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VOL. 117.
rontde
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SATURDAY, NOVEMBER 24 1923
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Tax Reduction and the Bonus—How Both
May Be Settled.
Secretary of the Treasury Mellon's sweeping plan
for the reduction of the Federal income taxes is the
political sensation of the day. It has struck a popular chord and is bringing responses in favor of the
idea in such an overwhelming degree that Congress
cannot fail to be impressed with the urgency of the
demand for tax reduction. Public sentiment from
one end of the country to the other is uniting in a
general chorus of approval. Scarcely a dissenting
voice is being heard anywhere. The politicians themselves are surprised, even astounded. Their policy
has been a temporizing one. While recognizing that
Federal taxes were very heavy and that Treasury
surplus furnished full warrant for lightening the burden of taxation, they have been afraid to encourage
a movement in that direction, especially one which
would involve a drastic reduction in the surtaxes
where the burden is especially onerous, out of fear
that this would be an unwise political move and
arouse antagonism on the part of large masses of
voters. Instead they are now finding that the idea
is meeting with great popular acclaim and already
there is evidence that the Secretary's program, especially as it is to have the unqualified support of President Coolidge, will at least receive respectful and
careful consideration and will be speeded along in its
course through the two Houses of Congress, provided
only that no serious obstacle of large size like the
proposed soldier bonus proposal is encountered.
Secretary Mellon's course on this occasion, and the
•effect it is having in opening the eyes of Congress to
Electric Railway Sectioa
State and City Sectic*
NO.3048
the real situation, furnishes illustration anew going
to show what a courageous leader can accomplish
when he has a broad and enlightened policy to offer
in an appeal to the people. While timid but perfectly
honest members of his party have been telling Mr.
Mellon that the subject of tax reduction should be
let severely alone on the eve of a Presidential election, since it is so full of possibilities of danger to
party interests and likely to arouse sleeping prejudice against those in enjoyment of large incomes, Mr.
Mellon has gone bravely ahead, out of a sense of duty,
and presented the matter in its true and proper light,
regardless of consequences, and immediately finds
the whole country in accord with him. Instead of
the party being rent asunder, as had been predicted,
the indications are that the whole party will stand
unitedly behind him in urging tax relief—nay, more
than that, that Republicans and Democrats alike are
ready to back him up. It is not strange that this
should be so.
The effect of the war has been to saddle the country with burdens of various kinds until the load has
become almost too heavy to carry. The tax burden
has weighed with especial severity on the suffering
business interests of the country. There has been
little complaint, because everyone, rich and poor
alike, has felt it his or her duty to bear their share of
the heavy cost of the war. But the war is now nearly
five years behind us and the cumulative effect of
these heavy taxes, year after year (for the revision
of 1921 served to lighten the load only in small degree), has been to bring things near the breaking
point. Consequently the prospect of even partial relief, such as proposed in the program laid down by
Secretary Mellon, is hailed with a degree of delight
and satisfaction that bears eloquent testimony to
the oppressive nature of the taxes under which the
whole community has been laboring for these five
long and weary years.
The disposition is so general, even at home, to look
upon the United States as an extremely rich and
wealthy country that there has never been a proper
appreciation of the magnitude and extent of the
tax loads the people have been called upon to endure
as a result of the war and it remained for Secretary
Mellon's letter, proposing in some measure to lighten
the load for the future, to show the depth of feeling
on the subject. The load has been so heavy, so very
2246
THE CHRONICLE
heavy, that no one anywhere can refrain from uttering a sigh of relief now that Mr. Mellon, who unquestionably will rank by reason of his three years' administration of the office as among the ablest Secretaries of the Treasury that the country has ever had,
is able to point the way to a measure of tax revision
where the contributions required of the taxpayers
will be on a lowered scale. There may be still a few
blind and obstreperous legislators who will attempt
to block the course of tax revision, thinking thereby,
in their extreme ignorance, to gain a political advantage for themselves, but woe betide the man who
stands in the way when popular feeling has been
aroused to the degree observable on this occasion.
Tax revision being thus a certainty because both
Republicans and Democrats will insist upon it, the
only matter of concern is that the revision shall be
thorough and that its path be made as smooth as possible. On the point of thoroughness we would repeat
what we said last week, that while Mr. Mellon's proposals are admirable we do not think that in the
process of downward revision the legislator should
rest altogether with the recommendations of the Secretary. In the matter of the surtaxes particularly,
we think any new law should go very much further
than the Secretary is at present inclined to go. It
may not be possible as yet to abolish these surtaxes
altogether, but certainly there ought to be provision
in the law for their ultimate complete abolition, say
after three or four years. We say this because even
after the reduction proposed by the Secretary these
surtaxes will still be very heavy and very onerous,
when considered in connection with the normal taxes,
national and State, corporate and personal, which
will still have to be paid.
The bulk of the income of the country is derived
from corporations, and Mr. Mellon proposes no reduction at all in their taxes. These taxes will therefore remain as heavy as they are now, and it should
not be forgotten that these taxes are very high. It is
true that in the 1921 revision the excess profits tax
on corporations was abolished, but the normal tax on
corporations was at the same time raised from 10%
to 121/
2% to make up for the loss. Every corporation in the land therefore is obliged to turn over each
2%, or oneyear to the Federal Government this 121/
eighth of its entire net income. In addition these
corporations are subject to numerous other taxes,
State and national. In this State there is an income
2%. Adding this to the
tax on corporations of 41/
121/
2% Federal tax, New York corporations are
obliged to pay a straight income tax altogether of no
less than 17%. The Federal capital stock tax on corporations will in most cases increase this to 20%.
Thus these three items of taxes alone (ignoring all
others) absorb one-fifth the entire net income of corporations. In other words, before a corporation can
undertake to pay out any money in the shape of dividends it must first turn over this 20% of its net income to the Federal Tax Collector. Stated in another way, the wealthy classes, the bulk of whose income consists of the dividends of corporations, indirectly are subject to this 20% tax at the very outset.
That is what makes the levying in addition of a surtax running as high as 25% so onerous and also so
inequitable and unjust. The surtax is a supertax—a
[VoL. 117.
tax imposed on top of other taxes of the same kind.
Those subject to the 25% tax will at the same time be
subject in this State to the personal income tax of
3%. Thus nearly one-half--20%, plus 25%, plus 3%
—of the income of the recipients of very large incomes will still be consumed by taxes even with Mr.
Mellon's tax reduction program in full effect.
This is a burden too heavy to bear for any considerable length of time. No country can long expect to
flourish which absorbs half the yearly income of the
wealthy classes, for it is to these we must look for
the new investment capital needed for the industrial
development of the country and the growing requirements of a large population. The country that confiscates the whole or the greater part of the yearly
surplus income of its population is headed for destruction and decay. The matter is made worse by
the fact that in the Mellon program the maximum
figure of the surtax would be reached at incomes over
$100,000, whereas now the maximum rate does not
apply until the income is $200,000. Instead of raising the limit of income at which the maximum rate is
to apply, Mr. Mellon would actually lower the limit.
Therefore, we think it would be a great mistake to
stop with the revision outlined by Mr. Mellon, leaving it to another tax revision, a year or two hence, to
complete the work. Sooner or later, for the welfare
and prosperity of the country, the surtaxes must be
entirely eliminated, and it is our opinion that provision to that end should be made in the revision now
to be undertaken. The best plan would be to provide
for complete elimination by successive steps. The
law might provide for schedules running to a maximum of 25% in 1924, of 20% in 1925, of 15 %in 1926,
of 10% in 1927, of 5% in 1928, and of nothing thereafter. That would mean long delay, to be sure, and
it would still leave the primary taxes very heavy20% in the case of corporations as we have seen—but
it would at least set a definite date for the termination of these heavy supertaxes which can never be defended except at a time of extreme emergency like a
war.
On the other hand, and as an offset to the loss of
revenue that would result from the gradual elimination, of the surtaxes, Mr. Mellon's program might be
modified in two particulars as explained by us last
week, namely (1) by retaining the theatre tax in
whole or in part, and (2) by abandoning the idea of
making g 25% reduction in the tax on earned incomes.
Taking up this second point first, inasmuch as taxes
ale to be reduced anyway, the normal taxes, now 4
and 8%, to 3 and 6%, and the surtaxes by one-half
there seems to be no good reason for going still further and cutting off an additional slice in the case of
a part of the taxpayers. In the second place, the
benefits would accrue in great part to persons not in
need of special favors. The proposition is to tax
"more lightly income from wages, salaries and professional services than the income from a business or
from investment." This could be of not the slightest
advantage to the preponderating class of wage earners, since their income even under existing law is
absolutely exempt. If the head of a family has an
income of no more than $2,500 (and this is no mean
wage even in these days, being the equivalent of almost $50 a week), he does not have to pay a penny in
taxes. If he has a couple of children, the exemption
runs still further, being $3,300, and if he has three
children he might earn $70 a week, and not be called
upon to pay anything. To persons in enjoyment of
Nov.24 1923.]
THE CHRONICLE
large earned incomes great benefits would undoubtedly accrue from the 25% reduction on earned
incomes, but who are these persons and why
should special favors be showered upon them? The
movie stars belong in this category. The daily papers last week were filled with accounts of the large
salaries paid to performers of this type and of the
efforts being made to bring their compensation down
to a more reasonable basis, because film producers
were unable any longer to bear the expense. Thus
Mr. Lasky of the Famous Players-Lasky Corporation
was quoted as saying that before the recent closing
.down of that corporation "free-lance actors and
actresses, under contract to no company, whose services were in demand by several companies had be-come convinced that they could not work for much
less than $2,000 a week." Now,following the Lasky
closing down order they are reported "as having readjusted their attitude to an angle from which they
•-can see $750 a week without feeling insulted"--so
says a reporter of the New York "Tribune." We
need hardly point out that $2,000 a week means over
$100,000 a year and even $750 per week means $39,,000 a year. Is there any reason in the world why
part of the tax burden should be remitted in such
cases?
Bear in mind that in the case of personal incomes
the primary or normal tax is not high as in the case
of corporations. In Mr. Mellon's scheme the highest
normal tax is to be only 6%. What valid reason can
be urged for cutting this down one-quarter and then
making a similar 25% reduction in the surtaxes. Or
take the case of the income from professional service.
Why should the doctor or the lawyer, earning $25,-000 to $50,000 a year, be given an advantage of 25%
over the business man who perhaps has to work no
less hard to make the same amount of money. Even
as concerns incomes from investments, the soundness of the proposition is open to question in many
cases. There may be a few instances of "idle rich"
whose income comes largely or exclusively from investments, but such income cuts no figure alongside
the thousands and tens of thousands of relatively
:small incomes, mostly of afiduciary nature,where the
income is derived from investments. What element
of justice is there in discriminating by taxation
against beneficiaries of this kind? A man may have
struggled all his life to provide a competence for the
members of his family, and the fruits of his endeavor
may be represented by investments netting not to exceed 41/
2 to 5%, why should the State now step in
and impair the value of his forethought and selfdenial by discriminating in the matter of taxes
against the income of the fund he has created? It
would seem as if it might be best to drop this proposition altogether.
As regards the tax on theatre tickets, this is in
effect a luxury tax and a luxury tax is the soundest
of all taxes. The revenue from that source should
not be surrendered so long as there is necessity for
the imposition of a dollar of income tax of any kind,
not alone the super-taxes, but also the normal taxes.
And the importance of the matter will appear when
we say that the repeal of the admissions tax would
mean a loss of revenue of 70 million dollars. Mr.
Mellon says the greater part of this revenue is derived from the admissions charged by neighborhood
moving picture theatres and he argues that the tax
•is therefore paid by the great bulk of the people
whose main source of recreation is attending the
2247
movies in the neighborhood of their homes. But the
old-fashioned neighborhood movies, which furnish
recreation for the very poor, are expressly exempt
from the tax under existing law. The admission
charge in such cases is only 10 cents, and the law distinctly provides that "where the amount paid for admission is 10 cents or less no tax shall be imposed."
Of course at the movies of the more ambitious type
the charge is very much higher than this, and as a
matter of fact the rates of admission to many of these
are on a level with those of theatres of the first rank,
but where a person is able or willing to pay these high
prices of admission there is no good reason why he
should not be obliged to pay the tax in addition, at
least so long as the Government is under the necessity of raising such prodigious sums of revenue from
year to year. We notice that Senator Bruce of Maryland, a Democrat, while speaking in unqualified approval of the Secretary of the Treasury's tax reduction program in general also expresses doubt of the
wisdom of remitting the admissions tax. The New
York "Times" in its issue of Thursday quoted him as
follows in a special dispatch from Baltimore:
"I must say, however, that I cannot see just why
the Secretary should recommend the repeal of the
tax on admissions to places of amusement. It seems
to me that this is a little like repealing taxes on
liquors, tobacco or silks. There is no sounder fiscal
principle than the one which insists upon the taxation of luxuries rather than of necessities. Patrons
of moving picture shows, it seems to me, are as fair
subjects for taxation as any individuals that I know,
provided that there is any real need for taxing them
at all."
It is a question in our mind, too, whether it would
not be better at this time to forego the proposed repeal of the telegraph and telephone tax, by which another 30 million dollars of revenue would be sacrificed. If the matter of laying such a tax came up as
an original proposition, it would, of course, have to
be ruled out. But it has been in effect for many
years, is working satisfactorily and apparently is
easily borne and working it would seem no special
hardship now that the people have become accustomed to it. Perhaps in the circumstances it would
be better to let it alone, retaining the tax as a margin
of safety against a possible falling off in revenues
as a whole in the event of trade reaction.
The foregoing has to do merely with some of the
details of the Mellon tax reduction program and does
not touch any of its essentials. It has evoked popular approval, as already said, from one end of the
country to the other, and with the public appetite so
keenly whetted for tax reduction, through Mr. Mellon's exposition of the facility with which it can be
accomplished, it will be difficult even for Congress
to resist the popular appeal for action. It must be
admitted, however, that many of the soldier bonus
advocates are aggressive and insistent, and that they
may be able to push their pet project at the expense
of tax reform, at least retarding its progress and possibly blocking the movement altogether for the time
being. This makes it important to see if some method
cannot be devised for dealing with the bonus question
that shall not in itself be inimical to the carrying out
of a scheme of tax reduction. Bonus legislation as
now planned is inconsistent and incompatible with
any tax decrease. Appropriations would have to be
so enormously enlarged that, barring some extra
source of revenue, no surplus would be available for
tax reduction and tax levies might even have to be
2248
THE CHRONICLE
[VoL. 117.
raised. But is there no way of overcoming the diffi- with the view to ascertaining whether as a whole, or
culty? Is it not possible to deal with both subjects to a preponderating extent, they are in favor of such
in such a manner that neither shall run counter to a huge draft on the national treasury with the whole
the other. We give below our own views as to how of the train of evils that must necessarily follow under existing conditions. But why stop there? Why
this could be done.
At the outset it will be necessary to gauge public confine the vote to the ei-service men? Why not
sentiment aright on the bonus question. At present proceed a step further and make a canvass of the enevery one is completely in the dark on the subject. tire population of the country, since all the people
No one can definitely affirm that any considerable would have to contribute, directly or indirectly,
portion of the population of the country is either for towards providing the funds needful for the puror against the bonus proposition. Many States have pose? Why not get an expression of opinion from
voted in favor of a State bonus, though Oklahoma, in the people at the polls? Why not submit the whole
some respects the most militant of all the States in question to a referendum at the Presidential elecits advocacy of radical ideas, has only recently voted tion of next year? The occasion would be particudown a proposal of that kind. But a Federal bonus larly opportune for securing a full vote, inasmuch as
is a totally different thing from a State bonus, in- many citizens go to the polls at the time of a Presivolving, as it does, such prodigious sums of money, dential election who cannot be depended on to go at
and many persons might vote against the former any other time. There would thus be a national refafter having voted in favor of the latter, thinking the erendum of the widest kind, and the result would be
State bonus sufficient. It is not even clear that a conclusive, definitely settling the matter.
We are well aware that we are proposing somepreponderating body of the "dough boys" themselves
desire a bonus by way of "adjusted compensation" thing that has never been done before, no legislative
from the national Government. Indeed, sentiment measure having ever previously, we believe, been subon the question seems to be considerably divided mitted to a vote of the people by Congress as a preamong the ex-service men. There is most assuredly liminary to its enactment, but that is no reason why
considerable opposition to the measure among some it should not or could not be done. There is no sancof the men, and last week Edgar L. Allen, executive tion for such a course in the United States Constitudirector of the Ex-Service Men's Anti-Bonus League, tion. By that instrument the legislative power is
at 19 West 44th Street, this city, began a nation-wide vested exclusively in Congress, and it cannot be deledrive for members through whom the League expects gated to anyone else. But neither is there any sancto show Congress that the great majority of the vet- tion for the practice, which has grown into a fixture,
erans throughout the country are against a bonus for of having party nominating conventions, once every
the able-bodied. Mr. Allen also forwarded a letter to four years and selecting candidates for President and
William R. Green, Acting Chairman of the Ways and Vice-President, and then having the electors to the
Means Committee of the House of Representatives electoral college vote for these candidates, instead of
(to whom also Secretary Mellon sent his letter last using their independent judgment and making their
week), in which Mr. Allen registered vehement pro- own selections, as the framers of the Federal Constitest against the reported intention of Mr. Green to tution contemplated. At the same time there aprush a bonus bill through the House in the opening pears to be nothing in the Constitution to forbid Condays of the coming session. The letter is couched in gress from asking an expression of the opinion of the
very extreme language, and we find ourselves en- people, and hence nothing would seem to stand in
tirely out of accord with the reflections and animad- the way of creating a precedent for this occasion.
versions that Mr. Allen makes on Mr. Green's atti- Of course, we do not wish to be understood as countude, or supposed attitude. We reproduce, however, 'seling general resort to this expedient—of having
two paragraphs from the letter because they serve Congress order a referendum whenever any importo emphasize a point on which we wish particularly tant measure is under consideration—but the counto lay stress. We are quoting from the.print of the try is confronted by such a grave emergency by realetter which appeared in last Saturday's New York son of the proposal to distribute a gratuity of $4,"Herald." Says Mr. Allen:
000,000,000 to $5,000,000,000, and the possible consequences are so serious, while an active though small
"I would like to call your attention to the fact, my body of ex
-service men is so insistent in urging the
dear Mr. Congressman, that every attempt to secure
course
upon
members of Congress that there would
an expression of opinion not only from all ex-service
appear
full
warrant,
in the exceptional circumstances
memare
men but from the comparatively few who
bers of the American Legion have resulted in failure. of the case, for referring the proposal to the people
"The Ex-Service Men's Anti-Bonus League has re- themselves and ask them to indicate their wishes in
peatedly challenged the American Legion to poll its the matter after considering it in all its bearings. The
own individual membership on the bonus issue. The referendum would be purely for the guidance of Conpoll has never been taken. We have asked the Ameri- gress. While
it would not be legally binding upon
can Legion to join with us in obtaining a referendum
members
being outside the Constitution,
of
Congress,
vote of all ex-service men on the bonus. They refuse
there
could
that it would be accepted by
be
doubt
no
to do (3o., Following this we have appealed to the
Governors of all the States to co-operate in the use of everyone in Congress, for vox Populi, vox Dei, protheir election machinery in the holding of such a ref- vided the vote was decisive one way or the other, as
erendum. Surely it would be the part of statesman- we believe it certain to be.
ship to hold up all such proposed legislation until an
All we say in the foregoing would,of course, be idle,
untrammeled expression of veteran sentiment can be and the
suggestion of a popular referendum worse
thus obtained."
than useless, unless some definite and feasible plan
We think everyone will agree with this opponent were at the same time submitted for raising the funds
of the bonus in insisting that before appropriating with which to pay the $4,000,000,000 to $5,000,000,several billion dollars for the purpose steps should 000 needed for the purpose in the event of the elecbe taken to canvass the ex-service men themselves, torate declaring in favor of the proposal. To ask the
Nov. 241923.]
THE CHRONICLE
2249
people merely for direction as to whether a bonus determine for how
many years it would be necessary
shall be granted and leave Congress to grapple, as it to impose the
tax, and that the voters be informed at
may, with the question how to provide the means for the time of the
referendum of the period of years
making payment, would leave everything up in the over which the
tax is to extend-. The question on
air just as it now is and would verge on the ridic- which the citizen would
be asked to vote would read
ulous. The method of payment is an indispensable somewhat like this:
"Are you in favor of adjusted
part of the proposal and the citizen must know what compensation
for ex-service men to be paid by a spe-'
he is voting for in that respect before casting his bal- cial annual tax of
1/
1
2% to be levied on all income
lot in favor or against a bonus. What,then,shall the without
any exception for a period of so many
method be of raising the funds? To pay by a bond years?" The
voter would then know just what he
issue would seem to be wholly out of the question. was voting for
and what the cost to him would be.
The country has at present roughly 22 billion dollars He could
then give approval to the bonus or turn the
of interest-bearing debt outstanding, and a further proposition
down.
addition of $4,000,000,000 to $5,000,000,000 to the
The advantage of this arrangement would be that
total is not to be thought of. Every one of the Lib- Mr.
Mellon's tax reduction program could go on conerty bond issues is now selling below par, and what currently
with the legislation for securing a referenwould be the effect upon price if huge further blocks dum under
which the bonus question would be setshould be thrown upon the market, either all at once tled
once and for all, and if the decision was in favor
or in installments from year to year! Moreover, the of bonus
a
the extra tax would be strictly limited and
annual interest charge, now in the neighborhood of
expire automatically at the end of the term of years
1,000 million dollars, would be increased by 200 mil- needed
to make the payment. And it would rest with
lions, more or less. Nor would it be possible to prothe voters themselves whether they would stand the
vide the money by raising existing income tax rates
tax or not. Not only that, but the question would be
instead of reducing them as contemplated in the Meltaken entirely out of the realm of politics. Demolon plan. The surtax now runs as high as 50%, and
crats and Republicans alike could work together for
this added to the 20% tax on corporations
or against the proposition without having to take
and the 3% tax on personal incomes in this
into consideration party consequences. What is
State, makei a total exacted by Government
under more, the question would be decided on its merits.
the present law of 73%. This leaves only
27% to And best of all, there would be finality. As it is now,
draw upon even if we ignore real estate and
other even if the bonus should be defeated in Congress, the
taxes. Such a small remnant is obviously insuffi- measure would keep forever
cropping up again—
cient to provide the billions needed even if the added next year and the followin
g year and the year after.
tax levy should be extended over a series of years.
There seems no other course open but a recourse to
The Financial Situation.
a small special tax of universal application. We proAnother proposition is added to those which aim
pose such a tax, applicable to the entire body of the
to relieve the farmer by reducing his losses and hazcountry's income. Being of general application the
ards and warranting profits to him. A company
rate of the tax would necessarily be light and
there- subsidiary to one of the oldest and largest of the infore easily borne. The income tax returns to the
In- surance companies in Hartford, the "insurance city,"
ternal Revenue Department in 1921 showed aggrehas engaged, we are told, an international expert to
gate net income of not quite 20 billion dollars,
and make a survey of all the farms in the country, tothose for 1920 of not quite 24 billion dollars,
and of gether with the crop conditions of each district,
this a large part in each year was exempt from
the "with a view to insuring all crops against failure, no
payment of taxes. On the other hand, the total
in- matter from what cause."
come of the country is estimated at 50 to 60
billion
Neither crop insurance nor an investigation of
dollars, none of the smaller wage earners being
"conditions" is a new thought. The farmer naturally
obliged to make returns. A tax of 1/
1
2% on the first wonders, says an officer of the
company now considmentioned sum would therefore produce $750,000,000
ering the subject, why the protection afforded by ina year. Even if we take only 40 billions as the aggresurance should be denied him, when he notes that
gate income of the country, -the yield would be $600,nearly every form of loss faced by persons in commer000,000. We propose such a tax, to be continued the
cial pursuits is insurable. The wonder is natural,
number of years necessary to make up the amount
since modern underwriting has undertaken so many
required to pay the bonus, say four years, or five
subjects that almost every conceivable contingency
years, or six years.
has at least been suggested as a possible subject.
This would be a tax separate and distinct from
the But the fundamental principle of underwriting
ordinary income tax, and it would have to be colshould be kept steadily in mind: that of applying
lected in a wholly different way. The idea would
be combination and average to future events. Those
to collect the tax entirely at the source. The emevents must, however, be uncertain both as to their
ployer would deduct the 11/
2% in paying the wages dates of occUrrence and
the harm wrought by them,
of his employees, the same deduction would be made
must
inevitab
be
else
or
le
and measurable yet uncerin making dividend or interest payments, the savings
tain as to date. Life insurance is the great form
bank would deduct it in crediting interest, and so on
based upon the last-named characteristic, certainty
all through the line. And the tax would be so light
of occurrence but uncertainty of date. It is simply
that no one would feel the burden. In the case of a
a scheme of provident savings, whereby the money
man earning $20 a week the deduction would be only
loss, to his dependents, by a man's death I. covered,
30 cents a week, and even in the case of a man earning
under a scheme of mutual contributions by a large
$50 a week the deduction would be no more than 75
mass of persons. All other forms of insurance have
cents. Members of labor unions often pay assessthe same mutuality in essence, yet in life insurance
ments of 5 to 10% for weeks and months at a time.
every assumed risk which is continued will certainly
We propose that careful calculations be made to
become a "loss" and that loss is always "total"; but
2250
THE CHRONICLE
{VOL. 117.
in indito the overwhelming majority of risks covered by all aid really mean) we should put our trust
dollar
larger
a
work,
longer
and
harder
effort,
at
vidual
forms of property insurance loss will never come
Engabundance.
and
production
greater
through
comof
all, or, if it does come, will be partial instead
Nelson on one memorLord
signaled
expects,
land
plete.
his duty. Become
One condition to a safe underwriting is absolutely able occasion, every man to do
less for somebody to
indispensable, namely: "average." That is, there lifter instead of leaner. Cry
Providence, but not in
must have been accumulated a body of statistics, out come and boost. Trust in
of underwriting experience or of trained observation Governments.
(or both) covering a wide area and a long term;
The outstanding event in the affairs of Germany
lacking this, underwriting takes dangerous chances,
Cabinet, anuntil it has felt its way along and has purchased, was the resignation of the Stresemann
late cable
through
received
was
which
often dearly, an experience of its own. In the com- nouncement of
stated
was
It
evening.
last
Berlin
from
have
dispatches
petitive endeavor to supply new forms, some
Cabinet's
the
of
result
a
was
resignation
for
that
the
wagers;
been ventured which are really gambling
of confidence."
example, insurance against rain on some particular "defeat in the Reichstag on a vote
"the Governalso,
advices
cable
the
to
asAccording
The
dates.
'day or between certain near-together
by
confidence
of
the
question
on
defeated
been
was
ment
long
have
sociations called Lloyds in London
confidence
expressing
resolution
the
for
is
it
155
of
vote
a
and
guarantees,
distinguished for speculative
Chancellor
hardly an injustice to them to say that they will and 230 against it." It seems that the
of the
confidence
"write" on almost any future contingency whatever. "demanded an unequivocal vote of
Assothe
of
ent
Our own companies have been dabbling somewhat Reichstag." The Berlin correspond
the
"threw
this
that
evening
in this wager insurance; for one example, it is not ciated Press cabled last
and
confusion
into
again
long since one of them wrote a policy against unfa- Parliamentary situation
dictatorship,
vorable weather for scientifically observing a solar revived the possibility of a military
developearly
an
as
Seeckt,
von
by
a
General
headed
phenomenon; that is, a bet was made that within
not
ment."
brief time on a certain day obscuration would
defeat the object of the observers.
The Premiers of Great Britain and France, their
Now—to make the application—the fundamental
associates, and the members of the Council of
close
crop
against
defect of any scheme to insure farming
s, sitting in Paris, were busy the greater
Ambassador
"average";
lacks
failures from any cause is that it
in working out two notes to be sent
week
the
of
to
part
which
on
yet,
there is no body of experience, as
It was
found one. It is true that hail insurance has been to Germany, on which they all could agree.
and
control
military
with
deals
largely written, and also true that it has not been said that one note
of
reaching
The
Prince.
Crown
very successful, and especially in the Northwest. It the other with the
conthe
it
meant
as
important
was
may do better at some future time, but it has not yet the agreement
tinuance of the Entente, at least for the time being,
"found itself."
but nothing can come of the notes unless they are
loss
To safeguard the farmer against all causes of
crop
by Germany. Chancellor Stresemann made
accepted
of
would mean a coverage against all sources
speech, two hours in length, in the
an
market.
important
failure and against unfavorable prices in
in defense of his GovernThursday,
al
on
Reichstag
Government
Does not this involve, or tend towards,
the seriousness of
outlined
he
in
the
ment,
which
and
hold
to
guarantees? If the whole country is
ary camThe
Parliament
Germany.
in
not
why
conditions
industry,
farmer safe against unsuccessful
do the like for other human ventures? Turning raw paign in Great Britain, preparatory to the general
material into useful products, erecting buildings, election on Dec. 6, is well under way, with the most
mercantile trading, banking, publishing and (not prominent representatives of the leading parties
least) transportation—all these are useful, all are aggressively active.
liable to troubles, and all dependent upon getting an
An actual break-up of the Allies seemed imminent
average success over a term of years. Yet, although
various separate contingencies in each of these has a week ago. Premier Baldwin of Great Britain
insurance available there is no insurance of success- made a speech in the House of Commons clearly outlining the policy of his Government in dealing with
ful conducting for any of them.
Germany. It became known on the evening of Nov.
peoamong
The farmer is not the least prominent
16
that "the British Cabinet decided at a meeting
not
is
he
ple who are more or less in trouble, but
to-day
Lever
that Great Britain will not agree to any furthe
underrated, nor has he been neglected. In
and similar emergency laws he was especially ex- ther imposition of sanctions on Germany." The
empted; he was left free to hoard and combine and New York "Times" representative in London added
withhold and do anything which might bring him that"as far as is known here, opinion in France itself
higher prices, and a bounty for more wheat growing is divided on the next step, some suggesting merely
was practically offered him. Now, no investiga- a further consolidation of the French power in
tion of farming conditions can meet the defect of a the Ruhr and the Rhineland and others proposing
lack of "average," yet if anybody can show how all the seizure of German railways beyond the occupied
farmers can be brought into an undertaking to 'safe- area. The most extreme section believed that presguard them all, or if any underwriting capital is sure could be brought by the occupation of Hamburg,
ready to enter upon the work of finding an under- Bremen and other German ports." Continuing to
writing experience in a line so full of contingencies, outline the British position, he asserted that "to
the insurance may perhaps be tried more fully than none of such plans will the British Government assent. Great Britain, confronted at every turn by
it has yet been.
her economic and industrial difficulties, will do
atof
instead
farmer
needs we all need:
What the
nothing to increase the confusion in Germany and
is
(which
everybody
tempts to make everybody help
less to disintegrate Germany's political strucstill
and
ns
interventio
al
for
Government
what clamors
Nov.24 1923.]
THE CHRONICLE
ture. All her interests, in the view of her Government,lie in helping Germany to re-establish internal
order, and she will not participate in or even agree
to any steps that will thrust the German people
deeper into the mire." The Associated Press correspondent at the British national capital cabled that
"as Premier Poincare announces France will enforce
these penalties separately if Great Britain refuses
to join with it, there appears to be a hopeless deadlock between the two nations which some political
observers believe portends an ultimate dissolution of
the Entente Cordiale."
From Paris came a special cable dispatch on Nov.
16 to the New York "Times" stating "that in a direct
reply to Prime Minister Baldwin's speech in the
House of Commons yesterday [Nov. 15], Premier
Poincare to-day, in a speech of an hour and a half
before the Chamber of Deputies, defended his position and policy. Again and again he was applauded
by three-quarters of the Deputies, especially when
he compared the situation now with regard to Germany and the situation which might have arisen had
his Government not occupied the Ruhr."
2251
which time he will seek to have yes or no from England on whether London will agree to the principle
of penalties to re-establish Allied supervision over
German military establishments as provided by the
Treaty of Versailles." He further said that "London
is trying to effect a compromise which it is understod would provide that Berlin agree to re-establishment of control in those parts of Germany where its
authority is not questioned, and is reported to have
even intimated to M. Poincare that there might be a
change in the official British attitude toward Ruhr
occupation if he accepted this scheme. It is perfectly
plain that the British plan, which the Quai d'Orsay
believes had its inception in Berlin, would exclude
Bavaria from the Allied inspection officers, and it is
precisely in Bavaria, Marshal Foch reports, that the
Monarchists and Militarists are strongest and the
German military organizations largest."
The French position was still more emphatically
outlined in a speech made by Premier Poincare on
Sunday. The Paris representative of the New York
"Times" in his account of it said: "Premier Poincare proclaimed to-day a new security policy when
in a speech at Neuilly he announced that henceforth
Italy sided with Great Britain to a great extent in it should be considered that the occupied territories
the latter's policy with respect to Germany. Speaking would be held by France not only to obtain fulfillin the Senate on the evening of Nov. 16,Premier Mus- ment of the reparations terms of the Versailles
solini declared that "the Italian Government cannot Treaty, but of all the other terms." He explained
give its approval to any further occupation of Ger- that "by this he meant that in addition to intending
man territory. One must have courage to say that the to stay in the Ruhr until Germany had paid in full
German people cannot be destroyed. They are a what she owes the French for reconstruction, the
people which has known civilization and which may French intend to stay there so long as France is not
to-morrow be an integral part of European civiliza- sure Germany has not greater military strength than
tion." The Associated Press correspondent also kis allowed by the treaty. Which is to say, that even
stated that "Signor Mussolini intimated that Italy after Germany shall have paid up all she owes, the
did not contemplate such an extremely grave step as French would consider themselves entitled to remain
breaking with France, which would, in a certain in the Ruhr if Germany had more than 100;000
sense, be equivalent to declaring the Treaty of Ver- troops."
sailles void and might involve another European conflagration and leave Italy isolated." According to
The Berlin correspondent of the Associated Press
the dispatch also, "a resolution approving the Gov- cabled Sunday evening that
"Chancellor Stresemann,
ernment's foreign policy was adopted by the Senate. addressing a meeting of the
German People's Party
The vote came after a lengthy statement by Musso- to-day, declared
against a dictatorship. He anlini and a debate on policy."
nounced also that Germany would reject any demand
It became known in Paris a week ago to-day that for the surrender
of the former Crown Prince." He
"Lord Crewe, British Ambassador, has asked post- added that"the
Chancellor asserted that the political
ponement of the meeting of the Allied Council of Am- and diplomatic
steps taken by Germany had contribbassadors, and this slightly revived hopes that a uted to placing
France in a position she had never
united Allied front could be preserved." The Asso- before occupied
with both Anglo-Saxon Powers, cociated Press correspondent in the French capital operating toward
the same ideals, with Italy parting:
asserted, however, that "the efforts which will be from her and
Belgium weakening. The importance
made meanwhile to prevent a break are regarded in of these
developments for Germany was that they
political circles here as despairing, the French and were ushering
in a new era, even if France indulged
British Governments being too far apart, it is in further
acts of violence." The Chancellor was.
thought, to make an agreement possible." According quoted as
saying also that "a winter of terrible hardto an Associated Press cablegram from London, the
ship was approaching; the Government could not
same day, "there were indications at the Foreign
give immediate help to industry, nor stem the tide
Office on that day that France was changing her
at- of unemployment. He regretted the failure of the
titude as to some of her threatened penalties against
negotiations between the occupying authorities and
Germany in the event of failure to give up the
ex- the industrialists in the Ruhr, but blamed the
Crown Prince and permit the Inter-Allied
Military French, whose demands really constituted an atControl to resume its interrupted investigation of
tempt to compel Germany to recognize the invasion
German armaments." In a subsequent Paris
cable- of the Ruhr as legal." According to an Associated
gram to the New York "Times" these "indications" Press cablegram
from Duesseldorf last evening,"the
were not in evidence. On the contrary, the corre- leaders of industry
in the Ruhr Valley with whom
spondent said that "in the face of a British move
to the French authorities have been negotiating for the
postpone longer a show-down on the issue of German resumption of
operations in the industrial plants,
armament control and the return of the Crown
signed an agreement with the French to-day."
Prince to Germany, Premier Poincare to-day inDescribing conditions in Berlin, the New York
sisted that the Ambassadors meet on Monday, at "Times"
representative cabled on Nov. 18 that "food
2252
THE CHRONICLE
rioting and plundering have been resumed in Berlin
with indications of a lively week. Stores fearing
plundering wisely keep closed. If you succeeded in
slipping in by the back door you find shopkeepers
unwilling to sell anything, particularly the butchers,
having the stereotyped answer,'We have no meat.'"
He explained that "this shortage is largely due to the
certainty that meat as well as other food prices will
be many hundred per cent higher to-morrow; hence,
the holding out over the week-end. The New York
'Times' correspondent was quoted a confidential
meat price for to-morrow of seven trillion marks a
pound, which at the best bootlegger rates for the dollar to-day is nearly $2 a pound. Bread was unbuyable either yesterday or to-day."
Sunday and early Monday the cable dispatches
from Paris and London stated that a break between
France and Great Britain was practically certain. Monday forenoon before the opening of
the New York Stock Exchange, however, it was reported from Paris that the Council of Ambassadors,
sitting in that city, had reached an agreement on a
policy in dealing with Germany, and that it had been
accepted by the French Cabinet. Foreign exchange
and American stocks recovered rapidly to the extent
of 1 to 5 points for the active issues. Sterling exchange advanced 10 cents to the pound to 436. As to
what had happened at the Council meeting, the Paris
correspondent of the Associated Press cabled that
afternoon that "an agreement in principle was
reached by the representatives of the Allies assembled in the Council of Ambassadors here to-day, and
a break between France and Great Britain on the
question of the attitude to be adopted towards Germany was averted, at least temporarily." He also
reported that "the Council of Ambassadors reconvened at 6 p. m. with all the members present, but
decided to postpone their meeting until to-morrowThe hour was left unfixed. The postponement, it is
understood, was taken because the British and Belgian Ambassadors had received no word from their
Governments regarding the text of the proposed note
to Germany." According to the correspondent's information, "the understanding was that the agreement called for sending Germany a protest against
the lack of facilities she was furnishing for the work
of the Military Control Mission, but without mention of what action the Allies might take in case Germany failed to give the required assurances of protection for the mission." Following a meeting of
the French Cabinet on Monday a communique was
issued in which it was stated in effect that "the Cabinet unanimously approved the attitude taken by M.
Poincare in the negotiations." In Paris dispatches
it was claimed that to "Jules Cambon, dean of the
French diplomats," was due most of the credit for
the Council of Ambassadors having reached an agreement.
From London came an Associated Press cablegram
Monday evening in which it was stated that "there
was a perceptible lessening here to-day in the tension between England and France over the questions
of the German ex-Crown Prince and unrestricted resumption of Allied military control in Germany.
Foreign Office officials were quick to explain that
indications of a change in the French attitude were
based on press reports only and not on any direct
information from Lord Crewe, the British Ambassador in Paris."
[VOL. 117. '
The cable advices sent out from Paris later the
same evening, and which were published in the newspapers here Tuesday morning, were of a still more
hopeful tone. For instance, the New York "Times"
representative said that,"though the Council of Ambassadors after two meetings today again adjourned
until to-morrow, the adjournment is not this time a
sign of deadlock, but rather of agreement. At all the
Embassies and at the Quai d'Orsay there is a strong
spirit of optimism, and it is a hopeful sign that every
one is making concessions." He added that, "as had
been foreshadowed, Premier Poincare has given way
on a point or two, and Lord Curzon, in face of divergent opinion in England on the eve of the elections,
has also yielded just enough in his usually rigid attitude to make agreement possible."
Commenting upon the reported reaching of an
agreement between the French and British, the Paris
representative of the New York "Herald" said:
"Diplomatic ingenuity underwent a severe test today to find the basis for an accord that would avert
new independent action by France against Germany
and a real rupture in Franco-British relations, but it
is understood that a solution was found that will
postpone the crisis between the two countries until
after the British elections. This was the real object
of to-day's diplomacy. It is the British electorate
that must pass on the obviously wide disagreement
of ideas and until this verdict is delivered no decisive
measures regarding Germany will be taken by either
Power. Premier Poincare has acquiesced with
Prime Minister Baldwin in this, hoping that Mr.
Baldwin will win out rather than Mr. Lloyd George,
whose success, in the French Premier's opinion,
would forbode a real rupture of the Entente." The
representative of the New York "Tribune" in the
French capital described the situation in part as
follows: "France to-day yielded to save the Entente. Premier Poincare's demand for immediate
punitive penalties against Germany,'which was reiterated only yesterday in his speech at Neuilly,
with a warning that France was preparing to act
alone, was overwhelmingly voted down by the Allied
Council of Ambassadors, which at the same time realized that the Paris Government was on the brink of
political isolation, with the certain destruction of
the Entente in the offing. These considerations
forced M. Poincare to yield. There will be no immediate penalties laid against Germany for Chancellor Stresemann's failure to expel the Crown Prince,
or for his so-called insolent attitude on the reinstallation of inter-Allied military supervision over the
Reich." In a Paris cablegram to the Associated
Press last evening it was stated that "the Chamber
of Deputies this evening voted confidence in Premier Poincare after a statement on which he fully
outlined his foreign policy. The vote was 505 to 70."
The attitude of Chancellor Stresemann toward the
Ruhr and Rhineland was set forth in part as follows
in a special dispatch from the Berlin correspondent
of the New York "Tribune": "Speaking before the
Foreign Relations Committee of the Reichstag to-day
[Nov. 19], Chancellor Stresemann asked its approval
of the project for the economic and financial autonomy of the Ruhr and Rhineland. The Chancellor
said the Reich is no longer able to finance the occupied territories, more than half of the population of
which have been living on Government subsidies
ever since the occupation began. He emphasized
Nov. 241923.]
THE CHRONICLE
2253
that the project does not imply surrender by the continue negoti
ations with France, because the GerReich of its political territorial sovereignty over the man Government
desired to leave no stone unturned
areas. To-night the Cabinet met again in conjunc- in its efforts
to effect an agreement and improvement
tion with the Premiers of the German States and the in the situat
ion." It was reported that "Chancellor
Committee of Fifteen." He added that "it is taken Stresemann
concluded by saying the present crisis
for granted that the Government will successfully was more
a Parliamentary than a Cabinet one. He
negotiate its proposal after the impression has been said he had
asked President Ebert to take energetic
removed that the occupied territories are to be com- measur
es if they were called for." London heard
bined in a separate free State."
from Berlin that "the speech made a splendid imLord Crewe, the British Ambassador to France, pressi
on, and the Chancellor undoubtedly strengthwas reported to have "received instructions from ened
his position. The Communist Deputies unsucLondon this [Wednesday] morning relative to the cessfu
lly tried all sorts of obstruction during the
note the Allies are to send to Germany." At a meet- speech
, including yells of 'murderer.'" The Assoing of the Council of Ambassadors held•late that ciated
Press correspoxdent in Berlin cabled that "in
afternoon it was also reported that an unani
mous the course of a vigorous defense of his Administraagreement was reached with respect to the form
of tion before the Reichstag to-day Chancellor Stresethe note. Even before the meeting it seemed to be mann welco
med the renewed American interest in
pretty generally understood in both London and
the reparations problem and said he hoped an interParis that the British had "toned down" consid
er- national conference would be convoked. He also
ably the demands of the French, particularly with took
the occasion to deny the report published in the
respect to penalties. Through Paris dispat
ches German press that the Government had been offiThursday morning it became known that the Counci
l cially approached by American financiers, and added
would send two notes to Germany,"one on milita
ry that he had not been informed of any impending incontrol and another on the Crown Prince."
The ternational financial action." He noted that the adNew York "Times" correspondent added that "these dress "occup
ied two hours in delivery." The New
notes were mild because England said they must
be York "Times" correspondent, in a cablegram yesterso or she would withdraw from every inter
-Allied day morning stated that, "contrary to the expectacommission set up by the treaty." He said also
that tion of the crowded galleries in the Reichstag, Chan"M. Poincare wished to send an Allied note
to Ger- cellor Stresemann, was able to deliver a defense of
many demanding full German protection of
the inter- his Administration this afternoon without interrupAllied mission in every part of Germany
when and tions by the Communists sufficiently violent to call
where General Nollet wished to inspect, and threat for the suspension or
expulsion of any one of them."
ening grave penalties if Germany did not comply. He added that "in his
speech the Chancellor divulged
What has happened is that the Allies have sent Ger- nothing new. He sought
to placate both the Left
many another note, generally similar to many others and Right. And where
as the German Nationalist
on the same subject, demanding that military con- faction nevertheless
brought in a motion for a vote of
trol, which ended last January on the occupation of no confidence, Dr.
Stresemann succeeded in inducing
the Ruhr, shall be resumed." Commenting upon the the Socialists to
postpone their no confidence motion
notes, the Paris representative of the New York until a later caucu
s has thoroughly ventilated it
"Herald" said that "the Allies, through the Council again." Word came
from Berlin last evening, however,
of Ambassadors, agreed to-night to send two com- that "the Stres
emann Governmentresigned as a result
munications to Germany, one stating that the Allied of a defeat in the
Reichstag on a vote of confidence."
Military Control Commission will resume its work
in Germany and directing the Berlin Government
Even before King George formally dissolved the
to
give it adequate protection and facilitate its work, Britis
h Parliament on Nov.16 its "members hastened
and the other agreeing to let the former Crown to all parts of
the British Isles to-night to open their
Prince remain in Germany as a gentleman farmer, campaign, which
.ends with the election on Dec. 6."
but insisting that the ex-Kaiser must not be allowed The New York
"Tribune" correspondent in London
to return." He further observed that "having dis- observ
ed that "the whole country is intensely interpatched these two notes to the German Charge d'Af- ested in the three
-cornered fight, which promises to
faires, the Ambassadors sat back to wait for Ger- be the hottes
t political battle since 1906. Foreign
many's answer, which, if in the negative, merely will affairs naturally
have been overshadowed by domesbring the two issues back to where the wrangling tic
concerns, but German developments are assumstarted last week. Despite the French and Belgian ing such
profound importance that they are being
insistence that sanctions must be threatened, the watch
ed closely."
text of the notes shows that the divergence on this
As might have been expected, the Labor Party at
question is just as great as ever."
once began a campaign in oposition to Premier Baldwin's proposed tariff system. It seems that on Nov.
Speaking in the Reichstag on Thursday, Chancel- 17"the
British Labor Party issued an election manilor Stresemann was quoted as saying that "his Gov- festo
appealing to the nation in a challenge of the
ernment would relinquish office if it were considered Gover
nment tariff policy and the whole conception
necessary, and that he hoped the Reichstag would of economic
relations underlying it. It argues that
make up its mind quickly in order that he might tariffs, instea
d of remedying unemployment, will
know whether he should continue." He was reported foster a spirit
of profiteering, materialism, and selfto have declared also that "Germany's internal posi- ishness, and
thus will perpetuate the inequalities in
tion was hopeless, and so far as he could see there the distribution
of the world's wealth which labor
was not the slightest prospect of effecting improve- means to remove
." It was stated also that "the maniment." Still, according to the cable dispatches from festo claims
the party has a positive remedy for unBerlin, "Dr. Stresemann said that, despite Ger- emplo
yment through the operation of national
many's serious position, efforts would be made to schem
es for productive work, with adequate mainte
2254
THE CHRONICLE
nance for those who cannot obtain employment to
earn a livelihood for themselves and their families."
The plan was still further outlined in part as follows in an Associated Press cablegram: "These
schemes includes the establishment of a national
system of electrical power supply, the development
of road, rail and canal transport, and improvement
of the national resources; land drainage, reclamation,forestation, town planting and housing schemes,
all of which,it is argued, will be investments for the
future as well as a remedy for the present situation.
The Labor Party promises the English farmer restored prosperity and the farm laborer a living wage,
through development of agriculture and establishing
machinery for regulating wages, and providing
credit and State insurance facilities for the farmers
and small landowners, and promoting co-operative
methods of production and distribution."
Commenting upon the early campaign developments, the New York "Times" correspondent observed that "with the issuing of the Premier's most
detailed statement so far of his protectionist policy,
the Labor Party's declaration of its constructive
program, and ex-Premier Lloyd George's castigation
of the present Government, which he charged with
having 'muddled, messed and ultimately abandoned'
America's offer of aid in Europe's troubles, to-day
[Nov. 17] may be said to have marked the real, beginning of the British electoral campaign." He
stated further that "Premier Baldwin issued an election address to his Bewley constituents which may
be considered an official statement of the aims of the
Government. He dwells on the undermining of the
very foundation of British national life by the continuance for four winters in succession of unemployment; the hopelessness of looking for a rapid improvement through the settlement of European peace
now that France has occupied the Ruhr, and the curtailment of foreign markets for British goods and
the invasion of the home market by the products of
countries with depreciated exchange." In explanation of what he hopes to acomplish by imposing duties on imported manufactured goods, the Premier
was quoted in part as follows: "First, raising revenue by methods less unfair to home production.
Secondly, assistance to industries exposed to unfair
foreign competition. Thirdly, utilization of the
new duties to negotiate reductions in foreign tariffs.
Fourth, the grant of substantial preferences on the
whole range of duties to British-produced articles."
The Premier further outlined his campaign in a
speech in London on Monday. The Associated Press
correspondent at that centre cabled that "Prime
Minister Stanley Baldwin, opening his election campaign in favor of tariff protection before a big audience in Queens Hall to-day, declared the issue is unemployment and nothing else. The world's trade, he
said, was dislocated in consequence of the war, and
England had been hit harder than any other country." In referring to the dislocation of trade he said:
"France, Belgium and Germany are in the position
of actual or potential competition with this country
of a deadly kind. If the markets of the world are
contracted, why should the whole burden of the
shortage in trade caused by that contraction fall on
our shoulders instead of being shared among the
peoples of the world? We cannot wait for the settlement of Europe, we must look after ourselves. . . .
We shall continue to strive for a settlement and for
•
[Vol,. 117.
peace. . . . Meantime we are not content to watch
our industries being crippled under our eyes by countries that have intrenched themselves in by prohibitive tariff and who are able by dint of the conditions of foreign currencies to cut under any price we
may quote. Whatever prospects of Europe returning to normal existed a year ago, we have no hope of
seeing a restoration in the immediate or even near
future."
Former Premiers Asquith and Lloyd George came
forward with their first campaign document on Nov.
19. According to the London representative of the
New York "Times,""the bid of the Liberal Party for
power was made to-day in a public manifesto. It
was signed both by H. H. Asquith and David Lloyd
George, thus proving that the two wings of the party
were reunited for the purpose of the election fight
at any rate. Most of it is devoted to criticism of the
Government's foreign policy, both in Europe and the
Near East, and to a declaration that tariff reform
will increase and not decrease unemployment. In
the same way Labor's capital levy proposal is denounced." He asserted that "in dealing with the
Government's record in foreign affairs the two exPremiers use language of a vehemence most unusual
in the discussion of such subjects on the election platform."
In the manifesto itself it was claimed that "for at
least a century past no greater economic, political or
moral question has confronted Europe than the
French and Belgian occupation of the heart of German industry in the Ruhr. In no great European
question for at least a century past has it ever been
doubtful where Britain stood. Yet for a whole year
neither our allies nor the neutral Powers nor our late
enemies have known whether in this crucial issue
Britain had a voice or mind or conscience of her
own." In summing up the alleged record of the
Government it was charged that "British policy was
one of the chief rallying powers in Europe after the
Napoleonic wars. For the past year its blindness,
indecision and impotence have been such that it has
ceased to exercise any guiding influence upon European affairs."
At a luncheon at the Constitutional Club in London on Tuesday Lord Birkenhead and Austen Chamberlain came out in favor of Premier Baldwin's tariff program. Lord Birkenhead, in his speech, said
that "we are confronted by an election in which certain business and purely business considerations
arise for discussion. giome of our late Liberal friends,
or our late Liberal opponents—we must discriminate
in this matter—appear to be angry as to the nature
and occasion of the appeal made to the country. I
really cannot understand why the Liberal Party
should be angry, because whatever else may be said
of this Government, this tribute must be paid to
them—they have at least reunited the Liberal Party."
He added that "it was absurd to suppose that free
trade, when only one country in the world adhered
to it, was free at all, and one of his most effective
points was that Joseph Chamberlain in his great
tariff reform campaign had shown how England under free trade was growing steadily weaker in many
of her essential industries for warlike purposes."
Lord Robert Cecil, speaking at Hitchin the same
day, "protested his absolute theoretical fidelity to
free trade principles, but said that in the peculiar
economic conditions of the moment he could accept
the Government's proposals."
Nov. 241923.]
THE CHRONICLE
In describing the campaign further, the New York
"Times" correspondent in London said in a dispatch
under date of Nov. 21 that "the leaders of all the political parties were on the hustings to-day, and the
campaign struck a lively stride as personalities were
interspersed amid arguments for and against free
trade and protection. The Prime Minister at Reading, Mr. Asquith at Paisley, Winston Churchill at
Leicester, Ramsay Macdonald addressing coal miners, and Mr. Lloyd George in the Queen's Hall, London, drew audiences that overtaxed the capacity of
the accommodations and thousands had to be turned
away.
2255
held abroad in 1923, 1,897,967,056 francs in 1922
and 1,948,367,056 francs in 1921. Silver during the
week increased 251,000 francs, advances rose 28,218,000 francs and Treasury deposits were augmented by
1,850,000 francs. On the other hand, bills discounted fell off 48,439,000 francs, while general de"posits were diminished 74,135,000 francs. A further
reduction of 200,687,000 francs was registered in
notes in circulation, bringing the amount outstanding
down to 37,238,679,000 francs, which contrasts with
35,789,280,685 francs at this time last year and with
36,336,275,435 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
Official discount rates at leading European centres in this week's return with the statement of last week
•have not been changed from 90% in Berlin; 7% in and corresponding dates in both 1922 and 1921 are
.Norway;
in Denmark; 5/
1
2% in Belgium and as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Sweden; 5% in France and Madrid and 4% in LonChanges
Status as of
Week.
Nov. 22 1923. Nov. 23 1922. Nov. 24 1921
don, Switzerland and Holland. In London the open Gold Holdings— for
Francs.
Francs.
Francs.
Francs.
Inc.
138,950 3,675,353,650 3,635,796,810 3,575,675,838
France
market discount rate was a shade easier, closing at In
1,864.320.900 1,897,967,056 1,948,367,056
Abroad
No change
33
/
8% for short bills, against 3%@3 7-16%, and at Total
138,950 5,539,674,550 5,533,763,866 5,524,042,894
Inc.
251,000
296,088,000
Inc.
Silver
288.521,967
279,072,051
•33
/
8@37-16% for three months, as against 35
/
8@ Bills
discounted.. Dec. 48,439.000 3,302,744,000 2,483,615,258 2,287,510,828
2.357,405.000
Inc.
28,218.000
Advances
2,159,546,628
2,215,008.924
4% last week. Money on call was steady and fin- Note circulation_Dec.200,687,000 37,238,679,000 35,789,280,685 36,336,275,435
33
85,508,000
Treasury depovita_Inc. 1.850,000
62,336,066
54,300,841
ished unchanged at 21/
4%, often having touched General
depoelta Dec. 74,135,000 2,044,600,000 2,222,131,199 2.508,796,664
VA% earlier. In Paris open market discounts remain at Oh% and in Switzerland at 2%, the same
The Imperial Bank of Germany has issued a state.fv: a week ago.
ment, under date of Oct. 31, which reveals the fact
that note production has now reached the quintillion
Another small gain in gold was shown by the Bank mark. Another stupendous increase was recorded,
of England this week,aggregating £80,310, while note namely 1,972,492,351,798,606,000 marks, which brings
'circulation was reduced £335,000, so that reserve ex- the total up to the mammoth figure of 2,496,822,337,panded £415,000, to £23,803,000, in comparison with 000,000,000 marks, as against 469,400,000,000 marks
£24,488,131 a year ago and £23,582,450 in 1921, while last year and 91,527,000,000 marks in 1921. Other
the proportion of reserve to liabilities was a shade grotesquely large increases included 5,900,475,164,lower, declining to 19.15%, against 19.25% last 951,879,000 marks in discount and Treasury bills;
week. A year ago the ratio stood at 19.84% and in 3,477,993,973,260,537,000 marksin deposits and 2,211,1921 at 16.88%. The deposit items showed increases, 376,857,711,083,000 marks in other liabilities. Treaspublic deposits £2,351,000 and "other" deposits £428,- ury and loan association notes expanded 35,253,778,000. The bank's temporary loans to the Government 803,406,000 marks; bills of exchange and checks,
were reduced £280,000, but loans on other securities 905,303,840,288,904,000 marks; advances, 37,258,549,increased £2,674,000. Gold holdings now stand at 992,506,000 marks; investments, 8,379,703,916,799,£127,766,336, as against £127,445,261 in 1922 and 000 marks; 775,156,667,614,729,000 marks in other
1128,438,365 a year earlier. Note circulation is assets, and 39,480,647,515,000 marks in notes of other
£123,869,000, as contrasted with £121,407,130 last banks. Total coin and bullion (which now includes
year and £123,305,915 in 1921, while loans amount to nickel, aluminum and iron coins) was again reduced,
£74,144,000, which compares with £66,841,031 and falling 3,455,512,000 marks, while gold lost 1,000
£83,571,744 one and two years ago, respectively. No marks, to 467,025,000, as against 1,004,853,000 marks
change has been made in the bank's official discount in 1922 and 993,631,000 marks the year before.
rate from 4%. Clearings through the London banks
for the week were £783,771,000 last week and £689,An analysis of the weekly Federal Reserve Bank
783,000 a year ago. We append herewith compari- statement, issued Thursday afternoon, revealed
sons for a series of years of the different items of the continued shrinkage in the banks' portfolios and a
Bank of England returns:
further small addition to gold reserves for the System.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
The New York bank, which has been losing gold to
1923.
1922.
1921.
1920.
1919.
interior for some weeks past, reported an increase
the
Nov. 21.
Nev. 22.
Nov. 23.
Nov. 24.
Nov. 28.
stock of the precious metal of more than
its
in
Circulation
123,869,000 121,407,130 123,305,915 127,964.815
86.693,965
$50,000,000,
Public deposits
due to operations with the Gold Settle17,236.000 16,039,986 15,600,969 17,989,416
19,307,987
Other deposits
106,232,000 107,374,952 124,083.261 105,314,613 100,989,141
ment Fund. Rediscounting of all classes of paper
tiovernm't securities 43,439,000 49,864.512 50,314,712 52,401,073
38,334,536
Other securities.... 74,144,000 66,841,031 83,571.744 74,106.764
80,080,300 by the banks as a group declined approximately
Reserve notes & coin 23.803,000 24,488,131 23,582,450 14,598,036
19,657,651 $45,000,000.
Open market purchases, however,
Coln and builion....127,766,336 127,445,261 128,438,365 124,112,851
87,901,616
Proportion of reserve
expanded $16,000,000, so that the net result
were
19.15%
to liabilities
19.84%
16.88%
11.83%
16%
4%
;lank rate
3%
5%
7%
was a decline in total bills on hand of $29,000,000.
Earning assets fell $46,000,000 and deposits $41,The Bank of. France in its weekly statement shows 000,000. Locally, almost similar changes were
small gain of 138,950 francs in the gold noted. Rediscounts of Government secured paper
further
a
item. The Bank's total gold holdings are thus diminished $31,000,000 and "All other" $5,000,000,
brought up to 5,539,674,550 francs, comparing with while bill buying in the open marketlincreased
5,533,763,866 francs on the corresponding date last $6,000,000, hence total bill holdings feld$30,600,000.
year and with 5,524,042,894 francs the year previous; A substantial reduction was reported in earning assets
,of the foregoing amounts 1,864,320,900 francs were ($41,000,000) and a decrease of $5,700,000 in de
2256
THE CHRONICLE
[VoL. 117.
Referring to specific rates for money, the call loan
market has remained almost motionless throughout
the week, with the range 4 2@5%, the same as last
week. On Monday there was an advance to 5%,
4%,and this
though renewals were put through at 43
was the low. Tuesday a flat rate of 49.70 was
quoted, this being the high, the low and the ruling
figure for the day. During the remainder of the
week, Wednesday, Thursday and Friday, the range
was 432@49%, with 43.i% the renewal basis on
each of the three days. The above figures are for
both mixed collateral and all-industrials alike. For
date maturities the situation remains without
fixed
Clearing
Last Saturday's statement of New York
change, with sixty-day money quoted at
in
essential
routine
House banks and trust companies was
addimaterial
a
19'@5% and all other periods from ninety days to
'
character and with the exception of
six
months at 5%, unchanged. Trading was very
Loans
nt.
unimporta
tion to deposits, changes were
and the volume of business passing small.
quiet
members
of
vaults
own
in
expanded $375,000. Cash
nor lenders were in evidence, exof the Federal Reserve Bank was reduced $4,398,000 Neither borrowers
The former differential
to $46,861,000 (not counted as reserve). Reserves cept for small amounts.
collateral and allmixed
regular
in own vaults of State banks and trust companies de- between rates on
observed.
no
longer
is
money
clined $187,000, while reserves of these institutions industrial
Mercantile paper ruled quiet at previous quotakept in other depositories were increased $347,000.
namely 5@531% for sixty and ninety days'
tions,
Net demand deposits showed a gain of $48,091,000,
bills receivable and six months' names of
nt
endorsed
to $3,759,149,000. This is exclusive of Governme
4 % for names less well
, and 5Y.
character
choice
the
for
deposits amounting to $10,423,000, a decline
and the demand limilight
were
Offerings
known.
against
As
week of $5,305,000 in the latter item.
was not active. The
tly
the
market
consequen
ted;
$449,to
0
this, time deposits were reduced $7,995,00
names is at 5%.
in
prime
passing
business
the
of
bulk
at
reserves
their
471,000. Member banks added to
ruled firm but
es
acceptanc
bankers'
and
Banks'
largely
was
this
the Federal Bank $7,328,000; but
bills were absorbed to
counteracted by the addition to deposits, so that sur- quotably unchanged. Prime
York and country
New
both
plus reserve registered a comparatively slight increase, a moderate extent by
reported. It
turnover
aggregate
fair
viz., $1,389,160, thus bringing the total of excess re- banks and a
was in
supply
the
times
at
that
y
serves up to $25,737,490, as compared with $24,348,- was noteworth
bankers'
against
loans
call
For
demand.
330 a week ago. The above figures for surpluva:re excess of
the American Accepon the basis of reserve requirements of 13% for mem- acceptances the posted rate of
The Acceptance
43%.
at
remains
Council
ber banks of the Federal Reserve System, but do not tance
prime bankers'
on
rates
discount
the
makes
00
Council
include cash in own vaults amounting to $46,861,0
Federal Rethe
by
purchase
for
eligible
es
acceptanc
• held by these banks on Saturday last.
serve Bank 438% bid and 4% asked for bills running
3 3% asked for bills
/
The money market at this centre was largely a con- for 30 days, 434% bid and 4.
tinuance of that of last week, without important running for 60 and 90 days, 4%% bid and 43i%
change. The general trend was toward even greater asked for bills running 120 days, and 432% bid and
2 43j% asked for bills running 150 and 180 days.
1
ease. Most of the call loans were arranged at 4/
and 434%. Time money was fairly active at 5@ Open market quotations were as follows:
SPOT DELIVERY.
514%. Funds were in free supply for both day-to30 Days
80 Days.
90 Days.
4110:011
43(16414
day accommodations and for the longer periods. In Prime ellgibie bills
43i16434
spite of the continued, and even increased, speculaFOR DELIVERY WITHIN THIRTY DAYS.
434 bid
Eligible member banks
tive activity in stocks, particularly on Wednesday Eligible
414 bid
non-member banks
and Thursday, it was said that the daily requirements of brokers averaged only $10,000,000 to $15,There have been no changes this week in Federal
000,000 in contrast with $25,000,000 to $40,000;000 Reserve Bank rates. The following is the schedule
in the summer of 1919, when speculation was on a of rates now in effect for the various classes of paper
notably large scale. It was further claimed that the at the different Reserve banks:
. aggregate of brokers' loans had not increased speDISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT NOV. 23 1923.
cially this week. The offerings of new securities conparticunot
l
Payer Maturing—
individua
were
issues
the
as
tinued, but
After 90 After 6
largly large, the agrgegate was somewhat less than
but
Days, bus
Within 8 Within 9
Within 90 Days.
in the last two weeks. Conditions in general busiMonths.
Months.
FEDERAL RESERVE
BANK.
ness in this country are much the same as for some
Secur. by
Aprict4.• Aprico1.
and
and
Com'rcial 11. 5. Banker,' Trade
weeks back, viz, increased activity in some lines and
Aesop- Livestock Livestock
AccepApricot. Govt.
Paper.
lances.
Paper.
ObItgalances.
ALlyest'k
greater dulness in others. George F. Baker, Charles
Paper. (ions.
M. Schwab and other prominent men have been Boston
5
434
434434
434
434
434
434
ii
434
434
New York
• quoted optimistically about the future. Chancellor Philadelphia
5
04
434
434:g
434
434
4134
434
454
454
Cleveland
in
said
634
Stresemann of Germany was reported to have
434
434
434
434
41
Richmond
434
434
434
434
434
4
Atlanta
434
434
434
634
434
a speech in the Reichstag on Thursday that he had Chicago
434
434
4134
434
434
434
4g
Louis
434
434
434
434
4
4
received an offer of a loan of one billion gold marks St.
Minneapolis
/134
434
434
4t
4341
434
Kansas City
414
onal
internati
434
434
4
is
It
434
difficult to see how
434
Dallas
for Germany.
434
434
434
434
434
434
San Francisco
to
respect
with
do
definite
anything
•bankers can
•Including bankers' acceptances drawn for an agricultural purpose and secured
such a loan under existing conditions in that country. by warehouse receipts, Sm.
posits. In both statements the amount of Federal
Reserve notes in circulation is shown to have fallen
off—$40,000,000 for the System and $10,500,000 at
New York. Member bank reserve accounts declined
$22,000,000 for the System as a whole, but increased
.9,802,000 at New York. The
$4,000,000 to $69
combined effect of the contraction in deposits and
increased gold reserves was to raise reserve ratios;
that of the combined banks showing an advance of
1.5% to 77.1% and at the New York institution
5.5% to 85.2%.
Nov.24 1923.]
THE CHRONICLE
2257
In sterling exchange the week has been one of 4 233
4@4 33. Irregular fluctuations marked trading
.
feverish activity and frequent price changes, with on Tuesday, although values were maintained at
close
probably the most spectacular advance witnessed to the high point of the day preceding,
namely
in any one day since the spring of 1920. Prac- 4 32%@,4 35% for demand, 4 32%(4),4 36 for
cable
tically throughout, the market waited upon devel- transfers and 4 29%(0)4 333/ for sixty days.
Wedopments abroad, although New York for the first nesday sterling took another sharp upward
spurt
time in many months took the lead in price making, and demand bills advanced to 4 33 15-16@4
393,
London for the moment being relegated to second cable transfers to 4 34 3-16@4 393/2, and sixty
days
place. At the opening of the week persistent rumors to 4 31 11-16@4 37; this was due
to more encouragof disagreement between France and England and ing foreign advices coupled with heavy short covering
the possibility of a complete break down of the operations. What was regarded as a more or
less
Allied Entente sent prices off sharply, and on Monday natural reaction from a protracted rise took
place on
a new low record of 4 26 for demand was estab- Thursday, and there was a decline to
4 353'©
lished. Later in the day, however, news was re- 4 38 1-16 for demand,
to 4 363/g@,4 38 5-16 for cable
ceived that the Inter-Allied Council of Ambassadors transfers and to 4
33%@.4 35 13-16 for sixty days.
had reached an amicable agreement on the course Friday's market
was unsettled and easier, and
of action to be taken regarding Germany and this quoted rates ranged
between 4 36@4 37 9-16 for
served to relieve the tension, so that prices re- demand, 4
3634©4 37 13-16 for cable transfers, and
bounded spectacularly—an advance of no less than 4 333@4 35 5-16
for sixty days. Closing quotaten cents in the pound being recorded._ Subse- tions were 4 33% for
sixty days, 4 36 for demand
quently, considerable backing and filling developed and 4
for
cable
transfers
3634
. Commercial sight
and prices hovered alternately above and below bills finished at 4 35%,
sixty days at 4 339, ninety
4 33 until Wednesday, when heavy foreign buying, days at 4 323/
8, documents for payment (sixty
coupled with extensive short covering operations, days) at 4 33%, and
3
seven-day grain bills at 4 35/s.
sent quotations up—this time to 4 393. Specu- Cotton and grain for
payment closed at 4 35%.
lative movements played an important part in the
The week's gold movement was heavier, arrivals
week's dealings, frantic efforts to cover on the part includin
g a shipment of approximately £500,000 on
of timid shorts being in no inconsiderable measure
the Majestic and $5,080,000 on the Berengaria, both
responsible for the sensational spurts of strength. from England
.
Offerings of cotton bills were less in evidence in
the forepart of the week, but with the improveMovements in the Continental exchanges were
ment in the foreign situation, selling was resumed hardly less sensational and
prices of the major Euroon a liberal scale. Toward the close several large
pean currencies gyrated wildly in response to the
international houses, who had been heavy buyers, week's developments in
Anglo-French affairs. On
re-entered the market on the selling side, presumably Monday followin
g the lead of sterling and in response
,
on the ground that the optimism had been someto reports of failure to come,to an agreement on the
what overdone and values again sagged, with the
part of the European Allies as to the method of dealfinal range under the best.
ing with Germany, Paris francs suffered a sharp
While anxiety concerning prospects of a rupture
slump to 5.20 for checks—another new low record.
in Franco-British diplomatic relations has subWith the improvement in foreign dispatches, howsided appreciably, bankers generally take the view
later recovery on the same same day brought
ever,
that the whole reparations problem is still very
quotation up nearly 25 points to 5.4432,while on
the
far from solution and the outlook is regarded as
Wednesday another spurt of strength drove the quounsatisfactory. The events of the week apparently
tation up to 5.55, a net gain of 35 points. Antwerp
prove that despite sharp differences of opinion the
francs followed suit and the extremes were 4.44 and
French-British-Belgian and Italian Allies fully recog4.81. Italian lire were similarly affected, but to a
nize the importance of maintaining an unbroken
lesser degree, and the quotation first dropped to
front, though no effort is made to minimize the
4.17, then rallied to 4.4034. Trading, though far
herculean task still to be accomplished; that of
less active than in sterling, attained considerable
bringing France to consent to some modification in proporti
ons at times, and an undercurrentof nervous
her original indemnity program. One thing seems exciteme
nt prevailed which was further accentuated
clear, that notwithstanding the intrinsically sound
by the tactics of the speculative element, who put
position of British currency, values are to a very
out extensive short lines on the decline, then rushed to
considerable extent controlled by European affairs.
cover as prices began to move upward. ReichsIt, of course, must be borne in mind that the immemarks shared in the general weakness, but changes
diate cause of the drop in quotations was lack of
in the nominal and meaningless quotations were combuying support, and a rush to sell on the part of parative
ly small, and the range for the week was
those anxious to transfer their funds to the
United 0.000000000015 to 0.000000000020. No dealings in
States for safe keeping in case of serious eventualities.
class of currency were reported locally, but it is
Dealing with quotations in greater detail, sterling this
claimed that selling is still attempted abroad. Very
exchange on Saturday of last week was heavy
and little hope is entertained of bringing about any imprices dropped still another 3 cents, to 4 27 9-16@ proveme
nt in German exchange conditions, in the
4 303 for demand, 4 27 13-16@4 301A for cable absence of genuine
monetary reform. Issuance of
transfers and 4 25 5-16@4 28 for sixty days. On
paper muks on a colossal scale had an unfavorable
Monday, after establishing a new low record early in
effect. It is considered impossible for the Governthe day, prices shot up about 10 cents in the pound, ment to balance
its budget under the present abnoras already stated on reports of an agreement between
mal situation. Intimations that the use of the new
France and England over the German reparations rentenm
arks is increasing rapidly had little effect on
question; the range for demand was 4 26@4 36, for
sentiment. Premier Mussolini's firm stand against
cable transfers 4 263®4 3634, and for sixty days
the arbitrary attitude assumed by France had not a
1
2258
[Vox,. 117.
THE CHRONICLE
little to do with precipitating a compromise agreement, and incidentally stabilizing lire quotations.
-Greek exchange and the other minor currencies ruled
steady and without appreciable change. A feature
of the week was the decline in Russian chervonetz
in London from $5 to $4 64. This, however, was
held to be a development favorable rather than
otherwise, since it means that the discrepancies
between dollar and sterling values at Moscow are
being gradually lessened and that Russia is probably doing more business.
The London check rate on Paris closed at 81.32, as
compared with 80.50 a week ago. In New York
sight bills on the French centre finished at 5.35,
against 5.23; cable transfers at 5.36, against 5.24;
commercial ,sight at 5.34, against 5.22, and commercial sixty days at 5.283, against 5.169 last week.
Closing rates on Antwerp francs were 4.61 for
checks and 4.62 for cable transfers, in comparison
with 4.42@4.43 the previous week. Reichsmarks
finished at 0.000000000015 for both checks and cable
transfers, the same as last week. Austrian kronen
closed the week at 0.00143, against 0.0014/1s. Lire
closed at 4.3032 for bankers' sight bills and 4.313/
for cable transfers, which compares with 4.13 and
4.14 a week earlier. Exchange on Czechoslovakia
%,against 2.89; on Bucharest at 0.50,
finished at 2.913
against 0.53;on Poland at 0.000045,against 0.000065,
and on Finland at 2.55, against 2.68. Greek
drachmae closed at 1.56 for checks and at 1.563/i for
cable transfers, in comparison with 1.53% and 1.54
the preceding week.
(unchanged); Bombay at 313.@313/2, against 31®
313, and Calcutta at 31%@31%, against 30%@
31%.
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. 17 1923 TO NOV. 23 1923, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Mon
Unit
Nov. 17. Nov. 19. Nov. 20. Nov. 21. Nov..,... Nov. 23.
$
$
EUROPE,.000014 .000014
Austria krone
.0457
.0445
Belgium. franc
.0019111 .009083
Bulgaria, ley
Czechoslovakia, kron .028863 .028895
.1695
.1686
Denmark, krone
England, pound titer
4.3013
lug
4.2846
Finland, markt&
.026722 .026588
.0535
.0523
France. franc
a
a
Germany, reichsmark
areece, drachma
.015265 .015615
.3731
Holland, guilder
.3700
Efungary, krone
.000054 .000054
.0433
Italy. Bra
.0419
.1454
, .1446
Norway, krone
b
Poland, mark
b
'
.0367
Portugal. escudo__ .0367
Rumania,leu
.005247 .005153
Spain, peseta
.1295
.1288
Sweden, krona ,
.2619
.2625
.1732
Switzerland, franc
.1729
Yugoslavia. dinar_..._ .011230 .011068
ASIA:MinaChefoo tael
.7258
,.7221
Hankow tael
.7246
.7175
.7059
.7102
Shanghai tael
.7317
Tientsin tael
.7279
.5011
Hongkong dollar-- .5042
.5046
Mexican dollar_...... .5036
Tientsin or Peiyang
.5054
6054
dollar
.5071
6071
Yuan dollar
.3042
.3049
nclia. rupee
.4825
4816
rains], yen
.5108
.5142
Singapore(S.S.)dol
NORTH AMER
7anada, dollar____,_ .978989 .978892
.999813 .999813
7utia, peso
.482708 .482500
ilexleo, peso
.975781 .976484
4ewfoundland, 601
SOUTH AMER..6994
irgentina, peso (gold) .7045
.0851
.0851
basil, milreis
.1100
.1100
:hile, peso (paper)
7152
7151
.11.1.0111107 ...en
$
$
.000014 .000014
.0472
.0461
.009150 .009017
.029066 .029099
.1724
.1719
$
.000014
.0466
.008886
.029109
.1733
$
.000014
.0463
.008992
.029093
.1745
4.3720
4.3656
4.3720
4.3353
.026572 .026369 .025969 .025750
.0540
.0539
.0547
.0538
a
a
a
a
.015430 .015455 .015470 .015460
.3802
.3796
.3796
.3766
.000053 .000054 .000053 .000053
.0433
.0435
.0436
.0434
.1474
.1473
.1469
.1460
b
b
b
b
.0371
.0372
.0369
.0373
.005058 .005022 .005003 .004969
.1300
.1301
.1306
.1308
.2628
.2629
.2633
.2642
.1745
.1743
.1743
.1739
.011195 .011228 .011295 .011447
.7288
.7238
.7145
.7346
.5041
.5087
.7429
.7379
.7186
.7488
.5049
.5101
.7338
.7288
.7189
.7396
.5063
.5120
.7383
.7333
.7225
.7442
.5066
.5105
.5092
.5083
.3070
.4822
.5138
.5150
.5117
.3084
.4829
.5167
.5108
.5117
.3083
.4826
.5160
.5117
.5117
.3097
.4831
.5100
.978615
.979626
.978460
.978773
.999563 .999750 .999625 .999500
As to the neutral exchanges, formerly so-called,
.482917 .483042 .482917 .483844
.976641 .977422 .975469 .976250
movements in the main were in line with those of
.7083
.7108
.7042
.7069
and
sterling and of the other Continental currencies,
.0873
.0876
.0872
.0861
.1092
.1095
.1094
.1114
points
recoveries were established of more than 100
7275
7227
7219
71110
were quoted as follows: Nov. 17, .000000000000236 Nov. 19,
in guilders, 26 points in Swiss francs and varying a German marks Nov.
20, .000000000000224; Nov. 21, .000000000000198; Nov.
.000000000000214:
amounts in Spanish and Scandinavian currencies. 22. .00000000000020; Nov. 23, .000000000000186.
b Polish marks were quoted as follows: Nov. 17,.00000057; Nov. 19,000000542
Aside from the transfer of German balances, trading Noy.20,.00000053: Nov.21,.000000506; Nov.22,.00000047: Nov.23,.00000046.
was dull and featureless.
The New York Clearing House banks in their
Bankers' sight on Amsterdam finished at 38.00,
against 36.96; cable transfers at 38.04, against operations with interior banking institutions have
37.00; commercial sight at 37.94, against 36.90, and gained $4,507,292 net in cash as a result of the curcommercial sixty days at 37.58, against 36.54 last rency movements for the week ended Nov. 22.
week. Final quotations on Swiss francs were 17.47 Their receipts from the interior have aggregated
:for bankers' sight bills and 17.48 for cable transfers, $5,430,792, while the shipments have reached $923,table:
as compared with 17.293' and 17.303/ a week ago. 500, as per the following
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
transCopenhagen checks finished at 17.50 and cable
INSTITUTIONS.
fers at 17.54, against 16.84 and 16.88. Checks on
Gain or Loot
Out of
Into
to Banks.
Banks.
Banks.
Week ending Nov. 22.
Sweden closed at 26.25 and cable transfers at 26.29,
Gain 84,507,292
8923,500
55,430,792
Banks'
finInterior
movement
Norway
on
against 26.10 and 26.14, while checks
As the Sub-Treasury was taken over by the Fedised at 14.76 and cable transfers at 14.80, against
pesetas
Spanish
week.
previous
eral Reserve Bank on Dec. 6 1920, it is no longer
14.36 and 14.40 the
remitcable
for
checks
and
12.96
for
possible to show the effect of Government operaclosed at 12.94
12.90.
and
was
12.88
close
the
tions
on the Clearing House institutions. The Fedweek
tances. Last
with
sympathy
moved
in
exchange
eral
Bank of New York was creditor at the
Reserve
American
South
European exchange, but changes in rates were corn- Clearing House each day as follows:
OF NEW YORK FEDERAL RESERVE BANK
'paratively limited. Argentine checks, after a decline DAILY CREDIT BALANCES
AT CLEARING HOUSE.
, for checks, finished at 31%, and cable transto 305
Aggregate
Afonday, Tuesday, Weetnesd4, Thursday, Friday,
2, respectively, a flaurdar.
for Week.
2, against 313
% and 313/
Nov. 17. Nov. 19. Nov. 20. Nov. 21. Nov. 22. Nor. 23.
fers at 313/
8
$
$
t
it
$
8
week ago, while Brazil, following a recession to
70.000.000 83.000,000 64,000,000 67,000.000 70.000.000 67.000.000 Cr. 421.000.000
• 8.55, rallied and closed at 8.80 for checks and 8.85 Note.-The foregoing heavy credits reflect the huge mass of cheeks which come
the New York Reserve Bank from all parts of the country in the operation of
for cable transfers, contrasting with 8.60 and 8.65 to
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing House
before.
the week
Institutions, as only the items payable in New York City are represented In the
daily balances. The large volume of checks on institutions located outside of
Far Eastern exchange showed no appreciable alter- New York
are not accounted for in arriving at these balances, as such cheeks do
not pass through the Clearing House but are deposited with the Federal Reserve
, ation and Hong Kong finished at 50%@513/s, against Bank for collection for the account of the local Clearing House banks.
• ,50X@51;Shanghai at 73X(4)74, against 70%(4)709;
The following table indicates the amount of bul• Yokohama at 48%(4)489 (unchanged); Manila at
49%@49X (unchanged); Singapore at 513@513/ lion in the principal European banks:
THE CHRONICLE
Nov.24 1923.]
Nov. 23 1922.
Nov. 22 1923.
Banks of—
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
£
£
£
E
£
127,445,261
England__ 127,766,336
127,766,336127,445,261
France a...147,013,185 11,840,000158,853,185145,431,873 11,520,000156,951,873
Germany - 28,390,850 63.475,4001 31,866,250 50,110,830 2,910,100 53,020,930
Aus.-Hun. 10,944,000 2,369,000i 13,313,000 10,944,000 2,369,000 13,313,000
Spain ____ 101,098,000 25,770,000126,868,000 100,942,000 25,580.000126,522,000
Italy
35,702,000 3,024,000 38,726,000 34 629,000 3,039.0001 37,668,000
,
49,224,000
584,000 49,065,000 48,482,000
Neth'ian
48, 81,000
Nat. Beig. 10,789,000 2,416,000 13,205,001 10,664,000 2,069,000 12,733,000
Switzland 21,498,000 3,563,000 25,081,000 20.823,000 4,552,000 25,375,000
15,227.000
15,126,000 15,227,000
15,126,000
Sweden_
251,000 12,934,000
203,000 11,849,000 12,683,000
Denmark _ 11,646,000
8,183.000
8,182,000 8,183,000
Norway __ 8,182,000
Total week566,636,371 53,244,400619,880,771 585,564,964 53,032,100638,597,064
Prey. week1566,135,553 53,755,400619,890,953585,523,158 53,293.750638,816,908
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
abroad. b It is no longer possible to tell the amount of silver held by the Bank
of Germany. On March 15 1923 the Reichsbank began including in its "Metal
Reserve" not only gold and silver but aluminum, nickel and 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 longer be considered as being silver, there
is now no way of arriving at the Bank's stock of silver, and we therefore carry it
along at the figure computed March 7 1923.
"Financial Statemanship" and the Problem
of Taxation.
Mr. Charles E. Mitchell, President of the National
City Bank, commenting on Secretary Mellon's plan
for lowering taxes, describes it as "a piece of very
fine financial statesmanship." We like the phrase;
and feel that its use is amply justified. "Financial
statesmanship" is what the whole world, as well as
our own country, most needs at the present time. Of
political statesmanship, such as it is, we have a
plethora. Our economics and commerce depend upon
finance. But finance is inevitably blended with politics through taxation. Congress must construct the
plan and determine the rate of taxation. And this
is a direct levy upon business. It is a first and a
fixed charge upon all our personal, commercial and
industrial endeavor. We must earn our profits in
business over and above that which we must contribute to the support of government. The collection of
revenue is the first principle to be regarded. And
there is no room anywhere for discrimination or
penalization.
During the emotional excitement attending a state
of war we permitted errors to creep into our taxation system. The "cause" was so overwhelming in
popular interest that we condoned ideas and feelings
that were in themselves wrongful. It was said, "we
will make the rich pay for the war." And in pursuance of this, onerous excess profits taxes and surtaxes on incomes were laid, that at last we see have
been their own undoing. We have now opportunity
to correct these faults both in justice and as policy.
And it remains for "financial statesmanship" in
Congress to follow Secretary Mellon in his well-considered and equitable plan, subject to such slight
modifications (some of which we indicate in an article on a preceding page) as further examination
may show needful. So widespread has been the discussion that we feel sure the people at large recognize the truth that business must have profits for reinvestment if it is to increase and prosper and that
capital will not take,all the risk without this hope.
In these taxation matters we started wrong, and it
is time we began to right ourselves. The rich should
pay in proportion to their riches—not in undue proportion. It is no crime to be rich. Only the spellbinder on the stump throws discredit upon wealth.
There are a few, maybe, who do not want to be rich,
though comparisons will soon show they would not
be content with abject poverty. There are a few, undoubtedly, who have accumulated fortunes with no
regard for the law or for their fellow-men. But
riches gained by long and patient constructive endeavor, or by valuable discoveries and inventions;
capital that is stored up and reinvested in industries
2259
and securities inherited under laws equally applic.
able to all; these are rightful, and are not subject to
confiscation in part or in whole—even to pay the
debts contracted in the prosecution of a great war.
Perhaps these statements are platitudes to many.
But upon their acceptance by our citizenry at large
depends the success of tax reduction. There is'no
room here for controversies by progressives and reaetionaries. The slow erosion of exorbitant taxes is
already felt. Countless magic formulas for "good
times" are offered. None can escape taxes. Unless
the taxes of a people can le laid lightly, all will suffer. It is so clearly shown that surtaxes are destructive in consuming profits needed for reinvestment or
else are "passed on" to the consumer, a cumulative
burden, that there is no room for disbelief. It is so
clearly shown that capital will not take all the risk
and shoulder all the loss, giving to Government 40 to
70% of all high profits, but will lie dormant or take
refuge in tax-free securities, that the benefit of reduction cannot be doubted. And now that the people are
approving and applauding Secretary Mellon's plan,
it is certain we shall attain the end.
There is no subject in all the possible range of coming legislation that should more profoundly stir the
people. 'Phe early submission of the plan to the attention of the citizens, through the press, places the
question of decrease vs. increase in its proper light.
We can have the one or the other. But we cannot
lower the rates if there are to be tremendous appropriations outside the budget. There is no sentimentality about the mathematical precision of this presentment. It is a case where "figures do not lie." If
Congress yields to the pressure of certain well-known
demands for heavy expenditures reductions cannot
be made. Every man can figure out for himself in
dollars and cents the saving proposed. New outlays
will be paid for by each man according to the reduction offered him and he will be able to estimate accordingly.
Perhaps the greatest of all the effects will be the
new impetus given to business enterprise by the partial release of taxation bondage. And we may well
repeat—this bondage is increasingly felt as we recede from the hectic energies induced by war and reconstruction. If some relief is not vouchsafed by
Congress the next year will press so heavily upon
business profits and earnings as to cause despair.
There is a limit to the burdensome exactions of Government even upon loyalty and patriotism after the
necessity of sacrifice has passed. Both political parties should be immediatley conscious of this—and
unite in following a plan of freedom, well-poised and
commendable.
Banks of the People and the Subject of
Branch Banking.
Nothing could better illustrate the faulty way we
have of making and changing our laws than the present controversy over branch banking. The people
themselves are having no part in the consideration.
If they appear at all in the court proceedings it is
through attorneys concerned in the legal aspects of
the case. There has been an "investigation" moving
about the country, before which bankers have appeared, but it has not undertaken to sound the people upon the subject of branch banks. State Legislatures,so far as we know, without a full consideration,
by the people, have passed laws allowing State banks
to open branches. A national bank in St. Louis de-
2260
THE CHRONICLE
[VoL. 117.
siring to open a branch has been enjoined under establishing "branches"—a man subject to rules and
State law and procedure—and the case goes to the regulations promulgated by his employers from
Supreme Court of the United States. In all this the which he is prevented from varying, a man you could
people, the business men and citizens, seemingly, not make terms with as you now do with local indehave little part.
pendent bank officers and owners? Propound these
Yet what institution is more important to a com- questions where you will and there will be only anmunity than its bank? What right and possession swers in the negative. Branch banking is not a moveof citizens is more to be guarded in its natural free- ment that surges up from the people—and we venture
dom ,than the employment of credit? If branch to say has not been clearly understood by them in
bapks shall ever be fastened upon us, credit will pro- States where under State laws branches have been
from the will of those not in and of the com- recently growing at an alarming rate.
ceed
..
And we may turn the picture to our present flourmunity; and the "unit" bank, the free and independent bank, originated, owned and operated by those it ishing "central banks" and ask: Are you willing to
immediately serves will be a thing of the past. Un- inaugurate a practice that will gradually cause the
der such a contingency, of what use to talk of "infla- absorption of your institution in a consolidation that
tion" and "deflation" as results of a Federal Reserve will leave no room for others to take your place, that
System? As Comptroller Dawes so clearly shows, will mingle in one of these larger institutions counthat System will disappear without anything to take try banking with city banking, that will compel the
its place save the monopoly of a few banks consoli- enforced consolidated integer bank to employ an
dated out of the many, dealing out their power and army of inspectors and to inaugurate rules and reguservice according to the will of a few men far from tions, which, bearing upon remote communities, will
the scenes of service.
turn present respect into distrust? In a word, do
Nor will the many large central banks as now oper- you want the banking business now enjoying merited
ated in our cities continue to exist. The very de- prosperity to bear and wear the opprobrium of "momands of hundreds of branches that will spring up nopoly"? Here,too, on mature deliberation we think
will compel great consolidations of banking capital the majority answer will be in the negative.
not now in the public thought. The whole scheme of
The Suspension of the Labor Organ—Labor
banking will be changed. As we have said before,
Not a Class.
that form of a branch inside the city which has been
The
quiet
suspension
of the "Leader" of this city,
receiving
dedesignated as an "office," capable of
posits and paying checks, does not materially enter formerly the "Call," on Nov. 12, recalls the sudden
into the great question at issue. But once commu- strike of the newspaper pressmen about two months
nity credit, organized, disappears, the power of ago,just as that recalled a similar freak, about eighmoney and credit over the fortunes of the people may teen months earlier, when the men returned to their
be so exercised as to hold them in partial subjection. jobs after talking a few hours. This time the jourSectionalism must necessarily be fostered; and polit- nals were troubled and were abridged in size for
ical antagonisms further harass business.
some days, after which the difficulty was once more
Time was when the central banks of our large temporarily disposed of and the public, again supcities were in close and constant "correspondence" plied with evening papers at nine in the morning,
with operating independent banks throughout the forgot the incident.
country. They sought this form of "business" and
Being owned by and representing union labor, the
profited by it. They often paid interest on the de- "Call" had no interruption in September and had a
posits of the smaller city and country banks. But temporary advantage as well as increased publicity,
the power of this concentration of capital, though a situation which it greatly relished and over which
many supposed otherwise, was not confined to a few it did some cackling. For fifteen years it had been
cities in "the East." As the country developed, as issued as a Socialist organ, and at the beginning of
interior cities grew in size and population traveled October became the "Leader," several labor organizawestward, other great "correspondent banks"sprang tions taking it over. The announcement of the stopinto full life and force in interior cities. The rest, page said the decision had been reached that it was
or deposit, of wealth, followed the laws of produc- better to suspend while still solvent than to try contion. And the people were in full control of their tinuing, at a financial hazard, a paper of greatly rereserves and credits in so far as a natural banking duced size, and added that those who have the cause
system was concerned. And this is not wholly of labor journalism definitely at heart hope the pechanged at the present time, nor does the regional riod of suspension will not be long, and that at a
banking system threaten to wholly obliterate it. But meeting just held a committee had been appointed to
work on plans and possibilities of resumption within
branch banking will.
Suppose the proposed branch banking were put to the next few months.
The contrast between the confident attitude in
the people in this way,speaking to the individual citizen: Would you like to have a condition prevail in September and the suspension a couple of months
which when you made your deposit in "the bank," it later is noticeable. Any labor union or other organiwould be subject to control by men you do not know, zation and any individual that augurs a prospect of
non-residents of the community; be subject to place- profit or wants an "organ" has an obvious right to
ment as a reserve by some power outside your bank; try it on,for there is no statutory limit to the number
which could not be used as a reserve, following lines of publications which may be attempted, although
of trade, in your interest, save by permission of other there are unwritten statutes which determine their
than "your banker" in whom you confide; in fact, success. Many journals fall under the designation
might be withdrawn and sent elsewhere in the inter- of"class" or "trade," and their number is larger than
est of other communities? Would you like to be com- one who has not looked up the subject would expect.
pelled to "borrow" from a man of limited and re- They contain and specialize upon news, but news of
stricted powers sent out as agent by some institution a character narrower than "general," and they are
Nov.241923.]
THE CHRONICLE
2261
considered to be organs of some specific industry or dent Harding, at the height of his career of public
business, their circulation being mainly among service and of personal attainment, is a loss that will
those occupied in that business or industry, and their be even more deeply felt as the years go by. His simadvertising special rather than of the variety which plicity and honesty, his modesty and steady purpose
supports daily journalism. Some persons may think to find the right and to follow it, his career, and his
the number of these trade journals unnecessarily personality so characteristically "American" of a
large, but they exist and thus appear to satisfy the type that is universally respected, and his strength
law of the survival of the fittest. What a sufficiently and fitness for the country's present need, increaslarge number of persons think they want will be sup- ingly recognized, will make it difficult either to fill
his place or to forget him, however great is the confiplied to them.
of
suspension
the
the
dence happily felt in his immediate successor.
which
point
Now, the
The year opened in the midst of grave doubts and
"Leader" seems to suggest is that no journal devoted to a special subject can live unless it has a class many seemingly well-justified prophecies of political
to be championed and represented by it. A Labor and economic disaster impending in Europe, likely to
organ proceeds upon the assumption that there is a involve the world. Happily, most of them have not
class large enough and persistent enough to give it a proved true, as is gratefully evident. War, then impermanent constituency. The "Chronicle" has long minent in several directions, has not broken out, and
contended that there is no such thing as "labor," in in those directions, at least, is less probable to-day.
the union sense, but that instead of being a distinct The seizure of the Ruhr has passed through various
entity or army, battling for its rights against all the highly inflammatory states, but has reached that of
rest of mankind, it is so varied and so diffused and conference, which, while unhappily strained, must
so universal that to make a separate thing of it is like lead to some form of constructive settlement. Austrying to treat a part of the human body as distinct tria, which was in the most hopeless condition of
instead of being one factor in a common whole. all the European States, has by wise direction of the•
There is nothing which a unionized worker needs, Council of the League been regenerated economiceither in matters of news or in any just considera- ally, and with a new spirit and full confidence is
tion of questions of wages or working conditions or bard at work re-establishing herself. She is already
any disputes arising between employers and em- a witness for what may be accomplished by similar
ployees, that will not receive full and fair attention assistance elsewhere when peace is once fairly seby the newspapers, which live by aiming to serve all cured. Unemployment is gradually passing. France
mankind, their field being the world and not a little has little or none. England's, while pressing, is due
mainly to the great increase in labor consequent upon
piece of it.
The "Call". seemed to regard itself as sounding a the drawing into its ranks of a multitude of men and
note to rouse labor to a sense of the slavery which women of the non-producing class by the emergenthe journal sought to find stated in one sentence of cies of the war; the number to-day actually employed
the Manton award in the pressmen's strike of 1922, productively is reported as probably as large as beand the name of "Leader" suggests an assumption fore the war. Belgium is very busy; and the smaller
that a new Moses is needed to take oppressed labor States are generally hard at work; while Germany,
through the wilderness of struggle to a promised despite her difficulties, seems to have kept her workland where it shall have organized everything under people occupied; and Russia, whatever the future has
its own control. The truth is that there is no special in store for her, is learning by her terrible experilabor "class," there is no special trouble in which ences, and apparently moving toward wiser and betlabor is involved (except by its own short-sighted- ter conditions.
ness in imagining itself under a special oppression)
Nearer by, happier days have come to Mexico; her
for
labor
plenty
of
land
all
no
as
is
except
there
people are working together for better things, and
and
mankind reach and share it. If some organ such as her relations with us are re-established for mutual
the one now suspended does not protest enough, the confidence and benefit. The South American States
rank and file of unionism may raise the same ques- are making steady advance in stable progress and
tion they may yet raise about their own bosses whom mutual good-will. The earthquake and its consethey comfortably support without working, namely quent distress has resulted in awakening among the
"what are we getting out of this?" and if the organ people of Japan a new sense of unity, and has given
becomes too rhbid and foams at the head and foot of to America an opportunity for rendering instant and
every column it prints its constituency may get sa- overflowing assistance which has done more for the
tiated. Giving up to a section what belongs to man- banishing of national distrust and enmity and crekind and keeping a hostile and defiant attitude to- ating a new spirit of good-:will than all that has hapwards mankind at the same time has its perils.
pened in the years of our intercourse.
organ
this
so
which
was
of
In our own land we have enjoyed in lull measure
Perhaps the suspension
two
only
ago,
future
months
the
general well-being that has been our lot in recent
confident about its own
might be taken as an encouraging incident, indicat- years. The crops have been abundant; our indusing that, although they do manage to conceal the tries have been profitably employed; we have been
fact, the misled members of labor unions are gradu- exempt from widespread disease; the average of human life is continually rising and mortality is really getting the better of some of their foolishness.
duced as control is gained over the more destructive
Thanksgiving Day Once More.
agencies; and, despite much unarrested individual
Many historic events and personalities, and some violence, there has been comparatively little of lawgreat business corporations, are having their less outbreak to disturb the peace which has been the
"Days"; but there is none so worthy of regard as the prevailing note of the year. In the good providence
of God we have been spared most of the perplexity
nation's Day of Thanksgiving.
The year has had for us many anxieties and one and distress which have fallen upon other lands. The
great national sorrow. The sudden death of Presi- reasons for gratitude, which are so abundant for the
2262
THE CHRONICLE
[Vol.,. 117.
nation, ought to go far to cheer the hearts of those zation. Men of light and leading are always needed,
whose lives are darkened by sorrow, or who are bur- and always find their place. The outlook was endened by anxiety and care. There is to-day a song couraging, and, in ways other than economic, the
as well as a prayer for everyone.
world in 1914 was approaching a substantial milBut our thought to-day should go much further lenial unity. Upwards of 200 World Congresses,
than this. Happily a new book* comes to give the each the fruit of enthusiasm, were held annually for
cue. It presents a series of articles by a group of dis- the discussion or promotion of social reform. The
tinguished writers upon the nature of the renaissance Hague Court of International Justice was recording
the world to-day needs; the reality and extent of the its annual decisions and proving a triumph of indineed; where it must begin; and the factors, new and vidual idealism applied to social betterment. Much
old, which enter into it.
more was to be seen in science, in art, in literature,.
Repeating Pascal's saying, of some three centuries pointing to the same goal.
ago, that "the inventions of men go on advancing
Then came the war, with its vast upheaval, its infrom age to age, but good and evil in general remain credible cruelties and its incalculable destruction..
the same," we find that the war has thrown into new We are ready to agree with Kipling that "Triumph
relief existing facts, rather than that it has created and Defeat in war are twin impostors." We have
new ones. A new world is so far an illusion; environ- discovered that to a degree we are all involved in both
mental progress is only skin deep. Forms of govern- the causes and the consequences of the war. We
ment are not so effective for good or evil as they have were too deeply absorbed in the pursuit of material
been regarded; humanity breaks through them ; things; we had lost the sense of real values. The
therefore reconstruction must reach to that; it may truth can now be told; and it will be heard. Europe
easily be proclaimed; it can only be brought to pass :s like a forest ravaged by fire. Its life was repressed,
by understanding, and the patient tutoring of those but not destroyed, and now starts to make itself felt.
qualified to lead and inspire.
Universities and schools are regathering, scientific
After showing that the post-bellum situation is not research is resumed; sanitation begins as slaughter
"a collapse of the European Faith caused by the war, ceases and minor wars have subsided; fresh voices
but is a collapse revealed by the war"; a review is smothered in smoke and blood can be heard again ;
given of some of the influences which, stretching "the fierce just anger which renders men unjust" is
back as far as the 13th century, have moulded the abating. The young life even of the old Europe stirs;
20th century. Then comes a many-sided considera- and the spread of kindly feeling, the result of the
tion of the vital elements—spiritual, social and sense of a common need, is a prelude of the demand
moral—that are at work to bring about the dawning for a new intelligence in public affairs and a new
of the New Age. The possibilities of an ever richer leadership that shall have mental, moral and spircivilization are sought, and a genuine regeneration itual superiority; and America is in the forefront of
of the race is made the dominant conception. The this.
note is of certain hope. This group of writers see the
Thus far we have the testimony of a group of men
larger and nobler civilization actually upon us, and who by virtue of their standing and their wisdom
the regenerated race coming to birth. Mind rather have the right to speak. It is for us to make it the
than matter is the fundamental existence, and the reason for thanksgiving that springs from a sense of
light of the spirit is the ultimate of all life and work. blessings greater than those that lie at our door;
Science, Education and Philosophy are the hand- Thanksgiving Day that shall quicken faith in the
maids of the religion which guides a movement of things that endure.
organized goodness for social redemption, in which
all can unite. Professor Zimmern,one of the writers,
Government Service a Training School for Executives—
says "the world, too long ridden by make-believes, is
Mr. Crissinger's Comments on Loss of a National
crying out for men and women strong enough, and
Bank Examiner to National City Bank.
The efficiency and constructive usefulness of the national
wise enough, and confident enough, to make their
own discipline and to imprint it on the world—and bank examination system have been once more attested in
the draft of Daniel C. Borden from the post of Chief National
the call seems likely to be answered."
Bank Examiner in
York, to become a member of the
"Renaissance is coming thus in the restoration of executive staff of New National
City Bank, says D. R.
the
things worth while as objects of man's aspirations," Crissinger, Governor of the Federal Reserve Board, in a
is the note of Chancellor Jordan's summing up. It statement prepared for the press, and then proceeds as
is the renaissance of human values in which the value follows:
This is Just one more of the long, the almost endless, list of cases which
of life itself is wrapped up. The opening years of the show
the Government service is a training school for first-class executives.
20th century might well have been looked upon as the Somebody who would take the trouble to examine in some detail into the
record dealing with great business executives and professional men who
Golden Age of Europe's history. Science, art, inven- have received their training under the Government, would perform a great
It would be not only a striking demonstration of high character
tion, education, peace, had attained unprecedented service.
and exceptional ability of the men whom the Government Is able to enlist,
almost
always
at utterly inadequate salaries, but even more important
advance. There was the beginning of a world society
it would be a startling refutation of the notion that somehow the Governbased on a degree of justice and humanity transcend- mental processes are Inefficient, that Government servants fall into habits
of colorless routine, that red tape enmeshes every governmental function,
ing the conception of previous ages; its trend was and
that initiative and originality are Inevitably doomed in the man who
progressive, leading to completer co-operation and becomes attached to the Government organization. The facts would
prove that the precise reverse of all these supposed conditions is what
conciliation throughout the world. There were evils actually obtains.
Every Government executive dealing with the problem of personnel soon
and weaknesses in abundance; people who want to learns
that his problem is not so much to get people of capacity and firstreform society by destroying it; and also others who class ability as to keep them. For a hundred years the Treasury has been
a sort of central university, training men in finance, business and adminisare simply impatient with all imperfection and give tration, and sending them out to the big work of the business world. In
of the most Important phases of technical business training there Is
way to "divine discontent." A system so good as to some
almost no other method of thorough preparation.
need no mending is already moribund; and all types The case of Mr. Borden is a complete illustration. He started as a field
examiner in the National Bank Examining service, and while still a youngof insurgence are essential to the movement of civili- man had risen
to the big responsibility of the Chief Examinership In New
•"The Coming Renaissance."
E. P. Dutton & Co.
Sir James Marchand, LLD., and others.
York, at a salary considerably larger than that of a Cabinet member or a
Justice of the Supreme Court. But the Government simply can not compete
with private business In the payment of salaries, and so It loses Mr.Borden
Nov.24 1923.]
THE CHRONICLE
and the National City gains him, precisely as the Treasury has lost and the
business establishments of the country have gained hundreds of other men
of the type that big business is always seeking, well-nigh regardless of their
cost.
The demand for men with special training and wide experience which the
national bank examiners get has been so great in recent years as to make
the problem of maintaining a personnel in this department an increasingly
difficult one. The usefulness of the Government's regulatory system Is
now universally recognized by good bankers, who find in it one of their own
greatest protections. The right kind of bank examiner becomes the friend
and adviser of the right kind of banker. The examiner is able to assist the
banker in a myriad of ways, and is always ready to do It. The sort of
counsel and assistance he gives is the very sort that constitutes the most
2263
effective protection to the public interests in the solvency and proper
administration of the bank.
During my service as Comptroller of the Currency I came early to realize
Mr. Borden's high qualifications, and so did the New York bankers. His
equipment includes not only the most thorough technical knowledge of
banking as a business, but a broad understanding of finance and a genius
for sound constructive methods. It is always a matter of regret when the
Government service loses men of such parts; but on the other hand, when
they go out from the Government to their places in the world oflarge affairs,
they carry with them a sympathetic knowledge of the problems of governmental administration, whose wide and wider dissemination constantly
tends to bridge over the supposed gap between the viewpoints of business
and of government.
The New Capital Flotations in October and the
Ten Months Since January 1
at
Owing to the bringing out of some large new loans, par- $8,625,000 Great Northern Ry. Equipment 5s "B," 1924-38,
promiticularly the floating of an issue of $47,000,000 Federal Farm prices yielding 5.20% to 5.50%. Industrial issues of
(Del.)
Loan bonds, together with increased awards of State and nence were: $15,000,000 International Match Corp.
2s, 1943, at 94%, yielding 7%; $9,000,000 Book1
municipal bonds, the aggregate of new capital flotations for Debenture 6/
October shows a sharp increase over the totals for the Cadillac Properties (Detroit) 1st Mtge. Fee & Leasehold
months preceding. Our tabulations, as always, include the 6Y,s, 1924-43, at par, and $6,000,000 Pillsbury Flour Mills
stock, bond and note issues by corporations and by States Co. 1st Mtge. 6s, 1943, at 95, yielding 6.45%. Three comparaand municipalities, foreign and domestic, and also Farm tively large public utility issues were offered, namely: $11,Loan issues. The grand aggregate of the offerings of new 500,000 Southern California Edison Co. Refunding Mtge. Os,
securities under these various heads during October 1923 1943, at 98%, yielding 6.12%; $10,000,000 Philadelphia Elecwas $390,106,577. This compares with $249,734,549 for Sep- tric Co. 1st Lien & Refunding Mtge. 5%s,1953, at 98%, yieldtember, with $224,867,650 for August, and with $197,467,011 ing 5.60%, and $6,000,000 Alabama Power Co. 1st Mtge. Lien
for July, when the new offerings were the lightest of any & Refunding 65, 1951, at 99, yielding 6.07%.
As already mentioned, an issue of $47,000,000 Federal
month of any year since March 1919, but with $536,577,225
for June, $312,635,831 for May, $458,133,469 for April, $392,- Land Bank 4%s, 1933-53, was sold during October at par,
262,540 for March, $380,187,119 for February, and with no yielding 4.75%. This is the fourth issue of Federal Land
less than $879,268,265 for January, the latter having, how- Bank bonds during the current year. Two of the previous
ever, as previously explained, been swollen to exceptional offerings were for $75,000,000 each, and there was one of
proportions by the bringing out of several issues of unusual $45,000,000. A second issue of Federal Intermediate Credit
size-the Anaconda Copper Mining Co. alone by its financing Banks Debentures, comprising $10,000,000 Six Months 4%s,
having then added $150,000,000 to the total and Armour & due Mar. 14 1924, was offered at 100, yielding 4%%. The
Co. $110,000,000, with the result that January broke all rec- sale of the first issue of Debentures by the Federal Intermeords for new capital flotations in the United States, the high- diate Credit Banks, also amounting to $10,000,000, was anest previous amount for any month of any year having been nounced in these columns Aug. 18, page 729.
Two foreign Government loans aggregating $16,000,000
$655,817,946 for April 1922.
At $390,106,577 for October the present year, the com- were floated here during October. The loans were: $10,000,parison is with $388,858,870, the amount of new issues in 000 Republic of Finland 6% External Loan Gold Bonds, due
the same month of last year, but in October 1921 the total Sept. 1 1945, offered at 90, yielding 6.98%, and $6,000,000
was only $290,556,373, while in October 1920 it was $421,841,- Republic of Salvador Customs 1st Lien 8% Gold Bonds,
164 and in October 1919 $663,133,142, showing that notwith- Series "A," due July 1 1948, offered at 100, yielding 8.20%.
The following is a complete summary of the new financing
standing the increase the past month the total was far below
the maximum of previous years. The corporate offerings -corporate, State and city, foreign Government, as well as
were $230,425,900 in October 1923, against $244,924,450 in Farm Loan issues-for October and the ten months endOctober 1922, $70,888,000 in October 1921, $297,907,880 in Oc- ing with October of the current calendar year. It will be
observed that in the case of the corporate offerings we subtober 1920, and $335,431,745 in October 1919.
Going into detail with reference to the corporate flotations divide the figures so as to show the long term and the short
in October, we find that the issues floated by the industrials term issues separately and we also separate common stock
exceeded those of the other corporate subdivisions with a from preferred stock.
FOREIGN GOVERNMENT, FARM LOAN
total of $81,006,400, this amount comparing with $75,755,- SUMMARY OF CORPORATE.
AND MUNICIPAL FINANCING.
in
and
$59,693,036
September
August. Railroad
040 in
Total.
New Capital. Rtfunditto.
Issues totaled $78,785,000, ranking second. In September
$
g
1923.
$
the railroad total was much smaller, being $24,810,000,
OCTOBER3,991,000 175,064,500
while in August the amount was $25,895,000. Public utility Corporate-Long term bonds and notes_ 171,073,500 14,050,000
22,260,000
8.210,000
Short term
19,400,000
issues, like those of the railroads, recorded a rather substanPreferred stocks
19,400,000
13,701,400
700,000
stocks
13,001,400
Common
tial increase to $70,634,500 for October, comparing with $40,Foreign
715,120 for September and $47,457,050 for August.
18.741,000 230,425,900
211,684,900
Total
16,000,000
16,000,000
As already noted, the total of all corporate offerings in Foreign Government
57,000,000
57,000,000
issues
Loan
Farm
October was $230,425,900, and of this amount more than War Finance Corporation
82,930,677
767,000
82,163,677
75%, or $175,064,500, comprised long-term issues, only $22,- lunicipalCanadian
3,750,000
3,750.000
U.S.Possessions
200,000 were short-term, while stocks accounted for the re19,508,000 390,106,577
maining $33,101,400. A very large portion of the corporate
370,598,577
Grand total
issues, $211,684,900 to be exact, constituted strictly new deTEN MONTHS ENDED OCT.31.
term bonds and notes_ 1,499,100,557 340,799,543 1,839,900.100
mands for capital, the total put out for refunding purposes Corporate-Long
36,966,800 170,672,500
133,705,700
Short term
239,398,847 68,609,830 308,008,677
Preferred stocks
having been only $18,741,000. Of this amount used for re240,472,674
3,966.760 244,439,434
Common stocks
funding $3,991,000 consisted of new long-term issues to re24,100,000
24,100,000
Foreign
place existing long-term issues; $14,050,000 was of new short2,136,777,778 450,342.933 2,587,120,711
Total
161.845,000
56,000,000 217,845.000
term obligations to refund existing issues of same character, Foreign Government
55,032,000 367,150,000
312,118,000
Farm Loan issues
while a new stock issue was brought out which provided for War Finance Corporation
18,018,698 828,787.710
810,751,012
refunding of $400,000 short-term obligations and $300,000 of MunicipalCanadian
14,100,000 40,408.000
26,308,000
7.073.000
Possessions
7,073,000
S.
U.
preferred stock.
4,046.364,421
591,491,631
total
3,454.872,790
Grand
the
of
month
issue
largest
corporate
The
was the $17,340,000 New York Central Lines Equipment 5s, 1924-38, sold
In the elaborate and comprehensive tables, which cover
at prices yielding 5%% to 5%%. Other large offerings by the whole of the two succeeding pages, we compare the forerailroads included the following: $15,000,000 New York going figures for 1923 with the corresponding figures for the
Chicago & St. Louis RR.6% preferred stock at 87%, yield- four years preceding, thus affording a five-year compariing 6.85%; $12,500,000 Pere Marquette Ry.1st Mtge. 5s, 1956, son. We also furnish a detailed analysis for the five years of
at 93%, yielding 5.40%; $10,000,000 Kansas City Terminal the corporate offerings showing separately the amounts for
2% Secured Notes, at 994, yielding 5.75%, and all the different classes of corporations.
1
Ry.3-year 5/
SUMMARY OF CORPORATE, FOREIGN GOVERN
MENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF OCTOBE
R FOR FIVE YEARS.
1923.
MONTH OF OCTOBER.
1922.
1921.
1920.
1919.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Corporate:
Total.
New Capital. Refunding.
Total.
Long term bonds and notes_ _
$
_ 171,073,500
3.991,000 175,064,500
3
Short term
$
137,382,2
00
81,740,80
219.123,0
0
51,431,00
00
0
14,737,000
8.210.000
66.168.000
14,050,000
147.557,000
5,550,030 153,107,000
22,260,000
Preferred stocks
31,870.000
6,000,000
31,870,000
6,000,000
1,300.000
19.400,000
1.300,000
96,034,000
5,000,000 101.034,000
19,400,000
Common stocks
15.230,000
9,000,000
13,281,450
24,230,000
13,281,450
3,280,000
13.001.400
3,280,000
700,000
8,525,000
13.701,400
8,525,000
Foreign
94,684,60
15,290,400
0
6,520,000
109,975,0
6,520.000
00
140,000
140.000
21,991,880
21,991.880
161,856,745
161,856,745
13,250,000
13,250.000
Total
7,500,000
7,500,000
211,684,900
18,741,000 230.425,900
Foreign Government
163.183,6
50
81,740,80
244,924,4
0
50
56.151,000
14,737,000
16.000,000
70,888,000
287,357,880
10,550.000 297,907,880
Farm Loan issues
16,000,000
303,641,345
44,000,000
31,790,400 335,431,745
44,000.000
38,770,000
57,000,000
38,770.000
36,000,000
War Finance Corporation
57,000,000
36,000,000
119.050.000 144,950,000 264,000,000
2,500,000
2,500,000
61,000,000
61,000,000
Municipal
82.163,67
7
767,000
82,930,677
Canadian
69,152,036
2,181,500
71.333,536
113,758.489
339,884 114,098,373
80,831,684
U. S. Possessions
101.600
80,933,284
25,989,884
61,808,358
393,039
62,201,397
25,989,884
5,800,000
3,750.000
5,800,000
1.000,000
3.750.000
1,000,000
111,000
111.000
6,000,000
Grand total
6,000.000
1,500,000
1,500;6456
370.598,577
19,508,000 390,106,577
304,936 570
83,922.300 388.858,870
275,470,489
15.076.884 290,556,373
411.189.564
10,651,600 421.841,164
485,999,703 177,133.439 663.133,142
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES
IN THE UNITED STATES FOR THE MONTH OF OCTOBER FOR
FIVE YEARS.
New Capital.
Long Term Bonds & Notes—
Railroads
Public Utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Short Term Bonds & Notes—
Railroads
Public utilities
Iron, steel, coal. copper,
Equipment manufacturers&c
Motors and accessories
Other industrial & manufact
urin_
g_
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Stocks—
Railroads_- Public utilitie3
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufactu
ring
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Total—
Railroads
Public utilities
Iron, steel, coal, copper.
Equipment manufacturers&c
Motors and accessories
Other industrial
& manufacturing
OiL
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total corporate securities
Refunding.
$
50,915,000
59.324.500
1.250,000
$
2,870.000
300,000
600,000
24,882,000
1,200,000
25,605,000
668,000
1922.
Total.
New Capital.
Refunding.
3
53.785.000
59,624,500
1,250,000
$
10,625,000
59,511.500
18,800,000
$
4.500,000
28,851.500
600.000
25,550,000
1.200,000
25,605,000
700.000
14,802,700
235.000
21.550.000
12,297.300
35,000,000
1921.
Total.
Refunding.
Total.
3
$
3
$
15,125,000
88.363,000
18,800,000
22,716,000
6.500,000
700,000
27.100,000
35.235,000
21,550.000
9,075,000
8,250.000
4,890.000
7.297.000
153,000
7.450.000
700,000
10.458,000
1.092.000
700.000
11.550.000
171,073.500
3,991,000
175,064,500
137.382.200
81,740,800
219,123.000
150,000
5,310,000
9,850,000
4,200.000
10,000,006
9.510.000
1920.
New Capital.
51,431.000
14,737.000
37,453,006
6,500,000
9.075,000
8.250,000
4,890,000
14.737.000
f.bb-o-.000
66,168,000
L000,000
New Capital.
3
33,757,000
28,075,000
34,000.000
1,500,000
Refunding.
3
5,000,000
500.000
1919.
Total.
New Capital.
Refunding.
$
$
Total.
$
38,757,000
28.575,006
34.000.000
1,500,000
8.320,000
2,500,000
8,320.000
2,500,000
58,350,000
58,350,000
1.750.000
450,000
1.525,000
1.400,000
1.725.000
8,000,000
550,000
10,475,000
50.000
1,750,000
460.000
1,575,006
1.400,000
1,725,000
8,000,000
550.000
10.475,000
300.000
300,000
160.807,000
5,550.000
166.357,006
31,870,000
31,870.000
100,000
5.000,000
$
5,100,000
1.550.000
996.000
996.000
1,950,000
238.000
2,750,000
1,950,000
238,000
2.750.000
130,000
3,000,000
3,100,000
1,450,000
400.000
130,000
3,000,000
3.100.000
1.450.000
400,000
90,000,000
5,300,000
300,000
5,300,000
300,000
16,500.000
18,050,000
2,500,000
2,500,000
250.000
250.000
5,000.000
1,000.000
5.000.000
1.000.000
300,000
300,000
90.000.000
22,260,000
6.000,000
6,000.000
1,300.000
1.300.000
96,034.000
101.034,000
15.230.000
3,653.750
1,250,000
5,000.000
1,135.000
1,542.700
3,653.750
1.250,000
5.000,000
1,135,000
1,542,700
1080,000
1.080.000
5,420,300
1,100,000
5,420.300
1.100.000
17.255,680
150.000
1.135.000
4,100.900
17.255.680
150.000
1,135,000
4,100.900
660,000
3.234,000
10.600.000
116.500
1,355,000
1,355,006
2,750,000
2.620,100
310,000
23,907,500
52.246,158
153.323,087
1,255,500
4,037,500
2,150.000
13,941,500
--______
300,000
2,750,000
3.000,000
310.000
24,567.500
55,480,158
163,923,087
1,372,000
4,037,500
2.150,000
14,241.500
30.516.880
256.541.345
15,290.400
271.831 745
12,620,000
16,500.000
5,120,100
379,900
________
440,000
28,632,500
660,000
63,346,158
3,234.000
155.323.087
10,600,000
12.130,500
116,500
4,037,500
7,450,000
14,541,500 •
300,000
29.120.000
5.500,000
440,000
29.292,500
66,580,158
165,923,087
12,247,000
4,037.500
7,450,000
14,841,500
303,641,345
335.431.740
8,210,000
14,050.000
15.000.000
1,500.000
5.300,000
3.430,000
15,000,000.
1.500,000
700.000
7,171,400
5,300,000
4,130,000
7,171.400
7,220.000
7,220.000
32.401,400
700.000
33.101.400
19.801,450
19.801,450
66.065.000
66,134.500
1.250.000
12,720,000
4,500,000
.
.,
78.785,000
70.634.500
1,250.000
5,900.000
32.180.000
1,200,000
25,855,000
10.625.000
63,165,250
20.050.000
5.000.000
1.835,000
16.345.400
5,235,000
22,550,000
153.000
14.621,400
'
- 700.000
17.678.000
1,092.066
15.741.000
230.425.900
163.183.650
81.740.800
5,900.000
30.812.000
1,200,000
25,855,000
14.468.400
•
211.684.900
1.368.000
4.500.000
28.851,500
1i:19-7;300
35,000.000
15,125,000
92,016,750
20,050,000
5,000,000
1,835,000
28.642,700
40.235,000
22,550,000
700.000
18,770.000
244.924.450
2,000,000
140.000
200,000
2,000.000
140.000
200,000
3,420,000
3,420,000
30.516,880
39,533.000
6.500,000
33,757.000
33,595,300
35.100.000
2,496,000
24,796.000
6.500,000
----.14,737.000
1f.-075,000
8.390.000
5,090.000
11.075.000
8.390.000
5,090.000
300.000
300.000
77,555,680
388.000
5.635.000
4,550,900
1,525.000
92.755,000
70,888,000
287,357.880
56.151.000
14.737,000
5,000,000
5,000,000
5,500,000
50.000
10.550.000
38.757.000
39,095,300
35.100.000
2.496.000
77.555,680
388.000
5.635,000
4.550,900
1.575.000
92,755.000
297.907.880
16,500,000
379,900
31.790.400
31.730,000
arlDIN.011110 JILL
1923.
MONTH OF OCTOBER.
Grand total
Total.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
New Capital.
$
925,876,245
482,732,252
455,856,187
483,120.938
39,925.655
$
$
$
610,669,215 1,993,587,350 1,020,497,720
144,567.766
23,011.000 134,137.000
39,656,900
30,300,000 278,372,550
186,994,215
10,291,625 245,424.957
15.150,000
81.695,000
1,250,000
$
$
450,367,980 1.470,865,700
20.758.000 165,325.766
42,932,500
3.275.600
186,994.215
15.150,000
2,136,777,773 450.342.933 2.587.120.711 2,057,695,017
398.305,000
56,000,000 217.845,000
161,845,000
314,540,000
312,118,000
55,032.000 367.150,000
675,521,840 2.733.216,857 1,406,866,601
277,770,000
15,000,000 413,305,000
109.250,000
42,000,000 356,540,000
474,401,580 1,881,268,181 2,387,511.277
181,000.000
50,000,000 327.770,000
109,250,000
810,751.012
26,308.000
7,073.000
3.454,872,790
16,016.698
14,100,000
826,767.710
40,408,000
7,073.000
964.667.660
98,984,534
37,087,000
591.491,631 4.046.364.421 3,871,279,211
25,520,769 990,188,429
107,135,000 206,119,534
37,087,000
862,012,175
65,032,000
25,022,000
865,177,6094.736.456,820 2.745,952,776
6.380,821
1919.
1920.
Total.
$
I
$
340,799.543 1,839.900,100 1.382,918.135
36,966,800 170.672,500' 111,126.000
248,072,550
68,609,830 308.008,677
235,133,332
3,966,760 244,439.434
80,445,000
24,100,000
$
'orporate:
Long term bonds and notes_ __ 1,499,100,557
133,705,700
Short term
Preferred stocks
239,398,847
240,472,674
Common stocks
Foreign
24,100,000
Total
:oreign Government
arm Loan issues
VVer Finance Corporation
funicipal
Canadian
U. S. Possessions
Refunding.
868,392,996
65,032,000
25,022,000
561.055,158
30,355,232
16,015,000
530.782,401 3,276.735,177 3,175,936,667
Refunding.
Total.
New Capital.
Refunding.
Total.
$
458,075.550
313.318,300
589,233,485
575,064,994
19.113,000
$
$
97,930.250 556,005,800
187,594,400 490,912,700
49.408.300 638.641,785
8,683,960 583,748,954
26,613,000
7,500,000
205.835,3662,593.346,643 1,944.805,329
199,050.000
100.000.000 281,000,000
75,000,000
200.000,000
570,153.299
9,054,349 570,109,507
37,853.232
12,005,300
7.498,000
11,700,000
16,015,000
351.116.910 2.295,922,239
173,129.000 372,179,000
75,000,000
200,000,000
11,717,852 581,871.151
87,005,300
75,000,000
11.700,000
$
$
77,662,755 1,003.539,000
92,274,248 575,006,500
21,268,533 477,124,720
14,629,830 497,750,768
39.925.655
[Tg6I
New Capital.
1921.
1922.
1923.
TEN MONTHS ENDED
OCTOBER 31.
•AON-
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE TEN MONTHS ENDED OCTOBER 31 FOR FIVE YEARS.
322.387,715 3,498,324,382 3,012,713,928 610.983.7623,623.677,690
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE TEN MONTHS ENDED OCTOBER 31 FOR FIVE YEARS.
Refunding.
Total.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
1919.
1920.
1921.
1922.
1923.
New Capital.
Total.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
Total.
$
542,484.000
318,653,000
36,377,000
6,195,000
16,000.000
176,796,700
175,650.000
30,550,000
77,500,000
6,285,000
94,650,000
86
293,379,500
154,144.500
82,316,000
21.810,000
2,675,000
137,320.245
19,320,000
65,754,000
20,550,000
8,851,000
133,006,000
20,369,755
$
322,379.500
160,301,500
94,710,000
21,810,000
2,675,000
157,690,000
19,320,000
65,912.000
20,550,000
9,601.000
141,840.000
S
99.671,000
115,555.000
38.123,000
10,390,000
6,706,000
52.965,250
37,050,000
46,572.000
3,150,000
47,893.300
1,204.500
3,150,000
49,097,800
Total
1.523,200,557 340.799,543 1,864,000.100 1.463.363.135 611,919,215 2.075,282,350 1,030,772,720 450,367,980 1,481,140,700
Short Term Bonds & Notes—
4,118,600
500,000
35.351,800
3.618,600
3,000,000
19,087,500
32,351.800
9,237,500
9,850,000
Railroads
39,995,000
16,623,000
23.372,000
38,256,000
20,011,000
18,245,000
57,825.000
15.712,800
42.112,200
Public utilities
44,000.000
44,000,000
404,200
9,850,000
404.200
9,850,000
Iron, steel, coal, copper. &c
225,000
225,000
830,000
830,000
Equipment manufacturers
4.700,000
16.700.000
4,700,000
16.700.000
25,100.000
- 15,496,000
9.604,000
Motors and accessories
8,250,000
7,515,000
735.000
800.000
800,000
7,300,000
1.800,000
5,500,000
Other industrial & manufacturing
2,500,000
49,375,000
46.875.000
35,400,000
35,400.000
44,814.000
44,814,000
CHI
5,345,000
5,345.000
3,510,000
3.510,000
1,330,500
1,330,500
Land, buildings, &c
Rubber
275.000
215,000
275.000
1,000,000
215,000
1.000.000
Shipping
10.542.166
400,000
10,142,166
3,500,000
3.500.000
3.535,500
3,535,500
Miscellaneous
20.758,000 166.825,766
23,011,000 134,137,000 146,067,766
Total
36,966,800 170,672.500 111,126.000
133.705.700
Stocks—
26,968,100
26.968,100
15,300,000
15,300.000
Railroads
2,500,000 106,566,990
26.318.625 260,500,045 104,066,900
130,556,506
11,076,000 141,632,506 234,190,420
Public utilities
8.678.225
8.678,225
38.186,250
38,186,250
32,909,006
28,012,246
iron, steel, coal, copper, &c
4,896,760
10,399,000
1,393.000
9.006,000
manufacturers
Equipment
2,582.000
2.582,000
12,660,000
12,660,000
29,990.325
1,335,000
28,655,325
Vlotors and accessories
24,187,000
23,661,400
525,600
54,656,702
4.900,000
49,756,702
17.659.140 145,998,323
Other Industrial & manufacturing.._ 128,339,183
81,440.000
49,800,410
81,440,000
7,980,000
41,820.410
61,233,703
60,249.013
984,690
)11
1,710,000
5,480.000
1,710,000
5.480.000
11.148,000
11,148.000
Land. buildings, &c
4,175,000
4,175,000
350,000
350,000
Rubber
1.000,000
1.000,000
ihIpping
8,137.500
250.000
7,887,500
60,963,000
60,963,000
77.261,248
35,625,000 112.886.248
giscellaneous
939,126,245
77,662,755 1,016,789,000
458,075.550
97.930,250
556,005,800
20,000,000
99,891,252
12,035,000
7,302,000
8,550,000
73,959,000
129,650,000
8,935.000
30,400,000
7.085.000
100.925.000
1,500,000
85,274.248
21.500,000
185.165,500
12,035,000
7,302,000
8.550,000
76,959,000
130,900,000
10.185,000
30,400,000
7,085,000
100.925,000
17.400,000
117.755,300
15,150,000
655,000
11,850.000
43.180,000
52,500,000
2,086.000
1,000,000
6.205,000
35,537,000
55,750,000
108,394,400
4,000.000
450,000
73,150,000
226,149,700
19,150,000
655,000
11,850,000
69,680,000
52,500,000
2,086.000
1,000,000
6,205,000
35,987.000
498,732.252
92,274,248
591,006.500
303,318.300
195,094,400
498,412,700
45,657,590
45,439,680
600,000
105.774,595
359,659.481
232.313,502
12.651,047
53.264.500
15.853.500
78,438.885
5,394,250
14,039,730
12,928.883
50.000
51,051,840
45,439,680
600,000
119,814,325
372,588,364
232,363,502
12.651,047
53.339.500
15.853.500
81,849.385
, 33,016.200
33,016,200
73.186.600 s 379.900 473,566,500
3,310,000
3,310,000
.6,410,800 , 13i,M7.500
127,946,700
9,927,600 269,825-.203
259,897.603
18,472 160 462,752,470
444,280.310
6.222,000
116.600
6.105.500
15,410.000 111,414,300
96,004.300
14.150.000
14.150,000,,-_-- _
7,375.300 132.889.566
125,514,266
233,301,715
949.652,780
35,898.363
985,551,143 1.183,411,479
58,092.260 1,241,503,739
546,602,600
465.214,990
89,055.225
6,420,000
23,282,000
600,000
23,830,000 209,233,700
30,500,000 306,465.000
37,605,000
650.000
77.500,000
6,560,000
3.950.000
9.139,000 113,329,666
313,379,500
299,693,342
139,790,680
29,712,000
116,999,595
570,938,726
381.283,502
87,340,047
104,214.500
31.789,500
312,369,885
30,500,000
96,825,498
12,394,000
343,879,500 117,071,000
396,518,840 266.326,500
152.184,680 126,459.600
14,355,000
29,712,000
131,039,325 146,502,700
607.237,364 356.042.853
382.583.502 533,830.310
54,763,500
88,748,047
104.289.500
97.004.300
32.539.500 . 23,505,000
324,614.385 208.944,566
90,946,000 208,017,000
162,240.400 428,566,000
6,639,900 133.099,500
'
14,355,000
7,329,800 '163,832,500
40,932.350 396,975,203
18,472,160 552,302,470
116,500'64.880,000
15:410.000 112,414,300
_ --1_'_'_'_• ' V0.605000
.9,029,800 217,0711,366
205.835,366 2,593.346.643 1,944.805.329
351.116.910 2.295,922,239
Long Term Bonds & Notes—
Railroads
Public Utilities
Iron, steel. coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings, &c
Rubber
31110Ping
MisceLlaneous
Total
Total—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
%1ows and accessories
Other industrial & manufacturing
Oil
Lan9! buildings, &c •
Rubber
;nipping
Vlisceilaneous
Total corporate securities
$
344,319.500
420.720,471
237,268.139
8,210,000
22.562,000
140.621.447
67,216,000
173.974,000
1,335,000
2,568,000
104.406,000
479.871,521
368.857,000
593,389.177
275,130,385
9,040,000
66,713,325
274,460,630
172,279.013
186,452,500
1.685,000
3.568,000
185,202,748
2.136,777.778
$
$
29,943,000 374,262,500
165,619,629 586,340,100
46,806.861 284,075.000
8.210.000
4,288,000
26.850,000
25,807.053 166,428,500
97,300,000
30,084,000
1,250,000 175.224.000
2.000,000
665,000
2,675,000
107,000
36,229.000 140,635,000
72,576.590
39,793.000
192,408.429
51,703,621
15,227,000
45,266,193
31.068.690
1.250.000
665.000
1,107.000
71.854,000
552,448,111
408,650,000
785.797,606
326.834.006
9.040,000
81,940,325
319.726,823
203,347.703
187.702,500
2.350.000
'4,675,000
257.056.748
$
551,834,950
565.308.200
112,335,000
$
439.111.380
394,235,539
110,585,000
$
112.723,570
171,072,661
1,750,000
12.350,000
144,353.581
73.384.300
120,144.000
3,600,000
19,810,000
145,789,335
14,850,000
2.500.000
68,761,419 213,115,000
143,220.700 216,605.000
8,530,000 128,674,000
26,200,000
29,800,000
21,310,000
1,500,000
75.660,865 221,450,200
483,205.882
498,431.280
646,670.959
149,175.450
9.006,000
41.710,000
194.910.283
150.604,710
129.134,000
7,775,000
20,025.000
210,252,335
450,342,933 2,587.120.711 .2,057,695,017
40,591,625
115.723,570
217.402.286
1.750,000
1,393,000
2,500,000
73,661,419
151,200,700
'8,530.000
26,200,000
1.500.000
75,660,865
523,797,507
614,154,850
864,073,245
150.925.450
10,399,000
44,210,000
268,571,702
301.805,410
137,664,000
33,975,000
21.525.000
285,913,200
$
250,465,420
235,099,000
25,840,000
6,195.000
15,400,000
154,227,300
147,650,000
29.900,000
77,500,000
2,335,000
86,161,000
$
292,018,580
83.554.000
10,537,000
600.000
22,569,400
28,000,000
650,000
3,950,000
8,489,000
230,026,115
3,275,600
254.084,020
362,537,990
78,518,225
6,420,000
22,682,000
185,403.700
275,965,000
36,955,000
77.500,000
2,610.000
104,190,666
292.518.580
102,677,000
10,537,000
675,521.840 2,733,216,857 1,406,866,601
474.401,580 1.881,268,181 2.387.511.277
$
29.000,000
6,157,000
12,394,000
158,000
750,000
8,834,000
3,000.000
1,250,000
1,250,000
75,000
3,410,500
14,039,730
36.298.638
1.300.000
1,408.000
75.000
750,000
12.244.500
$
35.196,000
53,846,000
2,260.000
919.000
4.504,750
26,500,000
$
134,867.000
169,401,000
40,383,000
10,390,000
7,625,000
57,470,000
37,050,000
46,572,000
arlDINOUHO
TEN MONTHS ENDED
OCTOBER 31.
2266
THE CHRONICLE
[VOL. 117.
LONG-TERM BONDS AND NOTES(ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
•
Pride.
Purpose of Issue.
, Railroads5.000.000 Capital expenditures
7934
1,500.000 Isrew equipment
4,050.000 New equipment
8.625.000 New equipment
100
200,000 New equipment
3.990,000 New equipment
17.340.000 New equipment
12.500,0I, Refunding: capital expenditures--
93
280,000 New equipment
97
300.000 Additions and betterments
To Yield
About.
Company and Issue and by Whom Offered.
5.00 Canadian PacificItty. Co. 4% Coupon Consolidated Debenture stock. Offered by National City
Co., Guaranty Co. of New York, Union Tr. Co., Pittsburgh. Brown Bros. & Co. and
Bankers Trust Co.
5H-6 Erie RR. Equip. Trust 68, KK, 1924-38. Offered by Drexel & Co.
5.30-5.70 Fruit Growers Express Co. Equip. Trust 5515, C. 1924-38. Offered by Guaranty Co. of New York
and Halsey, Stuart & Co., Inc.
5.20-5.50 Great Northern Ry. Equip. Trust Is, B, 1924-38. Offered by J. P. Morgan & Co., First National
Bank, New York, and National City Co.
6.50 Live Poultry Transit Co. Equip. ohs."N." 1924-34. Offered by Illinois Merchants Tr. Co., Chic.
5.50-5.85 Missouri Pacific RR. Equip. Tr. 5345, 1924-38. Offered by Kuhn, Loeb & Co.
5.25-5.50 New York Central Lines Equip. Tr. of 1923 5s, 1924-38. Offered by J. P. Morgan & Co., First
National Bank, N. Y., National City Co., Guaranty Co. of N. Y. and Harris, Forbes & Co.
5.40 Pere Marquette Ry. 1st M. 53, "A," 1956. Offered by J & W. Seligman & Co.; Kidder, Peabody
& Co.; Hayden, Stone & Co.: National City Co.; Harris, Forbes As Co.; Old Colony Trust Co.,
Boston; First National Co., Detroit; Redmond & Co., and White, Weld & Co.
5.50-6 St. Louis Troy & Eastern RR. Equip. Trust 6s,"A," 1924-30. Offered by Stifel-Nicolaus & Co.
and Liberty Central Trust Co., St. Louis,
6.20 Vicksburg Shreveport & Pacific Ry. Ref. & leapt. Mtge. 6s, "A," 1973. Offered by Spencer
Trask & Co. and Canal Commercial Trust de Savings Bank, New Orleans.
53.785.000
' Public Utilities• 6,000.000 New construction; additions
1,500.000 Improvements, extensions, &c_ _ _
, 1,039.500 Acquisitions
; 1,000,000 Additions, extensions, &c
400,000 pay fltg. debt; other corp. purposes
1
I
1,000.000 Improvements
' 2,000.000 Additions and extensions
• 1,000,000 Refunding; additions
• 2,265,000 Power station; other construction_ _
500.000 Capital expenditures
• 4,000,000 Capital expenditures
10,000,000 Additions and extensions
I 2,000,000 Capital expenditures
2,250,000 Acquisition of properties
5,000,000 New station & transmission lines_ _
3.540.000 Add'ns, extensions, Impts., &c_ _ _
2,000.000 Add'ns, extensions, Impts.,
__
11.500,000 New construction
;
•
160,000 Additions and extensions
900.000 Capital expenditures
1,570.000 New construction
6.07 Alabama Power Co. 1st Mtge. Lien & Ref. 6s, 1951. Offered by Harris, Forbes & Co.
6.80 American Public Service Co. 1st Lien bonds bearing 0)4% interest, due 1942. Offered by Halsey,
Stuart & Co., Inc., and A. B. Leach & Co., Inc.
6.50 Consolidated Pr.& Lt. Co.(Huntington, W. Va.) 1st Mtge.& Ref.Lien 634s,"A," 1943. Offered
9934
by Tucker, Anthony & Co.; Spencer Trask & Co.; E. H. Rollins & Sons; Blyth, Witter & CO.;
Stroud & Co., and Otis & Co.
93%
6% Continental Gas & Electric Corp. Ref. Mtge. 6s, 1947. Offered by Howe, Snow As Bertles, Inc.
Otis & Co., and Cyrus Peirce & Co.
6.22 Dallas (Texas) Gas Co. 1st Mtge. 65, 1941. Offered by Arthur Perry & Co., Boston, and Paine,
9734
Webber & Co.
9834
6.10 Great Western Pr. Co. of Calif. 1st de Ref. Mtge. 6s, "C," 1952. Offered by E. H. Rollins &
Sons; Lee, Higglason & Co., and Bonbright & Co.
9834
6.10 Houston (Texas) Ltg. Co. 1st Lien & Ref. M.65,"B," 1953. Offered by Halsey, Stuart & Co,Inc.
936.00 Iowa Ry.& Lt. Co. 1st & Ref.(now 1st) Mtge. 55, 1932. Offered by Harris. Forbes & Co.
9834
6% Kentucky Utilities Co. 1st Mtge. Lien 6348. 1948. Offered by Halsey, Stuart & Co., Inc.
98
6.15 Metropolitan Edison Co. 1st & Ref. Mtge.6s,"B" 1952. Offered by Halsey, Stuart As Co., Inc. .
99
6.07 Pennsylvania Pr. & Lt. Co. 1st & Ref M.6s,"C," 1953. Offered by Guaranty Co. of New York,
Harrh, Forbes & Co.; Halsey. Stuart de Co., Inc., and Brown Bros. & Co.
98%
5.60 Philadelphia Electric Co. 1st Lien dr Ref. Mtge. 5%s. 1953. Offered by Drexel & Co.; Brown
Bros. & Co.. and Harris, Forbes & Co.
6% Portland (Ore.) Ry. Lt. & Pr. Co. 1st Lien & Ref. Mtge. 138, "B," 1947 Offered by National
92%
City Co. and Halsey, Stuart & Co., Inc.
98H
7.25 Public Service Co. of Colorado 10-Year Convertible Debenture 75, 1933. Offered by A. B. Leach
& Co., Inc., and Federal Securities Corp., Chicago.
93
6.55 Public Service Co. of Colorado 1st Mtge.& Ref. 68,"A," 1953. Offered by Halsey, Stuart & Co..
Inc., and A. B. Leach & Co., Inc.
95
6% Quebec Power Co. let Mtge 6s. "A," 1953. Offered by Aldred & Co. and Minsch, Monett & Co..
Inc., New York.
9934
6.00 Queens Borough Gas & Electric Co. Ref. Mtge. 65, 1953. Offered by Bonbright dr Co. and
W. C. Langley & Co., New York.
983.4
6.12 Southern California Edison Co. Ref. Mtge. 6s. 1943. Offered by Harris, Forbes & Co.; H. H.
Rollins & Sons, and Coffin de Burr, Inc.
6.75 Southern Oklahoma Pr. Co. 1st & Ref. Mtge.6s,"13," 1942. Offered by H. M.Byllesby & Co.
92
5,77 Toledo Edison Co. 1st Mtge, Is, 1947. Offered by' Harris, Forbes & Co. and National City CO.
00
7.00 Wolverine Power Co. (Sanford. Mich.) 1st Mtge. 78, 1943. Offered by Howe, Snow & 13ertles,
100
Inc., Grand Rapids; Powell, Garard & Co., Chicago, and Milliken & York Co., Cleveland.
99
96.80
59.624,500
Iron, Steel, Coal. Copper, &c.
1,250.000 General corporate purposes
• Motors and Accessories250,000 Working capital
350.000 Expand manufacturing facilities
1
100
100
6.50 Maccar Truck Co. 1st Mtge. 6345, 1938. Offered by Dawson, Lyon & Co.
7.00 Packard Electric Co. (Warren, Ohio) 1st Mtge. 75, 1925-35. Offered by Milliken & York Co..
Cleveland, and Western Reserve National Bank, Warren, Ohio.
100
6.50 Heine Boiler Co. (St. Louis) let Mtge. 63.45, 1924-33. Offered by Liberty Central Trust Co.
and Potter, Khuffman & Co., St. Louis.
Clot
7.00 Imperial Electric Co.(Akron,0.) 1st (closed) Mtge.78, 1925-37. Offered by Stanley & Bissell,
7.00 International Match Corp.(Del.) Conv. Debenture 6Hs, 1943. Offered by Lee, Higginson & Co.,
Guaranty Co. of N. Y., National City Co.. Brown Bros. & Co. and Dillon, Read ,k. Co.
6,75 Knox Hat Co., Inc., 15-year Mtge. 634s, 1938. Offered by Redmond & Co.
7.43 Pillsbury Flour Mills, Inc. (Del.) Cony. Coll. Tr. 78, 1933. Offered by Goldman, Sachs & Co.,
Lehman Bros. and Lane, Piper & Jaffrey, Inc., Minneapolis.
6.45 Pillsbury Flour Mills Co. 1st Mtge. 6s. 1943. Offered by National City Co., W. A. Harriman.A
Co., Inc., and Lane, Piper & Jaffrey, Inc., Minneapolis.
6.50 Sanquoit Paper Co., Inc. (Utica, N. Y.) 1st Mtge. 650, 1938. Offered by Mohawk Valley Investment Corp. and Citizens Trust Co., Utica, N. Y.
7.00 Tennessee Cotton Oil Co. 1st Mtge.78, 1925-34. Offered by Lorenzo E. Anderson de Co.. St.Louts.
7.00 Traut & Hine Mfg. Co. 1st Mtge 78, 1938. Offered by Hincks Bros. & Co., Bridgeport.
600 S's
Other Industrial & Mfg.750.000 Refunding; additions
•
225,000 Additional capital
; 15.000.000 Acquisitions, working capital
! 1,000.000 Refunding; working capital
Acquire capital stock of Pillsbury
Flour Mills Co., Minneapolis__ _
6
2.000,000.000.000 Acquisitions; working capital
•
Chicago.
6.50-7.25 UtilitIes Coal Corp. let (Closed) Mtge. 7s, 1924-38. Offered by Federal Securities Corp.,
100
9434
9734
97
95
200.000 Additional capital
100
150,000 New capital
225,000 Fund bank loans
100
100
25.550.000
0111,000.000 Acquisitions; improvements
200,000 Additional capital
98.20
9234
1,200.000
Land, Buildings, &c.
290,000 Finance construction of apartment 100
235,000 Finance construction of apartment 97%
9,000,000 New building; acquisitions
100
.145.000 Finance construction of apartment 100
450.000 General corporate purposes
100
3.500.000 Real estate mortgage
99%
•565.000 Finance construction of apartment 100
1.600.000 Real estate mortgage
100
.550,000 Real estate mortgage
100
509.000 Real estate mortgage
100
1.200.000 Finance construction of building_ _ 100
500.000 Finance construction of add. bldg. 99%
500.000 Additions to building
100
110,000 Finance construction of apartment 100
650.000 Finance construction of building_ _ 100
385.000 Finance construction of apartment -- 3,100.000
375.000
1,250,000
; 700.000
Finance construction of building- Finance construction of office bldg.
Real estate mortgage
Finance construction of hotel bidg-
100
100
100
100
25,605,000
Miscellaneous-.
350,000 Refunding': retire current debt,&c_
2,000.000 General corporate purposes
700,000 Enlarge plant; new building
4,000,
400.
100
100
100
Reduce current debt; working cap'l 100
Additional capital
7.450.
6.76 Colonial Filling Stations, Inc., 1st Mtge. 63.48, 1933. Offered by Kidder, Peabody & Co.
7.05 Sloan & Zook Co. (Bradford, Pa.) 1st Mtge. & Coll. 13s, 1933. Offered by Glover & MacGregor
and Welk), Deane & Singer, Pittsburgh.
7,00 The Aeolian Apts.(Vicksburg, Miss.) 1st Mtge.7s,1925-38. Offered by G.L.Miller & Co., Atlanta.
le
ey
inA
bei
pd
tg
s.
e(ge
aR
wyere
k
:N.
e )let Mtge. 6s, 1938. Offered by Bolster. Pratt, Gillespie & Co. and
6.25 ArdsB
;
T.York.
6,50 Book-Cadillac Properties (Detroit) 1st Mtge. 634% Fee & Leasehold bonds, 1924-43. Offered
by S. W. Straus & Co.
7.00 Boston Manor Apts. (Detroit) 1st Mtge. 75, 1926-34. Offered by Brasie-Hull & Co., Detroit.
7.00 Charlevoix Realty Corp. (Detroit) 1st Mtge. 75, 1924-33. Offered by Fenton, Davis As Boyle.
6110 Chesebrough Bidgs. (Chesebrough Bldg. Co.) 1st (closed) Mtge. Os, 1948. Offered by A. B.
Leach As Co., Inc., and Halsey, Stuart & Co., Inc.
7.00 Clarldge Manor Apts. (Birmingham, Ala.) 1st Mtge. 78. 1926-38. Offered by G. L. Miller St
Co., Atlanta.
6,50 Coal & Iron Bldg. Corp.(Cleveland) 1st Mtge. Leasehold 6)48, 1924-42. Offered by Tillotson As
Wolcott Co., Cleveland, and Hyney, Emerson As Co., Chicago.
7,00 Commercial Exchange Bldg. 1st Mtge. 78, 1925-39. Offered by Union Mortgage Co. of Cal. and
Leo G. MacLaughlin Co., Los Angeles.
6.50 Detwiler Corp.(Los Angeles) 1st Mtge.6Hs, 1943. Offered by Bank of Italy and Blyth, Witter
As Co.
6.50 Dexter-Horton Bldg. (Seattle, Wash.) 1st Mtge. 6345, 1925-38. Offered by S. W. Straus As Co.
6.00 Evening News Realty Corp.(Baltimore) 1st Mtge.65, 1933. Offered by Frank B.Cahn As Co.,N.Y•
7.00 The H. & F. Realty Co. (Cleveland) 1st Mtge. Leasehold 7s, 1943. Offered by the George W.
Stone Co., Cleveland.
6.50 Lakeylew Apts. (Atlanta, Ga.) 1st Mtge. 63.4s. 1926-31. Offered by G.L. Miller & Co., Atlanta.
7.00 Minuet Bldg. (Chicago) 1st Mtge, 7s, 1925-33. Offered by McKay As Robbins and SevansonHaderlein As Co., Inc., Chicago.
7.15-7.30 St. Julien Co., Ltd. (Vancouver, B. C.) 1st Mtge. 78, 1927-38. Offered by Carstens As Earlea.
Inc., Seattle.
6.50 616 Madison Ave. Apt. Hotel (N. Y. City) 1st Mtge. 63.45. 1927-38. Offered by S. W.Straus As Co.
7.00 Stillwell Office Bldg.(Savannah, Ga.) let Mtge. 78, 1926-38. Offered by G. L. Miller As Co., All.
6.50 Walbridge Building Corp. 1st Mtge, 63.4s, 1926-38. Offered by S. W. Straus As Co.
7.00 Washington Hotel Co., Inc. (Shreveport, La.) 1st Mtge. 75, 1926-38. Offered by Interstate
T.& Banking Co.,Securities Sales Co.of La., Inc., Sutherlin, Barry As Co.and Gladney As Watson
7.00 California Dressed Beef Co. (Los Angeles) 1st Mtge. 78, 1933. Offered by Drake. Riley As
Thomas, Los Angeles.
6.50 Cincinnati Terminal & Warehouse Co. 1st Mtge.63.48, 1926-38. Offered by Fifth-Third National
Bank, W.E. Fox As Co. and Title Guarantee & Trust Co., Cincinnati, and Westhelmer & Co.
6.50 Conde Nast Publications, Inc., 1st Mtge. 63.4s, 1924-33. Offered by American Bond As Mortgage Co.. New York.
6.50 Fruit Growers Supply Co. 1st Mtge. 63.0, 1925-36. Offered by First Securities Co. and Citizens
National Bank, Loa Angeles.
6.50-6.70 Peninsula Lumber Co. (Portland, Ore.) 1st Mtge. 6348, 1924-29. Offered by Bond As Goodwin
As Tucker, Inc.
2267
THE CHRONICLE
Nov.24 1923.]
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
10,000,000
RailroadsRefunding; other corp. purposes__
991f
Public Utilities2,000,000 Retire current debt; construction__
300,000 General corporate purposes
To Yield
About
99
100
100
99
2,500,000 Working capital
4,200,000 Refunding
510,000 Extensions, improvements, &c_ _ _
97.89
Company and Issue, and by Whom Offered.
5.75 Kansas City Terminal Ry. 3-Year Secured 5i6s, Nov. 15 1928. Offered by J. P. Morgan &
Lee, Higginson & Co., Illinois Merchants Trust Co.. and Dillon, Read at Co.
8.75 Italian Power Co.(Del.) 5-Year Coll. Trust636s,"A," Oct 1 1928. Offered by Aldred le Co.: Stant..
& Webster, Inc.; Bankers Trust Co.; First National Corp., Boston, and First Federal Foreign
Banking Association, New York.
7.00 North Missouri Power Co. 3-Year First Ref. Mtge. Coll. Convertible 7s, Sept. 1 1926.' Offered by
Liberty Central Trust Co., St. Louis.
7.00 Standard Gas & Electric Co. 7s, April 1 1925. Offered by H. M.Byllesby & Co.
816 United Railways Co. of St. Louis Receiver's 3-Year 6% Certificates of Indebtedness. Oct. 1 1928.
Offered by Guaranty Co.of New York.; Wm.R.Compton Co.; Mississippi Valley Trust Co.; First
National Co.; Francis Bros.& Co.; Mercantile Trust Co.,and Mercantile Trust & Dep.Co..Balt.
6.50 Western United Gas & Electric Co.(Aurora,III.) 5-Year Coil. Trust 6s, Oct. 1 1928. t Offered by
Biodget & Co.
9,510,000
Other Industrial & mfg.
500,000 Expansion of business
2,000,000 Working capital
98;6
5K-7 American Equipment Co. Secured 75, 1924-28. Offered by Child & Levering, Chicago.
6.55 American La France Fire Engine Co., Inc., 3-Year 13s, Oct. 1 1926. Offered by Chase Securities
Corp.; Hemphill, Noyes & Co., and Hambleton & Co.
2,500,000
Land, Buildings, &c..
250,000 Real estate mortgage
6.50 127th Street Realty Co., Inc.(N. Y. C.) 1st Mtge. Leasehold 6365. 1924-27. Offered by Tillotson
dz Wolcott Co., Cleveland.
100
STOCKS.
Parer No.
of Shares.
Purpose of Issue.
Railroads15.000,000 (See explanatory note "8")
To Yield
a Amount Price
About
Involved. Per Share
15,000,000
Public Utilities1,500,000 Capital expenditures
300,000
1,500,000
Motors and AccessoriesRetire bank loans; addl
Other Industrial &
200,000 Plant and equiument
mfg.-
"80,000 shs Refunding; working capital
8736
8.85 New York Chicago & St.Louis RR.Co. Cum.Pref.8% "A". Purchased from Messrs.
0. P. and M. .1. Van Sweringen and Cleveland associates. Offered to public by
Guaranty Co. of New York; Lee, Higginson & Co.: Union Trust Co.. Cleveland:
Hayden, Miller & Co.: Brown Bros.& Co.; Clark, Dodge & Co.; Chas. D.Barney &
Co.; White, Weld & Co.; Dominick & Dominick; Spencer Trask & Co.; W.A.Harriman as Co., Inc.; Marshall Field, Glore, Ward & Co.; Hemphill, Noyes ds CO.Z.
Graham, Parsons & Co.; Alex Brown & Sons; Cassatt & Co.; the Herrick CO.. and
Federal Securities Corporation.
91
7.70 Tennessee Electric Power Co.7% Cum. First Pref. Offered by Bonbright& Co., Inc..
300,000 100
5,000.000
4,000,000 Extensions
12;6
7.00 (Erwin H.) Jennings Co., Inc.(Bridgeport, Conn.) 7% Cum.Partin. Pref. Offered
by Hincks Bros& Co., Bridgeport.
Yellow Cab Mfg. Co. Class B Common. Offered by company to stockholders.
5,300,000
200,000 100
1,680,000
28
250,000 97
2,000,000 100
250,000 Acquire plant
2,000,000 Additional capital
Company and Issue, and by Whom Offered.
8.00 The American Magnestone Corp. of Calif.8% Cum.Partin. Cony,Pref. Offered by
Langley, Beach & Co.. Los Angeles.
Real Silk Hosiery Mills,Inc.,Common. Offered by John Burnham & Co.and McClure
Jones & Reed.
ds Hicks, N. Y.
7.20 Wallace mfg. Co., Inc., 7% Cum.Pref. Offered by Coggeshail Loan
at Trust Co. and
7.00 Washburn-Crosby Co. 7% Cum. Pref. Offered by Minnesota
Minneapolis Trust Co.
4,130,000
Miscellaneous1,250,000 Acquisitions; working capital
"120,000she Acquisitions; reduce current debt_
2,375,000
4,500,000
4716
3716
148,400 100
150,000 100
148,400 Additional capital
150,000 New capital
Balaban & Katz Corp., Common. Offered by Mitchell, Hutchins lic Co., Inc.underHartman Corp.(Chicago) Capital Stock. Offered by company to stockholders;
written by Hallgarten & Co. and Ames, Emerich & Co.
New Haven Dairy Co. Capital Stock. Offered by company to stockholders.
by Ashbrook
77:60 Robert Putman Candy Co.(Cincinnati) 7% Cum. First Pref. Offered
Bros., Cincinnati.
7,171,400
FARM LOAN ISSUES.
Amount.
Issue.
Price.
47,000,000 Federal Land Bank 45js, 1933-53
100
10,000,000 Federal Intermediate Credit Banks 6 Mos
436% Notes, due March 14 1924
57,000,000
100
To Yield
About
Offered by.
4.75 Alex Brown & Sons; Harris, Forbes & Co.; Brown Bros. & Co.; Lee, Higgins:1n &CO.;
National City Co., and Guaranty Co. of New York.
213r4
'
4.50 Guaranty Co. of New York; National City Co.; Bankers Trust Co.; New York Trust Co.;
&
Continental
and
Bank
Savings
&
York;
Trust
New
First
Co.,
Bank of Manhattan
Commercial Trust & Savings Bank, Chicago; Old Colony Trust Co..;Boston; and
Hibernia Bank & Trust Co., New Orleans.
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
10,000,000 Republic of Finland 6% External Loan Gold
Bonds, due Sept. 1 1945
Price
90
8,000,000 Republic of Salvador Customs First Lien 8%
Gold Bonds, Series "A," due July 1 1948._ 100
16,000,000
To Yield
About.
Offered by.
8.98 National City Co. and Dillon, Read & Co., New York.
8.20 F. J. Lisman ds Co.. New York.
•Shares of no par value, a preferred stocks are taken at par, while In the case of common stocks the amount is based on the offering price. b This stock was
Purchased by the bankers from Messrs. 0.P. and M.J. Van Sweringen, and while the proceeds do not go directly to the treasury of the issuing company, the financing
nevertheless, constitutes a demand on the investment market.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Nov. 23 1923.
Although the unseasonably warm weather this week has
hurt retail and jobbing trade in the United States, the holiday trade has nevertheless improved. It might be larger;
colder weather would undoubtedly help it. But there is a
large business as it is being done by the mail order and
chain stores throughout the country. The West is optimistic,
though it is keeping its feet on the ground and looking facts
squarely in the face, recognizing that business might be better and at the same time that it very likely will be later on.
And against a background of generally cautious trading
stands out the sudden outburst of activity in pig iron as a
natural, inevitable and entirely healthy sequel to a pro-
longed period of dulness. Consumers were forced tp re-enter
the market for some 600,000 to 700,000 tons. And the revival
of business on a striking scale in tin plates, with the booking
of orders for some 7,500,000 boxes, is in its way quite as remarkable a feature of the week. Prices, too, of pig iron have
recovered some 50 cents to $1 a ton. The next thing, it is
hoped, will be a revival in the steel trade. Already there is
a noteworthy demand or inquiry from the railroads-for
200,000 tons of rails in one instance-from aptomobile
works and the building trades, favored by the warm weather
throughout the country, the thing that in some other lines
has militated so noticeably against seasonable triad% Cotton
has advanced further, going well beyond 35 cents, a*.nd rising
in a single week nearly $10 a bale. The Amoskeag milis at
2268
THE CHRONICLE
[VOL. 117.
Manchester, N. H., are now employing some 8,000 workers eign exchange with a more hopeful political outlook in
and are constantly adding to the number. Fall River mills, Europe has risen. England and France have apparently
It is true, are to all appearances operating on a basis of 50 to come to an understanding on the subject of military control
60%, but it is said, rightly or wrongly, that they are quietly in Germany. A threatened split between the two allies has
feeling out the labor situation with a view of reducing wages been avoided, and it is hoped that the way is gradually beand operating not for three days a week, but for a whole ing prepared for the solution of the thorny question of repweek. Sooner or later it is bOieved that labor in the North- arations, the Ruhr and the Rhineland, so long the bane of
ern cotton mills will have to bow to the inevitable and ac- world politics and a grave obstacle to a return to normal
cept lower wages to the end that these mills may be able to conditions commercially and financially, not to add socially,
compete to better advantage with those at the South, favored of the most advanced nations of the earth. Finally, it is
by cheaper labor and close proximity to tpe cotton fields.
h,pel that measures looking to a sorely needed reduction in
Meantime the situation in the world's cotton market is taxation in this country wil not be obstructed, much less
hampered by smallness of supplies and all over the globe defeated, in the coming Congress, how soon to be convened,
prices have been advancing. Something like a bear panic and that the bonus bill will be relegated to the limbo of forhas prevailed in Bombay, where the Exchange or Bazaar had gotten follies. It is five years after the armistice. The
to be closed to-day, owing to the excitement attending rising people are tired of war taxation and merely ask to be alprices. Forward trading was forbidden by the Bazaar au- lowed to return to normal ways of peace with business unthorities. Stocks of cotton there are smaller than last year, hampered by war exactions and a fair opportunity allowed
while there is a far greater decrease as compared with the them to pursue their several callings in the exercise of the
supply in 1921 and 1920. In Alexandria, Egypt, too, where inherent right to what was described in the earliest days of
the supply of cotton is noticeably smaller than last year the republic as "life, liberty and the pursuit of happiness."
there has also been a sharp rise in prices, even as much as
Rumors of wage cuts as imminent, or at any rate as pos33 cents per pound in a single day and Alexandria mer- sible, in the Fall River, Mass., cotton mills were current
chants have been buying in Liverpool. Very much of the on the 22d inst. It is reported that the Doffers' Union has
trouble in the world's cotton trade is due to the ravages of been asked whether it will accept a
cut of 12/
1
2% in wages
the boll weevil pest in the United States, which science has with the understanding that the mills
would be continued
thus far found it impossible to eradicate. The imperative on full time, rather than three
days a week. This looked to
need of an effective remedy may result ere long in its dis- some a little like the handwriting
on the wall. At Fall River,
covery very much as the cotton gin was invented by Whit- Mass., on Nov. 16, following the
further sharp advance in
ney, a Massachusetts Yankee, when most needed, and who the cotton market, textile
operations, it was announced,
thereby made a present of fabulous value to the South. It would be curtailed 60%
commencing this week. The Stafwould be useless to disguise the fact, however, that after a ford mills, which reopened less
than two months ago, after
semi-failure of the American crop for three years in succes- a long period of idleness, closed
on Thursday last until Dec.
sion there is more or less discouragement as to future crops 3 and then decided to close indefinitely.
One of the Flint
In the trade in this country particularly, as there is at pres- mills has also closed indefinitely
Some other mills of the
ent no practical substitute for cotton. Flax is not one, for plant are operating but little more
than 60% of capacity.
the crop is too small; it would take years to increase it to The Shove, Mechanics, Troy,
and possibly several others,
the requisite size, even though it can be raised anywhere in went on a three-days-a-week
schedule. The Davol, Shawthe temperate zone and not merely in semi-tropical latitudes mut, Arkwright, Ancona, Seaconnet,
Barnard, Laurel Lake,
of the South. It looks as though science will have to con- Cornell and Parker mills, though
running full time, are not
tinue to search until it has found an antidote for the Insect operating over 60% of their
capacity. The Everett mills of
which cross the Rio Grande River from Mexico to Texas in Lawrence, Mass., closed Nov. 21
to reopen Dec. 3. They
1892 and has since made the journey across the cotton belt have been operating on a
three-day schedule every other
until now it is found in North Carolina, and even, it is un- week. About 2,100 workers are
affected. But later it was
derstood, in some parts of Virginia.
announced that the Everett mills will increase its operaWool prices are gradually rising in England and Australia tions in December. Beginning
Monday, Dec. 3, they will be
and as America is the cheapest market, French buyers are operated the first three
days of each 'week. At Clinton,
Inquiring for wool in Philadelphia. The wool business in Mass., the Lancaster
mills, which a month ago shut down
the United States is larger, even if prices have not as yet 596 looms making
check ginghams, have placed an additional
actually risen much. It is said that Southern cotton mills in 621 looms on this
class of goods on a two-day-a-week basis,
many cases are busy. Silks have advanced, being in smaller making about 50%
of the company's machinery on short
Supply. Crude petroleum has also risen with the output a time. Boston
dispatches state that the directors of the Intrible less excessive. The furniture trade is disappointing. ternational Cotton
Mills have approved plans for the formaThe lumber output exceeds that of last year. The automo- tion of a large
cotton manufacturing company, to be called
bile trade is brisk and the November output bids fair to ex- the New England
Southern Mills. This is a consolidation
ceed that of October. Car loadings have decreased some- of the International
Cotton Mills and Southern properties,
what, but the total is still suggestively large. Bituminous for the acquisition
of which the Lockwood, Greene Co. has
coal has declined somewhat, with less demand, but there is recently been
negotiating. At Manchester, N. H., on Nov.
still a good trade in anthracite. And whatever may be said, 16, at the Amoskeag
mills the following departments went
bank clearings join with car loadings in giving clear evi- on a schedule of three
days a week commencing last Mondence that even if trade is not up to expectations it is larger day: All of No. 3 upper and lower weaving
departments
than that of last year. Wheat has advanced somewhat, and No. 2 weaving, and the following departments in
part:
though it is clear that Russia, Argentina, India and Aus- No. 1 dressing, Lagdon dressing, carding and spinning
and
tralia will be vigorous competitors with the United States No.11 cloth room. On Nov. 20, however, the Amoskeag
mills
for the European market, and most of the export trade in reopened several additional departments,
and now have
this country is still in Manitoba wheat. But there has been 8,000 operatives at work. At Manchester, N.
H., on the 22d
a better business with Europe in rye, and prices for corn inst., it was announced that the Coolidge mill
will work four
have been well maintained, with a very large consumption days instead of three per week. It
is expected that it will
in this country. It is true that failures show some increase, soon be running
on full time. Manchester, N. H., to-day
possibly due to the rather prolonged periods of unseasonably wired that four more mills of the
Amoskeag Manufacturing
warm weather in this country during the late summer and Co. cotton division will resume operations
on Monday, Nov.
the autumn. But the feeling in the country is not uncheer- 26. The four mills will provide work for
about 600 operatives.
ful; far from it. The Middle West is confident. Here in This week 1,700 have returned to work.
Several of the mills
the East the recently active and rising stock market coin- now operating on part time will go on full
time. At Dover,
cident with good railroad earnings and signs of a revival in N. H., textile workers refuse to aid
plans of the Pacific
the iron trade has awakened hopes of a general resurgence mills to raise production by 50%. The
aim apparently is to
of business in the not very distant future. The big invest- eliminate loafing on the job and have the workers handle
ment demand for securities argues growing confidence and additional machines at the same rate of wages. Later it
this feeling is to all appearances shared by the _foreign in- was announced that the Pacific mills had shut down its
vestor in American stocks and bonds, who has been transfer- Cocheco department indefinitely owing to threats of a strike.
ring large sums to the United States with very palpable Some 1,200 workers are idle. This was taking the bull by the
effects on the rates of foreign exchange. They have re- horns in very effective fashion. The Evanville-Jenckes Spincently fallen to new "lows," which some day in the retro- ning Co. of Rhode Island has bought the High Shoals cotton
aped will look well-nigh incredible. Latterly, however, for- mills in Gaston Co., N. Y., for $1,000,000. It has 18,500 spin-
Nov.24 1923.]
2269
THE CHRONICLE
dies and 80 looms. At Saco, Me., the York mills closed Nov.
24 until Dec. 3, owing to poor trade. At Nashua, N. H.,
flannel mills, two-thirds of its looms are on half time, owing
to unsatisfactory prices. But the Jackson flannel mills
there will continue operating on full time. At Graham,
N. C., the Oneida cotton mill closed indefinitely. It is one
of the largest and oldest textile plants in that State. Greenville, S. C., reported that cotton mills of the Carolinas were
operating day and night in many instances, particularly in
that immediate section, but all had been suspending operations each Monday owing to shortage of water and consequent shortage of hydroelectric power. But Charlotte, N. C.,
wired that the curtailment program which the Southern
Power Co. has had in effect for several weeks in the use of
electricity because of the low condition of the Catawbo
River and its tributaries would cease Monday, Nov. 19, and
normal use of electrical energy by cotton mills and other
enterprises resumed. The end of the curtailment program
has not come about because of any copious rains recently,
but because of 100% efficiency co-operation in the utilization
of power that has been available. A general wage reduction
among the smaller beehive coke operators in Fayette County,
Pa., of 20 to 33%, averaging 25%, with some of the larger
companies participating, is asked by the men themselves. It
is expected to be put into effect in the Connellsville regions
in the near future.
costs are just beginning to decline a little. Real estate values may be
shaded a trifle through a further moderate decline in building costs, but
probably in the post-presidential boom they will go substantially higher
than at present.
Trade Revival.-Presumably a moderate fall in commodity prices, a very
slight fall in some wages per capita, a moderate increase In unemployment
and a large fall in producing costs per unit-together with cheapness of
money-will pave the way for another trade revival beginning possibly
late next spring and not later than the autumn of 1924.
Railroad
Freight Car Loadings of One Million
Week for Twenty-one Weeks.
Cars a
In twenty-one weeks this year more than 1,000,000 cars
have been loaded weekly with revenue freight, according to
the Car Service Division of the American Railway Association, the total for the week which ended on Nov. 10, figures
for which became available on Nov. 21, being 1,036,067.
This was an increase of not only 291 cars over the preceding
week this year, but also was an increase of 91,881 over the
corresponding week last year and an increase of 280,290 over
the corresponding week in 1921. Loading of all classes of
revenue freight in the Eastern District shows an increase of
4.4% over the same week last year, while in the Southern
district there was an increase of 4.9%, and in the Western
district an increase of 19%.
For the first forty-five weeks this year-from Jan. 1 to
Nov. 10, inclusive 13,691,728 cars were loaded with revenue freight. This was not only the largest number ever
loaded during the corresponding period in any previous year,
Steel Furniture Shipments Again Increasing.
but was an increase of 6,547,547 over the corresponding
The Department of Commerce yesterday announced figure last year, and an increase of 9,236,823 cars over the
October shipments of steel furniture stock goods, based on corresponding period in 1921. Other details are given as
reports received from twenty-two manufaeturers. Ship- follows:
Loading of grain and grain products for the week of Nov. 10 totaled
ments amounted to $1,365,600 in October, as against $1,273,1,265 cars above the week before. While this was a decrease
259 in September and $1,227,447 in October 1922. The fol- 49,088 cars.
of 3,235 cars under the same week last year, it was an increase of 15,002
lowing table gives comparative figures for the first ten months cars over the same week in 1921.
Live stock loading for the week totaled 43,528 cars, 411 cars less than the
of 1923 and 1922:
1922.
1923.
January
$1,362,470 $983.834
967,125
February __-- 1,307,173
March
1,709,206 1,087,228
April
1.520,286 1,058,382
May
1.506,072 1.056.735
1922.
1923.
June
$1,401,950 $1,015.463
July
945,768
1,247.605
August
943.087
1,345,147
September ___ 1,273,259 1.062,495
October
1.365.600 1.227,447
The Business Outlook for 1924.
John Moody, President of Moody's Investors Service,
has issued the following statement, giving his opinion of the
business outlook for the coming year:
Margins of Profit.-The essential cause of the present trade reaction is
the decrease in margins of profit, which decrease began in the fall of 1922
In consequence of the very sharp rise in employment and the considerable
rise in the prices of raw materials. Margins are still falling, and promise
to continue doing so until material prices and labor costs per unit of output
diminish enough to correct them.
Employment.-The demand for labor has shown one of the greatest increases in history, so that our employment index rose from 88 in July 1921
to 122.7 in April 1923. Now, however, it is falling; it fell even in September when it should have risen, and this fall involves curtailment of public
purchasing power. Incomes generally move up and down parallel to this
employment index.
Commodity Prices.-Commodity markets have been spotty for some
weeks, whereas in the normal year they rise pretty steadily from midsummer to January. They are likely to move downward into the summer
of next year, because of the above mentioned fall in purchasing power
and of the thinness of margins of profit.
Overproduction.-We are experiencing overproduction in wheat, copper,
iron and steel, soft coal, petroleum products, rubber goods and many other
Individual articles. The instances of underproduction such as cotton are
exceptions. This overproduction results from superabundance of plant
capacity, and is partly responsible for the thinness of margins of profit.
Lack of margin, however, is pretty sure to enforce curtailment of outputs,
and thus reduce or eliminate overproduction within less than a year.
Agriculture.-The ratio of the prices of farm products to the prices of
finished goods ready for consumption has improved a little, but is still so
low that the purchasing power of the farmer is under normal. Presumably
the economic remedy will be a fall in the prices of finished goods rather
than any great rise in farm products. If goods fall more than farm products
next year, the farmer will be the better off, and in view of the above overproduction it is quite possible that this might happen.
Money Market.-Interest rates this fall have shown much less than the
normal seasonal rise, which fact Is a forecast of cheap money next year.
Commercial paper discounts are already being shaded. The slight growth
of unemployment and the indicated decline of commodity prices are additional forecasts of cheap money.
Foreign Ezchange.-The early part of next year should witness recoveries
in both sterling and francs. The economic position of Great Britain is
strengthening, as indicated by the gains in her export trade and the decrease
in unemployment. France is winning her fight with Germany and both
nations have about discounted any loss of German business.
Politics.-By spring the worst will be known regarding the political
outlook. No doubt the bonus bill and some anti-railroad legislation may
pass, but the railroads have such a good case and are putting up such a good
fight that the legislation will probably not be half as bad as the bills. Reduced demand for credit is reducing the dislike for the Federal Reserve
System In some quarters, and any danger of radical monetary legislation
Is decreasing. By midsummer, unless new and more radical issues come
to the front, politics should cease to depress business, on account of being
fully discounted.
Bond Prices.-Owing to the passing of the depressing influence of politics.
to the cheapness of money and to the accumulation of uninvested funds
In the hands of investors, bond prices ought to begin to creep upward some
time in the first or second quarter of next year.
Real Estate.-Real estate values should not be much disturbed at any
time next year. Rents are higher than they were a year ago, and building
preceding week but 5,639 cars above the corresponding week last year.
Compared with the corresponding week two years ago, it was an increase
of9.806 cars.
Coal loading amounted to 190,282 cars, a gain of 10,568 cars over the
week before and 5.672 cars above the same week last year. This also was
an increase of 35,432 cars over the same week two years ago.
Loading of merchandise and miscellaneous freight, which includes manufactured products,totaled 613,961 cars. While this was a decrease of 20.286
under the week before, it was an increase of 56,891 over the same week
last year and an increase of 146,720 cars over the same week in 1921.
Loading of forest products amounted to 75,062 cars. This was a decrease of 447 cars under the week before, but an increase of 14,465 cars
over the corresponding week last year and an increase of 24,296 cars over
the corresponding week two years ago.
Ore loading totaled 52,812 cars. 9,615 cars above the week before and
13,384 cars above the corresponding week last year. Compared with
the corresponding week in 1921 it was an increase of 44,077 cars.
Coke loading for the week totaled 11,334 cars, or only 13 less than the
preceding week. While this was a decrease of 935 cars under last year, it
was an increase of 4.957 cars above two years ago.
Compared by districts, increases over the week before in the total loading of all commodities were reported in the Northwestern and Southwestern
districts, while the Eastern, Allegheny, Pocahontas, Southern and Central
Western districts reported decreases. All districts reported increases over
not only the corresponding week last year, but also over the corresponding
week two years ago.
Loading of revenue freight this year compared with the two previous
years follows:
1921.
1922.
1923.
2,923,759
2,785.119
3,380.296
4 weeks of January
2,739.234
February
3,027,886
3,366.965
of
weeks
4
3,452.941
4,088.132
4,583,162
5 weeks of March
2.822,713
2,863,416
3.763,963
4 weeks of April
3,039.234
3,102,124
3,941.386
4 weeks of May
3,808,040
4,153,590
4,977.053
5 weeks of June
2,998,785
3,252,107
3,944,386
4 weeks of July
4,069,765
4,335,327
5.204,532
5 weeks of August
3,280,576
3,699,397
4,147.148
4 weeks of September
3.726,405
3,913.046
4,310,994
4 weeks of October
837,576
979.851
1.035,776
Week ended Nov. 3
755,777
944.186
1,036,067
Week ended Nov.10
Total for year to date
43.691.728
37.144,181
34.454.905
Survey of Current Business.
The Department of Commerce announces the following
figures representing basic industrial and commercial movements in October:
Principal business indicators for October show the following changes in
index numbers from September based on the 1913 average as 100: Pig iron
production from 122 to 123, steel ingot production from 131 to 141, unfilled
steel orders from 85 to 79, liabilities defaulted in business failures from 125
to 349, sales of mail order houses from 231 to 335 and bank clearings outside New York City from 242 to 281.
Complete figures for September show mineral production at 138 on a 1919
base, as against 155 in August and 113 a year ago, while crop marketimgs at
144 compare with 113 in August and 166 a year ago, and animal marketings
at 108 compare with 110 in August and 99 in September 1922. The index
of stocks of commodities at the end of September stood at 112, comparing
with 106 in August and 106 a year ago.
Wool receipts at Boston totaled 7,611,000 pounds in October, as against
13,907,000 in September and 20,530,000 pounds a year ago. Silk consumption amounted to 25,917 bales in October, as against 26,929 bales in September and 37,471 bales a year ago. Stocks of raw silk at the end of October
amounted to 32,679 bales, comparing with 27,367 bales a month previous
and 45,893 bales a year ago. Cotton ginnings up to Nov. 1 totaled 7,554,587
bales, as against 8,139,215 bales in the corresponding period of the 1922
season.
2270
THE CHRONICLE
Iron ore movement through the Sault Ste Marie Canal amounted to 8,461,000 tons, as against 9,468,000 tons in September and 5,872,000 tons in October 1922. The production of pig iron totaled 3,149,000 tons in October, as
against 3,126,000 in September and 2,638,000 a year ago. The output of
steel ingots totaled 3,548,000 tons, as against 8,316,000 in September and
8,410,000 a year ago. Pig iron prices declined, while steel prices were generally unchanged from September. Unfilled orders of the U. S. Steel Corporation at 4,672,000 tons compare with 5,036,000 tons at the end of September and 6,902,000 a year ago.
Shipments of locomotives from manufacturers totaled 310 in October, as
against 335 in September and 145 in October 1922. Unfilled orders at the
end of October amounted to 977 locomotives, comparing with 1,178 a month
previous and 1,538 a year ago.
Zinc production at 84,196,000 pounds compares with 78,210,000 pounds
in September and 79,880,000 pounds a year ago, while stocks, amounting to
51,574,000 pounds, compares with 45,786,000 a month previous and 36,086,000 pounds a year ago.
Tin stocks in warehouses totaled 3,677 tons, as against 2,362 a month ago,
while the world visible supply amounted to'20,567 tons, comparing with 19,864 a month ago. Tin deliveries from warehouses at 5,540 tons compare
with 4,540 tons in September.
Sugar meltings in October totaled 384,200 tons, comparing with 268,365
tons in September and 280,003 tons a year ago. Stocks at refineries
amounted to 121,656 tons of raw sugar, as against 192,375 tons held at the
end of September and 94,043 tons held a year ago. Receipts at Cuban ports
totaled 68,671 tons in October, as against 62,810 in September and 61,713 a
year ago.
Cargo traffic through the Sault Ste Marie canals amounted to 13,003,000
tons in October, comparing with 12,776,000 tons in September and 11,233,000
tons a year ago.
Dun's index number of wholesale prices averaged 158 in October, based on
1913 prices as 100, and was the same as in September.
Sales of the principal mail order houses totaled $37,743,000, as against
$26,052,000 in September and $30,222,000 a year ago. Sales of the principal ten-cent store chains totaled $30,193,000, comparing with $25,198,000
In the previous month and $26,025,000 a year ago.
Debits to individual accounts and bank clearings increased over September,
both for New York City and for the rest of the country. Compared with a
year ago, declines are shown for New York City, but increases for the rest
of the country.
Business failures amounted to 1,673 in October, as against 1,225 in September and 1,708 a year ago, while defaulted liabilities at $79,302,000 compare with $28,488,000 in September and $34,647,000 a year ago.
The general index of foreign exchange remained unchanged at 83% of par.
Cost of Living Still Rising-Fuel, Food and Clothing
Prices Up-Many Wage Increases Also NotedCorn-Huskers Get $10 a Day.
Latest figures showing the cost of living in the United
States, as announced on Nov. 21 by the National Industrial
Conference Board of 10 East 39th Street, New York, reveal
that in the month ended Oct. 15 there was an increase over
the preceding month of four-tenths of 1%. This is an increase of 64.1% over the pre-war month of July 1914 and a
decrease of 19.8% from the so-called "peak" month of July
1920, when the rise in living costs had reached its highest
point. Increases in the prices which the people are paying
for food and clothing, which were manifest in the preceding
month, continued to be noted in the Conference Board's
latest survey, and the price of fuel, which was stationary in
the month ending Sept. 15, showed an increase of 1% in the
latest survey. From Sept. 15 to Oct. 15 food prices rose
seven-tenths of 1% and clothing prices six-tenths of 1%.
Wage changes noted by the National Industrial Conference
Board for the month ended Nov. 14 reveal that there were a
greater number of increases granted than since last June.
Wage reductions numbered 5 and increases 151. The latter
were found largely among the railway, street railway and
printing industries, though the Board notes that corn huskers in the Western States won their contention for wages
of
from $8 to $10 a day in Omaha negotiations. Readjustment
in the metal trades fixed wages for certain skilled labor on a
new range of $125 to $150 a week.
,
[VOL. 117.
the year. Sales in New York City and in Chicago during the
first 10 months of the year were about a quarter more than
sales last year, but during October they were only one-seventh greater than last year.
Sales of ordinary life insurance in Canada during October
of this year were 25% greater than during October 1922.
These figures are based upon reports from companies having
in force approximately 85% of the outstanding legal reserve
ordinary business in the provinces. For the first 10 months
of this year the total sales of ordinary life insurance were
$289,013,000, as compared to $253,111,000 last year, an increase of 14%. Every province made an increase for the
first 10 months except Alberta, which was 5% below last
year. During October every province showed an increase in
its sales except Prince Edward Island, which exactly equaled
last year.
Automobile Production Very Heavy.
The Department of Commerce on Nov. 22 announced October production of automobiles, based on figures received
from 186 manufacturers, 96 making passenger cars and 119
making trucks (29 making both passenger cars and trucks).
Data for earlier months include 12 additional manufacturers
now out of business. Figures on truck production also include fire apparatus and street sweepers. The October production was among the heaviest of the year, the output of
passenger cars for the month in 1923 having been 334,966
cars, against only 217,566 in October 1922 and but 134,774
cars in October 1921, and of trucks 30,141 in 1923, against
21,795 and 13,149 in 1922 and 1921, respectively. The monthly
comparison for three years is as follows:
AUTOMOBILE PRODUCTION (NUMBER
Pamitger Cara
1921.
1922.
1923,
January
*81,696 223,819
February
109,171 *254,773
March
*152,982 *319,770
April
*197,224 344,639
May
*232,462 *350,410
June
263,053 *337,362
July
*165,616 *225,086 297,330
August
*167,756 *249,492 *314,373
September.
144,870 *187.894 *298,911
October
*134,774 *217,566 334,966
November
106,081 0215,352
December
•70,727 *208,010
OF MACHINES).
Truck
1921.
1922
1923
*9,576 *10,720
*13,350 *22,161
•20,022 *35,280
*22,640 *38,056
*24,097 *43,678
•26,298 *41,145
*11.138 •22,048 *30,683
*13,400 •24,692 *30,829
*13,978 *19,462 *28,632
*13,149 *21,795 30.141
*10,487 *21,949
*8,858 *20,354
•Revised.
Autos Lead Manufactured Exports-Shipments Overseas of Machines and Parts in Fiscal Year 1922-1923
Exceed Pre-War Exports by 467%.
Exports of automobiles and parts from the United States
stand first among all manufactured products shipped from
this country, says M. H. Hoepli, Acting Chief of the Automotive Division of the Department of Commerce. They are
now exceeded only by five other commodities, none of which
is classed as "manufactures." The Government figures
for
the foreign trade of the United States during the fiscal year
1922-1923 show that "Automobiles and Parts" occupy sixth
place among all the commodities exported, being exceeded
only by the following: Cotton, unmanufactured ; mineral
oils, refined; wheat, tobacco leaf and coal. In the export
table they are considerably in advance of the other leading
manufactured products, including cotton cloth, which holds
ninth place; iron and steel, which is sixteenth, and agricultural machinery, which is nineteenth. The total value of the
automobiles and parts exported in 1922-23 was $132,035,000,
representing an Increase of 467% over the pre-war average
for 1010-1914, and an increase of 72% over 1921-1922.
Life Insurance Sales Increasing.
Ford to Produce 10,000 Cars a Day.
Sales of ordinary life insurance in the United States during October were 13% above the corresponding period of last
The following is taken from the New York "Times" of
year, according to figures just published by the Life Insur- Nov.4:
Henry Ford has asked manufacturers from whom he buys large
ance Sales Research Bureau of New York. Sales by comquantities
of tires, wheels, steel springs and ball-bearings to speed up their
production
panies which have in force about 80% of the legal reserve immediately
in order that he may have a sufficient back-log of raw mateordinary insurance amounted to $476,485,000 of insurance in rials to produce an average of 10,000 cars a day by Feb. 1 1924. Mr.
Ford's
October of this year, as compared to $419,579,000 in October order, delivered to these accessary manufacturers by telegraph, took most of
them by surprise and found them operating on reduced
schedules
and withlast year. The record of sales for the ten months ending out any particularly
large supplies of raw materials on hand. Most of them
Oct. 31 was better than the record for October alone, the in- are making plans to speed up operations immediately.
The present output of the Ford Motor Co., which has
crease over last year during the ten-month period having
been maintained at
a steadily
pace all year, is approximately 7,500 cars a day, and
amounted to over $764,000,000, or 19%. In six States scat- the total toincreasing
be turned out in 1923, including cars and trucks, is approxitered over the country the sales this year were below those mately 2,000,000 vehicles. On the basis of his last order, Mr. Ford's plants
will turn out approximately 3,000,000 cars and trucks in
1924. Production
of last year, but for the year to Oct. 31 the sales were higher for
this year, up to Oct. 17, amounted to 1,500,696
October proexcept
in every State
Arizona. The Southern, Southwestern duction was approximately 350,000 vehicles and that vehicles.
for November and Deand Western States made the least favorable showing in cember is expected to be about 360,000 each. The total turned out by Ford
in 1922 was 1,351,333 vehicles.
October; the Central and West Central States were the best plants
Those familiar with the automobile industry
the opinion that the
groups. The Pacific States, although not making as great order to increase production so that 10,000 carsexpress
a day may be turned out is
Increases in October as did the country as a whole, are still occasioned by Mr. Ford's desire to "get the jump" on the spring trade.
They say also that many people who purchase Ford cars on the weekly
payahead of the rest of the country for the first 10 months of ment plan have
now deposited with banks sufficient funds to permit the
Sales of Mechanical Stokers Fall Off.
The Department of Commerce announces the sales of mechanical stokers for 1923, by months, according to returns
received, as fqllows:
January
February
March
April
May
June
July
August
September
October
No. of
Stokers Sold.
Establishments
HorseReport- Numpower.
ber.
Ogg.
15
15
15
15
15
15
15
15
15
15
145
129
120
187
194
135
129
135
99
88
83,270
66,619
68,955
85,339
100,513
59,719
52,518
71,693
60,486
32,576
Installed under—
Fire Tube Bolters. Water Tube Barr
11,40Mbet,
Horsepower.
Number.
29
9
9
14
14
6
21
18
16
14
3,400
1,172
1,259
2,000
1,915
804
3,454
2,624
2,754
2.330
116
120
111
153
180
129
108
117
83
74
Horsepower.
79,870
65,447
67,696
83,339
98,598
58,915
49,064
69,069
57,732
30,246
Decrease in Wholesale Prices in October 1923.
A slight downward tendency in the general trend of wholesale prices is shown for October by information gathered
by the United States Department of Labor through the
Bureau of Labor Statistics. The Bureau's index number,
which includes 404 commodities or price series weighted
according to their commercial importance, declined to 153
compared with 154 for September. We quote further as
follows the Bureau's statement of Nov. 17:
Changes in Retail Prices of Food, by Cities.
During the month from Sept. 15 1923 to Oct. 15 1923 the average family
expenditure for food increased in 29 cities as follows: Los Angeles. Portland, Ore., San Francisco and Seattle, 3%; Jacksonville, Pittsburgh and
Salt Lake City, 2%; Atlanta, Cincinnati, Columbus, Dallas, Fall River,
Newark, New Haven, New Orleans, New York and Portland, Me., 1%;
and Boston, Butte, Charleston, Denver, Houston, Manchester, Philadelphia, Providence, Rochester, St. Louis, Savannah and Washington,
D. C., less than five-tenths of 1%. In 20 cities the average family
expenditure decreased as follows: Detroit and Indianapolis, 2%; Buffalo,
Chicago, Cleveland, Kansas City, Louisville, Memphis. Milwaukee,
Minneapolis, Omaha, Richmond and St. Paul, 1%; and Baltimore, Birmingham, Mobile, Norfolk, Peoria. Scranton and Springfield, Ill., less
change
than five-tenths of 1%. Bridgeport and Little Rock showed no
in the month.
cities
For the year period, Oct. 15 1922 to Oct. 15 1923, all of the 51
showed an increase. Pittsburgh, 9%; Bridgeport and Indianapolis,
Atlanta,
7%;
River,
8%;Baltimore, Chicago. Cleveland, Detroit and Fall
Cincinnati, Columbus, Denver, Manchester, Milwaukee, New Haven.
Philadelphia, Salt Lake City, and Scranton,6%;Birmingham, Charleston,
Jacksonville, Louisville, Memphis, Mobile, Newark. New York, Norfolk.
Omaha, Rochester, St. Louis and Seattle, 5%; Boston. Los Angeles,
Minneapolis, Portland, Ore., Providence, Richmond, St. Paul, Savannah,
and Washington, D. C., 4%; Butte, Houston, Kansas City, Little Rock,
Buffalo.
New Orleans, Peoria, Portland, Mo.,and Springfield, Ill., 3%;and
Dallas and San Francisco, 2%.
October
in
food
As compared with the average cost in the year 1913,
Balti1923 was 59% higher in Washington, 58% in Richmond; 57% in
more, New York and Providence; 56% in Detroit and Scranton; 55%
In Boston and Chicago; 54% in Buffalo, Fall River, New Haven, Philadelphia and Pittsburgh; 52% in Manchester; 51% in Birmingham and
San Francisco: 50% in Milwaukee and Newark; 49% in Charleston.
Cleveland and St. Louis; 48% in Cincinnati; 47% in Atlanta and Los
Angeles;46% in New Orleans and Seattle;45% in Dallas and Minneapolis;
44% in Indianapolis and Omaha; 43% in Jacksonville; 41% in Kansas
City and Little Rock; 40% in Memphis and Portland. Ore.; 39% in
Louisville; 37% in Denver; and 31% in Salt Lake City. Prices were not
obtained from Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk,
Peoria, Portland, Me., Rochester, St. Paul, Savannah and Springfield.
III., in 1913, hence no comparison for the 10-year period can be given
The lowering of the general price level was due mainly to further declines
In fuels and metals. Among fuel and lighting materials there were appreciablo decreases in prices of bituminous coal, coke, crude oil, and gasoline.
Anthracite coal averaged higher than in September. Decreases in pig
Iron, steel billets, copper, and lead brought the level for metals well below
that of the month before. In the cloths and clothing group the strong
reaction in raw silk from the high prices of the preceding month, together
with lower prices of worsted yarns, forced the price level downward despite
rising costs of cotton goods. A small decrease took place also in the group
of miscellaneous commodities, due to declines in sole leather and rubber.
Among farm products decreases in cattle, hogs, sheep, poultry, onions
and potatoes were offset by advances in grain, cotton, eggs, flaxseed,
hides and alfalfa and clover hay, the price level remaining unchanged.
No change was reported for building materials and house furnishing goods
also, while small increases took place among foods and chemicals and drugs.
Of the 404 commodities or series of quotations for which comparable
data for September and October were collected, increases were shown in
136 instances and decreases in 104 instances. In 164 instances no change
In price was reported.
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
COMMODITIES (1913=100).
Group—
Oct. 1923. Sept. 1923. Oct. 1923.
144
144
138
Farm products
148
147
140
Foods
199
202
188
Cloths and clothing
172
176
226
Fuel and lighting
142
144
135
Metals and metal products
182
182
183
Building materials
128
129
124
Chemicals and drugs
183
183
176
House furnishing goods
120
121
120
Miscellaneous
153
154
154
All commodities
Comparing prices in October with those of a year ago, as measured by
changes in the index numbers, it is seen that the general price level has
declined loss than 1%. Fuel and lighting materials averaged 24% lower
than in October 1922, while building materials were slightly lower. The
group of miscellaneous commodities showed no changed in the price level.
In all other groups prices were appreciably higher than in October of
last year.
Increase in Retail Prices in the United States During
October.
The retail food index issued by the United States Department of Labor through the Bureau of Labor Statistics,
shows that there was an increase of four-tenths of 1% in
the retail cost of food in October 1923 as compared with
September 1923. In September the index number was
149, in October, 150. The statement issued by the Department on Nov. 19 says further:
for those cities.
The Department also furnishes the following:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
Year and Strrn End Mb Urea Plate Pork Ba- Ham.Lard.Hens. Eggs. Butter_
Beef. Chops con.
Month. Steak. Steak*',,
1922.
January._
February March ___
Aprtl
May
June
July
August
September
October
November
December_
139 136 135 119
139 135 134 118
141 138 136 121
143 141 138 122
148 146 141 124
151 150 142 126
154 153 144 127
154 153 142 125
152 151 142 125
151 148 141 124
147 144 139 123
145 141 138 121
106
106
107
107
107
107
108
104
104
106
105
105
137
140
149
157
164
161
164
167
173
174
157
140
139
140
144
147
147
150
150
150
150
151
151
149
164
173
185
188
191
193
194
189
180
177
172
169
97 173 145
101 173 140
109 177 92
107 177 92
108 177 97
109 173 99
109 168 104
109 164 108
109 164 130
111 163 157
111 159 187
111 158 193
118
120
120
118
117
117
119
115
122
133
143
157
Av.for yr_ 147
145
139
123
106
157
147
181
108
169
129
125
1923.
January....
February_
March
April
May
June
July
August ___
September
October___
142
141
142
145
148
155
159
159
159
154
139
139
139
140
142
145
148
147
148
146
123
122
123
123
124
128
130
130
131
130
107
106
106
105
106
104
106
105
108
108
140
137
135
135
143
142
149
163
175
163
147
146
145
145
145
144
145
145
146
146
168
167
167
168
169
171
171
172
173
172
110
110
110
111
109
109
108
108
113
118
162
167
168
169
170
166
163
162
164
163
161
134
112
100
102
103
108
120
141
188
154
151
150
150
136
131
128
135
144
147
146
146
147
149
152
158
161
162
162
157
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN UNITED STATES.
Year and
Month. Mae Mak Bread Flour Corn Rice. Pota- Sugar Coff
Meal
toes.
1922.
January__
February._
March
April
May
J11110July
August
September
October
November
December
161
141
149
145
139
141
143
144
145
154
161
168
153
148
146
143
140
140
144
145
147
149
151
154
157
154
155
155
157
157
157
155
155
155
155
154
Av. for year 143
147
155
1923.
January
February...
March
April
May
June
July.....
August
September_
rietnhem
154
154
153
153
152
152
153
154
157
152
155
155
155
155
155
155
157
155
155
15A
169
170
188
164
161
163
164
164
167
174
AU
Tea. Articles.
Combined.
v1•01 -VICO Of C005014.
00 0,C71000•00....",..C.O.
estimated
delivery of their cars. In the New England district alone this is
to call for 200,000 cars.
According to dispatches received in the financial district in the last day
probably no
or two, there will be no further change in Ford's models and
change in the price schedule in 1924. It has been estimated that the Ford
vehicle
every
Motor Co.'s profits in the year ended June 3 1923 were $90 for
turned out.
Month.
2271
THE CHRONICLE
Nov.21 1923.]
130
130
130
130
127
130
130
130
130
130
130
133
107
107
107
108
109
110
110
110
110
110
110
109
194
194
182
171
176
206
212
153
135
129
124
124
113
116
118
122
120
129
138
147
144
144
147
151
120
119
119
120
120
121
121
121
121
122
122
123
125
125
124
124
125
125
125
125
125
125
126
126
142
142
139
139
139
141
142
139
140
143
145
147
155
130
109
165
133
121
125
142
148 133
148 133
145 133
148 133
145 133
145 133
142 137
136 137
136 140
120 142
109
108
108
108
108
108
108
108
109
110
124
124
129
147
159
188
247
218
200
171
151
158
185
193
204
202
191
175
175
102
124
126
127
128
128
127
127
126
126
197
126
127
127
127
127
128
128
128
128
190
144
142
142
143
143
144
147
146
149
1511
During the month from Sept. 15 1923 to Oct. 15 1923, 17 articles on
which monthly prices are secured increased as follows: Strictly fresh
eggs, 12%; granulated sugar, 10%; cheese and lard, 4%; butter, vegetable
lard substitute,flour, cornmeal, and onions,2%; fresh milk, oleomargarine,
rice, coffee, bananas, and oranges, 1%; and canned red salmon, and tea,
The Industrial Situation in Illinois in October.
less than five-tenths of 1%.
The downward course of factory employment in Illinois
Thirteen articles decreased in price as follows: Potatoes, 15%; cabbage,
9%; pork chops, 7%; sirloin steak, round steak, log of lamb, navy beans, which began in July and continued through September
and prunes, 3%; rib roast and raisins, 2%; chuck roast and hens, 1%;
finally came to a halt during October, says the monthly
and ham, loss than five-tenths of 1%.
Thirteen articles showed no change in price in the month. They were statement made public on Nov. 16 by R. D. Cahn, Chief
as follows: Plate beef, bacon, evaporated milk, nut margarine, bread, Statistician of the General Advisory Board of the Illinois
rolled oats, corn flakes, wheat cereal, macaroni, baked beans, canned
Department of Labor, which continues:
corn, canned peas, and canned tomatoes.
For the year period. Oct. 15 1922 to Oct. 15 1923, the increase in all
The workers of the State found employment during the usual peak month
articles of food combined was 5%.
of the fall season, stabilizing at the level reached after the September deFor the ten-year period, Oct. 15 1913 to Oct. 15 1923, the increase in clines, Empioyers. howevtr. were proceeding cautiously. They were
all articles of food combined was 44%.
content to operate with the forces they already had, providing steadier em-
2272
THE CHRONICLE
[VOL. 117.
ployment where the demand for products required it, but adding very little
Unemployment of sizeable proportions is now with us. The free
employto the names already on the rolls.
ment office ratio ofjob seekers to jobs available stood at 117.5 during October,
The tabulated reports to the General Advisory Board from 1,188 manu- which is the least favorable
condition
of
any
time
since
January
when
1923,
facturers aggregate 303.836 workers in October, practically the identical the free
employment offices were having the usual winter unemployment
number those same firms reported during September. This level is 3.7% problem to
deal with. The unemployment ratio during October stood apbelow June, when employment in Illinois factories was at the year's peak. proximately
at the same place as it did last December, and it now seems
Although the stare of employment in October was below the level of the clear
that when out-of-door jobs are no longer available, next December and
middle of the year, it is still substantially above the status for the same January,
the social agencies will have a very much more difficult time of
month last year and further above the level of October 1921. It appears It than
they had last year. The free employment ratio is not so favorable
that the factory operations last month were 4.5% over the October 1922 as last
year at this time. Then there were more jobs than there were people
totals, and 11.6% above the October 1921 employment aggregate.
out of work. The condition is still substantially improved over
what it
In addition to the reports from the manufacturers, there were included in was in
October 1921, when 167 people were on the registers of the free emthe tabulations reports from retail and wholesale trade, public utilities. ployment
offices
each
for
100 requests from the employers.
mining and building, bringing the total number of co-operating concerns
In Chicago the free employment office index for the month of October
up to 1.527. These firms had 434,787 workers during October, a number stood
at 139 and at Cicero it was 221. Ih the latter case there were more
which is in excess of one-sixth of all gainfully occupied workers of the State. than
two people for each opportunity to work. In eight of the thirteen
Reports from all these concerns show a gain in total employment of one- cities
unemployment was said to exist during October.
tenth of 1%.
Building permits issued last month in twenty Illinois cities numbered
Looking at the situation more intensively. a —spotty" condition is seen. about
3.361, about one thousand more than were issued in the same c:ties
Some industries had rather heavy seasonal breaks during October, but by one year
ago. The value was half a million dollars over the October 1923
the same token other industries were unusually busy. Li still others where figure
and exceeded by a million and a half dollars the figures for September.
the season has but little effect, there were a number of declines, with fairly Aside
from
the 327,837.000 worth of authorizations in Chicago, the persubstantial gains intermingled. Employment was generally larger in trade
mits run high in Springfield, Oak Park, Evanston and Cicero. The Evansand mining. Independent builders had fewer employees and so did the ton
authorizations for the month totaled 51.300,237, Oak Park $893,202
public utilities doing building work for themselves.
and Springfield $774,408.
Of the 53 individual manufacturing industries there were 26 showing gains
One year ago the Bulletin of the Illinois Department of Labor reported
in October. 27 declines and one no change. Manufacturers of heating ap- that
the industries of the State were continuing steadily in the path of imparatus scored V e banner gain of the entire list, the month bringing an
provement upon which they had entered in the spring of that year. The
employment growth of 12%.
reports for 1,483 concerns had shown a gain of 1.3% in the number of emOf the industries which reported adverse changes, first may be noted ployees
in profitable employment during the month. Prominent among the
those affected by building demands, as for example planing mills, brick
Industries registering employment increases last October
were the car shops,
kilns. and the builders. in each case there were fewer workers. However,
glass, furniture and musical instruments factories. The furriers and
wothe glass concerns, like the paint concerns, had more workers in October.
men's clothing manufacturers were at that time reported to be at the peak
The metal industries show a mixed trend, with five industries showing
of their busy season and the appearance of the first
frost had started an
increases and seven declines. Agricultural implements firms laid off
3.5%
of their workers, automobile firms 4.4%. and in the large iron and steel increase ofshipments to the stock yards, with an increase in employment at
the packing plants as a consequence. Moreover, in contrast
class there was an employment drop of lesser percentage. In the latter
to our present
situation, it appeared at the time of the survey for that month that labor
case it appears that the smaller firms show the greater loss. Machine
shortages
were making their appearance in Chicago and in a number of
shops succeeded in holding their own and there was only a slight change in
down-State cities. During October 1921 employment had fallen slightly
the car and locomotive shops.
from the level of the preceding month.
In the wood groups employment expanded for factories producing furniture, musical instruments, household furnishings, and reacted in the mill
and wood novelties industries. Increases ran consistently through the
industries of the leather group. The 53 firms making up the four leather
Further Changes in Oil Prices.
industries had 4% more workers than a month ago. The boot
and shoe
During
the
week just passed further adjustments have
firms had 3.5% more workers. The furriers were seasonally rushed.
In the printing and paper group the trend was mixed, employment been made in the price schedules of both crude oil and gasomounted ii the newspapers, some of them doing job printing, but the job line. On Nov. 17 press reports
stated that the Texas Co.
printers themselves had a smaller numbcr of employees. Employment of
had met the 10o. reduction in the price of crude oil anthe paper novelties firms was off by about 2%. The demands for bags,
tubes for wrapping and shipping increased the employment for concerns nounced the previous day by the Standard Oil Co. of Louisimaking these products.
ana for grades from the fields of north Louisiana and south
In the wearing apparel industries the trend was sharply downward.
Men's clothing concerns laid off 8.5% of their workers, makers of hats and Arkansas (see our Nov. 17 issue, page 2157).
The new policy in regard to the handling of Mid-Continent
caps decreased 9%, and less serious lay-offs were the general rule in the
millinery, women's clothing, women's underwear and furnishings concerns. crude oil now being
inaugurated by the Standard Oil Co. of
The haberdashery makers are the exciption of the group, adding a few workNew Jersey is causing havoc to the pipe lines of the other
ers during the thirty day period.
The canning season is over and employment broke nearly 75% from the Standard Oil companies, according to the New York "ComSeptember level. Elsewhere changes were of a seasonal character,
ice mercial" of Nov. 17. The statement reads as follows:
manufacturers getting along with 13.4% fewer employees,
and grocery
Revolutionary changes in lines of operation of the Standard Oil Co. of
concerns and flour mills added about 5%. As in
employment
1922
ex- New Jersey with regard to Mid-Continent crude oil production
and the
panded during the month of October, and Christmas orders were making
handling of that production are raising havoc with other Standard
Oil
heavy demands upon the confectioners, larger working forces resulting.
companies.
An analysis of the employment trends by cities shows that in ten
of the
The
new
policy
of
the
Standard
of
New
Jersey calls for its expansion as a
principal cities of the State employment fell off during October, and only
producer in the Mid-Continent oil fields, and the placing of the company
gains in Chicago, East St. Louis and Springfield
in
prevented the employment such a position that it can handle the oil
direct from the well to its North
index of the State from reaching a lower level for the month. In Chicago
Atlantic refineries. This handling is being accomplished through
the reports from 749 employers totaled 301.957 workers,
the
or approximately acquisition by the Standard of New Jersey of a
complete pipe line system
two thousand more than the same employers reported
for September. under its control from the Mid-Continent fields
to Gulf tidewater, whence
The reported reopening of two mines near Springfield
brought employment the oil is transported in the company's
tank steamships to its refineries
for that city up by 29% as shown in the tabulated returns. Elsewhere
de- commanding its North Atlantic marketing territory.
clines were general, ranging from 3 to 5% in Bloomington,
Danville, Peoria
In other words, the Standard of New Jersey is to handle
Mid-Continent
and Quincy, and running from 1 to 3% in Rockford. Joliet, Decatur, Cicero
oil directly from the well to the ultimate consumer
in the Eastern States.
and Aurora. At Moline the aggregate employment
did not fluctuate dur- Among the Standard Oil companies which are
hit by this policy are the
ing the month.
Prairie Oil & Gas Co., for years the largest producer and marketer
Again employment reacted most among the concerns having a
of Midsmaller Continent oil, and which numbered the
Standard Oil Co. of New Jersey
number of workers. The firms having fewer than 101 employees suffered
as one of its biggest customers.
an employment decline in October that aggregated 7.1%. Employers havAlso hit hard are the various Standard 011 companies controlling
east-and
ingfrom 201 to 250 employees also had a smaller number of workers. Those west
pipe lines that make an unbroken connection from the Mid-Continent
having from 251 to 500 were just able to hold their own. while those having oil
fields through the Middle West to refineries on the North Atlantic
from 501 to 1,000 gained about 1%. Employers
with 1,000 or more work- seaboard. Those great east-and-west pipe line systems
were for years the
ers gained about 2% during the month. These figures seem to show that pride
of the Standard Oil forces and gave the Standard 011 its dominant
the expansion during October, such as there was, was confined to the larger Position
in the industry and enabled Standard Oil to hold that position
sized concerns. This is true whether the industries are taken individually against
all opposition. To-day the question of what lies ahead for some of
or considered in the aggregate.
the one-time most important links in those great east-and-west pipe
line
The 1,526 concerns paid out during the week of October 15 $11,497,244. chains is
one of the most perplexing problems facing any Standard 011
which was 2% more than the amount these Identical concerns paid out durcompanies.
ing the week of the middle of September. This increase added to the gains
The new policy of the Standard Oil Co. of New Jersey of piping Mid.
reported in August and September now brings the total payments of em- Continent
oil to the Gulf and thence shipping by tank steamships was
ployers to their workmen to the highest point attained at any time since adopted
because other companies had proved it cheaper than the old eastearnings were collected by the Illinois Department of Labor in June. 1022. and-we
st pipe systems. The Texas Company, the largest American indeThe total disbursements on account of wages of firms is now 17% over the
pendent oil organization, has made its shipments of Mid-Continent
to its
average level of the last half of 1922. The firms co-operating with the
refineries on the North Atlantic seaboard in that way for several
years.
Illinois Department of Labor have aggregated payrolls that amount to
The Standard of New Jersey's new policy explains the decision
of the
more than half a billion dollars per year.
Prairie 011 & Gas Co. to enter the refining business and the marketing
of
A study made about four months ago by the New York Department
of refined products. The plans of the Standard of New Jersey
to develop Its
Labor showed that the earnings of women were about half
of that of men own or controlled production in the Mid-Continent fields virtually
forced
employed in the factories of that State. It appears
from the reports to the that decision by Prairie. That is, the Prairie, with one of its
greatest sources
Illinois Department of Labor that the women are relatively somewhat
of eastward distribution threatened, found it necessary to
acquire big marbetter off than their New York sisters. The 203,404 male factory workers
kets for the Middle West and the Far West. Through its
action in obtainaveraged $30 78 per week in October. The women workers
for the re- ing control of the Producers & Refiners Corporation, the
Prairie enters the
porting concerns in Illinois number 43,103 in October. Their
weekly refining business and obtains a big marketing organization
in the Middle
earnings for the month averaged $17 94. The highest average weekly earnWestern and Far Western States.
ings for any industry was reported by the fur concerns, where operations
In view of the new policy of the Standard of New Jersey, contract rea
are particularly active just now. Five small fur concerns who report to cently
entered into by that company with the Marland 011 Co. is causing
the Illinois Department of Labor paidon the average $69 28 per week to much
discussion in oil circles, and has raised the question as to whether the
males during October and $39 31 per week to females. Other manufactur- Standard
of New Jersey may not plan the ultimate acquisition of control of
ing industries in which the earnings of male employees exceeded $36 per the Marland,
which is one of the largest independent operators in the Midweek were dairy concerns and women's clothing, newspapers and periodi- Continent
fields.
cals, job printing, cars and locomotives and ice manufacturing. Female in the Tonkawa The Marland Oil Co. occupies a most important position
field of Oklahoma, which is the largest light oil producing
earnings were above the $25 mark in musical instruments concerns, fur fac- pool in the
entire Mid-Continent district. The contract closed with the
tories and men's hats. The earnings of women averaged less than 1E12 Per Marland by
the Standard of New Jersey calls for the purchase by the
week in four industries, and were over $15 in all but eleven out of fifty-four latter
company of 8,400,000 barrels of Tonkawa crude and 2,000,000
Industries.
barrels of gasoline, deliveries to be completed by Aug. 1 1924.
Nov.241923.]
THE CHRONICLE
The Standard of New Jersey is already represented in a big way as a
producer in the oil fields of Oklahoma through the Carter 011 Co.. all of
whose stock it owns with the exception of directors' qualifying shares.
The new pipe line of the Standard of New Jersey from the Oklahoma
fields to Gulf tidewater was completed recently through acquisition by
the Standard Oil of Louisiana, a subsidiary, of a short stretch of pipe
line in Arkansas from the Prairie Pipe Line Co. The latter was formed
in January 1915 to take over the pipe lines previously operated by the
Prairie Oil & Gas Co. This short stretch of pipe line has been placed
by the Standard Oil of Louisiana in a new company, known as the Standard Pipe Line Co., Inc., which now has a trunk line system south across
Louisiana to Baton Rouge, which is on tidewater near the Gulf. Across
Oklahoma and connecting with this system are the pipe lines of the Oklahoma Pipe Line Co., which is a subsidiary of the Standard of New Jersey.
The Oklahoma Pipe Line Co. is now constructing a line from De Queen
Ark., to the Hewitt oil field in Oklahoma, where the Carter Oil Co. has
some of its most important production. The lines of the Oklahoma Pipe
Line Co. also reach into the Tonkawa field and oil from that field produced by the Marland Oil and the Carter Oil Is now passing through
those lines and through the lines of the Standard Pipe Line Co. to Baton
Rouge, from whence it is shipped by Standard Oil of New Jersey tank
steamships to North Atlantic Coast refineries, including the great plant
at Bayonne, N.J.
The east and west pipe line companies which are being hit hardest by
the new routing of Mid-Continent oil effected by the Standard of New
Jersey and other companies are those companies whose pipe lines are east of
Ohio. Pipe lines west of Ohio which form part of the east and west trunk
line systems can still,take large amounts of Mid-Continent oil intended
for Middle Western markets. Companies with lines east of Ohio have
been hit also by the huge shipments of oil to the Atlantic seaboard from
California in tank steamships via the Panama Canal, this oil, because
of excessive production, having been laid down at prices much below
those at which Mid-Continent production could be delivered via pipe
use to the Atlantic seaboard.
Among the Standard Oil pipe line companies which have been hit hard
are the Crescent Pipe Line Co., whose lines cross Pennsylvania to the
refineries of the Atlantic Refinery Co. at Marcus Hook on Delaware River
tidewater; the National Transit Co., whose lines are in western Pennsylvania; the Northern Pipe Line Co., also in western Pennsylvania; the
New York Transit Co., whose lines enter New York Harbor, and others.
Old fields in western New York!. western Pennsylvania, West Virginia
and the Middle West are linked up with the lines of these systems and
still mean a fair-sized revenue, but most of those fields are looked upon
by oil men as past their best days.
2273
766,000 barrels, as compared with 763,400 barrels; Santa Fe
Springs is reported at 230,000 barrels, against 233,000 barrels; Long Beach,242,000 barrels, against 238,000 barrels; and
Huntington Beach, 76,000 barrels, against 77,000 barrels.
The following are estimates of daily average gross production
for the weeks indicated:
Daily Average Production.
(In Barrels)Nov. 17'23. Nov. 10'23. Nor.3'23. Nov. 18'22.
387.200392,200
387,800
Oklahoma
410,400
71,300
71,800
70,900
Kansas
87.800
66,350
66,000
66.600
North Texas
58,550
410,700
393,800
415.350
133,100
Central Texas
57,000
55,900
58.150
86,600
North Louisiana
129,750
123,950
123,800
92,850
Arkansas
93.550
94,000
93,800
121.600
Gulf Coast
108.000
108,000
108,500
117,000
Eastern
142.550
152,200
154,950
87,400
Wyoming and Montana _
785.400
763.400
450,000
766,000
California
Total
2,224,300
2,238,750
2.255,850
1.645.300
Gasoline Stocks Again Decline in October.
Gasoline stocks declined 313,151 barrels in October, according to the American Petroleum Institute's summary of the
increases or decreases of stocks at refineries covering approximately 67% of the operating capacity of the United
States. Stock changes for October follow:
(Barrels of 42 Gallons.)
Domestic crude oil
Foreign crude oil"
Oil for re-running
Gasoline
Kerosene
Gas and fuel oi
Lubricating
Miscellaneous
Increase.
725,825
255,824
40,002
Total
Deduct
Net increase
1,086,999
1,086.725
274
Decrease.
313,151
364,355
409,219
21.430
43,918
1,086,725
East of the Rockies there was an indicated decrease in
gasoline stocks of 604,443 barrels and west of the Rockies
A premium of Sc. per barrel above the posted price has an indicated increase of 291,292 barrels, making a net debeen offered for California crude oil. The continued slight crease for the country of 313,151 barrels, as indicated above.
decline in production and the great amount of new storage
space are the chief reasons for the stiffening in price.
The Ohio Oil Co. on Nov. 19 advanced the price of Lance
Creek crude oil 10c. per barrel. On Nov.9 (see our issue of
Nov. 10, p. 2045), the price for this grade was reduced
40c. to 60c. per barrel. Reports from Dallas, Texas, state
that the Magnolia Petroleum Co. on Nov. 19 posted the price
of $1 per barrel for Corsicana light crude (Powell), an increase
of 25c. per barrel over the previous price. This action makes
the Magnolia price conform to the Standard Oil price which
was maintained at $1 per barrel.
The price of bunker fuel oil on Nov. 19 was reduced 10c,
per barrel to $1 35, New York Harbor.
On Nov. 21 the Midwest Refining Co. advanced the price
of Osage crude oil 10c. to 90c. per barrel.
Gasoline prices were reduced at a number of points during
the week. In Pittsburgh and vicinity on Nov. 20 the Atlantic Refining, Gulf Refining and Trans-Continental Oil
companies reduced the tank wagon price lc. to 15c. per
gallon. On the same day the Atlantic Refining, Gulf Refining and Sun Oil companies made a similar reduction in
Philadelphia and the surrounding territory. This brings
the selling price to 18c. per gallon, exclusive of the State
tax of 2c. per gallon. The Philadelphia "Ledger" on Nov.20
made the following comment on the new price:
The new curb price of 20 cents establishes a new low record in recent
years. Not since November 1915 has gasoline sold at such a low figure.
In August 1915 gasoline sold at 14 cents. The high point was reached
August this year, when the price was 34 cents.
Tank wagon price, under the new quotation, is 15 cents and the curb
price is 18 cents plus 2 cents State tax, which stands unchanged despite
fluctuations in market prices.
Governor McMaster of South Dakota is still active in
the price war in his State. An independent dealer in Sioux
Falls cut the price of gasoline to 1534c. a gallon. The Governor, according to a report in the New York "Times" of
Nov. 20, announced that the State will not sell the fuel at
12%c. a gallon. The dealers are generally maintaining the
price of 1754c. per gallon.
Downward Trend in Crude Oil Production Continues.
The slight decline in gross crude oil production noted
during the last few weeks continues. The American
Petroleum Institute in its summary dated Nov. 21 estimated
that the daily average gross crude oil production in the
United States for the week ended Nov. 17 was 2,224,300
barrels, as compared with 2,238,750 barrels for the preceding
week. However, this total is 579,000 barrels more than
was produced in the corresponding week of 1922. The
daily average production east of the Rocky Mountains was
1,458,300 barrels, as compared with 1,475,350 barrels, a
decrease of 17,050 barrels. California production was
Gross Crude Oil Stock Changes for October.
Pipe line and tank farm gross domestic oil stocks east of
the Rocky Mountains increased 6,894,000 barrels in the
month of October, according to returns compiled by the
American Petroleum Institute from reports made to it by representative companies. The net change shown by the reporting companies accounts for increases and decreases in
general crude oil stocks including crude oil in transit.
Structural Steel Sales Fall Off.
The Department of Commerce announces October sales of
fabricated structural steel, based on figures received from
the principal fabricators of the country. Total sales of 107,797 tons were reported for October by firms, with a capacity
of 224,060 tons per month. Shipments of firms reporting this
item represented 80% of capacity. Tonnage booked each
month by 177 identical firms, with a capacity of 230,675 tons
per month, is shown below, together with the per cent of shop
capacity represented by these bookings. For comparative
purposes, the figures are also pro-rated to obtain an estimated total for the United States on a capacity of 250,000
tons per month.
1922-October
November
December
1923-January
February
March
April
May
June
July
August
September
October
Actual
Tonnage Booked.
133,037
112,367
138.737
173.294
184,887
220,400
186,117
131,875
118,117
117,563
134,431 a
121,045 b
107,797 c
Per Cent
of Capacity.
58
49
60
75
80
96
81
57
51
51
59
53
48
Computed
Total Bookings.
145,000
122.600
150,000
187,500
200.000
240,000
202,500
142.500
127,500
127,500
147.500
132.500
120,000
a Reported by 176 firms with a capacity of 229,475 tons.
b Reported by 173 firms with a capacity of 228.425 tons.
c Reported by 156 firms with a capacity of 224,060 tons.
Bookings of Steel Castings Decline.
The Department of Commerce on Nov. 19 announced October bookings of steel castings, based on reports from principal manufacturers. The bookings in October by companies
representing over two-thirds of the commercial-castings ca-'
pacity of the United States amounted to 37,446 tons, as
against 47,574 tons in September. The following table shows
the bookings of commercial steel castings for the past ten
months by 65 identical companies,' with a monthly capacity
of 96,900 tons, of which 38,300 tons are usually devoted to
railway specialties and 58,600 tons to miscellaneous cast. ,.
ings:
2274
THE CHRONICLE
BOOKINGS OF COMMERCIAL STEEL CASTINGS.
Railway Specialties. Miscellaneous Castings
Total.
Menai.
Per Cl.of
Per Ct. of
Per Cl.of
Na Tons., CaPaCiti • Net Tons. Capacity Net Tons. Capacity.
FoL.117.
Examination of sales sheets disclosed an average selling price of $3 75 a
hundred pounds for Noe. 26, 27 and 28 gauge black sheets, shipped during
the 60 days ended Oct. 31, compared with a $3 70 average two months prior.
The new tonnage rate is the highest since war-time prosperity and is 36%
above lowest rate paid during the depression of 1921.
1923.
90.0
52,726
125.0
January
103.8
100,605
47,879
85.8
50,307
104.0
39,845
93.0
90,152
February
114.6
67,155
199.5
148.2
143,564
March
76,409
51,358
103.4
April
87.6
93.9
39,610
90,968
50,705
May
86.5
101.3
92.4
38,788
89,493
42,105
71.9
111.7
87.6
June
42,773
84,878
60.3
35,325
43.7
July *
16,741
53.7
52,066
54.9
32,183
47.9
18,332
52.1
50,515
August
44.2
25,889
56.6
21,685
49.1
47,574
September
47.1
27,606
25.7
9,840
38.6
37.446
October
* Two companies with a capacity of 785 tons per month on miscellaneous castings
now out of business.
Demand for Pig Iron Increases While Steel Buying
Remains Restricted.
The increased demand for pig iron which was the market
feature a week ago has broadened into one of the largest
buying movements in many months. The week's total is
put at 600,000 to 650,000 tons, much of this iron going at
prices under last week's low lavel, states "The Iron Age" in
its issue of Nov. 22. The "Age" goes on to say that several
producers, after acting on the old Carnegie formula that the
Portland Cement Production Sets New Record in
way to lift the market is to get under it, have now raised
October.
their prices by 50 cents to $1 a ton, but such advances have
Production of Portland cement in October was the largest not been established and the price situation is yet to be clarifor any month this year and incidentally broke all records fied. Further extracts from the "Age's" summary are
for a single month, says the Portland Cement Association. appended:
Report of the United States Geological Survey just issued
In a total of nearly 450.000 tons booked by Northern and 200,000 tons
places the total production for the month at 13,350,000 bar- by Southern furnaces, the largest lot was 50.000 tons bought at Buffalo
by the American Radiator Co. At Chicago some foundries bought for the
rels, compared with 13,100,000 in September and less than first half
of 1924, but almost all the iron taken is for delivery up to April 1.
12,300,000 a year ago. For the 10 months ending Oct. 31
While the buying has veen very heavy, the movement has been carried
on
in
a
conservative
way and some important melters have not yet entered
114,000,000
barrels
were
over
produced, exceeding last year's
the market. Buffalo sellers have been aggressive and
sold at distant
record output for the same period by 20,000,000 barrels, or Points. Speculative buying seems to be confined to have
Pittsburgh. Steel22%. Shipments from the mills in October were 14,285,000 making grades have formed a small part of the great total of the week.
The finished steel market, in contrast with the activity in pig iron.
barrels, an increase of about 11% over October 1922. Shipcontinues to show the effect of restricted buying. Operations are at a less
ments for the 10 months were close to 119,000,000 barrels, rate, being scaled down rather more in the Chicago district than elsewhere,
or more than was shipped during the entire banner year and apart from tine plate bookings, which have been heavy, new business is
not quite up to the October rate.
1922.
However, a better view is taken of prospects for 1924, as the total of
Stocks of cement in manufacturers' hands at the end of railroad cars being planned for grows and the building and automobile
October were about 4,600,000 barrels, or 450,000 barrels outlook continues favorable.
Inquiries and steel company estimates now put prospective railroad car
more than a year ago. Consideration of the fact that stocks business at 94.000.
Included are 10,000 to 11,000 cars for the Southern
of cement at the beginning of the year were very much lower Pacific,6,000 for the Norfolk & Western,3,000 for the Pacific Fruit Express
and an unnamed number for the Pennsylvania RR.
than at the beginning of 1922, and the 10 months' shipments
Eastern mills are interested in an inquiry the Chesapeake & Ohio has
have been 17,000,000 barrels greater than last year, serves made for 14,000 tons of plates, 8,000 tons of shapes and 860 tons of bars,
to indicate how successfully the industry has coped with the for the 2,000 cars to be built for its account.
After
orders for 6,000,000 base boxes of tin pltae for the American
increased demand, in the opinion of the Portland Cement Can Co.booking
and 1,500,000 boxes for the Continental Can Co., tin plate mills
Association. It says the greatly increased efficiency of the are assured of full activity through the first half of 1924.
It now appears that most of the rail mills are booked practically full to
transportation systems has helped materially in making this July
1924. The Pennsylvania rail orders are 94,000 tons each to the
record possible and recent increases in productive capacity Steel Corporation
and the Bethlehem Steel Co., and 12,000 tons to the
Inland Steel Co. The Baltimore & Ohio has bought 10,000 tons of tie
have given the industry a substantially greater output.
plates.
PRODUCTION, SHIPMENTS AND STOCKS OF PORTLAND CEMENT,
Some of the pending foreign rail business-18,000 tons for Chile, 12,000
OCTOBER 1923.
tons for Japan and 7,000 tons for Brazil-is likely to be placed here.
Awards of fabricated steel for fifteen projects did not exceed 11,000 tons.
Producing Districts
Cement Production (in Thousands of Barrels).
but 41,500 tons of new work has appeared. Of this 10,000 tons is for the
(as shown ta statistical re- No.
new Plainer House, Chicago, and 20,100 tons is for the Ford Motor Co., in
ports of U.S. Geological
of
October.
First Ten Months.
addition to 10,800 tons already pending.
Mills
saromf4
1923. 1922. 1921
1923. 1922. 1921.
Fabricated steel bookings in October were the smallest in twenty months
120,000 tons, against 132,500 tons in September. The year 1923 prom1. Eastern Pennsylvania,
ises
to be somewhat better than 1922, and both will rank next to 1915 and
New Jersey & Md__ _ 22
3,342 3,340 2,704 29,610 25,461 21,440
3. New York
9
731
642
603 5,732 4,693 4,750 1916.
3. Ohio, Western Pa. an
Japanese inquiry in Great Britain for black sheets has fallen off, but the
West Virginia
11
1,266 1,315 1,055 11,253 8,938 7,608 mills are sold out until June. Japan's purchases of black sheets in the
6. Michigan
12'
925
687
685 6,191 5,073 4,920 United
States amount to 70,000 tons.
6. Ill.,Ind.and Kentucky 10
1,933 1,860 1,821 17,867 14,854 14,346
The "Iron Age" finished steel composite price remains at 2.775c. per lb..
6. Va.,Tenn.. Ala.& Ca9
838
590
545 6,319 4,913 4,276
7. Eastern Missouri,Iowa
after 29 weeks of stabilized prices for the leading products. One year ago
and Minnesota
10
1,452 1,255 1,005 11,641 9,200 8,350 It had held
close to 2.44c. for eleven weeks.
8. Western Missouri, NeFor the twelfth successive week the "Iron Age" pig iron composite price
braska, Kan.& Okla_ _ 11
979
924
625 8,170 6,556 5,114
5
9. Texas
332
330
233 3,600 2,955 2,160 has fallen, being now $20 77 per.gross ton, against $20 94 last week and
5
10. Colorado and Utah
217
208
207 2,077 1,807 1,629 $27 61 one year ago.
9
11. California
1,049
806
798 9,236 6,877 6,018
8
12. Ore., Wash.& Mont286
330
The composite price table composed by the "Age" follows:
225 2,670 2,523 2,202
121
Total
13,350 12,287 10,506 114,366 93,850 82,813
Note.-One barrel equals four sacks.
Total production: 1922, 114,790,000 bbls.: 1921, 98,842,000 bbls.
Producing Districts
(as shown is
table above.)
1)1st. No. 1
1)1st. No. 2
01st. No. 3
01st. No. 4
01st. No, 5
Dist. No. 6
Dist. No. 7
Dist. No. 8
Dist. No. 9
Dist. No.10
Dist. No.11
Dist. No.12
•
Cement Shipments (in Thousands of Barrels). Stocks at End of
October.
October.
First Ten Months.
1923. 1922. 1921. 1923.
3,922
864
1,412
980
2,056
844
1,448
935
326
206
1,021
271
3,403
769
1,423
685
2,143
607
1,250
907
321
237
819
290
3,199
691
1,095
726
2,029
602
1,263
912
260
247
853
237
1922.
1921. 1923. 1922. 1921.
30,811 27,328 22,088 1,055 1,091 1,601
5,591 5,229 4,940 380 263 358
11,913 9,745 7,855 159 308 550
6,663 5,666 53
1 1 177 157 288
19,038 16,420 15,340 272 354 493
6,234 5,011 4,269 272 275 228
12,485 10,566 8,883 625 333 661
8,328 6,786 5,454 697 630 259
3,569 3,088 2,128 227 161 177
2,077 1,865 1,670 174 149 108
9,137 7,197 5,960 283 106 369
2,746 2,637 2,261 276 232 276
Cirmpositc Price, Nov.201923,Finished Steel, 2.775c. per Pound.
5ased on prices of steel bars, beams, tankl
Nov. 13 1923, 2.775c.
plates, plain wire, open-hcarth rails,
Oct. 23 1923, 2.775c.
rails, black pipe and black sheets, con-I
Nov. 21 1922, 2.446c.
stituting 88% of the U.S. output
10-year pro-war average, 1.689c.
Composite Price, Nor. 20 1923, Pig. Bon, $20 77 per Gross Ton.
Based on average of basic and foundry
Nov. 13 1923, $20.94
Irons, the basic being Valley quotation,
Oct. 23 1923, 22.96
the foundry and average of Chicago,
Nov. 21 1922, 27.61
10-year pre-war average, 15.72
Philadelphia and Birmingham
All markets participate in the largest pig iron bookings
in months as prices reach the bottom, while steel buying
is well sustained in small lots, declares the Cleveland "Iron
Trade Review" in its summary of market conditions issued
Nov. 22. The review in detail follows:
Outranking in importance all other developments in iron and steel,
is the heavy buying movement in pig iron which hag gathered force this
week. Conservative estimates place the amount of iron put under contract in that period in excess of 700,000 tons, which represents the largest
Total
14,28512.854 12,114 118,892 101,538 86,1594,5974,1495,348 buying In volume since last March. The bulk of the tonnage closed is
for first quarter, though the liberal amount ordered for the balance of
Total shipments: 1922, 117,701,000 bbls.: 1921, 95,507,000 bbls.
the year testifies as to tho low stocks in consumers' hands. The distribution of bookings gives 200,000 tons to Cleveland sellers, 125,000
tons at Chicago, 100,000 tons at Buffalo, fully 200,000 tons in the South,
Tin Plate Wage Adjustments-Tonnage Rates for and 150.000 tons or more In the East, with liberal totals at Pittsburgh,
St. Louis, and New England.
Workers Advanced 1%% to 48% Above Base
The vigorous buying in pig iron is the culmination of a steady decline
for This Month and Next.
extending over the past seven months and amounting to $9 to $10 per ton.
Youngstown (Ohio) advices as follows appeared in the Prices now apparently have touched bottom and buyers generally have
been quick to appreciate that fact. The heavy sales usually have been
Nov. 14 Issue of the "Wall Street Journal":
made at the minimum figures which in spots have dipped further this
/
4% for the No. week but the market now shows the first signs of stiffening. Chicago
Tonnage rates of sheet and tin mill workers advanced 11
period, to 48% above base, as the result of the bi-monthly producers are asking Si) cents higher for first quarter and Si more for
settlement between the Amalgamated Association of Iron, Steel and Tin first half. Eastern and Virginia makers are quoting higher and some
Workers and the Western Sheet and Tin Plate Manufacturers' Association.
Alabama makers now are naming $21 Birmingham. Most of the largest
Nov.24 1923.]
buyers have been active. The American Radiator Co. bought 50,000
tons at Buffalo. Pipe works were heavy purchasers in the South.
The extent and sustained character .of small lot buying of steel continues to mark the substantial volume of current consumption. More
apparently buyers are holding back because of the hope or expectation
conof lower prices. More reports have been in circulation as to actual
cessions by individual mills or of impending general changes. Prices,
as a whole, appear as well held as in recent weeks, though some Ohio
plate mills have been doing 2.40c. Pittsburgh.
The further yielding of pig iron prices under the first rush of buying
has brought down "Iron Trade Review" composite of 14 leading iron
and steel products an additional point. The index this week is $42 63.
against $42 74 last week. There are indications that this week's figure
may set the minimum for the present market.
The appearance of a definite inquiry for 10.000 cars by the Southern
Pacific against the recently much-heralded prospects of heavy railroad
equipment buying, is a hopeful sign. Approximately 18,000 cars now are
before Chicago builders. Other inquiries are in sight, including 3.000
refrigerator cars and a large number of other types for the Union Pacific
and varied lots for other roads. That these orders are likely to be placed
without delay is indicated by the reports that concessions on car steel
for which the builders and railroads apparently have been angling, have
been granted, as customarily. These are understood to be at least $3
per ton.
Railroad buying, as h whole, remains one of the strongest factors in the
present activity in steel. The unusual size of track accessory business is
reflected by the purchase of 4,000,000 pairs of tie plates, or 20,000 tons,
by the Southern Pacific. The Chesapeake & Ohio has inquired for 23,000
tons of car material. Inquiries are rapidly shaping up on 20,000 cars
for New York Central.
Further buying by Japan and the prospects of heavy demands by the
automobile builders for the first half of next year, tend to stiffen sheets.
Japanese purchases in this country, the targe part of which was sheets,
now are reported at 200,000 tons, of which over half went to Steel Corporation mills. Business in tin plate is tremendous and the good outlook
for the canning and packing industry promises an even better year for
1924 than the present one, which has been tile greatest in history. This
year's production is estimated at 37,500,000 base boxes of tin and terne
plate. In six days recently the Steel Corporation mills booked 400,000
boxes for first quarter.
With but two or three weeks remaining in the present Lake season, the
total shipments of soft coal for 1923 are estimated to be but 825,375 net tons
less than the 1918 shipments,the year ofrecord movement. Up to Nov. 11
the shipments ofanthracite through Buffalo and Erie amounted to 3,063.674
net tons.
Increased activity is reported in the export market, Italy figuring heavily
in the news as well as increased demand from South America. Dumping!?
at Hampton Roads during the week ended Nov.15for all accounts amounted
to 290,492 net tons, an increase of 64,865 tons over the previous week.
Descends on the Coal Markets, According to the
Trade Journals.
The "Coal Trade Journal" of Nov. 21 declares that "the
pallid optimism that lightened mid-November went into a
complete eclipse in every bituminous market of the country
except Boston last week. Mild weather caused the retreat
In the Middle West, the inert spot market killed the budding
cheer.in markets farther east." The "Coal Trade Journal"
In its weekly market review then proceeds as follows:
Gloom
Production of Coal Is Not Affected by the
Elections.
The interruptions caused by the annual elections on Tuesday, Nov. 6, had little effect on the production of either
bituminous coal or anthracite during the week ending Nov.
10, says the United States Geological Survey in its weekly
report, which follows here in more detail:
Nov. 10,
Production of soft coal improved somewhat in the week ended
6. The total
despite interruptions caused by elections on Tuesday. Nov.
the week
over
increase
an
output is now estimated at 10,737.000 net tons,
the first three
before of 190,000 tons. Preliminary reports of cars loaded on
Nov. 12. was
days of tile present week (Nov. 12-17) show that Monday,
Loadings
widely observed by the miners as the Armistice Day holiday.
It IS anloadings.
on that day were less than half of the normal Monday
of
ticipated that the total output for the week will be in the neighborhocd
10,000,000 tons.
aratmd
The average daily production during the last six weeks has hovered
that in
the 1,800,000-ton mark. The present rate of output is just below
exceeds
now
but
1922, and is considerably below that in 1917 and 1920,
has the
that in 1918. It is a notable fact that at no time thus far in 1923
rate of production dropped below 1,600,000 tons per day.
Estimated United States Production of Bituminous Coal in Net Tons
(Including Coal Coked).
1922
1923
Cal. Year
Cal. Year
to Date.
Week.
to Date.
Week.
10,919.000 456,740,000 10,683.000 311.922.0
Oct. 27
1.224.11111
1,781,000
1,796,000
1,820,000
average
Daily
10.547.000 467,287,000 10,666,000 322.588,000
Nov. 3 a
1.237.000
1,778,000
1,795,000
1,809,000
Daily average
10,737.000 478,024,000 10,147,000 332.735.000
Nov. 10 b
1.247,000
1.691.000
1,795,000
1.789,000
Daily average
Despite the increasing number of mines that have temporarily succumbed
to the market situation, production still holds up and the output last week is
estimated at 10,000,000 tons, although Armistice Day loadings were less
than half of the Monday average for the preceding six weeks.
Part of the resurgent pessimism may be attributed to the waning Lake
season. Shippers prefer to look forward to the increased competition for
Eastern business the close of navigation will bring to remembering that 1923
dumpings will establish a record in Lake tonnage. Dumpings for the week
ended at 7 a. m., Nov. 12 were 864,870 tons for cargo account. During the
week ended last Saturday the Head of the Lakes unloaded 44 cargoes containing approximately 400,000 tons. Stocks at the upper docks are estimated
at 5,500,000 tons.
The approach of the end of navigation, however, has had the effect el
strengthening slack quotations and this is reflected in the minimum figures
for the week. Compared with spot quotations for the preceding week, the
list shows changes in 40.4% of the figures. Of these changes, 52.55 represented advances, averaging 18.7 cents per ton. The average reduction was
18 cents. The straight average minimum for the week was $1 80, as compared with $1 77 during the week ended Nov. 10; the straight average maximum fell two cents to $2 18 per ton. A year ago the figures were $3 49 and
$4 07, respectively.
The anthracite situation last week was largely a repetition of that which
has prevailed for several weeks past. Holiday interferences with production
and insistent consumer demand for certain sizes keeps the high dollar shipper
In the running. At present the keenest call is for stove and nut. The fact
that other sizes are less active, particularly in so far as straight shipments of
high dollar coal are concerned, is the most hopeful feature in the price outlook. No. 1 buckwheat is still a drug. During the week, the Head of the
Lakes received four cargoes of anthracite approximating 35,000 tons.
There was no recovery in by-product coke output last month. The output
was 3,099,000 tons. Beehive production was estimated at 1,290,000 tons.
The "Coal Age" of New York on Nov. 22 published the
following weekly review of conditions in the coal markets:
Day-by-day buying of soft coal continues sufficiently strong to move the
balance of the output not under contract, but there is no snap to the market.
Better inquiry is reported from some sections and the decline in production
during the past couple of weeks has enabled shippers to clean up much of
the distress coal which was so prominent. Nothing has developed to indicate that consumers are looking forward any more distressfully to what
might happen April 1 and the industry seems to have settled down to a
state where minor changes are noticed.
"Coal Age" index of soft coal prices was 183 on Nov. 19, the same as on
Nov. 5, after having gone up ono point on Nov. 12. The average mine
price last week was $221.
There is no activity in the Middle West markets. Low production kept
lump from Illinois and Indiana on a level. but other sizes drag heavily.
Screenings are forced, although prices are down to what appears to be the
bottom. There is no rush for anything in most sections. Kentucky operconators are beginning to discuss the April 1 situation, at which time one
to run. Reports
tract expires, while another contract has a year longer
can be gotten at low
from Ohio indicate dulness, except where distress coal
figures. There is no hope for better business held out in the Pittsburgh
England
New
there is no perIn
market, which continues in bad shape.
ceptible increase in demand and consumers ..how the same indi Terence
they have maintained for several months.
A better feeling exists in the anthraelt- Industry. Although de nand for
stove and chestnut sizes exceeds the supply, n•ost shippers believe that the
consumers' wants will be well in hand before .Ian. 1, and that there will
be plenty of all domestic coals to be had.
2275
THE CHRONICLE
a Revised since last report. b Subject to revision.
Production during the first 266 working days of 1923 was 478.024.000
years it
net tons. During the corresponding period of the six preceding
was as follows (in net tons):
Years of Depression.
Years of Activity.
416 775.000
476,755,000 1919
1917
362.108,000
1921
510.202,000
8
10
192
332.735.000
1922
480,785,000
was 49,October
in
coal
soft
of
output
total
the
that
It is now estimated
Cumulative
171.000 net tons, an increase over September of 2.955,000.
production to the end of October stood at 462.647,000 tons.
ANTHRACITE.
the holidays and
The production of anthracite recovered promptly after
total output, including
was affected but little by elections on Nov. 6. The
washeries, is now estimine fuel, local sales and the product of dredges and
102.000 tons when
mated at 1,967,000 net tons. This was a decrease of
Precompared with the most recent full-time week, that ended Oct. 27.
on
liminary reports for the present week indicate that work virtually ceased
Monday. Nov. 12. in observance of Armistice Day.
Estimated United States Production of Anthracite. in Net Tons.
1922
1923
Cal. Year
Cal. Year
to Dale.
Week.
to Date.
Week.
1,8.36,000 36.654,000
2,069,000 79,412,000
Oct. 27
38.526,000
1,872,000
80,664,000
1,373,000
Nov. 3
1,897,000 40,423.000
1.967,000 82,631,000
Nov. 10
Production of Anthracite in Octiober.
Final returns on the shipments of anthracite in October indicate that the
total output was 8,724,000 net tons. This was about three times the output in September, when production was greatly reduced by the strike of
anthracite miners, and was but 144,000 tons less than that in August. According to the table below, which shows production in October of the last
Only
ten years. the October 1923 output has been exceeded four times.
in 1917, however, was the difference large.
Cumulative production in 1923 to the end of October stood at 79,998,000
net tons. This exceeds by a large margin the output in each of the nine
preceding years, except 1917 and 1918, when production was stimulated by
wartime activities.
Production of Anthracite in October and Cumulative Production in First Ten
Months of the Last Ten Years (Net Tons).
Total
Total
October. Jan. 1-Oct 31
Jan. 1-Oct. 31. Year.
October.
Year.
72.133,000
8,645,000
75,366,000 1919
8,830,000
1914
73.668.000
8,148,000
72,419,000 1920
8,761,000
1915
77.160.000
7.858 MOO
72,531,000 1921
7,630,000
1916
37.245.000
8,896,000
9 183,000
83,799,000 1922
1917 a
79,998.000
8,724,000
84,627,000 1923
8,105,000
1918 a
a Years of very large washery production.
BEEHIVE COKE.
The production of beehive coke continues to decline steadily. The total
output in the week ended Nov. 10 is estimated at 256,000 net tons, against
a revised figure of 266,000 tons in the preceding week. As in recent weeks,
the decrease centred in Pennsylvania and Ohio. According to the Connellsville "Courier," production in the Connellsville region was practically
the same as in the week before and stood at 181,920 tons.
Estimated Production of Beehive Coke (Net Tons).
Week ended
1922
Nov. 10 Nos. 3 Nov. 11
1923
to Date.
to Date.
1523. a 1923. b
1922.
Penna.and Ohio
203,000 213.000 184,000 13,056,000 4.590,000
399,000
14,000 15,000 23,000
West Virginia
937.000
424.000
18,000 16,000 20,000
962.000
Ala.,Ky.,Tettn.&
281.000
10,000
11,000
658.000
Virginia
10.000
6,000
186.000
6,000
331.000
5,000
Colo.& New Mex._
170.000
5,000
5,000
238.000
Washington & Utah
4,000
United States total- —256,000 266.000 246,000 16.182.000
Daily average
43.000
44,000
41,000
60.000
6.050.000
22,000
a Subject to revision. b Revised from last report.
The cumulative production of beehive coke during 1923 to Nov. 10 stood
at 16,182.000 net tons. Figures for similar periods in earlier years are
follows (in net tons):
2276
THE CHRONICLE
1919
16.973,67111921
4,715.088
1920
18,462,21211922
6.049,729
Thus it is seen that from the viewpoint of beehive coke production
, 1923
is 167% ahead of 1922. 243% ahead of 1921. 12% behind 1920
and 5%
behind 1919.
Production of Coke in October.
[VOL. 117.
on hand, and exported covering the three-month period
ending Oct. 31 1923 and 1922.
COTTONSEED RECEIVED. CRUSHED AND ON
HAND (TONS).
a Assuming a yield of merchantable coke
of 69.6% of the coal charged in
by-product ovens and 63.4% in beehive
ovens.
Activity in the Cotton Spinning Industry for
October 1923.
The Department of Commerce announced on Nov. 20
that, according to preliminary figures compiled by the Bureau of the Census, there were 37,550,250 cotton spinning
spindles in place in the United States on Oct. 31 1923, of
which 34,378,662 were operated at some time during the
month,compared with 33,929,885 for September, 33,708,667
for August, 34,237,887 for July, 34,843,4 for June,
21
35,390,137 for May, 35,515,791 for April 1923, and 33,837,435
for October 1922. The aggregate number
of active spindle
hours reported for the month was 8,381,886,213. During
October the normal time of operation was 26% days (allowance being made for the observance of Columbu
s Day in
some localities), cotnpared with 24%
for September, 27 for
August, 25 for July, 26 for June,
263- for May, 24 2-3 for
April, and 27 for March. Based on
an activity of 8.74 hours
per day, the average number of spindles
operated during
October was 35,851,435, or at 95.4% capacity
On a singleshift basis. This number compared with
an average of 34,941,676 for September, 32,075,013 for August, 32,657,9
86
for July,36,897,371 for June,40,192,970 for May,40,759,9
79
for April, 40,389,029,for March, and 36,788,4 for October
14
1922. The average number of active spindle hours
per
spindle in place for the month was 223. The total number
of
cotton spinning spindles in place, the number of active,
the
number of active spindle hours and the average spindle hours
per spindle in place by States, are shown in the following
statement:
Spinning Spindles.
State.
United States
Cotton-growing states
New England States
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshim._
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Virginia
All other States
In Place Active during
October 31.
October.
37,550,250
18.638,075
18,885,837
2,026,338
1,327,909
1,305,412
2,694,523
1,140.923
11,973,717
1.449.260
448.634
1,039.914
5,615,271
205,046
2,871,712
5.158,154
452,444
878,112
1,189,214
Active Spindle Hours for Oct.
Total.
34,378,662 8,381,888,213
16.084,942 4,809,617,872
16.579,516 3.181,317,824
1.714,204
390,950,517
1,262.157
362,605,535
1,239,386
257,899,978
2,609,038
772,904,083
1.092.874
222,682,735
10.201,348 1,932,135,873
1,218,838
153.464,384
420,524
80.166,877
893.993
218,777,810
5,451,153 1,678,271,355
150.954
33,150,480
2.682,262
583,959,833
5,017,683 1,523,469,680
429.513
114,548,855
655,668
164,396,802
1.054,121
283,431.433
Average per
spindle in place.
223
289
168
193
273
198
287
195
161
106
179
210
299
162
203
295
253
242
238
wwwww.wwww.
2====
s
g
- s
g
0.
-
•2 a
goi
gr . 0
6,979,000
7,086,000
5,466.000
6,349.000
3,107.000
4,467.000
7,010.000
6,637.000
6,487,000
-7.-gt
R
4,354.000
4,014,000
2,478,000
2,665.000
706.000
1,056,000
2.356.000
2,166.000
2,035,000
?F-rs
2.625.000
3,072.000
2.988,000
3,684.000
2,401.000
3,411,000
4,654,000
4,471,000
4.452,000
"
1918
"
1919
1920
"
"
"
1921
"
"
1922
"
August, 1923
September, 1923
October,1923
116.667
66,915
440,374
398,489
111,320
15,654
273,129
174.419
114,364
28,1117
287,825
103,568
212,876
27.569
187,534
118,895
98,208
38,929
1513,929
120,309
75,549
7,265
2.567
1,603
8,229
34,342
6,505
20,448
20,401
1,605
4,444
2,893
3.356
1,428
2,907
2,130
2,205
a Includes 1,032.229 and 7,150,449 pounds held
refining and manufacturing
establishments and 1,170.9IJ and 24,575,260 poundsby
sumers Aug. 1 1923 and Oct. 31 1923, respectively. in transit to refiners and conS Includes 3,783,784 and 7,070,728 pounds held
refiners, brokers, agents and
warehousemen at places other than refineries andbymanufactur
ing establishments
and 8.670.531 and 6.185,129 pounds in transit to
manufacturers of lard substitute,
oleomargarine, soap, &e., Aug. 1 1923 and Oct. 311923,
respectivel
y.
c Produced from 189,987,490 pounds crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR 3
MONTHS END. OCT. 31.
m
agEgi
agim22
Estimated Monthly Consumption of Coal for
Manufacture of Coke. a
(In Net Tons.)i
Consumed in
Consumed in
Total Coal
By-product Ovens.
Beehive
Ovens.
Consumed.
1917 monthly average
g
There was no recovery in production of by-product coke in
Received at Mills*
Crushed
October and
On Hand at Mills
Aug.]. to Oct. 31.
the total output-3,099,000 net tons-was 13,000 less than
Aug. 1 to Oct. 31.
Oa. 31.
that in Sep
State.
tember. The average daily output was 96,832 tons, against
103.729 tons
1923.
1922.
1923.
1922.
1923.
1922.
in September. a decrease of 6.6%. Of the 70 by-produc
t plants now in
existence,65 were operated in October and 5 were idle.
Alabama
60.139
98,193
45,104
65,366
15,429
The coke produced Arkansas
34.847
73,632
represented 82.7% of all the plants.
141,433
54,387
89,183
19,829
73,072
Georgia
87.730
115,347
53,899
75.648
34,997
41,374
Production of beehive coke also continued to decline, and
Louisiana
53.667
establishe
62.289
d
a
32,222
35,258
21,449
26.507
new low record for the year. The total output is
Mississippi
_
122,922
208,248
76.235 105,085
estimated at 1,290,000 North
47.163
103,457
Carolina_
tons, a decrease of 83,000 tons. The total output of both
124,566
114.734
64.817
84.836
60,045
50,784
varieties of coke Oklahoma
72,210
97,552
49,513
declined from 4,485.000 to 4.389,000 tons.
38,091
22,896
60,088
South Carolina_
80,410
59,637
49,931
42,848
31,118
17,997
Monthly Output of By-product and Beehive Coke in
Tennessee
55,288
134,912
35.423
63.886
19,914
the United States. a
71.204
Texas
901,514
(/n Net Tons.)
884,411 464,660 392,292 444,942
By-product Coke.
276,263
Beehive Coke.
Total.
AU other
38,228
1917 monthly average
49,527
24.816
23,919
13,499
1.870,000
25,388
2.764,000
4,634,000
1918
'
2.166.000
2.540,000
United States 1 am arm 1 7411 952 051 007 075 919 721251
4,706,000
"
1919
780.057
2095.000
1.638,000„000
1920
"
"
2,565.000
•Includes seed destroyed at mills but not 12,786 tons and 13.168 tons on
1,748.000
4,313,000
hand
1921
"
"
1,646,000
462.000
2.108.000 Aug. I nor 33,504 tons and 28,347 tons reshipped for 1923 and 1922, respectivel
y."'
"
1922
"
2,374.000
_
669,000
3,043,000
August. 1923
3,239,000
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT
1,494.000
4,733,000
September, 1923
3,112.000
AND
ON
1,373.000
HAND.
4.485,000
October, 1923
3,099,000
1,290.000
4,389,000
a Excludes screenings and breeze.
Produced
Shipped Out
Item.
Season. On Hand
Aug. 1 to
Aug. 1 to
On Hand
In company with the output of coke, the coal used
Aug. 1.
in its manufacture
Oct. 31.
Oct. 31.
Oct. 31.
declined also. The October production of coke
necessitated the consumption of approximately 6.487.000 net tons of coal, of
a5,103.348
277,053,16
3
217,823,98
a93,858.099
2
6,905.409 291,698.859 224,392,467 103,135,917
were charged in by-product ovens, and 2,035,000 which 4,452,000 tons
tons in beehive ovens.
5138,112,489 c174,199,689
870,607,894
This curtailment of coke production reduced the
163,851,360 175,961,437
percentage
of
the
month's
58,897,072
coal output taken by the industry to about
49.791
434,689
387,313
13.2%.
Item.
Oil, crude (pounds)
Refined (pounds)
Cake and meal (tons)
Linters (running bales)
1923.
Not
available
11,505
1922.
1,585,355
8,463,548
• 87,027
8,927
Cotton Mills in Fall River Curtail Operations 60%.
Following the further sharp advance in the cotton market
on Nov. 16, announcement was made that textile operations
in Fall River, Mass., would be curtailed 60% commencing
Nov. 19. Mills have not been showing any inclination to sell
other than spot goods at buyers' prices, and they say the
margin of profit has dwindled to nothing on spots when replacement cost is taken into consideration.
Period of Guaranteed Employment and Unemployment
Allowance Reduced in Cleveland Women's
Wear Industry.
Because of a readjustment in the women's garment trade
in Cleveland, Ohio, the period of guaranteed employm
ent
and the unemployment allowance for 1924 are reduced in
a
decision handed down on Nov. 18 by the board of referees
maintained jointly by the International Ladles' Garment
Workers' Union and the Cleveland Ladies' Garment Manufacturers' Association. The period of guaranteed employment was reduced from 41 to 40 weeks, and the unemployment allowance will be 50% of the minimum wage instead
of 662-3%. The wages remain unchanged, but the board
reserves the right to take up the wage readjustment again
in April. Under the decision the employers are permitte
d to
employ casual workers for a period of four weeks. Ten per
cent of their payroll is set aside by the manufacturers as
a
fund from which the workers are to pay up to 40 weeks during employment, as long as the fund lasts.
Forty-Eight Hour Week for Women and Children in
Industry Rejected at Referendum in Maine.
An amendment proposed to the Constitution of Maine providing for a reduction in the working week from 54 hours to
48 for women and children was defeated on Oct. 15 in that
State by a majority of about 4,000. All of the industrial
centres, it is said, cast a majority of votes in favor of the
measure, but Portland and several other places went against
it. The vote is said to have been much below normal. The
amendment to reduce the working week of women and chilCottonseed Production During September.
dren to 48 hours from the present basis of 54 hours, estabOn Nov. 19 the Dlr.San of the Census iisued the following lished in 1915, was introduced at the last session of the Legis. statement showing cottonseed received, crushed, and on lature by initiative petition. When the Legislat
ure failed to
hand, and cottonseed products manufactured, shipped out, act sufficient signatures to a petition
were obtained to en-
THE CHRONTCLE
Nov.241923.]
2277
TheWashington Bureau of the New York "Commercial"
able Governor Baxter to call a special election to present
had
the following to say under date of Nov.15:
12,000
than
the matter to the voters. The petition of more
and
unions
Government has launched a new program to increase the supply
labor
The
of
by
largely
members
signed
was
names
for the building industries.
labor
of
supLabor
of
the State branch of the American Federation
Secretary of Commerce Hoover, initiating the movement, aims to effect
may
ported the measure strongly.
general adoption of a plan by which apprentices in larger numbers
trades.
The amendment met with organized opposition from the be employed by the building
the
Lumber
National
of
department
Mr. Hoover informed the research
Associated Industries of Maine and the Executive Commit- Manufacturers Association that he has appointed a special'committee
committee
48the
if
that
urged
Mill
owners
Grange.
to work the apprentice phase of the building problem. This
tee of the State
Governinclude in its personnel labor leaders, industrial leaders and
hour law were adopted the industries of the State would be will
ment officials.
conthat
leaders
industrial
by
and
Hoover
handicapped in competition with those of States where hours
It is recognized by Mr.
at more rapid pace in all sections
of labor were not restricted by statute. The labor supporters struction work of all kinds could proceed
of the country, if adequate numbers of skilled laborers in the building
of the amendment pointed to Massachusetts and California trades were
available.
had
failed
legislation
48-hour
where
States
Sharp Competition for Labor.
as examples of
necessity
The present system under which builders are forced to the
to hamper industry. The campaign was fought for the most
which is
of engagin in sharp competition for labor is considered a factor
advertising.
of
medium
newspaper
the
through
part
building
preventing building from attaining its maximum status. In fact,
New
England
concluded
Early in the year the Legislatures of four
experts who have surveyed toe situation over the country have
conbefore
overcome
be
States dealt with the question of 48-hour legislation, while that the scarcity of certain kinds of labor must
in proportion to the needs of the country.
ahead
can
go
work
struction
The
Legisdecide.
to
Maine left the question for the voters
to undertake
A special committee has been named by Secretary Hoover
latures of New Hampshire, Vermont and Rhode Island re- a solution of this phase of the building problem. Representatives of the
this comupon
asked to serve
jected introduced bills favoring restriction of hours of labor American Federation of Labor have been
system
mittee. It is proposed that builders generally adopt in practice a
Hoover
for women and children.
for the employment of apprentices in larger numbers. Secretary
Wage Dispute Ended in Holyoke Paper Mills—Wages
Advanced.
Fred M. Knight of the Massachusetts State Board of Conciliation and Arbitration, as umpire in the wage dispute between Holyoke paper manufacturers and stationary firemen
recently handed down an award of 73 cents an hour, the
same as now paid. Firemen had asked 80 cents, the 1920
base. Provision is made for double time on holidays, the
same as now obtaining, but Sunday pay is boosted to timeand-one-half. Heretofore straight time has been paid on
Sundays, while other crafts in Holyoke paper trade received
extra wages. The award involved 70 stationary firemen in
the employ of the following companies: American Writing
Paper, Hampshire Carew Manufacturing, Taylor-Logan,
Franklin, Valley, Parsons and Newton paper companies. By
agreement of the parties, the decision was made effective
as of Oct. 1 and to be continued in force not less than three
months. Both parties had previously signified their intention
of abiding by the decision.
believes builders themselves can remedy the present situation.
one of
In their study of the question Government experts found as
the chief obtsacles to the greater employment of building trade apprentices,
the peculiarly seasonal nature of such employment. Such obstacles.
Hoover's
however,can be met by building contractors individually. In Mr.
emopinion building contractors should work out individual plans for
for a
ploying apprentices, upon a basis which will assure employment
construction
greatest
of
greater part of each year, rather than in the months
activity.
Brockton Shoe Wages Increased 11%.
An increase of 11% in the wages of 18,000 out of the 22,500
shoe operatives in the Brockton, Mass., district went into
effect on Oct. 15 according to newspaper accounts,' which
said:
increase in the
This increase is figured at about a half-million dollars
payroll.
Dec. 1.
effective
scale
new
a
Others of the operatives will benefit by
This brings
Piece workers' wages are not altered in the job shoe factories.
wages back to the wartime peak.
Lynn Shoe Workers Alarmed Over Industry.
The Joint Council of the Amalgamated Shoe Workers of
America voted, almost unanimously, at a meeting in Lynn
on Nov. 13 to instruct the general officers to invite the State
Sales and Production of Pyroxylin-Coated Textiles Board of Arbitration to visit Lynn and make an investiga•
Increasing.
tion and a report on labor costs and conditions in the shoe
of
19
date
under
anNov.
of
Commerce,
industry, it is learned from the Boston "Transcript" of Nov.
Department
The
nounced the following information for Pyroxylin coated tex- 13, which continues:
Friday was
tiles for October 1923, according to reports received from 12
A similar motion placed before the Council at a meeting last
establishments; with comparative figures from the same defeated by one vote.
The action of the Council is believed to be the result of poorer conditions
companies for September, August, July and June:
industry, following the removal of several firms from thecity during
REPORT FOR OCTOBER 1923, WITH COMPARITIVE FIGURES FOR
SEPTEMBER, AUGUST, JULY AND JUNE 1923.
Item.
October.
September. August.
July,
June.
Light Goods—
Shipments billed:
547,836 484,308 514,061
691,867
633,957
Linear yards
$230,297 $183,053 $170,483 $184,371 $229,665
Value
Unfilled orders a:
389,423 839,463 626,940 408,054
358.477
Linear yards
b
b
to
b
b
Value
Heavy Goods—
Shipments billed:
1,395,135 1,312,027 1,218,334 1,245,256 1,393,019
Linear yards
$1,186,631 $1,112,134 $962,380 $957,894 $1,245,015
Value
orders
a:
Unfilled
1,504,082 1,316,391 1,514,673 1,511,890 1,771,451
Linear yards
b
b
a
b
8
Value
of
Production (In pounds)
2,988,201 2,038,903 2,219,846 1,916,826 2,104.161
pyroxylin spread e
Monthlv capacity tin was A d_ 2.145.000 2.221.000 2.229.000 2 255 nen 9 999 (111(
a Amount of orders on hand the first of the current month (reported In yards
MAY) exclusive of contracts with shipping dates unspecified.
Not reported by a majority of establishments.
e Based on 1 lb. of gun cotton to 7 lbs. of solvent, making an 8 lb.
d Based on maximum quantity of 1.27 to 1.30 sateen coated to finish weight per
linear yard of 1734 ounces in an 8-hour working day, 26 days to a month.
for the
previously
the last year. More than a million square feet of floor space,
occupied by manufacturers of shoes, are said to be vacant at present.
Manufacturers have asserted that frequent strikes, regardless of peace
agreements caused heavy losses.
A suggestion made by the Council of a 10% reduction on wages in certain
the
lines of work was reported to have met with disfavor on the part of
manufacturers, who are said to have taken the stand that a much more
sweeping revision in wages was necessary in order to restore profitable
business conditions in the Lynn shoe industry.
reLynn manufacturers to-day termed the shoe situation chaotic and
joint council of
fused to make any statement regarding the action of the
in voting to
the Amalgamated Shoe Workers' Union. Tuesday afternoon,
to visit
Instruct the general officers to invite the State Board of Arbitration
there.
industry
shoe
the
Lynn to study and report on conditions relative to
that they
After the joint council meeting the stitchers met and voted
the action of
would have nothing to do with the State Board regardless of
the part of the
the Joint council. Similat action is said to be likely on
the stiteJaers
with
lasters and packing-room workers, as these two unions
at which
were opposed to the State Hoard at the joint council meeting,
will proceed to
they were represented by delegates. The Joint council
obtain the services of the State Board, regardless of the action of the
stitchers.
$150 a Week for Metal Workers.
This report includes product manufactured by spreading
New York "Times" of Nov. 10 we take the followthe
From
nitro-cellulose or pyroxylin preparations, either by themdispatch dated Nov. 9:
Chicago
ing
other
with
in
materials,
or
upon gray
selves
combination
have joined lathers and plasterers in the affluent
workers
metal
Sheet
goods, such as sheetings, drills, ducks, sateens, moleskins,
of building trades mechanics. For some unexplained reason they
• groupbecome
etc.
so scarce in Chicago that they are receiving from $125 to
have
$150 a week and their helpers from $65 to $70, according to Fred W. ArmLandis wage
Apprentice System Revived in Building Industries. strong, Manager of the Citizens' Committee to enforce the
award.
The New York "Evening Post" of Nov. 12 said:
To provide skilled workmen in adequate numbers for the building Larchmont (N. Y.) Bricklayers Scoff at Fine for Sunday
industry, the American Construction Council has created a special comWork.
mittee on apprenticeship, vocational guidance, and craftsmanship to
The following advices from Larchmont, N. Y., Oct. 9, apco-operate with employees, employers, building congresses, and educational
bodies in the training of boys as apprentices. The chairman of the com- peared in the New York "Times":
mittee is F. W. Walker, Secretary of the Associated Tile Manufacturers,
Four bricklayers who were fined $5 each to-day for working here last
Beaver Falls, Pa. Other members of the committee are: James Baird,
law, as with double overCol. John W. Cowper, Burt L. Fenner. Fred F. Moran, M. F. Wester- Sunday,said they could well afford to break the
were warned away MICA
green, and Edward L. Wertheim, all of New York. As ex-officio members time they .could earn $36 every Sunday. They
stop work.
the committee includes Franklin D.Roosevelt and Dwight L. Hoopingarner. from their place of employment, but refused to
2278
THE CHRONICLE
[VOL. 117.
Springfield-Kelly Tire Co. Adopts Eight-Hour Day. their decision to raise the pay from the 65 cents per hour
Under date of Oct. 12 press advices from Cumberland, Md., rate which prevailed when a longshoremen's strike was
said:
called on Oct. 6. The increase, which followed a like inAn eight-hour basis for workers of the Kelly-Springfield Tire Co. will be crease granted by the Shipping Board as applying to its vesestablished, it was announced here to-day by Thomas C. Marshall, Vice- sels at Hampton Roads, was
granted on an open-shop basis,
President of the company. Several departments will be affected by the
policy beginning Oct. 15, and the new schedule of hours will be gradually however, the employers refusing to sign an agreement with
extended. Mr. Marshall said that 1,300 employees who were laid off the union.
several months ago had been asked to return to work. He declared the
business outlook to be "most promising."
Longshoremen at Norfolk and Newport News Get Wage
Increase—No Agreement With Union.
A wage scale of 75 cents an hour and $107 for overtime
went into effect on Oct. 16 for all longshore labor employed
on general cargo steamers at Norfolk and Newport News.
Employing stevedores and steamship operators announced
Longshoremen at Boston Get Wage Increases.
An increase in wages of 15 cents an hour for straight time
and 20 cents for overtime has recently been granted to longshoremen at Boston. This brings the wages of longshoremen
up to 80 cents and $1 20. The agreement covers the period
from Oct. 1 to Sept. 30 1924 and provides for a 44-hour week
during June, July, August and September, with a 48-hour
week the rest of the year.
Current Events and Discussions
The Week with the Federal Reserve' Banks.
Further declines of $44,900,000 in holdings of'discounted
bills and of $40,000,000 in Federal Reserve note circulation,
together with a reduction of $17,000,000 in Government
security holdings, and an increase of $16,100,000 in acceptances purchased in open market, are shown in the Federal
Reserve Board's weekly consolidated statement of condition
of the Federal Reserve banks at close of business Nov. 21
1923, and which deals with the results for the twelve Federal
Reserye banks combined. Deposit liabilities show a decline
of $41,009,000, as against an increase of $73,000,000 reported for the preceding week; cash reserves increased by
$3,500,000, and the reserve ratio rose from 75.6 to 77.1%.
After noting these facts the Federal Reserve Board proceeds
as follows:
A decline of 336,60,000 in holdings of discounted bills is shown for the
Federal Reserve Bank of New York. The Reserve banks of Cleveland and
Philadelphia show reductions of $10,000.000 and $5,500,000, respectively,
while the banks at Richmond, St. Louis, Dallas and San Francisco report
a net liquidation of $11,000,000 in discounted bills. The Chicago Reserve
Bank shows an increase of $10,200,000 in discount holdings, as against a
reduction of $22,800.000 for the week preceding, Atlanta reports an increase of $4.900,000. and Boston, Minneapolis and Kansas City a combined
increase of$3,100.000. Paper secured by United States Government obligations declined by $31,900,000, and on Nov. 21 aggregated $341,600,000:
Of this amount, $209.000,000 was secured by Liberty and other United
States bonds, $117.200,000 by Treasury notes,
and $15,400,000 by certificates of indebtedness.
All Federal Reserve banks show smaller Federal
Reserve note circulationOf the total decline of $40,000.000, New York
reports $10,600,000. Cleveland $9,400,000, and Philadelphia $8,500,000.
Gold reserves increased by $1,400,000 during
the week. The movement
of gold through the Gold Settlement Fund
was largely to New York, that
Bank reporting an increase of $50,800,000 in gold reserves. Small increases
aggregating $3,800,000 are shown for Kansas
City and Richmond. The
Federal Reserve Bank of Chicago reports the
largest decrease. $15,500,000.
Boston shows a reduction of $10,300,000, and
Atlanta and Minneapolis
reductions of $8,800.000 and $4,500,000. respectively.
a week behind those for the Reserve banks themselves.
Loans secured by corporate stocks and bonds show a reduction for the week of $11,000,000, loans secured by United
States Government obligations an increase of $11,000,000,
and all other, largely commercial, loans and discounts an
increase of $9,000,000. Investments of all reporting banks
declined by $8,000,000, the larger decline of $14,000,000 in
United States bonds being offset in part by increases of
$3,000,000 each in United States certificates of indebtedness and other bonds, stocks and securities.
Total loans and discounts of member banks in New York
City show an increase of $25,000,000, loans on United States
Government securities increased $12,000,000, loans on corporate stocks and bonds $8,000,000, and all other, largely
commercial, loans and discounts $5,000,000. Investments
of these banks increased by $4,000,000, mostly in United
States Government securities. Further comment regarding
the changes shown by these Member Banks is as follows:
Under the head of net demand deposits the New York district shows an
ncrease of$87,000,000, the San Francisco district an increase of 326.000,000
and the Cticago district an increase of 322,000,000. The largest decline
In net demand deposits, by $11,000,000, is shown for the Philadelphia
district. Time deposits of all member banks show a decrease of $5,000,000
and United States Government deposits a decrease of $24,000,000.
Reserve balances of all reporting banks increased by $47,000.000 and
cash in vault declined by 35.000.000. Member banks in New York City
report an increase of $20.000,000 in reserve balances and a decrease of
35.000,000 in cash.
Borrowings of all reporting institutions show a reduction from $539.000,000 to $504,000,000, or from 3.3 to 3.1% of their total loans and investments. For the New York City banks a decline from 5104,000.000
to
388,000,000 in borrowings from the local Reserve bank and from
in the ratio of these borrowings to total loans and investments 2 to 1.7%
Is noted.
On a subsequent page—that is, on page 2303—we give
the figures in full contained in this latest weekly return of the
member banks of ihe Reserve System. In the following is
The statement in full, in comparison with the preceding furnished a summary of the changes
in the principal items of
week and with the corresponding date last year, will be found assets and liabilities as compared
with a week and a year ago:
on subsequent pages, namely, pages 2302 and 2303. A sumIncrease (+) or Decrease (—)
Since
mary of changes in the principal assets and liabilities of the
Nov. 7 1923.
Nov. 151922.
Reserve banks, as compared with a week and a year ago, Loans and discounts—total
+39.000.000 +3697,000,000
Secured by U. S. Government obligations- +11,000,000 —62,000,000
follows:
Increase (+) or Decrease(—)
Since
Nov. 14 1923. Nov. 22 1922.
Total reserves
—$8,000
q-$3,500,000
Gold reserves
+1,400,000 +52.100.000
Total earning assets
—46,000,000 —62,600.000
Discounted bills, total
—44,900.00 +132,000,000
Secured by U. S. Government obligations —31.900,000 +33.700,000
Other bills discounted
—43.000,000 +98.300.000
Purchased bills
+16,100,000 +27,100,000
United States securities. total
—17.000.000-221,700.000
Bonds and notes
—10.300,000 —83,400,000
U. S. certificates of indebtedness
—6.700,000 —138,300.000
Total deposits
—41,000,000 +51,500,000
Members' reserve deposits
—22,300,000 +62,000.000
Government deposits
—18,900.000 —14,100.000
Other deposits
+3,600,000
+200.000
Federal Reserve notes in circulation
—40,000.000 —76,300,000
The Week with the Member Banks of the
Federal Reserve System.
Aggregate increases of $147,000,000 in net demand deposits and of $47,000,000 in reserve balances accompanied
by a decrease of $35,000,000 in accommodation at the
Federal Reserve banks are shown in the Federal Reserve
Board's weekly consolidated statement of condition on
Nov. 14 of 767 member banks in leading cities. It should
be noted that the figures for these Member Banks are always
Secured by stocks and bonds
All other
Investments. total
U. S. bonds
U. S. Treasury notes
U. S. certificates of indebtedness
Other bonds,stocks and securities
Reserve balances with F. R. banks
Cash in vault
Government deposits
Net demand deposits
Time deposits
Total accommodation at F. R. banks
—11.000,000
+1,000.000
+9,000,000 +758,000,000
—8,000,000 —52,000,000
—14,000,000 —120,000,000
+168,000,000
+3.000.000
—18,000,000
+3,000,000 —82,000,000
+47.000.000
+13.000.000
—5,000.000
+5,000,000
—24,000,000 —117,000,000
+147.000.000 +150.000,000
—5.000,000 +377,000,000
—35,000,000 +101,000,004)
Revision of Japanese Budget.
The following advices have come to us under date of Nov.
20 from the Japanese Financial Commission in this city:
According to a cablegram from our Minister of Finance, which we have
Just received, the Japanese Cabinet decided the Revised Budget for the
present fiscal year (April 1 1923 to March 31 1924)
and also the Budget
for the next fiscal year (April 1924 to March 31 1925) to
be proposed
In the regular session of the Diet which will be opened
at the end of next
month. Both budgets show a decrease of about 100,000,000 yen In
revenue and expenditure, which is due to the decrease in tax receipt, 8tc..
owing to the recent disaster and the retrenchment policy adopted by the
various executive departments to meet this situation. As for the Restoration of Devastated Area, the Government is preparing a special budget
to be proposed in the coming extraordinary session of the Diet which will
be opened Dec. 10 for ten days.
For the sake of convenience of comparison, we herewith give the figures
of the original budget for the present fiscal year approved by the last
THE CHRONICLE
Nov.24 1923.]
2279
session of the Diet and sanctioned by the Emperor, together with those Angeles; Mercantile Trust Co. of California, and the Securof the budgets above mentioned. The so-called extraordinary revenue ity Company, Los Angeles. The bonds offered comprise
includes the income from the sale of Government properties, and many
other miscellaneous receipts, which are not expected to come in regularly, the following:
$650,000 Pacific Coast Joint Stock Land Bank of Los Angeles, operating
annually.
1924-1925
1923-1924
1923-1924
in California and Arizona;
(Proposed
(Approved
(Revised
Joine Stock Land Bank of San Francisco, operating
Budget)—Yen. $650,000 Pacific Coast
Budget)—Yen.
Budget)—Yen.
Revenue—
in California and Nevada;
1,164,884,934
1,169,481,427
1.252,926,359
Ordinary
106,649,484 $700.000 Pacific Coast Joint Stock Land Bank of Salt Lake City,opera123,340,327
93,075,729
Extraordinary
ting in Utah and Idaho.
1,271,534.418
1.292,821,754
1,346.002,088
Total
,The above banks are owned or controlled by the stockExpenditure—
1,008,094,611
987,145,914
980,293,390
Ordinary
Coast banks and trust com263.439,807 holders of the following Pacific
358,856,174
312,528,363
Extraordinary
Total
Tourists
1,346.002,088
1,292,821,751
1,271,534,418
Spend Two Billion Lire in Italy—Emigrants
Remit Another Two Billion.
panies, having total resources of more than $500,000,000:
Security Trust & Savings Bank, Los Angeles;
The First National Bank, Los Angeles;
Pacific-Southwest Trust & Savings Bank, Los Angeles:
The First National Bank, Portland;
Mercantile Trust Company of California, San Francisco:
Walker Brothers, Bankers. Salt Lake City;
The National Copper Bank, Salt Lake City:
The Utah State National Bank, Salt Lake City:
Deseret National Bank, Salt Lake City.
Invisible items in the Italian trade balance go a long way
toward offsetting the large unfavorable balance in visible
trade, according to an analysis by Professor Alfredo Niceforo
of the University of Naples, which Consul Leon Dominion
The bonds, which are issued under the Federal Farm Loan
has forwarded to the Department of Commerce. The ad- Act, are dated July 1 1923, will become due July 1 1953
vices made public by the Department Nov .17 state:
and are redeemable at par and accrued interest on any
The principal invisible items are revenue from the tourist traffic and interest date on and after July 1 1933. They are coupon
remittances of emigrants. Professor Niceforo shows that in 1922 about bonds, fully registerable and interchangeable in denomina567.000 foreigners visited Italy, of whom 84,000 were Americans, 81,000
semi-annual interest (Jan. 1
British and 80,000 French. It is estimated, on the basis of an average tion of $1,000. Principal and
sojourn of twenty days and an average daily expenditure of 175 lire, that and July 1) are payable in New York, Chicago, San Franthe total amount spent by tourists in Italy in 1922 was about 2.000,000,000 cisco, Los Angeles or Salt Lake City.
lire.
Emigrant remittances and related items of various types may be summarized for the year 1922 as follows:
Value Liras.
Channel—
Remittances through Banco di Napoli
526,000,000
Remittances by postal money orders
350,000,000
Remittances through private banks
700,000,000
Remittances by money in insured or registered letters
300,000,000
Funds carried by returning emigrants
350,000,000
Deposits by emigrants in Italian Postal Savings Banks
613,000,000
Total
2,839,000,000
From this total should be deducted funds taken out of Italy by emigrants or sent to Italians residing abroad, amounting to approximately
300,000,000 lire in 1922. This leaves an effective total of emigrant remittances amounting to about 2,500,000,000 lire for 1922. A largo proportion
of these remittances, perhaps 50%, come from the United States.
Taking the amount of 2.000.000.000 lire for tourist expenditures and
2.800,000,000 lire for emigrant remittances, the total offset to the unfavorable balance of Italian foreign trade is in the neighborhood of 4.800.000,000
lire. The excess of imports over exports in 1922. was about 6,400,000,000
lire, leaving an actual excess of outgo over income of about 2,600,000,000
lire after deducting these two items. Other items which may affect the
balance one way or the other are not taken into account.
Sale of Third Issue of Debentures ($10,000,000) of
Federal Intermediate Credit Banks—Loans
Approximate $32,000,000.
Commissioner Cooper of the Farm Loan Board yesterday
(Nov. 23) announced that the Federal Intermediate Credit
Banks had sold an additional $10,000,000 of4%six-month
debentures, and that this would be the last sale for the present crop year. This makes a total of $30,500,000 of debentures which have been sold, and this with the $20,000,000
of capital which has been called from the Treasury will, in
the judgment of the Board, meet all calls upon the banks
for this year's marketing. The banks purchasing this issue
are:
Chicago.
New York.
First Trust & Savings Bank,
National City Bank,
Continental & Commercial National
National Bank of Commerce,
Bank,
Guaranty Trust Co.,
Milwaukee.
Austrian Deflation Rapid—Note Issue Decreased Five Bankers Trust Co.,
Wisconsin National Bank.
First
Co.,
York Trust
New
Billion Crowns in One Week-52% of OutstandMarshall & Insley Bank.
Chase National Bank,
Portland, Ore.
ing Notes Covered by Gold or International Paper.
Hanover National Bank,
First National Bank.
Chemical National Bank,
A statement was issued as follows by the U. S. Department Bank
Los Angeles.
CO.
of the Manhattan
Pacific Southwest Trust & Savings
of Commerce Nov. 17:
Boston.
Bank,
The statement of the Austrian National Bank of Oct. 7 1923 shows a Old Colony Trust Co.
First National Bank.
Philadelphia.
note circulation of 6,220,000,000,000 crowns, which is a decrease of
St. Louis.
Bank.
5,000,000,000 over the preceding week. Outstanding paper is covered by Philadelphia National
National Bank of Commerce,
Erie, Pa.
gold to the amount of 5,718,482 gold crowns, and by drafts and foreign
Bank.
National
Bank.
First
National
currencies to the amount of 246,459,543 gold crowns, or a total of 3,236,- First
Baltimore.
Dallas.
000,000,000 paper crowns, representing 52% of the note circulation.
Bank.
Republic National Bank.
Throughout the month, says Trade Commissioner William Ford Upson Merchants National
New Orleans.
St. Paul.
In a cable to the Commerce Department, the crown remained steady and
Hibernia Bank & Trust Co.
its exchange for the dollar was not unfavorably affected by the performances First National Bank.
of the German mark, an indication of Austria's growing financial stability
The two previous sales of debentures of the Federal
and independence.
Credit banks were referred to in these columns
Intermediate
High Interest Rates Burden Industry.
739 and Oct. 13, page 1618. In stating that
page
18,
Aug.
Austrian industry and agriculture continue to be hampered by excessive
$32,000,000 has been loaned by the Federal
approximately
loans,
on
rates
interest
varying from 25 to 50%, according to the risk
involved. This condition is largely attributed to the prevailing money Intermediate Credit banks to aid the farmers in financing
shortage and lack of available capital for loan purposes. Bankers state
year's crops, Associated
that these rates will not be reduced until the Government amends the the production and marketing of this
foreign exchange regulations. The banks also state that their operating Press dispatches from Washington Nov. 18 added:
costs are higher than pre-war, hence higher interest rates. The question
Perm Loan Board officials, in announcing the figures to-day, said they
ofoperating capital for industry and commerce is considered to be increasing- failed to show that the wheat growes have taken advantage of the Governly important and urgent, and industry is trying to secure it in many instances ment's latest credit facilities, although appeals for financial assistance
by placing new shares on the stock market.
recently have come from these areas. Of the total lonas made direct to
farmer organizations only $2,403,896 has been loaned on wheat they
Industry Active—Unemploymint Decreasing.
said. There was no explanation for this at the Farm Loan Board and
During October iron sales were better end the number of unfilled orders Commissioner
Cooper declared that the credit banks had taken care of
Increased. The cotton market was lively. September cotton yarn sales
applications for wheat loans.
were the largest since the war, and indications point to still larger sales in all
The Board's figures disclosed that $24,000,000 of the total amount
October. Imports of ootton in September amounted to 1,785 metric tons.
was in the form of loans direct to co-operative and other farm
Austrian imports in September totaled $27,600,000. and exports were advanced
associations. The remainder went to agricultural credit corporations
$16,000,000. Declared exports to the United States in October aggregated
banks which rediscounted agricultural paper with the credit banks.
$547,000 and consisted chiefly of electric lamps, leather manufactures, and to
Included in the loans to farmer organizations were advances of$12,652,435
wool manufactures, cotton rags, and rubber goods.
$5,316,444 on tobacco, $1,800,000 on raisins. $252.964 on
According to official statistics the number of unemployed receiving on cotton,
on broom corn, $1,307,278 on canned fruit, $193,902 on
assistance in the City of Vienna decreased in the two weeks ending Oct. 6 rice, $50,000
red top seed.
by 2,035, the greatest decreases being among builders, tailors, shoemakers, wool and $25,800 on
All of the loans for which wheat was furnished as a security were made
and city laborers. On Oct. 6 the total number of unemployed receiving
in the St. Paul, Wichita and Spokane credit bank districts, St. Paul reaid in the city was 49,028.
porting wheat loans of $614,411, Wichita $1,508.000 and Spokane $281.284.
The New Orleans Credit Bank handled nearly half of the total loans
on cotton, the advance being $5,755,435. The Columbia (So. Caro.)
Offering of Pacific Coast Joint Stock Land Bank
Credit Bank loaned $3.675,000 on cotton, the Houston bank $2,000,000
Bonds.
and the St. Louis and Wichita districts $270.000 and $952.000.respectively.
All of the loans on raisins, rice and canned fruit were reported by the
At 101 and interest, to yield over 4.85% to the optional
(Calif.) Credit Bank, while those with red-top seed as a security
(late and 5% thereafter to maturity,an offering of $2,000,000 Berkeley
were made in the St. Paul district.
the
of
Pacific Coast Joint Stock Land Bank was
5% bonds
Tobacco loans Were distributed among three banks, Baltimore reannounced yesterday (Nov. 23) by Harris, Forbes & Co., porting $3,300,000, Louisville $2,000,000,and New Orleans $16,444.
Wichita district handles all broom corn loans.
New York; Wm.R. Compton Company, New York; Halsey, The
The Board's statistics divided the total loans among the 12 credit banks
Stuart & Co., Inc., New York: First Securities Co., Los as follows:
2280
Springfield, Mass
Baltimore
Columbia
Louisville
New Orleans
St. Louis
THE CHRONICLE
$1,621,675 St. Paul
3,307,00010maha
3,848,3251Wichita
2,000,000 I Houston
5,771,8791Berkeley
618,071 Spokane
$1,840.480
1,415,715
3,168,201
3,437,834
3,375,797
1,282,169
[VOL. 117.
and receive legislative aid in stabilizing wheat prices so that
he may receive
at least the cost of producing his crop.
When the farmer thinks over all of these things, is it really any
wonder
that it seems to him after all that it is not a question of sound
economics
or of right and wrong so much as a question of what lines
of business It is
wise and expedient to foster and protect by governmental
action? He feels
that if such is the case, surely the one who is furnishing the
nation's food
Governor Nestos on Problems of Farmers of Northwest, supply and who is engaged in the line of business that is admittedly the
basic industry of our country, should receive such governmen
tal aid. The
North Dakota and Non-Partisan League.
great majority of these farmers ask merely that in working
out the solution
Ragnvald Anderson Nestos, Governor of North Dakota, in of their problems, the economic soundness of such solution should be judged
by the same standards as
soundness of a tariff, of ship subsidies, and
addressing the Chamber of Commerce of the State of New of other forms of legislativethe
aid. Yet, when the tariff helps him to realize
York, at its annual banquet on Nov. 15 sought to indicate a small profit on his flax, the linseed oil interests immediately demand a
tariff reduction on this product without offering, or even suggestin
the difficulties of the farmers of the Northwest, and while equal
g, an
reduction on the manufactured product or on the articles the farmers
stating that "various forms of solution for this perplexing must buy. When he discovers this difference
in attitude, he feels that he Is
problem have been offered, some of them wild, visionary and being deceived and discriminated against, and the resulting bitterness furmuch of the motive power for his recent political thought and action.
unworkable, and others sound, sane and beneficent," he Inishes
place these matters before you so that you
understand and appreciate
said that "In view of the fact that it is but two weeks until the viewpoint of the farmer, and in so doingmay
become awakened to your own
responsibi
lity
therefore
and
feel
a keener and more intelligent interest In
the President delivers his message to Congress in which he
the farmer's problems and the difficulties under which
he labors.
unquestionably will deal with this problem, I shall not take
The farmers of the Northwest naturally resent
the misrepresentation of
time to outline to you the sol tion recommended to the Gov- their political attitude as much as you gentlemen. I am sure, resent the
ernment by those of the West who have given this problem opinion concerning the business men of New York held in some parts of the
West, where a large proportion of the people
honestly believe that you are
the most careful consideration and which we believe to be a bank of crooks, highbinders, and
financial pirates who operate through
sound and workable, but with you we shall await the Presi- Wall Street to deprive the laborers and farmers of the country of that which
their just due; and that the Federal Reserve System,
dent's message and hope that in it will be proposed such a is
of which the New
York Bank is the most conspicuous, exists for
no other purpose than to
solution of this problem as shall revive the hope and restore furnish lucrative positions and palatial
office buildings for banker-politicians at the expense of the taxpayer and to
the prosperity and morale of our farmers."
serve Wall Street and the
interests of the country by unjust credit manipulations and unGovernor Nestos expressed himself as "firmly of the opin- financial
warranted price deflations. You will concede, I am sure,
that a number of
ion that whatever remedy is applied and whatever solution such crooks and pirates have been and still are operating
in the City of
New York and in Wall Street. Many of
of the problem adopted, should be economically sound
them, undoubtedly, are transient
and promoters of wildcat schemes from every part
country,
of
who come to
the
of such character as not only to give the farmers the tempo- New York to initiate their
projects so as to give the impression that the
financial interests of your city are behind them.
rary relief so badly needed now, but such as would
Each fraudulent and illeinsure gitimate transaction
of these men when exposed is considered of great news
the sound development of our agriculture in the years
to value, and therefore aired in the press of the country,
while the thousands
come." Governor Nestos also said in part:
of business transactions conducted in an honest,
upright and legitimate way
are
considere
d
of
no
news
value
and are never heard of outside of the immeMany of your leaders in industry, commerce
and finance seem to have diate circle involved. Yet, we
formed the opinion that the farmers of
know that the honest, conscientious and
Minnesota and the Dakotas are constructive leader in the business
life of your city suffers and will continue
Socialists, Bolshevists, Communists and Red
radicals politically, ignorant to suffer under the Ill-repute in
which the dishonest operators have placed
barbarians socially, and on the way to the poorhouse financiall
y, and this Wall Street and the business deals of
this groat city, until you are awakened
opinion is reflected in much of what is being
said and printed in your city to the need of frequent financial house
cleanings, the prosecution of these
about the Northwest.
pirates, and the bringing to the people of the Interior
I am here to-night to challenge and to refute
a knowledge of the
each and all of these state- true facts with reference to the manner In
which you do business.
ments as libels upon a splendid people
who constitute the backbone of
In
interpreti
ng
to
you
the
condition and spirit of the Northwest, /
American industry, the hope of the Republic,
and the ultimate guaranty of believe it would be wisdom to deal with the history
a republican form of government under
of my own State, where
our Constitution.
these tendencies in dealing with economic problems first crystalliz
It is true that most of the self-constitut
ed into
ed leaders of the recent political political action. This was in 1915 and
1916. Marketing conditions In
upheavals in the Northwest were and are
Socialists, Bolshevists and Reds, North Dakota had been and were bad, and the
farmers were much dissatisbut these men do not represent and voice
the real sentiment of the farmers fied with the existing grain grading system.
Irresponsible agitators had
of the Northwest. Those farmers, as a class,
are home owners and do not advocated many impossible remedies for these
unfortunate conditions. The
believe in the doctrines and philosophy of the
Socialist Party. They are farmers, believing that a State-owned terminal
not followers of Lenine and Trotzky, or
grain elevator might help to
admirers of the work done or the Improve conditions, had finally adopted
a constitutional amendment which
results achieved by the present Russian
leadership. They are progressive permitted them to establish such
an elevator. When in 9115 a bill to
Republicans and Democrats who are looking for
a square deal, who believe appropriate $300,000 for this purpose was
that the object of all government should
defeated in the Legislature and
be to keep the roads of oppor- an action to dissolve the most active
farmers' organization of the State
tunity equally open to all, and who feel
that only too often has the course soon commenced, the grain growers
oflegislation and the result of
felt that they had been unfairly treated
administrative acts been such as to accentuate and became embittere
d over the recent economic and political developments.
certain economic and geographic handicaps
already existing and to throw While the feeling caused by this
action was at fever heit, a number of
obstacles in the path the farmer must
pursue to attain prosperity and astute, well-trained and experienc
happiness.
ed Socialist agitators took advantage of
the situation by sending a fleet of Fords
You will better understand the farmers
throughout the country districts
and the reasons for these political and sold the new idea
in its most seductive form to each farmer in turn,
upheavals,I am sure, if you try to put
yourselves in the place of the average which systematic procedure
farmer who toils fourteen to sixteen
made it possible to organize the Non-Partisan
hours a day, tilling the soil and raising League easily, quickly
and thoroughly, as was done during the year 1916.
a crop which in recent years has failed
to pay even the cost of production.
We find, for instance, that of the fifty men
When the wheat farmer finds that the
who in fairness might be conaverage price secured for his wheat sidered the leaders in this
the past five years is 38 cents per bushel
movement outside of the office-holder, forty-seven
less than the cost of production, were formerly active as
and this year 62 cents per bushel less,
writers, organizers, speakers, or leaders in the
and that as compared with 1913 the Socialist Party,
and that the editors of all of the leading farm papers
purchasing power of his dollar in the terms
of the main products purchased organized by the League
is only about 70 cents, he feels the need
and of the most of the smaller papers also, were
of some immediate and effective former members of
the Socialist Party, and the Socialist Party, as such,
relief. Yet, when he asks for legislation
that will help to right these wrongs became extinct in
North Dakota.
and to stabilize the price of his wheat, he
is told that no law save the law
But
while
this
was true of the leaders and while it was the evident purof supply and demand is available to him,
that he is but giving evidence of pose of all. and the declared
design of some, to use these newspapers, magahis unsound political and economic theories
by asking legislative relief, and zines, speakers and
organizers in the process of educating and training the
that the only recourse for him is to raise less
wheat so as to eliminate the farmers and laborers in the
doctrines and philosophy of Socialism under
American wheat surplus, which during the
past decade has averaged about the guise of a farmers' program
and the banner of the majority party so as
170,000,000 bushels per year. He appreciates,
of course, the fact that as to gain a hearing the more readily, yet
it is true that only a small fraction
long as the farmers of America are raising a
surplus of wheat, this must be of the farmers "fell" for this scheme, even though they joined
sold in the world market in competition
the organizawith the wheat raised by the tion. The educational program
for that reason was but a partial success.
farmers of Canada, India, Russia, Australia
and the Argentine with their The average farmer, when given a chance to study
the actual facts, will
cheaper lands, lower wages, smaller taxes and
poorer living conditions, generally arrive at a sound conclusion and use good
and that these foreign producers in effect now
judgment in dealing
determine the price of his with economic and political problems.
wheat. He knows that a balance between our
wheat production and the
Some
of
these
farmers
organizati
joined
the
who
on
discovere
Amer.can demand must be sought and secured
d very soon
either by a decreased pro- the real character and purpose of the leaders and dropped
duction or an increased consumption, or both,
out almost immeIf his future welfare is to be diately; others were slower
In discovering the truth and retained their
assured. Yet, he also realizes that on account
of the magnitude of wheat membership for a considerable period; while not a few
production, the widely scattered producers, the
actually did discover
natural individualism and the truth early but were too proud to admit that they
had so erred in their
independence of the farmer and the climatic
uncertainties under which he estimation of the character and purposes of the leaders
labors, it is going to be exceedingly difficult
that they remained
to secure such effective co- members and worked with the organization long
after they had discovered
operation as will make it possible for the
wheat farming group to even ap- the selfishness and crookedne within the
ss
organization. That this is true
proximately fit their production to American
Is evidenced by the rapidly diminishing majorities
He feels that In view of these difficultie demands.
received by the League
s, the Government with its candidates.
powers and facilities for building an efficient
organization should give him
In the fall of 1916, for instance, when the Non
aid in stabilizing the wheat market, and yet
-Partisan League was
when he asks such assistance first organized, the majority of Governor Frazier
over the joint vote of his
he is told that it would be an unwise, unsound
and unwarranted exercise two opponents was 64,699. By the fall of 1918 this
majority had dwindled
of legislative and administrative power, and that
he must not ask it. This to 17.884, and by the fall of 1920 It had become
further reduced to 4,630.
line of thought he finds it difficult to understand.
He remembers distinctly The following year the forces opposed to the NonPartisan
League decided
manufactu
how the
rers, to save themselves from the disastrous results
of to avail themselves of the power to recall public officials provided for In
world competition, have demanded protective
tariffs for their infant indus- the Constitution by the League itself, and at this
recall election on Oct. 28
tries, which do not seem to progress beyond such infancy,
but are asking 1921 our forces were victorious for the first time, and the majorities against
for higher tariffs with advancing age. The farmer has been a believer in the
Non-Partisan League have increased with each succeeding election, the
such protective tariffs and is unable to see any vital distinction or difference majority
at the last election being 29,273, conclusively proving the strong
between that sort of legislative aid, or the subsidies asked to encourage the and
steady
building of an American merchant marine, and the form of aid he is asking. of political trend away from the League and toward sound and sane ideals
thought and action.
Yet he discovers to his great surprise that those who were the most insistent
These Socialist leaders, desiring to impress their radical associates In
that ship subsidies should be granted and higher tariffs imposed are the every part
of the United States and the world with the fact that they were
very men who now are most certain that it Is wrong for the farmer to ask organizin
g and putting over in the State of North Dakota a social and In-
Nov.24 1923.]
THE CHRONICLE
2281
help"
dustrial revolution of the most sweeping character, made bold claims as upon the Government for "temporary financial
to the radical and complete economic and governmental changes that they running in excess of $100,000,000:- These Washington
were putting into effect in North Dakota, far beyond what the actual facts
advices, which we ,quote from the New York "Journal. of
justified.
•
'We find that whether it was a visit to the East of Townley, the founder Commerce," continued as follows:
for.eo-operative national'
of the Non-Partisan League; of Senator Frazier, or of Walter Thomas Mills:
Senator Brookbart, who introduced a bill
or a visit into North Dakota of Max Eastman, the Editor of the radical banking during the consideration of the rural credits legislation at the last
"Liberator," or Kate Richards O'Hare, or of Congressman Victor Berger, session, stated that he had assurances of "strong support," and added
the tale that was told by these to the country pictured the occurrences that Senators who opposed the bill before had informed him of their readiin North Dakota as a complete overturning of the social and economic ness to back the proposed legislation. Senator Brookhart said that he had
structure of that State, making the State of North Dakota a Socialist not reached a definite conclusion as to how much in the way of Federal
experiment station for the world. There is no question but that this was appropriation the ,bill would carry, but indicated that the funds sought
what these leaders desired to do and ultimately hoped to accomplish. would run well over $100,000,000They claimed, and with them such Socialist papers as the New York "Call,"
. Seeks Government Funds. .
that "no matter what the farmers of North Dakota call themselves, they
The Iowa Senator said that the $58.000,000 which the United States
are really Socialists." These false claims are largely responsible for the
erroneous impression that the farmers of the Nbrthwest are Bolshevists Grain Corporation had made in profits on its operations represented money
and Red Radicals.
that properly belonged to the farmers and laboring men. He figured that
But the fact was, as shown before, that the overwhelming majority of about two-thirds of the $218,000,000 "surplus" of the Federal Reserve
the farmers of the State were not Socialists, and they resented bitterly Board "belonged" to this group, and that a substantial part of the funds
the charge that they were Socialists or Socialistic, and therefore when they now held by the War Finance Corporation, which he said some had estidiscovered what these leaders were calling them, telling the country about mated as running as high as $100,000,000, should be made available for
them and seeking to do to them, the best League farmers either left the the purpose of the co-operative movement.
organization or voted according to their own judgment instead of blindly
Asked how he proposed to use these funds, Senator Brookhart said that
following the advice or dictates of the bosses. Lincoln might well have the Government would be asked to subscribe to the capital stock of the
been speaking to these League leaders when he said: "You can fool all various co-operative institutions, such as the co-4operative Central Reserve
of the people some of the time, and some of the people all of the time, but bank, co-operatve marketing.organizations and various processing plants.
you cannot fool all of the people all of the time."
He asserted that this help would be regarded as temporary, but did not
Instead of experiencing a social revolution or a complete overturning indicate how the Government would be reimbursed or the stock would be
of the economic order of our State, a careful investigation will disclose the retired. Senator Brookhart said that by obtaining this Federal aid the
fact that while the preparatory constitutional changes needed were made, co-operative movement would be expedited, as the various integral parts
for sweeping pseudo-reforms, and while there has been a considerable loss might be set up expeditiously in this manner and not held up by the necessity
through the inefficiency, waste, corruption, selfishness and greed of the of raising the capital required.
public officials and leaders of the League, and while the losses have fallen
CommfUee to Get Bill.
most heavily upon the shoulers of those who were induced to join the orThe Senator plans to have the bill referred to either the Senate Committee
ganization and to contribute money or their credit for dues, stocks, achis
commodation notes and campaign funds, yet as far as the State itself is on Agriculture or the Committee on Education and Labor. He stated
ng and Curconcerned all that has been done is to conduct a few experiemnts—costly, opposition to having it referred to the Committee on Bank
bankinvolved
and
an
appropriation
it is true, but as compared with the total value of the property of our State rency, contending that while it carried
credit. "A comand our great interest in agriculture, of comparatively small consequence, ing, it was essential legislation affecting agriculture and
Senator Brookhart said.
sought,
is
object
the
system"
in
be
to
co-operative
forgotten
failure
largely
another
their
of
plete
burden
financial
and the
While the Senator has not perfected the new bill, he said he would redecade.
that 200
I did not approve of, but campaigned against,the State entering upon this introduce the legislation sponsored last session, which provides
with a minimum
great variety of experiments, but when I was elected Governor the invest- persons may form a co-operative national association
provision is made
ments had been made and these institutions were in existence, and I there- capital of $15,000. When there are a thousand of these,
raised by subscribing
fore deemed it my duty to do everything in my power to help make them a for the setting up of a reserve system, the capital to be
SUCCCS9 wherever possible, and, where success was impossible, to reduce the not more than 5% of their capital stock.
Dividends of 8% would be allowed and, if there were larger earnings.
losses to a minimum. The State farm loan business has already made a
three-fourths would be
success and the State-owned mill and elevator is being honestly and effi- one-fourth would go to the surplus and the other
the bank, who are stockciently managed and given a full and fair trial. The present administra- distributed to the depositors and borrowers from
received by the depositors
tion has acted on the assumption that campaign promises should be faith- holders in proportion to the amount of interest
borrowers. Under such a system,
fully kept, that public office is a public trust, and not a private, factional and the amount of interest paid by the
using deposits would share
or party graft, and that all political manipulation of the public business Senator Brookhart contends that the people
must cease if you are to achieve the best results for the taxpayers of the in the profits made on the banking operations.
State: that full publicity of the public business should be given, and that
Would Shift Control.
men should be secured and appointed who give the to public business the
By setting up a central co-operative reserve system. the Iowa Senator
same honest, efficient and economical administration that they would give
from
believes that it would be possible to divorce, the control of credit
to their own business. This policy, so at variance with the practices of the
Wall Street and the big interests and place it in the hands of the farmers
the
and
has
popular
with
proven
very
leadership,
administration
League
laboring men.
thinking people of the State, who know that only through unselfish public and the
Senator Brookhart predicted that virtually ail of the Senators who are
service is the highest interest of the State promoted.
for re-election would be found supporting this bill, and pointed out
Though our United States Senators and a few others who pretend to up
the principle of co-operative marketing had found many champions
that
you
believe
have
that
farmers
of
favor
our
a recognition
speak for us would
the past year, including Eugene Meyer Jr., Aaron Sapiro, Bernard
during
not
decidedly
you
rest
is
the
and
may
such
that
case,
assured
Russia,
Soviet
.
a number of Wall Street financiers.
as long as the present attitude of the Russian Government continues to Baruch and
Senator Brookhart in his remarks before the Academy of
be antagonistic to the home, church and private property and disregards
treaties and international obligations, our farmers will not favor such
Political Science criticized Wail Street and said: "When
recognition. The farmers of our State believe in the Christian religion and
East there will
in the chirch, which is the organized expression thereof, and our Russian we ranters get the farm bloc stiried up in the
settlers in North Dakota themselves are a religious people and resent the be no more fear of the Wall Street blot)." The New York
attitude of Lenin° and Trotsky and their associates in the homeland. On
"Commercial" of Nov. 20, from which this is learned, indithis subject, therefore, our Senators do not express the sentiment of our
people, and most North Dakotans deplore the fact that during this year, cated his further discussion as follows:
Senator Brookhart specifically charged that the Federal Reserve Board
when agriculture is in distress and when there has been the greatest need of
counsel and co-operation of every citizen who understands and appreciates held a secret meeting in Washington on May 18 1920, at which it was
proceedings
the problems and difficulties of the farmers, to aid in finding and applying decided that deflation would take place in the fall. The entire
310 of
the wisest possible solution, that instead of staying at home and helping were finally- revealed,'but'too late, he said,- in Senate Document
solve those problems, Senator Ladd saw fit to spend the summer and fall the last Congress. -He added:
but
interests,
"This information, was withheld from the agricultural
in helping the Russian autocracy to solve its problems.
deflation,
Some time ago the man who now as our nationalleader islaboring to estab- communicated to big business, and in the face of the impending
For instance:
lish and justify the faith of the people in him, wrote a book entitled "Have others were permitted to embark upon notable inflations.
got
"Armour & Co. got ten-year loans for 860,000,000. Swift & Co.
Faith in Massachusetts." I know that you have faith in the United States,
the Federal
and I believe that when you know the true facts about our State and its $50,000,000. and the Sinclair Oil • Co. 846,000,000. Thus
to
firms
these
people you will more fully appreciate the spirit of the great Northwest, Reserve Board, planning imminent deflation., permitted
and you will agree that I ask only that which is our just due when I now de- absorb a great deal of its reserves through inflated credits.
mand renewed faith in the character and ideals of our people, with a restored
What Happened in Iowa.
and continued confidence in North Dakota.
"Agents of the Board then came into Iowa and Said our loans of $96,000,000 were .excessive, our rightful quota being only $36,000,000 and
must be called in. I found out at the same time that
Senator Brookhart's Proposal for Farmers' and that the money
of the Board's
one bank here in New York had on deposit $140,000,000
Laborers' Co-operative National Reserve Bank
money, while a single bank in Chicago had $80,000,000 of it.
"The resulting deflation of the farmers of the country, forced by the
and Marketing System.
right at harvest time, causing a heaVy.drop in the price of farm
Asserting that "the Federal Reserve Bank has among its Board,
products, brought on the greatest farming panic in history.
resources $204,000,000 which came from the farmers and
"The farming business was deflated $32,000,000,000, while all other
818,000,000,000.
laborers," Senator Smith W. Brookhart of Iowa, in an ad- forms of business were deflated onlypast
decade show that while general
"Furthermore, statistics for the
dress in New York on the 19th inst., proposed that "this wealth in this country has increased on an average of 6% per year, the
money should be used to establish the Farmers' and Laborers' ratio for agriculture has,been but 3%•
single business in this country."
Co-operative National Reserve Bank and Marketing Sys- "And yet agriculture is the greatest
Senator Brookhart asserted that governmental aid is needed for the
Senator
tem."
Brookhart's proposal was made in address- establishment of agricultural co-operatives, "the precedents being the
given to
ing the Academy of Political Science in session at the Hotel various forms of aid the United States Government has alreadyorganized.
through the tariff; the national hanks, which are
Astor. Later in the week (Nov. 21) it was indicated in manufacturing
the
wholly on a commercial basis, and do not fit, into agriculture; and
Washington dispatches that the Senator, in declaring that railroads,
which were permitted to draw interest of 5%% on a valuation
the control of credit is the key to the success of the co- of $19,000,000,000, whereas the total valeation placed on all railroad
securities in this country isonly $12,000,000,000.
operative movement,
made known his intention to press
for passage at the forthcoming session of Congress a bill
authorizing national co-operative banking, providing for
the establishment of a co-operative reserve bank to divorce
its activities from the Federal Reserve System and calling
Urges Co-operatives.'"
which
"The Federal Reserve banks has among its vidoutce $204,000,000
came from the farmers and .the laborers. • ThLs..money should be used
Bank
to establish the Farmers & Laborers Co-operative National Reserve
and Marketing System.
2282
THE CHRONICLE
"That would provide the credit basis for the financing of crops and
livestock.
"Furthermore, farmers and laborers should have at least half representation on the Federal Reserve Board, instead of only one member, and
that but recently. So you folks down here in New York can just move
over, as we are coming right along and sit in with you."
[VOL. 117.
Co-operative marketing has proved successful in many lines; notably
in raisins, citrous fruits and tobacco, and the failure of some co-operative
marketing associations has emphasized the importance of observing correct
principles and of adopting the sound policies which have been carried
out by those which have proved successful.
All plans which involve Government purchases of surplus crops, price
fixing and valorization are impracticable and fundamentally unsound;
and emergency measures taken by the Government during the period
when it was engaged in the greatest war of modern times cannot now
be taken as a precedent.
W. P. G. Harding on Farmers' Problems—Federal
Reserve Aid in Behalf of Farmers.
In his address last week at the annual banquet of the
In his further comments, Governor Harding had the folChamber of Commerce of the State of New York, W. P. G.
Harding, Governor of the Federal Reserve Bank of Boston, lowing to say:
Here to-night the American East and the American West have met.
and formerly Governor of the Federal Reserve Board, deNestos has told us of the problems of his people in the great
clared that "no sections of the country have received more Governor
Northwest. We share, I am sure, in his admiration of their indomitable
distinct benefits from the operation of the Federal Reserve spirit and sturdy manhood, and sympathize with them in the trials and
System than have our great agricultural districts. But," difficulties under which they labor. The address of Governor .Nestos
was of peculiar interest to me. Born and bred in the South, and for
he added, "due to persistent efforts on the part of some to many years a resident of that
section, I have that familiarity which is
gained
only by personal contact, with some of the troubles of agricultural
discredit the System and those responsible for its adminissections which we have heard so graphically described. I know that
tration, there is, unfortunately, as Governor Nestos [of some
of the factors which regulate production on the farm are essenNorth Dakoto, who preceded Mr. Harding as a speaker at tially different from those which govern
in other fields of activity. The
mine
operator, the lumberman and the manufacturer can in ordinary
the banquet] has told us, a sentiment of resentment and ancircumstances make good a diminished output during certain periods by
tagonism toward it, which is most pronounced in the sections an acceleration of energy
at other times, but the farmer must operate
which have been its greatest beneficiaries. This sentiment, under natural laws and his work in its various stages must be done at
the
proper season. Other producers can, generally speaking, regulate
however," said Mr. Harding, "is subsiding as is bound to be
their operations and adjust the volume of their output according to cothe case when people will take the pains to learn the real ditions which develop
from time to time. With an increasing demand.
the volume can be augmented quickly and It can be curtailed as promptly
facts." Mr. Harding continued:
when the trend of the market points to an oversupply.
During the summer and autumn of 1921 there was an exhaustive inquiry
Some elements which enter into production, such as the supply of labor
into the policies and operations of the Federal Reserve System by a joint and
the financial ability to pay labor, apply to all classes of producers.
committee of Congress. of which the Hon. Sydney Anderson of Minnesota but
as the farmer's activities are seasonal ho is unable to gauge as accuwas Chairman. In February 1922 this committee submitted an elaborate
rately and from as close a viewpoint as other producers can the conditions
report to Congress, and critics of the Federal Reserve System never refer
which will affect the market for his product. Certain crops must be
to this report, which so thoroughly refutes their allegations. Official figures planted at
certain seasons or not at all, and as the growing crops are culwhich cannot be disputed show that while great world wide economic retivated and brought to maturity, advantage must be taken of changing
actions took place during the year 1920, there was in this country during climatic'condition
s, otherwise the capital and energy expended In planting
that year an increase and not a reduction in Federal Reserve bank credits, is lost.
and an increase and not a reduction in the volume of Federal Reserve notes.
As the crops mature they must be harvested within the time limit proThese increases amounted to several hundred millions of dollars. The scribed by nature
or else permitted to go to waste. When the crops are
figures show also that the greater part of the rediscounts of several of the harvested farmers
are confronted with serious problems which call for
Federal Reserve banks were made directly in support of agricultural and the exercise of faculties
totally different from the energies brought into
live stock interests, and estimates made on Sept. 3 1920 of loans by several play during the periods
of planting, cultivation and harvesting. In the
of the Reserve banks to these interests were as follows:
three stages preliminary to marketing the farmer's problems are largely
Chicago
48.3% Minneapolis
65.6% physical in their character and the judgment which he must use relates
Kansas City
59.8% Dallas
50.0% to physical conditions. In marketing, however, while he still has physSan Francisco
ical difficulties to overcome in the matter of storage and transportation,
58.7%
of their total loans.
the successful farmer must develop the qualities of a merchant under
The total advances made by the Federal Reserve Dunk of Chicago to conditions often far more perplexing than those which confront the average
its member banks in the great agricultural State of Iowa amounted at one merchant. His own product is but a small part of the large volume of
time to more than e98,000.000. more than six times as much as all the na- similar products grown by other farmers, all of which are ready for
tional banks in the entire country were rediscounting or borrowing in Sep- market at the same time.
tember 1907 on the eve of the groat panic of that year. The Federal
The average farmer in this country has but a limited knowledge of market
Reserve Bank of New York in 1920 was the mainstay of the bill market, conditions; his resources are small and his necessities are usually great
and It is well known how important a factor the bill of exchange is In the Those to whom he sells are comparatively few in number; they have the
movement of crops and commodities
advantage of larger financial resources and of greater familiarity with all
The Federal Reserve Banks of Roston, Philadelphia and Cleveland were conditions affecting the market, not only in this country but throughout
lending for several weeks in 1920 more than 250 million dollars to Reserve the world. The farmer has all the odds against him at every stage,
and
banks in agricultural sections.
yet his existence and the continuation of his activities are essential, not
The law does not permit any Federal Reserve Bank to make advances only for the comfort but for the life of every other class. It
is therefore a
to any but member banks, nor to any member banks except those in its matter of vital necessity that the
efforts of the farmer be supported and
own district; and yet the Federal Reserve Bank of Now York, which was stimulated, and that he be aided
in preserving the full measure of his
at one time supporting its own member banks in their advances to banks harvest and of securing a market
for his products on terms sufficiently
all over the country In the face of a decline in the deposits of New York remunerative,to warrant
his staying in the business of fanning.
City banks of more than $1,400,000,000. has been criticized for not lending
Any plan, however, to be effective in aiding the farmer must bo based
more money to farmers, and the assertion has been gravely made that its upon the fundamental principles
of self-help and of co-operation on the
ability to lend to farmers was impaired because of the cost of the building part of the farmers themselves.
No legislation, however sound and wise.
it was erecting to house its 3,000 employees. At the time referred to, how- can of itself produce a crop,
nor can it control prices in the world market.
ever. the Bank had not made a single contract for its building, and even The economic law of supply and
demand is inexorable, and if production
the plans of the architects had not been completed.
exceeds consumptive requirements, prices will decline. In such circumThose were trying days in 1920 and 1921, but the trials were peculiar stances the market is affected
by the unsalable surplus and the cost of
to no one industry, nor to any one section. They wore suffered by all, production Is not the controlling
factor in the determination of prices.
and but for the effective aid which was rendered by the Federal Reserve To restore a proper balance
either production must be curtailed or means
System many concerns and individuals abundantly solvent to-day would must be found to increase consumption.
have been hopelessly insolvent. Indeed there is good reason to believe
History has a way of repeating itself, and some of the schemes which have
that but for it, this country would have experienced the most disastrous recently been proposed for the relief of the wheat farmer are very much like
cataclysm
financial
in its history. Many banks which had loaned not those which have been suggested at various times in the past In behalf of
wisely but too much were sustained by the heavy advances obtained from the producer of other agricultural staples.
the Federal Reserve banks; and the mortality of banks not members of
Governor Nestor; has told us that some of the plans which have been
the Federal Reserve System was far greater than that of the member banks. proposed for the relief of the wheat farmer are wild, visionary and unworkFederal Reserve banks are obliged to comply with many legal restrictions able; and he has expressed the opinion that whatever remedy may be
in the extension of credits, and they are not permitted to extend financial applied, It should be economically sound and of such character as not only
aid or credit to farmers or to any one else unless credit has been given first to give the farmer the temporary relief, so badly needcxl now, but to insure
by a member bank which will rediscount with the Federal Reserve Bank. as well the sound development of our agriculture in the years to come.
Congress. within the last year or two, has authorized the creation of other
Whenever any large body of farmers is in distress there seems to be
instrumentalities which have been established for the express purpose of an impulse to appeal to the Government for relief, and if no warrant of
extending agricultural and live stock credits which legally cannot be granted law can be found for the particular form of relief desired, Congress is urged
by the Federal Reserve banks. This agricultural credit legislation is in to legislate. In the early 70s there were many who believed
that large issues
itself an effective answer to the contention of critics that the Federal Re- of greenbacks would prove a panacea for the woes of the
farmer, and In
serve System wilfully discriminated against farmers and cattlemen.
the 90s a still larger number were persuaded that the remedy for economic
After all, our troubles are trivial as compared with those of the nations and financial ills lay in the free and unlimited coinage
of silver at the
of the Old World. In fact. it Is due to their troubles that many of our own ratio of 16 to 1.
exist. There is no occasion for economic standards or for sectional
Many of the nostrums which have been proposed from time to time
antagonism in this country. There should be,on the other hand,a national would, if adopted, have been highly injurious to
the country at large.
spirit of co-operation for the common good of all. There should be, and and instead of benefiting the patient whose relief was
sought would have
is in my opinion, a growing disposition everywhere to build up rather than rendered his condition infinitely worse.
In farming, as in any other industry, close attention, of course, should
to destroy, and in the constructive work ahead of us we can accomplLsh
most through a thorough and sympathetic understanding of the various be paid to costs of production with the view of reducing
them to the lowest
ocal and sectional problems whose proper solution has had so important a possible figure, and few will question that a policy of gradual and orderly
(hearing upon our national we are.
methods of marketing agricultural staples is highly desirable not only from
Governor Harding, whose address was referred to by us the standpoint of the producer butfrom that of the distributor and consumer
as well. The farmer, as a rule, has only one turnover a year, while those
briefly last week (page 2169) in discussing the farmers' engaged in other
enterprises have the advantage of more frequent turnproblems made extended mention of the recent report of overs. Great staple crops, the production of which requires a period of
several
months, must meet the requirements of consumption until the
Eugene Meyer and Frank W. Mondell, and incidentally renext season's crops are produced. In order to prevent the possibility of
ferred to the various proposals which have come from the shortage, it is desirable
that there be a reasonable surplus carried over
agricultural interests seeking financial aid. • Governor from one crop pending the marketing of the next. It is important, however, that the surplus held over be not too large or unwieldy, in order
Harding said:
net to interfere with the succeeding crop, for the marketing of a crop and
Nov.24 1923.]
THE CHRONICLE
2283
Insisting that the proceedings instituted by Missouri were an illegal
interference with matters wholly within the control of the Federal Government, C. A. Severance, representing the national banks which Joined in
opposing the State's position, asserted that the Comptroller of the Currency
had complete authority to permit the establishment of branches and In a
number of cases he had done so.
Asked by Justice Brandeis whether States could interfere should national
banks attempt to do a life insurance business, Mr. Severance answered in
the negative. In a reply to a question by Justice Sutherland, however,
he said he thought States would have authority under police powers and
bank from erecting an inIn describing conditions in Fovernor Nestos' own State, Messrs. Meyer for the public welfare to prevent a national
suggested that it had been
and Mendell say: "In North Dakota conditions have been made still flammable building. Justice Sutherland then
present cases had been based
more difficult this year by low yields due to continuous wheat cropping, contended that the action of Missouri in the
unfavorable weather conditions and exceptionally extensive wheat rust. upon the protection of public welfare.
The facts presented indicate that in North Dakota and elsewhere many of
the problems and dliTicultiev are not so much the result of this year's
and
operations, as they are the cumulative result of conditions over a series Conference of Federal Reserve Bank Governors
of years during which climatic difficulties, increasing tax burdens, high
Reserve Council.
of
Agents—Meeting
cost of production and relatively inadequate prices have all played their
The fall conference of Governors of the Federal Reserve
part. Over-stimulation of acreage during the period of high prices, overextension of credit, speculation in land and extravagance in public and banks and Federal Reserve Agents, which opened at Washprivate expenditures, followed by a relatively sudden collapse of prices
was concluded on the 16th inst.; at the
and markets, created a fundamental situation in 1920 from which it has ington on Nov. 12,
been impossible entirely to emerge."
concluding session an amendment to the Federal Reserve
These statements are highly significant and tend to show that the agri- Act to equalize the exchange percentages required of country
cultural West has suffered not from lack of credit but from too much credit.
System was sugSpecific reference is also made to the fact that increased taxes have been and city banks members of the Reserve
a factor in the high cost of production, and it might well be observed also gested, according to advices to the New York "Journal of
that increased taxes in other sections have been instrumental in curtailing
Commerce," which'further stated:
the demand for products of Western farms.
The suggestion is yet to be considered fully by the Board, but was advanced on the theory that country bank members of the System were
At present
Hearing Before United States Supreme Court on Right now at a slight disadvantage as regards reserve percentages.
Reserve banks in the cities are allowed to deduct from their accounts
of National Banks to Establish Branches.
payable the amounts due them by the country banks for whom they act
Oral arguments in the branch bank proceedings brought as correspondents, which lessens to some extent the sum necessary to hold
their lawful reserve.
by the First National Bank in St. Louis against the State asCountry
banks, on the other hand, have no considerable amounts due
of Missouri were presented before the United States Supreme them from their correspondent banks which they could deduct so that they
The
Court on Nov. 21, when efforts were made by U. S. Solicitor- do not have this advantage in maintaining their lawful reserve.
proposal now is to permit the country banks to deduct the amounts generally
H.
F.
Sullivan,
counsel
and
for
Beck
the
M.
James
General
payable from their due accounts to their correspondent banks so that they
bank, to prevent the Supreme Court from deciding whether may also have the privilege of exercising this balance in maintaining their
a half when the ordinary requirements call for only one crop would involve
a loss unless an unforeseen abnormal demand should develop. On the
other hand, the dumping upon the market within a short period of time
of the greater part of a crop, tho consumption of which extends throughout
the year, means not only loss to producers, but involves also a great strain
upon our transportation facilities and upon the banks in providing the funds
necessary for large purchases in advance of actual requirements for consumption. Dumping of farm products promotes speculation and often
results in a higher average of prices to the ultimate consumer.
national banks have the right to establish branches. In reserve.
Should such a privilege be accorded the country banks, however, it Is
their argument to set aside an injunction granted by the believed
that the deductions would lower by a fraction the 7% reserve
Supreme Court of Missouri, restraining the bank from required of banks of that class so that additional legislation would be
opening branches, they urged the Court to hold that States necessary.
The Federal Advisory Council which met with the Federal
could not raise such questions and that it was matter exclusively within the jurisdiction of the Federal Government. Reserve Board on the 19th inst., took no action on the question of a change in rediscount rates, having, it is said, reached
The press dispatches from Washington Nov. 21 stated:
Attorney-General Jesse W. Barrett, of Missouri, opened the case for the conclusion that business conditions are moving along
his State by disclaiming any intention on its part to attempt to enforce
satisfactorily and that no change in the rates .of rediscount
the National Banking Act. He explained that Missouri prohibited all
The New York "Comprivate banks and permitted only Federal and State banks to operate. was desirable under this condition.
The First National Bank of St. Louis had established, he said, referring to mercial" said:
the branch, "an illicit banking institution," one not recognized under the
laws of Missouri. It was not a State bank, he insisted, and was not a
national bank under the construction given the national banking laws
by Missouri. The State, he insisted, had a right to go into its courts to
close a bank not authorized under its laws.
The State was entitled, he insisted, to a decision by the Supreme Court
on the merits of the controversy involved. He asked the Court to brush
aside all technicalities and to announce, for the guidance of the States,
whether national banks could establish branches.
The dual character of national banks was stressed in the argument of
Robert C. Norris, appearing also for Missouri, who asserted they were
conducted for the benefit of stockholders. He insisted that national banks
must be considered by the Court on their private side, stating that it was
difficult to determine what constituted their Government service. The
purpose of establishing branch banks, he argued was to promote the
interests of the stockholders.
Missouri was not seeking, Mr. Morris said, to interfere with a Federal
instrumentality, but was attempting to confine the national bank to its
legitimate sphere and restrict it to those rights conferred upon it by Congress.
Although the case was argued at the last session, the Court, in recognition
of its importance, extended the time for the arguments, which will not be
concluded until to-morrow.
Solicitor-General Beck joined with Mr. Sullivan in contending that
States could not, under their own laws or under Federal statutes, challenge
the right of a national bank to establish branches or exercise any Jurisdiction
over them. Bah insisted that if such an institution violated any of its
charter rights or exceeded its privileges in any way it could only be reached
through proceedings instituted in the Federal courts by the Comptroller
of the Currency.
While Solicitor-General Beck announced that he was willing to admit
that the branch established by the St. Louis bank was illegal, if it transacted business beyond that of merely accepting deposits and cashing checks,
which Attorney-Geueral Daugherty in a recent opinion had held such
branches could do, he insisted that the State of Missouri was helpless to
prevent the establishment of such a branch by instituting a proceeding in
the courts.
Discussing the Attorney-General's opinion, Mr. Sullivan asserted that
it was not the Intention of Congress in the National BankingAct to prohibit
branch banks. All growth of national banks, he contended, was not to
be perpendicular, but they could also grow horizontally, and as their
business required open additional buildings or offices.
The case was an attempt by a State to obstruct the operations of the
general Government, Solicitor-General Beck declared, and was, he said,
a challenge of the supremacy of the Federal Government. Federal instrumentalities cannot, he insisted, be subjected to any attack by a State,
except so far as Congress has permitted. It had not, he added, permitted
them to institute such suits.
In closing the arguments in the case on Nov. 22, Frederick
W.Lehmann,former Solicitor-General, attacked the position
taken by the Comptroller of the Currency in the controversy.
We quote as follows from the Associated Press accounts:
Contending that the national and Missouri State laws regarding the
establishment of branch banks were in harmony, Mr. Lehmann declared
that when the Comptroller of the Currency failed to enforce the Federal
law by closing the branch established by the First National of St. Louis,
Missouri had a right to do so.
The failure of the Council to act on the subject disposed of reports that
lower rates were in prospect. These reports followed closely the meeting
last week of the Federal Reserve Bank Governors and Agents.
The Council devoted most of its formal discussion, it was said, to the
question of foreign circulation of Federal Reserve note issues. It was the
finding of the Council that reports as to the amount of these issues that
have found their way abroad through shipments and otherwise had been
greatly exaggerated. Some reports placed the amount as high as $600,000.000 to $700,000,000. A large portion of the note issues now abroad,it
was stated, is in Cuba, Porto Rico and Central and South America, although some notes representing a substantial value are in Europe and are
being used to strike off balances for purchases made in the United States.
It was said to be the opinion of the Council that the amount of note issues
abroad possesses no cause for disturbance.
Differ an Branch Banks.
Branch banking also was informally discussed at the meeting, but no
official
character were made regarding the subject. Inassuggestions of an
much as members of the Council represent different forms of banking,
there was a variance of opinion on this subject, with representatives of
national banks generally being in favor of extension of branches.
The short session of the Council was said to be due to the fact that the
subjects dealt with both formally and informally had been gone over
extensively last week by the Federal Reserve Governors and their agents.
The view was gathered both from the meeting last week and that of the
Council to-day that business and financial conditions of the United States
are on a solid basis and that with the turn of the new year further improvement may be expected. Credit conditions were said to indicate this fact
plainly.
Federal Court Approves R. P. Marshall & Co.
Settlement.
The plan of the Creditors' Committee for settlement in
full of the debts of Robert P. Marshall & Co. of this city
and the discharge of the receiver, James R. Sheffield, was
approved on Wednesday Nov. 21 by Judge A. N. Hand
in the Federal District Court. Mr. Sheffield was directed
to turn back all the properties, with the exception of $35,000,
which will be held for the few creditors who have not assented
to the plan. If not claimed within thirty days the money
is to be turned over to the firm. Commenting on the case,
Francis L. Kohlman, of counsel for the receiver, said:
The record in this case Is remarkable. The receivership lasted only
its in52 days and the estate is enabled to pay off dollar for dollar all of
debtedness. The arrangement was made possible by the generosity of
the larger creditors, whose claims were made subordinate to those of the
customers. The plan just approved means that a large amount of delay
and expense has been avoided and the firm is in a position to resume btu/blase
as soon as the details have been completed.
Reference was made to the proposed settlement of the
firm in our issue of Nov. 10, page 2051.
2284
THE CHRONICLE
[Var.. 117.
Twenty-four Country Banks Closed Within Six Days
•
in Northwest.
• The Chicago "Journal of Commerce" reports the following
from Minneapolis under date of Nov. 14:
is one thing that Congress can do, and it seems strange there should be any
delay about doing it. We are advised that it is practically possible to reduce
the taxes $350,000,000 to $500,000,000. Senator Smoot, always an advocate
of economy, thinks the reduction may go to $500,000,000. To cut down the
Government's expenditures and the tax burden $500,000,000 would mean
Twenty-four country banks in the Minneapolis territory closed in the six much more than the actual amount indicates. It would be of almost incalbusiness days from Oct. 23 to 29, inclusive. Hence the development of culable psychological value, giving assurance to the country that Congress
what looks like a return to conditions of eighteen months or two years ago. was at last considering the interest of those who must pay the bills.
It is pretty difficult to get actual figures and wholly reliable informati
At no time, however, have there been so many banks closed or put on the
on
doubtful list in so short a time. At least one bank has been reported in as to the taxes in foreign countries, but, judging from facts and data available, the people of the United States seem to be the most heavily taxed people
the doubtful or uncertain class for every one reported closed.
To reconcile this with the Ninth Reserve District report of a $70,000,000 on the globe. I believe an investigation of the facts will sustain this stateIncrease this year in the farmers' buying power, which is 14% over last ment. When city, county, State and Federal taxes are included the taxpayers
year, requires some intimate knowledge of the situation. Banks closed of this country carry a burden which I doubt can be equaled anywhere else.
The evil effect of this, economically and morally, cannot well be overestishow the effect of past conditions.
• Depleted cash reserves and the inability' of farmers to pay old debts are mated. It not only discourages enterprise and investments, but demoralizes
principally responsible. Bad as the situation is. some qualifying features the citizen and breaks the spirit of the people. There is no subject more intiappear. For years there have been too many banks in North Dakota. mately connected with the prosperity and contentment of the whole country
—the farmer, the laborer, the business man alike—than that
Some would have vanished anyway.
of decreasing
Of the twenty-four which closed one was a national bank and twenty- our tax burden. We have undoubtedly, without exaggeration, reached a point
three were State organizations. One was in Minnesota, two in Montana where taxes are not only discouraging to enterprise, but actually destructive
and twenty-one in North Dakota. Nine were small banks of $10,000 cap- in many instances and in many ways.
Some time ago, when I gave some figures as to the number of tax sales
ital. The largest, the national, had $50,000 capital. $33,000 surplus, and
which were being advertised in some of the most fertile agricultural
also the largest total of deposits. $410,000.
regions
of the country they were doubted, but they were correct
figures nevertheless.
I do not see, therefore, how Congress can delay acting
in this matter. Upon
what possible theory can we say to the taxpayers of
this country it is posScott, Norris & Co., Cotton Brokerso New York, Fail. sible
to take $500,000,000 off the load you are carrying, but we
will not do
On Nov. 16 an involuntary petition in bankruptcy was so. It is true some of the most flagrant and fearful increases
in taxes are in
the States, but extravagance in public expenditur
filed in the Federal District Court against the cotton broker- Infectious.
es is both contagious and
continued waste and profligacy at the' Capitol will discourage house of Scott, Norris & Co., 7 Wall Street, this city. age economyOur
throughout the States.
Liabilities of the firm.are said to be over $100,000, while the
But while our duty is perfectly plain and while serious
conditions throughestimated assets are placed at $50,000. On the following out the country plead for reduction there is little doubt that reduction is not
the program. Instead of this being a Congress
of economy it gives the greatday (Nov. 17) Supreme Court Justice Mullan at the request est assurance that not only millions but
literally
will be added to the
of Attorney-General Carl Sherman signed an injunction obligations of the Government and to the load of billions
the taxpayers.
We
are
just
now
in
Washingto
n witnessing the uncovering of a shameful
restraining the firm from continuing business. At the time
saturnalia of
ncy, waste and graft. Money appropriated for the
the District Attorney, it is said, was unaware that the benefit of the incompete
wounded and diseased of the late war has been thrown here
bankruptcy petition had been filed the previous day. The there as if dollars were waste paper. I doubt very much, when everythinand
g is
considered, the sacredness of the fund and the
application for the injunction was presented by Deputy if
a more groveling exhibition of unconscion pathetic needs of the disabled,
indecency, of dishonesty,
Attorney-General Wilbur W. Chambers. After the in- has ever been disclosed. The peculiar featureable
of it all is that those responsible for this condition seem to think
junction was granted Mr. Chambers issued a statement in the
that since it was public money, only
taxpayers'
that no great culpability is attached to its
which he revealed that Carlisle Roundtree and Louis E. waste. I beg tomoney,
criminal
say that that spirit, that view of the use
of public money,
Roundtree were members of the firm. The New York daily Is marvelously widespread. There is a strong
indication
,
however,
that
the
taxpayer himself is about to turn upon his
papers quoted Mr. Chambers as saying:
torturer. He is apparently beginning to give evidence of the fact that he
is
alive
and
has
deep interest
The company had been doing an enormous business in cotton and cotton not unaccompanied with
bitterness in what is going on. That is fortunate
futures in odd lots, and the Attorney-General alleges that the defendants if it is so. It may prove
a hazardous enterprise for a Congress to face cona
have been conducting a bucket shop, and have made no bona fide purchase stituency next year on
which it
and sale of cotton futures on behalf of their many customers. The defend- constituency is already wrestlinghas piled vast sums in addition to what that
with.
ants were bucketing the orders of the four complainants and not executing
The method of reduction
them on the Cotton Exchange, and, in fact, the defendants were merely ticular taxes to be lowered is important, exceedingly important. The parwill call for careful consideration. But all this, I
pretending to buy and sell the cotton for their customers.
maintain, is second in importance, in point of time
least, to the question
Percival Wilds has been appointed receiver for the firm whether we are going to act on the matter at all orat
simply postpone it. If
we can get the subject before us we can work
out the details, and there is not
by Judge Hand. The "Times" in its issue of yesterday much
danger but
the taxes which bear most heavily upon those
least
(Nov.23)stated that a Grand Jury investigation of the failed able to pay will bewhat
lowered. It is as certain as anything in the future
can be
firm would probably begin on that day as the result of a that those who believe we should take up the work of reduction
do
not
go
with an affirmative program, when the end
complaint lodged with District Attorney Banton by D. D. forward
of the session comes it
will be found that instead of lowering taxes
we
have
increased them, instead
MoElveen, a cotton planter of Franklinton, La. Mr. of curtailing Government expenditur
es and decreasing Government obligaMcElveen appeared in the prosecutor's officer Thursday ' tions we have tremendously increased them.
Finally, it ought to be constantly borne
"(Nov. 22) with his attorney, Michael Barnado, it is said, this
in
country is no longer merely an economic mind that the tax question in
problem. It is also distinctly
and alleged that he had lost more than $8,000 through and unmistaka
bly a moral question. Its gravity, its
searching, deadening
effect on industry, on the manner
the failure.
of living, on the education and proper care
of children and the maintenance
of families makes it in every sense a moral
question. When families all over this
country toil all the year through and
at last are able to save their
Brokerage Firm of Sheridan & Bromberg,
homes, even if so fertunate, but must deny their
families and their children the
ordinary
comforts or the educational facilities
New York, Fails.
justly due them, such a life
is nothing less than economic peonage.
This problem ought not to
On Nov. 16 an involuntary petition .in bankruptcy was
be treated merely
has gone far beyond that. A campaignas a matter of dollars and
filed in the Federal District Court agaist the Curb Market cents—it
against these fearful burdens ought to begin here at
Washingto
n this winter, ought to be carried into
firm of Sheridan & Bromberg, 44 Broad St., this city. every State and into the coming campaign
to
see
if
it is possible to break the
Liabilities were placed, at $20,000 and assets at $10,000, spell of spending which is now enervating and corruptin
g Government and
discouraging and demoralizing the
people.
the latter including a seat on the
New York Curb Market
Exchange, securities held by the firm and furniture and fixtures. Judge Hand appointed Elwood M. Rabenold re- The
Address of Myron T. Herrick, Ambassador
ceiver under a bond of $3,000. The firm consisted of
to
France,
Predicting Continuance of Aid by
William J. Sheridan and Samuel Bromberg.
United States to Europe.
The speech made in Paris on Nov.5 by
Ambassador Myron
Senator Borah Says Immediate Duty of Congress is to T. Herrick, who had only a day or two before
returned to
France
after a visist to the United States, in which
Relieve Taxpayers.
it was
Senator Borah of Idaho (Republican) in a statement on indicated that this country would continue
the help to
Nov. 13 relative to the tax reductions proposed by Secretary Europe, which was extended in 1917,
attracted sufficient
of State Mellon declared that "the plain, immediate, impera- attention to prompt the Ambassador to
explain that the
tive duty of Congress is to relieve the taxpayers of this coun- views thus voiced are his own, and not an official
expression
of
opinion. Mr. Herrick was quoted as having
try of a part of the great burden they are now carrying.
said "we
This Is one thing that Congress can do, and it seems strange have put our hand to the plow and we are willing
to run
the
furrow
that there should be any delay about doing it." He asserted,
through." An Associated Press dispatch from
however, that "it is certain that unless those favoring reduc- Washington Nov. 5 relative to his remarks said:
State Department officials would not
tion go to work on an affirmative program, the next session
indicate to-day what significance
they attached to the declaration of
American
will see taxes and public expenditures increased instead of address
in France yesterday that the United Ambassador Herrick in an
having put its hand
curtailed," and he added that "it may,,prove a hazardous to the plow was willing to "run the furrow States,
through." It was said at
State Department that the Ambassad
enterprise for a Congress to face a constituency next year on the
or undoubtedly was speaking
his own personal views. No attempt was
made to disavow his utterances.
which it has piled vast Sums in addition to What that conSo far as his actual words are concerned
, it is pointed out. the American
stituency is already wrestling With." His statement follows: envoy really gave no specific promise as to what
method of co-operation
th0 United States would be
The plain immediate imPeiative duty of Congress is to relieve the taxpayers of this country of a part of the great burden they are now carrying. This
willing to follow and to that extent his
utterances are only a reiteration of what has
been said before by Secretary
Hughes.
Ammommor
Nov.241923.]
THE CHRONICLE
The following account of the Ambassador's speech was
contained in a copyright cablegram to the New York
"Times" from Paris Nov. 4:
Ambassador Herrick who, two days ago returned to Paris from the
United States, fresh from conferences at the State Department, made
war monument
a rather remarkable speech to-day at the dedictaion of a
of the United
at Navarin Farm, in Champagne. He forecast the re-entry
States into the European melee in a manner analogous to that in which
said:
It entered in 1917. He saw it as a matter of duty and
"This whole question rises far and away above the clamor and strife
political
for
advantage
it
use
seeks
to
whosoever
of partisan politics, and
sullies the memory of the dead we come here to honor."
America
The Ambassador said it was not alone idealism which brought
of
into the war, but idealism coupled with a common sense realization
case
American
would
thought,
he
same
motives,
where interest lay, and the
intervention again.
and
After paying tribute to General Gouraud, who led the Americans
drive in ChamFrench in the memorable resistance to the Germans' last
said:
pagne five years ago, Mr. Herrick
no danger, who
"It seems to me a pity that we others who incurred
men,
endured no hardship and yet who profit by the sacrifice of these dead
should ask ourselves, as we stand on their battlefield: 'Have we faithfully
us'?"
to
on
handed
have
and
victory
executed the trust they by their death
"Many thousands of Americans fought around this front. Two millions
of them came to France, eager to fight, ready to die. For what? What
brought them? How did they come to be here? We declared we went
in the world—
to war because Germany had created an intolerable situation
intolerable for us as well as for France, England, Belgium and Italy: as intolerable morally as it promised to be materially. Victory on her part
threatened not only our self-respect, but our commercial and physical welfare. Like the intelligent and courageous people we believe we are, we
acted while yet there was time. jumped into the fray and helped bring a
painful business to a successful conclusion.
"In what we did there was a full measure of idealism and sentiment for
our old friend and benefactor, France; but who will, even at this distance
from the conflict, deny that in what we did there was also plain, commonsense business foresight? Idealism in governments, praiseworthy gratitude
in nations, is a proper impulse; but to be effective, in order to carry through
and produce durable tesults, they must be founded on sound economics.
"The situation in Europe this minute concerns America as profoundly,
though far less tragically, as did the condition of affairs from 1914 till 1917.
Our continued sell-being depends largely upon a settlement of European
affairs and calls for the exercise on our part of that same common sense and
business judgment in the present situation as that which decided our
Government in 1917, to give full play to the shocked morality of our people
and to encourage a longing for the righteousness and self-sacrificing action
which burned in the hearts of a generous people.
"If we were to stand aloof from what many call this 'European mess,'
when it is apparent that the balance cannot be redressed without our help,
then why did we come into the war in 1917? Were we mistaken then?
Were our people and Government wrong in the almost unanimous decision
to act? I answer, No. No such disgraceful verdict upon this case will ever
be rendered by the American people. We have put our hands to the plow
and are willing to run the furrow through;for we now know that if the present problem is not solved, and Justly and quickly solved, then truly America will have fought the war in vain. The victors will continue to suffer
no less than the vanquished so long as re-established financial order does not
make it possible for them to return to normal life.
"In 1917, after three years' deliberation, what we believed our own best
interests, backed by moral indignation,forced us into Europe's war;in 1923,
after an equal term of waiting, those same forces are calling us to aid in
redressing the balance of the world. Can it be accomplished without us?
The logic of events,stronger than any man's wishes, and the vital concerns
of the country take precedence over the personal preference of either its
statesmen or its individual citizens. Because of the things we fought for,
because of the things we hope for, because of the things our men died for,
whether we like it or not, our lot Is now csat in with the other nations to a
very considerable extent."
to forget that the American Senate, according to the Constitution, had a
part to play in making treaties. In the delegation he chose,his own Secretary of State did not always know the President's ideas. His decisions
had the greatest influence on making the Treaty.
His intervention provoked international crises like that of Flume.
The European Governments submitted because Mr. Wilson appeared
the incarnation of the American people and because the stipulations suggested by him seemed to be sanctioned in advance by the powerful authority
of the United States. France made sacrifices to remain in agreement with
Mr. Wilson; she made them because he promised her guarantees.
Would these have become effective if sickness had not laid Mr. Wilson
low? Would the American Senate have ratified the Treaty of Versailles
if the American President could have finished his speaking trip? Would
Mr. Cox have been elected President in 1920 if Mr. Wilson had remained
well? We offer no supposition on these retrospective problems of American
politics. But, whatever opinion one has upon what might have happened
for
if something else had not happened, all should agree that it is not
Mr. Wilson to criticize the nations which did ratify the treaties and which
have executed them. Non-ratification by the United States, an eventuality
which the tone of Mr. Wilson did not authorize us to foresee, has rendered
the task of the Allies much more difficult.
For the treaties, including the Covenant of the League of Nations, were
arranged
built so as to presuppose American co-operation. All had been
in accordance with the advice and sometimes the threats of Mr. Wilson,
as if this keystone could not fall.
However, Mr. Wilson had not the power to promise American cooperation, and failed to produce it. If the peace of Europe has somewhat
in
the appearance of a ruin, let not Mr. Wilson criticize those who try,
spite of everything, to keep the edifice from falling.
United
the
of
True, Mr. Wilson attacks violently the present policy
States. But the excess of these attacks tends rather to harm in France
the cause of which Mr. Wilson made himself the champion.
However, the language of Mr. Wilson perhaps contains a lesson and
confirms the existence of grave difficulties. The 'Government of the
United States cannot intervene half way in European affairs. If it wishes
to cease staying entirely outside it can scarcely avoid engaging itself deeply
in all the great European problems, even in the problem of the inter-Allied
debts, even in the problem of territorial guarantees. We are sorry that
this is true, for it results from it that each time the United States tries to
approach Europe it returns to its isolation.
But we must recognize the embarrassment of the American Government.
Let it begin to speak of Europe, and the irreconcilables cry,"No entanglean
ments." And, even when it defies the irreconcilables and insists on
Inquiry in which it would take a part which would be unlimited, Mr.
Wilson blames us for doing nothing and accuses it of taking an ignoble
•
attitude.
For our part, let us avoid these disputes. Let us not urge the United
France
upon
cast
States to change its position. Let us only ask it not to
American
the responsibility for the present illusion. Let us preserve Francofriendship. In the years to come it may be useful.
The New York "Tribune" in a copyright cablegram from
Paris Nov.6 had the following to say:
Ambassador Herrick to-day explained his widely quoted speech of last
Sunday, in which he said the United States was now "In the European
mess" and must "run the furrow through," as the expression of a strictly
personal view. Be disclaimed official inspiration for the utterance, although he said he was not worried by reports that the State Department
might demand an explanation.
of most of my countrymen,"
"I feel my words represent the true spirit
"I have consistently held this
said the American representative to-day.
occasions."
view and have expressed it on a number of
Wilson's Attack Angers the French—The "Temps"
Says It Comes With Particularly Ill Grace From Him.
The semi-official "Temps," replying on Nov. 12 to exPresident Wilson's attack upon France and Italy, in his
• Armistice Day message, given in these columns last week
(page 2174), is reported as follows in a cablegram to the New
York "Times" from Paris Nov. 12:
Former President Wilson—we shall never forget that he personified
during the decisive phase of the war the admirable spirit of the American
people—seeks to get back into partisan politics, and in a message issued
to his fellow-citizens speaks of France and Italy. On the anniversary of
the common victory he accuses these two Allied nations of having made
the Treaty of Versailles a scrap of paper. That seems to be an allusion
to the Ruhr occupation and the Corfu affair.
The accusation is profoundly unjust. France and Belgium occupied
the Ruhr only after a default had been declared according to the Treaty.
They made use of the right accorded by the Treaty to the respective Governments, which permits them to act individually in such a case. Italy
occupied Corfu and obtained justified limited amends, so justified that the
other powers of the Entente judged them indispensable, so limited that.
Greece having accorded them, the Italians quitted Corfu on the day sot.
Resents Waste Paper Imputation.
and Italy throw treaties into
No one has the right to charge that France
to avoid starting such a
the wastebasket; but if any one ought carefully
came
to Europe five years ago
Wilson
Mr.
controversy it is Mr. Wilson.
close
the
great
should
which
treaties
war and construct a
to negotiate the
now Europe. The chief of a party, he did not consult the representatives
of the opposing party. The chief of a constitutional State. he appeared
2285
Col. George Harvey Retires as United States Ambassador to Great Britain—Frank B. Kellogg
Chosen as Successor.
Col. George Harvey, who early in October tendered to
President Coolidge his resignation as Ambassador to Great
Britain, and who since his arrival in the United States on
Nov. 10 had been in conference with the President and Secretary of State Hughes in Washington, left the capital for
his home at Deal, N. J., on Nov. 17, with the conclusion, temporarily, of the conferences. It was indicated on the 17th
inst. that he would in a few days return to Washington for
further conferences, particularly with his successor, Frank
B. Kellogg. Formal announcement that President Coolidge
had decided upon Mr. Kellogg for the post relinquished by
Col. Harvey was made on Nov. 1. At the same time it was
stated that the selection had been found acceptable to the
British Government. Mr. Kellogg, who was formerly United
States Senator from Minnesota, was born in Potsdam, N. Y.,
about 66 years ago. He studied law at Rochester, Minn.,
after his parents had moved to that State, was admitted to
the bar in 1878 and soon afterwards entered upon a long career of public service. He was for three years City Attorney of Rochester, served later as County Attorney, and then
rose to national prominence as special counsel for the Federal Government in its anti-trust suits during the Taft Administration. Among the proceedings of this character he
prosecuted were those against the Standard Oil Co. and the
Union Pacific-Southern Pacific Railroad merger. From the
New York "Evening Post" of Oct. 26 we take the following:
Fifteen years ago Mr. Kellogg became nationally prominent as a "trust
buster." In 1912 he was elected President of the American Bar Association.
He was practicing law in St. Paul, Minn., when elected to the Sonate. He
obtained the Republican renomination in 1922, but failed of re election when
the Farmer-Labor Party swept Minnesota.
Less than two years ago he underwent an operation and one of his eyes
which had been sightless for several years, was removed to conserve his
remaining sight.
During the treaty fight in the Senate Mr. Kellogg was never one of those
who attacked Great Britain, and this lends color to the contention that he
will be very acceptable to the British Foreign Office in his new post.
During his Senate career he opposed ratification of the Colombian Treaty
and produced letters from ex-President Roosevelt in support of his stand.
He did not support the bonus bill, but said he would favor such a measure
when the country's financial status permitted. He fathered a bill to safeguard the rights of aliens in America. He did not favor American entrance
into the war, but once in he rebuked pacifists and gave the Government
whole-hearted support.
Colonel Harvey's departure from London on the steamer
Aquitania on Nov. 3 was marked, it is said, by farewell
tributes which had not been equaled since the British war-
2286
THE CHRONICLE
[VoL. 117.
ships sailed for the United States with the body of Whitelaw
The packers who fought to prevent the passage
the law claim that
Reid. The Associated Press accounts from London, Nov. 4, no such corporation exists, and that they therefore of
are unable to appoint
a
representative.
of Colonel Harvey's departure said:
The
When the Aquitania drew abreast of the battleship line assembled in the
Solent the American colors were run up on all the foremasts and instantly
the Vice-Admiral's flagship Barham thundered out a farewell salute to the
Ambassador, who stood with bared head on the bridge beside the liner's
Commander. The crew of the Aquitania stood at attention and the British
and American national anthems were played by the bands.
other members of the commission finally met and fixed the minimum price for chilled and frozen beef for the United Kingdom
at 27 and
24 centavos per kilogram, respectively, and 19 centavos
for beef for the
Continent of Europe, these rates to rule until Nov. 30. Tho prices are
not for dressed beef, but for cattle on the hoof of the type producing
the
three classes of meat mentioned. The prices are
said to be somewhat
higher than the packing companies have recently been paying.
With his arrival in New York on the 10th inst., the returnBesides the opposition voiced by British and American
ing Ambassador was quoted as follows in the New York packing interests it also appears
that some Argentine cattle
"Tribune."
men disapproved the new law, advices to this effect having
There has been a tremendous interest manifested abroad in the plan outcome from Buenos Aires in the following press dispatch
lined by Mr. Hughes, and from what I gather from wireless reports received
by the ship on my voyage to this country, there must also be considerable Oct. 24:
•
disappointment because it has not, as yet, been adopted.
I have very strong
hopes, however, that something will transpire in this connection with this
move in which we play a very considerable part, and that it will have a decisive influence in achieving peace and prosperity for the world. I sin not
optimistic. I have been over there for three years and one's optimism becomes somewhat modified during such a time.
In spite of this, I have the utmost confidence that Mr. Hughes's present
course is going to be successful, and that it is not based on anything except
on such knowledge as I have of his position and ability to carry through
whatever he undertakes. I do hope there will be a sense of rightness and
judgment throughout the country that President Coolidge and Mr. Hughes
ought not to be hampered in any way in this undertaking to render this great
world service.
Any opposition based upon a suspicion that either of them is utilizing this
situation with a view to entering the League of Nations is simply idiotic
and can only be brought forward for political purposes. Neither President
Coolidge nor Mr. Hughes, having the full powers to decide for the United
States, would think for a moment of putting this country into the League of
Nations.
Debts Will Not Be Cancelled.
On the other hand, it is equally harmful in my judgment and wrongful
for men in high positions or representative public men to translate this undertaking of the President and the Secretary into any possibility of our canceling the debts which are owed to the United States only as an agent
through whom these loans were made by subscribers to our Victory and Liberty bonds and just as certain President Coolidge and Secretary Hughes will
stand as squarely on this proposition (the League of Nations).
I do not think in the present status of the world, where we are at the
moment facing not only a possibility but a strong probability of people on
the Continent of Europe, women and children, absolutely innocent, and
perishing from starvation, that our people will gravely reprehend anything
done by anybody for a personal or partison political purpose that will interfere even in the slightest degree with what I have previously described as
this great undertaking by the heads of our Government
in the cause of
humanity.
At the time of his sailing from England, Nov. 2, Colonel
Harvey was quoted in Associated Press cablegrams from
Southampton in reply to newspapermen's questions as to
why he was leaving England;
The truth is that there is nothing left for me
to do here. It is better
that I should go home and work for the
great cause of British-American
friendship. If these two great countries do not
hang together there is nothing left for the world—that is my firm
conviction, and my countrymen are
of the same opinion.
Argentine Government Suspends
for Six Months Operation of Law Fixing Minimum
Prices for
Cattle for Export.
The suspension by the Argentine
Government for, six
months of the decree promulgated Oct. 15
putting into effect
the new law compelling British and American
meat packers
to purchase cattle from producers at fixed minimum
prices
was announced in Associated Press dispatches from Bum
)s
Aires on Nov. 7, which also had the following to say:
The action of the Government represents a
victory, temporary at least,
for the British and American packers who
refused to purchase cattle under
the law on the ground that the law was impracticabl
e and unconstitutional.
Their action resulted in paralyzing the cattle
industry for more than three
weeks.
Some of the packers already had begun to discharge
their workmen
and had the law remained in force another week
it is said they contemplated closing down their plants. The suspension
of the buying of export
cattle at first raised a storm of protest among various
cattle breeders'
associations, which appealed to the Government not
to revoke its decree.
But within the past week, with hundreds of thousands
of heads of cattle
unmarketable, the Government has been flooded with petitions
to suspend
the decree.
In making its announcement to-day that the
decree
had
suspended
been
The Government explained that the
experiment of fixing a minimum
price for export cattle had developed difficulty
in its application and
"produced uncertainty in the cattle business,
with evident immediate
damage to producers and with no flattering
prospects
for exportation."
It was added that the economic situation, and
the fact that international
competitors could exploit the difficulties of
prudence be observed with respect to innovationsArgentina, "counsel that
in commercial practices."
Other laws recently enacted for the control
of the cattle industry, together with the Anti-Trust Law, the statement
declared, "will not permit
in the future the commission of acts of monopoly
and will compel complete
publicity with respect to the real profits in the cattle
industry."
In indicating that the British and American packers had
declined to serve on the proposed price fixing board, Associated Press dispatches from Buenos Aires Oct. 17 said:
The first move to bring about a solution of the crisis in the cattle industry
caused by the refusal of packers to buy meat for export was taken to-day
by a group of ranch owners, who petitioned Minister of Agriculture Lo
Breton to take steps to obtain a repeal of the minimum price law.
The group comprises a number of ranch owners who originally opposed
enactment of the law on the ground that it would not be practicable. It is
not supported by other organizations connected with the cattle industry as
far as is known.
It is announced that the price fixing commission will meet
to-morrow to
consider communications received from packers and numerous
stock
breeders regarding the minimum price law.
We also quote the following from Buenos Aires Oct. 24
bearing on British opposition:
A rerresentative of the Anglo-South American Meat Co.
has petitioned
Minister of Agriculture Lo Breton to annul the decree promulgating the
minimum price law for meat. A note filed by the company expresses the
belief of the petitioners that the law is unconstitutional and says the company finds it impossible to comply with the provisions of
the statute.
The memorandum cites the fact that while the law compels purchasers
to buy cattle live weight on the ranches, neither the ranches,
the Buenos
Aires market, nor the pacIdng houses possess adequate weighing machines.
The note points out that, although the statute fixes uniform
minimum
a
price for .animals in all parts of the republic,
the freight charges to the
packing house range from less than 1 peso to
19 pesos per animal.
For these and for other reasons which render the law
impracticable, the
petitioners request annulment of the decree regulating the same,
while
reserving the right to seek all available means for
obtaining repeal of the
measure itself. It is understood thatrepresentatives of
other packing houses
will present similar petitions.
F. Edson White, President of Armour & Cc. of Chicago in
a statement Oct. 19 regarding the new law, said:
Packing operations in the Argentine have been stopped to await interpretation and possible modification of certain new laws just enacted.
These
new laws impose conditions which cannot possibly be met, as, for example.
the call for cunning cattle over scales which do not exist. In other respects, too, the laws are unworkable and rather than violate them we have
discontinued buying. We are confident that the fairmindednoss of the
Argentine people and their legislators will result in workable interpretations
being placed upon these laws so that we can eventually resume business.
Demand Made Upon Packers by Secretary of Agriculture
Wallace for Records, Accounts, &c.
Last week Secretary of Agriculture Wallace made a demand upon Swift & Co. for full access to their accounts, records, memoranda and documentary evidence, and a similar
demand is being made this week upOn the Wilson Packing
Co. and the Cudahy Packing Co. The demand is that the
auditors of the Packers and Stockyards Administration of
the Department of Agriculture as agents of the Secretary of
Agriculture shall have access to and the right to examine
and copy books of accounts, records, memoranda and documentary evidence which relate to the organization, busineas
conduct, practices, management, relations to other corporations, individuals, partnerships and associations, transactions involved in the conduct of the business and the true
ownership of such business, the purpose being to:
.1. Determine the extent to which Swift & Co. are engaged in the buying of
livestock in commerce, the manufacturing and preparing of meats or livestock
products, including dairy products, poultry, poultry products and eggs.
2. Information concerning the ownership of the business.
3. To determine whether said accounts, records and memoranda
fully and
correctly disclose all transactions involved.
4. To examine and verify the information contained in the
balance sheets,
profit and loss statements, published from time to time.
5. To determine the extent to which the business is inter-S
tate or intraState or intermingled.
0. To secure information with respect to the various
plants, branches,
agencies and offices and the character of business carried on.
7. To determine the accounting methods and practices
by which the records are kept.
The notice closes with the statement that failure to comply is subject to the penalties prescribed in the Packers and
Stockyards Act. Swift & Co. and the others are given until
Nov. 23 to either permit or refuse the access demanded.
This action comes at the end of a considerable period of negotiations which finally resulted in the packers refusing to
give the accountants of the Department of Agriculture full
access to their books. Concerning this Secretary Wallace
said on Nov. 20:
The British and American packing concerns established here have
refused
to appoint a representative on the commission established by new
legislation, with the power to fix prices periodically for the purchase of
meat
from the producer. The law created a commission of six members represeating the Government, municipality, and cattle interests, including
For some months we have been conferring with the packers on this subject.
the
"Corporation of Frigerificos."
It is my opinion we have full right under the law to secure the information
:Nov.241923.]
THE CHRONICLE
desired through examination by our auditors. The packers seem to feel that
such examination goes further than the law permits and that it is a violation
of their rights. I continued negotiations with them for some time in the
hope that we might come to an agreement which I considered very desirable.
It would be very much easier for our auditors to make the examination with
the consent and co-operation of the packers because they could secure information in very much less time with such co-operation. The delay has not
meant important loss of time as our auditors have been busily engaged, first,
in helping to prepare testimony to be used in connection with the ArmourMorris merger, and second, in examining the Armour-Morris books in connection with the merger proceedings. Now that their worls in this respect has
mostly been completed, we are anxious to take up the examination of the
books of the three other big packers at the earliest date possible.
2287
Formation of National Boll Weevil Control
Association.
The steps taken last month in New Orleans toward the
formation of a National Boll Weevil Control Association
were followed on Saturday last (Nov. 17) by a meeting in
New Orleans of the Executive Committee of the Association,
at which time a working organization was perfected and a
definite policy was determined upon which, it is stated,
will be put into effect immediately. The New Orleans
"Times-Picayune" of the 18th inst., in reporting the meeting
of the Executive Committee, said:
Efforts of New York Cotton Exchange to Prevent
All members of the committee representing every industry affected
directly or indirectly by cotton production attending the meetings held
Use of Quotations by Bucket Shops.
In the Roosevelt were of the opinion a forward step in the eradication
The New York Cotton Exchange, at a meeting of the of the menace to the
"gold crop" of America had been taken.
Committee on Business Conduct yesterday (Nov. 23), took
C. G. Rives Jr., Vice-President of the Whitney Central Trust & Savings
Bank
and
President
of the Louisiana Bankers Association, which started
further steps to prevent the quotations of the Exchange from
the movement by calling the recent convention, was elected permanent
reaching cotton bucket shops through underground channels. Chairman
of the committee, Dr. W. D. Haas, Commercial Bank & Trust
The meeting was attended by upwards of seventy members Co., Alexandria, La., Vice-Chairman, and H. M. Rankin, New Orleans
Exchange,
Cotton
of the Exchange whose houses have out-of-town wires. of the board of was chosen Treasurer. These three also will be members
managers, the
body of the work as recommended
The members of the committee were unanimous in the by the committee on policy, ascontrolling
will Dr. W.D. Hunter, chief of agricultural
work
in
the
South
of
the United States Department of Agriculture, and
opinion that unless members could give full assurance that
W. Fox, planter, of Scott, Miss.
the quotations sent over their wires were not being allowed J.The
policy of the association, as adopted from a report of special comto reach unauthorized hands, the sending of quotations mittee, provides for the complete co-operation with the Cotton Production
over the wires might have to be prohibited entirely. Those Council of the Southern Agricultural Workers which is composed of 15
on cotton production in the employ of Federal and State Departpresent at the meeting agreed to send out notices to the experts
ments of Agriculture, and who will place atthe disposal of the control body
managers of their out-of-town branches, requesting them to all proven methods as determined by them to be disseminated to growers.
take extra precautions that there should be no leak in quoHead Office to be Here.
tations in their offices.
Plans were made to form a publicity machine and complete office force
headquarters
in
with
New
Orleans, to be headed by an executive secretary
Marshall Geer and William M. Schill, members of the
chosen by the board of maangers who have instructions to obtain the
committee, suggested that the telegraph companies should services
of the best man available without regard to salary. This office
be requested to prevent their operators from giving quota- will send out through various channels approved ways and means of comand endeavor to get the co-operation of all growers in the
the
bating
tions to these so-called outside brokers. They declared that application pest
of these methods.
in numerous small cities and towns in the South telegraph
The meeting was called to order at 10 a. m. by G. C. Rives Jr., and
operators who received the quotations for branches or cor- Dr. W. E. Hinds, State Entomologist of Alabama, told of the convention
Chicago of Southern Agricultural Workers at which plans were adopted
respondents of members of the New York Cotton Exchange in
to co-operate with the control association and of the formation of the
gave out the quotations to representatives of the bucket Cotton Production Council to work on a broader scale in gathering data
shops. Frequently, it was stated, the operators acted as on boll weevil control than heretofore attempted and to get this information
to growers through the office of the new organization. Be also extended
agents of the bucket shops. The chairman of the committee an
invitation to the committee, which was accepted, to meet with the
was instructed to confer with representatives of the Western Council at Birmingham Jan. 10. 11 and 12.
Union and Postal Telegraph companies with a view to having
The Boll Weevil Menace Conference of last month, which
this practice stopped. Louis Brooks, chairman of the was called by the Louisiana Bankers' Association, was held
committee, in addressing the meeting, said:
in New Orleans from Oct. 24-26, and was attended by repOne of the chief assets of the New York Cotton Exchange in the relation resentatives of the cotton industry in all the cotton-growing
It bears to the trade in general, is its quotations, and you are all
aware
of the manner in which the quotations may be—and apparently have States. At the concluding session of the conference action
taken toward the creation of a permanent organization
been—employed in swindling the unsuspecting public when they
are was
allowed to fall into unscrupulous hands.
to be known as the National Boll Weevil Control AssociaProbably merely through lack of proper caution the quotations of
our tion, its formation to be perfected through an executive
Exchange have been accessible to some persons and firms not
comentitled to
receive them and in a number of cases have been actually used for
illegiti- mittee of twenty-two members representing ten varied
mate purposes. This must be stopped, first as a matter of
public duty, interests of the cotton industry. According to the "Timesand second because the Exchange, however unjustly, bears
the brunt of Picayune" of Oct.
27, the resolution adopted by the conthe criticism arising from such illegitimate uses.
Though it is to be deplored, this committee is forced to recognize
that it ference and under which the plan of organization was aumay be necessary to restrict the privilege of carrying
quotations
private wires of houses that apparently are unable to properly over the thorized stated the aims of the new organization as follows:
safeguard
them.
Arthur S. Jackson, of Jackson Brothers & Co., Chicago,
said that the Chicago Board of Trade would be glad to cooperate with the New York Cotton Exchange in helping the
authorities close up cotton bucket shops. President Edward
E. Bartlett, Jr., said after the meeting that the Exchange
was co-operating with the offices of the Attorney-General
and the District Attorney in an effort to drive cotton bucketors out of New York. He said:
I feel that it is a sacred duty of the Exchange, in so far as it can, to
prevent its quotations from being used by unscrupulous persons posing
as
cotton brokers who are taking advantage of a rising market to
swindle
small farmers and tradesmen of their savings through fictitious
cotton
trades. We can help the authorities by doing everything in our
power to
see that our quotations do not reach persons or firms who may use
them
to impose upon the confidence of small investors.
Bombay Cotton Exchange Starts Inquiry.
rrhe following is from the "Sun and Globe" of
last night
ov. 23):
"The objects and purposes of the National Boll Weevil Control Association are to concentrate the thought and effort of the American people
on boll weevil control, and to obtain the assistance towards that end of all
producers, manufacturers and consumers of cotton.
"The executive committee is authorized to examine all suggestions,
discoveries and inventions that give promise of accomplishing the purposes
ofthe association and to assist in every way possible in curbing the boll weevil
menace.
"In a general way this committee is expected to constitute a clearing
house for everything relating to the cotton boll weevil and has authority
to do whatever in its judgment will assist in solving the great problem of
boll weevil control."
The following is taken from the same paper:
Other resolutions adopted by the conference celled on all phases of industry to give their whole-hearted support 1.. t he movement to control
the weevil, declaring the problem to be a nation...1 one. Another resolution
reads:
"Whereas, it has been impossible in the limited time available at this
convention to give detailed consideration to specific means of combating
the boll weevil, and
"Whereas, it will be the purpose of the permanent organization to obtain
all possible information on the subject of boll weevil control: therefore.
be
"Resolved, That an invitation is hereby extended to all persons or firms
who desire to do so at any time in the future present their views to the
permanent organization for its consideration."
This resolution was a solace to many persons who wanted to address the
The recent sensational advance in the price of raw cotton on
the Bombay convention on various schemes, methods and articles for the eradication
Cotton Exchange has led to an investigation by the officials
the boll weevil. They ranged from the manufacturers of big machines
of
of that Exchange and trading in futures contracts there has been
prohibited for an and chemicals down to one little woman who insisted on addressing the
indefinite period. While the advance at first was thought to
be due to the convention on the efficacy of prayer as the only real remedy. It probably
extremely strong statistical position of cotton, later reports
indicate that would have required two weeks for the conference to have heard complete
a large short interest had been cornered.
dissertations by all of these persons. So it passed the buck to the executive
A Liverpool cable received by J. W. Jay & Co., a local cotton firm,
said: committee.
"The Bombay Cotton Exchange has not closed, but all forward
The Government experts were given full hearing and they made an
trading is
prohibited except liquidation. Bazaar dissatisfied because no
maximum or announcement that assures any inventor of a full test by the Government.
minim= prices bave been fixed, therefore unwilling to trade. Threatened
It was that every machine, instrument, scheme or formula which had been
non-payment of Saturday clearings."
sent to the Tallulah station by inventors had been given a thorough test
Local cotton men were of the opinion that the stopping of future
trading by the Government men. They also added that a large amount of Junk
on the Bombay Exchange would not have any important effect on the do- had been assembled as a result of these experiments.
mestic cotton market. However, it was believed that if those connected
At the session on Oct. 26 Edward S. Butler, President of
with the short interest in Bombay could not cover their short contracts
there, they would be forced to buy cotton in either the local or Liverpool the New Orleans Cotton Exchange, declared that last seaCotton Exchanges. -son's record for boll weevil destruction brings the
menace to
2288
THE CFIIMNT
[VOL. 117.
toxicity, or lower cost, or greater adhesiveness to the plants, or convenience
of application, or other characteristics that will be of benefit to the cotton
grower.
"We wish to call the attention of the Association, and of the public, to
on the profitable
I believe that the extermination of the boll weevil is not impossible. the fact that the prosperity of the Southern States hinges
the
for
production of cotton, more than upon any other agricultural enterprise,
But it is too big a problem for the individual, for any organization,
of
banks, for the cotton exchanges or States to handle. It must be handled and that considering the financial investment involved, the number
nationally. There must be Federal backing. The Federal Government people whose welfare and happiness are determined by the margin of profit
adequate
of
short
already has done much to eradicate the boll weevil and there is no intent to or loss in the growing of the cotton crop, we are far
financial support of research work that should be done along many lines
criticize. But it must help even more to solve this great national problem.
in the producThere are more people in the world than there were at the outbreak of pertaining to the perpetuation of the supremacy of the South
the World War in 1914. These people must be clothed. The world is tion of the world's most useful fibre plant."
The Committee consists of: Chairman, W.R. Dodson, Dean of College
starving for cotton and there must be a larger production of cotton.
H. W. Barre,
The boll weevil this year has produced the most colossal failure of the of Agriculture, University of Louisiana; Vice-Chairman,
Director Soil
cotton crop. In my opinion it can only be solved by the co-operation of Director South Carolina Experiment Station; N. Harper.
U. S. D. A.; J. F.
groups of business men, farmers, bankers, exchanges, organizations. States Improvement Committee; J. A. Evans, Agriculturalist
Jackson, General Agricultural Agent Central of Georgia Railway Co.:
and the Federal Government.
C. P. Blackwell, head of Agronomy Division Clemson Agricultural College'
The "Times-Picayune" account of the session also said:
South Carolina; Secretary, W.E. Hinds, State Entomologist, Auburn, Ala.
Colonel H. B. Hester, veteran Secretary of the New Orleans Cotton Exhave
cotton
century
a
market
for
ahlf
nearly
the
change, whose reports on
won him a worldwide reputation, while not on the program, was introduced by Mr. Rives "so that all could see him." He was given a prolonged Impeachment of Governor J. C. Walton of Oklahoma.
applause and spoke for a few minutes in which he predicted that the South
The proceedings brought against James C. Walton, Goverwould yet see a 25,000,000-bale crop of cotton.
national attention, and that the United States would have
lost its supremacy but for the surplus of 1921. He was
quoted as saying:
nor of Oklahoma, on charges of official misconduct by the
The following in the matter is taken from the November
House of the State Legislature, came to a close on
lower
by
published
number of the "Federal International News,"
Nov.
19,
when the Chief Executive of the State was removed
the Federal International Banking Co. of New Orleans:
vote of the State Senate Court
The boll weevil convention held in New Orleans Oct. 24-26 reflects the from office by a unanimous
Increasing alarm of business interests concerning the cotton belt's chief of Impeachment. The vote was 41 to 0 for conviction on the
agricultural industry. The recommendations of the convention will at
first charge set forth in the impeachment document, namely
least have the effect of stimulating study and encouraging sound practice
that the Governor had abused his pardon and parole authorby those farmers and business men who have been inclined to trust to luck.
Meanwhile the scientists of the Department of Agriculture and of the ity. Thus was brought to a conclusion what is regarded as
agricultural colleges have been making slow but steady progress with a
one of the most important chapters in the history of State
baffling problem of entomology which is not to be solved quickly or easily,
with or without plethoric funds for experimentation and demonstration. government in this country. And thus the Chief Executive
Their progress was reported in the last issue of '"Fhe Federal International of the State who had for a time successfully sought to preNews," and it is succinctly summarized in a report made by a committee
Legislature finally was removed
of the Association of Southern Agricultural Workers under date of Sept. 21, • vent the convening of the
after close observation of scientific work in progress in Florida, Georgia, from office by that Legislature. Governor Walton had held
South Carolina, Alabama, Mississippi and Louisiana under supervision of office less than a year. By his removal Lieutenant-Governor
State and Federal authorities. The committee inspected laboratories, test
Oct. 23,
plats, records, experimental plats and more than 100 fields cultivated M. E. Trapp, who had been acting Governor since
ao.erding to prevailing methods of farm practice with carefully applied became the Chief Executive of the State. The impeachment
measures of control.
proceedings which culminated in the removal of Governor
The definite conclusion is reached that "material progress has been
made during 1923," and the evidence is ncreasing that "boll weevil infesta- Walton from office had their origin in the arbitrary contion can be reduced, even under adverse conditions, to a degree that will duct of Governor Walton in his contest with the Ku Klux
permit the maturity of a reasonably abundant crop of cotton" by scientific
activities he undertook to suppress by unremeasures and proper cultural methods. "But there is little encouragement Klan, whose
for the farmer of slipshod' methods and indifferent habits," which means strained exercise of power, such as putting the whole State
that cotton cultivation under boll weevil conditions requires intelligence under martial law. The trial ended on Nov. 19 with no eviand diligence.
dence having been presented by the Governor in his defense.
Approved Measures.
court previously had voted to proceed with the hearing
The
Following are the specific recommendatons of the committee:
"First—Wherever there is evidence of a heavy survival of hibernated when Governor Walton unexpectedly withdrew with his
weevils before squares form, one treatment may be applied at what may
counsel on Nov. 17 after announcing that he no longer could
be called the pre-square stage, and under some conditions a second applicaof
tion made before blooms appear. For this purpose home-mixed calcium stand "the humiliation of an unfair trial." The Board
arsenate syrup mixtures may be applied with a mop or bottle, or undilted Prosecution completed presentation of its testimony on the
calcium arsenate applied as a dust. Such treatment evidently greatly
as a unit, absent. A member of the
reduces the attack from hibernated weevils, andappears to delay appreciably 19th with the defense,
the increase of infestation to a point where the setting of further bolls Governor's legal staff was in the gallery, however, and when
is prevented.
the rolleall on the charges was started, he took his place at
"Second—The method commonly known as the Florida method appears
to give an effective control of hibernated weevils and reduces the attack the defense table, entering exceptions to each vote of guilty
In the early part of the season. This frequently results in profitable as it was announced. In rapid succession the court sustained
increases in yield, but this treatment leaves the fields subject to reinfestacharges that the Governor had padded the State payroll, distion which frequently cuts short the fruiting period when the general migrapersed a Grand Jury, suspended the habeas corpus, issued
tion of weevils occurs.
"Third—The standard calcium arsenate dusting method when properly deficiency certificates when no deficiency existed, obstructed
used has shown in all sections superior efficiency in weevil control after
campaign funds,
cotton reaches the stage of growth where it blooms freely. The beginning the Oct. 2 special election, collected excess
of regular dusting must be based upon the stage of weevil infestation and illegally sought contributions and gifts and was generally
this has been generally shown to be when 10% of the squares show weevil incompetent. Interspersed with the convictions were acquitattack. This method of treatment has shown the possibility of bolding
abrogated the death
down weevil infestation and even of checking the attack from migrated tals on charges of bribery, that he had
weevils for several weeks. The dusting treatment at its best may permit penalty, illegally named irresponsible persons as State officotton to continue blooming to the limit of its normal growing period.
cers and illegally appointed a member of the State Legisla"Fourth—Whatever method of weevil control is applied early in the
impeachseason, the results thus far indicate clearly that it may also be advisable ture to a district judgeship. With regard to the
to extend the possible fruiting season by applying calcium arsenate dust ment trial and the final action of the Senate Court, Assolate in the season.
City on Nov. 19 said:
control ciated Press dispatches from Oklahoma
growers should study
the question of weevil
"Fifth—The cotton
With the completion of the vote, the record showed Governor Walton was
by climatic conditions so that waste of materials and of labor through
be
may
avoided and weevil infestation found guilty of eleven of the twenty-two impeachment charges originally
needless applications of poisons
be
may
and
that
proper
treatments
closely
effective
so
watched
presented against him. He was acquitted of five, and the remaining six,
should be
given whenever really needed, thus preventing the loss of a promising charging offensesin relation to his declarations of martial law in the State,
were dismissed on motion of the House Board of Prosecution.
and profitable crop.
Fall Destruction of Stalks.
Immediately afterward counsel for the Executive filed application for a
"The Committee finds complete unanimity of opinion among the scientists new trial. This was denied by a standing vote of the court.
Final testimony in support of tho charge that the Executive had collected
fall
regarding
the
thorough
efficiency of
and keenly observant farmers,
destruction of cotton stalks as a means of reducing the number of hibernat- excessive campaign funds was heard when the prosecution examined M.M.
Henderson, formerly State Highway Commissioner, who said he had
ing weevils, to infest the field the following spring.
"The most practical methods of securing stalk destruction vary in obtained 65,000,000 from "a Mr. Brown" of Louisville. Ky. Drown, he
different sections, and the agricultural workers in the several States can explained, was connected with a shirt manufacturing company which held
best solve the question of the best method of bringing this about. The a contract with the State for convict labor at the Oklahoma Penitentiary.
Asked If the Governor knew when ho accepted the contribution that
Committee earnestly urges organized campaigns to be conducted this fall
Brown represented this company, the witness said: "I think I made that
for stalk destruction,
"The observation of plats and fields where the most widely advertised clear to him."
An official oath of the Governor that he spent $1,520 on campaign exproprietary and patented boll weevil poisons were applied showed that
executive
poison burning of the foliage was quite common, and that these mixtures, penses was introduced soon after Dr. E. T. Bynum, former
to the campaign fund from E. W.
as well as home-made molasses mixtures which had stood for several days counselor, had testified that contributions
the
from
Oil & Refining Co., and
and fermented noticeably, produced foliage burning. Freshly made home- Marian& President of the Marland
mixtures did not burn. The Committee has found no evidence of superior Royal Dutch Shell Oil Co. had totaled $73.000.
merit, or attractiveness of character, or the presence of any valuable
Trapp Becomes Governor.
secret ingredient in any of these patented or proprietary mixtures.
By the removal of Governor Walton. Lieutenant-Governor M.E. Trapp
"Our technical knowledge of arsenical poisons, and the best method of
during two fourapplying them has been enlarged during the past year and promising work becomes Governor. He has been Lieutenant-Governor
year administrations and has been Acting Governor since Oct. 23, when the
is in progress in the development of new toxic substances.
the impeachment
"The Committee urges the most liberal support possible to this line of Senate suspended GovernorlWalton after the filing of
research, confident that it will result in the perfection of poisons of greater charges.
Nov.24 1923.1
THE CHRONICLE
Lieutenant-Governor Trapp has also gone through an impeachment
fight
Articles seeking his removal in 1921, on charges of corruption in
office, were thrown out by a Senate Impeachment court, which voted 27 to
16 to quash the charges.
The vote followed with surprising suddenness after the examination of the
last witness. E.W. Marland, President of the Marland Refining Co., had
basely left the stand when W.E. Disney, Chairman of the House Board of
Managers, which conducted the prosecution, announced that the evidence
was completed.
After a few preliminary manoeuvres a motion was made to vote first on
Article 10, the clemency charge. The court sustained the motion and the
prosecution summed up briefly the testimony introduced in support of the
charge. A roll-call was then taken.
•
The chamber was intensely quiet as one Senator after another arose and
voted "aye," many with voices that were kept steady with difficulty.
Twenty-eight votes were necessary to convict.
Senator C. D. Leedy of Arnett was the twenty-eighth man. With the
determining vote in his power he told the court he would vote "no" unless
he had authority later to explain his ballot. A pause ensued, then a voice
broke the stillness: "All right, go ahead and vote."
"Then I vote 'aye' ," Senator Leedy said, and a burst of cheers and
applause came from the galleries.
When the roll was completed the Clerk read the result and Chief' Justice
Johnson of the State Supreme Court, who presided at the trial, announced
the verdict.
"Guilty as charged in Article 19," the Chief Justice said. More applause
greeted his words and brought a hasty reprimand from the Marshal of the
Senate. Then followed in rapid succession verdicts on each of the remaining
charges.
Charges Which Were Upheld.
Those on which the Governor was convicted, in the order of voting, were:
That he exceeded his pardon and parole powers. Vote 41 to 0.
That he placed his personal chauffeur on the State Health Department
payroll, 35 to 6.
That he padded the State payroll. 38 to 3.
That he prevented the assembling of a Grand Jury, 39 to 1.
That he suspended the right to the writ of habeas corpus. 40 to 1.
That he issued a 610.000 deficiency certificate for the State Health Department when no deficiency existed, 37 to 4.
That ho issued a deficiency certificate for $4,000 for a State negro orphans
home in order to provide salaries for two negro barbers whom he ordered
placed on the payroll of the institution, 40 to 1.
That he attempted to prevent a special State election to be held Oct. 2.
37 to 3.
That he exceeded the legal limit of election expenses, 28 to 13.
That he solicited gifts and contributions for expenses of his office after
he was elected. Vote unanimuos.
That he is generally incompetent. Vote 36 to 4.
The charges on which he was acquitted were:
That he uses his official position to obtain personal property and credit:
23 to 18 (lacking the necessary two-thirds majority to convict).
That he received a $6,000 bribe to approve an appropriation for a State
business academy, 26 to 14.
That he refused to permit the execution of the law providing capital
punishment, 11 to 30.
That he illegally named large numbers of known criminals and irresponsible persons as State police. 24 to 17.
That he illegally named Charles H. Baskin, a member of the State Legislature, as a District Judge, 12 to 29.
Governor Walton was elected last November and took the oath of office
on Jan. 8. From the time he entered the race for the Democratic nomination his public career was a series of exciting incidents. He was backed by
the farm and labor groups represented by the Reconstruction League in a
bitter campaign. He was branded a radical and old-line Democrats protested that he was an Interloper.
Walton, however, maintained his Democratic affiliations, denied the
charges of radicalism and stood flatfooted for the farmer and laborer. He
defeated two opponents by a substantial majority. His campaign for
election was a repetition of the primary fight. He was elected, but he
trailed
his ticket by many thousands of votes. A monster celebration was held on
Jan. 9 and 10 at the State Fair Grounds in Oklahoma City in honor of his
Inauguration. More than 100,000 persons thronged the grounds,
heard
the Governor take his oath of office, danced, made merry, and topped it
off with a barbecue of smoking pits more than a mile long.
Governor Walton submitted to the Legislature a program looking
to
betterment of the conditions of farmers and laborers. About half the
laws
he proposed were enacted. Immediately after adjournment of the Legislature in April he set about reconstituting the Boards of Control of State
schools and institutions and protest was aroused throughout the State.
Made Manager College Head.
While the protest was at its height the Governor named George Wilson,
an organizer of the Reconstruction League and his own campaign manager
for a time, as President of Oklahoma Agriculture and Mechanics College,
replacing Dr. J. B. Eskridge. Nearly 1,000 students and residents of Stillwater, seat of the college, carried their protest personally to the Governor,
adn, carrying out a threat, he had Wilson installed under the eyes of National Guard officers.
The American Legion continued its opposition to Wilson, and after about
a month's incumbency he was removed. With his removal came a dramatic
break with the Reconstruction League.
With no forewarning, announcement was made from the Executive's office
on June 26 that he had declared martial law in Okmulgee County.
He
explained that the action was necessary to curb masked outrages. The
military rule, however, was lifted two weeks later. On Aug. 14 Tulsa
County
went under the control of the National Guard. A military court of
inquiry
was set up and functioned for more than two months.
During that time three men were sentenced to the penitentiary
on pleas
of guilty of rioting charges. A strong protest came from the press
when
the Governor suspended the writ of habeas corpus and for a time
placed
a military censor in the offices of the Tulsa "Tribune" and
the Henryetta
"Free Lance."
Legislature Begins Action.
On Sept. 15 at midnight the Executive issued a proclamation
placing the
entire State under martial law. He declared the Ku Klux Klan
was responsible for lawlessness that he
charged existed to such an extent that
a
"state of rebellion and Insurrection" held sway in the State.
Machine guns were trained on a grand jury room at the Oklahoma
County
courthouse when a grand jury was about to assemble to
investigate charges
that Governor Walton had misused State money.
A majority of the members of the State Legislature signed a call
for a
special session to consider his actions. On Sept. 26, the date set, the
meeting was prevented by National Guard troops. A petition for a
constitutional amendment to permit the Legislature to meet without call by
the
2289
Governor, for impeachment sessions, then was circulated. The petition
was approved by the Secretary of State, but the Governor
declared the
measure would be kept off the ballot.
A last-minute court decision ordered the election to proceed with
the
legislative amendment on the ballot.
Governor Walton Issued a proclamation indefinitely postponing the election, but officials who had been ordered to stop it gave no heed to his order
and the election was held. The vote was overwhelmingly in favor of the
legislative amendment.
The Governor then summoned the Legislature in extraordinary session
to deal with anti-Klan legislation, but instead the Lower House presented the
impeachment charges.
Federal Court Refuses Ex-Governor Walton Restraining
Order to Nullify Proceedings of Oklahoma
Impeachment Court.
J. C. Walton failed on Nov. 21 in his second effort to
obtain Federal intervention in the action of the State Senate
Court of Impeachment, which Monday removed him as
Governor. Judge John H. Cotteral, in Federal Court at
Oklahoma City, reaffirming a ruling handed down at Lawton,
Okla., the day before the impeachment trial opened, held
that his court had no jurisdiction in the case and sustained
a motion by George F. Short, State Attorney-General, to
dismiss the deposed Executive's suit. Walton entered an
exception to the decision and announced that he would
appeal to the United States Supreme Court. The former
Governor sought a retroactive restraining order to nullify
all proceedings of the impeachment court. He alleged his
impeachment resulted from a conspiracy between the Ku
Klux Klan and members of the Legislature. At the conclusion of the hearing Walton went to the Oklahoma County
Court House and announced that he expected to be indicted
by the District Court Grand Jury which now is in session.
He said he did not know what the charges would be, but
desired to be present to submit to arrest at once.
Need $7,870,000,000 Next Ten Years to
Increase in Traffic, Says Committee
of United States Chamber of Commerce.
The magnitude of the transportation problem, upon a
solution of which the continued prosperity of the country
depends, is definitely outlined in a report submitted Nov. 22
by the Committee on Governmental Relations to Railroad
Transportation to Julius H. Barnes, President of the Chamber of Commerce of the United States. Upon the basis of
detailed studies made by a majority of Class I railroads, the
Committee estimates that there will be an increase of 25%
in passenger traffic and 33 1-3% in freight traffic on the
railroads alone within the next ten years. To provide facilities and equipment for these increases will require an expenditure of $7,870,000,000.
The performance of this gigantic task, the Committee
finds,involves no immediate necessity for further legislation.
"Congress," it says in its report, "should be urged to make
no change in any important provision of the Transportation
Act until it has had a fair trial which as yet it has not had."
What work is to be done must be done rather by the administrative agencies of government, the Committee holds, and
by the carriers and the public. The Committee is one of five
named by the Chamber, comprising representatives of all
the interests directly or indirectly affected by transportation,
which have for several months been making a study of the
subject. Their recommendations will be submitted to a
general transportation conference to be called later. In
making its estimates of probable future increase in traffic
the Committee has kept well within conservative limits.
Nor does it take into account the prospective expansion in
other transportation fields—the rapidly growing use of motor
transport, the hundreds of millions expended annually upon
the highways, nor the potential development of waterways
to which some large shippers are turning their attention.
The $7,870,000,000 is the minimum amount of new capital
that must be forthcoming if the railroads are to keep pace
with the rising tide of traffic.
In more specific terms the estimated growth of passenger
traffic will be from 40,000,000,000 passenger miles in 1923 to
50,000,000,000 in 1933, and of freight traffic from 420,000,000,000 revenue ton miles to 560,000,000,000. To handle
this increased traffic the railroads must add to their present
equipment in the next decade 38,350 miles of track, 13,200
locomotives, 725,000 freight cars and 12,300 passenger cars.
"This estimated increase in capital expenditures," the
Committee explains in its report, "will provide only for the
additional facilities needed to enable the railroads to handle
the probable increase in business. In addition it will be
necessary to secure the funds required for elimination of
Railroads Will
Provide for
2290
THE CHRONICLE
grade crossings, installation of automatic brake control and
other similar improvements which render the service safer
and better but do not add to the ability of the roads to
handle increased traffic." The Committee on Governmental
Relations to Transportation, constituted upon the initiative
of the National Chamber, is widely representative of expert
public opinion, including in its membership the heads of
large business enterprise, railway executives, heads of farm
and labor organizations, merchants, manufacturers, financiers and public officials. The chairman of the Committee
is George A. Post, President of the George A. Post Co. of
New York. The other members are:
[VoL. 117.
9. Railroad valuation is essential to the successful regulation of railroad
rates. The work of railroad valuation carried on by the Inter-State
Commerce Commission during the past ten years is nearly finished and
everything should be done to assure its completion at the earliest practicable date.
10. It should be emphasized that the rule of rate making in Section 15a
of the Transportation Act is neither a railroad guaranty nor a cost-plus
arrangement. In case a railroad or group of railroads fails to earn the
fair return fixed by the Commission, the deficit is not made up by the
Government. What any railroad is able to earn under the rates prescribed
for each rate making district is dependent upon its own efficiency and
efforts, so that competition in service and in reduction of costs is fully
maintained.
11. In the development of rate regulation in the United States the
Inter-State Commerce Commission has been given practically complete
control over railroad rates. It is desirable, in the public interest, that the
have this power and the corresponding responsibilities.
Wm. D. B. _91ney, Chairman, Pennsylvania Public Service Commission, Commission should
This complete control, made effective through the power to suspend rates.
Harrisburg.
measure of stability to railway rates, at the same time
Thos. C. Atkeson, Washington Representative, National Grange, Wash- gives a desirable
leaving with the Commission the responsibility for prompt rate adjustington.
Similarly, the power conferred upon the Inter0.E. Bradfute, President, American Farm Bureau Federation, Chicago. ments when required.
Commission to correct intra-State rates that discriminate
Co.,
State
Car
Commerce
Motor
Detroit.
Hudson
Board,
the
of
Chairman
Chapin,
D.
Roy
commerce is desirable in order that there may be an
W.R.Cole,President, Nashville,Chattanooga & St.Louis fly., Nashville. against inter-State
undivided responsibility for the adequacy of railway rates.
Samuel 0. Dunn, Editor "Railway Age," Chicago.
12. There should be no change in the labor provisions of the TransportaJoseph S.Frelinghuysen, President, Stuyvesant Insurance Co.,New York.
tion Act unless some plan should be evolved which, in the public interest.
Howard Heinz, President, H. J. Heinz Co., Pittsburgh.
should be recognized as clearly superior to the plan now in force.
Walker D. Hines, attorney-at-law, New York.
13. There should be no immediate change in tho law whereby there
Hale Holder, President, Chicago, Burlington & Quincy RR. Co., Chicago.
would be assigned to any other department or bureau administrative duties
Edwin T. Meredith, publisher. "Sucessful Farming," Des Moines.
and now assigned to the Inter-State Commerce Commission such as regulation
Edwin B. Parker, umpire, Mixed Claims Commission, United States
of the issuance of railroad securities, valuation of railroad property, authorGermany, Washington.
consolidations and other powers of lesser importance.
L.E. Sheppard, President, Order of Railway Conductors, Cedar Rapids. ization of railroad
14. All of the different interests affected by transportation should be
Lewis B. Stillwell, consulting engineer, New York.
Government in its efforts to perfect the administration of
Samuel M. Vauclain, President, Baldwin Locomotive Works, Philadel- urged to aid the
ion laws, to increase the efficiency of Federal and
transportat
existing
phia.
State regulatory commissions and to promote co-operation between them.
Paul M. Warburg, International Acceptance Bank, New York.
pro15. Congress should be urged to make no change in any important
Daniel Willard, President, Baltimore & Ohio RR., Baltimore.
yet
vision of the Transportation Act until it has had a fair trial which as
What policy may be pursued by the Government to the ti has not had.
end that these additional facilities may be provided and an
adequate national system of transportation built up to meet Pennsylvania Railroad Closes Shops Doing Repair and
New Work-70,000 Laid Off.
rapidly expanding needs is the subject to which the committee
devotes its report. Having considered it from the composite
closing all the shops of the Pennsylvania Railroad
Orders
viewpoint of the carrier, the shipper, the employee and the System doing general repair and new work until Dec. 3
public, it formulates its findings and recommendations in were sent out from the General Offices of the company at
the following conclusions:
Philadelphia on Nov. 21. Approximately 70,000 men are
as the increasing
1. Records of past growth of railroad traffic, as well
affected. Reduction of railroad traffic earnings was given
United
the
in
ion
transportat
population; and increasing per capita use of
and
25%
freight
In
33
1-3%
at
of
least
as the reason for the order. Only the men needed for actual
States, indicate a probable increase
Based on
in passenger traffic on the railroads in the next ten years.
repair work will be kept on duty for the remainder
current
railI.
Class
reports of individual studies made by a large majority of the
facilities
month, and when the shops reopen it was stated
,this
of
additional
roads, it is estimated that the improvements and
increase in unofficially that several thousand men would be cut from
required during the next ten years to handle the expected
that will be
regions. A number of the shops,
traffic will cost at least 87,870,000,000, besides the amounts
safer and the forces of the four
spent for the improvement of the existing service to render it
Philadelphia, closed on Nov. 22
the
and
of
Altoona
expansion
including
better. To provide for the necessary improvement and
problem to be and the others close to-day (Nov. 24). The action was
railroad system of the United States constitutes the chief
transportation.
e of regional executives with W. W.
met in considering governmental relations to railroad
States taken after a conferenc
2. Private ownership and operation of railroads in the United
in charge of operation. At the
ident
,
the
Vice-Pres
of
Atterbury
genius
is in accord with the American economic system and the
owned close of the conference this official statement was issued:
American people. The railroads should continue to be privately
regulation.
and operated under a comprehensive system of Government
principle
3. Railroad regulation in the United States should follow the
of comof protecting the public interest and preserving the advantages
return
fair
a
petition under fair conditions, at the same time seeking to give
to capital and fair wages to employees.
4. The existing Federal statutes need not and ought not injuriously to
the regurestrict initiative or interfere with effective railroad management;
of
lations under such statutes may at times limit too greatly the freedom
should
operation of railroad management, but the remedy in such instances
enforcement
be found in appeal to the administrative bodies charged with
Inasmuch
of the statutes rather than in effort to have the statutes amended.
more
as the State and Federal commissions are developing, year by year,
confidently
be
effective methods of co-operation with one another, it may
Governexpected that State laws and regulations, and those of the Federal
will be
ment, will be brought into such harmonious alignment that there
interest
no laws or regulations that will work against the general public
preference.
by unnecessarily hampering the railroads and seeking undue local
follow the
5. The Federal and State Governments should consistently adminisprinciple of regulating the railroads through properly constituted
problems
trative agencies rather than by legislation dealing with specific operation
...Lich as rates, practices and other matters involving railroad
tad management.
unless railroad
6. Transportation development cannot be adequate
accordingly precredit is upon a sound and stable basis. Congress has
Transportation Act,
scribed a rule of rate making, Section 15a of the
a fair
requiring that railway rates in each rate district shall be fixed to give
the public
return upon the aggregate value of railway property devoted to
State Comservice, and that in determining what is a fair return the Interneeds of
merce Commission shall give consideration to the transportation
facilities.
the country and the necessity of adequately enlarging railroad
lines.
practical
This law is based on sound principles and is formulated along
to revise
7. The Inter-State Commerce Commission, under its authority
aggrethe rate of return from time to time, has decided that 5N % upon the
putlic congate value of railroad property devoted to the service of the
this
not
or
stitutes a fair return. Experience has not yet shown whether
last
percentage will be adequate to restore railroad credit. During the
figure
decade the average returns have been far below 5%%.reaching this
so impaired
in only one year, 1916. As a result railroad credit has been
Investments
that few companies have been able to market their stocks.
trusts
equipment
in railroads during this period have been mainly in bonds,
the proporand other fixed interest-bearing securities, and in many cases,
dangerously
tion of these securities as compared with stocks, has become
adequacy of the
large. Correction of this condition will depend upon the
obtainreturn
return actually earned by the railroads, as compared with the
establishment of
able from investments in other industries, and upon the
rate regumore general confidence in the continuity of a sound policy of
lation.
t
Governmen
8. The Transportation Act provides for recapture by the
may earn. This
of one-half of the surplus above 6% that any railroad
regulation
provision seems necessary to promote the liberal policy of rate
public need without
needed to permit railroad development adequate to the
giving any carrier excessive profits.
In November there is normally a seasonal reduction in railroad traffic
earnings. The Pennsylvania Railroad, in compliance with the program
of the American Railway Association, has placed its property in good
condition for the winter and has a surplus of cars and locomotives available
for service. The usual adjustment in working forces is accordingly taking
place.
York Central Railroad to Retain Piece Work
System—Shopmen Reverse Former Position and
Accept Plan.
The shopmen employed by the New York Central Railroad
who recently by referendum voted for abolition of piece
work have, it appears, reversed their position. Settlement
of the controversy over piece work between the N. Y.
Central and the system's federation of shopmen has been
made through an agreement between the parties, the Railroad Labor Board announces. Virtual agreement with the
railroad's plan of piece work in its shops, protested against
by the shopmen and carried to the Board, is contained in
the tentative agreement sent to the Board with a letter
signed jointly telling of the wish to withdraw the case.
Regarding the agreement between the railroad and its
employees the "Wall Street Journal" said:
New
following
According to notice given the Railroad Labor Board, the
s, blackclasses are affected by piecework: Machinists, boilermaker
and
smiths, sheet metal workers, electrical workers, carmen, helpers
apprentices and car cleaners.
emerand
regular
service,
wrecking
Piecework will not be applied to
house employees,
gency road service, power house employees, engine
millwright gangs, car inspecting and repairing in train yards.
of work.
Piecework may be adopted at any point where the volume
make it pracfacilities for performing same and other relevant conditions
changing
ticable. At points where piecework is being inaugurated in
piecework prices.
from day to piecework, thus making neeessazy new
and shall comthe time studies shall be based on the average workmen
After the time
prehend all elements entering into the doing of the work.
have been
studios have been concluded, the compensation which shall
performed during
paid the workmen on the day work basis for the work
production. For such
the trial period will be divided by the units of
which will produce
units of production piecework prices shall be established
hourly rate, applied
hourly earnings of 10% to 25% higher than the regular
the regular hourly
so as to maintain the money relation existing between
rates.
shall be Increased
Piecework prices being related to the hourly rates they
the hourly rates.
in
changes
with
ng
correspondi
reduced
or
Nov. 24 19231
THE CHRONICLE
United States Railroad Labor Board Blames Unions
and Carriers in Decision on Virginian
Railway Dispute.
In six decisions involving twelve former employees of the
Virginian Railway Co., the United States Railroad Labor
Board on Nov. 22 blamed both the company and the railroad
unions for the dispute which led up to the strike of engineers
and firemen on that railroad recently. The board in its
decisions did not consider the present strike situation but
only the dispute which resulted in the strike. The decisions
dealt with the claims of twelve employees, members of the
Brotherhood of Locomotive Firemen and Engineers and of
the Brotherhood of Locomotive Engineers, that they had
been wrongfully discharged. Seven of the men were ordered
reinstated without pay, three with pay and two were denied
reinstatement. One decision dealing with the use of pusher
engines through tunnels which employees claimed subjected
them to excessive temperatures and endangered their lives,
was remanded for tests to determine the danger involved.
The real cause of the disputes which gave rise to the strike
• of engineers and firemen was declared in one decision to be
"the mutual suspicion between engine employees and the
management, growing out of the shop strike." The Board
did not deal in any way with the present strike situation, but
does decide the disputes which gave rise to the strike,"
Chairman Ben W. Hooper announced. "The Board assumed jurisdiction on its own initiative before the strike
actually was called. The Board took the view that the rights
of the men to strike were not involved in the hearing, but
only the rights of employees alleged to have been wrongfully
discharged by the carriers."
2291
at the rate of 4% per annum, payable semi-annually. Principal and interest are payable to bearer at a designated banking house in Paris, or. at the
option of the holder, at designated banks in Belgium and in Switzerland.
At the time of the issue, as at present, the monetary unit of France, of
Belgium and of Switzerland was the franc. These were the only European
countries having a currency so denominated. The franc of each of these
countries was of equal intrinsic value and their currencies were maintained
at par. The entire issue of these bonds was purchased by a banking
house in Paris. Subsequently the plaintiff became a holder in due course
of 200 of the bonds, with their coupons. On April 13 1923 plaintiff presented the December 1922 coupons at one of the designated banks in
Switzerland and demanded payment. At that time the French franc had
very greatly depreciated and its exchange value was in the neighborhood
of six cents. The exchange value of the Swiss franc was over eighteen
cents. The bank tendered French francs to the amount specified in the
coupons. The tender was refused and the same sum in Swiss francs was
demanded. That demand was refused and this action followed. I think
plaintiff's right to recover is quite beyond doubt. He purchased the bond
of an American corporation which purports to be given to secure, not a
French loan, nor a Belgian loan, nor a Swiss loan, but a European loan.
The place of execution does not appear on the face of the bond or its coupons. Both the bond and the coupons were payable in francs in either
of the three countries which alone had the franc as the unit of their currencies. There was no more ground to suppose that the obligation was
intended to be discharged exclusively in French francs than to assume that
It was payable solely in Belgian or in Swiss francs. The natural meaning
of the instrument was that it was to be paid in the currency of the country
where it might be presented for payment. Such, also, is its legal meaning
(Story. Confl. of Laws, 8th Ed., Sec. 272a: Wharton, Confl. of Laws, 3d
Ed., Secs. 437.514: Lorenzen, Confl.of Laws,&c.. pp.162-3; Bar,Internat.
Law, 2d Ed., 674: Taylor vs. Booth, 1 Carr. & P., 2b6; Williamson vs.
Smith, 41 Tenn., 1, 9-10). The reference in the bond to certain French
taxes and the fact that it is printed in both French and English are not
circumstances of sufficient weight to justify the opposite construction.
But the defendant points to circumstances surrounding the issue as tending
to show that by the word "francs" both the obligor and the original purchasers of the bonds meant French francs. The inference is a doubtful
one, but, even if the fact were established, it would be without legal effect.
This is not a case of ambiguity in a simple contract. We are concerned
here with negotiable instruments in the hands of a holder in due course.
Interest coupons attached to negotiable bonds, when payable to bearer at
a time and place stated, are promissory notes and subject to the rules
governing negotiable instruments. "It is for the interest of corporations
issuing bonds for the payment of money that they should be negotiable,
and they are ordinarily made so upon their face, and such bonds, as well
as the.coupons attached thereto, have been held negotiable when payable
to bearer for the reason that they are promises to pay money in the form
which, by the Law Merchant, would make them negotiable as representatives of money,the same as ordinary commercial instruments." (Evertson
vs. Bank,66 N. V., 14, 19). Hence, in the present case, it is of no consequence what the original parties to the transaction meant by the language
they used. The question is what a purchaser, without notice, ought to
have understood the words to mean. That question is answered by the
authorities cited and the result is in full accord with the reason and justice
of the case. This conclusion accords with the impression of the case formed
on the trial. I have read the brief of the learned counsel for the defendant
with interest and attention. It presents the defendant's contentions in the
most persuasive manner possible, but I find myself unable to yield assent
to the argument. Under the stipulation a verdict is directed for plaintiff
for $364 20 with interest from April 13 1923, amounting to $13 10, or
$377 30 in all, and an exception is allowed to defendant.
Dispatchers on Atchison Topeka & Santa Fe Name
Vice-President Wells Spokesman—Authority
of Union Revoked.
For the second time within the week an important precedent, established years ago by railway labor, was broken
when the result of a ballot taken by train dispatchers employed by the Atchison Topeka & Santa Fe Ry. Co. was
disclosed on Nov. 20. Authority of the American Train
Dispatchers' Association, one of the sixteen standard railway labor unions in the American Federation of Labor
roster, was revoked on that road by the vote, in so far as
that organization may be held representative of this worker
elassification, and A. G. Wells, Vice-President of the Santa
Fe, was named as the dispatchers' official spokesman.
Governors from 29
The breaking of the first precedent occurred when Bert Gov. Pinchot Calls Conference of
Price Situation.
Coal
Anthracite
States
to
Deal
with
M. Jewell, head of the shop crafts union, announced the
Following the failure of his final conference with the anexecution of an agreement with the New York Central Lines
countenancing the acceptance of a piece-work basis of thracite coal operators to reach an agreement, Governor
Pinchot of Pennsylvania sent letters on Nov. 13 to the chief
remuneration.
executives of 28 anthracite-consuming States inviting them
Cleveland Cincinnati Chicago & St. Louis Ry. European to a conference at Harrisburg on Nov. 26 to consider a program of Federal legislation designed to reduce coal prices.
4% Loan of 1910 Payable in Francs,in Currency
The Governor in his letter points out that 90% of the anthraof Country in which Demanded.
mined in Pennsylvania is used by other States, and that
cite
In a decision handed down Nov. 21 by State Supreme
to the great body of anthracite consumers must be
"Justice
Court Justice Platzek, the contention is sustained that the
mainly by national action. I am prepared to subreached
principal or coupons of the Cleveland Cincinnati Chicago
suggestion for such a program," the Governor said, afmit
a
European
4%
loan
of 1910 are payable
& St. Louis RR.
explaining his efforts to induce the anthracite operators
in the currency of the country in winch such principal or ter
in a series of conferences to take the matter of extortionate
coupons are presented for payment, whether France, Belhand themselves. "They declined to do so," he
gium or Switzerland. The case decided was that of Leo prices in
we must turn elsewhere." The outline of the
"and
added,
Levy against the Cleveland Cincinnati Chicago & St. Louis
Governor's
plan
has been drafted as a result of an investiRR. The plaintiff presented the December 1922 coupons
anthracite
gation
of
prices made following the coal strike
at one of the designated banks in Switzerland in April 1923,
and demanded payment. At that time the Swiss franc was settlement in September. The Governors included in the inover 18 cents, compared with the exchange value of about vitation are those of the New England, the Middle Atlantic
six cents for the French franc. The tender of the French and other Eastern States, as well as some of the mid-Westfrancs to the amount specified in the coupons was refused ern States which use hard coal. The letter follows:
Since the coal strike was settled in September I have taken up the quesand the same sum in Swiss francs was demanded. Legal tion
of price in a series of conferences with the members of a committee of
action followed the refusal of this demand.
the operators. On Friday last this committee finally declined to recommend
The bonds contain a clause which provided that all ques- to the coal industry that it should clean its own house of extortion, as I
have been urging it to do.
tions concerning the terms, provisions and effect of the
We do not have to prove the existence of abuses in the anthracite industry
and
bonds
their coupons should be construed and determined or of crying injustice to the consumer in extortionate prices. They are
of common knowledge. It would have been merely the most elematters
according to the laws of the United States.
mentary common sense for the committee of operators to take these evils in
The full text of the decision follows:
hand. Being the producers of the coal, they have the power to do so most
SUPREME COURT—TRIAL TERM. PART IV.—By Mr. Justice
Platzek.
Levy vs. Cleveland Cincinnati Chicago & St. Louis RR.—The action is
for interest on certain coupon bonds of the defendant railway company.
The bonds bear date the 1st day of June 1910 and mature in 1930. The
place of execution or delivery does not appear upon their face. They bear
the endorsement: "Four per cent European Loan of 1910." They provide
that all questions concerning the terms, provisions and effect of the bonds
and their coupons shall be construed and determined according to the law
of the United States. Each bond is for the sum of 500 francs, with interest
effectively. They could, if they would, not only give the consumer a square
deal, but at the same time free their industry of the public condemnation
which now rests upon it. They have declined to do so. Then we must turn
elsewhere.
Since the settlement of the coal strike an investigation of anthracite
prices has been in progress at Harrisburg and has resulted in the outline of
plan for national legislation and for State action.
definite
a
About 90% of the anthracite mined in Pennsylvania is burned in other
States. Therefore, justice to the great body of anthracite consumers must be
reached mainly by national action. Such action can be secured most cer-
2292
THE CHRONICLE
tainly and effectually if the Governors of the anthracite-using States will
unite in support of a single specific program.
I run prepared to submit a suggestion for such a program, and I am asking the Governors of the anthracite-consuming States to meet, either in person or by representative, in the Governor's office at Harrisburg, Monday,
Nov. 26, at 2.30 p. m., to consider this program, and, if it is not found
practicable, to agree upon a definite plan of legislation to be laid before
Congress at the coming session.
consumes anthracite, your people
To the extent that the State of
are as deeply concerned in securing justice for the consumer as the people
of Pennsylvania. For that reason I hope that it will be possible for you to
be present in person at Harrisburg on Nov. 26, or in any case to be officially
represented. May I have the pleasure of your company at a very informal
dinner on that day at 7 o'clock?
Fin.117.
Health, as a member of that body to represent the citizens
of New York and George J. Eltz of 90 West Street to represent retail dealers.
Fair Prices Fixed in New York by Fair Price Coal
Commission.
"Fair prices" for the domestic sizes of coal in each of the
boroughs of New York were fixed on Nov. 21 by the newly
organized Fair Price Coal Commission, composed of MajorGeneral C. W. Berry of Brooklyn, Chairman; Commissioner
of Health Dr. Frank J. Monaghan and George J. Eltz,
Governor Pinchot's letter, it was announced at the Goverrepresenting the retail dealers, at a meeting in Commissioner
nor's office, was sent to the chief executives of Connecticut,
Monaghan's offices. The following rates, which were quoted
Rhode Island, Vermont, New York, Maine, New Hampshire,
as "temporary," were announced:
Illinois,
Indiana,
Virginia,
Delaware,
New Jersey, Maryland,
Manhattan, $14 25 a ton. Bronx, $14 25 to $15 a ton, according to
Iowa, Kansas, Kentucky, Louisiana, Minnesota, Missouri, the distance from tidewater. Brooklyn. $14 50 to $15 a ton, according to
Queens, $14 50 to $15 50 a ton, according
'Nebraska, North Carolina, North Dakota, South Carolina, the distance from tidewater. Richmond,
to distance from tidewater.
$1550 a ton.
Tennessee, Texas, Wisconsin, Alabama, Massachusetts and
The above prices, the Commission announced, are for coal
West Virginia.
delivered to the consumer on the sidewalk. There will be
an extra charge for putting it into the bins, except in the
Remedy for Injustice in Anthracite Coal Industry case of Richmond. The prices are based on a survey made
Wholly Within Control of Pennsylvania,
by inspectors from the Health Department. Major-General
Says Massachusetts Governor.
Berry said:
These prices are based on the fact that the average price of the old-estabGovernor Channing H. Fox of Massachusetts, in a statelished companies to the retail dealers is $9 a ton, freight is $2 79 a ton
ment made on Nov. 14 relative to the conference called by and local handling $2 08 a ton-50 cents a ton Is allowed as a fair charge
Governor Pinchot of Pennsylvania to consider the anthracite for deterioration.
The retailers buy their coal by the long ton and 10% is deducted from
situation, said that "the remedy for present injustice seems
these prices to allow for this. That amounts to $1 22. and the price,
to be wholly within the control of the State of Pennsylva- therefore, to the retailers, is $13 22.
There is another situation which must be considered in connection with
nia." The Massachusetts Governor suggested that Governor
at the present time. There is a shortage of stove and chestnut coal on
Pinchot ought to lay his plan before President Coolidge, in- this
account of these sizes being diveretd to the Western trade. So-called
asmuch as the Pennsylvania chief executive had been quoted "Independent companies" at the mines are charging from $3 to $4 more
as having said that justice to the consumers must be reached per ton than the old line companies, and where this is the case it must be
taken into consideration in the selling price. It must be further understood
mainly by national action. In his statement Governor Cox that buckwheat and pea coal are sold at a very
much cheaper price.
Govthat
newspapers
said that although he had read in the
The Commission will take up the price of coal in lots of
ernor Pinchot had invited the Governors of 29 States to a 100 pounds at its next meeting, which will be held in Comconference in Harrisburg, he had as yet received no invita- missioner Monaghan's offices Monday, Nov. 26. A pretion and added that he could not believe "that he invited the liminary survey of the sale of coal in small lots, the ComGovernors of 29 States, as there are only 11 States which mission revealed, shows that consumers are paying up to
consume anthracite coal in any amount." Governor Fox also $20 a ton.
said:
Our Massachusetts Fuel Administrator has been studying the anthracite Governor of Nebraska Declines Pinchot Invitation to
question carefully for years, and the remedy for present injustice seems to
Conference—Says Strike Settlement Costs
be wholly within the control of the State of Pennsylvania. Practically all of
Coal Consumers $1,000,000 a Week.
complete
the anthracite coal is located in Pennsylvania, and that State has a
monopoly. I agree with Governor Pinchot when he says "We do not have to
Governor Bryan of Nebraska on Nov. 20 refused the
prove the existence of abuse in the anthracite industry or of crying injustice
Pennsylvania to attend
to the consumer in extortionate prices. They are matters of common knowl- invitation of Governor Pinchot of
edge." If Governor Pinchot desires to deal effectively with the situation I a conference on the anthracite coal situation. In a telegram
should like to see him lead the Pennsylvania Legislature in doing three to the Pennsylvania executive Governor Bryan criticized
things:
Repeal the unjust tax levied by Pennsylvania upon every shovelful of an- the basis of settlement of the recent coal strike by saying
thracite which we burn; repeal Pennsylvania's restrictive legislation as to that "it is costing coal consumers of the country an additional
employment in mines and thus help increase the volume of production; and $1,000,000 a week." Governor Bryan continued his adlet Pennsylvania fix a definite standard of quality and size of anthracite coal
so that the consuming public may be protected, and when it pays good vocacy of Federal control of competition as a means of dealng with the "coal combine," adding that "I have been
money for coal receive something that can be burned.
Of course, if Governor Pinchot's conference gives promise of any construc- successful in carrying on competition in this State the past
tive relief I shall try to attend or be represented, but if he is quoted correctly that "justice to the great body of anthracite consumers must be two months and have reduced the price of soft coal on an
reached mainly by national action," it seems to me that he ought to lay his average of $3 50 a ton. I am advocating that the Federal
plan before President Coolidge, who, I am certain, would like his co-opera- Government take
over both the soft and hard coal mines
tion. The truth is, Governor Pinchot by action in his own State can remand operate them for the protection of the coal consumers
edy most of the evils of which we have just cause for complaint.
and business until definite and practical plans can be devised
by the Government to regulate the coal business so that the
Governor Smith Appoints Fair Price Coal Commissions.
coal trust can no longer impose on the people," the GoverGovernor Smith on Nov. 13 appointed three Fair Price nor concluded.
Coal Commissioners in accordance with a proclamation he
Issued to Mayors of cities on Oct. 23. Major-General
Closing of American (Bok) Peace Award Contest.
Charles W. Berry will serve as Commissioner for New York
At midnight on Nov. 15, the closing date of the contest,
City, Dr. Elmer A. Sheets for Yonkers and Aaron F. Wil- 22,165 plans had been submitted for the American Peace
liams for Corning. No other cities, with the exception of Award, created by Edward W.Bok,for the "best practicable
Schenectady, have made requests for the appointment of plan by which the United States.may co-operate with other
such a Commission, it is stated. As soon as William W. nations to achieve and preserve the peace of the world."
Campbell, newly-elected Mayor of Schenectady, names his Plans had come in steadily since tin Award was announced on
two Commissioners the Governor will appoint a man to rep- July 2, during which time the conditions of the Award have
resent the State. In his proclamation to the Mayors the been distributed to 200,000 individuals as well as having
Governor offered to appoint a Fair Price Coal Commissioner been widely carried in the press, endorsed at conventions,
to represent the State on a Commission of three, two of and circulated by the co-operating council of 88 important
whom are to be appointed by the Mayor, one to represent national associations with a combined membership of 43
the consumers and the other to represent the dealers. Their millions.
duties are to make a thorough investigation of the local coal
Although American citizens only are eligible, plans have
situation, to keep the Governor informed of any need for come from all other countries of the world, from Brazil,
action, and to endeavor, by force of public opinion, to estab- Holland, Japan, China, Canada, Greece, England, India,
lish and maintain a fair price for coal. Several Mayors Italy, Germany, Rumania, Switzerland, France, Bolivia,
have informed the Governor they did not believe there was Austria, Uruguay, Esthonia, Mexico, Poland, Czechoneed for such a Commission in their cities. Acting on Gov- slovakia, Prance. Abbreviated plans have been wired and
ernor Smith's proclamation, in which he suggested formation even cabled.
For a month the Jury of Award, whose members are
of a Fair Price Coal Commission, Acting Mayor Murray
Hulbert named Dr. Frank J. Monaghan, Commissioner of Elihu Root, Chairman; James Guthrie Harbord, Edward
Nov.24 1923.]
THE CHRONICLE
M.House, Ellen F.Pendleton, Roscoe Pound, William Allen
White and Brand Whitlock, have been analyzing the plans
and they hope to have selected the winning plan by Jan. 1:
As required by the conditions the names of the authors of
plans are en-closed in sealed envelopes which will not be
opened until the jury has made its decision.
As soon as the winning plan has been selected, $50,000
will be paid to its author. The second $50,000 will be paid
to the author if and when the plan, in substance and intent,
is approved by the United States Senate; or, if and when the
Jury of Award decides that an adequate degree of popular
support has been demonstrated for the winning plan.
A statement issued by the American Peace Award says:
In perhaps the first effort ever made in this country to get informally
a nation-wide expression of opinion on a subject of vast importance, the
committee in charge of the Award will ask every interested citizen to
vote "yes" or "no" on the plan. In this "referendum" to be conducted
in January, the co-operating council of 88 organizations will actively
assist by circularizing their members with the plan and a ballot, as will
also local and State organizations. On the release date, the daily papers
will largely carry with the text of the winning plan a ballot to be filled
out and returned directly to the American Peace Award office.
When the "referendum" has been completed, the committee will analyze
the returns and take out all duplicates. This work will complete the
purpose of the Award as originally announced, to give the American
people from coast to coast a direct opportunity to evolve a plan that will
be acceptable to many groups of our citizens, who, while now perhaps
disagreeing as to the best method of international association, strongly
desire to see the United States do its share in preventing war and in establishing a workable basis of co-operation among the nations of the earth.
The creation of the Award was previously referred to
in the "Chronicle" of July 21, page 284 and Oct. 27, p. 1851.
2293
This is the second time the capital of the company has been
increased since its organization. In 1920 the capital was
raised from $200,000 to $500,000. We are advised that the
new capital will not become effective until April 5 1924.
•
On Nov. 5 a dividend of
6% was paid to depositors in the
Commercial Department of the defunct Cosmopolitan Trust
Co. of Boston by order of State Bank Commissioner Joseph
C. Allen. This dividend, the second, makes, it is said, a total
of 16% received to date by the depositors in that department.
Depositors in the Savings Department of the failed bank
have received, it is said, a total of 70%. Further payments
will be made in both departments as liquidation progresses.
Our last reference to the affairs of this company was in the
"Chronicle" of Oct. 13 last.
Joseph B. Marcino of Chicag- o, who with one Frank Is. Taylor was involved in the embezzlement in February last of
more than $200,000 worth of securities belonging to the First
National Bank of Warren, Mass., was on Nov. 14 sentenced
by Judge Morton in the Federal Court at Boston to serve
four years and three months at hard labor in the Federal
Penitentiary at Atlanta. Marcino pleaded "guilty" to aiding
and abetting in the misapplication of the bank's funds. The
wrecking of the bank was referred to in these columns in our
issue of April 7 1923 and subsequent numbers.
The Atlas Trust Co. of Springfield, Mass., is to be merged
with the Chapin National Bank of that city, according to
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
the Springfield "Republican" of Nov. 9. With regard to
The New York Stock Exchange membership of Grafton the proposed amalgamation of the
institutions, the "RepubH. Pyne was reported sold this week to Arthur H. Spero for lican" quoted Harry A. Woodward, President
of the Chapin
$82,000. The last previous sale was at the same figure.
National Bank, as saying:
The stockholders of the Corn Exchange Bank of New York,
at a special meeting on Nov. 21, approved the plans to
increase the capital stock of the bank from $9,075,000 to
$10,000,000. Reference to the proposed increase was made
in our issue of Oct. 20, page 1744.
Seymour L. Cromwell, President New York Stock Exchange, has addressed the following to J. H. Whitehouse,
of Whitehouse & Co., congratulating him on fulfilling his
sixty-sixth year as a member:
November 20 1923.
J. Henry Whitehouse, The Larches, Irvington, N. Y.
The executive off cers and members of the Exchange congratulate you
most heartily on fulfilling your sixty-sixth year as a member, and wish
you continued health and happiness.
SEYMOUR L. CROMWELL, President.
At a meeting of the board of directors of the Bankers
Trust Co. of New York on Nov. 20, Herbert P. Howell was
elected a director.
The Guaranty Trust Co. of New York announces the
appointment of Harold D. Bentley as a Vice-President.
Mr. Bentley became associated with the company ten
years ago, and for the last four years has served as Investment Trust Officer. He will continue to have direct charge
of the company's investments in trusts and estates. Mr.
Bentley was born and educated in Rochester, and entered
the banking field there with the Merchants Bank of Rochester. He later served as manager of the bond department of Erickson, Perkins & Co.
The condensed statement of condition of the Guaranty
Trust Co. of New York as of Nov. 15 1923 issued Nov. 21,
shows deposits of $441,768,879, and total resources of
$562,409,694, as compared with deposits of $415,126,530
and resources of $511,712,119 at the time of the last published statement, Sept. 10 1923. The company's surplus
and undivided profits as of Nov. 15 total $18,406,714.
Mrs. William Laimbeer, Assistant Secretary at the Madison Avenue office of the United States Mortgage & Trust
Co. of New York, has been elected President of the newly
organized Association of Bank Women, whose first convention was held at Atlantic Oity in connection with that of the
American Bankers Association in September. Other New
York women elected to office in the Association are: Mrs.
Key Cammack, New York Trust Co.,,Vice-President; Miss
Minna Bruere, Central Union Trust Co., Corresponding
Secretary; Miss Lillian Backus, Greater New York Savings
Bank, Recording Secretary. Seven regional vice-presidents
and an executive committee complete the official staff.
No outside interest or control is involved in the merger of the Atlas and
the Chapin. Interests closely allied with the Chapin bank have acquired
a controlling interest in the Atlas Trust Co., with the ultimate object of
merging the two banks. The preliminary steps have been taken. At a
meeting of the Atlas directors this morning (Nov. 8) application was made
to the Comptroller of the Currency for a national charter under the name of
the Atlas National Bank. When that has been obtained, both banks win
call stockholders' meetings and will vote to merge. While the main offices
of the Atlas bank will be transferred to the Chapin, its two branches at 145
Main Street and at 144 Main Street, Indian Orchard, will continue to be
operated as branches of the Chapin bank. Charles A. Frazer, President
ofthe Atlas Trust Co., will come to the Chapin as Vice-President,and Joseph
E.Hayes,Treasurer of the Atlas, will also become an officer of the Chapin.
For the time being, at least, it is said, no increase will be
made in the present capital and surplus of the Chapin National Bank, which are $500,000 and $250,000, respectively.
The Atlas Trust Co. was founded in January 1920 and has
a capital of $300,000, surplus and undivided profits of $100,000 and deposits of approximately $2,000,000.
At special meetings of the respective directors of the
National Exchange Bank of Baltimore and the Atlantic
Trust Co. of that city held on Nov. 19 an agreement was
effected for the consolidation of the institutions under the
title of the Atlantic Exchange Bank & Trust Co. The new
bank will have a combined capital and surplus of more than
$4,000,000, deposits in excess of $18,000,000 and total ersources of over $26,000,000. It will "continue and broaden
the scope of the commercial banking business of the National
Exchange Bank and will also operate at all offices the
auxiliary departments which the Atlantic Trust Co. has
previously maintained—namely, bond and investment,
trust, savings, foreign Government securities, real estate and
income tax departments. Membership in the Federal Reserve System will be continued." Every active officer and
employee of both the consolidating banks will have corresponding places in the new institution. The senior officers,
according to the Washington "Post" of Nov. 20, in addition
to Waldo Newcomer (President of the National Exchange
Bank), Chairman of the Board of Directors; Eugene L.
Norton (President of the Atlantic Trust Co.) will be President; Laurence Jones, James Bruce and Clinton G. Morgan
Vice-Presidents; Richard H. Bond and Donald Reitz, Assistant Vice-Presidents; Joseph W. Leffier, Secretary; J.
Bosley
Jessop, Treasurer, and Frederick A. Levering, Trust Officer.
On Monday of this week (Nov. 19) the proposed
union
of the Fourth National Bank and the Central
Trust Co. of
Cincinnati, to which reference was made in the "Chronicle"
of Nov.3, page 1963, was Consummated. The new organization—The Fourth & Central Trust Co.—has a capital
of
$2,000,000, surplus and undivided profits of $2,500,000
and
total resources of approximately $24,000,000. In
addition
The Hub Trust Co. of Boston has been granted permission to Charles E. Wilson,
Chairman of the Board, and A.
to increase its capital stock from $500,000 to $600,000. Clifford Shinkle, President, othermembers of the personnel
2294
[voL. 117.
THE CHRONICLE
of the new bank are: G. W. Williams, Wm. H. Simpson,
Hugh P. Colville, Charles Bartlett and F. H. McClellan
(Trust Department), Vice-Presidents; J. F. Klein, Cashier;
F.S. Mygatt, Assistant Cashier; Theo. J. Geisler, Secretary;
G. E. McCubbin, F. B. Baldwin and F. W. Weissman,
Assistant Secretaries, and Philip Hinkle, Trust Officer.
At an extraordinary general meeting of the shareholders of
the London Joint City and Midland Bank, Ltd., held at the
Cannon Street Hotel, London, E. C. 4, on Nov. 9 1923, a
resolution was passed changing the name of the company to
Midland Bank, Ltd. A confirmatory meeting will be held
on Nov. 26 next.
It is proposed, according to recent newspaper advices
from Chicago, to consolidate the Kaspar State Bank and
the American State Bank of that city. The directors of
both institutions, it is said, have decided on the union and
special meetings will be held shortly to obtain the approval
of the stockholders. If the merger is effected, the new
organization will have a combined capital and surplus of
$2,000,000 and resources of more than $20,000,000. Tentative plans are, it is said, to operate the resulting institution
under the title of the Kaspar-American State Bank and to
occupy the quarters of the American State Bank after they
have been remodeled and enlarged to meet the needs of
the new bank. Otto Kaspar, President of the Kaspar State
Bank, will head the new institution and J. F. Stepina,
President of the American State Bank, will be 1st VicePresident.
The Ogden Avenue State Bank of Chicago, Ill., plans to
enter the national system under the name of the Ogden
National Bank of Chicago, Ill., with a capital of $200,000.
The bank's conversion is not expected to be accomplished
before Dec. 15.
We are advised of the organization of a new Portland,
Ore., bank under the title of the West Coast National Bank,
together with an affiliated institution to be known as the
Western Securities Co. The new bank will occupy quarters
now in process of preparation in the Porter Building at Sixth
and Oak streets and it is expected will open for business during the early part of December. Its capital will be $300,000,
with surplus and undivided profits of $150,000, while the
capital of the Western Securities Co. will be $75,000. The
latter will occupy a portion of the bank's quarters. In addition to maintaining commercial and savings departments,
the new West Coast National Bank will operate a trust department, and as soon as the necessary equipment can be
installed, will open a safe deposit departthent in the basement of its building. It will be a member of the Federal Reserve System and will operate under the rules of the Portland Clearing House. The officers chosen for the new bank
are Edgar H. Sensenich, President John N. Edlefsen, VicePresident, and Godfry C. Blohn, Cashier. Mr. Sensenich
prior to his resignation to organize the West Coast National
Bank was a Vice-President of the Northwestern National
Bank of Portland, which he entered as Cashier on its organization in 1911. Before going to Portland Mr. Sensenich was
associated with the Merchants' National Bank of Philadelphia. He is President of the Oregon State Bankers Association. Mr. Edlefsen, in addition to being President of the
Peninsula National Bank of Portland, has other large interests and is a member of the Executive Committee of the
Oregon State Bankers Association. Mr. Blohn for the past
18 years has been associated with the Ladd & Tilton Bank
of Portland and at the time of his recent resignation to join
the new bank held the position of Assistant Cashier, in
charge of credits.
THE WEEK ON THE NEW YORK STOCK
EXCHANGE.
The stock market the present week has again shown an
improving tendency. The general tone has been stronger
and prices have gone to higher levels. In the closing hours
of last Saturday's session the market was adversely influenced by the European situation, but with the announcement on Monday that a compromise had been reached in
the international situation stocks of most of the leading
issues swung abruptly upward. Gains, of one to three
points were numerous among the more active stocks and more
moderate advances were noticeable through the entire list.
After a further advance on Tuesday morning the market
reacted downward. On Wednesday the market again
developed considerable strength, the advances being about
equally distributed between railroad and industrial securities.
The outstanding feature of the day was the strength of the
steel shares, United States Steel common going to 95%—
an increase of over two points, and a new high record for
the present movement. Railroad issues also participated in
the upward swing, Chesapeake & Ohio advancing 1%, to
75, and Southern Railway making a new high mark of 37%.
On Thursday prices were carried to still higher levels. In
the afternoon the sudden decline of Davidson unsettled the
entire list and the day dosed with advances and recessions
about evenly balanced. The upward movement of prices
continued on Friday.
At the special meeting of the stockholders of the Canadian
Bank of Commerce (head office Toronto), held on Wednesday of this week (Nov. 21), formal approval was given to
the proposed purchase by the institution of the Bank of
Hamilton. Stockholders of the latter institution unanimously approved the sale of their institution on a share-forshare basis on Nov. 19. .All that now remains to make the
amalgamation technically complete, it is said, is the granting
of royal assent, which cannot be given until four weeks have
elapsed after a favorable vote has been taken. It is not
anticipated that the Canadian Bank of Commerce will
assume possession of the Bank of Hamilton until after the
first of the year.
The New York agency of the Banque Beige pour
L'Etranger has received a telegram from its head office in
Brussels advising that at the annual general meeting on
Nov. 21 a dividend of 35 francs net was declared for the year
ending June 30 1923, that the net profit was 9,478,000 francs
and that the reserve fund had been increased by 2,147,721
francs, and now stands at 24,000,000 francs. The dividend
for the year ending June 1922 was at the rate of 31.50 francs.
COURSE OF BANK CLEARINGS.
Bank clearings the present week show a satisfactory
increase compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, Nov. 24) 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 8.4% as
compared with the corresponding week last year. The total
stands at $8,072,157,724, against $7,449,160,755 for the
same week in 1922. At this centre there is a gain of 8.2%.
Our comparative summary for the week is as follows:
1923.
1922.
Per
Cent.
$3,534,000,000
492,581,634
411,000,000
334,000,000
116,323,796
a
137,500,000
130,189,000
140,948.116
86,457,791
128.298,599
78,240.867
74,821,529
63,265,476,453
481,902,940
322,000,000
284,000,000
116,762,545
a
129,000,000
96,805,000
.157,000,000
81,263,272
102.356,231
73,035,485
65,586.932
+8.2
+2.2
+27.6
+17.6
—0.4
a
+6.6
+34.5
—10.2
+6.4
+25.3
+7.1
+14.1
Twelve cities, 5 days
Other cities, 5 days
$5,604,361,332
1,062,445,105
$5,175,188,858
1.032,445,105
+9.5
+2.9
Total all cities, 5 days
All cities, 1 day
66,726,806,437
1,345.351,287
$6,207,633,963
1,241.526,792
+8.4
+8.4
tli 1179 I R7 724
57449.160.755
+8.4
ClearIngs--Returns by Telegraph.
1Veek ending Nov. 24.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Cleveland
Detroit
Baltimore
New Orleans
Tntn1 411 nine. ,...........
•
a Will not report clearings. •Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
resultsfor the week previous—the week ending Nov. 17. For
that week there is a decrease of 0.6%, the 1923 aggregate
of the clearings being $8,273,316,297 and the 1922 aggregate
$8,322,788,763. The observance of Monday, Nov. 11, as a
holiday at a number of points in commemoration of Armistice
Day served to reduce clearings this year. Last year Armistice Day came in the preceding week. Outside of this city
the decrease is 6.6%, the bank exchanges at this centre
having increased 5%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
there is. an improvement of 2.6%, and in the New York
Reserve District (including this city) of 5%; while in the
THE CHRONICLE
Nov.24 1923.]
Philadelphia Reserve District there is a decrease of 18.9%.
In the Cleveland Reserve District there is a falling off of
6.7%, in the Richmond Reserve District of 6.7% and in
the Atlanta Reserve District of 7%. In the Chicago Reserve District the totals are smaller by 1%, in the St. Louis
Reserve District by 8.4% and in the Minneapolis Reserve
District by 13.3%. In the Kansas City Reserve District
there is a loss of 16.2%, in the Dallas Reserve District of
11.6% and in the San Francisco Reserve District of 3.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Nov. 17.
1923.
1922.
Ine.or
Dec.
1921.
1920.
Federal Reserve Districts.
$
$
8
%
$
lloities 447,354,312 436,152,149 +2,6 402838,436 425,466,810
(1st) Boston
10 " 4,632,239,728 4,410,622,591 +5.0 4,375,299,308 4,902,403,183
(2nd) New York
(3rd) Philadelphia_ __ _10 "
503,812,341 621,047,845 -18.9 480,892,369 518,181,863
(4th) Cleveland
377,074,885 404,045,328 -6.7 340,123,079 435,686,509
8 (5th) Richmond
192,733,072 206,546,178 -6.7 162,168,327 188,943,107
6 "
(6th) Atlanta
12 "
214,119,093 230,298,774 -7.0 167,504,025 207,083,962
(7th) Chicago....
19 "
901,614,837 910,337,259 -1.0 786,175,651 866,021,311
7 "
(8th) St. Louis
89,932,123 98,193,604 -8.4 69,104,549 73,661,085
(9th) MinneapolLs
7 133,529,358 154,057,294 -13.3 124,689,274 173,150,048
(10th) Kansas City
11 "
236,493,073 282,255,062 -16.2 250,501,232 348,483,287
(11th) Dallas
5 "
66,089,109 74,731,587 -11.6 57,672.314 65,172,828
(12th) San Francisco...16 "
478,324,366 494,501,092 -3.3 398,189,349 448,166,105
Grand total
122 cities 8,273,316,297 8,322,788,763 -0.6 7,615,157,913 8,652,420,098
Outside New York City
3,723,579,901 3,987,629,446 -6.6 3,305,074,618 3,824,625,750
........
00 .1.1....
.••
'an iga [MN
IOC cc,.Aft
,
.
_I
. AIN AO" Il•
.
-no
aarria
A....•
.o...........
10,1,51V,6.4
We now add our detailed statement showing 1st week's
figures for each city separately, for the four years:
Week ending November 17.
Clearings al1923.
1922.
inc.or
Dec.
$
$
%
First Federal Reserve Dist rict-BostonMalne-Bangor__
877,328
973,024 -9.8
Portland
2,889,955
3,309,164 -12.7
Mass.-Boston. 395,000,000 387,000,000 +2.1
Fall River_ __ _
2,85,851
3,094,907 -9.3
Holyoke
a
a
a
Lowell
1,614,295
1,380,597 +16.9
Lynn
a
a
a
New Bedford...
2,108,271
2,201,031 -4.2
Springfield_
5,957,332
5,878,208 +1.3
Worcester
3,608,000
4,106,000 -12.1
Conn.-Hartford
11,951,685
9,558,406 +25.0
New Haven_._
7,360,795
6.650,814 +10.7
R.1-Provid'nce d13,181,000 •12,000,000 +9.8
1921.
1920.
$
$
924,569
2,300,000
356,000,000
1,835,848
a
1,439.649
a
2,438,253
4,738,322
3,984,356
9,957,678
5,560,661
13,659,300
1,157,196
2,500,000
376,928,012
1,603,127
a
1,635,325
a
1,593,924
5,282,580
4,308,278
9,790,494
6,317,374
14,350,500
Total(11 cities) 447,354,312 436,152,149 +2.6 402,838,436 425,466,810
Second Feder al Reserve D 'strict-New YorkN. Y.-Albany..
5,398,981
5,068,619 +6.5
4,769,734
4,852,221
Binghamton._ _
1,050,800
1,146,300 -8.3
1,107,300
1,126,900
Buffalo
d53,212,699
47,979.047 +10.9
40,613,910
48.094,305
Elmira
851,292
592,959 +43.6
Jamestown._ _ _
c1,573,409
1,270,121 +23.9
1.237,776
1,070,454
New York__ _ _ 4,549,736,396 4,335,159,317 +5.0 4,310.083,295 4,827,794,348
Rochester
12,024,759
11,208,715 +7.3
9,728,774
11,461,534
Syracuse
4,707,269
4,736,746 -0.6
4,661,575
4,406,673
Conn.Stamford_
c3,210,990
2,878,938 +11.5
2,504,631
2.954,356
N. J.-Montclair
473,133
581,829 -18.7
592,313
642,392
Total(10 cities) 4,632,239,728 4,410,622.591 +5.0 4,375,299,308
4,802,403,183
Third Federal Reserve Dist rict-Philad elphia Pa.-Altoona..
1,469,636
1,459,197 +0.7
1,122,670
Bethlehem- -...
3.760.478
4,534,522 -17.1
2,655,233
Chester
1,543,877
1,890,317 -8.7
1,101,864
Lancaster
2,938,507
3,441,686 -14.6
2,702,535
Philadelphia
475,000,000 590,000,000 -19.5 457,000,000
Reading
3,483,528
3,726.177 -6.5
3,036,587
Scranton
5,899,370
5,637,990 41.1
4.784,136
Wilkes-Barred3,714,739
3,173.167 +17.1
2,973,761
York
1,583,660
1,655,245 -4.3
1,252,222
4,618,538
N.J.-Trenton
5,729,544 -19.4
4,263,361
Del.-Wilaton a
a
a
a
Total(10 cities
503,812,341
621,047,845 -18.9
480,892,369
Fourth Feder al Reserve D strict-Cloy eland 5,964,000 +22.2
. d7,290,000
Ohio-Akron._.
5,544,000
5,309,667
Canton
5,095,782 +4.2
3.846,318
68,899,844 -0.3
68,710,046
Cincinnati- - _ _
63,297,517
118,236,099 106,553,466 +11.0
Cleveland
92.000,000
15,440,100 +3.3
15,951,700
Columbus
14,227,600
a
a
Dayton
a
a
Lima
a
a
a
'a
Mansfield
1,580,167 +20.6
d1,905.675
1,292,564
a
Springfield _ __.
a
a
a
Toledo
a
a
a
a
Youngstown... d4,510,286
3,911,969 +15.3
2,615,080
Pa.-Erie
a
a
a
a
Pittsburgh..
*196,600,000
-21.1 157,300,000
155,161,417
W.Va.-Wheeling
b
b
b
b
Total(8 cities).
377,074,885
404,045,328
1,041,292
3,925,128
1,305,118
2,705,570
492,283,122
2,588,142
5,917,166
3,067,885
1,369,182
3,979,258
a
518,181,863
9.349,000
4,875,129
68,823,346
140,479,581
14,717,400
a
a
1,929,258
a
4;81,014
a
190,631,781
b
-8.7
340,123,079
435,686,509
Fifth Federal Reserve Dist 'let-Rich:a ondW.Va.-HuntIon
2,225,613 -4.0
2,138,291
Va.-Norfolk_
d10,258,162
9,080,842 +13.0
Richmond
59,403,000
61,016,016 -2.6
S.C.-Charleston
4,593,914
*4,000,000 +14.8
Md.-Baltimore_
93,002,583 109,638,558 -15.2
D. 0.-Washlon
20,585,149 +13.4
23,339,122
1,987,421
7,628,999
53,269,176
3,000.000
76,042.868
20,239,863
2,403,460
11,317,839
68,868,846
3,600,000
87,120,016
17,632,946
-8.7
162,168,327
188,943,107
Sixth Federal Reserve Dist trIct-Atlan taTenn.-Chatt'ga
c6,610,262
6,880,848 -3.9
Knoxville
2,962,785
2,980,136 -0.6
Nashville
20,638,982
23,386,258 -11.8
64,470,747
64,877.437 -0.6
G..-Atlanta__ _
2,636,970
3.170,151 -15.2
Augusta
1,854,353
Macon
2,018,508 -8.1
a
Savannah
•
a
12,629,731
Fla.-Jackenville
13,824,844 -8.6
Ala.-Birm'ham_
29,380,533
33,659,055 -12.8
2,087,172
2,369,848 -11.9
Mobile
1,214,030
1,536,223 -21.0
Miss.-Jackson_
454,971
531,853 -14.5
Vicksburg
69,148,557
75,063.613 -7.9
La.-N. Orleans
7,011,661
3,447,746
18,546,008
49,233,709
1,813.682
1,483,512
a
9,639,542
23,645,818
2,000,000
902,828
405,967
49.373,552
8,426,252
3,480,212
25,263,882
62,883,751
3,380,316
*1,200,000
a
12,444,095
21,072,725
2,358,847
633,320
424,440
65,516,122
167,504,025
207,083,962
Total(6 cities).
Total(12 cities)
192,733,072
206,546,178
214,119,093 230,298,774
1
-7.0
2295
Week ending November 17.
Clearings a3
1923.
1922.
Inc.or
Dec.
1921.
1920.
Seventh Feder al Reserve D istrict-Chi cago232,242
249,942 -7.1
Mich.-Adrian _ _
261,909
180,258
882,574
Ann Arbor.. _835,260 +5.7
629,373
635,835
141,116,004 119,183,595 +18.4
Detroit
97,800.000 132,000,000
6,784,789
6,550,695 +3.6
7,256,272
Grand Rapids.
6,354.836
2,323,255
2,542,149
1,861,755 +24.8
Lansing
1,500,000
2,401,229 +14.7
2,755.216
2,123,477
Ind.-Ft. Wayne
2,228,455
23.059.000 +1.2
23,325,000
20,230,000
Indianapolis....
16,339.000
3,168,608 -27.8
2,288,000
South Bend._ _
1,960,866
1,365.000
5,956,518 Not included In tote
Terre Haute_ _
40,727,774
37,217,972 +9.4
34,512,408
Wis.-Milwaukee
34,477,780
2,283,735
2.038.210
2,425,953 -5.9
Ia.-Cedar Rap.
2.057.332
11,366,243 -3.6
10,954,446
11,449,645
DesMoines_ _ _
9,454,873
4,979,692
8,209,526 +6.2
6,591,723
Sioux City_
7,010,284
1,574,433
1,551.517 +7.1
1,662,209
Waterloo
1,890,459
ni.-BloomIngton 1,613,873 1,599,249 +0.9 1,366,080 1,720,795
Chicago
646,729,146 681,202,999 -5.1 586,193,373 637,710,667
a
a
a
a
Danville
1;
1,144,674
194,619
1,453,509 -3.2
1,407,135
Decatur
4,801,861
5,480,808
5,171,889 -10.1
4,647,812
Peoria
2,058,552
2,444,069 +2.1
2,495,417
2,000,000
Rockford
2,899,257
2,575,730
2,384,449 +17.2
2,794,487
Springfield __
-1.0
786,175,651
866,021,311
Eighth Federa I Reserve Ohs trict-St.Lo uis6,229,551
4,921,093 +26.6
Ind.-Evansville
a
Mo.-St. Louis._
a
a
34,781,178 +0.5
34,959,380
Ky.-Louisville_
Owensboro____
440,117
416,629 +5.6
32,031,605
41,755,938 -23.3
Tenn.-Memphis
14,448,732
14,445,893 +0.0
Ark.-Little Rock
347,420 -1.8
341,288
Ill.-Jacksonville
1,525,453 -2.9
1,481.450
Quincy
5,181,903
a
26,746.526
310,298
24,120,092
11,143,899
301,831
1,300,000
4,158,491
a
29,585.568
404,178
24.689,716
12,679,461
652,496
1,491,175
98,193,604 -8.4
69,104,549
73.661.080
Ninth Federal Reserve Dist rIct-Minne spoils
9,981,508 -6.0
d9,385,130
Minn.-Duluth_ _
90,732,853 -16.1
76,096,662
Minneapolis...
43,830,944 -8.5
40,088,670
St. Paul
2,447.883 +5.9
2,591,550
No. Dak.-Fargo
1,604,538 -3.8
1,543,525
So.Dak.-Aberd'n
782,938 -22.6
605.600
4,876,830 -31.2
3,218,221
Helena
6,572,777
73,796,923
35,820,770
2,731,959
1,406,873
821,865
3,538,107
14,973,650
99,125,239
48,943,443
3,287,260
2,123,134
2,143,905
2,553,417
124,689,274
173,150,048
380,522
506,305
3,351,644
35,806,339
2,734,668
9,783,231
145,000,000
a
a
23,398,367
a
1,042,269
27,566,633
931,254
449,118
548,185
4,506,111
52,877,447
3,209,305
13,145,175
211,930,381
st:
-16.2 250,501,232
las1,856,784
+5.8
31,374,454
-27.1
l2,61$,890
+0.4
7.463,565
+27.3
a
4,358,621
348,483.287
.57,672,314
74.731,587 -11.6
66,089,109
Total(5 cities)_
Twelfth Feder al Reserve D istrict-San Franc'sco34,031,519
Wash.-Seattle.._
40,094,822 +4.4
42,791,653
11,495,101
Spokane
14,542,000 -15.6
12,276,000
a
a
Tacoma
a
a
2,234,964
Yakima
1,621,618
2,023,109 -19.8
33,856,771
Ore -Portland..
41,554.852 -1.3
41,012,238
17,327,557
iltah-S. L. City
17,801,591 -4.2
17,048,891
a
a
a
a
Nevada-Renoa
a
a
Ariz.-Phoenix
a
7,687.932
9,135,170 -42.8
5,223,543
Calif.-Fresno._ _
9,290,162
4,409,489
7,207,625 +28.9
Long Beach.__
Los Angeles... 146,116.000 135,456,000 +7.9 102.141,000
13,429,399
16,104,167 -0.5
18,019.852
Oakland
4,006,114
5,343,995 +4.1
5,584,808
Pasadena
6.758,304
7.767,515 +17.4
d9,115,437
Sacramento._
3.043,074
4,344,788
*4,500,000 -3.5
San Diego__
San Francisco_ 181,800,000 183,900,000 -12.1 152,200,000
2,274,484
2,448,432
3,705,542 -33.9
San Jose
1,053,441
1,319,104 -9.6
1,192,444
Santa Barbara.
2,240,200
3,145,600 -15.5
c2.658,500
Stockton
65,172,828
Total(19 cities)
Total(7cities)_
Total(7 cities)Tenth Federal
Nebr.-Fremont_
Hastings
Lincoln
Omaha
Kan.-Topeka
Wichita
580.-Kan. City_
St. Joseph_ _
Okla.-Muskogee
Okla. City......
Tulsa
Colo.-Col.Spgs.
Denver
Pueblo
901,614,837
89.932,123
910,337.259
133.529.358 154,057,294 -13.3
Reserve Dis trict-K a ns as City
352,432 -5.0
d334,937
505,340 -12.3
443,384
4,787,888 -14.6
4,088,499
46,522,087 -21.5
36,505,372
2,434,328 +28.0
d3,115,715
9,287,709 +15.0
d10,679,000
133,509,392 164,097,084 -18.6
a
a
a
a
a
a
26,702,804 -11.7
d23,583,956
a
a
a
1,252,824 +8.2
1.355.671
25,237,543 -12.9
21,990,667
1,075,023 -17.5
•
e886,480
Total(11 cities) 238,493,073 282,255,062
Eleventh Fede ral Reserve District-Da
1,851,082
1,959,129
Texas-Austin _ _
42,801.054
31,206,933
Dallas
13,782.583
13,840,607
Fort Worth
10,244,492
13,042,158
Galveston
a
a
Houston
6,052,376
6,040.282
La.-Shreveport
29,842,171
a
frA
1.073.068
29,636,055
1,266,250
2,000,000
35,000,000
20,502,452
2,812,126
a
mg
4,858,250
37,549,334
14,444,852
a
2,236,639
40,050,388
21.800,000
gg
9,903,357
4,250,414
94,821,000
11,225,557
7,065.828
9,069,210
3,142,323
182,100.000
2,402,416
997,787
7,107.200
Total(16 cities) 478,324.366 494,501,092 -3.3 398,189,349 448,166,105
Grand total (122
8.273,316,297 8,322,788,763 -0.6 7,615,157,913 8,652,420,098
cities)
Outside N.Y...... 3,723.579,901 3,987,629.446 -6.8 3,305,074,618 3,824,625.750
Week ending November 15.
Clearing: at
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_.-New Westminster
Medicine Hat......
Peterborough_ _ .._
Sherbrooke
Kitchener
Windsor
Prince Albert-Moncton
Kingston
1923.
1922.
Inc. or
Dec.
1921.
1920.
s
$
%
$
$
121,938.047
102.182,019
74,251,021
15,231,076
8,019,691
6,209.932
2,876,790
5,937,277
6,840,708
2,815,019
2,271,012
2,261,407
3,718,589
5,474,192
642,681
793.403
2,888,755
1,737,197
984•189
1,332.614
539.885
480.626
779,886
816,793
880,149
3,196,241
405.976
931,964
598,896
123,593,330
103,798,184
89.760,415
14,435.847
8,511,643
7,042,953
3,290,245
5,916,016
6,528,280
2,738,580
1,939,608
2,963,035
2,170,442
5,841,747
822,316
710,998
2,236,199
1,797,176
1,098.167
915,456
522,859
532,215
840,216
832,574
1.180,017
3,810.704
404,71
1,180,21
649,58
-1.3 124,259,536 157,124,938
-1.6 122,493,859 110,895,763
-17.3
96,203,163
74,546,116
17,602,569
14.240,214
+5.5
12,188,239
9,467,427
-5.8
5,915,950
-11.8
8.466,194
-12.6
5,896.862
4,091,346
+0.4
6.563,728
8.073.043
+4.8
6.873,743
11.206.321
+2.8
4,113,644
3.329.625
2,748,086
+17.1
2.437.199
3,902,707
-23.7
3,222,523
6,316,655
+75.9
6,618.761
5.710,176
4.897,573
-3.0
1,063.234
963,665
-21.8
1,278,625
787.791
+11.6
2,818,637
2,579,315
+29.2
2,432,914
1,889,706
-3.3
1.407.863
1,083.353
-10.4
1,168,987
1,000,907
+45.6
734.579
583,641
+3.3
755.500
3/6,927
-9.7
1.028.141
836,865
-7.2
1.237.123
931,202
-1.9
1.238.136
1,157.715
-25.4
-16.1
3,807.497
3•850•797
+0.3
844,971
-21.0
1,100.204
722,104
-7.8
Tnt4.I(29 citieal 377.134.993 393 SIM 74A -4_7 407.492.411 439.319.242
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Nov. 14. d Week ending Nov. 15. e Week ending Nov. 16. •Estimated
2296
[VoL. 117.
THE CHRONICLE
all the bars tendered of which particulars had been given, the outstanding
contracts to be adjusted at a rate of 81 34 rupees. This was the rate at the
THE CURB MARKET.
last auction, which took place yesterday. The arrangement Is regarded as
Trading on the Curb Market this week was on a broader satisfactory, by both bulls and bears."
We are advised from New York that the undelivered silver against U. S.
and more active scale than has been witnessed in many weeks. Government
purchases under the Pittman Act for the period ending Oct.
23
1923 amounted to approximately 5.400,000 ounces.
gains
the
cases
some
Prices moved to higher levels and in
CURRENCY INDIAN RETURNS.
were heavy. Buying of Standard Oil shares was the feature. (In Lacs of Rupees.)
Oct. 15. Oct. 22. Oct. 31.
18082
17948
17927
Notes in circulation
Prairie Oil & Gas led in point of strength and activity, run- Silver
9902
9768
coin and bullion in India
9747
coin and bullion out of India
ning up from 181 to 20434, the close to-day being at 201. Silver
,
715
5
H5
Gold coin and bullion in India
2432
Buckeye Pipe Line advanced from 70 to 75 and rested finally Gold coin and bullion out ofIndia
gif8
8fig
5748
Securities (Indian Government)
each
companies
at 74. Cumberland and Eureka pipe line
____
Securities (British Government)
---No silver coinage was reported during the week ending 31st ult.
gained six points, the former to 113 and the latter to 93.
The stock in Shanghai on the 3d inst. consisted of about 26,100.000
Humble Oil & Ref. was up from 3334 to 3634, the final figure ounces in sycee and 35,000,000 dollars (no advice received regarding number of bars), as compared with about 27,000,000 ounces in sycee, 38,000,000
to-day being 35. Illinois Pipe Line sold up from 12134 to dollars
and 1,770 silver bars on the 27th ult.
Bar Gold
-Bar Silver per Or. Std.-148, reacting finally to 13634. Indiana Pipe Line rose from
per Or. Fine.
Cash.
2 Mos.
Quotations92s. (hi.
78 to 85. Magnolia Petroleum advanced 7 points to 135 November 1
31 7-16d.
31 15-16d.
928. 5d.
3134d.
313(d.
2
and finished to-day at 133%. Northern Pipe Line moved up November
32d.
31 9-I6d.
November 3
92s. 6d.
3134d.
1-16d.
32
November
5
close
the
6534,
to
from 9834 to 10234 and Ohio Oil from 5634
92s. 5d.
3134d.
32 1-16d.
November 6
925. 7d.
32d.
31 11-16d.
to-day being at 102 and 6434, respectively. South Penn Oil November 7
92s.4.6d.
31.593d.
31.968d.
Average
was conspicuous for an advance of 1734 points to 123, the
The silver quotations to-day for cash and forward delivery are respecweek
a
ago.
close to-day being at 121. Standard Oil (Ind.) was active ively 34d. and Md. above those fixed
and rose from 543% to 5834, closing to-day at 5834. StandENGLISH FINANCIAL MARKETS-PER CABLE.
ard Oil (Ky.) improved over 6 points to 10134. Standard
4 and sold finally at
Oil of N. Y. advanced from 4034 to 433
The daily closing quotations for securities, &c., at London,
4234, ex-dividend. The other oil stocks were also higher. as reported by cable, have been as follows the past week:
Sat.,
Mon., Tues., Wed., Thurs., Frt.,
London,
Gulf Oil of Pa.sold up from 54 to 5734. Gulf States Oil &
Week ending Nov. 23.
Nov. 17. Nov. 19. Nov. 20. Nov. 21. Nov. 22. Nev.23.
d 33 5-16 3334
per in
33 5-16 32 15-1633
33%
ref. rose from 534 to 834 and ends the week at 83%. Inter- Silver,
Gold, per fine ounce
948.7d. 968.11d. 958.4d. 958.Id. 93s. 11d. 948.8d.
national Petroleum sold up from 143
% to 163% and closed to- Consols, 234 per cents...... --- - 563i 5734 573i 5734 5734
10034
10034
5 per cents
3'
10034 10034
day at 163%. Mutual Oil advanced from 934 to 1134 and British,
9734
British, 434 per cents_______ ____
9734
97
96%
9734
54.85
5434
54
53.65
53
reacted finally to 11. In industrials the advances were not French Reines(in Paris) II._ ____
French War Loan (in
was
trading
so prominent. A considerable portion of the
71.10
Parts)
70.55
fr_
70.40
69.50 69.90
The price of silver in New York on the same day has been:
furnished by newly listed issues. William Wrigley Jr. Co.
in N.Y., per oz.(eta.):
new stock was heavily dealt in up from 4034 down to 3834 Sliver
6434
Foreign
13434
6434
64
6334
8334
and at 383% finally. Checker Cab Mfg."A" stock rose from
36 to 39 and ends the week at 383%. Childs Co. new stock
grimittercial andMiscellanconsgem
was traded in for the first time up from 37 to 38 and down
3
finally to 37%.
Durant Motors after early loss from 2534
New York City Banks and Trust Companies.
to 2034 recovered to 273%, reacting finally to 253%. Fain
AU prices dollars per salve.
Knitting Mills common,traded in for the first time,rose from Banks-N
Bid Ask Trust Co.'s Bid Ask.
Banks
Bid Ask
New York
210 220 Harriman____I 325 330
1934 to 23 and finished to-day at 223%. Gold Dust Corp. America'._..
Amer Exch..... 286 291 Manhattan 11-1 148 152 American..
moved up from 23 to 28 and rested finally at 27.
Mesh & Met- 375 380 Bank of N Y.
Bowery'
440
& Trust Co 465 472
I 320
-- Mutual.
Broadway Ce 160
A complete record of Curb Market transactions for the Bronx
. Bankers Truet 351 354
Nat American -- 18-5
Boroo_ 140
125 National City 342 345 Central Union 500 510
Bronx Nat
week will he found on page.2316.
Bryant Park* 160 170 New Neths__ 145 155 Commercial__ 110 120
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 7 1923:
GOLD.
The Bank of England gold reserve against its note issue on the 31st ult.
was E125,846.345. as compared with £125,845,875 on the previous
Wednesday.
The Indian and Continental demand not being on a large scale, it is probable that the greater part of the moderato supplies available this week will
be sent to the United States of America.
Adjustments of the bases of currency on the Continent, in order to avoid
the dislocation which threaten to prevent the exchange of the necessaries
oflife, are still being the subject of experiment. The Munich correspondent
of the "Times" announced yesterday that he had heard from a trustworthy
source that on Nov. 15 it is intended to issue a Bavarian currency on a gold
basis, in connection with which copper and nickel coins are to be circulated
in values of ten pfennigs up to one mark, and notes of a face value of one to
to twenty marks, the new currency to be legal tender for all business transactions. In the Ruhr. France is introducing a new form of money based
upon railway rates; the currency is to be available for payment of railway
dues, and hence may prove an ingenious way of financing the railways. Its
ultimate fate as a real unit of value, however, must remain a matter of
conjecture.
Apropos of the foregoing remarks, the Royal Mint report for 1922 referred to a German law dated May 26 1922, authorizing the striking of
coins in base metal in substitution for the silver 5, 3, 2 and 1-mark pieces
withdrawn from circulation, and stated that 3-mark pieces were struck
during the year in an alloy composed of aluminum with one per cent of
copper. The report commented upon the above as follows: "The attempts
of the German Government to provide a practical coinage for circulation
and to replace the low denomination notes. however,so far proved abortive,
owing to the constantly declining value of the mark, which invariably
raises the metal value of the coins above their face value before they are
even ready for issue."
SILVER.
The market has shown a steady tone, in consequence of bear covering
and sone inquiry from China, not always at a price high enough to lead to
business. Supplies from America have been fairly free, but other suppliers
have been rather reluctant in view of the speculative position of affairs
consequent upon the "corner" in Bombay. At this season of the year,
when preparations for the Chinese New Year (Feb. 5) loom on the horizon,
dealers are slow to sell for forward delivery lest the stock in Bombay should
The
be held tightly and be not available for possible China requirements.
situation, however, by no means begets confidence. The following details
cabled yesterday from the Bombay correspondent of the "Times" are of
Interest in connection with the above remarks:
"The sensational events which have disturbed the silver market for
several weeks past came to a climax yesterday, when a difficult and dangerhad
ous position was safely passed. A 'corner' in the position for Oct. 30
taken
drawn a large accumulation of silver to Bombay,the bull clique having
(L2,300,rupees
delivery of about 16,000 bars, valued at about 3yi crores of
strong,
000) up to midday yesterday. The bull section. though financially
effected at
had not sufficient time to take delivery and a compromise was
of
a late hour last night, under which the bulls promised to take delivery
Empire
305 315
Equitable Tr. 192 194
FarmL & Tr_ 537 543
Fidelity Inter 195 205
250 265
sii Fulton
oo Guaranty Tr_ 245 249
208
200 Hudson
354 Irving BankColumblaTr 221 224
368'
Law Tit & Tr_ 192
245
iia Metropolitan. 315 aio
150
Mutual(West
466
120 130
cheater) _
125
N Y Trust__ 347 352
Title Go Az Tr 385 391
1365
Mtg dc 'Fr 305 310
245
Brooklyn
United States 1220 1250
285 Coney Island* 160 170 Weitches Tr_ 210
Brooklyn
320 335
165 First
130 140 Brooklyn Tr_ 470
310 Mechancia•
Kings County 850
Montauk'.... 170
230 • __ Manufacturer 275
Nassau
385 455
165 • __ People's
People's
•Banks marked with (*) are State banks. (x) Ex-dividend.
Butch & Drov 128
Cent Mercan- 205
Chaae
337
Chat & Phen_ 250
Chelsea Each* 60
Chemical _ _ 537
Coal & Iron_ _ 200
Colonial
375
Commerce .._ _ 304
Com'nwealth* 23.
Continental _.. 140
Corn Exch.... 455
Coamoplall•- 115
East River._ 200
Fifth Avenue*1250
Fifth
235
First
1335
Garfield
275
Gotham
157
Greenwich •__ 290
Hanover
705
135
215
344
255
80
542
212
800
Pacific'
420
Park
Port Morris__ 167
320
Public
375
Seaboard
Seventh Ave- 80
Standard'....,185
347
State*
Tradesmen's• 200
23d Ward'... 275
United States* 165
Wash'n HIS'. 200
Yorkville•
800
465
New York City Realty and Surety Companies.
AU prices dollars per share.
Alliance R•ity
Amer Surety_
Bond & M G_
City Investing
Preferred __
Lawyers Mtge
V Tx.rights.
Bid
100
95
283
75
98
155
Bid
Ask
108 Mtge Bond.. 105
97 NatSurety_ __ 156
288 N Y Title &
i Mortgage..5175
,II S Casualty- 160
160 IJ8Title Guar 124
Bid
Ask
115 Realty Assoc
(Bklyn)corn 120
1st pref____ 83
2d pref.--- 68
180
175 Weachester
Title & Tr- 215
128
Asa.
ia
73
225
Breadstuffs figures brought from page 2343.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Rye.
Barley.
Corn.
Oats.
Flour. I Whew'
32
lbs.bush.
lbs.bush.481bs.bush.5615s.
56
bush.
lbs.
11,ush.
60
bla.1961bs.
645,0001 1,441.000 1,467,000 209,000 282,000
Chicago
201,000
305,000
610,000 455,000 118,000
Minneapolis_
I 3,893.0001
56,000 338,000
62,000
411,000
1,246,001
Duluth
29,000
197,000
428,000 169,000
Milwaukee
75.001
82,000,
4,000
79,000
54,001
11
Toledo
1,385
143,00V
66,000
51.000
Detroit
59 , I
522,000
158.000
Indianapolis_
64, II
11,000
45,000
563,000
538,000
554, I'
St. Louis.... 104,000
94,000
38,000
86 1 i
348,000
381,000
Peoria
1,278, 1 i .300,000
265,000
Kansas City..
269,000
340,000
Omaha
372,
201 II
167.000
14,000
St. Joseph_
1,000
20 ii
142.000
78,000.
Sioux City_
782,000
1,029,000
4,506,000
4.810,000
'23
wk.
Total
568,000 9,875
6,101,000 6,005.000 1,091,000 1,893,000
Same wk. '22 746.000 10,866
3,899,000 2,692,000 388,000 530,000
Same wk. '21 386,000 5,859
Receipts at-
Since Aug.11923
6,828,' s 1 178,014,111 66.376,000 97,043,000 18,292,00012,894,000
8,877,4 11105,238,111 103,655,000 83,564,000 16,118,000 16.809,000
1922
1921
7,588,000 187.737,111 111.395,000 83,991.000 11,741,000 8,504,000
Nov.24 1923.]
THE CHRONICLE
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 17 1923 follow:
Flour.
Receipts atNew York_ _ _
Philadelphia._
Baltimore._ __
N'port News.
Norfolk
New Orleans •
Galveston_
Montreal
Boston
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
330,000 3,049.000
5,000
399,000 648,000 300,000
102,000
877.000
15,000
38.000
1,000
43,000
852,000
10,000
25,000
1,000
6,000
1,00
3,000
69,000
47,000
24,
8,000
95,000 2,107,00
3,000
373.000 219,000
29,000
640,000
69,000
Total wk. '23 668.000 7.533,000
80,000
928,000 868,000
307,000
Since Jan.1'2321,527,000236,922,000 38,741,000 35,821,00015,608,00032,662,000
Week 1922_ _
826,000 i3,506.000j 3,023,000 1,512,000 357,000 1,613,000
Since Jan.1'2222,734,000251.777,000 137,987,000 63,587.000 16,235,00041,824,000
•Receipts do not inctude 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. 17 1923, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn. Flour.
Oats.
Barley, Peas.
Rye.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
New York
1,361,718
168,925 109,809 412,848 40,191
Boston
309.000
40,000
Philadelphia _ _ 437.000
16,000
20,000
Baltimore
427,000
13.000
16,000
Norfolk
3.000
Newport News_
1,000
Orleans__
_ 192,000
New
33,000 53,000
1,000
32.000
Montreal
2,643,000
143,000 343.000
43,000 297,000
Total week 1923_ 5,369,718
33,000 397,925 513,809 483.848351.191
Week 1922
13699275 2,502,938 383,630 1,293,527 1,073,987 400,791
The destination of these exports for the week and since
July 1 1923 is as below:
Flour.
Exportsfor Week
and Since
Week
Since
J. ly 1 toNov. 17 July 1
1923.
1923.
Wheat.
Week
Nov. 17
1923.
Corn.
Since
July 1
1923.
Week
Noe. 11
1923.
Since
July 1
1923.
&Irma. Barre s.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom. 159,745 1,778,040 2,360,830 37,777.440
641,026
Continent
197,235 2,936,903 2,955,555 82,397,843
282,000
So.& Cent.Amer_ 4,000
105.000
16,000
275,000
46,000
West Indies
20,000
346,000
7,000
33,000
433,000
BrIt.No.Am.Cols.
39,000
Other Countries.. 16,945
278.105
37,333
534,297
6,000
Total 1923
397,925 5,444,048 5,369,718 100,991,380
33,000 1,427,026
'm.4.11099
222 520 5 945 792 12 fcio 975 145 550.712 2.502022 As
'MCI 040
Wheat,
Canadianbush.
Montreal
3,294,000
Ft. William ,Ic Pt. Arthur-24,881,000
Other Canadian
7.008,000
2297
Corn,
bush.
Oats,
Rye,
Barley,
bush,
bush.
bush.
671,000
268.000
128,000
4,160,000 1,599,000 1,043,000
1,245,000
547,000
726,000
Total Nov 17 1923..34.963.000
8,076.000
1,897,000
Total Nov. 10 1923._ _33,548,000 6,000,000 4,954,000 2,414,000
2,482,000
1,902,000
Total Nov. 18 1922_.._.38.874.000 1,326,000 3,213,000
407,000 3,453,000
SummaryAmerican
73,545,000 1,098,000 19,789,000 17,452,000
3,594,000
Canadian
34,963,000
6,076,000 2,414.000 1,897,000
Total Nov.17 1923_ _ _108,508,000 1,098,000 25,845,000 19,866,000
Total Nov. 10 1923...104.993,000 1,050,000 25.228.000 19,854,000 5,491,000
Total Nov. 18 1922._ 73,238,000 11,308,000 38,956.000 9.601.000 5,893,000
8,643,000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Nov. 14-The First National Bank of Malone, Texas
$35.000
Correspondent, M.M.Traylor, Malone, Texas.
Nov. 14-The First National Bank of East Rainelle, W. Va
Correspondent, C. H. Thompson, Ronceverte, W. Va. 25.000
Nov. 17-The Citizens National Bank of Hemingford. Neb
25,000
Correspondent, K. L. Pierce, Hemingford, Neb.
APPLICATION TO ORGANIZE APPROVED.
Nov. 16-The Palisade National Bank of Fort Lee, N. J
$50.000
Correspondent. Harry D. Schell, Palisade, N. J.
APPLICATIONS TO CONVERT RECEIVED.
Nov. 12-The Atlas National Bank of Springfield. Mass
$300,000
Conversion of the Atlas Trust Co. of Springfield, Mass.
Nov. 17-The American National Bank of Sayre, Okla
Conversion of the American Exchange Bank,Sayre, Okla. 25.000
APPLICATION TO CONVERT APPROVED.
Nov. 17-The Washington County National Bank of Johnson
City, Tenn
$100.000
Conversion of the City Savings & Trust Co.. Johnson
City, Tenn.
CHARTERS ISSUED.
Nov. 12-12460-The First National Bank of Inwood, N. Y
moo No
President, Cortland A.Johnson: Cashier, W.F. Rhinehart,
Nov. 14-12461-The National Bank of Forest City. Forest City,
0
N.
65,000
President, J. D. Ledbetter; Cashier, M. W. Harriss,
Nov. 15-12462-The First National Bank of Refugio. Texas..- 100,090
President, J. M. O'Brien; Cashier, B. A. Johnson.
Succeeds the Bank of Refugio, Refugio, Texas.
Nov. 16-12463-The Citizens National Bank of Llano, Texas
75.000
President, M. D. Slator; Cashier. C. H. Appleton.
VOLUNTARY LIQUIDATIONS.
Nov. 12-11475-The First National Bank of McCabe, Mont_ --S25,000
Effective Nov. 10 1923.
Lin. Committee, The First State Bank of Froid, Mont.
Absorbed by the First State Bank of Froid, Mont.
Nov. 15- 5494-The First National Bank of Lovington, Ill
$25,000
Effective Nov. 12 1923. Lin. Committee, S. P. Drake,
L. G. Hostetler, J. ft. Drake, Lovington,
Absorbed by the Hardware State Bank, Lovington.
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
Auction Sales.-Among other securities, the following,
ending Friday, Nov. 16, and since July 1 1923 and 1922, not actually dealt in at the Stock Exchange, were recently sold
are shown in the following:
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Wheat.
1923.
Week
Nov. 16.
1
Since
July 1.
Corn.
1922.
Since
July 1.
1923.
Week
Nov. 16.
1922.
Since
July 1.
Since
July 1.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 10,955,117 159.589,000192,795.000
54,000 1,855,000 48,759.000
Russ.& Dan. 1,344,000 10,086.000, 3,223,000 840,000 4,527,000
3,5773,000
Argentina._- 880.000 40.361,00U 35,978,000 1,592,
58,942,000 51,968,000
Australia --408.000 15.848,000 9,532,000
India
256,00 11.168.0001
648.000
0th. countr's
1,584,00
960.000 12,914,000 3,365,000
Total
113,843,00 238,436,
242,178,00034,448,000 78.238,000107,668,000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Nov. 17, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
" afloat
Detroit
Chicago
" afloat
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.
bush.
bush.
bush.
871,000
22,000
451.000
10,000
18.000
873,000
113,000
17,000
1,259,000
4,000
123,000
446,000
75,000
19.000
837,000
4,788,000
43,000 1,998,000
1,859,000
43,000
345,000
166,000
23,000
24,000
88,000
19,908,000
383,000 3,220.000
120,000.
454,000
26,000 1.857,000
6.352,000
7,000
624,000
15,001.000
32,000 5,365,000
272,000
55.000
711,000
1,996,000
50,000
231,000
11,483,000
53,000 1,934,000
1,003,000
46,000
190,000
80,000
12,000
377,000
840,000
125,000
268,000
3,642,000
77,000 1,785,000
432,000
50,000
1,312.000
Rye.
bush.
424,000
1.000
57,000
142,000
28,000
92.000
1,188,000
28,000
578,000
4,000
30,000
1,418,000
289,000
269,000
5,814,000
7,481,000
16.000
16,000
142,000
5.000
300.000
735,000
735,000
17,000
4,000
455.000
4,000
4,000
242,000
275,000
118,000
Barley.
bush.
267,000
83,000
3,000
2,000
Total Nov. 17 1923._..73.545,000 1,098,000 19,789,000 17,452,000 3,594,000
Total Nov. 10 1923_ _ _71,445,000 1,044,000 20,272,000 17,372,000 3,791,000
Total Nov. 18 i922_. _34.364.000 9,982,000 33.743.000 9,194,050 3,910.000
Note.-Bonded grain not included above: Oats, New York, 308,000
bushels;
Boston, 20.000; Baltimore, 7,000; Buffalo, 237,000; Buffalo, afloat, 44,000: Duluth.
88,000; On Lakes, 35,000; total. 717,000 bushels, against 836,000 bushels in 1922.
Barley, New York,244,000 bushels; Boston,35,000; Buffalo, 52.000; Duluth, 18.000;
total, 349,000 bushels, against 1,259.000 bushels in 1922. Wheat, New York,
1,889.000 bushels; Boston, 1.003,000; Philadelphia, 1,280.000; Baltimore, 962,000;
Buffalo, 8,054,000; Buffalo afloat, 816,000; Duluth, 706,000; Toledo, 188.000;
Toledo, afloat. 1,172,000: On Lakes. 2,358,000; total, 18,404,000 bushels, against
15,710,000 bushels in 1922.
Shares. Stocks.
Price. Shares. Stocks.
Price.
31.300 Utah Coal & Coke._ -322,300 lot 6,500 People's Collateral Pledge
3,800 Atlantic Lobos. pref____$10 per sh.
Society. pref. (Guaranty Trust
81,430 Kirby Petroleum, no par,
Co. ctf. of deposit), $1 each...8120 lo;
$114 per sh. 10,000 Toronto Gold Mining & Re100 Maxwell Motor Co.. Inc., 7%
duction,$1 each
$5 lot
cum, first preferred
$475 lot 5,000 War Dance Mining, $1 each_35 lot
350 Linderman Steel & Machine,
3734 Eastern Mexico Power &
$2 per sh.
310 each
Electric
$1 lot
20 Amer. Live Stk. & Loan.$15i per sh. 900 British International Corp..
2,400 Insurance Exchange Bldg.,
Class "A," no par
$987 lot
common (Chicago, Ill.)- - _ _328 per oh. 55 Gatewood 011
57 lot
500 Central 011 Develop., no par.-835 lot 20 El-Rees-So Cigar
$25 lot
200 Central Oil Develop., no par_ _823 lot 1,000 Bradley Oil, $1 each
$51 lot
1.335 Bath Iron Works, corn.....$600 lot 1,000 Atlantis Mining
82 lot
664 Memphis Gas & Electric_ _343,000 lot 50 Midwest & Gulf 011
28 lot
1,234 Accounting & Tabulating
1,000 Alaska Coke & Coal.- _25c. Per eb.
Corp., preferred
$30,000 10,000 Consolidated Manganese Co.
1,597 do Common
of Maine, 21 each
$2 lot
do of Canada, pret _
38
1,800 Consolidated Manganese Co.
123 Manilas° Co. (incorporated in
of Maine, 51 each
$2 lot
Maine)
810 per sh 1,000 Western Mining Co. of N..1.,
50 Hygienic Icing Refrigerator-$5,000 lot
$10 each
$5 per sh.
31.000 lot 600 WIllys Corporation 2d pref. Ws.
2 Albany Cottage Assn
50 National Ball Game Co--- -840,000 lot
of deposit
$2 lot
100 Wynne Paper 0.,Inc., 1st pf-814 lot 800 Maxim Munitions, $5 each...
31244 per sh. 100 Pittsb.Jerome Copper,$1 each $10
70 Singer Mfg
$124 per sh. 500 La Salle Mining & Develop70 Singer Mfg
lot
300 Carble Corp., common
$75 lot
ment. $1 each
$200 lot 485 Flint & Horner Co., Inc., 1st
100 Carblc Corp., preferred
100 Rock Island Co.. common (old
preferred
$30 per ah.
company)
$1 lot 125 National Weekly Corp
$100 lot
55 Universal Turbine
310 lot 96 4-10 Dillon Mills
$300 lot
25 American Concrete Products(
1,000 Brooklyn Rapid Transit Co.
Corp., common
3150
(old stock)
$2 lot
17'rrout Concrete Tile Corp.,corn.
lot 200 Royal Tiger Mines Co
$10 lot
50 Trout Concrete Tile Corp.,pref.
90 Grant Motor Car Corp
lot
82
100 Moose Mountain,LU1.,1st pf _$110 lot 50,000 Rambler-Cariboo Mines,
200 Moose Mountain, Ltd., corn.340 lot
Ltd., $1 each
$50 lot
2,450 Empire Lee Min., Sc. each_552 lot 289,850 Bell of the West Mining
500 Rickard Texas Oil, Inc
$5 lot
Co., 5c. each
$40 lot
50 Green Day Western RR.,
Bonds.
common
$60 per sh. $5,000 Lustron Syndicate partici979 Pennsylvania Iron Works, p1.841 lot
pation Ws
$100 lot
310 Penna. Iron Works, coin_ .315 lot $7,000 Pennsylvania Iron Works
10,000 Pioche Nevada Consolidated
7s. 1904
$2 lot
Mining
$10 lot $63,800 Valler-Montana Land &
100 Rochester Gold Mining
$1 lot
Water Co. 88, 1928
$110 lot
200 Cadokla 011 Syndicate,$1 each _31 lot $14,500 Baldt Anchor & Chain Co.
$2 lot
100 Ertel 011. 55 each
8.1, 1941
$1,000 lot
100 World Film Corp., 1st pref.,
$5,000 Island 011 & Transport 8%
85
$5 each
participating notes ctf. of dep-$150 lot
lot $6,000 Island Refining Corp. 7%
250 World Film Corp., 2d pref..
$5 each
participating bonds ctfs. of dep_2134%
10,800 New York 011,81 each..- -828 lot 35,000 Island Refining Corp. 7%
4 Victory Producing. $50 each._ _ -52 lot
participating bonds ctfs. of dep _2134%
500 New Tuxpan Star Oil, $1 each..$4 lot $4,000 Liberty Oil 7% Series "E"
$5 lot
210 Enfisco Oil, pref
notes
$20 lot
2,000 New England Fuel Oil, $5
39,000,Holland Core Oil Co. notes,
$16 per sh.
each
due Aug. 22 1923 to Nov. 1 23.$75 lot
$15 per sh. 567,500 Seaboard Finance & Invest.
140 Piggly Wiggly, pref
230 Ceylon Co., Birmingham,
Co. 7s, 1923
5%
51 30 per sh. $20,500 Pittsb. Shawmut az Nor.
Ala
275 Havana Tobacco, common__ _540 lot
RR.ref. 48,1952, Columbia Trust
400 Interborough Consol., corn- -36 lot
Co.ctfs. of deposit
$240 lot
60 Lucey Mfg., Class "A"
$28 lot
By Messrs. R. L. Day & Co., Boston:
Price.
Price. Shares. Stocks.
Shares, Stocks.
101
2 National Shawmut Bank,Boston _2084 25 American Glue, prefpar 85
100.
Corp.,
Gasoline
2,000
21 Old Colony Trust Co., Boston-240
215
Co
3-10 West Point Manufacturing-- 13% 1 right Phoenix Insurancepref
90%
Power,
England
New
10
18%
Hill
25 Rights
Manufacturing
404
50 American Glue, common
35
100 U. S. Worsted. let pref
105
25 American Glue, preferred
135
3 West Point Manufacturing
Rubber,
&
Hose
Woven
Boston
100
175
2 haumkeag Steam Cotton
86%
common
90
5 Dwight Manufacturing
254
Light
6-10 West Point Manufacturing_ _ _ 13% 10 Gardner Gas Fuel &
Gold
milling.
Hill
Chaparral
500
5 Berkshire Cotton Manufacturh3g_144
Copper.83 lot
•
par $1
146%
8 Continental Mills
184 1,000 Calumet & Jerome
6 Rights Hill Manufacturing
$50 lot
(Arizona), par $1
135
13 West Point Manufacturing
$10_85 lot
6-10 West Point Manufacturing- - 1334 40 Crowell es Thurlow SS., par
Price.
Bonds.
32
37 Rutland RR., preferred
lot $1,500 Florida Soft Phosphate dc 95h.
50 Invisible Ink,par $10
$5 lot
1929
6s,
Co.
Lime
50c.
pref.
2d
48 La Fayette Motors,
$1,000 Quincy Market Realty Co.
213 Gold Coln Mesa Mining (full
1st 58. May 1964
paid), par $1
24,000 Kansas City Mexico & Orient
lot
"
10 J. R. Whipple Corp., 2d pref.,
6s, April 1916 deposit receipts_ _825 lot
35
par 825
7 6 months notes of the Common20 Bay State Fishing, let pref
wealth Fisheries Co. for $70,000.
10 Bay State Fishing, common_-.. 114
dated Oct. 18-20 to Nov. 3-7 1920
50 Central Mass. Light & Power,
325 lot
interest at 7%
with
dly.
de
98
preferred
Arnold, Boston:
By Messrs. Wise, Hobbs & Shares.
Stocks.
Price.
Shares. Stocks.
1 Commonwealth Atlantic Nat.
20354
Bank, Boston
1 Federal Nat.Bank,Boston(new)-100
107(rights) Hill Manufacturing-1831-54
10 Wm.Whitman Co., Inc., pref.. 96
100%
10 Arlington Mills
136
10Pepperell Manufacturing
42
Manufacturing
Falls
1 Great
60 Massachusetts Cons. Rye., pref41 lot
3 Cities Service Refining, common- 9
45
6 Cities Service Refining. pref
10 Twin States Gas & Electric 7%
9054
lien
prior
5 8-10 RIvett, Lathe & Grinder
$2 50 lot
Corp., common
10 ars. South Texas Trust, com__ 1$1 lot
10 Ws.South Texas Trust, pref__ J
10 Central Indiana Power,7% pref- 84
50 Charlestown Gas & Electric,
150
par 350
39
34 American Glue, common
4 Montpelier & Barre Light &
46%
Power, preferred
100 Carr Fastener, common,par 25 45
151-150
35 Worcester Gas Light
40 El Dorado Refining Co. Marl5
sae),8% preferred
Price.
39
15 American Glue, common
2 Converse Rubber Shoe, pref.,
8331
ex-dividend
97
25 Carr Fastener, pref., par $25
40-100 State Theatre, preferred.-- 70c875 Crowells & Thurlow Steamship,
$100 lot
par $10
11 George E. Keith Co. 1st pref.. _- 98
934
5 W. L. Douglas Shoe pref
105i
2.5 Queens Run Refractories, cora
251
10,000 Kirby Petroleum
444
prof
20 Fisk Rubber, lot
115 Sierra Azul Oil, Series "A,"
par $10
t
o5
345 Sierra Azul Oil, Series "13," $1.12
par $10
$51
pf_
2d
Confectionary,
50 Package
lot
3 Package Confectionary, corn..
lot
o
30 Inter. Coast Steamship
-105%
__
pref
1 Mass. Lighting Cos.8%
16454
3 Draper Corporation
16
3 Eastern Texas Electric, common-1
Price.
Bonds.
Stations
Service
Consumers
3500
(cons. panic. oper. ctf-$20 for ctf.
815,000 Jackson Motor Corp. 75, lot
me
1922
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. Stacks.
$7.5 lot
250 Eastern Rim dc Wheel
5 North East Pennsylvania RR_ _810 lot
226
40 Union National Bank
476
58 Girard National Bank
1 Corn Exchange National Bank__ -410
418
2Penn National Bank
5 Fourth Street National Bank---340)4
5 Fourth Street National Bank___3404
5 Producers & Consumers Bank,
10
$10 each
560
5 Franklin National Bank
4904
Co
Trust
8 Fidelity
49134
2 Fidelity Trust Co
23134
50 Flamllton Trust Co
178
21 West End Trust Co
40 Phila. Bourse, corn., $50 each.. 19
107 H. K. Mulford Co..$50 each_ - 31
100 Autocar Co. of Ardmore, corn. 65
20 Union Transfer Co., $25 each.. 2554
54
440 Camden Iron Works, pref _- _
5
100 Tacony Steel, pref
500 Producers Development Co.,
$1 lot
$1 each
5 Natural Gas Products, corn.,
$not
certificates of deposit
5 Natural Gas Products, Prof..
$1 lot
certificatesof deposit
101%
16 Phila. Warehouse Co
4 John B.Stetson Co.. corn,, no par 954
25 Pathe Freres Phonograph, 8%
81 lot
debenture
Price.
Shares Stocks.
32%
12 Enz. & Trenton RR.. pref
25
5 Enz. & Trenton RR., corn
Line
Pipe
Dorado
50 Shreveport El
•17
Co., Inc., $25 each
31
50 Boone Co. Coal, pref
5
15 Hydraulic Steel, pref
104
20 Phila. Life Ins., $10 each
9554
pref.__
French,
5 Smith, Kline dr
40
35 Metropolitan Edison Co., corn- $1
50 Wright Roller Bearing. pref___ _1
fiat
.
corn_
Bearing,
124 Wright Roller
4 Phila. Bourse, corn., $50 each__ 195(
each- 2554
20 Phila. Bourse, pref.. 325 ea
100 Western Union Telegraph._..108
Price.
Bonds.
$1,000 Pacific Fruit Express 78,'30-108lot
$3,000 Choate 011 Corp.75, 1922_810
55,000 American Feldspar & Kaolin
Co. 6s, 1929 (June 1919 and all
subsequent coupons attached)-820 lot
3.5.000 Eastland Pioneer 011 & Re25
fining Co. 8s
$200 Springfield Water Co.55, 1926 94
$700 No.Springfield Water 58, 1928 9034
$5,000 Caddo Central Oil & Remot
fining Co. 65, 1930
861
0_00
$10,000 Consol. Coal Co. 5s, 195$8
$15,000 Portland Ry., Light &
81
Power Co. 5s, 1942
515,000 Scranton Ry. Co. 55, 1932 74
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Chesapeake & Ohio,common
Preferred
Chicago Rock Island & Pacific 6% pref_ _
Seven per cent preferred
Chic. New Or & Tex. Pao., common_
Common (extra)
Preferred (guar.)
Preferred (guar.)
Preferred (quar.)
Preferred (guar.)
Erie & Pittsburgh (qua?.)
Hocking Valley
Minn.St.Paul & Sault Ste. Marie,coin _
Preferred
Mobile & Birmingham, preferred
PIttsb. Youngst.& Agit., pref.(qua?.)
Public Utilities.
Amer. Telephone & Telegraph (guar.)
Baton Rouge Electric Co., common__ _
Preferred
Boston Elevated Hy..com.(410
Preferred
First preferred
Brooklyn Union Gas(quar.)
Gonsol. Gas,E.L.& P.,Balt.,corn.(qu.)
Preferred, Series A (guar.)
Preferred, Series B (quar.)
Frankf & Southwk Pass Ry Phila (qu.)
Laclede Gas Light, common (quar.)....
Preferred
Mackay Companies,common (guar.)_ _
Preferred (guar.)
slascoma Light dc Pow.,common (guar.)
Preferred (guar.)
Montana Power. common (guar.)
Preferred (quar.)
National Power & Light, pref.(guar.)-New England Telep.& Teleg.(guar.).
Ottawa & Hull Power,pref.(qeer.)
[VOL. 117.
THE CHRONICLE
2298
Per
When
Cent. Payable.
*2
*34
3
354
3
334
154
14
134
I%
*13-4
*2
4
4
2
131
Books Closed.
Days Inclusive.
Jan. 1 *Holders of rec. Dec. 7
Jan. 1 *Holders of rec. Dec 7
Dec. 31 Holders of rec. Dec. 7a
Dec. 31 Holders of rec. Dec. 70
Dec. 24 Holders of rec. Dec. 3a
Dee. 24 Holders of rec. Dec. 3a
Dec. 1 Holders of rec. Nov.24a
Mar, 1 Holders of rec. Feb. 150
June 2 Holders of rec. May 17a
Sept. 2 Holders of rec. Aug. 16a
Dec. 10 *Holders of rec. Nov.30
Jan. 1 *Holders of rec. Dec. 7
Dec. 17 Holders of rec. Nov.30
Dec. 17 Holders of rec. Nov.30
Jan. 2 Dee. 2 to Jan. 1
Dec. 1 Holders of rec. Nov.20
Jan. 15 Holders of rec. Dec. 20a
2
5
Deo. 1 Holders of rec. Nov.20a
Dee. 1 Holders of rec. Nov.20a
3
*154 Jan. 2 *Holders of rec. Dec. 15
*354 Jan. 2 *Holders of rec. Dec. 15
*4
Jan. 2 *Holders of rec. Dec. 15
*2
Jan. 2 *Holders qf rec. Dec. 14
Jan. 2 *Holders of reo. Dec. 15
*2
Jan. 2 *Holders of rec. Dec. 15
*2
*14 Jan. 2 *Holders of rec. Dec. 15
$4.50 Jan. 1 Dec. 2 to Jan. 1
1
*134 Dec. 15 *Holders of rec. Dec. 1
*24 Dec. 15 *Holders of rec. Dec.
134 Jan. 2 Holders of rec. Dec. 50
1
Jan. 2 Holders of rec. Dec. 5a
134 Deo, 1 Holders of rec. Nov.19
154 Dec. 1 Holders of rec. Nov. 19
1
Jan. 2 Holders of rec. Dec. 13
1)4 Jan. 2 Holders of rec. Dee. 13
$1.75 Jan. 2 Holders of rec. Dec. 10
*2
Dec. 31 *Holders of rec. Dec. 10
14 Dee. 15 Holders of rec. Nov.30
Name of Company.
When
Per
Cent. Parable.
Books Closed.
Days Inclusive.
Public Utilities (Conatuled)•
Dec. 14
Pennsylvania Water & Power (guar.)--. 134 Jan. 2 Holders of reo. Jan.
1
Jan. 1 Dec. 2 to
Second & 3d Sts Pass Ry Ph lla (quar.)_ 33
Dec. 31 *Holders of rec. Dec. 10
Twin City Rap.Tran., Minneap.,com_ _
its
Dec.
rec.
of
Holders
31
50c.
Dee.
(quar.)__
common
West Penn Company,
West Penn Railways, preferred (guar.)_ _ 154 Dec. 15 Holder of rec. Dec. 1
Banks.
United States, Bank of the. (guar.)._ 24 Jan. 2 Holders of rec. Dec. 200
Trust Companies.
Dec. 31 Holders of rec. Dee. 21a
3
Equitable Trust Co.(guar.)
Miscellaneous,
*$1.50 Dec. 31 *Holders of rec. Dec. 15
Adams Express (guar.)
31
Amer. Art Works.corn.& Prof.(Qua?.).. 134 Jan. 15 Hloders of rec. Dec. 21
111.50 Jan. 2 *Holders of rec. Dec.
American Chain,common(No. 1)
*50e. Dec. 31 *Holders of rec. Dec. 21
Class A stock (guar.)
*50c. Dec. 31 *Holders of rec. Dec. 8
Amer. Pneumatic Service. prof.
*25e. Jan. 2 *Holders of reo. Dec. 21
American Stores (quar.)
*1254c Jan. 1 *Holders of rec. Dec. 15
American Thread, preferred
*154 Jan. 1 *Holders of rec. Dec. lb
Armour & Co.(Ill.), pref.(quar.)
Armour & Co. of Del., Prof• (guar.)---- *14 Jan. 1 *Holders of rec. Dec. 15
Deo. 15 *Holders of rec. Dec. 5
*2
Atlantic Terra Cotta, pref. (guar.)
Dec. 1 Holders of res. Nov.20a
2
Automatic Refrigerating (quar.)
s3%
1 *Holders of rec. Dee. 3.
es
Jan.
corn.
Pt.
Works,
Baldwin Locomotive
Jan. 2 Dec 1 to Dec 4
Boone(Daniel) Woolen Mills,com.(qu.)
Dee. 1 Nov.21 to Dec. 1
Buda Company, preferred (quar.)
Dec. 24 *Holders of rec. Dec. 7
Calumet, & Arizona Mining (quar.)
Dee. 17 Holders of rec. Dec. la
Calumet & Heels Consolidated Mining
2 Holders of roe. Dec. 15
Jan.
(qu.)
.M
Cot
CruaadianConnecticut
Dec. 15
Carter (William) Co., preferred (quar.).
Jan. 2 *Holders of rec. Dec. 20
Chicago Motor Coach,preferred (qua?.).
Dec. 10 Holders of rec. Nov.266
Childs Company, common (guar.)
Dec. 10 Holders of roe. Nov.266
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 15a
(guar.)
Crucible Steel, preferred
Jan. 2 Holders of rec. Nov.280
Cuban-American Sugar, pref.(quar.)_ _ _
Dec. 1 Holders of rec. Nov. 120
Dartmouth Manufacturing, corn. (qu.)_
Dec. 1 Holders of rec. Nov. 120
Preferred (guar.)
Jan. 20 *Holders of roe. Dec. 81
Dome Mines, Ltd. (quar.)
Jan. 2 Holders of rec. Dec. 15
Dominion Glass. Ltd., cora.& pr.(qu.)
Jan. 1 Holders of rec. Oct. 15
Dominion Iron & Steel, pref.(guar.) --Dec. 15 Holders of rec. Dec. 50
du Pont(E.I.) de Nem.& Co.,cont.(qu.)
Jan, 25 Holders of rec. Jan. 106
14
Debenture stock (quar.)
190
duPont(E.I.)de Nem.Powd.,corn.(qu.) • 134 Feb. 1 Holders of rec. Jan. 196
154 Feb. 1 Holders of rec. Jan.
Preferred (quar.)
15
Dec.
reo.
of
*Holders
2
*650. Jan.
Eaton Axle dr Spring (guar.)
Elsenlohr (Otto) dr Bro., pref. (qua?.).. •1% Jan. 1 *Holders of roe. Dec. 20
Fairbanks, Morse & Co.. pref. (guar.)._ *134 Dee. 1 *Holders of rec. Nov.21
Dec. 1 *Holders of rec. Nov. 15
Federal Acceptance Corp.,common (qu.) *$1
81.50 Dec. 15 Holders of rec. Dec. 1
Foundation Co., common (guar.)
$1.75 Dee. 15 Holders of rec. Dec. 1
Preferred (quar.)
51.50 Dec. 31 Holders of rec. Dec. 15
General Baking, common (quar.)
Dee. 31 Holders of rec. Dec. 15
$2
Preferred (guar.)
Jan. 15 *Holders of rec. Dec. 5
*2
General Electric, corn.(guar.)
*15c. Jan. 15 !Holders of rec. Dee. 5
Special stock (guar.)
15 'Holders of rec. Doe. 1
D.
Globe Soap, corn.(guar.)
Dee. 15 *Holders of rec. Deo. 1
First,second and special pref.(guar.)- s1
Great ALI.& Pacific Tea,common (qu.)_ *75c. Dec. 15_ Holders of rec. Dec. 10
•14‘ Dee. 1 Holders of rec. Nov. 19
Preferred (quar.)
.250. Dec. 1 *Holders of rec. Nov. 24
Hamilton-Brown Shoe (monthly)
•134 Dec. 20 *Holders of rec. Dee. b
pref.
(quar.)_.
1st
Co..
(M.
&
A.)
Hanna
*75c. Jan. 2 *Holders of reo. Dec. 20
Hudson Motor Car (guar.)
*14 Dec. 1
Icy-Hot Bottle, preferred (guar.)
Inspiration Consolidated Conner (guar.) 50e. Jan. 7 Holders of reo. Dec. 20
134 Dec. 1 Holders of reo. Nov. 260
Internat. Cotton Mills, pref.(quar.)
•134 Jan. 2 *Holders of rec. Dec. 15
International Salt (quar.)
si
Jan. 2 *Holders of roe. Dee. 15
Extra
81.50 Jan. 15 *Holders of rec. Jan. 2
Iron Products, corn (No. 1)
2 Holders of reo. Dec. 7a
Jan.
75c.
Kennecott Cooper Corp.(Qear.)
Dec. 1 Holders of reo. Nov.24
Lake of the Woods Milling, corn.(un.) _ _ 3
1)4 Dec. 1 Holders of rec. Nov. 24
Preferrrrl erp•sra
Jan. 2 *Holders of reo. Doe. 13
412
Lehigh Valley Cca Males (guar.)
Dec. 20 Holders of rec. Dec. 10
Lord dr Taylor. 2(1 pt.(acct. accum. div.) 516
McCahan (W.3.) Sugar Ref.& molasses
14 Dec. 1 Holders of rec. Nov. 21a
Preferred (quiz.)
20
McCord Radiator & Mfg., Cl. A (qu.). *75c. Jan. 2 *Holders of rec. Dec.
250. Jan. 2 Holders of reo. Dec. 1
McIntyre Porcupine Mines, Ltd
254 Dee. 31 Holders of reo. Dec. 5a
Mergenthaler Linotype (guar.)
Michigan Drop Forge, preferred (quar.)- 1% Jan. 1 Holders of rec. Dec. 25a
30
Montreal Cottons, Ltd.,common (quar.) 13-4 Dec. 15 Holders of roe. Nov.
134 Dec. 15 Holders of reo. Nov.30
Preferred (guar.)
146
Dee.
roe.
of
Holders
50c. Dec. 31
Mother Lode Coalition Mines
2
Jan 2 Holders of rec. Dec. 21a
National Surety (guar.)
1
Dec.
rec.
of
*Holders
15
Dec.
*500.
New York Canners, Inc.(guar.)
•334 Feb. 1
First preferred
*4
Feb. 1
Second preferred
New York Steam Corp., prof.(guar.) -. *14 Jan. 2 *Holders of roe. Doe. 15
(8) Jan. 2 Holders of reo. Dec. 5
North American Co., corn,(guar.)
154 Jan. 1 Holders of reo. Dec. 5
Preferred (attar.)
North American Provision, pref.(guar.). *14 Jan, 2 Holders of rec. Dec. 15
10c. Dee. 15 Holders of reo. Nov.30
011 Lease Development(monthly)
Dec. 1 Holders of reo. Nov. 190
Patchogue-Plym'th Mills Corp., pt.(qu.) 2
200. Dec. 22 Holders of reo. Dee. 150
Pennok,011 (guar.)
200, Dec. 22 Holders of rec. Dee. 150
Extra
*50e. Jan. 2 *Holders of reo. Dee. 14
Phillips Petroleum (quar.)
Procter es Gamble Co.,6% pref.(guar.) I% Dec. 15 Holders of rec. Nov.240
*14 Jan. 1 *Holders of reo. Dec. 15
Pure 011534% preferred (guar.)
•134 Jan. 1 *Holders of rec. Dee. 15
Six per cent preferred (guar.)
*2
Jan. 1 *Holders of rec. Dec. 15
Eight per cent preferred (guar.)
s3
Jan. 15 *Holders of Teo. Dec. 31
Quaker Oats, common (guar.)
29 *Holders of rec. Feb. 1
Feb.
*156
Preferred (guar.)
15a
Republic.Iron Az Steel, pref. (quar,).....131 Jan. 2 Holders of rec. Dec.
Jan. 2 Holders of rec. Dec. 15a
Preferred,(acct. accumulated dive.)_ _ _ 52
15
Dec.
roe.
of
Holders
1
Jan.
Schulte Retail Stores, preferred (quar.)_ 2
500. Dec. 15 Holders of roe. Nov.300
Standard 011 (Kansas)(guar.)
*1
Jan. 2 *Holders of rec. Dec. 15
Stern Bros., common (No. 1)
Dec. 5 Holders of rec. Dee. 1
060
Superheater Co.(payable In stock)
of rec. Nov. 24
•134 Dee. 151 *Holders
Tidal Osage 011, preferred (qua?.)
Holders of rec. Jan. 2
Jan.
Tobacco Products Corp.,common (qu.)- 1)4
Tobacco Products Corp., pref.(qua?.).. 134 Jan. 2 Holders of reo. Dec. 14
Jan. 1 *Holders of reo. Dee. 6
Si
'
Union Carbide & Carbon (guar.)
Dec. 1 Holders of rec. Nov. 210
$1
Union Mills, Inc., common (guar.)
1% Dec. 1 Holders of rec. Nov.216
Preferred (guar.)
15 *Holders force. Dec. 1
Dee.
*2
Union Storage (Pittsburgh) (extra)
United Profit Sharing Corp., common.. 15e. Jan. 2 Holders of rec. Dee. 116
2 Holders of rec. Dec. 110
Jan.
m2513.
stock).
In
preferred
Common.(PaYable
United States Stores Corp., prior pf (On.) •131 Dec. 1 *Holders of rec. Nov.26
Dec. 15 *Holders of rec. Nov. 30
United States Title Guaranty (guar.)--- *2
Dec. 15 *Holders of rec. Nov. 30
*2
Extra
154 Jan. 2 Holders of rec. Dee. 150
Virginia Iron, Coal & Coke,common
254 Jan. 2 Holders of rec. Dec. 15a
Preferred
*3114c Jan. 2 *Holders of rec. Dec. 20
Waldorf System.common
*20c. Jan. 2 *Holders of rec. Dec. 20
First and second preferred (guar.)
2
Jan. 2 Holders of rec. Dee. 20
Williams Tool (quar.)
Extra (acct, accumulated dividend).. 534 Jan. 2 Holders of rec. Dec. 20
Yellow Cab Mfg.,class B (monthly).--* 41 2-3c Jan. 2 *Holders of rec. Dec. 20
412-30 Feb. 1 *Holders of reo. Jan. 21
Class B (monthly)
41 2-3c Mar. 1 *Holders of roe. Feb. 20
Class B (monthly)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama Great Southern ordinary
Preferred
Atoll, Top.& Banta Fe. corn.(qua?.)...
Atlantic Coast Line RR., common
Baltimore & Ohio. corn.(guar.)
Preferred (guar.)
Per
When
Cent. Payable.
334
334
154
3%
134
1
Dee. 27
Feb. 15
Dec. 1
Jan. 10
Dec. 1
Dec. 1
Books Closed.
Days Inclusive.
Holders of rec. Nov. 28
Holders of rec. Jan. 18
Holders of roe. Oct. 26.
Holders of rec. Deo. 14a
Oct. 14 to Oct. 15
Oct. 14 te Oct. iii
Books Closed.
Dates Inclusive.
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam) (Concluded).
Boston & Albany (guar.)
Boston & Providence (guar.)
Canadian Pacific, common (guar.)
Chestnut Hill RR.(guar.)
Cleveland & Pittsburgh, guar.(quar.)„
Special guaranteed (guar.)
Cripple Creek Central, pref.(quar.)
Cuba }railroad. preferred
Delaware & Hudson Co.(guar.)
Ge Alia Southern & Florida, 1st & 2d pf
Greene Railroad
Illinois Central, common (guar.)
Leased lines
Midland Valley RR., pref
Now Orleans Texas de Mexico (guar.)
N.Y.Chicago & St. L.,com.& pf.(qu.)
Norfolk dg Western,common (quar.)___ _
Common (extra)
North Pennsylvania (guar.)
Pennsylvania RR.(guar.)
Philo Germantown & Norristown (qua_
Pittsb.Bessemer & L. E.,pret
Pittsburgh & West Virginia. Pref.(qu.)..
Preferred (guar.)
Reading Company,first preferred(guar.)
Southern Pacific Co.,(guar.)
Union Pacific, common (guar.)
234 Dec. 31
231 Jan. 1
214 Dec. 30
75c. Dec. 4
8714c Dec. 1
500. Dec. 1
Dec. 1
1
Febl'24
3
214 Dec. 20
23, Nov.30
Dec. 19
3
134 D. 1
Jan. I
2
$1.25 Dec. 1
114 Dec. 1
134 Jan. 2
134 Dec. 19
Dec. 19
1
Nov.26
$1
75o. Nov.30
SI .50 Dec. 4
$1.50 Dee. 1
134 Nov.30
114 F eb 29'24
50c. Dec. 13
114 Jan. 2
234 Jan. 2
Holden! of rec. Nov.30a
Holders of rec. Dec. 20
Holders of rec Nov.306
Nov.21 t. Dec. 3
Holders of rce. Nov. 106
Holders of reo. Nov. 100
Holders of rec. Nov. 15
Holders of recJan.19'240
Holders of rec. Nov.260
Holders of rec. I ov. 24
Holders of rec. Dec. 14
Holders of rec. Nov. 26
Dec. 12 to Jan. 4
Holders of rec. Nov.240
Holders of rec. Nov.200
Holders of rec. Nov.156
Holders of rec. Nov.30a
Holders of rec. Nov.30a
Holders of roe. Nov. 19a
Holders of rec. Nov. la
Nov 21 to Dec. 3
Holders of rec. Nov.15
Holders of roe. Nov. 16
Holders of rec. Feb.1'240
Holders of rec. Nov.276
Holders of reo. Nov. 306
Holders of rec. Dec. 1
214 Dec.
Dec.
2
134 Dec.
$1.25 Dec.
3
Dec.
1
Dec.
250, Dec.
Dec.
2
134 Dec.
Holders of rec. Nov.20
Holders of tee. Nov.20
Holders of rec. Nov.30a
Holders of rec. Nov. 190
Holders of ree. Nov. 190
Holders of tee. Oct. 31
Holders of rec. Nov. 15a
Holders of rec. Nov.200
Holders of rec. Nov.15
Public Utilities.
Amer. Power & Light, corn. (Wier.)
Common (payable in common stock)_
American Telegraph dr Cable (guar.)
Blackstone Valley Gas& Elec.,corn.(qu.)
Preferred
Brazilian Tr.,Lt & Pow.,ord.(quar.)_ _
Brooklyn City RR.(guar.)
Brooklyn Edison Co. (guar.)
Central Ark. fly. & Light, pref.(quar.)_
Cent. Miss. Val. Elec. PropertiesPreferred (guar.)
Columbus Elec. es Power,corn.(qu.)___ _
First pref. Series A (guar.)
Second preferred (guar.)
Columbus fly., Pow.lc Lt., corn.(qu.)_
Preferred, Series A (guar.)
Consolidated Gas, common (guar.)
Detroit United Railway (guar.)
Duquesne Light, let pref., Series A (qu.)
Eastern Mass St.fly. ad). stock
Eastern Shore Gas dr Electric, pref.(qu.)
Eastern Wisconsin Elec. Co., pref.(qu.)
El Paso Electric Co., common (guar.)
Federal Light& Traction, pref.(quar.)
Georgia Railway & Power,corn.(guar.)Second preferred (guar.)
Gold & Stock Telegraph (quar.)
Hackensack Water, common
Preferred
Keystone Telephone. pref.(qu.)(No.1)Laclede Gas Light, corn
Massachusetts Gas Companies, pref_
Middle West Utilities, prior lien (guar.)_
Nebraska Power, preferred (guar.)
Norfolk Hallway & Light
Northern Texas Elec. Co.,corn.(quar.).
Philadelphia Electric, corn.& pref.(qu.).
Portland fly., Light & Power,2d pref
Rochester Gas & Electric,5% pref.(qu.)
Six per cent preferred (guar.)
Seven per cent preferred (guar.)
San Joaquin Light & Pow.,pref.(guar.)_
Prior preferred (guar.)
Southwestern Power & Light, pref. (qu.)
Standard Gas & Electric, pref. (quar.)_ _
Texas Electric Securities. corn.(guar.)
United Gas Improvement, pref.(guar.)United Light & RYs.Participating preferred (extra)
Banks.
American Colonial Bank of Porto Rico_ _
Extra
1
1
1
1
1
1
1
1
1
114 Dec. 1 Holders of rec. Nov. 156
214 Jan. 2 Holders of rec. Dec. 146
134 Jan. 2 Holders of rec. Dec. 146
134 Jan. 2 Holders of rec. Dec. 140
1
Dec. 1 Holders of rec. Nov.156
13.4 Jan2'24 Hoidena of rec. Dec. 156
$1.25 Dec. 15 Holders of rec. Nov. 86
114 Dec. 1 Holders of rec. Nov. la
134 Dec. 15 Holders of rec. Nov. 156
214 Dec. 1 Holders of rec. Nov. 156
Dec. 1 Holders of rec. Nov.156
2
134 Dec. 1 Holders of rec. Nov.200
234 Dec. 15 Holders of rec. Dec. le
134 Dec. 1 Holders of rec. Nov. 15
D C. 1 Nov. 21 to Nov.30
1
Dec. 1 Nov. 21 to Nov 30
1
•114 Jan. 1 *Holders of rec. Dec. 31
75c. Dec. 1 Holders of roe. Nov.260
8714c Dec. 1 Holdtrs of reo. Nov.26a
Dec. 1 Holders of rec. Nov. 20
$1
334 Dec. 1 Holders of rec. Nov. 17a
Dec. 1 Holders of rec. Nov. 156
$2
134 Dec. 15 Holders of tee. Nov. 30a
134 Dec. 1 Holders of rec. Nov. 15
756. Dec. 1 Holders fo reo. Nov.156
Dec. 1 Holders of rec. Nov.10
2
50c. Dec. 15 Holders of rec. Nov. 156
114 Dec. 1 Holders of rec. Nov. 17
•114 Deo. 1 *Holders of rec. Nov. 16
•13, Dec. 1 *Holders of rec. Nov. 16
*134 Dec. I *Holders of rec. Nov. IR
114 Dec. 15 Holders of rec. Nov.30
134 Dec. 15 Holders of rec. Nov.30
114 Dec. I Holders of rec. Nov. 16
Dec. 15 Holders of rec. Nov.30
2
1
Dec. 1 Holders of rec. Nov. 156
8714c. Dec. 15 Holders of rec. Nov.306
34 Jan 224 Holders of rec. Dee. 15
4
2
Dec. 1 Holders of rec. Nov. 166
Dec. 1 Holders of rec. Nov. 166
Miscellaneous,
American Beet Sugar, pref.(quar.)
I% Dec. 31 Holders of rec. Dec. 80
Amer. Laundry Machinery .com.(guar.) 33e. Dec. 1 Nov. 22 to Dee. 1
American Machine & Foundry (quar.)_. 114 Jan 1'24 Holders of reo. Dec. lo
American Metals, common (guar.)
75o. Dec. 1 Nov. 18 to Nov.30
Preferred (guar.)
134 Dec. 1 Nov.20 to Nov.30
American Multigraph, common (guar.). 40o. Dee. 1 Holders of rec. Nov. 15
Dec. 31 Holders of rec. Dec. 154
American Radiator, common (guar.)$1
2
Amer. Shipbuilding, corn.(guar.)
Febl'24 Holders of rec. Jan. 15246
2
Common (guar.)
Mail'24 Holders of rec. Apr.l5'240
2
Augl'24 Holders of rec. July 15'246
Common (guar.)
Amer. Smelt. & Refg., pref.(quar.)... 13.4 Dee. 1 Holders of rec. Nov. 94
134 Jan. 2 Holders of rec. Dec. la
Amer. Sugar Refining. pref. (guar.) _ _
Dec. 1 Holders of rec. Nov.100
American Tobacco,corn. & corn. B (qu.) 3
50c. Dec. 15 Dec. 6 to
Amer. Vitrified Products.common
Dec.15
114 Dec. 1 Holders of reo. Nov. 10a
Associated Dry Goods, 1st pref.(quar.)_
134 Dec. 1 Holders of rec. Nov.106
Second preferred (guar.)
1
Atlantic Refining, common (guar.)
Dec. 15 Holders of rec. Nov. 216
$1
Dec. 10 Holders of rec. Nov. 30a
Atlas Powder, common (guar.)
25o. Dec. 1 Holders of rec. Nov.206
Balaban dr Katz,common
250. Jan. 1 Holders of rec. Dec. 206
Common
134 Jan. 1 Holders of rec. Dec. 206
Preferred (guar.)
Beech-Nut Packing, common (extra)- - 60c. Dee. 10 Holders of rec. Dec. la
r50 Dec. 10 Holders of rec. Dec.
( ounn in (in common stock)
710
Bethlehem Steel Corporation114 Jan.214 Holders of rec. Dee. la
Common (guar.)
13.4 Jan 224 Holders of rec. Dec. 15o
Seven per cent cum. pref. (guar.)
Seven per cent non-cum. pref.(guar.) 114 Jan 2'24 Holders of rec. Dec. 154
Jan 2'24 Holders of rue. Dec. 150
Eight per cent preferred (guar.)
2
Blumenthal(Sidney) & Co., pref.(guar.) 114 Jan. 2 Holders of rec. Dec. 14a
Borden Company, preferred (Ivan).- 114 Dec. 15 Holders of rec. Dec. 1
25c. Jan 1'24 Holders of rec. Dec. 200
Bridgeport Machine Co. (guar.)
Quarterly
25e. Apr2'24 Holders of rec.Mar.20'240
Brill (J. G.) Co.. common (guar.)
114 Dec. 1 Nov.25 to Nov.30
Brown Shoe,common (guar.)
Dec. 1 Holders of rec. Nov. 20a
1
Common (guar.)
1
Marl'24 Holders of rec. Feb.20240
Preferred (guar.)
13.4 Febl'24 Holders of rec. Jan.21'24a
$1.50 Dee. 15 Holders of rec. Nov.20
Buckeye Pipe Line (guar.)
134 Jan. 2 Holders of rec. Dec. 200
Buoyrue Company, preferred (guar.)
Preferred (acct. accumulated diva.)_ - 7
Jan. 2 Holders of rec. Dec. 20a
Burroughs Adding Mach. (guar.)
$2 Dec. 31 Holders of tee. Dec. 20
California Packing Corp.(quar,)
$1.50 Dec. 15 Holders of rec. Nov.300
California Petroleum. common (quar.)_ _ 433.4c Dec. 1 Holders of rec. Nov.206
Preferred (guar.)
13.4 Jan. 2 Holders of rec. Dec. 206
Campbell SOUP, pref.(guar.)
134 Dec. 1 Holders of rec. Nov.15
Canada Iron Foundries. preferred
2
Dec. 15 Holders of rec. Nov.30
Canadian Car & Foundry Co.-.
Preferred (account accum. dividends) 5314 Janill'24 Holders of ree. Dec. 29
Mills,
Ribbon
Inc.(guar.)
13.4 Dec. 1 Holders of rec. Nov.15a
Century
Si 25 eb 1'24 Holders of rec. Jan I6•24.
Checker Cab Mfg., class A (guar.)
334 Deo, 28 Holders of rec. Dec. 106
Cliesebrough Mfg., corn. (guar.)
Common (special)
334 Dec. 28 Holders of rec. Dec. 100
13.4 Dec. 28 Holders of rec. Dec. 106
Preferred (guar.)
6254c Doc. 29 Holders of ree. Dec. la
Chill Copper(quar.)
Cities Servicegyi Dec. 1 Holders of reo. Nov.15
Common (monthly pay.in cash scrip)
Common (payable in cow. stock scrip) 0134 Dec. 1 Holders of reo. Nov. 15
g Dec. 1 Holders of ree. Nov. 15
Preferred and preferred B (monthly)__
2299
THE CHRONICLE
Nov.24 1923.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (0/manned).
Dec. 1 Holders of rec. Nov.20
City Ice dr Fuel (Cleveland) (quar.)_ _ 2
1% Dec. 1 Holders of rec. Nov.15
Cleveland Stone(guar.)
Dec. 1 Holders of rec. Nov. 15
1
Extra
Nov.26 Holders of rec. Nov.10a
2
Colorado Fuel & Iron, pref.(guar.)
*Holders of rec. Dec. 12
Congoleum Co..common (in corn,stock) 41300
Connor(John T.) Co.,common (quar.). 50o. Jan. 2 Holders of rec. Dec. 20a
$3.50 Jan. 2 Holders of rec. Dec. 20a
Preferred
.0134 Jan. 1 'Holders of rec. Dec. 20
Continental Can, preferred (guar.)
134 Dec. 1 Holders of rec. Nov.150
Continental Cigar, pref.(guar.)
50c. Dec. 15 Nov.24 to Dec. 16
Continental Oil (guar.)
314 Dec. 1 Holders of rec. Nov.15
Converse Rubber Shoe. pref
1,4 Dec. 1 Holders of tee. Nov.150
Cosden & Co.,preferred (guar.)
Dec. 15 Holders of rec. Dec. le
1
Crane Company.common (guar.)
134 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
1.14 Dec. 1 Holders of rec. Nov. 13
Crows Nest Pass Coal(guar.)
'Si Dec. 1 *Holders of roe Nov.16
Cuba Company,common (guar.)
75c. Jan 2'24 Holders of tee. Dec. 86
Cuban-American Sugar.common
Dec. 15 Holders of rec. Nov.30
10
Cumberland Pipe Line
Cushman's Sons, Inc., common (quar.)- 750. Dec. 1 Holders of rec. Nov.15
134 Dec. 1 Holders of rec. Nov.15
Seven per cent pref. (guar.)
Dec. 1 Holders of rec. Nov.15
2
Eight per cent pref.(guar.)
3% Dee. 22 Holders of rec. Dee. 80
Davis Mills(guar.)
Dec. 14 *Holders of rec. Nov.20
•134
(quar.).
&
(Alfred)
Pref.
Cohen.
Decker
The. Dec. 1 Holders of rec. Nov.15a
Deere & Co.. pref. (guar.)
Detroit Brass & Malleable Wks.(mthly.) *14 Dec. 1 *Holders of rec. Nov.26
Dec. 16 Holders of rec. Nov.300
2
Diamond Match (quar.)
25e. Dec. 31 Holders of reo. Dec. la
Douglas-Pectin Corp.(guar.)
2 Holders of ree. Nov.30a
Jan.
51.25
(guar.)
common
Kodak,
Eastman
$1.25 Jan. 2 Holders of ree. Nov.300
Common (extra)
114 Jan. 2 Holders of roe. Nov.300
Preferred (guar.)
Dec. 20 Holders of MO. Dec. 110
5
Elgin National Watch (extra)
Dec. 1 Holders of tee. Nov.12
$3
Essex Company
Dec. 1 Holders of roe. Nov. 12
$2
Extra
Dec. 1 Holders of res. Nov. 12
57
Extra(from sale of land)
Jan. 2 Holders of rec. Dec. 15a
Famous Players Lasky Corp.,corn.(qu.) $2
Nov.30 Holders of rec. Oct. 31
2
Can.
(qu.)
pf.
let
Corp.
Famous Players
Nov.30 Holders of rec. Oct. 230
12
Farr Alpaca (special)
Federal Mining & Smelting, Pref.(guar.) 134 Dec. 15 Holders of rec. Nov.26a
50c. Jan 1'24 Holders of rec. Dec. 150
Fleishmann Co., common (guar.)
750. Apr. 1 Holders of rec.Mar15'24
Common (guar.)
July 1 Holders of rec. June 15
750.
Common(guar.)
750. Oct. 1 Holders of rec. Sept. 15
Common (guar.)
75o. Jan 1'25 Holders of rec.Dec.15'24
Common(guar.)
*4
Jan. 1
Gainesville Cotton Mills, common
Jan. 1
*3
Preferred
Dec. 31 Holders of reo. Nov.306
1
common
Oil,
(guar.)
Galena-Signal
Dec. 31 Holders of rec. Nov.300
2
Old and new preferred (guar.)
114 Dee. 1 Holders of recs. Nov.15a
General Asphalt. pref. (guar.)
134 Dec. 1 Holders of rec. Nov.246
General Cigar. referred(quar.)
1,4 Jan. 2 Holders of rec. Dee. 240
Debenture preferred (guar.)
300. Dec. 12 Holders of rec. Nov.196
General Motors, corn. (Var.)
1,4 Feb. 1 Holders of tee. Jan. 7a
Preferred (guar.)
114 Feb. 1 Holders of roe. Jan. 70
6% debenture stock (guar.)
134 Feb. 1 Holders of rec. Jan. 70
7% debenture stock (guar.)
50o. Dec. 16 Holders of tee. Nov.80
General Petroleum Corp..com.(guar.)
8334c Dec. 1 Holders of rec. Nov.150
Preferred (guar.)
Dec. 1 Holders of roe. Nov. 1
53
Gillette Safety Razor (quar.)
Dec. 1 Holders of rec. Nov. 1
65
(Stock dividend)
*12.50 Dec. 20 *Holders of rec. Dec. 1
Glen Alden Coal
1,4 Jan. 2 Holders of rec. Dec. 220
Goodrich (B. F.) Co., preferred (quar.)_
Goesard (H. W.)& Co., corn.(monthly) 250. Dec. 1 Nov.21 to Nov.30
Greenfield Tap dr Die Corp.6% pt.(qu.) 114 Jan. 2 Holders of rec. Dec. 16
Jan. 2 Holders of rec. Dec. 15
2
Eight per cent preferred (quar.)
Jan. 2 Holders of rec. Dec. 154
2
Guantanamo Sugar. pref. (quar.)
Gulf States Steel Co.
Jan 2'24 Holders of roe. Doe. 140
134
preferred
(quar.)second
First and
Harbison-Walker Refrac., corn. (quar.)_ 114 Dec. 1 Holders of rec. Nov.200
114 Jan. 19 Holders of rect. Jan. 9a
Preferred (quar.)
Dec. 1 Holders of roe. Nov. la
52
Hartman Corporation (guar.)
Hart,Schaffner & Marx,Ino..com.(qu.)- 114 Nov.30 Holders of ree. Nov.160
750.
Dec. 15 Holders of reo. Nov.300
(guar.)
Hayes Wheel
Dec. 3 Holders of ree. Nov.15
1
Hollinger Consolidated Gold Mines
50c. Nov.26 Holders of rec. Nov.200
Homestake Mining (monthly)
1,4 Dec. 1 Nov.21 to Dec. 2
Hood Rubber Products. Wei (quar.)_
750. Dec. 1 Holders of rec. Nov.154
Household Products, Inc.(guar.)
134 Dec. 1 Holders of rec. Nov.200
Hydros Corporation, preferred (quar.)_
5
Nov.30 Nov. 16 to Nov.30
Hudson Safe Deposit
Dec. 31 *Holders of rec. Nov.30
*3
Illinois Pipe Line
Imperial 011. Ltd.(Canada) (guar.).-n 75c. Dec. 1 Nov. 16 to Nov.30
2
Dec. 1 Holders of rec. Nov.244
Ingersoll-Rand Co., corn. (guar.)
20
Dec. 1 Holders of rec. Nov.240
Common (extra)
to Jan. 90
Jan. 10 Dec. 15
110
Common (payable In stock)
Jan. 2 *Holders of rec. Dec. 140
3
Preferred
6234c Dec. 1 Holders of rec. Nov.150
Inland Steel,corn.(quar.)
1,4 Jan. 1 Holders of rec. Dec. 15a
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 15a
International Cement Corp., corn.(qu.)_ 51
1% Dec. 31 Holders of rec. Dec. 150
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov.106
International Harvester, pref.(guar.)
50o. Dec. 1 Holders of rec. Nov. 150
International Shoe (monthly)
2
Dec. 1 Holders of rec. Nov.200
Kinney (G. R.) Co.. pref,(guar.)
Baking,
(qu.)
common
Ai
.250.
Nov.30 Holders of roc. Nov.15
Kroger Grocery
144 Dec. 1 Holders of rec. Nov.23a
Kuppenheimer (B.)& Co., pref. (quar.)_
2% Dec. 1 Holders of rec. Nov.23
Lancaster Mills. common (guar.)
Lanston Mouotype Machine (quar.).... 114 Nov.30 Holders of rec. Nov.200
Nov.30 Holders of rec. Oct. 310
$1
Lehigh Coal & Navigation (guar.)
50c. Dec. 1 Holders of rec. Nov.210
Libbey-Owens Sheet Glass. corn. (guar.)
Dec. 1 Holders of rec. Nov.210
51
Common (extra)
1,4 Dec. 1 Holders of rec. Nov.210
Preferred (guar.)
Dec. 1 Holders of rec. Nov.154
Liggett & Myers Tob.,corn. A & B (qu.) 3
Dee., 1 Holders of rec. Nov.156
Lima Locomotive Works,Inc.,com.(qu.) $1
Holders of rec.Feb.7'240
Feb11'24
(ouar.)
preferred
154
Lindsay Light.
50c. Dec. 31 Holders of rec. Dec. 150
Loew's, Incorporated
114 Dec. 1 Holders of rec. Nov.17a
Lord & Taylor, lst pref.(guar.)
Ludlow Manufacturing Associates (ou.)_ 52 Dec. 1 Holders of rec. Nov. 7
11.50 Dec. 1 Holders of rec. Nov.24
MahonIng Investment (guar.)
50c. Dec. 1 Holders of rec. Nov.24
Extra
75c, Dec. 1 Holders of rec. Nov. 160
Manhattan Shirt, common (guar.)
750. Dec. 1 Holders of rec. Nov.150
Martin-Parry Corp. (guar.)
$1.25 Dec. 1 Holders of rec. Nov. 150
Moat!Sugar (guar.)
$1.25 Mar 1'24 Holders of rec. Feb.15'240
Quarterly
81.25 June2'24 Holders of rec. May15'240
Quarterly
$1.25 Sep 124 Holders of rec. Aug.15'244
Quarterly
Department
corn.
Stores,
134 Dec. 1 Holders of roc. Nov. 150
May
(quer.)
1,4 Jan. 1 Holders of rec. Dec. 150
Preferred (guar.)
•
McCrory StoresDec. 1 Holders of rec. Nov.200
fl
(quar.)
(Pay.
tricorn.stk.)
Com. A & 13
Dec. 1 Holders of rec. Nov.200
Corn. A & B(extra)(Pay.In corn.stk.) 15
134 Dec. 1 Holders of rec. Nov.30
Mengel Company, pref.(guar.)
134 Dec. 1 Holders of rec. Oct. 24
Merrimac Manufacturing (guar.)
Dec. 1 Holders of rec. Nov.15
2
Metrop. Paving Brick, corn.(guar.)-2
Dec. 15 Holders of rec. Dec. 5
Common (extra)
1% Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
Michigan Drop Forge, corn. (monthly).. *25c. Dec. 1 *Holders of rec. Nov. 25
114 Dec. 1 Holders of roc. Nov.150
Michigan Sugar, pref.(guar.)
2
Dec. 1 Nov. 11 to Dec. 1
Miller Rubber. preferred (guar.)
51
_
dividends)
Dec. 1 Nov. 11 to Dee. 1
Preferred (account accum.
Monarch Mills, common and preferred.... 3% Dec. 31 Dec. 25 to Dec. 31
Montgomery Ward & Co.. pref.(quar.)- 1% Jan. 1 Holders of rec. Dec. 206
*75c. Dec. 1 *Holders of rec. Nov.20
Munsingwear. Inc
75e. Jan1524 Holders of rec. Dec. 310
National Biscuit, common (guar.)
134 Nov.30 Holders of rec. Nov. 160
Preferred (guar.)
National Cloak & Suit, preferred (quar.) 1% Dec. 1 Holders of rec. Nov. 260
prof.
24
Stores.
Dec. 1 Holders of rec. Nov.15a
1,4
(War.)
Dept.
National
1
Nov.30 Holders of rec. Nov. 90
National Enameling & Stpg.,corn.(qu.)
134 Dec 31 Holders of roc. Dec. 110
Preferred (uuar.
preferred
Feb15'24 Holders of rec. Feb. l'24
1
National Fireproofing,
My 15'24 Holders of rec. may 124
1
Preferred
1 *Holders of rec. Dec. 21
Jan.
*3
National Grocer, Preferred
Dec. 31 Holders of rec. Dec. 144
2
National Lead,common (guar.)
13.4 Dee. 15 Holders of rec. Nov.230
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 10
National Sugar (corn.)
2300
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
New York Air Brake, Class A ((Mar.) -- $1 Jan. 2 Holders of rec. Dec. 3a
Northern Pipe Line
Jan. 1 Holders of rec. Dec. 7
5
Ogilvie Flour Mills, pref.(quar.)
154 Dec. 1 Holders of rec. Nov. 22
Ohio Oil (quar.)
25c. Dec. 31 Nov. 29 to Dec. 23
1,1 Dec. 1 Nov. 21 to Nov. 30
Onyx Hosiery Co.,Pref.(quar.)
The. Jan. 1 Holders of rec. Dec. 16a
Owens Bottle,corn.(quar.)
1% Jan. 1 Holders of rec. Dec. 16a
Preferred (quar.)
Jan. 21 Holders of rec. Dec. I40
Pacific Oil
131
Packard Motor Car (quar.)
1% Dec. 15 Holders of rec. Nov. 30a
*5
Jan. 1
Pacolet Manufacturing, common
*334 Jan. 1
Preferred
Dec. 31 Holders of rec. Dec. 200
Peerless Truck & Motor (quar.)
$1
Phoenix Hosiery, pref.(quar.)
134 Dec. 1 Holders of rec. Nov.170
Dec. 1 Holders of rec. Nov. 15a
Pittsburgh Plate Glass,common (extra). 5
Pittsburgh Steel, corn.(In corn. stock)-- (t)
134 Dec. 1 Holders of rec. Nov. 15a
Preferred (quar.)
Dec. 18 Holders of rec. Nov.27a
1
Pressed Steel Car, corn. (4111ar.)
Preferred (quar.)
154 Dec. 11 Holders of rec. Nov. 20a
3744c Dec. 1 Holders of rec. Nov.15a
Pure Oil Corporation, corn.(quar.)
144 Nov. 30 Holders of rec. Nov. 1
Quaker Oats. preferred (quar.)
Dec. 20 Dec. 9 to Dec. 20
Remington Typewriter,2d pref.(quar.)- 2
First pref. and 1st pref. Series A (au). 134 Jan. 1 Dec. 23 to Jan. 1
2.5c. Dec. 20 Dec. 9 to Dec. 20
Bt. Joseph Lead (quar.)
25c. Dec. 20 Dec. 9 to Dec. 20
Extra
134 Nov.25 Holders of rec. Oct. 31
St.Louis Coke & Iron,7% pref.(quar.)
El Dec. 11 Holders of rec. Nov. 9
St.Mary's Mineral Land
Dec. 1 Holders of rec. Nov. 15a
Schulte Retail Stores, corn.(In pref. Ink.) re$2
Mr 1'24 Hold.of rec. Feb. 15'240
Common (payable in preferred stock)- m$2
131c.
Dec. 1 Holders of rec. Nov. 15a
Seaboard Oil & Gas(monthly)
1410. Jan. 1 Holders of rec. Dec. 15a
Monthly
13.4 Jan. 1 Holders of rec. Dec. 200
Shawmut Mills, common (quar.)
134 Dec. 31 Holders of rec. Dec. 200
Preferred (quar.)
Sherwin-Williams Co., pref. (guar.)- - 1% Dec. 1 Holders of rec. Nov. 15a
50c. Nov.30 Holders of rec. Nov. la
Sinclair Consolidated Oil. cons.(quar.)- •1
Jan. 2 *Holders of rec. Dec. 20
Sloss-Sheffield Steel & Iron, pref.(quar.)
5
Dec. 20 Dec. 1 to Dec. 10
Solar Refining
2
(quar.)
Dec.
pref.
31 Holders of rec. Dec. 10a
Rico
Sugar,
South Porto
2
Dec. 1 Holders of rec. Nov.15
Southern Pipe Line ((mar.)
Spalding (A. G.) & Bros., 1st pref.(qu.) 154 Dee. 1 Holders of rec. Nov. 170
2
Dec. 1 Holders of rec. Nov. 17
Second preferred (quar.)
4
Jan. I
Spartan Mills
I% Nov.30 Holders of rec. Nov.20a
Standard Milling, corn.(quar.)
Preferred (quar.)
134 Nov.30 Holders of rec. Nov.20a
500. Dec. 15 Holders of rec. Nov.200
Standard 011 (California)(quar.)
8244c. Dec. 15 Nov. 17 to Dec. 15
Standard Oil (Indiana)(quar.)
5
Dec. 21 Nov. 21 to Dec. 20
Standard Oil (Nebraska)
Standard 011 (New Jersey)1
Dec. 15 Holders of rec. Nov. 26a
Common ($100 par value) (quar.)___ _
25c. Dec. It Holders of rec. Nov. 26a
Common ($25 par value) (quar.)
Preferred (quar.)
154 Dec. It Holders of rec. Nov. 260
535c. Dec. 15 *Holders of rec. Nov.23
Standard 011 01 New York (quar.)
244 Jan. 1 Holders of rec. Nov. 23a
Standard 011(Ohio),corn.(quar.)
Preferred (quar.)
134 Dec. I Holders of rec. Oct. 28
$1.
Dec. 11 Holders of rec. Nov.20a
Sterling Products,Inc.(extra)
2
Dec. 1 Holders of rec. Nov. 150
Stern Bros., pref.(quar.)
2
Dec. 1 Holders of rec. Nov. 15a
Preferred (quar.)
244 Dec. 1 Holders of rec. Nov. 100
Studebaker Corporation, corn. (quar.)
in Dec. 1 Holders of rec. Nov. 10a
Preferred (quar.)
75c. Dec. 31 Holders of rec. Dec. 70
Texas Company (quar.)
$1.50 Dec. It Holders of rec. Dec. la
Texas Gulf Sulphur (quar.)
500. Dec. II Holders of rec. Dec. la
Extra
Thompson (John R.) Co., corn. (mthly.) 25c. Dec. 1 Holders of rec. Nov. 230
111 Dec. 1 Nov. 21 to Dec. 1
Timken-Detroit Axle, pref. (quar.)
750. Dec. t Holders of rec. Nov. 200
Timken Roller Bearing (quar.)
250. Dec. t Holders of rec. Nov. 200
Extra
5c. Jan. 1 Holders of rec. Dec. 11
Tonopah Extension Mining (quar.)
3
Dec. 11 Holders of rec. Dec. 50
Truscon Steel, common (quar.)
1% Dec. 1 Holders of rec. Nov. 20a
Preferred (quar.)
75c. Jan. 1 Holders of rec Dec. la
Underwood Typewriter, corn.(quar.)134 Jan. 1 Holders of rec. Dec. la
Preferred (quar.)
346 My15'24 Holders of rec May 8a
Union Buffalo Mills, first preferred
244 M315'2, Holders of rec. May 8s
Second preferred
50c. Dec. 1 Holders of rec. Oct. 25
Union Copper Land & Mining
Union Tank Car, common (quar.)
134 Dec . 1 Holders of rec. Nov. 50
154 Dec. 1 Holders of rec. Nov. 50
Preferred (quar.)
United Cigar Stores of Amer., pref.(qu.) 1.% Dec. 11 Holders of rec. Nov. 30a
144 Dec. i Holders of rec. Nov. 150
United Drug, corn.(guru%)
$1.50 Dec. 1 Holders of rec. Nov. 15
2d pref.(quar.)
United Dyewood, pref. (quar.)
154 an22- Holders of rec. Dec. 15,
U.S. Cast Iron Pipe & Fdy.,core.(qu.)
45 Dec. 20 Holders of rec. Dec. 5
34 Dee. 20 Holders of rec. Dec. 5
Preferred (extra)
Preferred ((luar.)
134 Dec. 16 Holders of rec. Dec. lo
2
Preferred (extra)
Dec. 15 Holders of rec. Dec. la
$1
U. S. Gypsum, common (quar.)
Dec. 31 Dec. d6 to Dec. 20
Common (payable in common stock)_ _ h20
Dec. 31 Dec. de to Dec. 20
1
Preferred (quar.)
Dec. 31 Dec. 46 to Dec. 20
1
Janl '24 Holders of rec. Dec. 21a
U.S. Playing Card (guar.)
50c. Jan 1'24 Holders of rec. Dec. 21a
Extra
2
Dec. 15 Holders of rec. Dec. 5a
U.S. Realty & Impt., corn. (quar.)_ _
lig Feb. 1 Holders of rec. Jan. 21a
Preferred (quar.)
141 Dec. 29 Nov.29 to Dec. 2
U.S. Steel Corporation,corn.(guar.) _
Common (extra)
34 Dec. 29 Nov.29 to Dec. 2
13-4 Nov.28 Nov. 4 to Nov. 6
Preferred (quar.)
50c. Dec. 15 Holders of rec. Dec. la
V. Vivaudou,Inc.(Wax.)
50c. Dec. 20 Holders of rec. Nov. 30
Vacuum 011 (quar.)
50c. Dec. 20 Holders of rec. Nov. 30
Extra
3
Dec. 15 Holders of rec. Dec. 7
Valvoline Oil, common (quar.)
Van Raalte Co., let preferred (quar.)._. 13-1 Dec. 1 Holders of roe. Nov.17
I% Dec. 1 Holders of rec. Nov. 200
Vests Battery Corp., pref. (quar.)
Dec. I
Victor-Monaghan Mills, common (qu.)_ *2
*1% Dec. 1
Preferred (quer.)
50e. Dec. 1 Holders of rec. Nov.23s
Wahl Co., corn. (monthly)
500.2 an 1 '24 Holders of rec. Dee. 240
Common (monthly)
13-4 .1 an 1 '24 Holders of rec. Dec. 24a
Preferred (quar.)
1 44 Dec. 15 Holders of rec. Nov. 13
Wamsutta Mills(quar.)
1.q Nov. 30 Holders of rec. Nov. 20
Welch Grape Juice, pref. (quar.)
$1.25 Dec. 20 Holders of rec. Nov.20a
Wells Fargo & Co
Sc. Dec. 20 Dec. 16 to Dec. 20
Western,Exploration (No. 1)
10c. Nov. 30 Holders of rec. Nov. 15
Western States Oil Corp.(monthly)_
134 Dec. 1 Holders of rec. Nov. 15
White (J. G.) & Co., Inc., pref.(quar.)
White (J. G.) Engineering, pref. (quar.) 13.1 Dec. 1 Holders of rec. Nov. 15
White(J. G.) Management, pref.(qum%) 154 Dec. 1 Holders of rec. Nov. 15
White Motor (quar.)
$I Dec. 31 Holders of rec. Dec. 20a
Whitney Mills
*345 an. 1
Doc. 1 Holders of roe. Nov. Oa
Woolworth (F. W.) Co.(quar.)
2
Wright Aeronautical Corp. ((iliac.)
25c. Nov. 30 Holders of rec. Nov. 15a
Wrigley(Wm.)Jr. & Co., corn.(mthly.) 50c. Dec. I Nov.24 to Nov.30
Common (extra)
25c. Dec. 1 Holders of rec. Nov. 24
Common (monthly)
500. Janl'24 Dec. 25 to Jan. 1 1924
Common (extra)
250. Jan l'24 Holders of rec. Dec. 24
Common (monthly)
50c. Feb1.24 Jan.26'24 to Jan.31 '24
Common (extra)
250. Febl'24 Hold, of rec. Jan 25 '24
Common (extra)
25c. Marl'24 Hold. of rec. Feb 25'24
Common (extra)
25o. Aprl'24 Hold.of rec. Nlar 25'24
Wurlitzer (Rudolph) Co..8% Pf.(qu.)
Dec. 1 Nov. 21 to Dec. 2
4
Dec. 1 Holders of rec. Nov. 2
York Manufacturing
•From unofficial sources. 3. The New York Stock Exchange has ruled that stock
The
win 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 Transfer books not closed for this dividend. 4 Correction. e Payable in stock.
(Payable In common stock. p Payable in scrip. h On account of accumulated
dividends. m Payable In preferred stock. a Payable In Canadian funds.
o New York Curb Market rules British Amer. 011 be quoted ex-div. on Oct. 1.
All transfers received in London on or before Sept. 3 will be In time for paymen
transferees.
of dividend to approval
by stockholders.
Subject to
a Dividend is 50 eta.In cash or 244% in common stock,as the stockh older elects.
One-quarter share of new common stock for each share of common now held.
[VOL. 117.
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. 17. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of &Bars-that is, three ciphers [000] omitted.)
New I
apital. Profits Loans,
Reserve
Week ending
Discou t, Cash
Net
Time Bat
with
Nov. 17 1923. Nat'l, Sept. 14 Investin
De- CircuLegal Demand
State, Sept. 10 ments, Vault. Deposi- Deposits. posits. la(000 omitted.) Tr.Cos.,Sept 10
&c.
non.
tories.
Members of Fe d. Res.
Bank of N Y &
Trust
4,000
Bk of Manhat'n 10,001.
Meal& Met Nat 10,001
Bank of America 6,501
Nat City Bank_ 10.001.
Chem Nat Bank 4,500
Nat Butch & Dr
501
Amer Each Nat 5,000
Nat Bk of Com_ 25,001
Pacific Bank...1,000
Chat&PhenNat 10,50('
Hanover Nat Bk 5,001
Corn Exchange_ 9,071
National Park__ 10,000
East River Nat_ 1.000
First National__ 10,000
Irving-Bk-ColTr 17,600
Continental Bk. 1.000
Chase National- 20.000
Fifth Avenue...
500
Commonwealth_
600
Garfield Nat.__ 1,000
Fifth National__ 1,200
Seaboard Nat__ 4,000
Coal & Iron Nat 1.500
Bankers Trust__ 20.000
US Mtge & Tr_ 3,000
Guaranty Trust 25.000
Fidel-InterTrust 2,000
N Y Trust Co__ 10,000
Metropolitan Tr 2,000
Farm Loan & Tr 5,000
Equitable Trust 23,000
Bank. Average. Averag Average Average Aurae Av'ge.
$
$
$3
$
$
63,229
815 6,368
47,391 5,810
133,403 2,204 14.357
103,849 20,393
152,717 4,411 18,811
50
142,485
79,544 1,514 10,612
4,8
31
51
0 5
77,765 2
511,592 4,632 57,008 .
538,187 72,714 2 1
114,773 1,116 12,937
341
97,268 6,021
4,842
59
55
29
3,337
93,209
999 10,450
6,437 4,98
257
1
307,129
973 33,140
25
75
1,3
91
16
1 14,102 27,510
845 3,802
24,381 28212744
147,862 5,634 17,574
6,009.
116,470
114,563
48 13,325
100,515
___
100
183,062 5.508 23,080
164,388 24,454
160,031
984 18,681
126,723 6,052 7:62
15,483
392 1,657
11.932 2,940
50
265,136
541 23,751
176.169 18,843 7,471
250,252 3,826 33,143
250,652 14,323 -7.747
145
6,110
373
93
329,382 4,520 40.93
)5.
22
91
8,3
98
34
2 22.795 1.0123,530
658 2,824
10,845
1,324
56
9,401 1,1181
2:
479
40
14,348
2,146
14,909
249
233 2.271
18,009
16.271 1,012
85
85.054
878 10,527
79,580 1,850
411
916
257 1,811
16,028
13,224
245.071 1,131 26,98
*213,507 24,844 -907 5.855
49,42
45,087 2,793 - 360,693 1,591 39,557 *362,626 41,081 -374 2,551
22,041
18.592 1.995 ---558 15,951
143,405
114,856 19,290
608 4,890
40,591
36,616 2,377
592 12,711
123.002
*90,458 23,140
214.408 1,706 26,209 .
227,788 17,025
12,108
13,816
16,849
5,648
52,241
18.550
152
8,128
39.449
1.723
9.791
21.904
12.876
24,050
832
55,943
11,407
956
23,250
2,525
1,011
1,812
1,190
7,358
1,283
24.228
4,428
18,330
1,945
18,342
4.011
16.171
lo,224
-3.1E..
Total of averages 289,373 440,179 4,327.934 50,046494,563e3,647,278 320,08731,983
Totals, actual condition
Totals, actual co edition
Totals, actua condition
State Banks Not M4
Greenwich Bank 1,000
Bowery Bank__
250
2,500
State Bank
Total of averages
Nov.17 4,312.985 46,861 511,9630,653,324 389.059 32,013
slov.10 4,315,196 51,259504,6350,607,725397,333 32,106
Nov. 34,357,477 57,218470,92303,638,353 392,03132,051
misers of Fed. Res've Bank.
2,337
18.818 1,919 2,083
19,7601
4
879
356
464
5,472
2,8561 2,045
5,009
90,311 3,844 1,997
30,879 56,062
1
4,544
3,750 8,226 114,801
53,4951 58,111
Totals, actual co edition Nov.17 115,758
Totals, actual co edition 5,ov.10 114,248
Totals. actual co edition Nov. 3 114,051
rrust Compan les Not Members of Fed.
Title Guar & Tr 10,000 13,616
54,655
Lawyers Tit & T 6,000 5,480
28,692
Total of averages 16,000 19,098
81,347
Totals, actual co edition Nov.17
Totals, actual co edition Nov.10
Totals, actual co edition Nov. 3
81,316
80,240
89,931
6.038 4.050
5,996 4,011
5,701 3,948
Res'v e Bank
1,552 3,873
848 1.725
2,249
2,478
2,470
54.2291 58,298
52,718: 58.008
52,320 57,947
34,776
18,610
1,426
697
5,398
51.385
2,123' ----
5,542
5,234
5,419
51,596
50,817
51,683
2,114 --_.
2.1251 -2,190 ----
Gr'd aggr., aver. 309,125467,502 4,523,882 58,365 504,505 3,752.188450,321 31,985.
Comparison wit h prey. week. -6.059--1.311 +4,338 +27,08-6,2401 -38
Gr'd aggr., ace ond'n Nov.17 4,510.059 55,148 521,555 3.759,149 449,471 32,015Comparison wit h prey. week
+375 -4.585 +7,675 +48,091 7,995 -91
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act. ond'n
aggr., act' condo
aggr., accl ond'n
aggr.,
ond'n
aggr., ace( cond'n
aggr., =et condo
Nov.10 4.509,884
Nov. 34,552.459
Oct. 274,542.002
Oct. 20 4,532,734
Oct. 134,522.144
Oct. 64.558,34t
59.733513,880
55,509 480,290
57,033 511,777
56,293 21,987
59,334 97,945
5 1,942 00,207
3,711.0S8'457.466 32,108
3,742.286 452,168 32,051
3,707,826 466.553 32,310
3,710,027467,761 32,306
3,661,912 456,721 32,286
3,668,722 461.87532.434
Note.-U. S. deposits deducted from net demand deposits In the generel total
above were as follows: Average total Nov. 17, $13,558,000: actual totals Nov. 17,
510.423,000: Nov. 10, 515,728,000; Nov. 3, 518,503,000; Oct. 27, 618,503.000;
Oct. 20, $23,506,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week Nov. 17. $436,878,000; Nov. 10, $432,465,000; Nov. 3, $436,020,000: Oct. 27, $417,685,000: Oct. 20, $421,079,000. Actual totals Nov. 17, $441,0
31c0
t,d0
20:
,8
N4
7
8..8110
3:00
$0
4.5
.3,939,000; Nov. 3. $401,012,000; Oct. 27, $445,066,000;
• Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $117,308,000: Bankers Trust Co., $11,290,000; Guaranty
Trust Co., $72,702,000: FarmerS' Loan & Trust Co.. $287,000; Equitable Trust
Co., $31,9134,000. Balances carried in banks in foreign countries as reserve for
such deposits were: National City Bank, $19.102,000: Bankers Trust Co., $989,000;
Guaranty Trust Co., 69,189,000: Farmers' Loan & Trust Co., $287,000; Equitable
Trust Co., $1,807,000. 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.
a
Reserve
Cash
Total
Reserve
in
Reserve
Required.
in Vault. Depositaries Reserve.
_
$
$
Members Federal
$
$
494,563,000 494,583,000 485,848,750
Reserve banks...
10,463.000
9,629,100
State banks.
4,544,000
5,919,000
Trust companies_ _ _
2,400,000 5,398,000 7,798,000 7,707,750
$
8,714,250
833,900
90,250
8,319,000 504,505,000 512,824,000 503,185,600
8,485.000 500,167,000 508,652,000 499,698,860
8,178,000 5134,068,000 512,246.000 502,912,530
8,055.000 496,393,000 504,448,000 198,215,800
9,638,400
8,953,140
9,333,470
6,232,200
Total Nov. 17_ __ _
Total Nov. 10_
Total Nov.
Total Oct. 27_ _
Surplus
Reserve.
• Not members of Federal Reserve Bank.
a This is the reser,e 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 n reserve required on net time deposlts, which was as follows:
Nov. 17, $11,702,810; Nov. 10, $11,890,920; Nov. 3, $12,022,290; Oct. 27. $12,163,710.
Nov.24 1923.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks.
State banks*
Trust companies_ _ _ _
6,038.000
2,249,000
Total Nov. 17
Total Nov. 10-Total Nov. 3....
Total Oct. 27_
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
2301
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston.
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
511,963.000 511,963,000 486,603,890 25,359,110
4,050.000 10,088.000 9,761.220
326,780
5,542.000 7,791,000 7,739,400
51,600
8,287,000 521,555.000 529,842,000 504,104,510 25,737,490
8,474,000 513.880,000 522.354,000 498.005.670 24,348,330
8,261.000 480,290.000 488,551,000 501,900,670 613,349.670
8,072,000 511,777,000 519,849,000 497,857,980 21,991,020
• 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 as follows:
Nov. 17, 211,671.770; Nov. 10, 311,919,990; Nov. 3, 311,760.930: Oct. 27, $12,193,200. x Deficit.
Nov. 21
1923.
Changes from
previous week.
Nov.14
1923.
Nov. 7
1928.
$
2
2
$
Capital
57,300,000 Unchanged
57,300,000 57,300,000
Surplus and profits
83,401,000 Inc.
97,000 83,304,000 83,298,000
Loans, disc'ts & Investments. 881,999,000 Dec. 3,768,000 865,767,000 867,681.000
Individual deposIts.bicLU.S.624,663,000 Dec. 710,000 625,373,000 640,031.000
Due to banks
114,150,000 Dec. 1,854,000 116,004,000 122,950,000
Time depostts
128,455,000 Dec.
7,000 128,462,000 128,895,000
United States deposits
9.470,000 Dec. 4,297,000 13.767,00016,845.000
Exchanges for Clearing House 27,966,000 Inc. 4.048,000 23,918.000 33.474,000
Due from other banks
74,336,000 Inc. 5,374,000 68,962,000 10.855,000
Reserve in Fed. Res. Bank
70,355,000 Dec. 1,231,000 71,586,000 72.734,000
Cash in bank and F. R. Bank 9,167,000 Dec.
141,000 0,308,000 9,426.000
Reserve excess in bank and
Federal Reserve Bank__
32,000 1,984.000 2.104.000
2.016.000 Inc.
State Banki and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending Nov. 17, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differencesfrom is not a part of legal reserve. For trust companies not memNov. 17.
previous week.
Loans and investments
$812,763,600 Inc. 84,809,900 bers of the Federal Reserve System the reserve required is
Gold
3,770,000 Inc.
540,400 10% on demand deposits and includes "Reserve with legal
Currency and bank notes
23,352,900 Inc. 1,309,300
Deposits with Federal Reserve Bank of New York
75,432,100 Inc.
192.300 depositaries" and "Cash in vaults."
Total deposits
855,898,000 Inc. 8, 92,400
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 808,949,300 Inc. 10,997,400
Reserve on deposits
139,290,100 Inc 1,490,000
Percentage of reserve, 22.3%.
RESERVE.
-State Banks--Trust CompaniesCash in vault
*331.335 100 10 87%
871,219,900 16.25%
Deposits in banks and trust cos____ 9,918,600 05.33
26,816.50J 6.11
Total
541,253,700 22.20%
298,036,400 22.36%
* Include deposits with the Federal Reserve Bank of New York,
which for the
State banks and trust companies combined on Nov. 17 was $75,432,100.
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
trust companies in Greater New York City outside of and
the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
IN
GREATER NEW YORK.
WeekendedJuly 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sept.15
Sept. 22
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Loam and
investruntS.
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries
i
5,850,244,600
5,335.175,500
5,287,686,600
5,268 638 700
5,229.446.600
5.257.620.900
5,299,993,700
5,305.103.700
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
5.337.904,700
5.336.645.600
$
4,469,997,600
4,452,081,300
4,372,278,000
4,350.022,600
4,336,761.700
4.354,682,100
4,380,653,300
4,404,072,200
4,456.769.600
4,422,478,500
4,488,842,200
4,461,182,100
4,503,825,700
4,495.610,900
4,533,531,000
4,522.471,900
4.561.107.300
$
78.711,400
78,046,100
80,142.000
79,734,800
78,651,400
79,233,800
70,476,700
82.333,900
79.777.500
79.056,100
80,036,500
82,900,900
83,304,800
81,105.600
80,947,800
84,949,200
85487 Ann
$
588,988,700
591,712.400
578.776.900
581.500,000
573.572.600
577,416.800
584.092.300
591.433,500
601.935,000
587,766,500
602.701800
698,292'700
600.034,000
599,275.700
608,689,300
612.693.900
Ala rt,o onn
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-memberinstitutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
(Slated In thousands of dollars-that is, three ciphers 10001 omitted.)
Net Lomis
CLEARING !Capital.Profits. DieNet
Net
NON-MEMBERS
counts. Cash
with Demand Time Nat'l
Bank
INat.hks. Sep.141Insest- in
Legal
DeDe- CircuWeek Ending State bks.Sep.10, ments, Vault. Dm)
Poets. Pmts. lation.
Nov. 17 1923. Tr. cos. Sep. 10; &a.
tortes.
Members of
Felrl Reeve Bank
W.R.Grace & Co_
Total
State Banks
Not Members at
Fedi Rea've Bank
Dank of Wash. Ms
Colonial Bank_
2
Average Average Aurae Average Average Average
$
$
7,219
23
349
1,230 4,372
1.58
7,219
200
38
800 2,21
6,580
22,900
689
2.709
347
1,575
1
5,783 1,435
22,5801
2.60
29,480
3,398
1.922
28,363
2
34
1,23
4,372
5
1,435
40
9.549
349
216
3,597
5,696
40
9,549
349
216
3,597
5,898
4,580 48,248
Grand aggregate-- 2,
Comparison with previous week- - +990
3,770 2,487 a33,190 11,503
+55 --157
+790 +249
Gr'd aggr.,Nov.I0 2.000 4,580 45.258 3,715 2,644 a32,4
Nov.
2.0001
3
43,618
4,680
3,576 2,123 630,8451 11,254
Gr'd aggr.,
Gr'd aggr., Oct. 27, 2.000 4,580 43,357 3,605 2,283 530,782 10,273
Gr'd aggr.. Oct. 20 2.000 4,58043,349 3,652 2,253 n31,509 10,349
-10,09
•United States deposits deducted. $82 000.
Bills payable, rediscounts, acceptances and other liabilities. $120,000
Excess reserve. 2259,710 decrease.
Membersof
Trust
A.R.Systern Companies
Capital
Surplus and profits
Loans. disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not incl.) _ _
Res've with legal deposit's
Reserve with F. R.Bank_ _
Cash in vault*
Total reserve and cash held
Reserve required
Excess res. & cash in vault
$39.875,0
108.274,0
898.686,0
33,079.0
111,044,0
122.382,0
537,182,0
58,761.0
718,325,0
1923.
Total.
Nov. 10
1923.
Nov. 3
1923.
244,875.0 244,875.0 244,375,0
123,787.0 123,787.0 123.287,0
740,263,0 749,115,0 748,390,0
33,453,0 32,960.0 31,520.0
111,056.0 98,838,0 101.128,0
123.278,0 120,770.0 120.815,0
563,574.0 559.568.0 555.875.0
59,734.0 59.524,0 58,442,0
748,586.0 739,862.0 734,732,0
4,263.0
5,926.0
8,615,0
3,282,0
3.176,0
3,269,0
3,282,01
56,142,0 55,965,0 55.598,0
58.142,0
11.052.0 10,969,0 10.589.0
9.792,0
1,2
70,476,0 70.110.0 69.434,0
65.934,0
4,54 .
4,083.0 60.291.0 60,325,0 59,819.0
58.208.0
9,785,0
9,726,0
459,0 10,185.0
9,615.0
Cash in vault not counted as reserve for Federal Reserve members.
$5,000.01
15,513.01
43,597.01
374.01
12.01
896.01
26,392.01
973.01
28.261,01
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. 21 1923 in
comparison with the previous week and the corresponding
date last year:
Nov. 21 1923. Nov. 14 1923. Nov.22 1922.
ResourcesGold and gold certificates
Gold settlement fund-F.R. Board
188,266 169
134,048,337
196,581,452
73,355,659
152,167,000
239,291,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
322.314,506
634,052,640
7,688.697
269,937,111
634,147.340
9,210,345
391.458,000
660,049,000
9,029,000
Total gold reserves
Reserves other than gold
964.035.845
17.202,617
913,294,797 1,060,536,000
33,056,000
17,058.834
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
All other
Bills bought in open market
981.238,462
9,797,678
930,353,631 1,093,592,000
10,651,896
86,574.600
30,070,252
84,419.641
117,985,849
44.299,660
78,419,945
134,899,000
26,077,000
60.225,000
Total bills on hand
210.084,494
U. S. bonds and notes
3,348,750
U. S. certificates of indebtedneesOne-year certificates (Pittman Act)..
2 750 000
AU other
240,705,454
7,505,250
221.201,000
18,731,000
9,224,500
6,500,000
24.290,000
216,163,244
14,151,741
257,435,204
13,806,253
138,700,551
1,077.466
178,131,239
1,204,378
Total earning assets
Bank premises
5% redemp. fund agst.F.R.bank notes
Uncollected items
All other resources
Total resources
270,722.000
10,323,000
324,000
147,358,000
1,599,000
1,361,129,144 1,391,582.602 1,523,918,000
List/BiqaCapital paid in
Surplus
DepositsGovernment
Member banks-Reserve account
all other
29,409,250
59,799,523
29.438,450
59,799,523
27,922,000
60,197,000
3,829,138
699.802.859
14,276.698
13,599,516
695,827,991
14,216,627
13,056,000
713,569,000
12,338,000
Total
717,908,692
F. R. notes in actual circulation
433,314,874
F. It. bank notes In eircu'n-net liability
Deferred availability items
115,786.715
All other liabilities
4,910,090
723,644.134
443,897,910
738,963,000
580,198,000
5,779,000
105,146,000
5,713,000
Total liabilities
Total
Trust Company
Not Member of
Fecrl Res've Bank
Mech.Tr.,Bayonn
Total
$
1,56
Week ending Nov. 17 1923.
Two Ciphers (00)
omiued.
129.911,340
4,891,243
1,361,129.144 1,391.582,602 1.523,918,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
85.2%
Contingent liability on bills purchased
for foreign correspondents
8,040,912
•Not shown separately prior to January 1923.
CURRENT
79.7%
82.9%
12,194.993
11,715,331
NOTICES.
-John Cowan, forme fly publicity officer of the Toronto General Trusts
Corporation, inflow associated with A. J. Dame & Co.. Ltd., advertising
agents. Toronto, where he will have charge of the financial advertising department. Mr. Cowan, who in his new capacity will also direct the publicity of the above-mentioned corporation, is widely knows in financial
circles, and brings to his new connection an extensive experience in financial
publicity. He was recently re-elected the Canadian director for the third
year in succession of the Financial Advertisers' Association, the largest
department of the Associated Advertising Clubs of the World. Mr. Cowan
Joined the A. J. Demo Advertising Agency on Nov. 1.
[Vol,. 117.
THE CHRONICLE
2302
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Nov.22,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding Nceeks 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 2278, 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. 21 1923.
Nov. 21 1923. Nov. 14 1923. Nov. 71923. Oct. 31 1923. Oa. 24 1923. 00.17 1923. Oct. 10 1923
$
376,216,000
600,741.000
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R.. Board
$
388,047,000
534,016,000
$
373,643,000
573,514.000
S
354,739,000
609,186,000
$
375,456,000
618,424,000
$
367.835,000
607,734.000
$
364,693,000
623,054,000
oa. 3 1923. Nov. 22 1922.
g
357,185,000
643,874,000
$
284,750,008
651,862,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
976.957.010 972,093,000 947,157,000 953,925.000 993,880.000 975,569,000 987.747,000 1,001,059.000 936,612,008
2,098,784,000 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 2 077,582.000
69,131,000
59,108,000
59.715.000
62,229,000
60,275.000
54,748,000
67,789,000
53,174,000
61,471.000
Tote gold reserves
Reserves other than gold
3,135,456,000 3,134,009,000 3,122,916,000 3.111.078,000 3,136,412.000 3.125.169.000 3.122,394.000 3,115,830.000 3,083,325,000
72,160,000 130,358,000
72,854,000
71.529.000
77,425.000
72,325,000
72,710,000
75,370,000
80,067,000
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U. B Govt. obligations
Other bills discounted
Bills bought In open market
3,212,881.000 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 3,213,683,000
72,354,000
74,877,000
68,932,000
71,881,000
76,872,000
72,360,000
68.172,000
39,152,000
400,153,000
481,503,000
172,902.000
307,976,000
306,215,000
257,405.000
Total bills on hand
U. S. bonds and notes_
U. S. certificates of Indebtedness
Municipal warrants
1,030,742 000 1,059,562.000 1,065.480.000 1,088,498,000 1,015,985,000 1,045,039,000 1,051.421.000 1.054.563.000
89,628,000
86,803,000
86,251,000
68,332,000
78,657,000
75,440,000
79,907.000
77,574,000
5,514,000
5,075,000
5,031,000
7,790,000
14.852,000
8,286,000
11,663,000
14,263,000
317,000
317,000
51,000
317,000
317,000
317,000
317,000
317,000
871,596.000
151,731,000
143,388,000
27,000
341,635,'.0
404,55:1 000
284,554.000
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
1,166,742,000
1,104,156.000 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
Total earning assets
46,204,000
55,173,000
55,202.000
56,559.000
55,640.000
56,162,000
55,954,000
55,895,000
55,943,000
Bank premises
3,410,000
28,000
24,000
28-00
28.000
28,000
28,000
28.000
28,000
5% redemp. fund agst. F. R. bank notes
684,519,000
663,548,000
646.278.000
680,640,000 787,899,000 588.520.000 611,271,000 660,460.000 840.286.000
Uncollected items
14,605,000
13,118,000
13.470.000
13,690,000
13,828,000
14,019,000
13,470,000
13,945,000
13,076,000
All other resources
5,129,163,000
5,139,973.000 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
Total resources
LIABILITIES.
Capital paid In
Surplus
Deposits-Government
Member bank-reserve account
Other deposits
106,495,000
110,103,000 110,023.000 109,835,000 109,726,000 109,709,000 109,688.000 109.676.000 109,669,000 215,398,000
218,369,000 218,369,000 218,369.000 218,369,000 218,369.000 218,369,000 218,369,000 218,369,000
40,198,000
30,065.000
20,151,000
36,575,000
28,823,000
26,072.000
18,485,000
40,334,000
44,911,000
1,829,069,000
1,891.027,000 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
20,721,000
22,126,000
21,754,000
23,007.000
24.380,000
22,536,000
26,090,000
23.061,000
24,165,000
1,889,988,000
1,936,237.000
1,905.755,000
1,975,322.000
1,909,383,000
1,958,660,000
1,923.538.000
1,941,479.000
1,982,431,000
Total deposits
2,272.308,000 2,299.391,000
F. R. notes in actual circulation
2,223,074.000 2,263,048,000 2,265,556,000 2,224,865,000 2,255,354.000 2,272,391.000 2.288,580.000
26.220.000
485,000
480.000
473,000
529,000
502.000
517,000
523,000
507,000
V.R. bank notesin circulation-net liab_
583.742,000 564,796,000
576,277,000
723,251.000
621,692,000 691,589,000 550.334.000 555,914.000 589,636,000
Deferred avallabillt7 Items
26,875,000
21,423,000
22.320,000
22,447,000
23,207.000
21,754.000
24,029.000
23,210,000
24,505,000
All other liabilities
5,129,163,000
5,139,973,000 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
Total liabilities
Ratio of gold reserves to deposit and
73.6%
74.4%
74.4%
73.6%
75.1%
75.3%
74.8%
74.4%
73.8%
F. R. note liabilities combined
Ratio of total reserves to deposit and
76.7%
75.8%
76.1%
75.3%
76.8%
77.1%
76.3%
75.6%
76.5%
F. R. note liabilities combined
Contingent liability on bills purchased
31,494,000
34,276,000
36,015,000
40,523,000
42,331.000
25,045,000
38,946,000
44.102,000
35,709,000
for foreign correspondents
DirribittWn by Maturities1-15 days bills bought In open market_
1-15 days bills discounted
1-15 days U. IS certif. of indebtedness..
1-15 days municipal warrants
16-30 days pins bought in open nie,ftet_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bins bought in open =vice_
31-60 days bills discounted
31-60 days U. B. certif. of indebtedness.
31-60 days municipal warrants
01-90 days bills bought In open market.
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness
01-00 days municipal warrants
Over 90 days bilis bought in open market
Over 90 days bills discounted
Over 90 days certif. ot indebtedness
Over GO days municipal warrants
$
90,994,000
489.878,000
2,818,000
41,031,000
73.420,000
1,166.000
10.000
80,488.000
108,193,000
1,000
31,000
64,186,000
50,977,000
10,000
7,855,000
23,720,000
746,000
$
84,356.000
520,155.000
9,289,000
266,000
43.170,000
84,621,000
$
00,763,000
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
5,961,000
19,251.000
3,703,000
10,000
3
64,180.000
594.529.000
6,274.00
$
54,198,000
487.038.000
3,200.000
$
63.283,000
558,679,000
4.595,000
$
63,939,000
578,169.000
1.923.000
3
57,237,000
585,560,000
4,053.000
5
61,797,000
418,318,000
2,471,000
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
42,733,000
50,636.000
507,000
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
266,000
43,728.000
75,599.000
261,000
41.000
4,340.000
13.374.000
2,891,000
10,000
266,000
39,500.000
80,435,000
361.000
92,365,000
74,195,000
4,220,000
27,000
49,383,000
42,691,000
76,000
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
4,540,000
13,598,000
1,100,000
51,000
11,127,000
28,348,000
136,114,000
Federal Reserve NaasOutstanding
Held by banks
2,721.504,000 2,730,668,000 2,725,392.000 2,720,586.000 2,736.852,000 2,743,726.000 2,739.384.000 2,736,530,000 2,694,664,000
498,430.000 467,620,000 459.836,000 495,721,000 481,498,000 471,335,000 451,304,000 464.192,000 395,253,000
2,299,391,000
2,223,074,000
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
actual
In
3,583,482,000
Amount chargeable to Fed. Res. Agent 3,614,813,000 3,593,957,000 3,576,956,000 3.590,810,000 3.614.101.000 3,617,660,000 3.600,728.000 3,598,001.000 888,838,000
893,309,000 865,239,000 851.564,000 870,224,000 877,249,000 873,934,000 860.844.000 861,504,000
In hands of Federal Reserve Agent
2,694,644,000
2,721,504.000 2,730.668,0002,725.392,000 2,720.586.0002.730.852,000 2.743,726,000 2,739,884,000 2,736,500,000
Issued to Federal Reserve BankS
How SecuredBy gold and gold certificates
By eligible paper
Dold redemption fund
With Federal Reserve Board
Total
376,317,006
320.534.000 320,534,000 320,534,000 320,534,000 320.534.000 320.534.000 320,534.000 320,534.000
622,720.000 623,500,000 617,422,000 634,904.000 647,494,000 656,355.000 665,512.000 680,837,000 617,062,000
115,375,000 119,972,000 107,548,000 116,669,000 113,435,000 122,860.000 112,074,000 114,668,000 128,489,000
1,572,776,000
1,662,875,000 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
2.721,501,000 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 2,694,644,000
989,630,000 1,008,312,000 1,011,460,000 1,047,588,000
Eligible paper delivered to F. R. agent
•Not shown separately prior to Jan. 1923.
965.676,000 1.005,838.000 1,007.544.000 1.014,796.000
CLOSE
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
.
,
Two etphers(00) omtued.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City
Federal Reserve Bank of$
$
$
S
$
$
$
$
$
$
RESOURCPS.
21,307,0 188,266.0 39.788,0 13,693.0 7,534.0 6,263,0 49,499,0 4,703M 8,818,0 3,147,0
Gold and gold certificates
Gold settlement fund-F.R.13'rd 60,531.0 134.048,0 36,679,0 77,393,0 29,348.0 12.583,0 96,823,0 30,584,0 25,165.0 40.883,0
835,535,000
OF BUSINESS NOV. 21 1923
Dallas. SanFron.
3
$
11,802.0 21,396,0
14,907,0 41,777,0
Total.
$
376,216,0
600,741,0
Total gold held by banks
Gold with F. It. agents
Gold redemption fund
81,858,0
167.995.0
8,645.0
322,314.0 76,467.0 91,036,0 36.882.0 18,846,0 146,322,0 35,287,0 33,983,0 44,030.0 26,709,0 63,173,0 976,957,0
634,053,0 167,045,0 213,112,0 64,877.0 70,600,0400.580,0 35,120,0 46,419,0 32,774,0 27,923,0 238,286,0 2,098,784,0
59,715,0
7,669,0 8,824,0 2,437,0 3.988,0 5,481,0 5.521,0 4,331,0 2,625,0 5,261,0 1,888,0 3,045.0
Total gold reserves
Reserves other than gold
258,498,0
6,001.0
964,036.0 252,336.0 306,635,0 105,747.0 94,927,0 552.423,0 74,738.0 83,027,0 82,065,0 56.520,0 304,504,0 3.135,456,0
1,303,0 4,009,0 6.302,0 1,958,0 ,77,425,0
17,202.0 7.570,0 5,032,0 3,891,0 6,895,0 8,309,0 8.953.0
981,238,0 259,906,0 311,667,0 109,638,0 101,822,0 560,732,0 83,691,0 84.330,0 86.074,0 62,822,0 306.462,0 3.212,881,0
71,881,0
9,798,0 2,513,0 4,305.0 1,764,0 7,445,0 6,545,0 7,804,0 1,729,0 3,745,0 2,835,0 7,301,0
264,499,0
Total reserves
15,597,0
Non-reserve cash
discounted:
Bills
Secured by U.S.Govt.obliga'ns 19,468,0
31,318,0
Other bills discounted
30.675,0
Bills bought In open market
81,461.0
Total bills on hand
4.068.0
U. S. bonds and notes
68.0
U. B. certificates of Indebtedness_
Municipal warrants
Total earning assets.
Q. nn, n
341,635,0
86,575,0 37.741,0 34,414,0 24,401,0 23.351,0 46,663.0 20,978,0 5.944,0 22.308,0 3.032,0 16,760.0 404,553,0
39,070,0 13,506,0 26,127,0 34,122,0 59,365,0 46,039,0 49,046,0 18,827,0 37,445,0 12,643,0 37,015,0 284,554.0
710,0 40,886,0 17,038,0
51,0
22,0
84,420,0 27,221,0 28,930,0 2,323,0 10,407.0 41,871.0
70,843,0 1,030,742.0
210.065.0 78,468,0 89,471,0 60,846,0 93,123.0 131,573,0 70,046,0 24,322.0 60,463,0 56,561.0 9,185,0
68,332,0
250,0 7,127,0
7,865,0 6,548,0 6,279,0
3,349,0 12,367.0 9,953,0 1,341,0
5,031.0
231,0
2,0 1,132,0
810,0
38,0
2,750,0
51,0
51.0
naa
'CAI%
nn 000 n -inn 0,1 A
RO 1,17
n
04 .1)4)
n
1A0 1210 n
On nan n
00027
n
4170.4') A
no °Ann
Ind-011AI
101
104)
n
Nov.24 1923.]
THE CHRONICLE
RESOURCES(Condo:UMTwo Maas(00) omitted.
Bank premises
6% redemption fund
Y. R. bank noted
Unoollected items
All other resources
$
4,434,0
$
9,816,0
$
745,0
8
14,152,0
$
2.617,0
against
61,729,0
168,0
2303
Ma. Cleveland Richmond Atlanta. Chicago. St. Louis. Mils:map. Ran, Cite Dana,. San
Fran.
Boston. New York.
$
2,924,0
$
8,715,0
$
1,269,0
S
1,935.0
$
4,970,0
3
1,953,0
$
3,029,0
28,0
138,700,0 59,287,0 67,130,0 65,403,0 29,443,0 85,892,0 37,816,0 17,260.0 39,972.0 31,964.0 46,041.0
1,077.0
394,0
257,0
510,0
475,0
669,0
49,0 2,581,0
822,0 3,225,0 3,601,0
Total.
$
56,559,0
MA
228,0
660,640.0
13,828,0
Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits: Government
Member bank-reserve aeoit
Other deposits
432,024,0 1,361,129,0 413,581,0 493,546,0 212,119.0 235,729,0 805,191,0 200,675,0 140,522,0 202.825,0 165,667.0 446,965,0
5.139.973,0
7,890,0
29,409,0 9,931,0 12,348,0 5,755,0 4,434,0 15,224,0 5,007,0 3,498,0 4,548,0 4,196,0 7.863.0 ail IN .1
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 15.263,0 110.103,0
2,128,0
3,829,0 1,689,0 1,718,0 1,536.0 1,832,0 3,383,0 2,469,0 1,173,0 1,911,0 1,834,0 2,570,0 218,369,0
26,072.0
124,429,0 699,803,0 116,246,0 157,339,0 61,489,0 53,520,0 277,146,0 65,280,0 48,611,0 77,921,0 58,230,0 151,013,0
1,891,027,0
186,0
14,277,0
388,0 1,121,0
163,0
419,0
192,0 1,229,0
456,0
739,0
388,0 4,822,0
24.380,0
126,743,0 717,909,0 118,323,0 160,178,0 63,188,0 55,544,0 281,758,0 68,168,0 50,240,0 80,571,0 60.452,0 158,405,0
Total deposits
220,369,0 433,315,0 212,679.0 236,817,0 100,907,0 143,669,0 401,919,0 74,808,0 61,124,0 63,957,0 56,810,0 216,700.0 1,041,479,0
W. R. notes in actual circulation
2,223,074.0
F. R. bank notes in circulationIII
net liability
502,0
502,0
Availability
Items
59,496,0
Deferred
115,787,0 51,864,0 .58,555,0 59,440,0 21,397,0 73,471,0 41,552,0 16,898,0 42,949,0 33,795,0 46,488,0
1,214,0
4,909,0 2,035,0 2,153,0 1,541,0 1,743,0 2,421,0 1,475,0 1,289,0 1.312,0 2,416,0 2,246,0 621.692,0
All other liabilities
24,754,0
432,024,0 1,361,120,0 413,581,0 493,546,0 242,119,0 235,729,0 805,191.0200,675.0 140,522,0 202,825,0 165,667.0 446,965,0
Total liabilities
5,139,073,0
Memoranda.
Ratio of total reserve, to deposit
and F. It. note liabilities combined, per cent
76.2
85.2
78.5
78.5
66.8
51.1
82.0
56.5
75.7
81.7
53.6
59.6
77.1
Contingent liability on bills Purchased for foreign correspond'ts
0 n11 n 2 236 n 2 gns 0 1 300(1 1 nng n 1111 i n
1 1.14(1
004.11 1 110 n
611111 1 84ft n
90 045 0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS NOV. 21 1923.
Federal Reserve Agent at-
Boston. New York Phila,
Resources
(In Thousands of Dollars)
$
Federal Reserve notes on hand
89,050
Federal Reserve notes outstanding
237,632
Collateral security for Federal Reserve notes outstanding
Gold and gold certificate,
35,300
Gold redemption fund
14,695
Gold Fund-Federal Reserve Board
118,000
Eligible paper Amount required
69.637
(Excess amount held
11,824
Cleve. Richned Atlanta Chicago.
St. L.
Minn. K.City. Dallas. San Fr.
Total.
$
$
$
$
8
313,260 43,600 52.120 30.840 73,977
709,128 235,452 267,804 112,876 155,042
$
$
$
$
$
$
5
134,240 24,390 11,285 32,753 25,094 62,700 893,309
449.240 92,095 63,925 76,038 60,722 261,550 2,721,504
235,531 7,000
27,522 13,156
371,000 146,889
75,075 68,407
108,986 3,853
11,080 13,052
7,391
320,534
8,935 2,040 1,367 3,414 4,032 17,600 115,375
391,645 22,000 32,000 29,360 16,500 220,686 1,662,875
48,660 56,975 17,506 43,264 32,799 23,264 622,720
85,698 13.045 5,207 16,769 22,305 47,088 366.916
2,400
8,780
14,332 2,082 61200
190.000 62,795 62,000
54,692 47,999 84,442
32,227 11,4'37 8,477
Total
576,138 1,840.502 518.357 619,955 268,029 392,538 1,118,118 221,625 144,342 201,598
168,843 632.888 6,703,233
Net amount of Federal Reserved notes received from
Comptroller of the Currency
326,682 1,022,388 279,052 319,924 143,716 229,019 583,480 116,485 75,210 108,791 85,816
324,250 3,614,813
Collateral received fromf Gold
167,995 634,053 167,045 213,112 64.877 70,600 400,580 35,120 46,419 32,774 27,923
Federal Reserve Bank lEligible Paper
81,461 184,061 72,260 86,919 59,436 92,919 134,358 70,020 22,713 60,033 55.104 238,286 2,098,784
70,352 989,636
Total
576,138 1,840,502 518,357 619.955 268,029 392,538 1,118,418 221,625 144,342 201,598 168,843 632,888
6.703,233
Federal Reserve noted outstanding
237,632 709,128 235,452 267,804 112,876 155,042 449,240 92,095 63,925 76,038 60,722 261,5502,721.504
Federal Reserve notes held by banks
17,263 275,813 22,773 30.987 11,969 11,373
47,321 17,287 2,801 12,081 3,912 44,850 498.430
Federal Reserve notes In actual circulation
220.11,9 411 115 919 079 916 21711110 8117 111 609 401.919 74.803 (11.124 63.9.57 .50 510 910.700 2.223 074
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
Oct.
18
1917,
of
published in the "Chronicle" Dee. 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 2278.
I. Data for all reporting member banks in each Federal
Reserve District at close of business Nov. 14 1923. Three Ciphers (000) omitted.
Federal Reserve District.
ROMber of reporting banks
Loans and discounts, gross:
Scoured by 11.13 Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
U.S. pre-war bonds
n.H. Liberty bonds
U. S. Treasury bonds
U. S. Treasury notes
17.8. Certificates of Indebtedness
'Aber bonds, blocks and securities-
Boston
New York
43
113
$
$
12,886
90,520
227,556 1,507,358
645,6862,556,862
886.128 4,154.440
12,641
48,483
78,810 463,584
4,801
26,022
28,716 479,622
3,962
16,884
176,151 742,820
Total loans & dilets & Investm'ts. 1,191,209 5,931,855
Reserve balance with F. R. bank.,_.
87,414 624,102
Cash In vault
84,429
20,400
Net demand deposits
832,793 4,779,364
Time deposits
268,716 886,461
Government deposits
17,801
12,853
Bills Payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obligations
7,735
95,070
All other
34,174
23.367
Phila.
Cleveland Rtchmond Atlanta I Chicago St. Louis Minnearo, Kan.City
55
81
76
$
27,661
402.558
696,101
New York City.
Dallas
San Fran
Total
106
35
28
$
8.865
122,457
336,590
74
$
$
7,309
36,794
66,064 591,339
373,189 1,144,887
52
S
12,829
142,411
317,213
S
4,434
39,003
209,495
$
6,277
81,294
348,157
$
3,607
65,287
220,569
767
S
$
12,162
240,581
185,945 3,687,325
799,693 8,001,663
627.551 1,126,320
10,094
47,982
43,776 116.416
3,260
4.499
48.347
56,559
1,845
5.401
181,190 294,241
467,912
29,648
26,203
3.064
14,501
2,028
51.471
440,5621,773,020
14,4741 24,769
95.809
14,318
12,013
1,661
5,0261 110,640
5,795
15,664
43,0791 342,347
472,453
15,193
22,978
6,971
17,308
5,367
85,163
252,932
9,161
11,879
955
27,639
2,101
26,474
435,728
11,340
46,970
4,213
17.761
3,519
58,698
288.923
20,611
13.158
2,527
12,937
4,029
12,551
997.800 11,929.769
275.642
30,646
95.464 1.029,370
12,015
82,001
36,707
856,666
0,051
75.736
155,963 2,170,153
916,663 1,651,508
70,094 110,445
17,410
32,727
685,179 893,506
110,191 602.322
5,423
8,757
594,835
36,700
15,159
347,187
151,871
2,566
531,8152,374.262
32.458 212.747
11,320
57,027
274.083 1,498,474
181,083 794.533
3,817
7,369
625,433
39,960
8,835
333,472
192,391
3.145
331,141
23,901
6,140
211,121
82,886
1,185
578,229
42,190
13,187
401,499
132.739
905
354,736 1,337,651 16.419,337
96,683 1,404,820
28,126
22.695
10,273
299,592
256,160 763.360 11,276,218
77,321 547.109 4,028,523
6.374
2,813
73,008
9,239
4,765
18,560
Al 752
5201
90 501
$
17,777
256,053
353,721
16,694
12,225
29,514
21.778
2. Data of reporting member banks In Federal R
Three ciphers (000) omitted.
39
City Of Chicago.
Nor. 14. Nov. 7. Nov. 14. , Nor. 7.
15,499
16,136
91 195
21 11.17
24,889
Inn.,
2,249
2 nic
65
12.989
253.339
1741,
1
901 (NtA
Bank and branch cities and all other reporting banks.
AU F. R. Bank MU.s.F. R. Branch Cities Other Selected Cities.
Nov. 14. I Nov. 7.
Nov. 14.1 Nov.
Total.
INov. 14.1 Nor. 7. Nov.14 '23 Nor. 7 '23 Noc.15 '22
Number of reporting banks
67
67
49
49,
2051
2561
258
205
304
304
Loans and discounts, grosg;
767
767
78.5
$
S
I
$
S
Secured by U.S. Govt. obligation
82,8431 70,779
28,233, 27,309
166,3231
153,355
38,6651 40,203
35,593
35,859
240,581
Secured by stocks and bonds
229,417
1.318,3121,310,768 445.500 450,902
303.072
2,573.893
2,589,546
604,949
605,628
507,804
504.362 3,687,325 3,698,857 3,686,779
All other loans and discounts
2,242,4072,236,900 676,2941 683,469
4,941.055i 4,934,242 1,666,20Z1,663,304 1,394,6661,395,163 8,001,863 7,992.709
7,243,367
Total loans and discounts
i
3,643,5623,618,447 1,150,0271,161,680
7,677,1432,310.495
7,681,2711
2.308,456 1,938,0031,935.384 11,929.769 11,920,98311,233,218
U.A. ore-war bonds.
37.52814,181
37,628
4,181
93,252
93,121
77,0201 76.886 105,370 105.377
275,642275,387)
U. B. L'berty bonds
404,711 407,5061 38,510
38,304
630,588
631,85•_ 231.190, 239,037 167,592 167,722 1,029,370 1,041.61111,506.639
U. B. Treasury bonds
18,442
18,416
5,103
5,225
43,3891
18,8031
43,971
18,695
19,812
20,467
U.S. Treasury nnlem
82,001
83,138 1
447,544 442,0141 65,358
66,831
640,229
630,107 139.3081 139,258
77.129
77,969
U.9. Certificates of Indebtedness
856,666
856,630 .688.321
12,444
13,281
4.024
4,260
25.8251 25.914
35,9221
33.315
13.989
13,841
Other bonds, stocks and securities
75,736
532,928
532'223L5 167,059 1,152,227 1,150.149 534,150, 562,921 433.776 434,479 2.170,153 2,167..
'
1.6
07
45
7
730
93
0
54
75 2,25
Total loans & dise.te & Invest•tiL 5.098,070 5,069,5041,435,2081.44
7,54310,370,37510,271 .5. 3,343,79f3,391,167 2,755,671 2,755,23916,419,337 16.418,36415,773,800
Reserve balance with F. R. Bank__ 576,115 556,356 151,531
137,352 1,031,173
970.i4. 21%155, 227,021 167,589 161.070 1,404,820 1.358.176 1,391,559
Cash in vault
73,897
69,174
30,623
.,1
29.821
150,317
153, 4
' 84,843
84,497
Net demand deposits
299,592
294,115
304,861
4,287,202 4,210,970 1,019,362 1.003.14Z. 70.95,015 7, 01. ,.
'1,676.575 1,052.221 11,276,21811.129.60011.126,537
,011 59'1.877.235
Time deposits
600,509 606.400 371,164 349,31. 1,3 1,316 1,9 7.2'
1 .,"91.1911,201,•!79
861,751 863,682 4,028,523 4,033,525 3,651,805
Government deposits
21,03o
15,637
3,477
4,711
4,out.,
,..3,11
' i OS ; ::.1.551
6,218
8,275
Bills payable and rediscounts with
96,531
189,515
73,008
F. It. Bank:
1
1
Secured by U.S. Govt.obligations
66.221
62,460
9.221
0, IR I
14,70:
1^.1 '5.
65.1
43,129
253,339 264,665
49,052
All other
235,847
1
37.597
25,73
7,260
15,69E.
113,L7
.21,499
132.12
11,20
51,731
53,612
274,506
'lath) of bills payable & rediscounts,
251,003
167,320
with F. R. Bank to total loans
and investmente, Per Cent
1.7
2.0
1.1
2.1
4.0
4.1
2.4
2.7
3.4
3.6
3.1
3.31
2.6
• Includes IctorY noiee
Canhere MazettcWall Street, Friday Night, Nov. 23 1923.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2294.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEICLY AND YEARLY.
Foreign
$1,280,000
2,211,000
1,406,000
1,937,000
1,805,000
2,814,000
5959,000
3,096,000
2,026,000
1,474,000
1,284,000
1,234,000
$3,144,000
4,515,000
5,490,000
6,031,000
5,151,000
5,574,000
378,557
907,940
881,594
1,371,780
1,541,100
1,017,560
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
United
States
Bonds.
State,
Municipal &
Bds.
Railroad
Ae.
Bonds.
Stocks,
Shares.
Week Ending Nov. 23.
6.095,471 $52.33 .000 $10,973,000 $11,453,000
Jan. 1 to Nov. 23.
Week ending Nov. 23. I
Total
Sales at
New York Sleek
Exchange.
1922.
1923.
1922.
1923.
4,139,120
6,098,471
Stocks-No. shares_ _ _
Bonds.
Government bonds_ _ _ $11,453,000 $15,697,350
10.973,000 10,093,000
State & foreign bonds_
29,905.000 29,245,000
RR. & mlscell. bonds_
206,108,032
233,535,032
$723,208.700 $1,763,433,700
545,017,000
408,414,000
1,382.952,000 *1,880,514,000
$52,331,000 $55,035,350 32.514,574,700 54,188,964,700
Total bonds
•Corrected total.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
BONDS (Par Value)
STOCKS (No. Shares).
00.
ind.&Mis.1
Week Ending Nov. 23.
61,050i
75,730
80.430
63,570,
57,820,
55,465'
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
48,930
112,225
161.055
200,480
170,425
199,290
Domestic. Porn Govt.
Alining.
$37,000
83,000
105,000
158,000
379,000
175,000
3138,000
238,000
238,000
327,000
285,000
258,000
457,920
495,100
464,815
499,630
435,600
335,635
394,065
392,405 2,688.700 $1,484,000 $937,000
Total
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Baltimore.
Philadelphia.
Boston.
Week ending
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Nov. 23 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
*5,710
*12,250
*10,461
*20,262
*13,322
10,652
547,150
280,800
50,100
30,750
51,950
7,000
5,108
7,328
12,038
13,008
8,676
6,016
325,500
314,600
319,200
122,700
177,000
15,200
332
1,560
575
813
915
557
$11,000
14,300
60,000
11.200
9,000
23,300
72,657
5467.750
52,174
$974,200
4,752
$128,800
6.005 $146,300
44 712 51 562 900
75 750 5517 720
Prey week revised
•In addition as es of rights were: Saturday, 2,900; Monday, 4,381; Tuesday,
2.906; Wednesday. 5.628; Thursday. 4.626
Daily Record of U. S. Bond Prices. Nov. 17 Nov. 19 Nov. 20 Nov. 21 Nov. 22 Nov. 23
First Libert LoanHigh
334% bonds of 1932-47_.{Low_
Close
(First 334s)
Total sales in $1,000 units. __
Converted 4% bonds of {High
Close
Total sales in 31,000 units_ _ _
{
Converted 434% bondsHigh
of 1932-47 (First 441,$) Low_
Close
Total sales in 31.000 units__
Second Converted 434% {High
bonds 01 1932-47 (First Low_
Close
Second 43j8)
Total sales in $1,000 units__
{High
Second Liberty Loan
4% bonds of 1927-42___ _ Low_
CICIEle
(Second 4s)
Total sales(0 51.000 units _ _ _
Converted 431% bonds {High
Low_
of 1927-42 (Second
Close
431s)
Total sales In $1,000 units___
High
'third Liberty Loan
431% bonds of 1928_ __ _ Lew_
Close
(Third 4 30)
Total sales in ELMO units._
High
Fourth Liberty Loan
4;i% bonds of 1933-38._ Low_
ICiose
(Fourth 4340)
Total sales(0 31,000 units__
{High
treasury
Low_
44f9, 1947-52
Close
9937 31
9925,,
990532
91
99.22
9924,2
991451
9917,,
99031
992I32
992232
992132
20
99'llii
197
99,0ii
659
9932si
244
____
____
98"n
98'n
98,8
973232
980.,
972723
23
171
____
972in
-___ 972'n
____ 9724,t
____
5
-_-- 9722;
____ (nth,
____
98.00
972533
972232
21
9722n
9723n
972233
10
972533
972333
____
9722n
972632
972233
29
----- - -
- --9828
973232
98.00
61
- -- -- - -
---..
972l22
972232
_---
____
98222
972133
97032
157
99533
91432
99232
334
984n
98.00
98'n
116
99333,
991333
99ilsi
3
98132
97032
97032
269
99232
982,n
982122
1.376
98233
97223i
972'n
715
9934.1
972222
9724n
972512
562
98 132
982622
98022
784
972033
973s3
97032
527
993233
993233
991022
lay
972233
972233
972222
258
99"22
9932n
575
992232
51
.
99
9920,,
99'in
121
255
---98233
97022
98.00
23
-------
-----08.00
-----9723.2
982332
982532
982,32
707
97033
97033
973032
568
99133,
99232
991233
101
----98.00
971122
97%2
972232
276
99233
082232
982,32
740
98.00
972233
973332
463
990532
993232
991233
155
2
98.00
972232
98.00
520
99223
98032
99,32
1,241
983ii
972233
98.00
775
99033
99,432
99,532
149
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
23
30
1
17
33
9922n to 99,1:2 29 3d 45.4s
9705n to 972352 122 4th 431s
972333 to 9722n 12 U.S. Treasury 4415
973033 to 972123
lot 334s
1st 43js
2d 45
2d 431,
99li2 to 93 n
98331 to 972533
991033 to 09'n
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
rru.
BIB. Asked.
Maturity.
June 15
SePt.15
Mar. 15
Mar. 15
Dee. 15
[VoL. 117.
THE CHRONICLE
2304
1924_ _ _
1924___
1925___
1926.....
1925___
Role.
Bill.
531%
555%
444%
444%
434%
•100H
10012is
10031
100%
99%
Asked.
M alit;Ity.
Rate.
Sept. 15 1926_._ 4H% 99214
101
101413 June 15 1925___ 444% 100
100% Dec. 15 1927_ 434% 100
99,214
10024 Dec. 15 1923_ _ _ 4%
Mar. 15 1924___ 434% 100,n
100
Mar. 15 1927___
% 10034
Mar 15 1924_ __ 4H% 100
991,16
100%
10041
100
100118
100%
100%
Foreign Exchange.-Sterling exchange was subjected to
violent fluctuations, both up and down, with a new low record established on the current movement.
To-day's (Friday's) actual rates for sterling exchange were 4 33%0
37 13-16
4 35 5-16 for sixty days, 4 36@4 37 9-16 for Checks and 4 363164
7-16; sixty days
for cables. Commercial on banks, sight, 4 35%@4 37
documents for
4 3334@4 33 11-16; ninety days, 4 3254@4 33 11-16, and
payment (sixty days). 4 33%04 35 3-16. Cotton for payment, 4 35%0
464 37 7-16.
4 37 7-16, and grain for payment. 4 357
2734(4)
To-day's (Friday's) actual rates for Paris bankers' francs were 5 are
marks
not
5 3234 for long and 5 33085 38 for short. Germany bankers'
yet quoted for long and short bills. Amsterdam bankers' guilders were
short.
for
37.90©37.97
and
37.54©37.61 for long
Exchange at Paris on London, 81.32 fr.; week's range, 81.60 fr. high and
80.20 fr. low.
The range for foreign exchange for the week follows:
Gables.
Checks.
Sixty Days.
Sterling Actual43934
4 37
k
111 b for the
• 34.
42631
426
4 23%
Low for the week
Paris Bankers' Francs5 56
5 55
5 48%
High for the week
55334
5 2934
52834
Low for the week
Marks
Bankers'
Germany
0.000000000020 0.000000000020
High for the week
0.000000000015 0.000000000015
Low for the week
Amsterdam Bankers' Guilders38.19
38.15
37.73
High for the week
36.99
36.95
37.09
Low for the week
per $1,000
1513825c.
Louis,
St.
par.
Exchange.
-Chicago,
Domestic
discount. Boston, par. San Francisco, par. Montreal, $21.1250 per
$1.000 discount. Cincinnati, par.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Noy. 23.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
Railroads.
Sept
Oct 34
700 3034 Nov117 3244 Nov 23 30
Bklyn Rap Tr full paid__
Aug 234 Jan
Nov 23 1
Nov 23 1
100 1
Brunswick Termlnal_100
Jan
Nov 68
Nov 19 51
Nov 19 51
100 51
Buff Roch & Pitts_ .100
100 50 Nov 22 5034 Nov 22 50 June 52 June
Buff & Susa, pref v t e100
Nov
Apr 53
100 53 Nov 19 53 Nov 19 50
Canada Southern_ _ _ _100
Feb
July 231
500 211 Nov 21 212 Nov 21 175
Central RR of N J _ 100
Nov
Jan 115
Louls_ __ _ 100 3,200i 9834 Nov 17 115 Nov 22 76
C&10
Ctpm
Cs
e
Mar
800 5234 Nov 20 54 Nov 21 48% Oct 78
100
Jan
Oct 55
100 45 Nov 21 45 Nov 21 35
Colo & South,2d pf _ _100
Oct 104% Nov
Ill Central, pref w 1_ _100 1,600 103% Nov 1910434 Nov 23 02
44 Nov 19 3-16 Oct 7-16 Nov
20,03 5-16 Nov 19
Rights
1901 1934 Nov 22 1934 Nov 22 15
Au 2534 Feb
Int & Gt No Ry w 1_ _100
10
100
Iowa Central
134 Nov 23 144 Nov 23 131 Nov 634 Feb
Nov 7334 Mar
900148 Nov 20 50 Nov 23 47
Al St P & S S M___ _100
July 6334 Mar
59 Nov 19 59 Nov 19 58
1
Leased line certifs_100
2001 5 Nov 22 5 Nov 22 431 Nov 9. Mar
Nat Rys Mes, 1st pf _100
July 10034 Jan
N Y Lack & West_ _ _100
203 97 Nov 19 97 Nov 19 96
Nov
Sept 24
Pacific Coast,2d pref 100
100 16 Nov 23 16 Nov 23 15
July
Jun 138
Pitts Ft W & Ch,pref 100
100137% Nov 1013734 Nov 19 128
Virginia Ry & Power_100
10134 Nov 22 34 Nov 22 3031 Aug NM Oct
Industrial & Miscell.
Jan
Oct 106
All America Cables_ _100
200 9534 Nov 22 9534 Nov 23 95
Feb
Am Beet Sugar, pref.
100 7234 Nov 20 7234 Nov 20 65 June 80
_100
Nov
65
Feb
22
22
Nov
American Chicle, pref100
200 51 Nov 20 52
_ 136 Nov 2013834 Nov 20 130 June 152 31 Feb
100
American Snuff
Nov 5834 Feb
300 4134 Nov 22 4334 Nov 19 41
Am Teleg & Cable_ 100
July 5734 June
300 52 Nov 19 52 Nov 19 51
Atlas Powder, new..__•
100 87 Nov 20 87 Nov 20 8234 Aug 9054 Jan
100
Preferred
Aug 10034 Jan
Amer Rolling Mill, pf 100 300 99 Nov 22 9931 Nov 21 96
All Fruit Col Trust Co
34 Nov 2% Feb
% Nov 22 134 Nov 20
1,100
elf of deposit
• 200 1134 Nov 21 1134 Nov 21 1031 Jun 2034 Feb
Atlas Tack
Jan 434 Feb
100 2% Nov 20 234 Nov 20 2
50
Auto Sales
Oct 124% Apr
100 9736 Nov 19 9734 Nov 19 95
Bayuk Bros, 1st pref _100
Oct
Aug 60
100 35 Nov 23 35 Nov 23 25
Booth Fish, 1st pi _ _100
Jan
Oct 99
100 90 Nov 23 90 Nov 23 85
_100
Brown Shoe, Inc, pf.
Oct
2034
Oct
1734
21
Nov
2031
20
Nov
700
1934
25
Calumet & Hecht, new
Mar
Oct 42
100 20 Nov 21 20 Nov 21 20
Case (J I) Thresh NI _ _ _*
Feb
20010134 Nov 19 102 Nov 23 9931 Oct 110
Ciuett, Peabody, pref100
100 9434 Nov 17 9434 Nov 17 9234 June 09 June
100
Coca-Cola, pref
13.4 Nov 1% Nov
Consolidated Gas rights_ 81,346 131 Nov 17 134 Nov 21
Oc 2231 Jan
• 200 1034 Nov 23 11 Nov 22 10
Conley Tin Foil
20010334 Nov 20 103% Nov 20 1025.4 June 11031 Feb
Cont Can Inc pref _ _ _100
100 87 Nov 19 87 Nov 19 8331 Oct 109% Feb
Cosden & Co pref _.. _100
100 200 623-4 Nov 21 63 Nov 23 6031 Aug 7334 Jan
Deere & Co pref
• 5,200 17;4 Nov 17 1834 Nov 21 1734 Nov 1834 Noy
Dome Mines new
Oc 1434 June
• 200 11% Nov 22 113.4 Nov 23 11
Douglas Pectin
Du Pont deb 6% _ _ _ _100 400 85 Nov 19 8634 Nov 22 8134 Apr 8034 Apr
Nov 20 103 Nov 21 101
Sept11033l Nov
700 101
Duquesne Lt let pref 100
100 1234 Nov 22 1244 Nov22 1234 Nov 3034 Feb
Emerson-Brant pref._100
Feb
Fid Phen Fire Ins NY 25 27512134 Nov 1912334 Nov 20 102% Jan 138
Nov 1434 Apr
100 7 Nov 22 7 Nov 22 6
•
Gardner Motor
July 10334 Nov
Gen Baking Co
700 86 Nov 20 98 Nov 19 72
200 99 Nov 20 99 Nov 20 9674 Jan 1024 Feb
Gimbel Bros pref__ _ _100
*
Gt West Sugar pref__100
100 10434 Nov 20 10436 Nov 20 10234 Aug 108% Mar
Aug
No 97
Hanna lot pref Cl A.100 200 90 Nov 201 90 Nov 20 88
Hartman new
3934 Nov 17 42 Nov 19 3936 Nov 4231 Nov
5,000
*
Nov
Apr 18'
Ingersoll-Rand
100 31915731 Nov 23 180 Nov 20 19
• 3,300 33 Nov 1 3631 Nov 22 31% July 40% Apr
Inland Steel w 1
Preferred w
100 800 101 Nov 17110134 Nov 22 9634 June 10544 Apr
Internal Shoe pref __ _100
100 115 Nov 22 115 Nov 22 1436 Sept 10236 Mar
Oct 7134 Apr
lot Teleg & Telep__ _100
800 6736 Nov 17 6834 Nov 21 64
Intertype Corp
• 900 26% Nov 19 2834 Nov 23 2434 No 4134 Mar
Nov
Iron Products ctfs
3,800 4236 Nov 20 49 Nov 23 3134 Au 49
July 110% Feb
Preferred
100 1,300 103 Nov 23 105% Nov 23 92
Ma 11034 Sept
Jones & Laugh S11 pf _100 40010734 Nov 19 108 Nov 21 07
yi Au 3% Jan
31 Nov 19
Kansas & Gulf
31 Nov 19
10 600
Aug
Nov 96
cngf 6% PI_100
Cienllnyey
K
I
Sprio
200 71 Nov 22 72 Nov 22 70
• 700 52 Nov 23 56 Nov 21 3534 Apr 6441 June
Feb
7034
July
6434
Mackay Cos prof..._..100
100 6534 Nov 23 6534 Nov 23
Feb
Macy(R H)Pref____100
200 113 Nov 2211434 Nov 19 1134 July115
Nov
McCrory Stores pref_100 200 97 Nov 22 97 Nov 22 9536 Nov 97
Aug 9934 Mar
Met Edison pref
• 400 90 Nov 221 90 Nov 22 87
Mar
July 309
Nat 13k of Commerce 100
45303 Nov 22 305 Nov 23 87
Feb
Nat Cloak it Stilt pf _100 300 97% Nov 21 9734 Nov 21 8944 June 104
Apr
Nat Dept Stores
* 600 375.4 Nov 23 3834 Nov 20 3431 Jun 425.4 Apr
15%
July
834
23
Nov
1034
23
Nov
N Y Shipbuilding
10%
• 100
N Y Canners
• 700 2834 Nov 221 30% Nov 17 2734 Aug 3234 June
Nat Supply
50 3,200 5634 Nov 19 6134 Nov 23 5434 Oct 6144 Nov
Nov
Nov 104
Preferred
100 104 Nov 201104 Nov 20 02
100
June 67
Mar
Ohlo Fuel StunilY
25 200 31% Nov 20 3144 Nov 20 31
Mar
22
7231
Oct
45
Nov
5244
20
Nov
Otis Steel prof
100 1
4934
Nov
Nov 108
Owens Bottle pref...100
100 103 Nov 21 108 Nov 21 08
Jan 95
Nov
Pacific Tel &Tel_ _ _ lob
100 93 Nov 19 93 Nov 19 67
Apr
22
Nov
Nov
27
2934
19
4331
Nov
Penn Coal & Coke.....5O
650 28
Mar
Oct 47
Phoenix Hosiery
5 100 2934 Nov 21 2934 Nov 21 27
July 7234 July
Pierce-Arrow prior pref _• 700 64 Nov 17 64 Nov 17 60
Mar
Feb 96
Porto Rican-Am Tob 100
75 Nov 20 75 Nov 20 60
2
Sept 4934 Mar
Prod & Ref Corp pref _50 1,400 4534 Nov 19 47 Nov 23 36
Nov
1
22
Nov
Nov
17
2031
2031
Nov
734
1731
Certificates
5021,700
Oct 10831 Mar
P S Corp of N J pf 8%100
500 101 Nov 21 10234 Nov 19 98
Apr
104%
22
Nov
Sept
9934
90
22
Nov
9934
100
Preferred
100
7%
Ail 19H Mar
Reis (Robt) & Co__ _•
60 1534 Nov 21 17 Nov 21 10
Sept 82
Jan
200 70 Nov 22 70 Nov 22 67
First Preferred.......100
Nov 101,i Mar
Simmons Co pref _ _100
100 96 Nov 30 96 Nov 30 96
% Oct 1% Nov
Shell Union 011 rights__ _ 160643].'i, Nov 17 1% Nov 22
Mar
50 9834 Nov 21 9834 Nov 21 925.4 Jan 100
So Porto Rico Sug pf _100
Apr
Transue & Williams_ _ • 400 34 Nov 23 3531 Nov 23 30 June 40
Feb
Oc 220
United Cigar Stores_ _100 800 175 Nov 17 18834 Nov 20 169
Feb
69
48
53
21
21
Nov
Nov
July
53
200
IT S Tobacco
•
Feb
July 112
20010634 Nov 20(10634 Nov 20 93
Preferred
100
Nov 21 97% Au 108% Mar
1000034 Nov 17 101
US Realty & Imp full pt.
Feb
17
Jun
334
21
23
Nov
Nov
434
Va-Carolina Chem B___• 600 4%
Aug
300 113 Nov 19 113 Nov 19 111% Mar 117
West Elec 7% cum pf 100
600 45 Nov 22 48 Nov 17, 38% Apr 52% May
West Penn Power__ _100
Nov
Preferred
100 1,500 8934 Nov 17 8934 Nov 17 7541 Apr 90
Mar
Aug 78
100 72 Nov 21 72 Nov 21, 70
West'h'se E &M 1st pf 50
% Nov
34 Oct
31 Nov 20
34 Nov 17
White Oil elf,
• 80
• No par value.
The Curb Market.-The review of the Curb Market is
given this week on page 2296.
A complete record of Curb Market transactions for the
week will be found on page 2316.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2305
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive. see preceding page
HIOH AND LOW SALE PRICE-PER SHARE:. NOT PER CENT.
Saturday,
Nov. 17.
Monday,
Nov. 19.
Tuesday,
Nov. 20.
Wednesday. Thursday
Nov. 22.
Nov. 21.
Friday.
Noe. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On Oasis of 100-share lots
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
$ Per share $ per share S per share Shares.
Railroads
Par
3478
600 Ann Arbor preferred
.3114 3478 *3212 3478 .32
100
9678 9712 9738 9838 9714 9778 6,900 Atch Topeka & Santa Fe....100
874 8712 8712 8712 8712 8712 1,300
Do prof
100
*114 2
400 Atlanta Birm & Atlantic 100
*134 2
.134 2
113 1134 113121143* 11314 11314 2,000 Atlantic Coast Line RR
100
5834 5938 59
594 584 59
46,700 Baltimore & Ohio
100
.5815 59
Do pref
600
584 584 584 5878
100
1138 1112 1118 1134 1172 1238 4,900 Bklyn-Alanh Tr ctts___No par
36
3618 364 3612 3612 3712 3,200
Certificates, pre_ _ __No par
145 145
3,800 Canadian Pacific
14512 14638 145 146
100
74
7334 84,500 Chesapeake & Ohio
7512 73
7434 69
100
994 9938 9918 9918 *994 9912
600
Do pref
100
314 7,900 Chicago & Alton
3
234 318
234 214
100
838
818 83* 3,700
'778 778
100
8
Do pref
26
28
2778 3014 2912 2958 3,800 Chic & East Ill RR
100
5512 5558 1,900
53
54
56
53
Do pref
100
4
4
4
44
414 414
700 Chicago Great Western
100
973 104 104 1014 10
1014 3,500
Co pref
100
1334 1414 1375 1414 1312 1412 8,800 Chicago Milw & St Paul
100
2512 2612 254 2614 2538 2638 21,700
Do pref
100
61
64
6334 6314 6378 63
15,000 Chicago & North Western_100
105 105
105 105 .104 107
300
Do pref
100
2413 2512 2412 254 2414 254 27,400 Chicago Rock Isl & Pacific _100
84
84
8234 83 .8234 834
600
7% preferred
100
714 72
7114 7112 7134 7134
900
8% preferred
100
223*
2234 2234 .2238 2212 22
600 Colorado & Southern
100
110 11158 109% 11012 •110 11012 2,100 Delaware & Hudson
100
11714 11812 11712 11812 118 11814 3,400 Delaware Lack & Western. 50
1812 194 18
1878 1818 184 105,800 Erie100
2818 2834 2738 2838 2738 2838 31,200
100
Do 1st preferred
23
2334 23
2312 2278 2314 15,400
100
Do 2d Preferred
57
5734 574 58
5712 5812 23,000 Great Northern pref
100
3114 3134 3138 314 31
313* 8,600
Iron Ore Properties_No par
.1312 15
1312 1312 .13
1314
100
500 Gulf Mob & Nor tr ctfs
5012 5012 .49
50
51
.5112
100
Do pref
900
10212 103
10218 10278 10238 10278 2,700 Illinois Central
100
.124 13
124 13
13
1378 2,300 Interboro Rap 'Fran
100
18% 1918 19
1914 1878 194 4,300 Kansas City Southern
100
5212 5212 .5212 54
*5212 54
100
Do prof
100
61
6212 62
6278 62
624 6,900 Lehigh Valley
50
.88
8812 8812 89
8314 89
100
700 Louisville & Nashville
3112 3112 32
3214 3234 33
32
3212 3212 3212 3212 3213 2,500 Manh Elevated, mod guar_100
.812 10
812 9
912 918 .9
.84 10
10
918 91
100
1,000 Market Street RY
30 •26
36 .27
30 .26
36
.28
•27
36
*27
100
30
Do pref
6014 6218 6278 63
6318 631
6018 6012 *6014 62
63
100
63
Do prior pre!
1,000
26
.21
*21
27
27
.21
27 .23
*21
27 .22
24
100
Do 2d pref
1% •114 18
114
*114
14
118
*118
114
11
114 *118
500 Minneap Je St L (new)
100
114 1118 1138 1118 1112 1114 1184 1134 1234 20,600 Mo-Kan-Texas
1118 11
*11
2812 29
28
29
2912 2934 3014 3018 3034 31
28
3l7s 10,800
Do pref
935 912
94 1038 1038 1038 10
1014
1012 10
5,500 Missouri Pacific trust ctfs_100
978 10
2758 284 2812 '2912 285s 20
27
2712 274 28
100
Do pref trust ctfs
2358 293 10,300
114
158 1,
138
8
113 134
138
134
17
100
2
218 218 2,800 Nat Rys of Mex 2d pret
9023 9112 9178 904 9184 92
90
9234 9238 92s 9218 9212 5,400 New On Tex ex Mex v t c 100
10078 10178 10112 10214 10218 10234 10212 10314 102 10278 45,400 New York Central
1004 101
100
7512 77
7612 77
7718 7754 7714 773
7512 751
7,200 N Y C & St L new cow 1_100
7618 77
86
86
8614 86
.86
86
86
86
100
Preferred w 1
86
1,700
86
861s 86
1318 1414 134 I41s 1412 144 1478 151
100
1434 153* 15
1518 29,900 NYNIlde Hartford
16 .1512 1614 154 1513 1534 1611 1612 1612 .
16
16
164 1,000 N Y Ontario & Western-100
1012 101 .1012 107 .1012 1078 .10
*1014 11
100
11
11
11
200 Norfolk Southern
1054 1055* 1054 1061 .10612 107
1064 10712 10678 10714 10612 10718 5,000 Norfolk & Western
100
*70
77 .70
77 .70
77 .72
100
77
75
75 .70
77
Do prof
80
5112 527
5234 535* 5312 5412 534 5458 534 544 24,100 Northern Pacific
5118 52
100
4118 413
41
4138 411
4114 414 4138 4112 4134 4112 414 21,300 Pennsylvania
50
*912 10
.912 10
*912 11
.11
100
1112 1034 1114 .1012 11
200 Peoria & Eastern
4114 4034 4112 4114 42
41
4212 413* 42
42
100
4214 42
8,300 Pere Marquette
•70
.694 7012 *6912 70
71
100
71
7034 7034
7012 7012 *70
Do prior pref
200
62
•60
*5912 62
*5912 6112 61
100
62
61
.61
.61
62
100
Do pref
1
41
4012 41
4112 4134 414 4134 41
41
41
4138 2,400 Pittsburgh & West Va_100
87 .86
8 .88
87
88
100
*87
89 .87
89
80 .87
Do pre/
100
7634 7734 7738 7814 7814 7978 7834 8012 784 8018 92,200 Reading
7614 77
50
54 .
5112 5314 54
54
5412 5434 544 5434 55
5434 544 1,900
50
Do 1st preferred
5312
5312
5312
5334 5334 5312 5312 5312 5334 5334 5334 2,100
*5112
50
Do 2d preferred
33
30
•29
30 .29
100
31
32
.30
3114 3114 31
32
400 Rutland RR pref
19
1934 1914 1978 20
2012 21
20
2014 11,800 St Louis-San Fran tr ctfs 100
2058 2038 21
43
4314 44
44
4412 4434 4418 4434 4212 4234 4212 4212 2,000
100
Do pref A trust ctfs
294 2912 3014 3034 3014 31
100
3114 9,500 St Louts Southwestern
3112 3238 3112 3214 31
.5613 57
57
57
57
100
57
5738 574 5712 584 5712 58
Do pref
1,800
54 6
614 64 .6
100
614
614 012
614 64 2,000 Seaboard Air Line
614 612
•1112 1212 *1214 1212 1214 1232 124 13
124 1318 1212 13
100
Do pref
5,800
8614 8612 8614 87
8678 87
100
8778 8778 8812 8778 8812 23,900 Southern Pacific Co
87
3434 354 3538 3618 3614 374 374 3778 364 374 3658 3718 85,500 Southern Railway
100
6612 664 6638 67
100
Do pref
6634 67
6634 6838 6818 6812 6814 6814 10,400
19
1918 .20
2012 2058 5,100 Texas & Pacific
204 21
100
2038 1912 2012 2034 21
914 95* 1,100 Third Avenue
914 914
914
012 .9
914
*9
913
912 *9
100
6814 .65
.85
6812 .66
08
69
6812 .6534 70
6834 *65
200 Twin City Rapid Transit 100
1304 1304 1304 13114 13034 13112 13138 13212 13212 133
13212 133
100
18,700 Union Pacific
72
72 .70
7112 72
100
72 .70
7112 72 .7118 72 .
72
Do pref
400
*812 912
934 1014
918 94
934 934 2,100 United Railways Invest
934 1014
10
938 04
3278 3334 3234 3234 1,800
.30
31
.304 3118 *3034 3118 3114 33
100
Do pref
10
1018
100
934 1014 10
10313 1014 1012 1014 104 1038 104 11,600 Wabash
3518 34
3214 33
100
344 47,909
3278 34
Do pref A
3334 3412 3412 3514 34
.21,
8 224 .2178 2212 2218 2218 2214 2212 *2238 224 2218 2215
100
600
Do pre( LI
938 912
94 94 2,000 Western Maryland
ON 10
932 972
100
912 934
934 978
1678 164 1678 1734 17
1812 *1712 1812 .1712 18
1712 18
100
Do 2d preferred
1,800
135* 133* 1312 1334 *1314 1334 1334 1334 1312 1378 •1314 14
100
1,100 Western Pacific
•135
5612 5638 5633 .5512 5612 .56
67
*55
67 .54
100
5612
Do pref
200
7i2 712 *714 712 *7
728 8
712
714 3
*74 712 1,000 Wheeling & Lake Erie Ry_100
11
11
1334 .
1212 1212 --------13
1312 .13
12
10
13
Do pref
700
*28
28 .25
3214 32
2712 294 30
32
28
100
2784 .
3,700 Wisconsin Central
S per share
22 July 31
94 Oct 27
8678July 5
114 Aug 14
10978July 31
404 Jan 17
5534May 7
914 Oct 29
3412 Oct 29
139348ep1 21
57 June 27
96 June 29
2 May 21
34 Jan 12
19 Aug 6
4612 Aug 15
234 Oct 26
67s Oct 26
1114 Oct 25
21 Oct 2.5
5812 Oct 17
10314 Nov 10
1018 Oct 25
72 Aug 4
6078 Aug 4
17
129(
9314 July 7
1094 Oct 26
1018May 22
15 Jan 17
1034May 21
503* Oct 25
25 July 2
912 Aug 22
4478 Jan 2
101 Nov 8
912June 30
154 July 31
4838July 30
54 June 30
8434 Oct 30
30 Oct 30
712 Oct 26
23 Oct 29
6612 Oct 29
144 Oct 29
72 Aug 15
934 Oct 31
2478 Oct 30
814 Oct 24
2214 Oct 25
114 Nov 20
8212 Aug 14
9012May 4
6712 Aug 9
86 Nov 15
95*July 5
1414June 2
9 Sept 1
100 July 30
72 Sept 7
4934 Oct 5
41 Nov 3
8 Oct 1
36 Jan 1
674 Oct 15
5712 Oct 25
3378 Jan 27
8512June 19
6812June 29
44 June 28
45 June 28
2212 Oct 21
1634 Oct 27
3212 Jan 3
2512 Aug 4
5438June 28
434 Aug 15
814 Aug 1
8414 Aug 14
2434 Jan 6
03 July 2
14 Aug 4
85* Oct 25
5814 Jan 19
12414July 31
7012 Oct 30
778 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 25
10 Oct 30
23 Aug 4
$ per *hare
40 Feb 23
1054 Mar 3
9058Mar 6
34 Feb 21
127 Feb 26
594 Oct 8
6078 Mar 21
1212N0v 9
3712 Nov 9
160 Apr 13
7638 Jan 30
1044 Feb 23
334 Feb 13
955 ()0t 8
3834 Feb 13
6214 Mar 26
7 Feb 7
17 Feb 6
2638 Mar 5
4512 Mar 5
88 Mar 5
11818 Mar 21
3778 Afar 21
95 Feb 9
85 Mar 5
4512 Feb 13
12412 Feb 13
13012 Feb 8
194 Nov 14
2938 Nov 14
2334 Nov 21
80 Mar 5
36 Mar 19
20 Mar 5
6234 Feb 21
11712 Feb 21
224 Mar 14
244 Mar 21
5734Mar 5
7138 Feb 7
155 Feb 26
4512 Apr 17
22 Mar 12
6812 Mar 12
87 Mar 12
5614 Mar 12
912 Feb 13
17 Feb 15
4512 Feb 14
1938 Feb 14
49 Feb 10
434 Feb 15
105 Mar 26
10418June 13
7934 Oct 8
9512July 3
224 Jan 30
211'8 Feb 13
1838 Feb 9
1175* Feb 9
7812 Aug 15
8112 Mar 5
4778 Apr 4
17 Mar 21
4714June 11
7834 Mar 5
7012 Jan 9
504MaY 10
93 Jan 9
8118 Feb 7
5612 Feb 7
564 Jan 30
374 Jan 10
27 Mar 21
50 Mar 5
3638 Feb 10
6378 Alar 21
712 Feb 10
1314 Mar 23
9514 Feb 21
3778 Nov 21
7078 Mar 22
2912Alar 21
1914 Feb 10
7712June 11
14478 Feb 26
7612 Jan 6
2178 Mar 6
62 Mar 5
1112 Aiar 22
3514 Nov 13
2212 Mar 22
15 Feb 9
264 Mar 22
2014 Mar 5
6338 Mar 5
1012 Feb 13
19 Feb 13
3512 Feb 23
Industrial & Miscellaneou
100
Adams Express
Advance RumelY
100
Do pref
100
Air Reduction, Ine__No par
Ajax Rubber, Inc
50
Alaska Gold Mines
10
Alaska Juneau Gold Min
10
Allied Chemical & Dye_No Par
100
Do pref
Allis-Chalmers Mfg
100
100
Do pre
Amer Agricultural Chem 100
100
Do pref
American Bank Note
50
50
Do pref
American Beet Sugar
100
Amer Bosch Magneto...No par
Am Brake Shoe & F__ _No par
100
Do pref
American Can
100
100
Do pref
American Car & Foundry_100
100
Do pref
American Chain, Cl A_25
No par
American Chicle
100
American Cotton 011
100
Do pref
Amer Druggists Synclicate__10
100
American Express
American Hide & Leather_100
100
Do pref
Amer International Corn100
67 Sept 28
612 Oct 29
24 Nov 9
58 July 2
44 Oct 10
4 Aug 16
34 oct 9
5914 Aug 9
10514 Aug 16
3734June 28
89 Nov 2
1018July 3
2814 Oct 31
77 Jan 6
5Ol3JUne29
25 Aug 4
2234 Oct 30
70 Jan 3
102 July 3
8918Sept 13
106 Sept 6
14814July 12
117 Sept 17
2038June 2
534 Jan 30
334July 11
14 May 18
44Sept 19
87 Nov 19
64 Aug 9
2934 Aug 0
16 Sent 25
82 Mar 3
48
Jan 83
Oc
1912 Mar 6
1078 Jan 23 AU
3135 Jan
644 Jan 14
304 Au
4512 Jan 86
7238 Mar 19
De
912 July 184 At
144 Mar 14
15 Dec
78Ma
% Mar 9
4 Jan
178 Oct 19
2 Ma
80 Jan 2
5538 Jan 911 Set
112 Mar 2 101
Jan 115% Set
5114 Feb 16
3734 Jan 594 Set
9712 Jan 27
8612 Jan 104 Bel
364 Feb 21
2714 Nov 424 Jun
0878 Feb 21
56
Jan 7214 Set
97 Nov 23
58
Jan 91 De
5514 Aug 14
51 July 5512 De
4912 Feb 13
3134 Jan 49 Jun
60 Mar (3
314 Jan 49
At
8314 Feb 16
Jan 8812 Set
51
110 Jan 14
984 Jan 113 04
106 Mar 6
3214 Jan 7612 No
115 Feb 20
9314 Jan 11378 De
189 Mar 7 141
0(
Jan 201
12578 Jan 18 11512 Jan 12618 No
2512 Alar 29 --------------1738Noy 7
ov 14 Ma
5
1514 Nov 3012 Ma
203* Jan 4
3312 Nov 61 Ma
3834 Jan 4
714 Au
758 Feb 23
44 Jan
Oc
14312Mar 2 126 June 162
1018 Dec 17% At
13,
4 Mar 7
58
Jan 7434 Set
7434 Mar 7
331. Mar 28
2458 Dec 5038Jun
$ per share S per share
35
35
2978 33
9518 9612 9612 9678
8778 8712 8712
*87
134 134
134 14
11114 11114 1124 113
5718 5838 5814 5834
5812 5812 .5812 59
1118 114 114 1178
36
3512 3512 36
14378 14512 14412 14534
734 724 7334
71
9912
99 •99
99
2711
24 238
24
712 712
*712 814
*25
27
27
.24
5312 524 5234
*50
.378 4
*34 4
*914 912
912 012
1318 1414
1314 1314 1314 14
2638 2434 26
2514 25
25
6012 6138
603* 604 61
60
•103 107 *104 107 *104 107
2234 24
2312 2414 244 2478
82
8212 8212
.8212 8312 82
.71
7112
.7034 7134 7034 71
*2112 23
*2112 2312 2212 2212
110 110
•10812 10912 .10812 111
*115 11534 116 1174 117 11712
1718 1838 1778 1838
1634 17
2818 274 2818
27
27
26
2278
2014 2034 2112 2278 22
5518 5618 5512 5634 5612 5678
304 3014 304 3114 3118 314
1312 14
13
13 .1312 14
*5012 5112 .50
50
50
51
102 10238
102 102
102 102
1212 1212 1212 125* *1212 13
1812
1838 1818 1814 18
.18
54
*5212 54
54 .52
.52
6014 6118
6012 604 61
60
88
884 88
8812 8312 .88
$ per share
.2718 2978
9.513 9512
8712 8712
*124 2
112 11214
564 5712
5812 5812
11
11
3512 3512
144 144
70
7112
984 9914
24 24
712 712
27
.25
524 53
44
*4
834 914
6812 71
71
.139
714 7412 1,700
71
*6914 6978 6914 6914 71
•7
738
7
7
73*
7
7
.612 712
712 74
700
738
.24
2614 .2512 26
28
2634 27
28
254 264 26
2814 1,500
.66
68
67
67
6714 6712 6712 674 6712 677, 67
1.400
68
6
618
6
638
612 7
612 634
612 612
678
712 6,900
15
15
.15
14
.18
14
4
*18
14
18 --------200
1
1
1
1
1
1
1 1
1
1
1
1
3,500
6434 6618 6534 6614 66
6414 65
664 6612 6714 6612 67
0,400
.107 108 .107 108
108 108 *108 10914
10712 10712 108 108
500
41,
8 4134 4112 424 .4112 42
42
4212 4258 4334 3,100
4112 42
*9515
_ 90
90
89
91
91 .90
89
*89
.89
91
300
134 1335 13
13
.1218 -1i12
1214 13
13
1334 13
1338 2,200
34
3212 33
3678 304 3678 3512 364 3634 38
37
384 2,600
.9114 9312 934 9312 95
06 .92
95 .92
96
9512 97
400
*534
5514
5514
.53
55
.05
*53
.5214
*5314 5514
55
•5314
*34
40
341.. .3412 3012 36
3834 3914 38
4058 4012 4112 13,900
3258 3114 3314 34
31
344 3378 334 314 34
3134 345* 5,400
74
47234 73 .7334 7434 74
74
7584 7414 75
1,400
74
74
10378 Ion 103 103 *10312 105
104 104 *10334 105
10312 10312
400
9734
1013
8
9818
993
8
100
10314
10114 9934 10114
9718
10118 10278 183,000
•10712 10914 *10812 10914 10918 10918 10878 10878 10878 1084 109 109
600
161 16214 .158 16114
•165 164'2 160 16118 161 16134 1607, 162
1.900
12113 12114 121 122 .121 126 .121 12634 *12118 12634 .12118 12634
300
2112 2112 2112 21 12 22
2218 22
2112 213
2212
2213 2212 1,800
157k
15
1512
1512
15
157
o
*1534
8
15
16
.1434 16
800
74 738
758 84
Va
74 7%
712
84 9
8
94 22,200
2212 234 2314 2312 24
2512 2518 27
2112 22
2518 28 I 12,300
4,612 6
512 534
512 534 •512 5114
512 513
513 5lI 1,600
8912 8912 8914 894 90
88
91
8712 8814 87
.90
91 I 1,800
*734 812 *734 712 *74 812 *734 812
714 712
7141 1,100
7
4212 45
44
4214 4314 42
4278 4334 44
43
4118 4212 4,000
2212 2312 234 254 _ 2434 2578 2412 2512 244 26
24
2538 23.500
•Hid and sated Deem. •Ex-dlykliol.
Lowest
Highest
b per ehare $ per share
274 Jan 52 Aug
9134 Jan 1084 Sept
84,
8 Jan 9512 Aug
34 Jan
512 Apr
83
Jan 12478 Sept
3312 Jan 6014 Aug
5212 Jan 6614 Aug
____ ____ ____ ____
____ ____ ____
_ __
11918 Jan 1514 -Aug
54
Jan 79 Aug
1003* Dec 1054 Oct
1234 May
134 Jan
318 Jan 204 May
1214 Jan 4334 Aug
3118 Jan 6412 Aug
334 Dec 1034 may
7 Dec 2412 may
1714 Jan 3638 Aug
29
Jan 5514 Sept
Jan 9512 Sept
59
Jan 125 Aug
100
3012 Dec 50 Sept
8314 Jan 105 Sept
7014 Jan 95 Sept
Jan 5312 Apt
38
10634 Jan 14112 Sept
108 Feb 143
Oct
1834 Ma•
Jan
7
2811 Aug
1118 Jan
718 Jan 2014 may
704 Jan 9578 Ocl
2818 Nov 454 Apt
Jan 19 May
5
Oci
Jan 47
18
9712 Jan 115,
4 Sepi
173.4 Dec 324 Auf
3014 Am
17 Nev
6214 Nov 5912 Apt
564 Jan 72 SeD1
108
Jan 1447a Oc
____ ___ ____
__.
315 Jan
11 Ma
17
Jan 5014 AD
35
Jan 76 Nol
54 Jan 32 Ap.
1413 Ap
5 Jan
712 Jan
1934 Aui
2412 Jan 4834 Aui
1512 Nov 2514 Ap:
40 Nov 6334 Sep
714 Maj
238 Nov
5478 Jan 8738 De4
724 Jan 10118 Oo
____ ____ ____ ___.
--------------1211 Jan 38 Aul
1812 Dec 3012 AP
834 Jan
2212 Jun,
9614 Jan 12512 Sela
72
Jan 82
Oc
73 Dec 9014 Aui
3314 Jan 4934 Oc
1084 Jan 2638 Aui
19
Jan 404 Am
63
Jan 82 Aui
5018 Jan
7434 Au
23
Jan 415* Au:
76
Jan 95 No'
7118 Jan 8718 Oc
43 Mar 57 Ma:
45
Jan 5912 Ma:
1712 Feb 5314 Jun
2014 Dec 324 Au
3434 Nov 58 Au
2038 Jan 364 No
3238 Jan
594 No
10
24 Jan
AD
44 Jan 1434 AD
781g Jan 9614 Oc
174 Jan 284 Au
40
Jan
71
Or
1834 Nov
36
AD
1312 Nov 254 Ma.
Jan 6212 Ben
34
Jan 15434 SeD
125
7114 Jan 80 Au
712 Jan
1978 Ap
2014 Jan 3612 AD
1438 Ma
Jan
6
Jan 3512 Au
19
1214 Jan 2478 Au
1714 Au
814 Jan
Jan 2812 De
13
1334 Jan 2478 Ap
5112 Mar 6478 Sep
1812 Jun
0 Feb
914 Jan 294 Jun
Jan 3314 Ms
35
New York Stock Record-Continued--Page 2
2306
For sales during the week of stocks usually Inactive, see second page preceding
111011 AND LOW SALE PRICE-PEE SHARE, NOT PER CENT.
Saturday,
Nos. 17.
Monday,
Nov. 19.
Tuesday, i Wednesday
Nov. 21.
Nov. 20.
Thursday,
Nor. 22.
Friday,
Nov. 23.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
rISK Elf AKE
Range titled Jan. 11923.
On baits of 100-share low
Lowest
Highest
YEE MARE
Range for Prevto"
Year 1922.
Lowest
Ilfghesi
3 per share 3 per share $ per share 3 ver share $ per share S Per share Shares. Indus. & Miscall.(Con.) Par $ per share
$ per share $ per share 1 per char.
8612 8634 1,300 American Ice
100 78 Oct 29 1111
87
86
8614 87
8612 *8614 87
/
4 Apr 2
85
85
78
86
Jan 122 Bert
80
100
80
Do pref
*79
79
79 .79
*79
100 7734 Oct 30 89 Feb 21
80
80
*79
80 .79
72 Jan 9514 Aug
/
4
700 American La France F E
/
4 1138 1138 111
1138 114 •1114 1138 1138 1138 1138 1138 111
10 1018July 6 13 Mar 1
14 July
918 Jan
1934
2.800 American Linseed
100 13 Oct 30 38 Mar 5
1612 17
*1612 1712 1612 17
28 Nov 4212 Oct
1718 1714 *1718 1712 1712
37
1,500
*33/
1
4 3414 34
100 2812 Oct 30 59 Feb 15
Do pref
*31
33
48 Nov 6412 Oct
*3112 3414 3312 3312 34
34
75
7334 74% 49.500 American Locom, new No par 64/
1
4Ju1y 5 7514 Aug 22
72% 737
7378 75
7334 7514 7414 7434 74
100 11412Sept 15 122 Feb 9 112
Do pref
Jan 12214 -Dee
*117 118 *117 118 .117 118 .117 118 *117 118 *117 118
500 Amer Metal temp etfs__No par 4014June 30 5578 Mar 5
4438 4438 4412 4412
44
*44
45
44 Sept 5314 Dec
*44
451
/
4 44
4418 44
8534 8558 8614 2,700 American Radiator
85
85
85
Oct
86
82
Jan 129
*8312 85
25 76 'an 2 8812 Apr 19
8478 8478 85
714 712 1,200 American Safety Razor
878 Oct
25
Vb.-tine 27
918 Feb 19
738 738
678 7
334 Jan
714 714
634 634
7
7
1218 5,200 Amer Ship & Comm___No Par
1038July 2 2138 Jan r5
1078 1078 1178 1214 1214 124 1214 124 1134 1212 12
512 Jan 2414 May
5812 5918 13,200 Amer Smelting dr Refining-100 5114 Oct 27 6912Mar 2
60
5812 5338 5934 59
1
4 Jan 6712 May
58
43/
5612 57,2 5712 58
1,400
9534 9534 *9512 96
96
100 93 June 27 10238Mar 6
Do pref
9434 951
/
4 95
8618 Jan 10412 Oct
•9514 96 .954 96
3814 3834 9,220 Am Steel Fdry tern ctfs_33 1-3 3158July 2 4078 Mar 21
3812 3838 39
3814 38
464 Sept
30/
1
4 Jan
3714 374 3773 3818 38
200
Do pref temp ars
10178 1014 *1014 102 *10112 102 '10112 102
100 9778 Aug 14 10514 Feb 9
Feb 10814 Oct
1)112 10112 *101 102
91
5512 5578 5718 5612 564 5612 5778 5614 5738 11,200 American Sugar Retining 100 48 Oct 27 85 Feb 13
5418 Jan 857s Aug
5114 5434 54
*97
9812 1,100
9618 9618 9634 97
96
100 94 Oct 27 10834 Jan 3
Do pref
Jan 112 Aug
9714 96
84
07
*98
99
2,800 Amer Sum-tra Tobacco
100 16 July 2 36/
2014 194 2018 *194 1934 1914 204 *1912 20
20
1
4 Feb 14
*1958 20
2314 Feb 47 May
43
100
Jan
Do prof
100 3212Juiy 11 6534 Feb 13
5214 Feb 71
*3978 4412 3978 3978 *3714 444 .3714 4412 *3714 4412 *40
124 12458 12414 12412' 7,900 Amer Telep & Teleg
100 11918June 29 12512Mar 5 1144 Jan 12814 Aug
12358 12334 12312 12334 12334 12334 12358 124
148 14814 1.700 American Tobacco
14814 14814 14712 148
100 14014 July3 1611
/
4 Feb 13 12918 Jan 16912 Sept
146 14618 *14612 149 *147 149
101 101 *101 10112 *101 10112 1,500
Do prof
10078 10078 10078 101
100 10014Sept 21 10578 Mar 3
9612 Jan 10838 Oct
•10012 101
147 14712 1,900
14678 1474 146 147
Do common Class B
100 140 May 20 15934 Feb 9 126
14578 14612 *144 147
Jan 16534 Sept
•14312 145
3812 3812 *3812 40 1
38
800 Am Wat Wks & LI v t 0.-100 2712 Jan 29 4434 Apr 26
38
3818 38
3314 Nov
6
Jan
*3714 3914 .3712 39
8734 88
89
89
*8638 8712 *8634 87141
*88
Do lot pref (7%) v t 0_100 8514 July 3 93 Jan 16
88.4 8712 88
700
67
Jan 9378 Sept
6212 6212 62
6113 6134 614 62
62
*624 63
62
62I 1,400
Do partly p1(6%) v t 0.100 4812 Jan 3 6312 Oct 9
1714 Jan 5514 001
/
4 74
7258 74
7238 73 43,800 American Woolen
Oct
100 65 Oct 27 10958Mar 21
7814 Jan 105
6914 7012 7034 7212 7034 7318 711
101 101 I
600
*9912 10114 .100 10114 101 101
Do pref
10018 101
100 9658 Oct 27 11134 Jan 3 102
Jan 11114 Dec
*9914 100
2/
1
4 214. 1,000 Amer Writing Paper pref 100
218 24
214 214
214 214
214
2 Oct 26 34 Mar 7
214 214 .2
2212 Jan 5514 Sept
812
778
8
900 Amer Zinc, Lead & Smelt _25
778
812 *712 8
*8
618 Oct 30 1914 Feb 16
7
21 Sept
7
8
1218 Jan
8
2912 *2812 2912 2912 2912 30
500
30 I
2912 *27
Do prer
2812 *27
25 26 Oct 1 5814 Feb 27
28
57 Sept
36
Jan
19,000 Anaconda Copper Mining_ 50 3238 Oct 29 5312Mar 6
3634 3714 3634 3778 3712 3778 3734 3812 3712 3812 3712 38
45 Nov 57 May
900 Armour, pref
9112 9112 *9112 9134 *9112 9134 9112 9112 9112 9112 9134 9218
100 8834 Oct 19 9218 Nov 23 ---------------1312 1312 1334 1358 14
1334 1334 1318 14 1 1,209 Arnold Constable
1212 1212 *13
No par
1012 Nov 7 1812 Apr 13 ------------ =791
/
4 8014 8022 8034 8012 8112 4,700 Associated Dry Goods____100 6214 Jan 5 89 Mar 19
7734 79
78
*7512 77 •77
Jan 7078 -Dec
43
83
*81
85
*82
*80
85 I
85
*81
85
Do let preferred
85
*81
Oct
80
100 8212 Jan 18 89 Feb 13
Jan 86
75
*8112 87
86 ___-200
*83
87 .84
86
88
*85
88
Do 2d preferred
83
/
4 Oct
*81
Jan 911
100 84 Oct 26 9312 Feb 26
76
05 2478 Oct 31 2718 Oct 6 ____ ____ ____ ___26
264 2534 2638 2534 264 2534 2534 11,000 Associated 011, new
2518 2514 2514 26
114
118
118 14 .118
118
118 1,000 Atlantic Fruit
1
1
14 .1
*1
54 Apt
No par
12 Nov 15
312 Feb 14
113 Deo
1512 2,400 Atl Gulf & W 1 SS LIne___100
15
1514 1512 1512 1512 154 16 .1512 16
144 15
914July 5 34 Mar 19
195* Dec 4314 Mal
13
600
13
13
*12
12
13 I
13
Do pref
1258 *12
1234 1234 13
100
6 Oct 31 27 Mar 19
15 Dec 3114 Mal
110 110 I 2,300 Atlant c Refining
105 106
106 10834 109 111
105 105
Oct
•10112 105
100 9938Sept 18 15312 Jan 10 117 Dec 1575
100
Do prof
117 117 917 118
*117 118 917 118 *117 118 917 118
Jan 11912 Dec
100 115 May 2 120 Jan 18 113
/
4 2478 2158 2578 2534 2614 2618 2678 2638 2634 10,700 Austin, Nichols & Co_No par
241
25
.24
17 July 6 354 Jan 12
914 Jan 4038 Sept
8712
400
Do ore
82
84
*82
834 82
84
*82
85
*82
85
*82
100 7814June 21 894 Jan 23
Jan 91 Sept
68
812 812 1,600 Auto Knit
8/
1
4 858
918 914
No par
812 834
834 914
•812 912
714 Oct 21 2814 Apr 18 ---------------12422 126/
1
4 12512 12838 12714 1294 1274 12834 12614 1284 12638 12814 138,200 Baldwin Locomotive Wks_100 11012 Aug 4 14414 Mar 19
1
4 001
9312 Jan 142/
200
Do pre
_ •11212 _ _ *112
_ _ *11212 ___
11212 113
100 111 Apr 2 11634 Jan 4 104
Oct
•11112 113
Jan 118
Barnet Leather
No par 30 Sept 13 55 Feb 16
3-2- .25 -3i .25 -32
32 *113-*25
32- .25
*25
32
*25
Jan 675* Sept
40
12% 13% 17,500 Barnsdall Corp, Class A__ 25
12
1134 13
1238 12% 12% 13
11
978 Aug 23 35 Mar 23
9012 11
/
4 Apr
19% Jan 561
Do
Class
B
2,600
81
/
4
812 9
818 83*
814 812
8
25
712
7
734
*638
6 Oct 31 22 Jan 2
API
17 Nov 39
Batopilas Mining
20
14
14
*18
*18
18 July 2
*18
14
11
/
4 Mar
*4
14
14
158 Aug 31
14
14 Dec
*18
*18
No par 60 June 21 6214 Apr 4
5912 60
6034 5912 6034 6012 6012 1,400 Bayuk Bros
5822 5813 *59
5738 593
Apr 65 Sept
33
20 51 Jan 2 8414 Mar 26
73
73
7412 7312 7414 7312 7312 2,600 Beech Nut Packing
72
7214 7212 7212 73
30 July 53% Dec
5514 88,800 Bethlehem Steel Corp
100 4134June 29 70 Mar 3
483 4914 49
51,4 514 524 5214 534 535* 5412 54
79 May
Jan
51
300
Do own cony 8% pref_100 10014June 21 11114 Mar 12 104
-_
106,2 10612 *10614
•102 104
104 104'
Jan 116/
1
4 June
10314 106
106 106
Preferred new
9312 5,400
100 87 July 2 9712Mar 9
11
1
9014 90
9234 9312 9234 -9114
89
Oct
.8912 90
94 Nov 101
300 Booth Fisberiee
5
No par
5
*478 5
5
334 Oct 25
*478 5
5
5
*478 .5
5
101s Aug
74 Jan 18
4 Nov
British Empire Steel
*412 5
5
100
418 Nov 16
412 *4
4/
1
4 •4
.418 414 *418 414 *4
15 WO
978 Mar 2
84 Jan
Do 1st preferred
100 55 Nov 10 6912Mar 13
6314
6314 *55
.. *55
6312 *55
-- *55
76s4 Ayr
_
*5312
58 Mar
Do 20 preferred
100
100 1212 Nov 17 2612 Feb 20
*1254 1314 *1238 -1-3-14 *1214 1314 .1214 1314 *1214 1314
1212 Iii2 •55-1918 Mar 39 Sept
1,900 Brooklyn Edison, Inc
109 109
100 10414May 22 12112 Jan 9 100
10934 10934 10934 10978 10914 110
10978 11012 11014 111
Jan 124% Aug
300 Brooklyn Union Gas
11434 11434 .113 115
• 100 10312May 11 128 Feb 7
115 115 .114 11612 116 116
•113 115
Jan 12412 Nov
70
200 Brown Shoe Inc
48
*46
48
*45
100 4138 Oct 29 6578 Apr 2
47
47 .45
47
47
4514 4514 *45
Jan 64% Sept
42
1,200 Burns Brothers
100 100 Sept 29 14434Mar 23 11312 Jan 147 Dec
106 106 *105 107
10214 1025* 10218 10228 10312 10312 104 106
700
Do new Class B cora2112Sept 29 43 Jan 2
245* 2318 2412 *2318 2458 .2334 24341 .2334 2434
2434 •23
Oct
.23
53
2838 Jan
414 Oct 27 111
534 534
512 534 1,800 Butte Copper & Zinc v t c.._ 51
54 5,2
1018 Dec
5/
1
4 51 21'
554 534
/
4 Feb 14
*514 534
514 Mar
19 I 1,100 Butterick
1934 1934 1934 1934 1978 1934 19781 19
•18
100 1314June 21 22 Aug 18
10
19
34 Feb
15 Nov
10 1278 Oct I 3778 Mar I
15
15
1478 1478 1533 16
155* 161 21 1534 15841 9,200 Butte & Superior Mining
1534 16
2038 Jan 3514 Oct
200 Caddo Cent 011 & Rel_No par
17s1
178 "134
178
178 *112
178
.114
134 *114
178
1 14N0v 3
918 Feb 16
178
1518 Apr
014 Dec
81141 1,000 California Packing__No par 77 Aug 4 87 Feb 9
8112 81
81
81
8012 8012 .8012 8112 8112 8112 81
8613 Sent
Jan
68
114,500
California
1
24
2314
Petroleum, now 25 1718Sept 19 2938May 31
21
2178 2134 23
2214 2214 22 2 233s 2338 24
Do pref
700
95
95
93
95
*0512 97
9534 97
*9212 96
97
97
100 9012Sept 27 11012May 23
Jan 9812 Apr
83
412
4
412 518
4
418
5
4
4
51
/
4 9,300 Callahan Zinc-Lead
4
4
10
334 Oct 29 1258 Feb 20
514 Feb 111
/
4 May
900 Calumet Arizona Mining
*44
48
45
4478 4478 4714 48
46
45
44
45
45
10 42 Oct 26 66 Mar 1
5012 Nov 6612 June
200 Carson Rill Gold
54 ,•
512 *412 512
414 44
512 *-- -.--,1
5,2 *- 414 Nov 23
958 Feb 19
614 Dec 1618 Mar
300
Case
(J
I) Plow
34
No par
34
4
*12
34
*12
22
*12
--12
*1,
*12
,
le Oct 22
9/
434 Feb 21
1
4 June
3 Mar
100 Case(JD Thresh M pf at100 65 Oct 17 86 Apr 9
*66
69
*66
6812 6812
69
*66
69
70
*65
69
*66
68 Fob 9314 Aug
1118 1234
1212 1238 13
058 1014 35,100 Central Leather
974 1158 10
*12
1114
100
958 Nov 23 4012 Mar 7
29/
1
4 Jan 4418 Sept
Do prof
3312 3434 32
35
29
3318 2938 3134 2818 2934 22.100
3334 34
100 2818 Nov 25 7934Mar 7
63/
1
4 Jan 8214 Sept
4014 4012 4012 4112 4134 4212 4212 43
4212 4338 4238 434 21.100 Cerro de Pasco Copper_No par 3612 Oct 24 5012 Mar 28
32/
1
4 Jan 463s Dec
8,600 Chandler Motor Car_ _No par 43 Oct 13 76 Mar 14
5038 51
51
5178 5134 524 5214 5338 5214 5334 5218 53
7914 Apr
47% Jan
•7912 80
80
8278 8234 83
S3/
1
4 8338 4,500 Chicago Pneumatic T-ool_100 7512June 20 9014 Mar 21
83
1
4 84
8412 83/
Jan 8958 Sept
60
/
4 13,600 Chile Copper
2634 271g 2738 2758 2738 2758 2738 2734 27
2758 2714 271
25 2418June 20 301
154 Jan 2914 Nov
/
41tiar 1
167 1734 1678 17
7,800 Chino Copper
1634 1714 1738 1778 175* 1734 175* 177
5 1434 Aug 30 3178 Mar 2
2214 Nov 334 June
*6512 68
6712 6712 6712 6734 6814 6812 70
71
70
70
2.300 anat."'moody & Co
-100 60 July 2 7014 Mar 28
43
Jan 70/
1
4 Dec
735/4 7338 74
73
744 7358 7412 7334 7414 6,500 Coca Cola
Jan 8234 Oct
1
4 7134 71
No par 6514 Oct 27 13338June 8
70/
41
1
4 3,900 Colorado Fuel & Iron
2312 2314 24
2312 2478 2413 2514 2414 24/
Jan 37 May
2212 225* 23
24
100 20 Oct 30 3538May 31
900 Columbia Carbon
4522 4312 44
44
1
4 *45
*44
441
/
4, 44
4312 43,2 4312 43/
No par 41 Oct 19 4978May 26 ---------------32
324 321
/
4 324 324 3278 324 3312 3338 3378 3314 3.312 7,100 Col Gas & Elm new_ _.No par 3014June 28 3734 Apr 19 ___ --_- --- ,--Cplumbla Graphophone No par
51-4 June
114 Jan
278 Feb 6
18 Oct 16
Do pre(
_
_
5 Feb 21 JUne
100
14 Oct 22 1218 Jan 15
80 -8-67-8 ii5T8 -8-618 6,420 Computing-Tab-RecordNo par 67 June 30 8312 Apr 9 5514 Jan 7934 Apr
ii5i4
-gilt,
12 -7-614 -80T4 -813-4 ill. -8-217.5 17514 175 179
175 175
17958 18312 181 18134 9,900 Congoieum
No par 135 Oct 23 18312 Nov 22 ____ ____ ____ ____
174 175
3,000 Consolidated Cigar__No par
1834 1712 1858 18
1858 Feb 42/
18
1
4 Oct
1818' 18
184 18
15 Oct 26 3938 Jan 3
1712 1712 17
Do pref
47 Feb 8714 Nov
6612...- 6612
•
100 62 Oct 11 83 Feb 17
664 .____ 6612 ...___ 6612 .__ _ 6612 *60
-57i2 577
8512 Jan 145% Sept
5712 5812 584 5878 5858 594 594 594 5914 5912 29,000 Consolidated Gas(N Y)_ _100 5634July 2 6054 Feb 2
618 612
6
614 61
63s
/
4
6
6
618 614
64 11,600 Consolidated Textile _NO par
614
6 Oct 30 1412 Feb 2
9 July
155* Apr
45/
1
4 Jan 11514 Dee
5112 5014 5178 5014 51
50
514 5012 5134 28,200 Continental Can, Inc
100 4278May 7 5512Sept 11
4914 4934 50
1114 Dec
612 834 1,900 Continental Motors_ No par
1858 Dec
658 658
5 Oct 24 1214 Jan 19
638 64
614 64 •64 64
*612 634
/
4 Feb 6
9114 Jan 13434 Oct
13078 13112 17,900 Corn Products Refining
/
4 132
127/
1
4 13039 12834 13012 12912 13112 1301
100 11438July 5 1391
12718 128
400
Do pref
/
4.119 120 *118 120
1
4 Feb 24 111
Jan 122% Nov
100 11512Nov 1 122/
118 119 *118 11912 918 1191
•118 119
3135 Jan 64 DeC
2712 2918 29
3038 2914 2978 111,900 Cosden & Co
No par 2234Sept 19 6314 Fob 17
2514 2614 2578 2758 2714 28
8234 Feb 9858 Sept
1
4 651
/
4 66
63
6778 6534 6674 35,000 Crucible Steel of America_100 57125ept 27 8412 Mar 21
6312 64
6534 674 66
65/
Do prat
200
80
100 8534 Aug 8 944Mar 2
907e 907 •90
Jan 100 Sept
91
91
*90
9112 *90
91
9012 9012 *90
818 Jan
Sly Aug 2 20 Feb 13
1934 Mar
No par
1214 1234 1234 1334 1358 1378 13
1334 134 1414 1373 1414 29.300 Cuba Cane Sugar
Do prof
1514 Jan 417 July
51
515
514 531
/
4 5234 5312 50,600
100 3312 Aug 4 6414 Mar 15
4612 471
/
4 4734 5014 5038 52
1412 Jan 28 Aug
3024 3078 3012 3134 3114 3178 42,200 Cuban-American Sugar
10 23 Aug 1 3738 Feb 13
31
29
29
2938 3014 30
Do prof
100
7818 Jan 1021
97
984
97 I .96
/
4 Dec
97
100 92 July 12 106 Apr 5
9812 *96
97 .9534 97
*96
*95
57
57
47
534 6
514 512
578 6
3 July 2 1214 Mar 15 ____ ____ ____ _ _ __
5
52 534 10,400 Cuban Dominion Sugar No par
Preferred
1,700
38
3512 36
3712 40
36 I 37
35
*34
100 30 Aug 28 5812Mar 20 ____ ____ ____ ____
35 .3414 35
___ ____ ____
700 Cuyamel Fruit
604 60,21 *6012 6112 6012 6012
No par 5412July 6 6818 Apr 27 ____
60
05812 5912 594 5912 60
23% Nov 653* Apt
6438 74,300 Davison Chemical v t o_No par 2018May 21 72 Aug 30
64% 647 69
78/
1
4 59
6714 7438 58
598 6234 61
100 De Beers Cons MIneeNo par 20/
1
4 Nov 0 28 Mar 1
1612 Jan 2558 Sent
/
4
•I912 2112 *193* 2112 •2012 2112 *2312 207s 21
•2034 211
21
800 Detroit Edison
104 104 *10314 105
103 10314 10314 104
100 10014June 26 111 Mar 2 1008 Jan 11812 Aug
•10234 10312 103 103
Dome Mines, Ltd
1812 Jan 4612 Nov
10 3034May 22 44% Jan 4
10034 110
109 11018 90914 11038 2,200 Eastman Kodak CoNo par 893* Jan 2 11534 Apr 3
70 July 9012 Dec
108 10834 10812 10934 10034 110
Eaton
Axle
2,900
____
&
27 July 24 _
par
20 Oct 31
Spring_
234
_No
223
8
2214
22
22
21
214 2112 22
22
224 21
26,000 El du Pont de Nem &-Co 100 1061
/
4 Jan 17 14812 Apr 28 105 Dec 1694 Nov
12912 1.3114 129 13038 129 12934 12818 13012 128 129
128 120
404 June 5834 Deo
641
/
4 10,500 Elea Storage Battery No par 52 July 5 674 Mar 21
0412 64
6412 64
6428 64
6214 6334 64
6412 64
500 Elk Horn Coal Corp
/
4 Nov 14 204 Jan 2
1414 Jan 244 Dec
60 131
*1314 14
/
4 14 I *1314 14
*131
•1314 1312 1314 137a *1314 14
1118 JUDO
712 Feb 20
700 Emerson-Brantinghara
100
1 Oct 15
154
1
114
1
4 Jan
1
1
2/
11 1
114
*118
114 *118
112
•114
Endicott
Oct
29
941
3,100
/
4
Jan
-Johnson
8
6512
6513
2
587
7014 Jan 9473 Deo
6414
50
644
63/
1
4
6418 6458 6334 6412 65
*6212 64
Do mei
Jan 119 Dec
500
100 109 Oct 30 118 Jan 3 104
011114_ 112 113 *112 11312 *112 11312 *112 11312 112 112
500 Exchange Buffet
*2012 2112 *2012 2112 20
2612 Dec 3112 Oct
22
23
No par 20 Sept 4 31 Jan 10
2018 .21
•21 -2-3- •21
751
/
4 Jan 107 Sept
655/3 32.700 Famous PlaYers-Lasky_No par 52 Oct 27 93 Jan 2
65/
1
4 8414 6558 64
6518 64
6214 6478 64
6142 828
Do preferred (8%).....j00 82 Oct 2, 99% Feb 14
91% Jan 10735 Sept
100
854 833,
. *85
8634 *85
87
87
*85
*85
87
87 1 *85
Jan
Feral
June
6
1612 may
Federal
Mining
13
5
9
12
&
100
Nov
113
4
9
Smelt_100
113
4
13
*10
*10
12
*1114
12
90
12
91
Do Pre:
1,100
3712 Mar 6234 Sept
45
/
4 Feb 13
44
45
45
100 3414June 4 601
*40
45
4,535 4538 45
*42
433
4 4324
938 988 491.9 93,
923
914
038 or,
714 Sept 21 1038 Jan 2
8% Deo 105* Dec
912 03
No par
912 912 10,800 Fifth Avenue Bus
Jan 218 Dee
75
1,000 Fisher Body Corp
/
4 Jan 11
No par 140 July 3 2121
159 160 95912 165 "162 172 *162 165
157 159
165 165
764 Jan 10314 June
400 Fisher Body Ohio pref... _100 94 July 3 10238June 14
9834
•9812 9834 9812 984 9812 9812 9734 9812 *9712 9834 .98
Oct
Nov
19
3
1912 Apr
Rubber
Fisk
57
105
8
8
1612
No
Feb
par
13
5,600
8%
738
712
71/4 7
71
/
4 73
7
678 714 Sc
678 7
._
4C7.
An
Ann., AK, ASS. Acl, 4.3. 8000 Flelsehman Co__
MI 1,7r
3734 Feb 1
471, Mav 4 ___ .. __ --- -- -•11131 and asked informs; no sales on tbls day. s Es-dividend.
New York Stock Record-Continued-Page 3
2307
For seas during the weak of stacks usually inactive. see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
gaiardas.
Nos. 17.
Tuesday.
Monday.
Nov. 19. I Not. 20.
Wednesday. Thursday.
Not. 22.
Nov. 21.
Friday.
Nov. 23.
Sales
for
the
Week.
STOOKS
NEW YORK STOOK
EXCHANGE
PER SHARE
Rano since Jan. 1 1923.
On Oasis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
g per shots $ per share I Der slats
$ per share $ per share $ per share S per share S per share I It per share Shares. Indus. & Miscall.(Con.) Par $ per Share
No par 5812 Oct 29 7838July 20
7012 4,600 Foundation Co
Ws 8812 6858 7018 6912 7114 69% 7114 8913 7112 69
913
1214 Jan 2714 Oct
No
par
22 Jan 13
July
1212
1178
12
2
Freeport
Texas
Co
7,900
1112
1238
1158
11%
1112
*1112
1112
11
111s
45/
1
4 Jan 80
Oct
477
473* 4738 473* 473* *4514 4714 2,300 Gen Amer Tank Car_ No par 38% Oct 29 7174 Feb 20
4612 4612 4738 4758 46
3714 Nov 7314 July
100 23 Aug 9 54 Mar 7
3234 337
3218 3234 15,400 General Asphalt
30
3118 31% 3278 3218 3312 3218 34
100 60 Sept 27 83 Mar 7 69 Nov 111 July
Do pref
1,200
65 66 *64 67
65 6518 6414 65
*6218 64
65 65
65 Mar 8314 Dec
100 8014June 28 94% Mar 14
843* 84 8414 84
8412 8438 85
4,200 General Cigar,Inc
84 848 84
8378 84
94 Jan 109 Oct
Debenture pre/erred-100 104% Nov 14 110 Apr 2
•104 106 "104 106 "104 106 *104 106 "104 106 '104 106
100 188 Sept 20 19012 Feb 2 136 Jan 190 Dee
17814 1798 178 18134 18114 18178 18118 1817 180 182 181 18414 8,300 General Electrio
1012 Oct 12 Sept
Special
10 1014 Oct 19 12 Jan 2
1038 1012 103* 1012 103* 1012 103* 1012 103* 1012 103* 1012 5,000
814 Jan 1514 July
1414 14
1414 14/
1
4 1438 14
141g 1438 138 1418 14
1418 29,400 General Motors Corp_..No Par 1234June 28 1712 Apr 18
69 Jan 86 Sept
100 79 July 10 89 Apr 17
8112 8112 "80% 82 •8012 82 "8012 82
Do pref
200
"8034 8212 *8034 82
6714 Mar 9614 Oct
8112 8112 8112 8112 8112 "8012 8134
Do Deb stock (0%).-100 7854July 17 90 Apr 7
800
81 "81
81
"81
82
7914 Mar 100 Sept
96
Do Deb stook (7%)-.100 9334 Oct 30 105 Apr 10
480
97
96
96
9634 9634 9634
98 "98 98 "96
*96
1
4 Oct
3812 Oct 45/
47%! 4812 4814 4834 4814 4858 4734 4214 5,100 Gimbel Bros
No par 8912June 27 5111 Apr 24
47 47
48
48
9/
1
4 Nov 1814 June
12%
Feb
9
22
Sept
par
10
6
Glidden
Co
No
4,900
83
4
83
4
10
93
4
912
814
812
7
934
7
7
1034 1012 1012 10
10
8 Nov 5 2218June 5
3,787 Goldwyn Pictures, new_No par
10
1012 1034 *10
612 98 *9
2812 Nov 447k May
1958 1912 1934 20
2038 2012 2034 21
2234 5,700 Goodrich Co (B P)
1834 191
/
4 19
No Par 1738 Oct 23 41% Mar 22
Apr
7912 Nov 91
76
76
*73
76
76
*7514 78
Do pref
100 6734 Oct 20 9212 Mar 6
75
76
76
7634 1,600
•75
42
424 4234 1,400 Goodyear Tire, pre/
100 35 Oct 26 6212 Apr 25
39
393* 3734 3812 3812 3912 •39% 42 "40
.
9012 92 *9012 91 "9012 92
91
91
92
9034 91% "91
300
Prior preferred
100 88 Oct 30 99 Feb 19
22 Nov 33 May
15% 1514 1514 1512 1514 15% 1434 15
15
15
1412 15
1,500 Granby Cons M.Elm & Pow 100 12 Oct 24 33 Mar 23
8 Nov 1978 May
814 814
814 838
8
8
7 Oct 10 1558 Mar 7
800 Gray & Davis, Inc____No par
712 712 •712 8
712 712
22 Nov 343* May
15 •1512 1534 1512 1512 15% 1512 1512 15/
1
4
600 Greene Cananea Copper__ -100 1334 Oct 31 3414 Mar 6
•15
1534 15
614
612 •6
*6
7 Feb 1458 Mar
6
6
68 612 4,400 Guantanamo Sugar____No par
6
6
5 Sept 19 141t Feb 14
6
634
447 Jan 9478 Oct
78 7912 7912 8134 8178 83% 83% 8478 8318 85% 8312 8434 63,400 Gulf States Steel tr et/IL-100 66 June 28 10458 Mar 21
/
1
4 Jan
372 Mar
Jan
12
14
212
Aug
par
8
Elec
Cable_No
3
4
4
1,600
Habirshaw
3
4
,4
54
3
52
%
34
34 '
38
34
84
85 *81
100 7934Nov 1 9478 Feb 6 ---------------.82 85 "8034 84 *81
5.--- Hartman Corp
-5ii4 -ii-ii -37 3778 37'2 38
36% 37
100 31 July 5 44 Apr 19 ___ _
*36
3614 3534 36
.600 Hayes Wheel
Jan 283* Sept
15
1712 1734 17% 1712 1712 17% 1778 19
16% 1618 16% 17
3,200 Hendee Manufacturing-100 12 July 2 2334 Feb 16
55
Jan 82 Nov
6012 8012
100 60 May 23 7978 Jan 2
*60% 62 •601s 61 •6014 61 "60 61 •60% 61
100 Homestake Mining
33
33
No par 2858July 2 3938 Mar15_
33
3314 33
3212 32% 3234 3312 33'4 3312 33
1,800 Household Pro
6114 Nov -6134 -bit
51
5212 51
5114 5334 5334 56% 5334 55/
4 Aug 4 78 Feb 18
1
4 12,900 Houston Oil of Texas
100 40,
4814 4914 51
2478 2518 2512 25% 25% 2534 25% 26
1938 Aug 263* Dec
2534 2534 3,700 Hudson Motor Car____No par 20 June 28 3234 Mar 8
*2412 25
23
4 2338 23% 2312 24
2314 5,200 Hupp Motor Car Corp
10 1534 Oct 29 3012 Apr 2
2312 23
2238 22,
107s Jan 2814 Dec
8 23 23,
*12
28 '
*12
28
*12
58
12
1
12 Oct 27
*12
58
612 Jan 8
312 Feb 1418 June
No par
12
58
200 Hydraulic Steel
428 412 *434 5
__
4% 414
438 438 1,300 Independent Oil & Gas_No par
414 4%
3%Sept 21 1114May 3 ____
414 414
1% 134
3/
1
4 Jan
-Dec
1 Oct 19 19 Mar 19
178 2
174 2
6
174 2
112 112
158 152
2,800 Indlahoma Refining
/
4 JUIN
812 Apr 6
5 Jan 111
534
"5
6
4 Sept 19
10
5% 5% "538 512
*5
534 *5
•5
200 Indian Refining
2712 28 '2712 2734 2712 2712 27 27% 2614 27 i 2,900 Inspiration Cons Copper_ 20 23% Oct 24 4334MeZ 1
31 Nov 45 June
2734 273
7
8
78
*34 118,
1
1
552 Dec 1152 May
1
1
Is
100
12 Oct 26 11 Feb 20
•1
*34 118
400 Internat Agricul Corp
57
6
6
2812 Nov 4318 mar
612 612 "13% 7
4% Oct 30 3978 Feb 23
100
6
6
534 534
900
Do pref
58
39% 4012 4014 4034 4014 4012 40
26 Jan 38% May
4012 40
40 401
4033 6,700 International Cement_ _No par 31 June 28 44 Mar 19
2212 2378 23% 241
22 221
24
241
2018 June 3013 Sept
21% 213
2438 2538 33,200 Inter Combus Engine_ _No par 195sJune 28 27% Apr 6
798 Jan 11578 Aug
76
7612 7613 77
78
100 6634 Oct 29 9812 Feb 7
79
76
7812 79
75
7734 79
3,900 Internat Harvester
10612 1061 108 1081 108 108 •10534 10814 1,400
100 106 Oct 27 11814 Jan 4 10511 Feb 119 Sept
*10612 107 *10812 107
Do pref
7% 712
714 71
834 Dec 271 May
478 Aug 9 11% Feb 14
7% 718 1,200 Int Mercantile Marine __ _100
712 73
712 71
7% 7%
3318 3414 3312 341
3112 333
2974 32
4158 Dee 8738 May
100 1812 Aug 8 47 Jan 5
3314 351
3314 3458 33,300
Do pref
1114 11% 1138 111
11% 11% 1112 1238 11% 12
1114 111
1114 Jan 192 Apr
10,700 International Nickel (The) 25 10% Oct 26 1614 Feb 16
81
81
*80 82 "80 82
60 Jan 85 Jan
100 8934 Jan 4 83 June 12
81
81
"80
823 '80
8234
200
Do pref
3314 331
3334 333
4.311 Mar 8378 Oct
34% 3588 3512 3614 3512 3612 5,800 International Paper
32 321
100 2774 Oct 26 5852 Mar 6
621 *61
63 "61
62
"61
59 Mar 8012 Sept
6134 6134 *6214 63 •6234 63
Do stamped preferred-100 60 Oct 24 751$ Jan 5
100
9
oi
832 8%
81
1212 July 2014 Apr
8
Mar
7
718Nov
5
19
/
1
4
___No
par
8% 9
Corp_
Oil
9% 1018 28,600 Invincible
934 1038
49 "47
*47
49 *47
24 Jan 531 Oct
49
32/
1
4 Aug 6 5814 Mar 8
4814 49
50
4912 51
5378 9,800, Iron Products Corp_ _._No pa
14 Nov
3 Jan
58
Feb
24
Oct
3
la
t
c__
10
Transp
v
011
&
1
Island
*-- - ,8
10 Jan 2212 May
17
1714 *1634 18 •17
171
100 1532 Oct 11 24 Mar 15
17% 17/
1
4 17% 18
18
1814 2,1001 Jewel Tea, Inc
73 "68
73 "88
3812 Jan 763* Dee
"70
100 62 June 20 82 Feb 26
73 "68
73 "66
73
2001 Do pref
73
7314
3412 Feb 5778 Sept
2714 297
291
27 28
29
100 25 Oct 29 8338 Mar 16
2812 2812 29
29
2814 29
4,400 Jones Bros Tea. Inc
34 May 483* Aug
*3534 3612 •3612 37
36% 37
28 July 2 458 Feb 23
3612 3758 3534 38
36% 37% 2,400 Kayser (J) Co. v t c --No pa
991 *97
94 May 10612 June
"96 100 •96
No Par 96 July 2 104 Mar 23
9912 "98
991 "96
9912
9914 •98
I Do 181 pre/
341 Jan 53% MP y
25 2514 2514 271
2714 277
2012 Oct 17 6218 Mar 22
2
2634 2812 27% 2812 2734 29% 24,500 Kelly-Springfield Tire
9012 Jan 1073* May
"74 80 "74 80 *7512 80 "78 80
100 78 Nov 3 108 Jan 18
7812 7812 '77 80
100' 8% pref
Feb 11512 Dec
80 88
61
*80 88 '
Mar
6
11714
Oct
18
86
75
100
87
Wheel,
Inc
85 86 "85
89
89
87
600, Kelsey
33% 3414 3312 341
25% Jan 3958 May
No pa
2938 Oct 26 45 Mar 1
3412 343
3412 3454 21,300:Kennecott copper
34% 35
3412 35
*5
3
3
414 Nov 2438 May
3
3
158 Oct 19 1118 Mar 24
2% 3
234 3
4,600 Keystone Tire & Rubber__ 10
*285 290 28712 28712 *288 290 285 289 290 292 "285 292
100 177 Mar 2 292 Nov 22 110 Jan 15912 No.
7001 Kresge (88) Co
79 •75 80
1
4 Ang
"75
43 Jan 94/
7812 781 "78 80 "75
1
4June 9
1001 Laclede Gas (St Louis)._ 100 75 July 5 89/
78 1 "78
79
*13
13% 13% 1334 14% 14% 14
2414 Nov 3514 Mar
11/
1
4 Oct 19 3134 Mar 22
1414 14
1434 2,000 Lee Rubber & Tire_No pa
1414 *14
*____ 223 •218 223 22014 2201 •222 225 '220 223 1'22212 225
1
4May 21 225 Oct 16 15314 Feb 235 Oct
100 Liggett & Myers Tobacco 100 190/
*11614 11634 *11614 11834 "11614 1163 11634 11834 •116% 11634 "11614 11634
1
4 Nov
100 11154 Apr 4 118/
1
4 Jan 8 108 Jan 123/
Do pref
100
66
661
6314 8512 65 66
52 Nov 11778 May
1
4 66
65% 6814 651 6612' 65/
9,600 Lima Loa Wks temp otf.No pox 5812Jime 28 7472 Mar 20
1714 1712 17% 1712 17% 171
1052 Jan 2314 Sept
173* 173 10,300 Loew's Incorporated-No per 14 June 21 2114 Feb 14
17% 1713 173* 178
612 812
6% 614
9 Jan 14', Mai
612 7%
6 Sept 8 1154 Jan 5
8
838
7% 838
No per
734 734 10,000 Loft Incorporated
55
53
5312 63
55
5858 56% 56
36 Jan 6778 Sept
100 3614July 7 6314 Mar 2
,
4 5834 61
18,600 Loose-Wiles Biscuit
583* 59
*165 167 16712 171
170 1731 173 17438 17214 17214 172 172
100 146 June 21 178% Feb 9 147% Jan 180 Sept
7,200 Lorillard(P)
.108 115 •10834 115 "10812 115 "10758 11034 •108 110 '10814 110
72 Jan 117 Dec
Mackay Companies
100 103 May 23 121 Feb 6
80
8112
77% 80
81% 8278 813* 83 38,600 Mack Trucks, Inc
81% 83
25% Jan 6178 Sept
1
4 Jan 2 93% Apr 6
NO pox 58/
93
937 937
93 93
3 "88
8554 82
9378 9378
714 *93
88 Feb 9411 Dec
94
100 87 July 3 9914 Mar 12
Do 1s1 preferred
500
•85 88 *8412 87 "85 87 08514 88 "8514 88 *8514 88
54 Jan 8714 Sept
Do 20 preferred
100 72 June 29 92 Mar 5
6334 6334 64
6334 64
6714 67 6734 6678 6712 66
59 Nov 62 Dec
66
57 July 2 7112 Jan 20
No pa
4,600 MacY
31
3114 29% 2912 *30
3014 30
30
3114 30
2718 Nov 351 Sept
30
30
900 Magma Copper
No par 2714 Oct 29 3814 Mar 3
30% 3118 3034 32% 3112 32% 3114 32
3118 323* 314 3112 12,500 Mallinson(H It) & CO-No Par 21 June 27 40 Jan 2
1511 Jan 40 Aug
5512 5512 55/
1
4 5512 *55/
58 60
60
1
4 58 "5512 58
6012 1,200 Marital Sugar
5o14 Jan 52 Mar
100 43 July 31 7514 Mar 14
•80
84 "80 84 "80
8134 813 "80
84 "80 84
82
73% Apr 8414 Sept
100 72 Oct 22 90 Feb 26
100
Do pref
.3812 39% 41
4112 "4012 40% 3978 40,
41 Mar 6938 Apr
800 Manhattan Eleo SuriPlYNO par 35 Oct 18 66 Mar 21
4 *3912 40 •3913 41
"41
42 *4112 42 "4112 42 *42
43
32 Mar 5854 Oct
4312 *4112 4312 43
40 Oct 30 4772 Jan 5
2
100 Manhattan Shirt
1912 1912 2014 2014 2014 2012 2012 2311 2278 233* 2258 2338 11,900 Maracaibo Oil Expl...-No par 16 Sept 17
2113 2214 217s 23% 2312 24% 24
595 Apr 2
2814 263* 2734 91,300 Marland Oil
22% Jan 4638 June
2558 26
1712
Oct
31
No
pox
5
214 3%
3% Nov 7 18 Feb 28
*314 311 *3
314
3% 3% *5
3% 334
No par
512 Mar 268 Mar
400 Marlin-Rockwell
31
•30
29% 3018 2912 3012 30% 30% 30% 3012 30
32
1,500 Martin-Parry Corp__ _ _No par 26 July 31 3714 Apr 17
2014 Jan 3614 Jun'
4078 4012 42
'
534% 35% *3512 3712 37
3712 3814 39% 40
22 Jan 54 Nov
8,000 Mathieson Alkali Works__ - 50 31% Oct 23 6412 Mar 14
5214 5734 5812 61 139,000 Maxwell Motor Class A___100 38 Oct 1
53% 55% 5512 .5814 5154 5814 5058 53
4112 Nov745 May
6314 Mar 8
UN 15% 1614 1414 15% 1514 167s 1612 171 51,000 Maxwell Motor Class B No par 1014 Oct 2 21 Apr 5
1618 1834 16
11 Feb25% June
6511 Dec 17434 Dec
81% 8214 5338 8312 83 8334 83 8414 8212 84% 83 83
5.800 May Department Stores_ -100 67% Jan 5 8678 Oct 24
*16
1618 1618 1618 1614 1614 1614 1612 16% 1638 1614 1614 1,700 McIntyre Porcupine Mines_ _ _ 15 Sept 18 2012May 4
101t Jan 2158 Mar
15% 1584 15
12% 1318 13
15 Oct3412 July
1512 19,000 Mexican Seaboard OIL NO Dar
13% 13% 14% 14% 15
1
4May 28
5% Aug 15 23/
1414 1412 14% 1414 8,000
O1212 13
1212 1212 1212 1312 1314 14
12 Oct32% July
0 Aug 15 2314May 28
Voting trust certificates__ _
22
22
22
2134 22
2214 2214 2214 2214 22
25 Nov3133 May
221s 22
2012 Oct 29 3012 Feb 23
5
1,800 Miami Copper
434 5
358 4
312 Nov 16 1214 Jan 12
434 5 70.600 Middle States 011 Corp_
412
11 Nov16 Apr
10
4% 4%
4
334 438
*26
2812 2914 1,800 Midvale Steel & Ordnance- 50 2112June 29 835* Apr 18
27 27
27
281s *2812 29
2638 Dec4514 May
2718 2712 28
61% 611 *6112 618 *6112 6134 6112 6112 6112 611 "8112 6134
100 5412June 28 75 Mar 8
63 Jan 7638 Sept
300 Montana Power
2438 2478 24% 2578 25% 2818 25% 26
24% 25% 2458 25 20,100 Mont Ward & Co 111 corp_ 10 1814May 22 2614 Nov 15
12 Feb2534 Aug
132134 22% 22% 2278 2278 23
24
23% 2452 13,700 Moon Motors
13 Aug 193* Dec
2212 231s 23
No par 17% Jan 17 2934 Mar 22
938
9
9
918 6,900 Mother Lode Coalition-No par
8% 854
9/
1
4 Nov 1212 Dec
9
914
834 8%
8% 918
714June 20 14 Feb 20
15 .14
•12% 14
14
15 '14
1714 Dec 34 Mar
1512
15 "14
15 •14
No gar 1018 Aug 21 2978 Mar 15
900 Mullins Body
35 35
34
35 "34
*3434 36% •3314 35 *34
35 .
7
No par 3112 Oct 26 1361:Nov
35
141 lan12
100 Munsingwear
941 "90
9412 *90
*91
95 •90 95 •92
9412 *91
70 Dec 625 July
Nash Motors Co
No par 7511 Jan 2
9412
*9612 9712 97 97 "97 101 "98 99 *98
99 '98
99
1011 9612 Apr 23 101/
Do preferred A
1
4 Jan 17 10112 Aug 108 Dec
200
*7
712
812 812
812 984
8
712 712 •8
8
9/
1
4 Nov 21/
50
1
4 Apr
812
7 Nov 12 1812 Feb 19
700 National Acme
50% 5034 .5034 51
5034 13.200 National Biscuit
5034 5214 52 , 5238 5034 52323 50
8674 Dee 270 Dec
25 38 Jan 5 5238 Nov 8
•12O14 123 •121 123 '121 123 "121 123 •121 123 •121 123
100 11812July 6 125 Feb 2 11312 Jan 126 Oct
Do prof
64 •60
*62 64 *62 64 "62 64
64 64 *61
64
26 Jan 6672 Sept
100 National Cloak & 8ult...._100 40 June 18 6714 Feb 21
112 Feb 24
1 Dec
4% Apr
...... Nat Conduit & Cable__Ne par
14May 31
397 16- 554 4012 40
4lI
41
41
373* 38
41
3038 Jan 681 Oct
4,600 Nat Enam's & Stamlfing_100 35 Oct 18 73 Mar 14
'120 123 "124 124% 124 127/
1
4 126% 12814 12612 12814 126 12612 5,000 National Lead
100 108 July 5 13634Mar 20
85 Jan 12914 Dec
112 112 •11112 11214 •1111
/
4 11214 11214 11214 112 112 *112 113
100 hzerigune 28 114 Jan 4 108 Jan 117 Oct
Do pref
400
1214 12% 1218 1134 1218 8,500 Nevada Consol Copper
11% 11% 1138 11% 11% 1218 12
els Oct 27 183s Mar 5
1314 Nov 1918 June
3712 3734 40
37
40
4034 3912 4012 40% 4112 41
42% 19,100 NY Mr Brake temp etfs No pa
2652 Jan 2 427 Nov 23
2412 Nov 4158 Sept
,
4 48
4734 4734 47
4814 49
49
4814 4814 "4814 49
4514 Aug 23 5113 Feb 13
No pa
C19.91 A
4518 Nov 5114 Oct
4912 1,400
•16% 1812 *1612 181 "1612 1812 "161z 1812 •1812 1812 1813 19
100 1514June 30 27 Apr 2
20 Nov 48 June
200 New York Dock
41 •35
4312 41
*41
44 *35 44 •__ _ 44 .
38
100 37% Aug 14 5112 Mar 15
Do pref
44
100
46 Nov 6812 June
22 2214 2134 2238 2214 2212 2214 2212 2214 2212 2214 22% 22,200 North American Co, new
_
10 1712May 21 24% Apr 13 4412 *4414 44/
44% 44% 4438 4438 *44
45
•44
1
4 •4412 45
50 4212July 2 48% Feb 14
Do pref
38 Jan 4714 Aug
200
1414 *14
1412 "14
1434 *14
14% •14
*1414 1412 •14
Nova Scotia Steel & Coal_ _100 14% Nov 9 2972 Mar 3
14%
20/
1
4 Feb 40 Sept
*8
9
878 *Vs 812 3,200 Nunnally Co (The)__.. _No pa
8
8
8
*8
9
8
8
77$ Oct 20 1018 Feb 9
8 July 1238 Mar
2
2
•174 3
•178 3
•178 3
•2
2% 3.2% 214
178 Nov 1 101s Jan 29
5 Nov 1414 Apr
500 Ohlo Body & Blower__ _No par
1
1
1
1
128 2,900 Okla Prod & Ref of Amer_ 5
lls 138
118
1
438 June
*1
118
134 Dee
% Nov 2
318 Feb 8
"4
6
*4
8
*4
6
"4
6
*4
6
*4
412 Jan
952 Mar
3 July 21
Ontario Silver Mining__ __100
77$May 7
1714 "17% 1712 17% 17% 17% 1714 1714 1738 1,300 Orpheum Circuit, Inc
1 1614June 21 2152 Apr 26
17
1228 Jan 28 Oct
17 •17
Jan 16814 Oct
100 11412July 30 153 Feb 18 116
O129 130 132 132 13134 131% 132 132 •130 134 •128 132
300 Otis Elevator
834
8% 9,4
8
7 June 30 1414 Mar 21
712 71
714 714
678 No• 16% Ape
No Pa
9
914
878 9
7,500 Otis Steel
1
4 43
431 4412 5,500 Owens Bottle
4234 4338 43% 44
1
4 42/
1
4 42/
24Jan
ee 42
14/
1
4
1, Sept
4154 41114 41/
12
D
25 3652 Jan 2 52
Apr 5
2,
3455i
1
go
:
%
12
h
h
1
12
12
Apr
38 Nov 20
1,200 Pacific Development
1
4 8312 '82% 83% "82
5112 8112 81% 8218 •8154 8212 82/
100 73 July 2 851$ Aug 20
60 Jan 9138 Sept
83
2,000 Pacific Gas & Electric
121 1214 "11
11% 12
111
/
4 12 *Ws 12
12
12
11 Jan 19 June
7 July 2 125 Mar 14
12
1,700 Pacific Mail Steamship.- 5
• ma gni asked Woes so lake this day, •Er-dIrldend
New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually inactive, see fourth page preceding.
D LOW SALE PRICE-PER SHARE, NOT PER CENT.
h'anday,
oo. 10.
Tuesday.
Nov. 20.
Wednesday. Thursday.laY.
Nov. 21.
Noe. 22.
Nov. 23.
Sales
for
the
IVeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
I
PER 2AlARE-Range for Previous
Year 1922.
Lowest
Highest
11tyhest
Lowest
are S per share $ per share $ per share $ per share $ per share Shares. Indus. & MIseell.(Con.) Par
per share
$ per share
per share $ per share
4 3714 37
3912 394 40
394 4078 4034 4158 4012 4138 64,300 Pacific 011
3114 Sept 19 4878 Jan 4
4212 Nov 6938 May
112 1158 1112 1178 1158 12
114 1178 1158 1134 *1134 1178 3,200 Packard Motor Car
10 94 Oct 23 1512 Mar 22
10 Dec 21 Nov
*95
9512 9512 9512 *95
96
9512 9512 9512 9512 9512 951.
500
Preferred
100 9018June 5 99 Feb 7
9114 Dec 92 Deo
5678 573s .58
63
624
5934 5034 6038 60
643
633
Pan-Amer
4
57,100
6214
4
Petr & Trans__ _ 50 53 Sept 28 9312 Feb 7
8 Jan 10078 Deo
487
55
5614 5614 58
6134 593s 6034 131,800
574 5814 574 5934 60
Do Class B
50 5012 Oct 19 86 Feb 7
4013 Feb 9534 Deo
14 *114 112
*114
2
214 *2
214 1,200 Panhandle Prod & Ref_No Par
112 112
112 112
114 Oct 26
3 Dec 1213 Jan
614 Apr 5
1012 1012 "1012 11
"1012 1112 1013 1034 1034 1034 "1034 1112
600 Parish & Bingham
No par
9 May 23 1513 Mar 13
17
Apr
713 Nov
214 238
214 234
213 234
234 3
24 238
212 3
40,600 Penn-Seaboard St'l v t cNa par
113 Oct 8
238 Dec 1338 May
6 Apr 4
9314 9314 9312 0478 95
9534 9512 9614 954 9614 9513 96
7,600 People's 0 L & C(Chic)..100 86 Apr 27 9614 Nov 21
5934 Jan 99 Sent
*4212 43
*4234 43
43
424 43
4214 43
4312 43
4338 3,900 Philadelphia Co (Pittsb)
3112 Jan
50 41 July 2 5014 Mar 19
4538 Sept
"55
5918 *55
5913 *55
59,5 *55
594 '58
59,4
Phillips-Jones Corp
5918 *55
7314 Oct 10518 Jan
No Par 55 Aug 9 80 Apr 4
*17
20 '18
20
1912 194 1914
1913 194 •1914 2014 '19
200 Phillip Morris
10 1112July 2 2218 Oct 22
-2358 2438 2473 2618 2534 2653 2653 2838 2812 2912 2812 2938 99,800 Phillips Petroleum _ _ _No par 1934Sept 18 6958 Apr 5
594 June
2814 Jan
818
9,8 918 "812 9
8
84 878 *812 9
814 834
1,600 Pierce-Arrow Mot Car _No par
614 July2 1514 Jan 14
8 July 24% Apr
2018 2013 21
2012 21
2114 2158 2158 2234 2118 2118 2,400
21
Do pref
100 1312July 2 3558 Jan 9
Apr
184 July 49
2
218
215 214
24 238
253 234
213 24 10,400 Pierce 011 Corporation__
214 233
25
Jan
112July 5
6 Feb 13
378 Dec 12
2712 26
26
2612 2612 2712 2812 27
264 *26
27
27
2,100
Do pref
Jan
100 16 Oct 11 45 Jan 4
32 Sept 71
60
60
*9014 61
*6014 61
6012 60
6012 6012 60
60
1,500 Pittsburgh Coal of Pa
100 58 Jan 16 6778 Mar 7
Nov 7238 Sept
55
*98
981, 9812 9812 *98
9812 *93
934 '98
9812
100
9312 '98
Do pref
100 96 Oct 26 100 Apr 5
9018 Feb 10012 Sept
5134 5134 52
534 5234 5312 5312 534 534 5378 '53
5312 4,600 Postuna Cereal
Oct
47 July 5 134 Feb 6
No la.
65% Apr 120
•110 11214 '111 11214 "111 11214 *111 1114 111 111 '110 1114
100
Do 8% preferred
10812June 30 11414 Jan 25 1054 Apr 11212 Oct
53
53
53
53
5358 544 5434 5478 544 55'2 55
5514 3,200 Preesed Steel Car
100 4212 Oct 23 8113 Jan 2
Jan 9514 Sept
63
*85
87 "85
85
'83
*83
86
400
8314
85 '83
83
85
Do pref
100 80 Oct 23 9934 Jan 5
Feb 106 Sept
91
1712 1734 18
1834 194 19
1812 1812 19
2038 1912 2114 30.500 Producers & Refiners Corp_ 50 17 Nov 15 5818 Mar 20
2418 Jan 51 Sept
4314 431, 4334 4414 4414 45
4412 4512 45
46
4534 4578 8,800 PubServCorp ofN.J.new No Par 42 Sept 18 5113 Apr 16
123 12312 12212 12514 124 125
124 12513 12314 12434 12218 12278 3,800 Pullman Company
100 11012July 2 134 Mar 8 iliE1-2 Jan 139'4 Sept
51
5178 5112 5234 5253 5334 5318 5312 53
5414 524 54
15,000 Punta Alegre Sugar
50 4173July 31 694 Apr 19
5314 June
Jan
31
164 1612 1612 1738 17
1778 1758 174 174 1914 27,700 Pure 011 (The)
1738 17
25 16140ept 21 32 Feb 13
264 Nov 3338 Jan
"86
87 "86
871
88
. '86
87
87
87
520
87
88
88
Do 8% preferred
100 8212 Aug 28 100 Mar 9
94 July 10234 Apr
'103 106 "106 108
107 10712 10712 1074 108 11012 10914 11012 6,000 Railway Steel Spring
100 9912 Oct 29 123 Mar 17
Jan 12614 Sept
94
314 3114 *3114 32
*3153 3212 *32
3212 3212 3212 3314 3314
700 Rand Mines, Ltd
No par 294 July16 3438 Feb 19
1912 Jan 3613 Sept
1214 1238 1238 1213 1238 1212 124 1258 1214 1213 1218 123* 9,400 Ray Consolidated Copper_ 10
978Sept 21 1714 Mar 1
19 May
124 Nov
"3212 35
3434 354 3512 3512 *34
1,300
3554 3312 36
35
35
Remington Typewriter v t c100 24 June 27 4818 Mar 6
Jan 42 Mar
24
93
*90
*90
93 .90
92
*90
92
*90
90
100, let preferred v t c
91
90
100 90 Nov 23 104 Feb 13
Jan 105 Deo
65
9712 9712 *9712 100
*9712 100
9712 9712 *9612 100
99
99
300
2d preferred
100 80 Jan 3 99 Nov 23
504 Feb 8034 Dec
912 912 10
10
10
1012 1012 1012 104 1034 104 1134 6.800 Replogle Steel
No par
381,,May
8 0,2 25 314 Feb 16
21 Nov
4512 4512 454 47
47
4812 48
4938 4838 494 4812 4934 30,700 Republic Iron de Steel
100 4018June 30 6834 Mar 21
4812 Nov 784 Mar
'90
9112 92
91
"90
9134 *9012 92
92
900
9218
9218 92
Do pre
100 3434 Oct 1 9678 Mar 21
Feb 9534 May
74
2013 2034 21
2214 22
2233 22
2234 23
2438 27,900 Reynolds Spring
2434 24
No par 14 June 30 2978 Apr 17
1214 Nov 504 June
70
7018 70
714 71
7178 714 7178 71
7018 71
8,700 Reynolds(RJ)Tob Class B 25 47 Jan 10 7312 Oct 22
711
43 Mar 634 Nov
*116 117 '116 117
11612 11612 '116 117 1*116 117 '116 117
100
Do 7% preferred
114
July
100
9
Apr 1184 Oct
9
118
11118
Feb
46
4634 464 4812 4858 49
4814 4938 49
4934 49
494 8,400 Royal Dutch Co(N Y shares)- 4012 Aug 1 5518 Feb 19
4738 Jan 67 June
"1934 20
20
20
20
2034 '2034 21
2,300 St Joseph Lean
2034 2034 204 21
10 17 June 29 2238 Mar 9
1258 Jan 2014 Sep
14 158 *112 134
134 2
800 San Cecilia Sugar v t c_No par
*134 2
*14 2
134 2
114 Oct 4
614 Mar
5 Feb 14
113 Jan
3114 311 1
31
31
32
32,4 3214 3234 3214 32,4 3312 3412 2,300 Savage Arms Corporation_100 184 Jan 3 3112 Nov 23
10 /lug 2478 Apr
93
9612 9718 10112 100 102
1004 1014 9914 101
100 10412 56,100 Schulte Retail Stores__No par 88 Slay 3 10112 NOV 23
-831
. 8378 8412 86
8618 8678 8512 863s 85
854 7,000 Sears, Roebuck de Co
8534 85
100 6534June 30 9238 Feb 13
59% Feb 944 Aug
•10912 111 '10913 111
111 111 *10912 115 '10912 115 '10912 115
100
Do vet
100 10612June 4 11312June 12
Jan 112 Aug
91
54 5,2
54 031
512 538
534 6
54 5's 4,900 Seneca Copper
534 618
No par
478 Oct 26 1212 Mar 3
Oct 23,4 Jan
6
*513 6
64 6i. "64 634 '614 631
100 Shattuck Arizona Copper__ 10
*534 612 *614 634
5 Oct 15 1078 Mar 2
12 June
612 Nov
3158 3158 *32
3212 3212 3212 '32
500 Shell Transp de Trading__ £2 2918 Oct 3 4114 Mar 7
33
33
3314 33
33
Dec 4818 May
3412
1334 1378 1378 1412 1414 1458 1414 1478 15
No par
1578 1514 1534 64,500 Shell Union 011
1238 Jan 8 1914May 23
Dec 1314 Deo
1218
9112 9214 '92
Preferred
9218 9218 9218 92
900
92
9134 9214 *914 02
100 8912 Nov 2 95 May 23
853 828
10,550 Simms Petroleum
978 10
958 10
10
1058
84 94
913 934
10
612July 31 16 Feb 28
_
2612 2612 26
5,100 Simmons Co
26
2618 2618 2558 26
2534 26,4 264 28
No par 23 July 31
343* Star 23
18
1814 1814 1918 19
1914 1918 2038 204 2112 2118 215(4 72,600 Sinclair Cons 011 Corp_No par
16 Sept 18 3938 Star 19
Jan
181i
'81
83 "82
Preferred
86
300
*82
88
86
86
84 '85
86
84
100 S014 Aug 23 9918 Feb 14
16
16
16
1634 164 1718 17
1934 203s 22,800 Skelly Oil Co
1812 1878 21
10
958 Jan 2 35 Mar 31
858 Nov --1178 -15-a
48
48
49
50
Sloss-Sheffield
4
3,900
50
51
51
Steel & Iron.100 3914 July11 60 Apr 20
5334 533
5412 54
54
3413 Mar 5412 May
'79
82 '80
100
Do met
82
*79
82
8114 8114
82 '80
82
"80
100 68 Jan 13 90 Mar 16
66 Mar 80 Aug
*5012 52
52
52
52
5212 53
5812 2,700 South Porto Rico Sugar
5312 53
5434 55
100 384 Aug 4 6414 Mar 19
Nov 574 Mar
33
1334 1334 1378 14
1,600 Spicer Mfg Co
1412 1413 1438 1412 1412 1412 1414 15
No par
1134June 30 2714 Feb 16
15 Nov 24 June
"86
90 "85
Do pref
90 "85
90
90
*85
90
90 '85
*85
100 88 Oct 19 9778 Feb 2
Apr 96 Sent
84
•63
66
Standard
*63
65 '6134 64
64
Milling
"6134 64
*6134 64 '61i
100, 6313 Nov 13 904 Jan 23
8434 Dec 141 Sept
5234 5334 5314 5518 544 554 55
564 56,4 57,4 5534 5734 61,400 Standard 011 of California_ 251 4713July 30 12313 Jan 2
Oct
91114 Jan 135
32
3214 3218 33,8 334 3313 334 3478 3512 3678 3558 3618 49,950 Standard 0 lot New Jersey 25 3078July 31
4414 Mar 3
384 Dec 2504 Oct
*11718 11712 *11718 11712 *11714 11712 11712 11712 11738 11712 1174 11712 2,200
Do pref non-voting__ _ _ 10A) 11434 Aug 24 11814July 27
11338 Jan 11613 Nov
58
58
5734 58
2.400 Sterling Products
58
57
57
*5612 57
No par 51 June 29 6758 Mar 2
454 May 634 Dec
84
8514 841. 87
8618 8634 8658 874 5
87712 8
58
912 5
87
73
,4 894 36,400 Stewart-Warn Sp Corp_No par 74 July 5 12413 Aim 17
2413 Jan 79 Des
7712 794 794 82
843
4
8118 8234 821.
853s 36,500 Stromberg Carburetor_No par 5912July 2 9414 Mar 6
8312 8534 84
3514 Jan 71 Dee
1004 1013s 101 10414 1024 104,4 103 1044 10312 10434 10358 10412 134,000 Studebaker Corp (The)._ -100 9334 Oct 1
12614
Mar
21
794 Jan 1414 Deo
'11314
*11314 118 *11314 117 '1134 117 '115 117 '11314 117
Do pref
100 112 Jan 4 117 Nov 7 100 Feb 11814 Nov
12
1212 1213 1238 1214 1212 1228 1318
1212 1338 1214 1234 10,700 Submarine Boat
872 No!
No Par
7 Jan 3 15 Apr 6
312 Jan
"2
24
2
2
"178 2
2
2
218 214
214 212 2,100 Superior 011
2 Sept 18
No Par
1014 June
634 Feb 15
4 Nov
*24
25
25
29
31
1,300 Superior Steel
32 '27
31
31 • *2813 31
"28
3913 Apr
100 2312 Oct 27 34 Mar 22
Jan
26
34 3,4
318 333
318 318
6.200 Sweets Co of America
318 318
3
3
318
3
10
1 June 4
5 Mar
4 Oct 30
1% Nov
*878 9
'834 9
9
1,500 Tenn Copp & C tr etfs_No par
9
9
878 918
9
878 9
8 June 21
124 May
838 Nov
1234 Feb 21
3734 3812 3838 3938 3914 3913 3914 4034 4058 41
404 4133 53,800 Texas Company (The)...
Oct
25
345
8
527
Nov
8
5214
Mar
2
Mar
20
42
6012 6118 6178 614 6112 6178 6114 62
614 8,800 Texas Gull Sulphur
6078 6178 61
3813 Jan 6718 Nov
10 53',July2 65 Jan 15
612 634
678 758
733 734
828 87s 16,300 Texas Pacific Coal &OIL
734 334
84 9
10
June
3234
2
244
Nov
1812
Feb
Nov
2
512
1004 10118 103 107
5,000 Tidewater Oil
108 109
11018 117
120 12312 110 120
Oct
100 94 July 2 144 Mar 2 10944 May 154
3734 3734 3734 3812 3733 374 37
374 3718 374 3712 374 4,300 Timken Roller BearIng_No par 3318 Jan 2 45 Mar 8
Oct
2812 Sept 35
554 56
5534 5714 5638 59
62 137,600 Tobacco Products Corp__ _100 4634 Aug 4 6112 Apr 27
594 61,4 60
6114 60
Nov 8414 June
494
8734 88
8778 8912 8938 90
Do CIA (since July 15) 100 7612July 2 9114 Nov 21
90
904 9053 50,000
9114 9038 91
7078 Aug 8913 Sept
*114 11434 114 1144 *11378 114,4 11414 11458 11412 11412 '11414 11434
Preferred
800
100 10434 Feb 9 11512 Oct 25
88 Mar 115 Sept
2
218
2
218
2
214 253 20,500 Transcontinental Oil__ No Par
21s 21
218 212
214
74 Mar 2018 May
114 Oct 25 144 Jan 5
*3712 38
*3713 38
3734 3734 38
3878 3813 3914 *3812 3912 1.300 Underwood Typewriter_ _ _25 3578 Aug 1
4134June 29
.5712 6212 58
58
6212 1,900 Unlon Bag de Paper Corp_ _100 50 Oct 27 774 Mar 28
58
58
62
58
6212 6134
55 Mar 78 Sept
95
•"90
*90
Union Tank Car
95
95
*90
"90
95 "90
95 '90
95
85 Dec 13434 Det3
100 81 Feb 1 9934 Mar 19
10612 10834 108 108 '108 10834 *108 10834 *108 10834 *108 10834
100
Do pref
100 106 Sept 6 112 Jan 19 102 Feb 113 Sept
'30
31
300 United Alloy Steel
*3018 31
'30
31
31
Jan 4114 May
31
3112 3112 31
31
No par 29 July 31
25
3912 Mar 21
'75
77
400 United Drug
7511 7514 '7512 7831 '76
Oat
73
764 7612 7612
76
6078 Mar 85
8534 Feb 26
100 7414 Oct 31
8,...46
4714 '464 4714 *464 4714'
200
Do let preferred
4678 474 464 4673 '4678 4714'
4118 Feb 5178 Oct
50 4614 Feb 14 49 July 1
172 17412 17334 175
1,900 United Fruit
Oct
175 176
177 179
177 178
178 179
100 15213 Jan 17 183 Mar 2 1194 Jan 102
*4
5
300 United Retail Stores__ No par
5
*4
5
5
*414 5
*3
4
*3
4
4313 Feb 8713 Oct
a1 Oct 16 8418 Apr 17
3638 37
164 Jan 39 Aug
3912 4114 4118 4212 414 4234 42
384 40
48,2 51.700 US Cast Iron Pipe & Fdy _100 20 July 3 4812 Nov 23
83
84
8312 8312 834 8418 84
Do pref
60
Jan 78 Aug
8438 •83
8412 8378 8478 2,400
100 64 June 21 84f8 Nov 23
412 4,100 U S Food Products Corp 100
'4
438 *4
411 458
438
414 414
234 Feb
612 Mar 19
1018 Jan
378 414 *4
18 June 28
•1514 1573 15
1,700 US Hoff'n Mach Corp_No par
1514 1512 1512 1512 1512 1534 154 1534 16
1812 Nov 2578 May
1334 Oct 26 25 Jan 27
5612 5738 58
594 5914 6034 6012 6214 604 6438 6258 6512 88,200 U S Industrial Alcohol__._100 40 June 29 7314 Mar 16
Jan
37
7272 Oct
"95
98
Do pref.
100
*95
9718 9718 *9434 98
*9412 98
98
7212 Dee 102
Oct
*9534 93
100 9514June 29 101 Mar 28
9312 9414 '9314 94
1.000 US Realty de Improvement100 8818July 2 108 Mar 5
*94
9412 94
9412 9312 944 *934 94
56
Jan 9278 Oct
34
3414 3412 3834 3618 3714 3558 3778. 3614 3734 3612 3878 17,100 United States Rubber
40 Nov 6713 Apr
100 30% Oct 26 6478 Star 22
3,600
8112 8112 83
Do 1st preferred
8412 8358 8438 85
85341 8512 86
91 Sept 107 July
8634 88
100 7034 Oct 26 105 Jan 13
21
22
700 U S Smelting, Ref & Mth._ 50 1838 Oct 29 43% Mar 2
2014 214 2118 214 .
*2028 22
204 23 "2034 22
33 Feb 4834 Oct
*4012 41 '40
Do pref
41131 "40
41
•40
"40
*4014 41
41
41
4214 Feb 49 Aug
50 39 Oct 31 4818 Jan 3
9178 924 9212 944 94
944 934 9534 954 96,4 9134 96 135,200 United States Steel Corp_ _100 8512July 31 10958 Mar 21
82
Jan 11112 Oct
11834 119,4 11858 11834 119 119
Do pref
11878 11918 1,900
119 119
119 119
100 11618 Aug 6 12312 Jan 15 113% Feb 123 Sept
6112 62
6112 6112 6212 63
4,500 Utah Copper
65
6278 6314 63,4 6434 64
59 Nov
7113 Sept
10 5512 Oct 25 7612 Mar 5
1538 1538 154 1513 *1514 16
154 1512 16
164 4,600 Utah Securities v t a
1612 16
978 Jan 234 Sept
100 14 Oct 31 2438 Feb 10
2828 2938 2812 30
30
2934 31 18 30,4 3134 19.300 Vanadium Corp
304
3014 Jan 534 Aug
No Par 2434July 5 4458 Mar 20
*8514 89 "8514 89 '8514 89
Van Raalte, 1st pref
*8514 89
*8514 89 "8514 89
Jan 100
Oct
92
100 85 Oct 5 98 Jan 25
'814 812
914 4,400 Virginia-Carolina Chem__ _100
Sits 912
614June 27 27 Feb 20
933 958
9
9
9
94
938
2314 Nov 3678 Mar
26
264 27
Do pref
2834 274 284 2838 294 30
3158 293* 3218 13,600
Oar
100 17 Juno 27 69 Mar 15
58 July 83
'53
65
*50
59
100 Virginia Iron, C & C _ _ _ _ 100 52 July 2 68 Mar 5
*50
.54
59
*50
59
54
43 Mar 9413 Jan
54 .50
"83
*83
86
86 "83
89
86 '83
Oct
"83
89 '83
89
66 Mar 86
100 7712June 28 85 Apr 23
15
144 1412 15
ijaoudopure
(tV)
1434 16
1514 1538 1534 16
15
1512 6,700 VIv
No par
16 Dee
64 Jan
12 Oct 23 23 Mar 22
16
16
•1534 16
800 Waldorf System__ ____ No par
1578 1578 154 1578 1578 1578 1578 1578
1458June 20 20 May 24
_
•1312 1414 1411 1414 "1312 1412 '1313 1414 14
300 Weber & Hellbroner___No par
1378 134
14
1214 Jan 27 15118 Mar 8
Apr
1078 Oct --17
39 •3634 39
39 "38
'38
100 Wells Fargo Express
40
*3634 3838 384 3853 '36
6614 Jan 9834 Oct
100 3412July 11 105 Mar 2
*1094 110
110 110
10978 110
1,103 Western Union Telegraph_100 10118 July 5 11913 Feb 20
10978 10978 1093* 11034 *109 111
Feb 1214 Aug
89
8112 8112 .80
83
403 Westinghouse Air Brake_
.81
8214 81
.8114 8134 813.4 8134
81
80 Mar 114 Dec
50 76 July 5 120 Feb 17
5733 5712 5718 5812 5812 5878 584 59
5858 5914 5814 5912 12,400 Westinghouse Elea & Mfg_ 50 5212June 30 6718 Feb 10
4918 Jan 654 Aug
2112 2112 2112 2112 2178 22
22
2314 2314 2378 23
20 Oct 31 30% Mar 20
2312 6,700 White Eagle Oil
25 May 3338 Nov
White
5014 50,4 5012 5012 504 504 51
4934 4934 50
3518 Jan
54 Sept
45 June 28 6078 Mar 19
51,4
51
I.,
I.
NillaCo
°r rporation_ No pa
572 Feb 19
3;30700
0 Whiitte O
121
12
4 Oct 19
58 2
12 May
12
12
12
12
par
12
12
12
212 Dec
°r
34 Nov 22 14 Feb 13
4
358 4
312 418
813 Nov
438
2174 May
312 4 i
312 34 18,400 Wickwire Spencer Steel___ 5
314 34
10 May
44 Feb
814 Jan 5
5 June 21
7
74 734
712
7,8 74
712 75s
712 74
74 738 9,600 Willys-Overiand (The)____ 25
Do pref
7114 694 704 7078 7118 70
494 July
6834 7118 70
7118 7018 707s 6,600
24 Fob
100 4212 Jan 2 74 Nov 12
2138 22 '20
.2012 2012 2012 22
5012 Sept
2112 "2014 2114 2014 2014 1,400 Wilson & Co. Inc. v t c_No par
19 June 27 4234 Mar 7
2714 Jan
Woolworth
285 286
Co (F W)
1,100
285
'283 286 *282 285
28712 2874 *285 288
283
1.00 1994 Jan 24 28712 Nov 21 137
Jan 223 Nov
1,600 Worthington P & M v t c100 1978 Oct 30 4018 Feb 15
24 '23
24
24 "22
28
'23
24
5578 June
24
24
•2312 24
2678 Nov
1214 1218 1218 "12
Jan
1212 1,700 Wright Aeronautical__.No Par
84 Jan 17 1318 Nov 8
1218 124 12
11
1214' 1214 1214 12
Aug
6
6314
67
6513 *6512 67
800 Youngstown Sheet & T.No oar 62 Oct 24 80 Jan 26 68
•681, 6518 65
69,.
*56
_
,.a
sales
en
• niet al a ..84c.o 0-..se.;
thl , day
v 18e-1ivi4end
a After dieribution of dividend in shares of United Cigar Store at the rate of 38.8 shares for 100 shares of United Retail Stores.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
.2309
Jan. 1 1909 the Exchan le method of quotino bona,was changed and prices are now "and interest"-except for income and defaulted honds
BONDS.
N. Y. STOCK EXCHANGE
Week ending Nov. 23.
'8,
t ...
h
... dr.
Price
Friday
Nov. 23.
Week's
Range or
Last Sale
4
EZ2
,75 tZ
Range
Since
Jan. 1
BONDS.
N. Y. STOCK EXCHANGE
Week ending Nov. 23.
tS
,..
..... e.,
Price
Friday
Nov. 23.
Week's
Range or
Last Sale
.R:51
.,--.,?,
Range
Since
Jan. 1
Mal
Hiah No Low
Ask Low
Bid
High
6978
65
26
68
ABS:1314.ra 30-yr lst g 4s_e__1933 M 9 68 Sale 67
804 8612
1
8218
8312 8218
99°22101.90 At! Knoxv & CM Div 42___ A955 M N 82
4 9912
1
98/
9912 Nov'23 ____
97121 93.90 At! Knox St Nor 1st g 5s_..,.1946.1 D 991288
9178 93
9178 Sept'23 ____
9178
9671309.10 At! & Chad A L lat A 455a.1944 J .1
96 100
2
0834
9858
9858 99
1941 J .1
1St 30-year 5s Ser B
97.0099.00
8255 89
8634 24
8614
At! Coast Line 1st con 48 .h1952 M S 8614 87
1930 M N 10712 ___ 10678 10712 31 106 108
96713193.70
10-year secured 7s
3958
82
16
87
1964J D 8678 92
8634
96134298.88
General unified 05s
7612 83
8218 35
31952 M 9 8112 Sale 8112
L & N coil gold 4s
4 7934
1
73/
19482 1 7212 7512 7518 Sept'23 ____
971132 99"n At!& Deny let g 45
81,3 68/
4
1
_ 65 Aug'23 ____
1948 J .1 64
2d 4s
7612 7812
7712 10
97,24 99.04 Atl & Yad 1st g guar 4s
1949 A 0 7712 -ii13. 7712
9318 9714
9418 Nov'23 ____
981121100.01 A & N W 1st gu g 58
9418 07
1941 J J
4 10414
/
1021
9318 9713
9612 108
4 Sale 96
/
1925.1 .1 961
102
103 Balt & Ohio prior 33.513
9312 9412
103
11925 Q .1 9418 9634 9412 Oct'23 ____
104
Registered
4 82
1
74/
8114 75
10318 10312
k1948 A 0 8078 Sale 8058
lot 50-year gold 48
4
1
7418 79/
3
7958
7958
7914 80
k1948 Q J
_
-- -Registered
8412
77
8413 338
1933 M S 83 Sale 83
94,2 __95
10-year cony 4;58
85
8
793
128
8
845
8
835
Sale
D
J
4
833
-1995
Refund & gen 5s Ser A__
,
99 1017
1929 .1 J 101 Sale 10034 10114 47
State and City Securities.
10-year 6s
4
1
9114 95/
15
95
9478
9412 95
9814 101
3
100
P Jet & 51 Div 1st g 3355-1925 M N
N Y CitY-4Jis Corp stock_1960 M 9 100 Sale 100
7912
73
7778 42
1964 M 9 10018 Sale 10018 10058
9958 10278
5
7712 Sale 77
P L E & W Va Sys ref 4s_ _1941 M N
43.is Corporate stock
9112 96
4 10014
/
4 100 10212
9578 61
1966 A 0 100 10012 1091
9534 Sale 9534
Southw Div 151 gold 33513_1925 .1 J
4;irs Corporate stock
6112 68
4 12
1
66/
1971 .1 D 104 10434 10312 Oct'23 ____ 10312 108
435s Corporate stock
Tol & CM Div 1st ref 4s A_1959 J I 6638 Sale 6638
5718 60
5118 Apr'23 ____
4;55 Corporate stock _July 1967 J .1 104 10458 10414 Nov'23 ___ 10134 10713 Battle Cr & Stur let gu 381989 J D 5314
4 8912
/
881
1936 J .1 8812 90
8812 Oct'23 ____
4 10718 Beech creek 1st gu g 4s
/
43.55 Corporate 8W:a
1965 J D 104 10458 10338 Oct'23 --__ 1011
86
86
____
____
____
Feb'23
1936.1 .1
4;5 a Corporate stock__ .__1963 M S 104 10458 10212 Oct'23 --__ 10218 10738
Registered
-95 10014
1959 M N 97
1936.1 .1 96
____ 104 May'13 _
97 Nov'23 V/ Corporate stock
2d guar gold 5s
MN
1958
95
-___
July'22
stock
--------0
A
60
997
3;5E4_51951
g
4
/
1st
751
Corporate
Nov'23
8
Betch Cr Ext
9707
4%
8014 8434
1957 IR N 9734 gale 9712
9734
5
96 100,8 Big Sandy lst 45
1944 -1 D 8013 -82 8014 July'23___
4% Corporate stock
1
61
7512
95
61
61
4% Corporate stock reg 1956 MN 9578 9634 95 July'23 -___
9912 B & NY Air Line lst 48_1955 F A 5734 61
89
89
Bill
1957
10758
1 10112
& w 1st gu gold 4s
M N 10334 10438 104
.
1938 J .1 871
4 8912 82 Feb'23 ____
/
104
43.58 Corporate stock
4
/
4 1011
1
99/
6
43'% Corporate stock_1957 MN 10334 10482 104 Nov'23 __ _ 10112 10712 Buffalo R & P gen gold 58 1937 51 5 101 Sale 10034 101
8614 9214
27
1954 M N 8612 8734 8678
1957 M N
87
4 87
/
8612 861
8678
335% Corporate stock
i0
8512 91
Consol 4;58
9912
95
1961 M S --------10212 June'23 10112 10312 Burl C R & Nor 1st 58
3
1934 A 0 96
96
New York State-4s
9612 96
Canal Improvement 4s_1961 -1 .1 --------10212 June'23 ---_ 10238 10212
94 10012
1962 A 0 9814 Sale 9814
4 11224 Canada Sou cons gu A 58
/
9812 19
Highway Improv't 43,58_1963 m s -------- 11214 July'23 __..._ 1121
2 112 115
Highway Improv't 01.8-1965 M 9 -------- 10413 Apr'22 -___ ____ ____ canadian North deb a f 78-1940 J D 11118 11178 11213 113
11334
11053
.1
J
J
1946
1991
44
11158
.1
112
11158
112
8.;58
6812
2-38
__
deb
Oct'20
Virginia
7114
25-year s f
---7938 176
7478 804s
7814 Sale 78
Canadian Pac Ry sieb 45 stock__ J .1
1932 M S 85
..
9212 Oct'22 ____ ---90
Foreign Government.
Carb & Shaw 1st gold 4s
71
68 -1949 .1 .1 6918 7112 6958 Nov'23 ____
1927 F A 10214 Sale 102
Argentine(Govt.) 78
102/
4 Caro Cent 1st con g 48
1
4 87 10014 103/
1
8814 94
50
92
Argentine Treasury 5s of 1909_ _ _ M 9 84 Sale 83
7712 85,4 Car Clinch & 0 1st 3-yr 58_1938 J D 02 Sale 92
43
84
1952 ./ D 9612 Sale 96
9838
89
1943 .1 D 87 Sale 8612
9612 27
8712 312
8334 931
Austrian (Govt) 75 w I
68
4
/
1981 J D 7913
4
1
4 77/
/
761
4 Oct'23 ____
1
77/
Belgium 25-yr ext.1 735188_1945 J D 0758 Sale 95
9114 10312 cart & Ad 1st gu g 4s
281
98
1948.1 D 63 -6712 651s Oct'23 ____
Jan 1925 .1 .1 96 Sale 9512
6515 6673
5-year 6% notes
9838 cent Br B p 1st g48
93
9614 71
1961 .1 .1
58
48
5573 28
1941 F A
5512 Sale 5512
9812 sale 9814
20-year s f Sa
93 103/
10014 133
4 Cent New Eng let gu 4s
1
_ ....
193084 8 9234
9334 Dec'22 ____ _-1945 MN 10712 Sale 10712 10712
Bergen (Norway) 5 f 8e
7 197 10912 Central Ohio 05s 1930
9618 9612 10038 10038 17 AO 102
1945 MN 108 109 10734 10814
16 10712 11314 Central of Ga 1st gold 5:3_ _y1945 F A
Berne (City of) s f 88
9258 9812
1945 M N
9512 14
4
/
Bolivia (Republic of) 8s
9514 Sale 951
1947 M N 8434 Sale 8412
8512 831
8413 94
Consol gold 58
4 10112
1
99/
10014 22
June 1929 .1 D 10014 Sale 100
Bordeaux (City of) 15-yr 68_1934 MN 751
6912 8313
4 Sale 7234
/
159
76
10-yr serum (18
8212
74
Oct'23 ____
74
Brazil, US external 8s
1941.1 D 951
4 Sale 9414
/
Chatt Div pur money g 48_1951 .1 D 7578
9512 162
4 99
/
911
4 ____ 9638 Sept'23 -----------/
1952 .1 D 7914 Sale 79
75 (Central KY)
7712 8614
Mae & Nor Div 1st g 5s__1946 .1 .1 951
7912 81
94
94
____
.1
9258
J
July'23
1947
94
____
55
Div
4
/
941
Atl
735,(Coffee SecuritY)-,- -1952 A 0 96
104
17
Mid Ga &
96
9414
97
4 9713
1
1946.1 .1 97
___ 9712 Oct'23 ___94/
Canada (Dominion of) 658.1926 A 0 9912 Sale 9910
99 10134
100
139
Mobile Division 55
9058 9718
3
9114
9114
9114 92
do
do
do
58_ _ 1931 A 0 9934 Sale 9934
10018 82
99 102 Cent R R & 002ga coll g 5s._ .1937 MN
4 108
1
/
102
21
10312
10213
Sale
gold
10312
81
58.1987
J
gen
1929 F A 101 Sale 101
10-year 53.58
central of N J
4 10212
/
991
10118 87
10212 10514
k1987 Q J 10214 103 10212 Oct'23
56
1952 M N
9778 102
Registered'
9912 Sale 9878
9912 193
4
/
3 881
793
86
8718
8612
48
Sale
8612
A
F
----1949
g
gu
ref
pac
cent
10514
100
ext
48
4
/
1051
104
sale
4
1043
jet
A
F
88-1941
13 1
Chile (I(ePublic)
8934 9214
5
91
91
External 5-year s f 8s
1926 A 0 103 Sale 103
Mort guar gold 3;53._ k1929 J 1) 9058 92
10312 21 100 104,8
794s 81
9
8238
Through St L 1st gu 4s_ _1954 A 0 82 Sale 82
7s
1942 51 N
9312 0634
95 Sale 9418
4 32
1
95/
2.5-years f Ss
1946 MN 10418 Sale 10334
481 10012 10512 Charleston & Savannah 78 _ _1936 J J 11438 118 11412 June'23 ____ 11412 11412
105
9438 97
0612 10
4
/
4 ____ 961
/
5234 ches & Ohio fund 4..• aunt 58.1929 J 3 951
41
4622 Nov'23 ___
Chinese (Hukuang RY)58 -1951 .1 I) 4618 48
9734 10314
1939 M N
9912 Sale 9912 10014 10
Christiania (City) s f 8s
1945 A 0 10614 Sale 106
10612 12 106 11212
1st consol gold 50
4 9812
/
971
1939 MN
____ 9812 May'23 ____
96
Registered
Colombia(Republic)635s_ _ _1927 A 0 95 Sale 95
8812 9612
9534 81
4 8634
1
80/
1992 M 9 8412 Sale 8412
8412 22
General gold 058
8713 9212
41
Copenhagen 25-year a f 5;55_1044 J .1
88
8778 Sale 8712
1992
_80
M
Nov'23
14 8212
13
8212
83
78
M
1944
Cuba 58
5 94
Registered
95
9014 9978
19
95
95
88
1-1
4/ 8912
/
821
Exter debt 01 58'14 Ser A_1949 F A
4 96
1
87/
71
95
9234 Sale 9234
29-year convertible 43.5e 1930 F A 8738 Sale 87
9618
84
8934 151
4 89
/
External loan 050
1949 F A 8112 82 82
811
1
82
30-year cony secured 5s_ _1946 A 0 8912 Sale 89
9014 95
1940 J .1 9218 ____ 9158 Sept'23 ____
5358
1953 .1 .1 8912 Sale 8914
8914 9934
9012 755
Craig Valley 1st g 52
7814 7814
7378 ___ 7814 May'23____
Cxechoslovak (Repub of) 88_1951 A 0 92/
4 Sale 91
1
9212 1741 77
Potts Creek Branch 1st 45l946 .1 J
9612
7638 81
7914 Nov'23 ____
7934 -81
Ft & A Div tat con g ,IS
1989 J .1
4 23 10612 10912
/
Danish Con NI unicip88"A"-1946 F A 107 Sale 10612 1071
4 76
1
74/
1989 .1 .1
1940 F A 106 10712 105
7434 Aug'23 ____
78
76
8 105 10934
Series LI
10612
2d consol gold 40
4 9034
1
90/
9034 July'23 ____
warm springs V lot g 58-1911 M 9 9158 95
Denmark externals 1 8s- - - -1945 A 0 10734 sale 10712 10812 69 1075s 11058
5012 5614
2
5412
1942 .1 ..1 94 Sale 9312
20-year 68
9312 99 chic & Alton RR, ref g 3s__ _1949 A 0 5412 Sale 54
9458 79
4 53
1
48/
4
1
99/
DominIcan Rep Con Adrn a f 58'58 F A 9912 100
4 102
1
95/
8
9018
New York Tr Co ctfs____ __ _ _53 July'23 ____
4912 52
1942 M S 8618 87
Oct'23 ____
535a
90
84
1
Stamped Oct '22 Int--------5024 5312 52
8634
8634
4658 5012
Dutch East Indies ext 13a_ _1947 .1 J 9514 Sale 9334
4 ____ 52 Sept'23 ____
/
92/
9514 107
4 98,4
1
Stamped Apr '23 Int_ _ -_. _ ,--, 501
2518 3313
40-year 68
1962 M 8 9458 Sale 9238
3158 70
1950 J .
92
3138 Sale 31
1
9458 242
9734
Railway 1st lien 3358
0012 371
1953 M 9 00 sale 8012
53.5s trust rcta
7812 85
81
4 9414 ChM Burl & Q--111DIv 3355-1949 J .1 7938 8034 7912
1
87/
7
1949.1 .1 8718 Sale 87
French Repub 25-yr ext 8s 1945 M 5 0634 Sale 93
4 635
/
971
4
1
8512 90/
8718 13
90 101
Illinois Division 4s
20-yr external loan 7358_1941 .1 D 03 Sale 90
94
1
96
9314 708
4 96
/
951z 97
9614 961
Nebraska Extension 45,1927 M N
97
1927 MN 9518 9612 06 Nov'23 ___
61 Brit & Iro (UK of) 5358_1937 F A 10012 Sale 9912 10012 107
4 9638
1
95/
99,2 104/
4
1
Registered
1929 F A 10812 Sale 106/
10-year cony 0,58
1958 M 8 8434 8614 86
8912
83
4 10918 790 10614 116
1
8612 36
General 4s
1952 M N 77 Sale 76
areater Prague 73.55
1971 F A
7712 73
9638 10118
65
99 Sale 9812
47
99
82/
4
1
lot & ref 58
1952 A 0 91 Sale 90
Haiti (Republic) 63
66
5... !927 A 0 5118 54
47
Rys
Conn
___
Nov'23
52
&
City
Chic
98
894
15
91
Italy (Kingd of) 13er A 0;58-1925 F A 98
9812 9712
9212 9812 Chicago & East Ill lot 6s- - -1934 A 0 10234 ____ 103
9812 89
1 10222 1061
103
4
/
8112
76
lapaneseGovt-£ loan 43. s_1925 F A 92/
4 9314 9212
1
7734 37
9012 9378 c & E Ill RR (new co) gen 5s_1951 M N
67
03
7712 Sale 77
1925 J .1 9114 Sale 911 4
1982 MN 9034 92
Second series 43,58
8678 9712
90/
4 9358 Chic & Erie 181 gold 58
1
21
9134 42
92
4
1
90/
Sterling loan 4s
56
44
4 Sale 47
1
4 821
1
75/
56
4812 68
80
1931, J 80 Sale 7912
4 Chicago Great West 1st 48 1959 M S 48/
/
4138 46
8712 9312
77
Oriental Development 6s _1953 M 9 88 Sale 8712
89
45 Sale 43/
16
45
4
1
With Sept'24 coupon on
76 Sale 73
4
1
/
107
4
1
/
103
Lyons (City of) 15-year 6s._1934 NI N
4 8338 Chic Ind & Loulav-Ref 65_1947 J .1 1041
/
691
____
7678 274
Nov'23
10414
8
4 1057
/
9713
92
1047.1 .1
Marsellles(City of) 15-yr 68_1934 SIN 76 Sale 7234
Refunding gold 58
6912 8313
55
76
94
9.538 94 Nov'23 ____
4 8658
1
79/
Mexican Irrigation 058.... _ _194330
30
42
I
80
Refunding 45 Series C_ _ _ _1947 J J
8212 80 Nov'23 ___
1945 0 .1 --------30ale
.1
4238
5024 210
1966 M N
Mexlco-5s of 1899
4218 5812
8012 Sale 80
8034
General 55 A
791884
1954 J 0 2914 Sale 25
98
9418
r1966 J J 95 Sale 94114
25
16
3038 87
Gold debt 4s of 1904
4144
95
General 6513
6812 78
1952 .1 D 8612 Sale 86
7118 73
6812 Oct'23 ____
45_1956
gu
85
J J
1st
8612 10
Montevideo 7e
911
Louisville
4
/
Ind &
81
8412
Netherlands Os (flat prices)_ _1972 M 9 95 Sale 9078
9534 352
9914 10212 Chic Ind & Sou 50-year 4s__1956 J .1 8318 85
4 Nov'23 ____
1
83/
11012 31 109 112/
8634 90
1949 A 0 11012 sale 11014
Norway external s f 8s
4 Chic 1. 9 & East lot 434s.1969 J D 87_
1
8812 June'23 ___
9312 37
1952 A 0 9312 Sale 92/
4
1
643
6818
50
9238 100 CS!& Puget Sd 1st go 4s.,.1949 .1 J
5218 28
5118 -51-7-8 51
Cs (Interim certificates)_ _1943 F A 9314 Sale 921
9214 96/
4
/
4
/
6934 741
4
72
9312 122
4 Co M de SIP gen g 45Ser A_ el989 J J 7114 Sale 69/
1
4
1
4
1
65/
8
607
.
___
Panama(Rep)535,Tr rects-1993 .1 D 95/
4 9612 96
1
1
J
Nov'23
B_e1989
Ser
335s
9634
4 97/
/
941
10
62
4
1
6312
61
gold
General
Porto Alegre (City of) 8s _ _ 1961 J D 9414 95
94
7712 837a
35
9912
93
79
94
7778 Sale 7778
1
General 435s Series C_ .. e1989 J J
4 Sale 105
1
106
Gen & ref series A 41.55 02014 A 0 50 sale 49/
Queensland (State) ext s f 75_1941 A 0 105/
26 105 10913
51
4
1
6234
48
135
101
19 100 10234
5234 70
4 sale 10012
1
25-year 68
1947 F A 100/
5513 100
55 Sale 5412
Gen ref cony Ser B 5a_ _ _32014 F A
5112 68
Et10 Grande do Sul 844
1946 A 0 9312 Sale 031,,
0434
1932.1 D 5538 Sale 5378
5534 349
17
Convertible .flis
9175 991
4
/
BM de Janeiro 25-year a 1 88_1946 A 0 8812 Sale 8838
8 84
685
283
71
8912 28
1/22,5.1
88
D
8
707
60
97
Sale
48
fte
4
1
4 63/
1
46/
1947 A 0 89/
5112 73
4 971
/
881
4 Sale 8814
1
1934.1 .1 51 Sale 50
8912 46
4
/
25-year debenture 4,
3an Paulo (City) 8 188
1952 M 8 064 MS 95
98
96
4 Nov'23 ____
1
97/
Chic & Mo Itiv Div 58._ _1926 J J 9558 97
93'2 991
4
9614
4
/
96
inn Paulo (State) eats!88_1936 1 J 9812 Sale 981
25
4
/
9458 96
09
9814 97
96
28
4 100 Chic & N'west Est 4s.._1886-1926 F A
1
95/
8378 272
3eino (France) ext 78
1942.3 J 83 Sale 7910
1886-1926 F A
9388 9953
95 Nov'23 ____
90
76
9518 96
RegIstered
ierbe. Croats & Slovenes 88_1962 MN 6614 Sale 6412
6612 129
4 77
1
69/
7112 15
5313 7812
General gold 3358
1987 MN
4 7112
1
7018 70/
3olasons (City)68
_. 1936 MN 80543 Sale 8011
6814 6812
81
14
6612 85
1)1987 Q F 69
Registered
4 6814 Oct'23 ___
1
70/
pl to I 11 10314 10378 1017, 103
_
3weden 20-year 6e.....
63 10178 106
4 87
1
80/
6
8134
General 48
1987 MN 8113 8144 8112
3wlss Confercr'n 20-yr 5)/..8_ io 41. ' i 1121
4 Sale 1117.8
/
4 210 59 11112 1191/4
8714
79
6
8012
Stamped 4s
1987 MN 8048 8112 8012
Pokyo City .58 loan of 1012
51 S 6312 65
6438
9314 10512
4
1
9978 11
64/
1
4 9934
/
9934 1001
General 5s stamped
1987 MN
'77
641
Uruguay Republic ext Se____1946 F A 10314 Sale 103
104
9914 107
17
1870-1929 A 0 102 104/
4 101 Aug'23 ____ 101 108,4
1
Sinking fund As
lunch (City of) a f Si
1945 A 0 109 10934 10813 10914
1879-1929 A 0 99/
4 ____ 10178 Apr'22 -----------1
12 10814 1137s
Registered
435=C
97 10012
1879-1129 A 0 9812 Sale 9812
6
9812
Sinking fund 58
Railroad.
4 Mar'23 ____
/
1879-1929 A 0 9618 ____ 971
4 9713
1
97/
Registered
9478 Oct'23 Ala Ot Sou 1st cons A 5s___ _1943 J D 9410
1933 M N 9912 Sale 99
97 103
9212 136
3
Sinking fund deb 58
9912
kla Mid 1st guar gold 58_ _ _ _1928 51 N
_ 100
99/
Oct'23 ___
9914
4 19138
1
1933 M N
97
Registered
96
9713 97 Aug'23 ___
cony
335.
Susq
A
1946
0 98klb &
78
18
7814
7112 78
78
1930 .1 D 10578 Sale 105/
4
/
811
24 105 110
4 106
1
10-year secured 726
kileg & West 1st it 4s gu__ _1998 A 0 81 Sale 81
81
1936 M S 107/
4
/
831
81
4 Sale 10738
1
5 106 111
1
15-year secured Wig g
4
/
1071
1942 M 8 8878 ____ 8912 Nov'23 _ _ _87 90 Chic It I & P--Rall way gen 4s '88 J J
82
klieg Val gen guar g 48
76
7778 Sale 7778
7813 21
8034
57
knit Arbor let g 4s
k1995 Q .1 57 Sale 5512
.1 J
74
28
7434 76/
4 74 Sept'23 ____
1
54,2 6551
Registered
ktch Top & 8 Fe-Gene 444_1995 A 0 88 Sale 88
8313
7212
1934 A 0 74 Sale 74
8414 91 12
887a 138
70
4
/
Refunding gold Is
741
1995 A 0 8614 8812 871
Regititeree
95 102
871
4
/
1
1
4
/
1951 .1 D 102 Sale 102
81
89 Chic St L & N 0 gold 5s
102
k1995 Nov 791
Adjustment sold 4s
. _ -- 7814
4
1
9553 95/
7978
2
4 8212
/
751
J D 9414 ____ 9558 May'23 ____
Registered
__ 7758 May'23 ____
k1995 Nov 7978 Sale 7978
Stamped
7858 7912
8078 53
1951 .1 13 77
7614 8212
,is
Gold 31e
1955 .1 D 8218
4 Nov'23 ____
1
_ 82/
Cony gold 4s 1909
9138 97/
5
0458
4
1
1963 J D
76
84
Sale 032,
Joint 1st ref 518 Series A
1955.1 D 8444
84 Nov'23
8375
78
Cony 481805
1951 J 0 78
76
84
78 Sept'23 ____
84
Memph Div tat g 4s
4 8312 8214 Oct'23
1
78/
Cony 4 i sue of 1910.. _1960 .1 D
4 10011
/
991
77/
4 10414 C St L & P 1st cons g 5a__ _ _1932 A 0 9912
1
9912 Sept'23 ____
4
1
95
Div 1st g 48_ _ _ _1928 M 8 9558 96
East0
10414 22 104 107/
4 Chic 8t PM &()cons 68._ _1930 J D _ __ _ 105 10414
/
4 961
/
931
9583 16
7938 Sept'23
__
Rocky Mtn Div let 4s__ _ _1965 2 J 8112 82
4 92,2
/
921
7712 83
Cons 65 reduced to 335s 1930 .1 D 06__ 9212 Mar'23 ____
Trans-Con Short I. let 48_1958 J .1 832R 8414 8338
8338
92,
3
1
4
/
941
11230 M S 941
8 9644
8148863
9418
4 -9-5
/
Debenture 5s
4 9014
/
901 4
2
Cal-Arls 1st & rot 4;58-A."1962 M 8 891 4 901
7638 83
8712 93 Chic T H & Se East let 58_ _1960 .1 D
12
SI
79
80,4 8012
'No price Friday; latest bid and asked. a Due Sao. 4 Doe AMU. e Due May. Due June. 6 Due July. 8 Due Aug. 0 Due Oct. p Due Nov. g Due Dec. g Option sale.
High No.
Bid
Ask Low
U. S. Government.
Met Liberty Loan40 Sale 9917n 99758 1282
/
.1 D 9911
3;5% of 1932-1947
.1 D 972721
9842tNov'23 ____
Cony 4% of 1932-1947
.1 D 98.00 Sale 98632 971342 328
Cony 4% of 1932-1947
-1 D 97',,98.00 972343 97233, 15
i% of 1932-1947
2d cony 4,t,
Second Liberty LoanMN 98.00 Sale 98.00 977142
9
4% of 1927-1912
M N 98.00 Sale 98'ER 97141. 2042
i% of 1927-1942
Cony 4;,
Third Liberty LoanM S. 99114 Sale 99°32 9823n 5182
43' % of 1928
Fourth Liberty LoanA 0 98.00 Sale 9Si% 1,, 972l 3164
of 1933-1938
43
A 0 991222 Sale 99232 991744 1270
Treasury 43is 1947-1952
0 July'23 ---81930 Q J --------10412
2e consol registered
81930 Q J -------- 103 July'23 28 consul coupon
1925 Q F
104 May'23 -as registered_
1925 Q F ---- ---- 10314 Aug'23 de coupon
Panama Canal 10-30-yr 2sk1936 Q F -------- 100 July'21 --- 1961 QM
_ 9412 Apr'23 Panama Canal 3s gold
Low
---
933,
2310
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 23.
Price
Friday
Nov. 23.
Week's
Range or
Last Sale
lB
Range
Since
Jan. I
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 23.
Price
Friday
Nov. 23,
Week's
Range or
Lou Sale
Bid
Ask Low
High No, Low
High Illinois Central (Concluded)
BUI
High No.
Ask Low
90
8778 9258
9054 25
9012 90
Purchased lines 3368
1952.5, 7514 76
754 Sept'23
7
95 10012
9812 Sale 98
9812
Collateral trust gold 46._ J953 MN 7952 Sale 7914
8
704
20 1124 11512
11314 Sale 11318 115
1953 MN
Registered
77 Sept'23
105
10412 105
105 Nov'23
Ref be
1955 MN 10012 Sale 10018 10012 11
8812 7572
46
15-year secured 536s
72
72 Sale 7134
1934 J J 10018 Sale 100
10058 26
5 10112 10314
10258 10234 10214 1024
15-year secured 6368 11-19313 3, 10854 Sale 10814 10854 14
2
94 97
904
95
974 944
Cairo Bridge gold 4s
1950 3D 844 86 8312 June'23
88 Mar'17
Litchfield Div let gold 38-1951 • J 6814 _
6912 Oct'23
8712 89,
4 874 Oct'23
-Wire 8914
Louisv Div & Term g 336e 1953 J J 7412 824 7412 Nov'23
1
88
8912
8912
8618 9078
Omaha Div let gold 38-1951 P A 6812
_ 6812 Oct'23
85
884 9012 Oet'22
St Louis Div & Term g 3e.1951 3, 6734 --- 70 Oct'23
8458
-- 8418 June'23
1951 3, 7612 ____ 7612
83'2 8514
Gold 3368
7812 10
975 ---- 9738 Aug'23
97
99
Springf Div 1st g 336e. ,19S1 J J 7612
7812 May'22
93 94
9412 _- 93 Mar'23
Western Lines let g 40----1951 FA 8314 8412 8312 Oct'23
9
7912
7834 80 79
76 82%
1951 FA 7814 _ _ _ _ 92 Mar'10
Registered
9312 13
9234 Sale 9254
1940 AO 8952 ____ 86 Mar'23
90 934 Ind B & W let pref 48
9812 9838 Nov'23
98
9558 100 Ind Ill & Iowa 1st g 46
1950 3,
8412 Nov'23
101 Sale 101
10212 31 100 1027s Ind Union By be A
5
'
3 9512 9812 954 Nov'23
1965
1 1004 103 lot & Great Nor adjust 6e 1952 3, 3912 Sale 3858
10214 Sale 10214 10214
118
40
85
87 86 Nov'23
8018 88
1952 3, 8738 8778 874
let mtge lie otfe
8778 25
5
7612 78 7658
7658
7514 784 Iowa Central let gold 53
5
67
1838 ID 67 Sale 65
1
7958 Sale 7912
7952
7478 8312
9
1951 ▪ S 1458 15
15
1554
Refunding gold 411
8312 __ _- 8312 Nov'23
8216 84
8212 - -- 8258 Sept'23
8058 8258 Jamee Prank & Clear lit 42-1959 3D 8212 8454 84
84
1
103 105 10312 Sept'23
1031s 10638
904 9834 9612 Oct'23
S i 92
9912
944 98 KaA&GRletgug50
2933
8412
9414
8412
8412 95 Ran & M let gU g 49
79 777k Nov'23
1990 AO 73
93 Mar'22
1927 3' 96
99 97
97
2d 20-year be
91 Mar'21
C 11113 & M cone g 61
1928 MN 10058 102 10138 Nov'23 _
9418 96 10412 Dee'15
7414 50
KCFtEl&M By ref g 48 1936 A0 7354 7414 7358
794 _ _ -- 7612 Feb 12
5
2
9372
KO&MR&Bletgu58 1023 A0 9334 96 93,
8014
-- 9018 Dec 12
71,
2 22
Kansas City Son let gold 32-1950 AO 7058 7158 7082
8018
8642 33
67 Jan 21
Apr 1950 33 8558 Sale 8454
Ref dr Inuit Si
4
904 91
22
891s 98 Kansas City Term 1st 48- —1960 J
9034
8218 8212 8214
4
83
10214 Sale 10154 10222 13 101 106 Kentucky Central gold 48-19873, 824 83 8218
82% 14
9412 Sale 9412
9
9414 9814 Keok & Des Moines let 58-1923 AO 6412 Sale 644
9452 20
6412
80
82 8034
1
7054 85 Knoxv & Ohio 1st g 6s
100
8212 10
1925 J J 100 10078 100
9214 Sale 9214
9252 18
9034 9312
2
12 8012 87% Lake Erie & West 1st g 55.-1937
8118 Sale 8118
9312
'
3 9312 9432 934
82
1
8712 10
804
1941 3' 8712 Sale 86
78 804
8034
2d gold 58
8034
1
4
7978
1997 in 754 7578 7512
76 804 Lake Shore gold 330
7958
7958
45
8314 Sale 834
1997 3D 7158 7478 7212 Sept'23
80 87
83
Registered
35
3
9414
MS
100 10512
944
Sale
9412
48
1928
101
101
Debenture gold
924 52
1931 MN 924 Sale 92
25-year gold 48
1931
Day & Mich lst cons 43is
91
91
92 914 June 23
9254
- 8512 July'23
1931 MN 9214
Registered
26
8254
94)
Mlle Hudson let & ref
9312
8312 Sale 8312
9312 Sale 92
8354
Leh Val N Y let gu g 4)4e---1940
1935
20-year cony be
90 98
9212 9254 924
9014 -- 904 Oct'23
1940
924 19
Registered
31
22 974 10212 Lehigh Val(Pa) cons g 48-2003 MN 7712 78 774
I5-year 5165
1937 IN N 98
78
99
99 9812
1930 J L) 10678 Sale 10612 10678 12 103 11154
10-year secured 75
8614 25
General cons 43641
2003 MN 854 Sale 8534
DRH&Bdgeletgu4sg1936F A 8954 Leh V Term By let gu g561941 AO 98 102 1014 Oct'23
89 May 22
:'FIN Registered
100 Sept'23
176 "Ur
1941 A0
Den & R Gr--lst CODS g 48-1936 J J 6614 Sale 6512
69
724 80 Leh Val RR 10-yr coil 8s n1928 MS 10112 101114 10154 10218 18
19
1936
74
Consol gold 43644
74 7212
J 70
2
7914 88 Leh & NY let guar gold 45.-1945 M S 82
85 8958 Oct'23
Improvement gold be
1928 j D 80 Sale 7914
8014
37 58 Lax es East let 50-yr Si gu1966 AO 9812 Sale 984
43
1955 F A 39 Sale 3814
let & refunding be
9878 20
39
1962 MN 8058 - — 8158 Nov'23
do Registered
Little Miami 45
4912 Oct 20
37 5814 Long Dock consol g 65
107 Aug'23
1935 A0 10658
Farmers Ldar rots Aug '55_
37 Sale 37
377s 14
2
40 50 Long Told 1st cons gold 5e_ _A1931 Q J 97
97
9712 97
Bankers Tr ctle of deD
4012 Nov 23
__
61931 Q J 89
9212 May'23
90
44
ao
do Stamped
30
let consol gold 48
3754 46 June'23
8514 11
1938 3D 85 Sale 85
42 46
General gold 45
Am Ex Nat Bk Feb '22 aft_
Oct'23
30 404 42
1932• D 8212
8112 July'23
do Aug 1922 etre
Gold 48
30
42
1949 M
75 July'23
Unified gold 46
85 45
Dee M & Ft D 1st gu 4s_ _ 1935
38
3718 Sale
1934 3D
9114 Nov'23
Dee Plaines Val lst gu 068__1947 m S
Debenture gold 54
934 Sept'22
5
1937 MN 8312 8414 8312
8354
/11it
Del & Mack—let lien g 48__1995 J D 623s 68 65 AUg'23
20-year 12 m deb be
Guar refunding gold 48.-1949 MS 784 80 7958 Nov'23 - _
60 7314
Gold 4s
1995 j D 55 62 7314 Aug'23
5
Del Riv Tun 065
9378
85 9044
1961 MN 88 Sale 88
Nor Sh B let con g gu 51,01932 Q J 9378 Sale 9378
8818 32
Diii Missabe & Nor gen 56_1941
9814 9912 Louisiana & Ark let g 58.-1927 MS 9512 9618 96 Nov'23
99 Oct'23
81
Dal & Iron Range let 58-1937 A 0 984 9812 99
98 10044 Lou & Jeff Bdge Co gu g 48--1945 MS 81 Sale 81
99
951s 9812 Louisville & Nashville 58-1937 MN 10212
024 1024
Registered
1937-A 0
_ 9512 July'23
1940
Dui Sou Shore & Ati g be
1937 J J 78
8912 26
8958 8978 8958
74 80
Unified gold 4e
7754 77
77
1940
9014 May'23
Registered
E Minn Nor Div lst g 48
1
219
003
303
1 MM 967 9713 9712
1948 A 0 8412
9712
Collateral trust gold 58—.19
8412 90
8412 July'23 --E Tenn reorg lien g 55
1938 M S 9112
7
9112 9312
1930 MN 1064 10678 004 10634
1
10-year secured 76
93
93
19303 .1 9814 9878 984 Oct'23 ETVa&GaDiv gibe
97 100
2003 AO 10454 Sale 0412 1004 17
let ref 5)6e
9612 994
Cons let gold be
1956 MN 9812 Sale 9812
AO 964 Sale 9614
9612 104
158 B (w I)_
9854
5
ElgInJoilet & East 1st g 5e 1941 MN 98
9748 10014
1930 JJ 1034 105 0258 Oct'23
99 99 Oct'23 -N 0& M lst gold 68
Erie 18t consol gold 75 ext 1930 M S 105 Sale 10458 105
12 10212 105
2d gold 65
10014 104 0112 Feb'23
1st eons g 4s prior
1996 J J 61 Sale 60
5412 8152 Paducah & Mem Div 4e-1946 FA 864 88 87 Nov'23
6114 44
Registered
1996 J J 5418
St Louie Div 2d gold 344_ —1980 M
57 Mar'22 ---61
43173 6158 Nov'23
43l 535
let consol gen lien g 4s_ _1996 J J 5312 Sale 51
6354 669
_ 9354 Sept'23
L&N &M &M lstg 4%5
61
19
35
45
2 MS 944
Registered
1996 J J 47
43 48
2
L & N South Joint M 4s 1952
48 Oct'23
79
774 7914 7812
Penn coil trust gold 45_1951 F A 8814 gide
Registered
874
Q J 7214 - -- 7312 Apr'23
8814 17 82 90
Set
A1953 A 0 5338 Sale 5172
50-year cony 4s
4112 5512 Loulev din dr Lax gold 4361-1931 MN 95
72
64
9578 Nov'23
96
do Series B
1953 A 0 534 5434 5178
4214 554
544 54
Gen cony 4s Series D
1953 A 0 5738 Sale 5552
434 68 Mahon CI RR 1st be
1934
9812 July'23
5788 256
100 _
Erie &Jersey late f 68
1955J .1 894 Sale 8978
84 90 Manila RR (Southern Lines) 1939 MN _ — - 0312 80
90
11
Oct'23
Erie & Pitts gu g 316e B
1940
.1 81
834 85 Manitoba Colonization 5s 1934
4
84 Oct'23 ---98
98
0
Series
1940 3 J 81
82 8314 Man GB&NW 1st 3)68
1941
82 July'23 --Sept'23
82
83
80
54
Evans & T H 1st gen g 5s__ _1942 A 0 102 _ _ _ 88 Apr'21 -Max Internat'l let cons g 45A977 MS ---- -- 77 Mar'13
Sul Co Branch let g be__ _1930 A 0 96 _ _ _ 6912 Apr'21 -1
MS 9734 - -- 01
Michigan Central be
101
9.
Fargo & Sou 68
1924 J J 994
914 99-1-2
Registered
9914 Oct'23
19
93
31
1Q
0012 May'23
97 100
944 942
Fla Cent & Pen let ext g 58_1930 J .7 9512 98 9412 June'23
Nov'23
'
3 86
48
88
8812
Consol gold be
1943
9418 9412 9412
96
91
4
Registered
9412
3 85
4
19'
9
40
884 86 Oct'23
Florida E Coast let 436e_..—1959 J D 88 818
2 8412 89
14
6 6
J L & 8 lst gold 3)iel
85
812
6
85
812
1951 MS 75
78 80 Feb'23
1952 MN 65
Fonda .1 & Glov 065
72
3 65
let gold 3368
1952 MN 7714
-- 80 Nov'23
Fort St U D Co let g 048_1941
J 81
79 8154
---7
20-year debenture 45
934
1929 AO 93 Sale 93
Ft W & Den C 1st g 5.3541-1961
80
984 103 Mid of N J 1st eat En
9814 10
312 8
87 Apr'23
99
1:4
4 °
0g:23 ---1940 AO
j
Ft Worth & Rio Gr let g 451928J
82 8
8312
8312
2
Milw L dr West imp g 58-1929 FA 98 10014 974 Nov'23
8312
Frem Elk & Mo V let 68._ 1933 A 0 1008 1071
13 106 109
4 107
107
Ashland Div let g 65
1925 MS
1014 10112 May'23
GH&SAM&Plet5e5_1931 MN 97
2
9512 994
1
Mich Div lst gold 65
977s 9818
9818
1924 3, 100118 -- - 1008 10058
1931 J J 95
2d eaten be guar
Oct'23
9312 98 Milw & Nor let ext 436e, 1934 3D 91
9912 98 July'23 _
92 91
Galv Hous le Bend let 58-1933 A 0 8712 90 808 Nov'23
Sept'23
8514 8978
3D 8958 91 894
Corm extended 416e
Genesee River let e f 68-,,._1957JJ 87
32 82 90 M B Spar & N W let gu 45._193
90 87
90
85
864 8518 Nov'23
47
4M
J 8238 8412 8412 Oct'23
Gs & Ala Ry 1st col 55._ —01945
6618 Aug'21
7912 85 Milw & S L let gu 3348
1941 ii
90
924
Ga Car & No Ist
g 58-- —1929
J 904 _-- 91
5
9112
Minn & St Louis let 7s
1927 3D -4-117114 Ws-a 9958 Nov'23
1948 A 0 6118 13 62 Nov'23
Ga Midland 1st 341_
6912 14
72 69
6044 647s
1934 MN 69
let consol gold be
9914 Nis
Gila V G & N let gu 58.-1924 M N 9958
19
60
994 July'23
1st & refunding gold 48_1949 MS 18 Sale 18
1942 D 9514 9884
1512
1512
Gou & Oswegatch 5s
9
Ref & ext 50-yr Sc Ser A.A962• F 1512 16
9012 9112 oT"Nov'23
20
87
Gr R & I ex 1st gu g 43i8._.1941
89 92 M St P & 55 M con g 4e int 941'38.5, 8658 Sale 8658
Grand Trunk of Can deb 78A940 A 0 11154 Sale 11112 11114
3
101
1111s 115
1938 3, 9812 9854 101
let eons 58
1036M S 1034 Sale 10314 1034 40 1024 105
15-year s f 68
10154 60
1931 MS 10112 Sale 101
10-year coil trust 634e
Grays Point Ter be
1947 3 D 8512 -- 10112 Apr'07
3, ___ 9812 9812 Nov'23 - - 6e A
Great Nor gen 78 Series A 1936
J 10612 Sale 10612 107
9212 Dec'22 1 MN -9218 243 1051s 11112
10
948
let Chicago Term at 4e_ —1
1st & ref 436s Series A_1961
J 85
96114 Nov'23 - J 9878 98
8638 8514
8514 9212 MSSM &A let g 48 Int 911_1926
8614 42
Registered
1961 J J
1
8814
8814
- - 90 June'23
8814 90 Mississippi Central let be _ _ _1949 3, 984
545 Series B
914 May'23
1952
.1 9458 Sale 9412
9412 1024 M K & Okla let guar 5s.._ _1942 MN
61
95
Green Bay & W deb etre "A"__ __ Feb 50
64 604 June'23 7512 47
60 75 Mo Kan & Tex—let gold 48_1990 J 0 7514 Sale 75
Debenture ate"B"
'
3 7778 Sale 7752
Feb
7852 132
712 734 712 Nov'23
7
1314 Mo-K-T RR—Pr 15e Bar A.1962
Greenbrier Ry let gu g 48._ _1940 MN 8
8412 8412
73
012
84
6454 634
_ 8
80
412 051'
6414 19
1962 J
023
40-year 48 Series B
Guif&SI lst ref & t g 55_ _81952 J J
'
3 943s Sale 9334
908 131
82
78 8412
10-year 13s Series C
4
Harlem R & Pt Coos let 451954 M N 714 7312 7014 Oct'23
'
3 5212 Sale 5018
5258 827
67 7812
Cum adjust 5s Series A_ _1
9967
3
2
Hocking Val let cons g 068_1999 J J 834 85 8354
80 86 Missouri Pacific(reorg Co)
837s 11
Registered
19993 J 0
4
75
75
74
3 -0-7_34_ 0
81
87
8112
1st d.refunding 58 Ser A 1965 FA 744 75 75
188
12 July'23
& T C 1st g 58 Int gu
19373 J
954
954
7
9558 9754
let dr refunding 55 Ser C._1926 P A
Houston Belt & Term let 58_1937 J J 89
894 257
88 93
let dr refunding fis Ser D..1948 FA 8918 Sale 8734
90 90 Oct'23
1933 M N 904 97 9512 Nov'23
52 316
93
98
Holm E & W T let g 5s
General 4e
1975•B 5114 Sale 5114
1933 M N 96
934 98 Missouri Pacific-let guar 58 red
97 934 July'23
Housatonic Ry cons g &L.__ _1937 MN 80
85
87
3d 78 Extended at 4% _1938 MN 8058 ___ 81 Nov'23
87 85 Oct'23
9214
93 Oct'23
764 847s Mob & Bir prior lien g 544_1945 J
Hud & Manhat be Series A 119x
88
8034 Sale 8012
81
3' 7058 75
708 Oct'23
55 644
Mortgage gold 48
Adjust income 55
134
5812 Sale 5814
59
5
27
8 3D 10214 -- 10214 10214
88 924 Mobile & Ohio new gold 68_194
89
Illinois Central let gold 48-1951
- 88 Nov'23
1951 J J 86 -8-8 8318 Sept'22
10012 10114 10012 Nov'23
1st ant gold 68
61927 Q
Registered
1951 J J 77
M
734 754 7514
744 83
General gold 43
7514
79 7412 Oct'23
1st geld 3348
1951 J
Montgomery Div let g U 193
48
7 F A 8814 924 924
9212
754 __ 80 Oct'22
Registered
83 88
St Louis Div be
1927 3D 9358 944 904 Oct'23
Extended let gold 336e-1951 A 0 7658 ___ 83 Feb'23
1951 A 0 7418 -79 704 Sept'23
76'4 7614 Mob & Ohio coll tr g 48
7554
193
28
7 MS 764 764 7534
Registered
1951 M B 5934 72 8312 Mar'22
Oct'23
1991 MS 7912 82 81
Moh dr Mal 1st
g 4e
let gold 35 sterling
1081 110 109 Oct'23
774 854 Mont C let gu e Is
854
1937 .1
10
Collateral trust gold 45-1952 M
1952 A 0 7814
Registered
1937 3' 10612 1094
9538 Sept'19
Registered
1955 MN 8412 85 8458
9958 101
1937
8478 43
993s
82 8854
let guar gold be
908 11
lit refunding 44
Due June. ADus July. sOul deist, s Due Got. a Option sale.
*No price Friday; latent bid and asked Otis woek. (DU'Jan 8 Due Feb.
CittioUn Sts'n let gu 4)68 A_1963 J ./
be B
19633 .1
let Series C 13368
1963.5 J
Me dr West Ind gene 68_81932 Q M
1952.5 J
Consol 50-year 4s
15-year 5 f 7366
1935 M S
Choc Okla & Gulf cons 5s_ -1952 M N
0Find & Ft W 1st gu 4s g__ _1923 M N
• H & D 2d gold 068_ _ —1937 J J
11936Q F
CIEAL&Cletg48
11936 Q F
Registered
ClnLeb&Norgu4sg
1942 M N
19283 J
Gina & CI CODS lst g 5s
Clearf& Mah let gu g 58
1943 J .1
Cleve Cin Ch & St L gen 4s1993.5 D
1931 J J
20-year deb 4365
1993 J
General 58 Series B
1929 J J
Ref & lmpt 1313 Series A
1941J J
68 C
1939 J J
Cairo Div let gold 48
Cln W & M
lst g 441-1991 J J
St L Div let coll tr g g 411--1990 MN
--1940 M S
Spr dr Col Div let g
1940 J J
W Val Div let g 45
19343 J
OCC&Igenconsgas
Clay Lor & W eon let g 55 1933 A 0
1935 M N
CI & Mar let gu g 068
Clay dz Mahon Vail g 58.— _1938 .1 J
1942 J J
CI& P gen gu 4348 See A
1942 A 0
Series B
Int reduced to 336e-1942 A 0
1948 MN
Series C 336s
1950 F A
Series D 33.68
Cleve Shor Line let gu 068_1961 A 0
1972 A 0
Cleve Union Term 5360
1973 A 0
136 (w
Coal River Ry let gu 48_ _I945 J D
Colorado & South let g 48-1929 F A
Refunding az exten 00-1935 81 N
1948 A 0
Col & it V 1st eat g 48
1955 F A
Col & Tol lat eat 4s
Cuba RR 1st 50-year be 3 Ing
let ref 7345
,„A
-or
Range
Since
Jan.1
Low
High
7512 804
7754 83
7658 784
994 1001s
100 1027s
1074 111
825s 87
6858 73
7212 797s
6714 69%
71
68
75 80
8084
-F3ifs 8713
8212 8578
902 100
83 4914
8812 9752
57 7312
14 40
82
87
797g
75
9678 98
10012 10254
73 7913
924 95
6334 7212
83 8958
7652 8354
81 8372
84 92
100 10172
9112 07
8114 8715
7258 784
724 76
9078 96
90514 .9312
"iii34 If
9244
90
7612 8112
44
9212
10078 1024
100 100
10041 105
8014 8958
97 100
81
8114
107 107
9558 98
9058 9214
81
864
8112 814
75 81
94
91
824 8512
75 83
92 96
93 98
77 83
975e 103
8714 92
0014 9014
9752 101
106 109
10114 10512
95
97
10152 103
gyls 10111
8214 87
584 63
9212 96
72 8014
7312 7311
941s 9744
9812
71
9812
83
.9942 101
9744 10012
8544 88
85 86
80
80
761/ 84
8052 9318
87
87
9712 100
9812
61
951s
82
10088 l00a
87% 931i
89 91
8312 89
97 10214
55
78
1512 40
14
3954
8452 9012
98 101
10014 106
2812 10512
-663-497
871, 100
9154 94
734 8014
7414 8341
6112 8712
9254 9054
6842 83
731e
944s
85
4714
8671
9694
011
1531e
no, 82
917e 93
6912 744s
100 10412
9912 10372
7252 7812
90 0454
94
9512
7412 7812
81 8252
107 111
WI;10188
2311
New York Bond Record-Continued-Page 3
BONDS
R.Y.STOCK EXCHANGE
Week ending Nov. 23.
Price
Friday
Nov. 23.
Week's
Range or
Last Sate
OD.
I
1"
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week ending Nov. 23.
1
).1
Price
Friday
Noe, 23.
Week's
Range or
Last Sale
11
.l
Jan
Wa
*44
8fa
R
J
HIPS
High No. Low
Ask Low
Bid
High
Ask Low
Hioh No. Low
Bid
7 6884 78
6918
3 74
2000 J D 7438 767s 7578
78 Peoria & East 1st eons 4a_._1940 A 0 5918 Sale 69
7578
& E lst gu 3348
2478 24
2014 30
1990 Apr, 234 25 24
Income 48
Nulty Chatt& Bt L let 58._1928 AO 9934 100,4 1004 10012 13 9818 101
9034 98
9378 481
1937 F A 9832 99
NFla&Elletgug58
9614 Oct'23
9614 98 Pere Marquette let Bar A Ila 1956 J J 9112 Sale 9014
1
70% Ms
774
1958 J J 7773 Sale 7778
27
1st Series B 4s
30 Sept'22
Nat Ry of Max pr lien 4%0_1957 33 25
Oct'23
4 924
892
88
N
M
90
25
1943
894
let
"iF
Phila
W
ag
Balt
848
2712
Sale
2712
2338
on
coupon
July
197,
41
4112 15
26
25
26
26 Sale 25
35 Philippine Ry let 30-yr e I 48 1937 J J 414 Sale 41
do off
2 93 9774
9312
1940 A 0 9312 94 9312
1977 AO
284 264 P C C & St L gu *is A
2618 July'23
General 48(Oct on)
5
93
7s
97
9312
9312
0
94
934
A
1942
2134
2434
Sept'23
li
234
Series 434s guar
22
April coupon on
9184 9414
20
• 1942 MN 934 -- 9314 Nov'23
29,2
Series C 434s guar
2212 304 23 Oct'23
do off
8924 93
1945 M N 8858 90 9118 Oct'23
Series D 4s guar
3814 June'22
Nat RR Mee prior lien 00.1926 33
844 9334
2413 44
8712 9038 Oct'23
3412 20
.14 -.3812 3238
-37
Series E 334s guar gold-1949 F A 84
July coupon on
9134
89
894 9112 June'23 _--34 44%
1953 J D 87
Oct'23
3313 40
Series F guar 45 gold
34
do off
8958 93
Sept'23
93
_
MN
9212
1957
86
AO
27
Apr'23
28
guar
28
Series G 48
lit comet 45 (Oct on).-1951
4 94%
1
90/
3
22
2114 2512
22 Sale 22
Series Icons guar 43411----1963 F A 9118 92 9014 Oct'23
April coupon on
9112 94
9112 Oct'23 -1812 2818
1964 MN
1914 Nov'23
2118 23
Series J 4348
do off
3 93% 9534
9612
1970 J D 9612 Sale 96
1954
6818 May'23
N
684 68%
General 55 Series A
Naugatuck RR lit 4a
---75
a1928 A 0 964 -- 99 Nov'22
1945 33 7718 8778 75 Aug'23
9012 Pitts & L Erie 2d g 55
New England eons 58
---64 7514 Pitts McK is Y 1st gu 68---1932 J J 1024
1945 33 6818 ___. 84 Oct'23
- 105 Dec'22
Como'48
9514 June'20
82 82
l986 PA
1934 J J
82 June'23
2d guaranteed as
NJ June RR guar let 41
"firi4 166"
98%
J 8014 8034 80 Mar'23
Wig 9818
1940 A 0
77 8112 Pitts 811 & L E lat g 58
N 0dc NE let ref le Imp 015 A'62
loo Ivo
6
77
1943 J J 9634 98 100 Feb'23
7314 7934
1st consul gold 58
New Orleans Term let 45-1953 Ji 7614 77 7614
7 100 10112 Pitts Y & Ash 1st cons 58- _1927 MN 9918 -- 98 June'23
NO Texas & Mexico let 6s1925 3D 10034 Sale 10012 10034
_
132
83
1935 AO 8234 Sale 8018
7211 84 Providence Secur deb 4s_..1957 M N 3112 -- 38 June'23
Non-cum income 58
8914 904 Providence Term 1st 4s
1945'3 90
1956M S 714 - - 8858 Feb'18
N & C Bdge gen gu 4348
924 9038 Sept'23
8714 59
914 94 Reading Co gen gold 48
1997 J J 864 874 8718
NYB&MBlatcong58 1935 AO
93 June'23
24
87
324
6a._1935
101
MN 10518 Sale 10414 10512
N Y Cent RR cony deb
1064
Certificates of deposit
8634 Sale 8612
2 80 86
82
1998 PA 8118 Sale 8034
764 83
814 20
Consol 48 Series A
Jersey Central colt g 42_1951 A 0 82 Sale 82
8534 15 84 887s Renew & Saratoga 20-yr 6s._ _1941 MN 1084
Ref & impt 4345 "A"--2013 AO 8538 Sale 854
"iiig 99
98
95 218
1927 A 0 98 Sale 982013 AO 95 Sale 94
9272 984 Rich & Dan 58
Ref & impt 58
72 79
7018 72 Mar'23
1948 M N 69
I!Y Central & Hudson RiverRich & Meek 1st g 58
95 100
33
9634
7434
9634
J
7784
J
72
1952
1997
7418
97
33
9478
7434 Sale
Mortgage 334e
Rich Ter 5a
83 87
1
73
6914 7312 Rio Or Juno lat gu 58
8318
19393 D 83% 844 834
1997 3, 724 7312 73
Registered
884 9
18 8614 914 Rio Or Sou lit gold ta
89
1940 J J
1934 MN 8878 8978 8878
8 Oct'23
514 7
Debenture gold 48
8 12
1942'3 8538 8812 8534 Nov'23 12 Nov'23
1940 J .1 12
_
844 9014
30-year debenture 45
Guaranteed
72 78
26
2 684 76 R10 Gr West let gold 48
76
72
19393 J 7478 /51-8 76
Lake Shore coil gold 334s-1998 FA 7114 724 72
MI 68
31
62
69 73
1949 A 0 62 Sale 61
1998 FA 6918 73 70 Nov'23
Registered
Mtge & colt trust 48 A
2 71
7614 R 1 Ark a, Louis lst4%8- 1934 M El 7418 7434 74
7438 10 7134 SI
724
Mich Cent colt gold Ms--1998 PA 7178 7238 7214
70 70
19493 J 65
1998 PA 7012 7258 7034 Nov'23
70 70 June'23 .._69as 75 Rut-Canada let gu g 411
Registered
79
WA
17 8372 9014 Rutland let con g 0511
79 Oct'23 ____
1941 3 3 7914 81
N Y Chic az St L 1st g 48-1937 AO 9014 Sale 8978
91
1947 J J 6934 72 69 June'23 -- 6914 7514
1937 AO 88
8914 88 Oct'23
8012 88 Bt Jos & Grand Is' g 4s
Registered
14
97
91
45
.1
Nov'23
1931
89
J
9312
MN
8734
1996
8738
9714
875
834
8914
8
8738
Debenture 4a
St Lawr is Adir let g 58
Ws 987a
1996 A 0 9614 __ -- 98 Nov'23 --1931 MN 10014 Sale 10014 10018 80
98 101
2d(IsABC
2d gold 65
87 90
19313 3 884 8878 8818
1
3 8414 8878 St L & Cairo guar g 48
8318
864
NY Connect let gu 43.4s A 1953 PA 8618 87 8612
9384 9972
10
1947
N 8318
95
81 81 St L Ir M az Bgen con g 58-1931 A 0 95 Sale 95
_ 81 Sept'23
l'g Y & Erie lat ext g 48
881889'.
1929 J J 8318 8314 8318
1933 M
8314 30
95 May'23
95 9912
unified & ref gold 48
8d ext gold 4345
714 86
N
16
M
1933
95
Sale
AO
Nov'23
7313
1930
94
934
58
95
4
gold
48
733
g
ext
4th
7312
Itiy & G Div 1st
96 99
1
9134 91% St L M Bridge Ter gu g 58.-1930 A 0
1928 JD 92 9614
96
9134 Aug'23
5th ext gold 48
1946 MN 83
664 187 65 7078
72 84 St L & San Fran (reorg Co)48-'50 J J 6612 Sale 8514
84 Nov'23
N Y & Green L gu g 58
7914 854
1950 3 J 8038 Sale 7914
8038 43
2000 MN 7418
74 Sept'23
N Y & Harlem g 3348
7318 7788
Prior lien Ser B 5s
97 1004
7
19283 J 9838 Sale 9838
9834
N Y Lack is Western 58..-1923 FA
9924 June'23
4 100
1
99/
-- Prior lien Ser Cas
8738 9218
5
J
19423
88
88
8734
1973 MN
884
let & ref Si
534s
67% 90
162
73
1973 MN 97 --- 964 Nov'23
954 97
lit & ref 4%a
Cum adjust Ser A 6a-61955 A o 73 Sale 704
531 67
/31960 Oct 5818 Sale 5714
5812 360
N Y L E & W lst 78 ext....1930 MS ---- 103 -June'23
108 103
Income Series A 65
104
10218
1
.1
J
10312
10312
6o-1931
10318
Dock az Imp 59
1943 3' 9914
9812 June'23 _
94 9812 St Louis & Ban Fran gen
9518 100
1
1931 J .1 98 100 100
100
1932 PA 96 Sale 96 •
N Y dc Jersey lit 55
3 9434 9873
96
General gold 55
8212
8212
July'23
J
8212
1
1996.
-8412
g
gen
Br
48
Long
M
&
132L&SPRReonse48
Y
1941
N
844
- 91 July'22
91
91
NY N H az HartfordSouthw Div let g 58-1947 A 0 8912 .- 91 June'23 _-_984 103
_-_.1
J
Nov'23
1948
99
9814
5s
9838
gu
1st
W
N
&
a
347
Non-cony deben 334e_-_1954 AO 38 Sale 38
12
peo
47
L
St
3834
8612 894
4784 49 St Louis Sou lst gu g 4s ' 1931 MS 88% -- 8818 Oct'23 _-__
1947 MS 40
57 48 June'23
Non-cony deben 4s
7214 78%
7514 10
434 48 St L S W lst g 48 bond etfs 1989 M N 7514 Sale 7514
Non-cony deben 8345.....-1947 MS 3734 55 44 June'23
66%
704
J
J
ctfs-p1989
Nov'23
6858
68%
7118
bond
Income
33
48
1955
5
4013 424 4112
42
Non-cony deben
374 514
2d g 48
7312 78
1932 J D 76 Sale 7534
7638 37
N 4112 4178 4014
37 50
7
Non-cony deben 45
1956
Consol gold 4s
4214
734 1124
J 74 Sale 75
7
75
8
34 4612
1956 33 3834 39
Cony debenture 3345
3834
let terminal az unifying 58-1952 J A
3834
73 811a
7
7334
73 Bale 73
fig
67
52
1948'3 59 Bale 5514
Cony debenture 68
7314 St Paul & K C Sh L lat 4%8_1941 F
907a 9034
92 75 Nov'23
2714 4254 St Paul E Gr Trunk 4%8-1947 J J 89
48
35
1957 MN 35 Sale 33
ii% debenture('
93
9012
.1
19333
3
9012
904
4s
Man
32
AO
5412
&
1925
8912 Sale 8718
81 St Paul M
6912
75 European Loan
_ 106 1094
1933 J J 106 10734 10612 Nov'23
1925 AO 6714 Sale 65
6834 203 63 7112
Franca
let consol g 68
9582 9911
J 9512 9814 96 Nov'23
1930 PA
Cons Ry non-cony 4a
68 Reduced to gold 434s 1933 J D
8814 93
894
1937 J
89
89% 8912
"IF
1954 3, 4112 55 40 Oct'23
Non-cony 4s
Mont ext 1st gold 4s
84 85
1940 J .1
- 85 July'23
3872 44
1955'3 4112 ____ 3878 Oct'23
Non-cony deben 48
Pacific eat guar 4s
9 7088 7584
7112
40 40 8Amess let gu g 4s_ -1943 J 3 70% _ _ _ 71
1956'3 4112 50 40 Sept'23
Non-cony deben 45
97 99
g
1942M
9618 _- 97 May'23
9973 Eianta Fe Pres & Ph 5s
99
NY & Northern lit g 58__1927 AO 9878 ____ 99 Oct'23 _ _
1950 A 0 8034 Sale 8034
2 7812 8314
8114
6234
N Y 0 az W ref 1st g 4a-41992 MS 6218 Sale 614
5 6014 7078 San Fran Terml 1st 413
10814
107
0
A
1934
Oct'23
5712 59 Noy'23
1955 JD 56
1064
General 4a
57 7952 Bay Fla & W 68
- 108
9934 9934
1934 A 0 9938 10014 9934 Oct'23
1942 AO
rt Y Prey az Boston 48
73 Aug'22
51
.
8438 871
1989 M N 8512 9338 8678 Nov'23
8014 8284 Selo V az N E let gu g 4a
N Y & Pu lst cons gu g 48_ _1998 AO 8018 8212 8014 Sept'23
53 62
1950 A 0 584 -- 62 Nov'23
9618
95 95 Seaboard Air Line g 4a
1927 M
95 Apr'23
N Y & R B 1st gold 5a
294
52
1950 A 0 5834 Sale 5714
66
Sale 55
1937'3
5934 38
N Y Snag & W let ref 58
8
50 60
Gold 48stamped
2252 4474
81949 F A 43 Sale 41
5142 4 8 46 Nov'23
1937 PA 4
563
2d gold 434e
4478 571
42 495, AdJustment 5e
488a
39
1959 A 0 4734 Sale 46
43
General gold 55
1940 PA 43 Sale 4118
14
3711 49
4838 313
Refunding 4e
7
8 89.
888
N 8434 --_ 8412 Nov'23
11
M
1943
Terminal let gold 54
-1945
A--Series
515
Sale
68
66
8
685
138
cons
84 935,2
let &
4
1
/
97
9334
3912 41
1926 J 1 _9712 9812 9714 Oct'23
324 6014 Seaboard is Roan 1st 5a
NY arches & B lot Ser'00246 33 3812 Sale 3718
3612 374
19433 D
63 6534
Norfolk Sou lit & ref A 58_1961 PA 61
2 61
71 Sher sh & so lst gu g 5s
6534
3612 June'23 - 98 10114
1936 F A
Norfolk & Sou lit gold 58_1941 MN 8614 8978 87 Nov'23
87 9312 5 dc N Ala cons gu g 5s
984 Aug'23
9612 9918
N 10514 106 10612 Sept'23
Non & West gen gold 6,....A931
106 10812
Gen cons guar 50-yr 58- _1963 A 0 9834 - - -- 9834 Nov'23
1934 FA
7712 86
- 110 Mar'23
Improvement & extg
110 110 So Pao Col 48 (Cent Pac col) k'49 J D 84 Sale 8334
24
8514
qq11 owl
1932 AO
10718 Nov'23
New River let gold
01929 M S 93 Sale 9234
10684 10714
9314 76
213-year cony 4s
974 1021s
9083 41
19343 13 9834 9914 9914
N & W Ry lst cone g 411._ _1996 AO 8878 Sale 8878
8514 9314
6
9914
-year cony 58
20
10378
101
1996 AO 8534
N
M
1937
8534 Oct'23
Registered
85 90 So Pac of Cal-Gu g Es
924 103 103 Oct'23
9112
88
Div'l let lien & gang 48_1944 33 8712 88 88
88
1
4 89 So Pac Coast lst gu 4.8 2-.1937 J .1 3912 9112 9112 Nov'23
1
82/
83
8812
105 Aug'23 _ 101 108 So Pas RR let ref 48
19553 J 8738 Sale 8614
10-25 year cony 434e.-..1938
164
87%
9814
S
9238
M
109
Sale
1929
10712
109
79 10612 11784 Southern-let cons g 58-.1994 J J 954 Sale 95
9514 72
10-year cony 6s
6614 6912
8612
6
Pocah C & C Joint 48-1941 Jo 8612 Sale 8812
8414 8838
Develop az gen 4s Ser A..._1956 A 0 6812 Sale 6778
6834 330
A 0 9612 Sale 9614
70 85
North Ohio lit guar e 5s----1945 AO 82 83 85 Nov'23
9653 131 9614 99%
6s(w I) 1956
8112 87
8212 69
94 100 102
1956 A 0 101 Sale 10053 101
Nor Pacific prior lien 48.--1997 Q 1 8218 Sale 824
634s
90 97
5878 8034
1997 Q 1
8034
1
804 8312
Registered
9334
Mem Div lst g 434i-5e..,,..19963 3 934 9912 9334
7514 81
82047 Q F 5812 59 594
594 119
1951 3 .1 80
5
81
584 6214
General lien gold 3a
7913
81
St Louis div lat g 45
97 9984
60 June'23
a2047 Q F
Registered
3
99
5812 60 So Car & 351st ext 534e__1929 MN 9858 9934 9855
818
4 8192
Sale
8112
8112
0012
8214
A....2047
8112
1
Ref & impt OP)per
Spokane Internet let g 54-1955 3 .1 8112 ---- 8218 Oct'23
1021. Bale 10214 10214 61 10214 10934 Staten Island Ry Oil
2047
1943 3 13 ---- ---- 80 Oct'20
68 ger B
91
91
92 92 Nov'23 _
2047
92 100 Sunbury & Lew 48
Oct'23 - _ba 0
1926 J J --_- -- 91
9112 Sale 91
9414 Superior Short L let 5a g___41930 M S 9618 -- 95 May'18
92
91
2047
23
lia D
"90"
8114 _ -__ 89 Feb'23
St Paul-Duluth Div g 45...1996
89 89 Term Assn of St L let g 4%8_1939 A 0 9212 _- 9218 Oct'23
953 96
99
9878 Jan'23
9812 9878
St Paul & Duluth let 54_1931 Q,
1944 F A 9618 -- 9734 Nov'23 -let cons gold 58
82
77
8414 Jan'23
1968
8118 84
let eonsol gold 48
19533 J 7812 8014 79 Nov'23
8414 8414
Gen refund s f g 43
90
9034
10914 1094 1094 Nov'23
Nor Pee Term Co lit g 6a.__1933
108 110 Tex & N 0con gold 58
May'23
.1
9038
19433
9018
1938 AO 99 100 100 Sept'23
No of Cal guar g lta
100 102 Texas is Okla lit gu g 5s___ _1943 M S
3318 Dec'22 --i5r4
1930 33 1014 - -_ 100 June'23
North Wisconsin lit tls
D
Nov'23
9134
93
2000i
5s
gold
924
let
Pac
&
Texas
4013 54
68
6818 69 68
04 & L Chem let gu 45 g_1948
70
66
Wm Mar
51 Aug'23
2d gold income 58
84 92
1943
8914 -- 8983 Oct'23
Ohio Conn Ry 48
8614 8684
19313 5 8818 91 9018 Nov'23 - _
La Div B L 1st g ba
984
96
1936 3D 9658 ____ 9612 Oct'23
Ohio River RR let g t's
1
9812
9512 9884 Tol & Ohio Cent 1st gu 58_-_1935 3 3 9812 Sale 984
9214 96
9418 Oct'23
General gold 5s
1937 AO 9414
4 9512
/
941
1935 A 0 9338 95 9378 Nov'23
Western Div Ist g 58
8753 92
1927
Ore dc Cal 1st guar g 58
9958 9978 9934
997s 27 98es 100
1935 3 D 9034 -- -- 90 Nov'23
General gold 5s
2813 82
865s
1946 D 8858 87 8858
Ore RR & Nav con g 4s
7
84es 88 Tol Peo az West 48
19173 3 27
30 30 00.'23 -931e 9614
3
99 1044 Tol Eit L & W pr lien g 3Hs_.1925 3 J 96
Ore Short Line-lit cons g 58246 3' 102 Sale 10114 102
41
96
9618 96
10212 18
881a
Guar con 51
76
1948 J J 10218 Sale 102
9978 105
7414 58
50-year gold 45
7414 Sale 73
051, 9513
9258 57
9018 93 T01WV&0gu434sA
Guar refund 45
1929 3D 9212 Sale 9214
3
9514 June'23 - _
J 7914 8012 7938
9414
7934 31
Oregon-Wash let & ref 4a-1961
964
7512 82
Oct'23
9414
1933 3 3
s
957
Series B 434,
95
_
744 795, Series C 4s
7412
Pacific Coast Co let g Si.._1946 3D 7412 7614 7413
7
1942 M * 8718 -- - 8678 Nov'22
Pao RR of Mo let ext g 48_1938 PA 864 874 8612 Oct'23
84
8638 Tor Ham is Buff let g 4a.....k1946 5 D 81
7 "iii,
4
/
8118
8134 811
_ 9618 Nov'23
9438 97 Ulster dr Del lateens g 5s_ _1928 J D 92
1938 3' 95
2d extended gold 58
.2 94 9614
94
94 94
1
Paducah & Ills lets f 434s...1955 3' 8934 --__ 8954 Nov'23
8934 91
1952 A 0 5918 68% 70 Mar'23
_
let refunding g 45
70 404
Paris-Lyons-Med RR es__ _1958 PA 6934 Sale 6818
6512 7812 Union Pacific 1st g 41
1947 3 J 9034 Sale 9034
9214 113 8814 963s
B 95 Sale 95
95
1
1942
nudists Ry 78
95 974
1927 3 3 9558 Sale 9584
80 9414 9318
96
20-year cony 45
N 8812
8812 2314
_
884 Oct'23
9914 1001s
Pennsylvania RR-cons948 1943
02008 M S 9932 Sale 9914
lit & ref temp 58
9912 169
8712
4 874 9112
80 88
1948 MN 8714 88 874
Consol gold 48
p2008 M S 8238 8314 8278
8334 44
lit & refunding 48
May 1 1908 MN 8518 3614 84 Nov'23 _go
84
10-year perm secured 6s__1928 3 1 103 Sale 10234 1034 27 1021s 10584
981s
9418 95
1960 PA 9418 Sale 94
Consol 4%5
9284 9888 U N J RR & Can gen 4E...1944 81 8 90
9212 9213 Nov'23 -- 90
1965 3D 9034 Sale 9034
68
91
General 43. ,3
8578 924 Utah & Nor gold 58
1926 3 3 9812 9934 9914 Nov'23 -- 9914 9978
1968 3D 100 Sale 9978 10018 47
91114
General 58
98 10114
1933 3 3 8954 _ _ 9112 Apr'23 -- 91
1st extended 45
1930 AO 10834 Sale 10612 10738 82 10618 11034 Vanden* coos e es Ser
8514 8514
8413
10-year secured 7e
8518 Oct'23 -1936 PA 10814 Sale 10712 10812 56 10618 11118
85 87
15-year secured 634s
8412
Consol 411 Series B
85 May'23
3712
34
Pennsylvania CoJune'23 -lit Irtl 43il-1934 3 3
P
&
Cruz
Vera
76
25 43
6
Guar 3l4s coil trust rag A.1937 M g 8312 86s 8413 Nov'22
3018
3018 Sale 3018
July coupon on
Guar 34s coil trust Ber B.1941 AA 8218 8212 8214 Nov'23
9814 Mar'23 -9814 9874
1926M S 95
8 Verdi V I & W 1st g 58
1 Win I319712
1942 JD 8118 85 8138 Oct'23
981s 9194
Guar 3311 trust ctfs C
1926 M 15 9858
9818 Sept'23 8134 81% Virginia Mid Ser E be
93
2
8213 8312 8118 Oct'23
9784
Guar 3e trust etre D.__1944
9718
1936 DIN 974 9712 9718
814 93
General 55
9034
9112 9314
Guar 15-25-year gold 48_1931 AO 9034 Sate 9034
9
2003 3 3 9018 944 9112 Sept'23 _ _
8914 93 Ya & So'w'n 1st gu bo
1922 MN 83
Oct'23
854 87
1
1958 A 0 7558 7638 7812
Guar 4s Ser E
7612
7582 81
844 904
let cons 50-year 58
•No price Friday; Wed bid and asked this week. a Due Ju. 1 Due Bab. I Due June. 8 Due July
Due Aug. oDue Oct. 'Due Nov. I Due De t 100km wale.
-er
t
113?
A
Im ti, A
2312
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 23.
New York Bond Record-Continued-Fage 4
t4
h
Price
Friday
Nov. 23.
Week's
Range Or
Last Sale
11
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 23.
h
.,21
3t
Price
Friday
Noe. 23.
Week's
Range Or
Last Sale
Bid
Bid
Ask Low
H101 No. Low
High
Ask Low
Nigh No.Low
RNA
9012 98 Det United 1st cons g 018_1932 J .1 8512 Sale 8512
Virginian 1st 5s Series
M N 948 Sale 94%
9534 g
8512 42 82 864
9384 99 Diamond Match at deb This 1936 M N
Wabash 1st gold 59
1939 M N 9614 Sale 9618
97
104% 10812
10478 Oct'23
2d gold 5s
5
83
9214 Distill Sec Corp cony 1st g 551927 A 0 46 12- 4814 Nov'23
1939 F A 8714 Sale 87
8814
47 64
__
6714 71
1st lien 50-yr g term 4s_ _ _1964 J J 68
10
7178 6714 Nov'23 __
Trust certificates of deposit_______ 4614 4814 45
46 64
45
net az Ch eat lst g 5s_ __ _1941 J J 9434 9812 9512 Nov'23 -- -15
76 864
94
9612 Dominion Iron & Steel 55-1943
78
7712 Sale 7712
733 Donner Steel 7s
1942.7 J 8712 Sale 8612
71
Des Moines Div 1st g 4s 1939.7 J 72
2 84 93
71
Oct'23 __ __
75
8712
6 6214 66% du Pont(E I) Powder 4;is _1936 J D 914 Sale 9112
Om Div 1stg3s
1941 A 0 6634 Sale 6434
9112
6678
8734 9112
5
10814 61 10588 1098
7138 7278 duPont de Nemours& Co 7A s'31 M N 10818 Sale 108
Tol & Cb Div g 4s
1941M S 735 80 7234 06'23 ____
.
J 1037 Sale 10312 104
_2000 F A
79 101 10411
744 Mar'22 ---DuD
oeubas
en
nteuL
ret 171t
o
& coil 66_11993469 J 3
Warren 1st ref gu g
.7 3
-7
77
8; Ili"
Wash Cent 1st gold 48
78% Oct'23 10618 June'23 - - - 1061s 1081s
1948 Q M
977 99 East Cuba Sug 15-yr s f g 7%11'37 M S 10112 Sale 99
1924 F A 99
99% 99 Nov'23 ---WO&Wlstcygu4s
103% 359 94 11314
1
7612 80 Ed El III Bkn 1st con g 42-1939 J J 89 8912 894
1945 F A 79% ____ 79%
91
Wash Term 1st gu 33s
7938
86
89,8
4
1
851: 8512 Ed Elec III 1st cons g 52----1995 J i 9738 100 100
1945 F A 8438
99 108
8512 June'23 ---1st 40-year guar 45
100
192
35
2 .1
s4 D
s 9512 973 9512 Oct'23
80 8712 Elk Horn Coal cony 6s
954 9914
W Min W & N W let gu 55-1930 F A 7638 90 80 Aug'23 ---7
1937 MN 9014 Sale 8978
1952 A 0 59 Sale 5812
59
564 6584 Empire Gas & Fuel This
West Maryland 1st g 4s
9082 137
8812 93
1937 J J 98% 9912 9914 Nov'23 __. 9012 100 Equit Gas Light 50
9312 9372 94 Nov'23 ---West N Y & Pa 1st g 5s
93 95
31 /
214 8
11 Fe
,ci
195,
9212
7s
42M
104 2 9212 Sale 9212
1943 A 0 7614 85 77
77
Federal
Light & 'Frac 6s
Gen gold 4s
1
9032 9614
3 97 9912
9718 99 98
7912
98
Western Pat 1st Bar A 55-1946 M S 7912 Sale 79
1941 k4 g 102 Sale 10112 10212 28 99 1084
6 86 95 Fisk Rubber 1st s f 8s
1946 M 13 8914 92 8912
92
B 6s
ii
6 1378 Ft Smith Lt& Tr 1st g 5a-1
80 :...3
2361 .1 .7 79 Sale 78%
7914 80 Sept'23 ---19
94
36
2 55
h1 N
S 78
West Shore tat 45 guar
701480
2361 .1 .7 7712 78 771z
7712
8834
3 Frameric Ind & Dev 20-yr 7A s''42 J I 88 Sale 87
Registered
2 8314 9334
1926 A 0 9812 99 9812 Nov'23
12
101 Sale 101
9914 103%
Wheeling & L E 1st g 55
102
s 9274 94 9114 July'23
99 96 Oct'23
95
49
2 54
.1 D
9114 9312
rg7
8118cone g 5s:0
Gas
anaz
c toorlear
Wheeling Div let gold 58.1928.7 J 94
914 9538 General Baking 1st 25-yr 65_1936 J D 100 101 101 Nov'23
Eaten & impt gold 55_ _1930 F A 90% 97% 9112 Oct'23 ____
9912 10112
4
13 4514 62 Gen Electric deb g 3)0--1
10
947
2j
F j
A
52
25
Refunding 4).is Series A-1966 M S 52 Sale 5034
765s 8214
7l
92
18
1949 M S 60 Sale 5914
57 654
2 Sale
60
9912 10834
Debenture 53
RR 1st consol 4s
1080234 39
21
1942.8 D 50
51
49 80 D
5012
9738
51
U:6
848
g (ls Bar A 1952 F A 181:128897
12 Nov'23
G0
en
odR
rie8fhr D
97 101
Wilk & East lst gu g 5s
98 101
1938 J D 9918 100 9918 Oct'23 46 9618 10134
Sale
Will & SF lst gold 55
319
8'
3
41 MN 11484 Sale 11452 11472 55 11338 117%
g21st 8f 8
Go111148
ear pi=R
Winston-Salem S B 1st 4s 1960 J .1 5018 8212 7914 Oct'23 ---R4 8212
7714 77
A 10012 Sale 100
40
99 106
7714 27
101
Wis Cent 50-yr let gen 4s_ 1949 .1 .1 77
1'
199258
228 M
1
MAI N 8914 ____ 89 Nov'23
75
8088 Granby Cons M El &P con 6s A
884 93
77
Sup J2 Dill dlv & term 1st 45'36 M N 7512 7714 77
1943.3 J 5912
65 May'22 8914 ____ 92 June'23 ---92 92
Stamped
W &Con East lst 4tis
INDUSTRIALS
N 90 Bale 90
6 89% 100
,deb
58 Gray0onx
90
Se713)
3
11
80
1932 F A 90
8014 80
80
85 101
92 88 Nov'23
Adams Express coil tr g 48-1948 M S 80
2
195
1938 J D 8832 Sale 8818
10
87% 9
42
0j
89
94/14 Great Falls Power 1st 5 t 58_1
MN
j 9914 100 100
3 97 100
Alan Rubber 88
100
1925 M S
6
7% 6
77'282
5
8 Hackensack Water 4s
Alaska Gold M deb 65 A
788 80 7832 Oct'23
6
4
1926 M S sis 3
8222
5
532 Nov'23 -- -612 Havana E Rv LA P gen 58 A 1954 M S 8232 Sale 8112
Cony deb fts series B
a
so ssu
1928 A 0 9712 Sale 97
15 95 1004 Havana Elec consul g 6s
1952 F A 9314 94 9314
94
98
87
Am Agee Chem let 5s
1
9314
1941F A 97 Sale 9612
74
96 10434 Hershey Choc 1st a f g 68-194'2 M N 9984 Bale 99
96 9912
97
1st ref s f This g
55
100
917 973 Holland-Amer Line 6s (flail -1947 M N 9
1933 A 0 9214 Sale 92
93
14
71
92
744118
2 S9
Ameri:an Chain 68
30
a4
1e38 9
73
134
9
74
5
7814 Sale 784
92% 95
Am Cot Oil debenture 58-1931 M
2
81
97 69 81 Hudson Co Gas 1st g 56-.1949 M N
10614 ____ 105% Dec'22 ---41
9412 99
-_78 Humble 011 dt Refining
Am Dock & Impt gu 6s_ _ _1936 J
1937 A 0 87 Sale 8612
56 61
.1 D
9318 9588
N
Amer Republics (is
70
87
9 -af-S- 1ii. Illinois Bell Telephone 58W 1 193
194
30
88
9262
128 :4
2j
980
3813434
93
4;i5 °is-1
A O
2S
818
8
a19
7e 9
980
35314
94
I 9
Am Sm R 1st 30-yr 5s ser A1947 A 0 93 Sale 9112
44
9
890
13142 16
1947 A 0 10234 Sale 102
8012
68 B
79
---103
99
1952 M N 19
0
2
,
0
2718
z
2 Siailiej 19
22
99 1014
Amer Sugar Refining 6s----1937 J .7 10088 Sale 10012 10614 99 99318 104_ Indiana Steel 1st 55
0
76
0
912 3
N90
1:06
'
2
2
3
3
4
907 9313 Ingersoll Rand 1st 58
8
919353 J
9s3
:
3
Am Teel)& Teleg coil tr 4a1929.7 J 9212 Sale 9214
-1936 m S
0,2132 20 --874 -104
111()1
86 9014 Interboro Metrop con 430_1956 A 0 14
012 St8
le 14
012
38 081
Convertible 48
9 100 103,4
1933M S 10
89
212 8934 1082934 10218
Certificates of deposit
_
434 912
20-year cony 4)is
stamped_
9638 151
95 101
1946 j
7
12 Vs
Guar Tr Co ctfs 16%
9614 Sale 9534
30-year coil tr 58
1%
1%
19
93
66
2 .1
-A.
-4.! 5818
28
138
ale 5
564 72%
37
7:
13
58
93
1: 229
7-year convertible 68---1925 F A 11634 Sale 1_1638 184
163
344 6
35
4 11312 11712 Interboro Rap Trail let 55_1
Stamped
58
5718 7212
Am Wat Wks & Elea 5s__1934 A 0 8418 8438 qA
57 Sale 55%
21
12
212 rli14
48
1939 .1 J 4612 Sale 4418
5275 7318
5738 27
e
rdes
Am Writ Paper s f 7-6s
1932 M S 85
9
234 S8
a5
le
132 834 9434
7s
9614 227 52404
1953 F A 9814 Sale 9434
Anaconda Conner 68
954 10434 Int Agric Corp 1st 20-Yr 511-1932 MN
6
82
44 Nov
8
'
8213
9812 277
1938F A 9814 Sale 9714
55 814
4 ---75
82 90 Inter Mercan Marine8 165-1941 A 0 7914 Sale 7914
74
90%
64
8034 106
85
Armour & Co lst real est 4A s1939 J D 8414 Sale 8414
19471 J 8212 8382 8232
18
81
8811
84
Associated Oil temp 6s.._1935 M S 947 Sale 9412
9588 279 944 9554 International Paper 55
j
19471
82 Bale 82
84
4012
37
8118 884
1st & ref 55 B
20 Sale 20
Atlantic Fruit cony deb 7s A _1934 J
20
5 20
57
2J
AI s
J 75
7384 8412
19
94
18
9
394 Jurgens Wks 6s (fiat P66)-1
76 7334
754
11
1812 Sale 1812
20
Trust certificates of deposit__
19
95
42 M
F A
S 895s Sale 8988
9014 25 87
91
177 44 Kansas City Pow & Lt 5e-1
18
2184 16
21
do stamped
1888
9212 93 924
9 91% 9632
93
9414 9934 Kan Gas & El 618
1937j J 9712 Sale 97
Atlantic Refg deb 58
9788 34
1037 10434 104
6 1024 107
10414
2 100 103 Kayser & Co 7t3
Ba1dw Loco Works 1st 55-1940 M N 1004 10034 10012 10034
9834 MI%
102 155
1
94 103 Kelly-Springfield Tire 818-1931 M N 101 Sale 101
Barnsdall Corp s f cony8% A1931 J J 95 Sale 95
95
7212 7212
9512 99% Keystone Telep Co 1st 5......1935J J 7134 ---- 7212 Oct'23
9732 87
Bell Telephone of Pa 5s--1948 J J 974 Sale 968
1937 11
9734 ___ 98 Nov'23
9614 9914
Beth Steel 1st eat s f 55
1926.7 J 9834 98% 9812
7 964 100 Kings Co El L & P g 5e
9888
11114 Bale 11114 11114 10 10811 11812
Purchase money 68
1942 M N
9512 22 9034 974
Int & ref 58 guar A
1925 M 81 10118 ___ 977 Sept'23
97% 104%
Convertible deb 65
8M4 9312
1936 J J 0
87
814 s
Sa
ale 8814
20-yr p m & imp s f 58
8814 16
194
,
9 F A 64 -72 71 Nov'23
694 74
El lest g 4a-1
untgyuar
98
43 8
1948F A
4 1278 KINtismCpoel
Cs A
97
T3
76
64
70% 71
7114 13 eq
1953 F A 8912 Sale 8812
5s
8912 40
79
5
195
7514 8018
76
31 j
J j
1 75
7514 June'23 ---7088 Fa/ Nona County Lighting 58-1
Booth Fisheries deb 5 f 68„-1926 A 0 78 sale 78
94 101
1
9512 9692 9512
Braden Cop M coil tr 5 f 68_1931 F A 9934 Sale 9988
9512
9731 100q, 6s
9934 36
1936.7 0 10112 10212 101
7 9912 10212
9138 9888 Kinney Co This
101
14
Brier Hill Steel 1st 048_ _1942 A 0 94 Sale 9314
94
87
924
8984 38
29 614 69 Lackawanna Steel 55 A-1950 M 8 8812 9334 8812
B'way & 7th Av late g 55-1943 J D 6312 65 62
64
4 8934 96
4_I
A O
j 9312 Bale 93
934
Brooklyn City RR 55___ _1941
J 8634 90 18
2 83 88 Lac Gas Lot St L ref & eat 581933
344
87
06
53
881: 9214
10
118 S9
a9
le
9432 99 Lehigh C & Nay 51 4%5 A_ _1954 J J 98
Bklyn Edison Inc gen 58 A.19493 J 9634 Sale 9638
32
97
978810088
10012 1047 Lehigh Valley Coal 55
1930 J J 10288 10312 102
98
c14 Oct'23
91
General 65 Series B
1933 J .1 89347
105 10812
1
General 78 Series C
1930.8 J 10534 Sale
V5234
48
33
33
14
2 0c3
8
18134
/1.
4
1940 .7 0 108 sale 108
General 78 Series D
7 -Big 7
39
10834 38 106 10934 Lax Av & P F 1st gu g 55_--1993 M S
11718 13 112 11914
41
4F
A O
A 117 Sale 117
BklynManR Tr Sec(tern)6s.'68 .1 .7 67 Sale 6638
6714 922 24 g38 Liggett & Myers Tobee 78-195
Bklyn Qu Co & Sub con gtd 58'41 MN
93 9814
97 Sale 9652
9782 19
65 July'23 ---1941 3, 86
1st 55
11714 Sale 117is 1174 18 11172 11812
7912 Nov'22 ----------Lorillard Co (F) 78
1951 F A 96 Sale 96
Brooklyn Rapid Trail g 55_ A945 AO 7314 Sale 7314
9314 9711
9612 34
734
1
55
79
63
1952 M N 87
87i2 8612
RN
73
73
7 54
79 Louisville G & El 55
Trust certificates
9 8614 884
75s9
194
32 J
cony g 75-1
A D
o 11012 Sale 110
1st refund cony gold 45-2002 .7
64 68 Magma Cop 11)-yr
____ ____ 7312 Nov'23 ___
11088 26 107 120
3-yr 7% secured notes._ _ _1921
8434 96 Manati Sugar
9682 102
9
56
814
59687182 Sale
Salegal
57 8 31
8934 Sale 8912
894 14
087
10
99
10
3J
Certificates of deposit__________
A D
554 64%
O 56'2
51
11
:Mrdih
4a
st Ry (NY)cons g 4s-2
§t 2
8918 Nov'23 -___
_
Ctfs of deposit stamped_ _
2 45 66
Sale 45
45
89 Nov'23 -- -,
7712 85 Manila Elec 75
1942 MN 9512 97 96
1950
96 9834
Bklyn Un El 1st g 4-5s
6
96
-775- 16- 8412 Nov'23 7634 8434 Manila Elee By & Lt s f 5s-1953 M 8 82
6
8184 84%
7914
Stamped guar 4-55
1950 F A 7918 sale 7918
8212 Oct'23
885 9634
11
9312 100 Market St Ry 1st cons &L.-11924 MS
A 0 91 Sale 91
Bklyn tin Gas 1st cons g 58_1945 M N 95 Sale 9412
9152 84
95
9334 90
5 10712 11672
5-year 6% notes
1932 M N 11238 113 113
14
384 19
14
012 33
78
19
14
0 s
Sale 19
11318
9 109 16134
1st lien & ref Os Series A_ _1947 M N 10334 10412 10334 10414 23 10014 10512 Marland Oils f 86 with waents'31 A 0
97 1071z
3 10718 117
86
Without warrant attached_,.._
1929 M N 111 11112 11012 111
A O
91 F
A 10212 10412 10092 104
78
97 159
15
914 9234
116 Sale 100
Buff & Susq Iron f 60
1932.7 D 9012 93 9112 Nov'23 11 140
17
:
74 100
14478
6
This Series B
143
9134 101%
80 87
1952 A 0 804 8112 807 Nov'23 do without warrants
Bush Terminal 18t 48
95 100
1
8232 8972 Merchants & Mfrs Each 75.-1042 Iii 10
1955.7 J 8412 Sale 84
8412
8
94
87 S
105
Ba e
Consol 55
95
99%
19
98
g
65
Bar
r
9888
dle
s
ra
t
it8
3
r
B_195
19
5
3
2
.3
F
D
A
2
,
5
112
C
4
Nelr
er
f
sow
Building 6s guar tax 8,3_1960 A 0 9134 Sale , 9114
29
9134
9414 9612
5
9512
1937 M N 0614 Sale 1 9612
9412 95 9484
0a1G E Corp 5s
9614 15
7 101 10914
96 9688 Mexican Petroleum 5 f 8a._ -1936 M N 107 Sale 10488 107
9612 297
Cal Petroleum 6128 (w 1) -1933 A 0 9612 Sale 96
99% 100/
1
4
8
1924 F A 997 100 9978 100
96
16
94 99 Mich State Telep let 513
Camaguey Sug lst s f g 7s_ _ -1942 A 0 95 Sale 95
60
8412 911s
Sale
9114 9712 Midvale Steel &0cony s f 5s 1936 M S
7
Canada SS Lines lstcoll s f 78'42 M N 9234 Sale 9212
9234
84 90
80
512 Nov
9
'
0
23 ____
09 10312
8512 85_3_4 9
3 Sale14 14212 103
Certificates of deposit_ ._1936 _ _ 89
33
Canada Gen Eiec Co 6s___ A942 F A 107
1
98
9912
88
58'4
2
/
1
4 le 0
8
98884
Cent Dist Tel 1st 30-year 5s_1943 J D 97
9818
3
97 100 Milw Elee Ry & Lt cons 2-55 1926 F- -A 988534
2 8834 914
8512 9914
Refunding & exten 4;0-1931 J .1
Cent Foundry 1st s f 6s._1931 F A 9038 gale 8914
9032 10
9312
7
8874
93
9312
dale
91
9312
1951
.7
D
18 10018
Cent Leather 20-year g 58_1925 A 0 9112 Sale 9112
369
Gen 55 A
94
7 8014 891a
8012
1961 J D 8014 80% 8014
1931 .7 J 128 Sale 12114 129
147 115 150
1st 55 B
Cerro de Pasco Cop 811
0414
1
92% 9434
Ch 0L & Coke lst gu g 5s 1937 J J 93 Sale 93
2
92
9684 Milwaukee Gm L 1st 48_ _1927 M N 9414 Sale 9414
93
93 9834
9572 49
1943 J J 9572 Sale 0452
1927 F A 74 Sale 74
Chicago Rys 1st 58
7412 43
734 8374 Montana Power 1st 58 A
18
8814 91
1923.7 D 997 ____ 100 Nov'23 ____
Chicago Tel 55
9912 10012 Montreal Tram 1st .9c ref 55_1941 .7 J
9
7812
7812 8784
79
Chile Copper 65 Ser A
1932 A 0 99 Sale 9812
96 1034 Morris & Co 1st s f Ois___.19393 J 7834 79
58
99
83
6'4 Ap8
;114
8
1066 A 0 6848:42 Sale-- 8
Cincin Gas & Elec 1st & ref 5s'56 A 0 9514 9588 95
2 9434 9934 Mortgage Bond 4s
95
931k
911j
9212
924
2
Sale
9212
A
0
1932
53is Ser B due Jan 1
1961 A 0 9412 96 954
95 9812
5s
4
9514
8934 95
Colo F az I Co gen a f 581_ __ _1943 F A 86% ____ 87
8512 8912 Mu Fuel Gas 1st cu g 55_ _1047 M N 9234 9312 0182 Sept'23 - 87
1
9514 Ws
Col Indus 1st & coll 58 gt1-1934 F A 747 75 744
7434
4
74
7912 Mut Un gtd bds ext 5% _ _ _1941 M N 9212 ____ 954 Feb'23 ____
41
51
6734
52
Columbia G & E 1st 5e
1951 J J 5184 Sale 5112
1927 J J 9612 Sale 9612
97
8 95
9788 Nassau Elea guar gold 4s
7 90 9634
Sale
19311 D
Stamped
1927.7 J 97 Sale 9634
10 954 973 National Acme This
97
98
9
1
4
1
9
9
9
5
7
4
2
8
n
8
13
97
9711
9
e:
1
2
1
3
4
Col & 9th Av tat gu g 55
68.1929.7
&
Starapg
1st
1993 M S
Enam
5
10
10
20
Nat
--__
10 Sept'23
95 95
Columbus Gas let gold 5s_ _1932 J .1 93
-- 92 9272 Nat Starch 20-year deb 5s_ _1930 J .1 95
9412 927s Nov'23 ____
5
97 10112
Commercial Cable 1st g 48_2397 Q J 71 Sale 71
1952 M N 993a 1914
71
13 69 7512 National Tube let 55
95
9214
94_
9334
6992393844
Commonwealth Power 65_ A947 M N 8612 Sale 8612
Aug'2301c009t279231342
Gas
55
8652 16 84 8914 Newark Con
78
82142
9
76
95% 100
78 10
37
93
J D 77_ Sale
Comp Azu Barn This
52
1937.7 .1 100 Sale 100
9812 10112 New England Tel & Tel 58_194
10014
6
62
___62
J
J
Computing-Tab-Rec s f 6s 1941 J .1 9912 Bale 9812
_1935
06
Ry
&
Lt
gen
4Yis_
10112
New
9512
9912 13
6 too 104
Conn Ry & L lst & ref g 4)is 1951.3 J 7812 ___ 7714 Sept'23 -- __
7612 8788 N Y Air Brake 1st cony 65_1928 M N ioii4 gale
7412 80
7
Stamped guar ‘iis
1951 .1 .7 79
8314 79 Oct'23 --__
76 8314 NY Dock 50-yr 1st g _ __1951 F A
0
10652 11212
110
Sale
A
10914
A_1941
72
110
Edlson
let
&
ref
4sCons Coal of Md lst&ref 58 1950 .7 D 8612 Sale 86
8412 90 NY
6s
8634 69
9512 100
10
9534 NYGEL&Pg 5s
J 92% ____ 94 Aug'23 --__
90
Con Co ot Ch 1st gu g 5s.-1936
794 8314
87
A 9
6
18189
4 Sale
F D
758 8
949
83
96
15
34
8
Consumers Power
1952 M N 8612 87 8612
8
97
134
8412 924 Purchase money g 45_119
25
87
1931 MN 98 ____ 100 Oct'23 --_
1
4 ---- 82 June'23 -__76 82
9812 100 N Y Munic Ry tot a f 55 A__1966 .1 J 79/
Corn Prod Reg s t 58
99
96
a
1934 M N 9934 Sale 9934 1004
- 9814
9814
98 101 N Y Q El L & P 1st g 68._ _1930 F A
5
1st 25-Yr 8 r 53
2s14 3814
3112 3212
25
- - 3114
1943 F A 85 Sale 3412
32
2 8412 95 N Y Rys 1st R E & ref 48_1942 .1 .7 9814Crown Cork & Seal 65
85
3718
27
31 Sale 31
Certificates of deposit
3112 28
82 94
90 227
Cuba Cane Sugar cony 7s_ 1930 .1 .7 8914 Sale 8738
84 8
114
172 114
a1942 A 0
874 9814
30-year ad)Inc 55
Ds 22
Cony deben stamped 8%.1930 J
9534 326
9534 Sale 9332
7%
3
4
237
114
Sale
Certificates of deposit
1
Cuban Am Sugar 1st coil 8s_1931 M S 10614 Sale 106
10688 44 105 10812
69 69
6114 14
91
9234 27
94,4 N Y State Rys let cons 4Ms 1962 M N 6034 Sale 6034
Cumb T T lst az gen 5/7-1937 J .7 9234 Sale 9234
97%
1
87
87
88
58'51
M
N
87
Ist.tret
a
I
g
87
15
83% 90
86
63is
Den Gas & H L
8 2 Sale 8512
51
92
98
.
1942 M S 7212 74
9
9312 Nov'23
934
65 99 N Y Steam 1st 25-yr Os Ser AVM
7334
74
6
76
Dery Corp(D
904 9514
49
12 Sale
1e
9414 10012 NY Telep 1st & gen s f 4)48_1939 M N 9314
9912 15
Detroit Edison let colt tr 5s-1933 J .7 9912 Sale 9914
32
10314
108%
A
106
F
Sale 10538 106
k1940 M 8 96 Sale 9534
9034 98
30-year deben 8 f fle_ _ _Feb 1949
9612 61
1st az ref 5s Series A
101 10214 107%
k1940 M S 103 Sale 103
10334 53 101 10412 20-year refunding gold 68_1941 A 0 1034 Sale 10318 104
1st & ref 65 Series B
asked,
a
0 Due Oct. VDUs Dec. sOption sale
and
Due
Jan
July.
8
Due
Aug.
bid
latest
4
Due
Due
March.
e
Due
Due
April.
•
May.
o
Due
June.
A
*No price Friday;
1n 31
.1,4::3ctre,,11 4c3178
941, sale 94.,
3
il'g II
Nov.241923.]
2313
THE CHRONICLE
MI Quotations of
New York Bond Record-Concluded-Page 5
Sundry Securities
bond prices are "and interest" except where marked "t"
Railroad Equipments Para. Basis
Range
Standard 011 Stocks Par Bid I Ask
Week's
Price
BONDS
I
5.65 5.35
Since
Friday
Anglo-American Oil new. El .14781 15 Atlantic Coast Lthe 65
N.Y.STOCK EXCHANGE
Range o?
.
5.50 5.30
Equipment 83in
100 10912 111
Jan, 1
re,
Atlantic Refining
Nov. 23.
Last Sale
Week ending Nov. 23.
.-,
5.75 5.40
100 117 118 Baltimore & Ohio Gs
Preferred
Equipment 4555 & Is____ 5.50 5.30
High No Low
Bid
100 140 145
High Borne Scrymser Co
Ask Low
9514 101
100 'Sale 9912 10018
Buckeye Pipe Line Co__50 *73 75 Butt Koch & Pitts equip 65_ 5.50 5.30
Niagara Falls Power lit bs__1932 J
10112 105
Chesebrough Mfg new__100 228 234 Canadian Pacific 4358 dc 68. 5.50 5.30
01932 AO 10414 Sale 10414 1044
Ref & gen 68
5.60 5.35
9712 101
8
9812
100 109 115 Central RR of N J 65
Preferred new
NW Lock &0 Pow lit 58_1954 MN 9814 Sale 9814
5.75 5.45
25 *3812 40 Chesapeake & Ohio 68
96
91
1952 MS 91
915s 37
Continental Oil new.
9112 91
No Amer Edison 68
5.60 5.30
Equipment650
8912 95
S ---- 9078 9012 Nov'23 -.
Crescent Pipe Line Co__ 50 *1412 17
Nor Ohio Trac & Light68-1947
5.50 5.30
Equipment 55
8758 93
8955 60
Cumberland Pipe Line_100 112 113
Nor States Power 25-yr be A_1941 AO 8912 Sale 89
5.60 5.30
fie
Quincy
&
Burl
Chicago
45
95
AO
93
10034
102
4
983
9978 Sale 9912
Eureka Pipe Line Co.__ -100
1st & ref 25-year(isSer B-1941
Northwest'n Bell T 1st 75 A-1941 FA 10734 Sale 10738 10778 54 107 10818 Galena Signal 011 com _ _100 63 65 Chicago az Eastern 111 5340. 6.25 5.50
5.45 5.25
434s
West
North
&
Chicago
J
9212
9138
-115
109
May'23gtd-1934
100
9112
_
4M8
9138
Preferred
g
old
Id
let
WY
North
5.65 5.36
Equipment tis
5 101 108
100 10412 106
Preferred new
Ohio Public Service 73.48-A946 AO 10412 Sale 10412 10538
5.55 5.30
1
Equipment6%5
9934 10514 Humble Oil & Ref new.. 25 *3412 3512
1947 FA 10038 Sale 10038 10035
75
9234 9512 Illinois Pipe Llne
6
9478
100 136 141 Chic RI & Pae 4345 dc 55- 5.65 5.35
Ontario Power N F 1st 58-1943 FA 9414 Sale 9414
5.87 .5.50
Equipment6s
9
9214 9858 Imperial 011
94
25 *10112 103
Ontario Transmission 5s_.._1945 MN 9378 Sale 9378
2 0
96 10112 Indiana Pipe Line Co... 50 *85 86 Colorado & Southern 6s____ .2:2 :4
1941 FA 97
97
98 9612
3
Otis Steel 88
(is
Hudson
5
1614 Delaware &
93
9012 947s International Petroleum_(5) *16
1st 25-year a f g 7345 Ser B 1947 FA 92 Sale 92
6.25 5.80
J 9014 Sale 9014
8812 .9314 Magnolia Petroleum_ _ __100 13312 134 Erie 4348 & 55
9012 39
Pacific0& El gen & ref 5e.._1942
6.15 5.75
Equipment65
8978 94
National Transit Co__12.50 *2134 2212
Pao Pow&Lt let&ref 20-yr bs '30 FA 9178 9234 9233 Nov'23 - 5.65 5.40
9678 32
1937 3, 9618 Sale 9678
9434 9912 New York Transit Co_ _100 90 93 Great Northern 65
Pacific Tel & Tel 1st 55
5.45 5.25
9118 39
9215 Northern Pipe Line Co__100 101 103
Equipment 58
88
1952 MN 8975 9034 90
be
5.75 5.40
14
102
PA
65
10312
1930
Valley
25 *64 6412 Flocking
10558 0100 011 new
10312 Sale 10312
Pan-Amer P & T 1st 10-yr 75
5.60 5.30
96 100
1953 J J 9738 Sale 96
Equipment 55
9712 23
25 *21
28
Park-Lex (ctfs) 6 Ms
Penn Mex Fuel Co
925s 94
Prairie 011 az Gas new __100 201 20112 Illinois Central 43413 & be.-- 5.45 5.25
Pat& Passaic() az El cons 581949 MS 9318 ____ 98 Nov'23 -5.65 5.35
Equipment65
Prairie Pipe Line new _ _100 9714 9712
Peop Gas & C lit cons g 69.-1943 AO 105 10512 10414 Nov'23 -- 10414 108
3
8912
8718 94
1947 MS 8912 Sale 8812
Equipment 78 & 6345---- 5.50 5.30
100 175 178
Solar Refining
5.80 5.40
OsMichigan
39
FA
1944
Co__100
981115
100
10112 Southern Pipe Line
9934 Sale 9934
92 94 Kanawha az
Philadelphia Coos A
5.65 5.25
8712 9112 South Penn 011
8814 12
1938 bt
100 120 122
8814 Sale 8814
53is
Equipment4358
24
6518 8234 SouthwestPa Pipe LInes_100 75
74
7312 Sale 73
1943 M
77 Kansas City Southern 5348_ 5.65 5.35
Pierce-Arrow 841
70 98
22
80
1931 3D 80 Sale 75
Standard 011 (California) 25 *5524 5614 Louisville & Nashville 68..._ 5.65 5.40
Pierce Oils f 8s
5.50 5.35
89 903s Standard Oil (Indlana)_ _ 25 *581 5814
9038 Sept'23
Roulpment65is
Pleasant Val Coal let g s 155 19283,
25 *4014 4112 Michigan Central 55 & 65._ 5.50 5.25
7 9018 9458 Standard Oil(Kan)
91
Pocah Con Colliers let ii 58_19573, 9014 9034 9034
2 9112 9512 Standard 011 (Kentucky) 25 *99 10014 Minn StP &SSM 4;58 & 5s 5.75 5.40
9318
Portland Gen Eleo 1st5,3--19353, 9234 94 9318
4
8734
843s 887s Standard 011 (Nebraska) 100 210 220
Equipment 6555 & 75.... 5.80 5.45
Portland Ry let & ref be. -.1930 MN 87 Sale 87
7
82
8012 8678 Standard 011 of New Jer_ 25 *355s 3578 Missouri Kansas & Texas 68 6.00 5.50
Portland Ry,Lt& Plat ref be'42 FA 8014 82 8012
100 11714 11712 Missouri Pacific 6s az 6M s _ _ 6.15 5.60
8
9212
1947 MN 9134 Sale 9134
9184 9614
Preferred
65 B
3 10378 10714 Standard Oil of New York 25 *4218 4238 Mobile & Ohio 4345 & Is... 5.55 5.30
1st & refund 734s Ser A__1946 MN 104 10434 10414 10478
100 275 280 New York Central 43.48 & be 5.50 5.25
Standard Oil(Ohio)
Porto Rican Am Tob 85-.1931 MN 105 __ 105 Nov'23 ---- 10178 108
100 109 115
5.65 5.25
8758 9334
25
90
19333, 90 Sale 898g
Equipment6s
Preferred
Pressed Steel Car be
100 24 28
5.50 5.30
Equipment 78
Prod & Ref 5188(with waents)'31 3D 10858 109 10912 10912 23 10634 13312 Swan & Finch
5.35 5.15
16 100 10812 Union Tank Car Co. -100 90 95 Norfolk & Western 434e
107
Without warrants attached__ _ JD 10612 Sale 106
100
7612
gen
5.55 5.35
11
10812
0
78
80
108
Pacific
55_1959
79
Sale
NJ
A
86
Northern
of
7912
Preferred
Pnlifierv Corp
25 *5334 54 Pacific Fruit Express 75--- 5.50 5.35
123 105 124
19373, 10858 Sale 10758 110
Vacuum 011 new
Punta Alegre Sugar 7e
10 *2234 24 I Pennsylvania RR eq Se & tis 5.60 5.20
5
9314
1937 MN 93
9314 93
Remington Arms 63
907s 96
Washington Oil
gels
89
5.50 5.30
9378 9312
I Pitts & Lake Erie 6M8
Other 011 Stocks
9412 10
Repub I & 8 10-30-yr 56 f--1940 AO 93
(2) *234 314
5.80 5.40
867s 5418 Atlantic Lobos 011
8812 36
1953'3 8818 Sale 88
Equipment65
5345
•6
50
55
5.35 5.15
&
434s
1952
212
1
ID
9312
Co
99
75
f
s
Reading
Myers
9312
8
927
Robbins &
121
Preferred
25 *5612 5712 St Louis & San Francisco 5e. 5.75 5.50
91
91
Jan'23 - _Roch dc Pitts Coal & Iron 58-1946 MN 9014 ____ 91
Gulf Oil new
5 *4
5 Seaboard Air Line 434e & be 6.10 5.75
8412
5 80 86
Mexican Eagle Oil
Rogers-Brown Iron Co 7e---1942 MN 8412 Sale 8318
5 •107s 11 Southern Pacific Co 434e-- 5.50 5.25
Mutual Oil__
5.55 5.35
100 9() 92
Equipment 75
1937 MS 78
77 7948 National Fuel Gas
St Jos Ry, L,H P be
81
7033 Oct'23
5.65 5.30
10
Producers*1814 1812 Southern Ry 434s & Se
Dee'22
92
St Joseph Stk Yds let g 4345 1930
851s
86
Salt Creek
5.85 5.50
5 *80c. 95c
Equipment6s
75 8414 Sapulpa Refining
St L Rock Mt & P5s stmpd-19553, 7814 7812 7612 Nov'23 Toledo & Ohio Central 68--- 5.85 5.50
1924 AO 52
3 5714 02
St Louis Transit 58
5714 5834
5634
5.45 5.25
92 93
Union Pacific 75
Public Utilities
9038
1937
St Paul City Cable Is
92 Sept'23
Tobacco Stocks
1942 MS 10338 Sale 103
10312 12 100 10378 Amer Gas & Elee new- -(2) .4534 4612
Saks Co 7e
100
common
77 7912
*4112
50
Cigar
4212
American
9444
90
Preferred
2
91
Ban Antonio Pub Ser as__ _1952
91 Sale 91
100 84 88
M&N 9215 9312
9912 18
Preferred
97 104
Deb (Is 2014
Sharon Steel Hoop 1st Si sec A '41 MS 9912 Sale 99
Amer Light dc Tree com_100 119 122 AmerMachine & Fdry_ _100135
1942 AO 10012 102 101
10114
394 103
7
Sheffield Farms 634ll
-23 100 92 94 BMW's-Amer Tobac ord.
8212 87I8
Preferred
1
8312
Sierra & San Fran Power 531_1949 FA 83 85 8312
22 23
Bearer
6812 10112 Amer Power & Lt com 100 169 171
9234 125
Sinclair Cons On 15-year 73-1937 MS 9258 Sale 9p4
8212
25
new
59
*57
84
Co,
100
(000W)
8712
9714
85
Helme
Ill
Preferred
Oka B (w 1)
1938 ID 8714 Sale 8518
100 110 113
M&S 9112 9212
Preferred
94 10044
Deb Os 20113
9614 34
1925 AO 96 Sale 96
Sinclair Crude Oil 534s
9338 9978 Amer Public Utll oora__100 34 36 Imperial Tob of0 B & Irel'd *1514 16
9578 20
Si
1926 FA 9534 Sale 9512
._100 57 62
100 71
74 lot Cigar Machinery.
801s 9912
7% prior rind
94
81
1942 AO 8034 Sale 8018
Sinclair Pipe Line 55
100 46 49 Johnson Tin Foil & Met-100 80 90
4% partic prig
9812 102
South Porto Rico Sugar 75_1941 3D 10058 Sale 10058 101
_100 135 137
Forbes_
100
&
MacAndrews
preferred
9578
9044
9512
6%
f
e
let
7
South Bell Tel & T
55-1941'3 95
9512 95
100 97 100
Preferred
8612 92
Blackstone Val0& E corn 50 57112 74
8714 23
Southern Colo Power Os_ _19473' 8814 8712 8612
100 22 24
9678 10012 Carolina Pow & Lt com_100 76 79 'Mengel Co
9938 18
Stand G8-8 & El cony e 16a-1926 JD 99
9935 99
65 75
-100
Tob_
-Amer
__100
corn_
134
9914
Rican
94a8
Co
136
Porto
1
9514
Cities Service
Standard Milling let Si
1930 MN 95
9614 9514
75 _ _ _ _
100 6654 6714
Scrip
100 10712
Preferred
Steel & Tube gen s f 7seer C_1951 J J 10238 Sale 102
10255
12 t2 56
94 9934 CitiesServiceBankers'Shares 1354 1433 UnlyersalLeafTObCom.lOO
28
Sugar Estates (Orient') 7s__1942 MS 9512 9518
91
9012 92
Preferred
Colorado Power corn....100 2034 2112
Syracuse Lighting 1st g 55-1951 JD 92
9212 92 Oct'23
100 104 108
100 92 94 Young (J II) Co
83 88
Light &Power Co col Ire f be'54 3' 83 Sale 83
83
Preferred
1
100 100 107
Tenn Coal, Iron & RR gen 55'51 3, 9955 101
Preferred
9814 101
Com'w'th Pow,Ry & Lt_100 36 37
9955
9912
Tennessee Cop let cony 6a-1925 MN 9934 10012 100 Nov'23
9914 ion: Com'w'th Pow Corp pref 100 70
7512 Rubber Stocks(Clereland) prices)
Tennessee Elea Power Ga_-1947 3D 9314 Sale 9238
9211. 95
87 89 Firestone Tire& Rub corn 10.S513
Consumers Power pref__10
9314 29
o -4 Third Ave 1st ref 4s
5012 62
5258 57
1960'3 5212 Sale 5218
Elee Bond & Share pref _100 *97 9712 6% preferred
100 8912 9112
AdjustmentIncome 55a1960 AO 4434 Sale 4412
7% preferred
39 6234 Federal Light & Traction(S) *66 68
4514 87
160
r
*li
coin&
Rub
Third Ave Ry let g 55
100
*67 69 General Tire &
19373, 9112 96
9514
90
2
Preferred
93
9212
100
98
Tide Water 0116A 5
1931 FA 10212 Sale 10238 10212 25 10112 105
Preferred
Lehigh Power Securities-(2) *2434 2534
934
9
Tobacco Products s f 75_1931 3D 108 Sale 10778 10812 34 10234 10812 Mississippi Rtv Pow corn 100 23 24 Goodyear Tire & R com-100
Toledo Edison 75
100 81
1941 MS 10678 Sale 10655 107
83 Goody'r T&R of Can pf _100 v77 80
29 10518 10755
Preferred
Toledo Tree,L & P 6s
1925 FA 9712 9812 9734 Nov'23
9712 9912
First mtge 55, 1951-1&J 9112 9212 Mason Tire & Rub corn _(2) *112 2
100 15 17
Trenton a & El 1st g be----1949 MS 9234
Preferred
9214 95
S F g deb 75 1935__M&N 101 102
9214 July'23
100 59 63
Undergr of London 4M5__--1933"3
9314 Nat Power & Lt corn---(t) *62 64 Miller Rubber
85
85 Oct'23
100 89 93
Income 138
86
*85
1948'3 75
(5)
Preferred
Preferred
Oct'23
861% 8914
8812 8914
8
5
J&J 8812 90 Mohawk Rubber
100
Union Bag az Paper tie
1942 MN 95 Sale 95
95 99
Income 78 1972
9612 20
35
Union Eleo Lt az P 1st g 53-1932 MS 9712 Sale 97
95 9734 Northern Ohio Electric-(5) *5
8
Preferred
2
9712
100 16
1933 MN 9112 Sale 9112
1912 Selberling Tire & Rubber(2) *412 512
5e
Preferred
9134 19
8814 9212
100 34 45
Union Elev (Chicago)51-1945 AO
Preferred
70
70
North Stated Pow oom-100 98 100
70 June'23
100 92 94 Swinehart Tire ,k R corn _100_ 21
3 9212 9512 9434 Nov'23
1931
Union 011 58
90 96
Preferred
100 16 50
1942 PA 984 99 98
Preferred
Os
3 9712 10258 Nor Texas Eleo Co com_100 58 63
9834
100 68
73
Sugar Stocks
Preferred
Union Tank Car equip 78.-1930 PA 10358 105 103 Nov'23
2 10212 103
12
50 *10
100
pref
8712
Sugar
let
8812 Caracas
1941 J D 110 Sale 10914 11012 21 10914 11334 Pacific Gas az El
United Drug cony 85
5 Cent Aguirre Sugar corn. 20 *78 80
United Fuel Gas Sits f 65.-1936 J
98
92
Power Securities corn...(5) *2
9378
7
934 9412 93
100
100
98
preferred
•13
(5)
Sugar
17
United Rye by Si Pitts Issue 1926 M N 911,8 9214 998
Fajardo
Second
8714
10
92
9712
United Rye St L let g 45-1934 J J 6214 Sale 6034
5612 63711
6378 221
Coll trust 68 1949.-J&D 77 83 Federal Sugar Ref cora 100 63 66
100 90 100
United SS Co lot rots 68.-1937 M N 88
Preferred
86 93
Incomes June 1949__F&A J57 63
4
8612
8712 8612
United Stores 65
1942 A
98 10112 Puget Sound Pow & Lt..100 45 47 Godchaux Sugar, Inc--(2) •8 10
9912 11
9914 Sale 99
100 58 65
100 80 83
US Hoffman Mach 8s
19323
Preferred
6% preferred
5 10018 103
10214 1027e 10288 10238
100 4102.... Great western sugar new 25 •85 90
U S Realty & I cony deb it 55 1924 J J 9978 102 99
100
9 99 10212
7% preferred
S Rubber lat az ref Esser A 1947 J J 8414 Sale 84
8912
84
8478 91
Gen mtge 7M5 1941_M&N 104 1(12 Holly Sugar Corp corn__(2) *20 24
100 72 75
10-year 734s
Preferred
16
1930 F A 10333 Bale 103
10338 bl 10214 10912 Republic Ry & Light-100 14
100 3612 3812 Juncos Central Sugar_ _ _100 90 110
US Smelt Ref & M cony 6e_1926 F A 9938 Sale 99
987$ 102
9912 21
Preferred
U13 Steel Corpicoupon ___d1963 MN 10238 Sale 10212 103
147 10084 104
South Calif Edison com_100 10011 10112 National Sugar RefIning_100 88 90
95 99
ii 10-60-yr 551registered 41963 MN
100 114 117 New Nlquero Sugar
100 Sept'23
100 10412
8% preferreu
13
5
Utah Light & Traction 55.-1944 A 0
80
80
80 9134 Standard Gas ,k El (Del) 50 *2714 2812 Santa Cecilia Sug Coro pf 100
16
50 *48 49 Savannah Sugar corn...(5) *532
Utah Power az Lt lit Is
1944 F A 8814 Sale 8734
Preferred
13534 92
8814
9
Preferred
Utica Elea L& Pow iste t 55 19503 J 9314
*14
Power_
Elea
15
(2)
954
95
Sept'23
9544 Tennessee
-Utica Gas & Elee ref be
1957 J J 9114 92 8878 Nov'23
(2) *44 46 Sugar Estates Oriente pref__ 85 90
Second preferred
8878 9214
Western Power CorP- --100 24 26 West India Sug Fin corn_
100 11- 25
Ta-Caro Chem let 15-yr be__1923 J D - 100 83 85
Preferred
Preferred
994 1004
--- 9978 Nov'23 - 7s
1947J D 8358 Sale 83
8334 62
Short Term Securities
75 98
_M&S2
19373 J 67 Sale 63
industrial&Miscollansous
12-year 8 f 734e
1924_
67
65
011
100
9912
85 9412 Am Cot
130
Without warrants attached_ .1 J
6812 Oct'23
9012 Amer Tel&Tel Os 1924 _F&A 10012 10014 American Hardware_ _..100 60 6012
58
In Iron Coal& Coke let g be 1949 rd 8 -65" -66.- 9212
9212
92 9512 Anaconda Cop M In68'29 J&J 10034 101 Amer Typefounders corn 100 84 87
1
ref
&
let
Pow
be
19343 J 88 Sale 8678
Preferred
Va Ry
69'25 A&O 10134 102
100 98 100
88
Anglo-Amer01173,
88
84
16
_
Vertientes Sugar 7e
Bliss (E W) Co new__(2) *18 1912
1942 J D 9312 9378 9312
94
9312 99
12
Federal Sug Ref 65'24_M& N
MAN -lif, 'oil.
1941 J D 10312 Sale 103
Warner Sugar 78
104
Preferred
so •56 62
19 10153 106
Os 1933
19393 J 9938 Sale 9914
Wash Wat Power e I be
993s
Hocking Valley 60 1924 M&S 1004, 10014 Borden Company com__100 121 123
2 981$ 100
Needles Leg g be stmpd gtd 1950 J
Preferred
100 100 104
9618 -.- 96 Nov'23
934 9714 Interboro R T 85 1922 _M&S
9014
9012 10
West Penn Power Ser A be_-1946 M
Celluloid Company
100 80 85
9018 91
88 95
C Term Ry 6s'23 M&N15
J&J fu - 114.12
100 108 112
let 40-year 6s Series C.._-1958 J D 10112 Sale 10118 10112
Preferred
3 100 10218
634e July 1931
31946 F A 10334 10434 104
1926
10414
Childs
10014
100
Company
100 182 184
com
512s
let series D 75
4 1024 1074
1963 M S 88 Sale 8712
88
100 114 118
55 E
Preferred
26
87 894 Lehigh Pow See 65'27_F&A 94 95
100 105 110
97
Western Union coil tr cur 58_1938 J J 9614 97 97
Sloss-Sheff S&I 65 '29.F&A 9612 9712 Hercules Powder
6
96 100
9038
100 104 106
Fund & real estate g 430.1950 M N 9058 Sale 9014
Preferred
2 89 94
US Rubber nis 1930.F&A 103 104
1936 F A 10912 Sale 109
100 80 99
10912 23 106 11172 Joint Stk Land Bk Bonds
International Salt
15-year 6345 g
_1931 MN 10712 Sale 10714 10758 26 10512 10812 Chic 3181k Land Bk 55_1951 10014 10114 International Silver pref 100 104 107
Westinghouse E az M
7812
89
10012 10112 Lehigh Valley Coal Sales 50 77
Wickwire Spen Steel 1st 76..1935 J J 8818 Sale 85
180
85 98
Se 1952 opt 1932
9512 39 9414 103
102 104 Phelps Dodge Corti
Wilson & Co let 25-yr a I 65_1941 A 0 9412 Sale 9412
100 135 150
53.4e 1951 opt 1931
19283 D 85 Sale 85
8512 21
99 100 Royal Baking Pow oom_100 125 130
10-year cony sf65
83 88
434 1952 opt 1932
1931 F A 9458 Sale 9412
100 9712 9812
95
9712 9812
18
Preferred
748
93 105
4345 1952 opt 1932
1941 A 0 10114 Sale 10118 10212 21 10012 106
Winchester Anne 7M
444s 1963 opt 1933
99 100 Singer Manufacturing-100 124 127
94
Younien Sheet & T 65(w I)--1943 J J 9358 Sale 9314
135
9314 9912
accrued
pays
e.
vah
dividend.
5 Basis. 41 Purchaser also
•Per share. 2 No par
•N o price Friday:latest bid and asked. a Due Jan. d Due Alw, c Due Mar. e Due I New stook. /Flat price. k Last sale. ft Nominal. z Ex-dividend. y Ex-r ghts.
May. 5 Due June, Due July. k Due Aug. o Due Oct. 2/ Due Dee. a OPtiOneale iRe stock dividend. s Sale price. s Canadian quotation.
fil :22
•
BOSTON STOCK EXCHANGE-Stock Record seeBr21)X...
2314
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
No”. 17.
Monday.
No . 19.
71usaday.
Nov. 20.
Wednesday. Thursday.
Nov. 21.
Nov. 22.
•14912 150
77
7712
*94
95
•117
•9612
*9% 1014
*1014
14
14
•1812
.17
*24
25
150 150
*21
*61
63
*53
__
•x33
3512
•x31
33
*25 _
13
14
150 150 •____ 150
14912 1494
7812 •78
77
79
7734 7812
•94
95
95
05
95
95
117 117 *1113 118
117 117
97
97
98
98
95
9714
1014 11
104 1034 10
1012
*1012
•1112
•1112 15
•144 1412 1418 1412 1418 1512
•20
21
21
21
2112
"17
*18
___
184 1912
*23 25
25
25
25
2534
150 150 •142 150 *144 150
23
*21
23
2112 21
21
*61
"6112 ____ *6112 ____
*53
*53
55
*534 55
32
32
_
31
33
33
*25
*25
26
26
*25
26
13% 14% 1412 148 1434 1559
80
75
•____
•___
75
*29
80
75
30
72
85
76
75
29
32 .
72
85 •____
76
73
32
31
72.
85
75
32
149 149
784 79
95
9714
11718 11718
97
97
10
1012
1113 114
1412 1512
21
2112
19
19
26
25
150 150
21
21
-*62
55
55
25
25
154 155
*__-_ 65
85
74
74
31
31
70
Friday,
Nov. 23.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Shares.
Railroads
149 150
90
tston & Albany
100
7813 7812
540
tston Elevated
100
28
Do pref
100
26
Do 1st pref
100
55
Do 26 pref
100
527
wton & Maine
100
10
Do prof
100
458
Do Series A 1s3 pref
100
---154
Do Serlea B 1st pref
100
---22
Do Series C tat pref
100
310
Do Series D 1st pref-100
53
Iston dr Providence
100
21 -2-1155
St Mass Street Sty Co. 100
____
Do 1st pref
100
-----10
Do pref B
100
-555.2 3213
4
Do adjustment
100
291
It Mass St Sty (tr WO 100
60
sine Central
100
1434 15
3,136
TN 1:1 St Hartford
100
------ Ni n[thern New Hampshlre_100
74
75
71
71
1IN trwich & Worcester prof _100
284,01d Colony
100
105 It itland pref
100
21V rmont & Massachusetts_100
Range since Jan. 1 1923.
rEtC WIA ISIS
Range for Proton
Year 1922.
Lowest
Highest
Lowest
Highest
143 API' 3
75 June 29
914 Aug 9
11118 Aug 2
95 Nov 21
9 Oct 27
9 Oct 17
1212 Oct 29
1912 Oct 30
16 Nov 10
21 Oct 25
135 July 21
18 Feb 15
5912 Nov 2
52 Oct 18
232 Nov 15
31 Nov 19
25 Oct 30
9341uly 5
65 Sept 8
80 June 12
6412 Oct 25
2112 Aug 25
71 Nov 23
151 June 14
84 Jan 5
100 Mar 6
125 June 12
100 Mar 5
2012Mar 2
27 Feb 13
3212 Mar 1
48 Feb 6
42 Mar 22
59 Feb 7
16011 Jan 25
35 Mar 22
72 Jan 16
65 Mar 19
48 Mar 22
45 Mar 21
43 Jan 2
2213 Jan 30
84 Feb 3
100 Jan 3
81 Feb 14
3818 Feb 20
98 Jan 11
13014 Jan
7313 Feb
9414 Mar
116 June
10111 Nov
14
Jan
20
Jan
22
Jan
Jan
36
Jan
30
Jan
40
Jan
125
18 July
66 Aug
51 July
28 July
29 July
2713 Jan
1214 Jan
Jan
69
58
Jan
Jan
57
Jan
15
Jan
78
152 May
8913 Sept
105 Sept
126 Sept
109 Sept
31l May
37
Apr
4413 Apr
62 May
54 May
774 May
163 July
2853 July
77 July
60 Noy
47 Aug
47 Aug
Oct
55
3478 May
96 July
10314 Dee
984 May
5274 June
100 Aug
Miscellaneous
•112 2
2
2
112 112
65 A ner Pneumatic Service
1 Sept 19
2.6
313 Jan 9
414 Jan
212 Dee
*1234 14
*1234 137 --------55
Do pref
50 124 Oct 23 20 Jan 10 13
Feb 2014 Aug
12353 1238 12334 12412 12418 1244 2,090 A aer Telephone & Teleg 100 119 June 29 12514Mar 14 11438
Aug
12814
Jan
7212 73
7213 7212 724 724
191 A noskeag Mfg
No par 6712 Oct 9 112 Jan 5 104
Jan 121 Dee
7814 7814 *76
78
78
78 ----1_6_ A Do pref
par 72 Oct 9 88 Jan 5
No
91
Nov
Aug
80
•1434 17
*1434 17
____ -I metal Construe,Inc__ 10 1434 Nov 15 1 113 Mar 14
14 Nov 204 May
*10
12
.10
12
Atlas Tack Corn
10 July 2 2018 Feb 14
No Tar
Jan 22 May
13
10512 10512 *105 106
- - -- ---- ---1-0
-2
- B sten Cons Gas Co. pref _100 104 Oct 17 10812 Feb 24 10414 Aug 107 Deo
".05 .15 •.05 .15 --.13 --.13 1,700 B ston Mex Pet Trus_ _No per .10 Jan 18 .30 Jan 25 .10 Sept .50 May
*2312 _ _ _
2318 2312 *2314 2312 2314 2312 23
--------28
23
5 Cc nnor (John T)
10 19 July 5 27 Mar 19
1534 Jan 3073 Den
*212 2% *213 27
214 24
213 3
253 212
103 E St Boston Land
214 Nov 21
10
4 Jan 2
Ara
6
Jan
3
612 612
614 634
614 614
615
7
614 614 - -6.1355 E stern Manufacturing
-4 614
6 Nov 10 1418 Mar 5
5
7 Dee 1414 Feb
33
35
35
35
36
37
3634 3712 37
_
38_-_415 E stern SS Lines,Inc
25
Nov
8912
31
1
Oct
12712Mar
Jan
3812
22
8
155% 15534 15514 156
15512 15514 155 15512 155 15659 15512 1-5512 1,355 E ison Electric
Illum
100 15238 Nov 8 172 Jan 3 156 Mar 185 Sept
*314
__
212 3
"34 --- - ---- ---ler Corporation
10
pa;
No
314
Nov
15
13
107
Mar
8
May
Jan
2
3
*10353 12
*1012 12
*11
*11
____
11
11
El lveston-Houston Elee100
5 July 9 2912 Feb 5
28 Dee 39 Aug
103
*612 8
*612 8
*612 8
*612 8
*612 8 ---------10
____ __-- -----G zdner Motor
6 Oct 25 1559 Mar 3
No par
9 Nov 164 Apr
15
15
15
15
15
15
15
15
1512 1512 --------155 Oreenfleld Tap & Ole
25 15 Sept 21 24 Feb 10
17 Dec 274 Feb
5312 5312 *50
544 *50
53
*50
53
5212 5212
53
*50
25 H sod Rubber
par
Nov
5459 Deo
No
23
5313
Mar
Mar
43
6312
13
*40
41
*3913 41
*40
41
*40
41
.40 415ernat Cement Corp-No par 32 July 2 44 Mar 19
Jan 3838 May
26
•1014 12
*1014 12
12
12
*11
-12 -1-2-14
*11
ternat Cotton Mills
50
10
Sept
14
22
Feb
Jan
32
19
Nov
20
61 '57
•57
61
*574 61
*5714 60
60
60 --------- -----91 Inn Do pref
100 50 May 31 7912 Jan 10
60 Aug 85 Den
•.50 .75
.50 .50 *.50 .75
00 In ternatIonal Products_No par .40 Oct 20
3 Mar 20
14 Dec
64 Mar
*212 312 *212 312. "24 312 *212 312 *21z 341
Do pref
100
2 Nov 2
8 Mar 15
54 Dec 17
Apr
*512 6
*54 5%
5
5
518 512 *514 5353'
295 LI iby, McNeill & Libby__ _ 10
54 514
5 Nov 20
812 Aug 20
153 Apr
1112 June
10
10
10
10
10
10
*10
331 Loew's Theatris
1038' -------25
814June 27 11 Apr 26
8
July
Jan
13
7814 7812 78
7814 78
7814 78
7812 78
239 M tssachusetta Gas Cos,.. 100 78 Nov 19 8712 Jan 2
78
78
78
63
Jan 9018 Not
•26514 6612 6514 6512' 6613 6012 6512 6612 6512 6612 6534 66
Do prof
186
100 65 July 7 73 Jan 25
62
Jan
74
Oct
158 15814 •____ 160
159 159 •-___ 159 •____ 1584 157 158
17 M argentbalet Linotype_100 147 June 19 179 Jan 6 130
Oct
Jan 181
313 452 *313 5
4
434
*312 5
391 M Wean Investment, Inc_ 10
312 Nov 19 1434 Feb 19
11 Dec 273s June
*2014 21
2014 224 *2112 22
22
812 M ssissIppi River Power_100 18 Nov 7 2814 Jan 31 • 13
234 23 '
2234 -23
,
3
Jan 34 Aug
5
--5
*8012 82
82
*81
*8112 8234 *82
Do stamped prat
2
8234 *8112
82341 --8112
100 80 Jan 16 84 Feb 14
814
7211 Jan 8512 Oat
*2
214
14 214
2
2
214
214
10
24 214
134 Nov 19
834 Feb 13
634 Dec
218 2%
1118 Jan
503 N atonal Leather
*312 4
313 334
*312 4
353 352 --------230 N av England Oil Corp tr ctfs.
312 34
2 Oct 9
412Sept 13
22 Doe
Jan
5
11412 11434 114 11412 114 114
114 11412 114 114 I 11312 11412
121 N uv England Telephone_100 11112 Oct 24 122 Jan 3 109
Jan 125 Sept
*1634 1712 •164 1712 *17
100 Orpheum Circuit, Inc
1734 *17
174 *17
1 1034July 12 2111 Apr 20
1734 1712 174
13
Jan 28
Oel
8612 8612 8614 87
8612 861z 864 8612 86
998 PaOtte Mills
Ms
86 I 86
8112 Oct 27 190 Jan 2 11584 Oct 192 Dec
•15
•15 ____
15
15
•15
1534 1534 1534 --------50 Reece Button Hole
10 15 June 20 18 Mar 14
1213 Apr 16 July
*214 212 *214 23
24 218
30 R ece Folding hlachlne
314 Mar 15
2 Jan 11
10,
159 Dec
3 Mar
ma Magneto
51 .50 Oct 25
2 Feb 20 .50 Nov
74 Apr
10112 10134 10114 10113 10114 102
716'S lift & Co
10118 102
9812June
10112 102
10159 102
Jan
10913
6
26
9214 Jan 11013 Sept
100
4312 4312 4314 4334 "4314 4313 4312 4312 44
235 T rrIngton
45
39 July 8113 June
25 42 July 31 50 Mar 9
•
8
8
8 •__
__
8
__
30,U don Twist Drill
-8 --8- 5
712 Jan 19 11 Mar 7
8 Mar 1414 Feb
33
3318 3318 34
33
334 33
3314 33
4,187 U sited Shoe Mach CorP
3414 3334 34
25 3212 Nov 2 5534 Mar 8
Jan 45 Mar
37
26% 26% 2652 261/ 26% 2634 *2612 2634 26
162
Do prof
25 2438June 14 2814 Jan 11
264
25
2713 July
Jan
2312 24
24
2418 2412 2413 2459 2534 2534 2614 -2
-2
1..
.3 -7,740 V ntura Consol Oil Fields_ 5 1934 Aug 23 30 Jan 2
6
217 Jan 334 June
16
16
16
1712 16
16
16
16
515 W aldorf Sys,Inc,new shNo par 1538Sept 17 4224 Mar 19 e1314 Jan 0913 Den
15% 164 1578 16
•8
812 *8
813 •8
812 *8
81/ *8
W alth Watch Cl B corn.No par
81/
5 Feb 15 13 Mar 17
214 Nov 1414 Apr
•17
19
1712 1712 *174 1
*1714 19
Preferred trust Ws
1714 1714 -I/ -1-i1-2 ---iii
100 1512 Mar 6 2911 Mar 19
11 Nov 49 Apr
1714 1712 41714 1734 •17
1734 *17
1714 17 1714250 W alworth Manufacturing_ 20 1114 Jan 5 1778 1)e122
713 Feb
13
Oct
*29
2934 2912 291/ 2913 2934 3012 31
940 W wren Bros
3014 3034 -3
-0
- - -3-0-12
50 2512 Jan 31 3413 Mar 14
174 Jan 3514 Sept
*32
33
*32
33 .32
33
3034 3212 *32
Do 1st pref
11
33
------50
Oct
30
304
Mar
14
3912
Jan
Oct
3013
3814
*35
37
*35
37 "35
36
36
36 .35
Do 26 pref
36
50 33 July 10 42 Mar 15
Feb 4414 July
31
---- ---- ---- -- -- ---- -.- - -- - - -- -- ------ W lekwiro Spencer Steel- 5
5 Oct 18 124 Feb 21
84 Nov
21 May
Mining
•.30
*.30
*.30 __-- *.20 .30 *.20 .30 *.20 .30
A [venture Consolidated
25 .25 Feb 16
1 Feb 28 .50
Jan
1
Apr
A ,meek
25 54 July 5 87 Mar 1
56 Nov 66 May
-;.-1-2 .20 *.12 .25 ".12 -:2 -;.-1-3 .25 -;:f2 -:55 --I3 -:i5 ---105 Au gomah Mining
25 .10 July 5 .50 Mar 2 .03 Sept .60
Apr
__
louez
_
25 15 Aug 9 34 Mar 1
19 Dec 324 Jan
-;2T4 212 '254 212 214 --2-5-4 -513 -23; --2is --2-14- -21; -214 ---420
Arradian Consolidated_ 25 .70 July 3
414 Mar 5
2 Mar
459 May
8
812 "814 833 '
84 834 *814 834'
,841
84
818
Izona Commercial
5001
8
73 Jan 6 1412Mar 2
5
1011 June
6 Nov
*17
*17
18
18
17
17
17
651BI agliam Mines
17
17
17
17
17
1412
10
Oct
19
30
Feb
13
1814
19
Jan
Sept
1813 1834 18% 19% 1912 19% 1912 204 20
2012 2018 2038' 4,969 C lumet & Heels
25 17 Oct 25 49 June 15 248 Nov 301 Aug
*338 418
4
4
4
418
4
378 378
4
334 378 1,1001 Carson Hill Gold
57
1614
259 Oct 4
1
959 Feb 13
Nov
May
_
Centennlal
8 Nov
1311 Feb
7 Jan 18 15 Mar 1
25
2414 2i1-4 25
26
51.4
18 ---973 C PPer Range co
-iA -2-6-1-4 -iA -2-6-1-2 -2
-5T8 -2-i25 2218 Oct 31
3518 Dec 4634 May
4634 Mar 1
3
3
334 4
312 334
4
3,899
418
D
,v1s-Daly
Copper
378 418
34 38
214June 28
218 Nov
10
914 Jan
5 Feb 23
*5
512 "5
512 512
54
180 East Butte CODUCINIInIng_ 10
512 512 *5
512
74 Nov
1214 Jan
1113 Mar 1
512 *5
453 Nov 1
114
114
114
138
114 •114
114
114 .1.
37 Apr
195 Fr anklin
114 *114
112
25 .30 May 22
Apr
1
253 Mar 5
114
114 •112 2
114
114 .112 2
.113 2
84 H ncock Conselldated
*112 2
4 Mar 5
1 Oct 30
112 Aug
25
312 Mar
2812 2812 •27% 2812 *2734 2812 *2734 2814 *2734 284 *2712 28
EE rdy Coal Co
30 H
243 Mar 28 33%June 7
1
*AO .65 •.40 .65 •.40 .65 •.40 .65 •.40 .65 *.40 .65
Ivetia
25 .10 Sept 17
114 Feb 20 .50 Dec
2.1[(4 Apr
9434 9512 96
9814 9912 9812 9912 98
98
1,065 Iel and Creek Coal
1 9312 Nov 7 115155 Apr 7
98
984 96
811z Jan 11659 June
92
91
91
91
.91
93
*91
Do pref
41
93
1 91 Oct 8 10012 Mar 28
91
92
91
88 Feb 9712 Nov
92
•1812 20
*19
2014 2012 20
20
20
2012 2012 *19
60 Id B Royale Copper
25 16 Oct 25 3314 Mar 3
18 Nov
2012
2614 May
214 214 .214 212 .21 5 212 *214 212 •214 24 *24 212
5
2 July 17
47 Apr
338 Jan 2
50 X rr Lake
3 Feb
•.80 112
.80 .80 *.80 112 •.80 112 •.75
25 .60 Sept 4
214 Mar 5
25 K weenaw Copper
153 *.99 14
1
Feb
313 Apr
112
11
112 1°1'4 *112 2
.112 2
25
1 Oct 25
563 LaIre Copper Co
54 Mar 1
1% *112 2
1%
24 Feb
5%
Ma,
1
1
1
1
1
1
*118 18 •118
25
1 Oct 30
314 Mar 1
I%
355 La Salle Copper
114
14
1 Nov
214 Apr
1% 138
1% 1% •138 178
5
1% 148 *118
118 Nov 16
238 Mar 27
Ifs •138
220 M won Valley Mine
17
188 Jan
2%
May
•114 2
118
112 •114
184
1 14 114 *1
25
1 Oct 16
414 Mar 3
100 M 193 Consolidated
112
14 Dec
1
434 Apr
1
2
2
2
2
214 27X4 •2
212
25
764 M tyflower-Old Colony
214 213
14 Oct 19
7 Feb 10
218
2
24 Dec
612 Apr
*112 2
112 112
134
134 *112 2
chlgan
25 .90 July 3
4 Mar 17 .75 July
7
Apr
35
35
33
3414 34
34 •334 34
34
3438 33
3312
: Mi,hawk
25 27 Oct 31 71 Mar 2
2
15
70
3'M
52 Nov 68 June
1534 16
1512 1534 *154 1614 *16
___. 16
955 N
NO w Cornelia Copper
5 1414 Oct 29 2412 Mar 2
16
1614 16
1514 Dec 204 JUDO
.214 3
*214 3
*214 3
.214 3
w Dom. copper
24 Aug 20
414 Apr 4
*214 3
___. -- 44 *37
*37
44
44
*37
*37
44
*37
*37
100 35 Apr 18 40 Apr 27
NeF'Rlver Company
44
44
37
Jan 40 Feb
75
75
*7334 75
*7334 76 •7334 76
Do
pref
100 72 Nov 8 84 Mar 10
*7334 76
10
*7334 76
73
Jan 85
Oct
*5% 5%
514 534 *534 578 *559 57
434 July 5
110 NI'lasing Mines
5
614 Feb 20
*538 57
.5
57
s
7
July
Jan
57
8
214 214
212 234
212 234
234 234
15
212 212
Pit Nov 1 1214 Mar 1
213 213 1,745 N rth Butte
84 Oct 15 May
•.50 1
•.50 1
•.50 1
*.50 I I •.50 1
I Oilbway Mining
25 .50 Nov 3
238 Mar 5
*.50 1
14 Dec
418 Apr
*1512 1614 1612 181/ *1512 1134 1712 1712 1734 1734 *16
75'01 I Dominion Co
25 1312 oct 30 321815.1ar 1
17
16 Nov
27
Jan
!cola
115 248,July 18 48 Mar 1
25
Nov
384
AUg
434 4
*312 4
353 14 --5E8
31-2 -21-2 - 37g -278
's rk City Mining & Smelt 5
214 Aug 13
4 Mar 5
---2351 P81
218 June
314 Nov
1213 1212 13
13
12% 12% *1212 13
Pocahontas
Nov
Crk
1212
par
Qh
Co_No
d
14
1
P
1614 Mar 23
*1212 13
12
9
20
97, s
1212 1212 1,34
2213 2212 2312 23
21
23
2318 2318 23
Inc)
,
25 18 Oct 31 50 Mar 2
2212
2334 22
30 Nov 50 May
423014 32
32
33
32
33
33
255. St Mary's Mineral Land__ _ 25 27 Oct 31 531k Mar 1
3314 *232
33
33
34
37 Nov 484 May
.42 .42
.40 .50
.50 .50
ennon
.40 .45
.40 .40 *.42 .60
10 .35 Sent 6
112Mar 5 .25 Mar
14 May
*.25 .85 *.25 .85 *.25 .85 •.2.5 .55 '
114 May
495 So 4th Lake
1..25 .85
.25 .25
1 Aug 8 .25 Deo
25 .10 June 4
134 •14 134 *118
134 *118
•11/3 134 •11s
I Su perlor
134
114July 18
25
434 July
314 Mar 3
134 •114
112 Dec
1%
1
18
13
8
138 •13s
*138 112
•138 113
138 138 1,150 Su eerier dr Boston Copper_ 10 .90 July 30
334 Feb 23 .90 Mar
214 Oct
.40 .40 •.35 .4(9
•.35 .36
.35 .35 •.35 .40
710 Tn laity Copper Corp
.25 .40
5 .20 Oct 24
112 Feb 15
318 Apr
/
1 4 Dec
1(
.50 .50
.60 .60
.60 .75
.40 .40
.40 .40 1,868 T olumne Copper
.50 .50
138 Aug 18 .40 Nov .92 May
10 .40 Nov 21
*234 3
*234 3
.2% 3
234 234
Ut.all-Apes Mining
212 Oct 25
6 Apr 13
234 2% "2% 2%
5
4 Mar
1%, Oct
.65 .65
.62 .62
.70 .70
.60 .70
.50 .60
.50 .60 2,715: Ut.ah Consolidated
Feb
1 .50 Nov 22
1
312 June
3 Mar 5
.40 .40
.40 .40
.40 .40
.40 .40
.40 .40 •.50 .60 1,140 Utsah Metal & Tunnel
1 .38 Sept 24
212 Apt
159 Feb 27 .80 Dee
.65 .65 •.70 114 •.70 114 •.75
114 •.75 114 *.75 114
50 VI !torts,
25 .60 Aug 30
212 Jan
24 Feb 28 .75 Nov
.
.25
.50
.25
.25
•.25
.35
.50
.33
•.25 .50 •.25 .50
Jan
208 WInona
25 .20 Oct 26
214 Apr
114Mar 5 .25
.
51.
857
o 2 613
•51, 6
512 512
513 618 *512 64
95
41.Nlev A 19 114,41. 1
2 W
71. Nov
16 May
*Bid and asked prices; no sales on this day. S Ex-rIghta. 0 Ex-dividend and rights. z Hz-dividend. g Ex-atock dividend. a Assessment paid.
413eginnIng with Thursday. May 24, trading has been In new elaares, of which two new shares of no par value were given in exchange for one share of old stoat of 410
per value. In order to make possible comparisona with previous quotations. we have divided all those previous quotations by two.
*134 2
*1312 14
12314 12312
7212 73
7813
•75
*14 _
*10
12
105 105
113 14
1312 14
1238 12334
72
73
7812
•75
•14
•10
12
104 104
*112 2
*1234 14
12359 12314
72
72
*78
79
*1434 17
*10
12
10512 10513
I
Maar
50268
Last Week's Rano for
Week.
Sale
0/Prices.
Stocks (Concluded) Par. Price. Low, High Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in
bonds at Boston
Stock Exchange Nov. 17 to Nov. 23, both inclusive:
Friday
Sales
Range since Jan. 1.
Last Week's Range for
ofPrices.
Sale.
Week.
High.
Low.
Low.
High. Shares.
Par. Price.
Bonds92
92
Asso Simmons Hdw 630'33
42
46
Atl Gulf & W I SS L 551950
81
81
Chic June U S Yds 48.1940
92
92
Dominion Coal 1st 55_1940
65
65
E Mass St RR ser 13 58'48
101
101%
101%
1936
7s
Hood Rubber
84
1925
84%
IC C CI Spr 5s
85% 85%
1934
liCMcm&B4s
86% 86%
1934
Income 55
92%
92
Miss River Power 55_ A957
95% 9631
New England Tel .58..1932
1944 9634 96% 96%
Swift & Co 58
104% 105
Warren Bros 7%5-- - -1937
95% 95%
1932
Western Tel Si
$3,000 92
74,000 40%
3.000 78%
3,000 92
1,000 63
15,000 100
22,000 76
1,000 82
16,000 84
1,100 89
4,000 95
12,000 91
16,000 102%
3,000 94
Nov
Nov 92
Mar
Nov 62
Feb
May 84
Sept 92% June
Nov 77% Jan
July 102% Jan
Feb 84% Nov
Oct 93% Sept
Apr 88% Jan
Jan
Apr 95
Nov 99% Jan
Apr 99% June
Mar
July 115
Feb
Mar 98
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Nov. 17 to Nov. 23, both inclusive, compiled from official lists:
Stocks-
owe.
',mug
Last Week's Ranee for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
93
93
Amer Wholesale, pref 100
45% 45%
Arundel Sand & Gravel 100
4
4
4
100
50
160 160
Baltimore Trust Co
100 17% 16% 18
Baltimore Tube
43
47
100 47
Preferred
35
•
35
Benesch (I),con
1
.15 .15
Clestine Oil
3% 3%
Cent Teresa Sugar, pref_10
110 110%
Ches & Po Tel of 13alt_100 110
57%
57
50
Commerce Trust Co_
80
80%
25 80
Commercial Credit
25
25
25 25
Preferred
26
26
25
Preferred B
110% 110%
ConsolGas,E L & Pow_100
105% 106
100 106
7% preferred
100 116% 116% 117
8% preferred
81%
Consolidation Coal_ _ _ _100 80% 80
* 64% 63% 05
Eastern Rolling Mill
95
94
100 95
8% preferred
80
50
80
Fidelity & Deposit
180 180
100
Fidelity Trust
44
44
Finance Co of AmerIca....25
17% 1734
Finance & Guar, pref. _ _25
16% 1634
Finance Service, cl A_ _10
25
100
27
Ca South & Fla
55
55
1st preferred
100
2d preferred
47% 4734
100
52
52
Manufacturers Einance_25
24% 24%
1st preferred
25
85
85%
Maryland Casualty Co_ _25 85
21
21
Monon Vail Trac, pref _ _25
11
12
Mt V-Woodb Mills v t r 100
62%
61
100
Preferred v t r
38
39
New Amsterd'm Cas Co100
74%
74
50 74
Northern Central
99
Penna Water & Power_100
9954
100 100
Public Service Bldg, pref.
United Ity & Electric_ _ _ 50 16% 16% 16%
US Fidelity & Guar_ _ _ _ 50 155% 155% 156
27
28
Wash Bait & Annap. pref50 27
Bonds91
90
1933 90
Ala Co gen 65
96% 96%
Bait Elec and 5s_ _ _ _1947
88% 88%
Consol Gas gen 430_1954
101 101%
Cons G EL &Pser A 68 '49 101
Series C 75
106% 106%
1931
9534 9554
Davison Sulp & Phos Os'27
Elkhorn Coal Corp 65.1925 9454 9434 96%
92
92
Ca Car & Nor 1st 58.1929
55
55
Macon Dub & Say 55_1947
67% 67%
Md & Penna 1st 4s_ _ _1951
9534 9534
OrendaSmokeiCoa15348,'33
72% 73
United Ity & El 4s_ _.1949
1949 50% 50% 51
Income 4s
72% 74
1936 74
Funding 55
1949 9934 99
99%
613
71
71%
Wash Bait & Ann 58_1941
50
Reading Company
Tono-Belmont novel.. _1
50
Union Traction
50
United Gas Impt
50
Preferred
W Jersey & Sea Shore_ _50
_50
Westmoreland Coal
• No par value.
24
83
29
49
39
56
49%
7
2%
66
20%
90%
31
31
33%
58
80
7-16
40
57%
5534
42%
66
Range since Jan. 1.
High,
Low.
100 7034 June
3,250
Si Nov
1,940 35 June
2,178 4734 May
100 x5434 May
5 33
Jan
110 6534 May
$4,000
1.000
1,000
25,000
34,500
42,000
1,000
1,000
1,000
2,000
1,000
5,200
20,000
4,000
95,500
12,500
2,000
2,000
1,000
1,000
82
84
72%
64
60
70
98
74
65
9934
July
July
Nov
Nov
July
Apr
Nov
July
June
June
88% Oct
May
79
Apr
96
98% Nov
9534 Nov
102% May
83% Apr
993.4 InfaY
Sept
54
98% June
80
1..r•
40%
58%
56%
4434
86%
Feb
Jan
Jan
Nov
Feb
Oct
Mar
9534 Apr
Apr
87
72% Nov
82% Jan
71% Jan
Jan
80
102% Jan
90% June
Jan
73
101% Mar
9334 Mar
Mar
82
Jan
103
Feb
103
9934 Oct
106% Jan
88% July
100% Jar
Jar
58
10034 Jar
Range since Jan. 1.
High.
Low.
Pittsburgh Stock Exchange.-Record of transactions at
Nov. 23, both inFeb Pittsburgh Stock Exchange Nov. 17 to
5 91% Oct 98
5 40
Jan 47% Oct clusive, compiled from official sales lists:
5% Mar
4
Jan
100
Sales
Friday
Feb
10 155
Jan 160
Range since Jan. 1.
Last Week's Range for
Feb
235 15% Nov 25
Week.
Prices.
of
Sale
Apr
Nov 65
60 43
High.
Low.
Par Price. Low. High. Shares.
Stocks25 32% Aug 36 June
Jan
Aug .50
100 .12
Mar
95
July
78
955
92
89%
92
4% Feb
Am Wind Glass Iniach_100
2% July
400
50 8934 Aug 107% Mar
94
94
100
Preferred
83 108% June 110% Mar
Oct
110
Sept
106
60
108%
108%
p1.100
108%
Co,
Glass
Feb
Nov 64
Am Wind
22 55
Jan
4% Nov 10
4%
4% 4% 3,220
Arkansas Nat Gas, com_10
Jan 80% Nov
138 48
434 Oct
Nov
1
2,340
234
1
234
328 24% Oct 25% Apr
Carnegie Lead & Zinc _ _ _5
Nov 113% Feb
130 33
33
33
•
Columbia Gas & Elec_
264 25% Aug 27% Jar
Jan
Oct 36
20 18
18
50
1835
6 106% July 118
Mat Consolidated Ice
May
122
Mar
102
20
102%
100
pf
10254
Refrac
Harb-Walker
Mar
23 103
July 108
110
Aug
Mar
106%
315
Jones Laughlin St, prof 100 10834 108 108%
Jar
Sept 120
114 114
July
May 27
350 23
2454 2434
25
Jar
Lone Star Gas
NOv 98
119 80
Feb
May 60
685 51
5234
50 5234 52
Non
Jan 65
Mfrs Light & Heat
134 25
834 Feb
July
6
670
6% 7
Mai
Nat Fireproofing. corn..5O
Jan 100
170 80
July
July 20
1434
485
19
18
50
Preferred
69 78% July 144% Ap
Sept 1834 Feb
90 11
11% 11%
1
Ohio Fuel Oil
Ap
10 163% July 335
July 36% Mar
515 30
25 3131 3134 3134
Ohio Fuel Supply
10 38% Jan 44% Mai
Mar 3631 Mar
18%
864
23
22%
23
_25
Gas_
Oklahoma Natural
Jar
170 16% July 30
Mat
8
4% Aug
15
5
5
Pittsburgh Brew, prei_ _50
Jar
Aug 17
15 15
Jan 6634 Mar
58%
75
60
6034
com_100
Cola,
No• Pittsburgh
65 10 June 29
Mar
100
Jan
97
50
99
99
100
No•
Preferred
2 40
Feb 55
Jan
9c Mar 28c
2,500
9c 100
34 25
Oct47% No, Pittsb & Mt Shasta Cop_ _1
Feb
1034
Sept
534
437
734
5%
6%
5
Pittsburgh Oil& Gas
104 50
Jul
57% Jar
Nov
210
Jan
161 165
205 208
Pittsburgh Plate Glass_100 207
32 24% Oct20% Fel
5% Nov 17% Sept
5% 734 8,240
734
Jai
Salt Creek Consol Oil_ _ _10
55 82
Sept90
Mar 99% Nov
479 73
99%
97
Ann
Stand Sanit Mfg,com_ _100
47 18
Feb22
7% Oct 1334 Feb
1,100
8
8
10
Oil
Osage
Tidal
May 1951 Ma
71 10
Sept
Feb 29
2334
110
28
28
25
Union Natural Gas
151 50
Aug73% Ma
25 2334 Oct 2034 Oct
25
25
25
Jan 3954 Oc
U S Glass
76 35
Man
Apr 86
67
259
82%
8034
82%
50
_
_
Brake_
West-house Air
Jai
July 77
17 72
July 60% Mai
88 50
5734 59
95 98% Sept108% Ma
NV-house El & Mfg,com_ 50
No.
12 9934 July 100
Bonds585 1511 Aug20% Jai
No
Nov 81
81,000 81
81
81
Jan 164
115 147
Pittsb & Birm Tr 5s_ _ _1929 81
Jai
Sep,
1,000 6634 Mar 84
81
81
_1055
Tnern III-owing A,
154 2634 Jun
31% Fel
$2,300
1,000
5,000
5,000
4,000
1,000
2,000
1,000
1,000
1,000
2,000
43,000
20,000
5.100
10,000
2.000
89% Jan 93
Ma:
05% Jan 9734 Oc
86
May 91% No
100% Apr 103% Jo:
105% Oct 108% Fe'
95
Oct 9754 Ap
9434 Nov 9954 Jo
90% Feb 92 Jun
49% Apr 5634 No
66% May 67% Sell
9534 Nov 9554 No
713/ Sept 74% Jo
5054 Aug 55
is
72% Oct77% Ja
99
Sept102% Ja
To
777.4
7054 July
10 27% Jan 32
30%
May
1,627 15
24%
Feb 30
Apr
153 63
77
Feb 79
Oct
68 71% Aug 85
83
Nov
30
8
11
Mar 11
Nov
30% 12,662 20
June 32
Oct
10 105
126
Feb 126
Nov
58 42% Jan 5431 Jan
50
132 39
40
Nov 45
Jan
10 104
177
Aug 240
May
220 34
35
Nov 49
Jan
54
10 50
Apr
Jan 59
137 59% Nov 86
0054 60%
Jan
15 96
Nov 100
96
96
Jan
62% 64% 1,152 52% July 66% Mar
55 23% July 27
24% 24%
Feb
300
25%
Aug 53% Mar
32% 3334
9,614 42% Feb 5934 Mai
52% 57
464 42% Jan 50
49% 49%
Apr
18 3534 Jan 42
42
42
Nov
40
534 Sent
6% 7
8% Feb
2,440
2%
2% Oct 10% Feb
2%
744 64
67
66
Aug 75
Jan
60 57% July 71
00% 62%
Feb
115 20
20% 20%
Feb 22% Jan
76 5434 Apr 62
60
60
Aug
275 79 June 93% Apr
9034 91%
4154 41% 4,411 41
Nov 47% Jan
32
5 32 • Feb 36
32
Feb
30 41
42
42
June 45% Feb
30% 31% 3,635 27% May 33% Jan
493 29% May 33% Jan
30% 31%
10 42
Aug 60341 Jar
4534 4534
20 118
119% 119%
May 119% Nov
3334 34% 1,155 30
Jan 3534 Sept
59
140 58
58
Nov 67 I Jan
20
8
8% 8%
Jan 12% Apr
30%
22%
7434
83
10%
28%
126
49
39
177
34
54
39%
5734
55%
80
%
3934
5634
5551
42%
66
Bonds86
85
Amer Gas & Elec 58._2007
84%
84
2007 84
Small Si
72% 72%
1960
Atl City Gas 58
64%
64
ConsolTrac N J 1st 5s 1932
63
63
Elec & Poop tr ctfs 48_1945 63
75
73
Keystone Tel 1st 53 _1935
98% 98%
Lehigh Vol Coal 1st 551933
90
90
Lehigh Val Transit 58 1935
69
69
Peoples Pass tr ctfs 45 1943
100 100
Phila. Co stmpd 5s _ _1949
88% 88%
Cons & stmpd 5s_ _ _1951
80% 81
Phila Elec 1st s f 4s_ _.1966
1966 96% 96% 98
1st 5s
1947 9834 9834 9834
534s
98%
1953 98% 98
5%s
1941 103% 103% 104
6s
87
87
general
4s....1997
Reading
100% 10031
Spanish Amer Iron 6s_1927
54
54
United Rys g tr etfs 4s 1949
99
99
1930
Welsbach Co 58
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Nov. 17 to Nov. 23, both
inclusive, compiled from official sales lists:
bates
r may
Range sitce Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
Low.
Par. Price. Low. High. Shares.
High.
Stocks10
Alliance Insurance
American El Pow Co__ _50
100
Preferred
Amer Gas of NJ
100
American Milling
10
•
American Stores
Buff & Susq Corp v t 0_100
Preferred v t c
100
Cambria Iron
50
Congolcum Co, Inc
•
Consol Trac of N J....100
Cramp (Wm) dc Sons 100
Eisenlohr (Otto)
100
Preferred
100
Elec Star Battery
100
Erie Lighting Co
"
Ceneral Asphalt
100
*
,Gencral Refractories
_ 10
Insurance Co of N A
Kentucky Secur Corp._100
Keystone Telephone_ _ _.50
Lake Superior Corp._ _ _100
50
Lehigh Navigation
50
Lehigh Valley
10
Lit Brothers
Penn Cent Lt & Power_._•
Pennsylvania Salt alfg--50
50
Pennsylvania RR
Phila Co(Pitts) pref 5%.50
l'referred (cumu16%)-50
25
Phila Elec of Pa
25
Preferred
•
rhila Insulated Wire
Phila Germ'Un & Norris_ 50
Pinta Rapid Transit.....50
50
Phila Traction
50
Philo & Western
2315
THE CHRONICLE
Nov.24 1923.]
-Record of transactions at
Chicago Stock Exchange.
23, both inclusive,
Chicago Stock Exchange Nov. 17 to Nov.
compiled from official sales lists:
Sates
Friday
Range since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
High.
Low.
Par. Price, Low. High. Shares.
StocksAmerican Shipbuilding _100
Am Steel Fdry, com_33 1-3 38%
Armour & Co(Del), pt.100 92%
Armour & Co, pref _ _ _ _100 79
7
15
Armour Leather
100 78
Preferred
Baleban&Katz,cora,v t c 25 52
Preferred
36%
Bassick-Alemite Corp_ ---*
•
Beaver Board
•
Booth Fisheries, new_
100
Preferred
• 2734
Borg & Beck
Bridgeport Machine Co_ _• 1034
•
Case (J I)
Central HI Pub Serv, pref • 86
Chicago City & Con RY454
•
Pt sh preferred
%
Chicago Elev Ry, pref _100
Chicago Mot Coach com_5 188
9034
Preferred
Chic Nipple Mfg cl "A".50 42
Chic Rye part ctf Ser 1_ _ -- ______
Chicago Title As Trust_100
Commonwealth Edison 100
Consumers Co. pref._ _100 62
634
Continental Motors_ ___10
110%
Crane Co. prof
Cudahy Packing, com _100 5954
Daniel 13oone Wool Mills 25 34
Decker (Al!) & Cohn.Inc _•
100
Deere & Co. pref
100 11834
Diamond Match
•
Eaton Axle & Spring_
• 37
Eddy Paper Corp
Fair Corp(The) pref. _ _100 101%
• 19
Co
Gill Mfg
Godchaux Sugar, corn_ •
Gossars, 11W, met ____100 28
Great Lakes D & D_ _100
Hammermill Paper. com-5
Preferred
•
Hayes Wheel Co
10 23
Hupp Motor
• 53
Hurley Machine Co
Ilydrox Corp, common 100 17
100
Brick
Illinois
Illinois Nor Util. pref
Ind Pneumatic Tool Co_ _• 8134
935
Internat Lamp Corp_ _25
Kellogg Switchboard_..25 44
Kutili'mer & Co (B), Inc100
Preferred
5%
Libby, McNeill At Libby 10
10
Lindsay Light
T.,,,... As 11.11V Inc. nref.__
65
3854
91%
7834
7
78
50%
91
3454
1%
5
3254
2634
103.4
Si
86
115
66%
10
3854
330
9234
1,070
79
530
7
167
7834
1,535
52
10
91
3731 12,145
150
1%
225
5
10
32%
385
27%
400
1134
45
Si
124
86
59
34%
8454
71
7
78
5034
91
2754
134
434
23
2234
10
34
85%
June 74
Oct 3854
June 108
June 96
10
Nov
Nov 8734
Nov 56%
Nov 92
Feb 42
434
Nov
May
835
Apr 36%
May 36%
Sept 1634
4%
Oct
Oct 88
Jan
Nov
Feb
Jan
Jan
Mar
Oct
Nov
Oct
Jan
Jan
Jan
Oct
May
Feb
Oct
Mar
Aug 10
4
2,885
454 5
8% Mar
34 Nov
2,100
54
34
Oct
May 212
50 118
188 190
Oct
May 99
1,020 85
91
90
44% 5,465 4034 Oct 44% Nov
42
Jan 243.4 Mar
50 10
11
11
Nov
Mar 310
10 250
310 310
Jan
204 11634 Nov 131
1273.4 128
Feb
70
Aug
58%
35
63
62
Jar
5% Oct 12
875
6% 6%
Feb
205 10634 Oct 115
10934 110%
June 64% Jar
1,675 40
5634 5954
343.4 3534 12,590 1934 May 6234 Jar
Nov 2054 Jun(
50 11
19% 1934
10 4834 June 7434 Jar
61% 61%
Jar
121
July
10931
120
117% 118%
100 20% Oct 3034 Mai
22
22
July
3734 8,375 22% Apr 40
34
Jar
385 100 I Jan 106
10134 10134
17% 1954 2,460 16% June 2854 Ap
Ain
2634
Aug
734
45
10
10
500 2434 Feb 3534 Ap
2734 28
25 75 June 9434 Fel
81% 81%
Mal
Sept 31
30
950 25
3034
Mai
Sept 102
101
200 101
1013.4
Ap
4334
July
36
3634
175 32
22% 24% 30,900 1534 Oct 2534 Mat
Mai
800 4134 July 54
53
52
17
650 1534 Sept 324 Ap
18
Apr 9654 Jar
40 60
78
73
Sep
10 83 June 87
84% 84%
Oct 8354 Oc
580 80
8134 82
Aril
May 32
g
67
934 10
Sep
461 3934 July 47
43
443.4
Jai
Sept 95
10 87
9231 9234
8% Ap
July
5
531 534 2,17
434 No,
234 May
575
334 454
10 9434 Oct10134 Ma
9644 0614
2316
THE CHRONICLE
FridraY
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
Lots.
High.
[VoL. 117.
Range since Jan. 1.
Low.
High.
Centrifugal Cast Iron Pipe• 27
26
3,200 10
2734
Nov
Jan
27%
Checker Cab Mfg Class A • 3834 36
39
2,500 2834 Oct 6615 Feb
Chi Nipple Mfg,new„Cl A50 42% 4234 4431 4,900 3634
Sept 4434 Nov
New Class B
50 22% 21
22% 2.300 17 Sept 22% Nov
Childs Co, common__ _100 188
181 188
90 159% Aug 176
Nov
New stock
* 3731 37
4,110 37
38
Nov 38
Nov
Cities Service, corn---100 137
132 137% 1,460 128
Oct 195
Feb
Preferred
100 66% 66% 6734 3,200 64% June 70
Mar
Preferred B
10
6% 6% 1,200
5% Oct
6%
Mar
Preferred B B
100
6334 64
200 6334 Nov 64
Nov
Stock scrip
75
75
25,000 72 June 102 June
76
Cash scrip
70
70
8,000 70 Sept 78
Aug
Bankers'
.....• 13% 13
1334 2,700 12% Oct 1934 Feb
Cleveland Automob,
shares-- com •
22
22
100 19% Oct 3434 Apr
Preferred
100 85
85
86
30 7934 Apr 95 June
Colombian Syndicate
250 250
1,000 250 Nov
1% Jan
Colorado Power com_ _.100 21
19
21
70 16 June 2534 Mar
Cons Gas(NY)corn w 1_* 58% MX 5834 4,400
5634 Nov 5834 Nov
Cuba Company
• 34
30
34
Nov 3834 June
1,400 30
Curtiss Aeropl & M,com_.
Certificate of deposit_ _ _ ..__.. 13
13
001
Aug 15
700
7
Del Lack & West Coal-_50 93
91
93
Oct
Jan 94
50 82
Dubiller Condenser & Rad. 1231 11% 12% 5,500
431 Jan 1334 Apr
DuPont Motors,Inc
•
4
334 434 5,400
7% Apr
June
231
Durant Motors, Inc
• 2534 2034 2734 8,100 2034 Nov 84
Jan
Durant Motors of Ind_10
7%
734 8
7% Oct 2534 Jan
600
Elec Bond & Share pref.100 97
97
9734
130
July
99
96
Mar
Fain Knit's Mills Inc com • 2234 1934 23
13,500 1934 Nov 23
Nov
Federal Tel & Tel
5
634
6% 6% 10,500
3% Apr
734 Sept
Ford Motor of Canada_100
39434 39431
39434
Nov
460
10
Mar
Gillette Safety Razor..--• 25734 255 258
1,260
292
Apr
Gleasonite Products C0_10 1134 1134 1134 2,400 238 June
Oct 1134 Nov
10
Glen Alden Coal
• 78% 78
8034 3,200 56
Jan 8034 Nov
Gold Dust Corp w 1
* 27
23
28
10,900 18
Nov
Oct 28
GoodYear Tire & R,com100
914
9
934 3,700
831 Oct 1634 Ma/
Griffith(D W)Inc class A*
PH
Ills Ihs
100 87c Nov
615 May
Heyden Chemical
•
194
194 1%
100
Sept
1
2% Feb
Hudson Cos,pref
100 2134 19
2134 3,100 1234 Aug 2134 Nov
Bud & Manh RR,coin _100 1234 11
1216 1,300
1234 Feb
8
JUIY
Preferred
100
4934 4934
300 43
Jan 50
Sept
Imperial Tob of G B & 1_11
1534 15%
500 1534 Nov 2134 May
Intercontinental Rubb.100
334
3
334
500
3
Oct
6%
Jan
Internat Concrete Indus_10 12
1134 12
Nov
4,700
934 Sept 12
Kelsey Motor Co
*
2
2
Nov
315 2,400
2
334 Nov
Kresge Dept Stores. com.• 35
3434 3534
300 3334 Sept SSA Oct
Lake Torpedo Boat lst pf 10
234 3
1,000
Apr
134 Jan
5
Leader,Production
3
2%
431 May
300
3
1 June
Lehigh Power Securities_ _• 25
2434 25
600 1734 July 2534 Nov
Lehigh Valley Coal Sales 50
7634 7734
Jan
125 7534 Aug 90
Liggetts Internat'll pref._ 50
50
200 48
Apr 51
May
Lupton(F M)Pub CI A_ _ * 1134 1134 50
13
Oct 22
400 11
Jan
Class B common
•
1
731 10%
9,100
734 Nov 10% Nov
McCrory Stores com cl It_•
70
70
100 57
Oct
Aug 78
Mercurbank(Vienna)Am sh
1434 1431 1,900 1431 Nov 1534 Nov
Mesabi Iron Co
•
531
5
534
6,500
Sept
1234
434
Jam
Midvale Co..• 19
1734 19
800 1154 June 2134 Apt
Motor Products Corp new• 39
2734 3936 1,400 1934 Oct 3934 Nov
New preferred
• 4534 4534 47
300
41
Oct 47
Nov
National Leather
10
234
234 231
300
131 Nov
834 Feb
New Mere & Adz Land .1
4%
434 534 10,400
231
API
Oct
534
NY Telep 6%% pref__100 108
10734 108
850 10731 Nov 112
Jar
Paige-Det Motor Car_ --10
2134 2134
100 14
Feb 24
Apr
Park & TilWd, Inc
• 32
3194 34% 28,900 25 Sept3434 001
Peerless Truck & Motor_ 50 29% 28
2,800 26
Nov 80
Jan
Pyrene ManufacturIng_10 1134 1034 31
1134 3,700
9
Mar 1131 Nov
Radio Corp of Amer,corn.*
3%
331 3% 8,400
231 June
434 Mal
Preferred
5
3%
3111, 334 11,100
261, Jan
4114 Nov
Reading Coal
48
4834
300 39
July 5034 May
Reo Motor Car
10
1794 1734
300 1354 Feb 2034 May
Relied', Inc
5 980
85c 95c
1,880 750 Sent
2
Jar
Roamer Motor Car
6% 6%
40
5% Nov11
July
Rosenb'm Grain Corp,p150 47
4694 4734 1,600 4634 Oct5434 Mai
Saguenay Pulp & P cora...5
750 750
100 500 June
1
Jac
Silica Gel Prod Corp w L..10
10
NOv 10
100 10
Nos
Singer Manufacturing__1611
127 127
10 11334 Sept127
No
Southern Coal & Iron_ _ _ _5 150
140 150 15,000
OCt 500 may
80
Standard Motor Constr_10
234
234 294 1,000
316 Jan
234 May
Studebaker-Wulf Rubber_•
47
4634
300
4431
Nov
52% 001
Stutz Motor Car
•
916 1134 2,900
934
915 Nov
2434 Jan
Swift & Co
100 10115 10134 102
50 98 June 109
Feb
Swift International
15
1634 1734 1,000 1636 Nov 21
Pet
Timken-Detroit Axle__ _10
631 6%
100
631 NOv 1334 Api
Tob Prod Exports Corp__•
4%
4% 416 3,800
294 June
634 Mal
Todd Shipyards Corp___..'
46
47
325 45% July 60 ma)
Union Carbide & Carbon.* 5434 5431 5494
Oct6534 Mar
3,500 52
United Profit Sher, new_ _1
634
6
715 15,500
434 Jan
756 NO
Unit Retail Stores Candy.'
5
5
536 4.400
5
Jan
8
Mai
'United Shoe Mach com__25
' 3334 3334
100
May
56
Mat
n3334
US Distri b Corp :tom_ _.50 2815 25
2894 1,100 20 June 3034 Jar
U S Light & Heat,com_ _10 95e
75c 95c
4,400 75o Nov234 July
Preferred
10
1% 134
500 90o Jan
354 Api
U S Metal Cap & Seal_ _10
510
100 50o Feb194 Feb
Universal Pipe & Rad,w 1 • 1834 51c
1534 1931 8,200 1134 Sept 2034 AP
Preferred
100 5834 55
6134 1,400 55
Oct 72
API
Waring Hat Mfg
* 10% 1034 10%
100 25
NOV 4834 Jai
Wayne Coal
5 81c
800
90c
900 800 Nov
234 Jar
Willys Corp 1st pf ctf dep.
534
3 June 1035 aTal
534 534
300
Wrigley(Wm)Jr Co_ _25
12034 123
700 12034 Nov 123
Ncn
New stock
• 3834 3834 40% 139,400 3834 Nov 4034 No
Yellow Taxi Corp,N Y_ •
12134 12334
300 100
Feb 15234 Ara
McCord Rad Mfg Co-- --* 35
33% 3634 3,635 26 June 39
Apr
McQuay-Norris Mfg Co._ 21% 2034 2115
300 1034 May 26
Apr
Mid West Mil, com- _100 4434 44
45
403 36% May 53
Feb
Preferred
100 83% 8215 83%
855 8115 July 86% Jan
Prior lien preferred
9631 96%
236 96 June 104
Jan
National Leather
10
234
2
880
2
Nov
234
8% Feb
People's Gas L & Coke 100
93
94
85 87
July 94
Jan
Philipsborn's, Inc. vot Ws
2
2
234
360
Oct
2% Nov
2
Pick (Albert) & Co
10 23
22% 22% 14,825 17% Aug 36% Mar
Pub Ser of Nor III, corn_-* 9734 9734 9734
110 97
Nov 103% Apr
Pub Ser of Nor III, com_100
9734 9734
10 9734 Nov 103% Apr
Preferred
100
120 8934 Oct 99
8934 90
Apr
Quaker Oats Co
100
235 235
25 210
Mar 236
Jan
Preferred
100 99
9834 99%
240 85 June 100
Jan
Reo Motor
10 1734 1734 1734
730 1134 Jan 20 May
Standard Gas & Elec-50 28
2734 28
300 1734 Jan 3234 Mar
Preferred
50 49
4834 49
720 4634 June 5134 Apr
Stew War Speed, com--100 89
8431 9034 38,825 6434 July 124% Apr
Swift & Co
100 102
101% 102% 3,376 9834 June 109% Jan
Swift International
15 1734 1734 1734 6,800 16 June 2134 Jan
Thompson (J R), corn.25 4934 4931 50
620 4334 June 5434 Oct
Union Carbide & Carbon _• 55
5431 56
9,955 5134 July 6734 Jan
United Iron Works v t 0_50
5
5
620
5
Oct 1334 Feb
United Lt & Rya, com_100
136 135
20 71
Jan 164 may
1st preferred
100 7931 75% 80
740 6934 July 94
Apr
Participating pret _ -100
87
90
140 87
Nov 9934 Mar
United Paper Bd, com_100
15
15
50 14
July 1834 Apr
U S Gypsum
20 86
81
86
1,180 51
July 104
Oct
Vesta Battery Corp, corn*
29
30
250 1634 Aug 37% Sept
Wahl Co
• 4434 4331 4634 2,410 4234 Nov 5834 Jan
Wanner Malleable Cast_ •
22
22
500 1834 May 2534 Feb
Ward(Montg)& Co, pf-100
106% 106%
50 9534 Feb 112 June
When Issued
20 2434 2434 2634 43,795 1836 May 2634 Nov
Class "A"
* 108
10234 108
1.105 93
Jan 108
Nov
Western Knitting Mills_ _•
15
15
55 1,545
15 Oct 1034 Mar
Wolff Mfg Corp
* 1034
9
11% 2,075
4% Sept 3516 Mar
Wrigley, Jr, common_ _ _25 11814 118% 12234 4.805 100
Jan 12634 Nov
Common w 1 a
* 39
38% 41
7,825 3834 Nov 41
Nov
Yellow Cab Mfg,cl "Bl' 1
9536 9534 97
3,415 8734 Nov 114
Oct
Yellow Taal Co
11914 119 121
2,820 7034 Jan 19034 Sept
BondsChicago City Ry 5s_ _ _1927
75
75
57,000 7334 Oct 8334 Mar
Chic C'y & Con Ry 5s_1927 52
51% 5234 7,000 47
Jan 6534 Mar
Chicago Rya 55
1927
75
75
2,000 73 Sept 8234 Mar
Sc, Series "A"
1927
5734 5734 1,000 5734 Nov 70
Mar
4s, Series "B"
1927
45
45
2,000 44
Oct 56
Mar
Commonw Edison 5s_1943
9534 95% 7,000 9534 Nov 10534 May
lot mtge 6s
1943
10434 10434 6,000 10434 Nov 106
Aug
Swift dr Co lst s f g 55_1944
9616 9615 2,000 9216 Apr 9734 Jan
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange Nov. 17 to Nov. 23, both inelusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Boatmen's Bank
141
First National Bank
Nat Bank of Commerce
14234
Mississippi Valley Trust_ _ _ _ _ _..
St LouLs Union Trust
234
United Railways preferred_ 10
Best Clymer Co
Brown Shoe common
4734
Certain-teed Prod 1st pref. 75
Second preferred
65
Emerson Electric, pref_ _ _ _ 9534
Ely &Walker Dry Gds 1st pf
Second preferred
Common
2234
Fulton Iron Workscommon
Hamilton-Brown Shoe__
Hydraulic Press Brick pref. 5714
Common
4
Indlahoma Refining Co__
International Shoe pref_ _ _ _ 115
Common
73
Laclede Gas Light, pref...
Laclede Steel Co
115
Missouri Portland Cement_ 10034
National Candy common
Rice-Stix Dry Gds lot pref.
Southwestern Bell Tel pref. 104
Wagner Electric common__ 33
Preferred
BondsEast St Louis & Sub Co 3s_
United Railways 4s
Kinloch Long Distance 53
6234
14034 141
198 198
142% 14234
265 265
234 234
10
10
1834 1834
4734 4734
75
75
65
65
92
9534
103 103
85
85
2234 2234
36
36
49
49
5634 5734
4
4
131 134
114% 115
7231 7536
75
75
110 115
100 10034
88
89%
108 108
10316 104
33
3334
80
81
21
15
34
20
5
10
11
30
108
30
90
50
10
40
25
20
419
100
10
10
190
10
63
119
85
5
95
122
35
78
78
1,000
60% 6334 74,000
9534 9534 2,000
Range since Jan. 1.
Low.
High.
14034 Nov
Nov
197
140
Oct
Oct
261
220
Jan
Nov
10
14
Aug
4634 Oct
70
July
65 May
9134 July
10134 Sept
83
Aug
2034 Aug
35
Nov
47 June
4734 July
334 Aug
1
Oct
114
Oct
6334 Jan
Apr
73
101
Jan
Feb
81
73% Aug
10615 Apr
101
July
21
Aug
July
71
Apr
148
Jan
210
15334 Mar
Jan
270
245
Feb
17
Jan
25
Mar
Mar
65
Feb
90
Jan
80
Feb
96
10534 Jan
Apr
86
2531 Feb
5434 Mar
Jan
50
Feb
60
636 Feb
Mar
19
Mar
119
Apr
75
Mar
78
116
Mar
Oct
101
9154 Jan
10816 July
10434 June
3594 Apr
Mar
83
78
July
57% Nov
94
Feb
8334 Mar
Jan
64
9615 May
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Nov. 17 to
Nov. 23, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sates
Week ending Nov. 23.
Last Week's Range for
Sale.
ofPrices.
Week,
StocksPar. Price. Low. High. Shares.
Indus. & Miscellaneous.
Acme Coal Mining
10
Acme Packing
10
Adirond'k Pow &Ltcom 100
Amer Cotton Fabric pf-100
Amer Gas dr Elec. com___•
Preferred
50
American-Hawallan SS-10
Am Light at TrtiC. COM-100
Amer Multlgraph
Amer Thread, pref
5
Archer-Daniels-Mid Co..*
Armour & Co (Ill) pref _100
Armour Leather, pref.-10C'
Atlantic Fruit Co
•
Blyn Shoes, Inc
10
Borden Co
_ -100
Machine Co..'
Bridgeportcommon_Brit-Amer Tob ordinarY-11
11
Ordinary bearer
Brooklyn City RR
10
Candy Products Corp w 1-,
Car Ltg & Power, com.-25
Cent Teresa Sugar com_10
10
8c
23
78%
1134
12234
10%
22%
11
1%
13'4
331
131 134
Sc
8c
18
18
95
95
4334 46
42% 4234
1434 15
12036 123
2134 2234
4
4
19% 23
7834 7834
78
78
131 134
1056 1134
122% 124%
1031 10%
2194 2216
22
23
11
11
13.4 134
lull 234
1
134
331 334
Raage since Jan. 1.
Low.
High.
Rights.
Reading Coal w 1
Former Standard 011
Subsidiaries
Anglo-American OIL.._11
Borne-Scrymser & Co_ _100
Buckeye Pipe Line
5
Continental 011
25
Cumberland Pipe Line-25
Eureka Plpe Line
100
Galena•Signal Oil, com.100
Humble Oil & Refining_ _ 25
Illinois Pipe Line
100
Imperial 011(Can) coup.25
Indiana Pipe Line
50
Magnolia Petroleum__ _100
National Transit___12.50
New York Transit
100
Northern Plpe Line
100
Ohio 011
26
Penn Mex Fuel
25
Prairie 011 & Gas
100
Prairie Pipe Line
•25
Solar Refining
100
South Penn OP
100
Southern Pipe Line_ _._100
So West Pa Plpe Lines.100
Standard Oil (Indiana)..25
Standard 011 (Kansas)..25
Standard 011 (Ky),_ _ _25
Standard 011 (Neb).-- _100
Standard 011 of N Y....25
Stand 011 (Ohio) com-100
Vacuum 011
25
300
6 May
134 Oct
1,000
5c June 350 Jan
100 18
Nov 2231 May
100 95
Mar
Nov 102
400 31 June 4734 Nov
110 40 June 4634 Feb
500 1134 Oct 2534 Mar
350 109
July 140
Jan
300 20
Aug 23
July
100
331 Feb
431 Nov
1,400 197
/, Nov 4054 APr
100 73
July 94
Feb
10 78
Nov 78
Nov
1,100
134 Sept
234 Feb
4,500 10
Oct 1134 Nov
110 110
Mar 124% Nov
2.300 10
Oct 1634 May
300 1934 Jan 25 Sera
5,100 10% Jan 25
Sept
1,300
7% Jan 1154 Oct
9,200
1% Oct
134 Nov
Other 011 Stocks
2,800 750 Mar
3
Aug Arkansas Nat Gas com 10
1,000 800 „flay
234 Mar Atlantic Lobos 011 co m._•
800
245 Jan
5
Feb
...,_ ---,--
2234
2134 2231
4,800
14% 14
15
3,400
140
140 140
20
75
74
70
500
3994 38
800
3934
107 113
200
87
93
93
100
64
145
60% 64
35
3334 3634 2,400
13615 12134 148
425
10234 97 104
3,140
78
85
85
205
13354 128 135
1,015
1931 21% 1.100
90
89
85
140
9834 10234
102
190
6434 5634 6574 7,100
23
2134 23
600
201
181 20434 116,160
9734 93% 9834 0,511
175 179
30
121
10534 123
1,445
93
91
87
180
7634 7634
10
5834 5431 58% 118,400
4034 38% 4134 2,300
10015 95 10155 5,900
209 214
40
z4234 4034 4334 17,480
276 284
110
53,‘ 5154 5431 29,200
234
434
231
4%
231
1,500
500
1434 July
2334 J1117
1334 Sept 1934
108
Jan 150
6934 Nov 9431
3234 Aug 50
85
Jan 115
87
Nov 117
55
July 7914
28 Sept 4134
115
Nov 171
92
July 123
78
Nov 163
123 Sept 168
1934 Nov 29
86
Nov 138
97 June 110
4834 July 8534
1034 Aug 2834
152 Sept275
Sept11834
91
161
Bept 21234
100
July 196
87
Nov 116
6614 Jan 96
4931 Aug 6934
3634 Sept57
80
Jan 110
186
Jan 285
3534 MaY 4934
270
July 317
July 5531
40
Jai
Mal
Jar
Fel
Fel
Api
MB
Mai
Fel
Fel
Mai
Jai
Fel
Ap
Fel
Fel
.00
Fel
Fel
Fel
Fel
Fel
Aul
Ma
Fel
Fel
Fel
Jai
Ap
Ma
434 Nov10 Ma
234538*7
754 gJai
Sales
Friday
Last Week's Range for
Other Oil Stocks.
Week.
of prices.
Sale
(Concluded)
Par. Price. Low. High. Shares.
3% 334 3,900
2% 11,300
2
8
7
2,100
400
24%
22
3:
30
5,000
6.800
35e 36c
33%
500
33
800
600 69c
200
50c 50e
8,000
58
54
5% 8% 76,900
300
1% 1%
8c 99,000
3o
3%
Carib Syndicate
2%
Creole Syndicate
7%
Derby Oil & Refin, corn-5
•
Preferred
Engineers Petroleum Co 1
5
Federal Oil
Gen Petrol Corp corn_ _25 33
10 69c
Glenrock 011
Granada 011 Corp Cl A..10
25 57
Gulf Oil Corp of Pa
_5
8%
Gulf States 011 & Ref
1%
Metropol Tr recta w l._ 1
70
Hudson Oil
Humphreys 011 2d pre
500
certificates of deposit...... 23% 23% 234
InternationalPetroleum...* 1634 14% 16% 23,100
lc
20 95.000
20
Keystone Ranger Devel_11
2% 2% 2,900
234
Kirby Petroleum
1,400
53c 550
55o
Latin-AMer 011
16c 20c 13,000
1 19e
Livingston 011 Corp
1,000
25c
25e
25e
5
Corp
011
Lowry
2% 5
41,200
4%
Marland Oil of Mexico_ .1
400
57c 60e
Mexican Panne° OIL- -10
5,000
32c 32e
Mexico Oil Corporation.10 32e
1
1% 1.01
3,500
Mountain & Gulf Oil
Mountain Producers.---10 14% 13% 14% 11,900
9% 11% 47,000
Mutual 011 vot trust centre 11
125
92
92
National Fuel Supply
5
3% 4% 6,600
3%
011
New Bradford
22
2334 1,100
New England Fuel Oil._ _ _
500
25 ---i%
7% 8%
New York 011
7e 11,000
Sc
6e
Noble(Chas F)0& Gcoml
1,800
10 65e
60e 65c
Omar 011 & Gas
•
200
810 81c
Peer Oil Corporation
5,000
45e 48e
Pennsylvania-Beaver 011.1
12% 13% 9,400
10 13
Pennok Oil
6
300
6
6
Pittsburgh Oil & Gas.___5
200
2% 2%
25
Red Bank 011 new
4%
28,100
4%
.
0
33.4
Syndicate..
Oil
Royal Can
3%
900
3
334
Ryan Consol Petrol Corp.•
900
10
6% 7
6%
Salt Creek Con 011
Salt Creek Producers-10 18% 173.4 1874 6,200
1,800
80e 90e
5 80c
Sapulpa Refining
1% 1,400
1
5
1
Savoy 011
1
11,200
10 95c
900
Seaboard Oil& Gas
10 20% 18% 20% 140.100
Southern States 011
5% 29.000
5%
5
1
Wilcox 011 & Gas
4,000
Sc
1
7o
"Y"011 ds Gas
Mining Stocks
Alaska-Brit ColMetals_ -1
Alvarado Min & Mill 20
Amer Corn M & M
Amer Exploration
Anglo-Am Corp of S
1
Argonaut Gold Ltd
Arizona Globe Copper-- -1 100
10c
Belcher Divide
10c
Belcher Extension
Boston-Montana Corp-10 210
Calumet &Jerome Cop_ -1
1%
1
Canario Copper
4c
1
Candelaria Silver
1%
Central Amer Mines,Ino-1
1%
Consol Copper Mince....6
Cons Nevada-Utah Corp..
Cork Province Mines Ltd _1
1 51c
Cortez Silver
Crackerjack Mining
Cresson Con Gold M & NA
Crown King Conn M,lno_1
1
Crown Reserve
10
334
Davis-Daly Mining
8o
Diamond B1 Butte (reorg)_
Diamondf Daisy GM.._1
1
Divide Extension
2
Dolores Esperanza
1
Emma Silver
1 14e
Eureka Croesus
70
Fortuna Cons Mining
1
Forty-nine Mining
Golden Cycle Min & Red_ _ --Sc
Goldfield Cons Mines.- _10
70
Goldfield Deep Mines---50
90
Goldfield Development....
1 46e
Goldfield Florence
1 42c
Goldfield Jackpot
8c
Gold Zone Divide
Grandma Mining
Green Monster Mining_ 50c
250
Hard Shell Mining
5e
10c
Harmill Divide
540
Hawthorne Mines Inc
254
Mining
Hecla
Hilltop-Nevada Mining
Hotnestake Ext Mtn Co-1
Howe Sound Co
Independence Lead Min--1 24e
Iron Blossom Cons Mining 1
Jerome Verde Developm't 1
1
Jim Butler Tonopah
1
Kewanus
100
Knox Divide
8o
Lone Star Consolidated-1
30
MacNamara Min & Mill_ A
1%
5
Mason Valley Mines
McKinley-Dar-Sav
Mining Co of Canada
1 250
Mohican Copper
500 13o
National Tin Corp
lo
Nevada Silver Horn....50o
New Cornelia
2%
New Dominion Copper.. 5
-100 151
New Jersey Zino
New York Porcupine Mln. 740
6
NipIssing Mines
le
Nixon Nevada Mining__
1 860
Ohio Copper
Peterson Lake Silver Cob't 1
Premier Gold
290
Ray Hercules, Inc
40
Red Hills Florence
Red Warrior
Sc
Rescue Eula
1
243
Rex Consol Mining
Rossetta Divide
740
St Croix Mines Corp
Sandstorm Kendall
1
San Toy Mining
Silver Dale Mining
10e
Silver Horn M & D
4o
Silver King Divide (reOrg).
Silver Mines of Amer_ _1
Silver Pick Consol
30
1
Simon Silver-Lead
3%
South Amer Gold & Plat.1
8o
Spearhead
20
1
Stewart Mining
1
Success Mining
2317
THE CHRONICLE
Nov.24 1923.]
5
Range since Jan. 1.
High.
Low.
3%
1%
5
22
30
100
33
5043
400
43%
5%
1
30
Sept
Sept
Oct
Nov
June
Nov
Nov
June
Nov
Sent
Nov
Oct
Nov
23% Nov
13% June
lo Nov
1% Apr
53e Nov
60 AD
250 Oct
134 Aug
510 June
280 Nov
Sept
1
12% June
8% Sept
Oct
83
3% Nov
5 June
5 June
6o Aug
450 Aug
750 Sept
300 Nov
9% Jan
Oct
6
1% Oct
2% Aug
2% Nov
634 Nov
15% June
Oct
800
Nov
1
Oct
65o
11% Sept
4 Sept
70 June
500
81c 850
2% 2%
300
3e
3c
2,000
134 134 1,00
80
29% 29)4
1,00
60c 600
80 10c 59,000
lc
90
lc
le 35,00
lc
17c 230 15,000
6o
5,000
Sc
1% 111,
3,700
40
Sc 10,000
134 4,200
1
7,200
1%
Sc 120 24,500
2,000
03o
70
480 510 31,400
3,000
20
lc
900
3% 334
400
1% 1%
900
570 650
600
3% 4
90 103,000
le
3,000
lo
le
2,000
60
50
500
85e 85c
2c 18,000
be
13e 180 56,000
70 100 184.300
180 18e
1,000
500
1
1
70
Sc
6,000
8c
8,000
70
5.000
90
70
460 500
8,000
4,000
420 430
70 100 98,000
40
Sc
6,000
8o
60
1,000
ge 60,000
2e
Sc 56,000
40
45c 54c 14.300
700
8% 8%
40 23,000
30
520 80e
6,100
700
2,4 23.4
200 240 44,000
1,000
32e 320
200
134 1%
1,000
40
40
9,000
30
2c
2,00
2c
2c
7c 170 924,00
3,00
30
3e
80
1% 1%
1.00
120 120
100
234 2%
160 27o 55,00
80.00
15o
120
5,00
10
lo
20
15% 16
2% 2% 5,700
100
14534 151
700 780 29,600
534 5% 4,200
9,000
lo
10
84c 900 18,100
1,000
8o
Sc
900
2% 2%
8,000
250 290
50 26,000
30
1,000
200 200
1,000
Sc
Sc
6,000
2o
20
1.000
20
2c
570 75o 183,200
30 11,000
lo
7,000
40
3c
4,000
Sc
30
7c 10e 57,000
40 19,000
3c
3,000
90
60
6,000
60
60
10,000
40
30
37' 3% 1,300
Sc 36,000
6c
30 27,000
20
1.300
50e 530
7%
7%
1834
49)4
25o
1
38%
2h.
3
6834
8%
1%
180
Apr
Apr
Apr
Mar
Jan
Jan
Apr
Jan
Feb
Mar
Nov
Nov
Jan
23% Nov
24% Feb
400 Feb
4
Jan
55e Nov
20o Mar
1% Feb
5% Aug
Mar
23
21.• Mar
1% Max
20% Feb
15% Mar
Nov
92
5% May
2374 Nov
21% Feb
30c Jan
11016 Mar
Mar
13
Mar
5
14% Apr
Oct
6
8 June
7% Mar
6% Mar
14
Mar
25% Feb
4% Mar
374 Jan
Apr
4
26% Mar
10% Jan
200 Mar
570 Oct
134 Sept
lo Bent
ISDe Feb
Mar
22
640 Feb
60 Aug
10 July
le Aug
90 Feb
Sc Nov
13.4 Oct
20 Oct
Oct
1
Nov
1
Sc Au
5c Jul
400 Sep
10 Jan
Apr
2
1.% Sep
320 Fe
2% Jul
lc Nov
le No
4e Jun
70o Au
le Apr
50 Aug
50 Sept
Sc
Oct
80e
Jan
Sc Apr
70 Apr
40 Jan
250 Jan
350 Jan
lo Aug
4o Oct
4e Aug
le Sept
20 Jan
45c Nov
514 July
2o -Oct
50o Nov
2% Oct
16c June
23e July
954 Apr
lc June
2c Mar
lc May
2o June
le June
1% June
110 Oct
2% Nov
60 Oct
10e Jun
Jan
lo
1434 Oct
2% Jan
135
Nov
300 Jan
4% July
lc Sept
370 Jan
Sc May
1% Aug
200 Nov
lo May
200 No
Sc Nov
lo July
20 Nov
450 Nov
lo Apr
lo June
3o Nov
41) Oct
10 Aug
60 Nov
30 Jun
30 No
2% July
40 Mar
Oct
lo
320 Jul
Mining Stocks
(Concluded)
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
620
Sutherland Divide
1
Teck-Hughee
Tonopah Belmont Dec ...1
1
Tonopah Divide
1%
1
Tonopah Extension
Tonopah Midway
1%
1
Tonopah Mining
Tonopah North Star
1
Tuolumne Copper
1%
United Eastern Mining 5
United Verde Extension.50
180
U S Coot Mines
3%
Unity Gold Mines
1
Wenden Copper Mining -West End Consolidated
West End Extension Min_ _
Western Utah Copper-...1 35c
White Caps Extension_ -W bite Caps Mln Co_ _ AOC
White Knob Copper prof.. -----YukonGold Co
5
35e 560
134 134
35e 38c
490 49c
11h6 13.4
2
2
1% 1%
lc
lc
Sc
4c
1016 1%
27
27%
17e 18e
3%
3
93e
11.6
68e 68e
2c
3c
35c 370
2c
20
70
7c
55e 55c
600 72e
57,400
500
1,400
2,300
900
1.000
1,100
10,000
6,000
26,600
800
8,000
800
29,300
500
12,000
3,000
1,000
1,000
100
3,000
Range Since Jan. I.
Low.
lc
810
350
390
1%
lc
134
10
50
1%
26%
130
2%
280
67e
le
15:
be
20
50c
590
Jan
Jan
Nov
Sept
June
Aug
Aug
Aug
Nov
Oct
Jan
Apr
Oct
June
July
May
July
May
Jan
May
Nov
High.
560 Nov
134 May
Jan
890 Mar
mar
4
130 Jan
2% Jan
Sc Apr
67e Feb
2016 Feb
33% Apr
280 July
5% Mar
85o Nov
1% Jan
6c Jan
55e Feb
60 Jan
120 Mar
75e Feb
21., Apr
BondsAug 8434 Jan
6674 67 $10,000 51
Allied Pack 88. Ser /3.1939 67
5734 8,000 5134 July 7634 Jan
1939 5734 57
Cony deb 6s
106 10674 2.000 10534 July 10634 Aug
Aluminum Coot Am 761933
Jan
102% 10274 4,000 10194 Sept 104
1925
7s
Nov
Feb 100
Amer Cotton Oil 68...A924 9834 9874 9934 4.000 85
Jan
9734
July
23,00
9134
9334
93
_2014
6s.
Amer G & E deb
Jan
110
Amer Lt & Trac 6s.._1925 10434 10434 10434 1,00 103 June
15,00 1003.4 Nov 10134 Feb
Without warrants
10034 10034 101
July 10034 Jan
9874 9874 3,000 97
Amer Rolling Mill 68.1938
9664 97
12,00
953.4 Jan 1003.4 May
Amer Sumatra Tob 674s'25 97
Sept1013.4 Jan
1003.4
71,000
1924
_
_
_
610_
Tel
10074 10074 1007'
Amer Tel &
Mar
American Thread 68_ _1928 1017' 10154 1013.4 2.000 10134 May 10374 Feb
101 10134 19,000 10054 July 10334
Anaconda Cop Min 68_1929 101
Jan
Sept10334
8,000
10134
102
Angio-Amer 011 7%8-.1925 10134 1013.4
Nov 9834 June
91
9134 9,000 91
Assoc Hardware 6348.1933
Mar
Oct62
4034
34,000
46
45
4234
1959
58
L
SS
I
W
Atl Gulf &
41,000 6534 Feb823.4 June
74
70
Beaver Board Cos 88-.1933 70
Aug
Nov97
90
9074 10,000 90
Belgo-Can Paper 6s. _1943
19,000 10134 Sept10334 Sept
10254
10274
Beth Steel equip 78-1935 10234
10734 10734 22.000 10634 May 11034 Jan
Canadian Nat Rya.78.1935
July 993.4 Feb
1925
9934 9934 2,000 97
5s
Mar
Nov97
9.000 85
88
85
Charcoal Iron of Am 88'31 85
933.4 9334 15.0_0 9334 Nov9334 Nov
Chic & N SV RY Saw I-2037
Apr
Nov
87
6,000
963.4
89
89
8834
C1966
Cities Service 78,Ser
July 9334 Jan
24,000 87
1966
8834 89
7s, Series D
Jan
30
Aug
14.000
1231
19
18
88-1925
Graph
Columbia
Jan
July 35
27,000 10
1734 1774 18
Ctfs of deposit
101 10174 8,000 10034 Apr 10334 Jan
Cans GEL&P Balt 68'49
Sept 10834 Feb
10234
8,000
10634
10674
1931
10574
78
Apr 100
5,000 97
97
Jon
97
1952
5%8
Feb
Nov 106
9134 9274 2,000 91
1941
Consol Textile Se
Feb
Jan 91
85
1,000
853.4 8534
Cudahy Packing 5s....1945
Feb
9934 1004 9,000 9834 Jan 10374
1931
Deere & Co 7348
Sept 10154 Jan
993.4 9974 19,000 99
Detroit City Gas 68_1947
Jan
10154 10134 8,000 100 June 104
_1932
Detroit Edison 6s
Oct 9734 Apr
92
12,000
92
92
92
.1942
78
Am
of
R
&
T
Dunlop
May
June
9854
26,000
9634
98
9834
1933
Federal Sugar 68
6,000 0654 June 10034 June
9934 100
1925 100
Fisher Body 6s
Feb
July 100
6,000 97
9934 100
1926
68
97% 97% 16.000 9434 Mar 9854 Feb
1928
6s
96
July 9954 Jan
26,000 94
9636
75-1939
9536
Co
(Robert)
Gail.
Nov 10534 Mar
4,000 102
103 103
Galena-Signal 011 7E1_1930 103
Jan
99 June 105
General Asphalt 8s_ _ _1930 10334 10304 b047( 6,000
Apr
Oct 98
4,000
9374
9374
9354
68_1928
Petroleum
General
Jan
107
Apr
10,000
10374
106
Grand Trunk Ry 6Ma -1936 10534 10534
94.14 9474 23,000 9334 Mar 9734 Jan
1937
Gulf 011 of Pa 58
Jan
102
June
100
20.000
101
101
10174
1936
Hood Rubber 78
Nov 9434 Nov
94
Internet Match 6%a w I'43 9434 9454 9474 12,000
Nov
Oct
99%
8,000
101)
1003.4
10074
5%8'26
Ry
Kan City Term
10334 10354 26,000 10194 July 10554 Jan
Kennecott Copper 7s -1930
July 103% Jan
99
9954 3.000 97
LIbby,MeNellIdeLibby78'31
10234 10374 6,000 10134 Mar 104 May
Liggett Winchester 78.1942
Jan 10254 Feb
9774 5,000 95
Manitoba Power 78_ -1941 9834 97
Jan 10354 Feb
5.000 97
9734 98
Without warrants
Mar 24934 May
10,00 105
200 230
1925 230
Maracaibo 011 78
Aug 1067' Jan
_ _1930 9834 9834 9974 19,000 97
Morris& Co 7
Nov
14,000 9034 Oct94
93
93
Motor Products Saw 1_1943
96
Jan
9534 47,000 95
Nov 102
National Leather 88-1925 9534
8954
Mar
July
33,000
813.4
82%
8234
53_1952
8334
Serv
New On Pub
w 1'33 9934 9936 9974 5,000 9934 NOv 9974 Nov
Nor States Pow 6
Jan
1952 8434 843.1 8454 4,000 8334 July 92
Ohio Power 58
12,0013 853.4 Oct 903.4 Jan
8634 87
Penn Power & Lt 58B-1952 87
Oct
Phila Elec 534s w 1-1953 9834 9834 9934 78,000 9854 Nov 993.4 Jan
Nov 10214
9834 30.000 98
1947 9834 98
57's
7,000 1023.4 Mar 10534 Jan
103 103
1941
6s
Phillips Petrol 734s,_ _ 1931
99% 101
37,000 9554 Aug 10331 Jan
101
without warrants
104% Feb
Public Serv Corp 78_1941 10094 100 100% 17,000 9994 Sept
95
19,000 9454 Oct 98% May
95%
68-1948
Pow
Pub Serv Elec
July 94% Nov
Reading Coal 5s. w 1 -.1951 9274 92% 94% 39,000 87
Nov 8834 July
8454 84% 84% 4,000 85
4%s w 1
41,000 10234 Oct 10554 Apr
_1931 10374 102% 104
Shawsheen Mills
Feb 98% Feb
7,000 96
96% 97
Sloss-Sheffield S& 168 1929
12,000 10354 Sept 105% May
104 104
1924
Solvay & Cie Eis
Jan
93
mar
5,000 87
88% 89
South Calif Edison 561_1944
10734 Jan
Stand Oil of NY 630.1933 10574 105% 106% 11,000 10434 Apr
Feb
106%
Oct
2,000
101% 101%
10154
7% sedal gold deb_ _1925
Apr 106
July
103% 103% 11,000 103
7% serial gold deb-1926
Apr 10734 Jan
18,000 no
104% 105
7% serial gold deb--1927
Sept 10754 Jan
7% serial gold deb _1928 1053.4 105% 105% 5,000 104
Apr 10934 Jan
106 106% 18,000 105
7% serial gold deb_ _1930
Feb
4,000 10534 May 110
10554 107
7% serial gold deb_ _1931 107
Mar
10114 101% 1,000 100 June 103
1931
Bun Co 7e
Apr
Aug
97
9934
10,000
9834
98%
9834
1929
Sun 011 els
Feb
89% Mar 94
Swift & Co 58_ _Oct 15 1932 9194 91% 91)5 16,000 100
Aug 104 May
2,000
101
100%
_1931
78.
011
Tidal-Osage
June
Oct9934
99
2,000
99% 99%
Union 011 Series B 68_ _1926
34,000 70
Nov10654 Mar
76
70
United 011 Produo 88_ _1931 74
Jan
Apr 107
United Rys of Hay 7348'36 105% 105% 105% 14,000 1033.4 Jute
10734 Jan
15,00
10534
10634 10674
1936
Vacuum 011 68
July 10354 Mar
10234 10234 1,00 102
1937
Valvoline 011 68
9974 Nov9931 Nov
WebsterMIlls6)4% notes'33 9934 99)4 99% 131,00
2% Mar
6% Mar
Jan
llo
1% Nov
29% Nov
60o Nov
85o Feb
Sc Mar
60 Jan
350 Oct
22e Feb
2% Jan
38o Jan
134 Oct
4% Mar
Jan
15c
Jan
15e
1% Mar
Jan
15e
3% Oct
1% Oct
72e Apr
434 Mar
9c Nov
lc Nov
130 Jan
2% Jan
40 Jan
370 Jan
740 Jan
50o Mar
Nov
1
lie
Jan
240 Jan
340 Jan
76o Feb
57e Mar
llo Feb
100 Mar
10e Mar
130 Jan
10c Mar
54c Nov
9% Apr
1 13-16Feb
lh. Oct
4% Mar
48o Mar
Jan
38e
3% Feb
6c
Jan
80 Jan
7c Apr
100 Jan
Jan
7e
2% Mar
25e May
234 Apr
93o Apr
320 Jan
2: Jan
24% May
4% May
18034 May
780 Nov
63( Mar
10e May
11.. Mar
Foreign Government
110 Mar
and Municipalities
9934 Sept
334 Apr Argentine Nation 68_ _1924 99% 99% 99% 133,000 99% Sep
50 June
231 Mar French Govt Victory 58 '31
37% 37% 10.000 3774 No
May
flo Mar Mexico 48
1945 35% 29% 35% 408,000 29% Nov 44% May
1934
68c Apr
12%
Aug
5,000 11%
12%
53
60 Nov
49% 56
80,000 49% Nov 6334 May
58
68 10 year Series A
Sc Feb Netherlands(Kingd)6sB'72
91% 94% 69,000 6034 Nov 10234 Aug
20 Nov Peru (Republic) 88-.1932
Sept 10034 Apr
97% 97)4 5,000 96
1% May Russian Govt 654s....1919
8% 904 16,000
834 Oct 16,4 Feb
50 Jan
Oct 16% Feb
8%
9
8%
27,000
Certificates
Feb
Sc Oct
Nov 16
g
8%
874 851 70,000
1921
534s
16 May
90 Oct
Nov
8%
8%
8%
65,000
874
Certificates
Jan
104
Nov
Oct
160
98% 15,000 97
Switzerland Govt 5345 1929 97% 97
254 Apr
96% 97
37,000 9634 Nov 97% Aug
Ext 5% notes....1926
400 Feb
90 Jan
I Listed on the
500 Apr
•No par value. k Correction. m Dollars per 1,000 lire flat.
o New
4% Mar
Exchange this week, where additional transactions will be found.
310 June Stock
z Ex stock
EX-rightS.
g
80 Jan stock. a Option sale. to When honed. z Ex-dividend.
68e Jan] dividend. to Ex-stock dividend of 40%.
e
2318
bitestment and gailroad intelliffente.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
Akron Canton & Y_ September 225.575 182.756 2,016,001 1.625.057 Minneap & St Louis 2d wk Nov 34,722 35.062 14,64,217 13,613,652
Alabama & Vicksb_ ISeptember 300,217 214,447 2,549,701 2.199,723 Minn St P & S M_ September 4,740,683 5,253,092 37.098.211 33.296.947
Amer Ry Express— July
13184420 12670521 91,708,126 90,568,695
Wisconsin Central September 1,708,640 1,695,385 15,554,127 13,682.058
Ann Arbor
2d wk Nov 107,958 115.028 4,778,208 4,388,780 Mississippi Central_ September
142,657 130.588 1,339.645 1.095,791
Atch Topeka & S Fe September 17047540 17827530 148109866 133794999 Missouri Kan &Tex September 2.867,024
2,914,952 25,832,386 23,828,284
Gulf Colo & S Fe- September 2,300.5462,292,687 17.714.943 16.587,083
Mo K&T Ry of T September .114,808 1,915.971 14,822.843 15.138,428
Panhandle S Fe September 875,632 770,674 6,084,012 5.567,051
Total system.._ _ _ September .981,832 4,830,923 40
9138,966.712
2,25
1.
.6
104
55,:0
Atlanta Birm & Atl_ September 379,848 363.719 3,424,657 2.859.061 Mo & North Arkan_ September
143,409 102,498
Atlanta & West Pt 'September 233.186 242,266 2,166,346 1,827,096 Missouri Pacific..__.. September 10239452
S3679214,9
73,3
12
62
2 93
70
8
8,049,230
Atlantic City__ _ _ -1September 508.472 483,819 3,998,716 3,799,303 Mobile & Ohio
2d wk Nov 377.753 415,903 17,591,656 15,305.745
Atlantic Coast Line_ iSeptember 5.487,547 5,266.434 59.390.359 51,464,507
Colum & Greenv_ September
1,124,470
141,122
1,134,993
140,774
Baltimore & Ohlo-1September 21527022 13619379 195315973 140346795 Monongahela Conn_ September 241,403 120.144 2
19
86
1:296
89
1
98
2 1,5
1:8
084:9
94 76
B &0Chic Term_ ISeptember 314,511 243,351 2,787,725 2,241,513 Montour
September 219,870 209.181
Bangor & Aroostook September 546.162 445.375 4,855.343 5.717.373 Nashv Chatt & St L September 2.118,6302,038,629
84
17
16,
2
184
26:2
7
18,
3
4
3
8
3
9
:7
7
,51
5
Bellefonte Central..- September
9.442
10,367
97,502
76,506 Nevada-Cal-Oregon 2d wk Nov
12,610
9.133
Belt Ry of Chicago.. September 611.988 529.693 5,403.783 4,367,086 Nevada Northern September
95,501
387,235
717,024
74,343
Bessemer & L Erie September 2,047,143 1,892.209 15.680,194 9.555.981 Newburgh & Sou Sh September
168,505
1,581,857 1,416,014
131,441
Bingham & Garfield September
36.581
28,072
154,234 New Orl Great Nor_ September 237,132 189,024 2,145,441 1.883,963
340,524
Boston & Maine
September .023,799 7.072.244 65,083,203 58,474,927 N 0 Texas & Mex September
221.310 284,098 2,165,977 1.961,432
Bklyn E D Terminal September
108.404 124,471 1,146,126 1,186,194
Beaum S L & W September 224,119 127,396 48
7:4
327
1
1:45
696
9:3
735,9
8:4
428 39
Buff Roch & Pittsb_ 2d wk Nov 370,309 541,230 19,086,784 3,340.622
St L Browns & M September 668,255 441,020
Buffalo & Susq
September 215.934 172,415 2,092.735 1,037.772 New York Central September 34448185
256603639
320602476
33351446
Canadian Nat Rys_ 26 wk Nov 5,875,3825,541,703 219237931 200657445
Ind Harbor Belt_ September 991.817 998,465 8,709.825177709 7,303.536
Atl & St Lawrence September 216,492 219.906 2,348,112 2,017,544
Michigan Central September 7,582,5957.578,188 3.963,575 59,354.6
54
ChDetCanGTJct September 255,651 135,286 2,591,431 1,628,844
Clev C & St L September 8.074.1897,200.006 2.126,099 61:379:687
Det0 H & Mllw_ September 582,432 408,070 5.106.900 3,851,187
Cincinnati North.. September 425,836 235,554
267
Canadian Pacific— - 2d wk Nov 5,292,000 5,232,000 160372000 154394000
Pitts & Lake Erie September 3,853.2633,026,790 „ 18,919,524
Caro Clinch & Ohio.. September 752.932 578,914 7,028,904 5,660,343 NY Chic & St Louis
September 4.719,716 4.385.688 43,301.32836,582,499
Central of Georgia-- September 2,053,5672,088,289 19,710.609 16.719,217 N Y Connecting
_ _ _ September
256,706 307,335 2,644.9921 2,145.807
Central RR of N J September 4,264,943 4,270,335 43.331,604 34.952.975 NYNH& Hartf
September
11190891 11086238 100516271 89,944,465
Cent New England- September 635,454 503,726 5,796,592
N Y Ont & Western September 925,808 1.182.759 10,716.1451 9,193,954
Central Vermont_-- September 744.209 653,461 6,541,119 4,869.980
5.215.322 N Y Snag & West September 308,034 325,747 73
28
6
35
3:3
07
2:3
93
0:6
66
452:7
188
81 69
Charleston & W Car September 289,098 235,500 2,933,203 2,420,116
Norfolk Southern September 732,106 664,373 6,775,358 6.122,293
Ches & Ohio Lines— September 9.159,030 5,874,732 75,835,106 62,504,957
Norfolk & Western. September .435,184 7,857.559
Chicago & Alton
September 2,978.877 1,811,615 5,131,489
Northern Pacific...... September .824.938 9,846.468 73,231.917 68.294,756
Chic Burl & Quincy_ September 15060340 15398172 128108379 19,097,110
117145301 Northwestern Pax_ September 795,442 800.169 6,139.873 6,026.369
Chicago & East Ill's September 2,512,172 2,062.688 21,322,499 17,565.066
Pennsylvania Syst September 7949619 66802201 589222 138 505034 221
Chicago Great West September 2,147,879 2,137,762 19,267,417
Pennsylv RR & Co_ September 2617 470 61749599 547353 125 466546 271
Chic Ind 3: Louisv September 1,497,131 1,347,675 13,460.129 17,580.178
September
166,893 151,126 1,200,073 1,223,742
Chic Mllw & St Paul September 14804029 14421141 127282894 11,587,330
Long Island
11250176
September .201,872 2,980,012 26,186.019 23,587,475
Chic & North West_ September 14062408 13189311 120321637 106391636
Mary Del & Va_ _1September 117,265 125,510
849,361
894.717
Chic Peoria de St L- September 124.394 130,169 1,033.069 1.569,610
Monongahela__ September 514.950 399,645 4,395,057 2,518.106
Chic River & Ind
September 617.332 540,474 5,555.281 4,956,212
Tol Peer de West_ISeptember
161.209 141,067 1,386,922 1.210,502
Chic R I & Pac
W Jersey & Seash September 1.566,303 1.574,061 11.419,691
September 10744253 10689360 92,221.471 87,592.818
10.890,240
Chic R I & Gulf September 498,925 524.574 4,183,231 4,307.758 Peoria & Pekin Un_ September
150,010 157,825 1.302,652 1,308,999
Chic St PM & Om.. September 2,554,243 2,497.933 21.055,851 20.608,862 Pere Marquette........ September 4.052.996 3,370.584
34,039,594 27.984.584
Cinc Ind & West.— September 411,807 348.541 3,475,490 3,078.002 Perldomen
September
90.986 119,851
840.784
957.317
Colo & Southern
September 1,093,958 1,198.658 9,262,001 9,618.461 Phila & Reading...... September
6,782,686 80,431,809 55,691,782
Ft W de Den City.. September 828,337 865,463 6,790.610 6.895,510 Pittsb & Shawmut_ _ September 7,454.934
90,335
88,761 1,023,272
765,642
Trin & Brazos Val September 460.694 224,239 2,006,232 2,114,817 Pitts Shaw & North September
93,062 153.646 1,077,549
830,764
Wichita Valley
September
125,059 121,542
340,612 251,616 2.814,349 2.047.543
882.182 Plttsb & West Vs September
979,177
Delaware & Hudson September 3,399,069 2,971,904 35,291.443 26,459,641 Port Reading
September
146,667 149.527 2,065,902 1.293,205
Del Lack & Western September 6,297,225 6,564,549 64,876,691 53,770.523 Pullman Co__
September 6,941.959 5,912.209 55,261,188 48.759,024
Deny & Rio Grande September 3.483,501 3.328,741 24,718.567 23,820.965 Quincy Om & K _ September
102,499 128,715
944,048
822.241
Denver & Salt Lake September 280,740 179,737 1,916,699
945,214 Rich Fred & Potom_ September 897,983 946.638 9,210,611 8,084,749
Detroit & Mackinac September 162,485 192.398 1,401.100 1,390.338 Rutland
September 601,193 538.064 5,128,040 4.280,835
Detroit Tol 3:front.. September 941,252 666.139 7,860,952 6,687,749 St Louis-San Fran._ 2d wk Nov 1.726,330
1,631.759 7,803,874 71,258,498
Det& Tol Shore L-- September 364.355 293,483 3,200,892 2,590,833
St L-8 F of Texas.. September
171,312 145.094 1,222.033 1.248,864
Dul & Iron Range-- September 952,404 811,117 6,293.941 5,584.337
FtW& Rio Grand September
140.305 146,292 1,102,196
974.513
Dul Missabe & Nor -September 3.514,011 2.160.036
17,401.855 11.912,194 St Louis Southwest_ September 1.670,778 1,690,367 5,300,086 12,871.797
Dul Sou Shore & AO 2d wk Nov 115,191
St L Sou of Texas September 859,238 711,383 6,043,064 5.359,194
98,644 5.169,099 3,831,336
Duluth Winn & Pac September
Total system
156,027 162,576 1,817,990 1,471.710
2d wk Nov 628,601 639,537 5,508,389 22,125,594
East St Louis Conn- September
215,835 153,704 1,798,199 1,505,446 St Louis Transfer September
79,628
57,590
654,314
546,396
Elgin Jollet & East.. September 2.102,7101.707,341
15,044,516 San Ant & AranPass September 807,072 681,127 4,475,024 4,146,667
El Paso & Sou West September 941,349 964,245 21,321.308
Ban Ant Uvalde & G September 111,198
8,352,070
9.402,935
933,779
86,620
800,648
Erie Railroad
September 8,629.373
89,369,516 66,083,455 Seaboard Air Line.... September 3,970.605 3.700,004 38,291.505 32.724.520
Chicago & Erie— September 1,434,259 7,380,297
897,748 10,520,459 8,118,388 Southern Pacific Sys October
8988394 26232894 238350289 214983 175
NJ&NY RR September
139.074
1,200,878 1,118,687 Southern Pacific Co September 19003928 6808629 149306844 132684350
126,906
Evans Ind & T H... September
Atlantic SS Lines.. September 1.091,627 .062,196 10.146.451 8.559,057
169.738 134,998 1,285,182
808.489
Florida East Coast.. September 889,638 758.584
Arizona Eastern_ September 273.927 244.498 2,719.504 2,306,467
10.213,238
Fonda Johns & Glov September 110,399 121,331 11,972.399
Galv Harris & S A September ,225.733 .985,158 17,066,660 15,968,577
1,128,913 1,029,403
'Pt Smith & Western September 134.765
Hous & Tex Cent.. September ,434,072 .425,588
156.980 1,143,098 1,174,984
10,639,066
Galveston Wharf.-- September 151,159 142,157
Hous E & W Tex.. September 291,915 282,318 10,308.182
1,071,982
1,028.891
2.231,
2.286,013
Georgia Railroad
September 504.031 456.034 4,557,269 3,684,841
Louisiana
Western September 376,883 355,070 3,367,824 3,064.744
Georgia & Florida 2d wk Nov
37,700
Morg La & Texas September 743,660 748,665 6,461,859 5,761.891
30,300 1,542,640 1.172,433
Grand Trk West
September 1,667,223 1,444,764 15,082,509 12,105,415
Texas & New Or'. September 751,352 746,756 6.570.984 6,398.765
Great North System 2d wk Nov 3.328,4542.521.230
89,642.287 Southern Rv Syst— 2d wk Nov ,930,913 3,783,209 172935591 1411,79932
Green Bay & West- September 105,707 105.350 105553292
Southern Ry Co.... September 2410 252 10137296 111827631 91.535.805
1,011,256
973,184
Gulf Mobile & Nor- September 511.457 375.719 4,401.458 3.432,999
Ala Great South.. September 890,313 517.598 8,100.275 6,088.431
Gulf & Ship Island- September 266,105 267,416 2,450,612 2,216.245
CinNO &Tex P_ September .807.009 1,090.769 17.416.692 11,828,027
Hocking Valley---- September 1.499.743 1,354.872 13,398,188 9,670,895
Georgia Sou & Fla September
317,032 3,914,856 3.358.943
Illinois Central Co__ September 13674874 14710349 125547734 110428008
New Orl& Nor E.. September 419,893
575.218 303,136 5,202,330
Yazoo & Miss Val September .824,050 1,840,197 15,019,750 13.588,643
Northern Ala_ _ _ September
128,231 1.285,706
148,043
Internat'l Grt North September .596,820 1.494,369 10.875,738 10,362.574 Spokane Internet_ September
9864
8798.9
877.604 3.8
2
15
783
95,115 122,804
3
Int Ry Co of Me—.. September 136.651 152.504 2,021.453 1,952,722 Spok Portl
& Seattle September 773.720 659,625 L946,497 5,323,461
Kan City Mex & Or September 160.940 116,186 1,386,788 1,007.013 Staten Island R T.. _ September 224.296 202,183 1,940.886 1,850.415
K C Max &0of Tex September 139.009 112.652 1,270,040 1,080.449 Tennessee Central._ September
258.936 254.317 2.317,538 1,781,093
Kansas City South_ September .656,109 1,590,329 14,794,362 13,210.926 Term RR Assn ofSt1, September 467.220
345,926 3.836,513 3,324,892
Texark & Ft Sm... September 297,090 191.231 2,077,594 1,514.939
St L Mer Bdge T_ September 417.825 418,650 3.676,254 2,785,261
Total System_ --- October
,113,900 1,852.872 18,985,855 16,578,737 Texas & Pacific._ _ 2d wk Nov 736,680 745,692 27,571,120 6,511,747
Kan Okla &
- September 177,124 264.567 1,858,985 2,087,195 Ulster & Delaware... September
142.301 155.086 1.408,454 1,287.370
Lake Sup & Ishpem_ September
129,032 161,739 1,004.189
897,465 Union Pacific
September 12607227 11280849 83,807.024 75,012,189
Lake Terminal Ry__ September
90.939
Total System......_ October
67,263
778.988
874,496
21633102 174599257 157088757
24304916
Lehigh & Hud River September 242,522 185,703 2,268.506 1,689.635
Oregon Short Line September 3,773.682 3,614.100 27,394,930 5,690,735
Lehigh & New Eng.. September 365.699 387,946 4,486,109 2,881,670
Ore-Wash RR &N September 3.077,944 2.767,385 21.377.988 20,499.723
Lehigh Valley
September ,283.244 5,656,065
St Jos &(3rd Isl.... September
45.833,132
297,028 274,371 2.369,833 2,288.938
Los Aug & Salt Lake September .118,788 1,634,700 55,341,462
17,714.399 14,253,008 Union RR (Penn).... September 1,147,401 1,016,401 9,605,178 8,320.821
Louisiana & Arkan_ September 304.423 237.253 2,815,365 2,443,655 Utah
144,994 126,948 1,135.112 1.243,947
September
Louisiana Ry & Nay September 327.695 323,197 2,882,206 2,491,775 Vicks Shreve & Pac_ September 377,912
277,918 3,249,778
La Ry & Nay of T September
140,845
Virginian Railroad. September 1.805,964 1,297,386 16.495,964 2,671,738
596,695
4.542,992
Louisville & Nashv_ September 11475130 9,534,463 101386694 90,134,839 Wabash RR
5,000,892
6,189,382
October
LouLsv Fiend & St L September 295.630 311.723 2,600,926 2.424.134 Western Maryland_ 26 wk Nov 407,574 456,137 55,416,027 7.741,878 '
5,827.802
Maine Central
September 1,786.558 1.762,208 15,967,316 15,269,304 Western Pacific_ _ _ September 1,580.989 1.411,951 20,368,365
8,729.245
Midland Valley
September 386,311 408,462 3,357.930 3,402,646 Western Ry ofAla September 261,864 249.671 10,061,412
2.190.353 1,892.328
Mineral Range
26 wk Nov
10.120
10.5391 409,542
269,101 Wheel & Lake Erie_ September 1.774.952 935.247 14,258,548 9.930,429
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Current
Year.
IncreaseorCurrent 1 Previous
Increase or
Monthly Summaries.
Decrease.
%
Year.
Year.
Decrease.
%
$
Mileage.
$
$
Cur.Yr. Prev.Yr.
.
1st week Sept (14 roads)_-_- 16.173,591 14.776,721 +1,396,870 9.45 December---235.290 236,121
512,1.733 434,1,143 87,735.590 20.66
26 week Sept (15 roads)_--- 19,482,178 18,379.315 +1.102.863 6.00 January —235.678 235.827 500,816.521
395.000.157 70.803,472 21 00
3d week Sept (14 roads)---- 17,576,049 16,741,845
-F834,204 4.98 February - - -235,399 235.528 444,891.872 400,146.34144,745,531 11.18
4th week Sept (15 roads).— 27.636,687 26,460,653 +1,176.034 4.44 March
235.424 235.470 533.553.199 473.747,009 59,806.190 1213
1st week Oct (15 roads)_-_- 21,869,478 20,768.243 +1.101.235 5.30 April
234.970 235,839 521.387,412 415,808,970 +l0578442 2589
2d week Oct (13 roads).-- 19.218,468 18.650,173
568,295 3.04 Ma)
235,186 235,472 545,503,898 447,993.844 +97.510,054 21.77
wk Oct (14 roads)_-_- 22.532,470 21.968,811
3d wee
563,559 2.57 June
236.739 236.683 540,054,165 473,150,664 +66,903.501 14.14
4th week Oct (12 roads)____ 33.151.847 28.920,884 +4.230,983 14.69 July
235,477 235.813 534,634.552 442.955.873 4-91.678,87020 70
1st week Nov (16 roads)____ 22,798.500 22,391,225
+407,275 1.82 August
235,357
563.292,105473.110,138 +90,181.067 19.00
26 week Nov (16 roads)____ 23.329,297 22.225.106 4.1.104.191 4.97 September.. _235.811 235.696
23(1.525 544.270.233 499.720.a75 4-44.549.658 8.91
Rapids
&
Indiana
Note.—Grand
and Pitta. Cm.Chic & St. Louie Included in Pennsylvania RR. Lake Erie & Western included in New York Central.
Toledo St. Louis & Western included in New York Chicago & St. Louis.
Weekly Summaries.
Previous
Year.
1
a
Nov. 24 1923.]
2319
THE CHRONICLE
Latest Gross Earnings by Weeks.--In the table which
follows we sum up separately the earnings for the second
week of November. The table covers 16 roads and shows
4.97% increase over the same week last year:
Latest Gross Earnings.
Name of Road
or Company.
Mcrrah.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
it
$
$
$
9,623.228
Havana El Ry,L & P September 1111,305102889.698,04 9,92
400.881
423,043
47,582
52,105
September
Light__
Haverhill Gas
33,547 34.845 *413,962 •390.987
Lt & Rys Co_ March
Increase. Decrease. Helena
1922.
1923.
721,658
727,079
Second Week of November.
84,476 84,602
Honolulu Rapid Tran September
397.618
385.466
41,366 41.631
Co Electric September
Houghton
$
$
$
$
888.187 8,521,611 8.133.674
944,658
September
Manhattan
&
Hudson
7,070 Hunting'n Day & Gas September 102.984 91,480 *1.313.396 *1,156,847
115,028
107,958
Ann Arbor
170,921 Interb Rapid Transit_ June
541,230
370,309
*56133286
Buffalo Rochester & Pitts
4579.158
5,875,382 5,641,703 233,679
Canadian National
2916,196 2779,059 19,044,316 25,812.275
Subway Division__ June
60,000
5,292,000 5,232,000
9,700.170 9.365,675
1543,422
Canadian Pacific
1615,038
Elevated Division_ June
16,547
98,644
115,191
Duluth South Shore & Atlantic_
September 240,712 270.389 *2.502,593 n.403,953
Idaho Power Co
7.400
30,300
37,700
6,907.863 5.960.389
670.263
Georgia & Florida
728,225
October
Lt_
&
Pow
Hans City
3,328,454 2,521,230 807,224
Great Northern
Kan Gas A Elec Co_ September 402.937 365,068 *5.475,222 *4.979.055
419 d
10,120
10.539
305.166
284.075
Mineral Range
34.780 34,249
September
Co
Electric
Keokuk
18,660
353,062
371,722
158,669 145,834 *1,669,763 •1.578.128
Minneapolis & St Louis
Trac Term June
38.150 Kentucky
415,903
377,753
152,138 142,063 1,485.636 1,391,814
Mobile & Ohio
October
Co
Telep
Keystone
3.477
9,133
182,606
184.726
12,610
19,581 21.356
Nevada-California-Oregon
Key West Electric.... September
94,571
1,726,330 1,631,759
St Louis-San Francisco
Shore Electric aeptember 237.854 230.856 2,084,953 1,866.401
10.936 Lake
639.537
628.601
St Louis Southwestern
Co &
um
Lexington
3.930.913 3.783,209 147.704
84,463 80.257 *1,121,044 *1.083.865
Southern Railway
Lox Ice Co Consol_ April
9,012
183.605
745,692
177.328
736.680
36,580 36,645
Texas & Pacific
Island Electric_ June
48,563 Long
456.137
407.574
Western Maryland
989,904 1040,632 4.914.646 4.987,097
Los Angeles Gas Co— April
4.931.795
5.654,105
4931.795
5654.105
Louisv Gas & El Co January
930.272
23,329,297 22,225,106 1,389,263 285.071 Lowell El & Lt Corp.. September 115.995 111.912 1,210,706
Total (16 roads)
1.104.191
141,971
104,117
Netincrease(4.97%1
23,424 24,176
Manhat Bdge 3c Line June
182.331
195,632
33.375 33,555
Manh & Queens(Rec) June
*3,579,057
*3.579,617
313,943
309,303
Ccrp_
October
Electric
Manila
our
summary
In the following table we also complete
8,139,027
847.067
874,685
October
Market Street By
260.711 238.783 1,620.650 1.393.341
Mass Lighting Co__- June
for the first week of November:
e Metropolitan Edison September 642,826 573.441 *7.641,87o *6.429.100
By
1550.945 *21811272 *18898130
&
Elec
Light
Mllw
September
1745,974
Increase. Decrease. Miss Power & Lt Co- May
1922.
1923.
First Week of November.
93,733 90.462 *1.202,729 *1,133,995
Power
CoSeptember 252,704 232.641 2,275,856 2,197.536
MISS River
$
S
146,982
$
154,898
$
75.132 72.640
Mobile Electric Co... February
998.044
Previously reported (11 roads)_ _ 21,463,348 20,997,958 465,390
StatesPr Co January
1152.932 998.044 1.152.932
Mountain
10,323
118,955
129,278
Ann Arbor
Ser Co & Subs_ September 356.537 350,983 *4.854,911 *3.035,793
Manic
18,189
87,661
105,850
Duluth South Shore & Atlantic79,924 74,765 •932.341 *871.360
Mashy Pow & Lt Co-- June
523
8,621
9,144
Power Co September
Mineral Range
293,770 2.780,077 2,522.712
8,656 d Nebraska Electric September 311.014
721,893
713,237
Texas & Pacific
296,063 281.392 3.209.841 2.635.033
78,494 Nevada-Calif
456,137
377.643
Western Maryland
New Bed G & Ed Lt- September 278.976 277,773 2.709.915
Eng Power Syst- September 604,863 477.732 *7.278.599 *5.596.282
87,150 New
22,798,500 22,391.225 494,425
Total (16 roads)
86,206 63.558 *929.829 *640.305
New Jersey Pow & Lt September
407.275
Netincrease (1.821,)
Newpt News & Hamp
By.Gas & Elec Co- September 182.826 184,421 *2.128.627 *2,089.494
New York Dock Co-- September 267,409 298.170 2.489,934 2,974,157
Net Earnings Monthly to Latest Dates.—The table New
801,074 824.322 4,490,574 4,598,609
York Railways_ June
611,699
592.547
100,637 104,584
Eighth Avenue_ --- JUII0
STEAM
for
earnings
net
following shows the gross and
261,005
254,305
June
42,359 42,064
Ninth Avenue
581.67E
331,440
57,745 63,678
NY & Queens (Rec)- June
railroads reported this week:
803,064)
766,887
June
127,494
(Ree)120,488
Harlem
&
NY
—Gross from Railway— —Netfrom Railway— —Net after Tates- NY & Long Island June
275,45E
232,217
41,383 50,885
1922.
1923.
1922.
1923.
1923.
1922.
Niagara Lockport &
t
t
$
3,244.31C
4,540,829
October
445.075
Subs
490,443
&
Co
Pow
Ont
Kansas City Southern—
Caro Public Serv September 117.236 102,444 1,375,263 1,204.571
382,979 Nor
920.024)
456,282
500,977
568,638
October.... 2,113,900 1,852,872
145,893 131,004 1,107,420
Northern NY Util- July
From Jan 1_18,985.855 16,578,737 5,130,567 4,233,367 4,122,197 3.147.935 Nor Ohio Elec Corp— September 777,584 804.060 7.651,893 6.892.378
55.643 48.423 *568.860 *467,135
Nor'west Ohio Ry & P September
Southern Pacific—
Elec Co- September 232.116 250,907 2,133,468 2,264.954)
October.__ _28,988,394 26,232,894 10,535,048 9,041,401 8,214,737 7,281,654 North Texas
134,624)
129,634
34,980 40,095
June
Electric
From Jan 1238350,289 214983,175 66,379,769 56,433,700 46,100,123 38,585,734 Ocean
d Pacific Pow & Light September 288,106 281,284 2.278.585 2,219.174)
406,285
448.335
September
49,529
49,021
Electric....
Pacific—
Paducah
Union
October.._.24,304,9l6 21,633,102 9,577,696 6,888,466 8,334.483 5,746.188 Penn Central Light&
Power Co & Subs September 304.680 236,439 2.484,315 1.745.381
From Jan 1_174599257 157088,757 47,214,433 38,634,690 36,006,864 27.175,833
718,413 698,806 4,549,640 3.245.064)
Penna Coal & Coke..June
Pennsylvania Edison_ September 279.291 219.390 *3.096,595 *2.526,301
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S. Phiia Co. & Bubsid'Y
Natural Gas Cos— September 891.821 956,971 10,847.958 10,111.224)
697.579
324,105
22,114 60,547
Philadelphia Oil Co September
Jan. 1 to Latest Date. Philadelphia & West_ October
681,932
721,505
Latest Gross Earnings.
74,087 73,691
3952,311 3,716020 37.068,782 34.953.172
Name of Road
Rapid Transit October
Phila
Previous
Current Previous Current
Transit August
3488,191 3315,457 29.548.111 27.790.051
or Company.
Rapid
Phlla
Year.
Year.
Year.
Year.
Month.
75,067 80,217 *860,579 *821,514
September
Pine Bluff Co
dPortland Gas & Coke September 265,249 263,523 3.137,999 3.083.511
$
$
$
$
833,651 *10718602 *9,989,98]
Pr
&
890.719
September
Lt
Portland By.
618,227 512,333 5,611,090 4,562,301 Pub Sore Corp of N J June
Adirondack Pow & Lt October
6740,834 6269.518 42.049.797 38,458,591
833.396 564,877 *7,564,431 *5.366,144 Puget Sound Gas Co_ January
168.811
171.329
Alabama Power Co__ October
171.329 168.816
Amer Elec Power Co_ September 1657.198 1604.947 15,674.724 14,153,919 Puget Sound Pr & Lt_ September 987.166 808,126'11901638 *4.466.291
Am Pr & Lt Co Subsid September 2604,412 2400,783 *30844891 *28148113 Reading Transit & Lt September 252,012 246.057 *3,085,635 *2,940.911
American Tel & Tel__ September 5796.462 5645.669 53,341,075 47.861.878 Republic By & Lt Co- September 806,927 693.325 7,325,257 6,028,591
373,05:
mAm Wat Wks & Sub September 2964.348 2417,168 25.808.687 16,312.926 Rim Lt & RR(Boa)June
393,535
70,724 71,384
307,812 247,366 *3,379,938 *2.863.963 Rutland Ry Lt & Pr_ September
Appalachian Pow Co_ October
49,102 54.741 *550,314 *572.5X
78.359 60,960 *801.168 *559.705 San Diego dons G&EI January
Arizona Power Co— August
3756,665 3866,576 3.756.665 3.866.571
135,936
*1.416.556 *1,252.670
cArkansas Lt & Power September 136.835
58,524 51,062 *855.989 *760,631
Gas & Elec September
88.675 79,921 *951.837 *885.739 Sandusky
Asheville Pow & Light September
Savannah Elec & Pow September 160,810 129,825 1.269,773 1,194.561
Associated Gas & Bloc September 297,299 171,627 *3.082.143 *1,872,438 Sayre Electric Co.... September
16,479 15,733 •202,853 *184,30,
97,571 88.476 '1,215,135 *1.064.292 Schenectady By 00 May
Aug-Aiken By & Elec June
740 511
74,836 142.534
686 407
484.21i
Bangor Ry & Electric September 128.192 130,041 *1,540.862 *1,469,866 Second Avenue (Re)June
498.059
90.875 89.849
3810.785
3984.372
37,091,354
September
33,633.681 17th St Incl Plane Co September
29.251
kBarcelona Tr, L & P
28,418
3.199
3,543
50.425 48.488
467,208
433.471 Sierra Pacific Elec Co September
Baton Rouge Electric September
86,042 77,490 1,154,929 1.040,87,
53.616 53.291
526.834
470,592 South
316.72'
Beaver Valley Trac.. September
320.712
Power Co February
156.416
151.631
Colo
99.752
83,207
*1,141,057 *989,361 Southern Calif Edison September 1940,297 1547,001 *19485868 '1871328:
Binghamton L. H & P September
Blackstone Val0& E September 361.223 329.805 *4,433.436 *3,918.955 So Canada Pr Co, Ltd August
78,577 71,323 t854.585 t770.89
2760.077 2630.924 17.448.433 16.535.329
Boston "L" Railway_ June
46,894 41.585 *555.922 0535.60'
South N Y Pr & Ry— June
Brazilian Tr,Lt & Pr September 21168000 17572000 181880000 143910000 Southern Utilities Co- June
182,423 *2.423,559 *2.431.181
192.970
7,450
7,263
43.161
43,916
Bklyn Heights(Roc). June
963,784 854.399 *10766484 *9,673.66,
212,124 216,775 1.293.790 1,284,073 9Southwestern Pr& Lt September
Blrlyn Q0&Subrec) June
577,22'
January
455,053
577,227
455.053
Fuel
&
Gas
286,539 271,619 1,421.875 1,381,352 TacomaElectric Co August
Coney I & Bkln Rec) June
165.125 135,420 *2.045,629 *1.752,08
17,297 17,444
52,389
47,962 Tampa
Coney Island & mve June
5.793,42
6.700,578
Co
Pr
Elec
September
678.989
Tennessee
758,033
494,965 451,027 2,731,382 2,503,466
Nassau Electric (Rec) June
Ry
October
333.330 280,481 *2,894,022 *2,702,30
112,995 111,042
June
599.797
529,512 Texas Electric
South Brooklyn
Power & Light September 519,337 438,676 3,944,457 3,496.80'
3310.274 3017,255 *36899294 *34544092 oTexasAvenue
Bklyn-Man Transit-. May
By
Co_
1199.805 33,590,600 53.633.99
September
1182,311
Third
Bklyn City RR (Rec) September 1011.410 1017,207 s3.011.831 32,948.496 United Electric Rya— September 627.685 721,756 6,060.406 6.072.81'
2192.678 1955,670 2,733,261 11,688,692
June
N Y Consol (Rec)_
*13687974'1218415
Corp
El
&
Gas
1033.616
September
1118,623
United
52,299
61.966
510.766
CapeBretonElCo,Liii September
442,274
Lt&Rys&Subs September 985.87.5 956.394 9.070,640 8,408.99
Carolina Power & Lt_ September 202,390 166,658 *2,200,589 *1,871,553 United
Balt- March
1436.169 1345.418 4.045.237 3.804.111
47.254 47.175 *568,128 *5.38.623 Un Rys & El ofLight_
Cent Miss Vall El Co_ September
September 725,150 612,819 *8.168,918 *6,894.25
240.718 282.315 *3.095.150 *3.238,434 Utah Power &
Central Pow & Light_ March
Securities Corp October
916.925 783,062 *9,933,574 *8.670,83
Cities service Co
September 1025.587 1006,673 13.077.166 11.073,344 °Utah
Hydro-Elec_
68,552 58.673 *717,652 *563,60
Vermont
75.809
64,151
Citizen.s Tr Co & Sub_ September
*949,123 *775.195 Virginia By & Pow Co September
880,062 872,343 8.657.758 7.703,16
October
87,324 85,251
City Gas Co. Norfolk March
255,340
266,354) Wash Water Pr Co.. October
429.715 4,412,169 4,042,10
469,902
Cleve Painesv & East_ Sept ember 59,794 64.259
531,129
551,155
129,769 88,061 *1,185.503 *1,010,562 West Penn Co & Sub_ September 1911,635 1665.413 *22736723 *1545418
Colorado Power Co October
636.517 2,988,113 3.043,17
562,483
1471,166 1311,347 13,911.727 12,067.760 Western Pow System- May
Columbia Gas & Elec August
9021.1698091.170 36,318.142 31.789,30
CO May
Columbus Elec & Pow September 183,576 165.851 1,657.843 1.425,345 Western Union TelBy
409,752 *5.528,759 *5,485,73
Electric
400.388
August
Winnipeg
Com'w'Ith Pow Corp_ September 2491.842 2193,993 21.656.374 18.787,884)
154,615 100,057 *1.708,102 *1,198,59
Com'With Pr,By & L September 3086.465 2748.248 *36538350 *32415275 nYadkin River Pr Co September
488.02
July
517.704
68.496
Pow
67.475
&
Wat
Hay
York
September
Co_
Pow
169.012
Connecticut
154,523 1,475,353 1.265,544)
794,50
13.773 17,358 *195,590
Consumers Power Co_ September 1417,434 1194,303 12,159,353 10,224,044 York Utilities Co_ _ _ October
15,31
159,341
50,472 41.284
Cumberland Co P & L September 307,608 292,733 *3.724,501 *3.412.881 Youn & Ohio Riv RR September
2790,637 2376.852 25.638,840 21,128,412
Detroit Edison Co_ _ _ October
a The Brooklyn City RR.is no eager part of the Brooklyn Rapid Transit
Duquesne Lt Co Subs September 1522,153 1356,497 14,236,225 12.117,051
889.799 917.399 7.350,691 7.118,36E System, the receiver of the B voklyn Heights RR. Co. having, with the
Eastern Mass St Ry August
228,936 166,929 *2,658,637 *2.457,947
Eastern Penn Elec Co June
&Sub
Co
49,484 43.980 *543,453 *491,48C approval of the Court decliaod to continue payment of the rental: therefore
September
E
ShG&
East
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
377,548 270,999
Bast St Louis & Sub April
East Texas Elec Co September 175,856 145,379 1.528,574 1,320,002 biThe Eighth Avenue and Ninth Avenue RR. companies were formerly
Brock'n_
122.505
September
112,822
of
*1,556,098 *1,338,822 leased to the New York Railways Co., but these leases were terminated
Edis El Ill
El Paso Electric Co September 197,845 191.092 1.792,574 1,699.231 on July 11 1919,since which date these roads have been operated separately.
of
Co
Pow
&
Lt
Bloc
separately.
40.429 33,453
Abington & Rockl'd September
327,160
270.553 on July 11 1919,since which date these roads have been operated Light Co.
118.216 87.774
517,999
Erie Ltg Co & Subs April
388,064) C Includes Pine Bluff Co. d Subsidiary of American Power &
Works
93.831
September
88,044
Gas
759.297
Fall River
732.648
Includes York Haven Water & Power Co. f Earnings given in milrele•
Federal Lt & Trac Co September 432,408 404.335 4,045,647 3,726,845 e
only. h Includes Nashville By. & Lt. Co. i Ino Ft Worth Pow & Lt September 263,260 223.327 2,193,019 1,838.095 g Subsidiary companies
(Mass.).
257.662
279,870
September
Galv-Hous Elec Co
*3,311.166 *3,322.814) cludes both subway and elevated lines. j Of Anington & Rockland
Gen G & L dr Sub Cos September 1306.741 1140,830 *15554655
k Given in pesetas. I These were the earnings from operation of the proper141,828
165,131
May
RYs
&
Pr
Lt.
816.457
Georgia
710.494)
of subsidiary companies. m Includes West Penn Co. n Includes PalGeorgia Ry & Power_ September 1284.043 1152,823 11,778.014 10,483.01E ties
metto Power & Light Co. o Subsidiary of Southwestern Power & Light Co.
June
58,2 6.
12.M 1.E7.2.795
Great West
3,660.507 •Earningsfor 12 mos. t Earningsfor limos,ending Aug.31. s Earnings
- d..` '''
PotSvst.
for 8 mos. ending Sept. 30
2320
THE CHRONICLE
[VOL. 117.
Electric Railway and Other Public Utility Net
REPORTS
Earnings.— The following table gives the vett:ems of
ELECTRIC railway and other public utility gross and net
Annual, &c., Reports.—The following is an index to all
earnings with charges and.surplus reported this week:
annual and other reports of steam railroads, street railways
--Gross Earnings— —Net Earnings—
and miscellaneous companies published since and including
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year,
Year.
Oct. 27 1923.
$
$
$
$
This index, which is given monthly, does not include
Alabama Power Co
Oct 833.396
335,892
564.877
227,822
12 mos ending Oct 31-- 7,564.431 5,366,144 3,397,846 2,673,502 reports in to-day's "Chronicle."
Colorado Power Co
Oct 129,769
88.061.
78.878
Bold face figures indicate reports publishei at length.
39.687
12 rime ending Oct 31--- 1,185.503 1,010.562
620.670
456.194
FINANCIAL
Steam Roads—
Page. I Industrials (Continued)—
Pace.
Algoma Central & Hudson Bay Ry .1091 Gulf States Steel Co
Cinc. New Orleans & Tex.Pac. Ry.. _1988 (M.A.) Hanna Co
2
10
80
90
2
Fort Dodge Des Moines& South.RR2
12
81
83
2 1
7.7
.1arytemwh
s an Corporation
2000
Georgia & Florida Ry
Appalachian Power Oct '23
2116
307.812 *149.292
54,533
94,759 Interborough Rapid Transit Co_ .. _ _1992 Hendee Manufacturing
Co
2106
Co
'22
247.366 *109.693
52,988
56.705 N. Y. Chicago & St. Louis RR
2209 Hercules Powder Co
12 mos ending Oct 31 '23 3,379,938 *1,583,435
2000
653,400
930,035 N. Y. New Haven & Hartford RR_ _2
21
20
09
5 Hill Manufacturing Co
1893.2000
'22 2.863.963 *1,397,703
636,318
761,385 Pere Marquette Ry
Reght2213 Hollinger Cons, Gold Mines, Ltd_ _2219
Cleve Painesv &
Sept '23
59,794
12,334
13.883
Illinois Bell Telephone Co
—1.549 United Rys. of the Havana &
East RR System
Warehouse, Ltd
64,259
22
17.803
13.685
4,118
2219
9 mos ending Sept 30 '23
531,129
110,611
123,905 —13.294 Vicksburg Shreveport & Pacific Ay_ _1887 linn0dieapennedfeinnit0B0rcew0Ing, Inc2999. 2115. 2019
Electric Railways—
'22
551.155
160,736
125.204
35.532
2210
Boston Elevated Railways Co_1883, 1091 Inland Steel Co
2000
Detroit Edison Co Oct '23 2,790.637
804,257
341.514
462.743 Boston & Worcester Street Ry
1991 International Agricultural Corp_ _1894
'22 2.376.852
584.670
317.921
266.749 Brooklyn-Manhattan Transit Corp-1883 International
Cement Corporation-211
2110
8
10 mos ending Oct 31 '23 25,638.840 7.224.803 3,513,163 3,711,640 Cape Breton Electric Co., Ltd
Interiuttional Nickel Co
'22 21,128,412 5,553,093 3.243.997 2,309,096 Chicago North Shore & Milw. ER...111992
9.
0
02
92 iiae
lnt
ter
rtuyp
atleon
caolrT
p0erla
etpi0n
.& Teleg. Corp_2
22
12
10
7
Kansas City Power Oct '23
728,225
342.908
82,284
260,624 Duluth-Superior Traction Co
0212 Iron Cap Copper
'22
& Light
670.263
299.900
81.653
218,247 Indianapolis Union Ry
Co
2117
100.
9 ic
Kings
12 mos ending Oct 31 '23 8.866.104 4,261,975
s7,
Chi
oluip
888,346 3.373,629 International Ry. Buffalo, N. Y __ _2102
ntzliil
Lisghting Corp
2001
'22 7,657,739 3,582,468 1,201,383 2,381,085 Manila Electric Corporation
2212 Loew's, Incorporated (and subsidi-2991
Market Street Railway Co
Keystone TeleOct '23
152.138
69,832
42.622
27.210 Milwaukee Electric Ry.& Light Co_2
2213
2
odes 100% Owned)
phone Co
'22
142.063
62.580
41,195
21,385 Northern Ohio Trac. & Light Co.....1886 McCrory
Stores Corporation
2220
10 mos ending Oct 31 '23 1,485,636
667,355
431,678
235,677 Pine Bluff Co
McIntyre
Porcupine
18
9
19
15
°
7
'22 1,391,814
571.378
416.169
155,209 Portland (Ore.) fly., Lt.& Pow.Co.1886 Mack Trucks, Inc Mines, Ltd...._2
Co
Southern
Power
2213
Colorado
Lake Shore Elec- Sept '23
Manhattan Electrical Supply Co..._2117
237.854
57,214
35.373
21,841 Third Avenue Railway Co
1881 Massachusetts Gas Companies
tric Ry
'22
230,85657,248
34.422
22.826
Rapid Transit Co
1993 Merchants Manufacturing Co
9 mos ending Sept 30 '23 2,084,953
457.994
2011
319.187
138.807 Twin City
1199
Elec. Rye.Co.(Prov.,R.I.)_ 188
883
88
'
22 1,866.401
469,720
310,826
158,894 United
Virginia Ry.,St Power Co
Moon naoP
MntaM
toorwC
ea
r rCC
oo
Niagara Lockp &
Oct '23
490.443 *172,993
1994, 2224 Motor Wheel Corporation
75.736
97,257 West Penn Co
Ont Pow Co & Subs '22
445.075 *154.882
est
ntha
74.543
Pen
80.339 WI
Power Co
vina7—
2214 MunsIngwear, Incom
1895,2
10
9
,9
09
5
1
10 mos ending Oct 31 '23 4,540,829 *1,734,337
747.270
987,067
National Steel Car Corp., Ltd
'22 3,244,310 *1,340,302
623,773
716.529 Air Reduction Co., Inc
Steam Cotton Co
Allis-Chalmers Mfg. Co., Inc
North Carolina
Nevada-California Electric Corp.--.2220
Sept '23
22121182003
117,236
828292998
17.194
5
1
51
25,991
8,797
1888, 10
90
9,
0
4
i
P S Co
'22
Jersey
Co
102,444
25,579
14.633
10,946 American Cotton 011 Co
12 mos ending Sept 30 '23 1,375,262
New
ww
187
18
6
2
1882, 2
k
eySteamlne oorp
195.253
379,366
184,113
American
n
C
C
oo
t
c
h
te
l
o
r
Lea
Tra
n
L
i
g
h
t
I
Ag
iel
h
e
t&
&
'22 1,204,573
ymc
eroican Co
171,215
156,714 American Republics Corporation _ -.2112
327,929
North American Edison Co
Phlla & Western
Oct '23
74,087
15.666
15,906 American Steel Foundries
31,572
Ry Co
'22
73.691
21
1119
8
15,062
20.355 American Sumatra Tobacco Co
9190
35,417
98
9956
2
55
Co.,Pittsburgh_ 1896
10 mos ending Oct 31 '23
721,505
155,175
148,006 American Telep. & Teleg. Co
303,181
002
'22
681,932
151.106
154.008 American Type Founders Co
305.114
American
Window Glass Co
Owens Bottle Co.& Subsld. Cos_ _._2
Phlla Rap Transit Oct '23 3,952,311 *1,139.043
20
22
02
1
837,908
301,135 Amer. Window Glass Machine Co.
Pacific Gas & Electric Co
'22 3,715.029 *1,126,332
1896
825,439
300.893
1889, 1991 Pacific 011 Co
10 mos ending Oct 31 '23 37.068,782*10,034,039 8,328.876 1.705,163 Androscoggin Mills
1995 Packard Motor Car Co
1508, 2105
'22 34.953.172 *9,875,505 8.209,483 1.666.022 Armour Grain Co
2215 Parker Mills, Fall River, Mass
Texas Electric Ry Oct '23
333.330
2215 "enn. Coal & Coke Corp
160,950
37,069
123.881 Balaban & Katz Corporation
1898,
2222
'22
280,481
37,554
90.118 Barnhart Bros.& Spindler, ChIcago_221
127.672
toPerell Manufacturing Co
1896
12 mos ending Oct 31 '23 2.894,022 1,085,922
447,543
738,379 Ilayuk Cigars, Inc., Philadelphia_ _1891 ,hillips Petroleum Co
1897
'22 2.702.306 1,044,566
462.095
582.471 Bell Telephone Co.of Pennsylvania-199. lerce-Arrow Motor Car Co
Bethlehem Steel Corporation
189( Ittaburgh Steel Co
2
:2
2
Virginian Ry &
Oct '23
880,062 *306,507
101.054
205,453 Bourne Mills. Fall River, Mass
189( 'ostum Cereal Co., Inc
Power Co
'22
872,343 *323,884
97,753
226.131 Brown Shoe Co., St. Louis
221.
Refiners
Corp
'roducers
at
-2003,
2
122
218002
7
80
02
96
832
3
10 mos ending Oct 31 '23 8.657.758 *3,243,846
993,190 2.250,656 Butte & Superior Mining Co
211:
1897, 1990
Alegre Sugar Co
'22 7.703.164 *2,709,741
987,314 1.722,427 California Petroleum Corp __ _.2113, 221, "untoConsolidated
Copper Co
Ray
Washington Water Oct '23
469.902
48,804
219,380 Canadian Connecticut Cotton Mills.211:: Reprogle Steel Co
268.184
Power Co
Caracas
Sugar Co
'22
429,715
47.308
202,741
250,049
Reynolds Spring Co
2003
10 mos ending Oct 31 '23 4.412,169 2,380,700
199, tants Cecilia Sugar Corporation-2210
508,382 1,872.318 Carbo-Oxygen Co
'22 4,042.109 2,181,304
503.573 1,677.731 Carriage Factories. Ltd
2225
1996 iecurities Corporation. General
Central Leather Co
1890 Mattuck Arizona Copper Co
York Utilities Co
Oct '23
2119
13,773 —*3,747
--7,910 Central
z4,163
Steel Co
2210. 2226 Shell Union 011 Corporation
'22
17,358
z4,112
--520 Central Teresa
*3,592
Sugar Cu. of Md.).._2107 Sherwin-Williams Co.of Can., Ltd. 2
12 mos ending Oct 31 '23
12
80
28
195,590
3
*17,578
x41,473 --23,895 Chace
Mills, Fall River, Mass
221( Sherwin-Williams Co.(of Cleveland)2
'22
21
22
07
3
194,505
*61,718
z40.885
20.833 Chicago
Pneumatic Tool Co
2004
2119 Simms Petroleum Co
Cincinnati Gas de Electric Co
• After allowing for other income
1890 Simmons Co
Cities Service Refining Co
z Includes taxes.
221( Singer (Sewing Machines) Mfg.Co. 1898
Colorado Fuel & Iron Co
—Deficit.
1891 Sioux City Gas & Electric Co
2223
Columbia Motors Co
1996 Sloss-Sheffield Steel at Iron Co
2223
New York Street Railways.
Columbian Carbon Co
2216 Smith & Wesson, Inc
—GrossEarnings— —Net Earnings— Comput'g-Tabulat'g-Record'g Co__ _199e South Porto Rico Sugar Co
(John T.) Connor Co., Boston
Current
Previous
Previous
Current
2223
Companies.
Consolidated Gas, Electric Light &221,
Year.
. Year.
rpo
Croation
2
iwa
18
18
Year.
Year.
illgo
10
9
17
9 Southerih
Otl
:a U
nS
C:ill
Power Co. (of Baltimore)
2
12
91
97 (A. G.) Spalding & Bros
Consumers
Brooklyn City RR
Power
Co
June 1.037,533 1,031.415
2119
1891 Spicer Manufacturing Cory
236.297
276,616
Continental Gas & Electric Corp .-1997 Stewart-Warner Speedometer Corp.
Jan 1 to June 30
0.001,
5,894,938 1.473,290 1.359,752 Converse
Rubber Shoe Co
1899, 2224
Brooklyn Heights (Rec).June
7,263
—2,658 Corn Products Refining Co
7.450
—246
1891 Studebaker Corporation
Jan 1 to June 30
43,161
—1.876 Dayton Power & Light Corp
212
43,916
eri
c
ea
o
America.
2224
ur
l
t
h
m
.
GulfCo
Sweets
Bkln Qu Co & Sub (Rec).June 212,124
10.129 Davis(Cotton) Mills,Fall River
216,775
70,236
1997 Texas
1899
Sulphur
Jan 1 to June 30
1,293,790 1,284.073
286,660
258,345 Detroit Edison Co
1899
2217 Tonopah Mining Co
Coney Isl & Bkln (Rec)_June 286.539
Mines, Ltd
271,619
1891 Underwood Typewriter Co
70,204 Dome
83.381
Donner
Jan 1 to June 30
Co., Inc
1,421.875 1,381,352
2
21394
120
1891 Union Cotton Mfg. Co
369,354
381.85.4 DouglasSteel
Pectin Corporation
Coney Isl & Gravesend_June
2004
2115 U. S. Hoffman Machinery Co
17.297
17,444
7,795
7.965 Eastern Steamship
Inc
Jan 1 to June 30
1997 U.S. Realty de Improvement Co....2120
52,389
47,962
4.720
3,859 Eaton Axle & SpringLines,
Co
2224
1891 United States Glass Co
Nassau Electric (Roe)....June 494,965
451.027
123,578 Fairbanks-Morse & Co
109.957
2115 United States Steel Corporation.......i989
Jan 1 to June 30
2.731,382 2,503.466
653,572 Fajardo Sugar Co
607,292
1990, 2005 Utilities Coal Corporation
2120
(BRT)_June
NY Cons(Rec)
2,192.678 1,955,670
477.799 Fisk Rubber Co
602,788
2210 Virginia Iron. Coal & Coke Co
1890
Jan 1 to June 30
12.733,261 11.688,692 3,536,341 3,177,329 Fleischmann Co
1998 Washburn-Crosby, Inc
1899
Francisco Sugar Co
June 112,995
South Brooklyn
1998 Western Knitting Mills, Inc
111,042
2121
46,323 General
43.459
Jan 1 to June 30
599,797
529.512
2121
180,676
198.705 General Railway Signal Co_ _1892. 1999 Westfield Manufacturing Co
Refractories Co 1892, 1990, 2006 Wheeling Steel Corporation
N Y Railways (Rec)_ __June 801.074
2121
824.322
46,260
57,123 Goodyear Tire & Rubber
Co.of CanWright Aeronautical Corporation...2121
Jan 1 to June 30
4,490,574 4,598,609
57,107
139,650
ada, Ltd., Toronto
2107
Eighth Avenue ER.._ _ _June 100,637
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
Balance,
Surglus.
62NNirtnoonshnateelAileitcser:
Supply
104.584
--5,307
Jan 1 to June 30
592,547
611,699 —104,648
June
Ninth Avenue RR
42,359
42,064
—9.933
Jan 1 to June 30
254,305
261.005 —51.744
Interboro 12 '1' System—
Subway Division_ _ _ _June 2,916.196 2,779,059 1,114,398
Jan 1 to June 30
19,044,316 25,812,274 8.328,470
Elevated Division_ _ _June 1,615.038 1.543,422
472,632
Jan 1 to June 30
9.700.170 9,365,675 3,091,566
Manhat Bdge 3c Line_ _June
23,424
24.176
--1,104
Jan 1 to June 30
140,117
141,971
1.189
Second Avenue (flee)_ _ -June
90.875
89.849
10.320
Jan 1 to June 30
498.059
484,215
15,305
NY & Queens Co(Rec)_June
57,745
63,678
3,060
Jan 1 to June 30
331.440
581,678
--3,568
Long Island Electric_ __June
36,580
36,645
—1.981
Jan 1 to June 30
177,328
182,605
36,720
Ocean Electric
June
34.980
40,095
16,809
Jan 1 to June 30
129,634
134,620
33.033
Manh & Queens (Rec)_ _June
33,375
33.555
8,493
Jan 1 to June 30
195,632
182.331
48,605
June 120,488
N Y & Harlem
127,494
17,353
Jan 1 to June 30
766.887
803.060
56,989
June
N Y & Long Island
41,383
50,885
17,410
Jan 1 to June 30
232,217
275.458 —96.650
Richmond Lt & RR..___June
70.724
71,384
9,676
Jan 1 to June 30
393,535
373.053
33.219
— Deficit.
Note.—Above net earnings are after the deduction of taxes.
7,321
—30,600
—5,042
58,712
1,014,388
7,332.464
388.499
2,465,410
2,678
11,186
—230
—34,525
--2,746
--43,597
9.818
22,291
13,945
17.462
8.021
32,002
15,799
95.116
—1,531
55.345
17.622
--24.424
Algoma Central kg-Judson Bay Ry.—Algoma Central
Terminals, Ltd.
(Report for Fiscal Year ended how 30 1923.)
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
Including Algoma Cent. & Hudson Bay Ry. and Algoma Cent. Terminals, LW.
1921-22.
1922-23.
1920-21.
1919-20.
Railway receipts
$1,410,267 81,060.591 $1.047,682 $1,424,838
Steamship receipts
555,608
645,459
767,997
529,607
Gross revenue
$2.055,726
$2,715,679 $1,954,445
Railway working exp. $1,573,709 51,616,199
$1,252,688 $2,061,535 $1,694,995
Steamship working exp..
408,997
433,089
454,817
372,969
General management_ _ _
76,487
85,622
85,343
85.847
Taxes
33.008
34,805
33,342
34,293
Net income
loss$36,474 loss$190,006
$79,691 loss$232,708
Other income— few
Int. A. C.'I'. bonds._ 845.000
845,000
$45,000
$45.000
Int. on inv. & dep
49.730
56,406
58,181
54,685
Miscellaneous
3,845
3,569
3,736
4,528
Gross income
$62.101
$183,904
def$127,565
def$83,256
Int. equip. trust bonds
12,480
6,825
Miscellaneous expenses_
24,102
17,653
29.026
12,148
Joint net
837.998 def$95,404
$159,426 def$169,071
Int. on A. C. &III. B.
Ry. bonds (5%)
504.000
504,000 '
'504,000
504,000
Rent A. C. Terminal
249.636
249.638 '
249,836
247.961
Net deficit
$715,638
$594,210
$849,039
$921,032
Nov. 241923.]
THE CHRONICLE
ALGOMA CENT. & HUD. BAY BY. CO. BALANCE SHEET JUNE 30.
1922.
1923.
1922.
1923.
$
$
LiabilUies-$
i
Assets5.000,000
5,000,000
__
stock_
Preferred
'
Prop., invest. in
Common stock__ 5.000,000 5,000,000
affil. cos., bond
10,080,000
discounts,&c___23,507,421 23.527,997 1st M.5% bonds_10,080,000
318,800
450,683 2d M.6% bonds__ 318,800
Mat'ls & supplies- 711,587
Creditors' & credit
Debtors' and debit
1,045.703
1,534,494
balances
413,538
377,028
balances
230,918 Aecr. rent Algoma
317,899
Cash
Cent.Ter., Ltd_ 1,115,039 1.015,185
Profit & loss debit
6,705,907 5,992,632 Accrant.lst M.bds.4,275,600 3,771,600
balance
Govt. grants in aid
of construction:
1,659,722 1,659,722
Cash grant
Land grant (after expenses)_ 1,277,895 1,272,705
1,358,291 1.452,052
Tot.(each side) 31,6l9,841 30,615,768 Depreciation
and the interest
Note.-The rental of Algoma Central Terminals, Ltd.,
of arrangem't.
scheme
the
in
forth
set
as
payable
are
bonds
Mtge.
1st
on the
ation in
scheme-particip
to
-prior
of
respect
-In
Contingent Liability.
Charbonnages du Kent Syndicate-25,000 francs.
ALGOMA CENTRAL TERMINALS. LTD.. BAL. SHEET JUNE 40
1922.
1923.
1922.
LiabilitiesAssets-1923.
8100,000 8100,000
Capital stock
Property,invest.in
50-year
5%
M.
1st
bond
cos.,
a=
4,992,713 4,992,713
discounts,&c___34.128,355 $4.130,504 gold bonds
Invest, at cost___ 1,016,450 1.088,957 Accrued hat. on 1st 1,115,039 1,015,185
bonds
1,015,185
M.
1,115,039
Aeon rent of prop66.058 Creditors' & credit
Debtor's&debitbal. 56,795
144,272
253,215
balances
60,409
35,385
CashantA divs.rec
$6,352,024 $6,361.113
16,352,024 $6,361,113 Total
Total
Note.-The interest on the 1st Mtge. bonds is payable as set forth in
1991.
p.
117
arrangement.
-V.
of
scheme
the
Cuba Cane Sugar Corporation.
(Eighth Annual Report-Fiscal Year ended Sept. 30 1923.)
Pres. W. E. Ogilvie, New York, Nov. 15, wrote in subst.:
Loan Paid Off-Debentures.-The $7,500.000 outstanding Sept. 30 1922
the subordination of the
has now been liquidated in full, thus terminating
8% debentures therefore now enjoy the same
8% debentures. ofThese
security as the 7% debentures, and will continue to
position in point
bear interest at the rate of 8% per annum, Instead of 7%, until maturity,
Jan. 1 1930.
produced this year 3,284,731
Ws Operating Profits.-CorporatIon
$12,608,123
bags, on which it shows an operating profit of
After making provision for interest on bonds, bank loans &
3,271,846
miscellaneous interest, and for taxes. in the sum of
$9,336,277
There remains a net profit for the year of
From surplus there were set aside reserves for depreciation of $1,750,000
1.108,855
and reserves for all other purposes of
lo Bonded Debt & Fixed Charges -The bonded debt is as follows:
10-Year Cony.7% & 8debentures, duo Jan. 1 1930_
15-Year 7A% (Closed) Mtge. Sink. Fund Gold bonds of
Eastern Cuba Sugar Corp.. guaranteed by this corporation,
10.000.000
maturing in 1937
1st Mtge. bonds of Violet Sugar Co., payable in annual install679,000
ments to 1935
$35,679,000
Total
The fixed interest charges of the company are now as follows:
81,925,511
825,000,000 7% and 8% Convertible debentures
750.000
10,000,000 Eastern Cuba Sugar Corp. 7A% bonds
46,532
679,000 Violet Sugar Co. bonds
•I
$2,722.043
Totalfixed charges
Balance Sheet & Cash Position.-At this writing all the company's sugars
have been sold, but at the close of the fiscal year a certain amount had not
been delivered to the purchasers. The undelivered sugars appear in the
balance sheet at the actual price at which they were sold. Pending the
delivery of and payment for those sugars, the corporation remained indebted to its banks in the sum of $3,000,000. which loans appear in the
balance sheet of Sept. 30 1923, but these loans have since that date been
repaid. Although it is customary for sugar producing companies to borrow
for their dead season requirements, and loans for this purpose at the rate
of $2 a bag of estimated production are regaraed by banks as reasonable,
the company has now no floating debt, and careful estimates indicate that
it will not become a borrower until the production of sugar will have begun.
Current assets, prepaid crop expenses, advances to Colones and growing
cane amounted on Sept. 30 1923 to $22,229,370. Against current liabilities
of $5,367,268.
Production.-The yearly production was curtailed by the extended drought
which prevailed throughout the island, resulting in the total Cuban crop
being 10% lower than the previous year.
The output (in bags) of the company, as compared with last year, is
divided between the Eastern and Western mills as follows:
1922-23.
1921-22.
2.039,225 1.794,448
Eastern mills
1,245.506 1,585.003
Western mills
3,284,731 3,379,451
Total
Average Price.-The average price obtained for the company's sugars
this year was 4.714 cents f.o.b. per lb., which is regarded as very satisfactory.
Costs.-The entire cost of manufacturing and dellvering the sugar aboard
steamers, including all general expenses in New York and Havana but
pound, as against the
exclusive of the cost of cane was 1.060 cents percents.
last two years: 1922. .946 cents, and 1921, 1.943
Factory Efficicncy.-There has been gratifying improvement in the
manufacturing efficiency of the mills, especially in some of the Western
mills, the average losses In manufacturing being 2.19% as against 2.34%
last year. It is hoped still further to improve efficiency in the future.
Sucrose Content.-Sucrose in the cane generally in Cuba was very much
lower than the year before, with the result that the average sucrose in cane
is 12.74% as against 13.75% last year.
Yield.-The lower sucrose content is reflected in the final yield of centrifugal sugars, the average yield for this year being 11% as compared with
11.89% for the previous year.
Violeta.-As has been stated in previous reports, the Violeta mill, which
was acquired in 1920. with a production of 180,000 bags, was to have its
capacity increased to 500,000 bags. This work was completed during the
last year. The production in Violets for this year was 423.516 bags. The
officers of the company are thoroughly satisfied that this mill will turn
out to be one of the best properties.
Velasco.-The Improved financial condition of the company warranted
the management in proceeding with Its plans for the erection of the sugar
factory on the Velasco lands, the lease of which provides for a factory on
that site, on land conveyed by the lessor. The erection of this mill will
be undertaken during the coming year, and a large part of the machinery
to be installed will be obtained by dismantling certain of the corporation's
Western mills, which it was not thought advantageous to operate during
the last few seasons. The machinery to be installed will be taken from the
Feltz and Lequeitlo mills and in part from Socorro; the cane grown on
Feliz lands will be ground at other company mills. The completion of
this mill will increase the capacity in the East to approximately 3.000.000
bags, which has been the aim of the company for a great many years. With
large development&
the erection of Velasco, there are no plans for any further
Socorro.-The capacity of Socorro will be reduced to about 20,000 bags,
which will conform more closely to the amount of cane that can be obtained
from its own zone, and thus avoid the necessity of buying cane in a competitive locality at high prices.
Legueitio.-Contract has been made for the sale of Lequeltio lands.
Operating Profits Per Pound of Sugar.
1920-21. 1921-22. 1922-23
1917-18. 1918-19. 1919-20.
3.891c. 2.276c. 4.754c.
4.630c.
5.398c. 10.345c.
Receipts
4.355
4.606
8.523
1.945
Production cost 3.098
3.575
Oper.
profit- 0.632C. 0.792c. 1.822c. loss0.464C. 0.331C. 1.179c
2321
Lands.-Corporation owns in fee 13.028 caballerias (434,267 acres) of
land and holds under lease 10,158 caballerias (338.600 acres) of land.
many of these leases being for long periods. The total lands owned and
leased therefore are 23,186 caballerias (772,867 acres).
Railroads.-Corporatlon now owns and operates for the transportation
of its products and supplies 1.497 kilometers (930 miles) of railroad, of which
1,112 kilometers (691 miles) are standard gauge and 385 kilometers (239
miles) are narrow gauge, together with equipment consisting of 150 locomotives, of which 112 are standard gauge and 38 narrow gauge. and 4.160
cane and other cars, of which 2,883 are standard gauge and 1.277 narrow
gauge.
Property Account.
Original cost of the 17 plantations, incl. taxes, notary fees. &c-$48.983,297
Additional purchases: Central Stewart, $8,400,000; Central
Violets. $3,568,820; warehouses, $159,600; lands, $4,818,864;
taxes, notary fees, Stc.. thereon, $211.863; total, $17.159.147;
less sale of Centrals, lands, machinery, &c. $3.360.878-- - 13.798.268
Additions, Improvements, &c.: 1915-1916. $419.734; 1916-1917.
$5,033,353; 1917-1918, $10,081.364; 1918.1919, $4.039.339;
1919-1920. $3,456,944; 1920-1921, $7,867,759; 1921-1922.
34.647,466
$2,270,841; 1922-1923, $1,478,129; total
Tess amount written off to cover dismantling and relocation of
deb1.200.000
machinery
$96,229,031
Total as per balance sheet
Renewals, Repairs & Depreciation.-Corporatton has made adequate
expenditures for renewals, extraordinary and ordinary repairs. Directors
have set aside the sum of $1,750,000 for depreciation, making the total
reserve for that account to date $15.250.000.
1918. 1919. 1920. 1921. 1922. 1923.
Stockholders on Sept. 304,494 4,880 5.755 6.246 6,312 5,394
Holders of Preferred stock
Holders of Common stocg
1.860 2,584 2,204 4,164 5,565 4.904
-- - - Total
6.354 7,464 7.959 10.410 11.877 10,298
Review of the Sugar Situation.
In the annual report for 1921-22 (V. 115. p. 2682) we referred to the
dissolution of the Cuban Sugar Finance Committee, the readjustment of
the sugar industry from war-time conditions to normal peace conditions.
and consequent readjustment of the inflated Prices of 1920. During the
past year conditions in the sugar industry resumed their normal course.
With no carry-over into 1923,the statistical position exerted its influence.
The extremely low prices in 1921 caused a large absorption of sugar the
world over, and at the same time resulted in reduced production, and tnis
was reflected in the comparatively high prices that ruled this year.
The year opened ,with a brisk demand for refined sugars and large sales
of raw sugars were made around 33i cents in January, but in February
there began to be fear that me Cuban crop would be much shorter than
anticipated, and a very sharp demand developed during that month.
Tne resulting advance in price continued until it reamed 63 cents in
May. From teat high peak there were sharp declines and irregular fluctuations, the lowest price, 4 cents, being reached about the middle of August.
Spot sugar on Nov.9 was quoted at 5% cents.
Many explanations were offered for these great fluctuations, but the real
cause, in our opinion, was the fact that prices below the cost of production
stimulated consumption and discouraged production. Toe fact that the
low price of 3). cents was not again reached during the year, and that 6
cents was paid even as late as September, proves quite conclusively that
the Cuban planter sold a great part of his crop in the first months of the
year at the low prices.
From the present outlook it is quite evident that there will again be no
carry-over of Cuban sugars, and that the crop of 1923-24 will start with
very small stocks in the hands of refiners, and also with very low invisible
K
supplies throughout the country.
The invisible supplies in the United States are very small; the trade has
been reluctant to accumulate supplies during the wide fluctuations that
have ruled throughout this year: with a steady market and smaller fluctuations there will be more encouragement for dealers to accumulate larger
supplies. In pre-war times, when fluctuations in price were very rarely
more than a half a cent a pound during tile whole year. invisible supplies
in this country were estimated to run from 500.000 to 600.000 tons, and
those of the world reacned as high as 2.000,000 tons.
The preliminary 1923-24 estimate for the crops of the world show an
increase of more than 1,000.000 tons over 1922-23, almost entirely in
Europe. Czecnoslovakia and Poland are perhaps the only countries of
any importance there in a position to export, and the latter's surplus may
be absorbed by Russia. Germany's production may only just suffice
to cover her consumption. With the exception of Czechoslovakia. Poland,
Belgium, Holland and possibly Italy, tnere will be very few European
countries producing sugar that will have sufficient to meet home demands.
Europe's requirements for cane sugars from sources outside Europe are
estimated at at least 2,000.000 tons, and will be principally for the United
Kingdom.
Before the war beet production in Europe was steadily on the increase;
the war brought cane sugar into greater prominence. Beet and cane
sugar were at that time produced in about equal quantities, whereas now
cane sugar comprises 70% of world production. When the economic
situation in European countries improves and conditions toere again become
normal, it Is reasonable to expect that consumption will move forward
with great strides, always provided, however, that there is a sufficient
production of sugar to prevent prices from being so high as to check consumption and to discourage jobbers and othersfrom carrying normal supplies
as has happened in the recent years of wildly fluctuating prices.
Prices have a great bearing on the consumption of sugar. Consumotion
in the Far East falls off very sharply when prices advance beyond certain
levels. Unless prices go very high the coming year. the probabilities are
that more than the world production will be required to satisfy the demand,
even thouga production be 1,000.000 tons greater than last year, especially
if the economic situation in some of the European countries improves.
It is too early to make any accurate forecast as to the Cuban crop for
next year: Willett & Gray's preliminary estimate is 3,700,000 tons.
Tariff.-The U. S. tariff on Cuban sugars remains at 1.76c. per pound,
compelling the people of the United States to pay approximately $197,000,000 more for their sugar; of this amount about one-half is a bounty
to domestic producers.
INCOME AND SURPLUS ACCOUNT FOR YEARS ENDING SEPT. 30.
1919-20.
1920-21.
1921-22.
1922-23.
3,978.102 3.763,915
3,379,451
Produen raw sugar(bags) 3,284.731
$49,116.5798124.938.996
$24,340,197
$50.411.096
Sugar sales
429.739
435.327
168,693
106,914
Molasses sales
716.717
948.834
280.210
251.613
Other earnings
Total earnings
Operating expenses
$50.831,402 824,727,321 $50.263,0355126,323.157
37,568,964 20,744.841 55,603.996 103,085.705
Gross oper. profit_ - _ 313.262,438 $3,982,4801os5$5340,961 $23,237.451
$2,960,218 83,527,716 52,917,555 $2.156.584
Interest
Deduct$296,018
$271,762
$261,598 • $97,354
Cuban taxes-Real est
649.882
285,635
361,624
392,717
Sugar
66,788
Molasses
Reserve for taxes17.745
63,377
56,019
29,711
Capital stock U.8---25.811
31,918
732,800 4,192,283
Income U. S. & Cuba750,000
500,000
602,226
Reserve for bad debts
250,000
Reserve for contingencies
Sundry adj'ts & chges_ _ a358,855Cr.a3.228.551 6.908.062
Amount transferred from
2,083.335
sur. to declared capital
1.750,000 1,750.000 1,750,000 3.500.000
Depreciation
1,750.000 3.500.000
Preferred dividends_
86,477,422 $1.0!"6.730df20,722,622 $6,760,800
3.757,209 2,750,480 23,473,102 16.712.303
surplusloss,
310.234,631
$3,757,210 $2.750,480 $23,473.102
&
Profit
a Includes (I) balance of reserve in respect of materials and supplies on
hand and for custom duties Sept. 30 1921 no longer required. 8672.184: (2)
sugar realizations in excess of net balance sheet valuation thereof as at
Sept. 30 1921. $2,375,936; and (3) balance of reserve for liquidation of
crop 1920-21 no longer required, 8180,390.
Net surplus
Previous surplus
2322
THE CHRONICLE
BALANCE SHEET SEPTEMBER 30.
Assets1923.
1922.
1921.
Properties, plants, &c
$96,229,031 $94,744,798 $93.169,114
Investments at cost
263.70t)
297,830
569.000
Cane cultivations
974,988 1,796,506 1,943,224
Materials and supplies
3,305,020 3.015.556 3,858.438
Advances toColonos (less reserve)
7,519,487 7,952,356 7,318,064
Stores and sundry advances
94,604
141,256
289,592
Mtges. rec. & options to purch.lands- 1,099,121
1,121.010 1,078.863
Molasses on hand
51,248
246,362
Sugar on hand
701,092 15.297,755
5.602.025
Sugar Finance Committee
1.801,786
Accounts and bills receivable
2,659.722 2,822,952 2.391.392
Cash
1,159,592 3,584.943 2,461.554
U. S. Certificates of Indebtedness_
3,007,188
Securities for lien redemption, &c......
481,288
524,251
538,313
Prepaid insurance, rents, &c
1,419,752
804,218
475,109
Interest paid in advance
223,635
Discount and expenses
1.240,155
1.397,692 1.024.672
Total
6122,048.4863118.955,708$135,694,061
LiabilitiesDeclared capital
454483,335454,583,335 354.583,335
Bills and notes payable
241,844 7.777.773 28.947.474
7,448,900 7.448,900 25,000,000
Ten-year 7% bonds
Ten-year 8% cony. debentures
17,551,100 17,551.000
10,000.000 10,000,000
15-year 73's
Bank loans
y3,000,000
First mtge. bonds Violet Sugar Co_ _ _
679,000
736,000
793,000
Accounts payable & accrued charges_ 1,569,663 1.882,745 5,865,995
Accrued interest
555,760
556,758
452,497
properties
on
Liens
581,288
524,250
538.313
Reserves for taxes, &c
5.750
Depreciation reserve
15.250,000 13,500,000 11,750.000
Res. for adj. In value of unsold sugar..
3,848,724
Deferred liabilities
452,964
637,638
1,158,494
Surplus account
10,234,631 3,757,209 2.750.480
Total
$122,048.486$118.955,708$135,694,061
x Declared capital: Represented by 500,000 shares of 7% Cumul. Pref.
stock, par $100, and 500.000 shares Common stock, no par value (out of the
authorized issue of 1,600.000 Common shares, there are reserved unissued
Common shares sufficient for the conversion of the Convertible Debenture
bonds of the Cuba Cane Sugar Corporation and the exchange of the bonds
of the Eastern Cuba Sugar Corporation).
The entire capital stock of the Eastern Cuba Sugar Corporation, viz.:
48,000 shares of $100 each par value, is owned by Cuba Cane Sugar Corp.
y Retired in full Nov. 1 1923.
Note.-Dividends on the Cum. Cony. Preferred stock have been declared
and paid to April 1 1921.-V. 117, p. 1782 1560.
Mergenthaler Linotype Co.
(Annual Report-Fiscal Year ended Sept. 30 1923.)
President Philip T. Dodge reports in substance:
[vol.. 117.
Sherwin-Williams Co. of Canada, Ltd.
(Report for Fiscal Year Ended Aug. 31 1923.)
INCOME ACCOUNT FOR YEARS ENDED AUGUST 31.
1922.-23.
1921-22.
1920:21.
1919-20.
Earnings
$1,073,607
$952,635
3631.211 31,182,339
Deprec. & renew.res've$83,529
$79,017
$80,875
387.235
Interest on bonds
124,781
126.938
123,917
126,194
Pension fund reserve__ _
20,000
Prov.on acct. income tax
74,868
58,756
4,481
94,250
Preferred dividends_ _ _ _
239,750
239,750
239,750
239,750
Common dividends
240.000
240,000
180,000
Balance surplus
3290,679
3208.173
32,188
3733,909
Previous surplus
3.628,323 3,420,150
3,417,961 2,684,052
Total surplus
$3,919,001 $3,628,323 33,420,150 33,417.961
CONSOLIDATED BALANCE SHEET AUGUST 31.
1923.
1922.
1923.
1922.
• AssetsLiabilities$
Property account.x8,623,797 8,501,751 Pref.7% cum.stk. 3,425,000
3,425,000
Investments
y1,789,955 1,789,955 Common stock_ __ 4,000,000 4,000,000
Other investments 320,400
320,400 6% 1st Mtge.sinkSink.fund deposits 123,273
110,994 ing fund bonds_ 1,627,200 1,701,500
Inventories
2.054,271 2.000,512 Mtge. bds. of Can.
Accts.& bills ree 1,954,346 1,933,292 Paint Co., Ltd_ 340,666
340,667
Cash
857,772
691,760 Accts. payable,dm 579,224
488,883
Insurance & taxes
Bal, pay, to assoc.
prepaid, &c
34,401
29,384 cos.on curr. acct. 644,532
886,356
Deprec. & renewal
reserve
907,320
1,002,593
Pension reserve
20,000
Surplus
3,919,001 3,628,323
Total
15,558,218 15,378,049 Total
15,558,218 15,378.049
x Land and buildings, leaseholds, machinery and equipment, formulae,
trade marks and good-will. y Investment in Pref. stock of Lewis Berger
& Sons, Ltd., £367.799©4.86 2-3.-V. 117, p. 2223.
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."
Pennsylvania RR. Closes Shops.-Shopmen to the number of about 70.000
were laid off Nov. 21 when orders closing
were given. Reduction
in earnings was given as the reason. Onlyshops
the
of men actually
needed for current repairs will be kept on. Dec.number
3 was set as date for reopening. New York 'Times" Nov. 22.
N. Y. Central Shopmen Tentatively Accept Piece Work Basis.-Will apply
to only certain classes of work and will be adopted only at points
conditions make it practicable. "Wall Street Journal" Nov. 17, p.where
9.
Virginian Ry. Dispute Settled.-The U. S. RR. Labor Board blamed
both
road and union for controversy and ordered that of the 12 former
employees,
because of whose discharge the engineers and firemen of the road had gone
on strike, 7 are to be reinstated without pay, 3 with pay and 2 are denied
reinstatement. "Wall Street Journal" Nov. 23, p. 3.
Authorized Statistics on Railroad Eguipment.-The following statistics are
authorized by the Car Service Division of the American Ry. Association:
Car Surplus and Shortage.-The railroads on Nov. 7 had 31,955 surplus
freight cars in good repair and immediately available for use, while on the
same day the car shortage amounted to only 7,099 cars.
This was an increase in the number of surplus freight cars of 7,478 over
the total number on Oct. 31, while there was a decrease of 5,237 cars in the
reported car shortage.
Of the total, 16,871 surplus box cars in good repair were reported, an
increase within a week of 1,755, while there also was an increase within the
same period of 5,362 in the number of surplus coal cars, which brought the
total for that class of equipment to 12,567.
Surplus stock cars numbered 1,372. an Increase of 127 since Oct. 31, while'
surplus refrigerator cars totaled 161, or a decrease of 60 within the same
period.
Reports also showed that of the total car shortage, box cars numbered
2,470, a decrease of 1,473 within a week, while the shortage in coal cars
amounted to 1,120, or a reduction of 1,948 within the same period.
The shortage in stock cars totaled 1,119, a decrease of 1,302 since Oct. 31.
while the shortage in refrigerator cars showed a decrease of 460, which
brought the total shortage for that class of equipment down to 1,873.
Freight Car Repairs.-As a result of the continuous and intensive efforts
of the railroads to reduce the number of freight cars awaiting repairs to
the lowest possible number consistent with the volume of business offered
and the revenues which the railroads are permitted to earn, the railroads
of the United States now have fewer freight cars awaiting repair than at
any time in years.
On Nov. 1 freight cars in need of repair totaled 150,624, or 6.6% of the
total number owned. This was a decrease of 5,013 under the number in
need of repair on Oct. 15, at which time there were 155,637, or 6.9%•
Of the total number. 116,084. or 5.1%, were in need of heavy repair,
a decrease of 2,056, compared with Oct. 15, while 34,540 freight cars, or
7•,,, were in need oflight repair, a decrease of 2,957 cars since the middle
of the preceding month.
Repair of Locomotives.-Fewer locomotives were in need ofrepair on Nov.1
than there have been in years, according to reports just filed.
On that date the number in need of repair totaled 10,112, or 15.8% of'
the number owned. This was a'reduction of 397 below the number in need
of repair on Oct. 15, at which time there were 10,509. or 16.4%.
Ofthe total number. 9.163, or 14.3%, were in need of heavy repair on
Nov. 1, a decrease of 292 under the number in need of such repair on Oct. 15.
Reports also showed 949. or 13,5%, in need of light repair, a decrease of'
105 within the same period.
The railroads on Nov. 1 had 54.080 serviceable locomotives, an increase
of 489 since the middle of the previous month, while the number of serviceable locomotives in storage and ready to meet increased traffic demands
numbered 2,517, or 30 more than on Oct. 15.
During the last half of October 21.989 locomotives were repaired and
turned out of the shops, an increase of 2,666 over the first half of the month.
New Equipment -More new freight cars and locomotives have been placed
In service sWce Jan. 1 this year than in any similar period during the past
10_,vears.
From Jan. 1 to Nov. 1 a total of 155.872 new freight cars were installed
in service, of which 21,236 were delivered by the builders and placed in
operation during the month of October.
There have also been placed in service during the first 10 months this
year 3.371 new locomotives, of which number 408 were installed during Oct.
Of the new freight cars placed in service during October box cars numbered 7.582; coal cars, 10,592: refrigerator cars, 1,753, and stock cars, 665.
The railroads on Nov. 1 had 48,571 new freight cars on order, with deliveries being made daily. Of that number box cars totaled 22.691: coal
cars, 18,245: refrigerator cars, 3.496, and stock cars. 2,791.
The railroads on Nov. 1 also had 942 new locomotives on order.
Matters Covered in "Chronicle" Nov. 17.-(a) Brief filed in behalf of Government in proceedings involving recapture of excess earnings case, p.
2176-2179. (b)Shopmen get wage increase on Chicago Burlington & Quincy
RR., p. 2179. (e) Erie RR."wilfully and knowingly persisting" in violating ics decisions, U. S. RR. Labor Board says, p. 2179. (d) New York
Central shopmen vo,e for abolition of piece work, p. 2180. (a) Wage
increases on the railroads, p. 2180. (f) Demand for wage increase rejected
by Baltimore & Ohio RR.; negotiations with other carriers, p. 2180.
Notwithstanding the generally unsettled conditions of industrial and
financial affairs throughout the world and the complications attending the
company's business in foreign countries, the year has been successful. At
present there are about 3.300 shareholders with an average holding of
39 shares.
There has been a substantial enlargement of inventory, mainly because
it was necessary to carry larger stocks of machinery and supplies in the many
selling agencies in United States and foreign countries.
Owing to greatly increased production and sale of machines, matrices
and supply parts, the Brooklyn plant is taxed to its limit, though additional
tools and machinery have been introduced from time to time to increase
output and efficiency. To meet the demands of the steadily increasing
business, it may soon be necessary to enlarge certain departments of the
factory, the land for this purpose having been acquired some time since.
INCOME ACCOUNT FOR YEARS ENDING SEPT. 30.
1919-20.
1922-23.
1920-21.
1921-22.
Total net profits
$2,669.276 $2,304,771 $2,313,469 $2,430,731
Dividends (about)
1,280.000
1,280.000
1.280.000
1,280,000
Dividend rate
(10%)
(10%)
(10%)
(10%)
Balance, surplus
$1,389,276 $1,024,771 $1,033,469 $1.150,731
BALANCE SHEET SEPT. 30.
Assets1923.
1920.
1921.
1922.
Real estate
$2.538,097 $2.529,063 $2.597,258 32,237.931
Linotypes
64.491
89.325
78.907
97,329
Plant,equipment,&c_ _ _ 1,971.684
1,739.098
1,986,913 2,033,207
Rights, priv.,franchises.
patents and inventions 3,649,790 3,647,540 3,647.290 3.646.940
Investments
2.049,159 2,154,519 3,094,224 3,070.922
Cash
568.157
462.792
330,166
657,563
Bills receivable
8.650.553 7,348.745 6.590.714 6.294.309
Accounts receivable_ __ _ 2.879.552 3,228.516 3,867.603 2,284,360
Raw materials, &c
6.594,575 4,872,157 5,263.460 4.503,123
Canadian Linotype, Ltd.
527,146
502,177
553.383
613,603
Total assets
$29,468,236 327.135,947 $28,056,213 $24,855,946
LiabilitiesCapital stock
$12,800,000 $12,800,000 $12,800,000 $12,800,000
Creditors' open accounts
367.544
104,398
276,057
121,036
Bills payable
2,683.500 2.585,500 4,612,500 2,722.500
Dividends unpaid
2,902
788
808
3,705
Reserve for taxes
705.638
600,520
705,638
939,725
Reserve for intangibles- 3.649,790
816,115
Other reserves
8.442,746 10,685,981
Surplus
9.661.209 8,627,740
Total liabilities
$29,468,236 $27,135,947 $28,056,213 $24,855,946
-V. 116. p. 1904.
Wickwire-Spencer Steel Corporation.
(Report for Quarter Ended Sept. 30 1923.)
PeriodSales
Cost ofsales
RESULTS FOR STATED PERIODS.
-3
Months Ended
9 Mos. End.
Sept.30'23. June 30 '23. Mar.31 '23. Sept. 30 '23.
$5,637,854 38,026,548 38,274,023 $21,938,425
5,087,666 7,095,818 7.255,229 19,438,713
Operating income__ _ _
Other income
$550,188
22,482
3930,730 31.018,794 $2,499,712
81,038
29,740
28,816
Total income
Miscell. charges
Depreciation
Interest
$572,670
221,194
104.585
281,553
$959,546 $1,048,534 $2,580,750
722,830
242,665
258,970
313,755
104,585
104.585
844,661
284.077
279.031
Net income
$699,504
def.334,663
$417,207
$316,960
CONSOLIDATED COMPARATIVE BALANCE SHEET.
Sept. 30'23. Dec.31'22.
Set. 30 '23. Dec. 31 '22.
AssetsL4abilitiesReal est.,mach.,&c.23,706,174 23,305,879 1st pref. stoek____ 7,681,700 7,681,700
Org.exp.,pats.,&c.1,999,399 2,393,439 1st Mtge. bonds__12,679.996 13,228,000
619,322
Cash
777,944 1st M. Am. Wire
Notes& trade acc87,125
99,644 Fabrics bonds__ 1,500,000 1,500,000
Accts.receivable 2,386,262 2,691,707 71i% notes
1,730,500 1,775,000
Inventory
8,633,849 8,165,540 Notes payable_ _ _ 3,865,000 5,219,161
Govt.& Indus.see. 142,721
148,664 Accounts payable_ 1,556,910 1,460,335
641,575
MN& notes and
Ore contracts pay. 383,261
40,989
accts. receivable
34,500
354,911 Mortgages
34,500
359,856
244,718
925,935 Accrued account& 119,951
Advances
647,226
35,616 Other curr. habil_ 1,168,134
Investments
457,400 Deferred liabilities 1,600,000 1,800,000
Deterred charges_ _ 781.656
46,451
Res.for contin.,&e. 135,155
Total(eachside)39,404,579 39,356,684 Surplus assets-x6,949,479 5,725,243
x Represented by 434.800 shares of no par value common stock.V. 117, p.793,563.
Algoma Central Terminals, Ltd.-Report.See Algoma Central & Hudson Bay Ry. above.-V. 117, P. 1883.
Baltimore& Ohio RR.-Resume of Year 1923 to DateOutlook, &c.-New Directors.-At the annual meeting
Nov.241923.1
THE CHRONICLE
2323
issue
The company has asked the I.-S. C. Commission for authority toissued
$20,000,000 Ref. & Impt. Mtge. bonds, Series "D." They will be
yet been
for making improvements and betterments. No cotnract has indicates
made for the sale of the bonds, it is stated, but the application
that negotiations are under way with J. P. Morgan & Co.
For decision governing payment of European loan in francs, see under
"Current Events," this Issue.-V. 117. p. 1992, 1883.
During the first 10 months of the present calendar and fiscal year (Oct.
and
$218.420,000
1923 partly estimated) gross earnings amounted to
Connecticut Valley Street Ry.-May Discontinue.operating expenses and charges amounted to 5167,660.000, or 76.76%.
Supreme Court at
Other
Judge Charles A. DeCourcy of the Massachusetts
leaving a net revenue from operations for the period of $50,760,000.
William
amounted Boston. Mass.,recently issued an interlocutory decree in the case of receiver
Income during the same period resulting from investments. &c.,
company authorizing the
railway
the
against
payment
the
others
after
and
period,
Gilmour
the
for
surplus
corporate
1
to 0,065,000. The net
March
on
property
this
of
whole
the
upon
pay
to
operation
sufficient
the
of taxes, rentals and interest, was $22,100,000. a sumstock outstanding, "to discontinue or
his discretion
upon such portions or portion thereof as in to
a 4% dividend for the year upon the $60.000,000 Pref. this situation in 1924 or sooner,
give forthdirected
and
ordered
further
is
receiver
The
wise.
with
seem
was
may
It
with a balance remaining of 519.700,000.
not
decided to with public notice of the discontinuance of operation, to take effect
mind that your board of directors at the September meetingannum,
the earlier than several days from the first day on which the notice is posted
resume dividends on the Common stock at the rate of 5%ofper
as is
manner
such
in
notice
give
to
and
13.
1924,
Oct.
record
1
and not later than March
first payment of 1 Yi% to be paid on Dec. 1 to stockholders
earn- required by law to be given by street railway companies upon discontinuWhile it is, of course, not possible to forecast at this time what the
that the ance of service."
ings of the remaining months will be, it is reasonable to expect
to pay bills for
and
The decree also authorizes the receiver to borrow $10.000
present year will realize a net surplus, after payment of fixed charges on
and to issue receiver's
electric power incurred by him and remaining unpaid,
Preferred dividends for the year, in an amount equal to about 14%
and to provide
7%
over
not
at
interest
bear
to
certificates for that amount
the Common stock outstanding.
handled for maturity prior to July 1 1924, reserving the privilege of anticipating
During the first 10 months of the present year the freight traffic
shall constitute
certificates
The
the
maturity.
during
handled
to
prior
the
of
amount
at
time
excess
in
any
payment
by the company was 51.65%
upon
freight a lien second only to taxes and equal with the charges of the receiver
same 10 months of the previous year, yielding $53,015,000 increased
exchanged for cash at par.
revenue, and during the same period the passengers carried one mile were the property. The certificates are to be
previous
the
of
months
V. 115, p. 2477.
18.41% greater in number than during the same 10
year, yielding 53,417,000 increased passenger revenue. position to handle
Detroit United Ry.-Asks Higher Fare.
While the company has been able to secure and was in
U. Commission for perThe company has applied to the Michigan P.The
satisfactorily a large volume of business during the last 10 months, its
present rate is two
facilities were at no time used to full capacity, and an even greater volume mission to increase fares to 234 cents a mile.
cents.-V. 117. p. 1883.
of business could have been handled had it been available.
there has
Partly due to the season of the year and partly to other causes
gs.and it is not
Eastern Massachusetts Street Ry.-Earnin
been a slight slowing down in business during recent weeks,handle
1922.
1923.
during
Nine Months Ended Sept. 30unlikely that the volume of business which the company will
58.150,118 57.891.309
the next few months will be somewhat less than was handled during the Railway operating revenue
5,987,642
6,427,971
exan
handled
company
expenses
the
during
which
time
Railway operating
same months a year ago,
ceptionally large traffic for that season.
$1,722,147 $1,903,667
Net from railway operations
Concerning the future dividend outlook for the Common shareholders,
$1.443,522 51,637,919
concerning
Operating income
President Willard says: ''No one can speak with definiteness
312.004
266,585
the future, but there Is now reason to believe that in the absence of abnormal Other income
Of
course,
maintained.
be
stock
will
Common
conditions dividends on the
$1,949,923
51,710,107
Gross income
the ability of the company to earn and pay reasonable dividends upon its
1.131,618
1.053,799
Common stock will depend not only upon business conditions generally, Deductions
732,006
741,263
but also to a very considerable extent upon the system of regulation under Dividends
which we operate."
sur$86,299
def$84,955
years
two
expressed
I
views
which
for
changing the
Balance
"I see no reason now
ago, and I think the operating results of the company for the present year -V.117,p.2211,2109.
confirm my former statement. I still look upon the Transportation Act
RR.-Bonds Ready.Hartford & Connecticut Western
of 1920 as a very constructive piece of railroad legislation, and, while
ready for delivery the $700.000
Ballard & Co., Hartford, Conn.,have now
undoubtedly it may have defects. I am confident that the real interests
1 1923 to July 11933.
from
July
extended
were
which
best
be
promoted
will
a
bonds
as
whole
but
of the country
First Mtge.
not only of the railroads
6%. See also V. 117, lt•
at this time by leaving the Act as it is until it can be given a more thorough The rate of interest was increased from 43 % to
its
in
Act
left
is
the
of
If
more
stable
a
character.
conditions
under
trial
1883.
present form, and if business continues on the basis we now have a right
-Sale.Henderson (Ky.) Traction Co.
to expect, it seems to me that the outlook for Baltimore & Ohio stockholders
Robert F. Karges and William A.
in
fact
that
the
'Representing William H. McCurdy,
Is distinctly encouraging, and I say this not unmindful of
attorney of that city.
Funkhouser,
W.
A.
1925 the company will have to arrange foe the refinancing of a large amount Koch, all of Evansville. Ind.
'company at Henderson, Ky., at the recent
of outstanding bonds which mature at that time and which now bear a bought in the property of the
to resume operation,
made
be
will
effort
An
$6,800.
receivership Sale for
very low rate of interest.
"As owners of the Baltimore & Ohio property and as citizens interested It is stated.-V. 117, p. 1883.
In the welfare not only of the property but of the country as a whole, I
Corp.-Aeguisition.Illinois Power 8c Light
think you should urge your representatives in Congress to resist the demands
Power & Light
& Sons, acting on behalf of the Illinois
which will probably be made in certain quarters for radical changes in the
E. H. Rollins
holdings of stock in the Kansas City
Armour
the
Transportation Act. As investors you are certainly entitled to the very Corp., have purchasedwhich company owns all of the Common stock of
modest return upon your property which the Transportation Act contem- Power Securities Co.,
Co. The acquisition of the stock by the
plates, and unless the railroads as a whole are permitted to earn the rate of the Kansas City Power & Light
has been approved by the Illinois Commerce
return which has been fixed by the Commission, It is certain that they will Illinois Power & Light Corp.
1774.
2109,
p.
117,
-V.
commerce
growing
Commission.
the
which
facilities
not be able to provide the additional
of this country will require. It is with this in mind that I urge that the
Corp.-New Interests.Kansas City Power Securities
Act be given a further trial in its present form, not only in your own interabove.-V.117. p. 1177.
ests but in the interests of all who depend upon the railroads for transSee Illinois Power & Light Corp.
Due
portation. •
Lehigh Valley RR.-To Pay Off 810,226,000 Bonds
'I do not expect that we will have so-called boom conditions in business
in the immediate future, nor do I think such conditions desirable, but I Dec. 1.--Llt is announced that the company will pay off,
do believe we are gradually coming to a more stable condition which will
its treasury, the $5,530,000 6% and the
enable the railroads to operate their properties more efficiently and more from cash in
Dec. 1.economically, and in such circumstances they will perhaps be able to realize 84,696,000 4M% Consol. Mtge. bonds due
as large a net return as could be expected, even if business were more active
2109.
2212,
p.
117,
but with :operations less efficient, as is always the case in times of unusual V.
activity.'
Increase.Michigan Electric Ry.-Wagehour
Hon. Newton D. Baker and John F. Stevens have been elected directors
retroactive to June 1T1923
an
to succeed the late F. H. Goff of Cleveland, 0., and Richard H. Williams
An increase in wages of 2;6 cents
by a board of arbitration. Thelmen
of New York.-V. 117, p. 2211, 1555.
has been awarded the employees
p. 1462.
-V.
15
117,
cents.
of
increase
an
for
had asked
Nov. 19 President Daniel Willard presentedja summary of
the company's condition from the first of the current year
up to the present time and the prospects for the future.
He said in part:
Barcelona Trac. Light & Power Co., Ltd.-Interest.-
The holders of the 71 Prior Lien "A" bonds are notified that interest
coupon No. 17, due an payable Dec. 1 1923, will be _paid on and after
that date at the Bank of Scotland, 30 Bishopsgate, London, England,
and at the Canadian Bank of Commerce, 18 Exchange Pl., N. Y. City.
Payment will be made in New York in U. S. currency at the current rate
of exchange.-V. 117, p. 1883.
RR. Co. France.-Bonds Called.-
Midi
been called for
Four hundred 67: bonds (foreign series) 1960 have at the office of
redemption at par (1,000 francs per bond) on Dec. 1. payable
p. 176.
-.16.
-V.
Y.
St.,
N.
Wall
36
agents,
fiscal
Co.,
A.Iselin &
Minneapolis St. Paul & Sault Ste. Marie Ry.-Annual
Dividends of 4% Declared on Preferred and Common Stocks.have declared an annual dividend of 4% on
E. L. Phillip, President of the Union Refrigerator Transit Co. of Mil- The directors
and Preferred stocks, payable Dec. 17
Common
waukee, has been elected a director.-V.117. p. 1346.
the
both
surplus earnings of years 1909 to 1919
accumulated
Cincinnati Indianapolis & Western RR.-Bonds. (out of
holders of record Nov.30. See also V. 117, p. 1884.
The I.-S. C.Commission has authorized the company(1) to issue $450.000 incl.) to
1st Mtge. 5% 50-Year Gold bonds, said bonds, plus $41,000 of like bonds
Missouri Pacific RR.-Equip. Trusts Authorized.Chicago Milwaukee & St. Paul Ry.-New Director.-
now held in the treasury, to be sold at not less than 75 and interest and
the proceeds used for corporate purposes; (2) to pledge all or any part of
said bonds as collateral security.-V. 117, p. 2108.
the company to assume
The I.-S. C. Commission on Nov. 20 authorized
Equip. Trust certificates.
obligation and liability in respect of $3,990.000
& Trust Co., under
America
North
of
the
by
Bank
issued
Series "B," to be
1 1923, and sold at not less than 95% and
an agreement to be dated Nov.
1884.
p.
Co.
V.
&
in
117.
Loeb
Kuhn,
by
offering
diva. See
Cincinnati New Orleans & Texas Pacific Ry.-Extra
on the Common Stock-Four Preferred
Dividend of 3
New York Rapid Transit Corp.-To Operate Subway
Dividends-New Director, &c.-The directors have declared
Extension.
an extra dividend of 3M% on the Common stock in addition
of the Brooklyn-Manhattan
The directors of this company, a subsidiary
with a request of the Transit
to the regular semi-annual dividend of 3%, both payable Transit
Corp.. have decided in accordance operation
of the extension of
the
Commission, that it would undertake
Dec. 24 to holders of record Dec. 3.
to 96th St., upon a separate
Fourth Ave. subway, Brooklyn,from 86th
the city. This
with
The directors have also declared four quarterly dividends the
contract
the
in
for
provided
as
accounting basis,
the new section becomes self-supporting, the city will
of 1 54,% on the Preferred stock, payable Dec. 1 1923; March means that until
deficit.
_y
an
meet
to
Committee of the B.-M.
1, June 1, and Sept. 1 1924. The first installment on the have
Gerhard M. Dahl, Chairman of the Executive
Whitney and Robert A. Shaw,
'referred stock will be made to stockholders of record T., appointed Arthur S. Somers, Travis H.public,
a special committee to
the
board
representing
the
members of
Nov. 24.
the matter of the proposed Ashland Place connection between
consider
elevated. Mr. Dahl and
the Fourth Ave. subway and the Fulton St.
In a
William S. Mendon. Pres., will co-operate with the committee.
the prostatement, explaining its action and the company's attitude onMr.
Dahl
subways,
Heights
Washington
and
crosstown
Brooklyn
posed
said in part:
reference to the
"The city may under the existing contract, without
and require the comdesires or wishes of the company, lay out extensions
operate
pany to equip and operate them. The company, however, must
to it being
any extensMn constructed by the city, the only right reserved
In
conducted.
be
shall
the accounting basis upon which such operation
proposed Fourth
the accounting basis for the operation of theconsideration
the
Cleveland Cincinnati Chicago 8c St. Louis Ry.- determining
into
to
was
compelled
take
company
Ave. extension the
the existing
burdens placed upon the company in the operation ofthe
original
New Financing-Decision Governing Payment of European increased
lines by reason of the city's continuing default in completing
overburdening
1910.in
Loan of
lines which it agreed to build. This default has resulted
losses to the
financial
authorizing
the
and
substantial
on
continuing
22
will
vote
in
Dec.
and
lines
issue,
stockholders
under
the
present
the
The
company's Ref. & Impt. mortgage dated June 27 1919 of bonds for other company."-V. 117, p. 1664.
of not exceeding $10.000,000 in
than refunding purposes to the amount
Northern Massachusetts Street Ry.-To Discontinue
addition to the authorized 525,000.000 principal amount thereof to which
the issue of bonds (for other than refunding purposes) under said mortgage Operations-To Sell Property.
Is limited, unless the issue of additional bonds for other than refunding
Court at Boston,
Judge Charles DeCourcy of the Massachusetts Supreme
purposes shall have been authorized by a majority vote of the Preferred
decree
authorizing the receiver to discontinue opera
stock of the company at a meeting of the stockholders called to consider Mass., has approved
prevent further
ations on or before Dec. 31. The decree says invert: "To
the question of such further issue.
% have been paid on the Common stock semiExtra dividends of
annually since 1921.
The stockholders on Nov. 20 authorized a supplementary agreement
with the trustees of the Cincinnati Southern Ry. to the existing lease
under which the rent payable by the Cincinnati New Orleans & Texas
Pacific Ry. shall be increased in an amount sufficient to pay the interest
on the 52,000,000 bonds authorized by the Ohio General Assembly. plus
1% for a sinking fund.
H. B. Voorhees has been elected a director succeeding Ralph N. I3egien.
-V. 117. p. 1999.
2324
THE CHRONICLE
[VOL. 117.
loss from continued operation of the property
or from deterioration after
cessation of operation, all of the property
shall be sold and the proceeds of
the sale be kept by the receiver in a separate
fund and be subject to all the
mortgage liens, tax liens and other liens or rights
of the parties to the extent
and with the priorities now existing with
to the property so sold.
"The receiver is authorized to proceedrespect
forthwith to liquidate all of the
property by selling it free from the claims of all parties
the highest bidder
Fon the receipt of sealed bids after public notice of theto
sale shall have been
given by the receiver by advertisement briefly describing
e sold, stating the time and place of receiving bids and the the property to
conditions upon
which such sale is to be conducted, the last advertisem
ent to be not less
than five days before the date fixed for
such sale.
"The sale of the property shall be in such
as the receiver may
determine, with the written approval of the Oldparcels
Colony Trust Co.as trustee
under the mortgage given be the Gardner.
Westminste & Fitchburg Street
Ry. Co., and the American Trust Co., as trustee underrthe
mortgage given
by the Northern Massachusetts Street Ry. Co. The receiver
shall keep
account of the proceeds of the sale of each parcel so sold.
"The receiver is also ordered and directed to discontinue the
upon the whole of the property on Dec. 31 1923 or sooner, or operation
upon such
portion or portions therrof as in his discretion he may deem wise."
The receiver has been authorized to issue $15.000 of receiver's
certificates
and to renew the $25,000 certificates now outstanding.-V.
116, p. 2994.
Paris-Orleans RR.-Bonds Called.-
Two hundred (200.000 francs) 6% bonds (foreign series 1956)
have been
called for payment Dec. 1 at par and int. at the office
of A. Iselin & Co.,
$6 Wall St., N. Y. City.-V.116, p. 2516.
Philadelphia Rapid Transit Co.-Loans Approved
.A bill authorizing the company to increase its funded debt by
$2.500.000
was approved by the Transportation & Public Utilities
Committee
of
Philadelphia City Council Nov. 20.
A second bill granted the consent of the city to the P. R. T. to pledge
all or any part of the $10,000,000 5% bonds issued in 1911
as security
for notes or other outstanding obligations of the
These bonds
have been sold at 75, the company reserving thecompany.
right
to
repurchase
at
the selling price at any time up to Dec. 31.-See also V.
117, p. 2213, 1664.
Pennsylvania Company.-Tenders.----
The Girard Trust Co., trustee, Philadelphia, Pa., will
until Nov. 30
receive bids for the sale to it of 40-Year Guaranteed
Series "D," due 1944, to an amount sufficient to Gold Trust certificates.
exhaust $100,000, at a
price not exceeding par and interest.-V.
117, p. 1778.
Pennsylvania RR.-Additional Stock of Pittsburgh Ft.
Wayne & Chicago.-
consolidated surplus net earnings applicable to divs. for
12 consecutive
months within the 15 months immediately
issuatice shall have
been at least twice dividend requirements onpreceding
stock, including that proposed to be issued. the entire outstanding Pref.
Capitalization Nov. 10 1923Authorized. Outstand'g.
3-year 6% Gold Debentures, due June 15 1925.-62,
500,000 $2,439,500
7% Cumulative Preferred stock
50,000,000 x18,183.300
Common stock (no par value)
500,000shs. 225,000shs.
x After giving effect to the issuance of additional stock now being
offered
and including $226,500 6% Cum. Pref. stock privileged
until Dec. 2 1923
to exchange share for share for 7% Pref. stock.
Data from Letter of President A. M. Lynn,Pittsburgh, Nov, 14.
Business and Property.-Company is a holding corporation owning directly
or through subsidiaries all the Common stock of the companies
constituting
the West Penn System, except approximately 6% of the Common
stock of
Monongahela West Penn Public Service Co. The West Penn System
is the
largest unit in the group of public.utilities controlled
by American Water
Works & Electric Co., Inc., and serves the great industrial
district
of
western Pennsylvania adjacent to Pittsburgh, a largo territory in the northern
part of West Virginia. adjacent territory in western Maryland
and
the
Parkersburg-Marietta (Ohio) district. The
comprises 14 electric
generating stations with an aggregate installedsystem
capacity,including extension
to Springdale Station now under way, of 323.090
k.w. 223 high-tension
substations and over 1.100 miles of high-tension transmissi
on lines. The
railway system comprises 520 miles of track. The properties
are well
maintained and in good operating condition.
Purpose -Proceeds will be used to finance the company's electric light
and power subsidiaries for extensions and additions
necessary to meet the
rapidly increasing demand for electric service, as well
as for other corporate purposes.
Listing.-Application has been made to list this stock on the New York
Stock Excnange, where the outstanding Pref. and Common stocks are listed.
Consolidated Earnings (incl. Subsidiaries) 12 Mos. Ended Sept.
30 1923.
[After giving effect to acquisition of86.128.600W.P.Rys.6% Pf. Stk.)
Gross earnings, all sources
Oper. expensea, maintenance, deprec. ($1,360,867) and taxes_ $23,657.420
15,517,176
Gross income
Deduct-Int. & amortization, $3,973.879; Pref. stock divs, of $8,140,244
subsidiaries, $918,457; minority interests, $43,480; total_ _ _ _ 4,935,816
Net available for dividends after depreciation
$3.204.428
-V. 117, p. 2214.
Virginia Ry. & Power Co.-Listing.See Pittsburgh Ft. Wayne & Chicago Ry.
below.
Toe Philadelphia Stock Exchange has authorized the listing of
The number of stockholders on Nov. 1 totaled
142,527, an increase of additional
$100,000
6,395 as compered with Nov. 11922.
1st & Ref. Mtge. 5% bonds, duo July 11934. being part
The average holdings Nov. 11023 000,000 applied
of $1,were 70.06 shares, a decrease of 3.29 shares,
for in company's application dated July 26 1923,to be listed
compared
with
a
year
ago.
upon official
Foreign stockholders totalted 2,858, an increase
of 27 compared with at Nov. 17 notice of issuance, making the total amount of said bonds listed
last year.-V. 117, p. 2111.
811,342,000.
Income Account for 10 Months ended Oct. 311923,
1922.
Pittsburgh Ft. Wayne & Chicago Ry.-Stock Auth.- Gross earnings
88.657,758 87,703,164
The I.-S. C. Commission on Nov. 12 authorized
Oper. expenses, maint., taxes & rentals
company
the
(1)
to
5,529,863
5,105,085
issue and deliver to the Pennsylvania
RR. $21.595,900 Common stock
in settlement of a like amount of expenditur
Net earnings
es for additions and better- Other
$3,127,896 $2,598,080
ments, and (2) the Pennsylvania RR. to assume
income
obligation and liability,
115,950
111,662
as lessee, in respect thereof. The report
the Commission says:
Total
"It appears that for the calendar yearsof
1918 to 1922 incl., the Pennsyl- Interestincome
$3,243,846 32,709,741
vania expended a total of $21,596.934 for
and
sinking
fund
additions and betterments to Depreciati
993,100
987,314
the property of the Fort Wayne. There remains
on & renewal reserve
from the expenditures
1,234.467
1.185,417
made in 1917 a balance of 620 not heretofore settled
which, added to the
first amount makes a total of $21,596,95
Balance,
surplus
$1.016,189
4. These expenditures have
$537,011
been approved by the directors of the respective
companies, and the
Comparative Balance Sheet.
Pennsylvania has requested a settlement
thereof by the Fort Wayne
issuing its Common stock to the
Oa.
31
'23.
Dec.
31'22.
Oct.31 '23.Dec.31 '22.
Pennsylvania.
Assets"The authorized Common capital
$
Liabilities$
$
stock of the Fort Wayne is $100,000,000 Prop., plant, work
$
and there now may be issued $34,783,10
Common stock-x13,600,500 13,600,500
0 above that issued and outIn
progress,
standing. or reserved for converting the outstandin
arc_50,019.5
54 48,261,559 Preferred stock.- 8,962,500 8,962,500
Guarantee
d
Special
g
Investments
stock. The Fort Wayne therefore proposes
1,287,964 1,274,364 Preferred scrip_ -24,590
24,590
to issue and deliver at par Sinking
to the Pennsylvania $21.595,900 of its
_ _ 2,994,167 2,800,147 Funded debt
24,326,626
Common capital stock in part Materialsfunds_
settlement for such expenditures for
& suppl_ 621,972
588,002 Notes payable._ 233,123 23,476,626
additions
betterment
leaving
and
s,
372,265
Notes receivable__
$54 to be carried forward to a subsequent settlement
10,551
24,565 Pay-rolls & accts.
.
Accts.receivable__ 415,207
"Pursuant to the lease of June 7 1869 and the supplement
575,652
payable
749,280
al agreements Deposits
883,077
of Oct. 28 1871 and Oct. 24 1918.
to
pay
int.
Deferred credits
the
Pennsylvan
17,819
to
agreed
pay
ia
to
the
Fort Wayne amounts sufficient to pay
coupons & diva_ 106,180
365,942 Custom. & empl.
quarterly dividends at the rate of Adv.
7% per annum on said Guarantee
to
MM.cos_ 170,035
21,411
erect., &c
d Special stock, now Common stock."
134,243
115,457
Cash
-V. 112, p. 2749.
989,834
968,137 .Mat'd int. & dive.
Def. charges, &c 1,847,144 1,396,085
payable
97,921
903,556
Public Service Corp. of New Jersey.-Earnings.Int., taxes, ins.,
Nine Months Ended Sept.30&c., accrued
1923.
997,221
1922.
308,297
Operating revenue
Allied co. accounts 117,130
$54,852,85
$49,746,16
7
1
26,018
Surplus available for dividends
pewee. & renewal
6,011.169 4.845.926
Note.-The corporation has received no
reserve
4,650,605 4,115,592
years from its stockholdings in the Public dividends during the last five
Other reserves_ - _ - 173.750
170,428
the strike of the railway employees last Service Railway Co., and since
B. F.bond retirem't 2,882,886 2,674,182
August it has been decided to
eliminate the operations of the railways
Total(each side)58,462,610 56,275,864 Surplus
from
corporation
the
financial
's
1,494,416
642,767
statements.-V. 117, 0..2213, 2111.
x Includes $1,650,000 stock of Norfolk
Ry. & Light Co.-V.117, D. 2111
1993.
St. Paul Union Depot Co.
The company has been authorized -Bonds Authorized.-.
not exceeding 615,000.000 1st & Ref.by the I.-S. C. Commission to issue
Mtge. 5% bonds to be sold at not
less than 91,4% of par. The
will be guaranteed by the railroad
companies using the terminals. bonds
A public offering is expected next week.
-V. 117, p. 2213.
Savannah Electric & Power Co.-Tender
s.The Commonwealth-Atlantic National
trustee, Boston. Mass_
will until Nov. 30 receive bids for the sale Bank,
to
it
of
1st
Ref. Mtge. 7Si%
&
gold bonds, Series "A." to an amount sufficient
to absorb $35,000.
-V. 117, p. 88.
United Railways & Electric Co., Balt.-Earnings.-
Ten Months Ended Oct. 31Passenger revenue
Other revenue
1923.
1922.
$13,501,225 $13,193,798
189.223
164.762
Total revenue
Operating ExpensesMaintenance of way and structures
Maintenance of equipment
Power
Conducting transportation
Traffic expenses
General and miscellaneous expenses
Transportation for inventory, Cr
Depreciation
813,690,447 $13,358,560
Total expenses
Net operating revenue
Taxes
Operating income
Non-operating income
Gross income
Fixed charges
Net income
Revenue passengers carried
-V. 117, p. 1463, 327.
8831.315
830.703
1,129,001
4.230,452
Cr 25.679
1.258,554
13,792
684,522
1923.
$910,548
578,049
1922.
$791,699
506,866
Operating income
Other income
$332.498
28,344
$284.832
25,457
$360,842
$115,369
44.000
$310,290
$110,492
44,000
$201,473
$155,797
Totalincome
Interest charges
Preferred dividend requirements
Balance for reserve and depreciation
-V. 117, D. 1349.
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."
$779,764
759.016
1.060,158
4,171,358
Cr 12.355
Steel and Iron Production, Prices, &e.
1,257.715
The review of market conditions by the trade journals
formerly given
5,765 under this heading
appears to-day on a preceding page under "Indicatio
ns
667,928 of Business Activity.'
88,925,077 68,677,811
$4.765,371 $4,680,750
1,482,093
1,425,995
83.283,278 83,254,755
107,624
131,838
63,390,902 $3,386,593
2.690,627
2.773,200
$700,275 $613,393
198,657,081 193,901,738
West Penn Co.-Pref. Stock Offered.-W. H. Harriman
& Co. and Dominick & Dominick, New York, are offering
at 891A (flat), to yield over 7.80%, 84,000,000 7% Cum.
Pref. (a. & d.) stock, par $100.
Transfer agents: Equitable Trust Co. of New York, West Penn Co.,
Pittsburgh. Louisville Trust Co., Louisville. Registrars:
Cankers
Co.. New York: Colonial Trust Co.. Pittsburgh: National Bank of Trust
Kentucky, Louisville. Pref.stock red., all or part, on any div. date on 30 days'
notice at 115 and diva. Divs, on this stock will accrue from Nov.
15
1923
and are payable Q.-F. 15. No additional Prof. stock may be issued unless
West Virginia Utilities Co.-Preliminary Earnings.-
Ten Months ended Oct. 31Operating revenues
Operating expenses and taxes
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
formerly appearing
under the above heading, will be found to-day onand
a preceding page under
"Indications of Business Activity."
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.-On Nov. 17
ia Sugar Co. advanced
price 10 points to 8.90c. On Nov. 22 Pennsylvan
Arbuckle Bros. and Federal Sugar
Refining each advanced 10 points to 8.90c.
On same date (Nov. 22) the
following companies each advanced price 10 points
to Oc, per lb.: Arbuckle,
American, Federal, National, Pennsylvania and Warner.
Late on Nov. 23
the price was advanced to 9.15c. per lb. by the American,
Warner, Arbuckle
and Pennsylvania companies. Revere Refinery
advanced
10 points to 9c.
National Sugar Refining withdrew from the market.
Alcohol Price Rises.-1.1. S. Industrial Alcohol Co.advanced price of
special denatured and completely denatured alcohol 4c. a gallon. pure,
Wall
Street Journal" Nov. 21, p. 10. The price is now 41c. per gallon.
Daily
Financial America" Nov. 22, p. 1.
Nov.24 1923.]
THE CIITIONICILE
2325
Builders Wage Demands Threaten Delags.-No action towards granting
American Pneumatic Service Co.-2d Preferred Div.demand of $11 per clay basic wage was taken at meeting of Building Trades
The directors have declared a semi-annual dividend of 50 cents on the
Employers' Association Nov. 21. INT. Y. "Times" Nov. 22. p. 21. (See Preferred stock, payable Dec. 31 to holders of record Dec. 8. A like
our issue of Nov. 17, p. 2163, for wage demands.)
amount was paid June 30 last.-V. 117. p. 1995.
Motor Truck Price A dvanced.-Autocar Co. increased price of its 2-3-ton
truck chassis $350 to $3.450 for model "H" and $3.550 for model "Ky."
American Power & Light Co.-Acquires New Interest."M."
model
Also a $450 advance was made in the 4-6-ton truck chassis.
. 117, p. 2112. 783.
See Minnesota Power & Light Co. below.-Vnow being $4,650, and "L," $4.800. Changes are effective Dec. 15.
22.
Nov.
Bureau"
"Phila. News
Chairman, &c.-New
Co.
Express
Railway
American
Matters Covered in "Chronicle" Nov. 17.-(a) Price of milk reduced by
J. Horace Harding has been elected Chairman of the board to fill the
New York dairymen. p. 2162. (13) Milk prices in New York reduced by
Caldwell.
D.
B.
of
death
the
by
ago
time
some
Nashua
created
(Cotton)
vacancy
distributors, following cut by dairymen, p. 2162. (c)
President George Chadbourne Taylor died at Pelham Heights, N. Y.,
Mfg. Co. curtails operations in sheeting mills. p. 2162. (d) Virginia cotton
mills cut hours, p. 2163. (a) Mechanics in New York building trades ask on Nov. 18.-V. 117, p. 1558.
first
wage increase, p. 2163. (f) Paper price unchanged at $75 a ton for
American Rolling Mill Co.-Earnings.
six months of 1924, p. 2183. (g) New rules adopted by the New York ConFor the three months ended Sept. 30 1923 net sales (exclusive of Ashland,
solidated Stock Exchange. p. i69. (h) Receivers for American Livestock
sales, $5,143,228; &remora!
& Loan Co. of Denver, Colo., p. 2120. (i) Failure of New Orleans spot Ky.. plant) are reported at $6,418,849. cost of
and other income. $194,292.
cotton firm of W.J. Davis & Co..j). 2170. (i) Reduction in taxes proposed administration and selling expenses. $460,202,
by Secretary of the Treasury Mellon, p. 2170. (k) Governor Pinchot's Earnings applicable to interest, taxes and dividends totaled $1,022,501.final conference with anthracite coal operators, says they refuse to clean V. 117, p. 1131, 896.
house, p. 2175. (I) Income tax; nation-wide drive for collection of delinAmerican Shipbuilding Co., Brunswick, Ga.-Sale.quent taxes on sales of Jewelry. p.2181.
Peter B. Olney, Jr., referee in bankruptcy, has received an offer from
Barde Steel & Machinery Co.of Washington, D.C.,to purchase for $18,000
Acushnet Mills Corporation.-Extra Dividend.located at the former shipbuilding yards
The directors have declared an extra dividend of $1 per share in addition the assets of the above bankrupt,
of all material, equipment and supplies
to the regular quarterly dividend of $1 50 per share payable Dec. 1 to hold- at Brunswick, Ga., consisting
located at the plant the offer being composed of two parts, as follows:
ers of record Nov. 15.
(a) $5,500 for saw mill and power plant equipment claimed as property of
Balance Sheet September 30.
the United States: (b) $12,500 for all other material and equipment at the
1922.
1923.
1923.
1922.
LiabilitiesAssetsGa. The offer excludes real estate.
$2,000.000 $1,500,000 shMbuilding yards at Brunswick, ship
$723,337 $697,538 Capital stock
Real estate
hulls located at Brunswick, Ga.
242 buildings thereon, and incompleted
242
1,801,335 1,278,057 Accounts payable_
MacidnerY
27,569
32,410
taxes_
for
Reserve
accts.
Mdse., cash,
(Del.).-Registrar, &c.
Corp.
American
Superpower
rec.& investm_. 1,635,509 1,532,928 Res. for invent.,
The New York Trust Co. has been appointed registrar of the 1st Prof.
703,474
deprec. & renew 748,082
and "B" Common stocks. The
•
"A
Prof.
Partic.
stock
Class
stock,
and
1,379,446
1,277,238
Total (each sIde)34.160,182 $3,508,523 Profit and loss
Central Union Trust Co. has been appointed transfer agent.-V. 117, P.
-V. 115, p. 2907.
1995; V. 116, p. 618.
Adams Express Co.-Dividend Increased.-
A quarterly dividend of 1 Si% has been declared on the outstanding
310,000.000 capital stock, par $100, payable Dec. 31 to holders of record
Dec. 15. This compares with 1 1/,% paid in June and September last and
1% paid in Dec. 1922 and March 1923.-V. 116, p. 2996.
Adirondack Power & Light Corp.-Earnings.-12 Months ended Oct. 31Gross earnings
x Operating expenses and taxes
Interest charges and rentals
1922.
1923.
$6,816.631 $5,511,267
4,996,243
3,758,750
1,120,286
1,035.692
American Water-Works & Electric Co., Inc.-To Increase Authorized First Preferred Stock.-
The stockholders will vote Dec. 6 on increasing the authorized First
Pref. stock from $10.000.000 to 320.000,000, par $100. The present
authorized capitalization of the company Is 330,000,000. consisting of
$10.000,000 each of Common, First Pref. and 6% Pattie. Pref. stocks.
par $100.
President H. Hobart Porter stated that no issuance of additional 7%
First Prof. stock was contemplated at the present time and that the increase
authorized by the directors was to place the company in a position where it
could raise new capital in the future if it became desirable.-V.117. p. 1780.
$716,825
$700.102
American Woolen Co.-Guaranty, &c.
See Webster Mills below.-V. 117. P. 2215. 1995.
x Including for credit to reserve for depreciation, $200,029 in 1923 and
1922.
in
$268,680
Amesbury & Salisbury Gas Co.-Sale.Nole.-12%% of gas and electric revenues is included in operating exSee Haverhill Gas Light Co. below.-V. 117, 13• 1666.
penses to cover current maintenance charges and credits to reserve for
depreciation.
Associated Oil Co.-Bonds Called.Comparative Balance Sheet.
1910
All the outstanding First Refunding Mtge.5% bonds, dated Jan. 15at
Oct.31 '23. Dec.31 '22
Oct.31'23. Dec.31'22
the
have been called for redemption Jan. 15 1924 at par and interest
AssetsLiabilities$
$
in San Francisco or in New York City.-V. 117. la•
company
the
of
office
Fixed capital
40,623,359 35,442,494 Common stock... 9,242,500 9,223,800
2215.
843,288
Cash
352,192 7% Pref. stock.- 5.269,200 4.031.100
Notes & accts. rec. 1,779,807 1,453.066 8% Pref. stock... 2,554,700 2,554,700
Baldwin Locomotive Works.-Dividend Outlook.Materials & supp- 1,014,971
743,843 Stock issuable in
President Samuel M. Vauclain is quoted as follows: "We have 200.000
127,900 shares of Preferred and 200.000 shares of Common stoccc. Both will remain
Prepayments
105,800
37,025
22,787
exchange
18,465,100 17,326.800 as they are. There is to be no readjustment of this present capitalization.
236,213 Funded debt
Investments
195,710
.
Company securities
Notes & accts.pay. 5,951.881 2,073.883 There is to be no stock dividend. Neither will we pay any extra cash
351.825 dividend. Our stockholders will get the 7% dividend but nothing more.'
In treasury
75,500
59,000 Unmatured Habit's 425.670
208,025 -V. 117, p. 1995.
30,850 Consumers' depos. 240.759
Special deposits.9,383
9,543
18.087
52,064 Spec. dep. credit_
Suspense
106,818
72,905
32,500
Contractual habit's
Barnsdall Corp.-New International Barnsdall Chairman.
Unamortized debt
12,383
3.308
discount & exp. 954,563
909,487 Suspense credit_
A. E. Watts, Vice-President of the Sinclair Consolidated Oil Corp.. has
1.488,020 1,517,469 succeeded Robert Law Jr. as Chairman of International Barnsdall Corp.
Reserves
Total(each side)-45,640,424 39,301,996 Surplus
1,833,823 1,800,788 Mr. Law will remain a director of the corporation.-V.117, p. 210.
-V. 117. p. 2112, 1350.
Net income
American Bosch Magneto Corp.-Acquisition.The corporation is reported to have purchased the Star Rebound Controller Co., of Cleveland, 0. The plans provide for the manufacture of
controllers at the corporation's Springfield plant with production approximating 500 controllers daily.-V. 117, p. 2112.
American Car & Foundry Co.-Equipment Order.The company has received an order for 10 baggage cars from the Central
Railroad of New Jersey.-V. 117, p. 2215.
American Chain Co., Inc.-Initial Common Dividend.--
The directors have declared an initial dividend of $1 50 per share on the
outstanding 250.000 shares of Common stock, no par value, payable Jan. 2
to holders of record Dec. 21.-V. 117, p. 1779.
American Cotton Oil Co.-Plan for Exchange of Stock.-
Beech-Nut Packing Co.-50% Stock Dividend.-
The Committee on Securities of the New York Stock Exchange has
ruled that the stock of the company be not quoted ex the 50% stock dividend
on Nov. 30 and not until further notice. See also V. 117, p. 2216.
Bell Telephone Co. of Pa.-Stock Sold.-
The offering last week of $20.000.000 63.5% Preferred stock to employees
and customers was over-subscribed. See V. 117, v. 2216.
Birmingham (Ala.) Water Works Co.-To Create Issue
of $5,000,000 Preferred Stock.The stockholders will vote Dec. 18 on increasing the authorized capital
stock from $3.029.700 ($1,829,700 Common and $1.200,000 8% Cumul.
Preferred) to 38,029,700. par $100, by creating an issue of $5,000.000 7%
Cumul.Pref.stock. The new stock will be sold to customers and employees.
The proceeds will be used for additions and betterments.
This company is a subsidiary of the American Water Works & Electric
Co.-V. 117, p. 1780.
The stockholders are reminded that Nov. 26 has been fixed as the time
limit for deposits of stock under the plan for exchange of stock dated Sept.
Bishop-Cass Investment Co., Denver.-Ronds Offered.
20 1923 into Gold Dust Corp. Over a majority of the stock has already
James N. Wright & Co., International Trust Co., Sidle, Simons, Fels
been deposited and such stockholders as have not yet deposited are urged
and Benwell, Phillips & Co. are offering at 100 and int. $450,000
Co.,
&
be
of
otherwise
assured
cannot
they
an
opportunity
to do so immediately, as
Serial Gold bonds. Date Nov. 1 1923. Due
to participate in the plan. Certificates of stock should be dep_osited with 1st (Closed) Mtge. 6%
I 1930 to Jan. 11936. Int. payable J. & J. at International
First National Bank, New York, depositary, 2 Wall St.. New York, N. Y. serially, Jan.Denver,
trustee,
without deduction for the normal Federal
o.,
C
Trust
An authoritative statement says: "Knowledge that actual operation
2%. Denom. $1,000 and $500. Redeemable
of the new plan soon is now definitely assured has accounted undoubtedly Income tax not in excess of
for
1%
each
unexpired year or fraction thereof, upon
of
34
of
premium
a
Cotton
at
Oil
American
of
strength
Common and
for the current market
Preferred and also of Gold Dust Commpn. Cotton Oil bonds, too, have 30 days' notice.
Company, through entire stock ownership of subsidiary companies,
enjoyed a remarkable comeback. The 5% debentures of 1931 which sold
American and
under 60 when things looked black are now above 80, while the 6% notes operates the American and Colorado theatres. Denver; the
due next year hold around 100, as against their low for the year of 85. Iris theatres. Casper. Wyo. and the Majestic Theatre, Pueblo, Colo.
Of interest is the fact that proportionately deposits of American Cotton Tne system has a combined seating capacity of 6,800.
Average income shown by the system available for interest. Federal
OH Preferred have exceeded deposits of the Common stock.
1923. before
"While exact figures are not yet available it can be stated that Gold taxes and bond retirement for the four years ended April 30
and depreciation. was S174,443. Income has therefore
fiscal
amortization
new
year
the
of
are
Dust Corp. earnings since the beginning
unusually
issue.
good in comparison with past earnings during corresponding months." averaged about six times interest charges on this
Net proceeds from this issue will be used in liquidating indebtedness
-V. 117, p. 1888, 1990. 1994, 2112.
created in acquiring the leases upon the Casper theatres and in the rebuilding of tne Colorado theatre for which purposes over $400,000 in
American Cyanamid Co.-New Directors..j. 0. Ilimunitt, E. V. O'Daniel and W. S. Stowell have been elected cash has been expended.
directors, succeeding S. D. Crenshaw, 1'. C. Hoffman and W. E. Fackert.
(Sidney) Blumenthal & Co., Inc. (Shelton Looms).-V. 117. p. 1558.
American Express Co.-Obituary.-
President George Chadbourne Taylor died at Pelham Heights, N. Y.,
on Nov. 18.-V. 117, p. 1350.
American Livestock & Loan Co., Denver.-Receivership.
Earnings Nine Months ended Sept. 30 1923.-
(Subject to yearly audit and adjustments.)
Earnings from operation
Accrued bond int., $112,593; accrued Fed. taxes, $163.623_
Preferred dividends, paid and accrued
_
$1,421.578
276,213
110,515
$1,034,850
A. E. de Ricqles, Pres.. Denver, and Fred C. Roof, Walsenburg, coin.
Net profits available for Common dividends
were on Nov. 12 appointed receivers by Judge J. Foster Byrnes in the -V. 117. p. 1019.
U. S. District Court at Denver on the application of R. L. Duke of Texas,
(Daniel) Boone Woolen Mills, Inc.-Rights, &c.a creditor. The company,it is stated, Is capitalized for $1,900,000 (400.000
The stockholders on Nov. 19 increased the authorized capital stock
shares of Preferred stock and 600,000 shares of Common stock), with
loans in excess of 33,000.000. Its subsidiary companies are: The American from 125,000 shares (par $25) to 250,000 shares (p ir $25). The stockCattle Co.,the Dana Cattle Co., the Tom Bell Cattle Co.,and the American holders of record Nov. 30 are give .the right to subscribe on or before
Dec. 10 to 62.500 shares of the increased capital stock at par ($25 per share)
Ranches Association.
in the ratio of one share of new stock for each two shares held. Payment
American Manganese Co., Chicago.-New Plant, &c.
must be made in full at the office of the company, 1705 Divorsey Blvd..
The now washing plant. completed in September 1923 on the Polk Chicago, Ill., or at the office of Central Trust Co. of Illinois, transfer
Ridge
company.
has
Blue
properties
the
of
proven a success agent. The proceeds will be used for a ddit'onal working capital necessitated
Southard and
in every particular. The new plant has a daily capacity of 1,000 tons, by the company's expanding business and for other corporate purposes.cents
The directors have declared the regular quarterly dividend of 75
and is the first plant erected in the Batesville-Cushman district for the
mechanical separation of ore to be operated successfully. The first two per share, payable on Jan. 2 1924 to holders of record Nov.30 1923.
months of operation show a recovery of 21.3% of manganese ore, averaging
President Gumbinsky declared that the company's sales would be sub49.7 manganese content. The company owns in fee 1.400 acres of man- stantially more than 34,000,000 this year and that the volume of orders for
ganese lands in this district. The mills are supplied by open pit operations future business indicated that in 1924 the total would be between 68.500.with steam shovels and narrow-gauge railroad equipment. The company 000 and $10.000.000. The directors considered it inadvisable to declare an
extra cash dividend at this time, as it was not desired to impair the cornhas contracted for its entire output.-V. 114, p. 2582.
2326
THE CHRONICLE
pany's working capital in any way, but it Is intimated that after the first
of the year a surplus might be available that would allow a plan for an added
disbursement to be worked out. President Gumbinsky also stated the t3
annual dividend will be maintained on the increased capitalization.-V.117.
Z.• 2113.
(Richard) Borden Mfg. Co.-Bal. Sheet Sept. 30.Assets1923.
Plant account__ __ $932,697
Cash, accts. rec.
& securities__
48,037
Inventory
452,478
Govt.securities_ _ _ 314,8.50
1922.
Liabilities-1923.
1922.
$843.758 Capital stock
81,000.000$1,000,000
Notes payable
170,000
103,747 Reserve for taxes,
380.726 'mats., dre
166,156
295,629
346,400 Profit & loss
411,911
379,002
Total
51,748,062 31,674,631
-V. 112, p. 65.
Total
$1,748,062 81.674,631
The New York Curb has removed from trading this company's Common
stock. The stockholders on Nov. 5 approved the sale of the company's
assets to the Candy Pro lucts Corp. The stock of the Candy Products
Corp. is now being exchanged for stock of Buddy Buds. Inc., at Bankers
Trust Co.. New York. as per plan in V. 117. p. 1890.
Callahan Zinc-Lead Co.-Quarterly Report.
Quarters Ended
9 Mos.End.
PeriodSept. 30'23. June 30'23. Mar.31 '23. Sept.30'23.
Net value shipments_ _
$280,749
$282,775
$347,436
$910.960
Miscellaneous income_ _ _
15,320
20.732
15,672
51.724
Total income
Costs, expenses, &c_ _ _ _
$296,069
272.158
3303,507
331.879
$363,108
309,916
$962,684
913,953
Operating profit
Impts., new equipment_
$23,911
10.692
def$28,372
14,295
$53,192
4,853
$48.731
29,840
Surplus
-V. 117, p. 1466. 1131.
313,219 def$42,667
$48,339
$18.891
Calumet & Arizona Mining Co.-Div. Rate Reduced.-
The directors have declared a quarterly dividend of 5% on the outstanding $6.425,300 capital stock, par $10. payable Dec. 24 to holders of
record Dec. 7. This compares with quarterly dividends of 10% each
paid in March, June and September last. Dividend record (from 1908
to date, in percentage) follows:
08-'11. '12. '13. '14. '15. '16. '17. '18. '19. '20. '21. '22. x'23.
4ylly. 42)i 50 30 32)i 90 110 80 30 40 20 20
35
x Includes dividend of 5% payable Dec. 24.-V. 117. p. 2113.
Calumet & Hecla Consolidated Mining Co.-Init. Div.
The directors have declared an initial dividend of 50 cents per share on
the outstanding 2,005,502 shares of capital stock, par $25, payable Dec.
17 to holders of record Dec. 1. See also V. 117. v. 1239.
Carson Hill Gold Mining Co.-Earnings.9 Mos. end.
3 Mos.ended
PeriodSept.30'23. June 30'23. Mar.31 '23. Sept.30'23.
Profits, before deprec.,
depletion & taxes_ _
$185,862
$48,676
$81,767
555,419
Sinking fund requirem'ts
30.000
90,000
30,000
30.000
$18.676
$25,419
$51,767
annum having been paid for the fourjyears ended Sept. 30 1923. In
1912 a stock dividend of 33 1-3% was paid, increasing the amount of
Common stock outstanding to $4,000,000.
Dividends of 8% on the $4,000,000 Common stock are equivalent to
$1 60 per share of no par value Common stock presently to be issued in
exchange therefor. The directors on Nov. 19 1923 declared a quarterly
dividend which is equivalent to a rate of $2 28 per annum on the no par
value Common stock presently to be issued.
During the four fiscal years ended Nov. 30 1922 total earnings applicable
to payment of Common stock dividends were equivalent to $20 40 per
share of no par value Common stock presently to be outstanding, aggregating 230.000 shares, while actual dividend payments during the period
were equal to only $4 87 per share, the remainder, equivalent to $15 53
per share of no par value Common stock, having been re-invested
in the
business.-V. 117, p. 2216. 1667.
C. G. Spring Co. Detroit, Mich.-Earnings, &c.-
Buddy Buds, Inc.-Removed From List.-
Balance
-V. 117, p. 2113, 1352.
[Vol,. 117.
$95,862
Ch.-sebrough Mfg. Co.-Eznansion.-
Vaseline will be added to the list of Pittsburgh products when the new
plant is completed in Stowe Township, Pa. The plant will be composed
of 3 buildings and the installation of equipment is said to be now under
way.-V. 117, p. 2216.
Chestnut & Smith C-•rp.-Guaranty, &c..'
See National Steel Car Lines Co. below.
Chicago Mill & Lumber Co.-New Directors.-
This company,whosefiLal year ended Aug.
reports sales in September
and October more than twice sales for a similar31,
period in 1922. with earnings
in proportion. Sales in October this year were 25% greater than in Sept.
The company has Just taken over the plant of the Detroit Foundry Co.
adjacent to its present property on East Grand Blvd., in which it will
install forging machines and heat-treating furnaces. This will increase
present occupied floor space by 35,000 sq. ft. [Christian Girl, President;
J. J. Jennings, Treas.]
Chino Copper Co.-48th Quarterlv Report.-
The report covering the third quarter of 1923 shows:
Operatn.-Four regular sections of the mill at Hurley. out of a total
of seven, together with the ball mills in the fine-grinding section, were
in operation during the quarter.
Ore Treated.-Total amount of ore treated for the quarter was 737,609
dry tons, an average of 8,017 tons per day, the average grade being 1.48%
copper. The comparative figures for the preceding quarter were 7,827
tons per day, containing an average of 1.41% copper. The average
gross recovery of copper contained in the concentrates was 18.46 lbs.
per ton of ore treated, as compared with 17.82 lbs. for the previous quarter.
In addition to the copper produced from mill operations, there were 9,229
tons of crude ore shipped direct to the smelter, containing an average of
4.35% copper.
Production.-Net production of refined copper from all sources, after
allowing for smelter deductions, was 13,757,690 lbs.,compared to 12,416,022
lbs. for the preceding quarter and 13,356,764 lbs. for the first quarter.
3d Quar. July.
August.
September.
Total. Av.Mthly.Prod.
Pounds_ _ _ 5,716,379
4,202,636
4,585,897
3.838,675 13.757,690
2d Quar. Arpil.
May.
June.
Total. Av.Mthly.Prod.
Pounds_ __ 3.880.694
4,539.540
4.138,674
3,995.788 12,416,022
let Quar. January.
February.
March.
Total. Av.Mthly.Prod.
Pounds_ _ _ 4,440.237
3.768,330
5,148,197 13,356,764
4,452.255
The cost per pound of net copper produced from all sources was 14
cents, as compared with 13.95 cents for the quarter ended June 30 1923.
These costs include all operating and general charges of every kind except
depreciation, and also include credit for gold and silver values and miscellaneous revenues.
Financial Result of Operations (Exclusive of Depreciation) for 1923.
3d Quar.
2d Quar.
jet Quar. Tot. 9 Mos.
Operating gain
544,552
$201,698
3388,752
$635,002
Miscel. revenue, incl.
precious metals
81,546
53,379
16,859
151,784
Oper.gain for quarter_
$126.098
$255.077
$405.612
$786,787
The above figures are based on an average of 14.915 cents per pound
for copper, as compared with 16.006 cents for the quarter ended June 30
'23.
General conditions at the mines continued to improve notwithstanding
delays in delivery of much needed equipment, most of which it is now
expected will arrive during the last quarter.
Toward the end of the quarter a part of two sections of the new concentrating equipment went into commission with highly satisfactory
results, in that recoveries were from three to four pounds of copper per
ton of ore greater in the new arrangement than in the old. This improvement did not apply to sufficient extent to greatly affect general mill recoveries for this quarter, but will do so increasingly from now on as betterments progress.
[Signed, D.C.Jackling,Pres.;John M.Sully, Gen.Mgr.1-V.117.v.785
Leon L. Loehr and Edward A. Lang have been elected directors. This
action increased the directorate from 9 to 11 members.-V.117. It 1996.
Cities Service Refining Co.-Guaranteed Bonds Offered.
-Hambleton & Co., Federal Securities Corp. and A. B.
Childs (Restaurant) Co., New York City.-Dividend Leach & Co. Inc.
Rate on Common Stock Increased-To Change Par Value of 7.40%, $2,g00,00b are offering at 97 and int., to yield over
1st Mtge. 10-Year 7% Guaranteed
Common Stock-Stock Offered.gold bonds, guaranteed unconditionally by Cities Service
The directors have declared a quarterly dividend of $2 85 on the outstanding 54,000.000 Common stock, par $100, payable Dec. 10 to holders Co. as to principal, interest and sinking fund payments.
ofrecord Nov. 26. From June 10 1920 to Sept. 10 1923 quarterly dividends
of $2 per share were paid on the Common stock.
An extra dividend of
50 cents per share was also paid Dec. 10 1920.
The stockholders will vote Dec. 10 on changing the authorized Common
stock from $4.000,000, par $100, to 750,000 sharse of no par value. If
the increase is authorized, it is proposed to issue five new shares of Common
stock, no par value, in exchanxe for each share
of Common stock, par $100,
now outstanding.
Offering of 30,000 Shares of Common Stock.-Dillon, Read
St Co. have sold 30,000 shares of Common stock (no par
value) at $37 50 per share. Total authorized, 750,000
shares. To be presently issued, 230,OCO shares.
Listing.-Application will be made to list on the N. Y. Stock Exchange.
Data from Letter of S. S. Childs, Pres, of the Company.
Company.-Incorporated in New York. Owns and operates one of
the largest abd best-known chains of restaurants in the United States.
There are at present 100 restaurants in operation, and in addition 14
others are being planned, several of which will be opened within a few
months. Business was started in N. Y. City in 18813 as a partnership.
Growth has been steady until, at the present time, company is serving
at the rate of more than 49,000.000 meals per annum. Company's success
has resulted, in a large measure from the application to the restaurant
business of the principle of chain store distribution which has been so
successful in other fields.
The majority of the "Childs" restaurants are located in New York and
other eastern cities, with a substantial number of establishments in Chicago,
St. Louis, Kansas City. Atlanta, Jacksonville. New Orleans, Los Angeles.
and other cities in the -United States, and also in Montreal. Toronto and
Winnipeg, Canada.
Company owns in fee, either directly or through wholly owned subsidiaries. 20 of its restaurant locations, including some of its most important
owated properties. Of these, six are situated on Broadway and one on
Fifth Ave., N. Y. City, with a total of 11 in Greater New York.
Capitalization after Present FinancingOutstanding.
Authorized.
7% Cumulative Preferred stock
$5,000,000
$5,000.000
Common stock, no par value
230,000 shs.
750.000
The 230,000 shares of Common stock presently toshs.
be outstanding will
represent the exchange of the previously outstanding
Common stock,
40.000 shares of $100 par value, on the basis of five shares for one, and
-the 30,000 shares now being offered.
' Sales and Earnings-Fiscal Years ended Nov. 30.
Sales.
:Balance.
'Wet.
1919
$942,398
$16,660.153
$962,576
1920
1,560,486
1,683,598
22,021.871
1921
1,125,196
21,941.005
1.306.032
1922
1.065.203
1,211.988
21,846.046
x After all charges, taxes paid and Preferred stock dividends. y Directly
applicable to Common stock dividends (after deducting special reserve).
Net income for the period shown above averaged 51.173.320 per annum,
er more than $5 per share on the 230.000 shares of no par value Common
stock presently to be outstanding. Such net income for the 12 months
ended Sept. 30 1923 amounted to $1,101.546.
Dividends.-Cash dividends have been paid on the Preferred stock at
the rate of 7% per annum since issue in 1906. Cash dividends have been
paid on the Common stock, in every year except 1915, since incorporation
In 1906, the average rate (excluding 1915) having been 7%, and 8% per
Dated July 2 1923. Due July 1 1933. Interest payable J. & J. in New
York without deduction for normal Federal income tax not to exceed
2%•
Denont 51,000. 5.500 and $100 c* Red. all or part by lot on 60 days'
notice (but on 30 days' notice in case of sinking fund redemption) at 105
and int. Penna. 4-mill tax, Conn. 4-mill tax, Maryland 4
tax
and Mass, income tax on interest not exceedinj 6% per annum refundable.
Commonwealth-Atlantic National Banx of Boston, trustee.
Convertible.-Convertible into stocx of Cities service Co. at tne option
of the nolder on or before July 1 1928 on the basis of 8 shares of Prof. stock
and 2 snares of Common stock for each $1,000 bond, with proper adjustment of interest and dividends.
Data from Letter of President Henry L. Doherty, New York, Nov. 15.
Company.-Incoro. in Mass., successor under foreclosure proceedings to
Mass. Oil Refining Co. Is an important subsidiary of Cities Service Co.
Cities Service Refining Co.owns and operates a modern complete oil refinery
on Boston Harbor, located on about 91 acres of land fronting on the Waymouth Fore River, which has sufficient draft for ocean going vessels.
The refinery has a daily capacity of 7,000 bola. of crude oil and is the only
plant in the New England States equipped for the manufacture of a complete
line of refined oil products. Its entire output can be readily disposed of
In tne territory immediately adjoining, which is one of the largest markets
for oil products in the United States.
Sinking Fund.-Company will set aside as a sinking fund, to be applied
quarterly beginning July 1 1925, an amount sufficient to retire $100,000
bonds annually by purchase at not exceeding 105 and int., or if not so obtainable, by call by lot at 105 and int. Sinking fund payments are unconditionally guaranteed by Cities Service Co.
CapitalizationAuthorized. Outstand'g.
First Mtge. 10-Year 7% Guaranteed Gold bonds..-5.000,000 42.500.000
6% and Participating Preferred stock (par $100).'-.5.000.000
3.000,000
Common stock (no par value)
75,000 sus. 75.000 shs
Earnings.-A comparative statement of earnings of Cities Service Co.
for the year ended Scot. 30 1923 and the two calendar years 1922 and 1921.
after all expenses, interest charges and dividends of subsidiaries (accruing
to others than Cities Service Co.), and its own expenses, is as follows:
1923.
1922.
1921.
Applicable to interest on funded debt_516,140,016 $14,205,674 $12,344,716
Bal. available for diva, and reserves-- 13,485.511 11,847.119 10,846486
Annual interest requirements on this issue of 1st Mtge,10-Year 7% Guaranteed Gold eon& of Cities Service Refining Co. are $175,000.
Contract for Crude Oil Supply.-Company has entered into a contract with
Cities Service Co. wnereby it will be supplied with 5,000,000 barrels of crude
oil at the current market price for crude oil at the time of delivery, assuring
a continuous supply over a long period. Two large, modern tankers with
a combined caoacity of 160,000 hbls., operated by Cities Service Transportation Co., have been placed in service exclusively for the transportation
of oil to this refinery.
Management.-Operation and management of company la under the direction of Henry L. Doherty & Co. Compare also V. 117, v. 2216.
Coast Valleys Gas & Electric Co.-New Control.-
This company, whose properties serve 14 communities in California,
having total population of 25.000, including the famous resort sections at
Monterey and Pebble Beach, has been acquired by H. M. Byllesby & Co.
The communities served are Monterey. Salinas, Pacific Grove, Carmel,
Gonzales, Soledad, Losooches, Greenfield, Orchard, Coburn, King City,
Metz. New Idria and Pebble Beach.
The Coast Valleys company transmission and distributing system totals
over 380 miles. extending over an area of about 3,400 sq. miles, including
the Salinas Valley and adjoining territory, largely devoted to fruit growing
Nov.241923.]
2327
THE CHRONICLE
installment plan by an initial payment of $5 a share and $5 a month
and sugar beet raising. The company also owns and operates gas plants the
117, p. 2217.
at Salinas and Monterey, with total daily capacity of 1,536,000 cubic feet. thereafter.-V.
City.
King
and
Salinas
at
supplied
also
is
service
Water
Steel Co.-Bonds Called.Pressed
Detroit
and
annually
Present grass earnings are at the rate of about $750,000
All of the outstanding Purchase Money Mtge. 6% bonds, Series "D,"
prospects for future growth of the business are extremely promising.
Dec. 1 1924, Dec. 1 1925 and Dec. 1 1926. have
maturing
"F,"
and
"E"
-V. 117. p. 1132.
been called for payment Dec. 1 at 102 and int. Series "C" bonds mature
Dec. 1 1923 and will be redeemed at par and int.-V. 116, p. 2262.
Colonial Fisheries, Ltd., of Boston.-Receiver.Irving M. Atwood. of Newton, Mass., has been appointed receiver by
Dome Mines, Ltd.-Dividend of 50 Cents.Federal Judge Lowell.
The directors have declared a quarterly dividend of 50 cents per share
Md.on
the outstanding capital stock, no par value, payable Jan. 20 to holders
Columbia Graphophone Factories Corp. of
of record Dec. 31. This is the first dividend on the new stock, which was
Plan Operative.issued in exchange for Dome Mines Co. Ltd., in the ratio of two shares
equivalent to the old rate of $1
of new for each share of old stock, and
See Columbia Graphophone Mfg. Co. below and V. 117, p. 1780.
quarterly paid before the exchange.-V. 117, p. 2217.
Columbia Graphophone Manufacturing Co.-Plan
Operative.-The plar for the reorganization (V. 117, p. 1780)
has been declared operative according to an announcement
made Nov. 20 by the reorganization committee (Mortimer
N.Dialler, Chairman). Announoment(see adv. pages)3ays:
Driggs Ordnance & Mfg. Corp., New Haven, Conn.
Louis L. Driggs and A. Lapides were appointed receivers by the U. S.
District Court of Connecticut on Oct. 24. All creditors are required to file
their claims with the receivers at 50 Whitney Ave., New Haven. Conn., on
or before Feb. 5 1924.
Duluth (Minn.) Edison Co.-Name Changed, &c.
The plan of reorganization dated Oct. 17, having become binding upon
See Minnesota Power & Light Co. below.-V. 117, p. 330.
all of the holders of participation certificates issued by New York Trust
Co. under the plan with respect to indebtedness of the Columbia company
dated April 6 1922, and also upon more than 89% of the outstanding
Dunhill International, Inc.-Transfer Agent.issue of 5-Year notes of the Columbia company, and there having been
The Bankers Trust Co. has been appointed Transfer Agent for the capital
deposited under the reorganization plan more than 93% of the outstanding stock -V. 117, p. 1997.
of
Factories
Corp.
issue of Preferred stock of Columbia Graphophone
Maryland, notice is hereby given that the reorganization plan has been
(E. I.) du Pont de Nemours & Co.-Dividends Increased.
declared operative with respect to both the deposited indebtedness and
The directors have declared a quarterly dividend of 2% on the Common
said Preferred stock.
par $100, payable Dec. 15 to holders of record Dec. 6. This comstock,
In order that the holders of undeposited 5-Year notes and Preferred pares with I%% paid in March, June and September last.-V. 117. 1:1•
stock may be given an opportunity to participate in the reorganization 1352,444.
plan, the time for the deposit of such notes and stock has been extended
to Dec. 5 1923. after which date no deposits will be received except upon
Eaton, Crane & Pike Co.-Acquisition.such terms as the committee shall prescribe. See V. 117, p. 1780, 1891,
The company has acquired the stationery business of Z. & W. M.Crane
2216.
Co. of Dalton, Mass., and will take over the business as of Jan. 1 1924.
It is reported that the deal does not include the machinery which will
Commercial Investment Trust Inc.-Stock Increase- remain
in the Dalton plant for the time being.-V. 116, p. 2394.
41 2-3% Stock Dividend, &c.-
As of Nov. 5 1923 the capital of this company was increased from
$6,000,000 to $9,000,000. Prior to that date the stock was divided into
.
$3.000,000 Class "A" (Pref.) stock and 9'3,000,000 Class "B"(Common)
stock. A dividend of 41 2-3%. or $1,250,000, was declared in Class 'B'
(Common) stock and the stockholders have subscribed for $1.750,000
additional Class "B" stock in cash at par. The new subscriptions have
been paid in,and the capital stock is now 89,000,000,divided into $3,000,000
Class "A" (Pref.) stock and $6.000,000 Class "B" (Cornmon) stock.
In Dec. 1922 the company paid a 23% stock dividend on toe Class "B"
shares.-V. 115. p. 2585.
Commonwealth Light & Power Co.-Bonds Called.The entire issue of Concordia (Kan.) Electric Light Co. 1st Mtge. 10-year
7% bonds due June 1 1927 has been called for redemption and will be paid
on Dec. 1 1923 at the Farmers & Merchants State Bank, Concordia, Kan.
-V. 117, p. 781.
Computing-Tabulating-Recording Co.-Bonds Called.
Certain 6% 30-Year Sinking Fund Gold bonds, due July 11941,aggregating $10,000, have been called for payment Jan. 1 at 105 and int. at the
Guaranty Trust Co., trustee, 140 Broadway, N. Y. City.-V.117, p.1996
Cormoleum Company, Inc.-Listing.The Philadelpnia Stock Exchange has authorized the listing of 140,000
additional shares Common stock, making a total of 240,000 snares listed at
Nov. 17.-V. 117, P. 1891.
ConnecticutZinc Corporation.-Receivership.-.
A Joplin. Mo., dispatch, Nov. 20, states: "This corporation, owner of
the Oronogo Circle Mine at Oronogo, Mo., the oldest,-largest and at one
time the heaviest ore-producing mining property in the tri-State district.
has gone into the hands of the receivers. The corporation had a capital
stock of $1.250.000 owned entirely by Eastern capitalists. Owners of
ny
ver0 londs petitionedfof e receiversteenshutwnbugecnva
snip,
approximatelyrof
spaisoggy
plans to reorganize and resume operations in the near future.'
Consolidated Realty & Theatres Corp., Indianapolis,
Fred A. Sims, of Indianapolis, has been appointed receiver for this company.
Continental Gas & Electric Corp.-Capital Increased.The stockholders on Nov. 19 increased the authorized capital stock from
$5,000.000 preferred and $5,000,000 common to $20,000,000 Prior Preference stock, $20,000,000 Participating Preference stock. $5,000,000 Preference stock, and $10.000,000 Common stock. Compare V. 117, p. 2114.
Converse Rubber Shoe Co.-Earnings.--
Elk Horn Coal Corp.-Dividend Deferred-Earnings.
The directors have decided to defer action on the quarterly dividend of
135% usually paid on the Preferred stock in December. The dividend
due September last was also deferred.
Net earnings for the 10 months ended Nov.1 was approximately $204.000.
After deducting the 154% dividend on the Preferred stock, paid June 11
last, there remained a surplus of $105,000 for the period. The tonnage
for the first ten months of this year was 992,883 tons, as compared with
738.627 tons in the corresponding period in 1922.-V. 117. p. 1560.
Empire Gas & Fuel Co.-Earnings.12 Mos. Ended Aug. 31Gross operating earnings
Operating expense. maintenance & taxes
1922.
1923.
$44,739,229 $38,110,429
32.296.397 28,595,845
Net operating earnings
Non-operating income
$12.442,832 $9,514,584
859.636
548.154
$12,990,986 $10.374,220
Total net earnings
Less subsidiary minority int. & non-mortgagor
283,606
356.217
companies' interest
$12.634,769 $10,090,614
xNet earnings
Annual int, requirements on total funded debt outstanding as
$4.390,325
of Aug. 31 1923
x Available for bond interest, reserves and dividends.-V.117. p. 1891.
Exchange Buffet Corp.-Earnings.PeriodGross profits
Federal taxes
Depreciation
Dividends
-3Months Ended--6 Months EndedOct. 31 '23. July 31 '23. Oct. 31 '23. Oct. 31 '22.
$360,218
$272,565
$127,550
$145,015
39.189
27.698
12,908
14,790
46,705
50.975
24,286
26,689
237,619
248,657
124,229
124,428
$36,706
def$20.893 def$33,873 def$54,766
Balance, surplus
Interests close to tne management state that this quarter and the preleast
the
profitable
usually
tee
season,
cover
are
summer
which
vious one,
of the year and direct attention to the increase in net profits (before dividends) to $103.535, as compared wita $90,356, in the p-evious quarter,
as indicating the trend which normally results in toe bulk of earnings being
made in the last six months.
The corporation has no bank loans, funded debt or Preferred stock, the
Common stock being its only capital issue.-V.117, p. 898.
Fain Knitting Mills, Inc., N. Y. City.-Stock Offered.-
For the 6 months ended Sept. 30 net profits amounted to $307.564, or Hitt, Farwell & Co. are offering in units of 2 shares of Pref.
about 50% ahead of the same period of 1922 and comparing with net
Common stock, at $200 per unit,$500,000
of $498,677 for all of 1922. Earnings for the 6 months. after Preferred and 1 share of
dividend for a full year, are equal to $45 78 per share on the 3,021 Common 8% Cumul. Prior Pref. (a. & d.) stock.
shares.
Redeemable, all or in part, on 30 days' notice at 110 and div. Divs.
Sales for the full year are expected to exceed $7,000,000, as against payable Q.-F. (first div. payable Feb. 1 1924, for period from Nov. 27
around $5,750,000 for the year ended March 311923. The Malden plant 1923). Corporation Trust Co., New York, transfer agent. Equitable
footwear
each
rubber
of
day.
pairs
16,000
Plant is booked Trust Co., New York, registrar.
is turning out
solid to Dec. 15.
Outstanding.
Authorized.
Capitalization (no Funded Debt)Comparative Balance Sheet.
$500,000
Prior Pref. stock (this issue)....-$1,000,000
Sept.30'23. Dec.31'22. 8% Cumul.
Sent.30'23. Dec.31'22.
Assets-500,000
Cumul. Cony. Prof. stock (par $100)_ - 500,000
x8%
stock__
Preferred
$1,270,748
-$2,417,800
$2,337,000 Common stock (no par value)
Plant ctr. equipm't-$1,360,100
100.000 sits.
y115.000 shs.
402,720 General capital_ - 302.100
334,620
302.100
Cash
Accts. dr notes ree_ 1,917,346 2,394,840 Accounts payable_ 224,6591 1,677,171
Common stock at the rate of three shares of Common
into
Convertible
x
_
payable_
1,751,000
2,000,733 1,786,837 Notes
Inventories
share of Preferred stock. y 15,000 shares reserved for
Coupon notes_ --- 1,667,000 1,663,000 stock for onePreferred
Due from sub. co_ 802,988
stock.
123,284 Reserves
247,6291 1,015,126 conversion of
348,167
Investments
Letter of Pres. Irving Fain, New York, Nov. 16.
from
Data
390,968 Surplus
966,379
Deterred assets_ _. 187,614
500,000
Company.---incorporated in Delaware in 1922 and took over the business
Triple tread pats_ - 500,000
Total (ea. side)-$7,576,568 $6,994,397 established in 1912 by President Fain. Business is essentially a chain
125,000
Chicago lease
125,000
store enterprise selling trade-marked brands of "Famous Fain" knitted
-V. 117, p. 2217.
goods, including sweaters, bathing suits, hosiery, underwear, dresses,
Crucible Steel Co. of America.-Earnings-Outlook.- &c. At present Fain Knitting Mills, Inc., operates six retail stores in
Chairman H. S. Wilkinson says: "Orders in September were the lowest Manhattan and Brooklyn. N. Y., and one store in Newark. Company
this year and October showed an increase. November to date is ahead of also does a large wholesale business direct with department stores and
October. There is every indication that stocks on hand have been con- dry goods stores all over the country. Company has recently acquired a
sumed during the past three months in greater volume than orders have lease for a long period, with renewal privilege, on the store at 34th St.
been placed. Prices are fairly well maintained. I expect considerable and Broadway (the R. H. Macy corner) which will be opened as an addiIncrease in volume and profits in the coining year, although the first part tional retail store about Sept. 1 1924. All of these store locations are
of the year may not be as good as the latter part. We are hopeful that we held under favorable leases which run for at least six years, some running
will be able to continue reductions in cost, better operations and more as long as 1943. In July 1923 the first of a chain of franchise stores was
careful handling of our plants. Production costs are the lowest in history, opened and at the present time 15 of these stores are in operation in cities
considering labor and material costs.'-V. 117. p. 2217.
in Connecticut. New Jersey and Now York. These franchise stores are
operated as exclusive distributors in their communities of "Famous Fain"
Cutler Mail Chute Co.-Tenders.products and are conducted by the individual proprietors on a uniform
The Seaboard National Bank of the City of New York, trustee, will system of merchandising and window display.
of
it
to
Collateral
receive
for
28
bids
sale
the
Nov.
Trust
Safes.-Net sales for the calendar year 1922 were reported at $1.574,961.
until
Sinking
Fund Gold bonds, dated Jan. 1 1921, to an amount sufficient to exhaust Net sales to Nov. 1 1923 have shown an increase of more than 100% over
$20,000, at a price not exceeding par and int.-V. 111, p. 796.
the sales for the corresponding period of 1922, and total net sales for the
entire year 1923 are estimated at not less than $4,000,000.
Davis-Daly Copper Co.-Suit.Earnings.-Net profits for 1922 prior to incorporation, before taxes.
of
Co.
suit
the
Mining
Copper
against
Anaconda
of
the
trial
were $308,678. For the seven months ended July 31 1923, net profits
Davis
The
calendar
Daly Co. and the counter-suit of the latter, have been postponed to Feb. 1 before taxes were $173,086. Net profits, before taxes, for the provision
year 1923 are estimated at not less than $425.000. Deductingthan eight
by Judge Bourquin.-V. 117, p. 1997. 93.
more
to
estimated
leave
earnings
equivalent
for taxes would
Prior
De Beers Consolidated Mines, Ltd.-Dividends, &c.- times dividend requirements ($40,000 a year) on the $500.000 8%stock.
The company for the year ended June 30 1923 reports earnings on diamond Preference stock to be outstanding. The earnings on the Common
approximately
be
the
same estimate would
account of £2,18.438 (against £401,816 for the previous year) which per- after all prior charges, based on
mitted the declaration of a 40% dividend on the Cumul. Pref, shares and $2 50 per share.
its plans
Purpose.-Proceeds will enable the company to proceed with one
the payment of arrears for last year.-V. 116, p. 941.
new
for expansion. Company contemplates adding in 1924 only the comDetroit Edison Co.-Stock Offered.store, at 34th St. and Broadway. The principal expansion of
franchise
of
chain
the
The company is offering to its employees and customers additional capital pany in 1924 is expected to be in the extension of
stock at the price prevailing on the New York Stock Exchange. Each stores, and in the wholesale department, which already has over 2.000
applicant can buy up to ten shares, payment to be made either in full or on customers on its books.
2328
THE CHRONICLE
[VOL. 117.
Balance Sheet as of July 31 1923 (After Present Financing).
underwriting syndicate under the proposed terms he believed also to be
Assetsexcessive, while he objected to proposal to give 30.000 shares of new common
LiabilitiesCash
$105.017 Trade accepts. payable -- $219,927 stock to William F. Kenney to manage properties for a year and a half. In
Accounts rec., less reserve
67,000 Accounts payable
144,786 this connection the Court held that with the par value of these shares of
Inventory
960,319 Notes payable
72,000 $10, Mr. ICenney would be getting virtually $300,000 for eighteen months'
Furniture, fiat. & equip.,
8% Cum.Prior Pref.stk..- 500.000 service, which he thought was excessive. In conclusion, Judge Knox said
less reserve
224,076 8% Cum. Cony. pref. stk_
500,000 that he was open at any time to a fair and equable proposal for reorganizaLoans & advances roc__ _ _
59,315 Corn.stk.(100,000 shs.)-- 100,000 tion.
Deposits on leaseholds_ _
With the stand taken by the court in the matter, the plan which has been
22.500 Surplus as of Jan. 1 1923-74,588
Def. charges on leaseholds
63,200 Net profit 7 mos. 1923--- 173.086 discarded is practically on the same footing as the two other plans suggested
Def.charges to future oper
by other interests. Among these is the plan proposed by T. C. Perkins,
32,962
Goodwill, copyrights, Sze_
Total (each side)
250,000
$1,784,388 head of the stockholders' protective committee, and the plan proposed by
-V. 117. p. 2217.
J. G. White & Co., who offered to operate the properties if the plan proved
acceptable. It is understood that a fourth plan may now be brought forFarmers Mfg. Co. of Va.-Registrar.ward,-V. 117. p. 2218, 1892. 1561.
The New York Trust Co. has been appointed registrar of the Preferred
and Common stock and also of the 1st Mtge. 20-Year 7% Sinking Fund
Harrisburg Light & Power Co.-Bond Issue.Gold bonds. See V. 117, p. 1240.
The company, it is reported, has arranged for a bond issue of $275.000,
the proceeds to be used in part for the acquisition of additional property
Federal Telegraph Co.(of Del.).-Capital Increase.and for extensions in plant and system.-V. 116. p. 2015.
Notice was recently filed at Dover, Del., of an increase in the authorized
Havana Tobacco Co.-Time Extended.capital stock from $2,000,000 to 59.500,000.-V. 116, p. 1900.
The holders of certificates of deposit issued under the deposit agreement,
dated Dec. 2 1921, for the 25-Year 5% Gold Bonds, are notified that the
Fox Motor Co., Philadelphia.-Receivership.C. K.Olberg and Charles S. Rockey were recently appointed receivers by protective committee (James H.Perkins,Chairman) has extended the period
U. S. Judge Thompson. Assets as of Sept. 30 total $2,246,000, with liabili- within which depositors will be entitled "either to receive new securities or
cash pursuant to a sale or plan for reorganization or readjustments, or to
ties of less than $500.000.
the return of the deposited bonds or
proceeds thereof upon compliance
Framerican Industrial Development Corp.-Schneider with the terms of the agreement, forthe
a further period of 12 months from
Dec. 2 1923."
& Co. Earnings.The committee has in preparation a plan
the reorganization of the
The following information ha.Just been received by the foreign depart-. company and expects shortly to publish the for
terms.-V. 114, p. 85. 1068:
ment of Moody's Investors Service: "Schneider & Co.(Le Creusot). which V. 116. P. 1058.
unconditionally guarantees the Framerican 73.5% bonds (which were
Haverhill (Mass.) Gas Light Co.-Acquisition, &c.offered in the U. S.). both as to principal and interest, reports a net surplus
Tho company has applied to the Maas. Department of Public Utilities
at the end of the fiscal year 1922-23 of approximately 115 francs per share
on the outstading 100.000 shares of Common stock of no par value (carried for authority to purchase the property of the Amesbury & Salisbury Gas
on the balance sheet at 36,000,000 francs, or 360 francs per share as com- Co. and also for authority to issue 5.616 shares of capital stock (par $50) at
pared with a recent quotation of 2,230 francs). The company has declared $70 a share.-V. 117. p. 1669, 1353.
a dividend of 100 francs per share (same as last year), and is about to make
Haynes Automobile Co., Kokomo, Ind.-Refinancing.
an important announcement regarding an increase in its capitalization by
The stockholders on Nov. 15. according to a dispatch from Kokomo,
utilizing a portion of its large reserves."-V. 117, p. 673.
have approved a refinancing plan which provides for the issuance of two
General American Tank Car Corp.-Equip. Trusts bond issues for a total of $2.750.000, including the execution of $1,750,000
1st Mtge. 7s and $1.000,000 Income 7s. The 1st Mtge. bonds will mature
Bold.-Drexel & Co., Philadelphia; First Trust & Savings $160.000
May 1 1929 to 1934. and the remainder May 1 1939.Bank, Chicago, and Chas. D. Barney & Co., New York, V. 117. p.annually,
2219.
have sold at 100 and div. $3,000,000 66% Equip. Trust certificates, Series "A." Issued under Philadelphia plan.
(See advertising pages.)
Dated Dec. 1 1923. Due serially in annual instalhnents from Dec. 1
1924 to and incl. Dec. 11930. Divs. payable J. & D. without deduction
for normal Federal income tax not exceeding 2%, at office of Philadelphia
Trust Co., Philadelphia, trustee. Denom. $1,000c5 Redeemable, all or
part, at 101K and divs, on any div. date upon 30 days'
' notice.
Security.-There will be vested in the trustee for the benefit of the
certificate holders, title to 2,600 steel tank cars of 8,000 and 10,000 gallons'
Capacity. Present depreciated value over $4,500,000.
Guaranty, cte.-Payment of the certificates and dividends guaranteed by
the General American Tank Car Corp. of West Virginia.
Earnings.-Net earnings after depreciation, interest, and dividends on
Outstanding Equipment certificates, but before Federal taxes, have been
as follows: 1918. 52.094.834; 1919, $3.558,886: 1920, $2.587.679: 1921,
81.339,018: 1922, 31.706.796: 1923 (6 mos. to June 30). 5947.083.
Capitalization.-Upon completion of this financing, there will be outstanding $9,478,000 Equipment Trust certificates. Corporation also has
outstanding $9,193,900 7% Cumul. Pref. stock and 253.400 shares of
Common stock, having a market value of over $20,000,000.
-V. 116. P.
2520.
(Edward) Hines Associated Lumber Interests.-Bonds.
The entire $300,000 First Mtge. 8% serial gold bonds, maturing July 1
1927, and numbered M-628 to 835. both inclusive, for $1,000 each: D-444
to 596, botn inclusive. for $500 each: and C-5I6 to 670, beget inclusive, for
$100 each, have been called for redemption at 104 and int. on Jan. 11924.
Also the entire 5300,000 First Mtge. 8% serial gold bonds meowing
July 1 1928, and numbered M-836 to 1045. both inclusive, for $1,000 each
D-597 to 743,both inclusive,for $500 each; and C-671 to 835 ,both inclusive.
for $100 each, have been called for redemption at 105 and interest on
Jan. 1 1924.
Both series are payable at the Continental & Commercial Trust & Savings
Bank of Chicago.-V. 115. v. 2053.
Indiahoma Refining Co.-Bondholders' Committee.-
The company failed to pay the amount due as a sinking fund under its
let Mtge. on Nov. 1 1923. This and other conditions have rendered advisable the formation of a committee to take such action as may be necessary to protect the interests of the holders of the 1st Mtg. bonds. In
order to enable the bondholders to protect their interests, the following
have consented to act as a bondholders' protective committee. It is requested that the bonds be deposited with the committee with the Jan. 1
1924 coupon and all subsequent coupons attached by sending them at once
to Baltimore Trust Co., Baltimore, Md., depositary. Bonds will be recalved for deposit up to and including Dec. 15 1923.
Committee.-John P. Baer. Chairman (Hambleton & Co.). Baltimore,
General Baking Cb.-Common Dir;dend Increased.The directors have declared a quarterly dividend of $1 50 a share on Md.; Clyde L.Paul (Paul St Co.), Philadelphia, Pa.; Edwin W.Levering Jr.
the Common stock, no par value, and the regular quarterly of $2 a share (Baker, Watts & Co.), Baltimore, Md.: Clarence IC. Pistell (Pistell. Trubee
on the Preferred stock, booth payable Dec. 31 to holders of record Dec. 15. & Co.), Buffalo, N. Y.; Emory L. Coblentz (Central Trust Co. of Md.).
In March, June and September last quarterly dividends of $1 a share were Frederick, Md., with William E. Bauer, Sec., 10 S. Calvert St., Baltimore,
Md., and Piper, Carey & Hall and Cotton & Franklin, Counsel -V.117.
paid on the Common stock.-V.116, p. 1767. 1757, 1057. 942.
p. 1783. 1458.
Gold Dust Corp.-Application to List, &c.-
Application has been made to list the capital stock of the corporation on
the New York Stock Exchange. Authorized capital includes 85,000.000
6% non-cumulative non-voting preferred and 325,000 shares of no par
common. This stock is being exchanged for that of American Cotton Oil
Co. (See that company above.)-V. 117. p. 1467.
Gold-Slabeck Co.-Receiver's Sale.-
Bids for the sale of the assets of the company, amounting to about
$930,985. are being received. Bids may be filed with the Clerk of the District Court at Minneapolis. The Minnesota Loan & Trust Co.and John W.
Barton are receivers.
Goldwyn Pictures Corp.-Financial Condition Sound, cfcc
Pres. F. J. Godsol authorized the following statement Nov. 17: "The
corporation is stronger to-day than ever in its history. Its pictures are
good and the exhibitors' demand for them is greater than in former years.
Its sales have never been so large. Its financial condition is sound.
"I have been asked why. If these are the facts, Goldwyn stock is quoted
so low. My reply is that I am building up the Goldwyn business and not
the stock market. Our accountants (Price, Waterhouse & Co.) last audit
shows that the book value of Goldwyn stock is $40 per share, excluding
good-will. Nevertheless the fact remains, we are not getting adequate
rentals for our pictures in a great number of territories.
"To-day, in the motion picture industry, the real vital issue is whether
or not the producer is to receive fair and reasonable prices for his pictures.
if rental prices come down with a reduction in costs, the producer will be
no better off than now. Exhibitors have merged their interests in a great
many cities with the result that all the theatres are in the control of one
man or one group of men. In many other centres they have formed booking
combinations. All to force the producer to accept rental prices arbitrarily
fixed by the exhibitor. Why do not the producers take action-not talk
to destroy this danger, the greatest menace to the picture industry.
"Another important element Is the cost of distribution. Why should
there be 10 offices in each of 30 cities with thousands of employees selling
the same kind of merchandise to the same customers? Others have already
made suggestions to remedy this.
"Joint distribution would put an end to the dictation of prices by exhibitors. If a sufficient number of pictures were in the hands ot one
distributing agency. exhibitors who persisted in their present strangling
methods would soon find themselves facing a shortage of good pictures and
they would then be willing to deal on a fair basis."-V. 117. P. 1467.
Great Bend (Kan.) Water & Electric Co.-Bonds Retired
The balance of the 1st Mtge. 5% bonds, due serially 1908-1923. were
retired and the mortgage satisfied as of Nov. 1 1923.-V. 114, P. 2475.
Great Falls Power Co.-Tenders.--
The Bankers Trust Co. trustee, 10 Wall St.
St., N. Y. City, will until Dec.
10 receive bids for the safe to it of 1st Mtge.
dated May 1 1911. to
an amount sufficient to exhaust
$144,231. at a price not exceeding 10734
and lot -V. 116, p. 2263.
Great Northern Power Co.-New Control & Lease.-
See Minnesota Power & Light Co. below.-V. 114, p. 311.
Habirshaw Electric Cable Co.-Plan Disapproved.
Judge Knox in U. S. District Court on Nov. 16 handed down a decision
disapproving the plan of reorganization proposed by the reorganization
The decision came after several hearings in which witnesses
for the defense representing majority of the creditors testified as to their
belief in merits of the plan and dissenting creditors' committee, stated their
objections.
In his decision Judge Knox held three objections to this plan. He stated
that in his opinion the $1,500,000 cash to be raised among creditors for the
Company as additional working capital was excessive and that $1.000,000 or
possibly even less would be sufficient. The amount tolbe paidAto the
committee.
International Cotton Mills.-Consolidation.-The Boston "News Bureau" Nov. 23 *says:
At a meeting of directors Nov. 20, plans were approved for the formation
of a very large cotton manufacturing company to be called New England
Southern Mills This is in effect a consolidation of the Southern properties
for the acquisition of which Lockwood, Greene & Co. have recently been
negotiating, and the International Cotton Mills.
The present International corporation (of Mass.) will be retained but the
name will be changed to New England Southern Mills. Over 80% of the
spindles of this group are in new or additional mills.
The new plants included in the cotton mill consolidation are: The Lancaster Cotton Mills, Lancaster, S. C.; Fort Mill Mfg, Co., Fort Mill, S. C.: ,
Eureka Cotton Mills, Chester. S. C.: the Springstein Mills, Chester, S. 0.4
Pelzer Mfg, Co., Peizer, S. C.; Tucapau Mills, Tucapau, S. C., and Stark
Mills, Hogansville, Ga.
The capitalization of the New England Southern Mills, the parent corporation, will consist of approximately 84,000,000 International notes. due
1929. now outstanding: $4,000,000 of new notes, $5,000,000 of 7% Prior
Preference stock, $6,500.000 of Preferred stock and 250,000 shares of no
par value Common. The company will own outright certain properties
and will have control through Common stock of the properties of other companies.
The companies will be under the management of Lockwood, Greene &
Co., managers. Lawrence & Co. will be the sole selling agents for all the
mills. Col. Leroy Springs will become a director of the New England
Southern Mills.
The only public financing required to effect this consolidation will be the
sale of $4,000,000 of new notes, which will later be offered by Lee, Higginson & Co.
These mills, except Lowell, where new looms are being installed. and the
Stark Mills. under construction, are all running in full with product sold
well ahead and with 40,000 bales of cotton bought in excess of orders at
over 8 cents per pound under present market.
The Stark Mills, a new mill building and village, is now being constructed
at Hogansville, Ga..for the production of tire fabric. In addition the plants
of the International, which go into this conblaation, are the Cosmos and
the Imperial, located in Canada. which have been unusually successful.
llogansville and La Grange, two modern mills, equipped to make hose and
belting (luck, located in Georgia: Lisbon Mills, a yarn mill at Lisbon.
Maine; the Lowell plant, consisting of a spinning mill of 35.000 spindles
built in 1920, and a weaving mill in which is being installed 756 now wide
Draper looms for the manufacture of wide sheeting.
The annual sales of the combined companies will exceed $30,000,000.
Number of employees will be approximately 6.500. The group of mills
will have 586,000 spindles, 12.100 looms and 4,593.000 square feet of floor
space in manufacturing buildings. There also goes with the mills a large
amount of outside property, including 2,160 houses, schools, churches,
stores and community buildings. and 10.000 h. p. of water power owned
outright by the companies. The mills will use, when running full. 140,000
bales of cotton annually. 30.000 spindles are located in Canada and 70,000
spindles in New England. The remainder of 486.000 spindles are all in
South Carolina and Georgia.-V. 117. p. 1134, 213.
International Salt Co.-Extra Dividend of 1%.
-
An extra dividend of 10
'
0 has been declared on the outstanding $6,077,130
capital stock, par $100,111 addition to the regular quarterly dividend of
134%. both payable Jan. 2 to holders of record Dec. 15-V. 117, P. Inc
Iron Products Corp.-Initial Common Dividend.-
The directors have declared an initial dividend of $1 50 per share on the
outstanding Common stock, no par value, payable Jan. 15 to holders of
record Jan. 2.
Arrangements are being made to retire the Preferred stock.
Arrangements are also being made to inaugurate quarterly dividends on
the 7% Cumul. Pref. stock of the Universal Pipe & Radiator Co.-V. 117.
P.2000.
Nov.24 1923.1
THE CHRONICLE
2329
P Jenkins
Ltd. Montreal.-Bonds Offered.-Royal 63.i% according to maturity, $200,000 6%
Equip. Serial
Securities Corp.,
Bros.'Ltd.,
'
Montreal, are offering at 98.35 and Gold notes, Series "0." A circular
shows:
int., to yield 6.65%, $500,000 Oi% 1st (Closed) Mtge.
Dated-NOV-15 1923. Due $10,000 semi-annually Nov. 15 1924 to May
15 1934. Int. payable M. & N. without deduction for normal
20-Year Sinking Fund Gold bonds.
Federal
Dated Oct. 1 1923. due Oct. 1 1943. Int. payable A. & 0. in Canadian income tax not exceeding 2%. Illinois Merchants Trust Co.. Chicago.
gold coin or its equivalent at Molsons Bank. Montreal, Toronto, Winnipeg trustee. Denom.$100,$500 and 61,000 0' Callable in reverse of numeriand Vancouver; or, at the option of the holder, in gold coin of the U. S. cal order on any int.date upon 60 days'notice at par and int, plus a premium
, % for each 6 months or fraction thereof between date of redemption
of America at Chemical National Bank, New York. Denom. $1,000 and of31
$500 c*. Red. all or part on any int. date on 30 days' notice, at 105 and and date of maturity.
The business has been successfully conducted since 1888, the company
int. Montreal Trust Co., trustee.
CapitalizationAuthorized. Outstanding. now owning and operating about 2,280 cars for the shipment of Rve poultry
being the only company owning such equipment or engaged in this busi1st Mtge. bonds, due 1943 (this issue)
(Closed)
$500.000 and
Common stock
$750,000
500.000 ness. These cars are leased to the railroads upon a mileage and rental
Data from Letter of Farnham Yardley, President of the Company. basis under tariffs regulated by the L-S. C. Commission.
This issue is specifically secured by 100 new cars of modern all-steel type,
Company.-Incorp. in 1906. Owns the exclusive manufacturing and title
to which remains in the trustee until all notes are paid. The cost of
selling rights of Jenkins valves and rubber goods in Canada, the British this equipment
Empire and all foreign countries with the exception of the United States by these notes, will be over 1370.000. only 5200.000 of which is represented
the remainder being paid by the company.
and its possessions, Cuba, Porto Rico, the Philippines and certain sections
The company's earnings have been substantial and constantly increasing,
of South and Central America. The "Jenkins Valve" invented In
being limited at all times only by the amount of equipment available.
is regarded throughout the world as the standard type of valve for 1864,
Prompt payment of interest and principal of these notes is guaranteed by
pressure steam service and other purposes for which valves of the high- the
New City Car Co.. manufacturer of the equipment, which has plants
quality are used. Jenkins Bros. (of N. J.) are the successors in the highest
United in
Buffalo, Kankakee and Kenton. See also V. 116. p. 1283.States to the business founded by Nathaniel Jenkins. The board of V.Chicago,
117.
p. 1354. 1562.
directors of Jenkins Bros., Ltd.. is practically, the same as that of the
New Jersey company, the successful manufacturing and marketing methods
Loew's Boston Theatres Co.-Report Year Ended
of which are fully at the disposal of the Canadian company, and
the
issued capital stock is held by directors and shareholders of Jenkinsall
4
wal
'
4 1'
Bros. Aug. 311923.MIMI_
(of N. J.). Company's factory in Montreal occupies 120,000 sq. ft.
of Theatre receipts:-S:c 87R-703 -.reirt71
'
m.,
-.$35.221: total
$832.215
land.
Operating
expenses, $424,456; taxes, &c.. $97,772
522,229
Sinking Fund.-An annual cumulative sinking fund, including
on bonds redeemed, of 3% of the largest amount of bonds issuedinterest
Net profit
$309,986
this mortgage will be payable to the trustee annually commencing under Previous
surplus (incl. appraisal adjust.) Sept. 1 1922
Oct. 1
229,154
1924 for the purchase of bonds of this issue in the open
at not
exceeding 105 and int. and, failing such purchase, for the market
Total surplus
of
1539,140
bonds by lot at 105 and int. This sinking fund is sufficient redemption
to redeem the Depreciation
71,470
entire issue by maturity.
Prof. diva. (cash), 167.900; Corn, diva. (cash). $114.167; Prof.
Balance Sheet June 30 1923 (After the Financing).
stock of State Theatre Co., $102,750
284,817
AssetsLiabilitiesFinal surplus
Cash
$25,204 Accounts payable
$182.852
Accts. rec., less reserve_ - 120,633 1st M. 637% gold bonds, $60,449
Comparative Balance sheet.
Inventories
556.076
due 1943
500.000
AssetsAug.31'23. Apr.91922
LiabilitiesApr.91922
Aug.31'23.
Deposits
7,512 Capital stock
500,000
bldgs. & eq-x53,872,612 $3,955,636 Common stock...32,854,175 $2,854,175
Real est. bldgs., &c
1,100.644 Surplus
822,917 Good-will
23,536
23,031 Preferred stocks__ 960,000
Bond redemption fund-_
980,000
154
Inv.
in & adv. to
Coupon serial notes
20,000
Deferred charges
73.142
Total (each
22,791
$1,883,366
subsid
278,427 Accounts payable_
700
Sales.-Total domestic and export sales for the 8side)
years 1915-1922, in- Cash
114,989
58.913 Res.for Fed. taxes
34,145
43,598
clusive, have averaged $1,059,141 per annum.
Notes
&
accts.
rec.
Other reserves..._ _
6,355
6,158
Sales 6 mos. Ended June 301923.
1922.
Increase.
2,279
(less res.)
277 Deferred credits__
500
Domestic sales
$300,625
$218,296
$84.329 Fed.tax refund....
21,688 Profit & loss,sue._ 182,852
Export sales
436,029
162.715
113,154
49.560 Sundry investmls
500
Deferred charges
2,520
1,488
Total
$463,340
$331,451
$133.890
Earnings.-Net earnings, after Government taxes but
14.038.727 24,339.960
Total
Total
before deprecia14.038,727 14,339,960
tion, and available for bond interest, for the 8 years
1915-1922, inclusive
(including loss of $65,807 in 1921) have averaged
x Less depreciation reserve.-V. 117, p. 95.
$101,481, as compared
with maximum annual interest requirement of $32,500
on this bond issue.
For the 6 months ended June 30 1923 net
Loose-Wiles Biscuit Co.-Denial.earnings, after providing for
Government taxes and available for bond
The company denies discriminating in favor of chain stores and against
interest.
were
$80.356, at the
rate of $160,713 per annum, or nearly 5 times
of individual grocers as charged in Federal Trade Commission's
pools
maximum
interest requirements of this bond issue.
complaint.-V. 117. p. 1354, 899.
Jersey Central Power & Light Corp.-Earnings(Incl.
Lord & Taylor, New York.-16% on Account of AccumuSubsidiaries).lations on Second Preferred Stock.12 Months Ended Sept. 30Gross earnings
Operating expenses, maintenance and taxes
Net available for interest, dividends, &c
-V. 117, p. 1784. 1354.
1923.
1922.
$2,930,694 $2,638,219
698.033
1.602,670
51,232,661
$1.035,549
The directors have declared a dividend of 16% on the 2d Pref. stocki
payable Dec. 20 to holders of record Dec. 10. This payment will clea
up back dividends on the 2d Prof. stock to Nov. 1 1918. On Aug. 1 Iasi'
the company paid a dividend of 18% on the 2d Pref. and on Nov. 1 last a
dividend of 2%.-V. 117. p.1670.
(F. M.) Lupton, Inc. (Publisher).-Earnings.
Earnings before depreciation for September 1923 are
at $21,035:
Commission has authorized the company to issue with a profit before Federal taxes of $13,607.-V. 116.reported
p. 1058.
and sell $6,000,000 Common stock for the jpurpose of procuring
discharge unsecured indebtedness represented by outstanding notesfunds to
amountMcCord Radiator & Mfg. Co.-Earnings.ing to $5,092,720 and for extending and
improving its telephone system
in Kansas City. This order
PeriodSept. 1923. 7 Mos. end. Sept. 30 1923.
was made upon the amended application of
earnings, after deoreciation
the company. The original application
Net
$64.568
$660.917
company
of
the
to sell this proposed -V. 117. p. 2117, 1354.
issue of stock to the Southwestern Bell Telephone
Co.
was
withdrawn
by
the company. The stock now authorized to be issued
is
to
be offered in
McCrory Stores Corp.-Sales, Earnings, &c.Kansas City to local purchasers.-V. 115, p. 2912.
Ten months ended Oct. 311923.
1922.
Kansas Power Co.-Bonds Offered.Sales
115,961.600 112.570,724
A new Issue of $500.000 10-year 7% sinking fund gold
Net profits
1,012,426
debenture bonds
Is being offered by Dangler P. Lapham &
Comparative Balance Sheet.
Co.and
& Gordon, Inc.,
Chicago, at 99 and int., to yield 7.05%. NewBartlett
York Trust Co., New
Aug.31'23 Dee.31'22
York, is trustee.-V. 115, p. 2275.
Aug. 31'23 Dec.31'22
Assets$
Liabilities$
$
21,604,518 b1,051,778 7% cum. pref. stk. 3,000.000
Real estate
Kirby Lumber Co., Houston, Texas.-Earnings, &c.- Impts.,
951.400
turn.. dre_ 2,760,489 2,039,104 Common stock__ A7,856,640 7,059.900
An authorized statement says: Net earnings, after
...c4,f365,594
interest,
supply_
Nidse.&
3,856,534
Bills payable
2,397,809
and taxes, for the 9 months ended Sept. 30 were $1,340.192. anddepreciation
797.809
97,426
net income Accts.receivable
24,142 Accounts payable. 681,439 1,201,332
for 1923 above bond interest, depreciation, income
360,696
93,831 Employees dep.39,522
35,122
deposits and other expenses should exceed $1,500,000. taxes, sinking fund Empl.stk. subsc
Surrender value inFederal taxes
The company has extended to Dec. 31 the time for exchange
171,000
of its Presurance policies_ 133.518
123,390 Sur. app, to retireferred stock, with accumulated diva., into 15-Year 6%
Mortgage
950,877
Cash
448,188
bonds.
ment of pref. stk
330,000
On Nov. 1 49,009 shares of Preferred had taken advantage of
129,578 Surplus
1,217.720 1,219.981
An additional 508 shares have assented and are expected to be this plan. Prepaid rents, &c.. 420,012
4,000.000 4.000,000
exchanged Goodwill
soon. The remaining 483 shares are mostly in holdings averaging
1 and 10. It is believed this stock will be turned in eventually. between
15,193,129 11.766,544
Total
Total
15,193,129 11,766,544
On July 5 last the stockholders authorized the issuance of
$14.000.000
15-Year 6% Mortgage bonds. Of this, 511.550,000 was offered
a Real estate appraised before June 11915. 31,017,000; purchases of
Preferred
stockholders in payment for their stock at par, plus 5% and
accrued divi- real estate since June 11915,$2,545,355: total, $3,562,355: less mortgages.
dends of$126 a share, making a total in bonds of$231 for each share
of stock. $1.841,617 and depreciation. $116,220; balance as above. 51,604.518.
Most likely the remaining $2,400,000 bonds will never be
negotiated
but h Includes McCrory Realty Corp.. Common stock. 3.170 shares (par
will be held in the treasury and canceled as and when the
and advances to the acquisition and improvement of real
debtedness to the Houston 011 Co., now amounting to aboutcompany's in- 5100). $325.020,
$2,100,000, is estate taken subject to mortgages of $545,100, $726,758. c At cost or
retired. This obligation to the Oil company matures at the rate
whichever
of
market,
is lower. d Includes Common stock "A" no par value.
$150,000
each six months and there would be no particular advantage in
selling the voting (autherized 500.000 shares); issued, 316.216 shares. 17.829.700:
bonds for the purpose of retiring it.-V. 117, P. 1784, 559.
also Common stock "B" no par value, non-voting (authorized, 150.000
shares)' issued. 673H shares,
Lake of the Woods Milling Co., Ltd.-Extra
- TheIncome account for the$26,940.
eight months ended Aug. 31 1923 was pubThe directors have declared an extra dividend of 1% onDividend.
the
lished
in V. 117. D. 2220.
Common
stock in addition to the regular quarterly dividend of
both payable
Dec. 1 to holders of record Nov. 24. See also V. 117,p.3%,
Magnolia Petroleum Co.-Bonds Called.1661.
Eighty-seven ($87,000) 1st Mtge.6% bonds, due Jan. 11937. have been
Lawrence Mfg. Co.-Common Dividend Omitted.called for redemption Jan. 1 at par and int. at the Irving Bank-Columbia
The directors have decided to take no action on the semi-annual
dividend Trust Co.. trustee. 60 Broadway, N. Y. City.-V. 117, D. 1895.
usually,paid Dec. 1 on the Common stock. In June last a
dividend of 3%
was paid. In June 1922 the company also paid a dividend of
Manhasset Manufacturing Co.-Permanent Receivers.3%;the Dec.
1922 dividend was omitted.-V. 117. D. 95
The appointment of John B. Strongman of New Bedford. Mass., and
Artemas C. Townsend of Boston, as temporary receivers has been made
(Louis K.) Liggett Co.-Acquires New Stores.permanent, bv Judge W. C. Walt of the Massachusetts Superior Court.
See United Drug Co. below.-V. 117. p• 213.
-V. 117. p. 2001.
Kansas City Telephone Co.-Stock Authorized.The Missouri P. S.
Lincoln Motor Co.-Information Soughtfrom
Manufacturers Light & Heat Co.-Increase Protested.Stockholders.
Henry M.Leland and Wilfred C. Leland in a notice to
The City of Pittsburgh, Pa, and a number of boroughs have filed with
state
that they desire certain information solely In the interestsstockholders
of
Lincoln
Pennsylvania P. S. Commission a protest against the 10-cent increase
the
Motor
Co. stockholders and ask that the stockholders fill out
blanks, in the price of natural gas to domestic consumers by the company. The
Itemizing each transaction, and return the sheet to them.certain
They
increase
is from 50 to 60 cents per 1,000 Cu. ft.-V.117,9. 1786.
request
information
even
though stockholders have disposed of all of
the
their stock.
The blan,c asks for the number ofshares, the date purchased, who
Marconi Wireless Telegraph Co. of Can., Ltd.-Relport.
from, the price paid, the date sold, who sold to and the pricepurchased
Earnings Calendar Years2.
Information is also requested as to the number of shares still held,received.
1921.
and it is Profits
6
19
422,251
;
9
45
$6
412.253
59
5.
reuested that if stockholders have disposed of their securities
they
epreciation,
should
&c
known,
giving
95.988
make this
information covering all transactions.
D
Bad
Although
accounts
40,000
it is not stated why the information is sought, it is hinted in some
Miscellaneous deductions
29,627
7,383
that Henry Ford plans to reimburse the stockholders for losses quarters Inventory
adjustment
incurred.
254,287
-v. 116, P. 1185.
Organization expense (balance)
10,109
Live Poultry Transit
Co.-Notes Offered.-Illinois Merchants Trust Co., Chicago, are offering at prices
ranging
from 98.10 and int. to 100 and int., to yield from 6%
to
Balance, surplus or deficit
Previous surplus
Total surplus
def$249,528 def$153,362 sur$14.456
395:918
410.375
257,013
$7.485
$257,012
$410.375
2330
THE CHRONICLE
Balance Sheet Dec. 31.
1921.
1922.
Liabilities-1921.
1922.
Assets$6,000,000 $5,525,000
$1,280,547 $1,205,431 Capital stock
Property, dm
49,000
49,000
Mortgages
4,491,881
4,791,881
Patents, Acc
169,170
34.459 Accts. payable_ __ 450.972
19,145
Deferred charges
346.378
333,588
45,678 Reserves
70,241
Investments
78,175
307,571 Bank
347,031
Stores, &c
257,012
7,485
25,656 Surplus
132,107
Cash
50.000
Govt. bonds
Tot.(each side)-56,841,044 $6,424,737
264,059
Accts.receivable_ _ 200,091
-V. 115.p. 1949.
[Vor,. 117.
leases
had been sold. Middle States subsidiaries still have more than 70
in that county in Texas, and have largely increased their holdings in south
Arkansas."-V. 117, p. 1671. 1562.
Minnesota Power & Light Co.-Bonds Offered.-Harris,
Forbes & Co., Tucker, Anthony & Co., Bonbright & Co.,
4 and int.,
Inc., and Coffin & Burr, Inc., are offering at 973
to yield over 6.15%,$8,300,000 1st & Ref. Mtge. gold bonds,
6% Series, due 1950.
Dated Nov. 1 1923, due Nov. 11950. Int. payable M.& N. Denom.
c* $1,000 and $500 and r* $1,000 and $5,000 and authorized multiples
thereof. Red. on any int. date on 60 days' notice at 106 and int. to and
the
incl. May 11927, thereafter at a premium decreasing % per annum,
bonds being red. at 100l( and int. on and after Nov. 1 1949. Irving BankComColumbia Trust Co., New York, and George E. Warren, trustees.
pany will agree to pay interest without deduction for any normal Federal
Income tax, not exceeding 2%.and to refund present Penna.4-mills tax.
.- Data from Letter of Pres. C. E. Groesbeck, Duluth, Minn., Nov. 17.
Mason Valley Mines Co.-Stock Increase-Acquisition
Capital stock
Company.-Formerly known as Duluth Edison Electric Co.(V. 117, a.
The stockholders on Nov. 19 (a) increased the authorized
the 330), was incorp. in 1906, and name was changed in 1923. Company ig
authorized
(b)
$5:
par
from $2,500.000 (all outstanding) to $5,000.000,
in payment for the property about to acquire the property of Minnesota Utilities Co.(V. 116. P. 419),
issuance of 246,268 shares of the new stock
will
and (c) ratified tho action of the General Light & Power Co. and certain other property and in addition
of the Bluestone Mining & Smelting Co., stock
Northern
of the Gray Eagle Copper own the entire capital stock, excepting directors' shares, of Great
board permitting the sale of the Capital Mason
will operate the Minnesota properties of
and
2
record
Nov.
of
311),
p.
Mines
114.
(V.
Co.
Power
the
of
stockholders
to
share
Co. at $5 a
of Mason that company under lease. Company will do, directly or indirectly, the
in the ratio of 1 share of Gray Eagle stock for each 10 shares
entire commercial electric power and light business in an extensive territory
Mines stock held. See also V.117, p.2001.
Eyeleth,
in eastern and northern Minnesota. Including Duluth, Chisholm,
Rumor.
Financing
Ely, Cloquet and 40 other communities, and in Superior. Wig. Population
Maxwell Motor Corp.-Denies
advises us estimated to exceed 280.000. During the year ended Sept. 30 1923 over
company,
the
of
President
the
to
Assistant
Hadden,
W.
C.
company has sold a new issue 240.326.000 k.w.h.were distributed to more than 36,700 electric power
that there is no truth in the rumor that theto
a syndicate headed by Blair and light customers.
of $4.500,000 1st Mtge. 10-Year 7% bonds
were to be used for retiring
Authorized. Outstanding.
stated,
was
it
which,
of
proceeds
Capitalization& Co., the
320,000.000 020,000.000
Common stock
the series "C" notes. maturing in 1924.-V. 117. p. 1895.
x6,500,000
7.500,000
stock
Preferred
Second
1,150,000
1.150,000
Mexican Light & Power Co., Ltd.-Bond Interest.
stock, f)%
1,500,000
(coupon Preferred
6,350,000
7%
Notice is given under date of Nov. 15 that a half-year's interest
stock.
Preferred
be
x3,400,000
will
paid
bonds
50-1!ear
Mtge.
2d
on
5%
the
1916)
1
June
dated
9,
% notes, due 1933
No.
Bank
Canadian
the
at
on Dec. 1 at the Bank of Scotland, London. England:
1st & Ref. Mtge. gold bonds, 6% Series, due
8,300,000
y
of Commerce. Toronto and Montreal; and at their agency in New York.
1950 (this issue)
Common
-V. 116. D. 2890.
x All the notes, together with the outstanding 2d Pref. and
Co.
Light
&
Power
American
by
owned
shares,
directors'
except
stocks,
Offered.-Bonds
Co.
ing
(Pa.)
Manufactur
Milton
y Limited by the conservative restrictions of the mortgage.
offerare
Philadelphia,
&
Cassatt & Co. and Harper Turner,
Earnings of the Properties for the Year ended Oct. 311923.
$2,176,202
ing at 100 and int. $1,125,000 1st (Closed) Mtge. 7% Gross earnings (of the property to be mortgaged)
1.326,703
Operating expenses, taxes and maintenance
Marland Oil Co.-Reported New Financing.
for the sale of a $15.000,000
It is reported that the company is negotiating
retire outbond issue, the proceeds to be used as follows: $6,000.000 to
for purchase
standing bonds, $5,000.000 to fund bank loans and balance
it
proceeds,
the
of
part
A
capital.
working
of crude oil and additional
company the minority
is reported, may also be used to buy in for the parent
2001.
1243.
p.
-V.
117,
Mexico.
of
Co.
011
Marland
the
of
stock outstanding
Sinking Fund Gold bonds.
N. at
Dated Nov. 1 1923. Due Nov. 1 1943. Int. payable M. & normal
Equitable Trust Co., New York, trustee, without deduction for Denom.
tax.
-mill
four
of
Free
Pennsylvania
2%.
to
up
tax
Federalincome
int. on any int.
$500 and $1,0000. Redeemable, all or part. at 105 and
on
date on 30 days' notice. Convertible par for par at holder's option
any int. date into the 8% Cumul. Pref. stock.
sinking fund
Sinking Fund.-Mortgage will provide for a semi-annual
of each year,
sufficient to retire $37,500 of bonds on May 1 and Nov. 1bonds
on May
of
1924 to 1928 incl.. and a sum sufficient to retire $25,000shall
be redeemed
1 and Nov. 1 of each year 1929 to 1943 incl. Bonds
a lower
at
purchaxed
be
can
for sinking fund at 105 and int. unless than
of this
price. In any year in which net earnings, after taxes and service
applied
be
to
trustee
the
to
paid
be
shall
such
excess
loan. exceed $700,000.
as additional sinking fund.
12.
Data from Letter of Pres. Geo. S. Shimer, Milton, Pa., Nov.
Authorized. Outstanding.
Capitalization$1.125,000
$1.12.5,000
1st Mtge.7% Sinking Fund Gold bonds
6425,000
a1,550.000
8% Cumul. Preferred stock, par $100
2,000.000
2,000,000
Common stock. par $100
conversion of the
a $1,125,000 8% Cumul. Preferred stock held for
stock has
bonds of this issue. b $125.000 of the 8% Cumul. Preferred
financing.
been sold and will be paid in cash at par coincident with this
8%
$554.000
of
redemption
to
be
applied
will
Purpose.-Proceeds
capital.
bonds outstanding, for new equipment and for additional working
the fixed
Security.-Secured by a direct closed first mortgage on all
assets and will be additionally secured by a pledge of all the capital stock
of the Industrial Fuel Co., a subsidiary, all of the capital stock of which
is owned.
Company.-Incorporated in Pennsylvania. Was established in 1886
with an initial investment of $30,000. Is one of the leading manufacturers of cold punched and hot pressed nuts, bolts, commercial bar-iron
and alloy steel bars. Company owns a modern generating plant which
produces electric power in excess of its needs for manufacturing purposes.
This excess of power is sold under a favorable contract to the Pennsylvania
Power & Light Co. Property is located at Milton. Pa. Manufacturing
plant covers 51 acres of land. The power plant contains two 4.000 k. w.
General Electric turbo-generators.
The Industrial Fuel Co., all of the capital stock of which is owned.
controls through fee ownership and lease a creek coal dredging operation
located near Shamokin, Pa. All of the anthracite coal used in the company's power plant is obtained through this subsidiary at a low cost.
Power Plant Contract.-The Pennsylvania Power & Light Co. has contracted for a period of five years to use a minimum of approximately 40%
of the power plant capacity with the right to use all power plant capacity
been
not used by Milton Mfg. Co. The power company has regularly from
taking power in excess of its minimum to supply the entire district
Sunbury to Williamsport and partly to Harwood and Hauto, Pa.
Net Earnings before Interest. Depreciation and Federal Taxes, but after
Inventory Adjustments-years ended June 30.
$378,367 1 1919
5369.148 1922
1916
45
157
7..6
59
27
5
750,637 1920
288,910 1923
1917
683.134 1921
x41.205
1918
x After inventory loss of about $125,000.
Of such earnings the net profits from the sale of power to the Pennsylin excess
vania Power & Light Co. for the three years have alone averaged five-year
of the annual interest charges of these bonds. Under the new
such
exceed
to
continue
the
sale
from
of
power
profits
net
the
contract,
interest requirements.
Financing).
this
as
at
Sheet
(after
Balance
June 30 1923
Consolidated
LiabilitiesAssets5425.000
$283.018 8% Pref. stock
Cash
2,000,000
311.478 Common stock
Accounts receivable
1,125.000
1st
745.742
Mtge.
7s
Inventories
19.312
Notes payable
Prepaid int., unexpired
126,203
50.209 Accounts payable
insurance, &c
84,572
30,200 Accrued liabilities
Investments
59,939
Surplus
Advances to officers and
191.751
18,440 Capital surplus
employees
Plant, bldgs., mach'y,&c_ 2.480.192
$4,031,779
Total (each side)
112,500
Deferred charges
-V. 117, p. 1022.
Middle States Oil Corp.-Not Selling Properties.-
Governor Haskell in a statement Nov. 19 says: "As announced in the
newspapers and other publications early in September, Middle States
consented to one of its subsidiaries conveying its interest in one lease of
result
63 acres in Wichita County, Tex., in an adjustment plan as a final
of which Middle States' subsidiary acquired a much larger interest in
southern Arkansas, where they were engaged in a plan to concentrate
production in a single locality whence water-rate shipment would figure
on transso largely as to give a better opportunity to meet competition
portation cost. As a part of this transaction, interests were interchanged,
but the
another,
on
out
on
paid
one
received
hand
and
moneys
moneys
general results largely increased Middle States production. The statement
was a
that this was the best property Middle States had is not true. Itto
full
property that cost $625.000 three years ago. had been developed
declined to
extent, producing at one time over 3,000 barrels daily, but had transaction
this
in
rated
best
its
of
was
and
production,
about one-third
at.$1.000.000. transaction was clearly announced at the time, and yet we
"This small
that Middle
have noticed in the last few days comments to the effect
States's whole lease interest in that field where the 63 acres is located
Net earnings
Income from leased properties
Total net earnings
Annual bond interest
$849,499
243,354
31,092,853
498,000
354,8
9
Balance
Security.-Secured by a direct first mortgage on the entire physical property owned, including electric generating plants (operating and under construction) with a capacity of 27,075 k.w., of which over 70% will be hydroelectric, and an extensive system of transmission and distribution lines.of
Additional bonds may be issued under the conservative restrictions
Great
the mortgage. In the event of the acquisition of the properties of
Northern Power Co., which are to be operated under lease, the lien of these
bonds with respect to the property so acquired will he sublect to the prior
which are
lien of that company's 1st (closed) Mtge. bonds, $7,751.000 of
by
now outstanding with the public. Under the lease about to be made
make to
to
itself
obligate
will
company
the
Co.,
Power
Northern
Great
may
as
advances
such
required
Great Northern Power Co. when and as
be necessary to meet the requirements of the sinking fund under the Great
Northern Power Co. mortgage.
series
Mortgage Provisions.-Additional bonds of this series, or of othermay
be
which shall have such rates of interest as company may determine.
propthe
against
time
subsequent
issued as follows: (a) 52.765.000 at any
an equal
eetv as it existed Nov. 22 1923: (b) for the purpose of refunding
under
amount of underlying or prior lien bonds or bonds of any series issued
whichever
the mortgage:(c) for not more than 75% of the cost or fair value
of
22
1923,
Nov.
to
subsequent
acquisition,
or
is less, of construction
property additions as defined in the mortgage.
Power Co.
In the event of the acquisition of property of Great Northernas
existed
there shall be issuable: (a) against the property in Minnesota,the it
principal
on Nov.22 1023.a total of not exceeding $11,120,000 bonds less
the
on
property
lien
by
secured
outstanding
then
obligations
amount of all
11935. now
acquired ($7.751,000 lst-closed-Mtge. 5% bonds, due Feb.
as it
outstanding with the public) and against the property in Wisconsin
$350,000
not
of
exceeding
total
a
be
it,
acquired,
existed on Nov. 22 1923, if
value
bonds:(b) additional bonds for not more than 75% of the cost, of fairto
the
whichever is less of property additions, as defined in the mortgage,
Great Northern Power Co.'s property made subsequent to Nov. 22 1923.
No bonds in addition to these $8,300.000 bonds, 6% Series, due 1950,
may be issued, except for refunding purposes, unless annual net earnings
interest
shall have been at least equal to either (1) twice the actual annual
underlying
requirements on. or (2) 12% of the principal amount of, any
outand
issued
or prior lien bonds which may be outstanding and all bonds
be issued. Not
standing under the mortgage, including those proposed toaggregate
net
of
the
in
consist
more than 15% of such net earnings shall
non-operating income and (or) net income derived from leased properties
and (or) properties not directly subject to the lien of the mortgage.
the distribution
Physical Property.-The property to be owned includes
or under construcsystem in Duluth. electric generating plants (operating
will be hydro70%
over
which
of
k.w.,
tion) with a capacity of 27.075
and distribution lines.
electric, and an extensive system of transmission
Power Co. includes
The property to be leased from the Great NorthernRiver.
which has a
the Thomson hydro-electric plant on the St. Louis
for an
present installed generating capacity of 54,000 k.w. with provision
k.w.
ultimate caoacity of 68,000
present
a
having
plants
generating
The combined system includes electric
hydro-electric plant
installed capacity of 75,575 k.w. A new 11.000 k.w.
1924
now under construction will be placed in operation the latter part of
73,475
and will bring the total installed capacity uo to 86,575 k.w., of which
of
number
or
a
controls
owns
also
Company
ectric.
k.w. will be hydro-el
Co.
important undeveloped hydro-electric sites. Great Northern Power
and
owns Island Lake, White Face Reservoir, Fish Lake, Boulder Lake
Rice Lake, which have an aggregate area of 494 sq. m. These extensive
Louis
bodies of water serve as reservoirs for the storage of water of the St. Louis
River and its tributaries and for the regulation of the flow of the Fit. will
They
hydro
plant.
Thomson
-electric
River, on which is situated the
Lac
also he similarly used in connection with the operation of the Fond du
Louis
development and additional developments on power sites on the St.
and Cfoquet rivers owned by the two companies.
The electric transmission system to be operated by the company aggregates 556 miles in length and extends north from Duluth to the 1V1esaha
Iron Range,65 miles, thence northeast to the Vermilion Iron Range, about
-electric plant. There is also a
50 miles, to connect with the new Ely hydro
line extending south from Duluth through Carlton and Pine counties,
in
65 miles. Company is now constructing a 110,000-volt line 65 milesdislength extending from the Thomson plant to the Mesaba Iron Range The
trict to supplement the line now in operation between these points.
distribution system includes 570 miles of line.
Supervision.-Electric Bond & Share Co.
Minnesota Utilities Co.-Merger.-
See Minnesota Power & Light Co. above.-V.116. p. 419.
Missouri-Illinois Stores Co., St. Louis, Mo.-Pref.
Stock Sold.-Mark C. Steinterg & Co.. St. LouiP, have sold
at 102 and divs. to yield 7.80%, $250,000 8% Cumul.
Cony. Pref. (a. & d.) stock.
Dividends payable Q.-1v. Redeemable, all or part, on 30 days' notice
at 110 and dividends. Transfer agent and registrar. St. Louis Union
Trust Co. Preferred stock may be converted at the option of the holder
at any time prior to redemption on the basis of one share of Preferred for
five shares of Common stock.
Nov.24 1923.]
THE CHRONICLE
Outstanding.
Capitalization (No Bonds)Authorized.
$250,000
8% Cumulative Preferred stock
$500,000
47.500 abs.
Common stock (no par value)
100,000 shs.
Data from Letter of Geo;ge B. Wearen, Pres., St. Louis, Nov. 1.
Company.-Owns and operates the Piggly-Wiggly grocery stores in
St. Louis and vicinity, and has the territorial rights for Madison and St.
Clair counties, Ill., and Jefferson. St. Charles and St. Louis counties, Mo.
Company operates, under the usual franchise agreement, and on the wellknown Pigsty-Wiggly Plan,51 retail grocery stores in St. Louis and vicinity,
maintaining in conjunction with these stores ample warehouse facilities
and a large modern bakery, wnich supplies the company with all the
bread and cake it retails.
Net Sales and Net Profits (after Deducting Depreciation and Taxes at 1923
Rates-Years ended May 31.
Argo. No. No. Stores
Net
of Stores in Oper.
Net
Sales.
Profits. in Oper. Full Year.
$1,915,909 $41,001
26
26
1922
2,542.749
31
66.568
42
1923
49
3.000,000 100,000
51
1924 (est.)
Sinking Fund.-A cumulative sinking fund for the purchase or redemption of the Preferred stock at not exceeding 110 and dividends is to be
created by setting aside annually from the surplus or net profits remaining
after payment of dividends on the Preferred stock, conunencing with
1925, a sum equal to 3% of the largest amount of Preferred stock at any
one time outstanding.
Balance Sheet as of July 1 1923 (After This Financing).
LiabilitiesAssets$78,774 8% Cumul. Pref. stock
-$250,000
Cash
Inventory
221,226 Common stock (equity for
47,500 abs. outstanding)- 325,001
Good-will, franchise, leases,
1
&c
Total (each side)
$575,001
Store equip., fixtures, &c
275,000
Missouri Gas & Elec. Service Co.-To Discontinue Plant.
2331
scription an issue of $500.000 7% Cumul. Pref. stock (authorized, $1.500.000). This stock is now being offered by the company direct to its
customers and local investors at par, $100 per share. Subscriptions may
be paid for in full or in monthly installments of$5 per share, or $10. Subscriptions are limited to not more than ten shares. On installment payments interest at the rate of 6% per year will be paid the subscriber. On
the completion of payments, the company will deliver to the subscriber
a certificate of Preferred stock registered in his name, and a cash payment
covering the amount of interest on installment payments. Thereafter
the subscriber will be entitled to receive the regular quarterly dividend
of $1 75 per share as declared on the first day of January, &c.
Proceeds from the sale are to be used solely for improving the service
to customers.-V. 117, p. 1470.
Niagara Lockport & Ontario Power Co.-Stock Offering.
The stockholders of record Oct. 31 were given the right to subscribe on
or before Nov. 19 to 10,185 shares of common stock without par value, at
$45 per share. Subscriptions were payable in full Nov. 19 at the office of
the company, 713 Lafayette Building, Buffalo, N. Y., or Bankers Trust
Co.. 16 Wall Street, New York.
Earnings Statement Ten Months Ended Oct. 31 (Including Sub. Cos.).
1922.
1923.
Ten Months Ending Oct. 31$4,540,829 $3,244,310
Sales of electric energy
1,837.113
1,195.046
Cost ofenergy sold
Gross profit from sales
Operating expenses
$2,703,716 $2,049.264
590,180
387.981
Net earnings
Other income
$2,113,536 $1,661,283
37,099
32,419
Gross income
Taxes, rentals, &c
Interest on funded debt
Appropriations to reserves
$2.145,955 $1.698.383
358,079
411,617
623,773
747.270
224.096
249,384
The company recently applied to the Missouri P. S. Commission for
authority to discontinue operation of its gas plant and gas distributing
system in the city of Marshall, Mo. It contends that its franchise with
the city expired Sept. 1 and that it has failed to obtain a renewal from the
city. It also contends that to continue the system at Marshall would
require the expenditure of a large sum of money and, as the company has
been operating at a loss. it would not be justified in making improvements.
-V. 116, p. 2264.
Surplus from operations
$492,434
$737,683
For map of system see "Railroad and Industrial Supplement" of Nov.24
1923.-V. 117, p. 1785, 1671.
Dated Dec. 1 1921. Due Dec. 1 1951. Int. payable J. & D. at First
National Bank, New York, or at Central Trust Co. of Illinois, Chicago,
trustee, without deduction of the normal Federal income tax up to 2V.
Redeemable on any int. date at 110 and int. up to and incl. Dec. 1 1926.
and thereafter up to maturity at 105 and int. Denom.$1,000, and $5000.
Issuance.-Authorized by the Alabama P. S. Commission.
Company.-Was established in 1834. Company does, without competition, the entire gas business in the city of Mobile and suburbs. Population, 60,000.
Capitalization-Authorized.
Outstanding.
1st Mtge. bonds (incl. this issue)
$5.000.000
$1,439,000
Preferred stock
1,000,000
500,000
Common stock of no par value
6,000 abs.
6,000 abs.
Earnings-Year ended Sept. 30 1923.
Gross earnings
$466,506
Operating expenses and taxes
315,291
form provided for that purposes receive cash in amount of 120 per sh of
Common stock issuable in payment ofsucn dividend, being equal to 50 cents
per share (or 5% on par) of Common stock held by them Dec 5. Attention
Is called to the fact that the present market value of the Common stock is
in excess of the amount which stockholders will receive who take cash. On
such market basis the dividend is equivalent to about 56 cents per share.
A quarterly dividend of I 3 % on the 6% Cumul. Prof. stock will be
paid on Jan. 2 to holders of record Dec. 5. Compare also V.117. p.2002
North American Co.-Dividend of 23/2% Payable in Stock
(or at Holder's Option, in Cash).-The directors have declared
a quarterly dividend of 2%% on the Common stock, par $10,
Mobile Gas Co.-Bonds Offered.-H. T. Holtz & Co., payable in Common stock on Jan. 2 to holders of record
Chicago, are offering at 100 and int. $725,000 1st Mtge. 7% Dec. 5.
Stockholders who desire cash for the Common stock which will be issuable
Gold bonds, Series "A." The bankers state:
to them in payment of such dividend may, by signing and returning order
Net earnings
$151,214
Annual interest on 1st Mtge. 7s
100,730
Purpose.-Proceeds will be applied to retiring $963,000 1st Mtge. bonds
maturing Jan. 11924. the balance of $238,000 bonds maturing having been
otherwise provided for.
(Judge HenrylD. Clayton in the U. S. District Court at Mobile, Ala.,
recently handed down a decision fixing the value of the properties of the
company at $2,007,521. TheWecLsion fixes a return of8% on the property
of the company as a reasonable return.
The order forever enjoins the Alabama P. S. Commission from compelling or attempting to compel the gas company to submit its books, &c.,
to examination for the purpose of repudiating or impairing the valuation
of the plaintiff's properties as of Dec. 31 1921 as a basic valuation for future
rate-making purposes, and from attempting to enforce the tariff or rates
promulgated by the Commission on July 2 1922, or to impose any scale
of rates on the utility which will yield less than 8% on the value of the
property.
The
m.mission had fixed a valuation of $1,700,000 on the property.)
-V. 117, p. 334.
National Steel Car Lines Co.-Guaranteed Equip. Trusts
Sold.-Freeman & Co., New York, have sold at 100 and
div. $650,000 7% Equip. Trust gold certificates, Series
"C," unconditionally guaranteed both as to principal and
dividends by endorsement on each certificate by the Chestnut
& Smith Corp. Isssued under the Philadelphia Plan.
(See advertising pages).
North American Edison Co.-Earnings (incl. Subsids.).
9 Mos. End. 12 Mos.End.
Sept.30'23. Sept. 30'23.
Period$24,734,871 $32,921,693
Gross earnings
13.788.953
18,314.924
Operating expenses and taxes
2.995.488
4.254.821
Deduct-Interest
709.532
921,044
Preferred dividends
714.789
898.698
Minority int. in Cleveland Elec. Ilium. Co---6,195
Miscellaneous charges
7,678
$8,524,529
Balance for deprec.,common divs. and surplus_ $6,519,914
Consolidated Balance Sheet.
Sept. 30'23. June 30'23.
Sept. 30'23. June 30'23.
$
$
AssetsProperty & plant.93,688,107 88,645,132 Common stock _x14,189,870 14,189,870
Pref.stks.sub.cos. 12,767,450 13,775,700
Cash on deposit
577,986 Minority int_y__ 4,872,496 4,798,930
with trustees__ 1,205,174
149,358 30-yr.6s,ser."A"13,580,000 13,697,000
Investments ____ 641,787
Due from affil.cos. 2,370,530 5,257,674 Fund. dt. of subs.44,116,000 44,008,000
2,668,894 3,113,116 Due to anti. cos. 222,234
Cash
U.S. Govt.secur. 504,075 3,011,650 Accts. payable__ 1,034,167 1,674,390
965,551 Sundry curr. liab. 1,751,098
704,723
Notes & bills rec. 463,431
Accts. receivable_ 3,250,326 2,885,231 Taxes accrued... 2,458,022 2,100,261
922,061
Material & supp_ 2,841,305 2,639,719 Interest accrued_ 419,605
396,901 Sundry accr. liab.
23,248
Prepaid accounts 511,874
20,376
13,284,614 12,944,905
Bond & note disc_ 3,872,171 3,944,167 Reserves
Surplus
3,298,870
@FedFRASER