
000, as against about $1,200,000 for this period last year. dropped to 12c. a gallon at filling stations.
According to reports from Indianapolis, where a 2
-cent
At Paterson, N. J., the silk mills are running on 50% of careduction also took place, the prices quoted by the various
pacity. The latest figures as to idle workers in the silk
Industry'are 3,000. About 25,000 are at work, but some are on selling organizations were as follows, according to the
short time, with plants averaging a working force of ap- "Indianapolis News" of Nov. 10:
Standard company announced a new retail price at service stations
proximately 50%. A few manufacturers who have closed ofThe cents a gallon for Red Crown. This and the independent prices
16.2
their plants say they will not reopen until January.
include the 2-cent--a-gallon State gasoline tax.
The Western Oil Refining Co. reduced the price on Silver Flash, a "high
The balloting by members of the Master Cotton Spinners'
test" gasoline, from 22c. to 20c. a gallon. and on Target, a commercial
Federation in Manchester resulted in a recommendation gasoline. from 18.2c. to 16.2c.
that the 50% curtailment of mill activity be continued. If,
The National Refining Co. cut the price on White Rose from 21 to 19c.
however, a majority of the members prefer to increase the a gallon. The Great Western Oil Co. cut the price of Crystal Pep from
22 to 21c., the only instance of a 1-cent reduction. It reduced the price
working schedule to 32 hours a week they can do so.
of Diamond gasoline from 18.2c. to 16.2c. a gallon. The Indian Refining
At Detroit the wholesale price of cement delivered in De- Co. cut the price of its gasoline from 16.2c. to 14.2c. a gallon. The Sinclair
troit has been reduced 11 cents a barrel, effective at once, by Refining Co. reduced the price of its commercial gasoline from 18.2c. to
16,2c. a gallon, and of its special "high test" gasoline from 22c. to 20c. a
the Huron Portland Cement Co. and Wyandotte Portland gallon. The Pure Oil Co. reduced the price of Purol from 18.2c. to 16.2c.
a gallon and of Energee, a "high test" gasoline, from 22 to 20c.
Cement Co.
Further Declines in Crude Oil and Gasoline.
The unsettled condition .of the crude oil and gasoline
markets has been greatly aggravated the past week by
announcements of further cuts in prices. Reports from
Denver on Saturday last stated that the Midwest Refining
Co. had met the reduction in crude oil made by the Ohio
Oil Co. earlier in. the week. The new prices conform to
those given on page 2045 in our issue of Nov. 10.
A report from Toronto also on Nov. 10 stated that the
price of Canadian crude oil had been reduced 25c. per barrel
to $1 83.
Further reductions took place on Nov. 13 when the Joseph
Seep Agency at Pittsburgh, Pa., announced the following
prices to be paid for crude oil:
Tank wagon prices are 2c. a gallon below the filling station prices.
At the office of J. W. Marshall, Manager of the Standard Oil Co.in this
city, it was said that the reductions are not abnormal, but represent merely
a natural reduction according to the conditions of the market in the oil
fields. Crude oil. it was said, has declined in the last few weeks from
$3 50 to $1 a barrel.
Standard gasoline was selling in Chicago to-day at 14c. a gallon, .2 of a
cent less a gallon than in Indianapolis, taking into consideration the Indiana tax.
On Nov. 12 gasoline prices in the East were cut by various
comnies. The Gulf Refining Co. cut the tank wagon
price 1 centyper gallon to 1534 cents in New York, New
Jersey and theNew England States, except Massachusetts,
where the tank wagon price is 1434 cents per gallon. The
Standard Oil Co'. of New York reduced the price 1 cent per
gallon throughout its territory in New York and New
England, while the Standard Oil Co. of New Jersey made
Transit Co. lines, $2 60. off 15c.
Pennsylvania grade oil in New York
the same cut in New Jersey, following the lead set by the
Bradford district oil in National Transit Co. lines, $2 60. off 15c.
Pennsylvania grade oil in National Transit Co. lines, Southwest Penn Gulf Refining Co. The Atlantic Refining and Jenney Mfg.
Pipe lines, Eureka Pipe Line Co. lines and Buckeye Pipe Line Co. lines, companies also made
the reduction. Service station prices
$2 35, off 15c.
in the Boston district were quoted as 17 -cents per gallon
Corning grade in Buckeye Pipe Line Co. lines, unchanged.
Cabell grade in Eureka Pipe Lines Co. lines, $1 20, off 15c.
by the Atlantic Refining Co., Texas Co., Jenney Mfg. Co.,
Somerset medium in Cumberland Pipe Line Co. lines, $1 15, off 10c.
Standard Oil Co. of New York, Beacon Oil Co. (Colonial
Somerset light oil in Cumberland Pipe Line Co. lines, $1 30, off 10c.
Filling Stations) and Gulf Refining Co. in each case a resummary of price advances and recessions since Dec 30
A
Street Journal" Nov. 13, and is duction of once cent per gallon.
1922 was given in the "Wall
Regarding the prices just announced, the "Wall Street
reprinted below:
Date
Price. Inc. Dec. Journal" of Nov. 12 makes the following statement:
Price. Inc. Dec.
Date.
__
$425 $025
00
Feb. 15
Dee. 30 1922..---$3
_Jan. 1 1923_ - _ _ 3 25 $025 _
335 010
Jan. 16
3 45 0 10
Jan. 18
3 55 0 10
Jan. 29
380 025
Feb. 1
390 010
Feb. 3
4 00 0 10
Feb. 8
Apr. 11
May 3
May 14
Juno 18
July 9
Sept.29
Nov. 13
400
375
350
325
300
275
260
____
____
____
___--_--__
--_-
$025
025
025
025
025
025
015
Further reduction of 1 cent a gallon by Gulf Refining Co. in the East.
and 2 cents a gallon by Standard Oil Co.of Indiana in the 14 States in which
it distributes, bring average tank wagon price in 30 representative cities
to a new 1923 low of 12.69 cents. This is a decrease of 3.12 cents since
Sept. 18, a decrease of 6.39 cents from the average price of 19.08 cents
July 30, at time of maximum demand, and a total reduction of 8.42 cents
2158
THE CHRONICLE
from the high of 1923. It is 16.61 cents a gallon, or 56%.lower than average price Jan. 1 1921.
Refiners, confronted with gasoline storage near capacity at beginning of
storing season, are making every effort to convert their products into cash
in face of lessened demand, to avoid necessity for financing.
Present tank wagon prices a gallon for gasoline, exclusive of State taxes.
in thirty cities compare with 1923 high. 1922 high, 1921 low and Jan. 1
1921 as follows:
High
High
Low Jan. 1
Present. 1923. 1922. 1921. 1921.
Atlanta, Ga
13.0
23.0
20.0
27.0
31.0
Baltimore. Md
15.5
26.0
23.5
21.0
29.5
Birmingham, Ala
16.0
21.5
21.0
24.0
31.0
Boston, Mass
14.5
24.5
25.5
27.0
32.0
Butte, Mont
19.0
24.5
23.5
27.5
33.5
Chicago, Ill
12.0
20.0
18.0
23.0
27.0
Cleveland, Ohio
21.0
15.0
23.0
20.0
30.0
Dallas, Texas
7.0
18.0
23.0
18.0
31.0
Denver,Colo
13.0
21.0
26.0
22.0
32.0
Des Moines,Iowa
10.5
21.1
24.4
19.5
23.5
Detroit, Mich
10.8
21.4
22.4
19.9
28.8
Houston,Texas
13.0
18.0
23.0
18.0
29.0
Indianapolis Ind
11.2
20.8
23.8
18.8
28.3
Bansas City, Mo
x9.9
19.5
21.5
15.0
26.5
Louisville, Ky
15.0
22.0
24.0
23.0
28.5
Los Angeles. Calif
*13.0
17.0
Memphis. Tenn
13.0
19.0
24:8
216 30.0
Milwaukee, Wise
12.0
20.8
23.7
19.3
27.9
Minneapolis, Minn
10.9
21.5
24.7
19.2
28.2
Newark, N. J
15.5
23.5
26.0
21.0
28.5
New Orleans, La
13.5
19.5
24.5
28.5
19.5
New York, N.Y
15.5
24.5
27.0
31.0
24.0
Omaha, Neb
11.9
20.5
23.0 . 18.5
29.5
Philadelphia. Pa
15.0
23.0
26.0
31.0
21.0
St. Louis. Mo
9.1
20.523.2
26.2
16.2
St. Paul, Minn
10.9
21.5
28.2
21.2
24.2
San Francisco, Calif
9.0
17.0
27.0
21.0
21.0
Seattle, Wash
11.0
19.0
23.0
28.0
23.0
Tulsa. Okla
28.0
10.0
20.0
17.0
24.0
Wilmington, Del
15.0
23.0
31.0
21.0
26.0
Average
12.69
21.11 24.4
29.3
20.2
x Exclusive of local tax of 1 cent.
* Service station price of Standard Oil of California.
The Standard Oil Co. of Nebraska on Nov. 12 reduced the
price of the fuel oil 2e. a gallon from 1634'o. to 1434c. retail.
The Governor of South Dakota announced the intention
of carrying on the price war in his State when he learned
the new price schedule put into effect by the Standard Oil
Co. of Indiana. The New York "Times" on Nov. 13 reported the fact as follows:
Governor W. H. McMaster again entered the gasoline price war in
South Dakota to-day when he announced that to-morrow the State would
start selling gasoline again at 16c. a gallon at the State oil supply depot
at Mitchell.
The Government's announcement followed the action of the Standard
Oil Co. and independents in advancing the price of gasoline to 1734c. In
the Sioux Falls district and 18c. elsewhere in the State.
Mt,. 117.
233,000 barrels, against 237,000 barrels; Long Beach, 238,000
barrels, against 255,000 barrels, and Huntington Beach,
77,000 barrels, against 80,000 barrels. The following are
estimates of daily average gross production for the weeks
indicated.
DAILY AVERAGE PRODUCTION.
an barrels.)
Nov. 10'23. Nov. 3 '23. Oct. 27 '23. Nov. 11 '22.
Oklahoma
387,200
392,200
293,700
408.000
Kansas
72.550
,
87.700
North Texas
66,350
66,050
.
Central Texas
415,350
400,300
6,710
410 0
185:2 0
6
3 4 0
9 0
North Louisiana
57.000
55,900
56,750
Arkansas
123: 5
9 90
40 0
129,750
129,200
96.500
Gulf Coast
93,600
121.300
93,550
Eastern
108,000
108,000
107,500
116.500
Wyoming and Montana_
152,200
145.250
142,550
85.900
California
,.
763.400
785,400
801,000
445,000
Total
2.238,750 2,255,8.50 2,265,900 1,640.400
Unfilled Orders
of Steel Corporation Show
Decline.
Further
The United States Steel Corporation on Saturday Nov. 10
1923 issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
Oct. 31 1923, to the amount of 4,672,825 tons. This is a
decrease of 362,925 tons from the unfilled tonnage Sept. 30,
a decrease of 741,838 tons from Aug. 31 and of 1,237,938
tons from July 31. Last year on the corresponding date
(Oct. 31 1922) they stood at 6,902,287 tons, while on Oct. 31
1921 they stood at only 4,286,829 tons. In the following
we give comparisons at the close of previous months back
to the beginning of 1919. 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
1923.
6,910,776
7,283,989
7,403,332
7,288,509
6,981.351
6,386,261
5 910,763
5,414,663
5.035.750
4,672,825
1922.
4,241.678
4.141,069
4.494,148
5.096,917
5,254,228
5.635,531
5.776,161
5,950,105
6.691.607
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
4.560,870
4,286,829
4,250,542
4,268,414
1920.
9,285.441
9,502,081
9.892,075
10,359,747
10,940,468
10.978,817
11.118.468
10,805,038
10,374,804
9,836,852
9,021,481
8,148,122
1919.
6.684,268
6,010.787
5.430,572
4.800.685
4.282,310
4,892,855
5,578.681
6,109,103
6,284.638
6.472,688
7,128,330
8,265.366
Export prices for gasoline were reduced lc. a gallon, to
10.50c., in bulk and to 24.15c. in cases by the Standard
Further Slight Curtailment in Steel Output-Pig Iron
Oil Co. of New Jersey on Nov. 14.
Active at Lower Prices.
The Standard Oil Co. of Kentucky made an advance of
lc. a gallon in the price of kerosene in Georgia, Alabama,
Through another week the finished steel market has shown
Mississippi and Florida, but the price remained unchanged a unanimity of buyers in the policy of reducing stocks against
in Kentucky.
Jan. 1 and an almost equal unanimity of sellers in adjusting
The price of naptha was reduced on Nov. 14 lc. per gallon output to demand and leaving prices unchanges, stated "The
by the Standard Oil Co. of New Jersey.
Iron Age" of New York in its review dated Nov. 15. On
The falling prices both for crude and for gasoline have had the other hand, according to the same journal, the pig iron
an adverse effect on the dividends of some of the oil com- market has furnished the real news. Inquiries are the
panies. During the past week, the following companies, largest in months, while actual buying by discerning congenerally listed under the "Standard Oil Group," have sumers at $1 a ton or more below last week's prices is esmade changes in their dividends: (1) The Crescent pecially significant after a $10 decline in seven months.
Pipe Line Co. passed its quarterly dividend of 13/2%; (2) The summary of conditions in the market as given by the
the Illinois Pipe Line Co. cut its semi-annual dividend from "Age" follows:
8 to 3%, and (3) the Ohio Oil Co. reduced its quarterly
The Steel Corporation's report of 363,000 tons decline in bookings last
month and the falling off of less than 1% in the country's steel output in
dividend from 2 to 1%.
October check up closely with an 85 to 90% operation
On the other hand, increases were made in some of the and a 70% average for independent producers. To-dayby the corporation
the corporation
'distributions. The Vacuum Oil Co. declared an extra running at 86 or 87% and the independents at a little under the 70 mark. is
Current output, November orders at close to the October rate, and all
'dividend of 50 cents per share in addition to the usual
that is known of the state of consumers' stocks point to
quarterly of 50 cents, and the Chesebrough Mfg. Co. de- tion but little less than that of the past three months. a rate of consumpclared a special dividend of 33% on the common stock, in
The advance outline of railroad equipment buying for 1924 is sufficiently
addition to the usualy quarterly dividend of 332% on the promising, but actual orders are held back. Three large car plants in the
Chicago and St. Louis districts are expected to close Jan. 1, while another
common stock,and of P4% on the preferred stock. The will probably shut down within thirty days.
Standard Oil Co. of Now Jersey declared its usual quarterly
Some reflection of these conditions is seen in the blowing out of a blast
dividend of 1% on the common stock and of 1%% on the furnace at Gary and the expected stopping of another at Gary and one at
South Chicago.
preferred stock. The Solar Refining Co. also declared its
Rail orders still cut a good figure in current bookings. The Southern
Railway has placed 46,000 tons with the Alabama mill, 2,200 tons at
usual semi-annual dividend of 5%.
Only Trifling Decline in Crude Oil Production.
Another slight decline in the production of crude oil occurred during the week ended Nov. 10, according to figures
compiled by the American Petroleum Institute and published in the weekly bulletin Nov. 14. The estimated daily
average gross crude oil production in the United States for
the week ended Nov. 10 was 2,238,760 barrels, as compared
with 2,255,850 barrels for the preceding week, a decrease of
17,100 barrels. Compared with the corresponding week of
1922, however, there is an increase of 598,350 barrels. The
daily average production east of the Rocky Mountains for
the week under review was 1,475,350 barrels, as compared
with 1,470,450 barrels the previous week, an increase of
4,900 barrels.
On the other hand, California production was 763,400
barrels, as compared with 785,400 barrels; Santa Fe Springs,
Chicago and 7,200 tons elsewhere. The L. & N. has bought 10,500 tons.
Orders for repairs to 800 cars, an inquiry for repairs to 3,000 cars and the
request for prices by three roads on 600 new cars are the actual developments in the equipment field.
Among fabricated steel bookings of the week, calling in all for upward
of 14,000 tons for 17 projects, and among the 22,000 tons of fresh inquiries.
railroad bridge work is noteworthy. though still a small percentage of the
total.
Tonnage rates of sheet and tin mill workers have been advanded 1 %.
The average price of sheets was $3 75 per 100 lbs. for the past two months,
compared with $3 70for July and August. The now wage rate is the highest
since war time.
It is understood that the Steel Corporation's sheet bar price for the first
quarter of 1924 is $42 50, or the same as for the present quarter.
A Belgian mlli recently quoted $46 on calls, c.i.f., American Atlantic
port, or $1 under the domestic price at mill. Foreign shoot bars have been
offered at $37 to $38 ex-ship on this side, against the present Pittsburgh
price of $42 50.
Inquiries for pig iron have increased markedly in nearly all centres, with
evidence that important buyers have concluded that after the long descent
of prices it would be well to cover for at least the first quarter of the new
year. Price concessions continue, but these are overshadowed by the increased buying interest. For example. at Buffalo, whore $20 was shaded
on a sale of 16,000 tons of foundry iron, much heavier buying is probable,
Nov. 171923.]
2159
THE CHRONICLE
round tonnages, was second with 25.78%; Springfield, Ohio, third with
and in eastern Pennsylvania, where 321 has been named on
the week include 25.38%; Portland, Me., fourth, with 25.02%; Scranton, Pa.,
early buying on a large scale is expected. The declines of
leading centres. At
Ind., sixth with 22.86%;
$2 on charcoal and 50c. to $1 on foundry grades in the
steel making fifth with 24.29%; Fort Wayne,
Pittsburgh the price of malleable iron is $2 lower and that of
Waterbury, Conn., seventh with 21.70%, and Jackson, Miss.,
50 lower on sales of moderate size.
grades $1
have been
More activity has developed in the scrap market and prices
eighth with 21.00%.
recovery is naturmarked upon most grades in several cities. This sign of
Tabulated figures for both selected and industrial cities
in pig iron.
ally linked with what is happening
-not many, but it is follow:
bought some American machine tools
Russia has just
cash, New York.
said that more orders are to follow. The late sales were for
to $20 94, from STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
"The Iron Age" pig iron composite price has fallen
FOR THE MONTH OF OCTOBER 1923.
(32%) below the level of early April.
$22 02 last week. It is now $9 92
finished steel, standing
P. C.P. C.
In contrast, "The Iron Age" composite price for
at 2.781k. for
1923 1922
October
October
at 2.775c. per lb. for 17 consecutive weeks (after remaining
Increase. over over
1922.
1923.
early April.
Office11 weeks), is only 13.I% below the 2.810c. of
1922. 1921.
Total
• Decrease.
July 1923 over July 1922, 8.73%; Aug. 1923 over Aug. 1922, 8.24%; September
1923 over September 1922, 8.05%.
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF OCTOBER 1923.
Offices.
October
1923.
October
1922.
Increase.
Per Cl. Per Ct. Per Ct.
1923 1922 1921
over
over
over
1922. 1921. 1920.
8
i
$
554,979 32
New York, N.V-- 5,577,618 40 5,022,639 08
309,125 79
4.592,19581 4.283,07002
Chicago. 111
'7,06020
Philadelphia, Pa_. 1,487,507 15 1,494,567 35
57,0711 46
Boston, Mass- 1.217,672 43 1,160,595 97
67.356 57
966,614 67
-- 1,033,971 24
St. Louis, Mo..
123.025 49
738.994 92
Kansas City, Mo. 862.020 41
107,706 89
666,726 58
559,019 69
Cleveland, Ohio
54,19098
582,511 11
636,702 09
San Fran., Calif-57,608 34
609,422 36
551,814 02
Brooklyn, N.Y
110,380 94
658,842 16
548,461 22
Detroit, Mich__
81,716 27
621,854 04
540,137 77
Los Angeles, Calif_
77,478 76
570,792 27
493,313 51
Pittsburgh, Pa___
24.875 02
544,734 38
519,859 34
Minneapolis, Minn
81,224 66
539.470 40
458,245 74
Cincinnati, Ohio._
50,123 56
Md._
,984 97
473,10863422
Baltimore,
42,25367
362,925 35
Washington, D.C.405,17902
45,370 80
407.205 24
361,834 44
Buffalo, N. Y--54,244 73
332,742 34
386,987 07
Milwaukee. Wis.85,140 58
368,324 01
283,183 43
Paul, MinnSt.
49.441 31
333.031 21
283,589 90
India:11111011o. Ind
29,184 35
296,410 27
267,225 92
Atlanta, Ga
12,349 82
261,20325
248,853 43
Colo
Denver.
11,369 99
227,741 33
239,111 32
Omaha, Nebr.__
22,605 86
270,402 90
247,797 24
Newark, N. J..
18.595 10
279,894 74
261,299 64
Dallas, Texas
16.05054
217,559 38
233,609 92
Seattle, Wash.20,934 91
218,073 90
239,008 81
Moines, Iowa.
Des
27,342 82
209,556 92
236,899 74
Portland, Ore._
11,512 41
202,127 83
213.640 24
New Orleans, La
44.766 41
242,707 91
197,941 50
Postal Receipts of Fifty Selected and Fifty Industrial Rochester, N. Y.
35,953 52
188,157 08
224,110 60
Louisville. Ky.....
10,028 57
207,990 76
Cities in October.
218.019 33
Columbus, Ohio
27,93846
152,399 27
180,337 73
Toledo, Ohio
135,762 63
20,140 57
Increases of 9.92 and 12.03%, respectively, were reported Richmond, Va.-- 155,909 20 155.640647,86995
163,510 59
Providence, R.Iby the fifty selected cities and the fifty industrial cities for Memphis, Tenn._ 160.282 77 158.239242,04353
23
18,263 33
56
ConnOctober as compared with October 1922, recording to figures Hartford. Tenn- 137,294 27 119,031 08
15,098 19
120.753
135,851
Nashville,
17,678 73
-General New Nov. 7. Four of the Dayton, Ohio.- 143.159 17 125,480 44
received by Postmaster
165,463 31
66
Fort Worth,
cities recorded gains of Syracuse, N.Texas 104,766 65 123.504 52 *60,696
9.25234
132.75686
Y-....
selected and eight of the industrial
118.246 02
135.355 95
17,109 93
Texasmore than 20%. Of the selected list, St. Paul, Mimi., with Houston, Conn. 127,157 17 118,587 05
8.57012
New Haven,
74
70
10,000 04
Gr'd Rap's, Mich_
30.06 had the largest percentage of gain. Jersey City, N. J., Jersey city, N.J_. 114.663 09 104,663 52
97.288
123,158
25,869 57
100,696 17
13,085 97
87,610 20
was second with 26.59%. Other cities in this list with large Akron,Ohio
15,690 71
90,344 05
106.034 76
S. L. City. Utah
13.30898
92,472 76
105,841 74
gains are:
Springfield. Mass.
4,695 15
89.081 73
84,386 58
22.68% Cincinnati, Ohio
17.73% Worcester. MaasRochester. N.Y
4,7,5355
70.7786366,025 08
20.12% Indianapolis, Ind
17.43% Jacksonville, Fla
Detroit, Mich
Salt Lake City. Utah
17.37%
19.27%
Cleveland, 0010
27,235,020 59 24.777,32809 2.457,692 50
Total
19.10% Kansas City, Mo
16.65%
Louisville, Ky
18.33% Milwaukee, W121
16.31%
Toledo. Ohio
•DeCr01180.
July 1923 over July 1922-7.69%
Of the industrial cities, Savannah, Ga., headed the list
Aug. 1923 over Aug. 1922.-5.86%
Sept.1923 over Sept.1922._ -2.23%
gain of 40.21, while Schenectady, N. Y.,
a percentage
with
WWW.WWww
Favorable factors are in the ascendency in the steel situation but they
further readjustment
are not producing new business fast enough to prevent
and a tendency to
of production if not of prices. With easy deliveries
tide and the industry in many
price softness buyers are moving with the
respects is running on a hand-to-mouth basis. The very fact, however,
high v olume of
that enough tonnage is coming forth to absorb a truly
output, reflects clearly the substantial foundation of the present market.
A feature of the week has been the growing activity in raw materials.
Pig iron, iron and steel scrap, copper, lead, tin and other metals all exhibit
drooping
a revival of buying that apparently marks a turn from recent
or stagnant conditions.
Reports on heavy prospective buying by the railroads this week have
been less confident. The larger expected inquiries have not yet appeared
though some circumstances seem to point that such lots as those of the
Southern Pacific are being quietly lined up as to material needs. The
Southern Pacific inquiry now is reported from 8,000 to 20.000 cars.
Definite inquiries for 1.500 new cars came out this week and for about
4.500 repairs. The leading rail order of the week was 50,000 tons for
the Southern fly.
October ingot figures demonstrate how well steelworks operations have
been holding up despite the moderate flow of new business. The total
calculated output 3.547,966 tons in October was greater than the 3,316,166
tons in September but the daily average of 131,406 tons was less than the
132,467 tons in the preceding month. The loss in the October rate was
only 0.93%. Steel ingot production in October was at the annual rate
of 43,735,000 tons.
Steel plant operatinas now are being reduced more perceptibly. The
Illinois Steel Co. has blown out one blast furnace in the Chicago district
and may put out two others shortly. Its general activity is at 85%,
which is about the rate tor the whole Steel Corporation. The Youngstown
Sheet & Tube Co. cut off all open-hearth production this week. The
whole industry at present probably is running at 70 to 75%.
Pig iron inquiry has broadened out sharply this week in various selling
centres and all signs point to a buying movement for first quarter delivery
getting under way. With prices having fallen further to $20 Valley and
Buffalo, and $18 50 Birmingham, buyers apparently are more impressed
by the attractiveness of the present market. Many negotiations are under
way and in the South a pipe maker is reported to be considering a purchase
of 50,000 tons. Sales as yet have lagged behind inquiry, but at Buffalo
at least 50,000 tons has been closed, at Cleveland 15,000 to 20,000 tons
and at New York and Philadelphia 25,000 tons.
"Iron Trade Review" composite of 14 leading Iron and steel products
again has slipped lower, this week to 842 74 against $43 09 last week and
$43 84, the average for October.
Steel prices show good resistance to the efforts of buyers for general
reductions. Sheets reflect the greatest price irregularity of the major
on black, glanvaized
steel products. Producers quoting the full schedule
in booking enough business to
and blue annealed lately have had difficulty
the other hand, these mills offering concessions
sustain operations. On
after their recent reduction to 3.00c.,
are running well. Cold finished bars
-rolled strip steel and bands show
Pittsburgh, still are being shaded. Hot
continued concessions.
continue to loom up heavily and reflect
Demands for building steel
that is being put out at this season
the abnormally large volume of work
Chicago jobs requiring 20,000 tons
or is projected for a later date. At
is represented by proare being figured and fully 80,000 tons additional
York 9,000 tons of additional
posals still on architects' boards. At New
this week total 12.200 tons and new
school work has appeared. Awards
loquIrY. 31,000 tons.
WW0W000
A similar opinion of conditions i n the steel and pig-iron
markets is held by the "Iron Trade Review" of Cleveland,
which, in its review dated Nov. 15, says:
8179,684 91 8143,314 91 536,370 00 25.38 2.04
105,316 96
5.447 73 5.17 22.07
110,764 69
5,66582 5.56 31.57
101.939 24
107.605 06
88,566 21 21,511 41 24.29 8.47
110,077 62
75,832 75 11,236 67 14.82 20.54
87.069 42
9,359 33 12.34 • 15
75.799 92
85,159 25
5,460 11 6.21 7.71
87,907 00
93,367 11
5,17908 5.35 32.64
96,808 35
43
101,987
91,847 32 10,646 89 11.59 28.52
102,494 21
5,556 18 6.23 32.95
89.215 67
94,771 85
1,40424 2.08 14.13
67.352 02
68,756 26
2,581 49 3.92 9.67
65,813 95
68,395 44
5,771 87 9.10 •8.14
58,878 41
28
64,650
71,754 91 16.403 94 22.86 14.43
88.158 85
2,657 76 4.02 17.48
66,075 26
68.733 02
4,88472 7.79 8.10
62,719 07
67,603 79
57.982 60 11,313 15 19.51 2.08
69,295 75
82.240984,77091 7.68 8.67
67,011 89
61.220879,96792 16.28 25.43
71,188 79
51,387 32 12,855 40 25.02 16.16
64,242 72
55.18008874 47 1.53 15.66
56,024 55
42.213202.47340 5.86 1.93
44.686 60
6.32956 10.49 16.91
50.782 52
56.112 08
3,655 19 7.60 16.17
48,097 69
51,752 88
7,764 14 18.81 *3.64
41,261 19
49,025 33
4,620 82 9.97 23.87
46.329 43
50.950 25
6.381 89 13.25 13.07
48.17200
54.553 89
38,6284315,533 96 40.21 *5.77
54,162 39
5,069 86 13.09 8.89
38,735 84
43,805 70
5.398 14 13.87 2.48
38.917 97
44,316 11
____
.
7.207
53.625 75
60,833 24
8,338 62 25.78 1.56
32.338 1
40,676 75
4.974 13 15.02 3.32
33,108 97
38,083 10
3,02431 9.31 4.97
32.481 78
35.506 09
5,65760 19.68 8.41
28.746 31
34.403 91
31,948021,13900 3.57 *0.94
33,087 02
1.693 11 5.90 25.55
28.676 35
30,369 46
5,929 09 21.70 21.31
27,321 10
33,250 19
2,987 34 11.96 8.66
24,985 22
27,972 56
1,632 86 6.68 12.59
24,518 15
26,151 01
4,379 55 18.56 7.57
23,589 76
27.969 31
24,95358'49329 .98 30.78
24,460 29
143 20 .67 15.47
21,423 15
21.56635
4,171 7021.00 4.06
19,862 12
24.033 82
29 77 .15 12.30
19,837 23
19,876 00
2,099 32 13.62 2.90
15,412 08
17,511 40
12.420282,335 88 18.80 11.22
14,756 16
*66.55 *.46 14.50
14,327 3
14,260 82
1.07263 8.32 20.84
12.891 95
13,98458
9,823681,024 25 10.42i22.50
10.847 93
I
52,825,979 11 82,522,553 05 8303,426 06 12.03,10.62
Springfield. Ohio
Oklahoma, Okla
Albany, N. Y
Scranton. Pa
Harrisburg, Pa
San Antonio, Texas
Spokane, Wash
Oakland,Calif
Birmingham, Ala
Topeka, Kans
Peoria, III
Norfolk, Va
Tampa, Fla
Fort Wayne.Ind
Lincoln. Neb
Duluth, Minn
Little Rock, Ark
Sioux City,Iowa
Bridgeport. Conn
Portland, Me
St. Joseph, Mo
Springfield, Ill
Trenton, N. J
Wilmington, Del
Madison, Wis
South Bend, Ind
Charlotte. N.C
Savannah, Ga
Cedar Rapids, Iowa
Charleston. W. Va
Chattanooga, Tenn
Schenectady, N. Y
S
Lynn, Maas
Shreveport, La
Columbia. S. C
Fargo, N. Dak
Sioux Falls, B. Dak
Waterbury, Corn
Pueblo, Colo
Manchester, N. H
Lexington, KY
Phoenix, Ariz
Butte, Mont
Jackson, Miss
Boise, Idaho
Burlington, Vt
Cumberland, Md
Reno, Nev
Albuquerque, N. Me:
Cheyenne. Wyo
WWWw.0
Composite Price Nov .13 1923,Finished Steel, 2.775c. per Pound.
Nov. 5 1923, 2.775c.
Based on prices of steel bars, beams, tank
Oct. 16 1923. 2.775c.
plates. plain wire, open-hearth rails,
Nov. 14 1922, 2.446c.
and black sheets, constitutblack pipe
-year pre-war average, 1.689c.
_ 10
ing 88% of the United States output_
Composite Price Nov. 13 1923. Pig Iron, $20 94 per Gross Ton.
Nov. 5 1923, $22 02
Based on average of basic and foundry
Oct. 16 1923, 23 54
irons, the basic being Valley quotation,
Nov. 14 1922, 28 02
an average of Chicago,
the foundry
pre-war average. 15 72
-year
10
Philadelphia and Birmingham
ww
.....
..W
.W
s4.4.
WW=Wol
w...
4,WW 00
ww.W
.W*
40(7
.=.
3e04 4
.4. .
.4WW.410.00.44.WWW.I.WWWWW
The table of prices regularly compiled by the "Age"follows:
11.67 *5.45
16.68 *4.84
19.23 *8.50
15.32 •.16
18.01 5.60
21.55 5.82
*7.11 7.52
8.49 3.83
.42
11.45
16.57 *8.59
26.35 10.41
13.24 .6.79
21.68 4.52
7.88 2.79
9.27 ..31
11.49 *3.71
.40
15.62
.13
13.56
9.87 5.19
16.07
.92
13.39 2.15
11.51 16.28
7.89 3.66
19.45 6.48
13.92 1.23
11.88 *2.13
19.74 *5.11
13.08 1.94
10.87 4.98
2.75 8.58
2.60 11.02
31.83 *17.19
13.42 .8.72
.5.37 3.99
25.11 *2.15
16.24 2.39
11.75 *7.02
7.35 *2.49
20.52 8.31
.90
11.53
6.78 1.76
20.13 2.14
7.15 11.82
7.96 4.11
16.76 *9.90
1.57 *5.40
11.78 7.50
11.88 4.43
10.13 1.24
9.92 14.34 *2.04
2160
Holidays
THE CHRONICLE
Cause Slight Decrease in Production
Bituminous Coal and Anthracite.
of
The observation of All Saints' Day (Nov. 1) in the bituminous coal regions and of Mitchell Day (Oct. 29) in addition
to All Saints' Day in the anthracite fields caused the recession
of the high production rate in the coal industry by about
360,000 tons and 696,000 tons, respectively, according to
the United States Geological Survey figures just issued for
the week ended Nov. 3. The report gives further details,
which are appended:
[VOL. 117.
Western States were dropped as the mercury climbed. On the other hand, in
certain dead spots of trading, such as Detroit and Toronto, an increase in
retail demand was the only denial given to moribundity.
Along the seaboard, optimism so long concealed, again put forth a timid
face. Boston, a persistent centre of bituminous gloom, showed signs of interest in soft coal buying. Philadelphia rejoiced that things were not worse
than they are and counted that a gain. Toward the end of the week there
were traders in New York who could be browbeaten into admitting that ultimate annihilation had been sidetracked again. At Cincinnati and In the
Virginia producing areas, however, foreboding has again settled down like a
black pall.
The general level of spot prices continues downward. Comparing the past
with the week ended Nov. 3 changes were shown in 35.6% of the spot quotations listed below. Of these changes 59.6% represented reductions ranging
from 5 to 50 cents and averaging 16.9 cents per ton. The advances covered
a similar range and average 18.1 cents per ton. The straight average minimum for the week was $1 77 per ton, a decline of 3 cents; the straight average maximum was $2 20, a decline of 2 cents. A year ago the averages were
$3 63 and $4 53, respectively.
Lake dumpings of bituminous coal hold up remarkably well. During the
week ended at 7 a. in. Nov. 5, there were 925,513 tons dumped. During
the week ended last Saturday, 36 vessels discharged approximately 330,000
tons at the Head of the Lakes, where stocks are estimated at 5,500,000 tons.
The decline in the production of anthracite (on account of holidaysf and
sharp touches of weather explain the ability of the smaller independent producers to keep domestic prices pegged so high in spite of a growing discrimination as between sizes upon the part of retailers and consumers. Receipts
at the Head of the Lakes last week approximated 26,000 tons.
The celebration of All Saints' Day (Nov. I) as a holiday was reflected by
a decrease in soft coal production. It is now estimated that the total
output, including mine fuel, local sales, and coal coked at the mines, was
10,560,006 net tons. This was a decrease of 360.000 tons, or 3.3% from
production in the week before. Preliminary reports of cars loaded on the
first 3 days of the present week show that production was interrupted on
Tuesday. Nov.6, by State and county elections. It appears probable that
the total output will be between 10,600,000 and 10,800,000 tons.
Estimated United States Production of Bituminous Coal In Net Tons, Including
Coal Coked.
1923
1922
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.
10.694,000 445,821,000 10,378,000 301,239,000
Oct. 20
Daily average
1,782,000
1,796.000 1,730,000
1,211.000
10,919.000 456.740.000 10,683,000 311,922.000
Oct. 27a
1.820,000
Along the same general lines is the report published by
Daily average
1,796.000 1,781,000
1,224,000
10,560,000 467,300,000 10,666,000 322,588,000
Nov. 3b
Daily average
1,811,000
1,795,000
1,237,000 the "Coal Age" of New York on Nov. 15. The review is given
1,778.000
here in full:
a Revised since last report. b Subject to revision.
The bituminous coal market, in regard to both production and prices, conProduction during the first 260 working days of 1923 was 467,300,000
net tons. During the corresponding period of the six preceding years tinues to drag along week after week with no change. Accounts in several
newspapers on Monday of this week portraying the operators and union
it was as follows.
miners girding their loins for a big scrap next spring may have been inYears of ActivityYears of Depression
spired by the hope that the consumer could be scared into buying coal. Ac465,684,000 net tons 1919
1917
413,137,000 net tons
499,955,000 net tons 1921
1918
353,327,000 net tons cording to the estimate of the United States Geological Survey, the consumer
469,094.000 net tons 1922
1920
322,588,000 net tons for the past 12 months has
been buying more than he burns and there is
It will be seen that the production of soft coal in 1923 is far ahead of nothing to indicate that he can be
induced to increase his rate of purchase.
the years of depression and in round numbers is 1,600,000 tons ahead of Stocks of soft coal in the hands of industrial
consumers and railroads are now
1917, 1,800.000 tons behind 1920, and 32,600.000 tons behind the record well above the average for this time of the
year. The bulk of the soft coal
year 1918. Compared with the average for the six preceding years, 1923 produced continues to move forward on
contracts at prices $1 to $1 60 above
Is 46.700,000 tons ahead.
the spot market.
The real test of the adequacy of production is consumption. A series
"Coal Age" index of spot prices of bituminous coal gained one point
last
of reports from consumers during the year Sept. 1 1922 to Aug. 31 1923 week, reaching 184 on Nov. 12. This
corresponds to the average weighted
showed that period to have been one in which coal flowed steadily into price of $2 23 per net ton at the mines. Anthracite
prices are holding firm,
storage. Total stocks on Sept. 1 1923 were estimated at 56,000.000 net independent quotations of around $12 at the
mines not being uncommon for
tons, against 22,000,000 tons a year ago. The course of stocks since Sept. 1 stove coal.
is not accurately known, but the available information indicates that
Reports from all sections are to the effect that more and more mines
are
production has exceeded consumption and that reserves have increased.
being closed. These mines in part are those of large companies, which are
shutting high cost operations and increasing the activity of their better
Anthracite.
The occurrence of two holidays widely observed in the anthracite region mines. So far the number of mines shut down has not been sufficient to
was responsible for a sharp drop in anthracite production in the week affect production or influence prices.
ended Nov. 3. The total output, including mine fuel, local sales and
The resolution passed by the smokeless coal operators, opposing wage redredge and washery coal, is estimated at 1.373,000 net tons. This was a ductions, is expected to influence other non-union fields to take the same
decrease of 696,000 tons, or 33.7%. Monday Oct. 9 was Mitchell Day course. The Inter-State Commerce
Commission, by opening up the anthraand work ceased almost entirely. The stoppage on Thursday Nov. 1
cite rate hearings to let in the West Virginia smokeless shippers, is believed
All Saints Day-was not quite so complete and loadings were about
to have acted in conformity with the general policy of the Administration,
one-fifth of normal.
which is to encourage the use of substitutes for anthracite. These
shippers
Estimated United States Production of Anthracite in Net Tons.
would have an all-rail rate to Boston from southern West Virginia, or such
1923
1922
improved dumping arrangements at Hampton Roads as will not
break up
Cal. Year
Cal. Year. their coal.
Week.
to Date.
to Date.
Week.
Oct. 20
Shipments of smokeless coal to tidewater were temporarily checked
2,045,000 77,343,000 2,039.000 34,818,000
by the
Oct. 27
2,069,000 79.412,000
1,836,000 36,654,000 strike on the Virginian Railway last week, but there continues to
be an
Nov. 3
1.373.000 80,785.000
1,872,000 38,526,000 abundance of coal available at Hampton Roads.
New England is taking most
Beehive Coke.
of her industrial coal by water, which is
assisting in keeping up the tideCurtailment of beehive coke production continues and each week brings
water business. The lake movement continues heavy,
and it is now expected
a new low record for 1923. The total output in the week ended Nov. 3, that all
records for bituminous coal movements over the lakes
estimated from railroad reports of cars loaded, was 269.000 net tons, this
as
will be broken
year.
a decrease of 7,000 tons from the figure of the week before. The decline
Demand for domestic sizes of anthracite is
heavy. More Welsh anthracite
occurred in Pennsylvania and Ohio and the Southern AppalubJan region.
is on the way to these shores and is
expected to arrive during this month.
According to the Connellsville "Courier," production was cut again in
There were
the Connellsville region and decreased from 194,220 to 181.840 tons. ended Nov. 8, dumped for all purposes at Hampton Roads during the week
225,627 net tons of coal, as compared with 344,120 tons the
The "Courier" further stated that 898 additional ovens were blown out.
previous week.
Estimated Production of Beehive Coke In Net Tons.
Week Ended1922.
1923.
Nov.3 Oct.27 Nor.4
Shipments of Anthracite Coal in October.
1923s. 1923. 1922.
to Date.
to Date.
Pennsylvania and Ohlo___L216,000 220,000 160,000 12,856,000 4,406,000
Shipments of anthracite for the month of October, 1923,
West Virginia
15,000 15,000 21.000
924.000 376.000
Ala., Ky., Tenn. and Ga.. 17.000 20.000 14.000
944,000 404,000 as reported to the Anthracite Bureau of Information at PhilVirginia
11,000 12.000 9.000
647,000 271.000 adelphia, Pa., amounted
Colorado and New Mexico_ 6,000 6,000 5.000
to 6,564,526 tons. These figures
325.000 181.000
Washington and Utah
4,000 3.000 4,000
233,000 166,000 are not comparable
with the previous month of September,
on account of the suspension of mining during negotiations
between operators and miners, operation not being resumed
a Subject to revision.
until September 19. The average daily shipment in SeptemThe cumulative production of beehive coke during 1923 to Nov. 3 stood
at 15,929.000 net tons. Figures for similar periods in earlier years are ber, after operation was resumed, amounted to 219,490 tons,
as follows.
while the average daily shipment during the month of
Octo1919
16,573,89211921
4,611,957 ber amounted to 262,581 tons,
1920
an increase of about 43,000
18,073,02311922
5,803,607
Thus it is seen that from the viewpoint of beehive coke production, 1923 tons. Comparing last month's shipments
with October
is 174% ahead of 1922, 245% ahead of 1921, 12% behind 1920 and 4% 1922,
there is a decrease of only a little over 3,000 tons.
behind 1919.
Shipments by originating carriers were as follows:
Coal Market Conditions Remain Practically Unchanged
October
Road1923.
1922.
1920.
Philadelphia & Reading-__tons_1,205,425 1,266,092 1921.
According to the Trade Journals.
1,104,828 1,317,070
Lehigh Valley
1,174.768 1,166,195 1,048,996 1.180,270
Central Railroad of New Jersey
Bituminous market conditions have settled down to that Delaware
564.471 617,668 570,189 486,609
Lackawanna & Western 1,017,231 936,375 759,492 846,054
state of normalcy where developments are measured by Delaware & Hudson
861.705 828.216 898,376 893,058
Pennsylvania
576,345 579,306 492,632 484,940
minor changes instead of major movements, says the "Coal Erie
707,076 701,270 618,034 531,598
Ontario & Western
174,707 179,865 126,925 190,958
Journal" in its wekely summary of conditions affect- Lehigh & New England
Trade
282.798 292,941 253,311 310.344
ing the market. In those sections of the country where soft
Total
6.564,526 6,567,928 5,872.783 6,240,901
coal cuts a large figure in the domestic trade, producers and
•
distributers dance attendance upon the thermometer, the
report, which was issued Nov. 14, goes on to state adding Census Report on Cotton Consumed and on Hand, also
;
Active Spindles, and Exports and Imports.
further details as follows:
With weather conditions over the past week diverse, the temperature of
Under date of Nov. 14 1923 the Census Board issued is
the market has been erratic. The earlier gains of the Central and Middle regular preliminary
report showing cotton consumed, cotton
United States total
Daily average
269,000 276,000 213,000 15,929,000 5.804.000
45.000 46,000 36,000
22,000
60.000
on hand, active cotton spindles and imports and exports of
cotton for the month of October 1922 and 1923 and the
three months ending with October. Cotton consumed
amounted to 541,825 bales of lint and 57,128 of linters, compared with 533,744 bales of lint and 62,635 of linters in
October last year, and 483,852 of lint and 49,583 of linters
in September this year, the Bureau announced. The statistics of cotton in this report are given in running bales,
counting round as half bales, except foreign bales, which are
in equivalent 500-lb. bales.
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
(Linters Not Included).
Cotton Consumed 1
(Bales) DuringLocality.
2161
THE CHRONICLE
Nov. 171923.]
Cotton on Hand
Oct. 31 (Bales)
Cotton
Spindles
In Public
Active
In
Three
Months Consuming Storage and During .
October
Ending Establish- at CornOct. 31.
monis.: presses.: (Number).
Year
October.
pounds of pulled wool, 20,133,997 pounds of tops, and
13,185,361 pounds of noils. Dealers held 208,053,316
pounds and manufacturers 155,887,511 pounds of raw wool.
The figures "held by dealers" represent wool in their possession in the form of stocks owned by them or lots held by
them awaiting delivery instructions, and wool owned by
them which is in warehouses. Stocks of wool held by wool
pools and wool growers selling organizations are also included
in "held by dealers" figures. Of the total amount of raw
wool reported, 46.8% was domestic and 53.2% was foreign.
Of the raw wool reported 23.5% was fine, 12.4% M blood,
blood, 22.2% Yi blood, 5.8% lower grades, 20.8%
15.3%
carpet. These percentages are based on the total amount
of classified wool reported. The item "grade not stated,"
consisting of 44,540,843 pounds, constitutes either wool in
original bags, or ungraded or mixed wool upon which the
concerns reporting could not accurately specify grade. A
summary of the holdings on Sept. 30 1923 and June 30 1923
follows:
1923.541,825 *1,517,281 *1,102,583 *3,485.839 34,378,662
United States
1922 533,744 1,554,137; 1,381,945 4,287,119 33,837,435
United States
Cotton-growing States_ 1923 357,673 1,014,2761 • 707,536 3,353,479 16,084.942 WOOL STOCKS HELD BY DEALERS AND MANUFACTURERS ON SEPT.30
858,491 4,083,181 15,811,025
Cotton-growing States_ 1922 346,095 1,011,274
1923 AND JUNE 30 1923.
132,360 18,293,720
503,005;' 395,047
1923 184,152
Allother States
(All quantities in pounds. Wool afloat is included.)
203,938 18,026,410
542,8631 523,454
1922 187,649
All other States
* Includes 20,152 Egyptian, 7,637 other foreign, 2,759 American-Egyptian and
Total.
Held by Manufacturers.
Held by Dealers.
415 sea island consumed; 53,647 Egyptian, 20,687 other foreign, 12,056 AmericanEgyptian, and 3,623 sea island in consuming establishments, and 34,259 Egyptian,
June 30.
Sept. 30.
June 30. I Sept. 30.
Sept. 30.
June 30.
16,387 other foreign, 17,350 American-Egyptian, and 3,583 sea island in public
storage. Three months' consumption, 52,704 Egyptian, 21,195 other foreign,
Total,incl
7,839 American-Egyptian, and 1,022 sea island. x Bales.
Linters not Included above were 57,128 bales consumed during October in 1923 tops& non 397,260,185448,022,7501216,864,338232,032.947180,395,847 215.989,803
Raw wool 363,940.827411,977.829208,053,316 220,930,987 155,887,511 191,046,842
and 62,635 bales in 1922; 87,515 bales on hand in consuming establishments on
Grease__ 306,778,519348,164,293175,843,378186.729.596 130,935,141 161,434,702
Oct. 31 1923, and 82,403 bales in 1922; and 35,810 bales in public storage and at
Scoured. 37,670,808 39,539,447 21;679.052 21,075,245 15,991.756 18.464.202
in 1923, and 16,798 bales in 1922. Linters consumed during three
compresses
Pulled- _ 19,491,500 24,274,084 10,530,886 13,126,146 8,960,614 11.147,938
months ending Oct.31 amounted to 154,713 bales in 1923 and 186,950 bales in 1922.
Tops- - -- 20,133,997 21,703,920 3,136,209 5.125,204 16,997,788 16.578,716
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
_ _ 13,185,361 14,341,001 5,674,813 5,976,756 7,510,548 8,364,245
Tot.,grease
equiv't•474,747,517 31,698,479250,864.707268.585,534 223,882,810263,112,945
Imports of Foreign Cotton During (500-1b. Bales)
* In computing the grease equivalent, 1 pound of scoured wool, tips or noils is
October,
3 Months ending Oct. 31.
Country of Production.
considered equivalent to 2 pounds in the grease, and 1 pound of pulled wool equivalent to 1 1-3 pounds in the grease.
1922.
1922.
1923.
1923.
Egypt
Peru
China
Mexico
British India
All other
Total
3,654
3,338
16,776
1,461
8,iLi
124139
225
316
44
____
7,615
26.816
8,986
5,113
618
268
2,611
47
30,254
2,947
744
8,412
3,575
574
17,643
46,506
Exports of Domestic Co ton and Linters During
(Running Bales)
3 Months Ending Oct. 31.
October.
Country to-which Exported.
1923.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
1922.
213,654
115,434
86,694
152,529
93,874
94,491
25,046
235,827
120,513
71,379
140,143
111,760
99,432
19,610
1923..
505,056
268,657
176,078
354,854
215,035
157,472
38,420
1922.
450,604
203,880
132,462
259,432
204,765
143,329
45,390
*798,664 *1,715,572
*781,722
*1,439,862
Total
* Figures include 3,938 bales of linters exported during October in 1923 and 1,535
bales in 1922, and 11,505 bales for the three months ending Oct. 31 in 1923 and
8,927 bales in 1922. The distribution for OCtober 1923 follows: United Kingdom,
348:France,938; Germany,,1,791; Belgium,429: Greece,44; Canada,379; Mexico,9.
World Statistics.
The world's production of commercial cotton, exclusive of linters, grown in 1922,
as compiled from information secured through the domestic and foreign staff of the
Department of Commerce,is 17,540,000 bales 01 478 lbs. lint, while the consumption
of cotton (exclusive of linters in the United States) for the year ending July 31 1923.
was approximately 20,950,000 bales of 478 lbs. lint. The total number of spinning
cotton spindles, both active and idle, is about 157,000,000.
Wool Stock Report for September 30 1923-Decreasz
from June 30.
Stocks of wool in and afloat to the United States on
Sept. 30 1923, including tops and noils, amounted to 474,-747,517 pounds, grease equivalent, according to the quarterly joint Wool Stock Report released on Nov. 12 by the
Bureau of the Census, United States Department of Commerce, and the Bureau of Agricultural Economics, United
States Department of Agriculture. This compares with
531,698,479 pounds on June 30. The American Woolen
Co., however, and some other important wool-consuming
concerns, are not included in the figures, they declining to
make reports. As to what establishments make returns
and what do not, the Census says:
This report is based on returns from 402 dealers and 615 manufacturers.
The totals are exclusive of stocks held by 18 dealers and 12 manufacturers,
who did not report. The returns from dealers are secured by the Department of Agriculture and of those from whom figures were not received when
the report was closed, 1 has a rating of $1,000,000, 1 has a rating of $750,000,
2 have a rating of $300,000 to $500,000, 2 have a rating of $125.000 to
$200,000, 5 have ratings under $125,000,6 have general credit ratings only,
and 1 not listed in R. G. Dun & Co.'s credit reference book, issued September 1923. Returns from manufacturers are secured by the Department
of Commerce,and the establishments not reporting were as follows: American
Woolen Co., Boston, Mass.; Amos Abbott Co., Dexter, Me.; Carolina
Cotton & Woolen Mills Co., Spray, N. C.; Columbia Woolen Mills, Columbia City, Ind.; Crown Mills, Marcellus, N. Y.; Daniel Boone Woolen Mills,
Chicago, Ill.; Davisville Woolen Co., Davisville, R. I.; John & James
Dobson, Inc., Philadelphia, Pa.; Faulkner & Colony Mfg. Co., Keene,
N.H.; Hillsborough Mills, Wilton, N. H.; Merrimack Woolen Corporation,
Lowell, Mass.; and Sheble & Kemp,Philadelphia, Pa.
The stooks, by condition, consisted of 306,778,519 pounds
of grease wool,37,670,808 pounds of scoured wool, 19,491,500
The distribution by sections of stocks held by manufacturers was as follows: New England, 80,234,763 pounds;
Middle Atlantic,80,768,546 pounds; Pacific Coast, 3,053,945
pounds; and all other sections, 16,338,593 pounds. The
holdings of dealers according to markets were as follows:
Boston, 126,048,294 pounds; Philadelphia 23,503,276
pounds; Chicago, 22,925,751 pounds; St. Louis, 13,389,523
pounds; New York, 6,096,506 pounds; Portland, Ore.,
2,448,933 pounds; San Francisco, 871,720 pounds; other
cities, 21,580,265 pounds. The following tables give detailed reports of the quantities classified according to grade,
class and condition, with separate figures for foreign and
domestic wool.
STOCKS OF RAW WOOL HELD BY DEALERS AND MANUFACTURERS ON
SEPT. 30 1923 BY CONDITION, CLASS AND GRADE
Aggregates.
Class rt Grade.
Total.
Grease.
Held
Held by
by
ManuDealers. facturers.
Total.
Him
Held by
by
ManuDealers. facturers.
Total
Domestic
Foreign
363940,827208053,316 155887,511 .778,519 175843,378 130935,141
170251,573128424,046 43,827,527 141243,277112136,039 29,107,238
193689,25481,629,270 112059,984 165535,242 63,707,339 101827,908
Combing
Clothinga
183210,062 04712,36878,497,694 173384,93799,414,670 73,970,267
69,687,62841,239,856 28,447,77230,429,887 19,146,78811,283,099
75,034,712 43,338,625 31,696,087 65,832,229 39,320.116 26;512.113
Fine, total
CombingI
Domestic --32,156,15522,840,544 9,315,611 30,167,693 22,290,166; 7,877,527
21,638,962 6,321,13915,317.823 21,381,599 6,140,208 15,241,391
Foreign
phmee
CIotoing
16,718,54811,878,319 4,840,22912.787,401 10,111,4811 2,675.920
tic
717,275
Foreign
4.521.0472,298,623 2,222,42 1,495,536 778,261
h-Blood, total 39,568,00825,621,898 13,946,110 32,257,123 21,542.88910,814,234
Combing
18,111,137 13.851,7094,259,428!16,722,042 13,295,899 3,426,143
Domestic
12,159,950 5,786,140 6,373,810 11,980,195 5,619,854 6,360,341
Foreign
Clothing--- -For tgii
:
6,680,757 4,249,232 2,431,525 2,979,828 2,335,964 643,864
Domestic 881,347 675,058 291,172 383,886
2.616.164„
h-Blood, total_.. 48,865,756 28,179,468 20,686,288 34,854,417 19,184,546 15,669,871
CombingFoi.eig
15,910,312 10,767,399 5,142,913 14,380,93i 10,072,291 4,308,640
Domestic
17,013,086 7,944,209 9,068,877 16,229,339 7,215,606 9,013,733
Clothing
Domestic
10,230,152, 5,464,285 4,765,867 2,767,479 1,168,978 1,598,501
748,997
5,712,2061 4,003,575 1,708,631 1,476,668 . 727,671
Foreign
h-Blood, total 70,999,41338,030,87732,968,53650,130.166 29,842,56526,287,601
Combing
Domestic
15,984,471 9,418,704 5,865,767 14,239,013 8,966,8541 5,272,159
Foreign
36,612,234 19,175,891 17,436.343 35,066,933 17,950,828 17,116,105
ClothingFor
Domestic - _ 7,459,163 3,163,018 4,296,145 2,661,888 930,081 1,731,807
Foreign
11,643,545 6,273,264 5,370,281 4,162,332 1,994,802 2,167,530
Low h-Blood b
4,494.870 2,321,981 2,172,889 2,724,513 1,506,247 1,218,266
Combing
2,552,948 1,528,360 1,024,588 2,311,381 1,378,215 933.166
Clothing
1,941,922 793.621 1,148,301
128,032 285,100
413,132
Common,total c_ 2,749,121 2,212,027 537,094 2,255,582 2,058,093
197,489
Combing
2,395,246 2,062,193 333,053 2,168 987 2,029,193 139,794
Clothing
353,875
149,834 204,041
28.900
86,595
666,044 465,985 200,059 622,907 465,985 156962
5
Braid,total c
7 2
5:9
Combing
244,799 106,985
137,814 244,799 106,985 137,814
19.108
421,245 359,000
Clothing
62,245 378,108 359,000
Lincoln, total d_ _ 10,519,766 5,781,363 4,738,403 9,037,887 4,641,017 4,396,870
4,143,454
Combing
9,130,76 4,909,095 4.221.667
253,416
1,389, 4 872,268
0°
7
45 681, 75
,
ng
6,502,29 17,560,249 .942,045
Carpet. total__
, ,
,
77.11,IN 24 652 796
1g,
Combing,fore' „ 7,412,215 25, 9 ,343
21,028,979
Filling, foreign.33,398,73 10,148,034 23,250,702 2117740,17(211
43,38400
Grade not stated_ 44,540,843 44,540,8431
43,384,
38,934,00038,934,000
Domestic
349:779500:080043,349:775090:000843,
4,450,0001 4,450.000
Foreign
•Combined stocks of grease, scoured and pulled wools: figures for scoured and
pulled wools on Page 3. a Exclusive of "carpet" and "grade not stated." b All
domestic: figures for dates previous to tills report include common and braid.
c All domestic. d All foreign.
7
48517 8,1X2C 4,12144
8 36
2162
THE CHRONICLE
STOCKS OF RAW WOOL HELD BY DEALERS AND MANUFACTURERS
ON SEPT. 30 1923, BY CONDITION. CLASS AND GRADE.
(Alt quantities tn pounds. Wool afloat included.)
Scoured.
Class and Grade.
Held
by
Dealers.
Total.
Grand total
Domestic
Foreign
Pulled.
Held by
Manufactutors,
Total.
reduction is equivalent to a little more than 1 cent a quart.
G. W. Slocum, President of the Co-operative Association,
said:
The directors' action in reducing the producers' price is a quick response
Held by
Held
ManufacSi,
turers.
Dealers.
37,670.80821,679.052 15,991,756 19,491,600 10,530.886 8.960.614
16,417,987 7,612,599 8,805,388 12,590,309 6,675,408 5.914.901
21.252.821 14,066,453 7,186,368 6,901,191 3,855.478 3,045.713
Combing_a
3,779,309 2,379,118 1,400,191 6,045,811' 2,918,580 3,127,236
Clothing-a---- 29.945,78516,489,073 13,456,712 9,311.956 5.603.995 3.707.961
Fine,total
6.155,589 2,920.817 3,234,772 3,046.894 1,097,692 1,949.202
Combing
Domestic --359,579 101,883 257.896 1,628,883 448.695 1,180,188
Foreign
205,285 129.053
76,232
52.078
51.878
200
Clothing2,743.901 1,239.077 1,504,824 1,187.246
Domestic
527,761 659,485
2.845.826 1,451.004 1,395,820 178,687
Foreign
69,358 109,329
II-b1ood,total
4,286.697 2,601,244 1,685,453 2,924,188 1,477,765 1,446.423
Combing
Domestic
99,891
160.638
60.7471 1,228,457 455.919 772,538
137,925
148.935
11,01i
30,820
Foreign
2.459
28,361
Clothing3.151,466 995,331 1,156.135 1,549.463 917.937 631.526
Domestic.-.Foreign
1,825.658 1.368.097 457.561
115,448
75,54
39.900
34-blood.total--- 8,880,579 5,749.348 3,131.231 5,130,760 3,245,574 1,885.186
Combing
Domestic
419.7871 163,665 266,122 1,109,594
541,443 568.151
Foreign
567.18
531.231
35,956 216,560
197.372
19.188
Clothing4,181,352 2,142,267 2,039,085 3,281.321 2,153,040 1,128.281
Domestic
Foreign
3.712,253 2,922,185 790,068 523,285
169.566
353.719
,-blood. total--- 11.750,404, 6,287,919 5,462,485 3,118.843 1,900,393 1,218,450
1
Combing
Domestic
461,797
161.425 300.372 583.661
290.425 293.236
970,257
739.158 231,099 575,044
Foreign
485,905
89,139
ClothingDomestic..- 3,704,450 1,559.165 2,145,285 1,092,825 673,772 419,053
Foreign
6,613.900 3.828.171 2,785,729 867.313 450,291
417.022
Low 34-blood.O.- 1,334,4
464.509 869.979 435.860 351.225
84.644
Combing
171.0
90,434
80,62
70.5131
10.802
59.711
Clothing
1.163.43
374.07
73,842
789.35
291.514
365,356
Common, total_c 239,67
73,368 166.306 253.86
173.299
80.560
Combing
40.0
19.000
21,08
14.000 172,174
186.174
Clothing
199.58
54,368 145,221
1.125
66.566
67,691
Braid. total_c
38.637
38,63
4,500
4.
Combing
Clothing
38.63
38,637
4,500
4.500
Lincoln. total-d_ 1.039,026 770,986 268.04
73.493
369.360
442,85
Combing
274,70
215,653
19,161
59,052 364,032 344,871
Clothing
764.321
555,333 208,98
54.332
24,489
78,821
;firpet. total
3.023.496 1,888.6431 1,134,853 3.899,103 1,773.686 2,125.417
Combing, for'n 1.081,61
922,6841 158,9341 2.212.616 1,333,003 879.613
Filling. foreign 1,941,87
965,959j 976,9191 1,686,487 440,683 1,245.804
3rade not stated_
922,21
922.2151
234.62
234,62
Domestic
822,21
622.2191
234,62
234.62
Foreign
300.
300.000
a Exclusive of "carpet" and "grade not stated." S All domestic; figures for dates
previous to this report include common and braid. c All domestic. d Al foreign.
STOCKS OF TOPS AND NOILS HELD BY DEALERS AND MANUFAC
TURERS ON SEPT. 30 1923. BY GRADE.
(All quantities ID pounds.)
Tops.
[Vol,. 117.
to the workings of the law of supply and demand. The Association asked
$3 45 per 100 pounds for milk on Nov. 1, an increase of 20 cents per 100
pounds over the price prevailing during the last two weeks in October.
Under normal conditions the producers'price increases this month. Pastures
are gone. Farmers put their cows in the barns and begin feeding on 'winter
rations. All of this adds to the cost of production.
Dealers, as well as farmers, expected that production would be ;materially
reduced in November, but instead we find that there is an over-production
for this season of the year due to a number of reasons, one of which is the
open fall weather which has enabled farmers to turn their cows out to forage
for themselves. Milk has been coming into our territory from outside
sources and there is a greater supply than the fluid milk market can absorb.
There has also been a falling off In consumption owing to the recent increase
In the retail prico.
We expect that a reduction in price to tho consumers will result in increasing consumption.
Milk Prices in New York Reduced by Distributers, Following Cut by Dairymen.
The drop of 1 cent a quart for milk by the producers, as
announced on Nov. 8 by the Dairymen's League, was passed
on Nov. 9 to the consumer by the Borden's Farm Products
Co. and the Sheffield Farms Co., and it was said that within
a few days nearly every milk concern serving this city would
lower the price. D. S. Horton, Secretary of the Sheffield
Farms Co., made this statement: "Beginning Monday [Nov.
12] the Sheffield Farms Co. will reduce the price of grade
A and grade B milk 1 cent a quart. The reduction is made
as a consequence of the reduction of a like amount by the
producers. This reduction applies to the wagon service as
well as to Sheffield stores." In announcing the price cut,
John J. Fitzpatrick, Sales Manager for the Borden Co., said:
It affords us much pleasure to be able to reduce the price of our milk to
the consumer at this time. On Nov. 1 the price of milk asked of us by the
farmers was increased 20 cents a hundred pounds (46 quarts), or slightly
less than one-half a cent a quart over the October price. We did not pas,
this advance on to the consumers. The producers have just advised us that,
effective Nov. 12, they will lower their price to us by 65 cents a hundred
pounds. This restore to us the 20 cents a hundred pounds which we have
endeavored to absorb since Nov. 1, and at the same time enables us to drop
our price to the public a full cent a quart. It is an avowed policy of the
Borden Farm Products Co. to give the consumers immediate benefit of all
downward price revisions made by the producers to us. It is particularly
gratifying to be able to announce the decrease at this time of the year, when
the milk prices are usually on the upward trend.
Notts.
Grade.
Downward Trend of Wages in British Industry.
Wages in British industry are continuing to show a downTotal
20,133,997 3,136.209 16,997.788 13.18.5,361 6,674.8131 7,510,548 ward
trend, according to official figures of the British MinFine
4.072,877
591.252 3.481.6251 4.497,167 2,109,3551 2,387.812
54-blood
3,447,0.5
568,148 2.878,9051 1.653,126
803.4841 849.642 istry of Labor. The downward readjustment has been espe5i-blood
5,065.18
698,232 4.366,9571 2.711,842 1,105.6651 1.606,177
id-blood
4,391.37
924.729 4.006.6441 2,967.484 911.7331 2,055.751 cially marked in the shipbuilding trade, but it also extends
Low 34-blood
563.54
119.695 443.8501 333,170 263.5221
69.648 to various
other trades, says the Bankers Trust Co. of New
Common_
78.804
78.8041
6.007
21,007
15.0001
Braid
25.82
1.698 York, which on Nov. 12 made public the following
25,8251
1.69
detailed
Unooln
801,623
83,200 718.4231
28.330
20,000
48.330
Carpet
997.708
953 996.7551 951,537 446,054 505.483 figures received from its English Information Service showGradenotstated
150.
150.000
ing the changes in wage rates at the beginning of October
STOCKS OF WOOL, TOPS. AND NOILS HELD BY DEALERS ON
1923 compared to the rates at the same period of 1922 and at
SEPT. 30 1923, BY CITIES.
(All quantities In pounds.)
the end of 1920, when war-time inflation prevailed:
Held by
Dealers.
Total.
Held by
Mfrs.
Held by
Total. I Dealers.
Held by
Mfrs.
Total. I Grease. I Scoured. I Pulled,
Notts
Tops.
216.864.338 175,343.37821,679,052 10,530.888 3.136,209 5,674,813
126,048,294 102,700,551 13.820.128 3.972.301 3,018,07 2,536.336
23,503,276 15,216,715 4,511,775 1,619.986
2,045,496
109,
22,925.751 19,310,385 1,044,000 2.499,966
71,400
13,389,593 13.249.091
140.499
6,096,506 5,622,077) 466.502
7,927
2,448.933 2,186,620 262,313
871.720
517,497
354.223
21,580,265 17,040.439 1,433.835 3.084.410
1,021481
STOCKS OF WOOL. TOPS, AND NOILS HELD BY MANUFACTURERS
ON SEPT. 30 1923, BY SECTIONS.
(All quantities in pounds.)
City.
Total
Boston
Philadelphia
Chicago
St. Louis
New York_ _ _
Portland, Ore_
San Francisco_
Other cities
Section.
Grease.
Total,
Scoured. Pulled.
Noll:,
Toys.
Total
180,395.847 130,935.141 15,991.756 8.960.61416,997.788 7.510.
548
New England_ 80,234,763 56.620,323 8.116.052 4,247,228
7,821,786 3,429,374
MIddleAtlanth 80.768.546 62,285,092 4,481,440 3,623,085 7,353.332 3,025,597
Pacific Coast
3,063.945 2,306,144 529.617 153.081
58,768
6.335
All other
16,338,593 9,723,582 2.884,647 937.220 1,816,338. 996,809
FOREIGN WOOL AFLOAT TO THE UNITED STATES
ON SEPT. 30 1923,
BY GRADE.
all quantities In pounds.)
Grads.
Total
Fine
54-blood
34-blood
34-blood
Lincoln
Carpet
Grade not stated
Total.
Grease,
Scoured.
Pulled.
3,439.549
150,180
192,239
195,091
587.758
229.084
2,105.217
2,805,324
101.267
171.000
64,672
475,769
191,699
1,800,917
465,925
48,893
21.239
130,419
91.989
37,385
136,000
168,300
168.300
Price of Milk Reduced by New York Dairymen.
Announcement was made on Nov. 8 by the Dairymen's
League Co-operative Association, Inc., that the Board of
Directors in a special session reduced the producers' base
price for fluid milk(3% butter fat)from $3 45 per 100 pounds
to 82 80 per 100 pounds, effective Monday Nov. 12. The
End of
Oct. 1
Oct. I
1920.
1922.
1923.
Building trades:
Bricklayers (hourly)
27.5d.
19.7d.
I8.8d.
Carpenters
27.4d.
10.74.
18.8d.
Plasterers
27.44.
19.8d.
18.0<1.
Shipbuilding:
Shipwrights (weekly)
58s. 7d.
48s. 7d.
91s. 3d.
Joiners (weekly)
101s.
60e. 5d.
508. 5d.
Platers (weekly)
57s. 7d.
47s. 7d.
908.
Rivetters (weekly)
87s. 2d.
55s.
484.
Printing, &c.:
Hand compositors (weekly)
80e. 6d.
73s. fki.
93s. 5d.
Bookbinders(weekly
93s. 4d.
80s. lid.
73s. 1d.
Furniture Manufactu
:
Cabinet makers (weekly)
102s. Id.
775. lid.
72s. 6d.
Upholsterers1015.Id.
77s. 8d.
72s. 5d.
Baking: Table hands (weekly)
66s. 8d.
825. Ild.
63.s. 1d.
* A shilling normally equals 24.3 cents
-l2 pence to 1 shilling.
The following information is also announced:
Wage rates prevailing at Oct. 1 of the present year were, however, conflicterably above the rates paid in 1914. The rates in the building trades, above
referred to, were from 90% to 94% above pre-war rates; in the shipbuilding trades they were 18 to 26% above pre-war rates; printing, 107 to 117%
higher; furniture making 82 to 87% up, and in baking, 111% above prewar wages.
Other figures are given indicating that in terms of food purchasing power
British wages (as of Aug. 1) exceeded those of various European countries.
Assuming the average of London wages in the above trades (shipbuilding excepted) to be 100 in food purchasing power the comparative figures show
an average of 57 for Brussels, 94 for Christiania (Norway), 66 for Madrid
(Spain), 86 for Paris, 77 for Prague (Czechoslovakia), 88 for Stockholm
(Sweden), and 100 for Amsterdam.
Comparative figures for the United States are not given, but the average
for Ottawa (Canada) on the above basis was 183, indicating a much higher
food purchasing power of wages in Canada than in Great Britain.
Nashua Cotton Manufacturing Co. Curtails Operations
in Sheeting Mills.
Due to its inability to get satisfactory prices for its goods,
the Nashua Manufacturing Co. of Boston has curtailed
operations in its Jackson sheeting mill to three days a week.
The curtailment became effective on Nov. 15.
THE CHRONTCLE
Nov.171923.]
Virginia Cotton Mills Cut Hours.
According to a Danville (Va.) dispatch Nov. 14, officials
of the Riverside and Dan River Cotton Mills announced
that, beginning Nov. 15, production in the line of coarser
goods would be indefinitely curtailed to a half-time work
basis. Unfavorable market conditions were given as the
cause, says the dispatch to the New York "Times," which
adds that it was not announced how many of the 5,000
operatives would be affected.
•
2163
The employers are to make their decision when the matter
comes up next Wednesday (Nov. 21) before the board of
governors of the Building Trades Employers' Association.
Some of them are said to be willing to grant an increase of
50 cents a day and arrange an arbitration of the difference.
Others are for making a stand against the union demands,
which they say would add $25,000,000 to New York City's
annual building costs.
Paper Price Unchanged at $75 a Ton for First Six
Months of 1924.
Mechanics in New York Building Trades Ask
The International Paper Co. has fixed a price of $75 a ton
Wage Increase.
for newsprint to be delivered under contract during the first
An increase of $1 a day for the 100,000 members of the half of 1924. This price, it is pointed out in the New York
Building Trades Council has been demanded of their em- "Times," is unchanged from that which has been in force
ployers, it was announced on Nov. 14 by Roswell D. Tomp- during this year. The paper quoted says:
kins, Secretary-Treasurer of the organization. The various
The company last spring announced an increase in wages, but despite
trades in the Association are asking that they receive $11 a this the price of paper remained unchanged. Philip T. Dodge. President
of the company, at the time announced that the company hoped to offset
day instead of the present $9 in basic wage and $1 bonus, the increased wages by larger production and increased efficiency and that
and that they be given a two-year contract beginning Jan. 1. the company would continue to sell its output at the lowest price possible.
r
Current Events and Discussions
The Week with the Federal Reserve Banks.
A further reduction of $26,300,000 in holdings of discounted
bills, as against an increase of $20,400,000 in acceptances
purchased in open market, together with an increase of
$14,100,000 in cash reserves and a decline of $2,500,000 in
Federal Reserve note circulation, are shown in the Federal
Reserve Board's weekly consolidated statement of condition
of the Federal Reserve banks at close of business on Nov. 14
1923, and which deals with the results for the twelve Federal
Reserve banks combined. Member banks' reserve deposits
increased by $48,500,000 and Government deposits by
$26,400,000, more than offsetting the reduction of $49,300,000 in deposit liabilities reported the week preceding. The
reserve, ratio declined from 76.5 to 75.6%. After noting
these facts the Federal Reserve Board proceeds as follows:
The Federal Reserve Bank of Chicago reports the largest reduction in
holdings of discounted bills, $22,800.000; New York and San Francisco show
declines of $12,100.000 and $8,900,000, respectively, while Richmond,
Atlanta, Kansas City and Dallas report an aggregate reduction of $7,500,000. Increases of $14,000,000 and $4,000,000, respectively, are shown for
Boston and Philadelphia, and a total increase of 87,000,000 for the three
remaining banks. Paper secured by U.S. Government obligations declined
by $4,100,000 during the week, to $373,500,000. Of the total held on
Nov. 14, 8238.500,000 was secured by Liberty and other U. S. bonds,
$119,400,000 by Treasury notes,and $15,600,000 by certificates ofindebtedness.
Federal Reserve note circulation increased by $4,700,000 at the Cleveland
Bank, $4.200.000 at Philadelphia, $2,500,000 at Kansas City, and 85.200,000 at five other banks. These increases were, however, more than offset
by declines of $11,700,000 reported by New York. $3.700,000 by Chicago,
$3,100,000 by Boston, and $700.000 by Dallas.
A further increase of $11,100,000 in gold reserves is reported for the week.
Tho Federal Reserve Bank of Chicago shows an increase of $26,300,000,
San Francisco an increase of $11,700,000, and Atlanta an increase of
$7,100.000. The banks at New York, Boston and Philadelphia report
reductions of $20,400.000, $16,600,000 and $9,400,000, respectively.
for these member banks are always a week behind those for
the Reserve banks themselves. All classes of loans show
reductions from last week's figures: Loans secured by U. S.
Government obligations by about $4,000,000, loans secured
by corporate stocks and bonds by $7,000,000 and all other,
largely conunereial, loans and discounts, $12,000,000.
Investments of all reporting banks show a decline of $32,000,000,-of which $9,000,000 was in U. S. Government securities
and $23,000,000 in "other bonds, stocks and securities."
Total loans and discounts of member banks in New York
City show a reduction of $40,000,000; loans on corporate
securities by $24,000,000, and "all other," largely commercial, loans and discounts, by $17,000,000, while loans on
U. S. Government securities show a nominal increase.
Investments of these banks decreased, by $18,000,000, the
larger decrease of $21,000,000 in corporate stocks and bonds
being partly offset by a small increase in United States
securities. Further comment regarding the changes shown
by these member banks is as follows:
Net demand deposits of all reporting members declined by $29,000,000.
For the banks in the New York District, a decline of $41,000,000 is shown:
for the San Francisco District, $16,000,000; for the Boston District, $11,000,000, and for the Cleveland District,$10,000,000. The largest increases
of 817.000.000 and 816.000,000. respectively, are reported by the Cnicago
and Philadelphia districts. The Richmond District reports an increase of
$9,000,000, and the Atlanta District an increase of 87,000,000. Time
deposits of all member banks increased by 82.000,000, while U. S. Government deposits decreased by $2,000,000.
Reserve balances of all member banks show a reduction of $30,000,000.
and cash In vault an increase of $22.000,000. Member banks in New York
City show a reduction of $44,000,000 in reserve balances and an increase
of $8,000.000 in cash.
Borrowings of all reporting institutions from the Federal Reserve banks
decreased from $593,000.000 to $539,000,000. or from 3.6 to 3.3% of their
total loans and investments. For the New York City banks a decline from
8130.000.000 to 8104,000.000 in borrowings from the local Reserve bank
and from 2.5 to 2% in the ratio of these borrowings to total loans and
Investments is noted.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on sussequent pages, namely, pages 2192 and 2193. A sumOn a subsequent page—that is, on page 2193—we give
mary of changes in the principal assets and liabilities of the
the figures in full contained in this latest weekly return of the
Reserve banks, as compared with a week and a year ago,
member banks of the Reserve System. In the following is
follows:
Increase(+) or Decrease(—) furnished a summary of the chahges in the principal items of
assets and liabilities as compared with a week and a year ago:
Since
Nov. 7 1923.
Total reserves
+814,100.000
Gold reserves
+11,100,000
Total earning assets
—5,900,000
Discounted bills. total
—26.300,000
Secured by U.S. Government obligations —4,100,000
Other bills discounted
—22,200.000
Purchased bills
+20.400.000
United States securities, total
Bonds and notes
+3.200,000
U. S. Certificates of indebtedness
—3,200,000
Total deposits
+73,000.000
Members' reserve deposits
+48,500,000
Government deposits
+26.400.000
Other deposits
—1.900,000
Federal Reserve notes in circulation
—2.500,000
Nov. 15 1922.
Increase (+) or Decrease (—)
Since
+$4,600,000
+60.200.000
Oci. 31 1923.
Nov. 8 1922.
—$23.000,000 +$656.000.000
—89,200,000 Loans and discounts—total
U.S. Government obligations. —4.000.000
+138,300,000
Secured by
—58.000.000
Secured by stocks and bonds
+43.300.000
—7.000,000
—7,000.000
+95,000,000
All other
—12,000,000
+721.000,000
+7.600,000 Investments, total
—32.000,000
—27,000.000
U. S. bonds
—235.400.000
+3.000.000 —104,000,000
—93,100,000
U. S. Treasury notes
—7.000,000
+174.000,000
U.8. Certificates of Indebtedness
—142.300,000
—5.000.000
—23.000,000
Other bonds, stocks and securities
+42,900,000
—23,000.000
—74.000,000
+53,700,000 Reserve balances with F. R.banks
—12.000,000
—30,000.000
vault
—13,300,000 Cash in
—11,000,000
+22.000.000
+1.500,000 Government deposits
—2,000.000 —104.000,000
—4,000,000
—58,200,000 Net demand deposits
—29.000.000
+386.000,000
Time deposits
+2.000,000
accommodation at F. R.banks
Total
—54,000,000
+143.000,000
The Week With the Member Banks of the Federal
Reserve System.
Aggregate reductions of $55,000,000 in loans and investments of $29,000,000 in net demand deposits and of $54,000,000 in accommodation at the Federal Reserve banks
are shown in the Federal Reserve Board's weekly consolidated statement of condition on Nov.7 of about 767 member
banks in leading cities. It should be noted that the figures
•
Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and Agents. The figures this time
2164
THE CHRONICLE
are for Nov. 1. They show that the money in circulation
at that date (including, of course, what is held in bank
vaults) was $4,835,252,947, as against $4,570,280,827 at the
corresponding date of the previous year, but comparing with
$5,628,427,732 on Nov. 1 1920. Just before the outbreak
of the European war, that is, on July 1 1914, the total was
only $3,402,115,427. The following is the statement:
I..
. .
NION
N
0
M
,
00.- ..-.
005-0'40
0
1.
‘
".
CI
"
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"I.
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.
.
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.
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us 8
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us
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dtt. 00
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a
o
.
o
.
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a
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.
2.3,
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.
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the
a Includes United States paper currency in circulation in foreign countries and
A-amount held by the Cuban agencies of the Federal Reserve banks.
b Does not include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
trust against
c These amounts are not included in the total, since the money held in
Treasury notes of 1890 is included under gold coin
gold and silver certificates and
standard silver dollars. respectively.
and bullion and
Treas
d The amount of money held in trust against gold and silver certificates and total
ury notes of 1890 should be deducted from this total before combining it with
money outside of the Treasury to arrive at the stock of money in the United States.
e This total includes 518,563.026 of notes in process of redemption, $177,384,445
of gold deposited for redemption of Federal Reserve notes, $15,272.155 deposited
for.redemption pi national bank notes. $14,710 deposited for retirement of additional circulation (Act of May 30 1908), and 88,802,038 deposited as a reserve against
postal savings deposits.
.1 Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
Nate.—Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption: silver certificates are secured dollar for dollar by standard sliver
dollars held In the Treasury for their redemption; United States notes are secured
by a gold reserve of 8152,979.025 83 held in the Treasury. This reserve fund may
also be used for the redemption of Treasury notes of 1890, which are also secured
.dollar for dollar by standard silver dollars held in the Treasury. Federal Reserve
,notes are obligations of the United States and a first lien on all the assets of the issuing
Federal Reserve bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold or of gold and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act. Federal
Reserve banks must maintain a gold reserve of at least 40%, including the gold re.demption fund which must be deposited with the United States Treasurer against
Federal Reserve notes in actual circulation. Federal Reserve bank notes and nalion& bank notes are secured by United States Government obligations, and a 5%
:fund for their redemption is required to be maintained with the Treasurer of the
United states in gold or lawful money.
British Labor Party's Position Toward Capital Tax
Levy Unchanged.
MacDonald, the Labor Party's leader in the
Ramsay
British House of Commons, in the course of an interview
on Nov. 15 denied that Labor had dropped the capital levy,
Serbian Debt Mission to United States.
A cablegram to the daily papers Nov. 9 said:
With regard thereto, Washington press dispatches the
same date stated:
The Government has appointed the Corr mi•sion which will go to the
United States to determine the amount of Yugoslavia's war debt to America.
I ress dispatches from Belgrade to-day gave the Treasury its first news
that the Yugoslav Government had selected a Commission to discuss the
funding of its debt to the United States. Officials previously had received
Intimations that such a move was under consideration.
The Yugoslav Commission is the first to be sent to Washington by any
of the debtor nations since settlement of the British and Finnish debts
last summer.
New Currency in Dantzig and Hamburg.
The weekly circular of Samuel Montagu & Co., of London,
under date of Oct. 31 says:
0
" ''
The evolution of Continental currencies from a purely paper to a more
enduring basis is being attempted in Dantzig and Hamburg. In both
.4
I.:
r:
030i
-0
-, 6
.
.0 ..1
cases assistance to the desired end is being afforded In London:in the former
ca.
case by a sterling loan, in the latter by the association of a London firm
g
AMC.N..c2
....I...C.000
of bankers in the management of the Bank to be charged with the venture.
VNIOIC-C-0
..
t 0.-.00,0
.-.0
.C- 2
C1 0.
-.. .
1 t-00001N
.
,
-. u csi.m. co .11 In Dantzlg, new gulden notes are to be issued by a temporary bank under
--. .v. .- - - _,,
.
,..
11
A8.1 the name of Danziger Central Kassenactiengesellschaft, which is to be
6°-.
0,2 c ,2 wcww..
.
SS M.NO liquidated, when the State issue bank is in a position to provide a State
m C..
.C140000
.00.
C.020.
l
1.-.0mc- it-l s currency. These gulden are to be issued solely against actual payments
...IVO
1SNMA
C..
...0 V
000002.
of sterling in cash or bank cheques on London; thus giving full cover in
N
...
Z....
sterling, and in effect making the pound sterling current in Dantzig, though
under the designation of 25 gulden to the pounl. In Hamburg gold mark
g .0000
:
bonds of small denominations are tobe issued (under the auspices of most
=,•A
of the leading industrial, insurance, and shipping firms in Hamburg toNag Vi;,140z2
gether with the Chamber of Commerce in that city) by a new bank termed
stttag
the Hamburg Bank, 1923, which will possess a guarantee fund of five
million gold marks.
Co
0
0
•
o
.P.
cs..
o
France Pays Interest on Debt.
A Washington dispatch Nov. 9, published in "Daily
Financial America," said:
Official announcement was made at the Treasury to-day that the French
Government had made a semi-annual installment payment of interest on
its obligations to this Government, growing out of the purchase of surplus
war materials. The payment was made at the Federal Reserve Bank at
New York through the French Fiscal Agent in this country.
8,794,881,012
.4
.
0
234.081,616 6.116,567,063
260,331,150 5,789,293,932
350,626,530,6.616.390,721
105,219,41615.053,910,830
186.273,44413,402,015,427
90.817.762 816.266.721
AR
Other
Money
440i
CO .
Held for
Federal
Reserve
Ranks
and
Agents.
MONEY HELD IN PliR TREASURY.
V
N
40.
".
M
0
0
152,979,026 2,268,340,442
152,979,026 2,236,057,515
152,979,026 1,206,341,990'
152,979,026
150,000,000
100.000,000
Total.
4040
M
0
".
0
r...
0.0
...00=0 .
1..1
. .
.
t ..0.0.0.0
0
.
.
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O N. W
q
W
.*
00000
,MWOCM
'40.
0
0
VI
.1
.°..0 0
v000.4.V
0
43,908,059.426 1,252,658,342
43.660,901,035 1,011,533,344
42,406,801,772 696,854,226
42,942,998,527 2,684.800.085
41,843,452,323 1,507,178,879
4212,420,402
21,602,640
Held by
Federal
Reserve
MONEY OUTSIDE OF THE TREASURY.
.
.
0 .01 ..0
.00....)
...".
.0
0MaM
MMNO
4
"P...1.1.C1
0010.
A
stating, according to the Associated press advices from London:
We stand in relation to the capital levy precisely where we stood at the
last election. The Labor Party believes the levy should be put into operation once, and once only, for the direct purpose of debt reduction.
It is a thing which could not be repeated, and we have never advocated
It for meeting current expenses.
As we have always said,it would not be levied by us until the most expert
advice regarding the methods to be adopted had been received and considered, but we have not dropped it. There is no change In our attitude
regarding it.
- •
aa - con.
O.
0100.0c
.4.
5.1.0.q.T.1--tqc Great Britain to Pay Dec. 15 Installment on War Debt
-.L.....
...co,
v.
to United States in Liberty Bonds.
4044040C
040NN
v40v0"vI.40
N
Rcti- a. 40 ni
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[Vol,. 117.
Indian Government Gold Operations.
The New York News Bureau reported the following cablegram from the Central News, London, under date of the
15th inst.:
The Government of India announces a transfer of £2,000.000 gold from
the Indian paper reserve, against a transfer to the reserve of a similar
amount of sterling securities. The operation is connected with a proposal
to operate in gold on weekly installments. The gold will be obtained in
London for delivery to the Calcutta and Bombay mints,
•
Countrywide Response to Mercurbank Stock
Offering.
Hallgarten & Co. and E. F. Hutton & Co., underwriting
bankers of the 100,000 American shares of the Mercurbank
Austria issue, announced this week that subscriptions to the
bank stock have been received from all over the country.
Foreign-born investors in this country as well as Americans
are represented, attracted by the economic recovery of Austria in the past few years. The Mercurbank, established in
Vienna in 1887, has a number of offices in that city and
branches in other Austrian cities. It also has interests in
a large number of banks in Hungary, Poland, Czechoslovakia
and Rumania. This widespread banking representation in
Central Europe appeals to investors in the United States
who migrated from these countries. The offering by Hallgarten & Co. and Hutton & Co. was referred to by us last
week, page 2049.
Nov.17 1923.1
2165
THE CHRONICLE
Omaha, Neb., reaffirming its faith in "orderly marketingof crops and in the efficacy of the co-operative marketing
idea," with the provision that "organizations employing
this idea be conducted on sound economic principles."
According to the Omaha "Bee," opponents of co-operative
marketing, led by R. D. Sneath of Tiffin, Ohio, member
of the Commission for the Fourth Federal Reserve District,
cast their votes for the resolution with the statement that it
"neither endorsed nor condemned the practical principle of
co-operative marketing," after-Mr. Sneath's plea that the
Commission go on record against the co-operative plan failed
to find support. The resolution, similar in text with one on
the same subject adopted at the meeting of the State Bank
Anton Jurgens of Germany to Redeem Preferred Stock. Division of the American Bankers.Association at the recent
According to information received by the foreign depart- Atlantic City convention, follows:
ment of Moody's Investors' Service, and made public
We affirm our faith in the wisdom of orderly marketing of crops and to
organizaNov. 9, the Anton Jurgens Margarine Works of Germany the efficacy of the co-operative marketing idea, provided thatprinciples.
ecnomic
idea are conducted on
employing
have called for redemption the entire outstanding amount of tionsbelieve that this ultimate success of any sond organization will be
such
the
We
preference shares of 200,000,000 =irks. Holders are offered great or small, depending on the sound business judgment of the men
in exchange for each 10,000 marks par value of preferred who control its affairs and upon the complete divorce of any element of
stock one $5 par value bond of the German Government speculation.
The "Bee" also says:
Dollar Treasury Obligations, Holders who do not take
Test Plan First.
advantage of this offer will receive for each share of preferred
Both sides in the controversy came together upon the resolution after
stock 115% of its par value in accordance with the provisions
an argument in which Mr. Sneath urged condemnation of the co-operative
relative to this class of stock.
principle, while P. B. Doty of Beaumont. Texas, member for the Eleventh
Republic of Columbia Begins Monthly Payments on
Notes under Loan Contract of 1923.
The Republic of Colombia has begun its monthly payments under the loan contract on the $5,000,000 fiveyear 463i% gold notes of 1922, the payments for October
and November having already been receive by Blair & Co.,
the fiscal agents. The fiscal agents hold Customs House
drafts payable $125,000 monthly from October 1923 to
September 1927. The proceeds of the drafts may be used
at the option of the Government for the purchase or redemption of the notes, and purchases have already begun.
Offering of Bonds of Chicago Joint Stock Land
Bank.
Kissel, Kinnicutt & Co., of New York and Chicago, and
Janney & Co., of Philadelphia, announced on Nov. 16 an
offering of $2,000,000 5%farm loan bonds (Illinois and Iowa)
of the Chicago Joint Stock Land Bank,at 101% and interest,
to yield over 4.77% to 1933 and 5% thereafter. The bonds,
issued under the Federal Farm Loan Act, are dated Nov. 1
1923, will mature Nov. 1 1963, and are redeemable at the
option of the bank at par and accrued interest, on Nov. 1
1933, or on any interest date thereafter. In coupon form of
$1,000 and $10,000 denomination, the bonds are fully registerable and interchangeable. Principal and semi-annual interest (May 1 and Nov. 1) are payable at the bank of issue
or at the Continental & Commercial National Bank in Chicago, or at the Chatham & Phenix National Bank of the City
of Now York, at the holder's option. The bonds are exempt
from all Federal, State, municipal and local taxation, except
inheritance taxes. This exemption was confirmed by the
United States Supreme Court in its decision of Feb. 28 1921.
Thus the bonds are as completely tax-exempt as the first
Bonds. The consolidated balance sheet
Liberty Loan 3
as at Oct. 31 1923, as certified by the President, is given as
follows in the offering circular:
Assets—
Gross loans secured by first mortgages on
farm lands
552.002,575 00
Less. Amortization payments received on
principal
1,087,351 20
Net mortgage loans
'Investments.
United States Liberty Bonds at par
Joint Stock Land Bank Bonds at par, less
amount held on re-purchase agreement.
Accounts receivable
Accrued interest.
On first mortgage loans
On investments
Cash on hand and in banks
Furniture and fixtures
Premium on bonds purchased
150,915,223 80
$234,700 00
384,731 00
619,431 00
104,361 77
51.482,530 12
32,070 09
1,614,60021
1,270.402 79
18,609 82
1,617 58
554.444,246 97
Liabilities—
Capital Stock, issued and outstanding
Reserves and undivided. profits
Reserve for unearned interest
Farm Loan Bonds, issued and outstanding
Bills payable
Due borrowers
Accrued interest on bonds outstanding
Coupons duo, not presented for payment
November installments paid in advance
$3,250,000 00
753.820 95
6,705 14
48,600,000 00
200.000 00
47.860 80
1,205,625 00
18,488 75
361.746 33
154,444.246 97
I hereby certify that the above statement is correct. Guy Huston.
President.
Note.—On the basis of actual sales of land on which the above mortgages
have been issued the average sale per acre has been $225, whereas the
average amount loaned per acre has been $80 24, or less than 35.66% of
the actual sale price.
The bonds are offered when, as and if issued and received,
delivery is expected about Nov. 23. In our issue of Nov.3,
page 1958, we published an item indicating the value of
farm and live stock products in the territory in which the
Chicago Joint Stock Land Bank operates.
Agricultural Commission of A. B. A. at Omaha Adopts
Resolution Endorsing Co-Operative Marketing
Movement.
On Oct. 29 the Agricultural Commission of the American
Bankers Asseeiation un4nimogsly adopted a resolution at
District, led the forces in favor of endorsement, and Frank J. Wikoff
of Oklahoma City, member for the Tenth District, urged that the body
"neither endorse nor condemn a principle not yet thoroughly tested. and
which may lead to disaster."
Most of the supporters of co-operative marketing were from southern•
States and pictured its success in the marketing of cotton, rice and other
Southern crops. W. D. Dodson, Dean of the College of Agriculture of
the University of Louisiana at Baton Rouge, declared that co-operative
rice marketing associations in his district had succeeded and that themarketing of cotton, potatoes, and strawberries might succeed under good
business management. Sugar marketing, he said, was a more difficult
problem.
Mr. Sneath answered that he was "absolutely opposed." to co-operativemarketing, and declared that 33% of the business men of the United
States are middlemen. We can't get along without them.
No Good for Grain.
"You can't market grain on the co-operative principle," he declared.
"It takes experienced men to handle grain. From 50 to 100 elevatorsin my part of the country have been 'run out' by farmer's co-operativesthat have failed or will fail because their executives are not business men."
Mr. Wikoff, who opposed any commitment of the Commission on the
matter, said in answer to statements by Dean Dodson and Mr. Doty,
praising the results of co-operation, that "small and restricted groups
may benefit from co-operative marketing, but I seriously doubt the success
of marketing co-operatively a commodity like wheat, which is raised
around the glove."
"Cotton," he declared, "has in every year in the history of co-operatives
gone around the year on a rising market. Co-operative marketing has
yet to be tested in a case such as would arise if cotton went around the
year on a declining market, with some perpendicular drops. It may
end in disaster."
Payments are Delayed.
Mr. Wikoff and R. F. McNally of St. Louis, members for the Eighth
District, declared that the country banker, who finances the crop from
the initial end, and who through regular marketing channels gets his
money in October or November, has to wait until the next spring under
the co-operative plan.
Dean Dodson and Mr. Doty were supported in their argument for
endorsement by J. E. Cox of High Point, No. Caro., who reported successful dealings with cotton growers' co-operatives; and by President W.M.
Jardine of Kansas Agricultural College at Manhattan, who pointed out
that California eggs, marketed through a co-operative association, commanded a premium on the New York market, and that cotton growers
,
were getting as much as $5 a hale more for cotton marketed through pools
than for that sold outside a pool.
The Commission spent the day planning closer Hawn with the farmerthrough co-operation with the extension departments of State collegesand universities, and through a series of meeting in every State with
country bankers and agricultural leaders.
During the visit of the Agricultural Commission of the
American Bankers Association to the College of Agriculture
at Lincoln, Neb., on Oct. 30, promises were made to the.
College that "as soon as the Agricultural Committee of the
Nebraska Bankers Association can be properly organized, it
will get in touch with the College of Agriculture with a view
to getting tangible results." This is learned from the Omaha
"Bee," which also said in part:
The Commission, which arrived this morning at Lincoln, was shown the
work the college is doing for the farmers of Nebraska and listened to suggestions by executives of the various departments, made with the view to
getting bankers and farmers in co-operation.
The primary object of the visit was to acquaint bankers of the country
with the work and purpose of agricultural colleges, that they may be able
to work in co-operation with them to get to farmers the results of their
experiments and research.
Following the mectinz, the Chairman of the Commission, R. I). Sneath,
declared, "I am sure that we have all benefited from our visit to the agricultural college and that some real good will come from it. We are deeply
indebted to both the college and bankers of Lincoln, who arranged the
visit, for the courtesy that has been shown us. With bankers and agricultural colleges working together, we can not only gain a deeper knowledge
of the problems of the farmer, but do our share in solving them."
Dean Burnett, at a meeting held after the tour of inspection, outlined
to the bankers the activities to which the college will devote the greater
part of its facilities and assured them that nothing was being planned that
was not sound and practical.
2166
•
'THE CHRONICLE
According to Dean Burnett, -the question of hog sanitation will have the
centre of interest, since proper sanitation means the saving of millions of
f
dollars to the farmers of Nebraska. Second on the program is the development of dairy cattle, now owned by the farmers of the State, and the
weeding out of cattle that are not showing,a profit.
Plan Increased Yields.
Farmers will also be advised to devote greater acreage to the growing
ofieguminons crops, and in this connection Dean Burnett pointed out that
7.000,000 acres were being given to corn and kafir corn in Nebraska
and
only 1,000.000 to legumes, which he declared to be an imporper balance.
Farmers, he said, would not only make a good profit from growing legumes,
but corn yields would be increased 25% when the land was later given
to
corn.
Replying to Dean Burnett, the President of the Nebraska Bankers
Association, C. A. Minnick said if bankers of Nebraska could be organized
into county associations, he believed that, through occasional meetings,
they could inspire the whole county. To this it was objected that
more
salutary results might be achieved by bankers joining farmer organizations,
since farmers might resent advice given by organizations composed wholly
of bankers.
Iowa Warehouse Receipts Considered Acceptable for
Loans by Federal Intermediate Credit
Bank at Omaha.
The decision that warehouse receipts for grain stored on
Iowa farms will be considered as good collateral for loans by
the Federal Intermediate Credit Bank at Omaha was reached
on Oct. 24, when a group of farm leaders met with D. P.
Hogan and other officials of the new institution at Omaha.
This information comes from the Omaha "Bee," from which
we also quote the following:
A similar warehouse law which exists in Nebraska, but which has never
been put to use, was also discussed. 0. B. Steward. Secretary of the
Nebraska Farm Bureau Federation, explained this measure. While it was regarded favorably, no action was taken because of the feeling that the
Nebraska agricultural authorities at Lincoln had made no provision to supervise the farm warehouses.
Great encouragement will be given the wheat farmers of this section to
hold their crops off the market if they can obtain warehouse receipts that
are recognized as valid for borrowing purposes.
The Iowa and Nebraska warehouse laws permit the farmer to store his
crops in his own cribs, with inspection and sealing by a county deputy under
the supervision of the Department of Agriculture. Warehouse certificates
would be accepted as collateral for loans to be made through the Federal
Intermediate Credit Bank of Omaha. The general sentiment was in favor
of the warehouse law.
Many out-of-town bankers and others interested in financing the farmer
attended. Among them were Secretary R. W. Cassady of the Iowa Department of Agriculture; Robert Leach, Iowa Banking Commissioner;
Ralph Foster, his deputy; M. L. Corey, of Washington. D. C., and a member of the Federal Farm Loan Board. President C. W. Andrew of the
Iowa Credit Corporation, and R. K.Bliss, extension director at Ames, also
attended.
The Intermediate Credit Act and other legislative measures were likewise discussed. Loans now made on cattle total close
to S1,000,000, and
the grain decision is expected to increase the demand for rediscounts from
country banks tremendously. The Intermediate Credit Bank has 855.000,000 to lend.
Loans are for six months, with privilege of
renewal. at 7% interest.
[Vol,. 117.
course in agricultural economics, Dr. Taylor recommended
thorough courses in economic geography, agricultural history, and in farm analysis and organization. He said there
is a pressing need in agriculture for properly trained men
along these lines.
Secretary of Agriculture Wallace on Intermediate
Credit and State Laws.
Pointing out that "in a few States farmers will not be able
to take full advantage of the intermediate credits provided
by Congress in the Agricultural Credits Act of 1923, at its
last session, until their State laws are amended," Secretary
of Agriculture Wallace has urged that amendments to the
laws in such States be sought in order that such credits may
be availed of. Mr. Wallace says:
Under the Federal Act individual farmers may secure credit by using either
local banks or their own co-operative credit associations, organized under
State laws, but these State laws must authorize the formation of such associations and give them the necessary financial power. Unless this is done,
the full benefit of the Federal Act can not be obtained.
Officers of farm organizations should at once have an examination made
of their respective State laws and If they find them deficient, should secure
amendments at the first meeting of the State Legislature. In many States
the laws are already broad enough, but in a few States special action will be
necessary.
Minnesota, for example, he points out, has a law specifically authorizing the formation of agricultural credit corporations. This measure was enacted at the 1923 session of
the Minnesota Legislature, and authorizes the incorporation of credit associations with power to make loans to their
members on the security of staple agricultural products and
to discount the paper of their members. Laws passed in
North Dakota and South Dakota likewise authorize co-operative associations to finance their members on terms enabling
the associations to rediscount farmers' paper with the Intermediate Credit banks. Specific legislation of this character, say officials of the Department of Agriculture, places
farmers in a 'position to take advantage of all the credit
facilities provided by the Federal Intermediate Credits Act.
In addition it is announced:
Favorable legislation exists in a number of other States. Thus Wisconsin has a law permitting the formation of co-operative credit associations
with unlimited capital stock and no limitation on the amount of Indebtedness they may assume. Similar laws giving co-operative marketing associations borrowing and loaning powers exist in Idaho, Wyoming and Montana. In Colorado and California laws have been enacted permitting the
formation of co-operative associations with general business powers. It
is thought the laws of these two States might confer loaning and borrowing
powers by nece.ssary implication.
Arizona has a co-operative marketing Act which imposes no limitations
on the indebtedness which co-operative associations may carry, and so has
Missouri. The laws of Michigan contain no specific provision for the
formation of agricultural credit corporations, but the general corporation
laws of that State are considered broad enough to permit the formation of
H. C. Taylor, of Department of Commerce, Urges farmers' credit corporations with ample powers to utilize the facilities of
the Intermediate Credit banks. It is thought the general corporation
Sound Economics as Basis Farm Program.
laws of Nebraska and Nevada might be similarly construed. An express
Practical application of economic studies to current agri- statutory provision conferring the necessary corporate powers, however.
would be a more desirable form of legislation.
cultural problems was emphasized by Dr. H. C. Taylor,
On the other hand the laws of Iowa and of Oregon seem to preclude
Chief of the Bureau of Agricultural Economics, United agricultural co-operative associations from borrowing for their members
States Department of Agriculture, as a pressing need of from the Intermediate Credit banks. There is an Act of the 39th Iowa
General Assembly (1921) authorizing the formation of co-operative marketAmerican agriculture, in addressing the Thirty-Seventh ing associations on a non-stock basis, but the measure does not empower
Annual Convention of the Association of Land Grant such associations to extend credit to its members. Moreover, it limits the
amount of Indebtedness such associations may assume to two-thirds of the
Colleges, at Chicago on Nov. 13. Dr. Taylor said:
amount of their capital stock. Iowa farmers are thus at a disadvantage in
The type of economic discussion which shows that the present distressed the matter of obtaining intermediate credit through their own local cofinancial condition of the farmers is due to certain well-defined economic operative agencies. Oregon has a general co-operative law but it
gives coforces, but which prescribes no remedy, will not find a permanent place in operative associations no specific power to borrow money or make loans to
our agricultural colleges. There is only one thing worse than a passive members, and there is no language in the statute from which such power
attitude on the part of economists and that is political gestures by those might be implied. Probably other States are in the same position.
who have no serious intention of helping farmers but who would secure a
Borrowing by individual farmers directly from the Intermediate Credit
following by prescribing ineffective remedies.
banks is not permitted under the Federal Agricultural Credits Act. because
Economic studies that are worth while look toward intelligent programs the cost ofsetting up machinery for such dealing would be heavy and would
of action. They should lead to a practical and profitable program for the necessarily be felt In higher interest rates. It is pointed out, however, that
Individual farmer. An understanding of economic forces and adequate the measure fails of its full effect where intermediate credit does not get
• up-to-date information regarding economic facts, which should be provided down to the individual farmer. It can get there in many cases through the
constantly by public sources, give the basis for working out programs by commercial banks. Where existing facilities are adequate for supplying
each farmer and for making intelligent adjustments of farming operations farmers with intermediate credit, it is not desirable. say Department ofto changing conditions. Up-to-date Information interpreted in the light ficials, to sot up new credit concerns that Will duplicate old ones.
They
• of basic economic principles enable the farmer not only to choose more assert, however, that whore existing facilities are inadequate or where local
wisely what he should produce but also to select more wisely the time, bankers do not avail themselves of the discount facilities of the Intermediate
method and place of marketing his product.
Credit banks, farmers should be free to develop their own special credit
The study of economics should also lead to practical and profitable pro- agencies. State legislation Is required to give them this opportunity begrams of action for groups of farmers. Group action on the part of farmers. cause co-operative agencies usually operate under State charters.
made effective through well-organized co-operative institutions, is making
Whatever is done in the way of co-operative marketing, it is declared
great progress to-day. Ultimate success depends in large measure upon farmers should get themselves In a position to take full advantage of the
not only the intelligence and honesty of purpose of the leaders but also upon Agricultural Credits Act, co-operative marketing requires intermediate
the understanding which the rank and file in the organization bring to credit for members of co-operative associations individually, as well as for
the associations in their corporate capacity, because frequently ownership
bear upon the problems these organizations are attempting to solve.
Economic investigations should also form the foundation of programs for of the commodities marketed remains with the individual producer until
State and Federal economic legislation affecting farmers. One way to the goods are finally sold. Co-operative associations are therefore greatly
eliminate radical economic programs and radical leadership and to improve helped when they can discount tho notes of their members, and make
the quality of the agricultural statesmanship of this country is for the advances to them pending a final accounting when the marketing Is done.
It is also noted that intermediate credit given to in livilual farmers.
economists to take an active and leading part in developing sane programs
through financial agencies, enables them to utilize the improved storage
of action that will get results.
Dr. Taylor then outlined a series of courses for agricultural facilities placed at their disposal under the Fe feral Warehouse Licensing
Act. This Act and the Intermediate Credit system
college students calculated to train students to discern eco- their functions. The Warehouse law provides for theare complementary in
licensing and bonding
nomic facts and their inter-relationship, and then to reason of public warehouses so that receipts issued against products stored therein
these basic facts and forces to proper con- will be good collateral for loans. Federal warehouse receipts are thus
accurately from
available for tapping the resources of the Intermediate
But
clusions as a _basis of action. Before taking up the general • this end can be achieved only in part in States lacking Credit banks.which
in legislation
Nov.171923.1
THE CHRONICLE
would enable farmers to borrow from the Intermediate Credit institutions
through their own organizations as well as through banks.
John N. Eaton, President of Robert Morris Associates
on Progress of Credit Research by Banks.
The steady progress that is being made in credit research
by the banks of this country, resulting in the safeguarding of
bank loans and the placing of business on a safer and sounder
basis, was described by John N. Eaton, of the Merchants
National Bank of Boston, speaking at the Copley-Plaza
Hotel, Boston, before the fall meeting of the Robert Morris
Associates, yesterday (Nov. 16), as President of that organization. President Eaton pointed out that the,Robert Morris
Associates, with its membership of 530 loaning officers and
credit executives from 365 banks, locatedin 107 cities and
35 States, is leading the way in this forward movement.
Mr. Eaton said:
2167
since the first credit department in the country was organized. and a much
shorter time since credit departments became efficient, and when we bear
in mind that our organization has been in existence for only eight years,
I suppose we should be reasonably pleased with the progress that has
been made. I feel, however, that we have gone only far enough to see our
shortcomings and our possibilities. There is much more work still to be
done. My enthusiastic support of this organization is based on the convicmaking
tion that the loyalty. co-operaticin and the wisdom of its members is
and business
possible steady progress toward the improvement of banking
methods.
Reduction of Capital of Member State Banks of Federal
Reserve System Below Amount Originally Required
for Membership.
The Federal Reserve Board has ruled that "a reductiom
of the capital of a member State bank to an amount less than
that required for the organization of a national bank would
constitute a violation of the conditions of membership imposed upon it by law, when it joined the Federal Reserve
System and would subject it to expulsion from the System."
The Board's ruling is given in full as follows in the November number of its Bulletin:
This organization in its analysis of credit is rendering an invaluable
service, not only to the banks, but also to the business community. In
pointing out what data a bank should have as a basis for loaning, and how
such data should be analyzed and interpreted, it is not only helping the
State Bank Below Amount Originally Required
banks to loan their funds safely but, insofar as this knowledge is placed Reduction of Capital of Member
for Membership.
at the disposal of the business men, it is helping them to direct their affairs
The question has been raised whether a State member bank may reduce
along safe and sound lines whereby they may maintain their credit standing
its capital from $25,000 to $15,000 without loss of membership, provided
at the highest possible level.
with the provisions of the
Previous to twenty-five years ago banks loaned a great deal of money it increases its capital to $25,000 in accordance
Federal Reserve Act, per.
without requiring even financial statements. Our organization has accom- amendment of March 4 1923 to section 9 of the
reduced capitalization under
plished much in improving conditions in this respect, but I venture to say muting State banks to become members with
there are few banks, if any, represented here to-day which are not loaning certain conditions.
The amendment of March 4 1923 to section 9 of the Federal Reserve
substantial amounts to concerns whose figures are so condensed that they
of the Federal Reserve
make proper analysis impossible. Even when complete audits have been Act, permitting State banks to become members
required, does
made, we frequently find cases where a company has its accountant prepare System with a capital equal to 60% of the amount formerly
to reduce their capital
a condensed balance sheet for his bankers containing much less information not authorize banks which are already members
because it relates only
than appears in the balance sheet which accompanies the audit. Usually and remain members of the Federal Reserve System,
they
these are useless in assisting the banker to analyze a company's position, to the admission of banks to membership and not to the capital which
are required to maintain subsequent to their admission.
and many times they are positively misleading.
will depend
The right of a member bank to reduce its capital, therefore,
Leading accountants are glad to have banks receive all the information
which the ethics of their profession will allow. I believe many of them wish upon other provisions of law.
sheet for
Section 9 of' the Federal Reserve Act also pros-ides in part:
they were never called upon to make simply a condensed balance
of this section
the banks. They would prefer that the banks should see the complete
"State banks admitted to membership under authorityrequirements of
result of their work. Unfortunately, though, it is usually the borrower shall be required to comply with the reserve and capital
to those provisions of law imposed on national
and not the accountant who passes the information along to the bank. this Act and to conformrelate to the withdrawal or impairment of their
banks * * * which
Altogether too often the borrower wants the bank to know as little as capital stock."
possible regarding his business. He does not seem to realize that when a
of capital stock
The provisions of law which relate to tho withdrawal
banker knows some unfavorable features regarding his customer and he
section 5204 of the Revised Statutes. In
does not know all the facts, he naturally suspects that there may be other of national banks aro found in
national bank from withdrawing or permitting to
unfavorable things which are not disclosed. In such cases, of course, one is general they prohibit a
of dividends or otherwise any portion of its capital.
especially careful in making loans. When one is sure that he has all the be withdrawn in the form
prohibition a reduction of capital made under
facts, ho is more willing to give favorable consideration to requests for but expressly except from this
This latter section
the provisions of section 5143 of the Revised Statutes.
credit, even though there may be some weak points in the situation.
capital stock in national banks by a two-thirds
of
I cannot help feeling that the banker may be somewhat to blame for this authorizes the reduction
but expressly provides that no reduction of capital
situation. In too many cases the banker does not make it clear to the vote of the shareholders,
amount required for the organization of a national
borrower that his attitude is one of genuine co-operation. Under such may bo made below the
of law is to prohibit a State member
conditions the borrower feels that the bank Is regarding the matter entirely bank. The effect of these provisions
capital except upon a reduction
from its own standpoint and consequently his attitude too frequently shows bank from withdrawing any portion of its
be made which would reduce the calptal
a lack of frankness. The banker, and particularly the loaning officer or of capital, and no reduction may
national bank in the
credit executive, should strive to make the relationship one of mutual con- below the amount required for the organization of a
fidence. This can be promoted best by a study of the customer's needs place in question.
The Board is of the opinion, therefore, that a reduction of the capital
and by absolute frankness in the frequent interchange of opinion. Where
for the organithe banker does his part in promoting such relations there is little hesitation of a member State bank to an amount less than that required
zation of a national bank would constitute a violation of the conditions of
on the part of the borrower in submitting all the facts.
In cases where the customer furnishes the bank with full financial informa- membership imposed upon it by law when it joined the Federal Reserve
tion there are possibilities which we are just beginning to develop, of using System and would subject it to expulsion from the system.
that information to the common advantage of both. The ratio analyses,
to which Mr. Wall has devoted much time and study, frequently reveal
Banks Remain Out of
danger points which cannot be detected by the usual examination of state- Inquiry into Why Eligible State
ments and the consideration only of the current ratio. They may show
Federal Reserve System--Extent of Membership.
that a company is pursuing policies which, if continued, will place it in a
Considerable space in the November number of the Fedposition where its solvency Is threatened. When these ratio studies are
made before a company has progressed too far in an unfa 'orable direction, eral Reserve Bulletin Is devoted to the question of increased
It Is frequently possible to correct the trouble and prevent serious loss to membership in the Federal Reserve System incident to the
both the bank and the company itself.
joint committee of
Economic analyses are being indulged in to such an extent that they Inquiry which is now under way by the
have reached the stage where they are placed on the defensive. The Congress to determine "whether changes in existing laws or
Robert Morris Associates, however, is not striving to make economic methods of administration may be desirable to bring about.
prophesies. We are only showing economic history—trends up to the
growth of mempresent from which each one can make his own guess regarding the future. particularly in rural communities, a further
The studies that we are developing are thoroughly practical and capable bership." Larger memberships in the Reserve System, says
of application by every one of us. Bankers who analyze the figures of
Board, "would undoubtedly increase its usefulness by
their clients in this way and give their clients the benefits of their studies, the
accomplish three things: First, by gaining a closer knowledge of a com- enabling it to reach more directly a greater number of banks,
pany's affairs they safeguard their own interests. Secondly, by showing particularly in the rural communities." It adds, "since the
the customer trends in the operation of his business which he may have
smaller rural banks, however,
overlooked, and the ultimate consequences of such trends, they may aid addition to membership of the
their customers in directing their affairs along safe and profitable lines. would add little to the reserves of the system, while it would
Thirdly, by thus co-operating with their customers they develop good will
increase its responsibilities, the desirability of their admiswhich is bound to be expressed sooner or later in increased bank business.
leading banks said to a neighboring banker: sion rests not upon their contribution to the strength of the
As the president of one of our
"If you don't develop these ratio studies and give your customers the System, but upon the fact that through their admission the
benefit of them, as I am doing with mine, a lot of your business is coming
benefits of the Reserve System would be more widely disto my bank."
It seems trite to say that the interests of the banker and the borrower tributed. The strength and effectiveness of the Federal
are identical, and that each should work for the success of the other, but Reserve banks is not dependent upon increased membership,
the truth of this Is becoming more and more generally recognized. Bankers
further growth arises from the adare realizing that to an increasing extent they must be students of business and the desirability of
and economic conditions, and be prepared to render helpful and constructive vantages of membership to the banks that join and to the
service to their customers. They are discovering that criticism without
communities which they serve." We quote herewith the
intelligent ad ,ice for betterment Is of little value. They are finding that,
being in touch with various lines of business, they are in a position to Board's comments:
furnish much valuable information and many helpful suggestions, and that
Membership Inquiry.
it is to their advantage to co-operate with their customers in these ways.
of
The relation of the Federal Reserve System to the banking structure
Businere; m_n, on the other hand, are coming to understand more clearly
been under consideration during the month by a Joint
that It Is to their edvantago to give their banks all the facts concerning the country has
Committee of Congress which has before it the question whether changes in
their financial condition and progress whenever they apply for credit.
be desirable to bring about,
of
The Robert Morris Associates has accomplished a great deal in developing existing laws or methods administration may
growth of membership. This
this co-operation. In its bulletins and special pamphlets it is presenting particularly in rural communities, a further
Credits Act of 1923 and consisting
articles the study of which will prove of Inestimable educational value Committee, created by the Agricultural
Currency Committee of the Senate
both to bankers and to business men and help to develop a more co- of throe members of the Banking and Committee of the House of Repro.
operative spirit. When we consider that it is scarcely more than 25 years and five members of the corresponding
2168
THE CHRONTCLE
sentatives, has been conducting hearings for the purpose of learning the
reasons that have actuated eligible non-member banks in remaining outside
of the Federal Reserve System. Among those who have presented their
views to the Committee are the Governor of the Federal Reserve Board,
the Comptroller of the Currency, other members of the Federal Reserve
Board, members of the Federal Advisory Council, the Director of the War
Finance Corporation, members of the Farm Loan Board, and representatives of banking and farm organizations.
Extent of Membership.
This inquiry into the reasons why a larger number of banks have not
joined the system gives current interest to the facts concerning the growth
and present distribution of membership. A practically continuous increase
In the number of member banks has taken place since the organization of
the system, so that at the present time approximately 33% of all the banks,
representing over 70% of the total banking resources of the country, ire
members of the system. The annual growth of membership and its distribution between national and non-national banks are shown in the table
below. On June 30 1923, of the total of 9,856 members,8,236 were national
banks and 1,620 State banks and trust companies. The most rapid growth
in non-national membership occurred during the years 1917 and 1918,
State bank and trust company members increasing from 37 at the end of
1916 to 930 at the end of 1918 and to 1,620 at the present time.
Member Banks.
End of Year.
Total.
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923 (June)
NonNational. national.
7,582
7,631
7,614
7.907
8,692
9.066
9,606
9,779
9,859
9,856
7,574
7,600
7.577
7,657
7.762
7,885
8,125
8.165
8,220
8,236
8
31
37
250
930
1,181
1.481
1.614
1.639
1.620
A survey of the distribution of membership by Federal Reserve Districts
shows that the largest number of member banks is in the four Middle
Western districts, which have nearly half the member banks, while the
larger proportion of member bank resources, as is to be expected, is in the
Eastern districts, nearly a third of the total resources being in the New
York District alone. The table following shows the number and total
resources of member banks, separating national and non-national, by
Federal Reserve districts. The most important fact brought out by the
figures is that non-national banks, which constitute less than one-sixth of
the number of member banks, represent more than one-third of the resources. This reflects the much larger average size of State bank and
trust company members than of national banks. In fact,the total resources
of the more than 8.000 national banks are about $22,000,000,000, or an
'
average of about $2,500,000, while the total for the 1,600 State bank and
trust company members is about $12,000,000,000, or an average of about
$7,500,000.
Member Banks, June 30 1923.
Resources (in Millions
of Dollars).
Number.
Federal Reserve
District.
NonNonnoNaNanotional tional
All
tional :tonal
All
Banks. Banks. Banks. Banks. Banks. Banks.
FoL. 117.
non-member banks indirectly reaches the Federal Reserve banks.
This
procedure, however, does not give the Federal Reserve banks an immediate
contact with the sources of the demand for credit which they help to
supply
and provides only an indirect relationship between the non-member
bank
and the Federal Reserve System. Such a relationship can hardly be
regarded as a substitute for membership. Non-member banks have
less
assurance of accommodation during periods of unusual demand for credit
than they would have if they joined the Federal Reserve System, whose
function it is to furnish the additional credit required to meet the seasonal
and emergency needs of its members.
In commenting upon the indirect relation between non-member banks and
the Federal Reserve banks, the Joint Committee of Agricultural Inquiry
in its report to Congrses stated that "banks outside the Federal Reserve
System are without direct access to the general reservoir of credit, consequently must rely for the expansion necessary in times of stress or business
expansion upon the accommodation which it is possible to secure from their
correspondents. These banks contribute little to the general reserves of
the country, as those reserves are now represented principally by deposits
in the Federal Reserve banks. Consequently, if they are permitted to
borrow either directly or indirectly from the Federal Reserve banks in
times of stress or business expansion they must do so at the expense of the
reserves contributed by the banks which are members of the Federal
Reserve System."
The attitude of Congress toward the desirability of direct relationship
between the rural banks and the Federal Reserve banks was apparently
Indicated by the provision in the Agricultural Credits Act that the Federal
Reserve banks shall not discount for Federal intermediate Credit banks
Paper bearing the endorsement of such banks as are eligible but are not
members of the Federal Reserve System, In June 1923 the Federal
Reserve Board withdrew the general authority granted to member banks
during the war and post-war emergency period to discount with Federal
Reserve banks paper acquired from non-members, so that now this practice
is permitted only upon specific approval by the Federal Reserve Board.
Eligible Non-Member Banks.
Under the present law most of the banks outside the System are eligible
for membership. While in passing upon applications for membership the
Federal Reserve Board gives consideration to the financial condition of the
applying bank, the general character of its management, and whether or
not the corporate powers exercised are consistent, with the purposes of the
Federal Reserve Act, the most definite provision with regard to
eligibility
Is in connection with capital requirements. Until recently
the capital
required for admission was the same for State banks and trust companies as
was required for the organization of national banks, but
the Agricultural
Credits Act of 1923 made eligible for membership State banks and trust
companies whose capital was 60% of that required for national banks,
with
the provision that the difference in capital requirements shall be made
up
out of net earnings. At the time of the amendment, of the
19.200
non-member banks (exclusive of mutual savings and private banks) about
half were already eligible to membership, and as a result of the reduction in
capital requirements about 4,200 additional banks became eligible, while
about 5,300 banks remained ineligible. The eligible banks outside the
System are largely concentrated in the agricultural States of the Middle
West and South. It is in these sections that the largest additions to eligible
banks were made by the amendment and where also there remains the
largest number of ineligible banks. So far only one application for membership has been received from banks made eligible by the amendment,and it is
clear that the provisions regarding capital requirements have not been the
decisive influence operating against the increase of membership.
Reserve Requirements, Member and Non-Member.
An important factor affecting the status of member and non-member
765
4,689 banks and entering into the consideration of the
advantages and disad520
1,322 vantages of joining the System is the difference in reserve requirements
206 under Federal and State laws. The balances carried with the Reserve
423 banks are the entire legally required reserves of member banks, correspond
2,135 ing to the vault reserve and
the.balances with Reserve city banks formerly
531 required
by the National Bank Act. In comparing toe required balances
120
166 which bear no interest under the present law with cash in vault, which con114 stituted the non interest
-bearing portion of the reserves under the old law,
1,303 It may be pointed
out that cash in vault carried by member banks has been
Total
much reduced. In fact, the total required balances with the
9.856 8,236 1.620 33,796 21,502 12,294
Federal
Reserve banks plus the till money now carried by member banks
is conFor the country as a whole two-thirds of all the banks, both eligible and siderably less
than the cash they formerly carried in vault. While comIneligible, are still outside the system, but the geographic distribution of bined
demand and time deposits of national banks increased by $8,500,000,non-member banks is far from uniform. The largest number of such 000 between 1913 and
1923, the amount of cash in vault declined by 13650,.
banks is concentrated in the agricultural districts, while in the Eastern 000.000. This
reduction in cash holdings is not merely a result of the
financial and industrial districts the proportion of non-membership is low. changes in the law
but also of the fact that under the Federal Reserve
In the New York District it is only 30%. while in
the St. Louis District it is System currency to meet the demands of depositors is at all times more
81%, and in nearly all of the Middle Western and Southern districts it is readily and more
promptly available.
more than 70%. Following are the percentages of non-member banks by
In deciding upon the advantages and disadvantages of joining the
Reserve
districts:
System from the standpoint of reserve requirements the
non-member
Boston
35C7 Chicago
757 banks compare their existing status under State laws with the requirements
New York
St. Louis
30
81
under the Federal Reserve Act. The lower reserve requirements
Philadelphia
proMinneapolis
41
73
scribed in the Federal Reserve Act were predicated upon membership
55e7 Kansas City
Cleveland
73
in the
Richmond
System, but subsequent to the passage of this Act many of the
71% Dallas
55
States also
Atlanta
74% San Francisco
54/s enacted legislation reducing reserve requirements, so that while at the
When measured in terms of total banking resources, the proportion of present time there is no uniformity in the State requirements, in
general the
banking power outside the system is much less than is
indicated by these reserves required of non-member banks are lower than they were prior to
percentages bised on the number of non-member banks. These banks are the establishment of the System. A further phase of the legislative
situaon the average much smaller than member
banks, so that non-member tion with regard to reserves is that thirty States have authorized State
banks, which constitute about two-thirds of the
total number of banks, member banks to be governed entirely by the requirements of the Federal
represent less than one-third of the total banking
Reserve Act, while in eighteen States, in the absence ofsuch legislation,
resources. In resources.
the
however, as in the case of numbers, the
proportions outside the system State banks which become members must conform to both the Federal and
are in general largest in the agricultural
the State law.
districts, and particularly in the
Middle Western States. Five States
Interest on Reserve Balances.
-North and South Dakota, Kansas,
Nebraska and Iowa-in each of which more
As an explanation why a larger number of the eligible banks have not
than half of the banking resources are outside the system, have 7% of the total
population and more joined the System, the point is frequently raised that the Federal Reserve
, than 20% of all the banks in the country. This is
the region with a large banks do not pay interest upon reserve balances carried with them bY
number of small banks doing a business largely local
in character and serving member banks. In any consideration of the payment of interest on these
chiefly rural communities. In some of the Southern
States which have a reserve balances it must be borne in mind that the Federal Reserve banks
large percentage of banks outside the system
the proportion of resources are the custodians of the ultimate banking reserves of the country. In
hold by non-member banks is relatively low, as, for example,
in Louisiana, their capacity as Reserve banks they should be free to shape their policies
where non-members are 82% of all banks but hold only
33% of the total with a view to the proper administration of credit and their management
banking resources.
should not be influenced by the necessity of making profits sufficient to
pay interest on reserve balances. Furthermore, since these balances may
Non-Member Banks and the Reserve Banks.
be maintained by borrowing from the Reserve banks, the payment of
The relation of the smaller non-member banks in the agricultural districts interest upon them would
tend to interfere with the effectiveness of disto the financial centres is through their correspondents, with whom
count policy. The experience with Reserve banking in other countries
they
carry balances and from whom they secure accommodation, and most of has shown the wisdom
of managing the central banking reserve and- of
these city correspondents are members of the system. In fact, member determining discount policy
without the necessity of considering interest
banks hold over 90% of the total bankers' balances•of all banks. When the payments. It is a pertinent
fact that in no country do central banks of
resources of these non-member banks are not sufficient to meet the needs Issue pay interest on deposits.
of their customers, they turn for assistance to their city correspondents
The payment of interest at the rate of 2% on reserve balances would
who are members of the system, and therefore the demand arising from amount to between $35,000,000 and
$40,000.000 a year, and in ordinary
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
427
821
720
880
629
530
1.434
621
989
1,145
857
803
A
390
680
660
764
561
389
1,062
497
867
1,106
4358
602
37
141
60
116
68
141
372
124
122
39
199
201
2.508
9,882
2.401
3,349
1,481
1,191
4,948
1,443
1,133
1.542
978
2,940
1,743
5,193
1,881
2,027
1,275
768
2,813
912
1,013
1,376
864
1.637
Nov.171923.]
THE CHRONICLE
times the Federal Reserve banks have not:had sufficient earnings to make
such payments. In order to meet payments of such an amount the Reserve
banks would have to make large additional investments in competition
with the member banks who would receive the interest. This would more
than offset the return to the member banks and would also tend to bring
pressure upon the Reserve banks to pursue an open-market policy with a
view to maldng earnings rather than to influencing the general credit
situation. The Federal Reserve Board has consequently placed itself on
record as opposed to the payment of interest on member bank balances
and has been supported in this position by the Federal Advisory Council.
Among other plans for increased participation of member banks in the
earnings of Federal Reserve banks is one that would provide for payment,
after the 6% dividend to members of an equal amount to the Government,
and then of an additional 3% to the members. Another plan presented to
the Congressional Committee would, after meeting the 6% dividend, pay
to the Government a 2% tax on Federal Reserve note circulation not
covered by gold, and would distribute the balance of earnings among member banks in proportion to their balances. Those advocating this proposal
base their argument on the principle that the Reserve banks, instead of
paying to the Government as a franchise tax all their net earnings above
6% on their capital, should make their payments to the Government in
proportion to the use they make of the privilege of fiduciary note issue.
Effect of Increased Membership on System.
In considering methods of securing a larger membership it is clear that
the System must not adopt any plan at variance with the principles and
policies which experience has demonstrated are sound bases for Reserve
banking. Larger membership in the Reserve System would undoubtedly
increase its usefulness by enabling it to reach more directly a greater number
of banks, particularly in the rural communities. Since the addition to
membership of the smaller rural banks, however, would add little to the
reserves of the System, while it would increase its responsibilities, the desirability of their admission rests not upon their contribution to the strength of
the System but upon the fact that through their admission the benefits of
the Reserve System would be more widely distributed. The strength and
effectiveness of the Federal Reserve banks is not dependent upon increased
membership, and the desirability of further growth arises from the advantages of membership to the banks that join and to the communities which
they serve.
2169
and the meeting thereof was well attended. The suggestions outlined in
the prospectus sent out by the State Bank Examiner, with such amendments as he proposed, were unanimously endorsed as was the entire proposition as a step forward.
A committee consisting of one banker from each Congressional district,
working
who in turn is to organize the counties of the several districts,
subscription
with the State Bank Examiner's office, will have in hand the
institution. It is believed that by Jan. 1
to and the details of the central
subscribed
all of the arrangements will have been made and the initial stock
for organization.
W. L. Eddy Becomes Secretary of the Federal Reserve
Board.
The Federal Reserve Board makes known in its November Bulletin the appointment on Oct. 4 of W. L. Eddy as its
Secretary. Mr. Eddy has been connected with the Board
since the establishment of the System. As Secretary he succeeds W. W. Hoxton, who resigned to become Chairman of
the board of directors of the Federal Reserve Bank of Richmond. J. C. Noell, who has been with the Federal Reserve
Board's Division of Examination, has been appointed Assistant Secretary of the Board.
Approves Tax Proposals of Secretary
Mellon--Discusses Federal Reserve Aid in
W. P. G. Harding
Behalf of Farmers.
G. Harding, Governor of the Federal Reserve Bank
W.P.
of Boston and formerly Govenor of the Federal Reserve
Board, was a speaker at the annual banquet on Thursday
.
night (Nov. 15) of the Chamber of Commerce of the State of
New York, held at the Waldorf-Astoria, this city, and among
other things he took occasion to refer to the tax revisions
the New
Central State Bank for South Carolina—To Have Rela- proposed by Secretary Mellon,saying, according to
"Journal of Commerce":
York
tion to Banks Outside the National System Like
reducA few days ago Secretary Mellon made public his new plan for tax
•
the Federal Reserve Banks Have to Those Within.
7,000,000
tion, which if adopted would lighten the burden now imposed upon
[From a Columbia (S. C.) dispatch dated Oct. 29 to the "Manufacturers' Record" of taxpayers and would have the even more important effect of benefiting
The equitable and
of Baltimore,)
that larger number of citizens who pay income taxes.
There is on foot in South Carolina a movement to create a great central more scientific adjustment proposed by Mr. Mellon is designed to give new
State bank or reserve institution whose aim will be to give elasticity and at impetus to professional and industrial activities, to promote thrift, to disthe same time substantiality to banking institutions operating under State courage extravagance in Governmental expenditure, and to remove the
laws and not nationalized. At a meeting held in this city upon call of obstacles now in the way of economic employment of capital in productive
W. W. Bradley, State Bank Examiner, 30 of the 46 counties were repre- enterprises. The plan proposed is intended to help all classes of people.
their
sented In person and others by proxy. Col. B. A. Morgan of Greenville including the particular groups which have been led to believe that
was called to the chair and subsequently was made Chairman of the steer- interests lie in heavier taxation.
ing or orgaalzation committee. Inquiries have been received from a numThe same paper states that Mr. Harding, replying to the
ber of States that appear to be greatly interested in the success of the venDakota,who had
ture, with the probable expectation of doing likewise if the movement suc- charge made by Governor Nestos of North
ceeds in South Carolina. The proposed institution is to have the same re- preceded him, that the Federal Reserve system had done litlation to the State banks that the Federal Reserve has to national banks.
the Northwest, said that the Federal
The immediate incentive for this movement was the failure to consoli- tle to help the farmer of
of agricultural credits, did much in
date three large banking institutions in Columbia into a central State bank, Reserve, by a .system
Individually owned, which failure was due to the withdrawal by a prominent
1920 and 1921 to aid the agricultural interests in their finanNew York bank of a loan promised to certain promoters of the merger.
allowed. Mr.
The State Bank Examiner thereupon resumed his efforts to form a central cial emergency, and went as far as the law
State bank under a plan that he has had in contemplation for a number of Harding devoted considerable attention (we are quoting from
Years.
"Journal of Commerce") to the Federal Reserve system,
The now proposition is, In a sense, to be mutual; the capital stock is to the
other
be raised from a 10% subscription by all State banks with unimpaired cap- which he said had benefited the farmer more than any
ital; an agreement is to be entered into by which State banks will keep on industry, despite the Governor's assertion that farmers
deposit with the central bank at least 3% of their savings accounts, includthe bank as "existing
ing certificates of deposit, and 7% of their demand accounts. The Central looked upon the New York branch of
State Bank is to pay 3% on average balances collected.
for no other purpose than to furnish lucrative positions and
The suggestion is made that the salient features of the bank be incor- palatial office buildings for banker politicianb at the expense
porated in an Act of the Legislature, especially as to reserve, the requireto serve Wall Street." The "Journal
ment suggested being that all State banks, whether subscribing members of the taxpayers and
or not, be required to maintain the reserve minimum. The principal rea- of Commerce" account of his speech also said:
son for this requirement is that a compulsory reserve will strengthen all
Mr. Harding held that Government aid was unsound, and 'thatthe solubanks In the system and will create the disposition, on the part of weaker tion to the farmer's problems was in co-operative marketing plans.
banks, to bring their institutions up to the legal requirements.
"Any plan to be effective in aiding the farmer must be based upon the
Another feature of the proposed central State bank is the requirement fundamental principles of self-help and of co-operation on the part of the
that State and county funds be deposited in State banks. This is mainly farmers themselves." he said. "No legislation, however sound and wise,
for the reason that the State's supervising authorities have not the right, can of itself produce a crop. nor can it control prices in the world market.
as the law now is, to inspect the State's deposits in national banks, and, The economic law of supply and demand is inexorable and if producton
furthermore, for the reason that the Federal Government requires that exceeds consumptive requirements prices will decline. . . . To restore
Federal deposits be placed in Federal banks, where they are accessible, a proper balance either production must be curtailed or means must be found
and if a Federal official deposits in a State bank and does not require bond, to increase consumption.
he does it at his own risk.
"All plans which involve Government purchases of surplus crops. price
On a basis as outlined above, the capital stock of the State bank would, fixing and valorization are impracticable and fundamentally unsound;
at present, be a little over $1,000,000. The deposits should be between and emergency measures taken by the Government during the period when
$4,000,000 and 85,000.000, legal requirement; and, the central bank pay- it was engaged in the greatest war of modern times cannot now be taken as
•
ing 3% on reserve, it is believed that considerable excess deposits win be a precedent."
Mr. Harding did not criticize the political situation in the Northwest to
maintained. This should give the bank, within the first twelve months of
Its operation, deposits of from $6,000,000 to $7,000,000.
any extent, othr than to say that "the prevailing political sentiment of a
It is the purpose of the promoters to establish exchange relations with State is usually gauged by the votes and utterances of its representatives
all important banks with which this section now does business. To do this, in our national councils."
substantial balances will have to be maintained in all important Northern
Some of the representatives, he continued, were "loud and enthusiastic
cities and with such Southern cities as Savannah, Wilmington, Richmond. critics" of the Federal Reserve System.
"No section of the country has received more distinct benefits from the
&c. Under this policy, practically all business of State banks can, and prob
.
operation of the Federal Reserve System than have our great agricultural
ably will be, cleared through the central institution.
While the primary purpose of the central State bank is to strengthen districts, but, due to persistent efforts on the part of some to discredit the
the State system and to extend help to its members, which will not or can- system and those responsible for Its administration, there is, unfortunately.
not join the Federal Reserve System, a scarcely less important service must as Governor Nestos has pointed out, a sentiment of resentment and antagonism toward it, which is most pronounced in the sections which have been
be rendered in the matter of exchange.
State banks, as shown by the last condensed statement of the State its greatest beneficiaries. This sentiment, however, is subsiding as is
time about $7,000,000, with bound to be the case when people will take the pains to learn the real facts.'
Bank Examiner's office, are borrowing at this
rediscounts of about 82,000,000. This would indicate that the initial deposits of the central State bank will not, at all times, be sufficient to acStodk
conunodato its borrowing members. The plan of the central State bank, New Rules Adopted by New York Consolidated
however, does not contemplate the wi hdrawal of member banks of the bulk
Exchange.
of their deposits with their correspondents, and hence individual banks may
A preliminary report of the special committee of five, of
still look to this source to an extent. In addition, the central State bank
will establish relations with strong Northern institutions, maintaining bal- which Ogden D. Budd was chairman, after several months
ances which will justify accommodation, if it should be needed.
of investigation, was presented and unanimously adopted
The general proposition of a central State bank was considered by a
committee composed of one important banker from each county in the State, by the Board of Governors of the Consolidated Stock Ex-
2170
THE CHRONTC1LE
FoL. 117.
change on the 8th inst. This committee was appointed by
The failure was set down by the trade as being due to the rapid rise
the Board for the purpose of reorganizing the Exchange and In the price of cotton and also to the difficulty which has been experienced
in the interior of the belt in securing grades of
freely
modernizing its methods of doing business. A number of sold ahead by many spot concerns some time agocotton which werecotton
before this year's
changes to the constitution and by-laws were voted upon crop deteriorated.
and represented the work of ten weeks' inquiry, which included an investigation of the former officers and officials Reduction in Taxes Proposed by Secretary of the
Treasury Mellon.
of the Exchange, by the special committee of five. The
Tax reduction proposals contained In a letter which Secchanges, which were ratified by the Board of Governors, were
made public by Laurance Tweedy,President of the Exchange, retary of the Treasury Mellon has addressed to Representative Green of Iowa, acting Chairman of the House Commitin the following official statement:
Article 3,of the by-laws, has been amended by adding the following paragraph to Section 2.
"A copy of all circulars relative to securities or containing any statement
as to terms of, facilities for, or methods of dealing In securities, other than
market letters confined strictly to opinions as to issues dealt In on an
exchange, shall be filed with the Secretary of the Exchange p:ior to being
issued."
Another amendment authorizes the Chairman of the Exchange to execute
and deliver on behalf of the Exchange. guaranties of the genuineness of the
endorsements of any securities dealt in on the Exchange, and states that
such guaranties shall be an indemnity against loss to any person accepting
the endorsements and guaranty in good faith.
An amendment to Article 6. Section 1, of the constitution, empowers the
Finance Committee to prepare a budget for each fiscal year, to be submitted
to the Board of Governors in June. The same amendment prohibits the
payment of any monies by the Exchange except upon authorization by the
finance Committee.
"The Law Committee, of which Thomas B. Maloney is
chairman, in conjunction with the Committee on Finance,
has been at work revising the constitution for several
months," said President Tweedy, "and the Board of Governors is now passing on the changes recommended. As the
changes are adopted they will be made public. Every effort
is being made to strengthen the constitution and by-laws so
that the interests of the public and the Exchange may be still
further safeguarded. I believe that when Mr. Maloney's
committee has finished its task, the Consolidated will have
one of the strongest constitutions of any exchange in the
country and that the investing and trading public may have
the assurance that, when they deal with one of our members,
everything which is humanly possible has been done by the
Exchange to protect their interests."
United States Supreme Court Denies Plea of Eighteen
States in Branch Bank Case.
tee on Ways and Means, have claimed commanding attention this week, being heralded by banking and business Interests as a major step toward effecting a stimulation of
business. As to the effect on business of the program which
he proposes, the Secretary says:
The benefits of the reduction will be distributed among all classes of
taxpayers and the revision generally will help to free business and industry
of vexatious interference and encourage in all lines a more healthy development of productive enterprise.
Secretary Mellon presents figures to show that his proposals will reduce the Government revenues to the extent
of $323.000.000, but he concedes that "the present burden of
taxation is heavy"; "the revenues of the Government," lie
says, "are sufficient to justify substantial reductions tnd
the people of the country should receive the benefits." The
recommendations for tax reduction, he points out, "are only
possible if the Government kamli within the program of expenditure wbich the Bureau of the Budget has laid down
at the direction of the President." New or enlarged expenditures, he /warns, "would quickly eat up the margin of revenue which now appears to be available for reducing the
burden of taxation, and to embark on any soldier bonus,
such as was considered in the last Congress, or any other
program calling for similarly large expenditure, would make
It necessary to drop all consideration of tax reduction and
consider instead ways and means for providing additional
revenue." He further says, "a soldier bonus would postpone
tax reduction not for one, but for many years to come. It
would mean an increase rather than a decrease in taxes, for
In the long run it could be paid only out of moneys collected
by the Government from the people in the form of taxes."
In submitting his proposals, Secretary Mellon says:
• The United States Supreme Court denied on Nov. 12 the
After * * * making the most conservative estimates about the yield of
motion of the eighteen States which desired to join Missouri existing taxes and the possibilities of further reductions in expenditure.
in oral argument in the case brought by the First National It appears that for this year, and for the next four or five years. there should
Bank in St. Louis involving the right of netional banks to be a surplus of something over 3300.000,000 a year over and above all
expenditures chargeable to the ordinary budget, including the fixed debt
establish branches and the right of States to exercise any con- charges payable out of current revenues. This gives a reasonable margin
trol over national banks. The Court announced, however, not merely for tax revision but also for tax reduction.
that it would receive and consider the written briefs filed by
The following recommendations are made by Secretary
the States. The fact that eighteen States had joined in Mellon:
the branch bank proceedings was referred to by us last week,
1. Make a 25% reduction in the tax on earned income.
page 2055.
2. Where the present normal tax is 4%, reduce it to 3%, and where
the present normal tax is 8%, reduce to 6%.
3. Reduce the surtax rates by commencing their application at 310.000
instead of $6.000, and scaling them progressively upward to 25%, at
3100.000.
, Robert J. Grant, Superintendent of the Denver Mint, was
4. Limit the deduction of capital losses to l2% of the loss.
during
5. Limit the deductions from gross income
on Nov. 12 appointed by President Coolidge to be Director year and for lasses not of a business characterfor interest paid the sumthe
of
to the amount
of the U. S. Mint. He will succeed F. E. Scobey, who re- these items excee4s tax exempt income of the taxpayer.
6. Tax community property income to the spouse having control of
signed recently.
the income.
7. Repeal the tax on telegrams, telephones, and leased wires.
Receivers for American Livestock & Loan Company
8. Repeal the tax on admissions.
of Denver.
9. Miscellaneous nuisance taxes.
consider the elimination of various small
Your Committee
A. E. deRicqles, President of the American Livestock & miscellaneous taxes may wish to an inconsiderable bearing on the general
which have
Loan Co., and Fred C. Roof, Walsenburg banker and revenue of the Government but which are a source of inconvenience to
cattleman, were on Nov. 12 appointed receivers of the taxpayers and difficult to collect. recommendations which
directly affect
10. In addition to
An-erican Livestock & Loan Co. of Denver, Colo., by Government revenues,the specific be amendments to strengthen the Act
there should
Judge J. Foster Symes in the United States District Court. and eliminate methods heretofore used by taxpayers to avoid imposition
According to the "Rocky Mountain News" of Denver, the of the tax.
Appeals in the Treasury, but independent
11. Establish Board
application for receivership was made by R. L. Duke of of the Bureau ofa Internalof Tax
Revenue, to hear and determine cases involving
Texas, a $10,000 creditor of the company, because of tho the assessment of internal revenue taxes.
12. Changes should be made in the present law to simplify administraslump in cattle and the recent severe storms caused a tightenunderstood, and permit a prompt determination, make the
ing in the financial affairs of the company. The company, tion of liabilitylawamore easily satisfactory to the taxpayer.
in manner more
Robert
.
J. Grant
Named Director of the Mint, Succeeding F. E. Scobey, Resigned.
it is stated, is capitalized for $1,000,000 with 400,000 shares
Secretary Mellen's letter to Representative Green, made
of preferred stock and 600,000 shares of common stock. public on the 12th Inst., follows:
Its subsidiary companies are: The American Cattle Co.,
TREASURY DEPARTMENT,
the Dana Cattle Co., the Tom Bell Cattle Co. and the
Office of the Secretary.
American Ranches Aagooiation.
Washington, November 10 1923.
Failure of New Orleans Spot Cotton Firm.
A New Orleans, La., dispatch Nov. 10 to the New York
"Times" said:
The failure of the spot cotton firm of W.J. Davis & Co.. which maintains
offices here and In many Mississippi towns. was announced on the Cotton
Exchange floor to-day. In making the statement to the Cotton Exchange
that it was unable to meet Its obligations, the firm said It had applied for
I receiver In the Federal Court at Jackson, Misc, where one of Its principal
office is located.
Dear Mr. Green —In accordance with the request which you made shortly
after the adjournment of Congress, the Treasury has been engaged for the
past few months in considering the possibilities of tax revision and In
developing recommendations for the simplification of the law. The dtuation has developed more favorably than was anticipated, and I am now
presenting to you a comprehensive program to which I hope the Committee
on Ways and Moans will be able to give consideration at the outset of the
legislative session.
The fiscal years 1922 and 1923 have each closed with a surplus of about
3310.000.000 over and above all expenditures chargeable against ordinary
receipts, including the sinking fund and other similar retirements of the
debt. This has been possible only through the utmost co-operation between
Nov. 171923.]
THE CHRONICLE
2171
it would be sounder taxation policy
the Executive and Congress, as well as among the executive departments on the capital losses. It is believed
gain or capital lees for purposes
and establishments, all of whom have united in a sincere effort to reduce generally not to recognize either capital
a of income tax. This Is t e policy adopted in practically all other countries
the expenditures of the Government. At the same time there has been
the policy in the United States.
substantial amount of realization upon securities and other assets remaining having income tax laws, but it has not been
been lost to tho Government by
over from the war, and the Treasury has succeeded in collecting customs In all probability, more revenue has
than has been realized by including
and internal revenue taxes in amounts somewhat exceeding original expecta- permitting the deduction of capital losses
law recognizes capital
tions. The result is that the Government of the United States is firmly capital gains as income. So long, however, as our
since the gains and capital losses for income tax purposes, gain and lees should be
established on the basis of having balanced its budget each year
of the 1921 Act taxing
cessation of hostilities, with a reasonable surplus each year after providing placed upon the same basis, and the provision
to capital losses, so that the
for fixed debt charges like the sinking fund, and stands squarely committed capital gains at 1254% should be extended
capita) loss will not exceed
the
to the policy of including these fixed charges on account of the public debt amount by which the tax may be reduced by
will increase the revenues
in its ordinary budget each year, thus assuring an orderly reduction of the 1254% of the loss. It is estimated that this
by about 525.000,000.
war debt out of current revenues.
b. Limit the deductions from gross income for interest paid during the year
•What has been done during the two years since the establishment of the
and for losses not of a business character to the amount the sum of these items
budget System shows clearly what united effort can accomplish, and gives
exceeds tax exempt income of the taxpayer -The 1921 Act provides that
every reason for hope that the task to which the Administration has set
interest on indebtedness to acquire or carry tax exempt securities is not
Itself for this fiscal year can be successfully performed, namely, the reducdeductible. This provision is ineffective because a taxpayer may Purchase
tion of the ordinary expenditures or the Government to a total of not more
tax exempt securities for cash and borrow money for. other purposes. It
than 53,500.000.000, of which about $500,000,000 will be fixed charges on
Is felt also that so long as a taxpayer has income which is not reached for
account of the sinking fund and other retirements of the debt. To do this
taxation, he should not be permitted to deduct his non-business losses
means reductions of about $170,000,000 in the estimates of expenditures
from the income which is taxable, but should be restricted in the first
submitted by the spending departments and establishments and the exercise
Instance to a deduction of these losses from his non-taxable income. The
ofcontinued pressure all along the line for the utmost economy and efficiency
•
estimated increase of revenue from this source is $35,000,000.
in the operations of the Government.
6. Tax ammunity property income to the spouse having control of the
canvassing the estiHaving these things in mind, the Treasury has been
-In some States the income of the husband is a joint income of
income.
mates for the present fiscal year and for the succeeding fiscal year with a the husband and wife, and each, therefore, is permitted to file a return
view to determining on the one hand what further reductions in expenditure for one-half of the income. This gives an unfair advantage to the citizens
it would be safe to count on in developing a tax-revision program, and, on of those States over the citizens of the other States of this country, and
the other hand, what receipts might reasonably be expected on the basis of this amendment seeks to restore the equality. It is estimated that it Win
existing law, assuming that no changes were to be made in internal taxes. increase revenues by 58.000.000.
In doing this it has had to keep in mind that under present conditions
So much for the income tax recommendations, which should become
receipts from customs are abnormally high and that surplus war supplies effective Jan. 1 1924. In order that you may have before you a clear
have now been for the most part liquidated;leaving relatively little to expect view of the effect of these recommendations as applied to incomes in the
on this account in the years to come. It has also bad to keep in mind that various brackets, I am attaching a table, prepared by the Government
many of the internal revenue taxes, as, for examph the higher brackets of Actuary, showing the estimated results of the, proposed charges in the
the surtax, are so rapidly becoming unproductive that it is unsafe to assume calendar year 1925, on the basis of the taxable year 1924. The schedule
that even with no changes in the law the rveenues from internal taxes would shows a loss of revenue of about $92.000,000 in the blankets under $6,000.
be maintained. After taking into account all these considerations, and and a further loss of revenue of about $52.000,000 iii the text bracket of
making the most conservative estimates about the yield of existing taxes and $6,000 to $10,000. In short, about 70% of the reduction would be in the
the possibilities of further reductions in expenditure, it appears that for this brackets of $10.000 or less, and less than 5% would fall in the brackets
year, and for the next four or five years, there should be a surplus of some- over 5100,000.
thing over $300.000.000 a year over and above all expenditures chargeable
To show the effect of the proposed changes on the income of a typical
to the ordinary budget. Including the fixed debt charges payable out of salaries taxpayer, married and having two children, I call your attention
margin not merely for tax to the following comparative figures:
current revenues. This gives a reasonable
Saving .
revision but also for tax reduction.
Proposed Tax.
to Taxpayer.
Present Tax.
IncomeOn this basis the Treasury has the following recommendations to make.
$
$15.75
$28.00
fairness of $4.000
-The
1. Make a 25% reduction in the tax on earned income.
2
19 2g
2 ..7
38.25
68.00
5,000
taxing more lightly income from wages, salaries and professional services
56.00
72.00
128.00
6.000
87.00 •
99.00
186.00
than the income from a business or from investment is beyond question.
7.000
132.00
144.00
276.00
8.000
In the first case, the income is uncertain and limited in duration; sickness or
189.00
366.00
9.000
death destroys it and old age diminishes it. In the other, the source of the
12
272
7..01
234.00
456.00
descends 10.000
income continues; it may be disposed of during a man's life and it
on telegrams, telephones, and leased wires.-This is the
will mean a loss in revenue
to his heirs. It is estimated that this amendment
7. Repeal the tax
of about $97.500,000 a year, the greater part of which falls in the lower last of the transportation taxes established during the war, is a source of
Income brackets.
inconvenience to every person usirg the telephone or telegraph, and should
2. Where the present normal tax is 4% reduce it to 3%,and where the present now be eliminated from the tax system. This would mean a loss in revenue
normal tax is 8% reduce it to 6%.
-This affects all personal incomes and the of about $30,000,000 a year.
-The greater part of this revenue is
loss of revenue comes largely from the lower brackets. It is estimated that
8. Repeal the tax on admissions.
this will mean a loss in revenue of 591,600.000 a year.
derived from the admissions charged by neighborhood moving picture
3. Reduce the surtax rotes by commencing their application at $10.000 instead theatres. The tax is, therefore, paid by the great bulk of the people whose
-This main source of recreation is attending the movies in the neighborhood of
of WOW,and scaling them progressively upwards to 25% at $100.000.
will readjust the surtax rates all along the line, and the Treasury recom- their homes. This would mean a loss in revenue of about $70.000,000.
-Your Committee may wish to consider
the revenues but as a means
mends the readjustment not in order to reduce
9. Miscellaneous nuisance taxes.
of saving the productivity of the surtaxes. In the long run it will mean the elimination of various small miscellaneous taxes which have an inconhigher rather than lower revenues from the surtaxes. At the outset it may siderable bearing on the general revenue of the Government, but which
involve a temporary toes in revenue, but the Government Actuary estimates are a source of inconvenience to taxpayers and difficult to collect; and
that even during the first year, if the revision is made early enough, the net possibly there are some articles of jewelry which according to our standard
loss in revenue from all the changes in the surtaxes would be only about of living can not properly be denominated luxuries, such as, for instance,
$100,000,000, and that in all probability the revenue from the reduced ordinary table silver or watches, which you may wish to exempt from Vie
rates will soon equal or exceed what would accrue at the present rates, general tax on jewelry. There is not enough margin of revenue available
because of the encouragement which the changes will give to productive to permit the repeal of the special taxes which are proving productive, but
business.
the law could be revised to good advantage and some of tLe nulaance
The readjustment of the surtaxes, moreover, is not In any sense a partisan taxes repealed without material loss of revenue.
10. In addition to the specific recommendations which directly affect
measure. It has been recommended, on substantially this basis, by every
Secretary of the Treasury since the end of the war, irrespective of party. Government revenues, there should be amen( ments to strengthen the Act
The present system is a failure. It was an emergency measure, adepted and eliminate methods heretofore used by taxpayers to avoid imposition
under the pressure of war necessity and not to be counted upon as a perma- of the tax. The exact amount of additional revenue to the Government
nent part of our revenue structure. For a short period the surtaxes yielded which will be brought in by these amendments can not be estimated, but
much revenue, but their productivity has been constantly shrinking and the certainly the amendments will reach much income that heretofore has
Treasury's experience shows that the high rates now in effect are pro- escaped taxation.
11. Establish a Board of Tax Appeals in the Treasury but independent of
gressively becoming less productive of revenue. See Table II, at the
end of this letter The high rates put pressure on taxpayers to re- the Bureau of Internal Revenue, to hear and determine cases involving the
duce their taxable income, tend to destroy individual initiative and enter- assessment of internal revenue taxes.-This will give an independent adminisprise, and seriously impede the development of productive business. Tax- trative tribunal equipped to hear both sides of the controversy, which will
payers subject to the higher rates can not afford, for example, to invest in sit on appeal from the Bureau of Internal Revenue and whose decision will
. American railroads or industries or embark upon new enterprises in the face be conclusive on both the Bureau and the taxpayer on the question of
of taxes that will take 50% or more of any return that may be realized. assessment. The taxpayer, in the event that decision is against him, will
These taxpayers are withdrawing their capital from productive business and have to pay the tax according to the assessment and have recourse to the
investing it instead in tax-exempt securities and adopting other lawful courts, while the Government, in case decision should be against it, will
methods of avoiding the realization of taxable income. The result is to likewise have to have recourse to the courts, in order to enforce collection
stop business transactions that would normally go through, and to dis- of the tax.
12. Changes should be made in the present law to simplify administracourage men of wealth from taking the risks which are incidental to the
development of new business. Ways will always be found to avoid taxes so tion, make the law more easily understood, and permit a prompt determinadestructive in their nature, and the only way to save the situation is to put tion of liability in a manner more satisfactory to the taxpayer.
In order that you may see the effect on Government revenues of the
the taxes on a reasonable basis that will permit business to go on and indusDeer s a (
W
i
(n
in
try to develop. This, I believe, the readjustment herein recommended will above recommendations. I submit the following figureases W the estimated
accomplish, and it will not only produce larger revenues but at the same time result of these changes:
establish industry and trade on a healthier basis throughout the country.
Millicns of
Millions of
The alternative is a gradual breakdown in the system, and a perversion of
Dollars).
Dollars).
Reduction of 25% in tax on earned income
industry that stifles our progress as a nation.
97
92
has resulted directly from the Reduction in normal tax
The growth of tax-exempt securities, which
Readjustment of surtax rates
' 102
25
high rates of surtax, is at the same time encouraging extravagance and reck- Capital loss limited to 1254%
as
less expenditure on the part of local authorities. These State and local Interest and capital loss deductions limited
Community property amendment
securities will ultimately have to be paid principal and interest, out of Repeal of telegraph and telephone tax
30
taxes, thus contributing directly to the heavy local taxation which bears so Repeal of admissions tax
70
hard on the farmers and small property owners. There is no immediate
39168
Total
remedy for this within the power of Congress except the readjustment of the
68
surtaxes on a basis that will permit capital to seek productive employment
and keep it from exhausting itself in tax-exempt securities. The productive
Net loss
323
will also tend to bring lower
use of capital In our railroads and industries
The benefits of the reduction will be distributed among all classes of taxcosts for transportation and manufactured produtcs, thus helping to relieve
payers, and the revision generally will help to free business and industry
the farmer from the maladlustment from which he now suffers.
-The preseat of vexatious Interference and encourage In all lines a more healthy develop4. Limit the deduction of capital losses to 1254% of the loss.
revenue law limits the tax on capital gains; to 12%% but puts no limit ment of productive enterprise.
2172
THE CHRONICLE
113
The present burden of taxation is heavy. The revenues of the Government are sufficient to justify substantial reductions and the people of the
country should receive the benefits. No program, however, is feasible if
the Government is to be committed to new and extraordinary expenditures.
The recommendations for tax reduction set forth in this letter are only
possible if the Government keeps within the program of expenditure which
the Bureau of the Budget has laid down at the direction of the President.
New or enlarged expenditures would quickly eat up the margin of revenue
which now appears to be available for reducing the burden of taxation, and
to embark on any soldiers' bonus such as was considered in the last CongreSS or any other program calling for similarly large expenditure would
snake it necessary to drop all consideration of tax reduction and consider
instead ways and means for providing additional revenue. A soldiers'
bonus would postpone tax reduction not for one but for many years to come.
,It would mean an increase rather than a decrease in taxes, for in the long
run it could be paid only out of moneys collected by the Government from
the people in the form of taxes. Throughout its consideration of the
Problem the Treasury has proceeded on the theory that the country would
Prefer a substantial reduction of taxation to the increased taxes that would
necessarily follow from a soldiers' bonus,and I have faith to believe that it is
justified in that understanding. Certainly there is nothing better calculated to promote the well-being and happiness of the whole country than a
measure that will lift, in some degree, the burden of taxation that now
weighs so heavily on all.
Very truly yours,
A. W. MELLON, Secretary of the Treasury.
Hon. WILLIAM R. GREEN, Acting Chairman Committee on Ways and
Means, House of Representatives, Washington, D. C.
Table I
-Estimated Effect upon the Revenue of the Proposed Changes in the
Individual Income Tax Law.
Loss in Tax When AU Cha pea Are in Full Effect. On
Income for Calendar Year 1924; Tax Collected 1925
[Three Ciphers (000) Omitted.)
Income Tax
Brackets.
Net
Number
Earned Capita1Certain ComPaying
Income Losses Deduc's munity Reduce
Tax in Normal
at 75% Pro- Limited ProP'tv in Tax
ColTax. Surtax
Each
of vision.to Non- Protaxable vision. lected.
Bracket.
Rates.
Income.
(Loss) (Loss) (Loss) (Gain) (Gain) (Gain)
Gain
Loss
1,000
2,000
$
92,750
20,000
500
14.000
500
25,000 1,000
6,875 2,000
106 4,000
69 3,000
56 3,000
50 3,500
44 3,000
50 3,500
1,000
1,500
2,500
3,000
6,000
3.500
3,500
3.500
4,000
4.500
52,100
140 18,260
2,520 30,380
3,830 23.645
996
1,51
719
1,406
1,550
544
550
25,000 35,000
$1,000-S2,000_ -- - 7,308,200Is
$2.000-34,000_ - _ 4,658,200 64,500
34,000-36,000 _ _ - 1,158,200
$8,000-$10,000_ _ _ 558,200 16,100
210.000-S20,000_ _ 228,200 2.000
$20.000-$50,000_ _
80,200 1,300
350.000-$100,000 _
4.500
l6.50
1100,000-3150,000
1,300
3.62
*150.000-S200,000
550
1,4
1200,000-S300,000
450
840
$300,000-$500.000
380
400
3500,000-$1.000000
150
300
Over $1,000,000_ _
30
200
8,000222,900
$
31,250
17.500
4,400
10,100
21.100
11,100
6,600
7,400
8,100
7,200
8,300
91.600101.800 97.500
This table shows the estimated gain or loss in revenue over that estimated
under the present law, duo to the proposed changes in the Revenue Act
of 1921. and allows for the estimated increase in incomes by reason of the
readjustment of taxes.
k The figures opposite each income tax bracket cover the total estimated
receipts within that bracket.
Table II-Table Showing Decline of Taxable Incomes Over $300,000.
Year.
Number of
Returns.
Net
Income.
AU
Classes.
1916.- 437,03
1917.- 3,472,8
1918._ 4,425,114
1919_,5,332,76
1920-- 7,259,
1921_ _ 6.662.17
1.296
1,015
627
679
395
246
Incomes
Over
5300,000.
Dividends and Interest on
Investments.
All
Classes.
Incomes
Over
$300,000.
56.298,577,6204992.972,986 33,217.348.030 $798,945,738
13,652,383,201 731,372,153 3,785,557,955 616,119,892
15,924.639.35 401,107,88 3,873,234,935 344,111,461
19,859,491,4481 440,011,58 3,954,553,925 314,984,884
23,735,629,183 246,354,58 4,445,145,223 229,052,039
19,577,212,525 153.534,30 4.167.291.294 155.370.28
New Issue of Treasury Savings Certificates to Be Placed
on Sale on Dec. 1.
'Secretary of the Treasury Mellon announced on Nov. 15
that, effective Dec. 1 1923, the Treasury will place on sale
.a new offering of Treasury Savings Certificates, to be known
as the issue of Dec. 1 1923, and will discontinue at the close
,of business on Nov.30 1923 the sale of Treasury Savings Certificates, issue of Sept. 30 1922. The new certificates will
be issued in denominations of $25,$100 and $1,000 (maturity
value), at the following prices:
$20 for the $25 certificate,
ISO for the $100 certificate, and]
MO for the $1000 certificate.
The Treasury Department's announcement says:
[VOL. 117.
their investment in an attractive Government security, and should further
encourage thrift among small Investors.
"Treasury Savings Certificates fulfill a double purpose,"
said Secretary Mellon; he added:
The money which the Treasury is receiving from their sale is the best
possible money to get into Government securities, partly because they are
better distributed among the people than perhaps any other form of Government security, and partly because of what their sale can accomplish in
combatting the spread offraudulent investments. I believe that the greater
the number of holders of a Government's securities the greater the number of
good citizens that Government will have. Treasury Savings Certificates
give to the man or woman who can save only a little at a time an opportunity to invest in a security as safe and with as good an interest return, all
things considered, as other investments give to the man of wealth and large
independent income.
Chemical National Bank on Economic Development
of Texas.
An article on "The Economic Development of Texas" is
contained in the November "Bulletin" issued by the Chemical National Bank of New York. The "Bulletin" gives
extensive data bearing on the sources of wealth in Texas,
the distribution of occupations and on agriculture, manufactures, minerals, &c., and says:
The State of Texas has held a commanding place in American economic
life since its admission to the Union. As the State which is first in land
area, the position of Texas has been unique, but its economic importance
Is based upon more fundamental factors than that of size alone. The increase of population during the seventy-eight years which have elapsed
since the accession of this region has been rapid, but even more rapid has
been the increase in its wealth, whether measured in dollars or in the physical
units of production. Yearly more land has been brought under cultivation,
more factories built and new sources of wealth opened up. The nature of
the development of this State and, in particular, the trend of this development during the last few decades are matters of interest beyond the borders
of Texas.
Proclamation of President Coolidge Designating
November 11-29 as Period for Annual Red Cross
Roll Call.
A renewal of all present membership in the American
National Red Cross and the enlistment therein by all not
now members is urged by President Coolidge in his appeal
for its support issued on Nov. 10. The period from Armistice
Day (Nov. 11) to Thanksgiving Day (Nov. 29) is set apart
by the President as the time for the annual Red Cross roll
call, and last Sunday (Nov. 11) was designated as Red Cross
Sunday in the appeal issued by President Coolidge, which
we give as follows:
As President of the United States of America and as President of the
American National Red Cross I hereby designate November 11 (Armistice
Day) to November 29 as the period of the annual Red Cross membership
roll call, and I appoint November 11 Red Cross Sunday, and recommend
that our churches dedicate that day to a thoughtful and prayful consideration of the privilege and duty of consecrated service to humanity.
During the World War the volunteer effort of the American people to
assist the Government in providing for the welfare of our military and
naval forces at home, on the seas, and overseas, was expressed largely
through the American Red Cross, which also rendered incalculable assistance
to the armed forces of our associates in the war and to their civilian populations within the invaded areas during and after the war.
The recent calamity which befell Japan when millions of her people
suffered dire distress following the earthquake has served again to reveal
to the people of the nation the readiness of the American Red Cross to
respond immediately for service in a great emergency and to apply the
generous gifts of our people to the amelioration of human suffering.
In rendering assistance wherever duty calls, the American Red Cross,
in addition to its work in foreign lands administers relief in times of disaster
in our own country, helps to solve the problem of public health, Is ever
active In other humanitarian projects, and, above all, renders welcome
assistance to the Government in the care of our disabled veterans of the
World War.
Through its charter granted by Congress the American Red Cross is
charged with specific dusies in relationship with the army and navy and
with the people at large in periods of emergency and distress, and it has
never failed to perform those duties. Since the war, and as a result of
experience acquired in the war, it has expanded its welfare operations in
all regions of our country.
The Red Cross seeks only to serve, not to usurp the prerogatives of other
institutions or governmental authorities, but to co-operate with all others
in service to humanity.
It is upon popular membership that the American Red Cross relies for
strength of organization and for funds to carry on its work which Is so
essential to the good of our country, snd it is a privilege to our people to
hold membership in and have a part in the work of this truly American
organization. I therefore urge a renewal of all present membership and
enlistment in the American Red Cross by all not now members.
Aside from the selling price, the new certificates will correspond in all
essential respects to the certificates now on sale. Each certificate matures
Governor Smith of New York in a proclamation issued on
five years from the date of issue, but may be redeemed at the option of the
the 10th inst. proclaiming the current week as Red Cross
holder at any time after the date of issue, at the value indicated on the back
of the certificate. The certificates are issued only in registered from in week, said:
order to afford protection against loss and theft, and are exempt from the
To enroll again in the Red Cross and thus renew all those ties of service
normal Federal income tax and from all State and local taxation (except and friendship and the bonds which mutual suffering and helpfulness bring,
inheritance taxes). The aggregate amount of Treasury Savings is the most fitting observance of Armistice Day. Once more the Red Cross
estate and
Certificates of any one series that may be held by any one person at any one calls upon the people of our State to renew that allegiance to its merciful
time Is limited to 35,000 (maturity value), and for this purpose certificates cause: and
1Vhereas. The continuance of their great work requires the loyal support
issued within any one calendar year, whatever the issue or the issue price.
constitute one series. The new certificates will be on sale at about 40,000 and financial assistance of every citizen of our Commonwealth;
throughout the country beginning Dec. 1 1923. and they may
Now, therefore. 1, Alfred E. Smith, Governor of the State of New York,.
post offices
also be obtained at Federal Reserve banks and branches, or such banks and do proclaim the week beginning Armistice Day, November 11, to be known
other agencies as may qualify for the purposs, and mail applications ad- as Red Cross week and call upon the people of this State to respond promptly
dressed to the Treasurer of the United States, Washington, D. C., will re- to the call.
ceive prompt attention. This new offering, which is being made In conThe Red Cross has appointed the following committee
nection with the redemption and exchange of about $60,000,000 of War
to represent the investment bankers and privatte bankers
Savings Certificates. Series of 1919, which mature on Jan. 1 1924, will afford the holders of the maturing certificates an opportunity to continue group for the
CMS ftWILlai
Red
roll oak
Nov.171923.1
THE CHRONICLE
F. M.Stanton, Harris, Forbes & Co., Chairman; F. T. Ward, J. 1.
Morgan & Co.; L. E. Stropp Kuhn, Loeb & Co.; W.A. Read Jr., Dillon,
Read & Co.; A. C. Lord, Lee, Higginson & Co.; N. W.Street, Blair & Co.,
Inc.; D. B. Grant, Guaranty Co.; Neal G. Finch. Bankers Trust Co.,
and J. M. Thompson, Anglo-London-I ails Co.
Red Cross Appeal in Behalf of Japanese Earthquake
Sufferers Amounted to $10,448,702.
The amount raised by the American Red Cross in response
to the appeal issued by President Coolidge in September in
behalf of the sufferers in the Japanese earthquake was
$10,448,702, according to a report made to the President by
John Barton Payne, Chairman of the Red Cross, on Oct. 26.
Mr. Payne stated that the entire amount had been, or would
be, actually.delivered to the sufferers in the form of cash or
supplies. His report showed that expenditures to the date
of the report from the total raised had amounted to $6,317,512, leaving a balance• available for expenditure on requisition from Japan of $4,131,190.
President Coolidge, in a letter replying to Mr. Payne's
report, declared "it should •be a source of satisfaction to
those generous citizens who answered the appeal for relief,
that the entire amount of their gifts will be actually delivered to the Japanese sufferers in the form of either cash or
supplies." President Coolidge added:
2173
by the U. S. Supreme Court. Justice Butler delivered the
opinion, which held that the question was one entitled to be
considered under the equity power of the Supreme Court
and be disposed of on its merits. Justices McReynolds and
Brandies took the position that the cases regarding the leasing of land to Japanese should have been dismissed on the
ground that no justiciable question was presented. Justice
Sutherland took no part in any of the two cases covered by
the decision. Justice Butler asserted that it was clearly
within the power of a State to prohibit aliens who had notdeclared their purpose to become citizens, or who cannotbecome citizens, from owning land. He held also that such
legislation was not repugnant to the agreement made by
this Government with Japan. Two cases in which the Court
delivered its opinion were brought, one by W. L. Porterfield
and Y. Mizuno against State officials of California, and the
other by Frank Terrace, his wife, and N. Nakatsuka against
State officials of Washington. Justice Butler referred to the
sections of the State laws which prohibited ownership by
aliens other than those who in good faith have declared their
intention to become citizens of the United States. In discussing this phase of the case he said:
The inclusion of good faith declarants in the same class with citizens
does not unjustly discriminate against aliens who are ineligible or against
eligible aliens who have failed to declare their intention. The classifiYour efficient organization, in making possible the collection and ad- fication is based on eligibility and purpose to naturalize. Eligible aliensministration of this large sum without any deduction for administrative are free white persons and of African nativity or descent.
expenses, has given renewed justification for pride on the part of its entire
Congress is not trammeled and it may grant or withhold the privilege of
membership.
naturalization upon any grounds or without any reasons as It sees fit. But
I am sure that the confidence which the country has placed in the Red it is not to be supposed that its acts, defining eligibility are arbitrary or
Cross must be gratifying to you,as it is to me. It is reassuring to know that unsupported by reasonable consideration of public policy. The State may
when disaster strikes, whether on our own or alien soil, we can turn with properly assume that the considerations upon which Congress made such
one accord to the American Red Cross to render swift and efficient aid. classifications are substantial and reasonable. Generally speaking, the
We know we shall not look in vain for the Red Cross has never failed us.
natives of European countries are eligible. Japanese, Chinese and Malays
The appeal made to the American people by President are not.
discriminate arbitrarily
Appellants' contentions that the
Coolidge in behalf of Japan was referred to in our issue of against Nakatsuka and other ineligibleState acts
aliens because of their race or color
foundation. All persons of whatever color or race who have
Sept. 15, page 1195.
is without
not declared their intention in good faith to become citizens are prohibited
from so owning agricultural lands.
Walter W. Head, of A. B. A., on Proposals of Senators
We agree with the court below that it is obvious that one who is not a
citizen and cannot become one lacks an interest and the power to effectually
Borah and La Follette Looking to Curtailment
work for the welfare of the State, and so lacking the State may rightfully
or Powers of Supreme Court.
deny him the right to own and lease real estate within its boundaries. If
Walter W. Head, of Omaha, President of the American one incapable of citizenship may lease or own real estate, it is within the
Bankers Association, in addressing the annual meeting in realm of possibility that every foot of land within the State might pass to
the ownership or possession of non-citizens.
that city on Oct. 25 of the Nebraska Bankers Association,
In that part of the opinion holding that the laws of Calideclared that the proposals made by Senators Borah and
La Follette for curtailing the powers of the Supreme Court fornia and Washington do not conflict with the treaty beand Japan,
to declare Acts of Congress unconstitutional, would be sub- tween the United States be a "treaty of Justice Butler said:
commerce and navigation"
The preamble declares it to
versive of the Constitution itself." Mr. Head said:
and indicates that it was entered into for the purpose of establishing the
Senator Borah proposes that no law be held unconstitutional unless seven
of the nine judges of the Supreme Court so declare it; Senator La Follette
would go further and authorize Congress to override the Court's decision
by the simple expedient of re-enacting the voided law a second time. A
wrong is not made right merely by weight of numbers. A seven-to-two
decision voiding the Child Labor law would not satisfy its advocates any
more than a six-to-three or a five-to-four decision.
The whole Constitution states in spirit that the Federal Government has
only such authority and power as is expressly conferred upon it. The principal purpose was to protect the State governments against attempts of
the Federal Government to encroach upon the authority of the States. We
who live to-day can appreciate the danger of such encroachment. We see
a Government functioning at Washington which interferes with individual
conduct beyond the farthest imaginings of our forefathers of 1787.
The powers expressly granted by the Constitution are sufficient to authorize that which is imposed upon us—and yet we constantly hear attacks on it,
because, the critics say, it limits Congressional authority unduly.
The constitutional restrain upon new powers and activities of the Federal
Government is not as an absolute restraint. It is a restraint only to the
extent that before any change is made there must be some degree of sober
judgment, supported by a decisive majority of the people.
The power of the Courts is designed primarily to protect the individual
citizens in the exercise of those rights which they, through the instrumentality of the Constitution, have undertaken to preserve themselves. Only
fifty times in 134 years since our Government was born has the Supreme
Court decided that the people must give second thought to proposed legislation, that the people, rather than Congress, must decide whether such
legislation should become in fact the law of the land.
Mr. Head, says the Omaha "Bee," also commented on the
fact that American newspapers are prone to give much space
to criticism of public officials; referring to an article claiming
Wall Street controlled farm aid, and an interview with Governor Bryan on unrest, he declared that it was a sign of the
times, the habit of criticism, which is not always constructive,
of responsible executives and those entrusted with the management of Governmental affairs. Mr. Head denied that
he or any official of the American Bankers Association had
ever gone on record in favor of the cancellation of Allied
debts, adding:
As bankers, we do not favor the cancellation of any Just debts. But as
bankers, all of us have sometimes been obliged, under certain circuhistances, to accept less than the total indebtedness due us.
United States Supreme Court Upholds Alien Land Laws
in California and Washington.
The alien land laws of California and Washington, prohibiting aliens ineligible to citizenship from owning or leasing land, were declared valid and-constitutional on Nov. 12
rules to govern the commercial intercourse between the two countries.
The only provision that relates to owning or leasing land is the first
paragraph of Article 1, which is as follows:
"The citizens or subjects or each of the high contracting parties shalt
have liberty to enter, travel and reside in the territories of the other to
carry on trade, wholesale or retail, to own or lease and occupy houses, manufactories, warehouses and to employ agents, &c."
For the purpose of bringing Nakatsuka within the protection of the treaty,
the amended complaint alleges that in addition to being a capable farmer,
he is engaged in the business of trading in farm products.
To prevail on this point appellants must show conflict between the State
Act and the treaty. Each State, in the absence of any provision conferring
the right, may enact laws prohibiting aliens from owning lands within ito
borders. Unless the right to own or lease land is given by the treaty no
question of conflict can arise.
Former President Wilson in Armistice Day Message
Says America's Withdrawal from European
Affairs Is "Cowardly and Dishonorable."
Two messages from former President Woodrow Wilson
marked the commemoration of Armistice Day—his first
message having been given in a brief radio talk on Saturday,
night,Nov.10—the day preceding the anniversary(Nov. 11).
Speaking on "The Significance of Armistice Day," the former.
President declared that "the stimulating memories of that
happy time of triumph are forever marred and embittered
for us by the shameful fact that when the victory was won
. . . we withdrew into a sullen and se/fish isolation which
is deeply ignoble because manifestly cowardly and dishonorable." "The only way in which we can worthily give
proof of our appreciation of the high significance of Armistice
Day," he said, "is by resolving to put self-interest away
and once more formulate and act upon the highest ideals
and purposes of international policy." The following is
the full text of the radio message:
The anniversary of Armistice Day should stir us to great exaltation of
spirit because of the proud recollection that it was our day, a day above
those early days of that never-to-be-forgotten November which lifted
the world to the high levels of vision and achievement upon which the
great war for democracy and right was fought and won: although the
stimulating memories of that happy time of triumph are forever marred
and embittered for us by the shameful fact that when the victory was
won—Won, be it remembered--chiefly by the indomitable spirit and
ungrudging sacrifices of our own incomparable soldiers—we turned our
backs upon our associates and refused to bear any responsible part in the
administration of peace, or the firm and permanent establishment ot
2174
TTTP, CITTPONTPLE
[VOL. 117.
the results of the war, won at so terrible a cost of life and treasure, and. and industry are tending toward their'pre-War conditions. The lapse of
.
withdrew into a sullen and selfish isolation which is deeply ignoble because, :dine has mellowed the resentments which arose out of the war, and has
manifestly cowardly and dishonorable.
,
healed, many of the wounds that such a struggle was bound to make.
This must always be a source of deep mortification to us and we shall
It is greatly to be hoped that we are on the threshhoid cf a new era.
inevitably be forced by the moral'obligations of freedom and honor to .The Washington ,
conference, resulting in the first practical limitation of
retrieve that fatal error and assume once more the role of courage, self- 'armaments among the nations of the earth, did much to promote. peace
respect and helpfulness which every true American must wish to regard ,and good will. In our own country rigid economy has brought our expendiat our natural part In the affairs of the world.
tures within our income and brought about reduction of war debts.
That we should have thus done a great wrong to civilization at one of the
Our country.will remember with gratitude on that day those who served
most critical turning points in the history of the world is the more to be It 'with such distinction, and renew its resolve to continue to meet its
deplored because every anxious year that has followed has made the ex- oblimtions to those who suffered injury from their service. But for their
ceeding need for such services as we might have ren ferel more evident and action, so patriotically performed. Armistice Day would have had quite
more and more pressing. as demoralizing circumstances which we might another meaning for us and for the World. It will not fall, either to pay
have controlled have gone from bad to worse.
the reverence due to the memory of those who did not see the end but died
And now, as if to furnish a sort of si later climax. France and Italy that the end might come.
between them have ma4e waste paper of the Treaty of Versailles and tie'
It Is well also to recall just what this day meant. It meant the end of a
whole field of international relationship is in perilous confusion.
war. It ought to mean the permanent return of peace which can only be
The affairs of the world can be set straight only by the firmest and most established through good will, and only enjoyed In &amity when it rests
determined exhibition of the will to lead and make the right prevail. ss
on justice. If there is to be peace on earth it will be because between
Happily, the present situation in the world of affairs affords us the nations there is justice on earth.
opportunity to retrieve the past and to ren-'er mankind the Inestimable
On the 11th inst. President Coolidge laid Et wreath on the
service of proving that there is at least one great and powerful nation whit 11
can turn away from programs of self-Interest and devote itself to practicin tomb of the Unknown Soldier at Arlington National Cemeand establishing the highest Weals of disinterested service and the consistent
tery as the Armistice Day . tribute of the American people
maintenance of exalted standards of conscience and of right.
The only way In which we can worthily give proof of our appreciation to the memory of "those who did not see the end, but died
of the high significance of Armistice Day is by resolving to put self-interest that the end might come." The act of tribute to the dead,
away and once more formulate and act upon the highest ideals and purof the World War was performed by the Chief Executive
poses of international policy.
with little ceremony and in accord with the custom estabThus, and only thus, can we return to the true traditions of America.
On Nov. 11 former President Wilson addressed a gathering lished a year ago by President Harding. The Associated
of admirers who had made an Armistice Day pilgrimmee to Press dispatches said:
his Washington home, and on that ocras'on 111 declared
He was accompanied by Mrs. Coolidge, his military and naval aides and
that he is not one of those that have the least anxiety about Secretary Weeks of the War Department and Acting Secretary Roosevelt
of the Navy Department.
the triumph of the principles for which he had stood. "I
The President stopped a few feet in front of the tomb, with Secretary
have seen fools resist Providence before," he said, "and I Weeks to his rirlit and Secretary Roosevelt to his left. Then, with heads
have seen their destruction, as will come upon these again— uncovered and with the President bearing the wreath, a massive circle
of white chrysanthemums, the three walked to the tomb and the President
utter destruction and contempt. That we shall prevail is laid the floral tribute upon the marble top. Mr. Coolidge stood with
as sure as that God reigns." The Washington (D. C.) bowed head for a minute and then raised his hand in salute to the honored
"Post"in its account of his speech on that day said in part: dead.
Halting in step, faltering in speech, and finally overcome with emotion.
the former I resident addressed the throng from the portico of his home at
2340 9 Street. It was his second address in less than 24 hours, and the
third he has made since he left the White House.
Shaken By Emotion.
The war-time Executive, with lips that twitched in an effort to hold
back the tears, gave heartfelt thanks to the crowd that taxed the capacity
of the street. and expressed a wish that the honor be given rather to the
men who had ma-'e Armistice Day Possible.
After apparently concluding his remarks, Mr. Wilson again raised his
head and reiterated his belief that the principles for which he and his followers stand will surely prevail.
Mr. Wilson was on the steps eleven minutes but spoke only two. Standing close to Senator Carter Glass of Virginia, who was spokesman for the
pilgrimage committee, and emphasizing his points by raising and lowering
his dress hat, which beheld in his hand, the nation's one-time leader said:
Pays Tr'bute to Troops.
"I am indeed deeply toudied and honored by this extraordinary exhibition of your friendship and confidence, and yet I can say without
affectation that I wish you would transfer your homage from me to the
men who made Armistice Day possible. It was possible because our
boys had beaten the enemy to a standstill. You know—If you will permit
me to be didactic for a moment—'armistice merely means 'staw'still of
arms.' Our late enemies, the Germans, call an armistice 'svaffenstillstand'—an armed standstill—and it was the boys who made them stand
still.
"I am proud to remember that I had the honor of being the Commanderin-Chief of the most ideal army ever thrown together--." Here Mr.
Wilson's eyes fuel with tears and he stopped for a moment. "Pardon
'
my emotion, he interpolated. then picking up the thread of his thought
again, "although the direct command was in my great friend I ershing.
I would gladly transfer to him the laurels of victory. I thank you with
all my heart for your kindness."
„ Believing that to be final, the crowd burst into cheers. but Mr. Wilson.
replacing his hat and hanging his cane in his upper coat pocket. continue
'Just one word more. I can not refrain from saving it. I am not
one of those that have the least anxiety about the triumph of the principles I have stood for. I have seen fools resist Providence before. and
I have seen their destruction, as will come upon these again—utter de.
struction and contempt. That we shall prevail is as sure as that God
reigns."
r
,
• Then Mr. Wilson, bent with four years of Illness, leaned on the arm
of a negro attendant while he stepped up the single step and re-entered
the house.
President Coolidge Honors Unknown Soldier on
Armistice Day—Says Day Ought to Mean Permanent Return of Peace Established Through
Good Will.
President Calvin Coolidge issued a statement on the 10th
Inst. reminding Americans that Nov. 11 would mark "the
fifth anniversary of the signing of the armistice which ended
the World War." Recalling "just what this day meant," he
said: "It meant the end of a war. It ought to mean the
permanent return of peace which can only be established
through good will, and only enjoyed in security when it
rests on peace." "If there is to be peace on earth," he
added, "it will be because between nations there is justice
on earth." The President's statement follows:
November 11 will be the fifth anniversary of the signing of the armistice
which ended the World War. The nations have not yet recovered from
that great catastrophe, nor will they recover for some time to come. But a
great deal of progress has been made in that direction. Most of the millions
ofsoldiers have been returned into their civilian occupations, and commerce
Federal Trade Commission's Inquiry into Cotton
Industry—Latter Opposed to Change in
Future Trading Law.
At the Inquiry into the cotton industry which was begun
by the Federal Trade Commission at Washington on Nov. (3
conflicting views were heard on the question of the liquidation of future contracts for cotton at designated points in
the South. The hearing was continued on Nov. 7 and 8 and
'n an account of the concluding session the "Journal of Commerce" of this city in Washington advices stated:
Efforts to change the present law governing the trading in cotton futures
will be fought by the cotton industry, it was indicated at the closing session of the three-day conference held by the-Federal Trade Commission and
members of the trade. The proposals of the Commission to change the present contract warehouse delivery or the ten grades authorized by Congress
were overwhelmingly opposed by those who testified during the Conunission's hearings,
ms.s of frolmony taken will be studied carefully by the Commission
and doubtless will be considered in the Commission's recommendations to
Congress, an accordance with a resolution passed by that body. The gist of
the testimony taken clearly indicated that the trade was satisfied with the
present practices in cotton futures.
William L. Clayton, of Houston, Tex., a member of the New York Cotton
Exchange, who opened the Commission's inquiry, also brought it to a close.
Mr. Clayton's second appearance was solely for the purpose of clarifying
certain points raised by both the proponents and opponents of the suggestions made by the Commission for a change in the Smith-Lever law.
The reason why exchanges closed during the war, Mr. Clayton declared,
was because there were no buyers and that the people could get along without cotton, but they could not get along without wheat, which kept the grain
markets open and the cotton markets closed. In this connection, Mr. Clayton paid a high tribute to the members of the New York Cotton Exchange
for their efforts in raising funds and liquidating a number of "frozen" contracts.
He told how a committee of the Exchange investigated every outstanding
contract. It was developed, he said, that 80% of outstanding trades were
legitimate, while the remaining 15% were of the speculative type.
In case of the establishment of Southern delivery, Mr. Clayton explained,
it would not be necessary for the buyers to have large forces of employees,
as claimed by some of the opponents to the Commission's suggestions.
He expressed vigorous opposition to any premiums on cotton "on the near
months" and stated that lie did not think that Southern warehousing would
put premiums on this phase of cotton trading. During the last three years,
he continued, 30,000,000 bales of cotton out of the 37,000,000 bales grown
were used in cotton manufacture. He stated that it cost $4 per bale less to
ship cotton from Norfolk direct to Liverpool than from Norfolk via New
York to Liverpool, seeking to prove that the contention of the opponents of
the Southern delivery were in error in their statements that it was cheaper
to ship direct to New York because of cheaper ocean rates.
Ile testified that he never had experienced any trouble in getting warehouse facilities in the Port of New York, but said that a heavy accumulation
of stocks In warehouses might prove troublesome and promote speculation.
Mr. Clayton went into a lengthy technical discussion of the causes of
"squeezes" and "hedging" by the cotton men in answer to queries previously
made by Chairman Murdock.
Although other witnesses appearing before the Commission were in favor
of abolishing the Department of Agriculture crop reports, Mr. Clayton said
that he would hate to see its functions curtailed.
He was opposed to a New England delivery point on the ground that there
"was always a lot of rejections up there, which introduces an element of uncertainty."
Theodore Marcus, of the Texas Cotton Association, said any effort to
place more restrictions would have a tendency.to "block trading In cotton."
James E. Latham, Greensboro, N. C., also spoke in favor of the Southern
warehouse delivery theory as proposed by the Commission.
Nov.17 1923.]
THE CHRONICLE
Mr. Clayton, a member of the New York and Houston cotthe openton exchanges, was heard by the Commission with
according of the hearings on the 6th inst., and on that day,
"Journal of Commerce," declared he was opposed
ing to the
provide for
to any change in the Smith-Lever bill except to
Southern warehouse delivery. He believed that the present
grades permit the delivery of 75% of the cotton and that the
method pursued In fixing the differentials was satisfactory.
The same account also said:
futures contract and to the
Emphatic opposition to changes in the cotton
expressed to-day by repreproposal for Southern warehouse deliveries was
called by the Fedsentatives of the American cotton exchanges in the hearing
of the outstanding groups in
eral Trade Commission to ascertain the views
that if there was to be a
the cotton trade. The Commission was told
future contracts these
change in the number of grades tenderable under
restrictions on the present
should be enlarged rather than reduced. Further
as a trading centre,
future market will throw cotton transactions to Liverpool
they warned.
Cotton ManufacR. M. Durfee, representing the National Association of
cotton forecasts,
turers of Fall River, scored the Department of Agriculture's
asserting that they were absolutely incorrect and of no benefit to the trade.
Mr. Durfee said that
The cost to the people he assessed in the "millions."
contract, and expressed
all spinnable grades of cotton should he delivered on
opposition to a reduction in the length of spinnable grades from 1 to %-inch.
deHe placed the association on record as being against Southern warehouse
liveries.
Closer Supervision Advocated.
With the exception of Mr. Durfee's testimony, the hearing, which is expected to extend over Thursday, was confined to a statement of the views of
cotton exchange members. Numerous questions were directed by the investigators, employed by the Commission in conducting the inquiry, and by Chairman Victor Murdock. Closer supervision by the Department of Agriculture
of the methods by which the spot markets arrive at quotations of grades off
and on middling was advocated by two of the witnesses.
William L. Clayton, a member of the New York and Houston cotton
exchanges, declared he was expressing his own opinion In ,the questions propounded by the Commission.
Speaking in opposition to the Southern warehouse delivery, E. L. Butler, a
member of the New York and New Orleans cotton exchanges, declared that,
although it would eliminate the cost of transportation to New York, "this
method of delivery would entail other expenses and that the freight rate to
New York a present was offset by the lower ocean freight rates obtainable
from New York as against Southern ports."
Good, IVorkable Contract.
He believed that the future contract was as good as could be made, but it
was not perfect, and that nothing has been suggested for a revision of such
contract that holds forth greater promise of successful operation.
No actual daily sales are made on the New York Cotton Exchange and
very little of spot market transactions, he said. Mr. Butler further stated
that there was no particular reason to go to New York other than to satisfy
a mill customer or for the storage of cotton for export where cheaper ocean
freight rates are available. Ile defended the policy of the future contract
on the ground that It was carried on for economic reasons and also as insurance against loss in trading operations.
2175
George McFadden, Jr., a member of the New York Cotton Exchange, was
opposed to any change in the Lever law, which, he said, was the result of a
careful study and work of Congressman Lever, of South Carolina, "undoubtedly the best informed man on the needs of the cotton industry in the United
States." He felt that any further restrictions on the combination of grades
delivered would be a serious mistake and would cause restrictions in trading,
about violent fluc"Restricted trading," he declared, "cannot help but bring
tuations in the prices."
Favors Southern Delivery.
of
Julius W. Cone, of the New York Cotton Exchange and a manufacturer
cotton cloth, told the Commission that he used the Cotton Exchange, and
be expected, but it did not
that the present contract was as good as could
provide for Southern delivery, which he favored.
W. J. Britton, a member of the Memphis Cotton Exchange, who came before the Commission, uninstructed by members of his Exchange, urged that
It was
if the present contract is to be changed it should be made flexible.
his opinion that an extension of time beyond the time set for delivery of
along
cotton should be allowed, but in all other respects his testimony was
similar lines of other Cotton Exchange men favoring the present law.
W. M. Howard, a member of the Augusta (Ga.) Cotton Exchange, also
spoke. He was followed by C. B. Howard, General Sales Manager of the
American Cotton Growers' Exchange, located at Atlanta, Ga., who opposed a
"narrow market" and was satisfied with the present grades and the methods
used in arriving at differentials.
W. B. Jenks, a member of the New York Cotton Exchange, favored Southern warehouse delivery with differentials to meet the New York price. J. L
Goldman, of the Dallas Cotton Exchange, was opposed to any change in the
law.
Submits Recommendations.
Mr. Marsh, following his criticism of the Department of Agriculture, submitted the following recommendations:
"1. The Norris-Sinclair Government marketing corporation bill and
other means of aiding the organized asid unorganized cotton farmers in cutting out the middleman and speculators and stabilizing the price of cotton.
"2. A hands-off policy on the part of the Department of Agriculture as
between the Farm Labor Union and the Farm Bureau Cotton Association,
also as between the farmers and the bear gamblers.
"3. More decent treatment for the dirt farmer organization (the Farm
Labor Union) arid less favoritism for the sidewalk and larger farmer aggregation, the American Farm Bureau, by the War Finance Corporation and the
land banks."
Continuing his criticism of the Department of Agriculture and other Governmental agencies, Mr. Marsh said:
"The United States Department of Agriculture and its agents and the
land banks working with the Farm Bureau cotton associations, which do not
handle one-tenth of the cotton handled by the Farm Labor Union of America,
are injuring cotton growers. The Federal Farm Land Bank officials at
Houston, Tex., have informed the Farm Labor Union of that State that the
intermediate credits are only for cotton organizations that have a time contract, and the Farm Labor Union will not ask any cotton grower to sign a
compulsory contract of this sort.
"The Intermediate Credit banks seem to be used to help the co-operative
organizations affiliated with the Farm Bureau and those which get their
credit through Aaron Sapiro, agent at large for Eugene Meyer, Jr., Managing Director of the War Finance Corporation, which seems an unwarranted
discrimination against the Farm Labor Union membership."
New York as Delivery Point.
Thomas J. Hogan, representing the Norfolk and Portsmouth, Va., cotton
exchanges told the Commission that at a meeting of the board of directors
at which 19 were present 13 voted for Southern delivery, while six were
opposed to it. He declared that he appeared for those opposing Southern
delivery on the ground that New York was the logical place for it.
Col. S. A. Gordon, representing the Savannah Cotton Exchange, declared
the board of directors of the Exchange had voted unanimously to recommend
that there be no changes in the Act, "as it is at present, and that he was
instructed so to advise the Commission." It was his personal opinion, however, that to find means to prevent manipulation on the future cotton market
was "neither logical, scientific or legal."
It was also his opinion that legislation should not be designed to throw
further restrictions around the future contract, because such legislation
would result in grave and serious consequences. "You may improve the
contract in one respect and injure It in another," Colonel Gordon declared.
It was also his belief that if any changes are to be made in the grades,
they should be increased rather than restricted. Ile was opposed to the
Southern warehouse delivery idea and favored the present practice, because
New York was the "financial centre of this country, and trade follows
finance."
•
At the hearing on the 7th a Congressional investigation
of the Department of Agriculture was predicted by Benjamin C. Marsh, Managing Director of the Farmers' National
Council. This Is learned from the "Journal of Commerce,"
whose further report of that day's developments follow:
The Department of Agriculture, he said, through publication of "bearish
cotton condition reports, helped the cotton gamblers and kept prices down,
thus injuring cotton growers."
Allan F. Johnson. representing the National Council of American Cotton
Manufacturers, followed Mr. Marsh and said that his organization was interested in the causes of the wide fluctuations in the market. It was his
opinion that such fluctuations are caused by some one having the "edge" in
the future market. At this point Mr. Johnson joined Mr. Marsh in criticising
the reports of the Department of Agriculture. Be argued that the Department was responsible for the depression in the early part of the year because
%
2
/ increase in acreage. "This was all bunk," Mr. JohnIt prophesied a 121
son said.
Favors Lever Bill.
The proposed investigation by the Federal Trade Commission was referred to in these columns in our issue of Nov. 3,
page 1961.
Governor Pinchot's Final Conference With Anthracite
Coal Operators—Says They Refuse to Clean House.
The last of a series of conferences begun recently by Governor Pinchot of Pennsylvania with a group of anthraeite
coal operators, the purpose of which, according to the Governor, was to discuss methods of keeping hard coal prices
during the coming winter at the level of those of last year,
took place at Harrisburg on Nov. 9. The operators refused
to recommend, the Governor said, that the anthracite industry "should clean its own house of abuses known to exist," but Samuel D. Warriner, speaking for the operators
after the conference declared Mr. Pinchot had presented no
definite plan by which the results sought could be legally
accomplished. After the meeting the Governor also made
public a letter to Joseph J. Walsh, State Secretary of Mines.
in which he said he had been informed that 20% of the coal
shipped now contains an unfair proportion of rock and slate
and asked Mr. Walsh to use the forces at his command to
remedy the situation. The operators who met the Governor
included Mr. Warriner, Chairman of the Operators' Policy
Committee: W. J. Richards, A. B. Jessup and W. L. Connell.
The first three took part in the conPerence with the United
Mine Workers' representatives here which resulted in the
present wage scale. Mr. Connell in the past has taken part
in many similar conferences. The Governor issued the following statement after the conference:
The committee of anthracite operators, consisting of Messrs. Warriner,
Richards, Connell and Jessup, held a final conference with me this afternoon
to decide whether they would recommend to the anthracite industry that it
should clean its own house of the abuses which are known to exist
They have refused. I cannot believe that in doing so they represent the
"The Department's report on acreage was read by people who did not
know anything about it," he added. He favored the Lever bill and also attitude of the anthracite industry as a whole.
Southern delivery scheme, but Indicated that there should be also
Since the settlement of the coal strike I have held repeated conferences
sought the
with these gentlemen, sometimes singly, sometimes several together, and
a delivery point somewhere in New England without differentials.
Harvie Jordan, of the American Cotton Association of South Carolina, was have urged upon them with every power I had the obvious proposition that
opposed to Southern warehouse delivery and regarded it as impracticable, the anthracite industry owes it to the public and to its own members to clear
and establishment of such deliveries, he said, would have a depressing effect itself of extortion and other evils and to regain the public confidence which
on "spot cotton." He believed that it was absolutely necessary to have cotton its course has forfeited.
I have explained to them over and over again that if they should decline
exchanges and that no change to the Lever Act was needed. It was his
to set their own house in order—see that justice Is done to the consumer —
opinion, he said, that the people are generally satisfied with the law.
,
A divergence of opinion was expressed by the other cotton men appearing the people would undoubtedly take the task off their hands. Since this committee has declined, for whatever reason, to lead in doing what is needed,
at the heating.
2176
THE CHRONICLE
other means will be sought. As the plans already made develop the public
will be kept fully informed.
Mr. Warriner's statement said:
• The Governor again suggested to us that we should agree among ourselves
and with him.not to 'sell coal to retail dealers charging more for coal than
last ,year. At no time during our conference did he present any definite plan
by which this can be legally done. We pointed out the legal difficulties in
the way of such action, and our understanding at the close of the conference
was that he would secure further advice and send us a definite plan operative
within the law.
[VOL. 117.
thrice been sustained in practically all of its aspects in'as
many opinions of this Court." Among other things, the brief
presents "the history of the times under which Congress
acted" in passing the Transportation Act, and cites various
cases, besides giving the proceedings and debates in the Senate and House on the bill, etc. In undertaking to show that
the recapture clause is founded on precedent, the brief says:
VIII.
The Recapture Clause Is Founded on Precedent.
The principle upon which the recapture clause was founded was not
unknown to our law. It Is common knowledge that public utilities companies in some of the large cities, such as street car, traction, gas and
electric light, turn over to the municipalities all earnings in excess of certain
amounts. Municipal ordinances so providing have frequently been accepted by public utilities.
In Noble State Bank vs. Haskell, 219 U. S.. 104, the Oklahoma Act
created a State Banking Board with power to levy upon every bank existing
under the laws of the State an,
ssessment of 5% of the bank's average daily
deposits, with certain deductions, for the purpose of creating a depositors'
guaranty fund. The purpose of the fund was to secure the full repayment
of deposits. If a bank becomes insolvent and goes into the hands of the
Bank Commissioner, and its cash immediately available is insufficient to
pay depositors in full, the Banking Board is to draw from the fund (and
assessments if required) the amount needed to make up
The Pennsylvania law permits different percentages of from additional A
the deficiency.
solvent bank that did not want the help of the depositors'
slate and bone in the various sizes of anthracite, ranging guaranty fund challenged the validity of the Act on the ground that it
could not be called upon to contribute toward securing or paying the defrom 1% bone and 1% slate in broken or the largest size coal.
positors in other banks
In stove coal the quantities aye 4% slate and 3% bone; in stitution, and with theconsistently with Article I, section 10 of the ConFourteenth Amendment. This Court sustained
the Act.
chestnut coal, 6 and 5%, and in pea, 10 and 10%. In the
In Mountain Timber Co. vs. Washington, 243 U. S., 219, 237, 244, 245.
smaller coal sizes the percentages run much higher. Re- the
Legislature of Washington
fund for the compenports reaching the State Department of Mines show, it is sation of workmen injured and established a Stateworkmen Idlied in emthe dependents of
said, that some operators have been shipping coal with from ployments classed as hazardous; the law wasjoade obligatory upon both
two to four times the legal amount of slate and bone. There, employers and employees; the fund was the sole source of compensation
and was supplied by assessments upon each employer of definite percentages
are also reports where retailers have taken advantage of lax of his total pay-roll. Speaking for the Court, Mr. Justice Pitney, in.sussupervision and have mixed a smaller size of coal with the taining the statute, said:
"In the present case the Supreme Court of Washington
next largest size and sold the coal at the higher-size class 581, 583) sustained the law as a legitimate exercise of (75 Washington,
the police power,
referring at the same time to its previous decision in the Clausen case,
price.
65 Washington, 156, 203, 207, which was rested principally upon that
power, but also (pp. 203, 207) sustained the charges imposed upon emSamuel D. Warriner, President of the Lehigh Coal & ployers engaged in the specified industries
as possessing the character of a
Navigation Co., chief spokesman for the anthracite coal license tax upon the occupation, partaking of the dual nature of a tax for
revenue and a tax for purposes of regulation. We are not here concerned
operators' policies committee, on Nov. 14 sent a letter to with any mere question of construction, nor with any distinction between
powers. The
whether a State law
Governor Pinchot in which he stated that he viewed "with the police and the taxing secured by thequestion Constitution depends
deprives a party of rights
Federal
not upon how it is characterized, but upon its practical operations and effect.
indignation" the Governor's statement of Nov.9 to the effect Henderson vs. Mayor of New York,
92 U.S.,259.268; Stockard vs. Morgan,
that the operators had refused to recommend to the industry 185 U. S., 27, 36; Galveston Harrisburg & San Antonio Ry. Co. vs. Texas,
217, 227; Western Union Telegraph Co. vs. Kansas, 216 U.
that it should clean its own house of abuses known to exist. 210 U. S.,Ludwig vs. Western Union Telegraph Co., 216 U. S., 146, S.,
1, 28, 30;
162;
St.
The letter said the Governor suggested that the operators the Louis Southwestern Ry. Co. vs. Arkansas. 235 U. S.. 350, 362. And
Federal Constitution does not require a separate exercise by the States
agree not to sell coal to retailers who charged higher prices of their powers of regulation and of taxation. Gundling vs. Chicago,
177 U. 8., 183, 189.
than last year, but that the operators feared such a plan
"Whether this legislation be regarded as a mere exercise of the power of
regulation or as a combination of regulation and taxation, the crucial
would be a violation of the criminal laws of the United Inquiry under the Fourteenth Amendment is whether it clearly appears
States, as it would mean an attempt on the part of the pro- to be not a fair and reasonable exertion of governmental power, but so
extravagant or arbitrary as to constitute an abuse of power. All reasonable
ducers to fix retail prices in more than 25,000 communities. presumptions are in favor of its validity, and the burden of proof and argument is
seek to overthrow it. Erie RR. Co.
The letter also pointed out that the Governor had been 233 U. upon those whoIn the present case it will be propervs. Williams,
S. 685, 699.
to consider:
(1) Whether the main object of the legislation is, or reasonably may be
assuring the operators for four weeks that he would endeavor deemed to be, of general and
public moment rather than of private and
to obtain the opinion of the State Attorney-General on the particular interest, so as to furnish a just occasion for such interference
with personal liberty and the right of acquiring property as necessarily
point, and that the opinion had not yet been received.
must result from carrying it into effect. (2) Whether the charges imposed
upon employers are reasonable in amount,or, on the other hand,so burdensome as to be manifestly oppressive. And (3) whether the burden is fairly
distributed, having regard to the causes that give rise to the need for legisBrief Filed in Behalf of Government in Proceedings lation.
The Governor's letter to Secretary Walsh follows:
In the investigation now being made of the anthracite industry to ascertain where the fault lies'for the excessive charges for coal and for impurities
delivered to the consumer, I find it advisable to call upon you to take charge
of the situation so far as it relates to the quality of the coal shipped from the
mines for public consumption. You are therefore directed to use the forces
at your command to remedy this phase of a deplorable and unwarranted condition. '
I am told that about 20% of the coal shipped contains an unfair proportion of rock and slate. If so, its sale to the public is a rank imposition.
In particular I desire to have you report to use not less often than weekly
the exact detailed facts which you find to exist, together with any recommendations you may have to make.
The Attorney-General has been directed to give you such assistance as you
and he may think necessary in your endeavor to bring about the result the
Administration is anxious to accomplish.
Involving Recapture of Excess Earnings Case.
To the criticism that carefully managed plants are in effect required to
contribute to make good the
through tho negligence of their
In behalf of the United States, Solicitor-General James M. competitors, it is sufficient tolosses arising Act recognizes that no managesay that the
ment. however
Beck filed in the Supreme Court of the United States on employees in careful, can afford immunity from personal injuries to
the hazardous occupations, and prescribes that negligence is
not
Nov. 3 an appeal from the findings of the District Court of or to be determinative of the question of the responsibility of the employer
the industry. Taking the fact that accidental injuries are inevitable, in
the United States for the Eastern District of Texas in the connection with the impossibility of foreseeing when or in what particular
plant or
proceedings involving the so-called recapture of excess earn- power inindustry they will occur, we deem that the State acted within its
declaring that no employer should conduct such an industry
without
ings clause of the Transportation Act. The case is that of maintainmaking stated and fairly apportioned contributions adequate to
a public fund for indemnifying injured employees and the dethe Dayton-Goose Creek, appellant, versus United States of pendents of those killed, irrespective of the particular plant in which the
accident might happen to occur. In short. can not be deemed arbitrary
America, appellee. It is contended in the briefs filed by or unreasonable for the State, instead of it
imposing upon the particular
employer entire responsibility for losses occurring In his own plant or work.
counsel for the road that the "recapture clause" violates to impose the burden upon the industry through a system of occupation
taxes limited to the actual losses occurring in the respective classes of
the Fifth and Tenth Amendments, that it does not assess or occupation.
The idea of special excise taxes for
levy a tax, and that the record does not show a valuation
revenue proportioned
to the spwial injury attributable to regulation and
taxed is not novel. In
upon which the quantum of the so-called excess earnings Noble State Bank vs. Haskell, 219the activitiesthis court sustained an
104.
Oklahoma statute which levied upon U. S. bank existing under the laws
every
may be recaptured." Solicitor-General Beck points out in of the State an assessment
of a percentage of the bank's average deposits
his brief that "the prayer of the original petition is that 'the for the purpose of creating a guaranty fund to make good the losses of
depositors in Insolvent banks. There,
said orders of the Commission and each of them, so far as tion of the fund were made a matter of as here, the cogection and distribupublic administration, and tjae fund
was created not by general
in
they relate to the payment of money to the Commission and of an occupation tax upontaxation but lay a special imposition of the nature
all banks existing under the laws
the State.
In Hendrick vs. Maryland. 235 U. S. 610. 622, and Kano vs. New Jersey.
Into said reserve fund,' shall be stayed and suspended, and 242 U.S. 160, 169, we
sustained laws of a kind now familiar imposing license
that the defendants be enjoined from instituting or prose- fees upon motor vehicles, graduated according to horsepower,so as to secure
compensation for the use of improved roadways from a class of users for
cuting any civil or criminal suit or suits against complainant whose needs they are essential and whose operations over them are peculiarly injurious. And see Charlotte Columbia & Augusta RR. Co. vs.
or any of its officers or directors, or either of them jointly Gibbes, 142 U. S. 386-394-5, and cases cited. Many of the States have
dogs
or severally, until complainant can present to the Court ap- laws protecting the sheep industry by imposing a tax uponlosses in order
to create a fund for the remuneration of sheep owners or
suffered
by
plication for injunction, etc." The brief filed by Solicitor- dogthe killing of their sheep by dogs. And the tax is imposed upon all
owners, witnout regard to the question whether their particular dogs
General Beck says "whether an adequate system of railway are responsible for the loss of the sheep. Statutes of this character have
been sustained by the State courts against attacks based on constitutional
transportation throughout the continental United States grounds. Morey vs. Brown, 42 N. H. 373, 375; Tenney, Chairman, vs.
Lenz, 16 Wisconsin, 566; Mitchell vs. Williams. 27 Indiana, 62: Van Horn
shall be maintained, and to that end whether the Transpor- vs. People. 46 Michigan, 183. 185. 186: Longyear vs. Buck, 83 Michigan,
236,240; Cole vs. Hall.
tation Act of 1920 is a valid exercise of Congressional power 340, 344; McGlone, Collector, 103 Illinois, 30; Hoist vs Roe,39 Ohio St.
Sheriff, vs. Womack, 129 Kentucky,274. 283,et seq.
is the question. Whether a particular clause of that Act is
Learned counsel argue that the statutory half-and-half division between
constitutional when tOrn from its setting is decidedly not the the Government and the company of the excess earnings is arbitrary; and
question." The Act, he says, "stands before the court, with If sustained it might subsequently be revised and the proportion of the
all of the presumptions of validity. Moreover, the Act has company from time to time so reduced as to ieach zero. Similar arguments
in other cases have been rejected as irrelevant.
Nov. 171923.]
THE CHRONICLE
2171
In Atlantic Coast Line vs. Corporation Commission, 206 U. S. 1. 25. standing more than eleven billions
of railway bonds.which bear an average
this Court said:
interest of about
%,and on that part of the value of the property the
The power to fix rates, it is urged, in the nature of things. is restricted carriers will save 1%. It must also be remembered that the 534% basis
to providing for a reasonable and just rate, and not to compelling the for a rate district•wlIl not give to
each carrier in that district 5;i% upon
performance of a service for such a rate as would mean the sustaining of an
actual loss In doing a particular service. To hold to the contrary, it is the value of its property. To some carriers the return will be much higher
argued, would be to admit that a regulation might extend to directing the and to others correspondingly lower. To illustrate: In the test period
rendering of a service gratuitously or the performance of first one service for ascertaining compensation under the Act of March 21 1918 the
average
and then another and still another at a loss, which could be continued in
favor of selected interests until the point was reached where by compliance net annual operating income of the Class I railways was 5.2% upon the
with the last of such multiplied orders the sum total of the revenues of a aggregate property investment account. There are, however, wide difrailroad would be reduced below the point of producing a reasonable and ferences when the individual carriers are considered. Under this average,
adequate return. But these extrrme suggestions have no relation to the the New York Central System earned
6.09; the Pennsylvania Co., 8.26:
case in hand.
the Pennsylvania RR.. 5.36: the Delaware & Lackawanna, 7.54; thd
In Noble State Bank vs. Haskell, 219 U.,S. 104, 112, this Court also said Erie, 3.56; the Baltimore & Ohio, 4.67; the Chicago Burlington & Quincy,
It is asked whether the State could require all corporations or all grocers 7.02; the Chicago & North Western, 6.13; the Missouri Pacific, 4.43:
to help to guarantee each other's solvency, and where we are going to draw the Union Pacific, 6.72; the Southern Pacific, 4.99: the Northern Pacific,
the line. But the last is a futile question, and we will answer the others 6.27; the Great Northern,6.70; Atchison Topeka & Santa
Fe. 6.16; Chicago
when they arise.
Milwaukee 4: St. Paul,4.71; Chicago Rock Island & Pacific, 4.72; Chicago •
Likewise the argument may not prevail that appellant, owing to claims Great Western,
1.77; Chicago & Alton, 2.64; Western Pacific, 2.28; Coloand suits for loss and damage, overcharges, etc., may not close records and rado Southern, 3.04;
Missouri Kansas & Texas, 2.81; Texas Pacific, 3.76;
submit reports of earnings for a specified year because of undetermined lia- Wabash,
2.91; Western Maryland, 2.58; New York New Haven & Hartbility, as it presents a general administrative question which clearly belongs ford,
5.96; Boston & Maine, 4.80; Cincinnati Hamilton & Dayton, 1.95;
to the rules and regulations of the Inter-State Commerce Commission cover- Atlantic Coast
Line, 5.76; Seaboard Air Line, 3.68; Southern Ry., 432;
ing such matters. The Court would not determine such questions in Louisville & Nashville,
6.32; Illinois Central, 5.48.
advance of the facts of the particular case.
The basis adopted by the committee is three-tenths of 1% higher than
Opposing counsel try to make much of the language of the District Court the basis of the test
period: and, assuming, though not conceding, that the
that the recapture of the excess earnings was in the nature of a tax. One value of the property
is equal to the aggregate of the property investment
of the briefs points out that the Inter-State Commerce Commission has not accounts, it will yield
for all the railways a net operating income of $54.become a tax assessor and collector, that as the moneys are not paid into the 000,000 in excess of the
income of the test period.
Treasury by the carriers and paid out by the Treasurer that there is no tax,
There were two considerations which led the majority of the committee
hence the District Court erred. The tax referred to by Mr:Justice Brandeis to believe that this
increase is not only warranted but necessary.
in the New England Divisions Case, whose language is quoted in the opinion
First. The railways are being returned to their owners when everything
of the District Court (Tr. 68), is very much the same as the tax referred to is unsettled and abnormal; when
there is suspicion and distrust everywhere.
by Mr. Justice Pitney in the Mountain Timber Case for which he cites Just what rate of return will enable the
carriers to finance themselves under
authorities. The point does not require further discussion.
such conditions cannot, with certainty, be determined. It was therefore
There is little in the briefs of opposing counsel which meets the holding felt that some increase over
the pre-war period is justifiable.
of the District Court that appellant never acquired title to the fund as its
Second. As compared with all kinds of commodities, money is much
absolute property, but that it holds the same as trustee for the United States less valuable than it was a few
years ago, and it would seem to be only fair
There is also included in the brief a report prepared by that the returns from railway investments should be reasonably advanced.
The committee, however, recognized that the present situation may be
Senator Cummings which accompanied the railroad control
temporary, and that in the course of time the country may be restored to
bill:and which in reviewing the purposes of the bill says:
something like its former circumstances, and it provided for this very
If the lawyers who insist that taking excess income is unconstitutional are probable change in the last paragraph of section 6. as follows:
right in their premises, their conclusion would be unassailable. They as"That in the
sume that all the earnings of a given railway under a prescribed body of shall determine year 1925 and in every fifth year thereafter the Commission
what, under the conditions then existing, constitutes a
rates become the absolute property of the carrier which receives them. This return upon the value of such railway property, and it may increase or fair
deis not true under the system which the bill creates; and therefore the con- crease the 514% basis herein prescribed, or the basis for the determination
clusion is unsound. If there were but one railway in the country, it would of excess income.reasons,
"These are the
in chief and in brief, which convinced the combe entirely possible for the regulating Commission to fix rates for it under mittee that the 556% basis for computing the annual operating income of
which it could not earn more than 6 or 7% upon the value of its property, the carriers is fair and just,both to the public and the railway corporations.''
but we have a thousand railways and rates for transportation must be fixed
It is obvious that if the law gives to the carriers the assurance of income
with reference to all of them and to the needs of the people to whom all of
mentioned there should be a maximum beyond which an indithem render their service. These conditions make it utterly impossible to heretofore
carrier shall not be permitted to retain for Its own use all it may refix rates which are reasonable for one carrier, considered apart from all the vidual
given body of rates. Referring to the illustrations already
remainder. It is therefore- in the competence of Congress to declare that ceive under a
seen that with uniform rates, and they must be uniform in comthe income which any particular carrier receives beyond a fair return upon given, it is
petitive territories, one carrier will receive an operating income of 2%.
the value of its property, it receives as a trustee for the public and not as
another 4%, another 6%. another 8%, and others still more. The bill
its own absolute property. If this analysis of the power of regulation is
standard of excess income and requires the carriers which receive
not sustained, then the authority granted in the Constitution is a mere delu- fixes a
an excess income (which will hereafter be explained in detail) to pay the
sion.
•
excess to the transportation board for uses that have been mentioned and
The review of the plan containing this declaration follows: which will be more fully stated in a subsequent paragraph of this report.
Upon this requirement there has been a long-continued and earnest
A Review of This Plan.
controversy before the Committee. It has been contended by eminent
In this regard the bill attempts to accomplish three results:
lawyers that the provision is unconstitutional in that it takes property
First. By prescribing a basis of return upon the value of the
railway without compensation. It has been urged by equally eminent lawyers,
property, to give such assurance to investors as will incline them
to look and probably more of them, that it is not only constitutional but absolutely
with favor upon railway securities; that is to say, by making
a moderate necessary if private ownership and operation are to be continued. It would
return reasonably certain to establish credit for the carriers.
unduly prolong this report to enter upon a review of the authorities or an
Second. In making the return fairly certain to secure for
the public argument which would embrace all the considerations which are material
a lower capital charge than would otherwise be necessary.
to the question. It is sufficient to say that a large majority of the members
Third. In requiring some carriers, which under any given
body of of the Committee entertain no doubt with respect to the authority of
rates will earn more than a fair return, to pay the excess to
the Govern- Congress in establishing this policy. Heretofore the regulation of transment and in so using this excess that transportation facilities
or credit portation has been regarded merely as a restriction imposed upon particular
can be furnished to the weaker carriers and thus help to maintain
the carriers. For the first time it is proposed to look upon transportation as
general system of transportation.
a subject of national concern and from a national standpoint. It is the
To bring about these results, Section 4 requires the Inter-State
Com- duty of the Government so to exercise its power of regulating commerce
merce Commission immediately to divide the country into rate
districts, among the States and with foreign nations that all parts of a common
having in view the similarity or dissimilarity of transportation and
traffic country shall enjoy adequate transportation facilities at the lowest cost
conditions therein and to institute hearings to determine the adequacy
consistent with fairness to the capital invested and to the men who manage
of the rates in any such district from the revenue standpoint and Con- and operate
these facilities. The commerce of one community, in these
sidered as a whole. The rule to be applied in passing upon such issues
days, is deeply involved in the commerce of every community in the land.
Is announced in Section 6, wherein it is stated that the rates shall be so
All the railways we have, or substantially all, must be maintained; and,
adjusted "as nearly as may be so that the railway carriers as a
whole from time to time, they must be enlarged and additional facilities must
allocated to each district and subject to this Act shall earn an aggregate
be provided.
annual net railway operating income equal, as nearly as may be, to
53 %
If the lawyers who insist that taking excess income is unconstitutional
upon the aggregate value, as determined in accordance with the pro- are
right in their premises, their conclusion would be unassailable. They
visions hereof, of the railway porperty of such carriers In the district
held assume that all the earnings of a given railway under a prescribed body of
for and used IA the service of transportation." To this basis the Comrates become the absolute property of the carrier which receives them.
mission is authorized to add, in its discretion,
of 1% upon this value This is not true
under the system which the bill creates; and, therefore,
as a current contribution to improvements, betterments, or equipment the
conclusion is unsound. If there were but one railway in the country,
unproductive in character, but which are customarily charged to capital It
would be entirely possible for the regulating commission to fix rates for
account. This part qf the revenue, however, if raised at all, is, in the it
under which it could not earn more than 6 or 7% upon the value of its
future, not to be capitalized by any carrier whose net railway operating property,
but we have a thousand railways; and rates for transportation
Income f9r the year is more than the basis adopted; namely, 5%%.
must be fixed with reference to all of them and to the needs of the people
The basis thus established has been the subject of much criticism. On to whom all
of them render their service. These conditions make it utterly
the one hand, it is asserted by the carriers that it is too low and will net lUpossible to
fix rates which are reasonable for one carrier, considered
enable them to obtain the money which they must have in order to develop apart from all
the remainder. It is thereforein the competence of Congres
their properties and provide further transportation facilities which the to declare that the
income which any particular carrier receives beyond a
country demands. On the other hand, it is asserted with equal emphasis fair return upon the
value of its property, it receives as a trustee for the
by some advocates representing the shippers that the basis is too high public and not as its
own absolute property. If this analysis of the Power
and will give the carriers a greater revenue than they need or ought to of regulation is not
sustained, then the authority granted in the Constitution
have. There were differences of opinion in the committee with respect Is a mere delusion.
to the matter, and it is but fair to say that the basis,presented is a comWith reference to excess income, the bit
provides that any carrier receivpromise of these differences. It is believed, however, that both sides ing a net railway operating income
in any year of more than 6% upon the
of the controversy somewhat exaggerate the facts, or rather fall to take value of its property, one-half
of the excess between 6 and 7% IS to be
into consideration all the facts which influence the subject. In reaching placed n a company reserve
fund, and the remaining one-half is to be
a conclusion it ought to be borne in mind that the property to which the paid to the transportation
board. Of any excess above 7%. one-fourth is
basis is to be applied is railway property only; that is, the property which to be placed in the company
reserve fund, and the remaining three-fourths
renders the service of transportation. All outside investments by railway Is to be paid to the board. When
the reserve fund equals 5% of the value
companies are excluded. Further, in valuing these properties the Com- of the railway property and is
maintained at that amount. one-third of
mission is to be guided by the rules of the law and is not bound by either the excess above 6% is to be at
the disposition of the carrier for any proper
capitalization or by what is commonly known in the accounting system purpose, and two-thirds is to be
paid to the board.
of the COmmission as "property investment accounts."
The company reserve fund ratty be drawn upon by the carrier whenever
Those who insist so earnestly that the basis will'provide insufficient Its annual net railway operating
income fads below 6% of the value of its
revenue generally ignore the fact that at the present time there are out- property. The reserve fund is, of
course, the absolute property of the
2178
THE CHRONTCLE
[Vot. 117.
And again (230 (1. S. 467)(Great Northern):
maintained is to
of the entire eyetem
carrier; and the purpose in requiring it to be created and
"The Mister found that the cost of reproduction new
to render more
system In Minnesota
of
give stability to the credit of the carrier and enable it
was $457.121.409. The value of the portion ionthe to be $135.425.291:
new,
reproduct
was meparatel v found, on the basis of
efficiently the public service in which it Is engaged.
board are to be The net profits of the company during the test year from its Minnesota
The sums which are to be paid to the transportation
and Intra-State, were $8.180.025 11, equal to 5.909%
contingent fund, which is to be used by the business. Inter-State value."
placed in a general railroad
of the public inttrest upon this estimated
board, together with all its accretions. "In furtherance
Louis):
ns, interruptions,or
Finally (230 U. S. 471) (Minneapolis & St.
Minnesota businese•
In railway transportation," "In avoiding congestio
"It thus appears that the net return from the entire
States.- or "In furthering
property ($21.hindrances to the railway service of the United
in 1907 was about 4.14% on the estimated Value of the less than 3.7%'%
,
. ,
by them (carriers), either by way of purchase
1908.less than 3.5%;and In 1909.
Minnesota;in
the public service rendered
used by 608.464)in
facilities to be
companies the orderS
ease, or rental of transportation equipment and
As to the Northern Pacific and Great Northern
or by way of loans
require
pre-,
such carriers whenever the public interest may
on and the legislative Acts of Minnesota
e terms and conditions in of the Railroad Commissi
of 2 cents a mile
to such carriers, upon such fair and reasonabl
scribing the maximum rates for freight and a maximum Louis they were
prescribe."
St.
either case as the board may
for passengers were sustained; as to the Minneaplis &
f011aWilig:
the Northern Pacific
We also Quote from the brief the
annulled as confiscatory. It is well known that
efficiently manand Great Northern are two of the most prosperous and
VI.
contesting the
aged railroad systems in the country to-day. Neither Is
From the Paragraphs Which
d
is openly advoParagraphs (5) and (6) May Not Be Segregate
recapture clause and the counsel for the Northern Pacific
the victor'
Hare Already Been Upheld.
cating its validity. Where is the Minneapils & St. Louise with
n debates wages over Section It won In the Minnesota Rate Cases?
In both Houses of Congress the oppositio
were placed in a
and recapture provisions. The
There are those who contend that If all the rano&
422, and hammered the so-called guaranty
records of single system it would be an unconstitutinoal act for Congress to impose
opposition was interposed to the former. The
most strenuous
ion that without the recapture provision upon them a scheme of rates which would yield less than a fair return
the Congress will bear the construct
But reference to the records of upon the aggregate value; that the instant case Is not different in prinSection 422 would have failed utterly.
hs (5) and (6) may now ciple because of the separation of the railroads into different systems:
Congress is unnecessary. To argue that Paragrap
utional and the so-called guaranty therefore the recapture clause is invalid because it takes from some roads
be segregated and adjudged unconstit
than the
the whole theory of the Act.
part of the earnings and leaves to the roads in the aggregate less
paragraphs allowed to stand is contrary to
fair return upon the property in the aggregate.
Section 502 provides (41 Stat. 499):
the railroads
of this Act shall for any
Congress deals with the situation as it finds it. With
That If any clause, sentence, paragraph, or part
obligation on
on to be invalid
t
into separate systems there Is no constitutional
reason be adjudged by any Court of competen jurisdicti
e the remainder of the divided
hands of the
such Judgment shall not affect, impair, or invalidat sentence, paragraph, Congress to make rates which will yield and leave In the
Take the
Act,but shall be confined in its operation to the clause,
such judgment railroads in the aggregate a fair return on the aggregate value.
or part thereof directly involved in the controversy in which
fixed passenger
situation in Minnesota. In that State the Legislature
has been rendered.
the Northern Pacific and
the Future rates which were held to be high enough for
The practical
In Hill vs. Wallace, 259 U. S. 44. 70. this Court, In holding
utional Great Northern but too low for the Minneapolis & St. Louis.
Act, approved Aug. 24 1921. c. 86, 42 Stat. 187, unconstit
the same low
Trading
Taft, effect was. that the Minneaplis & St. Louis had to charge
Justice
It would
in practically its entirety, and speaking through Mr. Chief
rates that were held to be lawful for the other two railroads.
also to
said:
been a more liberal rule to the Minneapolis & St. Louis and fixed
Act or the ap- have
Section 11 of this Act directs that "if any provision of this the validity the Northern Pacific and Great Northern if the Legislature had
three propthereof to any person or circumstances Is held invalid
plication
provision to other rates on the basis of a fair return on the average value of the Northern
of the remainder of the Act and of the application of such
Pacific and Great
persons and circumstances shall not be affected thereby.these regulations of erties and had then required the Northern
to secure compliance with
ent for one-half of their surplus earnings.
Section t with Its penalty
they can not to account to the Governm
Boards of Trade Is so interwoven with those regulations that intend the Congress considered that this result would be more liberal to all three
not
be separated. None of them can stand. Section II did a valid one out railroads than the result which was actually realized under the rates which
Court to dissect an unconstitutional measure :ind reframe legislative work
for the Northern Pacific and
This is
it by inserting limitations It does not contain. United States vs. Reese, the Supreme Court held were sufficient
of
more liberal rule
beyond the power and function of the Court. In criminal statute, Chief Great Northern. It requires courage to claim that the
decision
92 U. S. 211, presenting a similar question as to a
is unconstitutional. The direct effect of the Supreme Court's
the
(p. 221):
Justice Waite said
and retain
it was constitetional to fix the rates for each railroad on
"We are not able to reject a part which is unconstitutional, is uncon- was that
which
the remainder, because it is not possible to separate that The proposed basis of its own rate of return.
to make rates
is not.
Agal it has been said that the true rate-making rule Is
stitutional, If there be any such, from that which
disregarding words that are
effect 19 not to be attained by striking out or not now there. Each of the upon the basis of the average results of all the carriers, and anything that
away.
by inserting those that are
in the section, but
lammage is plain.
ear s urder this rule is its property and can not be taken
sections must stand as a whole, or fall together. The effect of the Con- any carrier
to select the means
Courts will rot limit I this way the right of Congress
There Is no room for construction. unless It be as to the
we can Inthat any
stitution. The question, then, to he determined, is, whether it specific of exercising its co-stitutloral powers. Courts will not declare
troduce words of limitation into a penal statute so as to make statute in given rule of rate maki-g Is the only rule. There is no reason for the
as expressed, it Is general only. . . . To limit this enforce an
when,
is prohibited from adopting some other rule of
the manner now asked for would be to make a new law, not to U. S. 82: courts to say that Co greets
100
s roads shall be only
old one. This is no part of our duty." Trade-Mark Cases. 126.
rate making, as. for example, that rates on prosperou
230 U. S.
Butte vs. Merchants & Miners Transportation Co.provision like Section 11. such as will yield them a fair return; in which event competition would
To be sure. In the cases cited there was no saving
that they
rates on the weak roads.
and undoubtedly such a p-ovislon furnishes assurance to courts invalid force corresponding
to bankrupt
a partly
It has also been suggested that Congress has not the power
may properly sustain separate sections or provisions of would have been
constituAct without hesitation or doubt, as to whether they invalidity of part. the railroads by fixing rates for the prosperous roads which, while
s, leave other roads
If the legislature had been advised of the
adopted, even
tional as to them, would, through competitive influence
But It does not give the Court power to amend the Art. 11. the reasons for
constitutional
Without a fair return. There can be no such operation of the
There are sections of the Act to which. tinder Section
net apply.
railroad between
our conclusion as to Section 4 and the interwoven regulations doof Agricul- pri-ciple. The Government might buy and operate a
Such Is Section 9. authorizing investigations by the Flecretary seem to be Chicago and New York and might charge exceedirgly low rates. This
that their
ture and his publication of results. Section 3 too would not
might be disastrous to other railroads, but how could it be said
affected by our conclusion.
process of •
property had been taken by legislative enactment without due
ustice
•
In Connally vs. Union Sewer Pipe Co.. 184 U. S. 540, 565,Mr.J
law merely because riey, as the result of competition, had been unfavorHarlan. speaking for the Court, said:
ably affected by an Act of the Government which in itself would be entirely
the
by
"The principles applicable to such a question are well settled
are Inde- lawful?
adjudications of this Court. If different sections of a statute
The Court will not and ought not to look at the situation In a vacuum.
disregarded,
pendent of each other, that which is unconstitutional may be ohnoxious It will look at it as a practical problem. It will MONO that the rule in the
an
and valid sections may stand and be enforced. But Ifit would cause
ation situation and
section is of such import that the other sections without then the entire Trarsportation Act was designed to help the transport
the
results not contemplated or desired by the Legislature,
did help it. If the railroads had gone back to private control without
ve."
no reasonstatute must be held inoperati
specific rate-making rule prescribed In the Transportation Act,
Section able person will doubt that the railroads could not have increased their
(4) of
In can not seriously be argued that Paragraphs (3) and
Section 416 of the rates Lb anything like the extent they were permitted to increase them
13 of the Inter-State Commerce Act, as amended by
h (6) of Section 15 of the under the Transportation Act. If the more fragmentary rules which had
Transportation Act (41 Stat. 484): Paragrap
of the Trans- theretofore been applied had been applied to the new situation, It is perInter-State Commerce Act, as amended by Section 418
-State Commerce fectly clear that the net increase would have been much smaller. It would
portation Act (41 Stat. 484). and Section 15a of the Inter
are not integral be surprising if a rule which was intended to be more liberal in practice
Act, as amended by Section 422 of the Transportation Act,
revenues, the fixing to the railroads, and which In fact was more liberal t • them, should be
parts of the machinery: that is. the raising of the
stand together. regarded as unconstitutional. when the rules theretofore in effect of a
of the divisions, and the recapture of the excess earnings all
the non-segregation of more fragmertary character and affording less protection to the carriers
Opposing counsel, therefore, are wedged between
of this Court
these several paragraphs on the one'side, and the opinion on the other would be regarded as constitutional.
to object to
Case
If there are any carriers which have a constitutional right
In the Wisconsin Rate Case znd New England Divisions
carrion, because the
theruleof the Trarsportation Act they are the weaker
side.
(4) of Section Act makes it practically certain that rates will not be high enough to give
Moreover, It Is conceded that "Paragraphs (2). (3), and
The argument them a fair return. But those carriers are not objecting. and in the nature
15a undoubtedly constitute a regulation of commerce."
so-called con- of things will not object, because the rule gives them more than they
Is that unconstitutionality begins at the point at which the
carriers
would otherwise get in practice. And it Is Impossible to see how
stitutional guaranty stops.
already
constitutionally entitled to can say
So. notwithstanding Section 502 and the three great decisionsquestion which are gettirg more than they aro
that the rule that gives them that amount is unconstitutional.
announced, according to arguments of opposing counsel, the
enacting the
onal
Decisions are legion. and Congress took notice of them In
recurs. Is the Transportation Act of 1920 a valid exercise of Congressi
to earn a fair
Transportation Act. on the subject of the right of carriers
power?
See
VII.
return on the value of the property used in the service of the public.
Farmers
Chicago. &c.. By. Co. vs. Minnesota. 134 U. 8. 418; Reagan vs.
The Fair Return.
Galveston
property Loan & Trust Co.. 154 U.8,362; Smyth vs. Ames. 169 U. S. 466;
The Commission has found the value of the steam railway
a Rate Cases, supra.
transportation Electric Co. Vs. Galveston, 258 U. 8. 388: Minnesot
subject to the Act and held for and used in the service of
classification of railroads. 0. B. & Q. RR. vs.
(Ex parte 74. 58 I. C. C. 229.) The Likewise with respect to the
339; Dow vs.
at approximately $18.900.000,000.
Commission to Iowa. 94 U. S. 155; Grand Trunk vs. Wellman, 143 U. S.
rest upon
exercise of the power of Congress which authorizes the
carrier of Beidelman. 125 U. 8. 680, 688. That each individual case must
rates to the public so as to earn a net return to each
increase
n. &c.. Turnpike Co.
ly challenged its own peculiar facts and circumstances. see Covingto
successful
6% on the valuation can not in this proceeding be
These are subjects which need not be
it was passed In the public vs. Sandford. 164 U. S. 578, 597.
as confiscatorY. The history of the Act Is that
includes the interest of the carriers, and, to quote the argued at length.
interest which
The briefs of the opposing counsel are summarized as follanguage of this Court:
of
t strange that that which was done In the interest of lows:
"It Is somewha
brought forward by them to attack the action
Iv.
the carriers should he U. S. 1e9.)"
the Commission. (218
The Briefs of Opposing Counsel.
n
Rate Cases, this Court said (230 U. S. 441) (Norther
to the situation
In Minnesota
Counsel for appellant have filed an elaborate brief directed
Une, operating
Pacific):
of the Dayton-Goose Creek By., a standard-gauge short
for the fiscal year ending June 30
"The total net profits of the company
September
business (inter-State and Intra-State) was found
• W. H. Bremmer, receiver (see "Official Railway Guide,"
1908 from its Minnesota
&mai to 6.e91 rg on the entire estimated
to be $5.431,514 56. This was 230 U. 8. 458.)"
1923. p,937),
(See also
value of the property.
Nov.171923.]
THE
errPnivi-nT,F,
between Dayton. Liberty County, Tex.. to Goose Creek and Baytown.
Harris County. Tex., a distance of'about 25 miles. It has a trackage right
over the line of the Trinity Valley & Northern from Dayton to a point
northeast thereto at a connection with the Hee of Beaumont. Sour Lake &
Western. It exchanges traffic with the Southern Pacific System and the
Gulf Coast Lines (Tr. 3.)
The brief argues that the "recapture clause" violates the Fifth and
Tenth Amendments: that It does not assess or levy a tax, and that the record
does not show a valuation upon which the quantum of the so-called excess
earnings may be recaptured. (Br. 24.) The learned counsel have adopted
the expressions "recapture clause" and "excess earnings" and used them
throughout the brief.
As amid curiae, nineteen counsel representing as many trunk lines have
filed a joint brief. With respect to section 422, they say (Br. 7):
"Paragraphs (2), (3) and (4) of Section 15a undoubtedly constitute a
regulation of commerce. We do not question that their object—the promotion of the commerce of the whole country through the rehabilitation
of the credit of the carriers and the necessary enlargement of transportation
facilities—was within the granted power to regulate Inter-State commerce,
We do not question that these provisions were appropriate and legitimate
means to accomplish that object, subject to the qualification that the
percentage constituting a fair return could not be conclusively fixed by
Congress or the Commission. (Chicago, Milwaukee & St. Paul By.
Tompkins, 176 U. S., 167, 173; Lincoln Gas Co. vs. Lincoln, 250Co. vs.
U. S.,
256, 267: Bluefield Water Works & Improvement Co. vs. Public Service
Commission, decided by this Court June 11 1923.)
"Our challenge is directed to the subsequent provisions of section 15a,
those embodied in paragraphs (5) and (6) et seq. of that section.
Thus these nineteen trunk lines and their counsel readily embrace those
paragrapbs which are accepted as favorable to them. In almost the same
sentence they reject correlative and interlocked paragraphs which place a
limitation on what they so readily and gladly accepted. Their argument
is tbat any law which provides the money which the public must pay to
maintain an adequate transportation system is a valid regulation of Interstate commerce: but that any limit fixed beyond which Congress will not
go Is unconstitutional even though the return amounts to 100%. Amid
curiae should not be allowed to stand for the validity of and claim the benefits under an Act constructed as the Transportation Act and In the same
breath "assert the unconstitutionality of its limitations." (Grand Rapids
aagndiana By. vs. Osborn. 193 U. S., 17; Daniels vs. Tearney. 102 U.
£3..
415; Baltimore & Ohio vs. Lambert Run Coal Co., 267 Fed. Rep., 776.)
The appearance of the nineteen trunk lines representing approximately
69.000 miles of railroad.* or one-fourth of the total, no longer makes the
case one between the Dayton-Goose Creek By. and the Government;
It
Is now a case in which practically the entire system of railway transportation
has representation.
The numerous counsel for the nineteen trunk lines reject the designations
"recapture clause" and "excess earnings. "They characterize paragr
phs
(5) and (6) as the "income-appropriation" provisions (Br. 8), and
repeat
the words In at least 77 instances, sometimes as frequently as five
times
on a single page.
Pause, or be more temperate.
It III heseems this p esence. to cry aim
To these ill-tuned repetitions.
The learned Iiistrict Court more accurately gauged the I ongressiona1
intent and its language is appropriate, viz. (287 Fed. Rep. 732. 733 734):
"Indeed, this part of the income of the road Is not collected by it
lutely as Its property. It is earned an I collected under the terms absoof the
Transportation Act to be held in trust for, and to be paid to. the United
States.
"It is to be presumed that the rates permitted to be
roads under this Act are not unjust and unreasonablecharged by the railas to the
where authorized by the Commission which is vested with such shippers.
extensive
powers as to seeing that such rates are Just and reasonable and
non-discriminatory as to the shippers.
"It may be ale) questioned whether the carrier could be charged, in
any
event, with the pceeentage which had been paid therefrom
to the United
States under the terms of this Act.
"But if the sums paid to the Government are to be
charges paid by shippers and as money to which they are regarded as overentitled, this does
not give to the carrier any right to retain this sum, or to an
injunction to
restrain the Government from collecting the sum which the carrier
Is only
allowed to collect as a trustee for the United States, or for
special purposes
prescribed by statute.
"The Transportation Act provides that this 50% of the
excess over 6%
is not collected, or held, by the carrier for its own account,
but as trustee
for the United States, to whom It is to be paid.
"Clearly, the carrier is not entitled to retain it in the
absence of any
demand on it for its repayment by the persons from whom collected.
•
*
•
*
*
C*
*
•
•
•
*
"It is not perceived what right the complainant has, in this
to decline to recognize Its liability to the United States and makesituation,
payment
to the Inter-State Commerce Commission, as its designated
agent."
Thus, the repititions of opposing courted of the words "income
-appropriation" are male In the face of the explanatory statements of members
of
the committees an i the very carefully prepared opinion of the
District
Court. all to the effect that the excess is never collected by the carrier
as
Its absolute property but un ler the statute it is a mere trustee of the
same.
As amicus curiae, counsel for the Kansas City Southern Railway,
who
also appears on the brief of the nineteen, has filet a separate brief,
in which
he plunges Into the Valuation Act, and contends that for the
purpose of
the recapture dame, that Act requires the ascertainment
of economic
value. and that the economic value of railroad property bears
a relation
to the income which it affords. (Br. 3.) The brief is vidoe
of the mark
and deals with another section of the statute entirely (Section
19a) which
is not in controversy In this proceeding. The omission of such
argument
from the brief of the nineteen (In which the Kansas City
Southern Is included) would Indicate that the other eighteen wore also of
opinion that
the Valuation Act was not in controversy.
, As amid curiae, three counsel for Wabash Railway,
Western Maryland
Railway and St. Louis Southwestern Railway (two of whom
also appear
on the brief of the nineteen) have also filed a separate brief, and
argue that
the "income-appropriation" provisions are unconstitutional on
their fare
because Congress legislated upon the assumption that a rate
of 6% upon
the aggregate value of the carrier's railway property
constitutes a fair
return and that any income In excess of 6% lies outside of the
protection
of the Fifth Amendment (Br. 3), thus (Br. 4):
"Poor's Manual of Railroads," 1923, reports the mileage
operated by
each carrier listed in the brief filed by the counsel for the trunk
lines, thus:
Miles
Miles.
Southern Pacific
14,101.74 Chicago & Eastern Illinois- 945.13
Lehigh Valley
3,511,28 Kansas City Smthern
813.10
Western Pacific (and D. &
El Paso & Southwestern_ _ _ 1,139.90
R. G.)
3.647.41 St. Louis Southwestern1,775.98
New York Central
17,195.10 Wabash Railway
2,472.96
Union Pacific
9,449.06 Pere Marquette
Chesapeake & Ohio
2,555.70 New York. Chicago & St.2,212.96
Western Maryland
804.44
Louis
523.22
Illinois Central
4,781.64 New Orleans, Texas &
Delaware Lack. & West
Mexico
953.84
1,015.19
Virginian Railway
510.53
Duluth Missabe & North.... 335.90 Total
68,808.98
2179
"It is our coatention that6% Is not a fair retuna upon ralway property
in any' part of th.: country. but if we ere wrong as to this, and it is'believed •
that 6% is a f dr return upon railway property in some parts of the country,
then we submit that Section I5a is unconstitution.al and void because it
attempts to fix 6% al proper rate of return on railway property in every
.a,
part.of the country.'
The principal authority cited in support of the proposition is Bluefield
Water Works & Improvement Co. vs. Public Service Commission. decided
June 11 1923. In that case. according to tne language of the brief, the
Supreme Court gill not over-rule the principles laid down in Willcox vs:
Consolidated Gas Co., 212 U. S. 19. 48-50 (1909), In which it was held
that under the circumstances of that case 6% was a fair return on the
value of the property employed In supplying gas to the City of New York
and that a rate yielding that return was not confiscatory; or the principles
laid do en in Ce ar Rapt Is Gaslight Co. NS. Ce tar Rapids, 223 U. 8. 655,
670 (1912). which declined to reverse the State Court where the value of
the plant consi lerably excee lel its cost and the estimated return was over
6%: or the principles laid down in Des Moines Gas Co. vs. Des Moines.
238 U. S. 153. 172 (1915), which declined to reverse the Unitel States
District Court in refusing an injunction upon the conclusion reached that
a return of 6% per annum upon the value would not be confiscatory.
This Court held in the Bluefield Water Works Case that "under the
facts ant circumstances Inticatel by the record, we think that a rate of
return of 6% upon the value of the property is substantially too low to
constitute just compensation for the use of the property employed to render
the service." The Public Service Commission had (elle I to give proper
weight to the "higher cost of construction" and to the "cost of reproduction less depreciation." This Court said: "The valuation can not be
sustained." There is certainly no earl fence in the record in the instant case
(which involves the railway transportation system of the Continental
United States) wbich would Indicate that there is any similarity between
It and the facts ant circumstances on which this Court reverse I the decree
In the Bluefield Water Works Case. On the contrary, the two case.; are
obviously so widely different as to dispense with comparison. Moreover,
with respect to the 6% return counsel for the nineteen trunk lines say
(Br. 7),"Paragraphs (2),(3) and (4) of Section I5a undoubtedly constitute
a regulation of commerce."
In "Yale Law Journal." Jan. 1923, in a very carefully prepared article
entitled "Recapture of Earnings Provision of the Transportation Act."
Mr. Charles W. Bunn.* whose high standing and long experience at the
•Mr. Ch.ries W. Bunn, St. Paul, Minn.. has been Gener.1 Counsel
of the Northern Pacific Railroad Co. for more than 26 years. He was
counsel for the mike ,d companies in Northern Securities Case 193 U. S.
.
197, 273 Minnesota Rite Cases. 230 U.S. 352. 364: Ex p.rte Young. 209
U. S. 123 139. His article Is referred to not only as an argument In favor
of the validity of the recaptore cl muse but as the opinion of an official who
shares the responsibility of m detaining In accord ince with the law of the
land an adequate transportation system for the United States.
Bar are as well known as that of any lawyer, soun liy argues that the
recapture clause is in all respects a valid exercise of Congressional power.
He says ("Y. L. J.," Jan. 1923. p. 222):
On this principle legislation has been common which classifies or distinguishes betweeu railroals and fixes a less charge for those on which traffic is dense or most profitable. Such classification was held reasonable
In Chicago. Burlington & Quince Ry. vs. Iowa, 91 U. S. 155. And In Chicago e Grand Trunk R.vs. Well-nan, 143 U. S. 339, the Cotirt sustained
a Michigan statute which fixed passenger fares differently on different
roads according to gross earnings p m.
If a carrier's rates may be ma le with reference to its prosperity lower than
those of other carriers, and if no carrier can insist as an a aSOlute legal right
on receiving more than a fair return on the value of its prop -may, it would
seem that there can be no violation of the Constitution in the mere recapture of so-called earnings made after the Act was on the statute books,
provided that after the recapture the carrier Is left with a reasonable return on the value of its prop Nay. The rates fixed as provided in the Act
are tentative only; and if any carriers' earnings are afterwards recaptured
and its property and revenue left exactly where they would have been had
rates been fixed originally to yield the same amount, it can make no difference to th3 carrier whether this result Is reached by rates directly fixed
for It or by higher rates fixed tentatively for a group, subject to readjustment through recapture.
Under the law as it stood before the Act. if rates were fixed applicable to
six competing roads which would give to road A, the most favorably situated of the six, a reasonable return on the value of its property and yield
the other five roads less. It was settled that road A could not successfully
object to the rates. Its constitutional right was held confined to an objection to such rates only as deprived it of a reasonable return on the fair value
of its property. This precise question was determined in the Minnesota
Rate Cases. 230 U. S. 352.
As amicus curiae counsel for the National Association of Owners of
Railroad Securities has filed a brief in support of the validity of the Act.
There appears to be division of opinion not only among the companies
themselves but between the owners of the securities and the companies as
well.
Counsel for the owners of the railroad securities in brief and the counsel
for certain trunk lines companies In published articles in leading journals
all stand on the side of the Government. Counsel who appear against the
Government are numerous and so divided, even though they represent like
Interests, that they file separate briefs. Lack of unanimity on the part of
those so gravely affected goes far to sustain the law. The diversity of their
arguments bewrayeth them.
Shopmen Get Wage Increase on Chicago, Burlington
& Quincy Railroad.
Approximately 18,000 men employed in the shop crafts
departments of the Chicago, Burlington & Quincy Railroad
have obtained a wage increase of 2 cents an hour effective
Nov. 1, it was announced on Nov. 13. Thus far the efforts
to increase wages of 'the shopmen have been successful on
24 of the carriers, it is stated. The roads which within a
three-month period have granted increases ranging from 2 to
3 cents an hour, include the Northern Pacific, theMissouriKansas-Texas, the Chicago, Milwaukee & St. Paul, the
Western Pacific and the Great Not
-Shen.
Erie Railroad "Wilfully and Knowingly Persisting" in
Violating Its Decisions, United States Railroad
Labor Board Says.
The United States Railroad Labor Board on Nov. 9
denounced the Erie Railroad Co.in a decision which declared
the Board had ascertained that the company "is wilfully
and knowingly persisting" in violations of six decisions "in
contempt of the views expressed. by the Board in those
THE CHRONICLE
2180
decisions and in contravention of the public welfare." The
decisions related to a number of individual grievances. The
pronouncement against the Erie resulted from a complaint
by the Brotherhood of Railway Clerks.
Almost simultaneously the Pennsylvania Railroad,through
a representative at a hearing, admitted that it was again
disregarding a decision of the Board awarding reinstatement
to a car inspector. The Pennsylvania denies the Board's
jurisdiction. The Board had condemned the "method
indicated pursued by the management in cancelling the
seniority" of the car inspector.
New York Central
Shopmen Vote for
Piece Work.
Abolition of
Shopmen employed on the New York Central Railroad
system voted in favor of abolition of piece work, it became
known on Oct. 24. The vote was 10,000 for abolition as
against 4,000 for retaining it. The Railroad Labor Board
will be called upon to pass on the action of the shopmen.
The case case is a continuation of the one decided by the
Railroad Labor Board last March, at which time the New
York Central was ordered to operate its shops on an hourly
basis. In reviewing the case the New York "Times" said:
The ruling was protested by the New York Central authorities, who
Trans-
October, according to figures received by the PostmasterGeneral 'on Nov. 13. New York with $108,120 had by flti
the largest gain, while Uniontown, Pa., was second with
$39,219; Great Falls, •Mont., third with $29,641; Philadelphia, Pa., fourth with $29,151, and Tacoma, Wash.,
fifth with $28,049. As a result of increased deposits the
following changes in rank occurred among the larger cities:.
Denver, Col., passed Cleveland, Ohio; Butte, Mont., passed"
Passaic, N. J., and St. Paul, Minn.; Great Falls, Mont.,.
passed McKees Rocks, Pa.; McKeesport, Pa., passed Minneapolis, Minn., and Mount Pleasant, Pa., moved up three
places. The migratory season of the year, says the statement issued by the Post Office Department, is well indicated by the figures showing heavy withdrawals from the
Atlantic City and other Northern resort offices, and corresponding increases in deposits in the principal Florida cities..
Figures showing deposits in the cities where the deposits
exceed $100,000:
Statement of Postal Savings Business for the Month of October, 1923, as Compared With the Month of September. 1923.
1131,927,209
Balance on deposit September 30
80.000
Increase during October
Balance on deposit October 31
Deposits
Oct. 31 1923.
Post Office$43,258,668
New York, N. Y
procedure of the
asserted that the Labor Board did not follow the
12,533,599
the rail- Brooklyn, N. Y
7,366.838
portation Act in making its decision. A. H. Smith, President of certain Boston, Mass
6,129.873
Chicago Ill
that the shopmen wanted piece work and that in
road, declared
3,113.527
'
Seattle, Wash
shops the men organized to work piece work.
2,754,052
.
the date Philadelphia, Pa
2,405.118
Subsequently the Labor Board amended its decision, postponing
Pittsburgh, Pa
the Detroit, Mich
1,004.891
upon which the road was ordered to install work on an hourly basis, and
1.564,245
new negotiations between the road and its Tacoma, Wash
case was remanded pending
1,490,219
amicable on Kansas City. Mo
shopmen. These conferences, said to have been friendly and technically Portland, Oregon
1,410,807
was
1,351,451
both sides, were held last June and out of them grew what
Newark. N. J
966,500
a new case on which the merits of piece work and time payment were to be St. Louis, Mo
and is Uniontown,Pa
940,276
tested. This case was submitted to the Labor Board ten days ago
786.047
Los Angeles, Calif
now pending. When the Labor Board decided to remand the case for San Francisco, Calif---761,555
696,238
new negotiations, it was reported that a referendum vote such as the one Milwaukee, Wise
to the Jersey City, N. J
671,357
recently completed was not a prerequisite to the submission of a case
562,571
Cincinnati, Ohio
governmental body.
539,576
Buffalo, N. Y
497.653
Denver, Colo
493,053
Cleveland, Ohio
480,887
Columbus, Ohio
Wage Increases on the Railroads.
462,926
Providence, R. I
435,193
Officials of two railroads on Nov.2 announced to the Rail- Butte, MontJ
433,543
of wage increases Passaic, N.
road Labor Board the voluntary granting
425,884
St. Paul. Minn
heads. Great Falls, Mont
417,986
to employees as a result of conferences with union
408.256
McKees Rocks, Pa
380,632
The Staten Island Rapid Transit Railway Company, oper- Washington, D.0
379.425
Ironwood. Mich
367,778
ated by the Baltimore & Ohio RR., under the new scale will Bridgeport, Conn
364,881
give to foremen, sub-foremen and other electrical supervisors Aberdeen, Wash
340,687
Toledo, Ohio
330,829
in the service two McKeesport, Pa
an hourly increase of 23 cents. Clerks
323.695
Minneapolis,
and jani- Lowell, MassMinn
305,999
years or more get an increase of 23' cents an hour,
298,997
tors, mail clerks, freight handlers and others similarly em- Astoria, Ore
280,670
Leadvllle, Colo
278,198
Pawtucket,R.I
ployed 1 cent an hour.
275,983
Roslyn, Wash
270.865
New
Vice-President Repelge of the Northern Pacific announced Erie.Haven,Conn
Pa
265,985
monthly increase Hartford, Conn
that, effective Oct. 16, that road grants a
259,516
257.485
of $2 40 to stationary engineers and firemen. An increase of Omaha, Nebr Pa---- 242,277
Mount Pleasant,
233,995
builders and cleaners, Pocatello, Idaho
2 cents per hour was given to the fire
Kansas City, Kan
230,247
226.408
while hostler helpers and certain classes of common labor Atlantic City, N. J
Staten Island. N.Y
220.247
an hour more.
received 1 cent
218,922
Pensacola, Fla
217,172
Pueblo,Colo
Louisville, Ky
206,728
Alaska_--204,384
by Baltimore & *Anchorage, Del
Demand for Wage Increase Rejected
199,571
Wilmington,
Flushing, N.Y
199.372
-Negotiations with other Carriers.
Ohio RR.
Altoona, Pa
198,145
Roundup,Mont
197,637
Formal denial of wage increases asked by train service Oakland. Calif
195,441
193,845
has been made by the Baltimore & Ohio RR., it *Fairbanks, Alaska
employees
became known on Nov. 6. The action of the B. & 0. followed a meeting at which the men refused to accept the
road's suggestion to take the matter jointly to the Railroad
Labor Board. The brotherhoods' representatives stated
that they would not agree to this step before consulting
the national chiefs of the unions.
At a conference with the Boston & Maine management
the brotherhoods presented their demands, and it was
decided to suspend negotiations for the time being.
The management of the Pittsburgh & West Virginia
Ry. flatly refused to grant the requests of the brotherhoods
at a meeting held on that line.
The first direct refusal of the wage increase demands of
the Brotherhoods of Railroad Enginemen and Firemen was
given by the Hooking Valley Ry. Co., a part of the Chesapeake & Ohio system. Following conferences at which
the management of the company pointed out that present
living cost statistics furnish no basis for an increase, and the
representatives of the brotherhoods refused to prepare statistics to prove their contention, the negotiations were
broken off.
[Vor,.117.
$132,007.209
Deposits
Oct. 31 1923.
Post Office193,323
Bellingham, Wash
192.514
Long Island City, N.Y...
190,784
Baltimore, Md
184,653
Duluth, Minn
184.451
Paterson, N. J
183,673
Norwood. Mass
181,442
Jamaica, N. Y
180,912
Camden,N.J
180,064
Jacksonville, Fla
177,796.
Bingham Canyon, Utah176.106
Birmingham;Ala
175,375
New Orleans, La
163,304
Dallas, Texas
154,273
Gary, Ind
152,725
Akron, Ohio
152,343
Elizabeth, N. J
Bayonne, N. J
150,154
148,487
Salt Lake City, Utah__ _
145,489
Memphis, Tenn
137,302
Brownsville, Pa
134,114
Masontown, Pa
133,046.
Boise, Idaho
130,956
Red Lodge. Mont
,
129,098
San Diego,Calif
128,561
Everett, Wash
128,480
Tampa, Fla
126,144
Youngstown,Ohio
125,987,
Centralia, Wash
123,771
Rochester, N. Y
122,468.
Indianapolis, Ind
121,687
San Antonio, Texas
121,553
Dayton, Ohio
119,994
New Kensington, Pa---119,746.
Export, Pa
119,636,
Greensburg, Pa
- 119,629
Fairmont, W.Va
119.042
Miami, Fla
118,126.
Chester,Pa
118,039
Windber,Pa
117,822
Breckenridge, Texas____
117,312
Manchester, N. H
116,337
Hurley, Wisc
115,960
Norwich, Conn
115,482
Hammond, Ind
113,345
Ansonia, Conn
112,253
Tonopah, Nev
112,221
Raymond. Wash
111,970
East Pittsburgh. Pa_ --109.617
Monongahela, Pa
108.289
Oklahoma City, Okla___
107.756
Conn
Willimantic,
107,728
Waterbury, Conn
107,633
Phoenix, Ariz
103,143
Vintondale, Pa
102,888
Lynn, Mass
102,557
Ga
Augusta,
101,653
Norfolk, Va
101.175
Spokane, Wash
100,239
Maynard, mass
* September balances.
Appointment of W. E. Albig as Deputy Manager
American Bankers Association, Succeeding
of
L. D. Woodworth.
The appointment of W. E. Albig, of Pittsburgh, Pa., as
Deputy Manager of the American Bankers Association, to
succeed L. D. Woodworth, resigned, was announced on Nov.
,
14 by F. N. Shepherd, Executive Manager of the Association.
As Deputy Manager, Mr. Albig will serve as Secretary of the
Savings Bank Division of the Association, which gives parlicular attention to the interests both of savings institutions
and all banks having sayings departments. Mr. Albig, who
is a graduate of the University of West Virginia, and pursued a post-graduate course at Harvard, has specialized in
economics and finance and has written and spoken extensively on these subjects. For some years he was engaged as
a school superintendent, but during the last four years has
been Field Secretary of the Chamber of Commerce of the
United States, both in the East and on the Pacific Coast.
He is a director of the Citizens National Bank of Bellevue, &
Increase in Postal Savings Deposits in October.
Mr.
in 119 •suburb of Pittsburgh, where he has made his home.
The balance on deposit in Postal Savings accounts
Albig will begin his work at the American Bankers Associaoffices throughout the country where such accounts totalled
headquarters,110 East42d St.,.islew York, on Dec."1,„,,
$100,000 or more, increased $80,000 during the month of tion
Nov.17 1923.]
THE CHRONICLE
2181
stores, druggists, dealers in optical goods, department stores, pawnbrokers,
mail order houses, stationers, etc. Investigation in a few widely scattered
cities shows that a large percentage of such persons and firms have failed
to make return and pay the tax.
The jewelry tax (on real or imitation) is 5% of the sales price, monthly
return and payment of which are required of the dealer. Practically all
goods carried by regular jewelers are subject to this tax; this is also true
of a large proportion of goods sold by pawnbrokers.
All articles "made of or ornamented with precious metals or imitations
thereof" are taxable as jewelry. Such goods often carried by dealers other
than regular jewelers are safety razors, cigar and cigarette holders and cases,
umbrellas, canes, powder boxes, purses and hand bags, card cases, etc. A
fountain pen equipped with a gold pen point is taxable. Watches and clocks,
regardless of the material of which made are taxable, also portable binoculars,
opera glasses, lorgnettes, field glasses and marine glasses. All articles made
of or fitted with or ornamented with genuine ivory are subject to the tax.
Field agents have been instructed to check carefully all such sales. Open
It is with pleasure that I am directed in behalf of President Walter W. report of their investigations action will be taken by the Bureau.
Failure
Head of this association to accept your cordial invitation to the officers and to make return and pay the tax within the time required by law
subjects the
=embers of the Executive Council of the American Bankers Association to delinquent to a penalty
of not more than $1,000. "Willful refusal" to make
designate Chicago as the place for holding the 1924 convention.
return and pay the tax or "willful attempt" in any manner to evade the tax,
The time, which will be definitely fixed later, will be. as subjects the offender to a penalty of not more than $10,000 or one year's
imprisonment, or both. For failure to make return within the time preusual, during the latter part of September or the first part scribed the revenue act
prescribes also an additional assessment of 25% of
-of October.
the amount due and for evasion an additional tax of 50%.
Chicago Chosen for 1924 Convention of American
Bankers Association.
•
The 1924 convention Of the American Bankers Association
will be held in Chicago, it is announced by F. N. Shepherd,
Executive Manager of the organization. The invitation to
hold the convention in Chicago was extended to the association at Its recent convention at Atlantic City on behalf of the
members of the Chicago Clearing House Association, through
George M. Reynolds, Chairman of the Clearing House Committee. The invitation was referred to the Administrative
Committee of the Association for consideration. Mr. Shepherd has written as follows to Mr. Reynolds:
American Savings More Than Double in Decade.
Reported savings deposits in banks and trust companies
of the United States have increased by approximatesly 106%
in amount during the past decade, and the number of savings accounts by about 141%, it is shown by figures compiled by the Savings Bank Division, American Bankers
Association. "If distributed equally among our entire population, the savings deposits in 1912 would have given $89 to
each adult and child in the country," the Division's report
says, "but in 1922 the portion of each would have been no
less than $158." Savings deposits, it is pointed out, comprise about one-half of all bank deposits of every kind. The
increase in savings banks, and banks having distinct savings
departments, not counting branch banks, has been about
210%, the number growing from 5,376 in 1912 to 16,709 in
2922. The officially reported savings deposits in banks and
trust companies in 1912 and 1922 are as follows:
Suspension of the New York "Leader," Successor to
the "Call."
The suspension of labor's newspaper, the New York
"Leader," which on Oct. 1 succeeded the New York "Call,"
was announced on Nov. 12, when the conclusions to this end
of a committee named to decide on the future course of the
paper were accepted. While the financial burdens incident
to the operations of the paper are indicated as the reasons
for its suspension, the announcement states that it was
decided to discontinue "while it is solvent, rather than to
try to continue at financial hazard a paper of greatly reduced
size." It is added that "it is the hope of those who have the
cause of labor journalism definitely at heart that the period
of suspension will not be long." The announcement of the
12th inst. said:
members of the Association and an index and it fills 394
pages. It contains lists of the officers, directors and executive staff, and the personnel of the 43 standing committees
of the Merchants' Association, formed to carry out the purpose for which the Association was founded—"To foster the
trade and welfare of New York." In the 26th annual report
of the President to the members, President Lewis E. Pierson
says:
The New York "Herald" of the 13th inst., referring to
the "Leader's" suspension, said:
When the "Call," now the "Leader," passed into the hands of its present
owners it was their high hope that with the resources at their command it
would be possible to create and sustain a labor newspaper. Events have
shown that it was possible to create a paper with a wide and increasing apSavings deposits.
Savings accounts.
peal to labor and to the community. Cut they have also proved that the
1912
12,584,316
$8,425,275,000
costs of sustaining that paper and the length of time necessary to bring it
1922
30,323,320
17,331,479,000
In measurable distance of self-support exceeded the hopes and the immeIncrease
105.7%
140.9%
diate capacity of the international unions.
The report says:
The cost has been set in newspaper stories at $100,000 for a month.
This remarkable growth shown in savings is attributable in no small de- This is grossly incorrect. So also is the statement that the "Leader"
gained only 1.000 circulation over the circulation of the "Call" and emgree to the improvement in many parts of the country of the services of the
banks for savers and to the more consistent canvass for accounts through ployed an editorial staff of forty as against fifteen. It regularly employed
advertising and soliciting. Continued growth may be expected as pay-roll twenty-seven on news, editorial, special features, magazine section and
savings plans, consistent home budgeting and savings, and school savings departments,including four on part time. This, of course, does not include
systems produce new millions of persons who are wise spenders because they a small allowance for space writers. It more than doubled the circulation
look ahead, and use their interest accounts for small savings habitually. The of the "Call" over 20.000, as against 10,000 when the new owners took
wage earners are becoming "capitalists" in increasing numbers through their over the "Call."
One hundred thousand dollars was the amount definitely subscribed to
savings, which make them investors.
launch the present venture. It not only carried the "Leader," but carried
the "Call" from Aug. 13 until Oct. 1. This included the costly period of
the pressmen's strike and provided for certain capital payments
1923 Year Book of the Merchants' Association of to the printing company. For actual operations for a periodand loans
of three
months we had less than $75,000. In view of the financial situation, it
New York.
seemed in every way right to suspend the "Leader" while it is solvent rather
The issuance of the 1923 Year Book of the Merchants' than to try to continue at financial
hazard a paper of greatly reduced size.
Association of New York, covering the work done during the
It is the hope of those who have the cause of labor journalism definitely
year ending May 1 1923, was recently announced. The book at heart that the period of suspension will not be long. At a meeting held
yesterday a committee was
Includes alphabetical and classified lists of nearly 8,000 resumption within the nextappointed to work on plans and possibilities of
few months.
It has ever been the policy of your association to look forward and not
back in meeting the civic and commercial needs of the city. To-day, as
never before, there are great problems pressing upon the citizens of New
York, which can only be met by the United Efforts of all who have the
City's interest at heart. For that reason it is encouraging to report that
our Association is to-day in a better position than ever before to
be of service. With a substantially increased membership and an
aroused interest
In its work, your association should be able to make itself increasingly useful to the business community and the city as a whole.
Contributing directly to the exhaustion of its sustaining fund, which
brought about its collapse, were debts for newsprint paper contracted
during the pressmen's strike, when its circulation trebled, without an increase in advertising revenues. A call upon the unions to furnish $35,000
to meet current expenses failed, and the staff and mechanical forces were
then paid off after thirty-six hours' notice.
The members of the committee delegated to decide the
future of the "Leader" and whose conclusions resulted in
its suspension were: S. John Block, President of the Labor
Press Association; Morris Hillquit, Socialist leader, and
Ossip Wolinsky of the International Ladies' Garment
Workers' Unibn. The change in the ownership of the
"Call" was noted in our issue of Sept. 15, page 1196. As to
the start of its successor, the "Leader,' the New York
"Herald" of Oct. 2 had the following to say:
The New York "Leader," an afternoon newspaper owned by labor unions
of the city, appeared for the first time yesterday, being published at the
plant of the New York "Call," which went out of existence after sixteen
Income Tax—Nationwide Drive for Collection of years of financial vicissitudes.
The phrase "towards a free press" is carried at the masthead of the new
Delinquent Taxes on Sales • of Jewelry.
paper, "because we believe that the entry of the 'Leader' into the evening
To compel prompt filing of returns, and with the purpose paper field makes a long step toward honest and unbiased journalism.'
of imposing penalties wherever disregard or evasion of the said Norman Thomas, the Editor-in-Chief. Heber Blankenhorn, formerly
Editor of the "Sun," is Managing Editor, and Evans Clark of the
law is disclosed, the Bureau of Internal Revenue announced City Bureau, Inc., Business
Labor
Manager. The owners are the needle
on Oct. 22 that it had begun a nationwide drive for the col- trades unions, principally.
Chester M. Wright, former Managing Editor of the "Call" and now
delinquent taxes on the sale of jewelry. The Delection of
assistant to Samuel Gompers as Editor of the "Federationist," official
partment's announcement said::
organ for the American Federation of Labor, commented on the transforField agents in each of the internal revenue collection districts throughout mation of the "Call" in the "Federationist" as follows:
the United States have been assigned to the work. Careful check is being
"The interests which now seek to reconcile themselves might be listed
made not only of sales by jewelers, but by persons and firms engaged in somewhat as follows: Loyalty to the American Federation of Labor;
businesses in which the sale of jewelry is only a part. Such list includes hatred of the American Federation of Labor: parlor Bolshevism; pacifism;
hardware stores, antique shops, bric-a-brac stores, millinery. shops, cigar open, active nro-Sovietism: anti-Sovietism: Socialism; aJlti-SOCialism;
boring-from-with;nism; political partyism."
2182
-1741 CITTRONTOLE
TT
[Vou 117.
The death at Norwalk, Conn., is announced of William
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. Franklin Bishop, who had been a member of the Now York
James Speyer, Chairman, and Albert H. Wiggin, Treas- Stock Exchange since May 8 1869. Mr.Bishop was seventyurer, of the Bankers' and Brokers' Committee of the "United eight years of age. He was one of the three surviving
Hospital Fund of New York," have sent out invitations to members of the old "open board" which was consolidated
00 bankers and brokers, who are trustees or directors of with the New York Stock Exchange. He was a partner in
9
any of the 56.allied hospitals belonging to the Fund, asking the firm of Hamilton & Bishop, organized in 1882 and
them to serve on the Bankers' and Brokers' Committee for dissolved some years ago. He was a director of the Westthis year's collection. This committee is the most representa- chester Fire Insurance Co., the National Bank of Norwalk,
tive and Important auxiliary for this fund and collected last the Norwalk Lock Co.and Association of the Stook Exchange.
year the largest amount obtained by any one committee.
The total contributed to the fund by "bankers and brokers"
was over $75,000. .
Charles F. Park Jr. has been elected Vice-President of
the Coal & Iron National Bank of New York. He will be
in charge of the bond department. Mr. Park was formerly
a member of the firm of Hitt, Farwell & Park.
C. Alison Scully has been appointed a Second VicePresident of the National Bank of Commerce in New York.
Mr.Scully has been for several years Trust Officer of the Corn
Exchange National Bank of Philadelphia. Prior to the war
he had engaged in the general practice of law in Philadelphia, having graduated from the Law School of the University of Pennsylvania in 1912.
William S. P. Prentice, a member of the New York Stook
Exchange for thirty-two years and formerly a member of
the banking firm of William C. Sheldon & Co. until its
dissolution in 1919, died on Nov. 15. Mr. Prentice's son,
Bernon S. Prentice, is a member of the banking firm of
Dominick & Dominick and Reeve Schley, a Vice-President
of the Chase National Bank, was his son-in-law.
Announcement was made on Nov. 15 by Henry H. Bizallion, President of the Gotham National Bank of New York
at Columbus Circle of the appointment of Paul Partridge as
Vice-President of the bank. Before joinikg the Gotham National Bank Mr. Partridge was one of the best known Federal Bank Examiners attached to the Metropolitan District.
He had been a National Bank Examiner since 1916, serving
In Iowa and in northern and central Illinois. In 1921 he
was transferred to the Second Federal Reserve Bank, with
headquarters in New York City. During the agricultural
depression in that y •ar he was given an important special
commission for a long period in the State of Iowa. Mr.
Partridge, who is 41 years of age, entered the First National
Bank of Effingham. Ill., as a clerk at the age of 16. filing
every position of the bank, and rising to be Cashler, director
and presiding officer. At this week's meeting of the board
In order to meet the needs'of its increasing business, the
Security Trust Co. of Rochester, N. Y., recently purchased
the seven-story building on South Water Street (known its
the Post-Express Printing Building), which adjoins the
bank's present property. As soon as the necessary changes
can be made in the acquired building, the Security Trust Co.
will take It over for its sole use. It is planned to•refinish
the exterior of the structure to harmonize w:th the company's present building. The combined buildings will give
a frontage on Main Street of 54 feet and a frontage on South
Water Street of 141 feet. The first two floors of the new
building will be devoted to the Banking Department, with
the exception that part of the space on the first floor will be
utilized for the new safe deposit vault, while the Trust Department will occupy the third and fourth floors. The top
story (the seventh) will be fitted up for the trustees' room
and for conference rooms. One of the remaining floors will
be used for the storage of supplies, and an extra floor will
be left available for the bank's future expansion needs. The
Security Trust Co. of Rochester began business on Nov. 17
1892 with a capital of $200,000 and deposits of $148,570.
Its capital to-day is $300,000, with surplus and undivided
profits of $1,308.525 and deposits of more than $21,000,000.
James S. Watson is President; Julius M. Wile, Granger A.
Hollister and Edward Harris, Vice-Presidents; Carl S. Potter, Secretary; Mortimer E. Wile, Treasurer, and William
H. Stackel, Trust Officer.
The newly-organized The City Savings Bank, Toledo,
Ohio, expects to open for business about Nov. 15 with a
capital of $100,000, surplus $20,000. Q linters of the bank
will be at the corner of Madison Avenue and Erie Street.
The officers of the bank are: President, J. 13. Merrell; VicePresident and Treasurer, Geo. E. Wise; Vice-President and
Counsel, U. G. Denman; Secretary, H. R. Miller (on and
after Nov. 15, D. A. Gilmore, Secretary). The following are
the directors: U. G. Denman, H. R. Francis, Harry Handel'schild, August Kadow, C. E. Mehring, J. F. McManus, J. B.
of directors of the Gotham National*Bank two new directors
Merrell, W. H. Moor, L. Z. Netzorg, 0. C. Norton, L. E.
were added to the board, namely J per A. Campbell, rePhelps and Geo. E. Wise. The par value of the bank's
tired merchant, formerly of #h importing fir.a
Cimpbell, stock is $100 and it has been placed at $120 per share.
Metzger & Jacobson; real estat owner, President of the
New Prasada Corporation and Prcsie-nt of the Contra'
Park West and Columbus Avenue Arsocitflo , and William
On Tuesday of this week, Nov. 14, the National Bank of
Fl. McGuirk, President of the Yellow Taxi Corporation.
Barnesville, Barnesville, Ohio, failed to open for business,
F. N. Finger, Credit Manag- er f the G ranty Trust Co.
of New York for the last five years. hp r iigned to become
Vice-President and Managing Director of Edgar T. Ward's,
Inc., specialty steel nroduct house, with headquarters in
Newark, N. J. For ten years prior to 1)18. Mr. Finger was
associated with the Carnegie Steel Co., where be rose to the
position of Eastern Credit Manker.
pending, it was said, an examination of its affairs. The
closing of the bank followed the death of its Cashier, 0. P.
Norris, the previous week. Mr. Norris, whose death was
due to stomach trouble, had been Cashier of the institution
for more than 20 years. The bank has a capital of $100,000
with surplus and undivided profits of $70,000.
Hugh W. Martin has been Elected Cashier and Assistant
Leopold It. Morgan, Agent of the New York office of the Treasurer of the Minneapolis Trust Co. He assumed his new
National Bank cf South Africa. received a cable this week duties Nov. 16. Mr. Martin goes to the trust company after
from the head office of the bank at Pretoria. stating that nine years of banking experience . A native Minneapolitan,
total merchandise imported into the Union of South Africa he graduated from East High School in 1Wnneapolis in Janufrom the United States and Canada during the month of ary 1908. After four years in a country bank, he went to the
July 1923 was as follows:
First National Bank of St. Paul as assistant to the President.
United States
2728.848
A year later he entered the employ of the Northwestern
201,801
Canada
Trust Co. of St. Paul, becoming its Secretary and Assistant
The Flatbush State Bank began business on Oct. 27 at Treasurer. At the end of four years he left the banking
1505 Avenue J. Brooklyn, New York. As we indicated in business temporarily. He is at present S .cretary and Treasour issue of Oct. 27 (page 1853), a reception to cele- urer of Noyes Bros. & Cutler, Inc. Mr. Martin will be in
brate the opening of the bank was held both on Oct. 27 charge of Minneapolis Trust Co.'s banking department.
and Monday, Oct. 29, throughout each entire day. The
bank begins business with a capital of $100.000 and a surplus
The Fourth National Bank of Wichita, Kan., suffered a
of $50,000. The officers are: John E. Biggins. President; "run" on
Thursday of last week, Nov. 8. precipitated, it is
Henry W. Schloss, Willard Pearsall and Gaston Koch, said, by false
rumors concerning the bank's standing. JeVice-Presidents; Perry J. Smith, Cashier, and Arthur E. rome
Herrington, the Vice-President of the institution,
Pierce, Assistant Cashier.
calmed the hundreds of depositors who gathered before the
Nov.17 1923.]
THE CHRONTCLE
2183
bank building by reading to them the following message from which is an organization, it is said, consisting of men interW. J. Bailey, Governor of the Federal Reserve Bank of Kan- ested in the industrial development of Los Angeles and
sas City:
Southern California, has a paid-up capital of $100.090. with
Am advised of run on your bank. You can depend upon us to meet any surplus of $200.000. Its officers, as listed in the
"Times,"
emergency.
are: E. M. Smith, Pres'dent; Fred Swensen. j. E. O'Rourke
Later newspaper advices from Wichita stated that the
and B. P. Glenn, Vice-Presidents; E. B. Murray, Cashier;
"run" on the institution had subsided by Nov. 9. During
K. D. PoWelson and Fred M. Hughes, Assistant Cashiers
that day, it was said, less than a dozen depositors withdrew
and R. G. Johnston. Manager of the Note Department. Mr.
compared with several hundred withdrawtheir deposits as
Smith, the President of the new bank, is President and
als on the previous day. The bank's doors were kept open,
owner of the E. M. Smith Co., Los Angeles Pump & Supply
It was said, until after 8 o'clock on the night of the 9th to
Co., the Emsco Steel Products Co., the Emsco Tool Co.. Peergive those depositors who still believed the bank to be in a
less Pump Co., Western Drop Forge Co., the West Coast
failing condition an opportunity to draw out their money.
Asbestos Co. and the Titan Refinery. He is also interested,
It was further stated that the Federal Reserve Bank of Kanit is said, in numerous other manufacturing concerns
sas City had sent more than $2,000,000 to the institution,
throughout California.
none of which was needed. The money was placed in large
stacks in the tellers' windows in plain sight of all.
The Los Angeles "Times," in its Oct. 31 issue stated
entered into between the
The Topeka "Capital" on Nov. 4 printed a special press that an agreement had been
Pacific-Southwest Trust & Savings Bank, with headquarters
dispatch from Eureka, Kan., which stated that a reorganizaLos Angeles, and the First National Bank of Lindsay,
tion of the First National Bank of that place had been ef- in
Calif., under which the latter institution was to be merged
fected. The new institution, it is said, has a capital of
branch of the Paeifio$50,000, with a surplus of $10,000 and its officers are: with and operated by the Lindsay
Southwest Trust & Savings Bank. In regard to the union
Charles E. Moore, Chairman of the board of directors; Cyrus
institutions, the "Times" further said:
Brookover, President; E. L. Barrier and Dr. R. V. Moore, of the
The consolidation of the two institutions was brought about at the
Vice-Presidents, and Thomas W. Morgan, Cashier.
urgent request of the directors and stockholders of the First National
Bank of Lindsay. and following the death of J. V. Reed. Vice-President
The voluntary closing of the Livestock State Bank of and Manager. This move was necessary to meet a congened credit
Kansas City, Mo., on Nov. 3, pending an investigation of its situation in that bank which made demands beyond the resources of the
community.
affairs by L. A. Miller, the Deputy State Bank Examiner, is
No expansion of the Pacific-Southwest System is Involved in this conreported in advices from that city. The bank specialized, it solidation, inasmuch as the bank already maintains a branch at Lindsay.
is understood, in loans on livestock, and slow cattle paper is
The First National Bank of Lindsay had a capital of
said to be chiefly responsible for its embarrassment. The $75,000 and surplus and undivided profits of $58,000.
institution (which began business in 1918) had a capital of
Further referring to the proposed consolidation of the
$200,000 and total resources of about $1,500,000.
Wells Fargo Nevada National Bank of San Francisco and
Following the issuance to it of a charter by the Comp- the Union Trust Co. of that city, a special meeting of the
troller of the Currency, the Fort Scott National Bank, Fort stockholders of the former has been called for Dec. 13 1923
Scott, Kan., began business Oct. 1 with a capital of $100.000. for the purpose of "considering and acting upon a proposition
The bank succeeds the Fort Scott State Bank. The officers to place said bank in voluntary liquidation;and for the further
are: Geo. W. Marble, Chairman of Board; Frank Cunning- purpose of considering and acting upon a proposition to
ham, President; E. P. Bowen, Vice-President; G. H. White- authorize the directors of said bank to incorporate a bank
side, Cashier, and C. L. Konantz, Assistant Cashier.
under the laws of the State of California under the name of
Wells Fargo Bank & Union Trust Co., with an authorized
The Comptroller of the Currency announces that the name capital of $9,000,000, and to sell, transfer and assign all the
of the National Bank of La Follette, La Follette, Tenn., was assets of Wells Fargo Nevada National Bank of San Franchanged Oct. 31 to the "First National Bank of La Follette." cisco to said bank, and for the further purpose of considering
and acting upon a proposition to authorize the directors of
Application has been made to the Comptroller of the Cur- said Wells Fargo Bank & Union Trust Co. to merge said
rency for permission to convert the City Savings & Trust bank with Union Trust Co. of San Francisco, &c., &c."
Co., Johnson City, Tenn., into the Washington County National Bank of Johnson City, Tenn. It is proposed to form
Negotiations, which had been in progress for several
the latter with a capital of $100,000.
months, with a view to the merger of the Columbus Savings
& Loan Society of San Francisco with the ltalian-American
The Comptroller of the Currency has approved an appli- Bank of that city, were concluded on Nov. 9, when the direccation to organize the United States National Bank of Gal- tors of both institutions met and voted approval of the proveston, Texas, with a capital of $1,000,000. It will succeed posed union. A joint meeting of the stockholders of the
the Texas Bank & Trust Co. of Galveston. The stock of the two banks has been called for Nov. 27 to ratify the directors'
new United States National Bank (par $100 per share) will action. The resulting institution will continue the title of
be disposed of to the old stockholders of the Texas Bank & the Italian-Amer:can Bank with headquarters in the bank's
Trust Co. and a few additional subscribers at par. It is building at Sacramento and Montgomery streets. It will
hoped to begin business about Jan. 2 1924, with practically have a capital of $1.500.000; a surplus of $500.000 and total
the same official force as at present, with the exception of resources of approximately $20.000,000. The proposed
merger will be consummated without effecting any changes
two inactive Vice-Presidents.
in the stock owned by the stockholders of the present ItalianAbsorption of the Miles City National Bank, Miles City, American Bank. The bank now has an authorized capital of
Mont., by the Commercial National Bank of that place was 20,000 shares of stock, but only 12,500 shares have been isformally announced on Oct. 31, according to a press dispatch sued. In taking over the Columbus Savings & Loan Society,
from Miles City appearing in the "Montana Record" of Nov. the bank will issue 2,500 of its remaining shares to the
1. It is stated that owing to the limited volume of bus:ness Society's stockholders in return for their stock. This allows
and the high cost of operation, the directors of the Miles 21-12 shares in the new bank for each share of Columbus SavCity National Bank deemed that the interests of their share- ings & Loan Society stock. The present offices of the Coholders would be best conserved by turning the institution lumbus Savings & Loan Society at Montgomery and Washover to the Commercial National Bank. It is also stated ington streets will be operated as a branch of the enlarged
that the assets of the bank were passed on and checked by Italian-American Bank, while the present branch of the
the National Bank Examiner and that the consolidation had Italian-American Bank at Columbus Avenue and Broadway
the approval of the Comptroller of the Currency. The Com- will be continued as heretofore. A. E. Sbarboro, the present
mercial National Bank has a capital of $250.000, with a head of the Ital'an-American Bank, will continue In that
surplus and undivided profits of $160,000. Percy William- capacity with the new institution and G. Bacigalupi, now
President of the Columbus Savings & Loan Society, will beson is President.
come a Vice-President of the consolidated bank.
The Los Angeles "Times" in its issue of Oct. 24 stated that
on that day a new financial institution, the Pacific National
The 68th annual report of the Molsons Rank (head office
Rank, would formally open its doors in temporary quarters Montreal)
covering the fiscal year ended Sept. 29 1923, was
at 650-652 South Olive Street, that city. The new bank, presented to
the shareholders at their annual general meet
2184
[VOL. 117.
THE CHRONICLE
line shares adversely. Buckeye Pipe Line dropping from 74 to
69 and closing at 693/3. Eureka Pipe Line from 94 weakened
to 88. Indiana Pipe Line was off three points to 81. Prairie
Pipe Line declined from 983/i to 94 and ends the week at
943's. South West Pennsylvania Pipe Lines eased off from
78 to 7538. Ohio Oil was conspicuous for a drop of eight
points to 56. Standard Oil (Indiana) lost a point to 553/i
and closed to-day at 553. Standard Oil of New York, after
4
3
early advances from 413 to 42%,fell to 403 and finished
to-day at 403. Vacuum Oil weakened at first from 52 to
.
8
50%, recovered to 533 and reacted finally to 513/ An
extra dividend of 50 cents was declared this week in addition
to the regular quarterly distribution of 50 cents. Industrials
were unsettled. American Light & Traction corn. was conspicuous for a jump from 1173 to 1303/2, though it reacted
to 1243/2 finally. Consolidated Gas new common stock
"when issued" was traded in for the first time this week
The Montreal "Gazette" of Oct. 31 printed the following down from 58 to 56%,the close to-day being at 56%. The
statement issued by the General Manager and directors of "rights" were heavily deal in up from 1% to 1% and down
%
%
to 13 ,with the final figure back to 13 . Wm. Wrigley, Jr.,
the Banque d'Hochelaga of that city on Oct. 30:
Some people, mostly foreigners, have been frightened by certain newspaper Co. new no par value stock was also heavily traded in to-day
headlines. They have mistaken the Home Bank depositors of Hochelaga
for the first time down from 40 to 393s, then up to 40%.
ward for the Bank of Hochelaga depositors. The agitation in connection
Park & Tilford was active and after early loss from 323j to
with the Home Bank has unnecessarily disturbed public opinion.
%
,
We are told that misinformed or ill-intentioned people have been spreading 313, ran up to 335 and to-day fell back to 31 8 the close
false rumors tending to increase the uneasiness resulting from the suspension
being at 31%. Durant Motors declined from 293' to 24%
of the Home Bank.
For the information of the public, we deem it our duty to make the fol- and ends the week at 243. Yellow Taxi (New York)
lowing statement:
dropped from 130 to 123. Peerless Truck & Motor was
1. The financial position of the Bank of Hochelaga has never been stronger.
erratic, moving down from 313/i to 273', then up to 32%,
2. No loan which is not well secured is taken into account on the statewith a final reaction to-day to 29.
ments of the bank.
3. The paid-up capital of the bank, $4,000,000, and the reserve fund,
A complete record of Curb Market transactions for the
$4,000,000, are intact, and the bank has considerable additional reserves on
week will be found on page 2206.
all its assets, which amount to more than
ing held in Montreal on Nov. 5 and shows net profits for the
period after making provision for bad and doubtful debts
and for rebate of discount on current loans, of $614,357,
which with the amount brought forward from the preceding
year ($266,318), made $880,675 available for distribution.
This sum was distributed as follows: $480,000 for dividends
(at the rate of 12% per annum); $37,817 contributed to officers' pension fund; $10,000 subscribed to McGill University;
$68,000 to cover Dominion taxes and $150,000 reserved for
contingencies, leaving a balance of $134,858 to be carried
forward to next year's profit and loss account. Total deposits are shown in the report as $53,980,803 and the total
assets at $71,524,261. The bank has a paid-in capital of
$4,000,000 and a reserve fund of $5,000,000. F. W. Molson is
President; A. 0. Dawson, Vice-President, and Edward C.
Pratt, General Manager.
$72,000,000.
4. The directors of the bank are large shareholders of the bank, they have
sold none of their shares and they have entire confidence in these shares.
5. The above statement is the truth. The position of the Bank of Hochelaga is excellent. However, should some depositors wish to withdraw their
money, we will reimburse them without hesitation or difficulty.
J. A. VAILLANCOURT, President.
F. L. BEIQUE, Vice•President.
E. H. LEMAY.
J. N. WILSON.
A. A. LAROCQUE.
A. W. BONNER.
CHARLES LAURENDEAU.
BEAUDRY LEMAN, General Manager.
COURSE OF BANK CLEARINGS.
Bank clearings the present week again show an increase
compared with a year ago, though the ratio of increase is
small. 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. 17)
aggregate bank clearings for all the cities of the United States
from which it is possible to obtain weekly returns will show
an increase of 2.1% (the observance of Monday as a holiday
at a number of points in comemmoration of Armistice Day
THE WEEK ON THE NEW YORK
having served to reduce the extent of the gain), as compared
STOCK EXCHANGE.
with the corresponding week last year. The total stands at
, The speculation for higher prices has met with somewhat
,444,935,639, against $8,271,798,412 for the same week
of a setback, and it has become more and more evident as in 1922. At this centre there is a gain of 5.5%. Our comthe week progressed that the fizz was off the rise. Prices parative summary for the week is as follows:
•
of stocks fluctuated irregularly during the greater part of
Per
Clearings-Returns by Telegraph.
the week, and in reversal of last week's brisk upward moveCent.
1922.
1923.
Week ending Nos. 17.
ment the general list, with one or two notable exceptions, New York
+5.5
$3,788,000,000 $3,590,961,138
-8.6
586,792,911
536,420,946
has drifted slowly toward lower levels. In the brief session Chicago
498,000,000 -18.9
404,000,000
Philadelphia
on Saturday prices were fairly well maintained. A feature Boston
+36
316,000,000
327.000.000
141,581,979 -22.8
109,281,797
Kansas City
of the day was the interest manifested in Southern Ry.shares, St.Louisa
a
a
161,100,000 -17.5
132,900,000
which were in general demand,and in the last hour advanced San Francisco
+0.4
118,275,000
118,702.000
Los Angeles
-6.7
*135,500,000
126,390,579
briskly to 37, a gain of more than two points. After nearly Pittsburgh
101,193,230 +16.2
117,679,218
+9.9
two weeks of consistent advance the stock market on Mon- Detroit
90.238.923
99.169.319
Cleveland
94,598,568 -21.7
74.043,299
day experienced a sharp downward reaction, which affected Baltimore
+6.8
64,311,772
68,060,708
New Orleans
practically all of the leading issues. The market opened
+0.1
$5,901,547,866 85.888.555.511
Total 12 eit es,5
994,626,491 +14.2
1,135,898,500
strong, but in the last hour recessions were numerous. The Other cities, 5 daysdays
+2.1
feature of the market on Tuesday was the strength of the Total all cities,5 days
37,037,446,366 $6,893,182,010
+2.1
1.378,818,402
1,407,488,273
railroad shares, the low price issues being in unusual de- All cities, 1 day
+2.1
35.444.935.639 38.271.798.412
mand. In the early part of the session prices declined, Total all ettIPA tnr nak
but as the day advanced the brisk bidding up of railway •Will not report clearings. a Estimated.
securities carried the general list to higher levels. A sharp
Complete and exact details for the week covered by the
downward reaction on Wednesday practically eliminated foregoing will appear in our issue of next week. We cannot
the advances recorded by most of the railroad group on the furnish them to-day, inasmuch as the week ends to-day
preceding day. The Erie issues were in active demand at (Saturday), and the Saturday figures will not be available
rising prices. Considerable confusion and uncertainty was until noon to-day. Accordingly, in the above the last day
again apparent on Thursday, the only movement of im- of the week has in all cases had to be estimated.
portance being a brisk demand for Baldwin Locomotive,
In the elaborate detailed statement, however, which we
which went up three points or more over its previous close. present further below, we are able to give final and complete
Prices were again irregular on Friday, and recessions of a results for the week previous-the week ending Nov. 10. For
point or more in many active issues were apparent as the that week there is an increase of 11.9%, the 1923 aggregate
day closed. In the bond market there have been sharp of the clearings being $7,162,155,814 and the 1922 aggregate
breaks in French and Belgian Governments on the unfavor- $6,399,716,969. The improvement follows in part from the
able European developments.
fact that the armistice anniversary came in that week last
year and was celebrated as a holiday at a number of places.
Outside of this city the increase is 22.7%, the bank exchanges
THE CURB MARKET.
Oil shares in the Curb Market this week suffered heavy at this centre showing a gain of only 3.3%. We group the
losses, the reduction in gasoline prices and unfavorable cities now according to the Federal Reserve districts in which
dividend action on the part of two of the companies causing they are located and from this it appears that in the Boston
heavy selling pressure. Illinois Pipe Line, which reduced Reserve District there is a nimprovement of 6.4%, in the
its semi-annual dividend from 8% to 3%, broke from 1523/i New York Reserve District (including this city) of 3.3%
to 115, recovering finally to 125. This affected other pipe and in the Philadelphia Reserve District of 45.1%. In the
ICU
Nov.17 1923.]
THE CHRONICLE
Cleveland Reserve District there is a decrease, but it is merely
trifling, being only .01%. The Richmond Reserve District
shows an expansion of 22.5%, the Atlanta Reserve District
of 38.2% and the Chicago Reserve District of 23.4%.
In the St. Louis Reserve District the totals are larger by
4.7%, in the Minneapolis Reserve District by 36.8% and
in the Kansas City Reserve District by 13.8%. The Dallas
Reserve District and the San Francisco Reserve District
both enjoy gains, the former 26.3% and the latter of 41.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Nov. 10.
1923.
1922.
Inc.or
Dec.
1921.
1920.
Federal Reserve Districts.
3
(1st) Boston
11cIties 411,793,485 387,104,790 +6.4 287,492,015 392,701,187
(2nd) New York
10
3,750,814,690 3,630,249,745 +3.3 2,887,216,130 4,705,030,865
(3rd) Philadelphia_ __ _10
507,133,303 349,790,790 +45.1 318,576,583 504,303,135
.•
(4th) Cleveland
339,011,247 339,036,073 -0.0 288,362,622 419,751,959
(5th) Richmond
178,680,456 145,872,020 +22.5 122,178,629 176,818,502
(6th) Atlanta
12
208,478,477 150,885,396 +38.2 141,440,369 188,566,680
(7th) Chicago_ __.
_19 .•
788,155,985 638,946,174 +23.4 596,514,147 810,267,436
(8th) St. Louis,.
7
73,412,410 70,096,070 +4.7 57,688,006 68,481,988
(9th) Minneapolis
7
144,028,215 105,266,607 +36.8 105,977,073 177,197,069
(10th) Kansas City_ .._ _11
229,147,756 201,356,014 +13. 213,794,206 318,084,440
(11th) Dallas
6
75,319,400 59,630,064 +26.3 16,897,465 64,022,854
(12th) San Francisco_ 16
455,862,390 321,483,196 +41. 298,608,888 371,927,403
Grand total
123 cities 7,162,155,814 8,399,716,969 +11.9 6,364,746,132
8,197,153,518
Outside New York City
3,476,437,484 2,832,291,699 +22.7 2,524,335,427 3,566,050,976
Canada
29 cities 601,613,131 357,516,928 +68.3 345,396,226
493,448,666
We now add our detailed statement, showing 1st week's
figures for each city separately, for the four years:
Week ending November 10.
Marino at
1923.
1922.
Inc.or
Dec.
2185
Week ending November 10.
Clearings at
1923.
1922.
Inc.or
Dec.
1921.
$
Seventh Feder al Reserve D istrict-C hi cage
Mich.
-Adrian_ _
224,750
218,943 +2.7
181,614
Ann Arbor_._ 798,614
744,342 +7.3
594.410
Detroit
110,529.683
95.008,359 +16.3
79,000.000
Grand Rapids_
6,376,345
6,153,211 +3.6
5,417,124
2,415,717
Lansing
2,231,981 +8.2
1,832.232
Ind.
-Ft. Wayne
2,471,874
2,344,133 +5.4
1,694,080
Indianapolts-22,546.000
20,063,000 +12.4
16,087,000
South Bend_ _ _
2,490,600
2,217,407 +12.3
1,880,692
Terre Haute_ _ _
6,185,210 Notincl.In to tel.
Wis.-Milwaukee
36,978,550
31.673,587 +16.7
25,008.787
Iowa-Ced.Rap.
2,501,397
1.939,251 +29.0
1,603.915
DesMoines_ _ _
11,959.238
8,566.953 +39.6
8,061,546
Sioux City__ _
06,590,000
4,177,325 +57.8
3,796,299
Waterloo
1,598.259
1,245,444 +28.3
1,150.000
1,296,251
1,052,377 +23.2
1,025,439
Chicago
568,903,568 452.955.902 +25.6 441,561,304
Danville
a
a
a
a
Decatur
1,333,786
988,497 +34.9
935,662
Peoria
4,367.401
3,519,396 +24.1
3,202,721
Rockford
2,367,149
1,749,549 +35.3
1.544,820
Springfield_
2,406,803
2,096,517 +14.8
1,936,502
Total(19 cities)
788,155.985
1920.
229.781
613,742
106.404.246
6,854,647
1,900,000
2,240,213
19,745,000
1,428,000
35,804.835
2.956.041
10,532.315
6,560.295
1,726.216
1,516,286
60.965,959
a
1,376,850
4,491,503
2.500.000
2,421,507
638.946,174 +23.4
596,514,147
810,267,436
Eighth Federa 1 Reserve Die trict-St.Lo ulsInd.
-Evansville.. 05,052,746
4.577,620 +10.4
Mo.-St. Louis
a
a
a
Ky.-Louisville
e22,367,971
21,905,319 +2.1
Owensboro_
412,971
348,353 +18.6
29,644.139
Tenn.-Memphls
27,608.747 +7.4
Ark.-LittleRock
14,180.673
14,260,666 -0.6
-Jacksonville
Ill.
338,039
333,460 +1.4
1,415,871
Quincy
1,061,905 +33.3
4.307.292
a
19,457,803
274.242
23.000.000
9,290.487
237.790
1,120,391
4,953,059
a
27,484.434
462.990
22,187,028
11,005.316
868,888
1,520,273
57,688,005
68,481,988
9,697,409
61.010.467
27,631,791
2.201,797
1,235.761
686.911
3,512.757
15,696.826
104,112,255
48.507,848
3,500,000
2.131,879
1,461,651
1,786,610
73.412,410
70,096,070 +4.7
Ninth Federal Reserve Dis trict-Minn eapoll
013,894,684
-Duluth
Minn.
9.141,042 +52.0
79,610.502
Minneapolis-.
60.519.821 +31.5
42.217,109
28,458.126 +48.3
St. Paul
2,325.276
1,881.990 +23.6
No. Dak.-Fargo
1,592 989
-Aberdeen
1,165,823 +36.6
S. D.
607.580
Mont.
-526,234 +15.5
-Billings 3,778,075
Helena
3,573.571 +5.7
Total(7 cities)-
1921.
1920.
Total(7 cities). 144,026,215 105,266,607 +36.8 105.977.073 177,197.069
$
$
$
Tenth Federal Reserve Die tact- Kane as City
8
First Federal Reserve Dist rlet-Rost° n %
0456,868
Neb.-Fremont._
392,358 +16.4
Maine-Bangor._
447,047
851,766
500,000
698,575 +21.9
597.764
870,708
1,104.923
398,511 +50.0
Hastings
Portland
408.255
3,158,328
598.818
2,987.877 +5.7
4,145.612
2,000,000
Lincoln
*3.500.000 +18.4
2,400,000
Mass.
-Boston2,738.633
. 361,000,000 342,000,000 +5.6
4,468.686
37,526,867
250,000,000 344,527.380
31,914,771 +17.6
Omaha
Fall River,29,229,462
45,923.385
2,916,323
2,503,478 +16.5
3,754,122
1,678.606
-Topeka
3,025.558 +24.1
1,837.317 Kansas
2,924,424
Holyoke
3,078,748
a
a
a
08,207.000
a
10,467,964 -21.6
Wichita
10,957,624
Lowell
10,753.990
2,090,442
2,228,343 -6.2
1,631,610
1,1182,800 Mo.-Kan. City- 128.948,646 110,939,468 +16.2 120,892,450 195.788.376
'
Lynn
a
a
a
a
a
a
a
a
St. Joseph
a
New Bedford
a
2,514,686
2,280,542 +10.3
1,733,216
a
a
-Muskogee
1,688,611 Okla.
a
a
Springfield_ a
5,228,284
5,447,904 -4.0
4.312,934
23,364.161 -1.3
Oklahoma City 023,071,817
4,929.474
26,242,720
Worcester
32,371,147
3,350.000
3,375,000
0.7
2,611,000
a
4,470.858
a
Tulsa
Conn.
-Hartford.
a
11,544,331
8,826,730 +30.8
959.381 . 841.897 +14.0
6,947,434
11,070,344 Colo.
-Col.SNP.
New Haven992,237
1,052,610
6,453.025
6,390.141 +0.8
20,640,541
5,259,707
15,655,180 +31.8
Denver
6,152.880
18,294.343
R.I.-Providence
22,582,686
12,680,300
10,366,200 +22.4
e839,138
10,446,800
856.176 -1.9
12,636,600
Pueblo
667.011
965,994
Total(11 cities) 411,793,485 387,104,790
+6.4 287,492,015 392,701,187
Total (11 cities) 229.147,756 201,356,044 +13.8 213,794,206 318,084.440
-Da lasEleventh Fede ral Reserve District
Second Feder al Reserve D Istrict-New York
1,808.465
-Austin.
1,467.570 +23.2
-N. Y.
Texas
-Albany...
1,763,463
5,058.387
2.000.000
4.188.209 +20.8
3,088,051
42.620,760
34,073.000 +25.1
4,289,462
Dallas
Binghamton.- 23,909,641
934,200
34,000,000
1,145,646 -18.5
983,200
012.728.394
13,010.164 -2.2
1,219.000
Fort Worth
Buffalo
12,750,984
039,169,966
15,228.717
38,012,495 +3.0
29,359,365
12,422.895
46,840,372
Galveston-6.890,828 +80.3
Elmira
4,988.392
709.310
8,294,137
556.024 +27.6
a
Houston
Jamestown__.
a
a
c986,564
981,506 +0.5
839,366
5,738,886
1,117,489 La.
-Shreveport4,188,502 +37.0
New York_
-3,685,718,330 3,567,425,270 +3.3 2,840,410,705
3,484,985
4,;
1
00,000
4.631,102,542
Rochester
10,458,277
8,973,431 +16.5
6,757.707
75,319.400
11,997,798
59.630,064 +26.3
Total (5 cities) _
Syracuse
4,482,266
46,897.465
64,022,854
5,966,466 -24.9
3,244,521
5,220,229
Twelfth Feder al Reserve D Istrict-San Franc' SCO-Conn.- Stamford
c2,853,799
2,632,747 +8.4
2,212,982
37,165,583
-Seattle2,718,521 Wash.
N. 1.
-Montclair
26,248,276 +41.6
443,591
25,064.775
367,951 +20.6
34,704,327
320,233
012,611,000 *12,500,000 +0.9
525.452
Spokane
9,717,407
11,980,684
a
Total(10 cities) 3,750,814,690 3,630.249,745
Tacoma
a
a
a
a
+3.3 2,887,216.130 4,705,030,865
1,744.760
1,383,481 +26.1
Yakima
1.734,562
2,107.560
38,845,374
Third Federal Reserve Dist rIct-Philad
-Portland-27,945,577 +39.0
Ore.
29,190,464
35,969,057
alphas'
Pa.
-Altoona
16,926,686
Utah-S. L. City
1,418,333
14,629,068 +15.7
1,040,668 +36.3
11,405,329
17,000.000
875,652
Bethlehem.._
a
1,042,395 Nev.-Reno
a
3.591.015
3,026.131 +18.7
a
a
2,012,209
Chester
a
4,161,164 Ariz.
-Phoenix
a
1,293,214
a
903,452 +43.1
a
a
836,885
Lancaster
5,652,811
1.395,839 Calif
.-Fresno.
2,882,889
5,971,680 -5.3
2,314,220 +24.6
7,167,846
7,445,285
2,036,420
Philadelphia
8,752,538
2,981,808
Long Beach4,593,486 +90.5
480,000,000 327,000.000 +46.8 299,000,000
3,287,944
3,571.859
Reading
476,788,558
- 142,911.000
Los Angeles
3.179.325
81,016,000 +76.4
2,290,078 +38.8
74.801,000
76,736,000
2,059,742
Scranton
15,920,261
2,900.000
Oakland
5,345,758
10.889,136 +46.2
4,802,930 +11.3
10.224,040
10,495.841
4,519,465
5,371,332
5,769,766
Wilkes-Barre
Pasadena
03,442,157
3.194,528 +80.6
3,088,511 +11.4
2.688,214
3,001,434
2,737.778
York
3,077,513
Sacramento.-. 08,966,741
1,439,639
7,395.729 +21.2
1,092,927 +31.7
7,226.648
6,937,271
1,116,150
4,062.332
1,493.042
N. J.-Tenton_ _
San Diego
4,840,973
*3,000.000 +35.4
4.231.873 +14.4
2.516.320
3,375,472
3,382,282
5,091,484 San Francisco- - - 149,200.000 116,800,000 +27.7 108,200.000 150,700.00()
Dela.-Wilminien
a
a
a
a
a
2,718,384
San Jose
2,424,500 +12.1
2,652,332
2,122,590
1,291,954
Total(10 cities) 507,433,303 349,790.790 +45.1
Santa Barbara963,035 +34.2
961,981
872,549
318,576.583 504,303,135
c3,323,200
Stockton
2,528,700 +31.4
4,288,300
2,389,200
Fourth Feder al Reserve D Istriet-Clev eland
Total(16 cities) 455,862,390 321,483,196 +41.8 298,608,888 371,927,403
Ohlo-Akron-- - 06,829,000
5,696,000 +19.9
5,659,000
8,740,000 Grand total (123
Canton
3,935,352
4,392,796 -10.4
2,845.674
4,647.912
7,162,155,814 6,399.716,969 +11.9 5,364,746.132 8.197.153.518
Cincinnati __ _ cities)
58,468,352
57,183,485 +2.2
45,056,123
65,774.700
Cleveland
Y.- 3.476.437.484 2,832.291.699 +22.72.524.335.427 3.586.050.976
097,209,000
85,746.757 +13.4
61,498,952 122,986,223 Outside N.
Columbus
14,429,000
14,350,800 +0.6
10,967,600
15,972,400
Dayton
a
a
a
Week ending November 8.
a
a
Lima
a
a
Clearings ala
a
a
Mansfield
01,894,731
1,288,066 +47.1
1,132,887
Inc. or
1,440.840
Springfield __ _ _
a
a
1923.
a
1922.
a
Dec.
1921.
1920.
a
Toledo
a
a
a
a
a
Youngstown _
04,039,440
3,037,041 +33.0
Canada
$
2,615,080
• S
-Erie
5,827,019 Montreal
Pa.
a
a
233.785.786 105,961971 +120.6 106,720.812 164,392,544
a
a
a
Pittsburgh - -- - 147,837,898 *163,000,000 -9.3
169,053,390
91,8117,288 +84.1
155,000,000 187,850,779 Toronto
9b,042,321 107,551.105
W. Va.-Wheeling
4,368,474
4,341,128 +0.6
94,072.973
Winnipeg
80.968,389 +16.2
3,587,306
67.4613,461 110.806.325
6,503,086 Vancouver
18.761,416
12,535,266 +49.7
13.489,550
17,148,162
Total(9 cities)- 339,011,247 339,036,073 -0.0
12.120.560
288,362,622 419,751,959 Ottawa
10,816,497 +12.1
11,586,153
15,214,946
9.074,555
Quebec
3,966,205 +30.3
6,190,412
8,726.996
Fifth Federal Reserve Dist rict-Mehra ond4,378.313
Halifax
2,855,892 +53.3
3,266.427
W.Va.-Hunting'n
5.393,597
2,003,343
1,634,350 +22.6
7.046,966
5,723.526 +23.1
1,462,591
5,197,460
2,178.323 Hamilton
Va.-Norfolk
7.820.896
010,079.866
8,564,149 +17.7
9,036.150
7,171,441
5,770,428 +46.6
6.424,269
Richmond _ __ _
8,208,681 C,OgarY
12,199.332
56,273,000
44,218,800 +27.3
4,459,974
2,647.045 +68.5
38,266,383
2.674,735
3.697,700
57,816,032 St. John
S.C.-ChariesCwn
03,599,179
2,108,653 +70.7
3,974.244
Victoria
1,931,900 +105.7
2,064,468
2,152,599
2,842.441
3,100,000 London
Md.-Baltimore 83.994,068
68,304,951 +23.0
3.721,197
56,428,054
2,705,877 +37.5
2.952.038
4,032.350
87,120,016 Edmonton
D.C.-Washingt'n 022,731,000
21,041,117 +8.0
4,601,061
4,552,467 +1.1
16,785,692
5,297,733
6,240.396
18,395,450 Regina
7,248,527
5,215,091 +39.0
5,599.713
6,619,164
Total(6 cities)- 178,680.456 145,872.020 +22.5
1,035.363
947,154 +9.3
122,178.629 176,818,502 Brandon
1,174,138
842,058
1,040,097
Lethbridge
871,209 +19.4
1,314.759653,427
Sixth Federal Reserve Dist rict-Atkin ta*2.400,000
Saskatoon
2,188,417 +9.7
3.020,618
2,384,116
Tenn.- Chatt'oga 06,443,072
6,449,415 -0.1
2,115,955
Moose Jaw
1,911.318 +10.7
5,028,659
2,528.168
1,805.185
7,262,640
Knoxville
3,216.313
2,092,857 +53.7
1,364,936
1,091,477 +25.1
2,600,898
1,523.734
1.253.303
3,016,204 Brantford
Nashville
21,116,090
14,721,846 +43.4
William....
1,691,003
988,298 +71.1
14,853,684
1.152,464
895.910
21,054,379 Fort Westminster
Ga.-Atlanta__ _ _
60,838,878
43,641,681 +39.4
642,522
New
463,124 +38.7
38,437,415
749,542
562,271
58,640,597 Medicine Hat _
Augusta
2,804,422
2.500,000 +12.2
588,976
1,514,507
471,747 +24.9
793,365
442,643
3,123,865
Macon
1,758,328
1,271,021 +38.3
1,119,717
*1,200.000
806,763 +38.8
951.751
*1,300.000 Peterborough_
797.384 •
Savannah
aa
1,169,715
Sherbrooke
a
•
941,981 +24.2
1,533.939.
a
1.073,107
Fla.-Jacks nville
.
11,450,011
7.843,897 +46.0
1,176,938
8,380,752
1,047.972 +12.3
1.255.754
1,450,519
10,815,813 Kitchener
-Birmingham
Ala.
26,817,268
24,560,971 +9.2
3,426,555
Windsor
16,423.613
2,968,827 +15.4
3.657,931
2,404,463
19.192,715 Prince
Mobile
2,059.477
1.634,370 +26.0
419,927
Albert....
1,542,985
401.951 +3.2
2.000,000 Moncton
Miss -Jackson.
1,321.886
878,024 +50.5
1,198.551
675,019
1,112,272 +7.8
1.006,578
1,009.535
696.493
667,611
Vicksburg
397,543 +67.9
887.764
470.166
752,612
829,576 +7.0
376,870 Kingston
La.
-New Orleans
70,005,121
44,893,771 +55.9
50,312,671
60,637,304
Total(29 cities) 601,613,131 357,516,928 +68.3 345.396,226 493,448.685
Total(12 cities) 208,498,477 150,885,396 +38.2
141,440,369 188,566,680
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Nov.7. d Week ending Nov. 8. a Week °Wing Nov. 9.
Estimated
2186
[VOL. 117.
THE CHRONICLE
-The statement of condition of the national banks under the Comptroller's
Condition of National Banks Sept. 14.
for previous calls
call of Sept. 14 1923 has been issued and is summarized below. For purpose of comparison, like details
back to and including June 30 1922 are included.
STATES JUNE 30, SEPT. 16, DEC.29 1922, AND
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED
APRIL 3, JUNE 30 AND SEPT. 14 1923 (in Thousands of Dollars).
i
June 30'22. Sept. 15'22. Dcc. 29 '22. April 3 '23. June 30'23. Sept.14192::
8.249 banks. 8,240 banks. 8,225 banks. 8.229 banks. 8,241 banks. 8.239 bomb
$
$
$
$
$
Resources-$
11,248.214 11,236.025 11,599.668 11.667,959 11,817,671 11,934.556
Loans and discounts (including rediscounts)_a
12,950
10,430
11.862
13.045
12.141
9.198
Overdrafts
153.485
187.131
202.826
208,485
171,190
176.238
Dustomers' liability account of acceptances
2,285.459 2.402.492 2.656,560 2.694.207 2.693.846 2.602.762
United States Government securities owned
2.277.866 2.289.782 2.347.479 2,346.915 2,375.857 2,398,304
Other bonds. stocks. securities, &c
504,731
493.324
479,580
470.644
459.020
452.434
Banking house, furniture and fixtures
86.412
87.133
82,139
75.178
67.789
64.383
Other real estate owned
1.142.736 1,169.345
1,151.605 1,232.104 1.220.847 1.179.500
Lawful reserve with Federal Reserve banks
463,456
396.911
424,620
455.792
418.923
355.668
of collection
Items with Federal Reserve banks in process
361,485
291,108
359.147
391.840
331.951
326.181
lash In vault
960.769
910.014
974.975 1,063.695 1.065.820 1.033.749
.mount due from national banks
292,974
295.660
300 990
316.956
299.541
267.050
%mount due from other banks, bankers and trust companies
481,585
486.333
528.224
777.572
614.771
767.096
Exchanges for clearing house
49,560
68,283
57,396
70.088
54.623
63.394
place
lucks on other banks In the same
59,406
71.578
53.942
62.221
63.112
64.928
3utside checks and other cash items
36.934
37,108
36.895
36.825
36.656
36.767
due from United States Treasurer
Redemption fund and
144,162
146.643
154,962
205,947
172,284
184.556
ather assets
20.706,010 20,926,099 21.974.957 21.612,713 21,511.766 21,712,876
Total
Liabilities1.307.216 1.307.122 1.317.010 1.319.144 1.328,891 1,332.394
Dapital stock paid in
1,048,806 1,042.197 1,075.545 1.067.652 1,070.616 1.068,320
lurplus fund
523,010
476,205
486.172
528.924
539.047
492.434
paid
7ndivided profits, less expenses and taxes
731,479
720.001
728.076
723.819
726.789
725.748
gational bank notes outstanding
29,763
24.194
26.517
28.109
26.472
19.852
Reserve banks
Due to Federal
905.104
838.227
1.035.961 1.015.525
916.740 1,031.648
kmount due to national banks
1,546.777 1,510,573
1.565.459 1,582.444 1.691.307 1.644.488
kmount due to other banks, bankers and trust companies
130,547
54.123
148.477
218.464
164.427
205.682
Jertified checks outstanding
167.157
199,064
176.155
287.733
245.091
208.991
)ashlers' checks outstanding
9.152.415 9,270.378 9.535,995 9.180.624 9.288.298 9,331,368
Demand deposits
4.111.951 4.169.220 4.318.736 4.580.216 4,755,162 4,864,369
rime deposits (Including postal savings)
101,849
192.135
264.279
304.176
145.152
103.374
/tilted States deposits
16,320.564 16,593,762 17,420,481 17,036,281 16,897,980 17,040.530
rotal deposits
36,983
34.952
34.080
34.615
42.475
38.104
Jnited States Government securities borrowed
2.750
2.977
4,161
2,948
2.897
2.990
lends and securities (other than United. States) borrowed
other than
31118 payable (including all obligations representing borrowed money
352,995
370.921
370.165
310.781
181.765
228.481
rediscounts)
fetes and bills rediscounted (including acceptances of other banks and foreign
400,799
352.801
290.467
262.421
280.271
247.559
bills of exchange or drafts sold with indorsement)
7,503
' 8,569
5.542
6,639
8.256
4.889
Afters of credit and travelers' checks outstanding
less those
145,786
Lcceptances executed for customers and to furnish dollar exchange
172.208
200.87'3
199.844
172.887
165.715
purchased or discounted
18,897
30.409
26.144
23,631
16.494
17.654
51.430
kcceptances executed by other banks
45,236
43.956
70.049
51.756
59,481
.labilities other than those stated above
20.706.010 20,926,099 21,974.957 21.612.713 21.511.766 21,712,876
Total
)etas of Cash in Vault
Gold coin
Gold certificates
Clearing house certificates based on gold and gold certificates
Clearing house certificates based on other specie and lawful money
Standard silver dollars
Subsidiary silver and minor coin
Silver certificates
Legal tender notes
National bank notes
Federal Reserve and Federal Reserve Bank notes
Oetalls of Demand Deposits
Individual subject to check
Certificates due In lees than 30 days
State and municipal
Deposits subject to less than 30 days' notice
Dividends unpaid
Other demand deposits
Oetalls of Time Deposits
Certificates due on or about 30 days
State and municipal
Postal savings
Other time deposits
'ercentages of Reserve
Central Reserve cities
Other Reserve cities
All Reserve cities
Country banks
TT...1.A U....4m
,
rf ...4n1
19.811
19.308
50
6
6.910
25.598
23.004
21.272
52.746
122,403
20.070
20.422
55
20.762
17,269
7
19.054
15,044
108
19.995
16.903
182
34.341
37.265
34.868
259,572
320,369
287,199
8.537.059
271.278
360.541
42,921
1.779
56.800
8.794.316
284.375
339.736
40.026
6.580
70,962
8,347,871
264.783
454.837
43.061
8.418
61.654
8,385.346
264,139
467.770
38.362
34.727
97.954
8,543.809
255,307
417,437
33.327
1,386
80,102
1,080.828 11,081.933
55.765
36.886
33.416
32.943
2.961.294 2.998.106
1.074.099
56.279
42.069
3.146.289
1.127.148
78.941
41.825
3.332,302
1.135.174
67.826
44.652
3.507.510
1,155,918
73.473
45.501
3,589,475
20.438
19,359
2
•
3
7.771 1
27.114
23.012
24.421
61.015
144.046
8.504.104
275.087
221.876
44.713
34.936
71,699
12.71
10.30
11.524
.. ..........
15.11%
10.03%
12.36%
7.592;
.
-- -
13.28°'
10.38
11.62%
7.47%
13.38
10.26
11.69
7.72
5,975
284,963
12.17
13.03
I
:1
11 1 g
1111
o
•
a Includes customers' liability under letters of credit.
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. 311923:
GOLD.
The Bank of England gold reserve against its note issue on the 24th
inst. was £125.845,875, as compared with £125,842,480 on the previous
Wednesday. The Indian demand still continues upon a small scale and
it is probable that the greater part of the moderate supplies available this
week will be sent to the United States of America. Gold valued at $3,115,000 blur arrived in New York from London. The Southern Rhodesian
gold output for Sept. f923 amounted to 57.144 ounces. as compared with
53.255 ounces for Aug. 1923 and 55,443 ounces for Sept. 1922.
CURRENCY.
The evolution of Continental currencies from a purely paper to a more
enduring basis is being attempted in Dantzig and Hamburg. In both
cases assistance to the desired end is being afforded in London:in the former
case by a sterling loan, in the latter by the association of a London firm
of bankers in the management of the Bank to be charged with the venture.
In Dantzig. new gulden notes are to be issued by a temporary bank under
the name of Danziger Central Kassenactiengeselischaft, which is to be
liquidated, when the State issue bank is in a position to provide a State
currency. These gulden are to be issued solely against actual payments
of sterling in cash or bank cheques on London; thus giving full cover in
starling, and in effect making the pound sterling current in Dantzig, though
under the designation of 25 gulden to the pound. In Hamburg gold mark
bonds of small denominations are to be issued (under the auspices of most
toof the leading industrial, insurance, and shipping firms in Hamburg
termed
gether with the Chamber of Commerce in that city) by a new bank
fund of five
the Hamburg Bahk, 1923, which will possess a guarantee
million gold marks.
General von
It would be humorous, were it not pathetic, to read that
Born, Military Dictator of the Berlin District, has prohibited a threatened
are
strike of printers on the ground that bank note printing establishments
back to the time
to be regarded as "vital industries." The mind goes substantially in
industries of Germany counted far more
when the vital
Directorate
the world's economy. Paper marks, for which the Relchsbank 1,000,000.declared on Thursday last the daily demand to be a trillion, or than the
rapidly becoming of no more world value
000.000.000,000, are
paper es ney with which Chinese mourners are wont to regale their
relativm.
o
ghostly
SILVER.
NotThe market has been steady. though occasionally rather inactive. upon
verging
vrithstanding the large accumulations of silver in Bombayheavily within the next
-a quantity which will be augmented
18.000 bars
Bear covering
fortnight-silver has been still purchased for that quarter. frequent seller
took part of the cash sliver offering. America has been a
the market to take adand the moderate advance in quotations enabledsilver. Future prospects
vantage of limits outstanding for some Continental
of silver depend on the capacity of India to absorb the abnormal stocks now
before
in that country, though China possibly may require remittances report
the Chinese New Year, which falls on Feb. 5 next. The Royal Mint
during 1922. On
states that "no silver bullion was bought In the marketsold after refining
the other hand, a considerable quantity of silver was
the Depart
and SOMB was disposed of in the manufacture of modals, &c., Inwas received
went. As shown In the account, . . over 3.000.000 pounds
representing some 21,600.000 ounces standard
for bullion sold in England,
or an average price closely approximating to the average price of silver in
the market during the year, viz., 34 7-158."
IDIAN CURRENCY RETURNS.
Oct. 22.
Oct. 7.
Oct. 15.
(In Lacs of Rupees)17948
9
75
7 16
16 3
17927
Notes In circulation
9788
9747
Silver coin and bullion in India
India
Silver coin and bullion out of
iiii
2T32.
2432
Gold coin and bullion in India
Gold coin and bullion out of India
eig
Wig
5748
Securities (Indian Government)
---......_ .
Securities (British Government)
No silver coinage was reported during tho week ending 22d inst. The
inst. consisted of about 27.000.000 ounces in
stock in Shanghai on the 27th
with about
sycee. 38.000.000 dollars, and 1.770 silver bars, as compared bars on the
27.200.000 ounces in sycee, 39,000.000 dollars. and 540 silver
'
20th inst. Statistics for the month of October are appended:
Bar Gold
-Bar Silver per oz. Std.per oz. Fine
Two Mos.
Cash.
Quotations31 13-16d. 92s. 3d.
32Nd.
Highest price
90 4d
3ld
31 5-18d.
Lowest price
2.3d.
els.
3b3d.
31.
31.717d.
Average
Avee price
92s.
31W.
31Nd.
2265
92s. Id.
31 15-1. 31 9-16d.
6d
Oct.
31 15-16d. 31 }iti.
Oct. 27
92s. Id. .
31%d.
32d.
Oct. 29
925.
31 9-16d.
Oct. 30
92s.
31 7-16d.
31;fd.
Oct. 31
92s. 0.4d.
31.531d.
3I.937d.
Average
delivery are respectively
The silver quotations to-day for cash and forward
the same as and %d. below those fixed a week ago.
Nov.171923.]
TUE MIRO-m-0LE
ENGLISH'FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Jat.
Mort.
Tues.
Wed.
Thurs. Frt.
Week ending Nov. 16Nov. 10. Nov. 12. Nov. 13. Nov. 14. Nov. 15. Nov. 16.
Sliver, per oz
d 32 9-16 33 1-16 33 5-10 32 15-16 32 13-16 32%
Gold, per fine °uncle
93.4
94.6
94.1
94.7
95.2
95.3
Consols. 24 per cents_
56
56%
563
,
,
56%
56%
British. 5 per cents
100
100
100110034
10034
British, 434 per cents
97
96%
9614
9614
97
French Relates (in Farts), fr_ --_
55.5
55.20
55.20
54.30
53.70
French War Loan (In Faris),fr ___
71.65
71.15
71.10
70.65
70.25
The price of silver in New York on the same day has been:
Silver In N. Y., per oz. (cis.):
6314
Foreign
6414
6414
6334
6334
6354
Imports and Exports for October.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for September and
from it and previous statements we have prepared the following:
Totals for merchandise, gold and silver for Od,cber.
FOREIGN TRADE MOVEMENT OF'RE UNITED STATES.
(In the following tables three ciphers are in all cases omitted.)
Merchandise.
0008
Omitted.
gxpons.
Gold.
Excess
of
Es
Exports. ports.
Insports.
Excess
lieof
Exports. Export* ports.
EIC683
heOf
ports. Exports
$
99,000 1,307 29,85 *28,551 7,523
94,61 17,591 20.866 *3,275 3.269
155.32-7,576 47.107'39,531 4.782
418.016 25.931 116.762'90,831 5.709
229.773 44,14
4,970 39,179 12.269
255.096 2.178 1.470
708 32.037
320,874 11,154 4,150 7,004 6.983
314,155 7,054 97,509'90,455 6,016
1923 _ 402.00 303,000
1922 _ 370.71
276,10
343.331 188,00
1921
1920 - 751.211 333,195
1919 _ 631.61
401,84
1918 _ 501,861 246,76
1917. 542.101 221,227
1916 - 492,81
178,05
Excess of Imports.
6.928
595
3,94
*671
7.51 *2,728
4.912
797
8.722 3.547
6.766 25.271
5.04
1.934
2,892 3.214
Totals for nine months ended October 31:
Merchandise'.
000: I
omitHzted,
ports,
Gold.
Excess
of
Exexports. port*.
Imports.
Silver.
Excess
Intof
Exports. Exports ports.
$
$
11
$
$
$
1923.
3,342,603,207.154 135,45 27.18 250.380{J223195 $
1922 _ 3,107,4502,527,153510,297 30.73 230 422 19968: 54.172
49.295
1921 - 3.894.741 2,060.70 1,834,037 21.122608,28411387162 39.627
1920 -6,831,201 4,691,215 4,139,986285,16 315,51 /30,356 104,391
1919 _ 6.498,906 3,098,841 3,400.152270.07 61.2231208,847 189.374
1918 - 5,083,9852,560,31r, 2.491,647 36,441 57,973 /21.532
1917 -5.146.0502,501,0'A- . 1,642.028 360.12 532,5821117235- 197,369
.
1916 _ 4,443,240'2.000,833 2,433,407 101,48 480,237 78913 69,217
53,741
nese of imports.
Excess
In- 1
5 i $
61,010 /6.838
57,104 /7.809
51.815/12.188
78.409 25,982
72,707,116.667
61,549135,820
38,1001 31.117
26,127 27,613
Breadstuffs figures brought from page 2236.
-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
since Aug. 1 for each of the last three years have been: and
I
Flow.
Wheat.
Corn.
Oats.I Barley.
5512.1960s.bush.60lbs. bush. 58 lbs.bush.32 lbs.bsah.48lbs.
Chicago
222,000
372,000 1,329,0001 1,458,111
218,
Minspo
m
4,465,011
343,0001
760.011
461,000
Duluth
1,494,00
6,000,
60,000 102.11,
Milwaukee _
42,111
71.000
319,000
626.011
198,000
Toledo
282.000
84,000
97
2,000
Detroit
68.00&
49,000
66,
Indianapolis_
69,000
338,000
188,000
St.
124,000
530,000
274,000
496,001
s
Peoria
42,000
50.000
139,
133,000
Kansas City_
1,389,000
139,0 I
341,000
Omaha
336,000
168,00
330,000
St. Joseph
204,000
53,000
48.
Sioux City.
81,000
77,000
92,
Total wk.'23
Same wk. '22
Same wk. '21
459.000
516,000
417.000
0,382.000
8,357.000
4,748.000
3,318.
4,885,00
3,791
Rye.
h.58lbs.
51,000
201,000
347,000
24,000
4,000
13,000
1,000
641,000
1,209,000
261,000
Since Aug.11923
6.260.000 168,139,000 61,870
92,233,
1922
8.131,000 184.372,000 97,554,
77,559.
1921
7,202,000 181.878,000 107,496,000 81.299.
17,263,
15,027,
11,373
12,112,000
34,916,000
7,974,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 10 1923 follow:
ROC6tpis at-
Fleur.
Barrels.
New York_ __
280,000
Philadelphia72,000
Baltimore__
47,000
N'Port News_
4,000
Norfolk
New Orleans•
60,000
Galveston_ _
100,000
Montreal --30,000
Boston
Wheat.
Corn.
Bushels,
Bushels.
2,237,000
33.
698,000
10,000
561,000
Wheat.
Corn. MUT.
Oats. IArc
Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels.
Bushels.
New York
1,657.985
141,590
19,0884 103,808 183,284
Boston
786,000
2.000
484,000
Philadelphia
30,000
18,000
Baltimore
223,000
30.000
83.000
Norfolk
40.000
Newport News_
4,000
139,000
New Orleans_ _
7,000 90,000
3,
2,000
Galveston
120.000
Montreal
5 187,000
109,000
18,0001 134,000 290.000
Port Arthur
271,000
Total week 1923_ 8,907,985
7,000,406,590
58,988 237.808 588.284
Week 1922
10419665 1,972,4011358,940 1,185.727 804,154 309,525
The destination of these exports for the week and since
July 1 1923 is as below:
Flour.
Exportsfor Week
and Since
Weelc
Since
July 1 toNov. 10 July 1
1923.
1923.
Oats.
Barley.
Rye.
Bushels,
Bushels, Bushels,
158,000
190 III 186,000
42,000
1,000
28,000
Ill
17.000
90,000
483,000
42,000
Wheal.
Total wk. '23 599.000 9,613,000
151,000
777.000
Since Jan.1'23 20,859,000 229,389,0001 36,661.00 34,893,000 14 323,000 204,000
,740,00032,355,000
Week 1922_ __I itT9,000 11.257.000 1,995,000 1,333,000 427,000
Since Jan.1'22 21,908,000 238,271.000 134,964,000 62.075.000 15,878,000 1.503.000
40.211.000
•Receipts do not Include grain passing through New Orleans for
foreign Ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Nov. 10 1923, are shown in the annexed
statement:
.
.
•
Since
July 1
1923.
•
Week
Nov. 9.
Corn.
1922.
Since
July 1.
1923.
Since
Week
July 1. i Nov. 9.
Bushels.
Bushels. I Bushels.
I Bushels.
North Amer_ 11,777.000 148,634,000 177,420.000
67.
Russ.& Dan. 1.216.000 8.742,000 3,167.000 940.
.Argentina_-_! 1,710.000 39,481,000 34,625,000 1,728,
584.000 15,240.000 9,276,009
Australia
80,000 10,912,000
640,000
India
1,584.000
0th. countr's
' 1.071
Total
Since I
July 1.
1922.
Since
July 1.
Bushels, I Bushels.
1.801,000 46,343.000
3,687.000 3.576.000
57,350.0001 48,084,000
11.954.000 3.365.000
15,367,000224,593.000225,128.000 3,801.000 74.792.000101.368.000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Nov. 10, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River_
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Ilse.
bush.
bush.
bush.
bush.
933,000
24.000
662.000
486.000
3,000
10,000
21,000
2,000
582,000
13,000
112,000
57,000
1,333,000
2,000
117,000
136,000
346,000
48,000
80.000
20,000
842,000
92.000
5,287,000
14,000 1,929,000 1.302.000
151,000
70,000
1,759,000
31,000
354,000
28.000
104.000
21,000
28,000
82,000
20,000
19,648,000
422,000 3.201,000
917.000
458,000
81,000 1,747,000
287,000
5,780,000
29,000
502,000 6,008,000
13,820.000
30,000 5,600,000 7.600,000
282,000
43,000
752,000
16,000
1,910,000
40,000
269,000
15.000
11,168,000
14,000 1,944.000
137.000
979,000
12,000
216,000
4,000
60,000
20.000
351,000
869.000
103,000
269,000
4,000
3,714,000
57,000 1.864,000
241,000
186,000
129.000
1,210.000
23,000
Barley.
bush.
182,000
53.000
2,000
2,000
618.000
59,000
2,000
244,000
459.000
667.000
728.000
11.000
4.000
451,000
3,000
117,000
140.000
49.000
Total Nov. 10 1923_ _ _71,445,000 1,044,000 20,272.000 17,372,000 3,791,000
Total Nov. 3 1923._ ..69.189,000
309,000 20,487.000 16,960,000 3,298,000
Total Nov. 11 1922____71,445.000 1,044,000 20,272,000 17,372.000 3,791.000
-Bonded grain not included above:Oats, New York.72,000 bushels: Boston,
Note.
30,000; Baltimore, 42,000; Buffalo, 302,000: Duluth, 51,000; On Lakes, 84,000;
total. 584,0
00 bushels, against 1,189.003 bushels In 1922. Barley, New York,
201.000 bushels; Buffalo, 107.000: Duluth, 8,000; On Lakes, 52,000: total, 368,000
bushels, against 1,248.000 bushels In 1922. Wheat, New York, 1,157.000 bushels;
Boston, 467,000; Philadelphia, 758,000; Baltimore, 796,000; Buffalo, 3,099.000;
Duluth, 651.000; Toledo afloat, 300,000; Chicago. 000,000; On Lakes, 3,469.000:
total, 10,697,000 bushels, against 14,955,000 bushebs in 1922.
•
Canadian
Montreal
3,244,000
609,000
268,000
304.000
6,000
Ft. William & Pt. Arthur-25,299.000
3.003,000 1,657.000 1,131,000
Other Canadian
5,005,000
1,342,000
557,000
467,000
Total Nov. 10 1923_ _ _33.548.000
6,000 4,954,000 2,482.000 1,902,000
Total Nov. 3 1923__ _31,828,000
21.000 4,269,000 2,611,000 2,239,000
Total Nov. 11 1922_ _ _37,889,000 1,193,000 3,396,000
320.0003 3,217,000
Summary
American
71,445,000 1,044,000 20.272,000 17.372,000 3,791,000
Canadian
33,548,000
6,000 4,954,000 2,482,000 1,902,000
Total Nov. 10 1923_ _104,993,000 1,050,000 25,226,000 19,854.000 5,693,000
Total Nov. 3 1923._101,017,000
830,000 24.756,000 19,571,000 5,537,000
Total Nov.11 1922... 72,119,000 10,380,000 37.223.000 10.994,000 5.987.000
FOREIGN
TRADE OF NEW YORK
-MONTHLY
STATEMENT.
• Merchandise Movement at New York,
131,000
1,000
Week
Nov. 10
1923.
406,590 5,046,123 8,907,985 95,621,662
7.000 1,394,026
, .i II,.4Lo.000 16s,vsI.s5n,
. .
.
.
1923.
24,000
8,0
1,00
Cars.
Since
July 1
1923.
The world's shipment of wheat and corn, as furdshed by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Nov. 9, and since July 1 1923 and 1922,
are shown in the following:
4o.000l
24,0001
38,0001
5.380.0001
635.0001
Wheat.
Week
Nov. 10
1923.
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom- 77,800 1,618,295 2.208.040 35,416,610
641,026
Continent
274,475 2,739.668 6,590,945 59,442,088
262,000
So.& Cent. Amer- 7,000
101,000
34,000
259,000
46.000
West Indies
29,000
326,000
7,000
3,000
7.000 400.000
Brit.No.A m.CoLs_
39.000
Other Countries... 18,315
261,160
72,000
496,964
6,000
Of
ports. Exports
AlTommerciai andIntsceilautonsztera
Receipts at-
ExportsIrons
-
Total1923
0a
Mom.
2187
Month.
Imports.
1923.
•3
Exports.
1922. I
$
I
CUStOtIls Receipts
at New York.
1923.
I
1922.
1923.
5
I
3
S
I
28,583.026
26,451.928
33,1 0;206
28.837,309
29,333.843
26.870.486
24,680.863
25.936,476
26,350.449
1922.
3
19,322.717
February _ 146.915,003 115,222,960 115,654.813 95,484,
21,620,780
March__ 194.179,676 135.648,795 136.179,813 131,504.54
24,650.403
April
169.417,394113.193,073 129.989,307 117,760,933
20.639,380
180.482.783 117.438,154.527.281 115.522.17
May
20,909,658
June
150.476,335122.369.683 126,727,477 130,550,713
23.181,
July
130.6'29.533 117.118.076 122,714 293 115 488,191
21.433,606
August
129.706,34023.124,817 125,059.775 112;281.501
.
24.206.605
September 119.639,72 ,110,716,2861127.967,562,108,291,70
33,110.469
1374312491110A4431774 111774701311012411037'148.184.514 400 075,500
Total_-
January __ 152.885,893 100,106.930 115.926.692 106,097.2
[VoL. 117.
THE CHRONICLE
2188
By Messrs. Wise, Hobbs & Arnold, Boston:
Movement of gold and silver for the nine months:
Price.
Price, Shares. Stocks.
Shares. Stocks.
15 Turners Falls Power dr Elec. _ _104
50 Great.Falls Manufacturing_ _42-41
Silver-New York.
123
Gold Movement at New York,
100 Bay State Film, pref., par
5 Tremont & Suffolk Mills
$212 lot
$10
50 Charlestown Gas & El., par 850-15034
Export!.
Imports.
Exports,
19 Puget Sd.Pow.& Lt..6% pref- 81
Imports.
Month.
1 Boston Athenaeum, par 11300-- -625
14 New England Equitable Insur__$1 lot
Silver Mines &
83,464 Cascade
1923.
1923.
1922.
1923.
1922.
$1,000 lot 2 Springfield Gas Light Co.full-paid
1923.
Mills. par $1
4534
receipts. par $25
3 Eastern Texas Elec., common _ _ _112
$
$
$
$
$
19634 33,400 Consolidated Manganese
$
3 Lowell Electric Light Corp
$5101
286,000i 1,753,364 4.273.010 100 rights Haverhill Elec. Light
Co., par $I
334
January _ 12,834,516 21.126,622 7,715.837
820,557
838,949
20,378 1,041.0571
10 Easthampton Rubber Thread-170
February - 3,041,008 24,034.770
100 Lamson & Hubbard Canadian
237,728 1,360,000 1,737,248
$100 lot
March_ ___ 10.697,175 31,300.604 9,621,840
Ltd., pref
Price.
806,748 1,136,472 1,242,361 50Co.,
21,262
Bonds.
6,854,519 8,440,457
AMR
Lamson & Hubbard Canadian
785 1'2
7.527 2.645,834 1,069,954
$50 lot £100 Argentine Govt. 4158, 1927,
42.291,398 6,660,36
May
Co., Ltd., common
136,321 1,904,551 1,229,472 15 American Glue, common...4034-40%
30,926
German stamped Oct. 1923 cou16,323,114 11,462,982
June
11,000 5,859,635 2,888.600 4,000 Cascade Silver Mines &I
47,86
41,477,046
pons and sub, coupons attached- 40%
24,412.
July
19,109 1,444,612 2.725.649
737,47
18250 $500 Institution of Encouragement
26,481. I 17,242,48
August
Mills, par $1
40,117 3,423,511 3,649.583 1,000 Texcalocan 011 dr Gas, Inc.,I lot
458,016
of Irrigation Works 4145. 1943,
September 24,352,110 27,359,677
German stamped May 1914 and
Par $1
19,349,612
subsequent coupons attached_ - - 20%
Total--- 67,288,182 189,105,006 18,681,128 5,223,914 18,791,048
10 Arthur W.Stedman,Inc., pref325 lot
1st 68_ _8300 lot
5 Arthur W.Stedman,Inc., corn. 310 lot $12.000 Cuba Hardwood Commerce
Ship &
information regarding 100 Southern Fields Petroleum, lot $100 American
-The following
10% Cony. notes, Aug. 151930.. 9811
National Banks.
$100
par $10
Electric 78,
Of
national banks is from the office of the Comptroller of the 300 Orpheum Amusement Co. $100 lot $1,000 Eastern Texas
112
May 1925
New Hampshire
•
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
-The Franklin National Bank of Royalton, Ill
Nov.5
D. J. Bradley, Royalton, Ill.
25,000
-The First National Bank of Macedon, N. Y
Nov.5
Correspondent, George J. Porter, Macedon, N. Y.
100.000
-The Citizens National Bank of Jenkintown, Pa
Nov.5
Correspondent. Frank S. Gentry, Jenkintown, Pa.
25,000
-The First National Bank of Bowling Green, Fla
Nov 8
Correspondent. John M. Altman, Bowling Green, Fla.
50,000
National Bank, Cheltenham. Pa
-The Cheltenham
Nov.8
Correspondent, Francis R. Taylor, 525 Ayers Ave.,
Cheltenham, Pa.
50,000
-The First National Bank of Hawthorne. Calif
Nov.7
Correspondent. David A. Rector, Hawthorne, Calif.
100.000
Bank. Ventura, Calif
-The Ventura National
Nov.7
Correspondent, L. M. Maynard, 734 S. Spring St.,
Los Angeles. Calif.
APPLICATIONS TO ORGANIZE APPROVED.
$2,000,000
-The City National Bank of Detroit, Mich
Nov.5
Correspondent, C. H. Mooney, 706 Penobscot Bldg.,
Detroit, Mich,
100,000
-Citizens National Bank of Elkins, W. Va
Nov.7
Correspondent, H. G. Hump, Elkins, W. Va.
Wis.. 200,000
-The North Western National Bank of Milwaukee.
Nov.8
Correspondent, Dick dc Reuteman Co., 416 Caswell
Bank, Milwaukee, Wis.
50,000
Nov.10-The Farmers National Bank of La Follette, TennTenn.
Correspondent. J. A. Hollingsworth. La Follette,
APPLICATION TO CONVERT APPROVED.
825,000
-The First National Bank of Valier, Ill
Oct.31
Conversion of the Valier State Bank, Valler, Ill.
25,000
-The First National Bank of Whitman, No. Dak Dak.
Nov. 3
Conversion of the Lamb's Bank of Whitman No.
850.000
Tenn
-The Peoples National Bank of La Follette,
Nov. 10
Conversion of the Peoples Bank of La Follette, Tenn.
CHARTERS ISSUED.
-The Farmers National Bank of Scottsville, Ky.- 850,000
-12456
Nov. 3
President, Arthur Flobdy: Cashier, C. A. Gilliam.
$50.000
-The First National Bank in Eureka. Kan
-12457
Nov.8
President. Cyrus Brookever: Cashier, Thos. W.Morgan.
25,000
-The Oceanside National Bank. Oceanside, N.Y-12458
Nov.9
President, Rufus II. Smith; Cashier, Ferd. Hebenstreet. 100.000
-Liberty National Bank of Dickson City, Pa
-12459
Nov. 10
William A.
President. James P. Wilson; Cashier,
Meehan.
VOLUNTARY LIQUIDATION.
--The Mechanicsburg National Bank, Mechanics-8969
Nov.5
$50.000
burg, Pa
Effective Nov. 5 1923. Liquidating agent, C. I.
Swartz, Mechanicsburg, Pa.
CHANGE OF TITLE.
--The National Bank of La Follette, La Follette, Tenn.. to
Oct. 31-7225
"The First National Bank of La Follette."
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, Nevi York:
Price.
Price, Shares. Stocks,
Shares. Stocks.
24 Allis-Chalmers, com_ _$41 M per sh. 57 Jamaica Rialto Holding Co., lot
$500
Inc
34 Allis-Chalmers, cora, V. t. a__ _ $5
$9014 per sh. 200 Mid-West Cutlery, corn.,$10 call lot
7 Allis-Cjaimers, pref
Alliance Ins. Co.$350 per sh. 100 Mid-West Cutlery, pref.,$10 ea.$1 lot
15 German
44 per sh. 10 Continental Candy Corp., no
50 U. S. Food Products
la
$2 per sh.
Dar
55 Masco Co
$10 lot
no par,
SO Canada Syndicate
327B. Nicoll & Co., Inc.,
$70 lot
$10 per sh 25 Western Exploration Co
...87 lot
10 New Process Chemical, pref.
1,532 Montana Coneol, Copper Col
SIO 10 New Process Chemical, corn.- _85 lot
common, $1 each
lot 150 Thurber Earthen Products.$234 P.812
10 Port Jefferson Milling Co
$5 lot
200 New Mines Co
6.025 Hancock Consol, Mining Co.,
$134 per eh. 282 Medley Gold Mining Co_ _8200 lot
$25 each
Iron Co 61.25 Per sh. 100 Chicago Suburban Gas& Elec1.000 Mos Bay
636 lot
tric Co., pref
200 Bethlehem Motors Corp., no
$2 lot 25 Chicago Suburban Gas & Elecpar
210 lot
per sh.
tric Co.,coin
812334
70 Singer Mfg. Co
1825
$12234 per sh. 50 Deep Blue Ridge 011, pref
70 Singer Mfg. Co
lot
$122% Per sh• 50 Deep Blue Ridge 011, corn
Co
Singer Mfg.
70 Si
$50
lot 50 Granton Chemical, pref
300 American Cities Co.6% pref.$16
lot
18,667 Sands Cocoa Corp., $10 ea.$5 lot 3734 Granton Chem., corn., no parj
$1 per eh. 100 Moose Mountain, Ltd., 1st
300 Blograph Co
$S lot
$
pref., $10 each
3634 Deep Sea Fisheries, Inc
1
$5 LI 200 Moose Mountain, Ltd.. COM,
200 Benmo 011 Co.. $10 each
S2 lot
$10 each
100 Victory Metal, pref., $10 each-33 lot
200 Victory Metal, corn., $10 each_33 lot 316 Midwest & Gulf Oil Corp.,
$75 lot
810 each
de Oil, $5 each_ _35 lot
100 Alto Gasoline
100 De Mayo Engineering, pref _850 lot 300 First Caldwell 011 Corp.. no $5 lot
par
$7 lot
1 Woodmere Club
20 Artico Ice Mfg., Corp., com.,1
76 Prof. parts the Kansas City
$5
$10 each
Rys. Co. beneficial certificates_$77 lot
100 Artico Ice Mfg. Corp., pref., lot
100 Amer. Coal By-Products, corn.f
$10 each
$5,000 Am. Coal By-Pr, 85. 19291845
-Port Hudson
700 Daniels Motor, corn., no par. 855 lot 25 Foundation Co.
$76 lot
Shipyard. Inc., com., no par.-- $1
70 Daniels Motor, pref
-Port Huron lot
50 Foundation Co.
500 Continental Refining, corn.,
$4 lot
Shipyard, Inc., pref
$10 each
700 Brit, Internat. Corp., "A"- $775
22 Atlantic Trust & Deposit Co.,
lot
$2 lot 300 Brit. Internat, Corp., B
Norfolk, Va
176 Alaska Kougarok, Inc.,$25 ea.$5 lot
500 United Verde Extension Mining
$2731 per sh. 3,010AlaskaKougarok,Inc.,$25ea.$10 lot
Co. 500. each
$8 lot
450 Lockwood, Greene dr Co., Inc.. NO 37 La Rose Mines, Ltd
per 87 Goldfield Consolidated Mines. 86 lot
preferred
Greene & Co., Inc., ms. 10 Van Noy Interstate Corp., prof. $1690
90 Lockwood,
22 Van Noy Interstate Corp.,corn ) lot
"B"nfl nar
$22 lot
110 North Hayti Sugar Co.,Inc80 lot 56 Albaugh Dover Co
pref. c, of d.$5 lot
3,000 Whys Corp. 2d
Price.
Bonds.
1,618 Omaha & Council Bluffs St. lot
81,600
$200 Woodmere Club 45, 1928- -669 lot
Rys. Co., corn
lot $2.250 United West Indies Co.
500 Locomobile Co., corn., no Par-$5
$100 lot
10% gold bonds
135 Commercial Union Telegraph eh.
$53.000 Federal Holding Co. 6%
$1934 per
Co. of N. Y
40%
notes. dua_1932
70 Hilleyest Holding Co., Inc.._$500 lot
By Messrs. R. L. Day & Co., Boston:
Price.
Shares. Stocks.
13314
10 West Point Mfg
9 Ludlow Mfg. Associates. ex-cllv_ _139%
10034
5 Arlington Mills
1 Bigelow Hartford Carpet, corn-156M
Point Manufacturing..- 1434
1-10 West
17534
1 Brookside Mills
17411
3 Naumkerig Steam Cotton
13534
10 West Point Manufacturing
17434
4 Naumkeag Steam Cotton
13634
2 West Point Manufacturing
115
2 Nashua dr Lowell RR.Corp
420 Pitteb. dr East. RR.,par $50._$20 lot
36 Boston Woven Hose & Rubber,
8634-34
common
41
28 American Glue, common
160 Package ContectionerY,1st pref-51 lot
40
50 Joseph Week dr Sons, pad
7834
320 Massachusetts Gas Cos.,corn
$1 lot
3.000 Furnace Creek Copper
2 Boston Woven Hose & Rub.,cow- 8614
13334
10 Lawrence Gas
21
10 Boston Belting, pref
I Boston Athenaeum, par $300-..604
Price.
Shares. Stocks.
66 Amalgamated Leather Co.,Inc.,
a
common
25 Asbestos Corp.of Amer., pref__1515
190 Asbestos Corp.of Amer.,com_J lot
207
934 rights Phoenix Insurance
825 lot
325 Manhattan Oil Products
195 Package Confectionery, 1st P1-$10 lot
5
130 Boston Maritime Corp
3 George E.Keith Co., 1st pf _98% & diV.
162
5 Draper Corporation
105
25 American Glue, Preferred
815,000 Laramie Hahn's Peak &
Pacific Ry. 75, 1915. coupon $10
tot
July 15 1912 & sub. on
7 notes (demand) made by the
Parkway Motor Sales Corp.,
int. 7%,aggregating $5,150-2 notes (demand) made by the 620
Parkway Motor Sales Corp.,
lot
Int. 8%.aggregating $1,500....
5 notes (demand) made by the
Corp..
Parkway Motor Sales
int. 7%,aggregating $1,300.
99sharesParkw.Motor Sales Corp.
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. Stocks.
13483-1000 United States Hotel_ -- 10
20 (rights) Media Title & Tr.at $50 1034
$3 lot
209 Pecan Products, common
1534
232 Tuckerton RR.. ptet
& Lake Erie Trac., corn _S1 lot
10 Buffalo
$6 lot
60 Eastern Petroleum
$3 lot
10 Herschell-Spillman Motor
10 Herschell-Spillman Motor, corn-S1 lot
$6 lot
4 Merrimac Hat Corp., common
2531
20 Merrimac Hat Corp., pref
$20 Merrimac Hat Corp.,thy.scrip-Ea lot
25 Wildwood &Delaware Bay Short
$5 lot
Line RR
$80 lot
500 Woodburn 011 Corp
1014
Ins., par $10
6 Phila, Life
25 Kensington Nat. Bank, par $50.12114
30 Downingtown National Bank-125
18
500 Midland Valley RR., pref
16
351 Midland Valley Hit., pref
Valley RR.,corn... 1014
1.663 Midland
98 Wichita & Midland Val.RR..pf. 50
390
5 PhiladelphiaNational Bank
4 Kensington Nat. Bank, par 850-125
10 Logan Bank & Trust Co.,par $50 60
8 Guarantee Trust & Safe Deposit-.15034
20 Market St. Title & Tr.. par $50_278
24 Lumbermens Insurance, par 825_ 6234
97
2 Reliance Insurance, par $50
5 Philadelphia Suburban, pref.-- 9734
common,no par- 9534
4 John B.Stetson,
MCC.
Shares. Stocks.
10 Smith, Kline & French, pref.-- 9334
14
._
10 Columbia Graphophone,
$2
pref- lot
16 Silent Sales Vending, prof
20634
Publishing Co
100 National
850 lot
100 Academy of Music Corp
14334
10 Olney Bank
par $50.... 1934
4 Phila. Bourse, corn..
5 Phila. & Camden Ferry, par 850.125
10 Delaware Storage dr Freezing- 01.34
Price.
Bonds.
E1,000 Rockville Broad Brook &
1014
East Windsor Ry,5s, 1926
$2.500 Tuekerton RR.5s, 1930_ --- 8434
510.000 Columbus Newark & Zanesville Elec. Ry. 54, 1926 (certifi$25 lot
cate of deposit)
$LOW Midland Valley RR.fa, 1953 54
Midland Val. RR.55, 1953- 47
$10,000
$1,000 Scranton Dunmore & Moosic 16
Lake RR.138. 1923
51,000 Carbondale Hy. 5s. 1933- 58
$1,000 Springfield (Ill.) Ry.& Light
8834
55, 1933
$25,000 Indlahoma Refining tis, '29 80
Choate Oil Corp. 8s, 1925
$3,000
(Dee. 1921 and all subsequent
$1 lot
coupons attached)
$1,000 Lebanon Val. St. Ry.54,'29 70
9634
$4,000 Ohio Elec. 6145, 1938
DIVIDENDS.
are grouped in two separate tables. In the
Dividends
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:
Name of Company,
Railroads (Steam).
Atlantic Coast Line RR., common
Boston & Providence (quar.)
Canadian Pacific. common (quar.)
Chestnut Hi I RR.(quar.)
Georgia Southern & Florida. 1st de 2d pt.
Illinois Central, leased lines
Midland Valley RR., pre(
North Pennsylvania (quar.)
Phila Germantown dr Norristown (q11.)-
When
Per
Cent. Payable.
Boob Closed.
Days Incisuive.
"314 Jan. 10 'Holders of rec. Dec. 14
4
23 Jan. 1 Holders of rec. Dec. 20
234 Dec. 30 Holders of roe Nov.80
75e. Dec. 4 Nov. 21 t, Dec. 3
23, Nov.30 Holders of rec. Nov. 24 '
1 'Holders of tee Dec 11
Jan
*2
$1.25 Dec. 1 Holders of rec. Nov. 24a
Nov. 26 *Holders of ree. Nov. 19 i
81.50 Dec. 4 Nov. 21 to Dec. 3
Public Utilities.
Nov. 190
Blackstone Valley Gas& Elec.,com.(qu.) $1.25 Dec. 1 Holders of roe. Nov. 19,3
Dec. 1 Holders of rec.
3
Preferred
Dec. 1 Holders of rec. Nov. 150
234
Eastern Mass St. Ry.adj. stock
234 Dec. 15 Holders of rec. Dee., la
El Paso Electric Co., common (guar.)- D c. 1 Nov. 21 to Nov.30
Georgia Railway & Power. corn.(quar.). 1
1
Dec. 1 Nov. 21 to Nov. 30.
Second preferred (quar.)
•750. Dec. 1 *Holders of rec. Nov.26.
Hackensack Water, common
"8734c Dec. 1 *Holders of rec. Nov.26
Preferred
rec. Nov.30.
Middle West Utilities, prior lien (guar.). '134 Dec. 15 *Holders of rec. Nov:15.
134 Dec. 1 Holders of
Nebraska Power, preferred (quar.)
Nov.'18
1
1
Rochester Gas & Electric,5% pref. (q11.) : 44 Dec.1 *Holders of rec. N0v416
'Holders of rec.
Dec.
Six per cent preferred (guar.)
of rec. Nov..I6
"134 Dec. 1 'Holders
Seven per cent preferred (guar.)
of rec. Nov. 16
Southwestern Power & Light. pref. (q11.) 134 Dec. 1 Holders of rec. Nov..30
2
Dec. 15 Holders
Standard Gas dr Electric, pref. (guar.)
Banks.
American Colonial Bank of Porto RICO..
Extra
4
2
Miscellaneous.
Amer. Laundry Machinery. corn.(guar.) 33c.
Amer. Sugar Refining. pref. (quar.).... •134
1
Atlantic Refining, common (guar.)
SI
Atlas Powder, common (guar.)
Beech-Nut Packing, common (extra)...: •60c.
134
Brill (J. G.) Co., common (quar.)
•
Dec. 1 Holders of rec. Nov. 160
Dec. 1 Holders of rec. Nov. 160
orb
Dec. 1 Nov.22 to Dec. 1
Jan. 2 *Holders of rec. Dec.1 1
Dec. 15 Holders of rec. Nov.21
Dec. 10 Holders of rec. Nov.30a
Dec. 10 *Holders of rec. Dec. I
Dec. I Nov. 25 to Nov.30
Nov.17 1923.]
Name of Commit.
THE CHRONICLE
• Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company. .
2189
Per
When
Cent. Payable.
Books Closed.
Days Includes.
Miscellaneous (Concluded).
Public Utilities (Concluded).
BlUmenthal(Sidney) de Co., pref.(quar.) *134 Jan. 2 *Holders of rec. Dec. 14
Brazilian Tr., Lt.& Pow.,ord.(guar.)._
1
Dec.
Holders of rec. Oct. 311
*15% Jan. 2 *Holders of rec. Dec. 20
Bucyrus Company, preferred (guar.)
Brooklyn City RR.(guar.)
250. Dec.
Holders of rec. Nov. 15a
Preferred (guar.)
*7
Jan. 2 *Holders of rec. Dec. 20
Brooklyn Edison Co. (guar.)
2
Dec.
Holders of rec. Nov.20a
Canada Iron Foundries, preferred
2
Dec. 15 Holders of rec. Nov.30
Central Ark. Ry.& Light, pref. (qua:.). 134 Dec.
Holders of rec. Nov. 15
-Champion Coated Paper, com.(guar.).- •154 Nov. 15 *Holders of rec. Nov. 10
Cent. Miss. Val. Elec. Properties
Chesebrough Mfg., com.(quar.)
344 Dec. 28 Holders of rec. Dec. 10a
144 Dec. 1 Holders of rec. Nov. 154
Preferred (guar.)
Common (special)
334 Dec. 28 Holders of rec. Dec. 10a Columbus Elec. de Power,com.(qu.)__ _ _ 244 Jan. 2 Holders of rec. Dec. 14a
Preferred (guar.)
141 Dec. 28 Holders of rec. Dec. 10a
1% Jan. 2 Holders of rec. Dec. 14a
First pref. Series A (quar.)
-City Ice dr Fuel (Cleveland) (quar.)_ _ _ _ 2
Dee. 1 Holders of rec. Nov.20
144 Jan. 2 Holders of rec. Dec. 140
Second preferred (qua:.)
Cleveland Stone(guar.)
1.34 Dec. 1 Holders of rec. Nov. 15
Columbus Ry., Pow.& Lt., com.(qua - 1
Dec. 1 Holders of rec. Nov.15a
Extra
1
Dec. 1 Holders of rec. Nov. 15
1)4 Jan2'24 Holdern of rec. Dec. 15a
Preferred, Series A (quar.)
preferred (guar.)
Continental Can,
*141 Jan. 1 *Holders of rec. Dec. 20
Consolidated Gas, common (guar.)
$1.25 Dec. 15 Holders of rec. Nov. Se
Crane Company, common (guar.)
1
Dec. 15 Holders of rec. Dec. 1
Detroit United Railway (guar.)
134 Dec. 1 Holders of rec. Nov. la
Preferred (quar.)
134 Dec. 15 Holders of rec. Dec. 1
Duquesne Light, 1st pref.. Series A (qu.) 1)4 Dec. 15 Holders of rec. Nov. 15a
Decker (Alfred) & Cohen, pref. (guar.) _ '134 Dec. 14 *Holders of rec. Nov.20
Eastern Shore Gas de Electric, pref.(qu.) 2
Dec. 1 Holders of rec. Nov.15a
Detroit Brass & Malleable Wks.(mthly.) *44 Dec. 1 *Holders of rec. Nov. 26
)( Dec. 1 *Holders of rec. Nov.20
Eastern Wisconsin Elec. Co., pref.(qu.).
Douglas-Pectin Corp.(guar.)
*25c. Dec. 31 *Holders of roe. Dee. 1
Federal Light & Traction, pref.(guar.)
144 Dee. 1 • Holders of rec. Nov. 15
Eastman Kodak, common (quar.)
$1.25 Jan. 2 Holders of rec. Nov.30
*1H Jan. 1 *Holders of rec. Dec. 31
Gold & Stock Telegraph (guar.)
Common (extra)
$1.25 Jan. 2 Holders of rec. Nov.30
Keystone Telephone. Pref.
Dec. 1 Holders of rec. Nov. 20
(No.1) $1
Preferred (guar.)
134 Jan. 2 Holders of rec. Nov.30
Laclede Gas Light, corn
344 Dec. 1 Holders of rec. Nov. 170
Fs...as Company
83
Dec. 1 Holders of rec. Nov. 12
Massachusetts Gas Companies, pref.-. $2
Dec. 1 Holders of rec. Nov.15a
Extra
$2
Dec. 1 Holders of roe. Nov. 12
Norfolk Railway & Light
75c. Dec. 1 Holders fo rec. Nov.15a
Extra (from sale of land)
$7
Dec. 1 Holders of rec. Nov. 12
Northern Texas Elec. Co.,com.(guar.). 2
Dec. 1 Holders of rec. Nov.10
Famous Players Lasky Corp.,com.(qu.) 32
Jan. 2 Holders of rec. Dec. 15a Philadelphia Electric,com.dr pref.(qu.). 50c. Dec. 15 Holders of rec. Nov. 154
Famous Players Can. Corp. 1st pt. (qu.) • 2
Nov. 30 Holders of rec. Oct. 31
Portland Ry., Light & Power,2d pref.__
144 Dec. 1 Holders of rec. Nov.17
Federal Mining & Smelting, pref.(guar.) 141 Dec. 15 Holders of rec. Nov.26
San Joaquin Light & Pow.,pref.(guar.). 1)4 Dec. 15 Holders of roe. Nov. 30
Gainesville Cotton Mills, common
*4
Jan. 1
Prior preferred (guar.)
241 Dec. 15 Holders of rec. Nov.30
Preferred
*3
Jan. 1
Texas Electric Securities. com.(quar.)..
1
Dec. 1 Holders of rec. Nov.154
Galena-Signal Oil, common (guar.)
*1
Dec. 31 *Holders of rec. Nov.30
United Gas Improvement, pref.(quar.)_ 87)4c. Dec. 15 Holders of ree. Nov.300
Old and now preferred (quar.)
*2
Dec. 31 *Holders of rec. Nov.30
United Light de Rys.Glen Alden Coal
*32.50 Dec. 20 *Holders of rec. Dec. 1
• Participating preferred (extra)
Jan 2'24 • Holders of rec. Dec. 15
Cireenaeld Tap dr Die Corp.6% pr.(qu.) 134 Jan, 2 Holders of rec. Dec. 15
Wisconsin River Power, pref.(qua:.)... 1% Nov.20 Holders of rec. Oct. 310
Eight per cent preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 15
Hollinger Consolidated Gold Mines
1
Dec. 3 Holders of rec. Nov. 15
Hood Rubber Products, pref.(quar.) _ *134 Dec. 1 *Nov.21 to Dec. 2
Miscellaneous.
Hydros Corporation, preferred (guar.)
•141 Dec. 1 *Holders of rec. Nov.20
Illinois Pipe Line
*3
Dec. 31 *Holders of rec. Nov.30
American Beet Sugar, pref.(quar.)
134 Dec. 31 Holders of rec. Dec. tia
Ingersoll-Rand Co., com. (guar.)
2
Dec. 1 Holders of rec. Nov. 240 American Machine & Foundry (qua:.).. 134 Jan 1'24 Holders of rec. Dec. la
Common (extra)
20
Dee. 1 Holders of rec. Nov. 240 American Metals, common (qua:.)
75e. Dec. 1 Nov.18 to Nov.30
Common (payable In stock)
/10
Jan. 10 Dec. 15
to Jan. 90
Preferred (quar.)
141 Dec. 1 Nov.20 to Nov.30
Preferred
*3
Jan. 2 *Holders of rec. Dec. I40 American Multigraph, common (guar.)_ 40e. Dec. 1 Holders of rec. Nov. 15
International Cement Corp., corn.(qu.)_ *S1
Dec. 31 *Holders of rec. Dec. 15
American Radiator, common (guar.).
- $1
Dec. 31 Holders of rec. Dec. 154
Preferred (quar.)
'134 Dec. 31 *Holders of rec. Dec. 15
Amer. Shipbuilding, corn.(qua:.)
2
Febl'24 Holders of rec. Jan.15'240
Kroger Grocery & Baking,common (qu.) •25c. Nov.30 *Holders of rec..Nov.15
Common (guar.)
2
Mayr24 Holders of rec. Apr.15'24a
Kuppenheimer (B.) de Co., pref.-(quar.)- *124 Dec. 1 *Holders of rec. Nov.23
Common (guar.)
2
Augl'24 Holders of rec. July 15'240
LB/bey-Owens Sheet Glass, com.(guar.) *50c. Dec. 1 *Holders of rec. Nov.21
Amer. Smelt. & Refit., pref.(guar.)
154 Dec. 1 Holders of rec. Nov. 94
Common (extra)
*al
Dec. 1 *Holders of rec. Nov. 21
American Tobacco,com.& com. B (qu.) 3
Dec. 1 Holders of rec. Nov.100
Preferred (guar.)
'134 Dee. 1 *Holders of rec. Nov.21
50e. Dec. 15 Dec. 6 to
Amer. Vitrified Products,common
Dee.15
Mahoning Investment (guar.)
81.50 Dec. 1 Holders of rec. Nov.24
Associated Dry Goods, 1st pref.(guar.). 134 Dec. 1 Holders of rec. Nov.100
Extra
50c. Dec. 1 Holders of rec. Nov.24
141 Dec. 1 Holders of rec. Nov. Loa
Second preferred (guar.)
Mengel Company,pref.(quar.)
•141 Dec. 1
•25c. Dec. 1 *Holders of rec. Nov.20
of
Balaban & Katz,common
Michigan Drop Forge, com. (monthly)_ •25e. Dec. 1 'Holders of rec. Nov.30
*Holders
rec. Nov.25
*25e. Jan. 1 'Holders of rec. Dec. 20
Common
National Cloak & Suit. Preferred (guar.) *194 Dec. I *Holders of
rec. Nov.26
Preferred (quar.)
Jan. 1
National Lead,common (guar.)
2
Dec. 31 Holders of rec. Dec. 14
Beech-Nut Packing, coin. (In com. stk.) r50
uec. 10 Holders of rec. Dee. La
National Sugar (corn.)
141 Jan. 2 Holders of rec. Dec. 10
Bethlehem Steel Corporation
Northern Pipe Line
5
1)1 Jan.2'24 Holders of rec. Dec. la
Jan. 1 Holders of rec. Dec. 7
Common (guar.)
Ogilvie Flour Mills, pref.(guar.)
131 Dec. 1 Holders of rec. Nov.22
144 Jan 224 Holders of rec. Dec..15
Seven per cent cum. pref. (guar.)
Ohio 011 (guar.)
*25e. Dec. 31 Nov.29 to Dec. 23
Seven per cent non-cum. pref.(guar.) 194 Jan 2'24 Holders of rec. Dec. 150
Pacific Oil
2
*S1
Jan 2'24 Holders of rec. Dec. 15a
Jan. 21 *Holders of rec. Dec. 14
Eight per cent preferred (quar.)
Packard Motor Car (guar.)
144 Dec. 15 Holders of rec. Dec. 1
*141 Dec. 15 *Holders of rec. Nov. 30
Borden Company, Preferred ((Mara
Pacolet Manufacturing, common
*5
25c. Jan 124 Holders of rec. Dee. 20a
Bridgeport Machine Co. (guar.)
Jan. 1
Preferred
•344 Jan. 1
25c. Apr2'24 Holders of ree.Mar.20'24a
Quarterly
Remington Typewriter. 2d pref.(guar.)
2
1
Dec. 1 Holders of rec. Nov.20a
Dec.
Brown Shoe,common (guar.)
First pref. and 1st pref., series A (qu.). 134 Jan. 20 Holders of rec. Dec. 8
1
Marl'24 Holders of rec. Feb.20'24a
1 Holders of rec. Dec. 22
Common (guar.)
Sherwin-Williams Co., corn. (guar.).--- 50c. Nov. 15 Holders of rec. Nov. 13
134 Iebl'24 Holders of rec. Jan.21'24a
Preferred (guar.)
Common (extra)
$1.50 Dec. 15 Holders of rec. Nov.20
1234e. Nov. 15 Holders of rec. Nov. 13
Buckeye Pipe Line (quar.)
Preferred (guar.)
134 Dec. 1
$2 Dee. 31 Holders of rec. Dec. 20
Burroughs Adding Mach. (guar.)
Sloss-Sheffield Steel & Iron, pf. (qu.)-- '134 Jan. 2 Holders of rec. Nov. 15
.
81.50 Dec. lb Holders of rec. Nov.30a
*Holders of rec. Dec. 20
California Packing Corp.(quar.)
Solar Refining
*5
Dec. 20 *Dolders of rec. Nov.30
callfornia Petroleum, common (guar.) *43)4 c Dec. 1 *holders of roe. Nov.20
South Porto Rico Sugar, pref. (qua:.).. 2
•1% Jan. 2 *Holders of rec. Dec. 20
Dec. 31 Holders of rec. Dec. 10
Preferred (guar.)
Spartan Mills
4
Jan. 1
141 Dec. 1 Holders of rec. Nov.15 _
Campbell Soup. prof. (qua:.)
Standard oil (New Jersey)
Canadian Car de Foundry Co.
Common (15100 par value) (qua:.)- -- 1
Dec. 15 Holders of rec. Nov.26
preferred (account accum. dividends)_ h344 Jan10'24 Holders of rec. Dec. 29
Common ($25 par value) (quar.)
25c. Dec. 15 Holders of rec. Nov.26
Century Ribbon Mills,Inc.(quar.)
141 Dee. 1 Holders of rec. Nov.15a
Preferred (quar.)
141 Dec. 15 Holders of rec. Nov.26
$1.25 s(11)I"24 Buluera of rec. Jan1624.1
Checker Cab Mfg., class A (guar.)
Stern Brothers, 8% preferred (guar.) - 2
Dec. 1 Holders of rec. Nov. 15a Chili Copper(guar.)
6234e Dec. 29 Holders of rec. Dec. la
Suncook Milli. pref. (guar.)
134 Nov. 15 Holders of rec. Oct. 24
Cities Service
Texas Gulf Sulphur (guar.)
*S1.50 Dec. 15 *Holders of ree. Dec. 1
Common (monthly pay.In ca,sh scrip)_
pH Dec. 1 Holders of rec. Nov. 15
Extra
*50c. Dec. 15 *Holders of rec. Dec. 1
Common (payable In com.sck scrip) 17141 Dec. 1 Holders of rec. Nov.15
Tonopah Extension Mining (guar.)
5e. Jan. 1 Holders of rec. Dec. 11
Preferred and preferred B (monthly)..
44 Dec. 1 Holders of rec. Nov. 15
Truscon Steel, common (guar.)
*3
Dec. 15 *Holders of rec. Dec. 5
Colorado Fuel & Iron, pref.(guar.).- 2
Nov.26 Holders of rec. Nov.100
Preferred (guar.)
'134 Dec.
Congoleum Co.,common (in com.stock) •1300
United Cigar Stores of Amer., Pref.(qu.) 141 Dec. 1 *Holders of rec. Nov.20
Dec. 12
15 Holders of rec. Nov. 30a Connor(John T.) Co..common (guar.). 50c. Jan. 2 *Holders of rec. Dec. 200
U.S. Cast Iron Pipe & Fdy.,corn.(qu.)_ •H Dec.
Holders of rec.
20 *Holders of rec. Dec. 5
Preferred
33.50 Jan. 2 Holders of rec. Dec. 200
Preferred (extra)
*it Dec. 20 *Holders of rec. Dee. 5
Continental Cigar,oral.(guar.)
141 Dee 1 Holders of rec. Nov.154
U. S. Gypsum, tom. (guar.)
*S1
Dec. 31
Continental 01.1 (quar.)
50e. Dec. 15 Nov.24 to Dec. 15
Common (payable In common stock). *h20 Dec. 31 *Holders of rec Dec. 15
*Holders of rec. Dec. 15
Converse Ru8ber Shoe, pref
344 Dee. 1 Holders of rec. Nov. 15
Preferred (guar.)
*141 Dec. 31 *Holders of rec. Dec. 15
Coaden & Co..Preferred (guar.)
144 Dec. 1 Holders of rec. Nov.154
Vacuum On (quar.)
50e. Dec. 20 Holders of rec. Nov.30
Crows Nest Pass Coal (guar.)
134 Dec. 1 holders of rec. Nov. 13
Extra
50e. Dec. 20 Holders of rec. Nov.30
Cubs. Company. common (quar.)
*S1 Dec. 1 *Holders of rec Nov.15
Valvoline 011, common (guar.)
3
Dec. 15 Holders of rec. Dec. 7
Cuban-American Sugar.common
75c. Jan 2'24 Holders of rec. Dec. 80
Vesta Battery Corp.. prof. (guar.)
'134 Dec. 1 -*Holders of rec. Nov.20
Cumberland Pipe Line
10
Dec. 15 Holders of rec. Nov.30
Victor-Monaghan Mills, common (qua _ *2
Dec. 1
Cushman's Sons, Inc., common (guar.). 750. Dec. 1 Holders of rec. Nov.15
Preferred (quar.)
'134 Dec. 1
Seven per cent pref. (quar.)
134 Dec. 1 Holders of rec. Nov.15
WamsutteMills(guar.)
114 Dec. 15 Holders of rec. Nov. 13
Eight per cent pref.(guar.)
2
Dec. 1 Holders of rec-Nov.15
Western States Oil Corp. (monthly)
be. Nov. 30 Holders of rec. Nov.
15
Davis Mills(guar)
334 Dec. 22 Holders of rec. Dee. 80
Whitney Mills
*344 Jan. 1
Deere & Co.. prof. (qua:.)
The. Dec. 1 Holders of rec. Nov.15a
Diamond Match (guar.)
2
Dec. 15 Holders of rec. Nov.alla
Elgin National Watch
Dec. 20 Holders of rec. Dec. .Sa
6
Below we give the dividends announced in previous weeks Farr Alpaca (special) (extra)
12
Nov.30 Holders of rec. Oct. 230
and not yet paid. This list does not include dividends an- Flelslunann Co., common (guar.)
50e. Jan 1'24 Holders of rec. Dec. 15a
Common (guar.)
750. Apr. 1 Holders of rec.Mar15'24
nounced this week, these being given,in the preceding table. Common(guar.)
750. July 1 Holders of rec. June 15
Common (guar.)
75e. Oct. 1 Holders of rec. Sept. 15
Common (guar.)
75e. Jan 1'25 Holders of ree.Dec.15'24
Per
When
Books Closed,
General Asphalt. prof. (quar.)
1)4 Dec. 1 Holders Of rec. Nov.15a
Name of Company.
Cent. Payable.
Days Inclusive.
General Cigar, ,referred(quara
143 Dec. 1 Holders of rec. Nov.240
Debenture preferred (guar.)
194 Jan. 2 Holders of rec. Dec. 240
Railroads (Steam).
General Development(guar.)
Alabama Great Southern ordinary
25e. Nov. 20 Holders of rec. Nov. 104
344 Dec. 27 Holders of
rec. Nov. 28
General Motors, corn. (quota
Preferred
30e. Dec. 12 Holders of rec. Nov.19a
344 Feb. 15
Atch. Top.& Santa Fes corn.(qua:.)... 144 Dee. 1 Holders of rec. Jan. 18
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 73
Holders of rec. Oct. 26a
Baltimore & Ohio, corn.(guar.)
6% debenture stock (guar.)
144 Feb. 1 Holders of rec. Jan. 70
134 Dec. 1 Oct. 14 to Oct.
15
Preferred (guar.)
7% debenture stock (guar.)
141 Feb. 1 Holders of rec. Jan. 70
1
Dec. 1 Oct. 14 to
Boston & Albany (quar.)
General Petroleum corp..corn.(qua:.).. 500. Dec. 15 Holders of rec. Nov.30
244 Dee.d31 Holders of rec. Oct. If
Nov.30a
Preferred (guar.)
Catawissa RR., preferred stocks
43)4e. Dec. 1
81.25 Nov.22
Cleveland 8, Pittsburgh, guar. (quar.).. 8744c Dec. 1 Holders of rec. Nov. 12a Gillette Safety Razor (guar.)
63
Dec. 1 Holders of rec. Nov. 1
Holders of tee. Nov. 100
Special guaranteed (guar.)
(Stock dividend)
e5
Dee. 1 Holders of rec. Nov. 1
50e. Dec. 1 Holders of rec. Nov.
10a Goodrich (B. F.) Co., preferred (quar.). 134 Jan. 2 Holders of rec. Dec. 220
Cripple Creek Central, pref. (quar.)._.
1
D. 1 Holders of rec.
Nov. 15
(H. W.)& Co., corn.(monthly) 250. Dec. 1 Nov.2/ to Nov.30
Gossard
Cuba Railroad, preferred
3
Febi'24 Holders of
Delaware & Bound Brook (guar.)
2
Jan. 2 Holders of rec. Dec. 150
2
Nov.20 Holders ofrec.Jan.19'244 Guantanamo Sugar, pref. (guar.)
rec. Nov.13a
Delaware de Hudson Co. (quar.)
234 Dec. 20 Holders of rec. Nov.26a Gulf States Steel Co.
First and second preferred (quar.)_
Greene Railroad
134 Jan 224 Holders of rec. Dec. Ito
3
Dec. 19 Holders of rec. Dee.
14
Harbison-Walker Refrac., coin. (guar.). 144 Dec. 1 Holders of rec. Nov.200
Illinois Central, common (guar,)
141 Dec. 1 Holders of
Preferred (guar.)
New Orleans Texas & Mexico (guar.)
144 Jan. 1 Holders of rec. Jan. 90
141 Dee. 1 Holders of rec. Nov. 20
rec.
N.Y.Chicago& St. L.,corn.& pf.(qu.)_
$2
Dec.
Holders of rec. Nov. la
134 Jan. 2 Holders of rec. Nov. 20a Hartman Corporation (guar.)
Norfolk de Western,common (guar.) _ _
.
141 Dec. 19 Holders of rec. Nov. 15a Hart,Schaffner & Marx,Inc„corn (qu.). •13i Nov.30 Holders of rec. Nov.16
Nov. 30a Hayes Wheel (guar.)
Common (extra)
75e
Dec. 1 Holders of rec. Nov.300
1
Dec. 19 Holders of rec.
Nov.300 Homestake Mining (monthly)
AdJu meat preferred (quar.)
50c. Nov. 26 Holders of rec. Nov.200
1
Nov. 19 Holders of
Pennsylvania RR.(guar.)
750. Dec.
75e, Nov.30 Holders of rec. Oct. 310 Household Products, Inc.(quar.)
Holders of rec. Nov.15a
rec.
Pittsb. Bessemer & L. E.,Pre
5
Nov.30 Nov. 16 to Nov.30
$1.50 Dec. 1 Holders of rec. Nov. la Hudson Safe Deposit
Pittsburgh & West Virginia, pref.(qua _
Imperial 011, Ltd.(Canada)(qua:.)..... a 75c. Dec. 1 Nov. 16 to Nov.30
134 Nov.30 Holders of ree. Nov.15
Nov. la Inland Steel,corn.(guar.)
Preferred (guar.)
134 F eb 29'24
6244c Dec. 1 Holders of rec. Nov.150
Reading Company,first preferred (guar.) 50e. Dec. 13 Holders of ree. Feb.1'24a
Preferred (quar.)
1).1 Jan. 1 Holders of rec. Dec. 15a
Holders of rec.
Southern Pacific Co.,(guar.)
134 Jan. 2 Holders of rec. Nov.270 International Harvester.Pref.(guar.)._
134 Dec. 1 Holders of rec. Nov.100
Union Pacific. common (guar.)
50e. Dec. 1 Holders of rec. Nov. 156
244 Jan, 2 Holders of rec. Nov. 30a International Shoe (monthly)
Dee. 1
Kinney (G. R.) Co.. prof.(guar.)
2
Dec. 1 Holders of rec. Nov.20a
Public Utilities.
Lancaster Mills, common (QUM%)
244 Dec. 1 Holders of rec. Nov.23
Amer. Power & Light, corn.(qua:)
Lanston Nionotype Machine (quar.)
144 Nov.30 Holders of rec. Nov.200
234 Dec. 1 Holders of rec.
Nov.20
Common (payable In common stock)
Lehigh Coal & Navigation (quar.)
Nov.30 Holders of rec. Oct. 31a
2
$1
Dec. 1
American Telegraph A) Cable (guar.)._ _ *134 Dec. 1 *Holders of rec. Nov. 20
Liggett & Myers Tob com.A & B (flu.) 3
Dec. 1 Holders of rec. Nov.lba
Holders of rec. Nov.30
Lima Locomotive Works,Inc..corn.(qu.) $1
Dec. 1 Holders of rec. Nov.154
Per
When
Cent. Payable.
Name o Company
.
Books Closed.
Days Inclusive.
Miscellaneous (Couctudte)•
Lindsay Light, preferred (Guar.)
131 Febla24 Holdersof rec.Feb.7'24a
50c. Dec 31 Holders of rec. Dec. 15a
Loew's, Incorporated
. 154 Dec. 1 Holders of rec. Nov. 17a
Lord & Taylor, lit pref.(guar.)
Ludlow Manufacturing Associates (qu.)_ • $2 Dec. 1 Holders of rec. Nov. 7
750. Dec. I Holders of rec. Nov. 160
Manhattan Shirt, common (guar.)
75e. Dec. 1 Holders of rec. Nov. 11541
Martin-Parry Corp.(guar.)
$1.25 Dec. 1 Holders of rec. Nov.15a
Maned Sugar (guar.)
$1.25 Mar 1'24 Holders of rec. Feb.15'24a
Quarterly
$1.25 June2'24 Holders of rec. May15'24a
Quarterly
$1.25 Sep 1'24 Holders of roe. Aug.15'240
Quarterly
May Department Stores, cons.(guar.).- 131 Dec. 1 Holders of rec. Nov.150
131 Jan. 1 Holders of rec. Dec. 15a
Preferred (guar.)
McCrory StoresDec. 1 Holders of rec. Nov.200
Com.A & B(guar.)(Pay.In corn.stk.) /1
Dec. 1 Holders of rec. Nov.200
Com. A as B (extra)(pay.In com.stk.) 15
131 Dec. 1 Holders of roe. Oct. 24
Merrimac Manufacturing (qua:.)
Dec. 1 Holders of rec. Nov.15
Metrop.Paving Brick,corn.(quar.).__ 2
Dec. 15 Holdere of red. Dec. 5
•
2
Common (extra)
131 Jan. 1 Holders of rec. Dec. 15
Preferred (quar.)
131 Dec. 1 Holders of rec. Nov.156
Michigan Sugar, pref.(quar.)
Dec. 1 Nov. 11 to Dec. 1
2
Miller Rubber, preferred (quar.)
hi
Preferred (account accum.dividends) _ *331 Dec. 1 Nov. 11 to Dec. 1
Dec. 31
Monarch Mills, corn. & pref
Montgomery Waret& Co.. pref.(guar.). 131 Jan. 1 Holders of rec. Dec.' 200
•75c. Dec. 1 *Holders of rec. Nov.20
Munsingwear. Inc
750. Jan 1524 , Holders of rec. Dec. 310
National Biscuit, common (qua:.)
Nov.30 Holders of rec. Nov. 160
Preferred (quara
Dee. 1 Holders of roe. Nov.151
(quar.)..
National Dept:Stores. 2d pref.
Nov.30 Holders of rec. Nov. 90
1
National Enameling & Stye:,cern.
Dec 31 Holders of rec Dec. lie
Preferred (raw.)
Feb15'24 Holders of rec. Feb.
1
National Fireproofing. Preferred
My 15'24 Holders of rec. May 1'24
1
Preferred
Jan. 1 *Holders of rec. Dec. 21
*3
National Grocer, preferred_ _
Dec. 15 Holders of rec. Nov.230
National Lead, prof.(guar.)
Jan. 2 Holders of rec. Dec. 8a
York Air Brake. Class A (guar.)
New
154 Nov.20 Holders of rec. Nov. 9
Niles-Pement-Pond, prof.(guar)
Dec. 1 Nov. 21 to Nov.30
Onyx Hosiery Co., pref.(guar.)
750. Jan. 1 Holders of rec. Dec. 160
Owens Bottle,oom.(quar.)
Jan. 1 Holders of rec. Dec. lea
Preferred (guar.)
Dee. 31 Holders of rec. Dec. 200
SI
,
Patera* Truck & Motor Collar.)
Dec. 1 Holders of rec. Nov.17a
Phoenix Hodery, pref.(guar.)
"
Dec. 1 Holders of rec. Nov. 15a
Pittsburgh Plate Glass,common (extra)_ 5
Pittsburgh Steel, cons.(In com.stock).- (I)
Dec. 1 Bolden of rec. Nov. 150
Preferred (qua.)
Pratt & Whitney,pref.(quar.)
131 Nov.20 Holders of rec. Nov. Oa
Dec. 18 Holders of rec. Nov.27a
1
Pressed Steel Car,corn.(qua:.)
13j Dec. 11 Holders of rec. Nov.200
Preferred (quar.)
37540 Dee 1 Holders of rec. Nov.150
Pure 011 Corporation.corn.(guar.)
354 Nov.20 Holders of rec. Sept. 30
Puritan Mortgage Corp.(qua:.)
154 Nov.30 Holders of rec. Nov. la
Quaker Oats, preferred (qua:.)
25c. Dec. 20 Dee. 9 to Dec. 20
St. Joseph Lead (quar.)
25e. Doe. 20 Dec. 9 to Dec. 20
Extra
St.Louis Coke & Iron,7% pref.(guar.)- 151 Nov.25 Holders of rec. Oct. 31
$1 Dec. 11 Holders of rec. Nov. 9
St. Mary's Mineral Land
flobuite Retail Stores, corn.(in pref. stk.) m$2 Doe. 1 Holders of roe. Nov. 150
Mr 1'24 Hold; of roe. Feb. 15'24a
r'ommon (payable In preferred stock)_ m$2
1 gc. Dee. 1 Holders of roe. Nov. 150
Seaboard 011 & Gas thsontliba
1 gc. Jan. 1 Holders of roc. Dec. I5a
monthly
•
134 Jan. 2 Holders of rec. Dee. 200
Shawmut Mills, common (guar.)
131 Dec. 31 Holders of rec. Dec. 200
Preferred (quar.)
Sinclair Consolidated OIL corn.(*Nara_ _ 50c. Nov.30 Holders of rec. Nov. la
Dec. I Holders of roe. Nov.15
2
Southern Pipe Line(guar.)
10e. Nov. 20 Holders of tee. Nov. 1
Southern States 011 (monthly)
Spalding(A. G.) as,Bros., 1st pref.(qu) 131 Dec. 1 Holders of rec. Nov. 170
Dee. 1 Holders of rec. Nov. 17
Second preferred (quar.)
2
Standard Milling, cons.(guar.)
134 Nov.30 Holders of roe. Nov.200
Preferred (qua:.) •
134 Nov.30 Holders of roe.'Nov.200
50e. Dec. 15 Holders of rec. Nov.200
Standard 011(California)(quar.)
8231c. Dec. 15 Nov. 17 to Dec. 15
Standard 011.(Indiana)(quar.)
5
Dec. 20 Nov. 21 to Dec. 20
Standard 011 (Nebraska)
•35o. Dec. 15 Holders of rec. Nov.23
Standard Oil of New,York (quar.)
254 Jan. 1 Holders of rec. Nov.230
Standard Oil(Ohio).corn.(gear.)
1% Dec. 1 Holders of roe. Oct. 28
Preferred (quar.)
Sterling Products,Inc.(extra)
$1
Dec. 10 Holders of rec. Nov.20a
2
Stern Bros., pref. (guar.)
Dee. 1 Holders of rec Nov. 150
Studebaker Corporation, corn.(quar.)
254 Dec. 1 Holders of rec. Nov. 10a
131 Dec. 1 Holders of rec. Nov. 100
Preferred (guar.)
Texas Company(guar.)
75o. Dec.01 Holders of rec. Dec. 70
Thompson(John R.) Co.. corn.(mthly.) 250. Dec. 1 Holders of rec. Nov.230
Timken-Detroit Axle, pref.(gear.)
131 Dec. 1 Nov. 21 to Decal I
Timken Roller Bearing (qua:.)
750. Dec. 5 Holders of rec. Nov. 200
25c. Dec. 5 Holders of roe. Nov. 206
Extra
Underwood Typewriter,cons.(qua:.).. 750. Jan. 1 Holders of rec. Dec. 1
Preferred (guar.)
15‘ Jan. 1 Holders of rec. Dec. 1
354 My15'24 Holders of ma May 8a
Union Buffalo Mills. first preferred
Second preferred
254 M515'24 Holders of rec. May 8a
Union Copper Land & Mining
50e. Dec. 1 Holders of rec. Oct. 26
Union Tank Car,common (guar.)
131 Deo . 1 Holders of rec. Nov. 50
Preferred (gum.)
Dec. 1 Holders of rec. Nov. 50
154 Dec. 1 Holders of rec. Nov. 15a
United Drug, cons.(quar.)
2d pref.(quar.)
$1.50 Dec. 1 Holders of rec. Nov. 15
United Dyewood, pref. (quar.)
1% Jan2'24 Holders of roe. glee. 150
U.S.Cast Iron Plpe Fdy.. pref.((In.). 134 Dec. 15 Holders of rec. Dec. la
2
Preferred (extra)
Dee. 15 Holders of rec. Doe. la
1
U.S. Playing Card ((Par)
Janl'24 Holders of rec. Deo. 210
50c. Jan 1'24 Holders of rec. Dec. 21a
Extra
2
Dec. 15 Holders of rec. Dec. 56
U. EL Realty & leapt., corn. (guar.)
1% Feb. 1 Holders of rec. Jan. 210
Preferred (guar.)
U.S. Steel Corporation,corn.(qua:.)
154 Dec. 29 Nov.29 to Doe. 2
Common (extra)'
54 Dec. 29 Nov.29 to Dec. 2
134 Nov.28 Nov. 4 to Nov. 8
Preferred (guar.)
*50c. Dec. 15 *Holders of rec. Dec. 1
V. Vivaudou, Inc.(guar.)
1% Dec. 1 Holders of rec. Nov.17
Van Raalte Co., 1st preferred (quar.)
50c. Dec. 1 Holders of rec. Nov.230
Wahl Co., cons.(monthly)
500.2 ant '24 Holders of roe. Dec. 240
Common (monthly)
J an 1 '24 Holders of roe. Deo. 240
Preferred (quar.)
154 Nov. 30 Holders of rec. Nov. 20
Welch Grape Juice, pref.(guar.)
$1.25 Dec. 20 Holders of roe. Nov.200
Wells Fargo & Co
Sc. Dec. 20 Holders of rec. Dec. 15
Western Exploration
3
Whitman Mills (qua:.)
Nov.15 Holders of rec. Nov. 8
White (J. CI.) & Co.. Inc., pref.(guar.)- 154 Dec. I Holders of rec. Nov. 15
White (J. G.) Engineering, pref. (qua:.) 1% Dec. 1 Holders of rec. NOV. 15
White (.1.0.) Management, prof.(guar.) 1% Dec. 1 Holders of roe. Nov. 1.5
White Motor (quar.) •
$1 Dec. 31 Holders of roe. Dec. 206
Woolworth (F. W.) Co.(quar.)
2
Dec. 1 Holders of roe. Nov. Oa
Wright Aeronautical Corp.(qua:.)
25e. Nov.30 Holders of rec. Nov. 150
Wrigley(Wm.)Jr. & Co., corn.(mthly.) 150c. Dec. I Nov.24 to Nov.30
250. Dec. 1 Holders of rec. Nov. 24
Common (extra)
Common (monthly)
50c. Joni'24 Dec. 25 to Jan. 1 1924
Common (extra)
25c. Jan1'24 Holders of rec. Doe. 24
Common (monthly)
50e. Febl 24 Jan.28'24 to Jan.31 '24
250. Feb1•24 Hold. of roe. Jan 25'24
Common (extra)
Common (extra)
250. Marl'24 Hold.of reo. Feb 25'24
250. Aprl'24 Hold.of rec. Mar 25'24
Common (extra)
2
Dec. 1 Nov. 21 to Dec. 2
WurlItser (Rudolph) Co.,8% 151.(qu.)
4
Dec. 1 Holders of rec. Nov. 2
York Manufacturing
(Qua-
131
131
131
131
131
131
131
131
131
131
•From unofficial sources. t The New York Stock Exchange has ruled that stock
The
will not be quoted ex-dividend on this date and not until further notice.
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Treader books not closed for this dividend. 0 Correction. e Payable in stock.
/ Payable in common :stock. p Payable In scrip. )On account of accumulated
dividends. m Payable in preferred stock. n Payable in Canadian funds.
o New York Curb Market rules British Amer. 011 be quoted ex-div. on Oct. 1.
V All transfers received in London on or before Sept. 3 will be in time for paymen
of dividend to transferees.
r Subject to approval by stockholders.
One-quarter share of new common stock for each share of common now held.
[VOL. 117.
THE CHRONTOLE
2190
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Nov. 10. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the',
actual figures of condition at the end of the week.
NEW YORE WEEKLY CLEARING HOUSE RETURNS.
Mated in thoissarias af dollars-that is, are. Ciphers 10001 omitted.)
New
Reserve
Capital]Profit*. Loam,
with
Net
Time Bask
Discount Cash
Week ending!
De- Circa
In
legal Demand
Nat'l, Sept.14 InvestNov. 10 1923 ITT
State, Sept 10 mous. Vault. Deposi- Deposits. Posits. lat2c.
Nos.
tortes.
(000 omitted.)
Cos..ept.10
Members of Fed. Res. Bank.
Bank of N Y
Trust Co_ __
4.000 12,10
Bk of Manhat' 10,000 13.616
Mech & Met Na 10.000 18,849
Bank of America 8.500 5,648
Nat City Bank_ 40,00 52,2 1
Chem Nat Bank 4,500 16.550
Nat Butch at
152
500
Amer Each Na 5.000 8,128
Nat Ilk of Corn. 25.000 39.449
Pacific Bank... 1.000 1.723
Chat & Phen Na 10.500 9.791
Hanover Nat Bk 5.000 21,904
Corn Exchange. 9,07 12.876
National Park.. 10.000 24.050
East River Nat. 1.000
832
55.943
First National_. 10.
17.500 11,407
Irving-Bk-Col
956
1.000
Continental Bk
Chase National_ 20,000 23.2
2,525
ao
Fifth Avenue_ _
1.011
Commonwealth.
8
1.642
Garfield Nat... 1.
1.190
Fifth National__ 1.2
7,358
4.01
Seaboard Nat
Coal & Iron Na
1.500 1,283
Bankers Trust__ 20,000 24.228
U S Mtge & Tr. 3,000 4,428
Guaranty Trust 25.000 18,130
Fidel-Interlaust 2,000 1,945
N Y Trust Co._ 10.000 18.342
2.000 4.01.
Metropolitan
5 Ill 18,171
.
Farm Loan &
23,Ill 14,22
Equitable
Average Average Average
8 8 $
$
63,022
77
6,41
133.426 2,230 14,582
153,406 4,4981 19.04
79,513 1,579 10,44
518,035 4,927 58,18
114,241 1,168 12,87
4,905
76
49
972 10,56
91,871
928 3'2,1 I
305.876
27,697
888 3,51
145,701 5,573 18,83
114,563
469 13,32
179,753 5,873 24,774
161,413 1,118 16.63
15,52
383 1,71
520 23.5
284,17
252,741 4,058 33,481
139
7,389
93
328,371 4,655 38,86
Ii
23,566
10.728
636 2
879 1.2
409 2,061
14,921
239 2,051
18,608
85,492
849 10,812
18.021
285 1,809
242,931 1,039 28,79
49,912
965 6,041
1,476 40.469
383,21
381 2,4
22,305
529 15,2111
147,957
587 4,754
41,257
55: 12.124
124,494
218,564 1,74. 25,682
Average Averolle
$
II
46,975 6,05
103.258 20,328
143.409 4,391
78,731 2,97
*535,710 69,257
95,693 8,002
3,514
27
78,307 8.
246,389 14.354
23,040 2,185
113,326 28,047
101.261
--_160,990 24,428
128,284 5,791
11,928 2.939
178,955 19,440
251,881 14,490
Mem,
0
6
2 6 4061 23:42.57_4!
21 13
94 3
,:(1
----
9,414' 1,14
14,279;
28
15,0711 1,002
81,479 1, •
:
13,510
910
*211.013 24.586
45,635 2,741
*386,029 45,183
18,449 2,044
115,513 19,290
35,837 2.830
*87,013 25,813
*227,317 18,612
Ksii
2:iii
345
298
4,953
6:045
100
-7,844
50
745;
1;5
-400
249
65
413
----- -......
--._
---__
Total of aserap 289,37 440,1714,335,582 51,191 490,832c3,621,484896,384 32,001
Totals, actual condition
Totals, actual coloration
Totals, acme condition
State Banks Not M
Greenwich Bank I.
2
Bowery Bank_
2,
State Bank
Total of avert:
Nov.104.315.196 51.259504.835c3,807,725397,33332,106
No . 4,357,477 47.248470.923 c3,638,353392,031 32,051
Oct. 27 .347,700 48,961 501,966 c3,603,459408,44032,310,
cabers of Feda Res've Bank.
18,620 1,87
1,718
2,337
19,1521
4
879
5,397
357
387
2,774 2,045
89.584 3,721 1,937
15,003
30,048 55,946
8.226
3,7
113,601
5,953
4,040
114,248 5,998 4,0111
Totals, actual condition h ov.1
,
114,051 5,791 3 94g
Totals, actual Is minion Nov.
Totals, actual c citation Oct. 27 113,896 5,751 4,260
Trust Companies Not Membe rs of Fed I Res'v eBan
54,312 1,688 3.58111
1
Talc Guar &
10.0000 13,816
884 1,709,
28,456
Lawyers Tit &
6,
5.
51,974 57,995 ---_
52,716 58,008
52,230 57,947
52,002 57.928
34,6221 1,517
18,480,
685
19,0 It
80,788
2,532
5,295
51,0821 2,202 --
Totals, actual c, &talon Nov.1
Totals, actual condition Nov.
Totals. actual . ndition Oct. 27
80,240
89,931
80.606
2.478
2,47
2,321
5,234
5,419
50,8171 2.125 ---51.883, 2,1901 -52,385: 2.1871 ----
Total of awe
18,
6,5511
Gr'd agrtr., aver 309,125467,502 ,529,951 59,878 500,187 3,724,520456,56132,001
Comparison with prey. week_ _ --40,416 +2,253 3,901 -23,555-4,328 -274
Gr'd agar., act' cond'n Nov.104,509,884 69,733513,880 3,711,0$8457,466 32.106
Comparison va Is prey. week- -42,775 +4,224 +33590 -31,20 +5,298 +55Gr'd
Gr'd
Gr'd
Gr'd
aggr., ate' cond'n
agar., acal cond'n
aggr., act' cond'n
agar., act''cond'n
aggr., act"cond'n
Gr'd agar., act''cond'n
Nov. 34,552,459
Oct. 274,542,002
Oct. 204,532,734
Oct. 134,522,144
Oct. 1,4,656,346
eat.29 4.578,339
65,509480,290
67,033511.777
56,29 521,987
59,334497,945
56,942 400,207
65,657511.529
3,742,266,452,188 32,051
3.707,826,486,55332,310,
3,710,027;487,881 32,306
6
3,661,912456.721 32,28
3,688,72240187532,434
3.695,2171469.93232.29.i
Note.
-U. S. deposits deducted from net demand deposits in the gensral total
above were as follows: Average total Nov. 10, $17,577,000; actual totals-N ov. 10.
815,728.000; Nov. 3, $18,503,000; Oct. 27, 818,503,000; Oct. 20, 823,508,000; Oct•
13, 838,119,000. Bills payable, rediscounts, acceptances and other liabilities, aver
age for week Nov. 10, $432,485,000; Nov. 3, 8436,020,000; Oct. 27, 8417,085.000;
Oct. 20,$421,079,000; Oct. 13.$430,883,000. Actual totals Nov. 10, $453,939,000;
Nov. 3, 8401,012,000: Oct. 27, $448,088,000; Oct. 20, 8419,913,000; Oct. 13, 3439.118,000.
• Includes deposits in foreign branches not included In total footings as follows:
National City Bank, 8119,590,000; Bankers Trust Co., $11,719,000; Guaranty
Trust Co., $74,575,000; Farmers' Loan & Trust Co., $270,000: Equitable Trust
Co., $32.183.000 Balances carded in banks in foreign countries as reserve for
such deposits were; National City Bank,$19,104,000; BankersTrust Co.,81,345,000;
Guaranty Trust Co.. $9,278.000; Farmers' Loan & Trust Co., 8270,000: Equitable
Trust Co., 82.198,000. c Deposits In foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Relieve
Cash
In
Reserve
In Vault. Depositaries
Members Federal
Reserve banks
State banks.
Trust companies....
Total Nov. 10---Total Nov. 3_ _
Total Oct. 27___
Total Oct. 20._ _
Total
Reserve.
•
Reserve
Required.
Surplus
Resew.
490,832,000 490,832.000 482,881,240
4,040.000 9,993,000 9,355,320
5,295.000 7.827,000 7,862,300
$
8,150,760
637,880
164,700
8,485.000 500.167.000 508,652.000 499,698,860
8.178.000 504,068.000 512.246.000 502.912.530
8,055,000 496,393,000 504.448,000 498,215,800
3,184,000 497,814,000505,798,000 497,369,760
8,953,140
9,333,470
8,232,200
8,428,240
5,953.000
2,532,000
• Not members of Federal Reserve Bank.
a 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 in reserve required on net, time deposits. which was as follows:
Nov. 10, 511,890,920; Nov. 3, 812,022,290; Oct. 27, 512,163,710; Oct. 20. 312,--
Nov. 17 1923.]
THE CHRONICLE
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:
Actual Figures.
Cash
Reserve
in Vault.
Reserve
In
Depositaries
Total
Reserve.
Surplus
Reserve.
Reserve
Required.
2191
BOSTON CLEARING HOUSE MEMBERS.
Members Federal
Reserve banks
State banks.
Trust companies___
504,635.000 504,635.000 480.924.240 23,710.760
5.996.000 4,011.000 10,007.000 9,488.880
518,120
2,478.000 5,234,000 7,712.000 7,592,550
119,450
Total Nov. 10.....
Total Nov. 3._
Total Oct. 27___ _
Total Oct. '20____
8,474,000 513.880.004)522,354,000 498,005,670 24,318.330
8,261,000 480.290.000 488.551,000 501,900.670 x13.349,670
8.072,000 511,777.000 519,849,000 497,857,980 21,991.020
8,261.000 521.987.000 530,248,000 498,147,270 32,100,730
• Not members of Federal Reserve Banks.
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 an follows:
Nov. 10. $11,919,990; Nov. 3,511,760.930; Oct 27, 512,193,200; Oct 20, $12,15.a Deficit.
510.
Nor. 14
1923.
Non. 7
1923.
Changes from
previous week.
Oct. 31
1923.
Capital
57,300.000 57,300.000
57.300.000 Unchanged
Surplus and profits
83.304,000
6,000 83,298.000 83.273,00(1
Loans, disc'ts & Investments_ 365,767,000 Dec. 1,914,000 867.681.000 865,682.000
Individual deposits.inel.0.8.625,373,000 Dec. 14,658,000 640.031.000 636.632.000
Due to banks
116,004,000 Dec. 6,946,000 122.950.000 113,835.000
Time deposits
128,462,000 Dec.
433,000 128.895,000 128.334,000
United Staten deposits
13,767,000 Dec. 3,078,000 16,845.000 16,879.000
Exchanges for Clearing House 23,918,000 Dec. 9,556,000 33.474,000 23,744.000
Due from other banks
68,962,000 Doe. 1,893,000 10,855,090 67,604.000
Reserve In Fed. Res. Bank
71.586,000 Dec. 1,148,000 72,734,000 73,236,000
Cash in bank and F R. Bank 9,303,000 Dec.
118,000 9,426,000 9,340.000
Reserve eXCC88 In bank and
Federal Reserve Bank_ _ _ _
1.984,000 Dec.
120,0001 2.104,060 2,560.000
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
Philadelphia Banks.—The Philadelph'a Clearing House
figures showing the condition of State banks and trust com- return for the week ending Nov. 10, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of
Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Differencesfrom is not a part of legl reserve. For trust companies not memNov. 10.
previous week
bers of the Federal Reserve System the reserve required is
Loans and investments
$807,953,700 Inc. $5,270.400
Gold
3.229.600 Dec.
62,900 10% on demand deposits and includes "Reserve with legal
Currency and bank notes
22,043,600 Inc. 1,811.300 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
75.239.800 Inc. 4,716,300
Total deposits
847,205,600 Inc. 15,068.800
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchanges and U.S. deposits 797,951,900 Inc. 12,495.900
Reserve on deposits
137,800,100 Inc. 9,674,000
Percentage of reserve, 22.2%.
RESERVE.
State Banks
—Trust Companies—
Cash In vault
1131,134.600 16.88%
$69.378,400 15.99%
Deposits in banks and trust cos..._ 10.753.100
5.83%
26,534,000 6.11%
Total
341,887,700 22.71%
395,912.400 22.10%
• Include deponits with the Federal Reserve Bank of New York, which for the
qtate banks and trust companies combined on Nov. 10 was $75,239,800.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week ended—
Only 21
luly 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Det. 6
Oct. 13
Dot. 20
Dot. 27
Nov. 3
v.v. 10
Demand
Deposits.
'Total Cash
in Vaults.
Reserve in
Depositaries
8
5.401,760.500
5.350.244.500
5,335,175,500
5.287.686.600
5,268,638,700
5.229,446.600
5,257,620.900
5,299.993.700
6,305,103.700
5,343.149.700
5,351,110.900
5,389,173,500
5,353.284.200
5,355.546.100
5,350.666,100
5.373,050,300
5.337.901.700
$
4.527.081.500
4.469.997.600
4,452.081,300
4,372,278.000
4,350,022,600
4,336.761,700
4,354,662,100
4.330.653.300
4.404.072,200
4.456.769.600
4,422,478.500
4,488,842,200
4,461,182,100
4.503.826.700
4,495,610,990
4.533.531.000
4.522.471.900
$
79,020.500
78,711.400
78.046.100
80,142,000
79.734.81)0
78.651,400
79.233,800
79.476,700
82 133.900
79.777.500
79.056,100
80,036,500
82,900,900
83.304.800
81,105.600
80.947,800
444 WO onn
$
609,843,200
588.988.700
59E712.400
578,776,900
581.500.000
573.572,61)
577,416.800
584.092.300
591,433,500
601,935,000
587.766.500
602,701,800
598.292.700
600.034.000
599,275,700
608.669,300
vlo an, nnn
New York City Non-Member Banks and Trust Companies.—The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars—that is, three ciphers 10001 omitted.)
CLEARINGNet Loans
'
'Capital. Profits. DUReserve Net
Net
Nat'l
NON-MEMBERS
counts, Cash
with Demand Time Bank
Legal
Nat.bkn. Elep.14 Invest- in
DeDeWeek Ending r4tatebkm.Rep.10 ments, VauU. Deposi- posits. posits. CircuMelon .
Nov. 10 1923. Tr. cos. Sep. 10 &c.
tortes.
Members of
ired'i Res've Bank
9/. R.Grace& Co.
Total
State Banks
Not Members of
Fed'I Heave Bank
Bank of Wash.}Its
L'olonial Bank
Total
Crust Compans
Not Member of
Fed'I Res've Hank
Sioch.Tr..11ayontie
$
500
Await Ammo Average Average Average Average
8
$
$
$
$
$
343
22
7,264
1.342 4,072
—
1,567 7,264
22
343
1.342 4,072
$
1,567
2011/
800
388 6,462
2,217 22,100
1,000
2.605 28,562
751
2,630
341
1,708
3,381
2,049
5.687
21,777
27.464
1,474
1,474
9,432
312
252
3,594
5.70
9,432
312
252
3,594
5,708
3rand aggregate... 2,000 4,580 45.258
7.'omparlson with previous week_ +1,640
3,715
+139
2,644 232,401. 11.254
+521 +1,555 +981
__
Ir'd aggr.. Nov. 3
led aggr.. Oct. 27
3rd east.. Oct. 20
3rd agar.. Oct. 13
3r'd
3,576
3,605
3,652
3,632
2.123
2,283
2.253
2,394.
.....-__
4,580
4.580
4.580
4.580
43,618
43,357
43,349
42.950
a30,845
a30.781 10,341
a31.50t 10.0951
531,157 8.4414
• United States deposits (iedueted, 8125,000.
a
Bills payable, redincounts, acceptaneee and other BAN Mee, $151,001).
Excess reserve, 5372,070 Increase.
-_
844,375.,,
123,287,;,'
750,856,X
28,291.
97.792.
110 '
119.581 0
.o
552,065,
0
57,395.
0
729.041
6.833.0
3,042.0
55,208'0
10636.o
,
68,976'2
'
0
59,647:
0
9,329,
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. 14 1923 in
comparison with the previous week and the corresponding
date last year:
Nor. 14 1923. Nov. 7 1923, Nov. 15 1922.
$
6
$
196,561,452 184,172,879 156,950,000
73.355,659 109,312,798 197,038.000
Resources-Gold and gold certificates
Gold settlement fund—F. R. Board
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
269,937,111
634,147,340
9,210,345
293,485,678
634.222,940
5,941,224
Total gold reserves
Reserves other than gold
913,294,797
17,058,834
933,649,843 1,025,016,000
14,853323
34,958,000
Total reserves
930,353,631
Non-reserve' cash
10,651,896
Bills discounted:
Secured by U. S. Govt. obligations... 117,985,849
All other
44,299.660
Bills bought in open market
78,419,945
948,502,966 1,059,494,000
7,966,815
119.262,405
55.167,719
78.406,806
159,960,000
34,495,000
75,200,000
Total bills on hand
U. S. bonds and notes
-U. S. certificates of indebtedness
One-year certificates (Pittman Act)All other
240,705,454
7,505,250
252,836,931
5,818,750
269,655,000
23,419,000
9,224,500
6,800,000
7,000,000
27,101,000
Total earning assets
Bank premises
6% redemp fund agst. F. R. bank notes
Uncollected items
All other resources
257,435.204
13,306,253
265,485,681
13,770.566
178,131,239
1,204,378
108,188,640
1,176,992
Total resourceS
353,988,000
660,243,000
10,805,000
327,175,000
9,964,000
349,000
176,584,000
2,016,000
1,391,582,602 1,345.091,663 1,575,582,000
Ltabili tea—
Capital paid in
Surplus
Deposits—
Government
Member banks—Reserve aeoount
All other
29,438,450
59,799,523
29,349.700
59,799,523
27,895,
000
60,197,000
13,599,516
695,827.991
14,216,62:
2,326.396
,
,73,563,3l7
16.336.446
33,913,000
711,071,000
13,144,000
Total
723,644.134
F. R. notes in actual circulation
443,897,910
F. R. bank notes in circuit—net liability
Deferred availability MOM
129,011,340
All other liabilities
4,891,243
692,226,160
455,559.057
758,128,000
588,415,000
6,214,000
128,886,000
5,847,000
103,408.558
4,748,664
1 391,582.602 1,345,091,663 1,575,582,000
CURRENT
407
407
Oct. 27
1923.
Nov.3
1923.
Total.
Ratio of total reserves to deposit and
F. R. note liabilities combined
79.7%
Contingent liability on bills purchased
for foreign correspondents
12,194,993
• Not shown separately prior to January 1923.
501)
2.000
2,000
2.000
2.000
Week Ending Nov. 10 1923.
Members of
Trust
F.R.System Companies
39.375,0
Capital
5,000,0 44,375.0 $44,375,0
108,274,0
Surplus and profits
15,513,0 123,787.0 123,287,0
Loans, disc'ts 64 investm'ts 705.749,0 43,366,0 749,115,0 746, .0
390
Exchanges for Clear. House 32.556,0
404,0 32.960.0 31,520,0
98,826.0
12,0 98,838,0 101,126,0
Due from banks
119,877,0
deposits
Bank
893.0 120.770,0 120,615,0
533.275,0 26,293,0 559,568.0 555,675,0
Individual deposits
58.563,0
961,0 59.524,0 58,442,0
Time deposits
711,715,0 28,147,0 739,862,0 734,732,0
Total deposits
U.S. deposits (not Mel )
5,926,0
6.615,0
3 176,0
3.176,0
Res've with legal deposit's
3,269,0
55,965,0
Reserve with F. R. Bank__
55,965,0 55,596,0
9,718,0
1,251,0 10,969,0 10,569,0
Cash In vault.
4,427,0 70,110,0 69.434,0
Total reserve and cash held 65,683,0
56.'262.0
4,063,0 60.325,0 59,819,0
Reserve required
9.421.0
364,0
9,785,0
9,615,0
Excess res & rash In vault
•Cash in vault not counted as reserve for Federal Reserve members.
Total liabilities
500
Total
Two Ciphers (00)
omitted.
82.6%
78.7%
10,108,804
11,528.271
NOTICES.
—Dominick & Dominick have prepared in booklet form a special analysis
of the West Penn Co., with particular reference to the 7% Preferred stock.
pointing out that the West l'enn system is by far the largest unit in the
group of public utilities owned or controlled by the American Water Works
& Electric Co., Inc. The booklet states that the company has under way
an expansion program which should in the course of the next 20 years increase the total generating capacity of the West Penn system from the present 433.096 Is. p. to close to 1,000,000 Is, p. Since the ending of war-time
conditions, gross earnings of the West Penn have more than doubled ,while
net earnings available for dividends are approximately 336 timee• the 1918
,
figures.
2192
[VOL. 117.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Nov.15,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 2163, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS Nov. 14 1923.
Nov. 14 1923. Nov. 71923. Oct. 31 1923. Oct. 24 1923. Oct. 17 1923. Oct. 10 1923
RESOURCES.
Gold and gold certificates
Gold eettlement fund, F. R. Board
388,047,000
584,046,000
373,643,000
573,514,000
354,739,000
609,186,000
375,456,000
618.424,000
367.835.000
607,734,000
364.693.000
623,054,000
Oct. 3 1923. Sept. 26 1923.INov. 15 1922.
357,185.000
643,874.000
359,664,000
641,647.000
8
276,414,000
651,930,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
972.093,000 947,157,000 963,925,000 993,880,000 975,569,000 987,747,000 1,001,059,000 1,001.311,000 928,344,000
2,107,168.000 2,107,970,000 2.085,682,000 2,089,358,000 2,087,371.000 2,074.372,000 2,055.663.000 2,061,965,000 2,078,901,000
66,603,000
61,471,000 53.174,000
53,328,000
67,789,000
54,748,000
62,229,000
60,275,000
59,108,000
Tots gold reserves
Reserves other than gold
3,134,009,000 3,122,916,000 3,111,078,000 3,138,412.000 3.125,169,000 3,122,394,000 3,115,830.000 3,116,604,000 3,073,848,000
80,067.000
72,325,000
75,370,000
76,094,000 130,912,000
71,529,000
72,710,000
72,854,000
72,160,000
Total reserves
Won-reserve cash
Bills discounted:
Secured by U. S Govt. obligations
Other bills discounted
Bills bought in open market
3,209,379,000 3,195,241,000 3,191,145,000 3,209,122,000 3,198,023,000 3,193,923,000 3,187,990,000 3,192,698,000 3,204,760,000
39,152,000
68,172,000
74,877,000
72,860,000
74.248,000
68,932,000
76,872,000
72,354,000
Total bills on band
U. S. bonds and notes
ST. S. certificates of indebtedness
Municipal warrants
1,059,562,000 1,065,480,000 1,088,498,000 1,015,985,000 1,045,039,000 1,051,424.000 1,054,563,000 1.034,132,000
77,574,000
87,737,000
79,907,000
75.440.000
86,251.000
78,657,000
86.808.000
89,628,000
14,263.000
4,148,000
14,852,000
5,075.000
8,286,000
5,514,000
7.790,000
11,663,000
317,000
317.000
317,000
317.000
317,000
317,000
317,000
317.000
373,536,000
417.576,000
268.450,000
377.705,000
439,747,000
248,028,000
425,650,000
458,150.000
204,698,000
384,346,000
451,892,000
179,747,000
386,175.000
468,346,000
190,518.000
406,269.000
462.748,000
182,407.000
400,158,000
481.503,000
172,902,000
402,141,000 330,285.000
459,867,000 322,520,000
172.124,000 260.894,000
913,699,000
171,732,000
153,982,000
27,000
Total earning assets
1,150,199,000 1,156,089,000 1,180,652,000 1.104,495,000 1,139,397,000 1,143,624,000 1,150,022,000 1,126,334,000 1,239,440,000
45,650,000
55.943,000
55,023,000
55,895,000
55,954,000
55,202,000
Bank premises
55.173,000
55,640,000
56,162,000
3,535,000
28,000
28.000
28,000
28,000
28,000
28,000
28,000
28,000
5% redemp. fund eget. F.It. bank notes
Uncollected items
787,899,000 588,520,000 611,271.000 680,460,000 840,286,000 646,278.000 663,548,000 616.211,000 821,132,000
15,070,000
13.076,000
13.717,000
resources
13,470,000
14,019,000
13,690,000
13,470,000
13,118,000
All other
13,945,000
5.290,472,000 5,078,023,000 5,091,267.000 5,120,342,000 5,321,941,000 5,121.457,000 5,142,233,000 5.078,259,000 5,329,587,000
Total resources
LIABILITIES.
Capital Paid In
Surplus
-Government
Deposits
Member bank-reserve account
Other deposits
110,023,000 109,835,000 109,726,000 109,709,000 109,688,000 109,676,000 109,669,000 109,657.000 106,448,000
218,369,000 218,369,000 218,369.000 218,369,000 218,369.000 218,369,000 218,369,000 218.369,000 215,398,000
57,252,000
40.334,000
28,823,000
56,279,000
18,485,000
36,575,000
20,151,000
30,065.000
44,911,000
1,913,355,000 1,864,808,000 1,895,265,000 1,872.179.000 1,915,740.000 1,863,850,000 1,884,046.000 1,851,790,000 1,859,652.000
22,606,000
22,538.000 23.007.000
23.061,000
22.004,000
21.754,000
26,090,000
22,126.000
24,165,000
1,982,431,000 1,909,383,000 1,958,660,000 1,923,538,000 1,975,322,000 1,905,755.000 1,936,237,000 1,930,073,000 1,939,510,000
Total deposits
F. R. notes in actual circulation
2,263,048,000 2,265,556,000 2,224,865.000 2,255,354.000 2.272,391.000 2,288,580.000 2,272,308.000 2,247.830,000 2,321.219,000
29,327,000
529,000
473,000
523.000
480,000
492,000
485,000
517,000
507,000
LB.bank notes in circulation-net liab_
691,589,000 550.334,000 555,914,000 589,636.000 723,251,000 576,277,000 583,742.000 550,527,000 691,406,000
Deferred availability items
26,279,000
23,207,000
22,447,000
21,311,000
22,320,000
23,210.000
21,423.000
24,029,000
24,505,000
All other liabilities
5,290,472,000 5,078,023,000 5,091,267,000 5,120,342,000 5,321,941,000 5,121,457,000 5,142.233,000 5,078,259,000 5,329,587,000
Total liabilities
Ratio of gold reserves to deposit and
72.1%
74.6%
74,4%
75.1%
74.4%
74.4%
73.6%
74.8%
73.8%
F. R. note liabilities combined
Ratio of total reserves to deposit and
75.2%
70.4%
76.1%
75.8%
75.3%
76.3%
76.8%
76.5%
F. R. note liabilities combined
75.6%
. •
Contingent liability on bills purchased
33.794,000
32,501,000
36,015,000
34,276,000
40,528,000
44.102,000
42,331.000
38,846,000
35,709.000
for foreign correspondents
DiftrIbulfon by Maturities
1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. B. certif. of Indebtednees1-15 days municipal warrants
16-30 days Dills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought In open market.
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
01-90 days U. B. certif. of Indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtednessOver 90 days municipal warrants
Federal Reserve Notes
Outstanding.
Held by banks
84,356,000
520,155.000
9,289,000
266,000
43.170,000
84,621,000
S
90,763,000
539,629,000
6.800.000
266,000
38,667.000
77,064,000
61,380,000
110,911,000
1,375,000
10,000
69,118,000
54,847,000
1,000
31,000
10,426,000
20,578,000
998,000
10,000
54,936,000
118,469,000
4,348.000
10,000
57,701,000
63,135,000
1,000
31,000
5,901,000
19,251.000
3,703,000
10,000
"
64,180,000
594,529,000
6,274.000
54,198,000
487.038,000
3,200.000
68.283,000
558,879,000
4,595,000
63,939.000
578,169.000
1,923,000
57,237,000
585,560.000
4,053.000
56,831,000 66,127,000
571,155.000 444,2.40,000
2,375,000
1,933,000
30.101,000
74,667.000
25.647,000
129,496,000
21.767,000
78,705,000
27,447,000
80,062.000
32,222,000
85,064,000
34.308,000
81,295,000
42,040.000
62,840,000
1,086,000
266,000
53,832.000
121,853,000
4.214,000
10,000
52.217,000
75,104,000
25.000
31,000
4,368.000
17.647.000
3,750,000
10.000
266.000
51,320,000
125.902.000
1,601,000
44,871,000
126.020,000
163,000
266,000
51,484,000
76,515.000
42,953,000
121,813,000
39,403.000
117,004,000
38,148,000
120,935,000
266.000
39,500,000
80,435,000
361,000
266,000
38,749,000
75,155,000
264,000
87,143,009
77,989,000
5,720,000
24,000
52,642.000
41,492,000
4,540,000
13,598,000
1,100,000
51,000
4,088,000
13,468.000
1,509,000
51.000
44,851,000
76,596,000
1,000
41,000
3,735,000
17,206,000
'3,484.000
10,000
41,000
4,113,000
14.602.000
3,032,000
10,000
266,000
43,728,000
75,599,000
261,000
41,000
4,340.000
13,374,000
2,891,000
10,000
3,000
12,942,000
26,244,000
145,243,000
2,730,668,000 2.725,392,000 2,720,586.000 2,736,852.000 2,743,726,000 2,739,884,000 2,736,500,000 2,725.864,000 2,699,633,009
467,620,000 459.836,000 495,721,000 481,498,000 471,335,000 451,304.000 464,192,000 478,034,000 378,414,000
2,263,048,000 2,265,556,000 2.224,865.000 2,255,354.000 2,272,391,000 2,288,580,000 2,272,308,000 2,247,830,000 2,321,219,000
In actual circulation
Amount chargeable to Fed.Res. Agent 3,595,957,000 3,576,956,000 3,590,810.000 3,614,101,000 3,617,660,000 3,600.728,000 3,598,004.000 3,610,978,000 3,561,781,000
865,289,000 851,564,000 870,224,000 877,249,000 873,934,000 860,844,000 861,504.000 885,114,000 862,148,000
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
By eligible Paper
Gold redemption fund
'With Federal Reserve Board
Total
2,730,668,000 2,725,392.000 2.720,586,000 2,736,852,000 2,743,726.000 2,739,884,000 2.736,500,000 2,725.884.000 2,699,633,000
320,534,000 320.534,000 320,534.000 320,534,000 320,534,000 320,534,000 320,534,000 320,959,000 376,367.000
623,500,000 617,422,000 634,904,000 647.494,000 656,355,000 665,512.000 880,837,000 663.899,000 620,732,000
119.972,000 107.548,000 116,669,000 113,435,000 122,860,000 112,074,000 114,668,000 120.813,000 126,496,000
1,666,662.000 1,679,888,000 1,648.479.000 1,655,389,000 1,643,977,000 1,641,764,000 1,620.461.000 1,620,193,000 1,576,038,000
2,730,668,000 2,725,392,000 2,720,586.000 2,736,852.000 2.743,726,000 2.739,884,000 2,736.500.000 2,725,804.000 2,699,633,000
E/lifible paper delivered to F. R. Agent 1,008,342,000 1,011,460,000 1.047,588.000
•Not. shown separately prior to Jan. 1923.
965,676,000 1,005,838,000 1,007,544,000 1,014,796,000
991,115.000
878,995,000
=WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 14 1923
Two ciphers(00) omitted.
Federal Reserve Bank of
-
Boston. New York. Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis Minneap. Kan. City Dallas. BanFran.
Total.
$
RESOURCES.
Gold and gold certificates
21,419,0
Gold settlement tund-F.R.1Frd 44,714,0
$
$
S
i
S
S
/I
8
8
S
0
196,582,0 39,344,0 13,221,0 13.295,0 6,140,0 48,503,0 4,600,0 8,776,0 3.124,0 11,697,0 21,346.0
42,848.0 89,087,0 32,143,0 20,393,0 111,912,0 30,297.0 29,293,0 36,777,0 16,647,0 56,579,0
73,356.0
Total gold held by banks
Gold with F. It. Agents
Gold redemption fund
66,133.0
197,516,0
5,145,0
Total gold reserves
Reserves other than gold
268,794,0
6,400,0
269,938,0 82,192,0 102,308.0 45,438,0 26,533,0 160,415,0 34,897,0 38,069,0 39,901,0 28,344,0 77,925,0 972,093,0
631,147,0 169,814,0 209,121,0 56,055,0 72.130,0 400,690,0 35,514,0 46,808,0 33.149,0 28,443,0 223,781,0 2,107,168,0
5-1,748,0
9,210,0 4,196,0 1,050,0 3.920,0 5,068.0 6,811,0 4,585,0 2,661,0 5,513,0 2,252,0 4,337,0
913,295.0 256,202,0 312,479,0 105,413,0 103,731.0 567,916,0 74,996,0 87,538,0 78,563,0 59,039,0 300,043,0 3,134,009,0
75,370,0
780,0 3,470,0 6,074,0 2,064,0
17,059,0 6,627,0 4,553,0 3,592,0 5,935,0 8,435,0 9,775,0
Total reserves
275,194,0
Non-reserve cash
14,747,0
Bills discounted:
Secured by U.S.Govt.obliga'ns 19,286.0
30,361,0
Other bills discounted
30,232,0
Bills bought in open market
930,354,0 262,829.0 317,032,0 109,005,0 109,866.0 576,351,0 84,771,0 88,324,0 82,033,0 65,713,0 308,107,0 3,209,379,0
72,860,0
10,652,0 2,437,0 5.378,0 1,620,0 8,185,0 6,601,0 7,430,0 1,575,0 3,694,0 2,857,0 7,684,0
16,854,0 373,536,0
117,986,0 39,149,0 42,574,0 24,857,0 22,520.0 39.033.0 20,934,0 5,608,0 21,508,0 3,227,0 39,725,0 417,576.0
44.300,0 17,616,0 27,964,0 36,639,0 55,255,0 43,512,0 52,810,0 18,742,0 36,705,0 13,947,0 14,276,0 268,450,0
50.0
737.0 37.615,0
29,0
78.420,0 26.081,0 29,443,0 2.362,0 9,752,0 39,453,0
79,879,0
Total bills on hand
4,347,0
U. S. bonds and notes
64,0
U. S. certificates of indebtedness_
Municipal warrants
240,706,0 82,846,0 99,981,0 63,858,0 87,527,0 121,998,0 73,773,0 24.400,0 58,950,0 54,789.0 70,855,0 1,059,582,0
78,657,0
7,390,0 6,588,0 6,279,0 9,185,0
204,0 8,498,0
7,505,0 17,367,0 9,953,0 1,341,0
11,663,0
206,0
1,0 1,320.0
809,0
38,0
9,225,0
317,0
266,0
51,0
8200 n
9a7 ARR n Inn 9111.11 110.743.0 65.199.0 87.7830 131.818.0 73.773.0 31.790.0 86.010.0 61.088.0 90,040.0 1.150.199.0
'total earplug meets
i
388,047,0
584,046,0
Nov.17 1923.]
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Bank premises
5% redemption fund
F. R. bank notes
Uncollected items
All other resources
Boston. New York.
$
4,434,0
S
13.806,0
against
Phila.
2193
Cleveland. Richmond Atlanta. Chicago. St. Louis. Aftnneap. Kan.Cify Dallas.
$
744,0
$
9,797,0
$
2,617,0
S
2,922,0
$
8,715,0
$
$
$
1,268.0 1,910,0 4,970,0
San Fran.
$
$
1,951,0 3,028,0
Todd.
$
56,162,0
28,0
28,0
178,131,0 76,879,0 74,896,0 75,088.0 25,933,0 88,585,0 44,358,0 19,491,0 45,634,0 37,582.0
53.103,0 787.899,0
1,204,0
346,0
369.0
599,0
663,0
494,0
43,0 2,540,0
781,0 3,121,0 3.626,0
13,945,0
Total resources
447,043,0 1,391,583,0 443,486,0 518,215,0 254,128,0 235,152,0 812,562,0 211,643,0
145,630,0 203,122,0 172,320,0 455,588,C 5,290,472,0
LIABILITIES.
Capital paid in
7,890,0
29,438,0 9,879,0 12,348,0 5,755,0 4,435,0 15,193,0 5,003,0 3,500,0 4,528,0 4,195.0 7,859,0
110,023,0
Surplus
16,312,0
59,800,0 18,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9,665,0 7,473,0 9,488,0 7,496.0
15,263.0 218,369,0
Deposits: Government
4,323,0
13,600,0 1,905,0 3,739,0 3,342.0
44,911,0
Member bank-reserve &eel 131,550,0 695,828,0 116,263,0 163,748,0 63,295,0 3,244,0 2,733,0 1,913,0 1,815,0 2,387,0 2,633,0 3,077.0
53,927,0 283,980,0 68,338,0 49,939,0 73,433,0 58,973,0 154,081,0 1.913,355,0
Other deposits
184,0
14,216,0
831,0 1,126,0
154,0
132,0 1,011,0
404,0
412,0
756,0
405.0 4,534,0
24,165,0
Total deposits
136.057,0 723,644,0 118,999.0 168,613,0 66,791,0 57,303,0
287,724,0 70,655,0 52,166,0 76,576,0
FR.notes In actual circulation 222,190,0 443,898,0 221.153,0246,188,0 101,824,0 144,178,0 404,136,0 76,844,0 61,253,0 65,138,0 62,211,0 161,692,0 1,982,431,0
57,450,0 218,796,0 2,263,048.0
F. R. bank notes in circulation
net liability
507,0
507.0
Deferred Availability Items
63,440,0 120,911,0 72,712,0 65.427,0 66,979,0 18,610,0
72,735,0 47,992,0 19,796,0 46,155.0 38,053.0 49.779,0 691.589,0
All other liabilities
1,154,0
4,892,0 1,994,0 2,144,0 1,491,0 1,684,0 2,376,0
1,484,0 1,442,0 1,237.0 2,408,0 2.199,0
24,505,0
Total liabilities
447,043,0 1,391,583,0 443,486,0 518,215,0 254,128,0
235,152.0 812.562,0 211,643,0 145,630,0 203,122,0 172,320,0 455,588,0 5.290,472,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, Per cent
76.8
79.7
77.3
76.4
64.6
544
83.3
.57.5
77.9
57.9
54.9
75.6
81.0
Contingent liability on bills purchased for foreign correspond'ts
I. Inc n 9 nn. n 1 RR1 n 1 5:17n n. 1 A
,
,
. n
,
A nog n
1
i29 n
1 goo n
1 keta A
1 901 n
•-, wx n
as 7no n
68,219,0
159,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS
AT CLOSE OF BUSINESS NOV. 14 1923.
Federal Reserve Agent at
-
Boston. New York Ma. Cleve. Richned Atlanta Chicago.
Resources
(In Thousands of Dollare)
$
Federal Reserve notes on hand
77,450
Federal Reserve notes outstanding
242,153
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
19,216
Gold Fund-Federal Reserve Board
143,000
Eligible paperf Amount required
44,637
tEreees amount held
35,242
St. L. Minn. K.City. Dallas. San Fr.
Total.
$
$
S
S
$
313,260 43,000 43,680 27,510 73,727
713,300 236,021 267,913 112.183 154,823
$
S
S
S
$
$
S
129,640 24,390 9,320 32,753 24,759 65,800 865,289
455,032 90,028 64,239 75,213 61,578 258,185 2,730,668
235,531 7,000
27,616 13,925
371,000 148,889
79,153 66,207
135,002 2,018
11,080 13,052
7,391
320,534
9,046 2,434 1,756 3,789 3,552 12.307 119,972
391,644 22,000 32,000 29,360 17.590211.474 1,666,662
54,342 54,514 17,431 42,064 33.135 34.404 623,500
67,373 19,214 4,929 16,225 19,760 35,760 384,842
8,780
2,400
15,341 3,260 7,730
185,000 52,795 62.000
58,792 56,128 82,693
40,348 4,348 4,606
Total
596,998 1,874,862 517,060 619,852 256,224 387,979 1,107,077 223,660 142,727
199,404 167,695 617,930 6,711,467
Liabilities
Net amount of Federal Reserves notes received from
Comptroller of the Currency
319,603 1,026,560 279,021 311.593 139,693 228,550 584,672 114,418 73,559
Collateral received from)Gold
197,516 634,147 169,814 209,121 56,055 72,130 400,690 35,514 46,808 107,966 86,337 323,985 3,595,957
33,149
Federal Reserve 13anktEllgible Paper
79,879 214,155 68,225 99,137 60.476 87,299 121,715 73,728 22,360 58,289 28,443 223,781 2,107,168
52,915 70,164 1,008,342
Total
596,998 1,874,862 517,060 619,851 256,224 387,979 1,107,077 223.660 142,727 199.404 167,695 617.930
6,711,467
Federal Reserve notes outstanding
242,153 713,300 236,021 267,913 112,183 154,823 455,032 90,028 64,239 75,213 61,578 258,185 2,730,668
Federal Reserve notes held by banks
19,963 269,402 14,868 21,725 10,359 10,645 , 50,896 13,184 2,986 10,075 4,128 39,389
467,620
Federal Reserve notes In actual circulation
999 ion
149 000 991 10/ 910 100 1111 094 14417%
404.136 76.844i 61.253 65.138 57.450 218.796 2.263.048
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
and liabilities of the 767 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 ()et. 18 1917, published in the "Chronicle" Dec.
29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events
and Discussions," on page 2163.
1. Data for all reporting member banks in each Federal
Reserve District at close of business
Federal Reserve District.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
U. B. 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
BOSNIA
43
New York
113
Phila.
Ckeeland Richmond
Atlanta
Nov. 7
1923.
Three ciphers (000) omitted.
Chicago St. Louis Minneap, Kan. City
Dallas
San Fran.
Total
S
S
12,826
78,798
229,571 1,492,532
641,774 2,549,964
55
81
S
17,656
269,683
353,297
76
S
27,690
408,821
695,531
106
$
S
35,817
8.832
65,880 598,334
367,235 1,151,323
35
$
12,756
142,925
316,367
28
S
8,850
122,920
334,328
74
52
$
4,550
38,870
210,181
S
6.269
80,606
350,397
$
3,028
63,816
220,074
767
$
Ai
12,325
229,417
184,899 3,698,857
802,238 7,992,709
884.171 4,121,294
12,616
48,383
78,401 472,592
5,100
26,033
30,734 474,989
2,923
16,047
175,419 742,555
640,636 1,132,042
10,694
47,971
43,693 118.502
3,275
4,477
48,381
56,581
2,203
4,282
181,305 295,384
466,098
29,528
26,507
2,940
13,928
2,511
51,378
441,947 1,785,474
24,870
14,474
95,629
14,290
12,181
1,660
5,924 112,516
4,594
15,814
42,776 340,396
472,048
15.192
23.433
6,808
17.862
5,325
85,212
253,601
9,161
12,303
955
27,639
2,104
26,756
437,292
11,340
46,992
4,920
17,991
3,708
58.338
Total leans & disc'ts at investtn'ts. 1,189,364 5,901.893
Reserve balance with F. R. bank
88,443 600,674
Cash in vault
20,430
90,741
Net demand deposits
836,006 4,692,415
Time deposits
270.588 892,846
Government deposits
17,189
23,947
Bills payable and rediscounts with
Federal Reserve Bank: .
Secured by U.S. Govt. obligations
8,382
97,951
All other
10,208
46,059
286,918
20,516
13,149
2,717
12,686
3,992
13.009
999,462 11,920,983
30,642
275.387
96,120 1,041.611
12,072
83,138
37,399
856,630
73,070
9,567
155,015 2,167,545
930,187 1,659,239
69,221 104,865
17,131
34,159
696,555 886,805
110,554 602,710
7,294
11,727
592,890
36,662
14.757
342,298
152,223
3,427
525,665 2,386,882
29,154 197,208
57,939
10,701
266,176 1,476,052
181,301 790,911
5,128
9,955
625,880
37,054
8,304
330,855
192.297
4,220
332,519
26,031
6,028
212,420
83,234
1,597
580,581
44,237
12,423
400.351
133,487
1,223
352,987 1,340,277 16,418,364
27,991
96,636 1,358,176
10,560
21,688
304,861
252,139 737,528 11,129,600
77,434 545,940 4,033,525
3,710
7,114
96,531
14.269
12,473
23,094
25.176
14,535
99000
39
13,143
91 001
36,037
oc ct0
14,134
2,665
20,767
25 04%
7 941
01 000
2,386
0 901
65
17,302
190
97
264,665
cog
974
I. Data of reporting member banks In Federal
Reserve Bank and branch cities and all other reporting banks.
Three ciphers (000) omitted.
New York City. I
Nov. 7.
Oct. 31.
City of Chicago.
Nov. 7.
Oct. 31.
All F. R. Bank Cities. F. R. Branch Cities Other Selected Cities.
Nov. 7.
Oct. 31.
Yoe. 7. I Oct. 31.
Nov. 7.
Total.
Oct. 31. Nor. 7'23 'Oct.31 '23. Nov.8'22.
Number of reporting banks
671
671
49
49
258
259
Loans and discounts, gross:
205
304
305
767
769
786
I
S
3
.5
201
Secured by U.S.Govt. obligation
$
$
$
70,779
69,659
$
8
27,309
29,263
153,35'
40,2O3J 41.456
155,141
Secured by stocks and bonds
35,859
36.339
229.417
1,310,768 1,334.943 450,902 440.545
232,936
287,119
2.589,546 2,601,674 604,949 602,868 504,362 501,703 3,698,857 3,706,245
All other loans and discounts
2,236,900 2,253,022 683,469 684,628
3.706,407
4,934,242 4,946,000 1,663,304'
11,661,301 1,395,1631,396,952 7,992,709 8.004,253 7,271,735
Total loans and discounts
3 615,447 3,658,524 1,161,680 1,154,436
7.702.81512.308.456I2,305,625
7,677,143
U S. pre-war bonds
1.935,384 1,934.994 11, 73 7 11, 7 706 11,265.261
920; 83
2 5 98
37,5281
37,428
4,181
943,.434
24
4.161
93,124
92,981
76.886
.
U. S. Liberty bonds
105,377 105,341
407,506 406,809
38,304
37,480
634,852
633,538 239,037 239,990 167,722 167,278 1,041,611 1,040,806 1,503,786
U S. Treasury bonds
18,442
18,544
5,225
5,322
43.976
43,983
18,695
19,049
20.467
U. S. Treasury notes
19,442
442,914 441,025
83,138
66.834
82,474
69,220 639,403 643.678 139.258 140.153
V. S. Certificates of Indebtedness _
77,969
79,904
12,444
11.987
4,260
856,630
6,366
863.735 .662,317
33,315
34,593
25,914
28,035
13,841
Other bonds, stocks and securities
15,489
532,223 553,634 167.059 163,975
1,150,145 1,167,942 582,921 588.730 434,479 433,753 2,167;
3
9 520
7350 5 2,1906415 2,241; 96
40
7
78 52
: 7
Total loans & dise'ts & investla_ 5,069,50415,127,951 1.447.543
1,439,960
Reserve balance with F. It. Bank
556,3561 600.302 137.355 133,563 10,271,958 10.319,530 3,391,167 3.397.9662.755.2392,756,201 16,418,364 16,473,697 15,789.280
970,085 1,002.187 227,021 226,0131 161,070 160,187
Cash in vault
73,8971 65,512
29,821
1,358,176 1,388,3871 1,369,950
29,591
153,749
142,316
66,615
Net demand deposits
59,918! 84,497
4,210,970 4,258,555 1,003,145 983,175
80,870
304,861
283,1041 315,707
Time deposits
606,400 611,641 369.314 371,100 7.600,040 7,637,065 1,877,338 1,880.258 1,652.222 1,640,973 11,129,60011,158,316 11,133,388
1,967,564 1.985,9521,202,2791.203,812! 863,682 861,911 4,033,525 4,031,675 3,647,510
Government deposits
21,036
21,036
4.711
4,742
63,713
24,543
63,829
26.0451
Bills payable and rediscounts wIth
8.275
200,863
98.344
8,470
96,531
F. R. Bank:
Secured by U.S. Govt. obligations
66,221
97,556
14,704
26,925
135,4581
178,855
83,145
77,229
All other
46,062
212,828
304.362
37,597
32,197
48,278
264,665
15,598
17,163
139,404
145,223
81,490
84,918
Ratio of bills payable & rediaeounta
53.612
183,023
288.520
274,506
58,379
with F. R. Bank to total loans
and Investments, per cent
2.0
2.5
2.1
3.1
3.7!
3.1
4.9
4.8
3.6
3.6
3.3
3.9
2.5
• Includes Victory notes
$
THE CHRONICLE
2194
[VOL. 117.
®
To-day's (Friday's) actual rates for Paris bankers' francs were 4 1434
are
5 2434 for long and 6 20@5 2934 for short. Germany bankers' marks
and short bills. Amsterdam bankers' guilders were
not yet quoted for long
36.54©36.79 for long and 36.90(4:37.15 for short.
Exchanges at Paris on London 80.50 francs; week's range, 78.40 francs
Nov. 16 1923.
high and 80.50 francs low.
Wall Street, Friday Night,
The range for foreign exchange for the week follows:
-The review of the
Railroad and Miscellaneous Stocks.
cables.
Cheques.
Sixty Days.
Sterling Actual439
Stock Market is given this week on page 2184.
4 3834
High for the week___ 438%
E
430%
430%
42734
Low for the week_
IONS AT THE NEW YORK STOCK EXCHANG
TRANSACT
__- Paris Bankers' Francs
DAILY, WEEKLY AND YEARLY.
5.6034
5.5934
High for the week___ 5.52%
5.22
5.21
_ 5.14%
United
State,
Low for the
Railroad
Stocks,
Marks
week__Slates
Germany Bankers'
Municipal &
&c.
Shares.
0.000000000015 0.000000000015
Week Ending Nov. 16.
Bonds.
High for. the week_
Foreign ads
Bonds.
0.000000000015 0.000000000015
Low for the week._...
$1,859,000
Amsterdam Bankers' Guilders
$617,000
$3,345,000
480,018
38.00
37.96
Saturday
1,657,000 High for the week_.._ 37.54
996,000
5,304,000
1,034,056
37.00
36.96
Monday
3,505.000 Low for the week_ ___ 36.54
1,238,000
6,597,000
973.418
Tuesday
3,030,000
1,197,000
8,264,000
-Chicago, par. St. Louis 15025c. per $1,000
958,503
Domestic Exchange.
Wednesday
3,345,000
1,880,000
6,719,000
867,570
Boston, par. San Francisco, par. Montreal, $19 8975 per
Thursday
2,341,000 discount.
2,008.000
5,407,000
866,900
$1,000 discount. Cincinnati, par.
Friday
5.180.465 335.638.000 $6.936.000 325.737.000
The following are sales made at the Stock Exchange this
Tntn1
Jan. 1 to Nov. 16.
week of shares not represented in our detailed list on the
Week ending Nov. 16.
Sales at
New York Stock
pages which follow:
1922.
1923.
1922.
1923.
Exchange.
Range since Jan. 1.
cot,'
229,395,962
Range for Week.
200,009,561
6,187,580
5,180,465
STOCKS.
-No. shares_ _Stocks
Week ending Nov. 16. for
Bonds.
Lowest. i Highest.
Week.
Lowest. I Highest.
$711,755,775 $1,747,736,300
$26,642,500
$15.737,000
Government bonds.
534,923,000
387,441,000
6,936,000 14,288,000
State and foreign bonds
per share.$ per share.
Par. Shares $ per share. $ Per share.
35,636,000 40,852,000 1,353,047,150 *1,851,269,000
Railroads.
RR.and misc. bonds__
Oct 34 Sept
13 30
Bklyn Rap Tr full paid.-I 200 3134 Nov 13 3134 Nov
Jan
Nov 68
$58,309,000 381,782.500 $2,452,243,924 $4,133,928,300 Buff Roch & Pltta...100I 150 51 Nov 16 54 Nov 10 51
Total bonds
Apr' 5234 Nov
200 51 Nov 16 5234 Nov 16 50
-.10
Canada Southern__
Feb
July 231
Corrected total.
13212 Nov 14 175
•
300 210 Nov
Central RR of N J_ _-10
MARKET
Mar
DAILY TRANSACTIONS AT THE NEW YORK CURB
100 106 52 Nov 14 52 Nov 14 4834 Oct 78
C8tPM0
Jan
BONDS (Per Value) CCC&St 1,311.113.- --100 100 97 Nov 13 97 Nov 13 76
STOCKS(No. Shares).
54 Oct
5 Nov 14 3% Aug 10% Felo
Duluth 88& At!, p1.100 200 4 Nov 14
OS. I Mining. Domestic. For'n Govt. Illinois Central pref- Al'100 10734 Nov 1410734 Nov 12 05% Oct,11834 Mar
Week Ending Nov. 16.
O&104% Nov
100 400 103% Nov 16104% Nov 12 02
Preferred WI
Feb
$53,000
68 72 Nov 10 73 Nov 10 70 May 74
155.220 $202,000
44,030
36,715
Leased line stock_ _1
Saturday
512 Nov
Oc
88,000
11i Nov 14
% Nov 10
170.000
20,818
255,300
88,280
114,275
Rights
Monday
Apr
63,000 Manhat Elev
166,000
100 44 Nov 14 44 Nov 14 3834 June 60
184,700
100
159,040
48,110
Tuesday
Nov 73% Mar
76,000 MStP&SSM
389,000
255,125
100 200 47 Nov 13 48 Nov 10 47
113,828
127,740
Wednesday
91,000 Nat Rys Mex 1st pre1100 100 4% Nov 15 434 Nov 15 494 Nov 934 Mar
291,000
383,600
102,260
121,525
Thursday
Jan
Sept162
169,000 N Y & Harlem
304,000
140 Nov 13 140 Nov 13 36
385,285
50
87,600
89,675
Friday
Nov
100 1734 Nov 18 1734 Nov 16 4% Sept21
1
Pacific Coast
Jan
100 100140 Nov 13 140 Nov 13 36 Sept162
593,038 1,599,230 81,522,000 3540,000
536,010
2d preferred
Total
Nov
100 20 Nov 12 20 Nov 12 15 Sept 24
NY Ch & St List pref50
PHILADELPHIA AND
Nov 16 51% Nov 12 3814 Apr 5234 May
100 800 4834
West Penn
DAILY TRANSACTIONS AT THE BOSTON,
Nov
iii 2,400 8934 Nov 131 90 Nov 131 7534 Apr 90
BALTIMORE EXCHANGES.
Preferred
5,76anitere Ii azette
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
liCUISMOre.
Philadelphia.
Boston.
Week ending
Nov. 16 1923.
Shares. Bond Sales. Shares. 1BondSales, Shares. BondSates.
535.500
759
3,2631 $315,000
$7,100
*10,520
59,950 Armistice Day-Sto ck Excha nge Closed
*15,602
$42,600
2,198
12,762 $329,700
302,620
*15,291
23,400
1,634
181,500
11,397
65,200
*14,817
9,500
668
415,200
9,724
60,250
*11,631
23,000
758
51,000
5,108
52,000
8,934
6,017 $134,000
42,254 $1,242,400
76,795 3547,120
8088 ma arm
01 701k 50 110 onn
714 race 5.510 ann
ravia.a
Pray anaolr
17,902; Tuesday,
•In addition, sales of rights were: Saturday, 5,871; MondaY,
12,993; Wednesday, 7,250; Thursday, 3,898.
Total
Daily Record of U. S. Bond Prices. Nov.10. Nov.12. Nov.13. Nov.14.
First !Abort LoanHigh 992i, 9927,1 995022 995532
{
34% bonds of 1932-47_. Low- 9955n 995522 995532 995622
:2 995532 995532 99 7:2
Close 9955
(First 3;0)
102
427
118
11
Total sales in $1,000 units-____
____
4% bonds of {High
Converted
____
1932-47 (First 4s)__- Low_
Total sales In 81.000 units__
Converted 4%% bonds {High
of 1932-47 (First 4348) LowClOBEI
Total sales in 81,000 ansts___
igh
Second Converted 434%
bonds of 1932-47 (First Low..
[Cl
Second 434s)
Total sales in $1,000 units__
{High
Second Liberty Loan
Lowd% bonds of 1927-42
(Second 48)
Total sales in $1,000 untat___
Converted 4%% bonds {High
of 1927-42 (Second
Close
ssts)
Total sales in $1,000 units{High
Liberty Loan
1121rd
41i% bonds of 1928._ Low_
Close
(Third 4 S(e)
Total sales in $1,000 twits-{High
Fourth Liberty Loan
434% bonds of 1933-38._ Low_
Close
(Fourth 434s)
Total sales in $1,000 units___
{High
['realm ty
Low_
434s, 1947-52
Close
frt...., .....•..r A.. -1 ISISIN Ato,I•
10w_
____
98ho
98532
98522
48
____
-- -___
__ __
____
98522
98132
981n
506
994ii
99,
32
99512
442
98rs
98533
98532
346
9020.1
99,532
99"ii
..,,,
Nov.15. Nov.16.
995522
995532
995132
76
98522
981,1
995522
995522
995522
168
----- -'11
68
,,
98'
98532
85
972i.
975532
972o.
2
------
981,1
98532
98532
39
2
9720,
97"n
gpon
1
MOO
98.00
981loo
98532
98532
44
larr„
07",,
9717.,
2
____
____
98sis
98532
98512
21
973en
972532
9721“
98%
98553
98532
33
___
_--____
98.00
98.00
-------
98532
98532
98533
616
99in
99532
99522
163
98533
98533
98532
317
90"ii
99(5.2
99"ii
'ler
98532
98532
98532
737
99632
99533
99522
1,672
98532
98532
95532
267
99(in
99(in
991o,
985n
98532
98532
551
99532
99522
99522
1,695
98532
98532
98032
526
1,2
99"
991((i
99,532
1,11
98522
98533
98522
563
99532
99432
99332
1,515
98522
98432
98532
600
99,512
99"(2
99.5n
....•
I
98522
98522
98521
183
99522
99511
99532
996
98522
98522
98532
437
991532
995 ii
99,522
el00
X12
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
99
98
117 3d 434s
9750n to 98
221h
975522 to 9750 119 4th 4 a
9731,1 to 98532
4 let Otis
11 2d 4s
47 2d 414s
to 99522
to 985n
Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Matartly.
June 15 1924_
Bept.15 1924___
Mar. 15 1925._
Mar. 15 1920._
Dec. 15 1925_
Int.
Rate,
Bid.
Asked.
634%
64%
4%%
434%
44%
10034
100‘516
100714
104P,
It
()gnu
101
10151.
100512
10032,,
100'32
Maturity.
Sept. 15
June 16
Dec. 16
Dec. 18
mar. is
Mar.15
Mar 16
1926_._
1925
1927...
1923-__
1924_
1927...
1924_
Ina.
Rate.
Rid.
414%
414%
4;4%
4%
434%
441%
414%
,
99 1•
10(Pl•
100,
11
4
999,
10051.
1005522
100121
Asked.
99lho
100522
100532
100
100532
100111.
100%
-The market for sterling exchange
Foreign Exchange.
lar
this week has been nervous, excited and weak. Spectacu
declines were recorded on fairly active trading. The Continental exchanges moved parallel and new low points were
established in nearly all of the major European currencies.
were 4 27H(44 31%
To-day's (Friday's) actual rates for sterling exchange
for checks and 4 30%04 3334 for cables.
for sixty days, 430%1(44 3334 4
30944 3334, sixty clays 4 27%04 3031.
Commercial on banks, sight
and documents for payment (sixty days) 4 27'%
ninety days 4 26% ®4 29%
for payment 4 300
04 31. Cotton for payment 4 30(414 3334 and grain
43334.
Indus. & MIscell.
Jan
Oct 106
100 96 Nov 131 95 Nov 131 95
All America Caoles_ All
July 9834 Mar
100 9134 Nov 16 9134 Nov 161 91
Ara-La Fr Fire Eng p1100
Mar
18 9234 Nov 13 9234 Nov 13 9234 Nov 101
_100
American Snuff pref.
Nov 58% Feb
100 4234 Nov 13 4234 Nov 131 41
Amer Teleg & Cable_100
July 5714 June
• 100 53 Nov 10 53 Nov 10 51
Atlas Powder new
Aug 10034 Jan
400 98 Nov 13 9834 Nov 16, 98
Rolling Mill p1_10
Amer
Jan
1
34 Jun
% Nov 141
34 Nov 14
Assets Realization._ _ _10 200
% Oct
% Os
% Nov 10i % Nov 15;
47,375
Associated Oil rights_
2% Feb
% Nov
% Nov 15 1 Nov 141
Co ctf de 2,000
AtlFrult Col T
• 1,300 11 N )v 12 1234 Nov 131 1034 Jun 20% Feb
Atlas Tack
131 8934 Nov 96% Mar
13,
Bush Term Bldg Pf- A00 100 8934 Nov 101 89;4 Nov 12
1734 Oct 20% Oct
1934 Nov
600 19 Nov
Calumet & Hecla new_2
Oc 42
Mar
41 20 Nov 15 20 Nov 15 20
Case(ii)Thr
Feb
100101% Nov 16 101% Nov 16 99% Or 110
ody&Co p110
Cluet,Peab
16 1% Nov 16 114 Nov 1% Nov
13.4 Nov
Consolidated Gas rights_ 16,1
Apr 2734 Feb
12 15
Commercial Solvents,10 1,000 27 Nov 12 27 Nov 13 102% Jun 11o% Feb
100 104% Nov 1310434 Nov
Cont Can,Inc, pref _ _100
Jan
Aug 104
100 94 Nov 14 94 Nov 14 90
Continental Insurance.2
Feb
Oat
pref...100 200 87% Nov 13 88% Nov 13 83% Nov 109% Nov
Cosden & Co,
18%
15 1834 Nov 16 18
9 80 18 Nov
Dome Mines, new
Oct 1434 June
• 1,100 11 Nov 15' 1134 Nov 14 11
Douglas Pectin
360 84 Nov 13 85 Nov 10 8134 Apr 8934 Apr
Du Pont Deb,6% _AOC
Nov 3034 Feb
13
Emerson-Brant, pref_100 300 13 Nov 14 13 Nov 14 10234 Ja 138
Feb
Fidel Phen F I of N Y.25 300 119 Nov 1312034 Nov 16 6
Nov 1434 Apr
• 800 0 Nov 13 7 Nov 14
Gardner Motor
July 103% Nov
72
General Basing Co_ _ _ _• 2,200 98 Nov 14 102 NOV 12 104% its 110
Feb
100 105 Nov 15 105 Nov 15
Gen'l Cigar,Inc, pref 100
Nov
Hartman Corp, new._ _• 12,100 40 Nov 10 4234 Nov 13 39% No 42% Nov
100 49% Nov 15 4934 Nov 15 4934 Nov 49%
Indiana Refining, P1-1
1,400 3234 Nov 13 33% Nov 12 3134 Jul, 4034 Apr
Inland Steel, w
Nov
Apr 185
229 174% Nov 15 176 Nov 16 19
105
Ingersoll Rand
Aug
75
International Shoe...-• 300 73 Nov 13 7334 Nov 1(1 64% Jun 120% Mar
100 115 Nov 12 115 Nov 12 14% Sept
100
Preferred
Oct 7134 Apr
_100 5,600 65 Nov 13 69% Nov 15 64
jut Telep & Teleg__
Mar
• 700) 26 Nov 12 2634 Nov 13 2434 Nov
Intertype Corp
July 116% Feb
Iron Products, pref_ _100 100 100 Nov 12 100 Nov 12 92
Nov 15 45 Nov 12 3134 Au 46% Nov
200 4434
Certificates
Mar 110% Sent
Jones & Laugh WI91.100 200107% Nov 12 108 Nov 14 07
Aug
Nov 96
Kelly-Springf 8% pf-100 100 70 Nov 16 70 Nov 16 70
Nov 14 3534 Apr 64% June
• 2,500 5134 Nov 12 55%
Kinney Co
Oct
9094 Ap 226
Ligg &Myers Tob,B_100 100220% Nov 1022094 Nov 10 06
Apr
Apr 108
Loose-W Bin, 1st pf _100 500.106 Nov 12 106 Nov 12 12
Jan
Apr 119
16
100 117 Nov 16 117 Nov
100
Lorillard, pref
July 94% Nov
100 90 Nov 12 90 Nov 12 87
10
Manila Electric
Nov 15 9534 Nov 15 95% Nov 95% Nov
100 95%
McCrory Stores, pref
Aug 9934 Mar
13' 87
Metrop Edison, pref._.• 20 90 Nov 13 90 Nov 12 03
Apr
Oct 112
100104% Nov 1210494 Nov
Montana Edison, p1_100
Mar
July 309
Nov 14 287
9.302 Nov 14 302
Nat Bk of Commerce.100
Feb
800 95% Nov 10 07 Nov 10, 8934 Jun 104
Nat Cloak & Suit, p1.1
• 2,200 374 Nov 10 3834 Nov 14 3434 Jun 4234 Apr
Nat Dept Stores
400 9134 Nov 13 9234 Nov 15 9034 July 9734 Apr
10
Preferred
1,400 56% Nov 18 59 Nov 10 5434 Oct 5934 NOv
Supply
National
mar
100 8434 Nov 13 8434 Nov 13 7234 Oct 90
Nin & H Ry G &E p1100
• 1,000 28 Nov 10 3034 Nov 16 2734 Aug 32% June
N Y Canners
Au 9434 May
100 88 Nov 13 88 Nov 13 86
100
1st preferred
Mar
June 67
3001 31% Nov 11 3134 Nov 13 31
Ohio Fuel Supply..._2
Oct 7294 Mar
100 800' 4614 Nov 13 48 Nov 16 45
Otis Steel pref
Nov 4314 Apr
Nov 1 2834 Nov 10 27
Penn Coal & Coke..._50 900 27
Mar
Oct 47
400 29 Nov 13 31 Nov 13 27
Phoenix Hosiery
Mar
100 1001 95 Nov 1 95 Nov 15 89 Jun 100
Preferred
50 200 42% Nov 12 42% Nov 12 4134 May 4594 Feb
Phi's Co6% pref
July 72% July
w pr pref._.• 200 62 Nov 13 62 Nov 13 60
Pierce-Arro
Apr
Ja 98
Pittsburgh Steel pref_100 300 94 Nov 13 95 Nov 13 92
Jul 1114 Sept
100 10% Nov 12 1034 Nov 12 10
Pittsburgh Utilities Dt_l
Sep 4934 Mar
900 4414 Nov 10 45% Nov 10 36
pref
Prod & Ref Corp
Novi. 1834 Nov 16
•
1,400
Certificates
10234 Nov 10 98
Oc 108% Mar
"i
, 12 N
Pub Ser of NJ 8% P1-100 80010
lii
100j 98 Nov 14 98 Nov 14 90 Sep 104% Apr
7% preferred
Ben 115 al May
100112 Nov 16 112 Nov 16 112
_A
Schulte Ret St pref.
134 Nov 10
,i We
13.4 Nov
Shell Union 011 Co righ 69,121 "Is Nov 1
Jan
100114 Nov 14 114 Nov 14 109% 11.1a 115
10
Stern Bros pref
1
98% Nov 16 98% Nov 16 9534 Jun 100 Sept
SU 1st pref.tsl
Superior
Feb
00 120
1 174 Nov 16 189
400)170 Nov
United Cigar Stores 1
100)39 r' Nov 13 39 Nov 13 3834 Sep 5034 Feb
100
United Dyewood
Feb
Jul 09
"
53 Nov 12 53 Nov 12 48
3
L1 S Tobacco
Feb
100)10634 Nov 1 106% Nov 10 93 Jun 112
1
Preferred
Feb
Chem B__ '100 3% Nov 14 3% Nov 14 394 Jun 17
Va-Carolina
Jan
Nov 64
28
iii 1,600 30 Nov 10 34 Nov 12
Van Raalte
117 I Aug
West Elec 7% cum p1100 2001112% Nov 13113% Nov 12 11134 Ma
Si Nov
% Oci
1 Nov 12
1.4 Nov 1
• 800
White 011 Ws
Jill PA
Feb
65 Nov 17 6614 Nov 14 84
2
Wilson preferred._ _ _1
•No par value.
-The review of the Curb Market is
The Curb Market.
given thisiweek on page 2184.
A complete record of Curb Market transactions for the
week will be found on page 2206.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2195
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIOH AND LOW SALE PRICE-PER SHARE. NOT PER CE.VT.
Saturday,
Nor. 10.
Monday,
Nov. 12.
Tuesday,
Nov. 13.
j
Wednesday. Thursday
Nov. 14.
Nov. 15.
Friday,
Nor. 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
per share $ per share $ per share $ per share $ per share $ per share Shares.
Railroads
Par
•25
2.513 2618 2618 2678 26% 26
30 .21
30
25
2612
600 Ann Arbor preferred
100
9714 9738 9714 9712 97
9814 97
9513 97
973
4 9614 97
13.000 Atch Topeka & Santa Fe._ 100
.87
88
87% 87% 87
87% .88
87 2 87% 87% 8712 8712 1.500
,
Do pref
100
112 112
112 112
112
112
13
13
4
134
4 2
134
134 4,100 Atlanta Birm & Atlantic 100
113 113
113 11314 11212 114
11314 11314 113 1133 1123 11312 4.200 Atlantic Coast Line RR
4
4
100
5814 5914 5812 59% 583 5912 583 59
8
8
58
58% 5714 5814 29,100 Baltimore & Ohio
100
.58
5812 •58
5812 5818 5814 .5812 5912 58% 5834 *5812 593*
400
Do pref
100
12
12
12
1218 11% 1218 1152 115
8 1114 1112 1118 113
8 3,300 Bklyn-Manb Tr ctfs__.No par
•363 3714 3612 363 .36
8
4
3634 3612 3612 36
3612 3534 36
1,000
Certificates, peer__ _ _No par
14512 14512 1453 1453 146 146
4
4
14518 14612 145 146
1447 145
8
3,900 Canadian Pacific
100
7214 733
4 7214 7414 723 733
4 723 733
4
7318 7118 7228 21,700 Chesapeake & Ohio
4
8 72
100
99
99
*99
9914 9914 9914 .
991s 9912 9912 9912 991 9914 1,400
Do pref
100
g
27
*23
4 3
27
27
8 3
234 278 *23
23
4 23
4 3
4 2,000 Chicago & Alton
100
*814 812
8
8 12
814 88
814 87
8
8% .8
814 6.500
Do pref
100
28
2614 2614 265 27
*26
28 .26
8
263 27
4
.24
27
800 Chic & East Ill RR
100
*50
53
53
53
53 53
*53
54
5314 5312 53
5314 1.000
Do pref
100
358 4
4
4
4
43
8
414 43
8 *414 4313 .4
414 2,400 Chicago Great Western.
..100
9
9
9
914
914 1014 10
9% 10
1014
98 93
4 4,900
Co pref
100
1234 1314 13
1312 1314 147
14
143
4 1312 148 1314 133* 17.500 Chicago Milw dc St Paul_ 100
2511 255
8 25
255s 2518 2712 2614 2734 2618 263
4 2512 2624 27,600
Do pref
100
613 613
4
4 61
62
61
623
8 61
62
61
613* 6018 6114 6,900 Chicago & North Western_100
105
.100
104 104 .101 106
104% 104% *103 105
10314 10314
Do pref
400
100
227 2312 2312 2414 23% 253
2214 23
8
8 243 2512 2312 25
4
71.600 Chicago Rock lel & Pacifie_100
79
81
8114 82
83
83
8314 84
8314 84
82
83
7% preferred
1.600
100
70
70
70
71
703 717
4
8 713* 72
72
72
71
7114 3,000
6% preferred
100
*2214 2312 22
2212 2212 2222 1,700 Colorado & Southern
2212 22
2234 2234 227 *22
*
100
•109l2 11012 10912 10912 110 11014 11012 11012 10912 1093* 1091 110
1,600 Delaware & Hudson
100
11712 11712 .116 11712 11612 1171 .117 11814 118 1183 118 118
4
3.200 Delaware Lack & Western. 50
148 1512 153* 1634 1614 1814 1734 193* 1712 1813 17
177 256,400 Erie
8
100
2412 2512 253 2712 2618 283
8
8 2712 298 273* 283
4 265* 277 117,100
Do 1st preferred
100
1814 18% 185 2018 187 21
8
8
207 223
8
4 2112 2214 21
215* 54,300
Do 2d preferred
100
5614 57
563 578 563 5712 563* 5714 56% 567
4
4
8 553 56% 13,700 Great Northern pref
4
100
30
3112 3012 3114 303 32
303
8 30
4
3014 317
305 3112 15.700
8
Iron Ore Properties_No par
.1212 13
13
1312 *1212 131 .1212 14
1412 14
14
14
1,000 Gulf Mob & Nor tr ctfe__ _100
*49
4912 4912 493* .48
4914 .48
4914 4914 52
5012 5112 3,200
100
Do pref
102 1023 *10218 10212 1023 1023 *1021* 1023
1013 1013 102 102
4
4
4
4
4
4
100
800 Illinois Central
.13
1312 1214 1214 12% 13
13
13
13
1314 12% 125* 1,100 Inteehoro Rap Tran
100
18
17% 177
188 1814 1914 183 19
*
185 183
8
100
4 1814 185* 11,900 Kansas City Southern
.5212 5312 5312 5312 *53
533
4 533* 535* 5312 5312 53
53
100
Do pref
500
623 628 62
8
62
62
623
4 61% 6214 *613 6214 604 6214 4.400 Lehigh Valley
4
50
883 8812 8814 8814 8812 89
8
8812 883
4 8812 88 2 8812 8812 1,200 Louisville & NashvUle
100
,
31
3114 *3114 3212 *32
33
33
33 .32
323 .32
4
400 Manh Elevated. mod guar_100
327
8
1011 1012 .812 1012 10
*812 11
•8
*812 10
10
100
10
200 Market Street KY
3114 3114 *31
34
34
33 .31
37
31
31
30
100
30
Do pref
500
0518 657 .6212 65 .6212 65
8
63
63
63
6213
63
62
700
100
Do prior pref
•22
27 .23
2612 26
26 , .21
26 .21
27 .21
100
27
100
Do 2d Prat
1% 1%
114
114 1141
13
8 *114
1 14
13*
1% .114
100
11
/
4
800 MinneaP & St L (netc)
8 11 • 1112 11
10% 107
12
1138 1178 1112 1134 113 115 16,100 Mo-Kan-Texas
8
8
28
28
2822 2914 29
3014, 283 2912 283 2934 *283 2914 8,100
4
4
4
Do pref
93 1034 1012 1114
8
9 4 912
,
9% 95*
93 1013 12,400 Missouri Pacific trust ctfs_100
1012 10%
4
2634 2712 263 28
2614 27
4
273* 288 28
100
29% 2712 285 18,400
8
Do pref trust ctfs
134
1% 13
13
4
4
13
4 13
4
13
13
100
4 13
4
4
13
4 13
4 13
4 1,100 Nat Rye of Max 2d pref
9012 91
91
9134 9114 92141 9014 9214 9123 92% 91
9218 7,700 New On Tex 8.- Max v t c 100
1004 10114 101 10134 10118 10212 10113 1023 10113 10214 101 10218 45,700 New York Central
8
100
7612 7612 7534 76
7534 7712 77
7914 7614 77
76
11,000 N Y C & St L new co w 1_100
77
87 2 871 8712 8712 873* 8712 8712 873* 86
,
/
4
100
86
Preferred w I
86
861 6,400
/
4
1238 123
1312 143
4 123 1314 1318 1412 1414 15
4
3
100
4 1614 16
1
414 42,000 N Y N II & Hartford
15
15
15
100
16
17
8
1538 1513 16
1712 175
3,400 N Y Ontario & Wrvstern
8
*87 10
*8712 10
10
10
1014 1112 1012 1012 1114 1114
100
500 Norfolk Southern
.10434 1051 105 10512 10512 10612 10614 10612 10512 108
100
1055 10812 3,200 Norfolk & Western
8
.70
77
*70
77 .70
77 I .70
77 .70
100
77 .70
77
Do pref
527 5323 527 533
*
4 5312 5458: 5312 5412 53 8 54
100
523* 5318 19,400 Northern Pacific
,
.4112 4134 4134 417
415* 4134! 4134 4178 4112 41% 4112 413* 12,900 Pennsylvania
50
•912 11
*
11
1134 103 103 *10
100
4
11
*10
Peoria & Eastern
11
400
4138 4214 413 4213 413 425
4
4
8 4134 42
4114 42
Marquette
41
100
4112 11,900 Pere
*6912 7012 *6913 701 .6913 7012 *691 70
7014 7014 70
100
70
Do prior pref
200
.60
6034 6012 601 .5812 61
5812 MI
5914 5914 60
100
61
Do pref
4158 0,3800
00
4118 4114 41
4133 4114 42
4212 41
42
4112 421
Pittsburgh & West Va..._100
.85
87 .85
87 .8512 8712 87
87
•8512 89
*85
s 100
87
Do pref
100
763 773
4
7023 773* 765* 7818 7612 773
7612 77
4 767 781 69,400 Reading
50
8
535 533* 533 54
8
4
54
535 54
54
5414 544 5414 5414
50
Do 1st preferred
800
.5214 54 .535a 54
53% 537
5312 531
5312 5334 53 2 533
50
,
Do 21 preferred
4 1,700
•30
32 .29
32
3114 321 .30
31
/
4
31
31
.28
100
32
700 Rutland RR pref
1812 1811 183 203* 193* 2012 1914 20
4
20
21
19, 20, 21,000 St Louis-San Fran tr ctfs 100
8
8
4414 443
4 4412 457
45 455
4412 441
443 46% 44
4
100
4434 3,900
Do pref A trust ctfs
2912 3012 3014 317
3114 3214 31
32
31
313
4 293 303 18.800 St Louis Southwestern._._100
4
4
5714 5712 57% 581
5712 585* 575* 573
5714 5712 UN 57
100
Do pref
3,000
57
57
6
6
5% 6
6
63
*
614 6% *6
100
614 5,000 Seaboard Air Line
1122 1134 1112 1158 1114 127
111* 12
1214 123 •1112 1214 8,300
4
100
Do pref
865 87
8
867 873
8
8 867 87% 863 871
8
4
86% 8714 8612 8718 16,000 Southern Pacific Co
100
35% 3718 363* 3714 36
3718 36
37
3614 36% 3514 368 154,700 Southern Railway
,
100
665 67
67 67
668 67
8
663 667
4
667 66% 6612 66% 0;7 0
8
2
0
100
2 3
0 4 2 8 0 Do pref
0
2014 2024 20
207
8 2014 2118 2012 213
8 2012 21
100
Texas & Pacific
1013 1014 1014 *9
91
*93 1012 10
4
9
912 912 08
68%
100
9
600 Third Avenue
6
69 .69
67
.65
68
*6514 67
70 .68
6912
Twin City Rapid Transit.,.100
4
13118 13134 13112 1313 13118 1313 131 1311 131 1313 1305* 13112 10,700 Union Pacific
4
100
72
72
8
7214 72% 72
/
4
711 711 7112 718 717 72
/
4
100
727
Do prof
1,700
•9
•912 1012
10
912 10
4 .9
*924 93
*914 9,
100
9%
United Railways Invest
311
3114 3114 *31
3212 3212 3114 32
31
31
31
31
100
Do prof
800
1014 1012 1012 107
1018 103
8 1038 103
9 4 10
,
4 1014 10% 22,800 Wabash
100
3412 3412 :151
34% 3514 335 35
8
3312 3412 32% 33% 6,600
34
100
Do pref A
22% 2212 2218 2218 2224 2214 22
22% 2214 22
22%
22
100
Do pref B
1,400
912 9% 10
9
9%
1014 10 4 1014 5,200 Western Maryland
,
*914 9,
2 *914 9 2
,
100
18
.1612 17
17
17% 1712 17% 1712 18
183
4 18
18
100
Do 2d preferred
3,400
1414 133 13% 1318 1318 3,300 Western Pacific
14
4
•123 1312 1312 14
4
1414 14
100
•5412 5512 55
553 553 *55
4
4
57
5512 5512 56
•55
100
57
Do prof
800
7% 8
6% 712
7
7
714 73
s
•7% 73
4
7
714 4,200 Wheeling & Lake Erie RY-100
*1213 1314 1212 123
4
13
8 13
4 123 13% 13% 137
1212 1212 2,400
100
Do pref
4 2812 29
.24
293
25
25
28
25% 28
25
273 28
4
100
2,590 Wisconsin Central
68
68
71
70
68
68
6734 68 .68
70
68
6812
950
7
7
75
8
3 .6
714 7%
03
4 63
4 •6% 75
7
7
400
27 .24
• •24
263 263 .24
4
261 .24
/
26
4
25 .24
4
2614
100
6414 65% 6512 6714 67
68% 67
687
8 68
6713 65% 66% 6,400
6
612
6% 6%
614
a
6
6
618 •6
618 2,900
6
•15
14
1,
•18
•28
14
*28
14
•28
14
18
34
1,300
112
118
1
1
1 18 1 18
1
1
I
1
1
1
9,060
6512 671: 6514 65% 65% 6512 65
67
67
65% 61% 643
4 6,200
108 •107 108
.107
•
107 107
10712 10712 *107 108 •107 108
800
•41
4214 42
4214 4114 4112 42
4214 42
42% 413 42
4
2,400
92
9112 91
•90
•91
9112 9122 •91
91
9132 91
91
300
1134 1134 111 1314 12% 13% 1224 12% 1214 13 .12% 133
/
4
4 3,300
3614 3912 3712 38
35
3714 37% 36
35
37
34
34% 2,800
.9114 96
97
•91
.90
98 .91
93
93
97
•9112 95
100
•5213 54
54
53
54
•52
53
•52
•52
54
•5214 55
100
3512 •34
3412 343
4 35
3512 •3312 3512 •33
3412 33% 34
2,800
31
313
4 30
33
34
4
3012 30 4
313
4 3114 323
,
32% 3414 8,700
4
7312 734 733 733 *7312 747
2
/
1
7312 7312 7312 731
7312 73i2
900
.• *103 105 *103 105 •10312 105 •104 10412 •104 1042 •104 10412
8
/ 98% 100% 97
1
4
99% 10114 997 10214 9912 100% 9814 99
'8 99i2 135,800
8
1083 108% 1087 109 *10812 10912 10914 10914 109 109
8
10918 10918 2,100
1633 1637 163 163
16214 164
4
1607 162% 159 160
8
8
•16214 163
2,000
4
• .121 125 •121 125 •12114 125 •12114 1263 •121% 1263 •121% 12634
4
4
2218 22
/
4
4
*213 221 .213 221 .213 2214 22
22
22
22
400
1512 16 4 1512 15% .1514 16 •
,
1514 15%
14% 16
4 3,100
14% 143
Cl, 612
/
4
612 61
6% 61
614 61
612 67
8
11% 7% 12,100
19% 1912 19% 1912 2078 2012 20% 1912 20
19
19% 23
11,300
5% 5% *512 5%
5% 5%
5% 5
7
5% 6
53
4 .5% 1,800
89% 89% 8912 8912 89, 8918 88
.8914 90 .8938 90
8
89
1.300
*858 9
4 4 9
,83
818 812 *73
8% 818
,
4 84
8
8
800
4512 46% 44% 4522 44
47
45
441. 4438 4514 4,800
4414 45
0-7. 97
OV9
211. 2•32
7000
•
Did sad *Med prim. U Ex417104•13.
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Industrial & Miscellaneou
100
Adams Express
Advance Rumely
100
100
Do pref
Air Reduction, Inc__ __No par
Ajax Rubber, Inc
5
1
Alaska Gold Mines _____
Alaska Juneau Gold Min
1
Allied Chemical & DYe_No pa
100
Do pref
Allis-Chalmers Mfg
100
103
Do Prof
Amer Agricultural Chem..100
Do pref
100
American Bang Note
ao
50
Do pref
American Beet Sugar
100
Amer Bosch Magneto_ _No par
.No par
Am Brake Shoe & F..
100
Do pref
100
American Can
100
Do pref
American Car & Foundry_100
100
Do pref
American Chain, el A_ _ __25
No par
American Chicle
100
American Cotton OU
100
Do pref
Amer Druggists Syndicate..10
100
Amercan Express
American Hide & Leather-100
100
Do pref
99. inn
49.~ r•-•-...19,9...1 f7,
$ per share
22 July 31
94 Oct 27
867 July 5
8
1 14 Aug 14
109% July 31
4018 Jan 17
5534May 7
91 Oct 29
/
4
3412 Oct 29
13934Sept 21
57 June 27
96 June 29
2 May 21
3 Jan 12
/
1
4
19 Aug 6
4612 Aug 15
2% Oct 26
67 Oct 26
8
1114 Oct 25
21 Oct 25
5812 Oct 17
103% Nov 16
1918 Oct 25
72 Aug 4
607 Aug 4
8
17 ,1,t 29
9324 July7
1098 Oct 26
1018May 22
15 Jan 17
103
4May 21
505 Oct 25
8
25 July 2
9 2 Aug 22
,
44% Jan 2
101 Nov 8
gt2June 30
155
8July 31
485
8July 30
54 June 30
843 Oct 30
4
30 Oct 30
713 Oct 26
23 Oct 29
5612 Oct 29
145 Oct 29
8
78 Aug 15
4
93 Oct 31
2478 Oct 30
814 Oct 24
2214 Oct 25
15 Nov 12
8
8212 Aug 14
9012May 4
6712 Aug 9
86 Nov 15
938July 5
1414June 28
9 Sept 1
100 July 30
72 Sept
4934 Oct
41 Nov
8 Oct
36 Jan
6712 Oct 1
5712 Oct 25
3378 Jan 2
8512June 1
6812June 2
44 June 28
45 June 28
2212 Oct 21
163 Oct 27
4
3212 Jan 3
2512 Aug 4
543
8June 28
4 4 Aug 15
,
8,4 Aug 1
841 Aug 14
/
4
24 4 Jan 6
,
63 July 2
14 Aug 4
85 Oct 25
8
581 Jan 19
/
4
12114 July 31
7012 Oct 30
7% Oct 29
26 Oct 29
7 Mar 10
234 Jan 17
1612 Jan 18
8 Sept 27
14 Sept 27
12 Sept 28
53 May 7
6 Oct 2r
10 Oct 30
23 Aug 4
67 Sept 28
612 Oct 29
24 Nov 9
56 July 2
414 Oct lf
is Aug 16
84 Oct 9
5914 Aug
10514 Aug 1
4June 2
373
8912 Oct 3
10l July
2814 Oct 3
77 Jan
8018
June 2
25 Aug
223 Oct 3
4
70 Jan
102 July
8918 Sept 1
106 Sept
14814 July1
117 Sept 1
203
8June 2
53 Jan 3
4
33 July1
4
14 May 1
41Sept 1
/
4
88 Novi
818 Aug
29 Aug
/
1
4
Highest
PER SHARE
Range for Precious
Year 1922.
Lowest
Highest
$ per share
per sharei per share
277 Jan 52 Aug
8
45 Feb 23
913 Jan 10812 Sept
4
10518 Mar 3
905 Mar 6
845 Jan 9512 Aug
8
8
314 Feb 21
34 Jan
513 Apr
83
127 Feb 26
Jan 1247 Sept
8
3312 Jan 6014 Aug
5934 Oct 8
sMar 21
607
5212 Jan 6614 Aug
1212 Nov 9
3712 Nov 9
160 Apr 18 11918 Jan 1515 Aug
8
54
Jan 79 Aug
763 Jan 30
8
1047 Feb 23 1005 Dec 105
8
8
/ Oct
1
4
12 4 May
,
33 Feb 13
13 Jan
4
4
312 Jan 207 May
95
8
t 8
8
383 Feb 13
4
1214 Jan 433 Aug
4
311 Jan 6412 Aug
/
4
6214 Mar 28
1054 May
7 Feb 7
3 4 Dec
,
17 Feb 6
7 Dec 2412 May
8
2638 Mar 5
1714 Jan 363 Aug
Jan 5514 Sept
4512 Mar 5
29
Jan 9512 Sept
59
88 Mar 5
Jan 125 Aug
1181 Mar 21 100
37% Mar 21
3012 Dec 50 Sept
95 Feb 9
8314 Jan 105 Sept
85 Mar 5
7014 Jan 95 Sept
38
Jan 5312 Apr
4512 Feb 13
4
12412 Feb 13 1063 Jan 14112 Sept
Oct
13013 Feb 8 108 Feb 143
Jan
183 May
195 Nov 14
7
4
8
1118 Jan 2812 Aug
295* Nov 14
718 Jan 2014 May
223 Nov 14
4
8
80 Mar 5
7014 Jan 957 Oct
4538 Apr
36 Mar 19
2818 Nov
20 Mar 5
5
Jan 19 May
62% Feb 21
Oct
16
Jan 47
11712 Feb 21
9712 Jan 1153 Sept
4
224 Mar 14
/
1
173 Dec 3214 Aug
4
2478 Mar 21
17 Nov 3014 Apr
5734Maz 5
5912 Apr
5214 Nov
7188 Feb 7
563* Jan 72 Sept
155 Feb 26 108
Jan 1447 Oct
8
4512 Apr 17
22 Mar 12
318 Jan
ii Mar
6812 Mar 12
Jan 5014 Apr
17
87 Mar 12
Jan 76 Nov
35
5% Jan 32
5614 Mar 12
Apr
912 Feb 13
Jan
1412 Apr
5
712 Jan
17 Feb 15
19 4 Aug
,
4512 Feb 14
2412 Jan 48 4 Aug
,
19% Feb 14
1512 Nov
2514 Apr
49 Feb 10
40 Nov 633 Sent
4
434 Feb 15
23 Nov
8
714 May
105 Mar 26
54% Jan 8738 Dee
10418June 13
7234 Jan 1011 Oct
/
4
793 Oct 8
4
9512July 3
2212 Jan 30
121, Jan 38 Aug
215 Feb 13
8
1812 Dec 3012 Apr
1838 Feb 9
83 Jan 2212 June
4
1175 Feb 9
8
9614 Jan 12512 Sept
7812 Aug 15
Jan 82
72
Oct
8112 Mar 5
73 Dec 903 Aug
8
4778 Apr 4
3314 Jan 493 Oct
4
17 Mar 21
10 4 Jan 263 Aug
,
8
4714June 11
Jan 40 Aug
19
/
1
4
763
4Mar 5
Jan 82 Aug
63
70% Jan 9
741 Aug
5018 Jan
/
4
503
8May 10
23
8
Jan 415 Aug
93 Jan 9
Jan 95 Nov
76
8118 Feb 7
71111 Jan 8718 Oct
5612 Feb 7
43 Mar 57 May
563 Jan 30
4
Jan 5912 May
45
3734 Jan 10
1712 Feb 5314 June
27 Mar 21
2014 Dec 32% Aug
50 Mar 5
341 Nov 56 Aug
4
3688 Feb 10
203 Jan 367 Nov
8
8
63% Mar 21
323 Jan 597 Nov
8
8
712 Feb 10
Apr
2% Jan
10
13% Mar 23
4% Jan
141 Apr
/
4
9514 Feb 21
7818 Jan 9614 Oct
373
4June 13
1714 Jan 285 Aug
8
707 Mar 22
8
Jan 71
46
Oct
2912 Mar 21
18% Nov
36
Apr
1914 Feb 10
1312 Nov
/
4
251 May
77i2June 11
Jan 62% Sept
34
1447 Feb 26 125
8
Jan 154% Sept
7612 Jan 6
71% Jan 80 Aug
712 Jan
2178 Mar 6
197 Apr
5
3613 Apr
62 Mar 5
2014 Jan
Jan
14 8 May
11% Mar 22
,
6
Jan 3512 Aug
35% Nov 13
19
1214 Jan 2418 Aug
2212 Mar 22
814 Jan
1714 Aug
15 Feb 9
Jan 2812 Dec
13
28% Mar 22
133 Jan 247 Apr
8
4
2014 Mar 6
6338 Mar 5
/
4
5112 Mar 641 Sept
iota Feb 13
6 Feb
1612 June
924 Jan 295 June
19 Feb 13
8
Jan 3314 Mar
3512 Feb 23
33
82 Mar 3
1912 Mar 6
5438 Jan 14
723 Mar 19
8
147 Mar 14
8
%Mar 9
17 Oct 19
8
80 Jan 2
112 Mar 2
5114 Feb 16
97 Jan 27
/
1
4
367 Feb 21
3
687 Feb 21
8
93 Nov 15
55% Aug 14
491 Feb 13
/
4
60 Mar 6
8314 Feb 16
110 Jan 14
106 Mar 6
115 Feb 20
189 Mar 7
1257 Jan 18
8
2512 Mar 29
173 Nov 7
8
2084 Jan 4
,
38 4 Jan 4
753 Feb 23
14313 Mar 2
4
133 Mar 7
741 Mar 7
/
4
g13. Ma, 29
.
48
Jan
107 Jan
3
311 Jan
/
4
4512 Jan
9% July
/ Dec
1
4
118 Jan
5538 Jan
101
Jan
374 Jan
/
1
8612 Jan
2714 No
Jan
56
Jan
58
51 Jul
315 Jan
4
/
4
311 Jan
Jan
51
9814 Jo
3214 Jan
934 Jan
Jan
141
11512 Jan
Oct
83
23 Aug
3012 Aug
88
Oct
183 Apr
4
/ May
1
4
2 May
913 Sept
4
1151/ Sept
/
1
4
59 Sept
104 Sept
4272 June
721 Sept
/
4
Dec
91
55% Dec
49 June
49
Apr
8812 Sept
Oct
113
7812 Nov
1137 Dec
3
201
Oct
12613 Nov
5 Nov -.14 iia;
3012 May
1514 Nov
61 May
3312 No
412 Jan
714 Aug
126 Jun 162
Oct
1018 Dec 17% Apr
Jan 74% Sept
58
.
245 fl.' VI!. Jane
New York Stock Record-Continued-Page 2
2196
For sales during the week of stocks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Nov. 10.
Monday, I Tuesday, , Wednesday
Nov. 12.
Nov. 13.
Nov. 14.
Thursday, I Friday,
No . 15.
Nov. 16.
Sales
for
the
Week.
$ per share $ ger share $ per share $ per share $ per share Shares.
2,800
88
84 86
86
86
87
86
88
87
87
80 "79
100
80
80 '79
80 *79
*79
'80 81
300
2
8 11% 118 *1138 11% *1114 1112
*1114 1112 113 113
400
*1612 17
177 177 *1612 18
2
*1712 1812 *1714 18
3434 *3314 343 *32
3434 *3112 343
*33
3438 *82
4
4
7214 7428 31,900
74
72
7334 7214 73% 73
7212 74
200
11814 11814 *117 1184 11818 11818 *117 11814 *117 11814
900
45
4
*45 4512 45 4512 '45 4512 *443 4512 *44
2,800
8412 8418 8312 8412 '82 85
85
83
*8212 83
77
67
634 714 11,400
7
718
63
4 712
7'4 VS
1134 10,000
12
1238 1214 1238 11
11% 1234 1214 13
5712 5878 5734 5812 581 5834 5818 5914 5734 5818 13,200
500
95
95
96
96 "95 96
8 95 95
9578 957
371 3712 3712 3812 3712 38
8,900
3738 3818 3714 38
10072 1007 101 101%
8
700
4
10034 1003 *997 1004 101 101
5534 5312 5534 5,900
547 55
8
5612 5538 56
55
56
400
99
9712 98 *98
99 99
98 98 *97 99
900
/
1
1814 184 1918 1934 *1814 191
1912 1912 20 20
4412 "40 4412 *397 4412 '397 4412
*40 4412 "40
4
2
12314 1233 1233 1233 12314 12318 12312 12314 12312 12318 5,200
4
12334 1237
8
147 147
14634 14712 1.400
1483 14834 *146 148 14612 14614 147 147
4
10118 10118 101 101
10078 1008 1,300
101 101
*101 10212 102 102
2,100
14612 14612 145 145
146 146
8
*1461 147 146 1463 14518 146
2,200
38
38
39 39
39
3834 39 8 39
5
40 40
39 40
500
8814 8814
8934 894 89 8918 *88 89
90 90
*8934 9012
6212 8213
600
6212 6312 *6212 6314 6314 6314 *6212 63 *6212 63
67,400
71
69
8 6934 72
4 7018 733
725 733
8
73 75
7318 741
*100 101 *100 10118 *100 10118 9934 10118 9918 10012 9938 9914 1,200
21
214 2,300
212 252
4
212' 212
212 23
234 278
*23
278
300
813
813 *8
8
/ *8
1
4
813 "8
812 813 *8
824 834
300
/ 30 '2813 30 *2813 30 "2812 30
1
4
30 '29
30
2912 30
8
8
4 377 3812 3734 3818 38 38% 3738 38 22,700
3738 3812 373 383
1,100
9112 9112 '9113 92
9113 9138 9134 9134 9113 92
91
91
800
13
13
14
13 1314 "13
14
14
15
1278 128 15
2,500
77
79
787 7914 77
8
763
8 76% 7812 78
76
*76
77
83
83 '80
83 *80
84 *80 85 '80
*80
84 *80
*81. 85
85
8312 *81
86 '81
*8114 85 *8214 84 *81
2558 17,700
2614 25
2538 2512 2514 2512 2512 2513 25 2514 25
12 1
3.900
1
1
1
1
1
I
*1
3
4 1
138
1512 7,500
1512 17
154 16% 14
154 16
/
1
15 16
16
16
600
121
113 1212
4
4 121 1213 1212 1212 '12
123
"12
13 *12
100
*108 110 '106 109 106 109 *105 108 '106 107 106 106
100
117 118
18117 118 117 117 117 118 *117 118 *117 118
251
4.200
2418 2314 23 2 23 23
2334 2434 24
24 2413 24
7
85 *7814 85
"7814 85 *7814 85 *7814 85 *7814 85 "82
900
91
913
913 '9
9% *9
914 *812 914
9
914 914
1243 12538 12338 126 12338 12458 12258 12418 12414 1278 12518 127% 145,500
8
100
111 113
•112 116 '110 115 110 114 "110 113 113 113
32
32 *20
1820
32 *25
"25 32 *25 32 '20 32
200
1113 11
*Hoz 11
11
1112 "11
11% *11
*11
1112 '11
900
713
7
7
7
8
•7
/ 8
1
4
/
1
4
7
'7
*7
8
8
14
•
12
*la
14
*18
14
*12
14
*18
14
•18
14
2 2,100
5913 608
61
5914 597
8 5913 5913 5913 5938 5914 60
61
7478 7214 7212 7,500
73 7314 73
73
*7012 7134 7113 7312 72
8
4915 503 32,800
4
3
504 5012 5018 513* 50 50 2 598 5012 50 507
/
1
100
*102 106 *102 104
'101 104 *10112 104 102 102 "102 106
1,000
90
4 89 8912 8912 8982 8912 894 *89
894 893
'8914 90
2,300
47
5
5
5
5
5
5
518
5
5 14
518 514
41
300
414
*414 413
8
___ 8 •_
6
6 •_ ___
•____
100
57 •__ 57
__ *54
__ "55
55
55 '53 56 '54
400
1312
"13
4
1214 1312 '13 15 .13 1313 *125 1312
127 13
1,900
8
110 111
1107 1107 110 111
8
11013 1111: 110 1123 110 111
300
11312 113% 11513 116 *115 117 *11412 116 "11412 116 '11412 116
600
4
453 48
*431 48
47 47
48 48
4818 48% 4818 481
700
107 107 10412 1051 104 104 *102 105 104 104 '102 104
400
23
2312 2318 *23
2484 23
*234 2434 24 2458 '2318 247
5,100
512 57
514 53
515 57
eI
5 4 57
3
58 6
3
588 512
198 19'I 1832 19
1,400
*171 19
1912 20 "1934 2012 1912 191
1614 1634 1513 163* 1612 167
161 167
8 1612 1612 4,400
8 1638 17
114 18 1,600
112 158
134 184
13
4 134
'112 2
*112 2
/
1
/
1
821 *804 824 8012 8012 1,900
8278 8112 811 '81
82
81
82
/
4
2112 221 2114 22 46,900
2218 2034 2134 21
211 217
8 21
22's
*93 66
66
*921 95 *9314 9412 "92% 95 *9213 96 *93
414 414
414 414
414 414
418 418 2,700
4% 414
41
418
46 48 *4514 4712 *45
46
461
46
300
*4513
48
46
*45
41 *__
512 *4
51 *____
5
•____
512 *33
4 512 *4
*12
3
*12
3
3
4
*12
3
4
'
-3i2
3
4
"2
*12
3
4
69 "66
69 *66
69
69 "66
3
*65 68 4 '66 69 *66
1314 13
13
1314 1212 1314 4,000
1412 1414 1414 1438 131 143
3618 3418 3534 4,600
363 3714 3638 3614 36
4
3734 3818 3714 38
41
418 413 42
41
4114 4112 4
4114 413
4 4012 4114 15,300
2
5214 50
5012 5034 5214 5134 523* 5038 5113 12,200
50 8 5118 51
5
8112 8012 811 *80
0012 8012 803
1.400
80
807 80% *81
s
4 80
4 2712 273g 2713 2734 2712 2734 2714 2734 13,700
273* 2734 2712 273
8 171 1818 17% 1734 17% 1758 14,100
1612 1714 1714 178 1714 175
800
4 67 67
*68 6812 68 68 *6712 6814 6712 6814 6712 673
8 728 73's 7218 7255 721 73
7118 723* 9,600
/ 743
1
4
733* 7414 73
700
2312 2312 2312 2334 23 231 "23 2334 2318 2312 *2258 23
/ 45
1
4
4312 44
44
44
*4414 4514 "4412 45
1,000
448 4414 *44
3318 327 33
33
3212 3278 4,800
33 33
4
s 323 33
327 327
2
18 __ ---- _--- --- 13,300
13
18
18
14
%
%
%
- ---- - - 3,800
3
8
123
8
14
3
8
14
14
14
7
7514 - - 78 - -12 20,900
803
4
8013 8118 7914 8038 7
81
8014 82
795 817
17614 179 17212 176% 24,000
177 18012 18012 183 172 182
175 176
600
17 *161 18
17
168 1712 *1714 19
19
*
19
*1814 20
6513 65% *____ 6612 *___ 6612
100
*6512 70 *651 70 *651 70
6214 ,
6212 5812 6212 5
,
812 5912 5758 5 4 5814 59 8 575 581 105,300
„
, ,
83
614 652 11,000
4
612 63
,•„; ..i.
63 __
4 7
614 718
/
1
4
61
6
4
3
°,. 3
1
5072 5212 5113 5318 51 " r...3 ' 50 8 5113 483 501 47,200
67
8 2.900
613 67
7
-0*4 i
7
7
67
8 7
634 7
8
8
28 12912 12858 13012 12914 129 4 12814 12912 12834 12914 1277 12834 12,900
/
1
4
300
117 11714 '1151 119 *115% 119 *11512 119 *11512 119 *11512 119
8 2514 26 41.200
26% 2512 2614 2538 2678 2514 263
26
264 27
/
1
64 8518 6318 6414 6314 6434 6318 6414 16,600
65 6534 6438 66
300
9118 9138 *9012 9112 9118 9118 *9312 9112 *9012 9113
'90 92
1112 1114 1112 11% 1318 8,700
1112 11
1114 1114 1114 1178 11
4614 4614 4818 14,400
4614 4612 46
4
46
4614 463 478 468 47
4
7
14,900
2914 30
2912 2912 2914 3014 2934 298 2914 29% 2914 30
100
97
97 '94
95 "94
95
*94 97 '94 97 '94 97
47
53
2 5.000
4 6
4
43
4 41 '43
5
5
5
5
534
*5
800
34
34
34 34
34
34
37
35 35 "31
'34 35
1,200
59
59
60
2
8
59
5934 5914 5912 593 593 •50
60 60
8 5734 604 6112 65 214,800
8
2
5514 5812 577 8014 5712 5934 565 583
800
4
4
412012 21% 203 203 "201 2114 2014 208 *2012 21% *1984 2112
/ 1,100
1
4
*1031 10314 10314 10314 103 103 103 10314 103 103 '10234 103
_ 1,500
- ---/
1
3638 3612 3638 364 3614 3614 __-355: 36
8
018
- -118
110 1117 111 1117 110 11212 11012 11 - 109 11- 12,700
10918 110
1,700
2212 227
2278 23
2214 223
4 2212 23
4
2234 223 *2284 23
129 13189 12779 130 29,200
/
1
4
4
13112 13218 12812 1323 12812 1291 127 129
6414 16,700
61
63
63
4 618 6112 goag 6114 60t2 61
613
4
613
700
•1314 14 *1314 1334 *1314 1312 1314 1314 *1314 1312 1314 1314
500
112
112
112 113 "114 112
•114 112 *114 112 *132 112
654 *6212 65 , 1,530
/
1
6512 6534 "62
/
1
664 6634 66 66
3
85 4 66
100
112 112 *111 112
•111 112 *111 112 "111 112 *11114 112
100
23
23 *21
22 "21
2012 2012 "21
22
23 '20
"21
8 6212 643 50,100
653
6312 6614 6412 6534 64
6438 6612
6418 66
85
85
87
*85
100
/
1
8612 '85 87 '85 864 •8412 8614
'84
300
1111
1214 *1013 13 "11
12
13
13 *12
"12
138
4 13
800
4414 4414
4414 444 4434 4434
/
1
4412 45
45
*4512 4614 45
94 938 6,000
914 938
914 912
914 914
93*
9
918 93*
600
166
16212 169 *159 175 "159 176 .981 166 "166 175 "168 180
200
8
984 *9812 985 *9813 9834
4
9812 '973 9812 9812 9812
*973
4
7
/ 712
1
4
7,200
713 712
72
8
67
8 7
7
7
/
1
4
858 834
7
4434 45
45
4 131 411s 4412 4472 4,900
45 4514 4434 4514 45
$ per share
86 87
80
80
11% 113
8
1814 1838
*34 35
/
1
4
7212 73
"118 119
45 4514
83 83
74 8
5
12
12
5714 5812
*9414 9614
3712 38
*9974 10012
/
5 4 5512
43
"97 98
1834 1834
*397 42
8
'Bid and asked Pea= no sales on this day. s Ex-dividend.
STOCK.
NEW YORK STOOK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share tots
Lowest
Indus.ik Miscall.(Con.) Par
100
American Ice
100
Do pref
American La France F E
10
100
American Linseed
100
Do pref
American Locom, new -NO Par
Do pref
100
Amer Metal temp cris_No par
American Radiator
25
American Safety Razor_
25
Amer Ship & Comm_-No Par
Amer Smelting & Itorialag_100
100
Do prof
Am Steel Fdry tom otfs_38 1-3
100
Do pref temp cris
American Sugar Refinbzg_100
Do pre
100
Amer Sum..tra Tobacco-100
Do prat
100
Amer Telep & Taleg
100
American Tobacco
100
Do prof
100
Do common Clam B-100
Am Wat Wks & El v't o-100
Do le prat(7%) v t c_100
Do Partio pf(6%) v t o.100
American Woolen
100
Do Prof
100
Amer Writing Paper pref_100
Amer Zinc, Lead & Smelt___25
Do prat
25
Anaconda Conner Mining- 50
Armour, pref
100
Arnold Constable
No par
Associated Dry Goods____100
Do le preferred
100
Do 2d preferred
101)
Associated Oil, new
25
Atlantic Fruit
No par
All Gulf &WIN Line-100
Do pre
100
Atlantic Refining
100
Do pre/
100
Austin, Nichols & Co....NO par
Do prof
100
Auto Knit
No par
Baldwin Locomotive Wks-100
100
Do pre
No par
Barnet Leather
Barnsdall Corp. Class A__. 25
25
Do Class B
Batoptias Mining
20
Bayuk Bros
No par
20
Beech Nut Packing
100
Bethlehem Steel Corp
Do cum cony 8% pref-100
Preferred new
100
No par
Booth Fisheries
100
British Empire Steel
100
Do lst preferred
100
Do 2d preferred
100
Brooklyn Edison, Inc
Brooklyn Union Gas
100
Brown Shoe Inc
100
Burns Brothers
100
Do new Class B corn
Butte Copper & Zinc v t a__ 5
100
Butterlok
10
Butte & Superior Mining
Caddo Cent 011 de Ref_No par
California Packing____No par
California Petroleum, new. 25
Do pre
100
Callahan Zino-Lead
10
Calumet Arizona Mining _ 10
1
Carson HilI Gold
Case (J I) Plow
NO Dar
Case (J I) Thresh M pf otf_100
Central Leather
100
100
Do pre
Cerro de Pasco Copper-No par
Chandler Motor Car___No par
Chicago Pneumatic Tool-100
25
Chile Copper
5
Chino Copper
-100
Cluett, Peabody & Co
No par
Coca Cola
100
Colorado Fuel & Iron
No par
Columbia Carbon
No par
Col Gas & Else, new
Columbia Graphophone No par
100
Do pre
Computing-Tab-RecordNo par
No par
Congoleum
No par
Consolidated Ciate
100
Do pre
Consolidated Gas(N Y) 100
Consolidated Textile___No par
100
Continental Can, Inc
Continental Motors_ __No par
Corn Products Refining-100
100
Do pref
No par
Cosden & Co
Crucible Steel of America-100
100
Do pre
No pal
Cuba Cane Sugar
100
Do prof
Cuban-American Sugar- 10
100
DO pref
Cuban Dominion Sugar No par
Preferred
100
No par
Cuyamel Fruit
Davison Chemical v t o-No par
DO Beers Cons Mines_No par
Detroit Edison
100
Dome Mines. Ltd
10
Eastman Kodak Co___No par
Eaton Atte & Spring_ _No par
El du Follicle Nem &00-100
Eleo Storage Battery__No par
50
Elk Horn Coal Corn
Emerson-Brantingham____100
Midlcott-Johnson
50
Do pref
100
Exchange Buffet
No par
Famous Players-Lasky-No par
Do preferred (8%)--_100
Federal Mining & SmelVg_100
Do pref
100
Fifth Avenue Bus
No par
Fisher Body Corp
No par
Fisher Body owe pref__ _100
No par
Fisk Rubber
Fleischman Co
No par
$ per share
78 Oct 29
7784 Oct 30
1018July 8
13 Oct 30
2812 Oct 30
64 431117 5
3
11413Sept 15
4014June 30
76
an 2
4%,
,me 27
1032July 2
5114 Oct 27
93 June 27
315
8July 2
9772 Aug 14
48 Oct 27
94 Oct 27
16 July 2
3212July 11
119%June 29
14014 July 8
10014Sept 21
140 May 20
2712 Jan 29
8514 July 3
4812 Jan 3
65 Oct 27
963 Oct 27
2 Oct26
618 Oct 30
26 Oct 1
3218 Oct 29
884 Oct 19
1012Nov 7
6214 Jan 6
8212 Jan 18
84 Oct 26
24% Oct 31
12Nov 15
9 July 6
/
1
4
6 Oct 31
993
88ept 18
115 May 2
17 July 6
78343une 21
714 Oct 24
11012 Aug 4
111 Apr 2
30 Sept 13
97 Aug 23
6 Oct 31
'July 2
50 June 21
51 Jan 2
4184June 29
/
4
1001June 21
87 July 2
334 Oct 25
418 Nov 16
55 Nov 10
127 Nov 10
10414May 22
10312May 11
4138 Oct 29
100 Sept 29
2112Sept 29
414 Oct 27
1314June 21
1278 Oct 1
114 Nov 3
77 Aug 4
171sSept 19
:Sept 27
901
334 Oct 29
42 Oct 26
612Sept 6
14 Oct 22
65 Oct 17
1158 Oct 27
33 Oct 25
3612 Oct 24
43 Oct 13
7512June 20
2418.1une 20
14 Aug 30
/
1
4
60 July 2
6514 Oct 27
20 Oct 30
41 Oct 19
8014June 28
% Oct 16
14 Oct 22
87 June 30
135 Oct 23
15 Oct 26
62 Oct 11
6634July 2
6 Oct 30
4272May 7
5 Oct 24
11418July 5
11512Nov 1
4
223 Sept 19
5712Sept 27
8534 Aug 6
812 Aug 2
3313 Aug 4
23 Aug 1
92 July 12
3 July 2
30 Aug 28
5412 July 6
2012May 21
2082 Nov 9
10014June 26
3034May 22
8934 Jan 2
20 Oct 31
10614 Jan 17
52 July 5
1314 Nov 14
1 Oct 15
5872 Oct 29
109 Oct 30
20 Sept 4
52 Oct 27
82 Oct 29
5 June 5
344June 4
/
1
714Sept 21
140 July 3
94 July 3
Vs Oct 19
3738 Feb 17
Highest
PEN SHARI,
Range for Previois
Year 1922.
Lowest
Highest
a Per share $ Per share $ per share
78 Jan 122 Sept
11112 Apr 2
72 Jan 9514 Alig
89 Feb 21
91 Jan 14 July
13 Mar 1
28 Nov 421k Oct
38 Mar 5
48 Nov 6413 Oat
59 Feb 15
7514 Aug 22 ___- ---- --_122 Feb 9 112 Jan 12214 Dee
44 Sept 5314 Dec
5572 Mar 5
82 Jan 129 Oct
8812 Apr 19
872 Oct
33 Jan
4
918 Feb 19
51: Jan 2414 May
2138 Jan 5
4338 Jan 671:May
6913 Mar 2
8618 Jan 10412 001
10232 Mar 6
303 Jan 4618 Sept
4
4078 Mar 21
91 Feb 10814 Oot
10514 Feb 9
5418 Jan 8572 Aug
85 Feb 13
84 Jan 112 Aug
10824 Jan 3
2314 Feb 47 May
3618 Feb 14
5214 Feb 71 Jan
6534 Feb 13
12512Mar 5 1141: Jan 12814 Aug
161% Feb 13 12918 Jan 1691: Sept
9612 Jan 10818 Oct
10578 Mar 3
15984 Feb 9 126 Jan 16534 Sept
4484 Apr 26
6 Jan 3314 Nov
67 Jan 9378 Sept
93 Jan 16
17 Jan 5514 Oct
/
1
4
6312 Oct 9
7814 Jan 105 Oct
10952 Mar 21
11118 Jan 3 102 Jan 11114 Dell
221k Jan 5514 Bind
34 Mar 7
1212 Jan 21 Sept
1914 Feb 16
36 Jan 67 Swot
5814 Feb 27
45 Nov 67 May
5312Mar 8
92 Nov 5 ___ ___---- -_-- --,1813 Apr 13 ___
nisi
43 -Jan 701, 89 Mar 19
75 Jan 86 Oct
89 Feb 13
76 Jan 9113 Oct
9312 Feb 26
27% Oct 6 -------------612 Apr
I% Deo
313 Feb 14
195 Dec 43 MaY
14
34 Mar 19
15 Dec 3114 May
27 Mar 19
153% Jan 10 117 Dec 1676 Oat
120 Jan 18 113 Jan 11913 Dee
914 Jan 4932 Sept
3512 Jan 12
8913 Jan 23
68 Jan 91 Sept
2814 Apr 18
9312 -Jan 1423* Oct
14414 Mar 19
1163* Jan 4 104 Jan 118 Oct
40 Jan 6738 Sept
55 Feb 16
35 Mar 23
198* Jan 5814 Apr
17 Nov 39 Apr
22 Jan 2
8
15 Mar
/ Dec
1
4
% Aug 31
33 Apr 65 Sept
6214 Apr 4
30 July 533* Dec
/
1
844 Mar 26
51 Jan 79 May
70 Mar 3
1111 Mar 12 104 Jan 116% June
/
4
Oct
94 Nov 101
9712Mar 9
71 Jan 18
4 Nov 1018 Aug
813 Jan 15 Sept
972 Mar 2
68 Mar 7654 Apr
6912 Mar 13
1912 Mar 39 Sept
2613 Feb 20
121% Jan 9 100 Jan 1241 Aug
*
70 Jan 1241: Nov
128 Feb 7
42 Jan 8478 Sept
657 Apr 2
8
1443* Mar 23 11312 Jan 147 Dog
2838 Jan 53 Oct
43 Jan 2
514 Mar 1012 Dec
11% Feb 14
15 Nov 34 Feb
22 Aug 18
4
2038 Jan 351 Oct
3778 Mar 1
684 Dec 15% Ape
918 Feb 16
87 Feb 9 68 Jan 8613 Sept
293
8M8Y 31 ---- ---- --- 83 Jan 9813 -Ap;
11012May 23
514 Feb 1138 MaY
1258 Feb 20
501z Nov 6612 June
66 Mar 1
614 Dec 1638 Mar
918 Feb 19
912 June
3 Mar
438 Feb 21
68 Feb 9314 Aug
85 Apr 9
2938 Jan 4418 Sept
4812Mar 7
7934Mar 7 6314 Jan 8284 Sept
4
328 Jan 4638 Dec
5012Mar 28
478 Jan 7914 Apr
76 Mar 14
60 Jan 8914 Sept
9034 Mar 21
/
1
4
1518 Jan 29 Nov
30% Mar 1
2214 Nov 3344 June
3173 Mar 2
43 Jan 7014 Dec
7614 Mar 28
61 Jan 8284 Oot
8332June 8
24 Jan 87 May
3538May 31
497
8MaY 26 ---- ---- ---- -3784 Apr 19 ---_ _- - --114 Jan -Ailing
278 Feb 6
5 Feb 21 June
12% Jan 15
4
554 Jan 7118 Apr
/
1
8313 Apr 9
183 Nov 13
Feb 423* 00
1838 393* Jan 3
117 Feb 8714 Nov
83 Feb 17
8513 Jan 14584 Beet
69 Feb 2
52
9 July 1552 Apr
1412 Feb 2
453* Jan 11514 Dec
5512Sept 11
114 Dec 1814 Deo
/
1
1214 Jan 19
911 Jan 13434 Oct
/
1
/
4
1394 Feb 6
12232 Feb 24 111
Jan 122% Nov
31% Jan 54 Deo
634 Feb 17
/
1
8413 Mar 21
52114 Feb 9838 Sept
9412 Mar 2
80 Jan 100 Belot
818 Jan 193* Mar
20 Feb 13
6414 Mar 15
154 Jan 4172 July
/
1
1413 Jan 28 Aug
3738 Feb 13
106 Apr 5
78% Jan 1021 Dee
1214 Mar 15
5812 Mar 20
681 Apr 27
_:-- ---- --72 Aug 30
26% Nov 6558 Apr
28 Mar 1
1512 Jan 2558 Sept
111 Mar 2 1003 Jan 11812 Aug
8
441 Jan 4
1812 Jan 46% Nov
11554 Apr 3
70 July 9012 Dec
27 July 24
14812 Apr 28 105 Dec NA Nov
6718 Mar 21
4012June 5834 Dec
2034 Jan 2
1414 Jan 2412 Dec
258 Jan 1118 June
Feb 20
72
9414 Jan 2
7614 Jan 9478 Dec
118 Jan 3 104 Jan 119 Del
2612 Deo 3112 Oct
31 Jan 10
7518 Jan 107 Sept
93 Jan 2
990g Feb 14
9112 Jan 10788 Sept
9 Jan 1612 May
13 Nov 9
3713 Mar 6284 Sept
6012 Fob 13
83* Dec 1052 Dec
10 Jan 2
1e
75 Jan 218 Dec
21214 Jan 11
/
1
4
7613 Jan 103 June
8June 14
1023
1058 Nov 1912 Apr
1612 Feb 13
4714May 4 -_
New York Stock Record-Continued--Page 3
2197
For sales during the week of stocks usually Inactive, see third page preceding.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Nov. 10.
Monday.
Nor. 12.
Tuesday,
Nos. 13.
Wednesday. Thursday,
Nov. 14.
Nov. 15.
Friday,
Nov. 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share $ per share $ per share S per share
per share
per share Shares. Indus. & Miscall.(Con.) Par
69
697
8 7012 7114 6914 713
69
6912 69
6914 6714 633
4 3.800 Foundation Co
No par
1114 1112 11
1112 11
1153 11
8 11
1138 5,600 Freeport Texas Co
3 1112 117
No Par
4412 4578 46
49
46% 487
8 4638 4712 4712 483
4 4613 477
8 6,500 Gen Amer Tank Car_ No par
32
323
8 3112 3214 313 32% 31
3114 3218 3114 323
4
32
12,700 General Asphalt
100
6614 6614 .64
66
66 •64
*64
66
400
65 4 65% 65 65
,
Do pref
100
*84
85
84
34
84
84
84
84
84
84
8414 8414 1,500 General Cigar, Inc
100
*105 106 *104 108 *104 106
10414 10414 105 105 *10412 106
100
Debenture preferred_
100
18112 18212 181 18212 181 1813 181 181741 18018 18112 180 18112 5,150 General Electric
4
_100
103 1012 1014 1012 103 1012 103 1012 1012 10% 103 1012 11,100
,
s
8
8
Special
10
1412 143
4 145 143
4 148 145s 142 1412 1438 143
1413, 25,800 General Motors Corp._No par
8 1414
*8112 82
*82
8312 .83
8412 *8012 83
08013 83
82
*81
100
Do pref
*81
83
8214 8214 82 82
*81
8112 81
*grip 82
81
400
Do Deb stock (6%)_ _ _100
*97
9812 *97
98 4 *97
,
98
98
096
97
97
98
*96
Do Deb stock (7
100
_ _ _100
48
4814 4812 4812 4878 487
8 4812 4812 48
48
4812
*47
900 Gimbel Bros
No pan
•6
613 612
7
612 612
613 63
8
638 613
7
7
1,100 Glidden Co
No par
11
11
11
1114 11
11
11
11
107 11
*1012 11
8
1,900 Goldwyn Pictures, new_ No par
20
2014 193 203
8
4 20
20
1913 1912 1912 193
4 1918 1912 4,100 Goodrich Co (B F)_ _ _ _No par
*7413 75
743 767
4
8 763 77
4
*78
79
7612 7612 1,000
*714
77
Do pref
100
041
45
427 427
8
8 443 443
4 4438 4453 4313 4418 41
4
4114
800 Goodyear Tire, pref
100
091
9213 90 90
9018 9118 •91
92
92
92
*9012 92
Prior preferred
400
100
1512 16
153 1614 1514 1512 1512 1512 1518 153
4
8 15
15,
8 5,200 Granby Cons NI,Sm es Pow 100
834 83
4
88
8
*714 8
8
8
*712 77
3 *712 8
500 Gray & Davis, Inc__ __No par
1612 1612 1614 1614 153 16
4
*16
18
1614 1614 *15
1614
700 Greene Cananea Copper_ _ _100
6
6
6
6
618 63
4
614 61
•63
612
614 63
8 1.600 Guantanamo Sugar__ _.No par
791, 8012 80
2
818 80
8114 7838 801
8014 813
4 79
8038 50,500 Gulf States Steel tr ctfs
100
*13
%
%
%
%
%
%
12
5
8
5
8
5
8 2,200 Hablrshaw Elec Cable_No par
8212 83
82
85
84
85
*81
84 .82
8412 82
82
1,400 Hartman Corp
100
3612 3634 3612 3612 3613 3612 3614 365
8 36
3614 3653 3,600 Hayes Wheel
36
100
1714 1712 163 173 *16
4
8
17
*16
17
16
17
*1612 17
1,000 Hendee Manufacturing_ _.l00
40 8 62
5
604 6024 6012 603
4 6012 6013 6012 603
4 6013 603
4 1,000 Homestake Mining
100
3378 34
34
34
3334 333
4 3312 3312 32324 323
8 3238 3232 1,400 Household Pro
No par
51
51
50
51
5112 50
5018 5018 4918 5114 4914 50
2,700 Houston Oil of Texas
100
2512 257
8 2514 26
2514 2512 2518 2518 25
25% 2412 2514 8,400 Hudson Motor Car_ _ __No par
20
207
8 21
2112 2012 21
203 2118 2114 227
4
22
2338 13,800 Hupp Motor Car Corp.... 10
12
12
12
12
3
8
3
8
*12
•12
3
8
5
8
.13
52 1,200 Hydraulic Steel
No par
*412 5
5
.412 5
5
412 412
413 41.
414
414 LOOP Independent Oil & Gas_ No par
113 112
178
17
8 *112 134
112 138
112
112
13
8
13
s 2,300 Indiahoma Refining
5
0.5
6
518 514
514 512
513 6
53
4 614
53
8 51
10
4 4,800 Indian Refining
2712 28
28
2852 2734 283
4 2814 29
283 29
8
273 2814 4,800 Inspiration Cons Conner- 20
4
•34 1
1
1
1
1
1
1
1
1
7
I
1,700 Internet Agrlcul Corp
100
6
67
3
7
7 12 *7
712
514 514
53
4 57
57
8 618 2,600
100
Do wet
4012 4113 397 4113 397 4012 393 407
8
8 40
4
41
4012 407
8 9,700 International Cement_.No par
2213 23
2214 23
2212 23
225 228
2218 2234 22
2238 9,100 Inter Combos Engine_ _No par
8 7514 7514 75
763 7653 7412 707
8
7512 7633 7612
100
3,000 Internet Harvester
•10612 10712 *1053 10712 *1053 10713 *10612 10712 *10612 10712
4
4
*105' 1061
7 4 77 ;
I
6
100
Do pref
812 853
834
8
4
*812 83
812 812
73
4 734
100
7
712 3,500 Int Mercantile Marine
35
353
8 33
3512 3353 353
4 33% 3514 3312 3412 3218 3314 32,900
100
Do pref
117 12
117 12
3
1138 117
8 113 12
8
1138 12
1112 113 10,476 International Nickel (The) 25
8
077
8312 'SO
823
4 8018 8014 *80
82
*80
8153 •8018 8138
100
Do pref
200
3414 3412 3478 3512 347 3478 333 34
8
4
333 333
8
8 33
100
33
3,000 International Paper
•6312 5412 *623 04
4
64
•62
6212 6212 *62
*62
64
64
Do stamped preferred_100
300
83
8 834
814 918
312 83
83, 83
4
4
83
8 812
818 814 14,900 Invincible Oil Corp_ _ __No par
4813 49
487 4912 *47
49
48
49
48
49
*47
48
1,300 Iron Products Corp_ _ _ _No pa
Island Oil & Transp v t c__ 10
•16
1638 1638 1633 1612 18
18
1814
1773 18
17
100
17
2,400 Jewel Tea, Inc
•66
70
•66
75
72
72
*71
74
*70
100
73
*67
73
Do pref
100
2714 2738 28
29
3414 2713 33
2912 3314 32
25
28
100
26,600 Jones Bros Tea, Inc
355 358 3512 3641 3534 36
3538 3813 37
37
*353 37
8
6,000 Kayser (J) Co, v t c _ _ _No pa
096 100
096 100
•96 100
*96 100
*96 100 .96 100
No Pa
Do 1st pref
I
2518 253
8 253 263
8
8 2533 253
4 243 2513 2412 263
4
4 2512 263 15,300, Kelly-Springfield Tire
25
4
•70
80
*70
80
*72
80
*74
80
*74
80
*74
80
I 8% pre(
100
090
94
*90
93
88
88
*80
92
*80
92
*80
88
100
100 Kelsey Wheel, Inc
343
4 34
34
3518 34
3438 348 343
34 8 3478 3418 343 22,400 Kennecott copper
,
4
No pa
314
3
27
8 318
s 3
27
3
3
3
318
3
318 8,600 Keystone Tire & Rubber__ 10
0260 265 2633 270 272 272
4
272 27412 274 280
2803 285
4
100
2,500 Kresge (SS) Co
831, 8313 833
*83
4 8314 8314 •82
13 % 1334
8314 8212 8212 *73
1612 73 3
184
700' Laclede Gas (St Louitll
100
•1314 1312 013
1312 1338 133 *1314 1312
8
600 Lee Rubber & Tire__.No par
220 22014 220 220
223 225 *223 224% *220 225 •____ 224
600 Liggett & Myers Tobacco_ _100
*116 1163 •11614 1163 11614 11614 •11614 1163 •11614 1163 *11614
8
4
4
4
1163
100
4
100
Do Pre!
6684 6753 6714 6814 67
67 8 6618 6714 6618 6718 6434 66
,
11,900 Lima Loc Wks temp cti.No par
1714 1714 17
1712 1714 173
4 1712 1712 1738 1712 173 171 13,500 Loew's Incorporated_ _ _No par
8
*614 612
614 614
614 612 *614 6 2 •614 612
614 63
,
3,500 Loft Incorporated
NO par
5513 5614 5613 565
8 5612 5714 5612 5712 56
57
54
561
3,200 Loose-Wiles Biscuit
100
•16112 162
161 161
162 1661 165 1673 16634 16734 167 1673
8
5,000 Lorillard (P)
100
0109 115 *109 115 *10914 115 •109 115 •1083 115
8
*109 115
Mackay ComPanic2i
100
79
81
7913 813
4 8014 81
793 807
4
8 804 82
7912 8138 20,700 Mack Trucks, Inc
No Par
09113 94
*93
94
94
•93
93
93
937 938 .92
931
200
Do let preferred
100
•85
87
*33
87
85
85
85
*843 85
8.5
4
85
85
300
Do 2d preferred
100
063
6312 63 63
64
•60
64
64
64
6414 64
6412 1,300 Macy
No par
31
3113 31
31
303 303 *30
4
4
31
3012 3012 *2312 2912
500 Magma Copper
No par
30
30
29
293
4 2813 30
303 3113 3112 3212 31
4
3214 22,800 Mallinson (H R) & Co_No par
*5214 55
55
5478 553
55
4 56
5612 5513 5512 *5412 59
1,200 Manta! Sugar
100
•7812 80
7812 7812 *7812 80
*7812 84
*80
84 .80
84
100
Do pref
100
373 373
4
4 354 3718 36
3678 36
39
377 39 8 3814 413
,
4 5,800 Manhattan Elec SuPPlyNo par
43 43
44
44
•43
44
*41
433
4 43
445 •4112 42
1,000
25
203 21
*2014 2012 20
4
203
8 20
20% 204 2018 1934 2034 5,100 Manhattan Shirt
Maracaibo Oil Expl_ _.No par
2212 21
22
2114 1912 213
2218 20
8 21
217
8 2118 2214 38,900 Marland Oil
No par
•2
4
*218 4
*2
4
3% 3% •33
$ 312 *33
8 31,
100 Marlin-Rockwell
No par
3214 3234 32
3212 3218 33
32
3214 313 313
8
8 3014 3138 4,600 Martin-Parry Corp_ _ _ _No par
3613 3713 36
37
35
35
35113 3518 353 373
4
4 36
363
4 2,700 Matineson Alkali Works.- 50
4612 4814 467 487
8
8 4612 4838 487 55
8
513 5414 5112 5612 95,200 Maxwell Motor Class A__ _100
4
1314 1378 1312 137
14
8 1312 14
173
3 1514 163
4 1534 1678 65,900 Maxwell Motor Class
B No Par
83 8314 83
844 8212 833
4 83
8412 82
8212 8112 82
7,600 May 1)epartment Stores. _ _100
1618 1618 01618 1613 16
16
16
16
164 1618 16
1618 1.100 McIntyre Porcupine Mines___
1134 1238 1214 127
1113 1212 1212 137
, 1112 12
1212 1313 19,100 Mexican Seaboard 011 No par
11
113
8 12
123
8 1114 1114 103 12
8
124 12% 1214 1273 7,700
Voting trust certificates__
2212 2234 2234 227
8 227 227
8 22% 223
8
4 2212 22% 2212 221, 2,100 Miami Copper
5
43
4 478
434 478
412 43
33
8 438
414 4%
. 10
263 263
02612 28
263 27
8
8
8 2612 2612 263 263 *2311 2354 65,100 Middle States Oil Corn_
4
4
6
7
700 Midvale Steel & Ordnance_ 50
62
*6112 6212 *6112 52% *6112 6212
4 62
613 613
4
601 Montana Power
100
2314 2314 24
23
8
233 243
243 25% 2512 2614 641 65
8
21
: 213'4 57,800 Mont Ward & Co Ill Corp_ 10
2
2314 2314 223 2318 2214 2278 2212 23
8
23
233
8 21
23
Vo par
4,800 Moon Motors
834 9
9
93
8
918 914
914
9
9 4 914
,
9,200 Mother Lode Coalltlon_No par
•1414 15
*1414 15
*1112 14
12
12
*13
14
•13
834 1314
9
100 Mullins Body
No Par
3512 357
8 35 3514 3518 3514 *35
353 *343 353
4
4
4 35
35 8 1,600 Munsingwear
,
No pa
96
95
96
*91
93
93
94
94
95
95
*92
96
700 Nash Motors Co
No par
9712 9712 *9712 98
971, 9712 9712 9713 *9712 98
87 2 9712
,
100
Do preferred A
700
712
*7
4 814
7
*73
7 - 712
1
7
7
•7
71
50
1,400 National Acme
503 5112 5083 5112 5014 503
4
503 507
4 5012 51
4
8 503 5114 9,400 National Biscuit
4
25
123 123 *122 123 *122 123
123 123 •122 123 *12014 123
200
100
Do pref
62
62
39
623 .6112 63
4
6312 6478 6414 6432
6112 63
2,800 National Cloak & Suit_
100
41 8
-ioi, 41
-5-55E8 163; 3938 4038 3813 3934
12312 12312 124 12514 *1224 125 *121 124% 125 12512 *122 1243
4
:3
*11114 11214 01113 113 01113 112 •11112 112 •11113 112 011113 112
3
1118 113
8 113 117
1034 11
8
8 1134 12
113 1218 1123 1478
4
3712 3712 38
383
8 3713 3812 3718
38
38
38
308 373
4
474 4714 47
47
47
4714 4712 4712 4712 4713 04718 ____
1812 *18
187 018
*18
19
19
*13
18
18
•1613 18
44
041
*4214 44
041
44
*41
4312 041
4312 041
4312
8 2218 2212 2214 223
2218 223
8 2218 223
8 2218 2238 22
2214
*4412 45
45
4434 4434 45
8
447 4478 4414 443 *44
4
45
*144 15
*1412 15
15
*1413 1514 *1412 15
15
1413 1412
9
*8
9
*8
9
*8
•8
9
*73
4 9
838
8
27
•24 4
*214 4
3
27
8 27
8 *2
212 *2
2%
113 *1
1
118
•1
Ds •1
118
113 •1
1
1
6
*4
6
*4
6
*4
*4
.4
6
6
•4
6
173 *17
4
1712 1714 1713 17
1712 1712 .17
17
17
1712
130 13332 13433 13512 13314 133
•128 132 0128 131
129 132
8
8
8
814
818 818
8
8
7% 8
7
,2 8
43
43
43
4212 43
43
4212 43
4214 4212 4178 4218
12
4
•12
5
8
53
3
8
*12
3
4
3
3
3
4
5
8
8112 82
.8134 8212 8134 82
824 83
,
823 823
4
4 813 8218
4
932 11
int 914
91 1 10
105 11 1 4
8
11 1 2 1112 107 12
8
•1310 and asked prices ntt sales this day. ,Ex-dividend
Nat Conduit & Cable .No Pa
- 3,100 Nat Enam'g & Stamping 100
100
1.300 National Lead_
Do pref
100
11,200 Nevada Consol Copper
4,100 NY Air Brake temp ctfs No pa
Class A
No pa
800
100
100 New York Dock
100
Do pref
21,600 North American Co, new.. 10
50
900
Do pref
300 Nova Scotia Steel & Coal_ _100
200 Nunnally Co (The)____No par
300 Ohio Body & Blower_..No par
5
300 Okla Prod & Ref of Amer
Ontario Silver M ining_ _ _ _100
1,600, Orpheum Circuit, Inc
1
1,800 Otis Elevator
100
3.400 Otis Steel
No par
1,500 Owens Bottle
25
2,000 Pacific Development
2,200 Pacific Gas & Electric
100
6,900 Pacific Mall Steamship.... 5
PER SHARE
Range since Jan. 1 1923.
On basis of 100
-share lots
PER SHARE
Rangefor Previous
Year 1922.
•
Lowest
$ per share
5813 Oct 29
912 July 2
3812 Oct 29
23 Aug 9
60 Sept 27
8018June 28
10414 Nov 14
168 Sept 20
1014 Oct 19
1234June 28
79 July 10
783
4July 17
933 Oct 30
4
3912June 27
6 Sept 22
8 Nov 5
178 Oct 23
673 Oct 20
4
35 Oct 26
88 Oct 30
12 Oct 24
7 0:.7 10
133 Oct 31
4
5 Sept 19
66 June 28
14 Aug 8
793 Nov 1
4
31 July 5
12 July 2
60 May 23
235
8July 2
40% Aug 4
20 June 28
15% Oct 29
12 Oct 27
3% Sept 21
1 Oct 19
4 Sept 1
2314 Oct 2
12 Oct 2
44 Oct 30
31 June 28
193
8June 28
663 Oct 29
4
106 Oct 27
4% Aug 9
1812 Aug 8
103 Oct 26
8
6934 Jan 4
277 Oct 26
8
60 Oct 24
74 Nov 5
3212 Aug 6
4 Oct 3
153 Oct 11
8
62 June 20
25 Oct 29
28 July 2
96 July 2
2012 Oct 17
78 Nov 3
75 Oct 18
29% Oct 26
1 8 Oct 19
,
177 Mar 2
Highest
Lowest
Highest
$ per Mare $ per share $ per share
7838July 20
22 Jan 13i
1214 Jan
2714 Oct
717 Feb 20' 4534 Jan 80
8
Oct
54 Mar 71
3714 Nov 7334 July
83 Mar 7
69 Nov 111 July
943 Mar 14: 65 Mar 83% Dec
8
110 Apr 2
94
Jan 109
Oct
19018 Feb 2 136
Jan 190 Dec
12 Jan 2
104 Oct 12 Sept
174 Apr 18
814 Jan
1514 July
89 Apr 17
69
Jan 86 Sept
90 Apr 7
673 Mar 9614 Oct
4
105 Apr 10
794 Mar 100 Sept
5112 Apr 24
384 Oct 4518 Oct
1238 Feb 9
93 Nov 1814 June
4
2218June 5
4118 Mar 22 -2812 Nov 447 May
8
7912 Nov 91
9212 Mar 6
Apr
6212 Apr 25
99 Feb 19 ____
33 Mar 23
22 Nov --5
Siii
8 Nov
197 May
1538 Mar 7
8
22 Nov 343 May
3418 Mar 6
8
1438 mar
1412 Feb 14
7 Feb
1045 Mar 21
8
447 Jan 947 Oct
84
212 Jan 12
947 Feb 6
8
378 Mar
_j__
_an
44 Apr 19
-Jan -213- Sept
23% Feb 16
4
15
8
N
797 Jan 2
Jan 8
55
394Mar 15
-6114 Nov -5- 134 -6ct
78 Feb 16
3234 Mar 8
8
263 Dec
1912 Aug
3012 Apr 2
2818 Deo
107 Jan
16,4 an 8
112Ny 3
311 Feb
1418 June
19 Mar 19 - -Jan
314
15'4 Dee
1138 June
812 Apr 8
5
Jan
43% Mar 1
31 Nov 45 June
55 Dec Ilh May
11 Feb 20
397 Feb 23
8
4318 Mar
2312 Nov
44 Mar 19
3 Mal
26
Jan
38,
2718 Apr 6
2018 June 304 Sept
9812 Feb 7
79% Jan 1157s Aug
11614 Jan 4 10512 Feb 119 Sept
11 8 Feb 14
,
8% Dec 2718 May
47 Jan 5
41% Dec 87% May
1614 Feb 16
1114 Jan 19% Apr
Jan 85
83 June 12
60
Jan
583 Mar 6
8
4312 Mar 63% Oct
59 Mar 8012 Sept
7518 Jan 5
1914 Mar 7
1218 July 2014 Apr
Jan 534 Oct
24
5814 Mar 8
14 Nov
38 Feb 24
3
Jan
24 Mar 15
Jan 2212 May
10
3812 Jan 76% Dec
82 Feb 26
3412 Feb 57% Sept
63% Mar 16
45% Feb 23
34 May 48% Aug
104 Mar 23
94 May 106',June
6218 Mar 22
3414 Jan 533 May
4
108 Jan 18
9012 Jan 107% May
11714 Mar 6
61 Feb 11512 Deo
45 Mar 1
8
2512 Jan 393 May
1118 Mar 24
434 Nov 24 8 May
3
285 Nov 16 110
Jan 18912 Nov
75 July 5 892
Jan 9413 Aug
81une 9
43
113 Oct 19 31% Mar 22
8
2414 Nov 3518 Mar
1903
4May 2 225 Oct 16 15314 Feb 235
Oct
1113 Apr
4
11818 Jan 8 108
Jan 12312 Nov
5814Jtme 2
74% Mar 20
117% May
62 No
14 June 21 2114 Feb 14
103 Jan 2334 Sept
8
6 Sept
1134 Jan .5
Jan
9
1414 may
3614 July
6314 Mar 2
Jan 67% Sept
38
146 June 21 178% Feb 9 14714 Jan 180 Sept
103 May 23 121 Feb 6
Jan 117 Dec
72
5318 Jan
9312 Apr 6
2512 Jan 617 Sept
8
87 July
9914 Mar 12
68 Fe
9412 Dec
92 Mar 5
72 June 2
Jan 873 Sent
54
4
57 July
7112 Jan 20
59 Nov 62 Deo
3414 Mar 3
2714 Oct 2
2718 Nov 3534 Sept
21 June 27 40 Jan 2
1512 Jan
40 Aug
43 July 31 7514 Mar 14
3014 Jan 52 Mar
72 Oct 2'
, 90 Feb 28
7314 Apr 84% Sept
35 Oct 1
66 Mar 21
41 Mar 69% Apr
40 Oct 30 4778 Jan 5
32 Mar 583 Oct
4
16 Sept 1
2212July 26
1712 Oct 31 593 Apr 2
8
,
464 June
22 8 Jan
314 Nov
512 Mar 26% Mar
16 Feb 26
26 July 31 3734 Apr 17
2014 Jan 3614 June
3114 Oct 23 6412 Mar 14
22
Jan 54 Nov
36 3)11 13 6314 Mar 8
4114 Nov 745 May
1014 Oct 2 21 Apr 5
11 Feb 237 June
,
67 8 Jan 5 86% Oct 24
,
8512 Dec 17434 Dec
15 Sept 18 2012May 4
1038 Jan
215, Mar
53 Aug 15 23%May 28
4
15
Oct, 3412 July
6 Aug 15 2314May 28
12
Oct, 324 July
2012 Oct 29 3012 Feb 23
25 Nov 1 313 May
8
312 Nov 16 1214 Jan 12
11 Nov 16
Apr
2112June 29 333 Apr 18
8
2618 Dec 4514 May
5412June 28 75 Mar 8
63
Jan 768 Sept
1814May 22 2614 Nov 15
12 Feb 2534 Aug
17% Jan 17 29% Mar 22
13 Aug
1938 Dec
718June 20 14 Feb 20
93 Nov 1214 Dec
8
1018 Aug 21 29% Mar 15
1714 Dec 34 mar
3112 Oct 26 3612 Nov 7
7518 Jan 2 1144 Jan 12 --io Dec 62.5 Id);
9612 Apr 23 101% Jan 17 10112 Aug 108 Dec
912 Nov
7 Nov 12 1818 Feb 19
2114 Apr
38 Jan 5 523 Nov 8
8
367 Dee 270 Dec
11812July 5 125 Feb 2 11312 Jan 126
Oct
40 June 18 6714 Feb 21
26
Jan 667 Sept
8
112 Feb 24
14May 31
1 Dec
418 AD!
35 Oct 18 73 Mar 14
303 Jan 6812 Oct
4
108 July 5 1363 Mar 20
4
85
Jan 129% Dec
10712June 28 114 Jan 4 108
Oct
Jan 117
918 Oct 27 183 Mar 5
8
194 June
1318 Nov
265 Jan 2 41 Apr 25
8
2413 Nov 41% Sept
4514 Aug 23 514 Feb 13
454 Nov 5114 Oct
1514June 30 27 Apr 2
20 Nov 46 June
373 Aug 14 5112 Mar 15
4
46 Nov 634 June
1712N1ay 21 2418 Apr 13
-4212July 2 484 Feb 14
Jan 471g Aug
38
1414 Nov 9 29% Mar 3
20% Feb 40 Sept
77 Oct 20 1018 Feb 9
8
July 123 Mar
4
8
178 Nov 1 104 Jan 29
1414 Apr
5 Nov
78 Nov 2
134 Dec
428 June
318 Feb 8
3 July 21
93 Mar
8
44 Jan
77
8May 7
1614June 21 21% Apr 28
Oct
12% Jan 28
11412July 30 153 Feb 16 116
Jan 168% Oct
7 June 30 143 Mar 21
6% Nov
1612 Apr
4
36% Jan 2 523 Apr 2
Jan 423 Sept
24
2
4
11 Dec 1418 Apr
Jan 2
214 Mar 5
73 July 2 854 Aug 20
60
Jan 914 Sept
7 July 2 1214 Mar 14
Jan
11
19 June
2198
New York Stock Record-Concluded-Page 4
page preceding.
For sales during the week of s•ovis usually inactive. see fourth
PER SHARE
Range since Jan. 1 1923.
STOCKS
Sales
-PER SHARE, NOT PEE CENT.
HIGH AND LOW SALE PRICE
-share lots
On basis of 100
STOCK
for
NEW YORK
EXCHANGE
the
PridaY.
Tuesday. ! Wednesday. Thursday,
Monday,
Saturday,
Highest
Lowest
Week.
16.
Nov.
Nov. 15.
Nov. 13. 1 Nov. 14.
Nov. 10. ; Nov. 12.
PER SO Al:E
Range for Precious
Year 1922.
Lowest
Highes1
$ per share $ Per share $ per share
& MIscoll.(Con.) Par $ per share
$ per share $ per share $ per share $ per Share $ per share $ per share Shares. Indus.011
8
4212 Nov 693 May
3114 Sept 19 4878 Jan 4
3814 373 38
37
365* 3818 20,400 Pacific
4 373* 38
383
38
383 39
10 Dec 21 Nov
97 Oct 23 1512 Mar 22
10
4 4.600 Packard Motor Car
4
4 113 113
4
8
4 115 1178 113 113
8
1134 113
113 12
1178 12
9114 Dec 92 Dec
100 9018June 5 99 Feb 7
Preferred
400
945
9458 945*
945*
94
954 94
*9312 9518 9314 9314 *92
8
48% Jan 1007 Dee
50 53 Sept 28 9312 Fob 7
5712 5812 30,400 Pan-Amer Petr & Trans
59
5912 60% 5818 5912 5712 5914 58
5914 605
4012 Feb 95% Dee
50 5013 Oct 19 36 Feb 7
Do Class B
555 5612 45,900
.57
56
k 57
5812 553* 5714 5412 57
8
3 Dec 1212 Jan
565 577
6% Apr 5
114 Oct 26
Panhandle Prod & Ret_No Par
500
112
14 *114
114
13*
114
112
74 Nov
112 *114
Apr
17
.114 112 *114
9 May 23 1512 Mar 13
No par
1,200 Parish & Bingham
1013 1012 .1012 11
11
11
11
11
11
104 11
2
133 May
"11
2% Dec
6 Apr 4
112 Oct 8
238 12,700 Penn-Seaboard St'l v t eNo Par
214
214 212
28* 212
5 212
23
214 217
214 212
4
593 Jan 99 Sept
88 Apr 27 9413 Jan 30
9312 3,600 People's 0 L & C(Chic)_100
9314 9314 9312 93
4 93
3
3112 Jan 45 8 Sept
9214 9234 925 9314 9212 923
8
3,500 Philadelphia Co (Pittsb) . 50 41 July 2 5014 Mar 19
4212 43
434 425 43
43
4214 43
*4334 4412 4312 44
7314 Oct 1054 Jan
No par 55 Aug 9 80 Apr 4
200 Phillips-Jones Corp
5914
*55
55
5918 55
5918 *55
5918 *55
57 .55
57
2218 Oct 22
10 1112July 2
1
4 4.000 Phillip Morris
1812 1812 .1812 1912 1812 2018 19 4 193
19
1814 1814 .18
2814 Jan 6914 June
1934Sept 18 6958 Apr 5
8
2314 2512 235* 243 25.200 Phillips Petroleum ___No par
24
8
227 2314 2318 23 2 2234 2318 23
,
8 July 245 Apr
614July 2 1514 Jan 14
914 4,000 Pleree-Arrow Mot Car_No par
93*
95
93, 95* .9
Apr
9
3
98
*9
912
98 *9
8
187 July 49
100 1312July 2 35% Jan 9
Do pref
3,700
21
21% 21
2112 21
20
Jan
2112 2112 2112 2212 .2012 22
3% Dec 12
6 Feb 13
112July 5
25
17
212 8,700 Pierce Oil Corporation
17
15
*
4
8 13
15
17
8
17
Jan
134 17
134 2
32 Sept 71
Oct 11 45 Jan 4
100 16
Do pref
2712 5,000
26
4
243 257
23
4 23
223
21
22
72% Sept
.20
4 21
203
65 Nov
8
100 58 Jan 16 877 Mar 7
700 Pittsburgh Coal of Pa
61
,
601s 60 8 *60
6014 .6014 6013
60
8 60 60
8
617 617
9018 Feb 10012 Sept
100 90 Oct 26 100 Apr 5
Do pref
300
9812
9812 9813 9812 .98
9812 *97
9812 .97
*9712 9812 *97
Oct
6558 Apr 120
No par 47 July 5 134 Feb 8
1,000 Postum Cereal
50
5218 5218 50
53
4 53
523
5212 527 *52
,.5212 53
4
100 10812June 30 11414 Jan 25 10512 Apr 11212 Oct
1
Do 8% preferred
.110 1121 •110 11214 *110 1124
110 11212 *110 11212 *110 11214
Jan 9514 Sept
63
100 4212 Oct 23 8113 Jan 2
1,800 Pressed Steel Car
53
53
7 544 55
4
543 *5313 .5418 5312 54
55 1 54
Feb 100 Sept
91
53
100 80 Oct 23 9934 Jan 5
Do pref
700
87
.85
86
86
8612 881
8
877 877
•8812 90 .8612 90
2418 Jan 51 Sept
s
8 1714 177 52,100 Producers& Refiners Corp_ 50 17 Nov 15 5818 Mar 20
177
17
1712 177
1814 1812 17% 1818 175* 18
No par 42 Sept 18 5112 Apr 16
4413 4412 4412 4334 4412 3,200 PubServCorp ofNJ.new
8 44
4634, 4412 453
45
4512 46
100 11012July 2 134 Mar 8 1051, "Jrui 139', Sept
32,700 Pullman Company
8
1195g 1203 11912 12412 123 1254 1235* 124181 124 12512 122 12414 8.200 Punta Alegre Sugar
Jan 5314 June
31
80% Apr 19
50 4118Juiy 31
4
523
525* 52
8
385 Jan
4 525 534 5214 534 5214 .5213 52
4
2812 Nov
523 523
8
25 12 2
100 86:4824 21 32 Feb 13
8
163* 167 10,200 Pure 011 (The)
4
4 1712 In 175 1734 1714 175* 163* 17
1712 173
94 July 1023 Apr
100 Mar 9
Do 8% preferred
88
88 .86
88 .86
*86
88
*86
88
87
.
Jan 12614 Sept
94
100 9912 Oct 29 123 Mar 17
Spring
800 Railway Steel
107 10712 10712 10712 10612 1061 *10612 10712 106 106
10614 107
1912 Jan 3612 Sept
No par 2914July 16 34% Feb 19
100 Rand Mines, Ltd
2
8
317 317 *3114 3358
8
8
8
338 .317 3314 *323 33
335 *31
19 May
*31
1218 Nov
1714 !Aar 1
8Sept 21
97
4 123* 1212 20,600 Ray Consolidated Copper_ 10
8
123 123
81 1214 127
1218 124 123
1112 1218 12
Jan 42 Mar
24
400 Remington Typewriter v t c100 24 June 27 4818 Mar 6
35
*33
35
*33
35
.33
5 355s 36
8
357 36
36
35
Jan 105 Dee
55
,
100 98 Aug 29 104 Feb 13
let preferred v t c
93
.90
93
9312 .90
93 .90
*90
93
*90
93
•86
5012 Feb 8034 Dee
100 80 Jan 3 981 4 Nov 12
2d preferred
100
*9714 100
*9612 100 .9714 100
3812 May
*9514 9814 9814 9814 *94 100
21 Nov
8 oci 25 3134 Feb 16
No par
97 1022
2 *9
4 97
93
,
9 2 1014 3,400 Replogle Steel
4
*912 93
912 978
7812 Mar
,21
9
4812 Nov
100 4018June 30 6634 Mar 21
13,000 Republic Iron dr Steel
47
8 4512
4
453 475
4658 47141 4512 46
4634 48
46% 473
Feb 9534 May
74
1 98% Mar 21
4
100 843 Oct
Do prof
92400
9012 .90
9012 90
9012 *90
50% June
9012 9012 9012 .90
*90
1214 Nov
No par 14 June 30 29% Apr 17
8
2214 2112 215s 215 2218 2114 2114 8,100 Reynolds Spring
22
21
21
21
4
•20
43 Mar 633 Nov
8 9,500 Reynolds(RJ)Tob Class B 25 47 Jan 10 734 Oct 22
7014 7012 7014 7114 7018 703
4
8 704 7112 7018 71
7012 707
100, 114 July 9 118 Feb 9 111 1/1 Apr 1183 Oct
Do 7% preferred
117 117 .116 118 .117 118100
117 118
.
•117 118 *117 118
8
473 Jan 67 June
4 7,000 Royal Dutch Co(N Y shares).1 4012 Aug 1 5512 Feb 19
4
463 473
49 4912 4812 4812 4734 48
4
473 4818 4812 49
2014 Sept
8
125 Jan
10 17 June 29 2258 Mar 9
1,100 St Joseph Lead
4
2018 193 20
4 2012 204 20
203
4
614 Mar
4
4
203 203 *203 21 .20
112 Jan
5 Feb 14
114 Oct 4
300 San Cecilia Sugar v t e_No par
15, 158
134
112 *112
112
4
•112 13
.112 2
247a Apr
*112 2
10 14ug
3218 2,600 Savage Arms CorporatIon_100 1812 Jan 3 3414 Nov 9
31
4 3214 3214 3214 3214
4
4
4 323 3312 323 323
3312 333
Stores__No par 88 May 3 99' July 9
13,000 Schulte Retail
94
9434 95 1 93
96
9618 96
96
59% Feb 9478 Atli
8
987 9812 957 983
100 6534June 30 92% Feb 13
22,600 Sears, Roebuck & Co
8714' 834 86
4 86
84
8612 8518 863
8314 86
Jan 112 Aug
4
91
823 83
100 10612June 4 11312June 12
Do pref
100
110 110 *109 111 '110 111 *110 111
Oct 2314 Jan
108 115 .110 115
.
47 Oct 26 1212 Mar 3
6
No par
25,200 Seneca Cooper
54 6
614
6
12 Juno
7
Ps
6
7%
7
6
612 Nov
%
6
8
6
5 Oct 15 107 Mar 2
10
812 1,600 Shattuck Arizona Copper
6
7
7
634 7
6% 65
8
6
3412 Dec 4818 may
612
534
534
Shell Transp & Trading_ a 294 Oct 3 4114 Mar 7
200
3314 3312 .3112 325* *3112 33
1218 Dec 1314 Dec
4
•3214 333 *33
333 .3312 34
1914May 23
8
No par 123 Jan 8
4 1418 22,500 Shell Union 011
8
8
143 14% 1412 1458 14% 143* 1418 148* 137 1414 133 9112
100 8912 Nov 2 95 May 23
Preferred
900
933* 9112
4
924 9112 913 '92
16 Feb 28
.90
91
90% 90% 91
612July 31
10
3,700 Simms Petroleum
8 •858 9
8 85
85
87
834
83*
8%
9
9%
No par 23 July 31 34% Mar 23
'
912 913
2,600 Simmons Co
264 27
8
4
1834 Jan 383 June
8 26% 2634 2634 2634 267 27
2678 2678 265 267
8
16 Sept 18 39% Mar 19
Sinclair Cons 011 Corp_No Par
4 1818 1812 28,900
4
1814 173 183
1812 1878 183* 1878 173 1812 18
4
100 8014 Aug 23 9918 Feb 14
Preferred
200
81
81
82
82
84
84 Nov
s
ll7 Oct
*81
84 .82
84
84
.81
81
.
8
95 Jan 2 35 Mar 31
10
8,400 Skelly 011 Co
168* 15% 18
4 16
163
3413 Mar 5412 May
1638 1612 1614 1612 1534 1612 16
Iron.100 3914July 11 60 Apr 26
5034 4818 4912 6,400 Sloss-Sheffield Steel &
50
50
60 Mar 80 Aug
49
46
48
4812 5114 4812 50
100 68 Jan 13 90 Mar 16
Do pref
300
82
82 .81
*81
33 Nov 5714 Mar
82
79
.72
794 8
79
014 8014 .81
100 3814 Aug 4 8414 Mar 19
1,800 South Porto Rico SUgar
51
50
8
15 Nov 24 June
52
53
5212 5212 53
5212 505 51
51
4June 30 27% Feb 18
113
52
No par
900 Spicer Mfg Co
.1334 14
8
137 14
Apr 96 Sept
14
15
1418 1434 14
1514 1514
84
.13
1011 88 Oct 19 97% Feb 2
Do pref
I
88
90 .86
90 .87
844 Dec 141 Sept
90 .85
90
92 .85
*85
.88
100 6314 Nov 13 9012 Jan 23
200 Standard Milling
64
Oct
6512 64
67 .64
91% Jan 135
12312 Jan 2
6314 63 4 .63
,
67
67 .63
.83
4718July 30
523 5312 19,200 Standard 01101 CalLfornia_ 25
54
53
54
53
4
54
4
533 5414 533 5412 53
3812 Dec 25012 Oct
4414 Mar 3
8July 31
327 21,220 Standard 0101 New Jersey 25 307
3218
3234 33
11338 Jan 11612 Nov
3318 323* 3318 3212 3314 323 33
33
4
1,000' Do pref non-voting____100 1145 Aug 24 11814 July27
4
11714 11714
8
1167 1167 117 117
117 117
4518 May 833 Dee
117 117 *1168 117
8
No par 51 June 29 875 Mar 2
500 Sterling Products
5712 57%
4 58
5812 5812 *5712 58
53
4 58% 583
583
2413 Jan 79 Dee
.58
Stewart-Warn Sp Corp_No par 74 July 5 12411 Apr 17
28,890
51 87
88
88
87
8714 89
88
8718 8814 86
86
3514 Jan 71 Dec
5912July 2 9414 Mar' 8
8012 36,200 Stromberg Carburetor-No par
s 8012 8112 78
4
7934 777 797
793 817
4 77
774 783
7918 Jan 141% Dec
935 Oct 1 12614 Mar 21
4
8
10112 1021 10218 1033 1003 1023* 110,200 Studebaker Corp (The)___100 112 Jan 4 117 Nov 7 100 Feb 11814 Nov
10218 1033 1023* 10412 102 103
4
100
Do Prof
8
87 Nov
.11314 119 *11314 119 •11314 11814 .11314 118 *1131 118 '11314 118 I
312 Jan
6
7 Jan 3 15 Apr
No par
1212 13 I 1214 12% 46,100 Submarine Boat
8 123* 13
137
1014 1112 12
123
1014 June
4 13
6% Feb 15
4 Nov
2 Sept 18
No par
700 Superior 011
8'
23
23, 214, .2
214 214
214 214
*214 212
23* 238
Jan 3912 Apr
20
34 Mar 22
,
100 23 2 Oct 27
Superior Steel
25 .223 25 .223 23 1 *223 25 1
4
4
4
2o34 25 .2234 25 *
5 Mar
1% Nov
4 Oct 30
1 June 4
10
34 33
3
314 312'
8
33 12,700 Sweets Cool AMETiCa
31_
314 3% --if4 314
3
4
123 May
8% Nov
4
8 June 21 123 Feb 21
878 9 1 2,000 1 Tenn Copp & C tr ctfs_No par
9 1
94 *9
9
914
9
9
912
9
918
42 Mar 5214 Oct
8
8
25 345 Nov 2 527 Mar 20
8 38
385* 3818 385
3858 3815 3918, 3818 3834' 41,1001 Texas Company (The)
3818 388 38
3812 Jan 6718 Nov
10 5314July 2 65 Jan 15
Gulf Sulphur
617 6212 62
8314 6178 6314' 61
623* 19,800 Texas
8
617 6212 6214 63
4
1812 Nov 323 June
512 Nov 2 2414 Feb 2
10
74
63
7
4 63
4
s1 4,100 Tetras Pacific Coal & 011
67
65
613 6%
7%
7%
7
7
Oct
4
100 94 July 2 144 Mar 2 1093 May 154
800 Tidewater 011
100 10112 10112 10112 "101 102 "101 102
.101 105 *1004 105
Oct
2812 Sept 35
Jan 2 45 Mar 8
4 5,000 Timken Roller Bear1ng_No par 3318
383
8 3813 3814 385* 383
8
3812 38
4 38
4
373 3818 383 387
4914 Nov 8414 June
4 6112 Aar 27
4
4
563* 553* .5818 5614 5754 5S84 5714 18,0001 Tobacco Products Corp_ ..100 463 Aug
553 5638 56
5512 557
:
Ms Aug 891 Sept
(since July 15) 100 7612July 2 9018 Oct 25
8612 86
868* 853 863
4
8 873* 8812 28,800, Do CIA
8 863 887
8
855* 8618 86
88 Mar 115 Sept
100 10434 Feb 9 11512 Oct 25
2,700' Preferred
*114 11412 1144 11418 11418 11414 1141, 11414 114 115 1 11334 114
vi Mar 2018 May
114 Oct 25 144 Jan 5
24 15,500 Transcontinental Oil__ ..No par
2
2
214
2
24'
24
2
,
2 8 214
214 217
_
357 Aug 1 4134June 29
7001 Underwood Typewriter_ _ _ _25
38
*3712 39
*3712 38 1 .3712 38
*375 3814 3712 378 38
55 Mar 78 Bei%
28
2,300, Union Bag & Paper Corp 100 50 Oct 27 7711 Mar
59
4
4 59
4 58
4
5812 6014 593 593
583 583
50
58% 59
85 Dec 134% Dee
100 81 Feb 1 9934 Mar 19
1 Union Tank Car
95
95 .90
95 .90
95 .90
95 .90
Feb 113 Seta
95 .90
•90
100 108 Sept 8 112 Jan 19 102
Do pref
100
108 108 *107 10814
Jan 4114 Mar
4
•10612 1083 *10612 108 •10612 108 .10612 108
25
3913 Mar 21
NO Par 29 July 31
400 United Alloy Steel
31
.30
Oct
*30
31
31
31
31
31
*30
314 31
80% Mar 85
31
100 7414 Oct 31 8534 Feb 26
United Drug
700
8
76
7712 7712 7712 78 .78
*7712 78
4118 Feb 517 Oct
7814 78
*7612 78
Feb 14 49 July 1
60 4614
Do 1st preferred
100
4712
47
4714 47
Oct
*4614 4714 .46
4634 4714 .4634 4714 *46
.
2 11944 Jan 162
15213 Jan 17 183 Mar
500 United Fruit
4
1743 1743
•17314 175
4312 Feb 8713 Oct
17612 17678 17534 175 .172 174100 al Oct I() 8418 Apr 17
•176 178
200 United Retail Stores._.No par
5
.412 47
414 412 .4
*412 5
. .3
*41
1618 Jan 39 Aug
*412
4
3 41, Nov 9
July
39
3912 3914 393
4 3714 3912 14,000 US Cast Iron PIPe & Fdy..100 20 June 21
Jan
78 Aug
50
8 3912 4078 387 397
81 Nov 16
014 407
4
100 64
Do Prof
84
800
83
83
83 I 83 83
84
1018 Jan
4
23 Feb
83 83 12 *81
83
.82
618 Mar 19
4 June 28
418 *378 43, 0,300 U (3 Food Products Corp J00
414
4
4
414 45,
8
257 May
1812 Nov
8 5%
47
478 47
8
Jan 27
4
133 Oct 20 25
700 US Hoff'n Mach Corp_No par
.1512 16
1512 1512 .1512 16
8
727 Oct
1614 *1512 16
Jan
16
16
16
37
16
100 40 June 29 73% Mar
573 5812 63,600 U S Industrial Alcohol
Oct
7211 Dec 102
58
8 5912 618 5912 6012 5814 6014 5814 597
597
29 101 Mar 28
100 9514June
' Do Prof..
98
*95
98
98 , .95
•95
98
98 .95
Jan 92% Oct
56
*95
98 .95
106 Mar 5
3 935 *9312 04
000 US Realty & Improvement100 8818July 2 64% Mar 22
94
935*
48 Nov 6713 Apr
9412 945* *934 9412 9312 9312 93
3052 Oct 26
MO
3418 13,000 United States Rubber
3514 34
34
35
3
91 Sept 107 July
4
3512 3614 353 3712 35 8 3614 34
100 7634 Oct 26 105 Jan 13
Do let preferred
8212 84 ; 8212 835* 8114 8312 5200,
85
' 8512 8512 853 8612 84
8
33 Feb 4834 Oct
50 18% Oct 29 43% Mar 2
700 U 0 Smelting. Ref & Mtn
2212
22
23
4
.2214 23
23
42% Feb 49 Aug
2312 2212 223 •2214 2314 .22
48,8 Jan 3
31
39 Oct
Do pre!
200
41
.40
40 , .40
41
8 40
94"0 8
407
41
Jan 111, Oct
2
407 4078 .40
82
8
5.9
7 94,200 United States Steel Corp_ 100 8512July 31 1095 Mar 21
5 943
3
4
4 9514 933 94
9314 9418 93
4 923 93
943*
94
4
8
1 ifit8 Aug 6 12312 Jan 15 1133 Feb 123 Sept
100
Do Prof
s 1,300
4
1183 1187
4
*119 12014 11912 11912 120 12014 11912 11912 1183 119
59 Nov 714 Sept
7612 Mar 5
10 5513 Oct 25
8 4.400 Utah Copper
6218 825
4 6314 628 63
623
6112 62% 62
62,2 .6112 62
9% Jan 2318 Sept
100 14 Oct 31 2438 Feb 16
16
16 .158 15% 2,120 Utah Securities 'V to
18
8 163 16% 1614 1614 .15
8
1514 163
4
30% Jan 533 Aug
4Ju1y 5 4453 MA!20
No par 243
8
4
4 283 233 2912 3114 294 305 17,100 Vanadium Corp
2
28% 2914 28% 29,
4 283 283
Oct
Jan 100
92
5 98 Jan 25
100 85 Oct
Van Raalte, 1st Pre(
93
89 .85
89 1 *87
89
•82
*85
89
89
3
.82
367 Mar
2314 Nov
614June 27 27 Feb 20
8 2,700 Virginla-Carolina Chem___100
83
8
834
814
818 818
Oct
84 834
818 84
812 812
, 33
58 J1113
17 June 27 69 Mar 15
100
Do pre(
5,800
4
253 27
28
8 2518 2578 25
2514 2518 2518 26
43 Mar 9412 Jan
25% 253
100 52 July 2 88 Mar 5
200 Virginia Iron, C & C
56
56 .53
80 .53
Oct
54
53
53 .53
4
4% 5
5
66 Mar 86
52
.
100 7712June 28 85 Apr 23
Do pref
86
88 .83
86 I .83
_ .83
16 Dee
90 •83
79
90 •
618 Jan
*79
12 Oct 23 23 Mar 22
No par
1434 4,300 Vivaudou(V)
1638 1518 157
1614 16% 1614 1612 1534 1434 1514 144
1458June 20 20 May 24
No par
400 Waldorf System
16
16 1 16
1618 1818 16
16
3
16
*154 16
164
1078 Oct 17 -Ai);
.16
No par 1214 Jan 27 15% Mar 8
100 Weber & Helibroner
8
4
4
143 "14
143 .14
1414 •13s8 137
8
894 Jan 08% Oct
1418 1418 •135 14 .14
100 34,1 July 11 105 Mar 2
100 Wells Fargo Express
38
38
39
*38
40
40
40 .38
Feb 12114 Aug
*38
89
40 .38
.38
Western Union Telegraph_100 10118July 5 11912 Feb 20
1,600
109 10912 109 1097 10812 11012 *10912 110
80 Mar 114 Dee
•108 111 '108 110
200 Westinghouse Air Brake__ 50 76 July 5 120 Feb 17
81
4 81
4
•803 83 .801 83 I 803 803
4
83
*80
4918 Jan 651e Aug
8012 83
.
7,500 Westinghouse Elea & Mfg_ 50 5212June 30 6718 Feb 16
583a
5812 58
8
* 58
5812 58
8
3 585 587
25 May 333 Nov
4
8
303 Mar 211
4
570 5914 583 593
No par 20 Oct 31
214 3,200 White Eagle 011
8 2112 2112 21
54 Sept
4 2134 22% 2112 217
223
3518 Jan
2212 2253 22
45 June 28 60% Mar 19
497 504 2,300 White Motor
51
504 51 1 .5014 51
51
51
218 Dec 12 May
51
5% Feb 19
51
14 Oct 19
51
White 011 Corporation_No par
12 1,800
%
12
*12
12
12
12
12
8
217 May
813 Nov
82
%
2
2
4
33 Nov 8 14 Feb 13
3,400 Wickwire Spencer Steel___ 5
418 43
418 412
418 43*
43, 434
412 41,
10 May
412 Feb
8
4 47
814 Jan 5
43
5 June 21
75 12,500 Willys-Overland (The)____ 25
73
8
75* 778
Feb
491: July
4 77
73
75* 77
24
4
73 .
4212 Jan 2 74 Nov 12
77
712
100
Do pref
4 8,300
4 694 713
73
7112 7238 7134 723
72
5011 Sept
2714 Jan
74
73
4
4
19 June 27 423 Mar 7
723 73
800 Wilson & Co. inc. v t e.No par
2018 2018 2018 2014 2018 2018
22
.20
Jan 223 Nov
21
203
. 4 20% 21
1,600 Woolworth Co(F NI 1 _ _ 100 19199%8 OctJan 2304 287 Nov 16 137 Nov
,
p & W) . 0
4
2823 287
282 28412 282 283
279% 281
5573 June
,
267
278 279
4018 Feb 15
.276 278
1,500 Worthington
24
•23
24
.2212 24
24
24
Jan
24
11 Aug
24
6
1318 Nov 8
25 .22
814 Jan 17
23
.
Wright Aeronautical_ __No par
,
1214 1214 1212 1212 1212 12 4 124 *1218 1214 1.600 Youngstown Sheet & T_ No par 62 Oct 24 80 Jan 26
12
12
12
6518 6514 1.700
66
6412 657
65
6438 6412 66
6414
64
64
- • Rii and wars.' prices; no sales on this day. s 014 dividend
Store at tho rate of 38.8 shares for 100 shares of United Retail Stores.
a After dls.ribution of dividend in shares of United Cigar
New York Stock Exchange—Bond Record, Friday Weekly and Yearly
2199
Jan.1 1909 the Exchange method of quoting bonds was changed and prices are now and interest"—except 'ne income and defaulted bonds
BONDS.
N. Y. STOCK EXCHANGE
Week ending Nov. 16.
ending
r
-,s
4
—
Price
Friday
Nos. 16.
U. S. Government.
Bid
Ask
SIM Liberty Loan
JD 992,32Sale
331% of 1932-1947
J D 9800 _ Cony 4% of 1932-1947
J D 98 22 Sale
Cony
,
% of 1932-1947
2d cony
% of 1932-1947... J D 97,332Sale
Second Liberty Loan
MN 98.00 _
4% of 1927-1042
MN 98 32 Sale
Cony
,
% of 1927-1942
Third Liberty Loan
St S 995s Sale
43(% of 1928
Fourth Liberty Loan
AO 98332 Sale
431% of 1933-1938
AO 991,22Sale
Treasury 4345 1947-1952
61930 Q ,
25 consol registered
41930 Q J
28 eonsol coupon
1925 Q F
4s registered
1925 Q F
45 coupon
Panama Canal 10-30-yr 28..11936 Q F
1961 Q M
Panama Canal 38 gold
Week's
Range or
Last Sale
Low
c
53
4,
Range
Since
Jan. 1
High N o. Low
BONDS.
N. Y. STOCK EXCHANGE
Week ending Nov. 16.
1,>
-
Price
Friday
Nov. 16.
Week's
Range or
Last Said
Range
Since
Jan, 1
High
Ask Low
Bid
High NO . LOW
IRO)
Atl& Birm 30-yr 1st g 4s_e__1933 M S 674 69 687 Nov'23
8
65
6942
99332101.90 Atl Knoxv Ar Cin Div 45_ _1055 MN 834 Sale 8318
8312 19
3
80 4 8612
97 32 98.90 Atl Knox & Nor 1st g 58___ _1946 J O 9912
,
9912
9912
984 9912
96,33299.10 Atl & Charl A L 1st A 065_1944 32 917 93
917 Sept'23
8
8
9178
88
97.0099.00
1941 J .1 984 9812 9812
9853
1st 30-year 55 Ser B
96 100
All Coast Line 1st con 48 .51952 MS 863 Sale 8634
4
8712 31
825 89
8
3 96 'is 98.70
98.00 98.00
,
10-year secured 75
8
1930 MN 1073 Sale 10612 1073
8 10 106 108
98,
32 98 32 3156 963,
,
2298.88
General unified 4318
1964 J D 87 Sale 8612
82
S73
8 14
895
s
8234 28
L & N coil gold 48
784 83
8
a1952 MS 823 Sale 814
99132 99722 6483 971322 991342 Atl dr Danv 1st g 411
7518 Sept'23
734 793
1948 J J 7314 76
4
8118 684
2d 4s
66
1948 2J 64
65 Aug'23
98332 93132 2493 97 22 99.04 Atl & Yad 1st g guar 4s
,
1949 * 0 7712 794 7612 Oct'23
7612 7812
991,22 99,432 2120 081,22100.04 A & N W 1st gu g 58
934 9714
9418 Nov'23
1941 22 9418 97
10412 July'23
10212 10414
103 July'23
102
103
Bait & Ohio prior 331s
934 97
1925 J J 9618 Sale 96
11
9612 110
104 May'23
103
104
934 9412
Registered
k1925• .1 954 953 9412 Oct'23
4
10314 Aug'23
1034 10312
8
745 82
1st 50
253
-year gold 48
82
*1948 A0 81 Sale 81
100 July'21
7418 79
Registered
*1948 Q J 7812 8014 79 Nov'23
9412 Apr'23
94'i 05
8414
77
10-year cony .tis
837 142
8
8
1933 MS 835 Sale 8312
7938 85
Refund & gen 58 Ser A
8
1995 J o 845 Sale 8418
843
4 90
State and City Securities.
99 1017
-year its
s
10
1929 J J 101 Sale 1004 10114 123
8tock_1960 M S 100 10038 993
N Y City-434s Corp
9814 101
4 10018
3
914 9514
P Jet & M Div 1st g 3318_1925 MN 95 Sale 95
23
95
1964 M S 10018 1005 10018
*le Corporate stock
8
10018
1
9 4 10278
9
PLE&W Va Sys ref 4s 1941 M N 774 Sale 763
73
791s
4
77% 98
434s Corporate stock
1966 A 0 1004 1004 100 Sept'23
100 10212
Southw Div 1st gold 3315.1925 J J 96 Sale 953
9112 96
85
4
96
431e Corporate stock
1971 J D 10414 105 10312 Oct'23
10312 108
8112 68
Tol & Cm n Div 1st ref 48 A.1959 J J 6714 Sale 6714
7
675
8
431sCorporato stock _July 1967 J J 10414 Sale 10414
1 1013 10712 Battle Cr & Stur 1st gu 38_ _1989 J O 5312
10414
4
574 60
51, Apr'23
2
Corporate stock
1965 J D 10414 10434 10334 Oct'23
4315
10134 10718 Beech Creek 1st gu g 45
88 2 8912
,
1936 J J 8812 9114 8812 Oct'23
431 Corporate stock
1963 M S 10414 1043 10212 Oct'23
4
10218 1073
8
86
Registered
86
1936 .3 J 873
86 Feb'23
4
1959 M N
4% Corporate stock
95 10014
97
97 12 10
2d guar gold 55
1936 J J 9618
_ 104 May'13
4% Corporate stock
1958 Si N 963 9712 97 Nov'23
4
95
997 Be4ch Cr Ext 1st g *318---51951 A0 75 4 -- 60 July'22
8
,
1957 M N 963
4% Corporate stock
4
,
-- 97 4
9714
90 10018 Big Sandy 1st 45
1
1944 J D 8012 82
-gors 843
8014 July'23
4% Corporate stock reg 1956 M N 9512 9612 95 July'23
95
9912 B & N Y Air Line 1st 45_ _1955 FA 573 60
7512
63
63
4
Oct'23
1957 SIN 104 10412 10334 Nov'23
.tis Corporate stock
10112 1074 Bruns & w 1st gu gold 4s
39
1938 J J 8812 9114 82 Feb'23
89
.0.5% Corporate stock__ _1957 MN 104 10412 104
104
1 10112 10712 Buffalo R & P gen gold 55_1937 SI S 100 10053 9814 Nov'23
995 1014
8
331% Corporate stock
1954 MN 863 873 853 Oct'23
4
4
4
8512 91
1957 MN 874 8731 8712
8614 9214
Consol 431s
874 12
-4s
1961 M S
New York State
10212 June'23
- 10112 10312 Burl C R & Nor 1st 55
1934 * 0 96
95
9912
2
96
9612 06
Canal Improvement 48_1961 J J
10212 June'23 -- 1023 10212
8
Highway Improv't 43.s_1963 M S
11214 July'23
11214 11214 Canada Sou cons gu A 5s___1962 A 0 983 Sale 983
94 1004
8
8
984 25
Highway Improv't 4 45._1965 M .91
10412 Apr'22
Canadian North deb 51 7s..1940 J O 1123 Sale 1123
4
4 1134 65 112 115
Virginia 2-35
1991 J
6812 ____ 7114 Oct'20
1946 J J 1113 Sale 11118 1114 47 1105 1133
4
25-year s f deb 631s
8
4
Canadian Pac Ity deb 45 stock.. J J 7812 Sale 784
744 894
216
79
Foreign Government.
Carb & Shaw 1st gold 4s.....1932 MS 847 90
4.
9212 Oct'22
Argentine(Govt) 75
1927 F Al 10214 Sale 102
10212 95 10014 10318 Caro Cent 1st con g 45
1949 J J 70
68 "if"
6958 Nov'23
71
Argentine Treasury 58 of 1909_
M S 823 Sale 8114
4
37
83
7712 8514 Car Clinch & 0 1st 3-yr 55._1938 J D 9112 92
8814 94
3
92
92
Austrian (Govt) 78 w 1
1943 .1 0 8712 Sale 874
884 215, 833 9334
4
1952 J O 9612 Sale 9612
89
6s
983
5
44
97
Belgium 25-yr ext s I 731s 6_1945 J D 9618 Sale 9812
123
99
9112 10312 Cart & Ad 1st gu g 48
1981 J O 793 ____ 773 Oct'23
763 773
4
s
8
8
Jan 1925 .1 J 9512 Sale 9514
5-year 6% notes
9614 66
93
983
8
6512 667
1948 J O 63
s
6518 Oct'23
71
20-years I 85
1041 F A 99 Sale 10012 1015 325' 93 10314 Cent Br U P 1st g 4s
8
48
58
10
Cent New Eng 1st gu 4s._._1961 3, 555 57
5478
8
57
Bergen (Norway)s I 8s
1945 M N 10712 Sale 1083
8 1083
8 12 107 10912
1930
933 Dee'22
4
4
S 023
Berne (City of) s f 8s
1945 M N 10814 Sale 10812 10812 16 10712 11314 Central Ohio Ois 1930
3 ion" 102
100
Central of Gs 1st gold 55_.91945 P A 100 Sale 100
Bolivia (Republic of) 8s_...1947 M N 85 Sale 863
8
873
4 81
88
94
925 981z
8
1945 M N 95 Sale 95
953
4 10
Cense] gold 58
Bordeaux (City of) 15-yr 68_1934 MN 75 Sale 761,
73
78
8912 8312
995 101 2
June 1929 J D 10014 Sale 100
8
,
1003
8 34
10-yr secur 6s
Brazil. U S external £93
1941 J D 95 Sale 933
4
951 110
913 99
4
74
8212
Oct'23
8
Chatt Div pur money g 48_1951 J D 747 ____ 74
78 (Central Ry)
1952 .1 D 7912 Sale 7912
797
8 49
7712 8014
Mae Ac Nor Div let g 5s__1946 J J 9514 ____ 9638 Sept'23
750 (Coffee SecurIty)
1952 A 0 95 Sale 953
963 104
4
974 27
4
94 94
1947 J J 924 ____ 94 July'23
Mid Oa & AU Div 55
Canada (Dominion of) g 56_1926 A 0 9912 __
993
4 100
36
99 1013
4
8
943 9712
1946
Mobile Division 5s
'
3
do
do
do
5s1931 A 0 993 Sale 994
4
100
99 102 Cent R RA B 01 ga colt g 55.. _1937 MN
37
905 971s
8
10
-year 531s
1929 F A 101 Sale 101
1013
8 79
994 10212
8
8 1025 108
Central of N J gen gold 54.1987 J J
55
1952 M N 9914 Sale 9914
9778 102
994 387
1024 10514
8
Registered.
11987
• J 1035 10812 10212 Oct'23
Chile (Republic) ext s f 85..1941 F A 104 Sale 10418 105
795 s4.12
8
88 106 105 Cent Pac 1st ref gu g 48
1949 P A
260
External 5-year s f 8s
1926 A 0 103 Sale 10278
1031
47 100 1044
8°4 9214
10
Mort guar gold 3155.---k192 .1 1)
9
78
1942 M N 95 Sale 95
953
4 18
9312 963
4
8
793 84
Nov'23
Through St L 1st gu 48_1954
25
-year s f 8s
1946 M N 10412 Sale 10418 105
46 10012 10511 Charleston & Savannah 75..1936 A 0 113 2 . _73's_ 11337: n081:2
11412 1144
7:1144:
:
:
18:99923:111 SaleSS899aa329e 42 1089909412 1ce 8421833
23
J
Chinese (Iluktiang Ry) 58 1951 J D 4614 473 4612
8
41
473
4 33
523 Ches & Ohio fund A impt 58.1929 J . 9618 9612 96
4
5
943 97
964 25
Christiania (City) s f 8s
1945 A 0 106 Sale 10712 1071
10 10712 1124
973 1034
4
1439 M N 10014 Sale 190801142
8
1st eonsol cold 58
Colombia(Republic)6315.. 1027 A 0 943 95
4
95
23
8812 9612
94'2
9.14 9813
Registered
May'23
1939 M N 967
8
Copenhagen 25
-year f 5Yis..1944 J J 875 8812 884
8
873 9212
4
884 43
8'17 8634
8
23
1992 M 13 85 Sale 8412
General gold 430
85
Cuba 58
1944 M
95
904 994
97 Nov'23
97
,
80 4 8212
Registered
1992 M 8 78
8212 8212 Nov'23
Ester debt of 58'14 Ser A.1949 F A 93
8712 96
_ 93 Nov'23
82Is 8912
20
-year convertible 4%5 1930 F A 873 Sale 874
875
8 63
s
External loan 4315
1949 F A 82
87
8612 Nov'23
8118 89
84
30
-year cony secured 55..1946 A 0 894 Sale 8914
96 8
,
823 104
4
5318
1953 J J 905 Sale 905
8
8
993
915 320
4
90
8
9014 95
Craig Valley 1st g 5s
1940 J J 021
__ 915 Sept'23
8
Csechoslovak (Repub of) 88_1951 A 0 9212 Sale 9212
93
128
77
7814 7814
9612
Potts Creek Branch 1st 42_1946 J J 737 82 3 7814 May'23
8- ,
8
Danish Con Nlunielp 88"A".1946 F A —_ 107 107
1074
4 10612 1091.
Ist con g 48 _ _1989 J J 793 81
&
783 81
8
8
793
Series 11
7914
4
4
1916 F A
4 10714
10612 1063
4
9 1063 1094 R 2d A Div gold 45
consel
1989 .1 J 76
7414 76
78
Denmark external s I 85
744 Aug'23
1945 A 0 10812 Sale 10812 109
55 10752 1105
8
9934 901,
4
Warm Springs V 1st g 58..1941 M
20-year 6s
4
903 July'23
1042 J J 9414 Sale 94
94
99 Chic & Alton RR ref g 35.-1949 A S 914 92
95 4 55
,
,
,
50 g 66 4
0 54 Sale 535
Dominican Rep Con Adm 91.58'58 F A 997 Sale 9974
8
5414 18
8
997
4
1
9514 102
_
New York Tr Co ctfs
4814 53
93 July'23
5
6
5315
1942 M S 867 Sale 8612
8
14
87
84
90
Stamped Oct'22 int _ _ _ _
Dutch East Indies ext 65_ _1947 J J 9414 Sale 9473
5012 s. (e4 52 0 t
4912 52
____
523_
c '23
953 181
9214 9 ,
8
84
Stamped Apr '23 Int
5012
8
40
465 5012
-year Os
r22
5234 Sep31,
3
3
0
1962 M B 9314 Sale 9314
943 222
92
4
973
4
Railway 1st lien 3361
19,i0 2 J 31
.1
.5318 trust rcts
2518 3312
133
1953 M S 90 Sale 90
0012 807, 874 9414 Chic Burl de Q—III Div 3s_1949 J
.1 80 Sale 80
French Repub 25-yr ext 8s 1945 M
7812 85
81
7
9214 Sale 924
9814 378
90 101
Illinois Division 4s
1949 J J 88 Sale 8714
20-yr external loan 7318. 1941 J D 9114 Sale 91
8512 9054
8812 21
9414 527
84
97
Nebraska Extension 45_1927 M N 96
Gt Brit & Ire (UK of) 5318_1037 F A 1003 Sale 13038
954 97
964 85
48
8
10112 665 1004 10 ,
1927 M N 0518 9612 06 Nov'23
Registered
10
95 4 96%
-year cony 5315
3
1929 F A 1067 Sale 10614
8
1073 437 19614 116
4
1958 M S 8614 Sale 854
General 4s
Greater Prague 731s
83
8912
1952 M N 764 Sale 76
8612 52
7712 120
85
823
4
1971 F A 99 Sale 99
1st & ref 5s
Haiti (Republic) 68
90% 10115
1952 A 0 90 Sale 00
9912 79
9112 37
8915 98 Chic City Conn Rya 5s-1927 A 0
5312 19
66
Italy (Kingd of) Ser A 63.4s- 1925 F A 98 Sale
5214 523 52
47
4
9212 9814 Chicago &&
98,
974
4 77
East III 1st 6s..1934 A 0 1025 ____ 10212 Nov'23
10212 10612
8
Japanese Govt—e loan 4315_1925 F A 93
9312 93
9.12 53
9 , 9378 C k E Ill RR (new co) gen 58_1951 MN 7714 Sale
02
8112
Second seder' .131s
76
1925!J J 913 Sale 9134
774
777
8 88
4
9238 39
90
4 9358 Chic & Erie 1st gold 35
1932 M N 904 92
8
867 9712
Sterling loan 4s
914
8
1931 J J 793 Sale 797
5
4
8
8018 82
754 827 Chicago Great West 1st 432._1939 M S 47 Sale 917
8
56
44
Oriental Development 65.1953 M S 88 Sale 88
47
48
73
90
88
93t2
83
With Sept'24 coupon on ______
414 46
4414 Sale 444
Lyons (City of) 15
-year Os_ _1934 M N 75 Sale 75
443
4 47
6914 832
8
7812 50
Chic Ind & LouLsv—Itef68_1947 3i 10438 1054 10414 1041 2
-4
Marseilles (City of) I5-yr 65_1934 11.1 N 75 Sale 75
2 1034 1073
7712 57
69, 8312
2
Refunding gold 58
1947 J J 94
95$8 94 Nov'23
Mexican Irrigation
_1943 M N 2018
_ 3014 Oct'23
30
42
Refunding 4s Series C-1947 J J 80
794 865
;
8212 80
3
80
Mexico-5s of 1899
1945 Q J 424 Sale 424
4412 17
4218 5812
1966 M N 8012 Sale 80
General 58 A
7914 84
195412 D
Gold debt 4, of 1904
801 2 22
27
27
2712 21
2614 9134
General 68 B
41966 J J 9
9415 93
7
Montevideo 78
963
612 Sale 9412
4
1952 J
87 Sale 87
85
873
4 21
915
8
Ind & Louisville let gu 43_1956 .1 .1 7118 73 6812 Oct'23
684 78
Netherlands Os Olaf prices)_ _1972 M S 9114 Sale 91,
4
9512 75
9914 10212 Chic Ind & Sou 50
-year 43_1958 .1 J 8318 8384 8314
81
8412
5
Norway external s f 88
8314
1940 A 0 110 Sale 110
111
30 109 1123 Chic L 13 & East 1st 431s
4
1969 J D 87863 90
4
8843 June'23
1
Os
5213 sate 52
1952 A 0 9312 Sale 9318
94
9212 100 C M & Puget Sd 1st gu 4s
41
1949 1
50
6812
20
tle (interim certificates)
1943 F A 93 Sale 9212
9378 173
93
965 oh m & st p gen g 48 Ser A_e1989 J J 6 7
8
J 71 4 sale 704
2
sa
7014 743
7178 28
Panama(Rep)5318 Tr rects_1953 .1 I) 9612 063 964
9434 975
4
963
8
4 20
General gold 3315 Ser 35_e1989 J J
8
3 (07 6514
62
Porto Alegre (City of) 8s_ __ _1961 J D 95
62
96 Nov'23 _
96
9912
93
e1989 J J 7812 Sale 7812
General 4iis Series C
7712 834
Queensland (State)ext f 76_1941 A 0 10614 Sale 106
7812 13
iONs 24 10512 10912
Gen & ref Series A 48._a2014 A 0 5012 Sale 5014
48
623
4
25
-year Os
5102 174
1947 F A 10012 Sale 10012 10114 46 100 10234
Gen ref cony Ser 11 5s___a2014 F A 551, Sale 5512
523 70
4
Rio Grande do Sul 83
563 130
4
1946 A 0 945 9514 9412
8
05
13
914 9914
Convertible 431s
1932 J D 5518 Sate 551g
5112 68
392
57
Rio de Janeiro 25
-years f 88_1946 A 0 90 Sale 8914
90
88
97
24
19252 D 70 Sale 6912
45
85
685 84
8
7114 104
1947 A 0 8912 90
8914
90
883 971/
4
17
1934 J J 51 Sale 503
-year debenture 4s
25
San Paulo (City) s f 85
463 6312
4
4
5212 40
1952 M
96
953 95
4
934 9934
Chic & Mo Rio' Div 5s...1926 .1 J
974 974
1
Ban Paulo (State) ext s f 8s _1936 J J 682 99
96
93
9714
9814
9912 39
9512 100 Chic & N'west Ext 48_1886-1926 F A 97
90
Seine(France) ext 75
1
945 96
8
1942 01 J 80 Sale 80
8414 108
70
90
1886-1926 F A 9 12 Sart2 9
Registered
9
6
5
9
6 Nov'23
5
Serbs. Croats & Slovenes 85_1962 MN 65 Sale 05
8
933 955
8
534 7812
6714 107
1987 M N
General gold 3318
&Aeons(City)68
Sale 71
694 77
45
1936 M N 79
82 82
82 3
4
6612 85
6
Registered
91987 Q F
Sweden 20
6814 08' 3
-year 6s
1
22
684 684
1939 2 D 103 Sale 103
1034 52 103 108
General 4s
1987 M N 813 Sale 8014
82
Swiss Confereen 20-yr s f 8s_1940 .1 .1 1123 11212 112
8
8018 87
4
8
1125
8 32 11112 11914
Stamped 45
1987 M N 82
84
Tokyo City 58 loan of 1912
813
4
813
79
4
8714
9
MS 6412 Sale 6412
6412 77
66
20
1987 51 N
General 55 stamped
9978 1005 9934 10014 88
8
Uruguay Republic ext 86._ _1940 F A 104 Sale 103
9814 10512
104
9914 107
14
1879-1929 A 0 103 1043 101 Aug'23
Sinking fund 6s
4
Zurich (City of) s(88
101 10814
1045 A 0 109 1103 111
111
4
2 10814 1134
1879-1929 A 0 995 ____ 1017 Apr'22
Registered
8
8
135=1
1879-1129 A 0 9718 9912 973 Oct'23
Sinking fund 5s
Railroad.
4
97 16611
1879-1929 A 0 97 _ _ _ 971, Mar'23
Registered
964 66
Ala Gt Sou let cone A 58
1043 J D 0412 __-- 947 Oct'23
974 971s
8
9212 96
1933 M N
Sinking fund deb 55
Ma Mid 1st guar gold 58
97 103
1928 MN
3
100
Oct'23
994 10138
1933 M N 97
Registered
9914 97 Aug'23
1948A 0 7812 79,2 78 Nov'23
9914
97
9
9
Alb & Swirl cony 3%5
78
8112
1910 J D 1064 ___ 10638
-year secured 78 g
10
1998 A 0
Alleg & West 1st g 48 gu
1 105 110
1063
81
8
Oct'23
81
8314
1936 sA s 1073g 1074 108
-year secured (1 tie g
I5
Alleg Val gen guar g 48
35 106 111
1942 M
109
8912 Sale 8912
8912 18
87
90 Chic Ft 1 A. P—Railway gen 45'88 .3 .1
82
7814 Sale 7712
11995 Q J 5412 55
76
Ann Arbor 1st g 45
7812 120
55
55
541/ 655
8
10
J .1 744 821 8 74 Sept'23
Registered
7
5
7
:
6
804
74
Atch Top ..13 S Fe—Gen g 45-1995 A 0 893 Sale 8914
8
9014 629
8414 9102
1934 A 0
Refunding gold 4s
7212 8312
1995 A 0 88 Sale 88
Registerer
242
,
89
81
27
89 Chic St I. & NO gold 5s..._1951 J D 102
10512 104 Sept'23
95 10114
70
k1995 Nov 795 Sale 7912
Adhaitment old 48
8
8012 28
75 2 824
,
J D 9414
Registered
955 955
8
8
*1095 Nov 8012 Sale 797
955 May'23
8
Stamped
8
8034 217
784 8212
1951 J D
Gold 3318
785 7914
8
1955 J D 824
Cony gold 48 1909
775 May'23
8
_ 8234 Nov'23
76
84
Joint 1st ref 58 Series A...1963 J 0 935 95
913 974
s
1955 J D 8412
94
8
5
95
Cony 4. 1005
84 Nov'23
76
84
1951 J D 7814 84
Memph Div 1st g 48
834
78
Sept'23
D 783 8312 8214 Oct'23
Cony 4 sue of 1910— _ -1960
8
774 10414 C St L & P 1st cons a 58-1932 A 0 9412 ____ 78 Sept'23
9912
East0
Div ist g 4s.-.1928 M
9912
955 96
8
9558
954
3
931.4 9812 Chic St PM & 0 eons 68_1930 J D 1044 10412 10438 10438 3 109 10034
10712
Rocky Mtn Div 1st 45_ _ _1965 J J 8112 82
793 Sept'23
8
7712 83
Cons 68 reduced to 3315-193 J I) 90
0
9212 9212
9112 9212 Mar'23
Trans
-Con Short L let 48.1958 J .1 8312 Sale 8312
8312
a 813 8834 Debenture 55
8
1930,M S 9414 95
924 964
943 Nov'23
4
Cal-Ails let& ref 4313"A"1962 M
90 Sale 90
9038 12
8712 93 Chic T H & So East 1st 53_196011 D 81
8138 8018 Nov'23
764 33
*No price Friday: latest bid and sated. a Due Jan. antic April, eDue may. Due
June. 21 Due July. 5 Due Aug. e Due Oct. p Due Nov. g Due Dec. s Option
sale.
----
----
----
----
--
99 42
,
98 32
,
98 32
,
97142
99:45 902
1
98 32
,
98333 270
973022 12
New York Bond Record-Continued-Page 2
2200
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 16.
';'
4ta,
Price
Friday
Nor. 16.
Week's
Range or
Last Sale
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 16.
zt
,a.
Price
Friday
Nov. 16,
Week's
Range or
Last Sale
Range
Since
Jan. 1
e
eg
High
High No. Low
Ask Low
Bid
High Illinois Central (Concluded)
High No. Low
Ask Low
Bid
7512 804
1952.5, 7514 7712 7512 Sept'23 - Purchased lines 3345
8
8
877 925
9014
9011 Sale 90
Chic Un Sta'n 1st gu 43is A_1963 ji
4
4
773 83
8 36
803
4
793 Sale 793
11
Collateral trust gold 4s._ A953 MN
95 10012
j 983 Sale 98
98%
4
1963
55 B
2
763 784
77 Sept'23
1953• N
Registered
11418 11412 14 11212 11512
1963 .1 .1 11414
let Series C 6s
9918 1005s
10058 27
1055 MN 100 Sale 100
Ref Is
10412 105
105 Nov'23
111 100 1027
8
Chic & West Ind gen g 62_61932 Q M 105
3
4 101
' 10012 Sale 1003
1034
secured Cilia
15-year
27
6812 75%
72
4
1952ii 72 Sale 703
-year 48
4 10718 111
Consol 50
10912
I5-year secured 644s g__ _1936• J 10912 Sale 10814
8 10112 10314
8
1935 M S 10214 Sale 10214 1023
15-year s f 730
3
823 87
8312 June'23
1950 J O 8414 86
97
94
Cairo Bridge gold 4s
9412
1952 MN 9412 Sale 9412
8
681 73
Choc Okla & Gulf cons 59
6912 Oct'23
Litchfield Div 1st gold 3s_1951 .33 6914 _ _
88 Mar'17
8
724 797
C Find & Ft W 1st gu 4s 9-1923 MN
7412 Nov'23
Loulsv Div & Term g 33-48 1953 J J 7412 75
-gars 8954
6714 139%
Chi H & D 2d gold 43.6s_ _ 1937 J 1 87'2 894 87% Oct'23
4
Div 1st gold 3s_ _ _1951 FA 683 ____ 6812 Oct'23
Omaha
8618 904
9012 Nov'23
k1936 Q F 8912
71
68
ClinL&Cletg 4s
Oct'23
St Louis Div & Term g 38-1951 .5, 6812 ____ 70
9012 Oct'22
k1936 Q F 891.
80
76
Registered
1951 .5,
70 May'23
Gold 3348
Taig 855
8418 June'23
;
1942 MN 855
Cin Leh & Nor gu 4s g
J 7612 _ _ _ _ 7812 May'22
Springf Div let g 33-45., ..1951
09
97
97% Aug'23
1928 J
9712
84
ChiS & CI cons 1st g 5s
1951 P A 8314 8418 8312 Oct'23
93
94
Western Lines let g 4s
93 Mar'23
_
0412
1943
Clearf & Mah 1st gu g 58-.
1951 FA 7814 -- 92 Mar'10
Regletered
78
8219
79
66 79
"aig
Cleve Cin Ch & St L gen 4s_1993 JD 79
AO 895 ____ 86 Mar'23
1940
8
934 Ind B & W 1st pref 4s
5
90
92%
4
1931 J J 9212 Sale 923
s
8212 857
-year deb 4li9
20
8412 10
8412
1950 J J
/
95% 100 Ind III & Iowa 1st g 4 3
98% 10
8
9812 983
1993 JD 98
9412 100
General Is Series B
1965 .1
9512 9812 9534 Nov'23
8
55 100 1027 Ind Union Ry 55 A
4914
33
hunt ea Series A__ A929 J J 10218 Sale 10218 1024
Ref &
4014 193
4
393 Sale 3812
10012 103 lot de Great Nor adjust es 1952 J
103 Nov'23
1941 J J 10214 10314
8612 97%
6s C
83
1952.5' 874 Sale 87%
88
1st mtge es ctfs
8018 88
10
86
86
1039 J
8512 92
731s
57
Cairo Div 1st gold 48
8
65
1938• D 65 Sale 6112
7514 78% Iowa Central 1st gold 5a
Oct'23
77
7512 74
40
14
Cm W & M Div 1st g 45.1991 J J
1514 18
1951 MS 15 Sale 15
74% 8312
Refunding gold 45
8312
83% 80
St L Div 1st coll tr g g 48-A990 MN 80
8218 84
8312
1940 M $ 8312 Sale 8312
87
Div 1st g 4s
82
6
Bpr & Col
8312
8
805 824 James Frank & Clear let 49_1959 J D 834 Sale 834
8
1940 3.5 821.____ 825 Sept'23
W W Val Div 1st g 4s
3
10318 1063
1034 .5.5 105 10612 10312 Sept'23
CC C&I gen cons g 6s
1938 3' 0112 9912
9412 98 Ka A dr G R 1st gu g 58
Oct'23
797g
4
"775
Clev Lor & W con let g 5s_ A933 AO 96% 983 9612 Sept'23
77g
1990 AO 7779 Sale 77 - "ifis
9212 95 Kan & M 1st gu g 4s
044
N 9414
954 98
1935
CI & Mar 1st gu g 43is
1927 J , 97
98 Nov'23
08
2d 20-year be
93 Mar'22
8
2 10012 102%
N 1013 Sale 101%
& Mahon Vail g 5a1938 J J 907
Clem
8
8
1013
KC Ft SAM cons g 6s._.1928
91 Nfar'21
7913
73
lis Ser A___ _1942 J J 92%
CI& P gen gu,
744 18
KC Ft BA M Ry ref g 48_ _ _1936 A0 74 Sale 74
8
1942 AO 927 16" 10412 Dec'15
9258 95
Series B
97
95 Nov'23
K C & M 11. & B 1st gu 5s_ 1929 AO 94
-- 7612 Feb'12
__ A942 AO 795g
63% 7213
7218 169
Int reduced to 3A s_
Kansas City Sou 1st gold 313_1950 AO 714 Sale 7114
Dec'12
894
83
- -- 9018
1948 MN 80
Beries C 35s
8512 56
Apr 1950 .5.5 85 Sale 8478
Ref & Impt 5s
Jan'21
67
7658 83%
1950 PA 80
Series D 3s
4
823 Sale 8138
8314 125
8918 98 Kansas City Term 1st 49_ __ -1960 J
83%
9112 90% Nov'23
81
,
Cleve Shor Line 1st gu 4558_1961 AO 90% -Oct'23
Kentucky Central gold 4s _ _ _1987 J J 81% 83 83
101 106
10212 68
92
(34
1972 AO 102 Bale 102
10
Cleve Union Term .5Yis
66
9414 9614 Keok & Des Moines let 5s1923 AO 654 Sale 651s
4 14
953
1973 AO 95 Sale 95
1925 J J 10012 Sale 10012 10012 33 10012 101%
58 (w I)
4
793 85 Knoxv & Ohio let g(39
4
Coal River Ry 1st gu 4s.._1945 ID 783 79% 79% Nov'23
934
4
903
12
93
9118 97
1929 FA 9212 Sale 9238
2
Colorado & South 1st g 4s
8
943
8012 8718 Lake Erie es West 1st g 58_ -1937 J J 04:4 Sale 944
8 18
823
8114 874
Refunding & exten 4%e 1935 MN 8112 Sale 8112
1941 J .1 86 Sale 86
8712 14
8053
2d gold 55
78
3
723 7812
5
1948 AO 804 - - - 804 Sept'23
Col & H V 1st ext g 40
1997 J D
7612
4
773 7612
75
4
803 Lake Shore gold 33-511
78
Oct'23
7212 75
1955 FA 7912 _- 80
Col & Tol 1st ext 4s
1997 J D 725 75
7212 Sept'23
8
Registered
11
87
84
80
904 96
28
-year Is g
95
Cuba RR let 50
1928 M S 9412 Sale 9412
1952 J J 83% Sale 8312
Debenture gold 45
1 100 10512
90% 934
1936 3D 10018 102 10212 10212
let ref nis
1931 M N 92 Sale 92
92% 136
gold 48
1931 M N 904 _ _
854 July'23
4
923
gisty le
i N eredt gu g
91
9118 June'23
4
-915 97
92
91
,
Day & Mich 1st cons 430_ _ _1931 J
J 924 934 934 Nov'23
15s_ _ _1940
,
4
823 90 Leh Val N
4 77
843
92se
90
1943
N 8414 Sale 84
Del& Hudson 1st & ref 4a
.1 8918
_ 9012 Oct'23
1940
Registered
98
90
9214 44
76% 814
1935 AO 9212 8ule 92
98 4 8a
4
20
-year cony bs
8
8
775
9714 10212 Lehigh Val(Pa) cons g 46-2003 M N 775 Sale 77%
16
99
9812
9212
1937
84
N
6
15
-year byis
864
2003 M N 864 Sale 8618
4
General cons 435s
6 103 1113
108
1
8
1007 1021
1930 3D 107 108 108
-year secured 75
10
8
Leh V Term Ry lat gu g 5s_ -1941 A 0 994 102 1013 Oct'23
100 100
89 May'22
_
D RR & Bdge 1st gu 45 g__ _1936 FA
1941 A 0
100 Sept'23
Registered
6912 11 "are -7-61-8
19 10018 105
89%-g 4s 1936'.5 69
6912 6914
NI S 1024 1023 10218
10218
Den & R Gr-Ist cons
4
74
80 Leh Val RR 10-yr coil es_ _n1928
2
75
74
)1014 89%
75
1936".5 74
85
8
895 Oct'23
Consol gold 43js
8114 88 Leh & NY 1st guar gold 4s.1945 M S 82
1
97 100
8114
.1928 ID 8114 Sale 8114
99
8
Improvement gold 5s
37
58 Lex & East let 50-yr 5s gu1965 A 0 987 9912 98%
8
813
4114 155
37
81
2
1955 FA 3812 Bale
813
8
8
1962 11 N
813
814 82
let & refunding Is
Little Miami 4s
107 107
4912 Oct'20
,
1935 A0 1063 -- -- 107 Aug'23
4
do Registered
consol g es
4212 5314 Long Dock
Oct'23
9553 98
16- 43
__
9612 Oct'23
rcts Aug '55.
.J
., 9612 98
Farmers LesTr
1
0 Long Isid ist cons gold 5s--;121
5
40
1
901 9214
4012 Nov'23
924 May'23
894 92
Bankers Tr etre of dep
1st cousol gold 45
50
46
861s
81
46 June'23
-57T241
86 Nov'23
1938 J D 8514 87
do Stamped
General gold 45
46
42
Oct'23
8112 8112
42
____ 404
1932 J D 8212 ____ 8112 July'23
Am Ex Nat Bk Feb '22 etre_
Gold 4s
81
75
57
do Aug 1922 etts
1919 M 8 7718 ____ 75 July'23
35
45
Unified gold 48
94
2
38
91
38
39
9114 Nov'23
Des M & Ft D 1st gu 45- ...1935
38
1934 J D
Debenture gold 55
,
821s 85 2
9314 Sept'22
1937 M N 83% 83% 8312 Nov'23
Dee Plaines Val lat gu 4;58_ _1947 MS
-year p m deb os
"a" "iiis
20
83
75
65 Aug'23
794 29
Det & Mack-lst lien g 4s_ A995 J D 62%
gold 48_1949 M 8 79% Sale 7912
Guar refunding
7314
60
96
92
1995
96 Nov'23
D 55 Gold 4s
di 7314 Aug'23
Nor Sh 14 1st con g gu 5s.a1932 Q J
4
903
85
98
8818
93
885
8
1961
98
96 Nov'23
N 8818
Dot Illy Tun 4s
9814 9912 Louisiana & Ark 1st g 513-1927 M S 96
83
Oct'23
77
99
83
8012 Nov'23
Dul Missabe & Nor gen 5s 1941 .1
8 81
99
3
98 100 4 Lou & Jeff Bdge Co gu g 4s_ _1945 M N 102
5
975 103
10134 Nov'23
Dul & Iron Range let 55_ __ _1937 AO 9754 106- 98 Nov'23
& Nashville 58_1937 M
951s 9812 Louisville
8714 02
60
9518 July'23
90
1937 AO 9414
J 893 Sale 8912
4
Registered
1940
Unified gold 45
80
74
4
9014 90 4
,
784
9014 May'23
7i4
Dul Sou Shore & All g Is. 1937 J J 77 - - 3 7812
i
1940
Registered
97% 101
1)8
1031 MM -9712 - - 9712 Oct'23
Collateral trust gold 55
8412 90
37 106 109
8412 July'23
E Minn Nor Div 1st g 4s... 1948 A 0 8412
N 10612 Sale 10638 107
1930 M
914 9312
10-year secured 78
9312 June'23
10512 26 1014 10512
1938 M
E Tenn reorg lien g 55
91
2003 A 0 104 Sale 104
97 100
1st ref 5Yis
97
95
1930j
E T Va 6r Ga Div g 5s
4
963 244
9838 988 984 Oct'23
8
2003 A 0 9614 Sale 955
bs B (w 1)_
9612 994
4
10138 103
4
983
1956 M N 983 Sale 9 4
4
83
Cons let gold 55
1030 -I J 103% 105 102% Oct'23
0758 10014
N 0 Sc NI 1st gold es
Oct'23
9712 1014
Elgin Joliet & East 1st g 5a 1941 MN 98
8
987 99
1030 J J 100 104 10112 Feh'23
26 gold es
9 10212 10431
8214 87
104%
1
87
8
4
Erie 1st consol gold 7s ext _ A930 M S 1045 1043 104
87
5412 6188
Paducah it Stem Div 48-1916 F A 861 1 88
8
615 287
5812 63
1996 J J 6018 Sale 5918
let cons g 48 prior
8
615
61% el%
St Louis Div 2d gold 3s __ _1980 M 8 61
9212 96
J 54%__ 57 Mar'22
1996
Registered
_ 933 Sept'23
M S 944
4
-1drN &M.S: NI lingOis 1945
4
803
72
,
63 4 774 -45; 153 4
2
J 5112 Sale 5014
1st consol gen lien g 4s.._1996
7914
7914 Sale 7914
2
43
48
L & N South joint M 4s_a322 1
Oct'23
7312 7312
_ 48
J 47
1996
Registered
7312 Apr'23
7214 _ _
90
82
Registered
5
94% 9714
8812
1
Penn coil trust gold 45_ _1951 F A 8818 Sale 8818
95%
4
943 _-__ 954
414 5512 Louis' Cln & Lex gold 4548_1931 MN
5512 274
-year cony 4e Ser A _ _1953 A 0 5312 Sale 53
50
8
4214 553
98% 9812
55% 148
4
do Series B
1953 A 0 533 Sale 523
4
0812 July'23 _
1934 J .1 100
4334 56 Mahon Cl RR 1st 55
71
61
5712 609
Gen cony 4s Series D-1953 A 0 56 Sale 56
Oct'23
61
manna RR (Southern Lines) 1939 M N
84 90
11
90
8
953 984
Erie &Jersey late f 65
8
1955 J J 893 Sale 88
4
9812
9812
55_1934 J D 0712
3
83 4 85 Manitoba Colonization
83
82
Oct'23
Erie es Pitts gu g 3s B__ _1940 J .1 80% ___ 84
82 Sept'23
4
8314 Man 0 13 Pc NW let 3%s.1911 J .7 803 83
82
.82 July'23
1910 J J 80% _
Series C
77 Mar'17
_--- Mex Internat'l let cons g 43.1977 M S
8
093 101
88 Apr'21
Evans & T H 1st gen g 5s__ _1942 A 0 102
5
1031 M 8 977 10112 101 Aug'23
Michigan Central 5s
4
973 1004
6912 Apr'21
1930 A 0 96
Elul Co Branch let g 5s
964 -- - 10012 May'23
1931 Q M
1
1-15)4 1)1)2
Registered
3
85 4 88
9914 Oct'23
1924 J .1 99%
Fargo & Sou es
88
86 Nov'23
1940 J J 86
944 9412
86
4s
85
.
9512 -.
98. 9412 June'23
Fla Cent & Pen let eat g 58_1930
Oct'23
88
85
1940 J J 85
Registered
96
91
80
1
9514
80
1943 J J 0412 9514 0514
Consol gold 5s
80 leeb'23
1951 NI S 754 78
gold 3%s
J L & 8 let
8512 89
8
761s 84
8
5
48_ _1959 .1 D 88 Sale 88
Florida E Coast let 4,
80
794 8012 80
1952 M N
72
1st gold 35is
86
6
89% 93
1952 M N 651, Sale 6512
6512
Fonda J & Glov 4e
93
1929 A 0 93 Sale 93
-year debenture 4s
20
2
813
87
87
0
7
4
Fort St U D Co lat g 4%8_1941 .1 J 8114 8312 813 Oct'23
Apr'23
87
1940 A 0
993 103 Mid of N J let ext 58
9712 100
4
993 Oct'23
6
Ft W is Den C 1st g 5s
19131 J D 9814 100
9712
9712
Milw L 8 & West imp g 5s 1929 F A
8
88
82
88
J 833 Sale 83%
4
Ft Worth & 11.1oGr 1st g 4s 1926
10118 10112 May'23
1925 M 8
Div 1st g 65
Ashland
106 109
iai4 1007e
4
8
Frem Elk .1:1Nlo V 1st es_ -1923 A 0 1065 1073 1067 Nov'23
_ 10034 Aug'23
1824.5 J 1004
Mich Div let gold es
9512 993
4
873 921z
8 30
983
8
4
GH & A NI esP lst 58.-1931 M N 073 973 9718
92
91
Oct'23
9312 98 Milw & Nor let ext 4lie---1934 1 D 01
91
89
1931 J J 95
9912 98 July'23
26 exten be guar
8
8012 Sept'23
1934 J D 893 91
8
Cons extended 434s
854 897
5
8312 89
884
Galv Hous & Hend 1st 52_ -1933 A 0 884 Sale 8838
8618 8518 Nov'23
884 Mil Spar & N W 1st go 4e_ I947 M S 85
82
13
88
87
88
Genesee River 1st a f 6s__ 1957 J J 87
6618 Aug'21
___ 86
1941 J J
794 85 Milw & 8 L let au 33-45
1
"5'7" 1102 4
01045 J .7 8238 8412 8412 Oct'23
Ga & Ala Ry letce s 5s
_ _ 99%
9958
1927 .1 D -9914
90
924 Minn & St Louis 1st 78
2
6
7
55
9112
1929 J J 91, 91% 9112
1
Ga Car & No 1st gr. g 5s
2
75
1934 NI N 75 Sale 75
let consol gold 55
4
603 647e
3
1512 40
62
1946 A
61
63 62
Gs Midland let 3s
4
4 26
183
gold 4s...1949 M 8 183 Sale 1812
let & refunding
9914 9912
394
14
9988 July'23
Gila V & N lst gu 5s__ _1924 M N 994
1611 32
.
Ref & ext 50-yr 5s Ser A_ _1962 Q F 151 Sale 16
8458 9011
1942 .1 D 9514 - 31
9i.
15
Gou & Oswegatch 59
8
873 863
87
4
92
-ill - - - NIStP&SSNIcong4sintgu'38J J 87
91
_1941 3 J
98 1004
91
02
ex lst gu g
2
Gr R
4
4
98%
1938 J J 9814 983 983
1st cons Is
Grand Trunk of Can deb 78_1040 A 0 1124 Bale 11254 11314 25 11188115
4 13 1004 106
1013
1931 M S 10112 Sale 10114
10-year coll trust(1558
4
50 1023 105
11
1936M S 10312 Sale 10312 104
3812 105
3
15
-year s f es
4
9812 993 9812
9812
1046
es A
10112 Apr'07 85
1947 J
Grays Point Ter 58
9212
9212 Dec'22
SIN
1i41
let Chicago Term e t 4a
106% 207 10518 11112
90-t 97
10612 Sale- 10578
Great Nor gen 7s Series A 1936 J .1
8
4
8512 9212 M S S M & A lat g 4a int gu_1926 J .1 967 9718 963 Nov'23
8712 100
8 28
863
4
let & ref 4s Series A....1961 J .7 8512 864 803
8712 Oct'23
8634 90 Mississippi Central 1st 5s_.1949.5 J 8814
4
90 June'23 - -- 1113 04
Registered1.61 J .1
9134 May'23
943 1023 M K & Okla 1st guar 5s_ _ _1042 M N
4
,
947 Sale 9434
7318 80 4
,
99 4 129
5545 Series B
1952 .1 .7
7512 111
754
& Tex-let gold 48.1080.3 D 7514 76
75 Mo Kan
60
604 June'23 - - _ _
74% 8353
64
243
Green Bay & W deb ctts "A"____ Feb 48
79
J J 7812 Sale 7818
1314 Mo-K-T ItR-Pr I 5s Ser A_1962
6112 6712
712
712 10
ate "B"
Feb
712 Sale
Debenture
1354 60
1962 .1 J 654 Sale 6312
40-year 4s Series B
4
4
8412 Oct'23 _ - _ _ 844 8412
923 963
Greenbrier Ry 1st gu g 4s.._1940 M N 83
9418 43
34
-1932 J J 94 Sale
10-year es Series C
8412
78
7812 Oct'23 -79
48% 03
80
Gulf & 8 I let ref & t g 5s_ _big52
4
5114 1012
1967 .1 .7 5012 Sale 493
7812
Cum adjust 59 Series A
67
711, 731, 7014 Oct'23 _ _ _ _
Harlem It & Pt Ches 1st 45_1954 M N
Pacific(reorg Co)
86
Missouri
80
2
83%
7318 864
4
4
Hocking Val 1st cons g 4s_1999 .7 J 833 8514 833
4
7514
7414 753 7318
4
1st .9 refunding 5s Ser A 1965 F A
8112
81
8
945 0634
8113 July'23
1
1999.5
Registered
75%
9512
4
1st Is refunding 5s Ser C 1926 F A 0512 Sale 9512
955 973
85 99
9758 Oct'23 - - _ _
H&TC1stg5alntgu
1937.5 J 9712
8814 165
D 1949 F A 8712 Sale 864
93
1st & refunding es Ser
86
4714 63%
Oct'23 - _ _
90
481
,
Houston Belt & Term 1st 50_1937 J J 891 90
53
1975 M 8 52 Sale 49
93
98
General 4s
7
07
9512
1933 M N 94% 97
Hous E & W T 1st g 5s
9318 98
Missouri Pacific
7912 82
934 July'23 - _ _
1933 M N 96
97
1st guar 58 red
81 Nov'23
1938 MN
87
3d 7s Extended at 4%
80
914 93
Oct'23 -- _ _
85
cons g 5s
87
1937 MN 80
Oct'23
Housatonic Ry
9214 ____ 93
1945 J J
76% 844 Mob & Bir prior lien g 55
6912 74%
8114 158
4
7058 75
Hud & Manhat 5s Series A 1957 F A 8114 Sale 803
1945 J .1
7453 Oct'23
Mortgage gold 45
8
643
55
100 104le
5988 211
1957 A 0 59 Sale 5812
Nov'23
Adjust income 55
924 Mobile & Ohio new gold es 1927 J D 1024 ____ 1027 Nov'23
88
I
88
9918 1031a
88
/inflow Central lot gold 4e 1951 J J
__
h1927 Q e 10012 10114 10012
1st ext gold es
8
1951 J
721 7812
3
8712 88
88%- - 8318 Sept'22
7512
4
Registered
1938 M $ 735 753 7514
7412 83
General gold 4s
9414
1951 J J 78
7412 Oct'23
90
9
80
9313
9212
9212 98
1st gold 3345
Montgomery Div 1st g 513_1947 F A
Oct'22 _ _
9512
1951 J J 7518 _ _
80
94
4
Registered
1927 J 0 9412 954 943 Oct'23 Div be
St Louts
-W 1)383 Feb'23
7412 781
,
8
76
S 753 7612 7512
1st gold 3;45.-1951 A 0 764
4
Extended
1938 NI
7614 7614 Mob & Ohio coll tr g 4s
1
/
1951 A 0 7518 79
7614 Sept'23 _
81 824
Oct'23
81
Registered
199181 S 8114 82
Moh & Mal 1st go g 4s
1951 M
8312 Mar'22 _
5934 72
107 111
Oct'23
1937 J J 10812 110 109
gold 3s sterling
let
8
774 857 1 Mont C 1st gu g Is
9
85'2
85% 85% 8412
Collateral trust gold 48_ 1952 M
1937 J .1 10612 109
Registered
954 Sept'19 _
1952 A 0 7814
99l bus
- ''23
Registered
1937 J .1 9914 10014 101- Nov4
883 1st guar gold be
82
1
8518
854 Sale 854
1955M N
45
1st refunding
sale.
Due June. kDue July. a Due 8e3t. o Due Oct. a Option
and asked Ms week. a Due Jan b Due Feb.
*No price Friday; latest bld
go-
9
2
L
ai
New York B,ond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week ending Nov. 18.
Price
Friday
Noe. 16.
Week's
Range or
Lan Sale
Range
Binge
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week ending Nov. 16.
2201
Price
Friday
Noe. 16.
Wears
Range or
Last Bate
Range
fano)
Jan. 1
Bid
Ask Low
High No. Low
High
Bid
Iligh No. Lew
Ask Low
HMS
Ild & E 1st gu 3M8
2000 SD 7478 78 7418 Oct'23 -74
78 Peoria & East let cons 48___1940 AO 6918 703 70
71
7
78
4
Naahv Chatt& St L let 54..1928 AO 100 _ _ _ 9912 100
4
9846 101
Income 48
1990 Apr, 24 Sale 24
2
24
2046 80
NIrladt8 latgug 58
1937 PA --- 9614 Oct'23 ---9814 98 Pere Marquette let Ser A 58 1956 S i 9334 Sale 9334
9378 107
9254 98
Nat Ry of Mex pr lien 4%8_1957ii 2312 _ _ _ _ 30 Sept'22 -lat Seriea B 49
3
1956 3' 78 Bale 78
78
7612 8212
July coupon on
2312 2412 2412
2412 42
23 - - Phil& Bait & W let g 45
113
4
1943 MN 8914 90 88 Oct'23
8734 924
do oft
21
243 29 Mar'23 -4
29
35 Philippine Ry 1st.30-yr a 148 1937 ii 4212 43 43
12
43
41
497,
General 48(Oct on)
1977 AO
2618 July'23 2618 2618 PCC&StLgu4;1aA
8 93 97
93 4
1940 A0 9334 Sale 9314
3
14
April coupon on
2338 22 Sept'23
2114 24%
Series B 019 guar
1942 AO 9314 95 93 Oct'23
93 97 s
7
do off
2172 23 Oct'23 20 294
Series C 410 guar
1942 MN 9318 94 9314 Nov'23
9114 9414
Nat RR Mex prior lien 430-1928
J
3814 Jtme'22 - Series D 48 guar
1945 MN 864 90 9118 Oct'23
/
1
8914 93
July coupon on
34 Sale 34
2412 44
34
2
Series E 3;1s guar gold1949 FA 84 87 9038 Oct'23
1
8412 93 4
do off
31
40 34 Oct'23 34 4438
Series F guar 45 gold
1953 3D 87
911
4
89
8912 9112 June'23
let coneol 44(Oct on)
---1951 A 0
28 Apr'23 ---27 28
Series G 48 guar
1957 MN 86
89% 98
9212 93 Sept'23
1914 April coupon on
113; 23 Oct'23 -2114 2612
Series I cons guar 4;is
1983 FA 9112 93 9014 Oct'23
5
9014 94 1
do off
1834 2138 1934 Nov'23 ---1811 281s
Series .1 4e
1984
N 904
9112 94
-- 9112 Oct'23
Naugatuck RR let 48
1954 M N 55
6S18 May'23 -6818 6815
6
General 5s Series A
1970 3D 9634 Sale 96
4
98 4
3
93% 983
New England cons 58
19453 J
6818 75 Aug'23 -75
9012 Pitts & L Erie 2d g 58
a1928 A0 9658 _ _ _ _ 99 Nov'22
1945 .1 J 7718 8778 64 Oct'23 ---Consol 40
64 7514 Pitts McK & Y let gu 6s____1932 33 10314
---- 105 Dec'22
1988 F A 70
N J June RR guar lat 46
76 82 June'23
82 82
2d guaranteed 68
1934 3'
9514 June'20
27 0.14 NE latref &Imp 4Y1s A'52 J J
80 Nov'23 -- -77 8112 Pitts Sh & L E lat g 5s
9714 Ha1910 AO 084 99,4 9814 Nov'23
New Orleans Term let 48_1953 J J 7614 Sale 7538
77
13
7318 7914
1st consol gold
1943 33 9718 98 100 Feb'23
m 100
NO Texas & Mexico let68 1925 J D 10012 Sale 10012 10034 24 100 10112 Pitts Y & Ash let.5s
cons 58._ _1927 MN 9918
98 June'22
Non-cum income 55
1935 A 0 8052 Sale 79
80113 179 728e 84 Providence Scour deb 48_
1957
N 30
35 WI;
40 3S June'23
N & C Bdge gen gu 014--1945 J J 9014 9278 9038 Sept'23 8 4 9012 Providence Term 1st 42
9
1956 MS 711
8838 Feb'18
/
4
NYB&MBlatcong 50_1935 A 0 9278 _ _ _ 93 June'23 - 017e 94 Reading Co gen gold 48
8738 109 82s 88
1997 .1 .1 874 Sale 865
8
7
N 1r Cent RR cony deb 68_1935 MN 10434 Sale 0414 10518 329 101 1064
4
Certificates of deposit
10
79 88
87
8834 Bale 8612
Consol 48 Series A
1998 F A 8078 Sale 8078
8112 11
83
Jersey Central coil g 48-1951 AO 82 Sale 8112
4
82
Ref & impt 4X11 "A"
2013 A 0 854 853 85%
85% 23 84 887 Reim & Saratoga 20-yr68- _1941 MN 10812
4
4
-Ref & impt 5s
2013 A 0 9512 Sale 9512
9512 397
9278 98% Rich & Dan 59
9784
1927 AO 9712 983 65 ()Jai -----_-_
4
NY Central & Hudson River
Rich & Meek 1st g 55
N 89
1948
72 Mar'23 -- 72 72
70
Mortgage 3e
1997 .1 .1 7412 Sale 7414
75
92
72 7784 Rich Ter 55
1952 33 9558 96% 9538
9518
2 95 100
Registered
1997 J J 7212 7312 7258 Oct'23
6914 7812 Rio GrJunc 1st gu 58
1939 3D 8212 8412 84
83 87
1
84
Debenture gold 48
1934 M N 8878 Sale 887s
84312 913 Rio Gr Sou let gold 4s
8912 113
4
1940 33
34 9
518 7
8 Oct'23 - _
30
-year debenture 44
1942 J J 8538 8612 853
/ 21
1
4
4
85
843 9014
4
1940 33
Guaranteed
8 12
12
12
5
Lake Shore coil gold 3%6_1998 F A 7112 Sale 7112
721 59 681s 78 Rio GT wcst 1st gold 48
/
4
1939 3' 76 Sale 76
15 72 78
77
Registered
1998 F A 6914 73 70
70
2 69 73
_1949 A0 62 Sale 62
Mtge 43 coil trust 4s A_ _
63
25 604 68
Mich Cent colt gold 3Ma_.1998 F A 7258 Sale 7114
7814 RI Ark & Louis 1st 43b8
4 29
71
721
1934 MS 7378 Sale 7378
7134 81
7438 34
1998 F A 7034 Sale 703
Registered
4
703
4
2 6938 75 Rut
1949 33 65
-Canada let gu 548
70 June'23 -- _ _
70 70
70
!I Y Chia & St L 1st g 4a___ _1937 A 0 8978 911 8914
/
4
8914
2 8378 904 Rutland let con g 4348
1941 3' 7914 81
/
1
79 80 s
79 Oct'23 1
1937 A 0 87
Registered
8912 88 Oct'23
864 88 St Jos & Grand Isl g 48
' 6972 72 6914 June'23 -- _ _
3
1947
694 75 4
3
1931 MN 875 88 8712
Debenture 48
8
8734 30
8358 89 St Lavrr & Adir 1st g 58
1996 3' 891 9312 9714 Nov'23 /
4
91 974
266sABC
1931 M N 10012 Sale 10014 1005
8 52
98 101
1996 A0 964
2d gold 68
98
4 96st 9812
9812
N Y Connect Ist gu 018A._1953 F A 864 Sale 86
/
1
8832
4 844 887 St L & Cairo guar e 48
1931'.2 8818 98 8914
8
8914 10 87 90
t11 Y & Erie lst ext g 4s
1947 M N 804
81 Sept'23 _ _ _
/
1
81 81 St L Ir M &El gencon 858_1931 AO 95 Sale 95
9512 10 93% 994
ad ext gold 4;18
1033 M 8
95 May'23
95
9912
Gen eon stamp gu g 5a--1931 AO
102 July'14 -4th ext gold 58
1930 A 0 95 Sale 95
95
10 93% 94
1929 33 8338 Sale 8318
Unified & ref gold 45
8312 25
6th ext gold 45
19283 D 921 _
/
4
9134 Aug'23 _ _
9184 91%
1933 MN 7312 Sale 731
Riv & G DIY 1st g 48
7114 86
/
4
7334 25
N Y & Green L gu g 5a
1946 M N 811
/
4
84 No '23 72 84 ER L M Bridge Ter gu g 52--1930 A0 9614 97 9714 July'23
96 99
N Y & Harlem g 3A2
2000 M N 7412 ____ 74 Sept'23
7312 7748 St L Ban Fran (reorg Co)48.:5o J .1 66 Sale 66
70 s
7
685 208 65
8
NY Lack & Western 5s__ _1923 F A
9934 June'23 -1950 3' 80 Sale 7934
99 100
/
1
4
Prior lien Ser B 58
7912 85s
8014 47
IM at ref 5s
1973 61 N
1928 3' 99 Sale 98
- - ---99
66
Prior lien Ser CBs
97 100
/
1
4
let & ref 4Hs
1973 MN 97
1942.23 8712 8834 87
96
/
1
4
- 2
987
3 9512 IF
6
874 9232
24
/
1
4
88
5348
NYLE&W1at7aext__1930 MS
103 June'23
103 103
/
1
4
72 219 6718 90
/
1
4
Cum adjust Ser A 68----h1955 A0 72 Sale 71
Dock & Imp 55
19433 J
9812 June'23 -- 51960 Oct
94
5314 67
9812
Income Series A 88
5814 328
5714 Sale 574
N Y & Jersey 1st 58
1932 F A 9712 Sale
9712
9434 98 St Louis & San Fran gen 68_ _1931 3' 10312
/
1
4
1
1034 1034
1 10212 104
N Y dt Long Br gen g 48____1941 M $ 847 --__ 9712 July'22
8
91
1931 3' 981 100
General gold 55
98
9532 99
/
4
98
/
1
4
1
N Y N H & Hartford
824 824
8212 July'23
St L& SF RRconsg48-1996 3' 8412
Non-cony deben 3%8----1954 A 0 37
3934 36 Nov'23 --34% 47
91
91
Southw Div let g 5s__ 1947 A0 8914 -- 91 June'23
Non-cony deben 49
1947 M S 40
57 48 June'23 --3' 9814 99 98
1948
4734 49 St L reo & N W let gu 5s
9818 103
/
1
4
993
2 16
Non-cony deben 3;15
1947 M 13 37
55 44 June'23 - _
1931 MS 8852
4312 48 St Loub3 Sou let gu g 413
8612 8918
885 Oct'23
8
Non-cony deben 48
1955 J J 4112 43 4118
373 511 St L SW let g 42 bond Ws_ _1989 MN 7458 755 7518
4
42
76
8
7214 781
/
4
4
22
12
Non-cony deben 45
1956 M N 43 Sale 41
37
50
.43
10
88 4 701s
4
2d g 48 income bond etfs_p1989 33 6852 7118 6858 Nov'23
Cony debenture 3Ati
1958 J J 3912 Sale 37
1932 3D 7578 Sale 7514
34
3934 21
4612
734 78
76
37
Consol gold 4s
Cony debenture 68
1948 J J 5634 Sale 52
/
1
4
' 7412 Sale 7412
3
5a-1952
52
57 215
7314
1st terminal & unifying
734 82%
75
8
4% debentures
1957 M N 33 Sale 29
2714 4234 St Paul & K C Sh L let 43.is-1941 P A 74 Sale 74
33
102
1
74 814
74
79 European Loan
1925 A 0 6878 Sale 6334
cot 9024
541s 81 St Paul E Gr Trunk 430 1947 3.2 89
69 216
92 75 Nov'23 _
Franca
1925 A 0 651 Bale 5912
/
4
1933 3' 9118 _ -- 9118
8714 1064
9118
53 7112 St Paul M & Man 4a
90% 93
Cons Ry non-cony 4a_1930 F A 41
__
1933 3' 106 10734 10812 Nov'23
106 1094
let consol 568
Non-cony 44
1954 J J 41 15
7 - 4611
6
oa7i5
88 Reduced to gold 4%a 1933 3' 9512 9614 96
96
1
95 11 994
3
Non-cony deben 48_1955 .1 J 41
38% Oct'23 _ _ _ 387 44
s
1937 3D 89
Mont ext let gold 48
8912
8912 8912
9 884 93
Non-cony deben 4s
1958 J J 4186 40 Sept'23 _ _
40 40
1940 3'
Paelfic ext guar 48
84 85
- -- -- 85 July'23
Br Y & Northern 1st g 58
1927 A 0
99 Oct'23 _ _
99 997
8 A& A Pass let gu g 45
1943
' 7112 Bale 7112
3
70% 75 4
1
7112 21
NY O& Wee!lat g 48_ _ 41992 M 8 8112 dale 61
8234 33 6014 7078 Santa Fe Pres & Ph 5a
1942 MS 9612 _ _ -- 97 May'23
97 99
General 45
1966.2 D 58
5758 59
1950 AO 81 Sale 81
59
1
5
7 7018 San Fran Terml let 48
784 834
8144 56
1
NY Prov & Boston 4s
1942 A 0
73 Aug'22
_
1934 AO 1061 ____ 108 Oct'23
Say Fla & W 88
107 1084
/
4
1
N y & Pu let eons go g 4a-1998 A 0 8018 8212 8014 Sept'23
8014 ii11_
1934 AO 991 10012 9934 Oct'23 4
58
99 4 99%
3
N Y & R 13 1st gold 5a
4
1927 M S 983
_ 95 Apr'23
2
95 95 sew v & N K 1st gu g 4s--1989 MN 864 Sale 86
_
/
1
867
s
3 86848753
N Y Susq & W lst ref 58
1937 J J 5712 Sale 57
1950 AO 82 Sale 5814
5714
8
80 60 Seaboard Air Line g 413
3 53 62
62
26 gold 018
1937 F A 4612 487 46 Nov'23
2
42 493
1950 AO 58 Sale 5734
s
Gold 48 stamped
1
5814 33 52 58 4
General gold 55
1940 F A 4112 Sale 40
4113
9
3712 49
019 9 FA 404 Sale 3914
19
5
4
Adjustment 58
407
224 41
/
1
41
Terminal let gold 59
1943 MN 8412 _
8412 Nov'23
A0 461 Sale 4614
84
9338
Refunding 48
/
4
4638 204 89 464
N Y W'ches 43 B 1st Ser I 4As..'46 3 J 3812 Sale
3212 8014
3814
383
4 54
96
45
7
let 5c cons 65 Seried A_ _ _ 193 MS 8718 Sale 67
697 192 484 69 s
2
Norfolk Sou let & ref A 55_1961 F A 6418 6678 64
61
71 Seaboard & Roan let 55_ -1926 33 9712 9812 9714 Oct'23
_
4
9314 971
Norfolk & Sou 1st gold 58- 1941 44 N 87 Sale 87 Nov'23
87
1943 3D
3 87 9312 Sher sh & so 1st gu g 5s
864 8714
Noel At West gen gold 68_ __ _1931 M N 10512 10614 10812 Sept'23
- 3612 June'23
106 10812 8&NAlaconagug58
FA 99
4
/
1
4
98 Aug'23
/
1
4
98 1011
Improvement & extg
1934 F A
110 Mar'23
110 110
guar SO-yr 5.2--1963 A0 9834
Gen cons
96% 99%
983
4
983
4
New River let gold
1932 A 0 10718 10812
1
94
4
9 '9
2 1083 10714 So Pao Co14s (Cent Pao co8-p 2 J D 85 Sale 8418
77% 85
N & w Ry ltn oona g 42_ _1996 A 0 8912 Sale 10718 10718
8518 138
8912
91
222 8514 9314
MS 93 Sale 93
-year cony 48
20
12
Registered
9312 384 90 934
1996 A 0 853
4
853 Oct'23
4
85
go
1934 3D 984 Sale 9834 10012 14 974 102%
-year cony 58
20
/
1
Div'l let lien & gen g 48_1944 J J 88
883 873 Nov'23
8
4
8253 89 So Pao of Cal
193 MN 9214 103,2 103 Oct'23
55
7
-G11 g 55
101 1034
10-25 year cony 4As
1938 M S 90 _ _ _ 105 Aug'23 101 108 So Pea Coast 181 go 45 g
1937
88 9112
891s 9112 9112 Nov'23
1929 M S 10838 Sale 108
10
-year cony 88
10838 38 10612 11714 So Pee RR let ref 45
' 87 Sale 87
3
8812 200 83 881a
Pocah C & C joint 4e__ _1941 J D 8612 87 88
8612
9 8438 8838 Southern-leten 45 se58..- :9994 33 95 Sale 95
. 1 6
peveiop 5,,cona g r A:19556
9534 114 924 0814
North Ohio let guar e 55-.1945 A 0 85 Sale 8072
85
79
85
18
AO 68 Sale 6734
89 308 6614 694
Nor Pacific prior lien 44.....1997 Q J 821 Sale 82
/
4
8278 206
8112 87
AO 1005 Sale 10012 10178 301 100 102
Registered
8
1997 Q 3 81
_
81
81
8312
81
,
19 1
Mem Div let 8 4549-54-1998
90 97
9412 994 9512
951t
General lien gold 38
02047 Q F 594 Sale 5811
/
1
584 624
5914 32
1
St Louis div let g 48
80 Sale 80
803
4 33 75 4 81
a2047 Q F --__ 5878 80 June'23
Registered
858214 60ii So Car & Ga 1st ext5A8-.1929 N 9858 9834 9834
0
--ia
1
983
4
5 97 99 11
Ref &'mut 41.14 ser A__._.20473 J 8134 Sale 824
8278
9O Spokane Internal 1st g 5s.._ -19 5
1934
9563
81% SPA
8
83
8512 821 Oct'23
68 ser B
20473 1 10278 Sale 10218 103
87 1924 11000934 Staten Island Ry 4e
3
6
04
2
58 0
- - 80 Oct'20
20473 J 9112 92 92
92
Sunbury & Lew 48
91 91
91 Oct'23
58 D
20473 J 92 Sale 92
9214
414 Superior Short L let 5e 2-61930 MS
-- 95 May'18
Bt Paul
-Duluth Div g 4a1996 J D 7812 ____ 89 Feb'23 40 92 9
1933
Term Assn of St L 1st g 4)0-1959 A0 9212 93 924 Oct'23
- "'
971
St Paul & Duluth let 58_A931 Q F 991
/
4
-- 9878 Jan'23 ..----_-_
tr112 1318178
1944 P A 96% 9912 9734
1st cons gold 55
973
4 17 985g9
let comma gold 48
1968 .1 D 8012
8414 Jan'23
.1
77 82
7814 7912 79 Nov'23
Nor Pao Term Co let g 68
1933 .1 J 10914 10978 10914 10914 i_? 104 10 4
00 8
8814 12 Texen N 1undn lold 58
0
1943
4
g 44
G & r40 co ag
9038 May'23
90 9014
Hoof Cal guar g 59
1938 A 0 99 100 100 Sept'23
Texas & Okla 1st gu g 5a--1943 MS
334 Dec'22
North Wisconsin let 68
1930 J J 10134
100 June'22
Texas & pox 1st gold 58
2931
100
0
96
911
/
4
/
4
9112 93 911
Os & L Chem let gu 4a 2_1948 J J 6818 70 6814 Oct'23
55
42000 Mar
ldgoi d income,
4012 66
51 Aug'23
: i
Ohio Conn Ry 48
1943 M S 8914
2d gopl v B i lBt 55
893 Oct'23 .
8
84
9018 10
9012 Sale 88
River RR 1st g 58
Ohio
1938 J D 964
95% 9818 Tol & Ohio Cent 1st gu 58_ _ _19993
/
1
_ 9612 Oct'23
9335
1755
9512
198'd
General gold 58
97
99 97 Nov'23
1937 A 0 9414
94111 Oct'23 - __
9418
AO 9334 9512 93
Western Div 1st g 55
/
1
4
93
94
/
1
4
Ore & Cal lst guar g 5a
19273 J 9934 100 993
3
4 100
37
9838 100
General gold 55
90 Nov'23
8738 92
Ore RR & Nov eon g 4a
19463 D 883 8712 8712
87t2
4
84
's 88 Tol Peo & West 48
088 9
2 12 75
1
8
30 30 Oct'23
27
-let eons g 58.'46 3 J 101 Sale 101
32
Ore Short Line
10118
7
St L & W pr lien g 330_1925
9818 11
0318 961
9534 9612 96
4
Guar con 58
1948
.1 10178 Sale 1017
$ 10212 54
27,
1950 AO 7312 Sale 73
-year gold 48
50
7312 25
Guar refund 44
1929 3 D 9278 Sale 9212
93
42
9018 93 Tot WV &0 gu 430 A
193
93
31
954 June'23
/
1
Oregon-Wash lat & ref 4e
1901 J J 7978 Sale 797
2
8014 111
75% 82
Series B 4s
/
1
95
954 944 Oct'23
/
1
Pacific Coast Co let g 5s_ _ _ _1946 J D 7412 7614 7412
9V14 61
4
7412 .95
v 8
1
7412
1942 MS
_
Sertes C 48
884 Nov'22
/
1
1938 F A 8612 8712 8612 Oct'23 -_-_____
Pso RA of Mo lst ext g 4a
56
Tor Ham & Buff 1st g 48_ _k1942
81
8314 80 Oct'23
785* 82
2d extended gold Is
1938 3 J
9852 Nov'23
1928
Ulster & Del lats one g 5a
944 9458 Nov'23
/
1
94 984
94
Paducah & Ills lats f 4;18_ _1955 .J 8934 ____ 893 Nov'23 ---4
4
893 91
A0 5912 88% 70 Mar'23
1st refunding g 44
70
68
Paris-Lyons-Med RR 6s_ _ 1958 F A 6613 Sale 684
7014
1947
:
Ws Union Pacific let g 48
5
92 Sale 92
8814 908
9312 286
9812
9914 127
1942 M 8
Paullsta Ry 7s
1927 J
,
' 2 1-year cony 45
96 Sale 96
94
9
84
Pennsylvania ER-cons g 4a 1943 MN 887
9634 211
883 Oct'23
2
4
02008 M
)
ac111 9314
---let & ref tem. 0s
99 4 10012
,
9914 Sale 9914
1948 M N 8734 . 8 88
9934 442
Consol gold 48
88
883
3 8718 9112
02008 M
let & refunding 48
83 Sale 82
/
1
4
80 88
/
1
4
83
/ 22
1
4
May 1 1908 MN 8518 88 84 Nov'23
as stamped
5, 10238 Sale 10258 103
perm secured
3
1980 F A 9414 Sale 9414
Consol 411
59 1024 105 4
9418 : 106 3 90 17 18.1 eRaRr
"2_
71
84 4 8
92
MS 90
/
1
4
N-y
go
93 1
1
9212 9212
1965 D 9078 Sale 9012
9212
General 4 a
2
9118
• J 9918 100
Utah & Nor gold 58
994 99%
1968 3 D 100 Sale 9912 10014 .65 10 ; 0:
9914 Nov'23
General 54
_ 16g_
.
9
7
8 7 1, let extended 48
9 11 123
6
8
5
14:8
4
1033 J
91%
91
8912
1930 A 0 10714 Sale 107
9112 Apr'23
-year secured 7a
10
108
7
195 FA 8412 ____ 8518 Oct'23
55
Vanoniol co s g s Sgt. A
cdalia 4snserits
1
854 856
1936 F A 10818 Sale 108
-year secured 0.1s
15
10812
MN 3412
85 87
Pennsylvania Co
85 May'23
Vera Crux & P 1st go 43is_1934 3,
84
37
14
Guar 3H a coil trust reg A.1937 M S 8312 8618 8412 Nov'22
76 June'23
July coupon on
25
65
2518 31% 25
25
Guar 31s coil trust Ser 11_1941 A A 8218 8218 8214
8214
8153 83I Verdi V I & W lat g 5.1
1926 M 8 96
98
14 98%
Guar 311s trust etre C____1942 .1 D 8118 85 8138 Oct'23
9712 9814 Mar'23
818 81% Virginia Mid See E 58
4
1928 M 13 98% _ _ _ 9818 Sept'23
Guar nie trust etre D.__1944 J D 8212
98% 9841
8153 Oct'23 ____
813 93
3
1938 M N 97 3 9712 9718
General 5s
Guar 15 -year gold 46-1931 A 0 91 Bale 91
8 93 97%
-25
,
9718
91
2_
8914 93 Va & So'w'n let gu 58
91% 9814
9014 9412 9112 Sept'23
1922M N 83% 86 87 Oct'23
Guar 45 Ser E
84 9044
1s
let cons 50
2 3 j O 7612 78 7714 Nov'23
00
-year 58
1958 A j
75% 81
•No MUM Friday: latest bid and asked this week. 0 Due Jam. 3 Due Feb. e Due June, 1 Due
July t Due Aug. °Due Oat.' Nov. I Due Dee. /004lon gaill.
:Due
,
80 80
ir
987.
214 8634
-80r8
214
In12 ,ro,
. tr,
9:3.
sg::
New York Bond Reccrd-Continued-Page t
2202
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 16.
3
t
Prfee
Friday
Nov. 16.
Week's
Range or
Last Sale
Range
Since
Ian. 1
BONDS
N. Y. STOCK EXCHANGE 1 a
Week ending Nov. 16.
11".
Friday
Nov. 16.
Week's
flange or
Last Sale
j
I E3
i
Range
Bence
Jan. 1
44.
4o
HO)
Low
esk
Bid
High
High No Low
Aut Low
Bid
82
8512 37
4
991
J 8538 Sale 85
40
NI: 98 Del United let cones 430__1932
95
l047 10813
8
10478 Oct'23
Virginian 1st 55 Series A____1962 M N 9434 Sale 9414
\I N
4
933 99 Diamond Match s f deb 749 1936
96% 23
1939 M N 964 Sale 9534
47 64
I
4814
52 4814
Wabash 1st gold 55
5
83 9214 Distill Sec Corp cony 1st g .5e 1927 A 0 46
86
66
47
1939 F A 85% 8814 8558
2
4834
2d gold 58
_ 48
47 48
Trust certificates of deposit___I
1
674 71
8512
674
76
14
78
1st lien 50-yr g term 0....-1954 J J 6714 Sale 6714
8
775 79 7753
96.2 Dominion Iron & Steel 55-1943 J
94
84 93
2
1941 J .1 94% 9812 954 Nov'23
8712
Det & Ch ext lat g 5s
1942 1 J 87 8718 87
Steel 75
73% Donner
71
Oct'23
s
8734 90
Des Moines Div 1st g 4..1939.3 J 717 72 71
.19363 D 8914 914 8914 Oct'23 ---4
6214 66% in Pont(El) Powder 434e
66%
1941 A 0 • 66% Sale 6512
lo81: 78 10534 1094
Om Div Mt g 348
71% 7278 duPont de Nemours & Co 7s'31 M N 108 Sale 108
51 101 1094
1941M S 7318 80 7234 Oct'23
Tol it Ch Div g 0
10334 104 10312 104
Duquesne LA 1st & coll 0_1949 J
10815 1084
June'23
3412-2000 F A 71 ---- 744 Mar'22
J Warren let ref gu g
1936
- 13618
Debenture 74e
"iiis Id 7878 Oct'23
1948 Q M __
96
94 1131
993
4
Wash Cent 1st gold 48
Cuba Sue 15-yr 5 f g 7348'37.11 S 994 Sale 1 90
97% 99 East
1934 99 Nov'23
1924 F A 99 86 91
8912 11
8912 89
89
W 0& W let cy gu 4e
J
764 80 Ed El III likn Ist con e 411-1939
Oct'23
68
95
6914 10614
6
1004
997 10014 100
Wash Term 1st gu 3346-1945 F A 794 80 794 June'23
1
854 854 Ed Elec III let cons g 58.---1995,
8512
1945 F A 8453
Oct'23
-year guar as
lit 40
19253 0
80 8712 Elk Horn Coal cony Os
tier 80 Aug'23 _8812 93
0038 -16i
W Mln W & N W 1st gu 5s 1930 F A 76% 0
9 :: 111 41
Empire Gas & Fuel 745.-1937 81 N 95 5a7: 9512
55
59
58
93 95
7
94
West Maryland ist g 45-1952 A 0 584 Sale 9914
1932 M 8 9312 9414 9334
0053
16 4 Equit Gas Light he
12
0
5
9611
9914
1937 .1 .1 9912 Sale
9038 9614
9112 6
621----194! '11 ci 9214 0212 9112
West NY & Pa let g 55
Federal Light & Tree
76% 14
1943 A 0 7618 77 7614
7 994
1
9812
1953 14 S 98 984 9812
Can gold 4s
21
8
75
7314 8312
79% 20
7912
99 10812
19(1 M S 10134 10134 10112 10218 37
ea
Wtern Pee let Ber A 52J-1946 M 5 7914 9212 7914 Nov'23
188
95 Fisk Rubber lets
86
9112
704 80
1946 M 5 92
83 Sept'23 ---794
B 6a
7
77 83% Ft Smith I.t & Tr 1st g 5a-- -1936 M 5 78
80
4
8314 933
2361 J J 80 Sale 80
894
88
West Shore 1st0 guar
34
75 82 Framerie Ind & Dev 20-Yr 73513'12 3 J 88 Sale 10114 10214 14
79
77
2361 J „I 7812 SO
9914 1034
7
1912 M N 10214 Sale
Registered
5
97 99 Francisco Sugar 7358
9812
1926 A 0 9812 99 9812
pais
027 _- 0114 July'23
9114
Wheeling & L E isle 5s
96
99 Gas & El of Berg Co cons g 551949 1 D
09 06 Oct'23
101
994 10112
1
Wheeling Div let gold 0_1928 J J 94
8-1936 1 13 100 101 101
9112 955s General Baking 1st 25-Yr 6
973 9112 Oct'23
Ws Mg
4
82
82
Exten at taint gold 58.-1930 F A 9012 Sale3 5012
Gen Electric deb g 3349.--1942 F A 82 Sale 13018 101
5114 17
M S 50%
47
5
994 103 4
Refunding 44a Series A-1966
1952 M S 10018 10058
Debenture 59
3
604
1949 M S 60 Sale 60
97 01
1
9712 53 664 1 0 34
9712 9712
RR let consol 45
Ber A I952 I' A 97
459
4754 65214 Gen Refr I st 5 f g Os
0
6
5212 35
4
1992 J D 513 Sale 5134
98
1947 J J 9754 Sale 97
Wilk & East 1st gu g 55
98 101 Goodrich Co 8(.s
994 Oct'23
1938 .1 D 9918
8 117%
s
Will & 8 F 1st gold 55
8112 Goodyear Tire & Rub let f 88'41 M N 11414 11514 1 145* 1147 69 1135 108
76
8212 7914 Oct'23
99
70
Winston-Salem 5 131st 4a 1960 J J 8012 Sale 77
41931 F A 101 Sale 10.313 101
-year a f deb g 88
7414 82
10
2
77
77
04 93
4
8934
Wis Cent 50-yr let gen 49_ _1949 J -I 77
8058 Granby Cons Si 5& P con 63 A'28 M N 8214 94 89 June'23 __ -75
7712 76 Sept'23
81
92
1928 M N 9314 ____ 92
Sup & Dul dtv & term 1st 45'36 MN
Stamped
1943) .1 58% --__ 65 May'22
89% 100
19
91
1925 M N 9.11: Sale 90
W & Con East let 44s
Cony deben 88
85 101
1
88
INDUSTRIALS
88 88
1932 F A 80
8058 Gray & Davis Ts
80
80% 19
Sale
97 100
9912 10
094
Adams Express coil tr g 45-1948 M 5 80 Sale 80
5a
877 91414 Great Falls Power Islet 58_1940 M N 994 100
.
90 J?
89
1936.3 D 89
7712 82
79 80 78% Oct'23 ---1952 .1
Ala: Rubber 85
Hackensack Water 95
Si) 8514
6 13 518 Nov'23
1325 M 5
6
825s 16
Alaska Gold M deb 65 A
gen 55A 1054 M S 814 8238 8034
64 Havana E RV L & P
5
2
s
63
94
54 638 5%
87
1
1926 M 5
series B
9314
934
1952 F A 934 94
Cony deb (38
95 10012 Havana Elec consol g 5s
8 35
967
8
1928 A ,I) 967 97 96%
96 9912
9912 104
9912 Sale 994
AI31 Agile Chem 1st 59
96 10434 Hershey Choc let 5 1 g 65...1942
4 99
973
7114 92
1941 F A 97 Sale 964
7714 18
MN 7118 Sale 714
lit ref a f 748 g
Holland-Amer Line 68(174)_1947
93
1933 A 0 93 Sale 924
8
927 95
3
9414
Amerl an Chain 68
Fludson Co Gas 151 g 5s. _ -1949 M N 934 9412 9334
79% 97
72
944 99
9714 48
4
Am Cot Oil debenture 55- _1931 M" 79 Sale 05% Dec'22
Humble Oil & Refining 548-1932 J .1 97 Sale 963
933 116
934 9555
9318
gu 65-_1936 J 4 10612 ---D 93% Sale
Am Dock & Inapt
ii qur Iiiii Illinois Bell Telephone 55W 11956
8612 9234
88
12
1937 A 0 8612 Sale 86
01
1940 A 0 9034 Sale 903
Amer Republics 139
4
841e 923 Illinois Steel deb 4345
9212 162
79 8912
79 July'23 ____
1936 M N 794
Am Sm & ft 1st 30-yr baser A1947 A 0 9218 Sale 924 102% 50
8
995 10252 Ind Nat G &0 59
4
99 1014
40
0 1023 Sale 01
1947 A
1952,M N 10012 Bale 10014 10034
Os B
98 9955 104 Indiana Steel 1st 58
1937 1 .1 101 Bale 0012 101
1/19351.1 J 96% -- 96 Nov'23 --__
Amer Sugar Refining (3e
907 934 Ingersoll Rand let 58
012
81e 1
92% 271
1
412
412
Am Telep & Teleg coll tr 43_1929 3 J 9212 Sale 9211
86 9014 Interboro Metrop coil 4345.-19561A 0 1012 1112 434 Oct'23
45
89% 39
912
1936 M S 894 894 89%
412 1984
Convertible 43
Certificates of deposit
11 100 10314
4
12 134
132
1933 M S 103 Sale 0218 103
158
-year cony 44,3
16% stamped_
20
95 101
Guar Tr Co etre
138
97
7
5612 73 2
1946.3 D 9612 Sale 9614
594 115
let 58..1966 J J 59 Sale 59
-year coil tr 58
80
4 103 1134 11712 lowborn Rap Tran
1163
594 160
574 734
1925 F A 11818 Sale 16
5834 Sale 5814
-year convertible 6s
7
Stamped
82 86
29
85
5278 734
5614 44
1934 A 0 848 Sale 8458
1932 A 0 5614 Sale 554
Elec 5s_
Am Wat Wks &
-year 65
10
4912
8354 944
1939 1 J 4478 Sale 4212
847s 49
1932 M S 844 Sale 8418
Am Writ Paper a f 7-68
7
1912 9 114
1
4 84
75
65 6112
9612 33t
1
62 I
1953 F A 957 Sale 9512
65
Anaconda Copper 6s
:
951 104% lot Agrio Corp let 20-yr 58-1932 M N 62 Sale 62
99 265
811r 346
1
74 90 4
8014
1938 F A 98 Sale 08
7a
Inter Mercan Marines f 68-1941 A 0 8034
gall
81
8
827
8
1947) J 8274 837 8272
55
Armour & Co 1st real est4491939 .1 D 84% Bale 9 4
3
0
4
8118 gg5
8
5
2 % 25
95 1131 91, 2, 99 4 International Paper
8378 21
1947 3 J 82% 8312 8234
011 temp 68- -1935 M S 9512 Sale 24
Associated
4(112
20
1st & ref 5s B
1
29
74 844
7
30 29
7714
76 7512
AtiantieFrult cony deb 78.9_1934 .3 D 20
391: 3urgens Wks 69 (flat prtm)-1947 J J 75 sale 897e
33
18
87 91
19
0012 71
19
18% 20
Trust certificates of deposit__
Pow & Lt 0-1952 M S 904
17% 44 Kansas City
13
20
4
/
8 31
923
915 3611
2012 19
18
1952M S 9214 Sale 915*
do stamped
4
9414 993 Kan Gas & El 68
34
98
10914
5 1024 107
1942 F A 1044 Sale 104
4
1937
973 Sale 97
Atlantic Refg deb 58
____ 100 103 Kayser & Co 75
98 4 10914
3
813-1931 M N 10118 Sale 10078 10285 130
Baldw Loco Works 1st 5s...1940 M N 1004 10312 0018 Nov'23
3 94 103 Kelly-Springfield Tire
94%
7212 724
7212 Oct'23 --715
Barnsdall Corp a f cony 8%A1931 J .1 941: Sale 944
9512 9918 Keystone Telep Co let 58-1935 J J 98 .- 98 Nov'23
84
9614 994
___ 97
1948 J J 97 Sale 963
4
Bell Telephone of Pa 5a
9612 100 Kings Co El L & P g 5a1937 A 0 10978 11012 11012 Nov'23
1084 1134
98% 22
1926 .1 .1 9834 Sale 9814
let ext 5 f 55
1997 A 0
Beth Steel
Purchase money Os
90% 9718
4 16
943
7
97 5 10934
1942 M N 9434 Sale 94
1925 M S 10118 .___ 977 Sept'23 .-1st & ref 5.3 guar A
Convertible deb Os
86% 934
26
2 694 74
71
89
1938 J .1 8812 Sale 8758
734 71
20-yr pm & Imps I0
4
953 100 Kings County El let g 48-1949 F A 71
1
1 76
6`
71
97% 26
0634
1948 F A 9718 Sale
1949 F A
6s A
Stamped guar 45
874 9372
61
4 01
514 18014
7
9
8912
71.
1953 F A 8834 Sale 8838
6 754 June'23
7
1.
54s
704 80 Kings County Lighting 55_-1954 J .1 75 753 95
2
79
9812 9638
9512
1926 A 0 79 80 79
Booth Fisheries deb 5 1 65
9754 1004 61.45.1954J J
19
101121 12 994 my
Braden Cop M coil Ire f 65_1931 F A 9934 100 99% 100
19383 D 101 Sale 101
Kinney Co 7345
87
924
1942 A 0 9338 Sale 93
Brier Hill Steel let 534e
1950 M S 8812 89 884 Nov'23_.__
Lackawanna Steel 58 A
4
9
893 96
93
4
86
5
13 3
3:
935 8
B'way & 7th Av let c 5 5a-1943 J D 64 Sale 6 74
93
A
4 93
4 83 88 Lac Gais L of St I. ref & est 551934 J 0 9018 9138 91 Oct'23
884 921s
Brooklyn City RR 58_ _1941 3 J 8678 90
J
& Nav f 445 A 1954
Lehigh C
0754 1004
J
974
4
Bklyn Edison Inc gen Is
963
1933.5 J 9712 99 99 Oct'23 -_ __
38
4 22 19t15 1018 Lehigh Valley Coal 5s
4 1023
1930 1 .1 10 74 Sale 013
3 9914
8312 Oct'21
General 183 Series B
J
1933
48
1 105 10812
474
106
1930 .1 J
3818 12 *3534 06
General 7s Series C
54-1993 MS 3478 35 353
g
4
a 18 106 1093 Lox Av & P F 1st gu
1085
1940 3 D 12234 112e13 08
4 28 112 11914
1174 1173
General 73 Series D
38
654 74 Liggett & Myers Tobac 78._1944 A 0 11718 Sale 97
386
67
9714 29' 93 9814
Bklyn Man R Tr Bee(tern)65..'68.3 J 6634 Bale 6612
1951F A 9638 Sale
58 66
5$.
65 July'23
11712 27 11178 1144
Maya Qu Co & Sub con gtd 58'41 MN
1944
117 Sale 17
Lorillard Co (P) 75
_
1941 3 j
7912 Nov'22let 55
9618 23
9312 30' 9:312 074
8
6
9
1951F A 96 Sale 9
55
73
891g 9912
87 1 13
Brooklyn Rapld Tran g 55_ A945 A 0 73 Sale 73
1952 M N 86% Sale 861:
Louisville0& El 53
7312 1199
34 107 120
7258 ____ 734
certificates
110
Trust
68 Magma Cop 10-yr cony g 75-1932 3 D 10058 110 09
U
2
604
1 0234
6014
6055
96 16664
1st refund cony gold 48___2002 .7 3
1942 A 0 984 Sale
4
843 96 hlaniti Sugar 7395117
90
5712 94'
3-yr 7% secured notes ._ 1921 j j _ ___ ____ 894
Manila By (NY)cons g 43_1990 A 0 564 Sale 56 July'23
89
_
80
Certificates of deposit
__.... 89
50 5012
2013.5 D 45
2d 49
4
1
7884
z 984898353!
7767
8412 14
10
8412 Sale 8412
Ctfe of deposit stamped,
1942 M N 9612 Bale
Manila Elec 75
79
lit Ir1 79 7914 78%
9254
8Oct'23
2
9612
Bklyn Un El lst g 4-5s
Manila Elec By & Lt St 5a-1953 M S 82
79
79 Sale 78%
9234 157
Stamped guar 4-58
fly let cons 5a__.1924 M S 91 Sale 90
Market St
s 28 103 2
957
: 9412 9612 9538
N
954 34
4
Bklyn Un Gas let cons g 511-14%
1924 A 0 95 Sale 945
9 : 112216%
74
-year 6% notes
5
987
99
28
1
98899 0 :
37 ;
lt: 3
N 112% 11438 112 Ho 15
75
A 0 112 11538 116 Nov'23 -- 1080431 169684s
e --jo loots lost/ Marland Oil s f 8a with wee:10'31 A 0 10118 1017 09
10111 15
1st lien ie ref Os Series A 1947 M N 103% Sale 10212 1037
*
attached....
Without warrant
20 10712 117
07 159
7
1929 M N 11112 11112 111
1104
110
8
75
1931 F A 107 ii17
914 9254
7398 Series B
1932 J D 9112 95 9112 Nov'23
100 I 53: 91% 101%
Buff & Rugg Iron g f 58
100 Sale 98
80 87
do without warrants
1
2
80%
105
1952 A 0 8018 82 807
Bush Terminal 1st 4e
s
8258 89% Merchants & Mira Each 73..1942 /15 1047 105 105 4
0
5
95 19976 e
02
1955 J .3 84
8512 16
9834 25
8412 84
Consol 55
8
9334 Mete Ed Ist&ref g 6sSer B.1952 F A 985 Sale 973
85
1960 A 0 9112 Sale . 9112
. Building 58 guar tax ex
' 1953 J D 94i
994 98(4 Metr Power fla
9612 13
94
94414
7 1014 109
1937 M N 964 Sale I 9618
95
106
5 944
Cal 0& E Corp 58
9612 96% Mexican Petroleum if 88-1936 M N 1041 9391e 1047
9938 100%
9978 20
97 521
1924 F A 997 100 99
Cal Petroleum 610 (W I) -1933 A 0 9658 Sale 964
94 99 Mich State Telep let 55
8412 914
9512 11
864 138
Sue let 5 f g 7e.. -1942 A 0 95 Sale 95
M S 8578 Sale 85%
Camaguey
Midvale Steel &0cony f 58 1936
1
1
8512
9312
8512 Sale 854
Canada SS Lines lsteoll 5 i7s'42 M N 924 934 934
9
9114 109371122
Certificates of depostt____1936
80
4
8
24 9 12
9
9
9
8
985
-it 9858 9878 9834
1926 i
Canada Gen Elec Co 69-.1942 F A 1024 Sale 10212 102% _ -.
3
_
7 9814 050
3 . 97 100 Milw Elec fly & Lt cons g 5s 1931 J J 8914 ____ 89 Nov'23
38
88% 914
-year 5s-1943 3 D 974 97
Cent 131st Tel let 30
8512 9914
Refunding & eaten 43.45
074 9312
8818 864
9312 19
8
4
19513 D 9312 Sale 9214
Cent Foundry 1st a f 65._ 1931 F A 8714 883 873
9334 10018
Gen 5e1 A
5
9412 163
81
-year g 5s-1925 A 0 9334 Sale 9334
1961) D 804 Sale 8014
Cent Leather 20
lst 55B
219 115 150
4
9278 945
126
941: 11
1931 .7 J 122 Sale 122
1927 M N 944 Sale 9414
Cerro de Pasco Cop 88
Milwaukee Gas L let 4s
2
:
94
CS 0 L dc Coke 1st gu g 5s-1937 J J 9278 90 93t2
let 5/5 A._1943 J J 943
96
2
2
734 837% Montana Power
6
9 % 9984
8 72
15
753
9534 30 83 91
87
68
1927 F A 7454 754 748
81 1 9 34
8a7e4 845
Chicago Rys 1st 58
0912 10018 Montreal Tram 1st & ref 55_1941 J .1
11
7312 87 4
1
79
1923 .1 13 99% ____ 100
4
79 Sale 785
J
Chicago Tel 58
96 10314 Morris dr Co lets I
1932 A 0 9878 Sale 9812 124 10/
Chile Copper 69 Ser A
1066 A 0 6418__ 83 Apr'14
94% 9934 Mortgage Bond 4s
111
2 -His - 5 2
95% 18
954 9512 9538
924
0312 9212
Cincin Gas & Eiec let & ref 56'56 A 0
1932 A 0
1511
9812
95
18
8934 9
96
8
1961 A 0 954 Sale 95
MN 924 9312 915 Sept'23 .___
534s Ser B due Jan I
6
74 8
5 8512 7942 Mu Fuel Gas 1st cu g 5a__1947 MN 9238 ____ 954 Feb'23
9514 954
87
87
8
1943 F A 865
Colo F & I Co gen 5 1 5a
Mist Un gtd bds ext 5%.___1941
6
6714
7412
51
10
52
1934 F A 744 7412 74
J 52 Sale 52
Col Indus 1st & coll 55 gu
97% Nassau Elec guar gold 4e___1951
8 95
9654
97
90
2
9012
1927.3 J 963 Sale 98
Columbia G & E 1st lie
1931.5 D 9012 9114 9011
9192 97% National Acme 74a
20
97 974
973
_- __
1927 J J 97 Sale 9612
99 9712 June'23
Stamped
20 Nat Enam ds Btampg 1st 58_1929 J D 97
10
95 95
10
10 Sept'23 _ _
5
Col & 9th Av lat gu g 58......1993 M S
58...1930 3 J 95 ____ 95 Oct'23 ----year deb
4
2 757
6 92 Nat Starch 20
9
6
997
97 10113
15
Columbus Gas 1st gold 58_1932 J J 927 9412 927 Nov'23
1952 M N 903 Sale 99%
National Tube 1st 55
2
9214 95
71
72 71
94% 9334 Oct'23 ___
Commercial Cable 1st g 48..2397 Q J 71
19483 D 94
84 8914 Newark Con Oas 191
24
0512 100
88
85
8
07
Commonwealth Power (is._ A947 M N 867 Sale 86%
J D 97 Bale 9612
9 9813 1011: New England Tel & Tel 53.._1952 J J
62 62
____
10014 10018 10014
1937 J J 10018
62 Aug'23
Comp Asti Bare 734e
9512 10112 New 00 By & Lt gen 434e 1935
7
9834
98 08
10254 16 100 109
Computing-Tab-Rec s f 6a_ _1941 J J 97
7612 87% N Y Air Brake 1st cow/ 65_1928 M N 10254 Sale 10218 Nov'23
7412 80
-._
79 7812
Conn Ry & L 1st & ref g 44e 1951 .1 .1 78774 Sept'23 ...76 8314 N Y Dock 50-Yr let g 48___1951 F A 78
43 10634 1124
13 4
1951 J J 79 - 1 79 Oct'23
Stamped guar 430
NY Edison let & ref 63.4s A_1941 A 0 1097* Sale 10911 10978
17
87
6 954 100
98
9738 973
Coal of Md 1st & ref 55 1950 3 D Utz 86% 8612
19483 D 97
Cons
5
90
95 4 NYGEL&Pg 5s
7918 884
Aug'23 _
25
82
Oon0Co of Ch let cu g 58_1936 J J 9234 ____ 94
Purchase money g 48._1949 F A 81% Sale 81%
4 9
2
0
76 82
28 8 112 1004 NY Munic fly lstsf 55 A__1966 J J 7934 -__ 82 June'23 -88
1952 M N 87 Sale 8612
Consumers Power
984
96 99
1931 MN 985
Nov'23 ---g 58
8-_ _ 100 Oct'23 -99 984
Corn Prod Refg
6 N Y El L P let g 53____1930 F A 0814 0
95
8814 161
2814 3814
2
1934 M N 98 10912 100 Nov'23 ---33
let 25-Yr f 58
N Y Rya 1st R E & ref 49_1942 J J 325 3234 3258
1
854
27 8714
50
1943 F A ---- 884 8518
33
325 Sale 3258
Crown Cork & Seal 65
94
Certificates of deposit
82
2 21
4 8
3
877
_1930 J J 8778 Sale 8612
1$4 24
14
4 2
13
a1942 A 0
Cuba Cane Sugar cony 78_ - _1930 J J 935
-year ad) Inc 58
30
8712 9814
72
4 77
5
94
,
138 26
Sale 934
114
14 Sale
deben stamped 8%
......
Cony
of deposit
9
,t3) 14 6784
7
8 1 :
8 10614 16 105 10812 NYCertificates cons 445 1962 -coil 88_1931 M 8 10578 10614 1057
81
6714 __
014
8:
81
M119 67 681: 671
81
Cuban Am Sugar let
State Rye let
9414
91
46
927s
J J
9234
1962 MN
(Dumb T 3c T 1st & gen 58. .1937 MN 9234 Sale 85
645
8354 90
8512 11
Ss'51
8538 8554
4
lat&ref s
9334 9312 Nov'23
M N 93
Den Gas & E L
Y Steam let 25-yr 6s Ser A 1997
55 99
1
74
9054 954
1942M S 74
7412 74
9414 146
4
933 Sale 933
Dory Corp(D G)7a
944 10012 NY Telep 1st & gen a f 434s-1039 M
13
99
9912 90
Edison let coll tr 58_1933 J J 99
__Feb 1949 F A 1064 Sale 10538 10614 27 1034 1085,
Detroit
-year deben f 68_
30
3
90 4 98
9614 26
k)940 M S 9534 Sale 953
10414 63 1024 10714
1st & ref be Series A
213-year refunding gold 65_1941 A 0 10354 Sale 10334
k1940 M S 10312 Sale 1034 103121 36 101 10412
1st & ref 6a Series B
/Option isle
o Due June. h Due July. k Due Aug. Due Oet. gIllue Deo.
AprIl. Due March.'Due May.
*No odes Friday;latest bld and asked. a Due Jan g Due
21% 2g:
•
1,1 gil sr
Is
Nov.17 1923.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
2203
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked "f"
Week's
"
Range
Standard Oil Stocks Par Bid I Ask
Railroad Equipments Per C,. Basis
5 . 35
Range or
Since
Anglo-American Oil new El .14141 145 Atlantic Coast Line Os
Last Sale az6
i
Jan. 1
Atlantic Refining
100 10414 107
Equipment 6545
5.50 5.30
Preferred
100 117 118 Baltimore az Ohio 65
5.75 5.40
1310
Ask Low
High No. Low
High Borne Scrymser Co
100 135 140
Equipment 434s & 5s_ _ __ 5.50 5.30
Niagara Falls rower 1st 55_1932 J J 995 Sale 9912 10012 31
8
9514 101
Buckeye Pipe Line Co_ _50 *69
7012 Buff Roch & Pitts equip 65_ 5.50 5.30
Ref az gen 65
01932 A 0 10438 Sale 1037
7 10112 105
8 104%
Chesebrough Mfg new..100 228 232 Canadian Pacific 4545 & Os_ 5.50 5.35
50 530
.0 .
Niag Lock & 0 Pow let 55..1954 M N 100
98%
8
99
974 101
Preferred new
100 110 114 Central RR of N J 6(3
No Amer Edison 65
1952 M
913 Sale 9114
4
91
917
8 59
96
Continental 011 new.... 25 .37
38 Chesapeake & Ohio 65
5.75 5.45
Nor Ohio Trac & Light 6s
1947 M S
9012
20
92
8912 95
Crescent Pipe Line Co__ 50 .1212 15
Equipment 6548
5.60 5.30
Nor States Power 25-yr 5s A_1941 A 0 893 Sale 8914
8
87% 93
8934 59
Cumberland Pipe Line_ _100 107 110
Equipment Is
5.50 5.30
let dr ref 25-year Os Ser 13_1941 A 0 1003 Sale 1004 1003
8
98% 102
4 41
5.60 5.30
Northwest'n Bell T 1st 79 A_1941 F A 1073 Sale 10713 10734 29 107 10818 Eureka Pipe Line Co_ ___100 8714 89 Chicago Burl & Quincy es
4
Galena Signal 011 com_100 6012 61 Chicago & Eastern Ill .5348_ 6.25 5.50
North W T let fd g 4;45 gtd_1934 J J 913 ____ 9112 May'23
8
91% 9212
Preferred old
100 108 112- Chicago & North West Cis 5.45 5.25
Ohio Public Service 734s__ - -1946 A 0 10412 1055 10438 1055s
8
3 101 108
Preferred new
100 104 106
Equipment es
5.65 5.35
1947F A 101 102 103 Nov'23
7s
99% 10514 Humble Oil& Ref new.. 25 53314 3312
Equipment 6545
5.55 5.30
Ontario Power N F 1st 55_ -1943 F A 9414 95 95
2
95
923 9612 Illinois Pipe Line
4
100 123 125 Chic RI & Pac 045 & 55___ 5 55 5.35
.67 5 50
.
.
Ontario Transmission Ss__ _.1945 MN 944 Sale 944
9418
2
9214 98% Imperial 011
25 .98
99
Equipment Os
1941 F A 9614 9714 9612
Otis Steel 85
2
961
96 10112 Indiana Pipe Line Co__ 50 .80 81
Colorado dr Southern 65.... 5.75 5.40
-year s f g 73.4s Ser B 1947 F A 92
1st 25
93
9112
9218
6
9012 94% International Petroleum..(:) •143 147 Delaware & Hudson 65
5.60 5.35
4
8
Pacific G az El gen & ref 5s_ _1942 .1 J 903 Sale 9018
8
91
68
884 9314 Magnolia Petroleum _ __ _100 128 130 Erie 434s & 55
6.25 5.80
Pac Pow&Lt Ist&ref 20-yr 55 '30 F A 92
9212 923 Nov'23
8
897 94
8
National Transit Co_ _12.50 8194 193
6.15 6.75
Equipment6s
4
Pacific Tel & Tel 1st 58
1937 J J 974 Sale 9658
9712 54
9434 9912 New York Transit Co_ __I00 83
5.65 5.40
88 Great Northern (is
65
1952 M N 91 Sale 905
8
9112 41
88
9212 Northern Pipe Line Co__100 97
5.50 5.30
99
Equipment 58
Pan-Amer P & T let 10-yr 7s1930 F A 103 Sale 103
24 102 1055 Ohio 011 new
103
8
25 .56
5.75 5.40
57 Hocking Valley 6s
Park-Lex (Mrs) 6 Si s
19532 J 97 Sale 9613
7
9612 100
971
Penn 51ex Fuel Co
25 .19
21
5.60 5.30
Equipment 5s
Pat & Passaic G & El cons 55 1949 M S 934 ____ 98 Nov'23
92% 94
Prairie Oil & Gas new.__100 1824 183 Illinois Central 4345 & 5s
5.45' 5.25
Peon Gas & C let cons g 65_1943 A 0 105 10512 10414 Nov'23
10414 108
Prairie Pipe Line new...
__100 94
9412
5.65 5.35
Equipment6s
Refunding gold 55
1947 M S 8812 883 893 Nov'23
4
8
8718 94
100 160 170
Solar Refining
Equipment 75 & 048____ 5.50 5.30
Philadelphia Co 6s A
1944 F A 997 Sale 993
4 10014 67
98% 10112 Southern Pipe Llne Co..100 89
90 Kanawha
Eq‘omettN41154chsigan 65___ 5.80 5.40
545
1938 81 S 887 Sale 8813
8
17
8712 9112 South Penn Oil
8914
100 106 10612
5.65 5.25
Pierce-Arrow 8s
1943 M S 74 Sale 7212
7414 132
654 823 Southwest Pa Pipe Lines _ 100 .
4
5518 55,4 Kansas City Southern 5;45_ 5.65 5.35
77
Pierce Oils f 8s
1931 J 13 75 Sale 75
3
75
70
98
(California) 25 *527 53 Louisville & Nashville 65_ _ 5.65 5.40
Standard 011
- - -8
Pleasant Val Coal let g s f Os 1928 J J
903g Sept'23
89
903 Standard 011 (Indiana) _ _ 25
8
5.50 5.35
Equipment 13.545
Pocah Con Colliers lets!55_1957 J J 9012 Sale 9012
9012
9018 94% Standard 011 (Kan)
25 5384 39 Michigan Central 55 & (is__ 5.50 5.25
._.1931 .1 J 934 94
Portland Gen Flee let Is.
9112 9812 Standard 011 (Kentucky) 25
93
94
3
*9412 9512 Minn St PASS 3414345 & 55 5.75 5.40
Portland Ry let dr ref 58_ _ _ _1930 M N 87
88
87
2
87
84% 88% Standard 011 (Nebraska) 100 215 225
Equipment 045 & 'hi__ __ 5.80 5.45
Portland Ity, Lt & P let ref 5s'42 F A 80
813 82 Nov'23
4
81
887 Standard 0110! New Jer_ 25 .3214 325
8
8 Missouri Kansas & Texas 65 6.00 5.50
1947 M N 917 Sale 917
(35 B
8
3
5
913 9614
9214
4
100 117 11712 Missouri Pacific 65 & 0.45._ 6.15i 5.60
Preferred
1st de refund 'flis Her A...1946 M N 1043 105 1043
8
3 103% 10714 Standard Oil of New York 25 *4014 4012
105
Mobile & Ohio 4548 & 55___ 5.55 5.30
1 M j
Porto Rican Am Tob 85_ _ _ 123 j N 105 10512 105
4 101% 106
105
100 275 280 New York Central 434s& 58 5.50 5.25
Standard 011(Ohio)
Pressed Steel ar 55
893 Sale 893
4
4
87% 933
9014 16
4
100 115 118
Preferred
Equipment 65
5.65 5.25
.31 J D 10912 Sale 10912 110
Prod & lief 5 f 8s(wIth waents)
6 1063 13312 Swan az Finch
4
100 25
30
Equipment 7s
Without warrants attached__ _ J D 10612 Sale 1043
4 1061
13 100 10812 Union Tank Car Co__ __100 90
95 Norfolk & Western 4345
55° 5.10
5:30 .3
°
Pub Serv Corp of NJ gen 55.1959 A 0 80 Sale 80
801
16
7612 86
100 107 1083 Northern Pacific 75
Preferred
4
5.55 5.35
Punta Alegre Sugar 75
1937 1 J 107 Sale 107
1071
83 105 124
25 .515 517 Pacific Fruit Express 7s _ ___ 5.50 5.35
Vacuum Oil new
8
Remington Arms 65
1937 M N 0212 9314 924
12
907 96
93
8
25 1 Pennsylvania RR eq 58 & Os 5.60 5.20
Wast ington Oil10 .21
Repub I& S 10-30-yr 58 5 f 1940 A 0 934 94
92
1
921
89
964
Other Oil Stocks
Pitts & Lake Erie 65
54
5.50 5.30
1953 J J 88 Sale 8712
5555
867 94% Acta, tic Lobos 011
29
881
8
(3) .23
4 34
Equipment es
5.80 5.40
Robbins & Myers s 1 7s
1952 J
935 93 8
8
212 99
,
2
935
8
50 *6
12 Reading Co -1421 & 55
Pr eferred
5.35 5.15
Roch & Pitts Coal & Iron 55_1946 M N 9018
91
Jan'2
91
25 *54
91
55 St Louis & San Francisco 55_ 5.75 5.50
Gulf 011 new
Rogers-Brown Iron Co 75_ 1942 M N 83
85
85
4
80
83
86
5 *4
Mex can Eagle 011
5 Seaboard Air Line 4434s&bs 6.10 5.75
Mutual 011
5 .94 97 Southern Pacific Co 4348_ 5.50 5.25
BC Jos Ry, I., II & P55
1937 M
7834 81
79 8 Oct'23
,
77
79% National Fuel Gas
100 88
90
Equipment 75
5.55 5.35
St Joseph Stk Yds 1st g 4545 1930
85 8 92
,
8518 Dee'2
0 5 c. 10c
10
Sal, Creek Producers_ _ _ 15:714 07la SoE0uirn en 04;45 5 &55
ut he p mR yt
5.65 5.30
St L Rock Mt & P58 9tmpd_1955 J
7612 79% 7612
75
84i Sapulpa Refining
78s
5
5.85 5.50
St Louis Transit 55
1924 A0 56
563 5714 Sept'23
4
574 62
Toledo & Ohio Central 65___ 5.85 5.50
St Paul City Cable 58
1937 J J 9012
_ 92 Sept'23
92
93
Public Utilities5.45 5.25
Union Pacific 75
Saks Co 75
1942 MS 10212 Sale 10213 103
28 100 103% Amer Gas & Elec new__ _Tobacco Stocks 100 77
79
g
San Antonio Pub Ser 6s_...1952
J 91
91% 903
90
4
911
6
50 *4112 4213 AmericanCi
943
4
Preferred
Cigar common
Sharon Steel Hoop 1st 85 ser A '41 MS 99 Sale 99
M&N
8
97 104
991
Deb 65 2014
Preferred
100 84
88
Sheffield Farms 645
1942 AO 101 Sale 101
17
9912 103
1011
•1 mer Light & True com_100 122 125 Amer Machine & Fdry_ _100 137
Sierra & San Fran Power 55_1949 PA 8312 8714 85 Nov'23
100 92
8212 8712
94 BritIsh-Amer Tobac ord.. /1 *22 - Preferred
23.
Sinclair Cons 011 15
-year 75_1937 M
9112 Sale 903
4
68
913
9
012 10113 Amer Power & Lt co m 100 175 177
Bearer
£1 .22
23
6345 B (w 1)
1938 JD 854 Sale 854
83
42
100 82
86
9714
84 Helme (Geo W) Co, new 25 *55
Preferred
57
Sinclair Crude 011 5545
1925 AO 0614 Sale 96
94 1003
72
967
M&S 9212 9312
4
Preferred
Deb 682010
100 110 113
Os
1928 FA 96 Sale 9513
93% 994 Artier Public Util cool. _100 34
40
961
36 Imperial Tob of G B & Irei'd •1512 11312
Sinclair Pipe Line 55
1942 AO 80% 81
804
81
48
8014 8912
100 70
74 Int Cigar Machinery - _ _100 57
7% prior pref
62
South Porto Rico Sugar 75_ _1941 JD 1005 10034 10012 1003
8
33
984 102
100 46
49 Johnson Tin Foil & Nlet_100 80
4% partic pref
90
South Bell Tel & T 1st s f 55_1941
j 953 Sale 94 8
8
,
95% 30
9034 95%
100
6 , preferred
,
MacAndrews & Forbea__100 133 136
Southern Colo Power 65_ _ _ _1947 j
87
8613 92
8714 87
87
5
Blackstone Val G dr Ecom 50 .72
74
-Preferred
100 97 100
Stand Gas & El cony 5!Os _ _1926 JD 9914 Sale 983
4
96% 10012 Carollna Pow & Lt corn.100 77
991
4
79 Mengel Co
100 20
23
Standard Milling lot 55
1930 MN 954 95% 9518
953
8
9
Cities Service Co com___100 132 134 Porto Rican-Amer Tob 100 65
75
Steel & Tube gen s f 75 ser C_1951 ".2 1025 1023 10218 1025
8
8 27 100 10713
4
100 67 6714
Preferred
Scrip
75
Sugar Estates (Orlenti) 7s_ _1942 MS 9512 Sale 95%
94
951
9954 CitiesServIceBankers'Shares 1 314 1312 Universal Leaf Tob com_100
11
50 66"
Syracuse Lighting let g 55. _1951 J I) 92
93 92
Oct'23
9018 02
Power corn_ __ _100 21
Colorado
21
Preferred
100 90
93
Light & Power Co col tr s f 55'54 .1 .1 83
84
833 Oct'23 4
83
% 86
100 91
94 Young (2 S) Co
Preferred
100 105 110
Tenn Coal, Iron & RR gen 55 '51 .1 .1 995 Sale 993
8
8
99%
8
9818 101
37
Com'w'th Pow,Ry & Lt _100 36
Preferred
Tennessee Cop 1st cony 65...1925
100 100 107
N 993 101
4
00
100
2
9914 10112 Com'w'th Pow Corp pref 100 70
72
Rubber Stocks(Cleveland)
Tennessee Flee Power 135._1947 JO 9258 Sale 9214
93
32
9218 95
Consumers Power pref__100 87
90 Firestone Tire & Rub com 10 .63
Third Ave 1st ref 4s
65
1960 .1.2 5214 Sale 5034
527
8 59
9712
5012 62
Elec Bond & Share pref_100 .97
6% preferred
Adjustment income 55_ __a1960 AO 4514 Sale 4212
100 88
91
45% 117
39
6234 Federal Light & Tractional7% preferred
.66
68
Third Ave Ity let g 5s
100 86
90
1937 J
9213 96
9212 Nov'23
90
9514
100 .68
Preferred
71) General Tire & Rub corn 50 .150 160
Tide Water 0116%5
1931 FA 1023 Sale 02
8
10212 18 101 12 1(15
Power Securities-a) .24
L
25
Preferred
Preferr
Tobacco Products s I 75_ _ _1931 JD 107% Salo 0712 108
100 94
98
117 102% 108
M155111s1PPI Riv Pow corn 100 20
22 Goodyear Tire & R com.100
Toledo F.dlison 7s
1941 M S 106% Sale 063
84 912
4
106% 21 1054 107%
100 SO
Preferred
83 Goody'r T&R of Can p1.100 r79
Toledo Tray, L & P Os
1925 F A 975 983 9734
80
8
8
977
8 12
974 9912
First mtge 5s, 1951....1&J 9113 923 Mason Tire & Rub coM_(t) .114 13
4
Trenton 0 & El let g 5s___ _1940 M
4
9218
_ 924 July'2:3
9214 95
.MAN 101 102
El F g deb 75 1935.
Preferred
_1933 ".2 8512
Undergr of London 454
100 15
17
_ 85
Oct'23
85
9314 Nat Power & Lt corn-- -(I) .61
63 Miller Rubber
100 ____ 63
Income 65
1948 .1 J 8312 8814 8914 Oct'23
86% 89
85
(2) *84
Preferred
Paper 68
Preferred
Union Bag &
100 83 92
1942 MN 9512 Sale 954
97
15
95
99
J&J 8612 83 Mohawk Rubber
Income 75 1972
8
100
5
Union Elec Lt & P let g 55._1932 MS 32 Sale 97
97
95
973,, Northern Ohio Electric-a) .5
1
8
35
Preferred
193:3 MN 9134 92
be
903
4
92
10
884 11212
100 20
Preferred
22 Selberling Tire & Rubber(t) .4
6
Union Flew (Chicago) 55_ _ _1945 AO
70 June'23
70
70
North States Pow com.100 96
98
Preferred
45
100 35
1931
Union 011 58
J 947 9513 943
8
4
9434
1
90
110
100 92
Preferred
9412 Swinehart Tire & R com_100 ____ 21
c1942 FA 9812 Sale 9812
(is
9813
1
9712 102% Nor Tessa Elec Co cml _100 58
62
Preferred
100 40
50
Union Tank Car equip 75__ -1930 FA 103 Sale 103
104
10213 105
8
100 68
Preferred
73
Sugar Stocks
1941
D 1103 Sale 1103
United Drug cony 135
8
8 29 10914 1133 Pacific Gas & El 1st pref 100 86
8 1105
4
83 Caracas Sugar
12
50 •10
United Fuel Gas late!es _ -1936 J2 9318 94
93%
937
8
1
92
98
.,
_ 1
Power Securities c ,I11.-G) *78
5 Cent Aguirre Sugar corn. 20 .76
United Rys Inv 55 Pitts issue 1926 MN 9214 Sale 9214
92% 13
8714 9713
Second preferred
(:) •
13
17 Fajardo Sugar
100 95
97
United Rye St L let g 45-1934 J J 63 Sale 583
4
55
83 Federal S
564 6318
Coll trust 65 1919. _ _MD 77
,igar Ref corn. _100 63 66
United AS Co Int rcta 65_
1937 MN 864 Salo 86
87
5
86
93
Incomes June 1949. _8 &A /57
62
100 90 100
Preferred
United Stores Os
1942
0 99
9912
9918 99
6
98 10112 Puget Sound Pow & Lt. 1130 45
47 Godchaux Sugar, Inc_ _ .11) .8
10
US Hoffman Mach Ss
1932 Ii 10214 10212 10214
1021 1
1 10018 103
100 SO
6% preferred
83
100 58
Preferred
65
U S Realty & I cony deb g 55 1924 J J 99% 100
99%
99%
1
99 10212
100 dIO2
7% preferred
_ _ - Great Western Sugar new 23 .85
90
US Rubber 1st & ref laser A 1947'.2 8412 Sale 8414
85
11
84
8912
Tinge 7t45 1941_ Mar N 104 1Gen
0512 Holly Sugar Corp corn_ _(I) .20
24
10
-year 734s
19:30 FA 104 Sale 104
1(1412 28 10214 10913 Republic Ry & Light- _ _100 14
preferred
16
100 72
75
US Smelt Ref & M cony 65_1926 FA 99
9914 99
9934
12
987 102
8
.
Preferred_ __ .......100 3712 331, Juncos Central Sugar.. 101) 90 110
S Steel Corplcoupon ___d1963 MN 103 Sale 10212 101
302 101134 104
South Calif Edison corn_100 10012 10113 National Sugar Retining_100 87
89
sf 10-60-yr 551 registered 41963 M N
130 Sept'23
100 10412
100 114 117
8% preferred
New Niquero Sugar
99
Utah Light & Traction 55_..l944 AO 80 Sale 80
95
8012
8
80
91% Standard Gas &El (Del) SO .2714 2812 Santa Cecilia Sug Corp pf 100
5
Utah Power & Lt 1st 55
13
1944 FA 873 Sale 873
4
4
88% 32
853 92
4
Preferred
541 .48
49 Savannah Sugar com.._( ) 553
56
Utica Flee L & Pow let 5 f 55 1950
J 9514
9514 Sept'23 -95
953 Tennessee F:lee Power.
4
..0) *14
15
Preferred
100 80
Utica Gas & Elec ref 55
82
1957 J J 88% 9114 88% Nov'23
8S7 924
8
econd preferred.
(I) *44
46 Sugar E5tates Oriente prof....85
S
90
Western rower Corp__ ..100 24
2612 West India Sug Fin corn.10
Va-Caro Chem 1st 15-yr 55....1923 J D 997 100
997
997
8
998 10012
2
Preferred
100 83
85
Preterred
100 - 15
is
25
1947 J D 8312 Sale 823
4
8313 77
75
95
Short Term Securities
12-year 5 17S511
1937 1
Am Cot Oil Ii, 1924..NI&S2 991 100 Industrial &Mises!)
Without warrants attached.' j 9378 Sale_
J J
Tel,t'rei 65 1921.Faz A 10018 10014 American Hardware_ _ _ .100
Amer
5912 6012
Va Iron Coal & Coke 1st g 55 1949 M S -92i2 - - . 92
93
92
1
92
9513 Anaconda Cap Min fis'29J&J 101 10114 Amer Typefounders corn 100 84
86
Va Ry Pow lot & ref 5e
1934 J J 877 Sale 8712
8
88
14
84
88
.
An410-Anier01171 48 25 A,140 1013 10218
4
Preferred
Vertlentes Sugar 75
100 98
1942 J 0 94 Sale 94
943
4
2
94
1)9
g
Federal ring Ref Its "24.MAN ____I ____ miss (E W1 Co new _ _ _ _(1) •16 118
1941 J D 10314 Sale 1027e
Warner Sugar 75
1031 1 2) 101% 106
MAN 9741 973
Os 1933
Preferred
62
19392 .1 9014
50 .56
Wash Wat Power 5 f 55
_ 9912 9912 2 9818 100 flocking Valley As 1924 M&S 1004 10014 Borden
Company corn..100 121 IN
Wcstches Ltg g 5s stmpd gtd 1950.2 D
961 9312 974 Interboro It T 88 1)22. M&S
Preferred
100
West Penn Power Ser A 5s_ _1946 m S 90 Sale 90
9 1%
t1 1
(
9
88
95
Ry'
C Term R 65 '2:3 M&N1590
K
Celluloid Co pany
m
100 85
-year Os Series C__ _1958 J D 10114 1013 10112 101 13
1st 40
4
1 100 10212
61 45July 1931
J&J 103 - I-0-4.
.
.
Preferred
100 108 112
c1946 F A 1033 1043 104
1st series D 75
s
4
10413
6 10218 10712
1926 100 1004 Childs Company com___100 175 178
5125
1963 M 8 8714 877 8712
55 E
8713
5
87
8913 Lehigh Pow Sec 134 '27.F&A
941 9512
100 111 113
Preferred
Western Union coil tr cur 59.1938 J J 9714 Sale 9718
977
22
96 100
Sloss-ShefI S&1 as '211 F&A 963 9714 Hercules Powder
4
100 105 110
Fund & real estate g 045_1950 m N 91 Sale 903
4.
9112 12
89
94
U S Rubber 7348 i930.FAA
4
100 104 106
1936 F A 1093 Sale 109
Preferred
15-year 63413 g
8
10913 22 106 1117 Joint Stk Land Bk Bonds 10314 1033
100 7713 8918
International Salt
Westinghouse E & M 75_ _ _1931 M N 10712 Sale 1074
10712 78 10512 10812 Chic Jt Stk Land Ilk 53.1951 10014
10114 International Silver pref 100 104 107
Wickwire Spas Steel let 75_ _1935 J J 86 Sale 86
88
36
86
98
10012 10112 Lehigh Valley Coal Sales 50 x77
55 1952 opt 1932
Wilscn & Co let 25-yr s f 65_1941 A 0 95 Sale 95
7812
957 , 67
9414 102
102 104 Phelps Dodge Corp
5.45 1951 opt 1931
100 135 145
1928.2 D 8414 Sale 84
11)-year cony 5 f lls
85 I 15
434s 1952 opt 1932
99 100 Royal Baking Pow com.100 120 126
1931 F A 948 Sale 933
71cj4
4
943
4' 10
tl 111g
8
4145 1952 opt 1932
9712 9812
100 9712 9812
Win,octiter Arms 7345
1911 A 0 10214 10212 10214
Preferred
10212 27 10012 106
Otto 1963 opt 1933
99 100 Singer 8.1anufacturIng_100 123 1126
younc n Sheet & T 65(w 1)_1943 J J 93% Sale ( 9312
,
938
74
934 994
• Per share I No par value. 8 tian18.
el Purchaser also pays accrued dividend.
•N., Tice Friday;latest bld and asked a Due Jan. d Due Apr. c Due Mar, e Due
Mr, s, Due June. Due July. k Due Aug o Due Oct. 2i Due Dec 8 09Hr/a sale. New stools. f Flat price. k Last sale. vs Nominal. r Ex-dividend. y Ex-rigl ta.
Ex stock dividend 8 Sale price, e ranadimi quotation
BONDS
N.Y.STOCK EXCHANGE
Week ending Nov. 16.
Price
Friday
Nov. 16.
g1z, oce,. .4213._._°. g85 mi.:
6 ,
BOSTON STOCK EXCHANGE-Stock Record s..4211311.6,.
2204
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday,
Nov. 10.
Monday.
Nov. 12.
Tuesday.
Nov. 13.
Wednesday. Thursday.
Nov. 15.
Nov. 14.
14934 1493 14912 14912
4
'149 14912 14912 150 "150 151
8 7658 7712
s 7658 765
765
764 7612 76
7512 78
94
94
9312 9312 94
94 94
94 94 *93
116 11712 11712 11712
115 115 116 116 117 117
96t2 9614 9614
9612 9612 96
96
96 •96 97
1012
1012 107
9 11
8 10
918 1012
•
*9 10
12 -- "1014
1014 -- •
*1014 -- '1014 ---- •
141i
1412 -1412 15
1312 15
13
1212 13
13
20
20
20
20
1912 20
•18
*16
1712 1712 1812 1814 1812
17
16 16 •16
25 25
28
25 "25
24
23 23
•23 24
_
"138
145 148 '148
'142
*138
21 "21"
2134 22
2312 2134 22
2178
2112 22
6112 63
62 62
62
61
65
.61
•60
53 53
53 53
53 53
"5212 55
32
z32
37 37
'34 36
-5L- 35 :32 34
•
35 3812 "iT 35
34 38
26
26 '25
26 '25
'25 26 '25
14
4
143
1438 1418 15
8
1258 1258 127 1314 13
80
80 80
80
'71
70 •70
---- 31
30
72 *____ 72
80
70
30
• __
*134
'13
12314
•72
79
'15
•10
•104
2
131
1237
73
79
_
12
106
•134 2
1312 1312
12355 124
*72 73
7814 7814
_
*15
*10 12
104 105
80
74
32
74
74
3
30 4 32
'134 2
'134 2
1312 1312 •1312 14
4
4
12314 1233 12318 1233
73
72 7214 73
79
78 •76
78
'15
•15
12
12 '10
'10
106 106 '104 106
85
85
74
74
3012 3114
72
•.20
•.20
.30
•.20
;
":56 ";:ib ":55 '."10 ":56
238 27a
9
9
17
15
1918 195
5
412 432
12
25
234
14
5
14
112
*2834
..40
9712
•92
20
235
•.85
112
•118
•178
Ds
212
•112
35
18
17
*212
*37
•75
8
*88
312
5.50
1712
8
265
4
23
4
53
118
112
29
.65
9012
93
20
238
1
112
112
218
112
212
2
35
1714
3
44
80
8
52
358
1
18
238 23
214 238
4
*834 9
9
9
17 "17
17
1712
1912 193
4
1914 20
414 412
414 414
2634
234
3
54
118
•118
2834
".40
98
'92
2134
238
•
•.85
"112
*114
2
112
218
112
36
17
*214
'37
7334
7
5s
318
.55
•
1714
•.30 ----
10114 102
4312 4312
10
3314 34
2578 257
s
s
2438 247
1578 1618
9
9
1812
18
1712 1712
30
"29
33
'32
*35
37
.30
.30
7.
s.16 -".55 ."2"0
.20
212 212
4
5
4
2, 2!(
*812 9
5812 9
17
17 •17
18
1912 193
4 1912 193
4
4
414
4
412
2714 2614 27
273 27
4
2618 263
4
278 3 5
278
3
314 35s
313
,,
3
514 534
4 512
0.
512 512
8
57
.90 112 •
14
.99 .99
114 112
112 •118 112 •Ii8
112
112
4 2812 2812 28 281k 28
283
28
.50 .50
.65 •.40 .65 •.40 .65
9934 9712 9834 9512 9718 98
97
92 *91
93 '91
92
93
93
211s 2012 21
2078 207
213
4 21
8
214 2 s *214 212
3
212
112 .80 .85
.80 .so •.85
1
2
114 114
114 114 •112 2
8
15s "114 112 '118 158 *118 15
158 134 •154 2
*158 178
2
112 112
118 118 •112 2
112
2
212
15
23
218 214
218 212
112 •158 2
•112 2
•112 2
36
3614 3512 3614 36
3712 36
8 167 17
8
1714 *1614 167
8 1634 167
*212 3
*214 3
3
'238 3
44
44 •37
44 '37 44 .37
75
75 75
75
75
75 75
s
5
5s 54
8 57
7
55
5 "55
5
5 5 55
3
3
33
13 312
4
314
3
5
314 35
1
.52 .52 •.50 1
.52 .52
1714 17
1738 171 *17
18
1712
STOOKS
BOSTON STOOK
EXCHANGE
Shares.
Railroads
100
62 Boston & Albany
150 150
100
555 Boston Elevated
7712
77
94
100
33 Do pref
94
100
100 Do 1st pre:
117 117
100
159 Do 2d prof
100
643 Boston & Maine
1014 1014
100
Do prof
769 Do Berton A lit pref-100
64 Do Berke B let pref-100
319 Do Series 0 130 pref_100
100 Do Series D lot pref_100
100
14 Boston & Providence
"ii" 21" 1,026 East Mass Street fly Co 100
100
169 Do 1st prat
Do prat B
100
171
53 55
100
11 Do adjustment
830 East Mass St Ry (tr ctfs)- 100
34 34
25
100
7 Maine Central
25
100
1314 1418 6,075 N Y N H & Hartford
Northern New Hampshire_100
22 Norwich & Worcester pref-100
7414 75
100
107 Old Colony
695 Rutland prof
100
Vermont & Massachusetts-100
Range since Jan. 1 1923.
Lowest
143 Apr 3
75 June 29
4
/
911 Aug 9
11112 Aug 2
96 Nov 5
9 Oct 27
9 Oct 17
1212 Oct 29
1913 Oct 30
16 Nov 10
21 Oct 25
135 July 21
18 Feb 15
5912 Nov 2
52 Oct 18
s32 Nov 15
232 Nov 15
25 Oct 30
934July 5
65 Sept 8
80 June 12
4
/
641 Oct 25
2112 Aug 25
72 Oct 3
Highest
151 June 14
84 Jan 5
100 Mar 6
125 June 12
106 Mar 5
2012Mar 2
27 Feb 13
3212Mar 1
48 Feb 6
42 Mar 22
59 Feb 7
16012 Jan 25
35 Mar 22
72 Jan 16
65 Mar 19
46 Mar 22
45 Mar 21
43 Jan 2
2212 Jan 30
84 Feb 8
100 Jan 3
81 Feb 14
3818 Feb 20
98 Jan 11
Miscellaneous
3 Jan 9
1 Sept 19
4
1
/
Amer Pneumatic Service 25
Do pref
50 1212 Oct 23 20 Jan 10
1
/
Amer Telephone & Teleg100 119 June 29 1254Mar 14
Amoskeag Mfg
No par 6712 Oct 9 112 Jan 5
Do pref
No Par 72 Oct 9 88 Jan 5
4
/
4
1
/
Art Metal Construe,Inc.__ 10 14 Nov 15 1 J1Mar 14
Atlas Tack Corp
No par 10 July 2 2012 Feb 14
4
1
/
101 Boston Cons Gas Co. pref-100 104 Oct 17 108 Feb 24
------ Boston Mex Pet TrusNo par .10 Jan 18 .30 Jan 25
215 Connor (John T)
10 19 July 5 27 Mar 19
-2384 2384
4 Jan 2
212 Oct 8
10
East Boston Land
684 ---ioo Eastern Manufacturing
6 Nov 10 1418 Mar 5
5
-;134Mar 22
1
/
25 31 Nov 1 127
576 Eastern SS Lines.Inc
3612
35
4
1
/
100 152 Nov 8 172 Jan 3
155 15614 2,298 Edison Electric Illum
110 Elder Corporation
No par
314 Nov 15 1078 Jan 2
50 Galveston-Houston Eleo__100
5 July 9 2912 Feb 5
---- ---1a
6 Oct 25 15 Mar 3
------ Gardner Motor
No Par
---25 15 Sept 21 24 Feb 10
Greenfield Tap & Dle
8312 8312
No par 5312 Oct 11 6312 Mar 13
112 Hood Rubber
50 Internat Cement Corp-No pm 32 July 2 44 Mar 19
50 10 Sept 14 22 Feb 19
61 Internat Cotton Mills
11
11
100 50 May 31 7912 Jan 10
94 Do pref
57
57
3 Mar 20
------ International Products_No par .40 Oct 20
8 Mar 15
2 Nov 2
100
50 Do pref
512 Oct 1
4
1
/
8 Aug 20
78 Libby,McNeill Sc Libby.- 10
814June 27 11 Apr 26
25
302 Loew's Theatres
271 Massachusetts Gas Coe-100 7814 Nov 7 8712 Jan 2
7837814 - 4
100 65 July 7 73 Jan 25
182 Do pref
6514 6514
19 Mergenthaler Linotype_ _ _100 147 June 19 179 Jan 6
158 158
1
/
4 Oct 30 144 Feb 19
360 Mexican Investment,Inc_ 10
127 Mississippi River Power_ _ _100 18 Nov 7 2814 Jan 31
100 80 Jan 16 84 Feb 14
37 Do stamped pre!
5013 81
4
1
/
8 Feb 13
17s Nov 12
10
1,385 National Leather
2
2
41213ept 13
2 Oct 9
340 New England Oil Corp tr Ws_
312
3
117 New England Teleplione 100 11112 Oct 24 122 Jan 3
11412 11434
1 1634July 12 2112 Apr 28
75 OrPheum Circuit, Inc
8412 Oct 27 190 Jan 2
563 Pacific Mills
8612
86
10 15 June 26 18 Mar 14
Button Hole
110 Reece
15
15
814 Mar 15
2 Jan 11
111 Reece Folding Machine_ 10
212 212
5 .50 Oct 25 2 Feb 20
Simms Magneto
4
1
/
' 100 98123une 26 109 Jan 6
Swift & Co
368
10112 102
25 42 July 31 50 Mar 9
228 Torrington
4314 4312
712 Jan 19 11 Mar 7
5
Union Twist Drill
8
3314 2,907 United Shoe Mach Corp- 25 3212 Nov 2 5534Mar 11
33
4
1
/
25 24 June 14 2814 Jan
793 Do pref
26is 2612
Ventura Consol Oil Fields_ 5 1984 Aug 23 30 Jan 2
2414 243
4 4,585
861 Waldorf Sys.Ine.netr BUN° Far 1532Sept 17 e2212 Mar 19
1618
16
5 Feb 15 13 Mar 17
63 Walth Watch Cl B com.No Par
8
8
100 1512 Mar 6 2912 Mar 19
109 Preferred trust ctfs
__ _
1714 1712
530 Walworth Manufacturing- 20 1114 Jan 5 1778 Oct 22
50 2512 Jan 31 3412 Mar 14
226 Warren Bros
29 30
50 304 Oct 30 3912 Mar 14
Do lst Pref
50 33 July 10 42 Mar 15
------ Do 2d pref
4
1
/
5 Oct 18 12 Feb 21
------ Wickwire Spencer Steel-. 5
Mining
1 Feb 28
25 .25 Feb 16
100 Adventure Consolidated25 54 July 5 87 Mar 1
------ Ahmeek25 .10 July 5 .50 Mar 2
200 Algomah Mining
";."11) .25
25 15 Aug 9 34 Mar 1
Moues
414 Mar 5
214 214 1,885 Arcadian Consolidated.... 25 .70 July 3
4
/
7% Jan 6 141 Mar 2
5
435 Arizona Commercial
"812 9
10 1412 Oct 30 19 Feb 19
219 Bingham Mines
18
*17
25 17 Oct 25 40 June 15
4,460 Calumet & Hecht
1834 1934
938 Feb 13
Vs Oct 4
1
758 Carson Hill Gold
378
378
7 Jan 18 15 Mar 1
25
Centennial
25 2212 Oct 31 4654 Mar 1
2534 DA 1,846 Copper Range Co
5 Feb 23
21410110 28
10
4,310 Davis-Daly Copper
3
3
43s Nov 1 1112 Mar 1
518 514 1,594 East Butte Copper Mining_ 10
4
1
/
2 Mar 5
25 .30 May 22
*114 112
280 Franklin
4 Mar 5
1 Oct 30
25
•112 2
380 Hancock Consolidated
5
1 204 Mar 28 33 8June 7
465 Hardy Coal Co
28
28
114 Feb 20
25 .10 Sept 17
500 Helvetia
9414 9584
1 9313 Nov 7 11512 Apr 7
871 Island Creek Coal
1 91 Oct 8 10012 Mar 28
0112 9112
19 Do prof
25 16 Oct24 3314 Mar 3
270 Isle Royale Copper
20 20
Jan
July
5 2 Sept 17 312 Mar 2
135 Kerr Lake
*214 212
5
214
4
25 .60
205 Keweenaw Copper
".80 112
4
1
/
5 Mar 1
1 Oct 25
25
34 Lake Copper Co
*112 2
814Mar 1
1 Oct 30
25
I La Salle Copper
8
15
•118
271 Mar 27
115 Nov 16
188 118
5
255 Mason Valley Mine
414 Mar 3
1 Oct 16
25
300 Mass Consolidated
7 Feb 10
4
/
11 Oct 19
25
Mayflower-Old Colony
280
;5
" "
4 Mar 17
25 .90 July 3
37 Michigan
25 27 Oct 31 71 Mar 2
-551; "lit;
Oct 29 2412 Mar 2
1414
631 New
rnella
1612 1612 1,106 Mo Cornelia Conner
414 Apr 4
21s Aug 20
New Dom. Copper
100 35 Apr 18 40 Apr 27
I Neff River Company
72 Nov 8 84 Mar le
50 Do Prof
100
654 Feb 20
434 July 5
5
425 NiplesIng Mud
584 534
4Mar 1
1
/
1111Nov 1 12
15
2,680 North Butte
234 3
238 Mar 5
25 .50 Nov 3
19 Oilbway Mining
1
13.51
25 13t2 Oct 30 3212Mar 1
322 Old Dominion Co
1612 17
25 248* July 18 40 Mar 1
I Osceola
4 Mar 5
214 Aug 13
396 Park City Mining & Smelt_ 5
150 Pd Crk Pocahontas Co_No par 1212N0v 14 1614 Mar 23
25 18 Oct 31 50 Mar 2
2412212 - 4 1,071 Quincy
225 St Marrs Mineral Land.- 25 27 Oct 31 15312 Mar 1
3112 3112
112Mar 5
10 .35 Sept 6
625 Shannon
•.50 .75
1 Aug 8
25 .10 June 4
I South Lake
.25 .85
•
314 Mar 3
114July 18
25
60 Superior
4
•158 13
334 Feb 23
475 Superior & Breton Conner_ 10 .90 July 30
s
138 13
112 Feb 15
5 .20 Oct 24
.30 .30 1,127 Trinity Copper Corp
158 Aug 18
10 .50 Oct 29
.60 .65 1,030 'Tuolumne Copper
6 Apr 13
212 Oct 25
5
955 Utah-Apex Mining
4
1
/ 3
2
3 Mar 5
1 .62 Nov 12
1,505 Utah Consolidated
.80 .80
158 Feb27
1 .38 Sept 24
.40 .45 1,020 Utah Metal & Tunnel
•
4
1
/
2 Feb 28
25 .60 Aug 30
I Victoria
.75 114
•
4
/
11 Mar 5
25 .20 Oct 28
34 Winona
.30 .40
•
412Nov 5 18 Mar 1
25
64 Wolverine
4 8
*53
1% 172
*134 2
14
14
12314 12312 12314 1231±
721s 73
73 73
---79
*75
4
1434 142 ---'10
12
105 105
105 105
8 2378 2378
2312 2312 237
2334 23
2312 231 *23
*212 3
*212 3
*212 3
*212 3
"212 3
634 *614 63
4
614 612 'IN 63
61
4 *6
6
3712 38
39
38
37
38
3712 39
3634 39
4
153 1531 1533 15558 15514 15712 156 158 15534 15638
•31
*312 4
314 312
'314 -- *314 -1
1012 101s
1014 1014 1014 11
•1014 11
*1014
.618 8
17612 8
•612 8
*614 71
*812 8
16
15
16
15 •15
16 '15
15 15 •15
5312 531 *5312 55
54 *5312 55
54
•5312 55
4012 401 •3912 41
41
41 "40
*40
41
'40
*1014 11
•1014 12
1014 1014 1014 1014 *1014 11
56
56
56
54
54
56 *52
56 '52
5.63 .75 Y.63 .75 •.64 .75 *.63 .75
•.63 .7
*212 312
312 •212 312 '212 31
53
312 31
6
513 81
6
3
512 512
512 5 4 *822 6
10
10
101
1012 "z9
9 ':10
10
10
9
7812 783
79
79
79
4
79
7838 79
7814 781
65
265
6812 681
6835 6812 69 6912 6812 69
158 158 *158 159
158 158
•____ 160 •____ 160
5
512 *4
5
512
5
6
5112 57 '5
2014 2014
20
20
•19
20 20
20
20
20
8112 811 *8014 81 *804 81 '8014 81 '8014 81
218
2
2
214
2
218 21
2
178
178
8
*334 4
4 *312 37
7
3 8 378
312 33
8
s 37
37
11414 115 r.11434 115
11418 1147 115 115
11414 115
18
*1712 173 •1712 173 *1714 18
1714 1714 •17
4
8612 8684 8612 87
851
86
85
8512 853
4 86
*1514 155s '1514
15 __ _- •15
15
1514 .
214 214
214 214
s
10112 10134 10118 1013 10112 102 1017 102
4
43 4312 4312 4312 4382 4312 4313 4313
10
•____ 10
10 •____ 10
3414 34 3418
3434 34
3312 3578 34
2614 2614
5
*2534 2614 257 257
s
8 257 26
24 2514
2478 2518 2434 2888 2434 25
16
1618 1614 16
1618
16
1818 16
9
*8
•8 10
18 "17 20
18
17 17
•18 20
1712 1712 1758 1758 1738 173
17
17
3
30 3014 30
3
30 8 3038 3012 31
30
33 '32 33 "32
33 "32 33
'32
36 *35 37 •35
37 *35
'35
37
Friday.
Nov. 16.
Sales
for
the
'Week.
100
45
2,360
169
37
30
PER SHARE
Range for Prolog
Year 1922.
Lowest
Highest
4
1
/
130 Jan
7312 Feb
9414 Mar
116 June
10112 Nov
14 Jan
20 Jan
22 Jan
36 Jan
80 Jan
40 Jan
125 Jan
18 July
88 Aug
51 July
28 July
29 July
2712 Jan
1214 Jan
69 Jan
58 Jan
57 Jan
15 Jan
78 Jan
152 May
8912 Sept
105 Sept
126 Sept
109 Sept
3112 Mal
37 Apr
1
/
444 Apr
62 May
54 May
771k May
163 July
5
26 5 July
77 July
60 Nov
117 Aug
47 Aug
55 Oct
7
34 a May
96 July
4
1
/
103 Den
1
98 4 May
527,June
100 AUX
212 Dec
Feb
13
1
/
1144 Jan
104 Jan
80 Nov
14 Nov
13 Jan
4
1
/
104 Aug
.10 Bent
4
1
/
15 Jan
3 Jan
7 Dec
3812 Jan
156 Mar
3 Mar
28 Dec
9 Nov
17 Dec
43 Mar
Jan
26
20 Nov
60 Aug
112 Dec
4
1
/
5 Dec
4
/
11 Apr
8 July
63 Jan
62 Jan
130 Jan
11 Dec
13 Jan
7212 Jan
4
1
/
6 Dee
'22 Dec
109 Jan
13 Jan
4
1
/
115 Oct
1212 Apr
1% Dec
.50 Nov
9214 Jan
39 July
8 Mar
37 Jan
25 Jan
217 Jan
4
1
/
*13 Jan
14
2 Nov
11 Nov
Vi Feb
4
1
/
17 Jan
8012 Jan
31 Feb
4
1
/
8 Nov
414 Jan
2014 Aug
4
1
/
128 Anil
121 Deo
91 Anil
2012 Mal
22 May
107 Dee
.50 May
80fs Dee
6 Apr
1414 Feb
8912 Oct
185 Sant
13 May
39 Aug
1614 Apr
4
1
/
27 Feb
541 Dec
4
1
/
38 May
32 Jan
65 Dec
612 Mar
17 Apr
1
/
114Juno
13 Jan
Ms Nov
74 Oct
Oct
181
273s June
34 Aug
4
1
/
85 Oct
4
/
111 Jan
5 Jan
125 Sept
28 Oct
192 Dee
16 July
3 Mar
12
7 Ayr
11012 Sept
8112June
1414 Feb
45 Mar
4
1
/
27 July
3312 June
41912 Dee
4
1
/
14 Apr
49 Apr
13 Oct
aim Sept
3814 Oct
1
44 4 July
,
21 34197
1 Apr
.50 Jan
58 Nov 66 MAY
.03 Sep .50 Arm
19 Dec 3212 Jan
8
45 May
2 Mar
6 Nov 1012 June
18 Jan 1884 Sept
248 Nov 301 Aug
578 Nov1638 May
4
1
/
8 Nov 13 Feb
3515 Dec4684 May
914 Jan
218 Nov
712 Nov 1214 Jan
4
1
/
1 Apr3 Apr
4
1
/
3 Mar
1
/
14 Aug
76 Wei, 24 Apr
1
/
8112 Jan 1164'nue
88 Feb 9712 Nov
18 Nov 263 May
4
3 Feb
4
1
/
4 Apr
1 Feb
34 Apr
214 Feb
53 May
4
1 Nov
214 Apr
1115 Jan
4
1
/
2 May
48 Apr
112 Dec
4
1
/
6 Apr
212 Dec
7 Apr
.75 July
52 Nov 68 June
4
/
151 Dec 2012 June
-37 Jan 40 Feb
73 Jan 85 Oct
7 Jan
5 July
4
1
/
8 Oct 15 MAY
412 Apr
114 Dec
18 Nov 27 Jan
25 Nov 381s Aug
354 Nov
218 June
314 - 338 -;54 35 313 3*
8
5" "I5
1212 1213 1212 1212
•1212 13 *1212 13 *1212 13
30 Nov 50 MaY
2414 251
2412 2513 2414 2414
2212 2312 2312 26
37 Nov 4812 May
34
32
33 33
32
32
32
32
3112 32
4Mal
15
.25 Mar
.50 .50 •
.80 .80
.50 .75
.50 .75 •
.55 .75
184 May
.25 Dec
.25 .85 •.25 .85 •.25 .85 Y.25 .85
•.25 .85 •
438 July
118 Dec
4 *115 13 •118 138, •115 131
4
112 112 •118 13
234 Oct
.90 Mar
112 11
8
138 138
3 114
'13
133 112 "112 15
318 Apr
4
11 Dec
.30 .4
.35 .35
.30 .30
.30 .40
.39 •
.
.40 Nov .92 May
.65 1
•
.67 .70
.50 .80
•.50 .75
4 Mar
1;4 Oct
s 27
27
3
3
3
3
3
234 2 4
*2'( 234
312 June
1 Feb
.62 .6
.80 .80
.62 .70
.65 .80
.70 .70
212 Apr
.80 Dec
.45 .4
.45 .45 •
.45 .55
.45 .45
.45 .45
4
1
/
2 Jan
.75 Nov
".85 11
112 *1
•1
112
112
•.75 112 •1
4
1
/
2 Apr
.25 Jan
.25 .2
'.30 .40 •
.30 .40
.25 .25
.30 .40
•
714 Nov 18 May
614 614 *53 -- -3
4
*5 4 81
6 13
6
*Bid sod asked emcee; no sales on this day. s Ex-rights. S Ex-dividend and rights. s Ex-dividend. a Ex-stook dividend. a Assessment paid. old stook 01 $10
In exchange for one share of
5Beginning with Thursday. May 24, trading has been in new shares, of with:3h two new shares of no Par value were given two.
we have divided all these previous ouotatlone by
Dar value. In Order to make possible comparisons with Previous quotations,
THE CHRONICLE
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Nov. 10 to Nov. 16, both inclusive:
Bonds-
Amer Tel & Tel 4s_ _ _ _1929
Atl Gulf& WISS L 551950
Chic Juno US Yds 45_1940
1940
Is
E Mass St RR ser B 5s '48
1948
Series A 4548
1936
Hood Rubber 75
K C Mem & Blrm 55_ _1934
1929
Maas Gas 4548
1931
4545
Miss River Power 5s_ _1957
New England Tel 58_1932
1944
Swift dr Co 58
1926
U S Smelting (is
Warren Bros 7%8-.1937
Western Tel 55
1932
92%
42
Range since Jan. 1.
Low.
0234 92% $10,000 91
4131 42% 168,000 4051
80
80
5,000 7854
93
9234 93
6,000 8854
65
63
4,100 63
57
57
57
3,000 57
101 101% 14,000 100
86% 86% 1,000 84
94
94% 3,000 92
91
91
91
1,000 89
92
9154 92
10,100 89
9751 97% 6,000 95
96% 96;1 96% 10,000 91
99
99
1.000 99
104 105
6,000 102%
9554 9554 5.000 94
High.
Apr 92% Sept
Nov 62
Mar
May 84
Feb
May 95
Mar
Nov 7754 Jan
Nov 72
Jan
July 102% Jan
Apr 88% Jan
Apr 96% Mar
Apr 92% Oct
Apr 95
Jan
Nov 9954 Jan
Apr 99% June
Nov 10034 Jan
July 115
Mar
Mar 98
Feb
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Nov. 10 to Nov. 16, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Wzmh ItAlt A Rm.,.RR 1041
4734 4734
45
4534
114 114
4
4
15534 15534
1554 1534
4334 4334
.12
.12
4
4
1
1
110
110 11034
55
55
80
77
80
25
25
2534
26
2631
111
11034 III
10534 10534
117
11634 117
82
82
82
65
56
65
94% 90% 9434
79
7934
16
1634
831 834
45
45
29
29
29
5034 52
23
2334
86
86
86
135
135 135
21
21
12
12
62
61
63
3834 3834
74
74
99% 99% 10034
17
1634 17
155 15554
8
8
2834 2834 2834
5134 52
10
345
2
25
30
20
15
50
700
100
21
37
145
214
143
1,247
21
33
45
435
232
19
13
60
110
4
198
119
50
35
5
36
147
108
20
131
630
63
30
62
12
Low.
4734 Nov
40
Jan
11134 Oct
4
Jan
155
Jan
1534 Nov
4334 Nov
.12
Aug
234 July
1
Nov
10831 June
55
Nov
48
Jan
2434 Oct
2534 Aug
10654 July
103
July
114 Sept
8134 Nov
25
Jan
80
Jan
7834 July
15
Aug
751 June
25
Oct
10 June
50
July
2134 Oct
82 Sept
132
Jan
18
Feb
10 May
50
Aug
35
Jan
72
July
9834 Sept
1534 Aug
147
Jan
8
Aug
2634 June
5134 Sept
High.
68
4734
127
534
160
25
65
.50
434
234
11034
64
80
2534
2734
118
108
120
98
65
100
4434
17
9
45
29
57%
2634
90
135
22
1934
73%
39%
77
10834
0034
164
17
3134
52
98
98
57,000 98 Sept 101
9134 9134 2,000 86 May 9134
9731 9754 9731 3,000 97 May 100
10134 10134 10134 9,000 10034 Apr
10634 10634 10634 9,000 10534 Oct 10334
10854
8934 8934 1,000 8854 July 92
9654 9634 1,000 9634 Oct 9934
95
95
95
4,000 94
Apr
5651 5634 5634 1,000 4934 Apr 9734
5634
67
67
6,000 6634 May 6734
8834 8834 1,000 88
Mar 8954
9634 9634 1,000 9654 Apr
9834
9634 9634 5,000 9434 May 9734
99
99
1,000 9834 Feb 9934
7234 7234 7234 9,000 7134 Sept7434
5034 51
39,000 5034 Aug 55
9654 963.4 3,000 96
Aug 98
9934 99% 9934 6,000 99
Sept10234
73
73
73
1,000 7234 Oct7754
71 t6
71
71 IX
Amon ontt T.I.• M,/,
Mar
Oct
Mar
Mar
Feb
Feb
Apr
Jan
Feb
June
Mar
Feb
Oct
Apr
Jan
Max
Mar
Jan
Jan
Nov
Mar
Apr
Jam
Apt
Nov
Nov
Jar
July
Jac
Api
Ails
Mai
Mai
Oct
Jar
Mar
Jar
Jar
Oct
Pet
No
Jar
No
Jar
Jar
Pet
Pet
Jar
mar
No
Sept
Jar
Jar
Pet
Mal
Jar
Jar
Jar
Jar
Jar
v--
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange Nov.10 to Nov. 16, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sale*
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
American Elec Pow Co.
.50
Preferred
100
American Gas of N J_ _100
American Milling
10
American Stores
•
ililli (J G) Co
100
Congoleum Co Inc
Consol Traction of N J_100
Cramp(Wm)& Sons-100
Eisenlohr (Otto)
100
Electric Storage BaWY-100
Erie Lighting Co
•
General Asphalt
100
General Refractories
•
Hunt & Broad Top pref_50
Insurance Co of N A...10
Keystone Telephone---.50
Preferred
50
Lake Superior Corp-- _ _100
Lehigh Navigation
50
Lehigh Valley
so
Lehigh Val Trans pref_ _50
Lit Brothers
10
Minehlil & Schuyi Hay_ _50
50
Northern Central
Penn Cent Light & Pow__•
Pennsylvania Salt Mfg- _50
Pennsylvania RR
50
Philadelphia Co (Pitts)Preferred (cumul 6%)_50
Phila. Electric of Pa
25
05
Preferred
• No par value.
23
29%
17854
61
54
49%
654
27
251
67
50
60
2234
75;4
84
934
2934
8834
178%
3454
5354
60
6154
25
32%
50
1431
48%
6
27
2%
66
6234
38
20
50
7.5
60
89
41%
23%
76
85
955
30%
88%
18234
35
54
62
63
25
32%
5434
1434
49%
6%
27
354
67%
62%
38
20%
50
75
60
9351
42
42% 42%
31% x3131 32
31% 3151
z Ex-dividend.
Range since Jan. 1.
Low,
230
43
670
20
6,534
10
270
297
125
94
150
55
200
7,292
100
718
30
183
1,970
338
25
10
2,130
10
High.
15
Feb
63
Feb
7151 Aug
8
Mar
20 June
49
Jan
104
Aug
34% Nov
50
Jan
60
Aug
52% July
2334 July
25% Aug
42% Feb
14% Nov
42% Jan
554 Sept
25
Aug
2% Oct
64
Aug
5734 July
35
Jan
20
Feb
48 Sept
5 72 July
146 54% Apr
739 79 June
3,040 41
Nov
30
79
85
9%
32
91
240
49
59
86
66%
27
5331
59%
14%
50
854
34%
10%
75
71
40
22%
53
77
62
93%
47%
30
3,581
86
45% Feb
33;4 Jan
33% Jan
41 *June
27% May
29% may
Apr
Oct
Nov
Sept
Oct
Mar
May
Jan
Apr
Jan
Mar
Feb
Mar
Mar
Nov
Apr
Feb
Mar
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Aug
Apr
Jan
59
3931
5734
6434
9954
8834
9751
9834
9834
34
59
9851
7i•
154
3954
5734
5534
45
42
66
3434
Low.
High.
3454
59
9831
*if
134
3954
58%
5534
45
42
66
3434
297 30
Jan
50 58
Nov
5 94
Aug
4,920
'ii Nov
300
I% Oct
265 35 June
4,170 4711 May
72 z5434 May
8 45
Nov
Jan
50 33
54 0531 May
15 34 May
85
86
8431 8434
9751 9751
95% 9534
6434 6434
6434
63
12
12
98
9934
10751 107%
8834 8834
973-4 9834
9854 99
10334 103%
9834 9834
10034 10034
00
AO
$2,000 82
Ally
200 84
July
1,000 9634 June
1,000 9534 Nov
10,000 6434 Nov
July
4,000 60
3,000 10
Oct
8.000 98
Nov
1,000 10731 Nov
1,000 8834 Oct
48,300 96
Apr
73,500 9534 Nov
3,000 102% May
9,000 9834 Nov
1,000 9934 May
1000 UAW Jun
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Nov. 10 to Nov. 16, both inclusive,
compiled from official sales lists:
Stocks-
rriaay.
Sates
Last Week's Range for
Sa.e
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amer Shipbuilding. Pref10
0
Am Steel Fdry, com_33 1-3
Armour & Co (Del), p1.100 9134
Armour & Co. pref_ _ _ _100 7834
15
Armour Leather
100 7854
Preferred
12334
Amer Tel & Tel Co
Balab & Katz, com v t c-25 51
Preferred
Bassick-Alemite Corp----• 3434
•
Beaver Board
* 27
Borg & Beck
.
Bridgeport Machine Co. 8
10
Bunte Bros
•
Central Ill Pub Serv, pfd.
100
Preferred
Chic C&Con Ry pr eh com•
•
5
Preferred
31
Chicago Elev Ry. pref _100
Chic Mot Coach, pref
Chic Nipple Mfg,Ci "A"50 4234
Chicago Rys Part Ctf Ser 2
Chicago Title & Trust-100
Commonwealth Edism.100
Consumers Co, pref_ _ _100
634
Continental Motors __ _ _10
Crane Co, pref
Cudahy Pack Co, com-100 57
Daniel Boone Wool Mills 25 3594
Decker (Alf) dr Cohn,Inc.• 1834
100 62
Deere & Co, pref
100
Diamond Match
•
Eaton Axle dr Spring
Eddy Paper Corp (The)--* 3534
Fair Corp (The), pfd_ _ _100 101%
• 18
Gill Mfg Co
Godchaux Sugar,coin- •
Gossard, H W.pref__ -100
HammerMill Pap, com_-10
Hibb,Spen Bart & Co_ _25
• 52
Hurley Machine Co
10 2334
Hupp Motor
Hydros Corp, com__ -100
100 78
Illinois Brick
Illinois Nor 'Mil, pref
• 8034
Indep Pneumatic Tool...
Internat'l Lamp Corp__ _25 10
Kellogg Switchboard _ _ _ _25 42%
Libby, McNeill & Libby_10
5%
10
Lindsay Light
Lyon & Healy,Inc, pref_ _ _
McCord Red Mfg Co_ _ _ _• 3434
McQuay-Norris Mfg Co--•
Middle West ULU,coM-100 4454
Preferred
100
Prior lien preferred
10
Murray Mfg
National Leather
10
2
Orpheum Circuit, Inc_ _ _ _1 1734
Peoples Gas Lt & Coke _100
Philipsborn's, Inc, vot els_
234
Pick (Albert) & Co
10 2234
Pub Ser ot Nor Ill com- _ _• 9754
PUP Ser of Nor III com _100 98
100
Preferred
Quaker Oats Co
100
Preferred
100 9854
Reo Motor
10
Sears Roebuck nom_ _ _ _ 100
Standard Gas& Electrio_50 2794
Preferred
50 4834
Stew War Speed com_ _100 8534
Swift & Co
100 10134
Swift International
15 17%
Thompson (J R) corn_ _ _25 4954
Union Caro & Carbon__ --* 55
United Iron Wks v t c_ _ _ 50
United Lt & Rys lst pf_100 7554
Pattie preferred
100 87
United Pap Board com_100
20 8434
U 8Gypsum
Preferred
100 103
Vesta Battery Corp corn_ •
• 4551
Wahl Co
Wanner Mal Casting
•
Ward Mont& Co Pref--100
When issued
20 2454
•
Western Knitting Mills_.•
Wolff Mfg Corp
11
•.
25 120
Wrigley Jr corn
Yellow Cab Mfg "B _ _ _10 96
120
Yellow Taxi Co
Bonds
Chicago City RY 58--- 1927
Chic C & C Rya 55--1927
1927
Chicago Rys 55
1927
Si Series "A"
Commonw Edison 511_1943 9534
Swift & Co 1st a f g 511_1944
• No par value.
86
86
60
38
38
50
91
92
335
7834 79
1,664
7.
7
718
7834 78%
224
12334 123%
16
5034 5134 1.055
92
92
10
3434 3634 4,135
154 131
550
27
28
474
10
1134 1,000
8% 854
245
86
86
60
86
8631
60
25
%
%
5
400
574
31
5.4 2,700
89
91
875
4231 4354 4,575
34
34
300
305 305
50
11634 128
657
62
63
35
634 7
2,335
110 110
20
51
59% 3,130
35
3734 9,590
11
1854
80
62
63
1,150
116 11734
115
23
23
25
33
3634 7,400
10154 102
351
17
18
460
10
10
125
28
2834
215
30
340
3034
65
65%
86
5151 5234 1,030
20
2334 48,750
16% 17
1,200
7754 78%
150
84
8434
55
8034 8134
420
10
1034
315
42
43
215
534 53.4
135
354 331
50
96
97
155
33
3454
725
2134 2134
100
4434 45
145
83% 8334
372
9654 9634
170
18
18
37
2
2%
765
100
1734 1734
93
93
100
742
234 234
21
22% 3,920
9794 98
122
9854 98
260
90
10
90
225 225
30
105
9834 99
510
1734 1754
124
8451 8431
740
2754 2834
48%
335
48
33,185
8534 89
840
101 102
1751 1834 2,180
4954 5034
710
5454 5734 33,755
5
5
60
7534 76%
105
87
87
167
1534 1534 1,350
80
88
2.400
102 103
55
29
29
25
4231 46
495
22
22
50
109 10931
20
2354 26
28,865
10354 107
735
55
34
50
1034 1554 8,945
120 126
15,378
95 100
11,639
1193.4 12234 3,930
7534 $2,000
5334 88,000
7534 2,000
3,000
58
9531 5,000
9634 1,000
Ex-dividend.
7534
5154
70%
5734
95%
9634
Range since Jan. 1.
Low.
High.
ttigguammtutuuvotgtvaggsAgMiwaKugtumgm2ap.m52mmt55st25Saaataa-gza2a.d..2taissaa8 ,
.. .A..A.2.
4;17,
4.. 4
zz;k",Qzg".020P..22czU".;k-,N .. 2. ..g.4./N.z <.1w.taw..p.2...4.“...
A.w2.4.4. -.0-04.4-40n.wgzz220,t =.3 ,
,
•
m
xxx
gmm
xxx m xxm
m g m
gmmg x mmm
mmgmmmmg mg gmg
gmm g mgm gg
SASS217,g3g4112:48-2w2W*2=12n=l1MAggig3=8=4*"m m gxxx ,1883R8,92===g8==m62ggn nun
. .
.. . . .
. '8U2aVinVN.
.
..
..
..
.
.
....
".
100
Alabama Co
Arundel Sand & Gravel-100
Atlan Coast L(Conn)__100
100
BaltimOre Brick
50
Baltimore Trust Co
100
Baltimore Tube
100
Preferred
1
Celestine Oil
Cent Teresa Bug, pref--10
Chalmers Oil & Gas, pref.5
Ches & Pot Tel of Balt-100
Commerce Trust Co- - 50
Commercial Credit
25
25
Preferred
Preferred
25
Consol Gas, E L & Pr-100
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _100
Eastern Rolling Mill
•
8% preferred
100
Fidelity & Deposit
so
Finance Service, com elA 10
Preferred
10
Ga South & Fla, 26 pf _100
Common
100
Manufacturers Finance-25
26 preferred
25
Maryland Casualty Co--25
Maryland Trust Co--100
Monon Valley Tree, pf--25
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Amsterd'm Cali Co100
Norfolk Ry & Light-100
Penne Water & Power_100
United Ry & Electric-50
135 Fidelity & Guar- -.50
Wash Bait & Annap50
Preferred
50
West Md Diary Inc pref-50
Bonds
Consolidated Gas 58-.1939
General 4%5
1954
Cons GE L&PserE5%s'52
Series A 65
1949
Series C 7s
1931
Consol Coal ref 450-1934
Elkhorn Coal Corp 65.1925
Fairmont Coal 5s
1931
Macon Dubx San 5s..1947
Md & Penna 1st 4s..1951
Nod &Ports Tree 55_ _1936
North Bait Tree 5s.....1942
Penne Water & Pr 5s_ -1940
Ral & Augusta 65
1926
United Ry & E 4s_ _ _ _1949
Income 45
1949
Os
1927
Os
1949
Funding 55
1936
Range since Jan. 1.
Phila Rapid Transit_
50
Philadelphia Traction_ _ _50
Scott Paper pref
100
Tono-Belmont Devel- -1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
Preferred
50
Washington Gas
20
West Jersey & Sea Shore-50
Westmoreland Coal
50
York Rys pref
50
Bonds
Amer Gas& Elec 5s_ _ _2007
Small 58
2007
Bell Tel 1st 55
1948
Choct & Memph 1st 5s 1949
Consol Tract NJ let 58'32
Elec & Peop tr etfs 45_1945
Lake Superior Corp 58_1924
Lehigh Val Coal 1st 5s_1933
Pennsylvania RR 7s..1930
Phila Co con & stpd 58 1951
Phi's Elec 151 55
1966
554s
1953
65
1941
5545
1947
Spanish Amer Iron 68.1927
Walahneh Vrt Ail
lann
Range since Jan. 1.
M4.1 t4a$OlgitD4t74
Outside Stock Exchanges
Friday
Sales
Last Week's Range for
ofPrices.
Sale.
Week.
Par. Price. Low. High. Shares
2205
Frellay
mat
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
ssassas9e=gm grttgm..smi
xx xx
xgx:
.4 x•tx"""g,
0
MagDWPM
Nov.17 1923.]
75 June
3434 Oct
84% June
71 June
7
Nov
78% Nov
120
July
5031 Nov
92
Nov
2754 Feb
13.4 Nov
2234 May
10 Sept
8
July
8534 Oct
8254 Sept
% July
4
Aug
51 Aug
85 May
4034 Oct
% July
250
Mar
11634 Nov
5834 Aug
5% Oct
10654 Oct
40 June
1934 May
11
Nov
48% June
10951 July
2034 Oct
2254 Apr
100
Jan
1634 June
7% AUg
2434 Feb
25 Sept
Feb
64
4134 July
15% Oct
15% Sept
Apr
60
83 Jun
80
Oct
8
may
3934 July
5
July
234 May
943.4 Oct
26 Jun
1054 May
3634 May
8134 Jul
96 Jun
Jul
18
2
No
17
Sep
Jul
87
Oct
2
1734 Aug
No
97
9734 No
893.4 Oct
Ma
210
85 June
1131 Jan
6754 July
1734 Jan
4854 June
6494 July
98% June
16 June
43% June
5134 July
5
Oct
6934 July
87
Nov
14
July
51
July
102
Nov
1634 Aug
4234 Nov
1834 May
9554 Feb
1834 May
93
Jan
54 Get
434 Sept
100
Jan
87% Nov
7051 Jan
7334
47
73
5734
9536
9254
Oct1
FJan
Sept
Nov
Oct
Apr
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Nov. 10 to Nov. 16, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
0/Prices.
Sale
Par. Price. Low. High. Shares
1955
81
804 81
Range since Jan. 1.
$10,000
High.
Low.
775 78
20 89%
416
2,695
116
1,147
10 18
210 23
348 51
6
29
48' 30
125 18%
1%
70
30 58%
9c
5.000
5%
256
27 165
6%
1,30
73
71
23%
4
2336
19
42
67
73
3
89%
.100 8936 89
Am Wind Glass Mach.
93
93
100
Preferred
411 5
454
Arkansas Nat Gas, com_10
116
116
116
...5
Carnegie Lead & Zinc.
18
18
Consolidated Ice, pref.._ _50 18
2536
25
25
Lone Star Gas
5216
52
50 52
Mfrs Light & Heat
616 7
7
Nat Fireproofing, com 50
3111 31%
25
Ohio Fuel Supply
22% 22%
Oklahoma Natural Gas_ _25
1)6 1%
Pittsburgh Brew,COM- -50
60
60
Pittsburgh Coal, corn. _100
10e 100
PIttsb & Mt Shasta Cop_ _1
6
6
5
Gas
Pittsburgh Oil &
205 210
Pittsburgh Plate Glass_100 205
6% 654
63.4
Salt Creek Consol Oil_..l0
99
91
Stand San Mfg, coin_ _ _100 99
28
28
25
Union Natural Gas
2316 24
25
U S Glass
8036 82
West'house Air Brake.._50 81
73
73
W'house El & Mfg, pref-50 73
BondsIndep Brewing 68
Mar
July 95
Aug 10716 Mar
Jan
Oct 10
44 Oct
Nov
Jan
Oct 36
July
May 27
Feb
May 60
July
8% Feb
July 364 Mar
Mar 363.1 Mar
2% .1512
Oct
Jan 6636 Mar
Jan
Mar 28e
Sept 10% Feb
Nov
Jan 210
Nov 17% Sept
Nov
99
Ma
Sept
Feb 29
Oct 29% Oct
May
Apr 86
Apr
Apr 73
66% Mar
84
Sept
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange Nov. 10 to Nov. 16, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Boatmen's Bank
Nat'l Bank of Commerce..
Best Clymer Company _ _
Certain-teed Prod. 2d pre:.
Chicago Ry Equip, corn
Fulton Iron Works,corn.
Hydraulic Press Brick, pfd
International Shoe, corn_
l'referred
Laclede Steel Co
Missouri Portland Cement_
Nat Candy. common
Rice-Stix Dry G'ds, 1st pfd
Southwestern Bell Tel, pre(
Wagner Electric, common_
Preferred
Granite 131-metallIc
143
14016
18
65
31
35
56%
56
73% 73%
114% 115
110 110
100% 100%
87
87%
108 108
103 104
31% 33%
80
79
.20
.20
143
14036
18
65
31
59
Bonds
United Railways, 45
Kinlock Long Distance, 5s
Range since Jan. 1.
High.
10 142
27 140
26 14
105 65
30
10 35
110 47%
150 6311
41 114
30 101
10 9716
23 7336
5 106%
94 101
467 21
143 71
.20
2,000
59% 59% 211,000
9511 9516 6,000
58
94
July
July
Aug
May
Oct
Nov
July
Jan
Oct
Jan
Jan
Aug
Apr
July
Aug
July
Nov
Oct
Feb
148
153%
25
80
34
54%
60
75
119
116
101
9111
108%
104%
35%
83
.45
May
Mar
Mar
Jan
Jan
Mar
Feb
Apr
Mar
Mar
Oct
Jan
July
June
Apr
Mar
Jan
Jan
64
9654 May
-Official transactions in the
New York Curb Market.
New York Curb Market from Nov. 10 to Nov. 16, inclusive:
oases
rrtaay
Last Week's Range for
of Prices.
Week.
Sole.
Par. Price. Low. High. Shares.
week ending Nov. 16.
Stocks-
[VOL. 117.
THE CHRONTGLE
2206
23
1036
1016
1131
116
234
1
26
31
4254
2134
17716
133
67
75
1354
2c
5654
3054
12
2454
716
9716
634
257
11
2254
2
3
1354
13
3816 3816
2254 2354
9254 9254
1054 1154
1136 13
316
434
2454 2954
716 834
16
16
34
34
9654 9736
634 7
6
5
252 258
11
11
764 7854
1954 2234
934 954
136
750
134 2
18
1954
1034 IOU
1534 1516
33.4
3
63.4
654
a
13
3834
2254
1% 1%
7e
7e
1% 1%
4254 4734
1454 1516
11736 13034
9116 91%
2116 2216
30
30
436
4
227 23
%
79
7916
1036 1034
121 123
1034 1034
213.4 2216
2116 2236
11
1134
1% 116
134 216
1%
1
4
4
2254 2731
30
3354
4234 433.4
213.(
21
158 17734
132 13554
6674 67%
634 634
76
75
70
70
1354 1315
2154 2154
2c
3e
5636 58
x3036 35
52
62
9
000.0000Q0Q00000000000000. 0
u
000c4.0q=0-0.0c400.1.000.00000 .0
c4.c4
1%
o64.-;
• No Par Yalta,.
Low.
•
np0000000§Q000000§0¢000000
0g00000OPOQ00p,
0oC00...o.ocoN.0000000 000M0Q0 QQ0C,000.
No:50.009c.
.g.mg. cv.epc,
, n.Co0=M
C cv ,
Indus. & Miscellaneous.
10
Acme Coal Mining
10
Acme Packing
•
Allied Packers new
•
Amer Gas & Elec. corn
American-Hawaiian SS_ _10
Am Light & Trac. com_100
100
Preferred
Amer Multigraph
•
American Stores
5
Amer Thread, pref
-Mid Co..'
Archer-Daniels
Armour & Co (ills), Pi-100
10
tilyn Shoes. Inc
Borden Co common_ _ _100
Bridgeport Machine Co_ _•
-Amer Tob ordinary_ £1
Brit
LI
Ordinary bearer
10
Brooklyn City RR
Candy Products Corp w I__
Car Ltg & Power, com_25
Cent Teresa Sugar com._10
10
Preferred
Centrifugal Cast Iron Pipe*
Claes A •
Checker Cab NIfg
Chl Nipple Mfg,new,C1 A50
50
New Class B
Childs Co, common_ _ _100
Cities Service, com„..100
100
Preferred
10
Preferred B
Stock scrip
Cash scrip
Bankers' shares.......*
Cleveland Automob.corn .*
Colombian Emerald Synd_
8
Cons Gas(N Y) corn w1.
•
Cuba Company
100
Cudahy Packing
Curtiss Aeropl & M,corn..
Certificate of deposit__ _ _
Pre( ctfs of deposit
Davies (William) Co Inc.'
Del Lack & West Coal- 50
Dictophone Corp. corn...*
Dubiller Condenser & Rad•
•
DuPont Motors, Ins
•
Durant Motors, Inc
Durant Motors of Ind._ 10
Eastern Steel Castingscorn•
Edmund &Jones Corp com•
Elec Bond &Share pref_100
5
Federal Tel & Tel
Film Inspection Mach._ •
--•
Safety Razor_.
Gillette
Gleasonite Products Co_10
•
Glen Alden Coal
•
Gold Dust Corp w 1
Goodyear Tire & R.com100
- 100
Havana Tobacco Pref•
Hoyden Chemical
100
Hudson Cos. pref
Hod & Mann RR,corn .100
Imperial Tob of G B & LEI
Intercontinental Rubb_100
•
International Carbon_
Range since Jan. 1.
136 Oct
Sc June
Nov
1
June
31
1154 Oct
July
109
Sept
85
Aug
20
2011 June
331 Feb
2274 Nov
July
73
Oct
10
Mar
110
Oct
10
1954 Jan
19% Jan
774 Jan
171( Oct
750 Mar
50c July
236 Jan
Jan
10
2854 Oct
3654 Sept
Sept
17
15934 Aug
Oct
'128
6431 June
536 JUDO
72 June
Sept
70
1254 Oct
1954 Oct
lc Sept
5616 Nov
x3016 Nov
Sept
49
High.
May
6
Jan
35c
3
Apr
4754 Nov
2554 Mar
Jan
140
Jan
00
July
23
Nov
30
434 Nov
4054 Apr
Feb
94
Nov
11
Nov
123
1614 May
Sept
25
Sept
25
1116 Oct
13.4 Oct
Aug
3
211 Mar
Feb
5
2731 Nov
6616 Feb
Nov
44
2154 Nov
Nov
176
Feb
195
Mar
70
63-4 Mar
June
102
Aug
78
1954 Feb
3454 Apr
Jan
450
Nov
58
3854 June
Mar
60
Aug 15
7
Sept 40
30
2254 Nov 353.4
Jan 94
82
1254
Nov
10
1254
43.4 Jan
734
216 June
Oct 84
23
736 Oct 2554
2054
Nov
16
Mar 3516
24
July 99
96
714
33.4 Apr
634
Nov
5
238 June 292
Oct 11
10
Jan 7996
56
Oct 24
18
851 Oct 1654
131
500 May
216
Sept
1
1254 Aug 2036
1254
July
8
1516 Nov 2116
854
Oct
3
811
454 June
Oct
Oct
Jan
Oct
Oct
Apr
Apr
Jan
Jan
Mar
May
Mar
Sept
Jan
Apr
Nov
Nov
Sept
May
Nov
Feb
Oct
Feb
May
Jan
May
Sales
Friday
Lan Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High Shares.
Internat Concrete Indus_10
Kresge Dept Stores. corn
Kup'h'mer (B)& Co com_5
Lehigh Power Securities..'
Lehigh Valley Coal Sales 50
LIggetts Internat'l pref..50
Lupton(FM)Pub CI A._•
Mercurbank(Vienna)Am sh
•
Mesabi Iron Co
•
Midvale Co
Motor Products Corp new •
•
New oreferred
10
National Leather
New Mex & Ariz Land__ .1
NY Telep 616% pre'_ _100
Palge-Det Motor Car.._10
•
Park & Tilford, Inc
Peerless Truck & Motor.50
Powertown Tire & Rub cl A
Pyrene Manufacturing- -10
Radio Corp of Amer,corn.'
5
Preferred
Reading Coal
10
Reo Motor Car
5
Repeal, Inc
Roamer Motor Car
Rosenb'm Grain CorP.P150
Shelton Looms common..'
Southern Coal & Iron__ -5
Standard Motor Constr_10
Studebaker.Wulf Rubber_•
•
Stutz Motor Car
100
Swift & Co
15
Swift International
Tenn Elec Power corn. _ _
.10
Timken-Detroit Axle..
Tob Prod Exports Corn--•
Todd Shipyards Corp....'
Union Carbide & Carbon •
.1
United Profit Sher, new.
Unit Retail Stores Candy.'
.25
United Shoe Mach corn.
1.1 S Distrio Corp com._ _50
US Light dr Heat. corn_ _10
10
Preferred
U 8 Metal Cap & Seal...10
Universal Leaf TOb corn 100
Universal Pipe & Rad, w 1 •
100
Preferred
5
Wayne Coal
Western Pow Corp corn 100
WIllys Corp 1st pref. _100
1st pref ctfs deposit
Wrigley(Wm)Jr Co..._25
•
New stock
Yellow Taxi Corp,N Y._ _•
Rights.
Consolidated Gas w
Reading Coal w
Former Standard 011
Subsidiaries
£1
Anglo.American Oil_
Borne-Scrymser & Co...100
5
Buckeye Pipe Line
25
Continental 011
Cumberland Pipe Line-25
100
Eureka Pipe Line
Galena•Signal 011, corn .100
Humble Oil & Refining_ .25
100
Illinois Pipe Line
Imperial 011 (Can) coup 25
50
Indiana Pipe Line
Magnolia Petroleum...100
National Trarisit. _12.50
100
New York Transit
Northern Pipe Line_ _ _100
25
Ohio 011
25
Penn klex Fuel
100
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
Southern Pipe Line_ _100
So West Pa Pipe Lines_100
Standard 011 (Indiana)..25
Standard Oil (Kansas) _25
25
Standard 011 (KY)
Standard 011(Neb)_...100
Standard 011 of N Y__ _ _25
Stand Oil (Ohio) com_.100
25
Vacuum Oil
10
Washington 011
1116
54
27
46
1436
6916
88
3316
125
98%
81
128
19%
86
97
56
183
94%
165
106%
55%
38%
95%
40%
51%
Other Oil Stocks
Arkansas Nat Gas com__10
1
Boston-Wyoming Oil_
25 2856
B:ltish Amer Oil
315
Carib Syndicate
2%
Creole Syndicate
715
Derby 011 & Refin. corn_.•
•
Preferred
4c
Engineers Petroleum Co_ _1
5
Federal 011
10 610
Glenrock 011
Granada 011 Corp el A 10
25 544
Gulf Oil Corp of Pa
6
Gulf States 011 & Ref..._5
Metropol Tr recta w 1___ -----40
1
Hudson Oil
35
Humphreys Oil
International Petroleum..' 14%
Sc
Invader 011 at Del
20
Keystone Ranger Devel--1
1 190
Livingston 011 Corp
Livingston Petroleum....' 890
Mariand 011 of Mexico.. 1
Mexican Panuco Oil... _10 600
Mexico 011 Corporation.1O 360
1
Mountain & Gulf 011
Mountain Producers. _ _ _10 1336
9%
Mutual 011 vot trust certifs
New Bradford 011
25
New York 011
Noble(Chas F)0&(Komi
10 620
Omar 011 & Gas
80
Peer Oil Corporation
er 011.1 48c
Pennsylvania-Beav
1231
Pennok Oil
Prod & Refiners etre dep..
334
Royal Can 011 Syndicate_•
Ryan Consol Petrol Corp.'
64
10
Salt Creek Con 011
Salt Creek Producers_..10 17%
850
1
10
Seaboard Oil & Gas
10 1731
Southern States 011
4%
1
Wilcox Oil& Gas
1
"Y" 011 & Gas
---
High.
Low.
2,700
800
100
200
75
500
500
8,600
900
3,700
1,600
100
400
4,800
800
500
27.980
3.100
1,600
2.800
13.900
18,500
400
1,300
500
400
500
200
26,000
200
225
200
30
100
600
600
2,300
285
200
600
1,600
300
200
2,000
800
500
550
200
200
300
90
300
100
300
44,400
2,300
954 Sept
3334 Sept
25
May
1751 July
7516 Aug
48
Apr
11
Oct
1416 Nov
4% Sept
1116 June
1916 Oct
Oct
41
1% Nov
2% Oct
10736 Nov
Feb
14
Sept
25
Nov
25
1254 Nov
Mar
9
24 June
21,4 Jan
July
39
1354 Feb
75c Sent
5% Nov
4634 Oct
Aug
18
Oct
80
2% May
4431 Nov
103.4 Sept
98 June
June
17
July
12
7
Nov
23.1 June
459.6 July
Oct
52
4% Jan
Jan
5
n3316 May
20 June
75e Nov
Jan
900
50e Feb
Nov
60
1116 Sept
Oct
55
900 Nov
Nov
25
316 Oct
3 June
12016 Nov
3934 Nov
100
Feb
1116 Nov
3616 Oct
Mar
30
253-4 Nov
90
Jan
May
51
Jan
22
1534 Nov
1234 Jan
2131 Apr
2354 Oct
Nov
46
834 Feb
4% Apr
Jan
112
Apr
24
3416 Oct
Jan
80
Nov
13
Jan
11
4% Mar
4lis Nov
5036 May
2036 May
Jan
2
July
11
5454 Mar
2734 Mar
50e May
3% Jan
525j Oct
2434 Jan
Feb
109
Feb
21
Mar
19
13% Apr
" 816 Mar
May
60
6516 Mar
Apr
7
Mar
8
Mar
56
303.4 Jan
256 July
314 Apr
1% Feb
12016 Feb
2076 Apr
Apr
72
214 Jan
48%
n
1134 Rn
10% Jan
Nov
121
4016 Nov
15274 Apr
17ct 134 179,200
21% 22% 10,100
111$ Nov
1416 July
116 Nov
23% July
11
3416
2936
25
7736
50
1134
14%
5
17%
22%
46
11%
3616
2914
25
77%
51
13%
1516
sy,
19
27
46
4%
416 4%
108
107% 108%
20% 20% 20%
3116 31% 33%
29
%
277 324
1234 13
10%
936 10%
3%
3
351
31714
336 3,1,s
49
49
17% 17% 1716
80c
80c 80c
516 5%
46% 47
20
19
160
15c 18e
216 2%
46
47
1154 1116
10116 101 101%
1716 17%
14% 1434 14%
716
7
416
416 4;6
4616 4556 47
57
57
6
6)6
6
516
5% 5%
3436 34%
25
2436 25
850
75c 90e
1%
1
1%
50e 5Ic
61
60
60
16% 1616
56% 57%
90e 900
25
2514
511 57
536
516
120% 121
40% 3916 4016
123 130
2116
Range since Jan. 1.
144 14%
13416 135
6916 74
3716 38%
112 112
94
88
6036 60%
33% 3436
115 15236
98 102
8116 84
128 132
1914 21%
93
88
97 100
64
54
1936 1936
18216 189
94
9854
165 165
104 108
90% 9016
75% 78
5516 5616
3816 40
9454 9631
200 205
4016 4216
273 278
50% 53%
20% 22
436
750
28%
334
234
714
25
30
31c
60e
55c
53%
536
1
40
23
1436
Sc
le
be
600
2%
56e
340
1
13%
9%
311
7%
8c
55c
80c
470
11%
17%
34
2%
6%
17%
80c
65C
16
4%
100
5
75e
2814
316
2%
8
26
40
47c
70c
550
55
6%
1
4c
23
15%
Sc
20
200
890
231
64c
38e
1
14
10%
3%
8
8e
62c
95e
52c
1234
18%
4
2%
6%
18%
95c
1
1716
5
10c
3,500
30
62'
400
20
120
155
900
650
1,610
110
90
910
110
330
7,700
100
13.105
2,435
20
385
10
75
48,600
800
6,500
50
17,30
50
23,400
50
600
200
100
1,200
11.30
3.70
300
6.000
8.000
1,600
3,000
2,20(
11,000
20
26,00
1.200
9,400
5.000
90,000
26,000
2,200
400
80
21,00
00
2.20
26,60
60
70
2,000
4,30
30
5.90
1,10
2,00
7,70
20
1,60
4,800
4,20
26,100
126,800
5,100
3,000
13%
108
6916
32%
85
88
65
28
115
92
81
123
1916
86
97
48%
10%
152
91
161
100
9016
6616
4916
38%
80
186
35%
270
40
19
Sept 19%
Jan 160
Nov
9416
Aug 50
Jan 115
Nov 117
July 794
Sept 4134
Nov 171
July 123
Nov 103
Sept .168
Nov 29
Nov 138
June 110
,
Jul) 8516
Aug 2816
Sept 275
Sept 118%
Sept 21216
July 190
Nov 116
Jan 96
Aug aim
Sept 57
Jan 110
Jan 285
May 49%
July 317
July 55%
Oct 28
434 Nov
650 Sept
28% Nov
316 Sept
1)6 Sept
Oct
5
2436 Aug
30 June
10o Nov
60c June
40e Nov
4316 Sent
516 Nov
Oct
I
Oct
40
Nov
23
13% June
Apr
Sc
lc Nov
Apr
6c
50e Aug
116 Aug
Me June
28e Nov
Sept
1
12% JUIY
814 Scot
3% July
5 June
70 Aug
460 Aug
750 Sept
30e Nov
9% Jan
1754 Nov
216 Aug
216 No
6% No
15% Jun
Oct
800
Oct
650
11% Sep
Sep
4
70 June
Jan
Mar
Jan
Feb
Feb
Apr
Mar
Mar
Feb
Feb
Mar
Jan
Feb
Apr
Feb
Feb
Oct
Feb
Fob
Feb
Feb
Feb
Aug
Mar
Feb
Feb
Feb
Jan
Apr
Mar
Jan
Mar
10
1% Feb
Mar
37
7% Apr
7% Apr
Is% Apr
4934 Mar
250 Jan
Jan
1
2he Jan
Feb
3
es% Mar
Oct
7
116 Oct
Jan
18e
Oct
49
24% Feb
Apr
30e
400 Feb
200 Mar
2% Mar
5% Aug
Mar
23
,
2 1. Mar
136 Mar
204 Feb
15% Mar
516 May
21% Feb
Jan
30o
11111 Mar
May
13
Mar
5
14% Apr
19% Nov
7% Mar
636 Mar
Mar
14
25% Feb
416 Mar
Apr
4
26% Mar
1031 Jan
200 Mar
Nov. 17 1923.]
Mining Stocks.
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrias.
Far. Price. Low. High. Shares.
84% Jan
10614 Aug
104
Jan
100
Nov
9734 Jan
110
Jan
101% Feb
10094 Jan
1004 May
10134 Jan
1034 Feb
103% Jan
984 June
62
Mar
824 June
97
Aug
1034 Sept
11034 Jan
90% Fo3
97
Mar
93% Nov
9634 Apr
9334 Jan
30
Jan
35
Jan
103,4 Jan
108,4 Feb
100
Jan
106
Feb
107
Jan
10314 Feb
101% Jan
104
Jan
97% Apr
9814 May
100% Apr
100
Feb
98% Feb
9834 98
9834
197 205
197
994 99 100
95
96
8334 834 8354
8444 8434 8434
874 874 874
9854 9314
4.000
4,000
10,000
25,000
19.000
20.00f)
2.000
37,000
9934 99
9934 6,000
9534 954 17.000
1004 100 10054 43.000
9534 954 954 15,000
93
93
15.000
85
85
85
8.000
10354 10234 1034 26,000
12,000
979-4 9794 98
104
104 104
8.000
8954 90
9,000
106 10634 20.000
1015-4 1017-4 2.000
10314 1033-4 10374 30,000
10434 10414
1,000
105% 10534 3.000
106
14.000
10554 106
106 106
5,000
107
1003410734 7,000
10114 101 10154
5,000
9134 9194 9154 112,000
102 102
1,000
99
99
1,000
9934 9934 3.000
7154 70
72
22.000
10534 106
5.000
1063.4 106 10614 14,000
10254 10234 3,000
High.
9934
10534
105
107
9734
10034
102
9434
10094
10534
10234
104
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Nov
Nov
Jan
Jan
May
10334
24934
1064
102
8934
92
9014
9934
Feb
May
Jan
Jan
May
Jan
Jan
Oct
10394
9534
10434
984
9394
8834
10534
9814
10554
93
10734
10634
106
10714
10794
10814
10934
110
103
94
104
10034
9974
10654
107
10714
10334
Jan
Nov
Feb
May
Oct
July
Apr
Feb
May
Jan
Jan
Feb
July
Jan
Jan
Feb
Jan
Feb
Mar
Feb
May
Apr
June
Mar
Jan
Jan
Mar
Foreign Government
and Municipalities
Argentine Nation 68..1924 9994 994 994 125,000
9974 Sept
1945 2974
Mexico 48
55.000
2994 31
4414 May
294 29341.000
Certificatesof deposit__ -- __ _
32% Oct
493
A
494 5039 13,000
A
88 I() year Series
6314 May
72 9034 9094 9554 41,000
Netherlands(Kingd)68 B'
10234 Aug
98
Peru (Republic) Ss._ _1932
98
1.000
10054 Apr
sh ioi 854 28,000
Russian Govt 6145_1919
6341 Feb
Certificates
854
831 37,000
834
14 Feb
1921
834
831 834 43.000
54s
16
Feb
Switzerland Govt 5148 1929 9854 9894 9934 24.000
1.4
Jan
-_.
.
Inott
OA rz
OA 7. 071,? 1 OA MA
...
0.7 1. •
- •No par value. k Correction. m Dollars per 1.000 lire flat. I L steel on the
Stock Exchange this week, where additional transactions will be found. o New
stock. s Option sale. w When issued. z Ex-dividend. y Ex-rights. z Ex-stock
dividend. a Ex-stock dividend of 40%.
.00.0. 0.
51
Aug
10514 July
101% Sept
85
Feb
91% July
103 June
1004 Jan
97
July
9534 Jan
1004 Sept
10034 July
101% Sept
91
Nov
404 Oct
65% Feb
90% Nov
101% Sept
10634 May
97
July
87
Oct
03% Nov
87
Nov
87
July
1234 Aug
10
Jul
100% Apr
102% Sep
97
Apr
91
No
105
Jan
984 Jan
99
Sep
100 Jun
92
Oct
9634 Jun
9934 Mar
97
Jul
9454 Ma
Jan
130
100 Mar
914 Apr
1 13-16Feb
14
Feb
14,5 it
454 Mar
480 Mar
38e
Jan
334 Feb
354 Jan
Be
Jan
10e
Jan
70 Jan
113e May
254 Mar
25e May
Ists Oct
93c Apr
320 Jan
20o May
2e
Jan
2434 May
44 May
18014 May
750 June
614 Mar
lite Mar
34 Apr
24 Mar
8c Mar
80 Feb
134 May
5o
Jan
Sc Oct
9c
Oct
16c
Oct
25e Apr
90 Jan
53c
Jan
50e Apr
414 Mar
81e June
8o
Jan
680
Jan
16e Feb
114 May
1916 Jan
890 Mar
4
Mar
Jan
13c
ofio
Apr
67o Feb
2h6 Feb
3854 Apr
28c July
53.4 Mar
77c May
85o Nov
134 Jan
60
Jan
55o Feb
60
Jan
12c Mar
10e
Oct
2c Nov
Vie Apr
4,000
9,000
6,000
24,000
24.000
2000.
12,000
36,000
29,000
86.000
5,000
1,000
8__ viltt
lo Sept
2c
Jan
514 July
2c
Oct
10% Oct
50e Nov
234 Oct
160 June
23c July
915e
API'
July
2
2c Mar
20 June
lo June
130
Jan
14 June
Ile
Oct
1
Oct
Sc
Oct
100 June
6c June
to
Jan
1434 Oct
234 Jan
Nov
135
300
Jan
474 July
370 Jan
14 Aug
200 Nov
10 May
lc July
450 Nov
lo
Apr
lc June
3c Nov
4c
Oct
lo Aug
30 June
Oct
37c
4c Nov
234 July
4() Mar
lc
Oct
32c July
3c
Jan
810 Jan
50e Nov
390 Sent
134 June
10 Aug
lo Aug
5o Nov
114 Oct
2634 Jan
13o
Apr
234 Oct
39c Aug
280 June
670 July
to May
150 July
lc May
2c
Jan
Sc
Jan
2c Nov
590 Nov
Oct
Mar
Mar
Jan
Oct
Oct
Apr
Mar
Jan
Jan
Jan
Jan
Jan
Nov
Jan
Jan
Feb
Mar
Mar13
Fe
Low.
9614
96
102 1024
10334 104
10534 1055-4 106
9434 944
1009-4 10054
101
101 1014
945-4 943-4
10034 100 10014
10334 103 10414
9914 9954
10334 10334
.
WC
97%
414
14
15c
314
134
720
434
3c
214
40
370
740
(3c
240
34c
760
570
10
1 0
Nov
Sept
Jan
Apr
Sept
Feb
July
Sept
Aug
Apr
Aug
Sept
Oct
Apr
Jan
Jan
Jan
Aug
t
Gall' (Robert) Co 7s__1939
Galena-Signal Oil 73..1930
General Asphalt 8s_..1930
Grand Trunk Ry 648_1936
Gulf 011 of Pa
_ _1937
Hocking Valley50._- 1924
Ritfis
Hood Rubber 7s
1936
Internet Match 6 AO w I'43
Kan City Term Ry 5%8'26
Kennecott Copper 78 1930
Libby.MeNeill&Libby78'31
Liggett Winchester 78_1942
Manitoba Power 75...1941
Without warrants
Maracaibo 01I 78
1925
Morris & Co 74s. _ _ _1930
National Leather i3s...1925
New On Pub Serv 5s_ _1952
Ohio Power 58
1952
Penn Power & Lt 58B-1952
Phlla Elec 5145 w 1...1953
Phillips Petrol 7%a.__ 1931
without warrants
Pills Flour Mills6s, w 11943
Public Serv Corp 75-.1941
Pub Serv Elec Pow 68_1948
Reading Coal 5s. w I _ _1951
44swl
Shawsheen Mills 7s,.1931
Sloss-Sheffield la & I 8111929
Solvay & Cle iki
1924
South Calif Edison 55.1944
Stand 011 of N Y 648.1933
7% serial gold deb-.1925
7% serial gold deb_1926
7% serial gold deb.-1927
7% serial gold deb-1928
7% serial gold deb_1929
7% serial gold deb_.1930
7% serial gold deb_1931
1931
Sun Co 75
Swift & Co 5s_ _Oct 15 1932
Tidal-Osage 011 7s. _ _.1931
Union Oil Series B 6s _1925
1926
Serial 138
United 011 Produc 88_1931
United Rye of Ray 7145'36
Vacuum Oil 65
1936
1937
Valvoline 011 68
y
izz44vozoc
mm_Tm 3°x
99%
1014
92
9734
1
40e
lc
2
14
320
214
2c
700
10
5s3
Sc
30
70
40
29e
350
40
10
Mar
Mar
Nov
Nov
Feb
Mar
Jan
Jan
Oct
Mar
Feb
Jan
Jan
CONNV=0
107%
9934
234
694
134
294
850
Sc
60
16c
35c
4
22c
234
380
13c
1x
Range since Jan. 1.
cbcpmeocommoomq
43
570
Oct
134 Sent
50c Feb
Mar
22
6c Aug
Jo July
lo Aug
3c Aug
90 Feb
14 Oct
Sc Nov
174 Oct
Oct
20
1c Aug
5
ot
Bonds (Concluded)-
000C
6WW00000000000000.000,04h000
1004
101
102
$7,000
2.000
4,000
49,000
27,000
10,000
13.000
3,00
2,00
38,00
41,000
10,000
5,000
99.000
1,000
5,000
23,00
17,00
5,00
4.000
5,000
22,000
55,000
8,000
10,000
25,000
9,000
2.000
6,000
2,000
5.000
21,000
23,000
34,000
39,000
1,000
6,000
12,000
High.
0.
4z4om
zop42.40.g.
4
4,1.4.4: 42.
4zoz.4g,
mTm. xxxx
m xx
m m
mm
.10 Fts.INWVIt-.1..MMV , ,
,,
P.O. Q0O4,010MMN
99%
93%
1054
101
654 67
10614 1064
10234 10234
9994 100
9334 9334
104 1044
100)4 101
97% 98
964 9634
10034 10031
100% 1014
1014 102
91%
91
41)4 43
73
73
91
91
10234 103
1074 107,‘
9914 99X
8834 89
9394 93%
88% 89
8834 8934
16% 1734
17
1734
1014 10134
106 106,4
9734 9731
91% 92%
105% 105%
100 100%
99% 99,4
101% 102
92
9214
97% 98
100 100
9954 99%
9714 97%
I
0000WWWcP
66
Low.
gzg.42:2gz
xx
mm
Bonds
Allied Pack 88. Sec B.1939
Aluminum Coot Am 701933
7s
1925
Amer Cotton Oil 68....1924
Amer G & E deb 68_2014
Amer Lt & Tr Os
1925
Without warrants
Amer Rolling Mill (Is 1938
Amer Sumatra Tob 634s'25
Amer Tel & Tel 68.....1924
Anaconda Cop Min 63.1929
Anglo-Amer Oh 74s._1925
Assoc Hardware 646.1943
Atl Gulf & W 188 L 58 1959
Beaver Board Cos 85..1933
Belgo-Can Paper 68_ _ _1943
Beth Steel equip 75-1935
Canadian Nat Rya. 78.1935
5s
1925
Charcoal Iron of Am 88 'Si
Chic & NW Ry 55W L2037
Cities Service 78. Ser C1966
1966
76,Series D
Columbia Graph 8s...1925
Ctfs of deposit
Cons GEL&P Bait 138'48
1931
7s
1952
5345
1941
Coneol Textile 8s
1941
Cuban Teleph 7345
1031
Deere & Co 7348
Detroit City Gas 65-1947
.1932
Detroit Edison Os....
DunlopT&Ref Am 7s 1942
Federal Sugar 65
1933
1924
Fisher Body (is
1926
68
1928
Os
57c 86c
2,300
234 2%
1.700
194 9,700
29,1 294
100
7c 10c 85,000
lc
lc
2,000
lc
le 73900
40
4e 10,000
160 190 15,000
214 234
100
Sc
Sc
3,000
1% 111,, 5,900
40
40 17,000
60
60
1.000
1
134 7.600
1
iii, 13,600
48c 49c 18,000
20
2c
1,000
Viz 3%
400
1% 1%
600
51c Eflo
600
254 3% 1,600
30
30
8,000
85c 90c
400
10
20 30.000
100 14e 21.000
8e 12c 155,000
60
60
3.000
7e
8c 36,000
80
90 11,000
49c 52c
8,100
42e 43e
5.000
3e
60 77.000
40
5c
6,000
2c
3c
5.000
30
3c
3.000
84 84 1.500
4e
Sc 20.000
11
11
100
50c 89e
7,900
2% 24
800
19c 25c 49,000
320 32o
2,000
134 In
100
234 2%
200
30
30
3,000
So
80 274,000
2e
30
2,000
llo 11c
1.000
14 1% 1,000
12e 120
1.000
1
700
18c 18c
1.000
13e 170 79,000
8o 10c
2.000
lc
lc
4,000
18% 17
700
2% 3
12,200
140 140
20
600 75e 108,200
534 514
1,600
84c 92o 39.900
2
234
1,100
20o 25c 11,000
50
7e 48.600
20
2o
3.000
50e (10o 45,400
20
20
2,000
30
3o' 2.000
30
Sc
4,000
80 150' 98,0(10
30
13c 28.000
40
50
3,000
380 38c
1.000
40
5c
5,000
334 34 1,100
60
9c 104,000
20
2o
1.000
50e 52c
7.700
30
3c
1,000
14 14
3.100
500 54c
900
48e 50c
1,600
, 1,100
1% 11s1
2o
2o
1,000
le
le
8.000
Sc
8c 10,000
134 191, 7,500
27
2734
700
17o 20e 12.600
3
500
33-1
44c 44c
1.000
86e 040 24.400
6330 71e
1,400
3e
Sc
1,000
350 35o
1,000
lc
lc
4,000
(io
70
3.000
Sc
2,000
Sc
2c
2c)
2,000
590 75e
3,300
Range since Jan. 1.
ococ000=c,orzo
Alaska-Brit Col Metals...i
82e
Alvarado Mm & MII1__20
234
Amer Exploration
Angio-Am Corp of BA._ £1
Arizona Globe Copper--.
9e
1
Belcher Divide
10c
lo
Belcher Extension
10e
Booth Mining
Boston & Montana Dev--5 170
Calaveras Copper
5
Calumet &Jerome Cop--.1
Sc
Canario Copper
1
1%
Candelaria Silver
1
1
Cash Boy Consol
Central Amer Mines,Ina-I
134
Consol Copper Mine/L...5
1
1 490
Cortez Silver.
Crackerjack Mining
Cresson Con Gold M & N.1
Crown King Cons M,Eno.'
1%
1
Crown Reserve
10
Davis
-Daly Mining
334
Diamond B1 Butte (reorg)
30
2
Dolores Esperanza
Emma Silver
1
20
Eureka Croesus.
1 14c
Fortuna Cons Mining --90
Goldfield Corn Fract Mtn _
Goldfield Deep MInes....5c
7C
Goldfield Development
-----Goldfield Florence
1 490
Goldfield Jackpot
1
Gold Zone Divide
60
Grandma Mining
Hard Shell Mining
1
Harrell! Divide
10c
250
Hecht Mining
814
Hilltop-Nevada mining.._
40
Hollin Ter Con Gold Millet 5 11
.1 740
Homestalse Ext Min Co.
Howe Sound Co
Independence Lead Min_ _1 240
Iron Blorsom Cons Mining 1
Jerome Verde Developm't 1
5
Kerr Lake
Kewanus
1
Lone Star Consolldated..1
70
MacNamara Min & MI11.1
30
Marsh Mining
1
Mason Valley Mines
5
134
McKinley-Dar-Sav Min...1
Metals Production Co..
.1
Mohican Copper
1
National Tin Corp.__ 500 140
Nevada ophir
1
Nevada Sliver Horn_ .500
lc
New Cornelia
164
New Dominion Copper...5
3
New Jersey Zino ......100
New York Pocupine Min.. 750
Nil:11881ns Mines.
534
Ohio Copper
1 86c
Premier Gold
Ray Hercules, Inc
5
Red Hills Florence
Se
Rex Congo! Mining
1
St Croix Mines Corp
59e
Sandstorm Kendall
Elan Toy Mining
30
1
Silver Dale Mining
Sliver Horn M & D
100
Silver King Divide (reorg)Silver Pick Consol
Silversmith Mining
380
Simon Silver-Lead
1
South Amer Gold & Plat.1
Spearhead
70
Stewart Mining
1
Success Mining
1 52e
Superstition Consol
30
Teek-Hugbes
134
1
Tonopah Belmont Des .....1
Tonopah Divide
1
Tonopah Extension
1lin
1
Tonopah Midway
Tonopah North Star
Tuolumne Copper
5o
United Eastern Mining...5
14
United Verde Extension .50 27
180
U S Corn Mines
Unity Gold Mines
Verde Mining & M illing_
Wenden Copper Mining --- 940
West End Consolidated 5 710
30
West End Extension Min__
Western Utah Copper_ _ -.1 350
le
White Caps Extension._
White Caps M In Co....100
Wilbert Mining
1
Yellow Tiger Cons Min-Yukon Gold Co
5
2207
Friday
Last Week's Range Sales
Sale.
co Prices.
for
Price. Low. High. Week.
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y. Bid
Ask
America'..... 210 220
Amer Ezell__ 286 291
_
440
Bowerys
Broadway Ce 160
Bronx Boro*. 110
Bronx Nat_ _
135
Bryant Park* 160
170
Butch & Drov 128
135
Cent Mercan- 205 215
337 344
Chase
Chat & Phen. 248 253
SO
Chelsea Exclo• 60
Chemical _
537 542
Coal & Iron
200 212
Colonial
375
Commerce
300 303
Coninwealth 23
245
Continental.... 140 150
Corn Each.. 455 465
Coemop'tans- 115 125
East River... 200
Fifth Avenue* 1250 soo
Fifth
235 245
First
1300 1310
275 285
Garneld
Gotham
157 165
Greenwich'
290 310
Hanover
695 710
Banks
Bid
Harriman__ 322
Manhattan C. 147
Med) & Met- 378
Mutual'
320
Nat American .._
National City 342
New Netbs. 145
Pacific•
300
Park
420
Port Morris
167
Public
I 315
Seaboard 375
Seventh Ave- 80
Standard •
185
State*
347
Tradesmeni• 200
236 Ward•-__ 275
United States* 165
Waah'n lite- 200
Yorkville'.._ 800
Brooklyn
Coney Island*
First
Mechancis •..
Montauk'.._
Nassau
People's
160
320
114
170
230
165
Ask Trust Co.'s Bid Ask'
332
New York
149 American
383 Bank of N Y.
& Trust Co 465 472
133 Bankers Trust' 350 353
345 Central Union' 480 488
155 Commercial__ 110
120
Empire
305 315
436 Equitable Tr_ 192 194
Farm L & Tr_ 537 543
325 Fidelity Inter 195 205
385 Fulton
250 265
90 Guaranty Tr_ 245 249
200 Hudson
202 210
354 Irving BankColumblaTr 221 224
Law Tit& Tr. 192
173 Metropolitan. 300
Mutual (West
cheater)
120 130
N Y Trust.. _ 349 353
Title Ou & Tr 385 391
3tJSMtg&Tr 305 310
tilted states 1220 1250
Welles Tr. 210
170
335
Brooklyn
130 Brooklyn T. 470
Kings County 850
Manufacturer 275
People's
385 466
•Banks marked with()are State banks. (z) Ex-dhilend.
8
New York City Realty and Surety Companies.
Au prices dollars per share.
Alliance Wity
Amer Surety.
Bond & M G.
City Investing
Preferred _ _
Lawyers Mtge
Sid
100
95
283
75
98
155
Ask
106
9288
100
Bid
Mtge Bond_ 105
NatSurety_ _. 154
N Y Title &
Mortgage__ y175
US Casualty.' 160
U 8Title Gnarl 124
Ask
115 Realty Assoc
158
(Bklyn)corn
let pref
_
180
26 pref_ _
171 Westchester
128
Title & T.
Bid
Ask.
120
83
68
if;
215
225
73
x-rights.
CURRENT
NOTICES.
-A. Clermont, until recently Assistant Manager of the American Express Co., has been appointed Manager of the securities department of
Blair St Co.(Land n), Limited.
The Bull & Rockwell Co. has issued a comprehensive booklet on "The
Investment Trust," describing this form ofinvestment,with special reference
to the International Securities Trust of America.
The Seaboard National Bank of the City of New York has been appointed registrar of the no par value common stock of Cosgrove-Meehan
Coal Corporation.
Howard J. O'Connor and John W. Savage have joined the sales force
of Bull & Rockwell Co.,agents of International Securities Trust of America.
Inutstuxent anti gaitivad 1111004mm
2208
RAILROAD GROSS EARNINGS
roads from which regular weekly or monthly returns
various
two
The following table shows the gross earnings ofgive the STEAM
gross earnings for the latest week or month, and the last
figures
railways
be obtained. The first two columns of 1 to and
including the latest week or month. The returns of electric
columns the earnings for the period from Jan.
are brought together separately on a subsequent page.
ROADS.
Jan. 1 to Latest Date.
Latest Gross Earnings.
Previous
Current Previous Current
Week or
Year.
Year.
Year.
Year.
, Month.
182,756 2,016.001 1,625,057
Akron Canton & Y.ISeptember 225,575 214.447 2,549,701 2,199,723
300.217
Alabama & Vicksb- September 13184420 12670521 91,708,126 90,568,695
Express__ July
Amer Ry
156.7101 4,840,972 4,154,798
4th wk Oct
Ann Arbor
17827530 148109866 133794999
1704540
Atch Topeka & S Fe September 2,300,646 2,292.687 17,714,943 16.587,083
Fe_ September
Gulf Colo S: S
6.084,012 5,567,051
Panhandle S Fe_ - September 875,632 770.674 3,424,657 2,859.061
379,848
Atlanta Birin & Atl_ September 233.186 363,719 2,166,345 1.827,096
242,266
Atlanta & West Pt. September 508,472 483,819 3.998,716 3,799,303
September
Atlantic City_
59.390.359 51,464,507
Atlantic Coast Line_ September 5.487.547 5,266.434 195315973 140346795
Baltimore & Ohio- _ September 21527022 13619379 2,787,725 2.241,513
243,351
Chic Term_ September 314,511 445.375 4,855,343 5,717,373
B &0
Bangor & Aroostook September 546,162
76,506
97.502
10,367
9,442
Bellefonte Central_ - September
611,988 529,693 5403,783 4.367,086
Belt Ry of Chicago_ September 2,047,143 1,892.209 15,680,194 9,555,981
Bessemer & L Erie September
154,234
340.524
28.072
36.581
Bingham & Garfield September
58,474.927
Boston & Maine._ - September 7,023,799 7,072,244 65,083,203 1,186,194
1,146,126
108.404 124,471
Bklyn E D Terminal September
12,799,392
Buff Roch & Pittsb_ 1st wk Nov 337,361 541.231 18,716.475 1,037,772
September 215.934 172,415 2.092,735 195016742
Buffalo & Susq
Canadian Nat Rys_ 1st wk Nov 5,412.328 5,649,087 213362550 2.017.544
Atl & St Lawrence September 216,492 219.906 2.348.112 1,628,844
135,286 2,591,431
Ch DetCan G TJct September 255,651 408,070 5.106,900 3,851,187
Det G H & Mllw_ September 582,432
Canadian Pacific— _ 1st wk Nov 5,397,000 6.346.000 155080000 149162000
7,028,904 5,660,343
Caro Clinch Sr Ohio.. September 752,932 578,914 19,710,609 16.719,217
Central of Georgia_ - September 2,053,5672,088,289 43,331.604 34,952.975
Central RR of19 J.._ September 4,264.943 4,270,335 5.796,592 4.869.980
Cent New England. September 635,4541 503,726 6,541,119 5.215,322
Central Vermont__ _ September 744,209 653.461 2.933.203 2,420,116
Charleston & W Car September 289.098 235,500 75,835,106 62.504.957
Ches & Ohio Lines..- September 9,159,030 5.874,732 5.131,489 19,697.110
September 2,978,877 1,811.6152
Chicago & Alton
128108379 117145301
Chic Burl & Quincy_ September 15060340 15398172 21,322.499 17,565.066
Chicago & East III's September 2,512,172 2,062,688 19,267.417 17,580,178
Chicago Great West September 2,147,879 2,137.762 13.460,129 11,587,330
Chic Ind & Louisv September 1.497.131 1.347,675 127282894 112545176
Chic Mllw & St Paul September 14804029 14421141 120321637 106391636
Chic & North West_ September 14062408 13189311 1,033.069 1,569,610
130,169
Chic Peoria & St L_ September 124,394 540,474 5,555,281 4,956,212
Chic River & Ind— _ September 617,332 10689360 92,221,471 7,592,818
10744253
September
Chic R I & Pac
4,183,231 4,307.758
Chic R I & Gulf.. _ September 498.925 524,574
0.608,862
Chic St P M & Om_ September 2,554.243 2,497,933 21,055,851 3,078.002
3,475.490
348.541
Cinc Ind & West.. September 411,807 1,198,658 9,262,001 9,618,461
September 1,093,958
& Southern
Colo
6.895,510
Ft W & Den City_ September 828.337 865,463 6,790,610 2.114.817
Trin & Brazos Val September 460.694 224.239 2,006,232
882,182
979,177
125.059 121.542
September
Wichita Valley......
35,291,443 26,459.641
Delaware & Hudson September 3,399.069 2.971,904 64,876,691 53,770.523
Del Lack & Western September 6,297.225 6.564,549 24,718.567 23,820.965
Deny & Rio Grande September. 3,483,501 3,328,741 1,916,699
945,214
Denver & Salt Lake September 280,740 179,737 1,401,100 1.390,338
Detroit & Mackinac September 162.485 192,398 7,860,952 6,687,749
666,139
Detroit Tol & Iront_ September 941.252
Det& Tol Shore L.._ September 364.355 293.483 3,200,892 2,590.833
6,293.941 5,584.337
Dul & Iron Range__ September 952,404 811,117 17,401,855 11,912,194
Dul Missabe & Nor -September 3.514,011 2,160.036 4.948.058 3.645.030
Dub Sou Shore & Ati ith wk Oct 221,967 154.243
156,027 162,576 1,817,990 1.471,710
Duluth Winn & Pac September
1.505,446
East St Louis Conn_ September 215.835 153,704 1,798.199 15.044,516
September 2.102,710 1.707,34121,321,308
Elgin Joliet & East..
8.352.070
El Paso & Sou West September 941,349 964,245 9,402,935 66,083,455
September 8,629.373 7.380,297 89,369,516
Erie Railroad
Chicago Sc Erie_ September 1,434.259 897.748 10,520,459 8.118,388
139,074 126.906 1,200,878 1,118,687
NJ&NY RR September
808.489
169,738 134,998 1,285,182
Evans Ind & T H.... September
Florida East Coast.. September 889.638 758.584 11,972,399 0,213,238
Fonda Johns & Glov September 110,399 121,331 1,128.913 1.029,403
Ft Smith & Western September 134.765 156,980 1,143.098 1.174,984
Galveston Wharf_ _ _ September 151,159 142,157 1,028,891 1,071.982
Georgia Railroad_ September 504,031 456.034 4,557,269 3,684,841
30,550 1.504,940 1,142,133
35.700
let wk Nov
Georgia &
Grand Trk West... _ September 1.667.223 1.444.784 15.082.509 2.105,415
Great North System 1st wk Nov 3,340,797 2,727,068 102224838 7,121,057
972,184 1,011,256
105,707 105.350
*Green Bay & West September
Gulf Mobile & Nor_ September 511,457 375.719 4,401.458 3.432.999
Gulf & Ship Island_ September 266,105 267,416 2.450,612 2,216,245
Hocking Valley_ _ _ .. September 1.499,743 1.354,872 13.398,188 9,670.895
Illinois Central Co.... September 13674874 14710349 125547734 110428008
Yazoo & Miss Val September 1.824.050 1,840.197 15.019,750 13.583.643
Internat'l Grt North September 1,596,820 1.494.369 10,875,738 10,362,574
Int Ry Co of Me..__ September 136,651 152,504 2,021,453 1,952.722
Han City Mex & Or September 160.040 116,186 1,386,788 1.007,013
1,080,449
K C Mex &0of Tex September 139.009 112.652 1,270,040 13,210.926
Kansas City South.. September 1,656,109 1,590,329 14,794,362 1.514,939
297,090 191,231 2.077,594
Texark & Ft Sm.... September
Total System._ __ September 1,953,199 1,781,560 16.871,956 14,725,865
1,858,985
Kan Okla & Gulf.. _ _ September 177,124 264,567 1.004,189 2,087.195
897,465
Lake Sup & Ishpem_ September 129,032 161,739
778.988
874,496
67.263
90.939
Lake Terminal Ry__ September
242.522 185,703 2,268,506 1,689,635
Lehigh & Hud River September
4.486,109 2.881,670
Lehigh & New Eng_ September 365,699 387.946 55,341,462 45,833,132
September 5,283,244 5.656.065
Lehigh Valley
17,714.399 14.253.008
Los Aug & Salt Lake September 2,118,788 .634,700
Louisiana & Arkan_ September 304.423 237,253 2,815.365 2,443.655
Louisiana Ry & Nay September 327.695 323.197 2.882,206 2,491.775
596,695
140.845
La Ry Se Nay of T September
Louisville & Nashv_ September 11475130 .534,463 101386694 90,134.839
2,424,134
Loul.sv Rend & St L September 295.630 311.723 2.600.926 15.269,304
September 1,786,558 .762,208 15.967.316
Mettle Central
Valley.. _ _ September 386,311 408,462 3,357,930 3.402,646
Midland
249.941
388,278
14.247
15,242
4th wk Oct
Mineral Range
Latest Gross Earnings.
ROADS.
Week or I Current
Year.
Month.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
14,314,495 13.260.590
Minneap & St Loa,let wk Nov 331,963 351,529 37,098,211 33,296.947
Minn St P & SS M_ September 4,740,683 5,253.092 15,5M,127 13.682,058
Wisconsin Central September 1,708.640 1.695,385
1,095,791
Mississippi Central.. September
23,828,284
Missouri Kan& Tex September 2,867,024 2,914,952 25,832,386 15,138,428
Ry of T September 2.114,808 1.915.971 14,822.843 38.966,712
Mo K&T
Total system_ .... _ September 4,981,832 4,830,923 40.655.229
362,978
143,4091 102,498 1.104,025
Mo & North Arkan_ September
73.122.930
Missouri Pacific_ _ _ _ September 10239452 8.049.230 83.679.214 14,889,842
1st wk Nov 358,842 395,763 17,213.903 1,124,470
Mobile & Ohio
141.122 140,774 1,134,993 1,181,981
Colum & Greenv_ September
Monongahela Conn_ September 241,403 120,144 2,084,762
596,269
September 219,870 209,181 1,894.998
Montour
16,126,717
Nashv Chatt & St L September 2,118,630 2,038,629 18,489.755
275,151
321.110
9,133
10.585
Nevada-Cal-Oregon 1st wk Nov
387.235
717,024
74,343
95.501
Nevada Northern September
168.505 131,441 1,581,857 1,416,014
Newburgh & Sou Sh September
1.883,963
189.024
New ON Great Nor.. September 237,132 284,098 2,145,441 1.961,432
N 0 Texas & Mex September 221.310 127,396 2.165,977 1,469,327
7.738,428
Beaum S L Sc W.._ September 224,119 441,020 4.485,409 3.959.361
St L Browns & M September 668,255
New York Central September 34448185 33351446 320602476 256603639
998.465 8,709,825 7.303,536
Ind Harbor Belt.. September 991,817 7.578.188 71.777,092 59.354,546
Michigan Central September .582,595 7,200,006 72.126,099 61.379,687
,074,169
Cloy CO& St L September
2,442,257
235,554
Cincinnati North_ September 425,836 3,026,790 3.963,575 18,919,524
Pitts & Lake Erie September .853,263 4,385,688 34,825,912 36,582,499
43.301.328
NY Chic & St Louis September ,719.716
256,706 307,335 2,544,992 2,145.807
September
N Y Connecting_
NYNH St Hartf September 11190891 11086 238 100516271 89.944.465
N Y Ont & Western September 925.808 1,182,759 10,716.145 9.193,954
3.642.788 2,933,026
N Y Susq & West September 308,034 325,747 6,775,358 6,122,293
732.106 664.373
Norfolk Southern September 8,435,184 7,857,559 70.665,181 69.335,378
& Western.. September
Norfolk
Northern Pacific_ _ _ September 9.824.938 9,846,468 73,231.917 68,294,756
800,169 6.139.873 6,026,369
Northwestern Pax September 795,442 66802201 589222 138 505034 221
Pennsylvania Syst September 67949619 61749599 547353 125 466546271
Pennsylv RR & Co_ September 62617470
166.893 151,126 1,200.073 1,223,742
Bait Ches & Atl September
September 3,201,872 2,980,012 26.186.019 23,587,475
Long Island
894,717
849.361
125.510
Mary Del & Va.... September 117,265 399.645 4,395.057 2.518.106
Monongahela....... September 514.950
1.386.922 1,210,502
161.209 141,067
Tol Poor & West.. September
W Jersey & Seash September 1,566,303 1.574,061 11.419,691 10.890,240
150,010 157.825 1,302,652 1.308,999
Peoria & Pekin Un_ September
Pere Marquette_ _ _ _ September 4,052.996 3,370,584 34.039,594 27,984,584
957,317
840,784
90,986 119,851
September
Perkiomen
September 7,454,934 6.782.686 80,431,809 55,691.782
Phila & Reading
765.642
88,761 1,023,272
90,335
Pittsb & Shawmut September
830.764
93,062 153,646 1,077,549
Pitts Shaw & North September 340.612 251.616 2.814,349 2.047,543
Pittsb St West Vs September
146,667 149,527 2.065,902 1,293,205
September
Port Reading
September .941,959 5.912,209 55,261,188 48,759.024
Pullman Co
944,048
822,241
102,499 128,715
Om St K C Septernber
Quincy
9.210.611 8,084,749
Rich Fred & Potom_ September 897,983 946,638 5.128.046 4,280,835
601.193 538,064
September
*Rutland
76,077,544 69,626,739
St Louis San Fran 1st wk Nov 1,721,613 1,544,468 1,222,033 1.248,854
171,312 145,094
St L-S F of Texas- September
974.513
140.305 146.292 1.102.196
W & Rio Grand September
Ft
15,300,086 12,871,797
St Louis Southwest_ September 1,670,778 1,690.367 6.043,064 5,359.194
711,383
St L Sou of Texas September 859.238 616,111 24,879,788 21.486.057
Total system .. _ _ 1st wk Nov 638,565
546.396
654,314
57,590
79,628
St Louis Transfer_ September
4,475.024 4,146,667
San Ant & AranPass September 807,072 681,127
800,648
933,779
86,620
111.198
San Ant Uvalde & G September 3.970.605 3.700.004 38.291.505 32,724.520
Seaboard Air Line September
26327828 23797939 209361895 188750281
Southern Pacific Sys September
149306844 132684 350
Southern Pacific Co September 19003928 16808629 10.146.451 8.559,057
Atlantic SS Linos_ September 1,091,627 1.062,196 2,719,504 2.306,467
244,498
Arizona Eastern_ September 273.927 1,985,158 17.066,660 15.968,577
Galv Harris & S A September 2.225,733
10,639,066
Eons& Tex Cent_ September 1.434,072 1,425,588 10.308,182 2.286.013
282,318
Hous E & W Tex.. September 291,915 355,070 2.231,452 3.064,744
3,367,824
September 376,883
Louisiana Western
5.761.891
Morg La St Texas September 743,660 748,665 6,461,859 6.398.765
746.756 6.570.984
Texas & New On.. September 751,352 ,788,018 69004678 137396723
3.870,594
Southern Ry Syst 1st wk Nov
111827631 91,535.805
Southern Ry Co September 12410252 10137290 8.100.275 6.088.431
517,598
Ala Great South.. September 890,313 1,090,769 17.416,692 11,828,027
Cm N 0& Tex P_ September 1.807,009
3,914,855 3.358.943
Georgia Sou & Fla September 419,893 317.032 5,202,330 3.878,183
Now Orl & Nor E_ September 575,218 303,136 1,285,706
989,973
Northern Ala........ September 148,043 128,231
864,253
877.604
95,115 122,804
Spokane Internet September 773,720 659,625 5,946,497 5.323,461
Spok Port!& Seattle September 224,296 202,183 1.940,886 1,850.415
Staten Island R T._ September 258,936 254.317 2.317.538 1.781,093
Tennessee Central September 467,220 345,926 3.836,513 3.324,892
Term RR Assn ofStL September 417.825 418.650 3,676,259 2.785,261
St L Mer Bdge T_ September
698.537 25,039,107 24.096.763
Texas & Pacific_ _ _ 3d wk Oct 766,419 155,086 1,408,454 1,287,370
142,301
Ulster & Delaware September 12607227 11280849 83,807,024 75.012.189
September
Union Pacific
19297035 150294341 135455655
Total system...... September 21577642 3,614,100 27,394,93e 25,690.735
Oregon Short Line September .773,682 2,767,385 21,377,988 20,499,723
,077,944
Ore-Wash RR & N September
274,371 2,369,833 2.288.938
St Jos & Grd Isl.... September 297.028 1.016,401 9,605,178 8,320,821
Union RR (Penn).._ September 1,147,401 126,948 1,135,112 1.243,947
144,994
September
Utah
377,912 277,918 3,249,778 2,671,738
Vicks Shreve & Pac_ September ,805.964 1,297,386 16,495,964 14,542,992
Virginian Railroad. September ,189.382 5.000,892 55,416,027 47,741,878
October
Wabash RR
647.915 19.583.148 14.915,527
Western Maryland_ 4th wk Oct 636.150 1.411,951 10,061,412 8,729,245
Western Pacific........ September .580,989 249.671 2,190,353 1,892,328
of Ala September 261,864 935.247 14,258,548 9,930,429
Western Ry
Wheel St Lake Erie_ September ,774.952
and Monthly.
AGGREGATE OF GROSS EARNINGS—Weekly
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Mileage. Cur.Yr.
$
$
$
+4,091.839 20.00 December___235,290
4th week Aug 13 roads). 24,519.846 20.458.007 +1.396.870 9.45 January - — -235.678
Sept 14 roads):- -_ 16.173.591 14.776,721
1st week
18,379.315 +1,102.863 6.00 February- —235.399
roads)..___
235.424
2d week Sept 15 roads)....-- 19,482,178 16,741,845
-F834,204 4.98 March
17,576,049
234,970
3d week Sept (14 roads)-....- 27,636,687 26.460,653 +1.176.034 4.44 April
235.186
4th week Sept (15 roads)__-- 21.869.478 20,768,243 +1.101,235 5.30 Me)
236,739
1st week Oct (15 roads)- -- - 19.218,468 18,650,173
+568.295 3.04 June
235.477
2d week Oct (13 roads)..-- - 22,532,470 21,968,811
+563.559 2.57 July
235,357
3d week Oct (14 roads)_ __ _ 33.151.847 28.920.884 +4,230,963 14.69 August
Oct (12
4th week 1%r.,, (11 roads)_ _ _ _ 21.4n3 248 9n 0(17 CAR
+465.390 2.22 September _ _235.611
St. Louis included In Pennsylvania RR.
Note.—Grand Rapids & Indiana and Pitts. OM.Chic.&
* Revised figures
York Chicago & St. Louis.
Toledo St. Louis & Western included in New
Current
Year.
1 Previous
Year.
Increase or
Decrease.
%
$
$
1
$
Prey.Yr .
0
236,121 512433733 434.698,143 —87,735,592 20.60
—70,803,47 21.00
235.827500:816:521 395,000.157 —44.745,53111.18
2 400.146,341
235.528 444.891,87
12.63
235,470 533. 53.199 473,747,009 —59,806.190 25.39
235,839 521.o87.412 415,808,970 -.-105578442 21.77
4 —97,510,054
235,472 545,503,898 447,993,84
23(1.683 540.054.165 473.150,664 —66,903,50114.14
—91.678,67920 70
235.813 534.634.552 442,955.873 +90.181.967 19.00
235,696 563.292,105 473,110,138 +44.549,658 8.91
236.525 544.270,233 499.720.575
Lake Erie & Western included In New York Central.
Nov. 111923.]
THE CHRONICLE
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 11 roads and shows 2.22%
increase over the same week last year.
2209
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
Balance.
Surclus.
North Carolina
Aug '23
111.955
26,792
17.971
8.821'
P S Co
'22
95.510
25,691
14,633
11,058;
12 mos ending Aug 31 '23 1,360,471
378,955
181,552
197,403.
'22 1.198,602
331,418
170,577
160.841
First Week of November.
1923.
1922.
Increase. Decrease.
Northwestern Ohio Sept '23
55,643
9.721
Ry & Power Co
48.423
'22
10.489
$
$
$
$
12 mos ending Sept 30 '23
Buffalo Rochester & Pittsburgh
568.860
*97.626
69.115
337,361
28,511
541,231
203.870
Canadian National
'22
5,412.328 5,649,087
467.135
*74.567
68.550
6.017
236,759
Canadian Pacific.
5,397,000 5,346,000
Pacific Power &
51,000
Sept '23
288,106 *151,125
59.547
91.578Georgia & Florida
35,700
Light
30.550
5,150
'22
281.284 *145,548
55.283
90,265
Great Northern
3,340.797 2,725,068 615,729
12 mos ending Sept 30 '23 3,066,467 *1.484.667
676.239
808,428
Minneapolis & St Louis
339,963
352,529
12,566
'22 2,979.772 *1,390.869
673,976
716.883
Mobile & Ohio
358.842
395,763
36,921 Pennsylvania
Sept'23
279,291
86.057
Nevada-California-Oregon
10,585
9,133
1,452
Edison Co
219.390
'22
57,027
St Louis-San Francisco
1,721,613 1,544,468 177,145
12 mos ending Sept 30 '23 3,096,595 *1.065,140
407,294
657.846
St Louis Southwestern
638,565
616,111
22,454
'22 2.526.302 *841,832
393.764
448.068.
Southern Railway System
3,870,594 3,788,018
82,576
Portland Gas &
*91.252
Sept '23
265,249
38,266
52,986Coke Co
263.523 *105,581
'22
Total (11 roads)
36.365
69,216.
21,463.348 20.997,958 955,506 490,116
12 mos ending Sept 30'23 3,376.327 *1,234.573
Netincrease(2.22%)
437.736
796,937
465.380
'22 3,339.228 *1,048,488
438,739
609.749'
Net Earnings Monthly to Latest Dates.—The table Portland By, Lt Sept'23 890.719 328.013 168.120 159,893.
& Power Co
83.3,651
'22
298,312
172,605
125,707'
following shows the gross and net earnings for STEAM
12 mos ending Sept 30 '23 10.718,602 4,187.572 2.094.521 2,093,051
railroads reported this week:
22 9,989.9.81 3,705,88.3 2,127.840 1.578.043
—Gross from Railway— —Net from Railway— —Na after Taxes
Sept '23
252.012
17.166
- Reading Transit
& Light Co
1923.
1923.
'22
1923.
246,057
14.025
1922.
1923.
1922.
12 mos ending Sept 30'23 3,085.635 *283.645
6
6
6
198,409
85,236
,
$
$
$
Wabash—
'22 2,940,911 *413.503
327.406.
86.097
October ___ 6,189,382 5,000,892
1,298,700
Sept '23
520,144 Rutland Ry, Lt
49.102
16,901
From Jan L55,416,027 47,741,878
• & Power
12,054,886 7,854,449
'22
54.741
12,034
12 mos ending Sept 30'23
550.314 *151.552
55,756.
95,796
Electric Railway and Other Public Utility Net
'22
572,536 *157.288
60,88896,400
Earnings.— The following table gives the returns of Sandusky Gas & Sept '23
58,524
12,424
Electric
'22
51,062
ELECTRIC railway and other public utility gross and net
6.197
12 mos ending Sept 30'23
855.989 *220,808
152,637'
68,171
earnings with charges and surplus reported this week:
'22
760.636 *174,733
85,419
89.319
Sept '23
—Gross Earnings— —Net Earnings— Sayre Electric
16.479
2.639
Company
Current
'22
Previous
15,733
Current
2.714
Previous
Companies.
12 mos ending Sept 30'23
Year.
202,853
Year.
Year.
*48.166
Year.
22,322
25.844
'22 • 184.304
$
*36,916
15.061
$
21.855
$
zAmer Power & Light__Sept 2,604.412 2,410,783 1,034,565
Texas Power &
Sept '23
967,643
*214,639
156.20358.436
12 mos ending Sept 30-.30,844,891 28,148,113 12,573.437 11,683.642
Light
'22
438,676 *189.609
71,910
117,699.
Manila Electric Corp__ --Oct 309.303
12 mos ending Sept 30'23 5.365.798 *2,185.135
313,943
108 661
711.698 1,473.437
104.478
12 mos ending Oct 31__ 3.579.617 3,579,057 1.074.279 1.011,762
'22 4.783.777 *1.963.555
771.551 1.192,004
z Southwest Pow & Lt Sept
Vermont HydroSept '23
963,784
854,399
68.552
440,123 $402,851
17,832
12 mos ending Sept 30__10,766,484 9.673.664 5,033,597 4.659.751
Electric
'22
58,673
29.257
12 mos ending Sept 30'23
zirtah Securities Corp_ _ _Oct 916,925
717,651 *291.990
144.407
147,583
783,062
459.759
388,218
'22
563,600 *200,279
12 mos ending Oct 31._ 9.933,574 8.670,837 5,107,119 4,283,402
63.441
136,838
West Penn Co
Sept '23 1,911,635 *663.716
; Earnings for subsidiary companies only.
193.061
470,655
'22 1.665.413 *600,909
172.534
428.375
Gross
Net after
12 mos ending Sept 30 '23 22,736.723 *8,140.244 5.298,935 2,841,309
Fixed
Balance,
,
Earnings.
Taxes.
'22 15,454.181 *5.384.472 3,870.773 1.513.699.
Charges.
Surplus.
Yadkin River
Sept'23
154.615
*88.806
Adirondack Power Oct '23
54.522'
34.284
618,227
134,398
72,618
61,780
Power Co
'22
100,057
*53,934
& Light Corp
39,307
14.627
'2! 512,333
98.619
87,216
11,403
12 mos ending Sept 30 '23 1,708,102 *909,900
549.988.
359.912
12 mos end Oct 31 '23 6,815,631 1,820,388 1.120,286
700,102
'22 1,198,597 *521.147
345.683.
175,464
'22 5,511.267 1,752.517 1.035,692
716,825
American Water
Sept '23 2,964,348 *1,336.042
* After allowing for other income.
847,168
488.874
Works & Elec Co
'22 2,417,168 *1,049.892
728.095
321,797
12 mos ending Sept 30 '23 33,511,599*14,780.198 9,596,169 5,184,029
'22 21,694,247 *9,663,088 6,707.026 2,956.062
Asheville Power
Sept '23
88.675
FINANCIAL REPORTS
*36,943
5.229
31.714
& Light
'22
79,921
*31.359
5,212
26,147
12 mos ending Sept 30'23
951.837 *362,160
62.613
299,547
'22
885,739 *341,609
Financial Reports.—An index to annual reports of steam
62.294
279,315
Bangor By &
Sept '23
128,192
67,302
24,134
.
43,168 railroads, street railway and miscellaneous companies which
Electric Co
'22
130,041
64,616
23.156
41.460 have been published during the
12 mos ending Sept 30 '23 1,540,862
preceding month will be given
783,085
284.711
498.374
'22 1,469,866
699,697
284.189
415,508 on the last Saturday of each month. This index will not
Binghampton Lt, Sept '23
99,752
30.436
include reports in the issue of the "Chronicle" in which it is
lit & Power
'22
83.207
22,830
12 mos ending Sept 30 '23 1.141,057 *370.330
134,044
236.286 published. The latest index will be found in the issue of
'22
989,361 *235.815
120,720
115,095 Oot. 27. The next will appear in that of Nov. 24.
Commonwealth
Sept '23 3,086.465
985.614
759.894
225,720
Pow, fly & Light
'22 2,748,248
836,103
758,234
77.869
12 mos ending Sept 30 '23 36,538.350 12.140.330 9,093,872
New York New Haven & Hartford RR.
3,046,458
'22 32,415.275 10.966,483 8,906,120 2,060.363
Cumberland Co
(Results for 3 Months ended Sept. 30 1923.)
Sept '23
307,608
121,751
61.540
60,211
Power & Light
'22
292,733
135,984
60.804
INCOME ACCOUNT FOR THREE MONTHS ENDED SEPT. 30.
75,180
12 mos ending Sept 30 '23 3,724,501 1,504.958
749.896
755,062
'22 3,412.881 1,447,985
1923.
1922.
1921.
709,105
738.880 Total railway operating revenues.
.$.i4.532,808 $32.096.738 $30,520,655.
Federal Light
Sept' 23
432.408
156,917
69,811
87,106 Total railway operating expenses..--. 27.087.918 26,462,088 26.329,378
SE Traction Co
'22
404,335
141,655
57.941
83.714
mos ending Sept 30 '23 4.045,647 1.502,489
602.294
Net from railway operations
900,195
$7,444.890 $5.634,650 $4.191.277
'22 3,726,845 1,254.745
501.112
753.633 Railway tax accruals
1.297.494
1.129.572 1,172.352
Fort Worth Power Sept '23
263,260 *112,183
Uncollectible railway revenues
18,365
5.692
93,818
4.904
5.381
& Light
'22
223,327 *113,410
19.243
94.167
12 mos ending Sept 30 '23 2,917,461 *1.344,072
Total operating income
226.989 1,117,083
56.141.703 $4,500.174 $3.013,544
'22 2,480.444 *1,311,565
214.866 1.096.699 Non-operating income
1.670,702 1,706.489 3.004.698
General Gas &
Sept '23 1,306,741
322,736
Electric Corp
Gross income
'22 1,140,830
246,969
S7.812,405 86,206.663 86,018.242
12 mos ending Sept 30 '23 15,554.655 *4.449,908 2.823,822
Deductions
7,452,463 7.617,804 7,027,950
1,626,086
'22
Net profit
$359.9421oss1,411.141loss1.009.708
Huntington Dev & Sept '23
102.984
37,399
20.327
17.072
Gas Co
'22
91,480
36,049
20,136
COMPARATIVE BALANCE SHEET.
15,913
12 mos ending Sept 30 '23 1,313,396
500,667
244,061
256,606
Sept. 30'23. Dec. 31 '22.
'22 1.156.847
473,879
235,877
Sept. 30'23. Dee.31 '22*
238,002
Assets—
$
Idaho Power Co
Sept '23
240,712 *127,913
63,382
64,531 Road & equip.. _282,351,548 280,620,289 Capital stock__ _157,117,900 157,117,900
'22
270,389 *164,566
54,787
105,779 Impts. on leased
12 mos ending Sept 30 '23 2,502,593 *1,370,095
Premium on MI
751,461
618,634
11,371,675 11,120,585 ital stock. _ _ - 19,282,887 19,282,887
property
'22 2,403,953 *1,395,015
702.279
692.736 Sinking funds
62.800
75,851 Grants in aid of
Kansas Gas &
Sept '23
402,937 *124,966
92,776
32.190 Misc.phys.prop. 1,790,381 2.077,545 construction _
135,844
135,844
Electric
'22
365,068 *100.342
65.479
34,863 Inv.In MM.cos_163,118,995 162,284,752 Funded debt.--306,359,853 303.919,551
12 mos ending Sept 30'23 5,475,222 *1,843,893
925.963
917.930 Other investm'ts 40,798.033 42,157,286 Open accounts- 672,489
805,851
'22 4,979,055 *1,654,781
769,367
8,261,589 8,474.551 Traf.& car serv.
Cash
885.414
Market Street By
Oct '23
874,685 *248,655
60,284
bal. payable.. 10,907,774 11,785,556
188.371 Special deposits. 2.246,726 1,610,136
'22
847,067 *212.417
251,351
62.294
254,176 Acc'ts & wages
150,123 L'ns & bills rec.
10 mos end Oct 31 '23 8.139.027 *2,006,961
612,017 1,394,944 Test. & car serv.
payable
6,226,015 5,118,410
'22
bal. receivable
1,229.112 Misc. acc'ts pay.
18,854
58.000 •
Metropolitan
Sept '23
Rec. from agts.
642,826
Int. matured-- - 1,547,449 1,280,615
191,676
Edison Co
582,386
& conductors_
'22
262.183 Fd. d't matured
573.441
127,610
8,345
36,083
Misc.!wets rec.. 1,822,130 1,999.914 Int.accrued. -- 3,400,565 3,548,999
12 mos ending Sept 30'23 7,641,876 *2,645,125 1,266.250
'22 6,429,100 *2,290,603 1,267.894 1,378,875 Mat'l dr supplies 13,532,469 12,133,250 Rents accrued
960,140
471,539
1,022,709
968,377
& dive. rec..
680,039 0th. curr. liab_ _
Municipal Service Sept '23
4,452
356.537
139.926
6,219
36.862
253.997
103,064 Rents receivable
116,286 Def'd liabilities_ 9,676,354 43,186.580
Co
'22
350,983
125,553
38.358
87,195 Other cur. assets x5,749,768
1.461 UnadJ. credits... 43,731,080 42,335,330
12 mos ending Sept 30 '23 4,854.911 1,817,195
478.878 1.338,317 Deferred assets_
994,944 31,349,259
'22 3,035.793 1,094,224
204.241
1,567,577 7.308,812
889,983 Unadj. debits
Nebraska Power
Sept '23
311,014 *137.268
54.857
82,411 Corporate def... 24,425,275 25,313,677
'22
Co
293,770
*95.191
54,409
40,782
12 mos ending Sept 30'23 '3,761,130 *1,675,016
Total
652,700 1,022,316
580,050,001 589,085,184 Total
560.050,001 589,085,164
'22 3,324,243 *1,310.416
611.803
698.613
New England Co Sept '23
604,863
x $5.704,989 due from U.)3. Govt. in final settlement Federal guaranty.
169,545
87.521
82,024
Power System
'22
477,732
167.427
85,588
81.839 —V. 117. p. 2110, 1992.
12 mos ending Sept 30'23 7.278,599 2,153,312 1,021,507
1,131,805
'22 5.596.282 1,611.728
919.747
691,981
New York Chicago & St. Louis Railroad.
New Jersey Power Sept '3
86.206
19.050
'22
& Light
63.558
17,251
(Financial Statement Nine Months Ended Sept. 30 1923.)
12 mos ending Sept 30 '23
929,829 *264.336
116,714
147,622
'22
640,305 *191,818
100,442
The following is taken from the official statement made
91,376
Newp N & Hamp Sept '23
182.826
54,896
20,850
34,046 to the New York Stock Exchange in connection with the
fly, Gas & El Co
'22
184,420
63,413
21,277
42,136 company's application to
12 mos end Sept 30 '23 2,128,626
608,477
list $28,420,000 6% Pref. stock
246,045
362.432
'22 2.089,494
625,247
316,579
308,668 and $32,064,000 Common stock:
2210
[VoL. 117.
THE CHRONICLE
CONSOLIDATED INCOME ACCOUNTS OF CONSTITUENT CO'S IN
THE CONSOL. N. Y. CHICAGO et ST. LOUIS RAILROAD CO.
-Calendar Years- 9 Mos. End.
Sept. 30'23.
1922.
1921.
$45.596,128 550,948,425 $43,301,328
Railway operating revenues
34,846,189 37,670,530 30,606,931
Railway operating expenses
1,100,951
1,320,137
Equipment retirements & depredation 1,224,201
536.070,390 539,060.667 531.707.881
Total expenses
Net revenue from railway operations_ 9,525,738 11,887,758 11,593,446
2,377.498
2.604.454
2.520,516
Railway tax accruals
4.897
5,891
3,451
Uncollectible railway revenue
Railway operating income
Equipment rents (net)
Joint facility rents (net)
$7,001,771 $9.277,413 $9,211,052
1,035,950
815,956
483.566
129,526
87,612
202.342
Net railway operating income
Non-operating income
$6,315,863 $8.373,845 $8,045,576
1,041.073
564.757
769.455
Gross income
Deductions
$7.085,319 88,938.602 $9.086,649
.964,601
2
3,598.639
3,361,261
$3,724,058 $5,339.963 $6,122.048
Net income
$98,226
$98,891
Income applied to skg.& oth. res.fds2,721.837
1,499.365
1,499.365
Dividend appropriations
Income bal. transf. to profit & loss_ 82,125,802 $3,742,372 53.400,211
$11,671.257 $12.114,477 $17,421,747
Previous balance
487.131
20,340
34,798
Profit on road & equipment sold_dr.6.933
18,506
33.801
Unrefundable overcharges
4,600
20,442
Donations6,973
2,211,854 16,500,492
188,798
Miscellaneous credits
$14,061,429 $18,127.992 $37,807,248
Total surplus
798.111
31.774,360
Dividend appropriations
4,600
$20,442
7,248
Burp.approp.for inv. in phys. prop
221,205
85.692
244
Debt disc. exting. through surplus
111,951
141,767
138,766
Loss on retired road & equipment
119,709
458,314
26,335
Miscellaneous debits
Profit and loss balance
$12,114.477 517.421,747 $36,551,672
CONSOLIDATED BALANCE SHEET SEPT. 30 1923.
Liabilities.
Assets.
$45,491,300
Invest.in road & equipment.$177.618,905 Common stock
32,002.900
73,771 Cum. Pref. Ser. "A" stock
Impts, on leased ry. property
211,911 Ownership etfs., frac. of abs.:
Sinking funds
5,900
342,749
Common
Dep.in lieu of mtg. prop.sold
8,700
Cure. Pref. Series "A"Miscell. physical property.-- 1,066,716
companies:
Stock liability for conversion:
Invest. in Mill.
750,700
7,886,413
Common stock
Stocks
708.400
466,601
Cum. Pref. Series"A"Bonds.
13,232,000
93,800 Equipment obligations
Advances
71,528,000
222,062 Mortgage bonds
Other investments
5,982,063 Receiver's Ws. of indebtedCash
692,000
783.397
ness, Series "A," 1921....
Time drafts and deposits.4,329,579
3,158,980 Loans & bills Payable
Special deposits
120,749
bal. pay...
190,608 Trait. & car serv.
Loans and bills receivable...
721,340 And. accts. & wages payable 4,635,397
Net bal. rec. fr. agts.& cond1,180,568
1.238,888 Miscell. accts. payable
Miscellaneous accts. receiv604,043
5,475,841 Interest matured unpaid.-Material and supplies
825,308
159.204 Dividends matured unpaid.Int. & divs. receivable
accrued. 1.013,521
18,482 Unmatured interest
Rents receivable
424,000
390,190 Other current liabilities
Other current assets
10,707,750
9,787,524 Deferred liabilities
Deferred assets
2,938,519
29,512,305 Tax liability
Unadjusted debits
Other unadjusted credits.- 10,476,468
thr. Inc.&sur. 5,698.482
Addlis to prop.
Fund. dt. ret. thr. inc.&sur. 1,379,815
93,800
Miscell.fund reserves
36,551,672
Profit & loss balance
of its average crop but was obliged to suspend operations for lack of cane
after having manufactured 40,081 bags of sugar as against 88,334 bags
the year preceding.
Cane fields destroyed by the drought have been replanted and the usual
factory repairs for the coming grinding season are being effected. The
plant and equipment being in good condition, no disbursements for betterments or improvements are contemplated for the ensuing year.
INCOME ACCOUNT FOR YEARS ENDING JULY 31.
1919-20.
1920-21.
1921-22.
1922-23.
-Sugar (bags)-56.750
Output
59,960
88,334
40,081
CO
455,268
Molasses (gals.)
(7)
(7)
$702,026 $1,640,688
Gross revenue
$695,988
$617,795
1,299,510
1,132,184
670,201
Operating expenses
532,864
63.236
103,332
Interest & current debt172,181
138,074
104,481
74,466
166,929
Depreciation
119,588
9,684
Taxes
Preferred dividends_
(1,)14,875 (7%)59,500
96.250
26,250
Common dividends
sur$8,026
5649.080
Balance,deficit
$313,323
$172,731
$430,709 sur$264,202
Profit and loss deficit_ _ _ $1,032,929
$873,408
GENERAL BALANCE SHEET JULY 31.
'
1922
1923.
1923.
1922.
LiabilitiesAssets$2,377,439 $2,377,439 7% cum. pref.stka$1,000.000 51,000.000
Plantation
Common stock__ _y1,750,000 1,750.000
Equip.,mfg. plant,
500,000
bidgs., RR.,&a_ 1,360,653 1,361.585 let 36.6% S.F. bds b500,000
115,500
38,597
38,580 1st ref. M.
Work animals.-8% red. 115,500
Notes payable:
Inv. in other Cos.
669,938
4,150
4,150
x657,938
Secured
(cost)
Crop loans
120,526
Plant.& grow.cane 128,304
78,000
484,953
452,006
Unsecured
Adv. to Colonos
33,648
17,558
41.382
35.773 Accounts payable.
and contractors.
63,783 Accrued interest &
59,841
Marls & supplies_
58,963
wages
120,357
Sugar & molasses
1,504
10,684 Reserve for continon hand
50,000
29,119
31,251
gencies
50,000
Accts.& notes rec.
15,565 Reserve for depre12,124
Cash
307,514
elation
381.393
11,446
Pref. treas, stock- 111,446
26.324
25.264
Deferred charges__
Tot.(each side)_$5.122,751 54,970.516
873,408
Profit and loss.-- .1.032,929
fund rea Preferred dividends in arrears since Nov. 11920.1 b Sinking1922 of a
quirement providing for deposit with trustee on Nov. 1921 and
minimum annual amount of 525,000 has not been fulfilled. x 1,29734
shares pledged as part security for $648,937 notes payable. y Common
stock. 105.000 shares of no par or nominal value. z Secured notes payable
(1) $648,938, secured by $734.500 1st Ref. Mtge. 8% Gold bonds and
1.29774 shares of Preferred stock. (2) $9,000 secured by equipment
-V. 117. p. 2119.
lease on $47,996 RR.rolling stock.
Indian Refining Co., Inc.
(Semi-Annual Report-Six Mos. Ended June 30 1923.)
President Theodore L. Pomeroy, Nov. 9 1923, reports
in substance:
Company, through its subsidiary, the Indian Pipe Line Corp., is extending its Kentucky pipe line from Owensboro south to the oil fields in Warren
County, near Bowling Green: this new line is expected to be in operation
before the end of the year, and will effect a substantial saving over shipping
by tank cars. The cost of this extension has been financed by an issue of
$500.000 1st Mtge. notes covering the present pipe line and the extension
now under construction, maturing in Aug. 1924 and Feb. and Aug. 1925.
Earnings are expected to be sufficient to retire the bonds as they mature.
Eight cracking units, in addition to the one previously installed, are
nearing completion and we expect to have them in operation within a short
time. These, with other important improvements and betterments at
your refineries now in progress, will materially improve the operations at
the plants and bring them to a much higher state of efficiency.
Following our policy of developing our own marketing organization by
establishing sufficient bulk depots and filling stations to take care of your
refineries' output of gasoline and lubricating oil (which will be very mater8245,399,649 ially increased by the cracking units now nearing completion), company has
Total
$245,399,549
Total
recently considerably increased the number of its drive-in filling stations.
-V..17, p.2110. 1992.
It has also added to its installation of gasoline pumps and lubricating dispensing equipment. These installations should give company permanent
Central Steel Company.
control of its markets, in addition to effecting economies in marketing cost,
(Statement to the New York Stock Exchange.)
In accomplishing this company is confining its activities to territory
the refinery is most satisfactory. The benefits to
where the
The statement regarding the company and its subsidiaries, be derived net back to additions to marketing equipment should be most
from these
the New York Stock Exchange in connection with apparent during the coming spring, though we are entering the winter with
made to
stations.
previous year
the recent listing of $4,875,000 1st Mtge. 20-Year 8% substantial increase over any it was decided in sales through
to move the general offices of
After careful consideration
Fund gold coupon bonds, will be found under the company, with the exception of the executive office and Secretary, to
Sinking
at Lawrenceville. This move will be completeted
the
"Reports and Documents" on subsequent pages of this and refineryresult in a considerable saving and greater efficiency.by Jan. 1
should
issue. The comparative income account for the 6 months
The improvements, extensions and betterments referred to, with the
exception
ended June 30 1923 and comparative balance sheet were financing.of the new pipe line, have been made without resorting to new
given in V. 117, P. 1890.
Conditions in the oil industry are too well known generally to require any
extended comment at this time. It is expected that conditions may become
Fisk Rubber Company.
more stabilized during the coming year.
CONSOLIDATED INCOME ACCOUNT FOR 6 MOS. END. JUNE 30
(Report for Nine Months ended Sept. 30 1923.)
1921.
1922.
1923.
INCOME ACCOUNT FOR STATED PERIODS.
$683.983 loss 337,461 1°3881569108
Net profit
535,902
737.622
760.788
9 Mos. end. Year ended Depreciation and depletion
153.559
120,735
97,961
Sept. 30'23. Dec. 31 '22. Interest paid
Period$41,826,601 545,462.441
Gross sales, less returns and allowances
$174,765 loss$895.81810ss$2258570
Net income
sales, incl. deprec., sell. at admin. exp.._ 38.084,778 42,304,979
Cost of
1,422,931 sur2,592,354
2,071.464
Previous consolidated deficit
$3,741,823 $3,157,463
• Net operating profit
$2.246.229 $2.318,749 sur$333.784
5989.279 $1,163,800
Total deficit
Interest paid (net)
90,088
116,832 Preferred dividends
83,097
Amortization of discount, &c
9,720
16,759 7% cum. pref. illy. of Cent. Ref.Co
33,276
Prems:& comma. on bonds pur. for retirement _
33,493
Stamp tax assessment for issue of Common stock
$2.255,949 $2,318,749 sur$243,696
Cr.45,004
Consolidated deficit June 30
Other income
250,000
500,000
Approp. for res. for Fed. taxes & other conting__ _
BALANCE STIEET JUNE 30.
1922.
1923.
1922.
1923.
$2.102,678 $1,655,076
Balance. surplus
$
8
LiabilitiesASS113--$
1,873,418
3,528,494
Previous surplus
493,541 Cum.7% pref.stk. 2,296,400 2.296,400
Cash
247.682
_b7,851.800
$3.528,494 Acc'ts receivable 2,223,656 1,950,690 Common stock_ -b7,851,800 7,851,800
$5,631,172
Profit & loss surplus
Cent. Ref. Co.stk.
Adv.to sta'n agta.,
COMPARATIVE BALANCE SHEET.
held by others:
198,322
salesmen, &c..._ 180,028
Sept. 3023 Dec.31'22 Invent.(at cost)._ 4,990.802
7% cum. pref.
619,911
Sept. 3023 Dec. 31'22
$
277,550
$
Liabilities
(Par 950)...... 277,550
8
AssetsInv. In & adv. to
3,000
Common
Loans payable_ _ 3,185,000 5,135,000
Ld.,bidgs., mach'i
Other co's
270,718 3,921,152
Accounts payable_ 1,898,978 1,321,897
& equip. deprec.17,740,582 17,615,237 Accounts payable_ 2,108,700 1,761,579 011 prop.,pipe lines
253.333
60.000
1 Accr. bond Interest
Bank loans
3,150,000 3,315,356
1
Goodwill
storage tanks,
215,739
184,691
14,244,817 13,520,791 lst M. 20-Yr. 8%
Inventories
refinery, &a...213,823,306 13,880,085 Notes payable
930,524
S.F. Gold bonds 9.000,000 9,500,000 Def. & snap, items 139,324
166,244 Res. for taxes,ft_ 930,524
Accts. & notes rec.
(less reserve)_ _ - 7,835,536 9.082,097 Res.for insur. liab.
Ras. oil depl., &c_ 3,384,638 3,190,524
Fin. exp. of new is120.000
120,000
2,255,949 2,318,749
3,499,635 2,495,733
assumed by ( o_
705,917 Deficit
Cash
sue of corn,stock 705,967
369.089
Investments
3,956,540 3,928,216 Res. for conting- 1,224,100
Capital surplus_ __c4,851,800 4,851.800
7% cum. 1st pref.
Liberty bonds held
18,951.500 18,951,500
22,570,431 21,935.841
Total
stock
153,017
in trust
22,570,431 21,935,841
Total
15.000
15,000
49,355 Management stock
Treasury stock.
a After deducting 86.634,487 reserve for depreciation. b Authorized.
1,758,773 1,564,711 7% cum. 2d pref.
value, issued. $785,180 shares: of the unissued
Deferred charges
1,000,000 shares of $10 par
1,113,300 2,120,700 common stock, 114,820 shares are held for the conversion of 22,961 shares
stock
Common stock- 7,508,845 8.501,445 of pref. stock outstanding. c Being premium on issue of 485,180 shares of
4
.
Cap. liab.-cash
common stock, including prof. stock converted.
71,335
on subscr.stock_
Note.
-In addition to the above assets there is an item of "insurance
5,631172 3,528,494 fund assets in hands of trustees, $50,687, offset by a reserve of $50,687."
Tot.(each side).48.988,952 48.256,139 Surplus -V. 117, p. 1560, 786.
-V. 117. p. 1894.
Santa Cecilia Sugar Corp.
(Annual Report-Fiscal Year ended July 31 1923.)
Pres. C. B. Goodrich, New York, Nov. 1 wrote in b rief
The extreme drought which prevailed throughout the eastern portion
Guantanamo
of Cuba during the year. was particularly severe in the normal crop
Valley, which produced approximately only one-third of its
of sugar as compared with 856.929 bag5
its output being 286.608 bags
about one-hal
the previous year. The Santa Cecilia mill was able to make
Barnhart Brothers & Spindler, Chicago.
(Report for Year ended Aug. 311923.)
INCOME ACCOUNT YEARS ENDED AUG. 31.
1920-21.
1921-22.
1922-23.
$235,339
5237.312
$252,440
Net profits, after taxes- 140,000
140,000
140,000
Fret diva. (7%)
1919-20.
$254,738
140,00C
595,339
$114.735
Balance, surplus
$112,440
597.312
Nov.17 1923.]
AssetsPlant & equipment
Cash
Accts. & bills rec.Merchandise, raw
mat'l & supplies.
Stock investment_
Deferred charges- Trade-marks and
good-will
THE CHRONICLE
BALANCE SHEET AUG. 31.
1922.
Lialyttittes-1922.
1923.
1923.
$668,205 $662,078 let Pref. stock_ _ _ _31,250,000 $1,250,000
261,869
270,150 2d Pref. stock____ 750,000
750,000
1,690,519 1,495,542 Common stock... 1,000,000 1,000.000
Bills payable
1,487,500 1,165,000
1,819,857 1,694,904 8% Ser. gold notes. 550,000
600.000
208,599 Accts. payable
232,099
208,916
189,868
57,948 Reserve for taxes.62,562
50,000
30,000
Surplus
536,095
648,535
1,170,789 1,170,789
Total
5.5,905,903 $5,560.011
-V. 117. p. 210.
Total
55,905,903 55,560,011
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
In the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Wage Increases.
-18,000 shop workers of the Chicago Burlington &
Quincy RR. have been granted a wage increase of two cents an hour,
effective Nov. 1. This will add about $1,000.000 to the annual payroll.
"Wall Street Journal" Nov. 13. P. 3.
United States Court Rules Employer Can Insist on Pledge not to Join Union
.A decision by the U. 8. Circuit Court of Appeals Nov. 13 declared void
the California law forbidding employers to exact pledges from employees
not to join labor unions. The opinion was given as result of litigation
by the Brotherhoods of Railway Trairunen and of Locomotive Engineers
vs. Pacific Electric Ry. Co. of Los Angeles. "Times" Nov. 15, p. 21.
-S. C. Commission Permanently Enjoined from Enforcing Order ReI.
quiring the American Express Co. to Reroute at Washington all Shipments
originating in New York or New England for Points on the Main Line of
the Southern Ry.-Order handed down by Federal Judges Bryan, Sibley
and Ervin in Atlanta. "Wall St. Journal" Nov. 12, p. 5.
Port of New York Authority and Railroads Agree on Appointing a Director
-Decisions regarded as long step forward in
of Operations for Bell Line.
comprehensive plan for the port. N. Y. Times" Nov. 16, p. 30.
-The following is authorized by the Car
Car Surplus ana Shortage.
Service Division of the American Railway Association:
Surplus freight cars in good repair and inunedlately available for service
If necessary, totaled 24,477 cars on Oct. 31. an increase of 582 cars since
Oct. 22, while the reported car shortage on the last day of the month
was 12.336 which was a decrease, however. of 1,319 within the same period.
Of the total number of surplus freight cars, 15,116 were box cars, a
decrease of 856 within approximately a week, while surplus coal cars In
good repair number 7,205, which was an increase of 1,534 within the same
period.
Surplus stock cars in good repairs totaled 1,245, compared with 862 on
Oct. 22, or an increase clot 383, while there also was a decrease of 122 in the
number of surplus refrigerator cars, which brought the total for that class
of equipment to 221.
Reports showed the shortage in box cars on Oct. 31 to have been 3,943,
a decrease of 374 since Oct. 22, while there also was a decrease of 182
in the reported shortage in coal cars, the total shortage for that class of
equipment being 3,068. Shortgage in stock cars totaled 2.421. a decrease
of 684 within approximately a week, while the shortage in refrigerator
cars amounted to 2,333, or an increase of 113 since the same previous date.
Matters Covered in "Chronicle" Nov. 10.-(a) Railroad gross and net
earnings for September, p. 2040-2043. (b) New plans of railroads for
continuing efforts to increase transportation facilities-expenditures for
1923 over three billion dollars, p. 2062. (c) New records in transportation
service set by railroads the current year, p. 2063. (d) Railroads in
September earned at rate of 4.46% on their valuations, p. 2063. (e) 100,000,000 life insurance policy for Southern Pacific employees, p. 2063.
(f) E. M. Herr of Westinghouse Electric & Mfg. Co. says transportation
situation in United States has become menacing, p. 2064. (g) James
R. Howard of National Transportation Institute on mechanical progress
of railroads, p. 2064. (h) Other rates go up i wheat rate is cut, p. 2064.
(I) I.
-S. C. Commission denies request of American Mining Congress
for investigation of rates on all basic commodities. p. 2065.
2211
equipment, has been certified to be in excess of $9.302,500, making an
equity in this trust of 42% or a margin of over 72% in excess of the total
par value of the certificates to be issued.
The equipment now operated by the receivers of the Chicago & Alton
RR. Co. and leased from the Union Pacific Equipment Association is to be
purchased and included under this trust. This minipment includes the
following units. 20 Mikado freight engines, 10 Pacific passenger engines.
10 switch engines, 2 steel diaipg cars, 3 steel postal cars. 99 steel underframe flat cars, 100,000 lbs. capacity. 500 steel underframe and superstructure stock cars, 50.000 lbs. capacity, 972 steel underframe box cars,
100.000 lbs. capacity,997 steel drop bottom gondolas. 100,000 lbs. capacity.
The following new all steel passenger equipment for two "Alton Limited"
trains a ill be included consisting of: 2 mail cars, 2 combination baggage
and smoking cars, 4 passenger coaches, 2 dining cars, 6 parlor cars, 2
combination observation and lounge cars.
Also the following freight equipment: 250 now steel underframe gondola
cars (composite four doors, capacity 100,000 lbs.). 250 new steel underframe grain and automobile box cars, capacity 80,000 lbs., 350 new steel
centre sill gondola cars (80,000 lbs., capacity, rebult trucks).
The purchase of the new equipment, together with the taking title to
the Union Pacific Association equipment will enable the company to
eliminate very heavy charges now existing for the hire of equipment which
It is expected will be favorably reflected in the earnings of the road.
EarnIngs.-Earnings of the company continue to be very favorable.
Gross earnings for the nine months ending Sept. 30 1923 were 525,131.489.
After meeting all operating and maintenaace costs, including taxes, Joint
facility charges, car balances and rentals (including rentals paid to the
Union Pacific Equipment Association for part of the equipment included
under this trust) the net earnings for the same period available for fixed
charges were $4,232,325.-V. 117. p. 2108. 1883.
Chicago & North Western Ry.-Bonds Sold.
-Kuhn,
Loeb & Co. and the National City
ew York, have
sold at 9334 and int, to yield about
Co.,i.35%, $15,250,000
1st & Ref. Mtge. 5% Gold bonds of 1920, due May 1 2037,
not subject to redemption before maturity (see advtg. pages).
Int. payable J. & D. Denom. c*&011,000. Legal investment for
savings banks under the laws of New York, Massachusetts, New Jersey
and Connecticut.
Issuance.
-Subject to the approval of the I.
-S. C. Commission.
Listing.
-Application will be made in due course to list bonds on the
New York Stock Exchange.
Data from Letter of Pres. W. H. Findlay, New York, Nov. 13.
Company.
-Serves the important territory between the Great Lakes
and the Missouri River Valley, and westerly thereof Its lines extend into
the States of South Dakota. Nebraska and Wyoming. The lines of the
company connect such important centres as Chicago, Ill.: Milwaukee and
Madison, Wis.: Des Moines. Sioux City and Council Bluffs, Iowa: Omaha
and Lincoln. Neb.. and Pierre. So. Dame. At Council Bluffs company's
lines connect with those of the Union Pacific system, thus forming an
Important link in a through passenger route as far as the Pacific Coast.
-Company has outstanding $22.395.120 Pref. stock and $145.Stock.
156,453 Common stock. Regular dividends have been paid on both the
Pref. and Common stock since 1878, the rate paid at present being 7%
per annum on the Pref. and 5% pre annum on the Common stock.
Earnings.
-For the calendar year 1922 the income of the company
applicable to the payment of rentals and interest on funded debt amounted
to 520,952.664. while the rental payments, interest on funded debt and
other deductions for that year (other than Federal income taxes and
dividends) amounted to 511.448.173. For the first nine months of the
present fiscal year (1923) income applicable to the payment of rentals
and interest on funded debt amounted to $14.217.601, while the total
accruals for rental payments. interest on funded debt and other deductions
(other than. Federal income taxes and dividends) for the same period
amounted to $8,591.097.
-To reimburse the treasury for expenditures heretofore made
Purpose.
for additions betterments and improvements to the property subject
to the line of the 1st Jr Ref. Gold Bond Mtge., and to purchase, retire
and pay $1,440,000 Boyer Valley Ry. 1st Mtge bonds maturing Dec. 1
-The total amount of bonds which
1s.
t
1923 & Ref. Mtge. 5% Gold Bonds.
may at any one time be outstanding under this mortgage is limited to an
amount which, together with all outstanding prior debt of the company,
as defined in the mortgage, after deducting therefrom the amount of all
bonds reserved to refund prior debt at or before maturity, shall never
exceed three times the par value of the then outstanding capital stock.
In addition to these $15.250,000 bonds, $15,000,000 of 6% bonds secured
by this mortgage have been issued and pledged as part security for the
$15.000,000 10-Year 7% Secured Gold bonds maturing June 1 1930. and
$416.000 and $27,000 of such bonds bearing interest at the rate of 6% and
Akron & Barberton Belt RR.
-Tenders.
5% respectively, remain in the treasury unpledged.
The U. S. Mortgage & Trust Co., 55 Cedar St., N. Y. City, will until
-Secured by a lien on all the company's lines of railway owned
Security.
Dec. 1 receive bids for the sale to it of let Mtge. 4% Gold bonds dated at the date of the mortgage and their equipment and appurtenances, inJune 2 1902, to an amount sufficient to absorb $28,368, at a price not cluding the terminals in Chicago, Milwaukee and substantially all of the
exceeding 105 and interest.
-V. 105. p. 71.
other cities which it serves, together with all other property thereafter
acquired by the use of bonds secured by the 1st & Ref. mortgage.
Arkansas Short Line.
-Petition Denied.
Company's lines of railroad aggregate 8.387 miles first main track (of
The public convenience and necessity not shown to require the con- which 923 miles are double tracked, 104 miles three tracked, and 95 miles
struction and operation by the Arkansas Short Line of a line of railroad four tracked), on 788.97 miles of which the 1st & Ref. mortgage will be
in Poinsett and Cross counties, Ark., the I.
-S. C. Commission on Nov. 7 a first lien (after retirement of the Boyer Valley Ry. 1st Mtge. bonds).
denied the company's application for authority to construct a line ofrailroad while on the remaining mileage, equipment, &c., it is or will be subject.
extending from a connection with a logging road at McCormick, about in so far as such bonds have liens on the several parts thereof, to 5222.nine miles south of Truman, Poinsett County, in a general southerly 152.000 prior bonds (Including 58,355,000 Gen. Mtge. bonds which may
direction to a connection with the Missouri Pacific RR. at McDonald. still be issued for other than refunding purposes), for the refunding of
Cross County, Ark.
which a like face amount of 1st & Ref. Mtge. bonds are reserved. The
not to renew or extend any
Atlantic Coast Line RR.
-Brunswick & Western Interest. company covenantsfor which Gen. Mtge. bondsof the prior bonds. be reThe prior bonds
are reserved may
Interest of 5% for the year ending Dec. 31 1023 has been declared on the funded by the use of either Gen. Mtge. bonds or 1st & Ref. Mtge. bends.
Income bonds of the Brunswick & Western RR.. payable on or after Jan. 2 Company's 37.769,000 5% Debentures of 1933, included in the above1924, upon presentation of bonds at the office of the Safe Deposit & Trust mentioned prior bonds, are entitled to share to the extent required by
Co. of Baltimore. Md.-V. 117, p. 322.
their terms, in the security of the general mortgage, and the 1st & Ref.
mortgage.
-Orders 1,000 Cars.
Baltimore & Ohio RR.
The entire funded debt, other than Equipment Trust certificates, outThe company announced Nov.9 that it has placed orders for 500 all-steel standing in the hands of the public after the issuance of these 515.250.000
hopper cars and 500 steel underframe box cars with the Pressed Steel Car 1st & Ref. Mtge. bonds will amount to $236,850,000. equal to only 528.238
Co., McKees Rocks, Pa., and the American Car & Foundry Co., Berwick, per mile of road of first main track.
-V.117. p. 1883. 1555.
Pa., raspectively.-V. 117. p. 1555.
Canadian Pacific Ry.-Usual Dividend.
The directors have declared a dividend of 214% on the Common stock,
for the quarter ended Sept. 30 last, from revenue and special income, payable on Dec. 31 to holders of record Nov. 30.-V. 117. p. 1991, 1460.
Charleston (W. Va.) Interurban RR.
-To Inc. Capital.
The stockholders will vote Nov. 27 on increasing the authorized capital
stock from $1,500,000 (all Common) to $3,000,000, _par $100, by creating
an issue of $1,500.000 Preferred stock.
-V. 117. P. 893.
Chicago & Alton RR.
-Equip. Trusts Offered.
-Freeman
& Co., New York Trust Co., Hayden, Stone & Co., and
Ladenburg, Thalmann & Co., are offering at prices to yield
6.10%, $5,400,000 6% Equip. Trust Gold certificates,
Series "A." Issued under the Phila. plan (see advtg. pages).
Dated Nov. 15 1923. Payable semi-annually, in
serial installments,
5200,000 each, May 15 1924 to May 15 1937, both incl. Denom. $1,000
,
Bank of North America & Trust Co., Philadelphia, trustee. Both prin,.
and divs, are to be paid without deductions of normal Federal income tax
excess of 2% per annum. Divs. payable M. & S. at the office of
not in
the trustee, or at New York Trust Co., Now York.
Guaranty -Both principal of these Equipment Trust certificates and the
dividends thereon will be unconditionally guaranteed by endorsement by
the receivers of the company, and the receivers will certify that there is
no prior lien or equity superior to that represented by these certificates
on any of the equipment to be pledged under this trust.
-Issuance of certificates has been approved by the U. S.
Issuance.
District Court and this Court order expressly provides that the obligation
of the receivers upon these certificates is to be assumed by any new or
successor company.
Security.-Cortifientes are to be issued in part payment for the standard
railway equipment listed below. The total value of the equipment to be
In^luded in this trust, based on current prices and the cost of the new
-Dividend Suit.
Chicago Railways.
-
The company. which operates surface lines on the north and west sides
of Chicago, has opened its case in the Federal courts to dismiss a bill of
equity filed by a protective committee of holders of the Series 1 Participation
certificates, which required the company to show cause why $1.478.400
in cumulated dividends have not been paid. Counsel for the company
claimed that there was no money to pay dividends, the earnings having
been used for capital expenditures. Attorney for the Participation holders
asserted that bonds should have been issued to provide for capital expenditures and that the certificate holders had a prior claim on the earnings.
Dividends on the 30.800 Series 1 Participation certificates, which are
cumulative at $8 annually, have been in arrears since 1917. The 124,300 ,
Series 2 Participation certificates and 60,000 Series 3 certificates are also
entitled to cumulative dividends at rate of $8. The 50.000 Series 4 certificates are entitled to any remaining profits. No dividends have ever
been paid on the Series 3 certificates and none on the Series 2 since Feb.
1 1917.-V. 117. p. 1883.
Chicago & Western Indiana RR.
-Bonds Called.
-
Sixty-one ($61,000) Gen. Mtge. 6% Gold bonds, dated Dec. 1 1882.
(numbers ranging between 3332 and 14242) have been ailed for payment
De . 1 at 105 and int. at the office of J. P. Morgan & Co. New York.
The following are the numbers of bonds previously drawn for redemption
but not yet presented for payment: 3504. 4206, 8996, 8214, 12251.
12253. 4206. 5880, and 8194.-V. 117, p. 552.
Delaware 8c Hudson Co.
-Purchase $500,000 Greenwich
& Johnsonville Ry. Bonds.
-V. 117, p. 1347.
See Greenwich-Johnsonville Ry. below.
Eastern Massachusetts Street Ry.-Dividend of 23'2%
Declared on the Adjustment Stnck.-
The trustees have declared a dividend of 234% on the 5% Adjustment
stock, payable Dec. 1 to holders of record Nov. 15. An initial dividend of
-V. 117. p. 2109, 1682
234% was paid on this issue on May 15 last.
[Vol-. 117.
THE CHRONICLE
2212
"The railroad of the Ironton Co. extends from IIokendauqua to Singersvile, with branches to Copley and Ironton, a total distance of 12.06
miles, all in Pennsylvania. It also owns 5.26 miles of side tracks. It
connects and interchanges freight with the Lehigh company at Coplay.
Hosendauqua and Catasauqua, and with the Catasauqua & Fogelsville
Georgia & Florida Ry.-Earnings.RR., a part of the Philadelphia & Reading system, at Catasauqua. It
An official statement, dated Nov. 1 1923, affords the following:
also has a track connection with the Central RR. of New Jersey by means
Earnings, Expenses, Net Operating Revenue and Net Income.
of a bridge over the Lehigh River at Catasauqua. The Ironton company
and the Lehigh company both have tracks between Catasauqua and
1923.
1921.
1922.
1920.
1919.
of about six miles. The
Month of September. Under Preced'g Mots. -Under Present Administration- Copley, a distance Ironton company being a lines are not competing,
feeder or switching line.
404
404 the railroad of the
404
404
404
Mileage
Foglesville
Operating revenues
5114.048 $157.558 $123,640 $112,410 $150.782 All of the capital stock of the Catasauqua &the ReadingRR. Co.. conCo., excepting
85,722 116,044 sisting of 17.076 shares (par $25) is owned by
144,046 167,065 111,379
Operating expenses
26,688
34,738 75 shares.
12.261
Net revenue
def29,998 def9,507
"All of the capital stock of the Ironton company is owned or controlled
18.076
20,271
def238
Net income before int_def24,863 def25.532
by the Thomas Iron Co., and the capital stock of the latter company is
3 Mos. end. Sept. 30.
proposes
312.864 426.329 357,431 317,753 451.202 owned by certain banking interests. Each of the applicants$700,000.
Operating revenues
Operating expenses...... 408,327 674,396 343,713 262,746 341.880 to purchase 50% of the capital stock of the Ironton company for which is
)' This is equivalent to a price of $87 50 a share, the par value of
750
827
1587
967
135%
Ratio exp. to earns_
current
55,007 109.322 $50. Both applicants propose to finance tho acquisition from for that
13,718
Net revenue
def95,463def248.067
22,348
64,493 funds and do not contempt to the issue of additional securities the line,
Net Inc. before int_
def77,012def283,603 def27,345
consideration is based upon the earning power of
Net Income purpose. The
Net Rev,
Total
Gross
although it is claimed that the road probably could not be reproduced
Before
.
Operating After Oper.
For 12 Mos.Periods- Operating
for the amount at which it is carried in the investment in road and equipInterest.
Expenses.
Expenses.
(Under Preced. Mots.) Revenue.
-V.104, 9.952.
Year ended June 30 1920 $1,308.042 $1,973.030 def$664,988 def$694.406 ment account."
-Merger.
1,979.432 def421,185 def583,584
Year ended June 30 1921 1.558.247
Lehigh-Buffalo Terminal Ry. Corp.
4.491.366 def1.256,617 dell.426.371
2 yrs.,4 mos.end J'ne 30'21 3,234.751
See Lehigh Valley RR. below.
m.)
(Under Present
def6,770
131,542
1,231,837
Year ended June 30 1922 1.363,379
Lehigh Valley RR.-11feroer.-186.018
330,763
1,217.415
Year ended June 30 1923 1.548.178
The Lehigh-Buffalo Terminal Ry. Corp., a subsidiary, has been merged
385,079 . 228,162 with the above company.
1,296.550
Year ended Sept.30 1923 1,681,629
-V. 117. p. 2109.
278,741
620,128
sc2 yrs.4 mos.end.Oct.31'23 3.531,259 2,911.131
-Bonds.
Fort Smith Light & Traction Co.
The Arkansas RR. Commission has authorized the company to issue
-V.117,p. 1347.
$107,000 bonds, the proceeds to be used for extensions, &c.
Joint Control of Ironton KR.
z Month of Oct. 1923, approximated.
Since the present administration took charge in July 1921, the road has
had many difficulties to overcome, viz.: (1) Business depression, which
continued until the autumn 0(1922. (2) The work of regrading and realigning the road between Augusta and St. Clair. 30 miles south, which has
been continuously in progress since Aug. 1921. has also interfered materially
with the operation of trains. This important work, however, has recently
been finished, and on the revised line about three times as many loaded
cars are now being hauled behind one locomotive as was possible before
these changes were made. (3) Another disturbing factor was the 10%
reduction in freight rates which went into effect in July 1922 and seriously
affected the road's earnings, both gross and net.
Notwithstanding these conditions the operating deficit of $421,185,
reported for the 12 months ending June 30 1921. has been converted for
the 12 months ending Sept. 30 1923 into net revenue of $385.079. With
an increase in grass earnings of $123.382 there was a reduction in operating
expenses of $682,882, resulting in an improvement in operating results of
$806,264, as compared with the 12 months ending Juno 30 1921.
For the 2 years and 4 months prior to July 1921. as compared with the
2 years and 4 months since July 1 1021 (Oct. 1923, approximated). gross
earnings have increased $296.008. operating expenses have been reduced
$1,580,235. and the operating deficit of $1,256.617 has been changed to
$620.128 net revenue; the improvement in net operating results amounting
to $1.876,755.
While operating efficiency has been increased and expenses greatly
reduced, there has been at the same time a steady improvement in the
physical condition of the property. The outlook for the road at this time
Ix good. See also V. 117. p. 1662.
-Resumes Pref. Divs.
Georgia Southern & Florida RR.
The directors have declared semi-annual dividends of 255% on the
Non-Cum. 5%, First and Second Preferred stocks, payable Nov. 30 to holders of record Nov. 24. This is the first distribution on these issues since
Nov. 8 1920, when regular semi-annual disbursements of the same amount
were made.
Results for 9 Months Ended Sept. 30 1923 (Actual) and for the 12 Months
Ended Dec. 31 1923 (Estimated).
Year 1923.
9 Mos.
(Actual). (Estimated)
$3.914,855 $5,234.855
Gross operating revenues
3.081,002 4.131.002
Total operating revenues
5833.853 51.103,853
Net revenue from operations
234,996
178,997
Taxes and uncollectib e railway revenue
345,516
276,516
Equipment and joint facility rents
Railway operating income
Other income
$378.340
14.619
$523.340
19,919
Total gross income
Deduction from gross
5392.958
11,285
3543,259
14.265
Total available income
Interest on mortgaged, bonded & secured debt
$381.673
214.185
Greenwich & Johnsonville Ry.-Bonds Authorized.-S. C. Commission on Nov. 6 authorized the company to issue
The I.
$500,000 1st Mtge. Gold bonds. series "A." to be sold at not less than
par and int. The report of the Commission says:
The applicant has outstanding 5500,000 1st Mtge. 49' bonds, which will
mature Jan. 11924. It will be unable to pay these bonds at their maturity
from its current funds, and therefore to provide for the refunding of them,
and for other purposes, proposes to make, as of Dec. 1 1923, a new 1st
Mtge. to the Ti. M. Mtge. & Trust Co., New York, authorizing a total
Issue of $1,000,000 of bonds. The directors have authorized $5100,000 of
series "A" bonds for the purpose of providing funds to retire the maturing
bonds. These bonds will be sold to the Delaware & Hudson Co.. which
controls the applicant through ownership of all of its Capital stock, at par
-V. 116. p. 1760.
and interest.
Indianapolis Union Ry.-Listing--Earnings.-
The New York Stock Exchange has authorized the listing of $4,000,000
Gen. & Ref. Mtge. 5% bonds, Series "B," due Jan. 1 1965. making the
total amount applied for. Series"A" bonds $4,000,000 and Series"B"bonds
84,000,000 (see offering in V. 116. p. 295.)
Income Account for the Six Months ending June 30 1923.
$264,154
Total railway operating revenues
1,101,233
Contributions from tenant companies
$1,365,387
$859,185
139,540
Net profit
Other income
$366,661
48.054
Gross income
Interest, gze
$414,716
339.076
Net income
Amount to credit of income Dec. 31 1922
•
Total surplus
Apportionment of income among proprietary companies
Balance to credit of income June 30 1923
.
-V. 116. 13. 515. 295
$75.640
831,737
$907,377
500.000
5407.377
Iowa Ry. & Light Co.
-Acquisition.
The company has purchased the property of the Springville (Ia.) Electric
-V. 117, p. 1884.
Co. and will make it a part of its system.
-Joint Control Authorized.
Ironton RR.
-S. C. Commission on Nov.8 1923 approved the proposed acquisiThe I.
tion by the Lehigh Valley RR. and the Reading Co. of control of the
Ironton RR, by purchase of the capital stock of that company. The
report of the Commission says in part:
-Earnings 10 Mos.end. Oct. 31'23.
Market Street Ry. Co.
By. oper. rev., $8.139,027; deduct ry. oper. exp., $5,681,327;
$2,457,700
net revenue, railway operations
513,100
Taxes
$1,914.600
Operating income
62,361
Non-operating income
52.0)6,961
Gross income
612,017
Bond interest, &c
x Net income
1
493t.
01s:,
x No provision is included for Federal income tax, sinking$
-V. 117, p. 894.
betterments.
-Dividend No. 2.
Midland Valley RR.
The directors have declared a semi-annual dividend of 234% ($1 21 per
share) on the Preferred stock, payable Dec. 1 to holders of record Nov. 24.
An initial dividend of like amount was paid on the Pref. stock on June 1
last.-V. 116, p. 2256.
-Listing.
Milwaukee Electric Railway & Light Co.
The New York Stock Exchange has authorized the listing of S10,000,000
0,
Ref. & let Mtge. Gold bonds, 67 Series "C," due Sept. 11953, making
the total amount of Ref. & 1st Mtge. Gold bonds applied for to date:
Series "B." $12,500,000; Series "C," $10,000,000. (See offering in V.
117. p. 1017.)
Income Account for Stated Periods.
Calendar Yearsears
9 Mos. end.
1920.
1922.
Sept. 3023.
$16,456,647 $19,370,425 $18,244.239 $18.867.754
Gross earnings
12.158,704 13,804,931 14,762.027 16.032,462
Oper. exp. & taxes
Net income from oper_ $4,297,943 $5.565,494 $3,482,210 $2,830,342
219.295
196,582
122,587
194.468
Other net income
$4.492,411 $5,688,081 53.701,505 $3,026,924
Total income
2,698,970 2.038,557
2,376,397
1,738,822
Interest charges
Net income
Previous surplus
Miscellaneous credits..
$2,753,589 $3,311,684 51,002,535
2,068,082
1.880,171
2,260.772
365,540
5988.366
2,477,054
55,014,361 $5,557,395 53,070.617 $3.365.420
Total surplus
Depreciation reserve_.._ $1,397,178 51,893.013
$270.000
$309.377
482,110
484,062
dividends_ _ _ _
Preferred
788.000
589.500
921,500
731,250
Common dividends
239,438
191.568
22,282
Miscellaneous charges....
$2,379,588 52.260.772 51.880.171 52,068,082
P. & L. surplus
$528.993 -V.117, p. 1556, 1236.
285,332
3167,488ap0r$243661
Net income
The company has outstanding $684.000 1st Preferred, 51,084,000 25
Pref. and 32,000,000 Common stock, par $100.-V. 117. p. 1770.
Total revenue
Total operating expenses
Taxes
-V. 117, p. 2109.
See Ironton RR. above.
-W.
-Bonds Offered.
Mississippi Power & Light Co.
C. Langley & Co. and John Nickerson & Co., New York,
are offering at 943 and int. to yield 7%, $1,200,000 1st
& Ref. Mtge. Sinking Fund Gold bonds, Series "A," 6M%•
(See advertising pages.)
Guaranty
Dated June 11923. Due June 1 1943. Int. payable J.& D.at
Trust Co., New York, trustee. Red., all or part on any int. date, on at
least 30 days' notice, at 105 and int. Denom. $1.0130. $500 and $100c*.
Company agrees to pay the normal Federal income tax to the extent of
property taxes,
2% and to refund Pennsylvania and Connecticut personal income tax not
not ex.eedln9/ four mills per annum, and Massachusetts
exceeding 6 per annum on income derived from the bonds.
of
-As a sinking fund for the purchase or redemption to
Sinking Fund.
pay
Series "A" bonds at not exceeding 105, company will covenant to to and
the trustee on or before June 1 1926 and each year thereafter upamount
including June 11934,a sum equal to 1% of the aggregate principal
of Series "A" bonds outstanding on the preceding last day of April, and
including
on or before June 1 1935. and each year thereafter up to andamount of
,
June 1 1942. a sum equal to 135% of the aggregate principal
Series "A" bonds outstanding on the preceding last day of April.
Data from Letter of Pres. H. C. Couch, Nov. 5 1928.
Company.
-Has been organized [in Maryland in June 19231 to acquire
and merge a group of properties which furnish without competition the
entire electric light and power service in Jackson, Vicksburg, Columbus,
Greenville. and in several other communities in Mississippi: the gas service
In Jackson and Columbus; and the electric railway servic e in Jackson,
Vicksburg and Columbus. [The properties merged include Delta Light
& Traction Co. of Greenville, V. 116, p. 2766; Jackson (Miss.) Public
Service Co.; Vicksburg (Miss.) Light & Traction Co. (V. 116, p. 2768).
and Columbus (Miss.) By. Light & Power Co.]
Over 729' of the gross operating revenues of the company is derived
from the sale of electricity for light and power.
Company owns four electric generating stations with an aggregate
Installed capacity of approximately 17.000 h. p., and the electric distributing systems covering the various communities servied. Plants are
located at Jackson. Vicksburg Greenville and Columbus. Company also
owns the gas plants and gas diCtriburing systems in Jackson and Coltunbus.
The elctric railway system comprises 26.6 miles of single track equivalent
and an auxiliary bus service. Company serves over 10,000 customers and
over 1,400 gas customers.
Capitalization Outstanding with Public upon Completion of Present Financing.
1st & Ref. Mtge. Sinking Fund Gold bonds, Series "A." ,200,000
$1
(thisssue)
x2,934.000
Underlying divisional bonds (closed issues)
5,000 shs.
Preferred stock, no par value
21,000 abs.
Common stock, no par value
x Not including $171,000 underlying divisional bonds which will be
pledged under the 1st & Ref. Mortgage. All additional underlying divisional bonds which are acquired and not cancelled must be pledged under
the 1st & Ref. mortgage.
-Proceeds from the sale of these bonds and from the sale of
Purpose.
Preferred stock will be used to pay for additions, extensions and improvements to the properties of the company, to retire certain underlying obligations, and for other corporate purposes.
Nov. 17 1923.]
THE CHRONICLE
Security.
-Direct first mortgage on all the fixed properties of the company at Greenville, Miss., and adjacent communities, and by a direct
mortgage on all other fixed properties of the company, subject only to
32,934,000 underlying divisional bonds(closed issue).
The net earnings available for interest charges of the properties upon
which these bonds will be secured by a direct first mortgage are about sufficient alone to pay the interest on this issue of bonds.
Earnings
-12 Months ended July 31.
1922.
1923.
Gross income
31,201,785 31,144,534
Operating expenses, maintenance and taxes
799,729
796,810
Net income
Annual interest requirements on underlying bonds
outstanding with public
$404,975
$344,805
174,790
Balance
$230,185
Annual interest requirements on 1st & Ref. Mtge.
Gold bonds (this issue)
78,000
-All franchises extend beyond the maturity of these bonds
Franchises.
and contain no burdensome restrictions.
Management.
-H. C. Couche and associates who have operated the
Arkansas Light & Power Co. and the Pine Bluff Co.for a number of years.
-v.116. P. 2767
.
New Holland Higginsport & Mt. Vernon RR.
-S. C. Commission on Nov. 9 denied the application to issue
The I.
$300,000 of capital stock and 51,200,000 of bonds, the "facts not found
-V.114. p. 738.
to be sufficient to justify the granting of authority."
New Orleans Public Service Inc.
-To Merge Subsids.Amalgamation with the parent company of three utility companies,
the stocks of which long have been in control, will begin with a meeting
of the stockholders of the St. Charles Street Ry, Dec. 12. Following
this will be meetings of the New Orleans Gas Light Co., and the New
Orleans Carrollton Ry. Co. None of the bond issues of the underlying
companies will be affected. All but four shares of stock in the St. Charles
company are controlled by the Public Service company. Only a few shares
in the New Orleans .Sc Carrollton are outstanding, and less than 20 in
-V. 117. 1). 1664. 1462.
the gas company.
-Equip. Trust Certificates.New York Central Lines.
On and after Nov. 20 the Guaranty Trust Co. of New -York will be
prepared to exchange definitive 5% Equipment Trust Certificates of 1923
for the outstanding temporary certificates. See offering in V. 117.
p. 1556, 1775.
-Bonds Offered.
New York Central RR.
-Redmond &
Co. and Winsor, Trowbridge & Co. are offering 8650,000
New York Central & Hudson River RR. Registered 32%
Gold bonds, due July 1 1997, at price to yield about 4.80%.
-V. 117, p. 1775, 1556.
New York Chicago & St. Louis RR.
-Listing, &c.
-
2213
pany's obligations. The total authorized issue of the 5% bonds was
$10.000,000, of which $8,874,000 were sold at 75%•
Both ordinances were referred to Council's Committee on Transportation and Public Utilities.
-V. 117, p. 1664, 1556.
Pere Marquette Ry.-Bond Application-Earnings.
The company has applied to the 1.-S. C. Commission for authority
to issue 36,064,000 1st Mtge. 5% bonds. J. & W. Seligman & Co. have
Issued the following statement: "The company's application to the
.t.-S. C. Commission to issue $6,064,000 1st Mtge. 5% bonds is merely a
routine matter designed to take down under the mortgage, and get into
the company's treasury, bonds representing capital expenditures made
during the year ended June 30.
"There is no intention on the part of the company to sell additional
treasury bonds as the company has from the proceeds of the recent sale
of $12.500,000 bonds ample cash for its capital requirements for a considerable time to come." See V. 117, p. 1886. 2111.
9 Mos. end. -Calendar YearsEarnings
1921.
1922.
PeriodSept. 30'23.
Gross earnings
$34,039,595 $38,397,933 $38,303,029
Operating expenses
26,088.632 28.911,265 30.036.300
Net earnings
Non-operating income
$7,950,963 $9,486,669 $8,266,929
690,654
623,396
622,487
Total income
Fixed charges and taxes
$8,573,450 $10,110,064 38.957,383
5,191,502
5.759,504
4.942,419
Balance, surplus
$3,631,031 $4,350,560 $3,765,880
Comparative Balance Sheet.
Sept.30'23. Dec. 31 22. Ltab.(con.)
Assets
Sept.30'23. Dec. 31 '22.
-S
Totalinvest'ts_ _134,116,142 126,409.464 Funded debt_ _ _ 39,525,000 39,197,500
Cash
2,068,565 5,277,479 Coll.trust bonds 2,000,000 3,000,000
Spec. deposits
1,020
2,220 Los.& bills pay_ 4,000,000
Loans & bills rec
82,102
139,051 Traf. & car. ser.
Net bal. rec. fr.
bals. payable_ 1,342,809 1,306,410
agts. & cond.
351,255
346,347 Aud. accts. &
Misc.accts. rec. 1,388,435 1,274,316
wages unpaid- 3,570,234 2,563,432
Mans & suppl_ 3,603,289 2,569,565 MLsc.accts. pay.
312,328
278,291
Int. & dive. rec_
55,268
34,360 Int. mat'd unpd.
33,545
747,731
0th. curr. assets
288,862
278,862 Divs, mat. unpd
450,460
Deferred assets_
92,061
39,346 Fund. debt mat.
1,969,323 1,148,170
Unadj. debits
unpaid
251,000
Unmat. diva. Se
Int. accrued....
390,002
586,638
Common stock_ 45,046,000 45,046,000 Linmat'd rents
Pr.pref.5% stk. 11,200.000 11,200,000
117,017
accrued
149,948
Pref. stock
12,429,000 12,429,000 Oth.curr. nab__
189,193
187,760
Deferred liabils_
265,529
209,785
Unadj. credits__ 8,610,352 7,690,810
ILL AIR 316 137,519,507 Corp. surplus__ 14,392,243 12,837,802
Tot.
-V. 117, p. 2111, 18§6.
-Earnings.
-Pine Bluff Co.
1922.
Twelve Months Ended Sept. 301923.
The New York Stock Exchange has authorized the listing of (a) $28,3860,578 $821,513
420,000 (authorized 345,880,000) Ctunul. Prof. stock, 6%, Series A, par Gross earnings
368.382 329.618
2100 each: and (b) 332,064,000 (authorized $59,620,000) Common stock, Net earnings
214.003
Balance available for dividends
259,471
par value $100 each.
The Cumulative Preferred stock, 6% Series A, and Common stock -V. 114. 17. 1535
.
were issued pursuant to the agreement and articles of consolidation of the
Pittsburgh (Pa.) Rys.-Receiver Says Co. is Insolvent.
company in exchange for stocic of the constituent companies as given in
Receiver C. A. Fagan has filed a report with the U. S. District Court
V. 116, p. 721. See also statement of earnings for the nine months ended
at Pittsburgh stating that the company is still "manifestly insolvent"
under "Financial Reports" above.
Sept. 301923.
-V.117. p.2110. 1992.
instead of being in condition to be returned to its owners in a reorganized
acting independently of his colleagues. W. D.
Receiver
Pennsylvania-Ohio Electric Co.
-Bonds Offered.
-A. C. state. and S. L.Fagan isMr. Fagan took direct issue with Special Master
Tone.
George
Allyn & Co., Inc., Chicago, are offering at 100 and int. Henry G. Wasson, who predicted that a surplus of $264,987 would be
of first year after the receivership
$250,000 1st Mtge. & Coll. Trust 6%% Sinking Fund Gold shown for end deficit of at least $1,549,194 wouldwould be lifted. Mr.
appear.
-V. 117. p.
Fagan said a
Bonds Series "B."
1993. 1778.
Dated Sept. 11923, due Sept. 1 1938. Int. payable M.& S. at Illinois
Public Service Corporation of New Jersey.
Trust 6c Savings Bank, Chicago, or Bankers Trust Co., New York, trustee,
The directors on Nov. 7 1923 directed that an issue of the 79' Preferred
without deduction of normal Federal income tax up to 2%. Denom,
of
$100 each c*. Red. all or part on any int. date on 4 Stock be made, aggregating $11,000,000, being approximately 12% % all
$1,000. $500 and
weeks' notice at 105 on or before Sept. 1 1934, the premium decreasing at outstanding shares. The stockholders of record Nov. 17 1923 have the
ke
option to take such stock at par in proportion to their holdings. For each
w
the rate of 1% each March 1 thereafter. Penn. 4-mill tax refunded.
e ht sharesof stock held, whether common or preferred, stockholders
Data from Letter of V.-Pres. H. A. Clarke, Oct. 29 1923.
Ube entitled to subscribe for one share of7% Preferred Stock. Subscrip-Pennsylvania-Ohio Electric Co. and Pennsylvania-Ohio tions must be made at the office of the Guaranty Trust Co., 140 Broadway.
Business.
Power & Light Co. (all of whose Common stock is pledged under the mort- New York, or the office of the company. 80 Park Place, Newark,
J., on
gage securing this issue) own and control directly or- through subsidiary or before Dec. 311923.
companies the entire electric light and power and local and interurban
The stock may be paid for in full, or in installments, one-tenth with the
electric railway business in the important industrial district lying midway subscription and at least one-tenth on Feb. 1 1924 and the first day of each
between Pittsburgh and Cleveland and centering at Youngstown, 0., and month thereafter. Subscribers will be allowed on such payments interest
Sharon and New Castle, Pa. The territory served comprises about 600 at the rate of 6% per annum to be accounted for at the time such stock is
sq. miles with an estimated population of over 300,000.
-V. 117. p. 2111, 1887.
fully paid for.
-Bonds are secured by (1) A first mortgage on the Youngstown
Security.
City lines (not including the "Park and Falls Line"), except that one
-Joint Control of Ironton RR., &c.
Reading Co.
outlying division has 3170,000 Closed 1st Mtge. 5% bonds outstanding,
See Ironton RR. above.
g
which are refundable under this mortga e: (2) pledge with the trustee of
The company on Nov. 10 made application for approval of a merger of
all the bonds and all Capital stock of New Castle Electric Co. (excepting all its railroad corporations as a step to comply with the decree of the
only $200,000 1st Mtge. 5% Gold bonds due in 1927): (3) pledge a the U. S. District Court to segregate its coal and railroad business, the Pennsylentire outstanding $6,000,000 Common stock of Pennsylvania-Ohio Power vania P. S. Commission has announced. Dec. 5 was fixed as the date
& Light Co.
for hearing the application.
-For the 12 months ended Aug. 31 1923. combined net income
Earnings.
The company has applied to the 1.-S. Commission for authority to issue
from operation of the Youngstown City lines mortgaged hereunder, and of 263.084.666 Gen. Se Ref.434% gold bonds, Series "A." The company also
was $472,924. Dividends received by Pennsyl- asked the Commission for authority to formally take over and operate and
Now Castle Electric Co.,
vania-Ohio Electric Co. on the Common stock of Pennsylvania-Ohio Power control the Philadelphia & Reading RR.and subsidiaries, of which it is the
& Light Co., pledged were $422,500, making a total combined net income holding corporation. The issuance of the bonds and formal application for
of $895,424. Interest requirements on these and underlying bonds amount Op merger of the Philadelphia & Reading RR.is the outgrowth of the final
to $224.680 per annum.
decree of the Federal Court which ordered the company to divorce itself
-An indenture supplemental to the trust deed securing from its coal property (see segregation plan in V. 116. p. 2256).-V. 117.
Sinking Fund.
these bonds provides for a sinking fund payable semi-annually in cas17ag
i
1236.
or in series "13' bonds taken in lieu of cash at not in excess of 105% and p. 1778.
int.), equal to 2% per annum of the total amount of bonds of this series
St. Paul Union Depot Co.-Ntto Financing.
at any time issued, to be used for the purchase of bonds of this series if
Application for permission to issue $15500,000 bonds, it is stated, soon
obtainable at not exceeding the redemption price applicable on the interest will be made to the I.
-S. C. Commission. This amount of money is
date next subsequent to the date of such purchase.
required for the construction of the new Union station which is nearing
completion. The proceeds of the issue will retire $9,500,000 notes maturing
Capitalization Outstanding Upon Completion of Present Financing.
Dec. 15. The bond issue will be guaranteed by the nine railroads using
1st M. & Coll. Tr. 6%% Sink. Fund Gold bonds. Series "A"
the station. They probably will bear 5% interest, maturing in 40 to 50
(issued, $3,000,000: retired by sinking fund, $78,000)
$2,922,000 years.
-V. 117, p. 1664.
do Series "13" (this issue)
250.000
Underlying Divisional 5% bonds (Closed)
170,000
-Listing.
Southern Colorado Power Co.
Preferred stock (7% Cumulative)
4.241.700
The New York Stock Exchange has authorized the listing of $400,000
Common stock
10,628,300 additional 1st Mtge. Gold Coupon bonds, 6%, Series "A," due July 1
Company also has outstanding $500,000 of bonds secured by property 1947. making the total amount applied for 26,400,000 (see offering in
not subject to the lien of these bonds. The Now Castle Electric Co. has V. 117, p. 1463).
outstanding, unpledged,$200,000 1st Mtge.5% bonds, due 1927.-V. 117,
Consolidated Income Account
-Year ended Aug. 13 1923.
p. 1236.
Gross earnings, $1,886,871; oper. exp., incl. current maint. &
31,162,349; net earnings
Phila, Rapid Transit Co.
-Ordinances on Financing.
2724,522
- taxes,
At the request of President Dunbar of the P. R. T., President Weglein Deduct-Bond int., $529,470; note int., $3.377; general int.,
$52.512
585,361
of the Philadelphia City Council on Nov. 15 introduced two ordinances
Into the Council having to do with the P. R. T.finances.
Balance
2139,160
One of these ordinances asks the assent of the city as required under
Surplus, beginning of period
153.037
the 1907 contract to the issuance of $2,500,000 6% 1st Mtge. 20
-Year
bonds. The proceeds of this issue will be used to pay off a mortgage of
$292,198
Total surplus
3965.000 on the Luzerne and Callowhill barns and to pay for the erection
218.972
of the now Southern barn at 20th and Johnson Sts. The new issue of Less-lst pref. diva., $151,772; 2d pre .divs., $67,200
41,857
bonds, the company proposes, will be issued directly either by the P. It. T. Depreciation
or one of its subsidiaries.
231.368
Surplus Aug. 31 1923
The other ordinance proposed by the company and submitted to Council
by President Weglein asks the assent of the city to the repurchase by -V. 117, p. 1463.
the P. It. T. of its 5% bonds sold in 1912 at 75%. These bonds are
-Kuhn,
Southern Pacific Co.
-Equip. Trusts Sold.
guaranteed by the Union Traction Co. and were issued as security for
%
notes and other obligations of the P. It. T. Under terms of their sale Loeb & Co., New York, have sold at 973 and divs. to
at 75% the P. R. 'I'. reserved the right to repurchase them at 75% at yield about 5.35%,$23,100,000 5% Equip. Trust certificates
any time prior to Dec. 311923.
President Dunbar's letter states that it is the purpose of the company Series "F" (see advertising pages).
to recover these bonds before the expiration of this date as their failure
Dated Dec. 1 1923: due 32,100,000 annually from Dec. 1 1928 to Dec.
to do so would make their sale at the low price permanent. Ile asks the 1 1938, both incl. Denom. $1.000c. Divs. payable J. & D. in N. Y.
assent of the city for the further use of the bonds as security for the com- City. Bank of North_American & Trust Co., Philadelphia. trustee.
2214
THE CHRONICLE
Data from Letter of J. Kruttschnitt,Chairman Executive Committee.
Security.
-There will be vested in the trustee title to equipment costing
not less than $37,260,000, including the following. 84 heavy freight
locomotives (2-10-2 type), 15 passenger locomotives (Pacific type). 10
heavy passenger locomotives (44-2 type), 10 locomotive tenders, 10 electric
locomotives, 2,000 automobile cars (steel underframe). 500 stock cars
(steel underframe), 3.700 box cars (steel underframe), 350 flat cars (steel
underframe). 1,150 gondola cars (steel underframe), 300 composite steel
and wood flat cars, 557 work cars (steel underframe), 500 logging cars
(steel underframe), 90 caboose cars (steel underframe), 150 steel electric
motor coaches. 85 steel passenger coaches. 15 steel baggage cars, 10 steel
dining cars, 40 steel baggage-postal cars. 16 steel buffet-baggage cars.
Pending the delivery of the equipment, cash equal to the principal
amount of the certificates is to be deposited under the equipment trust
agreement, to be withdrawn from time to time as equipment is delivered
to the extent of 62% of the cost thereof. All said equipment is to be
leased by the trustee to the Southern Pacific Co. at a rental sufficient
to pay the certificates and dividend warrants as they mature.
Guaranty.-Principal and dividends unconditionally guaranteed by
endorsement by Southern Pacific Co.
-Total net income of the Southern Pacific Co. and of its
Earnings.
proprietary companies, for the calendar year 1922 amounted to approximately $32.600.000 over all charges; while the total of such net income
for the ten months ended Oct. 31 1923 shows a material increase over the
corresponding iperiod of 1922.
-S. C. Commission.
Issuance.
-Subject to the approval of the I.
Purchases New Locomotives.
The company has ordered 63 new and powerful locomotives to be placed
in service in 1924. Coincident with the new purchase, it was announced
that Eastern manufacturing concerns have begun delivery of 50 new
freight and passenger locomotives ordered the early part of this year by
the company.
The two orders, adding a total of 113 engines for handling cosntantly
increasing traffic in the West. will represent an expenditure of about
$8,000,000 when delivered and fitted for service.
-V.117. 1 1993
3•
.
Southern Ry.-Bonds Sold.
-J. P. Morgan & Co.,
First National Bank, New York, National City Co., Harris,
Forbes & Co., Guaranty Co. of New York and Bankers
Trust Co., New York, have sold at 963/i and int., to yield
about 63%, $20,000,000 Deveropment & General Mtge.
bonds of 1906, bearing 6% interest (see advertising pages).
Due April 1 1956. Not subject to redemption prior to maturity. Interest payable A. & 0. without deduction for taxes. Denom. c* $1,000
and r* $1.000 and authorized multiples thereof.
Issue.
-Subject to authorization by the I.
-S. C. Commission.
Data from Letter of President Fairfax Harrison Nov. 12.
Southern Railway System.
-The system. comprising 8,300 miles of railway, of which 6.971 miles are directly operated by the Southern By. and
the balance by cOntrolled and affiliated companies, serves the South with
a network of lines traversing twelve States with a population of about 40,000,000. The system's lines reach from the northern gateways at Washington, Cincinnati and Louisville and from the Western gateways at St.
Louis and Memphis, to the ocean ports of Norfolk. Charleston, Savannah.
Brunswick and Jacksonville, and to the Gulf ports of Mobile and New Orleans. passing through the largest cities in the South.
Purpose.
-Proceeds are to be used for additions and betterments to the
company's property, including enlargement of yard, shop and freight facilities, additional tracks and grade improvements. It is estimated that
these additions and improvements will effect savings over present costs of
operation which will be equivalent to a return of 20% on the capital so invested,as contrasted with a cost ofabout 63 % to the company of the money
required.
Surplus over
Year ended.
Interest
Gross
Income Available
Interest Chges.
Dec. 31Charges.
Revenues.
for Interest.
$9.333.898
a1916
$11.206,853
$69.997.675
$20,540,751
12,360,161
a1917
11,453.248
81,388.325
23,813,409
7,914,070
b1917
5,870,609
49,262,013
13.784,679
5,708.913
1918
.
c126.574.297
11,897,438
17,606.351
5,141.567
1919
0129,787,812
12,394,858
17.536.425
1,716,149
1920
d152,817.410
12,910.110
14.626,259
2,026,623
1921
128,715.150
12.866,283
14.892.906
8,823,797
1922
128,489,847
12,8.33,689
21,657,486
14,500.000
e1923
150,000,000
27,400,000
12.900,000
a Years ended June 30. b Six months ended Dec.31 1917. c U. S. RR.
Administration. d Including operations under U. S. RR. Administration
for two months. e October, November and December results estimated.
Capital Expenditures.
-Since the Devel. & Gen. Mtge. was created in
1906, the company's capital expenditures on the property subject to the
mortgage have exceeded $145.000.000, of which more than $50,000,000
has been derived from surplus earnings. The new capital has been used to
provide improved and income-producing facilities for the efficient and
economical handling of traffic, and has been responsible in considerable
degree for the substantial increase in earnings during recent years.
Provisions.
-The bonds are issued under the Devel. & Gen. Mtge.,
dated April 18 1906. with Guaranty Trust Co. of New York, trustee, and
the principal, as well as interest at the rate of 4% per annum, is secured by
the lien of that mortgage. Pursuant to a supplemental indenture, company is to affix to the bonds its obligation to pay 2% additional interest.
thus making the total interest rate 6% per annum. The 2% additional
interest obligation will not be secured by the Devel. & Gen. Mtge., but in
the supplemental indenture the company will covenant that it will not
create any new mortgage upon any part of the railways subject to the Dave!.
& Gen. Mtge. unless such new mortgage expressly shall secure the payment
of the additional interest obligation equally and ratably with the indebtedness secured by such new mortgage. The full interest at the rate of 6%
Is combined in the coupons.
-Company's outstanding capital stock consists of $60,000,000
Equity.
Preferred stock, on which dividends are being paid at the rate of 5% per
annum, and $120,000,000 Common stock, upon which, although no dividends thereon are being paid, the company will show earnings of about
$10 per share for the current year.
Development & General Mortgage.
-Was created in 1906 and there have
been issued under it. and are now outstanding in the hands of the public,
$61.333,000 of 4% bonds, and the $30,000,000 of 6j% bonds issued in
1922.
Security.
-The Development & General Mtge. is a direct lien upon 4,316
miles of railways in absolute ownership, subject to mortgage indebtedness
outstanding at the rate of only $31,000 per mile, and in addition is a first
lien upon. (a) All the bonds and stocks of railways aggregating 523 miles:
(b) the entire stock issues of railways aggregating 492 miles;(c) the majority
of stocks of railways aggregating 514 miles; (d) leaseholds or trackage or
other rights to use railways aggregating 824 miles, and (e) stocks, the ownership of which insures to the company the perpetual right to use terminal
properties at 15 of the principal cities of the South.
Listing.
-Bonds listed on the N. Y. Stock "when issued."
-V. 117. P.
1993, 1665. 1659.
Texas & Pacific Ry.-Reorganization.-
The readjustment has been completed and will be announced in a few
days. The plan involves no assessment on shareholders nor does it contemplate financing in near future. The negotiations have been handled
by a committee headed by J. 1. Hanauer of Kuhn, Loeb & Co. ("Journal
-V. 117. p. 1130, 896.
of Commerce.")
Tuscaloosa Ry. & Utilities Co.
-Bonds Called.
In connection with the sale of the properties of the company to the
Alabama Power Co., arrangements have been made for the surrender
and cancellation of over 90% of the 1st Mtge. 25-Year 6% bonds dated
July 1 1940 and for the purpose of redeeming and cancelling the bonds the
company has called in all of the bonds at 102 and int. on Jan. 1 1924.
at the office of Republic Trust Co.. trustee, 1429 Chestnut St., Philadelphia.
-V. 117, p. 2111. 1778.
United Rya. Co. (St. Louis).
-Protective Committee.
A committee has been formed to protect the interests of tho $2,000,000
St. Louis & Suburban By. Consol. 1st Mtge. bonds. The personnel is as
follows: Fred J. Kurtz (Vice-Pres. United States Bank), Chairman; Fred
C. Bohn (Vice-Pros. Lafayette-South Side Bank). Louis J. Nicolaus (Stifel,
Nicolaus & Co.), and Mark C. Steinberg (of Mark C. Steinberg & Co.),
[VoL. 117.
with Oliver B. Henry (Mississippi Valley Trust Co.), Secretary. The
bonds originally bore 5% interest and matured Feb. 1 1921, at which time
they were extended to Oct. 1 1923 at 8%. Deposits are not called for at
the present tune -V. 117, p. 1557.
Washington-Virginia Ry.-Sale of Collateral.
Default having been made by the company in the payment of principal
and interest of its 6% Bond-secured Gold Notes dated Jan. 11920. maturing Jan. 11922, the Bank of North America & Trust Co., trustee, will on
Nov. 28 sell at public auction at the office of Samuel T. Freeman & Co.,
No. 1519 Chestnut St.. Philadelphia, $3,000,000 1st Lien & Ref. Mtge.
gold bonds of Washington-Virginia Ry. dated Jan. 1 1919, due Jan. 1 1969.
with the overdue interest thereon from Jan. 1 1920.
It is stated that a reorganization is being planned by the noteholders'
committee. The first step in the proposed reorganization, it is said, will
be the filing of petitions in the courts of the District of Columbia and Virginia to have the rights of the various lien holders judicially determined.
- Mattie M. Newcomer, a bondholder, recently filed suit asking that a
receiver be appointed.
-V. 114, p. 2242.
Waterloo, Cedar Falls & Northern Ry.-Control Now
Held by Bondholders' Protective Committee-Time for Deposits
Extended.
B. V. Kane, Chairman of the First Mortgage bondholders' committee,
in a letter Nov. 9 says in substance.
The committee on Oct. 27, without expense, reservation or condition, secured control of 21,700 shares out of a total outstanding of 23,33035 shares
,
of the Common stock, the stock being transferred to E. V. Kane, as trustee
for the bondholders' protective committee, for the purpose of enabling the
committee to take over the company and all its property and assets of whatsoever nature and operate the same without immediate recourse to the remedies provided in and by the First Mortgage and deed of trust.
Immediately following the transfer of stock the old management resigned,
being succeeded by the following new directors representing the bondholders'
protective committee. C. M. Cheney and J. B. Knowles, Waterloo, Ia.;
Geo, E. Rise, Des Moines, Ia.; and Charles J. Hepburn and Edward V.
Kane, Philadelphia. Mr. Cheney was subsequently elected Pres. & Gen.
Mgr. and Mr. Knowles Sec. & Treas.
The immediate effect of the change of management was a reduction of expenses. It is believed that other economies are practicable without affecting
the efficiency of the service. The foregoing developments clear the way for
constructive effort. Radical results, however, must not be expected at
once. Reasonable time should be allowed the now management for the
application of new policies, the introduction of economies and the development of new business. Not until these influences have been fully tested
will the committee be able to fairly gauge the earning possibilities of the
property under the reorganization.
The strategic position of the road, with its valuable freight belt road and
its connections with five steam trunk lines, suggests the practicability of a
merger under the new Railroad Act.
This, too, will require time for consideration and negotiation.
The company is at present earning but little more than its operating expenses, taxes and maintenance. Liberal allowance has, however, been
made for upkeep, so that the property is in fair physical condition. What
with economies, increased traffic and lessened bus competition, the new
management hopes to present in the coming year results which will reflect
a favorable contrast with the past.
Up to this time about 85% of the outstanding bonds have been deposited
with the protective committee. In view of the foregoing developments,
the committee has decided that the time for the deposit of additional bonds
under the bondholders' protective agreement be extended to Dec. 31 1923.
-V.117. p. 1993.
West Penn Co.
-Listing-Earnings.
The New York Stock Exchange has authorized the listing of $4,070,000
additional (authorized $41,945,300) 7% Cumulative Preferred stock,
par $100, on official notice of issuance, making the total amount applied
for $22,124,700.
Earnings (Incl. Subsidiaries) 12 Months Ended Sept. 30 1923.
[After giving effect to the acquisition by W.P. Co. of $5,673,200 W. P.
Rye. Co. 6% Preferred stock.]
Gross earnings, all sources
$23,657.420
Operating expenses, maintenance and taxes
14,156,308
Gross income
$9,501,111
Deduct-Interest and amortization, $3,973,879; pref. stock dividends of subsidiaries, $945,781; minority interests, $43,480
4,963,140
Net income available for depreciation and dividends
$4,537.972
Note.
-For the 12 months period the company has set up $1,360,868 for
depreciation.
-V. 117. p. 2111.. 1994.
Went Penn Power Co.-Listing-Earninos.The New York Stock Exchange has authorized the listing of $275,000
additional First Mtge. 6% Gold Bonds, Series "0," due June 1 1958,
malting the total amount applied for $26,093,000, being $8,500.000 of
Series"A,"5595,3,000 of Series "0,"$6,000,000 fo Series"D,"and $6,000,000 of Series "E."
Consolidated Income Account for Nine Months Ended September 30 1923.
Gross earnings
$9,497,394
Operating expenses
5,774,462
Federal taxes, $265,000; State taxes, $188,300; total
453,300
Fixed charges
1.448,897
Net income
Previous surplus
$1.820,735
198,387
Total surplus
$2,019,122
Disc't on Pref. stock sales, $62,714; pref. dive., $377,257; corn.
1,272,470
diva., $832,500; total
Balance Sept. 30 1923
-V. 117, p. 1665, 1557.
$746,652
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly given
under this heading appears to-day on a preceding page under "Indicatiohs
of Business Activity.'
Coal Production, Prices, &c.
The United States Geological Survey's report on coal production, together with the detailed statements by the "Coal Trade Journal" and
the "Coal Age." regarding market conditions, heretofore appearing in this
column, will be found to-day on a preceding page under the heading
"Indications of Business Activity."
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the United States,
compiled by the American Petroleum Institute and formerly appearing
under the above heading, will be found to-day on a preceding page under
"Indications of Business Activity."
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.
-On Nov. 10 Warner Sugar Refining Co. re-entered
the market, quoting 8.80c., but advanced price 10 points to 8.90c. Revere
advanced price 20 pts. to 8.90c• per lb. On Nov. 13 Federal Sugar Refining
reduced price 5 points to 8.75c. per lb.
Western Coast Sugar Price Advances.
-California & Hawaiian and Western
sugar refining companies announce advance of 10 points to 9.10c. per lb.
"Wall Street Journal" Nov. 10, P. 9.
Aluminum Price Advanced.
-Increase of lc. per lb. announced by Aluminum Co. of America. "Daily Financial America" Nov. 16. p. 1.
Retail Milk Prices Cut.
-Following cut by Dairymen's League last week
(see page 2111), Borden's Farm Products Co. and Sheffield Farms Co.
reduce milk price 1 cent a quart in New York and adjacent territory
"New York Times" Nov. 10, p. 20.
Nov.17 1923.]
THE CHRONICLE
Iron Products Price Advances.
-Iron Products Corp. announce an increase
of $5 a ton in price of soil pipe." Boston News Bureau" Nov. 10, p. 5.
-American Brass Co., Nov. 9, advanced prices of
ly Brass Prices Increase.
all its products. Seamless tubing is advanced Mc. a pound, bare copper
wire e., and all other material Mc. a pound. "Boston News Bureau"
Nov. 0,
1.
p.
Lead Price Advanced.-American Smelting & Refining Co. advanced price
10 points to 6.85c. on Nov.13. "Eng.& Min. Jour -Press" Nov. 17, p.874.
Building Trades Council Asks Wage Increase of $1 per Day Beginning
Jan. 1.
-This would advance rate of pay from $9 per day plus $1 bonus per
day to an $11 per day base. "New York Times Nov. 15, p. 1.
Sheet Metal Workers Receive from $125 to $150 per Week In Chicago.
Owing to scarcity of this class of labor. Their helpers receive from $65 to
$70. according to report made by Citizens' Committee (to enforce Landis
wage agreement). "New York Times" Nov. 16, la. 20.
Matters Covered in "Chronicle" Nov. 10.-(a) Wages again at peak and
hourly earnings are 39% above pre-war month, according to National
Industrial Conference Board, p .2044. (b) Increase In retail food prices
Sept. 15 to Oct. 15, p. 2044. (c) New association of Amsinck, Sonne &
Co.
-to acquire from American International Corp. bulk of import business
of Amsinck & Co., p.2050.
Abitibi Power & Paper Co. Ltd.
-New Officers, &c.Alexander Smith of Chicago has been elected President to succeed the
late F. H. Anson. W. A. Black, Vice-President and Managing Director of
the Ogilvie Flour Mills Co., Ltd., has been elected a Vice-President of the
Abitibi company. E. L. Pease, Vice-President of the Royal Bank of
-V. 117, p. 2111.
Canada, has been elected a director.
Acme Steel Goods Co.
-Negotiations Reported Off.
-
-V. 117, p. 2111, 1588.
See Inland Steel Co. below.
American Car & Foundry Co.
-Equipment Order.
-
See Baltimore & Ohio RR. under "Railroads" above.
-V.117, p. 1131.
American Cellulose & Chemical Mfg. Co., Ltd.
-New
Stock, &c.
Particulars of this company were recently advertised in London, Eng.,
financial papers for public information only, to comply with Stock Exchange regulations in connection with the application to deal in the shares.
The following is taken from the published information.
Company.-Incorp.in Delaware Jan. 5 1918. Company owns sole rights
for the United States to manufacture cellulose acetate, &c., under the Dreyfus patents, including the manufacture of artificial silk. To enable the
company to proceed with the installation at its Cumberland, Md.,factory
of machinery for manufacturing celanese, it created in Dec. 1922 the belowmentioned sterling bonds.
-Authorized capital consists of $15,000,000 70/ CumulaCapitalization.
tive 1st Participating Pref. stock (par $100), $10,000.000 71 Cumul.
2d Pref. stock (par $100 each). and 220.000 shares of no par value Common
stock. Of this $4,000,000 1st Participating Pref. stock, $2,150,400 2d
Pref.stock and 200.000 shares of Common stock are issued or to be issued.
-The loan capital consists of £500.000 80/ 1st Mtge.
Funded Debt.
-Year Convertible sterling bonds, of which £400,000 were sold to Robert
10
Fleming & Co. at par. Bonds are repayable on or before Dec. 31 1932 at
110. Secured by first mortgage upon the whole of the fixed assets, including patents and patent rights, except certain real estate situate in West
Virginia. Convertible on any int. date on 30 days' notice into 7% Cumul.
1st Particip. Pref. stock at the rate of five 1st Particip. Pref. shares of
$100 each in respect of each £100 of bonds. Each holder of the bonds will,
on converting his bonds into 7% Cumul. 1st Particip. Pref. stock under
this provision, also be entitled to receive by way of bonus one share of the
no par value Common stock in respect of each two shares of 1st Particip.
Pro . stock received by him on such conversion. When 907' of the bonds
have been converted or paid off the company has the right on 60 days'
notice to repay the remaining 10% at 110 on any int. date. Denom.,
£500 and £100. Int. payable in sterling in London at the office of Robert
Fleming & Co.,8 Crosby Square. London, B.C. 3.
7% CUM'. 1St Particip. Pref. Stock.
-Ranksin front of the Preferred stock
as to principal and dividends, and is entitled to a cumulative fixed dividend
of 7% and to a participation of 10% of any surplus profits available for disand any arrears thereof, carrying dividends at 7% as from Jan. 1
tribution
1924. In the event of liquidation. the 1st Particip. Prof. stock is to be
entitled, first to the payment out of the surplus assets of all arrears of dividend, and second, to the repayment of capital at the rate of $100 per share:
thereafter, there shall be set aside, subject to the rights of the 7% Cumul.
Prof. stock, for repayment of the Common stock, a sum equal in gross
'
amount to that repaid the new 1st Particip. Pref. stock and any then outstanding 7% Cumul. Pref. stock, exclusive of dividend. and any surplus
assets then remaining shall be distributed in the ratio of 10% to the Particip.
Prof. stock and 90% to the Common stock.
Preferred Stock.
-Holders of the 7% (now second) Pref. stock had the
right to exchange their shares up to Sept. 29 1923 for a similar number of
shares of the new 7% Cumul. 1st Particip. Pref. stock carrying dividend
as from Jan. 11924.
The rights of conversion into Preferred shares held by bondholders apply
to the new 7% Cumul. 1st Particip. Pref. stock and not to the Second Pref.
stock.
-40,000 shares of the new 7% Cumul. 1st Participating
Offering of Stock.
Pref, stock and 16.000 Common shares were offered in Aug. 1923 to the
existing Common shareholders at the price of $502, New York terms, for
each block of five shares of Preferred and two shares of Common stock.
payable, $127 on Aug. 21 1923 and $125 on Dec. 1 1923, Feb. 1 1924 and
May 1 1924, respectively. The subscription of the shares was guaranteed by a syndicate formed by Robert Fleming & Co.. 8 Crosby Square,
London. E.C. 3, for commissions payable in non par value Common shares
aggregating 9,000 shares in all. The general offices of the company are
at 15 East 26th St., New York City.
-Bankers Trust Co., New York. has been appointed registrar
Registrar.
in New York and London for the 7% Cumul. let Particip. Pref., Second
-V. 107. p. 503, 698: V. 117,
Prof. and Common stock of the company.
p. 783.
-Cash Position, &c.
American International Corp.
-
President Mathew C. Brush says in substance. "We are constantly
strengthening the cash position of the corporation and are gradually working
ourselves out of 100% ownership managerial position in the subsidiaries.
We have approximately $5,000.000 in cash and Government securities
and call loans and don't owe a dollar. The intrinsic value of the corporation is substantially in excess of the present market value. We have made
substantial reductions in our operating expenses and are now down to a
point where there is no reason why we should not steadily improve our
position.
"The earthquake in Japan has resulted in substantial business for at
least two of the interests of the corporation with particular reference to
Ulen Co. in which we have a third interest and to Horne Co., which we
own entirely."
-V. 117, p. 2112.
American Tobacco Co.
-Contract with Tobacco Products
Approved.
-V. 117. P. 1995.
See Tobacco Products Corp. below.
American Woolen Co.
-Subsidiary Financing
.The company is understood to be considering an issue of $5,500,000
notes of the subsidiary Webster Mills for the purpose of carrying out
contemplated improvements and expansion, but banking negotiations
have not been concluded. If the financing is consummated it will probably
-year maturity. The proposition concerns the Webster
take the form of a 10
Mills solely and has no bearing upon the parent company's finances.
(Boston "News Bureau.")
The company, it is stated, has had a charter issued to it bearing the
name of Slater Woolen Mills, with a principal office in Shawsheen
Andover, Mass. The ipresent intention is to designate the property
recently acquired from S. Slater & Sons, Inc., in Webster, Mass., as the
Webster Mills and a charter has been applied for udner that name.
V. 117, p. 1995. 1558.
American Writing Paper Co.
-Listing.
The New York Stock Exchange has authorized the listing of Old Colony
Trust Co. and Central Union Trust Co. temporary interchangeable certifiCates of deposit, representing $2,163,000 1st Mtge. 20
-Year 7-6% sinking
Fund Gold bonds due Jan. 11939. with authority to add $8,820,000 of such
certificates of deposit on official notice of issuance against the deposit of
like amount of outstanding bonds, making the total amount applied for
$10,983,000.
2215
The Boston Stock Exchange has authorized the listing of $3.146,000
certificates of deposit representing 83,146,000 1st Mtge. 20
-Year Sinking
Fund Gold bonds, due Jan. 1 1939. with authority to increase the amount
to $10,983,000 as additional bonds are deposited and certificates of deposit
are issued against them.
These deposits are made in accordance with an agreement made under
date of Oct. 10 1923 between the depositing holders and a committee
consisting of George C. Lee, Philip Stockton, A. Willard Damon, Philip
R. Allen, H. B. Lake and Otto Marx. They represent only bonds in
coupon form, which bonds have with them attached the coupon due Jan.
1 1924 and subsequent coupons.
The depositaries are Old Colony Trust Co., Boston, and Central Union
Trust Co., New York. The First National Bank, Boston, Mass., is the
registrar for the Boston deposits, and the Chase National Bank of New
York for New York deposits.
-V. 117, p. 1889. 1666.
-Bonds Sold.
-C. D. Parker
Arcade Malleable Iron Co.
& Co., Boston, and Merchants Securities Corp., Worcester,
Mass., have sold at 100 and int. $550,000 7% 20-Year
1st Mtge. Sinking Fund Gold Coupon bonds. A circular
shows:
Dated Nov. 1 1923. Due Nov. 1 1943. Int. payable M. & N. at
Merchants National Bank of Worcester, trustee, and First National
Bank, Boston, Mass, Denom. $1,000, $500 and $1000. Callable as a
whole on 60 days' notice or in part for the sinking fund on 30 days' notice.
at 110 and interest on any interest day during the year ending Oct. 31
% of the
1924 and at a price which decreases from 110 at the rate of
face value of the bonds each year thereafter until maturity. Corporation
agrees to refund all income taxes (other than succession, estate and inheritance taxes) assessed by Massachusetts not in excess of 8% per annum
(present rate 6.0%) and to pay at the source the normal Federal income
tax of 2% and to refund an additional amount not in excess of 2%.
Listing.
-Application will be made to list bondson Boston Stock Exehange,
-Business of the company was established in Worcester 73
Company.
years ago and has been successfully operated since then. Manufactures
malleable iron, aluminum, brass, bronze and copper castings which are
used for a great many purposes. Customers number over 400 well-known
manufacturers.
-Net earnings available for interest and depreciation charges
Earnings.
for the nine months ended Sept. 30 1923 were 372,911, or at the rate of
$97,215 for the year, which is over 2M times the first year's interest on
this bond issue. During the past five calendar years average annual
net earnings of the Worcester division of the company after taxes were
$78,018. The management estimates average annual net earnings of
$50.000 from the Springfield division.
Further details as to history, earnings, balance sheet, directors, ar.e.;
n V. 117. P. 1351.
-Bonds
Arden Dairy Products Co., St. Paul, Minn.
Offered.-Hyney, Emerson & Co., Chicago, are offering at
100 and int. $400,000 1st (closed) Mtge. Serial gold 6 s.
Denoms. $1,000, $500 and $100 c*. Dated Oct. 1 1923. Due serially
from Oct. 1 1925 to Oct. 1 1935 incl. Interest payable A. & 0. at Union
Trust Co., trustee, Detroit, or at Capital National Bank. St. Paul, Minn.
Red. all or part on any int. date on 30 days' notice at 105 and int. up to
and incl. Oct. 1 1930. and thereafter at 105 and int. less 1% for each full
year, or fraction thereof, between Oct. 1 1930 and date of redemption.
Free from normal Federal income tax not exceeding 2%.
-Is the outgrowth of a business organized in 1906. From an
Company.
original capital of less than $25,000 the company's net worth has grown to
a present aggregate total of $827.424, and the company has attained national renown as the owner of the largest record-holding registered herd of
pure-bred Holstein-Freisian dairy cattle in existence. This herd numbers
approximately 250 animals and its value has been conservatively appraised
at $311.025. Company owns 703 acres of highly developed land situated
close to the corporate limits of both St. Paul and Minneapolis, and improved
with 22 buildings. The principal product is the well-known "Arden"
brand of certified milk.
-To provide funds for the installation of additional facilities to
Purpose.
meet the steadily growing demand for "Arden" certified milk and for Ardenbred dairy cattle.
-year period from 1918 to 1923, incl.. net profits
Earnings -During the 6
before depreciation available for interest and Federal taxes averaged
$53,508 per annum. The largest annual interest charge on this bond issue
is $26.000. This financing will provide needed facilities for an enlarged
scope of operations in the several branches of the business, and profits from
the increased production of certified milk alone are conservatively estimated
at $95,000 per annum.
-Trust indenture requires the payment by the company
Sinking Fund.
to the trustee each month of one-sixth of each semi-annual interest payment.
Balance Sheet as of June 30 1923 (After Present Financing).
Liabilities
Assets
594,057 1st Mtge. Serial 6)s_ _ __ $400,000
Cash
18,601 Notes payable
Acc'ts & notes receivable_
56,223
Inventories (registered
Accounts payable
43,039
311,025 Res. for contingencies__ __
daily cattle)
40.000
891,238 Preferred stock
Land, bldgs. & equipml
119,800
3,165 Common stock
Investments
205,800
48,601 Surplus
Deferred charges
501,825
Total
$1,366,686
Total
51,366,686
-Balance Sheet June 30
Armour Grain Co.
-
(As filed with the Massachusetts CommL sioner of Corporations.I
1922.
1923.
1922.
1923.
$
$
$
AssetsLiabilities-$
Capital stock
1,000,000 1,000,000
RI. est., mach'Y.
820,245
& buildings-. 4,558,160 3,968,822 Accounts payable_ 931,791
Notes payable_ __ _ 891,000 4,786,000
Furn., fIxt., autos.
153,831
648,155
trucks, &c
Depreciation res_
2,017,549 5,963,506 Res. for taxes_-_- 175,000
175,000
Merchandise
6,669.081 6,136,316
Cash .4 accts. rec. 2,537.569 3,311,785 Surplus
399,763
321,603
Securities
9,661,872 13,565,710
Total
-V. 115, p. 2270.
Total
9,666,872 13,565,716
-Acquisition.
Associated Oil Co., San Francisco, Calif.
The Bullshead Point refinery on San Francisco Bay, which has been
under control of the Delta Oil & Refining Co., has been taken over by the
Associated Oil Co. and is now being operated by the latter company in
conjunction with its plant at Avon, aalif. The Bullshead refinery has
been inactive for five years, during which time it has been transferred
to various oil concerns on several occasions, but plans for operation have
-V. 117. p. 2113.
always fallen through.
Atlas Powder Co.
-Dividend of $1 per Share.
The directors have declared a quarterly dividend of $1 per share on the
capital stock, no par value, payable Dec. 10 to holders of record Nov. 30.
Alike amount was paid Sept. 10 last. Compare V. 117, p. 784, 1465.
-Initial Div.
Balaban & Katz Corp.
-Earnings.
-
The directors have declared an initial dividend of 25 cents a share on the
Common stock, par 525. payable Dec. 1 to holders of record Nov. 20.
A further dividend of 25 cents per share has also been declared on the
Common stock payable Jan. 1 to holders of record Dec. 20.
Quarter ending Sept. 301922.
1923.
$506,549
Profit
$561,426
53.253
Depreciation
53,253
Cram
Miscellaneous income
Cr.2,825
Miscellaneous deductions
28,170
51.424
Taxes
60,398
5359.971
Balance,surplus
429
in V.
See also offering of 50,000 shares of Common stock$422. 117, p. 1995.
-Bonds Offered.
Bartlesville (Okla.) Gas & Electric Co.
-E. W. Clucas & Co., New York, and Bown & Co., Inc.,
Philadelphia, are offering at a price to yield 6M%,$246,000
1st Mtge. Sinking Fund 6% Gold bonds of 1920. Due
Jan. 1 1947. A circular shows:
2216
THE CHRONICLE
Interest payable J. & J. Denom. $1,000 and $500c5 Subject
.
:all or part, at 102 and int. on any int, date upon four weeks' notice. to call,
Company agrees to pay the Federal normal income tax up to 2%,and to refund
Pennsylvania and Connecticut four-mill tax. Colonial Trust Co.. Phila.delphia, trustee.
Company.
-Serves without competition the cities of Bartlesville and
Dewey, Okla. and surrounding territory with electric light and power
and gas. Population, about 25,000. The steam generating plant has a
'capacity of 3.425 k. w., with more than 50 miles of transmission and distributing lines. Gas distributing system comprises 41% miles of mains.
Principal franchise expires nine years after maturity of these bonds.
Sinking Fund.
-Sinking fund requirement is 1% of the total amount of
bonds outstanding each year to and including 1936. and 2% thereafter,
to be used for the purchase of bonds at not more than 102, or call at 102
by lot, or an investment of 2% of outstanding bonds may be made in
permanent improvements, against which no bonds may be issued.
CapitalizationAuthorized. Outstanding.
1st Mtge. 6s, due 1947
$1,500,000
4638,000
Capital stock (par $25)
443,550
443,550
x Including $22,000 held alive in sinking fund.
Earningsfor the 12 Months ended Sept. 30 1923.
Gross earnings
$521,390
Operating expenses, maintenance and taxes
429.179
Net earnings
$92.211
Interest on $638,000 1st Mtge. bonds
38,280
Balance
$53,930
Management.
-Managed and operated by Cities Service Co.
-V. 110,
9. 1190.
I Beech-Nut Packing Co.
-Stock Increased-50% Stock
-Dividend-Extra Cash Dividend of 3%.
-
The stockholders have increased the authorized Common stock from
45,000,000 to $7,500.000. par 320, and approved the payment on Dec. 10
to Common stockholders of record Dec. 1 of the new stock in the form
•of a 50% stock dividend.
The directors have declared an extra cash dividend of3% on the Common
stock, payable Dec. 10 to holders of record Dec. 1. The present dividend
rate on the Common stock (not including extras) is 12%, or equal to $240
a share.
-V.117, p. 2113.
[VOL. 117.
Canada Iron Foundries, Ltd.
-Dividends
The directors have declared a dividend of 2% on the 6%Resumed.
Non-Corn.
stock, payable Dec. 15 to holders of record Nov. 30. This is the Pref.
first
dividend on the issue since Nov. 1921.-V. 115, p. 2475.
Candy Products Corp.
-Stock Ready to be Issued.
-
The Bankers Trust Co. is now prepared to issue
the above
corporation in exchange for stock of Buddy Buds. Inc. stock of p. 1890.
-V. 117,
(J. I.) Case Threshing Machine Co.
-Sales, &c.
-
Sales for first nine months of 1923 show an increase of
20%
corresponding period last year. President Davis statesaboutwhile over the
that
forecast
profits cannot be made at the present time, he is quite sure the financial
position of the company will be shown on Dec. 31 next to have been satis,
factorily maintained.
-V. 116, p, 2135.
Celite Company.
-Additional Stock Offered.
-
Application has been made by the company for authority to issue an
additional $100,000 7%% Cumulative First Pref. Stock, Class "A, to
partially reimburse its treasury for $255,112 expended in recent months for
plant addition and new construction and enable it to maintain a strong
cash reserve. In announcing the forthcoming issue R. J. Wig, V.-Pres.,
states that the financing of improvements is customarily effected through
the issue of securities to the amount of up to 90% thereof, whereas this issue
represents only about 40% of the amount involved.
This additional issue has been purchased, subject to approval of the
Corporation Commissioner, by Pacific Bond & Share Co. which recently
distributed $400,000 First Preferred, but according to Paul B. Hammond,
Executive Vice-President. only $80,000 will be available for public offering.
the balance having been reserved for purchase by employees ofthe Cellte Co.
For the eight months ended Aug. 31 1923 net
depreciation
and after all taxes amounted to 3407,177, or earnings before
16 times dividend requirements on the First Pref. Stock Class "A". This compares with earnings
of$347.818 for the year 1922 and a five-year average of $205.319. Issuance
of this $100,000 additional of First Prof. Stock Class"A" brings the amount
outstanding up to $500,000,on which dividend requirements are but $37,500
per annum. Compare V. 116, p. 2011.
Chace Mills Fall River, Mass.
-Balance Sheet Oct. 25.-
lAs filed with the Massachusetts Commissioner of Corporations.]
Assets-1923.
1922.
Liabilities-1922.
1923.
RI. est. & mach'y-$1.625,255 $1,604,545 Capital stock
$1,200,000 $1,200,000
Merchandise
581,446
438,412 Accounts payable_
76,969
Bell Telephone Co. of Pa.
-Issue of $20,000,000 63/2% Accts.receivable__ 16,579
39,179 Notes payable.... 252,000
235,000
Cash
Vumul. Pref. Stock Authorized.
15,483
18,653 Depreciation
603,531
542,255
The stockholders on Nov. 12 increased the authorized Capital stock
Reserve for taxes_
52,574
Tot.(each aide) _32.233,763 $2,100,789 Surplus
from $60,000,000 (all Common) to $80,000,000 by creating an issue of
123,534
43,689
-V.112, p. 2753.
$20,000,000 634% Consul. Preferred stock.
The $20,000,000 Preferred stock is being offered to its employees and
Champion Coated Paper Co.
-Dividend Decreased.
customers at par ($100). Payment may be made in full or on the installOn Nov. 15 last the company paid a quarterly dividend of 131% on the
ment plan at the rate of $10 per share per month. The proceeds will be
,
'used to reimburse the treasury for expenditures already made and to be outstanding $6,000,000 Common stock, par $100, to stockholders of record
Nov.10. This compares with 3% quarterly paid since 1920.-V. 116, p.826
made for increased plant facilities, improvements, &c.
-V. 117. p. 1995,
1239
Borg & Beck Co. of Illinois, Chicago.
-Acquisition.
-
It is stated that President George W. Borg has purchased outright the
.assets and basiness of the Automotive Parts Co., of Detroit. The purchase.
It is said, includes the Detroit headquarters and branches at Toledo and
Grand Rapids.
Net income for September, it is reported, was $26,094, and for the
'9 months ended Sept. 30. $406,492.-V. 117, p. 1351.
Botany Worsted Mills, Passaic, N. J.
-Directors, &c.
-
Chesebrough Mfg. Co.
-Special Dividend of
The directors have declared a special dividend of 3% 33'%.
outstanding $1.500.000 Common stock, par $100, in addition to% on the quarterly
the usual
dividends of 334% on the Common and 1'4% on the Preferred stock, all
payable Dec. 28 to holders of record Dec. 10. Record of dividends paid on
Common stock since 1912 follows.
'12-'15. '16. '17. '18. '19. '20. '21. '22. y'23.
Regular
40 y'ly 15 12 9 12 12 1034 14
14
Extra (cash)
x534 2 134 2 2 __
x Also paid a 200% stock dividend in 1916. y Including dividends payable Dec. 28 1923.-V. 116, p. 2261.
Following the transfer of the controlling stock of the company by the
Alien Property Custodian to a syndicate composed of Max W. Stoehr and
Childs Co.
Blair & Co., a new board of directors was elected consisting of Mr. Stoehr,
-Stock to Be So7d.A. De Liagre, former Sales Manager of the company; Fred Heltmeyer.
It was reported in the financial district this week that a group of bankers
Production Manager; Carl Schlachter. Superintendent of the mills; Ferdin- had acquired and would make public offering within a few days of a block
and Kuhn (Pres.). Col. Charles F. If. Johnioa of Passaic; Walter Larzelere. of this company's stock. The proceeds, it is said, are to be used in expanHarry Meyers of Passaic. William H. Heald of Wilmington, Del.; and sion of the chain of restaurants.
-V. 117, p. 1667, 1559.
'Oscar R.Luhring of New York. There are still three vacancies on the board.
The new officers are. Ferdinand Kuhn. President; Col. Charles F. H.
Cities Service Refining Co.
-Listing, &c.
Johnson. 1st Vice-President; William H. Heald, 2d Vice-President; Max W.
The Boston Stock Exchange on Nov. 14 authorized for tho list: 71.925
Stoehr. Treasurer; A. De IAagre, Secretary.
shares Common stock of no par value (authorized, 75,000 shares). Com-V. 117, p. 2113.
pany also has an authorized issue of 50,000 shares Prof. stock (par $100) of
(J. G.) Brill Co.
-Acquisition.
which 23.850 shares are issued. Transfer agent, company's office, 209
The company, it is reported, has purchased
railroad motor coach Washington St., Boston. Registrar, Massachusetts Trust Co., Boston.
division of the Service Motors, Inc., of Wabash, the giving the company
The company Is successor under foreclosure proceedings to the MassaInd.,
exclusive rights for production and sale of that
gasoline-driven rail chusetts Oil Refining Co. The 23.850 shares of Preferred stock.and the
car formerly produced by Service Motors, Inc.type a
The purchase. it is said. 71,925 shares of Common stock were issued and applied, together with
has resulted in the creation of the Automotive
Car Division of the Brill $339,048 cash, for $2,689.000 1st Mtge. bonds and 8523,800 notes, secured
company.
-V. 116, p. 2134.
by bonds of the Massachusetts Oil Refining Co., plus the assignment of
an accepted bid made at foreclosure sale of Massacnusetts Oil Refining Co..
Brown Shoe Co., St. Louis.
said bonds and notes being applied at 48.72% of face value and the notes
-Annual Report.
Years ended Oct. 31at 64.69% toward the purchase price of $2,500,000 and interest thereon.
1920-21.
1921-22.
1922-23.
Net sales of finished product
$29.679,235 $27,191.698 $22,382,716 These old bonds and notes were acquired through the opportunity given
Deduct
-Cost of mat% labor & sell.
the old holders of accepting $100 in cash, and 6 shares of Preferred stock
admin. & gen. exp., incl. deprec. &
and 3 shares of Common stock of Cities Service Refining, per $1,000 bond
int, charges, bad debts, &c
28,169,176 25,801,898 23,141,144 or note, about 63% of the old holders having elected to accept this propo'Estimated Federal taxes
sition.
176,000
100.000
Balance Sheet at Sept. 30 1923 Miter Giving Effect to New Financing Incident
Net profit
$1.334,059 31,289.799 loss$758,429
to Sale of 2,500,00 1st Mortgage 72).
Add previous surplus
1,785,452
459,698
1.382,522
Assets
Refinery, real estate, docks & equipment
$5.557,805
Total surplus
$2.716,581 $1,749.497 $1.027,023 Cash in banks and on hand
146.507
Preferred dividends(7%)
$367,325 Accounts receivable
$342,650
$366,975
'Common dividends
Inventories
167,126
562:834
Addl reserve provided for accts. rec_
200,000 01 deliverable by Cities Service Co. at market under contract- - 785,055
1
Prepaid taxes
17,745
Profit and loss, surplus
$2,206,805 $1,382,522
$459,698 Prepaid insurance
332
-V.116, p. 2113.
Unamortized bond discount & expense
381,963
Sundry suspense items
14,292
Bucyrus Co.
-7% Dividend on Account of Arrears, &c.
The directors have declared the regular quarterly dividend of 1%% and
Total
$7,559,858
a dividend of 7% on account of back dividends on the Preferred stock, both Capital and Liabilities
payable Jan. 2 to holders of record Dec. 20. On April 2, July 2 and Oct. 1 6% Cumulative Preferred stock
$2,385,000
last, dividends of 34 of 1% each were paid on account of accumulations on Common stock
(71,925 shares)
1,797,975
the Preferred stock.
011 contracted
x615,851
President Wm. W. Coleman says in substance: Both plants of the com- First Mortgagefor 1933
7s,
2,500,000
pany are operating at about a normal rate on day turn, with a much smaller Accounts payable
67,043
night force. Orders are not coming in at such a rate as to necessitate our Accruals
32,729
naming long-term deliveries. Certain classes of our product we can deliver Cities Service Co.for
oil contracted for
161,260
immediately;certain other classes can be delivered within a roasnoable time,
based upon the time required to build them.
Total
probably
$7,559,858
go down on record as the largest in the history Our earnings will Our forNote:
of
21 1,5800.
55
eign orders are from various parts of the world, the company.occasional being the At Sept. 30 1923 there was a contingent liability of $211,500.
cost of 75 tank cars purchased on a rental payment basis from
among thorn
orders from Japan. There has been no unusual quantity of orders recently the General American Tank Car Corp.
received from Japan.
-V. 117, p• 784•
x Liability for issue of capital stock to Cities Service Co.
-6,150 shares
o.lirf..stock and 3,075 shares of no par value Common stone -V. 117.
pt 5
2
California Petroleum Corp.
-Listing.
The New York Stock Exchange has authorized the listing
$8,000,000
10
-Year 6%% Sinking Fund Gold coupon bonds, due Oct.of
Columbian Carbon Co.
-Earnings.11933.
The syndicate headed by Blair & Co. and Hallgarten & Co. which under3 Months ended
wrote the $8,000.000 10
-Year Sinking Fund bonds was closed Nov. 13.
PeriodSept.30'23. June 30'23. Mar. 31 '23 9ept.3bend.
.
S M° '23
The bonds were offered in September at 9634 and int., to yield
7%• (See Net earnings after ere-- $1,321,430 $1,608,896 31,419.007 $4,349,333
offering in V. 117. P. 1351.)
Depletion & depreciation
395.608
960,204
279,464
285,132
Federal tax reserve
112,000
Results for Nine Months ended Sept. 30.
420,000
168,000
140.000
Dividends paid
(81)402,081 (31)402,131 (81)402,131(33)1206.34
3
1923.
1922.
1920.
1921.
Gross earnings
$15.363,557 $6,943,537 $5,783,189 $4,498,477
Balance, surplus
Operating expenses
$411.740
8591,745 $1,762,786
3759,301
6,614.911
1.612,402
2.278.209
3,091,574
-V. 117, p. 1559, 673.
Net earnings
$ . 48.646 33,851,963 $3,504,980 $2.886,075
87
Columbia Graphophone Mfg. Co.
-Off List.
Deprec.. depletion. &c..- $2,151,639 $1,439,632
$659,603
$877,733
Dealings
Bond interest
35,600
55.619 York Stock in the capital stock of the company were suspended by the New
38.433
37.582
Exchange on Nov. 14 because the company no longer maintains
Subsidiary co.'s share__ - x453,619
5,885 a transfer office
150.771
182,833
In
Federal taxes
700,000
498,591
369,569 the new company this city. When reorganization has been completed and
295,260
Preferred dividends
649.675
*577.829 to the trading formed it is expected that the shares will again be admitted
529,975
537.554
list.
-V. 117, p. 1891.
Common dividends
912.293
Balance, surplus
$3,845,821
$1.366,681
$1,401,898 $1,217,570
Commonwealth Hotel Construction
holders' Committee.
-
-StockCorp.
*Approximate; inserted by Editor. x Provision for redemption of Pref.
A notice issued to stockholders Nov. 9 says: In view of the conflict of
stock and bonds of subsidiary companies -V. 117. p. 2113. 1466.
charges and counter-charges between the present and former managements
Nov.17 1923.]
THE CHRONICLE
of the company, and the extensive litigation, present and prospective, involving the corporation, the undersigned protective committee has been
formed by neutral stockholders to investigate the corporation's affairs and
to take such steps as may be advisable to protect and conserve their property
and interests. You are urged to co-operate, to give your proxies to the committee, to refrain from signing consents at the present time, and to communicate your desires or Inquiries to the committee's secretary named
below.
Committee.
-Gustavus A. Rogers, Chairman, Arthur L. Doremus,
George W. Lawrence, Hon. Cornelius Huth, Abraham C. Finelite, with
John W.Goff,Jr., Secretary,67 Wall St., N. Y.City.and Almet F.Jfmks,
counsel.
-V.116, p. 181.
(John T.) Connor
Quarter ending Sept. 30
Quarter ending June 30
Detroit Edison Co.
-Listing-Earnings.
-
The New York Stock Exchange has authorired the listing of $124.800
(authorized $60,000,000) capital stock. par $100 each, upon official notice
of issuance and sale and payment in full. The total net amount of stock
applied for to date. $57.737,500, will not be increased by the amount of
stock now applied for, owing to such stock having been heretofore included
In such total net amount under previous applications.
Consolidated Income Account (Including all Constituent Companies).
7
9 MOS. end. -Calendar 11312/1---•
1921.
1922.
Sept.30'23.
1920.
822.848,203 $26,408,159 $23,382,898 $21.990,351
Gross revenue
xOper. and non-oper. exCo., Boston.
-Gross Sales.
14,309.657 16,823.614 15.639.063 17.056.658
penses and taxes
1,460,000
Depreciation reserve__ _ 2,118,000 2,415,000
Increase.
1922.
400.000
1923.
3,433,665
3,556.381
2.462,757
$3,470,236 $2,748,692
$721,544 Interest paid & accrued_ 2,911,006
2.210,966
2.599.278 2.234.339
2.201,627
3,438,696
2,746,476
692,220 Dividends (8%)
Six months ended Sept.30
$6,908,932 $5,495,168 S1.413.764
The company now has 420 stores in operation with new ones being
opened at the rate of two a week. "Official."
-V.117, p. 211.
Consolidated Gas Co. of New York.
-To Increase Stock
and Offer 600,000 Shares to Stockholders at $50 per share.
An official statement says in substance:
It is the opinion of the board of trustees, as expressed in a resolution
adopted Nov. 13. that it is advisable to increase the number of shares of
Common steak which the company may issue from 3,000,000 shares (presently authorized) to 3,600.000 shares.for the purpose of providing additional
capital for the discharge of this company's obligations and for the reimbursement of its treasury for moneys expended out of Income for the acquisition
of property and for the construction and extension of its plants and distributing system and those of its affiliated gas and electric companies.
The board has recommended such Increase to the holders of the Common
stock and also recommended that the additional shares be offered to holders of Common stock of record Dec. 8 1923. for subscription at the price
of $50 a share, at the rate of one new share for every five shares owned by
them.
The Common stockholders will vote Dec. 3 1923 on authorizing the increase, and if approved, of authorizing that the additional shares be offered
to stockholders for subscription.
The constantly increasing demand for gas and electric service, resulting
from the continuous growth and expansion of the City of New York. has
during the past year rendered necessary heavy capital expenditures for the
construction and extension of the plants and distributing systems of the
company and its affiliated gas and electric companies. These expenditures. nearly 85% of which have been for extensions of the electric properties, have thus far been met, to a consideraole extent, by temporary loans;
and it is now proposed to pay off these loans by the issue and sale of additional Common stock, instead of issuing bonds or other obligations. The
company has no bonded indebtedness, and under present conditions the
board of trustees arc of the opinion that
opportunity to finance the
capital requirements of the company shouldthe given to
be
the stockholders.
Subject to approval by the stockholders, it
that payments
upon subscriptions for the new stock shall be is proposedin three
called for
installments, the first, of 40%, payable on Dec. 28
on Mar. 151924. and the third, of 30%,on June1923; the second, of 30%.
14 1924, with the privilege
of anticipating any of such payments.
-V. 117, p. 1466. 444.
Continental Can Co.
&v.
s. J. Steele, F. A. Prahl and -New Directors, been elected directors
J. B. Jeffre-ss Jr. have
succeeding F. P. Assmann, F. A. Assmann Jr. and
A. G. Chase. Mr.
Jeffress Jr. also becomes Treas. & Asst. Sec.
0. C. Conway has been
made 1st Vice-President.
The usual quarterly dividend of Wi% has been declared
on the Pref.
stock, payable Jan. 1 to holders of record Dec. 20.-V.
117, p. 1782.
Converse Rubber Shoe
PeriodNet profits
-V. 116. p. 2888.
Co. Earnings.
6 Mos.End.
Sept. 30 '23.
$307.564
Year Ended
Mar. 31 '23.
$498.677
Crescent Pipe Line Co.
-To Omit Dividend.
-The
directors on Nov. 12 voted to omit payment of the quarterly
dividend of 13-i% usually paid Dec. 15. On Sept. 15
a distribution of 1M% was made. Dividend record last
(since
1911) follows:
1912-1913.
12% per annum
2217
1914.
9%
1915-1922.
6% per annum
x1923.
43%
x Early in Feb. 1923 (V. 116, p. 620) the
stockholders (a) decreased the
authorized Capital stock from $3,000,000 to
$1,500,000, and (b) reduced
the par value of the shares from $50 to $25. The
company issued to
stockholders of record Feb.20 1923,in exchange for
outstanding certificates
of stock, par $50, new certificates of stock of the
par value of $25 per
share, together with a cash distribution of $25 per share.
President Charles Schumaker says in substance:
falling off of our business duo to the transportation "On account of the
from the California fields to Eastern refiners by tank of crude petroleum
ships, the directors
found it advisable and necessary to omit the payment
of the dividend
usually made on Dec. 15."-V. 116, p. 620.
Crucible Steel Co. of America.
-New
Director.
R. B. Mellon has been elected a director succeeding
Duane Armstrong.
-V. 117, p. 1771, 1782.
Davison Chemical Co.
-Contract.
-
Balance. surplus
Previous surplus
$1,298.594 $1,013.886
1.965.843
2,616,534
$615.832 def$130.691
1,653,687
2.569,758
13.915,128 $2,979,729 $2,269,519 $2.529.067
Total
Cr.$1,185 Cr. .037
Adjustments
Cr.10,562 Dr.$9,454
Renewals, &c. (addl)_
700,000
32.584
Insurance reserve
Extinguishment of disc't
272.276
353.743
234,415
260,643
on securities, &c
53.665,028 52.616.534 11.965.1343 11.653.687
Total surplus
x Statistics furnished to New York Stock Exchange for year ending
Nov. 30 1920 shows that for this year the Federal and other taxes included
in operating and non-operating expenses amounted to 11.127.350: for the
calendar year 1921. $1.524.000: for the 12 months ended Oct. 31 1922,
81.725.800. and for the nine months ended Sept. 30 1923. $1.594,500.
-V. 117, p. 557. 330.
-Listing.
Dome Mines Ltd.
The New York Stock Exchange has authorized the listing on or after
Nov. 14 of 1.000.000 shares of its capital stock, without par value, on
official notice of Issuance, In exchange for capital stock of the Dome Mines
Co.. Ltd.. in the ratio of two shares of Dome Mines. Ltd.. for one share
of the Dome Mines Co., Ltd.. stock. See also V. 117, p. 1891. 1997.
-New Director.
Dubilier Condenser & Radio Corp.
-
William B. Joyce, Chairman of the board of the National Surety Co.'
has acquired a substantial interest in the Dubiller corporation and ha
-y. 116, p. 2771.
been elected a director.
a .rn r Kevink Cn.-Fixtra Dividend of Si 25.
0
(
An extra dividend of $1 25 per share has been declared on the Common
stock, no par value, in addition to the regular quarterly dividend of 11 25
per share, both payable Jan. 1 to holders of record Nov. 30. Extras of
75 cents per share were paid April 2 and July 2 last on the Common stock.
-V. 117, p. 1782. 673.
-Additional Pref. Stock
Electric Bond & Share Co.
Sold.-Bonbright & Co., Inc., have sold at 971 and
4
div., to yield about 6.15%,6% Cumul. Pref. a. & d. stock,
par $100 (see advertising pages).
Authorized. Ontstandino.
Capitalization (No Bonds)Preferred stock,6% Cumul.(including this issue)325.0ee.e00 $92,400,000
Common stock (all owned by General Electric Co.) 25.000.000 22.400.000
Data from Letter of S. E. Mitchell, President of the Comoany.
Compattp.-Tneorp.,Feb. 28 1905. Takes a financial interest in electric
power and light enterprises. It buys, holds and sells securities issued
on such properties. and renders expert assistance in connection with the
financing and the operation of companies controlling and operating such
properties.
Purpose -Proceeds will be used for general corporate purposes of the
company in expanding its business.
-Dividends at the rate of 5% per annum were paid
Dividend Record.
regularly on the Preferred stock from organization up to Oct. 31 1911, at
which time the regular rate was increased from 5% to 6% per annum,
and have been paid regularly at this rate since then. Common stock
has regularly paid dividends of notless than 5% per annusince July 15 1909
Earninos Calendar Years.
Cross
Preferred Common Accumur
Net
Income.
Income. Dividends. Dividends. Income.
$601,404 1507,415 5100.000 8160.000 51.505,155
1910
1.MR.°711 1,296,557
295.333 9,750,456
160,939
1919
433,7713 9.530,262
344,647
.590.337 1.401.055
07
1
191 5
3.140.09
0 2.0611,359
(144.11119 3,501
457,710
3,205
3,114,571 1,697,472
775,730 4.119.154
563.595
1919
6.141 .511 3.741,469
676,6117 3,9114,357 4.789.496
1099
8.0711.632 4,510,141
1923x
978,442 1,229.523 6,462.065
x Year ended Sent. 30. 1913.
For the year ended Sept. 30 1923 net income. after Federal taxes. was
than 334 times annual dividend requirements of 51,54.51n 140, or more
344.000 on the total amount of Preferred stock outstanding, including
this issue.
-As of Nov. 1 1923. and without including the
Present Cash Position.
proceeds of this offering of 52,400.000 Preferred stock, the company has
84.964.000 cash on hand and in banks and on quick call, and is entirely
without debt. exeent for syndicate and current accounts payable (not due)
of less than 't1 .1100.000, against which it has similar receivable items of
more than 816.000,000.-V. 117. p.673.
Eureka Smelting Co.
-Interest Payment
--
Interest due Nov. 15 1923 on the8% 1st Mtge.10-Year Coll. Trust Cony.
S. F. Gold bonds dated May 15 1923 will be paid to the holders of the
interim receipts therefor. upon presentation of same to the Empire Trust
Co.: 120 Broadway, N.Y.City. For offering of bonds see V. 116. p.3000.
The company has closed a contract with the Vacuum 011
Co. for the
use of the "silica gel" process in the refining of gasoline.
This process
Is controlled by the Silica Gel Corp.. a subsidiary of the
Fwa Plantation Co., Hawaii.
-Extra Dividend.
Davison
Co. The Vacuum 011 Co. is the first American oil corporation Chemical
The company has declared an extra dividend of 2% in addition to the
to close a
contract for the patents, although numerous domestic
monthly dividend of 1% for the month of November.
-V.116. p. 2014.
corporations are
engaged in investigating the process. The Royal Dutch Co.
some time
ago closed a contract for "foreign rights" to the process on a
Fain Knitting Mills. inc.-Pref. & Corn. Stock Offered.
While details covering the contract with the Vacuum 011royalty basis,
a
Hitt, Farwell & Co., New York, are offering for public
Co.
obtainable, it is understood that a refining plant will be erected are not new is5110 of 1500.0008% Cumulative Prior Preference stocksubscription of
and a block
at Paulsboro. N. J., which will have a capacity of refining 5.000 barrels
of gasoline no par value Common stock, which is offered on a basis of 2 shares of the
daily. The plant is expected to be completed in about
five months. 8% Prior Preference stock and I share of Common stock for $200. The
(New York "Times.")
-V. 117, p. 1352, 1132, 668.
Cumulative Prior Preference stock is preferred as to assets and as to cumulative dividends and is redeemable as a whole or in part on 30 days' notice
Detroit City Gas Co.
ma mai
-Increased Gas Rates Enjoined.
at 110 and div. The company has no funded debt.
Judge Clyde I. Webster, in Circuit Court at Detroit. issued
Fain Knitting Mills, Inc., is essentially a chain store business selling
a restraining
order enjoining the company from putting into effect on
Nov. 15 a 20% knit goods with the trade mark brand "Famous Fain." Net earnings before
Increase in gas rates. The order is returnable Nov. 22,
when the Court taxes for 1922 were $.3118,000 and for 1923 are conservatively estimated at
will decide whether an injunction will be issued.
1425,000. This is 8 times the dividend requirements on the Prier Pref.
The proposed new gas rates are: 95c. net per 1,000 cu, ft.
stock, after liberal allowance for taxes and over $2 50 a share on the 100.000
for
50.000 cu ft. used In any one month, 90c. net per 1.000 Cu. the first shares of Common stock, after all prior charges. Net current assets are in
ft. for the
next 150,000 Cu. ft. used, 85c. net per 1.000 Cu. ft. for the
of 1700.000
next 300.000 excessPref. stock. and total net assets more than $220 per share of the
cu. ft. used. 80c. net per 1.000 cu. ft for the next 500.000 Cu.
ft. used, Prior
75c. net per 1,000 Cu. ft. for the next 1.000.000 cu. ft. used.
70c. net per
Fay Taxicabs, Inc.-Acouired by Yellow Taxi Corp.
1,000 Cu. ft. for the next 3,000.000 Cu. ft. used. 65c. net per
1.000
for all in excess of 5.000,000 Cu. ft. used. Bills will be rendered cu. ft.
See Yellow Taxi Corp. below.
-V. 116. D. 2394.
at
10c. per 1.000 cu. ft. higher than the above, which 10c. per 1,000 rates
Frank & Seder, Inc. (Pa.).
-Sale.
cu. ft.
will be deducted from bills paid within discount period.
See National Department Stores. Inc., below.
-V. 117, p. 2115.
In announcing the new rates the company said. "For a period
years the consumers of gas in Detroit have been supplied under an of 30
Fuller Brush Co.. Hartford, Conn.
-Sales.
ment fixing the rates of charge. This period expired Oct. 311923.agreeSales amounted to $1.514,558. an increase of 48.4% over Oct. 1922. and
The
rates under which we have been furnishing gas are entirely
inadequate. comparing with previous record of *1.392.175 in April 1923. Sales for the
the earnings of the company being insufficient to pay operating
totaled $11,997,750. an increase of 30.7% over the 1922
expenses, 10 months of 1923
taxes and interest on its Indebtedness. Nevertheless it has been necessary, period.
-V.117. p. 1998.
in consequence of the city's rapid growth,to expend many millions
(lien Alden Coal Co., Scranton.
In enlarging and extending its property. During the current of dollars
-$2 50 Dividend.
year the
company will have laid approximately 90 miles of street mains and over
The directors have declared a dividend of$2 50 a share on the outstanding
500.000 feet of service pipe, installed 18.000 new meters, and made large Capital stock, no par value. payable Dec. 20 to holders of record Dec. 1.
additions to its manufacturing plants, all at a cost of approximately $3,- In June last the company pail a dividend of $2 a share and in Dec. 1922 a
000,000. Within the next few years further extensions and betterments dividend of $1 50a share.
-V. 116. D. 2394.
will be needed,for which a large amount ofadditional capital will be required
General Motors Corp.
-Sales of General Motor Cars.
Money for these additional outlays cannot be obtained nor adequate
Preliminary combined sales for October of the American and Canadian
service provided unless the company can show a reasonable return. Th's
passenger and commercial car divisions totaled 86.800 cars and trucks
cannot be done under the rates heretofore prevailing. -V.117, p.2115.
This compares with previous months as follows:
THE CHRONICLE
2218
[VOL. 117.
execute assignments to the creditors' committee. and deposit the same
with notes. endorsements, guarantees and other papers with the CommerceGuardian Trust & Savings Bank, Toledo, subject to the orders and use of
the creditors' committee, and the bank, on the order of the creditors'
committee,shall deliver the assignments to the undersigned or their nominee
when,in the judgment of the creditors' committee, it is desirable or proper
so to do, for the purpose of carrying the plan into effect.
The deposited claims may also be used by the committee for the purpose
•This preliminary figure of sales includes Buick, Cadillac, Chevrolet,
Oakland, Oldsmobile passenger and commercial cars and GMO trucks. of purchasing the property of the company at any sale.
Creditors' Committee.—T. M. Simpson, Guy L. V. Emerson and R. E.
—V. 117, p. 2115.
Hayslett.
Gorham Manufacturing Co., Providence, R. L.—Pref. (The plan itself does not give the names of the undersigned and associates
as mentioned in the plan, but the "Chronicle" has been informed that some
Stockholders' Committee.—
or all of the following named persons are underwriters of the plan: E. B.
The following have been appointed a protective committee to look Mitchell, E. G. Mitchell, Emil Levy, Joseph Cousins, K. S. Goodin,
after the interests of the Pref. stockholders: George H. Newhall (Rhode Dudley Bernstein, and B. A. Gramm.j—V. 115, p. 2691.
Island Bank Commissioner), Preston H. Gardner (V.-Pres. Rhode Island
Hospital Trust Co.), and J. Cunliffe Bullock (V.-Pres. Industrial Trust
(W. T.) Grant &. Co.—Gross Sales.—
Co,). William S. Innis (Rhode Island Hospital Trust Co.) is Secretary.
Gross sales for October amounted to 32,014,495, an increase of 39%
The following letter has been sent by the committee to Prof. stockholders: compared with Oct. 1922. Gross sales for the first 10 months of 1923 were
"The company has been unable to meet the dividend requirements of $14,610,788,a gain of38% compared with the same period in 1922.—V.117.
its Preferred stock since January 1921. The company, in addition to a P. 1783.
considerable bank debt, has bond indebtedness of $350,000 maturing
Gray & Davis, Inc., Boston.—Orders on Books.—
Feb. 1 1924. The bank credit has been continued on the assurance that
a plan of refinancing or reorganization would be formulated in the near
It is announced that present orders on the books of the company assure
future. The Interests of the stockholders demand that some plan should capacity operations for one year from Nov. 1. During the peak months
be devised to provide for these obligations and restore the stock to a the plant will be run at well over capacity which will require a special shift.
dividend-paying basis.
The company is manufacturing starting and lighting equipment for the
"Practically all of the Common stock of the company is owned by the Hudson, which is more than doubling capacity for 1924, the Chandler,
Silversmiths Co. and is now controlled by a protective committee with Lexington, Dort, Cleveland and 20 other smaller customers.—V. 117.
which over 99% of each class (both Prof. and Common) of the Silver- P. 1241, 445.
smiths Co.'s stock has been deposited.
,
"Under these circumstances it seems necessary for the protection of
Gulf States Oil & Refining Corp.—Gets Deed to Island
the Preferred stockholders that the Pref. stock of the Gorham Mfg. Co.
should also be placed in the hands of a committee where it can be voted Oil Refineries.— on Nov.9, A.B. Westervelt, V.-Pres. of the American
M a joint meeting
as a unit and exercise its full influence in any plan for reorganization,
committee,
refinancing, or consolidation. A large amount of the Pref. stock has Trust Co., Chairman of Island Refining Corp. bondholders'Palo Blanco
deposited. The immediate deposit of stock is requested, delivered the full deed of conveyance for the New Orleans and 'States Oil
already been
refineries and the transfer of the $12,000,000 claim to Gulf
as it is important that the committee should be in a position to act promptly &
Refining Corp. and its refining subsidiary, and immediate possession.
for as many stockholders as possible.
Full plans have been made by Gulf States 011 & Refining for early
"Stock should be deposited with Rhode Island Hospital Trust Co..
capacity.
Providence, as depositary. All stock deposited should be accompanied operation of the New Orleans refinery on a 10,000-barrel-a-day Western
by a check or money order to the order of Rhode Island Hospital Trust Crude oil will be furnished by Middle States, Southern States and
States Oil corporations from southern Arkansas oil fields.
CO. to the amount of two cents per share to cover the amount of stock
Middle States Oil owns the larger part of the Class "B" voting stock of
transfer stamps required."—V. 114, p. 1413.
Gulf States Oil & Refining, with Southern States and Western States
owning all the remainder, so that complete management is vested in these
Gramm-Bernstein Motor Truck Co.—Reorg. Plan.—
The holders of 7% Serial Gold notes,dated Jan. 1 1920, who have hereto- corporations.
President Ferris will be in complete control and management of Southern
fore deposited their notes with First Trust & Savings Bank, Chicago,
of Middle
depositary are notified that the noteholders'committee has adopted a plan States; President Saklatvala in control of the direct affairs direct the
operative, although States; and Gov. Haskell, in the interest of Middle States, willproduct.
of reorganization. The plan has not yet been declared
proceedings of the refining, transporting and marketing of the
depositing noteholders representing $444,500 of the notes out of a total
This plan is the consummation of negotiations of the last three months
of $445.500 have signified their assent or approval of the plan.
water transwith a view to
Noteholders' Protective Committee.—Charles N. Stevens, Chairman (Pres. portation via giving Southern Arkansas oil the advantage of rates enable
and their
New
City National Bank), Evanston, Ill.; Paul C. E. Fleer (Mdse. Mgr., The them to reach all Orleans to the consuming world,Atlantic Coast points
European and United States
Hyneyr, Emerson
Pair), Clpicago, Ill.; Guy L. V. Emerson (Vice-Pres.
than California
approximately
& Co.), Chicago, Ill., with Edward F. Brubacker, Sec., Ill West Monroe and less than 20 cents per barrel less transportation cost from the Midthe actual pipeline transportation charges
St., Chicago.
Continent field to Bayonne. Compare V. 117, p. 1560.
Plan of Reorganization.
At the request of E. G. Kirby, receiver, and the creditor's committee,
Habirshaw Electric Cable Co.—Time Extended.—
the undersigned and associates submit a plan of reorganization. The
The holders of certificates of deposit for oinking Fund Gold Debenture
creditors are expected to indicate promptly their approval or disapproval Bonds,Series"A,"issued by Guaranty Trust Co. New York,as depositary
of this plan, which provides in substance:
are notified by the protective committee (E. N. Potter, Chairman) that
Sale, &c.—E. G. Kirby, receiver, shall file in the U. S. District Court the committee has extended the time within which tne holders of the cerfor the Northern District of Ohio a petition setting forth facts and figures tificates of deposit will be entitled to receive new securities or cash or the
respecting the assets, liablities, &c., of the company, and shall also ask return of the deposited bonds to Dec. 11924.
for a decree for the sale of the property in conformity with this plan. If
Hearings on Reorganization Plan—Minority Opposes Plan.—
the court shall direct the plan to be carried into effect, a decree for the sale
Hearings on the reorganization Plan and proposed sale of the company
of the property, &c., shall be entered. The property shall be purchased
new company to and its subsidiaries were held this weex before U. S. Diszict Judge
and transferred to the Gramm-Bernstein Truck Co., a
be organized by the committee.
John C. Knox.
A commi.tee representing dissenting creditors and bondholders attemptCapitalization.—New company shall have the following capitalization:
$500,000 of 8% Prior Preference Management stock; $2,000.000 of 7% ing to prevent sale as provided in plan of reorganization committee sent
circulars to other claimants and bondholders Nov. 12 urging co-operation
Preferred stock, 12,500 shares of no par value Common stock.
Terms & Amount of Management Stock.—An amount of management in opposing the present plan. The circular reviews the results of the hearstock to be hereafter fixed by the creditor's committee (to be not less ing on the reorganization plan before Judge Knox wherein two witnesses
than $300,000 and the cost to committee not to exceed $90 a share) shall in support of the plan were cross-examined by counsel of the opposing
be issued to the undersigned and associates in consideration of which the committee. The circular states that about $700,000 in bonds and creditors'
undersigned and associates will provide such money as may be required claims have admitted opposition to the plan, many of which are already
to settle all taxes so far as the same are entitled to lien or preference; deposited with reorganization committee, and that others representing
preferred and lien claims ordered paid by the court; receiver's fees, attorney $300,000 are ready to join in a fair and proper reorganization. With this
fees; costs of administration as fixed by the court; the cost of purchasing nucleus of $1,000,000 the committee believes it should be possible to build
the property; the costs and expenses of reorganization, including expenses up a reorganization plan fair and just to bondholders and creditors and
of creditors' committee and noteholders' committee; and such other items carried out solely in their interests.
as are required to be paid to effect this reorganization; and, in addition.
A brief in behalf of certain creditors in opposition to the reorganization
,
they will supply an amount of cash to be agreed upon with the creditors' plan, dated ilspt. 14 1923, has been filed in the U. S. District Cpurt. Excommittee to be applied to the payment of receivers' liabilities so as to tracts regarding the operations of the companies follow:
start the new company with such ratio of current liabilities to current
Operation.—Profit and loss statement of operating companies for the
assets as may be agreed upon as sound.
9 months ending Sept. 29 1923 reveals operating profits of over $649,711
$200,000 of Management stock will be reserved for future sale to provide before depreciation or court administration expenses, but after inventory
additional capital, if need be. Such stock shall not be sold at less than adjustment. Average monthly rate of profit, therefore, was somewhat
in excess of $72,000. The profits for the first six months were $431,638,
95 without the consent of majority of the Preferred stockholders.
Management stock is to be entitled to 8% cumulative dividends, and or an average of slightly under $72,000 a month. The operating profits for
is to be preferred as to assets and earnings. Stock is to be redeemable at the month ending Sept. 29 1923 were $80,899.
par out of any earnings or property of the company, and no dividends or
Balance Sheet.—Consolidated balance sheet for the receivers' operating
distributions are to be made in the Preferred stock until the Management companies as of Sept. 29 1923 reveals that total available cash was in exe038
stock has been reduced to $150,000. The Preferred stockholders may of $627,000,and this item and accounts receivable were in excess of $1,045,compel the redemption of the Management stock as provided below.
000. These two items, together with the inventories on hand as of that
Management stock is to have full voting rights, and is to control the day totaled approximately $2,030,000. On the other hand, current
company, with the exception that two directors of the seven or more may liabilities, including wages, taxes, accrued interest, receivers' accounts
always be elected by the Preferred stock. Company shall maintain net payable and other liabilities, were approximately $226,000. leaving a net
quick assets to an amount not less than 150% of the outstanding Manage- balance of current assets of over 81.800,000. In addition, the plant propment stock, and in any case not less than $3010,000. Holders of two-thirds erties of the defendants are carried at a figure of $3,664,000. The total
of the outstanding Management stock may dissolve the company if they not assets amount to approximately $5,464,000
Cash Position.—Within 12 months receivers have transformed the propshall by vote decide that the purposes of the corporation cannot be conveniently and practically accomplished, and that it is in their interest to erty from the position of needing additional capital to a position where it
has more cash than it at present needs. On Aug. 14 1922 the receivers
discontinue the business.
7% Non-Cumul. Preferred Stock.—Shall be issued at par to creditors were obliged to petition the court for an order authorizing them to borrow
but in
participating in the reorganization in amounts equal to their respective $300,000 on receivers' certificates. Subsequently these were paid,borrow
claims against the company as allowed by the special master. One share Dec. 1922 the receivers obtained another order authorizing them to
of money up to $200,000 on receivers' certificates. We believe that the
of no par common stock shall be issued to creditors with each $500
power to borrow this money was not exercised.
Preferred stock.
The receivers have now for many montns been discounting their bills
This stock shall be subject and subordinate to the Management, but
shall be preferred as to both assets and earnings as against the Common for purchases and have been anticipating even the usual discount periods.
stock. This stock may be redeemed at any time at par, plus a premium In the past few months the receivers have deemed it unnecessary to discount
equal to an amount to be determined by multiplying $7 by the number the bank acceptances given to the receivers in payment of merchandise
of years that have elapsed between the date of issue and the date of re- purchased from them. In recent months the receivers have actually been
demption. less the aggregate amount of dividends theretofore paid thereon. In a position to keep cash in banks at comparatively good rates of interest
Except as to the election of two directors, the holders of the Preferred and in part on a time basis. The available cash is over $627.000.
Increase in the Volume of the Business.—The total sales in 1921 were not
stock shall have no voting rights until after the Management stock is
redeemed, but thereafter it shall have exclusive voting rights until 25% in excess of $7,000,000. Total sales in 1922 were $9,000,000. Total sale"
of the Preferred stock has been redeemed; provided, however, that when in the first 9 months of 1923 were over $8,000,000. In the last 4-week
the Preferred stock becomes entitled to voting rights, the Common stock- period ending Sept. 29 1923 total sales were $783,000, or at the annual
rate of over $10,000,000.
holders may elect two directors.
fitled Orders—Unfilled orders for the last 6 months have run as follows:
One such director elected by the Preferred stock shall be a representative
8 00
1 149 0
$1:29 :0
$1,173,0001Sept.4
$1,836,0001July 1
of the present serial noteholders, and one such director shall lye a repre- April
1,084,000 Oct. 1
April 29
1,614.000 July 30
sentative of merchandise creditors.
have all June 3
1,084,000
Whenever the holders of 25% of the Preferred stock desire to
The orders received for the third quarter total $2,478,000, or at the
or any part of the Management stock redeemed, a meeting of the Preferred
,
stockholders shall be called at their request, and on the vote or consent annual rate of approximately $10,000,000. It would be well to note also
in September
in writing of 60% of the Preferred stock, all or any part of the Management that the new business placed with tne Habirshaw companies for the third
the monthly average
stock shall be redeemed at par and divs, at the next dividend date, such was $914,000, or more than 10% above these companies has kept up well
or out of quarter. In short, the new business of
redemption to be effected either out of funds of the company
has been on a satisfactory basis even in the third
the proceeds of the financing to be provided by the Preferred stockholders. right through the year and other large concerns suffered a severe shrinkage
quarter
Common Stock of No Par Value.—Shall be issued in an amount to be in their of this year When business of the last month of the third quarter
One
the
bookings; and
agreed upon between undersigned and the creditors' committee.
the average for the entire quarter.
share of no par Common shall be issued and delivered with each $500 of was even substantially above
Increase in Rate of Turnover—The receivers have greatly increased the
Preferred stock, and the remainder of the Common stock shall be issued
turnover of the business in comparison wita the working capital. This
and delivered to undersigned.
is of great pertinence in considering the amount of working capital
No dividends shall be declared on the Common stock until 50% of the factor
amount of capital which the property must
that
Preferred stock has been redeemed and current dividend on the Preferred raise may be necessary and the
in connection with any reorganization.
been paid or provided for.
stock has
Claims Against the compantes.—It appears from the petition of the reClaims.—In consideration of this reorganization
Assignment and Deposit of
committee that the following claims are asserted against the
against the company, together with
all claims of every natureand all endorsement, guarantees, or all notes, organization Merchandise and sundry. R2.109,047; bank, $1,643,071; dethe like. properties:
drafts, or other papers,
benture bonds, $1,891,500; total, $5,643,618.
shall be assigned to the undersigned or their nominee. The creditors shall
January
February
March
April
May
1923.
49,162
55.427
71.669
75.822
75,393
1922.
16,088
20.869
34,082
40.474
46,736
June
July
August
September
October
1923.
69.708
51,634
65,998
69,081
*86,800
1922.
48,541
33,772
42,840
35.443
40.815
Nov.17 1923.]
THE CHRONICLE
It is also true that the U. S. Government asserts a claim against the companies in the amount of $1,125,000, against which the companies have a
claim against the Government of approximately $500,000. The net amount
of the Government claim is approximately $625,000. for which claim the
Government asserts a priority over other creditors. The claim of the
Government has been disputed. The recelvesr' petition, verified Oct. 19
1923, states that the Government is favorably inclined to settle its claim
against the companies for approximately $379.000.-V. 117, p. 1892. 1561.
Haynes Automobile Co., Kokomo,Ind.
-May Offer Bds,
A Kokomo. Ind., dispatch Nov. 13 stated that the company will offer
for sale to the public $1,000,000 bonds, while an additional $500,000 will
be subscribed for by directors. The money is to be used in refinancing
the company and beginning production on a paying basis.
-V.117. p.2116.
2219
Income Account for Stated Periods.
Jan. 1 to
Calendar YearsPeriodOct. 7 1923.
1922.
1921.
1920.
Profits
52,570,204 56,013.340 54,761.515 $3,792.342
Deduct
-Donations
1.285
7,575
3.802
1,959
Plant deprec'n
787,999
627,489
445,986
Cap. dev. written off408,250
Inv. In other Cos. &
prop'y written down
3,552
18,115
280,872
Prior year taxes
52,960
99.745
Dividend paid
2,460,000
3,198,000 3,198.000
2.214,000
Balance, surplus
Profit & loss surplus
$108,919 31.948,690
$828.928
$461,275
$6.018.388 55,909.470 $3.960,780 $3,131,852
Comparative Balance Sheet.
oa. 7 '23. Dee.31'22
Oct. 7 '23. Dee.31'22
AssetsLiabilities$
$
$
$
of record Nov. 15. This raises the amount of dividends for 1923 to $1,150,- Prop. Invest., &c_24,807,982 24,178,249 Capital stock
24,600,000 24,600,000
000. The mine has been inactive since July 13 of this year, when a fire Accts.rec.,drc_ _ __
788.134 Accts. payable, &c 720,457 1.604,759
181,358
at Burke,Idaho. See also V.117, p.559, 1353• Stores
destroyed the surface works
762.888
636,888 Surplus
6,018,388 5,909,470
Govt. bonds
-Stock Increase-Rights.
Hill Mfg. Co., Lewiston, Me.
- Prey.& mun. bds_ 3.067,375 3,404,270
1,668,385 2,546.967
The stockholders on Nov.13 increased the authorized Capital stock from Cash
929,757
290,800
S1,000.000 (all outstanding) to $1,500,000. par $100. The stockholders Bullion
Tot.(each side)_31,338.846 32,114,229
560,057
559,717
of record Nov. 13 are given the right to subscribe to the new stock at par -V.117,p.2116.674.
($100) in the ratio of one new share for each two shares now held. payment
to be made either in full on Dec. 15 1923 or in two equal installments on
-Balance Sheet.
Illinois Bell Telephone Co.
Dec. 15 1923 and Feb. 151924. See also V. 117, p. 2000.
Sept. 30'23. Dec. 31 '22.
Sept. 30'23. Dee. 31 '22.
Liabilities-$
Assets$
$
$
Holmes Automobile Co.
-Reorganization Improbable.
Land & bldgs__ _ 13,043,606 12,418,361 Capital stock_ -- 60,082.900 60,000,000
E.A. McCuskey,trustee, writing to the"Chronicle" Nov.5 says:"Kindly Telephone plant 126,758,939 118,136,013 Cap.stk. install. 5,951,340
there has been no development of any kind in connection General equipl_ 2,352,489
be advised that
2,911
2,911
2,222,749 Prem.on cap.stk.
with the reorganization of the above company since June. It is my personal Other perm't &
Funded debt- 50,197,700 34,884,179
opinion that any reorganization of thLs company is highly improbable.
398.148
long-term inv.
339,770 Acc'ts payable__ 19,043,310 2,754,294
We have been endeavoring to interest parties along some other line in the 'Mang. capital_
42,638
42,638 Accr.liab.not due 4,642,205 4,114,610
purchase of the buildings and equipment of the company."
-V.116. p.2520. Cash & deposits 18,612,006 1,509,975 Exting. prem.on
4,356
debt
4,549
600
Marketable secHollinger Consolidated Gold Mines, Ltd.
-Interim Bills receivle-65,995
32,312 Ins. & casualty
Statement.
reserves
463,470
433,470
Acc'ts receivable 13,098,665 5,157,659
793,603 Empl.benefit fd. 1,388,414 1,400,000
746,972
President N. A. Timmins in a circular to shareholders covers the opera- Mail & supplies
206,138
4,681 Other def'd cred.
Accr.int.not due
ions of the company from Jan. 1 to Oct. 7 1923. He says in substance:
458,260 Items
35,004
45,750
-Commenting on the balance sheet it will be observed that Deferred debits- 4,644,106
Balance Sheet.
Res.for accr.dep. 36,155,471 33,522,899
liquid assets amount to $5,348,109, stores $762,888, in addition to which
Surplus
5,011,028 3,961,666
payments on the Schumacher amounting to $1,650,000 and MacKay
properties $84,168 have been made, these sums amounting in all to $7,182,974,256 141,120,384
Total
182,974,256 141,120,384
Total
845,166, as against which the surplus shown is $6,018,389. It will also be
observed that profits to date have been more than sufficient to provide the
The balance sheet as of Sept. 30 1923 reflects the issuance this year of
customary dividends.
$50,000,000 1st & Ref. Mtge. 5% gold. bonds. Series "A," and the retirePower Shortage Prevents New Record.-Tne unprecedented power stortage ment of some of the then outstanding obligations.
wnicn continued until July 13 1923 greatly hampered operations, causing
The income account for the nine months ended Sept. 30 1923 was puba loss in tonnage alone of 265,229 tons, besides materially increasing the lished in V. 117, p.2116.
working costs due to the diversion of the company's air compressing plant
-Dividend Decreased.
-The direcIllinois Pipe Line Co.
to partially supply the shortage of the Nortnern Canada Power Co.,and the
reduced tonnage going through the mill. Had it not been for the power tors have declared a dividend of 3% on the outstanding $20,shortage, the current year would have established a new record for tne Co.
-It would be misleading to make any definite statement as 000,000 capital stock, par $100, payable Dec. 31 to holders
Mine & Mill.
to the working costs in the early pars of the year owing to the almost com- of record Nov. 30. This compares with 8% paid in June
plete suspension of hydro-electric power from the Northern Canada Power
Co., but the 5 four-weekly periods ending Oct. 7, were approximately last ahd in Dec. 1922. Dividend record follows:
normal, and disclose operating costs for the mine as $3 06 per ton and for
1918
1919
1920
1921
1922 x1923
1917
1916
1915
tne mill $1 05 per ton, whicn together with general charges, but excluding
14%
16%
18%
16%
14%
11%
22%
39%
5%
plant expenditure. make a total of $4 89 per ton.
x Includes the dividend of3% which is payable on Dec.31 1923.-V.116.
The power snortage very seriously interfered with the development p. 1282.
program, but we have been able to recover some of it during the last 5 four-Annual Report.
Independent Brewing Co.
weekly periods, and as a iesult of extra strenuous efforts this matter will be
well in hand before the end of the current year.
1922-23.
1921-22.
1920-21.
1919-20.
Years end. Sept.30-Tne larger amounts for capital expenditure are represented by a complete Income (all sources)__-- *1,777.228 35,522,289 $2,466.391 $1,511,748
and very mucn enlarged crushing plant and the addition of 5 rod mills, each Cost of prod.& oper____
1.903.473
976,490
1,503.491
3,797,201
of which is de,igned to supplant 40 head ofstamps. One mill is successfully
operating now, 2 are Just about ready to start, and a further 2 are on the
5800.738 51,725,088
$962.901 def$391,725
Profit on sales
property and will shortly be erected. An addition to the steel sharpening
Disbursements
plant of more than 100% is nearing completion and a new work shop suf- Interest on bonds
3210.300
$270,000
$232.560
5254,550
ficient to handle all current repairs has been completed. The 20
392,101
425,927
939,888
427,848
-inch water Depreciation,&c
lino from ue Mattagami River and the pumping station are
(8%)360.000(6%)270.000(7%)315,000
Preferred dividends
exception of a few minor electrical details and will verycompleted, Common dividends
with the
(4%)180.000
(2%)90.000
shortly be
ready for operation.
Losses Involved Through Power Shortage.
-The power shortage, which
sur$164,512 sur$12,639 sur$10,503d1$1,458,826
Balance
began in Dec. 1920 and continued until April 7 1921, involved a loss in -V.117. p. 1669
.
tonnage of 184.716 tons valued at 81,554,322. This was followed by tne
shortaae which lasted from Mar. 21 to May 12 1922, and involved a
power
Ingersoll-Rand Co.
-Extra Dividends of 10% in Stock
loss in tonnage of 41,558 tons of the value of $344,100. The more recent and 20% in Cash.
and mucn more severe shortage which began on Nov. 1 1922, and continued
The directors have declared (1) a 10% stock dividend on the outstanding
until July 13 1923, involved a loss in tonnage of 296.504 tons valued at
$2,363,136. The total loss of production, therefore, due to power shortage $21,800.000 Common stock, par $100, payable Jan. 10 to holders of record
was 522.778 tons valued at $4,261,559. Putting the matter in another way, Dec. 14.
The directors have also declared an extra cash dividend of 20% and the
during these three periods of power shortage tnere was a total loss of 27,256,248 h. .p. flours. These figures are given in order that shareholders regular quarterly cash dividend of 2% on the Common stock, both payable
Dec. 1 to holders of record Nov. 24.
may realize bow seriously tne operations of the company have been handi'11. '12. '13. '14. '15. '16. '17. '18-21.'22.x'23. '24.
Dividendscapped by lack of power.
% 5 5 5 5
_
15 50 30 10 yly. 10 38 -Company's Power Development.-Tne company's power development at Common,cash _
-- 20
100 -_ y10
do
stock .._._% 25 __ 25
the Island Portage on the Abitibi River is being pressed with all possible
despatch, with a view to its completion by Aug. 11924. A contract for the
x Includes 2% quarterly paid in March, June and Sept.: 101 extra in
construction of the dam, power house, and subsidiary structures nas been
become
Jan. 5 1923, and
let, also contracts for the turbines, generators and transformers. The cash paid y Payable Jan. 10 dividends whichp. 212. payable Dec. 1 (see
1924.-V. 117,
remaining portions of the electrical apparatus will soon be under contract. above).
Steel towers and other material for tne transmission line have also been
Chicago.
-Milwaukee Rolling Mill
Inland Steel Co.,
contracted for. Tne survey of the line is almost completed and tenders for
clearing the rignt of way are being considered. A spur line connecting the Co. Not Acquired.site with tne T.& N.v. Railway is rapidly nearing completion. Altogether
Pres. C. A. Irwin of the Milwaukee Rolling Mill Co., Milwaukee, Wis..
about 450 men are now employed on the work besides a large number of advises that his company "has not been acquired by the Inland Steel Co.
teams.
The published information was premature and there has been no deal
The site of tne plant is about 763 miles due north from the Hollinger closed."
Mine. The immediate development contemplates two units of 12,500 n.p.
A Chicago dispatch Nov. 15 states: Chairman L. E. Block states that neeach Mtn provLdon to increase to the full capacity of the Abitibi River at gotiations for the purchase of the Acme Steel Goods Co. by Inland Steel
this point when the demand for power warrants it, and not witnstanding Co. have been abandoned.
-V. 117, p. 2116, 200.
reports to tne contrary before tne work was proceeded with the permission
-Dividend Increased.
-International Cement Co.
of tne Ontario Government ,vas obtained to the development of the power
based on a 60 foot regulated head. At present the power development is
The directors have declared a quarterly dividend of $1 per share on the
being financed out of tne company's casn balances.
Common stock, no par value, payable Dec. 31 to holders of
outstanding
Litigation.
-Two proceedings are pending, the first an action brought by record Dec. 15. This compares with 75 cents per share paid quarterly
the Hollinger Co. against Northern Canada Power, Ltd., for damages due from Dec. 192200 Sept. 1923 incl., and 62% cents per share paid quarterly
to tne failure of the Power Co.to supply power during the season of 1920-21, from Sept. 1920 to Sept. 1922, incl.-V. 117, p. 2116.
'
In whicn Judgment dismissing the action with costs was delivered on Feb. 10
1922. From this judgment an appeal was taken to the Appellate Division
International Combustion Engineering Corp.
-Earns.
the Supreme Court of Ontario, whicn resulted in a judgment in favor of
of
Net earnings. after charges and taxes, for Oct. 1923 were approximately
the Hollinger Co.delivered on Sept.24 1923,allowing the appeal and award- $150.000, making the net for 10 months ended Oct. 31 1923 approximately
ing damages against the Power Co., whim will be assessed by the Master of *850,000. The dividend requirements for the entire year amount to
the Supreme Court at Toronto. From this judgment the Power Co. has 3562,018. V. 117, p. 1561. 1669.
appealed to the Privy Council in England.
International Commerce Building (Commerce Build'rue second proceeding is a suit brought by the Power Co. against the
Hollinger Co. for specific performance of certain agreements under which ing Properties, Inc.), N. Y. City.
-Bonds Sold.
-P. W.
the Power Co. contends that tne Hollinger Co. is bound to take all its
power requirements from the Power Co. This second action which was Chapman & Co., Inc., and Peabody, Hougb.teling & Co.,
begun pending the Hollinger Company's appeal In tne damage action, was Inc., New York and Chicago, have sold at par and int.
tried in March last, but judgment, which has been awaiting the decision
$1,150,000 1st Mtge. 20-Year 6M% Sinking Fund Gold
of the appeal in the damage action has not yet been delivered.
The damages claimed from the Power Co.in the damage action amount to loan'
(see advertising pages).
$1,837,559, but these will finally be determined by the Master of the
Dated Nov. 1 1923. Due Nov. 1 1943. Int. payable M. & N. at
Supreme Court at Toronto. Proceedings will also be instituted to recover Equitable Trust CO. of New York, trustee. Denom. $1,000, $500 and
the damages suffered by the company by reason of the Power Company's $100c*. Red. on any int. date upon 30 days' notice at 103 and int. up to
failure to supply power during the much more serious shortage of 1922 and Inc!. Nov. 1 1933, and thereafter at 101 and int. up to and incl. May 1
and 1922-23, wnicli continued for 305 days in all, as against 126 days during 1943. Int. payable without deduction of normal Federal income tax not
1920-21, to which reference nas already been made.
In excess of 2%. Pennsylvania and Connecticut four mills tax an MassaThe judgment in the damage action nas no direct bearing on the suit for chusetts income tax not to exceed 6% refunded. Exempt from personal
specific performance as the court has made no finding on the duration of the property tax in New York State.
contracts in question in tne damage action, limiting itself to the one point,
Locatton.-International Commerce Bldg., No. 11-19 Moore St.. located
namely, that the Power Co. awing diverted power which it had agreed to near Battery Park. N. Y. City, consists of 16 stories and basement, is
sell to the Hollinger Co. committed a breach of contract for wnicn it is modern in every detail, and is of brick, steel and concrete fireproof conanswerable in damages. Apart from the many other points involved in the struction. It was completed in the fall of 1921 and has a total rentable
specific performance action it is not at all likely that the court, at the area of approximately 105,000 sq. ft.
instance of a party found to be in default, will require execution by the
Security.-The loan will be secured by a first mortgage on the land
other party. But even if the opinions of the minority judges should ul- and building owned in fee extending 139.6 ft. on Moore St., 75.2 ft. on
timately prevail the Hollinger Co. would be bound to take only a very Water St.. and 63.1 ft. on Front St., a total area of approximately 9.500
limited portion of its power requirements from Northern Canada Power Co. sq. ft. Title to the property guaranteed by the Title Guarantee & Trust
-Dividend of 25 Cents.
Hecla Mining Co.
The company on Nov. 12 announced a $250.000 dividend, representing
an issue of 1,000,000 shares, roar 25 cents, to stockholders
25 cents a share on
ph),
2220
THE CHRONICLE
[VOL. 117.
Co. Adequate fire, use and occupancy insurance will be carried payable
Mountain States Telephone 8r Telegraph Co.
-Acquito the trustee.
Sinking Fund.
-Provisions of the mortgage will require payment for sition Approved.
intcrest and sinking fund to the trustee annually of $92,500 during the
The I.
-S. C. Commission on Nov. 6 approved the acquisition by the
life of the loan, payable in semi-annual installments 15 days prior to May 1 Mountain
Telegraph Co. of the
and Nov. 1 of each year. Through the operation of this fund at par of the IronStates Telephone &Co. The report of thetelephone properties
County Telephone
Commission says in
approximately 60% of the entire loan will be retired prior to maturity.
part: The Iron Company owns and operated exchanges at Cedar City and
Earnings for the Year ended Oct. 311923.
Parawan. in Iron County, Utah, with 77 miles of toll lines extending from
Gross earnings
$244.549 Cedar City to Paragonah, New Harmony and Lund. It serves 418 subOperating expense, maintenance,insurance and taxes
83,753 scriber stations. The Mountain Company does not operate exchanges at
the points served by the Iron Company, but has toll line connections with
Net available for interest, depreciation and Federal tax
$160,796 the latter company's exchanges at Cedar City and Parawan.
Maximum annual interest charges on this loan
On Aug. 28 1923 the applicants made a tentative contract, effective a-s of
74,461
Legal for Trust Funds.
-Independent appraisals have been made of the Sept. 1 1923, whereby the Mountain Company agreed to purchase all of
mortgaged property owned in fee, which show a valuation of $1,800,000, the properties of the Iron Company, excepting some parcels of real estate,
or over 150% of the outstanding loan. On the basis of these appraisals. for $18,000 cash. No securities will be issued to effect the proposed acquithis loan will be legal for the investment of trust funds under the laws sition.-V. 117, p. 2117.
of the State of New York.
Moon Motor Car Co.-Earnings.-
International Paper Co.
-Contract Price Unchanged.
-
9 :128
2:107
8 82
1522
Nini, Months ended Sept. 3083
122
93
Net earnings after charges but before taxes
Net sales for the first nine months of 1923 amounted to $8,171,563.
against $6,877,159 for the calendar year 1922.-V. 117, p. 1671. 1562.
International Supply Co.
-Bond Offering.
-
National Department Stores Inc.
-Acquisition of
Frank & Seder Group-To Issue Additional Stock.
-
The company announces that Its contract price for standard newsprint
for the first half of 1924 will be unchanged from the price now prevailing,
namely, 3.75 cents a pound, or $75 a ton.
-V. 117, p. 2117.
See Oklahoma Iron Works below.
Intertype Corp.
-Listing, &c.
The New York Stock Exchange has authorized the listing of 16.458
additional shares of Common stock without par value (authorized, 300.000
shares) on official notice of issuance as a 10% stock dividend, payable
Nov. 15, making the total amount applied for 181,304 shares.
Consolidated Balance Sheet.
Assets*5ept.30'23.Dec.31'22. Liabilities- *Sept.30'23. 1)ec.31 22
. .
Mach'y & equip__ *4595,511 $662,051 1st Pref. stock_ _ __$1,073,300 $1,066,600
Pats. Sc patterns__
1
1 2d Pref. stock__ __
158,330
39,480
Cash
785,175
844,235 Common stock_ _ _c1,615,520 1,496,670
10-yr. deb. 7s_
41,000
21,352
25,972
Dividends Payable
Notes de accts.ree.b3,126,608 2,636,922 Payments by empl.
34,151
22,818
Inventories
1,484,847 1,393,811 Adv. payments__
18,750
17,075
Deferred charges_
86,315
82,852 Res.for taxes,& c. 422,905
369.737
7% deb. notes_ __ _ 750,000
750,000
57,373
171,982
Accounts payable_
Total(ea.sicie) $6,119,456 $5,619,872 Surplus
2,086,626 1,540,688
* Subject to adjustment at end off scat year.
a Machinery and equipment, cost at Dec. 311922. 81,725,563. additions
and betterments,9 months ended Sept. 30 1923. $92,276; total, $1,817,839;
less depreciation reserve, $1.222,328. b Notes receivable, $2.605,248;
accounts receivable, $774,760: total. $3,380,007; less reserves. $253,399.
c Common stock authorized, 300.000 shares no par value. issued (net of
1,974 shares reserved for conversion of 2d Pref. stock and of 35,154 shares
held in treasury). 162.871.85 shares.
-V.117,0. 1784, 1021.
The stockholders on Nov. 12 authorized an issue of $8,000,000 1st Pref.
stock, $2,000.000 2d Pref. stock and 200.000 shares of no par value Corn.
stock, and ratified and confirmed the action of the directors in agreeing
to acquire the 5 stores of the Frank & Seder group, for the acquisition of
which properties the newly authorized stocks are to be issued.
Since this transaction will be consummated practically entirely by the
exchange of securities for the properties, it is not contemplated that the
company will make any public issue of securities.
Isaac Seder, Jacob H. Frank, Bennie Neiman and Abraham Seder, four
of the operating heads of the Frank & Seder stores, were elected to the
directorate of the National Department Stores, Inc. As a result of the
above merger, the latter company becomes one of the largest combinations
of department stores in the country. The combined gross sales for the
fiscal year to date are, It is stated, at the annual rate of upwards of $68,000.000.
The present authorized capitalization of the National Department Stores
is: Common stock, 725.000 shares no par value (300,000 shares outstanding); $10,000,000 7% 1st Pref. stock (par $100, 55.000.000 outstanding),and 87.500.0007% 2d Pref.stock, par $100($3,300,000 outstandIng).-V. 117, p. 2118.
-Bonds
National Lumber & Creosoting Co. of Del.
Offered.
-William R. Compton Co., St. Louis, are offering
at 101 and int. for 1924-26 maturities and 100 and int. for
1927-38 maturities, $500,000 1st Mtge. 7% Gold bonds.
Island Oil & Transport Corp.
-Transfer of Refineries &c. Series "A." A circular shows:
See Gulf States Oil & Refining Corp. above and compare V. 117,
P. 1561.
1894.
Jones Bros. Tea Co., Inc.
-October Sales.
1923
-October
-1922,
978$93 31,416,048
-V.117, p. 1669. 1243.
ILL
Increase.
Increased 1923-10 Mos.-1922.
$562,845J$10,903,713 814,261,822 $2,641.891
(G. R.) Kinney Co., Inc.
-Store Sales-Operations.
1923
Increase.
-October
-1922.
Increase11923-10 Mos.-1922.
15.70%
$1.422.495 $1,154,790
23.18% 510.866,519 $9,392,081
In issuing the above statement. E. . Krom,President, stated as follows:
"Our stores which have been operating a year have been able to show a
substantial gain over 1922 and nearly all of the new stores are showing
profits. I believe that store results for November and December will
surpass all previous records. Our factories are operating at capacity and
I feel that the final results for 1923 will be quite satisfactory. I see no
reason why these gains should not continue into the year 1924. We are
now operating 152 retail shoe stores and 5factories."
-V.117, p. 1895, 1468.
Libbey-Owens Sheet Glass Co.
-Extra Dividend.
The directors have declared an extra dividend of $1 a share and the
regular quarterly dividend. of 50c. a share on the Common stock, par $25.
both payable Dec. 1 to holders of record Nov. 20.-V. 117. P. 1670
.
-Number of Shares
Liggett & Myers Tobacco Co.
Increased-Par Value of Corn. & Corn. "B" Stock Changed
from $100 to $25 Per Share.
The stockholders on Nov. 12 (1) increased the number of shares of
Common stock from 214,964 shares, par $100. to 859,856 and the number
ofshares of Common stock"B"from 443.638 shares, par $100,to $1.774,552
and changed the par value of the shares of Common stock and Common
stock "B" to $25 each, instead of $100. and (2) authorized the directors to
take the necessary steps to have new Common stock and Common stock
"B"exchanged for the outstanding Common stock and Common stock "B"
of the company. Four shares of the new $25 par value stock will be exchanged for each present share of $100.-V. 117, p. 1670.
(P.) Lorillard Co.
-To Increase Capital and Reduce Par.
The stockholders will vote Dec. 18 on increasing the authorized Common
stock from $30.311,200 to $50,000,000 and on changing the par value of
the Common stock from $100 to $25 per share. It is proposed to issue four
new shares of Common stock, par $25, in exchange for each present share
of Common stock, par $100.
The company also has authorized and outstanding an issue of $11,307,600
7% Cumul.Pref.stock, par $100.-V. 117, D.2117.
Louisville (Ky.) Gas & Electric Co.
-New Treasurer.
John J. McKenna. of H. M.Byllesby & Co., has been elected Treasurer.
-V. 117, p. 900.
succeeding F. F. Martin.
McCrory Stores Corporation.
-Listing, &c.
The New York Stock Exchange has authorized the listing of $3,000.000
7% Cumul. Pref. Stock. par $100.
Income Account for Stated Periods.
8 Mos. end. Year ended
PeriodAug.31 '23. Dec.31 '22
Sales
512,416,627 517,123,253
Cost of sales
9,125.088 12,011,161
Gross trading profit
Other income
$3,291,539 $5,112,092
1,299.889
1,052,116
Gross income
$4,343,656 $6.411,981
Selling, general, &c.,exp.,salaries, taxes, rents, &c. 3,676,866 5.226,911
Net profit
Previous surplus
Total surplus
Preferred dividends
Stock dividends on common stock
Premium on Preferred stock retired
Provision for retirement of Preferred stock
5666,730 $1,185,070
1.045,416
1,549,981
52.216,771 $2,230,486
66,504
47,300
889,031
x857,919
93,833
54.970
Dated Nov. 15 1923. Due serially Nov. 1 1924-38. Int. payable
M. & N. at American Trust Co., St. Louis. Denom. 31,000, 8500 and
$1000. Redeemable all or part on any interest date on 30 days' notice
at a premium of 34 of 1% per year or fraction thereof by which maturity
Is anticipated, but not to exceed 105 and int. In case only a part of Series
"A"is called,company is required to retire the latest outstanding maturities
first. Company agrees to pay normal Federal income tax not in excess
of 2%. American Trust Co. of St. Louis and Henry II. Hopkins, St.
Louis, trustees.
Business.
-Business consists of treating ties, piling, poles and other
construction material with chemical preservatives and of handling these
products commercially, both in the treated and untreated state. Business
has grown steadily since established in 1903, capital increases resulting
largely from earnings put back into the business. At present three plants,
located at Texarkana. Texas; Kansas City. Mo., and iiouston. Texas, are
operated. Plants have a combined annual capacity of 15,000.000 cu. ft.
of timber. Prior to Sept. 26 1923 National Lumber & Creosoting Co. was
incorporated in Texas. On that date company was reincorporated in
Delaware.
Securitv.-Authorized, $1,000,000. A direct first mortgage on all the
lands, buildings and machinery. The properties at these three plants were
appraised as of June 30 1923 at a replacement value of $1,117,285 and a
net sound depreciated value of $958,015. In addition, bonds will be
secured by (a) a first mortgage on certain land and timber properties
having a value of $146,475; (b) a first lien, subject to $99,384 real estate
notes, on certain other land and timber properties. There will be pledged
as additional security stocks having a book value of $101.075. The
mortgage covers all property of the company now owned or hereafter
acquired.
;narkgs
-On the assumption that these $500 000 bonds had been
'
outstanding in each of the following years earnings available for interest,
' 1919,$81 439; 1920, 5175.9i1;
:
after depreciation and taxes, were as
follows
.
1921, $125,464: 1922. 5217,499; 6 mos. ended June 301923. 8135,219.
Purpose.-Proceeds will be used to reduce current debt and to supply
additional working capital.
Listing.
-Application will be made to list bonds on St. Louis Stock
Exchange
-Petition for Receiper.
National Rubber Products Co.
A dispatch from Philadelphia states that John T. Hill and Ephraim
Lederer, receivers of the Hydro United Tire Co. of Pottstown. Pa., have
filed a bill in equity in the U. S. District Court at Philadelphia for appointment of a receiver for the National Rubber Products Co. and National Rubber
Co., two concerns affiliated with the Hydro company. The ultimate
purpose of the action, it is said, is to secure for the Hydro company title
to the larger tire manufacturing plant in Pottstown which is now held
by the National Rubber Realty Co., another affiliated concern.
-New Financing.
National Steel Car Lines Co.
At a meeting of the directors held this week new proposed financing
was agreed upon and it is expected that an issue, which will be known as
National Steel Car Lines Co. Equipmnt Trust, Series "C," will be offered
for sale some time next week.
This company, which acts as vendor in handling tank cars for independent petroleum refining companies, has now under lease about 738 cars
and the proposed new issue of Car Trust certificates will probably cover
an issue of 531 all-steel tank cars. The company will also exercise its
privilege and call for payment at 103 and accrued interest its outstanding
Issue of Series "A" certificates, which bear a coupon rate of 8%. The cars
under the coming Series"C" Trust will be leased to the largest independent
manufacturer of blended gasoline in the world, and the now certificates
will bear the indorsement of this corporation.
Officers re-elected are E. L. Nye, Pres.; L. S. Freeman and E. Kirk
-V.,V.-Pres.; S. Halline, Sec.: R. J. Burton, Tress:
, p 7e11 has bn elected a director in place of S. B. Freeman.
Hask 4
. 4.
been
-Bonds Offered.
Nevada-California Electric Corp.
Spencer Trask & Co. and Blyth, Witter & Co. are offering
at 94 and div., to yield over 6.45%, $1,000,000 6% 1st Lien
Gold Bonds, Series "B" (see advertising pages).
Dated Oct. 11920. due Oct. 11950. Int. payable A. & 0. at office of
International Trust Co, Denver, CoM., trustee. or Bankers Trust Co.,
New York. Denom.c* $100,$500 and $1,000,and r5 31,000 and multiples
.
Profit and loss surplus
$1,217,720 $1,219,981 thereof. Red, all or part upon 60 days' notice at 103 and int. upon any
-V.117, int. date. Authorized Issue, series "B," $15,000,000. To be presently
x Including 580,619 which was paid in cash for fractional shares.
outstanding, 55,100,000.
p. 2117, 1784.
Data from Letter of Pres. E. S. Kessler, Denver, Colo., Nov. 12.
Mahoning Investment Co.
-Extra Dividend.
Company.
-System is engaged in generating hydro-electric power on
The directors have declared an extra dividend of 50c. per share and the the eastern slope of the Sierra Nevada Mountains and in transmitting
regular quarterly dividend of $1 50 per share, both payable Dec. 1 to holders such power over the longest transmission system in the world, extending
of record Nov. 24. Extra dividends of like amount were paid March 1, throughout southwestern Nevada and the entire eastern section of California
-V. 117. D. 446.
June 1 and Sept. 1 last.
supplementar wstos
from the middle of the State south to the Mexican lino.
system operates 8 hydro-electric plants having a total Installed
-Sales.
Metropolitan 5 to 50 Cent Stores, Inc.
generating capacity of 68,420 h.p. together with
y
m
Increase. and gas plants which bring the total generating capacity up to 81,420 h.p.
.
-0c1.-1922.
Increase. f 1923-10 Mos.-1922.
1923
$504,028
$956.525 Further development of water rights now owned or controlled will.1it
5108,876155.371,990 $4,415,465
$612,904
stimated, adequately provide power requirements for many years to come.
-V. 117. p. 1895, 1469.
THE CHRONICLE
Nov. 171923.]
The main hydro-electric developments are on Bishop Creek in Inyo
County, Calif. The atter hyto-electric developments are located on
Rush Creek, Mill Creek and Owens River in Mono County, Calif. Two
additional hydro plants are now under construction on Leevining Creek:
one with a generating capacity of 10,000 h.p. will be completed during the
fall of 1924, while the other with a generating capacity of 3.200 h.p. is
now well along toward completion, and it is expected will be in operation
this year. The system has 1,522 miles of high tension transmission lines
and 648 miles of distribution lines.
The system also operates 650 miles of telephone and telegraph lines and
has ice manufacturing plants, sotrehouses and refrigerating plants at
various points in southern California.
Security.
-The 6% 1st Lien Gold Bonds, Series "B." and Series "A," are
secured by pledge of $15,416.000 6% bonds of subsidiary companies (of
which $6.560,000 are direct first mortgage bonds and $8.856,000 1st &
Red. Mtge. bonds) and $17,802.400 (over 99%) of their Capital stocks.
Upon the retirement of the $3,218,500 outstanding 1st Mtge. bonds of
subsidiarycompanies in the hands of the public, the 6% 1st Lien bonds will
be secured by a direct collateralfirst lien upon all the properties ofthe system.
Capitalization Outstanding Upon Completion of Present Financing.
ti% 1st Lien bonds, series "B," due 1950, incl. present issue
(authorized, $15,000,000)
$5,100,000
9,161,704
6% 1st Lien bonds,Series"A,"due 1946(auth.$15,000,000)
Nev.-Calif. Pr. Co. 1st (Closed) fis. 1927
1,429,000
Southern Sierras Pr. Co. 1st (Closed) 6s, 1936
1.785.900
6% Unsecured notes. due 1926
336.800
Preferred stock
7,307,600
Common stock
' 8,429.100
12 mos end.
.
Calendar Years
EarningsSept.30 '23.
1922.
1921.
1920.
Total operating earnings $3,919,702 $3.344.447 $3.177.109 53.074,517
Oper. & gen. exp., incl.
maint.& taxes
1,958,641
1,594,865
1,514,245 1,435,591
Earningsfrom oper__ - $1,961,060 $1.749.582 $1,662.864 51,638.926
Other income
143,473
134,016
82,822
53,931
xEarns.appl.to int.chgs 52,104,534 $1,883,598 $1,745,686 $1.692,857
Interest on secured debt_
967,221
912,522
846,102
739,728
Balance in excess of
int. on secured debt. 81.137,313
$971,077
$899,585
$953,129
x Since early in 1916 corporation has had an interest in the profits of
other operating companies not included in above statement. During the
calendar years of 1916, 1919 and 1920 the operations of said companies
resulted in a profit, while for the remaining years of this period the operations
resulted in a loss. The operations of said companies for the entire period
(to Sept. 30 1923) resulted in a net loss of which the corporation's proportion was 5103,148.-V. 117, p. 1562, 1469.
Nevada Consolidated Copper Co.
-571h Quar. Report.
The report covering the third quarter of 1923 shows:.
Production.
-Production of copper for the quarter was 17,135,383 lbs.,
against 14.803.329 lbs. the second quarter and 11.780,815 lbs. the first
quarter of 1923. The net production by months follows:
August.
Sept.
3d Quarter. July.
Total.
Av.Mthly.Prod,
Pounds
5,254.796 5,881,420 5.999,167 17.135,383
5,711,794
2d Quarter, April.
May.
June.
Total.
Av.Mthly.Prod.
Pounds
4,492,031 5,052.379 5,258,919 14,803,329
4.934,443
1st Quarter. January. February.
March.
Total.
Av.Afthly.Prod.
Pounds
3.795,340 3.730,692 4.254.783 11,780.815
3.926,938
A total of 757,132 tons dry weight of Nevada Consolidated ore, averaging
1.28% copper, was milled, and 15,916 dry tons of Ruth mine direct smelting
ore, averaging 7.01% copper, was shipped to the smelter. Besides the
company ores received, 80.776 tons of custom ores were milled and the
concentrates product thereof smelted. An additional 4,216 tons of direct
smelting custom ore was also received at the smelter.
The cost of production, including all fixed and general charges, except
depreciation, and after crediting gold and silver values and all miscellaneous
earnings Incident to the quarter. was 10.38 cents per pound of copper
produced, as compared with 10.78 cents for the preceding quarter.
Financial Statement of Operations for the Quarter of 1923.
2d Quar.
let Quar. Total 9 mos.
3d Quar.
Oper. gain from prod'n
of copper
$431.035
5510,552
$446,929 $1,388,516
Value gold & silver &
miscellaneous earnings
219,720
152,484
97,293
469,497
Nevada Northern Ry.div
300,000
300.000
Total
$650.755
$963,036
$544.223 $2,158,014
Earnings for the quarter are based upon an average carrying price of
14.175 cents per pound of copper, as compared with 15.261 cents for the
previolis quarter and 15.65 cents for the first quarter.
[Signed, D.C.Jackling, Pres.: C. B.Lakenan, Gen. Mgr.1-V. 117.p.676.
North American Edison Co.
-Listing
.-
2221
tion, supplies electricity for light, heat and power purposes to a number
of subs,tantlal conununities, among which the more important ones are:
Warren. Alliance, Massillon, Ashland, Mansifeld, Elyria and Lorain. The
possibilities for the development of electric power business in the territory
served are extensive, and offer a very diversified field for power distribution.
Company also serves electric power at wholesale to companies supplying
other communities in the territory. In addition, company does the entire
gas business in Alliance: a part of the gas business in Warren and Mansfield:
owns and operates the street railway system in Mansfield and an interurban
line connecting Mansfield and Shelby. Total population served directly
and indirectly exceeds 250.000.
Physical property owned includes generating stations having a combined
installed capacity of approximately 122,000 k.w. There are 39 substations with total transformer capacity of 116,650 k.v.a., and company
owns 237 miles of high tension transmission lines. The generating stations
are modern and efficient.
Authorized. Outstanjrig.
Capitalization After This Financing
a
$5,425,000
1st Mtge.& Ref., Series"C,"65, 1953
b4.000.000
do
do
Series"B,"7s,1947
5.100,000
do
Series"A,"7 Hs,1946
1
c2,782,300
(Closed)
Divisional bonds
First Preferred stock
25.000,000 4,500,000
5.000,000
Common stock
15,000,000
a Restricted by provisions of the Trust Deed. b Not including $350.000
Series "B" deposited as collateral for loan with U. S. Government. c Not
Including $2.702,600 deposited as additional security for let Mtge. & Ref.
bonds, nor including $32,700 5% bonds alive in sinking fund.
1923.
Earnings 12 Mos. Ended Aug.31-1922.
Gross earnings
$6,257,105 37,712,801
4,912,134
Operating expenses, maintenance and all taxes
3,917,487
Net earnings
$2,339,617 $2.800,666
Annual interest charge on bonds outstanding with public requires 51,137,963.
Of the above earnings for the year 1923 approximately 93% of the gross
and 97% of the net is derived from the sale of electric current for light
and power.
-V.117, p. 215.
Oklahoma Iron Works-International Supply Co.
Bonds Offered.
-A. C. Allyn & Co. are offering $1,000,000
Joint First Mtge. 7% Serial Gold Bonds, due $100,000 annually, 1924 to 1933, inclusive, at prices to yield from 6% to
7%, according to maturity.
Dated Nov. 1 1923. Due serially Nov. 1 1924 to Nov. 1 1933, incl•
Denom. $1,000 and $500 and $100 c*. Redeemable as a whole only on
45 days' prior notice, on any interest date, at par and interest plus a premium of 1% for each year or fraction thereof unexpired to maturity. Principal and interest (M.& N.) payable at Chase National Bank, New York,
or at Continental & Commercial Trust & Savings Bank, Chicago, trustee,
without deduction for normal Federal income tax not to exceed 2%•
Data from Letter of President J. W. Sloan. Tulsa, Okla., Nov. 2.
Oklahoma Iron WorIcs.-Incorp. in 1907. Owns and operates at Tulsa.
Okla., a fully equipped and modern plant for the manufacture of a complete line of drilling and fishing tools and other equipment used in oil and
gas operations. International Supply Co., all of the stock of which is owned
by 01(1 home Iron Works, is engaged in distributing, throughout the MidContinent field, the products manufactured by Oklahoma Iron Works,
together with complete lines of other oil and gas well supplies, for which it
acts as jobber or exclusive agent in this fiebi.
Security.
-The joint obligation of Oklahoma Iron Works and International
Supply Co.. and secured by a direct closed first mortgage on all fixed
property of the two companies, specifically including the manufacturing
plant of Oklahoma Iron Works,at Tulsa, Okla.. and the distributing houses.
warehouses and repair shops of International Supply Co., located at 15
strategic points in the Mid-Continent field of Oklahoma and Kansas.
Earnings.-Consolidated net earnings of the two companies, after depreciation but before Federal taxes, available for the payment of interest.
have averaged $566,980 annually for the 634 years ended June 30 1923, or
over eight times maximum annual interest charges on these bonds. After
deducting Federal taxes, such earnings averaged $385,494 annually, or over
514 times interest charges on these bonds. Earnings for the six months
ended June 30 1923 were at a rate substantially in excess of this average.
Condensed Consolidated Balance Sheet June 30 1923 (After This Financing).
[Oklahoma Iron Works and International Supply Co.]
Liabilities
Assets
$165.818 Accounts payable
Cash
$115,639
Notes rec. less notes disc
382,355 Accruals
36,426
Acets receiv. (less reserve) 994,631 First mortgage bonds
1.000,000
2,433,659 Net worth
Inventories
5,527,833
Notes rec., stock subscrip_ 348,116
Deferred charges
78,044
Total (each side)
Real est., bldgs. 8( equip.,
$6,679,898
2,277,275
less deprec'n
Pacific Gas & Electric Co.
-Earnings.
-
Nine Months Ended Sept. 30The New York Stock Exchange has authorized the listing of
1923.
1922.
$8.000.000
6 % Secured Sinking Fund Gold Bonds. Series B,due Sept. 1 1948, making Gross earnings
$29,471,615 $29,288.820
the total amount applied for $14,000,000 Series A and $8,000.000 Series B. Net after taxes
12,386,682 11,695.848
Balance, after charges and depreciation
(See offering in V. 117, p. 789.)
4,986,024 4.800.763
-V. 117, p. 1896. 1786.
Consolidated Income Account (Incl. Subsidiaries), 18 Mos,Ended Sept.30
'23.
Gross earnings, 845,790,643: operating expenses and taxes,
-Dividend of $1-Earnings Statement.
Pacific Oil Co.
$26,141,659; net income
The directors have declared a dividend of $1 per share on the capital
$19,648,984
Deduct-Interest charges. $6,077,736; pref. div. of sub. cos.,
stock, no par value. payable Jan. 21 to holders of record Dec. 14. A
31,306,584: minority int. in Cleve. Elec. Ill. Co.. 31,143,084
8.527,405 similar amount was paid July 20 last (compare V. 116. p. 2397)•
Results for Nine Months Ended Sept. 30.
Balance
$11.121,578
1923.
1921.
1922.
Deduct-Appropriation for depreciation reserves
$4.703,747 Gross earnings from operations
314.404,274 316,409,155 $24,535,098
Dividends
2,600,000 Less-Operating expenses
5,801,361
5,443,167 9,584.888
Miscellaneous charges
518,961
365,058
Taxes (excl. Fed. income taxes)
617.393
954.355
Surplus Sept. 30 1923
$3.298,870
Net profitfrom operations
$7,648,559 $10,348.595 $14,585,152
-V.117, p. 1785. 1022.
1,446,485
993,290
Other income
a1,712.995
Northern Insurance Co.(N. Y.).
-To Increase Capital.
The stockholders will vote Nov. 19 on increasing the authorized Capital
stock from $500.000 to 51,000,000.-V. 113, p. 2i28.
Ohio Copper
Gross income
$9,361,553 $11,795,081 $15,578.442
-Reserved for deprec. & deple'n_ 2,212,415 2,281,029 2,314,590
Less
Reserved for Fed. income taxes
309,971
277,566
Co. of Utah.
-Pays Interest Arrears.--.
Surplus income
56.871,572 39.204.080 513,263,851
On and after Nov. 15 1923 the company will pay all past-due coupons
a Includes dividends of 134% each paid Jan. 25 1123, April 25. 1923,and
from its 1st Mtge. 7'7 Conv, bonds on presentation thereof to the
0
New July 25 1923, on the stock of the Associated Oil Co., and dividend of $70
York Trust Co., 100 Broadway, N. Y. City. The coupons are
incl., due from Aug. 1 1920 to Aug. 11923. and amount to Nos.3 to 9, per share paid June 30 1923 on the stock of Associated Supply Co.
243i% of the V. 117. p. 790.
face value of the bonds held.
-V.117, p. 1785.
-To Increase Common
Paige-Detroit Motor Car Co.
Ohio Oil Co.
-Dividend Reduced from 2% to 1% Quarterly.
Probable.
-The.directors have declared a quarterly dividend of 1% Stock-50% Stock Dividend 27 on increasing the
stockholders will vote Nov.
The
authorized Common
on the outstanding $60,000,000 Capital stock, par $25, stock from $4,000,000 (all outstanding) to 38,000,000, par $10. It is
authorized, the
payable Dec. 31 to holders of record Nov. 28. In Sept. last reported that if the increase isstock dividend directors may declare a
was paid on the Common
505'3
company paid a quarterly dividend of 2%, while in March stock stock dividend. A 100% 1245.
on Dec.291922.-V.11,p.
and June last 3% was paid. Dividend record (since 1915)
Peninsula Lumber Co., Portland, Ore.
-Bonds Offered.
follows:
-Bond & Goodwin & Tucker, Inc., San Francisco, are offerDividends1915. 1916. 1917-18. 1919. 1920. 1921.
1922. x1923. ing at prices ranging from 99 and int. to 100 and int., ac207 20% 20% p.a. 20% 20%
g
Regular
0
9%
Extra (in cash)- -- 30% 72% '76% p.a. 68% 60% 20% 27%
cording to maturity, $400,000 1st Mtge. 63.% Serial gold
23% 13%
Extra (in stock)--- --- bonds. A circular shows:
x Including dividend of 1%, payable Dec. 31 1923.-V. 117. p.
901.
Ohio Public Service Co.
-Bonds Offered.
-Halsey,
Stuart & Co., Inc. are offering at 94% and int., yielding
,000 1st Mtge. & Ref. 6% Gold Bonds,
over 6.40%, $2,400
Series "C." Dated March 1 1923, due March 11953, and
fully described in V. 116, p. 1188, and in advertising pages.
-Authorized by the
Issuance.
Ohio P. U. Commission.
Company.
-Is located in one of the most important and prosperous
ndustrial regions of the United States. The company, without competi-
Dated Oct. 11923. Due924 to:1 1929. Int. payable A.& O.at SecuritY
Savings & Trust Co.. Portland, Ore., trustee, and Bank of California,
N. A., San Francisco, Calif. Denom. $1,000 and $500 each. Red., all or
part, on any int. date on 30 days' notice at 102 and int.
Capitalization.-Common stock (fully paid), $1,000,000: Preferred stock
(fully paid), $500.000; 1st Mtge. 6 4% bonds (this issue), $400,000.
Company.-Incorp. in Oregon in 1916. Is at present one of the largest
producers of finished lumber in the Portland district. Company owns and
operates a large modern saw mill located at St. Johns, Ore., on the Willamette River and within the city limits of Portland. The land upon which
the mill is located contains 130 acres, 3.500 ft. of which is on deep water.
The dock, 1,000 ft. long, can accommodate the largest ocean-going ships
entering the harbor.
2222
THE CHRONICLE
Security.
-Are secured by a first mortgage on the mill and 130 acres of
land on which the mill stands. In addition to the mortgaged property'
company owns capital assets consisting of approximately 300.000,000 ft.
of merchantable timber. Company binds itself to apply at least 60% of
the proceeds of this timber to improvements of the mortgaged property
or retirement of the bonds. Total value of fixed assets is $2,371,420.
Guaranty.
-Principal and interest of bonds guaranteed by F. C. Knapp
personally, by endorsement.
Earninga.-Net earnings since the organization in 1916 (after depreciation
charges but exclusive of interest and Federal taxes) have averaged in excess
of $110,000 per year, or more than 4 times interest requirements on these
bonds.
Purpose.
-From the proceeds company will retire its present debt and
apply the balance on betterments to the property now under the mortgage.
(J. C.) Penney Co., Inc.
-October Sales.
1923
-October
-1922.
Increase.' 1923-10 Mos.-1922.
Increase.
$7,592.199 $5,931,788 $1,660,4111$46,518.033 $37,021,875 $9,496,158
-V. 117, p. 1786, 1245.
-Earnings.
Penn-Seaboard Steel Corp.
Net profits for the 8 months ended Aug. 31 1923 amounted to $258.066.
-V.117, p.2003, 1786.
Pennsylvania Coal & Coke Corp.
-Balance Sheet.
-
[VOL. 117.
Pressed Steel Car Co.
-Equipment Order.
-
See Baltimore & Ohio RR. under "Railroads" above.
-V.117. p.2119.
Proci u cers & P.efin ers Crarperat
st no--De posits.
The New York Stock Exchange has authorized the listing of certificates
of deposit for the Common stock issued by Central Union Trust Co..
New
York, by Denver (Colo.) National Bank, and by Citizens-First National
.
Bank, Independence, Kan., which are issued and outstanding, representing
$2,500,000 of the Common Stock (par $50), with authority to add on official
notice of issuance such additional amount of such certificates of deposit as
are exchanged or outstanding Common stock, up to an
such certificates representing $37,450,850 of Common aggregate total of
Stock.
The certificates of deposit are issued in furtherance of a plan
shares of The Prairie Oil & Gas Co. Capital Stock for 51% or to exchange
more of the
outstanding Conunon stock of the Producers & Refiners Corp. on the basis
of one share (par $100) of Prairie stock for 10 shares (par $50)
of Producers
& Refiners Corp. Common Stock.
Common stockholders, it is announced, have deposited 525%000
of
stock for exchange in the ratio of 10 shares of Producers for oneshares of
share
Prairie Oil & Gas stock, thus ratifying the proposed plan. Compare V.
117, p. 2119, 2106.
Quebec Power Co.
-Bonds Oversubscribed.
-
A cable received from Aldred & Co., Ltd., of London, announces that the
Sept. 30'23. Dec 31'22. offering of £300,000 Debenture 5% stock made Nov.13 was oversubscribed..
Compare also V. 117. p. 1897.
Assets
Liabilities$
$
Plant and equip10,845,591 8,534,260 Capital stock
8,630,300 8,630.300
Rand (Gold) Mines, Ltd.
689,686 1,534,790 Mortgages
-Gold Production (in Ounces).
Cash
628,762
321.652
Oct. 1923. Sept. 1923. Aug. 1923. July 1923. June 1923. May 1923.
Acc'ts & notes rec. 1,087,630 1,825.746 6% bonds
59,000
106,000
793,842
277,632 Car trust ctfs
U. S. securities- 930.389
739,504
769.371
1,497,083
754,306
755,309
786,564
Coal & miscell_.
129,475
107,789 Acc'ts payable_ __ _ 435,633
338,730 -V. 117, p. 1672. 1246.
Subsidiary assets- 663.788
726,351 Taxes and interest 143,289
353,880
Ray Consolidated Copper Co.
Investments
13,786
46,025 Contingency res
-49th Quarterly Report.
677,869
677.869
The report covering the third quarter of 1923 shows:
Employees' stock- 398,579
Subsid. liabilities_ 263,066
314,301
Production.
-Total net production of copper from all sources was 16.003,Inventories
87,623
97,892 Reserves
409,927
412.050
sinking fund
5,768
2,610 Surplus
2,107,286 1,998,303 561 lbs., against 16,327,699 lbs. in the second quarter and 14,009.441 in
the first quarter.
3d Quar.
Total
July.
14,852,215 13,153,085
August.
Total
Sept.
Total.
Ae.Mthly.Prod.
14,852,215 13,153,085
_v. 117, p. 1896. 1470.
Pounds
4,832.189 5,447,123 5.724,249 16,003,561
5,334,520
2d Quar.
April.
May.
June.
Total.
Ae.Mthly.Prod,
Pennsylvania Engineering Works, New Castle, Pa.
4968,288 5_,951,344 5.408,067 16,327,699
- Pounds
5,442,566
1st Quar. January. February.
The company, it is reported, has increased its capital stock from
March.
Total.
Ae.Mthly.Prod.
$1.000,000 (all Common) to 31.300,000 by the creation of $300,000 8% Pounds
4,382,657 4,253,056 5,373.728 14,009,441
4,669.814
A total of 702.700 tons dry weight of ore, averaging 1.61% copper, was
Ctunul. Pref. stock. Proceeds of the new stock, it is said, will enable the
company to buy new machinery and provide additional working capital. milled, being an average daily tonnage of 7,638 tons, as compared with
an average of 7,538 tons per day for the previous quarter. The mill recovery
-V.105, p.77.
was 72.93% of the total copper contained in concentrating ores,as compared
Pennsylvania Water & Power Co.
with
-Bonds Offered.
- was 76.33% for the previous quarter. The underground development
advanced 9.185 ft., making the total development to date 818.435 ft.
Aldred & Co., Minsch, Monell & Co. Inc.. New York,
The average cost per net lb. of copper
was 12.06c., as compared
Chase & Co., Boston and Joseph W. dross & Co. Phila., with 11.92c. for the second quarter andproducedfor the first quarter. All
11.99c.
these costs include fixed
are offering at 95% and int., to yield 5.80%,82,000,000 1st depreciation, and also and general expenses of every kind other than
take into account miscellaneous income and the
Ref. Mtge. gold bonds, Series A,5 Vs. (See adv. pages).
value of gold and silver recovered.
Dated Oct. 1 1923. Due Oct. 1 1953. Interest'payable A. & 0., withFinancial Results of Operations for the Three Quarters of 1923.
out deduction for the Penna. 4
-mills tax or for normal Federal income tax
3d Quar.
2d Quar.
1st Quar. Total 9 mos
up to 2%. Denom. $1,000 c*. Callable as a whole or in part at any time
on 30 days notice at 107 and int., prior to Oct. 11926. the premium decreas- Operating profit from
production
$496,509
$458.989 $1,298,801
ing % each year from Oct. 1 1926 to maturity. New York Trust Co., Miscell.inc.&of copper_ $343.303
gold 8c silver 100,999
74,637
29,436
trustee.
205,072
Data from Letter of Pres. Chas. E. F. Clarke, New York, Nov. 12.
Total income
$444,301
$571.146
$488,424 $1,503,871
The average carrying price of copper for the quarter was 14.833c. as
Company.-Incorp. in 1910. Owns and operates a large hydro-electric
plant located on the Susquehanna River at Holtwood,Pa. Company under compared with 15.415c, for the previous quarter and 15.476c. for the
'
contract with the United Railways & Electric Co.and the Consolidated Gas, first quarter.
(Signed Sherwood Aldrich, Pres.; D. C. Jackling, Managing Director.]
Electric Light & Power Co. of Baltimore supplies a large portion of the
electric current used in Baltimore. Also supplies nearly all of the electric -V. 117, p. 901.
current used in the City of Lancaster. Pa., and vicinity, under contract
Remington Typewriter Co.
with the Edison Electric Co. of Lancaster. Has recently signed contracts
-Dividends Resumed on Secwith the Edison Light & Power Co. of York, Pa., and the Chester Valley
Electric Co. of Coatesville, Pa., to furnish the major part of the power ond Preferred Stock.
The directors have declared a dividend of 2% on the 8% 2d Pref. stock,
used by these companies. Total population served by these companies payable
Dec. 20 to holders of record Dec.8. The last previous distribution
Is in excess of 900,000.
of 2% was made in April 1921.
When the 40,000 h.
-p. extension now under construction is completed,
The directors also declared a quarterly dividend of 1317, on the 1st Pref.
early in 1924, the Holtwood plant will contain 10 main generating units and
Series 'S" 1st Prof. stocks, payable Jan. 1 1924 to holders of record
with a total capacity of 150,000 h. p. The two new steel-tower transmission
lines, one to York, Pa., about 23 miles long, and one to Coatesville, Pa., Dec. 22 1923.-V. 117. p. 561.
about 30 miles long, are the property of the company, which has rights of
Rochester (N. Y.) Telephone Corp-Bonds Sold
way for the maintenance of the same.
In addition to these fixed properties, company also owns all of the capital R.F. De Voe & Co.,
New York, have sold at 99 and
stock and all of the bonds of the Susquehanna Transmission Co. of Pa. int., to
yield about 6.107 81,000,000 1st & Ref. Mtge.,
Inc., 0,
and the Susquehanna Transmission Co. of Md., in which are bested the
title to the transmission lines that carry the electric power to the outskirts Series A.6% gold bonds, duo in 1946
of Baltimore. These transmission lines are 40 miles in length.
Dated April 1 1921. Due April 1 1946. Interest payable A.
_0. at
CapitalizationAuthorized. Outstanding. Union Trust Co.• Rochester, N. Y., trustee, or Bankers Trust Co.,'N. Y.
1st Ref. Mtge. Gold bonds. Ser. A.5;is
52.000,000 City, without deduction of the normal Federal income tax of 2%. Denom.
$50,000.000
1st Mtge. (closed) 58, 1940
$1.000 and $500 c*. Callable on any int. date after Aug. 1 1926 at 105
12,500,000 x11,878.000
Capital stock
9,769,300 and int. on 60 days' notice.
13.500,000
x Retired by sinking fund,$622,000.
Issuance.
-Authorized by the New York P. S. Commission.
Security.
-Mortgage covers all the company's property now owned or Data from Letter of President
George R. Fuller, Rochester, Nov. 13
hereafter acquired (excerpt securities acquired subsequent to Oct. 1
1923,
Company.
-Formed in 1921 to consolidate into one owning and operating
other than securities made the basis of issue of additional bonds).
company the telephone business formerly owned and conducted in Rochester
Additional Bonds.
-$3.000.000 more of
the
may
basis of the present properties but beyond bondsbonds be issued upononly and its tributary territory by the Rochester Telephone Co. (independent)
that
may be issued
(a) to refund the $11878.000 of underlying bonds, (b) upon the basis of and the New York Telephone Co. (Bell). Operates in city of Rochester
of the cost of additional properties. and (c) upon the basis of the acqui- and surrounding territory, including Livingston and Monroe counties and
80%
sition of securities of other corporations in accordance with restrictions con- parts of the counties of Ontario, Steuben, Wyoming. Genesee and Orleans,
having an estimated population of over 500,000. Number of telephones
tained in the mortgage.
-Proceeds will be used to pay expenses incurred in connection Oct. 1 1923, 63,000.
Purpose.
Purpose.
-Proceeds will be used for additions to and extensions of the
with the new units now under construction and for other corporate purposes.
telephone plant, switchboards and apparatus of the corporation, principally
Earnings for Years Ended Dec. 31.
within the City of Rochester.
Gross
Net Earnings
Valuation.
-Value of the plant and properties as they existed Dec. 31
Bond
Pal
Net Earnings
Earnings. after Taxes. Interest, Times Bond Int. ance.
1922, and including working capital, have been determined by the P. S.
$516,285
1911
$447,326 $381,125
866,201 Commission to be 57.898,000. The value of these same properties as de1.17
1913
826.815
709,767
407,105
302.662 termlned by the American Appraisal Co. is over $11.000,000. Thus far in
1.74
1.124.739
1915
948,331
514.278
434.052 1923 corporation has spent over $600.000 in additions.
1.84
1,610.817
1917
1,216,267
Earnings.
-Net earnings applicable to interest charges for the two-year
518,550
697,717
2.34
1919
1.823,066
1,299,256
532,850
766,406 period beginning Oct. 1 1921 and ending Sept. 30 1923 were at the rate of
2.44
1921
1,962,252
1,366.415
524,938
841,477 over $330.000 per annum, after setting aside over $325,000 for taxes and
2.60
1922
2,003,478
1,456,400
535,144
921.256 over $900,000 for depreciation. This is equivalent to approximately 3.6.
2.72
1923(9 mos.)1,617,116
1,155,138
431.434
723,704 times interest charges on the total funded debt outstanding.
2.68
Net earnings after taxes and depreciation for the nine months to Oct. 1
Sinking Fund.
-For the purpose of establishing a sinking fund for the retirement of bonds of Series A. company is required to pay to the trustee, 1923 amounted to 5307.000. Interest charges on funded debt (incl. this
beginning with the year 1927, an amount in each year equivalent to 8% Issue) amount to $111,657.
of the annual interest charges upon all bonds of Series A theretofore issued:
Secured.
-A direct first mortgage on the entire property now or hereafter
after the expiration of five years the amount payable to the sinking fund is owned, subject only to a closed mortgage securing $1,058,500 Gen. Mtge.
increased to 12% of the interest charges and after the expiration of a further 5% bonds clue in 1933.
five-year period it is increased to 16%.
Sinking Fund.
-Mortgage requires company to pay to the trustee on
Market Equity -Dividends have been paid uninterruptedly from 1914 July 1 each year until maturity a sum equal to 23i% of the face value of
to date on the company's capital stock, the rate since 1920 having
the bonds of Series A then outstanding, the money to be applied to the purbeen 7%• chase of
There are now outstanding 97,693 shares, indicating
bonds at the lowest price obtahlable and not exceeding par.
at
equity behind these bonds of over $9,750,000.-V. 117, present prices an
Control.
-The New York Telephone Co. owns the entire $4,814,000 Prep. 1786, 1136.
ferred stock and 33 1-3% of the Common stock.
Pittsburgh Oil & Gas Co.
-Earnings.
Balance Sheet Sept. 30 1923 (Before This Financing).
Nine Months ended Sept. 301922.
1923.
AssetsLiabilities
Net oper. earns., before depreciation & depletion..._$350,129
5292,030 Total fixed capital
58,461.922 Common stock
$100,000
-V. 117, P. 677.
Investment securities_ _
10.000 Preferred stock
4,814,000
Advs, for construe., &c__
174,000 General (now First) Mtge.
Pittsburgh Plate Glass Co.
-Awards for War Damages. Cash and deposits
301.891
5s, 1933
1.058.500
Awards were announced Nov. 12 by the Mixed Claims Commission
6,689 1st & Refdg. Series A 7s,
American companies seeking to recover damages from Germany as a to ten Bills receivable
result Accounts receivable
313,409
1946
x150,000
World War. The Pittsburgh Plate Glass Co.
of the
won an award for its Materials & supplies
294,526 1st & Refdg. Series B 5s,
claim of $990,000, with interest at the rate of 5% annually from Jan. 1
Accrued income not due1.016
1946
539,000
to the date of payment.
1920,
316,194 Bills payable: To banks- 501,500
The second award was to the Western Electric Co., the amount being Total def'd debit items_ __
do N. Y. Telep. Co.... 1,067,689
$585.089, with interest at 5% from July 1 1919 to date of payment.
do Rochester Tel. Co- 272.948
The Texas Co.obtained $547.845, with interest at 5% from Nov. 11 1919.
Accounts payable
356,031
-V.117, p. 2119. 216.
Accr'd liabilities not due
87,789
Ins. & casualty reserves- Pittsburgh Steel Co.
10,966
-Earnings.
Liab. for empl. ben. fund_
7,492
1923.
3 Mos. to Sept. 30-1922.
1921.
1920.
lies, for accr. deprecia'n_
769.325
Sales
$6.008.063 $5.381,130 $3,428,790 $10,765,162
Total (each side)
$9,879,647 Surplus & undiv. profits-- 144.407
561,718 10549,687
x Net profits
13,922
1,568,367
x The Series A 7% issue has been amended to Series A. 6% bonds. This
x After setting aside estimated income and profits taxes.
-V. 117. $150.006 par value will be exchanged for an equal amount of 6% bonds.
p. 2003, 1772.
V. 107, p. 1008.
Sept. 30'23. Dec. 31'22.
THE CHRONICLE
Nov.171923.]
(A. L.) Sayles & Sons Co.
-Earnings.
--
For the 6 months ended June 30 1923 the company reports a net loss of
$36 before depreciation and net loss of 586,666 after deprdeciation.-V. 116.
p. 1771.
Schulte Retail Stores Corp.
-Sales.
Four Months Ending Oct. 31Total sales
-V. 117, p. 2003.
Increase,
1923.
1922.
$10,153,893 $8,389,488 Approx.21%
-Annual Report.Securities Corporation General.
2223
Results for Wars ended Aug. 31 (Incl. Sub. Cos.)- 1922-23.
1921-22.
Totjsales in the United States
$48,722,671 $41343.742
$5,559,379 53.016,805
Net profit after payment of taxes
Consolidated Balance Sheet Aug. 31.
1923.
1922.
1922.
1923.
Liabilities
Assetss
$
Plant .3. equirma't_14,464,375 14,239,279 Preferred stock___14,185,000 15,000.000
Pats., trade-mks....
171
143 Common stock_14,861,125 14,873,125
Cash
1,391,403 1,078,663 Notes payable_ __
1,122,500
Marketle sec., &c. 115,417
155,764 Accounts payable_ 1,000,774 1,008,712
Notes receivable__ 289,647
403,820 Dividends payable 248,470
262,500
Accts.receivable__ 6,595,954 6,534,568 Deposits, officers
Prepaid purchases.
186,679
and employees__ 360,439
196,625
193,525
Inventory
11,451,922 9,859,933 Accrued taxes__ _ _ 153,157
43,985
43,924
Securities owned 1,832,327 2,128,357 Deferred
252,284
182,887 Res've, Fed. taxes. .715,000
Empl. loans, &c__ 188,606
834,514 contingencies__ 1,174,413
852,169
Deferred
872,375
4,459,734 1,817,245
Surplus
Pres. P. M.Chandler writes in part: During the past year the refinancing
plan (V. 117, p. 901) has been carried to a successful conclusion and as a
result corporation has now funded practically all of its 6% Cumul. Pref.
stock with accumulated dividends thereon into the new 6-7% 151 Pref.
stock, of which 18,915 shares are outstanding as of June 30 1923. As
of Nov. 1 1923 only 381 shares of the 6% Cumul. Pref. stock are outstanding.
As a result of this plan corporation has been able to pay regular quarterly
dividends on its 1st Pref. stock from Nov. 11922. The surplus of the cor37,202,097 35,624,608
Total
Total
37,202,097 35,624,608
poration as of June 30 1923, after paying dividends on the 1st Pref. stock,
Note.
-The company was reported as being contingently liable at Aug.31
was $564.229. against $397,451 for the preceding year.
1923 on customers' notes and acceptances discounted and on letters of
Income Account Year Ended June 30.
credit aggregating 59,027.-V. 115, p. 2487.
1922-23.
1921-22.
1920-21.
1919-20.
$258,873
Simmons Co., Kenosha, Wis.-Sales.Gross income
$168,211
$126,152
$360,558
45,097
Month.
10 Months.
Interest on loans
40,022
Period Ended Oct. 3137,018
121,301
General, &c.,expenses_}
$4.106,252 531,458.347
131,372 Gross sales
55,947
Preferred dividend
-V. 117, p. 1565.
Tax adjustment
Cr.7.793
Balance, surplus
$157,829
Previous surplus
397,451
Difference between issue
price and cost of Pref.
stock cancelled
Cr.280,677
Inv.reserve account_
Underwriting priv. amt.
written off
25,000
Issued val. of 2,467.275
sh.of 1st Pref.stock of
no par val. issued in
lieu of exch.Pref.stock
246,728
dividends accrued_
Sioux City Gas & Electric Co.-Pref. Stock Offered.
$128,189
369,262
$96,928
272,334
100,000
$307.885
214,449
250.000
The directors have authorized the issuance of $600,000 7% pref. stock.
8300,000 of which is now offered for sale (chiefly to employees and customers at par, $100, and dirs, on the installment plan of $10 per share per
month),for the purpose of providing the funds necessary to pay for improvemonts and additions required to take care of the rapid growth of the company's business. The remaining $300,000, to be used for similar purposes.
will be offered for sale later as occasion warrants.
After payment of operating expenses, taxes, interest on bonds, &c., and
after setting aside proper allowance for renewals and replacements, the net
income for the 12 months ended Aug. 31 1923 applicable to the payment of
dividends on the $2,379,300 7% cumulative Pref. Stock which will be outstanding after the sale of the $600,000 of stock above referred to ($300,000
of which is now offered), was $344,608. or over twice the dividend requirements.
The Preferred Stock has preference over the 84,000,000 of Common Stock
of the company now outstanding.
Earnings, Sales, &c., Calendar Years.
Gross
Gas Sales
Elec. Sales Gas Cus- Elec.Cusin Cu. Ft.
Sales.
touters.
in K.W.H
tomers.
$506,098
355.523,000
2,168,665
11,262
2.611
1913
607,893
408,003.000
3,860,110
12,699
3,730
1915
769,521
466,663.000
5,293
9,020,624
13,908
1917
1.021,902
535,203,000
13.247.686
14.797
7,125
1919
1.324.916
575,397,000
15,260
8,934
15,606,785
1920
10,682
1,433.
535,684.000
14,873,551
15,373
1921
1,559.291
552,709,000
15,807
14,232
18,662,892
1922
-V. 116, p. 2398.
$564,229
Profit & loss surplus
$397,451
$369,262
$272,334
Comparative Balance Sheet June 30.
1923.
1922.
AssetsLiabilities1923.
1922.
6% cum. Pt. stock $101,053 $2,255,000
Invest. in bonds &
x$1,923,508 91,764,787 1st pref. stockstocks
1,792,201
demand
Loans pay. on coll. 365,000
Time and
90,000
638,363
453,180 Accounts payable
loans
108,370
44,835
& accruals
Cash
19,307
24,597
89
3,402 Surplus
Acc'ts receivable
564,229
397.451
3,503
Div. res. account_
14,715
Accr'd int. reale9,897
563
Prepaid taxes_._
563
Syndicate partic_
46,109
Priv. to Pante. in
underwritings
100,000
125,000
Sizer Steel Corporation.-Resunies Operations.
64,679
Treasury stock319.246
Total(each side)$2,841.789 $2,767,048
,
The receivers re;antly announced that the manufacture of commercial
Investment in bonds and stocks at cost, $1.923,688, less reserve $181. forgings has been re mined,following the suspension of business in connection
x
Contingent liabilities, none.
-V. 117, p. 1898.
with the receivership.
Note.
-The capital stock June 30 1923 as above shown is as follows:
-Earnings.
Sloss-Sheffield Steel & Iron Co.
(1) 6% Cumulative Preferred, 1,075% shares issued, value $101,052:
October 10 mos. end.
(2) 1st Pref. stock, 18,915,775 shares of no par value; issued value, $1,792,Common stock outstanding June 30 1923 amounted to 27,250 shares
1923.
Oct. 31 '23.
201.
$153,054 $2.306.282
of no par value, but issued value is not given. The capital stock June 30 Net earnings available for dividends
117, p. 1787, 448.
1922 consisted of 162,400,000 Prof. and 52,725,000 Common stock,issued for
the following purposes: Cash,$1,410,000; securities (par value $1,660,000),
Solar Refining Cc..-Semi-Annua! Dividend of 5%.$720,000; privilege to participate in underwritings. 3125,000: total, $2,255,000.-V. 117, p. 901.
A semi-annual dividend of 5% has been declared on the present outstanding $4.000,000 capital stock, par $100, payable Dec. 20 to holders of record
Seydel Chemical Co.
-To Reorganize.
Nov. 30. This is at the rate of $20 per annum on the $2,000.000 capital
The stockholders and creditors of this bankrupt company were to stock outstandin before payment early this year of a 100% stock dividend
meet at U.S. District Court room, Jersey City, yesterday (Nov. 16) for (V. 115. p. 2695). A semi-annual dividend of 5% was also paid on the
the purpose of considering a proposed offer of composition made by the $4,000,000 Capital stock on June 20 last. (For dividend record from 1912
Company to its creditors in satisfaction of unsecured debts owed them.
to 1922, inclusive, see V. 115, p. 2271.1-V. 116, p. 2267.
The proposed composition offer is as follows: (a) That an agreement
made between the Charleston Industrial Corp. and the Nitro Products
-To Create An Issue oj
South Pittsburgh Water Co.
Corp. dated July 1 1920, which contract was assigned to the Seydel
Chemical Co. Nov. 17 1921, be cancelled:(b) that the Charleston Industrial $2,500,000 7% Preferred Stock.
Corp. surrender for cancellation all purchase money notes, all of the preThe stockholders will vote Jan. 14 on increasing the authorized Capital
ferred stock of the Seydel company, together with certain debenture notes stock from $3.000,000 (consisting of52.750.000 Common stock and $250,000
issued by the Seydel company, which the Charleston Industrial Corp. 5% Cumul. Prof. stock. par $50) to $3,500,000, by creating a new issue of
now helots.
$2,500,000 7% Cumul. Pref. stock. par $100, to be red. at 115 and diva.
(c) That the Charleston Industrial Corp. sell to the Seydel Chemical and preferred over the Coin. and 5% Pref. stocks.
-V. 106. p. 507.
Co. a portion of the property described in the contract of sale between the
Charleston Industrial Corporation and the Nitro Products
Southern Cities Utilities Co.
-Earnings.
consisting of approximately 6 acres of land situate at the Corporation
Months ended Sept. 30Nine
1922.
1923.
Reservation
of Nitro, West Virginia, together with all of the buildings thereon Gross ea.mings
$2,078.957 $1,847,318
erected and the contents of the buildings, consisting of the Paranitraniline Net income
751,369
668,767
Benzoic plants, together with the laboratories, office, store-room, -V.116, p. 2267.
and
power plant, or such portion thereof as the Seydel company may require.
Southern States Oil Co.
(d) Subject to the approval of the Court, the Seydel company shall pay to
-New Directors.
the Charleston Industrial Corp. in cash upon the confirmation of composiHon.John J.Lentz of Colurnbus.0., and W.A. Robinson of New Bedford.
tion the sum of $3,900.
Mass., both large stockholders in the corporation, have been elected
(e) The claim of the Charleston Industrial Corp. for $6,000 to be filed directors.
-V.117, p. 2119, 1023.
and allowed as a general claim against the Seydel company.
Spanish-American Iron Co.
Op The Seydel Chemical Co. to waive its claim and release the Charleston
-Tenders.
Industrial Corp. for $5,000 for damages done while removing certain
The Girard Trust Co., trustee, Philadelphia, Pa., will until Nov. 24
machinery. (g The Seydel Chemical Co. to waive its claim and release receive bids for the sale to it of 1st Mtge. 6% bonds due July 1 1927 to an
the Charleston industrial Co.from a claim for $15,000 for improvements.
amount sufficient to exhaust $138,182, at a price not exceeding par and int.
(h) The Seydel company to pay to the Charleston Industrial Corp., as -V.116. p. 3007.
consideration for the above conveyances and covenants, the sum of $70.000.
-Earnings.
by executing and delivering to the Charleston Industrial Corp. its agreement
(A. G.) Spalding & Bros.
reserving to the Charleston Industrial Corp. a vendor's lien upon the above
[Subject to adjustment at close of fiscal year.]
premises, which vendor's lien shall be payable in accordance with the
9 Mos. end.
Quarter Ended
agreement between the Charleston Industrial Corp. and Herman Seydel.
Sept. 30'23. June 30'23. Afar.31 '23. Sept.30'23.
Period(I) The deed to the premises by the Charleston Industrial Corp. to peydel Net sales
$5,161,169 56,774,666 54,809,673 616,745,508
Chemical Co. to be executed and delivered to a trustee and to be held in
sales
escrow until the fulfillment of all the terms and conditions of the above Mfg. cost of & sell. exp. $3,373,467 $4,592,864 $3,122,560 $11,088,893
Admin.,adv.
agreement on the part of the Seydel company.
1,248,912
1,412,863
depr. of plant & equip 1,477,244
4,139,019
All of the aforesaid terms and conditions to be carried out within 15 days
after the confirmation of the composition; all preferred creditors to be paid
Net operating profit._.. $310.458
1768,938
$438,202 51,517,598
in full, together with the expenses of administration.
43.900
39,964
42,733
126,597
The stockholders were also to consider a proposed plan of reorganization, Other Income
which will permit the company to carry out the terms of the above offer.
Total income
$812,838
8353,191
$4478.166 51.644.195
The property of the company has been appraised and the total amount
paid
$58,397
$40,248
$27,973
$126,618
of the appraisal in the District of New Jersey is the sum of $66,990, and Interesttax reserve
95.000
353,00
65,000
195.000
the property in the Southern District of West Virginia has been appraised Federal 1st pref. 7% stk
80.002
Divs.on
79,920
81.395
241,317
at 540,132, making a total appraisal of $516,123. The secured claims Divs. on 2d pref.8% stk
20,000
20,000
20,000
60,000
amount to $652,302, and the unsecured claims amount to $239,543.- Divs. on Common stock70.411
93.840
70,693
234,944
V. 117. p. 217.
37,500
37,500
1st pref. stk. sink. fund..
37,500
112,500
Shaffer Oil 8E Refining Co.
-Notes Called.
-
Balance, surplus
546,683
$451,528
1673.816
$175,605
Certain of the Convertible 8% Serial gold notes dated May 1 1921 have
been called for payment Feb. 1 1924 at 105 and interest at the office of the -Ir. 117, p. 902, 217.
First National Bank, New York,or at the Continental & Commercial Trust
Standa-4 Oil Co. of New Jersey.
-Dividends.
& Savings Bank, Chicago. The notes so called are of Series "C." due
The directors have declared a quarterly dividend of 1% on the outMay 11924.
Holders of the notes may, at their option, surrender them at any time standing Common and 1.'4% on the Preferred stock, both payable Dec. 15
Like
prior to Feb. 1 1924 at either of said offices, and will receive in payment to holders of record Nov. 26.731). amounts were paid in March. June and
Sept. last (see also V. 116. p.
therefor 105 and int. to date of su”render.-V. 117, p. 1564.
An official statement says: "The proper officers are authorized to withSherwin-Williams Co. of Canada, Ltd.
hold payment of the aforesaid dividends, in so far as dividends are declared
-Earnings.in respect of any outstanding $100 par Common certificates and any out1923.
Years Ended Aug. 311922.
Preferred stock receipts, until such $100 par Common
Operating income
$1,073,607
$952.634 standing full-paid
have been surrendered in exchange for $25 par Common
Net income
790,428
687,923 certificates shall such full-paid receipts shall have been surrendered in exNet profits available for Common di videnda_ _
550,678
448,173 certificates, and
change for definitive Preferred stock certificates.
-V. 117. la. 1787.
-V. 115. p. 2578.
Sherwin-Williams Co. Cleveland.-Extra Div., &c.-
'
An extra dividend of Si of 1% has boon declared on the outstanding $14,861.125 Common stock,par $25,in addition to the regular quarterly dividend
of 2%, both payable Nov. 15 to holders of record Nov. 13.
-Listing-Earnings.
Sterling Products (Inc.).
The New York Stock Exchange has authorized the listing of 21.718
additional shares of Capital Stock without par value (authorized, 1,000.000
shares) upon official notice of issuance and payment in full, making the total
2224
THE CHRONICLE
amount applied for 625,000 shares. The above shares are to be issued to
employees, and the cash acquired will be used for the general corporate
purposes of the company.
Consolidated Income Account (Including Subsidiary Companies).
6 Mos. end. Cal. Year
Period1923.
June 30'23.
Grosssales
$9,319,505 02,658,974
Mfg.,selling and admin. expenses, incl. deprec'n
6,610.6321
Exp.other than oper.,incl. prov.for patent amort_
123.628) 8,844,746
[Vol,. 117.
series of $500 each, or a total of $228.000, have been called for payment
Jan. 1 1924 at 110 and int. at the Chase National Bank, 57 Broadway,
N. Y. City. See also V. 117, p. 2120.
U.S. Cast Iron Pipe & Foundry Co.
-Resumes Dividends
on Common Stock and Declares Extra Div. on Pref. Shares.
-
The directors have declared a dividend of 44 of 1% on the Common stock.
and 44 of 1% extra on the Preferred stock, both payable Dec. 20 to holders
of record Dec. 5. The Preferred dividend was declared from earnings in
past years applicable to the
stock but not paid, the
$2.585,245 $3,814,228 been retained as part of the preferred capital. The dividend same having
working
on the ComReserved for Federal taxes
298.310
502,035 mon stocg is payable out of profits for the year ended
Dec. 311922.
The additional dividend on
Net profit
$2.286,935 $3,312,194 paid on that issue during the the Preferred stock will make $7 50 a share
present fiscal year.
The surplus account as of June 30 1923 shows: Surplus Jan. 1 1923,
It
declaration of the Preferred dividend is to test the
-taxes,$2,286.935; rightis reported that thethan
83.268,217- net nrofit for period after deduction of Federal
;
to distribute more
7% on the Preferred stock in any one year.
total, 35.555,152'. Deduct-previous period adjustments, advertising, tax,
No dividend has been naid on the Common stock since Dec. 1 1907. when
cost adjustments, &c., net, $190,085. Dividends: Sterling Products a distribution of 1% was
made.
-V.117, p. 1899.
(Inc.), pad. $603,282; Sterling Remedy Co., Pref., payable July 2. $4,146;
balance, $4,757.638.-V. 117. ro• 1899. 1358.
United States Glass Co.
-Listing-Earnings.
The Pittsburgh Stock Exchange has approved for listing 10,000 additional
-Earnings.
Stewart-Warner Speedometer Corp.
shares (par $25) capital stock, of which 6,308 shares are placed on the list
1922.
9 Mos. to Sept. 301923.
1921.
1920.
and the balance,3,692 shares, to be placed on the list upon notice of issuance.
Net prof.aft. deprec.. &c $6.289,643 0.023,652 $1.255,767 $2,271,426 There has been previously
listed 64,000 shares on Jan. 15 1923 and 20,000
Prov. for Fed. inc. tax.- $741.648
$509,574
$480,000 additional shares on May 2
1923.
923,241
Dividends
3.084,984
833,581 0,200,000
This additional stock now approved for listing was issued for the purpose
of making permanent improvements and additions and additional worldly(
$2,463,009 $2,590,837
Balance, surplus
$422,186
$591.426 capital, under the recapitalization plan of
Dec. 28 1922,in which 31,000,000
Previoussurplus(adj.)
11,222.587
7,652,200
8,041,937
7,514,455 (40,000 shares, par $25) capital stock were
authorized to be sold, after the
Less adj. of deprec
08.445 authorized and outstanding capital was reduced
from $3.200.000 (32,000
Inventory adjustment
$500,000
shares, par $100) to 51,600,000 (64.000 shares, par $25) and the authorized
Unappropriated surplus_313,685,597 $10,243,037 $7,964,123 0,017,436 amount subsequently increased to $3.000,000 (120,000 shares, par $25).
The entire bonded indebtedness of the company paid off Aug. 31 1923.
-V.117, p. 1899. 1248.
Income Account for Stated Periods.
Superior Bond & Mortgage Co., Cleveland.
-Bonds
6 Mos.end Year ended
Period-Stanley & Bissel, Cleveland, are offering at par Gross
June 30'23 Dec.31'22.
Offered.
income from
$500,000 1st Coll. Trust 7% Gold bonds, Series Less-Discount on oper's (sales, &c.),incl. oth.inc-$2,913,28 $4,589,288
and int.
sales
34,717
19,800
Op.chgs., incl. all labor, mat'ls, gen.rep., maint.,&cx2,532,327 4,054,094
"B." A circular shows:
Admin. exp., gen.
187,702
y101,021
Dated Oct. 1 1923. Due serially $50,000 each Oct. 1, 1924 to 1933. Losses on accountssales, legal & gen. mfg. exP
13,21
6,247
Int. payable A. & 0. at Union Trust Co., Cleveland, trustee. Callable Interest on funded
33,344
25,572
(all or in part) on 4 weeks'notice at 101 and int. Company agrees to pay Losses on property debt, &c
abandoned
120,472
57,500
the normal Federal income tax up to 2%. Penn. 4
-mill tax refunded. Loss Glassport Land Co
9,533
2,252
Denom. $1,000 and $500 c*.
Net adjustment charges (accrued items, &c.)
13.593
281
Company.
-Is a 32.000,000 corporation organized in 1914, and is engaged
In the business of making loans on real estate in Cleveland and vicinity.
Not gain
$388,903
$168,283
Security.
-A direct obligation of the company, and in addition is specifically secured by deposit with the trustee of 150% of approved mortgages
x Incl. $131.661 selling expenses charged to factories' operating expenses.
and bonds.
y Net of$131,661 selling expenses,charged to factories. operatling expenses.
Earnings.
-The average annual net earnings for the past 534; Years,
1Vote.-Due to loss in year 1921. and to reserves created in prior years, no
available for interest charges, are $128,631.
provision has been made for Federal taxes.
Purposes.
-Proceeds from the sale of these bonds are being used in making
Consolidated Balance Sheet (Including Glassport Land Co.)
additional loans on 'real estate.
AssetsJune 30'23 Dec.31'22
LiabilitiesJune 30'23 Dec.31'22
Property acc't___x$3,605,055 $3,619,586 Capital stock
Sweets Co. of America, Inc.-Listing-Earninos.-2,145,050 1,600,000
350,000 Notes payable_ _ _ $479,000 $481,000
The New York Stock Exchange has authorized the listing of sroo.000 Classp. Ld. Coinv y337,465
380,016
132,284 Accounts payable_ 383,714
additional stock, par $10, on official notice of issuance and payment in full, Cash
327,381
688,593 Accrued accounts_
23,138
making the total amount applied for 35000,000. The stock applied for has Notes dr acc'ts rec- 817,096
22,254
1,065,068 1,020,463 Funded debt
been authorized to be sold under resolutions of the board of directors adopted Inventory
266,500
390,000
47,849
53,035 Res.for Fed'I taxes
Oct. 23 last, and the proceeds therefrom will be used as additional working Secure. owned,&c.
Deferred charges__
51,610
24,441
& contingencies. 110,296
243,730
capital and for the general operation and maintenance of the company's
Surplus
2,887,462 2,824,037
business.
Sales.
-Net sales after deducting excise taxes, allowances and returns for
Total
$6,304,160 $5,838,402
Total
the 9 months ended Sept. 30 1923 amounted to $1,098,000. Net sales for
$6,304,160 $5,888,402
October will be approximately $220.000 and net sales for Nov. and Dec.
x Land, buildings, all equipment, as appraised by manufacturers'apprais1923 are estimated at approximately $440,000. a total net sales therefor of
al company at Dec. 31 122. plus subsequent additions at cost, $5,478.846.
31.758.000 for the 12 months terminating Dec. 311923.
less allowance for reduction in value,$1,515,251,and depreciation,058,540;
Income Statement for Stated Periods.
balance as above, $3,605,055. y Includes real estate owned.
x3 Mos.end x6 Mos.end x9 Mos end 12 Mos.end underlying mortgages due Nov. 26 1924, $16,000; balance, $736.906. less
.
$720,906; acPeriodSept. 30'23 June 3023 Sept. 30'23 Dec.31 '22 counts receivable for real estate sold, payable in installments, $22.966; total,
Gross sales
0,389,065 $743,872;less allowance to reduce book value.006,407.-V.117, p. 1024.
$512,285
$623,843 $1,136,128
Returns & allowances &
excise tax
48,024
15,868
37.259
21.391
United States Gypsum Co.
-10% Stock Dividend.
Deduct-Cost of sales_ _
837.760
316.'201
717.479
401,278
The directors have declared an extra dividend of
in ComSalary and gen'l expenses420,117 mon stock, and the regular quarterly cash dividends 10%. payableCommon
134,819
292,536
157.717
of 1% on the
and of 1 fi% on the Preferred stock, all payable Dec. 31 to holders of
Net profit
883,164 record Dec. 15. In December 1920 and 1921 the company paid
$88,855
$443.458
48,397
$
5%
Other income
16,050 Common stock and on Dec. 30 1922 paid 10% in Common stock. 111
6,085
13,324
7,239
-V.
117. p. 218.
Total income
899.214
$51,483
002,180
$50,697
Deduct-Depen,abnormal
United States Steel Corp.
-Unfilled Orders.
write-offs & reserve for
See under "Indications of Business Activity" on a preceding page.
taxes, &c
93,134 -V. 117, p. 2004.
28,761
8,0458
51,697
Net profit
$22,721 1os41,000
$6,080
$21,721
Utah Copper Co.
-62d Quarterly Report.
The report, covering the third quarter of 1923, shows:
x Subject to adjustment at end of fiscal year.
Production.
-Total net production of copper from all sources was 59,084.It was reported this week that the company had sold 50.000 shares capital 546 lter
stock (par $10) at about $2 50 a share to a group including Benjamin Block. quar bs.., against 47,646,423 in the second quarter and 33,103,190 the first
of Block, Maloney & Co., and Lewis L. Clarke, Pres, of the American
3d Quar July.
September.
August.
Total. Av.Mthly.Prod.
Exchange National Bank.
-V. 117, p. 1899, 1673.
Pounds_ _ _19,529,362 20,
521,352 19.1une 832 59,084,546 19.694,849
,03 .
3.
2d Quar April.
Total. Av.Mthly.Prod.
Texas Co.
-Award for War Damages.
Pounds_ -14,162.164 16.54TI,445 16,936,814 47,646,423 15,882.141
M
See Pittsburgh Plate Glass Co.
-V. 117. p. 2120. 1787.
1st Quar January.
February.
Total. Av.Mthly.Prod.
March.
9,760,544 12,127.861 33,103,190 11,034,397
Texas Gulf Sulphur Co.
- Pounds---11.214.785 the Arthur plant treated 1.794,100 dry tons of ore
-Extra Dividend of 50 Cents.
During the quarter
An extra dividend of 50 cents per share has been declared on the out- and the Magna
plant 1,548,900 dry tons, a total for both plants of 3,343,000
standing 36.350,000 Capital stock, par $10, in addition to the regular dry tons, or an increase
of 719,300 tons compared with the previous quarter.
quarterly dividend of $1 50 per share, both payable Dec. 15 to holders of
The average grade of ore treated at the mills was 1.12% copper, and the
record Dec. 1. This compares with $1 50 each, paid June 15 and Sept. 15 average mill recovery of copper In the
concentrate was 82% of that
last; $1 25 ppaid March last and a quarterly dividend of $1 25. together with contained in the ore, as compared with form of
an average grade of 1.15% and a mill
an extra 0(75 cents paid Dec. 15 1922.-V. 117, p. 1899.
recovery of 82%, respectively, for the previous quarter.
The average cost per net pound of copper produced, including all fixed
Tiona Refining Co.
-Tenders.
and
crediting gold and silver
The New York Trust Co.. trustee, New York City, will until Dec. 5 and general charges except depreciation, and after
compared with 8.077 cents
miscellaneous earnings, was
receive bids for the sale to it of 1st Mtge.8% sinking fund gold bonds, due for the preceding quarter. The 8.051 cents, as silver recovered and the
value of gold and
July 1 1936. to an amount sufficient to exhaust $25,000, at prices not ex- miscellaneous earnings amounted to 1.077 cents per pound of copper, as
ceeding 110 and int.-V. 116. D. 948.
compared with 1.266 cents for the previous quarter.
Financial Results of Operations for the Three Quarters of 1923.
Tobacco Products Corp.
-Stockholders Approve Contract
1st Quar. Total 9 mo
2d Quar.
3d Quar.
for Lease, &c. of Property to American Tobacco Co.
Net prof.from copp. prod.$3,398,479 $2,553,634 51.797.521 $7,749,634
Stockholders on Nov. 15 approved the contract with the American Misc.inc.,incl. gold & ail. 636,617
603,355
1,683,562
443,590
Tobacco Co., whereby the latter will take over the manufacturing properties Bing. & Garf. Ry. div___
200.000
200,000
and leases of the Tobacco Products Corp. for a period of 99 years, and
all brands of cigarettes and smoking and chewing tobaccos. Under the
Total income
54.035.096 $3,356,989 $2,241,112 $9,633,197
contract the American Tobacco Co. will pay the Tobacco Products Corp.
A quarterly distribution to stockholders of $1 per share was made og
$44.000.000 in cash and will guarantee a payment of 32,500,000 annually
,
$1,624,490.
for the use of the property and trade-marks. (See outline of contract Sept. 29 192. and amounted to are computed on the
Earnings for the third quarter
basis of 14.88 cents
In V. 117. p. 2004.)
per pound for copper, as compared with 14.723 cents for the previous quarIn connection with the action taken by the stockholders, ter and 15.595 cents for the first quarter.
The total capping removed during the quarter was 664,218 cu. yds., as
George J. Whelan issued the following statement:
compared with 638,221 cu. yds. for the previous quarter. The ore delivery
This contract will permit prompt retirement of the $4,000,000 7% department transported a total of 3,510,079 tons of ore, being an average of
notes of Tobacco Products. In connection with the plants to retire the 38.153 tons per diem, as compared with 2.796,859 tons and 30,734 tons,
58.000,000 7% Preferred stock, between $2,000,000 and $3,000,000 of respectively, for the previous quarter. The Bingham & Garfield Ry.transported a total of 367,867 tons afreight, or an average of 3,999 tons per diem.
this issue has already been purchased.
Thus the 440,000 7% Class "A" shares will soon be the senior issue.
[Signed: D. C. Jackling, Pres.; L. S. Cates. V.-Pres. & Gen. Mgr.1With an annual return from American Tobacco of $2,500,000 this issue V. 117. p. 792.
practically becomes a guaranteed 1st Preferred stock. It is estimated
Utica Gas & Electric Co.-Pref. Stock Offered.
that the income of the real estate end of United Cigar Stores business,
The company is offering at 102 and div. 5500.0007% Cumul. Pref. stock
coupled with the annual payment of $2,500,000 by .American Tobacco.
will provide Tobacco Products with an assured annual income of more (par $100). Payment may be made(I)in full, or (2)on the partial payment
than $4.000,000. Dividend requirements on the 7% Class "A" shares plan, at the rate of $5 per share per month. The proceeds will be used for
total slightly over $3.000.000 annually, so that if United Cigar Stores did additions to plants, &c.
The issue has been authorized by the New York P. S. Commission.
not earn a dollar from operation of its 2,400 stores and agencies, and did
not receive a cent from its holdings of Montgomery Ward and other invest- V. 116, p. 2400.
would still have income to more than meet the dividend on the
ments, it
-Extra Dividend of 50 Cents.
Vacuum Oil Co.
-V. 117. P. 2004.
Class "A" shares.
The directors have declared an extra dividend of 50c. a share in addition
Artifical Silk Co. of America.
Call.
regular quarterly dividend of 50e. a share on the outstanding Capital
to the
Tubize
-Bond
-Year S. F. 8% Gold bonds, stock, par $25. both payable Dec. 20 to holders of record Nov. 30. On
Two hundred twenty-two let Mtge. 10
Series "A," dated Jan. 1 1923, of $1,000 each and 12 bonds of the same Sept. 20 last the company paid a quarterly dividend of 50 cents a share,
Nov. 17 1923.]
2225
THE CHRONICLE
ny.-Incorp. in 1911 in West Virginia. succeeding a business
in 1891 by Wm. Wrigley, Jr. Company owns plants in Chicago and
Brooklyn, where it manufactures the well-known Wrigley brands of chewing
gum and &livers through wholesalers to about 900,000 retailers throughout
the world. Plants have a combined daily capacity of 350.000 boxes, or
-Dividend Increased.
Valvoline Oil Co.
packages. Company's main product consists of the four wellThe directors have declared a quarterly dividend of 3% on the Common 7.000.000
"Double
brands of chewing
Dec. 7. This compares with known and "P. K. Over guru, "Spearmint."been spentMint." "Juicy
stock, payable Dec. 15 to holders of record
in advertising
540.000.000 have
Fruit"
dividends at the rate of 10% per annum paid since 1915. A stock dividend these products throughout the world.
was also paid on the Common stock in 1918 and one of 10% in May
of 10%
The new Wrigley office building at Chicago, costing $3,900.000. was
1923.-V. 116, p. 1661.
occupied in April 1921. and the new addition thereto, costing approximately
$4.500,000, is nearly completed. This will make a total cost of $8.400.000.
-Earnings.
V. Vivaudau, Inc.
Both these buildings are owned free and clear of any mortgage lien.having
Gross business for the 10 months ended Oct. 31 1923 was $5,750,000. been paid for in full out of earnings of the company, and the land on which
Profits were approximately 11770,000.-V. 117. p. 1899. 1024.
they stand is owned in fee simple with the exception of a small portion
which is leased for 198 years. The main building is rented to capacity.
Wallace Mfg. Co., Inc., Jonesville, S. C.-Pref. Stock.- and the new addition, although not yet fully completed, is rented to over
dividend, to yield 80% of the capacity.
Coggeshall & Hicks, New York, are offering at 97 and
-The capital, on completion of the present readjustment.
Capitalization.
over 7.20%. $250.000 Cumul. 7% Pref. (a. & d.) Stock of this company will consist of 1.800.000 shares of stock of no par value (authorized and
which was recently incorporated in South Carolina, and acquired the busi- issued), of
which 300.000 are now being offered to the public. There is no
ness. goodwill and trade-marks of the Wallace plant of the Victor-Monaghan
preferred stock and the company has no funded debt of any kind.
Co. (V. 117, p. 1787).
-This offering of stock is the result of a sale to you
Working Capital, &c.
Business and Preperty.-M111 located at Jonesville, S. C., has a total of
of a few individuals, and the proceeds do not go
approximately 15,980 spindles and 424 looms. It is equipped with thor- of a portion of the holdingsample working capital; in fact, the books of that
modern machinery and has been maintained in a high state of operat- to the company, which has
oughly
company, as of Oct. 311923,show cash on hand and on deposit of 57.178,ing efficiency. The aggregate floor space is about 87.500 sq. ft. Mill is
000. and marketable securities, mostly Government bonds, of $2,000,000,
engaged In the manufacture of brown cotton sheetings.
while total current liabilities, exclusive of Federal taxes, were less than
Capitalization Authorized and Outstanding (No Funded Debt).
5200.000.
$250.000
-We estimate net profits, after deduction for Federal
1923 Earnings.
Cumulative 7% Preferred Stock (par $100)
Common stock (par $100)
450.000 taxes and depreciation and available for dividends, for 1923, at over $7,200.Barnings.-Net profits during the past 7 years, after allowing for depre- 000. or over $4 per share.
SalPs.-We believe our product is second to none in matter of quality,
dation and taxes, have averaged about $100.000 per annum, showing an
earning power of $6 per spindle. These earnings would be equivalent to and the demand for it is attested by the fact that our sales have shown a
5Y4 times the amount required to pay the dividend of 7% per annum on 12% increase this year. The growth of our Company is shown by the
Increase in sales from 58.000.000 ten years ago to over $27,000,000 for 1923,
$250.000 preferred stock.
-There is a substantial equity for the preferred stockholders repre- with the last two months estimated.
Equity.
sented by $450.000 common stock, all of which has been subscribed for In
Verdict in Gum Infringement Patent Case.
cash at $100 per share.
According to an order of Charles B. Morrison, Federal Master in ChanBalance Sheet as of Aug. 30 1923.
cery, damages amounting to $3,718.000 must be paid by the comiaany
I LiabilitiesAssetsChewing Gum Co. for infringement on a copyrighted
$250.000 to the L. P. Larson Master decided the Wrigley company owed $2,860,000
Mach.. bldgs., real est., &C-$687,140'Preferred stock
The
3,000 Common stock
459.000 gum package. 6% since Nov. 12 1918 to the rival concern.
Supplies
1,000 Surplus
54,905 and interest at with the Wrigley-Larson litigation, the following statement
Repairs
In connection
11.985
Stock in process
is authorized by William Wrigley Jr.: "The announcement of the Master's
46.780
Cash
Wrigley-Larson litigation that the Wrigley company has made
5,000 Total (each side)
expense
$754.905 report in the
Organization
profits of 52.860.000 on the double-mint product should not be construed
-W. E. Beattie (formerly Pres. of Victor-Monagahan Co.); in any sense as an award or judgment against the company. This report
Directors.
T. M. Marehant (Pres.); W. H. Beattie (Treas.): Ridley Watts (of Ridley does not mean that they have any obligation to pay this amount; the comWatts & Co.); C.'Whitney Dalt (of Ridley Watts & Co.), New York; J. E. pany still believes very strongly that they are in the right in this matter
-V.117. and any award made by the Judge of the Federal Court of this district will
Sirrine, Greenville, S. C., and Reuben Lindsay, Jonesville, S. C.
p. 1787.
be appealed. The outcome of this suit when finally determined years
hence will in no way affect Wrigley's earning power or the safety of its pres-Suit.
Waltham Watch Co.
-V.117. p. 1249, 219.
ent dividend rate or its financial strength."
William Minot, Philip Hester, Horace E. ITildreth and the Waltham
Watch Co. and the directors, all of whom are co-defendants in the suit
-To Omit Dividend.
Woods Mfg. Co., Ltd.
brought in the Massachusetts Supreme Court by Edwin Hale Abbot, have
The directors have voted to omit payment of the quarterly dividend of
each filed with the Clerk of that Court motions to dismiss the bill of com2% usually paid Dec. 1 on the Common stock. The company has been
ground of lack of prosecution.
plaint on the
In the bill of complaint these defendants, with others, are charged with paying dividends on the Common stock at the rate of 8% per annum since
combining in a scheme to bring about a sale of the Waltham Watch Co. Sept. 11920;an extra dividend of5% was also paid on De.11920.-V.116.
at a price they knew to be unfair to the stockholders. The directors of p. 1908.
the company, members of the committees appointed to protect the interests
-To Increase Capital
Yellow Taxi Corp., N. Y. City.
of the stockholders, and the firm members of Kidder, Peabody & Co..
are all made defendants in the suit.
-New Stock Offered to Stockholders-Acquisitions.
The latest motions point out that the charges are so grave that in justice Stock
to defendants a prompt hearing and determination by the Court is required.
The stockholders will vote Nov. 23 on increasing the authorized capital
They further point out that they have filed their answers to the complaint stock from 100,000 shares to 400.000 shares of no par value. Of the addiin response to a subpoena served on them, returnable the first Monday of tional 300,000 shares, 250,000 shares will be offered to stockholders of
September, but, they state, no attempt was made to subpoena the remain- record Nov. 30 at $5 a share in the ratio of 24 shares of new stock for each
ing alleged conspirators. The time for serivce of the original subpoena share held. Of the remaining 50.000 shares, not more than 40,000 shares
has now expired, and, they argue, the plaintiff has not applied for a new will be set aside for the purpose of acquiring all of the Common stock of
subpoena although the time has also expired within which a new one could the Yellow Cab Co. of Philadelphia or sufficient of the Common of the
,
Philadelphia company to give control to the Yellow Taxi Corp.of New York.
be served upon the defendants returnable at the November term.
Therefare. these four defendants state, the charges ought not to be per- The remaining 10,000 shares are to be issued to stockholders or other prosmitted longer to stand upon the files of the Court. and dismissal of complaint pective purchasers In such amounts and for such consideration as the
-V. 116. p. 1287.
for lack of prosecution, with costs to them, is moved.
directors may determine, but in no event less than $5 a share.
Yellow Cab Co. of Phila. is the largest cab company in that city.
- ItThe outstanding 5.000 shares of Common stock, of which about 20%
-Scrip Dividend.
West End Consolidated Mining Co.
has
The directors have declared a dividend of one scrip right on each share is owned by directors and officers of the Yellow Taxi Corp. of New York.
of stock held, payable Dec. 1 to holders of record Nov. 10. The scrip is It is proposed to acquire the 5,000 outstanding shares of the Philadelphia
exchangeable within a year for Preferred stock of the West End Chemical company by exchange for new stock of the Yellow Cab Co. on the basis of
CO.in the ratio of 10scrip rights for one share of Prof.stock.
-V.110,p.2393. 5 shares of the New York company for 1 share of the Philadelphia Cab Co.
The proceeds derived from the sale of the 250,000 shares of stock will be
Western Electric Co.
-Award for War Damage.
devoted to the corporate needs of the New York corporation and the PhilaSee Pittsburgh Plate Glass Co. above.
-V.117. p. 2010,.902.
delphia company in case of acquisition.
Official announcement was made Nov. 11 that the Yellow Taxi Corp.
-Tenders.
Whitaker Paper Co.
had absorbed the Fay Taxicabs, Inc. President William E. McGuirk
The Guaranty Trust Co. of N. Y., as trustee, will until Nov. 22 receive issued the following statement:
-year 7% S. F. Gold bonds, due Nov. 1
bids for the sale to it of 1st Mtge. 20
"We have purchased Fay Taxicabs, Inc., with their good-will, contracts
1942, to an amount sufficient to exhaust $13,260 at a price not exceeding and 400 cabs. Consummation of the deal was effected through negotiations with Messrs. Shatzkin & Bernstein and McClure. Jones & Reed.
102 and int.-V. 117, p. 2121.
This purchase gives the Yellow Taxi Corp. a total of 1,700 cabs in N. Y.
-Recapitalization Plan Approved.
City, making it one of the largest corporation-owned taxi companies in
White Oil Corp.
The stockholders have approved the plan providing for the recapitaliza- America and the largest in N. Y. City.
"All Fay garages closed their doors Saturday night (Nov. 10), and the
tion of company. The entire issue of Preferred and 85% of Common
cabs will be out of service until thoroughly overhauled, repainted and other-V. 117. p. 2121. 1788, 1673.
stock voted In favor of the plan.
wise rendered up to the standards of the parent organization. None of the
the absorption. Stabilizing taxi
or employees
Whitin Machine Works, Whitinsville, Mass.-Acouis'n Fay officers city was neverare involved in the advent of Yellow taxi service.
a reality until
in this
The company is reported to have purchased the Whitinsville (Mass.) rates
We started with a couple of dozen cabs in 1921 and now employ more than
Cotton Mills. The amount involved is reported as 5500,000.-V. 116, p. 2,500 persons."
-17. 116, P. 307.
2782.
while in June last a semi-annual dividend of $1 a share was paid. 'For
record of dividends from 1910 to 1922, inclusive, see V. 115, p. 1848.1
-V. 117, p. 792.
See also Davison Chemical Co. below.
-Bonds Offered.
Wisconsin Fuel & Light Co.
-Cam=Ask & Co. Howe, Snow & Bertles, Inc., Grossman, Lewis
HenryCo.,C. Quarles & Co. are offering, at 98%
& Co., and'
and interest, to yield about 6%%, $360,000 First Mtge,
63"z% gold bonds, Series A, due Nov. 11948.
The bonds are secured by a first mortgage on all of the property rights
and franchises of the company which supplies gas for light, heat and fuel
purposes in Manitowoc, Wis.
Net earnings for the 12 months ended Nov. 1 were equivalent to 2.60
times annual interest requirements on those bonds.
(Walter K.) Wood Mowing & Reaping Machine Co.,
-Receivership.
Hoosick Falls, N. Y.
Upon the application of the National Shawmut Bank. Boston, a creditor
for $42,000, Federal Judge George W. Ray at Utica, Nov. 10, appointed
John T. Norton, of Troy. receiver. Liabilities, over $1.000.000.
(William) Wrigley, Jr. & Co., Chicago.
-7'o Change
Shares to No Par Value-306,000 Shares Offered by Bankers.
The stockholders will vote Dec. 4 on changing the par value of the
Capital stock from $25 to shares of no par value, and on increasing the
present 600.000 shares (par $25) to 1,800.000 shares of no par value. If
the change is authorized the present stockholders will receive three shares
of no par value for each share (par $25) held. It is stated that no change
in the dividend is contemplated and that the directors have recommended
payments on the now shares at the rate of 25 cents monthly,or $3 annually,
which is equivalent to the 75 cents monthly, or $9 annually, paid on the old
ock Exch.
stock. Application will be made to list the stock on the N.IL st
Hornblower & Weeks, with interests affiliated with Chase National Bank.
New York, have acquired from associates of the company 300.000 shares of
new stock.
300,000 Shares of No Par Value Sold-Hornblower &
Weeks, New York, have sold at $40 per share 300,000
shares of no par value. Pres. Wm. Wrigley, in a statement
to the bankers, states:
o
C
starterm
CURRENT
NOTICES.
-Burton Haines, metropolitan sales manager of the Chicago office of
the National City Company, died Sunday night at the Presbyterian Hospital in Chicago after a two weeks' illness. Mr. Haines had been associated with tne National City Company since 1917, when he took over sales
management of the Indianapolis office. He was a nephew of the late
Dr. Walter C. Haines and was a member of the South Shore Country
Club,the Attic Club and the Chickaming Country Club,of Lakeside, Mich.
Announcement has been made of the dissolution by mutual consent
of the co-partnership of Baar & Co., consisting of Adolph Baar. Frank C.
Masterson, Harold Brown and Percival J. Steindler. Mr. Masterson
announces that he will open offices of his own at 30 Broad St. to conduct a
general investment business. Mr. Steindler has joined the organisation
of Keane, Iligble & Co.
-R. R. Mallard. who has been appointed to head the Chicago office of
Stanley & Bissell of 29 South La Salle St.. has assumed his new duties.
Mr. Mallard has been associated with the Cleveland office of Stanley &
Bissell several years.
Charles F. Park, Jr., formerly of the investment firm of Hitt, Farwell
& Park,has been elected a Vice-President of the Coal & Iron National Bank.
New York,and will be in charge of their Bond Department.
Andre Lord, formerly Manager of the public utility stock department
of Gilbert Ellett & Co., has become associated with Pask & Walbridge in
a like capacity.
Ralph A. Hopkins, formerly associated with the Bankers Trust Co., is
now connected with Carden, Green & Co. in their bond department.
The New York Trust Co. has been appointed transfer agent of 200.000
shares Commercial Chemical Co. of Tennessee Class B common stock of
no par value.
2226
THE CHRONICLE
geports anti
[VoL. 117.
pacnutents.
THE CENTRAL STEEL COMPANY
(An operating company incorporated under the laws of Ohio.)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF ITS FIRST MORTGAGE TWENTY-YEAR EIGHT PER CENT. SINKING FUND GOLD COUPON
BONDS, DUE NOVEMBER 1, 1941.
New York, October 1, 1923.
The Central Steel Company (hereinafter called the Company) hereby makes application for the listing of its $4,875,000 First Mortgage Twenty-Year 8% Sinking Fund
Gold Coupon Bonds, due November 1, 1941, (of a total
authorized issue of $5,000,000), included in No. M-1 and
upward for $1,000 each, D-1 and upward for $500 each,
C-1 and upward for $100 each, all of which are issued and
outstanding in the hands of the public.
AUTHORITY FOR ISSUE.
The board of directors of the Company at a meeting
held October 27 1921 authorized the execution of the First
Mortgage to the Cleveland Trust Company as trustee,
dated as of November 1, 1921, upon all the fixed properties
of the Company to secure the issue of $5,000,000 First Mortgage Twenty-Year 8% Sinking Fund Gold Coupon Bonds,
dated November 1, 1921, to mature November 1, 1941.
The bonds were also authorized by written consent of more
than seventy-five per cent. of the stockholders secured in
July 1921 and by resolutions adopted by the majority of the
Common stockholders called for the 7th of July and adjourned from time to time until October 24 1921. No
other authority was necessary for the issue.
DESCRIPTION OF BONDS.
The bonds are dated November 1 1921 to mature November 1 1941,and bear interest at the rate of8% per annum,
payable semi-annually on May 1st and November 1st in
each year. Both principal and interest are payable at the
option of the holder either at the office of Blair & Company
in the Borough of Manhattan, City and State of New York,
or at the office of the Cleveland Trust Comapny in Cleveland, Ohio, all in gold coin of the United States of America
of or equal to the standard of weight and fineness as it existed
on November 1 1921; in the case of interest, without deduction for any Federal income tax not exceeding 2% per
annum,which the Company or the trustee may be required or
permitted to pay thereon or retain therefrom under any present
or future law of the United States of America. The Company also agrees to reimburse the holder of any bonds for
any Pennsylvania personal tax paid by such holder not exceeding four mills per annum on each dollar of principal
amount provided that application be made to the Company
within 60 days after payment of such tax, setting forth the
ownership by the applicant of such bonds, the number or
numbers of the bonds, the residence of the applicant at the
time such tax was assessed, and that said tax was assessed
upon him and paid by him because of the ownership by him
of such bonds; provided the Company shall not theretofore
have paid such tax to the Commonwealth of Pennsylvania.
The said bonds are in the form of coupon bonds only in
the denominations of $1,000, $500 and $100, registerable as
to principal. Bonds of the denomination of $1,000 and bonds
of the denomination of $100 and (or)$500 are interchangeable
in like principal amounts upon payment of charges as provided in the Indenture.
REDEMPTION.
The bonds are not callable prior to maturity.
SINKING FUND.
The mortgage provides for a skinking fund sufficient to
purchase and retire the bonds at 1073/b and interest as follows:
5% of the issue annually ($250,000 bonds) payable in
equal semi-annual installments on January 1st and July 1st
of each year, commencing July 1 1923 and ending July 1
1931; to the extent that Bonds are not obtainable at or below
1073/i and interest within 90 days from each semi-annual
payment, any unexpended balance shall revert to the
Company.
10% annually of the balance of the issue remaining
outstanding on October 1 1931, payable in equal semiannual installments on January 1st and July 1st of each
year, commencing January 1 1932, and ending July 1 1941;
said payments are to be applied to the purchase of the Bonds
at not exceeding 107% and interest, and if Bonds are not
available at that price, any balance is to be applied to the
payment of the Bonds at maturity.
The foregoing payments provide for the payment of the
whole issue at or before maturity. The bonds acquired
for the sinking fund are to be cancelled. Of the $5,000,000
originally issued $125,000 bonds have been cancelled to date
and an additional $106,500 bonds have been acquired for
the sinking fund.
DEFAULT.
The Indenture provides that if
(1) Default shall be made in the payment of the principal of any of the bonds, when and as the same shall have
become payable, whether at maturity or by declaration as
provided in Section 5 of this Article, or otherwise:
(2) Default shall be made in the payment of any installment of interest on any of the bonds, or in the payment
of any installment of any sinking fund provided for therein
or herein, when and as the same shall have become payable
as therein and herein expressed, and such default shall have
continued for a period of sixty (60) days;
(3) Default shall be made in the observance or performance
of any other convenant or condition herein required to be
kept or performed by the Company, and such default shall
have continued for a period of ninety (90) days after written
notice thereof shall have been given to the Company by the
Trustee, which shall give such notice at the written request
of the holders of twenty-five per cent. (25%) in principal
amount of the bonds then outstanding;
(4) A decree of a court having jurisdiction shall have been
entered adjudging the Company a bankrupt, and such decree
shall have continued undischarged and unstayed for a period
of thirty (30) days;or an order of such court for the appointment of a receiver of the property of the Company shall have
been entered, and such order shall have remained in force
undischarged and unstayed for a period of thirty (30) days; or
(5) The Company shall institute proceedings to be adjudicated a voluntary bankrupt or shall make an assignment for the benefit of creditors or shall consent to the
appointment of a receiver of its property;
then, and in each and every such case, and during the continuance thereof, the trustee, personally or by agents or
attorneys, may enter upon the mortgaged premises, and
may exclude the Company, its agents and servants, wholly
therefrom; and having and holding the same, either personally or by receivers, agents, servants or attorneys, may
use, operate, manage and control said premises, and conduct
the business thereof to the best advantage of the holders
of the bonds; and upon every such entry, at the expense of
the trust estate, from time to time the trustees may make
all such necessary or-proper repairs, renewals, replacements
and useful alterations, additions, betterments and improvements of, in or to said premises as to it may seem judicious,
and may purchase or otherwise procure the use of additional
tools and machinery for use thereon, and either in the name
of the Company or otherwise, as the trustee shall deem best,
may manage and operate the mortgaged premises and
exercise all rights and powers of the Company in respect
thereof, and the Trustee shall be entitled to collect and
receive all earnings, income, rents,issues and profits thereof;
and after deducting all expenses incurred hereunder and all
payments which may be made for taxes, assessments, insurance and prior to other proper charges upon said premises
or any part thereof, as well as just and reasonable compensation for the services of the trustee and for all agents,
clerks, servants and other employee properly engaged,
the trustee shall apply the moneys arising as aforesaid as
follows:
(a) In case the principal of the bonds shall not have
become payable, to the payment of the overdue installments
of interest upon the bonds, if any, in the order of the maturity of the installments of such interest, with eight per
cent. (8%) interest thereon; such payments to be made
ratably to the persons entitled thereto, without discrimination or preference;
(b) In case the principal of the bonds shall have become payable, whether at maturity or by declaration as
provided in Section 5 of this Article, or otherwise, to the
payment of the principal of said bonds and of the overdue
installments of interest upon the bonds, if any, with eight
per cent. (8%) interest on such interest; such payments to
be made ratably to the persons entitled thereto, without
any discrimination or preference.
LIENS.
These bonds are first lien upon
(a) Six parcels of land in Perry Township, Stark County,
Ohio, and one tract of land, together with all veins of coal
underlying same situated at Lens Creek, in Loudon District,
Kanawha County, West Virginia, described in particular
in the mortgage indenture, together with all the plants,
improvements, easements, etc., thereon or appurtenant
thereto;
(b) All other real estate now owned or hereafter acquired
by the Company, and all plants, machinery and equipment which are now located on or appurtenant to or used in
connection with the real estate and plants above described,
or which hereafter may be acquired by the Company;
(c) The following fully-paid and non-assessable shares
of stock, to wit: 850 shares of the par value of $100 each
of the Capital Stock of the Stark Mortgage Company,
Nov.171923.]
THE CHRONICLE
2227
POLICY AS TO DEPRECIATION.
a corporation of Ohio, being all of the Capital Stock of said
Company issued and outstanding except 150 shares thereof;
Depreciation charges of the Company are compiled to con(d) Also any and all property of every name and nature, form with the estimated life of the plant and equipment,
including shares of Capital Stock and corporate bonds or based on engineering experts' schedule and average 4% of
other obligations which from time to time after the execu- the investment in plant and equipment.
tion of this indenture by delivery or by writing of any kind
CHARACTER AND AMOUNT OF ANNUAL OUTPUT.
for the purpose hereof, shall have been conveyed, mortgaged,
1918.
1919.
1920.
1921.
1922.
.
(Tons) (Tons) (Tons) (Tons) (Tons)
pledged, assigned or transferred by, or by any one on behalf Ingots
315
3
73
1
69
of, the Company to the Trustee, which is hereby authorized Blooms, billets and slabs.-- 95,581
3.533
8,371 26.899
7.431
19.710
35.031
1.845
861
to receive any property at any and all times, as and for Sheet bars
81,284 143,803 166,450 84.258 195,805
additional security, and also when and as hereinafter pro- Merchant bars
Sheets
9,974 45,473
• 5,706
13,172
vided as and for substituted security, for the payment Strips
10,212
8,027
2,247
4,145 31,135
of the bonds, and to hold and apply any and all such property Sundry sales
222.383 162,048 195.669 107.327 293,946
subject to the terms hereof.
Based on first half-year's experience. 1923 output is estimated at 450.000
tons, valued at $36,000,000. (In addition to our own production sheet
APPLICATION OF PROCEEDS.
bars and slabs are purchased for further processing.)
The proceeds of these $5,000,000 First Mortgage Bonds
DIVIDENDS.
were used to pay off approximately $3,500,000 current
indebtedness and to increase the working capital of the
The dividends declared and paid by the Company are as
company.
follows:
Preferred
—Common
HISTORY AND BUSINESS.
Year—
Amount.
Rate.
Rate.
Amount.
7
$157.106 90
22V
3432.630 00
The Central Steel Company was incorporated June 24 1918
7
1919
197.075 40
295,395 00
iSV
1914 to construct and operate an open hearth steel plant at 1920
7
452,954 00
23%
7 -8%
421:492 64
Massillon, Ohio, specializing in high-grade alloy steels, the 1921
2.50 share 409,543 83
495.880 00
8
business expanded necessitating an increase in capitalization 1922(8 months)---4 0
o
2.00share 372,136 46
247.732 00
1923
on June 2 1919. On September 17 1921 the Company reOn reorganization in August 1921 the Preferred dividend
organized, acquiring the properties of the Massillon Rolling rate was changed from 7% to 8%.
Mill Company and. The National Pressed Steel Company
EMPLOYEES.
whose properties adjoined those of the Central Steel Company. The charter of the Company is continuous. Its
The number of employees of the Company varies from time
business consists principally in the manufacture of high-grade to time. The average number in the current year is 3,564.
alloy steels, high finished steel sheets, strip steel, plate steel The current number is 3,670.
and light structural steel sections. The Company is equippee
EARNINGS.
to produce substantially every form of alloy steel, of which
Net Income Before
Net Income
Provision for Fed'i
arefifty different commercial grades, the principal
Federal
there
after Federal
Income Taxes.
Taxes.
Year
Taxes.
alloys being nickel, chrome, molybdenum, zoroconium, 1918
32.537.519 02 51,648.165 99
5889,353 03
manganese and vanadium. Carbon steel adapted to forging, 1919
2,286,881 75
412.574 24 1.874.287 51
1,612,764 77
325.000 00 1.27,76477
stamping and other purposes, is also made. The product is 1920 Loss
1,585,160 60
1921
1,685,160 60
sold under the well-known trade name "Agathon" Steels 1922
2,668.978 04
325,000 00 2,343,978 04
1,949.551 20
243,686 02 1,705.865 18
to manufacturers of automobiles, tractors, oil well drilling 1923—January-June
tools, boilers, agricultural implements, etc.
INCOME ACCOUNT FOR THE YEAR ENDED DECEMBER 31 1922.
$28.284,529 71
Gross sales
CAPITALIZATION.
Less: Allowances and adjustments
131,000 94
$26,153,528 77
Net sales
All of the outstanding Preferred and Common Stock of
.
21.979,85240
Less: Cost of goods sold
the original Companies were issued at par, for general cor- Gross profit on sales
54.173.67637
porate purposes. On reorganization in 1921, the 7% Pre- Selling and administrative expenses:
ferred Stock of the old companies were replaced with 8%
Selling expense
$338.375 65
Administrative expense
458.712 17
Preferred Stock of the reorganized The Central Steel ComInsurance
10,843 16
pany and the outstanding Common Stock of the respective
Local taxes
36.172 46
Bad accounts
258.45063
companies recalled and no par Common Stock of the reorTotal
51,102.554 07
gamzed Company issued in exchange.
operations
CHANGE IN CAPITALIZATION.
June 24 1914—
Incorporated at
May 20 1919—
Increased to
Sept. 17 1921—
Reorganized with
Preferred
Common
Preferred
Common
Preferred
Common
1
May 11 1923—Issuance authorized__ Common
Issued.
Authorized.
52,500.000
$2,500,000
2,500,000
1,969.300
5,000.000
4.581.900
2,500,000
1,969.400
10,000,000
6.216,400
300.000 shares
168,817 7-12
of no par
80.744
Purpose
of Issue.
(a)
(c)
(a) For the purpose of increasing plant facilities and for additional
working capital.
(b) To effect the merger of Massillon Rolling Mills and The National
Pressed Steel Company with the Central Steel Company on the following
basis of exchange.
Preferred—one share of the new Preferred for one share of the old Preferred of each company;
Common—as follows.
To Central Steel Company stockholders. 7 1-3 shares of new no par
Common for one share of old $100 par Common.
To Massillon Rolling Mill stockholders, 7 shares of new no par Common
for one share of old 5100 par common.
To National Pressed Steel Company stockholders, 3 shares of new no
par Common for one share of old $100 par Common.
(c) Proceeds needed to finance the building of a blast furnace.
At the present time, therefore, there remain unissued
37,836 shares of $100 par value Preferred Stock and
55,438 5-12 shares of no par Common Stock. Preferred
Stock has preference to assets (par and accrued dividends
on liquidation) and to 8% cumulative dividends and is subject to redemption at 110 and accrued dividends. Preferred
Stock has no voting power except in event of certain defaults.
PLANT AND EQUIPMENT.
The property of the Company consists of 143 9-10 acres
of land situated adjoining the City of Massillon, Stark
County, Ohio, owned in fee; nine open hearth furnaces;
34-inch blooming mill; 24-inch continuous billet mill; 18-inch
merchant mill; 12-inch merchant mill; 24-inch sheet bar mill;
24-inch universal mill; 16-inch finishing .mill; 14 complete
sheet mills consisting of roughing and finishing mills; boiler
and power plants; 39 gas producers; 3,000,000 gallon fuel oil
storage tanks; 13 miles of standard gauge tracks; 7 locomotives, 3 locomotive cranes, 20 standard gauge cars. All of
the buildings are of brick, concrete and steel or combination
construction. The plant is electrically equipped throughout.
The Company's coal property consists of 4,731 acres located in Loudon District, Kanawha County, West Virginia.
Property is undeveloped.
The Company produces basic open hearth alloy and-high
grade carbon steel blooms, billets and slabs; sheet bars,
merchant bars,sheets and strips. The annual rated capacity
resulting in approximately 450,000 tons of finished and semifinished products.
Net profit from
Other income:
West Park property
Interest earned
Discount earned
Profit on sale and value of securities
Miscellaneous
Total
$3,071,122 30
$1,821 33
108,058 16
45,680 12
6,595 25
30,545 36
5192,700 22
$3.263.822 52
Other deductions:
Discount allowed
5158.003 82
Interest paid
406.319 95
Amortization of bond discount
29,166 77
Miscellaneous_
1,354 04
Total
5594.844 48
Net income before setting up provision for Federal taxes.. $2,668,978 04
Deduct: Reserve for Federal income taxes
325.000 00
Net ncome carried to surplus account
32,343,97804
SURPLUS.
Balance December 31 1921
51,363.774 20
Net income for 1922
2,343.978 04
Adjustment of reserve for reduction of purchase contracts to
market
332,404 56
Adjustment of a legal claim
27,201 04
Miscellaneous items
1.300 46
$4.068.658 30
Less:
Adjustment of previous years' Federal taxes $50,681 87
Organization expense
162.868 91
Miscellaneous charges applicable to former
years
13.390 41
Preferred dividends
495,880 00
Common dividends
409,54383
1,132,365 02
Balance December 31 1922
$2.936,293 28
BALANCE SHEET AT THE CLOAE OF BUSINESS DEC. 31 1922.
ASSETS.
Current assets:
Cash in banks and on hand
$238.649 49
5395.573 25
Notes and trade acceptances received
Accounts receivable
3,213.997 59
$3,609.570 84
Less: Reserve for doubtful notes and accounts
345,891 85
Marketable securities
Inventories of materials and products (at the lower of cost
of market):
Raw materials
5991,522 64
Mill supplies
730.498 78
Work in progress
1,049,407 59
Finished product
809.242 43
Purchases in transit
489,208 42
Total current assets
Other investments (stocks and bonds)
Fixed assets:
Real estate
Plant and equipment
3612.227 42
19,099.966 49
Deferred charges: Discount on bonds, unexpired insurance,
3,263.679 19
244,974 23
3.869.879 96
$7,617.182 87
101,511 43
19,712.193 91
493.722 39
527,924,610 60
2228
THE CHRONICLE
LIABILITIES AND CAPITAL.
Current liabilities:
Accounts payable
8716.63642
Notes payable
63,10000
Accrued accounts
542.62988
Total current liabilities
81.322,366 30
Twenty-Year First Mortgage8% Sinking Fund Gold Bnods,
due November 1 1941
$5,000,000 00
Reserves:
For depredation and amortization
$3.835.315 60
For furnace rebuilding and repairs
121.282 50
For reduction of purchase contracts to market
1.13248
For anticipated reorganization expense_
9,339 48
For employers' liability insurance
13,348 15
For contingencies
225,000 00 4,205,418 21
Preferred 8% Cumulative Capital Stock:
Authorized-100.000 shares of a par value
of $100 a share.
Issued-62.164 shares
$6,216.400 00
Less: In treasury-179 shares
17.900 00, 6,198,500 00
Common Capital Stock and surplus:
Authorized-300,000shares of no par value.
Issued-163,817 7-12 shares at a stated
value of $5 per share
$819,087 92
Earned surplus
2,936,293 28
Capital surplus
7,442,944 89
Total Common Capital Stock and surplus
11,198,32609
$27,924.61060
INCOME ACCOUNT FOR THE SIX MONTHS ENDED JUNE 30 1923.
Gross sales
$18.967,452 12
Less: Allowances and adjustments
56,381 00
Net sales
$18.911.071 12
Less: Cost of goods sold
16.170.495 12
Gross profit on sales
$2,740,576 00
Selling and administrative expenses:
Selling expense
$168.238 58
Administrative expense
264,392 83
Insurance
6.226 19
Local taxes
21.149 13
Bad accounts
70,808 00
530.814 73
Net profit from operations
$2,209,761 27
Other income:
West Park property
$2,191 00
Interest earned
64,399 01
Discount earned
35,499 33
Miscellaneous
1,016 43
103,10577
$2,312.867 04
Other deductions:
Discount allowed
$120,564 83
Interest paid
200,250 84
Amortization of bond discount
23.958 33
Idle expense_
5,737 72
Loss on sale and value of securities
10,327 78
Miscellaneous
2.476 34
363,315 84
Income before setting up provision for Federal income taxes $1,949.551 20
Provision for Federal income taxes
243.686 02
Net income for the period
$1.705.865 18
SURPLUS.
Balance December 31 1922
32.936,293 28
Netincome fo”six months ended June 30 1923.81,705,865 18
Adjustment of employees' bonus
248 00 1.706.113 18
$4.642,406 46
Less:
Premium paid on $125,000 First Mortgage
Sinking Fund Gold Bonds retired through
Sinking Fund
$2,600 00
Dividends paid:
Preferred 8% Cumulative Capital Stock_ 247.732 00
Common Capital Stock
372.136 46
622,468 46
Balance June 30 1923
$4.019,938 00
BALANCE SHEET AT JUNE 30 1923.
ASSETS.
Current assets:
Cash in banks and on hand
$1.664,338 83
Notes and trade acceptances receivable
4,362.943 58
Accounts receivable
83,121,960 84
Less: Reserve for doubtful accounts
435,298 98 2,686.661 86
Marketable securities
123,362 70
Inventories of materials and products (at the
lower of cost or market):
Raw matelal
$1,699.54797
Mill supplies
803,43568
Work in proce,ss
1,193.27747
Finished product
774.00560
Purchases in transit
401.773 45 4,872.040 17
Total current assets
$13,709.347 14
Other investments
142,64518
Fixed assets:
Real estate
8615.727 42
and equipment
Plant
19,453,377 34 20,069,104 78
Deferred charges:
Discount on bonds,unexpired insurance,etc
504,886 02
$34.425.983 10
LIABILITIES AND CAPITAL.
Current liabilities:
Accounts payable
$1,656,254 06
Accrued accounts
478,404 49
Total current liabilities
$2,134,658 55
Twenty-Year First Mortgage8% Sinking Fund Gold Bonds,
due November 1 1941
4,875,000 00
Reserves:
For depreciation and amortization
$4,203,445 89
For furnace rebuilding and repairs
130,892 50
For employers' liability insurance
13,348 15
For Federal income taxes
243,686 02
For contingencies
317,231 18 4.908.603 74
Preferred 8% Cumulative Capital Stock:
Authorized-100.000 shares of a par value
of $100 per share.
Issued: 62,164 shares at $100
$6,216,400 00
Less: In treasury-261 shares
26.100 00 6,190,300 00
Common Capital Stock and surplus:
Authorized-300.000 shares of no par value.
Issued:244.561 7-12 shares at a stated value
of $5 per share
$1,222.807 92
Less: In treasury-35 shares
175 00
81,222.632 92
Capital surplus
11,074.849 89
Earned surplus
4.019,93800
Total Common Capital Stock and surplus
16,317,420 81
Contingent liabilities:
As endorsers of notes of the Ohio Public Service Company
8200,000,secured by 2,000 shares of Cities Service Company stock.
As endorsers of notes of American Stamping & Enameling
Co., $55,000.
$34,425,983 10
[Vol,. 117.
AGREEMENTS.
The Central Steel Company agrees with the New York
Stock Exchange as follows:
Not to dispose of an integral asset or its stock interest in
any constitutent, subsidiary, owned or controlled company
or allow any of said constituent, subsidiary, owned or controlled companies to dispose of an integral asset or stock
interest in other companies unless for retirement and cancellation, without notice to the Stock Exchange.
To publish statement of earnings quarterly.
To publish once in each.year and submit to the stockholders, at least fifteen days m advance of the annual meeting
of the Corporation, a statement of its financial condition, a
consolidated income account covering the previous fiscal
year; a consolidated balance sheet showing assets and
liabilities at the end of the year; or an income account and
balance sheet of the parent Company and of all constituent,
subsidiary, owned or controlled companies.
To maintain, in accordance with the rule of the Stock Exchange, a transfer office or agency in the Borough of Manhattan, City of New York, where all listed securities shall be
directly transferable, and the principal of all listed securities
with interest or dividends thereon,, shall be payable also a
.
registry office in the Borough of anhattan, City Of New
York, other than the transfer office in said city, where all
listed securities shall be registered.
Not to make any change in authorized amounts of listed
securities without thirty days' notice to the Stock Exchange
in advance of the effective date of said change.
Not to make any change in listed securities or of a transfer
agency or of a registrar of its stock, or of a trustee of its
bonds, or other securities, without the approval of the Committee on Stock List, and not to select as a trustee, an
officer or director of the Company.
To notify the Stock Exchange in the event of the issuance
or creation in any form or manner of any rights to subscribe
to, or to be allotted, its listed securities, or any other rights
or benefits pertaining to ownership in such securities, so as
to afford the holder of such securities a proper period within
which to record their interests, and that all stock rights to
subscribe or to receive allotments and all other such rights
and benefits shall be transferable; and shall be transferable
and deliverable in the Borough of Manhattan, City of New
York.
To notify the Stock Exchange of the issuance of additional
amounts of listed securities, and make immediate application
for the listing thereof.
To publish promptly to holders of listed bonds, any action
in respect to interest on such bonds, notices thereof to be sent
to the Stock Exchange.
To notify the Stock Exchange if deposited collateral is
changed or removed.
To have on hand at all times a sufficient. supply of bonds
to meet the demands for transfer.
GENERAL.
The fiscal year of the Company is the calendar year.
The annual meeting of the stockholders of the Company is
held on the third Thursday of March at the main office of
the Company at Massillon, Ohio.
The Company has sales offices at Chicago, Detroit, Cleveland, Syracuse and Philadelphia.
The Directors (elected annually) are: R. E. Bebb, H. M.
Geiger and C. G. Herbruck, all of Canton Ohio. H. M.
Prescott and W.L. Mather, of Cleveland, Ohio; P. Benninghofen, of Hamilton, Ohio; B. F. Fairless, Frederick J.
Griffiths, P. L. Hunt, J. M.Schlendorf, F. H.Snyder, C. E.
Stuart and I. M. Taggart, all of Massillon, Ohio.
The Officers are: R. E. Bebb, Chairman; Frederick J.
Griffiths President; C. E. Stuart, Vice-President and Treasurer; J. M. Schlendorf, Vice-President in Charge of Sales;
B. F. Fairless, Vice-President in Charge of Operations;
C. C. Chase, Secretary.
The principal and interest of the bonds are payable at the
option of the holder at the office of Blair & Co. in the City
of New York, and at the office of The Cleveland Trust Company in Cleveland, Ohio.
The bonds are registerable as to principal at the option of
the holder at the office of the Cleveland Trust Company in
Cleveland, Ohio, or at the office of the Bankers Trust Company in the Borough of Manhattan, City of New York.
The bonds are exchangeable for bonds of different denominations at the office of the Cleveland Trust Company,
Cleveland, Ohio, and at the office of the Bankers Trust
Company, New York.
THE CENTRAL STEEL COMPANY,
By C. E. STUART, Vice-President and Treasurer.
This Committee recommends that the above-described
$4,875,000 First Mortgage Twenty-Year Eight Per Cent
Sinking Fund Gold Coupon Bonds, due November 1 1941,
Nos. M-1 upward for $1,000 each, and D-1 upward for $500
each and C-1 upward for $100 each (and coupon bonds of
one denomination issued in exchange for coupon bonds of
other denominations), be admitted to the list.
ROBERT GIBSON, Chairman.
Adopted by the Governing Committee, October 24 1923.
E. V. D. COX, Secretary.
Nov.17 1923.]
THE CHRONICLE
2229
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."(
year and 61,300 two years ago. The receipts of sugar at
Cuban ports for the week were 3,369 tons, against 7,522
tons in the previous week, 13,862 in the same week last year
and 20,694 two years ago; exports, 16,502 tons, against
53,459 in the previous week, 44,650 in the same week last
year and 33,263 two years ago; stock, 73,133 tons, against
86,266 in the previous week, 141,481 in the same week last
year and 1,090,880 two years ago. No centrals were
grinding. Of the exports United States Atlantic ports
received 11,085 tons and Ssivannah 5,417 tons. Havana
cabled: "Rain is wanted in some parts; weather cool."
There has been very heavy December covering; Cubes have
sold freely. Some think there is a good prospective European
demand, notably for March and May. English markets
have been strong.
According to New Orleans advices, delayed starts, difficulties incident to the commencement of grinding, weather
interruptions, late last week and poor returns in the way of
yield have all combined to make the Louisiana sugar crop
movement so far rather disappointing in volume, so much so
that it will tax the facilities of many of the producers to
fulfill within the time allowed the commitments already
made and precludes in their case further shipment this
month. The "Planter" of Nov. 10 reports that the weather
during the preceding week was cold and dry, a desirable condition. The cane throughout the sugar district is green,
though some improvement has taken place in some sections
during the present week, but on the whole the cane is still
markedly under nromal in sugar content and yields throughout the district are low. A continuation of the present cool
weather is necessary in order to develop a normal sugar content. The encouraging conditions in the market prices for
sugars, syrups and molasses are in some way a compensation
for the low yields. To-day futures advanced somewhat.
For the week they show a.rise of 2 to 7 points.
Friday Night, Nov. 16 1923.
COFFEE on the spot has latterly been quiet and more or
4
/
less nominal; No. 7 Rio, 107 to 11c.; Victoria, 7s-8s, 103 c.;
4
No. 4 Santos, 14%o. to 153/2c.; fair to good Cucuta, 163 c.
,
to 1736e.; Medellin,20o. to 204o. Futures have advanced
on unfavorable crop reports from Brazil. Yet last Monday
Brazilian cables were anything but stimulating. Early
official cables there reported declines in the Brazilian terme
markets amounting to from 400 to 1,200 reis at Santos and
222 to 575 reis at Rio. There was an advance of %c. in
Rio exchange on London, making it 5 1-16d. and declines
aggregating 120 reis in the dollar, which made that 11 $030.
But on the 14th inst. there were advances early of 400 to 675
reis in the terme market at Santos and of 25 to 300 reis at
Rio. The trouble was they were neutralized by weakness
in Brazilian exchange, which was quoted at 4 31-32d. for
sterling, a decline of 1-32d. and at 11 $300 for the dollar,
the latter being 300 reis above Tuesday's closing. December, however, was at 138.points premium over July and a little business was done on that basis. The Rio coffee exchange,
by the way, has decided to make types to conform with those
used at Santos and New York. To-day prices were higher
with cables higher and offsetting lower exchange. Europe
bought next spring and summer months. Rio was 300 to
650 reis higher. Exchange on London was off 1-64 at
4 55-64 and the dollar rate 60 reis higher at 11 $400. The
weakness in Brazilian exchange has undoubtedly been a
disturbing factor. It has been down to the lowest in history. Also the violent oscillations in Brazilian coffee prices
hamper business. It rocks the boat with a vengeance.
4.3904.40
Fears of a December squeeze hare are expressed in some Spot (unofficial)_ _ _5c. I Ma ch
4.3104.321May
4.4904.50
iJuly
quarters. It has been 78 points over March. Futures at December _ - _ 5.3605.37 I
firmer; prime
one time were higher to-day, but reacted later, though ending
LARD on the spot in fair demand and
higher for the day. For the week there is an advance of Western, 15.10c.; refined Continent, 15.50o.; South Amer25 to 26 points.
ican, 15.75c.; Brazilian, 16.75c. Futures were irregular
Spot (unofficial)_ _11c. I March
7.9807.99 within narrow limits early in the week. Lower hogs were a
8.54a8.551.11117
December_ 9.3209.33
(May
8 1108.12 September -.7.7507.76 bearish factor, but on the other hand, cash interests bought
SUGAR was easier on Thursday with sales of Peru at lard rather more freely. The Continent wanted large
4 13-16 to 43ic. c.i.f., a decline of %fa., but to-day Cuba was quantities for prompt shipment but the offerings were small.
quoted at Oio. c. & f., with only small lots offering. The Liverpool on the 13th inst. advanced 6 to 9d. At times the
tone was steady with full duty raws at 478c. to 5c. United trading in Chicago was small. The Continent has been in
Kingdom cables were firm with another cargo of Cubas re- the market steadily. Last week's exports were 12,858,000
-March shipment at 22s. 7'Ad., c.i.f., lbs. of lard and 18,904,000 lbs. of bacon. The English
ported sold for Feb.
equal to about 4.13o. f.o.b., or 4 9-32c. c. & f. New York. cables, however, at times have not been encouraging this
For straight March shipment 22s. 6d. was said to be bid. week. Later on packers were the best sellers. The Gov'Refined sugar was dull at 8.78.3. to 8.90c. Western beet ernment reports that the stook of hogs on the farms on
refined has sold, it is said, as far east as Hazelton, Pa. and Sept. 1 shows 1 to 6% more hogs in the corn belt than
Albany, N. Y., with at least one car in Philadelphia at 8.50c. last year. Commenting on the corn and hog supplies, one
Some years ago, it is said, several New York warehouses member of the trade says they should indicate that in good
were filled with beet refined. There is no big surplus east time corn and hogs will work to a proper price basis for
of the Rocky Mountains and prices are therefore steadier feeding. He construes the hog report and the continued
than they would be otherwise.
heavy hog receipts as bearish on corn. To-day prices showed
There was heavy short covering in the December position little change, although hogs were down to $6 to $6 25, the
on Nov. 12 by Wall Street interests, estimated at 7,500 tons. lowest for over three months. A year ago they were $8 05.
Full-duty sugars sold on the basis of 53o. for Cuba. Not a Receipts are very large, amounting in a single day to 58,000,
few are impressed with the statistical strength of the Decem- with 17,000 carried over unsold. Chicago lard stocks,
be” position. But it is urged, too, that this delivery before however, are down to 5,507,000 lbs., a decrease of 6,800,000
very long will expire and that as new-crop considerations will in the last two weeks. A year ago the total was 4,519,000
soon begin to dominate the market the March and May po- lbs. Stocks of bellies are 17,310,000 lbs., against 21,787,sitions scorn unduly high. Others combat this idea. A 000 on Nov. 1. Cash lard at the West has of late been
prominent Wall Street stock operator bought, it is said, 15,- difficult to buy. Prime steam in tierces, it is said, has sold
000 to 20,000 tons of December and about 5,000 tons of as high of late as 1431c. in Chicago. Futures show a loss
full-duty sugars for early December arrival. Wall Street for the week of 2 to 5 points.
and commission houses were the sellers, one Wall Street con- DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs. Fri.
Sat.
Man. Tues.
cern selling 9,000 tons of December. Cables from Europe January delivery_ _ _cts_11.92 12.00 11.92 11.90 11.77 12.00
11.85
11.80 11.65
report an advance on the 14th inst. of 6d. in British refined. March delivery
11.85
11.82
11.90
11.87 11.87 11.70 11.87
11.90 11.72
United Kingdom refiners have purchased 500 tons of Perus May dellve.y
PORK steady; mess $25 50 to $26 50; family, $30; short
at 24s. 04d. for December arrival. London was credited
with buying heavily of March sugar here on the 13th inst. clears, $27 to $32. Beef dull; mess $16 to $17 nom.; packet,
The West bought March and December,supposedly to cover. $17 to $18; family, $20 to $21; extra India mess, $32 to $34;
Longs sold freely. Cuban raws were quiet. Peruvian sold No. 1 canned corned beef, $2 35; No. 2, $4; 6 lbs., $15;
pickled tongues, $55 to $65 nom, per bbl. Cut meats quiet;
on a basis of 5.44c. c. & f. for Cubas.
/
A prominent cotton firm purchased sugar contracts heavily pickled hams, 10 to 24 lbs., 123 to 1630.; pickled bellies,
and the significance of this buying, particularly of December 6 to 12 lbs., 1234 to 13c. Butter, creamery seconds to
futures, as well as the purchase of' 4,500 tons of full-duty high scoring, 4334c. to 54c. Cheese, flats, 2534c. to 28c.,
sugars has been puzzling even the wiseacres since. Others Eggs fresh-gathered trade to extra fancy, 29 to 68c.
-Linseed quiet and weak. Leader crushers were
OILS.
think it is a plain case of buying for long account. The
market closed on Wednesday at the bottom, after a violent offering raw oil in carlots early in the week at 90o., but on
early rise. Wall Street in some cases is said to be disposed a firm bid business, it is said, could be done at le. under
to take the short side for a turn. The receipts at United this figure. In tanks 86c. was quoted; less than carlots,
States Atlantic ports for the week were 55,128 tons against 95c.; less than 5 barrels, 98c.; boiled, tanks, 880.; carlots,
-barrel lots, 97c.; less than 5 barreli, $1. Cocoanut
40,501 last week,51,865 in the same week last year slid 50,639 94c.; 5
two years ago; meltings, 50,000, against 48,000 last week, oil, Ceylon barrels, 93/20. Corn, crude, tanks, mills, spot
52,000 in the same week last year and 40,000 two years ago: New York, 1034c.; refined, 100-barrel lots, 1434c. Olive,
total stock, 85,861, against 80,733 last week, 89,528 last $1 12. Cod, domestic, 66@6843.; Newfoundland, 68 to 70c.
2230
THE CHRONICLE
[voL. 117.
Lard, prime, 163c.; extra strained, 133 c. Spirits of
A
turpentine, 97@98c. Rosin, $5 80 to $7. Cottonseed oil
sales, including switches, 23,600. Crude, S. E., 9623. bid.
Prices closed as follows:
to United Kingdom and Continent, 36s. 3d.; Antwerp is. less, with ful
l
options, December; grain from Montreal to United Kingdom, 3s. 9d. late
Nc)vember; grain from Atlantic range to west coast of United Kingdom at
3s. 1 lid., one port;3s. 3d.two ports; option east coast, 3s.4 Md. December;
grain from North Pacific to Antwerp, 3s. 3d. February;lumber from North
Pacific to two ports Australia, $14 50 December: grain from Portland or
Nov
11.60011.80iFeb
11.60011.70ray
11.90011.94 Boston to Avonmouth, 3s. 4 Md. November; grain from United States
Dec
11.49011.51 Mar
11.72011.75 June
11.93012.05 Atlantic port to United Kingdom-Continent, 4s. December; grain from
Jan
11.55011.57 April
11.76011.85
United States Atlantic port to Bristol, Channel, 3s. 3d. a quarter, NovemPETROLEUM.
-Tank wagon prices of gasoline were re- ber;from North Pacific to United Kingdom-Continent, 37s. 6d. a quarter,
with option of Mediterranean ports, 40s. March;light crude oil from United
duced lc. a gallon early in the week in New York, New Jersey States Gulfport to United Kingdom-Continent or Hamburg, 33s. per ton
from
Domingo,
and New England, which makes the price to filling stations November;23,000 cases oilMc. Port Arthur to four ports SantoDecember;
basis 30c. one port, with
extra each additional
in the former two States 153'c. and to consumers 18c. In railroad ties from Mobile to New York, 33c. and port used, and plain)
31c. (oak
New England the price to filling stations ranges from 14M prompt loading; grain from Montreal to Denmark or Sweden, 18c. one port
November; linseed from Rosario
a ton February; grain
to 1634c. and to the consumer 17c. to 19c. Export prices of from Montreal to Antwerp, 16c. to New York, $6 from North Pacific to
November: wheat
gasoline in bulk and cases were also cut le. by the Standard the Orient. $6 50 December; coal from Atlantic range to French Atlantic.
$2 45 November.
Oil
The price is now
Co. of New Jersey.
103c. The
Standard Oil Co. of Indiana on the 10th inst. cut prices of
gasoline 2c. per gallon in several sections of its territory.
Gasoline is in light demand, both domestic and foreign. The
market is weak. Early in the week a better inquiry from the
Far East was reported, but the movement was very small.
The retail price of gasoline at filling stations in Ohio was reduced lc. to 18c. a gallon by the Standard Oil Co. of Ohio.
The Mid-West Refining Co. met the cuts of the Ohio Oil Co.
on Wyoming crude oil and cut Salt Creek crude 30e. The
Gulf Oil met the cuts in Mid-Continent crude. The Prairie,
the Gulf and the Magnolia are now on an even basis as to
prices. The Texas Co. announced new prices for Oklahoma,
North Texas and North Central Texas crude, which meet the
prices posted Nov. 9 by the Prairie Oil & Gas Co., i. e., for
oil below 33 gravity 750.; for 33 to 39.9 gravity, $1; for 49
and above,$1 25. Bunker oil dull and weak at $1 45 f. o. b.
New York Harbor refinery. Gas oil 36-40 quoted at 4c.
per gallon refinery with little business reported.
Okla.Kan.& Tex_39 and over_$1 80 Mid-Continent_ _AO and over_$1 25
37-38.9 deg_ 1 60
33-39.9 deg_ 1 00
35-36.9 deg_ 1 40
Below 33 deg 0 75
33-34.9 deg_ 1 25 Caddo
35-37.9 deg- 1 15
30-32.9 deg.. 1 10
38 and over.. 1 25
28-29.9 deg_ 0 75
32-34.9 deg_ 110
Below 28 deg 0 50
Below 32 deg 0 75
Pennsylvania
$2 35 Ragland
$1 22
$0 75 Illinois
Corning
1 25 Wooster
0 90
1 25 Crichton
°shell
1 20 Lima
0 60
1 43 Plymouth
Somerset, light-- 1 301Indiana
1 00
1 23 Mexia
Wyoming
951Princeton
1 22 Calif., 35 & above_ 0 76
Smackover,26 deg. 0 75 Canadian
1 00
1 83 Gulf Coastal
Bull-Bayou 32-34.9 1 00
Kerosene in good demand and firmer. The outlook is
very bright. Stocks of water white are very small and an
advance in prices is looked for. Also there is a good export
demand. On the 13th inst. the Standard Oil Co. made a
reduction of Mc. a gallon in export naphtha, which is now
quoted at 12c.; 63-66 at 14c. and 66-68 at 153.c. per gallon.
The Standard Oil Co. is said to have ordered 32,890,000
barrels of crude oil from the Mexican Seaboard Co. Pennsylvania crude was cut 15c. a barrel on the 13th inst. There
has been a good demand for Pennsylvania crude and exports
have been fully up to expectations. Later in the week
Caddo, Homer, Haynesville, Eldorado, Bull Bayou and
DeSoto were cut 10 to 25c. a barrel by the Standard
Oil Co. of Louisiana. New York prices: Gasoline, cases,
cargo lots, 24.15c.; U. S. Navy specifications, 10.50c.;
naphtha, cargo lots, 12c.; 63 to 66 degrees, 14c.; 66 to 68
degrees, 15c. Kerosene in cargo lots, cases 16.90c. Petroleum, refined, tank wagon to store, 15c. Motor gasoline,
garages (steel barrels), 15Mc.
RUBBER early in the week was higher on the strength of
the London market and better sterling exchange rates. Factories are reported to be making inquiries. Also tire stocks
in the hands of manufacturers are steadily decreasing.
Smoked ribbed sheets, spot-November, 2734o.; December,
27%c.; January-March, 27'Mo.; April-June, 283 0. First
4
latex crepe, spot-Nov., 283c. In London on Nov. 12 plantation standard on the spot sold at 143gd., a decline of Md.
/
An increase of 1,105 tons during the week took place in the
London stocks, which according to official returns are 60,405
tons, against 59,300 tons a week ago, 68,565 tons a year ago
and 69,984 in 1921. In London on Nov. 13 plantation standard advanced Md. to 14%d. On the 15th it was 14 2d.,
after being down to 143 d.
%
HIDES have been in the main quiet and prices somewhat
depressed. A lot of 10,000 cowhides sold in the River
Plate section at 10c. It is rumored that 5,000 Argentine
cows sold at 10c. c. & f. Common dry hides dull; Orinoco,
16 Mc; Bogata, 19%
tc., nominally. One rumor was that
4,000 Sansinena steers sold at as low as 123 c.c. & f. FrigoA
rifle° cows are reported to have sold at 10c. In Chicago
on Nov. 13 sales of big packer branded cows were reported
at 8c. and light native cows at 10c. for November slaughter.
Country hides were weak and some buyers say that for
summer quality extremes 9c. is the top.
OCEAN FREIGHTS have been at times in somewhat
better demand and rather firmer on grain tonnage.Later
there was a fair business in chartering tonnage. Grain
tonnage was quiet. however.
CHARTERS included 19,000 qrs. grain from Montreal to Bordeaux
Hamburg range 19c. November: lumber from North Pacific to Japan at
$14 75 December; grain from North Pacific to Antwerp 36s. 6d. a quarter
February; grain from United States Atlantic port to a French Atlantic port
36s.3d. November;coal from Unitet1 States Atlantic port to French Atlantic
port $2 45 per ton November; lumber from North Pacific to Japan $14 75
two ports December; flour from New York to Levant, $4 50 two ports
December; coal f^om Hampton Roads to Bordeaux. $2 40 late November
grain from North Pacific to United Kingdom, 37s. lid. December-January
grain from North Pacific to United Kingdom and the Continent, 35s. 6d
Mediterranean, 2s. 6d. extra; Adriatic. 3s. Od. extra; Jan. 1 to 20 canceling
cool from Hampton Roads to Bordeaux, 12 40 late November; grain from
North Pacific to United Kingdom,37s. 6d. January; grain from Montreal to
east coast of United Kingdom, 3s. 9d. November;grain from North Pacific
COAL has shown no striking features. Soft coal, however,
was firmer, owing to the fact that stocks have become reduced. The strike on the Virginian Railroad has told. At
the same time there has been no noticeable increase in trade.
Nor in other parts of the country has there been any advance
in prices. In New England prices for spot coal have been
lower and little activity was reported throughout the West
and Southwest. Anthracite has been in less demand.
TOBACCO has been in rather better demand and a fair
business has been done. The call for Wisconsin tobacco has
been if anything more pronounced than for other descriptions. The supply of northern Wisconsin, it is feared, may
dwindle to a very small quantity under the normal autumn
and winter demand. The belief of not a few is that with the
turn of the year business will further improve.
COPPER active and higher. Sales for export have been
large. Scandinavian countries have taken considerable
copper. France and England have been good buyers.
Germany has not done much. But Austria has been taking
larger quantities than usual, of late.. Early in the week the
American Brass Co. advanced bare copper wire Mo., to 15%c. per pound. Later on this company announced a
similar advance on most other products. On the 15th the
copper market quieted down a little but the price was
firm, at 13 Mc. for electrolytic.
TIN, like copper, has been in good demand and higher.
Spot, 44%c.
LEAD early in the week advanced in sympathy with
other metals. There is a fair buying interest on the part
of pigment makers, cable manufacturers and other large
consumers. pn the 13th inst. the American Smelting &
Refining Co. advanced its lead price $2 per ton, to 6.850.
for New York. The statistical position of lead is considered
very strong; surplus stocks are small. The East St. Louis
price is quoted at 6.60@6.65c.
ZINC quiet but firm. Spot New York, 6.70@)6.80c.;
East St. Louis, 6.40@6.45c. Slab zinc has been firm owing
to the higher prices for ore and partly because of a good demand for higher grades of slab zinc. To all appearance Great
Britain will have to continue to buy zinc in good quantity
in this market for the remainder of the year and into next,
and upon this will depend the trend of zinc prices to a considerable extent. By keeping the Tri-State district mines
closed for one week out of four production and consumption
are being,about balanced, it is said, and as a result prices
for several weeks have been advancing. Stocks of zinc in
producers' hands Nov. 1 were 25,787 short tons against
22,893 on Oct. 1, an increase during the month of 2,894.
Shipments during October were 39,204 tons, against 42,683
in September, 36,394 in August and 38,999 in July. For
the 10 months they totaled 432,902, or an average of 43,290
a month, the largest for any similar peace period in the
history of the industry. Export shipments in October
totaled 6,978 tons, against 8,167 in Septembert 1,016 in
August, 185 in July and 560 in June. Production in October
totaled 42,098 tons against 39,105 in September, 41,625
in August, 43,065 in July and 42,840 in June. Retorts
operating at the end of October were 84,559 compared with
81,849 at the end of September, 75,325 Aug. 31, 82,075
July 31 and 84,455 June 30.
STEEL has been in rather better demand in some directions, at unchanged prices. But buyers in not a few cases,
as usual at the close of the year, have held off. Producers
have in some cases it appears, reduced their output. The
U.S. Steel Corporation is producing,however,it would appear,
at the rate of 85 to 87%, with independents working at
70% or a little under. Building steel trade demand shows a
tendency to increase. But the demand for cars by the railroads has to all appearance been smaller, in spite of predictions of a much larger business. The feeling in some branches
of the steel trade is better, but new business is not on a large
scale. In some directions prices are reported firm, but on
the whole they seem inclined to weakness, with consumers
buying for the most part for the purpose of supplying immediate needs only. Yet it is regarded as rather significant
that while the condition of the industry is not what could be
called entirely satisfactory, the consumption in the main
keeps pace with the output. Pittsburgh insists that prices
are firm, but it admits that there is little business in sheets.
The feeling there, however, is described as hopeful, especially
as there is said to be no price cutting among the larger manufacturers, whatever the smaller producers may have done.
Some of the more optimisitc confine themselves to predicting
a better business next spring. Youngstown is said to be
preparing to meet a larger trade in fabricated steel products
Nov.17 1923.1
next year. The feature of the week there, it is stated, has
been a demand for tin plate, stripped steel, standard pipe and
bars and shapes. Leading interests there are doing most of
the business in bars and shapes. Not a few independents
are idle. Steel plates at Youngstown are said to be weak at
2.50c. Black and galvanized sheet prices are reported irregular and in some cases lower.
PIG IRON has been in better demand after a decline of
$10 per ton since April, or 32%. That, it is pointed out,
is some 30% more than the drop in steel. The demand of
late, however, has been the largest for some months past,
with prices down $1 per ton or more from last week. Consumers have held off until buying became imperative, perhaps, in some cases. It was stimulated by a further easing
of prices. Eastern Pennsylvania, it is said, has recently
been as low as $21, and it was intimated that at one time
recently $20 would not have been refused. But the more
general quotations now are believed to be $21 to $22, though
$22 is to all appearance more nominal than anything else.
The demand has been general thoughout the United States.
It is said that present prices, however, are unprofitable
for most furnaces. Meanwhile, prices in some oases have
recently got much nearer an export basis, and naturally
exporters are watching the situation closely. It is said
that there may be some foreign business if Alabama iron
should get below $18 at furnace. The question is whether
it will do so with an expansion in the domestic demand.
not only for pig iron, but also for iron and steel scrap, copper,
lead, tin, and other metals. Has the tide turned?. It
will take a little time to determine that point.
WOOL has recently been firmer in response to strong
markets in London and Australia. Low to medium scoured
has been the best sustained. They are regarded as tending
upward. Fall Texas will be offered shortly. Fine wool in
general is quiet. Stocks of carpet wool are steadily decreasing. Mills in most cases buy on only a small scale. In
London on Nov. 9, 8,600 bales were offered. Attendance
good. Demand active, especially from Yorkshire. Prices
firm. Selection mostly crossbreds. Fine crossbreds were
rather firmer and advanced 5 to 7M% above September
level. Details: Sydney, 853 bales of varied assortment of
scoured merinos, 29'/d. to 46d.; Victoria, 630 bales; greasy
2
merinos, 24d. to 36d.; scoured basis, 33d. to 50d. New
Zealand, 3,422 bales; greasy crossbreds, 93 d. to 19d.;
4
slipe, 143d. to 283d. Puntas, 3,200 bales; greasy crossbreds, 143'd. to 25d.; slipe, 123 d. to 343d. At Adelaide
4
on Nov. 9 offerings were 25,000 bales, mostly sold, in
competition between American and Bradford buyers. The
Continent bought less. Selection was good. Supers in fair
supply. Compared with October sales, merino supers were
about 10% higher. Pieces and bellies were slightly lower;
good lambs wool averaged 5 to 73/2% higher and ordinary
lamb's nchanged to 5%. The highest price was paid for a
lot of North Bungaree wools, 32d.
In London on Nov. 12 the joint offering was 10,700 bales.
Yorkshire took the most of it. Prices firm. Sydney, 1,335
bales greasy crossbreds, 15d. to 22d.; scoured, 13d. to 30d.
Victoria, 2,850 bales; greasy crossbreds, 93/2d. to 27d.;
scoured, 12d. to 343d. These were bought mostly by the
Continent. West Australia, 280 bales greasy merinos,21 Md.
to 28d. New Zealand, 5,329 bales; greasy crossbreds, 10d.
to 243/2d.; scoured, 1430. to 383d.; pieces, 13d. to 34d;
Falklands, 875 bales greasy crossbreds, 113'2d. to 18d.
mostly to Continental buyers. In Sydney on Nov. 12 the
selection of merinos was, it is said, rather unsatisfactory;
mostly thin, burly and tender. But for all that prices were
very firm, with Japan and Germany buying to a fair extent.
France was the chief buyer. The selection of crossbreds
also.was not good. England was the best buyer. Scoured
64-70s full wool estimated to shrink about 4% was quoted
at 53d. clean landed, or $1 08 on the basis of $4 44 for exchange. There will be about 40,000 bales offered in Brisbane
Dec. 4 to 5. In Melbourne on Nov. 13 attendance wsa
good. Many American buyers were bidders. Prices as
compared with the preceding sales showed merinos supergood and comeback greasies 5% higher; others also firmer.
In London on Nov. 13 offerings were a little over 9,300
bales of free grades, mostly crossbreds. Demand fair.
Yorkshire was the chief buyer at recent prices. But owing
to the high limits withdrawals were numerous in both
Australian and Cape grades. Offerings of Cape wools were
1,375 bales of greasy merinos, barely 50% of which was sold;
the price range was 123/2d. to 26d. Offerings of Queensland wools were 552 bales of merinos, greasy realizing
25d. to 28d. and scoured being withdrawn when bids failed
to go above 54d. Other sales were: Victoria 2,363 bales;
scoured merino pieces, 27 Md. to 40 Md.; scoured crossbreds,
13 Md. to 29d.; crossbred pieces, i1 3'd. to 353/d.; the bulk
2
bought by Continental operators. New Zealand, 4,379
bales; crossbreds, greasy, 93'd. to 243d.; slipe, 13d. to 29d.
London cabled Nov. 13: "The Bawra summary of wool
stocks in owners' hands and afloat as of Oct. 31 shows the
following totals: Australian merinos, 1,320 bales; crossbreds, 224,951 bales; New Zealand merinos, 603 bales; crossbred bulk combings, 70,520 bales; slipes, 22,496 bales and
scoured., 17,458 bales. One-half of the Australian and all
of the New Zealand wool belongs to the Government."
In London on Nov. 14 the sixth series of London wool
auctions of the current year closed with joint offerings of
Bawra and free wools of 9,600 bales, making a total for the
2231
THE CHRONICLE
series of 189,000 bales. Of this amount it is estimated
158,000 bales were sold, British interests taking 93,000 bales.
Continental buyers 64,000 bales and Americans 1,000 bales.
Compared with the fifth series, held in September, prices
were generally higher. Merinos were unchanged to 5%
higher, fine crossbreds 73/2%, medium crossbreds 10 to 15%
and coarse crossbreds 10% higher, and Puntas and Capes
unchanged to 5% up. The selection was very largely crossbreds. Best Victoria brought 23d. and New Zealand 22d.
for crossbreds with 31%d. for slipe. Puntas greasy sold at
243/2d. with a gain of 323'd. for slipe. The next series of
auctions will begin in London on Dec. 3. The last of the
Realization Association's stocks in London,it is expected, will
be cleared in January. Boston comment on the opening
sale at Geelong on the 14th inst. was that compared with the
Geelong sale of about a month ago prices were 10% higher.
Warp 70s wools cost 353d., or equivalent to $1 23 clean
basis, landed in Boston in bond, taking exchange at $440
for wool estimated to shrink about 42%;$4 70 free combing
wool was 323d.for wool estimated to shrink 44%, or about
$1 17 clean landed; 60-64s combing cost Md. less, or about
$1 16 clean basis in bond in Boston on the same shrinkage,
and 58-60s spinners' comeback wools cost 313/2d., or about
$1 03, clean basis in bond for wools estimated to shrink
about 38%. There was no selection of 46s and below.
Three of the largest American manufacturers, two of whom
are located in New England, bought freely.
At Christchurch, New Zealand, on Nov. 15, 5,300 bales
were offered at the first sale of the season, of which 4,900
were sold. Attendance large. Demand quite good. The
selection included crossbreds and merinos. Prices paid were:
Good to super merinos, 253'd. to 27d. Halfbreds, 56s. to
58s., 23d.to 26d.; 50s. to 56s., 22d. to 243d. Fine crossbreds, 46s. to 48s., 14d. to 16%d. Crossbreds, 44s. to 46s,.
113d. to 143'd., 40s. to 44s., 103,d. to 123/2d. Low to
medium crossbreds, 183'd. to 243d., 18d. to 223'd. 17d.
,
to 2134d.; 11d. to 133'd., 10d. to 11d. and 9d. to 10d.
Boston comment on the Christchurch sale was that there
was good competition although England and America were
not buying much. Yorkshire finding the exchange unfavorable. America lags behind the prices current abroad for
crossbreds of the medium to lower qualities. Speculators
bought. 'Quotations on the basis of $440 exchange landed
here in bond in the grease were: Forty-forty-fours, 233,c.
ic.4
/
to 240.• 44-46s. 28c. to 283 c. 46-48s. 313 2c. to 34V ;
44
50s. 423'c. to' Mc.; 50-56s. 46 to 48e.; 56-58s., 48c. to
52qc. The next New Zealand sale is scheduled for Nov. 20
at Wellington, at which 11,000 bales will be offered. The
wools are reported as suitable for this country. Cables
from Australia state that the market there is very firm
with America buying merinos and fine crossbreds in Geelong
freely. Quotations from the River Plate on Nov. 15 were
strong, with France and England good buyers. Bradford
reports a very strong market at the week-end, with prices
on crossbred tops up another Md. Boston was reported
active and firm.
At Sydney on Nov. 14 no wools suitable for American buyers were offered, according to Boston advices. Prices firm'
70s combing wools cost 313'd., or about $1 16 clean landed
Boston in bond for wool estimated to shrink about 45%.
River Plate on Nov. 14 was firm and some houses advanced
prices in Boston. One well known packing of Argentine
4s and 5s was quoted at 293/2c. and 23c., respectively, for
skirted and rewound wools. At the London sale just closed
France was the big buyer of merinos and England of crossbreds. The United States took a few medium to fine greasy
New Zealand crossbreds and some medium sliped wools.
Reoffering from this side especially of Capes,, were practically ignored. A decrease of 56,950,962 lbs. in the stock of
wool was reported for the end of the third quarter of 1923 by
the Bureau of Census and the Department of Agriculture at
Washington on the 11th inst., owing mainly to the drop in
the holdings of manufacturers' wool stocks in and afloat to
the United States shrunk from 531,698,470 lbs. grease equivalent on June 30 to 474,747,517 lbs. on Sept. 30, according to
admittedly incomplete reports.
COTTON
•
Friday Night, Nov. 16 1923.
THE MOVEMENT OF THE CROP,as indicated by our
telegrains from the South to-night, is given below. For the
week ending this evening the total receipts have reached
307,467 bales, against 235,636 bales last week and 349,036
bales the previous week, making the total receipts since the
1st of August 1923 3,212,759 bales, against 2,981,807 bales
for the same period of 1922, showing an increaFe since Aug. 1
1923 of 230,952 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
13.215 13.103 40.422 14,521 17,825 16,295 115,381
Galveston
280
280
Texas City
6.314 6,648--- _ -_
Houston
----_- - 56.739 69,701
9.140 5,554 10.826 11.905 8,165 7.447 53,034
Now Orleans_ 116 1,228
131
45
Mobile
223
357
35
280 3.759
3.479
____
____
____
Pensacola
251
251
Jacksonville -----------------------.1
2.967 20,977
4.
4.40
Savannah
4,000 1,
2
2.024 3,226 2,058 1,943 1,386 1,000 11,637
Charleston
703 6,509
1,546
677 .1.763
Wilmington
314 1,5061
2.987 3.072 6.928 2,848 2,606 5.011 23.452
Norfolk
470
42
323
--------I
Boston
105
788
Baltimore788
Te.tdloa Thiel arched.
UnRA 4n 10A
79 (17R
2.1 rid
Rd
R20 91.919 307.467
2232
THE CHRONICLE
[VoL. 117.
The following table shows the week's total receipts, the 200,000 bales from Wall Street and Western longs, not to
total since Aug. 1 1923 and stocks to-night compared with mention other liquidation, and still moved upward. Spot
markets have been advancing. There have been rumors
last year.
that the British Government would come to the aid of LanStock.
1922.
1923.
cashire's finances to the amount of some 150,000,000. They
Receipts to
were denied, apparently on official authority. But some
This Since Aug This Since Aug
Nor. le.
1922.
1923.
1 1922.
Week. 1 1923. Week.
think that Lancashire may be helped if Premier Baldwin is
Galveston
115,381 1,637,998 97,322 1,452,185 312,269 496,252 sustained in his campaign for protection to British indus27,405 tries in the election which will be held in Great Britain
2.218
50,287
Texas City
16,214 6,044
280
Houston
09.701 549,689 36,286 367,895
early in December. Another striking thing was the large
Port Arthur. itcNew Orleans
53,034 414,821 67,905 556.234 173.191 301,014 domestic consumption in October. It was some 58,000 bales
Gulfport
16,441 larger than in September and 7,000 larger than in October
13.067
49,487
18,377 3,513
1.228
Mobile
1.936
6,005
3,759
last year, while the total for the season, despite many rePensacola
6,884
2,588
7,581
373
1,160
251
Jacksonville
81,145 ports of curtailment by the mills during the last month or
94,349
20,977 189,690 11,427 226,347
Savannah
30 six weeks was less than 40,000 bales smaller than up to
228
24,948
117
Brunswick
56,161
52.000
41.142
92,218 4.385
11.637
Cha.leston
Nov. 1 last year. The total for October in exact figures was
Georgetown
24.962
31.733 541,825 bales, against 483,852 in September, 533,950 in Octo57,054
69.242 3.863
6,509
Wilmington
94,283 103,833 ber
23.452 204.164 19.495 125,544
Norfolk
last year, 495,000 in October 1921, 400,000 in 1920, 556,N'port News, &a_
59,538 000 in 1919 and 441,000 in 1918. This makes a total for three
42.884
2,679
345
1,650
New York
5,631
5.774
7,094
570
4,166
470
Boston
cotton,
2,245
2.617 months ending Nov. 1 1923 of 1,517,281 bales of lint
8,630
6,387
788
Baltimore
4.242 against 1,556,698 bales during the same period last year.
4,115
764
50
861
Pnlladelphia
Where are the signs of curtailment in all this? it is asked in
307.467 3.212.759 251.578 2.981.807 824.173 1.192,926
Totals
some quarters, not without a certain acerbity. Moreover.
In order that comparison may be made with other years, the number of active spindles is regarded as something at
variance with curtailment reports. On Oct. 31 it was 34,we give below the totals at leading ports for six seasons:
378,662, against 33,928,885 on Sept. 30 and 33,859,076 on Oct.
1918.
1919.
1920.
1921.
1922.
Receipts at- 1923.
31 last year. That is to say, there is an actual increase dur35,226 ing October of some 450,000 spindles. Compared with the
96,942 105.898
78,165
97,322
Galveston_ _- 115,381
6.505
46.766
779
3.477
36,286
Houston, ie. 69,701
53.089 same month last year the increase is some 540,000. Perhaps
31.164
61.228
38,490
67.905
53,034
New Orleans18,292
2,055 It is not altogether surprising that such figures should have
5.592
2.211
3,513
1.228
Mobile
23,888
34.667
28,596
17,427
11.427
20,977
Savannah__ _
esti2.500 evoked rather sharp comment. And some of the crop
6.000
200
2.585
Brunswick ..
3,873 evoked rather sharp comment. And some of the crop estimates
12,883
3.005
1.229
4,385
11.637
Charleston
1,499 have
7,106
3,593
2.577
3,863
6,509
Wilmington
been as low as 9,500,000 bales; one was 9,750,000. As
9,888
17.962
11,308
15,670
19.495
23,452
Norfolk
856 less than a year ago and warehouses and compresses some
87
76
28
Nort N.,&c.
1,291 800,000 bales less. At the same time the exports are 304,000
14,322
2,800
8,563
7,382
5,548
All others__ _
last year.
Total tnis wk- 307.467 251,578 170,422 124,119 295,147 134,414 bales more thus far than up to the same period
European stocks are also low. Meanwhile there is a big
Race Aug.!- _ 3.212.7592,981,807.2.616,166 2,259,466 2,410,841 1,933.307
speculation going on. It is encouraged partly by heavy buyThe exports for the week ending this evening reach a total ing by mills and cotton merchants. Liverpool reports that
of 284,424 bales, of which 120,388 were to Great Britain, shippers have oversold themselves. It is feared that there
33,729 to France and 130,307 to other destinations. Ex- has been more or less of the same thing in this country.
December cotton here has maintained a premium of $2 a bale
ports for the week and since Aug. 1 1923 are as follows:
over January.
1923.
From Aug. 1 1923 to Nov. 16
Week ending Nov. 16 1923.
There have been reports that some 40,000 to 50,000 bales,
Exported to
Exported to
largely of the lower grades, might possibly be sent here for
Exports
Great
front
Great
tender on December contracts which are due Nov. 26. But,
Total.
Britain. France. Other. Total. Britain. France. Other.
after all, this is largely or wholly surmise. Much will deGalveston_ 35,510 16,312 71.138122,960 259,813 173,377 526,391 959,581 pend upon circumstances. Shipping cotton to New York for
241,405 548.683
Houston ___ 29.878 14,717 15,106 69,701 198.947 108,331
6,517 55,787 84,663 delivery in October was not always a ,profitable adventure
New Orleans
20,042 20,042 22,359
2,355 by any
450
100
500
1.905
"ioo
Mobile
means. Some that was sent here as middling was
6.005
6,005
3,759
Pensacola... 3,759
____ 12,341 57,868 7,257 17,199 82,324 grdded strict low middling. This latter grade is 115 points
Savannah __ 10,341 2",000
50 "off" middling. So that a failure to grade middling in such
50
Brunswick-__
13,413 55,122
1,037 15:487 41,709
Charleston 14.450
difference of
4,600 27,000 35,900 circumstances would mean a loss at the present
4.300
4,000 8,300
Wilmington. 4,300
21,799 70,259 $575 per bale. And some are dubious about the advisability
4,727 13.527 48,460
Norfolk _ _ __ 8,800
95,451 206,824
78,950 32,423
New York__ 1,974 "700 1,762 4,436
1,250 of selling January at $1 a bale discount under March. Mean722
324
528
100
224
Boston
175 while spot markets have been rising. The basis has ad25
150
Philadelphia
5.252
4.000
500
752
Ciiiiii i:iK
752
Los Angeles.
quite
54,598 54,598 vanced somewhat. The demand has latterly been not
9,820 9,820
San Fran...
.
39,644 so brisk as it was a while back, but farmers have the 40-cent
39,644
1,475 1,475
Seattle
bee buzzing in their bonnets and in some cases are storing
Total__ __ 120,388 33,729130.307284,424 721,796 333.005 1,097.8842,152,685
cotton for that price or even higher. It is said, too, that
1,848,045
306,642 933,843
Total 1922_ 82,279 49,206 99,483230,96 607,56
Texas exports towards the end of this month will be very
Total 1921.. 71,909 48,865 88,934i209,708 554,8A 320,210 1.265.9252,100,946
large, one report putting the total from Houston alone at
Casoda.-It has never been our practice to Include In the
-Exports o
NOTE.
nothing excessive for Housall the
above table exports of cotton to Canada, the reason being that virtue ly returns 150;000 bales. That would be
cotton destined to the Dominion comes overland and It Is impossible to getdistricts ton at the end of the month. At times Liverpool has given
customs
concerning the same from week to week, while reports from the
the signal for higher prices in New York. Contracts have
on the Canadian border are always very slow in coming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that for been scarce there. It has been impressed by rumors of small
have been
the month of October the exports to the Dominion the present season
ginning; also by the firmness of Southern spot markets.
18,883 bales, of which 17.828 bales were to Quebec, 1,008 bales to Maritime Provinces and 47 bales to Prairie Provinces. In the corresponding month of the pre- Manchester has been firm on yarns, while for cloths there
ceding season the exports were 15,431 bales.
has been more demand.
For the three months ending Oct. 31 this year there were 29,876 bales exported,
On the other hand, not a few are hesitating to follow the
as against 34,414 bales for the corresponding two months last year.
season has been something
to above exports, our telegrams to-night also market higher. The advance this this means a good deal.
In addition
following amounts of cotton on shipboard, not like 14 cents per lb. It is felt that
give us the
It is $70 a bale. Recently the advance has been very marked.
cleared, at the ports named.
Everybody seems to be bullish on cotton and therefore the
tendency is for the market to become overbought. Reports
On Shipboard, Not Cleared for
from textile centres are not altogether favorable. Fall River
Leaving
GerOther CoastGreat
Stock.
reports a somewhat better demand of late, but with the
Nov. 16 at
- Britain. France. many. Cont'nt. wise. Total.
actual sales small. Buyers balk at the high prices. Worth
Galveston __-- 6.957 4.100 5.000 13.400 14.000 43.457 268.812
686 3,949 2,764 22.561 150,630 Street has been quiet. Resellers there have been cutting unNew Orleans__ 9,206 5.956
91,849 der
500 2.500
Savannah
2,000
regular quotations. Some of the Carolinas mills com52.000
Charleston
11,781 plain of slackness of trade. One of the biggest mIlls in the
Mobile
536 1,286
550
200
,94.283 country at Danville, Va., has decided to curtail its output
Norfolk
Other porta*
7.600 77,414
700 2.100
300
4,500
of coarse goods. Lancashire, in some cases, at any rate, canTotal 1923.... 22.863 10.356 • 6.386 19.999 17.800 77,404 746.769 not be in very good shape, judging from the persistent efTotal1922_ - 25,951 30,744 15,234 56.081 15,584 143,594 1,049,332
large subvention from the BritTotal 1921
42,459 14.220 21.674 63.852 9,415 151,620 1.352.147 forts it has made to obtain a
ish Government for the purpose. as it was declared, of tiding
* Estimated.
Speculation in cotton for future delivery has at times been over its finances. It is hinted that in some cases the Lanvery active under the stimulus of smaller crop estimates and cashire industry is suffering from over-capitalization practhis
prices have advanced very sharply. They got within 20 ticed during the war. Finally there is a point, be it at
to an
points of the high of Nov. 8. Ginning rumors have been bull- level or some other, when the consumer will call a halt
can be
ish. Rightly or wrongly, they have put the total ginned up advance in the raw material. At a pinch substitutesreports
were
to Nov. 13 at some 600,000 to 700,000 bales smaller than up used in one field or another. Recently there to a larger
burlaps
to the same date last year, when it was 8,869,978 bales. The that the automobile industry might use
cars. EconCensus Bureau report will appear on the 21st inst., and nat- extent than heretofore as imitation leather for in various
the generality of people prefer to await its figures on omy can be practiced in the use of cotton goods again. Of
urally
the past and can be
this important subject. Meanwhile, however, the trade has directions. It has been in
has been very
on a big scale. So has the speculative world. late, as has already been intimated, the South
been buying
thing about the market was its absorptive heavy selling. The German news has been unfavorable.
A remarkable
on a big scale. So have uptown and
power. It took within three days, it is understood, some Wall Street has sold
Western interests. Sterling exchange has dropped to a new
low. French francs have fallen to the lowest rate in history.
Foreign textile reports in some cases have been gloomy. And
here in New York, as well as in New Orleans, there has been
a growing sentiment in favor of a good reaction on the
ground that the advance has been too rapid and has gone
too far, at any rate for the time being. To-day, however,
prices advanced 72 to 77 points on a crop estimate of 9,320,000 bales, a rumored ginning total of 8,268,000 up to Nov. 13,
much higher cables, higher spot markets, exports of 165,000
bales, increased spinners' takings and big buying, foreign
and domestic. The trade was calling here and in Liverpool.
Contracts were scarce at times in both markets. And back
of it all was the strong statistical position, or in other words
the marked disparity between the total stocks of American
and other growths in the world at this time and those for
two years past. Later in the day there was heavy realizing
and about half or more of the advance was lost. The net
rise for the week is 145 to 161 points. Spot cotton closed at
34.80c. for middling, a rise for the week of 145 points.
The following averages of the differences between grades,
as figured from the Nov. 15 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on Nov. 22 1923.
j77 on
Middling fair
1 47 on
Strict good middling
middling
120 on
Good
.74 on
Strict middling
1 2 oft
Strict low middling
2 63 off
Low middling.
3 95 off
*Strict good ordinary
5 30011
*Good ordinary
4 on
Good middling spotted
.10 off
Strict middling spotted
9 off
Middling spotted
*StrIck low middling spotted.......2 08 oft
*Low middling spotted
3 29 off
Strict good mid."yellow" tinged_ .21 on
.22 aff
Good middling "yellow" tinged
Strict middling "yellow" tinged- .73 off
*Middling "yellow" tinged
1 80 off
Good mid, light yellow stained... 8 oft
"Strict mid. light yellow stalned_l 38 oft
•Middling yellow stained
2.06 of!
Good middling "gray"
.311 off
*Strict middling "gray"
.84 oft
'Middling "gray"
1.47 off
*Strict low mid. "yellow" tinged .2 92 ofi
'tow middling "yellow" tinged..4.01 off
Good middling "yellow" stained.1 44 off
'Strict mid."yellow" stalned_.2 00 off
2.69 ofi
'Middling "yellow" stained
'Good middling "blue" stained..1 18 oft
*Strict middling "blue" stained...1 69 off
*Middling "blue" stained
2 54 off
' e grtyle t are not dell erable.
he
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 10 to Nov. 16Middling upland
Sat. Mon. Tues. Wed, Thurs. Fri.
33.50 34.25 33.60 34.25 34.45 34.80
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Nov. 16 for each of the past 32 years have been as follows:
1923
1922
1921
1920
1919
1918
1917
1916
34.fific.
25.50c.
18.75c,
19.25c.
39.65e.
29.92c.
29.55c.
20.400.
1915
1914
1913
1912
1911
1910
1909
1908
11.80c.
7.75c.
13.80c.
11.90c.
9.50c,
14.60c.
14.95c.
9.35c,
1907
1906
1905
1904
1903
1902
1901
1900
10.60c.
11.00c,
11.15c.
10.15c,
11.30c,
8.30c,
8.00e.
9.88c.
1899
1898
1897
1896
1895
1894
1893
1892
7.56c,
5.38c.
5.88c,
7.75c.
8.44c.
5.62c.
8.12c.
9.38c,
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot
Market
Closed
Saturday__ _
Monday _ _ _
Tuesday
Wednesday_
Thursday __
Friday
Spot.
33.26
Week.
33.26
Range
33.58 33.58 -Closing _ 32.65 -- 33.46
32.91
33.37 -33,62 -34.00 March
Range
32.70411 33.30,98 32.95-148 32.82-J56 33.65-102 34.15,52 32.701.52
Closing __ 32.83-S2 33.58,70 33.02-.06 33.48-.55 33.75-.78 34.15,20
April
33.02 -33.52 -33.77 -34.18 --
32.70-115 33.35-.99 33.00-.54 32.89-163 33.68-106 34.20-.55
_ _ 32.84-.90 33.80-.74 33.03-.08 33.56-.60 33.78-84 34.21-S7 32.701.55
33.10
32.79
33.33 -33.54 -- 33.95 --
33.10 --
32.18-.67 32.91-.50 32.55,06 32.05-115 33.20-.58 33.681.05 32.181.05
32.33-.40 33.20 -32.55,60 33.10-.15 33.30-.33 33.70-.77
August
30.75-S0
Range
31.05
30.751.05
_ 30.90 -31.55
Closing
30.85 -31.30 -31.50 -31.85 ----September
28.30 -28.65-10028.50-95 28.50-.80 29.10 -29.20 - 28.301.20
Range
28.13 -29.00 -28.40 -28.70 -28.95 -29.25 Closing.
Range
Closing _
Closing
October
_
27.15-.50 27.70 e25 27.30-.85 27.40-85 27.90 el0 28.20-.47 27.15/.47
Range
Closing
27.15-.20 28.00 -27.30-.40 27.70-.75 27.90-94 28.25 1330. 134e. 129c. .280. 431c.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
wall as the afloat, are this week's returns, and consequently
676,000
5,000
107,000
127,000
6,000
63,000
13,000
2,000
944,000
12.000
334.000
188.000
11,000
106.000
22,000
19,000
919,000
18,000
102,000
119,000
1,000
53,000
18.000
248.000
323.000
692,000
311,000
Total visible supply
3,950.506 5.113.162 6.428.707 5.803.389
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
bales_ 175,000 331,000 532.000 475,000
59.000
Manchester stock
49.000
36.000
23,000
Continental stock
192.000 281,000 627,000 241,000
American afloat for Europe
520.000 541.000 408.461 587,781
U. S. port stocks
824.173 1,192.926 1,503.767 1.338.024
U.S.interior stocks
1,179,333 1,461,019 1,520.190 1,423,547
5.037
U. S. exports to-day
56,289
9.217
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil. Stc., afloat
Stock in Alexandria. Egypt
Stock in Bombay,India
Total East India. &c
Total American
2,913,506 3.852,162 4,696.707 4,129,389
184.000
2,000
9.000
56.000
101.000
131,000
261.000
293.000
286.000
3.000
20.000
42,000
91.000
118.000
351.000
350.000
344.000
1,000
18.000
65.000
126,000
121,000
300,000
757.000
373,000
3,000
9.000
70,000
104.000
65,000
151.000
899,000
1,037,000 1.261,000 1,732.000 1,674,000
2,931,506 3.852.162 4,696.707 4,129,389
3,950 506 5,113.162 6,428,707 5,803,389
Total visible supply-,
19.8
0d. 14.87d. 10.00d. 12.41d.
Middling uplands, Liverpool
34.80c, 25.80c. 17.300. 17.55c.
Middling uplands, New York
22.95d. 20.50d. 22.25d. 35.00d.
Egypt, good sakel. Liverpool
Peruvian, rough good. Liverpool- 21.00d. 17.00d. 14.00d, 23.00d.
17.00d, 13.40d.
9.555. 12.10d.
Broach fine, Liverpool
17 90d. 14.305. 10.55d. 12.60d.
Tinnevelly, good, Liverpool
Continental imports for past week have been 94,000 bales.
The above figures for 1923 show an increase from last week
of 32,259 bales, a loss of 1,162,656 from 1922, a decline of
2,478,201 bales from 1921, and a falling off of 1,852,883
bales from 1920.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year--is set out in
detail below:
Ship- 1 Stocks
meats. Nov.
Week, Reason, Week.
1,848
311
Montgomery. 2,868
1,801
Selma
969
Ark., Helena
5,864
Little Rock
February-
32.50 -- 33.39
393.000
10.000
43,000
89,000
5,000
69,000
29.000
2,000
1,000
641,000 999,000 1,636,000 1,230,000
Total European stocks
91,000 126.000 104,000
101.000
India cotton afloat for Europe..
American cotton afloat for Europe 520,000 541.000 408.461 587,751
65,000
Egypt,Brazil,&c..aflot for Europe 131,000 118,000 121.000
Stock in Alexandria. Egypt
261,000 351,000 300.000 151,000
Stock in Bombay, India
293.000 350.000 757,000 899.000
Stock in U. S. ports
824.173 1.192,926 1.503,767 1,338.024
Stock in U. S. Interior towns_
1,179,333 1,461,019 1,520,190 1,423.547
5.027
56.289
9,217
U.S.exports to-day
Eufaula
32.90 -33.68 -33.20 -33.65 -33.90 -34.27 -December
Range
32.75423 33 42-100 33.07-.54 33.04-.75 33.80-110 34.25-.62 32.751.62
_ 33.00-.04 33.76-.80 33.20-.23 33.65-15 33.90-.94 34.27-.30
Closing
January
Range
32.40-84 33.02-10 32.75-125 32.70433 33.43-.77 33.801.24 32.401.24
Closing
32.55-.70 33.35-.38 32.81-83 33.25-.33 33.50 -33.85-.90
Range
Closing
1920.
848.000
3,000
68.000
Total Continental stocks
Ala-BirmIng'm
Noamber-
Range
Closing
1921.
876.000
1,000
67.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stoca at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Conlet. Total.
Saturday, Monday. Tuesday, 1Ved'day, Thursd`y, Friday,
Nov. 10. Non,12. Nov. 13. Nov. 14. Nov. 15. Nov. 16.
Range
Closing _ 32.83 -- 33.58
1922.
617,000
3,000
56,000
Receipts.
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
May
-
1923.
bales 359,000
2.000
32,000
Nov. 16Stock at Liverpool
Stock at London
Stock at Manchester
SALES.
Steady, 15 pts. adv. Iiregular
Steady. 75 pts. adv. Irregular
Quiet, 55 pta. dec. _ Steady
Steady,55 pts. adv., Strong
Steady, 20 pts. adv. Barely steady
Steady, 35 pts. adv., Barely Steady--
Range
Closing
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Movement to Nov. 16 1923.
Futures
Market
Closed
Total_
June
-
2233
THE CHRONICLE
Nov.17 1923.]
Pine Bluff_ _ _
Ga., Albany
2,448
26
13,427
3.849
38.989
27,254
6,901
3541
200
3.219,
2,144
,
5861
16.
7,327
1,600
18,083
11.228
9.662
Movement to Nos. 17 1922,
Receipts.
Week, Season.
1,621
750
2,053
1.885
2.333
26.066
5,441
46,24:
48,926
24,900
Ship- 'Stocks
ments. Nov.
Week, 17.
1,501 8,743
50 4,163
1.812 22.028
1.934 11.367
1.578 18.317
60,254 5,022, 39,710 10,157 127.28. 10.821 .
31,821 2,8741 38,493 9.630 68.62 6,0731 59,909
1.865
131 2,626
1241 2.712
5.425
Si
5,266 16.708
660 22,606 2,724
7881 21.837
19,177
9.338 66,325 7,945 35,486 16.927 144.69
9.177 75,448
10.154 119.879 7.894' 54.849 13,698 145.082 8,820 75.277
5,145 42,169 2,942 21.426 6,171 62,49
1.037 20,676
2,150 12.457 1,740 8,062 1.543 28,65
1,077 18,396
3,065 18,839 2,550; 5,487 2.213 23,921 1,682 7.680
6,000 73.000 Loos, 33,000 6,1 t 1
59.000 5,200 29.000
12,803 2,590, 9,119 1,18'
7.551
18,57
1,2461 8.441
4.875 57.099 4,2541 45,826 6,7
6.211 70.798
93.99
6.000 77,152 3,000, 53,000 6.901
85,827 4.274 63,440
1,305 14.734 1,2611 9,519 1,244 27.13
1,283 11.521
1.9171 12,011
1,876 21.919 2,660, 13,040 1,632 24.58
1,527
1.618 10.352
9,702
635; 8,382 1.988 16.93
2,024 15.233
1.049 21.482
789. 15,066 1,909 23,88
22.566 150,713 22.4981 4,718 45.459 223.511 43.253 15.485
33.284 4,000 18.211
N.C..Gensboro 4,301 25.788 3.482 15,428 5,1 i i
57:
5.40
410
400
382
6,717
446
550
Raleigh
I
Athens
Atlanta
Augusta
Columbus..Macon
Rome
La., Shreveport
Miss-Columbus
Clarksdale....
Greenwood._
Meridian
Natchez
I
Vigksburg.-.1
Yazoo City..I
Mo.. St LomIimI.I
Okla., AltUs...j 4,129
5,629
Chickasha
31,398
Nashville__
Texas. Abilene.1 4,903
1,906
Brenham._
44.624
2,098 17,347
8,713
2.235
1.930
952 7.077
931
28.476 7.714 22,372
28.418 2,556 14,874 8,945 55,24 7,190 12.735
51.999 4.685 28.394
4,698
____1,725 9.171
Oklahoma... ---.
41,147 3,275 21,099 5.807 73,583 3,341 50.337
S.C..Greenville 4,711
5.63m
724
247 10,014
724
7.308
307 10,291
Greenwood I
Tenn..MemPhi 40.851 294,154 35,944132.081 62.481 460,888 55.351172,719
226
I
299
36.47. 1,52(1 2.236
16,94:
799, 4,264
1,176
818 29.576
31.482 1.366 .,
514
,
960
Austin
4,544
71.367 3,493 21.937 2.373 41,15
3,682 19,764
Dallas
130,0462.305,459157,539430,452 118.00:1.913.82 111,738436,307
Houston
6.456 64.485, 5.744 11,869 2.529 61,502 3,499 9,202
Paris
San Antonlo_ 5,000 54,589 5,000 11.000 2,000 38.88. 2.000 8,779
6,409 58,257 2.887 9:981 3,611
46.207 2.823 16.016
Fort Worth
22,717
5,269
en...naq9A q9c2 ORA ROCIR11 9091170%QQ 27A onne OAT .71neol T0AIAA1010
The above total shows that the interior stocks have increased during the week 13,965 bales and are to-night
281,686 bales less than at the same time last year. The receipts at all towns have been 49,935 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows
2234
[VOL. 117.
THE CHRONICLE
1922
Since
Aug. 1.
223.510
97,888
1,191
23.695
54,973
136,072
1923
Since
Aug. 1.
158,484
53.620
1,509
6.827
1.159
60,625
7,215
7,298 126.766
Week.
45,459
14,220
801
2,334
3.267
7.462
44,890
Total gross overland
Deduct Shipments
Overland to N. Y., Boston,Sm.__ 1,258
562
Between interior towns
21,488
Inland, Sze.,from Soutn
407.831
73,543
537,329
13,064
8.002
206,975
965
581
17.930
19,067
8,539
161,614
Total to be deducted
23,308
228,041
20.476
190.220
Leaving total net overland *
21,582
179.790
53.067
347.109
Nov. 16
ShippedVia St. Lotds
Via Mounds, ecc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Stc
Week.
22,498
6,720
*Including movement by rail to Canada.
part of the crop which finally reaches the market through
the outports.
Receiptsfrom Elongating
Stocks at interior Towns.
Receipts as Ports.
Week
1921.
1922.
1923.
1923. 1922. I 1921.
/Lug
24_ 62,7581 44.3171 91,711 802,780 351.07 1,015,473 97.312 58.8771 58,587
81._ 142,59 9i,O2105.024 381.947 355.704 987.684171,782 96.250 77.235
Sept.
146,13 95.017107,847 877,401 416,161 987,030191.584 156.474107.193
14__ 170,2721163,102 142,000 442,567 471.529 988,869235,878218,470138,839
21__ 256,747205,404168,787 519,567 600,540 1,037,994 334,807 334,416222.912
28__ 288,750263.298205,490 877.964 743.1601,147,941 347,146 305.164315,487
Oct.
5_ 329,949 275.188258.74 670.922 897,611 1,225,335422.917 380,561 336,134
12.J273.052 250,8811275,129 811.0881,067,54S 1,301,337413,218420,815351.181
19.1287.213 326.0201269.084 946,192 1.188,813 1,312,699422,317 445.288280,446
26._1277.177 291.5391217.699 1,060,002 1,280,881 1.380,236 390,987 391.607285.188
Nov.
349.036385,08 238,1871.086,49.1,355,653 1,436,173375,529 439,852294,124
9_ 235,e3294.22 184,8081,165.368 1,408,301 1,465,821 314,509346,875214.253
307,567251.57 170,42211,179,333 1,481,019 1,520,190321,432 304.296224,791
16-
The foregoing shows the week's net overland movement
this year has been 21,582 bales, against 53,067 bales for the
week last year, and that for the season to date the aggregate
The above statement shows: (1) That the total receipts
net overland exhibits a decrease from a year ago of 167,319
from the plantations since Aug. 1 1923 are 4,120,050 bales;
bales.
-1923
922
in 1922 were 3,937,032 bales, and in 1921 were 3,049,118
Since
Since
In Sight and Spinners*
outports the
Week.
Aug. 1. Week.
Aug. 1. bales. (2) That although the receipts at the
Takings.
bales,
307.467 3,212,759 251,578 2,981,807 past week were 307,467 bales the actual movement from
Receipts at ports to Nov. 16'
21.582
347.109 plantations was 321,432 bales,
179.790 53.067
Net overland to Nov. 16
at interior towns having
Southern consumption to Nov.16a 80.000 1.274,000 80,000 1.293,000
decreased 13,965 bales during the week. Last year receipts
409.049 4.666.549 384,645 4,621,916 from the plantations for the week were 304,296 bales and for
Total marketed
945,029
13.965
Interior stocks in excess
908,438 52,718
1921 they were 224,791 bales.
Came into sight during week.. -423.014
437,363
WORLD'S SUPPLY AND TAKINGS OF COTTON.
5,566.945
Total in sight Nov. 16
5,574.987
The following brief but comprehensive statement indicates
725,682
North.spinners'takings to Nov.16 51,331
592.966 87.188
at a glance the world's supply of cotton for the week and
* Decrease. a These figures are consumption; takings not available.
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
Movement into sight in previous years:
gone out of sight, for the like period.
Bales.
Bales.
WeekSince Aug. 1-
1921-Nov.18
-Nov.19
1920
-Nov.21
1919
365.335 1921-Nov.18
371,781 1920
-Nov.19
453,2011 1919
-Nov.21
4,641.668
4.107,338
4.317.320
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Week ending
Nov. 16.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_
Dallas
Fort Worth..
Cotton Takings.
Week and Season.
1922.
1923.
Week.
Season.
Season.
Week.
5,031.138
3,918,247
Visible supply Nov.9
3,760,450
2,024.671
Visible supply Aug. 1
American in sight to Nov. 16__ _ 423.014 5,574.987 437,363 5,566,945
163,000
168,000
28,000
25.000
Bombay receipts to Nov. 15..
67,550
67,000
14.000
7.000
Other India snipmits to Nov. 15
531.800
86,000
526,400
82.000
Alexandria receipts to Nov.14_ _
74,000
6,000
70,000
6,000
Other supply to Nov. 14_ *_b_ _ _
Closing Quotations for Middling Cotton on
4.475,261 8,431.058 5,588,501 10,163,745
Total supply
Saturday, Monday. Tuesday, Wed'day. Thursd'y. Friday.
Deduct
3,050,508 3.950.506 5,113,162 5.113.162
Visible supply Nov. 16
33.70
33.40
33.20
32.60
32.80
33.30
34.00
33.25
33.00
33.00
32.75
32.75
Total takings to Nov. 16_a--- _ 524,755 4.480.552 475.339 5,050.583
33.50
32.63
32.38
32.00
32.38
32.13
457,755 3,497,152 361.339 3,675,033
Of whicn American
33.00
32 68
32.50
32.55
31.75
32.00
983.400 114.000 1.375.550
67,000
Of which other
33.25
32.88
32.00
32.75
32.00
32.25
33.75
33.50
33.50
33.50
32.75
*Embraces receipts in Europe from Brazil. Smyrna, West Indies, 8cc.
33.25
32.94
32.06
32.69
32.75
embraces tne estimated consumption by Southern mills,
32.19
a This total
33.75
-takings not being
33.50
33.25
33.25
33.25
33.25
.1,274.000 bales in 1923 and 1,293,000 bales in 1922
33.40
33.05
33.00
32.25
32.90
32.50
available-and the aggregate amounts taken by Northern and foreign
33.75
33.60
33.00
33.50
33.25
33.25
spinners, 3,206,552 bales in 1923 and 3.757,583 bales in 1922, of which
32.90
32.50
32.60
32.30
31.85
31.80
2,223,152 bales and 2.382,033 bales American. b Estima.ed.
32.85
32.50
32.60
32.35
32.05
INDIA COTTON MOVEMENT FROM ALL PORTS.
-The closing The receipts of India cotton at Bombay and the shipments
NEW ORLEANS CONTRACT MARKET.
season from
quotations for leading contracts in the New Orleans cotton from all India ports for the week and for the follows:
Aug. 1, as cabled, for three years, have been as
market for the past week have been as follows:
Saturday,
Nov. 10.
Monday,
Nov. 12.
Tuesday, Wednesday, Thursday,
Nov. 13. Nov. 14. Nov. 15.
Friday.
Nov. 18.
December_ 33.47-33.58 33.13-33.16 32.62-32.67 33.00-33.08 33.21-33.25 33.'3-33.78
January... 32.57-32.60 33.25-33.30 32.75-32.80 33.14-33.20 33,29-33.39 33.84-33.88
March._.. 32.70-32.76 33.42-33.48 32.89-32.92 33.35-33.37 33.50-33.56 34.00-34.09
32.68-32.74 33.39-33.41 32.86-32.87 33.26-33.28 33.43-33.47 33.95-33.
May
08
July
32.25-32.26 32.88-32.89 32.40-32.42 32.72-32.78 32.97-33.00 33.48-33.50
37.16 -27.62- - -27.45October
27.60-27.65 27.95-28.00
Tone
Quiet
Steady
Spot --Steady
SteadY
Steady
Steady
--Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph from the South this evening denote that the
week has been generally favorable in most parts of the belt
for field work and picking has made good progress. As a rule
there has been very little rainfall and precipitation has been
light.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Delrio
Palestine
San Antonio
Taylor
New Orleans
Shreveport
Mobile,Ma
Selma
Savannah. Ga
Charleston.8.0
Charlotte. N. C
Thermometer
Rain. Rainfall.
2 days 0.88 in. high 68 low 56 mean 62
3 days 0.84 in. high 70 low 42 mean 56
3 days 2.06 in. high 78 low 60 mean 69
4 days 1.29 in. high 72 low 58 mean 65
2 days 1.24 in. high 74 low 46 mean 60
3 days 2.10 in. high __ low 48 mean _
1 day 0.02 In. high 74 low 44 mean 59
3 days 2.68 in. high 74 low 54 mean 64
2 days 0.37 in. high __ low 50 mean _ _
dry
high __ low __ mean 61
dry
high 73 low 43 mean 58
dry
high 73 low 39 mean 57
dry
high 68 low 29 mean 48
dry
high 73 low 33 mean 53
dry
high 66 low 46 mean 56
7 days 0.07 in. _high 70 low 30 mean 48
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Nov. 16 1923. Nov. 17 1922.
Feet.
Feet.
4.7
Above zero of gauge_
2.6
Above zero of gauge..
6.8
Above zero of gauge_
7.2
3.6
Above zero of gauge16.6
4.2
Above zero of gauge..
14.3
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland re
ceipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
1923.
Nor. 15.
Receipts at-
1922.
Tinmhav
Since August 1.
For the Week.
Exports.
Bombay
1923
1922
1921
Other India
1923
1922
1921
1921.
Since
Since
Since
Week.lAug.1. Week. Aug. 1. Week. Aug. 1.
nanon lAannn 9A nnn 1A2nnn An nnn alt nnn
Great
Great Conti- Japan&
9r1tain nent. China. Total. Britain.
6,000 9.000 11.000 26,000
8,000 o.00r 39,000 53.00
1,000 37,000 45,000 83,000
6,000
1.000
8.000
6.000
3,000
14,000
7,000
3.000
Total all
1923
12,000 17.000 11,000 40.000
1922
9,000 12,000 39,000 60,000
1921
1.000 40,000 45,000 86,000
Continest.
Japan &
China.
Total.
42,000 164,000 133.000 339,000
126,500 278,500 435,000
30.
9,000 196,000 503,00 708,000
14,000
7,000
2,000
53.000
60,550
42,000
67,000
67,550
44,000
133,000 406,000
58.000 217.
37,000 187.0501 278,500 502,550
11,000 238.000 503.000 752.000
Accord'ng to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
3,000 bales. Exports from all India ports record a decrease
of 20,000 bales during the week, and since Aug. 1 show a
decrease of 96,550 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria, Egypt,
November 14.
Receipts (cantars)This week
Since Aug. 1
Exports (bales)
-
1923.
1922.
1921.
430,000
2,629.603
410,000
2,235,445
200.000
2,150.122
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
10,000 56,051 7,000 54,195 14,500 64,027
To Liverpool
49,662 7.000 42.122
13.000 54.501
To Manchester, dm- To Continent and India.. 21.000 108,857 8,500 74.282 2.850 69.600
1,000 10,119 13.750 41.757 1,000 54.835
ToAmerica
Total exports
45.000229,528 29.250 219.896 25,350 230.584
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Nov. 14 were
430,000 canters and the foreign snipments 45.000 bales.
2235
THE CHRONICLE
Nov.17 1923.]
-By cable from Liverpool we have the folLIVERPOOL.
-Our report received by
MANCHESTER MARKET.
&c., at that port:
from Manchester states that the market in lowing statement of the week's sales, stocks,
cable to-night
Oct. 26. Nor. 2. Nor. 9. Nov. 16.
cloths and yarns is firm. Demand for cloth is improvboth
43.000
65.000
52,000
40,000
week
18,000
26,000
23.000
ing. We give prices to-day below and leave those for pre- Sales of the American
14,000
Of whicn
2,000
3,000
3,000
4,000
Actual export
this and last year for comparison:
vious weeks of
61.000
51,000
67,000
56.000
Forwarded
Total stock
Of which American
Total imports
1134 tbs. likirt- Corn
Of watch American
Ws, Comities Mid. Amount afloat
Usors
to Mat.
Of which American
600 0000 6000 6
July a.
31 2034
Sept.
7 2114
14 2214
21 24
28 24
Oct.
5 2251
12 22A
19 23
26 24
Nov.
2 2434
9 20
15 27
112s Cop
Twist.
a. d. 6. 6.
d. a. d.
2134 16 0 016 4 14.9320
2114 16 2
23 16 5
251s 16 5
2534 16 5
016 6
017 2
017 1
017 2
15.87 1934
16.8920
17.95 191,4
16.91 1934
5
5
5
7
017 2
017 0
017 2
017 3
16.64 19 0
16.50 191(
17.04 200
17.612012
2454 16 5
27 17 0
2712 17 A
@173
@177
6118 0
17.44 20A
19.02 21A
19.89 22 A
2414
24
2434
2434
16
16
16
15
600 6000 6000 0
834 ibs. Shirt- Cora
tugs. Common Mid.
Upra
to Finest.
32s Cop
Twist.
373.000
158,000
110,000
81,000
202,000
131,000
1921-U.
1922-23.
a.
21
a. d. (1.
s. d.
180 @185 13.70
21 15 6
21 15 4
2112 15 4
2034 15 4
12.84
13.32
12.83
12.25
016 2
016 2
016 2
016 2
015 0
016 0
016
@l7 0
12.37
13.15
13.50
14.14
22 16 3 @170
2254 16 5 @172
2334 16 6 017 3
14.56
15.55
14.87
2014 15 4
2054 15 4
2114 16 0
2154 16 3
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 284,424 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
866
1,108
1,108
To Manchester-Nov. 9-Daytonian,
1.050
-West Lashaway, 1,050
To Genoa-Nov.10
250
-George Washington, 250
To Bremen-Nov.12
462
To Antwerp-Nov. 13-Zeeland, 462
700
-West Eldora, 700
-Nov. 14
To Havre
GALVESTON-To Bremen-Nov.8-Tomalva.10,479_ --Nov.15
18,293
-Cliffwood,7,814
-Mar Negro,
-Cadiz, 2,500- _Nov. 15
To Barcelona-Nov.9
8,725
6,225
-VictoriTo Japan-Nov. 10-Sandon Hall, 6.923_ __Nov. 15
22,000
ous, 11,277-_ _Nov. 14-Narbo,3,800
-Do-Bolivian, 13,605-Nov. 15
To Liverpool-Nov. 15
-West Iris, 10,279_ _ _ 26,142
mingo de Larrinaga, 2,258_ _ _Nov. 15
-Domingo
_ _Nov.15
To Manchester-Nov.15
-Bolivian,570_
9,368
-West Ivis, 4,001
de Larrinaga, 4,797_ .Nov. 15
-Nov.15
-Winston Salem, 12,955.-Nov. 15-PenTo Havre
16,312
rith Castle, 3,357
600
To Naples-Nov.15-Scantic,600
15
_ _Nov. 15--"Pen-Nov. -Winston Salem. 1,600To Ghent
3,700
rith Castle, 2,100
-Winston Salem, 1,722___Nov. 15To Antwerp-Nov. 15
1.872
Penrith Castle, 150
5,075
To Christiania-Nov. 15
-America, 5,075
500
To Gothenburg-Nov. 15
-America, 500
7,848
To Genoa-Nov. 15-Scantic, 7,848
To China-Nov.15
2,100_ _Nov.14-Narbo.425 2.525
-Victorious,
-Odenwald.3.150.... _Nov.
NEW ORLEANS
-To Bremen-Nov.8
5,254
13-Cliffwood, 2,104
-Odenwald, 100_ __Nov. 13-Cliffwood,
To Hamburg-Nov.8
509
109_ _Nov. 15-Jeanette Karpor, 300
475
-America. 475
To Gothenburg-Nov. 10
100
To Rotterdam-Nov.10-Maasdam,100
To Antwerp-Nov. 13-Eizasier,3,507
3,507
To Trieste-Nov. 13-Quistconck, 350
350
To Venice-Nov.13-Quistconck,850
850
To Japan-Nov. 11-Steel Voyager, 3,500-Nov.13
-Rely°
Maru, 400
3.900
To China-Nov.13-Relyo Marti, 250
250
To Porto Rico-Nov.14-Isabella,100
10
-Fort, 2,733---Nov. 16
To Genoa-Nov.14
-Carlton, 2,014- 4.747
HOUSTON-To Genoa-Nov. 10-Scantic,6,064
6,064
-Nov.10-Scantic,250
To Naples
250
-Domingo de Larrinaga. 2,578__ _
To Liverpool-Nov. 10
-Settler, 14.990...-- 36,358
Nov. 15
-Narcissus, 18.790_ _Nov. 15
de Larrinaga, 3,320-Domingo
To Manchester-Nov. 10
Nov.15-Narcissus,200
3.520
-Mar Negro,750
To Barcelona-Nov.10
750
-Nov.15-Connesspeak,14,717
To Havre
14.717
303
-Nov. 15--Conne&speak, 303
To Ghent
700
To Antwerp-Nov. 15-Connesspeak,700
To Bremen-Nov. 15-Saucon, 4,201
4.201
To Rotterdam-Nov.15-Saucon,2,838
2,838
-Nov.2-Daviidan. 224
224
BOSTON-To Liverpool
-Missouri,100
100
To Antwerp-Nov.2
1.037
CHARLESTON-To Antwerp-Nov. 7-Shickshinny, 1.037
-New Georgia, 14,450
To Liverpool-Nov. 10
14,450
-Maiden Creek, 3,479---3,479
-Nov. 12
GULFPORT-To Manchester
-Maiden Creek,150
-Nov.7
-To Liverpool
150
MOBILE
-Maiden Creek,250
-Nov.7
250
To Manchester
To Antwerp-Nov. 14-Meanticut. 100
100
NORFOLK-To Bremen-Nov. 13-Eisenbach, 3,600_ _ _Nov. 12
7
-Bayern. 82
4.427
To Manchester-Nov. 12-Manchester Mariner, 1,000
1,000
-Bar-Deer Lodge, 7,600.. ..Nov. 15
To Liverpool-Nov. 15
,200
7,800
300
tterdam-Nov. 15-13reedlik,300
-To Liverpool-Nov.9-Carmania,866
NEW YORK
To M
280
-M-(7),
PENSACOLA-To Liverpool
PORT TOWNSEND-To Japan-Nov. 10-Toyooka Maru, 1,475
-West Chapaka, 2.973_
SAN FRANCISCO-To Japan-Nov.3
-President Taft, 2,574-Nov. 10-Talyo Meru,
-Nov. 8
1,773- _ -Nov. 13
-West Faralon,2,000
To China-Nov. 10-Talyo Maru,500
SAN PEDRO-To Liverpool-Nov.8-Drechtdijk,752
-Panama Maru, 1,000
To Japan-Nov.8
-West Durfee, 4,368..
SAVANNAH-To Liverpool-Nov. 10
Nov. 10
-Minnie de Larrinaga, 2.300
-West Durfee, 1.565_ _ _Nov. 10
To Manchester-Nov. 10
Minnie de Larrinaga, 2,108
-Nov.12-Michigan,2,000
To Havre
-Coldwater, 4,000
WILMINGTON-To Bremen-Nov, 10
-New Georgia,4,300
To Liverpool-Nov.I4
Total bales
280
1.475
9,320
500
752
1,000
6,668
3,673
2,000
4.000
4.300
284,424
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
StandHigh StandHigh
Density. ant.
Density. ord.
40c. Stockholm -.50c. .65e.
Liverpool _ ..300.
Manchester .30c. .40c. Trieste.- - -.45c. .600.
421. .600.
.
.
Antwerp _ .22340. .35140. Fiume
50c. .650.
___. Lisbon
Ghent..... ____
750. .900.
2214c. .37140. Oporto
Havre
Rotterdam-22140. .3714c. Barcelona--.40e. .550.
450. .60e.
35o. .350. Japan
Genoa
Christiania-3714c. Me. Shanghai 45c. .60c.
High StandDensity. ard
.
65c
. .
Vladivostok
Gothenburg.,
:Iiit7.
Bremen
25e. .400.
Hamburg.- 25o. .40c.
Piraeus
600. .721.
Salonica
Mc. .75c.
Bombay_ - -.50c.
352.000
166,000
56,000
39.000
289,000
193,000
375.000
191.000
77.000
54.000
257.000
164,000
359,000
175.000
48.000
22.000
371,000
260,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market, I
12:15 i
P.M. 1,
Quiet.
Good
Demand.
Good
Demand.
Mld.Up8
18.87
19.20
1921.
19.11
19.65
19.89
Sales
5,000
10,000
8,000
6,000
8,000
6,000
Spot.
A Mir busiQuieter. flees doing.
Fridati.
Quiet.
Barely stdy Quiet,10 to Very stay., Firm,
Steady, 15 13 to 23 pta 13 to 23 pta 23 to 41 pta 10to 20Pts.
advance, advance.
dec.
dec.
Steady. to 20 pts
advance.
Market, ( Very stdy.,
Firm,
Steady, 22
4
I 7 pta. adv. Strong, 38 Steady, 6 Very stay.,
to61 pta.
P.M. 1 to 12 pta. to 54 pta to 18 pta. 310 17 pta. to 45 pta. 30
advance. advance.
dec.
dec.
advance.
dec.
3
Futures.
Market I
opened f
Prices of futures at Liverpool for each day are given below:
Mon.
Sat.
Nov. 10
to
Nov. 16.
1214 1234
p.m.p.m
Tues.
Wed.
Thurs.
Fri.
1214 4:00 121( 4:00 12)4 4:00
11• m•P• m• . m.p. m p.m p.m.
d. d.
d. d. d. 4. d.
d. I d.
d.
d.
d.
18.9919.3 19.53119.31 19.3 19.21 19.35 19.7 19.79 19.9920.40
November _--18.92,19.23 19.45 19.22 19.2 19.11 19.24 19.6 19.69 19.86 20.24
December
.....
18.83.19.13 19.35 19.13 19.2219.02 19.15 19.55 19.59 19.76 20.12
January ......
18.76 19.03 19.25 19.0419.1 18.9 19.06 19. 19.48 19.65 20.01
February .....
18.68118.9 19.16 18.96 19.06 18.86 18.9719.3 19.39 19.56 19.92
March
18.58118. 19.06 18.86 18.96 18.76 18.84 19.2 19.24 19.41 19.75
April
18.48018.7 18.96 18.77 18.86 18.66 18.73119.0 19.11 19.2 19.62
May
.
18.2t18.5 15.7618.5 18.66 18.46 18.5318.86 18.8 19.0 19.37
June
18.0 18.36 18.5018.34 18.42 18.23 18.2818.5 18.62 18.77 19.09
July
17.82 17.92 18.14
August -----------17.27(17.. 17.7017.5 17.64 17.4 17.5017.7 16.53 16.63 16.83
16.4
September ...._ ____ 16.0 16.2 16.4816.2 16.33 16.21 16.26
----------15.38115.5 15.76 15.5 15.5 15.4 15.51115.7 15.73 15.83 16.03
October
BREAD STUFFS
Friday Night, Nov. 16 1923.
Flour has been rather steady, but to all outward appearance trade is not active. It is suspected in some quarters,
however, that the buying is on a somewhat larger scale than
appears on the surface. In the aggregate the business is not
so bad as might be inferred from purely superficial conditions. Hard winter, it is true, meets with less demand than
some other grades. Spring wheat flour has the preference.
Forward business lags. Few seem inclined to take chances
on the future. It is the immediate present that they are
providing for. Canadian flour is in fair demand, despite its
relative costliness. That is overlooked by reason of the inherent merits of the flour . The export demand for wheat
flour is light, but rye flour has sold on a very fair scale or
better. The steamship Portland Maru, it is expected, will
clear this week for Greece with 75,000 bbls. of wheat flour.
Kansas City has had a moderate trade at generally steady
prices. Some mills have sold to the Government for the
army. Hard wheat, short patent, $550 to $5 75; long patent,
$515 to $545; straight, $495 to $525; first clear, $390 to
$4 10; second clear, $340 to $3(15; low grade, $315 to $3 40.
Soft wheat, fancy patent, $590 to $630; standard patent,
$540 to $5 70; straight, $470 to $5 20; clear, $440 to $475;
low grade,$350 to $3 80. At Minneapolis there has been a fair
business, the holiday demand$ increasing somewhat. In
general, shipping directions, however, have not been satisfactory. Bearish wheat statistics are a damper. There
wheat stocks have increased 1.200,000 bushels in 10 days and
storage facilities offer increasing difficulties. Flour shipped
since Sept. 1, totals 3,273,000 bbls. against 5,664,000 last year.
Since Jan. 1 they total 13,440,000, against 14,594,000 in the
same time last year. Car lots, f. o. b. Minneapolis cottons,
standard patent, $6 to $620; best family patent, $610 to
$6 30; best bakers' patent,$5 85 to $6 15; first clear, $4 70 to
$5; second, $360 to $375; standard graham, $570 to $595.
Durum flour in fair demand and shipping directions improved. No. 2 Semolina, $5 60; No. 3, $5 10. Rye flour quiet
and steady; local cash premiums were firm on light offerings. Pure white rye flour, $365 to $3 80; medium, $355 to
$365; dark, $355 to $3 60. Mill feed dull. Standard bran,
$26; pure, $26 50; standard middlings, $25 50; flour middlings, $28 to $29. Minneapolis wired: "Some mills reported a better flour demand, but one large miller said flour
was quiet. In commeting upon our liberal receipts one mill
and elevator concern said the carry-over of wheat from last
year in some sections of the Northwest was larger than is
generally supposed." The "Daily Trade Bulletin" estimates
the United States flour stocks on Nov. 1 at 2,669,000 bbls.,
against 2,573,000 on Oct. 1 and 2,440,004) a year ago.
Wheat has declined on what is regarded as a weak statistical position. Secretary Wallace says there is a big surplus, and he argues that the Government should help the
farmer. But apparently a great many in the West are
against any plan of the Government to fix the price. President Coolidge is gratified to find that there is so little call
2236
THE CHRONTCLE
for measures of doubtful wisdom in the matter of'regulating
the trade. And now there seems to be a leaning towards cooperating marketing by grain associations apparently very
much as a good deal of the cotton crop has been handled.
This will make for gradual marketing and obviate the old
pell-mell way of selling large quantities early in the season
at whatever price they might bring. That custom is manifestly to the detriment of the farmer. Somebody else gets
the higher prices later in the season; not the farmer. Just
now export business is disappointing and the visible supply
is up to 71,500,000 bushels, or more than double what it was
a year ago. The world's supplies are stated at some 277,000,000 bushels, an increase within a month of 63,000,000.
They are 33,500,000 bushels larger than a year ago. Export
business keeps within the limits of about 300,000 bushels a
day, mostly Manitoba. That, at any rate, is how it is daily
reported. But there are intimations that a larger business
Is being done, the particulars of which are withheld for reasons not difficult to imagine. The political outlook in Europe is considered bad. Recently sterling exchange has been
down to a new low record. French francs on Thursday were
down to the lowest point in French history. The political
outlook in Germany to many seems threatening. At times
there have been brief rallies. Winnipeg houses have been
buying to some extent in Chicago. Minneapolis reported a
brisk demand for choice milling wheat. There was a story
at one time of pretty liberal export buying of flour at the
seaboard. The posssibility of purchases of food for German
relief also tended at times to keep short selling within
bounds. A big increase in the visible supply was disregarded
by some. Eastern interests have bought November in Chicago. This was supposed to be for the purpose of making
shipments before the close of navigation on the Great Lakes.
And those who favor a higher tariff cited the fact that on
the 14th inst. 350,000 bushels of Canadian wheat arrived
duty paid at Chicago. It was announced that definite steps
towards a tariff raise had been taken under the FordneyMcCumber Act. But on Thursday offerings increased. The
cables were not stimulating. Some doubt was expressed as
to whether the duty would be increased. Co-operative marketing pools wil shortly begin operating in Indiana and
Kansas under the auspices of the National Wheat Growers'
Advisory Committee. Chicago wired Nov. 13 that a gradual
reduction in the wheat acreage of the United States from
62,000,000 as at present to 50,000,000 should be brought about
as a major step in the solution of the wheat production problem is the decision of the Production Committee of the
Wheat Council of the United States, according to an announcement by President Sidney Anderson. The lower acreage is sufficient to meet domestic requirements and should
be brought about as soon as alternative crops can be introduced, the announcement said. Washington wired Nov. 14
that the Tariff Commission had decided to investigate the
import duties on wheat. A thorough study of the whole
question of wheat rates, it was announced. has been ordered
and a preliminary hearing will be held Nov. 26. Sir James
Wilson, the English statistician, estimates the world's wheat
needs for 1923-24 season at 640,000.000 bushels, while world's
exportable surplus is given as 1,056,000,000, which includes
a carryover of 192 000.000 bushels from last year. To-day
prices declined 1 to lc., the latter on December. Cables
4
were poor. The Canadian crop is estimated at 500,000,090
bushels, the largest on record. Russian shipments for the
week were up to 1,064,000 bushels. Sterling exchange was
lower. It is true that as an offset the week's exports were
smaller from India, Argentina and Australia. On the other
hand, however, Canadian exports are large. For the week
there is a net decline of 1 to 2%c.
Fin. 117.
will show a yield under the 3,029,000,000 bushels suggested
in the November report. On Nov. 1 only 12% of the Iowa
crop had been husked, as against 34% last year." The Kansas weekly crop bulletin said: "Northwest counties need
corn huskers to gather the largest crop in history. Farmers
are paying 5 to 6c. per bushel for husking. Prices received
for new corn vary greatly. In the eastern part of the State
Jackson County reported new corn selling at 65c. a bushel,
In Chase County 80c., while in Cove County, in west, the
price is 57c. Corn prices continue to cause a movement of
live stock to market, especially of underweight hogs and
stocker cattle." To-day prices declined 4 to %c., with hogs
quoted down to $6 to $625 on big receipts. There is some
talk of hog cholera. Larger receipts of corn, moreover, are
predicted, although just now the arrivals are moderate.
The grading is poor; moisture is excessive, and this had a
tendency later in the day to steady prices. For the week
there is a drop of 2 to 314c.
/
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 mixed
cts_1074 1074 108
1084 1064 1064
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
8
December delivery in elevator_cts_ 71534 76% 768 75
734
74
May delivery in elevator
7234
73
744 74
75% 72
July delivery in elevator
744 744 74
743 733 73
Oats have held up better than most grain, although the
demand has not been pressing. The visible supply in this
country, however, decreased last week 515,000 bushels,
against 252,000 in the same week last year. This brings the
total down to 20,272,000 bushels, against 33,827,000 bushels.
The decrease in the visible supply was commented upon, but
it had no very decided effect. Yet the fact remains that
whereas other grain has fallen very noticeably, the decline
In oats has been fractional. The smallness of arrivals at
Chicago, as well as the falling off in the visible supply, was
not without its effect. And there is, of course, a steady cash
demand, even if it is not of very large proportions. The
point is that the supply in the country is not increasing,
whereas that of other grain is. Moreover, not a few think
that oats are too cheap. A year ago No. 2 white were only
36c. under No. 2 yellow corn. Now, however, No. 2 white
oats are 58c. under corn. To-day prices declined slightly.
Since Friday last there is a net decline of % to %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 53
No.2 white
53
53
53
53
sa
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 4431 4114 4114 42
42
4134
44
May delivery in elevator
4434 444 4434 44
43
434 4334 4334 4334 4334 4334
July delivery in elevator
Rye declined under the influence of lower prices for other
grain. Export business on the 13th inst. was estimated at
100,000 bushels, and cash markets on that day were steady,
with a fair demand. Earlier in the week rye felt the effects
of liquidation with wheat declining. At one time, it is true,
rye showed greater steadiness owing to smallness of the
country offerings. The American visible supply last week
increased 412,000 bushels, against 509,000 bushels last year.
The total is now 17,372.000 bushels, against 10.624.000 a year
ago. In Chicago, on the 13th inst., a cargo of 240,000 bushels
of Duluth rye arrived and another cargo of 250,000 bushels
was expected in a day or two. Later in the week 200,000
bushels sold for export and on that day, Wednesday, prices
advanced some %, to lc. The next day, however, rye was
lower except on July. Yet the mills bought on a fair scale,
supposedly against flour sales for export. The total sales of
rye to Europe early in the week were 300,000 bushels. Today prices were easy at one time but rallied later. And evidently there is some export inquiry almost daily, even if the
actual business is not very large; For the week there is a
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
4 to 1%c. on December and May, while
Sat. Mon. Tues. Wed. Thurs. Fri. decline, however, of 11
No.2 red
/
cts_1204 1204 12014 1214 12034 11934 July advanced 14c.
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Sat. Mon. Tues. Wed. Thurs. Fri.
6874 6734 67%
December delivery In elevator_cts-103
10234 10334 1031 102% 10134 December delivery in elevator_cts. 674 6734 68
'
May delivery in elevator
May delivery in elevator
724 7214 724 7334 7234 72%
1084 107% 108% 1081 108 107
July delivery in elevator
7234 724 72
7214 724 72
105% 105 10514 106 105% 10534 July delivery in elevator
Indian corn has declined with other grain. Receipts at
Interior points have increased. Professonals have been selling on spreads with wheat. Offerings of corn have latterly
been large. Favorable weather has had a more or less weakening effect on prices. So has the steady decline in hogs.
The visible supply increased last week 235,000 bushels in
this country, against 381,000 in the same week last year.
But there is still a very marked disparity between the total
supply at the present time and that held a year ago. In
other words, it is now only 1,044,000 bushels, against 9,187,000 a year ago. At one time there was a report of quite general rains at the West. They had temporarily a more or
less bullish effect. Later on, however, it turned out that
they were not so general as had been reported. Then prices
receded. Moreover, receipts increased somewhat. And the
Southwest, to make matters worse, predicted a falling off in
the demand for feeding. Later on good weather and a further drop in hog prices depressed corn further. A decline in
prices is, of course, the usual thing at this time of the year.
Traders count on this fact to a greater or less extent. The
"Price Current" said: "The big movement of new crop corn
to terminal markets promises to get under way early in December, as husking will have been practically completed by
that time. It is probable in view of the repeated claims of
disappointing returns that the Government's final returns
The following are closing quotations:
GRAIN.
Oats:
Wheat,New York:
No. 2 white
11934
No. 2 red, f.o.b
129
No.3 white
No. 1 Northern
Rye, New York:
No. 2 hard winter, f.o.b.-117
No.2 cif
Corn:
1064 Barley, New York:
No.2 mixed
Mating,
1084
No.2 yellow
Chicago
83
514
764
75079
590071
FLOUR.
4 00 4 35
Spring patents
$6 001028 40 Rye flour, patents
52510. Semolina No. 2 med___ 63514655
Clears,first spring
2 75 285
Soft winter straights— 4 75 5 00 Oats goods
245102 75
nerd winter straights__ 5 500 6 00 Corn flour
Hard winter patents... 6 ono 6 50 Barley goods—
3 50
Nos 2.3 and 4
Rard winter clears
4 7.5i 5 25
Fancy Minn. patents__ 7 25 7 85
Fancy pearl, No.2,3
600
and 4
7 15
City mills
For other tables usually given here, see page 2187.
WEATHER BULLETIN FOR THE WEEK ENDING
NOV. 13.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Nov. 13 is as
follows:
The weather during the week ending Nov. 13 was characterized by
unusually high temperatures for the season in Central and Northern
States between the Mississippi River and Rocky Mountains, and by
abnormally low temperatures in the southeastern section of the country.
The week was from 8 deg. to 14 deg. warmer than normal In the Central
Nov.17 1923.]
THE CHRONICLE
2237
and Northern Great Plains, while the temperature averaged 8 deg- to lieve that current prices do not mark the top of the advance
10 deg. below normal along the immediate South Atlantic Coast.
for
Freezing occurred as far south as Savannah. Ga.. and Meridian, Miss.. for the crop season. Many of the prices now prevailing
in the east Gulf States, but in the trans-Mississippi area the minima did the manufactured product are still far under a parity with
northern
not go below 32 deg. as a rule south of central Missouri and northern
Kansas. Readings as low as 16 deg. to 18 deg. were reported from
raw material, and, as a result, mills are not keen sellers of
New York and the interior of New England, and 14 deg. to 16 deg. in
some Central-Northern States; the lowest reported for the week was 8 deg. contracts. The general tendency, however, is to lift prices
at Lander, Wyo., on the 9th. Frosts as a rule were rather frequent during gradually, as past experience has proved that hurried adthe week in the east Gulf and South Atlantic States, with light frost in
the interior counties of Florida, and temperatures near freezing in exposed vances check sales. Up to the present time there has been
places of the northwestern 'portion of that State. There was some damage
done to tender vegetation by be temperatures in South Carolina. Alabama no active bidding and no urgent demand for goods, and buyand northern Florida, though the cool weather was beneficial for winter
ers have shown no fear of being without stocks, as prices
truck in the last-named State.
Little or no rain fell during the week from the middle Mississippi and have moved up. The general opinion among cotton goods
southward, where rainfall was moderate to heavy during
Ohio valleys
the week preceding; there was also much less rain in Texas and the Southern •merchants appears to be that it is going to be exceedingly
Great Plains. which was beneficial for outdoor work which had been considerably interrupted because of wet weather. The rainfall of last week difficult to get a volume of business at the higher levels
in the interior of South Carolina was of only temporary benefit ir. relieving
some houses
the water shortage for power purposes and more rain is needed in that owing to the well provided conditions existing in
State which is also the case In central and western North Carolina. Good
purchases were made some time ago at much lower
rains 'occurred In the Virginias, which wore beneficial for the soil and fall where
seeded crops. while a moderate amount of precipitation was reported in figures. According to reports, the new and higher prices
the Atlantic Coast States to the northward.
The week was ideal for seasonable farm work throughout nearly the named on many lines have not been long enough established
whole of the interior of the country, as rainfall was generally light and
of inducing
sunshine abundant. The week was almost continuously clear in the to impress jobbers and retailers to the extent
central Mississippi Valley and central Plains States. Showers the latter them to operate spontaneously or voluntarily. In fact, many
part of the week were beneficial in Wisconsin and Minnesota, but more
rain Is needed in those States. The upper Mississippi Valley experienced wholesalers and retailers are quietly and firmly resisting
the best drying week of the fall, which was favorable for corn, while good
drying and harvest weather was the rule throughout the Great Plains area, price advances on many cotton domestics. As they have
Unusually heavy rains for the season were of much benefit to the winter
far been able to secure many goods at comparatively
range in the far Southwest, including eastern and southern Utah. though thus
p
it was too wet for gathering minor crops in parts of the central Rocky low -rices, and are believed to be comfortably supplied for
The long drought that had prevailed in southern
Mountain sections.
the initial spring business on a number of lines, they are
Nevada was effectually broken by heavy rains during the week where
exercising caution in the matter of making new commit
the range was benefitted and water supply replenished,
Most of the week was fair in the north Pacific States, where farm work ments.
progressed satisfactorily, though some truck shipments were stopped
•
because of low temperatures. The soil continued too dry in California,
DOMESTIC COTTON GOODS: Fair activity prevailed
though showers during the week were beneficial.
GRAINS.—Precipitation benefitted fall sown grains In the in markets for domestic cotton goods during the past week,
SMALL
Middle Atlantic Coast States, and the weather was generally favorable and prices in a number of directions scored additional adfor seeding in the South Atlantic and east Gulf areas. While there was
little precipitation in the Ohio Valley States, soil mositure was generally vances owing to the decided strength of raw material. The
ample from preceding rains, and wheat made good growth, although It naming of new prices on perc les had one definite market
was too dry in northeastern Kentucky. Winter grains were reported
in good condition in the Lake region, though more rain was needed In effect. It encouraged jobbers to work harder to distribute
Wisconsin. The crop made very good progress in the lower Missouri their stocks and many of them are now busier because they
Valley, while unusually good growth was reported from the upper Misare able to secure something like a profit on goods they had
sissIppl Valley States,
The generally fair weather in the extreme lower Great Plains dried in hand or on what they purchased when prices were lower
out the soil and permitted the seeding of much wheat during the week.
while the earlier planted is reported as good to excellent and affording a month or two ago. Advances are being made regularly on
much pasture. Wheat is making good growth in Kansas and has a fine all kinds of colored cotton goods, and more interest is being
noted while this pest has
color, though considerable fly Infestation is not
napped goods not recently
been reported from a few places in Oklahoma. Under the influence of displayed in many of the standard
arm
the unusually warm weather during the week fall seeded grains made rapid advanced. Ginghams are moving more regularly, and some
in the northern Plains States, while conditions were generally
including highly styled designs,
satisfactory in the Rocky Mountain area. Plowing and seeding con- of the better known staples,
tinned in the milder sections of the north Pacific Coast States, though are being purchased more freely all over the country, dethis work proceeded slowly in California because of deficient soil moisture. spite the fact that purchases are confined for the most part
The weather was more favorable for threshing rice in Louisiana. and
to small lots. Many jobbers are obsessed with fear of showthe harvest of this crop was practically completed in California.
CORN.—The husking and cribbing of corn progressed rapidly in the ing large commitments at inventory time and are inclined
Ohio Valley States under the Influence of generally fair and sunshiny
weather, but there was some delay in husking in the Middle Atlantic to defer orders until after Dec. 1. Jobbers in the Middle
Coast States. Ideal weather prevailed for drying corn in Illinois. while West and Northwest are said to be selling many domestic
the best drying week of the season was experienced in Iowa. The dry
weather permitted better progress in husking in the last-named State, cotton goods very close to their own purchase price and bebut the early gathered corn is heating in crib, and there was much com- low present replacement cost. They claim that they are
,
plaint of soft, chaffy. and molded ears: there was not much good seed
maincorn saved. Complaints of chaffy corn were also received from parts obliged to do this in order to meet competition and to
of the Ohio Valley area.
tain sales to regular customers. In the Southern and Southand cribbing made good progress in Missouri and satisfactory
Husking
is quite the
advance in Oklahoma. The bulk of the corn has been housed in Okla- Western sections of the country the situation
hems, but the quality is mostly poor. Gathering this crop made good reverse. The buying of dry goods in these parts of late is
progress, under favorable weather conditions, in the central and northern
planter is
Plains States, but several weeks of dry weather are needed in central said to have been very good. The high prices the
Rocky Mountain States,
receiving for raw cotton, as well as for some of the other
COTTON.—Much better weather prevailed for gathering cotton than
the money
was experienced last week In the western portions of the belt. It was commodities, are netting him good returns, and
generally fair In Oklahoma. except for light to moderate rains near the is be.ng spent in such a liberal way as to encourage both
close of the week, and fairly good progress was made in picking, with retailers and jobbers to buy ahead. The rise in prices by
more than 80% of the crop gathered; there is very little top crop in that
States. The week was cool and dry in Texas until near the close, when first hands has been more general during the past two weeks
there was light rain in the western and southwestern portions of the State: than it was in October. Should mills curtail production they
conditions were generally favorable for picking.
In Arkansas the week was very favorable for field work where picking may force the hands of the wholesalers and retailers, but
has been completed in many parts, and nearly done generally: there are there is no indication at the present time that many of the
still a few bolls opening, but of little consequence. Conditions were
favorable for gathering the remnant of the crop in Louisiana, while the mills making standard domestics have any intention of unitfair, sunshiny weather favored field work throughout the central and ing in a general shutdown. Print cloths, 28-inch, 64 x 64's
eastern portions of the belt. Cotton has been practically all gathered construction, are quoted at 8%c., and 27-inch, 64 x 60's, at
in Alabama and Mississippi. while only a few scattered fields remain to
be picked in South Carolina. Picking will continue in North Carolina. 7%c. Gray goods in the 39-inch, 68 x 72's, are quoted at
however, for several weeks.
1c.,
/
North Caro/inn.—Killing frost practically to the coast on 10th: no damage. 122 and 39-inch, 80 x 80's, at 14%c.
Weather favorable for gathering cotton; picking will not be completed
WOOLEN GOODS: Markets for woolen and worsted
for several weeks.
South Carolina—Only a few scattered cotton fields remain to be picked. goods have ruled comparatively quiet during the week.
Georgia.—Flne weather, with several frosts.
and unseasonably cold until 11th, with daily light From manufacturer to retailer, disappointment has been expressed over the slow liquidation of stocks. The cool weather
to killing frosts. Cotton practically all gathered.
MissIsslioni.—Abundant sunshine with practically no precipitation and which set in last week failed to stimulate retail sales in
favorable for all harvesting operations. Cotton generally housed.
Loofah:rm.—Dry. with cold frosty nights: favorable for gathering rem- either men's or women's wear clothing, and business has
nants of the cotton crop.
improve the tone
Texas—Cool and dry until close of week when light rains west and been of light volume and not sufficient to
of the market. The various price concessions that have been
southwest. Generally favorable for cotton picking.
Oklaharna.—Generally fair with moderate temperature though light named on some lines of woolen goods this fall have encourto moderate rain at close of week. Fairly good progress made in picking
aged many buyers to look for lower prices when a new fall
cotton, with more than 80% picked. Very little top crop,
Arkansos•—Dry, sunshiny weather, except light showers in extreme season is opened by the mills. However, developments in
west; very favorable for farm work. Cotton picking completed in many
portions, nearly done In general; few bolls still opening, but of little value, both domestic and foreign wool markets where American
Tomessee.—Temperature unusually low until last day or two, with mills have been buyers show that raw wool Lolds very firm
heavy frosts, except in extreme southwest. Rainfall light and conditions
with little prospect for lower mill costs.
quite favorable for harvesting cotton.
New Merico.—Favorable for cotton picking.
FOREIGN DRY GOODS: Demand for linens has continValley considerably damaged
Arizono.—Unpicked cotton in the Salt River
ued to improve during the week, as many retailers are cornby heavy rain on the 10th.
California.—Cotton ginning continues.
to make provision for their
THE DRY GOODS TRADE
Friday Night, Nov. 16 1923.
Markets for textiles have been moderately active during
the past week with the general undertone steady. The tendency of prices for cotton goods has been toward a higher
level, and buyers have been taking goods in moderate quantities all over the country. The fact that prices for cotton
are steadily advancing has given cotton goods merchants the
idea that speculators look for an actual shortage before the
next crop begins to move, and has led cloth traders to be-
mencing
annual white sales in
January. The feature in the household division has been
the numerous small rush orders. Many retailers are said to
be in need of household goods and therefore have requested
shipments to be made promptly. Demand has been largely
for the medium priced goods. There has been less heard of
dress linen activity, but this was because there was less
pressure for immediate delivery. Little change has been
noted in primary flax markets. Burlaps failed to develop
any activity despite the fact that shipments from Calcutta
for the month of October proved to be smaller than expected.
Owing to the wide difference between prices for spots and
deferred deliveries, consumers purchased sparingly. Light
weights are quoted at 6.40c. and heavies at 6.60c.
THE CHRONICLE
2238
[voL. 117.
65,100 West Market Street bonds. Date Sept. 1 1923. Denom.
81.000. one for $100. Due yearly on Oct. 1 as follows: $13,100
1924 and $13,000 1925 to 1928 incl.
300 Norman Street impt. assessment bonds. Date Aug. 1 1923.
Denom. $60. Due $60 Oct. 1 1924 to 1928 incl.
3,100 Kent Street impt. assessment bonds. Dated Aug. 1 1923
Denom. $600, one for $700. Due yearly on Oct. 1 as follows.
$600 in 1924 to 1927 and $700 in 1928.
7,700 East Market Street impt. assessment bonds. Date Aug. 1
Bay, Naples
-Annexation of Alamitos
Long Beach, Calif.
1923. Denom. $1,000, one for $700. Due yearly on Oct. I
as follows: $1,700 1924, $1,000 1925 and 1926. and $2,000 1927
-On Nov. 9 a territory of
and Belmont Shore Sections Voted.
and 1928.
Bay, Belabout fourteen square miles, taking in Alamitos
13,900 East Market Street impt. assessment bonds. Date Aug. 1
1923. Denom. $1,000, one for $900. Due yearly on Oct. 1
mont Shore and Naples districts, was annexed to the city of
as follows: 82,900 1924, 82.000 1925 and $3,000 1926 to 1928
of the
Long Beach by a vote of 192 to 58. The population
incl.
11,000 East Market Street impt. assessment bonds. Date Aug. 1
annexed districts is about 2,500.
1923. Denom. $1.000. Due yearly on Oct. 1 as follows:
82.000 1924 to 1927 and $3,000 1928.
-Income Tax Approved by Small MaOregon (State of).
790 East Market Street impt. assessment bonds. Date Aug. 1
-The income tax law enacted
jority-Act May go to Courts.
1923. Denom. $150, one for $190. Due yearly on Oct. 1 as
follows: $190 1924 and $150 1925 to 1928 incl.
at the 1923 legislative session, and referred to the electors
All bear interest at5% except the first Issue, which bears interest at53(%,
on Nov. 6 (V. 117, p. 1798), was approved by a very small
Following is a list of the bids received:
Premium. Rale Bid.
Biddersmajority. With only a few precincts missing, the votes of
Van Ingen.
which cannot possibly, it is stated affect the result, the vote H.L. Allen & Co.. Redmond & Co,B. J. Grau,Todd
R. W.Pressprich, Hornblower & Weeks,
stood at 58,512 "for" to 58,015 "against," a majority of 497.
$39,240 00 101.809
& Co., joint
It seems almost certain that suits will be brought in an W.R.Compton Co.; Halsey, Stuart & Co.; Hallgarten
dr Co.;ilUas. -el, Kinnicutt & Co.; Remick, Hodges &
effort to prove the Income Tax Act unconstitutional in a
'44,901 00 102.07
Co.; Merrill, Oldham & Co., joint
of Commerce; Tillotson & Wolcott;
number of points. The Portland "Oregonian" of Nov. 11, National Bank & Co.*, Estabrook & Co.; Hannahs,
Dillon, Read
referring to the possibility of litigation, Says in part:
Ballmn & Lee; Otis & Co.; Detroit Trust Co.;Bankers
34,484 56 101.59
Trust Co.. joint
Immediately following the passage of the income tax bill by the Legislature last February, when printed copies became available for analysis, Harris, Forbes & Co.; Hayden, Miller & Co.; Curtis &
56.500 00 102.605
Sanger; National City Co., joint
various lawyers, after a study of its provisions, gave It as their opinion that
57.130 72 102.634
National City Bank, Almon, Ohio
the measure is as full of unconstitutionallties as a plum pudding is full o
raisins. The more carefully and painstakingly these-lawyers delved into
-BOND OFFER',
ALBUQUERQUE, Bernalillo County, New Mexico.
unearth.
the measure the more unconstitutional features they claimed tocampaign ING.-Sealed bids will be received by Ida V. Malone, City Clerk. mitt'
Attention was called to this phase of the bill repeatedly during the
8 p. m. Dec. 5 for the following 5 M % coupon bonds:
just passed, particularly by W. Lair Thompson, in the public debates in $150,000 water works system improvement bonds, maturing Dec. 11963.
which he engaged with advocates of the tax law.
115,000 sewage system improvement bonds, maturing Dec. 1 1963.
A. L. Veazie, W. Lair Thompson, James B. Kerr and other attorneys
25,000 auxilliary fire station bonds, maturing Dec. 1 1953.
pointed out wherein. in their opinion, the bill was at outs with the constitu85,000 storm sewer bonds, maturing Dec. 11953.
coincided with the public utterances
tion and probably a dozen other lawyers
Denom, 31.000. Prin. and semi-ann. int. (J.
-D.), payable in gold
question of the
of their colleagues. It is known that yesterday, when all
or at Harris, Forbes & Co., N. Y. City,
State having an income tax was settled, lawyers applied themselves inten- coin at the City Treasurer's office
city 20
and general text, to at option of holder. All bonds are redeemable at option of theor trust
sively to a close scrutiny of Its sections. phraseology
years after
chock upon an incorporated bank
the end that by their independent investigation they might satisfactorily company indate. A certified2% of amount bid for, payable to the city
Albuquerque for
of clients.
answer the questions
of Albuquerque
bidders will be furnished with the
A group of men held a conference in the forenoon to discuss the situation opinion of John required. Successful City, that the bonds are valid and
C. Thomson, N. Y.
No
and ascertain where and how the income tax hits them, if at all. law binding obligations of the city. Notice of this offering was given in V. 117.
on to dissect the
course of action was adopted, but lawyers were called
p. 1909; it is given again as additional information has come to hand.
and render an opinion.
-A
-BOND ELECTION.
ALHAMBRA, Los Angeles County, Calif.
In many parts the bill is declared defective as to its constitutionality.
these features special election will be herd on Dec. 18 to vote on the question of issuing
It Is probable that a series of suits will be instituted to cat
In the courts and the suits may be so arranged that the will interlock, to $600.000 bonds for providing additions to elementary and high school bldgs.
the end that each of the questionable parts of the bill will be knocked out and for the purchase of a site for a new school bldg.
or sustained.
ANETA SPECIAL SCHOOL DISTRICT (Known also as the Board
If no one else initiates legal action to test the law, bond dealers are of Education of the City of Aneta), Nelson County, No. Dak.preparing to start and carry the case to the Supreme Court. Dealers in BOND OFFERING.
-Bids will be received by Mrs. Mary Kittleson, Clerk
bonds feel that they are victims of discrimination In the bill as they labor, Board of Education, until 2 p. m. Nov. 24 for $5,000 5 M % funding bonds.
apparently, under a 6% differential in doing business in competition with Date Dec. 1 1923. Prin. and semi-ann. int. payable at the Wells-Dickey
dealers
certain trust companies which are exempt from the tax. Bond
Co., Minneapolis. Due $1,000 yearly on Dec. 1 from 1929 to 1933 incl.
claim it is a matter of class legislation, and therefore unlawful. contrary A certified check for 5% of bid required.
Mr. Thompson, who participated in several debates, says that, fund to
ASH COULEE SCHOOL DISTRICT NO. 29, Stark County, No.
to an impression abroad, none of his clients contributed to the
-John Rive, District Clerk, will receive
oppose the bill, but that since the approval of the law at the special election Dak.-BOND OFFERING.
Tuesday,clients have asked that he go into the bill as thoroughly as possible bids until 2 p. m. Nov. 17 at the County Superintendent of Schools office
added
is affected. If at all. Mr. Thompson matter In Dickinson for $2,800 school bonds.
to see wherein Aber business
that he has no idea what course his clients will take, as that Is a
BARNES COUNTY SCHOOL DISTRICT NO. 84 (P. 0. Hastings),
for future development.
-Sealed bids will be received by Charles
the heaviest No. Dak.-BOND OFFERING.
Ben C. Day, counsel for the Southern Pacific System, one ofattention to Salberg, Clerk of the School Board, until 1 p. m. Nov. 19 for $5,000 6%
taxpayers in Oregon, says he has not, up to now, paid much its passage funding bonds. Denom. $50 or multiples. Due in 20 years. Int.
income tax measure other than to go over It at the time of that it was semi-ann. A certified check for 5% of bid required.
the
by the Legislature, and noting that several attorneys indicated
-The following five
-BOND SALE.
unconstitutional. With the law now a fact and not a theory, Mr. Dey
BARTOW, Polk County, Fla.
-were awarded to
will place it under the magnifying glass to ascertain how it affects the issue of 5% bonds offered on Nov. 6-V. 117, p. 1689
Soutnern Pacific.
Spitzer, Rorick & Co. of Toledo at 95.52, a basis of about 5.44%:
A.C. Spencer. counsel for the Union Pacific System, is giving the matter $90,000 sewer bonds maturing on Feb. 1 as follows: $2,000, 1924 to
attention, and so are the legal departments of the various public utility
1939 incl.; 83.000. 1940 and 1941; $4,000. 1942 to 1954 incl., and
companies and private business concerns.
36.000, 1955.
Providing the law is taken into tne courts, as it is certain to be, and
75,000 paving bonds maturing on Feb. 1 as follows: $1,000, 1927 to
to make it
providing that enough vital parts are declared unconstitutional
1931 incl.: $2,000, 1932 to 1944 Incl.; $3,000, 1945 to 1947 incl.;
a mere shell without substance, advocates of the measure will favor having
$4,000, 1948 to 1951 incl.; $5,000, 1952 to 1954 incl., and $5,000.
Governor Pierce call a special session of the Legislature to re-enact the law
1955.
and cure the unconstitutional features.
20,000 water bonds maturing $1,000 yearly on Feb. 1 from 1927 to
The Governor feels so intensely for the income tax that the cost of a special
1946 inclusive.
session is not expected to stand in the way of his issuing such a call if he
25,000 drainage bonds maturing $1,000 yearly on Feb. 1 from 1927 to
deems sucn action needed to save the tax measure.
1951 inclusive.
60.000 auditorium bonds maturing on Feb. 1 as follows: $1,000. 1927
to 1935 incl.; $2,000, 1936 to 1949 incl.: 33,000, 1950, and $4,000.
1951 to 1955 inclusive.
BOND PROPOSALS AND NEGOTIATIONS Date Aug. 1 1923. Int. F. & A.
BEATRICE SCHOOL DISTRICT (P. 0. Beatrice), Gage County,
-The National City N..
AKRON,Summit County, Ohlo.-BOND SALE.
-Grace A. Liddicott, Secretary Board of
-BOND OFFERING.
Bank of Akron on Nov. 12 purchased the following issues of coupon or Education, will receive sealed bids until 8 p. m. Dec.3 for $400,000 coupon
registered bonds offered on that date (V. 117. p. 2020) for a syndicate school bonds bearing interest at a rate not to exceed 5%. Denom. $1,000.
composed of Ames, Emerich & Co., Eldredge & Co.and W.A. Harriman St Date Feb. 11924. Prin. and semi-ann. int. payable at the County TreasCo. of New York at 102.634-a basis of about 4.81%:
urer's office. Due on Feb. 1 as follows: $8,000, 1930; 19,000, 1931 and
$12,000, 1937
$1,500.000 trunk sewer bonds. Date Sept. 1 1923. Denom. 81.000. 1932: 810,000, 1933 and 1934; 811.000, 1935 and 1936; 1942; 316,000.
Due yearly on Oct. 1 as follows: $62,000 1924 to 1935 incl. and 1938; $13,000, 1939; $14,000. 1940 and 1941: 515,000.
1943; $17,000, 1944; 518,000. 1945 and 1946; $19,000, 1947; $20,000. 1948;
and $63,000 1936 to 1947 incl.
257.900 Brown St. impt. assessment bonds. Date Sept. 11 1923. De- $21,000, 1949; $22,000, 1950; 323,000, 1951; $25,000, 1952: 826.000.
nom. $1,000. one for $900. Due yearly on Oct. as follows: 1953, and $27,000, 1954. A certified check for $10,000, payable to the
$28.900 1924, $28,000 1925 to 1927 incl. and $29,000 1928 to Board of Education, required.
1932 incl.
-The
-BOND SALE.
BEAVERTON, Washington County, Ore.
31,000 Burton Ave. impt. assessment bonds. Date Sept. 1 1923. Lumbermen's Trust Co. of Portland has purchased $65,000 water bonds
Denom. $1,000. Due yearly on Oct. 1 as follows: $3,000 at 101.88.
1924 to 1928 Incl. and 84.000 1929 to 1932 incl.
-BOND OFFERING.
BENNETTSVILLE,Marlboro County,So. Caro.
33,800 Glendale Ave. inapt. assessment bonds. Date Sept. 1 1923.
Denom. $1,000. one for $800. Due yearly on Oct. 1 as follows: L. C. McArthur, Town Clerk and Treasurer, will receive bids until 12 m.
1924,83.000 1925 and 1926, and $4,000 1927 to 1932 incl. Nov. 21 for $100,000 5 % coupon street improvement bonds. Denom.
$3,800
& N.)
28,200 Johnson St. Impt. assessment bonds. Dated Aug. 1 1923. $1.000. Date Nov. 11923. Principal and semi-annual interest(M.yearly
Denom.$1,000, one for $200. Due yearly on Oct. 1 as follows: payable at the National City Bank, New York City. Due $4,000 must
1948. inclusive. A certified check for $1,000
to 1931 inc1., and $4,000 1932.
on Nov. 1 from 1924 to
$3,200 1924, $3,000 1925
1 1923.
68.500 Auldfarm Road kept. assessment bonds. Date Aug. follows: accompany all bids.
Denom.$1,000, one for $500. Due yearly on Oct. 1 as 1928 to
BISMARCK, Burleigh County, No. Dak.-CITY PURCHASES
$8,000
87.500 1924, $7,000 1925 to 1927 incl., and
WA TER SUPPLY COMPANY -According to the Minneapolis "Journal"
1932 incl.
of the Bismarck Water Supply Co.,
impt. assessment bonds. Date Aug. 1 1923. of Nov. 10, purchase of the property been agreed upon by the City Com10,600 Dayton Place
Dec. 1. has
Denom.$1,000, one for $600. Due yearly on Oct. 1 as follows: to be taken on or before addition to paying the purchase price of $265.000,
mission of Bismarck. In
81.600 1924, 81,000 1925 to 1931 incl., and 82.000 1932.
taxes. The city has sold bonds and,
20,500 Berwyn Street impt. assessment bonds. Dated Aug. 1 1923. the city has agreed to assume the 1923
pay cash for the plant.
Denom.81.000, one for $500. Due yearly on Oct. 1 as follows: according to the contract, will
-Mont.
BITTER ROOT IRRIGATION DISTRICT,Ravalli County, &
and 82.000 1927 to 1932 incl.
52,500 1924,33,000 1925 and 1926
Camp
-According to newspaper reports, Freeman, Smith
11.500 Pine Alley impt. assessment bonds. Date Aug. 1 1923. De- BOND SALE.
nom. $1,000, one for $500. Due yearly on Oct. 1 as follows: Co., of Portland, have purchased $550.0001 6% irrigation bonds.
$1,600 1924,$2,000 1925 and 1926 and $1,000 1927 to 1932 incl.
BLUE HILL SCHOOL DISTRICT NO. 59, McLean County, No.
8,900 Seventh Ave. 'rapt. assessment bonds. Date Aug. 1 1923. Dak.-NO BIDS.
-There were no bids received for the $5,000 7% certifiDenom.81,000, one for $900. Due yearly on Oct. 1 as follows: cates of indebtedness offered on Nov. 10-V. 117. p. 2021.
$1,900 1924. 81,000 1925 and 42,000 1926 to 1928 Incl.
-BOND
So. Caro.
BOGANSVILLE TOWNSHIP, Union County, Commission (P. 0.
1 1923.
14,400 Hammel Street impt. assessment bonds. Date Aug. follows: OFFERING.
-J. V. Askew. Chairman of Highway
Denom.$1,000, one for $400. Due yearly on Oct. 1 as
Union), will receive bids until 12 m. Nov. 21 for $60,000 highway bonds.
82,400 1924 and $3.000 1925 to 1928 incl.
Denom. $1,000. Date Jan. 1 1924. Interest J. & J. Due serially for
4.900 Keeney Street (mut. assessment bonds. Date Aug. 1 1923. 40 years, optional after 20 years. A certified chock for $500, payable to
Denom. $900. Due yearly on Oct. 1 as follows: $900 1924 the above official, required.
and $1,000 1925 to 1928 incl.
-The
-BOND SALE.
BOONE COUNTY (P. 0. Lebanon), Ind.
9,000 South Street inapt. assessment bonds. Date Aug. 1 1923.
road bonds offered on Nov. 10
Denom. 31.000. Due yearly on Oct. 1 as follows: 81.000 1924 $15,000 6% Charles W. Cunningham et al Farmers State Bank of Lebanon
(V. 117, p. 1909) have been awarded to the
1925 to 1928 incl.
and $2.000
plus a premium of $387. equal to 102.58-a
1923.
67,800 Alton Drive impt. assessment bonds. Date Sept. 1follows at par and accrued interest $1,500 yearly on Nov. 10 from 1924 to 1933.
basis of about 5.45%. Due
Denom.$1,000. one for $800. Due yearly on Oct. 1 as
$14,000 1927 and 1928 Inclusive.
4
813,800192 .813,0001925 and 1926,and
*tate and Tit prpartmtut
NEWS ITEMS.
Nov.171923.]
THE CHRONICLE
2239
-BOND SALE.
CLEARWATER COUNTY (P. 0. Bagley), Minn.
The Minneapolis Trust Co. of Minneapolis has purchased $22,828 62 judicial Ditch No. 72 bonds as 8s.
CLEVELAND HEIGHTS (P. 0. Cleveland), Cuyahoga County,
-The $12,500 5 % coupon Noble Road widening
Ohlo.-BOND SALE.
bonds offered on Oct. 20 (V. 117, p. 1690) have been awarded to Milliken
& York Co. of Cleveland for $12,737. equal to 101.88-a basis of about
BUCHANAN SCHOOL DISTRICT NO. 16, Emmons County, 5.18%. Date Oct. 1 1923. Due yearly on Oct. 1 as follows. $500. 1925:
-Until 2 p. m. Nov. 24 bids will be re- 31.000, 1928 to 1929, inclusive; $2,000. 1930; 81,000. 1931: $2,000, 1932:
No. Dak:-BOND OFFERING.
ceived by Mrs. Garry O'Callaghan. District Clerk, at the County Auditor's $1,000, 1933. and $2,000, 1934. Other bidders were.
office in Linton for $7,000 6% funding bonds. Date Nov. 1 1923. PrinPremium.Premium.
and semi-ann. int. payable at the First National Bank, Minneapolis. The Herrick Co.,Cleveland_ -$195 00 Tucker, Robinson k Co.,T01-$133 75
Due Nov. 1 1933. A certified check for 5% of bid required.
Prov. S. Bk.& Tr. Co.,Cinc_ 186 25 N. S. Hill & Co., Cincinnati- 12600
-BOND OFFERING.
-Sealed Guardian Sav.& Tr.Co.,Clev 177 50W.L. Slayton Co., Toledo-- 78 75
BUCYRUS, Crawford County, Ohio.
bids will be received by Carl Young, City Auditor, until 12 m. (central Seasongood & Mayer, Cinc__ 160 00
standard time) Nov. 19 for $26,571 296% coupon property owners' portion
COLORADO SPRINGS SCHOOL DISTRICT NO.11(P.O.Colorado
-improvement bonds. Denom. $1,000 and 1 for Springs), El Paso County, Colo.
special assessment street
-T. J. Fox.
-BOND OFFERING.
$571 29. Date Nov. 1 1923. Principal and semi-annual interest(A. & O.) District Secretary, will receive sealed bids until 12 m. Nov. 21 for $100,000
Payable at the City Treasurer's office. Due yearly on Oct. 1 as follows. 4% school bonds. Date Jan. 2 1923. Int. J.
-J. Due Jan. 2 1935.
$2,571 29, 1924, and $3,000. 1925 to 1932, inclusive. Certified check for Legality has been passed upon by Pershing. Nye. Fry & Talimadge of
$300, payable to Alvin Eichman, City Treasurer. required. Purchaser to Denver and their approving opinion will be furnished the successful bidder.
take up and pay for bonds within ten days from time of award. The together with the properly prepared and executed bonds. A certified cheek
purchaser is required to furnish the printed bonds at his expense in accord- for $2,500 required. Notice of this offering was given in V. 117, p. 2133.
ance with an approved form, to be furnished by the city, and all bids should it is given again,as additional data have come to hand.
plainly state that the bidder agrees to this condition.
-BOND SALE.-Estabrook &
-The $24,500 6% refunding bonds offered on Nov. 9
CONCORD, Merrimac County, N. H.
BOND SALE.
% bonds at 99.54-a basis of
(V. 117. p. 1799) have been awarded to the Title Guarantee & Trust Co. of Co. of Boston have purchased 350,000
Cincinnati at par and accrued interest plus a $688 45 premium equal to about 4.67%. Denom. $1,000. Date Nov. 1 1923. Due $10,000, 1924
102.81-a basis of about 5.29%. Date Oct. 1 1923. Due yearly on to 1928, inclusive.
Oct. 1 as follows: $3,500. 1924, and $3,000, 1925 to 1931, inclusive.
CORRINE SCHOOL DISTRICT NO. 23, Stutsman County, No.
BUFFALO, N. Y.
-BOND OFFERING.
-Sealed proposals will be Dak„-BOND SALE.
-The $6,000 5 % funding bonds offered on Oct. 22
-were purchased by the Drake-Jones Co. of Minneapolis
received by Ross Graves, Commissioner of Finance and Accounts, until -V.117, p. 1800
11 a. m. Nov. 21 at the City and County Hall, Room 1. for the purchase at par. Date Sept. 1 1923. Due Sept. 1 1943.
of the following issues of 44% registered non-taxable bonds:
COVINA UNION HIGH SCHOOL DISTRICT,Los Angeles County.
$300,000 Public General Hospital bonds.
-BOND OFFERING.
-Sealed proposals will be received by L. E,
Calif.
200.000 Public Library bonds.
Lampton, County Clerk (P. 0. Los Angeles), until 11 a. in. Nov. 26 for
100.000 Municipal Building bonds.
school bonds. Denom. 31.000. Date Nov. 11923. Princi3200,0005%
100,000 Hamburg Canal Nuisance Abatement bonds.
pal and annual interest payable at the County Treasurer's office. Due on
Denom. $1,000. Date Dec. 1 1923. Prin. and semi-ann. int. (J. & Nov. 1 as follows. 35,000. 1924 to 1933, inclusive; $10,000, 1934 to 1943.
D.), payable at the office of the above official, or at the Hanover National inclusive, and $5,000, 1944 to 1953, inclusive. A certified or cashier's
Bank a New York, as the holder of the bonds may elect. The principal check for 3% of bid, payable to the Chairman Board of Supervisors,required
of each of the issue is payable at the same place, one-twentieth thereof The essAssed valuation of the taxable property in said high school district
yearly on Dec. 1 from 1924 to 1943, inclusive. Each bid must be accom- for the year 1923 is 39.971.490, and the amount of bonds previously issued
panied by a certified check drawn upon an incorporated bank or trust and now outstanding is $30.000.
company,payable to the order ofthe Commissioner of Finance and Accounts,
-BOND OFFERING.
CRAVEN COUNTY(P.O. New Bern), No.Caro.
in the amount of 2% of the amount of bonds bid for, which check shall be
10 a. in. Dec.7 by G.
and become the property of the city of Buffalo as liquidated damages upon -Sealed bids will be received untilschool funding bonds.A. Farrow, RegisDenom. $1,000.
ter of Deeds, for $185,000 coupon
the failure of the bidder to call for and accept the bonds awarded to him
Principal and semi-annual interest (A. & 0.
within 10 days after such bonds are ready for delivery. Checks will be Date Oct. 15 1923. the Hanover National Bank, New York City. 15) PayDue on
at once after bonds are awarded to bidders to whom bonds are able in gold coin at
returned
not awarded. The favorable opinion of Caldwell & Raymond, certifying Oct. 15 as follows. 33,000, 1924 to 1933, inclusive; $6.000. 1934 to 1938.
Bidder to name rate of
as to the legality of the issues, will be furnished the purchaser. The official inclusive, and 37.000, 1939 to 1953, inclusive. bank or trust company or
The total bonded debt of the city of Buffalo on Nov. 1 interest. A certified check upon an incorporated
circular says*
1923 was 357,262,817; assessed valuation of taxable real estate, including cash, for 2% of amount bid for, payable to the County of Craven,required.
Dougherty &
special franchises for the fiscal year 1922-1923, $666,396,570. and for the Successful bidder will be furnished with the opinion of Reed.obligations of
fiscal year 1923-1924 $714,445,290. Includes in the above statement of Hoyt, New York City, that the bonds are valid and binding
bonded indebtedness are bonds issued for a water supply to the amount of Craven County.
314,976.240 84, of which amount bonds to the amount of $13.314,820 34
CRITTENDEN COUNTY ROAD IMPROVEMENT DISTRICT NO.4,
were issued for water supply subsequent to Jan. 1 1904. Also included Ark.
-Sealed bids will be received by C. Y. Young,
-BOND OFFERING.
in the above statement of loonded indebtedness are tax anticipation certifi- District Secretary-Treasurer, at the office of L. C. Going, 1412 Exchange
-year
% 1-20
cates of indebtedness, maturing July 11924,in the amount of $554,762 49, Bldg., Memphis, Tenn., until 2 p. M. Nov. 19 for $250,000
for payment of which taxes will be levied. The sinking funds applicable serial road bonds. A certified c.heck for 32.500 required.
to the payment of the bonded indebtedness aggregate $5,353,061 05, of
Neb.-BONDS VOTED.
-At the election
CROFTON, Knox County,
which $2,231,838 is applicable to payment of the water debt. The last
city tax rate (per $1,000) of assessed valuation. $26.84. The population, held on Oct. 30 (V. 117. p. 1800), the proposition to issue $23,000 funding
bonds,submitted to a vote of the people at that time, carried.
according to the United States Census, 506.775."
-CERTIFICATE OFFERING.
CROOKSTON, Polk County, Minn.
CABO RAJO (Municipality of), Porto Rico.
-BOND SALE.
-John
will be received by B. M. Loken, City Clerk, until 8p. m.
Nuveen & Co. of Chicago have purchased $138,000 534% improvement Sealed bids $10,874 18 6% paving bonds. A certified check for 2% of
bonds. Denom. $1,000. Date July 1 1923. Prin. and semi-ann. Int. Nov. 30 for
& J.) payable at office of the Treasurer of Porto Rico in San Juan or the bid required.
-BOND
ational Bank of Commerce, N. Y. City. Due on July 1 as follows:
CUMBERLAND COUNTY (P. 0. Fayetteville), No. Caro.
-Sealed bids will be received by D.°aster, County Treasurer,
$3,000. 1928 to 1939,incl.; $5.000. 1940 to 1951,incl.;$8,000, 1952 to 1955, OFFERING.
incl., and $10,000, 1956.
until 12 in. Dec. 10 for $183,000 coupon refunding school bonds Denom.
$1,000. Date Oct. 1 1923. Prin. and semi-ann. int. (A.-0.) Payable at
CALIFORNIA (State of).
-BOND SALE.
-On Nov. 8 a syndicate the Guaranty Trust Co., N. Y. City. Due on Oct. 1 as follows: $5,000.
composed of the First National Bank of New York, Guaranty Co. of 1924 to 1943 incl.;$6.000. 1944;37.000. 1945.and 310,000, 1946 to 1952 in c1.
• New York; Kissel. Kinnicutt & Co., Remick, Hodges & Co., Eldredge & A certified check or cash for 2% of issue required. Interest rate not to
bonds will be
the
Co., Myth. Witter & Co., Barr Bros. & Co., Inc., Ames, Emerich & Co. exceed 6%. TheY. City, which prepared byas toUnited litotes Mtge. &
will certify
the genuineness of the
Trust Co. of N.
and Hannahs, Bailin & Lee, all of New York, purchased the following signatures and the seal thereon and the approving opinion of Caldwell &
bonds at 100.725, a basis of about 4.46%:
Raymond of N. Y. City will be furnished the purchaser without charge.
$3,000,000 4,i% coupon, with privilege of registration, highway bonds.
CUYAHOGA HEIGHTS (P. 0. Brooklyn Sta. R. F. D.Cleveland),
-BOND SALE.
Date Oct. 3 1923. Due $1,000,000 on July 3 in each Cuyahoga County, Ohio.
-The $32.489 33 554% coupon
'
Grant Ave. sewer special assessment bonds offered on Nov. 6-V. 117, p.
of the years 1960 to 1962, inclusive.
been awarded to the Milliken & York Co.of Toledo at par and
-have
3.000.00041% coupon, with privilege of registration, highway bonds. 1690
accrued interest plus a premium of $17. equal to 100.03-a basis of about
Date May 3 1923. Due $1,000,000 yearly on July 3 5.48%. Date Nov. 1 1923. Due yearly on Oct. 1 as follows: $2,969 33.
from 1956 to 1958. incl. These bonds were purchased on 1924, and $3,000 in all of the even years and $3,500 in all of the odd years
Aug. 22 by the State Board of Control, who in turn has from 1925 to 1933,incl.
resold them to the above syndicate.
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO.5(P. 0.
-BOND OFFERING.
-Sealed bids will be received until
The bonds are now being offered to the investing public in an advertise- Miami), Fla.
Dec. 3 by the Supt. of Board of Public Instruction for 325,000 6% school
ment appearing on a previous page of this issue at prices to yield 4.35% bonds. Date Oct. 1 1923. Prin and semi-ann. int. (A. & 0.) payable
for the 44s and 4.40% for the 4N,s.
at the Chase National Bank, N.Y.City. Due Sept. 30 1943. A certified
required.
-BOND SALE.
CANTON, Madison County, Miss.
-The $100,000 check for 2% of bid
51
5
3
DESDEMONA,Lamar County,Texas.-BONDS VOTED.-The propostreet paving bonds offered on Nov. 7-V. 117.,13. 1690
-were awarded to
pre
-40
the Jackson Banker, Bond & Trust Co. as * s at a premium of 3180, sition to issue 310.0006% 10 -year street impt. bonds,submitted to a vote
-carried.
ate Jan. 1 1924. Interest of the people at the election held on Sept. 29-V. 117. p. 1484
equal to 100.15. Denom. $500 and $1,000.
J.
-J. Due Jan. 1 1934, optional one-tenth yearly.
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des
Carrollton), Ky.-BOND SALE.
-Sealed bids will be
-BOND OFFERING.
CARROLL COUNTY (P. 0.
-The Moines) Polk County, Iowa.
$51,000 5% coupon road and bridge bonds offered on Nov. 8 (V. 117, p. received until 11 a. m. Nov. 27 by Geo. L. Garton. Secretary of Board of
'
1910) were purchased by Seasongood & Mayer of Cincinnati at par less a Directors, for the following school bonds bearing interest at a rate not to
discount of $775, equal to 90.51-a basis of about 5.24%. Date July 1 exceed 44%:
1923. Due July 1 1952.
3136,000 Lincoln High School building bonds.
72,000 Roosevelt High School building bonds.
CARTHAGE SCHOOL DISTRICT(P.0.Carthage), Jasper County
25.000 Adams (Elementary) School building bonds.
Mo.-BOND SALE.
-We are advised by Nora Johnson, District Clerk:
25,000 Monroe (Elementary) School building bonds.
that this district has sold $46,000 refunding bonds.
7.000 Wallace (Elementary) School building bonds.
-BOND SALE.
CASS COUNTY (P. 0. Walker), Minn.
-The MinneAll of the above bonds are issued for construction and equipment pursota Loan & Trust Co. of Minneapolis has purchased $200.000 54'7 poses. Dated "as issued." Denom. $1,000. Prin. and int. payable at
funding bonds at par. Date March 1 1923. Due 1926 to 1938, incl. °
istrict Treasurer's office. A certified check for 1% of bid, payable
to Charles H. Grahl. District Treasurer, required.
pw CATO SCHOL DISTRICT NO. 19, Ramsey County, No. Dak.-No bids were received for the $2,500 certificates of indebtedness
NO BIDS.
DIETZ SCHOOL DISTRICT NO, 16, Grant County, No, Dak.offered on Oct. 15-V. 117,9. 1690. Date Oct. 151923. Due Oct. 15 1924 CERTIFICATE SALE.
-The Merchants State Bank of Glen Ullln has
purchased the $8,000 certificates of indebtedness offreed on Oct. 15CHARLESTON, Kitsap County, Wash.
-BOND OFFERING.
-Sealed
-as 7s at par. Due in 18 months.
for the purchase of $7,560 6% bonds issued for rebuilding a wharf V. 117, p. 1578
bids
will be received until Nov. 26 by the City Council.
EAST CLEVELAND CITY SCHOOL DISTRICT (P. 0. East Cleve-BOND OFFERING.
-Chas. Ammeran,
CHATHAM, Columbia County, N. Y.
-BOND OFFERING.Sealed land), Cuyahoga County, Ohio.
receive sealed bids
bidslwill be received by Geo. E. Drumm,Village Clerk (on blanks to be fur- Clerk Board of Education, will12 m. Dec. 3 for at the Shaw Technical
3120.316 96 6% coupon
School, East Cleveland, until
nished upon application) until 7:30 p. m. Nov.26 for 38,000 fire department schoolfunding bonds,issued under Sec. 5656 of Gen. Code. Denom. $1,000
bonds. Denom. 31,000. Date Aug. 1 1923. Principal and semi-annual
(F.
interest (F. & A.) payable at the State Bank of Chatham. Due $1.000 and one for 381696. Date Oct. 1 1923. Prin.and semi-ann. int.Due& A.)
each
Guardian Savings & Trust Co.
yearly on Aug. 1 from 1924 to 1931, inclusive. Certified check for 5% of payable at the follows: 37,316 96 Feb. 1 1924 of Cleveland.
and $8,000 each Aug. 1
as
amount of bonds bid for, payable to the Village, required. The bonds six months each Feb. 1 from Aug. 1 1924 to Aug. 1 1931 incl. Certified
the
and $7.000
are to be delivered and paid for at the State Bank of Chatham within ten check for 2% of the amount of bonds bid for on a solvent bank in Ohio,
days from the time of award.
payable to the District Treasurer, required.
-BONDS NOT SOLD.
CLAY COUNTY (P. 0. Brazil), Ind.
-The
EAST RUTHERFORD (P. 0. Rutherford), Bergen County, N. J.$64,000 5% coupon Brunswick Bridge construction bonds, offered on
.-A 5'4% temporary loan of $26,550 has been
TEMPORARY LOAN
-were not sold. Date Oct. 1 1923. Due
Oct. 30-V. 117. p. 1910
from July 1 1925 to July 1 1944, inclusive. The$2,100 awarded to the First National Bank of East Rutherford.
each six months
bonds
-An issue of 335.000 5%
-BOND SALE.
ELGIN, Kane County, Ill.
will be re-advertised for sale the latter part of December.
Northern Trust Co. of
CLAY TOWNSHIP SCHOOL DISTRICT (P. 0. St. Johns R. D. swimming pool bonds has been awarded to the
Chicago at 102.37.
Auglaixe County, Ohlo.-BOND SALE.
-The $7,040
No. 2),
%
-Sealed bids
-have been awarded to
-BOND OFFERING.
school bonds offered on Oct. 25-V. 117, p. 1799
ELMIRA? Chemung County,. N. Y.
Nov. 19 for
the First National Bank of Wapakoneta at par. Date Aug. 1 1923. Due Will be received by M. F. Dennis, City Clerk, until 8 p.
each six months as follows: $260 Feb. 1 1924 to Aug. 1 1925. and $500 $50,000 coupon paving bonds, not to exceed 4%. Denom. 31.000
Feb. 1 1926 to Aug. 1 1931, inclusive.
Date Dec. 1 1923. Prin. and semi-ann. int. (J. & D.) payable at th
BRISTOW SCHOOL DISTRICT (P. 0. Bristow), Creek County,
-By a count of 823 "for" to 475 "against" an
-BONDS VOTED.
Okla.
Issue of 3135.000 school bonds was voted at a recent special election.
BROOK PARK (P. 0. Berea R. F. D. No. 4), Cuyahoga County,
-The 35,333 33 53% road assessment bonds offered
-NO BIDS.
Ohio.
-were not sold, as no bids were received.
on Nov.8-V. 117, p. 1799
=D
THE CHRONICLE
2240
[VOL. 117.
office of the City Chamberlain. Due $5.000 Dec. 1 from 1924 to 1933, recognized bond attorney will be furnished the successful bidder and
delivery of the bonds will be effected on date of sale.
incl. Certified check for 5% of the amount of bonds bid for required.
ELYRIA SCHOOL DISTRICT (P. 0. Elyria), Lorain County, Ohio.
-BOND SALE.
ISLAND COUNTY (P. 0. Coupeville), Wash.
-The 581,197 92 5 % school bonds offered on Nov. 12- The $22.400 drainage bonds offered on Nov. 5-V. 117, P. 1912
-BOND SALE.
-were
V. 117, p. 1911-have been awarded to W. L. Slayton & Co. of Toledo purchased by H. C. Russell & Co., Inc., as 6s at 96.05. Denom. $100
at 101.07-a basis of about 5.23%. Date Oct. 1 1923. Due $5,000 each and $500. Int. J. & J. Due 1942.
six monthsfrom Feb. 1 1924 to Feb. 11931,incl., and $6,197 92 Aug.1 131.
JACK COUNTY (P. 0. Jacksboro), Texas.
-BONDS VOTED.
-T. C.
EUFAULA, Barbour County, Ala.
-BOND OFFERING.
-the proposition to issue
Doughtie,
,City Clerk, will receive sealed bids until 11 a. m. Dec. 11 for At the election held on Nov. 10-V. 117. p. 1912
$90,000 514% school bonds. Denom.$500. Date Jan. 11924. Principal $400.000 road bonds carried by a majority of 5 to 1.
and interest payable in gold at the American Exchange National Bank,
JASPER COUNTY (P. 0. Renssalaer), Ind.
-BOND OFFERING.
New York City.Due $15,000 on Jan. 1 in each of the years 1929. 1934,
be received by Geo. H.
County Treasurer.
1939. 1944. 1949 and 1954. Legality approved by Storey. Thorndike, Sealed bids will for the purchase of the M'Lain. issues of 5% road until
1 p. m. Nov. 24
following
conDodge, of Boston. A certified check for $1.000 required.
Palmer &
struction bonds:
EXCELSIOR UNION HIGH SCHOOL DISTRICT, Los Angeles $3.600 James Skinner et al. Inapt. No, 3655. Denom. $180. Due $180
each six months from May 15 1924 to Nov. 15 1933 inclusive.
County, Calif.
-BOND OFFERINO.-L. E. Lampton, County Clerk
(P.0. Los Angeles), will receive sealed proposals until 11 a. m. Nov. 26 for 11,000 John Traschel et al. Impt. No. 3656. Denom. $550. Due $550
each six months from May 15 1924 to Nov. 15 1933 inclusive.
$201,000 5% school bonds. Denom. $1,000. Date Nov. 1 1923. Prin.
Date June 2 1923.
and annual interest payable at the County Treasury. Due in Nov. 1 as
follows: 510.000. 1927 to 1945, incl.. and $11.000, 1946. A certified or
JEFFERSON AND MADISON COUNTIES JOINT SCHOOL DIScashier's check for 3% of bid, payable to the Chairman of Board of Super-BOND SALE.
visors, required. The assessed valuation of the taxable property in said TRICTS NO. 16 AND 31 (P. 0. Cardwell), Mont.
high school district for the year 1923 is 510,139,915, and the amount of The State Land Board of Montana purchased 52.900 6% funding bonds
at par on Nov. 3. An issue of funding bonds in an amount not to exceed
bonds previously issued and now outstanding is 1305,000.
12.840 was offered on that day-see V. 117. p. 1912.
FAIRMONT, Marion County, W. Va.-BONDS VOTED.
-The propoJIM HOGG COUNTY (P.O. Hebbronville), Texas.
-BONDS VOTED.
sition to issue 5125.000 water filtration and purification plant construction
and $25.000 water main construction honors submitted to a vote of the -At an election held on Nov.6 an issue of $60.000 road bonds was voted.
-carried by a vote
at the election held on Nov. 6-V. 117. p. 1800
people
KEARNEY, Hudson County, N. J.
-On Nov. 14 the
-BOND SALE.
of 729 to 653.
following four issues of 5% coupon or registered bonds offrrad on that date
-re
FLASHER, Morton County, No. Dak.-NO BIDS.
-The $6.000 (V. 117. P. 20)31 w' sold; the rrst two issues going to Eldredge & Co. of
funding bonds offered on Nay.5(V. 117, p. 2022) were not sold, as no bids New York and M. M. Freeman & Co. of Philadelphia and the other two
Issues to a syndicate composed of Estahrook & Co., Hannahs. Bailin &
were received. Date Nov. 1 1923. Due Nov. 1 1928.
Lee and H. L. Allen & Co.. all of New York.
FLINT UNION SCHOOL DISTRICT(P.O. Flint), Genesee County
$534,000 (5545.500 offered) school bonds at 102.21-a basis of about
-Sealed bids will be received by A. L. Wildan-BOND OFFERING.
Mich.
4.82%. Due yearly on Oct. 1 as follows: $13,000. 1924; 514,000.
ger, Secretary, until 12 m. (eastern standard time) Nov. 21 for 5250.000
1925 to 1961. Inclusive, and $3.000. 1962.
5% coupon school bonds. Date March 11923. Principal and semi-annual
60,000 (561.000 offered) Passaic Valley sewer bonds at 101.74-a basis
interest(M.& S.) payable at the District Treasurar's office. Due /50,000,
of about 4.85%. Due yearly on Oct. 1 as follows: $2.000, 1924 to
to 1948. inclusive. Certified check for $2,000 required. The opinion
1944
1944, inclusive. and $1.000. 1945 to 1962. Inclusive.
of Wood & Oakley or Chas. B. Wood,approving the validity of the bonds,
147,000 assessment bonds at 100.42-a basis of shout 4.92%. Due yearly
will be furnished the purchaser.
on Oct. 1 as follows:$13.000, 1924 to 1930,inclusive, and 114,000,
1931 to 1934. inclusive.
FRAMINGHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
92,000 general improvement bonds at 100.98-a basis of about 4.86%.
T e temporary loan of 512.000 In anticipation of a bond Issue offered on
Due yearly on Oct. 1 as follows: $5,000, 1924 to 1933, inclusive,
Nov. 12 (V. 117,
2133). has been awarded to F. S. Moseley & Co. of
and $6.000. 1034 to 1940. Inclusive,
Boston on a 4.27% 'discount basis. Denom.52.000. Due April 10 1924.
Date Oct. 11923. Following is a llst of the bids received:
FREEPORT, Nassau County, N. Y.
-The 530.000
-BOND SALE
$545.500 School. $147.000 Assessl. */92,000 561.000
Memorial Library bonds (Series "J") offered on Nov.9-V. 117. p. 2022
Price
Amount
Price
Amount lmnror. Sewer.
have been awarded as 43(s to Clinton H. Brown & Co. of New York at
NameBid.
Bid for.
Bid.
Bid for. Price Bid Price Bid
101.11-a basis of about 4.58%. Date Dec. 31 1923. Due $2,000 yearly Eldredge & Col$545.807 5534,000 $147,135 $147,000 $92,496 6561,044
on Dec. 31 from 1924 to 1938. incl.
M.M.Freeman
GARDEN OF EDEN DRAINAGE DISTRICT, Chariton County, Estabrook & Co
-An issue of 560.0005% drainage bonds dated March 1 Hannahs.Bailin 545,785 535,000 147.618 147.000
92,902 b61,010
Mo.-BOND SALE.
&IAN.
1923 and maturing March 1 1943, has been disposed of by this district.
FT.L.Allim&Co_
- West Hudson Co.
GIBSLAND, Manville Parish, La.
-BONDS DECLARED ILLEGAL
NEW ELECTION CALLED.-Tne 550.0006% coupon water-works bonds
Tr.Co.,Haren 546.000 537.000 147,297 147.000 92.151 a61,783
offered on Nov.8(V. 117, p. 1691) ware not sold,as the bonds were declared Lehman Bros__ 545,597 534.500 147.235 147.000
92.717 061,658
Illegal. An election, to vote anew on the bonds, has been called for Harls.Forbes&Co545,502 534,000 147,217 147.000 92,599 b61,002
Dec. 4.
N.J. Fidel & Plate
Glass Ins. Co
061,999
GRAND FORKS COUNTY SCHOOL DISTRICT NO. 97 (P. 0.
Grand Forks), No. Dak.-BOND OFFERING.-Blds will be recAved until
bonds. b For $60,000 bonds. *All bids for this issue
a For
2 p. m. Nov. 23 by (Mrs.) H. E. Brandt, District Clerk. for $1,000 funding were for $61.000 amount offered.
the full
bonds bearing interest at a rate not to exceed 7%. Interest J.& J. Due in
five years. A certified check for 5% of bid, made payable to (Mrs.) Nellie
KELSO, Cowlitz County, Wash.
-BOND SALE-The $40,000
Dozen. District Treasurer, required.
water system and 110.000 fire equipment bonds offered on Nov. 6-were awarded to the State of Washington at par as 5s.
V. 117. p.
HAMILTON, Ravalli County, Mont.
-BOND OFFERINO.-0. H. Date Aug. 2023
11923. Due 1925 to 1943 inclusive.
Raymond, City Clerk, will receive sealed bids until 8 p. m. Dec. 10 for
$21.000 6% funding bonds. Denom. $500. Date Sept. 1 1923. Interest
-BOND SALE-The 5350,000
KENT COUNTY (P. 0. Dover), Del.
-year straight 4549' coupon State and road gold bonds offered on Nov. 13-V. 117,
J. & J Bids are requested for serial (1-15 years) bonds or 15
term bonds. A certified check for $500. payable to the City Clerk,required. p. 1012
-have been awarded to Barr Bros. & Co. and West & CO, of
These bonds were offered unsuccessfully on Sept. 21.
New York. at 97.09. a basis of about 4.69%. Date Sept. 1 1923. Due
HAMPDEN, Ramsey County, No. Dak.-BOND OFFERING.
-Bids yearly on March 1 as follows: $50.000 1945 and 560.000 1946 to 1950.
will be received by Oscar K. Thollchang, District Clerk, at the County incl. Legality approved by John C. Thompson of New York. Other
Auditor's office in Devils Lake until 2 p. m. Nov. 22 for $7,800 75' certifi- bidders were:
Rate Bid.
cates of indebtedness. A certified check for 5% of bid required.
Harris, Forbes & Co.; Laird, Bissell & Meeds
96.620
HARRIS COUNTY (P. 0. Houston), Tex.
-An National City Co
-BOND ELECTION.
96.519
election will be held on Dec. 18 to vote on the question of issuing 5600.000 Graham. Parsons & Co.: Wm. R. Compton Co
95.638
county bridge bonds, $100.000 brldge-over-ship-channel bonds and $50,000
KINDERHOOK, Columbia County, N. Y.
-BOND OFFERING.
bonds for the paving of Washington Avenue.
Sealed bids will
A. Roraback. Village Clerk, until
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 19 (P. 0. 2 p. m. Nov. 20 be recoievd by0William or registered water bonds (part of
for $47,000 50 coupon
7
East Rockaway), Nassau County, N. Y.
-The following an authorized Issue of $75,000). Denom. 51,000. Date Dec. 1 1923.
SALE.
-BOND
two issues of 5% coupon or registered bonds. aggregating $47,000. offered Principal and semi-annual Interest (J. & D.) payable at the National
on Nov. 9 (V. 117. p. 1911) have been awarded to Sherwood & Merrifield Union Bank of Kinderhook. Due annually beginning April 11927. CertiNew York at 105.08-a basis of about 4.61%:
of
fied check for 2% or the amount of bonds bid for required.
$17.000 school site. Due 52.000. 1942 to 1948. Inclusive, and 53.000. 1949.
KING COUNTY COMMERCIAL WATERWAY DISTRICT NO. 1
30,000 school house completion bonds. Due $2.000. 1935 to 1949. incl.
-BOND SALE.
Denom.$1.000. Date Dec. 1 1923. Principal and semi-annual interest (P.0.Seattle), Wash.
-Carstens & Earles. Inc.. of Seattle
have purchased 5720.000 7% municipal refunding gold bonds. Denom.
(M.& N.) payable at the Lynbrook National Bank of Lynbrook.
$500. Date Dec. 11923. Prin. and
at the
HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
- County Treasurer's office in Seattle.semi-ann. Int. (J. & J.) payable1 from
-BOND SALE.
Due 172.000 yearly on Dec.
The $25.000 ditch No.36 bonds offered on Nov. 12-V. 117, p. 2023
-were 1924 to 1933. incl.
purchased by the Hennepin County Sinking Fund as 4 tis at par. Date
Financial Statement (Officially Reported).
Oct. 11923. Due 52.500 yearly on Oct. 1 from 1924 to 1933 inclusive.
Actual value (estimated)
529,473.423
14,736.714
HIDALGO COUNTY (P. 0. Edinburg), Texas.
-DESCRIPTION.
- Assessed valuation, 1923
720.000
The 5150.000 road bonds, awarded as stated in V. 117. p. 1801. are de- Total bonded debt (including this issue)
Area approximately 20 square miles. Population (estimated). 30,000.
scribed as follows: Denom. 51,000. Date Aug. 1 1923. Prin. and
semi-ann. Int.(F. & A.) payable at the Battery Park National Bank, N. Y.
KINSTON GRADED SCHOOL DISTRICT, Lenoir County, No.
City. Due on Aug. 1 as follows: 54,000. 1924 to 1933 incl.; $6,000. Caro.
-BOND OFFERING.
-Sealed proposals will be received by 0. F.
1934 to 1443 incl., and $10,000. 1944 to 1948 incl.
Harvey, Secretary Board of Trustees, until 12 m. Dec. 5 for 1100,000
flclal Statement.
coupon registerable as to principal and interest school bonds. Denom.
Estimated actual valuation
$100.000.000 $1,000. Date Nov. 1 1923. Prin. and semi-ann. Int.(M. & N.) payable
Assessed valuation
30.000.000 in gold coin at the National Park Bank. N. Y. City. Due on Nov. 1 as
Total debt(including this Issue)
2.662,404 follows: 52.000, 1926 to 1934. incl.; $3,000, 1935 to 1938, incl.: 54.000,
Sinking fund on hand
1939 to 1943. Incl., and $5.000, 1944 to 1953, incl. Bidder to name rate of
Population (1920 census), 38,110; estimated. 46.000. Acreage, 1,042.560. interest. A certified check upon an incorporated bank or trust company,
of
or cash,for 2% °remount bid for. payable
HUDSON COUNTY (P. 0. Jersey City), N. J.-FIOND OFFERING.
- "The bonds will prepared under the to the Board of Trustees required.
supervision
the United States
be
Walter O'Mara, Clerk of Board of Chosen Freeholders. will receive bids
until 3 p. m. Nov. 22 for the purchase at not less than par and Interest of Mortgage & Trust Co., which will certify as to the genuineness of the signathe following two Issues of 4 Si% coupon (with privilege of registration as to tures and the seal impressed on the bonds." Successful bidders will be
principal and Interest or principal only) bonds, no more bonds of either furnished with the opinion of Reed. Daugherty & Hoyt of New York City,
issue to be awarded than will produce a premium of $1,000 over the amount that the bonds are valid and binding obligations of Kinston Graded School
of bonds offered:
District.
1986.000 road bonds. Due yearly on Aug. 1 as follows: $51,000, 1924,and
KINGSVILLE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
1925. and $52,000, 1926 to 1942. Incl.
-BOND SALE.
Kingsville), Ashtabula County, Ohio.
-The 55.697 83
386,000 boulevard reconstruction bonds. Due yearly on Aug. 1 as follows: 65', school
-have been awarded
bonds offered on Nov. 7-V. 117. p. 1912
525,000, 1924 to 1927. incl., and 526.000. 1028 to 1938, incl.
Vandersall of Toledo at par and accrued interest.
Denom. 51.000. Date Aug. 11923. Principal and semi-annual interest to Blanchett. Thornburg &
months as follows: 5360, Feb. 1 1924
(F.& A.) payable in gold coin of the present standard of weight and fineness Date Aug. 1 1923. Due each six Aug. 11931.
at the County Treasurer's office. Certified cheek on an incorporated bank to Feb. 1 1931 incl., and $297 83.
or trust company for 2% of amount of bonds bid for, payable to the Treas-BONDS NOT
KLICKITAT COUNTY (P. 0. Goldendale), Wash.
urer,required. Bonds will be prepared under supervision of U. S. Mtge. & SOLD.
-In answer to our Inquiry for verification of a newspaper report
Trust Co.. New York: lagality approved by Hawkins, Delafield & Long- to the effect that this county had sold 5138.000 Trout Lake-Husum Road
fellow, New York. These bonds were offered on Aug. 9. but were not sold, bonds, Helen McGuire. County Treasurer, advises us that the bonds
were offered but not sold, as the company which submitted the highest
as no bids were received (see V. 117. p. 807).
bid refused to accept the bonds.
HURON COUNTY (P. 0. Norwalk), Ohio.
-BOND OFFERING.
-BOND OFFERING.
Sealed bids will be received by A. S. Vail, County Auditor, until 12 m.
LAKE COUNTY (P. 0. Painesville), Ohio.
Nov. 19 for 11.29750 51-i% ditch bonds. Denom. 5400 and one for L J. Spaulding, Secretary of Board of County Commissioners, will receive
$497 50. Date Nov. 11923. Principal and snail-annual interest(A.& 0.) bids until 11 a. m. Nov. 26 for $160.000 5ti o Willoughby Sewer District
payable at the County Treasury. Due yearly on Oct. 1 as follows: $4400, No I bonds, issued under Sec. 6602-20 of en. Code. Denom. $1,000.
1925 and 1926, and $497 50. 1927. Certified check for 5% of the amount Date Oct. 1 1923. Prin. and semi-ann. Int. (A. & 0.) payable at the
County Treasury. Due $4.000 each Rix months from April 1 1925 to Oct. 1
of bonds bid for, payable to the County Treasurer, required.
1935. incl.: $4.000 on April 1 and $5,000 on Oct. 1 in each of the years
IBERIA PARISH SUB-ROAD DISTRICT NO. 1 OF ROAD DIS- 1936 to
1943. incl. Certified check for $1,000 required.
TRICT NO. 7 (P. 0. New Iberia) La.-BOND OFFERING.
-Lionel
Delcambre, Secretary of the Police Jury, will receive bids until 12 m.
LAKEWOOD SCHOOL DISTRICT (P. 0. Lakewood), Cuyahoga
-The $275.000 5j% bldg. and imp).
Dec. 3 for 1100.0006% road bonds. Denom. 51,000. Date Nov. 11923. County, Ohio.
-BOND SALE.
Int. semi-ann. Due 1924 to 1943 incl. A certified check on some bonds offered on Nov. 12-V. 117. p. 1801-were awarded as 5s at a private
Louisiana bank for 53.000. payable to the President of the Police Jury, sale prior to Nov. 12 at par to Halsey. Stuart & Co. of Chicago. Date
required. Bonds have been printed, and the approving opinion of a Oct. 1 1923. Due $11,000 yearly on Oct. 1 from 1924 to 1948 Incl.
p.
Nov.171923.]
THE CHRONICLE
LAMESA, Dawson County, Texas.
-BOND ELECTION.
-An election
will be held on Dec. 6 to vote on the question of issuing $60.000 paving
bonds.
LITTLE ROCK-HOT SPRINGS HIGHWAY DISTRICT, Pulaski
Garland and Saline Counties, Ark.
-BOND SALE.
-We are advised
by the District Secretary that this district recently sold $700.000 534%
bonds maturing on Sept. 1 from 1924 to 1943 incl.
LONG BEACH, Los Angeles County, Calif.
-BOND ELECTION.
A special election will be held on Dec. 14 to vote on the question of issuing
$4,900,000 bonds for new schools. Of the total $1.900,000 will be devoted
to high schools and 23,000,000 for elementary schools.
LOS ANGELES, Los Angeles County, Calif.
-BOND SALE.
-The
$5,000,000 harbor impt. impt. bonds offered on Nov. 8-V. 117, p. 2135
were awarded on Nov.9 to a syndicate composed of Wm. R. Compton Co.,
National City Co. and the Bankers Trust Co.. all of New York, and the
Citizens National Bank and Drake, Riley & Thomas, both of Los Angeles.
as 4
at a premium of $3,950. equal to 100.079, a basis of about 4.74%.
Date Oct. 1 1923. Due $125,000 yearly on Oct. 1 from 1924 to 1963 incl.
LOS ANGELES COUNTY (P.O. Los Angeles), Calif.
-BOND SALE.
-The $1.000.000 5% court house and jail construction bonds offered
-were purchased by R. H. Moulton & Co.
on Nov. 13-V. 117. p. 2023
of Los Angeles at a premium of 225,600. equal to 102.56, a basis of about
4.759'. Date July 1 1923. Due $50,000 yearly on July 1 from 1928
to 1947 inclusive.
LOUISVILLE, Jefferson County, Ky.-BOND OFFERING.
-W. E.
Morrow, Chairman of the Finance Committee, will sell at public auction
at 11 a. m.(Central standard time) Nov.22 $750.000 434% coupon tuberculosis hospital bonds. Denom. $1,000. Date Feb. 1 1923. Int. F. & A.
Due Feb. 11963. A certified check for 29'0. of bid required. The validity
of such bond issue has been upheld by the Kentucky Court of Appeals and
an opinion as to the validity of said bonds can be obtained from John C.
Thomson. N. Y.City, upon the requisite fee. Bids for such bonds may be
made subject to the opinion of John C. Thomson. N. Y. City, that such
bonds are valid obligations of the City of Louisville, and for all or any part
of bonds. Bonds will be ready for delivery as soon after bid is accepted
as such bonds cart be engraved, printed and executed. Prin. and interest
Is payable at tho office of the Commissioners of the Sinking Fund, with the
privilege of payment at the First National Bank. N. Y. City, at oration of
holder. The official circular offering these bonds states that the City of
Louisville has never failed, since its incorporation in 1780. to meet .very
payment of principal and interest on its bonded indebtedness. There is no
controversy or litigation pending or threatened affecting the corporate
existence or the boundaries of Louisville, or the title of its present officials
to their respective offices, or the validity of their bonds.
MADISON, Morris County, N. J.
-BOND OFFERING.
-Sealed proposals will be received at the Central Avenue School House (in said borough)
until 8 p. m. Nov. 21 for the purchase at not less than par and accrued
interest of an issue of 4 % coupon with privilege of registration as to
principal only or as to both principal and interest) school bonds not to exceed
$300,000. no more bonds will be sold than will produce a premium of $1,000
over $300,000. Denom. $1,000. Date July 11923. Principal and semiannual interest(J.& J.) payable in gold coin of the United States of America
of, or enual to, the present standard of weight and fineness, at the First
National Bank of Madison. Due yearly on July 1 as follows: $8.000, 1925
to 1928, inclusive; $9,000, 1929 to 1932, inclusive; $10,000. 1933 to 1939,
inclusive; $11,000, 1940 to 1945, inclusive; and $12,000, 1946 to 1953. inclusive. All bidders are required to deposit a certified check for 2% of
the amount of bonds bid for, payable to the Custodian of School Moneys.
upon an incorporated bank or trust company. Interest at the rate borne
by the bonds from the date of award to date of delivery will be allowed upon
the amount of check of the successful bidder, and such check will be retained
as part payment for the bonds. If two or more bidders offer to take the
same amount of bonds, then the bidder or bidders offering to pay therefor
the highest additional vice. The bonds will be prepared under the supervision of the U. S. Mtge. & Trust Co., which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. The
successful bidder will be furnished with the opinion of Hawkins. Delafield
& Longfellow, of New York,that the bonds are binding and legal obligations
ofthe Board. The issuance of these bonds has been duly authorized by vote
of the legal voters of the district, and the bonding proceedings have been
approved by the Attorney-General of New Jersey, and Hawkins, Delafield
& Longfellow,of New York City. Interest coupons and principal payments
are collectible, without expense to the holder, through the Federal Reserve
System.
Financial Statement.
Assessed valuation, 1923
$5.440.559 00
Actual valuation of property securing proposed school bonds
(estimated)
12,000,000 00
Total bonded debt, excluding water and school bonds
391,985 25
Water bonds
40,000 00
Floating borough debt
14,032 02
Borough sinking fund
73,162 88
Population, 1020, 5,523; estimated population, 1923,5,700.
Details of borough bonded debt in addition to water bonds
Sewer bonds
$125,000 00
Grade crossing and improvement bonds
133.000 0
Funding bonds
,
55000 00
General improvement bonds
67,
000 00
Road improvement bonds
11.985 25
r
Total borough bonded debt, excluding water bonds
School bonds outstanding:
Central Avenue School bonds
Main Street School bonds
Green Avenue School bonds
Total
Proposed issue
$391,985 25
$48.000 00
32,000 00
1,00000
$81,000 00
300,000 00
Total school bonds, including-proposed issue
$381,000 0
MAGNOLIA PARK (P. 0. Houston), Harris County Texas.MATURITY.
-.-The $300,000 6% gas plant bonds awarded tot. L. Arleitt
of Austin as stated in V. 117, p. 1692. mature on Oct. 3 as follows: $2.000,
1924 to 1928 incl.; $4,000. 1929 to 1933 incl.; $6,000. 1934 to 1938 incl.;
28,000. 1939 to 1943 incl., and $10,000, 1944 to 1963 incl. Int. payable
April 3 and Oct. 3.
Financial Statement.
Inoorpomted July 27 1913.
Estimated actual valuation
$15.000,000
Assessed valuation
6,662,180
Debt (including this Issue)
1,004,000
Water works debt (included above)
147,000
Sinking fund on hand
84.000
Netdebt
773,000
Population (official census), 6,650; estimated, 9,000.
MALONE, Hill County, Tex.
-BOND ELECTION.
-An election will
be held on Dec. 4 to vote on the question of issuing $40,000 6% water
works bonds. R. V. Dunbar, City Secretary.
MANCHESTER, Hillsborough County, N. H.
-BOND SALE.
-An
issue of $300,000 4% coupon bridge bonds has been awarded to Putnam
& Storer at 96.06, a basis of about 4.50%. Date May 1 1923. Due
1924 to 1943.
MAPLE HEIGHTS (P. 0. Bedford R. F. D.), Cuyahoga County,
-BOND SALE.
-NO BIDS
Ohio.
-No bids were received on Oct. 29 for
the following issues of 5H% special assessment bonds offered on that date
-Ar, 117, p. 1692. An informal bid received on Nov. 7 from Herrick
&
Co. of Cleveland for par and accrued interest to date of delivery was
accepted.
ted.
Heights Blvd. water bonds. Denote. $500 and one for
$15,
615
$300. Due yearly on Oct. 1 as follows: $1,500. 1924 to 1929
incl.; $2.000, 1930; $1,500. 1931 and 1932, and $1.800, 1933.
8,700 So. Blvd. water bonds. Denom. $500 and one for $200. Due
yearly on Oct. 1 as follows: 2500. 1924; $1,000, 1925 and 1926'
$500, 1927: $1.000. 1928 to 1930 incl.: $500. 1931: $1,000, 1932,
and $1,200, 1933.
2,200 No. Blvd. water bonds. Denom. $220. Due $220 yearly on
Oct. 1 from 1924 to 1933 inclusive.
Date Nov. 1 1923.
MARYSVILLE, Yuba County, Calif.
-BOND OFFERING
.Bids wil
belrecelved until Nov. 26 for the purchase of $25,000 inapt. bonds. These
accen
2241
bonds are the last of an allotment of $130,000 for street impt. and impt.
of Ellis Lake.
MAYAGUEZ (Municipality of), Porto Rico.
-BOND SALE.
-John
Nuveen & Co., of Chicago, purchased 2700,000 534% improvement
during the latter part of October. Denom. $1,000. Date July 1 bonds
1923.
Principal and semi-annual interest (J.
-J.), payable at the office of the
Treasurer of Porto Rico in San Juan or at theNational Bank of Commerce,
N. Y. City. Due on July 1 as follows: $45,000 1928, $65,000 1933, $16.000 1934, $17,000 1935, $18,000 1936, $18,000 1937. $20,000 1938, $21,000
1939, $22,000 1940. $23,000 1941, $24.000 1942, $26.000 1943. $27,000
1944, $29,000 1945 $30.000 1946, $32,000 1947. $33,000 1948, $36.000
1949,$37,000 1950. $40,000 1951. $41,000 1952, $44.000 1953 and $36,000
'
1954.
MEAD TOWNSHIP RURAL SCHOOL DISTRICT(P.O.Shadyside),
Belmont County, Ohio.
-BOND OFFERING.
-Sealed bids will be
received by P. M. Keyser, Clerk Board of Education, until 1 p. m. Dec. 1
for $6.789 53 6% school bonds. Denom. $400. $500 and one for $589 53.
Date Dec. 11923. Principal and semi-annual interest (F. & A.). payable
at the Shadyside Bank of Shadyside. Due each six months as follows:
8400 Feb. 1 1924 to Aug. 11929, incl.: $400 Feb. 1 1931, $500 Aug. 1 1930
and Feb. 1 1931, and $589 53 Aug. 1 1931. Certified check for $500,
payable to the Board of Education required.
MEMPHIS, Shelby County, Tenn.
-BOND OFFERING.
-C. C.
Pashby, City Clerk, will receive sealed bids until 2.30 p. m. Dec. 7 for the
following coupon, registerable as to principal, bonds bearing interest at a
rate not to exceed 5%:
$1,500,000 water bonds, maturing on July 1 as follows: $42,000 1928 to
1951 and $41,000 1952 to 1963, inclusive.
100,000 tuberculosis hospital bonds, maturing $4,000 yearly on July 1
from 1926 to 1950, inclusive.
150,000 general hospital bonds, maturing $6,000 yearly on July 1
from 1926 to 1950, inclusive.
100,000 street improvement bonds (city's share), maturing $4,000 yearly
on July 1 from 1926 to 1950, inclusive.
150,000 Cassitt Library bonds, maturing $5,000 yearly on July 1 from
1924 to 1953, inclusive.
Denom. $1,000. Date July 1 1923. Principal and interest (J.
-J.),
payable in Memphis or at the fiscal agent in N. Y. City. A certified check
for $20,000, payable to the city, required. Legality approved oy John C.
Thomson. N. Y. City. The city will prepare bonds without cost to purchaser. Delivery of bonds on or about Dec.28.
Thc official advertisement of the offering of these bonds appears on a subsequent page of this issue.
MERCED IRRIGATION DISTRICT(P.O. Merced),Merced County,
Calif.
-BOND SALE.
-The 81,320,000 514% irrigation bonds offered on
-were purchased by Peirce, Fair & Co., of San
Nov. 2-V. 117, p. 2023
Francisco. at 98.15, a basis of about 5.62%. Date Jan. 1 1922. Due on
Jan. 1 as follows' $600.000 1954 and $720,000 1955.
MIDDLETOWN,Orange County, N. y.
-BOND SALE.
-The $45,000
5% coupon general improvement bonds offered on Nov.9-V.117. p.1803
have been awarded to Sherwood & Merrifield of New York for $46,413,
equal to 103.14. a basis of about 4.40%. Date Oct. 11923. Due yearly
on Oct. 1 as follows: $4,000 1924 to 1933,incl., and $5,000 1934. Following is a list of the bids received:
Rate Bid
Rate Bid.
A. M.Lamport & Co.; Inc_ _102.17 Winsor & Trowbridge & Co--102.271
Union National Corporation_101.91 The Fidelity Trust Co
102.435
W.A. Harriman & Co.. inc_102.537 Myron S. Hall & Co
101.74
102.991
Rutter & Co
102.63
102.81 Sherwood & Merrifield. Inc..-103.14
C. W.Whitis & Co
All of the above with the exception of the Fidelity Trust Co. of Buffalo
are located in New York City.
MILBANK, Grant County, So, Dak.-BOND OFFERING.
-sealed
bids will be received by A. A.Bloomquist, City Auditor, until 8 p. m.Dec.5
for $125,000 5% water-works bonds. Denom. $1,000. Date Dec. 11923.
Interest semi-annual. A certified check for $6,250, payable to the City
Treasurer, must accompany all bids.
MILLCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Erie), Erie
-BOND SALE.
County, Pa.
-The $31.000 414% school bonds offered
on Oct. 15 (V. 117, p. 1692) have been awarded to Cassatt & Co. of Philadelphia at 100.6952-a basis of about 4.44%. Date Nov. 1 1923. Due
on Nov. 1 as follows: $10,000, 1933 and 1938, and $11,000, 1943.
MONTANA (State of).
-BONDS SALE NOT COMPLETED-BONDS
RE-OFFERED. The sale of the $40,000 Series "D" and $150,000 Series
"E" State educational bonds to Stacy & Braun of Toledo at par, as stated
in V. 116, p. 2910, was never consummated. The bonds are now being
re-offered on Nov. 21. For details of offering see V. 117. p. 2135.
MONTGOMERY UNION FREE SCHOOL DISTRICT NO. 6 (P. 0.
Maybrook) Orange County, N. Y.
-BOND OFFERING.
-Sealed bids
will be received by E. P. Cunningham, Clerk Board of Eeucation, until
12.15 Nov. 26 for the purchase at not less than par of the following issues
000
o8% school bonds:
f5
1923. Due $10.00 yearly on Nov. 1 1924 to 1931. incl.
$
3,000 Date Sept. 1 1923. Due $1,000 yearly on Nov. 1 from 1931, to
inclusive.
Sept. l 23. Due Nov. 1 1934.
a
8.0 0 Date3. Ninocvius. 1 1923. Due Nov. 1 1942.
3 D19 3te
0
8
Denom. $1,000. and one for $350. Prin. and semi-ann. int.(M.& N.).
payable at the Maybrook National Bank of Maybrook. Certified check
for 2% of the amount of the issue required.
MONTPELIER SCHOOL DISTRICT NO. 14, Stutsman County,
No. Dak.-CERTIFICATE SALE.
-The $6.000 certificates of indebtedness offered on Nov.6-V.117. p. 2024
-were purchased by the Minnesota
Loan & Trust Co. of Minneapolis as 7s at par. Date Nov. 6 1923. Due
-J.
May 6 1925. Interest J.
MORGAN COUNTY SCHOOL DISTRICT NO. (P.O. Fort Morgan)
-An election will be held on Dec. 4 to vote
-BOND ELECTION.
Colo.
-40-year (opt.) school bldg. bonds.
on the question of issuing $314,000 5% 15
MUSKEGON, Muskegon County, Mich.
-It is re-BOND SALE.
ported that issues of 04% bonds have been awarded as follows:
$60.000 sewer to the Detroit Trust Co. of Detroit at 98.52.
50,000 improvement to Howe, Snow & Bertle.s, of Detroit, at 98.17.
Following are the bids received:
For
For
$60.000 $50,000
Issue.
Issue.
Detroit Trust Co
98.52 97.80
Howe.Snow & Bartle!
98.17 98.17
Continental & Commercial Trust & Savings Bank
*98.579 98.14
whittiesey, McLean & Co
96.68 97
Seipp. Princell & Co
96.33 97.17
Keane, Higbie & Co
95.73 95.43
Union National Bank
92.84 95.50
* Chicago payment.
For two issues combined ($110,000):
Bidder
Price.
Price.
Bidder97.92 R. M Grant
97.20
Ames, Emerich & Co
97.13
97.76 Halsey, Stuart & Co
E. H. Rollins & Sons
Watling, Lerchen & Co
97.31 First National Company
97.27 Bonbright & Co
9.0
117
8
A. B. Leach & Co
97.21 Sidney Spitzer & Co
93.05
W A Harriman & Co
NEDERLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Neder-BONDS VOTED.
land), Jefferson County, Texas.
-By a count of 78 to
6 the voters approved the issuance of $30.000 school-building bonds at an
election held on Oct. 27.
NORTH CAROLINA (State of).
-BOND SALE.
-A syndicate composed of the First National Bank of New York, National City Co.,Bankers
Trust Co.. B. J. Van Ingen & Co., Kissel, Kinnicutt & Co., Eldredge &
Co., Wm,R. Compton & Co., E. H. Rollins & Sons, Hornblower & Weeks.
Redmond & Co., Blodget & Co. and Curtis & Sanger, all of New York
Taylor. Ewart & Co., Inc., of Chicago; F. E. Calkins & Co. and Eastman
2242
THE CHRONICLE
Dillon & Co. of New York; Henderson, Winder & Co. of Washington,
Citizens National Bank of Raleigh and the Wachovia Bank & Trust Co. of
Winston-Salem, has purchased the $10,649,500 coupon or registered
permanent improvement bonds offered on Nov. 14-V. 117, p. 1914
-at
par, taking $3,049,500 as 414s and $7,600,000 as 4Us. Date Oct. 1 1923.
Due Oct. 1 1963.
The above syndicate also purchased at a private sale, at par. $5,000,000
highway bonds, taking $1,250,000 maturing $250,000 1933 to 1937, ind,,
3
4f,s.
as 434s and $3,750,000 maturing $250,000 1938 to 1952, incl., as 4,
These highway bonds are a part of a total issue of$20,073,000.$10,073,000
of which were purchased outright on Jan. 10 (see V. 116, p. 205), when an
option was taken on the remaining $10,000,000, which option was exercised
in part on March 30 (V. 116. p. 1688). when the syndicate took $5,000,000
and an option on the remaining $5,000,000, which option has now been
exercised.
These bonds are now being offered to investors in an advertisement appearing
on a previous page of this issue.
-BONDS NOT SOLD.
NORTH VERNON, Jennings County, Ind.
William T. Riley, Clerk-Treasurer, informs us that the $4,000
% light
and water plant bonds offered on Oct. 26-V. 117, p. 1692
-have not been
sold as yet.
OCEAN COUNTY (P. 0. Toms River), N. J.
-BOND SALE.
-The
823.500 5% county building Series C coupon or registerable (registemble as
to principal) bonds offered on Nov.7(V. 117. p. 1914) were awarded to the
Security Trust Co. of Camden for $23.725, equal to 100.96-a basis of
about 4.90%. Date Nov. 1 1923. Due yearly on Nov. 1 as follows:
$1,000, 1925 to 1941. inclusive, and $500, 1942 to 1954, inclusive.
OLD FORT RURAL SCHOOL DISTRICT (P. 0. Old Fort), Seneca
-BOND OFFERING.
-Sealed bids will be received by
County, Ohio.
H. C. Berlekamp, Clerk Board of Education, until 12 m. Nov. 24 for
$6,150 6% school bonds. Denom. $400 and $375. Date Aug. 1 1923.
Int. semi-ann. Due $375 each six months from Feb. 1 1924 to Aug. 1 1928
and $400 Feb. 1 1929 to Aug. 1 1931, incl. Certified check for 5% of
amount bid for, payable to the Board of Education, required. These
bonds were offered unsuccessfully as 5s on Oct. 13-V. 117. P. 1914.
ORLEANS COUNTY (P. 0. Albion), N. Y.
-BOND OFFERING.
Sealed bids will be received by Harry E. Coburn, County Treasurer, until
12 m. Nov. 27 for $91,000 5% coupon or registered road bonds. Denom.
$1.000. Date Nov. 1 1923. Prin. and semi-ann. Interest (M. & N.)
payable at the Citizens National Bank of Albion. Due on May 1 as
follows: $45,000, 1930, and $46,000, 1931. Ceritified check for 2% of
the amount of bonds bid for, payable to the County Treasurer, required.
The bonds will be certified as to genuineness by the Citizens Nat. Bank of
Albion. Legality approved by Caldwell & Raymond of New York. Bids
are to be on forms to be furnished upon request by the County Treasurer.
-At the
OWATONNA, Steele County, Minn.
-BONDS VOTED.
election held on Nov.5-V. 117, p. 1914
-the proposition to issue $350.000
municipal light, power and heating plant construction bonds carried by
a vote of 1,750 "for" to 551 "against."
-BOND
PALM BEACH COUNTY SCHOOL DISTRICTS, Fla.
SALE.
-The two issues of 6% school bonds offered on Nov. 6-V. 117,
-were awarded to the Bank of Lake Worth as follows:
p. 1693
$20,000 Special Tax School District No. 4 bonds at a premium of $825,
equal to 104.12, a basis of about 5.625%. Literest M. & S.
Due on Sept. 1 as follows: $1,000 1926, 1929, 1932 and 1035.
and $2.000 1938 and 1941 to 1947, inclusive.
15,000 Special Tax School District No. 9 bonds at a premium of $315.
equal to 102.10, a basis of about 5.74%. Interest J. & J. Due
on Sept. 1 as follows: $1,000 1929 to 1935, inclusive, and 1939
to 1946, inclusive.
PALM BEACH COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 18(P.0. West Palm Beach), Fla.
-The $45.000 6%
-BOND SALE.
-were purchased
road and bridge bonds offered on Nov.7-V. 117. p. 1693
by Caldwell & Co. of Nashville at a discount of $2,230. equal to 95.04. a
basis of about 6.38%. Date Sept. 1 1923. Due on Sept. 1 as follows:
$2,000 1940 to 1961, inclusive, and $1,000 1962.
PALERMO SCHOOL DISTRICT NO. 83, Mountrail County,
No. Dak.-CERTIFICATE OFFERING.
-Robert Nelson, District Clerk,
will receive bids until 2 p. m. Nov. 24 at the County Auditor's office in
Stanley for $3,600 7% certificates of indebtedness, maturing in 18 months.
A certified check for 5% must accompany all bids.
PALO ALTO UNION HIGH SCHOOL DISTRICT, Santa Clara
-BOND SALE.
County, Calif.
-E. H. Rollins & Sons of San Francisco
have purchased the $125,0005% coupon school bonds
-offered on Nov.5-at a premium of $1,938. equal to 101.55, a basis of about
V. 117, p. 1803
4.85%. Date Nov. 1 1923. Duo on Nov. 1 as follows: $1,000 1924
and 1925: $2,000 1926 and 1927; $3,000 1928 and 1929, $4,000 1930 and
1931. $5.000 1932 and 1933, 16,000 1934 and 1935. $7.000 1936 and 1937.
38,000 1938 and 1039, 89.000 1940 to 1942, incl.; $10,000 1943 and 1944
and $6,000 1945.
PARADISE TOWNSHIP, Eddy County, No. Dak.-BOND OFFER-Bids will be received by C. J. Erickson, Township Clerk, until
ING.
2 p. m. Dec. 1 at the County Auditor's office in New Rockford for $5,000
funding bonds. Denom. $1.000. Date Jan. 2 1924. Interest rate not
to exceed 7%. Due Jan.2 1931. A certified check for 5% must accompany
all bids.
PHEASANT RIDGE (P. 0. Detroit), Oakland County, Mich.
-The 130,000 bonds offered on Nov. 5-V. 117. p. 1914
BOND SALE.
were awarded as 4%s to the First National Bank of Detroit at par, plus
a prenthun of $78. equal to 100.26, a basis of about 4.73%. Date Nov. 1
1923. Due 1 to 30 years.
PIERCE COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Tacoma),
-Sealed bids will be received by the County
-BOND OFFERING.
Wash.
Treasurer until 11 a. m. Nov. 21 for $7,500 serial school bonds. A certified
check for 5% of bid required.
-Bids
PIKE COUNTY (P. 0. Pikeville), KY.
-BOND OFFERING.
will be received until 1.30 p. m. Nov. 30 at the First National Bank in
Pikesville by the County Commissioners, for $250,000 5% coupon road
and bridge bonds. Denom. 81.000. Date July, 1 1923. Prin. and
semi-ann. int. (J. & J.) payable at the Guaranty Trust Co.. N. Y. City.
Due as follows. 34,000. 1928: 15.000. 1929 to 1931 incl.; $6,000, 1932 to
1934 incl.: $7,000, 1935 and 1936: 88.000, 1937 and 1938: 39.000, 1939
and 1940: $10.000. 1941 nad 1942: 111.000, 1943 and 1944: $12,000. 1945
to 1947 incl.; $14,000. 1948 to 1950
and 315.000, 1951 to 1953 incl.
A certified check for $1,000, payable to Hi. Pauley, County Treasurer.
incl..
required. Legality of issue confirmed by Court of Appeals of Kentucky.
Financial Statement
$16.737,715
Assessed valuation, 1921
Assessed valuation, 1922
19,667.868
750,000
Total bonded debt (this issue)
200,000
Bonds sold of this issue heretofore
250,000
Bonds to be sold Nov. 30
Population of this county (Census of 1920), 49.477.
-Sealed
PLYMOUTH, Marshall County, Ind.
-BOND OFFERING.
bids will be received by Fred L. Rannels, City Clerk, until 7:30 p. m.Dec. 10
for $50,000 .5% coupon School-Civil City bonds. Denom. $500. Date
Dec. 29 1923. Principal and semi-annual interest (J. & D.) payable at the
Marshall County Trust & Sayings Ban c of Plymouth. Due $1,000 on
June 1 and $1,500 on Dec. 1 from June 1 1924 to Dec. 1 1943, inclusive.
Certified check for $500, payable to the City Treasurer, required.
POI NSETT COUNTY DRAINAGE DISTRICT NO. 1, Ark.
-The Marine Bank & Trust Co. ar.d Moore, Hyarns & Co.,
BOND SALE.
New Orleans, have jointly purchased $662,000 534% drainage
Inc., both of
bonds. Denom. $1,000 and $500. Prin. and semi-ann. int. (F. & A.)
Payable at the Chase National Bank, N. Y. City. Due on Aug. 1 as
follows. 81.000, 1930 and 1931: 814.500, 1932: 811,000, 1933: $15,500.
1934: 819.500, 1935 and 1936; 322,000, 1937 and 1938: 816.500. 1939:
325.500. 1940; $26,000. 1941; $26,500, 1942: 332,500. 1943: 368.500.
1944: $74,000, 1945; $59.000, 1946: 887,000, 1947; $72,500. 1918, and
$48.000. 1949. These bonds are the unsold portion of a total issue of
$5.040.000. Notice of this sale was given in V. 117, p. 1914: it 1.0 given
again as additional data have come to hand.
[VOL. 117.
POTTAWATOMIE COUNTY (P. 0. Tecumseh), Okla.
-BOND
ELECTION.
-A bond issue of $965.000 will be submitted to a vote of the
people at an election to be held on Dec. 11. The proposal is divided into
three parts, the first a proposal to bond the county for $200,000 to construct
and repair bridges, the second.$100.000 to build a new bridge, and the third
$665.000 to construct permanent roads.
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-BONDS NOT SOLD.
-The $14,800 454% J. F. Elliott et at. coupon road bonds offered on
Oct. 6-V. 117. p. 1373
-have not been sold.
READING, Middlesex County, Mass.
-BOND SALE.
-An issue of
$10,000 434% bonds has been awarded to Merrill, Oldham & Co. of Boston
at 100.65, a basis of about 4.36%. Denom. $1,000. Date Dec. 1 1923.
Due $1,000 1924 to 1933.
REIDSVILLE, Rockingham County, No. Caro.
-BOND OFFERING.
-E. B. Ware. City Clerk, will receive sealed bids until 12 m. Dec. 4 for
the following 5, 53( or 5;5% bonds:
895.000 street impt. bonds, maturing on March 1 as follows: $5,000. 1925
to 1934 incl.; 33,000, 1935 to 1938 incl.; 85.000. 1939 to 1941, and
$6.000, 1942 to 1944.
30,000 water works extension bonds, maturing $1,000 yearly on March 1.
from 1926 to 1955 inclusive.
Denom. $1,000. Date Sept. 11923. Prin. and semi-ann. int. (M.
-S.)
payable in gold in New York. A certified check for 2% required. Preparation and certification under the supervision of the United States Mtge. &
Trust Co., N.Y.City. Legality will be approved by Chester B. Masslich,
New York City.
R1TENOUR CONSOLIDATED SCHOOL DISTRICT, St. Louis
County, Mo.-BOND SALE.
-Friedman. D'Oench & Duhme of St.
Louis have purchased $25,000 5 X% school bonds. Denom. $1,000.
Date June 15 1923. Prin. and semi-ann. int. (F. & A. 15) payable at the
First National Bank, St. Louis. Due on Feb. 15 as follows. $1,000.
1926 to 1928 incl.: $2,000, 1929 to 1933 incl., and $3.000, 1934 to 1937 incl.
-BOND OFFERING.
ROCHESTER, Beaver County, Pa.
-J. H.
Mellor, Borough Treasurer, will receive sealed bids until 7.30 p.m. Nov. 19
for $77.000 434% borough bonds (offered unsuccessfully on Sept. 17)•
Denom. $1,000. Date Oct. 1 1923. Interest A. & 0. Due on Oct. 1
as follows: $7,000 1929 and $10,000 in each of the years 1936,1939, 1943,
1946, 1949. 1951 and 1953.
-BOND OFFERING.
-Sealed bids will be received
ROCHESTER, N. Y.
at the office of J. C. Wilson, City Comptroller, until 2.30 p. m. Nov. 19
for city of Rochester notes as follows:
$1.750,000 school revenue.
210,000 General revenue.
27.500 School construction.
125.000 Subway construction.
Notes will be made payable as follows: School revenue and genera/
revenue will be made payable 7 months from Nov. 21 1923 and school
construction and subway construction will be made payable 3 months from
Nov. 21 1923 at the Central Union Trust Co., New York City, will be
drawn with interest, and will be deliverable at the said trust company
Nov. 21 1923. Mark envelope "Temporary Loan." state rate of interest,
designate denominations desired and to whom (not bearer) notes shall be
made payable. No bids will be accepted at less than par.
ROCK RIVER, Albany County, Wyo.-BOND SALE.
-The Frank
C. Evans Co. of Denver has purchased $14,000 6% bonds. Denorn.
$1,000. Date July 1 1923. Int. J.& J. Due July 1 1953;opt.July 1 1938.
RUSK INDEPENDENT SCHOOL DISTRICT (P. 0. Rusk), Chero-BOND SALE.-Tho $65.000 school bonds offered
kee County, Texas.
-were purchased by S. R. Fuller as 5s at
on Nov. 6-V. 117, p. 1694
par and accrued interest. Denom. $500. Date Oct. 10 1923. Int.
A. & 0. Due in 40 years.
-BOND OFFERING.
RYE, Westchester County, N. Y.
-Sealed bids
will be received by William II. Selzer, Village Clerk, until 8.15 p. m.
Nov. 21 for 8101.500 434% sewer bonds. lisenoms. 31.000 and $500.
Date Nov. 1 1923. Prin. and semi-ann. int. (M. & N.), payable at the
Village Treasurer's office. Due $3.500 yearly on Nov. 1 from 1924 to
1952. incl. Certified cheek for 2% of the amount of bonds bid for, payable
to the Village required. The bonds will be prepared under the supervision
of the United States Mortgage & Trust Co. of New York, which will certify
as to the genuineness of the signatures impressed thereon and the validity
of the bonds will be approved by Hawkins, Delafield & Longfellow, Esqs.,
of New York. The bonds will not be sold at less than par.
SALINAS CITY SCHOOL DISTRICT (P. 0. Salinas), Monterey
County, Calif.
-BOND ELECTION-A special election will be held on
Nov. 28 to vote on a proposition to issue $105,000 531% grammar school
building bonds.
SAN FRANCISCO (City and County of), Calif.
-BOND SALE.
-The
$100.000 5% relief home bonds offered on Oct. 29 (V. 117, p. 1694) were
awarded to the Guaranty Ce. of New York at 103.517-a basis of about
4.67%. Denom. $1,000. Date March 1 1923. Interest M. & S. Due
35.000 yearly from 1928 to 1947, inclusive.
SAN PATRICIO COUNTY ROAD DISTRICT NO. 3 (P. 0. Sinton),
Texas.
-BOND ELECTION.
-On Dec. 8 an election will be held to vote
on a proposition to itAlle $25,000 road bonds. J. C. Bouts, County Judge.
SEA CLIFF, Nassau County, N. Y.
-The following
-BOND SALE.
issues of 5% bonds offered on Nov. 14 (V. 117. p.2137) have been awarded
to J. G. White & Co. of New York at 101.183-a basis of about 4.50%:
$70,000 curb and gutter bonds. Duo $7,000 yearly on Nov. 15 from
1924 to 1933, inclusive.
4,000 incinerator plant site addition bonds. Due $1,000 yearly on
Nov. 15 from 1924 to 1927. inclusive.
2,000 sitree signIw nd building number bonds. Due 81,000 Nov. 1
a2
4tand s a5
.
3,000 sewer map, plan and specifications bonds. Due $1,000 yearly on
Nov. 15 from 1924 to 1926. inclusive.
Denom.81.000. Date Nov. 15 1923. Other bidders were:
Amt.Bid flr. Rate of Bid.
$
Union National Cornoration
1. 3
100
Sherwood & Merrifield
7.98
&888
do
79,000
do
100.81
Farson, Son & Co
79,000
100.826
Geo. B. Gibbons & Co
79,000
100.71
State Bank of Sea Cliff
70,000
100.78
do
4,000
do
100.36
do
3,000
do
100.28
do
2,000
do
100.19
-During the month of October the
SEATTLE, Wash.
-BOND SALE.
City of Seattle sold the following 6% bonds:
Dist. No. Amount.Date.
Due.
Oct.
1923
Pur os
GrLiin
Oct. 8 1935
8123323 74
353
9
PavingOct.
1923
Oct. 8 1935
7,751 03
3605
50852
Sewers
1923
Oct. 8 1935
14.315 71
14,315
3616
Oct.
Sewers
1923
Oct. 8 1935
3,994 90
Oct.
Pang
vi
9,935 21
1923
Oct. 9 1935
Oct.
33558662
1923
Paving
Oct. 9 1935
8.408 28
3603
Oct.
Paving
1923
Oct. 9 1935
12,598 75
GradingOct.
3614
Oct. 0 1935
1923
G
6,18652
Mains
3609
Oct. 11 1923
Oct. 11 1935
1.570 94
3545
Oct. 22 1923
Oct. 22 1935
Paving
2,233 14
3619
Grading
Oct. 22 1923
Oct. 22 1935
4,781) 18
3543
Oct. 23 1923
Oct. 23 1935
Paving
1.365 45
3568
Paving
Oct. 23 1923
Oct. 23 1935
1.939 80
Sewers
Oct. 27 1923
Oct. 27 1935
19,499 24
Oct. 29 1935
Grading
Oct. 29 1923
33455745
9,550 16
Oct. 29 1935
Mains
3533
Oct. 29 1923
31,012 95
Oct. 30 1935
3610
Paving
1,528 32
All of the above bonds are subject to cale iea0 623
Oltyearly.
3
r
SERG1US SCHOOL DISTRICT NO.27, Bottineau County, No. Dak.
-BOND OFFERING.
-Until 2 p. m. Nov. 21, bids for the purchase of
$4,000 6% funding bonds will be received at the County Auditors office in
Bottineau by (Mrs.) John Hawker, District Clerk.
SHAMROCK INDEPENDENT SCHOOL DISTRICT (P. 0. Sham-At a recent election
rock), Wheeler County, Texas.
-BONDS VOTED.
an issue of$60,000 high school building bonds was voted by a count of4 to 1
Nov.17 1923.]
THE CHRONICLE
•
• --SHARPLES SCHOOL DISTRICT (P. 0. Sharpies), Lucas County,
-The $2,960 83 6% school bonds offered on Nov. 2
Ohio.
-BOND SALE.
(V. 117. p. 1915) have been awarded to Spitzer, Rorick & Co.,of Toledo. at
par. Date Oct. 1 1923. Due each six months as follows: $185 Feb. 1 1924
to Feb. 11931. inclusive, and $185 83 Aug. 1 1931.
-According to
SHEFFIELD, Colbert County, Ala.
-BOND SALE.
the Birmingham "Age-Herald" of Nov. 9, the City Commissioners of Sheffield have sold approximately $22,000 public improvement bonds.
-The
SHELBY COUNTY (P. 0. Harlan), lowa.-BOND SALE.
-have been
$50.000 5% funding bonds offered on Oct. 25-V. 117. p. 1583
purchased by a Des Moines firm.
SILVER CREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Sellers.
-BOND SALE.
-The $42.000 5% school
bur'), Clark County. Ind.
-have been awarded to J. F.
bonds offered on Oct. 25-V. 117. p. 1694
-equal to 100.37-a basis of
Wild & Co. of Indianapolis for $42,157 50
about 4.95%. Due $1,500 each six months from July 1 1924 to Jan. 1
1938. inclusive.
SLOPE CENTER SCHOOL DISTRICT NO. 30, Slope County,
No. Dak.-CERTIFICATE OFFERING -Bids will be received until
2 p. m. Nov. 24 at the County Auditor's office in Amedon, by (Mrs.) W.A.
Hill, District Clerk, for the purchase of $2,500 7% certificates of indebtedness. Denom.$500. Date Nov.24 1923. Interest annual. Due May 24
1925. A certified check for 5% must accompany all bids.
STANTON INDEPENDENT SCHOOL DISTRICT (P. 0. Stanton),
Montgomery County. Ia.-BONDS VOTED.
-By a vote of 248 to 75
the voters authorized the issuance of $10,000 bonds for a new school building, auditorium and gymnasium.
STARK COUNTY (P. 0. Canton), Ohl".
-BOND SALE.
-The four
Issues of5 St % bonds offered on Sept. 5-V.117, p.811-have been awarded
at par and accrued interest and premiums:
$27,000 Canton-Massillon Road. I. C. H. No. 68, Sec. F. & G. bonds, to
Breed, Elliott & Harrison. Due $3,000 yearly on Sept. 5 from
1925 to 1933, inclusive.
41,000 Massillon-Wooster Road, I. C. H. No. 69, Section C and D bonds
to W.L. Slayton & Co. Due yearly on Sept. 5 as follows: $5,000
1925 to 1929, inclusive, and $4,000 1930 to 1933, inclusive.
14,000 Canton-Steubenville Road, I. C. H. No. 75, Section D bonds. to
W. L. Slayton & Co. Due yearly on Sept. 5 as follows: $2,000
1925 to 1929, inclusive, and $1.000 1930 to 1933, inclusive.
24,000 Alliance-Minerva Road, I. C. H. No. 78. Sec. B-1 and B-2 bonds,
to W.L. Slayton & Co. Due yearly on Sept. 5 as follows: $3,000
1925 to 1930, inclusive, and $2,000 1931 to 1933, inclusive.
Denom. $1,000.
STOCKTON, San Joaquin County, Calif.
-BOND SALE.
-On
Oct. 29 the First National Bank of Stockton purchased $128,914 7 7r
.
street improvement bonds at par and accrued interest. Date Sept. 28
-J. 2. Due serially, optional on any interest paying date
1923. Int. J.
at 105. This corrects the report given in V. 117, p. 1915.
STOW TOWNSHIP(P.O. Cuyahoga Falls 0.R.1), Summit County,
-NO BIDS.
Ohio.
-The $3,000 5 tt% road improvement bonds offered on
Nov. 5-V. 117. p. 1694-were not sold as no bids were received.
STURGIS, St. Joseph County, Mich.
-BOND SALE.
-An issue of
$60.000 434% water bonds has been awarded to the Citizens State Bank of
Sturgis for $60,400-equal to 100.65. There were twelve bidders for the
Issue.
SUMAS SCHOL DISTRICT (P. 0. Sumas), Whatcom County,
Wash.
-BOND SALE.
-The Harrison State Bank of Sumas has purchased
$2,280 school bonds at par on a 6% interest bearing basis, payable in
two years from date of issue.
SUMTER SCHOOL DISTRICT NO. 17 (P. 0. Sumter), Sumter
County,So. Caro.
-BOND OFFERING.
-Sealed proposals will be received
by J. W. Brunson. Secretary and Treasurer of district, until 12 m. Dec. 4
for $285,000 535% school bonds. Denom. $1,000. Date Jan. 1 1924.
,
Prin. and semi-ann. int. (J. & J.) payable at the Chase National Bank,
N. V. City. A chock upon a bank or trust company in South Carolina for
2% of amount bid for, payable to the above official. required. Bidder to
procure legal opinion as to the validity of bonds, to print and prepare bonds
and bear all expenses in connection with such preparation, printing and
legal opinion. Delivery of bonds at office of above official on Jan. 1 or as
soon thereafter as they are prepared and executed.
TACOMA, Wash.
-BOND SALE.
-During the month of October the
City of Tacoma sold the following 8% bonds, aggregating $19,667 30;
Dist.No. Amount.
Purpose.
Date.
Due,
1294 $3,458 00
Oct. 2 1933
Grading
Oct. 2 1030
1298
586 70
Grading
Oct. 2 1923
Oct. 2 1930
4014
4,496 15
Paving
Oct. 2 1923
Oct. 2 1935
5529
4,420 55
Street lighting
Oct. 13 1923
Oct. 13 1930
4127
1,84290
Paving
Oct. 29 1923
Oct. 29 1935
4128
1.60040
Paving
Oct. 29 1923
Oct. 29 1035
4129
1,05840
Oct. 29 1923
Paving
Oct. 29 1435
5528
2,204 20
Street lighting
Oct. 29 1923
Oct. 29 1930
All bonds are subject to call yearly in October.
TACOMA SCHOOL DISTRICT NO. 10 (P. 0. Tacoma), Pierce
County, Wash.
-BOND SALE.
-The $2,400,000 school bonds offered
-were purchased by the State of Washington
on Nov. 12-V. 117, p. 2025
at par as 434s. Date Dec. 11923.
TAGUS SCHOOL DISTRICT NO.39, Mountrail County, No. Dak.NO BIDS -No bids were received for the $4,800 certificates ofindebtedness
-see V. 117. p. 1805.
offered on Oct. 27
TARRYTOWN SCHOOL DISTRICT, Westchester County, N.
BONDS AUTHORIZED.
-On Nov. 6 the electors by a vote of 134 to 28
authorized the Board of Education to float an additional $150.000 bond
issue to complete Washington Irving High School for which $450,000 has
already been appropriated.
TAYLOR COUNTY (P. 0. Abilene), Texas.
-BOND SALE.
-The
6360,000 5 Ji% 30-year serial road bonds offered on Nov. 12 (V. 117 p.
,
2025) were purchased by Stacy & Braun, of Toledo, at 103.21.
TANGIPAHOA PARISH SCHOOL DISTRICT NO. 1$(P.O. Amite),
La.
-BOND SALE.
-The $12,000 school bonds offered on Nov. 6V. 117. p. 1805
-were awarded as 6s to the Kentwood Bank at par and
accrued interest and the district to receive 4% on daily balances. Date
Nov. 1 1923. Int. M.
-N. Duo serially for 15 years.
TOLEDO, Lucas County, Ohio.
-BOND OFFERING.
-Sealed bids
will be received by Walter Stewart, Director of Finance, until 12 m.
for $500,000 534% refundable bonds. Denom.$1,000. Date Nov.Dec. 10
1 1923.
Principal and semi-annual interest(M.& N.) payable at the U. S. Mtge. &
Trust Co. of Now York. Due $20,000 yearly on Nov. 1 from 1925 to
1949, inclusive. Certified check for 2% of the amount of bonds bid for,
payable to the Commissioner of Finance, required.
TORONTO, Jefferson County, Ohio.
-BOND OFFERING.
-Sealed
proposals will be received by C. R. Cadman, Village Clerk, until 12 m.
Nov. 20 for $17,849 10 6% coupon Vollmer Street special assessment impt.
bonds. Denom. $500 and one for $349 10. Date Sept. 1 1923. Interest
M. & S. Due yearly on Sept. 1 as follows. 32,500, 1925 to 1931 incl_
and $349 10 1932. Certified check for 1% of the amount of bonds bid
for, payable to the Village Treasurer, required. Purchaser to take up
and pay for bonds within 10 days from time of award.
TULLAHOMA, Coffee County, Tenn.
-BOND OFFERING.
-Sealed
bids for the purchase of $40,000 street improvement bonds, bearing interest
at a rate not to exceed 5%, will be received until 1:30 p. m. Nov. 30 by
W. J. Davidson, Mayor.
TULLER TOWNSHIP, Ransom County, No. Dak.-CERTIFICATE
-E. T. Lambrecht. Township Clerk, will receive bids until
OFFERING.
10 a. m. Nov. 20 at the County Auditor's office in Lisbon for $2.500 18
months'certificates of indebtedness. Denom. $500 or multiples. Interest
rate not to exceed 7%. All bids must be accompanied by a certified
check for 5%.
TURLOCK IRRIGATION DISTRICT (P. O. Turlock), Stanislaus
-BONDS VOTED.
and Merced Counties, Calif.
-By a vote of 1,039
"for" to 37 "against" the people approved the issuance of $500.000 bonds
for the installation of drainage pumps, lining with concrete and widening
canals and building electric transmission lines.
2243
UNIONVILLE,Putnam County, Mo.-BOND SALE.
-The Commerce
Trust Co. of Kansas City has purchased 380,000 4 J4% sewer system bonds
at 97.75.
-BOND SALE.
VERO, St. Lucie County, Fla.
-The Farmers Bank
and the Vero Bank & Trust Co., both of Vero, jointly were awarded the
following 6% street impt. bonds offered on Nov. 8-V. 117. p. 1915
-at
par less $10.900, equal to 95.21. a basis of about 6.92%.
$36,000 bonds maturing $1,000 yearly on Sept. 1 from 1924 to 1959,
incl. A certified check for $750, payable to the city of Vero.
required.
76,000 bonds maturing on Sept. 1 as follows. 38.000 1924 to 1926. incl.;
37.000 1927, 38.000 1928. 37,000 1929. $8.000 1930. *7.000 1931,
$8.000 1932, 37,000 1933.
68.000 bonds maturing on Sept. 1 as follows. $7,000 1924 to 1931, incl.,
and $6,000 1932 and 1933.
48.000 bonds maturing on Sept. 1 as follows. $5.000 1924 to 1932, incl.,
and $3,000 1933.
Date Sept. 11923.
VIEW SCHOOL DISTRICT NO. 91, Williams County, No. Dak.-The $4,000 certificates of indebtedness
CERTIFICATES NOT SOLD.
-were not sold.
offered on Oct. 20-V. 117. p. 1695
VIKING SCHOOL DISTRICT NO. 9, Benson County, No. Dak.-Bids will be received at the County Auditor's
CERTIFICATE OFFERING.
office in Minnewaukan by W.P.Dahl, District Clerk. until 2 p. m. Nov.24
for the purchase of 310,000 7% certificates of indebtedness. Denom.
$500. Int. semi-ann. Due Dec. 1 1924. All bids must be accompanied
by a certified check for 5% of bid.
-BOND OFFERING.
WAUSEON, Fulton County, Ohio.
-Sealed
bids will be received by Jas. C. King, Village Clerk, until 12 m. Nov. 19
for $3,000 6% Franklin St. impt. special assessment bonds, issued under
Sec. 3914 of General Code. Denom. $150. Date Aug. 1 1923. Int.
F.& A. Due $150 each six months from Feb. 11024 to Aug. 1 1933 Ind.
Certified check for 5% of the amount of bonds bid for, payable to the
Village Treasurer, required. Purchaser to take up and pay for bonds
within ten days from time of award.
WAYNE CIVIL AND SCHOOL TOWNSHIP (P. 0. Ft. Wayne),
-BOND OFFERING.
-Sealed bids will be received
Allen County, Ind.
by Albert Fox, Trustee. until 5 p. m. Dec. 3 for $9,900 5% elementary
School No. 8 school addition bonds. Denom. $660. Int. F. & A. Due
$660 yearly on Aug. 1 from 1924 to 1933 inclusive.
-BOND SALE.
WELSH, Jefferson Davis Parish, La.
-The $20,000
electric light plant bonds offered on Nov.6-V.117.0. 1805-were awarded
Inc., and the Whitney-Central Trust & Savings
to Sutherlin, Barry &
Co..
Bank of New Orleans as Bs at par plus a premium of 3195,cost of approving
opinion, and printing of bonds. Date Dec. 11923. Int. & D. Due on
Dec. 1 as follows: $1.000, 1924 to 1931 incl.; 31.500, 1932 to 1935 incl.,
and 32,000, 1936 to 1938 incl.
WESTMORELAND COUNTY (P. 0. Greensburg), Pa.
-BOND
-The 3375,000 4 ki% tax-exempt county road bonds offered on
SALE.
Nov. 12 (V. 117. p. ?Ole) have been awarded to W. A. Harriman & Co.
of Philadelphia for S376.451 25, equal to 100.38-a basis of about 4.18%.
Due on Nov. 1 as follows: $75.000. 1933; 3100.000, 1942, 1948 and 1953.
Financial Statement.
Estimated actual value taxable property
3400010,000
158; 4 0
2 75717
Assessed valuation taxable property
7
Total bonded debt
10,462,000
Less sinking fund
1,115 000
Net,ot ueed debt
bonded
1.115.000
273,568Net
bond bt
of 1% of asses. val. Population, 1920.
-BOND OFFERING.
WEST YORK (P. 0. York), York County, Pa.
-Harry E. Miller. Borough Secretary, will receive sealed bids until 7:30
p. m. Nov. 20 for 325.000 4ti% improvement bonds (Series A). Denom.
31.000. Date Dec. 1 1923. Certified check for 2% of the amount of
bonds bid for required.
WHITESTONE AND NEW HARTFORD UNION FREE SCHOOL
DISTRICT NO. 4 (P. 0. New York Mills), Oneida County, N. Y.
BOND SALE -Sherwood & Merrifield, of New York, have been awarded
an issue of $75,000 4'(% school bon's at 100.68-a basis of about 4.68%.
Date Nov. 1 1923. Due $3,000 yearly on Nov. 1 from 1924 to 1948,inclusive. Legality approved by Clay & Dillon, of New York.
WHITMAN COUNTY SCHOOL DISTRICT NO. 170 (P. 0. Colfax),
-The S11.000 school bonds offered on Oct. 20_
-BOND SALE.
Wash.
V. 117, p. 1583-were awarded to the State of Washington as 5tis. Due
as follows: "Loon. 1925 and le2,8: $1,100. 1027 and 1928; 31.200. 1929;
$1,300. 1930: 31.400, 1931 and 1932: and 31,500. 1933; optional 1925.
WICKLIFFE,Cuyahoga County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received until 12 tn. (central standard time) Dec. 5 be .1. W.
Fuller, Village Clerk. at 900 Marshall Building. Cleveland, for 320.000
514% coupon "Fire Department Bonds." issued particularly under Sec.
3939 of Gen. Code. Denom. 31.000. Date Dec. 11923. Principal and
semi-annual interest (A. & 0.) payable at the First National Bonk of
Willoughby. Due yearly on Oct. 1 as follows: 31,000. 1924 to 1931,inclusive: $2,000, 1932: $1.000, 1933 to 1940, inclusive, and $2,000, 1941. Certified check for 5% of the amount of bonds bid for, payable to the Village
Treasurer, required. Purchaser to take up and pay for the bonds within
ten days from time of award.
WILMINGTON, Clinton County, Ohio.
-BOND SALE.
-On Nov. 2
A. E. Aub & Co., of Cincinnati, purchased the fellowin' issues of 534%
coupon special assessment bonds, aggregating 339.000, for $39,337, equal to
100.84:
$16,500 Rombach Ave.street-imnrovement bonds(V. 117, p. 1805). Date
April 1 1023. Due yearly on Sept. 1 as follows: 32.000. 1924 to
1931. inclusive, and ft500, 1432.
2,200 Rombach Ave. paving bonds(V. 117. p. 18053. Date April 11923.
Due yearly on Sept. 1 as follows: $200, 1924 to 1930. inclusive, and
932.
0 v9
11.500 34 0 . 1e3
Te1f0A1931
bonds.
8,900 Fife Ave. paving bonds.
Following is a list of the bids received:
Fife
Rombach
Rarnbach
Blanket
Fife
Exten. Are.Ext.
Ave.
Bid.
Ave.
$16•500 311.500 32,200 88,900
-Bertram Co
Davies
$62 70
$33700
A. E. Aub & Co.. eine
Herrick Co.. Cleveland_ _ _ _ 100 00 $100 00
51 00 $25 78
Provident Trust Co..Cinc _ 67 65
Rea,songood & Mayer. Cinc_ 66 00
12 4
8 R6
00
3
74 75
David Robinson. Toledo_
Otis & Co.. Cleveland
85 80
R? SO
37 38 205 98
All bids included interest to date of delivery and premium.
WILTON, McLean County, No. Dak.-BOND OFFERING.
-T, H.
Steffen. City Auditor, will receive bids until 2 p. in. Nov. 24 for the purchase of $11,000 6% coupon funding bonds. Denom. $1.000. Interest
semi-annual. Due Dec. 1 1933. All bids must be accompanied by a
certified check for 5% of bid.
*1
WOLFORD SCHOOL DISTRICT NO. 1 (P. 0. Wolford), Pierce
County, No. Dak.-CERTIFICATE OFFERING.
-J. A. Vlasen, District
Clerk, will receive bids until 2 p. in. Nov. 24 for the purchase of $5,000
certificates of indebtedness, bearing interest at a rate not to exceed 7%
and maturing in 18 months. A certified check for 5% of bid, payable:to
H. L. Lutz. District Treasurer, required.
WOODBURY, Gloucester County, N. J.
-BOND OFFERING.
Sealed proposals will be received by Walter B. Woolley. City Treasurer.
p. in. Nov. 27 for the purchase at not less than par of an issue of
until 2
434% coupon school bonds not to exceed $360,000, no more bonds to be
awarded than will produce a premium of $1,000 over $360.000. Denom.
$1,900. Date Aug. 1 192,3. Principal and semi-annual interest payable at
the First National Bank of Woodbury. Due yearly on Aug. 1 as follows:
$8,000. 1924 to 1943, inclusive, and 310,000, 1944 to 1963, inclusive.
Certified check for 2% of the amount of bonds bid for, payable to the above
official, required. These bonds were offered unsuccessfully on Oct. 30 (see
V. 117, p. 2138).
The official notice of this bond offering may be found among the advertisements elsewhere in this Department.
2244
THE CHRONICLE
WORCESTER, Worcester County, Mass.—BOND SALE.—The following issues of bonds offered on Nov. 14. were awarded on that date to the
Old Colony Trust Co., Edmunds Bros. and F. S. Moseley & Co. of Boston
at 100.161—a basis of about 4.11%:
$200,000 sewage purification plant. payable $20,000 each year from July 1
1924 to 1933, inclusive. Interest at the rate of 4X% per annum
payable each six months from July 1 1923.
50,000 schoolhouse, payable $5,000 e'ch year from Oct. 1 1924 to 1933,
inclusive. Interest at the rate of 43i per annum, payable each
six months from Oct. 11923.
200,000 water-works (Asnebumskit supply), payable $10,000 each year on
July 1 from 1924 to 1943, inclusive. Interest at the rate of 4%
per annum, payable each six months from July 1 1923.
Denom. $1,000. Principal and semi-annual interest payable at the
First National Bank of Boston.
ine
Financial Statement.
Average valuation less abatements for 1920, 1921 and 1922.1243,528,346 00
$6 088 208 65
Debt limit, 2;5% of the same
$11,992,600 00
Total bonded debt
Exempt:
$200,000 00
Abolition of grade crossings debt
650.000 00
City hall debt
250,000 00
Park debt
50.000 00
Public playground debt
1,245,000 00
Sewer debt
2,730.000 00
Water debt (funded)
2,466,100 00
Water debt (serial)
7,591,10000
54,401,500 00
$4,307,600 06
Total sinking funds
Less:
$148,842 79
Abol. Or. Cr. Fund
645,781 84
City Hall loan fund
170.042 96
Park loan fund
41.895 87
Public playground loan fund_
981,043 80
Sewer loan fund
2,085,19963
Water loan fund
54,072,806 89
$234.793 17
4,166,708 83
$1,921.501 82
Borrowing capacity within debt limit
Population, 1920 Census, 179,754. Assessed valuation 1923, 5270,365.550. Net debt, 1.69% of 1923 assessed valuation after deducting water
debt and sinking funds from total bonded debt.
WORCESTER, Worcester County, Mass.—TEMPORARY LOAN.—
The Merchants National Bank of Worcester has purchased a $700,000 temporary loan in anticipation of revenue on a 4.13% discount basis. Date
F
Nov. 15 1923. Due - eb. 20 1924.
WYOMING7Iones County, la.—BONDS VOTED.—At a special election held recently the voters authorized the issuance of $47,500 bonds,
$35.000 to be used for the purpose of constructing and equipping a municipal
electric power plant and the remainder ($12,500) to extend and improve
the water works system.
[VOL. 117.
YELLOWSTONE SCHOOL DISTRICT NO. 14, McKenzie County,
No. Dak.—CERTIFICATE OFFERING.—Robert Bowers, District Clerk,
will receive bids at the County Auditor's office in Schafer, until 2 p. in.
to-day (Nov. 17) for $4,000(more or less) certificates of indebtedness, bearing interest at a rate not to exceed 7% and dated and maturing as follows:
$500 dated Nov. 19 1923. due May 19 1925.
500 dated Dec. 19 1923, due June 19 1925.
500 dated Jan. 19 1924, due July 19 1925.
500 dated Feb. 19 1924, due Aug. 19 1925.
500 dated Mar. 19 1924, due Sept. 19 1925.
500 dated April 19 1924, due Oct. 19 1925.
500 dated May 19 1924, due Nov. 19 1925.
500 dated June 19 1924, due Dec. 19 1925.
A certified check for 5% of bid required.
YOUNGSTOWN, Mahoning County, Ohio.—BOND SALE.—The
$68,500 5 % public safety debt extension bonds offered on Nov. 12 (V.
117, p. 1806) have been awarded to the Canton Bond & Investment Co. of
Canton for $68.609 80, equal to 100.14—a basis of about 5.22%. Date
Nov. 11923. Duo yearly on Oct. 1 as follows: $8,500, 1925, and $7,000 in
all of the even years and $8,000 in all of the odd years from 1926 to 1933,
inclusive.
CANADA, its Provinces and Municipalities.
GRIMSBY, Ont.—BONDS OFFERED.—Until 12 in. Nov. 14 sealed
bids were received by W. F. Randall, Clerk-Treasurer, for $8,200 6%
15 annual installment local improvement bonds.
HALTON COUNTY, Ont.—BOND OFFERING.—William Penton,
County Clerk, will receive sealed bids until Nov. 24 for $78,500 53%
20 annual installment road bonds.
PEMBROKE, Ont.—BOND OFFERING.—Sealed bids will be received
by S. L. Biggs, Clerk-Treasurer, until 3 p. in. Nov. 28 for $45,000 53%
30 annual installment bonds.
PORT ALFRED, Que.—BONDS OFFERED.—J. H. Bouchard, Secre-year
tary-Treasurer, received sealed bids until Nov. 15 for $25,000 5M% 10
school bonds, dated May 1 1923.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—BOND SALES.
The "Monetary Times" gives the following as a list of the bonds sold by
the Local Government Board from Oct. 25 to Nov. 1:
-years to C. C. Cross
"School Districts: Midway. $1,100. 6U X, 6
(
& Co.; Nisbet, $2.500 6U% 15
-years to C. C. Cross & Co.; East °ahem,
$3,000 7% 15-years to Waterman-Waterbury Co.; Reinche, $1.000 731%
10
-years to Geo. Moorhouse & Co.: Willow Beach. $4.400 7% 15-years to
Geo. Moorhouse & Co.; Jansen, 85.500 7% 15-years to Nay & James;
-years to Beggar Sinking Fund."
Angove, $800 634% 5
The same publication reports the following bonds as having been authorized during the same period: "School Districts: not exceeding 8%: West
Slope, $1,200 10
-years; Vernon Hill, $1,500
-installments; IreninFe, $700 8
-years.
10-years; Grunert, $3,300 15
STETTLER, Alta.—BOND SALE.—C. C. Cross & Co. purchased
$18.000 7% 15 installment electric light bonds at 99.02, a basis of about
7.15%.
NEW LOANS
NEW LOANS
$3,000,000
$360,000
We Specialize In
STATE OF MICHIGAN
City of Woodbury, N. J.
City of Philadelphia
HIGHWAY IMPROVEMENT
COUPON BONDS.
3
44% SCHOOL BONDS
NEW LOANS
3s
2
1
/
3 s
4s
/
41 45
2
1
/
4 s
55
4
51/ 5
1
/
52
s
Biddle & Henry
104 South Fifth Street
Philadelphia
Prints Wins to New YOff
Call Cann? 8437
BALLARD & COMPANY
Member New York Stock Exchange
HARTFORD
Connecticut Securities
Sealed proposals will be received by the under
The State Administrative Board will receive signed until NOVEMBER 27, 1923, at two o'clock
sealed bids at its office in the City of Lansing, P. M.,for the purchase of not exceeding $360,000
Michigan, until the twentieth day of Novem- School coupon bonds of the City of Woodbury,
ber, nineteen hundred twenty-three, up to New Jersey.
ten o'clock A. M. Central Standard time of
Said bonds will be dated December 1, 1923, in
said day, for the sale of all or any part of three denomination of $1000 each, and will mature on
million dollars ($3,000,000.00) of State of Michi- December 1st of each year as follows: $8,000 each
gan Highway Improvement coupon bonds in year from 1924 to 1943, both inclusive, and
denominations of one thousand dollars ($1,000.00) $10,000 each year from 1944 to 1963, both Ineach, to be issued by the State Administrative clusive. The rate of interest is 4
per cent.
Board of the State of Michigan, pursuant to the •per annum, payable semi-annually, and both
provisions of Act number twenty-five of the principal and interest will be payable at the
State of Michigan, Extra
Public Acts of the
First National Bank, Woodbury, New Jersey.
Session of nineteen hundred nineteen as amended. The sum required to be obtained at such sale is
Said bonds will be dated December 1, 1923, and $360,000. and such bonds will be sold in not
will mature December 1, 1943, and will bear in- exceeding such sum.
terest at the rate of four and one-half per centum
Unless all bids are rejected, said bonds will be
per annum, payable semi-annually.
sold to the bidder or bidders complying with the
Both girincipal and interest are payable at the terms of sale and offering to pay not less than
the Treasurer of the State of Michigan, $360,000(and interest to accrue from December 1.
office of
Lansing. Michigan, or at the office of the fiscal 1923) and to take therefor the least amount of
agent of the State of Michigan, in the City of such bonds, stated in multiple of $1,000, comNew York.
mencing with the first maturity. Should two or
Coupon bonds may be exchanged for registered more bidders offer to take the same amount of
bonds if desired. A certified check in a sum such bonds, then, unless all bids are rejected,
equal to one per cent of the amount of the bid they will be sold to the bidder or bidders offering
payable to the order of the State Treasurer of to
therefor the highest additional price.
he State of Michigan must be submitted with
The bonds cannot be sold for less than par and
each bid.
accrued interest. Each bid must be accompanied
The right is reserved to reject any or all bids.
by a certified check for two per centum of the
(signed) FRANK E. GORMAN,
amount of the bonds bid for, payable to the
State Treasurer.
order of the undersigned and drawn upon an
incorporated bank or trust company, to secure
from
the municipality against any loss resultingterms
the failure of the bidder to comply with the
FOR SALE.
of the bid. The right is reserved to reject any
or all bids.
WALTER B. WOOLLEY,
Treasurer of the City of Woodbury.
Dated, November 14, 1923.
$10,649.500
1
, TATE
OF NORTH CAROLINA
PERMANENT IMPROVEMENT
FORTY-YEAR BONDS.
TO LOCATE
the firm that has for
disposal what you require, insert an ad in the
Classified Department
of The Financial Chronicle (faces the inside
back cover).
Coupon or registered at option of purchaser.
Principal and interest payable in New York
ity or Raleigh, N. C.
Both bonds and interest therefrom exempt from
a ll State, County or municipal taxation whateoe ver.
The bonds to be bid for at par at the lowest
rate of interest not exceeding 5 per cent. It is
s ggested to bidders to bid on whole numbers 0,
c n quarters, halves, or three-quarters (4 per cent( per cent, 4M per cent, .4,4 per cent. 5 per
4
ent).
Bonds dated October 1, 1923, due October 1.
963.
Two (2%) per cent of bonds bid for must arc
mpany bid.
For further information apply to me or Mr.
-Law, 115
C hester B. Masslich, Attorney-at
E roadway, New York City, who will give his
pinion on the validity of the issue.
The right to reject any or all bids is expressly
erved.
Bids will be received in my office, Raleigh,
/s . C., until 12 O'CLOCK NOON, NOVEM•
13 ER 14TH, 1923
B. B. LACY. State Treasurer
(
0
I
c
0
IN
$2,000,000
City of Memphis, Tennessee
SERIAL COUPON BONDS
C. C. Pashby, City Clerk of Memphis, Tennessee, will receive sealed bids until 2:90 O'CLOCK,
FRIDAY, DECEMBER 7TH, 1923, for $2,000,000.00 of five different Issues of serial coupon
bonds of the city of Memphis. These bonds are
all dated July 1. 1923. Interest rates left open
to bidder from four to five per centum by onefourths.
Maturities
-31.500,000.00 21.9 years; $350.000.00 fourteen and one-half years; $150,000.00
fifteen years, all from January 1, 1924. Delivery
will be made on or about December 28. 1023.
City furnishes bond blanks, John C. Thomson's
opinion, and makes delivery.
$20.000.00 check required and the right is
reserved to reject any and all bids. For more
complete data write or wire the undersigned.
C. C. PASHBY,
City Clerk.
@FedFRASER