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financial
INCLUDING
Bank 8c Quotation Section
Railway Earnings Section
VOL. 117.
reftud
Railway 8c Industrial Section
Bankers' Convention Section
SATURDAY, NOVEMBER 3 1923
5r1xe Thronicle.
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Clearing House Returns.
Returns of Bank Clearings heretofore given
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1964 and 1965.
The Financial Situation.
The declaration of an extra dividend of 14 of 1%
/
by the United States Steel Corporation on its common stock, in addition to the regular quarterly payment of 114%, is to be taken as reflecting the opu/
lence of the Steel Corporation and not the course of
the steel trade. New steel orders have been decidedly
lacking of late. The "Iron Age" of this city states
that buying of steel in the last week of October was
probably little more than 50% of capacity, and the
Steel Corporation itself had unfilled orders on its
books Sept. 30 of only 5,035,750 tons, against 7,403,332 tons on March 31 last and comparing with 6,691,607 tons on Sept. 30 1922. The extra dividend, however, along with the favorable income statement for
the September quarter, has had at least one good effect. It has taught bear operators on the Stock Exchange a salutary lesson. It has reversed the course
of prices on the Exchange. There is now buoyancy
and confidence where before there was despondency
and depression. Whether this revival on the Stock
Exchange will serve also to infuse new energy into
the country's flagging industries remains to be seen.
Business often takes its cue from Wall Street.
Electric Railway Sectioa
State and City Sectie
NO.3045
ployees into action to better themselves. One statement which is attributed to a review issued by a
downtown bank is that the labor which is organized
is pre-eminently thriving, while other labor is languishing. This is superficially true, but as an offset
it must be again pointed out that the obstinate determination to keep up the numerical count of wage
dollars is fighting immovable laws and is hostile to
the real welfare of the participants as of all others.
In this comment there is, of course, nothing new, but
ultimately and by some manner "normalcy" must
and will be regained; and it must be remembered by
wage earners that it is not the number of dollars they
get that counts for most, but the purchasing power
of those dollars.
Attempts to unionize the employees who (as the
unionist thinks) pretend to work at desks are nothing new. There is nothing new in the comparing of
their wages with the earnings of bricklayers, carpenters and others cited in this latest appeal. It is true
that there has been some systematized effort to teach
the building trades to the "white collar" class, and
it may be that to exchange the pen and the stenographer's pad for the trowel and hammer would tend
towards equalizing the situation, for the spasm in
housing comes from a shortage of housing supply,
due at least in part to the rush of demand for space.
Labor and capital are both naturally fluid, and respond to the law of comparative pressure; let them
alone—this is the wisest counsel—and they will
gradually adjust themselves.
How prominent the farmers are among the great
and varied mass of the dissatisfied is already known,
and the A. F. of L. has not quite given up the hope
of organizing them; they have not responded to the
effort, possibly because the farmer is at the bottom
of his mind a shrewd man on deductions and may
have a vague doubt whether the organized labor
which appeals to him is not somehow responsible for
his troubles. Attempts to unionize the workers in
the financial district are not much more likely to
succeed, and for two reasons: bank employees are
men and women of rather more than the average intelligence and quite capable of seeing that unionism
represses individuality and makes towards leveling
downward; moreover, there is always room at the
top, and the financial institutions of this city are not
niggardly towards merit or unmindful of the costs of
living, as bonuses in the past have proven.
An incident of the week was the sudden descent
upon the financial district by a score of young
Several receiverships of exceptional size occurred
women members of what calls itself the Bookkeepers' during October and occasioned an unusual amount
and Stenographers' Union, who had for distribution of liabilities in mercantile defaults during that
some printed stuff intended to arouse clerical em- month, so that the total of defaulted inflebtt--1-f-q iq
1918
TH I+
CHRONICLE
in excess of any preceding month with the single exception of December 1921. There were 1,673 insolvencies during October this year with a total of defaulted indebtedness of $79,301,741. These figures
contrast with 1,226 similar defaults during September, in which month the liabilities were $28,698,649,
and with 1,708 in October 1922, reporting an indebtedness of $34,647,438. The number of defaults during the past month was larger than for any month
this year excepting January and March, and as noted
above, the indicated indebtedness exceeded any preceding month ever recorded, except December 1921,
when the indebtedness was $87,500,000. Two failures during October this year accounted for nearly
45% of the total indebtedness, one of them the Columbia Graphophone Co.
Manufacturing failures last month numbered 498,
reporting liabilities of $59,136,741; 1,110 were trading defaults with an indebtedness of $11,412,238, and
65 were agents and brokers, reporting a total of
$2,752,762 of liabilities. As will be seen, the heavy
defaults were in the manufacturing division. Included with manufacturing concerns were 52, which
failed during October reporting a total indebtedness
of $52,167,761; with trading failures, 23 for $6,487,653; also six insolvencies of agents and brokers,
where the liabilities amounted to $2,068,903, a total
of 81 defaults with an indebtedness of $60,724,317,
leaving to the remaining 1,592 failures that occurred
during last month,a total of $18,577,424 of liabilities,
an average for each of the latter of $11,670. In September the larger defaults numbered 45 with a total
indebtedness of $16,981,663, leaving to the remaining
1,181 defaults which occurred during that month a
total indebtedness of $11,716,986, an average for
each of these defaults of $9,920, and in October 1922
51 large defaults accounted for an indebtedness of
$14,783,224 and the other 1,657 failures, credited to
that month, reported an indebtedness of $19,864,214,
an average for each of the latter of $11,988. The 52
large failures that occurred in the manufacturing
division last month, to which reference is here made,
'constituted about 10% of the total number of manufacturing defaults that occurred in October, but the
indebtedness of $52,167,761 reported by these 52 concerns, constituted 88.2% of the total manufacturing
liabilities reported during that month. Some large
trading failures also added to the volume of indebtedness, but the sums involved in trading defaults are
manufacturing division. The record of failures is
based on the compilations of R. G. Dun & Co.
The total number of manufacturing failures last
month, 498, compares with 464 similar defaults in
October 1922, while the total manufacturing indebtedness of $59,136,741 in October this year contrasts
with only $15,736,462 for the corresponding period
of 1922. A number of important manufacturing
divisions show a marked increase this year in the
number of defaults, among them iron manufacturing,
and lumber and allied lines. Clothing manufacturing, hats and flour mining, the latter including bakers, have fewer failures in October this year than a
year ago. In machinery and tools there is also a decrease in the number of failures during October this
year in contrast with the corresponding month of
1922. The heavy losses the present year in October
were in the class including stationery and among
the many industries included in the miscellaneous
manufacturing lines. Most of the more important
classifications into which the manufacturing divi
[You 117.
sion is separated show larger liabilities for October
this year than a year ago. Trading failures (1,110)
during October were fewer in number than they were
a year ago, when for October there were reported
1,178 and the indebtedness for the two years is not
wide apart, $17,412,238 of liabilities this year contrasting with $15,329,960, the amount involved by
trading defaults in October 1922. Only two or three
of the important trading divisions show a larger
number of failures during October this year than a
year ago, and the increase is small, among them being general stores; also shoes and leather goods; a
decrease is generally the rule, included in the latter
being grocers and dealers in clothing and furnishings. As to the amounts involved, a large failure,
J. M. Gidding & Co., of New York, added
to the liabilities in the clothing class. There
is also a somewhat larger volume of indebtedness
during October this year in contrast with a year ago
in dry goods, shoes and furniture lines; other trading classes generally report a reduction in liabilities
for October this year, there being a smaller amount
shown by the figures reported for general stores.
The Government cotton crop report, issued shortly
before midday yesterday, indicated a loss in condition of the cotton crop during the past month of 1.7
points, and a probable yield from this year's growth,
767,000 bales smaller than the yield indicated a
month ago. The crop this year is now placed at 10,248,000 bales, not counting linters. The final ginning return for the previous crop showed the 1922
yield to have been 9,762,069 bales, besides 608,708
bales of linters. The condition of 47.8% shown in
the Government report issued yesterday forecasts a
yield per acre of 128.9 pounds; a month ago the yield
per acre, based on the condition of 49.5% indicated
at that time, was 137.7 pounds. Texas and North
Carolina are the only two important cotton growing
States in which the condition has improved during
the past month. In Texas, where the condition on
Sept. 25 was 56%, it was 57% on Oct. 25, and this
contrasts with 56% on Oct. 25 1922 and only 38% on
Oct. 25 1921, in which year the total yield of cotton
in the United States was only 7,953,641 bales. The
forecast for Texas this year is now 4,300,000 bales,
which contrasts with 3,222,000 bales, the final ginning return for Texas last year. The production in
Texas has much to do with the making or marring
of a cotton crop for any one season in the United
States and the outcome in that State can never be
foretold with any degree of certainty.
As to North Carolina, there has been a very
marked improvement during the past month, from
64% of normal on Sept. 25 to 70% on Oct. 25—both
for 1922 and 1921, the condition for the North Carolina crop on Oct. 25 was 60% of normal. The yield
this year in that State is now placed at 1,010,000
bales—the final ginning returns for 1922 showed
852,000 bales ginned. In South Carolina the crop
has held its own during the past month and a yield
of 740,000 bales is now indicated, which contrasts
with only 493,000 bales ginned in 1922. No change
has occurred in Georgia, but the condition there is
very low, 31% of normal; likewise in Florida, 22%,
but the yield in the latter State is very small. In the
important States of Alabama and Mississippi a
slight reduction in condition, respectively 3 and 1
points, has occurred during the past month and the
yield in these States for this year is now indicated
Nov. 31923.]
THE CHRONICLE
at 615,000 and 620,000 bales—for 1922 it was several hundred thousand bales larger than is now
promised for this year. But a disaster to the crop
is indicated by the returns from Arkansas, where a
loss of 13 points occurred during the past month, and
Oklahoma, in which State there is a decline of 6
points; likewise in a lesser degree, so far as yield is
concerned, in Tennessee, where the decline is 12
points and Missouri, with a loss of 15 points. For
Arkansas the forecast for this year is now 680,000
bales—the cotton ginned for that State from the
crop of 1922 was 1,011,000 bales. Oklahoma promises a yield this year of 735,000 bales, these figures
contrasting with a yield last year of 627,000 bales.
The report was considered decidedly bullish and
was followed by an advance of 2c. a pound in all the
future options, this being the limit of fluctuations
for any one day fixed by the rules of trading.
1919
Andrew Bonar Law, who died this week, for a tariff
to protect British industries.
The first general impression relative to the proposal of the British and American Governments that
the Reparations Commission appoint "a committee
of experts, including an American, to examine Germany's capacity to pay," was favorable. The London
correspondent of the New York "Times" cabled that
Paris dispatches announcing that France would
agree to this, were "received in political circles here [London] with great satisfaction."
The Associated Press representative Oct. 26 declared
that "America's decision to co-operate in a conference on the German reparations muddle seems to
have led Europe out of the slough of depression."
London heard also a week ago to-day that "all reports from Brussels available this morning indicate
that Belgium is lined up with Poincare on the question of an inquiry to decide Germany's ability to
pay." The attitude of Holland was clearly revealed
in the following excerpt from a special cablegram to
the New York "Times" from its correspondent at
The Hague: "The Dutch Cabinet has resigned, but
despite its fall and the rejection of the navy bill, the
fact that France has accepted the proposal for an international conference, which will include America,
to discuss Germany's capacity to pay, is still considered the most important news of the day here, and is
commented upon in all the papers." Referring to
the conditions set up by the French in their reply to
Secretary of State Hughes, the Washington correspondent of the "Times" said "they [the conditions]
are understood to be acceptable to the Government
of the United States." Commenting upon Premier
Poincare's agreement to the appointment of the
"committee of experts," and to "the appearance before the Reparations Commission next week of a
German delegate to explain why the Reich cannot
finance payment in kind," the Paris representative
of the same paper observed somewhat facetiously that
"the French Premier took both these decisions more
out of regard for American and British opinion than
from any belief that they would work wonders. He
may be right, he may be wrong, but that is how he
feels about it."
According to the Paris correspondent of the New
York "Herald," Premier Poincare agreed to the Curzon-Hughes proposal only on the following conditions: "First, the committee shall be absolutely an
advisory and not an executive one, a point which
does not satisfy the British, who are still pressing,
it is understood, for a committee that will be independent and with its sessions partaking more of the
nature of an inter-Allied conference with the United
States added; second, there must be an agreement
by England that France and Belgium shall remain
in the Ruhr until the payments from Germany are
under way, the evacuation being in proportion to the
actual payments made, or, in other words, England
must recognize the legality of the occupation, a point
she has contested, and she must approve the Brussels
agreement for a gradual evacuation; third, that
there shall be an international control of Germany's
finances with an American representative of the control commission if possible."
As between Europe and the United States sentiment has been pretty well divided over the probability of anything of importance being accomplished by
the proposed international committee to investigate
Germany's capacity to pay reparations. Even in
this country there has been not a little skepticism
over the outlook. In European capitals this feeling
has been still more in evidence, largely because of
the two sets of conditions, or limitations to the powers of the committee, set up by Premier Poincare of
France. The Washington Government claimed to
have accepted them and not to feel discouraged because of Poincare's attitude. It was admitted in
Washington dispatches yesterday morning, however,
that "Premier Poincare's insistent reiteration of his
stand that no reduction in the sum of German reparations will be permitted has aroused fears in high
quarters in Washington that plans for the proposed
inquiry by a committee of experts may be upset."
The New York "Herald" representative asserted that
"the United States Government positively will refuse to participate in the proposed advisory conference on reparations if the French Government puts
any restrictions at the outset on the scope of the inquiry or seeks to limit the survey of Germany's capacity to pay." London and Washington advices last
evening indicated a somewhat more hopeful feeling. United States Senator McCormick vigorously attacked the whole undertaking. Senator Hiram Johnson did the same in a speech in Oakland, Cal., on
Thursday. Apparently the political situation in the
so-called Reich section of Germany continues critical. Chancellor Stresemann is still experiencing
much difficulty in dealing with the Socialists at
home. The Bavarians, on the other hand, have demanded the withdrawal of the Socialist members of
Dr. Stresemann's Cabinet. It was reported from
Berlin last evening that they had presented their resignations to the Chancellor. Conditions in Saxony
do not appear to be much better than a week ago.
Negotiations have been renewed between the leading
industrialists and the French Commander in the
Ruhr, with the result that the Germans have agreed
to renew operations at various large industries.
which had been largely or altogether shut down. The
Netherlands Cabinet has resigned and an effort is
being made to form a new one. Premier Mussolini
of Italy, in one or more characteristic speeches, has
Berlin was pleased also. The Associated Press
called attention afresh to his administration of affairs of his country. Premier Baldwin of Great Brit- correspondent at that centre sent word that "much
ain has renewed the agitation of his predecessor, satisfaction was expressed in Government circles
1920
THE CHRONICLE
to-day over the report that the plan of Secretary of
State Hughes for the appointment of an international commission to ascertain Germany's capacity
to pay reparations had been accepted as the basis of
a proposal for a discussion of the subject." He
added that "it was pointed out that Germany has
been a consistent supporter of the program of Secretary Hughes from the moment it was put forward
by him in his speech in New Haven last December."
Former Premier Lloyd George was quoted in Washington dispatches as saying that "there may be a
catch somewhere, but the important thing is that a
commission of experts, of business men, not politicians, may be appointed to study the problem. If
the situation is as it appears at this first glance it
means a very great deal."
In subsequent cable advices from the leading European capitals increasing skepticism was in evidence
over the probability of the "committee of experts"
being able to overcome the obstacles that would be
set up by the French as the investigation got under
way. The Paris correspondent of the New York
"Times" suggested that "the proposed non-political
committee of experts to advise the Reparations Commission on what Germany can pay, and how, must
face the political problem of the occupation of the
Ruhr. It is evident that what Germany can pay with
the Ruhr unoccupied is one thing and that what Germany can pay with the Ruhr occupied is another
thing. Therefore in figuring what Germany can pay
and how the committee of experts must figure on the
Ruhr as the greatest source normally of Germany's
exports, exports being the most important possible
source of reparations payments." He further stated
that "it was made more than plain here to-day [Oct.
27] that the proposed committee will not be permitted to touch the guarantees now held by France and
the Allies, which, of course, includes the Ruhr."
The attitude of Premier Poincare toward the proposed "committee of experts" to examine Germany's
capacity to pay was further outlined and emphasized
by the Paris correspondent of the New York "Times"
in a dispatch dated Oct. 28. He said that "in a
speech at his country home at Sampigny, and in an
official communique issued at the Foreign Office
and prepared by him, Premier Poincare to-day gave
the French Government's conception of the proposed
expert inquiry into reparations. He made these
points plain: First, that the committee of experts
will be permitted to make no attempt to reduce the
French reparations claim against Germany. Second, that the inquiry must proceed on the assumption
that occupation of the Ruhr will be continued.
Third, that the experts will be expected to offer suggestions for German financial reform and Germany's
resumption of payments."
In spite of the stipulating of these, conditions,
and others expected later if the conference were actually called, the. Paris and London cable advices
regarding the whole proposal became somewhat more
encouraging again. For instance, in an Associated
Press dispatch dated Oct. 29, it was stated that
"French official circles to-day indicated their expectation that a final accord with the British Government regarding the conditions under which the proposed committee of experts will examine Germany's
capacity to pay will be reached within a day or two,
and that the Reparations Commission may go ahead
[VoL. 117.
with the arrangements before the week-end. It is
anticipated here that the experts will be invited to
assemble in Paris at the headquarters of the commission." It was further noted that "the commission
will decide at its meeting to-morrow when the German delegates will be heard on the situation of their
country, as they recently petitioned. It is considered probable this hearing will be hastened, so that
the results may be utilized by the experts, unless the
latter prefer to make all their investigations themselves." According to the correspondent also, "the
composition and organization of the expert committee will be considered at Friday's meeting of the
commission." Washington authorities continued optimistic over the situation. In a dispatch from that
centre Monday afternoon it was stated that "Premier Poincare's statement of the French attitude towards the new reparations inquiry is construed in
official quarters here as little more in substance than
a reassertion of the obvious fact that rights acquired
under the Treaty of Versailles cannot be abridged
except with the consent of the parties to the Treaty."
It was suggested that "for that reason the restrictions upon the proposed expert commission outlined
by the French Premier are not Viewed as having altered the situation in any material way."
In another Washington telegraphic message attention was called to the fact that Senator Medill McCormick arrived in the National Capital on Monday,
and that he was disposed to start vigorous opposition
to the whole movement. The correspondent of the
New York "Evening Post" said that "Senator McCormick is a member of the Old Battalion of Death,
and he can make no end of trouble for Hughes and
the Administration in its eleventh hour effort to help
Europe pull itself together. Secretary Hughes is
plainly aware of that. All talk in authoritative Administration circles to-day was of the informal character of our 'intervention.' Of course, the findings
of the commission were not to be binding on France.
Of course France and the rest had a right to insist
that the proceedings be in accordance with the
Treaty. No, our representative on the advisory body
would not be a plenipotentiary with full voting powers. The commission would be there to find the facts
and to give advice—absolutely nothing more." Monday evening Senator McCormick issued a statement
vigorously attacking the Curzon-Hughes proposals.
The New York "Times" correspondent in Washington said that "the full intent of the statement is not
apparent in its wording, and its purpose became
known to-night, several hours after it had been issuea, when spokesmen for the irreconcilable group
said that it was supposed to be the plank upon which
Senator Johnson would stand as an aggressive candidate for the Presidential nomination. Anyway,
the statement is the first bombshell that has been
thrown into the field of Coolidge's foreign policy by
a leading Republican, and its significance may be
great or it may end in nothing. Developments are
awaited by Washington." In a bitter attack on
Premier Poincare, Senator McCormick said in part:
"European statesmen accustomed to the calculated
discourtesies of Raymond Poincare are not so sillysanguine as to believe the Curzon-Hughes conference
assures the re-establishment of German credit, the
demobilization of the vast French armies, or the restoration of European industry. The contemptuous
condescension with which M.Poincare conditions his
acceptance of the proposed conference shows that he
Nov. 3 1923.]
THE CHRONICLE
has not learned anything, or, if he has, that he will
not confess it. M. Poincare's intractability cannot
be overcome by docile conciliation. He understands
only the tones in which he himself habitually speaks.
We all hope to see rebuilt the ruin wrought by the
war and by the Treaty of Versailles; but if we Americans can do anything to further that rebuilding it
will not be through the appointment of a lot of Laodicean Leaguers to confer in Paris or Berlin. Most
of the Debt Commission and the members of the
Disarmament Conference were reservationists of one
sort or another. Congress tied the hands of the Debt
Commission, and the Senate humiliated the negotiators of the Four-Power Treaty by rendering it meaningless through the adoption of the Brandegee reservation, thus preserving American liberty of action."
It became known here Tuesday afternoon through
an Associated Press dispatch that "Great Britain
has accepted the terms specified by Premier Poincare of France for a conference of experts to consider
the reparations question." The opinion was expressed that "this assures the holding of the inquiry." The correspondent further stated that "the
American Government will be acquainted with the
willingness of all the countries concerned in the reparations problem to participate in the conference, and
will be asked immediately to designate its member of
the committee of experts." The New York "Times"
correspondent explained the following morning that
"the British Government has decided to go on with
the negotiations for an expert inquiry into German
finances even though it be subject to the restrictions
laid down by Premier Poincare. It has received acceptances to its proposal not only from France, but
from Belgium and Italy and thus has obtained the
unanimity of the rest of the European Powers which
Secretary Hughes in his reply of Oct. 10 to Lord Curzon declared was a necessary condition of American
participation in the investigation." He suggest
ed
that "thus Great Britain has brought about a situation in which she can again interest herself in European affairs, and she would be unwilling to do anything to jeopardize that important step toward effecting a general settlement."
As already indicated, Washington- authori
ties
have been optimistic from the start over the proposed
inquiry into Germany's ability to pay. In a Washington dispatch to the New York "Times" Tuesday
evening it was stated that President Coolidge
shares none of the pessimism expressed in some quarters over the Poincare speech last Sunday on the
subject of the Hughes proposal for the appointment
of an international commission of experts to consider German capacity to pay reparations and also
to prepare a financial plan for the payment." The
"Times" correspondent added that "it was indicated
at the White House to-day [Tuesday] that the Administration is entirely satisfied with the progress
that has been made since the reparations tangle assumed its new phase, and it is not only hopeful but
rather confident that the investigation by the commission of experts will be attended by real resulth."
He also said that "the White House spokesman said
that "Premier Poincare was understood to have accepted the proposal for a commission of experts to
examine Germany's capacity to pay, and that details as to the time, place and manner of meeting
were being worked out. Until these details have
1921
been decided there will be no announcement as to
the identity of the American experts to participate
in the work of the commission."
In a Washington dispatch the next day it was said
that "an intimation came from an official source today that action in connection with American representation on the Advisory Committee might be expected with as much expedition as marked the step
leading to the decision to hold the conference." The
New York "Herald" Washington correspondent asserted that "no one who has favored the League of
Nations or sympathized with American entanglement in the political affairs of Europe will be appointed by the Coolidge Administration to represent
this country in the proposed economic conference on
reparations." In another Washington dispatch on
Thursday it was stated that, as a result of distinctly
unfavorable reports received from Government
agents in Germany "the Administration is gravely
concerned over the internal condition of Germany."
It was added that "Secretary Hughes and Secretary
Hoover took the matter up personally with President
Coolidge yesterday and left with him the reports of
their agents. It is understood that the President
has already had a chance to look over those reports.
There is no indication as to what, if anything, the
American Government can do to help meet this
emergency." Following an interview that Senator
McCormick had with the President, it was asserted
that "the Administration does not believe that Senator McCormick can win the support of even the
irreconcilable elements of the Republican Party.
The President, it is stated, entertains no doubt that
the sentiment of the country is in favor of the Government doing everything possible to bring about a
solution of the reparations difficulty." The Associated Press correspondent at Washington said that
"President Coolidge to-day counseled with Senator
Borah, of Idaho, on the latest move toward a solution of the reparations problem and learned that the
'irreconcilable' leader was not opposed to the Administration program, but held grave doubts as to
its results."
As had been expected all along by everyone who
had given the European situation even passing consideration, Premier Poincare already has set up conditions with respect to the proposed international
investigation of Germany's capacity to pay, in addition to those which he stipulated in a speech last
Sunday. Under date of Oct.31 the Paris correspondent of the New York "Times" cabled that "in a note
sent to London to-night Premier Poincare accepted
the British proposals received earlier to-day that a
common invitation be sent to Washington, inviting
the American Government to send a representative
to a conference of experts which is to be convened
soon." He further stated that,"while accepting the
proposals in principle the French Premier demanded
that certain definitions be added to the text proposed
by the London'Foreign Office." The "Times" dispatch added that "according to 'Le Matin,' the projected conference cannot advise except on the present capacity of payment of Germany. At the same
time all the rights of the Reparations Commission
are reserved, conforming to the stipulations of Part
VIII, of the Treaty of Versailles. The selection of
experts, except the American, will be made by the
Reparations Commission, according to 'Le Malin,'
but the selections undoubtedly will be submitted to
1922
THE CHRONICLE
[VOL. 117.
they have successfully established their positions at
Aix-la-Chapelle, Crefeld, Bonn, and other points. It
is now possible, the leaders assert, to extend the
Republican lines whenever such operations are
deemed wise and opportune in the interest of the
cause." It was made perfectly clear in London cable
advices that "England will view with disapproval
any attempt to set up an independent Government
by the followers of Joseph Matthes, Rhineland Separatist leader, in the Cologne area, which is held by
British forces, it was stated in authoritative circles
to-day." It was asserted in an Associated Press
cablegram from the British capital that "the British
Government feels that any such movement would not
only be in contravention of the Versailles Treaty,
but would interfere with the present orderly and
lawful conditions in the Cologne area for which the
British Army as an occupationary force holds itself
responsible." Special attention was called to the
fact that "Premier Baldwin in his recent speech at
Plymouth emphasized the Government's attitude toward the whole Separatist movement when he denot tolerate the
Definite action on Premier Poincare's attitude on clared that Great Britain could
part of Germany into a separate
the Ruhr situation is expected to be taken by the breaking off of any
made in an Associated
French Chamber of Deputies when it reconvenes at State." The statement was
Press dispatch from Berlin that "the news that the
an early date. It was reported in Paris a week ago
actually formed a prots
to day that "a decree convoking the French Parlia- Rhineland Separatis have
pub- visional Government is not taken seriously in offiment in extraordinary session Nov. 13 will be
it is declared that the new
lished shortly." It became known here definitely cial quarters here, where
Millerand 'Ministers' have nothing to govern." According to
last Sunday morning that "President
"it is represented that the Sepsigned a decree this evening [Oct. 27] reconvening the same dispatch,
wherever they have succeeded in lodging
the Senate and Chamber of Deputies in extraordi- aratists,
are able to maintain their positions only
nary session on Nov. 13." Attention was called also themselves,
protection from the Franco-Belgian
to the fact that "Nov. 13 is also the date set for the by support and
s."
reassembly of the British Parliament, so that the occupation authoritie
That the Central Government of Germany inlaw-making bodies of both the leading Allied Powers
The Italian tended to maintain a determined stand toward the
will be in session simultaneously.
r apparent from an anChamber of Deputies has been called to meet on Separatists was altogethe
nt from Berlin under date of Oct. 27 that
November 8. " Announcement was made that in nounceme
Government fired the openthe meantime "Pierre Schweisguth, one of the direc- "the Ebert-Stresemann
ing guns to-night in its battle for unchallenged autors of the Credit National, with a staff of experts,
German states
had gone to Duesseldorf to undertake for the French thority within the federation of the
in the by dispatching an ultimatum to Dresden demanding
Government a study of financial conditions
Ruhr as affected by the cessation of passive resist- the immediate retirement of Dr. Zeigner's Socialously
ance. M. Schweisguth and his associates also will istic-Communistic Government, and simultane
of the currency problem." The demanding of the Bavarian Government the restoramake an investigation
observation was made in one Paris dispatch that tion of the Berlin Government's military authority
"Herald" corre"the projected international committee of inquiry within that State." The New York
next day that "official
under the Reparations Board regarding Germany's spondent in Berlin cabled the
rejection of the demand
capacity to pay reparations temporaiily at least has word of the Saxon Cabinet's
t,formulated by the ultimatum sent
placed the Rhineland republic in the shade as a topic for its retiremen
yesterday by the Federal Government,
of discussion." The correspondent added that, "as to Dresden
here late to-night. President Ebert immeaccepted by Premier Poincare, the plan meets with reached
diately signed a decree authorizing Chancellor
no objection, but with much skepticism."
Stresemann to oust the Saxon Prime Minister, ZeigThe Berlin representative of the Associated Press
fellow Ministers, and all other recalcisent word that "Hugo Stinnes and other representa- ner, and his
trant Saxon officials, and take such other measures
tives of German industry after conferring with
compel Saxony's obedience to
Chancellor Stresemann, have reopened negotiations as might be required to
occu- the republic. If necessary, the Reichswehr will be
in the Ruhr with General Degoutte, the French
Communist Cabinet officers
pation chief. The continuance of operations in the ordered to remove the
correspondent also stated that
Ruhr plants depends on the results'of these discus- from their jobs." The
immediately made known his intensions." London heard through a news agency dis- "Dr. Stresemann
g Dr. Schulze, whose former post as
patch from Coblenz that "Paul Tirard, the French tion of appointin
Chancellery is now held by BrandHigh Commissioner in the Rhineland, has received chief of the Saxon
Communist agitator, as dictator over
orders from Paris to acknowledge the Separatist ler, a notorious
refused to serve under Dr. Zeigner
movement as lawful, and that the immediate promul- Saxony. Schulze
when the Communists entered his Administration.
gation of an ordinance by the inter-Allied Rhine
The powers given him by Chancellor Stresemann
Commission to this effect is expected." The Assowill be equivalent to those held by von Kahr in Baciated Press correspondent at Duren cabled that
varia, with the difference that the latter holds the
the Separatists in the north Rhineland say that
the respective Governments." The French Premier,
in a speech at Nevers on Thursday,"as interpreted by
the French Foreign Office, recognized four points as
within the jurisdiction of the committee of experts
-which is to make a reparations inquiry as a result of
the recent negotiations of the European Chancelleries and the Washington Government. The Premier by this recognition, it is held, excluded consideration of any other point. The four points indicated are: (1) Germany's present capacity for payment; (2) new methods of payment; (3) the renovation of German finances; (4) a new monetary system." Washington dispatches yesterday morning
stated that the United States would even refuse to
participate in the proposed conference if France adhered to the position indicated by those conditions.
The Washington correspondent of the New York
"Evening Post" said last evening that "a press dispatch from London indicating a conciliatory attitude on the part of the French Premier somewhat
relaxed the tension."
Nov. 3 1923.]
7117 CHRONICLE
1923
Bavarian Ambassador, von Preger, returned to Berlin to-night with instructions from the Munich Government, and presumably from Dictator von Kahr
himself, which have a peaceful effect on the continuance of negotiations. It is understood von
Preger will take no further step until the Socialists
in the Stresemann Cabinet resign, and it is generally believed that they are ready to do this." He
added that "the second point Bavaria stands by is
her refusal to remove General von Lossow as head
of the Bavarian Reichswehr which withdrew from
the Federal army. This point may be compromised
by taking the Bavarian Reichswehr back under national control with von Lossow as head of the Bavarian division. Von Kahn also has urged Bavarian
officials to cease collecting taxes from farmers and
the middle classes until the Reich acts upon Bavarian complaints concerning increased taxation."
The Socialists in turn made demands upon the
Stresemann Ministry that were in the nature of an
ultimatum. The Associated Press representative in
As the week progressed the political revolt in Berlin cabled that "after a party caucus lasting seven
Saxony did not appear as formidable as at first. hours the United Socialists' Reichstag delegation toThe Associated Press correspondent in Berlin cabled night [Oct. 31] drafted a program of demands, upon
on Oct. 30 that "the general political situation with which it makes contingent its further membership in
respect to the Saxon conflict is viewed to-night in .the present Coalition Government." He added that
official quarters as having shown marked improve- the resolution that was adopted read as follows:
ment. The United Socialists, who yesterday threat- "The Socialist Party can only remain in the coalition
ened to secede from Chancellor Stresemann's Coali- on the following conditions: First, abolition of the
tion Government, appeared less intransigeant, to- military state of emergency; second, the Government
day, having deferred a decisive vote on the party's must clearly treat the Bavarian Government's attiattitude toward the Central Government's procedure tude as a breach of the Constitution, and in accordin Saxony until to-morrow." He suggested that "the ance with the Reich's Constitution immediately take
attitude of the radicals is explained on the ground necessary steps against Bavaria; third, the maintethat the party, as such, is in neither a strategic nor nance of law and order in Saxony is a task for the
financial position to offer strong opposition, and police. The supporters of nationalist aspirations
also because its withdrawal from the present coali- who lately joined the Reichswehr must be immedition under the present circumstances would consti- ately dismissed." According to the dispatch also,
tute a pronounced concession to the Communists in "the Socialist Party has passed another resolution—
Saxony and elsewhere."
that the Socialist Parliamentary leaders demand in
According to an Associated Press cablegram from their conference with the Government that wages in
Dresden Oct. 30 "the Socialist Parliamentary Party the future shall be paid in stable currency and that
decided to form a Socialist Minority Government. farmers shall be forced to sell foodstuffs. The party
Dr. A. Fellisch, who, prior to the setting up of the leaders submitted the resolutions to Chancellor
deposed Socialist-Communist Government, was Min- Stresemann and requested a reply by noon to-morister of Economics, announced his intention to un- row." (Thursday.) The New York "Tribune" repredertake the formation of such a Cabinet. The Demo- sentative cabled that "these conditions, according to
,
crats agreed to support a Socialist Government, Chancellor Stresemann's mouthpiece,'Die Zeit,' will
which would thus command an adequate majority in not be accepted." Word was received here front Berthe Diet." It was added that "the Saxon Diet met at lin Thursday afternoon that"Chancellor Stre ,emann
2 o'clock this afternoon, the Reichswehr troops pre- was prevented by illness from presiding over the
viously evacuating the Parliament Building, and was Cabinet session that morning when the Socialist
addressed by Dr. Carl Heinze, the new Commissioner Party's ultimatum was to be considered. It was conof the Reich, who declared that his mission consisted sidered probable, therefore, that the Government's
in forming a new Cabinet to replace that under Dr. reply to the party's demands would not be forthcomZeigner, which was deposed by the Central Govern- ing to-day." The Berlin correspondent of the New
ment. The Commissioner said that as soon as this York "Times" said yesterday morning: "Chanceltask had been accomplished he would leave Dres- lor Stresemann took to his bed this morning offiden. After hearing the statement the Diet adjourned cially, but it was a diplomatic illness resulting from
until'6 p. m., Dr. Heinze expressing a desire to get in a serious hitch in the behind-the-scenes negotiations
touch with the various party leaders." The New with the Social Democrats in the Chancellor's effort
York "Herald" representative in Dresden cabled to try to find a solution of the political crisis precipithat when the Diet resumed its session in the evening tated by the three demands of the Social Democrats
it was "ready to do Chancellor Stresemann's bidding made in the form of a virtual ultimatum." Accordby forming a Social Democratic Cabinet, which was ing to the Berlin correspondent of the Central News
yesterday, "the Socialists demands have caused a
its before the merger with the Communists."
Government crisis and the resignation of Chancellor
The political situation in Bavaria appeared to be Stresemann is feared. The Separatists have renewed
somewhat disturbing still. The Munich representa- their attack on the Town Hall at Aix-la-Chapelle and
tive of the New York "Herald" said Oct. 30: "The bitter fighting is under way." According to Berlin
mandate only of the Government of that State." In
a cablegram from Berlin the next day it was stated
that "firm action was taken by the Federal Government to-day in dealing with Saxony.. Chancellor
Stresemann began by appointing Dr. Carl Heinze,
member of the People's Party and former Vice-Chancellor, to be Commissioner of the Reich in Saxony."
It was added that,"in Dresden General von Mueller,
Commander of the Reichswehr in the Saxony district, issued an order prohibiting any further meetings of the Diet of Saxony until the Diet had been
convoked by the new commissioner. Dr. Heinze then
proceeded to demand the resignation of the Saxon
Cabinet, ordering the Ministers to vacate their posts
by 2 o'clock this afternoon." In a later cablegram
from Berlin it was stated that "General Mueller today arrested Dr. Zeigner, Prime Minister of Saxony,
and several other Ministers, and his soldiers took possession of the State Assembly and other public buildings in Dresden and other parts of Saxony."
1924
THE CHRONICLE
cable advices yesterday afternoon and evening, announcement was made there that"the Socialists have
withdrawn from the Government of the Reich." It
was added that "thus the Socialist Party becomes the
Opposition and it is presumed the Chancellor will
now request President Ebert's sanction to dissolve
the Reichstag." In an Associated Press dispatch
from Cologne last evening it was reported that "the
Town Hall of Aix-la-Chapelle and the Government
building where the Rhineland republic was proclaimed twelve days ago are again in the hands of
Separatist forces." On the other hand, the encouraging word was received from Coblenz yesterday morning that "unless there is some indication soon that efforts to establish an independent
Rhineland State have the support of the general
population, the present Separatist movement may
dissolve of itself within a few weeks, it was said today in official circles which are closely in touch with
all developments."
[VOL. 117.
Parliament the day before of the Government's Naval
bill providing for the construction of a fleet for the
Dutch East Indies." Announcement was made also
that "the Queen requested the Ministers to remain
in office for the present." In another dispatch it
was said that she requested "the Cabinet to remain
in office until other items on the Parliamentary
agenda have been dealt with." The New York
"Times" correspondent cabled that considerable difficulty, in all probability, would be experienced in
forming a new Ministry." He added that "the Government intimated before the bill was rejected that
a new Cabinet could not expect the support of the
old Government parties, and the possibility of an
extra Parliamentary Cabinet is therefore contemplated." The cable advices so far received have not
told of the formation of a new Ministry.
Italy has come into prominence again, largely
through the activities and speeches of Premier Mussolini. In the course of a celebration in Milan on
The reopening of negotiations between the great Oct. 28 of the first anniversary of the Fascisti revolt
industrialists, Herr Krupp and Hugo Stinnes, evi- he made.a speech in which he asserted,"we made the
dently progressed rapidly. Word came from Dues- revolution armed only with sticks, but I ask you
seldorf the very next day after notice of the resump- Fascisti what have you in your hands now?" It was
tion was received that 'the Krupps are about to sign, added that "immediately 15,000 firearms were
an agreement with the Franco-Belgian technical raised, while a mighty shout from as many voices
mission dealing with payment of the coal tax and resounded: 'We have our rifles.' Mussolini condelivering coal and certain manufactured and semi- tinued: 'If we accomplished the revolution with our
manufactured material in payment of reparations. sticks, what may we not accomplish with our rifles?
The contract also establishes a modus vivendi for But remember that you now wear gray-green army
the resumption of work in the great Essen plant. It tunics over your black shirts and that you are not
is very similar to that signed between the French any longer representatives of one party, but are the
and Herr Otto Wolff on behalf of the great Phoenix expression and soul .of the whole Italian nation.'"
Company some weeks ago." The New York "Times" The New York "Times" correspondent said that "the
representative said that "Herr Krupp von Bohlen, speech of Mussolini dealt with both internal and forwho met Herr Stresemann at Hagen, has now re- eign affairs. The part relating to foreign affairs
turn to the Ruhr. When his seven days' leave was chiefly devoted to claiming for Italy increased
from jail elapse he with the other Krupp directors prestige in the world and telling of her determinawill receive a further period of freedom, and this will tion to be respected and valued." He further obbe repeated until the Franco-German situation per- served that "the tone of Mussolini contrasted
mits a general amnesty for those imprisoned by the strongly with his far more moderate utterances in
French." He further observed that "if within the speeches made in Turin in the last few days and it is
next few days an agreement with Stinnes should be not clear against whom they are directed. The genannounced it would cause no surprise." Only 24 eral impression is that they are intended for Jugohours later came the definite announcement from slavia, but this conflicts with the reassuring reports
Duesseldorf that "Baron Krupp von Bohlen has that the Fiume negotiations are proceeding as rapsigned an agreement with the Inter-Allied Mission idly as possible." In dealing with internal policies
to pay the coal taxes in arrears, half immediately Mussolini was explicit and emphatic. In part he
and the remainder in installments, and to reserve said: "If liberty means the right to interrupt the
one-fifth of his coal output for the Allies." It was order and work of the nation, if liberty means the
added that "another agreement, between the French right to spit on the symbols of our religion, our
and the Herne Canal authorities, provides for re- country and our State,then I as the head of the State
sumption of German operation of the canal, with and as the head of Fascism declare that kind of libfree passage for French and Belgian boats. The big erty will never exist in Italy. And I declare further
Krupp plant, which had been scheduled to shut that our adversaries must not further presume on
down, throwing 75,000 men out of work, will con- our good nature. We have given them one year's
tinue to operate, it was said." The Associated Press time to change their ways, to form a clear percepcorrespondent at Duesseldorf added that "if agree- tion of our strength, to make up their minds that
ments with Krupp and Stinnes are eventually ef- what has happened has happened, that we will never
fected, it is believed that a long step will have been turn back, that we are ready to engage in our stiffest
taken toward alleviating the widespread unemploy- battle in defense of our revolution. I wish our
ment in the Ruhr, which has already brought about adversaries to know that they may as well abandon
alarming conditions, approaching anarchy, and will all hope and that it is time to give up their manalso influence the Franco-Belgian attitude toward euvers. Our enemies said that we could not last
the new Rhineland republic."
more than twelve weeks. We have now been in power
twelve months and I tell them that we will remain in
Still another European Ministry has resigned. On power twelve, five times twelve years, longer. Our
Oct. 27 "the Netherlands Cabinet resigned "in conse- Government will last because we recognize the inquence of the rejection by the Second Chamber of fluence of will power in history, because we wish
Nov. 3 1923.]
THE CHRONICLE
it to last, because we are ready to do anything to
make it last, because we will systematically rout all
our enemies, because our Government is not merely
the triumph of one party, but is the resurrection of
our race. It is the people of Italy which has become
the Government of Italy and it is the Government of
Italy which seeks in the world means for its expansion."
In an interview with foreign newspaper correspondents in Rome on Thursday the Italian Premier
was quoted in part as follows relative to his domestic
policy, and characteristically' with respect to the
Italian Parliament: "It is my task to provide mechanism that will endure and to have the various parts
of this mechanism running without friction; then,
after I am gone, it will be able to run itself. A dictatorship must answer the purposes for which it was
introduced. Certainly the Fascist regime will last
a very long time. Parliament is there. It exists. I
use it whenever necessary. It is very quiet, behaves
itself and doesn't create much disturbance. I don't
know about the Parliaments of other countries.
Every country has its own history and its own problems which must be handled according to the tastes
and needs of those countries."
. Official discount rates at leading European centres
continue to be quoted at 90% in Berlin; 6% in Denmark and Norway; 532% in Belgium; 5% in France
in Sweden and 4% in London,
and Madrid; 4
Switzerland and Holland. In London the open
market discount rate remained at 2 15-16@3% for
'short bills and 33/s@3 3-16% for three months', the
same as a week ago. Money on call at the British
centre, however, was a shade firmer for a while, advancing to 2%%, but closed lower at 2Y
t%, against
2/% the previous week. At Paris and Switzerland
open market rates have'not been changed from 5%
and 2%, respectively.
The Bank of England continues to make slight
additions to its stock of gold, the statement for the
week ended Nov. 1 showing a gain of £573. This,
however, was accompanied by an increase in note
circulation of no less than £1,682,000, which resulted
in reducing reserve £1,681,000. Moreover, the proportion of reserves to liabilities fell to 18.97%, as
against 20.33% a week ago. In the corresponding
week of 1922 the ratio stood at 18.34% and a year
earlier at 15.31%. Noteworthy changes were also
recorded in the deposit items. Public deposits were
reduced £2,510,000, while other deposits increased
£2,196,000. In loans on Government securities
there was an expansion of £1,170,000 and in loans
on other securities £148,000. All of these changes
were directly attributable to the strain of meeting
Nov. 1 interest and dividend disbursements. The
Bank's gold holdings now stand at £127,674,137,
which compares with £127,435,322 a year.ago and
£128,118,244 in 1921. Reserve stands at £22,632,000, against £22,726,482 in 1922 and £21,726,894
a year earlier. Loans amount to £72,020,000, in
comparison with £68,189,891 and £80,912,616 one
and two years ago, respectively. Note circulation
is £124,793,000. A year ago the total was £123,158,840 and £125,141,350 in 1921. Contrary to
general expectations, the minimum discount rate
remains at 4%, unchanged. Clearings through the
London banks for the week totaled £771,944,000,
against £696,618,000 -a week ago and £701,717,000
1925
last year.' We append herewith comparisons for a
series of years of the different items of the Bank of
England returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1920.
1919.
1923.
1921.
1922.
Nov. 3.
Nov. 5.
00.31,
Nov. 1.
Nov. 2.
Circulation
124,793,000
Public deposits
11,444,000
Other deposits
107,837,000
Govt. securities
42,304,000
Other securities
72,020,000
Reserve notes & coin 22,632,000
Coin and bullion
127,674,137
Proportion of reserve
to liabilities
18.97%
Bank rate
4%
123,158,840
15,034,269
108.844.733
50,664,553
68,189,891
22,726,482
127,435,322
125,141,350
16,250,223
125,651,915
56,943,712
80,912,616
21,726.894
128,118,244
128,437,805
18,142,761
115,135.201
63,972,909
73,869,823
13,158,155
123,145,960
86,030,370
19,830,911
109,563,102
46,225,653
80,496,069
20,449,849
88,030.219
18.34%
3%
15.31%
5%
9.87%
7%
15.75%
6%
The Bank of France continues to report small
gains in its gold item, the increase this week being
201,000 francs. The Bank's gold holdings therefore
now aggregate 5,539,231,700 francs, comparing with
5,533,263,782 francs at this time last year and with
5,523,891,962 francs the year before; of these amounts
1,864,320,900 francs were held abroad in 1923, 1,897,967,056 francs in 1922, and 1,948,367,056 francs in
1921. During the week increases were registered in
the various items as follows: Silver, 112,000 francs;
bills discounted, 889,378,000 francs; advances; 925,000 francs; general deposits, 354,276,000 francs.
Treasury deposits, on the other hand, were reduced
30,889,000 francs. Note circulation registered an
expansion of 178,172,000 francs, bringing the total
outstanding up to 37,848,181,000 francs, contrasting
with 36,847,669,580 francs on the corresponding
date last year and with 37,522,085,070 francs in
1921. Just prior to the outbreak of war in 1914 the
amount was only 6,683,184,785 francs. Comparison
of the various items in this week's return with the
statement, of last week and corresponding dates in
both 1922 and 1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Nov. 1 1923. Nov.2 1922. Nov.3 1921.
Francs.
Frew.
Francs.
Francs.
Gold Holdings—
Inc.
201,000 3,674,910,800 3,635,296,726 3,575,524,906
In France
No change 1,864,320,900 1,897,967,056 1,948,367,056
Abroad
Inc.
201,000
Total
Inc.
112,000
Sliver
discounted
Inc. 889,378,000
Bills
Inc.
925,000
Advances
Note circulation Inc. 178,172.000
Treasury deposits_Dec. 30,889,000
General deposits Inc. 354,276,000
5,539,231,700
295,652,000
3,978,035,000
2,198,719.000
37,848,181,000
24,525,000
2,332,319,000
5,533,263,782
287,979,948
2,642,191,518
2,109,589,021
36,847,669,580
19,848,377
2,207,991,724
5,523,891,962
278,610,186
2,709,847,202
2,222,690,243
37,522,085,070
32,567,264
2,624,942,881
The Imperial Bank of Germany, in its statement,
issued as of Oct. 15, reported a further stupendous
increase in note circulation, amounting to 76,416,785,289,702,000 marks, which brought the total outstanding up to .the gigantic aggregate of 123,349,787,679,000,000 marks. At this time last year the
total was 374,506,000,000 marks and a year earlier
at 87,728,000,000 marks. In bills of exchange and
checks there was an increase of 22,939,688,115,914,000 marks; in discount and treasury bills 97,548,141,375,405,000 marks, in other assets 18,247,973,173,389,000 marks and in other liabilities 15,241,449,679,898,000 marks. An expansion of colossal proportions was also shown in deposits, viz., 57,199,103,139,127,000 marks, while advances increased 5,324,436,270,288,000 marks. Smaller increases included
123,640,027,000 marks in notes of other banks and
9,438,251,230,000 marks in investments. Total coin
and bullion (which now includes aluminum, nickel
and iron coins) declined 3,701,152,000 marks, at
the same time that gold fell off 1,000 marks to 443,926,000 marks, against 1,004,854,000,000 marks a
year ago and £1,023,633,000 in 1921.
The Federal Reserve Bank statement, issued at
the close of business on Thursday, had as distinct
1926
THE CHRONICLE
[VOL. 117.
features a substantial loss in gold and 'heavy ex- Naturally they have been increased somewhat again
pansion in rediscounting operations. For the Sys- if there has been much new buying of stocks, in additem there was a loss in gold holdings of $25,000,000; tion to the "short covering." So far such buying has
an increase of 1,000,000 in discounts of Govern- not been reflected in the rates for money at this
ment secured paper and of $6,300,000 in "all other," centre. A further return of funds from interior
and an increase in open market purchases of $24,- points has been reported. Evidently an effort has
900,000, the net result of which was an addition. to been made this week to develop a more hopeful
total bills on hand of $72,500,000, to $1,088,498,000, sentiment in Wall Street, and also throughout the
as compared with $848,422,000 a year ago. Earning country, with respect to business. If this should
assets were also enlarged—$76,000,000, while there result in a substantial expansion of the latter the
was a gain in deposits of $35,000,000. Conditions money market would feel it in due time. It is still
in the New York bank were closely parallel. Gold too early to determine the full effect upon sentiment
reserves fell $18,000,000. Rediscounting of all classes and actual business•of the United States Steel extra
of paper advanced $38,000,000, while bill buying in dividend and of hopeful statements that accompanied
the open market expanded $16,000,000. In conse- its announcement. The first of the month was
quence,total bill holdings were increased $54,702,000, passed without a ripple in the money market. Our
to $254,240,000. Large increases were also shown in Government's extraordinary requirements just now
earning assets and deposits. In both the local and are not large. Because of existing conditions it is
national statements there was curtailment in the not worth while to discuss seriously the probability
amount of Federal Reserve notes in circulation, $7,- of a large loan soon, either to Europe or Mexico.
000,000for the former,and $31,000,000 for the latter.
As for money rates in detail, call loans covered a
Member banks reserves apparently regained all the
loss of the previous week, the combined statement range of 4@5%, the same as a week ago. Monday
showing an increase of $23,000,000 and the local the high was 5%, the low 4
with renewals at
bank an expansion of $30,000,000. Reserve ratios the latter figure. On Tuesday a low quotation of
were again lowered, though only slightly, since 4% was touched for a brief period, but the high
gold reserves were reduced and deposits increased. remained at 5%, and the ruling rate was advanced
The ratio for the 12 reporting banks declined .5%, to 5%. A range of 43/2@4U% prevailed on Wednes3
to 76.3%, while at New York there was a reduction day, with 44% the renewal basis. On Friday no
loans were put through under 44% and this was the
of 3.7%, to 82.0%.
3
basis for renewals, with 5% the maximum. The
Last Saturday's statement of the New York figures here given apply to mixed collateral and allClearing House banks and trust companies revealed industrials without differentiation. In time money
a loss in surplus incidental to contraction in reserves the trend has been toward slightly lower levels, so
of member banks at the Reserve Bank, but aside that sixty day loans are now quoted at 4%@5%,with
from this, changes were purely routine in character. 5% for all periods from ninety days to six months, as
Loans and discounts, &c., expanded $9,268,000. against 5@54% for all maturities a week ago.
1
Net demand deposits decreased $2,201,000, to While business was not especially active, offerings
$3,707,826,000, which is exclusive of $18,503,000 were in liberal supply and a feature of the week was
in Government deposits. Time deposits were also the placing of $200,000 for thirty days at 43%. No
reduced—$1,108,000 to $466,553,000. Other com- large transactions were reported in any of the longer
paratively minor changes included an increase of maturities.
$929,000 in cash in own vaults of members of the
Commercial paper continues to be quoted at 5@
Federal Reserve bank, to $48,961,000 (not counted 531% for sixty and ninety days' endorsed bills receivas reserve), a decline of $189,000 in reserves in own able and six months' names of choice character, unvaults of State banks and trust companies, and changed, with 5h% required for names not so well
an expansion of $182,000 in reserves kept in other known. A fair degree of activity was reported,
depositaries by State banks and trust companies. especially for high-grade names which were in good
As noted above, member banks drew down their demand by country banks. Offerings, however, concredits at the Federal Reserve institution $10,- tinue light.
392,000, and this was responsible for a cut in surplus
Banks' and bankers' acceptances remain at the
reserve of $10,109,710, thus reducing the total of levels previously current. City and out-of-town inexcess reserves to $21,991,020. The figures here stitutions were in the market for prime bills, but as
given for surplus are on the basis of reserve require- offerings were restricted, trading in the aggregate
ments of 13% for member banks of the Federal was only moderate. For call loans against bankers'
Reserve System, but not including cash in own acceptances the posted rate of the American Accepvaults to the amount of $48,961,000 held by these tance Council has continued unchanged at 43%.
banks on Saturday last.
The Acceptance Council makes the discount rates on
prime bankers' acceptances eligible for purchase by
Both call and time money at this centre have been the Federal Reserve Bank 43/% bid and 4% asked
still easier. Not only were OR rates lower, notably for bills running for 30 days, 43% bid and 438%
in the case of time loans for the shorter periods, but asked for bills running for 60 and 90 days, 4V%
the offerings have been larger and freer. Bids of bid and 434% asked for bills running 120 days, and
4
43 % were reported on Thursday and yesterday for 432% bid and 434% asked for bills running 150 and
thirty-day accommodations. while 5@51
4% was said 180 days. Open market quotations follow:
SPOT DELIVERY.
to be the range for the more distant dates. No new
90 Days.
80 Days.
30 Days.
reasons for this tendency of the money market were Prime eligible bills
4h44h
4511g43'
4Mig43
FOR DELIVERY WITHIN THIRTY DAYS
brought forward. Just prior to the greatly increased
Eligible member banks
4M bid
activity in the speculative stock market a further Eligible non-member banks
4% bid
substantial contraction in brokers'loans was reported.
THE CHRONICLE
ov. 31923.1
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT NOV. 2 1923.
Paper Maturing-After 90 After 8
Days, but
but
WUMn 6 Within 9
Months. Months.
WitIan 90 Days.
FEDERAL RESERVE
BANK.
&cur. by
Arica* Agricul.
and
and
Com'rciat U. S. Bankers' Trade
Accep- Livestock Livestock
AccepAgricul. Govt.
dfrLivesek ObBoa- tances. tances. Paper. Payer.
tions.
Paper.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
454
454
4%
451
434
4%
434
454
454
451
454
454
4%
454
4%
454
4g
4
454
434
434
454
434
454
454
454
454
454
454
451
454
454
454
434
454
451
454
451
454
454
4%
454
451
4%
434
451
4%
454
454
4%
454
434
4%
454
451
454
45‘
5
431
5
454
45‘
434
454
454
54
t
•Including bankers' acceptances drawn for an agricultural purpose and sec
by warehouse receipts, dco.
Sterling exchange has been marking time this
week, with trading at low ebb and fluctuations
narrow and meaningless. The market continues to
be governed, in the main, by developments abroad;
yet price levels failed to improve in response to announcement of the proposed world conference for the
settlement of reparations. Instead, after an opening
figure of 4 49 13-16, demand bills sagged off to 4 48;
then ruled alternately a fraction above and below
4 483s, up to Friday, when there was a slump to
/
4 45 11-16. This was explained by the somewhat
skeptical attitude adopted by bankers generally regarding international conferences, which in the past
have been fruitful of very little in the way of definite
results. Hence the disposition seems to be to await
pending developments and to refrain from any but
the most necessitous routine transactions, with the
result that at times the market has been almost at a
standstill. Offerings of cotton and grain bills were
light throughout, and this probably served to prevent further lowering in values. The weakness in
the final dealings was attributed to selling by London
to accumulate dollars. Premier Baldwin's utterances following publication of the Hughes note,
however, were not liked, and exercised a depressing
effect on market sentiment. There is, undoubtedly,
a more or less general feeling that something of a constructive nature with regard to the whole German
problem will be evolved shortly, but this is partly
offset by uneasiness over the lack of resiliency shown
by sterling in the past few days; much of which is
said to be due to recent persistent reports of plans
to resort to inflation by British banks and Government officials, though these rumors have now been
officially denied. The problem of unemployment is
to be solved by resort to public works, a policy which
has frequently been worked out successfully in the
past; so that it would seem that there has been gross
misapprehension as to Great Britain's financial plans.
Regardless of the European embroglio, financiers
here look for lower levels for sterling, at least until
the seasonal movement of commodities has been
taken care of. While bills are being held back for
obvious reasons, it is reasonable to expect that these
will appear sooner or later, and in the meantime remain as a deterrent to higher prices.
Referring to the day-to-day rates, sterling exchange on Saturday last was easier and there was
a decline to 4 49 7-16@4 49 13-16 for demand,
• 1927
4 49 11-16@4 50 1-16 for cable transfers and 4 47 3-16
@4 47 9-16 for sixty days. On Monday there was a
further recession on less favorable foreign advices,
and demand sold down to 4 48@4 48 13-16, cable
%
transfers to 4 48%@4 48% and sixty days to 4 461
undertone, though with nar@4 46%. A better
row trading, featured dealings on Tuesday and the
range was 4 48%@448/8 for demand, 4 48%®
4 48% for cable transfers and 4 46%@4 46% for
sixty days. Wednesday's market was so dull as to
be practically at a standstill; in keeping with this,
rates moved within narrow limits, with demand at
4 48 5-16@4 48%, cable transfers at 4 48 9-16@
4 48% and sixty days at 4 46 1-16@4 46%. Dulness
featured dealings on Thursday and quotations declined to 4 47%@4 48% for demand,4 47%@4 48%
for cable transfers and 4 453/g@4 461 for sixty days.
%
0. riday the undertone was irregular and weak;
and bills sold down to 4 45 11-16@4 46 15-16,
cable transfers 4 45 15-16@4 46 15-16, and sixty
days 4 43 7-16@4 44 7-16. Closing quotations were
%
4 435 for sixty days, 4 45% for demand and 4 461
%
for cable transfers. Commercial sight bills finished
3
at 4 45%,sixty days at 4 433., ninety days at 4 42,
documents for payment (sixty days), 4 431%, and
seven-day grain bills at 4 45%. Cotton and grain
3
for payment closed at 4 45%.
The week's gold movement was confined to a
consignment of £559,800 on the Olympic, 91 boxes
valued at £700,000 on the Majestic, both from
England.
Continental exchange relapsed into dulness and
despite the important events of the week abroad,
politically speaking, rate changes have been comparatively insignificant and trading narrow and
featureless. French francs have ruled quiet but
%
steady, with the extremes for the week 5.943 and
% on a limited volume of business. Speculative
3
5.74
activity in this currency appears for the moment
to have subsided and not even the prospect of a
conference of international scope has been able to
arouse dealers from their apathy. This has, however, been largely attributable to the uncertainty
felt regarding the outcome of the present strained
political situation. Farsighted observers gloomily
predict another series of interminable verbal battles
over diplomatic complexities—if the conference is
actually called—and look upon the whole Rhine
affair as alarming. Possibility of complete collapse
of Germany's political regime with resultant division
of authority, were regarded not only with anxiety,
but as inimical to France's program of reparation
collection. Antwerp currency moved sympathetically. Reichsmarks suffered a further slump and a
new low of 0.00000000003 was established. This
%
fantastic fraction of a cent brought the mark for a
time to about one trillion marks to the dollar. No
business of any sort was transacted locally on this
basis; although selling at foreign centres is still attempted in desultory fashion and with more or less
disastrous results to values. Austrian kronen were
unaffected by surrounding chaotic conditions, but
Polish marks sustained another slump to 0.000040,
another new low. Italian lire were maintained on
small transactions, with the extremes 4.523/2 and
3
4.44%. Greek drachmae and the minor Central
European currencies followed a parallel course—
opening firm, declining fractionally, then firming
up later in the week. At the extreme close weakness
1928.
THE CHRONICLE
[Vox,. 117.
set in on selling by London and final quotations were FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
OCT. 27 1923 TO NOV. 2 1923, INCLUSIVE.
the lowest for the week.
The London check rate on Paris finished at 77.20,
for Cable Transfers in
I Noon Buying RateIts United States Money. New York.
Value
as against 76.20 on Friday of last week. In New Country and Monetary
Unit
Oct. 27. Oct. 29. Oct. 30. Oct. 31. Nov. 1. Nov. 2.
York sight.bills on the French centre closed at 5.773.,
EUROPE$
$
3
$
$
$
Austria.
against 5.92; cable transfers at 5.783' against 5.93; Belgium,krone
1,
.000014 .000014 .000014 .000014 .000014 .000014
franc
.0511
.0502
.0506
.0502
.0501
.0494
Bulgaria. lev
010192 .009917 .009793 .009775 .009650 .009817
commercial sight bills at 5.763'i, against 5.91, and Czechoslovakia.
kron .029450 .029305 .029349 .029318 .029293 .029225
Denmark, krone
commercial sixty days at 5.71, against 5.85% last England, pound sterl .1740 .1735 .1721 .1715 .1714 .1718
Ins
4.4856
4 4980
4.4864
4.4838
4.4810
4.4626
week. Antwerp francs finished at 4.963( for checks Finland, markka
.026713 .026761 .026800 .028789 .026786 .026756
.0589
0592
.0588
.0585
.0587
.0577
and 4.973((for cable transfers, which compares with France,franc
Germany, relehsmark
a
a
a
a
a
a
Greece, drachma
.015745 .015605 .015095 .015400 .015490 .015290
5.10 and 5.11 a week ago. Reichmarks closed the week Holland, guilder
.3895
.3887
.3886
.3886
.3884
.3871
Hungary,
.000054 .000054 .000054 .000054 .000054 .000054
at 0.00000000005%, for both checks and cable trans- Italy, lira krone
.0451
.0453
.0449
.0449
.0449
.0446
Norway, krone
.1535
.1528
.1512
.1504
.1501
.1494
fers. A week ago the close was 0.0000000017. Austrian Poland, mark
b
b
b
b
b
b
0397
.0387
.0391
.0386
.0388
.0384
/
kronen finished at 0.00141 i (unchanged). Lire fin- Portugal. escudo
Rumania,lets
.004731 .004728 .004765 .004781 .004817 .004797
1339
Snaln. peseta
.1335
.1334
.1335
.1336
.1328
4
ished at 4.443 for bankers' sight bills and 4.453I Sweden,krona
.2636
.2632
.2633
.2635
.2635
.2630
franc
.1783
.1781
.1781
.1782
.1781
.1777
transfers, in comparison with 4.52 and 4.53 Switzerland,dinar
for cable
Yugoslavia,
.011588 .011640 .011820 .011870 .011828 .011764
.
ASIAa week earlier. Exchange on Czechoslovakia closed China- tel
Chefoo
7188
.7121
.7121
.7133
.7104
.7142
Hankow tad
A
.7075
.7163
.7075
.7154
.7058
7208
at 2.9331, comparing with 2.953 ; on Bucharest at Shanghai tadll
.6970
.6950
.6985
.6935
6976
.6956
7246
.7200
.7179
.7192
.7158
.7179
on Poland at 0.000060, against Tientsin taxi
0.48, against 0.47
Hongkong dollar_ .5172
.5152
.5143
.5121
.5147
.5170
Mexican dollar-----6065
.5029
.5047
.5033
.5044
.5065
0.0000%, and on Finland at 2.673/2, against 2.68 Tientsin or Pelyang
dollar
.5063
.5075
.5050
5079
.5063
.5079
last week. Greek exchange finished at 1.54 for Yuan dollar
.5092
.5083
.5092
.6075
5113
.5100
.3126
.3111
.3131
.3135
3142
.3143
checks and 1.55 for cable transfers, which compares India. rupee
Japan, yen
.4877
.4876
.4878
.4875
4880
.4880
3Ingapore(S.S.)dol
.5287
.5258
.5258
.5271
.5275
.5275
with 1.573/ and 1.58 a week earlier.
NORTH AMER.
985881 .986653 .986570 .988373 .986419 .983939
As to the former neutral exchanges, very little :7anada. dollar
7ube, peso
999188 .999313 .999688 .999500 1.000438 .999875
idexico, peso
484875 .483417 .483167 .482969 .482500 .481406
change has taken place and trading, in keeping with Newfoundland. doll .983750 .984141 .983984 .984219 .983828 .981406
SOUTH AMER.other Continental exchanges, has been small in vol- tiVentina. Peso (gold) .7267 .7254 .7249 .7242 .7229 .7174
3razil, milreis
.0905
.0905
.0904
.0911
0917
ume and devoid of special feature. Guilders and :Mlle, peso (paper)... .1150 .0917 .1132 .1142 .1141 .1140
.1151
Ciruttuav. nem
.
7257
.7243
.7215
.7241
.7195
.7226
Swiss francs ruled steady, as also didjpesetas and a Germany
(reichsmark): Oct. 27, 0000000000148; Oct. 29, .0000000000129:
.0000000000110;
Swedish crowns; but Copenhagen anditNorwegian Oct. 30,.00000000000121. Oct. 31, .00000000000746; Nov. 1, .00000000000292;
Nov. 2.
b Poland (mark): Oct. 27, .0000004751 Oct. 29, .00000050; Oct. 30, .000000425;
additional fractional recessions.
sustained
Oct. 31, .000000454; Nov. 1, .000000460; Nov. 2, .000000520.
Bankers sight on Amsterdam closed at 38.86,
The New York Clearing House banks in their
against 38.90; cable transfers at 38.70, against 38.94;
commercial sight bills at 38.60, against 38.76, and operations with interior banking institutions have
commercial sixty days at 38.24, against 38.4811ast gained $3,495,241 net in cash as a result of the currency movements for the week ended Nov. 1.
week. Closing rates on Swiss francs were 17.78 for Their receipts from the interior have aggregated
bankers' sight bills and 17.79 for cable transfers, in $4,690,741, while the shipments have reached $1,195,-.
comparison with 17.86 and 17.87 the preceding week. 500, as per the following table:
Copenhagen checks finished at 17.15 and cableTre- CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
mittances at 17..19, against 17.36 and 17.40. Checks
Out of
Gobi Or LOU
Into
on Sweden closed at 26.29 and cable transfers 26.33,
to Banks.
Banks.
Week ending Nov. 1.
BanJts.
Norway fin- Banks interior movement
against 26.34 and 26.38, while checks on
31.195.500 Gain 83,495,241
84.000,741
ished at 14.89 and cable transfers at 14.93, against
As the Sub-Treasury was taken over by the Fed15.36 and 15.40 the week before. Spanish pesetas eral Reserve Bank on Dec. 6 1920, it is no longer
finished at 13.28 for checks and 13.30 for cable possible to show the effect of Government operations on the Clearing House institutions. The Fedtransfers, as against 13.39 and 13.41 last week.
a"ral Reserve Bank of New York was creditor at the
As to South American exchange, dullness and in- Clearing
House each day as follows:
activity were in evidence and here also the trend was DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
slightly downward, with no important changes transpiring. Argentine check rates closed at 32.15 and &Surdas, Monday, Tuesday, Wednesd'y, Thursday, Friday, Aggregate
Oct. 27.
Oct. 29. Oct. 30. Oct. 31. Nov. 1. Nov. 2.
for Week.
cable transfers at 32.25, against 32.20 and 32.25,
$
;
$
$
while Brazilian milreis declined to 9.10 for checks 63.0011.011971,000.000 53.000,000 65.000,900 64,000,000 70.000,000 Cr. 386,000.099
mass of checks which come
-The foregoing heavy credits
and 9.15 for cable transfers, comparing with toNote.New York Reserve Bank from reflect the huge country in he operation of
the
all parts of the
the Federal Reserve System's par collection scheme. These large credit balances.
9.40 and 9.45 a week ago. Chilian exchange was a however,reflect only a part of the Reserve Bank's operations with the Clearing House
institutions, as only the Items payable in New York City are represented In
shade firmer, advancing to 12.00, but receding to daily'balances. The large volume of checks on institutions located outsidethe
of
New York are not accounted for In arriving at these balances, as such checks do
not pass
11.70, against12.-, while Peru remained at 4.08, Bank forthrough the Clearing House but are deposited with the Federal Reserve
collection for the account of the local Clearing House banks.
unchanged.
Far Eastern.Exchange was as follows: Hong Kong,
The following table indicates the amount of bul513/@51%, against 52@5231; Shanghai, 703'et lion in the principal European banks:
2
4
7032, against 703 @71; Yokohama, 4932@49%,
Nov. 11923.
Nov. 2 1922.
against 493@49M; Manila, 49%(4)49% (un- Banks of
Gold. I Silver. I
Total. I
Gold. 1 Silver. I Total.
changed); Singapore, 531 @53% (unchanged); Bom/
g
I
£
.
E .1
£
£
1
£
England.... 127,674,137
127,435,322
1
bay, 31%@315 8, against 313' @313/; and Calcutta, France a__ 148,995,471 11,804,480 127.674.137127,435,322 11,480,000156,891.889
2
/
158,799,951!145,411,869
Germany. 27,235,900 133,475,400, 30,711,300, 50.111,130 2,583,750
31%@32M, against 313/@,317 .
2
A
Aus.-Hun. 10,944,000 2,369,000 13,313,000, 10.944,000 2,389,000 52,694,880
13,313,000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
Spain _ 101,070,000 25,957,000 127,027,000 100,936,000
.
35,693,000, , ;
Italy
, , , 34,629.000 25.646,000126,042,000
3,039,000, 37,688,000
Netherrds 48,481,000
815,000, 49,296,009 48,482,000
700,000
Nat. Behr_ 10,790,000 2,470,000; 13,260,000; 10,664,000 2,044,000 49,182,000
Switzl'and, 21,080.000 3,881,009 24.961,000, 20.810,000 4,587,000 12,708,000
25,377,000
Sweden
15,134,000
I 15,134,000, 15,195,000
I 15,195,000
Denmark _ 11.647,000
224,009 11,871,00' 12,683,000
239,000 12,922,000
Norway _ _ 8,182,000
I 8,182. I; 8,183.000
I 8,183,000
Total week 564.926,508' 54,029,880618,956,388 585,484,321
52,667,750638,152,071
Prey. week 564,879,945 53,950,000618,829,945584,917,382
52.120.750637,047,l72
a Gold holdings of the Bank of France this year are exclusive of
£74,573,797 he:a
abroad, b It is no longer possible to tell the amount of silver held
by the Bank
Nov. 3 1923.]
THE CHRONICLE
of Germany. On March 15 1923 the Reichsbank began includinglinlits "Metal
Reserve" not only gold and silver but aluminum, nickel and Iron coin mitten. 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.
Control of Reserves and Branch Banking.
Before the advent of the Federal Reserve System
there had grown up a natural system by which reserves flowed into the banks of the large commercial
centres according to the exigencies of exchange and
the demands of trade. The establishment of regional
banks bounded by arbitrary district lines modified
but did not wholly supersede this natural system.
The State banks largely continue as before, where
not members of the new system under its permissive
provisions. The national banks,forced to place their
entire reserves in the regional banks, are granted
access to the "emergency currency" advantages, with
the understanding that ultimately the national bank
notes based on Government bonds will be retired.
War necessities compelled the issuance of very large
quantities of Federal Reserve notes, quantities out
of all proportion to the national bank note circulation, which Federal Reserve notes passed into general circulation—to be reduced later by action of the
Federal Reserve Board and the Federal Reserve
banks, action that has caused much political criticism and endless discussion of inflation and deflation. It is generally admitted that the Federal Reserve System, despite alleged faults, has functioned
well and has been of advantage in handling problems
of the war.
But there has come into the discussion of defects
of the System two distinct factors that now cause
alarm, namely the matter of "par clearance" and
"branch banking." There is at present offered no
clear solution of these troublesome questions. It is
asserted that the attempt to inaugurate a countrywide clearance by and through the regional banks
has been disadvantageous to the "country banks,"
and that undue pressure has been brought to bear
calculated to deprive these country banks, which
have preferred to remain "independents," not only of
exchange charges, but of full liberty of action in the
disposition of reserves. Whether the allegation be
sustained or not, and whether par clearance be maintained or not, it does not go to the root of the continuous vitality of the free and independent country
banks, be they under State or national charters. We
are inclined to think the Federal Reserve banks
might have been less arbitrary in their attempts to
enforce par collection. It seems to us conceivable,
as we have ventured to say before, that a "service
charge," with the regional banks acting as huge catholic clearing centres, might be worked out regardless of the charter-nature of the banks, which would
solve the problem agreeably to all the banks concerned and in the interest of bank customers everywhere, to say nothing of the benefit to the people of
a freer circulation of our common check and draft
money.
But "branch banking" is a vital matter and is assuming grave importance to the banks themselves
and to the Reserve System. Without going here into
the opinion of Attorney-General Daugherty and the
action of Comptroller Dawes in regard thereto,
which we discussed at length last week, we desire to
say that we have never favored branch banking,
holding it contrary to the fundamental principles of
our financial system as operated under our Constitution. The freedom of what we may term commu-
1929
nity credit to organize is in accord with the freedom of general business. The unit of our whole system of banking is this same free and independent
banking integer. In the case of the present Federal
Reserve System the control of at least a part of the
reserves of the national banks is essential to the plan
for the creation of an emergency currency to take the
place of the inflexible national bank note circulation.
It is not even yet proven that the Federal Reserve
System of placing deposits in regional banks is the
only plan that could have been devised to cure an
admitted defect. There is in some instances complaint that the enforced placing of reserves in a regional bank constitutes a loss of interest on deposits
that is not completely offset by dividends on stock in
the regional bank. But the chief consideration in
the present controversy hangs upon the natural
rights of the ordinary bank, whether State or national, to establish branches in view of the independence of our banking units.
In one sense regional banking is branch banking.
If it be a concession made to the strengthening of our
financial system,it yet leaves to the original integer,
the member bank, practically complete independence
in individual operation. But if independent banks in
financial centres are to be allowed to follow the
Canadian system of establishing numerous branches
over unlimited territory the independence of the community bank or country bank will no longer exist.
And in principle it can make no difference whether
this bank is a State or national. Limitation of territory by State boundaries does prevent, though it
may restrict, the scope of control which would seem
to threaten the continued existence of our small and
independent banks. Although we believe that were
attempts now made to scatter branches over the
whole of our territory it would be a long time before
the people would sever their patronage from our
"country banks." And it would be an up-hill business to attempt this form of competition.
It must be manifest; however, that the establishment of branches of State banks under State laws
tends to the larger scope of branches under national
laws by national banks. And the country is deeply
indebted to Comptroller Dawes for pointing out in
such a convincing way the inevitable consequences
that must result in the long run. The monopolistic
feature, often referred to, in principle, would be
equally applicable to State systems of branches.
And it is conceivable, in view of the recent growth of
State branch banking, that the effects of possible
bank failures under this system would be profound
and disastrous to large sections of our country. The
"branch" inside the city limits, established by either
State or national central bank, stands by itself; although we do not feel that the deprivation of these
"branches" would very materially affect the great
city banks themselves, and certainly would not much
affect the general system—for the reason that a series of small banks in place of the present city
branches would still allow for conections distinctly
profitable to these large city institutions.
Our main thought is that the problem presented
should be settled upon principle, and State chartered
banks should be willing to stand upon an equality
with our national banks.
We do not see why State banks and national banks
should not continue to flourish side by side as they
have for over half a century, and we cannot perceive
that it is a matter of any consequence which system
1930
THE CHRONICLE
dominates in any community, the national or the
State system. Nor do we think that the existence
of the Federal Reserve banks will be jeopardized
even if the State banks stay out and some of the national banks by conversion follow in their footsteps.
On the contrary, we think it would be a distinct advantage if the Reserve banks did not control so much
of the reserves of the country, for their inflationary
tendency would then be lessened. But there should
be nothing arbitrary about the action and the State
banks should neither be forced in or forced out. And
we think it vital to preserve the freedom and independence of the integers in State and national banks
alike.
Charles P. Steinmetz.
The very name of this rare genius, who died suddenly on Oct. 26, is unique, and it befits the character and life of the man himself. He was of humble
origin, and presumably his parents never saw a
"Classical" dictionary or heard of the Greek or
Roman mythology, so that we are left to wonder
whether it was by copying the name of some one in
the family acquaintance or by some mysterious foresight that they gave him the name of Proteus, the
god of change. At least, change and discovery and
intensive research became the characteristics of his
life. If Destiny elected him for prominence from
the first the promise was concealed, for rarely has
an emigrant come from Europe with less in his favor
of what we call "luck," in lack of a better term. He
found the gate of Ellis Island inhospitable to him,
for he was penniless, and he had an unpleasant swelling on one side of his face, so that he was promptly
sent to the detention pen, from which the pleading of
a young American who had been a fellow student in
Zurich released him. He found work as a draughtsman in a concern that was making electric generators, for electric driving of street cars was just then
beginning. The plant was soon taken over by the
General Electric Co., and he went to Lynn, Mass.,
afterwards following it to Schenectady, where he developed and finished his remarkable career.
He did not use the exact words of Louis Agassiz,
the naturalist, who many years ago said he had not
time to make money, but he held the same view of its
relative importance, for he had neither a fixed salary nor an allowance. If he thought of money, he
said to the company,he would not work so well; they
might just build him a little house, build him a laboratory, and let him draw money as he needed it and
tell him if he ever drew too much. This was done;
then the strange little gnome-like figure devoted
himself to his researches. It is said that he rarely
wore a hat, and that he held his trousers in place by
keeping his hands in his pockets. He clung to his
pipe and his excessively simple life, paddling in a
canoe on the Mohawk being his chief recreation, and
even in that he was somewhat approximating a disembodied spirit, so absorbed was he. His career as
an "electrical wizard" (though his research and his
prophetic intuitions did not stop with electricity as
we now understand that great mystery) recall to
mind the probable fixedness yet probably-combined
simplicity and complexity of natural laws. It is reasonable to suppose that the Sermon on the Mount
could have been placed on a phonographic disk and
the crucifixion itself could have been recorded on a
celluloid movie film, had the men of that time known
how to do it; there would have been difficulties in
[VoL. 117.
preserving the records through the world's turbulences since, yet it is reasonable to suppose that the
necessary materials existed then and that the "laws"
also existed and have stood unchanged. For this
world may be likened to a garden of latent possibilities, into which man was turned, to find them and
utilize them for himself, so that what we call "inventions" are merely discoveries of God's inventions.
Superstition once burned discoverers as being in
league with the devil, but now men honor them as the
advance agents of progress.
One of those was surely Mr. Steinmetz. In his
youth he is said to have found great difficulty in acquiring arithmetic, yet he became a skillful mathematician. He taught at Union College, he was a contributor to periodicals, he left six important volumes,
and he was a frequent speaker at scientific gatherings. In respect to indifference to money he went
beyond Mr. Edison, who is the only man with whom
he can be compared; for while the latter is probably
a fairly rich man and could not easily avoid becoming so through the commercial applications of electricity with which he is connected, Steinmetz is said
to have "left" besides his books and papers, not
enough to pay certain small legacies mentioned in his
will aggregating $25,500. In his exclusive devotion to one pursuit his example obviously cannot be
followed, yet he does illustrate for us all the truth
that a man's life is not in the "things" which he possesses.
While the name of Edison is a household word and
the value of his services is immeasurable, Mr. Steinmetz was known to the general public only as a wizard, his widest heralded feat being the recent one of
developing a voltage high enough to shatter sundry
objects selected as experiments for artificial lightning, thus attaining a new fame as a latter-day Jove.
It was spectacular, yet it was "leading," and to what
it leads we may presently discover, for those who
know most of the phenomena of electricity do not
pretend to know "what" it is, but have the fullest
confidence that we have hardly gotten past the first
few letters in its alphabet.
Both Edison and Steinmetz illustrate for us the
grotesqueness of a Governmental patronage and of
the labor union doctrine that progress lies in exacting the most for the least and of hobbling ambition
to dulness and incapacity. Such men are in pursuit
of results. They do not watch the clock. They do
not surrender their personal liberty and initiative to
an organization which undertakes to fix for them
their hours, their wages and their working conditions. Certainly they are rare products. Few boys
selling newspapers on a train can go far along the
Edison road; yet it will always be true that if you
point your arrow at the sun you may not hit it, but
will shoot higher than if you aim at a bush, and whoever begins by letting hobbles be put on him will not
go as fast and as far as if he kept free. Steinmetz
was a "Socialist," and left Germany, as others have
done, because the Government idea was that unrestricted thinking was unsafe. He even ran for State
Engineer, a year ago, on the Socialist ticket, and ran
ahead of his ticket. For Socialism as we have it now
there is nothing to be said, yet the Steinmetz brand
of it has fundamental truth. For his latest prophecy
was a four-hour day, but one to be attained by further harnessing of natural forces. It must be once
more said that progress in the welfare of the world
and the gradual lightening of the original edict to
Nov. 31923.]
THE CHRONICLE
labor are to be attained only by labor: that is, by increased abundance through increased efficiency. The
old lesson which labor unionism either will not see or
shrinks from admitting, is that the way to get more
and to live easier is to give more and to pull all together, according to God's laws instead of trying to
resist them.
This is really the permanent lesson, and the ground
for optimism, in the life of this explorer whom the
world has now lost, at the very height of his
powers.
Municipal Ownership.
Addressing the American Electric Railway Association in session at Atlantic City, C. D. Emmons of
Baltimore, its President, said, in explanation of the
attitude of Public Utilities toward Municipal Ownership, or public ownership: "Our opposition is not
because we fear the loss of our property—the laws of
this country protect all enterprises from confiscation
without payment of the full value of the property
taken. Our opposition is not due to fear of loss of
profits, for some of the largest railways in the country have made no profits for several years. Why,
then, are we, and all other business organizations,
opposed to public ownership? Because it is foreign
to and in conflict with the fundamental principles of
the American government; because it is socialistic;
because it is, in nine instances out of ten, wasteful,
saturated with politics and inefficiency, and because,
once it is established as a principle, it means the end
of the representative form of government and the
beginning of socialistic government."
Mr. Emmons cites the case of the Detroit street
railways where great promises of saving were made
that could not be kept, and offers a reason why these
promises are unlikely to be kept in all similar cases:
"Were it possible for a municipality to employ labor
and buy materials at lower prices than privately
owned companies must pay, demagogic promises
might be kept." The sufficiency of this reason must
be at once apparent to everyone. And there are several causes why such purchasing cannot be done.
The main cause, however, is concealed in the lesser
ones. And this is that despite all attempts to safeguard the expenditures under skilled supervision,
the municipality does not await the best time to buy,
does not have to require such basic prices as will insure a profit, and has for its chief interest in the
outgo the immediate procurement of the utility
trusting to the general promises made but disregarding the future course of management because
no'one's actual property is at stake in the enterprise.
Or so it seems. Yet just here is one of the fatal
faults, for taxes to pay deficits are a contingency of
all such undertakings. It may be unkind to say that
many voters, though they know this, also know that
such contingency taxes will not be paid by them,for
they have no taxable property—but we do not doubt
the truth of the statement, though we do not offer to
estimate the degree. Mr. Emmons shows that Detroit was compelled to raise its five-cent fare. This
is a contingency that the voter in many instances
does not consider. Nor does he take into account
the grip of union labor on the municipally owned enterprise, a grip that is even stronger than that exerted upon the privately owned, for politics makes
men engaged in all city management afraid. The
truth is that it has become entirely too easy to vote
1931
bonds for these municipally owned enterprises, such
is the avidity of small communities, as well as large,
for the possession of everything that will be "for the
benefit of the city or town."
When private capital is invested it counts the cost.
It selects a favorable time for the inauguration of
the enterprise. Because it submits to supervision, it
asks certain protection under a franchise. With all
these precautions it faces the natural opposition of
every new invention in the world of mechanics. But
most of all it now faces, as the speaker indicates, the
opposition which is concealed in all these vainglorious promises which have their roots in socialistic beliefs. Here is an urge which capital must contend
with,for men are constantly pointing to savings that
must come under public ownership. Inefficiency of
those in charge is not mentioned, yet is almost universally true. The enterprise, founded upon the
moneys that should go into retirements of bonded
issues, runs along careless of everything but the costs
of operation. How many privately owned enterprises pay for themselves in a reasonable term of
amortization? Here is one of the dangers not emphasized enough. "Let us have the utility—let us
bond ourselves to get it"—and trust to good fortune
to save us from disaster, is the prevailing spirit!
Successive steps take us from city to county, to
State, to nation. Educated to believe in the right
and power of Government by a city to secure for the
people all modern "improvements," the mind is led
to accept paternalism by State and nation. Then,
when the private corporation operates a "utility," as
it must, in the face of all exterior influences of capital and labor, new capital in new and untried ventures, old labor in new armor of insatiate demands,
there arises the complaints of those disgruntled by
these false socialistic teachings. How long, how very
long, were the steam roads subjected to this suspicion and innuendo, rising in latter years to violent
and .thoughtless denunciation. Only within recent
years and by the general education of temperate discussion have these steam railroads come into a fair
heritage of good-will. No private enterprise can succeed where the people are arrayed against it. None
should succeed, or can, that does not serve. But in
all our thought of these public utility corporations
privately owned we should accord them their chance
to win fair returns by fair methods.
We are aware that municipal ownership of public
utilities is not socialism, that it is, in principle, only
socialistic. The city is a form of corporation under
the protection of the commonwealth. It has some
advantages in ability to operate certain public utilities if kept free from politics. But such advantages
as are derived from a limited, compact organization
are sustained by the larger embracing political organism. Even admitting this, experimentation has
not proceeded far enough to warrant wholesale adoption of this method. Time must elapse for the acquirement of utilities free from tax-bond mortgages.
And the public utility, city-owned, must itself meet
all competition of new methods and new instrumentalities before it can be said that municipalities are
warranted in these hazardous undertakings.
Edward D. Stettinius Sails for Europe.
Edward R. Stettinius of the firm of J. P. Morgan & Co.
will sail to-day (Saturday) for England. Mr. Stettinius,
who underwent an operation early in the year, recently resumed his duties. His trip abroad, it is stated, is principally
for recreation.
1932
THE CHRONICLE
[Vol,. 117.
Investment Bankers Association—Annual Convention
Message from President Coolidge.
The first day's session of the Annual Convention of the
Investment Bankers' Association of America, which opened
at Washington, D. C. on Monday last, Oct. 29, was marked
by a greeting from President Coolidge, whose message to the
Association was delivered from the portico of the White
House, where the delegates were received by the President,
following the conclusion of the morning session. In commending the work of the Association President Coolidge
said:
"I am very glad to see gathered here the representatives of that important
service which you render.
"You provide, in the first place, an opportunity to those of our citizens
who are of a thrifty and saving disposition, and that in itself warrants your
business activities. But you do more than that. You provide for the
gathering together of the resources of our nation, putting them in order for
the purpose of supporting the industries and commerce of our nation.
"You have your responsibilities. It is necessary that you should exercise
sound judgment and discretion; it is necessary that you should always provide a fair and safe background on which your customers may rely. If
there is anybody interested in honesty in the transaction of business it is
those who are engaged in making the investments of the nation, and it is a
great pleasure to commend with an almost universal commendation the
honesty and the character of those who are engaged in this great enterprise.
"It is almost impossible to weed out every undesirable!element, but the
country has come to know that it can rely upon the honesty of the representations made by its investment bankers. More than that, here is an additional service you can render. The Government is coming to realize it must
depend upon your assistance and help to weed out those who are not desirable by reason of not maintaining a high standard of ability and honesty.
It is that opportunity especially I want to leave with you—the opportunity to render this public service—a public service to yourselves and to protect the public against any wrongdoing in all places and at all times."
soundness of our credit situation. There has also been a marked improvement in railroad and public utility credit, with a decidedly better popular
sentiment towards these utilities. The public seems now to realize that service should be the paramount consideration and rates secondary. Trans-portation is the master key of progress, and it is necessary to the public
welfare that the efficiency of our agencies of transportation should be maintained. To this end their financial prosperity and their ability to attract
new capital for development purposes are primarily essential. The creation
of competing agencies in territory already well served, with the consequent
division of patronage and impairment of existing agencies, is economically
unsound and should, in the public interest, be discouraged. The investigations of our appropriate committees convince me that the operation of the
present Transportation Act, while developing possibly some minor defects,
has in the main justified itself, and that it should not be endangered by
efforts at amendment until it has been further demonstrated.
Noting that "readjustments are not yet complete," President Prescott continued as follows:
Industrial facilities, which were greatly enlarged during war times, have
not been entirely overtaken by growing consumption. The farmers undoubtedly do still suffer from disproportion between the prices of some of
their products and the cost of their purchases. If any considerable element
of the people are not prosperous, the nation as a whole cannot thrive. But
there seems to be a more general realization that the remedies are not in
price fixing, or in legislation to restrict markets, or unwise restriction of
immigration, but in thrift and industry and in the operation of natural laws,
which cannot be disobeyed or disregarded with impunity. There is great
need for governmental economy and especially for less municipal extravagance and for readjustment of taxation, both federal and local. We are
burning the candle at both ends, on the one hand by expending an unduly
laige proportion of the people's income in unproductive and partly unnecessary things and, on the other hand, through tax exemptions and the inequities of taxation, diverting the people's savings from productive industry
into unproductive channels. In our private life also there is undoubtedly
need for lass individual extravagance and luxury and for more hard work,
economy and thrift. The war period with its high wages and high profits
taught the American to spend; it is imperative that he learn to save. Perhaps what we need most, after all, is mental readjustment.
I am sure we can all agree that there is a greater field of usefulness and a
greater need for our Association today than ever before. Our business,
which a few years ago was largely conffnod to the older portions of the
country, is now country wide in its activities. The volume of its transactions has multiplied many times. Its activities are vital to the welfare
and growth of our country, and both the opportunities which we enjoy and
the responsibilities which we assume require a means of close cooperation
more than ever before.
Annual Address of President John A. Prescott—Offer
of Government to Participate in Economic Conference Commended.
John A. Prescott, retiring president of the Investment
Bankers Association of America, at the opening session on
Oct. 29 of the annual convention of the association, went on
record as commending the action of the United States GovNumber Registered at Convention.
ernment in ofering to participate in an economic conference
The Secretary, F. R. Fenton, on Tuesday made the
for helping in the rehabilitations of Europe. He said in
following announcement with reference to the registration
part:
"The reports upon European conditions by Americans returning from at the convention:
abroad are often confusing. This is quite natural because of differences of
points of view and of opportunities for observation. The reports which
have seemed to me most convincing indichte that industrially the people
of most of the allied countries are making progress but their progress is
greatly hindered by unsettled conditions and that the settlement of the
latter seems dependent upon the settlement of questions of reparation. It
also seems unlikely that any feasible composition of questions ofreparation
can be brought without the active cooperation of the United States and
that so long as this is withheld and the problem is not solved even the
present state of peace will hang by a slender thread and the welfare of this
country will be in constant danger. The settlement of reparations in my
opinion is an economic and business proposition and should be dealt with
promptly and squarely as such. This must be done some day if there is to
be peace. Within the last few days in a communication to the British Government the Government of the United States has indicated its willingness
to take part in an economic conference in which all of the European allies
chiefly concerned in the German reparations participate for the purpose of
considering the question of the capacity of Germany to make reparations
payments and an appropriate financial plan for securing such payments.
The traditional fear of the American people of becoming involved in European politics has doubtless heretofore been a potent influence, but American
public opinion would almost certainly be enlightened and clarified by more
definite information and recommendations from authoritative sources. I
believe that the best source of the information which the public neods for the
formation of its own convictions would be through representatives of our
Government at the council table where reparations are under actual discussion. It seems impossible that such a course could involve this country in
European politics or diplomacy, but rather that it holds an encouraging
hope of settlement of this great overshadowing problem. The action of our
Government in offering to participate in an economic conference for the
purpose stated should and I believe will receive the approval and support
of the members of this Association."
The total number of members at this meeting of the association is 901,
divided as follows. Main offices, 613; branches, 288. The total registration is 907. This includes the ladies. My assistant tells me there are 50
people in the room now who have not registered. I see a number of people
in the audience now who have not registered and whose envelopes are
waiting for them. If we could have a complete registration we would go
considerably over 1,000. It is interesting to note that there are 28 States
represented and 67 cities. You will perhaps be interested in knowing about
some of the cities. New York is represented by 233 men and 33 women,
Chicago by 114 men and 23 women, and then the numbers run down to
Philadelphia, 57; Baltimore, 38, and so on. The registration of some of
the smaller places will perhaps be of interest. Some of those cities represented here are Wichita, Kan.; Oklahoma City; Portland, Maine; Portland,
Ore.; St. Joseph, Mo.; San Diego, Call .; Richmond, Va.; Erie, Pa.; Fort
Wayne, Ind.; Memphis. Tenn.; Durham, No. Caro.; Sharon. Pa.; WinstonSalem, No. Caro.; Bangor, Maine; San Antonio, Texas; Topeka, Nan.;
Columbus, Ohio; Jackson, Tenn.; Salt Lake City, Utah;Charleston, W.Va.,
and Houston, Texas. Tho larger cities like St. Louis, New York and
Chicago. have all reported very good delegations. I thought this might
be of interest to you and I will put it in more complete form in the next
Bulletin.
Report of Business Practice Committee—Use of
Association's Name.
Roy C. Osgood, of the First Trust & Savings Bank of
Chicago in his report as Chairman of the Committee on
Business Practice, referred to the question of the use of the
Association's name, saying:
At the last convention of the Association held in Del Monte you amended
the by-laws by empowering the Board of Governors to authorize the use of
With reference to domestic affairs, Mr. Prescott said:
the Association name by members in their adverpsing and to prescribe
At home,for the greater part of the year, we have witnessed a declining rules governing such use. During the two first meetings of the Board of
market and a bond market that has certainly disappointed our high Governors in 1923, the problem involved in the use of the name were
stock
expectations of a year ago. Yet, according to all authorities, fundamental discussed and referred to this Committee with instructions to formulate
conditions in this country seem sound. With a gold reserve of more than a tentative code of regulations to be adopted by the Board should it conthree billion dollars, the vast credit resources of the Federal Reserve Banks clude that the time had arrived when such use might be justified. The
remain almost untouched. Labor seems generally well employed at high— Committee prepared such a code and reported to the Board at the July
perhaps too high—wages. Reports of carloadings indicate active shipments meeting. After long discussion the Board concluded that the members
of goods. If business seems poor, may it not be chiefly on accoiint of conought to be made more fully acquainted with the problems involved before
the Association departed from the practice of non-use which has been in
trast with the high peaks caused by the war?
Many things indicate encouraging progress. There has undoubtedly effect since the beginning of the organization. Under instructions from
been an extensive transfer of frozen credit from the banks to long term in- the Board, the Committee prepared and sent to the members under date
vestment securities, practically all of which has been accomplished through of Sept. 27, a brief statement of the case and a questionnaire which conthe agency of our members. There has been bitter complaint of the farm- tained the change in the by-laws adopted at the Del Monte convention,
mere'condition, but late reports indicate a very considerable improvement. as well as a copy of the draft of proposed regulations submitted to the
As an illustration, a newspaper on October 8th quoted Senator Capper as Board. It was felt that this character of communication was sufficient
saying. "In 90 days I have shaken hands with 50.000 farmers, and I have to raise in the minds of the members the principal difficulties involved
learned that at no time in three years have farmers been in as good circum- in the permission to use, and the control of the use of the name. When
stances as now. The Kansas crops this year will sell for $365,000,000 as enough time shall have elapsed to permit the receipt of a representative
against 3316,000,000 last year." The fact that during the past year, under number of replies to enable them to be tabulated and presented at a subsethe skillful management of our Treasury Department, all maturing Federal quent meeting of the Board, the Committee feels that a sufficient consensus
indebtedness, including the Victory Notes, aggregating altogether nearly of opinion will have been obtained to allow the Board to act in such a
$3,700,000,000, has been paid or refunded without serious disturbances of manner as to carry out the wishes of the members and the best interests
the security market, is a most reassuring indication of the fundamental of the Association. The matter has been presented to each member:and
Nov. 31923.]
THE CHRONICLE
it is urged that those who have not answered the questionnaire do so as
soon as practicable. The Committee thinks this is one of the most important matters from an Association standpoint that has been repsented
for consideration since the original by-laws were adopted and that ifthe
Board is to enact regulations permitting the use of the name it should
have the benefit of the best thought of each member in order that a right
conclusion may be reached.
Mr. Osgood also referred to the fact that "since the incep
tion of the Association there has been considerable discussion
leading to more full disclosure of facts and more careful
statement of conclusions in the advertising of members.
Continuing, he said in part:
This has resulted in a marked improvement in the character of the
publicity methods adopted by the members generally. Each class of
securities has its particular problems in this connection, but the Committee deems it advisable to allude to two specific practices which have
been under more particular discussion in the year past.
The Committee on Public Service Securities has recommended that
our Committee enunciate the following detailed principles with approval.
Following this recommendation our Committee approves as better practice that members of the Association in their offering circulars concerning
securities of holding companies (which have only a stock ownership in
their subsidiary companies) set forth:
(a) A consolidated statement of capitalization or a consolidated balance
sheet.
(b) A consolidated statement of earnings.
(c) An income or profit and loss account of the holding company.
Furthermore, for the convenience of those who may desire to make
detailed studies of the credit of a holding company and its subsidiary
companies, there should be made readily accessible, through annual reports,
statistical manuals, and other media, the following information
(a) The securities of the subsidiary companies owned by the holding
company and those owned by the public.
(b) Statements for each subsidiary company giving earnings, expenses,
maintenance expenditures and reserves, fixed charges, dividends, assets,
capitalization and other liabilities.
Going beyond the recommendation of the Public Service Securities
Committee,some of the members of your Committee think this information
equally important where holding companies have a bond as well as a stock
ownership in subsidiary companies. Some of the members also think
that the presentation of a consolidated balance sheet would be better
than a consolidated statement of capitalization. Your Committee in
approving and reporting these recommendations does so in the interest
of both the members dealing in this class of securities and the investors
in them who give our members their confidence.
On the recommendation of the Business Practice Committee, of one of
the Groups, your Committee feels constrained to bring to the attention
of the members the liability of misunderstandings on the part of investors
growing out of the use of the terms "full faith and credit" when applied
to States and their subdivisions where there are existing limitations on
the power to tax to meet obligations. The Committee feels that where
these terms are used in such cases htey should be accompanied by a proper
explanation of the limitation. In approving this recommendation of
practice, the Committee is of the opinion that investors in such securities
will have no Justification for criticism that might exist if such practice
were not followed.
The subject of the use of the Association's name was
also dealt with in the report of the Committee on Publicity,
presented by John W. MacGregor, of Glover & MacGregor,
Pittsburgh, and there was later extended discussion of the
subject which we shall attempt to refer to another week.
1933
Supreme Court in what might be called the supporting decisions. Now, a
great deal of the discussion of the railroad problem and all railroad legislation makes comparisons between certain things which regulation does, or
attempts to do, and the good old early days of no regulation at all. Your
Committee thinks it is foolish to make that kind of comparisons. We
think that in a country of 110 million, with popular temper what it is
and what it is apt to remain, we had better make up our mind that public
utilities are going to be regulated, and confine the discussion to getting good
regulation rather than go back twenty or thirty years and try to do away
with regulation entirely.
What this report does is to reviaw the Transportation Act of 1920 from
those points of view, to point out that you have got a fundamental law.
It is going up to the Supreme Court, fairly quickly for decision on three or
four rather important points—fair value, fair return on that value, recapture of some of the earnings above it, being some of the salient points.
There is another point that is very puzzling. If you will look around
you will observe that a group of the leading railroads in the country are
earning quite a good bit more than they earned before on their value. It
was obvious to a number of observers of the Transportation Act of 1920
when it was first passed that if the principle of a fair return on a fair value
were really carried out, that would be just the result—that certain roads
would be very prosperous, and other roads'would work along more or less
on the chronic verge of starvation.
Now, the Government tried to find a remedy for that thing in this principle of group consolidations; but that principle, gentlemen, in its application, simply bristles with difficulties, it simply bristles. We have endeavored in this report to just show you the headlines a little bit on that situation, with the thought that this consolidation thingk is worth thinking about;
because if we get your fair valuation and fair return—I keep getting back
to that, don't forget, if you get it, and I think you will get it—it is going
to intensify this proposition of making certain roads rich and leaving others
pretty poor. And of course that is what this consolidation business is all
about—to enable the earnings to be spread through the group: but how it is
going to be brought about your Committee does not know. It seems
hard to do.
•Your Committee suggests, based on its brief review of the workings of the
Transportation Act of 1920, the following resolution:
"Resolved, That the Investment Bankers Association of America express
confidence in the fundamental principles underlying the Transportation
Act of 1920. The Association believes that while the Act contains certain
imperfections it has neverthelss proved to be a long step in the direction
of the solution of the American railroad problem, and that, subject to such
Improvements in operation as experience may suggest, it should stand as an
expression of the cardinal principles involved in the complex relationships
between the Government, the shipper and the private owner of railroad
securities. Unless these principles are clearly formulated and fairly administered it is obvious that private capital cannot be collected to provide
extensions and betterments to the transportation system which are so
vital to the adequate development of the country."
The resolution which had been approved by the Board of
Governors for presentation, to the conference, was unanimously adopted.
A resolution expressing opposition to the enactment by
Congress of a soldier bonus was likewise adopted. This
resolution was presented by Thomas N. Dysart, Chairman
of the Legislative Committee and was adopted as follows:
Whereas, The payment of a bonus to able-bodied ex-service men is wrong
In principle and it is of the highest importance to the safety of the nation
that the performance of military service in time of war shall continue
always to rest on the firm basis of the high duty of true patriotic citizenship
and never based on mere money compensation; and
Whereas, It is the belief of the Investment Bankers Association of America
that the country should make a more rapid return to that ideal of thrift
which before the war characterized our people and to that end extravagance
should be restricted and the heavy Weight of taxation lightened; and
Whereas, The payment of a bonus by the United States to the able-bodied
ex-service men would require an increase or continuance of burdensome
taxation and would retard the disposal of our exportable surplus and further
tend to prevent the prompt return of this country to full prosperity;
Resolved, That the Investment Bankers Association of America is opposed
to the enactment by Congress of any soldiers' bonus or compensation bill
to provide a cash payment or other distribution in any form in the nature
of a bonus to able-bodied ex-service men who suffered no injury or disability by their service. Further
Resolved, That it is the sense of this Association that every provision should
continue to be made by Congress for the benefit and help of all veterans of
the late World War who suffered injury or disability by their service.
Tile principles of the budget system in Government affairs
Resolutions Adopted—Confidence in Transportation
Act Expressed—Opposition to Soldier Bonus—
Budget System Approved, &c.
Confidence in the fundamental principles underlying the
Transportation Act of 1920 was expressed in a resolution
adopted by the Investment Bankers Association at the
closing session on Wednesday of its annual convention at
Washington. The resolution had been proposed by Roy
Morris, of Brown Brothers & Co., with the presentation of
his report as Chairman of the Railroad Securities Committee. was approved at the convention in the following resolution
The report itself is given elsewhere in this issue. • In offering adopted on Wednesday:
Whereas, The Budget System in the affairs of Lidividuals and concerns
the resolution Mr. Morris said:
I want to summarize two or three points in it and then at the end of that
short.summary, I am going to suggest a resolution.
The thing to which your committee want to call attention is this. America
is a country where, in legislative matters, we undoubtedly have the world's
record in two particulars, we pass laws more quickly and test them out in
the courts more slowly than anybody else does.
(0 Now what you might call our fundamental legislation is only three years
,
old. We had plenty of railroad regulation before this time, but in 1920 th
Congress passed a Transportation Act which you might callfundamental
legislation in place of a lot of scattering fragmentary legislation of earlier
years.
We want to point out to you that in that fundamental legislation there are
two or three important points. The principle of a fair return on fair value.
In a way, is as old as the Constitution of the U nited States, but like Christianity it has never been tried. The Transportation Act of 1920 sets up
definitely this principle of a fair return on fair valuation. I want to point
out to you that the Supreme Court has not as yet decided either what the
basis of fair value is or what the basis of fair return on that value is when
determined; but in certain recent decisions, particularly in the Southwestern
Bell Telephone case last year, the Supreme Court made it pretty plain that
there are certain things that it will not decide, and made it quite clear that
present value is one of the things thst it will regard, and regard carefully, as
a measure of railroad value, and that it will not be content with the values
of seven or eight or ten years ago, before the dollar began to run off, in deciding what present value is.
Another thing that the Supreme Court has not had brought up to it yet,
of course, Is this matter of the recapture of part of the earnings above the
fair earning figure of 6%, or some other fair return figure.
Your Committee thinks, then, that railroad legislation in this country
has made, perhaps, more progress than the country realizes. We pass a
lot of laws yet, as we have been doing for a long time; but we passed a
iindamental one three years ago, which is Just beginning to get up to the
tends to promote good business practice;
Whereas, The Government's experience with the Budget System, though
short, has been on the whole satisfactory, and an attempt is now being
made to overthrow it; therefore, be it
Resolved. That the Investment Bankers Association heartily endorses the
principle of the Budget System in GovernmeAt affairs, and recoilimends
that it be retained.
A proposal by George • W. Hodges, Chairman of the
Committee known as the Denison Bill Committee on Uniform
Blue Sky Law, that his Committee be continued, was
embodied in a resolution submitted along with the report,
the resolution being adopted as follows:
Whereas, The special committee of the Denison BM has reported that
Congressman Denison will reintroduce his bill, known in the last session of
Congress as H. R. 10598.
Resolved, That the special committee of this association be continued for
the purpose of co-operation with Congressman Denison and the National
Association of Securities Commissioners.
In his report Chairman Hodges said:
The special committee which for approximately two years has been considering the so-called Congressional Denison Blue Sky Bill, beg to report
that in December, following our convention of 1922, hearings extending
over about ten days time were held before a sub-committee of the Senate
Committee on Foreign and Inter-State Commerce. In the rush ofimportant
legislation before this committee, it is understood that the sub-committee
never found the opportunity to report to the full committee. At the
expiration of the Sixty-seventh Congress, on the 4th of March of this year,
all pending legislation died.
We are informed that at the annual convention of the National Association of Security Commissioners in Madison. Wis., in August. Congress-
1934
THE CHRON ECLE
man Denison stated that he would reintroduce his bill at the next session
of Congress, and he had so advised your committee. The bill as it was sent
over to the Senate after passage by the House was in compromise form
agreed upon between Congressman Denison, the special committee of the
National Association of Security Commissioners and your committee.
Further changes were also agreed upon by the special committee of the Security Commissioners' Association, Congressman Denison and your committee during the hearings before the Senate sub-committee. At the convention of the Security Commissioners previously referred to. several
changes in the personnel of its officers took place, and while we are not
informed as to whether the new Administration will favor the bill as heretofore agreed upon, your committee assumes that such will be the case and
recommends that it be continued.
A vote of thanks to the District of Columbia bankers was
registered in the following resolution proposed by Henry R.
Hayes, of Stone & Webster,Inc., New York, and unanimously adopted:
Whereas the Twelfth Annual Convention of the Investment Bankers
Association of America convened in the City of Washington on the invitation of the District of Columbia Bankers Association; and
Whereas the very cordial invitation of the District of Columbia Bankers
Association and the preparations for entertaining our members has resulted
in the largest attendance of any of our annual meetings; and
Whereas the members in attendance have experienced from our hosts
a reception and hospitality notable in its warmth and solicitude for the
comfort and convenience of our guests;
Now therefore be it unanimously resolved by the members in convention
assembled that a vote of hearty thanks and gratitude be and the same is
hereby extended to the District of Columbia Bankers Association, the local
members of this Association, the out-of-town representatives of investment
houses, and to our fellow-member Mr. Eugene E. Thompson of the Board
of Governors in this Association; and
Be it further resolved that the appreciation and thanks of this Association be extended to the Chesapeake & Potomac Telephone Co. for furnishing the amplifiers and the personnel to operate them.
Newly Elected Officers—Remarks of President-Elect
Prentiss.
The following are the newly elected officers of the Investment Bankers Association:
For President—John W. Prentiss, Hornblower & Weeks. New York.
ForVice-Presidents—Walter S. Brewster, Russell, Brewster & Co., Chicago; Philip S. Dalton, Coffin & Burr, Inc.. Boston; J. A. Fraser, Dominion
Securities Corporation, Ltd., Toronto; Arthur Sinclair Jr., Estabrook
Co., New York; Eugene E. Thompson, Crane, Parris & Co., Washington.
For Secretary—Frederick R. Fenton, Fenton, Davis & Boyle, Chico
For Treasurer—John 0. Brogden, Strother, Brogden & Co., Baltimore.
For Governors (terms expiring 1926)—Robert Stevenson Jr., Stevenson
Bros. & Perry, Chicago; Richard E. Norton, W. H. Newbold's Son & Co.,
Philadelphia; Robert H. Moulton, R. H. Moulton & Co.. Los Angeles;
George A. Colston, Colston. Colston & Co.. Baltimore; C. 0. Kalman,
Kalman, Gates, White & Co., St. Paul; C. H. Moore. Union Trust Co.,
Detroit; Joel E. Ferris, Ferris & Hardgrove, Spokane: B. A. Tompkins,
Bankers Trust Co., New York. Term expiring 1924 (to succeed Herman
Gifford, resigned)—Barrett Wendell Jr., Lee, Higginson & Co., Chicago.
Term expiring 1924 (to succeed John W. Prentiss, nominated for the
Presidency)—Henry R. Hayes, Stone & Webster, Inc., New York.
[voL. 117.
Those familiar figures, huge as they are, impress only to a minor extent
the tremendous responsibility that rests on the investment bankers of this
cour try. The nation's growth and progress is largely in their hands.
It is a task so huge that it needs every possible bit of public co-operation
and appreciation. The public must know that it has a patriotic duty
neither to be swindled by the crooked promoter nor to be befuddled by that
greater fraud, the demagogue. The greater development uf this country
is not for any group of its citizens. It is too great for that. It is the work
of the entire people. I say this to impress again the necessity of public
education on investments as a paramount service for public welfare.
Most of you are pretty well saturated with speeches. I shall detain
you only a moment longer. This convention has been delightfully and
wonderfully productive. It has brought out much that is of economic
value. It has been a constructive benefit. While our membership in
Washington is small, it lacks nothing in the finest and most gracious attributes of hospitality. With the members of the District of Columbia
Bankers Association our members in Washington have found and operated
a thing you never knew existed. Most of you would not have believed
there was such a thing as a perfect syndicate. But here in Washington
we have seen it—the perfect syndicate—for issuing hospitality, organized
and operated by the District of Columbia Bankers Association and our
Washington members. All of you have participated in it and your profit
has been 100%. You have not had to ask the syndicate to take back a
single minute as not having been instantly interchangeable at a premium
for as fine entertainment as any convention has ever received. I think
we are heavily liable to all those perfect hosts, Eugene E.Thompson,Harrl
V. Haynes and the other members of the Washington committees that
have made this convention such a wonderful success.
As to my work for the coming year, you have given me a hard job. I
appreciate deeply the honor. I will try to deserve it as much as I can in
my small way. I cannot promise any achievements, except that I promise
to work hard. I won't talk about what I hope to do. but I hope to come
back to the next convention with whatever results hard work Will accomplish and you can see then whether they are worth talking about. My
predecessor has set a high standard for me to follow. I think that is true
's
of all the other presidents of this Association, but President Prescott
work has been so thorough, far-reaching and so big in results that it stands
out fresh in your memories. He has set a furious pace for your presidents.
I can't hope to go his gait, but I promise you I will try hard.
We have been long in coming to our turn, and after the experience of
this week here, we feel that we have hard work cut out for us; but we will
do the best we can if you will come to Cleveland—and who could do more?
Invitation from Cleveland for 1924 Convention.
Fred Borton, of Cleveland, Ohio, announced at this week's
convention that the Chairman of the Ohio Group had filed
with the Secretary an invitation to have the Investment
Bankers go to Cleveland next year. Mr. Borton said:
President Prescott announced that the invitation would
be referred to the next board of governors, who will probably
act upon the matter at their January meeting.
Report of the Secretary, Frederick R. Fenton.
Frederick R. Fenton, in his report as Secretary of the Investment Bankers Association of America, at this week's
Prentiss said: annual meeting, stated that "the existence of the AssociaIn addressing the convention, President-elect
tion has been justified in more ways than one." The organiMembers of the Investment Bankers Association of America and Guests
The President of the United States made a significant statement to this zation, he said, "has been able to secure the passage of laws
gathering day before yesterday. In his short address the President stated
and the inthe two outstanding fundamentals of your calling. 1 mean your great of benefit to the dealer in investment securities
vesting public;" he further observed that "the standards of
national usefulness and your high sense of integrity. Be said:
"You provide, in the first place, an opportunity to those of our citizens ethics are now on a higher plane than at any time in the hiswho are thrifty. But you do more than that. You provide for gathering
together the resources of our Nation and putting them in order for the pur- tory of investment banking," and, he added, "through the repose ofsupporting the industries and commerce of our Nation."
ports of committees of the Association has disseminated inThen he said:
formation on the building of securities." Secretary Fenton's
"If there is anybody Interested in honesty in the transaction of business
it is those who are engaged in making the investments of the nation, and it report follows:
is a great pleasure to commend with an almost universal commendation the
honesty and the charactre of these men who are engaged in this great enterprise."
That is a remakable tribute. I am proud that I am privileged to be a
member of an organization that can deserve such commendation from the
President of the United States. The President said in a few minutes what
the publicity department of thisassociation has been trying for years to say
and to get the public to understand.
We cannot do otherwise than to continue to deserve the President's
tribute. We have a double duty in this. We must maintain and advance
right dealing in every true sense. We should give our best endeavors to
educating the public in the way of honest investments. It is our duty.
Only by such education can the public be effectively protected from dishonesty and the crook.
To teach the public to know and properly to value the services of the
honest dealer in investment securities will accomplish great and varied
Purposes. It will save thousands from tragic loss of hard-earned savings.
It will build up a nation-wide urge to work, to save and to achieve. It will
aid immeasurably the commerce and industry of the nation. It will benefit
every honest human enterprise. It will increase the production and the
wider distribution of wealth throughout the entire land. It will even
add to the strength and solidity of our Government. It means nothing less
than a broader and a more wholesome life for our whole people. There is
no greater weft facing this association than the work of educating the public to an appreciation of honest investment securities and the men who
handle them.
There are more than 27 million investors in the United States. They
have in savings accounts alone more than 17 billion dollars. Ninety per
cent of the securities, the honest, sound securities, in which that huge sum
is invested were fostered by membres of this organization.
These millions of investors are equal in number to almost the entire
population of the United States on the farms and in towns and villages of
Ithere
2,500 or less. Twelve years ago, when this association was founded,
were less than 5 billion dollars in savings accounts, held by approximately
persons. Twelve years ago municipal issues for the year totaled
10 million
about 400 million dollars and capital issues about 1% billion dollars. This
Year municipal issues will be more than double twelve years ago and for the
first six months alone this year capital issues were almost 34 billion dollars
more than for the whole twelve months of the year this association was
founded.
REPORT OF THE SECRETARY.
Gentlemen of the Convention:
It is with pleasure that I submit this, my twelfth annual report, as Secretary of the Investment Bankers Association of America.
The Association has just closed one of its most active and successful years.
The progress made has been accomplished under the splendid leadership of
our President, supported by the entire membership. Long before he was
selected to direct the Association John A. Prescott was one of our most untiring workers. When elected President he did not rest upon his well-earned
laurels. During the past year he has visited Groups in all parts of the country and through these conferences he has contributed in a large measure to
the present efficiency of organization of the Groups. lie has devoted a major
portion of his time to the business of the Association. Nothing your Secretary might say will add to or detract from the brilliancy of his administration. The reports of the committees about to be presented before this convention are the record evidence of the leadership we have enjoyed.
The Structure of the Association.
The structure of the Association is unique and its methods of operation are
unusual. As in operation to-day the execution of the policies of the Association is in the hands of a President and five Vice-Presidents. The President has assigned certain duties to each of the five Vice-Presidents. To VicePresident Dalton was assigned the duty of bringing the Groups east of the
Mississippi River into closer touch with the work of the national organization. Mr. Dalton visited many of the Groups, attended their sessions, and
was in conference with their executive committees. To Vice-President Fenhagen was assigned the Chairmanship of the Fraudulent Advertising Committee which has functioned unusually well, particularly in its close co-operation with the Post Office Department and with organizations which have
made a systematic effort to suppress fraud. To Vice-President Sinclair was
assigned the duty of representing the President and the interests of the
national organization in New Rork, the great financial centre. To VicePresident Stevens was assigned the duty of representing the President in
Chicago. And finally, to Vice-President Witter, in San Francisco, was assigned the duty of looking after the interests of the Association on the Pacific Coast, particularly California.
The real working force of the Association is its committees. These committees are the backbone of the organization. As set up to-day there are
nineteen working committees, and with three exceptions each committee is
Nov. 3 19231
THE CHRONICLE
1935
committee to be presented
ship on the use of the name. The report of the
here will discuss the subject in greater detail.
Membership.
with the regularity of
Applications for membership continue to be filed
this Association does not in
previous years. The Membership Committee of
new members. Rather does
any sense of the word conduct a campaign for
jurisdiction and pass upon the evithe committee sit as a court of original
dence presented to it.
conducts the investigaWhen an application is filed, the Secretary's Office each member of the
to
tion, transmits copies of all papers and circulars
and when all ballots are
Committee. Each committeeman ballots by mail forwarded to the Chairhanced for the reason that:
responsible for the national policies.
returned the entire original record and ballots are
1. The officers and Governors are
unless all committeemen
Board of Governors.
man. No application is approved by the Chairman
2. The committee chairmen are members of the
requirements as to capital, filing of circuAssociation is represented on each of the Group executive vote for admittance. The usual
3. The national
still stands. No house
lars, approval by local Groups, and the two-year rule Applications approved
committees.
and through co-op- represented on the Board may endorse an application.
4. The Groups are in touch with the local situation
thirty days before the
Association is able to be by the committee are submitted to the membership
eration with the national committees the national
to the membership
regular Governor's meeting. Applications so submitted
more effective in any given field of operation.
and lack of co- are reviewed before the Board of Governors.
Ordinarily decentralization causes divided responsibility
brought ninny new
of the Groups
The growth in the bond business since the war has
operation in associational activities. Since the organization
a credit to the
America has grown more effective houses into the field, and the majority of these houses is
the Investment Bankers Association of
sentiment, not only of
the
as an influential national Association which is business. Your Secretary knows that he voices
and to-day it stands forth
the Board of Governors,
country generally.
the Membership Committee, but of every member of
able to bring about results of vital interest to the
extending membership
when he says that great care should be exercised in
the committee and
Financial.
to newly organized houses. Members should not embarrass
The reports of the the Board of Governors by endorsing houses for membership with no record
The Association is in excellent financial condition.
on which to base a forecast of the applicant's future policy.
Treasurer and the Finance Committee will bear out this statement.
perfunctory commitBoard of Governors' Meetings.
The Finance Committee has long since passed from a
auditing of the books. The committee
convention in Calitee which was charged with the
The Board of Governors has met four times since the
for payment and has jurisdiction over the investspring cenference
passes on all bills presented
fornia. The January meeting was held at Rye, N. V. the
composed of seven men,
meeting at Minneapolis, and
ment of temporary surplus funds. The committee is
of the at White Sulphur Springs, W. Va.; the summer
Governors. All
headed by Jo:seph A. Rushton, member of the Board of
in Baltimore, and concluded in Washington.
reason of Its meeting the fall meeting
has been
members of the committee are resident in Chicago by
The quarterly meeting which generally falls in the month of May
be a burden on members away from Chiit was detwelve times annually. It would
held for some years at White Sulphur Springs. Five years ago
the general headquarters at such frequent intervals.
Governors
cago to be called to
cided to invite the ex-officers and former members of the Board] of
was
Secretary's Office.
to be in attendance at the spring meeting. The first spring conference
become an annual custom. Those men who were
eleven years the Association's general headquarters were located at so successful that it has now
For
the field of our op- once active in the work of the Association are kept in closer touch with the
111 West Monroe Street, Chicago. During those years
policies and are able to return to their homes and report
erations materially broadened and the personnel of the central office was present program and
back to the membership.
Increased.
simultaneously
Some chairmen have called meetings of their committees
The program of the Publicity Committee and the establishment of the
meeting. With the Board of Governors in session, a large
Educational Director's headquarters in the Secretary's Office made it neces- with the spring
-Governors present, and several of the important committees in
sary to enlarge the national headquarters. The Board of Governors recog- number of ex
at the spring meetings has frequently been 110.
nized the necessity for more space and improved facilities and authorized the session, the attendance
of the
The former Presidents have never lost their interest in the activities
Secretary and the Chairman of the Finance Committee to lease new headcontinued interest is apparent by the attendance of all
quarters. On Oct. 1 the headquarters were moved to 105 South LaSalle Association. Their
at the White Sulphur Springs meeting this year.
Street, Chicago. The new offices are in the heart of Chicago's financial dis- but one former President
Conclusion.
trict.
ways than one.
The attention of the members is called to our increased facilities. There
The existence of the Association has been justified in more
conference room which may be used, not only by Chicago members, but
the passage of laws of
is a
It is true that the organization has been able to secure
particularly by out-of-town members who do not have branch offices in Chiand the investing public; it is
benefit to the dealer in investment securities
cago. The Secretary's Office will lie glad to look after hotel reservations and true that the standards of ethics are now on a higher plane than at any time
railroad transportation for members who pass through Chicago. Your Secthat through the
in the history of investment banking; and, it is further true
retary wishes to emphasize the fact that the office is not alone the Secretary's reports of committees the Association has disseminated information on the
of the
Office, but it Is the office of the Association, maintained by every member
building of securities. There is no one who doubts that the work
have
of the Association.
Association has not been along constructive lines, and that its policies
The Secretary's Office of the Investment Bankers Association of America
Had the Association .fret accomplished the foregoing results
Your Secre- not been sound.
having brought
has never assumed to be the mouthpiece of the organization.
and many more, its existence to-day would be justified by its
tary's Office does not spread propaganda and voice national policies. The together annually the dealers in investment securities for the discussion of
policies of this Association are laid down by the officers and Board of Gov0. Rice as
questions of mutual interest. The recent retention of Samuel
ernors. The Secretary's Office is the business office; it co-operates with the Educational Director has started a work which will inure to the benefit of
officers, members. Groups and committees and endeavors to serve the inter- every investment banker. You cannot serve yourselves well without first
ests of the entire membership.
having served your customers.
Committees.
Without apologizing for repetition of past years your Secretary again
committees composed of men wishes to thank the membership for the cordial and hearty co-operation
The work of the Association is carried on by
actively engaged in the business of building and distributing securi- which it has given to the Secretary's Office.
who are
Respectfully submitted,
ties. These committeemen are drafted from member houses which specialize
in some one or more classes of securities.
FREDERICK R. FENTON, Secretary.
Your Secretary cannot lit this opportunity pass without commenting upon
work which has been done by all our active
the great amount of effective
committees. The Secretary's Office is especially acquainted with the large Report of Membership Committee By John G. Brogden,
volume of detail work which has fallen to the Business Practice Committee.
Chairman.
ex-President Roy C. Osgood, Chairman ; the Legislation Committee, Thomas
N. Dysart, Chairman ; the Municipal Securities Committee, Tom K. Smith,
In his report as Chairman of the Membership Committee,
Chairman ; the Publicity Committee, John AV. MacGregor, Chairman, and John G. Brogden, of Strother, Brogden & Co., of Baltimore,
the Public Service Securities Committee, Henry R. Hayes, Chairman. If the
members of this Association could follow the correspondence of these com- said:
Your Committee, with a full realization of the distinct benefit to be demittees they could then appreciate the value of the services these men and
the
rived from membership in the Association, has been most careful in
their associates are giving to the Association.
recommendation of new members, and has not hesitated to use all the reguCounsel.
lations laid down by the Board of Governors.
From time to time, to properly safeguard the membership, your CommitThrough bulletins, letters and annual reports, the membership has, during
we have
the past three years, been advised that the Association retains an office coun- tee has asked the assistance of the Board, and we now believe that
way
sel, Theodore S. Chapman of Chiiago. The Secretary's Office never answers such restrictions and regulations which, properly used, will go a long
view of
any question which may be construed to be legal, nor gives any opinions rela- towards making our membership ideal. To get a much more accurate
othertive to laws under which securities are issued. There is an immense amount the merits and demerits of applicants than could possibly be obtained
of service available to the membership through the Office Counsel. While wise, upon request of your Committee, the Board at the Stay meeting, at
Secretary to subsome of our• members and committees have taken advantage of the service, White Sulphur Springs, passed a resolution instructing the
many seeem to have overlooked it. There is no expense to the individual mit to each member of the Association, 30 days prior to each meeting of
members, provided the questions submitted do not deal with particular se- the Board, a list of applications pending, with the request that objections to
curitiese and the questions of law raised are of a general nature.
any applicant be filed promptly. Your Committee feels the need of assistance from the members and assures them that criticism favorable or unfaBulletins.
of the lists of applicants will be much appreciated.
The Bulletins of our Association aim to give only information of interest vorable
The work of your Committee during the past year has only been made posto the members. From the numerous questions asked it is quite evident that
by the Secretary's office, the local
excellent assistance rendered
the Bulletins are not read as closely as they should be by many of our mem- sible by the
individual members, all of which is gratefully acknowledged.
bers. Your Secretary suggests that the active heads of the various houses and groups and
Number of Applications Handled, 1922-1923.
banks which represent our membership make it a point to see that the Bulle53
tin conies to their attention. There are changes taking place daily, new laws Applications filed
30
are being enacted and new Federal and State regulations are being set up Applications approved
7
which strike at the business of investment banking, and information on all Applications rejected
16
of these changes Is published in the Bulletin.
Applications pending
15
Contributions to the Bulletin are sought from the members of the Associa- Applications of 1921-22, approved 1922-23
45
tion, provided the articles bear directly on the business of investment bank- Total number of applications approved
4
ing.
Applications of 1921-22, rejected 1922-23
11
Total number of applications rejected
Advertising Membership.
At the convention in Del Monte last year the by-laws were amended and
power was given to the Board of Governors to lay down regulations with
Harry S. New on Operations of Post Office
reference to the use of the name of the Association in advertising. The use
of the sonic by individual members has been granted but once—that time
Department.
being when the Association was requested by the Treasury Department to coPostmaster-General Harry S. New, in a brief address at
operate in the call for the redemption of Victory notes. The Business Practice Committee recently sent out a very comprehensive report to the member- Wednesday's session of the convention, referred to the
as chairmen of the
beaded by a Governor. The appointment of Governors
in touch with the
committees has permitted the Board of Governors to keep
the committees to
work of these bodies. At the same time it has enabled
national Association as
work in complete harmony with the policies of the
laid down by the Board of Governors.
the policies of each
The United States is divided into sixteen Groups, and
The Board of Governors
Group are in the hands of an executive committee.
by an officer or
Is represented on each of the sixteen executive committees
Governor of the national Association.
Association, is greatly enIt is easily seen that the effectiveness of the
1936
THE CIHRONTCLE
Post Office Department as "a great business agent." It
has, he said, "probably between 340,000 and 350,000 people
employed in it in various capacities. It deals with, at the
present moment, about $600,000,000 a year. It comes
nearly getting back a dollar for every dollar expended than
any other agency of the Government. I may say to you
—this is not confidential—that I have just finished my
various communications with the Budget Commission over
the matter of the appropriations for 1925, and during that
fiscal year the Post Office Department will expend and will
receive considerably more than $600,000,000." Continuing, he Said:
[VoL. 117.
Ington. in an address before the Investment Bankers Association on Oct. 31.
Mr. Donnelly stated that the figures quoted by him indicate
that there is a fertile field for some good missionary work
on the part of the investment bankers. "There should be
some effective way," he said, "of diverting this money into
legitimate trade where it would be made to produce and
thereby benefit everybody down the /Ine except the non-producing crook who now gets it." "The Post Office Department," he continued, "is doing all in its power to keep this
money out of the hands of the latter, but organizations like
the Investment Bankers Association of America, the National Vigilance Committee of the Associated Advertising
Clubs of the World and its affiliated Better Business Bureaus throughout the country can render valuable service in
supplementing the fraudulent securities phase of our work
by conducting educational campaigns against the creation
and distribution of such securities." In part Mr.
Donnelly
also said:
I am convinced that during that fiscal year our budget can be made to
balance, assuming, of course, that conditions will not be changed for the
Post Office Department by the Congress or some other agency that is
beyond Post Office control. If we go along at the present rate in payment of salaries and compensations of one kind and another and are
permitted to make our own contracts with the railroads and steamship
companies, &c., that carry the mail, It is my belief that during the year
1925 the Poet Office Department will get back a penny for every penny
that It expends, and that will be very considerably in excess of $600.000.000.
as I have stated. You gentlemen, of course, are very much interested In
that. You are investment bankers. The Post Office Department is a
The question of frauds in the mails covers a vast and
little in the banking business itself. We have what we think Is the largest
varied field, and
savings bank in the world. We have at the present moment over 420.000 doubtless you would not be interested in much we are doing. so I shall
only undertake to touch a few of the high spots. I
depositors. Our deposits to-day exceed $133,000.000. 85% of those
believe, however, that
depositors are of foreign extraction. They are people who put their money the business in which you are engaged is affected by the operations of the
In the postal savings bank because they have implicit confidence in the unscrupulous as much as, if indeed not more than, any other particular
United States Government. and perhaps because they are influenced be line, because, first, you are deprived directly of that business which would
the reports that are made every day about the fraudulent stock promoting, come to you from those whose purpose it is to invest their money in securities but who are induced to give it up for the
fraudulent kind; and,secondly.
and the people who are on the ragged edges of our financial fabric here,
and who are seeking to separate just that class of Innocent wage earners because banking institutions would be in a much better position to consume
from the money that they have earned by honest toll. If it were not for larger blocks of your offerings should individuals in the regular course of
these fraudulent promoters possibly the Post Office Department would things deposit with them the money they sink in many of the mail swindles.
It is amazing that so many people In this
get less of their money. But we deposit those funds, in our turn. In about
enlightened ago are willing to
3.700 banks, depositories. We get that money, and of course we bring be duped, but in connection with investment ventures their desire to get
It out from the old mattress. and the old unused stove, and the old stocking; something for nothing, or a lot for a little, seems almost to overcome all
it gets that money out of hiding and brings it into active circulation, and it efforts to protect them. In many cases so strong a hold has the crook on
his victim that we are severely condemned
therefore certolnly serves a most useful purpose.
by the victim for putting the
Remember, too, If you will, that the Post Office Department is the one swindler out of business, the dupe still believing that the false promises of
riches will be fulfilled. On the other
hand, in presiding over fraud order
department of the Government that very directly and immediately conhearings I have heard the most pitiful
tales about how those could least
cerns every citizen of the republic, every child who Is old enough to receive
afford it have withdrawn their money
from the bank, mortgaged their
a letter 18 interested In the operation of the Post Office Department. The
homes, parted with their Liberty bonds, in fact
little friendly letters that you send back home to the baby scarcely old
raised every dollar they
could, only to be robbed of their savings of a
enough to read, just old enough to appreciate the fact that father sent a
lifetime by one of these smoothtongued tricksters. They plead with the
letter back home to him, and from that little child up to the oldest inhabiGovernment to do something
to help them.
tants, of whom we hear so much, they are all interested alike in the service
When Mr. New became the head of the
Post Office Department eight
that 18 given them by the Post Office Department.
months ago he was quick to see what a
menace to docent society and sound
Then, too, we have been interested, as your President and Chairman
business these vultures are, and the most
of your committee suggested, we have been very much Interested, not only
vigorous campaign against mail
frauds In the history of the Department was
as conservators of the public weal—because that is what we are—but as
started, the drive being alined
particularly at oil stock promoters who then
an agency of the Government, in protecting people against these fraudulent
seemed to be running wild In
several of the States. The result has been
promoters.
that during these few brief
months of his admilistration fraud orders have
Mr. Donnelly, who is the Assistant Solicitor of the department. will
already been issued against
the names of 188 persons and concerns, of
which number 117 were against
follow me. if it is your pleasure that he do so. in going somewhat into detail
oil stock promotion operators. Hundreds
to tell you what the Post Office Department has accomplished in the
of other oil promoters, as a
result of this campaign, abandoned operations
year or so in the matter of suppressing these fraudulent investors. YOU
before they could be reached
with fraud orders.
have no idea how many there are. You go out to the Zoo and you look
In addition to these fraud orders the
in the cages and you recognize in those animals predatory
Department has over 400 criminal
animals'
You know that they live off of each other, that they are merciless, and cases against oil promoters at Fort Worth, Texas, alone. Already more
than 200 have been arrested and indicted,
that they will obey the Iasi of nature in order that they may live. I want
and some brought to trial and
to say to you that I have discovered since I have been Postmaster-General convicted, the Department of Justice fully co-operating and working
there are men who are much more rapacious, equally without conscience hand in hand with the Post Office Department in the criminal prosecution.
that
The Postmaster-General has stood solidly
of any thing you will find out here in this or
behind everyone connected
any other zoo. They do not with the work, enforcing the
law without fear or favor. I quote him as
hesitate at all to go after the foreigner to
whom I have referred as the saying that he would not
be satisfied until the public was comparatively'
class from whom we draw most of our deposits,
and that they will go after safe from mall fraud schemes.
anybody else—slick, if not intelligent, resourceful,
yet eminently so, in an
The force of post office inspecters
extremely bad cause. The public must be
was increased in number to 535, and
protected against them because from this highly intelligent
body of investigators flying squads, composed
singularly enough, the public does not
seem to know just how to protect of experts in the art of
detecting fraud, were mobilized to follow these
itself. Nearly every day in the Post Office Department brings me a new
promoters from field to field and report their
revelation of gullibility of people who are
activities to the Solicitor for
really looked upon as intelligent the Post Office Department
at Washington for the consideration of fraud
people; a new surprise as to how they can fall
for some of the schemes that order proceedings and to the
United States attorneys at different points
are put up to them. I became impressed
with the necessity for renewed throughout the country for criminal
prosecution.
action on the part of the Post Office Department
soon after I assumed
The Department of Justice assigned additional judges and
my present position, and I want to make acknowledgment here, In the
prosecuting
attorneys to the infected localities.
most public way, to the officers of the Solicitor's Department. and particuJust a word at this point about what a fraud order is.
larly to Mr. Donnelly, and to the inspectors
of the Post Office Department
After the post office inspectors gather the evidence it is examined by
—some of the most intelligent men that I have
ever mot. I doubt if any trained attorneys in the Solicitor's office and if a prima facie
case of fraud
detective agency, and I care not under what name it has been conducted.
is disclosed the promoter is cited to appear before the Solicitor and show
has ever had as good a set of operatives as the Post Office Department has
cause why a fraud order should not Issue. After a full and fair hearing of
in the way of inspectors. This Is necessarily so if they are going to land
both sides of the case. the Solicitor decides whether the evidence justifies
the people they go after, because they are dealing with an extremely inthe issuance of a fraud order.
genious and resourceful lot of crooks.
By such order the postmaster is directed to stamp as fraudulent and
But we have been landing them and landing them
in numbers I think return to senders all mall received at his office addressed to the
parties
sufttcient to bring gratification to you gentlemen whose purpose it is and
named therein, thus cutting off all remittances and automatically putting
whose interest it is to see that the investing
public, largo or small, is pro- the promoter out of business.
tected against the fraud.
No more drastic and effective action could be taken. The crook fears
Now, gentlemen, I thank you very much for
the honor of having been it more than any other, even more than criminal prosecution,
here. As I say. Mr. Donnelly will, if It suits
because he
your pleasure, that he shall wants to continue receiving revenue. I recall the
case of a shrewd promoter
do so, go somewhat more into detail than I have
time to in describing some who after being sent to prison took the warden into
partnership with him
of the various kinds of schemes that are put
up to the public by these and re umed operations from that institution.
frauds, and something of the Post Office
Department's effort to put them
Practically every line of activity is sought to be operated fraudulently
out of business. I am glad to say that we
are meeting with gratifying through the mails by some, and It would
be an endless task for me to
success. Some of them are already in the
penitentiary and we are abso- undertake to enumerate the classes
of enterprises we encounter. They
lutely determined that others of them shall follow
to the same place. and run from the simple catch-penny sales schemes
to gigantic Investment
I think we are well en the way to the aecomplshme
nt of that determination, swindles of different kinds involving millions
of dollars each.
too. I thank you very much, Mr. President and gentlemen.
Million Americans Lose Money and Property in Mail
Frauds Yearly, According to H.J. Donnelly,Sr.,
of Post Office Department.
A statement to the effect that "it is not extravagant to say
that a minion gullible Americans yearly lose their money
and property in mail fraud schemes and that a billion dollars
annually are so lost," was made by Horace J. Donnelly, Sr.,
Assistant Solicitor of the Post Office Department at Wash-
11( port of Fraudulent Securities Committee.
James C. Fenhagen, of Robert Garrett & Sons, Baltimore,
in his report as Chairman of the Fraudulent Advertising
Sommittee, said that "many of our States, to cite Pennsylvania as an example, have created a commission for the
supervision of security selling, making a license to do business a necessary feature. But," he said, "the greatest of all
Instrumentalities during the past year has been the power
vested in the Post Office Department, whose active campaign
Nov. 3 1923.]
THE CHRONICLE
1937
here it just occurs to me that if the get-rich-quick promoters are able to
make millions of dollars, as Mr. New indicated, on fraudulent securities by
using sucker lists, why can we not use those same sucker lists ourselves and
give them the straight dope. I am going to put a personal question. All
those who have never appeared on a sucker list please raise their hands.
Those sucker lists are mighty good lists. We have all been on them. It
cost me fifteen dollars to get on this sucker list. I got on there through our
good friend W. J. Ostrander. He agreed to sell some real estate that I could
he thought he could, and so I gave him $15,
work for the suppression of fraudulent security offerings and the many ef- not sell. I could not sell it, but
all susceptible to the efficiency of the
forts being made along the lines of education as to what constitutes a good but he didn't sell it. No that we are
fellows get hold of them and make use of them
investment. Never before in our history has such manifest interest been sucker list. If these other
improperly, why can we not get those
shown, nor results accomplished, and it is the Committee's belief that the to educate those on the sucker list
them the right kind of inforpresent number of illegitimate investment offerings are at their lowest ebb. same lists and educate them properly by giving
mation?
To cite the various agencies at work.
Our job in making the Association known is dual. First, the job of preWithin the investment Bankers Association of America there are sixteen
their money, not only our customspecific committees, with their respective Group Chairmen, comprising prac- venting our customers from throwing away
inducing them to invest in oaf
tically the entire United States in their localities, whose sole office is to ers but our potential customers; and, second,
methods that have been
force spurious investment schemes from their own fields and to warn the other kind of securities. It seems to me that the various
referred to here to-slay and which I have briefly referred to can wll be used
Group Chairmen of their possible entry into their respective territories.
Co-operating with our various sub-committees are the many Better Busi- in accomplishing that dual purpose.
ness Bureaus throughout the country, whose splendid and effective work
along the lines of suppression of fraud has caused some of our Groups to
Warren S. Hayden on Aims of the Association.
pass their entire work over to them, merely contributing their financial and
moral support to the Bureaus.
An address prepared for delivery at the banquet by WarSome of the most influential magazines and newspapers throughout the
Cleveland was
country have begun a direct campaign against fraudulent security offerings, ren S. Hayden of Hayden, Miller & Co., of
putting in bold type the names, dates and places of such nefarious schemes, read by Roy C. Osgood of Chicago, Mr. Hayden having been
with their attendant perpetrators, in an endeavor to protect the public from called home from the convention by a death in his family.
the depredations of these swindlers.
throughout the entire country, but more particularly in
Texas, where they engaged in the suppression of many fraudulent oil stock offerings and promoters, including the wellknown Dr. Cook, has received the commendation and laudation of the entire United States." The report also said:
It is indeed most gratifying to realize the many instrumentalities now at
As to whether the Association "has met or served the earlier
In order that some idea might be had of the situation as it
aspirations of its members," Mr. Hayden had the following
exists in the respective Groups, Mr. Fenhagen presented exto say:
tracts from reports of the Chairmen of the various geographIf one asks whether the Association ha.s met or served the earlier aspirations
ical Groups.
of its members we may easily reply that tho Association is eleven years old
and in every year has been larger and stronger than in the last. That is
true; but not quite responsive to the question, for the Association has found
new occasions and needs form year to year. I would nevertheless say yes.
and emphatically, yes, the Association has answered and answered well and
directly, that old time, continuing, though hardly articulate, call. Aside
from those personal values in one's self which are basic to his business moms, not the least important part of' one's business good will is favorable
In that time the Educational Director has sent out written articles and acquaintance with others in Ins own calling. One works co-operatively•
stories, interviews and other publicity and educational material equivalent His business course is a series of co-operations. To find co-operators, he
in number to one story or article a day. All these articles have been printed needs to know much about men so that he may choose those in whose capacin newspapers or magazines; some of them widely; some of them, especially ity, training, integrity and courage ho has confidence. Among these thus
the class publication articles, with more limited circulation. This has been chosen he finds the man with whom he will divide an IFNIIC of bonds and who
accomplished largely by presenting to publishers dependable, interesting Ma. will divide with him, and those who will give hint information on call. I
terial and not propaganda•soaked material.
confess to you that through this Association I have found a great part of
the friends with whom I have worked in business dreing the last ten years.
If there is any successful house, a member of this Association, which doubts
F. W. Ellsworth on How the Association May Be Better the value of its membership. I challenge that house to apply to his business
Known.
experience the test I have suggested. The richest fruits of Association memsense of money profit, are not in the defeat or modificaIn a discussion of the above subject, F. W. Ellsworth, bership, even in the tax laws, but rather in the knowledge men have of one
tion of blue sky and
Vice-President of the Hibernia Securities Co., Inc., of New another. By this means the Association has had a great part in making possible the rapidly formed and speedily acting groups which urderwrite and
Orleans, said:
great lashes. Without this mechanism,flexible, mobile but strong.,
The question that has been put up to me to discuss is how can the Associa- distribute
could the vast capital demands of the last eight years have been satistion be better known, and that presupposes the fact that the Association is how
not as well known as it might be, which is a fact. I stopped down in front fied?
My allusion to legislation reminds me to comment on a statement which
of the hotel to-day just to try it out, and I asked the first eight or ten folks •
has often been proudly made to the effect that the Association has attained
that came along if they could tell me where the Investment Bankers Associagreat influence at Washington and other seats of governmest, because it not
tine was holding its meeting. One of them told me that it was in this hotel,
considers the public interest, but insists that the public good be the test
but on further discussion with him I discovered that he was a member of the only
of every solution of a public question. I think this statement true. I have
Association. The other nine, most of them said, "Search me," and practie
than once made it myself. However. I think there is about the mere
ally all of them said that they had never heard of the Association, and all more
statement an odor of Pharisaism which is repugnant to people of decent
of them were well dressed, prosperous fellows. I think that proves at least
and taste. We seem to be saying that farmers may want something
by the straw method that the Association is not as well known as it might modesty
farmer. or organized labor something for itself without regard 'to the
be and therefore it is op to us in some way to make the Association better for the
rights or interest of other blocs or persons but for our part we are too high
known.
for that. Because we think it right that the public interest come
Now, how shall we do it? It seems to me that Mr. Rice has indicated in minded
first we are prepared, at whatever cost to ourselves, to subordinate, sacrifice
a very concrete manner perhaps the best way in which we can make the
But like that the thingils
or forget every selfish interest of our own.
Investment Bankers Association and its purpose and plans known to the innauseating. Taking us altogether, we probably are neither better nor
vesting public as well as to the general public. Mr. Rice has been doing a
than other vocational groups. It is true that we insist that the sole
worse
wonderful work during the last six months and his work is going to continue
test of public law and policy be the public interest, and that we approach
wonderful, and it is going to continue to develop, of course, as the months problems in that way, and that
through the years this policy and practice
and the years go on. It is needless for use to enlarge on what Mr. Rice has
have given our Association power and influence among public officers and
done because he has delivered his report and you have had an opportunity of law makers. I think it true further that in the main we have been reproknowing during the last six months just exactly what he is doing.
see ited in these matters by men both clear-headed and high-minded who are
Now, another method that we can employ is by means of Group advertis- little inclined to seek the small advantage instead of the great objective.
ing which has been referred to by several of the speakers. In spite of the But I wish to point out that of our business it is more evidently true than of
fact that down our way in the New Orleans and Southeastern Group, the most others that the Interest of our business and the public interest are
State of Louisiana has a law which has been referred to and which prevents Identical. Our business is finance, and finance is universally present in
institutions from using the word "bank" unless they are actually a bank, our economic affairs. Every industry,service and individual life has finance as
Group did advertise, has advertised on two or three occasions during the a factor and an aspect. That is what makes our cellist; interesting. Its
past year in response to the request of President Prescott on certain matters subject matter is found in every field of human affairs. Its contacts are
with respect to the distribution of Government securities, and we have also universal. Whom then can we injure to our own advantage? For inns advertised, at least a part of our Group has advertised, not as members of the persable service we take toll from all and our advantage evidently lies in the
Investment Bankers Association, but merely as individual institutions, the gee seal well being. So when we say we are for the general interest. we de
subject of safe investments. We have criticized unsafe investments, as a not vaunt ourselves but simply point to where our own interest is.
matter of fact, this committee has been advertising continuously every busiIt I may be permitted, I would like to offer the Association a word of
ness day in the year for the past four years, but we advertise not only the caw ion. Everyone has noticed that when he has acquired a new idea which
subject of investment banking, but we advertise also the subject of commer- he thinks very important, the Idea has its greatest importance immediately
cial banking and the subject of thrift and savings banking, and the result after its acquisition and that the first time he mentions the idea to someone
that we have been able to obtain through that campaign in a little over four else be is prono to imply that he had had the idea for a long time if not
years is very gratifying.
always. We perfectly understand the zeal of the new convert, the conseIt seems to me that as a means to acquaint the general public, and particu- cration of tho fanatic and the insistence of the reformer. Their human
of the Investment nature is of the same stuff as ours,
larly the investing public with the objects and purposes
though centers of gravity may be differBankers t.ssociation of America our Group might well do exactly the same ently located in different people. The idea in my mind is brought out by
thing, even going so far as to place underneath the name of the individual a bad paraphrase of the Great Commission which I heard years ago—"Go ye
institution entitled to be a member of the Investment Bankers Association.
Into all the world and sheet the gospel into every living creature." That
In regard to the use of the name I feel just exactly as other members of notion fills our statute books with laws many of which are foolish and tranexpressed themselves here, that the sient. My caution to the Association and its groups is this—remember that
our Publicity Committee do who have
use of the name is vital to the successful education of the people of America nobody wants even this gospel shot into him and that under the Federal Conas to the worthwhileness of the Investment Bankers Association of America. stitution nobody is obliged indefinitely to subject himself to shooting of that
Just one thought occurs to me, which was referred to by the gentleman from sort. The Association does not, should not, indeed cannot lawfully, underLos Angeles, and that is that if we grant this permission to the members talts to compel even its members to conduct their business according to any
we very presently will have two classes of members: those who can use the particular program. It recognizes that every man has the right to run his
name and those who cannot. And what are we going to do then?
own business. It will cast out a member who is dishonest or scandalously
, A third way in which we can make our association known is by co-oper- Inca gable, but that is all. It promotus discussion of business ethics, policy
ating very closely with all those agencies that have been referred to here to- and practice, and everyone is encouraged to nee argument and persuasion
day, notably the Post Office Department, the Better Business Bureaus of the to induce others to adopt his Ideas, butmeraberiship is voluntary, and the
Vigilant Oommittee, of the Associated Advertising Clubs, etc., and right country is still more or less free, and we should not and cannot keep well—
Report of Educational Dircctcr, Samuel 0. Rice.
In submitting his report of the work of his office for the
approximate half year since the work was begun, Mar. 12
1923, Samuel 0. Rice, Educational Director, said:
1938
THE CHRONICLE
intending folk from doing about as they please, and it is they who have to
assume the risk in respect to the consequences of their own acts. It is good
to remember that one's idea,so important the day it came over the rim, may
not seem so important after a week or ten days. Perhaps my caution may
be unnecessary, perhaps everyone agrees with me, but when I recall proposals made by some parts of our membership, I am made to think of the
cross-eyed butcher whose helper said "boss, if you're goin to hit where you're
look& someone else has got to hold this critter."
I have just been suggesting that in the conduct of their own affairs members should be immune from attempted compulsion by the Association, and
I wish to suggest further that the Association and its members as a whole
should be immune from attempted exploitation by any members for the
sake of their own profit. It does concern the Association that Doe and Corn
pany shall have access to means of knowledge, acquaintance and participa
tion in the general protection and promotion of our business, but the furthering of Doe and Company's private enterprise proper is no concern of the
Association. If the Association has power, it Is because it is made up of
sef-reliant men. We may interchange information and opinions and work
out and urge policies and principles, but when It comes to the effort to make
money,that is the individual affair of each member. When we think about
it—who of us wants to lean on the Association or upon anybody but himself?
[VOL. 117.
of the United States can be acquired in the market below par, we may
expect to receive our own securities and not cash. This is an advantage in
expediting payment of the public debt, because under the law the
United
States securities received are cancelled.
Under the Act of March 3 1881, any surplus revenues in the Treasury
at
the end of a fiscal year are applied to the reduction of the public debt.
It is
for this reason that, whereas you may hear ofsurpluses in Government
operation, there is actually no increase In Government cash, but the money goes
into the capital account and is not in the Government's pocket to use
as
Income.
In addition, the right to pay estate taxes In Government securities under
certain conditions has a small Influence on debt reduction. During the
year 1923 about $6,000.000 worth were turned in and cancelled, and in the
same year $10.000.000 franchises taxes from Federal Reserve Banks, as required by law, were also used in making retirements. Of course, as other
fort hen nations make agreements requiring actual payment of what they
owe U.9 they will hasten the extinguishment of our debt.
Eliminating, however, the question of general foreign debt payment and
not relying on surplus revenues, which are uncertain, but based sol ly on the
sinking 'und as at present, constituted and the British refunding scheme as
executed, it is believed that the public debt should be substantially retired by
1952, which year happens to be the maturity date of the last maturing
funded obligation of the United States, the Treasury 4 Ws. There are
Assistant Secretary of the U. S. Treasury Garrard B.
many contingencies which affect this estimate, but it is safe to assume that
Winston on Government Financing—Retirea plan ofrefunding that part of the maturing debt,which cannot be presently
met, to maturity dates within the next thirty years is a sound policy to be
ment of Public Debt Expected by 1952.
pursued.
The problems of Government financing were brought beBy relying on the Treasury's ability to control securities purchased for the
fore the Association on Tuesday in an address by Garrard sinking fund, It is possible to reduce the earlier maturities and to make them
more manageable. The Treasury. however, cannot affect the selection of
B. Winston, Assistant Secretary of the Treasury, whose pres- securities
by the British Government. and obviously
entation of the matter followed the report of the Associa- state of the market, the erudite maturities—being higher(luring the present
priced—will not be
tion's Government Bond Committee. Stating that the total used by the British Government in making its payments.
To take the problem presented by the next five years, there mature in that
funded debt of the United states, as shown by the daily period
$4,000,000,000 of notes and $3.400.000,000 of Third Liberties—a
Treasury statement, is $22,100,000,000, Assistant Secretary total of $7.400.000.000. The sinkttg fund will take care of I .620.000,000
Winston indicated it as the belief of the Treasury officials There is,therefore nearly $6.000.000.000of Government refunding to be done
in the next five years, not in one
"that the public debt should be substantially retired by 1952 these offerings will take cannot belot, but during the period. What form
determined now, but will depend on the
—which year happens to be the maturity date of the last condition of the money market at the time the offerings are made. It is to
be remembered that these will be purely refunding operations, and do not
maturing funded obligation of the United States." Mr. Winmean that the Government will need new money from tbe investment marston's address follows:
ket.
The other phase of Treasury financing is the current quarterly issuance of
The story of Government finance, the science Involved, the methods used,
and the constantly recurring money questions, would be the history of the Treasury certificates. These normally aggregate about $1.000.000.000
country. I can but give you a rough outline of what the United States and at present there are outstanding 5870.000.00 maturing December 15.
owes, and now it expects to pay Its debts and conduct its current business, next. $570.000.000 maturing March LS next. Treasury certificates are
with a few suggestions as to the direct effect of governmental policies on shot t-term securities having a year or less to run and become payable on
the different quarterly Income tax payment dates. These certificates are
investment bankers.
Like most anything else in the present world, the war brought a complete sold quite generally to the banks upon a basis of payment by credit. For
new set of problems to Government finance. Without going Into the his- example, if a bank should purchase for itself or for Its customers $1.000,000
tory of war financing, it may be stated briefly that at the commencement of in Treasury certificates it would make no immediate payment of cash but
the war the public debt of the United States aggregated something over one would credit the Government on Its books with 3..000,000. Fro rn time to
billion dollars, consisting principally of the 2% Consols of 1930, 4%loan of time, as the Government requires funds In Its checking account with the
1925.and certain Panama Canal bonds. During the war and until expendi- Federal Reserve Bantu', it draws on this credit. This means the acquisition
tures could be cut in the period succeeding it, the debt of the United States or Government deposits by tin banks at a cost of simply two per cent
interest and, depending upon the length of time within which the deposit
was raised to 25% billion dollars as of June 30, 1919.
The peak of the
debt was somewhat In excess of 26% billion in August of that year, but for remains with the hank, is sometimes a very valuable privilege.
Again the war can be given as the origin of this typo of financing. During
comparison I have used the end of a fiscal year since it gives a clearer view
to use a date somewhere near a quarterly tax payment date, when the tem- sales of Liberty Bond issues, disbursements sometimes ran about 32,000.000.000 a month. Temporary financing was continuous and Issues
porary borrowings of the Government are not excessive.
During the war, expenditures were so large that It was necessary that came out as frequently as once every two 'weeks. Divides furnishing
the Government have always available a working cash balance of substan- temporary relief to the Government, these certificates were designed to
tially 1 Si billion dollars. This balance was obviously much too large for anticipate Liberty Loan issues and also to enable the taxpayer to have
peace-time operations,and one of the first and most natural things for the easy moans of accumulating funds to meet the largo tax payments, for
Government to do after the war was to use the balance in the reduction of which purpose there were generally used. Owing, perhaps, to the fact
debt. During the fiscal year 1920 the debt of the Government, as appears that taxes are not now so high, this tax use seems to be diminishing and
from the Treasury Daily Statement, was reduced by $1,185.000,000, of gradually the certificates have taken on a somewhat different character.
With a more evenly balanced income and outgo, the Treasury might
which three-fourths came from reduction in the working cash balance. In
1921 there was a further reduction of debt of$322.000,000, in 1922 of$1,014, reduce the amount of Treasury certificates continually outstanding.
000.000,and last year of$614.000.000—a total reduction up to July 11923. While the cost of short
-time financing varies, being sometimes above
of $3.135,000.000, and a reduction from the peak of August 1919 of over and sometimes below funded debt, I do not suppose, on the whole, the
4 billion. Up to September 30 1923, there has been a further reduction of certificates will cost the Government more than an equivalent amount
the debt by 3225.000,000. Truly a remarkable record for four years, but of'bonds. However, by having some certificates mature on every tax
payment date, when large sums of money are pouring into the Treasury
realization of war assets and reduction of balances
had a very material effect
from the public, and by redemption for cash and re-sale of certificates
and hereafter these factors will be of little importance.
• The present funded debt of the United States consists of approximately on credit, the Treasury has been able to make use of simple machinery
the original one billion dollars of pre-war debt, nearly $15.000,000.000 of to prevent any stringency in the money market. The tax payments
the four Liberty Loans. 3760,000.000 of the 4%% Treasury bonds of 1947- might be handled without the certificates, but not easily.
52. $4,000,000,000 of Treasury certificates maturing in less than a year. and
Treasury certificates, and to them are added from time to time notes
a third of a billion dollars of Treasury savings securities—a total debt, as and bonds as they approach their maturity, play a most Important part
shown by the Daily Treasury Statement, of $32,100.000.000. It is in the in the American financial structure. The certificates are in largo amounts,
handling of this debt and in the current operations of theTreasury that
the of short maturities, and have a very wide market. No continuing decline
problems of Government finance are presented.
in price need be anticipated, for the holder has but to wait a short period
The influences which affect the amount of debt are of first importance. and he is paid at par. These certificates now constitute for the banks
there was no consistent policy in the reduction of public debt. a secondary reserve, and they are, and properly so, treated as current
Prior to 1920
It is true there was a sinking fund but it was only available if appropriations assets practically on the same basis as cash. When a bank needs money,
were specifically made therefore, and practically little was done prior to the it sells certificates and re-acquires them as its condition changes. They
war. Of course, during the war there could be no thought of debt payment. constitute collateral for borrowings from the Federal Reserve Banks.
In the Victory Loan Act, however, Congress established the present Corporations use them generally for their idle funds before dividend or
cumulative sinking fund. This fund was calculated to retire the war debt, tax payment dates. They are the best test of the price of money. So
less the amount of foreign government obligations held by the United States long as they serve this need of the banking world, the Treasury will be
on July 1. 1920, In about 25 years. In other words,the sinking fund was so slow to eliminate them from its plans.
figured that it would retire about 10 billion dollars of debt within the period
While effort has been made to place these certificates with small purand it was expected that foreign governments would repay our loans to chasers and preference is always given to subscribers in small amounts
in
them and thus extinguish the balance of the debt. The sinking fund con- allotments. I do not believe the certificates compote in any serious degree
sists of an initial credit of 24%. or approximately $250,000,000. and a sec- with bond offerings. Their term is too short and their value for
other
ondary credit equal to the interest which would have been paid on bonds or purposes than straight investment constitutes too groat
a part of their
notes which have been retired from the sinking fund if these bonds or notes market price.
had been outstanding during the year. The fund for the current fiscal year
I have brought before you these elements of Treasury operations, reis $300,000.000: for 1925 it will be $311.000,000, and by 1937 it will exceed funding of debt, short-term financing, and payment of debt. With the
5500.000,0 yearly. You can see that it amounts very rapidly. Ofcourse, first you are only concerned in that our offerings do not disturb the
00
market.
this means, no increase in the total amount devoted to debt service, since Refunding should take from you no customers. With the second, again,
the larger sinking fund represents interest saved.
it Is only collaterally you are affected, for the certificates are a banking
The settlement of the foreign debt has progressed only to the point of an and not an investment subject. But in the third—debt payment—you
accomplished refunding agreement with the British Government.
are vitally interested.
Cuba has repaid her debt and Finland's agreement is before Congress.
For its influence on the prosperity of your business, the question you
but these Payments are not large. The British agreement fixed the debtand ask is. "Will the Treasury in its operations contribute to or take from
accumulated interest at $4.600.000.000. and provided for payments of ap- the supply of money which, like a great irrigation reservoir, exists here
proximately 5160.000,000 per year for the first ten years and $180.000.000 in America, and from which you draw your customers?" We cannot
for the next 52 years. when the debt will he extinguished. These sums repre- guarantee the future. If new extraordinary expenditures are authorized,
sent both principal and interest, principal payments increasing as the inter- new financing may be necessary or debt reduction slowed up or stopped,
est payments decrease. The British Government may make Its payutents but under conditions as they now exist I see no future drain by the Treasury.
ln_llnited States securities at par. So long, therefore, as any obligations We have drawn, and drawn deeply, from that reservoir in the past, but
Nov. 3 1923.]
THE CHRONICLE
have had to inonly during the war. To be able ourselves to draw, we
of the small
crease the drainage area of the reservoir by the education
investor.
$300,000,000 in
During this fiscal year the United States will spend
means that
purchasing for cash its own securities for retirement. This
have paid back to
each month holders of $25,000,000'of securities will
to you for new investments. In
them their principal and will be looking
will be purlike manner. $160,000,000 a year of United States securities
turned in for
chased by the British Government from holders here and
dollars every
retirement. The effect of pouring nearly half a billion
g to you.
year back into this reservoir for you to use must be encouragin
the war you
It is truly bread upon the water returned to you. During
Now with
sacrificed your own profits to sell Government securities.
reward for
normal conditions permitting, you will receive the ultimate
you yourselves have helped
your labors in the available investments funds
to create.
1939
elude the Federal Land Bank and the Joint Stock Land Bank
bonds, particularly with respect to the controversy which
prevailed between them as to their respective merits." Following an analysis of the situation, said the committee, It
was felt that the controversy established among other things
that "from any angle argued, apparently there are enough
and
legal safeguards around both the Federal Land Bank
inthe Joint Stock Land Bank bonds to make them secured
degree of safety may be a matter of
vestments, although the
e
opinion." The report of the Government Bond Committe
its Chairman, J. R. Edwards, of the Fifthwas presented by
Third National Bank, and was as follows:
Incidentally, Assistant Secretary Winston was one of those
who welcomed the Association at the opening of the convention on Monday, and on that occasion he said In part:
to raise large
During the war and afterwards, when it became necessary
that the
Rums of money by popular loans, it was upon you gentlemen
call. That orTreasury called, and marvellously did you respond to that
night, which floated this enormous camganization which sprung up over
financial
paign, was the largest voluntary contribution to the country's
success in the war.
sold
In the Four Liberty Loans and in the Victory Loan you gentlemen
65.000,000
100,000,000 separate pieces of security, and you sold them to
upwards. Think what
customers, most of them in small units from $1 50
army or the
that means. It is easy, perhaps, for a man to go into the
a change
navy, because most young men are perfectly willing to make such
to run railroads, or
in their life temporarily. And it is not very difficult
which you do in
to grow grain, or to make munitions. That is something
in giving to
time of peace as well as in time of war. But you gentlemen,
and your customers,
the Treasury your experience, your organization
which gave to
without commission, were the only profession in America
that you have been
the country its business. It is not only in war time
made
helpful. You have readily responded to every request of the Treasury
upon you in the past,
n the interest of sound finance. We have calledIt is quite natural, genand we know we can call upon you in the future.
n as its
tlemen, therefore, that your association should select Washingto
your capital.
meeting place, and on behalf of the Treasury I welcome you to
Report of Foreign Securities Committee, by Albert H.
Wiggin, Chairman.
the rehabilitation of the finances of Mexico
The plan for
and the deposit of securities by American holders of Russian
-year 61 (2% credit are dealt with in the report
,
Government 3
of the Committee on Foreign Securities, which was presented as follows by Chairman A. H. Wiggin:
the Government
Gentlemen —The most important subject that confronted
the Victory 4%%
Bond Committee during the year was the refinancing of
on Dec. 15 1922
notes. The Treasury Department called for redemption
the Victory issue of
$602,064.100 of the Victory notes. The balance of
original amount of
$879,693,750 matured on May 20 1923. Thus the
through a series of
64.495,373,000 Victory notes was gradually reduced
Department accomrefunding operations that by maturity the Treasury
money market.
plished their retirement without materially affecting the
-dated debt, which
The refunding of the Victory notes and other short
past two years.
the Treasury Department has been carrying on during the
years in such a
has distributed the maturities principally over the next five
falling due
way that there will be at no time any unmanageable amount
that would require heavy financing.
for the
Barring any unexpected developments, the Treasury's financing
outstanding
next few years will consist chiefly of refunding the present
funds and its
Treasury certificates and notes and arranging the sinking
the most
other funds applicable to debt retirement in such a way as to make
effective use of these funds in the reduction of the public debt.
in which
Praise cannot be too strongly given for the very able manner
Secretary of
the Treasury operations have been conducted by the present
the Treasury. Mr. Andrew W. Mellon.
The statement of the public debt of the United States as of Sept.30 1923.
based upon the daily Treasury statements, is as follows:
Bonds:
$599.724.050
Consols of 1930
188.489.900
Loan of 1925
48.954,180
Panama's of 1916-1936
25.947.400
Panama's of 1918-1938
49,800.000
Pararna's of 1961
28,894,500
Cenversion bonds
11,877,900
Festal Savings bonds
S833.687,930
81,951,674,000
First Liberty Loan of 1932-1947
3,198,472,600
Loan of 1927-1942
Second Liberty
3,361.546.200
Third Liberty Loan of 1928
6,327,223,900
Fourth Liberty Loan of 1933-1938
14,838.917.100
763,954.300
Treasury bonds of 1947-1952
816.486.559.330
Total bonds
4.055.148,300
Treasury notes
941.013.500
Treasury certificates
350,692.426
Treasury(War)savingssecurities
$21,833,413,556
-bearing debt Sept. 30 1923
Total interest
year
The Treasury Department reduced the public debt during the fiscal
ending June 30 1923 by $613,000,000 on the basis of the daily Treasury
Your committee begs leave to submit the following report.
Mexico.—During the year the International Committee of Bankers on
t
Mexico, after a series of lengthy negotiations with Mexican Governmen
authorities, evolved its plan for the rehabilitation of the finances of the
Republic of Mexico. This plan having received the approval of the Mexin pamphlet
ican Government. has been adopted. It has been published
the
form and the details have also been broadcasted to the public through
demedium of the daily press, so that it is unnecessary to present here a
your committee
tailed description of the plan. It is the earnest hope of
of America will
that the members of the Investment Bankers Association
co-operate in securing the prompt deposit of Mexican securities held by
s as provided by the
them or by their clients with the various depositorie
plan.
InThe following members of the Foreign Securities Committee of the
vestment Bankers Association of America were included among the American
Committee of Bankers.
members of the International
A. H. Wiggin of the Chase National Bank,
Thomas W. Lamont of Messfs. J. P. Morgan & Co.
Charles II. Sabin of the Guaranty Trust Co.,
Mortimer L. Schiff of Messrs. Kuhn. Loeb & Co.
Russia.—Imperial Russian Government Throe-Year 634% Credit.
Your committee is advised that a great majority of the American holders
with the committee
of these securities have deposited their certificates
There are, however,
formed to protect the interests of American holders.
gotten in touch with the Protective Coma number of holders who have not
New York City,
mittee, of which Mr. A. W. Dunham, 55 Wall Street,
of the
is Secretary. Your committee, therefore, urges that the members
for themselves and for
Investment Bankers ssociation of America, both
While no immediate
their clients, communicate with this committee.
holders of these
action is likely, nevertheless, it is to the interest of all
has the necessecurities that the Department of State of the United States
t
sary information on hand pending such time as this Governmen undertakes
t in Russia.
negotiations looking toward the recognition of a Governmen
year which required the
No new developments having arisen during the
attention of your committee, it has therefore nothing further to report.
Respectfully submitted,
A. H. WIGGIN, Chairman.
statements.
and
Investors holding Victory notes to the vast sum of 840,000.000
0
matured War Savings Iertificates to the enormous sum of $22,000,00
have not presented same for payment. Under the circumstances, these
this. over
investors are losing $7,316 a day in interest. In addition to
issued
500,000 investors holding the temporary Liberty bonds, which were
not prewith four coupons only, of the face value of over $43,000.000 have
These investors
sented same for exchange into the permanent bonds.
have not secured their interest for four years.
keeping in
The next activity of the Government Bond Committee is
campaigns
touch with our own members as well as others, in order that no
trade their
arc instituted, the object of which is to induce investors to
for bonds or stocks of a
Liberty bonds or other Governmental securities
low-grade nature.
t that inIn the first place, it is the desire of the Treasury Departmen
Government
vestors in as great numbers as possible may continue to own
Government bonds
securities and to buy them continuously in order that
banks.
shall be largely held by private investors rather than
permitted the
In the second place, if campaigns of this character are
unscrupulous dealers
untrained investor is caught by the activities of the
investor owning
and sharpers who are preying constantly on the small
thus millions are lost
Liberty bonds and other Government securities, and
to the investment field and to productive industry.
20, when the Victors'
These campaigns noticeably increased around May
-exemption of Liberty
notes matured, and also around July 1, when tax
this period it was
bonds was reduced from $160,000 to $55.000. During
members (by a written
felt advisable to again call to the attention of our
campaigns of this
communication to them) the resolution prohibiting
convention.
character, which was passed at the Del Monte
p. the Government
Considering our large and widely-spread membershi
Bankers AssociaBond Committee wishes to compliment the Investment
own members were brought
tion that so small a number of violations by our
to our attention.
had for its object
Another ore of our activities has been educational and
Report of Government Bond Committee Commends
the small investor, from sellthe desire to educate the investor, particularly
worthless stocks.
Work of Secretary of Treasury Mellon—Committees
ing his Government securities to buy low grade or
although a
In some small measure we have progressed in this activity
Views on Controversy as to Merits of Joint
has been touched.
great deal more can be done. This great field barely
Stock and Federal Land Bank Bonds.
contact with
it is extremely difficult to reach the small investor through
The report of the Association's Government Bond Com- regular bond houses and about the only means of getting to him is through
through the efforts of voluntary organizations.
mittee, in stating that "praise cannot be too strongly given well-conceived publicity and Bureaus, Chambers of Commerce, the InvestBetter Business
s have such as the Association, &c.
for the able manner in which the Treasury operation
ment Bankers
this direcThe Treasury Department itself has put out some publicity in with its
been conducted by the present Secretary of the Treasury,
in connection
that "the refunding of the tion, warning investors against wildcat somulties
Andrew W. Mellon," observed
campaign for the sale of Treasury Savings certificates.
before the
Victory notes and other short-dated debt, which the TreasProgress along this lino has been had by placing this squarely
recently held in
nt has been carrying on during the past two Convention of Secretaries of the Better Business Bureaus
ury Departme
City, Mo.
years, has distributed the maturities principally over the KansasTrust Company Division of the American Bankers Association at
The
dinext five years in such a way that there will be at no time its recent convention held in Atlantic City pledged its supper.; in this
due that would require rection.
any unmanageable amount falling
our own
Furthermore, we have had some publicity along this line through
heavy financing." Attention is called in the report to the Educational Director, Mr. Rice, who is co operating continuously with the
fact that the Committee had "increased its activities to In- Government Bond Committee.
1940
THE CHRONTCLE
[VOL. 117.
There is a further activity to which your
committee has given a great
deal of time. Pursuant to the request
of our President. the Government
Bond Committee increased its activities to
include the Federal Land Bank
and the Joint Stock Land Bank bonds,
particularly with respect to the
controversy which prevailed between them as
to their respective merits.
After analyzing the situation very carefully,
It was felt that this controversy had established three facts:
1. From any angle argued, apparently there
are enough legal safeguards
around both the Federal Land Bank and
the Joint Stock Land Bank bonds
to make them secured Investments, although
the degree of safety may be a
matter of opinion.
2. It appears that this controversy has not
developed any factors of
weakness serious enough to affect the price
of either class. It appears
to be largely a matter of opinion which is the
better.
3. That unwarranted "sales resistance" had
been created by this controversy. against both the Federal Land Bank
and Joint Stock Land Bank
bonds.
there has been a more reliable return to the investor
than from any other
form of our national enterprise. You may have no
fear that in its future
development It will justify your activity.
I wish also to say a word to you in these few
short remarks, as Secretary
of Commerce. As a public °Mete], with some
responsibility and an
enormous interest in the proper development of business
In our country I
wish to congratulate you on the creation of this
association and upon Its
growth and its influence, the sense of responsibility
that it has imposed on
its members, the growing sense of a professiona
l occupation In the investment banking of the United States, and a profession
that, different from
other callings, bears personal responsibility on those
with whom we come in
contact. In fact, it represents that sense of responsibil
ity throughout the
en tire American business. The merchant no longer
confines himself to his
sales he gives of service. The adviser, such as you
are. has often a double
responsibility. He must give protection.
There are responsibilities which come to you, the
responsibilities for
the nation as a whole, not alone in the better
The principal houses to this controversy gave
development of the character
expression to a desire to co- of our investment, the better
learning and better knowledge of our people,
operate in suppressing any further acrimoniou
s discussion. We feel the in the difference between speculation
situation is now well on the mend.
and saving, but In the safeugardIng
of our country in the matter of our investment
In studying the Farm Loan situation it is
s abroad. For the loans
brought to our attention that made to foreign countries,
either private or governmental, the Investment
the ease with which farmers may secure long
term credit from the Federal bankers have a large responsibili
ty. In the first instance, our people are
and Joint Stock Land banks and shorter term
credit from the Intermediate lass able to judge of the
security to such loans than they are of domestic
Agricultural banlo, has caused many farmers
to go deeply into debt to a issues: much more dependent
upon the character of their banking backing
point where many are unable to withstand
a slump in productiveness or in and even greater responsibil
ity lies with them.
the price of farm commodities.
The loan of some of our surplus capital abroad is a
Farm credit is by no means the solution of
neceesary part of our
the farmers' problem•and this whole national economy. It
promotes our exports: it increases the producIs the time, during this recession in land
prices and in the value of many tivity of foreign lands:
increases their standard of living; Increases their
agricultural products, that Farm Loan
appraisals should be made with the buying power. Trade grows
through increase of prosperity of foreign coungreatest care, and special consideration
should be given, in each instance. tries and capital is necessary
to develop their resources. But it Is essential
to the productive value of the farms
involved.
that these loans should be confined
to reproductive purposes. All loans
Respectfully submitted.
to foreign nations which are not employed for
reproductive work are a
THE GOVERNMENT BOND COMMITTEE.
destruction of the capital. The furnishing of raw niaterials, the construeJ. R. Edwards, Chairman. C. T.
Williams,
Walter P. Wyeth,
tion of transportation facilities, public utilities, factories
Frank M. Gordon,
and production
C. Frederick Childs, Clarkson Potter,
throughout the world, is a use for American capIts1 that blesses both
Everett B. Sweezy,
the
Richard E. Norton, Willis K. Clark.
borrower and the lender. The upbuilding of the rest of the world and
David A. Edgar,
Its
P. T. White,
consuming power adds primarily to world well-being, but it also adds
to
future demand for our own labor, the products of
our own farmers, the
services of our own merchants. But loans that are
Herbert Hoover, While
dissipated either diConceding Loan
Surplus rectly or indirectly
in military expenditures or useless political expenditure
Capital Abroad In Necessar
are a destruction of capital.
y, Says Moneys
Should Not Be Dissipated
Now those of us who are constantly dealing with
in Military
major domestic business
problems, to keep ourselves informed
of the economic currents in other
Expenditures.
parts of the world likely to affect the welfare of
our own people, are never
In an address at the banquet of the Investment Banker:. free from the impression that not alone the
interests of America but of the
Association on Tuesday night, Herbert Hoover, Secretary whole world depend upon the maintenance of our economic strength, and
maintenance of this strength lies in wise investment
In reproductive enterof Commerce, while stating that "the loan of some
of our prise, both abroad and at home. You
surplus capital abroad is a necessary part of our whole dianship of our national Interests, in thehave a responsibility in the guarconduct of that capital.
Now in
national economy," declared that "it is essential that these a problem those matters of responsibility in our business world, we approach
that goes to the root of our whole social life, that is, that we have
loans should be confined to reproductive purposes." "All to preserve the initiative and
the Niger and the originality of the individual
loans to foreign nations which are not employed for repro- American, and at the same time carry on this great social complex of political life. The solution does not
Ile In legislation and in government.
ductive work," he observed, "are a destruction of the capi- but It does
lie in an enlarged sense of the responsibility of the individual
tal." Thus he classes loans "dissipated either directly
or for his fellow members of society.
The building up of the responsibili
indirectly in military expenditures or useless political expenties through the standards sot by
such Institutions as yours is a direct
contribution to the greatest problem
ditures." In suggesting a new field for the employment
ha
of that we have to meet this day.
capital, Mr. Hoover called attention to "the great discoveri
I thank you.
es
a
in the transmission of electrical power," saying
"it has been
opened for us a new era in the production and distribut
ion Dr. Rowe of Pan-American Union on Loans by United
of power"; while," he said, in the last decade,
it has multiStates to Latin-America--1528,580,000 Since War.
plied our electrical equipment by ten, I am convince it
iF
d
It was pointed out at Tuesday's session of the convention,
going to be multiplied by ten in the next few years." Mr.
by Dr. L. S. Rowe, Director-General of the Pan-American
Hoover spoke as follows:
Union, that "it is a deeply significant fact that since the close
Mr. President and gentlemen, I feel
out of place In speaking before the
investment bankers in the presence of
my reticent colleague of the Treasury. of the Great War, the American people have loaned to LatinMy colleague is one of the wisest men
in the United States. I sometimes America, in public loans, . . . over
a half billion dollars."
think he is the wisest, and one of the
most convincing proofs of his wisdom
---$520,580,000. "This alone," said Dr. Rowe, "would indiis his resolution never to make a speech
of more than twenty words while in
public life. Investment banking is not
my profession, but the Investment cate the extent to which these countries are looking to the
banker is not a stranger to me. As I
review some twenty-five yearn of United States for financial co-operat
ion." Dr. Rowe adincarnation as an engineer it seems to me
that a large part of it was occupied
dressed the convention under the title "Good Will as an Asset
as an engineer it seems to me that a large
part of It was occupied In arguments with the investment banker. As
these arguments come back to me in Foreign Investment," and he prefaced his remarks with
they remind me of two main themes: Trying
to explain where investment left the statement that
"what I want to say to you to-day I say
off and where the speculation began; trying
to convince him that public in a
necessity and the advance of industry, public
purely personal and unofficial capacity, and nothing
necessity, good morals and
his own pocketbookrequire him to find
more money if ho would save the that I say in any commits the official organization of the 21
gilt-edge investment that he had already
made.
republics organized under the name of the ran-American
From the engineering point of view, the function
of the investment banker
is to find the money for the advancing equipment
Union." Dr. Rowe's address follows:
of the nation. As science
advances it is the duty of the engineer to lead its promises
up to the InvestThis occasion affords me an opporunity to lay before you the
ment banker. In my old relationship to you as
outs
an engineer I wish to sug- standing impressions of a recent tour through South America which
Included
gest to you one of the new fields, or an old field in
which there has been a Peru, Chile. Argentine. I araguay, Uruguay and Brazil. As I
look back
great advancement In the past, and one in which
you will yet be called upon five prolonged tours through South America, beginning in
1900,and
upon for even greater effort. I refer to the groat
discoveries in the trans- &sling in 1923,1 am deeply impressed with the progress that has beeh
made
mission of electrical power, the great
perfection that has been produced by not only by American Investments. but, also,
by American investors. I
our engineers in the production of power, in
the great centralization of make a distinction between the two, because it has often occurred
that conplants It has opened for us a new era in
the production and distribution siderable amounts of American capital have been invested
in Latin American
of power. While in the last decade it laa.s
multiplied our electrical equip- enterprises through the Intermediary of Canadian and other
foreign enterment by ten. I am convinced It is going to be
multiplied by ten in the next prises.
few years.
The sum total of American capital Investment In Latin-Amer
ica has inIt will produce great economies in the
distribution of the load as between creased rapidly during the last twenty years, but what is
even more importindustries, between e.easons and between hours
of the day: and, more, It will antsit has brought to its support an increasing
measure of good-will attested
reduce our reserves and equipment. It now
makes possible the generation not only by the attitude of the public authorities,
but also as shown by the
of power in great centralized plants. It will in
fact reduce the cost of the attitUdo of the masses of the people. To sum tip
the situation in a few
production of power by figures of which we
have not dreamed.
words—it is gratifying to know that American investment
in Latin-America
The northeastern part of the United States alone
has well demonstrated has passed from the period of adventure to the period of helpful. producltve
that fact. An investment of a billion and a quarter dollars means a saving and
permanent investment.
of over 500 million dollars annually in operating cost. We should make a
You all will recall the time, as I recall it, when there
was a real questioning
saving of 50 million tons in the consumption of coal.
on the part of the people of Latin-America relative
to the seriousness, the
Now it is true that some parts of our country, more particularly the permanence
and trustworthiness of American enterprise. It was a period of
extreme West, from which I come. have made groat advances in this direc- concession
hunters, who often roamed through Latin-America without the
tion. We have a continuous inter-connected power system, with the ex- n
ry financial backing and who, when securing franchises or
concesception of one gap, between Seattle and Santiago. But In the Northeastern sions, or
compiled to hawk them about in the financial districts of our
part of the United States that advance has lagged far behind both the gem t cities. Happily
for us, we have,to a largo extent, outlived this period.
-althorn and Western sections of our country,
This greater e illlngness of the man of small means to invest in foreign enterOur power development has taken place largely since the public regulaVon prises has made it
possible to organize and operate successfully large Amer-0, subtle utilities, and through thatregulation and through the better %WEI
, csn enterprises in Latin-America and to secure for such enterprises incroasin
tldiDg of the Investment banker, through the greater skill of the engineer
amounts of capital In the United States.
8
Nov. 3 1923.]
THE elFIRONTCLE
1941
When a man has reached the calm and contemplative ago he develops a
has had a farThe operation of American enterprises in these countries
had any opportunity at all for
a steady taste for reminiscence, especially if he has
influence on social conditions. In their desire to secure
reaching
his generation.
great effort to Im- active participation in the affairs of
seen the beand stable labor supply, American companies have made
There are a number of us present here to-night who have
construction of bethave followed and
prove the social condilons of their laborers through the
ginnings of investment banking in the United States,
nt of schools, the founding of recreation censecurities that looked sound and
ter dwellings, the establishme
life and com- participated in its development, have seen
ters and other important influences affecting the standard of
pathetic consequences of the process
industrial effici- conservative go bad,and have seen the
fort of the people. The demonstration of the Increase in
seen and admired the courage and entera far-reaching —but on the other hand have also
field of
ency, which has resulted through these measures, has had
the investment bankers has introduced into the
of labor in all these countries and has prise with which
securities
influence on the general condition
investment innumerable public utility and industrial
demand for improved labor and living conditions legitimate
hazardous.
given rise to a wide-spread
that a generation ago would have been classed as extra
in all branches of mining,agriculture and industry.
Let us for a few moments see this procession pass by.
enterprises in
financial events
The broad-minded policy now being pursued by American
Of course I cannot recall from personal experience the
an asset of good-will which is not
there were in
Latin-American countries is developing
of the Civil War or the period preceding that event. While
but which in its ultimate effects is influencing
elsewhere certain estabonly a great assistance to them,
the existence in New York, Boston, Philadelphia and
the attitude of the peoples of these countries toward
they were few and quite
most favorably
lished banking firms (eminently respectable),
pioneers in the business. The
United States.
investment situa- exceptional and can hardly be ranked as
as the
There is another and equally important aspect of this
of our great railroad systems of to-day such
upon me in the course of my recent trip. fragmentary beginnings
York Central, the Delaware
tion which was deeply impressed
for the Baltimore & Ohio, the Pennsylvania, the New
men out of their own
companies are securing to an increasing extent contracts
American
of rich
works, drainage & Hudson and others, were financed by groups
-construction of public works in Latin-America. Port
merchants were wont to send
by American funds and resources—much as the Hanseatic
works, water-works and street railway systems constructed
await their return or destruction at the
of Central and their fleets to uncharted seas and
companies are now in evidence in almost every country
courage and enterprise who emthese companies have will of Providence. They were men of
'South America. Notably, within the last ten years
as an barked in the transportation business as an adventure.
of good-will
bankshown a real statesmanlike appreciation of the value
There are, however,living in New York to-day at least two veteran
instances I have
all
asset in their operation in foreign lands. In several
ers who, if they would, could from their personal experience tell you
rapidity and efficiency with which
seen popular enthusiasm aroused by the
about the financial methods pursued during the Civil War. I refer to that
been constructed and the liberality which has
Stewart—
such public works have
Co., John A.
work is that of centenarian. Chairman of the United States Trust
characterized the policy of these companies. Although the
profession, the Chairman of
peoples of Latin- and that great dean of the American banking
American private enterprise, the general attitude of the
influenced the First National Bank, George F. Baker.
America toward the peoples of the United States is profoundly American
They could tell you how, in August 1861. when it became apparent that
efficiency of
settled only by
by their estimate of the sincerity, trustworthiness and
has been the differences between the North and the South could be
operating in their midst. The excellent impression that
Treasury, Salmon
companies
in Latin- resort to arms, President Lincoln sent his Secretary of the
opportunity
made is certain to open an ever-widening field of
Secretary took with him
about a closer under- P. Chase, to New York to negotiate a loan. The
America and will be one of the factors in bringing
a young man from Philadelphia who had just successfully placed a war loan
peoples and the people of the United
standing between the Latin American
of $3,000,000 for the State of Pennsylvania, at a time when the credit of
'States.
not only because that State was none too good. His name was Jay Cooke. New York to
am anxious to emphasize this aspect of the situation
I
Committees from Boston and Philadelphia also came to
opportunity, but also,
there is offered here an over broadening investment
e difficulty a three-year
s. As Secretary confer with Secretary Chase, and after considerabl
because of its far-reaching international consequence
loan was arranged for $50,000,000. $35,000.000 was taken in New York.
"There has never been a time when relations
Hughes has so well said,
a.
more satisfactory or 610,000,000 in Boston and 35,000,000 in Philadelphi
between the United States and our sister republics were
Cooke returned to Washington with the Secretary and attended a banproblem now concarried better promise of mutual good will." The real
placing of the loan, when
on the part of quet at Willard's in celebration of the successful
fronting us is to bring about a better mutual appreciation
say—"Mr.Chase, you have
closer knowledge of he heard a prominent Now York bank president
the peoples of North, Central and South America, a
now received from the associated banks the vast sum of 350.000,000. We
understanding of each other's point of view. One
one another and a better
sum will be sufficient to end the war. Should
the increasing all earnestly !hope that this
of the important factors of this situation will be the policy of
we wish to notify you that you cannot depend upon
and, to Judge it not prove enough
number of American companies operating in Latin-America,
the associated banks."
period in which the further aid from
had
• from our recent experience, we may look forward to a
These men were sincere patriots, and honestly believed that they
in the trustactivities of these companies will increase popular confidence
extreme limit. They had not the remotest notion of the investing
of purposo of the American people. The success gone the
worthiness and sincerity
Neither had the
investors to power ofa great nation when aroused to a death struggle.
of these companies will sti nulato the willingness of American
of February 1862
strengthening the Administration at Washington, for when in the month
place their funds in Latin-American enterprises, thus
first offered to the public by
the first big issue of $500,000,000 of 5.20s was
the Governinternational ties with those countries.
Great War the the United States Treasury the response was so negligible that
It is a deeply significant fact that since the close of the
disregarding ment was wrapped in gloom.
have loaned to Latin-America in public loans,
and a
American permle
Then Chase appointed Cooke as sales-agent for the Government,
The prexise
the loans of all private enterprises, over a half billion dollars.
was Inaugurated and
extent to which publicity campaign on the largest possible scale
amount is $529,580,000. This alone would indicate the co-operation.
Cooke's enthusiasm, his faith and his
prosecuted with the greatest vigor.
these countries are looking to the United States for financial
patriotism, were infectious. Money came in great streams to the selling
was the
agency in Philadelphia from every direction, and so persistent
mastream that some $11,000,000 were over-subscribed before the sales
Cooke had
chinery which Cooke had set in motion could be stopped.
Alvin W. Krech Discusses Transportation Act and found the channels which led to the investor, and in all the subsequent
had
Euronavigation of those channels until the end of the war, it was Cooke who
Limit of Return—Also Says There Will Be No
to tow the stroke oar.
principal
to Support Hugh Armies.
pean Loans
While the great bulk of the United States Government bonds,
and Treasury notes at
gold;
made
Alvin W. Krech, Chairman of the Board of the Equitable and int west, wasin theirpayable indespitecurrencythat the currency was at
the fact
purchase,
addressing the Investment Bank- par cculd be used
Trust Co. of New York, in
a substantial discount, at one time actually worth but 39% of its face value.
ers Association of America at its session on Tuesday, Oct. 30, gold being at the corresponding premium of 285.
The final redemption of the greenback at a parity with gold in 1879,
In expressing the conviction that "no nation can get on its
15 years, was an achievement beyond anything
foundation rests upon within a period of, say,in the history of finance.
feet on a firm foundation unless that
that had ever happened
a sound gold basis," declared that while he had "no doubt
In the light of the extraordinary currency inflation of the various belWorld War, and their utter
that eventually all of Europe will again enjoy circulating ligerent Governments of Europe in the late make even a start in the direcinabill y—with the exception of England—to
a parity with gold, that goal can only be tion of recovery, this performance on the part of the United States seems
currencies on
or almost miraculous. Of course, numerous elements,economic and financial.
reached through the weary process of cruelest deflation
country, none of which is
hasten this achievement
partial or complete repudiation." "When the rep- contributed toEurope of to-day. Abovein our
through
all, Europe must be given a true
in the
for all (if ever) satisfactorily presentcapable of bringing back faith in the future, without which most of
arations muddle is once
pe tee,
called upon to her efforts must remain sterile. But even given that peace—which at the
adjusted," he said, "you will doubtless be
conviction
moment seems unhappily deferred—I venture to express the
share the burden or opportunity of further constructive Eu- that none of the European countries whose currencies have depreciated to
certain: if huge standing the extent of 61% or more will be able to duplicate this great achievement
ropean loans—but one thing seems
armies and the enginery of warfare is to be supported by within the lifetime of any one of us.
nor the
I do not propose to discuss here the question of the gold standard,
the proceeds of such loans our purses will be resolutely
and deflation.
relation of creditor and debtor to the processes of inflation
'closed." Mr. Krech also took occasion to refer to "the situa- I take it for granted, and I believe that all sound thinkers are convinced
tion created by the Transportation Act of 1920. Calling at- that no nation can get its feet on a firm foundation unless that foundation
basis; and while I have no doubt that eventually
tention to the provision in the Act "by which in substance, rests upon a sound gold enjoy circulating currencies on a parity with gold,
all of Europe will again
are limited to a return of 6% and, that goal can only be reached through the weary process of cruelest deflation
railroad security holders
reparation muddle
income over and above this amount is subjected to the con- or through partial or complete repudiation. When thedoubtless be called
adjusted you will
(if
trol of the Government, either through recapture or through is once for all theever) satisfactorily
burden or opportunity of further constructive European
upon to share
the creation of restrictive reserve.funds," Mr. Krech pointed loans—but one thing seems certain, if huge standing armies and the enginery
out that "in view of the hazards to which capital invested in of warfare is to be supported by the proceeds of such loans. our Purses Will
be resolutely closed.
railroads is subjected, this limitation, if unchanged, will in
The two decades immediately following the close of the Civil War were
my opinion check and ultimately prevent the flow of new marked by continuous deflation and contraction, and a corresponding
hand it was a
capital into railroads except at the expense of the existing increase in the purchasing value of the dollar. On the other the Northern
period of tremendous expansion of business, especially in
investment in those properties." Mr. Krech's address fol- and Midwest States. Great railroad systems were built/opening up vast
areas of agricultural, mineral and timber lands.
lows:
Our financial record gave us excellent credit among European investors.
Mr. President and Brother Investment Bankers:
was a steady flow of money capital to our shores, but the particiand t
Perhaps I am not entitled to compliment myself by addressing you as
securities that supported
trust company in whom the elements are pation ofAmerican investment houses in placing the period was compara'"brothers." An officer of a
Li:nominal expansion of business activity of this
somewhat mixed is often in doubt as to what title he may have the right to t p
,
I
A. swill, hating been to a large extent monopolized by English, Dutch,
assume.
born
French and German banking houses. To be sure there were notable
You know it is said that all men were either born bachelors or
up
c p ions, but I think I am right in saying that the real substantial bebands, and one of the tragedies of life is that none of us can ever make
,
rigs of foll-fledc od Am^rIcan financing by American investment
I gi
his mind to which class ho was really born.
bankers were not made until the early SOs and from that time to 1890 the
To-night I am picturing myself as an investment banker.
1942
THE CHRONICLE
[VOL. 117.
development of the investment business was rapid, and grew by leaps and
"Unless these principles (that is, the cardinal principles contained
the Act), are clearly formulated and fairly administered it is obvious in
bounds.
that
Refunding operations, public utility development, large industrial private capital cannot be expected to provide the extensions and betterments to the transportation system, which are so vital to the
adequate
consolidations followed in quick succession, but as late as the close of the development of the country."
nineteenth century the wholesale marketing of securities was confined to
The Transportation Act contains in it a limitation which will, in my
a comparatively small clientele consisting of life insurance companies, opinion, if unchanged, defeat
the primary purpose of the Act. I refer to
savings banks, financial institutions, foreign trusts, and a small aristocracy the provision by which. in
substance, railroad security holders are limited
of large individual investors. It was not at all unusual for a banking house to a return of 6%, and
income over and above this amount is subjected to
either by itself or jointly with one or two other houses, to make a sub- the control of the
Government, either through recapture or through the
stantial issue through a half or quarter-page advertisement in the daily creation of restrictive
reserve funds.
newspapers, and then to sit quietly and patiently in their offices for applicaIn view of the hazards to which capital invested in railroads is subjected,
tions, and thus disposed of the entire block in short order.
this limitation, if unchanged, will in my opinion check and ultimately
But perhaps because these operations were not always quite successful prevent the flow of new
capital into railroads, except at the expense of the
a resort was gradually had to syndicate participation, by which the original existing investment in
those properties. An opportunity to retain for
purchasing commitment was distributed among a number of houses and its own use not more than
8% does not, under conditions as they now
institutions. Every large issuing house carried a list of desirable syndicate exist, or as they are likely
to exist for some period to come, Justify us in
participants—I should say anywhere from one hundred to five hundred. selling to the public
shares of stock in new railroad enterprises, nor can
Quite a number were considered desirable solely, or more or loss, from the shares of stock in existing
railroad enterprises be sold at par on a 6% basis.
viewpoint of expediency. Even under this system there were times of
The fact that the stocks of the best and most successful railroads—stocks
business disturbance or panic, which made these participations anything which, if that success
endures, are entitled under the Transportation Act
but a Joyride, and they frequently came home to roost in a most embarrass- to a return of more than
6% (this on account of appreciation in value of the
ing manner.
property), are selling in the market on a basis more profitable to the inThen came a period so fresh in the memory and experience of all of us vestor than 6%,in my
opinion demonstrates that the framers of the Transthat I need only refer to it in passing—how these syndicate participations portation Act have missed
the mark, and that unless economic conditions
gradually took the form of allotment on the basis of capacity to distribute; as they exist are recognized
by our legislators, new capital cannot be rehow the great World War has for a second time recruited the ranks of cruited, and the Act
will fall of its purpose.
habitual investors by the millions—democratizing the so-called investment
While the reasonable and scientific Federal regulation of inter-State
class and multiplying the number of professional dealers, until to-day one commerce by
a Commission established for that purpose will always be
is not at all astonished to hear that some important public issue is under- necessary and desirable,
in my opinion any system of laws which frobids the
written, not by a few favored associates but by hundreds of distributing
owners of property from dealing with that property in a manner admittedly
houses—in some cases well over a thousand—each in turn with a personal proper,
without first having obtained the consent and authority of a govclientele of hundreds and thousands of customers; so that every large issue ernmental
body, is a mistake. Wrong doing should be punished, and
is simultaneously offered in every nook and cranny of our country, in very punished
promptly, but the power to do the right thing at the right time
much the same manner as was devised by Jay Cooke in the early 60s
of should not be conditioned on first obtaining the consent of an administrathe last century.
tive official.
So long as any substantial number of citizens of the United States produce
Any system by which the wages of employees are fixed by an adminismore than they consume, and will seek to invest the proceeds of
that trative body is dangerous in a democracy, and if the administrative body
surplus production safely and for mutual profit to themselves and to
the charged with the power of fixing wages has no obligation to see that the
rest of the community, so long shall we be called upon for advice
and person who pays the wages has the means with which to pay, the system is
counsel, and our success will be measured to a large extent by the
self- indefensible.
control which rejects the lure of unreasonable profits in the interest of
Any rule by which people embarking their capital in a hazardous enterenduring security.
prise are limited to a return for any one year less than that fairly obtainable
Along with the evolution of this enlarged investment field there has In much less
hazardous investments results in the long run in an actual
happily developed a deeper sense of personal responsibility and a higher taking or destruction
of the value of the property already invested in the
standard of business ethics.
enterprise; under such circumstances the cost of obtaining now capital
We cannot hope to retain the public confidence unless we see to it that must ultimately
absorb the existing investment, for new capital will only
the securities which we recommend to our customers are in fact secure. flow where it may
voluntarily choose to flow.
and as a consequence of this, and of the fact that it falls to us to guide the
So long as the law remains unmodified, funds essential to the growing
investing public, and to determine what form of investment we can and transportation needs of the
country will be unavailable.
can not recommend, I wish to pause for a moment and turn to a practical
Our primary duty is not so much the protection of the railroads nor the
question that confronts us all—the situation created by the Transportation immediate interests of our clients, but lies
in the much larger and forwardAct of 1920.
looking responsibility of promoting the enduring welfare of the community
Perhaps you will remember the little paraphrase of Mother Goose, gotten as a national unit.
off spontaneously by the late delightful Henry Marquand—
"Running a railroad is only fun—
Nothing easier under the sun.
Report of Railroad Securities Committee by Ray Morris,
Humptydoo McAdoo thought that he could,
But Humpty got out while the going was good,
Chairman—Reduction of Rates Not Possible
And saddled the railroads and all of their lines
On the hack of an unlucky fellow called Hines.
While Roads are Producing Less than 5%.
And all the big bosses and all the big men
Can't put the railroads together again."
Recommendation that the Investment Bankers Association
"express confidence in the fundamental principles underlyer the epigrammatic classic of President Loree-"Railroading has ceased to be a business—it is a calamity."
ing the Transportation Act of 1920" was made in the report
For nearly fifty years, beginning in the early 708, the railroads had been
subjected to cumulative restrictive legislation—an interminable list of of the Association's Committee on Railroad Securities, pre"Thou shalt nets"; the credit of the railroads was so thoroughly demoralized sented by the Chairman, Ray Morris, of Brown
Brothers &
that the Government was forced, both during and
after Government opera- Co. "We believe," said the Committee, "that while
the Act
tion, to advance vast sums in order to keep the wheels of trade moving and
to prevent partial or complete paralysis; to a point where the executive contains certain impedecticns it has nevertheless proved to
officers and directors now have less power or
control of their corporate be a long step in the direction of the solution of the Ameriacts than are enjoyed by any other business.
can railroad problem, and that subject to such improvements
They cannot issue a bond nor a share of
stock: they cannot make nor
change a rate; they cannot fix wages nor hours of employment, nor the in operation as experience may suggest, it should stand
as an
Conditions under which the labor of employees may be performed. free of expression
of cardinal principles involving the complex relasome supervisory power or without first obtaining
the approval of some
administrative body. I have only mentioned a few important restrictions— tionships between the Government, the shipper and the prithere are hundreds of others—and I have wholly omitted reference to vate owner of railroad securities." "Unless
these principles
taxation, which is altogether another story.
are clearly formulated and fairly administered," said the
You are only indirectly interested in the restrictive regulations found
so difficult by railroad executives, and probably have little, if any, personal Committee, "it is obvious that private capital cannot be exinterest yourselves in railroad securities, but those securities have been pected to provide the extensions and
betterments to the
sold to the public by you and your predecessors—they are no longer held
by men of great wealth in anything like the volume formerly customary. transportation system which are so vital to the adequate
If there are any large individual fortunes materially dependent upon the development of the country." Referring to the fair return
income on railroad securities they are so few as to be notable exceptions, of 5%%
specified by the Inter-State Commerce Commission,
due in a large measure to the unhappy intervention of tax-free securities.
That life insurance companies,savings banks and other fiduciary institutions the report said: "This basis of rates, applied to the Comare now large holders of railroad securities only means that the man at tha mission's tentative valuation figure, has to far fallen
someforge, tho farmer, the clerk in the shop. &c.. are the real persons in interest. what
short of producing the return designated by Congress
They don't always realize it, but that does not alter the fact.
You will note in the statistics published by the Internal Revenue Bureau for the trial period. In spite of this fact, if we compare the
for 1921 the decrease of great taxable incomes; all that this means is that general earnings of
American railroads with that of the
the bonds and shares of the railroads are more widely distributed than they
years prior to rate iegulation, we cannot get the impression
have been at any time in the history of our country. Nevertheless, you
and every human being in the country are directly interested in the pros- that the railroad industry of the country, taken as
a whole,
perity of the railroads and in their ability to give adequate transportation; is doing less
well under the existing rate structure as profor the well-being of us all depends on that.
The Transportation Act of 1920 was passed for the relief and active mulgated by the Inter-State Commerce Commission. Certain
support of the transportation industry.
whole sections, however, are obviously receiving a return
You are all familiar with the provisions of that Act. Briefly, it com- far
short of the measure of fair return set by the Inter-State
mitted the Congress to the doctrine—
That the Federal Government must assume full responsibility to the Commerce Commission. The railroads in New England are
States and the nation for the proper regulation of Inter-State Commerce:
a conspicuous example of this, and it seems probable that
That adequate transportation facilities are vital and essential to the
when the valuations for the Far Northwestern railroads are
public welfare;
That there must be a constant inflow of new capital voluntarily con- completed the return on the value of this large and importributed in order to provide increasing transportation facilities for increasing tant group of
roads will fall materially short of the Comcommerce, and that to this end the rate structure should be such as to
mission's figure. As against this there are certain imporyield to the railroads in each district a fair return upon the value of the
tant groups of railroads in the country which are apparently
railroad property.
I have read the report of your Committee on Railroad Securities. The earning slightly
in excess of 5%% of their property investCommittee has reached the conclusion that the transportation system of
the country is perhaps no worso off under the operation of the Act of 1920 ment." So long as the railroad system of the country is producing less than 5% on the valuation figure accepted tentatban it was before, and degas with this significant statement
Nov. 3 1923.]
THE CHRONICLE
1943
development of the
and improvements, have thus furthered the physical
bondholder at least
country, and have made the position of the railroad
better than it has been for some years.
of the railroad situation at the
It was obvious to most careful observers
discussion that any basis
time when the Transportation Act was first under
a return that the courts
of statutory rate regulation which would provide
or on present value
would be at all apt to hold fair either on invested capital
return for the poorly located
would still come far short of being an adequate
produce a good margin
or the specially handicapped railroads, but would
particular rate condition
for the better situated railroads. Subject to the
enumerated above, this state
e Commission. prevailing in certain districts, such as those
Control of rates was vested in the Inter State Commerc
ed. The principle attached to this
column, was not vested of affairs has worked out as anticipat
control of wages, the largest Item in the expense
railroads earning in excess of the
not have the power scheme of rate adjustment, whereby the
with the Govin the Railroad Labor Board because this Board did
return shall divide their earnings on some basis
either on the carriers or on the employees, but so-called fair
expedient, whether or
to impose its decisions
charged with the ernment, is a principle which is probably politically stocks on the theory
the Railroad Labor Board, nevertheless, was the agency
in railroad
and publicity in the not it can be called fair to those who invested
responsibilities of investigation, recommendation
entitled to all the earnings in
nt body, in that as owners of the property they were
t
matter of wages paid railroad employees. The Governme
expenses, taxes and interest charges. An importan
nearly the entire excess of operating
cumulative, or whether
other words, with definite authority over rates, which are
nt body detail not yet adjudicated is whether this return is
at the expense of
of revenue, was not correlated with the other Governme
source
in the good years
reference to the largest the Government can recapture earnings
which had an important advisory position in
e it is obviously misleading
properly pointed out the bad ones. If tho return is not cumulativ
expense item, and your Committee in 1921 very
as 6%, in describing it.
such
dangerous to separate what might be called the to use a definite figure,
that it was improper and
the recovery of excess net
The present status of the recapture clause, for
about rates.
Government's advice about wages from Its definite rulings
contingent fund, is that one
operating income into the general railway
Government, mostly from the
about $100.000 has been collected by the
We give herewith the report in full:
that a
legal points of dispute have arisen,
its report at the smaller carriers. So many
whether the
When your Committee on Railroad Securities made
Court decision is undoubtedly needed to determine unconstituof 1921, the operation of the new Supreme
New Orleans Convention in the fall
recapture as sot forth by the Act is an
the Committee Government's right of
Apart from this point, the method
Transporation Act of 1920 was In its early stages, but
tal im- tional taking over of private property.
that time felt clearly that the Act was legislation of fundamen
at
the earnings are calculate,is also a matter
tion of railroad of obtaining valuations on which
by court decision. In general,
portance; that it had laid the foundation for the rehabilita
financing which is obviously going to need clarifying
Valuations has held
credit and that with the advent of easier moeny, adequate
Inter-State Commerce Commission's Division of
The conclusions of that report, written the
value of property
might once more become possible.
that the railroads cannot claim as part of the present-day
country, have
cost of bringing the property to
at a time of great financial discouragement throughout the
it was devoted to public use, the earlier built-up
Since
been well borne out by the events of the last two years.
adequate to sustain its present condition.
present value
written, the statutory rate Inteeded to assure earnings
But if the Commission insists on determining existing
It was stipulated in the Act that until
of
credit has expired by limitation.
to past history, then it is confronted with the question
return on the aggregate value of railroad property without reference
March 1 1922 a fair
difference between
Commission might applying an index-number increase to measure the
work was
should be 5%,and that the Inter-State Commerce
when the
to make provision 1923 costs and actual investment made at the time
terminal real
in its discretion add thereto a sum not exceeding 34%
the figure done. It is also confronted with the problem of valuing
for expenses chargeable to capital account, thus indicating
New York City, where the cost of replacement
estate as, for example. in
of a fair trcturn.
of 6% as a maximum figure
be enormously
reverted to the with real estate values what they are to-day would, ofcourse,
Since March 1 1922 the measure of the fair return has
representing actual
any statutory in excess of the figure taken in the valuation accounts as
Inter-State Commerce Commission without there being
on has specified 5%%• invested capital.
ay replaceinstructions covering this point, and the Commissi
In a word,if the Commission and the courts hold that present-d
the Commerce Comof an index
There is no indication in the recent rate decisions of
general ment value is to be the measure, It is hard to see how tho use
any intention of disturbing the present
mission that they have
property values in the great
Commission's tentative number can be avoided, and how the terminal
year; old. If, on the
rate basis. This basis of rates, applied to the
producing the return cities can be taken on the basis of costs fifty or sixty
valuation figure, has so far fallen somewhat short of
the test, it is hard to see how the
In spite of this fact, if we other hand, actual invested capital is
taking into consideradesignated by Congress for the trial period.
with that of modern built-up railroad system can be valued without
by better and more
compare the general earning picture of American railroads
that the tion the cost of work replaced throughout the years
to rate regulation, we cannot get the impression
apparently produce
the years prior
well under modern construction. Either alternative would
less
allowed.
railroad industry of the country, taken as a whole, is doing
Commerce valuation figures much higher than those at present
the existing rate structure as promulgated by the Inter-State
which affords at all an
Clearly, any uniform theory of rate making
however, are obviously receiving
Commission. Certain whole sections,
e Com- adequate remuneration on the general level of invested capital will make
a return far short of the measure of fair return set by the Commerc
y
example of some roads very prosperous while leaving others more or less chronicall
railroads in New England are a conspicuous
Act
mission. The
far North- on the verge of starvation. To deal with this, the Transportation
this, and it seems probable that when the valuations for the
recommendations
this large and provided that the Commerce Commission should make
western railroads are completed, the return on the value of
of the
the Commission's regarding a system of consolidation, or grouping of the railroads
important group of roads will fall materially short of
of largo systems, on the obvious theory that
this, there are certain important groups of railroads country Into a limited number
figure. As against
for
% the inequalities in prosperity, and, therefore, in the funls available
in the country which are apparently earning slightly in excess of 53j
termed out. How the
necessary maintenance and growth, would thus be
on their property investment.
ation Act
of 1920 then, not consolidations would be brought about, however, the Transport
Reviewing the operation of the Transportation Act
perfect, did not attempt to say, and the fulfillment of tho plan in its present rather
in the light of a measure which would be hi all respects theoretically
or not intangible form seems remote, on any basis of voluntary agreement between
but applying to It the test of expediency; that is to say, whether
it was good legislation in the light of the economic and political circum- the carriers.
however much this
that,
After all, the ownership of the stock of the railroads,
stances of the time, we are clear that the Act has justified itself and
private hands,and
ions, it leaves the position of the railroad industry ownership may be hedged about by legal limitations, is in
balancing all considerat
side and on the selling side of this
materially better than it was before the passage of the Act and, as a matter the private owner (both on the buying
If be is in the position of seller, he
of fact, bettor than it was during most of the early competitive period transaction) must agree with the plan.
the courts hold fair under
must otherwise be bought out on some basis which
when thero was no effective rate legislation.
eminent domain, or some
Your Committee in 1921 pointed out one obvious weak spot in this the Constitution. An extension of the right of
a form of Government
legislation. Control of rates was vested In the Inter-State Commerce similar principle, to force consolidations is only
to arrive at terms and conCommission; control of wages, the largest item in the expense column, ownership. Without it it would seem difficult
acceptable to the large railwas not vested in the Railroad Labor Beard because this Board did not ditions of consolidation which would be at once
railroad in the position of
have the power to impose its decisions either on the carriers or on the road in the position of buyer and to the small
, but the Railroad Labor Board, nevertheless, was the agency seller.
employees
when approved by the
The Transportation Act legalized consolidations
charged with the responsibilities of investigation, recommendation and
desirable, might have
publicity in the matter of wages paid railroad employees. The Govern- Inter-State Commerce Commission, which, though
respect consolidations may
ment body, in other words, with definite authority over rates, which been impossible under earlier laws. In this
rehabilitation. Otherare nearly the entire source of revenue, was not correlated with the other become a very vital part of the program for railroad
deepen, rather than flatten
nt body which had an important advisory position in reference wise, the inequalities in credit will apparently
Governme
e in 1921 very properly out, and it will tend to be increasingly difficult to effect the reorganization
to the largest expense item, and your Committe
to separate what might of the properties to roccivcrs' hands. Even to-day reorganizations are longpeinted out that it was improper and dangerous
can
wages from its definite rulings di awn-cut affairs; the principal reason being that junior bonds or stock
be called the Government's advice about
to attract new
be used, as they were used in former reorganizations,
rarely
about rates.
corollary of which
at par offcrs no speculative inducements; a
basis except
A further survey of the Act, In retrospect, indicates certain other rather funds. Stock
be done on a secured debt
s. Broadly speaking, the railroad cannot enlarge their is that reorganization must usually
basic limitation
under the plan to
also enlarging their facilities. so far as former holders of debt or preferred stock agree
earnings on the basis of present rates without
the security
which Is Junior, in effect, to
In other words, the present volume of traffic taxes their facilities to the accept a reorganization stock
credit, in its
be which they already hold. It seems obvious that railroad
utmost, and we, therefore, get the vicious circle where earnings cannot
of public esteem which attracts
without first Improving credit so as to command broader significance, ought to mean the kind
enlarged to improve credit
ability to sell evidences of secured debt,
the capital necessary to enlarge facilities so that traffic and earnings may equity investments; not merely the
finance
the strongest roads can attempt to
be enlarged. It is rather difficult to show this statistically other than to yet it is rarely indeed that even
point out that the aggregate railroad mileage of the country has decreased, by the sale of stock.
total increases in railway
To illustrate this point it may be noted that the
instead of increasing, since the Act went into effect.
total increase in
debt between 1911 and 1921 was $1,345.126.548;
Another point worth considering is that tho railroads now are contributing funded the same period was $574,821,251, nearly all issued for bonds in
re, which is, at least in part, a community better- stock in
holder, not a
in two ways to expenditu
reorganization and representing a sacrifice by the security
ment and from which the railroads as such get no direct return. Expendidebt amounted to
new investment. At the close of 1921 the funded
terminal combinature for the abolition of grade crossings or other improvements in congested
56.1% of all railway capital (excluding switching and
dividends.
areas is for the benefit of the community as a whole, but the railroad conthat year only 56.3% of railway stock was paying
its taxes (which are proportionately heavier tions), and in
tributes to them in part out of
cannot appeal to
The net result of all this is that the railroad reorganizer
of the community in general), and,in the second place, by capital
or whatever
interest,
than taxes
the very elements of hope ulness or of speculative
the
expenditures on its own credit. A material portion of the taxes paid by
optimism responsible for building
the railroads in certain sections also goes into highway construction and one may choose to call the force of
instead, he must rely on the
American railroad system to its present statute;
competitor—the motor truck.
directly benefits an important
instinct and training,
much narrower appeal to the buyer of bonds. By
With those exceptions, the general workings of railroad control under
to future prospects.
the buyer of bonds turns to past performance rather than indicates that the
,
the Transportation Act of 1920, as seen in retrospect have been on the
receiver
of earlier days who bought But the very fact that a road is in the hands of a
whole satisfactor;; not perhaps to the investor
in past performance
property about to be reorganized is necessarily deficient
good its future
stocks on the theory that he become absolute owner in a highly profitable
this may have been due to bad finance), however
ry in that they have greatly stabilized the chaotic (although
dragged out to insituation, but satisfacto
prospects may be. Consequently, reorganizations areunsatisfactory consituation of a few years ago, have greatly reduced the output of
railroad
general
ordinate lengths with heavy legal costs and
hasty and ill-considered railroad legislation, have made it possible for the
ditions.
bettor located and better managed railroads to secure funds for equipment
Committively by the Inter-State Commerce Commission,the
and so long as the Government receives one-half
tee said,
that any
the excess earnings above 6%, it is not apparent
to the
general reductions of rates will be possible. Referring
wherein "one obvious weak spot
Committee's report for 1921,
In this legislation" was pointed out, the report submitted this
week said:
1944
THE CHRONICLE
(VOL. 117.
It should be noted in this connection that England has had a problem In
The important gain to the holder of railroad securities,
some respects similar, but much less complex, in its efforts to amalgama
however, is the
te recognition of the constitutional principle. It
will be a long time before.
the railways of Great Britain into four groups.
the courts determine finally what the proper basis for
Yet this problem, according to the testimony before the House of
valuation is, and a
Com- long time after that before any figure now in
hand can be brought up to
mons of Sir Frederick Banbury, Chairman of the Railway Companies
' meet the requirements of the court decision,
but, given the accepted prinAssociation. was so intricate," . . . that it almost passed the
wit of ciple of a fair return on a fair value, we have
achieved a groat stop forward,
man to know how it could be solved." And this in a small, compact
coun- and are probably more secure than we have
been at any time in many
try without the limitations of a fundamental constitutional
law. At the years from unintelligent radicalism
which fails to see that loss of credit
present time, agreements have been reached between nearly all
the largest and extension of facilities arc two
things which cannot go together. If
British companies, although in some cases the terms of fusion
still remain the basic principle stands, and your Committe
e believes that it will stand.
to be approved by the shareholders or require the sanction
of the amalga- the slow process of analysis and judgment
by the courts must in the end
mation tribunal appointed under the Railways Act.
determine what elements of value are fairly to be included,
This must be regarded as a remarkable achievement in finance,
and a figure
and It found which will be a substantial protection
to the investor, not only under
Is important to note that administra
tive conditions were established so as the present Act, but
in the event of any future program of Government
to enable practical progress to be made with consolidation. For
instance, ownership or of extension of the principle
of eminent domain for the purpose
the consolidations were made on the basis of the best year of net
earnings of forming group consolidations.
the companies had ever had, plus a further sum equal to a return
on the
Your Committee recommends to the Associatio
capital invested since that year. Next, the rate structure had
n, therefore, that we
been ad- express confidence in the fundamental principles
underlying the Transportajusted to the higher costs and taxation so as to be assured that the railroads
tion Act of 1920. We believe that while the
Act contains certain imperfecwould produce the proper amount of net earnings. The large expense
of tions it has, nevertheless, proved to be a long
step in the direction of the
the usual stamp taxes for the exchange and conversion of securities
was re- solution of the American railroad problem,
and that subject to such immitted. In substance, the Government did not expect to get the
benefits provements in operation as experience
may suggest it should stand as an
of consolidation without first of all providing a practical method
for action expression of cardinal principles involving
the complex relationships bewithin a reasonable time, and after that making it a matter of
compulsion, tween the Government, the shipper and
the private owner of railroad
which, under English law, Parliament could do.
securities. Unless these principles are clearly formulate
If we interpret correctly the facts which have been stated, we are
d and fairly adinclined ministered, it is obvious that private capital
cannot be expected to provide
to believe that the work-out of the group-consolidation plan should be
re- the extensions and betterments to the transporta
tion system which are so
garded as a step towards the elimination of some of these difficulties
, but vital to the adequate development of the country.
that the practical machinery for putting any such plan into effect
still remains quite unformulated.
Respectfully submitted,
RAY MORRIS, Chairman
In any event, so long as the railroad system of the country, oven
JEROME R. RANAUEK
under
FRANXW REMICK,Vice-Chairman JOSEPH R.
conditions of prosperity, is producing less than 5% on the valuation
SWANN
figure
PIERPONT V. DAVIS
accepted tentatively by the Inter-State Commerce Commissio
GEORGE WHITNEY
n. anS so
THOMAS NEWHALL
long as the Government receives one-half the excess
301IN E. BLUNT, Jr.
earnings above 6%.
ALBERT STRAUSS
It is not apparent that any general reductions of
B. HOWELL GRISWOLD, Jr.
rates will be possible.
F. J. LIBMAN
The looseness of the figures on which the
fair-return calculations are
based is apparent when we consider the fact
that the mileage on which final
valuations have so far been determined
is only an insignificant part of the
railway mileage of the country, and that
even these valuations have not David F. Houston of Bell Telepho
ne on Growth of
yet reached the test of a Supreme Court
decision, although the work of the
later-State Commerce Commission, Division
Public Utilities.
of Valuations, has been carried on actively for ten years at a cost well in
David F. Houston, President of the Bell Telephone
excess of $75,000,000.
Your committee submitted a careful
Secu,report on railroad valuation at rities Co.,
speaking at Tuesday's session of the convention,
the 1922 convention,in which the requireme
nts of the Act,the methods and
dfficulty of finding value and the verities
salient points of difference be- said, "if we can get each individual in society who has the
tween the Government and the carriers were
pointed out. Commissioner brains to exercise the will power and to
work and save and
Clark testified before a Senate Committee on
Oct. 29 1921 that the value of acquire
a stake in society we shall make our democracy,
$18.900,000,000 taken by the Commission as a temporary figure for
the
purposes of the Transportation Act of 1920
which Is already the strongest in the world, Impregnable."
represented
". . . the fair value as closely as could
In part he also said:
mated at that time, of the physical property be estimated and approxiwhich was devoted to the
transportation service. We had a
This Is essential not only for the individual and for the
nation, but, as I
ered In our valuation work, which mass of information which we had gathis not in complete form to be given out said, for American business. It is essential
in the form of reports or findings, and the Transporta
for the utilities in which I am
tion Act specifically particularly interested. The
authorized us to avail ourselves of that informatio
nation is growing. The business of the
n. We availed ourselves nation
of all the information that we could.
will grow. The public utilities are growing. They render a
service
"The cost of the property, according
which they urged upon us as representi to the books of the carriers, and which the public must have and must have increasingly. We have gained
ng the value, was something in excess as a nation nearly thirty millions of people in
of $20,000,000,000, The value
twenty years, and it is very
which we found for the carriers of the difficult to
country as a whole, for the purpose
keep up with the American nation. It has been estimated
that
one-half billion, and that included of that case, was about eighteen and the public utilities lone, the
the materials and supplies on hand and
electric light and power, the electric railways
reasonable working capital."
and the gas companies require fr. m about seven hundred to nine
hundred
In reply to a question from Senator Jones,
of New Mexico. whether the millions a year. Much of this is for new business, and of course much of It
figure included the increase in the
value-of materials and .property in must bein the form of new capital, because all of it cannot be made out of
recent years since the roads were constructe
d. Commissioner Clark replied earnings. They must get the money from the public. They must get it,
in the negative and stated that the
principal figures used in the Commis- as you know, in a highly competitive market. There can be no compulsio
n
sion's valuation were those of 1913 and
1914. In other words, the basic about it. They have no taxing power. They must pay for money what
figure upon which this very moderate fair
return is now calculated can in it is worth, and that is a fact, of course, which must be recognized by the
no sense be taken to represent what the
cost would be of duplicating the public As well as by public bodies, and therefore public utilities must of
facilities (after proper allowance for
depreciation) under costs as they are necessity secure and maintain not only that cleanness and soundness of
to-day. Should we apply as a measure
of comparison the United States management but that solidity of financial structure which will enable them
Labor Department's commodity index,
disregarding entirely the question to attract in fair measure the savings of the people of the nation on a
reasonof wages outside that commodity index,
we would find that the average able basis. Personally I believe that the American people are
primarily
commodity cost has risen about 50%
since 1914. There is no reason to interested in good service; that they aro willing to pay reasonable
rates:
suppose that the increased cost of railroad
and I am also inclined to think that any well-managed
public utility will
less in recent years than the increase in construction would be materially
the general wholesale commodity not have to charge a rate that would be regarded as unreasona
ble or that
average, and it is probably safe to say
that such part of that valuation would be at all commensurate with the service that tho utility
renders
figure of $18,900,000,000 as represented
work done prior to June 30 1914, to the individual.
should be increased nearly 50% to bring it
As a matter of fact, how do utilities stand in this manner? How do
up to present reproduction cost,
they
less a proper depreciation charge on
equipment, machinery, and other stand in the investment market? How do they deserve to stand? Your
property which wears out in service.
Roadbed, however, which is kept committee has reported that they have had to do financing to tho extent
under full maintenance as an operating
charge, can not be said to wear out of two and one-half billions in about throe years: that they could not have
in service, and does not seem to be an
appropriate subject for a depreciation done this unless they had been sound and they had been able to attract
charge.
the savings of the American investors. I need not elaborate that. That
As to the probable attitude of that Supreme
Court on the broad question Is sufficient evidence. I believe it is true. I believe it is true of each class
of what constitutes property value, the Court
of the public utilities and of the average in each class. There are utility
valuation placed on properties of the Southwest said, in reference to the enterprise
s that are not. I suppose, in the position in which they would like
ern Bell Telephone Co. by
the Public Service Commission of Missouri
to be or in the position that we should like to see them. Some of them
(October term, 1922):
"Obviously, the Commission undertook to
perhaps were badly conceived, some badly managed, some with the wrong
value the property without
according any weight to the greatly enhanced
costs of material, labor. attitude and unsatisfactory public relations, but as a rule I think the statesupplies, &c., over those prevailing in
common knowledge, these increases 1913, 1914 and 1916. As matter of ment is unquestionably true of each class of utilities and of the mass of
were large. Competent witnesses utilities
estimated them as 45 to 50 per centum."
in each class.
We know that their securities are widely held. I have seen it
estimated
The opinion held. further, that
that on the average in each of the last three years they have sold to the
"It is impossible to ascertain what will
amount to a fair return upon American public 8700.000.000 of their securities. I doubt if many of the
properties devoted to public service without
cost of labor, supplies, &c.. at the time the giving consideration to the American people realize Just what the rank and status, what the magnitude,
investigation is made. An of these public utilities are. There are certain
honest and intelligent forecast of probable future
things that they are familiar
of all the relevant circumstances, is essential. values made upon a view with. They are habituals so to speak. They see
them everywhere but
element of present costs is wholly disregarde If the highly important take two of
the leading groups and take three of the essential factors.
Impossible. Estimates for to-morrow cannot d such a forecast becomes
ignore prices of to-day."
The railroads are reported to have capital stock of about
6.7 billion dolAlso:
lars. the utilities of 5 billions, the road and equipment of the railways
a
"After disallowing an actual expenditure of
value of 20 billion dollars. the plant and equipment of the utilities
8174,048 60 for rentals and
14 billion
services by the American Telephone & Telegraph
Co. and some other dollars. the funded debt of the railroads 101i billion dollars, and the funded
items not presently important, the Commission
estimated the annual net debt of the utilities 7 billion dollars. Many of those have come
profits on operations available for depreciati
in com_approximately 111-3% of $25,000,000. on and return as $2,828,817 60 paratively recent time and the magnitude, as I say, of their operations
That 6% should be allowed
is
for depreciation appears to be accepted by the Commission. Deducting not so commonly known to the public as that of some other enterprises
.
this would leave a possible 5 1-3% return upon the minimum value of the
It would be impossible for me to attempt to make any full survey
property, which Is wholly Inadequate considering
of the
the character of the invest- utilities. Your time would not permit and I have
ment and interest rates then prevailing."
had no time, since your
officers were good
To review these points briefly, it is probably clear that we may regard a habit, which I enough to ask me to come here, to make a survey. I have
hope you will respect, of talking only about things of which
the Court as committed to recognition of the general principle that railroad I think I know
something and I want for a few minutes to talk to you about
property is entitled to earn a fair return on the actual value of that part the utility
about which I now know something and to indicate to you what
of the property devoted to public use. It is also quite clear that the present conceive to be
not only its status but something of its attitude and view
of
determination of actual investment by the Commission will be far out public utility
matters. I refer, of course, to the Bell System.
of date when it is completed, and that the decreased purchasing power of
The Bell Telephone system. is. I believe the biggest
private enterprise
the dollar since the war will result in this figure being a very different in the world.
It is certainly one of the two biggest. Its expenditures for
thing from the cost of reproduction new, less depreciation.
all purposes were greater than the pre-war expenditures
of any governmen
Nov. 3 1923.]
THE CHRONTCLE
In the world eacept five, greater than those of Austria, Hungary, India,
Chile or Japan, and its expenditures last year for new business were greater
of
than those of any government in the world except 11, greater than those
you
Spain, Argentina, Ca mda, or Brazil. .t is the parent company, as
companies, of the
know of the systems in which there are 26 associated
it
capital stock of which it owns on the average something over 90%. and
owns nearly all of the Western Electric. It is the only private, nation-wide
Institution in America. It covers the entire continent. It furnishes
nation. It
facilities within easy reach of practically every individual in the
is relatively, for that reason, as well as other, independent of prosperity and
depression and of local happenings. It serves a nation of 110,000,000
people. It furnishes in this nation 64% of all the telephones In the world.
It has made a nation's business liquid or helped to make it liquid and its
processes reliable and quick. The book cost of its plant—not Its value,
and
which is higher—is approximately $1,900,000,000 and its surplus
reserves nearly 8600,000.000.
the habit is
There is no diminution in the uso of the telephone anywhere,
growing, and the population is growing faster than it is possible to keep up
is in
with Its need. There is, practically speaking, no competition. It
effect a nation-wide monopoly, and therefore it is regulated. It is subject
in most States to the regulation of commissions, and this regulation the
American Company and the Bell System welcome. They have never
in
fought regulation of their business, they welcome it. They have faith
America, in the integrity of American institutions, in the desire in the main,
on the part of public bodies in America to do justice, and have faith in the
justice and fairness of the American people.
I have confidence that if this utility of which I am speaking primarily or
any other utility that is following a similar course, persists in its desire to
furnish, so far as it knows how, an ideal in cleanness of management and
efficiency, in fair dealing with tho public and with public bodies, in its
attempt to furnish a service to the consumer that is worth very much more
than it costs him, at a rate which will be reasonable in a nation-wide service
based on a continent and ten millions of people—if it continues to pursue
this policy, and I believe that it will undertake to improve in each item, I
know of no reason why the securities, not only the bonds and notes of that
utility and any other similarly conceived and managed utility, may not continuo to be a safe investment for the funds of large and small investors as we
know how to produce, but that its stock also will continuo to behave more
nearly as a bond does, or certainly as a preferred stock does. I see nothing
concerning the public utilities of this country, other about which I am now
capable of.spegking, some of them having passed through periods of transition, that they need fear in a country that affords to mankind in higher
measure than any other government in the world the protection to his
property and the legitimate fruits of his efforts which fortifies them not only
by constitution but by statutes and the Just interpretations of its courts,but
above all, maintained by the timber of the American people, their Justice
and fairness.
Report
tunity to obtain exceptionally attractive yields In securities based on sound
Industry. However, the small investor's opportunity does not lighten
the task of distribution ot the in-Vestment banker, except, insofar, as It
creates a possibility of wider security Markets. Perhaps it even makes the
task more difficult for the investment banker as it involves added expense
to him because of the smaller sales per individual.
Happily, in the interests of the industry and the public served, there is
evident, to a marked degree, a steady broadening of the market for utility
demand
securities. It is noticeable in two ways—first, in an increased
which
from institutions such as savings banks and insurance companies
and, secondly, in the last three
gather in the small savings of the people;
hundred millions
Years especially by sales of securities to the extent of many
of dollars direct by companies to the users of utility service."
of Public Service Securities Committee—
Broader and More Uniform Laws for
Public Utilities Urged.
It was recommended in the report of the Committee on
Public Service Securities that the members urge, "wherever
lacking, that the State Commissions be vested with authority
over the valuation, rates, services and capitalization of privately owned plants and that there be required and published
full financial reports of operation. With a growing industry
still requiting large sums of new capital from year to year
for some time time, it is essential from an investment banking point of view alone that the laws for the regulation of
the public utilities by States be broader and more uniform
than at present." The Committee stated that it does not
believe "the best operating results can be obtained by the
industry until the Commissions have such broad authority,
exercise it judiciously and regularly, and publish full financial reports of operation." In emphasizing the need for uniform laws and the need for full financial statements, the
report presented by the Chairman of the Committee, Henry
It. Hayes, of Stone & Webster, Inc., of New York, said in
part:
Much attention must be given to this fundamental phase of public
utility industry because in many States there does not exist a thorough
appreciation on the part of the users of utility service, of their real financial
and economic Interest in this kind of public supervision of the industry.
Those investment bankers who are identified with the actual sale of
public utility securities know full well how sensitive the minds of investors
are to any tendency, economic or political, which will, or even might,
adversely affect honest investment. Investors seem to possess that kind
of instinct which can recognize agitation of a purely political character
and are very much disposed to withhold funds from the business while
such agitation exists. Continued withholding of funds cramps a utility
and the public is eventually not adequately served. It is very unfortunate
that voters in general, who naturally are themselves daily users of utility
service, do not yet seem to have acquired any such discernment. It has
become more evident than ever that a development of local sales ofinvestment securities by operating companies direct to users of service will be
helpful in preventing such unfair political attacks.
When administered with the broadest powers and in a judicial manner.
State-wide regulation of public utilities has been conclusively proved in
the opinion of your Committee to afford the best guarantees which investors
can have in this country for a maintenance of that integrity of investment
necessary for a ready flow of money into the business (see annual report,
1922 Committee). Where such conditions do not exist we find lack of
development of the business or higher costs of money or both—conditions
which adversely affect the costs of service to the consumer."
Investment bankers have performed a very valuable service to the
public in their succmsful efforts to secure large and small accumulations of
savings to provide the funds required. As should be more fully recognized
by the taxpayer and the non-taxpayer this task of raising funds has been
made difficult to the industry and investment bankers, chiefly because of
the general systems of taxation throughout the country. The high taxes
prevalent in late years have. as we know,forced individuals possessing largo
Incomes into the sale of taxable and the purchase of non-taxable securities.
Undoubtedly this selling of taxable securities added to those issued in large
volume for expansion of property is an important factor maintaining high
costs of capital. The investor of small means gains thereby the oppor-
1945
A careful study of the policies of the various States
throughout the country in regulating the industry was made
by the Committee, and what is termed "a convenient summary of the jurisdiction and powers of the State Commissions" is embodied in the report. Following the presentation
of the report a discussion as follows took place:
like to ask
The President. Are there any questions that anyone would
Are
about the report of the Committee on Public Service Securities?
have
there any remarks that anyone would like to. make? Mr. Hayes,
you anything further to suggest or say?
recomMr. Hayes. Mr.President and gentlemen, yetis Committee has
lacking,
mended in its report that members of the association, wherever
valuation of
that the State commissions be vested with authority over the
there
rates, service and capitalization of privately owned plants, and that
be required and published full financial reports of operations.
members the
On that account the Committee would like to submit to the
the question of adopting this report. We would like to have this report
it
widely distributed, and if it meets with the approval of the convention
would be of great assistance in this work if the report were adopted. In
order to promote discussion on that matter, Mr. President, I move you<
sir, that the report of the Public Service Securities Committee be adopted.
Mr. Nickerson. I would like to second that motion.
this
The President. I may say for the information of those present that
has been thoroughly discussed by the Board of Governors and approved
for presentation to the convention.
Committee
Mr.Bedell. Do I correctly understand that the report of the
having the
is limited to urging the recommendation of the public bodies by
regulation refer to only privately owned companies.
The President. Mr. Hayes will answer that.
concerning
Mr. Hayes. There is a discussion you will find in the report
municipal operations.
has been
That is referred to on page 11 of the report. I presume that
read by the members.
as to the
The President. There is, .Mr. Bedell, a recommendation
public utrities.
supervision and publication of the accounts of publicly owned
are t y as there
Mr. Bedell. My understanding is that in our State we
own xi and
to get all public utility companies, whether they are municipally
kind of reports
operated or privately owned and operated to make the same
and have the same kind of regulation.
Mr. Hayes. That is tho opinion of the committee.
The President. Does that answer your question, Mr. Bedell?
again, as I
Mr. Bedell. I would like to have him read the resolution
did not get it.
Securities
Mr. Hayes. I move that the report of the Public Service
Committee be adopted.
anything more.
The President. That has been seconded. Do you wish
Mr. Bodell?
privately
Mr. Bedell. As I understand it, it was limited simply to
owned companies.
report. Are
The President. No: it covers everything. That is in the
there any further questions or remarks?
Committee if
I would like to ask the chairman of the
Mr. Sinsheimer.
recommenho can indicate to some of us, in summary form, just what th3
m reading the
dations of the Committee are that we are asked to endorse. I
recommendation
report it is difficult to find just where there is a definite
as distinguished from a discussion.
recommendaThe President. Mr. Hayes, can you briefly state those
tions?
members, in
Mr. Hayes. I attempted to cover that, Mr. President and
would
the summary of the report. The essential points that the committee
paralike to have submitted for approval are contained on page 11, second
graph:
of this
"Your Committee recommends, therefore, that the members
association urge, wherever lacking, that the State commissions be vested
capitalization of
with authority over the valuations, rates, services, and
and_publlshed full
privately owned plants, and "that those be required
financial reports of operation.
discussion with
In the following paragraph on the same page there is a
utilities. In
respect to supervision of municipally owned and operated
the fourth paragraph. page 11, we say:
is
"Where legislation is proposed to provide for public operation, it
the puressential in the public Interest to see that provision be made for attended
existing properties at fair values in order to avoid the evils
chase of
all
on competitive plants long recognized as distinctly undesirable from
points of view.
Mr. Hayes. On pages 14 and 15 of the "Expressions of Opinion"
with tcspoct to the disclosure of information. Does that cover_ your
suggestion?
Mr. Sinsheimer. That covers what f wanted.
The President. Are there any further remarks?
(The question was called for.)
The President. If not, the question is called for.
Mr. Bodell. What recommendation has the Committee made concerning electric railway securities, or the safeguards that should be put
in to make those securities legal investments?
Mr. Ilayes. Mr. Bedell askos what has been done by the Committee
concerning electric railway securities, or the safeguards that should be
put in the Savings Banks Bill which would permit of those securities
being legal investments. Your Committee has no recommendations
about that. It is a matter that should be studied by the 1924 Committee,
will
and such study as your 1923 Committee has given to that subject
be passed on to the next Committee.
consideration was
Mr. Rex W. Dodge. I would like to inquire what
given by the Committee to the item of depreciation for safeguarding the
net earnings?
Mr. Hayes. I am very sorry that I cannot speak authoritatively on
the details of that subject except to say for the Information of the members
that Mr. Addinsell. of the Committee, has given this subject considerable
eqnsideration for three or four years, and that this bill, as now drafted.
1946
THE CHRONICLE
may be changed materially next year on account of some new factors
that have come in for consideration. It has been carefully prepared by
the Committee, the mutual savings banks and some of the people representing the industry. Perhaps three or four hundred bond issues have been
submitted to test under this bill, and it is very interesting to see the results,
and we feel that these safeguards, If used in this bill, will allow the selection
of good sound utility bonds for savings banks. I am not in a position
to speak about depredation, but I will add this, that we are going to try
to develop some entirely new yardstick to measure this depreciation,
but this matter of depreciation is to be considered by the 1924 Committee. We are looking at it in this way. It is an entirely new thought.
After deducing from the gross earnings operating expenses, taxes and
interest, what should be the percentage or gross available, after meeting
those charges, in order to create a safe bond.
Mr. Dodge. I would like to Inquire further regarding your statement
that you figured net earnings of 1 al times the interest charges, whether
that was before or after depreciation.
Mr. Hayes. I cannot advise you about that, and In adopting this
report nothing is said about that. We would much prefer not to get into
that discussion now. We have simply covered this matter in order to
report progress. We would like the benefit of your suggestions about it.
The President. Gentlemen, the question has been called for. If there
are no further remarks, all those in favor of the adoption of the report
will signify the same by saying "Aye" and those opposed "No."
(The motion carried.)
As to two subjects which were scheduled for discussion
following the report, Mr. Hayes said:
We had up for discussion two important subjects, one,"What are the desirable safeguards to be embodied.in a State law to make public utility bonds
legal investments?"
Mr.Jewell was to lead this discussion for the Committee, but I believe he
has been unavoidably detained in Boston and could not attend the convention. I want to say in behalf of the Committee that this matter, as the
members know, has been under discussion for a good many years. At the
request of the mutual savings banks in one of the large states, the Committee with one of the national associations—I think, in fact, with all the
national associations in the utility business., which is the gas, electric light,
and railway industry, have had under active discussion a law proposing to
amend the savings bank law to admit utility securities.
On account of the limited iime available I will simply point out today
the main factors of that Bill and make ono or two remarks.
"The bonds of corporation incorporated under the laws of any State or
ettbdi vision of the United States engaged in the business of supplying electric
energy and gas or both,for light, heat, power, and other purposes or for
telephone service, subject to the following conditions and restrictions.
(a) Such corporation khan, atethe time of such investment, be subject to
the jurisdiction and supervision of a properly constituted public service
commission or a proporly.constituted commission, board or department
having authority similar to that of a public service commission.
(b) The outstanding capital stock of such corporation shall be equal to at
least one and one-half of tho total mortgage indebtedness issued, assumed or
guaranteed by such corporztion or otherwise secured by mortgage lien on
any part or all of its property, provided however, that in the case of a corporation having non par value shares the property of the corporation as
shown by its books shall exceed by at least one-half the total mortgage indebtedness including any new issue of bonds then being offered.
(c) At no time within' the five fiscal years next preceding the date of any
such investment shall such corporation have failed to pay regularly and
punctually the matured principal and interest on all its direct, assumed and
guaranteed mortgage indebtedness.
(d) For a peeled of three fiscal years and for the last one of such fiscal
years next preceding such investment, the net earnings of such corporation
shall have been at least one and three-quarters times the amount of Interest
and rentals as herein defined in this subsdivision, including in the computation of interest for the laet one of such fiscal years, ODO year's intsrest
on any new issue being offered at the time of such investment."
Those are the general provisions today and express your Committee's
Ideas.
In addition to this a good deal of study is being made to see the extent to
which electric railway securities might be admitted. The Committee has
to report to make on that subject today.
[VOL. 117.
ting value for their stock, and at the end of an oil poduoing field there is
practically nothing to liquidate.
Accordingly, the producing field, as distinguished from the other branches
of the industry,should be financed almost entirely by individual enterprise.
And such financing may be perfectly legitimate, though it is frogiently
otherwise. This depends on two circumstances—the type of person furnishing the money, and the type of the proposition in question. Examples
of the latter are as follows:
I. A prospect based on being near an established field.
2. A prospect based on geological probabilities.
3. An exploring and prospecting company.
4. A group of producing wells.
5. A number of industrial producing properties being consolidated into
one company.
6. A small producer wishing to extend operations.
All of these may or may not be legitimate. Any of the first three, In the
right hands, may develop into sound business enterprises. On the contrary,
they may be only bait put out in as attractive fashion as possible to get the
money of inexperienced people and make away with it. Any of the last three
may also be sound and legitimate; or they may be fraudulent—as, for example, when the producers know that their oil is mostly exhausted and seek
a means of unloading under cover ofseemingly legitimate operations.
It is perhaps unnecessary to call attention to the tragedies that have
come to people of small means, who have been persuaded by unscrupulous
or overenthusiastic producers or stock salesmen to join such enterprises as
described above. A large part of so-called "fraudulent securities" have
been connected with oil promotions. Oil stocks and mining stocks both have
to be sold in the earlier stages on a basis Involving anticipation of large
profits; and inexperienced promoters as well as unscrupulous ones, often
take advantage of the desire of people of small means to become rich. They
seldom, however, present their proposition fairly in respect to its risks. If
they did, they would still find some money available from people of this
class, but only a small proportion of what they can get by minimizing the
risks and magnifying the possible rewards. This whole situation leads, as
has been said above, to many personal tragedies which the investment
bankers should make every effort to prevent.
The general conclusion to be drawn is that the person of small resources
and Little or no means of getting specific information should not invest in
the producing field. This does not mean, however, that there aro not
ample financial resources available for the development of oil production.
Those, however,should come directly or indirectly from such as the following.
1. 011 operators who uso their own funds or operate for groups of capitalists. They are usually on the spot, can get first-hand information, employ
experts, and are accustomed to stake their resources and their reputations
on being successful. They may be producers themselves, or merely buyers
and sellers of properties, but in either case they are the professional element
in the
2. Capitalists who aro willing to risk their own money for the prospect
of large rewards. They usually place their money with operators, or
through bankers who specialize in the financing of producing enterprises.
The capitalists may be men of wealth or they may be active business men
who are willing to have a little of their money working in some speculative
way. But in any case they have their eyes open to the risks they take, and
theoretically at least, can afford to lose.
3. The larger oil companies, which want to control a certain amount of
production to ensure a supply to their refineries, and to get a certain advantage in trading with the producers by not being entirely dopencdent on
them. These larger ccmpanics frequently keep a certain amount of exploring going -on, at home and abroad all the time, and watch the new
fields closely for opportunities. With their organizations and experience,
they often have a great advantage over other factors in the field. When
purchases arc made by those companies, they are financed by the company's
own resources and seldom specifically against the producing property.
The investment banker may be of assistance to any one of those three
classes, but in order to do this successfully he must become something of a
professional himself. In other words, ho must specialize in oil production,
know the various fields, have engineering and expert advice available, keep
in touch with both operators and capitalists and in a general way be
equipped to act as a useful intermediary. Unless he is willing to do this as
far as the producing field is concerned, his work is mostly in convincing
his average customers that they should keep away from it.
The introductory part of the report is as follows:
Industrial financing has this difference from railroad or public utility
financing—that the circumstances vary much more between industries and
oven between companies in the same industry; and the form and proportions
of the financing must be adapted to these circumstances.
The fact that financing involves the choice between mortgage and debenture bond issues, short term note issus, bank loans, and preferred and common stock, or a combined= of such issues; that the proportions between
those various forms of financing may vary widely; and furthermore, that
each of those forms may be varied very greatly in its terms.—gives flexibility enough to meet almost any conditions. But it also places upon the
investment banker a responsibility for advising a company corrctly what
errangement of security issues is best meted to its conditions, and for proThe production of oil is an ncertain enterprise, and should be financed,
in the beginning at least, by those who are willing to put their money into a tecting investors by making suro that good investment standards aro ob•
venture of this sort. There is Met oil prospecting, which involves exam- served and by giving warning when they are not.
A mortgage bond would seem to be tho safest form of security on account
ination of various localitiee in relation to their geological data, and experimental drilling of wells, etc., all of which costs money and may in the end of its mortgage feature. But it may be a most unwise and unsatisfactory
prove fruitless. Next, there is the securing of land or oil rights in fields form of security from the point of view of either the company or the investor.
which are known to contain oil, either from successful prospecting or from A mortgage on the plant may influence the banks against loaning to the
accidental discovery, and the drilling of wells on the land so obtained. This company, when a preferred stock issue would not involve the same objecin time may or may not,be successful—for it is not always clear what the tions and might be just as easy for a company to sell. On the other hand,a
company may put out to Investors a so-called first mortgage issue, when in
boundaries of an oil fidd'reallY are, and a seemingly well located claim
may
skip the oil producing area entirely. Even when oil is found in largo quan- fact it has nothing of any saleable value to mortgage.
tities, much of it may escape through inability to harness "gushers," or to
Similarly, a company may raise money on a preferred stock issue, full of
store the flowing oil. And it mast be some time before arrangements can restrictions that may hamper its operations to a dangerous extent, when it
be made for transporting tho oil to refineries or building refneries in thefleid. could just as easily have sold common stock or put out a mortgage note on
With all the other hazards exists the fact that the life of a producing field easy terms. Again, investors buying a so-called industrial preferred stock
itself is uncertain so that the revenue from production may at any time come may find that they have in fact put up substantially all the money involved
in the business, and are taking all the risk of failure without the possibility
to an end ard the investment be rendered practically of no value.
Under all those sircunistahces it can be then that the investor, as such. of a corresponding reward.
can take little part in,the business of oil production. And yet oil producA company can raise money on the strength of its fixed assets, its current
tion stands as the bath Otto great apart of our industry that in some way it assets, and its earning power. A mortgage involves giving the investor a
must be financed. Its characteristics make it essentially common stock lien on supposedly
a
trilealee property. In the ease of an unsecured debenproposition. It has, nothing to form the basis for a mortgage—only land ture or note, the money is advanced on the general character and credit of
which may turn out to be oflittle value, or the rights to use such land. The the company, and the expectation that it will conserve and increase its
wells and other equipment are not to be considered as permanent property assets, both permanent and current., so as to have on hand always a safe
but as part of the exPenth of getting out the podud, and there is not the margin over the amount of the loan. Common stock represents a share in
regularity of income that would serve as a basis foe notes—although some of the ownership with n11 the risks of the business and all the rewards. Prethe larger producersin well established fields might raise funds through the fe.rred stock is simply atop slice,so to speak,of the common stock,receiving
sale of short tertn issues: The producing business is not suitable for pre. 'preference in liquidation of assets and a fixed income somewhat higher that
reread stock because the holders of preferred stock look for a sound liquit ei
the going interest rates, but foregoing any further rewards.
Report of Industrial Securities Committee.
Industrial Financing, treating of oil securities, automobile
securities, pulp and paper securities, chain store securities
and mail order securities, was dealt with in a report of the
'Committee on 'Industrial Securities, presented at Wednesday's session of the Convention by John W.Hornor Jr. of
Dillon, Read dz Co., New York. The following extract
dealing with oil securities.is taken from the report—
Nov. 3 1923.]
THE CHRONICLE
1947
but there also seems to have come a
A company's mortgageable properties are usually real estate, plant and probably still exists to some extent,
coming next. Apparently everything
equipment, natural resources such as coal or timber, or occasionally stocks feeling of curiosity as to just what is
of the investor in electric railways
of a saleable commodity such as copper or oil. A company owning valuable that could happen to damped the ardor
keep on running. Faxed fares, special
real estate can ordinarily raise money on it regardless of its use. If the has already happened, but cars still
demands of labor, strikes, rising costs,
company has an expensive manufacturing plant, the amount for which this taxes and imposts, paving charges,
have all had their sway, yet still the
can be mortgaged depends, or should depend, on the amount that other and now unrestricted competition,
people would pay for it for their own uses—for the same kind of business or cars are running.
of fifty days, alThey are running in New Jersey after an interruption
for some similar business requiring the same sort of plant—not necessarily
somewhat doubtful, but the damage to
at forced sale but at careful sale within a reasonable time. And it must be though for a while the issue looked
public as a result of the
suffered by the
assumed that a purchaser will be found only at a price that would be cheaper business and the inconvenience
the essentialty of street railway
than the cost of building or buying as satisfactory a plant elsewhere. In stopping of service proved beyond doubt
people were
authorities insisted upon their return and the
order to be good mortgage security, property should possessthree qualities — service. The
are even running in New York City, though
continued usefulness, substantial value at the end of a term of years, and glad to get them back. They
all places the great bus adhere of
ready saleability at all times. Ordinary manufacturing machinery and high have been the hopes of some that
equipment—as for example, might exist in a rented factory—is usually not venture might be tried.
that into have an advance tip, and it is rumored
Now everyone likes
mortgageable, but transportation equipment,such as tank cars,ore steamers
this excusable trait of human nature. The
etc., may properly be the basis of equipment mortgages. Even with valu- vestment bankers are not above
As you may be from
come back.
able plant and machinery,it may not be practicable to raise money on mort- tip is this: The electric railways have
on this proposition. I will ask you
gages—as in the case of the New England textile concerns, where the cus- Missouri, if not somewhat hard-boiled
of
statistics. The United States Bureau
tomary banking arrangements tend to discourage such mortgaging offixed to bear with me through some
the electric railway
Census is just completing its regular five-year census of
assets.
day to day id the
released from
Coal lands and ore lands containing admittedly valuable deposits can be industry. The figures for 1922 are being returns for the country are not
mortgaged for a long term, if a sinking fund is provided to reduce the loan as public press. So far the complete financial
1922 out of more than 15,000,000,production reduces the coal or ore. The same is true of timber lands. The available, but the traffic figures are. In
pay Passengers
same is also true of accumulated stocks of staple commodities which are 000 passengers, including transfer riders, 12,500.000,000 States, an inin the United
simply carried on loans awaiting a favorable market, when the proceeds of were carried by the electric railway companies
the previous census in
crease of one and one-quarter billions, or 12%, of
sale go specifically to retire the loans.
Current assets can be used as a basis for raising funds, not on mortgage, 1917.
while population
This is an increase of approximately 2.5% per year,
but on unsecured bonds or notes or bank loans, which ordinarily rank alike.
what is
less than 1%. Putting this on a unit basis, to get
The amount which can be borrowed is based on the margin of current has increased
revenue passengers
117
assets or working known as the "riding habit," we find there were compared with 109 in
assets over current liabilities, or the so-called net quick
per inhabitant the country over in 1922 as
capital. As these assets are constantly shifting, they cannot be specified carried
issued, are
100 in 1912. These figures of the Governmnet. Just
as security for a loan. Accordingly the loan is made against a lump sum of 1917 and
electric railsignificant in view of the great amount of loose talk about
net quick assets which the company agrees to maintain at not less than a so
consideration.
that I commend them to you for your earnest
specified proportion to the amount of loans which rank equally against these way business
put aside the fear that taking the country as a whole, camassets. Thus the security of the investor rests on the promise of the com- They definitely
either in the form of the common carrier
that the assets will be available at all times, rather than on the ability petition from the motes vehicle,
pany
the electric
bus and jitney or the private automobile, is at the expense of
to go in and take possession of certala specified properties.
railways.
Working capital may decrease through losses instead of profits on sales;
from inventory value shrinkage, or the failure of customers to pay up; and
Report of Committee on Irrigation Securities.
from the depletion of cash assets through payment of interest and dividends.
Of all these causes of decrease in assets, only one—that of dividend payments
J. W. Harrison, of the Anglo-London-Paris Co., in his re—is entirely within the company's control, which leads to the customary proSecurities,
vision that the company shall not, by dividend payments, reduce its net port as Chairman of the Committee on Irrigation
quick assets below a certain point. The other contingencies can only be declared that "the time is fast approaching when irrigation
guarded against,from the investor's point of view, by advancing a comparaapply to arid and semi-arid areas, but will be
tively small amount, as 50% for example, against the net quick assets. If will not only
rethe company makes an unsecured loan against its combined fixed and not in general use in all Western farming communities. His
current assets, it usually agrees not to mortgage its fixed assets, and to keep
port follows:
intact a specified proportion of total assess to the amount of the loan and a
wish to say that
As Chairman of the Irrigation Securities Committee, I its campaign for
specified proportion of net quick assets as well. In this case, with the
further security of the unmortgaged fixed assets, the proportion of the loan notwithstanding the effort of the Committee to pursue
legislation and by
to the net quick assets can be considerably greater than if the net quick the betterment of such securities by way of appropriate
progress. After preparing
assets stood alone. Current assets have to be examined carefully in the other means, it has made but little effective
amendments for the
character and proportion of cash, receivables, and inventory. Large in- amendments to the California Irrigation Act, as well as
continued on
ventories or slow receivables may be a great source of danger; or receivables irrigation laws in other western states, the work was not
and the opposition that was
due from only one or two large customers, whose delay or failure to pay may account of the general depression of agriculture
expressed against any changes.
prove disastrous.
legislature, the
After our first effort to do something with the California
Earning power, as such,is not a basis for mortgage securities, but it may
be an excellent basis for debenture bonds or notes, bank loans, or preferred program was abandoned.
in operation for the
The performance of the irrigation districts of the west
or common stock. It is perfectly possible to have a business with asmall
in two small
plant, or a rented plant, and comparatively small working capital, mzaking past year has been excellent. With the exception of defaults
districts axe continuits product at a large and steady profit. It is also frequently the case that districts in the state, which were quickly remedied, all
a company with substantial value in plant and other assets makes a profit ing to do good work.
that greater
The fact that the one-crop farmer is becoming unpopular and
which entitles it to a value far greater than any tangible values. In these
placing of lands
cases the form of security must be adapted to the character of the earning diversification of crops is offered through irrigation, the
offers about
power. Only steady and substantial earnings in such cases Justify the issue under irrigation systems is steadily going ahead. Irrigation
products. such
of bonds or notes to the investment public and only to an amount where the the best crop insurance known, and with a largo diversity of
interest is practically sure to be earned with a comfortable margin in even farmers seldom lose.
to arid
The time is fast approaching when irrigation will not only apply
the leanest years. The modern industrial preferred stock so closely refarming comsembles debenture bonds in its provisions and general features, that in- and semi-arid areas, but will be in general use in all Western
brown in summer
vestors expect earnings to be maintained at all times at an amount two or munities The great fertile valleys that are now seared
greater
will be turned into flourishing districts of more varied products,
three times as great as their dividend requirements.
more intensive [arming.
Industrial enterprises as a rule, however, are not adapted to steads` output and
by the eastern buyers.
Irrigation bonds are becoming better understood
results. In some years the earnings are large, in others very poor, somewestern
the fact that they are finding that under the laws of most
times involving losses even for customarily successful concerns. Accordingly due to
the
many of such bonds are just as secure as municipals, having much
fixed charges or fixed dividends cannot be incurred with the same freedom as states
Safeguards as State, county, city and school bonds.
in the case of railroads and utilities with their steadier earnings from year to same
lands of an irrigation
Wihin the past year the courts have held that all the
year. This makes it more necessary for industrial companies to consider
principal of
district, as a whole or in severalty. are liable for the interest and
the possibilities of interesting investors in their common stocks.
outstanding bond issue.
have reached the point where they can issue common any
Some companies
stock on an investment basis, only a part of the normal earnings being remitred to pay substantial and steady dividends on such stock, while the
of Agriculture Wallace on Part Played by
possibility of extra dividends adds to their value. Other companies are Secretary
stock, not on a basis of steady
Federal Government in Construction of Highways.
able to secure purchasers for their common
dividends, but on a basis of general results over a period ofyears, where
The part played by the Federal Government in the conlarge dividends in cash and stock in good years more than offset small divian address delivdends or none in unsuccessful years. At the end of the list are the common struction of highways was dealt with in
stocks purchased on a basis of expectation of dividends and of appreciation ered at Monday's session of the convention by Henry C. Walof price in the future.
During the course of his
The foregoing considerations apply to all industrial financing; but in lace, Secretary of Agriculture.
addition each industry has its own characteristics, which distinguish its remarks Secretary Wallace stated that the Federal revenue
methods of financing.
derived from taxation of motor vehicles and accessories
J. W. Welch Urges Investment Bankers to Get Behind
Electric Railway Industry.
since 1917 has been more than twice as great as the money
expended by the Federal Government for road construction.
In part he said:
in the
If WO go back only as far as 1910 and note the tremendous increase
impulse
use of highways we can get an understanding of the tremendous
years, for
highway construction has had during the past ten or fifteen
in the
example, in 1910, 23 had a little more than 500,000 motor vehicles
States has
United States; in 1922 we had over 12,000,000. The United
about90% of
about84% of all the motor vehicles in the world,and we make
tremendously increased
all the motor vehicles. This meant, of course, a
better highways
use of the highways,and the more we use the highways the
increased use, but it
we want. It is not easy to give exact figures as to the
the highways has
is fair to say that during the past thirteen years the use of
the result of the
been increased all the way from 500% to 1000%. largely
It is, I believe, a very significant thing, It seems to me a most encour- tremendous increase in the use of motor vehicles.
appropriated $75,000,000
aging sign of the times, that an invitation from the investment bankers
In 1916 you will remember that the Congress
of highways,
is extended to a representative of the electric railway industry. It has to be used in co-operation with the States for the construction
and so on up to $25,000,000
of electric railways in the present of 53.000.
not been long since the mere mention
000 the first year, $10,000,000 the next,
limited to use on
a banker produced a decided chill in the atmosphere. This disposition the last of the five year period. This money was to be
J. W. Welch, Executive Secretary of the American Electric
Railway Association, in addressing the convention on Tuesday, declared that "the investment bankers have an opportunity to get behind the electric railway industry; to help in
the campaign of the Committee of One Hundred to improve
public relations and increase good-will; and last but not
least, to profit by the improved earnings which will undoubtedly follow." In part he also said:
4948
THE Cil R:ONTOLE
:
rvoL. 117.
highways over which the•United States mails passed, and as a condition, of our principal crops Showing an income to farmers for this year from these
under which the states would • be.given their respective allotments, State • eleven crops alone—and I do not take this as representing the total agriHighway Commissions were required, they to draft plans and specifica- cultural income; but from these eleven crops which I have in mind, there
tions and to be responsible for seeing that they were properly carried out. was an increase over last year of about one billion and a quarter dollars,
In the East, where large-increase in population had stimulated highway and an increase over 1921 of almost two billion dollars. When you add to
building, this was not nearly as important as it was in the states of the mid- this the other crops, it is going to show a very, very substantial increase
west and far west.
in the wealth grown out of the soil this year; a fact which I think is both
The Federal appropriations in that 1916 act limited the Federal appor- gratifying and gives hope to all of us who have been going through this
tionment to $10.000 per mile. The next act was passed in 1919. That depressing experience.
The great difficulty to the farmer has been not alone the low price of his
made an appropriation of two hundred million dollars of Federal funds and
the limit was raised to $20,000 per mile due to the advance of the cost of commodities by the distorted relationship between the prices of farm
everything, highways included; by the end of the year 1921 the cooperation products and the prices of other products. That gap is now gradually
between the Federal government and the states had resulted in the com- narrowing: not as fast as it should by any means, because the farmer has
pletion of over 7,000 miles ofimproved highways and about the half com- been suffering out of proportion to other groups. The farmer has been the
pletion of almost 20,000 miles in addition. That is including all types. I one large group—and they comprise almost one-third of all our people—
am not talking about surfaced roads exclusively, but of all types from the who have been liquidated to pre-war prices, while other groups through
grading of the earth road to the gravel, the bituminous, the concrete, the various devices have been able to maintain almost their war prices; but that
gap is gradually narrowing and consequently I am glad to say to you the
water-bound macadam, and so forth, up to the brick highways.
The Highway Act of 1921 marked the really great departure in highway sides are brightening so far as agriculture is concerned, and when we say
construction. That act instead of confining the Federal appropriation to that I think it includes everything, because when all is said and done, as
mail roads proper provided that a co-ordinated system should be set up,that your Chairman said in introducing me, agriculture is the very base of our
each state should set aside 7% of its total road mileagefor improvement with national life; it is the thing upon which our civilization depends as well as
the aid of Federal funds and that 3-7 of that 7% should be of the nature of our prosperity and happiness, and if we continue to improve next year
interstate highways, while the 4-7 remaining would be of state and county and the year after as we have this year, we, I hope, will forget that we
ever had a real farm problem. I thank you, gentlemen.
highways.
That Act probably was a compromise of a dispute between two large
groups, one of which wished a great system of national highways to be
Report of Education Cnnamittee by
thrown across the country and the Federal aid fund confined to that
Lawrence Chamberlain.
system, while the other group insisted that there should be no control
of the manner in which the funds should be spent other than that which
In his report as Chairman of the Education Committee,
had been exercised by previous law.
This law also made a definite requirement as to maintenance. It Lawrence Chamberlain, of Lawrence Chamberlain & Co.,
provides that any State which has received Federal aid funds and fails Inc., of New York, said In part:
to maintain the roads which have been built in part by those Federal
The work of the Education Committee is broadening. Until recently
aid funds shall have its apportionment withdrawn, and it gives the Department of Agriculture the authority to go into -that State and maintain concerned solely with the publication of courses of study and text books
on investments and related subjects, it may be divided now into three
the road, deducting the cost of maintenance from the apportionment which
has been allotted to that State, and it provides further, that the apportion- principal activities.
L A continuance of its publications.
•
ment which has been withdrawn from the State shall be re-apportioned
2. Regular reviews in the Association "Bulletin" of other publications
among the other States--,a rather drastic provision, but one that seemed
of professional interest to security dealers.
necessary in order to insure that the money we have spent on the improve3. Collaboration with the Associated Young Men's Christian Association
meat of these highways shrill be,conserved and the highways maintained.
Forty-seven States have now submitted their plans for their road school§ in building courses of instruction in investments.
systems—all but one. The-procedure is that the road system shall originate
I. Committee Publications.
with the Highways Comraission in the State. having taken counsel with
During the past year one new book was added to the six previously
all of the various agencies in that State, and then having agreed upon published. "The Work of the Cashier's Cage," by
Frederick S. Todman,
the State system, the plan is submitted to the Department of Agriculture. C.P.A. It was reviewed in the last issue of the "Bulletin."
It will also
There we check it over carefully, having in view the interests of the general be reviewed in the leading bank and trust company magazines.
public as well as the interests of the States, and having in view the necessity
As a matter of conveninet record we repeat here the titles of the other
and the ultimate object of connecting these various highways in the dif- books previously published.
ferent States, so that in the course of time—and really it will be a shorter
"Corporation Finance & Investment."
time than we now realize—we will have a systematic road system throughout
"The Stock Exchange Business."
the United States.
"Individual and Corporation Mortgages."
If you study this system which has been adopted as the result of the
"Legal Aspects of the Transfer of Securities."
Initiation of the 47 States, you will find that of the more than 1,400 cities
"Railroad Securities."
of 5,000 population—there are 1.449 such cities altogether in the United
"Industrial Securities."
States
-1.385 such cities lie on this improved system, while the remainder
There has been a continued demand for each of these text books,although
are connected with it through improved State or country roads.
the number distributed has fallen somewhat short of the previous year—
If you take all the money which has been spent up to the present time, perhaps in Just about the same ratio that the investment business
has
about 43% of the Federal aid roads has been paid for by the Federal fallen short.
Government, although the law permits us to contribute as much as 50%.
Our members will recall that Dr. Thomas Conway Jr. of the Wharton
and in those States which have large Federal land areas considerably School of Finance has in preparation for the Committee an important
more than 50%, up to as high as 75% in the case of one State, if I re- undertaking on "Public Utility Investments." Unfortunately the series
member correctly. The present law limits the amount which may be of physical disabilities that have hampered him and his collaborators
contributed by the Federal Government to $16,250, and after this year have not yet abated. Dr. Conway is now suffering an impairment of
It will be limited to $15,000 per mile.
eyesight, nevertheless, he estimates that the work is about 50% cornThe Act of 1921, of which I am speaking, provided an appropriation of p.eted and he hopes to have it in final form
before the close of the current
$50,000,000 for the first year. $65,000,000 for the second and 875,000,000 academic year.
for the third. Not all of that money has been appropriated. The Act
In Del Monte, last October, your Chairman arranged with Mr. E.
authorized that appropriation.. We have spent of the first appropriation
Paul Young, formerly of Los Angeles, for the submission of a text on
something over $22,000,000 and of the second something over $25,000,000.
Investment Advertising. This is a subject of such vital interest to us
There is always necessary a lag between the appropriation on the part of all
that the Committee is keenly awaiting the first draft of this work.
the Federal Government and withdrawal from the Treasury and delay in
Mr. Young discussed with us at New York in June the preliminary outline
getting the road started.
and table of contents, which are altogether promising.
If you consider the Federal appropriations up to date, you will find that
IT. Book Reviews in the "Bulletin."
the authorizations amount to about $400,000.000, and the average cost of
Federal aid roads has • been $16,734,000. That.ranges all the way from
The Committee has continued the practice established last year of
something like seven or eight thousands for an earth road, which includes reveivring the more important current financila publications. It invites
the bridges of less than 20
-foot span, culverts and drainage system and all memoranda of new books that should be called to the attention of members.
that, and up to about $9.000 for a gravel road,and on up to various types
III. Y. M. C. A. Investment Courses.
until you get to $38,000 for a concrete road and as high as $45,000 for a
Mr. T. II. Nelson, Assistant Executive Secretary of the United Young
brick road.
T;le 7% system, as we call it, under the Federal Act amounts to almost Men's Christian Association Schools, with offices at New York, has recently
200,000 miles, and amounts to a little less than $4 per capita and about $34 conferred with Mr. Samuel Rice, Educational Director of our Association,
with respect to the assistance our Association could give the United Young
p..r motor vehicle in the United Ztates.
Where does the money COMO from? It comes from, of course, out of the Men's Christian Association Schools in the investment and finance deFederal Treasury. The Federal books are so kept as not to segregate the partments of their broad educational program.
Out of its experience in developing standards for more than 50 courses
different sums, but if you analyze the sources of money which comes into
the Federal Treasury you will find that the excise tax on automobiles, motor in the School of Commerce field, and particularly out of its experience
vehicles, tires and accessories amounts to about twice as much as the with such professional organizations as the Life Underwriters, the Life
authorized expenditures by the Federal Government for road aid. That Agency Officers and the Real Estate Board, the United Y. M. C. A.
is, the receipts up to the present timo from those excise taxes on motor Schools, through its standardization commission, will appreciate the
vehicles, tires and accessories amount -to almost $600,000,000, while the opportunity of working out with the Ivnestment Bankers Association
expenditures authorized up to the present time amount to about $400,- a plan of co-operation which will make possible the organization on a
national scale of a course of study in investments.
000,000.
During the present winter our co-operation is taking the following
Does it pay? Some people—a great many people, indeed—who are
paying for bonds and who see the surface of the road wearing out, are dis- forms.
First. A standard commission will be appointed by the United Y. M.
posed to say that it does not pay; that the road is worn out before the bonds
investment banking education, with
are paid for. It is important to remember that the surface of a road is 0. A. Schools to make a study of
members, our Educational Director, and
a rather small part of its cost. The real cost and the permanent fratures the assistance of some of our
Educational Committee, following the line of U. M.0. A. studies and
of the road are the grade of the drainage structures of one sort or another: the
resultant educational courses in the insurance field.
and it is to be expected that the surface will wear out more and more rapidly
Second. The Education Committee has drawn up an outline of a
as our traffic increases. But when you consider that the vehicles which
course of study covering 17 sessions on the "Fundamentals of Investment"
are wearing out the roads are contributing more than twice the entire cost
particularly adapted to the requirements of Y. M. C. A. Schools. The
of the road It is reasonable to say that the general public is not being unduly
previous similar work of the Committee emboied in its first publication,
taxed to support the roads.
"Corporation Finance and Investment" could not, in the nature of the
In alluding to the agricultural situation, Secretary Wal- case, be ideal for any one institution or set of educational conditions.
It is planned to offer an experimental course on investment banking with
lace said:
this foundation, at the Chicago Central Y. M. C. A. Schools this year,
Let me say just one word to you about the general agricultural situation. with the assistance of Mr. Rice and local investment bankers. Out of this
been having a very hard time of it, as you know from experience, which will be carefully recorded, and out of the experience
The farmer has
your own personal experience. I suspect, a great many of you. I want to of other Y. M. C. A. Schools and colleges giving investment banking
congratulate you upon the improvement. I am Just getting up my annual courses, a standard investment education program for Y. M.0. A. schools
report. I was working on it Saturday, and I noted the figures from eleven will be developed.
Nov. 3 1923.]
THE CITTRONTCLE
1949
before It would entirely make up the building shortThe Education Committee has also submitted to the Y. M. C. A. a activity for ten years
suggested curriculum of cognate and collateral courses covering a period age.
On the subject of decline in costs there was presented to the Board.ef
of two years of study. This curriculum corresponds to similar Y. M.C. A.
Governors supported by the published opinions of the Harvard Econmoic
curricula in the Insurance and real estate fields.
Service and Analysts, which argues for the soundness of the view that building and general commodity prices have now reached a degree of comparative
Report of Real Estate Securities Committee.
stability which Is likely to last until at least the end of the present decade.
If desires. Professor Clark, economist, who Is identified with S. W.
Morris F. Fox, of Morris F. Fox & Co., of Milwaukee, In Straus & Co., and who is present at this convention, as well as myself.
presenting the report of the Real Estate Securities Commit- would be prepared to amplify this bare outline, but I think this brief statement will sufficiently Indicate why we feel we must abide by the dissenting
tee, said in part:
report.
within the allotted time.
Your Committee's report is too long to read
Action on the report was taken as follows:
Its activities covered a survey of conditions in the agricultural field, loans
Mr. Jardine, of Staats & Co., Los Angeles: Mr. President and gentleon city property, timber loans, and there was a comprehensive investigation men, I would like to say a word of explanation. I am a member of this
of legal phases as affecting all classes of real estate loans. The survey Committee. It would appear from a reading of this report that I did not
on agricultural credit conditions and loans covered a considerable territory concur in the majority report. Such is not the fact. I do concur In it
and the various forms of credit available to the farmer. Briefly, while heartily and entirely. The failure of my name to appear is due to the
-growing sections and in other one- fact that Los Angeles Is a long distance from the Chairman, and it was
there is still much distress in the wheat
crop districts, and there is a shortage of farm labor, on the whole, agricul- impossible to get my concurrence back in time to have It appear in the
tural credit conditions seem to be assuming a satisfactory status, and while report.
there is still a discrepancy between the price Of what the farmer has to sell
The President: Gentlemen, the report is open for discussion by the
and what he has to buy, the buying power of the farmer has shown a members on the floor.
strong movement toward normal position.
Mr. Thomas N. Dysart, of William R. Compton Company of St. Louis:
On timber loans the Committee received a very interesting and instructive I move you, Mr. President, that the majority report of the Committee be
A. Graff. Vice-Prseident of Baker, Fentress approved and that the minority report of the Committee be disapproved.
chapter written by Mr. Walter
& Co., Chicago, who has long been identified with this field, and which
furnishes some very valuable information to houses dealing in timber bonds
either as makers or participants.
Marine Securities Committee Urges that Government
In connection with loans on city property, a great deal of thought was
Retire From Shipping Business—Committee's
given to the matter of valuations, by whom made, and the elements that
enter Into value. In this subject there was room for a very honest difference
Recommendation.
of opinion as to what were the real elements of value and as to how appraiss
In outlining the difficulties which seem to confront the
should be made. Study was also given to the comparative level of building
costs, ability to tenants to pay rent, both in living and business quarters, distribution of marine securities, McPherson Browning (of
to the subject of vacancies, and rental returns in apartment houscs and
the Detroit Trust Co.), Chairman of the Marine Securities
office buildings.
In view of the greatly increased building and labor costs of recent years, Committee of the Investment Bankers Association, stated
much thought was given to the question of what constituted a safe per- that "no discussion of these conditions would be complete
centage of loan to valuation. Here, again, there were naturally marked
policy
differences of opinion, and the standards suggested by the Committee are without taking into consideration the ownership and
passed to the members not as being,an arbitrary conclusion but in an ad- of the Government as represented by the U. S. Shipping
visory way, with the hope that each member will work out his own problem, Board." Continuing he said:
bearing in mind some of the facts and figures contained in the report to
At the time of our preliminary report the ship subsidy was a prominent
you regarding which there cannot be any real ground for dispute.
Other matters which received very careful consideration were subjects Issue. Since that time the bill has been defeated and one attempted
itich as protection of funds during construction, trusteeships,and represen- solution discarded. No effort will be made in this report to discuss its
,
tations in circulars. These are all matters for the thoughtful study of the merits or defects.
The Government is without question the dominant factor in the American
members of this Association.
merchant marine field, and it is obvious that no progress toward a solution
There is nothing of vital importance to report in the way of legislation.
In the Committee there were some differences of opinion which led to a can be made until some definite action is taken. At the present time the
majority and minority report on some phases of the subject of loans on Government owns about 1.012 vessels, of which 364 are in operation engaged
City property, which grew out of the varied points of view and experiences in 82 different services. According to all reports, these boats are being
of the respective members. The Chairman feels greatly indebted to all of operated at a huge loss to the Government,for reasons previously discussed.
After the failure of the subsidy, bids on vessels were solicited with the
the members of the Committee for the fidelity which they devoted to the
work which entailed a vast amount of corrsepondence, much statistical understanding that if all vessels were sold at a favorable price the Government would not enter into competition and would guarantee the purchaser
research as well as valuable time spent in committee meetings.
Perhaps the Committee has succeeded in giving the members sufficient against sale of vessels at less than the market price. If no favorable bids
food for thought to lead to greater caution in making real estate mortgage were received, the Government was to resume active operation.
Efforts to dispose of the vessels have net been successful because of the
bond issues, and to a possibly sounder progress during the coming year in
uncertainty among prospective purchasers regarding Government action
this important branch of the investment banking field.
The report was presented in full at the last meeting of the Poard of Gov- and fear of surplus tonnage in idle ships. Consequently, the Shipping
Board is uncertain regarding its future policy and is operating vessels at a
ernors, and the following resolution was adopted:
"That the Board of Governors approve the majority report as presented loss to the Government. The situation seems to be at a standstill and
by Mr. Fox on behalf or the Real Estate Securities Committee and dis- conditions throughout the foreign shipping interests of America are deapprove the minority report: but in order to give the delegates all possible
light upon the subject. that the Committee be instructed to present to the moralized.
The committee believes that as the United States must take its position
convention both reports with the statement of the action taken by the
Board of Governors."
as a maritime nation, adequate ways and means must be found to finance
Both the majority and minority reports have been covered In the leaflet conservatively the shipping business. We believe that our maritime
handed to you. Mr. Gottlieb of Straus & Company was the gentleman situation is so closely Involved with national safety that the Government
who rendered the minority report, and I think It is in order to hear from can well afford in some degree to help sustain either directly or indirectly
those shipping lines which conform to certain standards, and this will
Mr. Gottlieb at this juncture.
attract conservative financing which all of us most ardently hope for.
Mr. Gottlieb's remarks follow:
It will be no easy task to work out a solution of the present problems.
of the convention
The United States Ship Operators' Association Is apparently itself divided
Mr. Chairman and Gentlemen—With the indulgence
shall read the row words which i have penciled on the subject or this report. on the policy to be followed in current negotiations with the Shipping
I shall not stop to read the minority report. because It is printed in the Board, and owners and operators will be in complete confusion until they
know what disposition will be made of seaworthy and unseaworthy shirts
pamphlet and Is available to all the members.
Apparently there is a big disparity between the number subscribing the which the Government now owns.
Prior to the Civil War this country led the world in shipping, and due
the minority report; but
majority report and the number subscribing
it should be taken into consideration that the minority report is subscribed to the position which we now occupy in the world affairs it is highly imby the only member of the committee representing an institution which portant that a solution of the present problems be arrived at as speedily
deals exclusively in real estate mortgage bonds, and whose main concern as possible.
Your committee realizes fully the difficulties confronting an effort to
and experience are in relation to the various subjects under discussion.
the
After a full hearing and interpretation of the report before the Board of carry out any recommendations it may make, but wishes to submit
Governors, there remains only a very little difference between the views following suggestions:
the Shipping
First.—A definite statement of policy should be made by
of the majority and the views of the minority with respect to the nature of
Board to the effect (a) that it will remove Government competition on any
the report that should be presented: and the sole reason why I feel that
is not because of any fundamental essential trade route which will be taken over by private interests;(b) that
cannot withdraw the minority report
remaining differences on this score, but because I fear that the particular It will not sell any ships at less than the world market price for similar
tonnage unless the ships are dismantled or operated on a specified route
manner in which the report is framed may lead to misconstruction.
It has been urged upon me very strongly that the qualifying phrases In not adequately served by American vessels: (c) that transfer of flags will
report sufficiently modify and mitigate be approved except in time of national emergency, and except as to type
the preliminary paragraph of the
the specific paragraphs about percentage of loans, the handling of funds of vessel that may be essential to national defense, or where the vessel
and trust company trustees so as to cure whatever objection may be enter- concerned was sold by the Board at a concession in price for operation on
tained to those paragraphs themselves: but there is much in the paragraphs a given route, or where the vessel is of exceptional type.
Second.—We should modify the LaFollette Seaman Act and other legismentioned which I must regard as insufficiently considered and essentially
unsound, and it is at least doubtful whether these paratgraphs will always lation which Is causing burdensome operating costs and making it difficult
for American ships to compete with foreign vessels In overseas trade.
be coupled with the saving clauses of the preliminary paragraphs.
Third.—The complete codification of navigation statutes and laws
Similarly the paragraph in regard to the comparative level of building
costs at the top of page 12 of the report. gives the impression, erroneously relative to American shipping for the purpose of
1. Limiting the liability of owners of merchant vessels to afford them
building shortage has been made up and
according to my opinion, that the
that building costs aro about to decline. Some figures are quoted which the same protection given to members of a corporation.
2. Placing marine securities on a sound basis by clear cut decisions and
are local to New York City costs, and for which no recognized authority is
cited. Other figures and data are referred to. but these are relegated to the legislation to insure Investors of right to take effective steps to recover funds.
because there was not sufficient
3. Providing additional means of securing marine insurance which will
appendix of the report, solely, I believe,
time to prepare a comprehensive analysis of all the data for the body of the as fully protect owners and bond holders as In the case of Insurance on
report. Yet these figures as to building costs and their general commodity real estate and other property.
Fourth.—Active and continuous co-operation on the part of American
prices, contained in the index, are compiled from official data supplied by
the U. S. Bureau of Labor Statistics, and covered the whole country instead shipping interests and commercial organizations to secure cargoes for
of only one locality ,and show that the New York figures quoted in the American vessels.
In conclusion. It must not be understood from this report In regard to
body of the report are substantially 100 points too high as to recent and present costs. Also in the appendix is a chart predicated on data accumulated the various handicaps existing, that It has not been possible to Witte good
carefully by the Cleveland Trust Company, which upon close study indi- marine securities In the past Such Is not the case, for there have been
ssued bonds which were based upon low and conservative valuations by
cates that building Can proceed on a basis of about 25% above its normal
1950
THE CARONICLE
ship-owning companies of high financial standing and good management,
with connections for assured cargoes and with established routes upon
the ocean.
It is also important to note at this point, that this report applies primarily
to ocean-going vessels competing in foreign trade and affects only in a
slight degree the vessels operating on inland rivers and the Great Lakes.
Bonds for a reasonable proportion of the present cost of construction in
Great Lakes and with financially strong ownership and experienced operation are as safe now as they always have been in the past. Very few issues
of bonds on Lake vessels, however, are now being offered, largely for the
reason that there is already sufficient tonnage to take care of existing
trade on the Lakes and that when additional vessels are required the
owners are able to provide funds for new construction without borrowing.
Your Committee has attempted to bring to your attention certain
specific problems which effect the entire field of marine securities. Fundamentally, however,the whole trouble lies in the fact that our private owners
cannot operate at a profit and are not receiving the popular support to
which they are entitled. Until such support is given, there will be no
improvement in the conditions surrounding the issuance of marine securities.
The sooner this fact is recognized and steps are taken to change conditions
on economic grounds with the elimination of political factors, the sooner
will our American ships become a power in world trade.
In view of the situation as outlined in the foregoing the Committee
believes that the Government should retire from the shipping business as
soon as possible without interfering with existing needs of trade.
[VoL. 117.
fortune. It means nothing to the second taxpayer,to say that he shall be
permitted to deduct only 1234% of his loss because some other taxpayer
had a capital gain and is taxed only 1234% on it.
The report also said:
The Committee's activities during the past year have been largely
confined to looking after bills pending in Congress. The last session of
the Sixty-seventh Congress, which came to a close on March 3, enacted no
general revenue legislation of major. importance. There were, however.
several enactments, mostly technical amendments to the existing Revenue
Act of 1921. which are deemed to be of sufficient interest that the Committee feels it should make brief mention of them.
Exchanges of Property.
The first of these is the amendmentin respect to exchanges of securities.
The Revenue Act of 1921, provided, in Section 202, for the exchange of
property held for investment for other property of a like kind without the
realization of taxable income. This provision applied to exchanges of
securities, both stock and bonds. For example, a taxpayer who purchased
a bond of $1,000 which appreciated in value could exchange that bond for
another of the value of $1000, together with $100 in cash (the $100 in
cash representing the increase in the value of the bond, while hold by the
taxpayer) and the transaction would be free from tax at the time of the
exchange. The Treasury Department complained to Congress that the
revenues of the Government were being seriously affected. The result
was that Congress, by Public Act No.545, approved March 4 1923,amended
Preliminary to the adoption of the report the following tha law so as to tax at the time of the exchange the profits to be derived
from investment securities." This amendment became effective as of
ensued:
discussion
Jan. 1 1923.
Mr. Coe, of Kidder & Company, New York: I would like to ask the
Basis for Determining Gain or Loss.
question of the Chairman of the committee: With our existing laws we are
Another important amendment to the Revenue Act of 1921, affecting
up against it on the return cargo, because we can not develop the trade corporate reorganizations, is contained in Public Act No. 545, approved
when we have a barrier of adverse tariff legislation. You can fill your March 4 1923, referred to above.
vessel going out, but it is pretty hard to get it in when you have wind and
Under the 1921 law it was possible for a corporation, having a large
tide against you. I would like to ask what consideration the Committee surplus, to distribute that surplus to its stockholders free of tax. This
has given to that subject. It is not mentioned in the report.
was done by reorganization. As that law stood before the 1923 amendment.
The President: Will the Chairman or some member of the Committee when a cash distribution was made as part of a corporate reorganization.
answer the query?
there was no tax except on the amount by which the cash exceeded the
Mr. Sinscheimer: Mr. President, I did not get the full import of that cost of the old stock. For example, if the owner Of stock which cost him
question. I beg your pardon.
$100 in corporation A, exchanged it for stock having a value of $100 in
Mr. Coe: Our laws to-day make it prohibitive to get a return cargo. corporation B (B being a party to the reorganization) and received in
It is pretty difficult to operate with a one-way cargo.
addition $95 in cash, no tax was impOsed un ex the 1921 law. If, however.
Mr. Sinscheimer: We did not want to get into any discussion on that, the amount of the cash in such case was $105, the tax would only be on
and I have only to say that those are all things that have to be worked out. $5, that is, on the amount by which he cash exceeded the cost of the
When we speak of the tariff of 1922, regarding that tax of 50%, of course old stock.
we could work out some plan on this side so that, say, a vessel owner in
The 1923 amendment changes this rule and provides that in such cases
Detroit can not take his boat across the river to Windsor and have all of the amount of taxable again shall be computed by subtracting from the
his repairs made on it at a lower rate over there. Those are things that total value of all the property received in exchange the cost of the property
have got to be worked out, and the Committee did not deem it wise to given in the exchange, but with the provision that the taxable gain shall
enter into that discussion at this time.
not exceed that part of the property received in exchange which consists of
Another question: Have you given any consideration to the obliteration cash or property other than securities is.sued by the corporations party to
other places, we the reorganization. Thus, if a taxpayer exchanges old stock which cost
of the LaFollette Act? Out on the Pacific Coast, and at
are practically giving away our business on account of the existence of that him $100 for stock in a new corporation, together with $100 pa cash, then,
law.
under the 1923 amendment, the new stock is valued, and if found that it is
Mr. Sinscheimer: In reply to that, Mr. George L. Consaul, of Detroit, worth $100, the total amount received by the taxpayer has been $200.
who is an authority on marine law, has written the digest of the Act of which is $100 in excess of the cost of the old stock, and he would, therefore.
1920. which is to be published this next month. Also the Shipping Board— under the present amendment, pay a tax on a gain of $100.
I had a conference just this morning with a member of it, and he told me
It should be observed, however, as was pointed out in the report of the
that they are working on the recodification of that Act.
Ways and Moans Committee of the House on the bill which resulted in the
The President. Are there any other questions or further remarks?
above amendment, that any amount received in such an exchange which is
Mr. Bedell. Mr. President, I would like to ask the Chairman of the not taxed at the time of the exchange must be applied against and reduce
Marine Securities Committee whether there has been any change in the the basis for ascertaining the gain or loss in the case of subsequent sale of
last Tariff Act. As I get Mr. Coe's point, the difficulty is in the tariff the now stock received in the exchange. For example, if the taxpayer
on foreign goods shipped into this country. Under that Act the Govern- exchanges stock which cost him $75 for stock in a new corporation which is
ment provided a reduction of either 10 or 15% in the duty on all foreign worth $40 and $60 in cash, he has received $100 in all, thus relaizing a
goods shipped into American ports in American bottoms. This has not profit of $25 which would be taxed to his
at the time of the exchange.
been touched en and I think It is the other side of the picture. Unless But he has also
received in cash $35 which has not been taxed, and this
the law has been changed I think it still holds.
$35 would, therefore, be applied against and reduce the cost of the old
Mr. McPherson Browning. I do not think I am prepared to answer stock ($75), with
the result that the stock in the new corporation would be
that statement, but. Mr. Sinscheimer, did not we speak of that in the carried on the
taxpayer's books at 340, and if he subsequently disposed of
Committee and is not that the point where President Harding always
such new stock his gain or loss would be measured on the basis of a cost
refused to give any preference to our vessels in the way of tariff? price of $40 instead of on the basis of $75, which the old stock originally
Mr. Sinscheimer. That is my understanding.
cost him.
Mr. McPherson Browning. And I think President Coolidge intends
This amendment is also effective as of Jan. 1 1923.
to follow the same practice; in other words, not to give any preferential
Legislation Not Passed.
treatment to our boats.
All legislation pending when Congress adjourned on March 4 died with
Mr. Bodell. It is not a question of preferential treatment. It Is
law.
the close of Congress. The situation with respect to the bills which
tho
Mr. McPherson Browning. I would not want to answer that question failed of passage, but in which the Committee has taken an interest, is
authoritatively, but I doubt if it is being carried into effect.
about as follows*
Mr. Bodell. It represents the other side of the picture.
House Joint Resolution 314. This is the resolution that proposes an
Browning. Yes.
Mr. McPherson
amendment to the United States Constitution in order to permit Federal
taxation of interest on bonds issued by the States and their political subdivisions. This subject was treated in detail in last year's report of the
Report of Taxation Committee.
Committee on Taxation. Since the submission of that report the further
The report of the Taxation Committee, submitted by Eu- progress of this measure has been as follows: On Jan. 23 1923 it was passed
by the House of Representatives, in the following form, which Is practically
gene E. Thompson, of Crane, Parris & Co., Washington, re- the same form in which it was reported out of the Ways and Means Comviewing the revenue legislation of Congress, discussed the mittee, namely:
Joint Resolution
House resolution relative to capital losses, as to which the
Proposing an amendment to the Constitution of the United States.
report says:
Resolved by the Senate and House of Representatives of the United States
House Resclution 13770.
of America in Congress assembled (two-thirds of each House concurring
This was a bill to amend the Revenue Act of 1921 in respect to capital therein), that the following article is proposed as an amendment to the
losses. It provided, in effect, that the amount by which the income tax Constitution of the United States, which shall be valid to all Monte and
on an individual might be reduced by reason of capital losses should not purposes as part et the Constitution when ratified by the legislatures of
exceed l23j% of such capital losses. The bill embodied a recommendation three-fourths of the several States:
ARTICLE
made in the annual report of the Secretary of the Treasury for 1922. The
"Section 1. The United States shall have power to lay and collect taxes
bill passed the House, but failed or passage in the Senate duo to crowded
calendar at the closing hours of the session. The subject is of considerable on income derived from securities issued, after the ratification of this
article, by or under the authority of any State, but without discrimination
importance and the proposal will probably be renewed In the next Congress. against income derived from such securities and in favor of income derived
Adoption by Congress of the rule recommended by the Treasury will mean from securities issued, after the ratification of this article, by or under the
a substantial increase in taxes in many cases. The 1921 law taxes capital authority of the United States or any other State.
power to lay and collect taxes on income
"Section
gains and recognizes capital losses. It limits the tax on capital gains to derived by 2. Each State shall have
its residents from securities issued, after the ratification of this
1235%, but puts no limitation on the deduction of capital losses, that is, article, by or under the authority of the United States, but without discrimcapital losses may be deducted in full under the 1921 law. The general ination against income derived from such securities issued, after the ratificapurpose of the proposed measure is to increase the revenue by limiting the tion of this article, by or under the authority of such State."
deductions. The argument made in favor of the proposal is that because
Passed by the House of Representatives Jan. 23 1923. The resolution
capital gains are taxed only 12%%,therefore the allowance on account of was then sent to the Senate where it was referred to the Committee on
capital losses should be limited to 12%%. In the judgment of your Judiciary. That Committee appointed a sub-committee to consider the
Committee it is open to serious question whether the logic of that argument matter. Public hearings were held before this sub-committee on Feb. 10.
is sound. While it may be true that one taxpayer may have a capital gain 17 and 22 1923. No report was filed by the sub-committee nor further
and pay a tax of only 121i%, yet it is equally true that another taxpayer action had before the close of Congress. In view of the importance of the
may have a capital loss which may not only wipe out all his apparent subject it is likely the measure will be reintroduced when the next Congress
ordinary income but as well take away a large share of the principal of his meets.
31923.]
THE CHRONTCLE
meriting the report, Mr. Thompson said:
t report, Mr. President, was written or was made, it will be
rabie interest to the members of the Convention to know that
issued, I think Just yesterday, a Treasury decision which will
e saving of thousands of dollars to our members.
Taxation Committee finds it difficult to give you a report which
in any way picture what might happen in the next Congress. Our
ctivitios since Congress adjourned have been principally co-operating
with the Treasury Department in regulations and such other matters.
There arc many requests from the group organizations—not many, but
perhaps I should at least not so many, but there are a few now and then—
asking for co-operation of the Taxation Committee on State tax matters.
I might say that we have confined our activities principally to Federal
tax matters and have not been in a position to co-operate with the group
drganizations in the local State taxation matters. It is somewhat difficult for the Committee to be of much assistance to the group organizations
in that connection as much as we would like to be.
In co-operation with the Treasury Department beginning about two
months ago, we have just been successful in having the Department issue
a decision which in effect does away with the rendering of a monthly
statement by a broker selling stocks, where he must give the toal number
of shares sold, the total par value, and such other information as is required, enumerating about seven or eight different items. I know that
in the larger houses that handle many stocks this is a considerable Job
to compile this report, and I think I am very safe in saying that it ought
to save clerk hire to the extent of any where from $500 to $1,000 a year
to all of the larger houses.
The Treasury Department has amended the regulation so that in the
future we will only have to render a monthly statement giving, first, the
month for which the report is made; second, the name and address of the
individual, corporation, partnership or association making the report,
the value of the stamps on hand on the first day of the month.
I should have stated at the outset that these reports refer to the stamp
tax more than anything else. They are required by the Treasury Department to check up on the issue of stamps.
Fourth. the value of the stamps purchased during the month; fifth,
the value of the stamps used during the month:sixth, the balance of stamps
on hand at the end of the month, summarized into four items, of just
what your stamp tax includes each month, what you had at the beginning
of the month, what you bought, what you used, and the balance on hand,
and it will do away with the reporting of the number of shares sold and
the par value of all those shares sold, which you, have to make on the
sworn statement every month. It is Indeed gratifying for the Taxation
Committee to be able to give you that information from the Treasury
Department, which has just come out to-day.
Report of Committee on Legislation, by Thomas N.
Dysart, Chairman.
The report of the Committee on Legislation, presented at
Monday's session of the convention by the Chairman,
Thomas N. Dysart of the William R. Compton Co. of St.
Louis, was a most comprehensive one, embodying as it did
the various reports submitted by the group committees
representing the New England and other sections of the
country. The matter of the taxation of national banks was
among the more important of the legislation which the reports dealt with, and we quote herewith the details as submitted by Mr. Dysart:
1951
ANNUAL REPORT OF THE COMMITTEE ON
LEGISLATION.
The report of your Legislation Committee consists principally of the
reports of the Legislative Committees of the various groups. An examination of these reports discloses the tremendous activities of our members
in matters of legislation affecting financial affairs. It also proves the value
to the Association of its group organizations. In former years we were
obliged to look to the individual members of the General Legislative Corn
mittee to handle all legislative work, both national and local. This threw
the burden on comparatively a few who were unable to look after it effectively on account of the wide territory to be covered, especially when the
State Legislatures were in session. Now that we are able to work through
the Legislative Committees of the local groups, we not only have the advantage of numbers, but we also have local men who are personally Interested, and whose own business is frequently affected—also men who know.
personally, the inside politics of the situation, and who usually have a
personal acquaintance with the leaders in the Legislature. It has, therefore. been much easier for us to accomplish things, and not only to defeat
legislation that is objectionable, but also to help put through constructive
measures.
During the current year we have been actively interested in legislative
work in thirty-five States whose Legislatures were in session. The work
covered the broadest range ofsubjects—blue sky bills, banking laws,municipal bond statutes, constitutional amendments, soldiers' bonus legislation,
laws affecting public service and other corporations, and the all-important
subject of taxation. No member of the Association who has not had 04=1.sten to participate in this work can appreciate the amount done, or its
Importance to our membership, without reading the reports of these group
committees. We earnestly suggest a careful study of these reports so that
our members may not only understand what is being done for their protection and benefit, but also, through that understanding, be ready and
anxious to participate in this important work whenever the occasion
requires.
We deem it proper here to make brief mention of the policy of our Association in connection with the work and activities of its legislative committees. Unlike many other associations and organizations, we do not
attempt to promote legislation of personal rather than general benefit.
We have never indulged in the practice of fostering legislation which was
intended only to benefit our own interests. Legislation introduced at our
instance has been negligible. Such few laws as we have put forward related
to fundamental matters which we believed to be of national importance to
the public as well as to ourselves. We advocated, and even assisted in
preparing a uniform blue sky bill, because the early types of such laws did
not accomplish their purpose. They seriously interfered with legitimate
Investment banking business, and at the same time they failed to catch the
crook. Even in this we worked in co-operation with the State officials
who administer these laws.
By far the greater part of our activities in legislative matters is confined
to advisory work in opposing vicious legislation and in eliminating radical
features of proposed legislation which would be damaging to the public
welfare. We maintain no lobbies, keep out of politics, employ no paid
representatives, and seek only to concern ourselves with matters which not
only affect our own interest, but which also are of fundamental benefit
to the public.
Again we urge the reading of the reports of the Group Committees to
whom the Association is deeply indebted for the extreme importance of
the results they have accomplished.
HOWARD F. BEEBE, New York
ions E.SOTHERLIN,New Orleans
J. M.BROWN JR.. Philadelphia
A. G. WELLS, Pittsburgh
R. A. DALY, Toronto
CLARE WILLIAMS. New York
C. H. HEPPE, Cincinnati
BARRETT WENDELL is., Chicago'
A. C. FOSTER, Denver
Vice-Chairman
ALDEN H. LITTLE. St. Louis
THOMAS N. DYSART. St. LOUIS.
Chairman.
[On account of its length we are unable to give the eomplete we
port the present week, but will print it next week.]
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Nov. 2 1923.
A disposition to keep close to shore is still very noticeable
throughout wide ramifications of trade in this country. In
some branches there is less business than there was a few
weeks ago. The weather in parts of the West has been bad,
what with snows and rains and very low temperatures in
many sections. Even in the far Southwest it has been very
cold. In some cases retail business has been helped by
colder weather. It is a gratifying fact that the mail order
sales in October were the largest for three years and a half,
showing better buying power in parts of the West, with
some grain prices higher than a year ago, whatever may be
the case with wheat in the Northwest. Also, in the South
the farming community is favored with a larger buying
power, prices of cotton, for instance, being some $35 a bale
higher than at this time last year, while sugar is also higher,
and tobacco prices are very well maintained, not to mention lumber and some other products. The car loadings are
still very large. They give evidence of the,fact that however irregular trade, taking the country over, may be, the
aggregate after all is large. It could hardly be otherwise in
one of the most populous countries of the globe and one endowed, moreover, with the highest buying power of any
people in the world to-day if not in all history. Wheat
prices are just a shade higher for the week,and corn prices
are also well maintained, or have merely been adjusted to
the new crop. It is noticed that railroads refuse to lower
rail.freight. rates,on export wheat and it is also
doubtful
whether the tariff on wheat will be increased. There is
a
plan to organize co-operative associations in the West to
market grain gradually through the assistance of the War
Finance Corporation. It would appear that this plan is very
similar to that which seems to be increasingly popular in the
cotton belt. Of course, the whole thing savors of paternalism, but It is hoped that as times improve the natural economic laws will be left to work themselves out in the only
way which in the long run will inure to the real benefit of
the industries concerned, and that is by falling back on the
law of supply and demand. If too much wheat is raised, less
will have to be raised. Of course, the situation in the West
is peculiar, growing out of the war, and the dislocation of
the grain business during the great struggle. Prices of
wheat since the war have fallen to only about a third of
the war figure with a smaller market, while production has
not been correspondingly reduced. It is even said now that
in parts of the West the winter wheat acreage is being increased rather than reduced. It certainly will be increased
in spite of the lessons of the past, if there is too lunch coddling of the grain industry.
Nobody wants to see the old-time dumping of crops no tile
market early in the season, when the farmer gets the lowest
price through being forced to sell in order to pay his debts,
and later on to be subjected to the mortification of seeing
prices rise materially while others get the beneft. • The old
way of marketing of the crop had something of the barbarous about it. The ruthlessness a natural law often came
home with something like cruel force. But after all, in the
long rim. the fanner must learn to produce what the people
want. which is another way of saying that: heinust not
pro-
1052
THE CHRONICLE
[voL. 117.
Eu- question of reparations. There is n willingness to do so if
duce more than the people want in this country or in
it can be done without this country pursuing a course that
rope. As the European market has fallen off through the
attitude of the
about by the war and could be regarded as intrusive. The real
prostration of that Continent, brought
to United States is a willingness to help if the parties immedithrough a resumption of home production, there seems
in ately interested, including France, agree. But naturally
be nothing for it but a reduction of the wheat acreage
the water the American people, if they take part In such an affair, do
this country until such time as the market across
boll not wish it to be made farcical by undue restrictions of the
Improves. The cotton culture is another affair, as the
which has sent spot scope of the examination into this thorny question which
weevil has cut down the yield to a point
ay the cries aloud for speedy solution In the interest of Europe and
cotton at New York up close to 33c. per pound. To-d
on reduced its cotton crop of civilization in general.
Agricultural Bureau at Washingt
The purchasing power of farm products is tow at the highthan 750,000
estimate to 10,248,000 bales, which is more
that of indusof a month ago. And world's est point in three years, although still below
bales less than its estimate
smaller, in- trial products, says the Department of Agriculture at Washstocks of cotton are down to a low ebb, much
past. ington. The index number of the purchasing power of this
deed, than they were a year ago, or for several years
up to-day 200 points, or farm group is put at 75, as against 73 in August and 64 in
Under the circumstances cotton ran
the limit September 1922. Farm prices for agricultural products also
$10 a bale, from the low price of the day, this being
decline at the New York Cotton are higher at a season when the farmers actually have someallowed for an advance or a
that for some thing to sell. The spring wheat territory continues in disExchange in a single day. It is a curious fact
Farmers in
this 200-point rule has had to be kept in tress and is still trying to find some remedy.
eight years or more
brought that territory are also discouraged by the low price of potaforce because of a profound dislocation of the trade
toes, and incidental crops. There is considerable talk of
about first by the war and second by the weevil pest.
a slow market, despite diversification and especially of increasing dairy stock.
Meanwhile pig iron has declined In
too, that Prices of crops as a group in September were slightly higher
some indications of a reduced output. It is noticed,
year.
g the demand very materially, than in August and 28% higher than September last
steel production is outrunnin
it Prices of live stock products as a group made the largest
output,
in fact, according to some reports, by 50%. The
Yet gain of any one month since February 1922. Advances were
is intimated, is beginning to be reduced somewhat.
of the made in cotton, wheat, hogs, eggs, butter and lambs. Corn
there was a kind of Parthian shot in that increase
and potatoes registered declines. The run of hogs and
dividend on U. S. Steel common stock on Tuesday, and the
since. And sheep to market continued heavy in September.
sharp advance in the shares on Wednesday and
Building materials prices have fallen since April, it is
the
as the case stands to-day, whatever may be said about
there is an excellent stated, nearly 8% and there is an idea that prices tend
general slowness of the steel business,
toward a lower level and that cheaper prices mean much
demand from the railroads, automobile makers and builders,
a big
Japan. Steel has been seen in larger building operations in 1924. There is even now
and to all appearances, from
will re- building movement under way.
dull times before and has recovered, and of course
At Lawrence, Mass., slight curtailments have been made
cover again in directions where the demand Is now in abeyquiet, and if at the Brightwood Mills; also at North Andov r. Last week
ance. Meanwhile textile Industries are rather
operations were suspended on Friday night. Whether or not
anything, there has been some further curtailment of output
is not very this was to be followed this week officials did not announce.
of cotton, silk and woolen goods, though it
The curtailment came as a complete surprise, it being genmarked. And now that the cotton crop has been put by the
bales, it is easily con- erally believed that orders were sufficient to warrant full
Washington authorities at 10,248,000
time operation. The mills give employment to about 500 on
ceivable that cotton mill interests and other consumers may
Oct. 31
more life Into the textile the manufacture of fancy worsteds. Boston wired
take hold more freely and inject
advancing in that business conditions were causing further curtailments
busintss. Wool has been steady, with prices
In the cotton manufacturing industry. The Pepperell mills
some cases at the English and Australian auction sales.
latterly be- of Biddeford will run on a schedule of 500 narrow looms
Copper, which was recently rather weak, has
have three days a week until further notice. The mill has 6,600
come steadier with greater activity. Leather tanneries
on a
A reduction in bank looms. The Everett mills of Lawrence, Mass., now
curtailed output with business slow.
New three-day-a-week schedule, it was explained, will curtail to
clearings is largely traceable to some falling off at
ten- three days' operations every two weeks. Should business
York. Soft coal and oil have shown some downward
and in conditions improve In the gingham market, the mills state
dency. The shoe and furniture trade has decreased,
that they will increase operations. The A. L. Sayles & Sons
some directions building trades are not so active as they
intimated, there mills at Pascoag, R. I., scheduled t) reopen on Oct. 29, did
were recently. Yet with it all, as already
not do so. At Saco, Me., beginning next week, the York mills
is a large aggregate trade being done in this country. The
than any one of the will go on a three-day schedule, which is a greater curtailOctober clearings were much larger
ment than was expected. At West Point, Ga., on Oct. 31 the
three months preceding, although it is true that they were
In that section
for October last year at New York. b'ggest financial transaction ever recorded
somewhat smaller than
to was concluded at the meeting of the stockholders of the West
Outside of New York, trade on the whole has continued
Point Manufacturing Co. and the Lanett cotton mills held at
run ahead of that of 1922. And while the stock market was
advanced Lanett, Ala. The merger joins the West Point and Lanett
at one time weak or irregular, it has latterly
companies under the name of the West Point Manufacturing
sharply on active trading. Money is easier. It is true that
. At
that France Co. The new company is capitalized at $7,200,000
foreign exchange is lower. It is also regrettable
Brockton, Mass., officials of W. L. Douglas Shoe Co. anseems disposed to interpose obstacles to a speedy settlement
it has ceased to manufacture so-called $5 shoes
of the Ruhr and reparations questions. At any rate, that is nounced that
cor- for women. The present daily output of this grade of 120
how it seems on the surface, . lthough France professes
pairs will be cut to 50 dozen. The working force will
dially to accept American collaboration in what it terms an dozen
qualifies be reduced from 350 to approximately 200. Officials state
expert study of Germany's capacity to pay. But it
recent Increase in wages caused the curtailment.
this by stipulating that the examination shall be into its that the
hint that The workers seem to have been "penny wise, pound foolish."
"present" capacity to pay. Washington dispatches
Sears, Roebuck & Co. sales for the first ten months of this
the latest developments in Europe in regard to this question
$141,212.969, an increase of
r satisfactory to this Government. British year were $174,327,540, against
are not altogethe
23.45%, as compared with last year. Sales for October were
officials seem to think that the French Premier, M. Poin$19,933,164 in the same month last year,
care, is disposed to moderate his restrictions and that ex- $22,576,793, against
inti- or an increase of 13.26% for the month.
perts will have sufficient scope and freedom. It is
At Norfolk, Va., on Nov. 1 the longshoremen's strike in
mated that French statesmen are simply pursuing a politic
concessions effect at Hampton Roads since Oct. 6 was settled. Union
course and are preparing the French people for
to work to-day, It is understood, on
on the great question of reparations. It is to be hoped that longshoremen returned,
on of the apparently vaccilating the 75c. scale offered by employers when the union ordered
this is the true explanati
strike for a scale of 80c. an hour.
course of the French Government during the past week. It a
At Scranton, Pa., 10,000 miners failed to appear for work
to say that the recent speeches of Mr. Lloyd
is not too much
on Thursday and mines with a daily output of 7,000 tons
George throughout the United States have done much to
idle. At Houghton, Mich., on Oct. 31 the Quincy Mindirect the attention of the American people more closely to were
by ing Co. announced a 10% wage cut effective to-morrow. The
European affairs, and to the necessity of participation
is described as temporary In the notices and is
the United States in efforts to bring about an economic re- reduction
ascribed to the prevailing low price for copper. Portland,
habilitation of Europe through a settlement of the burning
Nov. 3 1923.]
THE CHRONTGLE
Ore., saw mills on Oct. 31 received specifications for bidding
•on 120,000.000 feet of lumber to be bought direct by the Japanese Government. The mills are now booked at least 60
-days in advance on most dimensions of export lumber.
On Oct. 30 cold weather preceded by snows was general
throughout the middle northern section of this country.
Casper, Wyo., reported 8 degrees below zero on Oct. 29 following a heavy snowfall. From one to three inches of snow
covered Iowa on Oct. 30 with the mercury ranging between
16 and 19 degrees above zero. Northern Nebraska had a
heavy snow with a minimum temperature of 6 above zero.
Wisconsin and Minnesota had their first real cold snap of
the season, while in Chicago a light snow fell. Later it was
down to 4 degrees above in parts of the West and 8 to 28 in
others. Rain or snow has fallen in South Dakota, Nebraska,
Kansas, Iowa, Missouri, Illinois, Indiana, Kentucky and
Ohio. Heavy rains have occurred in Texas, Oklahoma,
Arkansas, Tennessee and Mississippi, and freezing temperatures later in Texas and Oklahoma. Snow fell in northern
New York. Curiously enough, while the West and the
South have been cold with snows, Fairbanks, Alaska, wired
Oct. 30 that as one result of unseasonably warm weather,
Alaska citizens of that city would see their first firework
s
display in 21 years. The exhibition was arranged by a
local
newspaper so children could see how their fellows in lower
latitudes celebrate the national birthday. Alaska firework
s
displays on July 4 are impossible on account of the 24
hours
of daylight at that season. There is no sign of snow
on the
hills thereabouts and the nights have been like summer.
The
temperature has been between 40 and 60 degrees above
zero,
Less Activity in Wholesale Trade in Federal
Reserve
District of New York in September as
Compared With August.
Wholesale trade in this district was less active in
September than in August and the index, prepared by
the Federal
Reserve Bank of New York from reports of 162
dealers in 11
lines, declined from 12% above computed normal in
August
to less than 1% above normal in September, accordin
g to the
Nov. 1 issue of the Monthly Review of Credit
and Business
Conditions, which states:
The September figure is the lowest since June
and is 16% lower than in
February, when sales were 19% above normal.
The decline in trade In September was the
result of smaller sales of men's
and women's clothing, groceries, shoes,
hardware, machine tools, and
diamonds. In the cases of women's dresses, machine
tools and shoes,
sales were below those of 1922 for the first time this
year. Sales of silk
goods, shown separate from sales of cotton goods
for the first time. were
22% higher than In September a year ago, partly
due to price advances.
Detailed figures for various groups are shown below:
Dollar Value of September Sales (September 1922
= 100%).
Commodity.
1919
1920
1921
1922
Di goods
118
96
92
100
a) Silk goods
129
86
80
100
b) Cotton goods
106
108
104
100
Drugs
99
93
93
100
Jewelry
181
218
81
100
Hardware
108
131
. 82
100
Stationery
161
140
102
100
Clothing
96
120
80
100
cr Men's and boys'
81
140
77
100
b Women's coats and suits
103
109
74
100
Women's dresses
104
110
88
100
Groceries
138
126
94
100
Machine tools
231
238
25
100
Shoes
233
99
99
100
Diamonds
164
91
48
100
Total (weighted)
122
122
91
100
1923
116
122
109
113
1.2
108
107
103
113
105
88
102
96
94
81
106
Increase in Chain Store Sales in Federal Reserve District of New York—Figures of Candy
and Soda Stores.
Sales by chain stores in September continued
to exceed
those of a year ago, partly because of the
opening of new
stores, according to an item on Chain Stores Sales in the
Nov. 1 issue of the Monthly Review of Credit and
Business
Conditions by the Federal Reserve Agent at New York.
The
Review says:
1953
Department Store Sales in Federal Reserve District of
New York in September.
September sales by department stores in this district were
4.2% above those of September a year ago, compared with
gains of 11% in August,9% in July and 8% during the first
half of the year, according to an item on department store
business which appears in the Nov. 1 issue of the Monthly
Review of Credit and Business Conditions by the Federal
Reserve Agent at New York. The Review continues:
The index of department store sales maintained by this bank, in which
allowance is made for seasonal variations, year-to-year growth and changes
In prices, declined from 1% above normal in August to 3% below normal
in
September.
Sales were possibly affected by unseasonably warm weather during the
latter part of the month and a slightly earlier date for the Jewish holidays,
Sales in New York City were relatively smaller than those in other cities
of
the district, due perhaps in part to the newspaper pressmen's strike, which
prevented stores from carrying out their usual advertising program. In
Boston, however, where there was no such strike, the decline In sales was
greater than in New York City.
During September sales of furniture and men's and boys' clothing were
10% larger than a year ago. Shoe sales were 7% above those of last September. but the increase In sales of women's ready-to-wear clothing anp
accessories was smaller than for several months past. The following table
shows the changes in sales from September 1922 to September 1923 in eleven
major groups of departments:
Furniture
+10.3 Women's ready-to-wear acmeMen's and boys'clothing
+9.9
so es
+2.3
Shoes
+7.0 House farnishings
+1.0
Women's ready-to-wear
+4.8 Cotton goods
+0.1
Silk goods
Woolen goods
—0.9
Hosiery
+3.8 Miscellaneous
—6.9
The number of individual transactions declined 0.8%. but the average
amount of each transaction advanced 5.2% from $2 86 last September to
1.3 01 this year.
Stocks held by department stores increased 11% between Sept. 1 and
Oct. 1 due to the receipt of fall and winter merchandise, and
were 9%
above those of Oct. 1 a year ago.
Detailed figures of sales and stocks are shown in the following table:
—Net Sales During Sept.— —Stock on Hand Oct. 1—
(Sept. 1922= 100%)
(Oct. 1 1922= 1000
7)
1919 1920 1921 1922 1923 1919 1920 1921 1922 1923
All dept.stores--- 90 96 86 100 104
97 123 102 100 109
New York
93 97 85 100 103
95 122 101 100 108
Buffalo
84 97 91 100 104
105 130 108 100 109
Newark
79 88 89 100 109
99 131
99 100 109
Rochester
88 102 89 100 112 119 147 111 100 110
Syracuse
88 103 89 100 111
119 155 101 100 109
Bridgeport
95 104 87 100 102 303 124 101 100 97
Elsewhere
88 103 94 100 101
95 118 112 100 105
Apparel stores_ _ _ 86 89 85 100 105
85 104 96 100 116
Mall order houses 136 117 96 100 122
-Sales by mall order houses were 22% larger than in September of last
year and the index of sales in percentages of normal, computed by this
bank, recovered from a point 19% below normal in August to 9% below in
September.
Federal Reserve Board's Summary of Business
Conditions in United States.
According to the Federal Reserve Board's summary of
business conditions in the United States, made public the
current week, "production of basic commodities declined
during September, whole trade continued large, while retail
trade, though larger than a year ago, increased less than is
usual at this season of the year." "Wholesale prices, particularly those of agricultural products, advanced during the
month," says the Board, which continues:
Production.
Production in basic industries, according to the Federal
Reserve Board's
index, declined 5% during September, and was 10% below the peak output
of May. The principal factors In this decline were the suspension
of
anthracite coal mining for over two weeks and a substantial reduction
In
the production of iron and steel. Cement production and sugar meltings
were larger than In August. The decline in the production Index, which is
corrected for seasonal variations and reflects chiefly changes
in the output
of raw and semi-finished products, was not accompanied by a reduction of
employment at industrial establishments. New building
construction
showed about the usual seasonal decline in September. duo to a curtailment
a contract for residences. Contract awards for business and Industrial
buildings, however, were larger than in August.
Estimates by the Department of Agriculture on Oct. 1 showed
some
reduction from the September forecasts in the yields of corn, wheat,
oats
and tobacco, but increased yields of cotton, potatoes and hay.
Trade.
Distribhtion of all classes of commodities by railroads
continued at a
high rate throughout September. Wholesale trade,
according to the
Federal Reserve Board's index, in September reached
the largest total In
three years and was 9% larger than a year ago. Sales
of meat, hardware.
and drugs were considerably larger than in last September
, while shoe sales
were smaller. Retail trade was slightly larger In
In the cases of apparel and of ten-cent stores as well
September, but the Inas candy and soda crease was much
less than is usual at this seaosn of the
stores, which are shown this month for the first time,
year. Department
there were gains in store sales were 6%
more than in September 1922, and stocks
average sales per store.
at the end
of the month were 13% larger than a year
The increases In sales, however, were somewhat less than
ago.
the normal
rate of growth in the past, and this bank's corrected index
Prices.
of chain store
sales other than groceries declined 2% and was 4% below computed
Wholesale prices increased over 2%
normal.
during September, according to the
Detailed figures of changes in the different groups follow: Index of the Bureau of Labor Statistics, particularly large increases occurring
In the prices of clothing, farm
products, and foods. Fuel prices, on the
Per Cent Change other hand, declined in September
for the eight a uceessive month, and
—No. of Stores— —Net Sales During Se
In Average Store prices of building materials
Type of
Sept. Sept.
and metals were also lower. During the first
(Sept. 1322 -100%)
Sales, Sept. 1922
three weeks of October prices of
Store.
1922 1923 1919 1920 1921 1922 1923 to Sept. 1923.
certain farm products continued to adApparel
431
544 60 91
vance, wheat and cotton reaching the
87 100127
+0.7
highest prices of the current year.
Cand y & soda91
105 57 83 93 100 123
while prices of hogs, coal, and metals
+6.5
Grocery
13.952 17.214 70 100 86 100 120
declined.
—3.0
Ten-cent
1,769 1.828 68 84 84 100 112
+8.0
Bank Credit.
Shoe
274
316
91
94 84 100 109
—5.2
Drug
The demand for bank credit showed a
280
312 82 97 96 100 105
seasonal increase In September and
—5.7
Cigar
2.639 2.747
the early part of October, loans of
71 101
94 100 103
—0.8
member banks in leading cities increasing
by $116,000,000 between Sept. 12
Total
and Oct. 10. This increase reflected
19,436 23,066
70 96 86 100 116
—2.3
chiefly the demand for commercial loans, which
on the latter date stood at a
1954
THE CHRONICLE
12.
now high point for the year,almost $100,000,000 above the total on Sept.
Increases in the holdings of Government securities by these banks were
partly offset by reductions in corporate security holdings.
in some
The demand for accommodation at the Federal Reserve banks
in the
of the agricultural districts increased, while at the Reserve banks
Reserve
East the volume of discounts for member banks declined. Federal
October was
note circulation continued to increase and in the middle of
about $100.000,000 above the July loyal.
the fifIn October, money rates showed an easier tendency, and after
New York market
teenth of the month rates for commercial paper in the
5 to 5 5U %
declined from a range of 5.K-
Federal Reserve Bank of New York on Employment,
Wages and Rents.
Regarding employment and wages, the monthly "Review"
of the Federal Reserve Bank of New York, issued Nov. 1,
says:
in New York
Due chiefly to seasonal activity in the clothing industry
factories Increased slightly in
City, employment in New York State
Department of Labor. The
September, according to reports to the State
smaller than in March,
number of workers on payrolls Sept. 15 was 3.2%
a year ago.
the high month this year, and 7% larger than in September
reported more requests for workers than
The State Employment Service
States at large, the
there were applicants for positions. In the United
a slightly
number of factory workers was cirtually unchanged, although
larger proportion of the reporting firnas worked full time.
workers In New York State were
Average weekly earnings of factory
increase
1% higher in September than in August, reflecting the seasonal
The principal
in employment. Wage rates in general were unchanged.
newsexceptions were an increase of 6 to 7% in wages of New York City
October the
paper pressmen and of 14% in wages of longshoremen. In
hour to
Railway Labor Board awarded increase of one to two cents an
handlers of
clerks, station forces, dock, warehouse, and platform freight
line with the
65 railroads in order to bring the wages of these workers in
wages of other workers.
[VOL. 117.
Further cuts in gasoline prices are looked for as result of seasonal drop
in consumption, lower crude oil prices and continued undercutting of
-cent gasoline, retail, in New
established prices. Some oil men look for 15
le
York this winter.
is shown by some New York
Unsettled condition of gasoline market
a gallon, at pump, against established price of
dealers selling it at 17 cents
20 cents. Largo companies also are reported making price concessions from
tank wagon (wholesale) price of 17M cents. This unsettled price condition.
particularly concession from tank wagon price, was a big factor in Gulf Oft's
-cent reduction.
recent 2
Increase in Gross Crude Oil Production.
The daily ayerage gross crude oil production in the United
States for the week ended Oct. 27 was 2,265,900 barrels,
according to statistics compiled by the American Petroleum
Institute. This compares with 2,263,450 barrels for the
preceding week, an increase of 2,450 barrels and was an increase of 682,650 barrels over the corresponding week of
1922. An increase over the previous week of 47,000 barrels
in the daily average production of the Powell field in Texas
was practically offset by decreases in other fields. The
daily average production east of the Rocky Mountains was
1,464,900 barrels, as compared with 1,442,950 barrels
an increase of 21,950 barrels. The following are estimates
of daily average gross production for the weeks indicated:
DAILY AVERAGE PRODUCTION.
28 '22.
Oct. 27 '23. Oct. 20 '23. Oct. 13 '23. Oct.404,400
(In Barrels)398,400
399.650
393,700
Oklahoma
72,850.
73.200
72,550
Kansas
54,300
70,650
69,200
66,050
North Texas
137,300
283,500
351,150
400,300
Central Texas
92.850
57,000
55,550
56,750
Louisiana
North
49,750
124,650
133,100
129,200
Arkansas
123,600
99,950
95.050
93,600
As to apartment rents, the "Review" has the following Gulf Coast
116,000
107.500
107,000
107.500
Eastern
86.250
*89.850
159,050
145,250
to say:
Wyoming and Montana_
430,000
821,000
as to rents California
820,500
801.000
Inquiry among apartment house renting agencies in this city
low-priced
following Oct. 1 indicated a continued shortage of medium and
2,125,350 1.583,250
2,263,450
2,265,900
Total
apartments, and no reduction in rents, which generally averaged 9%
barrels, as comCalifornia production for the latest week was 801.000Fe Springs is rehigher than a year ago.
with 820,500 barrels the previous week. Santa
apartments, renting for $30 a room and over. pared at 252,000 barrels. against 275,000 barrels; Long Beach, 225,000
In the case of higher-priced
n of apart- ported
Beach, 82,000 barrels'
there was reported to be some surplus, duo to active constructio situation barrels, against 248,000 barrels; and Huntington
no change.
of this typo and of private houses in recent years. This
ments
maintained
has resulted in few reductions in rents which are generally
Automobile Production Large.
at close to the levels of a veer ago.
Decline in Building Reported by Federal Reserve
Bank of New York.
largely to seasonal tendencies, the value of building
Due
000
permits granted in 158 principal cities declined $29,000,
of
in September, or 12%, says the Federal Reserve Bank
y Review," issued Nov. 1. The
New York in its "Monthl
"Review" continues:
declines
Approximately half the decline occurred in New York City, but
Southwest
were also general in other sections of the country except the
and Central West, where there were increases.
seasonal
This bank's index of the volume of building, which allows for higher
slightly
variation and changes in the cost of construction, was
March, the
In September than in August. though 30% lower than in
has followed
high month this year. The way in which pig iron production
relationshfp
the granting of building permits is an indication of the close
years.
between the volume of building and industrial activity in recent
reached in
Building wages remained in September at the high levels
As a
August, but prices of building materials continued to decline.
re:eded
result, the cost of construction index computed by this bank
further and was about 5% below the May high point.
ern States,
The value of building contracts awarded in 27 Northweast September
in
as reported by the F. W.Dodge Co., was virtually unchanged
involved. The
at $253,000,000, although a smaller number of projects was
the first nine
aggregate value of contracts awarded in these States during
period of 1922.
months of 1923 was slightly less than in the corresponding
Crude Oil Price Reduction-Gasoline Market
Fluctuates.
price of
The current week saw another reduction in the
when on Oct. 30 the Magnolia Petroleum Co.
crude oil
barrel
announced reductions ranging from 20 to 50 cents per
a
higher grades of crude oil in the States of Oklahom
on the
the price list conform with but one exand Kansas, making
notaception to that put into effect in Texas on Oct. 12.1 A
procedure is the reduction from $1 to 75c.
ble fact in the
-a product of the
per barrel of Corsicana (Texas) light oil
field, which has been recently exceeding the producPowell
it
tion of 300,000 barrels per day. The new schedule as
appeared in the New York "Times" of Oct. 31 follows
herewith:
a
at $1 10
Under the new schedule, oil of 33 to 39.9 gravity is quoted
$1 25, a rebarrel, a reduction of 20 cents. 011 of 40 degrees is quoted at
, oil below 28
duction of 50 cents a barrel. Other grades are unchanged
and 31 to 32.9 at
gravity being quoted at 50 cents, 28 to 30.9 at 70 cents
(Texas) crude was reduced 25 cents a barrel to 75 cents.
90cents. Corsicana
of the
The announcement is regarded as a further effort
-Continent producers to compete with California crude.
Mid
the out.
Without doubt other producers in the field will meet
d
same time the Magnolia Petroleum Co. announce
At the
of the runs at the new posted prices.
it would accept 100%
be made in the
It is expected that further reductions will
according to observations by the "Wall
price of gasoline,
says:
Street Journal" of Nov. 1. The statement
The Department of Commerce on Oct. 23 announced the
September production of automobiles, based on figures received from 183 manufacturers, 95 making passenger cars
and 116 making trucks (28 making both passenger cars and
trucks). The following is the statement. Data for earlier
months include twelve additional manufacturers now out of
business. Figures on truck production also include fire
apparatus and street sweepers.
AUTOMOBILE PRODUCTION (NUMBER
Passenger Cars923
1922
81,693 *223,819
43.086
January
68,088 109,171 *254,771
February
130.263 152,959 *319,768
March
176,439 *197,222 *344,639
April
177,438 *232,457 *350,409
May
150.263 *263,053 *337,359
June
165.615 '225,085 *297,330
July
167,755 *249,490 "314,372
August
144,670 '187,693 298,910
September
134,773 *217,534
October
106,081 *215,340
November
70,725 "208,006
December
OF MACHINES).
7'rucks
1923.
1922.
1b21.
9,517 *19,646
4,831
7,830 *13.291 022,067
13,328 *19,920 *35.037
18,070 *22,488 *37,862
18,070 23,948 *43,452
14,328 26,171 '40,973
11,132 *21,957 *30,494
13,391 24,601 "30,619
13,975 *19,335 28,455
13,144 *21,706
•10,481 *21,861
'8,593 *20,246
•Revised.
Steel Buying Falls Off But Prices Remain Firm
Pig Iron Still Lower
Buying of steel in the last week of October was Probably
little more than 50% of capacity, and brought the month's
total not much above that of September, states "The Iron
Ago" of New York in its weekly review of conditions affecting the industry. The summary, published Nov. 1 in full
is as follows:
ts are expert
Indications are that the leading interest and the independen
The diminishing backlogs are
cueing about the same reduction in orders.
there.
causing some curtailment of operations here and
It is still a question how long replenishment needs can be kept restrained.
price revision is resulting in a temporary
The consumer's effort to secure
.
contracts
freezing of bookings through a refusal to specify against
The producer still secs no object in reductions, and looks for November to
continue the performances of the past two months. Expectations of betterment lie in a swelling of railroad demands, the continued activity of automobile manufacture, the large scale of building construction and the effect
of growing Japanese purchases.
The Steel Corp.'s statement of earnings gives little, if any indication of
the effects of the increased cost up to Oct. 1 due to the abolishing of the 12hour day.
Japanese buying is steadily materializing. In Chicago 2000 tons of black
sheets were closed for December delivery and a Washington dispatch reports calls for bids on 13,000 tons of black sheets, 7000 tons of galvanized
sheets and 3000 tons of nails. The Steel Corp.'s bookings appear to total
20,000 tons of sheets.
Railroad developments include an inquiry of upward of 27,000 tons of
rails for the Nickel Plato and the purchase by the Chesapeake & Ohio of
17,000 tons of tie plates, divided between the Wheeling and Bethlehem steel
corporations, and 2.500 tons for the Union Pacific placed in Chicago. The
Louisville & Nashville has bought 15.000 kegs of spikes.
In equipment, besides the 43 locomotives for the Southern Pacific, the
Lackawanna has bought 25 locomotives. The Baltimore & Ohio is about to
buy 1547 cars and the Great Northern has inquired for 500 stock cars.
Nov. 3 1923.]
THE CHRONICLE
Of 17.500 tont1'offabricated steel bookings, 6000 tons was for railroad
work, including a Baltimore & Ohio dock. Last week awards totaled
11,000 tons. Fresh inquiries at 5000 tons were the smallest in a number of
weeks.
Prices of pig iron are fairly well maintained on small tonnages for prompt
delivery, but considerablylower quotations have developed on a few large
size sales. In the active competition of eastern Pennsylvania and New
Jersey furnaces, concessions of $1 to $2 per ton have been made and one sale of
2200 tons was at $21.furnace, while a cast iron pipe manufacturer purchased
5000 to 7500 tons at $22.50, delivered. The reductions at Chicago. Pittsburgh and other centers range from 50c. to Si, and in southern Ohio silvery
Irons have been reduced $2. Charcoal iron has been marked down Si.
Decrease in the average selling price of bar iron in the Central West for
the past two months will cause a reduction of 50c. per ton from wages of
puddlers, this being the first reduction in a long period.
The booking of tin plate orders for 1924 is expected next week. Present
commitments are keeping the mills up to an 85 to 90% basis.
'Farm implement manufacturers are operating at not over 40 to 50% of
capacity, but own to hopeful view of the immediate future. A fair amount
of exporting is being done to South America and Franco.
The spotty condition of buying is indicated in bolts and nuts. One seller's bookings in Oct. were 25% heavier than in Sept. Current demand is
far from satisfactory and prices still are soft.
Cold finished bars are easier and sales have been made at the 3c. basis.
British prices of pig iron and steel have stiffened all along the line. Black
sheets, due to Far Eastern demand, are being quoted for June and July
delivery.
The "Iron Age" pig iron composite price has fallen to $22.27 from $22.96
last week, the lowest figure since the $22.23 of May 2 1922, and $8.59 below
the high price of last April.
For 28 successive weeks, save for a 28c. a ton drop 15 weeks ago, "The
Iron Age" finished steel composite price has remained unchanged. It is
2.775c. per lb., and compares with 2.446e. per lb.one year ago and with
3.724c. per lb. three years ago.
The"Age" composite price table follows
Composite Price Oct. 30 1923, Finished Steel. 2.775c. Per Lb.
Based on prices of steel bars.
Oct. 23. 1923,
2_775c.
beams, tank plates, plain wire,
Oct. 2, 1923,
2-775c.
open-hearth rails, black pine and
Oct. 31. 1922,
2_446c.
black sheets constituting 88% of 10
-year pre-war average,
1_689c.
the U.S.output.
Composite Price Oct. 30 1923 Pig Iron, $22.27 Per Gross Ton.
Based on average of basic and
Oct. 23, 1923.
$22_96
foundry irons, the basic being
Oct. 2, 1923.
23_96
Valley quotation, the foundry an
Oct. 31, 1922.
29_52
average of Chicago, Philadelphia 110
-year pre-war average.
15-72
and Birmingham.
'['ho "Iron Trade Review" of Cleveland, in its issue of
Nov. 1, while observing that "the volume of new business
has boon slightly increased," says "buying lacks the stimulation of heavy now demands," and adds that "in either
case the change is slight and apparently no important
fundamental changes in the situation are developing."
Further extracts from the report appear herewith:
While prospects are favorable, a waiting attitude is more apparent
among both buyers and sellers of steel. The volume of new business
Is considerably loss than tonnage being shipped off the books, causing
some further curtailment of capacity. On the whcle consumption of
steel continues largo but buying lacks the stimulation of heavy now demands.
Whore these latter may appear is a question but the railroads offer
the best outlook, especially in connection with equipment needs. The
number of new cars in sight continues to be estimated at least
80.000
and strong faith is expressed that the bulk of these will be placed by
the
year-end. The indications suggest these negotiations are turning on
the
price of material and the settlement of this point to the satisfaction
of the
carriers undoubtedly will release a large tonnage to the mills.
Whether
the producers will be willing to make the concessions sufficient
to bring
out this business fully is yet to be determined. On the run of
business,
steel prices are well maintained and shading is limited in scope.
The best record of locomotive buying in several months is
shown the
past week with 70 placed. The Nickel Plate System has allotted
27,500
tons cf rails for next year. The distribution of the 200.000 ton
Pennsylvania order is yet to be made. The Chesapeake & Ohio has placed
17.000
tons of tie plates.
More weakness In pig iron and some softness in finished steel this week
place "Iron Trade Review" composite at $43 32. Last week it was
$4370
and the average for October $43 84.
The building situation is regarded as promising. Eastern shape mills
now are booking as much now tonnage as they are shipping. At New
York 50,000 tons of school work is planned though this may not all be
placed at this time. Now inquiry for loft buildings at New York this
week totals 9,000 tons. Chicago lettings are heavier. Reported awards
in all districts this week total 14,375 tons.
Another slump in pig iron this week has lowered prices $1 further in
the Chicago, Southern Ohio and Southern districts. Alabama iron is
offered at $19. Basic has been sold at $22, valley. Buyers are moving
slowly though the appearance in the market of some of the usually shrewdest
of their number has caused comment. The American Radiator Co. has
been doing some buying, but whether it has closed for a largo tonnage is
not yet known.
Recent blowing out of a half dozen or more blast furnaces has cut down
Connellsvillo coke consumption about 65,000 tons monthly. Coke production in that region now is down to 40 to 50% of capacity. Furnace
coke has fallen to 33 75. Two furnaces, one at Buffalo and another
in the Mahoning Valley, may go in soon.
Puddling wages in November and December will be 50 cents per ton
lass as the result of a drop in 10 cents per 100 pounds in the bi-monthly
examination of bar iron sales. This is the first decline in 18 months.
A large can manufacturer has placed 100.000 boxes of tin plate for
December delivery with the leading producer and would take 200.000
beams more for the same period if it were available. The demand for
tin plate is active on all sides and the Steel Corporation mills this week
ran at the highest rate of the present year.
• Japanese buying calls for some important additional tonnages. One
Pittsburgh maker received further orders the past week for about 20.000
tons of blank sheets. mahoning
valley plants have booked round
tonnages. A Chicago mill took 2.000 tons additional. A new inquiry put
out through the Japanese Embassy at Washington calls for 20.000 tons
of sheets including 13,000 tons of black, 3,500 tons of galvanized. and
3,500 tons of corrugated, and also for 3.000 tons of wire nails. Total
Japanese buying of steel to date is about 70.000 tons.
1955
Coal Production Steady at High Level.
The production of bituminous coal remains at the same
general rate, although varying from week to week while
the production of anthracite is close to the capacity of the
mines, according to the weekly report issued by the U. S.
Geological Survey on Oct. 27. The estimate of the amount
of bituminous mined for the week ended Oct. 20 shows a
decrease of 278,000 net tons below the revised figures for
the preceding week. On the other hand, the estimate of
anthracite production indicates an increase of 36,000 net
tons over the previous week. The statistics as given out by
the Survey follow:
The improvement in soft coal production in the second week of October,
indicated by the revised figures of car loadings was temporary and was
followed by a decline in the week ended Oct. 20. The total output.
including mine fuel, local sales, and coal coked at the mines, is estimated
at 10,675,000 net tons, against 10,953,000 tons in the preceding week.
Early reports of car loadings for the first throe days of the present week
(Oct. 22-27) indicate a further decrease in production.
Estimated United States Production of Bituminous Coal (in Net Tons)
Including Coal Coked.
1922
1923
Cal, Year
Cal. Year
Week.
to Dale.
Week.
to Date.
Oct. 6
10.699,000
280.751,000
424,173,000
9,736.000
Daily average
1.783.000
1.186.000
1.795.000
1,623,000
Oct. 13 a
10.953.000
10.110.000
290.861,000
435.126.000
Daily average.- 1.826.000
1,198.000
1.796,000
1,685,000
Oct. 20 h
10,675,000
445.801,000
301,239,000
10.375.000
Daily average
1,779.000
1.796,000
1,211,000
1,730,000
a Revised since last report. b Subject to revision.
Production during the first 248 working days of 1923 was 445,801.000
net tons. During the corresponding period in the six preceding years
It was as follows (in net tons).
Years of Activity.
Years of Depression.
443,947.000 1919
1917
387.494,000
478.072,000 021
1918
332.598,000
443,891,000 1922
1920
301.239,000
Production of Soft Coal in September.
It is now estimated that the total production of soft coal in September
approximately 46,216,000 net tons. This figure is based on final
was
reports of car loadings clueing the month, and it includes mine fuel, local
sales and coal coked at the mines. Comparison with the output in August
shows a decrease of 2,648,000 tons, due to the smaller number of working
clays in September. Only in 1917, 1918, and 1920, when production
was at an unusually high rate, has the September output been exceeded
by that in the corresponding months of years for which monthly records
are available.
Cumulative production thus far ia 1923 stands at 413,476,000 tons.
In comparison with the output during the first nine months of recent
years, 1923 was 52% ahead of 1922, slightly ahead of 1920 and 1917,
and but 6.7% behind 1918, the yettr of maximum output. Owing to the
declining rate of production during the first part of October, however.
1923 is losing its lead over 1920.
Production of Soft Coal in September and Cumulative Production in Firsi
Nine Months of the Last Ten Years (Net Tons).
Total
Total
Sept. Jan. 1-Sept. 30.
YearYearSept. Jan. 1-Sept 30.
39.019.000
315,765,000 1919
352.419.000
48.209.000
t914
40.964.000
409.556.000
307.877.000 1920
50.241,1)00
1915
42.098,000
368.689.000 1921
35.870.000
1916
302.780.000
45,108.000
411.727.000 1922 a_ -39.413,000
271,644.000
1917
51,183,000
443.007.000 .923 a--46,216,000
413,476,000
1918
a Subject to revision.
ANTHRACITE.
Under the stimulus of brisk demand for household sizes, anthracite
production continues at a rate close to the capacity of the mines. The total
output in the week ended Oct. 20 is now estimated at 2,045.000 net tons,
an increase of 36,000 tons. This figure includes dredge and washorY
production, sales to the local trade, and mine fuel.
Estimated United Stales Production of Anthracite (in Net Tons).
1923
1922
Cal. Year
Cal. Year
Week.
to Date.
to Date.
Week.
2.015,000
Oct.6
30,667.000
1.994,000
73,289,000
2
.009,000
Oct. 13
32,779.000
75.298.000
2.112.000
34,818,000
2,045,000
Oct. 20
2,039,000
77,343,000
BEEHIVE COKE.
For the fourth consecutive week the production of beehive coke declined
and a new low weekly record for 1923 was established. The total output
in the week ended Oct. 20 was 276.000 net tons, a decrease of 8.000 tons.
The decrease was practically confined to Pennsylvania and Ohio. According to the Connellsville "Courier," production In the Connollsville
region decreased from 207.840 to 201.330 tons.
Cumulative production during 1923 to date stands at 15.374.000 tons.
Comparative figures for preceding years are as follows.
1919
15,851,79711921
4,394.387
1920
17,265,41011922
5,353.682
Estimated Production of Beehive Coke (Net Tons).
Week ended
Ore 21
Oct. 13
Oct. 20
1922.
1923.
1923.a
1922.
192.1.6
to Date.
to Date.
Pennsylvania & Ohio_ _218.000 225,000 154.000 12,410.000 4,067,000
West Virginia
17,000
338.000
894,000
17,000
16.000
Ala. Ky.,Tenn.& Ga_ 20.000
369,000
20.000
20.000
906.000
Virginia
251.000
11,000
12,000
625.000
9.000
Colorado & N. Mexico- 6,000
170,000
6.000
313.000
6.000
Washington & U tab--- 4,000
159,000
5,000
226.000
4.000
United States total__ _ _276,000 284,000 210.000 15,374.000 5,354,000
Daily average
21,000
46.000
61,000
47.000
35,000
a
Subject to revision. b Revised from last report.
Coal Market Remains Indifferent-Extracts from the
Trade Journals.
The weekly review issued Oct. 31 by the "Coal Trade Journal," of New York and Chicago, depicts conditions in the
coal market in general as being gloomy and indifferent.
However, this authority sees the situation comparable to
1958
THE CHRONICLE
[vol.. 117.
stockholders of the company, approximately half of whom are common
stockholders, with the real state of affairs, I can state that the condition
of the company is in every respect highly satisfactory.
Pessimistic comment is still the ruling feature of the oituminous trade,
-year have been above normal, and despite curtailment
Our sales this half
explanation for elsewhere in the industry, American Woolen is to-day operating at 83%
although the gloomy mourners search in vain for a plausible
-ton n ark. capacity, which Is far above the average for this time of year.
the fact that weekly production still swings above the 10,500,000
The best they can do in that direction is to point to a downward trend since
Relatively speaking, we have fewer goods on hand than usual. The
the middle of the month. When they turn to spot prices, however, they American domestic wool market is the lowest to-day in the world, and
wont vali- American-owned wools are being shipped abroad to higher markets. This
can find plenty upon which to feed their pessimism. Coals that
antly forth at $4 per ton at the beginning of the coal year are now begging a does not indicate lower prices for wools over here, and it would not be surmarket at $2 50 or less.
prising if we had a higher raw material market after the turn of the year.
As a matter of fact, trade conditions have approached that state of nor- This should have an influence on goods for the coming season.
pursemalcy which, in the bituminous industry before the war, meant a
I actually anticipate the greatest overcoating demand that the country
breaking struggle for business, with no quarter given except to the wily has even known, and there should be plenty of work for all the woolen mabuyer. It has been so long since normal times have descended upon the chinery of the country.
coal trade that the Industry has not readjusted its mental viewpoint to the
The entire dividends for the common stock have already been earned this
changed conditions. Too many are still living memories of 1920.too many year. The finances of the company are in splendid condition.
bigger the business they
in the dark belief that the more money they lose the
There is nothing more I can say to refute irresponsible rumors designed to
can do.
unsettle the confidence of stockholders.
In the Middle West, market conditions have largely settled down to a
seasonable weather proposition. When the mercury drops, domestic buying rises, when the mercury goes up. demand falls. In the East, the lake
Pepperell Cotton Mills Curtail Production.
movement is Mill a safety valve, but many are apprehensive as to what will
happen when this movement is at an end. During the week ended at 7
Announcement was made on Oct. 31 that the Pepperell
a. m. Oct. 22 cargo dumpings of bituminous rose to 955.551 net tons, bringing the season total to 24,618.795 tons—a record never before surpassed. Mills of Biddeford would run on a schedule of 500 narrow
During the week ended last Saturday 49 vessies dischargded approximately looms three days a week until further notice. Lack of or445.000 tons at the Head of the Lakes, where stocks now exceed 5,000,000
ders for narrow sheetings is assigned as the cause for the
tons.
Spot prices continue on the downward grade. Compared with the pre- shutdown. The mill has 6,600 looms.
ceding week, quotations for the week ended last Saturday showed changes in
43.8% of the figures. Of these changes 67.1% represented reductions ranging from 5 to 50 cents and averaging 20.1 cents per ton. The advances
Reduces to
ranged from 5 to 50 cents and averaed 17.1 cents per ton. The straight York Manufacturing Co. of Saco, Me.,
average minimum for the week declined one cent toil 81; the straight averThree Days a Week.
age maximum dropped 5 cents to $2 21. A year ago the averageswere $3 67
Commencing next week the York Manufacturing Co. of
and $4 34, respectively.
With the anthracite labor situation less muddied, production is nearing Saco, Me., will go, it is announced, on a schedule of three
mine.capacity. Retail and consumer demand for favored sizes, however, is days a week, it having been decided to close down the mills
still so strong that little headway has been made in pulling down peak prices
The
asked on a small percentage of the tonnage. The steam end of the business to an even greater extent than that recently announced.
is still badly depressed. Conservative opinion looks for little real break in further curtailment will throw 5,100 looms out of employdomestic demand before the Christmas holidays. Lake shipments from ment.
Buffalo last week declined to 93,400 tons. During the week there were
five cargoes, with approximately 48,000 tons, received at the Head of the
Lakes.
Majestic Cloak Co. and Herzog's Majestic Cloak Co.
that observed in the bituminous trade before the war—a
"return to r ormalcy" as it states in its report which follows:
Comment on the state of trade in the coal industry by the
"Coal Age" of New York runs in a similar vein. Its resume,
issued Nov. 1 is quoted as follows:
Production of soft coal continues in excess of consumption and the market
is indifferent. The demand for storage coal is falling off and buyers with
contracts are slowing up receipts. Some large operators have reduced contract prices in an effort to keep their coal on the move and mines going.
Prices for soft coal continue to move downward.the Coal Age Index registering 184 on Oct. 29 a drop of two points from the previous week. The
average price was $2.23. Increases in southern Illinois, Springfield, western
Kentucky,Clearfield, Cambria and Somerset coals were offset by declines in
Standard, southeastern Kentucky, Pittsburgh, Kanawha and Pocahontas
coals.
Lack of demand is the dominant factor in limiting production. In the
Middle West the trade was aroused by a change in temperatures which
created a slightly better demand for domestic coal. Steam coals continue
hard to move. In St. Louis the market is quiet with the cheaper domestic
coals in better demand than the better grades. No indication of improvement is seen in New England, where reserve coals are piling up and Pennsylvania coals move slowly.
In Ohio there was a slight upturn in domestic coals but there is no activity
in the steam situation, users of these coals having from 4 to 6 weeks' supply
on hand. Not so much coal moved in the Pittsburgh district at the extreme
low prices, giving the indication that the market is in slightly better shape.
Heavy buying of Welsh anthracite is reported, orders aggregating about
140.000 tons, nearly all of which is for Boston delivery, having.been placed
last week with Welsh mine operators and exporters.
Lake dumpings of soft coal increased during the week ended October 20 to
more than 1.000.000 net tons for both cargo and fuel coal.
There is little activity in the export market. Some orders were placed
but the tonnage was small. At Hampton Roads.dumpings during the week
ended Oct. 2.5 were 259.158 net tons,as compared with 274.854 tons dumped
the previous week, the decrease In shipments to New England and other
coastwise points accounting largely for the decline.
in Bankruptcy.
The third large failure in the wearing apparel trade of
New York in recent weeks was recorded yesterday (Nov. 2)
when an involuntary petition in bankruptcy was filed
against the Majestic Cloak Co. and Herzog's Majestic Cloak
Co., manufacturers of women's garments. Percival Wilds
was appointed receiver of the business by Judge Hand under
bond of $10,000. Laibilities of the two concerns, which
are operated by the same interests, were placed between
$650,000 and $1,000,000. Assets were said to be about
$280,000. The larger part of the indebtedness, about
$500,000, is said to be due to banks.
Miners' Wages Reduced in Butte, Anaconda and
Great Falls.
Notices of a 50-cent reduction in the day's pay, effective
Nov. 1, were posted at all mining properties in Butte, Anaconda and Great Falls, Mont., on Oct. 26. The wage cut
affects all working on day pay and contract workers. It is
estimated that 14,000 men are affected. High cost of production and low price of metals were given as the reason for
the reduction in wages.
Copper Mines in Arizona Reducing Wages.
A general reduction approximating 10% in the wages of
employees at copper mines in Arizona, affecting a return to
President Wood of the American Woolen Co. Declares the
scale in effect prior to March 16 1923 would be posted
Sales Above Normal.
Woolen
by Arizona copper mines and smelters, it was announced on
concerning
At the risk of being accused of issuing too frequent interviews
the American Woolen Company, but with the idea of acquainting 3 000 Oct. 27.
5.
Current Events and Discussions
The Week with the Federal Reserve Banks.
Further reduction of $30,500,000 in Federal Reserve note
circulation and increases of $47,600,000 in the holdings of
discounted bills and of $25,000,000 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 on Oct. 31 1923, and
which deals with the results for the twelve Federal Reserve
banks combined. Deposit liabilities increased by $35,100,000, while cash reserves declined by $18,000,000, as compared with an increase of $11,100,000 reported the preceding
week. The reserve ratio declined from 76.8 to 76.3%.
After noting these facts, the Federal Reserve Board proceeds
as follows:
Substantially larger holdings of discounted bills are reported by three
Reserve banks, the Now York Bank showing an increase of $38,400,000,
Boston an increase of $9,600,000 and Chicago an increase of $6,600,000•
The San Francisco Bank shows a decrease of $5,600,000 in its holdings of
discounted bills, and Minneapolis a decrease of $3,200.000. while smaller
changes are reported for the seven remaining banks. Paper secured by
United States Government obligations increased by $41,300,000 and on
Oct. 31 aggregated $425,700,000. Of this amount $250,400,000 was
secured by Liberty and other United States bonds, $158,600.000 by Treasury notes and $16,600,000 by certificates of indebtedness.
Decreases in Federal Reserve note circulation are reported by ten of the
Federal Reserve banks. The largest decrease, by $9,100.000. Is shown for
the New York Bank; Boston shows a reduction of $6,900,000, Cleveland
$5,100,000, San Francisco $5.100,000 and Chicago $4,600,000. Philadelphia and Richmond show increases in Federal Reserve note circulation of
$1,800,000 and $2,400,000, respectively.
Gold reserves declined by 525,300,000 during the week, Now York reporting a decrease of $18,200,000, Chicago a decrease of $17,600,000 and
Boston a decrease of $9,600,000. Increases of $10,000,000 and 36.800.000,
respectively, are shown for the Minneapolis and San Francisco banks.
Nov. 3 1923.1
THE CHRONTCLE
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
en subsequent pages, namely, pages 1970 and 1971. A summary of changes in the principal assets and liabilities of the
Reserve banks, as compared with a week and a year ago,
follows:
Increase (+) or Decrease(—)
since
Oct. 24 1923. Nov. 1 1922.
—518.000.000 —$20,600.000
—25,300.000 +33,000,000
+76,200.000 —28.100,000
+47,600.000 +296.000.000
+41.300,000 +154,100.000
+6.300,000 +141.900.000
+25.000.000 —56.000.000
+3,600.000 —268.400.000
—2,300,000 —113.500.000
+5.900.000 —154,900.000
+35.100.000 +44.400,000
+23.100.000 +47,500.000
+4.300.000
+11,500.000
+500,000
—7.400.000
—30.500,000 —84.400,000
1957
although he had long suffered from cancer of the throat.
Mr. Bonar Law was a native of New Brunswick, Canada,
where he was born in September 1858. His early education was had in New Brunswick, but his studies were completed in Scotland. In summarizing his political eareer,
the New York "Herald" of Oct. 31 said in part:
Bonar Law became Prime Minister Oct. 23 1922. upon the resignation
of David Lloyd George—the last of the famous war Premiers and of the
"Big Four" at Versailles to step down from office. He had distinguished
himself five years before as the man who refused a King's offer to make him
Prime Minister. As leader of the Conservatives, the largest single party
in the House of Commons. he wassummoned by King George to form a Cabinet late in 1916. after Lloyd George. then Minister of Munitions. had
forced an issue with Premier Asquith and brought about the latter's resignation.
The political colleagues of Asquith, however. declrned to promise adhesion.
and believing that a Coalition Government was essential for the successful
prosecution of the war, Bonar Law refused the honor. Lloyd George and
his famous war Cabinet wt s the result. Boner Law became Chancellor
of the Exchequer under the new Premier and fought side by side with the
"Little Welsh Giant" until the spring of 1921. *when he was foroed to retire
because of ill-health.
A statesman with few political enemies, the career of Boner Law was
singular. He was 42 years of age before he entered politics. A successftd
Glasgow iron merchant who had been born and educated in Canada, his
The Week With the Member Banks of the Federal rise to eminence in the British Parliament began with his election in 1900
as a Unionist from the Blackfriars Division of Glasgow. Strong for tariff
Reserve System.
reform, he soon became noted for his clear reasoning on that subject,and as
a result was made Parliamentary Secretary of the Board of Trade. Later
An aggregate decrease of $39,000,000 in loans and investhe successively became
ments, together with reductions of $109,000,000 in net House of Commons, leader of the Unionist or Opposition Party in the
Secretary of State for the Colonies.
demand deposits and of $21,000,000 in accommodation at Exchequer. Lord of the Privy Seal and finally Premier. Chancellor of the
It was his persistency that brought about the evacuation of Gallipoli,
the Federal Reserve banks, is shown in the Federal Reserve
Board's weekly consolidated statement of condition on of ill-starred Dardanelles campaign fame, and the removal of more than
100.000 surviving British soldiers Cron an untenable posiiton.
Oct. 24 of 771 member banks in leading cities. Loans
His services as Government leader in the House of Commons, a more
secured by Government obligations declined by $28,000,000, difficult and thankless position than that of the leader of the Opposition.
placed Bonar Law high among his illustrious predecessors. Disraeli. Gladloans on corporate securities increased by $8,000,000, and stone, Campbell-Bannerman and A.
J. Balfour.
all other,largely commercial,loans decreased by $21,000,000.
Boner Law's breakdown dated from shortly before the Paris Peace ConHoldings of U. S. securities show a reduction of $8,000,000 ference of 1919. which he attended as one of the British delegate. The
disposition of Boner Law to
on
for the week, while holdings of corporate stocks and bonds questions caused him some take the most positive standfirstgrave public
retirement.
embarrassment before his
increased by $10,000,000. It should be noted that the He was an uncompromising foe to the Irish republican movement, and
when Lord Mayor MacSwiney of Cork lay dying, a hunger striker in
figures for these member banks are always a week behind Brixton prison.
James Henry Thomas, President of the Trader Union
those for the Reserve banks themselves.
Congress. representing 6.500,000 British workers, blamed Boner Law
as "the one man more than any other who has justified in Ulster and in
A reduction of $28,000,000 in loans secured by U. S.
Parliament the spirit
a speech
securities reported for the member banks in New York City cellor prophesied thatof rebellion." In would in Edinburgh the Chanthe Government
fail unless it was "firm" in
is offset by an increase of like amount in loans on corporate dealing with Sinn Feb.
The desire of Lloyd George and Bonar Law to resume trade relations with
stocks and bonds. All other, largely commercial, loans
Russia through the
met with determined resistance
declined $23,000,000. Investments of these institutions from Earl Curzon, Soviet Government alsoWinston Churchill, then Secrethe Foreign Secretary:
increased by $12,000,000, Treasury notes showing an tary for War, and Austin Chamberlain, Chancellor of the Exchequer.
.
increase of $8,000,000 and corporate securities an increase The difficulty of the situation was made greater by the attitude of France
and America, where there was much opposition to the British plan.
Total reserve
Gold reserves
Total earning assets
Discounted bills, total
Secured by U. 8. Govt. obligations
Other bills discounted
Purchased bills
United States securities, total
Bonds and notes
U. S. certificates of indebtedness
Total deposits
Members' reserve deposits
Government deposits
Other deposits
Federal Reserve notes in circulation
ors4,000,000.
comment regarding the changes
Mr. Lloyd George, who was in Philadelphia when 'news
shown by these member banks is as follows:
of the death of Mr. Bonar Law came on Tuesday, had the
Net demand deposits of all reporting banks declined
$109,000,000, following to say:
banks in all Federal Reserve districts, excepting those
of
Philadelphia and
Dallas sharing in the decline. For the New
I have heard the sad news with deep regret, tinged with relief that the
York district the decrease
long and severe suffering has at last come to a peaceful end. I saw him
amounted to $52,000,000, for the Cleveland district to
513.000,000, for the
San Francisco district to $12.000,000 and for the
Boston district to $9,000,- shortly before I left for this country and the news certainly was not un000. Time depasits increased 510,000.000, while
net Government with- expected by me.
drawals of funds amounted to $24,000,000.
During the last years of the war and the first years of the peace we worked
--Reserve balances maintained at the Federal
_Reserve banks decreased in closer co-operation and partnership than probably any two Ministers
159.000,000. Cash in vault shows but a nominal change.
of the Crown had ever worked before. There was hardly a day we did not
For the New
York City members, a reduction of 529.000.000
in reserve balances and a meet, and not a day we did not communicate with each other and Internominal increase in cash are shown.
change views. No man could wish for a more loyal, sagacious and helpful
""_- a "
- Borrowings of all reporting institutions from
the FederalReserve banks partner in times of emergency.
declined from $582,000,000 to $561,000,000, or
Although we had serious political differences that severed co-operation
from 3.5 to 3.4% of their
fetal loans and investments. Borrowings of the
member banks in the during the last year. our friendship never broke, and we met Just a few
Boston district decreased $14.000,000 and those in the
New York district days before I left for these shores. It fills me with sadness to think I shall
$10,000,000, while in the Kansas City district member
never meet him again.
bank borrowings
increased $4,000,000.
On a subsequent page—that is, on page
1971—we
the figures in full contained in this latest weekly return give The New Austrian National Bank and the Reform of
of the
Austria's Currency.
member banks of the Reserve System._ In the
following is
The new Austrian National Bank of Issue in Vienna Is
furnished a summary of the changes in the principal
items of now
operating under the direct supervision of an Internaassets and liabilities as compared with a week and a
year ago:
tional Commissioner, who was appointed for a period of two
Increase (+) or Decrease
(—)
Since
years by the nations that guaranteed the recent Austrian
Oct. 17 1923. Oct. 25
1922. loans placed in this country,
Loans and discounts—total
in England, and on the Conti—551,000.000 +5571.000.000
Secured by U.S. Government obligations. —28.000,00
0
—54.000.000 nent. This Commissioner, or Adviser as he is called in AusSecured by stocks and bonds
+8.000.000 —45.000.000 tria, is Charles Schnyder von Wartense, who
All other
for the last
—21,000.000
+770.000.000 three years
Investments, total
has been one of the Managers and a Vice-Presi+2.000.000
—28.000,000
U.S. bonds
dent of the Swiss National Bank in Berne, Switzerland.
U.S. Treasury notes
_ +3.000.000
+190,000.000 Mr. Schnyder has many
U. S. Certificates of Indebtedness
friends in this country and is con—11.000.000 ---- —31.000.000
Other bonds, stocks and securities
sidered unusually well qualified for the difficult task.
+10.000.000
—86.000.000
Reserve balances with F. R.banks
—59,000.000
"Commerce Reports." Washington. D. C., in its issue of
+5.000,000
Cash in vault
Oct. 8, contained the following interesting report from ViGovernment deposits
—24,000,000
—152.000,000
Net demand deposits
—109.000.000---85.000.000 enna concerning the reform of Austria's currency:
Time deposits
Total accommodation at F. R.banks
+10,000,000
—21,000,000
+405.000.000
+334.000,053
Death of Andrew Boner Law, Former Prime Minister
11,e-wlya06*-0.-nelloff" of Great Britain. rrtertv-v, v-ar.o. p
.
,
*Andrew Bonar Law, who on account of ill heatlh resigned
in May last as Prime Minister of Great Britain, died on
Oct. 30. Mr. Bonar Law succeeded Lloyd George when
the latter was forced to resign as Prime Minister in October
of last year; his death was directly due to septic pneumonia,
From Trade Commissioner William Ford Upson.
Vienna.)
Plans are under consideration for
a reform or a readjustment of the
Austrian currency, and concrete
proposals will probably be announced this
fall. Doctor Brume's, general
director of the Austrian National Bank, was
recently interviewed in London and
said that possibly a new crown will be
created, which will be equivalent
to either 1.000 or 10,000 paper crowns of
the present bank notes, and that the
aim would be to have the notes covered
to a large pexcentqge, as is the present
currency, by metal reserves. It
should be noted that this suggestion
gives no credence tothe rumors of a
plan to raise the value of the present currency—quite the contrary.
An interesting innovation has been made in the recent
reports of the
Austrian National Bank,which state all amounts paper
in
currency In round
hundreds of crowns, omitting the units and tens. This reform,
which saxes
1958
{Vol,. 117.
THE CHRONICLE
by
much useless labor of the accountants and readers, has been introduced
to
the Swiss adviser to the bank, Mr. Schnyder von Wartensee, who hopes
the
have it adopted by the Vienna banks and by the city government and
officials
Austrian Government, in spite of the conservatism with which the
less than one
cling to their old habits of reckoning in units which are worth
hollers,
seven-hundredths of 1 cent. Some accounts are even made out in
100 of which are equal to 1 crovrn.
the place
Mr. Schnyder has also recommended the issue of coins to take
already decided
of the 10.000
-crown notes. Such coins, together with those
make a total coin issue of
upon for amounts less than 10,000 crowns, would
500 milliards Instead of the 150-milliard crowns now ro be issued
exIt is expected that the Devlsenzentrale, with its control of foreign
exchange transehange, will soon be abolished, thus allowing more normal
actions.
Debt—Part of Last Morgan
Issue to be Refunded.
The following advices from Havana Nov. 1 appeared in
the "Journal of Comerce":
for the
It is stated that the Cuban Government is making arrangements part of
bonds, forming
Cuba to Reduce Bonded
re-purchase of $2,000,000 Republic of Cuba 554%
the issue underwritten by J. P. Morgan & Co.
repayment on
President Zayas to-day signed the bill providing for the
bonds maturing
Nov.29,at par plus interest $875,900 Republic of Cuba 6%
in 1929.
0 of the same
The same bill provides that on Dec. 4 another $4,000.00
bonds, totalling $4,875,900. shall be called for repayment.
.
The bonds in question are at present in general public circulation remain
there will
When these two amortization operations are completed
in circulation only $6,000,000 of the 6% 1919 bonds.
Russian-American Industrial Corporation Announces
• First Dividend.
was
Argentine Law for New Arms in Effect—Calls for
A first dividend of 3% to be paid to the stockholders
100,000,000 Gold Pesos for Military Improve30 by the directors of the Russianannounced on Oct.
ments.
Square. The diviAmerican Industrial Corp. at 31 Union
The following from Buenos Aires Nov. 1 appeared in the
will apply on about $300,000 subscribed by five and a
dend
half thousand stockholders of the company. The announce- New York "Evening Post":
by Congress
President de Alvear to-day promulgated a law enacted
ment also says in part:
authorized to invest an amount
n since it was whereby the Argentine Government is armaments.
This is the first dividend announced by the corporatio
clothing
organized last year and made its initial investment in Russian
of the
enterprises. The dividend brings to light the successful results
President
concession granted by the Soviet Government to Sidney Hillman,
and
of the Russian-American Industrial Corp., when he visited Russia
talked business with the Soviet leaders 12 months ago.
The dividend, it was stated by the corporation's directors yesterday,
is paid out of the earnings of the operations of the corporation including
the
their investment in the All-Russian Clothing Syndicate, in which
National
"R. A. I. C." is co-investor with the Russian Supreme Council of
by
Economy. the Moscow Experimental Factory, which has been lauded
of
dozens of American visitors, and the Government Clothing Trusts
seven Russian cities: Petrograd, Moscow, Nizhni-Novgorod, Kazan.
Kharkov. Tambov and Egorievsk.
The profits of the Russian Clothing Syndicate for the first half year
have exceeded all expectations, according to the announcement of the
directors, and have made it possible for the Russian Syndicate to pay us
a dividend at the rate of 10% per annum. The stockholders of the R.A.I.C.
will receive their first dividend of3% paid out of the earnings of the American
corporation to date.
The All-Russian Clothing Syndicate has a total capital of nine million
g
gold rubles (approximately $4.500,000) and covers 25 factorie semployin
15,000 workers turning out every variety of men's and women's clothing
fur coats for the
goods, from caps and cloaks to knit goods and expensive
Moscow and Petrograd trade. The Syndicate's factories, previously
now working
engaged mainly in the manufacture of military uniforms, are
almost 90% on the wholesale manufacture of civilian clothing.
The Russian-American Industrial Corporation was incorporated under
the laws of Delaware in June 1922. Under the agreement with the Russian
Supreme Council of National Economy, the capital of the corporation invested in the Clothing Syndicate is guaranteed by the public treasury of the
Soviet Government, in addition to a minimum 8% annual dividend to the
corporation on its Russian investments. The encouraging profits of the
syndicate, however, have made it easy for the Clothing Syndicate to pay
the corporation a dividend directly out of earnings.
The RAIO concession in Russia is not confined to the clothing industry
alone, as the agreement with the Russian Supreme Council of Nationall
Economy gives the American corporation the riaht to participate in various
industrial, commercial and Nanking organizations and enterprises on terms
agreed upon by the RAIO and the Russian Supreme Economic body.
"The late, Chas. P. Steinmetz," one of the officers of the RAIC. pointed
out yesterday,"was a hearty supporter of this Russian-American enterprise,
having twice made subscriptions to the stock of the corporation amounting
to several hundred dollars."
up to 100,000.000 gold pesos for military
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks under the September 1923 statement with the return
for August 1923ASSETS.
Gold and subsidiary coin—
In Canada
Elsewhere
Sept. 29 1923. Aug.31 1923.
49,341,022
11,730,513
53.042.875
12,174,340
62.217.215
61,071,535
Total
155,777,628
161,970,212
Dominion notes
Deposited with Minister of Finance for se6,124,227
6,130,182
curit3 of note circulation
61.302.533
61.652,533
Deposit of central gold reserves
108,751.573
110,508.894
Due from banks
1 412,305.875 1.380,846,659
Loans and discounts
412,100,594
04
416,944.6
Bonds. securities. &c
98.123,000
06,919,263
Call and short loans In Canada
203.913,891
than in Canada 186,020,209
Call and short loans elsewhere
107,743,211
111.367,798
Other assets
2,624,891.105 2.599.900.531
Total
—
Capital autbmized
Capital subscribed
Capital paid up
Reserve fund
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities
182,175,000
123,572.300
123,407.150
126,625,000
182.175,000
123,572.300
123.406.700
123.625.000
169,980,554
184,117.027
69,791,550
91,521,871
823,050,355
818,554,578
1 178.703,505 1,189,988,876
50.441,339
53,453,191
6.929,426
6.902.729
20,707,293
22.539,151
Total, not including capital of reserve fund-2.355,792,052
2.330,889,393
reports, the
ing to the omission of the cents in the official
Note.—Ow
given.
Finland Loan Oversubscribed in London.
footings in the above do not exactly agree with the total
According to cable advices received on Oct. 30 from
London, an offering of £1,000,000 sterling of Government of
Territory of
Value of Farm and Live Stock Products in
Finland 6% loan bonds, made by J. Henry Schroder & Co.
Chicago Joint Stock Land Bank.
and Hambros Bank, was quickly oversubscribed. These
largest or the
The Chicago Joint Stock Land Bank, the
advices were supplemented by the following by cable to
Loan
Land Banks chartered under the Federal
the New York News Bureau from Central News, London, joint stock
serviceable to the agricultural
Act, and which are proving so
Oct. 31:
the country, directs attention to the fact
Although the subscription lists for the Finnish loan closed early, giving communities of
300,000
ription, underwriters actually had to take up that in the corn belt of Illinois and Iowa there are
the impression of over-subsc
products and live stock to
partial failure of the offering was due to the high offering price
50%. The
farms, producing annually farm
and fact investors are not conversant with post-war condition in Finland.
representing an
the total value in excess of $1,300,000,000,
billion dollars." The bank also says:
investment of fourteen
Frankfort to Repay Low Interest Loans.
tremendous wealth are less than two
The estimated debts against this
t-on- billion dollars.
On Oct. 30 the following radio advices from Frankfor
mortgage debt. The farmers have
Over 50% of these farms are free of
the-Main were announced by the "Journal of Commerce":
balances, as evidenced by upwards
The City of Frankfort has recalled all its outstanding 3Yi% and 4%
loans tor repayment after the turn of the year at 500%. A single exception
is made to this call in favor of the 33i% lean floated in New York in 1901.
Switzerland Bars Marks Ordcrod for Pulp.
Geneva advices Nov. 1 published in the New York "Times"
Fifteen tons of'German banknotes of small denominations, purchased
been refused
by a Zurich paper factory for conversion into paper pulp, have
importaentrance by the custom office under the Swiss law prohibiting thestand the
foreign currency. The paper factory must
tion of large sums of
loss.
large investments and substantial bank
es throughout the two States
of 3,000 banks operating in rural communiti
the farmers.
dependent to the extent of about 90% of their business upon
red property nor so large an
No other industry has as much unencumbe
equity in the property that is encumbered.
the richest agricultural
It is on first mortgages on 4.000 farms in this,
Joint Stock
community in the world, that the securities of the Chicago
Land Bank have been issued.
the farmers'
Each loan is made on a separate farming unit and covers
business property, including his home.
The Aug. 31 statement of the Chicago Joint Stock Land
Bank was pulorshed in our issue of Oct. 13, page 1616. It
showed total assets of $53,722,151.
Frankfort Borrows 200 Trillion Marks.
Offering of Bonds of the Fletcher Joint Stock Land
FrankBank.
A special radio to the "Journal of Commerce" from
fort-on-the-Main Nov. 1 said:
On Oct. 22 the Fletcher Savings & Trust Co. of Indianwith the pecuniary requirements of the municipal gas
4
' In connection
is issuing to a chemical industrial group a apolis announced an offering of $500,000 5% Farm Loan
works, the City of Frankfort
00 marks, bearing interest at 2% below the
new loan of 200,000.000.000.0
bonds of the Fletcher Joint Stook Land Bank at 101% and
minimum of 8% and a maximum of 20%•
Reichsbank rate, but a
Nov. 31923.]
THE CHRONTOLE
interest, to yield 4.80% to Nov. 1 1933, and 5% thereafter.
The bonds are dated Nov. 11923, become due Nov. 1 1953,
and are callable Nov. 1 1933, or at any interest date thereafter at par. Interest is payable semi-annually, May 1
and Nov. 1. The bonds are issued in denominations of
$1,000, $500 and $100. The announcement of the offering says:
These bonds are issued by and are the obligations of the Fletcher Joint
Stock Land Bank of Indianapolis, which is chartered under the provisions
of the Federal Farm Loan Act to make first mortgage loans on farms in
Indiana and Illinois. The capital stock of the Fletcher Joint Stock Land
Bank is owned, with the exception of directors' sham, by the Fletcher
Savings and Trust Co.
The following facts are taken from the Sept. 30 1923 statement of condition of the Fletcher Joint Stock Land Bank:
Loans
312.233,430
Federal appraisement
31,460.965
Our appraisement
30.475,738
Acres mortgaged
236.102
Percentage of loan to appraisement
38.148%
Average loan per acre
351 81
The bonds are exempt from Federal, State, municipal and
local taxation. •
Bankers Joint Stock Land Bank of Detroit Changes
Name to Union Joint Stock Land Bank of Detroit.
The name of the Bankers Joint Stock Land Bank of
Detroit has been changed to the Union Joint Stock Land
Bank of Detroit, according to the Detroit "Free Press" of
Oct. 23, which states that the change was decided upon to
avoid confusion which might result from a similarity of names
between the Bankers Joint Stock Land Bank of Detroit and
another joint land bank in the same Federal district. The
same paper says:
The new name recognizes the affiliation which exists between the
Joint
Land Bank and the Union Trust Co. The board of directors of the
Union
Joint Stock Land Bank of Detroit comprises Prank W. Blair.
Henry H.
Sanger, Henry M. Campbell, Harry C. Bulkley, Thomas
J. Anketell,
William A. Comstock, John N. Stalker and 0. P. Gossard.
of Detroit;
Dudley E. Waters, Charles H. Bender, Grand Rapids; Herbert
E. Johnson,
Kalamazoo; Edward Frensdorf, Hudson; Albert E.
Sleeper, Bad .Axe.
The officers are: President, Frank W. Blair; Vice-Presidents,
Dudley E.
Waters, Henry H. Sanger, Edward Frensdorf; Vice-President
and Manager,
0. P. Gos.sard; Secretary and Treasurer, John N. Stalker;
Cashier. Charles
H. Adams; Assistant Secretary. Merrill 0. Adams; Assistant
Treasurer,
George H. Stalker.
The company makes loans on farm lands in Michigan
and Ohio and
reports that applications in very substantial amounts
are being received
daily. A large volume of loans have been made.
1959
tion,conducted in foreign countries,of currency and exchange
conditions. He is the author of a book on Central Americniz
finance now in the process of publication. During the war
he was an examiner with the Federal Trade Commission
engaged in economic work in connection with the iron and
steel investigation. In the course of the coming investigation, Dr. Young will confer with economists, foreign exchange bankers, and other experts in the field of international
finance, in the endeavor to make the report, which will be
published some time next spring, comprehensive and generally useful. Among the questions which will be the subject
of special study are the following: the large issues of inconvertible paper money in the different countries, backed
by meager metallic reserves; the inflation and deflation of
credit and currency; changes in price levels; governmental
debts, revenues and expenditures; foreign trade balances;
also the effect of political conditions upon exchange rates.
Visit to New York of D. R. Crissinger, Governor of
Federal Reserve Board—Sees No Reason for
Concern About Discount Rates.
D. R. Crissinger, Governor of the Federal Reserve Board,
who was a visitor to New York last week (Oct. 24), when
he attended the weekly meeting of the directors of the Federal
Reserve Bank of New York, stated, according to "Daily
Financial America," that he had.no special object in coming
here at this time, but desired to get in touch with the New
York Federal Reserve Bank personnel. The same peper
said:
He expressed the opinion that the business situation was good and
that
in a number of lines of industry orders had been contracted
for into next
spring. He said he was unaware of any dissatisfacti
on or discussion in
business or banking circles in respect to the present arrangemen
t for uniform
Federal Reserve rediscount rates in the various reserve districts.
Regarding
the farmer, Mr. Crissinger declared that there were abundant
facilities for
credit through the Federal Reserve Board of Farm Loan banks
for all
farmers who were in a position to avail themselves of such
credit. The
Governor said he could not see why there should be any particular
concern
about the Federal Reserve rediscount rates at this time. As a
free gold
country, it was inevitable that the yellow metal should be imported
or
exported as the case might be. Governor Crissinger referred in general
terms to the fact that consideration was being given toward ascertaining
the
reasons for non-entry of banks In various sections of the country
into the
Federal Reserve System. It developed to-day that the Governor's
visit to
this city was partly in connection with developments in State banking
affairs.
Preliminary Survey of Possible New Uses for Silver in
Industry Undertaken by United States
Bureau of Mines.
Secretary of the Interior Work on Oct. 29 asked the Bureau of Mines to make a preliminary survey of possible new
uses for silver in commerce and Industry. If the preliminary
study looks sufficiently promising, it was stated, definite research may be undertaken. Says the announcement of the
Department of the Interior:
Owen T. Reeves, Jr., Chief Bank Examiner, for Federal
Reserve District of New York—Other Changes.
Announcement was made on Oct. 30 by Comptroller of
the Currency Dawes of the appointment of Owen T. Reeves
Jr., Vice-President of the Corn Exchange National Bank,
Chicago, as Chief Examiner for the Second Federal Reserve
District, with headquarters in New York, succeeding D. C.
Borden, who resigned to become identified with the Nationzl
City Bank of New York.
With the decrease in the demand for silver for monetary
purposes following the expiration of the Pittman Act, silver producers are being
The Comptroller also announced the appointment of
faced with
the necessity of finding new markets for their metal, Secretary
Work has Edwin F. Rorebeck as Chief National Bank Examiner for
pointed out, and this new study has been ordered for the particular
purpose the Fifth Federal
Reserve District, with headquarters in
of determining where the use ot silver might be introduced into
hitherto unsuspected fields. It is expected that the Bureau of Mines will
submit a pre- Washington. Mr. Rorebeck succeeds W. J. Schechter,
liminary report to Secretary Work within a few days.
who has been transferred to the Detroit District.
In Ills letter to the Bureau of Mines Secretary Work said:
E. Willey Stearns has been transferred from the Second
In connection with the present interest in the future of silver, it
has oc- Federal Reserve District to the office of the Comptroller
curred to me that a careful study might show important fields for
Increased of the
Currency, acting as Assistant Chief National Bank
use of the metal in commerce and industry. If a sufficient u, to
e
offset the
decrease In its demand for monetary pm poses can he found it will be
of large Examiner, with general supervision over the First and Second
national importance. May it not be substituted to advantage for other
metals Federal Reserve Districts.
or materials in certain uses? What other possibilities
exist? The United
States has long been the premier producer of silver, and if there
are any
such undeveloped fields for its uti:ization it would seem proper
that this country take the lead In discovering and exploiting them.
Please have some member of the Bureau staff make a preliminary
survey
of the field and report to me whether it looks sufficiently
promising to warrant definite research being undertaken.
Senate Commission of Gold and Silver Inquiry Names
John Parke Young to Take Charge of Investigation
of Foreign Currencies and Exchange Rates.
Senator Tasker L. Oddie, Chairman of the Senate Commission of Gold and Silver Inquiry, announced on Oct. 30
the appointment of Dr. John Parke Young of California
as Economist to take charge of the investigation of foreign
currencies and exchange rates, which the Commission is
undertaking. The investigation, which has already commenced, will take the form of a study of the movement of
the exchanges and currency conditions of the leading countries, with particular reference to the adverse effects of
depreciating and fluctuating exchange upon our foreign
trade and general economic conditions. Dr. Young comet
to the Commission from the Economics Department of
Princeton University. He has had experience in investiga-
Government's Brief in Branch Bank Proceedings.
The right of a State to pass judgment on the authority
of national banks to establish branches is challenged in the
brief filed on Nov. 1 in the U. S. Supreme Court by SolicitorGeneral James M. Beck of the Department of Justice.
The application of the Government to participate in the
branch bank proceedings brought by the First National
Bank of St. Louis against the State of Missouri was approved
by the Supreme Court on Oct. 22, as was noted in our issue
of a week ago, page 1838. Regarding the brief filed in
behalf of the Government by Mr. Beck, a dispatch from
Washington to the New York "Commercial" Nov. 1 said
in part:
The Department of Justice's principal
purpose in appearing in the case
is apparently to combat the action
of the Supreme Court of Missouri in
passing upon a Federal Act in holding
that the Federal Reserve Act, as Well
as a Missouri statute, forbade the
establishing of branch banks. To this
extent tie Department of Justice shares
the view of the First National
Bank in St. Louis that the State Court
had no jurisdiction to pass upon the
Federal law.
Pointi tg out that its interest in the litigation obvious. the
is
Department
of Justice brief says that "the case not
only affects the true construction of
an important Federal statute, but involves
the integrity of the National
banking system.
THE CHRONICLE
1960
"If the State of Missouri has the right to institute this proceeding, to
restrain an alleged excess of power by a Federal instrumentality, then every
constituent State of the Union has a like visitorial power, and in that event
the national banking system of the United States is subject not alone to
one master, but to forty-nine."
Court
Sollcitor-General Beck said that when the United States Supreme
ordered a reargument and directed the attention of counsel to the question
ofthe right of the State ot Missouri to institute the proceeding.It seemed inand
cumbent upon the Federal Government to assert its right to regulate
the
control its own fiscal Instrumentality. As an appendix to the brief,
-General in
Solicitor-General includes the recent decision of the Attorney
auwhich he held that the Comptroller of the Currency was empowered to
thorize national banks to establish additional offices for conducting limited
and
banking business,such as accepting deposits, &c., but not to make loans
adopt exclusive policies that are permitted only by the directors at the main
bank.
Rights of Reserve Member Banks.
It is believed that the Supreme Court in passing upon the First National
Bank in St. Louis case may take occasion to render an opinion upon the
rights of member banks of the Federal Reserve system to establish branches.
The Department of Justice brief says it seems clear that Congress intended
that the Comptroller of the Currency should have the "visitorial" power of
enforce a proper observance of the provisions of the National Bank Act.
and that "it clearly hrtended that the sole master of the national banking
system should be the sovereign which had created it."
The brief points out that the case before the United States Supreme Court
does not require the Department of Justice to express any opinion as to
whether the establishment of branch offices rests wholly In a given case in
the discretion of the Comptroller of tbe Currency. The Comptroller. it
states, clearly has the right to determine, from investigation and otherwise,
whether a national bank is maintaining a branch bank as distinguished from
a branch office, and,if satisfied that the outside- business office is essentilaly
a branch bank, he is authorized to proceed in the courts of law to require
such bank to abandon its branch under the penalty of a forfeiture of its
Charter.
it This administrative power, however, the Solicitor-General says, "does
not necessarily imply a discretionary power on the part of the Comptroller
to permit one bank to have a branch office and to deny it to another, or to
permit one locality to have branch offices and to deny them to another.
If, as I have argued, a national bank may conduct Its minor and routine
operations. when necessary. beyond the walls of its place of business, it
may be a right which tho bank has as a part of its charter and not dependent
upon any discretionary permission of the Comptroller. This reference is
only made to exclude any implication that it is the opinion of the Department of Justice that the Comptroller of the Currency may finally decide
in the case of each banker whether he will or will not permit it to have a
branch office. In this connection it is significant that the question of
excesses of corporate power is determined in a judicial proceeding instituted
by the Comptroller."
Says State Cannot Interfere.
The brief emphasizes the fact upon which the Government mainly relies
that a State may not, in a quo warranto proceeding, interfere with the
exercise of discretion resting in the Comptroller.
"If the State of Missouri may, in this proreeding, call the First National
Bank in St. Louis to account for transacting its business beyond the walls
of Its main office, then the Attorney-General of every State has a like
privilege. It would follow that the whole national banking system could
be thrown into confusion by the divided counsels of Federal and State
authorities. That which the Comptroller of Currency might regard as
reasonable within the charter powers of a national bank might be regarded
by the Attorney-General of a State as In excess of such powers.
Our system of Government does not contemplate such a confusion of
authority. If the First National Bank in St. Louis, whose incorporation
by the Federal Government is undisputed, has exceeded its charter powers
by maintaining branch banks, the question then concerns the Federal
Government—the sovereign which created the bank. Primarily, the
restriction of the bank to Its charter powers is, as a question of administration, between the Comptroller of the Currency and the bank, and if the
question cannot thus be adjusted in the practical workings of the Government, then it becomes a question for the Federal judiciary. In a suit properly
brought by the Comptroller of the Currency to determine whether the
bank has acted in excess of the powers granted to it by the Federal Government.
For these reasons the judgment of the court below should be reversed
and this suit should be dismissed.
Discussing the action of the Supreme Court of Missouri, the brief says
that what was attempted was to restrain by a "pretended ouster a Federal
instrumentality from operating its branches in the State of Missouri, and
the relief granted was essentially an injunction, which sought to restrain
the bank from maintaining certain branch offices in the State of Missouri.
The bank, it is stated, is not In Missouri by grace of the State, but Is there
by the paramount authority of the United States. The bank has no
franchise from the State of Missouri, it is pointed out, and it needs none.
are
Various cases involving State decisions conflicting with Federal laws
the
cited by the brief showing that the Federal Government was given
a portion of the decision of the Supreme
supreme authority. Taking up
Court of Missouri in the First National Bank in St. Louis case, it is declared
that if the State law prescribes a penalty for exercise of any power by a
is
national hank which is not authorized by the laws of the United States,"it
entirely clear under the decision of the courts that the national bank would
not be subject to such penalty."
Hugo S. Joseph, Former Partner in the Failed Export
Firm of Childs & Joseph, Given Suspended
Sentence—Judge McIntyre Defends Leniency.
A suspended sentence of five years in Sing Sing was imposed on Oct. 23 by Judge McIntyre in the Court of General
Sessions on Hugo S. Joseph, formerly a partner in the export
firm of Childs & Joseph, of this city, which failed in January
1922, on condition that he would return immediately to
Germany, but would make reports to the Court from time
to time until the sentence expired. Joseph pleaded "guilty"
to indictments charging him with forgery and making a false
statement on which his firm a short time before its collapse
obtained a loan of $250,000 from the American Exchange
National Bank of this city. The indictments were returned
in April last, it is said, while the defendant was in Germany.
117.
He returned to this country from Germany on Sept. 14 to
plead to the indictments, it is said, and when arraigned in
the Court of Qeneral Sessions before Judge Talley, was
released in $5,000 bail. On Oct. 5 he entered a plea of
"guilty" to the indictments, it is said, his counsel, Robert S.
Johnstone, at the same time, announcing that Joseph wa,
not the real offender in the case; that he was in Africa when
the condition of the firm was being concealed from its creditors, and that he believed that the firm was solvent because
its condition had been misrepresented to him by others.
Judge McIntyre and District Attorney Banton, commenting
on the former's action in suspending sentence, said the
New York "Times" in its Oct. 25 issue, declared that the
evidence on which Joseph had been indicted "for forgery and
making a false financial statement to a bank, on which a
$250,000 loan was obtained by his firm," was not sufficient
on which to obtain a conviction." The failure of Child &
Joseph was reported in our issue of Jan. 28 1922, page 361.
Receiver Appointed for Hamilton A. Gill & Co.,
New York.
Robert C. Rand was last week appointed receiver of the
brokerage firm of Hamilton A. Gill & Co. of 7 Wall St.
by Judge Learned Hand in the Federal District Court,
following the filing of an involuntary petition in bankruptcy
against the firm. Mr. Ran.d's bonds were fixed by the
Court at 81,000. The firm's liabilities are said to be $30,000
and its assets $2,500.
Federal Grand Jury Indicts Seven Former Brokers for
Stock Frauds.
As the result of a long inquiry into supposed bucketshop
activities involving, it is said, thousands of victims and
millions of dollars, indictments were returned by the Federal
Grand Jury in the United States District Court on Oct. 31
against members of four bankrupt brokerage houses of
this city. The indictments charge that they used the mails
to defraud. The firms involved in the indictments were:
Hall & Co., George W. Field & Co., G. W. Morse & Co. and
Field Brothers, all of 50 Broad Street. All of these have
gone into bankruptcy except G. W. Morse & Co., which has
W.
gone out of business. The men indicted were: George
Field, Leon A. Field, Ralph L. Morse, George W. Morse,
Louis T. Hall, Charles J. Anastasia and Wilfred A. Creighton.
The seven complainants against the indicted men, it is
said, live in New England, which section, according to
William Hayward, the United States District Attorney, was
the particular field of their operations. In announcing the
indictments, Colonel Hayward made the following statement:
believes, the
The investigation has brought to light, the Government
thousands
operation of a small group which in the last few years has swindled
of Rums
of investors, principally residents of the New England States, out
estimated at several million dollars.
in this
George W. Field and George W. Morse were the leading figures
possible.
group, but they kept themselves in the background as much as
A. Field is a
Ralph L. Morse is a brother of George W. Morse and Leon
son of George W. Field. The other defendants named in the indictment,
are comLouis T. Hall, Charles J. Anastasia and Wilfred A. Creighton,
paratively subordinate.
the Morses have to
With the exception of Leon A. Field, the Fields and
Leon A.
date escaped accusation in connection with these operations.
larceny in the
Field pleaded guilty recently in the State courts to grand
which he
of
second degree in connection with the business of Field Bros..
of from Eris
was nominal head, and received an indeterminate sentence
Indictments are pending in the
months to three years in the penitentiary.
nominal members
State courts against Hall and Anastasia. who were the
of the firm of Hall & Co.
indictment that
It is interesting to note in connection with the present
so-called Stoneham
George W.Field and George W.Morse were pupils of the
employees of the
school, both of them having been earlier in their careers
late brokerage firm of Charles A. Stoneham dc Co.
Brokerage Firm of C. Malcolm Wiggins 8c Co., Ottawa,
Assigns.
The firm of C. Malcolm Wiggins & Co., stock brokers,
of Ottawa, recently filed an assignment with Horace 0. E.
Pratt, the official receiver, for the benefit of their creditors.
The total unsecured liabilities of the house are set forth, it is
said, as being $58,586 and the total assets as $47,830, leaving
a deficiency of $10,756. The company acted as agents for
Bryant, Isard & Co. of Toronto, which some time ago went
into liquidation. The failed firm consisted of C. Malcolm
Wiggins and D. P. McKenna. Mr. Wiggins stated on Oct.
25,said the Montreal "Gazette" of that day, that the assignment had been made on the advice of the firm's lawyers to
get the old matters straightened out consequent upon the
liquidation of the Bryant firm. He further stated, it is
said, that it affected only a portion of their old creditors as
all recent business had been conducted on a cash basis.
Nov. 3 1923.]
THE CHRONTCLE
Maintenance and
Accessory Manufacturers' Association Urges Maintenance of Federal Budget System.
The following resolution was unanimously passed by the
board of directors of the Motor & Accessory Manufacturers
Association at its October meeting and made public on Oct.
30 by W.0. Rutherford:
Whereas, there are indications in Washington that efforts may
be made in
the next Congress to tear down the national budget system
which the late
President Harding introduced more than two years ago; and
Whereas, it fa generally agreed by students of economics and governmen
t
and by business men that the budget system thus created was
one of the
most constructive reforms adopted by the Federal Government,
bringing
direct and tangible benefits to the country at large, reducing
taxation, and
enhancing the efficiency of government: now therefore
be it
Resolved. That the Motor and Accessory Manufacturers Association
is
opposed to any legislation calculated to impair or nullify the Federal
budget
system, or designed to restore the old arrangeme
nt of Government departmental expenditures which resulted in extravagance and inefficienc
y.
New York Cotton Exchange to be Represented at
Cotton Conference of Federal Trade Commission Nov. 5.
The "Journal of Commerce" reported the following from
Washington Oct. 23:
The Now York Cotton Exchange to-day accepted the invitation
of the
Federal Trade Commission to send its representatives to the cotton
conference to be held by the Commission Nov.5.
According to information reaching the Commission, the Board
of Governors at a recent meeting took up the question of sending members
of the
Exchange and have agreed to call upon the following members
to attend
the conference:
William P. Jones, Edward E. Cone, James E. Latham, Julius
W. Cone,
Thomas F. Cahill, George McFadden, Jr., Samuel
T. Hubbard, Jr.,
William L. Clayton and Walter S. Griffin. It was indicated
at the Commission that the members named by the Cotton Exchange
would attend
the conference.
Views of these members, however, the Commission
said, would be
distinctly their own and would not express the position
of the Exchange
in the matters to be investigated by the Commissio
n.
The Exchange requested that their members be called not
later than
Nov. 7. since Nov. 6, the day scheduled for their hearing is
Election Day
In New York City. Their request has been
taken under advisement.
Since two other days have been set aside to hear the testimony
of other
cotton men, it was generally believed that the election
duties of the New
York cotton men would not be interfered with.
The American Cotton Association of St. Matthews,
S. C., has also
accepted the Commission's invitation to attend
the conference. The
Association will send as its representative Col. Harvio Jordan,
SecretaryTreasurer of the Association. The North Carolina
Cotton Growers
Co-operative Association will also be represented at the conference
. L. D.
Robinson, of Wadosboro, N. C.: Dr. II. W. Knight. Raleigh.
and U. S.
Blalock, Raleigh, have been designated as spokesmen for the co-operativ
es.
Nearly all of the invitations sent to the various cotton organizatio
ns and
farm organizations have been accepted,
United States Department of Agriculture to Continue
Reports of Intentions of Farmers to Plant—Says
, Advance Crop Data is of Value to Farmers.
According to an announcement by the U. S. Departm
ent of
Agriculture made public Oct. 31, reports of intention
s of
farmers to plant crops are to be issued regularly hereafter
by the Department, in response to demands from
farmers all
over the country that the service be continued and
expanded.
A report on spring planted crops will be issued
in March of
each year, and one on fall sown crops in August,
the Department announces. Criticism of the crop reports issued
by the
Department, in which figures are given purporting
to show
the estimated acreages to be planted to cotton, as based
on
reports of "Intentions" of farmers to plant, was
expressed,
indicated in these columns a weke ago (page 1846)
as we
by
the American Cotton Association in a resolution adopted
at
Its convention in Columbia, S. C., on Oct. 16. The
Department this week in announcing its intention to continue
the
issuance of the advance crop data, said:
1061
The value of the service from this standpoint is brought
out in a comparison between the April intenions report and the July acreage
report published by the Crop Reporting Board. The intentions report
indicated a tobacco acreage to be planted of 110% of the 1922 acreage. The
acreage report of actual performance issued in July showed the acreage
to be 102.1%
of the 1922 acreage, indicating in the opinion of Department officials,
either
that farmers regarded what they intended to plant as too
high, or that
weather conditions prevented them from carrying out their hill
intentions.
Had farmers not had information of what tobacco farmers as a group
intended to do, the actual acreage planted might well have been considerabl
y
larger than last year, the result being possibly an even larger tobacco
crop
than was actually grown, depending, of course, on weather and growing conditions.
A similar situation is shown in comparisons in connection with oats,
flax,
Irish potatoes, sweet potatoes and corn. Farmers intended to plant
to oats
102.6% of the 1922 acreage, whereas the publication of this information may
have exerted some influence in inducing them to plant only 101.1%. A flax
acreage of 189c of 1922 acreage was originally intended, but the actual acreage was 182.7%. Intended acreage of Irish potatoes was 90.9%, but
was
subsequently reduced to 89.9%. ln sweet potatoes the actual performanc
e
showed a cut of more than 7% from intentions, and in corn the cut
was
approximately 2%.
In spring wheat and barley, farmers evidently regarded
the intended plantings as too low and the actual performanc shows
e
an increase, the Department says. In spring wheat an acreage
of 94.5% of last year was intended.
whereas actual performance was 94.9%
of 1922. The barley acreage was
intended at 105.7% of 1922, but farmers
actually planted 108%.
The heavy losses to producers from
over production and to consumers from
under production of certain crops has
created a demand for some method of
avoiding these disasters, the Department
says. The potato crop of 1922.
for example, was so large, 451,000,00
0 bushels, that thousands of bushels
were never dug. This was one
cause of the present depresion in the Northwest. Over production due to expanded
acreage can be avoided by farmers
by giving due attention to the early
intentions reports, say Department officials, who point out that a slight over
production frequently depresses the
producers' prices without correspondi
ng benefit to consumers.
Department of Agriculture Withholds Cotton Par
Figure in November Report.
A Washington dispatch to the "Journal of Commerce"
Oct. 23 said:
While a tentative par has been adopted
by the Crop Reporting Board
for use in making the Nov. 1 cotton condition report,
the Department
of Agriculture does not propose to announce It. An official
of the Board
to-day said that it feared the disclosure of the par might create
the wrong
impression and that anyway the controlling influences in
detromining the
condition figure would be the probable yield per acre, the amount
of cotton
ginned and the amount picked on Oct. 25.
"The tentative pars will not cut much figure in the Nov. 1 estimate,"
the official said. "The other factors will be the controlling ones
in this
new report."
At the outset of the 1923 cotton season the Crop Reporting
Board
announced the pars which it would use in estimating the probably
yield
of cotton per acre. This par figure, which expressed
the yield per acre
in pounds of cotton, increased as the season advanced.
It is understood
that the Oct. 25 par will be greater than the Sept. 23 par.
Representative Anderson Urges Increased Duty on
Wheat.
Formal application to the U. S. Tariff Commission for an
investigation looking to an increase in the tariff duty on wheat
as a means of aiding producers of the Northwest was made on
Nov. 1 by Representative Anderson, Republican, Minnesota, who is President of the Wheat Council of the United
States, according to the "Journal of Commerce," which further states:
"In view of the facts with respect to yield and cost per acre, which can be
established from data readily obtainable from the departments of the Government here and in Canada," said Mr. Anderson's letter to Chairman
Marvin. "it does not seem to me to be necessary to make an extended investigation of the difference in production costs in this country and Canada.
The unusual conditions existing this year necessitate prompt action by your
Commission if the unusual differences in the cost of production existing
are to be covered by adequate duties."
Under the Tariff Act President Coolidge is authorized on a showing by
an inquiry of the Tariff Commission to increase the duty by 50% of the
existing rate of 30c. a bushel, but any increase authorized could not become
effective until thirty days after the proclamation by the President of such
an increase.
Mr. Anderson took up with the President some time ago the question
of a change in the tariff rate, and it was made known then that
the
Executive had communicated with the Commission on the
subject.
In his letter to Chairman Marvin, Mr. Anderson presented figures
This service was started last April, when an acreage intentions
to
report on show that the cost
cotton, spring wheat, corn, oats, barley, flax, Irish potatoes,
of production of spring wheat in Minnesota, North
sweet potatoes Dakota, South
Dakota, and Montana is more than double the cost in
and tobacco was issued. A report on winter wheat and rye
was published Canada. Also
he called attention that the difference in freight rates to
August 15. Evidence is available, the department says, that
with these data primary markets In
this country as between American and Canadian wheat
farmers generally made readjustments in acreage in an effort to
prevent over is from 21.4 cent to 10
or under planting of crops and to bring the supply of crops
cents a hustle in favor of the Canadian product
into better correMr. Anderson said in a formal statement
lation with demand.
that while it is probable that
an increase of duty of 15 cents a bushel
The information upon which the reports are based is
"would not be fully realized by
received from thou- an increase of 15
cents to the American farmer, it is altogether probable
sands of farmers in all parts of the country. Many of these
farmers are that the American farmer
regular members of the Department's crop reporting staff,
who have for price of wheat as a result would realize an increaes of 8 or 9 cents in the
of the imposition of an additional duty of 16 cents."
years been reporting on acreage and condition of crops, and upon
whose information part of the crop estimates as finally pushed is based.
The intended acreage as published is reported by these farmers for their
Shopmen's Union Sues Pennsylvania Railroad
own farms.
It is also pointed out by the Department that the intentions
report is
for $15,000,000.
neither a guess nor a forecast of the acreage that is to be planted.
It is a
Suit to recover $15,000,000 was filed yesterday (Nov.2)in
report of what is in the minds of farmers to do in the way of
planting on
their own farms, and is published with u view to enabling farmers
to, make the United States District Court at Philadelphia against the
readjustments in acreage to prevent under or over planting of crops.
Pennsylvania Railroad by the System Federation, No. 90,
The Department has been commended in some quarters on the fact
that the
representing shop crafts on the Pennsylvania, to make
report on intentions to plant cotton this year came within six-te
nths of 1%
up
of the actual performance. Department officials state, however, that
this is alleged under-payment in wages which resulted, according
not an indication of the value of the service, the real test
being that where to the bill of
complaint, from the Pennsylvania's refusal to
an intended increase of 12% in acreage was reported, individual
farmers, by
either increasing or decreasing their own acreage, could subsequentl
abide by the rules of the United States Railroad Labor
y contribBoard.
ute toward a total acreage that in their judgment
was warranted by the A statement by attorneys for the plaintiff
said that the suit
general economic situation.
was filed on behalf of" 60,000 striking shopmen
." It was
1962
THE CHRONICLE
filed by David Wallerstein, Philadelphia attorney, with
whom are associated Donald R. Richberg, Chicago, counsel
for the Railway Employees' Department of the American
Federation of Labor, and Morris Hilquit, New York.
of its
According to the statement, the suit is the first action
d
kind in the history of American jurisprudence,and is expecte
go eventually to the United States Supreme Court.
to
Former Fuel Administrator Wadleigh Resigns from
Commerce Department.
Wadleigh, former Federal Fuel Administrator, has
F. R.
the
resigned his position as Chief of the Fuel Division of
enter private
Bureau of Foreign and Domestic Commerce, to
ced on
business, Secretary of Commerce Hoover announ
Nov. 2.
the
Death of James A. McCrea, Vice-President of
Central Region of the Pennsylvania Railroad
System—Elisha Lee His Successor.
Col. James A. McCrea, Vice-President of the Central
Region, Pennsylvania Railroad System, Pittsburgh, Pa.,
a
died on Oct. 17 in the Allegheny General Hospital after
illness of pneumonia. Col. McCrea's illness did not
short
reach a serious aspect until almost the hour of his death.
He
Col. McCrea was born at Philadelphia on May 26,1875.
early education at St. Paul's School, Concord,
received his
N. H., and was graduated from Yale University in the Class
-:
of 1895. Col. McCrea entered the service of the Pennsyl
n in the office of the Chief Engineer
vania Railroad as Rodma
in
of the former Pennsylvania Lines West of Pittsburgh,
In December of the following year, he
November, 1895.
of
was transferred to the Maintenance of Way Department
nd and Pittsburgh Division of the Lines West, and
the Clevela
n of
in May, 1897, was transferred to the Philadelphia Divisio
vania Lines East. In May, 1898, he was prothe Pennsyl
of the
moted to Assistant Engineer, Maintenance of Way,
the
Division of the Lines West, and in August of
Eastern
ed to Engineer of Maintenance of
following year, was promot
promoted
Way of the same Division. In June, 1901, he was
of the Cincinnati Division, which position
to Superintendent
red to
he occupied until January, 1906, when he was transfer
Long Island Railroad as General Superintendent. In
the
the
November,1911, he was promoted to General Manager of
Long Island Railroad. During the war, Col. McCrea
later
rendered noteworthy service as General Manager and
an
Deputy Director General of Transportation of the Americ
ionary Forces,in recognition of which he was awarded
Expedit
was
the Distinguished Service Medal of the United States and
his
made an officer of the French Legion of Honor. Upon
France in July, 1919, Col. McCrea left railroad
return from
service to become Vice-President of the Bankers Trust Comwas
pany of New York. On October 1 1920, Col. McCrea
of the Central Region of the Pennsylelected Vice-President
vania Railroad System with headquarters at Pittsburgh, Pa.
Elisha Lee, who has been Vice-President of the Eastern
Region, Pennsylvania System, since 1920, has been transferred from that Region to the Central Region at Pittsburgh
following the death of Col. McCrea. The Pittsburgh
as"Sun" of Oct. 30, discussing editorially the new post
said:
signed to Mr. Lee.
rates will not benefit the wheat grower. The roads contend
that "conforming to long established and well recognized
economic laws, any reduction in the rates on American grown
g
wheat will be immediately followed by corresponding lowerin
of rates on prices on wheat grown in Canada. Argentina and
no
other wheat exporting countries, and consequently,
change in the situation would result other than a lowering of
the price to the L reign consumer without benefit to the
In
American farmer and at the expense of the railroads."
advices to the Inter-State Commerce Commission the
their
President
roads make no mention of the further suggestion of
coal be
Coolidge that freight rates on domestic shipments of
to export rates. At the time announcemade to conform
President
ment was made two weeks ago of the proposals of
the
e, as conveyed to Samuel Rea, President of
Coolidg
was made known that the InterPennsylvania R. R., it
ation
State Commerce Commission had ordered an investig
of rates and charges on grain and grain
into the subject
g in
products to determine whether the present rates applyin
and foreign commerce are justifiable. Both the
inter-state
e
Commission's order and the suggestion of President Coolidg
were referred to in our issues of Oct. 20, page 1741, and at
that time, as well as in our issue of a week ago (page 1850)
s
we indicated that the matter had been discussed at meeting
heads in this city. Further discussion of the
of railroad
Trunk
President's suggestions took place at the offices of the
Line Association in Liberty Street this City on Tuesday Oct.
ves
30, at a meeting attended by some fifty railroad executi
and held at the instance of President Rea; at this week's
meeting, a special committee was named to present to the
Inter-State Commerce Commission the conclusions of the
as
railroad executives. These conclusions were announced
follows on the 1st inst:
President In charge
The coming to Pittshurgh of Elisha Lee. as viceIs of outstanding
of the Central Region of the Pennsylvania RR. System,
The Pennsylvania is so completely
Importance to this populous district.
shipper and of the
a part of Pittsburgh, both from the standpoint of the
a matter of public
commuter, that the administration of its network is
that so able an
concern. Thus it is that citizens generally are gratified
executive has been diesignated to direct this area.
of Mr. Lee
In a very real sense It may be said that the appointment only as a
not
Indicates complete recognition of Pittsburgh's importance
greatest traffic
key city in the Pennsyl yenta System, but as one of the
claimed, not
centres in the world. This recognition Pittsburgh long has fundamental
from any mere desire dictated by pride, but because of the
elements of transportation needs and economic justice.
the Pennsylvania
In Mr. Lee there Is assurance that the Central Region of
ator, and all the
will have a strong exponent and a vigorous administr
transportation
advantages that may accrue from earnest prosecution of
terminal development seem guaranteed to Pittsburgh.
and
Commerce
Railroad Executives Inform Inter-State
Commission No Benefit Would Result to Farmers
from President Coolidge's Proposal to Lower
Freight Rates on Wheat Exports.
respecting the
The Conclusions of the railroad executives reduction be
suggestion of President Coolidge that a
recent
presented to
made in freight rates on wheat for export were
inst., the
-State Commrce Commission on the 1st
the Inter
it as their desire to help the wheat farroads while indicating
reduction in export
mer, having arrived at the decision that a
[VOL. 117.
the conferene In
The Committee of Railroad Executives appointed at
Rea, President of
Now York on October 30, consisting of Messrs. Samuel
Pacific, J. E.
the Pennsylvania, Howard Elliott. Chairman of the Northern
President of the ChiGtmae, President of the Rock Island, W. H. Finley,
of the Chicago, Milcago & North Western, and H. E. Byram, President
e Commission
waukee & St. Paul, presented to the Inter-State Commerc
conference gave to the
today the result of the consideration which that
for export for the purpose of
question of a reduction in the rates on wheat
informed the ComImproving the condition of the wheat farmer. They
tion by the railroads
mission the matter had received most careful considera
sympathetic rmiew of
of the country as a whole, and after a thorough and
reached
the entire situation, the following conclusions were
competition with foreign
1. Such a reduction in rates will not lessen the
with Canada, from which latter
countries, notably with the Argentine andthan from the United States,and
country exports are far greater in volume t from this country, particularly
therefore will not stimutate the movemen
adjusted their rates on
since Canadian railroads have always concurrently by United States lines,
export wheat with respect to those currently carried any exception in this
to believe that they will make
and there is no reason
instance.
reductions to the
2. It was found impracticable to confine the proposed
y the western
eastern roads, as at one time thought possible, as inevitabl
s on wheat for export
roads would be forced to make corresponding reduction reduction of rates on
Pacific Coast ports, because of the
through the gulf and
that the
generally
eastern roads to the Atlantic seaboard: and it Isreduction conceded In their
whatever
western roads are in no position to stand any
that It would not be practicable to confine
revenues. It was likewise found
s would
the proposed reductions to wheat alone, as corresponding reduction
Inevitably follow on flour, other grain. znd their products.
would result In a material
3. The proposed reduction in export wheat rates
well as in
loss of revenue to all the carriers, many of which, in the East as sh credit
the West, are not in position to earn such a return as will re-establi faciliation
and attract the capital necessary to provide adequate transport
ties.
d
Attention was also called to the fact that an inquiry has been institute
grain and
by the Interstate Commerce Commission in regard to the rates on
their docket
grain products throughout the entire country. covered by
r 14th at
1/3263, the first hearing in which has been called for Novembe
Kansas City.
approached
The roads have very desire to help the wheat farmer and have
in the export
the matter in that spirit, hut they believe that a reduction
that, conforming to
rates will not benefit the wheat grower for the reason
reduction In the
long established and well recognized economic laws, any
followed by correspondrates on American grown wheat will be immediately
Argentine, and
ing lowering of rates or prices on wheat grown in Canada,
no change in the situaother wheat exporting countries, and consequently
to the foreign consumer
tion would result other than a lowering of the price
of the railroads.
without benefit to the American farmer and at the expense
Hearings of the Interstate Commerce Commission on railroad rates on grain and grain products will be held at Minneapolis Nov. 26; Spokane, Wash. Dec. 5; San Francisco, Dec.
11 and Phoenix, Ariz., Dec. 12. Evidence in the proceedings
brought by the Public Utilities Commission of Kansas, and
other Western States seeking a reduction in grain rates will
be heard at Minneapolis, Nov. 26. It is stated that a formal
hearing by the Commission on the proposal of President Coolidge will be had Nov. 14.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Frederick W. Robbert, formerly Assistant Secretary, has
been elected Comptroller of the United States Trust Co.
of New York.
The proposed opening on Fifth Avenue of an office of the
Chemical National Bank of New York was announced in
the following statement authorized by Percy H. Johnston,
President of the bank, on the 1st inst.:
Nov. 3 19231
THE CHRONICLE
The Chemical National Bank, known as "Old Bullion." will open a Fifth
Avenue office within a short time in the Burton Building, at Fifth Avenue
and 29th Street. This will be the Chemical's first office outside of its main
location, which Is at 270 Broadway. facing City Hall, where It has been for
73 years. The Chemical opened as the first bank on Broadway Just 99
years ago. at 216 Broadway. facing St. Pants' Church.
The opening of this office marks a significant step In the Chemical's
pioneering but conservptive policy and will be a fitting part of the bank's
celebration next year of its one hundredth anniversary.
The exact date of the opening of the Fifth Avenue office is not fixed, out
It will probably be early in 1924. This Fifth Avenue office will be in charge
of Wilbut F. Cook, Vice-President. who will be assismd by other officersr
and a competent staff.
The Chemical Bank was given the name "Old Bullion" in 1857, when it
was the only bank to Continue specie payments.
1963
Powerful receiving sets, with loud speakers, were set up in
the school auditoriums and classes were suspended while the
students gathered to hear the words of the famous statesman.
Official notice was made this week of a proposed union
of the Fourth National Bank and the Central Trust Co. of
Cincinnati, two of the oldest banks in that city. The new
organization will be known as the Fourth & Central Trust
Co. and will have a capital of $2,000,000, surplus of like
amount and total resources of approximately $24,000,000.
The charter of the Fourth National Bank, it is said, will be
surrendered, but the consolidated bank, while it will be operated under a State charter, will be a member of the Federal
Reserve System. Charles E. Wilson, President of the Fourth
National Bank, will be Chairman of the board of directors
of the new bank, while A. Clifford Shinkle, President of the
Central Trust Co., will be President.
Amalgamation of the National City Bank of Memphis with
the Guaranty Bank & Trust Co. of that city under the title
of the latter institution was consummated on Oct. 29. This
union gives the Guaranty Bank & Trust Co. total resources
of $10,000,000 and enables it greatly to enlarge the scope of
its operations. It will remain a State institution and continue as a member of the Federal Reserve System. while the
national charter of the absorbed bank will be surrendered.
Under the merger plan the capital of the Guaranty Bank &
Trust Co., which heretofore has been $500,000, will be increased to $600,000. C. W. Thompson, the former President of the National City Bank, will become an active VicePresident of the new organization. Prank Hayden will continue to head the Guaranty Bank & Trust Co., while L. C.
Humes will remain as its Vice-President and Cashier. Both
these officials have served the institution continuously since
its organization in 1918.
At the regular meeting of the Executive Committee of the
National City Bank of New York on Oct 30 the following
appointments were made: DeWitt A. Forward, Assistant
Vice-President; D. C. Borden, Assistant Comptroller and
Alfred Mullen, Assistant Cashier. Mr. Forward was formerly an Assistant Cashier. Mr. Bordon, the new Assistant
Comptroller has been in the service of the United States
Government for nearly eight years. During the past two he
has served as chief national bank examiner for the Second
Federal Reserve District at New York City. He will take
up his new position about December 1. Prior to coming to
New York, Mr. Borden was chief examiner for the Seventh
Federal Reserve District, at Chicago, Illinois, after serving in
similar capacity for District No. 4 at Cleveland, Ohio, and
having previously been resident and acting chief examiner in
New York City. On entering the service in 1916 he was sent
to the Third Federal Reserve District at Philadelphia, where
he was examiner-at-large, and, in 1918 was transferred to
Atlanta, Georgia, with a similar title, from where he went to
New York as resident examiner. Before entering the service
as national examiner he was for about three years State
bank examiner for Tennessee, which position he accepted
after many years service with a national bank in that State.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The Bank of New York & Trust Co. is planning extensive
The action of the U. S. Steel Corporation this week in
alterations of its building at 52 Wall Street, which was declaring an extra dividend
of1,1 of 1%, in addition to
owned and occupied by the New York Life Insurance & the regular quarterly dividend of 1M%
on the common stook
Trust Co. before the merger. The site was acquired by has completely transformed for the
time being the character
the New York Life Insurance & Trust in 1831, and the of the speculation on the Stock Exchange
. The announcepresent building was erected in 1867 for the joint
occupancy ment came, along with the income statement for the Sepof that company and the National City Bank. In 1909, tember quarter, after the close of
business on Tuesday
after the National City Bank had moved to its present and being wholly unexpected the
effect was electric. A wet k
building, the New York Life Insurance & Trust Co.
acquired m rk )t w is a ono3 tran f. m vi into a buoy tut one. Steel
its interest in the property. The offices occupied for many shares the next day advanced over five
points and have
years by the Bank of NoJa Scotia (now at 49 Wall
Street) further advanced since then and the whole market has
and the Discount Corporation (which is arranging to occupy moved up in similar fashion. In the
closing days of last
larger quarters at 56 Pine Street), together with the
old week and again on Monday the movement of prices was
office of the New York Life Insurance & Trust Co., will
be irregular, declines were general, and new lows were reached
thrown into one large office occupying the entire
banking by many of the leading issues. Some impeovement apfloor of the building with an area of about 14,000 square feet. parent in the opening hour on Tuesday
was not mainThe space on the Wall Street level, formerly occupied by tained. With the announcement of the
extra dividend
Guttag Brothers, together with the offices on the second on steel, the market on Wednesd
ay immediately took a •
floor, will be used for various departments of the Bank
of decided upward turn, the movement gaining momentum
New York & Trust Co., and changes in the Wall Street as the day progressed. The brisk recovery
affected pracfront of the building will make the entrance to the offices tically the entire list and carried many
of the more active
much more convenient. It is expected that the banking shares from• three to six points above the levels
of the prerooms at 48 Wall Street, now known as the banking office ceding day. Railroad shares participated in the general
of the Bank of New York & Trust Co., will be taken over advance on Thursday. and f g Lin on Friday, Chesapeake &
by certain of its foreign departments, and that the banking Ohio shares being conspicuous for a big advance on the
office and the trust office will be consolidated at 52 Wall latter day. The market closed buoyant.
Street. It is hoped that the alterations and improvements
Continuation of list of sales from page 1972.
will be completed in the spring of 1924.
T. Rowland Thomas, President of the National
STOCKS.
Sales
Range.for Week.
Range since Jan. 1.
Bank of
Week ending Nos. 2.
for
Baltimore and one of the leading financiers of that city,
Week.
Highest.
Lowest.
Lowest. I Highest.
died at the Union Memorial Hospital, Baltimore, on
Par. Shares I per share. I per share. t per share
Oct. 27.
.1 per share.
Indus.& Misc.
Mr. Thomas began his banking career in 1908 as Cashier
(Conch)
of Pacific Tel & TeL _100 100 93 Oct 29 93 Oct 29 87 Ja 93
Oct
the old Third National Bank, and in 1911 after the
200
consoli- Packard Motor, prei.1 I 400 9134 Nov 1 92 Nov 9034 Jun 99 Feb
Penn Coal & Coke_
3234 Nov 2 3334 Oct 29
dation of the Third National with the National Bank
Penn Edison. Pref...100 7.4 9 4 Oct 29 954 Oct 29 3234 Nov 4334 Apr
1
0
% 19
of Philip
5
9534 Oct 06
Feb
Baltimore he was chosen President of the latter.
Oct 29 2034 Oct 31 1134 July 224 Oct
Phoenix
Mr. Phh m Hosiery
5 300 27 Oct 29 2734 Oct 29 27
Oct 47
mar
p
Thomas was 49 years of age.
eprry t...50 100 42
pre
50
Nov 1 42
Noel 4154 Ma 4534 Feb
100 1034 Nov 1 1034
On Oct. 31 the directors of the National Bank of Baltimor Pittsburgh Util, pref-100 1.100 39 Oct 27 47 Nov 1 10 July 1134 soot
Prod & Ref
Oct 30 38
e P S Corp of Corp. pL,i
Sept 4934 Mar
N J pf 8%.• 700,10234 Oct 2010234 Oct 27
elected John Schoenewolf President of the bank succeedi
98
Oct 1084 Mar
Ry Steel Spring.
_100
ng sebum Retail pref.
100 110g Oct 2711034 Oct 27 nog Oct12134 Mar
stores._ • 6.900
Mr. Thomas. Mr. Schoenewolf had been Vice-Presiden
Oct 29
Nov 1
t Simms Petroleum_ ___10 18,500 9244 Oct 27 9634 Nov 2 88 Ma 9934 July
734
954
634 Jul 16
Jan
of the bank. He is also a director of the new Century
on ip po
• 800
Trust Shell Tins C oll. pref_100117025 24% Oct 27 2634 Nov 23 Jul 3434 Mar
700 89,4 Nov 2 9034 Nov 1 8934 Nov 9834 Apr
%
Co. and owner of John Schoenewolf & Co. He
Rights
plans to Sinclair 011, pref____100
Oct 27 1
Oct 30
1
Oct
54 Oc
devote his entire time to his new duties.
400 8234 Oct 31 8334 Oct 30 80
Au (rag Feb
Spalding, let pref___100
100 102
Nov
Through WJAX, the broadcasting station of The
Union
Trust Co., Cleveland, Ohio, many thousands of
Cleveland
school children were able to hear the address of
David Lloyd
George, former Premier of Great Britain, delivered
occasion of the laying of the cornerstone of the upon the
building of the Cleveland Public Library, on new main
Oct. 23.
Tex Pac Land Truat_10
22280
Tobacco Prod, pref..100 2,600 11334
UnderwoodTypewrIter2 2.100 36
United Cigar Stores—1
200 189
U S Tobacco, pref_..100 100 106 si
Va-Carolina Chem B._ _ _
100 354
West Elec.7% cum pf 10 1. 00
. 8
7
Waldorf System
* 1,300 1534
Oil.
34
YoungstownWhite
Setfs eet & T
h
700 63
•No par value.
102
Oct 30285
Oct 29 115
Oct 291 38
Oct 27,16934
Nov 2,10634
Nov 21 3%
Oct 2711434
Oct 271.1514
Oct 31
%
Oct 31 6414
Nov 1 0034 Aug105
July 324
Oct 30 80
Oct 29 044 Feb 11534
Oct 2 3534 Au 4134
Oct 27 69
Oc 223
Nov 2 93 Jun 112
Nov 2 334 Jun 17
Oct 31 11134 Ma 117
Oct 30 1434 Jun 20
Oct 31
% Oc
%
Nov 1 62
Oc 80
Jan
June
Oct
June
Feb
Feb
Feb
Aug
May
Ogg
Jan
1964
[VOL. 117.
THE CHRONICLE
defined, the production of silver in Canada during 1922 unmounted to
18.581,439 fine ounces, which at the average price for the year of 67.251
THE CURB MARKET.
cents an ounce, was valued at $12,576,758, as against 13,543,198 fine
the forepart of the week ounces value at $8,485,355 for 1921, an increase of 37% in quantity and
Trading in the Curb Market in
i;ontinued in an unsettled state, though later the news of 48% in value.
INDIAN CURRENCY RETURNS.
the U. S. Steel extra dividend caused some improvement.
Oct. 7.
Sept. 22. Sept. 30.
(In
Gas was an Notes Lacs of Rupees)17915
17929
Trading was in better volume. Prairie Oil &
17789
in circulation
9735
9749
9806
outstanding feature. From 168 it jumped to 190, reacted Silver coin and bullion in India
Silver coin and bullion out of India
to 175 and moved upward again, finishing at 1803'. The Gold coin and bullion in India
2432
---2432
2432
plan was announced for the taking over of the Producers & Gold coin and bullion out of India
5748
5748
5751
Refiners Corp. Vacuum Oil & Gas sold up from 493' to Securities (Indian Government)
Securities (British Government)
and closed to-day at 503. Standard Oil (Indiana)
the week ending 7th inst.
513'
No coinage of silver was reported during
4
was off from 553 to 549 but recovered to 553 , the close The stock in Shanghai on the 13th inst. consisted of aboutt 28.300,000
compared
Line dropped from ounces in sycee, 40,000,000 dollars, and 1.960 silver bars, asand 1,220
to-day being at 553. Buckeye Pipe
with about 27,200,000 ounces in sycee, 39,000,000 dollars.
to 703 and recovered finally to 72. Humble Oil & Ref. silver bars on the 6th inst.
733
Bar Gold per
-Bar Silver per Oz. Std.weakened from 37 to 353. Illinois Pipe Line lost 3 points,
Oz. Fine.
2Mos.
Cash.
Quotationsto 154. South Penn Oil advanced from 117 to 119 but October 11
908. 6d.
3134d.
3134d.
90s. 7d.
to 1173/2. Gulf States Oil & Ref. sold up October 12
31 1-16d.
reacted finally
31 5-16d.
3134d.
31 7-16d.
from 53 to 63. Mutual Oil was heavily traded in from 93 October 13
Ols. Id.
31 1-16d.
31 7-16d.
October 15
to 10%. In the industrial list Park & Tilford was the October 16
Ols. Id.
31 1-16d.
3134d.
from 33 to 343/i and closing to-day at October 17
91s od.
31 1-16d.
3134d.
feature, advancing
90s 10.6d.
31.083d.
31.406d.
34%. Dubilier Radio & Condenser came in for considerable Average
The silver quotations to-day for cash and forward delivery are respectively
4
attention and' was advanced from 103 to 123 , the final Ud.and %d. below those fixed a week ago.
A, stock
figure to-day being 12. Checker Cab Mfg. ,class
sold down from 36 to 333'. Chicago Nipple, corn., after
-PER CABLE.
ENGLISH FINANCIAL MARKETS
4
early weakness from 41% to 403 , advanced to 423/8, but
The daily closing quotations for securities, &c., at London,
from
reacted to-day to 41%. Durant Motors improved
as reported by cable, have been as follows the past week:
25% to 293, the final figure to-day being 29. Glen Alden
Oct.27. Oct.29. Oct.30. Oct.31. Nov.l. Nov.2.
London,
at
Wed. Thurs. Fri.
Tues.
Mon.
Sat.
Week ending Nov. 2Coal advanced from 723 to 763/i and 'finished to-day
3115-16 31%
317
32
%
d 31 15-1632
per es
763. A complete record of Curb Market transactions for Sliver,per tine ounce
92s.5d.
92s.
925.
929.11d. 920.10d. 92s.
Gold,
Holiday 383.
the week will be found on page 1984.
5834
58%
......
5834
Consols,234 per cents
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 17 1923:
GOLD.
The Bank of England gold reserve against its note issue on the 10th
inst. was £125,839,095, as compared with £125.831,765 on the previous
Wednesday. This week's arrival of gold was on a smaller scale. Conagain
tinental Inquiry has been substantial, but purchases for India have
from
been small. Gold valued at $2,000,000 has arrived in New York
London. The following Were the United Kingdom imports and exports
of gold during the month of September 1923:
Exports.
Imports.
E187,761
Netherlands
6,053
495
Belgium
440
Switzerland
9,000
Spain and Canaries
500,000
57,678
Egypt
64
122,965
West Africa
2,000
Java and other Dutch possessions in the Indian Seas
2,916,120
407
United States of America
391
Various South American countries
196,889
Rhodesia
2,851,243
Transvaal
550.541
British India
3.623
Straits Settlements
143,854
36,997
Other countries
British,5 per cents
_
British,4% per rents
French Rentes (In Paris), tr. ____
French War LoanonParts),fr. --__
1003( 100%
98
98
55.50
55.25
73.85
73.25
101
9734
55.70
73.55
Holiday100%
Holiday 98
Holiday 55.63
Holiday 72.60
The price of silver in New York on the same day has been:
Silver In N. Y., per oz.:
Foreign
6334
6334
6334
6334
63%
63
COURSE OF BANK CLEARINGS.
Bank clearings compared with a year ago again show a.
falling off. 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. 3)
aggregate bank clearings for all the cities of the United States.
from which it is possible to obtain weekly returns will show
a decrease of 3.7% as compared with the corresponding week
last year. The total stands at $8,116,654,809, against
$8,426,336,622 for the same week in 1922. At this centre
there is a loss of 7.3%. Our comparative summary for the
week is as follows:
1923.
okarings-Returns by Telegraph.
Week ending Nov. 3.
•
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Cleveland
Detroit
Baltimore
New Orleans
1922.
Per
Cent.
$3,757.000,000
501,671.648
397.000.000
323.000,000
110,275,102
a
143.000,000
•127,000,000
131.027.902
87.513,062
107,585.334
78,920,645
51,192.518
34,054,000.000
481.656,747
403.000.000
372,000.000
120,795,276
a
143,800,000
96.000.000
*140.000,000
80,899,487
95.856.160
80,425.572
49,657,948
-7.3
+4.2
-1.5
-13.2
-8.7
a
-0.6
+32.3
-6.4
+8.2
+12.2
-1.9
+3.1
£3,275,665 £4,310,456
Total
The Transvaal gold output for September 1923 amounted to 739,504
fine ounces, as compared with 769.371 fine ounces for August 1923 and
747,089 fine ounces for September 1922.
SILVER.
The market is still under the influences of the strong speculation in
Bombay, where a large bull position has been built up. The stock there
is already 7.000 bars, an amount more than necessary in view of the really
-4.9
small offtake. A quantity even larger than this is converging upon
$5,815,186,211 36,118.091,190
Twelve cities, 5 days
+4.8
903,855,995
947,026,130
Bombay, and a largo proportion of this accession has been shipped from Other cities, 5 days
Indian trade demand for the metal does not seem at all
London. As
-3.7
37,021,947.185
$6,762,212,341
Total all cities, 5 days
likely to absorb the largo accumulation soon which will result when the
-3.7
1,404,389.437
1,354,442,468
1 day
silver has all arrived, it is reasonable to expect that sooner or later the All cities,
-3.,
the market and make itself felt in the
S8.116.654,809 38.4211,336.622
stock in Bombay will press upon
TntnI all nelPse ter week
price. Business this week has been quiet; actual spot silver is scarce,
not report clearings. a Estimated.
a Will
but America has been offering for delivery a little ahead. China is doing
Complete and exact details for the week covered by the
nothing material at these rates, either as buyer or seller. The Bombay
mall of the 28th ult. brings us the following details of the state of affairs foregoing will appear in our issue of next week. We cannot
in that city: "There are rumors of a corner in the bazaar for first settlethem to-day, inasmuch as the week ends to-day
ment, which keeps about Rs. 3 higher than the second settlement. The furnish
will not be available
volume of outstanding outright and option transactions in the bazaar (Saturday), and the Saturday figures
is very large, amounting to thousands of bars, which might suddenly
noon to-day. Accordingly, in the above the last day
the market. Some up-country sales until
cause big movements in the price in
week has in all cases had to be estimated.
were made in this market for silver arriving shortly, induced by high of the
In the elaborate detailed statement, however, which we
prices. Owing to a threatened corner, ready silver is now sold in cut
barn only (which are not good delivery In the settlement) at about one
present further below, we are able to give final and complete
rupee below the price for the coming settlement, so that the up-country
-the week ending Oct. 27. For
not be checked. . • . Up-country demand results for the week previous
demand for the metal may
aggregate
for the metal is about 50 bars per day. This decrease in offtake is due that week there is a decrease of 5.7%, the 1923
price of ready and forward silver and also
to the big difference in the
of the clearings being $7,482,680,905 and the 1922 aggregate
when they do not buy much bullion."
these days being Hindu religious days
68. Outside of this city, however, there is an
We have been given by the High Commissioner for Canada the following $7,936,824,2
on the production of silver in Canada during 1922: increase of 2.0%, the bank exchanges at this centre having
finally revised statistics
-Prior to 1922, the method used in compiling the statistics
Special Note.
group the cities now according to
Canada was to include, except for Ontario, fallen off 11.8%. We
on the silver production of
districts in which they are located
quantities of silver produced from Canadian ores either in Canadian the Federal Reserve
the
the sales of silver bullion from the
and from this it appears that in the Boston Reserve District
or foreign smelters. For Ontario,
as the year's production. In order
mines and smelters were considered
there is a decrease of 1.4%,in the New York Reserve District
for Ontario into harmony with that used in computing
to bring the practice
centre) a decrease of 11.5%,
output for the other Provinces, adjustments amounting to (because of the loss at this
the silver
for 1922 to take account of the stocks
1.222,450 ounces have been made
and in the Philadelphia Reserve District of 6.6%. In the
1921 which had not been previously
of silver bullion on hand at the end of
Cleveland Reserve District the totals are smaller by 5.6%,
As above
included in the reports of the mineral production of Canada.
Nov. 3 1923.)
THE CHRONTOLE
in the Richmond heserve District by 1.5%, and in the
Minneapolis Reserve District by 1.1%. In the Atlan
ta
Reserve District there is an improvement of 9.9%, in the
Chicago Reserve District of 6.4% and in the St. Louis
Reserve District of 1.4%. The Kansas City Reser
ve
District shows a loss, but the percentage of decrease
is
small, being only 0.5%. The Dallas Reserve Distri
ct
enjoys a gain of 25.7%, and the San Francisco Reser
ve
District of 11.7%.
In the following we furnish a summary by Federal Reserve
districts:
1965
Week ending Oct. 27.
Cisartnos at
1923.
1922.
Inc.or
Dec.
1921.
1920.
3
Seventh Feder at Reserve 13 Istrict-Ch cagoMich.
-Adrian..
172,803
168,188 +2.7
194,917
174,197
Ann Arbor_
720.415
505.805 +42.4
491,803
578.964
Detroit
140,861,857 115.899.262 +21.5
84,756.400 104,755.075
Grand Rapids_
6,125,955
5,933.726 +3.2
5,498.673
6.027.102
Lansing
2,116,792
1.742.50 +21.5
2.215.335
1,573,814
Ind.
-Ft. Wayne
2,203.668
1.920.76 +14.7
1.582.179
2.136,240
Indianapolls
19,496,000
17.502.000 +11.4
14,191.000
15,662.000
South Bend _ _ _
e2,317.556
2,248.56
2.207.581
+3.1
1,785.000
Wis.-Milwaukee
34,432.743
32.091.13
+7.3
26.078.161
30,593,476
Ia.-Cedar Rapids
2,659279
2340,86 +24.2
1.873,519
2.006,242.
Des Moines_ _ _
10.502,568
9,324.81 +12.6
SUMMARY OF BANK CLEARINGS.
7.442.866
9.219.582
Sioux City_ __
6,432,390
5,163,756 +24.6
4,773,159
6,909.8811
Waterloo
1,250,528
1,306,63
1,250,482
-4.3
1,562.145
Ill
-Bloomington
1,058,528
1.142.62
-7.4
1.124.078
Inc.orl
1,417,384
Chicago
Week endingOct. 271923.
.583,425,178 567,961.667 +2.7 481,893,578 609,771.16.;
1923.
1922.
Dec.
1921.
1920.
Danville
a
a
a
a
a PI
Decatur
Federal Reserve Districts.
1,144.704
1,175,914 -2.7
1.105.314
1,136.603
Peoria
(1st) Boston
4,240,756
11 dtlea 418,293,013 424,071,643 -1.4 314,076,399 389,447,4
3,992,188 +6.2
3.198.046
3,871,062
Rockford
(2nd) New York
2,167.589
10 " 3,995.008,483 4,514,728,470 -11.5 3,560,593,619 4,646,011, 82
1,863,735 +16.3
*2,000.000
2,327.916
932
Springfield_
(3rd) Philadelphia_ _ _ _10 "
2,220,789
498,088,116 533,128,088 -8.6 395,831,445 511,100,3
2,136.077 +4.0
1,902.988
2,377.288
(4th) Cleveland
370,243,711 392,342,462 -5.6 326,885,532 437,726,989
-03
Total(19 cities) 823,550,378 774,220,221 -- (5th) Richmond
6 "
179,820,490 182,487,538
136,676,564 191,431,379
+6.4 643,778,049 803,785,133
(6th) Atlanta
12 "
200,273,094 182,185,28 +9.9 146,097,824 186,767,60
Eighth Federa I Reserve Dia trict-S
(7th) Chicago
19 "
823,550,378 774,220,22 +6.4 643,778,049 803,785,1 1
t Lo uls 33 Ind.-Evansville
(8th) Bt. Louis
4,673,052
7 "
77,018,623 75,981,809 +.14 60,543,702 62.278,21
4,234,105 +10.4
4,308.208
4,171,971
1 Mo.-.t. Louis
(9th) Minneapolis_ _ _ _ 7 "
a
129,303,940 130,774,336
a
a
118,108,335 157,295,653 Ky.- Louisville_
a
Ia
.4
(104h)Kansas City___ _11 "
28.518.719
245,279,665 246,516,034 -0.5 240,642,827 340,688,0
25.964.455 +9.8
22,120.750
25.568,930
71
Owensboro.
(11th) Dallas
388,219
5 "
83,298,769
66,259,078+25.7 56,377,697 72,785,82
300,168 +293
261,238
• 388.048
-Memphis
(12th) San Francisco.._ 16 27,145,309
462,512,623 414,129,508 +11.7 335,219,043 389,954,1 9 Tenn.
30.342,602 -10.5
22,249,796
19.593.154
82 Ark.-LittleFtock
14,840,850
13.498.876 +9.9
10.077,652
10,794.402
Ill.-Jacksonville
Grand total
123 cities 7,482,683,6057,938,824,288 -5.7 6,334,831,636
305,991
338,596 -9.6
384,741
436,797
8,189,280,705
Outside New York City
Quincy
1,146,483
3,557,109,173 3,487,342,147 +2.0 2,827,279,988 3,611,757,
1,302.807 -12.0
1,141,417
1,339,909
676
-Total(7 cities) _
Canada .
77,018,623
29011160 472,960,597 323,228,231 +48.3 331,109,642
75,981,609 +1.4
60.543.702
439,166,606
62278.211
Ninth Federal Reserve Dia trict
We now add our detailed statement, showing last
-Minn eapoll
-Duluth
week's Minn.
d9,196,040
8,076,112 +13.9
6,903.813
13.106,762
figures for each city separately, for the four years:
Minneapolis73.837.975
78,631,159 -6.1
68,122,681
91,342,649
St. Paul
38.192,808
34,835.075 +9.6
35,183.912
43,277.863
No. Dak.-Fargo
2,181,438
2,725,913 -20.0
1.904.226
4.458.899
So. Dak.-Aberd'n
1,329,950
Went ending 011. 27.
1,352,697 -1.7
1,154.324
Clearings al
1,881,667
-Billings_
Mont.
602,306
594,613 +1.3
708.980
1.352.791
Helena
3,963.423
Inc.or
4.558,767 -13.1
4,130.399
1,875.022
1923.
1922.
Dec.
1921.
1920.
Total(7 cities)- 129,303,940 130,774,336
113.108.335 157,295,653
$
$
First Federal Reserve Dist rict-Boston
Tenth Federal Reserve Di, trict- Kans
as City
-Bangor__
Me.
Neb.-Fremont
712,888
804,411 -11.4
11308,907
917.224
326,955 -5.5
394.355
Portland
955,844
475,360
2,591,545
Hastings
3,282,908
394,458
415,008 -5.0
2,800,000
2,944,152
404.435
Ms.
-Boston-- 387,000.000 374,000.000 -21.1
48.5.470
Lincoln
3,373,267
-1.9 273.000.000 344,657.622
3,507.321 -3.8
2,631,287
Fall River._
3.899.038
2.437,356
Omaha
39,813.338
2.760,862 -11.7
40.049.121 -0.6
1,604,997
34,406.771
1,605.010 Kan.
Holyoke
48,876.597
-Topeka
a
d2.531.452
a
2.574,091 -1.7
a
2,499.260
a
Lowell
2.734.062
1,215,523
Wichita
d7.675.
1,113,939 19.1
9,360.637 -18.0
111
1,011,239
10.790,733
1,334,071 Mo.-Kan. City_ 130,122 000
11,918.146
Lynn
a
a
,263 139,743.265 -6.9 141,510,064
a
a
a
New Bedford_ _
211.790.127 .
1,418,230
St. Joseph_
a
2,150,186 -36.0
a
1,805,692
a
a
2,131,729 Okla.
Springfield
a
4,883,518
-Muskogee
a
5.052.645 -3.
a
a
3,621,479
a
5,174,690
a
Worcester
2,936.000
Oklahoma City 1122,138,946
3,380,000 -13.
26,626,679 -16 9 27,189.743
3,471.284
4,282.091
31,291,412
Conn.
-Hartford
9.986.604
Tulsa
a
8,631.625 +15.5
a
a
7,202,189
8.945,113 Colo.
•
New Haven_ _
-Col.Spgs_
5,866,349
1,040.149
5.895.067
883,660 +17.0
4,724,495
;82.076
5.700,000
1,100,000
11.1.
-Providence d19,255,000 *17.000.000 -0.5
Denver
1137,211.000
22,297.030 +66.9
+13.3
13,917.800
19,318.524
11,717,100
27,234,855
Pueblo
e672,885
727,267 -7.5
715.579
882,924
Total(11 citice) 418,283,013 424,071
,643 -1.4 314,076,399 389,447,422
Total(11 cities) 245.279.865 246.516,034 -0.5
240,642,827 340,688,071
Second Feder al Reserve D Istrict-New
Eleventh Fede ral Reserve District
-Da las-York
N. Y.-Albany_ _
4.163,033
Texas
-Austin1,763.865
3,958,597 +5.2
1.519.325 +16.1
3222,645
1,276.619
4,200,000
Binghamton__
1.950.000
843,000
Dallas
46,394,584
943,834 -10.7
34,310.102 +35.2
818,492
28.343.522
1,191,200
Buffalo
32,412.780
d46.311,157
Ft. Worth.-14,833,925
42,628,782 +8.6
14.900.068 -0.4
34,485,451
12.896,520
Elmira
43,773.348
17,988,295
708,124
Galveston
14,705,218
650,341 +8.6
10,291,877 +42.9
11.080,871
Jamestown_
11.654.461
c1,046.054
Houston
965.490 +8.3
a
a
951.849
a
a
New York
985,724
a
3,925,571.732 4,449,482.121 -11.8 3,507.55
-Shreveport5,601,177
5,237,708 +6.9
1,048 4,577,523,029 La.
Rochester
3.781.165
3.780.293
9,096.385
9,000,471
+1.1
7,166,757
Syracuse
10,336,618
4,083.667
Total(5 cities)4,186,041 -2.4
83,298,769
66.259,078 +25.7
3.327.472
Conn.
-Stamford
4,490,234
56,377.697
72.785,829
c2,665,238
Twelfth Feder al Reserve D istrict-San Franci
2.579.434 +3.3
2,327.389
N. J.
-Montclair
sco
2,940.546 Wash.
522,093
-Seattle
333,359 +56.6
38,312.828
342,516
36,347,896 +5.4
28.723.048
571.233
37.995,780
Spokane
11,821,000
10,593,000 +11.6
Total(10815189) 3.995,008,483 4,514,72
10,271.297
12,605.731
Tacoma
8,470 -11.5 3,580,593,619 4,646.01
a
a
1,932
a
a
Yakima
1,601,131
Third Federal Reserve Dist rict-Ph
1,581.081
11.3
2,043,405
1,957.287
ilad elphia
-Portland_ _
Ore.
43,183,184
39.808.26
Pa.
-Altoona_ _
+8.5
33,147.511
1,456,492
38.716.493
1.391,741
Utah-S. L. City
+4.6
15,155,254
998,897
15,489.91
Bethlehem _ -2.2
1,129,378 Nev.-R
12,662.957
4,031.841
15,623.818 •
6,085.860 -33.8
2,881,648
a
Chester
a
a
4,661.760 Ariz. eno
a
1,320,047
a
1.040,031 +26.9
-Phoen
a
890,150
Lancaster
a
a
1,297,934 Calif.-Fresnix - 2.893,939
a
a
3,115.829 -7.1
o.._
4,703,223
2,282.691
Philadelphia
7.30420 -35.6
2.490,497
470.000,000 505,000,000 -6.9
6,706,093
7.877,787
Long Beach_
375,000.000 485,471.973
8,405.579
Reading
5.910.11 +42.2
3,194,421
3,083.592
3,463.558
2,714.105 +13.6
Los Angeles
- 147,154.000 108,986.000 +37.5
2,268,756
Scranton
2,533.483
84,453,000
5.283,078
83.309.000
4,998.950 +5.3
Oakland
15.743,735
4,147.656
Wilkes-Barre_ 13,012,93 +21.0
5,047.787
d3,691.413
10,142,100
10.479.990
2,674,256 +3.80
Pasadena
2,976,720
4,906.105
York
3246.18 +27.6
3,114,607
2.923.820
1,527,063
2,959.928
1,234,371 +23.7
Sacramento _
1,130.321
d7.849.228
N.J.
-Trenton..
7,261,782 +8.0
1,216.177
6,286.844
4,820,651
7.217.923
4,872,945 -1.1
San Diego
3,454,606
3.137.105 '2.500.000
Del.-Wilming'n.
4,144,793
2,405.700
a
2,534.108
a
a
San Francisco. 154.000,000 156,500.000 +25.5
a
a
-1.6 127.300.000 158,200,000
San Jose
2,592.951
Total(10 cities) 498,088,116 533,128,088
3,195,913 -18.9
2,322,075
2,648.291
-6.6 395,831,445
Santa Barbara.
928.800
810.809 +14.6
511,108,389
678.472
904.688
Stockton
c3,021,500
Fourth Feder al Reserve D 'strict-Clev eland
2,980,800 +1.4
1,978.300
5.459.800
Ohio-Akron
d6,617,000
6,383,000 +3.7
Total(16 cities) 462,512.623 414,129
5.992,000
Canton
7,750.000 Grand total (123
,508 +11.7 335.219.043 389.954.182
4,110,588
3,939.021 +4.4
2.994,488
Cincinnati_ _ -5,800,000
64,999,902
61,815,599 +5.2
cities)
53,320,759
7,482.680.905 7,936,824.268 -5.78.334,831.
Cleveland
67,761.909
103,360.069
036 8,189,280.705
98,413,711 +5.0
77,450,451 129,128,488 Outside N.Y
3,557,109,173 3,487,342,147 +2.02,827.279,9853,611.757,6
Columbus
13,097,200
76
13.089.200 +0.2
12,139,300
Dayton
13,816,800
a
a
a
a
a
Lima
a
Week ending October 25.
a
a
a
Clearings at
a
Mansfield
111.854,662
1,508,445 +23.0
1,175.032
Springfield- _ _ _
1,771,113
a
a
/M.07
a
a
a
Toledo
1923.
a
1922.
a
1921.
Dec.
a
1920.
a
Youngstown
a
113,747,869
3,151,486 +18.9
2,603,229
CanadaPa -Erie
4,400,749
$
a
a
$
$
a
%
$
a
Montreal
a
Pittsburgh_ _
123.977,326
168.684,968 200.000.000 -15.7 166,700
88,116,322 +40.7
94,681,201 132,674,083
,000 202,162,700 Toronto
W.Va.-Wheeling
197,709,910
3,771,453
86,738,117 +l274,062.000 -7.2
95,752,350
95.752,356 108,985,304
4,510.273
5.335.144 Winnipeg
72,202,066
78,516,507 - -1.9
70,755,401
94,572,053
Vancouver
Total(9 cities). 370,243,711 392,342.462
15.862,822
13,016,909 -t 21.9
12,560.065 21,104.740
-5.6 326,885,532 437,726,903 Ottawa
6.070,218
5,600,023 +8.4
5.548.788
7,807.504
Quebec
Fifth Federal Reserve Dist rict-Richntond6.019.650
5,060,183 +19.0
5,009,335
7,141,644
Halifax
W. Va.-fluntrn
3,763,581
1,766.802
1,845,501 -4.3
2,270.875 +65.7
2,979,542
1,505,739
Hamilton
4,720.636
Va.-Norfolk__ _ _
1.892,755
d8,726,087
6,266.302
11,035,912 -20.9
5,405,249 +15.9
5,091,489
8.249,100
8,174,155
8.347.203 Calgary
Richmond
6,909,551
54,145,000
54,840.562 -1.3
6,218,801 +11.1
42,582,415
6,803.737
11,495,887
58,414.956 St. John
S.O.-Charloston
113,927.404
2,785.827
2.491,308 +57.6
2.471,986 + 12.7
2,161,427
2,580.537
Victoria
3,439,030
Md.-Baltimore
4.000.000
91,929,197
2,227.755
93,128,925 -1.3 68,028.186
1,849.567 +20.4
2.005,394
4,097,900
102,152,564 London
D.C.-Waalting'n d19.328,000
3 159 147
. .
19.145.300 +0.9
2,406,707 +31.3
16.149,697
2.886,055
3,557,332
16.623.901 Edmonton
3,989.390
4,190,998 -4.8
4,708,798
Regina
5,318,032
Total(6 cities)- 179,820,490 182,487,538 -1.5 136,676
4,557.295
5,075,860 -10.2
,564 191,431,379 Brandon
4,595,911
5,483,341
718,406
767.866 -6.4
825.452
937,118
Lethbridge
Sixth Federal Reserve Dist rict-Atiant a715,643
783.73
-8.7
598,594
1,250,000
Saskatoon
Tenn.-ChaWga
d7,364,044
2.364.841
6,069.073 +21.3
2.134,97 +10.8
5,038,897
2,519,738
Moose Jaw
2,845.613
7.780,303
Knoxville
1,620,634
2,296,491
2.473.834 -7.2
1,727,38
2.561,025
-6.2
1,711.647
2,620,320
2,723,563 Brantford
Nashville
1,100.351
20,318,363
19.268.255 +5.4
915,29 +20.2
17,338,309
998.338
1.486.787
22,180,404 Fort William_ _ _
.
Ga.-Atlanta-- 1,329,486
60,889.193
50,900.130 +19.6
905,26 +46.9
45.325,422
855,253
1,031,707
New Westminster
64,759327
Augusta
584.499
2,759.612
2.511,552 +9.9
498,90 +17.2
1,916,834
549,058
821.197
2,999.301 Medicine Hat
Macon
848,116
1,683,580
1,484,332 +13.4
460,43 +84.2
409,325
1,184,624
759.796
*1,500.000 Peterborough_ __ _
Savannah
913.146
a
a
a
675,52 +35.2
763,126
a
1.025,111
Sherbrooke
a
Fla-Jacksonville
816,853
12,510.184
9,620,371 +30.3
733,38 +11 4
870,702
1,120,245
7.889,429
10,210.510 Kitchener
Ala.-Birming m. 25,101,790
1.027,374
.
29.506.627 -14.9
975,885 +5.3
889,927
18.732.725
1.630.156
20.587,542 Windsor
Mobile
3,472,588
1,813,822
1,829,802 -0.9
3.552.828 -2.3
2,399.347
1,383,403
3,375.919
Miss.-Jackeon__
2,100.000 Prince Albert_
382,404
1,050,383
983.327 +6.8
375,592 +1.8
675.379
Moncton
Vicksburg
535.125
890.610
345,368
456.059 -24.3
1,193,638 -25.4
1,060,314
395.682
790,906
299.096 Kingston
La.-NewOrleans
674,806
64,140,284
57,082.119 +12.4
589,387 +14.5
700.212
43,658.096
61.092.630
Total(29 cities) 472.960.597 R92 9951 on'
Total(12 cities) 200.273,094 182,185.281
.,.4A 2 221.109.642 439.168.606
+9.9 146,097.824 186,767.601
•No longer report clearings. b Do
not
ending Oct.24. d Week ending Oct. 25. respond to requests for flgures. c Week
e Week ending Oct.26. •Flidmated.
[Vol,. 117.
THE CHR0N-ITILE
1966
Wheat,
bush,
1,701,000
24,000
19,498.000
439.000
4,584.000
1,059.000
12,735.0(10
1.995.000
10,460.000
274.000
59.000
889.000
3,614.000
601.000
751.000
'
ommerciaiandMiscella/aeonsgem
-The
page 2018.
Breadstuffs figures brought from figures collected by
statements below are prepared by us from receipts at Western
the New York Produce Exchange. The
Saturday and
lake and river ports for the week ending last
have been:
since At g. 1 for each of the last three years
Receipts at-
Rye.
Barley.
Oats.
Corn.
Wheal. I
Flour.
Its. bush. 32 lbs.bush.48165. bush.5616s.
,bls.19fIlbs.bush.80lbs. bush.58
37.000
319.00
594,000 1,591.000 1.450.0
187.'''
190.000
Chicago
431.00
826.00'
125.000
2.898,000
333.000
Minneapolis225.
93.00
1,000
:
1,048 0001
39.000
Duluth
228.001
742.00
.
7 II 0
Milwaukee...
3,000
36.001
39.000
49.000
Toledo
84.00
37.000
50.000
Detroit
264.001
168.000
162.000
Indianapolis.10.000
56.001
754.00
462,000
620.000
109.1 I
St. Louis..__.
99.001
265.011
428.000
41,000
45.001
Peoria
320. i
268.000
1,275.000
Kansas City..
574.00(
354.000
472.000
Omaha
102.001
144.000
173.000
St. Joseph...
12,011
182,001
191.000
87.000
City....
Sioux
612.000
3,887.000 5.698.00 1.370.011
7.510.000
415
Total wk. '2
961.1 i 1,337.000
10.103.000 7.041.000 5.500.00(
Same wk. '2, 535. II
718.000
745.i i I
4.576.000 3,934,1 I
)__
458.000 8,407,000
Same wk. '21
Toledo
Detroit
ChIcago
Milwaukee
Duluth
St.Joseph. Mo
Minneapolis
St. Louis
Kansas CRY
Sioux City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Canadian
2.220.000
Montreal
It. William & Pt. Arthur_23.255.000
4,245.000
Other Canadian
ports for
Total receipts of flour and grain at the seaLoard
the week ended Saturday, 0 t. 27 1923 follow:
,Receipt at
Flour.
Barrels. I Bushels.
300,000 2,022.00(1
New York._.
361.000
59.000
Philadelphia_
398.000
59.000
Baltimore._
69.000
78.000
New Orleans*
4.000
Galveston.
100.000 4,253.000
Montreal
253.000
37.000
Boston
Total wk. '23 833.000 7,310.
Since Jan.1 '2319.841.000209.924.
I Barley. I
Oats.
Corn.
Total Oct. 27 1923-.29.720.000
Total Oct. 20 )923._24.472.000
Total Oct. 28 1922-38,295,000
Summary
87.731.000
American
29.720.000
Canadian
7.000
71.000
143, 00
2.000
51.2.000
839,000 422.000
1E17.000
0
38,424,000' 33,345.00014,071,00032,129.00
1368.000 305.000i,488.000
3.456,
000
.
Week 1922..i1133.000 9,427,000
.818.000 58,1112.00014,775.00037.579
Since Jan 1 '22 20.788,000217.408,000129
ports
passing through New Orleans for foreign
. • Receipts do not Include grain
on through bills of lading.
for the week
The exports from the several seaboard ports the annexed
a_ t. 27 1923, are shown in
ending Saturday,
statement:
Corn,
bush,
Wheat,
bush,
Britons
fromNew York
Philadelphia
Baltimore
Norfolk
Newport News.
New Orleans
Galveston
Montreal
2.007,782
178.000
338.000
59.000
80.000
3,346.000
Flour,
bush,
130,260
15.000
8.000
6.000
1.000
16,000 117.000
13.000
Rye,
bush,
Oats,
bush,
6,000 34,000
----
.....
189,000 703,227 233.041
16,000405
Total week 1923_ 6.006,782 2 MA AN11211,260 1 1)19 2721500527 5)10572
c9A
ER7
co.,. Iwo
7 A90
since
The destinati n of these exports for the week and
July 1.1923 is as below:
Flour.
Exportsfor Week
Since
Week
and Since
Oct. 27 Jule 1
July 1(0
-1923.
1923.
Barrels. Barrels.
United Kingdom 131.390 1,403.452
238.110 2,199.595
Continent
80.000
6.000
So.& Cent. Amer
286,000
17.000
West Indies
BrIt.No.Am.Cols.
213.165
Other countries... 12,760
405.260 4,191.212
Total 1923
311.528 4,158.797
Total 1922
Corn.
Wheat.
.1Veek
Oct. 27
1923.
Wee*
Or:. 27
1023.
Since
July 1
1923.
Since
Ju y 1
1923.
Bushels. Bushels.
Bushels,
Bushels.
641.026
1.979.592 31.440,096
262.000
3,847.226 45.879,910
39.000
225.000
23.000
396.000
18.000
4.000
39.000
6.000
400.984
156,964
16.000 1.383.026
8,006,782 77.955,970
7,529.687 117,926.515 3.005.556 39,133.783
as furn'shed by
The world's shipment of wheat and corn,ge, for the week
the New York Produce Exchan
Broomhall to
and 1922,
ending Friday, 0 t. 2 , and since July 1 1923
following:
are shown in the
Corn.
Wheat.
1923.
Week
OM. 28.
I
Since
Jule 1.
1922.
Since
July 1.
1923.
Week I
Oct. 28.
I
Since
July 1.
1922.
Since
July
BuShels, i Bushels. I Bushels
Bushels. I Bushels.
Bushels.
0
87.000 1.637.000 40.991,00
000151,514
North Amer.13,258,000124,001.
1 2,475.000 3,560.000
3,143,
Russ & Dan. 858.000 8,654,000 31,817.000 2,244.000 54,218,000 39,628,000
Argentina... 1,247.000 38.409.000
0 8,532.000
Australia- 872,000 13.920,00
1
1
32,000
10,768.0001
24.1
India
776.000 10,126.000 3,365,000
1,584,0001
0th. countr'
0 87,544,000
18,057.000193,338.000100,038,000 3,107.000 88,456,00
Total
grain, comprising the stocks in granThe visible supply ofof accumulation at lake and seaboard
points
ary at principal Out. 27, was as follows:
ports Saturday,
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
" afloat
GRAIN
Wheal.
bush,
802,000
3.000
589.000
1,452.000
593.000
910.000
4,591,000
148,000
STOCKS.
Corn.
Oats.
bush,
bush.
584.000
134.000
19.000
10.000
187.000
10.000
4,000 • 130.000
78.000
111.000
RUe.
bush.
499.000
2.000
59.000
107,000
45.000
92.000
32,000 2,384,000 1,238.000
173,000
33.1100
380,000
492.000
1,768.000 1.821.000
517.000
697,000
449.000
1,260.000
339,000
33.000 2,957,000 2,718 000 2,048.000
411,000 2.321.000 2.557.000 1,889.000
468.000 3,307,000
758.000 3,175.000
908,000 20.319.000 18,580.000 3,614,000
33.000 2,957.000 2.718.000 2.048,000
ED. '
APPLICATIONS TO ORGANIZE RECEIV
Capital.
wn, Pa_., $250,000
-The National Bank & Trust Co. of Unionto Pa.
23
Oct.
Isaac Jackson. Uniontown.
Correspondent.
25,000
Oro
-The First National Bank of Beaverton.
Oct. 27
n, Ore.
Correspondent, W. H. Williamson. Beaverto
CHARTERS ISSUED.
$50.000
, Calif__
-The First National Bank of Sausalito Brown.
-12453
22
Oct.
L.
President. Harry N. Stetson; Cashier, W.
of Los Angeles, Cal. 1,000,000
-12454-The Pacific National Bank
Oct. 23
Murray.
President, E. M.Smith; Cashier. Ed. B.
40,000
of Auburn, Ala__
-12455-The First National Bank C. P. Bowdon.
Oct. 25
President, A. L. Thomas: Cashier.
------------ ----.--
183,000 526,000 87.000
113.000
-The following information regarding
National Banks.
the
national banks is from the office of the Comptroller of
Currency, Treasury Department:
Barley. Pegs.
bush. bush.
143,227 146.041
---
249.000
270,000
840.000
0,000
710,000
3,000
378.000
5.000
941.000 23,276.000 19.298.000 5.662.000
Total Oct. 27 1923....97.451.000
0 18.980,000 5.610.000
Total Oct. 20 1923....91,001.000 1.027.000 21.937.000 8.812.000 8.065,000
Total Oct. 28 1922..._ _89.858.000 9.845.000 38,639.00
'
Rye
Bushels, 1 Bushels. Bushels.
Bushels.
430.018)
262,000
140.000
242,000
1.000
58.0001
3,000
3.000
15.000
4. II
13.000,
38, ii
35.000
451.000I
40.000
Barley,
bush.
2,000
908.000 20,319.000 18.580.000 3.614.000
Total Oct. 27 1923...J17.731.000
987.000 19.816.000 16,4.13,000 3.721.000
Total Oct. 20 1923.... _6(1,529.000
0 8.344.000 2,758.000
Oct. 28 1922......33.563.000 9.087.000 35.464.00
Total
York, 18,000 bushels; Balti-Bonded grain not Included above: Oats, New Duluth, 42,000; On Lakes.
Note.
54,000; Aural°, afloat. 83.000:
more, 4.000; Buffalo.
bushels In 1922. Barley. New York,
87.000; total. 268,000 bushels, against 173,000
Buffalo afloat. 59.000; Duluth.
283,000 bushels: Baltimore. 12,000: Buffalo. 01,000; In 1922. Wheat, New York,
871,000 bushels
42,000: total. 457,000 bushels, against
hia, 818.000; Baltimore, 332.000:
531.000 bushels: .Boston, 355.000: Phl'adele
224.000: On Lakes, 714,000:
Buffalo, 1.3113,000; Buffalo afloat. 1,729.000: Duluth, 1922.
bushels In
total. 6,064.000 bushels, against 13,265.000
1
Knee Aug.110,906.000
5,3&0.000i50.453.000 54.398.000 82.327,00 14,974.11 32.396.000
1923
13.454,00
8.902.000166.030.000 85,990.000 67,724,
7 740)100
1922
IA AQ7
A 9A6 non 160 IRA.M111100_43R.000 76.170(
1001
Wheat.
Rye,
Oats,
Cots,
bush.
bush,
bush,
41,000
329.000
28,000
20.000
59,000
16.000
925.000
240,000 3.235.000
273.000
37,000 1,540,000
540.000 5.277.000
3.000
163.000
45.000
3.000 5.027.000 7,408.000
18.000
352.000
18,000
123.000
33.000 1.069.000
15,000
778.000
51.000
377.000
15.000
2.000
291.000
44.000
220.000
80.000 1,935.000
75.000
213.000
23.000
17.000
Barley.
bush.
211.000
2.000
8,000
2,000
588.000
50,000
VOLUNTARY LIQUIDATION.
of Gunni-The Gunnison City National Bank
-11725
Oct. 25
$50,000
son, Utah
27 1923. Liquidating agent, Clyde
Effective Sept.
Absorbed by the GunniWhitlock, Ounni.son, Utah.
son Valley Bank, Gunnison, Utah
CONSOLIDATION.
Johnstown, Pa- $800.000
-The United States Nat. Bank of
-5913
Oct. 27
n,Pa. 200.000
-The National Bank of Johnstown,Johnstow 1918
10590
and
the Act of Nov.7
Consolidated Oct. 27 1923 under
of"The United
and under the charter and corporate title
with
States National Bunk of Johnstown"(No. 5913),
capita stock of $800.000.
-Among other securities, the following,
Auction Sales.
y sold
not usually dealt in at the Stock Exchange, were recentl
at auction in New York, Boston and Philadelphia:
.
By Messrs. Adrian H. Muller & Sons, New York:
Price.
e.
PM, Shares. Stock,
Shares. Stock.
ugh Consol. Corp -$l1 lot
143 O'Rourke Eng. Construe. Co.$50 lot 40 Interboro d Body Corp.of N.Y.
100 Springfiel
$25 lot
100 Shandaken 'I'unnel Corp
$20 lot
preferred
1.200 industrlau Motor*. no par. _325 lot
$0 lot
Common
1.146 Industrial Motors, no par_ _325 lot 250 do
50 Denvet & Rio Grande RR of..33 lot Hands.
Price.
re pref...3425 lot
1(1 Wectehester-BlItmo
350.000 Amer. Fuel 011 & Transp.
210 Muller Trading Co.. Havana.
to.. Inc , 5-yr. 8% cony. gold
Cuba, 8% cum. pref., no par...355 lot
20%
bonds“A"
100 Deep Blue Ridge 011 pref....1310 lot
55.000 Bulh Portl, Cement Gs. .94H%
100 Deep Blue Ridge Oil corn._ i
$1 lot $10.000 National 011 Co. is, 1924; lot
OH Co
8.000 Friars
May 1922 coupons attached...33
lot
3.333 1-3 Fulton Group 01 011 Cos_32 lot $3.000 Old Colony International
$5
1,000 Providential 011 Co
(orp. tis. 1930; Aug. 1922
& Contr
5,000 Fetroleum Eng.
$40 lot
Coupons attached
$2 lot
Corp. v. t. etfs
lot $181 35 Int. warrant of Old
100 Sherman Carbidscom, par $10.82 sh.
Colony International Corp.,
0c per
1.875 Guerrero Iron & Timber.5 1332 lot
payable May 1 1923
107 Radium Co. of Col pref
$2,000 Des Moines & Central Iowa
86 Radium Co. of Col corn..._f
84%
Electric Co. 5s, 1037
sh.
28 ChM.& Alton RR. pr. pref.310 per lot $1,140 Moline Plow Co. 7% deb.
)310
45 Etifiseo 011 Corp. Ore(
$50 lot
verde. trust el fa
440 Entleco MCorp. corn
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Bonds.
Price.
Shares. Stock.
81.000 Mfrs.Club of Phila. Ss. 1040 9844
20 Producers & Consumers Dank, 10
City of Philadelphia 4s, 1941 9844
$2.000
par $10
94
21,000 Springfield Water 5s
5 First Nat. Bk. of Westville, N.3.209
(is,
330(1 Locomoblle Co.of Am. '42- 60
499
8 Provident Trust Co
$2,000 Lithuanian Govt. Liberty
Co. for Guar. Mortgages_1871.4
10 Phila.
318010t
Loan 58, 1935
3 ht. Olney Ila k & Tr. u., par
140 50.000 rubles Russian Government
489
$50 lot
5349, 1926
Title & Trust
20 (Rights) Media
1043 3500 American Rye. Co. 55, 1931_ 7544
Co at $50
32.000 Cheyenne Light, Fuel &
22
Academy of Fine Arts
2 Penna.
95%
Power Co. 58, 1925
2E8 Allied Packers, Inc, Ben. pref._ 344 $4,700 Citizens Light, Heat & Pr.
4 Victory Insurance Co., par $50._ 98
.
Co. 5s, 1925 (rtf. of deposit)._ 75
$10- 1044
118 Phila. Life Ins. Co., par
$2,000 Evansville Gas & Electric
21 Little Schuylkill Nay. RR. & 40
92f4
Light Co. 5s, 1932
Coal Co
32,000 Gas & Electric Co. of Bergen
95
3 Abbotte Alderney Dairies, 1st pref 15
92H
5s, 1049
Co.
100 Delaware Dredging Co
$1.000 Harrisburg Gan 58, 1928... 97H
200
40 National Publishing Co
81,000 Illinois Cent.'Fr. 58, 1933-- 83
33 Westmoreland Coal, par 350._ 88 • 35,000 Mt. Washington St. RY.
22 Janney & Burrough, Inc
83
56 1933
$15 lot
2d preferred
82,000 Savannah Electric Co. 511,
4
2 Big Black Creek Inuit. Co
81%
1952 (certificate of deposit)
40
2 Chester & Phila. Ry. Co
120)432.000 Suburban Gas Co. of Phila
12 Camden Sate Dep. & Tr. Co...
95
5s, 1952
3
Loaf Coal Co
18 East Sugar
34.000 Terre Haute Elec. 58, 1929- 92f(
4 Phila. & Camden Ferry, Par 350.124
Si, 1930-- 98J4
$1,000 Utah Lt.& Pr.
10 Jessup & Moore Paper,com____ 8234
Nov. 3 1923.]
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
Price. Shares. Stocks.
2 U.S. Worsted Co., 1st pref
303 5 Commonwealth Gas & Electric
Co., preferred
70'A
4 Merrimack Hat Corp., Pref.. Par
value $50
3231 6,000 Royal Phone SZ Phonogram
Co., par value $2
$10 lot
2,000 Majestic Copper Co.. Par
value $1
$50 lot 6 Twin States Gas & Electric Co.,
7% prior lien
95
3 American Glue Co.,common.- 403
30 Springfield Gas Lt. Co.,rights- -$1 60 10 Hood Rubber Co., pref., ex-div_10131
10-100 State Theatre Co., pref.-70c. 100 Springfield Gas Lt. Co ,rights-$1 60
By Messrs. R. L. Day & Co., Boston:
Price. Shares. Stocks.
Price.
Shares. Stocks.
3
10 Nat. Shawmut Bank, Boston -208% 26 2-3 Shafer & Co.,Inc., pref
108,1
5 The Viscaiold Co., pref
90 Fidelity Trust Co., Boston (Lib1% lot 6 The Mackay Cos.. pref
65
erty Tr. Co. cti. dep.)
193
5 Plymouth Cordage Co
10 Farr Alpaca Co.,ex-div
105
15 American Mfg. Co.,common... 9831 100 Internat. Products Co., com.$20 lot
150b( 100 Century Steel Co., par $10__$1 lot
5 Mass. Cotton Mills, ex-div
84
1 Dartmouth Mfg. Co., prof
23 Package Confectionery, com 1 $18
7 Lowell BleacherY
127,1 150 Package Confectionery. 2d pf. lot
_
5 Naumkeag Steam Cotton Co.
50 McGregor Instrument Co., pref $500
165% 50 McGregor Instrument Co.,corn, lot
(new)
150% 900 Jackson Motor Co., com_ _$15 lot
30 Mass. Cotton Mills, ex-div
20 Merrimack Mfg.Co.,ex-div___ -106% 10 Heywood Wakefield Co., com_ _118
83
12 Merrimack Mfg.Co., pref
500 Munsey Porcupine Mining Co.,
93
10 Dwight Mfg. Co
$1 lot
Par $I
14 Androscoggin Mills
145
500 Calumet & Corbin Mining Co.,
16 American Mfg. Co., pref
7811
par $I
$1,1 lot
59
30 Hamilton Mfg. Co
25 Asbestos Corp. of Am., pref
I $5
50 Heywood Wakefield Co., prof. 103% 190 Asbestos Corp. of Am., com_ _ _( lot
$1 lot 6 Land & River, 3rd pref
10 Lomax Invest. Co., Par $10
50 Amer. Brick Co.,com., par $5_ _ 3
57 07 Land & River pref. scrip.... $5
10 New Eng. Steel Castings, pref.., $10 1 Land 8 River common
lot
10 N.E. St. Cast.,com.,Par $10-f lot 5.31 Land & River common scrip
124 (rights) Springfield Gas Lt, Co.$1.55
1,030 Asbestos Corp. of Am., corn.($100
Per Cent.
Bonds375 Asbestos Corp. of Am., pref.__ J lot $2,000 Indizna Lighting Co. to,
10 Mass Lighting Cos., 8% pref _107,1
1958
703g
)E3,400 $1,500 Southern CanadaPower Co.
30 Goudy Gum Co., pref
20 Goody Gum.Co., common__4 lot
6s, 1948
963
69c. $4,000 Nova Scotia Steel & Coal
67-100 State Theatre, pref
Co. 5s, 1959
55 Mass. Bonding & Ins. Co
173%
83%
30 Watertown Pressed Steel, pret$3 lot $2,000 Montgomery Light & Water
12 George H. Adams Co., pref__.51 lot
Power Co. 5s. 1943
82%
10 Turners Falls Power & El. Co 10231 $30.000 Jackson Motor Co. 7s,
40 Shafer & Co.,Inc.,corn., par $10 1
1922
$45 lot
CURRENT NOTICES.
-Clapp. Dulany & Co. announce that Henry Phipps Hunter, formerly
of Wells, Deane 6, Singer, has become associated with them as manager of
their Pittsburgh Office.
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.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Catawissa RR., preferred stocks
*$1.25 Nov.22 *Holders of rec. Nov.12
Delaware & Hudson Co. (guar.)
*234 Dec. 20 *Holders of rec. Nov. 26
Greene Railroad
3
Dec. 19 Holders of rec. Dec. 14
N. Y.Chicago & St. L.,com.& pf.(qu.) *131 Jan. 2 *Holders of rec. Nov. 15
Public Utilities.
Charlestown Gas & Electric
4
13
Eastern Wisconsin Elec. Co., pref.(qu.).
Norfolk Railway & Light
*75c.
Northern Texas Elec. Co., com.(quer.). 2
*134
Portland Ry., Light & Power,2d prof.
WisconsinRiver Power, pref. (guar.)._ _ *I%
Nov. 1 *Holders of rec. Oct. 26
Dec. 1 *Holders of rec. Nov.20
Dec. 1 *Holders fo rec. Nov. 15
Dec. 1 Holders of rec. Nov.10
Dec. 1 *Holders of rec. Nov.17
Nov.20 *Holders of rec. Oct. 31
Miscellaneous.
American Tobacco, Corn. & com. B (qu.) 3
Dec. 1 Holders of rec. Nov. 10
Brookside Mills
$4
Nov.15 Holders of rec. Nov.10
Butler Mills (qW%)
*
2
Nov. 15 *Holders of rec. Nov. 5
Cabot Manufacturing (quar.)
*131 Nov.15 *Holders of rec. Nov. 1
Campbell Soup, met. (quar.)
1% Dec. 1 Holders of rec. Nov. 15
Ribbon Mills, Inc.(quar.)
Century
1% Dec. 1 Holders of rec. Nov. 15a
Colorado Fuel & Iron, pref. (quar.)
*2
Nov.26 *Holders of rec. Nov. 10
Connor(John T.) Co.. common (guar.)- *50c. Jan. 2 *Holders of rec. Dec. 20
Preferred
*53.50 Jan. 2 *Holders of rec. Dec. 20
Continental Cigar, pref.(quar.)
1% Dec. 1 Holders of rec. Nov. 150
Continental Paper & Bag Mills, (qu.)
1% Nov.15 Holders of rec. Nov. 8
Preferred (guar.)
131 Nov.15 Holders of rec. Nov. 8
Cosden & Co., preferred (quar.)
1% Dee. 1 Holders of roe. Nov. 15a
Deere & Co., pref. (guar.)
*75c. Dec. 1 *Holders of rec. Nov. 15
Diamond Match (quar.)
*2
Dec. 15 *Holders of rec. Nov.30
Dow Chemical, common (guar.)
441 Nov.15 *Holders of rec. Nov. 5
*131 Nov.15 *Holders of rec. Nov. 5
Preferred (guar.)
Eisemann Magneto Corp., pref.(quar.)- 1% Nov. 1 Holders of rec. Oct. 24
Foulds Milling, common (qm%)
$1 Nov. 10 Holders of rec. Nov. la
General Asphalt, pref. (guar.)
131 Dec. 1 Holders of rec. Nov. 15a
Nov.15 Holders of rec. Oct. 31
Hamilton Manufacturing (quar.)
1
Hoosac Cotton Mills, corn. & pref. (qu.) *2
Nov. 15 *Holders of rec. Nov. 5
Inland Steel, corn.(guar.)
*62310 Dec. 1 *Holders of rec. Nov. 15
41% Jan. 1 !Holders of
Preferred (guar.)
rec. Dec. 15
International Harvester, pref.(quar.) - 131 Dec. 1 Holders of rec. Nov. 10
Liggett & Myers Tob., corn. A & B (qu.) 3
Dec. 1 Holders of rec. Nov. 15
Lima Locomotive Works,Inc.,com.(qu.) $1
Dee. 1 Holders of rec. Nov. 15
Loew's, Incorporated
*50c. Dec. 31 *Holders of rec. Dec. 15
Manatl Sugar (quar.)
51.25 Dec. 1 Holders of rec. Nov.15
Quarterly
$1.25 Mar. 1 Holders of rec. Feb. 15
Quarterly
$1.25 June 2 Holders of rec. May 15
Quarterly
$1.25 Sept. 1 Holders of rec. Aug. 15
May Department Stores, com.(quar.)_ Si 3/ Dec. 1 *Holders of rec. Nov. 15
Preferred (quar.)
•131 Jan. 1 *Holders of rec. Dec. 15
Miller Rubber, preferred (quar.)
*2
Dec. 1 *Holders of rec. Nov. 1
Preferred (guar.)
*1
Dec. 1 *Holders of rec. Nov. 1
Nashawena Mills(quar.)
Nov. 6 Holders of rec. Oct. 30
National Enameling & Stpg.,com.((MO - 1
Nov. 30 Holders of rec. Nov. 9
Nonquitt Spinning Co.((Mar.)
134 Nov. 6 Holders of rec. Oct. 30
Nyanza Mills (guar.)
No.v 15 *Holders of rec. Nov. 1
Phillipsborn's, Inc., preferred (quar.)
1% Nov. 15 Holders of rec. Nov. 4
Pittsburgh Steel, com.(in com. stock)
(I)
Preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 15
4,2
Quissett Mills(quar.)
Nov.15 *Holders of rec. Nov. 5
Smith (A. 0.) Corp., common (quar.).... 250. Nov.15 Holders of rec. Nov. 1
Preferred ((Man)
1,1 Nov.15 Holders of rec. Nov. 1
Southern Pipe Line (quar.)
2
Dec. 1 Holders of rec. Nov. 15
Standard Oh (California)(quar.)
*50c. Dec. 15 *Holders of rec. Nov. 20
Standard Oil of New York (guar.)
*35c. Dec. 15 *Holders of rec. Nov.23
Studebaker Corporation, corn. (quar.)_
Dee. 1 *Holders of rec. Nov. 10
Preferred (quar.)
'13-1 Dec. 1 *Holders of rec. Nov. 10
Timken-Detroit Axle, Pref. (quar.)
*134 Dec. 1 *Holders of rec. Nov.20
U. S. Playing Card (quar.)
Jan. 1 *Holders of rec. Dec. 21
*S1
Extra
*500. Jan. 1 *Holders of rec. Dec. 21
U.S. Steel Corporation, corn.(quar.)
134 Dec. 29 Nov.29 to Dec. 2
Common (extra)
31' Deo. 29 Nov.29 to Dec. 2
Preferred (quar.)
1% Nov.28 Nov. 4 to Nov. 6
V. Vivaudou,Inc.((Mr.)
*50c. Dec. 15 *Holders of rec. Dec. 1
White (J. G.) & Co., Inc., pref.(quar.). 131 Dec. 1 Holders of rec. Nov. 15
White (J. G.) Engineering, pref. (guar.) 13-1 Dec. 1 Holders of rec. Nov. 15
1967
THE CHRONICLE
Name of Company
Miscellaneous (Concluded).
White(3.0.) Management,pref.(quar.)
York Manufacturing
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
134 Dec. 1 Holders of rec. Nov.15
4
Dec. 1 Holders of rec. Nov. 2
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announcea tnis weex, tnese oeing given its LIM precutting lattile.
'
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch. Top.& Santa Fe, com.(quar.)___
134 Dec. 1 Holders of rec. Oct. 264
Baltimore & Ohio. com.(guar.)
I% Dec. 1 Oct. 14 to Oct. 15
Dec. 1 Oct. 14 to Oct. 1F
1
Preferred (quar.)
Nov. 15 Holders of rec. Nov. 74
2
Central RR.of New Jersey (guar.)
Cleveland & Pittsburgh, guar. (guar.)._ .8731c Dec. 1 'Holders of rce. Nov. 106
*500. Dec. 1 *Holders of rec. Nov. 106
Special guaranteed (guar.)
Cuba Railroad. preferred
Febi'24 Holders of rec.Jan.19'244
3
Nov.15 Holders of rec. Nov. 16
$1
Gulf Mobile & Northern. pref.(No. 1)
131 Dec. 1 Holders of rec. Nov. 26
Illinois Central, common (guar.)
Internat. Rys. of Cent. Am.. Pf.(dn.)- 131 Nov.15 Holders of rec. Oct. 31
New Orleans Texas & Mexico (guar.)...
134 Dec. 1 Holders of rec. Nov.206
131 Dec. 19 Holders of rec. Nov.304
Norfolk & Western,common (quar.)
Common (extra)
Dec• 19 Holders of rec. Nov.304
1
Nov. 19 Holders of rec. Oct. 310
Adju • ment preferred (quan)
1
Pennsylvania RR.(quar.)
75c. Nov. 30 Holders of rec. No'v. la
Pittsburgh & West Virginia. pref. (qu.)_
131 Nov.30 Holders of rec. Nov. la
Preferred (quar.)
134 F eb 29'24 Holders of rec. Feb.1'240
Reading Company,common (quar.)__
Nov. 8 Holders of rec. Oct. 160
$1
First preferred (qu.)
50c. Dec. 13 Holders of rec. Nov.27a
Public Utilities.
Amer. Elec. Power, pref.(guar.)
Amer. Wat. Wks.& El.,Inc., 1st pf.(qu)
Six per cent pectic. pref. (quar.)
Brazilian Tr., Lt.& Pow.,ord.(guar.)._
Brooklyn Edison Co. (quar.)
Cedar Rapids Mfg.& Power (guar.).__ _
Columbia Gas & Elec. (quar.)
Columbus Ry., Pow. & Lt., corn. (au.)Preferred. Series A (quar.).
Connecticut Ry.& Ltg.,com.& pf.(qu.)
Consolidated Gas,common (guar.)
Detroit United Railway (quar.)
Duquesne Light, 1st pref., Series A (qu.)
Eastern Shore Gas & Electric, pref.(qu.)
Havana El. Ry. L. & P. corn. & pref._
Kaministiqula Power (quar.)
Keystone Telephone. pref.(qu.)(No. 1).
Massachusetts Gas Companies, pref._
Montreal Light, Heat & Power (quar.)
Montreal Lt., Ht. & Pow. Cons.(guar.)
Montreal Water & Power,common
Preferred
Pacific Gas & Electric, pref.(guar.).Southern California Edison,com.(quar.)
Southern Canada Power,corn.(No. 1)
Tampa Electric Co. (guar.)
Texas Electric Securities, com.(guar.)._
United Gas Improvement, pref.(guar.)United Light & Rys.Participating preferred (extra)
United Rys.& Elec., Bait.. com.(quar.)
West Penn Company.6% pref. (quar.)_
Seven per cent preferred (guar.)
111 Nov.15 Holders of rec. Oct. 310
134 Nov.15 Holders of rec. Nov. la
Nov. 15 Holders of rec. Nov. la
1
1
Dec. 1 Holders of rec. Oct. 31
Dec. 1 Holders of rec. Nov.200
2
31 Nov.15 Holders of rec. Oct. 31
65e. Nov. 15 Holders of rec. Oct. 310
Dec. 1 Holders of rec. Nov.156
1
,
134 Jan2'24 Holden of rec. Dec. 156
$134 Nov.15 Nov. 1 to Nov.15
,
$1.25 Dec. 15 Holders of rec. Nov. 811
1% Dec. 1 Holders of rec. Nov. la
131 Dec. 15 Holders of rec. Nov.15a
Dec. 1 Holders of rec. Nov.15a
2
Nov. 15 Oct. 26 to Nov.15
3
2
Nov. 15 Holders of rec. Oct. 31
$I
Dec. 1 Holders of rec. Nov. 20
$2
Dec. 1 Holders of rec. Nov.150
Nov. 15 Holders of rec. Oct. 31
2
131 Nov.15 Holders of rec. Oct. 31
6231c Nov. 15 Holders of rec. Oct. 316
331 Nov. 15 Holders of rec. Oct. 310
134 Nov. 15 Holders of rec. Oct. 310
*2
NO% 15 'Holders of rec. Oct. 20
51
Nov. 15 Holders of rec. Oct. 310
231 Nov. 15 Holders of rec. Nov. 1
Dec. 1 Holders of rec. Nov. 156
1
8731c. Dec. 15 Holders of rec. Nov.306
31
500.
131
111
Jan 2'24
Nov. 15
Nov. 15
Nov. 15
Holders of rec. Dec. 15
Holders of rec. Oct. 25a
Holders of rec. Nov. la
Holders of rec. Nov. la
Miscellaneous.
Nov. 15 Holders of rec. Oct. 240
1
Allis-Chalmers Mfg., common (quar.)
$1.25 Nov. 15 Holders of rec. Nov. la
American Bank Note,corn.(quar.)
134 Nov. 15 Holders of rec. Oct. 316
American Can, corn.(quar.)
Am.La France Fire Eng.,Inc.,com.(qu.) 250. Nov.15 Nov. 1 to Nov. 14
131 Jan 1'24 Holders of rec. Dec. la
American Machine & Foundry (guar.)
75c. Dec. 1 Nov. 18 to Nov.30
American Metals, common (quar.)
13-4 Dec. 1 Nov.20 to Nov.30
Preferred (quar.)
Dec. 31 Holders of rec. Dec. 150
American Radiator, common (guar.).- - $1
Preferred (quar.)
131 Nov. 15 Holders of rec. Nov. la
Amer. Shipbuilding, com.(guar.)
Febl'24 Holders of rec. Jan.15'240
2
Common (quar.)
May1'24 Holders of rec. Apr.15'24a
2
Common (guar.)
2
Augl'24 Holders of rec. July 15'240
Amer. Smelt. & Refg., pref.(quar.).. 134 Dec. 1 Holders of rec. Nov. 90
American Soda Fountain (quar.)
13-1 Nov. 15 Holders of rec. Oct. 31
Dec.15
Amer. Vitrified Products.common
500. Dec. 15 Dec. 6 to
Amparo Mining (quar.)
Nov. 10 Nov. 1 to Nov. 11
3
Associated Dry Goods, 1st pref.(quer.). 131 Dec. 1 Holders of rec. Nov.100
Second preferred (qUar.)
134 Deo. 1 Holders of rec. NOV.10a
Beacon Oil, preferred (Ouar.)
8 1.8731 Nov. 15 Holders of rec. NoV. la
Beech-Nut Packing, com. (in corn. stk.) r50 Dec. 10 Holders of rec. Dec. la
Bethlehem Steel Corporation
Common (guar.)
d134 Jan. 2 Holders of rec. Dec. la
Seven per cent cum. pref. (qmar.) 151 Jan 2'24 Holders of rec. Dec. 150
Seven per cent non-cum. pref.(quar.) 134 Jan 214 Holders of rec. Dec. 150
Eight per cent preferred (quar.)
Jan2'24 Holders of rec. Dec. 150
2
Bond & Mortgage Guarantee (guar.)
Nov.15 Holders of rec. Nov. 8
4
Borden Company, preferred (quar.)__
134 Dec. 15 Holders of rec. Dec. I
Bridgeport Machine Co. (guar.)
250. Jan 1'24 Holders of rec. Dec. 200
Quarterly
25e. Apr2'24 Holders of rec.Mar.20'246
Brunswick-Balke-CoUender, corn. (en.). 114 Nov.15 Nov. 5 to Nov. 15
Buckeye Pipe Line (quar.)
$1.50 Dec. 15 Holders of rec. Nov.20
Burns Bros., Class A common (guar.)._ 52.50 Nov. 15 Holders of rec. Nov. la
Class B common (guar.)
50c. Nov. 15 Holders of rec. Nov. la
Burroughs Adding Mach.(quar.)
$2 Dec. 31 Holders of rec. Dec. 20
Butler Bros.(quar.)
334 Nov.15 Oct. 28 to Nov.15
California Packing corp.(quar.)
$1.50 Dec. 15 Holders of rec. Nov.30a
Canada Cement, pref. (quer.)
134 Nov. 18 Holders of rec. Oct. 310
Canadian Car & Foundry Co.
.
Preferred (account accum. dividends). 5331 Jan10 21 Holders of rec. Dec. 29
Canadian Connecticut Cotton Mills, 131-- 52
Nov. 15 Holders of rec. Nov. 1
Canadian Converters (quar.)
131 Nov.15 Holders of rec. Oct. 31
Century Ribbon Mills, pref.(quar.)
154 Dec. 1 Holders of rec. Nov.15a
Checker Cab Mfg., class A (guar.)
$1.25 Febl'24 Holders of rec.Jan15'240
Chicago Mill & Lumber, common
50c. Nov. 15 Holders of rec. Nov. 1
Chill Copper (guar.)
62310 Dec. 29 Holders of rec. Dec. la
Cities Service
Common (monthly pay.in cash scrip)_
1731 Dec. 1 Holders of rec. Nov. 15
Common (payable in corn. stock scrip) gl% Dec. 1 Holders of rec. Nov. 15
Preferred and preferred B (monthly)_.1 Dec. 1 Holders of rec. Nov. 15
Congoleum Co.,common (in com.stock; *.f300
Holders of rec. Dec. 12
Continental Can,common (guar.)
Nov 15 Holders of rec. Nov. 5a
51
Cuba Company, common (quer.)
*El Dec. 1 *Holders of rec Nov.15
Cuban-American Sugar.common
75e. Nov.15 Holders of rec. Oct. 246
Common
750. Jan 2'24 Holders of rec. Dec. 80
Cumberland Pipe Line
10
Dec. 15 Holders of rec. Nov.30
Cushman's Sons, Inc., common (guar.). 756. Dec. 1 Holders of rec. Nov.15
Seven per cent pref. (guar.)
111 Dec. 1 Holders of rec. Nov.15
Eight per cent pref.(quar.)
Dec. 1 Holders of rec. Nov.15
2
Davis Mills(quar.)
331 Dec. 22 Holders of rec. Dec. 85
DIctOgraPh ProductsCorp,
Preferred (quar.)(acct.accum.diva.). 52
Nov. 15 Holders of roe Oct. 31s
Dominion Bridge(guar.)
1
Nov. 15 Holders of rec. Oct. 31
Elsenlohr (Otto)& Bros., ma.
((luso
134 Nov.15 Holders of roe. Nov. In
Elgin National Watch (extra)
Dec. 20 Holders of rec. Dec. 35
5
Farr Alpaca (special)
12
Nov. 30 Ilolders of rec. Oct. 23a
Fifth Avenue Bus Securities (guar.).- 16c. Nov. 15 Holders of rec. Nov. la
Firestone Tire & Rubber,7% prof.(aIL) 134 Nov. 15 Holders of rec. Nov. 1
Fleishmann Co., common (guar.)
500. Jan 1'24 Holders of rec. Dec. 15a
Ford Motor of Canada
10
Nov.15 Nov. 6 to Nov.15
General Cigar, 1 referred(quar.)
134 Dec. 1 Holders of rec. Nov.24a
Debenture preferred (Ouar.)
134 Jan. 2 Holders of rec. Dec. 24a
General Development(guar.)
250. Nov. 20 Holders of rec. Nov. 10a
General Petroleum Corp.,corn.((Mr.)._ 50c. Dec. 15 Holders of rec. Nov.30
1
Preferred (guar.)
4331c. Dec. 1
1968
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 117.
Weekly Return of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
Gillette Safety Razor (quar.)
Dec. 1 Holders of rec. Nov. 1
$3
The following shows the condition of the New York City
(Stock dividend)
e5
Dec. 1 Holders of rec. Nov. 1
Goodrich (B. F.) Co., preferred (quar.)- 1M Jan. 2 Holders of rec. Dec. 22a Clearing House members for the week ending Oct. 27. The
Goseard (H. W.)& Co.. corn.(monthly) 25c. Dec. 1 Nov.21 to Nov.30
figures for the separate banks are the averages of the daily
Great Lakes Dredge & Dock (guar.)-- - 2
Nov. 15 Nov. 9 to Nov. 15
results. In the case of the grand totals, we also show the
Gulf States Steel Co.
1 M Jan 2'24 Holders of rec. Dec. 140 actual figures of condition at the end of the week.
First and second preferred (guar.)
Hartman Corporation (quar.)
Dec. 1 Holders of rec. Nov. la
$2
Hart,Schaffner & Marx,Inc.,com.(qu.)- •13,6 Nov.30 Holders of rec. Nov.16
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
750. Dec. 15 Holders of rec. Nov.30a
Hayes Wheel (quar.)
(Rated In thousands of dolga/a-that
1 yi Nov. 15 Nov. 6 to Nov. 14
Hercules Powder, pref.(quar.)
three dithers I0001 onsffaid.)
1
Nov. 5 Holders of rec. Oct. 18
Hollinger Consolidated Gold Mines
"75c. Dec. 1 *Holders of rec. Nov.15
Household Products, Inc. (quar.)
New
2
Nov.15 Holders of rec. Oct. 19
Indiana Pipe Line (quar.)
Capital]Profits Loans,
Reser,
Intertype Corporation,common (guar.)- 25c. Nov.15 Holders of rec. Nov. la
Discount. Cash
(10
Net
Time Bast
with
Nov. 15 Holders of rec. Nov. is Week ending
COMM= (In Common stock)
Oct. 27 1923 Nat'l, Sept.14 Invest
De- CircaLegal Demand
in
Nov.15 Holders of rec. Nov. la
Iron Products Corp..Pref.(guar.)
State, Sept.10 merits, Vault. Depart- Deposits. Posits. laNov.15 Holders of rec. Nov. la
Kelly-Springfield Tire, pref. (guar.).
- 2
((000 omitted.) Tr.Cos Sept.10
tortes.
dm.
Dec. 1 Holders of rec. Nov.20
2
Hon.
Kinney (G. R.) Co., pref. (guar.)
Nov. 15 *Holders of rec. Nov. 1
.2
Lake Shore Mines
Members of Fed. Res, Bank. Average Average Average Average Average diem.
2% Dec. 1 Holders of rec. Nov.23
Lancaster Mills, common (quar.)
$
Nov.30 Holders of rec. Oct. 31a Bank of N Y &
$
Si
Lehigh Coal & Navigation (quar.)
Trust Co._ _ _ 4.000 12,10
64,638
830 6,482
14g Nov. 8 Holders of rec. Nov. 5a
47,610 6,732
Lindsay Light, preferred (guar.)
.
1M Feb11 24 Holders of rec.Feb.7'240 Bk of Manhat'n 10,000 13,616 134,015 2,125 13.861
101,816 20,364
Preferred (quar.)
Mech &Met Nat 10,000 16,849 158,259 4,386 18,698 142,781 4,428 995
Nov. 15 Holders of rec. Nov. 3
1
Loew's Boston Theatres. com.(quar.)._
•1% Dec. 1 'Holders of rec. Nov.I7a Bank of America 6,500 5,648 76,768 1,634 10.341
77.984 2,941
Lord & Taylor,1st pref.(Cum.)
75c. Dec. 1 Holders of rec. Nov.15a Nat City Bank. 40,000 52,211 508,7511 4,542 54,771 *516,853 75,847 2:iii
Martin-Parry Corp.(Qum.)
Chem Nat Bank 4,500 16,550 116,855, 1,180 12,583
3
91,858 5,835 339
Nov.10 Holders of rec. Oct. 18
Massachusetts Cotton Mills (quarj_ _
Nat Butch & Dr
500
478
5.0061
57
152
32 296
3,606
McCrory Stores
-Amer Exch Nat 5,000 8.128 90,939,
898 10,509
Dec. 1 *Holders of rec. Nov.20
75,972 8,195 4,945
Corn. A & B (quar.)(Pay.In corn. stk.)
Nat Bk of Cora. 25,000 39,449 308,195.
917 33,478 254,767 16,431
Dec. 1 "Holders of rec. Nov.20
Corn. A & B (extra)(pay.In corn.stk.) y/5
Pacific Bank.... 1,000 1,723 27,913
822 3,51
1M Dec. 1 Holders of rec. Oct. 24
23,902 1,912
Merrimac Manufacturing (guar.)
500. Nov.15 Holders of rec. Nov. la Chat&Phen Nat 10.500 9.791 145,203' 5,109 16,76
114,316 27,061 Cooi
Miami Copper Co. (quar.)
Hanover Nat Bk 5,000 21.904 113,043
322 13,853,
•75c. Dec. 1 'Holders of rec. Nov.20
Munsingwear, Inc
99,919
los
75c. Jan1524 Holders of rec. Dee. 310 Corn Exchange_ 9,075 12,876 177,47E 5.256 21,218, 156,335 24,281
National Biscuit, common (quar.)
951 16,279, 123,943 5,718 7,1317/0
13 Nov.30 Holders of rec. Nov. 160 National Park__ 10,000 24,0 0 160.003
Preferred (quar.)
-East River Nat. 1,000
342 1,909,
11,801 2,901
832 15,8061
National Dept.Stores. 2d pref. (quar.)
50
19( Dec. 1 Holders of rec. Nov.15
569 25,082 188,385 19,836 7,435
Nat.Enameling & Stamping. pref.(qu.). 144 Dec. 31 Holders of rec. Dec. Ila First National__ 10,000 55,943 268,482'
IrvIng-Bk-ColTr 17,500 11,407 255.330, 3,961 33,6271 254,072 14,345
1
Nov.15 Holders of rec. Nov. 1
National Fireproofing, preferred
-Continental Bk_ 1.000
7,4721
165
Preferred
373
8871
956
1
5,810
Feb. 15 Holders of rec. Feb. 1
Chase National_ 20,000 23,250 335,515' 4,464 38 426 289,315 24,493 1.15ii
I
May 15 Holders of rec. May 1
Preferred
91 ' 1
2,776
500 2,525 24,1011
National Lead, pref.(guar.)
21,386
13j Dec. 15 Holders of rec. Nov.230 Fifth Avenue_ _ _
10.404
555' 1, 271
600 1,011
National Refining, corn. (quar.)
9,039 1,040
lyg Nov. 15 Holders of rec. Nov. la Commonwealth_
2
14,903
41
National Supply Co. of Del., corn. (qu.) 750. Nov. 15 Holders of rec. Nov. 5a Garfield Nat- 1,000 1,642
2,082,
28 "atii
13,962
238 2,113
9
8
15,838 1,040 248
2
New Jersey Zinc (quar.)
Nov.10 Holders of rec. Oct. 310 Fifth National__ 1,200 1,190 19,748
939 10,9271
83,124 1,827
New York Air Brake. Class A (guar.)
66
$1 Jan. 2 Holders of rec. Dec. 3a Seaboard Nat.. 4,000 7,353 87,2611
256 ' 1,8671
New York Shipbuilding
-!!!
13,559
Si Nov. 6 Holders of rec. Oct. 22a Coal & Iron Nat 1.500 1,283 16.001
Bankers Trust__ 20.000 24,228 245.099 1,158 27,323 "215,860 22,812981
Oil Lease Development(monthly)
10c. Nov.15 Holders of rec. Oct. 31
S Mtge & Tr_ 3.000 4.48 48.377,
947 5,843
Ontario Steel Products. corn. (quar.) _ 1
43,673 2,724
Nov. 15 Holders of rec. Oct. 31
Guaranty Trust 25.000 18,330 362,555 1,58 39,062 *366,5981 48,323 -.Preferred (quar.)
1( Nov.15 Holders of rec. Oct. 31
Fidel-Inter Trust 2,000 1,945 21,756
347 2,376
18,123 2,005
Pacific Lighting Corp..corn.(quar.).... *4
Nov.15 *Holders of rec. Oct. 30
542 15.961
Peerless Truck & Motor (quar.)
116.9361 18,107 --Dec. 31 Holders of rec. Dec. 200 N Y Trust Co.. 10,000 18,342 151,190
51
39,588
595 4,7741
Metropolitan Tr 2,000 4,011
24 3
0
Penmans, Limited, common (quar.)
35,920, 25;807
2
Nov.15 Holders of rec. Nov. 5
588 11,9381 *86,001'
Pennsylvania Coal & Coke (quar.)
Nov. 10 Holders of rec. Nov. 50 Farm Loan & Tr 5.000 16,171 120.837
$1
Procter & Gamble Co.,corn.(quar.)___ - 5
Nov.15 Holders of rec. Oct. 25a Equitable Trust 23,000 l).224 219,463 1,811 25,8081 *221,981, 19,40
Producers & Refiners Corp., pref.(guar.) 8734c Nov. 5 Holders of rec. Nov. 3a
Pullman Company (guar.)
2
Nov.15 Holders of rec. Oat. 310 Total of average/1289,375 44O,179.352.862 49,143486,888,c3,607,051"405,457 32,310
Punta Alegre Sugar,common
$1.25 Nov. 15 Holders of rec. Oct. 29a
Totals, actual condition Oct. 27,4.347,71i48,961 501,96dc3,603,459406,440 32,310
Pure 011 Corporation, corn.(quar.)
3744c Dec. 1 Holders of rec. Nov.15
Quaker Oats, preferred (quar.)
134 Nov.30 Holders of rec. Nov. la Totals, actual condition Oct. 204.338,826 48,032512,358 c3,606,924407,518 32,306
Totals, actua • co ndition Oct. 134,328.57'51,145488,530c3,560,846 396.80332,286
Rosenbaum Grain Corp., Pref.(guar.)
2
Nov. 15 Nov. 8 to Nov.14
State Banks Not Me mbers of Fed'I Res ve Bank. I
St. Joseph Lead (quar.)
25c. Dec. 20 Dec. 9 to Dec. 20
18,856 1,662 1,883,
19,352,
4
Greenwich Bank 1,000 2,337
Extra
25c. Dec. 20 Dec. 9 to Dec. 20
5.548
355
350,
250
879
2,814' 2.055
Bowery Bank
St.Louis Coke dr Iron,7% pref.(quar.)Nov.25 Holders of rec. Oct. 31
2.500 5,009 89,309 3,582 1,859,
29,6311 55,813
Schulte Retail Stores, coin.(in pref. elk.) m$2 Deo. 1 Holders of reo. Nov. 150 StateBank
Common (payable In preferred stook). m$2
Mr 1'24 Hold. of rec. Feb. 15'24a
Total of averages 3,750 8,226 113,716,5991 4.0921
51,7971 57,872
&often-Dillon Co. (quar.)
Nov. 14 Nov. 7 to Nov. 14
3
Extra
Nov.14 Nov. 7 to Nov,14
3
Totals, actual to ndition Oct. 27 113,696 5,7511 4,280
52,002' 57,928
Seaboard Oil & Gas (monthly)
sligc. Dee. 1 Holders of rec. Oct. 15
5,7041 4,4541
Totals, actual co ndltion Oct, 20 113,13
61,8721 57.720
Monthly
*1Mo. Jan 1'24 Holders of rec. Oct. 15
5.622 4,082
51,194, 57,497
Shawmut Mills, common (quar.)
134 Jan. 2 Holders of rec. Dec. 200 Totals, actual Co ndition Oct. 13 112,775'IRes'y e Bank:
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 200 Trust Compan ies Not Members of Fed
34,980, 1,733
Shell-Union Oil, pref. her. A (quar.)
lyg Nov. 15 Holders of rec. Nov. 3a Title Guar & Tr 10,000 13,616 54,633 1,628 3,6271
828, 1,786
17,100;
850
Sinclair Consolidated Oil, corn.(quar.)_ _ 50c. Nov.30 Holders of rec. Nov. la Lawyers Tit dr T 6,000 5,480 27,222
Preferred (quar.)
2
Nov. 15 Holders of rec. Nov. la
81,855 2,4561 5,4131
Total of averages 16,000 19,016
Southern States 011 (monthly)
10c. Nov.20 Holders of rec. Nov. 1
52,0801 2,38
Spalding (A. G.) & Bros., 1st pref.(qu.) 134 Dec. 1 Holders of rec. Nov. 170
Totals, actual co ndition Oct. 27 80,606 2,3211 5,5511
52,365' 2,187
Second preferred (guar.)
2
Dec. 1 Holders of rec. Nov. 17
2,5571 5.175,
Standard Milling, corn. (quar.)
51,2311 2,423
134 Nov.30 Holders of rec. Nov.200 Totals, actual co ndition Oct. 20 80,77
,
Preferred (Cum.)
49.872, 2.421
134 Nov.30 Holders of rec. Nov.200 Totals, craw/ co ndition Oct. 13 80,794 2,587, 5,324
Standard Oil (Ohio), pref.(guar.)
134 Dec. 1 Holders of rec. Oct. 26
Gr'd aggr.. aver.309,125467,502 4,548,430 67,198490.393 3,710,928485,712 32,310
Standard Sanitary Mfg., corn. (quar.).._ $1.25 Nov. 15 Holders of rec. Nov. 1
Preferred (quar.)
Comparison wit h prev.1week _ _ +3,974 -878,-1,2211 +5,010,+2,264 -5
144 Nov. 15 Holders of rec. Nov. 1
Sterling Products, Inc.(extra)
Dec. 10 Holders of rec. Nov.200
$1
Stern Bros., pref. (cum.)
3,707,826 466,553 32.310
2
Dec. 1 Holders of rec. Nov.150 Gr'd aggr., act cond'n 'Oct. 274,542,032
Stewart-Warner Speedometer (quar.)_ _ $2.50 Nov. 15 Holders of rec. Oct. 310 Comparison wit h prey. week __ +9,26 57,033511,7771 -2,201,-1,108
+740-10,210,
+4
Superior Steel Corp. 1st & 2d pt.(qu.)_ 2
Nov. 15 Holders of rec. Nov. la
Thompson (John R.;Co.. corn. (rattily.) 250. Dec. 1 Holders of rec. Nov. 2311 Gr'd aggr.. act'l cond'n 'Oct. 204,532,734 58,293521,987! 3,710,027467,661 32,306
Tobacco Products, Class A (quar.)
Nov.15 Holders of reo. Nov. la Gr'd aggr., actl condo Oct. 134,522,144 59,334497,945 3,681,912 456,721 32,286
Union-Buffalo Mills, common
Gr'd aggr., aa't cond'n OM. 64,556,346 56,942400.207 3.868,722 401,87532.434
4
Nov. 15 Nov. 9 to Nov. 15
First preferred
Gr'd aggr., aa'tcond'n iSept.294.578.339 55.657511,529 3,095.217469,932 32,297
334 Nov.15 Nov. 9 to Nov.15
First preferred
334 MY15'24 Holders of rec. May 8a Gr'd aggr., ace!cond'n !Sept.22 4,539,958 54,496 475,825 3,647,464 475,816 32,402
Second preferred
Gr'd aggr., aa't cond'n 1 zep .15 4,527,458 55.353494,759 3,661.400471,371 32,439
234 Nov.15 Nov. 9 to Nov. 15
Second preferred
234 M5I5'24 Holders of rec. May 50
Union Copper Land & Mining
50c. Deo. 1 Holders of rec. Oct. 25
Note.
-U. S. deposits deducted from net demand deposits in the general total
Union Tank Car,common (quar.)
lig Dec . 1 Holders of rec. Nov. 50 above were as follows: Average total Oct. 27, 521,099,000; actual totals Oct. 27,
Preferred (guar.)
IM Deo, 1 Holders of rec. Nov. 50 518,503,000; Oct. 20, $23,506,000; Oct. 13, $38,119,000; Oct. 6, 543,300,000; Sept.
United Drug, corn. (quar.)
134 Dec. 1 Holders of rec. Nov. 150 29, $45,220,000. Bills payable, rediscounts, acceptances and other liabilities.
2d pref. (quar.)
$1.50 Dee, 1 Holders of rec. Nov. 15
average for week, Oct. 27, 5417,685,000; Oct. 20, $421,079,000; Oct. 13, $430,863,United Dyewood. pref. (quar.)
134 5n2'24 Holders of rec. Dec. 15a 000; Oct.6,$419,114,000: Sept. 29,$416,720,000. Actual totals, Oct. 27,$445,066.U.S.Cast Iron Pipe & Fdy.. Pref.
Dec. 15 Holders of reo. Dec. la 000; Oct. 20, $419,913,000: Oct. 13, $439,118,000; Oct. 6, $451,054,000; Sept. 29.
Preferred (extra)
•2
Dec. 15 *Holders of rec. Dec. 1
$439,670,000.
yl
U. S. Playing Card (guar.)
Jani'24 *Holders of rec. Dec. 21
•Includes deposits in foreign branches not included In total footings as follows:
Extra
•50c. an1'24 *Holders of rec. Dec. 21
National City Bank, $117,895,000; Bankers Trust Co., 511,730.000; Guaranty
Van Raalte Co., let preferred (guar.).
- 134 Dec. 1 Holders of rec.Nov.d17
Trust Co., $77,504,000: Farmers' Loan & Trust Co.,$211,000; Equitable Trust Co.,
Wahl Co., corn. (monthly)
50o. Dec. 1 Holders of reo. Nov.23a $28,654,000. Balances carried in banks in foreign countries as reserve for such
Common (monthly)
500.1 aol '24 Holders of reo. Dec. 24a deposits were: National City Bank, $19,248,000; Bankers Trust Co., $1,381,000;
lfg J n 1 '24 Holders of roe. Dec. 24a Guaranty Trust Co., $5,868,000; Farmers' Loan & Trust Co., $211,000; Equitable
Preferred (guar-)
Warwick Iron & Steel
30c Nov.15 Nov. 1 to Nov.15
Trust Co., $2,279,000. c Deposits in foreign branches not included.
Weetamoe Mills(quar.)
134 Nov.dl Holders of rec. Oct. 240
Wells Fargo & Co
$1.25 Deo. 20 Holders of rec. Nov.200
The reserve position of the different groups of institutions
Westfield Manufacturing, corn. (guar.). 750. Nov. 15 Holders of rec. Oct. 31
Preferred (guar.)
2
Nov. 15 Holders of rec. Oct. 31
on the basis of both the averages for the week and the actual
White Motor (quar.)
$1 Dec. 31 Holders of rec. Dee. 200
condition at the end of the week is shown in the following two
Will dr Baumer Candle,corn.(quar.)_ _ _ _ 25c. Nov. 15 Holders of rec. Nov. 1
Wolverine Portland Cement
134 Nov.15 dNov. 8 to Nov.15
tables:
Woolworth (F. W.)Co.(guar.)
2
Dec. 1 Holders of rec. Nov. 90
Wright Aeronautical Corp.(quar.)
25c. Nov. 30 Holders of rec. Nov. 150 STATEMENT OF RESERVE POSITION OF CLEARING HOUSE B .NKS
AND TRUST COMPANIES.
Wrigley(Wm.)Jr. & Co., corn.(mthly.) 500. Dec. 1 Nov.24 to Nov.30
Common (extra)
250. Dee. 1 Holders of rec. Nov. 24
Common (monthly)
50c. Janl'24 Dec. 25 to Jan. 1 1924
Averages.
Common (extra)
250. Jan1'24 Holders of rec. Dec. 24
Common (monthly)
50c. Feb1.24 Jan.26'24 to Jan.31'24
Reserve
Cash
a
Common (extra)
25e. Febl'24 Hold. of rec. Jan 25'24
Total
Reserve
Reserve
Suryku
Common (extra)
25c. marl'24 Hold.of rec.Feb 25'24
In Vault. Depositaries Reserve.
Required.
Reserve.
250. Apr1'24 Hold.of rec. Mar 25'24
Common (extra)
Members Federal
$
Reserve banks_
486.888,000 486.888.000 481,080,340 5,807.660
•From unofficial sources. r The New York Stock Exchange has ruled that stock
367,540
5,599,000 4,092,000 9,691,000 9,323,460
will not be quoted ex-dividend on this date and not until further notice.
The State banks"
57,000
New York Curb Market Association has ruled that stock will not be quoted ex- Trust companies.... 2.456,000 5,413,000 7.869,000 7,812,000
dividend on this date and not until further notice.
Total Oct. 27... 8,055,000 496,393,000 504,448,000 498,215,800 6,232,200
not closed for this dividend. vl Correction. e Payable in stock.
a Transfer books
Total Oct. 20_ __ _ 8,184,000,497.614,000 505,798,000 497,369,760 8,428.240
/Payable In common stock. g Payable in scrip. h On account of accumulated
Total Oct. 13.... 8,078,000'491.920,000 499,998.000 492,077,380 7,920,620
dividends. m Payable in preferred Mock. a Payable in Canadian funds.
Total Oct. 6_
7,948,000 495,851,000 503,799,000 497,189,310 6,609,690
Market rules British Amer. 011 be quoted ex-div. on Oct. 1.
0 New York Curb
•Not members of Federal Reserve Bank.
All transfers received In London on or before Sept.3 will be in time for paymen
V
a This is the reserve required on net demand deposits in the case of State banks
of dividend to transferees.
and trust companies, but In the case of members of the Federal Reserve Bank
r Subject to approval by stockholders.
Includes also amount in reserve required on net time deposits, which was as follows:
• t One-quarter share of new common stock for each Share of common now held.
Oct.27,$12,163,710;Oct.20,$12,101,370; Oct.13,$11,978,190; Oct.6,512,183,120,
134
134
134
Actual Figures.
Reserve
Cash
in
Reserve
In Vault. Depositaries
Members Federal
Reserve banks
State banks•
Trust companies_
Total Oct.
Total Oct.
Total Oct.
Total Oct.
27_ _
20.13
6...
1969
THE CHRONTOLE
Nov. 3 1923.]
Surplus
Reserve.
Reserve
Required.
Total
Reserve.
$
501,966,000 501,966,000 480,642,870 21,323,130
650,640
5,751,000 4,260,000 10,011,000 9,360,360
17,250
2,321.000 5,551,000 7,872,000 7,854,750
8,072,000 511,777,000 519,849,000 497,857,980
8,261,000 521.987.000 530,248,000 498,147,270
8,189,000 497.945.000,506,134,000 491,509,790
8,251,000 500,207,000508,458,000 492,497,790
21.991,020
32,100,730
14,624.210
15,960,210
• 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:
Oct.27,$12,193,200; Oct.20,$12,225,540; Oct. 13,$11,904,090; Oct.6.512,058.380
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Oa. 31
1923.
Oct. 24
1923.
Changes from
previous week.
Oct. 17
1923.
$
57,300,000 57,300,000
57,300,000 Unchanged
Capital
83.273,000 Dec. 318,000 83,591,000 84,384,000
Surplus and profits
Loans, clIsc'ts & investments- 865,682,000 Dec. 5,505,000 871,187.000 887,272,000
.0.13 636,632,000 Dec. 2,412,000 639,044.000 638.8.84,000
Individual deposits
113.835.000 Dec. 8,073,000 121,908,000 124.937,000
Due to banks
101,000 128,233,000 127,927.000
128.334.000 Inc.
Time deposits
16,879,000 Dec. 3,612,000 20,491,000 28,918,000
United States deposits
Exchanges for Clearing House 23.744.000 Dec. 2,082.000 25,826,000 30,571,000
67,604.000 Dec. 5,358.000 72,962,000 83,773,000
Due from other banks
73,236,000 Dec. 851,000 74,087,000 72,291,000
Reserve in Fed. Res. Bank
112,000 9,228,000 9,621,000
Cash in bank and F. R. Bank 9,340,000 Inc.
Reserve excess in bank and
2,550.000 Dec. 577,000 3,127,000 2,649.000
Federal Reserve Bank
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
-The Philadelphia Clearing House
Philadelphia Banks.
figures showing the condition of State banks and trust com- return for the week ending Oct. 27, with comparative figures
New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
panies in
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furcished by State Banking Departmera.)
Differences from is not a part of legal reserve. For trust companies not memPrevious week.
Oct. 27.
•
$802,236,100 Dec.58,854,000 bers of the Federal Reserve System the reserve required is
Loans and investments
66,100 10% on demand deposits and includes "Reserve with legal
3,241,000 Dec.
Gold
20,666,600 Dec. 1,255,100
Currency and bank notes
71,250,100 Dec. 5,916,300 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
827,426,700 Dec.19,400,200
Total deposits
Deposits, eliminating amounts due from reserve dePositaries and from other banks and trust cornDenies in N.Y.City,exchanges and U.S.deposits 784,682,900 Dec. 13,831,800
126,790,300 Dee. 10,377.500
Reserve on deposits
Percentage of reserve, 21.1%.
RESERVE.
- -Trust Companies
State Banks
566,200,200 15.63%
*$28,957,500 16.29%
Cash in vault
22,756,700 05.39%
Deposits In banks and trust cos.__ 8,875,900 04.99%
588,956,900 21.02%
537,833,400 21.28%
Total
• Include deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Oct. 27 was $71,250,100.
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
*Total Cash
in Vaults.
Loans and
Investments.
Week endedJuly 7
July 14
July 21
July 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
net 27
Demand
Deposits.
$
5,521.531,400
5,467,089,000
5.404.760.500
5,350,244,500
5,335,175,500
5,287.686,600
5.268,638,700
5,229,446,600
5,257,620,900
5,299,993,700
5.305.103,700
5,343,149.700
5,351,110.900
5,389,173,500
5.353,284,200
5,355,546,100
5350.066.100
$
4.614.315,200
4,555.262.200
4,527,081.500
4,469.997,600
4,452,081,300
4,372,278,000
4,350,022,600
4,336,761,700
4,354,662,100
4,380.653,300
4,404,072,200
4,456,769,600
4.422,478,500
4,488,842,200
4,461,182,100
4,503,826,700
4.495.610.900
$
83,510,400
85.305.800
79.020.500
78,711,400
78,046,100
80,142,000
79.734,800
78.651,400
79,233,800
79.476.700
82,333,900
79,777.500
79,056,100
80,036,500
82,900,900
83,304,800
RI MA ROO
Reserve in
Depositaries
$
633,640.100
608,094,400
609,843,200
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
602,701,800
598.292,700
600,034,000
F00 97n 71,
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-memb'er institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
-that is, three ciphers (0001 omitted,)
(Stated in thousands of dollars
1 Net I Loans
• Remo
Net
Net
Capital.Prefts. DUCLEARING
with Demon Time
'counts. Cash
NON-MEMBERS
DeLegal
Deisrat.b1s5. Sep.14 invest- its
Week Ending State bks.Sep.10 meats, Vault. Deposi pants, posits.
tortes.
Oct. 27 1923. Tr.cos. Sep. 10 &c.
Members of
ired'i Res've Bank
W.R.Grace & CoTotal
State Banks
Not Members of
Fed'i Res've Bank
Bank of Wash.Ilts
.
Colonial Bank _ _ _
Total
Trust Company
Not Member of
Fed'i Res've Bank
Mech.Tr.,Bayonn
Total
$ I
5001
$
1,567
5001
1,567
Nat'l
Bard
arms
lotion.
Averag Average Averag Average Average Average
$
$
$
$
$
$
33
20
1,342 3,172
6,297
6,297
20
33
1,342
3,172
200
800
1.000
388 6,462
2,217 21,800
668
2,548
344
1,516
5,39:
21,178
1,455
2,605 28.262
3,216
1,860
26,576
1455
500
407
8,798
369
86
2,864
5,722
500,
407
8,798
369
86
2,864
5,722
......
2,000
2,000
2,000,
20055
4,580, 43.341
4,5801 42,980j
4,580 42,187
a 5Rol 49 19
3,652
3,6321
3,429
2560
2,253 a31,509 10,098
2,390, a31,157 8.443
2,181 030,382 9,693
2.172 520 075 0 Ann
a United States deposits deducted, $147,000.
Bills payable, rediscounts, acceptances and other liabilities, $152,000.
Excess reserve, $89,620 increase.
Membersof
Trust
F.R.System Companies
---
$44,735.0
123,287,0
759,327.0
30,813,0
101,324,0
124.094,0
557,939,0
55,547.0
737.580,0
13.772,0
3,063.0
54,547.0
11.448,0
69.158,0
60.355,0
8,803,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Oct. 31 1923 in
comparison with the previous week and the corresponding
date last year:
Oct. 31 1923. Oct. 24 1923. Nov. 1 1922.
3
RUOISIT48164,237.970 182,908,637 150,639,000
certificates
Gold and gold
Gold settlement fund-F. R. Board... 153,323,289 151,348,861 207,096,000
357,733,000
680,712,000
6,563,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
317,561,259
634,349,570
7,431,949
334,257,499
634,442,670
8,859,241
Total gold reserves
Reserves other than gold
959,342,779
18,158,461
977,559,410 1,045,010,000
37,300,000
19.041,107
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
All other
Bills bought in open market
977,501,240
8,569.502
996,600,517 1,082,310,000
11,117,502
149,580,025
52,223,475
52.436,517
111,000.525
52,440,552
36,097,373
121,125,000
39,892,000
79,636,000
Total bills on hand
U. S. bonds and notes
U. B. certificates of indebtedness
One-year certificates (Pittman Act)_
All other
254,240,017
5,243,750
199,538,450
1,348,750
240,653.000
25,794,000
5,665,000
3,200,000
8,500,000
32,714,000
265,148,767
Total earning meta
13,770,491
Bank premises
5% redemp.fund agst. F.R.bank notes_
125.224.422
Uncollected Items
985,909
All other resources
204,087.200
13,762,430
138,274.414
1,098,389
307,661,000
9,940,000
424,000
150,684,000
2.376,000
1,391,200,334 1,364,940,456 1,553,395.000
Total resources
LfabilkiesCapital paid in
Surplus
Deposits
Government
Member banks
-Reserve account
All other
29,302,100
59,799,523
29,302,100
59,799,523
27,779,000
60,197,000
11,188,303
718,143,828
13,235,468
4,513,143
688,145,214
13,342,408
10,797,000
720,186,000
20,806,000
742,567.600
Total
449,882,566
F. R. notes in actual circulation
F. R. bank notes in circu'n-net llabilltY
105,098,183
Deferred availability items
4,550,300
All other liabilities
706,000,766
457.029,287
751,789,000
598,764,000
7,186,000
1.02,183,000
5,497,000
108,255,753
4,553.027
1,391,200,334 1,364,940,456 1,553,395,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
82.0%
Contingent liability on bills purchased
for foreign correspondents
16,144.733
•Not shown separately prior to January 1923.
CURRENT
_ _ __
0a.13
1923.
Oct. 20
1923.
Total.
839,375,0 $5,000,0 $44,375,0 $44,375,0
Capital
107,774,0 15,513,0 123,287,0 123,287,0
Surplus and profits
Loans, disc'ts & investmls 707,462,0 43,394,0 750,856.0 751.326,0
348,0 28,291,0 33,090.0
Exchangesfor Clear.House 27,943,0
97,775,0
17,0 97.792,0 111.109,0
Due from banks
118,732,0
849,0 119,581,0 126.837,0
Bank deposits
526,088,0 25,977,0 552,065,0 564,153,0
Individual deposits
56,443,0
952.0 57,395.0 55,435.0
Time deposits
701,263,0 27,778,0 729,041,0 746.425,0
Total deposits
8.329,0
6.833,0
U. S. deposits (not incl.)
3.043,0
3,042,0
3,042,0
Res've with legal deposit's
55,298,0 55,724,0
55,298,0
Reserve with F.R.Bank
10,794,0
9,410,0
1,226,0 10,636,0
Cash in vault.
4,268,0 68,976.0 69,561,0
Total reserve and cash held 64,708,0
55,631.0
4,016,0 59.647,0 60.691,0
Reserve required
8.870.0
9,329,0
252,0
9,077,0
Excess res. & cash in vault
* Cash in vault not counted as reserve for Federal Reserve members.
Total liabilities
arand aggregate_ 2,0001 4,580 43,357 3,605 2,283 a30.782 10,349
+: -47I +3' -727 +251
Comparison with previous'week _.
(It'd aggr.. Oct. 20
Gni aggr.. Oct.13
Cled eggs., Oct. 6
.
ns.Anfrar knnt 90
Week Ending Oct. 27 1923.
Two Ciphers (00)
omitted.
•
85.7%
14,374,191
80.1%
12,414.831
NOTICES.
-Untermyer, Richardson & Moss, Inc.. announce their dissolution
A. M. Lamport & Co., Inc., have elected the following officers: David C
Moss, Keith K. Richardson and Arnold Feldman. The firm has also added
the following to their sales organization: James P. Cavanagh, Joseph .7
Foster, Victor A. Kropff, F. D. Vought and John F. Morelli.
-Hawley & Stewart, dealers in investment securities, announce the withdrawal from the firm of G. L. Stewart Jr. as a general partner. Van Tuyl
Smith has joined the firm as special partner and the name has been changed
to Hawley, Hahn & Co. The other partners are A. L. Hawley and H. C.
Hahn.
1970
[VOL. 117.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Nov. 1,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the fh.st table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page .1956, 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 OCT. 31 1923.
Oct. 31 1923. Oct. 24 1923. Oct. 171923. Oct. 10 1923
RESOURCES.
Gold and gold certificates
Gold settlement fund. F. R.Board
354,739,000
609,186,000
375,456,000
618,424,000
$
367.835,000
607,734,000
Oct. 3 1923. Sept. 26 1923 Sept. 19 1923. Sept. 12 1923. Nov. 1 1922.
$
364,693,000 357,185.000 359,664,000 357,345,000 349,597,000
623,054,000 643.874,000 641,647,000 638,892,000 633,454,000
266,718,000
618,527,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
963.925,000 993,880,000 975,589,000 987.747,000 1,001,059,000 1,001,311,000 996,237,000 983,051,000 885,245,000
2,085,682,000 2,089,358,000 2,087,371.000 2,074,372,000 2,055.663,000 2,061,965,000 2,066,488.000 2,070.557,000 2,126,535,000
61,471,000
53,174,000
62,229,000
60.275,000 59,108.000
66,269,000
53,328,000
57,053,000
59,245,000
Tots gold reserves
Reserves other than gold
3,111,078,000 3,136,412,000 3,125,169,000 3,122,394,000 3,115,830,000 3,116,604,000 3,121,970,000 3,110,661,000 3,078,049,000
80,067,000
72,710,000
72,854,000
71,529,000 72,160,000
76,094,000
77,832,000
77,004,000 133,696,000
3,191,145,000 3,209,122,000 3,198,023,000 3,193,923,000 3,187,990,000 3,192,698,000 3,199,802,000 3,187,665,000 3,211,745,000
Total reserves
39,152,000
76,872,000
74,877,000
68,932,000
72,354,000
74.248,000 84,295,000
77.139,000
*Non-reserve ca.sh
Ms discounted:
Secured by U. S. Govt. obligations__ 425,650,000 384,346,000 386,175.000 406,269,000 400,158.000 402,141,000 324,640,000 389,071,000 271,497,000
458,150,000 451,892,000 468,346,000 462,748,000 481,503,000 459.867.000 449,600,000 452,288,000 316,267,000
Other bills discounted
204,698,000 179,747,000 190,518,000 182,407.000 172,902.000 172,124,000 171,044.000 179,313,000 260,658,000
Bills bought In open market
1,088,498,000 1,015,985,000 1,045,039,000 1,051,424,000 1,054,563,000 1,034,132.000 945,284,000 1,020,672.000
77.574,000
86,808,000
79,907,000
86,251,000
89,628,000
87,737,000 84.670,000
94,718,000
8,286,000
7,790,000
5,075,000
5,514,000
4,148,000
5,139,000
14,263,000
7,919,000
317,000
317,000
317,000
317,000
317,000
317,000
20,000
317.000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
Municipal warrants
848,422,000
191,095,000
169,216,000
24,000
Total earning assets
1,180,652,000 1,104,495,000 1,139,397,000 1,143,624,000 1,150,022,000 1,126,334,000 1,038,190,000 1.120,549.000 1,208,757,000
55,023,000
45,295,000
55,895,000
55,640,000
55,202,000 • 55,173,000
54,361,000
54,915,000
Bank premises
55,943,000
3,635,000
28,000
28,000
28,000
28,000
28,000
28,000
28,000
28,000
5% redemp. fund eget. F. R. bank notes
Uncollected items
611,271,000 660,460,000 840,286,000 646,278,000 663,548.000 616,211,000 747.873,000 670,862.000 657,379,000
15,358,000
13,690,000
13,717,000
13,470,000
13,470.000
13,532,000
13,118,000
13,332,000
All other resources
13,076,600
5,091,267,000 5,120,347,000 5,321,941,000 5,121,457,000 5,142.233,000 5,078,259,000 5,138.435,000 5,124,136,000 5442,169,000
Total resources
LIABILITIES.
Capital paid In
Surplus
-Government
Deposits
Member bank-reserve account
Other deposits
109,726,000 109,709,000 109,688,000 109,676,000 109.669,000 109.657,000 109,644,000 109,682,000 106,292,000
218,369,000 218,369,000 218,369,000 218,369,000 218,369.000 218,369,000 218,369,000 218,369,000 215,398,000
20.151,000
36,575,000
56,279.000
36,047,000
28,823,000
30,065,000
39,597,000
37,970,000
40,334,000
1,895,265,000 1,872,179,000 1,915,740,000 1,863,850,000 1,884.046.000 1,851.790,000 1,825,005,000 1,872,773,000 1,847,693,000
23,007,000
21,764,000
30,508,000
22,536,000
22,004.000
24,086,000
22.126,000
24,865,000
23,061,000
1,958,660,000 1,923,538,000 1,975,322,000 1,905,755,000 1,936,237,000 1,930,073,000 1.887,840.000 1,936,456,000 1,914,248,000
Total deposits
2,224,865,000 2,255,354,000 2,272,391,000 2,288,580,000 2,272,308.000 2,247,830,000 2,2.54,764,000 2,262,525.000 2,309,265,000
F. It. notes In actual circulation
480.000
35,573,000
473,000
485.000
492,000
509,000
529,000
497,000
circulation-netllab_
523,000
P.R. bank notes In
555,914,000 589,636,000 723,251,000 576,277,000 583,742.000 550,527,000 645,866,000 576,015,000 536,140,000
Deferred availability items
22,320,000
22,447,000
21,423,000
21,311,000 21,455.000
20,580,000
25,253,000
23,207,000
23,210,000
All other liabilities
5,091,267,0005,120,342,000 5,321,941,000 5,121.457,000 6,142,233,000 5,078,259.000 5,138,435,000 5,124.136,000 5,142,169,000
Total liabilities
Ratio of gold reserves to deposit and
74.4%
74.4%
74.6%
74.1%
72.9%
75.4%
73.6%
75.1%
74.4%
F. R. note liabilities combined
Ratio of total reserves to deposit and
70.4%
76.1%
75.8%
76,0%
75.3%
77.2%
75.9%
76.8%
76.3%
F. R. note liabilities combined
Contingent liability on bills purchased
33,794,000
36.015,000
34,276,000
33,784,000
40,528,000
33,752,000
33,388,000
42,331,000
44.102,000
for foreign correspondents
$
64,180,000
594,529,000
6,274,000
Federal Reserve Notes
Outstanding
Held by banks
54,198,000
487,038,000
3,200,000
68.283,000
558.679,000
4,595,000
63,939,000
578,169,000
1,923,000
57,237,000
585,560,000
4,053,000
56,831,000
571,155.000
2,375,000
$
56,621,000
482,783,000
6,120,000
61,971,000
558,412,000
4,452,000
30.101,000
74,667,000
25,647,000
129,496,000
21,767,000
78,705,000
27,447,000
80,062,000
32,222.000
85,064.000
34,308,000
81.295,000
33,483,000
83.725,000
34,545,000
76,545.000
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
Distribution by Maturities
1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days 01118 bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
31-60 days bills bought in open market31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness..
31-60 days municipal warrants
61-00 days bills bought In open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. oi indebtedness
Over 90 days municipal warrants
266,000
51,320,000
125,902,000
1,601,000
44,871,000
126.020,000
103,000
266,000
51,484,000
76,515,000
42,953,000
121,813,000
39,403.000
117,004.000
38,148,000
120.935,000
39,970,000
121,103,000
45,662,000
119,401,000
74,632,000
74,822,000
6,437,000
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
266,000
38,749,000
75,155,000
264,000
33,300,000
71,152,000
1,000
4,540,000
13,598,000
1.100,000
51,000
4.088,000
13,468,000
1,509,000
51,000
38.374,000
72.793.000
392,000
266,000
2,590,000
13,836,000
1.407.000
51,000
69,693,000
43,190,000
3,220,000
24,000
12.899,000
23,534,000
156,134,000
44,851,000
76,598,000
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
3.835,900
15,849,000
686,000
20,000
64,162,000
397,712,000
2,606,000
39,272,000
43,506,000
599,000
2,720,588,000 2,736,852,000 2,743,726,000 2,739,884,000 2,736,500,000 2,725,864,000 2,721,735,000 2,716,690,000 2,683,851,000
495,721,000 481,498,000 471,335,000 451,304,000 464,192,000 478,034,000 466,971,000 454,165,000 374,586.000
2,224,865,000 2,255,354,000 2,272,391,000 2,288,580,000 2,272,308,000 2,247,830,000 2,254.764,000 2.262,525.000 2,309,265,000
In actual circulation
Amount chargeable to Fed.Res. Agent 3,590,810,000 3,614,101.000 3,617,660,000 3,600,728,000 3,598,004,000 3,610,978,000 3,607,199.000 3,584,439.000 3,544,204,000
In bands of Federal Reserve Agent
870,224,000 877,249,000 873,934,000 880,844,000 861,504,000 885,114.000 885,464,000 867,749,000 860,353,000
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
2,720,586,000 2,736,852,000 2,743,726,000 2,739,884,000 2,736,500,000 2,725,864,000 2.721,735,000 2.71600.000 2,683,851,000
320,534,000 320,534,000 320,534,000 320,534,000 320,534,000 320,959,000 320,959,000 321,359,000 386,467,000
634,904,000 647,494,000 656,355,000 665,512,000 680,837,000 663.899,000 655,247.000 646,133,000 557,316,000
116,669,000 113,435,000 122,860,000 112,074,000 114,668,000 120,813,000 118,797,000 119,921,000 122,629,000
1,648,479,000 1,655,389,000 1,643,977,000 1.641,764,000 1,620,461.000 1,620,193,000 1,628,732,000 1.629,277,000 1,617,439,000
2,720,586,000 2,736,852,000 2,743,726,000 2,739,884,000 2,736.500,000 2,725,864,000 2.721,735.000 2,716,690,000 1,683,851,000
Eligible paper delivered to F. R. Agent. 1,047,588,000
• Not shown separately Prior to Jan. 1923.
965,676.000 1,005,838,000 1,007,544,000 1,014,796,000
991,115,000
899,924,000
980,070,000
817,731,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 31 1923
Two ciphers(00) omitted.
Total.
Boston. New York. Phila. Cleveland. RichmOnd Atlanta, Chicago. St. Louis. IfinneaP. Han. CitY Dallas. Son Fran.
Federal Reserve Bank of
$
s
$
s
$
$
$
$
$
S
RESOURCES.
$
$
s
21,495.0 164.238,0 38,083,0 13,685,0 12,551,0 5,985,0 49,196,0 4,779,0 8,697,0 2,943,0 11,616,0 21.471,0 354,739,0
Gold and gold certificates
Gold settlement fund-F.R.B'rd 58,848,0 153,323,0 39,667,0 86,918,0 31,372.0 14,882,0 64,484,0 28,963,0 30,451,0 33,486,0 15,642,0 51,350,0 609,186,0
Total gold held by banks
Gold with F. R. Agents
Gold redemption fund
80,343,0 317.561,0 77,750,0 100,603,0 43,923,0 20.667,0 113,680,0 33,742,0 39,148,0 36,429,0 27,258,0 72,821,0 963,925,0
206,094,0 634,350,0 166.320,0 208,193,0 48,293,0 65,663,0400.933,0 35,335,0 38,836,0 34,631,0 28,538,0 218,496,0 2.085,682,0
61,471,0
13,616,0
7,432,0 8,554,0 1,284,0 3,879,0 4,738,0 4,205,0 3,827,0 2,323,0 4,930,0 2,315,0 4,368,0
Total gold reserves
Reserves other than gold
300.053,0
9,832,0
959,343,0 252,624,0 310,080,0 96,095,0 91,068,0 518,818,0 72,904,0 80,307,0 75,990,0 58,111,0 295,685.0 3,111,078,0
80,067,0
18,158,0 5,349,0 4,295,0 3,373,0 5,281,0 9,441,0 10,555,0 1,409,0 3,235,0 6,622,0 2,517,0
Total reserves
Non-reserve cash
Bills discounted:
Secured by 1J.S.Govt.obliga•
Other bWs discounted
Bills bought in open market
309,885,0
3,637.0
977,501,0 257,973,0 314,375,0 99,468,0 98,349,0 528.259,0 83,459,0 81,716,0 79,225,0 64,733,0 298,202,0 3,191,145,0
39,152,0
390,0 2,946,0 1,503,0 3,893,0
659,0 2,963,0 1,596,0 3,718.0 7,169,0 2,110,0
8,570,0
18,249,0
22,232,0
14,151,0
149,580,0 40,274,0 34,191,0 26,935,0 19,042,0 62.515,0 23.075,0 3,637,0 24,812.0 3,139,0 20,201,0
52,223,0 21,546,0 29,049,0 44,499,0 65,417,0 56,012,0 49.426,0 23,212,0 32,181,0 18,160,0 44,187,0
51,0 1,627,0 32,118,0 12,450,0
29,0
52.437,0 16,962,0 28,716,0 1,766,0 7,404,0 37,087,0
425,650,0
458,150.0
204,698,0
54,632,0
Total bills on band
4,036,0
U. S. bonds and notes
609,0
U.8. certificates of indebtedness_
Municipal warrants
254,240,0 78,782,0 91,956,0 73,200,0 91.863,0 155,614,0 72,530,0 26,900,0 58,520,0 53,423,0 76.838.0 1,088,498,0
77,574,0
238.0 8,039,0
7,503,0 8,388,0 0,280,0 9,185,0
" 5,244,0 17,367,0 9,953.0 1,341,0
14,263,0
609,0
5,0 1.630,0
206,0 5,500,0
39,0
5,665.0
317,0
51,0
266,0
59.277.0
2110140.0 09 isot.n 902.518.0 74.541.0 92.157.0 165.283.0 72.5•A0.n 34.403.0 67.380.0 65.203.0 86.023.0 1.180.652.0
'local earning asset
,
RESOURCES(Concluded)
Two ciphers (00) omitted.
Bank premises
8% redemption fund
F. R. bank notes
Uncollected items
All other resources
1971
THE CHRONICLE
Nov. 3 1923.]
$
13,770.0
$
4,434,0
Total.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Ran.City Dallas. San Fran
Boston. New You. Phila.
$
2,915,0
$
2,617,0
$
9,754,0
$
744,0
$
8,715,0
$
1,842,0
$
1,220,0
$
3,011,0
$
1,951,0
$
4,970,0
$
55,943,0
against
28,0
28,0
29,016,0 40,556,0 611.271.0
125,224,0 52,812,0 55,011,0 61,098,0 26,319,0 77.951,0 35,228,0 15,571,0 35,318,0 2,857.0 3,601,0
13,076.0
671,0
31,0 2,562,0
491,0
647,0
474,0
326,0
318,0
986,0
165.341,0 435,286,0 5,091,267.0
434,462,0 1,391,200,0 408,694,0 484.947,0 239,794,0 222,103,0 787,868,0 194,578,0 136,484,0 190,510,0
Total resources
LIABILITIES.
7,790,0 109,726,0
4,435,0 15,197.0 4,995.0 3.520,0 4,528,0 4,195,0 15.263,0 218,369,0
29,302,0 9,880,0 12,242,0 5.757,0
7,885,0
Capital paid in
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 2,645.0
16,312,0
Surplus
40,334.0
11,188,0 1,945,0 2,390,0 2.503.0 2,893,0 1,267,0 4,476,0 3,207,0 2,816,0 3,406,0 148,588,0 1,895.265.0
1,598,0
Deposits: Government
73,767,0 59,147.0
Member bank-reserve emit_ 133,498,0 718,144,0 115,641,0 155,947,0 62,031,0 53,375,0 264,272,0 64,100,0 46,755,0
23.061,0
262,0 4,907.0
575,0
402.0
546,0
142,0 1,217,0
151.0
296,0 1,138,0
13.235,0
190,0
Other deposits
77,158,0 62,815,0 156,140,0 1.958.660,0
135,286,0 742,567,0 117,882,0 159.475,0 64.685.0 56.410,0 266,756.0 69,122,0 50,364,0
Total deposits
213,392,0 2.224,865,0
219,718,0 449,883,0 212,441,0 238,830,0 99,518,0 132,760,0 406,302.0 73,871,0 59,126,0 61,436,0 57,788,0
F.R.notes in actual circulation
F. R. bank notes in circulation
523,0
523.0
net liability
40,543,0 555,914,0
54,247,0 105,098,0 47,920.0 48,921,0 57,086.0 17,987,0 66.944.0 35,732,0 14,436,0 36,764,0 30,238,0 2,158,0
Deferred Availability Items
23,210,0
1,136,0 2,288,0
4,550,0 1,822,0 1,984,0 1,460,0 1,569,0 2,271,0 1,393,0 1,565,0
1,014,0
All other liabilities
57,117,0
112,0
434,462,0 1,391,200.0 408,694,0 484,947,0 239,794,0 222,103,0 787,868,0 194.578,0 136.484.0 190,510,0 165,341,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com53.7
57.2
74.6
58.4
50.9
78.5
60.6
78.9
82.0
78.1
87.3
bined, per cent
Contingent liability on bills pur1 940 0 1 FM A 1.4110 1.838.0 1.548.0
1R.14&0 8 R75 A 4_611 0 2.222.0 1 752
chased for foreign correspond'ts
435,286,0 5,091,267.0
80.7
0
76.3
3.034.0
0
44,102,
.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS OCT. 31 1923
Cleve. Richm'd Atlanta Chicago.
Boston. New York Phila.
Federal Reserve Agent at
s
$
S
s
3
313,260 46,000 29,420 27,530 75,342
715.714 229,027 266,986 109,942 151,740
$
(In Thousands of Dollars)
Resources
83,750
Federal Reserve notes on hand
244,431
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates
17,794
Gold redemption fund
153,000
Gold Fund-Federal Reserve Board
38,337
ElIgible paperiAmount required
16,295
lExcees amount held
s
St, L. Minn. K.City. Dallas. Ball Fr.
$
s
Total.
s
s
s
$
132.200 24,390 11,055 36,063 afb414 65,800 870,224
455,443 90,249 62,452 73,185 67,018 259,399 2,720,586
320,534
7,391
_ ___
11,080 13,052
9,288 2,255 2,784 3,271 3,647 15,706 116,669
391,645 22,000 23,000 31,360 17,500202,790 1,648,479
54,510 54,914 23,616 38,554 33,480 40,903 634,904
100,984 17,562 1,886 19.837 18,989 35,158 412,684
-- - - 588,907 1,893,844 509.752 594,947 257,372 384,428 1,144,070 222,450 137,845 202,270 168,439 619,756 6.724,080
2,400
235,531 7,000 8,780
27,819 11,931 14,413 2,498 5,263
371,000 147,389 185,000 45,795 58,000
81,364 62,707 58,793 61,649 86,077
149,156 5,698 31,555 9,958 5,606
Total
Liabilities
Net amount of Federal Reserves notes received from
328,181 1,028,974 275,027 296.406 137,472 227,082
Comptroller of the Currency
206,094 634,350 166,320 208.193 48,293 65,663
Collateral received fromliGold
54,632 230,520 68.405 90,348 71.607 91,683
Federal Reserve BanktEligible nailer
587,643 114,639 73,507 109,248 87,432 325,199 3,590,810
400,933 35,335 38,836 34,631 28,538 218,496 2,085.682
155,494 72,476 25,502 58,391 52,469 76.061 1,047,588
588,907 1,893,844 509,752 594.947 257.372 384,428 1,144.070222,450 137,845 202.270 168,439 619,7566,724.080
Total
244.431
24,713
Federal Reserve notes In actual circulation
715,714 229,027 216.986 109,942 151,740
265,831 16,586 28,156 10,424 18,980
910 714
Federal Reserve notes outstanding
Federal Reserve notes held by banks
sin 954q 919 441 218 ago 99 118132 760
55.443 90,249 62,452 73.185 62,018 259,399 2,720.586
49,141 16,578 3,326 11,749 4,230 46,007 495,721
406.302 73.671 59.126 61.436 57.788 213.392 2.224.86
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 item.; of the resources
and liabilities of the 771 member banks, from which weekly returns are obtained. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1957.
I. Data for all reporting member hanks in each Federal Reserve District at close of business Oct. 24 1923. Three ciphers 10001 omitted.
Federal Reserve District.
Number of reporting banks
Loans and disoounte. gross:
Secured by U.S. Govt.obligations
Secured by Mocks and bonds
All other loans and discounts
Boston
$
43
New York
a
113
Phila.
$
55
Cleveland Richmond
81
$
$
77
Atlanta
$
39
Chicago St. Louis Minneap. Kern. City
$
106
a
36
a
28
$
76
Dallas
9
San Fran.
52
s
65
Total
a
771
27,848
404,316
697,279
10.071
120,944
337,764
37,925
9.461
66,322 583,678
357,816 1,160,863
12.295
140,860
315,683
4,613
38,748
201,142
6.927
81,689
354,440
3,002
58,751
223,473
230.191
12.680
183,962 3,673,509
799,820 8,016,597
879,133 4,149,739
Total loans and discounts
12,591
49,653
U.S. pre-war bonds_
78.174 468,557
U.S. Liberty bonds
4,828
26,105
U.S. Treasury bonds
33,838 476.201
U.S. Treasury notes
14,989
2,562
U.S. CertIncatea of Indebtedness173,039 734,477
Other hoods, stocks and securities
639,053 1,129,443
10,698
47,091
43,872 119,423
3,276
4,512
49,679
57,474
2,867
8,439
182,063 296,757
468,779
29.628
26,846
3,623
15,418
2,012
51,100
433,599 1,782,466
24,853
14,475
94,688
14,326
12,128
1,670
5,931 117,019
17,710
4,971
43,113 334,731
468.838
15,204
23,738
7,461
18,416
5.446
84,192
244.503
9,167
13,116
955
27,831
3.228
27,349
443.056
11,425
48,010
5,934
19,360
3,764
60,495
285,226
20,411
14,295
1,977
15,854
4.137
11,850
996,462 11,920,297
276.487
30,391
95,057 1.040.102
84,934
12,465
877,377
40.356
80,082
9,957
155,028 2,154,194
Total loalle it dIse'te Sc investmls. 1.184.165 5,919,721
86,545 599,089
Reserve balance with F. R. bank
19,805
80,374
cash in vault
839,505 4,665,289
Net demand deposits
269,667 907,900
Time deposits
26,602
19.190
Government deposits
Bills payable and rediscounts with
Federal Reserve Bank:
90,995
5,009
Secured by U.S.Govt. obligations
43.371
10,846
All other
931,508 1,664,039
72.794 100,828
15,581
33,785
689,922 904,832
107,610 600,355
6,102
13,076
597,406
35.791
14,427
333,897
151,994
3.912
518,085 2,383,595 623.295
39,322
32,233 196,986
7,907
56,935
10,113
260,510 1.460,281 325,992
180,038 787,573 191,600
11,094
4,703
5,701
326.149
21,593
5.738
197,147
83,004
2,130
592.044
43,487
12,712
410,571
134,228
1,361
353,750 1,339.716 16,433,473
95,343 1,351,105
26,994
289,815
21.791
10,647
249,538 739.365 11,076,849
76.461 542,769 4,033.199
107,248
9,513
3,864
5,665
10 911
21,790
10 919
74.150
12,600
228,865 1,499,930
637,668 2,575,659
18,619
265,444
354,990
17,504
15,642
23.405
21,050
18,037
25.282
14,281
afl 393
42.559
31 180
13.928
30 950
2,879
0330
17.278
31.483
0
273,33
287.209
3. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
Three ciphers (000) Omitted.
City of Chicago.
Oct. 24. Oct. 17. Oct. 24. Oct. 17.
All F. R. Bank Cities. P. R. Branch Cities Other Selected alley.
Oct. 24,
Oct. 17.
Total.
Oct. 24. Oct. 17. Oct. 24. Oct. 17. Oct.24'23.0c1.17'23.0ct.25'22.
Number of reporting banks
Leans and discounts, gross:
Soured bill.S. Govt.oblIgatio
Secured by stooks and bonds
All other loans and discounts
77
787
771
25:
206
206
259
306
306
$
$
$
$
$
$
$
$
$
$
$
$
$
I
151,331
170,894
29,502
29,292
42,746
258,451i 285,043
230,191
94.121
42,071
36,486
65,682
36,114
597,786 596,410 500,271 499,012 3,673,509 3.684.9121 3,718,731
1.320.4201,292.149 435,876 437,55 2,575,452 2,569,4
689.363 4,954.428 4,977,44 1.663,31 1,660,51: 1,308,851 1,400,041 8,016,59 8,038,0071 7.245.134
2,252,9972,275,722 689,86
Total loans and discounts
U.S. pre-war bonds
U. S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U.S. Certificates of Indebtedneee
Other hoods. Maas and securities
,
3,639,0993,661,992 1,155,036 1,156,421 7,681,211 7,726,832 2,303,847 2 298, 91,935,2391,935,53911,920,29711,961,370 11,248,908
99
4,164
92,749
76,844
4.113
94,309
37,27
76,641 105.534 104,88:
276,487
274,278
38,79S
631,98
37,834
242,560 243.416 167.392 167.100 1,040,102 1,042,500 1,503.010
630,151
37,68'
403,400 405.491
5,205
5,206
44,261
18,451
44.38:
20.921
20,983
84.934
85,409
18.514
20,03:
19,753
73,20
70,534
648,472
643,576 147,990 148,5:
874,010 .688,914
877,377
441,956 433,600
81,841
80.91
35,135
39,22:
5,71:
111,038
5.50:
28,913
34,329
11.49
90.863
11.613
17,306
80,082
16,03
425,032 2,154,194 2,144.561 2,239,841
530,348 525.79' 161,081 158,721 1,142,204 1,132,581 587,351 586,94: 424,63
67
66
49
49
,
Total loans & dise'ts & Inveseie. 5,083,728 5,094.101 1,439,361 1,441,072 10,275,74210,311m: 3,408,225 3 409,9012,749,506 2,751,752 16,433,47316,472,99115,789,711
968,816 1,001,667 220,928 233,038 161.3631 175.243 1,351,105 1,409,94: 1,345,743
Reserve balance with F. R. Bank-. 551,711 580.767 138,966 142,60.
289,452
144.544
30.89:
30,24:
144,685
65,341
63.389
63,876
290,422
65.86:
81,741
289.81
82,002
Cash In vault
6.134 985,491 7.556,046 7,613,10 1,886,776 1,906,437 1,634,027 1,666,50811.076,84911.186,05011,161,802
681 98
227.
4.187.5474.
Net demand deposits
369,154 1,971,355 1.082.9431,200,7901,198,876 861.054 861,801 4,033,19 4,023,6201 3.628.187
617,64: 370,09
619,83
Time deposits
259,678
28,920
28,131
85,531
5,26
6,340
34,513
131,371
68,924
9,40
23,368
107,24
11,327
Government deposits
Bills payable and rediscounts with
F. R. Bank:
67,76
86.692
80,198
64.631
157,563
22,903
142,356
28,506
44,282
273.3301 280,3101 115,889
42,549
Secured by U.S.°CMS.Obligati°
110.680
301,623
18,599
85,23
80.943
35,907
165,68
18,512
148,035
287,20
53,936
32.979
54,997
All other
Ratio of bills payable it redlecoun
with F. R. Bank to total loans
8.5
1.4
941
!A Alq 4.
2.1
5.0
4.7
3.3
3.1
2.9
2.5.
1.9
and inveirtments, tier cent
•Includes Victory notes
THE CHRONICLE
arthtrsi Oazette
Wall Street, Friday Night, Nov. 2 1923.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1963.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ending Nov. 2.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stork
Exchange.
Stocks,
Shares.
312,000
623,290
601,947
1,390,691
1,236,465
1;101,600
Railroad
&c.
Bonds.
State,
dt Municipal
Foreign Bds.
32,368,800
4,448,050
5,138.500
5,616.100
6.121,700
6,639,000
5.265.993 $30.332.150
Week ending Nov. 2.
1923.
1922.
5,532,444
-No. shares....
Stocks
5,265,993
Bonds.
Government bonds... $23,772,000 $25,920,850
5,581,000 11,119,500
State and foreign bonds
RR.and misc. bonds__ 30,332,150 41,098,200
3476,000
888,000
651,000
1,288,000
976,000
1,302,000
United
States
Bonds.
81,648,000
5,238,000
5,205,000
3,976,000
3,840,000
3,865,000
$5.561,000 323.772.000
Jan. I to Nov. 2.
1923.
190,328,296
1922.
219,544,822
$682,742,775 $1,429,932,615
371,659,900
511,789,000
1,287,719,150 *1,781,000,350
[VOL. 117.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.68%0
5.7434 for long and 5 7334 05.7931 for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' gunners
were 38.24038.29 for long and 38.60038.65 for short.
Exchange at Paris on London, 77.20 francs; week's range, 75.98 francs
high and 77.20 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualSixty Days.
Cheques.
Cables.
High for the week.
._447 9-16
4 49 13-16
4 50 1-16
Low for the week
4 43 7-16
4 45 11-16
4 45 15-16
Paris Bankers' Francs
High for the week_ __ -5 88
5 9434
5 9534
Low for the week
5683.4
5 74X
57534
Germany Bankers' Marks
High for the week
____
0.0000000001834 0.000000000181/6
Low for the week
0.00000000004 0.00000000004
Amsterdam Bankers' Guilders
High for the week__ _ _38.5134
38.9334
38.9734
Low for the week
38.24
38.66
38.70
Domestic Exchange.
--Chicago, par. St. L01118. 15025c. per $1.000
discount. Boston. par. San Francisco, par. Montreal, $15.937 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 Nov. 2.
Sales.
for
Week.
Par. Shares
Range for Week.
Lowest.
I
Highest.
Range since Jen.l.
Lowest.
Highest.
per share. $ per share. $ per share.3 per share.
a r a s.
Bkln-Manh tr ctfs_ 100 6,100 94 Oct 29 10% Nov 2 94 Oc 1155 Oct
Prof certfs
• 1,400 3454 Oct 29 3534 Oct 27 3454 Oct 3731 Oct
Bkln Rap Tran full paid. 100 3034 Oct 27 3055 Oct 27 30
Sept
Oct 34
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
Buff Roch & Pitts__ _100 200 54 Oct 31 54 Oct 31 53 Sep 68
Jan
&
STOCKS(No. Shares).
Oct
Ja 104
BONDS (Par value) C C C St Louis_ _ _ _100 900 95 Oct 30 984 Nov 1 76
Col & So, 1st pref_ _100, 100 49 Oct 30 49 Oct 30 47
Oc 60
Feb
2d preferred
Week Ending Nov. 2. Ind.&Mis..
100, 100 35 Oct 29 35 Oct 29 35
Cle 55
Oil.
Jan
Mining. Domestic. For'n Govt.
Illinois Central, pref _100 200 10514 Oct 30107 Oct 31105)4 Oct1184 Mar
Preferred w I
1,000 102 Oct 3110334 Nov 2 102
Saturday
Go 10354 Nov
22,645'
55,610
221,400 3156,000
$58,000
Rights
Monday
29,916 3-16 Oct 29
34 Oct 27 3-16 Oc
34 Oct
29,940,
84,830
345,200
197,000
36,000
Leased
Tuesday
15 704 Oct 31 704 Oct 31 70 Ma 74
57,6601
Feb
80,525
294,000
314,700
83,000 Int & Gt line stock_ _100,
No Ry. w 1_1001 200 184 Oct 271 1855 Oct 27 15
Wednesday
0
85,030, 138,150
Au 254 Feb
228,000
307,125
59,000
Thursday
Nov 2 30
68,555,
Oc 45% Apr
84,620 . 232,845
214,000
78,500 Marts Elev Mod (ltd 103 2,700 30 Oct 3 31
Nat Rys Mex,1st pf _1001 100 414 Oct 31 414 Oct 31 454 0
Friday
48,3801 148,030
OS Mar
285,000
218,810
76,000 NY
C & St Loub3__ _100 1,000 73 Oct 30 76
Nov 1 6754 Au 7934 Oct
Preferred w I
Total
100 3,700 8755 Oct 27 8731 Nov 2 8755 00 954 July
312,5101 591,765 1,838,080 $1,372,400 3390.500
Pacific Coast
100' 800 12 Oct 27 21
Nov 2 431 Set 21
Nov
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
2d preferred
100 300 21
Nov 1 23
Nov 2 15 Sep 23
Nov
West Penn prof
100 1,100 38 Oct 31 9055 Oct 31 7555 Ap 90% Oct
BALTIMORE EXCHANGES.
7% preferred
100 300 89 Oct 27 8915 Nov 1 85 Sept 90 , Oct
HMOs.
Bausmore.
Philadelphia.
Industrial & MIscell. I
Week ending
All America Cables_ _100, 100 96 Oct 29 96 Oct 29 95
Oc 106
Jan
Nov.21923.
Shares. Bond Sates. Shares. Bond Sales Shares. Bond Sates. American Chain, CIA 25 900 2155 Nov 2 2134 Oct 29
.
20% Jun 2534 Max
American Chicle, pref100 200 48
Nov 1 49 Nov 1 22
Feb Si June
Saturday
6,243
23,000
170
5,772
6,300 Am Teleg & Cable_ _ _100 400 434 Oct 30 4534 Oct 27 4335 Oct 5855 Feb
294,000
Monday
1
11,035
330,050
741
6,808
17,800 Armour preferred..-100 1,600, 90 Oct 29 90 Oct 29 8834 Oc 91
874,000
Oct
Tuesday
12,839
27,350
475
8,102
16,000 Arnold, Constable
184,500
*; 4,3001 1234 Oct 31 1554 Oct 27 12 May 1834 Apr
15,072
Wednesday
29,300
532
6,885
14,000 Atlas Powder, new_ _ _251 200 53 Oct 29 54 Oct 31 51
245,700
July 5734 June
Thursday
13,550
281,250
10,180
543
13,000 Am Metal tern ett pf _100, 100110 Oct 29110 Oct 29 106 Jun 117
405,000
Feb
Friday
14,308
779
29,000
5,249
7,000 Am Rolling Mill, pref100, 100 974 Oct 29 9734 Oct 29 96
43,600
Au 1004 Jan
Assets Realization_ _10 400
4 Oct 29
34 Oct 29
55 Jun
1
Jan
Total
73,047
719,950
3,240
74,100 Associated 011, new._ _25 2,0001 24% Oct 31 26
42,996 2,046,800
Nov 2 2431 Oc 274 Oct
Rights
1 6,400
4 Oct 27
4 Oct 27
Oct
Ii
Prev_ week rnvi‘and
122 nal
14.1 9An
49 759 9 902 2C0
.8.054
103.900 Atl Fruit Col T Co ctf dep
loo, 1
Oct 27 1
Oct 27 1
Sep 24 Feb
Auto Knit
3 1,100 74 Oct 29 854 Nov 2 755 00 284 Apr
.'
50 600 3 Oct 31 3 Oct 31 2
Jan 434 Feb
Daily Record of U. S. Bond Prices. Oct. 27. oa. 29. Oct. 30. Oct. 31. Nov. 1 Nov. 2. Auto Sales
Barnet Leather, pref-100
100 87 Oct 29 87 Oct 29 87
Oc 99
Mar
Bayuk, 1st prof
100
100 97 Nov 2 97 Nov 2 95
Oct 1244 Apr
First Libert LoanHigh 100322 100322
993232 Beech-Nut,prof
991331 99332
99313
100 100104 Oct 29104 Oct 29 104
Oc 104
Oct
314% bonds of 1932-47.._{Low_ 100.00 993332 99333
993022 99"): 99"st Burns Bros, pref
100 200 94 Oct 29 94 Oct 29 94 Sep 109% June
(First 355s)
Close 100.00 992322 99":2 9922a2 993132 993032 Calumet & Heels, new
25 700 1731 Oct 30 18
Total sales in $1,000 units_ _48
346 Case(J I) Thr Mach___*, 500 20 Oct 27 2034 Oct 31 174 Oc 2014 Oct
177
541
362
342
Oct 27 20
Oc 42
Converted 4% bonds of {High
Mar
Century Rib Mills
*1 100 29 Oct 27 29 Oct 27 28 Jun 36% May
Cluett, Peabody. pref100, 500 9955 Oct 31 101
Oct 29 9915 Oc 110Feb
Close
Columbia Carbon
a, 600 4255 Oct 29 43% Nov 21 41
Oct 4931 May
Total sales in $1,000 units_ _ _
____
____
__ ._
__-- --- - -- Congoleum CO
'
2,10,63 14634 Oct 27182
Nov 9162
No 135
Converted 44% bonds {High 98122
Oct
98.00 9724st 97",, 98.00 98332
Nov 110434 Nov 210231 Junc 11031 Feb
of 1932-47(First 448) Low_ 97.32 973232 97",, 97":: 9722n 97"n Cont Can Inc pref___100, 200 104
8334 Oct 31 87% Oct 271 834 00 10934 Feb
Close 98.00 97"st 9722n 97223: 972h: 9725s2 Cosden & Co pref___ _100 3,0
Crex Carpet
100; 1
24 Oct
24 Oct 30, 24
Total sales in $1,000 units.._
Oc 304 May
29
47
18
22
33 Cuban Dominion Sug', 1,5
35
44 Oct 29 454 Oct 29 3 Jul 124 Mar
Second Converted 44% High
____ 971322 972332
____ 971032
Preferred
100 20 32 Oct 31 33 Oct 31, 30
bonds of 1932-47 (First( Low_
Aug 584 Mar
____ 0712,, 07123
, ____
_ _ __ 971032 Cuyamel Fruit
*. 3,5
5734 Oct 30 61% Nov 2 544 Jul 70% June
Second 44s)
0712” 0722,2
Close
971032 Deere & Co pref
100 1
61
Total sales in $1,000 units_ __
Nov 1 61
Nov T 604 Au 7354 Jan
___
4 Douglas Pectin
5
31, 1
114 Nov 1 1155 Nov 1 11
Second Liberty Loan
{High
Oc 144 June
Goldwyn Pictures new_*, 3,05
954 Oct 27 104 Nov 1 94 Oc 224 June
4% bonds of
1
Duquesne Lt 1st pref_100, 1 101% Oct 31,10154 Oct 31 101
(Second 48)
1034
Eaton Axle & Spring. _ _ 31 4,80 20 Oct 31 2255 Nov 2 20 Sep 27 June
Total sales in $1,000 units ___
July
0
____
_ ___
__ __
__ _,
____
_ _ _ _ Emerson-Brant pref _100
100 15 Oct 31 15 Oct 31 15
Converted 434% bonds {High 98.00 973°3
Oc 304 Feb
97"32 971332 973322 972832 rid Phen Fire Ins N Y 25' 100114
01 1927-42 (Second
Oct 31114 Oct 31102)4 Ja 138
Low_ 9722n 97221
Feb
97Ion 973322 973332 973322 Fleischmann
Co
•14,400 4134 Oct 27 46
45(s)
Nov 1 3734 Jan 474 may
Close 9721131 973123 97"32 971433 972132 973332
Total sates in $1,000 units.-262
791
399
584 Foundation Co Co.,. •I 2,300 5855 Oct 29 68 Nov 2 5854 Oc 7814 July
585
631
General Baking
.
11 100 91
Third Liberty Loan
Oct 29 91
(High 99.00 983133 982322 989332 983132 983132
Oct 29 72
July 95
Oct
44% bonds of 1928._
w_ 9831 22 983122 9322at 9324:2 98"s2 9822s2 Gen Cigar Inc pref__ _100, 10010731 Nov 2107)4 Nov 210431 Jan,110
1
Feb
311 9934 Oct 31 100
(Third 44s)
Nov 2 9614 Jan1102q Feb
Close 983133 983122 9831122 981332 983022 982331 Gimbel Bros Dref _ _ _ _100
934 Oct 271 1054 Nov 1 955 Oc 2254 June
Total sales in $1,000 units__
772 2,521 2,521 1,572 1,868 1,151 Goldwyn Pictures new_., 3.0
Goodyear Tire pref _100 1,1:1 35% Oct 2 364 Nov 2 35
Fourth Liberty Loan
lEigh 98.00 97"n 9722s: 9722s: 98.00 93'22
Oc 6155 Apr
Prior preferred__ __I00
I. 88 Oct 39 9054 Nov 2 88
Oc 99
434% bonds of 1933-38_)Low_ 971332 973332 97022 973332 971322 971032
Feb
Gt Western Sug pref _100 2 10455 Oct 311044 Oct 31102)4 Aug 1084 Mar
(Fourth 4512)
CI01318
97"31
971213 97"32 97,7/2 973°22 972332 Guantanamo
Sug pf..100 .111 85
Nov 1 85
Nov 1 85
00 101
Total sales in $1,000 units_ _ _
Feb
471 1,486 1,363 1,154
771 1,189 Hanna let pref
A....AO° 3 I 88
Nov 2 90 Oct 27 88
Nov 97
{High 991022 991°33 99.00 99.00 991022 99 32
Aug
Treasury
,
Hartman Corp
100 7,811 7934 Nov 1 834 Oct 30 7934 Nov 9414 Feb
Low_ 99322
45ds. 1947-52
99332
983332 981322 99.00 99.00 Hartman rights
31,2 e 255 Nov 1 34 Oct 30 14 Sep
aq Oct
Close 99°32
99322
983332 99.00 99333
99323
Househ Prod tern etfs_ _•
3031 Oct 29 3234 Oct 31 28% Jul 39% May
23
Total sales in SI.000 unUs..._
194
276
557 Independent 011 22 Gas_• 2,6
222
lei
3,1
4 0 t 27 454 Oct 27 354 Bel) 114 May
Ingersoll Rand
109 18115831 Oct 31 180
Nov 1 119
Ap 180
-The above table includes only sales of coupon Inland Steel w I
Note.
Nov
• 1
3454 Nov 1 3414 Nov 1 314 Jul 4034 Apr
bonds. Transactions in registered bonds were:
Preferred w I
100 4i1 1014 Oct 29(101)4 Oct 29 9634 Jun 105% Apr
__•
714 Oct 31 72 Oct 31 6434 Jun 75
45 1st 355s
981332
133 3d 455s
Aug
983°32 to 98100 International Shoe_ _ 100 3
Preferred
l 115
Nov 2!i15
3 1,1 434*
Nov 2 11455 Sep 1204 mar
97"n
90 4th 451s
971323 to 98
lntertype corTel_ _ _100 3
in ernat Tel es p
64
Oct 2 65
2 2d 4s
97"32
Nov 1 84
Oct 714 Apr
I 1 Treasury 455s
983332
• 5
91 2d 434s
2955 Oct 3 30 Oct 30 2634 July 4154 Mar
971132 to 973532
Iron Products ctfs
4
45 Oct 31 4534 Oct 31 3134 Aug 46
Oct
• 1
504 Nov 1 6034 Nov 1 3534 Ap 6434 June
Quotations for U. S. Trees Ctfs. of Indebtedness, &c. Kinney Co
Lorillard preferred_ -100 11.117
Nov2117
Nov 2 112
AD 119
Jan
Macy(R H) Dref_ _ _ _100
Int.
1 11315 Oct 3111334 Oct 3111134 Jul 115
1
Inf.
Feb
Montag.
Rate.
Asked.
Rid
•
2755 Oct 29 30
Nov 1 274 Oct 384 Mar
Malwity.
Rate. Bid. Asked. Magma Copper
Manila Electric
100 1
94
Nov 2 94
Nov 2 87
Jul 94
Oct
June 15 1924_ 534% 10031 101
Maracaibo 011
• 4,401 18 Oct 29 20
Sent. 15 1926_ 4)4% 99313
993
Nov 2 16
(2
Sept 2215 July
Sept. 15 1924... 54% 100
Montana Pow pref.-100
June 15 1925._
100
100 10452 Nov 2 10414 Nov 2 103
101
10054
Oct 112
Apr
Mar. 15 1925._ 414% 1005e 100% Dec. 15 1927._ 4341 100
Munsingwear
• 2,0(101 3134 Oct 301 3454 Nov 2 314 Oct 3434 Nov
103%
Mar. 15 1926... 455% 100322 10035 Dec. 15 1923._ 4% , 99"
Nat CI & Suit pref _- _100
Nov 2 94
100 94
Nov 2 89% Jun 104
Feb
Dec. 15 1925_ _ 4)4% 9934 leo
Nat Dept Stores
Mar. 15 1924_ 433% 20
50, 32 0 t
1
c
e
09 98
". 1°0:14
39
Nov 1 34% Jun 4255 Apr
Preferred
Mar.15 19.7___ 434% 100% 100%
3 92 Oct 27 90% July 97% Apr
27
0
100*
Nat Supply
Mar 15 I924.
50 1.9991 5434 Oct 27 56
04% 100
Nov 1 544 Oc 5855 Oct
100'11
Preferred
100
Nov 1 102
100102
Nov 1 102 'Nov 102
Nov
N Y Canners
Foreign Exchange.
• 109 2855 Nov 2 2815 Nov 2 27% Au 324 June
-Sterling exchange marked time this N H & H Ry G &
Nov 2
109
Nov 2
Oc 90
Mar
week and trading was light with quotations close to the levels Ohio Fuel SupplyE pf100 309 78 Oct 29 78 Oct 29 7234 Jun 07 Mar
05
313.4
3155
31
Onyx Hosiery
• 000 32 Oct 30 34
Nov 1 32
of a week ago up to Friday (yesterday), when there was a Orpheum Circuit,
Oc 5()
Apr
100; 9255 Nov 2
Nov 2
Apr
decline of about 2e. on freer offerings. Continental exchange Otis Steel, prat p1,100 2,000 45 Oct 31 92% Nov 2 8434 Ja 954 Mar
100
47%
45
Oct 724
For remainder of this table see pa ge 1963.
irregals.,-ly, with sensational weakness in ina,
moved
-ks
• No par value.
Here also v.ry little busines3 was put through.
(Friday's) actual rates for sterling exchange were 4 43 7-160
To-day's
The Curb Market.-The review of the Curb Market is
.
4 44 7-16 for sixty days, 4 45 114604 46 11-16 for checks, and 4 45 15-16
@446 15-16 for cables. Commercial on banks. Fight,4 45 9-16@4 46 9-16. given this week on page 1964.
sixty days 4 43 1-1601 44 1-16, ninety dals 4 41 13-1604 42 13-16, and
A complete record of Curb Market transactions for the
documents for payment (slaty days) 4 43 5-1604 44 5-16.
Cotton for
payment 4 45 9-1604 46 9-16 and grain for payment 4 45 9-1604 469-13. week will be found on page 1984.
Total bonds
• Corrected total.
$59,665,150 $78,136,550 $2,342,121,825 $3,722,721,965
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1973
•
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 27.
$ per share
"21
35
94
9458
873 87%
8
*112 152
•1093 110
4
5514 557
8
5612 563
4
Monday,
Oct. 29.
_
-;6i2
16
'5012 5112 *50
'585
85
*40
. 8
305
"8
2412
5912
18
118
•____
1012
26
83
8
2212
2
•84%
99%
5912
5812
85% 85
40
45
3212
812
94
,
2412 23
5612
61
145
8
16
112
118
50 •____
161
4
26
8%
227
8
2
87
997
4
113
"11
4
•143 16
8
"87 12
103 10318
75
•70
4
8
503 503
4138 4134
*814 11
4
3918 393
6812 6312
*563 58
4
363 374
4
86
"84
7238 7312
5312 5312
•63
534
•
26
30 i
163 17
4
.3912 4212
2612 2612
548 55
•
5
53
4
•6
67
8
85
3214
6512
18
10
65
12712 128
4
•713 7214
*814 812
28
2814
83
4 9
30
3012
*20
2114
•812 9
15
1512
13
13
•54
56
.
618 614
1014 1014
237 237
8
8
8412
32
6512
•16
•9
Wednesday. Thursday
Oct. 31.
Nov. 1.
$ Per share 5 per share S per share
*21
*2518 35 •254 35
35
9414 9412 9418 943
4 9414 95 4
,
*8738 8712 8712 8712 877 88
8
112 112 *135
*112 1%
112
110 11012 11012 11012 111 111
55% 5618 55% 563
4 .56% 57%
5638 56% 563 563
8
4 56% 57
18
8
14338 143% 14412 1447
6512 6714 6638 6712
•98
98% *9812 9878
2% 2% "23
4 3
7 4 714 *718 714
,
•26
26
26
27
50
5114 "50
•
5112
3% 312
34 3'2
718 7 2
7
7 14
,
12
1218 1238 1234
2214 23
2212 2314
583 5912 585 5912
4
8
*101 108
107 107
*1912 20
1912 20
*74
75
75
75
64
64
*63
645
8
"47
50 "47
50
"1614 18
17
1714
"105 10612 *10512 10612
*110 111
110 110
1314 13% 13
133
8
2114 215
8 20% 211
•1512 16
1512 1614
51% 52
52
53
2878 28% 2812 281
*912 1012 *912 101
"44
46
"44
46
103% 103% 102 10314
_
*912 11
1614 1614
Tuesday,
Oct. 30.
103
8
4
253
814
2238
2
8412
9912
11
16
51
,
145 145% 144 8 145%
6712
65% 673
8 66
9812 9812 *9812 99
278 2%
24 3
8
814
714 8
253 26
4
"25
27
51
"50
5112 51
,
33
8 312
314 3 s
718 814
715 712
1212 123
4 123 13
4
2438
223 2338 23
4
4
59
5912 583 611
104 104 *102 107
194 20
197 2012
7418 75
75
76
64 64
64 3 65 4
4
3
51
"47
52
547
17
1712 17
173
4
10514 1053 10612 10713
4
1103 1128
4
111 111
133 1412
4
1312 14
22 18 23%
2138 22
1614 1712 17
177
4
527 5312 523 5414
8
4 29
2814 283
2912
4
*912 1038 593 1038
*4312 46
*4312 46
4
1017 101% 102 1023
8
Friday,
Nov. 2.
1118
11
1412 1412
*87 11
5
1024 10314
75
*M
5012 513
4
4138 417
•814 1,1
39
393
4
*6712 70
*563 60
4
36
3612
86
86
7238 7312
533
4
"53
523 53
4
*2518 26
163 17
4
4012 4012
26
2614
55
55
*5
53
4
*9
10
4
8412 843
32
323
s
6434 65
10
17
'812 912
*60
65
12712 129
7214 724
77
812
28
26
9
9
30
3012
*20
21%
812 834
143 143
4
4
1212 1212
.5314 58
6
6%
11
11
*23
25
11
1118
1414 1414
•87 11
8
10318 10312
7214 7212
51
51sI
413 417
4
*814 11
3914 4018
"6712 69
58 58
363 37
8
*84
87
723 7338
4
53
53
*52
523
4
"2518 28
163 17
4
•
40
41
2,34 2'
,14
*5412 :5
*5
53
4
93
4 93
4
843 84%
8
323 3314
8
64% 6512
*1612 17
8% 87
8
65
"60
1283 1283
8
4
7012 7112
814 814
28
28
9
93
s
3014 3118
"20
2114
812 812
143 15
4
1212 123
4
*5412 55
612 612
10
10
*2312 25
11
12
143 153s
4
"88 11
10314 104
"70
77
5112 5312
417s 424
"814 9
397 40 4
3
*67
70.
5712 5712
36
3718
"85
89
8
7314 747
*5314 5312
523 523
4
4
"27
30
17
1712
4018 4112
26
2718
5512 5512
"514 53
4
912 912
8458 857
8
8
8
327 343
6512 6614
1612 1712
8 8 8%
7
65
"63
1283 129 2
4
,
70% 71
914 9 4
,
29 30 •
914
913
3012 313
4
2112
*20
812 83
4
15
157
3
1312 133
4
55
55
618 612
8
113
10
"24
25
Industrial & Miscellaneous
Adams Express
100
Advance RumelY
100
Do pre(
100
Air Reduction, Inc----No par
Ajax Rubber, Inc
50
Alaska Gold Mines _____
10
Alaska Juneau Gold Min
10
Allied Chemical & Dye_No par
Do pref
100
Allis-Chalmers Mfg
100
Do pref
100
Amer Agricultural Chem_ ..100
Do pref
100
American Bank Note
50
Do prof
50
American Beet Sugar
100
Amer Bosch Magneto_No par
Am Brake Shoe & F __ _No par
100
110 pref
American Can
100
100
Do pref
American Car & Foundry.100
100
Do pref
No par
American Chicle.
67 Sept 28
612 Oct 29
27 Nov 1
58 July 2
414 Oct 15
4 Aug 16
.1..c 9
5914 Aug 9
10514 Aug 16
3734June 28
8912 Oct 31
104 July 3
2814 Oct 31
77 Jan 6
5012June 29
25 Aug 4
223 Oct 30
4
70 Jan 3
102 July 3
8918 Sept 13
106 Sept 6
14814 July 12
117 Sept 17
5% Jan 30
10
5712
2812 2612
62
61
20
1814
17
13
8
50 *____
10
2612
61%
1814
14
50
107
103
8
275
8 2712
9
94
253
8 25
2
2
8812 875
8
10112 1004
11
283
4
9
25%
2
884
1018
117 1214
8
1514 1512
*87 11
8
s
1043 1043
4
"70
77
525 537
8
413 413
8
4
812 812
4014 4114
70
70
58
58
373 387
4
"85
89
743 7653
4
53
534
524 53
2718 2912
177 1814
42
4312
2612 273
4
56
5614
53
4 53
4
10
1014
85 4 8618
,
337 35%
8
6614 667g
1712 18
'
119
10
'62
65
12912 130
72
"71
94 9 4
,
,
303 31
s
912 958
31% 32%
"20
2112
8% 9
1814 167
8
13
133
4
*55 4 56
,
6 2 63
,
4
1112 113
4
25
25
Railroads
Par
Ann Arbor preferred
100
Atch Topeka & Banta Fe_ 100
Do pref
100
Atlanta Birm & Atlantic....100
Atlantic Coast Line RR_ _ _100
Baltimore dr Ohio
100
Do pref
100
Brooklyn Rapid 'Transit._ _100
Certificates of deposit
100
9,900 Canadian Pacific
100
93,800 Chesapeake & Ohio
Do pref
500
100
1,800 Chicago & Alton
100
Do pref
6,400
100
700 Chic & East III RR
100
Do pref
1,600
100
3,100 Chicago Great Western_ _100
Co pref
5,400
100
7,900 Chicago Milw & St Paul_ _100
Do pref
19,300
100
8,600 Chicago & North tsrestern.100
Do pref
400
100
13,000 Chicago Rock Isl & P2.0160_100
7% preferred
800
100
1,200
6% preferred
100
Chic St P Minn SE Oule.118.100
2,800 Colorado & Southern
100
2,900 Delaware & Hudson
100
3,600 Delaware Lack & Western _ 50
52,700 Erie
100
38,100
Do 1st preferred
100
11,800
Do 2d preferred
100
29,300 Great Northern pref
100
4,000. Iron Ore Properties_No par
200 Gulf Mob & Nor tr ars__ _100
Do pref
100
100
1,400 Illinois Central
Interboro Cons Corn_ _No par
Do pref
100
100
2,900 Interboro Rap Tran
3.200 Kansas City Southern_ _ _ _100
100
200. Do pref
100
Lake Erle & Western
Do pref
100
50
4,100 Lehigh Valley
1,7001 Louisville & Nashville_ _ _ _100
100 Manhattan Ry guar
100
1
Eq Tr Co of N Y ctf dep_100
100
400, Market Street Ry
100
1,1001
Do pref
100
Do prior pref
2,9001
100
Do 20 pref
900
1,800 Minneap ar St L (new)__ _100
Minn St PASS Marie_ _ _ _100
Missouri Kansas At Texas_100
13,200 510-Kan-Texas
6,500
Do Prof
3,500 Missouri Pacific trust ctfs.100
100
Do pref trust cUs
13,200
1,000 Nat Rys of Met 2d pref._ _100
3,200 New On Tex & Met v t C. _100
100
23.800 New York Central
N Y Chicago & St Louis_ _ _100
100
Do 2d preferred
117 1212
8
1512 168
*87 11
8
10518 10518
"70
77
527 544
8
407 4112
8
*814 11
41
4112
6912 70
5812 5812
39
40
"85
89
7512 7714
3 543
553 4
4
53
534
3014 3118
18
1818
427 43
8
2738 2814
.567 56%
*512 53
4
1014 1012
67
6714 6714 68
68
68
400
68
8
.
68
69 4 *67
6812 67
7
7
*718 75
8
700
7
612 612 "612 912
612 612
7
2712 *25
27 '25
2712
100
27
•25
27
27
*25
27 '25
s
8
8412 1,900
63
0318 6212 6212 '62
6312 6318 6312 633 633 '64
512 5
's '513 54 2,400
7
518 512
514 514
514 53
54 518
18
Is
14
14
13
18
"s
14 1,300
*4
14
*18
14
"I
114
1
1
7,000
1
"118
114
% 118 "1
1
114
6312 64% 63511 6433 17,300
6218 64
615s 6138 6038 6218 6112 62
107 107
10634 1063
400
4
•10612 109 "107 109 •107 109
10638 107
401s 4014 41
4,600
4 397 4012 40
3734 3818 38
3938 3612 363
92
92 .90
200
894 90 '90
*89
90
*89
90
•89
90
103 11
4
105 11 18 3,800
8
1012 11
1115 107 11
1112 1118 11
's
3112 304 313
4 2,700
2814 31% 29
3032 303
301s 3
014 2912 30
*8512 88
4
883 "8512 88
89
4 87
.
89 •87
90
*87
•87
54
*52
54
54 '52
5412 •52
5514 '52
*52
5514 *52
32
33
33
1,100
3318 32
30
3012 *32
•30
31
3012 31
253
4 253 258
4
4 2,100
2234 2278 2412 2412 25
25
23
24 "23
72
1,400
72
7012 7012 7034 7214 7112 7214
•7012 7112 *7012 71
100
104 10412 10412 10412 *104 105 '104 105 '104 105 '104 105
963 9914 9738 987 312,800
s
8
9218 97
9138 9212 903 9212 917 927
8
1063 1067 107 107
4
8
600
10653 10634 "106 1065 '106 10612 *10612 107
8
4
3,000
156 15612 15512 1593 160 16012 1574 159
155 155
155 158
100
•119 122
1213 1213 "121 122 '121 122 '121 122 '121 122
4
4
147
s 137 1412 10.800
s
8 12
1314 13
4
"113 1212 1112 1113 1134 117
•Bid and finked pricf6
S Ex dividend
Lowest
100
7,500 N Y N H & Hartford
2,300 N Y Ontario & Western_ _ _100
100
Norfolk Southern
100
1 800 Norfolk & Western
Do pref
100
'100
100
30,700 Northern Pacific
50
12,800 Pennsylvania
100
200 Peoria & Eastern
100
12,100 Pere Marquette
100
Do prior pref
500
100
500
Do pref
5,750 Pittsburgh & West Va
100
100
100
Do pref
50
56,000 Reading
50
Do 1st preferred
1,300
50
900
Do 20 preferred
100
1,000 Rutland RR pref
4,700 St Louis-San Fran tr ctfs_ _100
100
1,800
Do pref A trust etfs
100
6,000 St Louis Southwestern
100
1,200
Do pref
100
100 Seaboard Air Line
1,000
Do pref
100
855 8638 17,200 Southern Pacific Co
8
100
34 g 3518 118,600 Southern Railway
,
100
6612 6612 2,600
Do pref
100
18
183
8 3,900 Texas & Pacific
100
85
8 87
8
100
600 Third Avenue
*6212 65
Twin City Rapid Transit.
.100
12912 13018 10,200 Union Pacific
100
713 72
5
Do pref
100
1,500
914 94 2.800 United Railways Invest.. _100
30
30
Do pref
100
3,000
95 10
s
100
4,800 Wabash
321g 32% 42,200
Do pref A
100
*21
Do pref B
100
2112
9
9 14 4,000 Western Maryland
100
164 163
Do 2d preferred
100
4 2,200
1312 13% 2,600 Western Pacific
100
Do pre(
"54 4 56
,
100
100
65
8 65
8 2,100 Wheeling & Lake Erie Ry.10*)
Do pref
113 1134 2.600
4
100
'25
100
26
300 Wisconsin Central
1112 1112
1712 1753
5112 5112
5:933 -. 41-4 -5912 "5938 i607- -fii- - -16
5879 "iii 8
5
5434 844 85 85 8514 8678 867s 873g
85
45
*37
45
"36
45
*35
45 1 "36
40
5712 9
*7
*79
23
23
23 14 2314 2512
5812 6014 60
6114 "6114
1433 15
17
17
*19
*118
114
118 114
133
50 5 _ _ _ _ 50 *____
1
o _
1018 1012
93 10,8 1038
24% 26
25
26
27
838 838
812 87
9
s
2238 2318 2212 2338 243
8
2
2
"134 2
•13
4
85
85
8512 8512 8614
3 993 100% 10034
9912 997
4
PER SHARE
Range since Jan. 1 1923.
On basis of 100share bra
$ Per share
22 July 31
94 Oct 27
887 July 5
8
114 Aug 14
1097
2July 31
4018 Jan 17
55114May 7
18 Oct 4
18 Aug 9
13934Sept 21
57 June 27
96 June 2,9
2 May 21
3 8 Jan 12
3
19 Aug 6
4512 Aug 15
24 Oct 26
67 Oct 26
8
1114 Oct 25
21 Oct 25
5812 Oct 17
104 Oct 30
1918 Oct 25
72 Aug 4
60% Aug 4
48% Oct 25
17 Oc 29
9314 July 7
1097 Oct 26
s
1018May 22
15 Jan 17
1034May 21
8
505 Oct 25
25 July 2
912 Aug 22
447 Jan 2
2
1017 Oct 30
s
18 Jan 17
14 Mar 2
912June 30
15%July 31
487'g July 30
2872May 22
65 June 7
54 June 30
844 Oct 30
3814June 28
3518 Jan 25
712 Oct 26
23 Oct 29
5612 Oct 29
14% Oct 29
7 Aug 15
8
50 Oct 16
814 Apr 26
934 Oct 31
247 Oct 30
814 Oct 24
2214 Oct 25
2 Oct 27
8212 Aug 14
9012May 4
68 May 22
7612 Jan 2
958July 5
1414June 28
9 Sept 1
100 July 30
72 Sept 7
493 Oct 25
4
41% Nov 1
8 Oct 1
36 Jan 11
6712 Oct 25
5712 Oct 25
33% Jan 17
8512June 29
684June 29
44 June 28
45 June 28
2212 Oct 21
163 Oct 7
4
324 Jan 3
2512 Aug 4
543
8June 28
434 Aug 15
814 Aug 1
8414 Aug 14
2454 Jan 6
63 July 2
14 Aug 4
85 Oct 25
8
5814 Jan 19
12114July 31
7012 Oct 30
77 Oct 29
8
26 Oct 29
7 Mar 10
2314 Jan 17
1612 Jan 18
Sept 27
14 Sept 27
12 Sept 28
53 May 7
6 Oct 25
10 Oct 30
23 Aug 4
1467 1474
2
146 147
67% 7318 72% 7518
s
9812 9812 987 99
3
3
3
3
812 8 4
,
8
8,
4
2678 267
8
"26
27
"51
53
503 51
4
33
4 3%
33
8 33
4
8% 9
84 9 8
,
13
1312 1314 1312
257
2412 2512 25
6112 6212
6112 62
104 104 *102 105
2112 207 22
8
2038
77
77
*7712 80
6612 6612 67
66
54
*52
53
"50
19
20
18
19
108 1093 10814 10912
4
113 114% 11314 115
1414 1438 1438 1514
23
2334 2338 248
18
185
8
1712 18
533 557g 55
4
56
293 30
8
2938 2934
103 103
8
8 1012 1012
"46
481 *46
47
10314 10314 "
10012 103
1 1116 2 11
1
if% -His - - 2
1634 1712
1638 1612 17
*5114 52
505 "52
8
53
5012
8
103
26
88
5
23
2
853
4
99%
STOCKS
NEW YORK STOCK
EXCHANGE
5 per share $ per share Shares.
*21
30
"21
30
s
9618 9712 96% 973 15,500
800
8
8
*8712 87% 877 877
112 "13
500
112
5
112
11118 11212 11212 11212 1,300
8
5712 58% 5818 587 58,400
58
1,700
5812 58
*57
10
16
914
25
59
16
113
50
Sales
for
the
Week.
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
$ per share $ per share $ per Mare
27% Jan 52 Aug
45 Feb 23
913 Jan 10812 Sept
4
10518 Mar 3
84% Jan 9512 Aug
8
905 Mar 6
34 Jan
314 Feb 21
512 Apr
4
83
Jan 1247 Sept
127 Feb 26
334 Jan 6014 Aug
593 Oct 8
4
5212 Jan 6614 Aug
607 Mar 21
8
Jan 29 June
8
1614 Jan 2
55 Jan 24% June
8
13 Jan 12
160 Apr 18 11918 Jan 151% Aug
Jan 79 Aug
54
763 Jan 30
8
3
8
1047e Feb 23 1005 Dec 105 8 Oct
1284 May
14 Jan
334 Feb 13
95 wt, 8
8
34 Jan 207 May
383 Feb 13
4
4
1214 Jan 433 Aug
3118 Jan 6412 Aug
8214 Mar 26
4
33 Dec 103 Mal
4
7 Feb 7
7 Dec 2412 May
17 Feb 6
1
1714 Jan 36 Aug
2638 Mar 5
Jan 5514 Sept
29
4512Mar 5
Jan 9512 Sept
59
88 Mar 5
Jan 125 Aug
1184 Mar 21 100
3012 Dec 50 Sept
377 Mar 21
8
8314 Jan 105 Sept
95 Feb 9
7014 Jan 95 Sept
85 Mar 5
Jan 90 Sept
51
78 Mar 5
38
Jan 5312 Apr
454 Feb 13
4
12412 Feb 13 1063 Jan 14112 Sept
Oct
13012 Feb 8 108 Feb 143
Jan 1884 May
163 Aug 23 • 7
8
:
171 Jan 2812 Aug
11
2512 Aug 24
May
1858 Nov 2
25714
7014 Jan 90 8 Oct
80 Mar 5
5
2818 Nov 45 8 Apr
5
36 Mar 19
Jan
19 May
20 Mar 5
16
623 Feb 21
4
Sep
1174 Feb 21
9711 Dee 14155734 Octprt
jjaann
ss Jan 4
4
3 Dec 123 Apr
8
7 Jan 5
s
2278 Mar 14
1734 Dec 3214 Aug
24% Mar 21
17 Nov 3014 Apr
5214 Nov 594 APr
573 Mar 5
4
8
10 Feb 397 June
34 Jan 2
75 June 26
2818 Feb 77 sent
7188 Feb 7
56% Jan 72 sent
Jan 144% Oct
155 Feb 26 108
Jan 58 Aug
35
60 Apr 17
44 Feb 13
4412 Aug 5512 Aug
22 Mar 12
11 Mar
318 Jan
Jan 504 Apr
6812 Mar 12
17
Jan 76 Nov
87 Mar 12
35
5% Jan 32 Apr
5814 Mar 12
1412 Apr
5 Jan
912 Feb 13
4
55 June 753 Oct
7312Mar 5
1514 Dec
12 Feb 8
3 Jan
5
103 AXIS
4
74 Jan
17 Feb 15
2412 Jan 483 Aug
454 Feb 14
4
8
1512 Nov 2514 Apr
193 Feb 14
40 Nov 633 Sept
4
49 Feb 10
4
714 May
2311 Nov
43 Feb 15
105 Mar 26
54% Jan 8738 Dec
10418June 13
723 Jan 1014 Oct
4
84 Jan 29
514 Jan 914 Oct
95 July 3
614 Jan 93 Sept
2212 Jan 301
1212 Jan 38 Aug
2158 Feb 13
1812 Dec 3012 Apr
18% Feb 9
834 Jan 2212 June
11758 Feb 9
9614 Jan 12512 Sept
Oct
72
Jan 82
7812 Aug 15
73 Dee _903 Aug
s
3112 Mar 5
4
47% Apr 4
3314 Jan 493 Out
5
17 Mar 21
1034 Jan 2C3 AXIS
5
19
Jan 403 Aug
4714June 11
82 Aug
Ja
63
763 Mar 5
4
7012 Jan 9
5018 Jan 74% Aug
23
Jan 41% Aug
505
8May 10
Jan 95 Nov
76
93 Jan 9
7118 Jan 8718 Oct
8118 Feb 7
564 Feb 7
43 Ma
57 May
Jan 59's May
45
564 Jan 30
1712 Fe
5314 June
373 Jan 10
4
8
2014 Dec 323 Aug
27 Mar 21
58 Aug
4
343 No
50 Mar 5
8
383 Feb 10
8
203 Jan 367 Nov
8
323 Jan 59% Nov
8
63 8 Mar 21
7
Apr
712 Feb 10
10
2% Jan
4% Jan 144 Apr
1314 Mar 23
9514 Feb 21
7818 Jan 9614 OCT
3734June 13
1714 Jan 2858 Aug
Oct
Jan 71
46
707 Mar 22
8
Apr
36
183 Nov
4
2912 Mar 21
1914 Feb 10
1312 Nov 25% May
Jan 8212 sent
34
7712June 11
Jan 1543 Sept
4
1447 Feb 28 125
8
7114 Jan 80 Aug
764 Jan 6
19% Apr
712 Jan
21% Mar 6
2014 Jan 3612 Apr
62 Mar 5
143 May
8
Jan
6
1112 Mar 22
Jan 3512 Aug
19
3418 Mar 22
5
124 Jan 247 Aug
224 Mar 22
314 Jan 1714 Aug
15 Feb 9
Jan 284 Dec
13
264 Mar 22
133 Jan 24% Apr
4
2014 Mar 5
6112 Mar 64% Sept
6338 Mar .5
1812 June
6 Feb
1012 Feb 13
914 Jan 295 June
8
19 Feb 13
35
Jan 3314 Mar
354 Feb 23
82 5/1ar 3
1912 Mar 8
5453 Jan 14
723 Mar 19
8
147 Mar 14
8
%Mar 9
17 Oct 19
80 Jan 2
112 Mar 2
5114 Feb 16
974 Jan 27
36% Feb 21
68% Feb 21
9112 Mar 7
5514 Aug 14
4912 Feb 13
60 Mar 6
8314 Feb 16
110 Jan 14
108 Mar 6
115 Feb 20
189 Mar 7
1.257 ran 18
1472 Nov 1
48
Jan
107 Jan
3138 Jan
4512 Jan
912 July
18 Dec
38 Jan
553 Jan
101
Jan
373 Jan
4
8612 Jan
2714 Nov
Jan
56
Jan
58
51 July
313 Jan
4
3114 Jan
Jan
51
9814 Jan
3214 Jan
9314 Jan
Jan
141
11512 Jan
5 Nov
83
Oct
23 Aug
304 Aug
Oct
66
1834 Apr
7 May
8
2 May
914 Sept
11512 Sept
5934 Sept
104 Sept
42% Julie
7214 Sept
Dec
91
mt2 Dec
49 June
49
Apr
884 Sept
113
Oct
764 Nov
113% Dec
201
Oct
12618 Nov
14 Meg
New York Stock Record-Continued-Page 2
1974
For soles during the weak of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 27.
Monday, , Tuesday,
Oct. 29.
Oct. 30.
Wednesday
Oct. 31.
Thursday,
Nov. 1.
Friday.
Nov. 2.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
$ per share S per share 5 per share $ per share $ per share $ per share Shares. Indus. & Miscell.(Con.) Par
53
4 53
6
63
8 7,100 American Cotton 011
4
618 614
5
/ 53
1
4
100
4
53
4 618
53
4 6
1712 1712 1712 1734 177 174 177 1814 18
8
19
19
1912 3,900
Do pref
8
100
6
6
54 6
54 6
2,400 Amer Druggists Syndicate_ _10
*53
4 6
578 57
57
8 618
90
90 '89
90
90
90
1,375 American Express
9012 89
/ "90
1
4
91
8914 80
100
•8
7
"6
612 712 *7
7
/ 8
1
4
7
712
600 American Hide & Leather_100
618 64
•33
36
35
37
/ 3812 3834 3714 3814 2,900
1
4
Do pref
33
33
*3312 34
100
8014 8214 78
833 85
4
84
838 84
4
4,700 American Ice
80
7814 8014 78
100
'7812 80
*7913 81
*7712 78
4
79
79
80
80
500
Do pref
773 78
100
1738 183
8 1773 193
8 177s 1912 1818 19
1818 2012 1914 203 24,700 Amer International Corp_ _100
8
•11
1114 1114 1114 *1118 114 1112 1112 113 113 "11
/
1
8
8
1112
400 American La France F E
10
•15
154 15
/
1
13
14
14
1512 154 153
4 16
15
/
1
1612 1,400 American Linseed
100
'30
33
2918 293
285 2912 30
8
31
Do pref
4 2812 29
314 3118 1,500
100
6814 6812 684 683
71
717 38,400 American Locom, new _No par
8
4
/
4
8
4 683 69
6914 711 707 72
"117 118 *117 118 '117 118 *117 1183 "117 119 *1173 1183
4
Do prof
4
100
4
4"
/ 447 *444 451 *44
1
4
8
/
1
45 45
434 443
1,400 Amer Metal temp ctfs__No par
4 441 4412 44
/
4
80
80
*8014 8012 *8918 8012
600 American Radiator
8014 8014 *80
s
25
8012 797 80
5
3
53
3
54
6
6 14
6
6
7
7
/ 14,300 American Safety Razor_ _ _ _ 25
1
4
54 5 4
64 74
1038 103
1112 1212 6,400 Amer Ship & Comm_ -No par
10
/ 12
1
4
8 103 103
103 11
8
8
4 1012 11
5114 53
5114 52
52
/ 541 54
1
4
/
4
/ 553
1
4
8 55
5512 5,300 Amer Smelting dz RefinIng.100
524 53
9612 1,700
•95
*95
Do pref
9713 9514 9514 *9512 97
96
96121 953 97
4
100
American Snuff
•13212 139 "13212 139 *13213 139 '13212 139 ,•13212 139 *13213 139
100
4 358 3613 10,800 Am Steel Fdry tem ctfs_33 1-3
4
33 2 34
7
358
333 34
4
335 3412 341s 3412 35
8
200
Do prel temp ctfs
*9912 1003 *997 1003 10014 10014 *99 10012, 1004 10018 *997 1003
8
4
8
4
4
100
48
51
5118 51% 50
5314 5314 5412 5212 544 18,800 American Sugar Refining _100
2 50
98
*95
98 "94
300
Do pref
• 94
94
954 9514 *94
/
1
98
9414 9414
100
1718 1718 17
2,500 Amer Sum-tra Tobacco_ _ _100
1713 1634 1712 1714 195
8 19
1914 *1712 19
38
100
Do pref
*3718 45 "373 45
45
*38
41
38
8
*38
45 "38
100
12312 1233 12318 12312 12314 12312 12314 1235 123 12334 12314 1233 12,800 Amer Telep & Teleg
.4
8
100
4
149 14914 149 149
3,200 American Tobacco
14614 147
14614 1473 147 1473 14612 149
8
4
100
1,200
Do pref
5
'10212 103 *10212 103
102 102
100
10213 1025 *102 103 *102 103
8
Do common Ciao B..100
14413 146
/
1
4
14418 14413 144 14412 14614 14614 14612 14712 148 1483
4 3,400
600 Am Wat Wks dz El v5t a_ _ _100
*3513 3712 *35
367 *36
8
8
s 37
/ 3712 3614 37
1
4
364 367 367
400
Do 1st pref(7%)4 t 0.100
903 903 '9012 92
4
9118 917
4
,
4
*907 92
8
8 893 893 "90
4
9012
700
Do partici pf(6%) v t 0.100
"62
6312 "62
6312 6214 623 "62
4
6318 *63
6212
635
8 63
Amer Wholesale, pref
"91 100 '91 100
95
*91
95 "91
100
*91 100
*91 100
65
667
8 66
6612 694 6812 711 701 721 92,300 American Woolen
/
4
/
4
100
6814 665 68
/
4
s
1,400
Do pref
100
965 97
8
100 100
*9714 98
9712 9712 974 9812 100 100
21 212
/
4
218 218
2
2
2
2
•21s 214 *218 24 1,200 Amer Writing Paper pret_100
/
1
7
7
64 64
/
1
618 614
65
8 7
63
4 64
/
1
718 712 2,000 Amer Zinc, Lead & Smelt___25
2612 *2512 28
D
.28
300
30
2812 2812
25
*2578 2612 26
"2612 30
32 8 3318 323 33
7
8
8 344 3512 30,000 Anaconda copper Mining_ 50
33
345
8 345 353
8
325 33
8
76
*7512 7612 4,400 Associated Dry Goods_ _
743 75
4
7612 75
73
7414 733 7512 75
4
200
Do 1st preferred
*80
82
82
85
*81
84
100
*80
85
"80
87
*81
87
Do 2d preferred
82
•78
100
*80
83 "80
86
*80
85
83
*84
*80
84
Associated 011
100
Atlantic Fruit
400
*1
118
No par
*1
118
4,500 Atl Gulf & W I SS Line_ -100
13
13
13
14
143
8 1418 153
8 1512 16
1312 14
14
Do pref
*1012 11
12
100
1112 "11
1
1214 2,100
12
11
11
11
11
•10014 104 *100 103
100
101 102
10112 1015 103 1034 1,000 Atlantic Refining
101 101
8
400
Do pref
•116 117 *116 117 *116 117
117 117
117 117 *117 11714
100 Atlas Tack
No 100
par
•1012 1112 *105 1112 '11
*105 11
8
8
1112 1118 1118 "105 11
8
4,200 Austin. Nichols & Co_ _No par
*22
24
24
24
*2212 24
2438 243
8 22
24
23
24
Do pref
100
•78
86
86
*7814 86
*7812 86
*7814 86 1 *7814 86
*7814
11514 1164 1153 1167 1155 11733 11714 1211 120 1217 120 123 213,100 Baldwin Locomotive Wks_100
8
8
8
/
4
8
100
Do pref
100
•113 11612 *113 11612 113 114 "113 115
113 113 "113 114
Barnet Leather
No par
•25
32
32
*25
*25
32
32
32
"25
32
•25
*25
1,100 Barnacle!! Corp. Class A._ _ 25
1014 104 •97 1012
1012 1012 1012 1014 11
8
94 9 8 *10
7
25
•612 8
Do Class Li
612 65
8 1,500 Batoptois mioiog
*612 7
612 612
6
614
64 618
*12
14
20
•18
14
*12
14
*18
14
*4
14
*18
14
NO par
5618 5618 •5612 58
*5612 58
"58
583
4 587 595
8
8 5918 5912 1,800 Bayuk Bros
6813 6911 6812 6918 6918 707
8 5,700 Beech Nut Packing
714 7012 711 704 705
s 70
/
4
100
4613 4
4
68 4618 475
8 465 47
8
4 49
493
4 4838 493 41,500 Bethlehem Steel corp
/ 4712 493
1
4
100
Do Class B common
100
Do pref
103" 103 *101 we - '101 107 *loi" 166
Do cum cony 8% pref_100
100
1- 6" *103 106
6
100
Preferred new
400
No Par
1,100 Booth Fisberies
100
British Empire Steel
100
Do 1st preferred
100
100
Do 20 preferred
100
1,900 Brooklyn Edison, Inc
100
Brooklyn Union Gas
100
1,900 Brown Shoe Inc
Brunsw,ck Term & Ry Eleo_100
1,500 Burns Brothers
100
Do new Class B corn
1,200
6,000 Butte CoPper di Zinc v t a._ 5
800 Butterick
100
3,600 Butte & Superior Mining
10
900 Caddo Cent 011 & Ref _No par
600 California Packing_ _ _ No par
24,500, California Petroleum, new. 25
I
Do pref
100
3,800 Callahan Zinc-Lead
10
200 Calumet Arizona Mining
10
Carson Hill Gold
1
Case (J 1) Plow
ott.ioo
No par
100 Case (J I) Thresh M
8,000 Central Leather
100
10,000
Do pref
100
9,000 Cerro de Pasco copper-No par
Certain-Teed Prod_ _ No par
14,500 Chandler Motor Car_ __No par
2,600 Chicago Pneumatic Tool..100
10,500 Chile Copper
25
10,900 Chino Copper
5
2,400 Cluett, Peaoody & Co._..100
50,900 Coca Cola
No par
11,500 Colorado Fuel de Iron
100
7,800 Col Gas & Elea, new_ _ _No par
8,300 Columbia Graphophone No par
Do pref
2,100
100
2,800 Computing-Tab-RecordNo par
2,400 Consolidated Cigar__.No par
Do pref
100
300
Consul Distributorsanc No par
Consolidated Gas(N Y)_ _ _100
6058 IF 6014 163- 6012 6114 6118 - 13- 0134 6212 6214 - -3 4 29-A0 When issued
No par
4
6 -36 4
638 638
6
614
6
618 614
618
618 8.700 Consolidated Textile_ _.No par
6
6
614
Continental Can, Ins
100
4613 47
4623 47
When leaned
No par
465 47', -468 914 -485 167- -46T8 503 32,700
8
4
,
8
*92
94
*9212 9412 *93
Continental Insurance_ _
25
*93
95
95
95
*93
94
*93
514 512
6% 5% . 558 558
53
4 61
/
4
612 63
4
63
8 63
4 3,000 Continental Motors_ __No Par
123 12314 12334 124
12313 12438 12484 127
1263 1287 12712 12912 24,900 Corn Products Refining ... _100
4
8
*1154 11612 •11514 11612 "11514 116 *11514 11618 11513 116 "115 117
Do pref
100
200
2518 25 8 2458 25
3
2312 2518 227 25
NO par
,
24
2514 2314 243 58,600 Cosden & Co
8
5814 58 4 577 5914 5914 5913 5914 62
,
8
6134 63
615 6314 23,800 Crucible Steel of America._100
8
8712 87
*87
8712 90
Do pref
90
9018 904 91
100
950
91
"9012 92
8
8
105 105s 105 103
4 105 103
8
4 105 11
8
No par
1118 113
8 11
1118 4,700 Cuba Cane Sugar
4218 4284 41
4214 41
42
Do pref
4138 433
100
4 42 8 4312 423 433
,
8
4 5,600
27
273
4 2714 277
4
8 28
273 28
285
8 28
10
/ 29
1
4
283 287 14,300 Cuban-American Sugar
8
8
*9312 96
*933 9512 *9312 9513 93 4 933 *9313 9512 *94
4
Do pref
100
3
100
4
9512
4512 4614 4512 4714 4518 473
4 46
495
8 4818 4038 4752 487 63,900 Davison Chemical v t o_No par
8
4
4 2118 2118 *2114 215 *2118 213 *2114 2112
8 203 203
8
300 De Beers Cons Mines_.No Par
•207 215
8
8
/
1
4
1033 10312 10312 10312.1024 10312 1,100 Detroit Edison
8
100
'103 10312 10318 10318 102 103
36 1g 363
351s 35 8 3512 36
8 3612 367
,
10
8 3618 368
4 3614 3612 3,500 Dome Mime. Ltd
1023 1034 103 10312 1035 105
4
8
10213 105
10518 106 '
5106 10612 3,300 Eastman Kodak Co_ _.No par
9
4
4
12412 12614 12514 1293 1265 1303 12712 13013 12914 13113 12914 1301z 62,200 E 1 du Pont de Nem & Co_100
847 *82
s
847 *82
8
6% cumul preferred_ _100
847 *82
847 •83
s
"82
s
847 "83
8
847
s
,
.No par
87
8 5712 5914 587 5913 5 8 597
577 577
8
8 598 6014 60 6014 6,800 Elec Storage Battery.
4
*1312 13
/ *1314 1312 *13
1
4
1,400 Elk Horn Coal Corp
50
1312 1312 143
1312 1312
8 133 134
s
112
*1
_ ____
Emerson-Brantingham _ _ _100
112 *118
•1
_
112 *1
597 6214 613 6212 63 8
61- _ 1,66 Endicott-Johnson
ao
4
6012 6012 584 6014 5918 60
/
1
4
Do pre!
400
8
100
8
•1103 - - - - 110 11012 109 109 •108 1137 *109 1137 *110
8
"8814 90
*8814 8914 8814 8814 894 8914 8914 897 "8914 90
8
*4
414
4
414 412
4
412
44 *4
4
4
3 4 33
3
*4
6
*412
6 •____
6
6 *
*5512 5712 5512 5512 *5514 57
56
*54 ____ *55
57 .55
51414 15
*1414 15 *____ 15
1434 "1418 15 •__ -- 1413
10718 10718 1074 1077 10758 108
108 1083 10858 1087 1085 109
s
8
8
,
0110 114 *110 114 •110 114 *110 114 "111 114 *112 114
4218 4234 4132 4218 *415 4212 .42
8
44
"4212 45
*4212 45
*1
112 *1
113 "1
112 *114
112 *1
114 *1
11
/
4
104 10418 10212 10213 "103 105
104 10418 103 104
101 1023
4
*243 25
4
2438 2413 2414 243
s 24
/ 25
1
4
25
25
*234 24 4
,
414 438
Vs 438
414 413
414 412
43
8 45
8
47
8 47
8
17
17
17
,
1718 •1613 16 4 17
17
1712 1712 1712 1712
134 131 1314 133
/
4
8
8
8
133 1414 135 14
4
4 127 1314 127 14
•112 13
4 *13
113 113
4 2
15
4 13
4
113 113
Vs
13
8
.783 7915 783 783
4
4
3
4
79
*783 791
4
/
4
4 784 784 783 78 4 79
177 18
8
177 1814 177 1812 18
2
8
173 18
4
1858 18
1912
8
*9214 935 "9112 9312 "9112 9312 *9112 935 •9112 9352 *9112 93
8
34 37
37
g 4
8
33
4 33
33
4 37
8
33
4 34
3
37
8 4
4
46
*43
4414 4414 *43
447
8
' 47
444
8 44
"425 46
44
512, ____
512
512
512 •____
512
83
54
*3
*3
8
3
41
*8
8
%
*3
8
3
4
*3
8
3
4
*1/4
6812
*66
70
•68
*67
70 "67
70
70
*66
68
68
115 1178 117g 12
8
114 1214 12
13
13
1314
1212 13
*3313 3412 3318 341g 33
3312 33
347
8 347 3614 353 357
8
4
8
3714 373
8 384 384 3812 3878 3812 3914
4 3714 3814 3814 385
30
30
30 ,•_ _ 30
30
444 45
/
1
4414 4612 4513 463
4 455 4814 4818 483
8
4 4714 4814
•80
81
80
80
803
801 814 81
/
4
8 79
82
*8012 81
2514 2514 2514 2512 253 254 2512 2618 2618 265
8
/
1
/ 2614
1
4
8 25
143 15
4
143 15
4
143 15
4
15
1512 15
/ 154 1518 1512
1
4
*65
6612 67
67
*655 69
8
6738 6814
*65% 67
6712 68
6514 685
8 6514 6712 655 675* 665 71
8
8
69
/ 711 6912 7113
1
4
/
4
2312 2518 2284 24
20
2314 20
22
/ 223 225* 22
1
4
2212
8
327 3318 3214 323
8
4 314 32121 325 33
4 3212 323
8
3212 3314
ig
ig
is
18
18
18
141
18
14
18
14
14
14
14
14
3
8
14
14
14
14
58
12
12
70
70
*70
7014 7014 707 7214 7212 7212 7412 75
72
8
154 1512 15
/
1
1512 1554 153
4 1618 1712 1712 183
4
4
4 183 183
6512 6512 6512 6512 6512 "6512 70
6512 *-6512
ls
•Bid and asked Deem no ea151 on Ibis day.
Ma-dividend.
PER SHARE
Range since Jan. 1 1923.
On basis of 100-ehare tots
Lowest
Highest
$ per share
$ per share
/
1
4July 11 203 Jan 4
4
3
14 May 18 383 Jan 4
4
418Sept 19
7 Feb 23
/
1
4
89 Oct 30 14312 Mar 2
64 Aug 9 1334 Mar 7
2934 Aug 9 7454 Mar 7
78 Oct 29 1111 Apr 2
/
4
773 Oct 30 89 Feb 21
4
16 Sept 25 3312 Mar 28
1018 July 6 13 Mar 1
13 Oct 30 38 Mar 5
2812 Oct 30 59 Feb 15
643
4July 5 7514 Aug 22
11412Sept 15 122 Feb 9
4014June 30 557 Mar 5
8
76 'an 2 881 Apr 19
/
4
4 one 27
/
1
4
94 Feb 19
101
/
4July 2 213 Jan 5
8
5114 Oct 27 6912 Mar 2
93 June 27 1023
8Mar 6
130 June 30 1521 Feb 14
/
4
311
/
4July 2 407 Mar 21
8
9778 Aug 14 10514 Feb 9
48 Oct 27 85 Feb 13
94 Oct 27 1083 Jan 3
4
16 July 2 36 8 Feb 14
3
3212 July 11 653 Feb 13
4
11918June 29 12512 Mar 5
14014 July3 1613 Feb 13
4
10014 Sept 21 1057 Mar 3
8
140 May 20 1593 Feb 9
4
2712 Jan 29 444 Apr 26
/
1
8514 July 3 93 Jan 16
4812 Jan 3 6312 Oct 9
9314 Jan 2 9814 Jan 31
65 Oct 27 109 Mar 21
/
1
4
/
4
965 Oct 27 1111 Jan 3
8
2 Oct 26 34 Mar 7
618 Oct 30 1914 Feb 16
26 Oct 1 5814 Feb 27
323 Oct 29 5312Mar 6
8
6214 Jan 5 89 Mar 19
824 Jan 18 89 Feb 13
/
1
84 Oct 26 93 Feb 26
/
1
4
981Sept 28 133 Jan 12
/
4
7 Sept 26
8
31 Feb 14
/
4
914July 5 34 Mar 19
6 Oct 31 27 Mar 19
993
8Sept 18 15312 Jan 10
115 May 2 120 Jan 18
104June 27 2013 Feb 14
/
1
17 July 6 351 Jan 12
/
4
4June 21 891 Jan 23
/
4
783
11012 Aug 4 1444 Mar 19
111 Apr 2 1161 Jan 4
/
4
30 Sept 13 55 Feb 16
97 Aug 23 35 Mar 23
8
6 Oct 31 22 Jan 2
18July 2
5 Aug 31
8
50 June 21 6214 Apr 4
51 Jan 2 8414 Mar 26
413
4June 29 70 Mar 3
6014 Jan 16 717 Mar 3
8
9314 Feb 1 9612 Jan 2
1004June 21 11114 Mar 12
87 July 2 9712 Mar 9
718 Jan 18
354 Oct 25
978 Mar 2
5 Sept 25
7x
5512 Oct 29 6912 Mar 13
15 Oct 18 261 Feb 20
/
4
/
4
10414May 22 1211 Jae 9
10312May 11 128 Feb 7
8
413 Oct 29 657 Apr 2
8
1 Aug 7 2 5 Jan 25
8
4
100 Sept29 1443 Mar 23
2112Sept 29 43 Jan 2
/
4
414 Oct 27 111 Feb 14
1354June 21 22 Aug 18
3778 Mar 1
127 Oct 1
8
918 Feb 16
11 Nov 2
/
4
77 Aug 4 87 Feb 9
8May 31
1718Sept 19 293
9012Sept 27 11012May 23
/
1
33 Oct 29 124 Feb 20
4
42 Oct 26 66 Mar 1
95 Feb 19
8
518Sept 6
4 Feb 21
/
1
4
14 Oct 22
65 Oct 17 85 Apr 9
111 Oct 27 4012Mar 7
/
4
33 Oct 25 7934 Mar 7
3612 Oct 24 504 Mar 28
23 July 18 45 Mar 14
43 Oct 13 76 Mar 14
4
7512June 20 905 Mar 21
2418June 20 303 Mar 1
8
141 Aug 30 311 Mar 2
/
4
/
4
60 July 2 764 Mar 28
8June 8
6514 Oct 27 833
8May 31
20 Oct 30 353
4
3014 June 28 373 Apr 19
278 Feb 6
1s Oct 16
14 Oct 22 1212 Jan 15
87 June 30 8312 Apr 9
/
1
4
15 Oct 26 39 Jan 3
62 Oct 11 83 Feb 17
/ Jan 30
1
4
18June 6
120 Jan 2 137 Jan 26
/
1
4
564July 2 69 Feb 7
/
1
/
1
6 Oct 30 144 Feb 9
4
115 Jan 2 1313 Jan 31
8May 7 5512Sept 11
427
90 Aug 9 104 Jan 31
5 Oct 24 1214 Jan 19
/
4
11452July 5 1391 Feb 6
8
11512 Nov 1 1223 Feb 24
/
1
223 Sept 19 634 Feb 17
4
/
4
5712Sept 27 841 Mar 21
/
1
4
85 Aug 6 9412Mar 2
8 Aug 2 20 Feb 13
/
1
4
3312 Aug 4 644 Mar 15
/
1
/
1
4
23 Aug 1 37 Feb 13
92 July 12 106 Apr 5
201sMay 21 72 Aug 30
8
205 Oct 24 28 Mar 1
10014June 26 111 Mar 2
3054May 22 444 Jan 4
4
894 Jan 2 1155 Apr 3
/
1
1061 Jan 17 14812 Apr 28
/
4
811 Apr 12 894 Apr 10
/
4
52 July 5 674 Mar 21
/
1
4
1312July 11 20 Jan 2
74 Feb 20
/
1
1 Oct 15
/
4
587 Oct 29 941 Jan 2
8
109 Oct 30 118 Jan 3
PER SHARE
Range for Prato's
Year 1922.
Lowest
Highest
Per share $ Per Mee
1514 Nov 3012 May
3312 Nov 61 May
41 Jan
/
4
714 AUff
126 June 162
Oct
1018 Dec 17
/ Apr
1
4
58
Jan 744 Sept
/
1
78
Jan 122 Sept
72
Jan 9514 Aug
245 Dec 505 June
8
8
94 Jan 14 July
28 Nov 424 Oct
/
1
48 Nov 6412 Oct
112
itu;
Dec
44 Sept 534 Dec
82
Jan 129
Oct
87 Oct
8
/ Jan
1
4
3
5 / Jan 2414 May
1
4
/
1
4
4352 Jan 67 May
8618 Jan 1041 Oct
/
4
10912 Jan 159 Sept
3034 Jan 4618 Sept
91
Feb 10814 Oct
5418 Jan 857 Aug
2
84
Jan 112 Aug
2314 Feb 47 May
5214 Feb 71
Jan
11412 Jan 12814 Aug
12918 Jan 169 Sept
/
1
4
9612 Jan 10838 Oct
126
Jan 1654 Sept
/
1
6
Jan 334 Nov
67
Jan 93 8 Sept
7
174 Jan 5514 Oct
86
Oct 95
Jan
781 Jan 105
/
4
Oct
102
Jan 11114 Dec
224 Jan 5514 Sept
/
1
1218 Jan
21 Sept
Jan 57 Sept
36
45 Nov 57 May
Jan 701 Dec
43
4
75
Jan 86
Oct
Jan 911 Oct
76
/
4
99
Jan 1351 May
/
4
Ds Dec
5 Apr
/
1
4
195 Dec 4314 May
8
15 Dec 3114 May
117 Dec 1575
Oct
113
Jan 11912 Dec
1312 Feb 224 May
/
1
94 Jan 40% Sept
68
Jan 91 Sept
93
/ Jan 1424 Oct
1
4
/
1
104
Jan 118
Oct
Jan 67 8 Sent
40
5
19
/ Jan 564 Apr
1
4
17 Nov 39
Apr
14 Dec
11 Mar
/
4
33 Apr 65 Sept
30 July 53 8 Dec
3
Jan 79 May
51
55
/ Jan 8214 may
1
4
90 Mar 106 Nov
/
1
4
104
Jan 1165 June
8
94 Nov 101
Oct
4 Nov
104 Aug
/
1
8
/ Jan
1
4
15 Sept
58 Mar 784 Apr
/
1
1918 Mar 39 Sept
100
Jan 1244 Aug
/
1
Jan 12412 Nov
70
Jan 644 Sept
42
/
1
112 June
538 June
1134 Jan 147 Dec
/
1
285 Jan 53
8
Oct
104 Dec
54 Mar
Feb
15 Nov 34
2011 Jan 3514 Oct
/
4
64 Dec 1512 Apr
/
1
88
Jan 8612 Sept
83 Jan
514 Feb
5012 Nov
614 Dec
3 Mar
68 Feb
/ Jan
1
4
29
63
/ Jan
1
4
/ Jan
1
4
32
34 Feb
474 Jan
/
1
Jan
60
1518 Jan
2214 Nov
43
Jan
Jan
41
Jan
24
-6E11- Apr
2
1138 may
661 June
/
4
16 Mar
/
1
4
94 June
/
1
934 Aug
/
1
444 Sept
/
1
82 Sept
/
1
4
464 Dec
/
1
534 June
7914 Apr
895 Sept
8
2914 Nov
33 June
/
1
4
704 Dec
/
1
82
/ Oct
1
4
37 May
14 Jan
5 4 June
5
5 Feb 21 June
5514 Jan 79
/ Apr
1
4
1858 Feb 424 Oct
/
1
47 Feb 874 Nov
214 Mar
, Feb
4
851 Jan 1454 Sept
/
4
/
1
577 Dec 6254 Dec
8
9
July
155 Apr
8
45
/ Jan 11514 Dec
1
4
66
Jan
1114 Dec
914 Jan
111
Jan
311 Jan
/
4
52 Feb
/
1
4
80
Jan
818 Jan
154 Jan
1412 Jan
7818 Jan
2318 Nov
1512 Jan
10058 Jan
1812 Jan
70 July
105 Dec
80 June
401 June
/
4
/
4
141 Jan
253 Jan
7614 Jan
Jan
104
93 Aug
/
1
4
184 Dec
/
1
1348 Oct
4
1224 Not
/
1
54 Del
8
983 Sept
loo scot
1034 Mar
4178 July
28 Aug
1024 Dec
/
1
655 Apr
8
255 Sept
8
1181 Aug
/
4
4615 Nov
9012 Dec
16954 Nov
901 Sept
/
4
5854 Dec
241 Dec
/
4
1118 June
944 Dec
/
1
119 Dec
New York Stock Record-Continued-Page 3
1975
For sales during the week of stacks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE
-PER SHARE. NOT PER CENT.
Saturday.
Oct. 27.
Monday,
Oct. 29.
Tuesday,
Oct. 30.
Wednesday. Thursday,
Oct. 31.
Nov. 1.
Friday,
Nov. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Nue Jan. 1 1923.
On basis of 100-share lots
Ulna
Highest
PER SHARE
Ra1508 for Previous
Year 1922.
Lowest
Highest
$ per share $ per share $ per share
Indus. & Miscell.(Con.) Par
per share
/
4
2618 Dec 311 Oct
Exchange Buffet
No par 20 Sept 4 31 Jan 10
754 Jan 107 Sept
/
1
Famous Players-Lasky-No par 52 Oct 27 93 Jan 2
9118 Jan 10778 Sept
Do preferred (8%) - _100 82 Oct 29 99% Feb 14
9 Jan 1618 May
5 June 5 1234 Feb 16
Federal Mining 84 8n2eIFIC-100
37 Mar 6234 Sept
/
1
4
Do pref
100 3414June 4 6012 Feb 13
8% Dec 10% Dec
Fifth Avenue Bus
8
Sept 21 1113 Jan 2
No Par
714
75 Jan 218 Dec
Fisher Body Corp
No par 140 Jab` 3 21214 Jan 11
764 Jan 10314 June
/
1
Fisher Body Ohio pref._ __100 94 July 3 10238June 14
1058 Nov 1912 Apr
Fisk Rubber
No par
5% Oct 19 164 Feb 13
1214 Jan 2714 Oct
Freeport Texas Co
912July 2 22 Jan 13
No per
45% Jan 80 Oct
1
Gen Amer Tank Car__ No par 3812 Oct 29 717, Feb 20
3714 Nov 73% Yaly
General Asphalt
100 23 Aug 9 54 Mar 7
Do pref
100 60 Sept 27 83 Mar 7 69 Nov 111 July
65 Mar 8374 Dec
9438 Mar 14
General Cigar,Inc
100 804June 28
94 Jan 109 Oct
/
1
4
Debenture preferred_100 104 Jan 2 110 Apr 2
General Electric,
A00 168 Sept 20 19018 Feb 2 136 Jan 190 Dee
104 Oct 12 Sept
/
1
Special
10 1014 Oct 19 12 Jan 2
814 Jan 1514 July
General Motors Corp.. No par 1234June 28 1712 Apr 18
69 Jan 86 Sept
Apr 17
Do pref
100 79 July 10 89
Do Deb stock (6%) 100 7854 July 17 90 Apr 7 6774 Mar 9614 Oct
7914 Mar 100 Bent
Do Deb stock (7%)._ _100 9334 Oct 30 105 Apr 10
3818 Oct 45% Oct
Gimbel Bros
No par 3912June 27 51% Apr 24
/
1
4
974 Nov 18 June
Glidden Co
No par
6 Sept 22 12% Feb 9
818 Oct
4% Dec
77y Mar 9
Goldwyn Pictures
312June 28
No Par
"ii- ii" "iiii Iiii "iirs Iiii "i§ie 19i84 -lift, 161-1 -Hi.' -- - - 2,80a5 Goodrich Co(B F)
2818 Nov 4478 May
4
2
6
No Par 1738 Oct 23 41% Mar 22
79 Nov 91 Apr
/
1
4
'70% 72 *6934 703
72
72
74
74 1 75 76100 6734 Oct 20 921:Mar 6
71
4 70
Do pref
900
*1212 1312 13
1218 1214 1218 1314 13
13
1312' 13
22 Nov 35 May
,
13% 2,600 Granby Cons 14.53m dz Pow 100 12 Oct 24 33 Mar 23
'7
8
*612 7
*612 7
*714 8
*64 7 I *612 7
8 Nov 19% May
7 , • • 10 15% Mar 7
Gray & Davis, Ine____No par
14
14
134 137 *135 13
8
14
8
/ 1334 14
1
4
14
14
22 Nov 34% May
14
2,100 Greene Cananea Copper__ _100 1334 Oct 31 3418 Mar 6
53
8 53
8
512 512
514 53
512 53
53
53
3
5 Sept 19 141: Feb 14
1,200 Guantanamo Sugar__ __No par
6
6
4
7 Feb 14% Mar
7112 7212 713 73
8
4 763 78181 7614 7814 50,900 Gulf States Steel tr W8_100 66 June 28 10488 Mar 21
72
735
8 7314 763
44% Jan 94% Oct
8
4
12
12
12
12
52
*12
14 Aug 8
52
*12
378 Mar
52'
74 Jan
*12
212 Jan 12
52 1,200 Habirshaw Elec Cable_No par
'3212 34
331 3418 34
3414 3412 3412 343 347
100 31 July 5 44 Apr 19
81 3434 35
1,800 Hayes Wheel
4
164 17
15% 154 "15
16
16
17 "1612 174' 17
17
1
15 "isin -21 4 Sept
/
1
4
1,300 Hendee Manufacturing__ -100 12 July 2 23 Feb 16
62 62
'6134 62
6112 6112 *6012 63 1 *601262100 60 May 23 79% Jan 2
6134 62
65 Jan 82 Nov
40 Homestake Mining
46
4658 46
46
4612 4612 4812 4712 4914! 4814 49
46
100 4034 Aug 4 78 Feb 16
6114 Nov 91% Oct
4,300 Houston Oil of Texas
238 23
/ 2312 24
1
4
2334 23
/ 2388 25
1
4
244 2538' 24
/
1
1918 Aug 267: Dee
247
8 9,900 Hudson Motor Car__ ....No par 20 June 28 3234 Mar 8
153 15
4
/ 16
1
4
16
16
1618 163
16
10 1534 Oct 29 3012 Apr 2
4 1612 1612; •1634 164 1,500 Hupp Motor Car Corp
1078 Jan 2618 Deo
/
1
3 Feb 1418 June
/
1
4
*52
58
53[
12
12
*58
/
1
4
12
12
12
5
8
6% Jan 8
No Par
% Oct 27
1
4 1,800 Hydraulic Steel
•138 174 *114 174
1 Oct 19 19 Mar 19
5
114 114
114 1121
5113, 17
13, 14 '
8
3 Jan 1574 Dec
/
1
4
800 Inclialtoma Refining
*414 5
414 *4
4
4 Sept 19
10
5
*414 5
5 Jan 11% June
4
414, 44 43
812 Apr 6
400 Indian Reficting
2378 2378 2388 24
2312 2334 23% 244 2458 2638' 254 26 1 11,100 Inspiration Cons Conner_ 20 2314 Oct 24 4374 Mar 1
31 Nov 45 June
82
5
8
1% 112
53, Dec 11% Ma,
•12 1
*58 1
*1
Da
2
100
1
, Oct 26 11 Feb 20
700 Internat Agricul Cori)
1 I
518 57
8
412 42
412 452
418 434
65
8 6141 4,100
418 452
44 Oct 30 3978 Feb 23
100
28 Nov 4318 Mar
/
1
4
Do pref
*34
35 *34
35
34
34
26 Jan 381g May
35% 3512 35
35 35
1,000 International Cement_No par 31 June 28 44 Mar 19
36
2034 21
2034 21
2012 211
2012 21
20% June 3018 Sept
21
2152 2132 2152 12,400 Inter Combos Engine__No par 1958June 28 2718 Apr 6
1
100 6634 Oct 29 9818 Feb 7
6734 6914 6634 6812 6812 6932 6914 7414
79% Jan 115% Aug
34,100 Internat Harvester
106 106
10614 107 '
100 106 Oct 27 11614 Jan 4 105 Feb 119 Sent
5106 109 *106 1074 10612 1074 *10614 109
/
1
4
Do prof
600
6
/ 7
1
4
8% Dec 27% MAY
7
4% Aug 9 1178 Feb 14
7
/ 818
1
4
7
/
1
4
8
84
818 834
6,000 Int Mercantile Marine __ _100
87
4 9
2712 2812 273 3114 293, 317
41% Dec 8778 MAY
100 1812 Aug 8 47 Jan
4
Do pref
31
s 30% 32
3488 3314 3488 90,000
1114 Jan 19% Apr
1038 1088 103 1012 1038 1012 1012 11
8
103 11
4
103 107 10,000 International Nickel (The) 25 10% Oct 26 1614 Feb 16
4
8
'74
60 Jan 86 Jan
7612 '
100 6974 Jan 4 83 June 12
574
7612 "74
*74
76
76
Do pref
*74
5,100
76
76
76
4318 Mar 6378 Oct
100 2778 Oct 26 585
*2734 2812 27% 2914 2812 283
8Mar 6
29
3800 International Paper
2
4 277 293
294
304 2912
6034 6034 "60 61
603 607
4
Do stamped preferred_100 60 Oct 24 7518 Jan 5 59 Mar 80% Sept
4 6012 6012 60% 6112 6112 6134 1,400
1218 July 2014 Apr
77 Oct 29 194 Mar 7
4
73
4 818
74 8
3
74 8
7,900 Invincible 011 Corp__ __No par
8
8
8
8 12
8
81
24 Jan a318 Oct
*41
43 *41
43
*41
43 *42
431
4358 43% 43
464 4.000 Iron Products Corp.__ _No Par 3212 Aug 6 584 Mar 8
1
12
1
3 Jan
/ Nov
1
4
58 Feb 24
18
12
Is Oct 3
18
10
0
18
18
18 .....__
18 2,300 Island 011 & Transit v t c.. _10
10 Jan 2212 May
•1574 1614 1512 1534 •1512 16
1538 Oct 11 24 Mar 15
16
16
1618 1652 1612 1612 1,500 Jewel Tea, Inc,
s
8818 Jan 767 Dec
100 62 June 20 82 Feb 26
pref Tea, Inc
os
565
70 *65
*65 66 *6612 r12 '
70 *66
70
*66
70
. 2614 263
3412 Feb 57% Sept
100 25 Oct 29 63% Mar 16
4 25
2534 2534 26
6
D
28
29
2814 6,200 Jones Bros
2912 27
10
"1064 10812 *10612 10812 '10612 10712 *107 1071 10712 10712 "10612 108
Laughlin St, pref_100 107 Mar 19 11012Sept 4 10718 Dec 109% DM
200 Jones &
% Ain 6
7 Jan
/
1
4
118 Dec
14
34 Jan 12
*14
3
8
*14
3
8
*14
400 Kansas & Gulf
3
8
14
14
*14
3
8,
1
34 may 487e Aug
28 July 2 45% Feb 23
3334 3334 334 3412 34
35
34
35
35
/ 2,000. Kayser (J) Co, v t c __-No Pa
1
4
35
3
5
3541 *96 100
10018 1005
98 July 2 104 Mar 23 94 May 10612 June
No Par
8 98 98
*90 100 *95 101
Do 1st pref
*96 100
200
..... 25 2012 Oct 17 621s Mar 22
2214 2288 2212 23
4
8414 Jan 637 WY
22
2312 2234 254 2412 2514 2414 25 24,600 Kelly-Springfield Tire
'70
100 80 Oct 111 108 Jan 18
84 *70
80 •70
90 Jan 107¼ May
/
1
4
80
80 *70
1 8% pref
*70
80 *70
80
100 75 Oct 18 11714 Mar 6
76
61 Feb 1164 Dec
76
*76
85 516, 85
84
79
400 Kelsey Wheel,Inc
81
81
*78
79
29% 294 29% 293
2518 Jan 39% May
/
1
No Do
295 30
8
2935 Oct 26 45 Mar 1
2958 3114 3112 3232 32
3214 29,400 Kennecott Copper
"134 - 2
474 Nov 24% May
178 Oct 19 1118 Mar 24
1% 2
11 2
/
4
178 2
2
212
218 214 4,400 Keystone Tire dz Rubber- 10
100 177 Mar 2 252 Oct 23 110 Jan 18912 Nov
*246 250 250 25112 248 251
250 250 *250 253 *245 258
600 Kresge (S8) Co
7612 7612 *77 80 '77
43 Jan 9412 Aug
80 .77
78
78
80
7934 80
600 Laclede Gas(St Louls)__ _100 75 July 5 8938June 9
12
12
12
12
24 Nov 3518 Mar
/
1
4
1134 1214 12
127
8 1212 123 *12
13
4
2,400 Lee Rubber & TireNo par 1135 Oct 19 3134 Mar 22
*205 216 *200 215 *200 215 *200 215 •200 215 *200 215
Liggett & Myers Tobacco_ _100 19034May 21 225 Oct 16 15314 Feb 235 Oct
*113 115
115 115 *11412 117 •11412 117 *116 117
100 111% Apr 4 11818 Jan 8 108 Jan 1231: Nov
Do pref
11678 11672
300
641s 6434 6334 6478 634 64 8 6412 6638 6412 6552 6412 6514 24,500 Lima Los Wks temp etf.No par 5814June 28 747 Mar 20
52 Nov 11778 May
7
16
1512 1512 15
164 161
1612 17% 1734 18
10% Jan 23% Sept
1712 18 23,400 Loeves Incorporated-No par 14 June 21 2114 Feb 14
614 614
6 Sept 8 1154 Jan 5
No par
638
618 614 "6
*6
618
9 Jan 1414 May
64 614
614 64 1,000 Loft Incorporated
*484 4912 *49
491
491 *49
100 364July 7 6314 Mar 2 86 Jan 6778 Sept
4912 504 51
/
1
52% 534 2,800 Loose-Wiles Biscuit
53
16012 16012 *161 166 "161 166 '162 165 *161 164
100 146 June 21 17878 Feb 9 14714 Jan 180 Sept
16012 16012
200 Lorillard (P)
109 109 "10758 109 *108 110 *1075 10912 *10758 110
109 109
100 103 May 23 121 Feb 6
8
72 Jan 117 Dec
200 Mackay Companies
*6512 6614 *6514 651 *6538 65
6512 6512 *6514 66 .65
100 644July 30 7018 Feb 16
/
1
67 Jan 70 Nov
66
Do pref
100
7114 704 711
/
1
704 7018 70
71
7412 74
No par 584 Jan 2 9318 Apr 6
757
2518 Jan 6178 Sept
8 7412 753 17,700 Mack Trucks, Inc
8
*88
*8934 91
*89 91
91
893 89 4
100 87 July 3 9914 Mar 12
4
*85
3
/
1
4
68 Feb 04 Dec
Do 1st preferred
400
90
8412 *83
8334 833 "83 86 "83
4
*82
86
100 72 June 29 92 Mar 5
85 *834 86
54 Jan 8774 Sept
Do 2d preferred
100
"611263 *6112 6712 6112 6112 624 6212 6212 624 .613 624
No par 57 July 2 7118 Jan 20
4
59 Nov 62 Dec
500 Macy
2734 2878 2812 29
29 29
29
30
301
3012 2912 304 11,300 Mallinson (H R)& Co-No Par 21 June 27 40 Jan 2
15 Jan 40 Aug
/
1
4
474 4718 *4712 54
•4718 51
51
46
100 43 July 31 7514 Mar 14
51
46
50
52
3014 Jan 52 Mar
600 Manatl Sugar
"72 80 '35 80 *65 80 •72
100 72 Oct 22 90 Feb 26
80
80 "72
793 80
4
7314 Apr 8414 Sept
200, Do pref
*36
37 *35% 37 *3512 37 *3512 37
36
3734 37
41
41 Mar 69% Apr
3,100 Manhattan Eleo SupplyNO par 35 Oct 18 66 Mar 21
4034 *41
*4034 4114 4074 4074 40
4014 40
4114 41
26 40 Oct 30 4778 Jan 5
32 Mar 58 4 Oct
4114
7
700 Manhattan Shirt
1818 197
211 2174 2012 2114 1818 2074 1718 19
/
4
No Par 174 Oct 31 59% Apr 2
187 2012 117,000 Marland Oil
22% Jan 46% June
*2
4
*2
5
*2
5
*2
5
*2
3
par
*3 4No
7 July 5 16 Feb 28
Marlin-Rockwell
5 Mar 26% Mar
/
1
4
2912 30
27
291
27
27 *26
2638 263 *26
8
No par 26 July 31 87% Apr 17
29
2014 Jan 3814 June
2952 1,600 Martin-Parry Corp
3412 3512 34
34
35
8
3234 3234 323 3312 331 331
22 Jan 64 Nov
34
1,500 Mathieson Alkali Works- 50 3114 Oct 23 6412 Mar 14
3988 3988 404 413, 4114 4212 413, 43
3914 3912 39% 41
4114 Nov 7474 May
13 634 Mar 8
9,400 Maxwell Motor Class A. _100 36
12
12
12
1214 1218 127
12
12
11 Feb 25% June
1118 1212 12
121
1014 Oct 2 21 Apr 5
4,500 Maxwell Motor Class B No pa
84
85
8618 84
84
8654 8314 86
85 8534 85
6512 Dec 174% Dec
85
17,500 May Department Stores_..100 67% Jan 5 8678 Oct 24
*1618 Hill 1814 161 *1618 16% 1612 1688 1612 17
10% Jan 21% Mar
15 Sept 18 2012May 4
167 17
8
2,000 McIntyre Porcupine Mines_
loo 182 Sept 14 293 Jan 2 10674 Jan 322 Dec
___ - ___
- -- -- -- ...... Mexican Petroleum
- --'
791 Jan 108 Dec
/
4
--- -- -- ' --- -2 -- --ilia -- 4 .
100 10014 Feb 28 1054 Mar 16
95;
161- Do pref
4:
i
Ps 912 --13F4 161- --fol, "Iii -sjig --612 -51
2
15 Oct 3412 July
534 Aug 15 2374May 28
800 Mexican Seaboard Oil._No par
9
10
8 87s
/ *9
1
4
9
9
10
12 Oct 3218 July
912 10
888 8
6 Aug 15 2314May 28
Voting trust certificates__
5,000
5 2012 Oct 29 30 Feb 2,3
21
21
2118 2012 2012 204 2012 2088 2114 21
26 Nov 31% May
/
1
4
2078 21
3,600 Miami Copper
47
47
478 5
5
474 4%
4
/ 5
1
4
11 Nov 16 Apr
434 5
5 41,525 Middle States 01I Corp_ _ _ _ 10
/
4
43 Sept 21 121 Jan 12
4
2434 2434 243 25
26% Dec 4514 May
26
25
/ 264 28
1
4
25 25
4
264 2618 1,400 Midvale Steel & Ordnance- 50 2112June 29 3378 Apr 18
100 5412June 28 75 Mar 8 63 Jan 7678 Sept
5834 59
5912 5912 5912 60 60
5834 59 *59
60 60
5,300 Montana Power
235s 235
23
2214 2288 2214 2212 22 22% 22
12 Feb 25% Aug
223 2334 23,700 Mont Ward dr Co III Corp- 10 1814May 22 26 Feb 13
4
2012 2012 *20
2014 2114 2135 217
13 Aug 1938 Dec
No Pa
2012 197 20
s 2152 2172 5,600 Moon Motors
4
17% Jan 17 29% Mar 22
77
734 77
8
9% Nov 1214 Dec
8
8 11
8
718 8
84 84
718June 20 14 Feb 20
83
s 84 10,400 Mother Lode Coalition-No par
4 12
4 13
No pa
12
13 *1218 143
*1312 147
174 Dec 34 Mar
14
4 12% 143
14
1018 Aug 21 2978 Mar 15
500 Mullins Body
No pa
8812 8812 87% 8812 *854 89
87
87 87 "85 89 *85
70 Dec 625 July
75% Jan 2 11412 Jab 12
400 Nash Motors Co
59612 98 *964 98100 9618 Apr 23 10174 Jan 17 10112 Aug 108 Dec
$96% 98 *9612 98 *9612 98 *9012 98 '
Do preferred A
9 Nov 2114 Apr
/
1
4
812 85
/
1
4
1818 Feb 19
73
8
818 8
50
83
4 83 '812 834
4
"8 4 9
3
4 8% 1,800 National Acme
/
1
4
7 Nov
47
4834 4832 4814 4712 481s 13,300 National Biscuit
4612 4634 4612 467k 4652 47
25 38 Jan
3678 Dec 270 Dec
4874 Oct 31
4
"12014 122 .12014 122 "12034 1213 *1203 123 *121 122 *12114 122
100 11812July
4
125 Feb 2 1131: Jan 126 Oct
Do pref
5412 56
59
54
5952 *57
59
*56
58
100 40 June 18 6714 Feb 21
4 58
5912 1,100 National Cloak & Sult
/ 563
1
4
26 Jan 66% Sept
3914 4058
+3
4
11 Feb 24
/
4
12
4% Apr
1 Dec
',May 31
Nat Conduit & Cable_ _No par
-ioi - - 1 3912 4012 16,700 Nat Enam'g & Stamping_ _100 35 Oct 1
s 4 4
/
1
4
6
-,-5- --- 8 "io" iti" "isiie ',Eli
1
405
"4
3074 Jan 68 Oct
73 Mar 14
12
*11412 117 *11412 118
11834 1214 3,100 National Lead
4
116 116
1183 12012 119 121
100 108 July 5 136% Mar 20
85 Jan 12914 Dec
•11012 112 *11012 112 *11012 112 5511012 11212 *11012 11212 .11112 1121
410010712June 28 114 Jan 4 108 Jan 117 Oct
Do pref
93, 97
958 10
1014 1014 10 8 1084 7,200 Nevada Consol Copper.
912 10
8
3
94 934
1318 Nov 1918 Jane
5
94 Oct 27 18% Mar 5
34
34
3512 3512 353 368 3612 37
3318 34
4
34
34
2412 Nov 4178 Sept
2, 00 NY ass Brake temp Ors No par 2658 Jan 2 41 Apr 25
600
2
clA ir A
47
47 *47
*464 47 '464 47 *4634 47 *4634 47
/
1
4712
/
1
par
4512 Nov 5114 Oct
No 1oo 4514 Aug 23 514 Feb 13
17
4
51534 17
19
1934 1812 193 *17
•1534 17 '
18
18
20 Nov 48 June
2,100 New York Dock
1514June 30 27 Apr 2
46 *42
46
542
43 '
41
4118 43
*41
43
4312 46
100 3774 Aug 14 5118 Mar 15
46 Nov 8812 June
Do pref
400
2012 2088 2014 2088 2033 20% 2012 2114 21
10 17I2May 21 241s Apr 13
214 2135 217 27,300 North American Co. new
8
434 4314 4312 4312 43% 4312 4312 4312 *4312 437
4318 433
50 4212July 2 48% Feb 14
38 Jan -if14 Aug
Do pref
1,500
141: *14
16
1412 1412 *1472 1634 •14751 1614 .13
*14
16
/
1
4
100 Nova Scotia Steel & Coal_100 1412 Oct 1 297 Mar 3 20 Feb 40 Sept
2
*73
4 9
9
*8
*77
4 9
-_N0 Par
*73
4 9
4 9
8 July 12% Mar
"73
4 94 *73
7% Oct 20 1018 Feb 9
Nunnally Co (The)
2
24
'
5218 34
14 2
4
214 214 *2
.
*2
3
5 Nov 1414 Apr
600 Ohlo Body & Blower_ _No par
Ds Nov 1 1018 Jan 29
*14 1
1
1
1
1
4
4% June
118
14 Dec
/
1
•1
5
318 Feb 8
7
8 1
1*
3
4
1,900 Okla Prod & Ref of Amer
%Nov 2
*4
6
'
54
6
Pt Mar
"4
'
54
6
*4
6
6
*4
4 Jan
/
1
4
6
3 July 21
'Ontario Silver Mining__ __100
778Mai 7
17
17
1712 17% 17
1712 1734 18
17
17
•1712 18
12% Jan 28 Oct
1 1614June 21 21% Apr 26
2,900 Orateum Circuit, Ino
125 125
123 124
•120 122 *121 122 122 122
125 125
100 11418July 30 153 Feb 16 116 Jan 168% 00:
900 Otis Elevator
•Bld and asked Prime DO Bales the day s Es dividend
per share $ per share $ per share $ per share
per share
per share Shares.
'21
23 *21
5
.21
23 *21 . 23
23 '21
23
23 *21
52
56
54
564 54
5618 54% 5914 574 5912 573, 5834 94,200
82
8318 83
8212 82 82
8212 8212 82
83
83
8318 1, 00
3
*9 .10
"84 10
9
834 83 '9
9
200
10
*812 9
4
40 40 *3912 40 *3912 40
40
4012 4012 4012 41
800
41
9% 912
914 9%
914 94 8,000
9% 912
9
9% .9
914
160 160 *158 160
159 15914 *157 169
158 158 160 160
600
*974 9812 *9712 984 9712 973 5 98
9812 *98
9812
9812 *98
300
4 '
65
2 658 4,400
614 6%
612 6
612 63
618 612
/
1
4
612 6
4
/
1
4
1018 1012 1018 1014 10% 1012 1014 1114 1034 1114 11
11
4,900
40
39% 40
40
4112 4112 3,000
40
42
3812 3912 394 40
2512 2512 2518 273
27% 2678 27% 27% 273
8
5 25
4 2634 303 12,200
•58 637 "58 65 "60 624 *62 64
600
6212 6212 6212 65
8
8218 82 8214 8212 8212 8278 83
824 8214 82
8318 8314 1,500
"104 106 *104 106 *104 106 *10412 106 •104 106 •10512 106
17012 1703 171 172% 1737 1743 1743 18114 12,900
1701z 1714 17012 171
8
4
4
4
1033 103
8 10% 1012 10% 1012 1038 10121 6,600
8 1014 103
,3 1014 103
137 14
13% 14
13% 14
1334 13% 1334 13% 1378 14
46,500
4
4
80 80
"80 82
80
80 80 "79
80
8012 793 792
500
"7912 8014 794 7912 79
80
80
79
81
8014 8014 *80
400
*9334 97 *93
/ 97
1
4
9334 9334 "9314 97 *94
100
97 , "9414 96
47 47
4634 47 *46
*4612 4712 '
47
47 *46
546
47
300
.634 7
*64 7
*64 7 1 '
'
5612 7
7
7
564 7
100
New York Stock Record-Concluded--Page 4
1976
For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CE-VT.
Saturday,
Oct. 27.
Monday,
Oct. 29.
Tuesday. !Wednesday. Thursday,
Oct. 30.
Oct. 31.
Nov. 1.
Friday,
Nor. 2.
Sales
for
the
Week.
PER SE ARE
Range since Jan. 1 1923.
On basis of 100-share Jots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
Gowns(
$ Per share $ per share 3 per share $ per share $ per share $ per share Shares
7l
77
7lg 74 74
7
77
7
7
73
4
73
4 83g 5,100
4018 4118 403 41
4
41
405 41
8
42
413 42
42
4
42
4,800
•12
3
4
12
12
.12
5
8
12
12
12
8
8
*12
5
8 1,400
*7818 79
795 80
80
803
791 80
/
4
7912 7912 80
807
2 1,503
•8
834 *9
912 *8
83
812 *8
812
812 9
812
1,200
36
364 3618 3612 36
365
3612 3812 373 3818 363 3813 23,000
4
1014 104 1058 10% 10% 1118 103 1114 11
1014 1014
4
1118 17,800
541/4 5514 5414 58 4 57
5414 545
55
8 54
,
5814 .564 5912 52,500
.5118 5153 514 52
51
528
5312 5412 533 57 101,300
5114 54
•114 3
*13
3 3
*114
112 *114
112
114
114 .114 3
100
14 .914 912 *94 912
•914 10
9,
4 9
914 914 1014 12
1,900
15s
15
8
13
8 13
4
153 13
4
13
4 2
17
3 212
218 212 13,300
89
8912 *89
8914 8812 885
8 89 89
89 893
3 8912 898 1,100
41% 415
415 415
4153 415
413 42
4
423 427
8
8 4212 427
3 2,10
•55
55 55
60
*55
68 '
355
68
*55
5918 5612 5612
300
22% 22% 22% 2318 213 23
4
21
2312 34,600
2212 213 2212 22
75
73
4 73
4
8
753 77
8 14
73
4
839
839 •8
839 2.200
•18
18
1814 *1712 19
19
1839 1939 1914 193
3 185 185
8
8 2,900
112 112
112 139
112 112
15
8
112
112
112
153 13
4 4,300
•1812 20
19
19
*1814 20
19
19
18
18
193 197
4
700
Highest
Indus. & Miscell.(Con.) Par $ Per share
$ per share S per shore P6r A ro
672N ov
1e l2sh apr
Otis Steel
No par
7 June 30 143 Mar 21
4
Owens Bottle
25 36% Jan 2 523 Apr 2
24
4
Jan 423 Sept
8
Pacific Development
12 Jan 2 2 14 Mar 5
Dec 2141,1:
t
12Apr
Pacific Gas & Electric
100 73 July 2 8518 Aug 20
Sept
Pacific Mail Steamship
5
7 July 2 123 Mar 14
4
11
Jan
19 June
Pacific 011
3114 Sep. 19 4878 Jan 4
4212 Nov 694 May
Packard Motor Car
10 9% Oct;23 1512 Mar 22
10 Dec 21 Nov
Pan-Amer Petr & Trans- 50 53 Sep` 28 9312 Feb 7
4873 Jan 10078 Dec
Do Class B
50 5012 Oct 19 88 Feb 7
4012 Feb 953 Dec
4
Panhandle Prod & Ref_No par
114 Oct 26
614 Apr 5
3 No c 1
712 Dev
Jan
Parish & Bingham
No par
7l
9 May 23 1512 Mar 13
Apr
Penn-Seaboard St'l v t cNo par
1 12 Oct 8
6 Apr 4
22 Dec 1358 May
People's 0 L dr C (Chic)___100 86 Apr 27 9413 Jan 30
593 Jan 99 Sept
4
Philadelphia Co (Pittsb) _ 50 41 July 2 5014 Mar 19
45 3 Sept
3112 Jan
3
Phillips-Jones Corp
No par 55 Aug 9 80 Apr 4
7314 Oct 1051s Jan
No par 193
Phillips Petroleum
4Sept 18 695 Apr 5
8
281 Jan 5914 June
/
4
Pierce-Arrow Mot Car_No par
614 July 2 154 Jan 14
8 July 24% Apr
Do pref
100 1312July 2 35% Jan 9
187 July 49
8
Apr
Pierce 011 Corporation
37 Dec 12
25
112July 5
6 Feb 13
Jan
Do pref
100 16 Oct 11 45 Jan 4
32 Sept 71
Jan
Pigg Wigg Star Inc"A" No par 5514 Jan 17 124 Mar 20
39 Nov 594 Dec
66 5934 10- -Wo I97- 60 60 61 6112 62 6218 1,9001 Pittsburgh Coal of Pa
-8634 8
100 58 Jan 16 677 Mar 7
8
55 Nov 721 Sept
*9612 9812 •9612 9812 *9612 9812 *9612 9812 *97
98
98
9812
100, Do pref
100 96 Oct 26 100 Apr 5
9018 Feb 10012 Sept
1 Pond Creek Coal
10
914 Mar 1
47% Feb 15
1414 Feb 41
Dec
49
49
49
49
49
49
49
5018 51
52
514 52
2,100 Postum Cereal
No Par 47 July 5 134 Feb 6
6553 Apr 120
Oct
•100 112 *10912 11214 *109 11214 .10912 11214 *10912 1123 *110 112 4
Do 8% preferred
4
,
100 10812June 30 1141 Jan 25 10512 Apr 11212 Oct
/
4
50% 53
52
.53
513 5218 53
4939 50
4
55
55
11,300 Pressed Steel Car
53
100 4212 Oct 23 8112 Jan 2
63
Jan 9514 Sept
84
85
84
85
•83
86
*83
86
•84
86
*84
300, Do Pref__
86
993 Jan 5
4
100 80 Oct 23
91
Feb 106 Sept
195 2010 183 2014 1712 19
4
8
1753 1814 1753 18
1718 18 107,800 Producers& Refiners Corp. 50 1718 Nov 2 581831er 20
2418 Jan 51 Sept
4314 4312 43
43
4253 423
4 423 43
4
43
43
3,000 PubServCorp of NJ.new No par 42 Sept 18 5112 Apr 16
43
44
116 11612 1153 11534 115 115% 115 4 1153 1151 11573 1,600, Pullman Company
116 116
4
3
4
100 1104July 2 134 Mar 8 I051- -Jan 66 4 Sept
2
34
4814 4912 484 5112 5014 513
5114 5139 433 493
503 14,400 Punta Alegre Sugar
4
4 50
50 417
8July 31 6914 Apr 19
Jan 5314.1110*
31
1714 1712 1718 1714 17
173
8 1653 1714 17
Ills 3,200 Pure 011 (The)
1713 17
25 1614 Sept 21 32 Feb 13
2811 Nov 385 Jan
8
88
85
*85
88
*85
83
*8612 89
*80
*85
88
88
I
Do 8% Preferred
100 8212 Aug 28 100 Mar 9
94 July 10234 Apr
9912 9912 *99 101
*9912 102
1017 1017 10114 1014 101 10212
o
8
500 Railway Steel Spring
100 9912 Oct 29 123 Mar 17
94
Jan 12614 Sept
*3018 31
*3018 31
•3013 32
*3012 32
*3012 32 .305 31
8
I Rand Mines, Ltd
8
No oar 2914July 16 343 Feb 191
1912 Jan 3613 Sept
11
1118 107 11
3
11
1113 1113 1158 1153 117
8
1112 115 10,200 Ray Consolidated Copper_ 10
8
1714 Mar I
97
8Sept 21
19 May
1218 Nov
*30
32
30
30 •32
3314 3212 3314 338 34
*34
347
3
900 Remington Typewriter v t cl00 24 June 27 4818 Mar 6
Jan 42 Mar
24
*88
93
*88
95
*88
95
*88
95
*86
1
93
93
1st preferred v t c
*86
100 96 Aug 29 104 Feb 13
Jan 105 Dee
55
•90
98
*90
98
*90
98
*90
98
*9012 9814 *9012 9814
1
2d preferred
5012 Feb 803 Dee
100 80 Jan 3 98 Sept 25
4
818 812 *8
814
9
813 9
8
8 14
918 11,500 Replogle Steel
9
9
8 Oct 25 313 Feb 16
No par
4
21 Nov
3812 May
4214 4212 4139 4253 4214 4212 4353 4539 4414 4538 4312 45
13,700 Republic Iron & Steel
100 4018June 30 6634Mar 21
484 Nov 7813 Mar
*8812 8912 88
883 •88
8
8912 '
389
*89
90
90
90
Do pref
*89
200
100 843 Oct 1
9673 Mar 21
4
74 Feb 951 Ma7
4
•18
19
19
20
19
1914 1912 197
4 2,600 Reynolds Spring
1912 193
1912 20
par
14 June 30 207 Apr 17
8
1214 Nov 503 June
4
7112 7113 7112 717
7158 725
7112 717
13,300 Reynolds(R. J) Tob Clasr
4 7012 72
8 713 723
4
lt25 47 Jan 10 7312 Oct 22
43 Mar 633 Nov
4
•11712 118 *11612 118 •11612 118 *11612 118 *11613 118
117 118
58
Do 7% preferred
100 114 July 9 118 Feb
111 18 Apr 11834 Oct
46
46
47
473
4 473 48
4 4818 4812 473 4814 11.000 Royal Dutch Co(N Y shares)- 4012 Aug 1 5518 Feb 19
4758 473
4
4758 Jan 67 June
•1912 20
*19
1958 19'8 1914 1914 1912 193 193
2,000 St Joseph Lead
8
4 1973 20
10 17 June 29 22% Mar 9
2014 Sept
1253 Jan
114
13
8 *112 2
112 112 *112 2 1 *112 2
*112 2
300 San Cecilia Sugar v t c_No Par
114 Oct 4
5 Feb 14
614 Mar
14 Jan
3012 3012 *3014 3012 3058 3012 3018 31
2,800 Savage Arms Corporation_100 1812 Jan 3 3314Sept 5
3034 3118 311 g 32
247 Apr
10 %lig
784 7914 7812 80% 793 81
4
8018 8212 82
8114 827s 24,000 Sears, Roebuck & Co
83
947 Aug
591 Feb
100 6.514June 30 923g Feb 13
*107 113 *107 113 *107 113 *107 114 *108 114 *10712 114
I
Do pref
100 10612June 4 11312June 12
91
Jan 112 Aug
*54 512
54 512
514 512
512 512
8 2,100 Seneca Copper
4 *5.39 57
No par
54 53
47 Oct 26 1212 Mar 3
8
6 N, v
613 O) t
c
212314
5
5
*5
54 *5
400 Shattu,k Arizona Copper__ 10
513
5
5
*5
514
5 03415 10% Mar 2
514
514
June
*3339 3412 *335 333
33
33
3353 3353 3353 337
3 34
34
4 3.300 Shell Transp & Trading_ .E2 294 Oct 3 4114 Mar 7
8
3412 Dec 484 May
1314 1312 134 1339 1339 137
No par
8 135 1414 137 1439 14
2
1458 30,500 Shell Union 011
123 Jan 8 1914May 23
8
1218 Dec
1314 Dec
1814 1812 1810 1839 1818 1812 1818 19
1814 1834 1714 183 45,700 Sinclair Cons Oil Corp_No par
4
Sept 18 39% Mar 19
183 Jan
4
384 June
1518 1514 15
16
154 16
3
958 Jan 2 35 Mar 31
1412 157
10
85 Nov
153 1614 1512 157 12,100 Skelly 011 Co
8
4
117 Oct
42 40
2
*393 40
4
*393 401 *39
4 ___4
45
*44
1,009 Sloas-Shettleld Steel & Iron.100 3914July 11 60 Apr 26
40
45
43
43
5412 May
3412 Mar
75
75
*72
79
*7
79
79
Do pref
100
100 68 Jan 13 90 Mar 10
*72
•74
79
79
86 Mar 60 Aug
*74
*48
5112 4714 4734 493 4912 49
3
1.100 South Porto Rico Sugar...100 3314 Aug 4 6414 Mar 19
517 517
8
52
5112 *50
33 Nov 5714 Mar
1314 1314 13
1314 13
ps r
13
113
sJune 30 2714 Feb 16
No Iootoo
133 1414 1414 143
4
4 1414 1414 2,300 Spicer Mfg Co
15 Nov
24 June
*87
91
*88
91
88
400
Do pref
90
•87
93
90
83 Oct 19 97% Feb 2
894 90 .89
84
Apr 96 Sept
Standard Milling.
*65
*63
- -653
65
65
4
653 *60
653 Oct 23 9012 Jan 23
66
4
4
*60
813 Dec 141 Sept
4
7 5114 *-507 66
50
5118 5012 5158 503 5112 5158 517
3
3 5139 533 22,703 Standard 01101 California_ 25 47',July 30 12313 Jan 2
91% Jan 135
4
Oct
3153 32
313 32
4
3112 32
4
33 1 15,700 Standard 0 lof New Jersey 251 307
,July 31 4414 Mar 3
313 3214 3118 3112 32
384 Dec 25012 004
•11612 1163 1167 1167 11658 11653 1165 11639 1165 11653 11612 11612
4
8
800
Do pre( non-voting.....100I 11434 Aug 24 11814 July 27 11338 Jan 11612 Nov
8
•111
__ *111
____ •111
____ •111
Steel & Tube of Am. pref. _100 85 Jan 2 11053 Aug 9
____ Ill
____ Ill .._
68 Mar 90 May
5 4 *557 583
63
*56
57
4 557 557a 56
57
53 i 1;500 Sterling Products
57
58
No par 51 June 29 6753 Mar 2
454 May 63% Dec
•113 116 *113 116 •113 116 *113 no *113 116 .113 116 1
.
Stern Bros, pref(8%)
100 10912 Jan 2 115 Jan 5
81
Jan 109 Dec
7914 8014 794 8012 7614 8013 7514 78 4 7758 79
-Warn Sp Corp_No par 74 July 5 1244 Apr 17
,
763 7812 37,600 Stewart
4
2411 Jan 70 Dec
62
*61
615 615
8
8 6012 615
8 62
644 66
6512 664 4,900 Stromberg Carburetor_No par 5912July 2 9414 Mar 6
68
35'4 Jan 71 Dec
943 953
4
4 9414 9614 9518 964 963 10058 994 10114 9912 100% 221,650 Studebaker Corp (The)__ 100933 Oct 1 12614 Mar 21
4
4
7918 Jan 141% Dec
115 115 *110 115 *114 117 *110 117 *110 117 *110 117 I
600
Do prof
100 112 Jan 4 11612 Aug 16 100 Feb 11814 Nov
934 97
94 1014
98 1012 1058 1058 1013 103
4
No par
4 1013 103 11,900 Submarine Boat
7 Jan 3 15 Apr 6
31.2 Jan
87g Nov
2
2
2
2
2
2
2
2
2
2
2 13 214 2,400 Superior 011
2 Sept 18
6% Feb 15
No par
4 Nov 1014 June
2312 2312 •____ 24
*23
24
*23
27
*23
200 Superior Steel
27 '_ _ _ _ 24 I
3
100 2312 Oct 27 34 Mar 22
3912 Apr
Jan
26
2% 27
g
27
8 3
3
4
3
318
3
/ 312
1
4
338 312 38,900 Sweets Co of America
1 June 4
10
158 Nov
5 Mar
4 Oct 3()
8
812 85,
858 85
8% 85
8
84 839
1,800 Tenn Copp et C tr ctfs_No par
87
8 87
8%
87
8 June 21
123 Feb 21
838 Nov
4
124 May
3953 397
3953 40
3912 40
3812 39% 3618 39
/ 34% 363 206,300 Texas Company (The)
1
4
4
gr , ./ 5278 Mar 20 42 Mar 5214 Oct
i:310
;
1
5612 56% 5612 5712 563 563
4
4 583 58% 573 587
8
4 4,100 Texas Gulf Sulphur
585 593
8
65 Jan 15
3812 Jan 6718 Nov
6
614
64 612
614 63
3
6
512 613 12,000 Texas Pacific Coal & 011_ 10
68
64 614
.512110v 2 2414 Feb 2
1812 Nov
5
323 June
4
100 100
100 10014 1004 10013 101 101
10013 10112 10012 1014 1,400 Tidewater 011
100 94 July 2 144 Mar 2 109% May 154
Oct
4
333 3418 3334 34
*34
3414 34
35
35
353
3; 3514 353
4 3,700 Timken Roller Bearing-No par 334 Jan 2 45 Mar 8
Oct
2812 Sept 35
533 543
4
4 5353 55
544 5558 553 5714 5413 567
4
81 55
567 76,100 Tobacco Products Corp
100 463 Aug 4 6112 Apr 27
4
4914 Nov 8414 June
8712 8839 8658 88
8714 88
8313 8912 86
87121 8612 88 ! 39,609
Do CIA (since July 15) 100 7612July 2 90% Oct 25
767 Aug 894 Sept
3
1%
112
132 134
13
2 17
8
17g
2
2
24,
2
218 17,000 Transcontinental 011_ __No par
74 Mar 2013 May
114 Oct 25 1412 Jan 5
51
50 50
5318 5212 534 5212 51
53
5512 4,600 Union Bag & Paper Corp_ _100 50 Oct 27 7712 Mar 28
5114 54
55 Mar 78 Sept
•_ _
Union 011
14 Jan 3
4 Dec 25 June
No par
18 Jan 4
;ii- 66" 87 90 ;ii" 66" *87 90 •87 90 *87 0010
Union Tank Car
85 Doc 134% Dec
100 81 Feb 1 9934 Mar 19
*1074 10812 '10714 10812 10814 10812 •10714 10839 •1073 1084 10853 10453
4
300
Do prof
10(1 106 Sept 6 112 .bui 19 102 Feb 113 Sept
30
30 30
30
30
30
30
30
•303 30% 3114 3114 1,500 United Alloy Steel
4
25
Jan 414 May
NO Par 29 July 31 394 Mar 21
764 75
76
*75
*75
75
7414 7414 743 7484 745 75
8
8
700 United Drug
Oct
60% Mar 85
100 7414 Oct 31 8534 Feb 26
•4634 4714 *4612 4714 *4612 47 .463 4714 *463 4714 *463 47,
4
41 18 Feb 517 Oct
4
Do 1st preferred
8
4
50 4614 Feb 14 49 July 1
4
172 172
171 171
4
•1703 172
17113 173
174 174
172 173
1,110 United Frult
Oct
100 15212 Jan 17 183 Mar 2 11934 Jan 162
5
5
7
5
512 •5
.44 5
*412 5
4312 Feb 8712 Oct
400 United Retail Stores__ No Par at Oct 16 8418 Apr 17
*412 5
8 3612 3712 3712 387
36
3612 3512 365
8 377 333
164 Jun 39 Aug
4
8,800 US Cast Iron Pine & Fdy_100 20 July 3 403 Oct 8
4 37 2
,
8012 8012 8039 80113 8014 8014 804 38 4 1,200
•80
81
80
80
50
Jan
78 Aug
4
Do pref
100 64 June 21 823 Oct
803
334 4
414 414
4
•414 4%
47
414
4
64 Mar 19
12 June 28
41g
418 3,200 U S Food Products Corp_ _100
14
*14
1412 1414 15
1412 14
•I4
184 Nov 2571 M an
20 Feb
1512 1512 155 155
16
:j y
133 Oct 26 25 Jan 27
4
8
8 1,400 US Hoff'n Mach CorP_No par
5014 5118 5012 5112 5112 5312 5312 543
504 51
37
Jan
727k Oct
4 533 54,3 21,000 U 8 Industrial Alcohol__ _100 40 June 29 7314 Mar 16
4
•961. 9810 9612 9612 *9414 98
2
,
*9414 95
*9612 98
7212 Dec 102
Oct
100 9514June 29 101 Mar 28
200
Do prof
97% 97%
08812 8914 8914 8912 893 893
4
92
4 92
*92
56
Jan 927 Oct
9234 *92
500 U S Realty & Improvement1.00 884 July 2 106 Mar 5
924
30 8 30% 3118 3218 31% 32% 3712 3412 335 347
7
8
46 Nov 6712 Apr
100 3053 Oct 26 64% Mar 22
8 337 35
8
16,700 United States Rubber
80
81
824 8218 8153 8214 8234 8312, 8412 35
8414 8512 3,700
91 Sept 107 July
100 7;13 Oct 26 105 Jan 13
4
Do 1st preferred
18% 1918 1813 1853 1812 1912 183 19
1912 20
4
33 Feb 453 Oct
50 18% Oct 29 43% Mar 2
ID
4
1912 2,400 US Smelting, Ref & Min
•____ 40
39
40
40
*38
*38
39
*3912 40
4214 Feb 49 Aug
50 39 Oct 31 484 Jan 3
*38
Do pref
100
40
8612 8718 8614 8712 863 8712 8814 9112 907 923
3
8
8 914 92% 44,800 United States steel Corp 100 854July 31 1095 Mar 21
1213112 SeptOct
•11814 11839 1183 1183 11812 11812 11812 11883 1187 119
8
4
100 11618 Aug 6 12312 Jan 15
Fee
je b
118 119
Do pref
2,000
•5614 563
4
4 553 5614 56731 56% 57
5958 5812 60
10 5512 Oct 25 7612 Mar 5
7112 Sept
50
6,000 Utah Copper.
59 Nov
5912 60
1418 1418 •144 144 1418 144 14
143
4 15
100 14 Oct 31 2438 Feb 16
15
•15
97 Jan 2318 Sept
s
15 2 1.200 Utah Securities v t e
,
2712 2734 2712 28
2712 2841 28l4 2853 28
2713 274
No par 2434July 5 44% Mar 20
3014 Jan 5334 Aug
2814 9,900 Vanadium Corp
89
•80
89
*80
*80
89
*80
89 I .80
Oct
Van Raalte, lot pref
80
•80
Jan 100
100 85 Oct 5 98 Jan 25
89
92
77
g 7%
712 712
718 712
2
2
614June 27 27 Feb 20
74 8
2314 Nov 367 Mar
8
74 73
3 2,500 Virginia-Carolina Chem__ _MO
22% 2412 23
2314 21
4
2312 203 22
234 2412 24
3,400
Oct
100 17 June 27 69 Mar 15
24
Do pref
58 July 83
54 .52
54
54
*52
59
*53
54
•52
54
*52
100 Virginia Iron. C & C ____100 52 July 2 68 Mar 5
54
43 Mar 9413 Jan
*8112 90
*8112 90
*8112 90
08112 83
Do pref
*8112 90
*80
100 774.1une 28 85 Apr 23
Oct
90
66 Mar 86
4
4 153 16
15% 16
16
1412 143
16
16
16
12 Oct 23 23 Mar 22
1614 1612 3,100 Vlvaudou(V)
No par
Dec
8
•1312 1412 13% 13% *135 1412 *1334 143 *133 1412 *133 144
4
8
No par
4
700 Weber & Hellbroner
jer
t
1214 Jan 27 153 Mar 8
116
107 Oct
4
e
Apr
36
*35
37
3612 35
•36
37
38
*36
4
800 Wells Fargo Express
38
383
4 38
100 3412Juiy 11 105 Mar 2
6614 Jan 983 Oct
4
105% 1053 10514 10514 1053 10612 106 106
4
104% 105
Fob 12114 Aug
89
10673 106% 1,400 Western Union Telegrapb_100 10118July 5 11912 Feb 2()
80
•79
7934 793 *79
4
*7912 80
80
*79
400 Westinghouse Air Brake_- 50 78 July 5 120 Feb 17
80
79
80 Mar 114 Dee
79 2
,
5818 5614 56
5612 57
5614 56
574 575 58
5939 11,300 Westinghouse Elec & Mtg. 50 5212June 30 6718 Feb 16
58
4913 Jan 6518 Aug
3 201g 2012 20
2014 20
*2012 2072 2012 207
303 Mar 20
2
2039 2014 20 4 4,400 MAW Eagle 011
25 May 3339 Nov
No par 20 Oct 31
,
3
4812 4812 4712 4712 4752 4752 483 4812 4912 493
354 Jan 54 Sept
4 4912 4912 1,500 White Motor
50 45 June 28 60% Mar 19
14
IN
3
8
82
3
8
3
2
3
8
3
2
12 2,300 White 011 Corporation_No par
3
3
14 Oct 19
3
3
5% Feb 19
311
213 Dee
12 May
58
5
5
514 614
514
514
812 Nov
5 Oct 17 14 Feb 13
,
58 53
5%
4 1,600 Wickwire Spencer Steel... 5
217 May
*53
s 53
63
6% 7
4 7
634 7
67
7
81 Jan 5
7
/
4
7 3 56,400 Willys-Overland (The)
4
5 June 21
412 Feb 10 May
25
63
4 6
%
I
4%71 68
/
693
4
3 687 72
3 67% 67% 68
66% 687
pref
Do
22,100
24
Feb
100 4211 Jan 2 73 Nov 2
4912 July
7114 73
1913 1918 1913 1914 1914
/
4
191 *1914 1912 19
1,800 Wilson & Co, Inc, v 1 o_No par
*19
2714 Jan 5011 Sept
1958 20
19 June 27 42% Mar 7
*55
55 I *60
*60
111 ____ 65 •____ 65 •_ _ _ _ 65
I
66
66
Do pref
66
Jan 91 Sent
100 64 July 13 89 Feb 8
27512 2823 275 280
4
277 277
5,200 Woolworth Co (F W)
278
277 2813 28014 281
4
Jan 223 Nov
100 10918 Jan 24 284 Oct 29 137
I 2218 278
2
2213 22
,
203 22 2 19% 2012 2073 207
24
3
2,700 Worthington PA M v t c 100 19% Oct 30 4018 Feb 15
23
23
s
267 Nov 557 June
2
1014 1058 1041 10
103
3 10
12 1,100 Wright Aeronautical_ __No par
10
1010 10
1012 1012 104
84 Jan 17 11 May 17
6
Jan
11
Aug
•B14 and ng2n4 rvien4; nn agin4 nn thl. tie • Mt dieMonrI
a After distribution of dividend In shares of United Cigar Store at th rate of 33.8 shares for 100 shares of United Retail Stor '3.
1
m
61071
1977
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly •
Jan I 1909 the Exchange method of gaoling bonds was changed and prices are now "and interest"--exceptfor income and defauked bonds
t 14
BONDS.
2 r,
R. Y. STOCK EXCHANGE ;
.1.,E;
Week ending Nov. 2.
Price
Friday
Nov. 2.
a Week's
Range or
Last Sale
4
E.
Z.,
44
Range
Since
Jan. 1
BONDS.
N. Y. STOCK EXCHANGE
Week ending Nov. 2.
...33
145
z t-,
..a,
Price
Friday
Nov. 2.
Week's
Range or
Last Sale
I4
crith•
Range
Since
Jan. 1
High
High No. Low
Bid
Ask Low
High
.431c Low
High No. Low
Bid
ment.
U. S. G
65
697
2
69
8
8
Atl & Birm 30-yr 1st g 4s_e__1933 M S 687 Sale 687
First Liberty Loan3
80 4 8612
9
4
833
4
3
./ D 992233 Sale 991233 100233 1816 9931101.90 All Knoxv & Cin Div 45____1955 MN 834 837 833
3;4% of 1932-1947
__ 9834 May'23 ____
983 9912
4
J D 97248 ____ 971231 Oct'23 ---- 97233 98.90 All Knox & Nor 1st g 5s_. __1946 J D 991
Cony 4% of 1932-1947
88
917
987& Sept'23 ____
8917 8 92
.1 D 97"n Sale 970231 98233 184 96233399.10 Ati dr Charl AL 1st A 4560-1944 J J
Cony 43-i% of 1932-1947
96 100
985
8 30
1941 J J 9814 Sale 9712
1st 30-year 5s Ser B
.1 D 97032 Sale 97033 9710n 28 97.0099.00
2d cony 4;(% of 1932-1947
825 89
8
8712 25
4
Atl Coast Line tat con 45 _04952 M S 8712 Sale 863
-- Second Liberty Loan4 106 108
4
4
1930 MN 1062 Sale 10612 1063
96223198.70
.20cP23
MN 972233 ---- 9700
10
-year secured 78
4% of 1927-1942
82
89s
27
87
4
19643 13 87 Sale 883
MN 972333 Sale 9710, 98.00 3252 96243398.88
General unified 048
8
Cony 4i% of 1927-1942
7612 83
41
82
3
L & N coil gold 48
511952 M S 8113 Sale 813
LoanThird Liberty
7339 793
4
754 Sept'23 ____
1948 J J
32
M S 982233 Sale 98%1 99.00 10405 97%1 993 Atl & Deny 1st g 4s
7314 76
43.% 01 1928
61% 687
___ 65 Aug'23 ____
1948 J 3 66
2d 4s
Fourth Liberty Loan761 7812
7612 Oct'23 ____
A 0 97"01 Sale 971233 98113 6434 97433 99.04 Atl & Yad let g guar 48
80
76% 1949 A 0
4.;.1% of 1933-1938
9318 671
4
A 0 99081 Sale 982233 9918 1457 98"3,100.04 A & N W 1st gag Is
1941 J J 944 97
938 Oct'23 ____
Treasury 4315 1947-1952
d1930 Q J --------10412 July'23 ____ 102% 10414
28 consol registered
93
1s 97
12
9612 53
102
103 Bait & Ohio prior 3;48
--------103 July'23 _
1925 J J 9614 Sale 96
d1930 Q J
2s consol coupon
934 9412
103
104
1925 Q F --------104 May'23 ..
963 9412 Oct'23 ____
4
Registered
04925 Q J 95
48 registered
74% 81
320
81
k1948 A 0 807 Sale 7912
19318 tow.
-__- 103% Aug'23 _
let 50-year gold 45
1925 Q F __
o
4s coupon
741s 79
.
I
79
__ 79
Registered
51948 Q J 79
Panama Canal 10-30-yr 2s._k1936 Q F --------100 July'21 __ ._ _ _
77
83 4
3
833 145
4
9411 95
_9412 Apr'2I _
1961 QM ____ 95
10-year cony 4s
1933 M S 833 Sale 8318
4
Panama Canal 35 gold
79313 85
gale 8314
8458 73
4 9624
Refund & gen 55 Ser A
1961 Q M --------0224 Sept'23 ____ 923
1995 J D 84%
Registered
99 101%
10
-year 65
1929 J J 10118 Sale 10014 10113 106
State and City Securities.
9124 9514
8
9514 13
PJct & M Div 1st g 3345_1925 MN
95
95 1 95
9
814 101
9
9912
NY City 4s Corp stock_1960 M S 993 997 99
1
73
995 1027s
5
79
P L E dr W Va Sys ref 4s 1941 M N
1964 M S 9928 10014 98% Oct'23 ____
7612 72
7612 Sale 75%
43.s Corporate stock
8
1066 A 0 995 10014 100 Sept'23 ____ 100 10212
914 957
s
8
957
8 81
Southw Div 1st gold 33'is_1925 .1 J 953 Sale 953
8
43i5 Corporate stock
_ _ 10312 Oct'23 ____ 10312 108
6112 68
674 25
Tol & Chi Div 1st ref 4s A_1959 J J 673 Sale 6618
1971 1 D
4
4;48 Corporate stock
19312 10412
4
571 80
434s Corporate stock _July1967 J 3 10312- - 10218 Oct'23 _-__ 1013 1074 Battle Cr & Stur 1st gu 38_1989 J D 5314 ___ 5718 Apr'23 ____
4
4
8812 8912
1985 J D 10312 10412 1033 Oct'23 ____ 1013 10715 Beech Creek let gu g 4s1936 J J 88
9114 8812 Oct'23 _
4s Corporate stock
86
86
1024 1073
1063 M S 10312 10412 10212 Oct'23 _
Registered
1936.0 J 873 89
8
86 Feb'23 ____
4
43.4s Corporatestock
95 10014
4
1936.0 J
1959 M N 953 ---- 9512 Oct'23 9612 ____ 104 May'16 ____ --- ---2d guar gold 58
4% Corporate stock
965
8
965
8
7
4
95
1958 M N 953
997 Bezch Cr Ext 1st g 3%13_01951 A 0 7514
8
60 July'22 ----------Corporate stock
4%
80% 84 4
3
1
1957 M N 953 - - -3- 965
1944 J D 8012 98 10018 Big Sandy 1st 48
8
965
8
4 9 4
6
8412 8014 July'23 ____
4% Corporate stock
_ 95 July'23 ____
95
63
75
12
9912 B & NY Air Line 1st 4s
1955 F A 55
Oct'23 _
63 63
41% Corporate stock reg 1956 M N
89
95- _- 8
89
Oct'23 -___ 10112 107% Bruns & W let gu gold 4s
1957 MN 10312 1043 102
1938 J J 87
8912 82 Feb'23
4365 Corporate stock
99% 101%
6 10112 10712 Buffalo R & P gen gold 55 1937 M 5 100 1005 99% 100
3
8
434% Corporate stock _1957 MN 103% sale 10312 10312
8512 91
5
1954 M N 8614 874 853
8614 9314
853
4
4
8714
874 10
88
Consol 4345
1957 M N 87
334% Corporate stock
10112 10312 Burl C R & Nor 1st 55
_ 10212June'23 1961 M 8
95
9912
1934 A 0 953 9612 9614
4
-45
9614
8
New York State
8
Canal Improvement 4s_1961 J J --------10212 June'23 --__ 1023 1021.3
94 10012
4
9828
Highway improv't 43433-1963 M S --------11214 July'23 ---- 11214 11214 Canada Sou COW gu A 58-1962 A 0 984 Sale 9804
8 11312 65 112 115
Highway Improv't 4;513._196.5 M S --------10412 APr'22 ---- ---- ---- Canadian North deb Si 75 1940 J D 11318 Sale 1127
1946.0 J 11214 Sale 11112 11212 86 1101s 1133
1991 J J
7114 Oct'20 4
..:
25-year at deb 6545
Virginia 2-36
7613 80 4
3
8
Canadian Pac Ry deb 4s stock__ J J 803 Sale 7914
8012 562
carb & Shaw 1st gold 45
1932 M S 843 90
9212 Oct'23 -----------8
Foreign Government.
_
1927 F A 102 Sale 10113 10214 96 10014 1034 Caro Cent 1st con g 48
1
1949 J J 6918 703 6918 Oct'23 ____
68
8
Argentine(Govt)75
772 8504 Car Clinch &0 1st 3-yr 53_1938 .1 13 92 Sale 92
8814 94
8112 10
17
92
Argentine Treasury 5501 1909_ __ M S 102 10214 81
1943 J 13 8714 Sale 8718
83 4 933
3
877 127
8
89
98%
57
97
1952 J D 97 Sale 9512
65
Austrian (Govt) 78 vs 1
1981 J D
9114 103 2 Cart & Ad 1st gag 48
4
984 103
764 7739
3
__ 773 Oct'23 ____
,
Belgium 25-yr ext s f 7345 g_1945 .1 13 9978 Sale 973
19483 13 6114 66
93
8
44
Jan 19253 J 965 Sale 9612
983 Cent Br U Fist g 4s
97
654 66%
1
7812-3
6518
6518
5
-year 8% notes
4 10012 84
1941 F A 10214 Sale 993
93 10314 cent New Eng 1st gu 431
5212
5414 5218
1961 J .1 53
48
68
7
20
-years 185
1945 M N 107 Sale 107
11 107 10912 Central Ohio 045 1930
107
1930 M S 923
___ 9334 Dec'22 ____ ---- ---Bergen (Norway) a f 88
1945 M N 10812 Sale 10712 10818 35 10712 11304 Central of Ga 1st gold 55-p1945 F A 100 4102 100 Sept'23 ____ 100 162
Berne (City of) s f 8s
of) 8s__ _1947 M N 8714 Sale 8612
8
1945 M N
92 s 9812
86
955
8 15
94
8812 62
9,539 Sale 9518
Consol gold 55
Bolivia (Republic
99% 10112
June 1929 J D --------10014
8912 8312
7812 27
10012 14
Bordeaux (City of) 15-yr 65_1934 MN 79% Sale 7712
10-yr scour 65
1941 J D 94 Sale 9339
74
81
Oct'23 ___
94
72
Chatt Div pur money g 48_1951 J D 7573 ____ 74
918 99
4
Brazil. US external 88
go
4
1952 J D 793 Sale 7912
78
7712 864
8
Mac & Nor Div 1st g 5s-1946 J J 945 ____ 963 Sept'23 -----------78 (Central RY)
8
94
94
1947 .1 .1 93% ____ 94 July'23 ____
99
12
7345 (Coffee Security) ___. 1952 A 0 977 9854 9812
Ga & AU Div 58
963 104
4
Mid
944 9712
19463 J 98- 9712 Oct'23 ____
99 10134
4 10118 79
Mobile Division 55
Canada (Dominion of) g 513_1926 A 0 100 Sale 993
4 100
90% 9718
29
99 102 Cent R R& 11 00 ga coil g 55._ _1937 MN 9114 9312 9114 Oct'23 ___ _
58-1931 A 0 100 gale 993
do
do
do
993 10213
1929 F A 10118 Sale 10118
22 102% 108
8
gen gold P1.1987 J J 1033 1033 10312 104
10112 30
10
Central of NJ
-year 5348
1952 M N 9934 Sale 9914
6 10212 105%
111987 Q J 10212 10312 10212 10312
977 102
9934 421
Registered.
58
7988 8815
8714 182
1949 F A 87 Sale 8614
3
Chile (Republic) ext 8 1 83-1941 F A 1037 Sale 10334 10412 46 100 10412 Cent pae 1st ref gag 43 ..
893 9214
t
1
9214
1928 A 0 1023 Sale 1023
9214
__k1929 J D 917 92
4
4 10314 16 100 1041s
External 5-year s f 88
Mort guar gold
79% 84
1942 Ai N
8214
310.3
83
9514 Sale 9412
35
931z 964
95
Through St L let gu 45_1954 A 0 8214 83
75
1946 MN 10411 Sale 10334 104
___ 11412 June'23 ___ 11412 11412
23 100% 105 Charleston dr Savannah 78..i936 J J 113
f 88
25
-years
463
4 24
9439 97
32
41
96
523 ches & Ohio fund & impt 58.1929 J J 96 Sale 9539
4
Chinese(Hukuang RY)55 _1951 J D 49 sale 46
973 10314
4
17
8 100
1935 M N 997 10015 993
I 10712 1124
108
Christtania (City) s f 8s_ ....1945 A 0 107 109 108
1st consol gold 55
(Republic)6346_1927 A 0 95 Sale 9312
1939 M N 967 --- 9812 May'23 ___
8
9714 98 2
,
8815 95
9378 147
Colombia
Registered
4
807 861
8
1992 M 5 845 Sale 8414
81
8
85
873 9212
4
Copenhagen 23-years f 046_1044 J J 8812 Sale 873
8812 70
4
General gold 434s
1944 M S 9713 Sale 9712
8014 81
1992 M S 8214 ---- 81
Oct'23 ____
1
9712
904 997
Cuba 58
Registered
02
__ 92
5 158
10
821s 8912
87
8718 96
'
20
-year convertible 4348_ A930 F A 874 Sale 8653
Exter debt of 58 14 Ser A-1949 F A 91
1949 F A 8612 litile 8512
84
9812
8115 89
4
External loan 4348
8955 273
8512
-year cony secured 58_1946 A 0 8912 Sale 8712
30
4
915 666
8
19533 J 9114 gale 903
904 95
90
1940.0 J 9218 ____ 915 Sept'23 ____
3
993
4
Craig Valley 1st g 55
1458
Czechoslovak (Repub of) 88_1951 A 0 9278 Sale 92
7814 78 4
1
-- 7814 May'23 ___
Potts Creek Branch 1st 48_1946 J J 73%
77
9
612
55
93
76% 81
5
1989 .1 J 793 Sale 7914
11 10612 10912
8 _108
Danish Con Municip 815"A"_1946 F A 106%108 107
798
R & A Div 1st con g 48
1946 F A 107 Sale 10634
74% 76
1989 .1 J 74% 7714 743 Aug'23 ____
10714 26 1063 1094
4
4
Series B
2d consol gold 4s
Denmark externals 1 88--- -1945 A 0 108% Sale 10855 10914 52 1074 110%
Warm springs V 1st g 55-1941 M S 9112 95
905 OM
4
9034 July'23 __
1942 J .1
9412 Sale 94
94
9412 76
504 5
64
1949 A 0 5412 Sale 54
99 Chic & Alton RR ref g 3s
-year 85
54 12 26
20
4814 53
9514 102
1
99 100
9914
9914
Dominican Rep Con Admsf 5s'58 F A
-- - ---- 53 July'23 ___
New York Tr Co ctfs
1942 M S 8634 Sale 86
84
90
10
86
4912 5
2
2
52
5013 ____ 52
Stamped Oct'22 int_ _ _____
048
sale 06
12
965 295
4652 50
9214 9814
Dutch East Indies ext 88-1947 -1 J 9614
Stamped Apr '23 Int _ - -_. _ ---- 5012 ____ 52 Sept'23 ____
313
963 390
8
1962 M S 9514 Sale 95%
92
354 3
31 Sale 3012
1950 J J
973
-year (Is
3112 143
4
40
Railway 1st lien 33413
9113 290
7812 85
875 9414 Chic Burl & Q-Ill Div 3;431_1949 J J 8014 Sale 8014
8
Wstrust rots
1953 M S 9112 Sale 9034
8014 14
9914 126
90 101
8512 90114
1949 J J 874 8839 873
French Repub 25-yr ext 88_ A945 M S 9812 Sale 9812
8814 24
4
Illinois Division 48
945 276
8
8
84
97
9512 97
1927 M N 953 96
20-yr external loan 7%8-1941 J 13 935 sale 93 2
4
957 Oct'23 ____
Nebraska Extension 4s
10138 134 1001s 10434
3
95 4 96 5
3
1927 M N 96 Sale 96
Gt Brit & Ire(UK of) 5348_1937 F A 10118 Sale 101
963
8 36
Registered
1929 F A 1093 11014 10912 1105
8 70 10915 118
4
10
-year cony 5548
83 8912
1958 M S 853 86
85
85 3
4 31
8
General 48
1952 M N 76
65
7612 70
7612 757
963 1011s
*
824
92
1971 F A
Greater Prague 7545
99
9878 Sale 983
1st & ref 58
8912 98 Chic City & Conn Rya 5s
9134 24
47
66
1952 A 0 92 Sale 91
1927 A 0 5115 5212 5355 Oct'23 ____
Haiti (Republic) 65
4
97
9712 967
9218 9714 Chicago & East III 1st 6s
1934 A 0 1023 ____ 10418 June'23 ____ 104 1064
Italy (Kingd of) Ser A 830_1925 F A 97
8
904 9371 C & E Ill RR(new co) gen 58_1951 MN
9312 155
76
8112
54
78
Japanese Govt-£ loan 450_1925 F A 938 Sale 93
78 Sale 7612
1925 J J 924 Sale 9178
9212 170
.6
903 935 Chic & Erie 1st gold 58
Second series 031
867 9739
8
5
9112
1982 M N 9014 92
3
9112
56
80
64
25
1931 J J 8018 Sale 791
753 827 Chicago Great West 1st 48_1959 M S 4818 Sale 45
4
Sterling loan 48
4818 73
8
41% 46
893
4 30
8814 9312
Oriental Development 68_1953 M S 8912 Sale 89
23
46 Sale 42
46
With Sept'24 coupon on ___ ____
7914 68
8
6914 83 8 Chic Ind & Loulsy-Ref68._1947 J J 104 106 104
1
8
g 103 s 107 4
3
Lyons (City of) 15-year 68..1934 MN 795 gale 70
10412
7914 Sale 7712
6913 8312
7913 61
92
97
12
1947j J 94
Marseilles(City of) 15-yr 68-1934 MN
Oct'23 ____
Refunding gold 55
9539 94
30
42
794 86%
1947 J J
Mexican Irrigation 4345-. 1943M N --------301 Oct'23 ___
8012 Oct'23 ____
793 85
4
Refunding 45 Series C
45
46
454
46
1945 Q J
46
15
1966 M N 793 Sale 79%
7914 84
7
-Is of 1899
80
4
6812
Mexico
General 58 A
2614 413
36
28
30
29
1954
9415 98
_ 9.512
51966 y y _
4
28
Oce23 ____
Gold debt 43 of 1904
General 66 B
8812 78
10
86
85
1952 J D 86 Sale 86
91%
73 6812 Oct'23 ____
Montevideo 78
had & Louisville let gu 45_1956 J J io
8413
81
8
973
8 57
9612 10212 Chic Ind & Sou 50
-year 4s 1956 J 1 831s 833 8212 Sept'23 4
Netherlands 85 (fiat prices)_ _1972 M S 963 Sale 965
4
8 4 90
63
4
10 109 1123 chic L s & East 1st 434s....1969 .1 H 87_ 8812 June'23 ____
% 111
8
Norway externals f 88
1940 A 0 1105 Sale 110
50
684
94
Sale 93
42
1952 A 0 9338
5112 34
1949 3 J 5253 93 10
0 C M & Puget Sd 1st gu 4s
53 5014
6s
935
81
701 74 4
4
3
93
965 ch Al & St p gen g 48 Ser A.51989 J J 71 Sale 7012
16
s
7114
6s (Interim certificates)-19 F A 9312 Sale 93
43
9638
e
3
607 6514
5
943 97%
4
4
633
63
62
Panama(Rep)5358 Tr recta-1953 3 D 968 Sale 96%
General gold 334s Ser B...51989 .1 .1 61
96
7712 83%
96
93
1
9912
1981 J D 96
7839 30
98'z
Porto Alegre (City of) 8s_
General04s Series C___ _51989 J .1 774 7814 773
48
623
4
10688 20 10512 10912
504 90
Gen & ref Series A 43415_02014 A 0 5014 Sale 4814
Queensland (State) ext 8175.1941 A 0 106 Sale 106
4
523 70
8 1007s 29 100 1023
5518 84
a2014 F A 551s Sale 5312
1947 F A 10012 Sale 1003
4
25
-year 68
Gen ref cony Ser B 5s
5112 68
11
96
5512 230
1932 3 D 5455 Sale 52
1946 A 0 9534 Sale 9513
917 9
8 914
Rio Grande do Sul 88
Convertible 054
885 84
8
227
91
.is
88
97
28
72
4
8
-year s 185_1946 A 0 8912 Sale 88
19253 D 703 Sale 683
Rio de Janeiro 25
971
46 4 6312
3
89
69
52
1934J 3 5012 Sale 48
89'a 27
1947 A 0 gg sale 89
25
-year debenture 48
83;
6
9638
9312 99 4
96
98
3
97
1928 .1 3 97 Sale 97
3
1952 M 8 96% Sale 96
Ban Paulo (City) a f 813
Chic & Mo Rh. Div 55
9512 100 Chic & N'west Ext 4s__1888-1926 F A 953 Sale 96
9912 21
8
9452 96
Oct'23 ---,
8
San Paulo (State) ext s 1 813_1938 J J 993 Sale 99
935 9539
76
90
853
8 83
1886-1926 F A 945 96
1942 J J 8412 Sale 84%
Seine (France) ext 75
8
951s
Registered
2
9552
71
668
7118 72
89 4 77
3
1987 MN
5313 7812
88
7113 22
Serbs. Croats & Slovenes 85-1962 MN 6612 Sale 66
General gold 3555
884 MPS
6612 85
30
83
P1987 @ F 694 703 8814 Oct'23 ___.
4
Soisson5(City)Os
1938 M N 823 Sale 8212
4
Registered
4 10414 60 10312 106
804 87
8
1987 MN 8112 827 Ws
-year 68
1939 J D 10414 Sale 1033
8112
Sweden 20
s
General 45
11212 20 1111 11914
8718
Oct'23 ___
1987 MN 814 813 85
Swiss Confereen 20-yr 8 f 88_1940 1 J 112 Sale 112
79
4
Stamped 45
66
9814 10512
12
10012 37
1987 M N 10012 Sale 991g
6
M S 651 Sale 66
6
Tokyo City 55 loan of 1912
77
General Is stamped
16
1870-1929 A 0 1027 1043 101 Aug'23 ____ 101 10814
9914 107
4
Uruguay Republic ext8s__1948 F A 10214 Sale 10212 103
8
Sinking fund 85
10912 13 10814 113 8
1870-1929 A 0 9939_ _ 1017 Apr'22 ____
7
1945 A 0 1095 Sale 109
8
Registered
Zurich (City of) 5 I 8s
1879-1129 A 0 9718 97 10012
,-4
1;912 973 Oct'23 --__ ----.
Sinking fund 58
0115= C
Railroad.
1879-1929 A 0 96's---- 974 Max'23 ____
9712 97
12
Registered
8
947
8
1
1943 J D 9412 ____ 947
9221 96
1933 M N 99
Ala Gt Sou 1st cons A 5s
97 103
994 99
4
993
4
Sinking fund deb 58
Ala mid let guar gold St. _J928 m N 100
__ 100
Oct'23 ____
MN 10138
994
97
Registered
1933 M N 93 100
97 Aug'23 ____
8113
79
78
6
79
1946 A 0 78 i9
1930 1 13 1063 Sale 1063
Alb at SIM cony 3348
5
10
s
1063
8 10 105 110
-year secured 711 8
81
1
81
4
823 81
1998 A 0 81
1936 M 13 108 Sale 1073
15
834
Alleg & West 1st g 48 gu-year secured 6;4sg
8 1084 18 106 111
82
884
884
91
1942 M 13 88
-Railway gen 48'88 J J
5
87
Alleg Val gen guar g 48
76
7712 783 7714
8
90 Chic R I & P
7814 16
5412 6518
3
5512
51995 Q J
80 4
3
We Sale 55
74
.1 J • 7518 763 74 Sept'23 ____
Registered
Ann Arbor let it 45
8
8414 9112
897 212
8
-Gen g 45_1995 A 0 89% Sale 8839
72% 83%
1934 A 0 743 Sale 74
Refunding gold 4s
Atch Top dr 13 Fe
4
743 160
4
Sept'23 __ _
___ 8534
81
1995 A 13 _
95 10112
1951 J D 100 10314 100 Sept'23 ____
883 Chic St L & N 0 gold 55
5
Registere
51995 Nov i5i4 gale ; 7912
i4
798
7512 821z
Adjustment .fold 48
J 13 9414 ---. 955 June'23 __-95 5 968
5
2
Registered
8
51995 Nov 797 80
793
4
80
37
1951 J 13 77
7614 8212
Stamped
Gold 334s
____ 783 May'23 ---8
7839 7_2
'
9
19553 13 8212 84
4
8212
84
76
9139 97'S
1963 J D 953 Sale 933
84
Cony gold 45 1909
4
8
953
Joint 1st ref 58 Series A
19453 13 813 83 8214
8339
4
83
76
1951 .1 D
84
Cony 4s 1905
4
Memph Div 1st g 48
78
78 Sept'23 ---78
84
777 10424 C St L & P 1st cons a 533.- 1932 A 0 9914 -__
9912 100%
Cony 4 i sue of 1910- _ .19803 D 7812 834 82% Oct'23 .-- 9912 Sept'23 ____
8 964 Chic St PM & 0 cons 6s
1028 M 5 951,3 96
Div 1st g Se
9514 35
93
9514
1930 J D 104%105 10414 Oct'23 ___ 104 10715
Eaat0
793 Sept'23 --__
Rocky Mtn Div 1st 43---1985 J .1 8112 82
Cons Os reduced to 350-1930 J 13 90
7715 83
92
12 92
15
9112 9212 Mar'23 -s
921 96 4
s
1
818 863
827 Oct'23 ____
-Con Short L let 40_1958 J J 83
3
1930 M 5 943 96
s
86
Trans
9412
Debenture 513
4
4
94
9114 Oct'23 _ _.
_
Cal-Avis 1st & ref 4348..A"1962 M 8 003 91
1
8712 93 Chic T II & So East 1st 58..1960 J D 80
8
7639 83
81
8114 81
'No price Friday; lated bld and &eked. a DUe Jan. dDueAprlI. eDueMay. g Due June. h Due Julh. k DUe AUg. oDueOct. p Due Nov. f Due Dec.
Option Sale.
1978
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 2.
Price
Friday
Nov. 2.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 2.
Price
Friday
Nov. 2.
Week's
Range Or
Last Sale
Rang.
Since
Jan.1
High No. Low
High Illinois Central (Concluded)
Bid
Ask Low
Bid
Ask Low
High No, Low
High
Chic Un Sta'n 1st gu 4Ma A..1963 J J 9018 Sale 90
8
Purchased lines 3M11
9012 18 877 9258
75 804
1952 3 J 7514 7712 7512 Sept'23
12
B
19633 J 9758 9778 9778
95 10012
Collateral trust gold 4a__ _1953 M N 80
97
/
1
4
3
8012 8014
5 7754 83
8038
52 11212 11518
101 Series C 6s
19633 J 114 Sale 112
Registered
1953 M N 77 _ _
/ 114
1
4
77 Sept'23
7672 7814
Chic & West Ind gen g 6s__51932 Q M 105 ____ 1044 Sept'23 -- 1044 105
Ref bs
1955 M N 100
/
1
993
4 10038 37
/
1
4
9912 loolz
7118 60 6812 75
Consol 50
1952 J J 7118 Sale 7014
/ 15
1
4
-year secured 53s
1934 J J 10118 814;1e 101
-year 45
2
10114 26 100 1027
12 1011 10314
15
/
4
1935 M S 1025 10318 10212 103
8
-year f 7Ms
15
-year secured 6345 g1936 J .1 108 1087 109
1 10718 111
109
4
94 97
Oboe Okla & Gulf cons 55
Cairo Bridge gold 45
1952 M N 9438 9778 94 Oct'23
1910.5 D 8414 -- 8312 June'23
8232 87
C Find dr Ft W 1st gu 45 8-1923 M N
Litchfield Div let gold 35_1951 .1 J 6914
6912 Oct'23
683 73
2
7
"8618 119114
Loulsv Div & Term g 33's 1953 J J 7412 75 74 Oct'23
7212 797
2
C111 H & D 2d gold 4Ms___ia6 ;
1
9012
9012
8618 904 Omaha Div let gold 351951 F A 684 ---- 6812
/
1
2 6784 6952
CIStL&Cling 45
6812
/
1
k1936 Q F 85
8812 9012 Oct'22
1
St Louis Div & Term g 35_1951 J J 6812 ---- 70
Registered
71
70
68
- -itai8 IA
1942 M N 845
8418 June'23
Cln Leb & Nor gu 45 g
Gold 3s
1951 J J 78 _- -_: 70 May'23
s
75 80
19283 J 97
Spriogf Div let g 3Ms___ _1951 J J 7612
97 Aug'23 -- 97 99
/
1
4
Chi S & CI cons let g'56
/
1
4
7812 May'22
1942 J J 9414 --__ 93 Mar'23 -- 93 94
Clearf & Mali let gu g 55
Western Lines let g 42_ __ _1951 F A 8314 2 80 IV'
84
8414 8312
7938 16
76 821s
Registered
1951 F A 7814 - - 92 Mar'10
Cleve Cin Ch & St L gen 45.19933 D 7814 80 79
93
10 90
1931 J J 72 Sale 9238
9312 Ind B & W 1st pref 4s
/
1
4
1940 A 0 895s --- 85 Mar'23
20
-year deb 4s
85
871s
99
16
1993 J D 9812 9914 9812
9578 100 Ind III & Iowa 1st g 46
19503 J (Pi's
General 55 Series B
8212 85 2
7
8418 Oct'23
10234 32 100 102 Ind Union Ry 58 A
/
1
4
1965 J J 9512 - 34 9412 Oct'23
Ref & impt 6s Series A-.1929 J J 10218 Sale 10112
9412 100
6E 1 1004 103 Int & Great Nor adjust 65-1952 J J 3918 Sale 3878
103
19413 .7 10112 103 103
62 C
33 4914
3912 74
19393 J 85 86
8512 Oct'23 -- 8018 88
19523 J 8812 Sale 88
1st mtge 65 Ws
Cairo Div 1st gold 45
8612 97
52
887
8 55
78 77 Oct'23 -- -7514 787 Iowa Central 1st gold 55_ -1938 J D 605 6378 6014
8
Cln W & M Div lat g 4s 1991 J J 76
13
57 7312
62
8
5
79
74
/ 8138
1
4
8
14 40
1951 M 13 1412 Sale 1412
St L Div let coll tr g g 48-1990 MN 7812 837 79
Refunding gold 48
1512 19
84
8358 Oct'23
8218
1940 M S 8312 ---Spr & Col Div lst g 45
1940 J J 8212 __- 8258 Sept'23
80
/ 8258 James Frank & Clear let 48.1959.3 D 8212 84 82 Oct'23
1
4
W W Val Div 1st g 45
32 87
/
1
OCC&Igenconsg 65
1934 3 J 104 10612 10312 Sept'23 ---- 10318 1064
8
1938 J .1
4
Clev Lor & W con 1st g 52-1933 A 0 963 983 9612 021.'23.- 944 98 Ka A dr G R 1st gu g 55
1935 M N 9414
9212 95 Kan & M let gu g 45
1990 A 0 77 Sale 77
9418 Sept'23 CI & Mar let gu g 4Ms
2 75 797
77
1938 J J 905 -_ 93 Mar'22 -- -1927 J J 9718 98 9718
8
-year 55
Clev & Mahon Vail g 5s
4 95 98
26 20
/
1
4
9718
1942 J J 923 ____ 91 Mar'21 _
4
_ ---- ---- K C Ft S & M cons g (is_ _ -1928 M N 10138 1013 10188 Oct'23
CI& P gen gu 4Ms Ser A
10012 1027
4
4
1942 A 0 923 ____ 10412 Dec'15 -- ---- ---- K C Ft S dr M Ry ref g 45-1936 A 0 74 Sale 74
4
Series B
5 73 794
7414
1942 A 0 7914 ____ 9612 Feb'12 -- ---- ---- K C &M R &B 1st gu 55_1929 A 0 95
Int reduced to 3Ms
9278 95
9734 9318 Oct'23
1948 M N 797
--- -- Kansas City Sou 1st gold pr 1660j 0 717 Sale 715
A3 ..195 A 3
s
8
9018 Dec'12
0
Series C 3s
63
/ 72
1
4
61
8
72
4
1950 F A 7918
854 Sale 84
Series D 3M0
67 Jan'21 _
Ref & impt 5s
8
853
4 45 83 893
Cleve shor Line let gu 00_1961 A 0 9018 92 8958 Oct'23
7642 83
/
1
4
8918 98 Kansas City Term lst 45_ _ _1960 5 J 82 Sale 8112
8212 38
1972 A 0 10234 Sale 10218 103
51 101 106 Kentucky Central gold 45___1987 J J 80
Cleve Union Term 5s
81
83
/
1
4
/ 83 83 Oct'23
1
4
1973 A 0 95'4 -- -- 947
9414 9517 Keok & Des Moines let 5s_ _1923 A 0 654 Sale 6518
9512 56
9
514(wI)
6514 20 64 92
8038
2 8018 85 Knoxv & Ohio let g 62
Coal River Ry 1st gu 45....-1945 J.D 78
/ 8038 8038
1
4
1925 J J 10012 ____ 10012 Oct'23
10011 1017
5
Colorado & South 1st g 45_ _ _1929 F A 9238 93 9214
9212
6
Refunding & eaten 4Mo 1935 M N 82 Sale 82
82
26 804: Lake Erie dr West 1st g 55
793 87
98 931
4 8
0
d
e u
1937 1 J 937 9412 9412 Oct'23
914 97
8
1948 A 0 8014
Col dr H V lst ext g 45
1941 J J 874 Sale 85
8114 8711
8018 Sept'23
8712 21
1955 F A 783 8114 80 Oct'23
Col & Vol 1st eat 4s
76 80 4 Lake Shore gold 3s
7238 7812
3
1997.3 D 747 75 747
4
6
4
4
747
4
Cuba RR 1st 50
-year 5eg
1952 J J 84 Sale 8312
9 80 87
7212 75
1997 J D 727 75 7212 Sept'23
84
Registered
8
1936 J D 100 101 10212 10212
let ref 7s
907e 96
1 100 1054
Debenture gold 48
1928 M S 9438 951s 94
9518 53
1031 M N 9214 Sale 9112
25-year gold 45
5
9214 63 90 5 9312
91
Day & Mich lst con54Ms_1931
927
4
1931 IN N 9014 ---- 8512 July'23
9118 June'23
Registered
82 4 90 Lob Val NY 1st gu g00_ _ _1940 3 .1 925 933 9258 Oct'23
7
Del & Hudson lat & ref 4s_ _ -1943 M N 8412 Sale 8412
If"
8478 27
8
8
20
-year cony bs
90 98
/
1
4
923
4 16
9234 Sale 9134
1940
J 8912 ---- 9012 Oct'23
90 92
Registered
9714 10211 Lehigh Val(Pa) cons g 4s_ _ _2003 M N 775s 80
-year 5 Ms
15
764 8112
983
8 21
9838 Sale 9712
7712
778
4 17
1930 J D 1083 Sale 10838 1083
/ General cons 43s
4
16
-year secured 75
1 103 1111
9211
8
2003 M N 8512 863 86
s
84
6
87
4
D RR dr Bdge 1st gu 4a g_ _ _1936 F A 8918 Leh V Term Ry 1st gu g bs_ _1941 A 0 9918 102 10138 Oct'23
100 10212
/
1
4
89 May'22
Den & R Gr-1st cons g 48-1933 J J 7018 Sale 6912
Registered
1941 A 0
100 100
7014 31 -Ws -firs
75 80 Leh Vol RR 10-yr coil Os_ _n1928 M S 102 Sale 100 Sept'23 13 10012 105
1936j
Consol gold 4s
4
75 Sale 75
7518
102
3
102 4
82 88 Leh & NY let guar gold 48 1945 M S 82 85 8958 Oct'23
Improvement gold 50_1928 .1 D 82 83 82 Oct'23
8014 897
5
4112 58 Lox & East let 50 yr 55 gu1965 A 0 9812 9914 985
1955 F A 4112 Sale 4112
let & refunding 5s
1
4214 34
97 100
8
9834 10
do Registered
81
Little Miami 45
1962 M N 8012 --- 81 Mar'23
81
4912 Aug'20
4212 53 Long Dock consol g 62
/
1
4
Aug '55_
Farmers L&Tr rcta
107 107
1935 A 0 1063 1083 107 Aug'23
4012 46 43 Oct'23
4
8
40 50 Long bold 184 cons gold 58_8193 Q .7 9614 98
8 31 Q 3
Bankers Tr ctfs of dep ______
9578 98
1
4012 Sale 4012
4012 20
2
9612
9612
42 40
6
56
let consol geld 48
9072 924
do Stamped
38
43 46 June'23
891s 92 9212 May'23
1938 D 855 8612 8612 Oct'23
5
Am Ex Nat Bk Feb '22 Ws_
81
8612
General gold 48
42
36
42 42
8
do Aug 1922 etre
1932 D
8112 8112
Gold 45
25
57
8112 July'23
3514
1 -as' ii"
Des M & Ft D 1st gu 40----1935 J J 3514 35
Unified gold 45
1949 M S 9873713144
75 81
35
72 July'23
895
893114
13144
94
Deo Plaines Val lst gu 4Ms_ _1947 M S
Debenture gold 55
1934 D
_ 9314 Sept'23
5 91
"a- -iF8 20-year p m deb 55
Det & Mack-lst lien g 4&_1995 5 D 6018 _ _ _ 65 Aug'23
1917 M N
8218 854
.
Sale
Gold 45
1995 5 D 55 64
75 83
Guar refunding gold 42_1949 M El 7812 Sale 7814
6
0 73
'4
7314 Aug'23
17
77
Det Riv Tun 4e
1961 rn
96
3
Nor Sh B 1st con g gu 55.a1932 Q J 9314 94 96
8814 18 85 90 4
92
8818 Sale 8712
96
Dui MIseabe & Nor gen 54_ _1941 j y 99 100 99
98
3 9814 9912 Louisiana & Ark 1st g 5s... 1927 M S
99
3 93 83
9514
977
s
984 100 4 Lou & Jeff Bdge Co gu g 45_1945 M S
Dul & Iron Range 1st 55_ _ _ _1937 A 0 9734 9912 9812
7
77
9812 10
954 984 Louisville & Nashville 55_ _ _163 M N 10014
Registered
1947
0j j
9518 July'23
1937 A 0 9414
17811 ° 24 2 9775 103
: 11.13
0 4
74 80
Dul Sou Shore dr Atl g 5&,.1937
.7 77
92
Unified gold 42
7912 78 Oct'23
8954 Sale 8912 8934 31 8714 9914
Registered
1940 J J
904
May'23
Z Minn Nor Div 1st g 4a___ _1948 A 0 8412 ____ 8412 July'23 -8415 90
Collateral trust gold 5s._1931 MM 1671 2 1973 101
8
97l - 7
f
12
9112 934
E Tenn reorg lien g 55
1938 M
106 109
1930 M N 06 2 10 8 109694
10
-year secured 75
-- 9312 June'23
9
"'23
97 100
E T Va & Ca Div g 55
1930J J 9053- 8 9838 Oct'23
lot ref 5.45
2003 A 0 10434 Sale 10434 Oct'23°1 t5
9838 987
7 10114 10514
cO 214
Cons 1st gold 55
1956 M N 9712
964 9912
55 B (w 5
2003 A 0_
__ 99 Oct'23
9634 Sale 9578
97 317 95 97
975810014
Elgin Joliet & East 1st g 514_1941 MN 98 1914 99
N 0& M lat gold 62
10155 103
19303 J 10314 10412 10258 Oct'23
1
99
Erie 1st consol gold 75 ext 1930 M S 10458 Sale 10414 1043
4
2d gold Os
9712 10115
1930 J J 99 104 10112 Feb'23
4 13 10212 1047
1996
5412 60
1st cons g 48 prior
8214 841a
Paducah & Mem Div 4s_ _1946 F A 83 85 83 Sept'23
5938 Sale 573
3
583 131
8
Registered
19965 J 544 57 57 Mar'22
St Louis Div 26 gold 35__ _1980 M S
_
5812 63
-iar2 Ii. L dr N & M & M 1st g 4M5 1945 NI S 6012 53 6158 Oct'23
1st consol gen lien g 45_ _1996 J
921s 96
5014 Sale 4812
5014 237
___ 9334 Sept'23
Registered
43
1996 .1 J 46
48
72 80 4
L & N South Joint M 45_ _1952 J .3 94123
4714 48 Oct'23 __ -7818 80 72 Oct'23
Penn colt trust gold 45 1951 F A 89
82
414
Reg
Registered
17
h1952 Q J
8978 8934
90
7312 Ma
_ _ 7312 Apr'23
54991 Loulsv Cm n & Lox gold 4M5-1931 M N
50
-year cony 4s Ser A1953 A 0 53 Sale 5134
5
943 973
2
4
5318 53
957 9612 957g Oct'23
7214- 8
4214 55
do Series B
1953 A 0 53 Sale 5078
90
53
43 58 Mahon CI RR let 55
/
1
4
Gen cony 45 Series D
1953 A 0 5614 Sale 5518
1934 J J
5614 134
9812 984
- 9812 July'23
Erie &Jersey lets f 65
1955 3 J 86
61
71
8814 8612
88
4 84 90 Manila RR(Southern Lines) 1939 M N _9858- , 61
Erie dr Pitts gu g 3Ms B_ _1940 J J 807 ---- 84 Oct'23
83 85 Manitoba Colonization 52_1934 J D 9712 61 2 9712 Oct'23
/
1
4
95 98
/
1
4
12
8
9774
9712
1
Series C
82 8314 Man GB & NW let 33s_ _1941 5 .7
19403 J 805 ---_ 82 July'23 _- -82 83
s
807 83 82 Sept'23
4
Evans & T H lst gen g bs__ _1942 A 0 102 ____ 33 Apr'21 -- ---- ---- Me:Internat'l 151 cons g 45_1977 M S
77 Mar'17
Sul Co Branch 1st g 5s_1930 A 0 9458 ____ 6912 Apr 21 --Central bs
1931 31 13 9734 10112 101 Aug'23
998 101
-i§r4 99'2
Fargo & Sou 65
19243
4
Registered
975 10012
1931 Q IN
9914 Oct'23
993
10012 May'23
9412 9412 45
Fla Cent dr Pen lot ext g 541_1930 J J 9512 8534 88
1940 J J 961898 9412 June'23
8512 88 86
86
6
96
Condo' gold ba
1943 J J 9412 Sale 9412
85 86
Registered
1940.3 J 85
9512
3 91
8'
3
88 85
Florida E Coast let
J D 87
80 80
13 854 89
J L & 8 lst gold 3M5
1951 MS 75
8712 8612
87
78 80 Feb'23 _ _ _ _
1952 MN 6478 673 673 Sept'23
65 72
Fonda J 88 Glov 43e
7618 84
lot gold 3e
1952 MN 7714 7934 7618 Oct'23 _ _ _ _
4
4
79 810
4
Fort St U D Co 1st g 40_1941 J J 81
894 93
/
1
26
-year debenture 45
1929 A 0
8312 811 Oct'23 -/
4
2
9258
93
87
Ft W & Den C lst g 5M5-1961 J D 9812 9978 9934 Oct'23 -87
99 4 103 Mid of N J lot ext re
1
1940 A 0 8014 ____ 87 A pr'23
984 100
/
1
Ft Worth & Rio Or lat g 45--1928 J .1 833 85
5
8 82 877 Milw L 8 dr West imp g 55-1929 F A
8418
4
8358
9934 Aug'23
1933 A 0 10658 10734 107 Oct'23
tos 109
Frem Elk & Mo V 1st 65
Ashland Div 1st g 65
1925 M S 10012 __ 10112 May'22 -OH&SAM&Plet55
1931 MN 9738 Sale 97
9512 99 s
3
9738 • 2
Mich Div 1st gold tis
39243 J 10038-- __ 10034 Aug'23
87
/ 9212
1
4
1931 J .1 95
2d eaten bs guar
Oct'23
9634 98 July'23 -- 9312 98 Milw & Nor let ext 4s_..__1934 J D 8914 92 91
8514 89s
89 91
Galv Hous & Hend lot 58- _1933 A 0 887 89 8838
Cons extended 4e
8
8912 Sept'23
883
3
1
893 91
8
831 89
82 88 Mil Spar St NW let gu 43_1 9 4j D 85 857 8518
:
/
1
4
1957 J .1 8512 87 86
Genesee River let 5 f 65
193 PdS
47
86
1
8
8518
5
7912 85 Milw & S L lot gu 3345
1941 .7 J
Oa & Ala RY 1st co 1 55----01945 J J 803 85 8412 Oct'23 -4
- 86 6618 Aug'21
'or cal
90 9112 Minn & St Louis let 75
1927 5 D 6958
1929 J .1 9012 91
Gs Car & No lot gL e 55
9
,
693 Oct'23
91 4
9058
905
8
5
1946 A 0 6034 83 6134 Oct'23
55
76
6044 647
s
lot consol gold bs
Ga Midland 1st 35_
Bale
27
1512 40
9914 994
Goa V & N 1st gu y 55-1924 M N 991
49
1st & refunding gold 42._S 187 Sale 1512
A93 M N
19 4 M
8
2- 9938 July'23 -187
8 13
14
1942 J D 95 39 4
3
Ref & ext 50-yr 58 Ser A_ _1962 Q F 1512 1612 16
Gott & Oswegatcb 55
66
16
30
8442 9015
1 -iiii- 'Vi" hIStP&SSMcong4sintgu'387 J 863 873 873
Or R I ex lot gu g 4M5-1941 J J 91 Sale 91
_91
4
4
4
873
4
98 100
19383 J 98
/
1
4
let cons 55
Grand Trunk of Can deb 78_1940 A 0 113 Sale 11278
23 11138115
99 99 Oct'23
113's 76 10274 105
1936M S 104 Sale 10312 10412
10-year coil trust 634s__ _1931 M S 10114 1013 10118 1013
15-yearsf6s
4
4 24 10014 106
1947 J D 85
19463 J 9912 9934 9912
381s 1034
65 A
Grays Point Ter 55
_
10112 Apr'07
let Chicago Terms!42_ _ _1641 M N 9112 _
Great Nor gen 75 Series A 1936 J 5 10614 Sale 106
9212 Del' 12
12
2
1064 184 Dia; fiiii
/
1
95 4 9212 m 5 5m & A lstg4eintgu.1926J J 9612 - 3- 963
3
1st & ref 4s Series A_ _ _1961 J J 863 Sale 867s
s
96 4
4
968
4
1 "eiiis 97
867
8 40
ov: too
1561 .1 J
Registered
8 4 30 Mississippi Central let 55_1949 3 .1 8712 -- -- 874
63
8712
1
90 May'23
957 1027 m K & Okla 1st guar 55._ _1942 M N
4
8
1952 5 J 9612 Sale 9534
53s Series B
917 94
4
_ 9134 May'23
957
8 75
Green Bay & W deb ctfa'A",._ Feb ---- 64 6018 June'23
731s 8014
60 75 Mo Kan & Tex-1st gold 45 _1990 J D -7417.8 dale- 743
8
75
74
Debenture ctfs"B"
7434 83
Feb
5s
1314 Mo-K-T RR-Pr 155 Ser A_1962 J J 7738 Sale 7714
7754 156
75
8 73
4 71s Oct'23
844 8412 40
6112 6712
Greenbrier Ry 1st gu g 45__ _1940 M N 83
1902 J J
-year 45 Series B
_ 8412 Oct'23
- 6234
6338 88
Gulf & S I 1st ref & t g 55_51952 J J 78 0234 963
1932 J .1 0372 Sale 9358
4
1
78
8412
10
-year 68 Series C
80 7812
94
43
7812
Harlem R & Pt Chet]let 4s1954 M N 705 715 7014 Oct'23 - _
67 7812
48 68
72
Cum adjust bs Series A_ _ _1967 J J 4912 Sale 49
4
50 284
4
Hocking Val 1st cons g 4s 1999 J J 837 8412 8314
80 86 Missouri Pacific(reorg Co)
6
8
84
Registered
7314 8673
1999 J J 753 -- -- 8112 July'23
let a refunding 52 Ser A 1965 F A 7418 Sale 7314
81
8112
7412 27
4
19373 .1 95
9552 9744
let Yr refunding 5s Ser C....1926 F A 6314 635 9514 Oct'23
943 963
2
4
_ 9758 Oct'23
H & T C 1st g 55 Int gu
4
8512 99
1937.5_
J 8914 If 90 Oct'23
Houston Belt & Term lot
88 93
1st & refunding 6s Ser D 1949 F A 863 Sale 8512
4
8714 189
4714 6314
HousEdrWTletgen
1933 MN 9412 98 90 July'23
98
General 4s
93
49 Sale 4714
4914 400
1933 M N 9414 9678 9318 July'23
93 98 Missouri Pact(lo
/
1
4
1st guar Is red
/
4
791: 811
Housatonic Ry eons g ba. _ _1937 MN 82 85 85
85 87
3d 75 Extended at 4% -1 75 M S 8034 Bale 8034
193 MN
98
8034
1
85
911 93
/
4
_ 93 Oct'23
767 8472 Mob .4 Blr prior lien g 55_1945 3 J 9214
2
Hud & Manhat 52 Series A_ _1957 F A 81 Sale 81
825 194
8
6912 74
1957 A 0 587 Sale 5812
/
1
4
55 6412
Mortgage gold 45
1945 3 J 70
Adjust income be
75 7438
8
743
2
5912 118
548t2 9212 Mobile & Ohio new gold 6s_ _1927 3 D 1023s 10278 10278 10272
87
_ 8912 Oct'23
5 100 10418
Illinois Central let gold 45._1951 J
1951 J J 843 88 8318 Sept'22
81927 Q J 10012 103 10012
9918 103
lst ext gold 65
Registered
/
1
4
10012
1
2
1951 J J 78 80 7412
744 83
72
/ 784
1
4
General gold 45
7458 7512 7614 Oct'23
5
7412
let gold 335
1951 .1 J
Montgomery Div 1st g
90
92
93 9214 Sept'23
Registered
947
4
80 Oct'22
3345-1951 A 0 78
"ii- iii" St Louis Div 55
9414 95 9474 Oct'23 _
_ 83 Feb'23
94
Extended lot gold
954
S
1951 A 0 75
7412 Mg
8
7614 7614 Mob & Ohio coil tr g 45
93
8
1927 M D 753 763 7614 Oct'23
78 7614 Sept'23
Registered
s
1951 M S 5912 72 8312 Mar'22
Moh & Mal lot gv g 45
/
1
4
81 82
Oct'23
8114 - - - 81
let gold 35 sterling
774 85 Mont C let gu g Is
/
1
4
I 108 110 109
los
Collateral trust gold 45-1952 M 5 8314 84 8314
107 111
833
4 13
1952 A 0 7814
1937 3 i 10612 109
Registered
Registered
9538 Sept'17
997
k
J 101
1955M N 8578 Sale 8478
1937
____ 997
991i 10138
2
let guar gold 511
857
s 12 82 8874
let refunding 42
A2
5.1m r!
121m
'No price Friday;) atest bid and asked this Week. °Due Jan
8 DUe Feb.
Due June.
•Due July. 100. sept, 0 Dne Oct. 8 Option sale.
1979
New York Bond Record—Continued—Page 3
BONDS
N.Y.STOCK EXCHANGE
Week ending Nov. 2.
Price
Friday
Nov. 2.
Week's
Range or
Last Sale
.. 1
171
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week ending Nov. 2.
13:3
Pries
Friday
Nov. 2.
Week's
Range or
Last Sale
41
Range
Bina
Jan. 1
High No. Leo' High
Ask Low
High
Bid
Bid
Ask Low
High No. Low
684 78
Oct'23
78 Peoria & East let cons 4s_ 1940 AO 6912 70% 71
74
2000 JD 7434 78 7414 Oct'23
GI & E let gu 35is
20 3 30
14
3
24
1990 Apr, 2314 25
2312
Income 48
3 9813 101
Flashy Chatt & St L let 56 1928 40 9958 Sale 9938
995s
964 98 Pere Marquette 1st Ser A 56 1956 Ii 9334 Sale 93 4
70
92114 98
94
3
1937 FA 9638 99 9614 Oct'23
NFladeSIstgug 56
7611 9213
30
78
1956 J J 7718 78 7718
1st Series B 4s
Nat Ry of Mex pr lien 0ia_ _1957 J J 234 26 30 Sept'2
8734 9214
Oct'23 - 1943 MN 8812 8914 88
23 3238 Phila Bait & W 1st g 45
26
16
July coupon on
25 2358
24
4971
41
9
4314
35 Philippine Ry 1st 30-yr sf4s 1937 J J 4314 Sale 42
29
29 Mar'23 - - do off
93 97
14
1940 A0 9314 95 9212 Oct'23
2618 2618 PC Cda StLgu4AsA
1977 AO
General 45(Oct on)
264 July'23
93 97 8
7
1
1942 40 9314 95 93
93
Series B 43e guar
4
4
213 243
April coupon on
2334 22 Sept'23
9114 9114
1942 MN 934 _
Series C 414s guar
2912
20
_ 9134 Oct'23
do off
22 23 Oct'23
8934 93
1945 MN 8612 89 9118 Oct'23
Series D 48 guar
Nat RR Mex prior lien 0is_1926 J J
3814 June'22
844 93 4
3
1949 FA 8334 87
Series E 3As gUar gold
9038 Oct'23
24's 44
11
2
34 ii1- 3412
July coupon on
35
4
89 911
1953 ID 8534 - - -- 914 June'23
34
Series F guar 46 gold
443i.
do off
40 34 Oct'23
3
89 3 93
Sept'23
1957 MN 89
Series G 03 guar
28
27
let consol 45 (Oct on)____1951 A 0
28 Apr'23
9212 93
9914 9452
214 2612
Series I cons guar 05s_ __ _1963 P A 9014 93 9014 Oct'23
22 23 Oct'23
April coupon on
914 94
1964 MN 9014
Series J 003
1812 2813
20
22
do off
1813 Oct'23
- 914 Oct'23 12
934 964
2
957
1970 ID 9518 97 95%
General 56 Series A
1954 MN 55
684 6818
Naugatuck RR let 45
6818 May'23
a1928 AO 981
9012 Pitts & L Erie 2d g 5a
75
J 7718 8778 75 Aug'23
99 Nov'22
1945
New England cons 58
-64 7514 Pitts McK & Y 1st gu 6s____1932 J J 10314 107 105 Dec'22
1945 J J 684 76 64 Oct'23
Consol 48
1934 Ii
82 82
2d guaranteed 113
9514 june'20
82 June'23
N J June RR guar 1st 4s_ _ _ _1986 FA 80
166'
1
1940 A0 9814 9884 9813
77 814 Pitts Sh & L E 1st g 5s
J 7813 163; 7734 Oct'23
9812
NO& NE let ref & imp4s A'52
Ivo no
1943 II 964 _ _
J 7513 76
let consol gold 55
1953
100 Feb'23
7313 7934
27
New Orleans Term let 48
7514
76
98 June'22
3 100 10113 Pitta Y & Ash 1st cons 513_1927 MN 9718
NO Texas & Mexico let 6s._1925 JD 10012 1003 10058 10034
4
35 3838
1935 AO 7714 Sale 7512
4
1
/ 84 Providence Secur deb 4s_ _1957 MN 12512 --- 30 June'23
72
Non-cum income 55
3212
08
7714 57
1956 M
8
885 Feb'18
1945 J J 9014 927 9038 Sept'23 - 894 904 Providence Term ist 4s
N & C Bdge gen gu 04s
7138
8
56 "WA 88
9178 94 Reading Co gen gold 48
1997 ▪ J
8614
87
93 June'23
NY B&M B 1st cong 513_1935 AO 9238
79 88
32
Certificates of deposit
8
s
87
NY Cent RR cdnv deb 66..1935 MN 10438 Sale 10334 10412 46 101 1063
61
: 874
86
8731 - . 14 863
80 86
Jersey Central coil g 4s_ _ _1951 AO 8134 8234 8214
8214 10
1998 FA 81 Sale 8034
3
763 83
Consol 45 Series A
8138 34
2013 AO 8578 Sale 8514
s
4e "A"
5 84 887 Remus dr Saratoga 20-yr 613_ _ _1941 MN
Ref & !rapt
8578
4
1927 AO 9812 99 iii; -- 99 - 17 -973
3
9273 98 8 Rich & Dan 55
2013 AO 9578 Sale 9514
Ref & impt 56
9578 638
72 72
1948 M N 69
Rich & Meek 1st g 513
NY Central de Hudson River—
73 72 Mar'23
95 100
2
19521 J
72 773 Rich Ter 513
9558
1997 J J 7378 743 734
9513
4
Mortgage 3346
8
_
7414 26
19391
83 87
1997 j
--_
7258
8 694 7312 Rio Gr June 1st gu 56
Registered
7258
87
9518- -- 83 Oct'23
84
34 9
19401 J
4
4 38 86% 913 Rio Gr Sou let gold 46
893
1934 MN 8938 Sale 8834
718 Oct'23
Debenture gold 46
518 8
11
8
19401 J 12 _ _ 8 Oct'23
Guaranteed
1942 J J 8512 8613 8512
4
843 9014
8614 11
-year debenture 45
30
72 78
5
19391 J 7512 Sale 75as
7812
6 684 76 Rio Gr West 1st gold 4s
7158
Lake Shore coil gold 3;03_1998 FA 7178 Sale 7078
7 8012 68
Mtge & coil trust 46 A___-1949 AO 6234 Sale 6114
1998 FA 6914
_ 7038 Oct'23
69 73
3
62 4
Registered
4
713 81
M
784 RI Ark & Louis ist
8 14
735
71
7238
Oct'23
Mich Cent call gold 3;03_1998 FA 71 -- - 71
7412 Sale 72i2
70
1949
70
6933 75 Rut-Canada let gu g 4s
1998 FA 6914
70 June'23
3
693 Sept'23
Registered
70
65
79 80
1941 j
12
9014 Rutland 1st con g 003
J
8373
1
Oct'23
79
8878
W Y Chic & St L 1st it 413-- —1937 A0 8914 96 884
7914
3
19471 J 6914 - i 6914 June'23
6914 75 4
1937 AO
8613 88 St Jos & Grand tel g 46
88 Oct'23
3
9lz
8934 1
Registered
19981 J
12
93
1931 MN • 8712 877s 8712
91
8338 89 St Lawr &A dir let g 56
98 Apr'23
2
8712
Debenture 4s
1996 A 0 9714 10834 977 021'23 -1931 MN 10058 Sale 10013 10034 30
954 984
98 101
2d gold 6s
2d6sABC
0
8814 8
1931 J J
87 90
8418 8878 St L & Cairo guar e 45
Oct'23 --_8678 19
MY Connect let gu 434s A.-1953 FA 8618 Sale 8618
,
9712
98
1947 MN 83
934 9913
81 81 FAL Ir M & Sgencong 5.3-1931 AO 95 Sale 9 v12
,
11
95
81 Sept'23
W Y & Erie lat ext g 46
1933 M
102 july'14
95 9912
Gen con stamp gu g 53-__ _1931 AO
May'23
lid ext geld 4301
1929 J J -8338 Sale 83
111i a
8238 - 7
1930 AO
934 94
Unified & ref gold 48
943 Sept'23
23
8334 60
6th ext gold 58
7112 88
1933 MN 7214 7314 7112
1928 JD 92
8 36
723
9134 9134
913 Aug'23 _
Riv & G Div 1st g 46
4
54.h ext gold 46
1946
96 99
N 84 ---- 72 July'23
72 72 St L M Bridge Ter gu g 58.-1930 A0 9614 9712 9714 July'23
N Y & Green L gu g 58
4
1
/
2000 MN 7312 ____ 74 Sept'23
65 70
7313 7738 St L & San Fran (reorg Co)48250 Ii 6618 Sale 6514
6614 134
N Y & Harlem g 3M11
794 8573
1950 Ii 80 Sale 7
9934 100
Prior lien Ser B 513
8038 55
4
993 June'23
912
N Y Lack & Western 5s1923 FA
1928 Ii 9873 Sale 9713
1973 MN
97 1004
8 11
987
ref 58
Prior lien(kr C6s
let &
1942 11 8758 883 8738
1973 MN 97
873 924
3
7
8712
97
2 9512 97
55is
let & ref 410
8
3
1373 90
6912 142
103 103
Cum adjust Ser A 63—.51955 AO 7914 Sale 6758
103 June'23
7
NY L E & W 1st 76 ext--- _1930 MS
4
883 295
51960 Oct 5513 Sale 534
1943 j j 9914
5314 67
8s
Income Series A
94 9812
9812 June'23
Dock & Imp 55
1932 FA 9618 963 964 Oct'23
10212 104 _ _ 10314 Sept'23
9434 98 St Louis & San Fran gen 66-1931 J J 1034
4
1
/
4
N Y & Jersey let 55
1931 Ii 98 Sale 9714
4
1
/
9533 99
3
4
N y 8 Long 11r gen g 4s___ _1941 MS 845 - - - - 91 July'23
98
General gold 5s
8
1996 11 84 _ _ _
8213 824
8213 July'23 - _ _
St L &SF RR consg 4s
NY N H & Hartford—
91
91
3473 47
Southw Div let g 5s_..1947 AO 881
Non-cony deben 3J.5__ _1954 40 3534 36
3613 Oct'23
2- 91 June'23
981s 103
1947 MS ____ 57 48 June'23
4734 49 St L Peo & N W ist gu 56-1948 Ii 98 100
9814 Oct'23 - _
Non-cony deben 45
8812 8912
1931 MS 884 8812 885
8
88513
2
434 48 St Louis Sou let gu g48
Non-cony deben 3558-1947 MS 3534 36 44 June'23
76t4 17
4
1
/
5
72 4 78
1955 JJ 4012 42 4012
Non-conv deben 45
8
1
4
373 513 St LB W 1st g 48 bond ctfs_ A989 MN 7512 Sale 7512
013
4
s
8
1956 MN 41
8
685
37 50
2 683 7012
20
46 40
28 g 4s income bond ctfs_p1989 J J 6858 7118 683
Non-cony deben 4s
40
7311 78
1932 ID 7513 Sale 753
1956 J J 36
34 4612
757
8
4
8 61
Comm!gold 45
Cony debenture 3M s
37
3518
3513
734 82
72
1948 J J 54 Sale 52
7412 21
52 734
1st terminal & unifying 5.3-1952 II 744 Sale 7358
Cony debenture 65
5412 69
74 814
4
2714 423 &Paul & K CShL 1st00-1941 FA 75 Sale 74
1957 MN 28
17
75
4% debentures
2912 27
2812 17
9012 90 4
3
1925 40 62 Sale 60
92 9012 Sept'23 _ _ _
33
544 81 St Paul & Gr Trunk 001-1947 JJ 89
75 European Lean
62
8
907
904 93
1933 II 904
1925 AO 5878 Sale 5813
907
8
53 7112 St Paul M & Man 4s
Francs
1
5878 95
1933 J J 10612 Sale 10613 1064
4
Cons Ry non-cony 48.- _1930 FA
1 106 1091
1st consol g 68
481
95 3 994
-15- - 2
1954 J J 40
3
Non-conv 45
6F3 Reduced to gold 0413 _1933Ii 95
9814 9512 Oct'23
55 40 Oct'23
8914
8914
1937 ID 8812 90
8814 93
3878 44
Non-cony deben 413_ —1955 J J 40 __ - 3878 Oct'23
Mont ext 1st gold 48
5 84 85
1940 Ii
85 July'23
40 40
Non-cony deben 46.- _1956 j j 40
50 40 Sept'23
Pacific ext guar 48
4
704 7511
7i
72
9978 • & pass 1st gu g 4s— _1943 J J 7138 - - - 7114
99
33
N Y da Northern let g Ss._ _1927 AO 983 -- 99 Oct'23
97 May'23 --24
97 99
1942 MS 964 7
6114 18 6014 70 8 Santa Fe Pros& Ph 56
N Y 0& W ref let g U.-01992 MS 6114 Sale 8013
784 83 4
1
1950 AO 817 Sale 81
1955 ID 56
45
7038 San Fran Terml 1st 48
57
8312
General
58 58 Oct'23
8
107 10814
1934 A0
1942 AO 72
108 Oct'23
73 Aug'22
NY Prov & Boston 45
Say Fla & W 6a
994 99 4
4
3
qi y 8 pit 1st cons gu g 4(3._ -1998 AO 8018 82 8014 Sept'23
1
1934 AO 11634- - 9934 Oct'23
lora 8238
100 10112
5s
4
841 871s
1989 MN 87 Sale 87
1927 MS 9612
95 95 Selo V & N E 1st gu g 4s
87
-- 95 Apr'23
N Y & R B 1st gold 531
53 68
1950 AO 8612 8718 56 Sept'23
1937 J J 50
2g y SAM A W 1st ref 5s
543 53 Oct'23
4
50 60 Seaboard Air Line g 46
_
52 58
1937 FA
1950 AO 06% 57% 56
4878 45 Sept'23
42 4938
5612 37
Gold 45 stamped
2d gold 00
38 668
1940 PA 39 Sale 38
4
1
/
22 38
01949 P A 38 Sale 354
3713 49
General gold 55
3958
Adjustment as
1943 N 8412 86 89 June'23 ---5 84
39 46
1959 A0 45 Sale 4338
Terminal let gold 56
Refunding 03
9358
45
82
324 804
3
58 4 68
67
37
N Y W'clies& B 1st Ser I008.'46 JJ 37 Sale 3512
let & cons 6s Series A_ .1945 MS 664 Sale 65
27
165
4
1
/
1926 Ii 9612 973 9714 Oct'23
934 97
Norfolk Sou let dc ref A 58_ _1961 FA 64 642 64
61
64
71 Seaboard & Roan let 5s
86% 374
N 8814 90
1943 J D
Norfolk & Sou let gold Os...._1941
8812 Sept'23
8778 9312 Sher Sh & So 1st gu g 533
3612 June'23
98 10114
10814 10613 Sept'23
1936 P A
106 10812 S N Ala cons gu g 56
NOrf & West gen gold 66----1931 MN
_ _ 9878 Aug'23
1934 FA 10838 --- 110 Mar'23
7
9612 99 2
Improvement & extg
110 110
991
9814 10014
Gen cons guar 50-yr 5.3_ _1963 AO 99- - 98
1932 AO 10718 ____ 10718 Oct'23
7711 85
88
10634 1074 So Pac Col46 (Cent Pac col) k'49 ID 8412 Sale 8414
New River 1st gold
27
9012 93
8814 9314
01929 MS 93 Sale 9214
93 132
897 --131
N & W Ry 1st cons a 46-1996 AO 8953 Sale 8918
8
-year cony 45
20
1996 AO 8912 8978 8534 Oct'23
9712 1024
1934 ID 984 983 974
Registered
85 90
98
-year cony 55
20
4
26
7
8
101 103 4
1
82 8 89 So Pac of Cal—Gu g 55
8 12
875
Div't let lien & gen g 46_1944 J J 8612 873 8678
1937 MN 9214 103 103
Oct'23
105 Aug'23
ss 90
101 108 So Pac Coast 1st gu 4s'L.-1937 Ii 8834 897 90 Sept'23
10-25 year cony 43.66— _1938 MS 90 - 11
1929 MS 10612 10812 107
I
871 167
' 87 Sale 863
8
83 Ws
1955
-year cony 6a
10
10713 27 10612 11734 So Pac RR let ref 45
92389814
1941 JD 8534 87 854 Oct'23
981 167
4
8458 8838 Southern-1st cow e be- -1994• j 9578 Bale 943
Pocab C dr C joint 46
1945 AO 7518 85 80 Oct'23
1956 AO 6878 Sale 673
79 83
8
Develop & gen 48 Ser A
North Ohio 1st guar g 5s
687 210 6814 694
4
-1997 Q J 8212 Sale 8112
8453 135
1956 40 10112 Sale 10118 1013 173 100 102
8112 87
Nor Pacific prior lien 45
4
97
1997 Q J
8138 Oct'23
834
81
9513
Registered
Mem Div let g 003-5s— 1996 J J 94
9512 9358
3 90 81
a2047 Q F 5834 Sale 5814
1
75 4
5914 —57
1951 Ii 7834 80 7814
7814 23
General lieu gold 36
5814 6214
.
St Louis div 1st g 46
8
4
97 9911
a2047 Q F ___ 587 60 June'23
1584 60 So Car & Ga 1st ext 53e.........1929 MN 99 Sale 9834
99
Registered
22
814 834
821g 904 Spokane Internet 1st g 56
1955 Ii 83
8212
8512 8238 Oct'23
Ref &'mut 4A s ser A_ — -2047 J J 8213 8312 8213
2047 J J 10318 Sale 10234 10312 206 1023 109 4 Staten Island Ry 001
1943 3D
4
_ 80 Oct'20 3
60 ser B
9314 9238
93
1936 13
2047 J J 92
91
9214 100 Sunbury & Lew 48
Oct'23
24
lis C
924 17
95 May'18 --_-_-_
e1930 MS 9618
2047 J J 9214 9312 9218
924 944 Superior Short L let 55 g
lis D
89 89 Term Assn of St List g 00-1939 AO 92 _ _ 924 Oct'23
-Duluth Div g 4s_ J998 JD 7812 --- 89 Feb'23
St Paul
3
9812 987
99
1944 FA 99 Sale 99
lat cons gold 55
7
St Paul & Duluth let 56-1931 Q F 9918 ____ 9878 Jan'23
77 82
79
1953 31 79 Sale 79
1968 JD 7614 ____ 8414 Jan'23
11
let consol gold 48
Gen refund s f g 45
8414 8414
8
90 90 4
9038 May'23
1943 13
Nor Pao Term Co let g 66-__1933 J J 10918 — 10918 10914 11 108 110 Tex & N 0con gold 58
99 100 100 Sept'23
3312 Dec'22
100 102 Texas & Okla let gu g 581943 MS
1938 AO
No of Cal guar g 5e
89s 96
92
8
2000 3D 9178 Sale 9134
1930 J J 1015 ____ 100 June'22
13
Texas & Pak let gold 56
North Wisconsin let 68
404 54
q2000 Ma
6814
70
66
_ _ 51 Aug'23
2d gold income 55
Og & L Cham let gu 45 g_._1948 J J 6818 60 6814
84 92
91
1931 31 401943 MS 8918 ____ 89313 Oct'23
864 863
8738 91 91
La Div B L ist g 5i3
Ohio Conn Ry 45
4
97
2
96- 98 4
9613
1936 JD 9612 ____ 9612
9512 9818 Tol & Ohio Cent let gu 5s.- _1935 Ii
-- 97
Ohio River RR 1st g be
924 96
pj 9334 9812 94 Sept'23
9413 9511
175
93
19,35 JJA qa 971937 40 9613 ____ 9418 Oct'23
WesternWvlstgSs
General gold 56
Oct'23
8784 92
995
8 11
9838 100
1927 J J 9912 Sale 9913
neral gold 56
- 90
Ge 90
Ore & Cal let guar g bs
2812 82
4
4
863
1946 JD 8634 Bale 863
if 30 Oct'23
27 3
843 88 Tol Peo & Weet 48
Ore RR & Nav con g 03
7
4
953
934 964
4 97
25
9 A .1
99 10413 Tol St L & W pr lien g 303_ _ 195, J 0 9512 9618 9513
Ore Short Lino-1st cons g 56_'46 J J 1003 Sale 10034 101
4
74
684 76
1946 J J 10112 Sale 10138 102
734 73
9973 105
72
-year gold 48
Guar con 58
21
50
19
93
9514 95
19311 J
1s
904 93 Tei w & gu 048 A
1929 ID 93 Sale 9258
_ 9514 June'23
Guar refund 431
67
8014 Sale 7913
944 9614
1933 J J 95-- 8 9414 Oct'23
8014 54
1961
7512 82
95
957
Oregon-Wash let & ref 4s
Series B 003
75 Oct'23
1942 M S 861s-- - 8678 Nov'22
75 794
1948 3D 7418 75
4s
Coast Co 1st g 56
Pacific
_
Belles C
781 82
80 --10
8613
8612
8658 Tor Ham & Buff lst g 03._ _21946 J D 80
84
834 80
Pao RR of Mo lat ext g 46_1938 FA 8612 2
03
9413
1199457
4
94 961
9433 97 Ulster & Del lst 3ons g 6&_..l928 jAi D 94
Oct'23
95 96
1938 Ii 9438 96 9413
2d extended gold 56
3
70
66
Paducah & Ills 1st s f 4103_ _1955 Ii 894 9014 90 Sept'20
90 91
1 524 6712 70 Mar'23
st refunding g 4s
4
933 180
73
8
884 94 s
1958 FA 7214 Sale 72
9238 Sale 9258
jai 8513 7812 Union Pacific 1st g 413
Paris-Lyons-Med RR 68.
9512
9518 186
19271 J 96 Sale 953
944 984
96
1942 MB
9514 9773
8
-year cony 42
Paulista Ry Is
54
20
- 8858 Oct'23
92008 MB 9978 Sale 9913 10012 297 994 1004
Pennsylvania RR—eons g 48 1943 MN 8812
884 9314
lat & ref temn 5s
8812 Sale 8812
8812
92008 M
80 88
8238 39
8278 84 82
1948 M
Consol gold 46
let & refunding 46
8714 9113
8812 8812 Aug'23
10278 Sale 10212 19272 22 10213 1054
May 1 1908 MN 84
85 90
-year perm secured 65_1928 J
48 stamped
10
9814 17
90 9313
24
4 51 I
9234 981 U N J RR & Can gen 4s_ _ 19 6j S 90
1960 PA 9513 Sale 95
9212 9112 June'23
Consol00
4
9914
9914
9914 99 1
7
8
9112 91
9918 100
1985 JD 9138 Sale 903
8573 924 Utah & Nor gold 53
General 4343
4
913
91
1933 J J 894
_ 9612 Apr'23
1968 JD 10014 Sale 9941 10012 62
98 10134
General 5s
1st extended 4s
8513 854
1 57 F A
38 10813 11034 Vandalla cons 8 46 Ser A_ . 9 5 51 N 85 1930 40 1074 Sale 10738 108
8512 854 Oct'23
-year secured is
10
85 87
8 10838 102 1064 1114
8512 85 May'23
85
-year secured 6X11
15
Consol 46 Series B
1936 FA 10838 Sale 1075
374
34
4
9,
192 J 1
36 June'23
Pennsylvania Co—
Vera Cruz& P 1st gu 4Mo-1 3 64 8
3013 45
2613 - - -8 3012 Oct'23
313
Guar 314s coil trust reg A-1937 MS 8312 864 8413 Nov'22
July coupon on
814 8313
82
9814 9814
98 9812 Mar'23
95
81% 5312 Verdi V I & W lat g 58
Guar 3148 coil trust Ser B.1941 AA 8213 8214 82
3
9813 98 4
85 8138 Oct'23
1926 M S 9858 9878 984 Sept'23
Guar 3s trust ctfs C.— -1942ID 81
8114 8134 Virginia klid Ser E 55
9772
+IA
97%
1936 M N 974
974
Guar 3343 trust ctfs D___1944ID 8114 --- 8138 Oct'23
8133 93
General 53
9113 934
20033
90 - Guar 15 -year gold 48_1931 40 9118 9112 9112 Oct'23
1 9113 Sept'23
9
8914 93 Va & So'w'n lst gu 513
-25
7532 81
77
87
864 86
1958 A 0 7612 7712 77
1922 MN
-year 56
Guar 4s8cr E
844 9038
1st cons 50
--ia
•No price Frida
latest bid and asked this week. a Due Jan. 3 Due Feb. g Due June, 3 Due July 5 Due Aug. oD ue Oat. Lame Nov. g Due Dec. .Option gale.
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 2.
5,13
Price
Friday
Nov. 2.
Week's
Range or
Last Sale
IS
44
Range
Since
Jan. 1
.11
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 2.
t
Price
Friday
Non. 2.
'Peek's
Range or
Last Sale
Range
Since
Jan, 1
Bid
Ask Low
High No Low
High I
Bid
Ask Low
Filch No. Low
Virginian 1st 55 Series A.___1962 M N 9414 Sale 9312
High
943
4 49
9012 98 Det United let cons g 4345__1932 .1 J 8512 Sale 8512
8512
82
863
Wabash 1st gold 55
4
1939 NI N 96 Sale 954
963
933 99 Diamond Match a f deb 7A8 1936 54 N --------1047 Oct'23
8 44
1047 10811
8
2d gold Is
1939 F A 8614 8814 8512
86
6
83
9214 Distill Sec Corp cony 1st g 5s 1927 A 0 4914 52
504 Oct'23
47
64
1st lien 50-yr g term 4s
1954 .1 J 6718 71% 71 June'23
684 71
Trust certificates of deposit_ _ _
48% 503 4914
8
5012 12
47
64
Det & Ch ext 1st g 5s
9512
1941 J J 9512 Sale 9512
1
94
9612 Dominion Iron & Steel 58_.1943.-1 7812 Sale 78
142
7812 11
76
8812
Des Moines Div 1st g 4s_ _1939 .1 J 7114 79
71
Oct'23
71
7338 Donner Steel 75
887 877 87
8
8814
9
93
84
Om Div lot g 334e
1941 A 0 64
667 6414 Oct'23
8
_
6214 8614 du Pont (E I) Powder 43.1s _1936 J D --------8914 Oct'23 _
8714 90
Tol & Ch Div g 48
1941M S 723 80
4
723 Oct'23
4
71 s 727 duPent de Nemours & Co 7Siti'31 MN 108 Sale 10718
,
8
10818 108 1055 10914
8
Warren 1st ref gu g 3)s_.2000 F A
7418 Nlar'23
Duquesne Lt 1st de coil 65_ _Mg 1 I 10 % Sale 10314
3
69 101 10412
104
Wash Cent 1st gold 48
1948 Q M
787 Oct'23
8
-74E -90-.8
Debenture 7s
____ ____ 10618 June'23 _
10618 108%
1924 F A -95F4 - 4 99
W O& W 1st cy gu 4s
0939912
2
977 99 East Cuba Sug 15-yr s f g 75is'37 M S 99 Sale 9838
9914 58
94 11314
F A 79%
Wash Term 1st gu
79%
1
7918
7612 80 Ed El In likn 151 con g 4s_ _1939 j J 883 89% 888 Oct'23
.1
88
91
1945 F A 8414
1st 40-year guar 45
_ _ 8512 June'23
8512 8512 Ed Elec III Ist.cons g 58_ _ _ _1995 J .1 100
__ 1004 Oct'23
99 1013
W Mita W & N W 1st gu 58_1930 F A
76%
_ _ 80 Aug'23
_
80
8712 Elk Horn Coal cony (Is _ _.__ _1925 .3 D ___ - 8 0512
9731
9512 9914
9512
West Maryland 1st g 45_ _ _ _1952 A 0 58 Sale 5612
57% 29
5612 653 Empire Gas & Fuel 73:e.,s_ _ _ _ 11 3
4
t 12
).
N 8912 Sale 8912
.
9012 164
8812 93
West N Y & Pa 1st g 55.- _1937 J J 99
9912 99
99
3
9012 100 Equit Gas Light 55
S 933 947 94
4
1
94
93
95
1943 A 0 76 Sale 76
Gen gold 4s
76
2
734 81
Federal Light & Trac 6s-...IM
S 9112 Sale 91
91 12
2
91
9614
Western Pan 1st Ser A 55-1946 M S 7918 793 79
4
79% 26
78
8312
7s
S 9814 98 8 9814
,
9814
1
97
9912
1946M
90% 9112 89% Oct'23
B 6s
80
95 Fisk Rubber 1st a f 85
1941 51 S 1007 Sale 99
8
10134 113
99 10812
2361 .1 J 80 Sale 7914
West Shore 1st 4e guar
80
9
77
837 Ft Smith Lt & Tr 1st g 58_ _ .1936 m 3, 78
8
7914 80 Sept'23 -- -704 80
2361 J J
77% 78
Registered
77% 17
77%
75
82 FrainerIc Ind & Dee 20-yr 7%5'42 J J 894 9012 90
9212 10
8314 93 4
,
Wheeling & L E 1st g 5s__ _ _1926 A 0 98
99
9814 June'23 19
97
99 Francisco Sugar 7s
1942 m N 100% 101 101
Oct'23 ___ _
9914 10334
Wheeling Div 1st gold 543_1928 J .1 94
99
96
Oct'23
96
99 Gas& El of Berg Co cons g 581949 J D 927 _ _ _ 9014 July'23 _ ___
9114 9312
s
1930 F A 9014 97% 9112 Oct'23
Eaten & Impt gold 5s
9112 953* General Baking lot 25-yr 68_1938 j D 10012 ____ 101
9912 101 12
4
10112
Refunding 45is Series A 1968 51 S 4818 50
47
49%
2
4514 62 Gen Electric deb g 35•18.- WA L' A
82
____
76% 8214
1949 M S 5912 Sale 59
RR 1st consol 45
603
8 24
57
654
Debenture 5s
S 102 Sale 101
8212 DIP 26
31
9912 103%
1942 J D 50
Wilk & East 1st gu g 59
52
50
Oct'23
49
80 Gen Refr 1st 5 f g 68 Ser A.1052
A
97
98
97
2
97
97 101
1938 J D 994
Will & S F 1st gold 58
994 Oct'23
98 101 Goodrich Co6s
.1 96% Sale 9618
07
61
964 101%
Winston-Salem S 13 1st 4s 1960 J J 8018 83
7914 Oct'23
74,4 8212 Goodyear Tfd & Rub 1st sf Sa '41 M N 114% Sale 114
7
68
1
lo_ y n r ireeb 8 ss
.
115
69 1135 1177
s
8
7714 77% 764
Wls Cent 50-yr lot gen 4s..1949 J
78% 13
419311F A 100 Sale 99
100
101
99 106
Sup & Dul div St term 1st 45'36 MN
76 Sept'23
75
803* Granby Cons MS & P con 6s A'25 m N 9014 04
93
8812 93
Oct'23
1943,1 J 5812 ____ 65 May'22
48
W & Con East 1st 41
Stamped
1928 M N 9014
_ 92 June'23 -- - _
02
92
INDUSTRIALS
•
Cone deben 8
1925 se N 91
.
- -- 90
9112
2
92
00 100
Adams Express coil tr g 45..1948 M S 80 Sale 80
8014 11
80
8038 Gray & Davis 7s
1932 F A 88
90
90
Oct'23 -85 101
19361J D 89
Max Rubber 85
8012 8914
90
10
877 9914 Great Falls Power 1st A f 53_1940 MN 9331
8
4'Sale 983
984
97 100
4
7
Alaska Gold NI deb 68 A__ _ _1925,M S
514
7l2 5%
5%
4
5
8 Hackensack Water 45
1952 J J
784 SO
7712 82
78% Oct'23 __ _ _
1926 M S
Cony deb 6s series B
512 612 518 Oct'23 _
5
812 Havana E Ry L & P gen 55 A 19541M 5 823 Sale 817
8238
80
8
13514
1928 A 0 973 9812 98
Am Agee Chem 1st 5s
4
Oct'23
95 10012 Havana Elec consol g 05_..1952 F A 931 1 94
935
1
87
94
933*
1941F A 984 Sale 98
lat ref s f 7.5.62 g
99
98 1048 Hershey Choc 1st a f g 65..1942
74
994 53
96
9914
American Chain 65
1933 A 0 91% Sale 917
017 975 Holland-Amer Line 65(flat)_1947 NI N 99 Sale 99
8
9212 25
MN
773* Sale 7712
20
81
7712 92
Am Cot 011 debenture 58_ _ _1931 M
703 Sale 6712
8
7112
59
6
8012 Hudson co Gas 1st g Is.. _ _ _1949 M N 9338 043 933j
3
94
4
927 95
8
1936 J
Am Dock & Inapt gu 6s
10614 _
_
1057 Dec'22
Humble 0116c Refining 550.1932 J J 97 Sale 97
9412 99
9712 30
Amer Republics 6s
1937 A 0 85
86
86
86
10 "i8" -907g
' e ph3i e 56 w 11956 J D 935* Sale 9338
d l b 4 ons
ee
,
9414 332
934 95 8
Am Sm & R. 1st 30-Yr 58 ser A1947 A 0 91% Sale 91
911 118
8418 923 Illfaols I3eeri
8
4 Il n s St lel
1940 A 0 9112 91% 9118
9112 89
88
92%
65 B
1947,A 0 1013 Sale 1013
4
99% 10212 Ind Nat G &0 5s
10212 71
1938 M N 7912 ____ 79 July'23 ---79
8012
Amer Sugar Refining 68_ _1937,1 J 10012 Sale 998
10012 154 99 8 19 , Indiana Steel 1s1 5s
' 0 s
901, 3
4
1952 M N 10012 Sale 0014
10012 28
99 10112
Am Telep & Teleg coil tr 45_1929 J
9234 Sale 9238
93
146
91935 J J 967 --- 96 Nov'22 --- _
Ingersoll Rand 1st Is
8
Convertible 4s
1936 M
83
893 883
4
4
89
86
8
904 Interboro Metrop(v114518_1956 A 0 .1012 183 1012 Oct'23 --- - -Ws 102
4
-year cony 058
1933 m S 102% Sale 023
20
8 1023
8
2 100 1034
Certlfleates of deposit
____ 17
4% 912
1
43*
43*
-year coil tr 55
1946J D 9618 Sale 9618
30
9814 350
95 101
Guar Tr Co et% 16% stamped_
138 ____
138
128 17
13
8
II
7
-year convertible 633.--19251F A 1164 Sale 1614
12
1163
4 36 18312 1818712 Interhoro Rap Tram 1st 55. _1966 J J 5978 Sale 583
8
6018 144
5812 727
8
Am Wat Wks & Elee 5s
1934'A 0 844 84% 84
84 12 16
Stamped
5878 Sale 5718
5934 168
5710 7212
Am Writ Papers f 7-6e
19391.1
52 Sale 52
52
8614
5212 50
113-year 65
1932 A- 0 554 Sale 55
52% 734
Anaconda Copper 6s
1953,F A 9512 Sale 935
524 984
9614 425
8
75
1932 51 S 8512 Sale 8334
83% 9434
69
8512 100
97
78
1938,F A 9712 Sale 9512
9512 1043 Int Aerie Corp 1st 20-yr 55_ _1932 62 N
973 426
4
4
61
6512 62
53
6
55
8112
Armour &Co lat real eat 43is19391 D 8412 Sale 84
82
84% 105
90 Inter Mercian Marine s f 6s_ _1941 A 0 8014 Sale 783
4
8014 159
74
90%
Associated 011 temp 6s_ _ _ _1935 51 S 94% Sale 9412
9518 420 944 954 International Paper 55
1947 1 J
823 833 823
4
8
8438 49
4
81
8812
AtiantIcFrult cony deb 7s A_1934 J D 20
20
30
Oct'23
20
_
4012
lot S., ref 5s 13
1947 I J
4
813 Sale 827s
814 8834
833
4 33
_
Trust certificates of deposit_ _ _
19
18
197 20
8
2018
3913 Jurgens Wks 65 (fiat price)_ _1947 I J
6
78 Sale 78
8412
8 7
7 33 55
74
0 8 10
8
do stamped
18
177 44 Kansas City Pow & Lt 55_ _1952 M 5 90 Sale 893
5
20
17%
17%
1
4
91
87
Atlantic Refg deb 58
1937J J 96 8 967 96
,
9414 993 Kan Gas & El 6s
8
97
24
4
1952 NI S 92 Salo 92
92
96%
92% 20
Baldw Loco Works 1st 55_ _ _1940 M N 10018 Sale 0018
10018
2 100 103 Kayser & Co 75
1942 F A 10414 105 10414
16 10218 107
105
Ramsdell Corp a cony 8% A19311.1 J 95 Sale
94 103 Kelly-Springfield Tire Ss_ -1931 M N 103 Sale 101%
97
5
58
104
87
983 Ina%
4
Bell Telephone of Pa 5a
1948 J J
9714 Sale 07
9512 994 Keystone Telep Co 1st 5s _ _ _1935 J 1
073 125
4
7134 ___ 7212 Oct'23
7212 7212
Beth Steel 1st ext s f Is
192811 J 98
9812 100 Kings Co El L & P g 5s___ _1937 A o 977 9812 9814
9812 11
9812 9812
1
9812
964 994
1st & ref 55 guar A
903 974
1942M N 9418 9412 93%
4
95
17
1997 A 0 1093* 112 110
Purchase money 65
Oct'23 -- 10812 11312
20-yr p m & imp a f 5a
1936 J J 8818 Sale 873
86% 9312
884 39
8
1925 M S 10118
Convertible deb 68
_ 977 Sept'23 -- -_
8
97% 104%
65 A
1948F A 963 Sale 96
95% 100 Kings County El 1st g 45_ _ _1949 F A 64 - - -12 71
4
07
70
72
72
6912 74
1
55is
1953 F A 8812 Sale 8718
8718 93%
8838 83
1949 F A 64
3
7212 707
Stamped guar 48
71
eg 76
Booth Fisheries deb s f 6s_ _ _1926 A 0 7612 80
70-8 80 Kings County Lighting 58_1954 J J 75
79
79
2
7612 7514 June'23
7514 8018
Braden Cop M coll tr s f 693_ _1931 F A 9912 99% 9914
973 1001
4
81954 .1 95
9912 11
J
9512 95
95
1
94 101
Brier Hill Steel 1st 53.5_ _1942 A 0 9312 Sale 925
91% 9838 KiVne y Co *is
933
4 41
8
19364 D 1015* Sale 10158
g
16
10134
9912 10212
B'way & 7th Av 1st c g 58.1943) D 6412 6614 65
6112 69 Lackawanna Steel 58 A_.'_1950 M S 88 Sale 88
65
19
_
87
9211
Brooklyn City RR 55
1941 J J 87 Sale 87
83
88 Lao Gm L of St L ref & ext 551934•A 0 9314 Sale 903
7
8712
9
" 39 89% 96
9
93
Bklyn Edison Inc gen 55 A 1949 J J 97
943 99 Lehigh C & Nays f 43.5 A_ _1954'J J 9018 9112 91
97% 97
97% 27
Oct'23 --_
8812 92 4
,
General fis Series B
1930 .1 J 103 104 104
10012 1047 Lehigh Valley Coal 55
Oct'23
8
19331 J J 9712 99
973 100 4
99
Oct'23 _ -.
4
,
General 78 Series C
1930 J J 1053 10614 106
4
10614
6 105 10812
45
1933 .1 J
__ 834 Oct'21
General 7s Series D
1940 J D 109 Sale 108
109
,
28 108 109 4 Lea Av & P F 1st go g Is._ _1993 M S ____ 39
89-.
-5/ 4714
38
Oct'23 _ _ _
Bklyn Man It Tr Sec Item)6s_ '68
66 8 Sale 6512
,
654 743* Liggett & Myers Tobac 75_ _1944A 0 11612 117 110I
66% 563
11612 12 112 11914
Bklyn Qu Co & Sub con gtd 58'41 at N
58
65 July'23
86
Is
1951 F A 07 Sale 98
93
9814
1st 55
1941 J .3 86
___ 7912 Nov'22
1944 A 0 11718 11812 1612 Oct'23 -- _ 1117 1184
Lorillard Co (F) 78
8
Brooklyn Rapid Tran g 533_1945 A 0 7218 ____ 721
55
79
7218
2
58
1951 F A 9612 Sale 9612
9622
934 974
7
Trust certificates
7218 ____ 7238 Oct'23
54
79 Louisville G & El 5s
1952 M N 8712 Sale 8614
89
8618 8812
24
1st refund cony gold 4s
2002 J J 595 --__ 605 Oct'23
54
8
68 Magma Cop 10-yr cony g 75_19321J D 10812 1083 084
4
10812
9 107 120
3-yr 7% secured notes
_1921 J J 884 Sale 874
9 9434 98 Manati Sugar 7518
8812
977
1942:A 0 977 Sale 067
8
8 13
8
963 102
s
Certificates of deposit ______
84
8814 ---- 875s
9512 Manhat Ry (NY) cons g 49_19901A 0 58 Sale 5714
2
877
8
554 647
e
573
9
8
510
5
Ctfs of deposit stamped........ 833* ---_ 8314
78
8314
954
8
2d 4s
20131.1 D __ 513 5012 July'23 --4
5012 66
Bklyn Un El 1st g 4-5s
1950 F A 775 79
7712 85 Manila Else 7t3
7712
7814 11
1942 M N 96
08%
97
96
96
96
5
Stamped guar 4-533
1950 F A 775 7812 7634
764 8431 Manila Elec Ry & Lt 5 f Is. _1953 M 8 8218 83
78
7
8114 84%
8212 0ct013 _ 1 17
4
8 22 _.
'
_
Bklyn Un Gas 1st cons g 58_1945 M N 943 9512 94
931 100 Market St Ry 1st cons 5s__ _1924 M S 9018 Sale 88
Oct'23
8834 96%
75
1932 M N 110 Sale 199lz 110
5-year 6% notes
33 10712 1187
1924 A 0 95 Sale 9412
95
9412 99
2
1st lien & ref 65 Series A._1947 M N 101 104l
5 10014 10512 Marland Oils f 8s with war'nta'31 A 0 116 117 lI6ls
1037
8
lO3s
3 109 181%
1175*
78
1929 M N 10812 1097 lOOlt Oct'23
10718 117
'Without warrant
_
A 0 ____ 10014 97
97 10712
9812
9
Buff & Busq Iron s f 58
1932 J D 9113
8
90 8734
iim 92
0112
5
923
4
73sis Series 13
attached liii F A ____ 112
07 169
97%
97
2
Bush Terminal lst 45
1952 A 0 81 Sale 81
8112 13
do without warrants
____ ___
95 Sale 9212
s
98
913 1017
4
9
Consul Is
1955 J J 84
85
82 8 897 Merchants & Mfrs Each 7s..1942 J D 105 Sale 105
,
s
84
84
2
105
10
95 106
Building 5s guar tax ex.- -1960 A 0 9112 Sale 9114
917
8411 8 4 Si
8
5
9 3 Mete Edwlear
8 Neettr
l3
15
95
g 6s Ser 11_1952 F A 973 Sale 05
4
9972
/
973
18
1937 MN 96% 9612 96
Cal G & E Corp 5s
963
8
19531 D 9438 05
1953.11
Power Is
941a 9612
9514 Oct'23 - - - 1933 A 0 9613 Sale
Cal Petroleum 610 (w
9613 965 Mexican Petroleum 51 8s
8
9612
1936 NI N 104 106 1037
10412 29 101 10914
99651 40
Camaguey Sug lstsf g 78_ .1942 AO 9312 95
94
09 Mich State Telep lst,
94
94
1
997
100
9958 1003
993 100
4
5
8
Canada SS Lines Istcoll s f 75'42 M N 94
0418 21
9114 9712 51Idvale Steel& 0cony a f 581 9 6 NI S 8514 Sale 85
9412 94
8418 Nil
8512 44
193
584
2
Canada Gen Elec Co Ga___ _1942 F A 1023 Sale 102
4
99 10312
1027
Certificates of deposit... _1936
8 90
. 8512 85 8 85
84
90
,
85
3
-year 58_1943 J D 9712 9812 9814
Cent Dist Tel 1st 30
984
97 100 Milw Elec Ry & Lt cons g Is 1926 F A
3
_98
983* 0918 983 Oct'23 -- _ _
4
9912
Cent Foundry 1st 5 f 6s_._1931 F A 8512 8812 8612
8712
2
01931 J 3 883 89
Refunding & eaten 43_
89 Sept'23 - - 88% 914
4
-year g 58_ _1925 A 0 9414 Sale 94
Cent Leather 20
9912 100
91
9911
9.5
Gem48
252
1951 J D 93 Sale 92
11
93
887 93
8
1931 J .1 1183 Sale 115
Cerro de Pasco Cop Ss
4
1183 180 115 150
1st 58 B
4
1961 J 1) 81 Salo 81
82
30
81
8918
Ch G L & Coke 1st gu g 5s 1937 J J 92 Sale 92
02
064 Milwaukee Gas L 1st 4s...1927 M N
92
5
9414 9412 94
Oct'23 ___ _
92% 943
4
753 Sale 7538
1927 F A
Chicago Rys 15t 58
734 837 Montana Power 1st 5s A.__ _1943 J J 9531 Sale 953
s
7614 25
30
961 i
93
4
983
4
1923 J D 997 100
Chicago Tel 55
0912 1004 Montreal Tram 1st & ref 53_1941 I J 877 89% SS
997 Oct'23
8
8
803 91
883
4
6
1932 A 0 9812 Sale 98
Chile Copper 85 Ser A
96 10314 Morris & Co 1st a f 44is
105
1939 J J 78% Sale 784
7914
5
7312 87%
Cincin Gas dr Elec 1st & ref 55'56 A 0 95
9612 9512 001 'A
94% 993 Mortgage Bond 45
:9
1966 t 0 --------83 Apr'14
1961 A 0 9614 97
53is Ser B due Jan 1
9512 984
Is
9534
1
1932 A 0 ____ 9312 93
9812
9123
Oct'23 __ _ _
1943 F A 8619__
Colo F & I Co gen s f 5s_
8512 8912 Mu Fuel Gas lot cti g 53...A947 M N 9212 9312 915 Sept'23._ _ _
8612 Oct'23
8
8934 95
Col Indus 1st & coil 5s gu_1934 F A 73 - -1 7412
74
74;
7912 Slut On gtd bds ext 5%.„..1941 M N
743
4
8
_ 954 Feb'23
92
9518 954
Columbia G & E 1st 55
1927 .1 J 963 Sale 964
4
963
95
.1 30
9752 N82421,14 Elm guar gold 4s..1951 J J 5113 .._- 573 Oct'23
5212
4
5514 875
4
Stamped
1927 J J 9612 Sale 9618
9538 97
9612 13
Nat'onal Acme 7315
1931 .1 D 91 Sale 91
91
953
4
91,
2
3
Col & 9th Av 1st gu g 5s
1993 M S
1712 10 Sept'23
10
20 Nat Enam & &mpg 1st 58.19291 D 9.53 9912 9712 June'23
4
97
974
Columbus Gas 1st gold 58_1932 J J 0238 92 4 Nat Starch 20
92
8
923
-year deb 58_ _1930 J J
4 11
95
__-- 95
Oct'23._. _
95 95
Commercial Cable 1st g 4s 2397 J .1 7012 . 92
8 -1- 7
713
e
69
044
7512 National Tube 1st Is
7012 14
1952 M N 9978 Sale 994
997
97 101 12
8
8
Commonwealth Power 65
1947 M N 8718
84
87
8914 Newark Con Gas 5e
87% 32
4
19483 D 933 943 933 Oct'23 ____
9214 95
4
Comp Azu Baca 7345
1937 J .1 1005 Sale 100
8
9812 10112 New England Tel & Tel 58_ _1952 J D 07 Sale 97
100%
6
9731 57
9512 100
Computing-Tab-Ree s 268._1941 J I 9812 983 98
9512 10112 New Orl Ry & Lt gen 4s_ _1935 .1 J 62
98
1
____ 62 Aug'23 ___ _
62 62
Conn Ry & L 1st & ref g 43.is 1951 J J 78
7714 Sept'23
7612 8713 N Y Air Brake 1st cone 68_1929 M N 102 Sale 102
10212
8 100 104
Stamped guar 440
1951 .1 J 79
76
79
8314 N Y Dock 50-yr 1st g _ _ _1981 F A
Oct'23
_
78
79
7814
7814
4
744 80
Cons Coal of Md 1st & ref 58 1950 J D 865 Sale 8612
84tz 90 NY Edleon 1st & ref6%sA.1941 A 0 1093 Sale 1094
8714
17
4
4s1097s 72 106% 112%
Con G Co of Ch 1st gu g 5s_1936 J J 923 ____ 04
4
90
95 4 NYGEL.34Pg 55
3
4
1948 J D 973 Sale 97
-9512 100
19
975
1952 MN 87 Sale 86 Aug'23- -50
Consumers Power
87
8412 924
Purchase money g 4s
1949 F A 8112 Sale 8112
82
18
794 8314
1931 M N 98 • __ 100
Corn Prod Refg a f g Is
Oct'23
9812 100 N Y Munie Ry 1st s f Is A._1966 J 3 793*
__
- - 82 June'23 ___ _
78
82
1934 MN 98
1st 25-yr s f 55
100
98 101
100
N Y Q El I. & P 1st g 5s___ _1930 F A 973 -4 99
973
8
4
975
96
8
99
Seal 65
1943 F A 854 18
Crown Cork &
8811
8712 95 NY Rye 1st R E 4c ref 4s
8712
5
8
2s14 3814
1942 J J 303 31
31
3014
5
Cuba Cane Sugar cony 75__ _1930 J J 87 Salo 863
4
87% 18
82
94
Certificates of deposit
3012 3112 304
27
303
8 15
3718
Cony deben stamped 8%.1930 J J 93 Sale 93
8712 9814
933
30
4 68
-year adi Inc Is
*1942 A 0
I
11
4 118
118 14
lls 8
8
Cuban Am Sugar 1st coil 813_1931 M S 1057 Sale 1053
106
101 105 10812
Certificates of deposit
34
118 111
'4 Sale
3
4 77
s
Cumb T & T 1st & gen 5s__ _1937 J J 0212 Sale 9212
9212
91
9414 NY State Rya 1st cons 4Y s 1982 NI N 6014 Sale 593
2
59
4
6
604
4
'
69
Den Gas & E L Istacref s f g Is'51 St N 85 Sale 8418
8.5
12
83% 90
8Sia
00.'23
1962 51 N 884 8912 88
88
974
1942 MS 76
77
Dery Corp(D G)75
77
78
3
55
99 N Y Steam 1st 2.5-yr 68 Ser A 1947 M N 9318 934 93
10
93
92
98
9912 99
Detroit Edison 1st coll tr 58_1933 J J 99
943 10012 N Y Telep 1st & gen s f 4548_1939 NI N 934 Sale 9318
4
9
99%
943 197
4
90% 95 4
,
M
98 Sale 98
__
1st & ref .533 Series ___
963
9034 98
8 25
8
30
-year deben s f 68._ _ 5eb 1949 F A 1047 Sale 105
1054 105 10312 108%
/1940 M S 10312 Sale 1027
jet & ref 65 Series B
10312 40 101 10412
-year refunding gold 68_1941 A 0 137 Sale 1033s
8
20
8 92 10214 107142
1047
•No /moo Friday:latest bld and asked. a Due Jan 4 Due Aor11.•Due Marsh.•Due May. g Due June,
5 Due July. 1 Due Aug. o Due Oct. //Due Dec. 'Option ea10
,..
L
i
y
_-_-
___
.
Nov. 3 1923.]
1981
THE CHRONICLE
New York Bond Record-Concluded-Page 5
Quotations of Sundry Securities
'
All bond prices are "and interew" except where marked
Price
Range
I
Week's
Standard 011 Stocks Par Rtd I Ask . Railroad Equipments PerCt. Baal&
BONDS
in
Fridag
5.65 5.35.
Range or
stisce
N. V.STOCK EXCHANGE
Anglo-American Oil new. £1 •I4 I 141. AtlantIc Coast Line 58
Last Sale
5.50 5.30
Jan. 1
%
ce,
Equipment6345
Week ending Nov. 2.
Atlantic Refining
100 100 105
I •••••3. Nov. 2.
5.75 5.40
100 116 117 Baltimore & Ohio 68
Preferred
Ask Low
Bid
High No. Low
5.60 5.30
High Borne Scrymaer Co
Equipment 4348 dr 55
100 128 135
s
998
6
9514 101
.50 *71
72 Buff Koch A Pitta equip 65- 6.50 5.30
Buckeye Pipe Line Co.
Niagara Falls Power 151 Ss_.1932J J 9912 997 99%
3 10112 105
01932 A 0 104 Sale 104
10414
Ref & gen as
Chesebrough Mfg new._100 223 227 Canadian Pacific Ois dr 68- 5.45 5.30.
2
5.60 5.35
9712 10012
100 110 114 Central RR of NJ 65
Preferred new
Snag Lock & 0 Pow 1st 513-1954 M N 9812 Sale 9812 100
50
92
5.75 5.45
96
1952 M S 9138 Sale 9118
91
Continental 011 new.... 25 *3813 3712 Chesapeake A Ohio 65
No Amer Edison Se
5.60 5.30
8912 95
92 Oct'23
,
Crescent Pipe Line Co- 50 •16
Equipment6345
17
Nor Ohio Tree & 1.1ght Os _ _1947 M S
24
90
5.60 5.30.
87% 93
Equipment Se
Cumberland Pipe Line_100 112 114
Nor States Power 25-yr 58 A-1941 A 0 90 Sale 89
5.65 5.30
4
983 102
Eureka Pipe Line Co.__ -100 94 95 Chicago Burl & Quincy Os
-year 6s Ber B-1941 A 0 10018 Sale 9934 10014 35
let & ref 25
4 71 107 10818 Galena Signal 011 com _ _100 60 61 Chicago & Eastern III 536e. 6.25 5.50Northwest'n Bell T 1st 75 A-1941 F A 10712 Sale 10712 1073
8
9138 9212
9112 May'23
gtd _1934 J J 913
100 110 115 Chicago & North West 045 5.45 5.25
Preferred old
North W T let in g
2 101 108
104
5.65 5.35
Equipment fla
100 104 106
Preferred new
Ohio Public Service 7;ia_ __ _1946 A 0 104 10534 104
1947F A 10012 Sale 100
4 12
1003
5.55 5.30
9934 10514 Humble Oil & Ref new.. 25 •35 36
Equipment6%5
78
9234 9612 Illinois Pipe Line
0414
9412 18
100 152 135 Chic RI & Pac 4345 & 55.- 5.80 5.40
Ontario Power N F 1st 85- - _1943 F A 9412 95
9214 98% Imperial 011
9412 11
5.87 5.50
'25 *95 97
Equipment65
Ontario Transmission 58. ..1945 M N 9412 Sale 93%
6
96 10112 Indiana Pipe Line Co.- 50 *85 87 Colorado A Southern 68.-- 5.75 5.40
1941 F A 9612 Sale 9612
9738
Otis Steel 88
9112 13
:
5.60 5.35
901 94% International Petroleum.
-year s f g 73.1te Ser B 1947 F A 9112 Sale .9012
(5) *15 154 Delaware & Hudson Os
let 25
9012 35
6.25 5.80
8813 9314 Magnolia Petroleum__ _ _100 125 128 Erie *is & 5e
A ref 58..1942 .1 J 9012 Sale 90
Pacific(3 ds El gen
4
92% 15
7
6.40 6.00
89 5 94
National Transit Co__12.50 8211 22
Equipment as
Pac Pow&Lt letdrref 20-yr be '30 F A 91% 923 92
1937 J J 96 Sale 96
9612 35
5.65 5.45
9414 9912 New York Transit Co _100 92 95 G
Pacific Tel & Tel let 531
Great Northern as
63 88 92% Northern Pipe Line Co 100 101 103
1952 MN 9114 Sale 9018
92
5.65 5-40
be
Equipment 58
10312
8 102 10538 Ohio 011 new
5.75 5.40
25 *56 57 Hocking Valley 69
Pan-Amer P AcT let 10-yr 781930 F A 103 Sale 103
1953.5 J 9712 98 98
8212 100
9812 19
25 *19 215.65 5.50
Park-Lex (ctfs) 63is
Penn Mex Fuel Co
Equipment 58
9238 94
934 Sept'23
..10)) 180 182 Illinois Central *is & &L._ .5.45 5.20
Prairie Oil& Gas new.
Pat & Passaic & El cons 5a 1949 M S 9318
3 104% 108
105
5.65 5.35
Prairie Pipe Line new_ _ _100 98 9812
Peop Gas A C 1st eons g 65-1943 A 0 10414 105 105
Equipment&
8912 23 8713 94
1947 M S 893 Sale 8914
8
Refunding gold 55
100 170 175
Solar Refining
Equipment 78 & 6545
.5.55 5.35
1944 F A 10012 Sale 10018 1003
98% 10112 Southern Pipe Line Co. 100 9112 92 Kanawha A Michigan 68
4 70
5.80 5.40
Philadelphia Coos A
11
193884 S 89 Sale 88
8712 9112 South Penn 011
89
100 116 118
5.65 5.25
5145
Equipment*i5
1943 M 8 72
743 73%
4
7414 22 654 8254 Soutnwest Pa Pipe Lines_100 35518 553g Kansas City Southern 5;45- 5.65 5.35
Pierce-Arrow 88
78 80
70 98
6
70 70
1931 J D 66
75
Pierce Oils file
Standard Oil (California) 2 *53 5312 Louisville & Nashville 65- 5.65 5.40
89
90% Sept'23
90% Standard Oil (Indiana)._ 2
Pleasant Val Coal let g s f 58 1928.5 J
5.55 5-35
Equipment6345
3
92
904 94% Standard 011(Kan)
2 •
39 40 Michigan Central be & 65_ 5.50 5.25
Pore!) Con Colliers ist f 55_1957 J .1 9114 9214 91
9412 9412 Oct'23
9112 9512 Standard 011 (Kentucky) 2 *92 93 Minna Pdr EISM 4;•59 &Se 5.75 5.40
Portland Gen Elec 1st 55- .1935.5 J 93
7 84% 8878 Standard 011 (Nebraska) 100 215 225
_1930 M N 87
8712
88 87
Portland Ry 1st & ref 53-__
5.80 5.45
Equipment 634ti & 75
8672 Standard Oil of New Jer_ 2 *3254 33 Missouri Kansas A Texas 65 6.00 5.50
83
81
7
Portland Ry,Lt & Plat ref 55'42 F A 82 Sale 81
1947 M N 90
913 9614
91
4
9212 Oct'23 _ _
100 116 117 Missouri Pacific Ils dr 634e.._ 6.15 5.60
Preferred
68B
3 103% 10714 Standard Oil of New York 2 .41 275 Mobile A Ohio *is & 58... 5.5 5.30
270 4114
let & refund 7A s Ser A.._1946 M N 105 Sale 104% 105
101% 106
10
Porto Rican Am Tob 88- _1931 M N 105 106 105 Oct'23
Standard Oil(Ohio)
New York Central 4A e & ta 5.6 5.35
2
1933J J
90
87% 933
4
89'l
100 116 119
5.6 5.25
Pressed Steel( ar Fa
Preferred
Equipment613
4
100 23 28
Prod & Ref5I 8s(with war'nts)'31 J D 107 Sale 10634 10714 13 1088 13312 Swan A Finch
5.5 5.25
Equipment 78
Without warrants attached__ J D 10512 107 10234 10314 18 100 10812 Union Tank Car Co_ - -.100 87 90 Norfolk dr Western 4345
3.3 5.10
7934 14
7612 86
100 .93 10812 Northern Pacific 7e
0
14714 50
Pub Serv Corp or N .1 gen 65_1959 A 0 79 Sale 7934
5.5 5.35
Preferred
1937
.1 10612 Sale 10514 107
50 105 124
2
Vacuum Oil new
Punta Alegre Sugar is
Pacific Fruit Express 75.... 5.6 5.35
1937 IN N 93 Sale 9212
13
94
10 *21
90% 98
Remington Arms es
23 Pennsylvania RR eq 55 th 68 5.6 5.20
Washington Oil
6
92
89 9612
Repub I &1310-30-yr 55 a f 1940 A 0 9112 Sale 91
Other 011 Stocks
5.5 5.30
3345
Pitts A Lake Erie 1
1953 .1 J 8714 88 87%
8672 94% Atlantic Lobos Oil
15
88
*212 3
55
5.80 5.40
Equipment65
1952.5 D 9412 9212 Oct'23 _ _
24 99
50 *8 1038 Reading Co 4345 & 55
gobbles A Myers 13 78
2
5.3 5.15
Preferred
Jan'23 _ _ _
91
91
91
2 *52 53 St Louis & San Francisco 55- 5.7 5.50
Roch & Pitts Coal A Iron 58-1946 M N 9018
Gulf 011 new
4 53
43 86 4 Seaboard Air Line *is A be 5.9 5.50
Co 75-1942 M N 8638 Sale 8612
87% 15
80 86
Rogers-Brown Iron
Mexican Eagle 011
5 510411 1814 00 ern Pacific Co 434s.. 5.3 5.10
Mutual Oil_
Southern
1935 M
79% 807 7934 Oct'23
_
8
79% National Fuel Gas
77
10
5.5 5.35
Dy45
St Joe Ry,L, & P 5a
Equipment 7A & 53
10 •18
5.65 5.25
St Joseph Btk Y de 1st g 4s 1930 J J 8538 92 8518 Dec'22
Salt Creek Producers
75
5 "Ws IW1i Sapulpa Refining
75%
75%
a.
85c
1
5.85 5.50
St L Rock Mt & P58stmpd-1955 J J 73
Equipment65
1924 A0 52
5714 62
5712 5714 Sept'23 _ _ _
Transit 5e
St Louis
Toledo & Ohio Central 68... 5.8 5.50
1937 .5.5 88%
_ 92 Sept'23
92 93
5.45 5.30
Public Utilities
St Paul City Cable 55
Union Pacific 75
1942 MS 103 Sale 1024 103
5 100 1037e Amer Gas & Elec new--0 *411 9414
31
9 : 42
bacco Stocks
d
Sake Co 75
90 Oct'23 -50 *42 43 American Cigar
90 9414
10076 79
100 811
San Antonio Pub Ser 68.-1952 J J 9018 91
Preferred
9914 21
MAN
97 104
86
Sharon Steel limp 1st 88 ser A '41 MS 99 Sale 99
Preferred
Deb 68 2014
1942 AU 10112 Sale 101
6
10112
Farms 654s
9912 103
com.100 112 114 Amer Machine & Fdry_ _100 137
8 9
9
8
Sheffield
Amer Light & Tree
100
8212 874
Sierra A Ban Fran Power 58.1949 FA 8412 8714 8414 Oct'23
BritIsh-Amer Tobac ord. £1 *231 24
Preferred
-year 78-1937 MB 92 Sale 9134
9212 72
9134 10112 Amer Power & Lt 0(1111_100 175 177
24
Sinclair Cons 011 15
Bearer
1938 JD 854 Sale 8534
95 85
100 82% 8
9714
865
5
92 94 Helm feaeo W)Co, new 21
3
13345 B (w l)
51
pree d100
Preferred
1925 AO 96% Sale 9612
23
94 10034
97
MA
Sinclair Crude Oil 045
110
:24391 113
Deb 65 2016
1926 FA 963 Sale 9618
8
9614 32
93% 99% Amer Public UM corn..100 29 30 Imperial Tob of G B & Irel'd *16
17
155
1942 AO 804 Sale 8012
8112 85
100 68 71 lot Cigar Machinery-100 57 62
,
80 4 8912
Sinclair Pipe Line 55
7% prier pref
100% Sale 100% 10012
100 46 48 Johnson Tin Foil & Met-100 90 90
7
984 102
1
South Porto Rico Sugar 75_1941 J
87
4% partio pref
T 1st s f 55-1941 J J 95 Sale 94%
11
05
10
9034 0578
55
South Bell Tel &
MacAndrews & Forbea_ 100 12 135
3
0
3
6% preferred
-1947 .5.5 8634 Sale 8634
874
863 92
4
4
71 IiSouthern Colo Power
Preferred
99
13lackstone Val G & E corn 5 •
4
9938 9914
9914
96% 10012 Carolina Pow & Lt com.100 78
81 Mengel
Stand Gas & El cony si 6s..1926 J D 99
23
193(1 MN 94% 963 94%
4
9512
4
9
94% 9914 Cities Service Co com- _ _100 128 127
614
oan-Amer Tob 100 68 73
Standard Milling 1st 58
Co
39 100 10712
100 6634
Steel & Tube gen at 7s ser C-1951 .52 10212 Sale 10212 103
75
Scrip
Preferred
(Orienti) 75-1942 MS 94 Sale 94
4
993 Otte.;ServiceBankers'Shares 1278 132e Universal Leaf Tob com.100 13;
94
9
9412
Sugar Estates
100
.
2
0 70
Syracuse Lighting 1st g 58_1951 J D 92 93 92 Oct'23
94
Preferred
904 9112 Colorado Power corn.... 00 1812 194
84 834 Oct'23 -- 83% 86
100 9294 Youn ferr06 Co
Light &Power Co col tr sf58'54 J J 83
00 04
100 100 108
Preferred
preg (3 13)
3414 3434
2
99
981s 101
Tenn Coal, Iron A RR gen 58 '51 .5.5 99 Sale 99
Com'w*th Pow,Ry & Lt_100
106
9914 101% Com'w'th Pow Corp pref 100 z70 71
Tennessee Cop 1st cony 611-1925 MN 994 10012 9914 Oct'23 Rubber Stocks(Cleveland)
Power 68.-1947 J D 9212 Sale 9212
53 9218 95
93
Tennessee Rice
Consumers Power pref 100
7 l
7 f f; 2 Firestone Tire & Rub corn 10 *63
34
1960 J J 53 Sale 50%
53
5012 62
Third Ave 1st ref 45
89
Mee Bond dc Share pref _100
4134 308
AdjustmentIncome 58-01960 AO 4012 Sale 39
39 6214 Federal Light A Tracti00(5) 68 67112
6 13 70
6
100 85 87
1937 .5.5 9212 9311 94 Oct'23 -100 68
9514
90
Third Ave Ry 1st g Si
Preferred
General Tire & Rub corn 50 *150 160
1931 FA 102% Sale 102
10234 29 10112 105
Tide Water Oil 63611
100 9
Lehigh Power Securities-(5) .234 24
98
-1931 J O 10712 1073 10714 10738 90 10234 10758 Mississippi Riv Pow corn 100
4
Tobacco Products a
20 Goodyear Tire & R com.100
7
12 8 s
8
1941 MS 106% Sale 10614 1074 36 1054 107%
100 80 83 Goody'r T&R of Can pf _100 07612 78
Toledo Edison 75
Preferred
1925 FA 97% 97% 9738 • 98
14
9712 9912
1951_ Ha
Toledo Trac, L dr P65
1092214 Mason Tire & Rub corn.
First iratge 55,
4
11
(I); 1
15 2
5e_._1949 MS 9218
9214 July'23 -_
9214 95
Trenton (1 & El 1st g
17
S F g deb 75 1935__MAN 1090114
Preferred
_ 85 Oct'23 _
9314 Nat Power & Lt corn_ _(1) '5612 58 Miller Rubber
8.5
Undergr of London 43411.--.1933 J J 9018
63
19* J J 89%
894 Oct'23
86% 89
Income 68
Preferred
188 88 92
*84 85
Preferred
1942 MN 9538 Bale 9514
9534 15
Jar., 85
95 99
Union Bag dr Paper 65
Income 78 1972
8
5
100
Mohawk Rubber
9614
4
4
973 Northern Ohio Electric.(t) "5 87
95
Union Elec Lt & Pint g Se...1932 M S 9618 96% 9614
Preferred
8
MN 9112 92% 92
1933
924
6
100 21
8814 9212
513
23 &Marling Tire & Rubber12 1
Preferred
1
3
3 12 912
-194r 40
70 June'23 _ _ _ _
70
70
Union Elev (Chicago)S..
45
North States Pow com.100 964 9812
Preferred
1931 • J 92 94 96 Aug'23
90 96
100 9_1
Union 011 be
Preferred
219_4_ Bwinehart Tire & R com-100
99
4
c1942 FA 9712 Sale 9712
974 102% Nor Texas Elec Co com.100
65
100 40 50
ig
Preferred
11 102% 105
100
Tank Car equip 78-1931 FA 10312 104 10314 104
Union
Preferred ,
Sugar Stocks
11014 Bale 10938 11034 16 10914 11314 Pacific Gas dr V let pref 100 86 88
1941 JD
United Drug cony 85
12
50 *10
Caracas Sugar
944 13
98
92
United Fuel Gas 1st t 68.-1936 J J 94 Sale 94
79
Power Securities corn_ (5) .61
ugarugar com_12
97 F entm
415 Caja Agusirre S
4
;
021
12
874 974
(I)
United Rye Inv bs Fitts issue 1026 MN 9214 Sale 9214
95
Second preferred
5712
58
7
5612 6318
United Rye Bt L 1st 9.48-1934 J J 5712 58 88
Coll trust 65 1949_ _J&D F 82
6822
pr rfe Sugar
edeealrred Ref com-100 63 65
10
871
87
86 93
100 90 100
Incomes June 1949__F&A
United SS Co int rcta 68_,- -1937 MN 86
62
7
99%
8
993 99
1942 A0 99
98 10112 Puget Sound Pow & Lt.-100
5
00 68 10
United Stores 65
Godchaux Sugar, Inc-12) .
6 10(118 103
10214 102% 10214 10214
1932
100
75
US Hoffman Mach 85
Preferred
6% preferred
9978
8
997
b
8 1924 J J 997
99 10212
100 c1101 103 Great Western Sugar new 25 *8714 873
89 83
U B Realty & I cony deb g bs
4
7% preferred
84
8514 181
8912
84
US Rubber let dr ref be ser A 1047 .1 .1 8514 Sale 10214
1
Gen mtge 7545 1941 _ MAN 104 10512 Holly Sugar Corp corn--(g4 *1/ 45
10312 50 10214 10912 Republic Ry & Light...100
1930 FA 103 Sale
14
75
-year 7345
10
16
Preferred
Sale 9912
9934 15
987 102
100 3638 Juncos Central Sugar-100 90 110
s
US Smelt Ref & M cony 68.1026 FA 9012
Preferred
102% Sale 10218 102% 169 10034 104
d1963 M
U 13 Steel CorpIcoupon
Booth Calif Edison com.100
192 National Sugar Refining.100 8414 8612
100 Sept'23
_
100 10412
100
95 100
at 10-130-yr Salregistered _c11963 MN
8% preferreu
17 New Niquero Sugar
804
80
9134 Standard Gas & El (Del) 50 .7 1812 Santa Cecilia Sug Corp pf 100 78 13
Utah Light & Traction 55... _1041 A0 8014 Sale 8014
5
1
,
883
4
4 28
1944 FA 8812 Bale 873
853 92
4
so "
*51
Utah Power & Lt 1st 58
Preferred
8aPvarenfnearriledSugar corn...
55
9514 Sept'23
(2) •14
95 953 Tennessee Elea Power...
4
Utica Eleo L A Pow 1st a f be 1950 J J 954 -8
15
80
4
1967 .5.5 8814 903 90 Oct'23
Utica Gas & Elec ref be
89 9214
*44 40 Sugar Estates Oriente pref_-85 90
Second preferred
Power Corp----100 25 27 West India Sug Fill Com82
0 10018 1 c2 23 --i. 995476 :2 Western
t
3 g 58
23 3 D
100
Va-Caro Chem let 15-yr 58_ 1947 .1 D _8_4_ 10
001 2
1:
82
Preferred
Preferred
84
Sale
1947 J
78
Short Term Securities
5
1937 J J 025 GA 6114
8 f 7;0
Am Cot Oil 65 1924_ _M&S2 994 9934 Industrial/Miscall
6812 Oct'23 --__
58
9012 Amer Tel&Tel 65 1924_F&A 1001 10014 American Hardware_ __-100 58 59
Without warrants attached_ J .1
Va Iron Coal& Coke let g 55 1949 M 13 -iio- -iii" 92 Oct'23 -___
3
929512 Anaconda Cop Mln 68'29 J&J 1007 10138 Amer Typefounders corn ILO t4) 83
N14 79 Ang'o-Amer 011 734s'25 A&O 1017 10218
1934.5 J 8612 87 8612
lg 4 S 1
Va fly Pow 1st & ref be
Preferred
Pr
100
95
1942 J D 96 Sale 95
Sugar 75
99
Federal Bug Ref 6s'24_ MAN
Bliss (E W) Co hew--(t) •17 19
8 104
7 10134 106
1041 J D 104 Bale 1027
MAN
Warner Sugar 75
fii
Os 1933
Preferred
- 50 557 59
.100 Oct'23 _ _
1939J J 9934
984 100
Wash Wat Power e f bs
Hocking Valley 65 1924 MAS 10018 1003e Borden Company com 100 118 120
953
8
2
9312 97% Interboro 11 T 88 1922 _SIAS
Weetches Ltg g be stmpd gtd 1950 J D 95% Salo 9534
Preferred
100 100 104
West Penn Power Ser A be_ _ 1946 M S 9018 9034 904
86
K C Term Ry 68'23 MAN15 997 166 - Celluloid Company
100
9
6 10
J&J 103 10312
0 9
-year 65 Series C....1958 .1 D 10112 Sale 10114 113:1%
88 10215
1st 40
9
Preferred
100 108 112
634e July 1931
104
10418 10 10218 1074
c1946 F A 10414 104%
1926 99% 100 Childs Company corn...100 159 181
let series D 75
5125
8838 19
1963 M S 8814 Sale 88
8912 Lehigh Pow Sec as '27.F&A 9412 9514
87
5e F
100 111 113
Preferred
,
Western Union coll tr cur 55_1938 J .1 9714 977 97 8
Bloas-Sheff S&I 68 '29_F&A 9712 98 Hercules Powder
100 105 110
1'4 a
87
Fund & real estate g 4368.1950 MN 9112 9214 91
g
61 13.7
100 104 108
U S Rubber 75434 1930_F&A 103
Preferred
.
29 108 1117e Joint Stk Land Bk Bonds
1936 1" A 10978 Bale 10812 110
-year 8368 g
15
100 77
International Salt
10718
Westinghouse E & M 78....1931 M N 10718 Sale
10512 10812 Chic Jt Stk Land Bk 58_1951 10012 11002312 International Silver pref 100 102 105 WIckwire Spen Steel lst 7e_ _1935 J J 917 Sale 91
10012 102 Lehigh Valley Coal Bales 50 *76 77
58 1952 opt 1932
96
8 171Z .i
.
Wilson & Co 1st 25-yr s f 08_1941 A 0 9512 Sale 953
g:4
102 104 Phelps Dodge Corp
100 140 150
534s 1951 opt 1931
8434
1928 J D 843: Sale 8414
-year cony s f 65
10
1952 opt 1932
e
,12
43/28
989 00 Royal Baking Pow com.100 120 126
9
,
1931 F A 9512 Sale 95 8
17
9
7345
614 21
93 88
83 105
100 9712 9812
440 1952 opt 1932
19Preferred
Sale 1023
4 10314 18 10012 106
1941 A 0 1024
Winchester Arms 73•58
9912 101 Singer Manufacturing_ _100 120 122
4
43 0 1063 opt 1933
4 88
933
Young'n Sheet & T 65(w 0-1943 J 3 9312 Sale 9312
934 9912
•per share. 3. No par value. h Basis. a Purchaser also pays accrued dividend.
*No price Friday:latest bid and asked, a Due Jan. a Due Apr. e Due Mar. ti Due g New stook. f Flat price. ft Last rale. n Nominal. z Ex-dividend. g
May. g Due June, A Due July. k Due Aug. a Due Oct. 9 Due Dec. s °Maori sale. • Ex stock dividend. • Sale price. sCanadl&n quotation.
it
4
preferred
R preferred
100
iii:
5
77
Is
1 7
Iv
Iss 20 Id"
iv _
st
lir;
so
X
•
1982
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICE
-PER SHARE. NOT PER CENT.
Ilaitsrdall,
Oct. 27.
Monday,
Oct. 29.
Tuesday, I Wednesday.' Thursday.
Nov. 1.
00. 31.
Oct. 30.
145 145 145 146
145 145 I 145 145
145 145
75h 751
75h 76
7512 76
7512 76121 75'2 76
9312 9312 *9312 ____ 93h 9312 *9212 9312 '9212 9313
116 116 '115
116 116
+116 ____ +115 116
•97 98
97
9714 98
97
97
97
97
97
*10
912 10
1012
1212 1212
9
10
912 913
1111.0 ____ *10 ____ 10
*9
10
10
10
10
13
13
13
13
1318 14
1212 14
1314 1314
•____ 1912 4
,____ 1912 1912 1912 ____ 20 •____ 20
*174 20 . __ 20
1912 1912 *____ 20
3_
22 23
22
22
23
22
22
*20
*140 _ _ _
*139 _ _ _ _
2012 21
20
22 *____ 2178 201 201
20
2214
.60 ___
60
60
60 60
53 *51
53
55 *51
3_
*- _ _ 55 ' _ _ _55 *51
34
33
;lira IS- 3414 I412 3414 I41- 334 34
4
26
2512 2512 *25
2714 25 25
*25 2714 *25
11
1112 11
1114 1114 •12
1112 11
ell
1214
*____ 67 •-___ 67
80
80 •76
70 ill 6712 68
68 70
dr 69 "iti- 70
_ 28
*26
27 *26 ____ .27
30
Friday.
Nov. 2.
Sales
for
the
Week.
STOCKS
BOSTON STOOK
EXCHANGE
Shares.
' Railroads
14612 14612
85 Boston & Albany
100
428 Boston Elevated
76
76
100
94
91
Do Orel
94
100
55 Do lit pre!
100
111
Do 2d pref
-964 ii100
10
1014
968 Boston & Maine
100
100 Do pre!
100
304
Do Series A let pref
100
25 Do Series B 1st prat_ _100
--_ --__
25 Do Series C let pref__ 100
21
Do Series D 1st pref_100
- -155- 139
1 Boston & Providence
100
2112 224 1,680 East Mass Street Ry Co_100
5912 60
236 Do 1st pref
100
52
53
85 Do pre( B
100
114 Do adjustment
100
250 East Mass St Ry (tr ctfs) 100
35 Maine Central
100
-i.2- -1.11-4
404 N It N H & Hartford
100
Northern New Hampshire..100
10' Norwich & Worcester pref-100
-55i2 16-296 Old Colony
100
235 Rutland pref
30
30
100
Vermont & Massachusetts-100
SeeB t nage
a
l
Range singe .101.1 1923.
Lowest
143 Apr 3
75 June 29
9113 Aug 9
1114 Aug 2
9634 Nov 2
9 Oct 27
9 Oct 17
12h Olt 29
1912 Oct 30
1912 Oct 30
21 Oct 25
135 July 21
18 Feb 15
5912 Nov 2
52 Oct 18
33 Oct 31
3338 Oct 31
25 Oct 30
9 4July 5
3
65 Sept 8
80 June 12
6413 Oct 25
2112 Aug 25
72 Oct 3
Highest
PER SHARE
Range for Preston
Year 1922.
Lowest
151 June 14 13014 Jan
84 Jan 5
734 Feb
100 Mar 6
944 Mar
125 June 12 116 June
106 Mar 5 10112 Nov
2012 Mar 2
14 Jan
27 Feb 13
20 Jan
3212 Mar 1
22 Jan
48 Feb 6
36 Jan
42 Mar 22
30 Jan
59 Feb 7
40 Jan
16012 Jan 25 125 Jan
35 Mar 22
18 July
72 Jan 16
66 Aug
65 Mar 19
51 July
46 Mar 22
28 July
45 Mar 21
29 July
43 Jan 2
274 Jan
2212 Jan 30
1214 Jan
84 Feb 3 69 Jan
100 Jan 3
58 Jan
81 Feb 14
57 Jan
3818 Feb 20
15 Jan
98 Jan 11
78 Jan
Highest
152 May
8913 Sept
105 Sept
126 Sept
109 Sept
315 May
37 Apr
4412 Apr
62 May
54 May
7712.May
163 July
2652 July
77 July
60 Nov
47 Aug
47 Aug
55 Oct
344 May
96 J1117
103+4 Dec
9814 May
5278 June
100 Ain
Miscellaneous
2
2
112 172 +134 2
*13
4 214
320 Amer Pneumatic Service_ 25
1 Sept 19
34 Jan 9
2' Dec
414 Jan
1312 1312 *13
14
14
*13
14
+13
•13
1312 1312 1312
60 Do pref
50 1212 Oct 23 20 Jan 10 13
Feb 2014 Aug
8
2
12338 1234 12234 1233 123 1233 123 1231 12338 1233 12338 1233
4
4 2,863 Amer Telephone & Tales_ _100 119 June 29 1253
4Mar 14 11418 Jan 12814 Aug
74
74
73h *x73
74
74
73
74
146 Amoskeag Mfg
74
74
73
74
No par 6713 Oct 9 112 Jan 5 104 Jan 121 Dee
7813 7813 *784 79 *784 79 *7813 79
4 Do pre!
*7812 79
No par 72 Oct 9 88 Jan 5
80 Nov 91 Aug
_ _ *z15 ____ *15
*z15 ____ *315
•15
Art Metal Construe.Inc__ _ 10 15 Mar 1 1 .12 Mar 14
14 Nov 2012 Mal
12
IL
11
*10
12
*10
12 '10
*10
12
300 Atlas Tack Corp__ _ _No par 10 July 2 2018 Feb 14
13 Jan 22 May
106 106
105 106 .106 107
1310512 107
105 105
160 Boston Cons Gas Co. pref-100 104 Oct 17 10812 Feb 24 10434 Aug 107 Deo
105 105
•.10 .20 +1.10 .20 •.10 .20 *10 .
*.10 .20
Boston Mex Pet True_.No pax .10 Jan 18 .30 Jan 25 .10 Sept .50 May
22 • 22
22
22 22
22
22
22
.933 Connor (John T)
2212 2312 2312 2312
10 19 July 5 27 Mar 19
1534 Jan 3078 Deo
*212 3
*212 3
.212 3
212 )t 8
East Boston Land
*212 3
*212 3-10
4 Jan 2
6 Apr
3 Jan
4 512 7
,
612 64
612 612 *612 7
147 Eastern Manufacturing
7
7
7
7
5
613 Oct 29 1418Mar 5
7 Dec 1414 Feb
39
37
39
35
39
37
35
36
1,720 Eastern SS Lines, Inc
36
31
354 36
25 31 Nov 1 12712Mar 22
3812 Jan 8918 Oct
155 1553 155 157
156 156
15512 15612 15412 15512 15512 15612
4
709 Edison Electric Ilium
100 15412N0v 1 172 Jan 3 156 Mar 185 Sept
*312 4
*312 4
*312 4
Elder Corporation
*312 4
*312 4
No par
312June 30 104 Jan 2
--3 Mar 13 May
*9 10
*914 11
5 July g 294 Feb 5
Galveston-Houston Elea_ _100
.914 11
*1014 11
*914 11
28 Dec 39 Aug
712 712 *614 714 *614 714
71s 74 *614 712
20 Gardner Motor
6 Oct 25 154 Mar 3
No par
9 Nov 1614 Apr
16 '
31513 16
*15
1512 154 1514 154 15
255 Greenfield Tap & Die
1512 1534
25 15 Sept 21 24 Feb 10
15
17 Dec 2714 Feb
54
54
54
54
54
54 , 54
54
141 Hood
55
5312 5312
55
5313 >i 11 6312 Mar 13
43 Mar 5438 Dec
*344 36 *3412 36
*341 36
*341. 36
*3412 36
RubberNo
.. _ _ _ _ _ , ______ Internat Cement Corp_No par 32 July 2 44 Mar 19
26
Jan 3838 Mar
12 *10
*10
14 *10
Internat Cotton Mills
12 .10
50 10 Sept 14 22 Feb 19
12
*10
12
-20 Nov 32 Jan
5512 5512 *554 58 *5512 58
Do pref
15
5512 56 *53 -100 50 May 31 79h Jan 10
60 Aug 85 Dec
-- --- I
13.50 .75 '
3.50 .75 4.,50 .75 '
25 International Products_No par .40 Oct 20
3.50 .75 *.ao .55
:65 .
3 Mar 20
812 Mar
lls Dec
•112 4
+113 4
*11
185
*112 4
Do pref
4
2
*112 4
4
8 Mar 15
100
2 Nov 2
512 Dec 17 Apr
614 612
612 612
612 612
444 Libby. McNeill dv Libby__ _ 10
6
6
612
614 612
6
513 Oct 1
84 Aug 20
138 Apr 114 June
1014 1310
*10
1014 *10
25
1014 *10
814June 27 11 Apr 26
1014 10
10 - 34 Loew's Theatres
8 July 13
Jac
•
x783 79
4
256 Massachusetts Gas Cos._.100 781sMay 22 871s Jan 2 63 Jan 9012 Nos
79
79
784 79
79
79
7812 79
7812 79
68 6912 69 69
6814
403 Do prof
68
100 65 July 7 73 Jan 25
6813 68 68
62 Jan 74 Oat
6814 6812 68
158 158
158 160 *158 160 *158 160 *158 159 1 158 158
63 Mergenthaler Linotype_ -100 147 June 19 179 Jan 6 130 Jan 181
Oct
414 412 *4
4
4
4 Oct 30 1434 Feb 19
412 41
150 Mexican Investment. Inc_ 10
5
*414 5 I
11 Dec 2738 June
412 412
3119
20
76 Mississippi River Power-100 1812Sept 20 2814 Jan 31
20
1812 1812 1812 1812 1812 1812
19
19 •19
13 Jan 34 Aug
117 Do stamped pref
100 80 Jan 16 84 Feb 14
81
81
81
7213 Jan 854 Oot
*8034 81 I 81
803 803 *8034 81
81 1 81
4
4
10
232 234
2 Oct 30
834 Feb 13
2
213
634 Dec 1138 Jan
214 234
212 27
214 1,146 National Leather
2
2
214 214
3h 34 *2
412
*2
2 0 9
41zSept 13 .22 Dec
6 New England Oil Corp tr Otis_
4
5 Jan
+1113 114
112 113
238 New England Telephone-100 11113 Oct 24 122 Jan 3 109 Jan 125 Sept
11112 11112 11112 112 I 11112 1114 113 113
17
17
1 1634July 12 211i Apr 26
13 Jan 28 Oct
1712 174 *17
171 *1714 . 173
1712 *17
4 1713 171380 Orpheum Circuit, Inc
544 on 27 190 Jan 2 11534 Oct 192 Dec
841 85
8412 85
395 Pacific Mills
8413 8434 8412 844 85
843 85
4
85
•15
10 15 June 26 18 Mar 14
1534 *15
1211 Apr 16 July
1534 15
153 *15
15 ---------110 Reece Button Hole
15 i 15
4
2 Jan 11
314 Mar 15
lh Dec
3 Mar
15 Reece Folding Machine.._10
*2 ____
5 .50 Oct 25 2 Feb 20 .50 Nov 71s Apr
---- ---- ---- ---- ---- ---- ---- ----------Simian
101 10112 101 10122 101 10112 101 10112 101 101121 101 A 10113
100 9813June 26 10913 Jan 6
924 Jan 1101s Reps
641 Swift & Co
*42
43h +424 4312 43
39 July 8112 June
25 42 July 31 50 Mar 9
43
423 43 , *4234 4312 --------133 Torrington
4
a 712 Jan 19 11 Mar 7 8 Mar 1414 Feb
Union Twist Drill
34
3412 3312 3418 33
37 Jan 45 Mar
25 32I214ov 2 5534 Mar 8
3234 3312 3314 34
34
324 3334 5,764 United Shoe Mach Corp
251 26
2512 2512 2512 2512 *2512 26
25 Jan 2712 July
25 2458June 14 2814 Jan 11
333 Do pref
26
2512 2512 26
234 2312 23
234 2318 2338 23
2178 Jan 334 JUDO
4,085 Ventura Consol 011 Fields_ 5 1934 Aug 23 30 Jan 2
2414 2312 2412 2312 24
154 157
8 1534 1578 153 1532 15 2 157
2
48ePt 17 42218 Mar 19 61314 Jan iI3913 Dec
1,381 Waldorf Sys,Inc,new shNo par 153
3
s 153 157
4
2 1534 16
*812 10
812 812 *812 10
--------122 Walth Watch CI B com.No par
812 812
5 Feb 15 13 Mar 17
214 Nov 14+4 Apr
8
87
2
*18 20
18
18
20
18
*18
18 *17
25 Preferred trust ctfs
11 Nov 49 Apr
100 1512 Mar 6 291:Mar 19
20
17
17
•1714 1734 17
1718 1714 1738 17
1712 1718 177
8
712 Feb 13 Oct
8 1713 1772 1,927 Walworth Manufacturing- 20 1114 Jan 5 177 / .t 22
29
29
2834 2834 2838 283
8 2834 2834 283 2834 283 2934
328 Warren Bros
4
ao 2512 Jan 31 3412 Mar 14 1712 Jan 3534 Sept
4
*31
32
31
31
3034 3034 3034 303
160 Do 1st prof
31
31
32
4 31
50 30% Oct 30 3913 Mar 14
304 Jan 3814 Oct
*35 37 *35 37 *34
37 *35 37 *35 37Do 2d prof
50 33 July 10 42 Mar 15
31 Feb 4434 July
____ ____ ______
6 620
Wickwire Spencer Steel- 5
____ ____
5 Oct 18 1213 Feb 21
83 Nov 21 may
4
Mining
•.25 .30 13.20 .30 '
3.20 '.30 '
3.20 .30 *.20 .30 '
3.20 .30
1 Apr
1 Feb 28 .50 Jan
Adventure Consolidated__ 25 .25 Feb 16
Ahmeek
25 54 July 5 87 Mar 1
56 Nov 66 May
•.12 .20 •.12 .20 *12 .20 .
0.12 .20 "112 .20 *.12 .20
Algomah Mining
25 .10 July 5 .50 Mar 2 .03 Sept .50 Apr
_ _1_34
i
.. _1_ _ i.
1z
ii8 Alloues
i
i„?. _j:i,{, ; ., _ yi4
25 15 Aug 9 34 Mar 1
19 Deo 324 Jan
*1
--Iix.--. --113 -IC. --- 2
1 {.,
Arcadian Consolidated
25 .70 July 3
2 Mar
4+8 May
44 Mar 5
*8
812
8
8
732
732
712 77
8 •713 8
165 Arizona Commercial
8 ,
8
5
73 Jan 6 1413 Mar 2
6 Nov 1012June
s
*1412 1512 *144 1512 144 1412 *144 1512 +1413 1512 ---------50'10 1413 Oct 30 19 Feb 19
Bingham Mines
13 Jan 1834 Sept
174 1712 17
1713 1714 171
17
18
4
02 Calumet & Elects
1814 19h 187s
25 17 00,25 49 June 15 248 Nov 301 Aug
*3
314
3
3
935 Carson Hill Gold
*3
312
314
315 312
3
3 12
3
938 Feb 13
1
24 Oct 4
578 Nov 1634 MO,
..ii; ii1_
1
4
__ _______ ______ Centennial
25
8 Nov 134 Fe'
7 Jan 18 15 Mar 1
2284 23
-2284 23
ig4 I3 4
14
3518 Deo 463 May
23
25 2212 Oct 31 4634Mar 1
2334 223 23% 2,652 Copper Range Co
4
212 212
2+44 212
24 214
.
214 212
914 Jan
212 212
24 Nov
232 234 1,910 Davis-Daly Copper
10
5 Feb 23
214June 28
412 412
412 434
412 412
412 412
74 Nov 1214 Jan
412 413 1,380 East Butte Copper Mining_ 10
438 438
438 Nov 1 114 Mar 1
.80 .80 '
•.95 112 '
3.90 114
5 Franklin
3.80
114 '
34 Apr
232 Mar 5
3.80
1
Apr
25 30 May 22
114 '
3.90 114
112
1
112 *1
*1
1
*1
20 Hancock Consolidated
114 *1
112 *1
4 Mar 5
1 Oct 30
14 Aug
25
114
34 Mar
*2912 30 *2912 30 *2912 30
30 30
275 Hardy Coal Co
8June 7
1 244 Mar 28 333
30
30 I 2912 2912
*.25 .50 '
3.25 .50 •.25 .50 +.25 .50
100 Helvetia
114 Feb 20 16" -Bei, WiA.50 .50 '
ir
25 .10 Sept 17
0.25 .50
10114 10112 10014 10112 100 10012 101 101
730 Island Creek Coal
1 97 July 2 11513 Apr 7 814 Jan 11638 one
101 10112 9914 10014
92 92
93
93 *92
*91
92
88 Feb 9712 Nov
94
138 Do pre!
1 91 Oct 8 10012Mar 28
93 9392 93 .
1612 •16
17
1634 16
1614 1713 1714 18 I 171x 17h
16
18 Nov 2614 May
560 Isle Royale Copper
25 16 Oct 2k 3314 Mar 3
278 27
8 *214 234 *214 234 2'5fs 215{6
110 Kerr Lake
*214 234 *2I4 2 4
3
a 2 July 17 34 Jan 2 3 Feb 478 Apr
.75 .75
.75 .75 +,85 1 1 .75 .75
*.85 1
214 Mar 5
80 Keweenaw Copper
•.85 1
1 Feb
25 .60 Sept 4
84 Apr
114 114 *114 112
514 Mar 1
158 Lake Copper Co
25
1 Oct 25
214 Feb
14 14 *14 134
114 112
14 114
53 May
4
1
1 Nov
314 Mar 1
150 La Salle Copper
25
*1
1 14 *1
1 Oct 30
114 *1
114 •1
134
114
1
1 ,
214 Apr
%
,,,
1% 1
*172 212 *17
138.1une 15
Vs Mar 27
215 Mason Valley Mine
5
111 Jan
8
2 212
4 *lh 24 *14 2 I
24 May
+-4 13
112
*1
1
1
1
*1
140 Mass Consolidated
25
1
1 Oct 16
113 *1
44 Mar 3
l's Dec
1
434 Apr
A
112 1 1 4 14
134 134
7 Feb 10
13
25
4 134
14 Oct 19
134 13
24 Dec
13
4 13
4
61 Apr
4
112 14
1h 1h 1,290 Mayflower-Old Colony
•112 2
*112 172
4 Mar 17 .75 July
114 114 *114 13
12 Michigan
25 .90 July 3
7 Apr
4 *114 13 ---- ---...
4
32 32
32
27
25 27 Oct 31 71 Mar 2
3112 3112 29
2912 29
777 Mohawk
52 Nov 68 June
3114
31
31
1478 15
1414 15
1414 1412 1414 1434 143 16I 154 16
New Cornelia CbpPer
a 144 Oct 29 241/Mar 2 1514 Deo 2012 June
4
I 2 865 New Dom. copper
'
*
214 3
*214 3
*27
.23
s 3
8 3
414 Apr 4
24 Aug 20
*238 3
_._ _ __
*37 ____ *37 44 *37
44
New River Company
100
35 Apr 18 40 Apr 2
*37
44 *37
37 Jan 40 Feb
44
*37
44
•2134 80 *3733 80 *7312 80
4
10 Do pre!
73 Jae 85 Oct
100 7334 Oct 23 84 Mar 1
80
75
75 *77
*75 80
512 512
*5 8 534
3
512 512
105 Nipissing mines
a 484 July 5 634 Feb 2
5 July
7 Jan
Ps 552
538 54 *53
2 6
172 2
172 17
Pi,Nov 1 1234 Mar
1,660 North Butte
2
13
15
4 18
14 17
8 14 IA
14 2
8h Oct 15 May
Oilbway Mining
2+8Mar
•25 .70 July 2
3.80 .90
14 Dec
44 Apr
--------80 '
•
144 *12
1414 1312 1414 14
15
830 Old Dominion Co
25 134 0 a 30 3212 Mar
1412 141
16 Nov 27 Jan
144 143
4
25 2484 July 18 46 Mar
25 Nov 3818 Aug
-;2i -- -81
"A
8 (
°8ee Cl
3
"A i 4 Mar
10 Park°ia ty Mining & Smelt- 5
-- -14 214 Aug 13
3
334 Nov
24 June
*1234 13 *1234 1312 1234 1234 .1212 13 *1212 13
200 Pd Crk Pocahontas Co_No par 1234May 22 1614 mar 2
*1234 13
*19
1912 19
18
19
19
19 , 1812 19
318 Quinsy
19
25 18 Oct 31 50 Mar
4
30 Nov 50 May
183 20
2812 2918 2734 2832 27
31
29
741 St Mary's Mineral Land- 25 27 Oct 31 5312 Mar
+28
29
32
*29
37 Nov 4812 May
3012
3.42 .45 *.42 .60 *.42 .60
400 Shannon
112Mar
*.42 .50 *.42 .45 '
.42 .43
10 .35 Sept 6
.25 Mar
14 May
114 May
3.25 .85
.25 Dec
3.25 .85 '
South Lake
25 .85 .
1 Aug
+.25 .85 .
3.25 .85 +.25 .85
25 .1.0 June 4
4 *114 13
4 *114 134 *114 14
14July 18
314 Mar
118 Dec
4 *114 13
434 July
•114 13
25
*114 13
4
erlor dr Boston Conner- 10 .90 July 30
ri r
138 *118 Vs *118 138
114
575 Sup
2+4 Oct
334 Feb 2
.90 Mar
114 14
*114 112 *114 112
.27 .27 '.30 .35 •.32 .35
.25 .25 '
3.25 .30
113 Feb 1
200 Trinity Copper Corp
114', Dec
318 Apr
.20 Oct 24
'.25 .48
.75
.75 .75 '.50 .75 *.50 .75
200 Tuolumne Copper
15 Aug 1
8
.40 Nov .92 May
10 .50 Oct 29
2
218 232
590 Utah-Apex Mining
212 27 ____
6 Apr 1
232 234 2'X, 23
154 Oct
0
4 Mar
*213 234
212 Oct 25
.75 .75 *.75 .90 •.75 .90 •
10 Utah Consolidated
.
3.75 .99
312 June
3 Mar
1 Feb
1 .75 Oct 30
.80 ---•.80 1
.41 .45 3
950 Utah Metal Os Tunnel
.45 .45
.49 .65
132 Feb 2
..40 .45
.80 Dec
.45 .45
1 .38 Sept 24
213 Apr
•.45 .50
112 •.75 113 +.71
1h +.71
30 Victoria
24 Feb 2
10.71
11 I +.70 112
.75 Nov
2231
: pr
25 .60 Am/ 30
1
1
.25 .25 *.25 .35
.25 .25
500, Winona
.25 .25
Apr
134 Mar
25 .20 Oct 26
•.25 .50 *.25 .35
5
75 Wolverine_
5
514
5
25
5
5 July 3 13 Mar I .2514 Nov 15 May
7 jn
3 *5
*5
53
6
2 53
5+2 54
*
Bid and asked Prices: no sales on this day. a Ex-rights. It Ex-dividend and rights. z Ex-dividend. g Ex-stook dividend. a Assessment paid.
/Beginning with Thursday, May 24, trading has been in new shares, of which two new shares of no par value were given in exahange for one share of old stook of $10
par value. In order to m.-ke possible comparisons with previous quotations, wo have divided all these previous quotations by two.
&des
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record -Transactions in bonds at Boston
Stock Exchange Oct. 27 to Nov. 2, both inclusive:
Bonds-
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1.
High.
Low.
41
45 $6,8500 41
Atl Gulf & WI SS L 58'50 43
79% 79% 1,000 7834
Chic Junct & US Yds 45'40
3,000 88%
1940 9334 93% 94
5s
Eastern Mass Street RR
1,000 59
59
59
series A 434s
1948
16,000 100
101 101
1936 101
Hood Rubber 78
93% 93% 2,000 933-4
Martel Mills 78
1937
9434 2,000 92
94
1929
Mass Gas 4345
91% 91% 1,000 89
1931
4346
92
10,500 89
91
Miss River Power 5s_ _1957
New England Tel 55_ _1932 9734 9731 9734 19,000 96%
1944 96% 9631 9634 9,500 91
Swift & Co 55
103% 104% 1,000 102%
Warren Bros 734s_ _ _ _1937 104
11,000 94
1932 95% 95% 96
Western Tel 55
Oct
May
May
62
84
95
Mar
Feb
Mar
Jan
Oct 72
July 102% Jan
Oct 9334 Pct
Apr 9634 Mar
Apr 9234 Oct
Jan
Apr 95
Mar 9934 Jan
Apr 9974 June
July 115
Mar
Feb
Mar 98
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Oct. 27 to Nov. 2, both inclusive, compiled from official Sales HAS:
Stocks-
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
9
9
100
Am Vitrified Prod, com_50
45
88% 88%
Am Wind Glass Mach_ _100
45
Preferred
100 92% 92% 92%
108% 108%
20
Am Wind Glass Co, pf _100
4%
434 534 1,385
Atkansas Nat Gas, com_10
200
2% 234
Carnegie Lead & Zinc_ _5
15
18
18
Consolidated Ice, pref__50
118
Harb-Walk Refrac,1%--100 102% 102 102%
834
50
8
Indep Brewing, pref_ _ _50
107% 107%
150
Jones Sr Laugh Steel,61100
125
25
26
35
Lone Star Gas
50 523-4 52% 5334
315
Mfrs Light & Heat
Nat Fireproofing, corn_ _50
73.4 731 1.100
50 1834 18% 19%
620
Preferred
1 11% 11% 11%
20
Ohio Fuel Oil
31% 1,820
25 31% 31
Ohio Fuel Supply
669
Oklahoma Natural Gas...25 23
22% 23
4% 5
45
Pittsburgh Brew, pref _ _ _ 50
98
98
20
Pittsburgh Coal, pref _ _100
9c 110
8,500
Pittsb & Mt Shasta Cop_ _1 10c
6
6
205
Pittsburgh Oil & Gas
5
6
159
199 200
Pittsburgh Plate Glass_100 199
Salt Creek Conslo 011_ _ _10
6% 7% 2,935
634
222
Stand San Mfg,coin_ _ _100
84% 86
2,200
10
834
731 9
Tidal Osage 011
139
Union Natural Gas
25 27% 27% 28
200
U 8 Glass
25 2334 23% 23%
528
West'house Air Brake_ _ _50 7934 79
83
40
W'house El & Mfg, com..50
56% 5634
424
West Penn Rys, pref _100
87% 88%
BondsHeirizinkArnri Plata cli a t‘iii
AO t4 004 51 000
Range since Jan. 1.
Low.
High.
6% July
78
July
89% Aug
106
Sept
434 Oct
231 Oct
18
Oct
Mar
102
6
Jan
106% Mar
23 May
51
May
6
July
1434 July
11
Sept
30
July
18% Mar
4% Aug
97
Jan
9c Nov
534 Sept
165
Jan
634 Nov
73
Mar
734 Oct
23% Feb
23% Oct
67
Apr
50
July
77
Apr
0O'.4
934
95
107%
110
10
434
36
122
10
110
27
60
834
20
18%
36%
Oct
Mar
Mar
Oct
Jan
Aug
Jan
May
July
Aug
July
Feb
Feb
Oct
Feb
Mar
36% Mar
8
Mar
100
Mar
28c Jan
10% Feb
205
Jan
17% Sept
Oct
86
1334 Feb
29 Sept
29% Oct
86 Mai
69% Mal
88% Ocl
Oct 101
Aug
-Record of transactions o
St. Louis Stock Exchange.
the St. Louis Stock Exchange for week from Oct. 27 t
Nov. 2, both inclusive, compiled from official sales:
Stocks-
1983
THE CHRONICLE
Nov. 3 19231
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sa.e
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
,
Diamond Match
100 113
112% 113
Eddy Paper Corp (The).-• 33
33
3334
Fair Corp (The), pref lei
101% 102
Gill Mfg Co
• 18
17
18
*
8
Godchaux Sugar, com
834
Gossard (II W),pref _ _ _100 28% 25% 28%
80%
Great Lakes D & D__ --100
80
118 119
Hart, Schaf&Marx,com 100 118
10 17
15% 17
Hupp Motor
47
49
Hurley Machine Co
•
Hydrox Corp, corn_ _ _ _100 18
16
20
Illinois Brick
100
77
77
Illinois Nor Util, pref
84% 84% 84%
Inland Steel
25 35
35
35
laden Pneumatic Tool___• 82
82
80
Internat Lamp Corp_ _ 25 II%
11%
9
41%
Kellogg Switchboard_ _ _ _25 41% 41
Kuppenheimer & Co (B)
Inc, pref
100 89
87% 89
Libby, McNeill& Libby_10
631
631 634
10
3% 331
Lindsay Light
8
8
Preferred
10
Lyon & Healy,Inc, pref__ _ 96
9436 96
•
McCord Bad Mfg
31
31
44
Mid West UM,com _ _ _100 45
4534
100 82% 8234 83
Preferred
Prior lien preferred
9634 96% 96%
Murray Mfg Co
10
18% 18%
National Leather
10
2%
231 234
Philipsborn's,Inc,corn_ _ _5
2%
2
234
1
2
Trust certificates
2
2
10
18% 18%
Pick (Albert) & Co
98% 98%
Pub Serv of No III, com_ •
100 98% 98
98%
Common
100
Preferred
8934 90.
100 225
222 225
Quaker Oats Co
100
Preferred
9734 9934
10 16% 16
16%
Reo Motor
27% 28
Standard Gas & Electric_ 50 28
50 48% 48
Preferred
4834
StewartWarnerSeed,cm100 78% 75
8034
100
Studebaker Carl)
9734 9734
100 101% 101 101%
Swift & Co
15 17% 1731 18
Swift International
Thompson, J R,com__ _25 5034 48% 51
Union Carbide & Carbon 10 5334 51% 54
5
5
United Iron Works,v t c.50
138 138
United Lt & Rys, com_100 138
100 77
7634 78
1st preferred
20 79% 7714 80
U S Gypsum
100
86% 8734
US Steel, corn
30
Vesta Battery Corp,cons_•
3034
23
23
Werner Malleable cast's.
• 46
4434 47
Wahl Co
Ward,Montg'y & Co,pf 100 10814 108 10834
20 23
22
23%
When Issued
* 102
102 102
Class "A"
34
34 %
Western Knitting Mills_ _•
•
7
7
6
Wolff Mfg Cern
25 117
11131 118
Wrigley Jr, corn
YellowCabMfg,c1B,new 10 93
87% 10534
117
11234 126
Yellow Taxi Co
Bonds
7541 7534
City Ry 5s_ -1927
Chicago
51% 53
Chic City & Con Rys 56 '27
Internountaln Ry, Lt &-rra
99
99
lst ref & impt s f 78_1945 99
Peoples Gas L & C
93
93
& C 1st 58'37
Chic Gas L
9636 9634
Swift & Co 1st s f g 5s_1944
80
1,725
165
660
485
1,085
100
110
4,365
65
2,055
180
25
25
1.440
2,200
53
Range since Jan. 1.
Low.
High.
109% July 121
22% Apr 40
Jan 106
100
16% June 28%
7% Aug 26%
24% Feb 3534
75 June 9434
Jan 119
98
15% Oct 25%
41% July 5031
15% Sept 32%
Apr 96%
60
83 June 87
July 50%
32
Oct 83%
80
8 May 32
3934 July 47
Jan
July
Jan
Apr
Apr
Apr
Feb
Oct
Mar
Aug
Apr
Jan
Sept
June
Oct
Apr
Sept
260
365
100
100
140
350
392
312
235
125
525
880
100
150
40
200
295
101
100
1,962
355
495
26,150
.50
1,195
2,415
1,535
10,429
100
10
230
975
150
50
10
785
60
10,37
436
375
75
1.688
59,830
50.300
Jan
Sept 95
87
8% Apr
July
5
4% Jan
231 May
734 Jan 10 Sept
9431 Oct101% Mar
Apr
26 June 39
Feb
36% May 53
80% July 86% Jan
Jan
96 June 104
Sept
July 21
18
834 Feb
274 Nov
Jan
2 Sept38
Oct
Oct2
2
1711 Aug36% Mar
Oct103% Apr
98
Nov103% Apr
98
Apr
89% Oct 99
Jan
Mar 236
210
Jan
85 June 100
11% Jan 20 May
17% Jan 3234 Mar
46% June 5134 Apr
6434 July 12434 Apr
9734 Oct 9734 Oct
9834 June 109% Jan
16 June 2134 Jan
43% June .5454 Oct
5134 July 6734 Jan
Oct 13% Feb
5
71
Jan 164 Mai
Apr
6934 July 94
Oct
51
July 104
86% Oct 8934 Oct
1634 Aug 37% Sept
1834 May 25% Feb
43
July 58% Jan
9534 Feb 112 June
18% May 2534 Feb
Jan 105 Sept
93
34 Oct10% Mar
4% Sept3536 Mar
Sept
Jan 118
100
Oct
8734 Nov 114
7034 Jan 190% Sept
4,000
14,000
73% Oct8334 Mar
Jan 6531 Mar
47
July
5,000
99
1,000
2,000
93 May
9234 Apr
99
July
93 NlaY
97% Jan
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange Oct. 27 to Nov. 2, both
inclusive, compiled from official sales lists:
r
148 Ma)
Friday
Sales
15334 Max
.
Range since Jan. 1.
Last Week's Range for
17
Jar1
Week.
Sale
ofPrices.
99% Jar
High.
Low.
Par. Price. Low. High Shares.
Stocks)
90
FelI
34
Jai1 American Elec Pow Co_ _50 2434 23
Feb 30
Apr
830 15
24%
.
103 Juni
Oct
89 63
Feb 79
100 7634 7631 77
Preferred
5431 Mat American Gas of N J. _100
25 7131 Aug 8331 May
7531 7734
6% Fel
Oct
8,035 20 June 32
• 29% 2834 30
American Stores
.;
60
Felt' Baldwin Locom, pref__100
Oct
5 11134 Apr 113
113 113
19
Mat Brill (J G)Co
Mar
Jan 91
2,095 49
100 83
78
83
75
Ap.,` Cambria Iron
Jan 45
Jan
37 40
40
40
50
119
Mat Congoleum Co,Inc
Aug 240 May
• 180% 14634 160% 1,011 104
78
Ma
10 23 Sept 26
Jan
24
24
' East Shore G dr E8% p1.25
116
Ma
Jan
Aug 86
150 60
64
100
64
!
101
Oc,t Eisenlohr (0t1.0)
Jan
55 9634 Oct 100
100
9634 96%
Preferred
91% Jai
270 52% July 66% Mai
59%
58
_100
Elec Storage Battery
100
No:
Feb
40 2334 July 27
2434 2434
•
Lighting Co
10431 Jun1 Erie
Oct 8134
1,200 62
63
62
General Asphalt, pref. _100
35% Ap`.. General Refractories
900 42% Feb 5934 Mar`Max
• 49
47% 49
Aim
429 4231 Jan 50
47
48
Co of N A __ _ _10
$6,000 58% Jan 63
60
60
M .. Insurance
125 3531 Jan 41% Oci
40% 4134
9,000 78
Oct 83% M I Kentucky Secur Corp- -100
78
78
834 Feb
7
534 Sept
.
654 636
Keystone Telephone_ _ _50
4,000 5731 Nov 64
Ja.,“
573( 57%
Aug 3434 Max
25 25
50
27
27
Preferred
500 9734 Sept 100 Ma.
99
99
2% Oct 1034 Fat
331
234 3,11 4,138
7 Lake Superior Corp_ _ --100
Jar
Aug 75
898 64
50 67
6634 67
4. Lehigh Navigation
a
Chicago Stock Exchqge.-Record of transactions ' Lit Brothers
Feb 2234 Jar
10
2034 •20% 1,055 20
Aul
54% Apr 82
1
60
60
Chicago Stock Exchange Oot. 27 to Nov. 2, both inclusive, Penn Cent Light& Power.*
267 79 June 93% Alm
87
8834
Pennsylvania Salt Mfg--50 88
compiled from official sales lists:
50
41% 42% 3,080 4134 Nov 47% Jaz
Pennsylvania RR
Fel
Feb 36
32
Phlla Co (Pitts). pf(5%)50
Sales
3234 3234
Friday
31% 8,27
2731 MaY 33% Jaz
25 31% 31
Phila Electric of Pa
Range since Jan. 1.
Last Week's Range for
52
2931 May 331S Jai
25 31
Preferred
30% 3131
Week.
ofPrices.
Sale
42
Aug 5031 lax
•
13
4634
Phila Insulated Wire
45
Low.
High.
StocksPar. Price. Low. High. Shares.
30
Jan 3536 Sep
1,04
Phila Rapid Transit_ ._ _50 3334 33% 34
4
5834 Oct67
Jai
59
59
308 83% Aug 197
F B Philadelphia Traction_ 50
Amer Pub Serv, pref._ _100 88
87% 88
50
331 Jan
6
Ma
5% 5%
n Railways Co General _10
10 59 June 74
67
J
67
American Shipbuilding _100
200 70% Jun
80
Fel
50
73
73
40 120
July 124% Se zt Reading Company
12354 123%
American Tel & Tel Co....
25 94
Aug 99 Mal
96
97
645 84% June 108
91
F b Scott Paper Co, pref_ _ _100 97
90
Armour a, Co (Del) pf _100 90
1
134 Oct2% Jai
1% 134 1,900
June 96
79% 1,055 71
.1 n Tonopah Mining
Armour & Co, pref__.-100 7834 78
50
322 35 Jun
4031 Jai
39%
39
475
7
Nov 10
J n Union Traction
734
Armour Leather
15
7
14 190
Jul 200
Jai
190 190
so 79 Oct 8734 M ir United Cos of N J___ 100
79
Preferred
79
100
50 54% 53
United Gas Impt
5434 1,346 4734 May 56
AP
Balaban & Katz Corp corn
Preferred
•
50
136 x54% May 5634 Fel
56
55
3,520 50% Nov 5634 0a
50% 54
ctfa
25 51
vt
8
8
400
8
Oct21% Ma
1.270 27% Feb 42
0-a United Rya Investment.100
33
Bassick-Alemite Corp_ _• 32% 31
44% 00
41
42
100 33
Ja
1% Nov
100
131 2
4% J n West Jersey & Sea Shore_50
•
Beaver Board
50
25 10
Oct 25 M y Westmoreland Coal
66
66
7 65% May 86% Ms
10
Certificates
10
Bonds15 23
Apr 3634 J n
Booth Fisheries. pref. _100 2931 2931 2931
July 9534 Ap
85
87
$3,500 82
2634 1,285 2234 May 30% 0.% Amer Gas& Elec 5s_ _ _2007
•
25
Borg & Beck
Small
2007
AP
July 87
• 8434 84;
675 10 Sep
1634 M y
600 84
10%
10
Bridgeport Machine Co_ _•
Jai
1948
97% 973 13,000 96% June 99
Oc
so
5% F 6 Bell Telep 1st 58
100
1% 134
Case (J I), 2d pref
Oct 8234 Jai
66
90
M sr Consol Trac N J 1st 54 1932
6634 10,000 66
66 82% Sep
8434 85
Cent Ill Pub Serv, prof _100
July 7134 Jai
6434 6434 9,000 60
87 8514 Oct 86
0a Elec & Peon tr ctf 46_ _1952
8634 88
•
Preferred
35
Apr 80
% July
1% F B Keystone Tel 1st 5s_ _ _1935 72% 72
73% 15,000 70
50
34
Chic C&C Ry pt sh corn. •
34
Fel
Oct 31
12
13
29,500 10
450
31 Aug
8% M ii' Lake Superior Corp 55 1924 12
34
Chicago Elev Ry, pref-100
54
Jai
77% 7731 3.000 7634 Aug 80
120 118 May 212
0a Lehigh Vali gen cons 462003
170 180
Chic Motor Coach, corn.-5 180
Jai
6934 69% 2,000 65 June 73
0a Peoples Pass tr ctf 4s..1943
460 85 May 99
91
90
88
Preferred
Oct 9331 Ma
cons & stpd 581951
8831 8831 7,000 8834
42% Xiiv Phil& Co
Chic Nipple Mfg Cl"A"50 41% 4034 42% 11,600 40% Octk
Ma
8034 81% 3,000 79 May 82
J .nPhila Elec 1st a f 4s_ _1966
Oc 131
353 126
126% 127
Commonwealth Edison 100 127
Ja,
Apr 103
1966 9834 98
1st 58
39,100 96
99
75 58% Aug 70
FB
62
61
Consumers Co, pref.__ -100
Fe
Nov 103
1947 98
5346
98
99% 5,100 98
Jn
534 Oct 12
5% 6% 5,370
6%
Continental Motors_ _ -10
1953 95% 66% 416u 71.000 95% Nov 99.31 Oc
5345
FB
90 10634 Oct 115
10834
10834
Crane Co, pre(
1941 103% 103 104% 31,500 10234 May 106% Ja
65
187 40 June 64% J .n
5031
50
Cudahy Packing, corn..l00 50
10034 100% 3,000 9934 May 100% Ja
Daniel Boone Wool M1l1s25 3634 333.4 36% 21,525 1934 May 62% J .n Spanish-Amer Iron 65_1927
108 4834 June 74% J
100
6014 6214
Deere & Co, prof
•No par value.
Boatmen's Bank
Nat'l Bank of Commerce_ _ 14034
United Railways. pref
Brown Shoe, pref
Certain-teed Prod'ts, 1st pf 73
Chicago Ry Equip, corn...
Fred Medart Mfg., pref _ _ _
35
Fulton Iron Works,coin _
Hydraulic Press Brick,corn
434
54%
Preferred
Indiahoma Refining Co_ _ _
International Shoe,corn. _ 72
115
Preferred
Laclede Gas Light, pref.
105
Laclede Steel Co
Mo.Portland Cement
84%
National Candy, corn
-B. D. G., corn_ 100
Scruggs-V.
Southwest Bell Tel., pref._ 103
Wagner Electric, coin
Bonds
Alton, Granite & St L Tr 58
E St Louis & Sub Co 5.4_
--5734
United Railways 4s
Wagner Electric Mfg 75_
142% 14234
140 14034
10
10
88. 89
73
73
30
30
102 102
35
35
434 4%
5434 54%
1
1%
71% 72%
114% 115
75
75
105 105
99% 100
84%
82
99 100
103 103%
2934 30
5
18
120
53
10
22
10
20
40
170
60
267
202
40
30
30
90
130
18
226
142
140
10
89
70
30
102
35
3%
4734
1
6331
14
73
101
7934
7334
94
101
21
Sept
Oct
Oct
Oct
Aug
Oct
Oct
Nov
Aug
July
Oct
Jan
Oct
Apr
Jan
Jan
Aug
Feb
July
Aug
1984
THE CHRONICLE
Baltimore Stock Exchange.
-Record
Baltimore Stock
Exchange
of transactions at
Oct. 27 to Nov. 2, both in-
clusive, compiled from official lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Stocks-
Arundel Sand & Gravel 100 _ 4541
Baltimore Trust Co
50 155
Baltimore Tube, pref_ _100
• 3441
Benesch (I), corn
25
Preferred
Cent Teresa Bug. pref_ _10
334
Ches & Po Tel of Balt_100 10934
25 78
Commercial Credit
25 25
Preferred
25 2834
Preferred B
Consol Gas,E L,k Pow_100 10834
100 10534
7% preferred
100
8% preferred
Consolidation Coal_ __ -100 82
• 49
Eastern Rolling Mill
100
8% preferred
50 80
Fidelity ,k Deposit
Finance Service Class A _10
Ga So & Fla 2d pref_ _100
Houston Oil pf tr ctfs_100
Manufacturers FInance_25
25
1st preferred
25 23
2d preferred
Maryland Caaualty Co_ _25 8534
Merch de Min Tr Co_ _ _100
Mt V-Woodb M pf v t r 100
New Amsterd'm Gas Co100
50
Northern Central
Penna Water & Power_100 10034
United Ry & Electric_ _ _50 17
U 8 Fidelity & Guar_ _ _ _50 155
50
Wash Bait & Annap_
4531 46
155 155
45
45
3444 3434
2541 2534
334 334
10934 11031
78
79
25
2534
2634 2634
10834 109
105 10554
11634 11744
8234
82
4634 50
8534 88
79
80
1634 1634
30
30
8134 82
5054 5034
2434 2434
23
23
8534 8544
10541 10541
55
55
3831 3834
7334 74
993( 100)4
16
17
155 158
8
8
Range since Jan. 1.
Low.
High.
Jan 4744 Oct
165 40
2 155
Jan 160
Feb
Oct 65
11 45
Apr
75 3254 Aug 36 June
90 2541 Oct 2834 Jan
40
231 July
431 Feb
31 10854 June 11034 Mar
190 48
Jan 80
Oct
326 2434 Oct 2534 Apr
132 2541 Aug 2734 Jan
296 10634 July 118
Mar
62 103
July 108
Mar
175 114
Sept 120
Jan
264 82
Oct 98
Jan
61 25
Jan 60
Apr
Jan 100
112 80
Mar
58 7834 July 14434 Apr
Aug 17
115 15
Jan
25 25
Oct 30
Oct
Aug 95
75 80
Jan
14 50
July 5734 Jan
9 2434 Oct 2634 Feb
25 2134 Oct 2634 July
Jan
37 82 Sept 90
Apr
1 10454 Aug 121
Aug 7354 Mar
2 50
Jan 3934 Oct
30 35
July 77
Jan
33 72
428 9831 Sept 10834 Mar
141 1541 Aug 2034 Jan
Jan
Jan 164
54 147
Oct
Aug 17
8
20
BondsConsG,EL&P ser E 5346'52
9731 9734 81,000 97 May 100
' Jan
1949 10141 ung 10134 5,000 10041 Apr 10334 Jan
Series A fts
Consol Coal ref 434s...1934
Feb
89
89
1.000 8834 July 92
Elkhorn Coal Corp 681925
9634 9634 2,000 9834 Oct 9934 Jan
Fair & Clarks Trac 58 1938
90
90
2,000 90 May 9334 June
Fairmont Coal 58_ _ _ _1931
Apr 9734 Mar
9431 9441 2,000 94
Macon Dub & Say 58_1947
5141 52
3,000 4934 Apr 5434 June
Monon Valley Trac 5s 1942
Jan
7834 7834 1,000 7634 Sept 86
Penns W & P 5s
1940
9634 9634 1,000 9434 May 9741 Feb
United E L & P 444s_ _1929 9434 9434 9434 1,000 94
Aug 9534 Mar
United Ry dr E 48_ __ _1949 7134 7134 7134 6,000 7134 Sept 7434 Jan
Jan
Income 4s
1949
51
5134 12,000 5034 Aug 55
1936
Funding 5s
7234 7234 1,000 7234 Oct 7734 Jan
Jan
65
1927
Aug 98
634 9634 1,000 96
9
Sept 10234 Jan
(is
1949
9934 9934 18,000 99
9831 9834 1,000 98
Mar 9934 Feb
Va Mid 5th series 58_ _1926
Wash Bait & Ann 58_1941 7134 7134 7134 5,000 7034 July 7734 Jan
'
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from Oct. 27 to
Nov. 2, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new-building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
rrmay
sates
Lag Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. Higli. Shares.
Week ending Nov. 2.
Stocks-
Range since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
10
Acme Coal Mining
154 154
6 May
100
134 Oct
Acme Packing
10
10c 100
Sc June 35c Jan
2,000
Allied Packers new
*
131 134
Apr
Nov
3
100
134
Aluminum Mfrs common.'
23
23
100 2134 Feb 23 June
Amer Gas St Elec. Com...
• 42
40
42
400 31 June 4634 Mar
American-Hawaiian SS._10
14
15
300 1141 Oct 2541 Mar
Am Light dc Trac, com_100 115
115 118
July 140
Jan
110 109
Amer Multigraph
2034 2034
July
Aug 23
100 20
Amer Type Founders p1100
97
98
Oct
Oct 98
50 97
Archer-Daniels-Mid CO...'
2444 26
700 2434 Oct 4034 Apr
Armour Leather
15
6
6
Nov 19
6
6
Feb
100
Beech-Nut Packing new w 1
46
4654 1,100 4534 Oct 47
Oct
Blyn Shoes, Inc
10 1041 1034 1034 2,200 10
Oct 1034 Oct
Borden Co.. common_100 120
118 120
Mar 122
Jan
315 110
Preferred
100 103
103 103
July 10634 Apr
20 99
Bridgeport Machine Co..
• 1034 10
Oct 1834 May
1034 2,600 10
Brit-Amer Tob,ord bear.£1 2334 2334 2334 1,700 1934 Jan 25
Sept
Brit Int. Corp. Class A...
July 1834 Sept
900 12
1334 1734
*
Class B
12
1434 1,300 1134 Apr 1434 Oct
10 11
Brooklyn City RR
1034 11
3,100
734 Jan 1134 Oct
134
Candy Products Corp w 1_ _
I% 134 9,800
lri• Oct
144 Oct
2
Car Ltg & Power, com 25
134 2
500 75c Mar
Aug
3
141
Cent Teresa Sugar com_ _10
131 134 1,400 50e July
234 Mar
.
634 634
Cent Teresa Sug, pref _ _10
200
5
Feb
234 Jan
Centrifugal Cast Iron Pipe*
20
21
2,900 10
Jan 23
Oct
Checker Cab Mfg, CI A..'
3334 36
1,000 2841 Oct
Feb
Mfg,new,C1A50 4134 4041 4234 6,600 3634 Sept 8634 Nov
Chi Nipple
4234
50 2131 20
2134 Lim 17
New Class B
Sept 2154 Nov
Cities Service, com----100 130
128 130
1,101 128
Feb
Oct 195
100 6734 6634 6734 2,900 6434 June 70
Preferred
Mar
Preferred B
10
34 634
534 June
500
634 Mar
Stock scrip
75
78
30,000 72 June 102 June
Cash scrip
70
70
10,000 70
Sent 78
Aug
Bankers' shares__
• 1234 1234 13
1,200 1234 Oct 1954 Feb
Cleveland Automob.corn..
1941 23
1,500 1941 Oct 3441 Apr
Preferred
85
100
85
7954 Apr 95 June
100
;)olorado Power com .
_100
1841 1834
200 16 June 2534 Mar
ommw Finance pref_ _100 18
18
18
Nov 21
100 18
May
Curtiss Aeropl & M,corn..
Certificate of deposit
1234 15
3,600
Oct
Aug 15
7
Frei..ctfs. of deposit__
3934 40
Oct
Sept 40
800 30
Delatour Beverage Corp_ 4
,
55c 55c
100 550 Nov 550 Nov
Del Lack & West Coal- 50
92
93
Oct
Jan 94
50 82
D1ctophone Corp co m_ _ •
10
1244
300 10
Nov 1234 Oct
244 234
•
Dort Motor Car co mmon100
234 July 6 Jan
Dubiller Condenser & Rads 12
1034 1241 27,600
431 Jan 1334 Apr
•
DuPont Motors,Inc
334 5
1,400
734 Apr
234 June
26
Durant Motors, Inc-----* 29
2934 4,800 23
Jan
Oct 84
Durant Motors of Ind--10
831 854
600
734 Oct 2531 Jan
5
rederal Tel & Tel
674
634 674 7,700
754 Sept
334 Apr
ruin Inspection Mach.. 5
.
534 6
634 Jan
534 Nov
200
408 408
rord Motor of Canada-100
Mar
Oct 480
10 397
3 710
710 71c
3arland Steamship
134 Mar
100 70e Feb
• 247
24554 287
Allette Safety Razor_
Apr
1,440 238 June 292
1034 11
lleasonite Products 00_10 11
Nov
Oct 11
900 10
* 7631 7234 7634 12,100 58
Jan 7634 Nov
Men Alden Coal
* 1941 18
Sept
told Dust Corp w I
1934 1,000 18
Oct 24
9
834 934 2,800
loodyear Tire & R.c0M100
841 Oct 1634 May
8454 85
150 74
Mar
lreat West Sugar com_ _25
July 91
4
4
4
1,100
Feb
8
Nov
fail Switch & Signal pref._
4
.........- "......- ....., ,., I • 40t1 397 407A 8500 no
A
not 42ld Oct
•No par value.
[VoL. 117.
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
Range since Jan. 1.
Low.
High.
Hayden Chemical
•
1
134
1
400
234 Feb
Sept
Hudson Cos, prof
100
18
20% 4,200 12% Aug 2041 Oct
Hud & Manh RR,com.100 1134 10)4 1234 7,100
8
10 sep
244 Feb
July 5t
Preferred..
100
49% 50
200 43
Jan
Intercontinental Rubb.100
331
331
3
3
600
6% Jan
Oct
International Carbon _ _•
5)4 8
300
841 May
4% June
Internet Concrete Indus_10 11
944 Sept 11
1034 11
3,200
Nov
Kresge Dept Stores, corn 8 3541 35
.
3541
600 33% Sept 38% Oct
Kup'h'mer (13) dr Co 0_100 90
Sept 97)4 Jan
100 85
Lehigh Power Securities.... 2434 2231 24% 2,100 1741 July 25
Mar
Lehigh Valley Coal Sales 50
7634 7634
50 7545 Aug 90
Libby,McNeill& L1bby_10
6% 6%
5% June
100
Lupton(FM)Pub, CI A. •
12
12
8
Oct 22
100 11
Anpn
j nr
Ja
McCrory Stores
•
New common WI
82% 84
240 4034 May 86% Oct
Non-voting Class B corn'
78
78
Aug 78
Oct
100 57
Mesabi Iron Co
•
474
531 5% 5.500
444 Sept 12% Jan
Midvale Co
• 17
16% 17% 10,900 1141 June 21% Apr
Motor Products Corp new•
23
2331
800 19% Oct 23% Oct
New preferred
40
43
Oct 43
800 41
NOv
New Mex & Ariz Land__ .1
334
231 291 4,400
4% Apr
231 Oct
N Y Telep 6%% Pre(-100 110
109% 109%
Jan
350 108 June 112
N Y Transportation
• 2734 2744 27%
Feb 3031 Mar
100 24
North Amer Pulp & Paper
65c 65c
141 Apr
100 50e June
Palge-Det Motor Car..._10 19
19
19
Apr
Feb 24
100 14
Park dr Tilford, Inc
* 3434 3331 34% 29,600 25 Sept 34% Oct
Peerless Truck & Motor_50 28
25
30
Jan
1,200 25
Nov
Perfection Tire & Rubber.'
700 700
100 65c May 80
a
151 Jan
PYrene ManufacturIng_10
934 9%
100
9
Jan
Mar 11
Radio Corp of Amer.coin.*
2% 334 23,600
331
2% June
441 Mar
Preferred
5
4
334 4he 19,300
y
44
2'11 Jan 50
Reading Coal
4934 47
4934
July
600 39
May
Reo Motor Car
10 1634 16)4 16% 2,100 13% Feb 54% may
ar
2 g mun
0
2
Repetti, Inc
5 750
75c 76e
600 750 Sept
Rosenb'm Grain Corp.pf50
47
47%
400 46% Oct
Southern Coal & Iron_ _5
9c 20c 57,000
Oct 500 May
80
Standard Motor Constr_10
2% 2%
2% May
100
3% Jan
Studebaker-Wulf Rubber_•
45)4 47%
200 45)4 Nov 5241 Oct
Stutz Motor Car
•
10)1 11
600 1044 Sept 24% Jan
Swift & Co
100
10034 10045
80 98 June 109
Feb
Swift International
15 1734 1734 1745
isAar
Feb
500 17 June 2
b
Tob Prod Exports Corp..'
434
434 434 1,400
2% June
63.4
Todd Shipyards Cori). •
48% 4844
75 47
July 60 May
Union Carbide & Carbon •
51% 5144
Mar
Oct
200 52
United Profit Shar, new__1
8
631 1,100
4% Jan 075%
Unit Retail Stores Candy.'
544 5% 2,000
531
Mar
5
mar
Jan 56
8
United Shoe Mach corn._25
35
35
100 u3344 May
135 Distill) Corp com
24
50
25
300 20 June 3305444
U S Light & Heat, corn._10
80e 900
1,800 8.1c
Oct
2% July
Preferred
10
144 144
200 90c Jan
Apr
Universal Pipe & Rad,w 1* 17
16
1745
700 1134 Sept 20% Apr
Preferred
5641 57
100
300 55
Apr
Oct 72
Utah-Idaho Sugar
10
3% 3%
200
Jan
431 Apr
3
Waring Hat Mfg
11
•
11
Oct 22% Apr
100 11
Wayne Coal
5
1
300
1
Oct
2% Jan
Wyllis Corp 1st pf ctf8 dep
344
3% 394
200
3 June 10% Jan
Yellow Taxi Corp,N
12244 122 126
700 100
Feb 15234 Apr
Rights.
Reading Coal w I
Former Standard 011
Subsidiaries
Anglo-American Oil...
Buckeye Pipe Line
Buckeye
51
Chesebrough Mfg
100
Continental 011
25
Cumberland Pipe Line. 25
Eureka Pipe Line
100
Galena-Signal Oil, corn.100
Humble Oil& Refining_25
Illinois Plpe Line
100
Imperial 011(Can) coup.25
Indiana Pipe Line
50
Magnolia Petroleum__ .100
National Transit _ _ _12.50
New York Transit
100
Northern Pipe Line_ __ _100
Ohio Oil
25
Prairie 011 & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn Oil
100
Southern Pipe Line__-_100
Standard 011 (Indiana)._25
Standard 011 (Kansas) _25
Standard 011(KY)
25
Standard 011 of N
-25
Swan & Finch
100
Vacuum 011
25
10
Washington Oil
2144 22% 11,900
14% July
2331 July
1431
1441 14% 4,900
70% 7334
72
325
224 224
224
10
37
3631 3744 1,600
113 113
10
• 9431 95
40
6044 60%
250
3531 35% 37
4,580
153% 157
60
9631
96% 94
935
84
87
86
410
129 132
275
21% 21% 22
400
93% 9334 95
20
185
10136 10034 103
51314 53% 5641 2,200
180% 167)4 190
7,307
99% 1,117
98% 98
170 170
10
117 119
118
115
91
92
92
85
5531 54% 5544 62,200
3934
38
900
9234 91)4 93
500
41% 4031 42
12,500
25
25
25
10
503‘ 48% 51% 14,700
23
100
23
13% Sept
7031 Nov
207
Jan
32% Aug
85
Jan
94% Oct
July
55
Sept
28
152 Sept
July
92
83% Sept
Sept
123
21% Nov
92 Sept
97 June
48% July
152 Sept
Sept
91
161
Sept
100
July
Oct
91
49% Aug
38% Sept
Jan
80
35% May
Jan
21
July
40
Oct
19
19% Jan
9444 Jan
237
Mar
50
Feb
115
Feb
117
Apr
7941 Mar
41% Mar
171
Feb
123
Feb
103
Mar
168
Jan
Feb
29
Apr
138
Feb
110
8534 Feb
Feb
275
11834 Feb
212)4 Feb
Feb
196
Feb
116
69% Mar
Feb
57
Feb
110
49% Jan
Feb
39
5534 Mar
Jan
28
4% Nov
1350 Sept
3% Sept
1% Sept
Oct
5
lie June
8% Oct
Oct
25e
30% Oct
500 June
50c Sept
4341 Scot
5% Oct
1
Oct
4e
Oct
27 June
29
Oct
13% June
2o Oct
144 Apr
50o Aug
22% May
250 Oct
134 Aug
51c June
31% Sept
1
Sept
12% July
8)4 Sept
344 July
5 June
70 Aug
lo Sant
lc Sept
18% Apr
45c Aug
750 Sept
50o Sept
93,4 Jan
Oct
6
1% Oct
234 Aug
294 Oct
6% Sept
1531 June
800
Oct
65e
Oct
Mar
10
1% Feb
744 Apr
7)4 Apr
1841 Apr
25,3 Jan
1534 June
1
Jan
3841 Apr
2h, Jan
3
Feb
6831 Mar
7
Oct
1% Oct
180 Jan
49
Oct
Oct
29
24% Feb
400 Feb
Jan
4
234 Mar
Mar
26
141 Feb
5% Aug
Mar
$S
211. Mar
1% Mar
2031 Feb
1534 Mat
541 May
21% Feb
30e Jan
220 Jan
7o Feb
21% Oct
Phi Mar
13
Mar
5
Mar
1441 Apr
Oct
0
8 June
734 Mar
6% Mar
Mar
14
2534 Feb
4% Mar
4
Apr
2234
Other 011 Stocks
Arkansas Nat Gas corn.
.l0
441
Boston-Wyoming Oil_ 1
Carib Syndicate
341
Creole Syndicate
5
3
Derby 011 SC Actin. com- •
Engineers Petroleum Co_ _1
4c
Equity Petroleum. prof _10
5
Federal 011
Gen Petrol Corp, com_25
Glenrock 011
10 600
Granada 011 Corp el A._10
25 5234
Gulf Oil Corp of Pa
634
Gulf States 011 & Ref_ _ _5
......
Mteropol Tr recta w
4c
1
Hudson Oil
35
Humphreys 011
Certificates of deposit...
International Petroleum __
15
Keystone Ranger Devel-_1
2c
•
Kirby Petroleum
Livingston Petroleum_ _ •
Lone Star Gas
25 25
5
Lowry 011 Corp
Marland 011 of Mexico__ .1
2%
Mexican Panuco Oil_ _10
Mexico Oil Corporation.10 600
Mountain dr Gulf 011
1
Mountain Producers..
..l0 13%
Mutual 011 vet trust certlfs 10%
New Bradford 011
5
4
New York 011
25
Noble(Chas F)0 dt Gcoml
8c
Northwest 011
1
Ohio Ranger
1
Oklahoma Natural Gas_ _25
Omar Oil & Gas
10 600
Peer 011 Corporation
Pennsylvania-Beaver 011_1 450
Pennok Oil
10 1134
Pittsburgh Oil & Gws_ _ _ 5
Red Bank Oil new
25
Royal Can Oil Syndicate_•
3%
Ryan Consol Petrol Corp.'
Salt Creek Con 011
10
Salt Creek Producers-10 18
Sapulpa Refining
5 94e
Seaboard 011,k Gas
10 840
4%
70c
341
2%
5%
40
844
25c
30%
600
60e
52
534
144
40
29
29
1434
20
234
70c
25
250
2%
650
600
1%
13%
934
4
7
80
2e
lc
21)4
60c
80c
450
10%
6
2
3%
2
7
18
800
65e
441
70c
341
3
631
40
8%
26e
30%
650
600
5234
644
131
4e
29
29
1514
30
2)4
70c
25
25e
2%
750
740
1%
1431
10%
4%
8
20
lc
2134
85e
86e
50c
11%
6
2
3%
2%
7
18%
1
1
700
100
1,800
20.400
2,000
6,200
100
4,000
200
3,400
1,500
2,000
18,300
400
8,000
1,000
1,200
12,600
70,000
100
100
100
2,000
3,400
1,200
9,900
1,700
2,600
89,600
3,800
400
13,000
1,000
2,000
100
2,400
700
4,100
12,900
300
100
7,300
2,000
200
3,100
30.300
8.300
Friday
Sales
Last Week's Range for
Other Oil Stocks.
ofPrices.
Week.
Sale
(Concluded)
Par. Price. Low. High. Shares.
Southern States Oil
10
Tidal Osage 011
10
Turman 011
1
Ventura Cons Oil Fields_ _ 5
Wilcox 011 & Gas
"Y" Oil & Gas
1
1531
4%
Sc
1431
8
630
22
454
7c
15% 69,200
8
200
63c
100
22
100
451 6,900
lle 23,000
Mining Stocks
Alaska-Brit Col Metals__ -1 70c
05c 70e
300
434 4%
Amal L'd & Zinc Sm Corp_
600
Arizona Globe Copper-- -1
8c
Sc
9c 43,000
10c
Belcher Divide
lc
lc
2,000
10c
Belcher Extension
20
20
5,000
Booth Mining
4c
Sc
50
7,000
_
Boston & Montana Dev._5 230
18c 35c 68,000
Butte & Western Mining.1
25c 30c
4,000
Caledonia Mining
Sc
Sc
Sc
2,000
Calumet & Jerome Cop_ 1
10c 10c
1,000
1
1%
Canario Copper
1% 1% 4,300
1
Candelaria Silver
4c
70 57,000
Sc
Central Amer Mines,Inc_l
1
1% 9,800
131
Chief Consol Mining
200
331 3%
Consol Copper Mines_ - -5
Pi 10,100
1%
1
Cons Nevada-Utah Corp_ _
Sc
Sc
1,000
Continental Mines, Ltd- - 4
4%
300
431
Cork Province Mines Ltd_l
7c
8c
5.00
Cortez Silver
480 49c 15,000
1 490
Crackerjack Mining
20
2c
2,00
Cresson Con Gold M & N _1
334 3% 2,00
331
Crown King Cons M.Inc-1
I% 1%
90
1%
1
Crown Reserve
510 57c
80
1
5c
Divide Extension
40
Sc
2,00
2
Dolores Esperanza
10
95c 95c
Dundee Arizona copper..1
500
1% 2,00
Emma Silver
1
lc
lc
lc 287,00
Eureka Croesus
I
13c 19c 15,00
14c
Fortuna Cons Mining
no
10e 150 170,00
1
150
Forty-Nine Mining
150 15c
1,00
Goldfield Corn Frac M(Nev)
Sc
3c
1,00
Goldfield Deep M ines..._5e
8c
8c
lit 41,00
Goldfield Development
10e
lie 12,00
Goldfield Florence
53c 57c 21,00
Goldfield Jackpot
1 43c
430 45c
4,000
Goldfield Oro Mining
Sc
lc
5,000
Gold Wedge Divide
5c
Sc
1,000
Gold Zone Divide
Sc
3c
7,000
Grandma Mining
5c
80 39,000
Hard Shell Mining
1
2c
20
3c 20,000
Itarmill Divide
Sc
Sc
5,000
Uccle Mining
250
8% 8% 2,300
83'
Hollinger Con Gold Mines 5 11% 11% 113.4
200
Homestake Ext Mm Col 99c
900
1% 2,500
Howe Sound Co
231
2% 2% 2,200
Independence Lead Min _1 250
250 29c 44,000
Jerome Verde Developm't 1
500
1% 1%
Kerr Lake
5
2%
2% 2%
400
Kewanus
1
Sc
2c 10,000
Lone Star Consolidated...1
5c
Sc
5c 73,000
MacNamara Mining
1
3c
Sc
3c
6,000
Mason Valley Mines
5
2c
2c
4,400
McKinley-Dar-Say Mm.
11c 12e
2,000
Metals Production Co- _ _1
1% 1% 4,200
13-'
Mohican Copper
1
14e 16c
5,000
National Tin Corp.- --50c 150
13c
160 60,000
Nevada Silver Horn_ _ _50c
20
it
4,000
2c
New Cornelia
16
14% 16
1,400
New Dominion Copper _ _ _5
24
2%
4,000
New Jersey Zinc _ _ _ __100 139% 135 126
30
New York Pocupine Min_ _
A5c
8,800
50e 550
NiplasIng Mines
1,800
5% 6
a
5%
Nixon Nevada Mining-Sc
4,000
lc
Sc
Ohio Copper
1 86c
80c 87c 29,200
Premier Gold
1,000
246
2
Red Hills Florence
60
Sc
Sc 16,000
1
Rex Consol Mining
lc
1,000
le
Rochester Silver Corp__ __1
50
5c
1,000
Sc
Salida Mining
59c 61c
1,300
Sandstorm Kendall
2c
3c
7,000
1
San Toy Mining
40
2,000
5c
Sliver Dale Mining
80
60
9c 15,000
Silver Horn M & D
140
100 14c 24.5,500
Sliver King Coalition
2% 2%
400
Silver King Divide (reorg)4c
Sc
6c 46,000
Silver Pick Consol
3c
Sc 11,000
1
Simon Silver Lead
Sc
Sc
3,300
334
South Amer Gold dr Plat _1
331 3%
1,900
Spearhead
10c
Sc lle 51,000
_1
Standard Silver Lead... .1
170 17c
1,000
1 52c
Success Mining
52c 54e
1,500
Superstition Consol
Sc
30
Sc
1,000
Sutherland Divide
47c
43e 52c 15,700
le
lc
1,000
Tarbox Mining
1
14 1314 5,000
1318
Teck-Hughes 1,000
27c 27e
Temiskaming Mining
200
580 58c
Tonopah Belmont Dev
3,000
1 480
45c 48c
Tonopah Divide
000
1
13314 116),
lute
Tonopah Extension
1
1% lhe 3,000
Tonopah Mining
131
2,000
1
7c
70
Tuolumne Copper
5
134
1% Pis 3,500
United Eastern Mining
300
2734
United Verde Extension.50 2734 27
9,000
180
180 200
U S Cont Mines
500
3%
3
Unity Gold Mines
5
3%
81e 850 18,500
Wenden Copper Mining__
840
3,000
Went End Consolidated_ 5 720
70c 72e
20
3c 25,000
Sc
West End Exten Mining...
6,000
Western Utah Copper. 1
30e 30c
1,000
Sc
White Caps Min Co__ _I0e
Sc
1,000
White Knob Copper,prof........ 52c 52c
800
5
710 75e
Yukon Gold
c
ric
2%
Bonds
Allied Pack 85. Ser 13_1939
Convertible deb 65.1939
Aluminum Co of Am 781933
1925
7s
Amer Cotton 0116s__ _1924
Amer G & E deb 6s._ _2014
Amer Rolling Mill 68.1938
Amer Sumatra Tob 7340'25
Amer Tel & Tel Os_ _ _ _1924
American Thread 6s_ _1924
Anaconda Cop MD 68.1929
Anglo-Amer Oil 7348-1925
Assoc Hardware 630.1943
Atl Gulf & WI SS L 5s 1959
Beaver Board Cos 85._1933
Beth Steel equip 7s,..1935
Canadian Nat Rys.78.1935
1925
5s
1941
Central Steel 8s
Charcoal Iron of Am Ss'31
Chic lit & Pao 534s.1926
Cities Service 7s, Ser C1966
1966
7s, Series D
Columbia Graph 88-.1925
Ctfs of deposit
1985
THE CHRONICLE
Nov. 3 1923.]
66%
56%
9934
93%
97%
100%
100%
102
9131
4231
73%
102%
9931
8834
98%
88
87%
66% $14,000
66
4,000
56% 57
105% 10646 12,000
102% 102% 4,000
98% 99% 86,000
93.34 9331 11,000
97% 98% 7,000
96% 96% 5,000
100% 1004 56,000
21,000
10131 102
100% 101% 42,000
101% 102% 32,000
9131 92% 8,000
36.000
40% 44
4,000
73% 76
102% 102% 22,000
19,000
107% 108
99% 99% 4,000
10734 107% 9,000
8854 8934 9,000
97% 9835 7,000
11,000
87% 88
8734 8831 23.000
18
11,000
16
17
19% 19,000
Range since Jan. 1.
Low,
11%
734
60c
19
4
7c
Sept
July
June
Sept
Sept
June
High.
2634
13%
1%
30
10%
20e
Mar
Feb
Apr
Jan
Jan
Mar
Oct
62e
434 Oct
60 Aug
lc July
lc Aug
Sc Aug
90 Feb
Oct
10c
Sc Aug
100 May
134 Oct
Oct
20
Oct
1
3% Aug
1
Nov
Sc Aug
Sept
4
Sc July
400 Sept
Jan
Sc
2
Apr
1% Sept
320 Feb
40 June
70c Aug
25e June
lc Apr
Sc Aug
Sc Sept
Oct
5c
Oct
3c
70 Apr
40
Jan
290 Jan
Jan
35e
Sc
Jan
Oct
50
be Aug
4c
Oct
lc Sept
Jan
2c
5% July
1034 Oct
58c Feb
2% Oct
16c June
950 Apr
July
2
20 Mar
20 June
lc June
1% June
11c
Oct
1
Oct
Oct
Sc
10c June
Jan
be
1431 Oct
2% Jan
135
Nov
30e
Jan
4% July
Sc Sept
37c
Jan
1% Aug
lc May
lc July
3c May
42c may
lc Apr
lc June
Sc Mar
4c
Oct
Apr
2
le Aug
30 June
9c
Oct
2% July
40 Mar
15e Aug
32c July
Jan
3c
lc
Jan
lc
Oct
81c
Jan
26e
Oct
57o Sept
39c Sept
1% June
134 Aug
50
Oct
1% Oct
26% Jan
130 Apr
2% Oct
28c June
67e July
lc May
15e July
2c
Jan
50c May
710
Oct
2% Mar
5% Mar
85c Feb
Sc Mar
Jan
60
Jan
150
Oct
350
Apr
$3
100 Feb
22e Feb
2% Jan
Jan
380
131 Oct
Jan
5
4% Mar
Jan
15c
5%, Sept
Jan
15c
134 Mar
Jan
15c
3% Oct
1% Oct
72e Apr
Jan
13c
231 Jan
1% Oct
Jan
40
370 Jan
Jan
74c
50e Mar
Oct
3c
240 Jan
340 Jan
76c Feb
570 Mar
Sc
Jan
Sc
Oct
lie Feb
100 Mar
Jan
13c
100 Mar
9% Apr
Feb
14
lite Oct
4% Mar
480 Mar
3% Feb
3% Jan
Jan
80
Jan
100
Jan
70
2% Mar
25c May
Pit Oct
930 Apr
320 Jan
Jan
20
24% Mar
4% Mar
180% Mar
75c June
631 Mar
10e May
13is Mar
3% Apr
Sc Mar
8c Feb
19e Feb
1
June
50
Jan
5e
Oct
90
Oct
160 Oct
2% Nov
25c Apr
Sc
Jan
50c
Apr
4% Mar
310 June
28c Feb
680
Jan
16c Feb
55c
Oct
8c
Apr
I% May
47c May
1.1 1 Jan
89c Mar
4
Mar
2% Jan
670 Feb
26.3 Feb
38% Apr
280 July
534 Mar
85e Nov
1% Jan
Sc
Jan
550 Feb
12c Mar
750 Feb
21,41 Apr
51
51%
105%
101%
85
9134
97
95%
100%
101%
100%
101%
91%
40%
65%
101%
10634
97
106
87
96
87
87
1231
10
84%
76%
106%
104
99%
9734
10034
100%
101%
10334
10334
103%
98%
62
82%
103%
11034
99%
108%
97
98%
9634
93%
30
35
Aug
July
July
Sept
Feb
July
July
Jan
Sept
May
July
Sept
Oct
Oct
Feb
Sept
May
July
Feb
Oct
July
Nov
July
Aug
July
Jan
Jan
Aug
Jan
Oct
Jan
Jan
May
Jan
Mar
Feb
Jan
June
Mar
June
Sept
Jan
Feb
Apr
Mar
June
Apr
Jan
Jan
Jan
Bonds (Concluded)Cons G E L & P Balt 6s'49
1931
7s
1952
5345
Consol Textile 8s _ _ - _1941
Cuban Telephone 734s 1941
1931
Deere & Co 734s
Detroit City Gas 6s 1947
Detroit Edison Os
1932
Dunlop T &Rof Am 7s _1942
1933
Federal Sugar Os
1925
Fisher Body 6s
1927
6s
1928
65
Gait' (Robert) Co 7s__1937
Galena-Signal Oil 7s..1930
General Asphalt 8s_ _ _1930
General Petroleum 68_1928
Grand Trunk Ry 6%3.1936
Gulf 01101 Pa 58
1937
Hocking Valley RR 6s 1924
Hood Rubber 75
1936
Internet Match 634s w 1'43
Kan City Term Ry 534s'26
Kennecott Copper 7E4.1930
Lehigh Pow Sec (is_ _1927
Libby,McNeill&Libby7s'31
Liggett Winchester 7s_1942
Manitoba Power 7s_ _ _1941
Without warrants
Maracaibo Oil 7s
1925
1930
Morris & Co 734s
Motor Products 6s, w 11943
National Leather 88..1925
New On Pub Serv 5s_ _1952
1952
Ohio Power 55
Penn Power & Lt 5s B_1952
Philadelphia Elec 6s._1941
1947
53-48
1953
5%s w 1
Phillips Petrol 734s...1931
without warrants
Pills Flour Mills 6s, w 11943
Public Serv Corp 7s__1941
Pub Serv Elec Pow 65_1948
Reading Co 5s. w 1_ _ _1951
Shawsheen Mills 75_1931
Sloss-Sheffield S& 1 681929
1924
Solvay & Cie 8s
South Calif Edison 53.1944
Stand Oil of N Y 6%8.1933
7% serial gold deb_ _1925
7% serial gold deb _ -1926
7% serial gold deb __1927
7% serial gold deb_ _1928
7% serial gold deb_ _1929
7% serial gold deb__1930
7% serial gold deb_ _1931
1931
Sun Co 7s
Swift & Co 5s_ _Oct 15 1932
Tidal-Osage oil 78._.193i
Unicat 0116s Ser B_ _1924
1925
Serial 6s
1926
Serial 60
United 011 Produc 813_1931
United Rys of Hay 73.4s'36
1936
Vacuum 011 03
Foreign Government
and Municipalities
Argentine Nation 6s_ _1924
1923
7s
1945
Mexico 4s
65 10 year Series A
Netherlands(Kingd)6sB'72
Russian Govt 6348---1919
Certificates
1921
534s
Certificates
Switzerland Govt 534s 1929
Ext 5% g notes_ _ _ _1926
Friday
Last Week's Range Sales
for
Sale.
ofPrices.
Price. Low. High. Week.
Range since Jan 1.
Low.
High.
100% Apr 103%
102% Sept 10834
Apr 100
97
Nov 106
92
Jan 107
105
9834 Jan 103%
Sept 101%
99
100 June 104
Oct 9734
92
9631 June 98%
96% June 100%
May 99%
96
9434 Mar 98%
July 9931
94
10234!N0v 10531
99 June 105
933-4 Oct98
10334 Apr 107
9334 Mar 9774
Mar 100%
100
100 June 102
94% Nov 9431
9934 Oct1r,0
101% July 1054
9174 July 94
July 102%
97
101% Mar 104
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Apr
May
June
Feb
Feb
Jan
Mar
Jan
Apr
Jan
Jan
Apr
Jan
Nov
Nov
Jan
Oct
Jan
May
1,000 97
7,000 105
5,000 97
29,000 9031
1,000 9531
17.000 8174
21.000 8374
4,000 853.4
6,000 102%
5,000 98%
42,000 9834
Jan
Mar
Aug
Oct
July
July
July
Oct
Mar
Apr
Oct
10374
249%
106%
94
102
8931
92
9031
10594
102%
994
Feb
May
Jan
Nov
Jan
Mar
Jan
Jan
Jar
Jan
Oct
9834 9874 98%
95% 9531
100% 100% 100%
9634 9534 9634
92% 93%
102% 103%
103
9754 9734
104 10434
89
88% 89
106
10534 10654
101% 101% 102%
103% 104
10474 1043-4
105% 10534
10574 105% 105%
105% 1053.1 105%
107% 109
100% 100%
9134 91% 91%
100% 102
99% 99%
9934 99% 9931
99
99
78
78%
105 107
105
106% 106 106%
10,000
10.00
23.000
42,00
9,000
33,00
5,000
3,000
12,000
59,000
22,00
6,000
5,000
1,000
2,000
10,000
6,00
3,000
52,00
6,000
1,000
7.000
8,000
3,000
19,00
9,000
9534
95%
9931
94%
87
102%
96
10334
87
10434
101%
103
103
104
104
105
105%
100
89%
100
99
9931
99
78
10314
10534
Aug
Oct
Sept
Oct
July
Oct
Feb
Sept
Mar
Apr
Oct
Apr
Apr
Sept
Apr
Apr
May
June
Mar
Aug
Oct
Nov
Oct
Sept
Apr
June
10334
9534
10494
9874
93%
10534
98%
10594
93
107%
106%
106
107%
107%
10834
1097.4
110
103
94
104
10031
100%
9934
10631
107
10731
Jan
Oct
Feb
May
Oct
Apt
Fet
May
Jar
Jar
Fet
JuIS
Jar
Jar
Fet
Jar
Fet
Mai
Fet
Mal
AD
Aix
Jun,
Mai
Jaz
Jar
99%
9934
3234
53
97
9%
934
934
8
99%
97
109.000
5,00
87,000
17,000
20.000
37,000
44.000
6,000
5,000
22,000
127,000
9934
99%
3034
5131
96%
8%
834
9
8
9834
96%
92
10034
99%
10131
98
1004
96
103
105%
9434
101
9434
100
99%
199
100
94
8231
8474
8734
98%
9831
9934
3234
9031
834
8
97
101% 101%
105% 10534
97%
97
93
92
105% 10534
997-4 10034
9954 99%
1013-4 101%
92%
92
97% 98%
10034 100%
98
97
97% 974
9534 96
10234 102%
102 103
94% 94%
10534 105%
94% 94%
100% 100%
101 1014
9431 9431
3
99% 100
10274 10334
94
94
99
9934
10331 1033.4
99
185
100
91
96
82%
84
87
103%
98
9831
99
199
100%
94
96
84
84%
87%
103%
98%
9831
99%
99%
3034
51%
907-1
8%
834
9
8
987-1
96%
8,000
1,000
3,000
12.000
3,000
13,000
12.000
8.000
38,000
27,000
3,000
6,000
24,000
6,000
6,000
5,000
1,000
29,000
3,000
3,000
26,000
3,000
77.000
17,000
4,000
9,000
1,000
Sept 99% Sepi
June 100% Ma)
Oct 4434 Ma3
Oct 6334 Ma3
Oct 102% AD
163.4 Fel
Oct
Oct - % Yet
Fel
Oct 16
Ma:
Nov 16
Jab
Oct 1.4
Oct 97% An
•No par value. k Correction. m Dollars per 1,000 lire flat. I Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. a Option sale. to When issued. z Ex-dividend. y Ex-rights. z Ex-stock
dividend. n Ex-stock dividend of 40%•
New York City Banks and Trust Companies.
AU prices dollars per share.
Ask
Banks-N.Y. Bid
Americas.... 202 208
Amer Each_ _ 287 293
440
__
Bowery*
Broadway Cen 160
-Bronx Boro*_ 140
__
Bronx Nat.._ - 135
Bryant Park* 160
170
Butch & Drov 128 135
Cent Mercan_ 205 215
Chase
335 342
Chat & Phen. 249 253
Chelsea Each* 60
80
Chemical _
_ 537 542
Coal & Iron.. 200 212
__
Colonial *__ _ - 375
Commerce _ _ 295 298
Com'nwealth• 235 245
Continental _ _ 140 150
Corn Exch._ _ 450 465
Coemop'tan*_ 115
125
East River_ _ _ 200
Fifth Avenue* 1250 1351
Fifth
243 252
First
280 1300
Garfield
270 280
Gotham
160 168
Greenwich'.. 290 310
Hanover
690
__
Banks
Bid
Harriman__ __ 322
Manhattan *_ 145
Meet) & Met_ 373
Mutual*
320
Nat American
National City 342
New Neths_ 135
300
Pacific•
Park
420
Port Morris
167
Public
307
Seaboard
375
Seventh Ave- 80
Standard *
185
347
State.
Tradesmen's• 200
2313 Ware
275
United States* 165
Wash'n Ms*. 200
Yorkville•
800
Brooklyn
Coney Island*
First •
Meehatiejs. *_ ,
Montauk
Nassau
People's
160
320
114
170
Ask
332
148
378
_
155
345
145
425
38
90
200
354
__
173
170
335
130
--
260
13
5
Trust Co.'s Bid Ask.
New York
American ____
Bank of N Y.
30 470
& Trust Co 4(
Bankers Trust 349 352
Central Union 482 488
Commercial__ 110 120
305 315
Empire
191
Equitable Tr- 188
Farm L & Tr- 535 545
Fidelity Inter 195 205
250 265
Fulton
Guaranty Tr- 237 241
Hudson
202 210
Irving BankColumbiaTr 219 223
Law TR & Tr_ 187 195
Metropolitan_ 298 308
Mutual (West
cheater)
120 130
N Y Trust
345 350
Title Gu & Tr 387 393
TJ Mtg & Tr 305 310
United States 1220 1250
Westches Tr_ 210
Brooklyn
Brooklyn Tr_ 470
Kings County 850
Manufacturer 275
385 450
People's
•Banks marked with (*) are State banks. (z) Ex-dividend.
New York City Realty and Surety Companies.
See prices dollars per share.
Alliance R'Ity
Amer Surety_
Bond & M G_
City Investing
Preferred _ _
Lawyers Mtge
Bid
100
95
281
75
98
150
Ask
106
97
287
156
Mtge Bond
Nat Surety.._
N Y Title &
I Mortgage.,.
U S Casualty_
US Title Guar
Bid
105
150
Ask
115
155
188
160
128
193
175
133
BSA
Realty Assoc
(Bklyn)com
_
1st pref
2d Prof -Westchester
Title & Tr.
Ask.
110
83
68
88
73
200
220
1986
Investment anti
glailitcratt intelligence.
Latest Gross Earnings by Weeks.
-In the table which
follows we complete our summary of the earnings for the third
week of October. The table covers 14 roads and shows
2.57% increase from the same week last year.
-"
-Gross from Railway- -Na from Railway- -Net afieriTaxes1923.
1922.
1923.
1922.
1923.Aajoi 1922.
Chicago Rock Island & Pacific
September -10,744,253 10,689,360 2,855,029 2.279.895 2.457,695 1,737,195.
From Jan 1_92,221,471 87,592,818 16,876,934 17,054,804 12,684,644 12,228.192
Chicago R I dr Gulf
Third Week of October.
1923.
1922.
Increase. Decrease.
September _ 498,925
524.574
124,571
118.604
112,262
105,587
From Jan 1_ 4,183,231 4,307,758
615,500
829,813
504,440
721.720
8
$
$
$
Previously reported (4 roads)__ 13.239,432 13,422,917
183,485 Chicago St Paul Minn & Omaha
Duluth South. Shore & AtlanticSeptember _ 2,554,243 2,497,933
112,686
96,065
16,621
508,571
485,642
373,970
345.326
Georgia & Florida
From Jan 1_21,055,851 20,608,862 3.099.459 4,042,816 1,915.530 2,842,389.
38,100
30.200
7,900
Great Northern
3,074,416 2,627,388 447,028
Cincinnati Ind & Western
Mineral Range
7.602
8.671
1,069
September _ 411,807
348,541
85.047
52,066
64.631
32,477
Mobile & Ohio
361,223
391,513
30,296
From Jan 1_ 3.475,490 3.078,002
600,525
373,959
418,917
232,390
Nevada-California-Oregon
6,932
10,532
3,600 Colorado & Southern
St Louis Southwestern
644,329
626,470
17,859
September _ 1,093,958 1,198,658
178.114
103,148
109,953
124,398
Southern Railway System
3,845,837 3,622,751 223,086
From Jen 1_ 9,262,001 9,618,481
809,103 2,064,965
213,793 1,463,770.
Texas & Pacific
766,419
698,537
67,882.
Ft Worth & Denver City
Western Maryland
435,494
433,767
1.727
September _ 828,337
865,463
235,465
187,574
223,505
172,536
From Jan 1_ 6,190,610 6.895,510 1,795,446 2,301,663 1,425,997 1,920.948
Total (14 roads)
22,532,470 21,968,811 782,103 218,444
Net increase(2.57%)
$563.559
Trinity & Brazos Valley
September _ 460,694
224,239
203,968
78,607
196,393
71.535
From Jan 1_ 2,066,232 2,114,817
468,917
307,070
404,806
Net Earnings Monthly to Latest Dates.
243.850
-The table
Wichita Valley
following shows the oss and net earnings of STEAM
September _ 125,059
121,542
54,989
45,942
37,939
29 197
From Jan L 979,177
railroad and industrialcompanies reported this week:
882,182
347,039
239,332
182,553
288,007
-Gross from Railway- -Net from Railway- -Na after Taxes
- Delaware & Hudson
September _ 3,399,069 2,971,904
1923.
1922.
1923.
1922.
1922.
1923.
456,786 -59,507
361,432 -145,197
From Jan 1_35,291,443 26,459,641 6,107,180 1,463,347
$
•
$
$
5.329,587
683 808
.
Akron Canton
Denver & Rio Grande
182,756
September - 225,575
77.558
60,539
83,363
50,539
September _ 3.483,501 3,328,741
566.713
743,089
575,840
413,090
From Jan 1- 2,016,001 1,625,057
759,581
From Jan 1_24,718,567 23,820,965 2,317.312 6,073,329
632,148
673,573
583,974
816,682 4,631,890
Ann Arbor
Denver dr Salt Lake
September _ 488,866
417,938
97,832
53,595
31,155
78,131
September _ 280,740
179,737
34,325 -12,701
25,324 -21,701
From Jan 1- 4,013,311 3,691,770
632,351
From Jan 1. 1,916,699
701,812
438,456
508,111
945,214
34,870 -102,949 -46,270 -183,970
-Atch Topeka & Santa Fe
Detroit & Mackinac
_17,047,540 17,827,530 4.578,514 5,137,140 3,043.690 3,286,004
September
September _ 162,485
192,398
9,093
59,121
-510
48,713
Fr. Jan. L145,109,866 133794,999 39,297,189 31,649,543 27,821,656 21,029.754
From Jan 1- 1,401,100 1,390,338
38,103
113.470 -34,961
20,704
Gulf Colorado & Santa Fe
Detroit Toledo dr Ironton
September _ 2,300,646 2.292,687
September _ 941,252
617.654
811,255
536,660
695,113
666,139
390,582 -221,057
372,180 -233,982
From Jan 1_17,714,943 16,587,083 2,790,853 2,832,860 2,059,726 2,183.453
From Jan 1_ 7,860,952 6,687,749 2,873,834 9,129,993 2,746,323 1.018.301
Panhandle Santa Fe
Detroit dc Toledo Shore Line
September _ 875,632
770,674
275,148
251,412
109,785
September _ 364,355
85,220
293,483
192,426
127,980
100,993
164,126
From Jan 1_ 6.084,012 5.567.051
From Jan 1- 3,200,829 2,590,833 1,581,094 1,332,639 1,406,394
976,640
154,307
750,862
358,156
1.193.580
Atlanta Birm et Atlantic
Duluth & Iron Range
September _ 379,848
363,719
11,622 . 15,463
-957
September
5,085
952,404
811,117
463,938
323.847
387,968
264,156
From Jan 1_ 3,424,657 2,859,061 -17,783 -219,582 -135,136 -347.123
From Jan 1_ 6,293.941 5,584,337 2.145,109 2,138.908 1,680,688 1,745,042
Atlanta dr West Point
Duluth Missabe & Northern
September _ 233,186
242,266
39.841
September _ 3,514,011 2,160,036 2,565,728 1,319,681 2,257,356 1,186,580
58,418
41,442
59,065
From Jan 1. 2,166,346 1,827,096
From Jan 1_17,401,855 11,912,194 10,564.338 6,329,996 8,641,400 5,182,254
364,849
497,601
197,940
300,314
Atlantic City
Duluth South Shore & Atlantic
September _ 508,472
483,819
September - 561,702
74,772
94,975
83,049
63,783
176,315
398,516
96.955
148,315
63.958
From Jan 1_ 3.998,716 3,799,303
From Jan 1- 4,468,696 3,237,120
573,052
878,276
697,815
752,397
901,461
308,310
643.333
23,047
Atlantic Coast Line
Duluth Winn & Pacific
September _ 5,487,547 5,266,434
September _
841,150 1,156,451
806,205
390.252
156,027
162,576 -10,323
4,956 -18,673
-4.788
From Jan 1_ 1,817,990 1,471,710
From Jan L59,390,359 51,464,507 14,806,369 13,723,966 11,323,213 11,131,908
232,289
79.736
96,051
-1,156
East St Louis ConnectingBaltimore & Ohio
'
September
September _21,527,022 13,619,379 5.091,877-1,712,473 4,307,478-2,333,060
215,835
153,704
99,539
73,688
80,848
65,617
From Jan 1_ 1,798,199 1,505,446 1,004,690
Fr. Jan. 1_195,315,973 140346,795 45,758.193 22.179,607 38,400,889 15,852,342
783,632
881,090
086,751
Elgin Joliet & EasternBait dr Ohio Chicago Term
•
September _ 314,511
September 2,102,710 1,707,341
243,351
7.428 --65,285
47,907 -13,888
527,332
599,947
416,956
511,613
From Jan 1_ 2,787,725 2,241,513
From Jan 1-21,321,308 15,044,516 7,425,276 5,747,426 6,561,598 4,959.265.
341,202
178,685 --25,213 --258,114
Bangor & Aroostook
El Paso & Southwestern
September _ 546,162
September - 941,349
064,245
29,809
445,375
75,459
121,381
277,621
1,581
329,421
170,878
258,418
From Jan 1_ 4,855,343 5,717,373
From Jan 1_ 9,402,935 8,352,070 2,474,273 2,743,509 1,577,572 1,903,782
577,603 1,212,618
951,858 1,627,413
Belt By of Chicago
Erie Railroad
September _ 611,988
September - 8,629,373 7,380,297 1,269,162 -1,381,211
529,693
127,723
214,197
254,264
938,391 -1,676,116
162,978
From Jan 1- 5,403.783 4,367,086 1.985.574 1.438,579 1,629.770 1,121,749
From Jan 1_89,369,516 66,083.455 14,705,944 1,341,063 11,715,574 -1,149,941
Bessemer & Lake Erie
Chicago & Erie
September _ 2,047,143 1,892,209
September _ 1.434,259
864,603
634,305
897,748
786,534
677,538
64,718
624,845
883,863
9,718.
From Jan 1_15,680,194 9,555,981 5,668,625 2,334,854 4,807,628 2,054,260
From Jan 1-10,520,459 8,118,388 3,226,684 1,845,681 2,758,619 1,182,287
Bingham & Garfield
New Jersey & New York RR
September _
36,581
28,072
September_
-5,629
139,074
-9,799
126,908
-3,029 -18,030
36,565
-1,764
33,235
--4,764
From Jan 1_ 340,524
154.234
From Jan 1- 1,200,878 1,118,687
78,985 -119,488
9,780 -161,598
201,874
119,568
171,238
22,346.
Boston & Maine
Evans Ind & Terre Haute
September _ 7.023,799 7,072,244 1,234,330 1,118,043
864,875
September _ 169,738
987,372
134,998
39,399
21,074
36,116
16,825.
From Jan 1_65,083.203 58,474.927 7,820,534 9,362,755 8,657,529 7,496,030
From Jan 1_ 1,285,182
808,489
305,117 -31,291
268,915 -69,636
Buffalo Rochester & Pittsburgh
Florida East Coast
September _ 1,855,809 1,432,276
September - 889,638
129,574 -222,655
-257,691
94,513 758,584
38,504 -34,952 -84,892 -110,485From Jan 1_17,504,481 10,247,301 1,476,683 -409,173 1,161,133 From Jan 1_11,972,399 10,213,238 4.331.807 3,175,775 3,407,708 2,598,704
-729.193
Canadian Nat
Georgia & Florida
Atlantic & St Lawrence
September _
150,782
112,410
34,737
26,688
20,413
28,435
September - 216,492
219,906 -37,061
From Jan 1_ 1,302,439
-7,282 --52,214 --24,182
982,857
295,487
156,273
99,482
238,103
From Jan 1_ 2,348,112 2,017,544 -467.889 -45,867 --604,095 --201,184
Georgia Railroad
Clinchfield & Ohio
Carolina
September _ 504,031
456,034
117,403
64,598
111,120
57,490
September _ 752,932
578,914
186.918
114,905
From Jan 1_ 4,557,269 3.684.841
137.355
170.010
945,297
532,149
463,755.
885,578
From Jan 1_ 7,028,904 5,660,343 2.009,466 1.991,796 1,558,297 1,606,147 Grand Trunk
System
Central of Georgia
Chic Del Can Grd Trk Jet
September - 2,053,567 2,088,289
324,848
September. 255,651
232,228
444,632
558.793
135,286
115,878
20,112
107,676
6,801
From Jan 1_19.710,609 16,719,217 3,911,298 3,622.021 2,991,868 2,761,869
From Jan 1- 2,591,431 1,628,844 1,416,773
733,517 1,334,891
643,979
,
Central New England
Detroit Grd Hay & MilwSeptember - 635.454
503,726
113,406
--5,805
89,358
16.476
September _ 582,432
36,732
168,766
408,070
166,167
33,004
Jan 1_ 5.790.592 4.869,980 1.315,087 1,107,070 1,100,431
From
904,503
From Jan L 5,106,900 3,851,187 1,243,004
885,972 1,207,470
835.692
Central RR of New Jersey
Grand Trunk
September _ 4,264,943 4,270,335
92.730
857,277 -159,447
1,667.223
September - 1,667,223 1,444,764
318,222
620.530
503,582
439,859
240,939'
From Jan L43,331,604 34,952,975 7,130,742 5,100,846 4,494.347 2,772,143
From Jan 1-15.082,509 12,105,415 4,532,406 2,686,400 3,907,401 2,071,008
Central Vermont
Great Northern System
653,461
September _ 744,209
136,059
115,607
September -11,716,674 11.180,139 4,438,925 2,666,889 3,659,915 1,823,783
115,048
08,036
From Jan 1- 6,541,119 5,215,322
692.245
542,182
504,931
383,107
From Jan 1-85.285.532 72,810,074 18.715,710 15,456,331 12.342,506 9,449,381
Charleston & West Carolina
Green Bay & Western
235.500
September _ 289,098
50,535
4,290
105,350
50,661
September
20,796
-3,710
105,707
39,471
34,462
12,485.
From Jan 1_ 2,933,203 2,420,116
730,259
139.878
241,023
From Jan 1- 973,184 1,011.258
87,502
565,779
465,857
605.767
108,712
Ches & Ohio Lines
Gulf Mobile & Northern
September 9,159,030 5,874,732 2.193.147
156,750
375,710
September. 511,457
96,575
114,198
181,298 1,661,622 -86.539
59,034
From Jan 1_75,835,106 62,504,957 17.905,491 14,119,285 14,921,352 11,702,843
912,327
From Jan 1_ 4,401,458 3,432,909 1,151,707
897,288
718,622
Chicago & Alton
Gulf & Ship Island
September _ 2,978,877 1.811,615
015,336 -211,078
September _ 266,105
55,225
267,416
77,801
825,932 -287,135
32.709
59,897
From Jan 1_25,131,489 19,697,110 5,986,315 2,217,100 5,218,708 1,537.834
635,800
From Jan 1- 2,450,612 2,216,245 . 620.917
408,399
474,142
Chicago Burl & Quincy
Hocking Valley
September _15,060,340 15,398,172 3,719,357 2,300,740 3,108,088 1,273.012
September _ 1.499,743 1,354,872
215,553
213,370
114,489
127,452
Fr. Jan. 1.128,108,379 117145,301 25.450,534 25,613,584 17,982,975 17,218,753
From Jan 1_13.398,188 9,670,805 3,034,534 2,561,946 2,241,396 1,758,309
Chicago & Eastern Illinois
Illinois Central System
September _ 2.512,172 2,062.688
September -15,498,924 18,550,548 3,018,931 3,741,817 2,101,753 2,666,163
423,317
116,684
272,921
226,997
From Jan 1_21,322,499 17,565,068 2,858.798 2,351,919 1,764.881 1,527,970
From Jan 1.140567484124016.651 26,957,457 27,029,969 18,869.020 17,597,233.
Chicago & North Western
Illinois Central Co
September _14,062.408 13,189,311 3,006,063 2,301,290 2,248,581 1,470,428
September -13,674,874 14,710,349 2,686,111 3,417.412 1,884,122 2,459,680
Fr. Jan. 1-120.321,637108.391,636 19,428,043 20,063,274 12,639.217 13,372,025
From Jan 1 125547,734 110428,008 25,203,978 25,586,704 18,109,856 17,218,620
Chicago Indianapolis & Louisville
Yazoo & Miss Valley
September _ 1,497,131 1,347,675
469,280
September _ 1,824,050 1,840,197
239,889
332,820
365,395
300,850
324,405
217,631
206.494
FrOM Jan 1.13,460.129 11,587,330 3,647,110 2,702,630 2,895,921 2,134,716
From Jan 1_15,019,750 13,588,643 1,753.479 1,443,265
759,164
378,618
Chicago Milw dr St Paul
Interest Great Northern
September _14,804,029 14,421,141 3,910,736 2,828,186 3,247.913 1,977.888
September _ 1,596,820 1,494,369
427,883
357,063
395,260
322,483From Jan 1_10,875,738 10,362,574 1,860,417 1.764,446 1,587,124 1,457,611
Fr. Jan. L127,282,894 112545,176 23,920.997 18.686,489 17,191,191 11,329.833
Internet Ry In Maine
Chicago Great Western
344,482
September - 2,147.879 2,137;782
September - 136,651
164.396
271,349
152,504 -49,527
246,377
660 -64,527 -15,340
From Jan 1- 2,021,453 1,952,722
83,685
From Jan 1_19,267.417 17,560,178 2,691,257 2,059,691 1,993.955 1,329.842
231,080 -51,315
87,080
Kansas City Mexico & Orient
Chicago Peoria & St Louis
130.169
124,394
22,558
September _
22.520 -17,803
September _
434
160,940
-6,903
116,186
7,565
434
-755.
9,231 -57,430 -57,393 -144,529
From Jan 1 1.386,788 1,007,013
From Jan 1_ 1,033,069 1.569,610
53,984 -70,409
5,180 -143,457
Kansas City Southern
Chicago River & Ind
540,474
227,085
September _ 1,656,109 1,590,329
193,880
180,141
142,239
September _ 617,332
359,378
372,290
270,739
277,051
From Jan 1_14,794.362 13,210,926 3,513,542 3,125,450 2,721,546 2.253,965
From Jan 1- 5,555.281 4.956,212 2.117,261 1,787.326 1,793,246 1.263.969
Nov. 3 1923.]
TTTE CHRONICLE
-Gross from Railway- -Na from Railway- -Na after Tares
1922.
1923.
1922.
1923.
1922.
1923.
1987
-dross from Railway- -Na from Railway- -Na after Taxes 1922.
1923.
1922.
1923.
1922.
1923.
i
$
$
$
$
S '
Northwestern Pacific
233,810
245,208
282,969
291,824
800,169
September _ 795.442
From Jan 1_ 6,139,873 6,026,369 1,801,543 1,821,145 1,366,844 1,393,154
Penn System
September _67,949,619 66,802,201 13,240,234 11,449,531 9,271,331 7,888.870
From Jan 1 589222,138505034,221 108801,588 94,348,874 81,199,581 69,563,888
Pennsylvania RR & Co
6,998,445
September A2,617,470 61,749,599 11,679,589 10,156326 8,096,672 63,255,475
From Jan 1.547353125486546,271 99,544,161 85,269,279 74,584.951
Kan City M ex & Or of Texas
-3,381
7,020
3,099
7,175
September _
112,652
139,009
From Jan 1_ 1,270,040 1,080,449 -34,773 -158,459 -72,429 -213,265
Texarkana & Ft Smith
78.676
169,822
89.595
181,666
September _ 297,090
191,231
510,991
944,370
From Jan 1_ 2,077,594 1,514,939 1,048,387
606,940
Kansas Oklahoma & Gulf
84,492
11,382
94,072
21,303
264,567
September - 177,124
498,979
209,717
From Jan 1_ 1,858,985 2,087,195
587,616
299,241
Baltimore Ches & AtlLake Superior &Ishpeming
473
35,419
8,308
43,211
151,126
83,320
September _ 166,893
57,048
88,806
64,341
161,739
September _
129,032
32,727 -110,461 -15,081
357.035
From Jan 1_ 1,200,073 1,223,742 -62,515
367,887
407,821
435,172
From Jan 1_ 1,004,189
897,465
Long Island
Lehigh & Hudson River
615.650
827,976
839,127
729
39,585
September _ 3,201,872 2,980,012 1,040,593
12,907
54,685
185,703
September. 242,522
5,019.686
From Jan 1.26,186,019 23,587,475 7,068,301 6,507,665 5,664,199
160,884
619,904
282,106
734,706
From Jan 1_ 2,268,506 1,689,635
Maryland Delaware& Virginia
Lehigh & New England
14,001
12,570
15,932
14,466
125,510
98,694
117,265
September _
105,339 -15,124
387,946 -13,168
September _ 365,699
894,717 -78,769 -36,067 -99,026 -56,441
130,484
From Jan 1.. 849,361
994,187
213,290
From Jan 1- 4.486,109 2,881,670 1,174,723
Monongahela
Lehigh Valley126,344
152,911
134,344
162,861
399,645
September _ 514,950
368,431 -121,648
573,360 -46,135
September- 5.283,244 5,656,065
839,417
911,581 1,406,318
From Jan 1_ 4,395,057 2.518,106 1.495,975
From Jan 1_55,341,462 45,833,132 4,815,129 2,937,914 2,928,930 1,269,263
Toledo Peoria & Western
Los Angeles& Salt Lake
-7.776
3,247 -18,329
-7,329
70,070
141,067
161,209
425,429
September _
182,533
547,205
September _ 2,118,788 1,634,700
-124,264
From Jan 1_ 1,386,922 1,210,502 -103,513 -24,784 -203,738
From Jan 1_17,714,399 14,253,008 3.744,717 2,176,151 2.717,325 1.177.599
West Jersey & Seashore
Louisiana & Arkansas
254,700
300,953
377,705
38,281
418.703
September _ 1,566,303 1,574,061
68,891
60,849
90,417
237,253
304,423
September
1,273,305
541,299
From Jan 1.11,419,691 10,890,240 2,228,143 2,159,336 1,380,328
683,964
From Jan 1_ 2,815,365 2,443,655
735,414
907,456
Peoria & Pekin Union
Louisiana Ry & Navigation
33,702
21,939
48.702
31,939
61.046
157,825
September _ 150,010
52,065
77,352
69,507
327,695
September
323,197
183.268
164,944
314,768
231.080
269,944
237,903
From Jan 1. 1,302,652 1,308,999
377,837
394,709
From Jan 1_ 2,882,206 2,491.775
Pere Marquette
Louisiana Ry & Nay of Texas
945,155
637,889
812,021 1,085,568
September _ 4,052,996 3,370,584
47,139
51,139
140,845
September
5,724.512
From Jan 1.34,039,594 27,984,584 7,950,963 7.035,056 6,621.659
56.521
From Jan 1_ 596,695
80,521
PerkiomenLouisville Henderson dr St L
62,380
18.992
66,336
119,851
90,077
28.762
90,988
69,454
112,758
September _
89,108
311,723
295.630
September
401,665
279,548
447.811
576,033
329,231
957,317
623,311
696,673
742,156
From Jan 1_ 840,784
From Jan L 2,600,926 2,424,134
Pittsburgh & ShawmutLouisville & Nashville
88,761 -26,374 -10,763 -26,584 -10,894
90,335
September _
September _11,475,130 9.534,463 1,977.990 1,333,054 1,526,103 1,026,229
765.642 -55,755 -109,818 -64,626 -118,624
From Jan 1. 1,023,272
From Jan E101386694 90,134,839 19,617,143 15.900,480 15,432,893 12,504,423
Northern
Pittsburgh Shawmut &
Maine Central
24,588
26,970 -39,127
259,314
93,062. 163,646 -36,766
197,894
346,975
September
296,380
September 1,786,558 1,762,208
830,764 -115,988 -182,161 -137,642 -203,454
Jan 1_ 1,077,549
2,707,099 1,465,706 1,848,235
From
From Jan E15,967,316 15,269,304 2,354.498
Pittsburgh & West Virginia
Minneapolis & St Louis
23.174
42,926
moss
137.085
84,210
251,616
246,566
212,094
September _ 340,612
314.945
September 1.548,250 1,344,801
212,650
243,989
456,596
606,136
From Jan 1_ 2,814,349 2,047,543
From Jan E12,308,805 11,285.759 1,690,609 1,787,082 1,115,272 1,184,600
Port Reading
Minn St Paul & Sault Ste Marie
69.850
-691
82,783
16,735
149,527
146,667
September
September 4.740,683 5.253,092 1,341,692 1.870,977 1,090,606 1,622,373
400,972
801,997
532,668
958.676
From Jan L37,098,211 33,296,947 8,208,854 7,545,756 5,864,128 5,268,487
From Jan 1_ 2,065,902 1,293,205
Quincy Omaha & Kansas City
Wisconsin Central
2,877
--8,468
6,802
128,715
338.791
-4,465
102,499
218,187
420,508
307,794
September _
September 1,708,640 1,695,385
822,241 -105,848 --16,535 --145,121 --51,915
From Jan 1_ 944,048
From Jan 1-15,554,127 13,682,058 3,586,873 3,420,404 2,735,731 2.686,607
Richmond Fred & Potomac
Mississippi Central
248.093
227.079
300,808
278,988
946,638
19,847
17,770
September _ 897,983
26.092
23,437
142,657
September
130,588
2,762,818 2.277,810
89.611
205,986
145.847
From Jan 1_ 9,210,611 8,084,749 3,288,770 2,730,273
254,257
From Jan 1_ 1,339,645 1,095,791
Rutland
Missouri Kansas & Texas
74.348
98,872
96,305
124,014
538,064
601,193
598,356
435.123
September
751,937
606,836
September 2,867,024 2,914,952
311,983
642.948
502,082
864,236
From Jan 1. 5,128,043 4,280,835
From Jan 1_25,832,386 23,828,284 6,411,943 7,763,212 4,911.296 6.157,662
Mo Kan & Tex Ry of Tex
St Louis-San Francisco
938,691
1,477,104
224,896
September 7,283,601 6.414,570 1,855,917 1,269,922 14.209,951 11,961,611
582,984
279,309
630,290
September 2,114,808 1,916,971
From Jan 1.63.908,174 58.891,289 17,218,145 14,974,360
From Jan 1_14,822,843 15,138,428 2,622,708 3,140.072 2,170,011 2,667.674
of Texas
St Louis-San Fran
Missouri & Nor Arkansas
34,299
51,782
36.337
53,825
145,094
29,679
September _ 171,312
28,865
31,510
31,922
102,498
September _ 143,409
147,989
139,074
165,835
158,917
52,289
162,331
From Jan I_ 1,222.033 1,248,854
57.476
185,756
From Jan L 1,104.025
362,978
Ft Worth & Rio Grande-Missouri Pacific
12,880
4.502
16.548
8,254
146,292
140,305
400,567
September _
754,820 1,114,780
September _10,239,452 8,049,230 1,499,539
14,607 -132,239 -20,726 -165,956
974,513
From Jan 1_ 1,102,196
From Jan 1_83,679,214 73.122,930 11,442,416 11,480,726 8,036,209 8,154,474
Mobile & Ohio
St Louis Southwestern
583,621
509,270
666,579
627,272
278,980
211,667
September _ 1,670.778 1.690,367
333.077
283,426
September 1,599.578 1.564,115
4.949,051 4,188,872
From Jan 1-15.300,086 12,871,797 5,820,794 4,835,832
From Jan 1.15.137,261 12,817,557 3,388,103 2,813,442 2,625.086 2,304,656
Columbus & Greenville
St Louis-Southwest of Texas
39,212
96,738
63,268
124,289
711,383
37,585
19,888
43,044
22.464
September _ 859,238
140,774
September _ 141,122
--942,151 --953,343
196,560
94,412
241,160
98,473
From Jan 1_ 1.134,993 1,124,470
From Jan 1- 6,043,064 5,359,194 -697,177 --736.368
. 70
Nashville Chattanooga & St Louis
SeptemberStLouls Transfer6,030
19,300
6.919
19,757
57,590
191.919
,628
133,197
227,870
193,349
September 2,118.630 2,038,829
94,849
207,753
100,084
211,579
546,396
From Jan L18,489,755 16,126,717 2,647,213 1,903,926 2,103,319 1,573,161
From Jan 1_ 654,314
Pass
Nevada Northern
San Antonio & Aransas
243,476
299,027
257,223
314,116
35.496
41.946
681,127
49,840
56,452
807,072
74,343
95,501
September _
September
153.861
295,955
280,183
102,133
334,306
435,352
158,739
393,742
387,235
From Jan L 717,024
From Jan 1_ 4,475,024 4,146,667
Newburgh & South Shore-San Antonio Uvalde & Gulf
10,827
32,216
13.698
18,908
2,674
35,443
14.349
86,620
31,634
111,198
131.441
_ 168,505
September
September.
148,626
165,077
175,395
287,101
140,879
800,648
400,070
195,803
250,433
From Jan 1_ 1,581,857 1,416.014
From Jan 1. 933,779
New Orleans Great Northern
Seaboard Air Line
574,002
715,925
749,247
70,195
189,024
43,633
53.500
891,271
58,696
September _ 237,132
September. 3.970,605 3.700,004
5,087,621
588.023
699,240
547,757
451.917
From Jan 1_ 2,145,441 1,883,963
From Jan 1_38,291,505 32,734,520 8,455,331 6,647,038 6,874.452
New Orleans Texas & Mexico
Southern Pacific
5,051,890
146,633
8,521
35,943
125,805
284,098
September _ 221,310
September _19.003,928 16,808,629 7,069,223 5,556,896 5,626,663 26,894,292
638,041
450,585
393,838
616,724
From Jan 1_ 2,165,977 1,961,432
From Jan 1_149306844 132684,350 46,351,401 38,195,744 34,613,195
Beaumont Sour Lake & Western
Arizona Eastern
47,974'
48.209
96.162
12,369
100,782
7,250
75,241
127,396
224,119
72,456
244,498
September
September _ 273,927
645,220
801,875
385,531
647.689
689,843
863,711
346,450
From Jan E 1,738,428 1,469,327
From Jan 1_ 2,719,504 2,306,467 1,020,948
St Louis Brownsv & Meg
Atlantic Steamship Lines
99,263
155,914
317,577
154,947
335,688
142,586
441,020
110,916
167,759
September _ 668,255
September _ 1,091,627 1,062,196
1,264,115
From Jan 1. 4,485,409 3,959,361 1,743,778 1,384,853 1,577,009 1,256,648
Jan 1_10,146,451 8,559,057 1,921,562 1,375,504 1,814,552
From
New York Central
Galveston Harrisburg & San Antonio
224,759
461,275
282,413
548.173
September _34,448,185 33.351,466 7,907,574 5,141,945 5,910,802 3,496,605
September 2,225,733 1.985,158
1,851,509 1,922,812
From Jan L320602476 256603,639 80,729,996 48,860,289 62,091,507 33,381,662
From Jan 1.17,066,660 15,968,577 2,444,555 2,392,687
Indiana Harbor Belt
Houston & Texas Central
479,742
408,787
263,738
272.837
525,815
303.545
240,858
458,653
098,465
991,817
September
September _ 1,434,072 1,425,588
1,153,065 1,948,461
From Jan I_ 8,709,825 7,303,536 2.527,946 2,535,506 2,238,594 2,192.426
From Jan 1-10,308,182 10,639,066 1,585,874 2,348,856
Michigan Central
Houston E & W Texas
'59,707
57,409
66,840
September 7,582,595 7,578,188 1,724,962 2,160,980 1,280,249 1,700,132
71,824
282,318
291,915
September
309.605
165,207
366.678
From Jan 1-71,777,092 59.354,546 22,809,519 16,853,373 18,400,255 13,313,918
251,640
From Jan 1_ 2.231.452 2,286.013
Cleve Cinc Chic & St Louis
Louisiana Western
775,157 1,108,555
482,134
84,807
September _ 8,074,169 7,200,006 1,378,671
74,472
110,746
108,930
355,070
September _ 376,883
498,511
From Jan 1.72,120,099 61,379,687 18,390,143 15,113,268 14,456,843 11,560,588
616,426
723,382
882,540
From Jan 1- 3,367,824 3,064,744
Cincinnati Northern
45,429
41,332
29,662
57.846
Morgans' Louisiana & Texas
235,554
September _ 425,836
98.748
57,041
145,220
103,633
992,947
360.006
748.665
498,079
September _ 743,660
From Jan 1. 3,963,575 2.442,257 1,185,689
141,247 -49,846
370,037
558,538
From Jan 1- 6,461,859 5,761,891
Pittsburgh & Lake Erie
891,317
838.938
676,533
September _ 3,853,263 3,026.790 1,119,100
Texas & New Orleans
90,995
329,109
119,709 -63,646
751,352
From Janl _ 34,825,912 18,919,524 11,968,971 1,072,331 9.780,364
746,756 -18,497
September
372,055
163,934
583,593
450,955
From Jan 1_ 6,570,984 6,398,765
New York Connecting
149,027
245,729
206,356 Soutptem ber
187,927
307,335
September _ 256,706
e
s hern Railway
10,252 10,137,296 3,127,068 2.714,402 2,465,015 2,213,327
September
From Jan 1- 2,544,992 2.145,807 1,777,780 1,489,779 1,412,368 1.135,420
From Jan 1.111827631 91,535,805 27,537,100 20,592.071 22,301,755 16,294,978
N Y Chicago & St Louis
522,250
660,378
842,339
928.792
Alabama Great Southern
September 4,710,716 4,385,688
63,346
186.437
96,826
890,313
September
234,836
From Jan 1_43,301,328 36,582,499 11,593,447 9,573,822 9,211,052 7,492,852
517,598
786,623
From Jan 1_ 8.100,275 6,088,431 2,445,591 1,166,860 1,980.439
Y New Haven & Ilan ford
Clue New On Ss Texas Pacific
_11.160,891 11.086,238 2,297,760 2,128,047 1,865.403 1.766.678
September
109,462
399,144
173,426
September - 1,807,009 1,090,789
459,860
From Jan 1.100516271 89,944,465 19,292,284 17,411,601 15,468,474 13,957.183
From Jan 1.17,416,692 11,828,027 4,973,710 2,088,465 4,149,955 1,446,035
N Y Ontario & Western
Georgia Southern & Florida
147,021
172,107 -148,777
11,839
September _ 925,808 1,182.769 -131,413
66,119
419,893
September
32,482
317,032
86,240
371,294
From Jan 1_10,716,145 9.193,954 1.387.404 1,528,215 1,028.243 1,210,945
654,856
From Jan 1_ 3.914,855 3.358.943
533,850
833,853
New Orleans St Northeastern
N Y Susquehanna & Western
87,024 -106,149
325,747 -43,624 -36,688 -74,737 -62,218
September _ 308,034
September _ 575,218
135,248 --69.631
303.136
30,724 -171,486
50.458
313,912
820,155 -145,458
From Jan 1_ 5,202,330 3,878,183 1,277,648
197,643
From Jan 1. 3,642,788 2,933,026
Northern Alabama
Norfolk & Western
40,890
62,011
791,606
148,043
September _
44,860
67,123
128.231
September _ 8,435,184 7,857,559 2,154,311 1,392,063 1,603.837 16.595,055
309,663
465,447
345,988
From Jan 1. 1.285,706
524.619
989,973
From Jan 1_70.665,181 09,335,378 16,296,435 21.252,787 11,690,380
Spokane International
Northern Pacific
47,354
14,126
52,831
95,115
122,804
September _
19,853
September _ 9,824,038 9.846,468 3,498,058 2,492.101 2,757,153 1,767,011
213,360
162,618
262,771
215,196
864,253
From Jan 1- 877,604
From Jan 1.73,231,917 68,294,756 11,513,836 42,312,083 5,136,384 5,775,925
1988
THE CHRONICLE
[Vors. 117.
-Gross from Railway -Net from Railway- -Net after Taxes
Gross
Net after
1923.
Fixed
1923.
1922,
1923.
Balance,
1923.
1922.
Earnings.
Taxes.
Charges.
Surplus.
$
$
•$
6
Third Avenue
Spokane Portland & Seattle
Sept '23 $1,182,311 *$243.130 $222,305
$20,825
Railway System
September _
773,720
'22 1.199,805
859,825
260,918
234,728
185,583
174,726
221,840
33,320
3 mos ending Sept 30 '23 3,590,500 *255.160
From Jan I_ 5.946,497 5,323,481 1,981,815 1,884,313 1,285,728 1,150,527
709.198 669.399
39,799
'22 3,633,998 *767.472
Staten Island Rapid Transit
670,870
96,602
United Electric Rys Sept'23
September _ 224,298
3,191 -32,455 -11.059 -52,458
202,183
627,685
*44,942
55,221 -10,279
From Jan 1_ 1,940,886 1,850,415
'22
112,402 -121,632 -17,432 -277,343
721,756 *157.102
50,494
106,608
9 mos ending Sept 30 '23 6,060,406 *565.678
Tennessee Central
496,961
68;717
'22 6,072,819 *1,203.284
September _ 258,938
453.188
254.317
33.128
53,900
27,441
750,096
48,801 United Gas
& Elec Sept'23 1,118,623 *413,669
From Jan 1- 2,317,538 1,781,093
497,820
302,759
442,382
283,451
145,009
268,660
'22 1.033,616 *378,495
Term RR Assn of St Louis
142,553
235,942
12 mos ending Sept 30 '23 13,687,974 *4.770,860 1,734,715
September _ 467,220
345,926
124,408
-3,403
55,542 -63,448
3,036,145
'22 12,184,155 *4.324,403 1,753.414 2,570,989
From Jan 1_ 3,836,513 3,324.892 1,258,043
999,635
882,054
497,101
St Louis Merch Bridge Ter
z Includes taxes. *After allowing for other income. -Deficit.
September _ 417,825
107,779
418.850
204,047
72,613
178.383
-Deficit.
From Jan 1- 3,878,254 2,785,281 1,203,419
928,502
885,807
888,406
Texas & Pacific
Comparative Earnings of Companies Under the Management
September _ 2,891,890 2.719,009
788,784
481,287
888,035
of
381,184
From Jan 1_22,863,770 22,021,594 4,122,109 3.905,205 3,204,954 2,927,530
Stone, Webster & Co., Inc.
Ulster & Delaware
Month of September- -12 Months ending Sept. 30
September _
142,301
155,088
11,895
-9,195
5,895 -15,198
Surplus
Surplus
From Jan 1_ 1,408.454 1,287,370
247,485
127,206
193,433
Year. Gross.
73,149
Net.
Aft. Chges. Gross.
Net.
Aft. Chges.
Union Pacific
i
6
$
September _12,607,227 11,280,849 5,247,733 3,517,598 4,730,092 2,922,899 Puget Sound Power & Light Co
From Jan 1_83,807,024 75,012,189 25,334,000 22,550,421 20,243,909 17,335,5013
1923
987,186
347,352
188,927 11,901,638 4.709,724 2.895,720
1922
St Jos & Grand Island
808,128
321,225
178,639 10,292,322 4,488,290 2,714,253
274,371
September _ 297,028
59,171
46,040
28,400
9,895 Blackstone Valley Gas & Electric Co
From Jan 1- 2,369.833 2,288,938
275,819
278,792
1923
156,960
361,223
121,482
128,424
100,953 4,433.436 1,594,794 1,255,302
1922
Oregon Short Line
329,805
123,501
95,855 3.918,955 1,438,886 1,102,945
September_ 3,773,682 3,814,100 1,173,760
808,399
891,284
549,199 Tampa Electric Co
From Jan 1_27,394,930 25,690,735 8,432,230 8,013,780 4,132,432 3,541,578
1923
187,205
70,781
65,978 2,088,722
899,878
834,958
Oregon-Wash RR & Nay
1922
148,112
81,434
57,055 1,755,923
718,902
684,188
September. 3,077,944 2,787,385
703,413
198,201
525,713
14.931 El Paso Electric Co
From Jan 1-21,377,988 20,499,723 2,125,690 1.005,872
1923
578,718 -825,038
197,845
75,098
58,039 2,384,185
892,197
887,848
1922
Union RR (Penn)
191,092
72,330
55,389 2,278,827
776,882
565,588
September. 1,147,401 1,018,401
308,776
319,814
Baton Rouge Electric Co
248,778
325,814
From Jan 1- 9,805,178 8,320,821 2,496,834 2,578.553 2,002,714 2.489.808
1923
50,425
16,582
14,103
618,841
215,048
183,113
Utah
1922
48,488
18,332
12,838
579,488
218,493
169,084
September. 144,994
128,948
20,370
13,913
7,770 Houghton County Electric Light Co
13,071
From Jan 1_ 1,135,112 1,243,947
1923
208,278
353,833
147,707
41,386
296,548
9,041
4,959
536,700
135,018
84,147
Virginian BR
1922
41,831
9,498
5,134
548,162
150,998
93,938
September. 1,805,984 1,297,386
853,511
Keokuk Electric Co
249,510
535,178
99.550
From Jan 1_18,495.984 14,542,992 8,321,719 5,818,743 5,374,288 4,538,382
1923
34,780
9,048
5,818
409,510
110,008
89,078
Wabash RR
1922
34,249
9,635
98,417
6.059
382,552
54,881
September _ 5,907,828 4,763,877 1,425,802
659,275 1,235,288
467,329 Central Mississippi Valley Elec Prop_
From Jan 1_49.228,645 42,740,987 10,758,188 7,334,305 9,038,974 5,816,985
1923
47,254
12,671
9,440
568,128
159,288
118,335
Western Maryland
1922
47,175
13,827
10,043
538,823
101,715
145,538
September. 1,910,218 1,819,778
452,754
382,754
343,178
283,178 Sierra Pacific Electric Co.
From Jan 1_17,881,388 12,908,023 3,932.887 2,881,588 3,197,887 2,451,588
1923
88,042
40,841
35,185 1,000,941
483,418
423,579
Western Pacific
1922
77,490
39,547
34,728
888,384
334,007
403,985
September. 1,580,989 1,411,951
523,991
442,178
480,263
403,950 The Key West Electric Co
From Jan 1_10,061,412 8,729,245 2,231,830 1,559,383 1,519,814
1923
19,681
811.828
7,853
5,337
250,814
103,148
72,200
Western Ry of Alabama
1922
21,356
9,167
8,509
249,524
80,128
50,843
September _ 281,864
249,671
81,831
52,877 Edison Elea Ilium Coot Brockton
74,869
88.931
From Jan 1- 2,190,353 1,892,328
1923
573,697
122,505
455,935
320,142
427,212
42,570
41,738 1,558,098
582,943
552,553
1922
Wheeling & Lake Erie
112,822
37.105
38,289 1,338,822
478,113
4134,979
September. 1,774,952
935.247
430,150 -75,797
314,448 -184,190 The Lowell Electric Light Corp
From Jan 1_14,258,548 9.930 429 3,205,388 1,816,187
1923
115,995
843,990
38,288
35,547 1,843,510
574.294
2,!736
571,238
1922
111,912
38,993 1,283,157
411.889
394,983
Electric Railway and Other Public Utility Net Fall River Gas Works Co 38,998
Earnings.- The following table gives the returns of
1923
93,831
28,724
28,714 1,033,333
248,830
248,152
1922
88,044
22,085
994,157
22,058
253,355
ELECTRIC railway and other ublic utility gross and net
251,821
,
Paducah Electric Co
earnings with charges and surplus reported this week:
1923
49,021
15,800
8,250
803,234
201,883
97,982
1922
49,529
19,709
-Gross Earnings- -Net Earnings
11,279
548,192
179,905
78,335
Current
Northern Texas Electric Co
Precious
Current
Previous
Companies.
Year.
Year.
1923
Year.
Year.
232,116
73,854
48,239 2,938,027
981,284
669,393
1922
$
250,907
$
$
82,225
$
57,219 3,111,285 1,080,523
780,011
aBarcelona Tr, Lt & Pr-Sept 3,984,372 3,810,785 2,325,127 2,252.330 Savannah Elec & Power Co
9 mos ending Sept 30_ -37.091,354 33,633,681 20,822,765 20,263.877
1923
180,810
54,448
23,328 1,878,299
587,845
277,778
Beaver Valley Trac Co_Sept
1922
129,825
48,148
53,616
14.601
22,073
8,453
53.291
9 mos ending Sept 30_ _ 526,834
117,655 Haverhill Gas Light Co
103,526
470,592
Cities Service Co
1923
Sept 1.025,587 1.006.673
52,105
15,859
15,854
968,017
991,707
588,009
126,471
128,093
12 mos ending Sept 30---16,657.793 14.417,560 16,140,017 13,985,011
1922
47,582
13,339
13,328
539,574
140,246•
136,793
Duquesne Light Co
Sept 1.522,153 1,356.497
435,850 Cape Breton Elec Co, Ltd
4 .242
9 mos ending Sept 30-14,236,225 12.117.051 5.018.660 4.669,861
1923
81,986
15.342
9,728
894,731
87,283
19,685
1922
Georgia Ry & Power Co_Sept 1.284,043 1.152,823
52,299
13,534
7,908
831,831
89,147
1,805'
349,479
319.049
9 mos ending Sept 30_
11,778.014 10,483.018 3,371,424 3,250,711 The El Lt& Pr Co of Abington & Rockland
1923
Phila Co & Sub Nat Gas_Sept 891,821
40,429
8,310
8,310
438,883
69,758
83,717
174,304
151,027
956,971
1922
9 !nos ending Sept 30---.10,847,958 10,111.226 4,164.189 4,072,960
33.453
8,009
5,393
368,868
87,419
59,913
Philadelphia Oil Co
Sept
22,114
50,884 The Connecticut Power Co
5,532
60.547
1923
9 mos ending Sept 30-- 324,105
189,012
54,083
38,184 1,989,162
383,797
572,860
484,620
697.574
132,685
1922
154,523
52,085
17th St Incline Plane-Sept
35,140 1,873,994
417,321
833,888
3,199
473
3,543
32
9 mos ending Sept 30.--28,418
-1.108 Mississippi River Power Co
29,258
750
1923
252,704
183,196
86,194 2,984,992 2,196,297
989,884
1922
a Given in pesetas.
232,841
175,477
72,950 2,890,583 2,182,540
945,818
Galveston-Houston Elec Co
Gross
Net after
Balance,
Fixed
1923
279,870
85.051
Earnings.
23,983 3,311,168
Surplus.
890,838
Taxes.
Charges.
205,470
1922
257,882
44,088
4.404 3,322,818
881,415
227,831
American TaleSept '23 5,796,462 2.980,888
459,598 2,521,290 East Tenn Electric Co
phone & Telegraph
'22 5,645,669 3,018.008
1923
175,858
548.581 2,469,427
63,454
45,168 1,998,257
752,158
552,080
9 mos ending Sept 30 '23 53,341.075 28,367.706
1922
145,379
5,302,069 23,065,637
48,425
27,905 1,719,918
584.834
383,858
'22 47,861.878 25,026,057 4,649,026 20,377,031 Columbus Elec & Power
Co
Citizens Trac Co
Sept '23
1923
'
75.809
183,578
37,085
26,798
81,211
10,287
68,838 2,207,920 1,137,177
'22
1922
64.151 '20.971
165,851
72,718
49,930 1,923,509
9
.
980,571
mos ending Sept 30'23
12
949.123
416.568
119,496
'22
775,195
316,012
117,610
Commonwealth
Sept '23 2,491.842
986,783
529,563
Power Corp
'22 2,193,993
802.060
507,559
9 mos ending Sept 30 '23 21.656.374 8,276,829 4,651,794
'22 18,877,886 7.230,215 4,508,894
Consumers
Sept '23 1,417,434
657,171
186,305
Power Co
'22 1,194,303
558,190
206,443
9 mos ending Sept 30 '23 12.159.353 5,589,660 1,682,679
'22 10,224,044 4,856,778 1,836,493
Honolulu R T Co Ltd Sept'23
84,476
24.342
x12,280
'22
84.602
31.003
x9,269
9 mos ending Sept 30 '23
727,079 *220,406 x102,547
'22
721.658 *262.470
x82,240
Milwaukee Electric Sept'23 1,745.974 *495,601
213,610
Ry & Light Co
'22 1,550,945 *429,826
192.166
12 mos ending Sept 30 '23 21,811,272 *5,971,464 2.349,221
'22 18.898,130 *5.910,832 2.401,999
Nevada-California Sept'23
296.063 *137,846
84,151
Electric Corp
'22
281.392 *164,621
77,699
12 mos ending Sept 30'23 3,919,701 *2,128,211
991,413
'22 3,328,037 *1.806.666
924,049
New Bedford Gas, Sept '23
278.976 *120.481
54,303
& Edison Light Co
'22
277,773
*94,241
46.827
9 mos ending Sept 30 '23 2,709,915 *911,254
429,679
'22
Northern Ohio
Sept '23
777,584
164,350
159,267
Electric
'22
804,060
179,190
163,228
9 mos ending Sept 30 '23 7,651,893 1,834,366
1,437,604
'22 6,892.379 1.816.519 1,476,489
Southern California Sept'23 1,940,297 1,176.395
268,798
'22 1.547.001
Edison Co
925.895
310,671
12 mos ending Sept 30'23 19,485,868 11.179,808 3.167,290
'22 16,713.281 9.760.590 3.948,205
Tennessee Electric Sept '23
758.033
340.804
150.706
678,989
'22
Power Co
319.174
143,783
9 mos ending Sept 30 '23 6,700,578 3,044.853 1,317,065'22 5,793,422 2.727,555
297,072
198,402
457,220
294,501
3,625,035
2.721,321
470,866
351.747
3,906,981
3,020.285
12,062
21,734
117,859
180,230
281,991
237,660
3,622.243
3,508,833
53.695
86,922
1,136.798
882,617
66,178
47,414
481,575
5,083
15,962
396,762
340,030
907,597
615.224
8,012,518
5,812.385
190,098
175.391
1,727.788
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Oot. 27. The next will appear in that of Nov. 24.
Cincinnati, New Orleans & Texas Pacific Ry. Co.
IL
f the Cincinnati Southern Ry.1
(41st Annual Report-Year Ended Dec. 31 1922.)
Pres. Fairfax Harrison, Cincinnati, Sept. 25, reports in
substance:
Income.
-Operating revenues in 1922 declined $369,071,
below
the revenues of 1921. Expenses were cut $1,457,973, or or 2.15% Taxes
9.86%.
Increased $138.755, or 21.56%. The final net income after the payment
ofrents and interest charges amounted to $636,568,compared with $703,535
in the preceding year.
An outstanding feature of the income account is the hire of equipment
Item, which shows a debit balance of $729,019 in 1922, against a credit
balance of 8259.727 in 1921. This was due in part to the interruption of
the free movement of freight cars consequent upon the strike of the shopmen and in part to the retirement of old cars and engines which had
unfit for service. An offsetting item is a decrease of $499,224 become
in the
cost of freight car repairs.
THE CHRONICLE
Nov. 3 1923.]
-The usual dividend of 5% on the Preferred stock, and the
Dividends.
regular dividend of6% and an extra dividend of 7% on the Common stock
were paid in 1922. and a final balance of $125,198 carried to the credit of
profit and loss.
-Notwithstanding substantial reductions in freight rates,
1923 Outlook.
the results so far in 1923 have been substantially better than for the corresponding period of 1922. the 7 months of the current year for which figures
are available as this report is written showing an operating income after
expenses and taxes of $2,906,209, compared with $1,535,136 for the same
months of the preceding year. The volume of freight traffic is running
50% and passenger traffic 30% heavier than last year.
Property Investment.
-On April 2 1923 a contract was made to acquire
1.865 new coal cars and one dining car. The cost of this new equipment
Is $3,430,490, and the money was provided partly from current treasury
funds and the remainder from the sale of $2,700,000 Series"G"5% Equip.
Trust certificates dated April 2 1923, payable in 15 equal annual installments (see offering in V. 116, p. 1048, 933).
TRAFFIC STATISTICS FOR CALENDAR YEARS.
-Corporate- Federal & Corporate1919.
1920.
1921.
1922.
Operations335
338
338
338
Miles operated
1,762.132 1,835,023
1,306.708
1.115,210
No. passengers carried
Pass.carried one mile_ _ - 98.732,674 103,944.695 149,359,030 132,047,224
2.73 cts.
2.93 cts.
2.69 cts.
3.37 cts.
Revenue pass. per mile
Tons rev, freight carried 5,386,299 4,879,977 6.695.999 4,682,999
Tons freight car. 1 mlle-1200946990 1039579.113 1425608,332 1094293,911
1.09 cts.
1.08 cts.
1.21 cts.
1..05 cts.
Rev. per ton per mile_ _ _
601
625
443
517
Av.train load (rev.) tons
$2.58
$2.77
$3.07
$2.78
Earns. per pass.train na..
$48,587
362,430
$50,775
$49,683
Gross earnings per mile_
CORPORATE INCOME FOR CALENDAR YEARS.
1920.
1922.
1921.
Operating Revenues$12,599,962 $12,586,859
Freight
3,330,277 3.516,636
Passenger
791,396
623,591
Mail,express,&c
247.544
275.553
Incidental, &c
Total operating revenues
Operating Expenses
Maintenance of way,&c
Maintenance of equipment
Traffic expenses
Transportation
Miscellaneous operations
General expenses
Transportation for investment
$16,801,374 $17,170,446
Total operating expenses
Net revenue from operations
1989
EARNINGS FOR QUARTER ENDING SEPT. 30.
1921.
1920.
1922.
1923.
Unfilled orders (V. 117,
p. 1607) Sept. 30_tons 5,035,750 6,691,607 4,560,670 10,374.804
Net earnings (see note)-$47.053.680 $27,468,339 818.918.058 $48.051,540
Deduct
Sink, fund on bonds of
sub.. cos., deprec. and
extraord. replace. fds_$10,686,745 88,810.741 85,902,363 310.180.401
Int. on U. S. Steel Corp.
bonds
4,660.476 4,778,296 4,891.066 4,998,398
212,100
190,000
200,000
257,500
Prem. on bonds redeemSinking funds on U. S.
2.241.433 2.132.002
Steel Corp. bonds.. 2,441,024 2.360.204
Total deductions
$18,045.745 816.149.241 813.224.862 $17,522,901
29,007.935 11.319.098 5.693.196 30.528.639
Balance
Div. on pf. stk.(1:1
?)- 6.304,919 6,304,919 6,304.919 6,304,919
1
6,353,781 6,353.781
6.353.781
Div.on com.stk.
(1 %) 6,353,781
do
Extra (1 %)_ 1.270,756
Sums approp. & exp. or
to be exp. acct. add'ns,
impt. or better'ts to
plants & properties__ _ 10.000,000
Surplus for quarter--- $5,078,479 x$1,339,602 46,965,504 $17,869,939
x Balance provided from undivided surplus.
Note.
-The net earnings, as shown above, are stated after deducting
elaond
(li res interest of the sub. cos. (the interest on bonds outstanding), this
t amounting for the late quarter to 32.058,837; (2) all expenses
in
Incident to operations, comprising those for ordinary repairs and maintenance of plants; (3) also in 1920, but not in 1921 and 1922, allowances for
estimated: proportion of extraordinary cost, resulting from war requirements and conditions, of facilities installed; (4) in all years, estimated taxes
(including Federal income taxes), and (5) in 1920 the excess profits tax.
NET EARNINGS FOR NINE MONTHS ENDING SEPT. 30.
1920.
* Net Earnings1921.
1923.
1922.
January
310.561,241 $4.654.134 $14,387,474 $13,503,209
February
9,527,181 6,180,685 10,157.896 12,880.910
March
14,691,647 8.505,166 7,741,352 15,704,900
Total (first quarter,--$34,780,069 $19,339,985 $32.286,722 $42,089,019
April
14,399,988 7.750,054 7,336.655 12,190,446
Alay
17.698.675 8.824,887 7.731,64,0 15.205,518
15,759.518 10,712.004 6.823.712 15.759.741
June
$13.331.264 $14.789,237
3.470,110 2,381,209
Not
$1,938.245 $2,326,988
4,308,898 4,359,478 Comparable
364,132
351,887
6,125,702 7,107.572
127,320
108.081
504.123
498.457
Cr.377
14
Total (second quarter)$47.858,181 $27,286.945 321.892.016 343.155,705
15.767,003 9.833,664 5.157.395 16,436,802
July
16,997.467 10.61.5,085 8,502,976 15.440,418
August
$643,547
14.289,210 7,019,530 7,257,687 16,174,322
September
8,086
Cr.259,728
Total (third quarter)-$47.053.680 $27,468.339 $18.918.058 $48,051,540
46,859
months
129,691,930 74,095.269 73.098.796 133,296.264
$1,942,444 $4,026,759 Total nine
•After deducllng interest on subsidiary cos.' bonds outstanding, viz.:
$1,485
1920.
1921.
1923.
1922.
22,521
54,429
3707.938
8685,593
$698,547
3656.248
3,785
January
707.085
684.135
658,958
1,000 February
698.070
1,000
707,998
685,556
650,441
697.989
76,646 March
73,333
706,005
674,320
697,049
649,506
34,191 _April
76,682
704,048
672,873
693,395
688,051
may
66.155
702.793
672,712
705,753
691,405
June
$2,219,314 $4,161,117 July
699.918
667,043
711,010
887,774
697,968
665,169
685.578
708,974
$1,324,206 $1,218,954 August
695,875
686,228
708.131
685.485
September
32,000
32,873
175,040
153,645
INCOME FOR NINE MONTHS TO SEPT. 30
6.107
3,422
1920.
1921.
1922.
1923.
373
1,632
$
i
$
3
122.670
122,670
9 Mos. to Sept. SO
129.691,930 74,0.15,269 73,096,796 133.296,264
388.700 Net earnings
358,800
950,000
Deduct
For sinking funds,depreBal,carried to credit of profit & loss $125.199
$222,065 $1.267,265
ciation & reserve funds 38,410.310 30.602,666 28,439,686 34,545.122
The profit and loss as at Dec. 31 1922 shows: Credit balance Dec. 31 Interest
14,119.022 14,467,918 14,801,277 15,118,885
636.300
600,000
600,000
772.500
1921, $11,537,491; Add credit balance of income for year. $125,199; net Prem,on bds. redeemedmiscellaneous credits, $10,281; total 411,672.970; Deduct, Surplus approp
for add'ns & betterments, $442,760; credit balance Dec. 31 1922. $11,53.301,832 45.670,584 43,840.963 50.300,307
deductions
Total
76,390,098 28,424.685 29,255,833 82.995.957
230,210.
Balance
GENERAL BALANCE SHEET DECEMBER 31.
Dividends
18,914,757 18,914.757 18,914,757 18,914,757
Preferred
1922.
1921.
1922.
1921.
(x4%)20,332.099 *19,061.343 *19.061,343 *19,061.343
Liabilities
Common
Assets
stock.._ _ 2,990,000 2,990,000 Sums approp. & exp. or
Investment in road 1,298,507 1,300,082 Common
Investm't In equip.15,214,054 15,939,554 Preferred stock__ 2,453,400 2,453,400
to be exp. acct. of
Equip,trust oblig. 2,239,400 2.613,200
Impts. on leased
add'ns, impts. or betrailway prop_ _ _12,287,328 11,860,946 Traffic & car serv.
terments to plants &
20.000.000
Misc. phys. prop__ 459,859
balances parle_ 461,290
409,220
302,244
properties
Audited acc'ts and
Inv.In &Mi. cos.'
384,002
384,002 wages payable_ _ 2,009,198 1,091,694 Undiv. sur. earns.,9 mos 17.146,242 Y9.551,415 y8,720.267 45,019,857
Stocks
298,407 Anse.ace'ts pay'le. 726,516
Bonds
298,407
295,617
Notes
18,038
58,563 Int. mat'd unpaid_
233
x Includes extra dividend of %. * 3l%. y Balance provided from
315
60,930 Divs. mat'd unpaid
10,111
Advances
60,930
16,446 undivided surplus.
276,531 Funded debt maOther investments 202,074
Unfilled Orders as Previously Reported (V. 117, p. 1607)•
2,140,349 2,428,622 tured unpaid_
1,000
Cash
Sept. 1922.
Dec. 1922.
June 1923.
March 1923.
Sept. 1923.
21,261 Unmat. dive. decl_
10,223
13,843
Special deposits.._
10,223
6,691,607
6,745,703
6,386,261
7,403,332
Unmat. int. accr'd
.5,035.750
44.671
Traffic & car serv.
50.351
258,978 Unmat.rents accr. 398,765
balances receiv. 200,555
233,338 -V. 117, p. 1899, 1607.
Other curr.
209,550
due from
Balance
129,476
55,080 Deferred liabilities
53,605
agents & conduc. 352,463
267,685
525,000 Taxes
497,930
563,891
U.S.Govt.adjust.
Caracas Sugar Company.
reserves 198,826
232,069
Misc.acc'ts reedy. 1,228,773 1.015,210 Operating
Material & supp__ 1,803.558 1,970.247 Accrued deprec'n
(3d Annual Report
-10 Months Ended April 30 1923.)
Int. & dive.reedy.
25,397
68.335 on equipment._ 3,823,445 4,444,080
Other unadj• cred_ 467,900
415,928
Other eurr. assets
President Edwin F. Atkins reports in substance:
(Incl. U. S. see.) 4,069,767 2,217,015 Add'ns to property
14,167 through income
13,915
Deferred amts.__
Grinding began on Jan.6 and terminated on April 28. Total output was
Unadjusted debits. 919,910 1,207,257 and surplus_ _.13,166,456 12,720,980 207,408 bags, equal to an average of 1,807 bags per crop day-this being
Profit & loss, bal._11,230,210 11,537,491 a record output both in total and per day for the property. Last year's
total output was 194,385 bags, and the average daily output 1,606 bags.
40,991,730 40,369,426
40,991,730 40,369,426 Total
Steps have been taken to consolidate and enlarge the area of the lands
Total
controlled by the company in order to provide sufficient land to insure
-Securities of company held by it, unpledged,810,000.-V. 116, p.2128.
Note.
maximum crops for an indefinite period through the acquisition of the
lands and railroad of the "Lequeitio" Estate, which has some 45,000 acres
United States Steel Corporation.
of owned and controlled lands (16.000 acres owned, 29.000 acres leased).
and about 83 kilometers of railroad which joins the Caracas RR.
ending Sept. 30 1923.)
(Results for the Quarter
Company now owns a total of 29,700 acres and has under lease 44,000
The results of operations for the quarter ended Sept. 30 acres.
The directors are
1923, shown below, were given out on Tuesday following the provide for working now working on a plan to refinance the company and
capital. Details of this plan will be presented for the
regular meeting of the directors.
approval of stockholders in the near future.
The directors declared an extra dividend of X of 1% on
INCOME ACCOUNT FOR STATED PERIODS.
the Common stock in addition to the regular quarterly
10 Mos.end.-Years end. June 30dividend of 1 %, payable Dec. 29 to holders of record
PeriodApr.30'23. June 30 '22. June 30 '21.
earnings from sugar
4
Nov. 28. The regular quarterly dividend of 13 % was Estimated net sales
and molasses
Not
$1,914,832 $1.114,966
declared on the Preferred stock, payable Nov. 28 to stock- Operating cost
stated.
1.571,058 1,386,221
$782,302
Taxes
6,653
Uncollectible revenues
729,019
Hire of equipment
42.117
Joint facility rents
Operating income
$1,910,018
Aron-Operating Income
81,234
Income from lease of road
22,870
Miscellaneous rent income
9,281
Incomefrom leased rail
Dividend income
1.000
185,502
Income from funded securities
Income from unfunded sec. & sects_ 57,975
Miscellaneous income
Gross income
82,187.879
Deductions
Rent for leased roads
$1,381,651
31,988
Miscellaneous rents
Interest on equipment obligations.---133,074
Interest on unfunded debt
3.282
Miscellaneous income charges
1,317
Preferred dividends
122,870
Common dividends
388,700
Add'ns & betterments charges to Inc_
holders of record Nov. 3.
After the directors' meeting, Chairman Elbert H Gary said:
"As we see it the outlook is good. Perhaps it would be less frank if I
said that new business coming to hand is large enough to keep all of our
mills in operation. It is only natural that there should be a falling off in
orders during midsummer and early fall, as has been witnessed this year.
New bookings at the present time are only one-half of the producing capacity
of the country, but inquiries, meaning requests for prices and information
concerning deliveries, are very large. Apparently a good deal of business
Is in sight and may be placed within the very near future.
"The necessities of consumers are large, and their ability to pay is sufficient. Just how much the volume of business will be in the near future
we cannot say any more than you can, but we feel confident on the outlook.
if nothing unforeseen happens."
Operating profit
Loss on cane plantations
Depreciation on plant & equipment_
Interest and discounts
Organization exp., prop, written off
Miscellaneous
Profit for year
Adjustments on previous crops
an
Balance, surplus
Previous surplus
Profit and loss
$343,774 loss$271,254 loss$607,314
126,227
230,100
95.801
207,804
133,947
6,840
3.078
16.549
$206,749 loss$715,999 1oss3845,892
155,070
173,367
3380.116 def$871,070 def$845,892
199,189 1.045.081
def671,880
def$291,764 def$671,880 sur$199,189
1990
THE CHRONICLE
[VOL. 117.
COMPARATIVE BALANCE SHEET.
Studebaker Corp., South Bend, Ind.
AssetsApr.30'23. June 3022.
LiabilitiesApr. 30'23. June 30'23.
Property account x$4,280,53.5 $4,208,142 Capital stock (50,(Report for 9 Months ended Sept. 30 1923.)
Organization exp_
61,561
58,483
000 ells. at $50
President A. R. Erskine, Oct. 29, wrote in brief:
Stock in Caledonia
$2,500,000 $2,500,000
each)
Sugar Co
40,000 1st Mtge. bonds20,000
Business during the third quarter held up to expectations.
(*)
()
5
1st Mtge. lands_ _ _
21,674
of cars sold and the net profits reallzed wore very satisfactory. The number
Notes & accept'ces
The decline
Live stock, supoutstanding- --- 1,817,408 1,807,189 in the net profits per car as compared with the second quarter was
plies, &c
161.486 Accounts payable_ 1,357,554 1,173,177 the greater proportion of sales of light sixes and of open models, on due to
164,678
which
Unliquid. sugars &
profits are smaller than on closed models. For the nine months we sold
mol., less advs.
122,586 cars and realized net profits of 318.226,254. Both figures exceed
178,899
on account
608,742
the results of the entire year of 1922. Our business for the fourth quarter
Acc'ts reedy, from
will be slightly below that of the third quarter, but a substantial
volume
planters & othis assured.
139,540
ers, lees reserve_ 164,072
INCOME ACCT.FOR THREE AND NINE MONTHS ENDED SEPT. 30.
65.015
Cash
18,857
Period291,764
671,880
Deficit
Total(each side) $5,674,963 $5,480,365
1923-3 Mos.-1922.
1923-9 Mos.-1922.
* $2,000,000 of an authorized issue of $4,000,000 1st Mtge. 8% Sinking No.automobiles produced
43,300
29,924
124.155
Fund Gold bonds have been issued and are held as collateral for loans to
87,951
No.automobilessold
40,695
30,199
122,586
the company.
90,252
Net sales
$46.372,646 335,065,894 3139,021,192 3108,488,756
x Land, buildings. machinery, &c.. $4,542,850; new construction in Net profits
6,888,665
5,694,371
22.772,456 20,009,840
process. $2,181; cane fields and new plantings, including ditches, $109,228; Reserves
1,400,000
760.000
2,026,008
2,388,706
steam plows, carts, tools, furniture. &c., $19,713; total, $4,673,973; less Taxes
631,585
450,397
2,520,194
reserve for depreciation, 3393.438.-V.000, p.0000.
1,980,759
Bal.,net profits-- 34,855,080 $4,483,974 318,226,254 315,640,375
General Refractories Company.
(Statement to the New York Stock Exchange.)
The statement regarding the company and its subsidiaries,
made to the New York Stock Exchange in connection with
the recent listing of $4,000,000 1st Mortgage 6% bonds, will
be found under "Reports and Documents" on subsequent
-V. 117, p. 1892, 558.
pages of this issue.
CONSOLIDATED BALANCE SHEET.
Sept. 30'23. Dec.31'22.
Sept.30'23. Dec.31 '22.
Assets$
Liabilities$
$
$
Plants & progety 48,568,038 43,426,182 Preferred stock- 8,800,000 9,450,000
Housing devert. 1,509,117 1,559,928 Common stock_ 75,000,000 75.000.000
Trade name and
Accts. payable_ 7,165,264 6,756,635
good-will ____ 19,807,277 19,807,277 Res. for taxes__ 4,457,228 3,418,696
Cash
15,792,325 15,174,396 Dealers' disc. dr
Sight drafts outdepos. res'ves 2,010,146
1,923,451
standing
5,707,616 3,509,865 Other payable reInvestments
3,166,511
4,017,991
serves
3,126,384 3,389,818
Net receivables
Special surplus_ 4,860,000 4,455,000
(less reserves) 7,514,345 4,859,579 Surplus
21,586,765 10,237,190
Inventories ____ 24,471,187 21,514,249
Deferred charges
469,372
761,323
Fajardo Sugar Co. of Porto Rico.
•
(Annual Report-Fiscal Year ended July 31 1923.)
Total
127.005,780 114,630,789
The income account and the balance sheet covering the
Total
127.005,786 114,630,789
fiscal year ended July 31 1923 will be found under "Reports -V.117. p. 1471. 1137.
and Documents" on a subsequent page.
Loew's Incorporated (and Subsidiaries 100% Owned).
RESULTS FOR FISCAL YEARS ENDED JULY 31.
(Annual Report Fiscal Year ended Aug. 31 1923.)
1922-23.
1919-20.
1920-21.
1921-22.
Cane ground, tons
269,794
382,094
309,289
317,612
Sugar output, tons
32,287
43,034
34,919
38,981
Molasses, gals
1,408,852
1,580,089 2,110,438
1,626,401
Sugar. &c., produced... $4.324,881 $3.148,422 $3,362,091 $12,288,337
Miscellaneous receipts
231,297
156,997
319,716
217.683
Total
Deduct-ProducIng and
mfg. costs, &c
Net income
Prov. for replacements_
Interest paid
Depreciation
$4,556,179 $3,366,105 $3,681,806 $12.425,333
3.214,354
2,889,861
$1,341,824
$18,044
203,631
Net profit
41,120,150
Income and profit taxes
of prior years
$328,121
Dividends declared
719.979
Balance, surplus
4,054,441
6,634.472
$496,244loss$372,835 $5,790,881
$83,614
388,457
75.434
63,724
825.234
174.895
170,576
198,521
4272.4881°84695,392 $5,456,918
3287,975
$552,753
503,946 33.723.880
$72,050 def.$15.487df$1.752,091 31,733,037
x Before providing for income taxes.
BALANCE SHEET JULY 31.
1923.
1922.
1923.
1922.
Assets
$
Liabitities$
Property dc plant-613,260,192 3,327,909 Capital stock
5 760,100 5,760,100
Live stock & equip._ 6600,781 632,874 Fajardo Devel. stock
1,000
1.000
Growing cane
560,121 472,995 Planters' accounts__ 30,284
16,225
Materials& supplies_ 251,573 331,231 Accounts payable__
. 130.861 - 57,415
Mtges. & loans
191,774 239,330 Reserve for income &
Planters' accounts
208,108 209.940
profits taxes
32,404 294,695
Raw sugar on hand..1,117,640 448,925 L. W. & P. ArmMolasses on band...27,577
17.049
71,239
strong
452,751
First Mtge.bonds_ _ 430,200
71,994
Dividends payable__ 431.993
Misc.accts.&bills rec. 114.695 150,649 Replacement reserve 330,498 330,498
Demand loans
400,000 Insur., &c., reserve_ 100.000 100,000
U. S.. &c., securities1,522,138 748.891 Surplus
1 733,178 1,661,128
Cash
551,674 1,195.434
Acc'ts (not current)_ 135.576 135,341
Deferred charges_
31,022
53,725
Total(each side)._ 9,003,069 8,364,294
a After deducting 31.069,892 reserve for depreciation.
ng reserve for depreciation.
-V. 117, p. 1560.
b After deduct
Punta Alegre Sugar Co.
(8th Annual Report-Fiscal Year Ended May 31 1923.)
The remarks of President Edwin F. Atkins, together with
an income account and a comparative balance sheet, covering
the fiscal year ended May 31 1923, will be found in the
advertising columns of to-day's issue.
The usual comparative income account was published in
V. 117, p. 1897.
CONSOLIDATED BALANCE SHEET AT MAY 31.
1922.
1923.
1922.
1923.
Assets
Liabilities
x22,380.877 13,799,867 Capital stock
Fixed assets
16,567,050 11,641,150
677,203 Car), stock of subs.
Organiz'n expenses 1,269,223
5.000 (not owned by
23,520
Mtges. receivable_
306,341
Stock in other cos_ 366.341
P. A. S. Co.)... 330,000
406,822 Mtges. payable_
302,092
Live stock
64,751
Supplies in wareLand pur., payable
921,772
house (at cost). 1,220,268
Yearly to 1027.. 348,136
428,298
Sugar in process
15-yr.7% s f. deb. 5,750,200
(at cost)
4.038 Subsid. co. bonds_ 4,645.500
3,780
Exp.on account of
*Notes dr acceptan6,078
44,541
1923-24 crop_
ces outstanding_ 400,000 5,936.500
Deferred charges
60,730 Int.&rentsaccr'd. 364.039
97,926
27,159
Supplies in stores
U.S.& Cuban tax. 366,883
6.000
169,625 N. Y. office unre(at cost)
256,008
Unliqu'd molasses_ 203,938
ported credits__
150,002
142.606
8,250,672 4,695,793 Accounts payable_ 583,341
Sugar inventory
244.325
Accts. recely, from
Surplus
8,113,178 4,615,392
planters & others 2.253,912 1,863,220
New York office,
83,039
cash, &c
937,835
110,050
Cash
Total
37,610,033 23,113,577
Total
37,610,933 23,113,577
-Contingent liability for 364,313 being notes given by planters
Note.
to banks for advances made, repayment of which is guaranteed by the
Compania Azucarera Florida. a subsidiary company.
x Mill buildings and machinery, $12.040,995, increase over 1922. $4,224.206; railroad and shipping equipment. $7,842.883; increase, 33,259.413:
houses and buildings. &c., 2.571,955. increase. 3705.579; steam plows,
carts, tools. furniture, &c.. 52,869: total, $23,008,703; Less reserve for
deprec., $4,375,430: plant under construction, $58,314; lands, pastures.
roads and wells, 32,641.806; cane fields and other plantings, Including I
ditches, $1,047,484. V. 117. p. 1897. 1786.
OPERATING STATEMENT FISCAL YEARS ENDED AUG. 31.
Gross Income1922-23.
1921-22.
1920-21.
Theatre receipts, rentals and sales of
films, &c
318,860,181 316,801.424 818,473,747
Rentals of stores and offices
1,363,238 1,250,106
Booking fees and commissions
623,623
606,437
667.217
Divs. received from Wit.corporations
515,657
696.081
534,221
Miscellaneous income
271,878
254,254
420,916
$19,634,355 319,608,302 $18,098,102
Expenses
Operation of theatres & office bldgs 38,320,488 $9,874,405 38,474,262
Operation of film distribution offices- 2,958.355
2,010,870 2,030.267
Amortiz. of films prod. & released_.. 2,118,832 3,521,339 3,964.224
Cost offilm achrertising accessoriessold
366,657
226,873
245,075
Producers's • of film rentals
2,793,634
1,512,894
1,387.059
Depredation oi bldgs. & equipment
409,712
194,250
214,678
Federal in
taxes
251,192
Total excenses
Operating Profits
$17,218.866 $17,340,431 316.295,551
32.415,488 32,267,871 31,800.550
CONSOLIDATED BALANCE SHEET AUG. 31.
1922.
1923.
.
1922.
Assets
Mobilities-$
5
994,523 Capital stock. _y26,280.858 28,280.858
Cash
808,362
receivable
Accts.
431,271
477,013 Accts. payable.-- 926,145 1,113,271
Notes receivable
64,124
74,702 Notes payable.... 226,250
374,181
Due fr. MM.corp.
Bank loans
300.000
(less than 100%
Taxes (theatre adowned)
1,270,838 1,228.411
missions, &c.)._
153,953
242.574
Fed.Inc.tax(claim)
36,788 Accrued interest- 129,845
154,080
Loanstoempl.(see.)
30,513 Advances from afSubsc. to cap. stk.
filiated cos
4,260
68,097
78,488
Inventories
2,342,670 2.518,438 Federal taxes
215,060
Advances
490,087 Obligations of sub2,539,565
Equity acquired in
sidiary cos
7,965,333 5,806,500
Mill. co.'s (less
Deferred credits
702,404
592,998
than100% own.) 3,374,894 3,116,510 Surplus
z2,961,486
545,997
Deposits on leases
and contracts._ 234,878
211,3i5
Miscell.investm't. 129,366
88,534
Prop. 100% own_x16,580,185 14,677,689
Deferred charges,.. 704,775
604,931
Leases, contracts
and good-will__ _11,039,096 11,042,584
Total
39,520,025 35,596,354
Total
39,520.025 35,596,354
x Property includes: Land, $4,288,194; bldgs..& equip., $13,546,633;
leaseholds. $242,499; total, $18,075,326; less reserve for depreciation.
$1,495,141, leaving, as shown above, $16,580,185. y Capital stock.
without par value,shares outstanding, 1.060,780.-V. 118, p. 1658.
American Cotton Oil Co.
(Annual Report-Fiscal Year Ended Aug. 311923.)
Pres. Geo. K. Morrow, N. Y., Oct. 23, wrote in substance:
Results.
-The company, during its fiscal year ended Aug. 31 last, suffered heavy losses. Those losses to the extent of 33,259,892. were due
to operations,including write-down of inventory; to the extent of 33,907,908
they represent book loaases on fixed properties sold pursuant to the policy
of curtailing the cotton seed oil end of the business. .A reserve of $2,000.000
has also been set up In anticipation of possible further losses in connection
with future sales of certain of the fixed assets of the company.
-The policy of curtailing the cotton
Curtailing Cotton Oil Operations.
seed oil end of the business and concentrating on the soap and washing
powder products was adopted in consequence of the unsatisfactory conditions in the cotton seed industry which have prevailed since the war.
Another factor was the necessity of meeting the $8.000,000 of note indebtedness which matures in September next, and thereafter of maldng
provision for the 55.000.000 of debenture bonds of later maturity.
By disposing of such crushing and oil refining properties as were entailing
operating losses, there would be eliminated not merely these losses, which
have been more than absorbing the earnings of the soap business, but the
company will as well be relived of carrying charges for insurance, maintenance, interest, &c., which would constitute a heavy burden even if
these properties were merely retained without being operated. This
course would further aid the liquid position of the company, not merely
to the extent of the proceeds of these sales, but also through relieving the
company of the financial strain or maintaining the largo inventory accounts
which would he incident to operating these crushing and refining properties.
While the foregoing policy has resulted in apparent losses through the
fact that In most cases sales could only be made at prices lower than the
value at which the properties were carried on the company's books, the
directors believe that the prices realized are satisfactory, and they are
confirmed in their belief that tho policy adopted is correct and embodies
the only course which can be expected to put the company in an inherently
sound position permitting of net earnings distributable to the stockholders.
But our objective of Improving the position of the company and its
stockholders through the liquidation of unprofitable !dents and development of the soap business cannot be fully accomplished without changes
in the corporate structure which will relieve the stockholders of the effects
of the capital Impairment of 35,717,609, which is shown In the balance
sheet, and which reflects the losses and reserve above referred to. For
Nov. 3 1923.]
THE CHRONICLE
this capital impairment renders it highly improbable that any dividends
should for many years be paid on the stock of the company as now outstanding. This would be true even though there should be substantial
net earnings from the business. The directors would doubtless feel that
before dividends were declared, earnings should first be appropriated
to making good the impairment of capital and to re-create a surplus. This,
at best, would be a task of many years.
-It was in contemplation of this situation that I comGold Dust Corp.
municated with the stockholders on Sept. 20 last with respect to the plan
which had been formulated by a stockholders' committee for the exchange
of stock of American Cotton Oil Co. for stock of Gold Dust Corp. (see
V. 117, p. 1464, 1665). Gold Dust Corp. was organized in September
1923 to take over the soap and washing powder business. It is at present
a subsidiary of American Cotton Oil Co. The_proposed plan would in
effect reverse the present relations between Gold Dust Corp. and American
Cotton Oil Co. and make Gold Dust Corp. the leading company by permitting American Cotton Oil Co. stockholders to exchange their present
par value stock, which is now impaired, for no par value stock of Gold
'Oust Corp. which is subject to no such dividend disability.
-In conclusion, I am pleased to report that the sales of "Fairy
Outlook.
Soap" and "Gold Dust" upon which we are concentrating our efforts,
are even larger than heretofore. Many economies have been effected
in the operations of the company. The indications are that our bad
times are behind us, and I firmly believe that Gold Dust Co. will further
develop its large national business with satisfactory profits to its stockholders.
The usual comparative income account was published in
V. 117, p. 1888.
1991
of686 over the number in need of repair on Oct.l. at which time there were
9,823, or 15.3%.
Of the total number, 9,455, or 14.8%, were in need of heavy repair, an
increase of 666 over the number in need of such repair on Oct. 1. There
were also 1,054, or 1.6%, in need of light repair, which was an increase of
20 locomotives since Oct. 1.
The railroads on Oct. 15 had 2,487 serviceable locomotives in storage
where they are being held until traffic conditions necessitate putting them
in service. During the first 15 days in October, 19,323 locomotives were
repaired and turned out of the shops.
-Ca) Wage increases on 65 railMatters Covered in "Chronicle" Oct. 27.
roads granted by U. S. RR. Labor Board to clerks, freight handlers. &c.,
p. 1849. (b) Ballot shows more than 85% of Pennsylvania RR.shopmen
favor company's representation plan, p. 1849. (c) Shopmen's wages oh
Northern Pacific RR.. increased, p. 1849. (d) Railroad executives consider
suggestion of President Coolidge for reduced freight rates on grain and
coal, p. 1850. (e) Howard Elliott of Northern Pacific RR. on accomplishments ofroad-national character of problem confronting railroads, p. 1850.
(f) U. S. RR. Labor Board holds Pennsylvania RR. must conform to its
decisions, p. 1850. (g) Brotherhood of Railway & Steamship Clerks win
vote for employee representation on the Southern Pacific. p. 1850. (h)
Grain rate investigation ordered by Inter-State Commerce Commission.
p. 1850.
-Damage Repaired.
Alaska Government RR.
The Department of the Interior announces that repair work on the
that put the
100 miles of road damaged by high tide and heavy storms traffic will be
line out of commission has proceeded to such an extent that
-V. 117, p. 1774. 1554.
resumed within the next few days.
-Earnings.
Algoma Central & Hudson Bay Ry. Co.
BALANCE SHEET AUG. 31.
1922.
1923.
1922.
1923.
(Joint Report of Algoma Central & Hudson Bay By.and Algoma Can. Ter.,Ltd.)
1921.
1922.
Assets
$
1923.
Year to June 30$2,819,892
Preferred stock _ __10,198,600 10,198,600 Receipts
$1,722,949
Real estate, bldge.,
$2.154.301
2.660.466
1.818,352
mach..inv., &c_ 9,182,638 17,823,031 Common stock_ _20,237,100 20,237,100 Expenses
2.116,303
Debenture bonds_ 5,000,000 5,000,000
Good-will, brands,
-year gold notes__ 8,000,000 9,000.000
loss$95,403 sur.$159,426
23,594,870 23,594,870 5
&c
sur.$37.998
Balance
753,542
Accounts payable_ 826,628
U.S. Treas. certifs 506,094
As the amount required to pay the full interest on both the railway and
3,782,497 2,912,593 terminal bonds at 5% Is $753,636, the deficit for the year amounts to 3715.RCElerVeS
523,551
-year 6% notes
5
the profit and
2,737,934 2,383,333 Interest accrued on
Cash
638. This sum is added to the accumulated debit balance to of$6,705,907.
debenture bonds
Bills & acc'ts rec 2,645,053 4,391,254
account of the railway company,making a total deficiency
353,333 loss the above net earnings ($37,998) the debit of $10,466 is deducted,
and gold notes
323,333
Marketable prodFrom
3,389,436 6,559,826 Balance gen'l profit
ucts, &c
the balance of $27,532 has been applied toward payment of $149.781.
6,689,579 and amount due to the Algoma Central -Terminals bondholders. No pay70,974
392,435 and loss account
Deferred charges
the
-V. 115, p. 2577.
5,717,609
Deficit
ment can be made to the railway bondholders.
48,368,159 55,144,748
Total
48,368,159 55,144,748
Total
Boston Elevated Rys.-Wage Increase.
-V. 117, p. 1888. 1665.
In the award recently handed down (V. 117, p. 1774), a flat increase of
employees, effective as of
9 cents an hour was granted to the company's
scale is as
American Window Glass Machine Co.
July 1 1923. and until July 1924. The new wage Conductors.follows:
Guards.
Motormen.
First Three Months' Service1 1922 to Aug. 31 1923.) On surface lines
(Report Covering Period April
57
57
8i
-71
lines
On elevated
President William L. Monro reports in substance:
Next Nine Months' Service
63
-Directors have changed the fiscal year so that, On surface lines
63
Fiscal Year Changed.
ea
-beginning with 1923, it expires on Aug. 31 in each year, instead of on March On elevated lines
71
31 as heretofore. This was done to make the Meet year of the company
Thereafter-.
70
70
correspond with the fiscal year of the American Window Glass Co., which xOn surface lines
fti
-72
closes on Aug. 31 In each year.
On elevated lines
The time for holding the annual meeang was also changed from the first
Tuesday in May in each year to the fourth Tuesday in October in each year,
operators and bus drivers will receive 8 cents per hour
x One-man car
beginning with 1923.
additional.
These changes in the date of expiration of the fiscal year and in the time
Edward Dana, General Manager of the Boston Elevated Rys., made
were deemed advisable in order that stock- the following statement concerning the award:
of holding the annual meeting
in operating costs on the
holders might receive at the annual meeting not only a report of the oper"The arbitration award means an increase in the vicinity of $2,000,000
ations of the company, but also of the American Window Glass Co., down basis of present service and operating conditions
to the close of our fiscal year. Owing to the fact that the Common stock annually. The estimated balance above the cost of service for the year
of the American Window Glass Co. is owned by this company, the opera- ending June 30 1924 amounted to $1,278,000 on the basis of existing wage
tions and financial condition of that company are of great interest and im- rates, which amount would have been available for repayment to cities
portance to the stockholders.
and towns.
-We continue to charge off proper amounts for
Depreciation of Patents.
"The award, therefore, means that if present conditions are continued,
the depreciation of patents, and add equivalent amounts to the value of such a repayment is prevented and the excess of several hundred thousand
our Common stock holding in the American Window Glass Co.,for the rea- doliars must be met. This calls for large efforts, but the trustees will
sons outlined in our previous annual report.
face the coming year in the belief that the members of the organization
through increased efficiency
benefited by the
The usual income account was published in V. 117, p. 1889. and co-operationaward will do all in their power and that by united efforts
to meet the conditions imposed,
of men and management it may be possible to do so."
COMPARATIVE BALANCE SHEET.
Comparative Balance Sheet.
Aug.31'23 Mar.31'22
AssetsAug.31'23. Mar.31 22
Sept. 23'23 Dec.31'22
$
$
Sept. 23'23 Dee.31'22
$
$
LiabilitiesPat.rightsinU.S_ 2,525,939 3,431,201 7% Gum. Pt. Stk_ 6,999,600 6.099.600
$
$
AssetsCommon stock A2,998,600 12.998,600 Road & equip-100,775,041 97,236,992 Capitalstock
47,236,757 47,309,250
Corn. stock Amer.
Wind.Glass Co_17,472,261 16,566.999 Reserve for taxes_ 296,385
556,521 Prem.on cap.st8- 4,939,905 4,939,905
124,349
Misc. phi's. prop__
105,300 Surplus
1,353,156
135,328 Investments
U. S. securities.._ 955,613
574.515 Pd. debt unnaat'd_49,346,000 46,346,000
895,238
19,865
Accrued interest__
818,554825,666 Lqans & notes pay. 500,000 1,800,000
Cash
661,573
Accrued royalties_
Special deposits_ 1,430,207 1,804,907 Audited accts. &
12,490
30,028 Total(each side)_21,647,741 20,133,528 Misc.accts. rec._ 129,695
Cash
165,872
wages payable__ 1,337,665 1,082,534
-V.117. p. 1889.
Mat'l & supplies 3,026,496 2,418,280 Int., dive. & rents
805,113
990,934
Payable
Int. diva. & rents
57,760
50,556 Accrued int., dive.
receivable
858.599
GENERAL INVESTMENT NEWS.
1,004,585
and rents
41,573
38,139
Oth, curr. assets
38,751
38,514
Deferred assets_ 3,006,086 3,009,892 Deferred liabilities
771,109
8,660,853 7.
Unadj. debits__ 3,359,215 4,339,885 Unadj. Credits
69,963
P.& L. surplusProfit & loss deficit 390,999
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."
114,055,213 111021224
114,055,213111021,224 Total
Total
The income account for the three and nine months ended Sept. 30 1923
and 1922 were given in V. 117, P. 1883.
Boston & Worcester Street Ry.-Earnings.-
-3 Mos.End. Sept. 30- -9 Mos.End. Sept.301922.
1923.
1922.
1923.
Period$824.791
$888.553
$305,393
Railway oper. revenues- $3311,339
176.10
168,901
89,832
77.674
-S. C. Commission statistics show Net oper. revenues
-I.
Employment Totals 1,973,505.
149,891
141.901
81,567
68,674
that during August the railroads in United States employed 1,973,505 Gross income
112.238
109,631
36,179
37.839
persons with wages aggregating $270,187,583. The number employed Deductions
than the number employed during July 1923 and
was 18,818 greater
$37.653
$32,270
Net ncome
$45,388
$30,835
379,431 greater than the number in August 1922. "Times" Oct. 30, p. 3Q.
-Vote to return to work, -V. 117, p. 781.
Delaware a Hudson RR. Shopmen End Strike.
-months. strike. "Boston News Bureau" Oct. 30,p. 8.
ending a 16
-The NaCanadian Pacific Ry.-Debenture Stock Sold.
New Data in Support of IVage Demands by Brotherhood of RR. Trainmen.
Increased train tonnage stressed as reason for endeavoring to get wage tional City Co. and Guaranty Co. of New York have sold
-"Times" Oct. 30, p. 26.
increase "upon increased production."
and interest, yielding over 5%, $5,000,000 4%
Lower Export Wheat Rates Rejected by Railroads.-PresIdent Coolidge's at 793'
suggestion regarded as impracticable and not likely to help the farmer. Coupon Consolidated (Perpetual and Non-Callable) Deben"Times" Nov. 2, p. 19.
-Association of Railway ture Stock (see advertising pages).
Oppose Changes in Transportation Act of 1920.
Interest payable J. & J. at agency of Bank of Montreal in New York
Security Holders met Oct. 31 and general opinion seemed in favor of
retaining the Act as it stands, giving tho roads more time in which to test City. in U. S. gold coin. Denom. c* $100. MO,$1.000 and multiples of
$1.000; and r*. Outstanding in the hands of the public as of Dec. 31 1922.
conditions. "Times" Nov. 2. p. 26.
same under more normal
-On Oct. 22 the railroads had 23,895 $253,229.865. The outstanding perpetual non-callable Consolidated DeCar Surplus and Car Shortage.
surplus freight cars in good repair and immediately available for service, benture Dollar Stock is listed on the New York Stock Ex:thange, and applias against a reported shortgage on that date of 13,655 cars. The total cation will be made to list this additional Consolidated Debenture Dollar
surplus was a decrease of 3.167 cars, compared to Oct. 14, while the was Stock.
Debenture Stock.
-The 4% Consolidated Debenture Stock is authorized by
also a decrease of 2,265 cars in the reported car shortage, compared with
Act of Parliament of the Dominion of Canada passed in 1889, and subsethe same previous date.
Surplus box cars in good repair totaled 15.974,or 3,257 less than on Oct. 14 quent Acts. By the terms of the Act the stock is a first charge upon and
while surplus coal cars numbered 5,674, or the same number as on Oct. 14. over the whole undertaking, railways, works, rolling stock, Plant, Property
Of the total car shortage. 4,317 were box cars, a decrease of 1.368. com- and effects of the company, excepting lands received by way of subsidy,
pared with Oct. 14, while there also was a decrease of 929 in the shortgage subject, however, to the payment of working expenses, and to certain
priorities in respect to charges, which as of Dec. 31 1922 consisted of securiIn coal cars, which brings the total shortage for that class of equipment ties
aggregating approximately $38,641,724, issued in respect to only 1,642
to 3,250. Shortage In stock cars amounted to 3,105. an increase within
miles
week of 764 cars, while the shortage in refrigerator cars trafficof railroad, while the lines embraced in the Canadian Pacific Ry.'s
approximately a
returns aggregate 13.536 miles.
totaled 2,220, or 55 cars less than on Oct. 14.
The interest on the Consolidated Debenture Stock is, therefore. a first
-Freight cars in need of repair on Oct. 15 totaled
Freight Car Repairs.
an increase of 4,305 over the charge, subject to the above-mentioned priorities upon the net earnings of
155,637, or 6.9% of the total number on line,
number in need of repair on Oct. 1, at which time there were 151.332 or, the company derived from the operation of its railway lines.
-Net earnings of the railway system for the calendar year 1922
Earnings.
6.7%. Of the total number on Oct. 15. 118,140, or 5.2%, were in need
of heavy repair, compared with 118,563 on Oct. 1. or a decrease of 423. were $36,301,691. while the net earnings from ocean and coastal steamships,
Reports also showed 37,497 in need of light repair, an increase of 4,728 since telegraphs, hotels, investments, &c., were $11,092,355. or a total of $47,394,046. The interest and dividend requirements of the securities underthe first of the month.
.-The following is authorized by lying the Consolidated Debenture Stock were $1,907,396, and the interest
Statistics on Condition of thc Railroads
charges on the Consolidated Debenture Stock were $9,784,648, which, tothe American Railway Association,
Car Service Division of
-The railroads of the U. S. on Oct. 15 had 10.509 gether with rentals and interest on equipment obligations, made total fixed
Locomotive Repair.
locomotives in need of repair, 16.4% of the total number on line, an increase charges for the year 1922 of $13.348,906.
1992
THE CHRONICLE
For the 10% years ended Dec. 31 1922, earnings on a yearly average
were in excess of 43 times fixed charges.
The Debenture Stock has priority over $80,681,921 Preference Stock and
$260,000.000 Common Stock. The Preference Stock has received dividends
Without interruption since its issuance in 1895 at the rate of 4% per annum.
The Common Stock has paid dividends continuously since 1882 with the
exception of the year 1895. The rate since 1912 has been 10% per annum.
Equity.
-At present quotations the Preference and Common stocks represent an equity of over $435,000.000.-V. 117. p.1460.
[VOL. 117.
Manhattan (Elevated) Ry.-Scrip to be Redeemed.
-
Frank Hedley, President and General Manager of the Interborough
Rapid Transit Co.,issued the following announcement Oct. 29 1923 relative
to the Manhattan Railway Co.: .
"Holders of scrip issued by Interborough Rapid Transit Co. for arrears
of dividend rentals to and including July 11922, upon the Capital stock of
the Manhattan Railway Co. assenting to the Interborough-Manhattan
plan of readjustment (V. 114, p. 2011) are hereby notified that, upon
presentation and surrender of scrip certificates, the same will be paid in
Cape Breton Electric Co., Ltd.
cash, at par, at the office of the Treasurer of the Interborough Co., 165
-Earnings.
Broadway. N. Y. City, on and after Nov. 1 1923.
Twelve Months Ended Aug. 311923.
1922.
Gross earnings
"Non-assenting stockholders who will promptly present their old stock
$685,064
$641,664
Operating expenses and taxes
599,589
574,368 for exchange into the new "modified guaranteed" stock at the transfer
Interest charges
67,610
67,437 office of the Manhattan Ry. Co., 165 Broadway, N. Y. City, may still
share in the benefits of the plan. On such exchange they will receive 29 10
per share
Balance for reserves, replacements and dividends-- $17,865
del.$142 33 85, thein cash, being $5 25, the deferred rental to July 1 1923. and
-V. 114. p. 2115.
aggregate of the quarterly installments under the plan up to
and including Oct. 1 1923. They will also receive their share of future
Central Indiana Ry.-Sale.rental payments made by the Interborough Co. Nothing is being paid
No bids having been received when the road was offered for sale at An- on the old stock.
derson, Ind.. Oct. 9., Charles Martindale. Master of Chancery, has an"A recent decision of the Supreme Court of the State of New York held
nounced that another attempt vrill be made to sell the property Dec. 3. 'that the guarantee of payment of 7% dividend in accordance with the
The order of sale by the Federal Court fixed $945.000 as the minimum bid terms and conditions of the lease could not survive a valid revocation or
for the property.
-V. 117. P. 438.
modification of the lease by the parties to the lease."
-V.117, p. 1347, 1775.
Chicago North Shore & Milwaukee RR.-Pref. Stock.
The Utilities Securities Co., Chicago,is offering at $100 per share 21,500.000 7% Prior Lien stock. The stock is being largely sold through the
road's own employees and can be bought for cash or, if preferred, by the
monthly payment plan. By this plan the investor deposits $10 per share
at the time of subscription and $10 per share monthly until fully paid.
Interest at the rate of 7% is paid upon deposits.
For statement of capitalization and history of company, see "Electric
Railway" Section, p. 23.
----12 Mos. ended----EarningsAug.31 '23. Dec. 31 '22.
Operating revenue
$5,677,562 $5,007,951
Operating expenses and taxes
4.017.798
4,540.741
Operating income
Non-operating income
$1,136,821
27,298
$990.153
14,560
Manhattan 8r Queens Traction Corp.
-Fares.
A second-fare point has been established at Old Mill Road, Elmhurst,
L. 1., instead of at Grand St. and Queens Blvd., thus extending for nearly
a mile the length of the five-cent ride to and from Manhattan. The
new order makes it possible for passengers starting from points between
Grand St. and Old Mill Road to ride for five cents to either end of the
line.
-V.117, v. 325.
Manila Electric Corp.
-Earnings.
-
12 Months ended Sept. 30Gross operating revenue
Operating expenses and taxes
Replacements and renewals reserve
Interest and other charges
Dividends
1922.
1923.
$3,583.989 $3.587.213
2,000.170
1,848.322
207,000
108.000
479.654
454,831
375.000
520.000
Balance,surplus
'
Capital Outstanding Sept. 30 1923 553
.
3'836
$624,389
Manila Electric Co. 1st 3; Ref. 7s, 1942
$2,474,500
Net income
$517.920
$659,603
do
do
273.000
5s 1946
-V. 117. v. 1662. 893ow?, gel
Manila Electric RR.& Ltg. Corp. 5s, 1953
4.020055:000
000
Manila Suburban Rys. Co. 5s, 1946
Manila Electric Corp. Stock
Chicago Surface Lines.
-Suit Dismissed, &c.
7,000.000
The City Council of Chicago on Oct. 17 (a) voted to repeal the 1921 -V. 117, p. 782.
ordinance forfeiting the franchise of the Chicago Surface Lines:(b) approved
Michigan Central RR.
-Final Settlement.
the abandonment of pending forfeiture suits, and (c) voted to accept the
See U. S. RR. Administration below.
city's share of the companies' profits, aggregating at the present time
-V. 117, p. 433.
over $8,900.000.
Minneapolis & St. Louis Ry.-To Pay Interest.
Circuit Judge Friend of Chicago. on the motion of Corporation Counsel
Judge W.F. Booth of the U.S. District Court at Minneapolis has directed
Busch, has dismissed the suit against the Chicago traction lines to nullify
the receiver of the company to pay interest due Nov. 1 on the $5,282,000
the franchises under which they operate.
-V.117. p. 1883.
1st Consol. Mtge.5s maturing Nov. 11934,and also previous coupons that
Cleveland Cm. Chicago & St. Louis Ry.-Settlement.-- have matured but which have not been presented for payment.
-V. 117,
p. 1884.
See U. S. RR. Administration below.
-V. 117, p. 1883.
Gross income
Fixed charges
$1,164,119 $1,004.713
486,784
504,516
-Earnings.Duluth-Superior Traction Co.
-3 Mos.End,Sept.30- -9 Mos.End. Sept.30Period1922.
1923.
19231
1922.
Gross revenues
$455,242
$450,908 $1.413,990 $1,314,036
Operating expenses
1,045,665
1,120.330
335,294
356,087
FUed charges and taxes_
215.408
218,164
75.474
73.226
Net income
-V. 117. p. 1128.
825,928
$40,139
$75,496
$52,963
Hudson Cornpanies.-Transfer Agent.
-
The New York Trust Co. has been appointed Transfer Agent of 160,000
shares of Preferred stock, par $25.-V. 117. P. 1461.
Illinois Central RR.
-Stock Approved.
-
The I.
-S. C. Commission on Oct. 23 1923 authorized the company (1) to
issue not exceeding $12,022,450 Preferred stock, Series "A," par $100.
to be sold at not less than par for cash, and the proceeds used for construction
Purposes; and (2) to issue not exceeding 312,022,450 of Common stock,
par 2100, in conversion of the Preferred stock authorized to be issued.
The proposed Preferred stock is being offered at par to holders of the
Common stock. No arrangements have been made for disposing of shares
which may not be subscribed for by them and it is the intention of the
company to sell such shares through brokers on the open market at the
best price obtainable but at not less than par. The proceeds of the sale
will be used for carrying on the work of electrification and enlargement of
the company's terminal facilities at Chicago. Compare V. 117, P. 1884•
Indiana Columbus & Eastern TractionCo.-Interest.The May 1 1923 coupons pertaining to the Dayton Springfield & Urbana
Electric Ry. Co. First Mtge. 5% 30
-year Gold bonds, due Nov. 1 1928,
were paid Nov. 1 1923 at their face amount, together with 6' interest
thereon, viz.: 75c. per coupon, upon presentation thereof at the New York
Trust Co., 100 Broadway, N. Y. City.
-V. 117, p. 1017.
Interborough Rapid Transit Co.
-Manhattan Ry. Co.
Scrip Redeemed.
See Manhattan By. Co. below.
Net Earnings of the Interborough System under the Plan.
Month of 3 Mos. End.
Sept. 1923. Sept. 30'23.
Total revenue
$4.355.541 $12,834,332
Oper. exp.. taxes & rentals paid city for old subway_ 3,110.100 9,482,320
Income available for all purposes
$1,245,441 83,352.012
Fixed Charges
Interest on I.R.T. 1st M.5s
8670,038 82.016,113
Interest on Manhattan By. bonds
150.687
452.060
Interest on I.R.T. 7% secured notes
560,178
186,726
Interest on I.R.T. 6% 10-year notes
15.772
46,395
Interest on equipment trust certificates
5.682
12,609
Miscellaneous income deductions
136,794
44.845
Earnings without deducting the sinking fund on
I.R.T. 1st M.5s, which. under plan, does not become operative until July 1 1926, but which must
be deducted from earnings of system before
ing at sum available for diva. on Manhattan arriv- $169,692
$127,863
stock
Dividend on $60.000,000 Manhattan stock
600,000
200,000
Balance, deficit
$472,137
$30,309
Reconciliation with Report to Transit Commission.
Month of 3 Mos. End.
Sept. 1923. Sept. 30'23.
Net corp. income as reported to Transit Commis'n def$211,028def$1,014,295
Deferred sinking fund (accrued but not paid)
542,158
180,719
Equals above balance, deficit
$472,137
$30,309
-V. 117. v. 1775. 1347.
Interstate Railways.
-Listing.
-
The Philadelphia Stock Exchange has authorized the listing of 2820.000
additional Permanent Preferred stock, reported issued in exchange for a
like amount of Redeemable Preferred stock, cancelled, making the total
amount of Permanent Preferred stock listed 8991.620, and reducing the
amount of Redeemable Preferred stock listed to $8.380.-V. 116, p. 2007.
1649.
Kansas City Terminal Ry.-Secured Notes.
-
-S. C. Commission on Oct. 26 authorized the company:(1) To issue
The I.
-year 534% secured gold notes at not less than 97%,the pro810.000,000 3
ceeds to be used in paying 29.850,000 secured notes maturing Nov. 15 1923;
and (2) to pledge $13,783.000 of first mortgage 4% bonds as security for
the notes. See offering in V. 117, v. 1663.
Mississippi Valley Electric Co., Iowa City.
-Fares.
The company proposes to increase its fares in Iowa City to seven cents
cash, with four tickets for 25 cents. The present rate is five cents.
V. 104. v. 1493.
Muscle Shoals, Birmingham & Pensacola Ry.-Bonds
Offered.
-Harvey Fisk & Sons in June last offered at 943/i and
interest, to yield over 63'%, $600,000 First Mtge. 20-Year
6% Gold Bonds.
Dated July 1 1922. Due July 11942. Denom.c* 8100,2500 and $1,000:
and r* $1.000. 35,000 and multiples of $5,000. Interest payable J. & J. in
New York without deduction of normal Federal income tax up to 2%.
Redeemable all or part; if in part, by drawings by lot, on any interest date
upon 30 days' notice, at 105 and interest, up to and including July 11923;at
-year elasped thereafter. Cen105 and interest less 3 of 1% for each half
tral Union Trust Co. of New York, trustee.
Issuance.
-Authorized by Inter-State Commerce Commission.
-Proceeds will be used for the improvement of the property,
Purpose.
and to furnish additional working capital.
Earnings.
-After a most careful and painstaking investigation, we are
convinced that upon making the improvements and the purchase of equipment,after deducting operating expenses and taxes,there should be available
for fixed charges about $240,000 per annum, equivalent to four times the
interest on $1,000,000 of First Mtge. Bonds outstanding in the hands of the
public. While improvements are under way the first year's interest is
being deposited.
Data from Letter of President John T. Steele, June 18 1923.
Security.
-Secured by a direct first mortgage on the entire main line, side
tracks, rights of way, terminals, freight yards and all fixed property.
Present reproductive value of the property mortgaged is estimated to be
approximately $7,000,000. The marine terminals at Pensacola, Fla., alone
are estimated to be worth above 22.000.000.
Property.
-Property owned and operated consists of 183.47 miles of main
line and side track. It extends from Pensacola, Fla., on the Gulf of
Mexico, in a northerly direction to Kimbrough. Ala.. 143 miles. and has a
branch of 11 miles in length from Gateswood Jct.. Ala., to Gateswood, Ala.
At Pensacola company owns and operates a most modern marine terminal.
consisting of an electrically equipped coal pier with a capacity of 600 tons
per hour, also a large warehouse pier, and an open lumber pier. On the
terminal there is a storage capacity of upwards of 600 freight cars. Lines
are so arranged that cars containing a ship's cargo can be run on to the piers
directly to the side of the vessel. The terminal, with its coal pier, warehouse pier, and lumber pier, and which has a depth of water of 30 ft. at the
side of the docks, is appraised at over 32,000.000.
The present connection of this railway at Pensacola is the Louisville &
Nashville. It crosses the main line of the Louisville & Nashville to Now
and at Kimbrough makes connection with the
Orleans at Atmore,
Ala..
Southern Ry., which runs directly to Birmingham,Ala.. tapping the Warrior
coal fields of Alabama.
-Upon completion of this financing, there will be issued
Bond Issue.
$1,500.000 First Mtge. 6s Series "A" Gold Bonds, due July 1 1942, of
which $1.000,000 will be outstanding and $500.000 in the treasury. Entire
issue of Series "A" Gold Bonds limited to $3.000,000.
In case new series are issued to redeem a prior series at or before maturity,
the face value of the new series in no case is to exceed the face value of the
bonds to be retired or redeemed. Issuance of additional bonds from Jan. 1
1927 to Jan. 1 1928 is restricted unless annual net earnings equal 1% times
the interest charges upon all bonds outstanding and to be issued.
Provided. That the entire issue shall not at any time exceed 80% of the
fair value of the entire property mortgaged, additional series of First Mtge.
Bonds ratably secured with this Series "A," may be issued to finance an
extension from the present line north from Klmbrough, Ala.. to Jasper.
Ala., which when completed will meet the Selma division of the Southern
Ry. at Uniontown, Ala.; the Louisville & Nashville Ry. at Thomaston, Ala.;
the Southern Ry. at Greensboro. Ala.; the Mobile & Ohio, the Alabama
Great Southern and Louisville & Nashville at Tuscaloosa, Ala.; and the
St. Louis & San Francisco, the Illinois Central and the Northern Alabama
Ry. at or near Jasper, Ala.
Capitalization Outstanding (upon Completion of This Financing).
First Mortgage Bonds (authorized, $3.000,000)
$1,000,000
Common stock, issued
2,500,000
Compare also V. 116, p. 2637; V. 117, v. 1664.
New York Chicago & St. Louis Ry.-Dividends.Regular quarterly dividends of 13i% each on the Common and the Pref.
stock have been declared, both payable Jan. 2 to holders of record Nov. 15.
Like amounts were paid Oct. 1 last.
-V. 117, p. 1775.
New York New Haven & Hartford RR.
-Final Settlement
The Director-General has announced that the Government has made a
final settlement of $3,316,500 to the company, covering the period of
Federal control.
Nov. 3 1923.]
THE CHRONICLE
The I.
-S. C. Commission has issued a final certificate plazing the amount
of this company's guaranty for the 6 months' period following the termination of Federal control at 814,708.406. of which $2.891,206 remained to
be paid on the final certificate.
-V. 117, p. 1884, 1664.
New York Rys.-Denies Review.
The Irving Bank-Columbia Trust Co. on Oct. 22 lost its appeal to the
U. S. Supreme Court to review and reopen its case against the New York
Rya. and the Guaranty Trust Co. of New York. involving the interruption
of the New York State Railway Consolidations Law. The claim was made
by the Irving Bank-Columbia Trust Co. that the consolidation of the
Columbus Avenue and Metropolitan Co. railways had the effect of giving
to the Columbus company bondholders a lien not only on the 2% miles of
Columbus Co. lines, but also on the extended system of street railways
brought into the consolidation by the other consolidating company, the
Metropolitan Co., No. 2.
The effect of the Court's action in dismissing the petition for a writ of
certiorari was to affirm the action of the District Court for the Southern
District of New York in refusing the same claim, and supporting the same
action on the part of the Circuit Court of Appeals for the Second Circuit.
(New York "Commercial.")
-V. 117, p. 1885. 1775.
1993
Springfield (0.) Railway.
-Wages Increased.
An increase of 3 cents an hour has been granted to the platform men,
retroactive to Oct. 1. The new wage scale follows: 45 cents for the first
3 months,47 cents for the next9 months,and 49 cents thereafter. The carmen had demanded 46,48 and 50 cents an hour. The former scale was 42.
44 and 46 cents.
-V.115. p. 1839.
-Money Being
Springfield Terminal Ry. Er Power Co.
Returned to Contributors.
-
Efforts made to secure subscriptions sufficient to keep the road in service
have failed and practically all the rails on the west end of the line have
been taken up and shipped to the Huntington, W. Va., plant of the Schoenthal Co., Columbus, 0. which purchased the property at private sale for
$87,000. The subscribers who contributed to the fund to refinance the
line are confronted with the problem of how best to get back the amount
of their subscriptions. The money that had been raised by subscriptions
was deposited in the Springfield (0.) National Bank. and Just before the
committee in charge decided to return the money to the various contributors
the bunk was closed. Under the first dividend of 33 1-3% declared by
the receiver, the committee received a portion of the money back and is
now engaged in distributing
is being paid to contributors
Northern Pacific Ry.-Chairman Howard Elliott on the the difference between thatit, but only 25%
and the bank dividend going to pay Var10118
expenses that have been incurred.
-V. 117.
-("Electric By. Journal").
Accomplishments of the Road During the Last Few Years.
1• 555.
See under "Current Evencs & Discussions" in last week's "Chronicle,' 1.
page 1850.-V. 117, la• 208.
Trans-Mississippi Terminal RR.
-Notes Extended.
The I.
-S. C. Commission on Oct. 26 authorized: (1) The extension of
OklahomaRailway.-Fare Increase Sought.
$3,653,000 6% 3
-year gold notes from Nov. 1 1923 to Nov. 1 1924, wial
The company has applied to the Oklahoma Corporation Commission for interest thereon at a rate
6% per annum;(2) The Texas &
authority to increase its fares to 8 cents. The present fare is 7 cents cash Pacific By.. the Missourinot exceedingand % L. Lancaster and Charles L.
Pacific RR.
J.
or 4 tokens for 25 cents.
-V. 116, p. 1178.
Wallace, as receivers of the Texas & Pacific Ry., to assume obligation and
liability, as guarantors, in respect of the principal of and interest on the
Old Colony RR., Boston.
-The company notes; and (3) the Trans-Mississippi Terminal RR, to sell $1,000,000 notes
-Bonds Sold.
par and interest.
has sold $3,500,000 1st Mtge. 20
-Year 53'2% Gold bonds to atThe company represents that
the notes at
it is without
R. L. Day & Co.; Harris, Forbes & Co.; Kidder, Peabody maturity and that it is necessary to enter into anfunds to meet the extension
agreement for
& Co., and Remick, Hodges & Co., which have been all thereof.
The company further represents that of the total amount of notes to be
placed at 99, to yield about 5.58%.
extended $1,250,000 are pledged with the United States to secure a loan of
The stockholders will vote Nov.8 on authorizing a proposed issue of bonds $1,000,000 made to it under Section 210 of the Transportation Act, 1920, as
for the purpose of providing for the payment at maturity of the present amended, and that it is necessarfy to pay off the loan when it matures on
Nov. 1 1923. It therefore seeks authority to sell at par and interest the
13,000,000 4% debenture bonds, due Feb. 1 1924.-V. 116, p. 2884.
$1.000,000 of notes that are pledged with the United States. when they are
returned to it upon the payment of the loan.
-V.-10, p. 2393; V. 111, P.
Orange County(N. Y.) Traction Co.
-Road Sold.
2326: V. 117, p. 1557.
This road, running from Newburgh to Walden, N. Y., has been sold un- 794, 1473. 1754,
der foreclosure and laid in by ex-Governor Benjamin B. Odell. The sale
Twin City Rapid Transit Co.
-Earns. (incl. Subs.)was held at the court house in Newburgh. Mr. Odell, it is stated, acted
-3 Mos.End. Sept.30- -9 Mos.End. Sept.30as a committee for this purpose. His bid was for $10,000 in addition to
Period1923.
1922.
1922.
1923.
liens prior to the 1st & Ref. Mtge. which was foreclosed. The prior liens, Gros;earnings
$3,164,820 $3,253.191 810,210,795 $10,251,795
including mortgage, Judgment, interest, taxes, &c., amounted to $579,192. Operating expenses
2,345,624
7,455,143
2,425.248 7.267,191
-v. 116, P. 936.
It IS said.
596.516
1,752,143
Fixed charges and taxes_
1,791,849
577,304
Pennsylvania-New Jersey Ry.-To Operate Buses.
Net income
8222,680
$250.639 51,151.755 51.044.509
The company has filed with the Trenton (N. 3.) City Commission a peV.
tition to establish a bus lino that will operate between Trenton, N. J., and - 116, p. 2638.
Morrisville. Pa., in co-operation with the present electric railway service.
Union Freight RR.
-Extension of Note.
The fare will be the same as charged by the railway, with transfer privileges.
-S. C. Commission.on Oct. 23 authorized the company to extend
The I.
See also V. 117. p. 1664, 1347.
the maturity date of a mortgage note for 860,000 for a period of 3 years
from June 16 1923. with interest at the rate of 6% per annum
Philadelphia Company.-Tenders.
The Guaranty Trust Co., 140 Broadway, N. Y. City, will until Nov. 12
-Earns.
United Electric Rys. Co. (Providence, R. I.).
receive bids for the sale to it of 1st Ref. & Collat. Trust Mtge. 6° ' Gold
7
.
'1922.
1923.
Nine Months Ended Sept. 30bonds, Series "A," due Feb. 1 1944. to an amount sufficient to exhaust Total operating revenue
36,060406 $6,072.819
$120,079, at a price not exceeding 105 and int.-V. 117. v. 554.
5.329.310 4,654.064
Total operating expenses
-A cquisie n•
Philacielchia 8n West Chester Traction Co.
The Pennsylvania P. S. Commission has authorized the company to acquire the capital stock of the Aronimink Transportation Co.. operating in
Delaware, Chester and Montgomery Counties, Pa.
-V. 108, p. 80.
Pittsburgh (Pa.) Railways.
-To Pay Six Months' Interest
on Pittsburgh ctc West End Passenger Ry. Co. Bonds.
•
Net operating revenue
Non-operating income
8731,096 11.418,756
87,453
68.235
Totalincome
Taxes
Interest on funded debt
Miscellaneous charges
Dividends
8818,550 81.486.992
8283,708
$252.872
453,188
496.961
4,331
462
206,267
206.045
Judge Thomson, in the U. S. District Court at Pittsburgh. Pa., has
authorized the receivers of the Pittsburgh Railways Co. to pay to holders
Balance
def$138,013 surS539,716
of outstanding bonds of the Pittsburgh & West End Passenger Ry. Co.. 117, p. 1349. 783.
interest, now overdue, at the rate of 6% for the six months period from
July 1 1922 to Jan. 1 1923. (See also V. 115, p. 183).-V. 117. p. 1778.
-Final Settlement.
U. S. Railroad Administration.
The U. S. Railroad Administration reports the following final settlements
Pittsburgh & Lake Erie RR.
-Guaranty.
for the period of Federal control and has paid out and received for the
The I.-S. C. Commission has certified to the Secretary of the Treasury several roads the following amounts:
payment of $1.275.409 to the company in final settlement under the six
New York New Haven & Hartford RR.. $3.316,500.
months' guaranty provision of the Transportation Act, making a total of
Huntingdon & Broad Top Mountain RR., $50,000; Miller Creek RR.,
$4,275,409 received by the carrier.
-V. 117, p. 434.
$6.000; Waukegan Rockford & Elgin Traction Co., $2,000.
The Director-General has received the following amounts in final settlePortland Ry., Light & Power Co.
-Initial Dividend.
- ment for the period of Federal control: Pennsylvania Systent,$90,000,000;
An initial dividend of 1 %% has been declared on the $5,000,000 6% Brooklyn Eastern District Terminal. $125.000; Gainesville Midland Ry.,
Non-Cumul. Pref. stock, par 8100, payable Dec. 1 to holders of record $1• Atlantic Waycross & Northern RR., $500: Southwestern By.. $1.193;
Nov. 17.-V. 117, p. 1886.
Michigan Central RR. $10,500,000; Cleveland Cincinnati Chicago &
St. Louis Ry., 55.000.600: St. Louis Southwestern, $700.000; Kentucky
Portland & Rumford Falls RR.
-To Pay Bonds.
& Indiana, $50,000; New York Central (including Toledo & Ohio Central,
Holders of the 8300,000 4% Rumford Falls & Rangeley Lakes RR. Zanesville & Western, Kanawha & Michigan and Kanawha & West Virginia,
bonds maturing Nov. 1 1923 presenting the same at the Union Safe Deposit
& Trust Co. on Nov. 1 will receive amount equivalent to principal of the 823.000.000. Commission has certified to the Secretary of the Treasury
The I.
-S. C.
bonds presented.
-V. 117, p. 670.
that the following companies were entitled to the sums specified on account
of the 6 months' guaranty provisions of the Transportation Act:
St. Louis Southwestern RR.
-Final Settlement.
Michigan Central, $1.139.827, making the total amount received $2.-V. 117. v. 548.
See U. S. RR. Administration below.
049,827; Kanawha & Michigan. $200,412, making total of 5303.412:
Toledo & Ohio Central, $514,686. making a total of $619,686: New York
-Equip. Trusts Authorized Central RR. Co.. 85.282,637, making a total of 525.282,637; New York
St. Louis Troy & Eastern RR.
The I.
-S. C. Commission on Oct. 24 authorized the company to assume Naw Haven & Hartford (including Hartford & New York Transportation
obligation and liability in respect of 8280,000 Equip. Trust Certificates to Co.. New England Steamship Co. and New Bedford Martha Vineyard &
be issued by the Liberty Central Trust Co.. St. Louis, under an agreement Nantucket Steamship Co.), 82.891,206, making total of $14,708,406;
to be dated Oct. 11923. and to be sold at not less than 96 and diva., in con- Central New England, 819,204. making total of $1.551.874.
Other final payments certified to the Secretary of the Treasury by the
nection with the procurement of certain equipment. See offering in V. 117,
Commission for the 6 months' guaranty are: Union Pacific System (inv. 1557, 1348.
cluding Los Angeles & Salt Lake, Oregon Short Line and Oregon-Washington
Belt RR.. 5897,228;
Co.)
-Railway Service Resumed. RR. & NavigationVirginia8374,293: Indiana Harbor Northern RR.. 825.Saginaw (Mich.) Transit Co.
West
Kanawha & Wt
RR. 558.183: Cincinnati
Street railway service was resumed in Saginaw. Mich., on Nov. 1 by 100* Chesterfield & Lancaster MI. $4,194; Tampa & Gulf Coast. $29.453;
operations were discontinued
the above recently reorganized company.
Charleston, $4,656; East & West
Tampa Northern.
in August 1921 when the old Saginaw-Bay City Ry. Co. went into receiver- Coast Ry $4,329;$24,819; Raleigh & Columbia RR.. 81,597; Cleveland
Charlotte Monroe &
ship.
-V. 117, P• 1778
.
Cincinnati Chicago & St. Louis Ry.,82,964,911: New York Connecting RR.
$757,677; Grand Trunk Ry. Co., Canada,$741,392; Grand Trunk Westerl;
Seaboard Air Line Ry.-Bonds Authorized.
Milwaukee By. of Michigan,
Ry.. 51,171,839: Detroit, Grand
The I.
-S. C. Commission on Oct. 27 authorized the company to issue 5525,433; Detroit & Huron Ry,Haven & Toledo Saginaw & Muskegon
$11,890;
$2,750,000 Ref. bonds, pledging them with the trustee under the 1st & Ry. of Michigan, 5105.278. and Pontiac Oxford & Northern RR.,$63.700:
Conpl. mortgage; also to issue $764,500 of 1st & Consol. bonds, Series New Orleans Texas & Mexico RR. and subsidiaries, $317.018; Alton &
"A, pledging them with the Secretary of the Treasury as security in Southern RR., $202,680; Rutland
520.646; Pittsburgh & Shawmut,
part for loans.
-V. 117. p. 1348.
571.739:Saaboard Air Line By..51,000,000; Detroit Terminal RR.,$89,171.
RR..
- 117, p. 1463.
V.
-Insures Employees
Southern Pacific Co.
-Obituary.
-
Julius Kruttschnitt, Chairman of the executive committee, has announced that the company has awarded to the Metropolitan Life Insurance
Co. of New York a contract for group life insurance covering the 90,000 employees of its 'Various lines. It is expected that this insurance will become
effective on Jan. 1 1924. It is being placed under what is known as the
contributory plan, the Southern Pacific providing without cost to the employee an initial amount of insurance for all those in the service six months
or longer, the employee being given the opportunity to increase these
amounts by purchasing additional insurance up to a maximum of $3,500,for
those receiving a monthly pay of $200 or more. The railroad also shares in
the expense of the additional insurance purchased. The amount of insurance covered by this single policy may be greater than $100.000,000, and
it will be the largest policy ever issued, far exceeding in size any other
known policy.
Vice-President E.0.McCormick died at San Francisco, Calif.,on Nov. 1.
-V. 117, p. 1348.
-Bonds Authorized.
Southern Railway.
The I.
-S. C. Commission on Oct. 25 authorized the company to procure
authentication and delivery to its Treasurer of 85,000,000 Devel. & Gen.
Mtge.4% gold bonds, Series A. to be held in the Treasury until the further
-V.117, p. 1659. 1665.
order of the Commission.
Vicksburg-Shreveport & Pacific Ry.-Bonds Sold.
Spencer Trask & Co., New York, and Canal-Commercial
Trust & Savings Bank, New Orleans, announce the sale of
a block of a new issue of Refunding & Improvement Mtge.
Gold bonds, Series "A," 6%, dated Nov. 1 1923, and due
Nov. 1 1973. Further details in advertising pages and
V. 117, p. 1887.
Virginia Railway & Power Co.
-Listing.
The'Philadelphia Stock Exchange has authorized the listing of 8100.000
additional 1st & Ref. Mtge. 5% bonds, due July 1 1934, being part of
$1,000,000 applied for in company's application dated July 26 1923, to be
listed upon official notice of issuance making the total amount of bonds
listed at Oct. 27 811,092,000.-V. 117, p. 1888, 1778.
'
Waterloo, Cedar Falls & Northern Ry.-New ControlDeposits.
The control of the company has passed nto the hands of the First Mtge
Bondholders' Protective Commit ee,
which
V Kane, of PhiladelP
1994
THE CHRONICLE
is Chairman, by the transfer of all the Common stock, which was held by
L. S., C. D. and J. F. Cass and M. A. Devitt, E. K. I3oisot and others.
As a result of this transfer all the old directors and officers resigned on
Oct. 27, their places being filled by Chas. J. Hepburn and E. V. Kane, of
Philadelphia, Geo.E. Else of Des Moines. C. M.Cheney and J. B. Knowles,
of Waterloo. C. M. Cheney was elected Pres. & Gen. Mgr., taking effect
Nov. 1.
More than 82% of the outstanding $5,773,000 First Mtge. bonds have
been deposited with the protective committee.
-V. 117. p. 1665, 1463.
West Penn Co.
-listing-Earnings &c.The New York Stock Exchange has authorized the listing of $2,000,000
additional (authorized $41,945,300) 7% Cum. Prof. stock, par $100, on
official notice of issuance and payment in full, making the total amount
applied for $20,054.700.
The above $2,000,000 additional 7% Cum. Pref. stock will be sold for
cash,from time to time, by the company's stock selling organization in the
territory in which its subsidiary companies operate, either upon immediate
payment in full or upon a deferred payment plan. Proceeds of the sale
will be used by the company for its general corporate purposes and for investment in the Common stocks of its subsidiary companies.
Consolidated Income Account(West Penn Co. ct Subs.)8 Mos.end. Aug.31 '23.
Operating revenue, $15,296,903; operating expenses, taxes and
depreciation, $10,565,086; net operating revenue
$4,731,818
Non-operating revenue
663,642
_ Gross income
$5,395,460
Deduct: Int. and amortization, $2.645,508; Prof. divs. of subsidiaries and minority interests, $901,948
3,547,455
Net income
$1,848,005
The consolidated statement of surplus, Aug. 31 1923, shows: consolidated surplus Jan. 1 1923, $2,951,693; net income,8 months to Aug. 1 1923.
$1,848,005; total, $4,799,698. Deduct: Divs. on Pref. stock of West Penn
Co., second quarter ended Aug. 15 1923, $241,641; diva. Nos. 1. 2 and 3
on Common stock of West Penn Co.. $337.500; discount and expense on sale
of Prof. stock of subsidiaries, $98,461: other surplus deductions, $133,124.
•Consolidated surplus Aug. 31 1923, $3,988,970.
Consolidated Balance Sheet.
Aug.31'23. Dec. 31 '22.
Aug.31'23. Dec. 31 '22.
Assets$
Liabilities
Plant, prop. &
Real est. mtges.
investments_ _136,794,129 126,883,187
of other cos__
342,175
424,675
Cash held by
Gen. Mtge. bds.
trustees
186,657
389,536
called for red.
Cash
1,056,409 1,564,081
(contra)
19,971
Cash to pay int919,122
578,117 Notes & div.
Redemption of
warrants pay_ 3,459,432 2,069,226
1st M. bonds
Accts. pay. &
(contra)
19,971
accr. wages_ _ 1,295,975 2,256,848
Accts. & notes
Matured Int. on
receivable_ _ x1,511,152 1,469,682
funded debt_ _
553,982
190,655
Mat'l & suPPI.
Unclaimed diva_
4,233
3,843
incl. coal (at
Divs, deci. not
cost)
3,625,276 2,893,018
due on pf. stk.
Due fr. subscrib.
of subsidiaries
141,615
169,280
to Pi. stk. of
Divs. decl. but
sub. cos, on
unpd.on corn.
919,413 stock 01W.P.
instailm't plan
637,388
Def'd charges_ _ 3,581,671 2,613,392
Co
112,500
120,821
525,505
238,627 Accrued interest 1,117,522 1,103,575
Unclassified chgs
Div. accr. on pf.
stk. of subsids
95,627
22,620
Taxes (incl. est.
Subscrip. to Pf.
Fed.
stk. of subsids 1,060,675 1,477,050
1,605,472 1,325,268
Minority interest
Consumers, sec.
sub. cos.:
& line constr.
Preferred stk_ 21,573,599 19,319,403
deposits
1,398,527 1,336,706
Com. stock652,578 2,325,628 Def.
_
352,421
327,608
Preferred stock_ 8,054,700 8,054,700 Unclassified cred
32,614
Common stock _y22,500,000 22,500,00 Deferred credits.
243,934
173,640
2339,500 2,500,000 Deprec. reserve_ 7,090,578 6.444,139
3-yr.6% debs
Trustees ctfs.W.
Res.for damages,
P.Monon.Co.
conting.,&c_ _ 1,196,799
888,491
CDaimon stock
Surplus spells,to
purchase
1,043,963
minor.ints__ _
93,176
91,418
W. P. Rya. Co.
Surplus
3,988,971 2,951,693
& subsidiaries. 52,374,950 46.142,250
W.P.Monon.Co.
subEddiartes. 15,961,900 15,355,400
Totahaa .side)148,857,279 137,549,052
[VOL. 117.
Pennsylvania, Revere and E.Warner. Federal also made similar reductions
bringing price down to 8.70e. and again to 8.60c. per lb.
Western Sugar Prices Also Reduced.-Oalifornia-Hawatian Sugar Refining
Corp., Western Sugar Refinery and Spreckles Sugar Co. (San Francisco)
announced on Oct. 27 reductions to $9 per cwt., effective at once.
Copper Miners' Wages Reduced.
-Anaconda Copper Mining Co. reduces
wages 50c. per day effective Nov. 1, affecting 14,000 employees at Butte
Mines, Anaconda and Great Falls reduction works. See that company
below.
All smaller operators in Butte district followed Anaconda's example.
-"Wall Street Journal" Oct. 27. P. 9
.
Quincy Mining Co. (Houghton, Mich.) announces reduction of 10% in
wages effective at once.
-"Boston News Bureau" Nov. 2.
Other districts declaring a wage reduction of approximately 107. are
Miami, Inspiration, Ray. Nevada, Chino, Magma, United Verde, United
Verde Extension, Old Dominion, Arizona Commercial, Butte and Utah.
Official announcements have not yet been made by the Southwest and
Lake Superior districts but without doubt they will make the cut.
The present scale is $5 45 per day for miners, while copper sells at 12
per pound. War wages reached 56 15 per day for the same work, while
Pre-war wages were only $3 75, when copper was selling at 16©17e. per
pound. "Boston News Bureau" Oct. 30, p. 1.
Garment Workers Demand Wage Increase, 40
-Hour Week, Unemployment
Insurance and Length-of
-Employment Guaranty.
-Cleveland (Ohio) cloak
and suit industry to present demands first as contract expires Dec. 31,
while contracts in most other cities run until May. "Sun & Globe" Oct.
26. p. 1.
Brass and Copper Products Prices Reduced.
-American Brass Co. reduced
prices of seamless tubes of all sizes lc. per pound and of copper and brass
products and copper wire products, 3/c. per pound, owing to copper metal
price. (Also see p. 1665 in Oct. 13 issue.) "Boston Financial News"
Oct. 30, p. 3.
Matters Covered in "Chronicle" Oct. 27.-(a) New capital flotations in
September and the nine months since Jan. 1, p. 1820-1824. (b) Unemployment insurance goes into effect in Chicago clothing market Jan. 1.
P. 1830. (c) Dissolution of cement combine ordered by Federal court,
p. 1831. (d) Paper Industries Exchange in New York-privileges and
facilities extended to non-members for limited period, p. 1831. (e) Too
many wholesalers in the coal industry, the U. S. Coal Commission finds-.-removes responsibility for high prices from retailer in final report, p.
1848. (f) Commissioner of Markets O'Malley charges coal companies with
unfair practices, p. 1848.
Allis-Chalmers Mfg. Co., Inc.
-Earnings, &c.
Month ofJannary
February
March
Net Profit after Prov. for
Sales Billed
-Federal Taxes
1922:
1923.
1922.
1923.
$74,393
$1,616,955 $1,531,016
$123.479
1,579,391
156,711
103,504
1,727,415
1,877,322
1,561,196
188,499
100,836
Totalfirst quarter_ _ _ _ $5,221,692 $4,671,603
April
$1,905,417 $1.497,495
may
1,565.844
2,031,269
June
1,715,525
2,145.384
$468,689
$190,437
203,044
234,937
$278,733
$85,547
87,757
126,492
Total second quarter_ $6,082,070 $4,778,883
July
$2.191.647 $1,799,083
August
1,817,402
2.311.581
September
1,863,440
2,362,215
$628,418
$252,987
254,731
249,283
$299,796
$133,459
163,411
153.545
Total third quarter_-- $6,865.443 $5,479,925
$4450,415
$756,981
Total nine months
$18,169,205 $14,930,391 $1,_854,089 $1,028,944
Unfilled Orders.
-Unfilled Orders Oct. 1 totaled $12,755,000. as compared
with $42,900,000 on Sept. 1, $12,900,000 on Aug. 1 and $13,140,000 on
July 11923, compared with $8,288,029 on Oct. 1 1922.-V. 117, P. 1130.
1019.
American & British Mfg. Corp.
-Verdict Set Aside.
See New Idris, Quicksilver Mining Co. below.
-V. 117, D. 1131.
-To Retire Notes.
American Chicle Co.
The company is said to be planning to pay off about $200,000 of its
-Year 6% notes and bank indebtedness in the near future. On Oct. 1
5
the company redeemed $171,000 of its notes and effected a corresponding
-V.117, p. 783.
reduction in its bank indebtedness.
-Plan for Exchange o
(The) American Cotton Oil Co.
-The stockholders' committee
Stockfor Gold Dust Corp. Stock.
in a notice to the 'stockholders (see advertising pages) says:
On Sept. 20 1923 a plan (V. 114, p. 1464) for the exchange of stock of
the American Cotton 011 Co. for stock of Gold Dust Corp. was mailed
to stockholders of record. Stock has already been deposited and arranged
to be deposited in such amounts as to assure the participation in the plan
of a large majority of both classes of stock. In order to permit a prompt
Wisconsin Public Service Corp.
-Stock Offered.
have
The company is offering to its employees and customers $750,000 7% execution of the plan and at the same time to give stockholders who comdeposited
to do so, the
Cumul. Pref. stock, the proceeds to be used to finance extensions and not yethas fixed their stock an adequate opportunityall stock should be
mittee
Nov. 26 1923 as the date by which
additions to its propertles.-V. 116, p. 937.
deposited. Stock not deposited by that date cannot be assured of the
opportunity
Certificates of stock should be
Wyoming North & South RR.
-Construction Plan Denied forwarded toto participate in the plan. Wall St., New York, depositary.
the First National Bank, 2
The company has been denied a right of way across the Salt Creek oil
field of Wyoming by the Department of the Interior. Reason for the -V. 117, p. 1888. 1665.
denial of the right of way was based on the fact that the public lands in
American Hide & Leather Co.
-Quarterly Report.
the Salt Creek field have been reserved and that because of this reservation
Results for Quarter and Nine Months Ending Sept. 30.
the law does not sanction the building of a railroad across it. Another
ground for the refusal to approve was the fact that the railroad would
1923-9 Mos.-1922.
1923-3 Mos.-1922.
interfere seriously with the development of oil in the field and with the *Net earnings
$435,271
loss$39,492
$335.705 loss$209,472
-V.117, p. 1557.
Depreciation
rights of oil lessees.
202,486
67,495
205,996
68,666
Extraordinary income._
Cr.495,000
x Accounts receivable, $1,580,990; notes receivable, $59,553; total,
$1,640,543; less $129,391 for reserve for uncollectible. y Common stock
represented by 225,000 shares of no par value.
-V. 117, p. 1779.
INDUSTRIAL AND MISCELLANEOUS.
. The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &p.
The review of market conditions by the "Iron Age,"
formerly given under this heading, appears to-day on a
preceding page under "Indications of Business Activity."
Coal Production, Prices, &c.
Balance.sur. or def___def$108,158 sur$268,209 def$415.468 sur$727.784
•Results from operations after charging repairs, interest on loans, and
reserves for taxes.
-V. 117. la• 671.
American International Corporation.
Control of the Charles W. Davis Transportation Co., which operates a
combined freight steamer and truck service between New York and New
Rochelle, Mamaroneck and interior points in New York State, has passed
into the hands of a group of New York men, headed by Matthew 0. Brush,
President of the American International Corp., and deorge E. Whiteland,
former President of the International Products Co. of South America.
Mr. Brush will be Chairman of the board of directors. and Mr. Whitelam,
President of the reorganized company, which will be called the Davis Transportation Lines, Inc., with offices at 50 Union Square, N. Y. City. The
company will continue to operate from Pier 30, East River. Captain C. W.
Davis, former President, will become Assistant to the President of the new
company.
-V. 117, p. 1888.
The United States Geological Survey's report on coal
production, together with the detailed statement by the
American La France Fire Engine Co., Inc.
"Coal Trade Journal" regarding market conditions hereto-Notes Offore appearing in this column, will be found to-day on a fered.
-The Citizens' & Southern Co. Atlanta, are offering
preceding page under the heading "Indications of Business at 98% and int., to yield about 6.5k, $2,000,000 3
-Year
Activity."
6% notes. The bankers state:
Oil Production, Prices, &c.
Dated Oct. 1 1923. Due Oct. 11926. Interest payable A. & 0. Callable at 1023i and int. on any int, date prior to Apr. 11025. and at 10134
thereafter.
Company.
-Is the leading manufacturer in the United States of fire fighting apparatus and accessories. Its sales are almost entirely to municipalities and its products are built on definite specifications, so that many
manufacturing problems are minimized, such as cancellations, bad debts.
foreign competition, &c.
Seturity.-These notes are a direct obligation of the company and its
Prices, Wages and Other Trade Matters.
only funded debt. The current balance sheet shows net quick assets to
-On Oct. 29,led by Federal Sugar Refining Co.,the be $4.428,000, or about 2.25 times the amount of the authorized and outSugar Prices.
Refined
following companies reduced the price of refined sugar 10 pts. to 9c per standing notes. It is provided in the indenture that no lien can be placed
pound. American, Arbuckle.(E.) Atkins, National,Pennsylvania, Warner on the company's property during the life of this issue without retiring or
and Revere; on Oct. 30 a further reduction of 10 pts. to 8.90c. was made ratably securing these notes.
Purpose.
-Proceeds of the present note issue will go to increase working
by American, (H.) Atkins, Federal, National. Pennsylvania, Warner and
Revere. Arbuckle Bros. reduced price 15 pts. to 8.85c. and Federal capital.
Earnings.
-For the past four years finnal net eariags show an average of
made another 10 pt. reduction to 8.80c. On Nov. 1 the following companies each made 2 reductions of 10 pts. each bringing the price down to $623.344, or more than five times the annual interest requirements on these
8.70c. per lb.; American, Arbuckle (E.) Atkins, McCahan, National, notes.
The statistics regarding gross crude oil production in the
United States, compiled by the American Petroleum Institute
and formerly appearing under the above heading, will be
found to-day on a preceding page under "Indications of
Business Activity."
•
Nov. 3 1923.]
1HE CHRONICLE
Income Account for Stated Periods.
9 Mos. end.
Quarter Ended
Sept.30'23. June 30'23. Mar.31 '23. Sept. 30'23.
Period$753.633
$222,061
$207,656
$323,916
Operating profit
53,226
3,222
29,454
20,650
Interest charges
$700,407
$218,839
$178,202
$303,366
Net inc. before taxes_
-V. 117. p. 1888, 1238.
-Earnings.
American Light & Traction Co.
1921.
i922
1923.
12 Mos. Ended Sept. 30Earningson stock of subsidiaries
43,610.491 $3,737,452 $2,302,401
owned by company
1,282,301
1,291,072
969,533
Miscellaneous earnings
$4,580,024 $5,028.524 $3,584,702
Gross earnings
379,524
515,360
438,403
Expenses
357.031
360.000
195,000
Interest on 607 notes
854,172
854,172
854,172
Preferred dividends
1,104,546
1,149,312
1,196,032
Common dividends
$889,429
$1,896.417 $2,149,680
Surplus
9,990,538 8,990,170 9,205,439
Previous surplus
1995
of new funds, actually produced but $532,000, which was supplemented
by $218,000 of loans.
of the
The letter severely arraigns the policies of the management been original
incurred
Atlas Crucible Steel Co., stating "that appalling losses had seemed to us
-of Atlas Crucible Steel-through what
to stockholders
unbusinesslike contracts, one in particular involving a loss to
unwise and
the stockholders of over $1,000,000 in cash, which loss in our opinion could
have been almost entirely avoided by the exercise of the most ordinary
-V. 116. p. 2997..
business judgment and procedure."
-A syndicate
-Stock Offered.
Balaban & Katz Corp.
headed by Mitchell, Hutchins & Co.,Inc.,recently purchased
and are offering 50,000 shares (voting trust certificates)
common stock (par $25). Registrar, The Foreman Trust &
Savings Bank, Chicago. Transfer Agent, Continental &
Commercial Trust & Savings Bank, Chicago. Listed on the
Chicago Stock Exchange.
,
Authorized. Outstanding.
Capitalization
$2,870,000 $2,847,600
0)
p 510
( ar $25)
6.750,000 6,601,000
Common S8ttgcckk
of President H. L. Stern, Chicago, Oct. 10 1923.
Data from Letter
-Organized in Delaware for the purpose of effecting a reorganiCompany.
$11,886,955 $11,139,850 $10,094,868 zation and recapitalization of the corporations under the management of
Total
1,104,698 Messrs. Balaban & Katz. These corporations include the B. & K. Amuse1,149,312
1,196,031
Stock dividends on common
and has a lease
ment Co., which owns and operates the Chicago Theatre,
$10,690,924 $9,990,538 $8,990,170 on the Roosevelt Theatre; the Tivoli Theatre Co., which owns and operates
Final surplus
which owns and
the Tivoli Theatre; the Central Park Theatre Corp.,
x After deductions of $1,170,922 for depreciation and replacement operates the Central Park Theatre; the Riviera Theatre Co., which operates
20 years to run; the Balaban
reserves in the 12 months ended Sept. 30 1923.-V. 117, p. 1558. 1238.
the Riviera Theatre under a lease that has & Katz interests in the Associall the Balaban
- Investment Co., which ownsof Illinois. Inc.;the Educational Film Exchange
-Sub. Co. Business.
Pneumatic Service Co.
American
ated First National Pictures
Gross business taken by Lamson Co.. a subsidiary, for the present year of Illinois, Inc.
mortto Oct. 1 amounted to approximately $2.700,000, against $2.100,000 for
-Proceeds will be used to pay off all of the outstanding
Purpose.
be added to working
the same period in 1922.-V. 117, p. 1779.
gages on the several theatres and the balance will
capital.
-Balaban &
-Earnings.
American Steel Foundries.
-In no year since their inception in 1917 have the1922 is the
Earnings.
The year
1922.
1923.
Nine Months Ended Sept. 30Katz theatres failed to show a substantial profit.
$6,822.270 $3,157,463 earliest period for which a statement of earnings for a full year's operation
after Federal taxes
Net earnings
658,700 of the consolidated enterprise is available.
1,042,726
Depreciation
on the basis of appraised
After making adequate provision for depreciation
$5,779.544 $2,498,763 values, and after providing for income taxes and giving effect to all adjustBalance
479,885 ments resulting from the consolidation and reorganization, the net income
193,368
Other income
year 1922 amounted to $1,337,556.
increase over the previous year.
$5,972,912 $2,978.648 for the
Total income
The earnings for 1923 show a substantial
295,411 The net income for the six months ended July 1 1923 was $733.298. Final
245,869
Charges, &c
365,880 figures for the third quarter indicate that they will be larger than either of
Federal tax reserve
previous quarters of the current year. payment of dividends of 25
$5,727,044 $2,317.357 the
-Directors expect to begin the
Net profit
Dividends.
American Steel Foundries works are operating at approximately 100%• cents per share per month on the Common stock starting Dec. 1 1923.
-V. 117, p. 1558.
Consolidated Balance Sheet July 1 1923.
-Liabilities
-Organized.
AssetsAmerican Superpower Corp., Del.
$390,000
$9,059,641 Bank loans
Incorporated in Delaware Oct. 26 1923 to acquire securities of electric Lands, buildings, &c-140.896
730.625 Accounts payable
power generating Investments
power and light companies, construct and operate electric
186,345
291,505 Adm.,prop. & inc. taxes..
stations and transmission lines, maintain a department for scientific ex- Cash in bank
100.000
8.350 Reserve for contingencies
into all matters connected with the manufac- Cash working funds
perimentation and research
2.847,600
7,473 Preferred Stock, 7%
ture and transmission of electrical energy. Incorporators, E. E. Craig. Accounts receivable purCommon Capital Stock_ _ 6,601,000
Empl. accounts for
M.E. Scanlon, M. F. Vance. Dover.
773.608
18,127 Paid-in surplus
chase of stock
Capital consists of 100,000 shares Preferred stock, $100 each; 300,000
6,518
shares of Participating Preferred stock, $25 each: 600,000 shares of Class Life insurance policies_157,498
value, and 600,000 of Class"B"Common stock, Deferred charges
"A"Common stock, no par
$11.039.449
759,712 Total (each side)
no par value.making 1,600,000 shares,or $120,000,000 for taxation purposes. Goodwill
Oct. 1 1923, all bank loans were liquiIn the period from July 1 1923 to
current acCo.
-New Financing dated, and the company's indebtedness now consists only of1923 totaled
American Telephone & Telegraph
on hand as of Oct. 1
and accrued
-It is reported that a new issue of bonds will be counts payable $300,000. taxes. Cash
Reported.
approximately
with Messrs.
offered Monday by a syndicate headed by J. P. Morgan & Co.
-A 10-year voting trust has been created
Voting Trust.
trustees.
-Year 5;4% Deben- Hertz, Rosenwald, Balaban, Stern and Katz as
The issue, it is stated, will consist of $100,000.000 20
Barney Balaban (Sec.-Treas.), John Hertz.
-John Borden,
Directors.
tures, and will be offered slightly under par. To yield between 5.50% and
Katz (V.-Pres.) William H. Mitchell
5.60%. The purpose of the issue is to provide funds to retire $40,000,000 (Pres. Yellow Cab Co.), Samuel
Rosenwald, Harbert L. Stern,(Pres.)
6% notes maturing in Feb. 1924 and the balance, $60,000,000, will be (Mitchell. Hutchins & Co.), Morris S. .
-V. 117. fl• Edward M. Bertha, Hugo Sonnenschein
devoted to carrying out the company's expansion program.
1772, 1780.
Baldwin Locomotive Works.-Shipmcnts,"In October we
-Terms of Contract with Tobacco
American Tobacco Co.
President Samuel M. Vauclain says in substance:
year, a total of 310,350.000.
made the largest shipments of any month this shipments will be fully as
Products Corporation.
against $8,500,000 in September. November year, it is estimated, should
See Tobacco Products Corp. belew.-V. 117, p. 1889. 1780.
October. Our gross shipments for the
great as
be in excess of $100.000,000.
at 100% capacity.
-Annual Report.
American Tyne Four cl.ra Co.
"We have now 17,600 employees and still runningbusiness we get, we
1921-22.
1922-23.
1920-21.
1919-20.
Years Ended Aug. 31on hand, and the normal amount of
$855,218 $829,616 $761,593 With the ordersbusy at the present rate of production to March 1 1924.
$990,972
Net earnings
be kept
160,000
200,000
160,000
160,000 should is Efradually increasing from month to month.
Common dividend (407)
179.242
197,897
179,242
179,242 Businessforeign business in general shows improvement. We are in no
Preferred dividend (7)---"Our
-V. 117, p. 1559.
any financing and not borrowing any money."
Balance for year,surplus__ $593,075 $515,976 $490,374 $422,351 need of
1465.
-V. 117, p. 328.
Co.
-Sales.
American Woolen Co., Roston.
President William M. Wood says in substance: "Our
sales this half
year have been above normal, and despite curtailment elsewhere in the
industry, the company is to-day operating at 83% capacity, which is far
above the average for this time of year. Relatively speaking, we have
fewer goods on hand than usual. The entire dividends for the Common
stock have already been earned this year.
"There is nothing more I can say to refute irresponsible rumors designed
-V. 117, p. 1558.
to unsettle the confidence of stockholders."
Baltimore (Md.) Dry Docks 8c Shipbuilding
Would Dissolve.
Court asking that the
Circuit
The company has filed a petition in thebe appointed to take charge of
company be dissolved and that a receiver is no longer actually engaged in
Its affairs. It is stated that the company vessels.
-V. 114,
-("Iron Age")
the building, repairing and dry docking of
13• 310.
-Tenders.
Baltimore Tube Co., Inc.
until Nov. I received
The Union Trust Co., trustee, Baltimore, Md.,
notes, dated
-Suit
-Wage Cut.
-Year 7 % Sinking Fund Gold 116, p. 2010.
Anaconda Copper Mining Co.
the sale to it of 5
bids for
Copper Co., involving title to Smoke- May 1 1920, to an amount sufficient to exhaust $25.000.-V.
-Daly
The suit against the Davis
house lode. in which recovery of a large amount of money is sought for ore
-Earnings, &c.
Baragua Sugar Co.
mined, has been set for Jan. 20 1924 at Butte, Mont.. before Federal
-V. 117, p.
Reports" above.
Judge Bourquin.
See Punta Alegre Sugar Co. under "Annual
Effective Nov. 1, the company reduced wages of its employees at the 556.
Great Falls reduction works 50 cents a day.
Butte mines and Anaconda and
-To Increase Stock-50% Stock
Beech-Nut Packing Co.
The reduction will affect 14,000 employees, and brings the pay of the
miners back to $4 75, the scale in effect prior to March 16 1923.
Dividend Probable.
Notices announcing a similar reduction were posted by all of the smaller
increasing the authorized
The stockholders will vote Nov. 14 (a) on $20 and (b) on approving
operators of the Butte district as well.
par
of a
Under the cut the minimum scale for common labor at the Anaconda Common stock from $5.000,000 to $7,500,000,
Common stockholders of record Dec. 1
reduction works will be $4 25, while the Crafts scale, which varies according the payment on Dec. 10 to
-V. 117. p. 1890.
to various classifications of labor, will average $5 50. The reduction will 50% stock dividend.
-V. 117. p. 1558.
-Earnings.
affect 2.000 men at Anaconda.
Bell Telephone Co. of Pennsylvania. End. 9 Mos.End.
3 Mos.End. 6 Mos.
-Balance Sheet Aug. 1.Androscoggin Mills.
Sept.30'23. June 30'23. Sept. 30'23
PeriodLiabilities1922.
1923.
1922.
Assets1923.
$10,030,111 520.422,475 $30,452,586
$2,000,000 $2,000,000 Telephone operating revenues
El. est. & mach'y_$1.451,505 $1,455.632 Capital stock
8.189,950 15,536,376 23,726,326
121,782 Telephone operating expenses
Merchandise
1,892,653 1,555,522 Accts. payable... 149,671
$6,726,259
450,000
300,000
433,008 Notes payable_ _
Cash Sz accts. rec_ 804,665
Net telephone operating revenues..- $1,840,160 $4.886,099
151,500
178,982 Surplus
Securities
1,730,426 1,416,362
178,982
103,000
48,500
Uncollectible operating revenues_ _ _
1,040.013
2,292
Prepaid interest_
815,300
224,713
Tot.(each side)-$4,330,097 $3,838,144 Taxes (including Federal)
215,000
Liberty bonds
-V. 112, p. 64.
$1,566,947 $3,967,799 $5,534,746
Operating income
1,196,057
865.866
330,191
Non-oper. revenue (net)
-Complaint Dismissed.
Armour & Co. (Ill.).
56,730.803
By reason of the decision of the Circuit Court of Appeals for the Seventh
31,897.138 $44.833.665
Gross income
561.529
355.416
Circuit, in the matter of B. S. Pearsall Butter Co., the Federal Trade Com- Rent and miscellaneous deductions
206.113
2,169,816
1,495,587
mission has dismissed without prejudice its proceedings against the follow- Interest
674,229
SG Co., Swift & Co., Downey-Farrell Co., William
ing concerns: Armour
2,400,000 3.600.000
1,200,000
Dividends
J. Moxley Inc., Ed. S. Vail Butterine Co., Troco Nut Butter Co. and the
5399.457
Friedman Manufacturing Co., all of Chicago. The concerns manufacture
$582,661
def.$183,204
Balance, surplus
oleomargarine and butterine, and in the complaints were charged with re672.
-V. 117. -V. 117, p. 1238,
straining and hindering competition in the sale of these products.
-Redeems Bonds.
p. 1301, 1131.
Brompton Pulp & Paper Co., Ltd. Paper Co. of Maine
-New Preferred Issue.
All of the outstanding $104,000 Brompton Pulp &
Atlas Steel Corporation.
paid off Nov. 1 at 105
Gold bonds, due Nov. 2 1927, were
The stockholders of this company (a merger of the Electric Alloy Steel 1st Mtge. 6%
-V. 117. p. 784.
Co. and the Atlas Crucible Steel Co.) will vote Nov. 5 on authorizing the and interest.
-Resumes Operations.
of $3,000,000 Participating 8% Preferred stock, to have priority
issuance
Butte & Superior Mining Co.
main hoisting shaft, which
over the existing stocks. Proceeds of the issue are required to provide
An official statement says: "Repairs to the
additional working capital.
completed and hoisting of ore
Oct. 1, have been
be built up to the
P.,President L. J. Campbell in a letter to stockholders states that the were commenced about
limited scale resumed. Production of ore will
financing done at the time of the merger, expected to provide $1,750,000
1996
THE CHRONICLE •
average of recent months as rapidly as
and it is expected that the output will working forces can be organized,
reach about 1,000
shortly after Nov. 1. About two-thirds of the tonnage tons per day
produced will
be zinc ore and the remainder copper ore. Both
kinds
shipped direct to the Anaconda Copper Co. for concentrat of ore will be
ion or smelting,
as the case may be, and accordingly, the Butte
& Superior Company s
concentrating works will remain closed for the immediate future.
"The expected output of about 1,000 tons per
ore, taken together, will, as stated, correspond day of zinc and copper
daily production prevailing for several months closely to the average
shaft repairs, but it is believed that earnings willprior to suspension for
be somewhat improved
through the arrangement for concentrating zinc ores under contract
as
against milling them in the company's own plant, at
as zinc metal prices and other conditions justify andleast, until such times
permit production
zinc ores at a higher.tonnage rate more nearly commensurate with of
the
economic operating capacity of the Butte & Superior mill."
-V.117, p. 1239.
California Dressed Beef Co., Los Angeles.
-Bonds
Offered.
-Drake, Riley & Thontas, Los Angeles, are offering.
at 100 and int. $350,000 1st Mtge. 7% Sinking Fund
gold bonds.
Dated Oct. 1 1923. Due Oct. 1 1933. Denom.$1,000 c*. Int. playable
A. & 0. at Hellman Commercial Trust & Savings Bank, Los Angeles,
trustee, without deduction for normal Federal income tax not exceeding 2%.
Red, all or part on any int. date at 105 and int. upon 30 days' notice.
Auth. $400,000.
Data from Letter of Pres. R. L. Bliss, Los Angeles, Sept. 27.
Company.-Incorp. in California Dec. 30 1921, successor to a privately
ownea business which haa been conducted under the same name since 1907.
Is one of the most successful industries of the kind in the Southwest. its
activities being confined to the packing of meats, the refining of vegetable
oils and shortening products. and the manufacture of other by-products.
Gross sales lncreasen from approximately $600,000 in 1907 to $3,275,000
in 1921, and based on figures for the 7 months ending Aug. 1 1923 are
being maintained at the annual rate of $3.595,000 for the current year.
The property, together with all improvements, pledged as security for
these bonds has been appraised by the American Appraisal Co. as of July I
1923 at a sound depreciated value of $858,707.
-With the exception of 1922 following a fire which destroyed
Earnings.
the company's entire plant, the business from
'
shown a
substantial annual increase, net earnings havingthe neginning has calendar
averaged for the 3
years prior to 1922 over 4.4 times maximum interest charges on the present
issue of bonds, and for the first 7 months of the current year having been
maintained at approximately the same ratio.
Sinking Fund.
-Sinking fund commencing Oct. 1 1925 will retire annually
$25,000 bonds by purchase in the open market or oy redemption by lot at
the call price.
Purpose.
-Proceeds are being used to retire the balance of an outstanding
Issue or First Mortgage bonds. llquidate a substantial
current indeotedness and provide additional workingpart of the company's
capital.
Canadian General Electric Co.
-Terms of Offer of
General Electric Co.
-
[VOL. 117.
Balance Sheet July 31.
1923.
1922.
1923.
1922.
Assess
$
Land, bldgs., &c.,
less depredation__ 818,536 868,028 7% Cum.Pref. stk_z1,162,800 1,162,800
Common stock
1,200,000 1,200,000
Investm'ts(bookval.)
7,000
7,000 1st M.30
-Year 6s_ _ _ 28,565
53,458
Inventories
333,564
Accts.& notes recle. 213,864 306,201 Deferred liability to
175,345
Town of Orillia
17,500
20,000
Officers' accounts_
1,463 Bank loans, &e.(sec.) 159,500
58,625
Cash
16,564
1,216 Trade creditors
48,125
19,614
Deferred charges_ _ _ 32,302
34,862 Wages, bond int., &c 33,146
18,791
Good-will
1,360,981 1,360,981 Advances received
3,338
3,745
Reserves
29,008
26,642
Total(each side). _2,782,814 2,755,098 Surplus
y100,832 191,422
x Dividends on 7% Cum. Pref. stock
y Capital surplus July 311923, 8613,219;are in arrears since Aug. 1 1915.
as above, $100,832.-V. 115, p. 2050. deduct deficit, $512,387; balance.
Central Foundry Co.
-Certifi
cates Ready.
See Iron Products Corp. below.
-V. 117. p. 1131.
Central Petroleum Co.(Maine)
.
-Name Changed, &c.
See Wolverine Petroleum Corp. below.
-V.117, p. 785.
Central Teresa Sugar Co.
-Annual Report.
-
Years Ended July 31-Net income, before depreciation
-V. 115, p. 2577.
1923.
1922.
1921.
$195,658 loss$561,316 1os4122.936
Cerro de Pasco Copper Corp.
-Bonds
Called.
Certain 10
-Year Cony. Sink.
ing $1,650,000, have been called Fund 8% Gold bonds due 1931, aggregatfor redemptio
to Jan. i 1924, at the office of J. P. Morgan n Jan. 2 1924 at 105 and int.
23 Wail St., N. Y. City. Any of the boo & Co., sinking fund trustees.
ion
f
rt a he convert into stock
may blt
upon
6 Bron w surrender
T
aiday.
Baenthel us
N. Y. City, on or before Jan. 2 1924.
City,
t
g
I in a
Forty-three bonds previously drawn are still unredeeme
d.
-V. 116, P2011.
Charlevoix Realty Corp., Detroit, Mich.
-Bonds
fered.
-Fenton, Davis dr Boyle are offering at par and Ofint.
$450,000 1st Mtge.7% Serial Gold bonds. A circular
shows:
Dated Oct. 11923. due semi-annually
nom.$1,000 and 8500 c. Int. payable A.Apr. 1 1924 to Oct. 1 1933. De
& 0.
Mich. trustee, without deduction for normalat Union Trust Co., Detroit.
Federal Income tax not to
exceed 2%. Red, on any int. date on 30
days' notice at i0236 and int.
Valuation, &c.
-Appraised value of land
$576.205
Appraised value of buildings, fixed machinery
and equipment,
less depreciation
523,458
Total
$1,099,663
This property, having a total appraised
as security to this issue of $450,000 of valuation of 51,099,663,is pledged
bonds. The property is located in
the centre of the Industrial section of the East
as being one cm the most valuable industrial Side ot Detroit,and is regarded
sites
There are 23.0482 acres of land appraised at in the City of Detroit.
$25,000 per acre, or a total
valuation of $576,205 for the land.
15.2471
placed on sale and from the proceeds of sales acres will be immediately
made not less than 825,000
per acre, or a total of approximately 8380,000,
must be paid to the trustee
for the retirement of this issue of bonds.
Lease, &c.
-The remaining 7.8011 acres, with buildings,
fixtures and
equipment, have been leased to the Columbia Motors
Co. for a period extending through the life of the mortgage, at a monthly
rental of $7,500.
The payment of rental and other charges under
the assignment to and deposit with the trustee of this lease is secured by
all the capital stock of the
Charlevoix Realty Corp. excepting qualifying directors'
shares, and this
lease, with the stock attached, Is in turn assigned to
the trustee as additional security for the payment of and deposited with
the bonds.
These rentals must be paid by the Columbia
Union Trust Co., trustee, each month, and the Motors Co. direct to the
used for the payment of interest and principal funds so received are to be
of this bond issue. These
rentals will supply $90,000 per annum for the entire term
of the lease.
Financial Statement as of Sept. 1 1923 (After This
Financing).
AssetsLiabilities & Capital
Cash
$7,500 First Mortgage 78
Land
576,205 Common stock (auth. and $450,000.
Foundations, &c
23,795
issued, 100 shares par
Bldgs.,fixtures, mach.,&c. 523,458 $10 each, and
6,000 shs.
Deferred charges
61,250
of non-par)
x742,208.
Total
$1,192,208
Total
$1,192,208
x All owned by Columbia Motors Co.
President A. E. Dyment on Oct. 26 announced
proposal
of the General Electric Co. to buy a controlling the terms of the
interest in the Canadian
General Electric Co. A digest of President Dyment's letter to shareholders
follows:
"The directors have for some months had under considerat
bility of a closer relationship between your company and the ion the desiratric Co. (New York), with which your company has from General Elecits formation
maintained important
relations, such
relationship to be
based upon the entry by the American corporationcloseryour company as a
into
controlling shareholder.
"Such a community of ownership will result in a very
intimate
and effective co-operation between the organizations much more
companies
than can be obtained under the present contractual of the twoip, and, in
relationsh
the opinion of your directors, after careful study of the requirements of your
company's business, particularly with reference to technical progress, manufacturing efficiency and commercial standing is essential to the maintenan
ce
by yourcompany of a foremost position in its field of activity.
"The experiences of the two companies over a long period have indicated
clearly the importance of bringing about
relationship, and
efforts have been made in that direction on such closer
past ten years, but until now no plan has different occasions during the
been devised which appeared
practicable from the standpoint of both companies
"As it is not desired to increase at present the .
of your company, it is necessary, in order that outstanding capital stock
the
may procure the requisite interest in your company, American corporation
some part of their stock from the present shareholde that it should acquire
have, as a result of negotiations of some duration, rs, and your directors
arranged for an offer
from the American corporation to the common shareholde
pany, on terms which must be regarded as very advantagers of your comous.
"In exchange for each fully paid $100 share of
of your company,the American corporation offersthe present sommon stock
the sum of 862 50 in cash.
New York funds, and one fully paid $50
Chicago Mill & Lumber Co.
-Sales.
preference stock of your company, bearing share of an open issue of new
Sales for the
dividend of 7% per annum, having a fixed a fixed cumulative preferential approximately nine months ended Sept. 30 last, it is reported, amounted to
$10,400,000,compared with $6,500,000 in 1922.
preferential claim to repayment
of capital in the event of a winding-up, retirable
Compare.
at any time at a premium V. 117. p. 92, 1890,
9f 15%,and having voting power only
fallen into arrears for at least one year,when and so long as dividends have
Columbia Motors Co.
-Status
dends have not subsequently been paidand such arrearages of unpaid diviA circular issued in connection with the, &c.
up to date.
offering of $450,000 serial
"On the acceptance of this offer by a sufficient
number of shareholders, of the Charlevoix Realty Corp. (see above) affords the following: bonds
steps will be taken to rearrange the capital
Company.
-Incorporated in 1916 with an authorized capital
securities of your company in
such a manner as to permit of the due completio
n of the transaction. The Since that time the company has had paid into its treasury of 8500.000.
present preference stock of your company
'
will be retired at a premium cash and its capital stock is now represented, with the recent$1.100,000 of
of 15%,such being the right of your company
change in
under the terms of its issue. number of shares, by 343 634 shares of no par value, with a book value its
The stock so retired will be replaced by the issue
of
American corpora- 87 25 per share, representing a present net worth of $2,493,849, after
tion at a premium of 15% of an equal par valueto the
giving
effect to their present
your company, thus maintaining unchanged the of the common stock of its existence, except program. Company has been successful throughout
present position of your
during the year 1921 and the early part of 1922, when,
company as regards cash, as regards surplus and
due to the general business depression and the necessity
as regards total stock
for inventory adoutstanding, which will remain at 812,800,000,
justments, a loss was shown.
as
stock of your company will be converted, to theat present. The common
extent that its respective Financial Statement as of Sept. 1 1923 (After Giving Effect
holders so elect, into a 850 share of the new preference
to Company's
stock
Present Program).
of common stock for each previous 8100 share of common and a $50 share
stock; common
Assetsstock not accepting conversion will remain undisturbe
Liabilities
d, save that each Cash
$100 share will be divided into two $50 shares.
5314,533 Notes pay.,loans & trade_ 8499.217
Cars shipped, sight drafts
"The above offer by the American corporatio
Drafts ready., discounted
7,819.
& bills oflading attached
In new preference stock for each present $100 n of 862 50 in cash and $50
287,500.
share of common stock is Acc'ts rec., less res've for 236,948 Accounts payable
contingent upon the acceptance of same by a sufficient
U.S. Govt. war tax
number of the
12,940^
bad debts
common shareholders and also upon the obtaining from
214,477 Accrued labor
8,139^
the
holders of the voting support necessary to the carrying common share- Inventories (book value). 1,487.654 x Capital stock
2.062,804
proceedings above outlined, and, subject as aforesaid, through of the Liberty bonds
3,500 Capital surplus
431,046 •
is open to your Stock of Charlevoix Realty
acFeptance until Dec. 15 1923.
.
Corp
Stockholders wishing to take advantage of the offer
742,208
National Trust Co., Ltd., 18 King St. East, Toronto, should forward to Mach y. equipment. &c
231,390
the necessary docu- Deferred assets
ments duly executed."
-V. 117. p. 1890.
78,752
Good-will, pats.& tr.-mks.
1
Total (each side)
$3.309,464
Canadian Vickers Ltd.
x Common stock authorized and issued: 100 shares of
-Acquisition,
--The company,it is reported, has purchased the
each and 343.634 shares of non-par value, but the declared par value at $10
business and plant of the
value
Officers.
Phoenix Bridge & Iron Works, Ltd.,(V. 97, p,
-J. G. Bayerllne, Pres.; A. T. O'Connor, V.-Pres.; of $6 each.
600),
W.E. Metzwill be used for the structural steel end of the Vickers in liquidation, which ger, V.-Pres.; T. A. Bollinger, V.-Pres. & Production Mgr.:
business, upon which Treas.; Theodore
G.J. Martin,
it has embarked.
-V. 107. p. 1581.
E. Barthel, Sec., who together
tute the board of directors: Robt. A. Stranahan,with the following constiA. R. Demory, Chas. It.
Carbo-Oxygen Co.
Talbot.
-Earnings.
-V. 117. p. 1239.
3 Months ended
Community Power & Light Co.
PeriodSept.30'23. June 30'23. Mar.31 '23. 9 Mos. end.
-Capital Increased.
Sol.30'23.
Gross revenue
The company has filed a certificate increasing its
8271,005
$283.765
Capital stock from
8783,273 $1.650,000 to
$228,503
Oper. & gen. expenses
137,624
82,400,000.-V. 116. P. 181.
130.433
378,376
110,319
Computing-Tabulating-Recording Co.
Net Income
5133,381
$153,332
-Earnings (in8118,184
$404,897
-V. 117, p. 443.
cluding Subsidiaries.)
-
Carriage Factories, Ltd.
-Report.
-
Years Ended July 311923.
Loss for year,
Depreciation
25,5531
Inventory reserve
14,2181
Total loss
843,039
Miscellaneous debits
1,880
Previous deficit
467,467
Deficit July 31
5312,387
1922.
1921.
Not available.
8348,627
1,898
116,941
$92,953
Cr.40,143
64.132
8467.467
8118.
841
Periods End. Sept. 30- 1923-3 Mos.-1922.
1923-9 Mos.-1922.
Net earnings after bond
int., res.. deprec., &c_ 8526,661
$403,223 31.681.207 51,218,015 •
Estimated Federal taxes
210,151
152.251
Balance
The above earnings statement does not include 81,471.056 81,065.764
settlement of lawsuit for infringement of patents.8513,818 received from
-V. 117, p. 557.
Conde' Nast Publications, Inc.
-Bonds Offered.
American Bond & Mortgage Co. are offering at poor and
1st Mtge. Serial Gold bonds. Dated July 16 1923, int. $700.000 634%
due semi-annually
Nov. 3 1923.]
July 1924 to 1933. American Trust & Safe Deposit Co. of Chicago, trustee.
Int. payable J. & J. 16. Callable at 103 and int. Normal Federal income
tax up to 4% paid by corporation. Denom. $100,$500 and $1.000. Commencing Aug. 10 1924 corporation agrees to pay monthly to the American
Bond & Mortgage Co.,In••., one-sixth of the principal and interest payments
due during each succeeding six months.
Security.
-Secured by a First Mortgage on land owned in fee simple
located on the Boston Post Road, Greenwich, Conn. This is now improved
with a one-story press room, one-story composing room, one-story shipping
room, one-story storage and bindery room and three-story and basement
office and administration building.
In addition, bonds are to be secured by a first mortgage on all of the machinery and equipment now or to be located upon the property, together
with all replacements, &c.
Company has pledged and mortgaged its "Vogue,""House and Garden,"
"Vogue Pattern Quarterly" and "'Vanity Fair" trade-marks and copyrights
to secure payment of the bonds and interest.
-The company's publications are: "Vogue," founded in 1892.
Company.
Starting with a small local circulation, it reaches to-day 130.000. Has a
record of continuous earnings every year for the past 13 years, in which
period it has paid out in dividends more than $1,000,000. To-day "Vogue"
is printed simultaneously in Paris, London and New York.
'Vanity Fair" dates back to a magazine first published in 1860. Is today regarded as the leading magazine dealing with arts, theatre, sports, &c.
"Vanity Fair" circulation averages now over 90,000 a month.
-In eight years we have developed this magazine
"House and Garden."
until it is now the most powerful publication of its kind. Its circulation exceeds 120,000 and is rapidly growing.
Earnings.
-Net earnings of properties In the past 3 years have averaged
more than $375.000 annually and the record for 1923 bids fair to surpass
any previous year.
-Balance Sheet Sept. 29.
Davis (Cotton) Mills, Fall River.
1923.
1922.
1922.
Assets
1923.
$2,500,000 $2,500,000
RI. mt.& mach'y-$2,963,846 $2,959,872 Capital stock
787,097
978,869 1,363,050 Notes payable_ _ _ 360,254
Merchandise
63,154
62,754
288,897 Res. for taxes
Cash & accts. rec_ 486,000
970.455
Depreciation res
866,887
395,080
Tot.(each side)_$4,428,715 $4,611,818 P.& L.surplus._ 534.852
- 117, p. 1782.
V.
Gross income
Operating expenses
Taxes
Depreciation (renewals)
$3,039,401 $2,864,919
51,405.788 $1,402,197
240,490
264,438
206,274
218,839
Net earnings
Gas Operations
Gross income
Operating expenses
Taxes
Depreciation (renewals)
$1,150,338 $1,015.958
$1,596,701 $1,602,996
$899,683
$819,172
181,847
208,907
91,916
96,679
$429,549
Net earnings$471,943
Gas and Electric Operations
$4,636,102 $4.467,915
Gross income
3,013,821
3,022,408
Total operating expenses
Surplus
-V.117, p. 557,92.
$1,622,281 $1,445,507
•803,420
843,424
414,826
481,277
$337.574
-Production.
Dome Mines Co., Ltd.
Oct. 1923. Sept. 1923. Aug. 1923. July 1923.
Month of$431,019
$435,547
$390,589
$393,599
Gold production (value)_
- 117, p. 1891, 1560.
V.
Consolidated Gas Electric Light & Power Co. of
-Earnings.
Baltimore.
1922.
1923.
Elea,ic Operations-
Net earnings
Fixed charges
Dividends
$187,257
Consolidated Gas & Gasoline Engine Co., New York.
The company has filed a voluntary petition In bankruptcy, with liabilities
stated at $120,220 and assets $440,039, of which $439,883 represents unliquidated claims.
-Plan.
-Consolidated Telephone Co. of Pa.
The security holders of the Consolidated Telephone Co., Lehigh Telephone Co., Lackawanna Telephone Co., Peoples Telephone Co.and Honesdale Telephone Co. are notified that under the _proposed "plan and agreement of reorganization, dated Aug. 1 1923 (V 117, p. 1239), there has
been deposited or pledged for deposit over 88% of the 1st Mtge. bonds,
94% of the Income Mtge. bonds and 95% of the capital stock. The reorganization committee h.as now fixed Nov. 15 1923 as the last day on which
deposits of stock and bonds may be made.
The small minority of security holders, or those who have not deposited
their holdings, are requested to give the matter prompt attention, since the
depositaries have been notified that not any deposit of securities, of the
kind and character referred to in the plan, shall be received after the above
date. All classes of securities may be deposited with First National Bank,
Scranton,Pa.; Miners Bank of Wilkes-Barre. Wilkes-Barre,Pa.;the Markle
Banking & Trust Co., Hazleton, Pa.; the Allentown National Bank, Allentown, Pa.; Lehigh Valley Trust Co.. Allentown. Pa., the Penn National
Bank, Reading, Pa.. and Second National Bank, Reading. Pa.
-V. 117,
P. 1239.
-To Change Name.
Du Pont American Industries, Inc.
-V. 116, p. 726.
See General Motors Corp. below.
-To Be Organized.
Dunhill International.
See Schulte Retail Stores Corp. below.
-To Chance Par.
Eastern Massachusetts Electric Co.
The company has applied to the Massachusetts Dept. of Public Utilities
for authority to change the par value of the capital stock from $100 to
$25 per share. The stockholders have already approved the change.
V. 117, p. 557.
-Bondholders' Protective Comm.
Eastern Petroleum Co.
The committe named below has sent a notice to the holders of the
following bond issues which says in substance:
-year 6s, due March 1
(a) $844.500 Eastern Petroleum Co. First Mtge. 10
1927; (b) $1,049,500 Eastern Petroleum Co. (Payn Issue) First Lien Coll.
Trust 10-Year 7s, deu Sept. 1 1928; (c) $285.000 Eastern Petroleum Co.
First Mtge. 7% Sinking Fund Gasoline Plant Notes, due Oct. 11923; and
(d) $285.000 Eastern Petroleum Co. First Mtge. Non-Interest-Bearing
Sinking Fund Gasoline Plant Notes, due Oct. 1 1927. [Interest has also
been defaulted on the two issues of Republic Oil & Gas Co.
-see below.]
Owing to the financial condition of the company in July 1921,sinking fund
payments on the company's various bond issues were deferred and have not
since been resumed.
During the past three years substantial financial assistance has been extended to the company by its bankers, in the hope that such accommodation would tide over the unfavorable business conditions existing during that
period.
Those conditions, however, still obtain, the present unfavorable situation
in crude oil production being well known. The accommodation to the
company by its bankers and one or two other note-holders, now aggregates
over $400,000. Part of these moneys was used by the company to meet
the interest charges on its various bond issues and part for sinU.ng fund
payments. The balance has been and is being used for general corporate
operating purposes.
Although the extension of a substantial portion of these notes, pending
favorable action on the part of yourselves toward a reorganization of the
financial structure of the company, has been agreed to, the bankers are
unwilling to advance additional sums in view of existing conditions. Interest loayments due on the bond issues, as well as the deferred and current
sinking fund payments, cannot be made.
An analysis and examination of the company's properties, indicates that
substantial value can be conserved under the proper proportionate capitalization and through the benefit of economies to be attained by operation of
the properties as a unit.
The undersigned have been requested to form a committee for the protection of the respective and general interests of such bondholders and for the
purpose of formulating, as quickly as possible a plan of reorganization for
submission to such security holders for ratification and approval.
Security holders of any or all of the above-mentioned issues with all
coupons due Sept. 1 1923, and thereafter, attached, should deposit their
holdings with the Fidelity Trust Co. 325 Chestnut St., Philadelphia, as
'
depositary for the protective and reorganization committee.
-Charles J. Rhoads, Chairman, C. W. McGee, Grenville D.
Committee.
Montgomery,Marshall S. Morgan, J. C. Collingwood, with Dickson.
Beitler & Mcouch, counsel.
-Earnings.
Continental Gas & Electric Corp.
12 Months Ended Aug. 31Gross tovenue
Oper. expenses, taxes, maintenance & interest
Interest
6% Preferred dividend
Balance,surplus
-V. 117. p. 1559. 1352.
1997
THE CHRONTCLE
1923.
1922.
53,515.052 $2,461.226
2,456,424 1,781,950
446.378
317,184
195.122
147,499
$417,126
$214,592
(Wm.) Cramp & Sons Ship as Engine Bldg. Co.
A contract has been awarded the company by the Kentucky Hydro-Electrict Co. (V. 117, p. 899) for building and installing three 9,850-h. p.
turbines. The Cramp Co., it is stated, is installing in the Niagara Falls
Power Co.'s plant a 70,000-h. p. turbine and is completing another in its
shops. See also V. 117, p. 330.
Curtis Publishing Co., Phila.-To Increase Stock.
-
The stockholders will vote Dec. 19 on increasing the authorized Common
stock from 300,000 shares of no par value (all outstanding) to 900,000
shares.
-V.116, p. 1417.
-Earnings.
Eastern Steamship Lines, Inc.
9 Months Ended Sept. 30Total operating revenues
Total income
Total deductions
1923.
1922.
$5.385.073 $4.593,475
1,185,130 1,230.471
314.499
223,073
Balance,surplus
-Nr, 117, p. 1668, 1467.
Edison Electric
Authorized.
-
$870,631 $1.007,398
Illuminating
Co. of
Boston.
-Stock
The Mass. Dept. of Public Utilities has authorized the company to issue
64.881 shares of additional capital stock at $140 per share. The proceeds,
aggregating $9,083,340, will be applied to the payment of liabilities for ad-V.117.P. 1560, 1240.
ditions to and extensions of the plant and property.
-Chairman Resigns.(Otto) Eisenlohr & Bros. Inc.
President Ben R. Lichty has issued the following statement:
"At a meeting of the board of directors on Oct. 24 1923, the resignation
of Charles J. Eisenlohr as Chairman of the Board was accepted. This was
in accordance with Mr. Eisenlohr's intention at the time of the sale of his
stock interests to other members of the corporation a little over a year
ago, and his resignation means no change whatever in the policy or management of the company. Mr. Eisenlohr will continue to maintain a personal
office at the headquarters of the company."
-V. 117, p. 211.
-Resumes Dividends.
Eisemann Magneto Corp.
A quarterly dividend of 1U,% was payable Nov. 1 on the outstanding
$1,500.000 Preferred stock. par $100, to holders of record Oct. 24. This
was the first distribution made on the Preferred stock since May 1921.
-V.112. p. 376.
when a like amount was paid.
-EquipElectric Railway Equipment Securities Corp.
-Drexel & Co., Phila., and Halsey, Stuart
-New Director, &c.
Curtiss Aeroplane & Motor Co.
- ment Trusts Sold.
Leonard Kennedy has been elected a director. In connection with the & Co. Inc., are offering, at prices ranging from 100 and int.
election of the new director, President C. M. Keys stated that Leonard to 10(1.24 and int. to yield from 51 4% to 6%, according to
/
Kennedy & Co. had purchased a substantial portion of his holdings of both
6% Equip. Trust Gold Certificates.
Preferred and Common stock of the Curtiss company, and that Leonard maturity, $1,115,600
will share with him and his associates the responsibility and Issued under the Philadelphia plan.
Kennedy & Co.
116. p. 1899.
-V.
authority in the Curtiss company.
Daniels Motor Co.
-Bid Rejected.Federal Judge Dickinson at Philadelphia has rejected an offer of $84.271
for the entire assets of the company, made at public auction last week at
the company's plant at Reading, Pa. The Court told the receivers that
they could apply later for a re-sale after they had considered a proposal
made in Court on behalf of the corporation for holding the sale in abeyance
for two weeks until it could present a plan of reorganization and offer by
a syndicate of $110,000 for the assets. The Court rejected last week's bid
-V. 117. p. 1668.
as being inadequate for the property.
-Suit.
Davis-Daly Copper Co.
-V. 117. P. 93.
See Anaconda Copper Mining Co. above.
Dated Nov. 1 1923. Payable serially Feb. 1 1924 to Oct. 1 1928, both
-F. at office of
inclusive. Denom. $1.000 c5 Dividends payable Q.
.
Fidelity Trust Co., Phila., trustee. Redeemable, all or part, in the order
of their maturities on 30 days' notice on any dividend date at par and div.
Guaranty.
-Payment of rentals sufficient to pay these equipments and
their dividend warrants as they mature is unconditionally guaranteed by the
Electric Railway Equipment Securities Corp., all of whose capital stock Is
owned by General Electric Co., Westinghouse Electric & Mfg. Co. and
the J. G. Brill Co.
Security.
-These $1,115.000 equipments will represent less than 75% of
the cost of 253 standard electric railway cars and their electrical and other
equipment, the remainder having been paid in cash.
-C.117, p. 1467.
Endicott-Johnson Corp.
-Orders, &c.
-
A published statement, understood by the "Chronicle" to be substantially
correct, says: "Orders for shoes for the past month have been running
July 31'23. Dee.31.22. over SO% greater than production of the corporation. The demand for
.Tutu 31'23. Dee.31'22.
Llatdiftiesfootwear from retail shoe dealers requires immediate delivery of mer$
Assets
Plant & property_20,698,553 18,507.565 Preferred stock___ 4,406.000 4.406,000 chandise in lots adequate to meet immediate requirements. Shipments
Other Investments 723,331 1,070,635 Common stork-- - 3.053,000 3,053,000 of these orders are being made mainly from stocks of shoes and approxi10,974.000 10,974,000 mately 50% of these shipments are going forward by express. Pro18,194
593,837 Funded debt
Cash
221,219 duction in four of the factories has been increased."
71.130
127,503 Current liabilities_ 693,392
Notes receivable
-V.117, p. 1132.
29,112
31,460
570.315 Construe.advances
Accts.receivable_ _ 356,879
Famous Players-Lasky Corp.
372,439 Compens'n awards
-To Shut Down Production.
Supply accounts.- 561,988
payable
18,079
The company on Oct. 25 announced that it would suspend production
14,933
Susp acct. undifit_
.
608,278 after completing pictures now in process, because of high costs. Following
742,627 Accrued liabilities_ 587,723
Prepaid accounts_ 723.537
rocess,
19 291
219,742 this announcement the stock registered a net lo of over 12 points on the
NomMal assets_
219,742 Coup.& div. mat'd
loss
Reserves
2,398,323 1,929,828 New York Stock Exchange, selling down to 523i•
989,626
761,138
Surplus
E. J. Ludvigh, Secretary-Treasurer, is quoted as follows:
"The shutting down of production means that our outlay for films is
Total
23,188,546 22,204,663 complete and no further production expenses will be necessary for months
23,168,546 22,204,663
Total
to come. We are going to turn the negatives into cash. We have $15.-V. 117, p. 1668.
-Balance Sheet.
Dayton Power & Light Co.
1998
THE CHRONTCLE
[VOL. 117.
000,000 worth of films on hand, the best part of a year's production, mainly of General Motors by the fact that
its operations are so diversified, being
made during the late spring and summer, when costs are low. These will be conducted through many
shown this winter, and returns are expected to be very satisfactory. We ex- world. Under the plan different divisions operating in all parts of the
General Motors will pay annually, from 1923 to
pect this year's earnings, based on the ten months showing, to be about 1930, inclusive, 5% of its
net earnings in
the same as last year. There has been no suggestion of any change in the ployed, to the Managers Securities Co. excess of 7% on the capital emThe directors are confident
dividend policy.
through the adoption of the plan many economies, not now obtainable,that
will
"Shutting down should remove the chiefcriticism against Famous Players. be realized, and that
that we lay up too large inventories. Films in stock include such features affairs will be less thanthe total cost of administering the corporation's
under the present plan of operation.
as the 'Ten Commandments.' receipts from which are expected to exceed
The right to supply
the 'Covered Wagon': also new films by Polo. Negri, Glenn Hunter. William Common stockholders stock for the purpose of the plan is offered: o all
up to 10% of their holdings. This limitation is
S. Hart, and the first picture made by Douglas Falrbanks Jr."
placed merely as a matter of form and any stockhalders desiring to sell stock
Mr. Ludvigh also said: "Reports of new financing may have arisen under the plan in excess of 10% of their holdings
from the readjustment of the mortgage on the Los Angeles theatre owned tunity of submitting applications and all stock so will be given the opporoffered will be purchased
by our subsidiary, the Hill Building Co. Aside from this we have abso- In accordance with the terms and conditions of
the plan up
lutely no financing in contemplation. You cannot put this too strongly." total of 2,250,000 shares. The du Pont interests are the to an aggregate
largest owners of
-V. 117, p. 1782, 1892.
Common stock, holding approximately 36%. The directars of General
Motors have been able to secure an agreement by which the du Pont inFederal Motor Truck Co.
-Shipments.
-terests will supply their pro rata share of stock, and in event of any defiThe company from Jan. 1 to Oct. 15 shipped 3,072 trucks, compared with ciency,will supply additional shares
ruccess of
1.908 for the corresponding period in 1922, or an increase of 61%.-V. 116, plan. Stock so supplied by the du sufficient to insure thein the formthe
Pont interests will be
of
p. 3000.
stock of a subsidiary company to be known as Genera: Motors Secutities
Co., which company shall hold 7.500,000 shares of General Motors Common
Federal Signal Co. Albany, N..Y.
-Sale.stock as its sole assets, with no liabilities. Should Managers Securities
See General Railway Signal Co. below.
-V. 117. p. 1782.
Co. have occasion to liquidate any of its holdings of such stock for the purpose of discharging indebtedness, then in that event it will have the right
Fisher Body Corp.
-To Have a Memphis Plant.
to convert the same into its equivalent of General Motors Corp. Common
see Kelsey Wheel Co. below.
-V. 117. p. 898.
stock by surrendering such General Motors Securities stock to the General
Motors Securities Co.
Fleischmann Co.
-Dividends-Earnings.
The special meeting of the stockholders to act on the plan will be held
In view of the satisfactory statement for the nine months ended Sept. 30 Nov. 26.
and the prospective business for the future, the directors have adopted a
recommendation made by the President that the company is justified in Data fromiLetter of President A. P. Sloan, Jr., N. Y., Oct. 27 1923.
going on a regular $3 dividend basis beginning with the div. payable April 1.
The plan involving the formation of the Managers Securities Co. is
designed to interest the men occupying important managerial positions as
Earnings for Three and Nine Months Ended Sept. 30 1923.
partners with the stockholders in this corporation.
--Three Months Ended
9 Mos.end.
In a great structure such as the General Motors, where our problems and
Period-Sept.30'23. June 30'23. Mar.31 '23. Sept.30'23. our operations
are so diversified, where capital must be employed and
Sales
$10.545.759 $9,984.944 -Notavailable
- plants operated
Net operating income_
2,363,818 2,024.709 $2,038,573 $6,427.100 any separate in the best interests of the corporation as a whole,as against
part or division, and where new capital supplies should be
income
Other
129,275
156,522
549,470 injected where it will accomplish the greatest good,
263,673
it is important to find,
develop and
Gross income
32.493,093 $2.181,231 32.302,246 56.976,570 capable of retain men to occupy important managerial positions who are
assuming great authority
the responsibilities that make these
Charges and Federal tax. $314.970
$298,175
3283,530
8896,680 positions important. Not only is andnecessary that these managers be
it
General insur. fund and
capable of handling efficiently
respective
pref. stock premium
40.085
30,674
202,822 positions and divisions, but it isthe immediate problems of theirand under132,063
essential that they view broadly
Preferred dividends_ _ _ _
20.374
20,685
62,220 stand the policies necessary to co-ordinate
21,181
the various ramifications of this
Common dividends
1,500,000
750.000 3,750.000 vast business and thus secure proper return
1,500.000
to the stockholders on upwards
Profit and loss credits
Dr.26.468
19,074
9,311
Cr.1.917 ofJ500.000.000 of capital employed.
There are approximately 70 managerial positions upon the occupants of
Balance, surplus
$591,191
$350,771 $1,124,803 $2,086,765 which the corporation must rely for the successful management of its
-V. 117, p. 673, 558.
business. From practical experience and observation directors believe
that the men occupying these positions can secure a better, broader and
Foundation Co.-Earnings.Pres. John W. Doty, in a letter to the stockholders in regard to the more sympathetic understanding of the stockholders' interests, and, thereearnings says: "From profits earned to Sept. 30 and with reasonably fore, of the interests of the corporation as a whole, if they can be attracted
assured earnings for the balance of the year, gross profits will closely into partnership with'the stockholders through becoming substantial stockholders themselves. The plan below is calculated to supply all of the above
iggritonleateviilg,4a601,1€020igyr
and may be briefly summarized as follows:
before dividends 1
607001). ap
orpr59 i g
d,p 7;
e1
xP )
i t
s
(1) General Motors Corp. will cause the Managers Securities Co. to be
after Preferred dividends, equivalent to $15ensnao on the Common stock. organized
a
re
in Delaware with a capital of $28,800,000 of 7% cumulative non"In reference to the volume of business on the company's books. con- voting
tracts amount to $24,740,000. The uncompleted portion as of Jan. 1 000 of convertible preferred stock, $4,000,000 of Class A stock and 81,000.Class B stock.
will be approximately $8,920,000, the proportion ofprofit being about
(2)
Motors
$1,007,000. Making allowances for new contract which should be closed stock,General thereforCorp. will subscribe for all of the Class A and Class B
paying
$5,000,000 in cash, and will enter into a contract
during the months of November and December, assumed at $3,000,000 with the Managers Securities
Co. agreeing to pay to it for each year from
with a profit of $240,000, none of this work being actually completed 1923 to 1930, both
is 1923, should show the uncompleted portion of contracts on the -books capital employed. inclusive, 5% of its net earnings in excess of 7% on the
On Jan.
as of Jan. 1 of $11,920,000 (an increase of about $7,000,000 of the booking Managers Securities Co. on1 of each year it will advance $2,000,000 to the
account of amount due under this contract,
on Jan. 1 1923) with a profit of approximately $1.247.000.
as
as more fully
"On the basis of this year's operating expense, less dividends on the or(3)a loan, or both,Securities Co. recited in the plan.
The Managers
will offer to purchase as of Oct. 15 1923,
Preferred stock, plus an allowance of $6 per share dividend on the Common the equivalent of
2.250.000 shares of General Motors Corp. common stock
Stock and an allowance of $100,000 for reserves for unforeseen expenditures, at $15 per share, aggregating
a total purchase price of $33,750,000, payable
Would give our expenses for the year 1924 at 81.210,000. which would $4.950,000
in cash and $28800,000 in its 7% cumulative non-voting conmore than meet our expenses, and dividends of $6 per share on the Common vertible
preferred stock; this is at the rate of $2 20 in cash and $12 80 in
stock during the year 1924, or we will go into the year 1924 with all expenses 7%
preferred
and $6 per share on the Common stock assured, irrespective of profits purchased. stock for each share of General Motors Corp. common stock
on new business booked during 1924."-V. 117, p. 1240, 1133
.
(4) A special committee of the directors will select a list of managers
(including directors who are occupying managerial positions) to whom the
Francisco Sugar Co.
-Balance Sheet June 30.General Motors Corp. will sell at cost the Class A and Class B stocks of the
1923.
1922.
1922.
1923.
Managers Securities Co. theretofore purchased. Sales so made to these
AlSeldLiabilities- •
managers will be secured by an agreement under which the General Motors
Prop., plant, &c--11,550.889 10,487,795 Capital stock
5,000,000 5,000,000 Corp. shall have the right to repurchase said stock under the terms and
Investments
x154,626
100,000 1st M.754% bonds 5,000,000 5,000.000 conditions recited in the plan.
Cash
1,725,928 1,079,381 Serial notes
600,000
450,000
Contingent upon this plan being ratified by the stockholders, each comSugar and molasses
Pur. money mtges.
mon stockholder is given the right to supply common stock for the purposes
on hand
198,191 1,843,8.50
on Cuban lands_ 293,635
of this plan up to 10% of his total common stock holdings, to be paid for
balances pending
Drafts&acets.pay. 629,304 1,550,240 at the rate of $2 20 in cash and $12 80 in 7% cumulative non-voting conon sugar contr._ 996,408
255,234 Serial notes
150.000 vertible preferred stock of the Managers Securities Co. for each share of
150,000
Colones accts. rec. 1,173,392
987,826 Reserve for taxes_ 237,104
139,305 General Motors Corp. common stock supplied. Rights to supply stOck will
General accts. rec. 325,242
314,093 Accrued interest
92,871 apply to common stockholders of record Nov.
98,024
Tenders of stock
Deposits to pay
256,121 hereunder, accompanied by stock certificates 10 1923.
38,060
Other items
should be sent
bond interest_ _ _
10,754
996 Other reserves_ _ _ _
240,000 to the Wilmington (Del.) Trust Co., trustee, duly endorsed,
435,727
on or before Dec. 15 1923, at
Mans & supplies_ 375,669
336,186 Deprec'n reserve
445.000 which time all rights hereunder shall cease and terminate.
920,000
Advances to Cuban
Res. for sugar conE.I. duPont de Nemours & Co. owns 7,500.000 shares of General Motors
custom houses__
9,243
22,494
tracts, 1923-24_ 366,330
Corp. common stock, title to which is held in duPont American Industries,
Deterred charges__ 452,802
443,855 Surplus
3,354,940 2,398,173 Inc., the name of which company will be changed to General Motors Securities Co. To insure the success of this plan, if ratified by the stockholders.
Total
16,973,124 15,871,710
7M83.124 15,871.71 directors have been fortunate in perfecting an arrangement by which
Total
x Includes $111,000 Francisco Sugar Co. First Mtge.
the General Motors Securities Co. has agreed to sell its own capital stock
16,97 .
The income account was published in V. 117. p. 1783.
to the Managers Securities Co., in amount pro rata to its holdings of
General Motors Corp. common stock, under the terms and conditions outFuller Brush
artford, Conn.
-Larger Dividend.- lined in the plan. In the event the Managers Securities Co.is not successful
A quarterly dividend
Co.,Of 6% was paid Nov. 1 on the Common stock. in securing from other stockholders the additional stack required under the
This compares with 4% quarterly previously paid.
plan, the General Motors Securities Co. will sell, under the same terms and
Sales for the first 9 months of this year, it is reported, show an increase conditions, such additional amount of its own capital stock as is needed.
01 28% over the corresponding period in 1922.-V. 115. p. 2799.
Following the sale of its capital stock to the Managers Securities Co., the
position of General Motors Securities Co. will be that it will hold 7,500.000
General Electric Co.
-Offer to Acquire Control of Canadian shares of General Motors Corp. common stock as its sole assets with no
liabilities.
General Electric Co.
Plan of Managers Securities Company.
See Canadian General Electric Co. above.
-V. 117. p. 1892, 1783.
(1) The General Motors Corp. will cause a corporation, Managers S•curities
Co., to
General Motors Corp.
-To Make Partners of Executives- dividedbe organized in Delaware, with an authorized capital of 833,800.000.
into:
io Organize Managers Securities Co.
-Move Is Designed to 7% cumulative non-voting convertible pref. stock (par $100)--$28,800,000
Develop and Retain Good Officials.
4,000,000
-About 70% of the prin- Class A stock
1,000,000
cipal executives of General Motors will be Oven an oppor- Class 13stock
The 7% cumulative non-voting convertible preferred stock will be calltunity to acquire a substantial stock interest in the Corpora- able, all or part, at par and dividends. In liquidation shall be preferred as
tion, thus bringing them into close partnership relations with to par and dividends in respect to all of the net assets of the company..
In
the stockholders, under a plan which has been worked out stockliquidation, after the 7% cumulative non-voting convertible preferred
has been paid in full at par and dividends. Class A stock shall be
by the directors and was announced by Alfred P. Sloan, Jr., preferred as to the par value thereof, plus the total net amount after taxes
accruing to the
by reason of a
contract
President, Oct. 29. Through a company to be known as (below) between credit of the companyGeneral Motors certainand
the company and the
Corp.:
there
the Managers Securities Co., General Motors will make it shall be credited to a Class A surplus account for the benefit of the Class A
possible for these men to purchase 2,250,000 shares of com- stock on the books of the corporation, when and as received, the net amount
eanred
the aforesaid contract after providing for taxes. This Class A
mon stock, having a present value in excess of $33,000,000. surplusunderbe used for the payment of special dividends on Class A stock
may
This is the most far-reaching effort ever made by a large or for the purpose of retiring such Class A stock pro rata either in whole
or in part
a
corporation to provide a complete identification of the inter- rats shareat any time atA price equal to the par value thereof plus its pro
surplus account. All other net income of the
of this Class
ests of management and stockholders through having the corporation shall be credited to a general surplus account.
Class B stock in liquidation shall receive all of the balance of the property.
become large stockholders themselves.
managers
All dividends paid, except special dividends on the Class A stock as proWhile this plan is designed purposely to apply only to the managing vided. shall be paid from general surplus, and the amount of dividends paid
executives of the Corporation, President Sloan directed attention to the from general surplus to the Class A and Class B stocks, respectively, shall
fact that General Motors already has in effect an employees' bonus system be in the proportion that the Class A capital and surplus and the Class B
and a savings and investment fund. The bonus system provides for the capital and general surplus, respectively, boar to each other.
Contract with General Motors Corporation.
reward of conspicuous service by an annual compensation in common stock.
-Upon the organization of
In savings and investment fund any employee may deposit regularly a the Managers Securities Co. .t w.11 enter into a contract with the General
portion of his salary, the comoration adding 50% over a period offive years Motors Corporation wherein it will be covenanted and agreed:
(a) Upon the part of the Managers Securities Co. that it will sell and deto every dollar thus deposited, and paying interest at6% compounded semiliver to General Motors Corp. its entire authorized issue of Class A and
annually.
The plan now proposed is directed at the most important problem with Class B stock for 35,000.000 cash.
(b) Upon the part of General Motors Corp. that in consideration of the
which large corporations have to deal, the insurance of the permanency of
premises the General Motors Corp. shall, on or before April 1 in each year
sound and efficient management. This problem is accentuated in the case
Nov. 31923.]
THE CHRONTCLE
1999
commencing with April 1 1924,and ending April 1 1931.pay to the Managers preferred stock at par and dividends and the redemption of collateral trust
Securities Co. 5% of the net earnings of the General Motors Corp. for the bonds at par and interest by lot, according to such methods as the trustee
preceding calendar year after deducting from said net earnings 7% on the shall deem proper: provided, however, that with the assent of 75% of the
capital employed during said year. This contract will further provide that outstanding 7% convertible preferred stock, the entire amount available for
on or before Jan. I of each year beginning on or before Jan. 1 1924, and retirement may be used to redeem bonds, or, with the assent of 75% of the
including Jan. 1 1931, the General Motors Corp. will advance $2,000.000 outstanding bonds, the entire amount available for redemption may be used
ha cash to the Managers Securities Co. on account of amount due under this to retire 7% convertible preferred stock.
Any and all of the 7% convertible preferred stock acquired by the trustee
contract and the balance due shall be paid on or before April 1 following as
aforesaid. In the event that the amount due under this contract in any shall be retired and canceled, and upon all such cancellations there shall be
year equals less than S2.000.000 then and in that event the General Motors canceled a like par value of authorized 7% collateral trust gold bonds in the
hands of the trustee subject to conversion; to the end that the 7% collateral
Collo, will make a minimum annual payment of $2.000.000 hereunder.
The difference between the cumulative amounts of all payments made trust gold bonds authorized and in the hands of the trustee subject to conearned under the contract from the version at all times will be in respect of a close issue. corresponding in par
hereunder and the cumulative amounts
beginning to date shall be treated as an unsecured loan by General Motors value to the outstanding 7% convertible preferred stock of the Managers
Corp. to the Managers Securities Co., bearing 6% interest, which loan Securities Co.
Failure for six months after the same shall become due and payable to
shall be repaid when the amounts due under said contract equal the total
amounts paid by General Motors Corp.. plus interest as aforesaid: and this make any payment required to be made to the trustee shall constitute a
-V.117. p. 1892.
due otherwise until after the retirement and cancella- default on the part of the Managers Securities Co.
loan shallnot become
tion of the bonds of the Managers Securities Co. hereinafter mentioned.
-New Name.
(2) The General Motors Corp. will thereupon sell to such managers (InSecurities Corp.
General Motors
cluding directors who are occupying managerial positions) of the General
See General Motors Corp. above.
Motors Corp. and subsidiaries, as a special committee of the directors of the
General Motors Corp. shall from time to time determine, such amounts of
-Acquisition Approved, etc.
General Railway Signal Co.
the Class A and Class B stocks of the Managers Securities Co. as said comY., increasing Its auThe company has filed a certificate at
mittee shall determine and in such amounts to individual managers as said thorized capital stocic from $10.000,000 toAlbany. N.
$10,500.000.
as to time of paycommittee shall fix, at not less than cost upon such terms
The stockholders on Oct. 24 voted to acquire the assets, properties and
ment as may be agreed upon between the purchaser and the Finance Com- effects
of the Federal Signal Co. of Albany, N. Y. (Compare V. 117, P.
mittee. All sales of stock of the Managers Securities Co. to managers as
aforesaid shall be covered by a written contract, between the seller and the 1783).
Comparative Balance Sheet.
purchaser, wherein it shall be provided that in consideration of the sale upon
Sept. 30'23 Dee.31'22
LiabilitiesAssets-Sept. 20'23 Dec.31 '22
the terms provided in said contract and the purposes for which said sale is
&c$3.052.852 $2.924,746 Preferred stock.._ _$2,000,000 $2,000,000
made to the purchaser and of all the premises, the purchasers shall give and Mach'y,
grant to General Motors Corp.an irrevocable option to repurchase all or any Pats.,good-will,&c 3,000,000 3,000,000 Common stock_ _ 3,000,000 3,000,000
288,590
362,278 Bills & accts. pay_ 1,357,747 1,226.134
part of the shares of either or both classes of stock so sold at any time be- Cash
tween Jan. 1 and May 15 in any year up to and including May 15 1930, as Accts.& bills rec_ - 1,501,180 1,343,689 Accrued diva. &
32,938
44,742
Royalties accrued_
loser. premium_
47,412
follows:
30
G.R.S.Co.bonds,
Class A stem repurchased under this option on account of the death of an State fund
950,000
950,000
6,414
6%
employee or from an employee leaving the company through no fault of his Interest
1,237,128 1,468,224
Reserve
own shall be purchased at a price equivalent to the par value of said stock Sen. N.E. Mutuals
569,831
938,941
16,100 Surplus
Ind. deposit_ 13.466
plus its portion of the Class A surplus accuont as shown on the books as of
177,348
year in which said repurchase is made:in all other cases the Securities owned__ 177.348
.April 30 in the
1,428.202 1,301,577
price paid shall be the par value of the stock plus 80% of its portion of the Inventory
Class A surplus. In all events the repurchase price of Class A stock shall be Bond dlect. & tax
56,826
47,355
being amortized
payable,at the option of General Motors Corp.,either in cash or in common
17.152
Tot.(each aide)_$9,528,558 $9,247,128
stock of General Motors Corp., on the basis of its net assetvalue as shown Prepaid Items......13,120
statement of assets and liabilities as of Dec. 31 of the year -V.117, p. 1892. 1783.
by the published
preceding the date of said purchase.
(H. C.) Godman Co., Columbus,0.
-Change in Capital.
Class 13 stock shall be repurchased at the net asset value thereof as of
The stockholders will vote Nov. 13 (a) on creating a new issue of
April 30 In the year in which said option is exercised. For the purpose of
determining said net asset value of Class B stock the General Motors Corp. $4.700.000 7% Cumul. 2d Pref. stock, and (b) on changing the par value
common stock or its equivalent owned by the Managers Securities Co. of the Common stock from $100 to no par. The present 2d Prof. stock
shall be appraised on the basis of the net asset value of General Motors will be redeemed Dec. 1 at $105 per share. The 1st Prof. stock will remain
Corp.common stock as shown by the published statement of assets and lia- unchanged.
Present holders of 2d Prof. stock will be allowed to subscribe for the
bilities of General Motors Corp. as of Dec.31 of the year preceding the year
in which said option is exercised. Payment for repurchases so made under new 2d Prof. in an amount equal to their present holdings at $105 per
granted shall be made by the General Motors Corp. in com- share.
option herein
For each share of the present Common stock, par $100, the holder shall
mon stock of the General Motors Corp. at the same net asset value as used
in determining the net asset value of the Managers Securities Co. stock as receive one share of 7% Cumul. 2d Pref. stock and three shares of new
Common stock, no par value, of which there will be 300,000 shares authorherelnabove set forth.
-y.113, p. 2825.
If any purchaser dies or ceases to be employed by the General Motors ised.
Corp. or a subsidiary corporation thereof during the life of said option, the
-NegoGoodyear Tire & Rubber Co., Akron, Ohio.
General Motors Corp. shall exercise said option at least with respect to the
Class A stock and repurchase his Class A. stock on the terms and at the tiating to Buy Zeppelin Rights.
-It is announced that the
price aforesaid. Further, in view of the fact that this plan is designed to
have substantially interested as stockholders in the corporation only men company is negotiating for the purchase of all patents and
who are actively contributing to the General Motors Corporation's success,it rights to manufacture Zeppelin dirigibles. The agreement,
shall be the duty of the Finance Committee on or before May 15 of each
year to review the list of the stockholders of the Managers Securities Co.for it is stated, includes the right of manufacture on all engines,
the purpose of determining whether the stockholding of any manager is machinery and auxiliaries of this type of dirigible. Chairman
disproportionate to the service being currently rendered by him to the
General Motors Corp., and. if so, to this extent to repurchase either or both Edward G. Wilmer says:
Negotiations between the Goodyear Tire & Rubber Co. and the foreign
classes of his Managers Securities Co. stock.
The discretion of the 'finance Committee in all these matters shall be builders of the Zeppelin type of rigid airships have been under way for
final and conclusive. In order to facilitate the repurchase of said stock the some time, looking toward creating in this country an industry for the
certificates evidencing the stock, duly endorsed in blank, shall, at the time construction of such ships as may be called for by the Government or
of sale and delivery by the seller to the purchaser, be placed in escrow with responsible private interests. These negotiations are approaching coman escrow holder appointed by the Finance Committee of General Motors pletion and will shortly be laid in detail before the authorities at Washington
Corp., to be hold under an escrow agreement in the usual form during the after which the company will release to the press an official statement
existence of said option.
of the plan.
In case the option is not exercised on or before May 15 1930. the right and
[The company has-begun the production of rubber flooring upon a large
obligation to repurchase shall end and the escrow holder shall deliver the scale. The Bonded Floor Co., it is stated, at presenthas the exclusive
stock certificates to the said purchaser or his order on April 15 1931. At sales rights and lays the flooring.1 V. 117. P. 1892.
the time the said certificates are placed in escrow, the escrow holder shall
issue to the said purchaser negotiable certificates evidencing the number of
-Report.
GoodyearTire & Rubber, Ltd., of Canada.
shares so deposited. The purchaser shall have the right to vote and to
The company reports for year ended Sept.30 1923 net profit of$1,032,334.
receive all dividends paid on the Managers Securities Co. stock.
after depreciation reserve, against $1,062,023 in 1922,V. 117. p. 1892
(3) The Managers Securities Co. will offer to purchase the equivalent of
a total of 2,250,000 shares of the common stock of General Motors Corp. 1241.
from the common stockholders of the corporation at $15 per share as of
-Stricken from List.
Gorton-Pew Fisheries Co.
Oct. 15 1923, aggregating a total purchase price of $33.750,000, Payable as
On recommendation of the Committee on Stock List, approved by the
follows:
Committee Oct. 3 1923, there has been stricken from the Boston
Governing
$2 20 per share, aggregating $4,950,000 in cash.
Exchange list the Common Stock of the company. The company has
$12 80 per share, aggregating $28,800.000, in 7% cumul. non-voting con- Stockreorganized as the Gorton Pew Fisheries Co., Ltd. Regarding the
vertible preferred stock of Managers Securities Co. at par, carrying been
sale of the assets to the Gorton Pew Fisheries Co., Ltd., the purchase price
dividends accrued from Oct. 15 1923.
plus the cash in the hands of the receivers was not sufficient to pay creditors
All dividends paid subsequent to Oct. 15 1923 upon the General Motors in full, and therefore stockholders in the old Gorton Pew Fisheries Co.
Corp. common stock purchased by Managers Securities Co. and accruing to received nothing for their investments except In so far as they join the plan
the sellers will be credited to the purchase price aforementioned and applied of reorganization.
-V. 117. p. 1467.
as a deduction from that portion of the said purchase price payable in preferred stock.
(B.) Greening Wire Co., Ltd., Hamilton, Ont.-Bonds
All of the stock purchased hereunder by Managers Securities Co..together
with the contract between General Motors Corp. and Managers Securities Offered.-Aemilius Jarvis & Co., Ltd., Montreal, are offering
Co., described hereinabove, will be lodged with the Wilmington (Del.) at 100 and interest $800,000 First Mtge. 63i% 20
-Year
Trust Co., under a trust indenture to secure an authorized issue of $28,800,000 7 -year 7% collateral trust gold bonds, dated Oct. 15 1923, and m.,- Sinking Fund Bonds.
Luring April 15 1931; which bonds will be held by the Wilmington Trust Co.
Dated July 1 1923. Due July 1 1943. Interest payable J. & J. at the
as trustee, subject to the conversion rights of the holders of preferred stock Canadian Bank of Commerce, Toronto, Montreal and Hamilton. Denom.
Corp.. Toronto,trustee.
of Managers Securities Co.
$1.000.$500 and $100c*. Toronto General TrustsAuthorized. Issued.
The 7% convertible preferred stock in even multiples of ten shares, at the
Capitalization$650.000
$1,200,000
option of any holder at any time, will be convertible, at par and dividends 7% Cumul. Redeemable Preferred shares
into the 7% collateral trust gold bonds just described, at par and interest.
20,000 shs. 15,000 shs.
Common shares (no par value)
$800,000
(4) The indenture securing the authorized issue of $28.800.000 of 7% 63% First Mortgage Bonds
collateral trust gold bonds of the Managers Securities Co. shall, in addition
Data from Letter of H. B. Greening,President of Company.
to the usual provisions contained in such instruments, provide as follows:
Dominion of Canada,to acquire
make the following payments to the
Company.-Incorp. under the laws of the
The Managers Securities Co. shall
Wilmington Trust Co., trustee, on or before April 15 of each year, com- the properties and business of the B. Greening Wire Co.. Ltd., Hamilton,
Ont. Business had its inception in 1858. Company is one of the largest
mencing April 15 1924 and ending April 15 1931:
(a) Such portion, in no event less than $1.750,000. of the $2,000,000 pay- manufacturers in Canada of all classes of commercial wire cables, wire cloth.
ment due to be paid to the Managers Securities Co. by Jan. 1 under its screens, chains, &c. Operations are complete from raw material to finished
contract with the General Motors Corp. as is not required for the payment product. Owns valuable land and buildings in Hamilton and Montreal.
-Average annual net earnings, after paying all operating
Earnings.
of normal Federal corporation taxes, not to exceed 12%%, in respect to
expenses, full and proper maintenance charges, but betore depreciation and
such payment from the General Motors Corp.;
(b) The balance, if any,due to be paid to the Managers Securities Co. by Federal taxes, for ten years ended Nov. 30 1912-1922. were no, less than
-over four times intere3t requirements on these bonds. And for
April 1 under its contract with the General Motors Corp., less any balance 3222.000
the seven years ended Nov. 30 1915-1922, were $258.410-nearly five times
of corporation taxes or necessary expenses not provided otherwise.
(c) An amount equal to the entire net income of Managers Securities Co.. bond interest requirements. And for the year 1922 not less than $196,000
before bond interest,from all other sources for the 12 months ending April 1 or nearly four times bond interest requirements. Net earnings for the first
seven montns of 1923 are $170.000.
just precening.
Sinking Fund.
-Annual cumulative sinking fund of 2%%. commencing
(d) It is understood, however, that the Managers Securities Co. may
withhold from the amounts which would otherwise be paid to the trustee, In 1924, will, It is estimated, retire the entire issue before maturity.
first,from the amount indicated in paragraph (a) and then from the amounts
Balance Sheet July 1 1923 (After Completion of Proposed Financing).
indicated under paragraphs (b) and (c) an amount equal to the dividend paid
Assets
Liabilitieson the 7% convertible preferred stock during the fiscal year ending April 15: Cash $95,400 Acc'ts & bills pay. dr acer.cbgs- $80,386
provided, however, that in no case shall such withholdment reduce the net Investments
10,649
amount required for bond Interest.
22,553 Miscellaneous credit balancesamount paid to the trustee below the
394,827
(e) Provided that all dividends accrued and due on the 7% convertible Accounts and notes receivable- 235,835 Reserve for depreciation
414,508 First Mtge.614s, Series "A"__ 800,000
preferred stock shall have been paid. the Managers Securities Co. may also Inventories
650,000
1,839,518 7% Cumul. Preferred stock_
withhold from the payment referred to under paragraphs (b) and (c) above, Fixed assets
3,418 :Balance of capital & surplus.._ 475.469
an amount sufficient to pay dividends on its Class A and Class B stock not Deferred charges
Profit and loss approp'n acc't- 200.000
per annum on such paid-in capital ($5,000,000) and surplus
in excess of 7%
earned thereon.
Total
$2,611,333
Total
$2,611,333
All amounts paid to the tratstee shall be applied towards the payment of
'7% collateral trust gold bonds issued in coninterest on the outstanding
z Represented by 15,000 Ordinary shares of Capital stock of no par value
version of 7% convertible preferred stock; any balance of said payment shall
be applied by the trustee for the retirement of outstanding 7% convertible (subject to provision for accrued Dominion income and municipal taxes).
2000
THE CHRONICLE
(VOL. 117.
(M. A.) Hanna Co.
-Earnings.
3 Mos. End. 9 Mos. End.
Period
Sept. 30 '23. Sept. 30 '23.
Net earnings after charges
tion. In the depression that followed the war the company suffered
losses which impaired its assets to an extent which made a reductionheavy
of its
capitalization advisable. The period of adjustment and loss ended April 1
and interest
$763,114
$2,075,964 of this year since which time earnings have improved, resulting in a profit
Depreciation and depletion
above all charges and assures a substantial operating profit on a proper
216,078
456,431
Federal taxes
72,706
126,467 capitalization.
"The management called a meeting of representative holders on its
Net income
$474,330
$1,493,066 various classes of securities who met on Sept. 28 to consider plans for
Proportion of net of part owned companies
415,071 reorganization. This committee found that there were certain legal
,
205.606
obstacles which prevented reorganization without a receivership.
Total net income
"On Oct. 26 the company appeared before Justice Westenhaver, of
$679,936
$1,938,137
-V. 117, p. 445. 331.
District Court of the Northern District of Ohio, which appointed its U. S.
VicePresident and Comptroller T. T. Goodbody receiver in a conservation
Hanover (Pa.) Power Co.
-Acquisition.
proceeding.
The Pennsylvania P. S. Commission has approved the application of the
"The Court conferred full power of authority on this receiver to continue
Paradise Township York Power Co. for the sale of its property and fran- operation of the company without interruption. Details of reorganization
chises to the Hanover Power Co.
plan will be announced shortly."
-V. 116, p. 1768.
-V.117, Ii• 1893
.
Hartmann Corp.
-Consolidated Balance Sheet.
-
*June 30'23 Dec.31'22
Assets
$
$
Real estate, turn..
flat. Sr equip_ _x1,253,678 1,280,246
GoodwM,tr.name,
tr. marks,&c___ 4,992.992 4,992,992
Leasehold,at cost_
82,000
82 000
Investments
123,000
75,000
Invests. (at cost)_ 2,913,303 2,519,415
Aecta.reeeivable-13,320,259 11,268,482
U. S. Govt. secs.,
incl. accr.int_ _ _ 224,391
226,794
378,254
Cash
575,030
Deferred charges
72,807
58,845
*June 30'23
Liabilities-$
Capital stock
12,000,000
Pur. money obliga. 150,000
Notes payable
3,549,400
Accts. payable__ _ 1,351,870
Loans from stockholders
Fed, taxes accrued 314,106
State dr Co. taxes
and expenses
193,103
Surplus
5,802,205
Dec.31 '22
8
12,000,000
225,000
2,009,400
1.216,719
111,470
228,371
Illinois Bell Telephone Co.
-To Explain Expenditures.
-
The company has been cited in an order issued by the Illinois Commerce
Commission to appear on Nov. 13 and explain why proceeds of the bond
Issue of $50,000,000 (V. 116, p. 2772) have been applied to purposes other
than those authorized by Commission. The company officials state they
have made no unlawful use of the money and do not know basis of the
Commission's citation.
Comparative Balance Sheet.
June 30'23. Dec. 31 '22.
June 30'23. Dec. 31 '22.
Intangible cap'1_
42,639
42,639 Capital stock.-- 60.000,000 60,000,000
Lands & bldgs.
Cap. stk. instal_ 4,044,640
teleph. plant_136,782,919 130,554,375 Prem.oncap.stk.
2,911
2.911
Gerfl equipml. 2,329,372 2,222,749 Funded debt_ 50,310,000 34,884,179
Tot.(each side)_23,360.685 21,078,804 Investments____
393,846
339,770 Accts. payable_ 3.590,925 2,754,295
Cash dr deposits_
Bills payable__
•Prepared without audit, from statements submitted to the companies. Marketable sec_ 21,158,431 1,509,975 Accr'd liabilities 18,430,000
4,450
4,357
x Real estate, furniture, fixtures and equipment, $1,477,012, less $467.530 Bills receivable_
36,093
32,313
not due
3,335,512 4,111,610
-V. 117, p. 1892, 1783'.
reserve for depreciation.
Accts.receivable 15,863,387 5,157,659 UnextIng. prem.
Mans & suppl's
696,949
793,603 on debt
601
Hercules Powder Co.
-Quarterly Report.
Accrued income
Ins.& cash res
453,471
433,471
Income Statement for Nine Months Ending Sept. 30.
not due
41,676
4,682 Empl. ben. fond 1,400,000 1,400,000
Deferred debits_ 4,547,999
458,261 Other deferred
192d.
1922.
1921.
1920.
Gross receipts
credit items
113,460
417,102,835413,018,124 $11,189,972 $16,199,928
45,751
Net earns., all sources__ y2,100,040
Res've for accr'd
1,522,044
427,688
1,783,776
Preferred dividend
depreciation 34.962,671 33,522,900
532,954
489.744
411,197
302,221
Common dividends__(43i %/643,500 (9)643.500 (9)643,500 (12)858,000
Corporate Burp_ 5,254,174 3,961,666
225,787
5,062,059
Balance, surplus
$923,587
$388,801 def$627,009
$623.555
x Including Aetna Explosives Co., Inc., since June 7 1921.
y After deducting ail expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance of plants, accidents, depreciation,
&c.: also interest on Aetna bonas.
Note.
-The assets and business of Aetna Explosives Co.,
ere
purchased June 7 192, by Hercules Explosives Corp., a subsidiary
Inc.,Of Hercules Powder CO. and consolidated in the balance sheet. The Aetna bonds
outstanding were assumed by Hercu.es Explosives Corp.
Consolidated Balance Sheet Sept. 30.
1923.
1922.
1923.
1922.
Assets$
$
Liabilities3
$
Plants & property_23,589,993 22,671,926 Capitalstock,com.14,300,000 7,150,000
Cash
1,433,393 1,153,690 Preferred stock-10,162,500 9,473,400
Aects.reeelvable„ 3,703,954 4,016,380 Aetna bonds
3,688,875 3,891,475
Collateralloans- 2,230,000 2,027,455 Bills payable
32,126
Investment secur- 2,376,559 1,860,410 Accounts payable_ 341,432
562,010
Liberty bonds_ ___ 1,438,814 1,353,283 , Preferred dividend
88,922
82,892
Materials & supp_ 3,694,246 2,874,262! Deferred credits
58,965
73,092
Finished products_ 2,023,797 1,959,5511 Federal taxes(est.) 351,753
195.158
Deferred charges__ 158,366
285,522 Reserves
2,781,717 1,991,428
8,874,958 14,750,896
Profit and loss
Total
40,649,121 38,202,4791 Total
40,649,121 38,202,479
-V. 117. p. 559.
Hill Mfg. Co., Lewiston, Me.
-To Increase Stock, &c.'
-
The stockholders will vote Nov. 13 on increasing the authorized
stock from $1.000.000 (all outstanding) to $1,500,000. par $100. capital
If the
increase is authorized, it is proposed to issue the $500.000 new stock to
stockholders at par ($100)in the ratio of one new share for each two shares
now held, payment for the new stock to be made either in full on Dec. 15
1923 or in two equal installments on Dec. 15 1923 and Feb. 15 1924.
Treasurer William F. Moore, Boston, Oct. 25,
substance:
" During the past two years the company has says in
in making
extensive improvements and additions to its mill been engagedMe., which
at Lewiston.
will greatly increase its value and prove a profitable investment. The
total cost of the additions to and changes in the plant
approximately
81.250.000. when completed: $250.000 of this amountwill be
the
was
issue of new stock in 1922: $500.000 will be derived fromderived from the
the issue of
new stock as now proposed, and the balance
will be appropriated from the surplus earnings.of approximately $500,000
The directors believe that when these surplus earnings have been expended
for the addition to the mill and are no longer available to the stockholders in
cash, they should be regarded as a portion of the piermanent capital of the
corporation and therefore should be represented
outstanding stock.
Accordingly it is the plan of the directors after the by
improvements to the plant, to recommend thatcompletion of the present
new stock be issued to
stockholders in the form of a stock dividend. As the amount of surplus
earnings invested in the plan will be approximately $500,000,
follow, if the plan of the directors is approved, that persons who areit will
stockholders after the increase of capital will be entitled to a stock dividend of
approximately 33 1-3%. The directors see no reason why such a stock
dividend should not be authorized some time during the first six months of
1924.
Total
181,897,763 141,120,384
-V.117, p. 1893, 1669.
Total
181,897,763 141,120,384
Inland Steel Co.
-Earnings.
3 Mos.end
PeriodSept.30'23.
6 Mos. end
June30'23.
*Netearnings
81,813,444 $3,530,493
Int.. deprec., depletion, Fed.taxes, &c. 541,724
1,070,857
Preferred dividends
175,000
175,000
Common dividends
739,249
992,814
Balance, surplus
$357,472 $1,291,821
9 Mos. end
Sept.30'23.
$5,343,937
1,612,581
350,000
1,732,063
51,649,293
* Net earnings after administration expenses, repairs and maintenance.
-'-V.117. p. 1561, 899.
Iowa Falls Electric Co.
-Acquisition.
-
The company has purchased the Emmet Power Co. at Emmetsburg.
Iowa, which supplies light and power to six of the surrounding towns.
The purchase price is said to have been about $80.000.-V. 115, p. 1105.
Iron Products Corp.
-Certificates Ready.
The holders of certificates of deposit issued by Central Union Trust Co.,
New York, as depositary under the plan. dated April 9 1923, as amended
April 19 1923, with respect to the business and properties of Iron Products
Corp., Central Foundry Co.. Central Iron & Coal Co., Central Radiator
Co.. Essex Foundry, Chattanooga Iron & Coal Co.. Molby Boiler Co. and
Central Foundry Co. of New Jersey, are notified that certificates for stock
of the Universal Pipe & Radiator Co. will be ready for delivery on and after
Nov. 7 at the office of Central Union Trust Co. of New York in exchange
for certificates of deposit for stock of Iron Products Corp. and Central
Foundry Co., properly endorsed for transfer.
-V. 117, p. 1561, 1134.
Iroquois Gas Corp.
-Capital Increased.
-
The company has filed a certificate at Albany, N. Y., increasing its
authorized capital stock from 515,000,000 to $20,000,000. All of the
stock now outstanding is owned by the National Fuel Gas Co.
-V. 116.
P. 522.
(Erwin H.) Jennings Co., Inc., Bridgeport, Conn.
Preferred Stock Offered.-Hincks Bros. & Co. Bridgeport,
Conn. are offering at 100 and dividend, $300,000 Cumul.
:
Particip. 7% Pref. (a. & d.) stock.
Dividends payable Q.
-F. Redeemable, all or part. on any dividend date
upon 30 days notice at 107 and dividend on or before Nov. 1 1925, and at
Si per share additional for each year thereafter until a price of $110 per
share is reached, at which figure tho redemption privilege shall continue.
Participating in dividends on common stock above 8%.
Data from Letter of President E. M. Jennings, Bridgeport, Oct. 30.
Company.
-Established and incorporated in Connecticut in 1909. Business is primarily the merchandising of automobiles. Company also does
a largo business in the sale of tires, parts and numerous accessories, and in
the making of repairs, refinishing of cars, &c. Company is to-day a distributor of Hudson and Essex cars exclusively. It is the sole and exclusive
distributor for the Hudson Motor Car Co. in New Haven County, in Fairfield County except Stamford and Greenwich, and in the southern half of
Balance Sheet.
Litchfield County Conn. For the first nine months of 1923 it sold 437
County,
Sept. 2923 May 31'23. LiabilitiesAssetsSept.29'23 May31 '23 Hudson and 339
cars and 9 cars of other makes.
Real est. Sc mach_32,384,917 32,224,751 Capital stock
Purpose.
-To provide capital and retire existing bank loans.
$1,000,000 31,000,000
165,557
Cash
187,777 Accounts payableSinking Fund.
416,401
-An annual sinking fund for the gradual retirement of
99,413
472,163
Acc'ts receivable
413,217 Notes payable____ 1,496,000 1,136,000 preferred stock is provided.
1,291,960 1,461,314 ReservesInventories
Sale of Additional Common Stock.-Coincident with our sale of this
349,584
345,934
Deferred charges88,139
50,949 surplus
1,695,289 1,669,924 $300,000 Preferred Stock, the company has arranged to sell to common
Investments
233,900
233.900
shareholders an additional 700 shares of Common Stock at $150 per share.
thus netting the company the sum of $105,000 as additional capital.
Total
$4,636.636 $4,571,908
Total
84,636,636 $4,571.908
Net Earnings Availablefor Payment of Dividends on Preferred Stock.
-V. 117, p. 1892, 446.
Calendar Years
9 Mos.
1922.
Hocking Coal Co.
1923.
1921.
1920.
-Bonds Called.
1919.
$293 $72.435 $55,289
8106,370 851.625
Ten ($10,000) First Mtge. 6% 20
-year sinking fund gold bonds, dated Net earnings
July 1 1912. have been called for redemption Jan. 1 1924 at 105 and interest
Tentative Balance Sheet as of Sept. 29 (After Present Financing).
at the Empire Trust Co. trustee. 120 Broadway, New York City.
Assets
Liabilities
Bonds Nos. 75 and 79 heretofore called for redemption, have not yet Cash
'
$237,420 Accounts payable
$32,505
been presented for payment.
-V. 115, 13. 2053.
Notes & accounts receiv'le
94,695 Accrued int. It payroll--4,361
Inventories
321,684 Reserve for taxes
12,031
Holland-America Line.
-Interest Payment.
Land, buildings & equip't_
501,488 Mortgages on land & bldgs. 162,500
Interest amounting to 3%,due Nov. 11922, on the 25
Reserve for depreciation
-Year 6% Sinking Prepaid interest, rent and
10,977
Fund bonds, dated May 1 1922, is now being paid at the office of White,
Insurance
2,364 Preferred stock
300,000
Weld ,Sc Co., fiscal agents, 14 Wall St., New York City.
interest is
Common stock
350,000
payable in United States money at the rate of exchange for This drafts on
Total (each side)
sight
$1,157,651 Surplus
285,275
The Netherlands on the day of presentation of the interim receipt for payment without deduction for Dutch taxes. (For offering of bonds see
Kelsey Wheel Co.
-Sale of Portion of Interests.
V. 114, P• 1771.)-V. 116, p. 2015.
President John Kelsey confirms the sale to Fisher Body Corp. of a portion of the Kelsey interests at Memphis, Tenn.
Houston Lighting & Power Co.
-listing
.The Wheel Division will be retained by the Kelsey Co. The
The Boston Stock Exchange has authorized for the list $2,000,000 1st sold to the Fisher Body consists of 45 acres of land, a double-band property
saw mill
Lien & Ref. Mtge. Gold bonds, Series "B" 6%, due Oct. 1 1953. See with a capacity of 50,000,000 feet of hard wood lumber per year, dry kilns,
offering in V. lie, p. 1893.
storage for 75.000,000 feet of lumber and an automobile body wood-working plant built in 1919. This plant contains over 150,000 square feet of
Hydraulic Steel Co.
-Receivership-To Reorganize.
floor space and was so constructed that its capacity can very readily be
Upon application of officials of the company, Federal Judge D.C. Weston- doubled.
Cleveland Oct. 26 appointed Thomas P. Goodbody (V.-Pres.)
haver at
Mr. Kelsey stated that it was the desire of his company to limit their
receiver for the company.
Southern operations to the manufacture of wheels and parts and the acquisiThe company consented to the appointment of a receiver in a friendly tion of the body plant by Fisher Body was an assurance that considerable
Savage Arms Corp.
suit brought by the
benefit would accrue to the City of Memphis through the transaction.
President J. H. Foster issued the following statement: "Company on
Fred J. Fisher, Pre,sident of the Fisher Body Corp., stated that the everOct. 26 consented to the appointment of a receiver in a friendly suit brought increasing demands for Fisher bodies made it imperative that Fisher Body
by Savage Arms Corp. This is the preliminary stop in plans for reorganiza- acquire a wood-working plant close by the lumber supply.
Nov. 3 1923.]
2001
THE CHRONICLE
The plant is conceded to be the largest and most modern wood-working
plant in the South and provides ample room for expansion. As soon as the
necessary changes can be made to adapt the plant to the requirements of
Fisher Body, Mr. Fisher stated that it would, no doubt, be continually
operated at capacity. This will mean employment for a large number of
Pes_ple.
The announcement of the acquisition of the Memphis plant has been preceded during the past 12 months by the announcement of practically new
plants at Pontiac, Flint, Lansing, Mich.; Buffalo, N. Y.; Cincinnati, O.;
St. Louis, Mo.: Oakland, Calif.; Janesville, Wisc., and a new plate glass
-a Fisher Body subsidiary-at
plant for the National Plate Glass Co.
Ottawa, Ill. Practically all of these new plants are now in operation, and
all others excepting the plate glass plant will be in operation before the close
of the current calendar year. Upon the completion of this expansion pro-V.116.P. 1283.
gram,Fisher Body will have upwards of 50,000 employees.
-Earnings 9 Mos. Ended
Kings County Lighting Corp.
Sept. 30 1923.Oper.revs.. $1,765,469; oper. exp.. $1,162,924; net oper. income_ _8602,545
15,399
Other income
year. Had business continued at the active pace and with selling prices
maintained at the level established in the earlier months of this year, the
corporation might have earned $10 a share or slightly better on its Common
stock in all of 1923.
The current year will witness a further betterment in the company's
financial position. At the close of 1922 the company had a working capital
balance of 31,639.369. an increase of $598.028, or 509'. as compared with
Dec. 31 1921. lathe first eight months of 1923 working capital has been
Increased an additional 20% and by the close of the year should aggregate
very close to $1,900,000.
-3 Mos.End. Sept.30- -9 Mos.End. Sept.301922.
1923.
1922.
1923.
$452,070 81,463,480 81,108,311
8411.336
Gross earnings
406.278
409,233
135.603
138,630
Depreciation reserves
Net earnings
-V. 117, p. 668.
$272,706
$316,467 $1.054,247
8702.033
-Balance Sheet.Merchants Mfg. Co.
AssetsSept. 29'23 Sept. 30'22
$1,849,869 $1,784,475
Construction
893,904
Govt.securities_
643,704
Stock in process _ 253,281
278,382
Cash and accounts
503,051
543,381
receivable
Sept. 29'23 Sept. 30'22
Liabilities$1,500,000 $1.500.000
Capital stock
588,763
621.734
Depreciation
350,000
Reserve for taxes_ 350,000
278,382
Inventory reserve_ 253,281
Profit and loss_ ___ 565,220 ' 562,867
$617,944
Gross income
Bond interest, $206,535; Federal taxes. $49,211; other deductions,
280.442
524.696; total
$337,502
Balance,surplus
53,290,235 $3,257,813
Total
$3,290,238 $3,257,813 I Total
The above statement is based on 81 30 rate per 1,000 feet of gas. The -V. 115, p. 2054.
Legislature passed a law fixing a rate of $1 per 1,000 for New York City.
-Listing.
but in appropriate actions the U. S. District Court has granted injunctions.
Midvale Steel & Ordnance Co.
pending trial and final determination, restraining the defendants from
The Philadelphia Stock Exchange has authorized thelisting of $52.655,500
attempting to enforce the $1 rate and permitting the company to continue 20
-Year 5% Cony. Sinking Fund Gold bonds, due March 1 1936, guarthe present rate without impounding a bond other than the company's own anteed by tho Bethlehem Steel Corp. and exchangeable for its Common
undertaking. As the law was not effective until June 2 1923. less than 122 stock. The guaranty has been made by supplemental indenture, dated
-Y.116. p. 3003.
days of the above statement are affected.
March 30 1923 between the Midvale Co.. Bethlehem Steel Corp., Guaranty
Trust Co., New York, as trustee, and the holders or owners of the $42,655.-Balance Sheet Sept. 29.King Philip Mills.
-V. 117, p. 1022.
500 bonds.
1922.
1923.
Liabitutes1922.
1923.
Assets52,250,000 $2,250,000
Miller Rubber Co.
-Accumulated Dividends.
$2,543,823 $2,460,021 Capital stock
Construction
270,000
861,249 Reserve for taxes__ 367,057
843,037
The regular quarterly dividend of 2% and a dividend of 1% on account
Inventories
186,043 of arrears have been declared on the Preferred stock, both payable Dec. 1
295,920 Reserve for deprec. 147.779
Cash & ace'ts rec.. 191,977
577,587 1,057,337 Profit and loss_ _ _ _ 1,391,588 1,988,484 to holders of record Nov. 1. Like amounts were paid in June and SeptemU.S.& other sec_
ber last. After payment of the above dividends on Dec. 1, accumulations
$4,156,424 $4,874,527 on the Preferred stock will amount to 6%.-V. 117, p. 900.
Total
54,158,424 84,874,527
Total
--v. 117, p. 787.
-Buys Minority Holdings.- .
Mond Nickel Co., Ltd.
The company, it is announced, has purchased the minority stock previously held by Charles T. Hennig and G.P.Bassett Jr. of Pittsburgh, and
-Merger Approved.
Lanett (Ala.) Cotton Mills.
-V. 117, p. 1354.
See West Point Mfg. Co. below.
are now the sole owJere of the American Nickel Corp., Clearfield, Pa.,
manufacturers of commercially pure nickel. Messrs. Henn* and Bassett
are no longer affiliated with the company in any capacity. ("Iron Trade
-V.112, p. 1522.
Review.")
-Dividends Resumed.
Loew's, Incorporated.
The directors have declared a quarterly dividend of 50 cents a share
on the outstanding capital stock, no par value, payable Dec. 31 to holders
of record Dec. 15. Quarterly dividends of like amount were paid from
-V. 116, p. 1656.
Feb. 1920 to May 1921, inclusive; none since.
-To Be Organized.
Managers Securities Co.
See General Motors Corp. above.
-October Sales.
Montgomery Ward & Co., Chicago.
1923-10 Mos.-1922. Increase.
-October-1922. Increase.
1923
$15,165,652 810.288,916 84.876,736 $105.469,411 $69,841,140 835.628.271
-V. 117, p. 1562. 1135.
-Balance Sheet July 30 1923.
Motor Wheel Corp.
-Dividends Resumed.
Manati (Cuba) Sugar Co.
c
The directors have declared quarterly dividends of 1X,7 on the outstanding $10,000,000 Common stock, par $100, payable as follows: Dec.
of record Nov. 15; March 1 1924 to holders of record Feb.
1 to holders
15 1924; June 2 1924 to holders of record May 15 1924; Sept. 1 1924 to
holders of record Aug. 15 1924.
A dividend of 24'4 was paid on the Common stock on June 1 1921:
none sbace.-V. 116, p. 174.
-Receivership.
Manhassett Mfg. Co.
IAA Filed With the Secretary of State of Michigan.]
Liabilities
Assets
$4.455.010
$3.066,814 Common stock
Real estate
2,001,600
merchandise, &c- 7,192.007 Preferred stock
Goods,
262,677 Liab. on all unsecured
Cash on hand
4,351,490
Indebtedness
Credits owing corporation 2,105,765
153,542
715,350 Other liabilities
Investments
2,657,993
277.021 Surplus
Deferred charges
Judge L. P. Waldo Marvin in Windham County Superior Court, WilliTotal
$13,619,636
$13,619,636
Total
mantic. Conn., has appointed John B. Straugham (of the City Mfg. Co.
p. 1022.
of New Bedford) and Artemas C. Townsend, Boston, temporary receivers -V. 117,
on the application of William Metcalf of Providence. R. I., and others.
-Balance Sheet of Sub. Cos.
Munsingwear Inc.
-V. 117, p. 788.
Balance Sheet of Munsingwear Incorporated as at May 31 1923.
-Earnings.
Marland Oil Co.
Liabilities
Assets
Net earnings for August 1923 were approximately $730,000 after interest Plant and equipment
$3.298,155 7% Cumulative Pref. stock_ _ _ $800,000
-V.117, p. 1243,
charges but before reserve for depreciation and depletion.
1,515,500
Good-will, tr.-marks, pat.. &c. 2,000.000 Common stock
788.
807.301 Notes payable
2,250,300
Cash
441,058
-Stock Increase-Acquisition. Customers' notes & acets rec. 1,014,364 Accounts payable & taxes
Mason Valley Mines Co.
110,412
28,278 Accr'd int., payrolls
Miscell. acc'ts receivable
108,863
Accrued Federal taxes
The stockholders will vote Nov. 19: (a) On increasing the authorized Notes & accounts of officers &
5,062 Accrued Pref. stock dividend..
9,333
capital stock from $2,500,000 (all outstanding) to $5,000,000, par $5;
employees
40,156 Res. for possible add'i Federal
(b) on issuing 246,268 shares of capital stock in payment for the property Advances to salesmen
150,000
taxes for prior years
of the Bluestone Mining & Smelting Co.; and (c) on ratifying the action of Insurance deposits
of this Inventories
21,591
4,898,278 Miscellaneous reserves
the board of directors in authorizing the sale to the stockholders
3,138,639
Izompany of the capital stock of Gray Eagle Copper Co.
Accrued earnings-interest--.1,828 Surplus from operations
31,592 Surplus from appreciation of
The stockholders of record Nov. 2 of the Mason Valley Mines Co. are Prepaid exp., int.,ins., &c_ 1,510,919
plant and equipment
92,188
to be given the right to subscribe for one share of Gray Eagle Copper Co. Notes rec., empl.stock subscrstock at $5 per share for each 10 shares of Mason Valley stock held.
7,500 Surplus from good'will, tradeInv.in.Stksof other companies
President A. J. McNab Oct. 18 says in substance:
marks, patents,&c., valua'n 2.000,000
The agreement dated Oct. 11 1923 provides that Bluestone Mining &
Smelting Co.will convey all its properties„real and personal, which are withTotal
$12,054,617
$12,054,617
Total
in the State of Nevada and pay.$160.000 in cash to the Mason Valley Mines
Balance Sheet of Wayne Knit in° Mills as at May 31 1923.
Co. In consideration of 246,268 shares of the capital stock of the latter comLiabilities
Assets
pany. par $5.
$600,000
x$1,240,692 Preferred stock
The Gray Eagle Copper Co. owns the Gray Eagle mine, situated in Siski- Plant and equipment
928,160
12,568 Common stock
you County, Calif., which, according to engineers, has a developed tonnage Cash
3.23% copper. It is U.S.Govt.securities,at par
917.814
143,450 Notes payable
of 1,045.000 tons of ore assaying .02 on. gold and
382,313
Accounts payable
difficult to determine the present value of this property and the problem of Customers' acc'ts receivable,
185,331
less allow.for freight & disct. 588,790 Officers and employees
transportation must first be solved before the mine can be operated.
45,000
Federal taxes-reserved
The directors wore unwilling to place as low a valuation on the Gray Eagle Sundry accounts receivable,
0,415 Payroll,int.,exp.& taxes seer. 147,289
Including RR. claims
representatives of the Bluestone Company considered just,
property as the
15,000
2,960,677 Preferred dividend
and therefore it was decided to dispose of the property for cash, giving the Inventories (cost)
1,801,455
49,583 Surplus
stockholders of Mason Valley Mines Co. the privilege of retaining a propor- Deferred charges
tionate ownership in the property if they so desired. To provide the treas$5,002,152
Total
$5.002,152
Total
ury of the Gray Eagle Co. with funds necessary to pay taxes and expenses
which will necessarily be incurred in carrying the property, the company put
x Real estate buildings, machinery and equipment, $2,670,781, less reInto its treasury $50,000 in cash and 50,000 of the 100,000 shares of stock serve for depreciation. $1.430,089.
owned by the company.
The company has no contingent liabilities. See also V.117, p. 1895,447.
The purchase of the Bluestone properties will add to the Mason Company's treasury $160,000 in cash and the sale of the Gray Eagle stock
-Complaint.
Nashua Manufacturing Co.
$250.000 more. This additional cash will give the company total cash and
The Nashua Manufacturing Co. and Amory. Browne & Co., both of
liquid assets amounting approximately to $1,125,000. V. 116, P.1769.
the Federal Trade Commission.
Boston, are cited in a complaint issued by
The Nashua Manufacturing Co. is a manufacturer of pure cotton blankets,
-Sub. Co. Earnings.
Massachusetts Gas Cos.
with the Amory. Browne & Co. acting as its selling agent. Walter Bayliss,
Dividends of Subsidiary Companies Robert Amory and Charles L. Crehore are co-partners In the Amory,
Combined Net Earnings Available for
1923-Se3it.-1922. 1923-9 Mos.-1922. Browne & Co. and are also named as individuals in the complaint. The
$118,982 $1,197,907 $1,212,872 complaint alleges that the respondents sell and offer for sale cotton blankets
Subsidiary gas cos
$108.072
containing no wool whatsoever which they advertise and label with the
Commercial cos.(not incl.
283,177
1,908,270
1,037,436 term "Woolnap" printed in large bold-face type, to which were added the
202,220
Beacon Oil Co.)
words "Pure Cotton" or "A Perfect Blend of the World's Finest Cotton"
$402,159 $3,106,177 $2,250,308 in smaller and less conspicuous type. Further allegations are that the
$310.292
Total
respondents market cotton blankets labeled "Wool Fish" without indicat-V. 117. v. 788.
such labels the wholly cotton composition of the product.
-Earns.(Over. Cos. Only). ing on complaint states that respondents labelling of cotton blankets
Massachusetts Lighting Cos.
The
1923.
1922.
containing no wool with the terms "Woolnap" and "Wool Finish" and the
Nine Months Ended Sept. 30$2,436,585 $2,146,678 furnishing of labels with these words thereon for use by others is to the
Gross earnings
539.154
473,706 damage and injury of a considerable number of manufacturers of cotton
Net earnings, after taxes
134,788
-V. 116, p. 185. 83.
160.099 blankets who do not follow such practice.
Fixed charges
Balance,after depreciation
-V. 117, p. 788.
8404,365
$313,607
-Earnings.
Mathieson Alkali Works (Inc.), N. Y. City.
National Conduit & Cable Co., Inc.
-Stock Off List.
The capital stock of the company has been stricken from the list of the
-V. 117. p. 1562.
New York Stock Exchange.
-Dividend DeNational Enameling & Stamping Co.
Hayden, Stone & Co.. Boston and New York, in their weekly market
creased-Sales--Earnin gs
letter dated Oct. 26, say:
While there has been during the past three months a decline in the net
dividend of I% has been deeared
the outstanding ComA
profits of Mathieson Alkali, this change has been partly seasonal and, mon quarterly $100, payable Nov. 30 to holderson record Nov. 9. This
of
stock, par
broadly speaking, has coincided with the ebb in general industrial activity compares with quarterly dividends of 1%% each paid from Nov. 1922 to
the country. In the first six months of 1923, the period to
throughout
incl.
Juno 30, Mathieson Alkali showed earnings of $5 a share on its Common Aug. 1923,the 9 months ending Sept. 30 amounted to $18,715,238. against
Sales for
stock after all allowances (Y. 117 p. 560). The prospects are that the $15.184.362 for the corresponding period in 1922. 'rho percentage of
half
-year wilt increase this surplus for the Common
earnings for the second
profits during the past few months has not been satisfactory, due to the instock to about $8 a share for the full 12 months to Dec. 31 next, so that creased cost of production and stationary prices, a condition common to
1923 as a whole will show a comparative improvement over the preceding
2002
THE CHRONICLE
the whole country. Under these circumstances the directors feel that the
outlook for the next few months is uncertain and that the quarterly dividend on the Common should be reduced from 1%% to 1%. making total
payments for the year on the Common stock 534%.-V. 117, P. 1785.
National Fireproofing Co.
-Earnings-Outlook.
-
In connection with the resumption of dividends on the 7% _Non-Cumul.
Pref. stock (see last week's "Chronicle"), President H. M.Keasbey says:
"The earnings of the company have been satisfactory for the last year.
Our business not only continues satisfactory, but the outlook is encouraging.
While the loss of a plant by fire was deplorable, we are fully covered by insurance. The loss of the plant will not interfere with the filling of our
current orders, as we have other plants to draw from."
-V.117. It• 1895.
For,. 117.
Olympian Knit Goods Co.
-Receiver's Sale.
-
By order of U. S. District Court, C. H. Oakes and
receivers, will sell at public auction on Nov. 15 all the assetsAugust Merrill,
of the company
at New Hartford. N. Y., including land, buildings, machinery, furniture
and fixtures, merchandise, yarns and supplies of every nature.
127th Street Realty Co., Inc., N. Y. City.
-Bonds Offered.
-The Tillotson & Wolcott Co., Cleveland, are offering
at par and int. $250,000 1st Mtge. Leasehold 63.% Gold
bonds, unconditionally guaranteed as to principal and interest by William Randolph Hearst.
Naval Stores Investment Co.
Dated Oct. 1 1923; due serially Oct. 1924 to 1927. Denom. 31.000,
-New Director.
John C. Craft of Chicago has been elected a director, succeeding C. M. 8500 and $1.000. Interest payable A. & 0.at the office of Guaranty Trust
Musser of Muscatine, Wisc. [See also Consolidated Naval Stores Co. in Co., New York, trustee, without deduction for Federal income tax up to
2%. Penna. 4
V. 117, p. 1781, 1667.1-V. 117, p. 1671.
-mill tax refunded. Redeemable at 102.
Security.
-Secured by a first mortgage upon the company's
Nevada-California Power Co.
-Tenders.
estate in land and buildings on the east side of Second Avenueleasehold
between
The International Trust Co.. trustee, Denver, Colo., received bids up 126th and 127th Sts.. N. Y. City, with a frontage of 199 1-10 feet on Secto Nov. 2 for the sale to it of First Mtge. 6% 20
-Year gold bonds, dated ond Ave. and a depth of 450 feet. The lease runs until 1958. Land is
April 1 1907. to an amuont sufficient to exhaust $42,684.-V. 115, p. 2055. improved by a modern tire proof steel and concrete structure 3 and 4 stories
in height. This building was appraised in Sept. 1923 at
New Idria Quicksilver Mining Co.
-Verdict Set Aside.
- effect to certain proposed alterations then being made and$569,268, giving
now practically
The U. S. Circuit Court of Appeals, sitting at Boston on Oct.24 reversed completed. Land was appraised at the same time at $377.820.
Lease.
the decision of the U. S. District Court for Rhode Island awarding a
-Property is leased to the International Film Service Corp., N. Y.
verdict of 61,803.364 to the company against the American & British City, at an annual rental sufficient to pay the ground rent, taxes and other
Manufacturing Corp. for alleged breach of contract. The contention of charges, including the principal and interest of the bonds as they mature.
the mining company during the trial, which ended in Dec. 1920, was that This lease runs well beyond the life of the bonds. Both owner and tenant
the American concern had contracted for the entire output of the New are corporations controlled by William Randolph Hearst.
Idria Co. for a year, aggregating 10,000 flasks of quicksilver. The
Guarantee.
-The payment of both the principal and interest of these bonds
Is unconditionally guaranteed by the endorsement of William Randolph
American corporation, however, never bought the quicksilver.
The defence argued that if any contract existed, such contract was void Hearst. According to the statement of his confidential representative,
because it Implied a censpiracy to obtain a monopoly of quicksilver for the the personal worth of William Randolph Hearst over and above all liabilities
purpose of selling it at an unreasonable price. The Court of Appeals is considerably in excess of 625,000,000. Mr. Hearst is the owner of
handed down its opinion with the declaration that the trial court had entire capital stock of numerous magazines and newspapers, including the
the
erred in refusing to let the defendant company go to the jury on its illegal New York "Evening Journal." Los Angeles "Herald." San Francisco
conspiracy defense. A new trial of the case was consequently ordered.
"Examiner," Chicago "American," Chicago "Herald and Examiner,'
The trouble started in 1916. when the contract is alleged to have been "Cosmopolitan"and "Goodhousekeeping" magazines. He is also the owner
made. In March, 1920, G. W. McNear, Inc., of San Francisco, obtained Individually orvaluable real estate in New York, Boston and Los Angeles
a Judgment against the American & British Manufacturing Corp. for and of a large tract of land in southern California.
$138,422 in a California court, in connection with the same case. In
Sept. 1920 the G. W. McNear and the New Idria firms attached American
Orpheum Circuit, Inc.
-Suit Filed.
and British properties in Providence to the amount of $2,600,000.
A suit in equity has been filed by Shubert Advanced Vaudeville.
.In Dec. 1920 Judge Arthur L. Brown in U. S. District Court awarded against the B. F. Keith Vaudeville Exchange and Orpheum Circuit, Inc.,
the New Idria Co. a verdict of $1,803,364. The American & British and officers of the two companies as defendants in Federal District Inc.,
company petitioned for a new trial, which was denied. The company at New York. Damages to the extent of $10,050,000 are asked.Court
The
then appealed and on May 2 1922 the U. S. Supreme Court refused to defendants are charged with injury to the Shubert circuit in violation of
review the case.
the Sherman Anti-Trust Act. The plaintiff alleges that the defendants
Previously, on Feb. 17 1921. the American & British Manufacturing Co. control all of the first
-grade houses in the United States and Canada and
had gone into the hands of a receiver. George C. Van Tuyl, Jr. On April to its detriment they conspired by blacklisting prominent
10 1923 the Providence plant was sold at auction, by order of the U. S. competition. Actual damages claimed are 63,350,000. acts to prevent
The Sherman
District Court for Rhode Island, to liquidate obligations. The Franklin Anti
-Trust Act makes it possible to claim damages of three times that
Machine Co. bought the plant and land at Charles and Cross streets for amount.
-V. 117, p. 1671.
6268,000. Remaining assets brought the total sale price to $303,759.
Machinery was purchased by R. J. Metzler of New York, the Acme MaOwens Bottle Co. and Subsidiary Cos.
-Earnings.
chinery Co. of New York and the Brownell Machinery Co. of Providence.
9 Mos. Ended Sept. 30. 1923.
1922.
1920.
1921.
-V. 116, p. 2522
Mfg. profits & royalties_ $4,572,178 $3,477,935 $2,060.321 $3.551,207
Other income
535,076
751,015
1.008,898
528,962
New Jersey Zinc Co.
-Quarterly Earnings.
-
Total income
Operating expenses
35.107.254 14,486.833 $2,811,336 34,080.169
1,552,353
1,180.200
1,095.471
800.341
Net earnings of Owens_ - 33,554.901 63,306,633 $1,715,865 $3,279.828
Net earnings ofsub.cos_
1,841.132
Total net
13.554,901 33,306,633 11,715,865 $5,120.960
Estimated Federal taxes
406,400
230,000
353,300
1,131,600
Balance. surplus
$31.874
$767,814 def$146,276
$71,161
Net profit
$3,148,501 $2,953,333 $1,485,864 13.989,360
x Including dividends from subsidiary companies and after deduction
for expenses, taxes, maintenance, repairs and renewals, betterments, de- -V. 117, p. 1022, 561.
predation and contingencies.
Pacific Lighting Co.
-Dividend Increased.
y Reserve for Federal taxes has been sufficiently covered by the sum reThe directors have declared a quarterly dividend of 4% on the outstandserved in the first and second quarters of this calendar year.
-V. 117. 13•
ing $5,280,000 Common stock, par $100. payable Nov. 15 to hoiders of
1243. 560.
record Oct. 30. This compares with 33% paid quarterly on the Common
New England Co. Power System.
-Earnings 12 Mos. stock from Aug. 1920 to Aug. 143. incl. The company on Dec. 4 1922
paid a 10% stock dividend on the Common stock.
-V.1,6, p. 729.
Ended Sept. 30 1923.
Gross earnings
$7,278,599
Parker Mills, Fall River.
-Balance Sheet Sept. 29.Oper. exp. & taxes, 85,125,287: bond interest. $695.359; other inAssets1922.
1923.
Liabilities1923.
1922.
terest, $326.148; accrued preferred dividends, $697,282; total- 6.844,076
Real est. & mach.$4,473,924 $4,232,902 Capital stock
$2,445,900 $2,340,200
Balance, available for Common dividends
11,804,873 1861,880 Funded debt
994,500 1,000,000
5434.523 Inventories
Cash & accts. reef
-V. 116, p. 1421.
1520,636 Mils & accts. pay_ 1,710,287 1,045,889,
•
1,128,110 1,229,349
Profit &loss
•
New York Edison Co.
-Purchases Building.
This company, which lest May leased the six-story building at 268 and
Total
_86,278.797 $5,615,418 Total
$6,278,797 $5,615,418
270 Canal St., New York City, has purchased that property.
-V. 115, p -V. 116, p. 2646.
2486.
Quarters end. Sept. 30.
1920.
1923.
1921.
1922.
xIncome
$1,090.793 $1.772,571
$ 803,469 $1,826,874
Bond interest
40.000
40,000
40,000
40,000
Accr. int. on stk. subscr_
417
51
Reserve
75.000
see y
Federal taxes
sees
Dividends
(2%)979.632(2%)964,706(2%)909,328(4)1,680.000
Nightingale-Morse Mills Inc.-Sale.-
The Powhatan and Morse mills, two large manufacturing structures
'
heretofore used and owned by the Nightingale-Morse Mills. Inc., were
sold at public auction Oct. 25. The Powhatan brought $55,000, the
purchasers being the H. K. H. Silk Co. of New York. The Morse Mill
was purchased by L. J. Harley, Jr., Springfield, Mass., for $25,000.V. 117. p. 1671.
North American Co.
-Earnings.
-
12 Months ended Sept. 30
Electric output (kilowatt hours)
Electric customers
Gross earnings
Operating expenses and taxes
1922.
1923.
2028179097 1292292,542
573,119
462,669
$70,787.940 348.709.796
45,000,459 32,041.484
Net income from operation
Other net income
$25.787,482 $16,668,312
167,202
387,936
Total ------------------------------------$25,954,684
Interest charges
8,385.614
Preferred dividends of subsidiaries
1.723,664
Minority interest
961,144
Preferred dividend
1.144.977
Balance -- ------ - - -------613,739,284
Number of sharesPreferred stockoutstanding_ ,..
-381,659
Number ofshares of Common stock outstanding..
2,426,474
x Computed on basis of $10 par value Common stock for
comparison.
-V. 117, p. 1563. 1470.
$17,056,248
5,719,691
1,130,166
482.012
1,135,233
$8,589,145
378,411
x1,894,790
purposes of
North American Light & Power Co.
-Bonds Called.
Peninsular Telephone Co.-Pref. Stock Offered.Coggeshall & Hicks, New York, are offering at 100 and div.
$300,000 7% Cumulative Pref. stock, "Series A." A circular shows:
Capitalization (After This Financing)Authorized. Outstand'g.
First Mortgage Sinking Fund Gold bonds
$1.500.000 41,023,9130
West Coast Tel. Co. 1st M. Ser."A".8% due Dec.
15 1942(to be assumed by Peninsular Tel. Co.)
100,000
(closed)
7% Cumulative Preferred stock
750,000
Common stock (paying diva, at rate of7% per ann.)
766.500
x $995,000 of Series "A" and 2250.000 of Series "B" have been certified
and issued, but the sinking fund has purchased $113,000 of Series "A"
and $108,100 of Series "B". Only $255,000 more of these bonds can be
Issued.
Company.-Incorp. in Florida in 1901. In October last acquired the
property of the West Coast Telephone Co. of St. Petersburg. Fla. Owns
and operates, without competition, the central station telephone systems
In Tampa. St. Petersburg (with over 3,800 stations), Port Tampa and 15
surrounding cities and towns, all of which are connected by toll lines. The
toll lines also extend to 11 other nearby cities and towns of south Florida.
Connections are made with the long distance lines of the American Telephone & Telegraph Co. under favorable contract. Population served
(including St. Petersburg) is over 225,000. showing an increase of over 49%
since 1915. The franchises are satisfactory for the operation of the business.
Combined Earnings 12 Months Ended Aug. 31 1923.
Gross revenue (Including St. Petersburg)
8873.665
Operating expenses, maintenance and taxes
498,654
Interest on bonds (including $100.000 to be assumed)
69,434
Dividend on $750,000 of 7% Prof. stock (incl. this issue)
52.500
All of the outstanding 10
-year Cony. Gold debentures, dated June 2
1919, have been called for payment Dec. 1 at 101 and int. at the Northern
Balance
Trust Co., trustee, Chicago, III. V. 114, p. 1642.
-V.116, p.2776.
-
North Penn Power Co.
-Acquisitions.
The Pennsylvania P. S.
Commission has approved the sale of the Troy
Electric Light & Power Co. and the Canton 111uminating Co. to the North
Penn Power Co. It is planned to complete the physical connection of these
properties with the rest of the system.
-V. 117, p. 1135.
Northern Canada Power, Ltd.
-Bonds Called.
-
$253.077
Penn Public Service Corp.
-Bonds Offered.
-Harris,
Forbes & Co. and E. H. Rollins & Sons are offering at 983'2
and interest, yielding about 63/s%, $2,500,000 First & Ref.
Mtge. Gold Bonds, Series C, 6s, dated Dec. 1 1919, due
May 1 1947.
All of the outstanding Northern Canada Power Co., Ltd., First Mtge.
Interest payable
N.in New York
-year Sinking Fund Gold Bonds, dated Oct. 21 1912. have been called Federal income taxM.&exceeding 2%. without deduction for any normal
6% 15
not
Callable at 11134 and interest on
for payment Jan. 1 1924 at par and interest at the office of the Toronto May 1 1927. and thereafter on any interest date at a premium decreasing
General Trusts Corp.. trustee. Toronto, Ont.Canada. The holders may 4% each year to 1073 on May 1 1932, and thereafter
present bonds for payment at any time prior to Jan. 1 1924 at the office of each year to 100% and interest during the last year of life. decreasing )i o
Denom.$i.00
the trustee and receive par and interest to date of presentation.
-V.117. p. and $500 c* Bankers Trust Co., New Yore, trustee. Free of the present
and
335.
Pennsylvania 4 mills tax.
-Earnings 9 Mos. Ended Sept. 30 1923. Data from Letter _of F. T. Hepburn, President of the Company.
Ohio Leather Co.
-Owns and operates a comprehensive electric light and power
Net earnings-- -- ------------------------------------------363,672
Company.
e
15,421 rewIgch, together w lth thedrirorles recently acquired,g oudizwne
Preferred dividends
h ng
with
ser ves er
com mum
inflhn
th
ties including
148.151 Warren and Erie, located in Cambria, Somerset, Indiana, Clearfield.
Surplus
901.
Centre, Westmoreland. Jefferson, Warren and Erie counties in Western
-V. 117. p.
THE CHRONICLE
Nov. 3 1923.]
2003
Pennsylvania. Also does some incidental artificial gas and steam-heating
-Prairie Oil & Gas Co.
Producers & Refiners Corp.
business and through a subsidiary renders natural gas service in Johnstown
Seeks Control-Exchange Offer.
and its suburbs. Population estimated to exceed 600.000.
-Secured by a direct first mortgage upon the Seward and RockThe Prairie Oil & Gas Co. has offered to exchange shares of its capital
Security.
wood power plants, together with a substantial amount of other important stock for 51% of the outstanding capital stock of the Producers & Refiners
property. These bonds also cover the balance of the physical property Corp., on the basis of one share of Prairie Oil & Gas stock (par $100) for 10
owned,subject to underlying bonds, of which a substantial part are deposi- shares of Producers & Refiners Common stock (par $50 each). This privited with the trustee. The trust indenture provides for a maintenance and lege of exchanging for stock of Prairie Oil & Gas Co. will be extended to all
improvement fund of not less than 12% of the gross operating revenues of holders of Common stock of the Producers & Refiners Corp. on the same
the company for each year.
basis.
Earnings Year Ended Sept. 30 1923 (After Giving Effect to Certain Mergers
Earnings Nine Months Ended Sept. 30 1923(Including Subsidiaries).
Now in Progress).
$7,229,542 Gross sales & earns.,$10,370.383; exP.. $6,530,245;net earnings $3,840,140
Gross earnings
150.452
3,837.468 Other income
Operating expenses, current maintenance and taxes
Annual bond interest (including this issue) & misc,fixed charges.. 1,404.259
33,990.592
Total income
3,135.900
31.987,815 Total deductions, $1,189,246; dividends, $1,946.654; total
Balance for debenture interest. &c
Capitalization Outstanding (upon Completion of Present Financing).
3854.692
Balance, surplus
34.1,60.300
Common Stock (now 'saying 4% dividends)
14.837,348
x5,000,000 Previous surplus adjusted
Preferredtock 77 Cumulative
1.509,000
Preferred Stock 6% Cumulative
315.692,040
Total surplus
4.000,000
6)5% Convertible debentures, due 1938
4,750,000
Comparative Balance Sheet.
First and Refunding Mtge.. Series A,6s. 1929
2,350,000
Sept. 30'23 Dec.31'22
• do Series R. 734s, 1933
Sept.30'23 Dec.31'22.
7,000,000
$
do Series C, 6s, due 1947 (including this issue)
$
AssetsLiabilities5
$
y7.994.500 Property account_49,357,035 35,771.783 Capital stock
39,488,327 24,066.750
Underlying divisional and subsidiary bonds with public
Investments
4,162,211 6,372,508 Int.of minor stockx Sufficient additional of this 7% Pref. Stock is reserved to provide for Current assets__ ._l1,890,285 5,240,397 holders In subsld 922,558
4,150,990 4,438,200
conversion of the 6H% Debentures, and 31,500,425 Erie Lighting Co. Deferred charges 1,337,152
523,289 Funded debt
Pref. stock. y In addition 31,535,000 Underlying Divisional bonds are
Purchase money &
983,259
pledged under the indenture securing the First & Refunding Mtge. bonds.
deferred oblig'ns 1,434,374
-In connection with its long-term contract covering purchase of
Note.
Current liabilities_ 5,058,396 2,367,137
power from the hydro-electric plant now being constructed by the Clarion Total(each side)_ _66,746,685 47,907.978 Surplus,adjusted x15,692,040 16,052,631
River Power Co.(affiliated) the Penn Public Service Corporation guarantees
x After deducting adjustment of $1,215,282 for depletion for prior years.
payment of principal and interest on $2,700,000 outstanding 6;i% bonds
of the Clarion Company.
-V. 117, p. 1897, 1564.
-Electric system includes 13 steam electric generating
Physical Property.
Remington Arms Co. Inc.
plants having an installed generating capacity of 109.700 k. w. Company's
-Earnings.-1922.
.rincipal plants are at Seward. Johnstown, Philipsburg, Rockwood, Warren
1923.
2
Nine Months Ended Sept. 30
and Erie, these locations being such that they tend to insure continuity of Surplus, after interest charges, depreciation and reservice to the major centres of load.
$1.116,530 $726,192
serves, but before Federal taxes
Its subsidiary, the Penelec Coal Corp., owns five producing coal mines -V. 117, p. 1245, 1136.
near Clearfield. Philipsburg, Seward. Johnstown and Rockwood, respecReplogle Steel Co.
-Earnings.
tively, and has an aggregate coal reserve reliably estimated to exceed
20,000,000 tons of coal on lands owned or held under lease. The entire
[Including Wharton Sz Northern RR. and Ferro Monte RR.)
supply of steam coal, for all except the Warren and Erie plants, is secured
9 mos. ena.
Quarters Ended
without the use of railroad equipment.
Sept. 30 '23. June 30 '23. Mar.31 '23. Sept. 30 '23.
PeriodsThe transmission system of comp my and subsidiaries now includes Net
$57,986
$11,303
profit
*$19.774
$66.456
approximately 750 miles of high tension lines. In addition 50 miles of
250.049
73,759
91,092
85.197
110,000-volt double circuit transmission lines on steel towers are now under Deprec'n & maintenance
will enable the company to receive power
construction and when completed
$192,063
$79,789
Deficit
$93,553
$18.741
from the hydro-electric plant being built by an affiliated company on the
* Deficit after adjustment of provisional accounts.
Clarion River (and expected to be in operation early in 1924). The electriConsolidated Balance Sheet.
cal distribution system consists of approximately 4.461 miles of aerial wire
In addition to underground distributing systems In the cities of Johnstown
Sept. 30'23. Dec. 31'22.
Sept. 30'23. Dec.31'21.
and Erie. The electric system serves in the aggregate 59.400 customers.
t
$
Assets
LiabilitiesThe artificial gas plant at Clesrfield serves 545 customers, while the Prop.. plants, &c.x11,038,483 10.960,464 Capital stock_ _ __ y14,950,000 14,950,000
Johnstown Fuel Supply Co., the entire capital stock of which (no funded Cash
423,080
299.880 Acc'ts & wages pay. 469,589
189,401
-V. 116. p. Acc'ts & notes rec. 528,673
debt) is owned, distributes natural gas to 12,344 customers.
430,036 Notes payable_ __ _ 375,000
2139, 1540.
74,074
331,226 Deferred Items in
Acc'ts rec.affil.cos.
1,552
19,913
20,000
suspense
Liberty bonds_ _ _
-Deposits.
Penn Seaboard Steel Corp.
2,172,343 1,755,124 Compensa'n Maur.,
Inventories
It is announced that approximately 90% of the 31.439.000 7% notes
royalties, taxes,
and bonds_ 1,751,955 1,762,250
Series "B," have been deposited under the plan for their exchange for Stocks charges
127,753
149,307
33,744 &c
79,167
Deferred
7% bonds of a new company to be formed to Oke over Penn Seaboard's Deficit
111.724 sur70,339
111,724
Deficit
Steel casting plant at Chester, Pa. Noteholders have until Dec. 1 to
plan, which has been approved by the stockholders.
deposit under the
15,963,800 15,572,723
Total
15,963,800 15,572,723
Total
In exchange for each $900 note company will pay $200 in cash and $700
x After deducting reserve for depreciation and depletion. y Capital
-V. 117. p. 1786. 1563.
in bonds of the new company.
-V. 117, p. 561. 448.
stock represented by 375,000 shares of no par value.
-Sale.
Phoenix Bridge & Iron Works, Ltd.
-Bondholders' Protective Comm.
Republic Oil & Gas Co.
-V.97,p.600.
See Canadian Vickers,Ltd.,above.
-Earnings, &c.Pierce-Arrow Motor Car Co.
3 Mos. Ended
9 Mos. end.
Sept.30'23. June 30 '23. Mar.31 '23. Sept.30'23.
Net earns,after deducting
all exp. of open, incl.
those for repairs &
$526,456
3430,527 31.315.042
$358,059
maintenance
179.030
219,279
190,204
Deprec.of prop.& equip
588,513
Not earnings
Miscell. inc. charges &
prov. for int, on notes
& debentures
$179,029
137.851
144,334
135,265
417,450
Netincome for period_
-V.117, p. 1786, 1022.
$41.178
$162,842
$105,058
$309,079
$307,177
$240.323
3726,529
-Common Stock Increased to $19,Pittsburgh Steel Co.
500,000-25% Stock Dividend-New President, &c.
-The
stockholders on Oct. 30(a)increased the authorized Common
stock from $14,000,000 (all outstanding) to $19,500,000, par
$100; and (b) authorized the distribution of the new stock as
a 25% stock dividend.
The company also has an authorized issue of 310.500.000 7% Cumulative
Preferred stock, all outstanding.
David P. Bennett, formerly Vice-President, has been elected President to
succeed the late Willis F. McCook. Yates Bindley has been elected a
Vice-President. Secretary Harry J. Miller has been made a director and
a member of the executive committee.
-V. 117, p. 1772, 1672.
--Earnings.
Reynolds Spring Co.
PeriodNet earnings
Depreciation
Federal taxes
-Three Months Ended-9 Mos.end
Sept 30'23. June 30'23 Mar.31'23 Sept. 30'23
$67,854 $115,173 $330,286
$147.259
15,000
45.000
15,000
15,000
1,1,500
11.000
4,000
34,500
Net income
348.854
3112.759
389,173 $250,786
Comparative Balance Sheet.
Assetssept.so'23 Dec.31 '22 LiabilitiesSept. 30'23 Dec. 31 '22
Property, land__ $125,265 $122,144 7% Pt. Cl."A" stk $140,000 $450,000
.Pt. ••• •• 81k
Buildings machin360,000
19,100
ery & equipment 1,184,624
950,660 Common stock_ -x2,110,905
653,105
Cash
523,782
9,248
142,423 Acc'ts payable,&c.
1,207
Acc'ts receivable
284,645
201,668 Accrued accounts12,600
10,326
Inventories:
Notes payable_ _ __
170.000
2,393
222,630 Mortgage payable.
Raw mat'l & sup 390,316
19,074
Work in proc.,&c: 131,916
115,032 Com,stock div-__
88,705
201
201 Land contract pay.
Securities at cost__
6.190
450.000 Federal Income tax
Patis& good-will. 450,000
42,290
33,500
14,454
13,791 Deprec'n of prop'y 242,712
nerd debit Items_
198.983
14,925
28,351 Other reserves.--Notes reedy., disc.
8.817
5.779
844
Disc. notes recerle
Accr. Int. reedy__
28,351
Surplus
444,404
310,386
The committee named below has been formed to protect the interests of
the $1,049,500 First Mortgage 6% bonds due July 1 1926. A statement
issued by the committee says in substance:
The terms of the indenture under which the bonds are issued provide for
semi-annual payments on Jan. 1 and July 1 of $45,000 to the sinking fund
for the retirement of bonds.
The Eastern Petroleum Co.,which purchased the property of the Republic
Oil & Gas Co., subject to its First Mtge. indebtedness, advised on July 28
1921 that it was unable to meet the sinking fund payments. Since July 1
1921 the required payments have not been made and are $180,000 in arrears
at this time. The Eastern Petroleum Co. (see above) has defaulted in the
payment of interest due Sept. 1 1923 on its own bonds and is not In a financial position to meet the sinking fund obligations of the mortgage securing
your bonds. [Int. due Sept. 1 on the 3805.000 Ref. 0. & G. 25 7s, 1933,
has also been defaulted.]
There was originally issued $900,000 Republic Oil & Gas First Mtge.6s,
of which $510,000 have been retired by the sinking fund, leaving $390,000
outstanding. The earnings of the company have always been more than
sufficient to meet the interest on the bonds, and it is important that steps
should be immediately taken to conserve these earnings for the benefit of
the bondholders.
In view of the above situation and the unsatisfactory condition of the oil
industry and the low price obtaining for oil, the undersigned have been
requested to act as a committee for the protection of the interests of the
bondholders.
In order that the committee may be in a position to represent and act for
the bondholders, holders are rquested to promptly deposit their bonds, with
coupons due Jan. 1 1924 and subsequent coupons attached, with the
Guarantee Trust & Safe Deposit Co.,318 Chestnut St.,Phila.,as depositary.
Committee -Harry Nathans, Chairman, Barry C. Thayer, Herbert W.
Goodall, 662 Bullitt Building, Phila.. with Thomas Ridgway, counsel.
-Sale Postponed.
Rogers Milk Products Co., Inc.
Action on the motion to sell the plants of the company has been postponed
until Dec. 10. Creditors have asked time to pay mortgages and sell the
plant in receivership at full value. Sere V. 117, p. 1898.
.
Sapulpa Refining Co.-Rereivership.-
D. L. Owslev, Tulsa, Okla., was appointed receiver Oct. 26 by District
Judge Albert O. Hunt upon the application of officers of the company.
A statement by the attorney for the company said the receivership would be
-V. 116.
short lived, as plans for a reorganization were well under way.
p. 2777.
-Acquires New Interest.
Schulte Retail Stores Corp.
The following statement was issued by the company: "Dunhill International, which is being formed by the Schulte Interests. is a holding corporation of 125.000 shares of no par value, which will control all of the interests
of the various Dunhill companies, including (among others) the original
English company and the American company. Dunhill International will
extend operations of the company to South America and France and stores
will shortly be opened in Paris and Monte Carlo. The president of the
American company is David A. Schulte. The chairman of the present
English corporation is Governor Dunhill and the managing director, Herbert
E. Dunhill. David A. Schulte will be president of the new corporation.
V. 117, p. 1787. 1248.
-October Sales.
Scars, Roebuck & Co., Chicago.
1923-10 Mos.-1922. Increase.
-October-1922. Increase. 1
1923
33.120,973 82,246,899
Total
Total
$3,120,973 $2,248,899 $22.576.793 $19,933,164 $2,643,62913174,327,540 3141.212,969333,114,571
x Common stock authorized, 200,000 shares without par value; issued. -V. 117. P. 1564, 1357
'
177.410 shares, $2,121,405; less in treasury, 400 shares, $10,500.-V. 117,
-Depositaries for Subscriptions.
Shell Union Oil Corp.
D• 1247, 901.
for the new 2,000.000 shares of Common stock (without
Subscriptions
-To Retire Preferred. par value) at $10 a share (see V. 117, p. 1672) may also be made at the
Port Hope Sanitary Mfg. Co., Ltd.
The stockholders on Oct. 29 approved the recommendation of the directhe company's agent, the Bank of California, San Franicsco, as
tors that 3200.000 of Preferred stock be forthwith retired. The directors office of the office of the American Exchange National Bank, New York
well as at
will accordingly purchase stock to this amount in the open market. Pre- City, on or before Nov. 22.-V. 117, p. 1898.
ferred outstanding at present totals 3456.000 of an authorized issue of
3500,000.-V. 117, p. 1564•
-Definitive Bonds Ready.
(A. 0.) Smith Corp.
coupon bonds
Ills announced delivery at the
-Offers to Acquire Control of Pro- are now ready for that the 10-Year 1st Mtge.(Closed) 6;4%80 Broadway,
Prairie Oil 8c Gas Co.
Central Union Trust Co.,
ducers & Refiners Corp. Through Exchange of Stock.
N. Y. City, upon surrender of outstanding interim certificates. (For offer-V.117, p. 1245; V. 116, p.187
ing of bonds see V. 116, p. 2018.)-V. 117, p. 1673.
See Producers 8; Refiners Corp. below.
2004
THE CHRONICLE
Simms Petroleum Co.
-Earnings.
3 mos.end. 6 mos.end. 9 mos. end.
PeriodSept. 30'23. June 30'23. Sept. 30'23.
Net production (barrels)
2,034.181
883,257
2,917,438
Production revenue
$787,268 S2.468,466 $3,255,734
Tank car and miscellaneous income_ _
55,174
163.246
218,420
[voL. 117.
received the first payment amounting to $40,000. The balance is payable
over the next 3 years.
-V. 117, P. 1787.
Union Oil Co. of California.
-Earnings, &c.
-
The company's report for the nine months ended Sept. 30, dated at
Los Angeles Oct. 8, says in substance:
Profits.
-From all operations, less general expenses, taxes (incl. Income
charges, employees' share of profits and provident fund,
Gross income
$842,442 $2.631.712 $3,474,154 tax), interest *
Operating expenses & miscell. charges
959,881
451,792
1,411,673 were approximately:
Results for Nine
Dev.exp.(incl. productive drilling)-- •
1923.
1922.
412,420
115.640
528,060 Profit subject to Months ended Sept. 30depreciation. &c
Deprec.. deple'n (partly est.) and
$17,000.000 $17,000.000
Provision for depreciation and depletion
current lease abandonments
$4.650,000 $3,950,000
325,741
645,624
971,365 Prov. for labor
and incidental cost of new drilling- 5,150,000 3,800,000
Net after charges (subject to invenx Net profits for the nine months
$7,200,000 $9,250,000
tory adjustments)
def$50,731
$613.787
$563,056
x The sum of 31.789,000 representing inventory losses on the quantity
Pres. E. D. T. Moore says: "Inasmuch as many oil companies charge
cost of drilling productive wells to capital account, with a resulting corm- of refining crude and tops on hand Jan. 11923, resulting from the decline
in prices during the nine months, has been charged direct to surplus.
=tiern,gtiliac=siltliTOneaorfnIrs:hocownolads is ablec l de ilettn an
ailespe ta cr ee d t
odge a:
epre
c
However, the excess cost over the present market price of purchases of
avers
.
oil during the current year.has been charged against the nine months'
counting procedure of the company on this point.'
p. 562.
profits. Net profits were also affected by the large increase in the write-off
Sonora Phonograph Co., Inc.
-Receivership Vacated.
- for labor and incidental expenditures on new drilling and by increased
By consent of both parties to the controversy over the management of the depreciation charges.
Production of crude oil by the company and controlled companies corncompany, Judge Edwin L. Garvin in the U. S. District Court in Brooklyn
Oat. 26 rescinded his order of Oct. 20, appointing ex-Congressman John B. bled approximately 13.300.000 barrels, an increase over the same period
Johnston receiver in equity for the company. The Chairman of the execu- last year by 4,025,000 barrels. In August last the company brought in
tive committee and the President of the Sonora Company were quoted Its Callender No. I well in the Compton field which is now producing
1,400 barrels per day and which opens up a substantial area of territory.
as saying:
Sales for the nine months approximate $55,100,000, an Increase In
"It is gratifying that Judge Garvin acted RO promptly in vacating this
receivership. The prosperity of the company was never questioned even value of $11,000,000, or about 25%. The volume of crude and fuel oil
by the applicants, who applied to the Court without any notice to the com- business increased 154% and refined and lubricating business 22%.
Capital Expenditures approximate *16.500,000, consisting of the cost
pany or to any of its creditors. In fact, the company is now experiencing
the greatest prosperity in its history. Unfilled orders are over twice what of developing 149 wells drilled and in process of drilling and new concrete
they were a year ago, notwithstanding increased production, and the net and steel storage having an aggregate capacity of 10,000.000 barrels
During the nine months we also purchased two new tankers, having a
profit has never run so large.
"It is also gratifying that the plaintiffs who obtained the receiversalp carrying capacity of 120.000 barrels, and have made substantial expendirealized so promptly that their action was creating a false impression, not tures for the extension of our marketing facilities.
Current Assets, consisting of cash, U. S. Treasury certificates, accounts
only about the standing of the Sonora Phonograph Co.. but about the
and bills receivable, oil inventories and materials and supplies at Sept.
phonograph industry in general."
-V. 117, p. 189:1r.
30 1923, amounted to $44,000.000, about $1,000,000 less than at Dec.
311922. Current assets are over 5 to 1 of current liabilities.
South Penn Oil Co.
-New Vice-President.
Current Liabilities at Sept. 30 1923 approximate $8,000,000. a decrease
Frank J. Huffman has been elected a Vice-President, succeeding E. E.
of 32,000,000 from Dec. 311922. During the nine months there has been
Crocker of Pittsburgh.
-V.118,p. 1772.
an increase in bonded debt in the hands of the public of $6.797.000. Purchase money obligations increased $960,000 on account of purchase of
Standard Sanitary Mfg. Co.
-Purchases Plant.
The company,it is stated, has purchased the plant formerly owned by the new tankers, tank cars and additions to oil lands. The increase in bonded
Hall Steam Pump Co., Galveston Ave., Pittsburgh, Pa., and will use the debt is occasioned by the issuance of $7,500,000 Serial Gold bonds. Series
"B" (V. 116, p. 1661) which mature in equal installments April 1 1924,
building for a jobbing department.
-V.117, p. 1136.
1925 and 1926.
Suffolk Anthracite Collieries.
-Acquires New Property, onA Quarterly Dividend of $1 80 per share was declared on Oct. 8, payable
Oct. 27 to holders of record Oct. 10.
The company has acquired all of the property and assets of Archbald
[Signed by W. L. Stewart, Pres.; R. D. Matthews, Comp.]
Coal Co., located at Archbald, Pa. It is estimated that the acquisition
-V. 117. P;
will increase Suffolk Anthracite Collieries' reserve of marketable coal by /673.
approximately 3,000.000 tons, and that the company's daily output will
U. S. Hoffman Machinery Co.
-Earnings.be increased about 100%
.-V. 117, p. 217.
Nine Months Ended Sept. 3(/$3,5199822.4.12
1923.
Net sales
Pre.$3,720,587
Sutter Basin Co., Sacramento, Calif.
-Tenders.
Net income available for interest, debentures,
The Continental & Commercial Trust & Savings Bank. trustee, Chicago,
miums,amortization of patents & Federal taxes.. 940,066
797.188
Ill., will, until Nov. 8. receive bids for the sale to it of Land Mortgage
1.5-Year Sinking Fund 6% Gold Bonds to an amount sufficient to exhaust -V. 117, p. 1249.
$32,426, at a price not exceeding 107 and interest.
-V. 114. p. 2478.
United States Steel Corporation.
-Extra Dividend of
-4 117,
. .
.
Tide Water Oil Co.
-Complaint Dismissed.
-
The Federal Trade Commission has dismissed without prejudice its complaint of unfair competition against this company and the Tide Water Oil
Sales Corp. The first concern is a producer and distributor of petroleum
products, while the second acts as a selling agent for a large portion of such
products.
-V. 117. p. 667.
-An extra dividend of
h of 1%-Quarterly Statement Issued.
3i of 1% has been declared on the outstanding $508,302,500
Common stock, par $100, in addition to the usual quarterly
dividend of 134%, both payable Dec.29 to holders of record
Nov. 28. The regular quarterly dividend of WI% on the
Tobacco Products Co.
-Stockholders to Approve Contract $360,281,100 7% Cumul. Pref. stock, par $100, has also
for Lease &c., of Property to American Tobacco Co.
-The been declared, payable Nov. 28 to holders of record Nov. 3,
stockholders will vote Nov. 15 on approving the proposed
Cash Dividends Paid on Common Stock Since 1908.
'09. '10. '11-'13. '14. '15. '16. '17. '18. '19.'20-'22. x'23,
contract, signed by the President of the American Tobacco
Regular
2M 5M 5 yrly. 4M, 0 5 5 5 5 5 yrly. 5
Co.and by the President of this company,outlined as follows: Extra __
- 2 11M 11
- ___
1
The contract provides, among other things, for the following: (a) The
lease and llcense for a period of 99 years. beginning Nov. 1 1923, for the
United States of America (including Alaska and the Hawaiian Islands but
excluding Porto Rico, the Panama Canal Zone and the Philippine Islands)
of all the brands of cigarettes and smoking and chewing tobaccos owned by
this company and its subsidiaries (M. Meiachrino & Co.,
chinasi
Bros., Inc.. Falk Tobacco Co. Inc., The Surbrug Co., Nestor
•
Inc.,,Gianacils
Co.,'the likedivial Co., Prudential Tobacco Co., Inc., and John J. Bagley
& Co.) and tha business in connection therewith, together
with the goodwill
thereof recipes, processes and formulae.
(b) The sale by this company to The American Tobacco Co. of substantially all the tangible manufacturing assets of this Company and its subsidiaries, at substantially the book value thereof as of Nov. 1 1923.
(c) Payment by the American Tobacco Co. to this company,for the said
lease and license, of $2,500,000, for each year of the 99
-year term, in equal
monthly installments, vrith the privilege to the American Tobacco Co. to
commute at any time the monthly payments to become due from it to this
company for said lease and license of the brands, by payment in cash to this
company or its nominee, of a sum which. computing a return thereon at the
rate of'7% per annum, would purchase and so represent the then present
value of an annuity (payable in equal monthly installments) of $2,500.000,
for the then remaining balance of the said 99
-year term.
(d) Payment by the American Tobacco Co. to this company for the
tangible manufacturing assets at substantially the book value thereof,
which it Is expected will aggregate over $11,000,000. Of this sum.$4,000,000 is to be paid within four days after ratification of the contract by the
stockholders of this company, and the balance will be paid in monthly
Installments.
(e) The assumption by the American Tobacco Co.of contracts and leases
relating to the said brands and assets listed in the contract.
This contract will in no wise affect the ownership by this company of the
stock of the following corporations, which it will continue to hold: United
Cigar Stores Co. of America, Tobacco Products Export Corp., Stephano
Brothers and United Retail Stores Corporation.
It is the intention of the directors, when and after the contract shall have
become binding:"(a) Pursuant to the terms of the said contract and also in
accordance with the terms of the trust agreement made by Tobacco Products Corp. to the Guaranty Trust Co., New York as trustee, providing
for the issue of $4,000.000 10
-Year Sinning Fund 7% Gold Notes, dated
Dec. 15 1921, to pay and redeem all of the outstanding notes issued under
the said trust agreement; and (b) either at ono time or from time to time,
to call for redemption or otherwise acquire, the outstanding 7% Cumulative
Preferred Stock of this company." V. 117, p. 1899. 1358.
-
Tobacco Products Export Corp.
-Chairman.
-
Thomas B. Yuille, Chairman of the Tobacco Products Corp., has been
elected Chairman of the Board.
-V.113, p.738,
Truscon Steel Co.
-Sales.
Silos to Oct. 23 1923, it is reported, amounted to $17,279,000, against
$13,322,729 for the full year of 1922.-V. 117, p. 1472, 449.
Underwood Typewriter Co.
-Earnings.
Income Account for Three and Nine Months Ended Sept. 30.
1923-3 Mos.-1922. 1923-9 Mos.-1922.
$488,399 $264,690 $2,045,428 $1,088,980
56,769
253,208
156.900
122,255
Net earnings
Other net income
Gross income
Depreciation
$545,168 $386,945 $2,202,328 $1.342,187
56,700
150.345
192.301
44,952
Net profits subj.to Fed. tax$488.468 $311.993 $2,010,027 $1,191,842
-v. 117. P. 679, 98.
-Dividend.
Union Copper Land & Mining Co.
The dividend of 50 cents which is payable Dec. 1 to holders of record
Oct. 25 is the result or a sale or 325 acres of the company's land holdings
at $500 per acre. The sale will net the company approximately $160.000,
or $2 a share on the 80,000 shares outstanding. The company recently
x Including --------------------------- 29.
The financial statement of the corporation and subsidiary
companies for the quarter ending Sept. 30 1923 will be found
-V. 117, p. 1899.
under "Financial Reports" above.
Universal Pipe 8c Radiator Co.
-Certificates Ready.
Flee Iron Products Corp. above.
-V. 116, p.
1661.
West Point Manufacturing Co.
-Merger Approved.
The stockholders of the West Point Manufacturing Co. and the Lanett
Cotton Mills on Oct. 29 voted to consolidate the two companies.
The West Point Manufacturing Co. comprises four mills, viz.: the Langdale, Shavrmut, Fairfax and Riverdale, equipped for the manufacture of
ducks,crashes and towels; also two hydro
-electric power plants,a utilization
plant for the handling of waste, and a railroad, on which all the mills are
located, and which connects with three trunk line railroads, thus affording
excellent shipping facilities.
The Lanett Cotton Mills is a large single unit adjoining these properties,
equipped for the manufacture of drills, twills, sateens and shootings, and
rdies upon the West Point Manufacturing Co.for power and transportatioo.
The capital stock of the West Point Manufacturing Co. is $5.000,000,
and, at the closing of their accounts on April 30, their investment in mills,
hydro-electric plants, villages, and railroad, was nearly $10,000,000, and
their quick assets over all liabilities were $2,750,000.
The capital stock of the Lanett Cotton Mills is 82,000,000. and, at the
closing of their accounts on Feb. 28, their investment in mill and village
was $3,315,000, and their quick assets over all liabilities were $1.500,000.
The capital stock of the consolidated corporation, to be known as the West
Paint Manufacturing Co., will be 37,200,000 (Par $100). of which 22,000
shares are to be issued to the Lanett stockholders, in exchange for the
20,000 shares of Lanett Cotton Mills now outstanding, which is on the basis
of 11 shares of West Point Manufacturing Co.,as consolidated,for 10 shares
of Lanett Cotton Mills stock.
The effect of this consolidation will be that the West Point Manufacturing
Co., as consolidated, will be capitalized for $7,200,000. It will have assets
in land, buildings, machinery and power plants of over $13,000,000, and
quick assets over all liabilities of 34,250,000. It is expected that a dividend
will be paid by the consolidated corporation on Jan. 1 next, and that dividends will be paid quarterly thereafter.
Both companies are under the same operative management; the cotton is
purchased through the department organized for this purpose; the supplies
are bought through one purchasing agent, and the bringing together of the
two corporations under one unified control, it Is stated, will result in economies in management,increased efficiency, and will remove permanently the
difficult problem of dividing the expenses equitably.
-V. 117. P. 1358.
Westinghouse Electric & Mfg. Co.
-Bookings, &c.
-
Quarter Ending Sept. 301923.
Bookings (approximate)
$41,940,000 $37,453
19 2..227
2
Billings (approximate)
38,619,500 30,291,800
The Long Island RR. has placed a contract involving, it is stated. approximately $600,000 with the company for the delivery of electrical equipment for 60 new passenger cars -V. 117, p. 1673, 1472.
Wolverine Petroleum Corp., St. Louis, Mo.-New
Name, &c.
Because of considerable confusion having resulted from the fact that there
have been three companies doing business in Oklahoma under the name of
Central Petroleum Co., it was thought advisable to change the name of
the Central Petroleum Co. to Wolverine Petroleum Corp. There has
been no reorganization of the company, but merely a change in the corporate name, the number of shares and their par value remaining the same.
In view of tne change in the name of the company, new stock certificates
are being prepared and stockholders are requested to forward their certificates to the Bankers Trust Co., 16 Wall St., N. Y. City, to be exchanged
for certificates of the same number of shares of the same par value in the
same company, but issued in its new name-Wolverine Petroleum Corp
For other Investment News, see page 2010.
Nov. 3 1923.]
THE CHRONICLE
2005
Pyres anti Prrannents.
THE FAJARDO SUGAR COMPANY OF PORTO RICO
ANNUAL REPORT TO THE STOCKHOLDERS FOR 1923.
To the Stockholders of The Fajardo Sugar Company of Porto Rico:
The Board of Directors hereby begs to submit its fifth
annual report of The Fajardo Sugar Company of Porto Rico.
The grinding season commenced January 9 1923,and ended
May 12 1923, covering a period of 121 working days. The
total cane ground amounted to 269,794 tons, and the sugar
yield was 12.06%, making the factory output 32,287 tons of
sugar (208,300 bags of 310 lbs. each), and 1,406;852 gallons
of molasses. The crop was somewhat affected by drought,
and for this reason was shorter than the previous one.
There is every reason to expect a much larger crop in 1924,
not less than 10% above the 1923 crop.
Attached will be found consolidated balance sheet and
statement of Profit and Loss, duly certified by Public
Accountants.
For the Directors,
JAMES BLISS COOMBS, President.
THE FAJARDO SUGAR COMPANY OF PORTO RICO
AND ASSOCIATED ORGANIZATIONS.
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR
THE YEAR ENDED JULY 31 1923.
Sugar Produced
$4,297,334 57
Molassed Produced
27,546 78
Miscellaneous Income
231,297 24
$4,556,178 59
Less
-Expenses of Producing, Manufacturing, Selling, etc
3,214,354 45
Profit before charging Depreciation, Interest
and Income Taxes
$1,341,824 14
Provision for Depreciation
$203,630 70
Interest Paid
18,043 66
221,674 36
Net Profit for the year before providing for
Income Taxes
$1,120,149 78
Resident Partners
STAGG, MATHER Sr CO.
Public Accountants
123 Liberty Street
New York City.
Telephone Rector 3290
C..Mather
3.E
H.Sta
R. Ives
R. H. Leamy
Havana, Cuba
Newark, N. J.
Akron, Ohio
European Firm
Ives, Stagg & Mather
Fans
October 18 1923.
To the President and Directors of
The Fajardo Sugar Company of Porto Rico:
We have examined the books and accounts of The Fajardo
Sugar Company of Porto Rico and its Associated Organizations for the year ended July 31 1923, and find that the annexed Consolidated Balance Sheet and relative Consolidated
Profit and Loss Account for the period have been correctly
prepared therefrom.
The Miscellaneous Investment is stated at cost and consists of stock of a corporation not managed or controlled by
your Companies. There is no published quotation and we
have no information as to its market value.
The Account Receivable not current, carried in the Balance
Sheet at $135,575 81, represents amounts receivable in connection with transactions with a debtor whose affairs are in a
receiver's hands. This account is now in process of adjustment, and no reserve has been provided as it is believed by
the officials that eventually no loss will be sustained thereon.
The Reserve for Income and Profits Taxes is based on the
returns filed up to and including the year ended July 31 1922.
The Surplus shown includes the Capital Stock and Surplus
of The Fajardo Sugar Growers Association, the stock of which
is held in trust by the Greenwich Trust Company for the benefit of the stockholders of The Fajardo Sugar Company of
Porto Rico.
Subject to the foregoing and to such adjustments, if any,
as may be made on final review of the Companies' Income
Tax Matters we certify that, in our opinion, the annexed
Consolidated'Balance Sheet is properly drawn up so as to
show the true financial position of the Companies at July 31
1923, and that the relative Consolidated Profit and Loss
Account correctly shows the result of operations for the year.
STAGG, MATHER & CO.
CONSOLIDATED BALANCE SHEET JULY 31 1923.
ASSETS.
Property and Plant
$4,330,083 72
-Less--Reserve for Depreciation 1,069,892 17
$3,260,191 55
Work Animals, Live Stock and Equipment
(Less Reserve for Depreciation)
600,780 57
Investments:
United States and Insular Government Securities, at market
$1,422,137 50
First Mortgage Bonds
430,200 00
Miscellaneous Investment_ _
100,000 00
1,952,337 50
Current Assets and Growing Cane:
Planted and Growing Cane__ _ $560,121.
12
Materials and Supplies
251,572 97
Mortgages and Agricultural
Loans (Less Reserve)
191,774 21
Planters
Accounts (Less Reserve)
208,108 12
Miscellaneous Accounts and
Bills Receivable (Less Reserve)
114,694 56
Raw Sugar on Hand, at Net
Prices Subsequently Realized 1,117,639 52
Molasses on Hand, do
27,576 71
Cash in Banks and on Hand
551,673 68
3,023,160 89
Accounts Receivable-Not Current
135,575 81
Deferred Charges to Operations:
Prepaid Insurance, Taxes, Rents, etc
31,022 34
LIABILITIES.
Capital Stock:
Authorized:
Common-70,000 shares of $100 each.
do
7% Preferred-15,000,
Issued-57,601 shares of Common Stock of
$5,760,100 00
$100 each
The Fajardo Development Company-Out1,000 00
standing Stock
Current Liabilities:
-Credit
Planters' Accounts
Balances for Cane Delivered $30,283 97
Sundry Accounts Payable_ _ __ 130,860 98
452,751 16
L. W. and P. Armstrong
Dividend Declared, Payable
431,992 50
Aug. 1 1923
Reserve for Income and Profits
32,403 94
Taxes-------------------1,078,292 55
Reserves:
For anticipated increased Cost
$330,498 46
of Replacements
For Insurance and Contingen100,000 00
cies
430,498 46
Surplus:
Balance, August 1 1922
$1,661,127 70
Add-Profit for the year
ended July 311923, before
providing for Income Taxes (per annexed account)._ 1,120,149 78
$2,781,277 48
Less-Dividends
declared
$719,978 75
Payments in respect
years'inof prior
come taxes
328,121 08
1,048,099 83
$9,003,068 66
1,733,177 65
$9,003,068 66
THE CHRONICLE
[VOL. 117.
GENERAL REFRACTORIES COMPANY
(An operating and a holding company organized under the laws of Pennsylvania)
ABSTRACT OF OFFICIAL STATEMENT TO NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE
LISTING OF ITS FIRST MORTGAGE SIX PER CENT SINKING FUND BONDS, SERIES "A," DUE
AUGUST 1 1952.
which date the $5,000,000 par value of Common Stock was
Philadelphia, Pa., October 17 1923.
exchanged, share for share, for $5,000,000 par value of
HISTORY AND ORGANIZATION.
The General Refractories Company was incorporated Common Stock of the former Pennsylvania corporation
October 24 1922 under the laws of the State of Pennsylvania, which was incorporated May 25 1921.
The authorized Capital Stock of the Company at date of
and was formed by consolidation and merger of the followincorporation, October 24 1922, was 180,000 shares no par
ing companies:
value, and was issued in exchange for 60,000 shares Capital
General Refractories Company,incorporated May 25 1921 Stock (the entire authorized and outstanding issue) of the
under the laws of the State of Pennsylvania with an author- General Refractories Company (incorporated May 25 1921),
ized capital of $5,000 (50 shares of $100 each), and subse- each of $100 par value, on the basis of three shares of the
quently increased up to date of consolidation and merger present Company for each one share of the former Company.
On
to an authorized and outstanding issue of$6,000,000 (par and July 7th an additional 45,000 shares were authorized,
subsequently, on July 19 1923, were sold for cash, the
value of shares $100 each).
proceeds thereof being used for the acquisition of all of the
Hayes Run Fire Brick Company, incorporated March 10 outstanding Capital Stock of the American Refractories
1903 under the laws of the State of Pennsylvania with an Company, making a total capital authorized and issued to
authorized capital of $10,000 (200 shares of $50 each), and date of 225,000 shares of no par value. All of said stock
subsequently increased up to date of consolidation and is full paid, non-assessable, and no personal liability attaches
to stockholders. Duration of charter perpetual.
merger to an authorized issue of $600,000, of which $300,000
The Company has fifteen plants, as hereinafter described,
thereof had been issued (par value of shares $50 each).
with a capacity of 320,000,000 refractory brick per annum.
Pennsylvania Fire Brick Company, incorporated Novem- Refractory brick constitute the chief material of which furber 16 1900 under the laws of the State of Pennsylvania with naces, stacks and retaining vessels used in the manufacture
an authorized capital of $180,000(1,800 shares at $100 each), of iron and steel, and the refining of copper, are made. In
addition to blast furnaces, Bessemer converters and openand subsequently increased up to date of consolidation and hearth furnaces in
the iron and steel industries, refractory
merger to an authorized and outstanding issue of $500,000 brick are also required for the construction of by-product
(par value of shares $100 each).
coke ovens; in the non-ferrous metallurgical industries for
.
The Company has also acquired all of the Capital Stock furnaces used in the smelting and refining of zinc, lead and
copper; in the secondary iron and steel industries, including
of the following companies:
the production of
Standard Refractories Company, incorporated July 25 struction of retortsmalleable and foundry iron; for the conused in gas manufacture, and in the pot1913 under the laws of the State of Pennsylvania with an tery, lime, cement and glass manufacturing industries and
authorized capital of $125,000 (1,250 shares at $100 each), oil refineries. The three principal kinds of refractory brick
and subsequently increased up to date of acquisition to are magnesite, silica and fire clay. The source of supply of
$500,000 divided into $200,000 par value of Common Stock the raw materials used in the manufacture of silica and fire(shares $100 each) and all thereof issued and $84,000 par clay brick is secured through lands owned in fee or through
mineral rights, and is sufficient to meet the
value Preferred Stock issued of a total of $300,000 par value of the Company for approximately eighty years.requirements
The source
(par value of shares $100 each). This Company was ac- of supply of magnesite is controlled through contract; the
quired during October 1922.
only known magnesite deposit in the United States suitable
American Refractories Company,incorporated January 13 for refractory purposes is in the State of Washington, and a
1906 under the laws of the State of West Virginia with an large part of the output of this deposit is purchased by the
authorized capital of $150,000 (1,500 shares at $100 each), General Refractories Company and its largest competitor.
The balance of the magnesite used in this industry is imand subsequently increased to an authorized issue of $2,000,- ported from Austria under favorable contract arrangements
000 consisting of an authorized issue of $500,000 par value by the principal refractories companies in this country.
of Preferred, of which $250,000 par value thereof was issued, The labor situation is particularly satisfactory in this indusand $1,500,000 par value of Common, of which $1,302,800 try, due to the fact that its specialized labor is such that at
par value thereof had been issued (par value of shares $100 many of the Company's plants three generations of the same
families are employed. Most of the plants are located in
each). This Company was acquired on May 3 1923.
small communities, and healthy living conditions exist.
The General Refractories Company (incorporated May 25 The bulk of the demand for the various products of the Com1921) was the successor corporation to the General Refrac- pany is for replacement purposes. In the production of
tories Company, incorporated July 7 1911 under the laws of finished ingots the cost of the firebrick used bears an almost
the State of West Virginia with an authorized capital of infinitesimal percentage to the total cost of production,
and the demand
always been
$150,000 (1,500 shares at $100 each), and subsequently in- for the highest of the steel manufacturers has brick rather
possible quality of refractory
creased up to date of October 24 1922 to $5,000,000, as of than for the lowest possible cost therefor.
SCHEDULE OF CASH DIVIDENDS BY PREDECESSOR AND SUBSIDIARY COMPANIES.
(1) General
(3) Hayes Run
(2) Pennsylvania
(4) General (3),(5) American
(3) Standard
Fire Brick
Refractories
Fire Brick
Refractories
Refractories
Refractories
Co. (of W. Va.)
Co.
Co.
Co.
Co.(of Penna.)
Co.
1912
$40,000 00
$44.979 00
$4,875 00
$60,000 00
1913
35.000 00
125.068 00
13.840 50
66,128 23
1914
30,000 00
55,263 00
13,850 50
85,083 50
1915
30.000 00
92.247 50
21,376 75
85,091 00
i7.422 00
1916
60,000 00
189.096 00
44,994 75
113,144 87
7,500 00
1917
187,500 00
625,000 00
150,000 00
102,182 00
27.500 00
1918
625,000 00
84,000 00
40,000 00
225,948 00
44.087 50
1919
300,000 00
30,000 00
25.500 00
199,892 00
32.000 00
1920
55,000 00
300,000 00
36,000 00
121,724 00
36,000 00
1921
344,850 00
18,000 00
52,500 00
121,724 00
641 88
to Oct. 31
1922
9.000 00
218,900 00
275.025 00
91.293 00
40,382 90
1922 Nov. 1 to Dec. 31
30,431 00
1923 to Oct. 15
$630,000 00
30,431 00
Totals
$776,900 00
$2.976.526 50
$421.437 50
$630,000 00
81.333,072 60
$195,534 28
) In addition to the above cash dividends, a stock dividend of 50%. $1,250,000 was paid during 1921.
2) In addition to the above cash dividends. a stock dividend of 100%, $250,000, was paid in 1920.
) The figures shown above for Hayes Run Fire Brick Company, the Standard Refractories Company and American Refractories Company include
dividends on Preferred Stock.
(4) Includes a dividend at the rate of $1 per share (225,000 shares of no par value). declared September 29, 1923, and paid October 15, 1923.
(5) First quarter of 1923 only.
r3
DESCRIPTION OF PROPERTIES.
The various properties of the Company are given herein.
The Company owns or has under lease fire-clay and ganister
properties totaling over 20,400 acres, assuring ample supply
of raw materials. All of the mineral acreage shown hereinafter as owned in fee or under lease has been thoroughly
surveyed and proven by actual mining or quarrying operations, or diamond drills, enabling the Company thereby to
determine the quantity and quality of minerals. 95% of
the leased acreage is covered by leases which are terminable
at the option of the Company.
The acreage referred to as owned in fee, and as under
lease, is as follows:
Nov. 3 1923.1
THE CHRONICLE
Otonerl--Surface Surface Mineral —Under Lease—
& Mineral Only
Only
Clay Oanister
State—
County.
Acres. Acres. Acres. Acres. Acres.
Pennsylvania
BlaIr
475
Bedford
1,202
52
1,646
Clearfield
1.812
Centre
715
3,358
Clinton
953
Huntingdon 1.683
-ffs§
327
York
Total Pennsylvania
7.001
754 5.170
Kentucky
Carter_ - _- 2,343
247
1,087
Rowan
352
_
2,933
Total Kentucky
2.695
247 4.020
Wisconsin
Sauk—Total
416
10
Illinois
Vermillion
45
____
Will
61
Total Illinois
106
--===
*Missouri
Gasconade
Total—High aluminous clay_ 489,900 net tons
184,200 net tons
Maryland
Baltimore—Total 25
Total owned
15.264 acres
Total leased
5,180 acres
*Missouri "high aluminous clay," pits are shown above by tonnage, not
acreage; the estimated tonnage being determined by test hole and core
drilling.
Name of Plant.
Pennsylvania:
Mt. Union
Claysburg
Sproul
Sandy Ridge
West Decatur
Location.
Number
Mt. Union
Claysburg
Sproul
Sandy Ridge
1
1
1
1
West Decatur
Karthaus
Karthaus
Mill Hall
Mill Hall
Beech Creek
Beech Creek
Orviston
Orviston
Maryland—Baltimore..,._Baltimore
Illinois:
Danville
Danville
Jollet
Joliet
Rockdale
Joliet
Kentucky:
Olive Hill
Olive Hill
Hutchins
Hitchins
Total
1
2007
In connection with the Company's mining operations, it
maintains plants at various locations equipped with the
necessary incline planes, machinery, hoists, mining equipment, scales, pumps, motors and sundry machinery and
appliances. Also additional equipment consisting of: 82
miles industrial track, inside and outside of plant, not
including railroad sidings; 173 miles railroad sidings; 20
4
steam locomotives, 4 electric locomotives; 5,383 industrial
railway cars.
The following is a list of manufacturing plants of the
.
Company, all equipped with modern equipment, located in
Pennsylvania, Kentucky, Illinois and Maryland, speedymg
the number of plants at each location, number of employees,
-in, equivalent,
number of kilns, daily capacity per thousand 9
and an explanation showing the general character of the
plants. Most of the plants are located adjacent to mining
operations, and the list of employees as shown at a number
of points, include both miners and those engaged in the
manufacture of brick. The number of kilns to a plant does
not indicate capacity, as individual kilns range anywhere
from 30,000 to 150,000 capacity of brick per kiln.
Number
Employees.
Character of Plants.
Brick, steel, concrete. fireproof
Brick, steel, concrete, fireproof
Brick, steel, concrete, fireproof
Brick walls, wood trusses,composition roof,
semi-fireproof
Brick, steel, concrete, wood machine room,
semi-fireproof
Brick walls, slate roof, semi-fireproof
Brick walls,composition roof,semi-fireproof
Frame construction,slate roof.semi-fireproof
Brick, steel, asbestos roof, semi-fireproof
Brick, steel, concrete, fireproof
287
315
270
105
Number
Kilns.
23
20
22
17
Daily .
Capacity
95,000
140.000
105,000
40,000
143
21
60,000
95
35
174
95
105
12
10
16
20
8
35,000
35,000
55,000
65,000
25,000
1
Brick, steel, concrete, fireproof
1
Brick, steel, concrete. fireproof
1 Brick walls, composition roof, semi-fireproof
120
242
290
11
16
22
55,000
90,000
95.000
1
1
304
205
28
16
105,000
70.000
2,785
260
1,070.000
1
1
1
1
1
Brick, steel, concrete, fireproof
Concrete, steel, brick, fireproof
15
CONSOLIDATED PROFIT AND LOSS ACCOUNT OF GENERAL REFRACTORIES COMPANY. HAYES RUN FIRE BRICK COMPANY
PENNSYLVANIA FIRE BRICK COMPANY, STANDARD REFRACTORIES COMPANY FOR THE TEN YEARS ENDED
DECEMBER 31 1921.
1916.
1913.
1915.
1914.
1912.
Sales, net of returns, allowances. Stc
$1.757,813 15 $2.416,571 35 $2.058,883 78 $2,079.722 54 $4,373,853 44
Cost of sales, exclusive of depreciation and depletion
1.724,890 10 1.519.721 68 2.859,848 71
1,394,089 22 1.923.211 77
Gross profits before allowances for depreciation and depletion
$560,000 86 $1.514.004 73
$333.993 68
8493.359 58
$363,723 93
Selling, administrative and general expenses
323.984 59
156.704 72
140.55837
143.225 45
113.317 09
8403.296 14 81.190,020 14
$193.435 31
$350.134 13
$250,406 84
Other income:
Interest
$4.440 47
$3,177 95
$1,929 31
$3,445 75
$1,361 77
Rents, net
10,771 91
8,22490
6.906 31
12,235 16
8,794 96
Commissions, arc
4,04260
5.063 01
3.309 88
4.839 96'
4.180 03
Royalties
Miscellaneous
788 62
641 88
402 82
269 04
154 83
$20,043 60
$15,859 10
820,522 11
314.491 59
$14.064 76
- Profits or loss before allowances for depreciation, depletion,
extraordinary items, interest and Federal taxes
$365,993 23
$264.898 43
8417.360 90 $1.210,063 74
$213,95742
Depreciation, as charged by the companies
8150.491 07
$40,148 62
$59,683 57
$65,568 13
$4.422 53
Depletion, as charged by the companies
4.174 11
10,019 54
2,000 00
2,700 00
1,80000
$154.665 18
$69,703 11
$42.148 62
86.222 93
868,268 13
Profits or loss before allowances for extraordinary items, interest
and Federal taxes
$195,195 32
$207.734 89
$323,844 61
$349.092 77 $1.055,398 56
Extraordinary items:
Prospecting, engineering, 8tc
$5,015 98
$3.415 93
$5,802 36
$11.345 42
$14,635 85
Amortization of war facilities and improvements
Fire losses
100.000 00
30.000 00
$33.415 93
Profits or loss before all allowances for interest and Federal taxes.. $161.77939
Interest on bonded debt
$52,80773
Interest on floating debt
15.233 32
868.041 05
Profits or loss before Federal Income and Profits taxes
$93.738 34
Federal Income and Profits taxes
1.45498
Net profits or loss
$92,28336
$11,34542
8312.499 19
$48,116 49
13.408 80
$61.52529
$250.973 90
4.24301
$246.730 89
1918.
1917.
Sales, net of returns, allowances, ,kc
$9,805,877 39 $10,773.724 06
Cost of sales, exclusive of depreciation and depletion
5.643.593 37 7,049.546 65
Gross profits before allowances for depreciation and depletion_ _84.162.284 02 $3,724,177 41
Selling, administrative and general expenses
432.928 78
355.991 15
$3.806.29287 83.291.248 63
Other income:
Interest
net
1li
$ :n
Commissions, Scc
8,19788
6,84899
Royalties
Miscellaneous
1.465 02
2,297 23
$44,399 28
824,626 80
Profits or loss before allowances for depreciation, depletion,
extraordinary items, interest and Federal taxes
Depreciation, as charged by the companies
$ 2 491 61
36
4
$ 998 6 91
,
63 245319 67 "34, 796
Depletion, as charged by the companies
67.30442
31,044 20
8491,796 08
8276.881 11
Profits or loss before allowances for extraordinary items, Interest
and Federal taxes
$3.554,038 56 $2,843,851 83
Extraordinary items:
Prospecting, engineering, &c
$2 56 0
1 1 86 2
3 51 1
811.094 56
Amortization of war facilities and improvements
Fire losses
000 00
200
$163.147 26
8211,094 56
Profits or loss before allowances for interest and Federal taxes_ __ 33,342.944 00 82.680.704 57
Interest on bonded debt
$lusg r
$10t,B ig
Interest on floating debt
9t:I6it3Rens,
7
Profits or loss before Federal Income and Profits taxes
Federal Income and Profits taxes
Net profits or loss
8108.495 71
$117.674 41
$3,225.269 59 $2,572.208 86
1.175.578 63 1.050.574 84
$2.049.690 96 81,521.634 02
Subject to allowances for additional Federal Income and Profits taxes, if any.
$5.80236
$201.932 53
$42,831 45
18,611 69
$61.443 14
$140,489 39
2.10599
8138,383 40
$14.63585
$334,45692
$33,828 46
19,575 00
$53,403 46
$281,053 46
4.49433
$276,559 13
5105.015 98
$950.382 58
$67,527 74
43.725 27
$111,253 01
$839.129 57
20.776 39
8818,353 18
1921.
1920.
1919.
$6,433,537 39 $9,606,063 45 $4,069.906 60
4.70S 166 37
3oFt 4138 13 3.756.176 75
8313,729 85
$1.03o,281 02 $2,401,14o 32
429,047 34
486.723 30
401.720 02
$115,317 49
$1.233,661 00 31.720,402 02
$14.263 68
21.831 85
6,46848
1,28090
469 86
844,314 77
$23,901 60
28,948 58
2,264 08
104 90
225 22
355,444 38
31,292,756 65 $1.764.716 79
$429,923 73
$318,193 73
25.273 12
30.036 89
$455.196 85
8348,230 62
$59,873 11
$322,884 00
14.843 29
$337,727 29
$16,599 22
29,916 15
10,748 67
1.831 61
859,095 65
$944,526 03 81,309.519 94
$52,722 24
$397,60040 .
837.884 24
$23.551 53
$52.722 24
$37.884 24
8891,803 79 81.271.635 70
877,040 00
877.208 31
15.79863
72,886 83
$92,838 63
8150.095 14
$798.965 16 81,121.540 56
121.235 64
224,518 29
$677.729 52
$897.022 27
823,551 53
$421,151 93
$71.132 89
20,29449
$91.427 38
$512,57931
$512,579 SI
[VOL. 117.
THE CHRONICLE
2008
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31 1921.
ASSETS.
Current:
$440,584 66
Cash in banks and on hand
15,900 17
Bills receivable,considered good
Accounts receivable, net of reserve for
372,625 76
doubtful accounts
Inventories at cost:
Bricks finished and in pro$1.083,872 86
cess
324.983 95
Materials and supplies
1,408,856 81
345,217 80
Obligations of the United States
4,609 96
Accrued interest and rentals
2,881 65
Cash surrender value oflife insurance policies
Loans and advances:
General Magnesite Company
Officers, employees. &c
$10,806 38
17,965 21
Investments at ledger values:
$4.000 Mansfield Sheet & Tin Plate Company First Mortgage 8s
60,000 General Magnesite Company stock-25,000 Universal Arch Company stock
1,000 Refractories Machinery Company
stock
3.000 Standard Public Service Company
stock
Mortgage on employees' houses
$2,590,676 81
1,000 00
1,500 00
7,258 72
$214 77
33,541 87
31,542 70
23,632 70
29,567 98
Dividend on Preferred Stock of Standard Refractories Company,payable Jan.1 1922-Employees'deposits on United States Liberty
Loan Bonds
Prepaid water rents
Accrued accounts:
Wages
$38,028 23
Taxes
9,055 82
Interest on bonds
17,415 00
Accounts payable
954 01
28,771 59
$3.800 00
39,139 10
25,198 32
Claims for refund of Federal taxes overpaid
Deferred accounts:
Accrued interest on loans and advances
Unamortized discount on bonds
Royalties paid in advance
Prepaid insurance premiums, taxes. Stc
Unabsorbed cost of railroad sidings
LIABILITIES.
Current:
Accounts payable:
Vendors
$66,415 54
Alien income taxes of employees
212 28
77,896 14
323.651 86
$66.627 82
840 00
840 00
288 75
65.453 06
$134,049 63
Bonded indebtedness:
General Refractories Company
First Mortgage 6% Serial
Gold Bonds, $25,000 due
April 1 and Oct. 1 each year
to 1936$725,000 00
Standard Refractories Company First Mortgage 8%
Ten-Year Sinking Fund Gold
Bonds, due 1929
416.000 00
Contingent liabilities:
As accommodation endorser on
notes
1.141,00000
$55,700 00
$127504963
Caital and
outstanding:
urplu:8aitaiS:ous
RfractcesMmany Common-34,500,000 00
Pennsylvania Fire Brick Company Common
500.000 00
Hayes Run Fire Brick Company,Common 300,000 00
Standard Refractories Company Preferred
$42.000 00
Standard Refractories Company Common
200,000 00
242,000 00
118,50002
Plant accounts based on 50% of appraised
values at April 30 1922, determined by
Messrs. Freyn. Brassert & Company, and
Appraisal Corporation of New York:
$1,052,844 00
Plant sites and buildings
551,395 00
Dwellings
Machinery and equipment (including power
lanis)2,059.55350
2,700.574 00
na and yards
6,480,211 17
Mineral lands
26,054 52
Leaseholds and miscellaneous
12.870.632 19
250,000 00
Goodwill, General Refractories Company
Sinking fUnd, Standard Refractories Company, cash for re567 9S
demption a bonds
$16,260,696 59
$5,542,000 00
Surplus:
Surplus earned
$912.237 54
Arising from revaluation of
capital assets
8,531,409 42
9.443.646 96
14,985,64696
$16,260.696 59
any.
Subject to allowance for additional Federal Income and Profits taxes, if
PROFIT AND LOSS ACCOUNT
CONSOLIDATED SURPLUS ACCOUNT FOR THE TEN YEARS
GENERAL REFRACTORIES COMPANY (WEST VIRGINIA)
ENDED DECEMBER 31 1921.
PENNSYLVANIA FIRE BRICK COMPANY
$71.035 63
Balance January 1 1912
HAYES RUN FIRE BRICK COMPANY AND
Deduct: Federal taxes of Pennsylvania Fire Brick Co. for
STANDARD REFRACTORIES COMPANY
632 39
prior years
CONSOLIDATED FOR THE PERIOD FROM JANUARY 1
$70.403 24
TO AS OF SEPTEMBER 30 1922, AND OF
Adjusted balance January 1 1912
THE GENERAL REFRACTORIES COMPANY (PENNSYLVANIA)
Net profits or loss for the ten years ended Dec. 31 as annexed:
FOR THE PERIOD FROM OCTOBER 1 TO DECEMBER 311922.
$92.283 36
1912
246,730 89
$5,508,320 85
1913
Sales, net of returns, allowances, &c
5.045.38544
Cost of sales
138.383 40
1914
276.559 13
1915
$462,935 41
Gross profit
818,353 18
1916
357,205 87
Selling, general and administrative expenses
2.049,69096
1917
$105,729 54
1,521.634 02
1918
49.763 53
Other income 677.729 52
1919
897,022 27
1920
Profit before extraordinary items, interest and Federal
$155,493 07
taxes
512,579 31
1921
6,205,80742 Extraordinary expenses
30,466 28
36.276,21066
Deduct:
Reduction in 1916 of the book value of goodwill of Consolidated Refractories Co.
(Predecessor of General Refractories Co.)- _
Reduction in value of land and dwellings,
Hayes Run Fire Brick Co. Aug. 17 1916_ _
$41,912 03
$140,222 11
45,000 00
$50.450 50
$52,029 29
$34,88274
$6,241,327 92
Dividends declared:
-Preferred Cash
1912
Common Cash
$1.886 50
87.967 50
-Preferred Cash
1913
Common Cash
31.886 50
172,020 00
1914
-Preferred Cash
Common Cash
$1,886 50
149.15975
Deduct:
Bond sale expenses paid in advance (Standard Refractories Company)
Goodwill of Consolidated Refractories Company written off (General Refractories
Company)
Miscellaneous adjustments (all companies) _ _
$1,886 50
97.227 00
-Preferred Cash
1915
Common Cash
19..o
Common
Common
Cash
Cash
Stock
99.11350
151,046 25
301,590 75
990,000 00
793,087 50
387,500 00
Adjusted balance, January 1 1922
Dividends paid:
Preferred
Common
$427,000 00
250,000 00
677.000 00
$641 88
415,350 00
1.250.000 00
Loss for the year ended Dec. 31 1922
1.665.991 88
$5,329,090 38
Balance Dec.
1 1921
CONSOLIDATED SURPLUS ACCOUNT
GENERAL REFRACTORIES COMPANY (WEST VIRGINIA)
PENNSYLVANIA FIRE BRICK COMPANY
HAYES RUN FIRE BRICK COMPANY AND
STANDARD REFRACTORIES COMPANY
FOR THE PERIOD FROM JANUARY 1 TO AS OF
SPETEMBER 30 1922, AND OF
THE GENERAL REFRACTORIES COMPANY (PENNSYLVANIA)
FOR THE PERIOD FROM OCTOBER 1 TO DECEMBER 31 1922.
$912,237 54
28,798 85
$941,036 39
173,906 50
Cash
Cash
Cash
Cash
Cash
Stock
$19,957 95
Balance, January 1 1922
Add: Refund of Income and Profits taxes (Standard Refractories Company)
$89,85400
-Common
1916
-Common
1917
-Common
1918
-Common
1919
-Common
1920
Common
$15,195 32
4,762 63
Loss before Federal taxes
rederal Income and Profits taxes
Loss
1,57879
$125,026 79
$13,262 38
121.453 73
5,500 00
Interest on floating debt
Interest on funded debt
Amortization of bond discount and expense
$86.912 03
Less:
Life insurance collected in 1919
upon death of Mr. Stanton of
General Refractories Co___ _
Adjustment of insurance. Hayes
Run Fire Brick Co. Dec. 31
1921
Profit before interest, amortization of bond discount and
expense,and Federal taxes
$912,237 54
$33,541 87
250.000 00
662 53
284,20440
$656,831 99
$4,382 90
536,925 00
541,307 90
$115,524 09
19,957 95
$95,566 14
Paid-in surplus, resulting from the acquisition of the various
6.550.901 73
companies
Surplus, December 31 1922
$6,646 467 87
Nov. 3 1923.]
THE CHRONICLE
GENERAL REFRACTORIES COMPANY
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 311922.
ASSETS.
Current:
$523,215 14
Cash in banks and on hand
$15,525 17
Billsreceivable
858,166 11
Accounts receivable
$873,691 28
5,897 55
Less reserve for doubtful items
Inventories atcost
United States Fourth Liberty Loan 4h•%
Bonds at cost
Accrued interest
Loans and advances:
General Magnesite Company. Ltd
Officers and employees, partially secured_
3,650 00
116 82
$3,121.446 80
326.527 60
3,150 00
29,677 60
77
512,926 7
611.
4
Less reserves for depreciation and depletion
redemption
Deposit with Trustee
fo reent 1 19at 102{ (as per
ionof nrst11orageX
ea1 Gold ponds called
contra)
622,421 36
276.733 86
603.119 45
12,865,762 51
LIABILITIES.
Current:
$479,743 34
Bills payable
190,625 89
Accounts payable
Due Trustee for redemption of
First Mortgage 6% Gold
Bonds, called Oct. 1 1922
287 67
195.735 66
Accrued accounts
Federal Income Taxes for the
8,850 93
year 1922. estimated
Forge Run Railroad Company
22,700 22
rental
$897.943 71
•
Bonded indebtedness:
First Mortgage 61 Serial Gold Bonds,
called Oct. 1 1922 as per contra)
10,000 00
First Mortgage 6% old Bonds. due Aug. 1
3,975.00000
1952
4,882.943 71
Contingent liability:
371.050 00
As accommodation endorser_
guarantor for undetermined
As
amount on account of General Magnesite Company,
Ltd
Cr)
Capital and surplus:
Capital Stock, authorized and issued, 180,000 shares, no
par
12,646.467 87
$17,529,411 58
z The Company is liable as guarantor for an undetermined amount on
account of General Magnesite Company, Ltd., representing losses through
fluctuation in rates of exchange. It is expected, however, that the greater
portion, if not all, of the loss will be recovered through the sale of securities
held by the Company, belonging to those responsible for the loss.
Subject to allowances for additional Federal Income and Profits and Captal Stock Taxes, if any.
GENERAL REFRACTORIES COMPANY.
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED
JUNE 30 1923.
Sales, net
35.118,745 19
$3,881.159 77
Cost of sales
Depreciation
97,586 94
Depletion
31,496 79
4,010,243 50
Gross profit from operation
31.108,501 69
Selling, administrative and general expenses_ $169,603 89
6,615 33
Bond discount and expenses amortized
Reorganization expenses amortized
36.859 23
Total expenses
213.078 45
Profit before other income and interest and tax
Other income
$895,423 24
14.161 52
Profit before interest and tax
Interest on floating debt
$909,584 76
43,493 44
Profit before bond interest and tax
Federal tax on bond interest
$866.091 32
1.91940
Profit before interest on bonded debt
Interest on bonded debt
$864,171 92
119,250 00
Net profit available for dividends
5744.921 92
GENERAL REFRACTORIES COMPANY (PENNSYLVANIA).
SURPLUS ACCOUNT FOR THE SIX MONTHS ENDED JUNE 301923.
Balance, January 1 1923
$6,646,467 87
Miscellaneous adjustments
5.285 01
56.641.182 86
744,921 92
Profits for the six months ended June 30 1923
$1,541,463 83
5,897 55
$1,141,321 51
332,009 38
1,612,583 40
1,535.566 28
U.S. Fourth Liberty Loan 4 h % Bonds at cost
Accrued interest on Liberty Bonds
Loans and advances:
General Magnesite Company, Ltd
5188.527 60
Officers and employees ($2.550 secured by
69 shares stock General Refractories Co.)
3,718 66
3,085.914 29
3.650 00
32 32
$5.433.094 04
Investments at cost:
312,000 Mansfield Sheet & Tin Plate Co.
First Mortgage 8% Bonds, due June 1
1926-38
511,40000
4,953 shares General Magnesite Company,
Ltd., stock, par $100 (subsidiary
company)
474,439 10
250 shares Universal Arch Company stock,
par $100
25.198 32
420 shares Forge Run RR. Co. stock, par
42.000 00
$100 (subsidiary company)
10 shares Refractories Machinery Mfg. Co.
3,00000
stock. par $100
13.028 shares American Refractories Company, Common Capital Stock, par $100
subsidiary company)
4,170,125 20
Commercial Trust Company, nominee
Advances for purchase of American Re207.543 36
fractories Company Capital Stock
Employees' mortgages
5.037 44
4,938.743 42
10,250 00
$17,529,411 58
Total cost of sales
$807.931 15
192,246 26
•Includes 503 shares General Magnesite Company stock in process of
transfer at December 31 1922.
17,386,104 78
$90,000 00
135.000 00
225,000 00
$25,186 10
1,516,27773
Inventories at cost:
Finished brick
Brick in process
Materials and supplies
867.793 73
1,726,671 11
Claim for refund of Federal Income and Profits taxes overpaid (since collected)
Deferred accounts
Plant accounts:
31,057,039 50
Plant sites and buildings
Dwellings
555,553 94
Machinery and equipment (including power
2.064,50508
plants)
2.701,33099
Kilns and yards
6,471,961 17
Mineral lands
76.486 09
Leaseholds and miscellaneous
Surplus June 30 1923
CONSOLIDATED BALANCE SHEET AS OF JUNE 30 1923.
• ASSETS.
Current:
Cash in banks and on hand
Bills receivable
Accounts receivable
less: Reserve for doubtful items
Investments at cost:
*4,953 shares General Magnesite Company,
3474,439 10
Ltd., par $100
420 shares Forge Run Railroad Company,
42,000 00
par $100
5.50644
Employees' mortgages
100.475 82
Miscellaneous
Dividends paid:
January 12 1923
April 30 1923
2009
37,161 101 78
Deferred accounts:
Prepaid royalties
Prepaid insurance
Prepaid power
Prepaid freights
Prepaid interest
Accrued interest
Prospecting
Unabsorbed cost of railroad sidings
Unamortized bond discount and expenses
Unamortized reorganization expenses
$42356 61
23,451 47
525 81
2.997 64
30.363 78
80 00
10.389 84
23,344 05
385,242 41
105,957 43
624.70904
Deposit with Trustee-For redemption of First Mortgage
6% Serial Gold Bonds, called October 1 1922. at 102 h %
12,13544
(per contra)
Deposit with Trustee-For redemption of First Mortgage
6% Gold Bonds, due 1952, as per Sinking Fund require25,75780
ments
Real estate,buildings, machinery,equipment, mineral lands
etc. (net of reserves for depreciation and depletion,
12,793.200 73
3197,142 33)
21.000 00
Leases
$24,040.886 73
LIABILITIES.
Current:
Bills payable:
Banks
$3,318,890 46
Brokers
300,000 00-$3,618,890 46
Accounts payable:
Vendors
3234,872 55
Alien Income Taxes of employees
1,08012- 235,952 67
Accrued accounts:
Royalties
$695 12
Taxes, other than Federal Income and
Profits Taxes
9,243 20
Payroll insurance
19,597 32
Payrolls
139,472 11
Interest on bonds
99,375 00- 268,382 75
Reserve for Federal Income and Profits Taxes for years
prior to 1923
4,088 30
Forge Run RR.Company
24,800 22
-Rental (subsidiary company)
American Refractories Company (subsidiary company)
2,739,967 55
Subscriptions to General Refractories Comapny Capital
Stock, new issue
2,700 00
Bonded indebtedness:
First Mtge.6% Sinking Fund Gold Bonds,
due August 1 1952
$3,975,000 00
First Mtge.6% Serial Gold Bonds called for
payment October 1 1922(per contra)_ _ _ _
10,000 00- 3,985,000 00
310,879.781 95
CAPITAL AND SURPLUS.
Capital Stock, Authorized and issued: 180,000 shares, no
par value
13,161.104 78
$24,040,886 73
GENERAL REFRACTORIES COMPANY.
(Including American Refractories Company)•
CONSOLIDATED BALANCE SHEET AS OF JUNE 30 1923.
After giving effect to the proposed new financing, in connection with the
acquisition of the American Refractories Co.
ASSETS.
Current:
Cash in banks and on hand
$823,116 09
Bills and accounts receivable, net of reserve 1,543,427 61
Inventories, at cost
3,085,914 29
U. S. Fourth Liberty Loan 4h % Bonds,
3,650 00
at cost
Accrued Interest on Liberty Bonds
32 32
35,456,140 31
Loans and advances
192,246 26
Investments, at cost
561,074 86
Deferred accounts
640,220 70
Real estate, buildings, machinery,equipment, mineral lands,
etc.. net of reserves for depreciation and depletion
15,163,947 26
Deposit with Trustee for redemption of bonds
37.893 24
522.051,522 63
LIABILITIES.
Current:
Bills payable (including American Refractories Company purchase notes of
3793,890 46)
$2,018.890 46
Accounts payable
248,974 66
Accrued accounts (including accrued interest on bonds, 3919,375)
268,408 61
payable
Dividend
180,000 00
32,716,273 73
Reserve for Federal Income and Profits Taxes, for years
94.343 90
prior to 1923
Rental, due Forge Run Railroad Co. (subsidiary)
24,800 22
Bonded indebtedness:
First Mtge. 6% Serial Gold Bonds, due
August 1 1952
53,975,000 00
First Mtge. 6% Serial Gold Bonds, called
for payment Oct. 1 1922
10,000 00
3.985.000 00
56,820,417 85
2010
CAPITAL.
Capital Stock, authorized and issued, 225,000 shares, no
par value
15,231,104 78
$22,051,522 63
DEPRECIATION AND DEPLETION.
The depreciation rates used by the Company were determined by the certified public accountants appointed
under the provisions of the indenture, and are set forth
in the schedule of property included herein. During past
years the rates adopted and used by the predecessor and
subsidiary Companies have been thoroughly investigated by
the Federal Government and have met with its approval.
The depletion rates vary considerably, according to the
estimated recoverable tonnages and respective costs of the
various properties; they are computed, however, in accordance with the proper accepted accounting procedure, and
have likewise been approved, in past years, by the Federal
Government.
GENERAL.
The fiscal year of the Company ends on December 31.
The annual meeting of the stockholders of the Company
is held on the fourth Saturday in January if not a legal
holiday and if a legal holiday on the next succeeding Saturday not a legal holiday at the principal office of the Company in the City of Philadelphia, State of Pennsylvania.
The location of the principal and business office of the
Company is at No. 117 South Sixteenth Street, City of
Philadelphia, State of Pennsylvania. Sales offices are maintained in the principal cities throughout the United States.
The Directors of the Company (elected annually) are:
Win. C. Sproul, S. E. Sproul and Robert Wetherill, Chester,
Pennsylvania; Burrows Sloan, Ardmore, Pennsylvania,
James H. France, Morris L. Clothier and Felton Bent;
Philadelphia, Pennsylvania; T. Coleman Du Pont, Wilmington, Delaware; P. M. Sharpies, West Chester, Pennsylvania; John P. Crozer, Upland, Pennsylvania; Louis L.
Dunham, New York, N. Y.; and E. A. McKelvy, Pittsburgh, Pennsylvania.
The Officers of the Company are: President, Wm. C.
Sproul; Vice-President, Burrows Sloan; Secretary, Howard
Longstreth; Treasurer, John R. Sproul; Assistant Secretary
and Assistant Treasurer, John W. Sloan; Comptroller, G.
Oswald Williams.
The principal of and interest upon the bonds are payable at
the office of Lee, Higginson & Co., New York, and may be
registered and transferred at the office of The Mechanics
and Metals National Bank of the City of New York, and
at the principal office of Bank of North America and Trust
Company, Philadelphia, Pa., successor to the Commercial
Trust Company, Trustee under the indenture.
GENERAL REFRACTORIES COMPANY,
By WM. C. SPROUL, President.
This Committee recommends that the above-described
$4,000,000 First Mortgage Six Per Cent. Sinking Fund
Bonds, Series A, due August 1 1952, Nos. M-1 upward for
$1,000 each, D-1 upward for $500 each (and coupon bonds
of one denomination issued in exchange for coupon bonds
of another denomination, registered bonds issed in exchange
for coupon bonds), be admitted to the list on official notice
of issuance in exchange for outstanding interim receipts for
temporary bonds, in accordance with the terms of this
application.
E. V. D. COX, Secretary.
ROBERT GIBSON, Chairman.
Western Electric Co.—Leases Plant—Billings, &c.
It is announced that the company has leased for a term of years the
manufacturing plant located at Westside Ave., Claremont Ave., Halstead
St.. along the Newark-New York branch of the Central RR.of New Jersey
In Jersey City, N. J. This plant, formerly the property of the Continental
Candy Co.[and purchased at public auction in Jan. 1922 by Joseph P. Day,
see V. 114, p• 4141, contains 240,000 sq. ft. and is served by a railroad
siding. The buildings, at a cost of approximately $125,000, will be remodeled to adapt them for manufacturing communication equipment.
The plant will be ready for occupancy about Dec. 1.
The company is also reported to have leased from the Ashland Industries
Corp., beginning Dec. 1, Building N and part of Building 0 of the former
Symington gun plant at Chicago, Ill. The property leased contains
160.000 sq.ft., of which about 100,000 sq.ft. will be used for manufacturing
purposes and the remainder will be occupied by the merchandise dept.
During the first 9 months of 1923 billings totaled $178,750,000. or $26.233.000 more than for the corresponding period of 1922. Orders booked
In the first 9 months of this year totaled $211,185,000, or $77,064,000 more
than in the 1922 period.—V. 117. p. 902.
White Rock Mineral Springs Co.—To Reduce Authorized
Capital Stock—To Change Par Value of Present Outstanding
Common Stock from $100 to No Par Value--Extension of Voting
Trust.—
The stockholders will vote Nov. 16: (1) On reducing the authorized
1st Pref. stock by $250.000. This will be effected by the elimination of the
5250.000 now authorized but unissued and will leave $2,000,000 now Issued
and outstanding, with no change In preferences as to dividends or assets.
(2) On reducing the 2d Pref. stock by $750,000. This will be effected
by the cancellation of 5750,000 now in the company's treasury, and which
will now be eliminated for the benefit of all the stockholders. This will
leave $1,000,000 2d Pref. stock, all issued and outstanding, with no change
1n preferences as to dividends or assets.
(3) On reducing the authorized Common stock by $2,000,000. This will
be accomplished by eliminating the right to issue 20,000 shares, par $100,
provided for in the company's present articles of organization.
(1 On cnanging the present and outstanding $4,000,000 Common
stock, par $100, Into 200.000 shares of no par value, giving to each stockholder 5 shares of the new stock for one of the old.
Chairman R. A. C. Smitn says: "The policy of the board is to pay a dividend on the Common stock during the month of December to complete
5% for the current year already earned, and the stockholders are urged to
,
aaopt the proposed amendments and send in proxies as speedily as pos,,ible,
so that the dividend when declared may be upon the new basis."
The voting trust agreement, which expired Nov. 1 1923,has been renewed
for a period of five years. Holders of trust certfficates are requested to
send in their trust certificates (unendorsed) to the Guaranty Trust Co.,
[vet. 117.
THE CHRONTCT,E
140 Broadway. N.Y. City, in order that the same may be stamped as having assented to the renewal."
The voting trustees are: Robert A. C. Smith, William A. Marburg.,
Thomas Williams, Richard C. Harrison, Delos W. Cooke.—V. 117, p. 337.
(JohnR.) Wiggins Co., Inc.—Receivership.—
Judge Dickinson at Philadelphia on Oct. 27 made permanent the appointment of the Philadelphia Trust Co. and John L. Clarkson as receivers.
The receivers were appointed temporary receivers several weeks ago because the corporation became embarrassed for working capital through the
retention by owners of large buildings of percentages that were due the
company.
Wolverine Portland Cement Co.—Dividends.—
A dividend of 1%% has been declared on the outstanding $1,000,000
Capital stock, par $10. payable Nov. 15. A like amount was paid Aug. 15
last, the first distribution since Dec. 15 1917, when a payment of 1% was
made.—V. 106, p. 821.
Woodstock Mfg. Co., Rochester, N. Y.—Receivership.—
George C. Raines and Claire C. Harper have been appointed receivers
for this company, manufacturer of wooden packing cases, cribs and other
goods, by Judge John R. Hazel of the U. S. District Court in Buffalo.
Assets amount to approximately $410,000, it is stated, and liabilities to
about $300,000.
Worcester (Mass.) Gas Light Co.—Par Value.—
The stockholders on Nov. 1 changed the par value of the $1,400,000
Common stock from $100 to $25 per share.—V. 117, p. 1899.
CURRENT
NOTICES.
—Within the past eight months three first mortgage loans on well-known
downtown Manhattanoffice buildings totalling approximately $7,000,000
have been given a nation-wide distribution with investment dealers with
remarkable ease. These were the $2,700.000 Park Row'Building 6's, 1943
offered in March by A.B. Leach & Co. at 99% and int. to yield about 6%;
$1,200,000 Dodge Building 61.4's, 1943; offered in July by A.B.Leach & Co.
and Hoagland, Allum & Co. at 100 and int. and $3,500,000 Chesebrough
Buildings 6's, 1948 offered in Oct. by A. B. Leach & Co.and Halsey, Stuart
& Co. at 9934 and int. These issues it is stated were underwritten more or
less as an experiment by bond houses who have long been closely identified
with municipal, railroad, public utility and corporation issues.
These loans it is stated are of exceptionally high character as mortgage
loans go and are legal investment for trust funds in New York State. In
every respect it is contended they were similar in form to standard issues of
bonds which investment dealers have long been accustomed to retailing
and met with wide favor with investors and dealers throughout the country.
The wholesaling syndicates readily distributed them through their various
branch offices and through over 200 dealers in over 75 cities in 25 States.
This board national distribution has created for these issues, It is claimed an
advantage lacking in other real estate mortgage loans, a broad and stable
market. The main objection to real estate mortgages in the past has been
that they were not liquid. There have never been enough dealers or investors interested in them to give them any market. The statement is
made however that these three recent loans, have high collateral value with
banks and can be readily sold through any investment houses in the country.
If this method of marketing high grade real estate mortgages continues it
Is expected that it will put first mortgage real estate bonds on an attractive
Investment basis.
—Minsch, Monell & Company.Inc.are issung the 1923 edition of"Water
Power Bonds," a booklet giving brief descriptions and the financial structure
of forty-fnur hydro-electric companies in the United States and Canada.
The bo.. let has two important features. One, an article by Jullan C.
Smith, Vice President and General Manager of Shawinigan Water and
Power Company,on the subject of water power securities as an investment.
which presents to the layman some of the important elements that go to
make up a sound water power situation. The booklet also contains a digest
of the Federal Water Power Act.
—Blanchet, Thornburgh & Vandersall, municipal bond dealers, with
offices in Toledo. Chicago and Cincinnati, have opened offices in the Widener Building, Philadelphia, under the management of John Henry English,
formerly with Fincke, Bangert & Co. of Philadelphia.
—Pynchon & Co. have established direct private wire connections to the
Industrial Trust Company, Providence, R. I., Western Reserve Securities
Co., Jamestown, N. Y., Olmstead & Mulhall, Kalamazoo, Mich.; Sage.
Wolcott & Steele, Rochester, N. Y.; Corrigan, Hilliker & Corrigan, Grand
Rapids; Hamlin, Kay & Nathan, Detroit.
—Hodgson, Benjamin & Healey announce that Edward Canfield and
Webster W. Canfield have become associated with them as managers of
their municipal bond department, specializing in New York City and
New York State bonds.
—W. V. Lewis and Herbert M. McLintock, both formerly connected
with Rutter & Co., have become associated with Carden, Green & Co. as
managers of the bond department, specializing in public utility and munici
pal securities.
—Myron S. Hall & Co., members of the New York Stock Exchange and
Chicago Board of Trade, have established a branch office at Middletown,
N. Y., under the management of John R. Sheridan and E. Harold Parker.
—Pynchon & Co. have established private wire connections to Hamlin.
Kay & Nathan, Detroit; Olmstead & Mulhall, Kalamazoo; Sage, Wolcott
& Steele, Rochester, and Corrigan, Linker & Corrigan, Grand Rapids.
—Prentice & Slopack, members of the New York Stock Exchange,
announce that Alexander B. Jobnson and Carman Randolph Runyon Jr.
have been admitted to general partnership in their firm.
—Archer H. Brown announced to-day that he has terminated the firm
of Archer H.Brown & Co. as of Nov. 1 and has joined the investment house
of Keane, Higbie & Co., Inc., as Vice-President.
—Joseph Gilman announces the opening of an office at 34 Pine Street,
New York, to transact a general trading business in all public utility stocks
and bonds and railroad securities.
—The American Trust Co. has been made trustee for the 8% First Lien
Gold Notes due Dec. 1 1928 of the L. L.Poates Publishing Co. and L. L.
Poates Engraving Co.
—Jelke, Hood & Co., New York, announce that Oscar H. Riggs has
become associated with them as a general partner, with headquarters in
their Chicago office.
—The New York Trust Co. has been appointed New York transfer agent
of Washburn Crosby Company 70,000 shares 7% cumulative preferred stock,
par value $100.
—Ernest Glueck is now associated with the municipal department of
Myron S. Hall & Co., members of the New York Stock Exchange.
—L. Prescott Grover, formerly with Parker & Co. has become associated with the New York office of Reilly, Brock & Company.
—C. W. McNear & Co. announce that Harold W. Lane has become associated with the firm's New York office.
—Levenson Bros., dealers in Public Utility issues, have moved their
offiec to 2 Rector St., New York.
Nov. 3 1923.]
THE CHRONICLE
2011
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
L
-ETC.
-WOOL
PETROLEUM-RUBBER-HIDES-METALS-DRY GOODS
COMMERCIAL EPITOME
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."1
Friday Night, Nov. 2 1923.
COFFEE on the spot has latterly been quiet. No.. 7
Rio, 11 to 113c. No. 4 Santos, 14% to 155ic. Medellin,
,,
.to
20 to 203'e. Hard Bogota, 193 to 193 0. Cucuta, 17
/
1834c. fair to choice. Futures have been declining with
Brazilian markets and heavy.
selling. The depression was
not relieved by a reported failure of a large speculator at
Santos with intimations that the failure of a number of smaller
specrilators might follow. None of the regular shippers are
believed to be embarrassed. On the 31st inst. a special
cable from Santos, received here before the opening, reported an advance of 125 reis in November in the term
market and a decline of 500 to 450 reis in the later months.
Rio cabled a decline of 550 to 625 reis in term prices, with
exchange on London at 5 15-16, and the dollar rate up to
103860, an advance of 60 reis. Further liquidation occurred
later. The Brazilian news was certainly disquieting. All
sorts of rumors were afloat. One of them was that 500,000
bags of the valorization stock in Brazil has recently been
sold, possibly to the United States and Europe, or through
consignments to European markets. Thursday and to-day
were holidays in Brazil. To-day futures advanced, but the
market was more or less irregular. There were no public
cables from Brazil, but private dispatches said that No. 4
Santos was offered at 14 to 14%c. E. Luneville states the
world's visible supply at 5,321,000 bags, against 5,792,000 on
Oct. 1 and 8,377,000 a year ago. World's deliveries in
October were 2,146,000, against 1,548,000 in September and
1,645,000 in October last year. Total delivenes for four
months are 6,661,000, against 5,957,000 at the same time
last year and 6,435,000 in 1921. Net changes for the week
show a decline of 37 to 46 points. Closing prices as follows:
Spot (unofficial) ___.11 I March8.05©8.06 I July
7.47©7.48
7.65©7.661September-7.32 ©7.33
December--.8.80 ©8•811MaY
/
SUGAR.
-Cuban raws eased off to 53sc. c. & f. for early
November shipment; later 27,500 bags sold for to-day's
clearance at 5 5-16c. c. & f., or 7.09c. d. p.; Peru for Nov.20
arrival was reported offered at 4%c. c. i. f. To-day Cuban
sold, it was said, at 55ic. c. & f. The market was quiet and
unchanged in the United Kingdom in the middle of the week,
with inquiry for first half February shipment Cubas, but no
demand for nearby sugars. F. 0. Licht cabled a reduced
estimate of the European beet crop, making it 5,105,000
metric tons, or 5,025,000 long tons, against his previous
estimate of 5,344,000 metric tons or 5,260,000 long tons.
He put the probable outturn of Germany at 1,000,000 to
1,250,000 metric tons. British refined was reduced is. for
prompt and 9d. for second half November delivery as Continental refiners were offering more freely. London reported
sales on Tuesday of 4,500 tons Hungarian crystals at 24s.6d.
c. i. f. Marseilles. Here refined was 8.60 to 8.70c. and dull.
The decline was in sympathy with cheaper raw sugar. The
receipts at Cuban ports for the week were put at 11,816
tons, against 9,697 tons last week, 20,412 in the same week
last year and 7,168 two years ago; exports, 45,400 tons,
against 51,828 last week, 51,137 in the same week last year
and 18,384 two years ago; stock, 132,203 tons, against 165,787 last week, 233,397 last year and 1,152,222 two years
ago. No centrals were reported grinding. Of the exports
United States Atlantic ports received 36,101 tons; Galveston, 2,572 tons; Savannah, 6,727 tons. Havana cabled:
"Heavy rain in eastern parts of Cuba." A good deal of
full duty sugar was available on Oct. 30 for November
arrival at 4%c. c. i. f. Less interest was shown in Cuban
Few at 5Mc. c. & f. That full duty sugars are coming here
instead of going to the United Kingdom is taken to mean
that England has largely satisfied its needs for the time being
at least.
Receipts at Atlantic ports for the week were 66,966 tons,
against 57,934 tons last week and 59,102 in the same week
last year; nleltings, 61,000 tons, against 64,000 last week
and 49,000 in the same week last year; stock, 88,232 tons,
.
against 82,266 tons last week and 56,645 tons in the same
week last year. The "Louisiana Planter" reports ideal
weather for maturing of the cane last week. It was cold and
dry, with light frosts in some sugar districts. Such conditions were much needed, as the crop prior to this was generally reported as green and the cane as low in sugar content.
A few factories started grinding last week and a number are
scheduled to start this week. No reports have been received
as yet from the factories. A continuation of the present cool
weather is desired. English cables later reported offerings
of Cubas for February-March shipment at 20s. 9d. c.i.f.,
and of Mapritius.at 28s., showing a decline of 3d. Willett
& Gray estimate the Cuban crop at 3,700,000 tons. To-day
futures advanced slightly, ending, however, 4 to 6 points
lower than last Friday. Cuba sold at 53, with that price
bid later. Refined was quiet at 8.60c.
3.92©3.93[July
3.99%4.011
Spot (unoffidal)__5*Ac.I March
December--4.89 ©4.90IMay
4.08144.09
LARD on the spot was in fair demand and firmer. Prime
Western 13.95c.; refined Continent 15e.; South America,
15.25c.; Brazilian, 16.250. Futures were lower on the distant months, though October maintained, on the whole, a
firm front. Later months were hurt by large receipts of
hogs and a decline at one time in corn. Liverpool fell.
Also the cash demand was small. So was that for export.
Deliveries on October contracts were 3,500,000 pounds on
Oct. 31, mostly taken by Eastern cash houses. Lard stocks
were expected to be a bullish factor. B. W.Snow, of Bartlett, Frazier Co., in a special report, speaks of serious outbreaks of hog cholera in parts of Indiana, Illinois and Iowa,
but these complaints appear to be localized ,and have not
assumed the character of an.epidemic. It is estimated that
the number of hogs in the country is 3% larger than a year
ago. Lard stocks at Chicago showed a decrease of 24,787,000
pounds in October, the total being 12,306,000 pounds,against
13,634,000 a year ago. To-day January moved up 20 points
with a better demand. Prices show a rise for the week of
35 points. Closing prices were as follows:
DAILY CLOSING PRICES
Sat.
October delivery_ _ _cts-12.80
11.32
January delivery
11.27
March delivery
OF LARD FUTURES IN CHICAGO.
Mon
Tues.
Wed. Thurs. Frt.
12.82 12.85 12.70
11.22 11.40 11.40
11.50 11.70
11.17 11.32 11.32
11.42 11.67
PORK, quiet; mess, $25@$26; family, nom.; short clears,
$26 to $31. Beef steady; mess, $16 to $17 nom.; packet,
$17 to 18; family, $20 to $21; extra India mess, $31 to $33;
No. 1 canned corned beef, $2 35 No. 2, $4; 6 lbs., $15;
pickled tongues, $55 to $65 nom. per, barrel. Cut meats
quiet; pickled hams, 10 to 24 lbs. 12% to 16%c.; pickled
'
bellies, 6 to 12 lbs., 13c. Butter, creamery, seconds to
high scoring, 423 to 51c. Cheese, flats, 25 to 27c. Eggs,
fresh gathered trade, to extra fancy, 27 to 62c.
-Linseed quiet and easier. Export business is
OILS.
very small. About the only business being done in this
direction is in specialty oils. Spot oil is scarce, and one
leading crusher, it is reported, was forced to buy 24 cars
from competitors. Spot, carloads, 92c.; tanks, 86c.; less
than carloads,950.;less than 5 bbls.,98c.; boiled, tanks,88c.;
carloads, 94c.;5 bbls. lot, 97c.; less than 5 bbls., $1. Cocoanut oil, Ceylon, bbls., 9 (3.; corn, crude, tanks, mills, spot
New York, 9%@10c.; refined, 100-bbl. lots, 14c. Olive,
$1 12. Cod, domestic, 66@68; Newfoundland, 68@)70c.
Lard, prime, 16%c.;. extra, strained, 133 c. Spirits of
A
turpentine, 980. Rosin,$5 80(4)$7 00. Cottonseed oil sales
to-day, including switches, 18,700, Crude S. E., 1,000 to
1,025. Prices closed as follows:
January -11.70111.721April
11.85§
spot
11.87111.89
ry
November_11.90 12.01 February 11. 3@11.83 May
11.83
7
December _11.70 11.75 March_ ---11.82 11.83 June
11.93 11.95
11.95 12.10
PETROLEUM.
-The Magnolia Petroleum Co. a large
purchaser in the Mid-Continent field, has reduced the various
grades of Kansas and Oklahoma crude 20 to 50 cents a barrel.
Other big companies are expected to meet these reductions.
Prices have pulled both ways, some moving upward and
others higher. The production situation in the country at
large is said in some quarters to be showing improvement
after two areas in the United States had increased the output 90,850 barrels daily within a week, one of the largest
increases in many months. Yet in spite of this the output
of crude in all fields of the United States was still stated as
72,201 barrels daily less than during the week ending July 14,
when the high record total was reached for this country.
The output then averaged some 2,320,000 barrels daily.
But outside of the Powell field the "Oil and Gas Journal"
points out,.the oil fields in this country now show a decrease
in production averaging nearly 206,000 barrels, daily since
the week ending July 14. Kerosene in good demand and
firm. There has been more activity in lubricating oils and
some export business was reported. Gasoline has been a
flat affair. Consumption is falling off. Germany was reported to have bought gas oil in the local market on the 1st
inst. Bunker oil quiet but steady at $1 45, N. Y. harbor
refiner.y. New York prices: Gasoline, cases, cargo lots,
25.15c., U. S. Navy specifications, 11.50c.; naphtha, cargo
lots, 12.50c.; 63 to 66 deg., 14.50c.; 66 to 68 deg., 16c.
Kerosene in cargo lots, cases 16.90c. Petroleum, refined,
tank wagon to store, 14c. Motor gasoline, garages (steel
bbls.), 163/2c.
Pennsylvania
Corning
Cabell
Somerset
Somerset. Beat
$250
145
1 35
1 25
140
Ragland
Wooster
Lima
Indiana_
Princeton
$ .75
150
168
1 48
147
$147
Illinois
90
Crichton
as
Plymouth
Merla
1 00
California 30..--- 76
RUBBER advanced on the strength of the London market
and a certain amount of short covering. Yet business is
2012
THE CHRONICLE
comparatively small. There will be no increase in rubber
exports from the Federated Malay States and Ceylon in
the next quarter, according to an announcement made by
the British Colonial Office. First latex crepe, spot, November, 273/2c.; ribbed smoked sheets, spot, November, 263%c.;
8
/
December,2630.;January-March,273/c.; April-June,283ic.
/
In London on Oct. 28 standard plantation was 138 0. In
London on Oct. 29 standard sold on the spot at a decline of
Yol. since Friday. An increase took place during the week
of 737 tons in London stocks, which rose to 58,423 tons,
against 57,686 tons a week previous, 68,603 a year ago and
69,271 tons two years ago. In London on Oct. 31 standard
plantation on the spot ,advanced Yid. closing at I4d.
London on Nov. 1 advanced % to 144d. The average
London price during the last three months was 14.994d. If
it had been over 15d. the restricted rubber output would be
increased 5% to 65% of standard production, which last will
now remain at 60% to the end of January.
-City packer hides were reported in better deHIDES.
mand. Outside packers were quiet and apparently tending
downward. Country hides were quiet at nominally 73% to
103/sc.; packer native steers, 143/20.; city spreads, 173/20.
Common dry hides were quiet but steady; Bogata, 193/2 to
/
19%0.; Orinoco, 163/2 to 163 0. River Plate hides were
quiet; nominally 113% to 143/20., the latter steers. River
Plate trade continued quiet late in the week. Leather remained quiet. In Chicago big packer hides were quiet with
offerings of light native cows at 11%c. and branded cows
at 9c. Chicago city calfskins were active about 12,000
selling at 170. Some Chicago dealers are now offering
strictly short-haired country buffs at 8c., with no fresh sales.
OCEAN FREIGHTS were in moderate demand early
and steady. There was less call for grain tonnage and rather
more for sugar. Later the business was for the most part
quiet.
-ton
CHARTERS included one round trip in West Indies trade 3,267
-ton
steamer, 4s. 6d. December; one round trip in West Indies trade 1,830
steamer, Si 10 prompt; one round trip in West Indies trade delivery north
-ton steamer. $1 45 prompt; grain from Montreal to MediHatteras 1,418
terranean 201c. November 10-25; crude oil from California to New York
70c. November; crude oil from United States Gulf port to New York 24c.
prompt;from Tampico to New Orleans 15c. November; coal from Atlantic
range to River Plate 18s. 6d. November; grain from Atlantic range to west
coast United Kingdom 2s. 13id. November: grain from Atlantic range to
Genoa 35. nid. late December; grain from New York to Greece 4s. 6d.
prompt; grain from Montreal to three ports in Denmark 21c. December;
grain from Montreal to Antwerp 135. November; grain from Atlantic range
to two porta in Sweden basis 18c. November; lumber from North Pacific to
Japan $14 December-January; lumber from Gulf to River Plate 145s.
December; linseed from Rosario to New York $5 25 prompt; nitrate from
Chile to United States port $5 December; sugar from north side of Cuba
to a north Hatteras port 17c. spot; grain from Montreal to Greece 19Hc.
November
-December; coal from Hampton Roads to Rio Janeiro $4 10 November;lumber from Gulf to River Plate 142s. 6d. December; nitrate from
Chile to United Kingdom or Continent 27s. 6d. December; nitrate from
Chile to Galveston-Boston range $5 one port. $5 25 two ports, option
United Kingdom or Continent, January; coal from Hampton Roads to
Curacao $1 90 late November; oil from New Orleans to Dunkirk or Calais
25s. prompt; crude oil from Tampico to New Orleans 16c. November.;
lumber from North Pacific to Japan $14 50 Decembre; coal from New York
to St. John. N. B., $1 25: coal from Hampton Roads to Halifax $1 75;
lumber from Miramichl to New York $6 25 per 1.000 feet November and
fixed for coal from Hampton Roads to Chatham $ 240 prompt loading part
cargo of coal from Hampton Roads to Mediterranean $2 85 November: six
months time charter in WestIndies trade 4,100
-ton steamer $1 35 December;
two months time charter in West Indies trade, 1,664-ton steamer, Si 20
prompt; grain from Atlantic range to Bristol Channel 3s. November; grain
from North Pacific to Shanghai $6 November; lumber from Gulf to River
Plate 145s. November; clean products from Gulf to Cette, 21s. November.
COAL has been in fair demand as regards anthracite.
Anthracite output is clsoe to the capacity of the mines.
Soft coal output is large but smaller than recently, i.e.,
10,675,000 tons for the week ending Oct. 20, against 10,953,000 in the previous week.
TOBACCO has been steady with here and there a fair
business. Now and then Connecticut and Porto Rico sold
more readily, enlivening the market a little. But there
is no denying that cigar leaf manufacturers are buying in a
very conservative way. taking only a little at a time. In
fact, they have limited their buying for the most part to
the supplying of their immediate needs. On the other
hand, it is insisted that the statistical position here is strong,
stocks being moderate or actuay small. The Census
Bureau report shows that 1,562,225,132 lbs. of leaf tobacco
were held Oct. 1 1923 by manufacturers and dealers, against
1,697,844,445 lbs. July 11923; 1,846,045 lbs. April 11923,
and 1,457,439,314 lbs. Oct. I 1922. Unstemmed stock
Oct. 1 was 1,424,598,323 lbs. and stemmed 137,626,809 lbs
COPPER early in the week was firmer with a rather better
business. Sales were reported at 123/c. and some producers
4
were quoting 123 c. On the other hand it was said that
5,000,000 tons were obtainable at 123/2 cents. This statement is given for what it is worth.
Copper trade interests report inquiries to the amount of
20,000,000 pounds.
Statistics for September were very encouaging. The Department of Commerce report shows that copper exports continued at the same rate as in August or slightly below 70,000,000 lbs. while imports fell from 85,000,000 in August to
50,000,000 in September. The average of imports in 9
months was 55,682,876 pounds and that of exports in that
period were 65,345,804 pounds.
Later in the week copper advanced both here and at London
Inquiries for the week were placed at 25,000,000 pounds and
a good amount of this is said to have resulted in sales.
4
Electrolytic 12% to 123 0.
TIN early in the week declined with lower London cables.
Later there was some recovery but prices are still lower than
a week ago. Spot 413/8c. Trading has been small. Late
in the week the market was firm at 41%c. to 42c. Deliver-
[VoL. 117.
ies from Atlantic ports in October were 5,400 tons and from
Pacific ports 140 tons, making a total of 5,540 tons. Stock
on Oct. 31 was 722 tons and the amount landing 2,955 tons.
LEAD was reduced in the fore part of the week by the
American Smelting it Refining Co. to 6.65c. from 6.75c.
Business is fair. Spot New York quoted at 6.75c. to 6.80c.
ZINC remained unchangti,,at 6.30c. to 6.35c. East St.
Louis. Business, however, is, only moderate.
STEEL has been quiet so far as new business is concerned.
The consumption is still on a liberal scale, but the shipments
are largely confined to old orders. Railroads are considered
the best buyers. They need new equipment, and are
supposed to want something like 80,000 new cars. The price
for cars is under discussion. It is believed that consumers'
stocks are steadily decreasing, but it is a question when
they will re-enter the market. They are angling for lower
prices, encouraged by recent reductions, in some directions.
On the other hand, some of the trade are cheered by the
railroad demand, the brisk call from automobile works and
the fact that building is on a very large scale. Added to
this are steadily increasing purchases for Japan. But for
the most part the buying in most consuming branches is, as
already intimated, cautious. It is estimated that in the
latter part of October consumers took only about half the
production. British steel interests are keen competitors
for Japanese business.
PIG IRON has been quiet and lower. Production,in other
words, still outruns demand, even though there has recently
been quite a noteworthy reduction in the output. Stocks
are accumulating in the Birmingham district and supposedly elsewhere. Alabama iron is down 50 cents to $19 50
at the furnace for shipment to the Central West. Charcoal
iron, it is said, has been resold at $26, that is, $1 under the
nominal quotation. In eastern Pennsylvania the price is
said to be nearer $22 than $23. It was even said that some
business has been done at under $22. While the output has
been cut in some directions, it is pointed out that a new furnace is being built in Utah and that plans are being laid for
furnaces at Puget Sound and Boston.
WOOL has been firmer as a result of firm prices at the
London sales. Here territory wools have been rather &pressed; certainly they are the most difficult to sustain.
France and Japan have been buying heavily in primary
markets. Fine Australian wool is reported in small supply
and in fair demand. Cape and South American is said to be
less plentiful than it was. Japan has bought tops freely in
England. But business here is not large. Manufacturers
hold aloof. Carpet wools are especially dull and only fine
foreign wool seems to sell with anything like readiness.
Ohio and Pennsylvania fine delaine here nominally 55 to 56c.;
XX, 52 to 54c.; % blood 55 to 56c.; % blood 52 to 53c.; %
blood 45 to 46c.; territory clean basis, fine medium, staple,
blood staple
$1 30 to $1 35; clothing, $1 20 to $1 25;
$1 23 to $1 27; % blood $1 to $1 05; % blood 83 to 86c.
Texas clean basis, 12 months $1 27 to $1 30; 10 months
$1 20 to $1 25; 6 to 8 months, none. Pulled, scoured basis,
A super $1 12 to $1 17; B super 85 to 90c.• Cz 62 to 66c.,
domestic mohair, best combing, 65c. foreign clothing
wools: Australia clean basis in bond, 67 to 70s. combing,
'
$1 16 to $1 18; 67 to 70s carding, $1 10 to $1 12; 58 to 60s,
88 to 94c.; 56s, 73 to 76c.• 50s, 60 to 63c. It is stated that
except in northern New gouth Wales and in a few areas in
Queensland constant rains have delayed shearing in many
instances. The results will show much smaller clip both as
to quantity and quality, says Consul Norman L. .Anderson
in a report to the Department of Commerce. Autumn and
winter lambing in New South Wales this year has decreased
considerably, compared with the previous two years, ViceConsul P. H. Mosely reports. In 1921 there were 7,017,000
autumn and winter lambs. The number increased to
7,453,000 in 1922 and dropped to an estimated figure of
4,827,000 in 1923. This decrease is attributed to the
weather.4111
At Bradford, England, woolens last week were in good demand as to top-making wools and crossbreds at Yid. to Id.
advance, owing to firmness at the London sale. Actual
consumption,too, was larger. Speculative buying of merinos
was a feature, but prices were poor. Yarns, crossbreds, better. Botanies quiet and irregular. Piece goods more active,
especially the cheaper fabrics made from crossbreds. Better
grades of cloths quiet. In London on Oct. 26 joint offerings were 9,700 bales. Demand quick, mostly from British
buyers. Prices firm. especially for scoured merinos. Details: Sydney, 1,154 bales, greasy comeback, 173/2d. to 30d.;
crossbreds, 15d. to 223/2d.; scoured merinos, 33d. to 43%d.
Victoria, 2,916 bales; greasy merino, 23d. to 29d.; scoured
crossbred, 113/2d. to 29d. Queensland, 163 bales; greasy
merino, 301. to 32d.; comeback, 163/2d. to 22d. New Zealand, 4,953 bales; crossbreds, greasy, 103/2d. to 213/2d.;
slipe, 93/sd. to 263/2d.; scoured merino, 48d. to 53d.; broken,
52d.; pieces, 513/2d.; necks, 51d. In London on Oct. 29
offerings were 12,20 bales. Active demand, chiefly for
crossbreds. Mostly firm. Yorkshire bought at average
unchanged prices. Sydney, 1,662 bales; greasy crossbred,
13d. to 22d.; pieces, 113d. to 21d. Queensland, 1,085
bales; greasy merino, 283/2d. to 33d.; pieces, 173/2d. to 263/2d.
Victoria, 2,887 bales; greasy merino, 283%d. to 33d.; scoured
44 M • to 513/2d.; greasy crossbreds, 103/2d. to 27d.; scoured,
12%d. to 28%d.; greasy comeback, 22%d. to 253/ed.;
2
scoured, 233/d. to 383/id. Adelaide, 989 bales; scoured
THE CHRONICLE
Nov. 3 1923.]
merino lambs, 223d. to 32d.; large assortment of pieces,
253/2d. to 45d. New Zealand,5,430 bales; greasy crossbreds,
10d. to 22Md.; slipe, 113d. to 254d.
At Melbourne, Australia, on Oct. 29, 3,600 bales were
offered. Selection was good. in merinos and 3,000 bales
sold. Demand in the main good. Continental operations,
however, took hold less readily. Grades suitable for the
Continental irregular. Lansdowne sold up to 31 Md. In
London on Oct. 30, 13,000 bales of free grades were offered.
Merinos were in larger supply. Trade was much restricted
by high limits, especially on Cape crossbreds. Prices firm.
Yorkshire was the largest buyer. Sydney, 1,435 bales;
merinos, greasy, 25d. to 32d.; merinos, scoured, 4834d. to
59d. Queensland, 1,209 bales; merinos, greasy, 25 Md. to
32d.; merinos, scoured, 33d. to 583.4d.; pieces, 55d.; broken,
57d. Victoria, 1,183 bales; merinos, greasy, 29d. to 34Md.
New Zealand, 7,058 bales; crossbreds, greasy,93 d. to 22d.;
4
slipe, 113/i to 263'd. Cape, 1,348 bales; barely 150 sold;
best, greasy, 21d.; snovrwhite, 41d. At Brisbane on Oct. 30
demand was good. Continental buyers took the most.
Bradford bought best scoured wools at prices close to those
at the September sale. Best greasy merinos advanced 23'
to 5%. Medium,5% best skirtings were unchanged to 5%
higher; medium, unchanged; scoured wools were rather firm.
At the Melbourne sale on Oct. 30, 2,400 bales were offered.
Selection good, demand sharp, prices strong. Local and
American mills took the best offerings at the following prices:
Woperana, 31d.; Murray, down 29% to 31d., and S. F.
Nyang,29d. At Perth on Oct.30 superior greasies remained
firm, Bradford was the largest buyer. Continental buyers
also bought freely. Prices unchanged; highest price for
good clearance, 315.4d.
In London on Nov. 1 at the resumption of the wool sales
joint offerings were 12,800 bales, mostly crossbreds. Brisk
competition between buyers from the British markets and
the Continent. Prices firm. Sydney, 1,098 bales; scoured
crossbreds, 15d. to 313/2d.; comeback, 203,d. to OM.
Queensland, 690. bales; greasy merinos, 22d. to 28d. Victoria, 1,280 bales; crossbreds, best greasy, 17d. to 29d.;
France biggest bidder. New Zealand, 6,324 bales; crossbreds, greasy, 9Md. to 25d.; bulk to Yorkshire. Best halfbred slipe lambs, 27d.; scoured halfbreds, 44d. Puntas,
3,132 bales; crossbreds, well distributed between home and
Continental buyers; best greasy, 223.'d.; halfbred slipe
lambs,323d. At Perth on Nov. 1 offerings included 20,000
bales, mostly sold. Attendance large. Merino supers
greasy were unchanged to 5% higher. Greasy skirtings,
greasy lambs and greasy crossbreds of all descriptions rose
5 to 10%. Topmaking wools declined. At Perth the sale
which was to have been held on Dec. 18 has been changed to
Nov. 27. At Brisbane on Nov. 1 prices were firm except for
dusty topmaking fleeces and pieces, for which prices were
irregular or lower.
Boston comment on the Australian sale on Nov. 1 was that
sales in Melbourne and Brisbane closed with .
prices very
firm. On the basis of the opening, prices in Brisbane show
a rise of 5% over the previous series there. The Continent
has continued to take merinos freely. France has been far
the largest buyer. Yorkshire was buying crossbreds in
Melbourne freely at unchanged rates, although the selection
is reported only fair. Liverpool closed strong. The best
medium white and yellow wools were 7M to 10% above the
close of the previous sale, white jorias and vicaneres advanced
23 to 5%. Bradford rose another halfpenny on crossbred
tops this week, which is the third similar advance in three
weeks. Wool consumption during September reduced to
grease equivalent was 46,615,997 lbs., or approximately
1,600,000 lbs. less than the amount used in August, the
Bureau of Census reported on Nov. 1. The total quantity
of wool entering into manufacture was 40,011,379 lbs.,
including 32,011,120 lbs. in the grease, 5,006,803 scoured
and 2,093,446 lbs. of pulled. The consumption was less in
September than any other month of 1923,except July,and was
considerably behind the 46,777,247lbs. total for Sept.1922.
2013
The following table shows the week's total receipts, the
total since Aug. 1 1923 and stocks to-night, compared with
last year.
This Since Aug This Since Aug
Week. 1 1923. Week. 11922.
Galveston
141,935 1,415,269 168,062 1,230,619
Texas City
36,752
1.957
15.524 11,800
Houston
91,575 463,284 64,665 280,261
Port Arthur, &c......
New Orleans
49.149 313.702 70,153 427,305
Gulfport
Mobile
2,851
13.552 4,986
39.260
Pensacola
565
2,191
442
1.936
141
854
497
6,910
Jacksonville
Savannah
16,775 149.687 14,186 204.316
11
117
250
24.343
Brunswick
8,802
71.156 3,609
32,194
Charleston
Georgetown
7.763
57,047 8.108
47,799
Wilmington
88,179
Norfolk
25.401 157,505 14,722
N'port News, &a_
2,134
New York
1,050
1,650
646
4,080
40
3,446
104
Boston
Baltimore
1,021
3.861 2,850
7,350
811
Philadelphia
564
349 nn5 2.figg AM 3R5 n5n 2.435.002
Ti,r.c
Receipts at-
Sat.
Mon. Tues. Wed. Thurs. PH. Total,
24,334 23,243 37,951 19,768 19,246 17,393 141,5135
1.957 1,957
13,200
20,170
58,205
91,575
4,664 10,724 11,470 14,219 2,668 5,404 49,149
149
628
555
383
130 1.006 2,851
565
565
141
141
2,817 3,608 3,871 2.355 2,736 1.388 16,775
11
11
1,799
517 2,568 1,190 1,682 1,046 8,802
1,027
505 1,808 1,027 1,790 1.606 7,763
4,360 3,879 5,426 2,851 3,170 5.715 25,401
50
40 ------------------ ---------40
• 1.
1.021
Totals this week_ 52.350 43.144 83.5471 41.988 01 915 In 71 .71oAn nqa
Galveston
Texas City
Houston
New Orleans__
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Stock.
4
1923.
1922.
288.682
3,692
472,583
25.890
138.592 249,266
9.804
16,310
2,365
77,891
228
47.857
6,546
84,875
700
51,877
35.067
86.150
34,778
81,229
34,930
5.359
1.640
3,890
63.469
5,712
3,275
3,987
736.147 1.1011.4II7
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1923.
1922.
1921.
Ga1veston_ _ _ _
Houston, &c_
New Orleans_
Mobile
Savannah _ _ _ _
Brunswick......
Charleston ..
Wilmington....
Norfolk
N'port N.,Zec.
All others ._
141.935
91,575
49.149
2.851
16.775
11
8.802
7.763
25,401
168,062
64.665
70.153
4.986
14,186
250
3,609
8,108
14.722
4,774
16,339
111.944 142,252
12,087
12,999
60,293
56,325
2.952
6,168
21,547
22.408
378
1.500
4.075
914
4,238
3,182
15.084
8,964
48
66
10,270
3,047
103.672
12,381
37.884
27,988
85.491
10,000
18.396
6,803
13,009
64
6,058
40.284
3,590
41,816
2.918
21.324
2,000
6,956
2,261
10,108
183
2,573
Total this wk_
349,036
365,080
261.864
321.746
134,013
Receipts at-
Since Aur..I
1920.
238,187
1919.
1918.
2.669.6562,436,002 2,291,139 1,781,643 1.826.836 1.643.250
The exports for the week ending this evening reach a total
of 307,260 bales, of which 99,702 were to Great Britain,
62,394 to France and 145,164 to other destinations. Below
are the exports for the week and since Aug. 1 1923.
Week ending Nov. 2 1923.
Exported toExports
from-
From Aug. 1 1923 to Nov. 2 1923.
Exported to--
Great
Great I
Britain:France. Other. Total. Britain.' France.
Other.
Total.
32,836 73,839144,981 216,857 148,758 449,341 814,956
Galveston__
Houston ___ 34,340 14,92 42,311 91,57 158,073 91,814 213,157 463,044
6,51
28,922 56.058
New Or cans 3,604j 3.527 11,190 18,321 20,619
1,505
3
1,855
Mobile
565
56
I
2,191
Pensacola I
2,191
5,257 17,199 65,189
Savannah _..' 12,350 4,107 7,000 23,457 42,733
50
50
Brunswick
8,839 27,259
Charleston _ 8,839
12,376 39,635
9.000 13,600
4,600
4,600
4,61i
Wilmington.
200
7,949 8,149 32,610
Norfolk ...._..
17,072 49,682
89,852 196,941
New York.._ 1,398 1,900 1,100 4,398 75,814 21,37
________________________
304
Boston
622
926
100
25
125
Philadelphia
1
, 25
175
500
500
3,500
Los Angeles
500
3,000
______ ___________
San
39,727 39,727
1,750 1,750
Seattle
33,269
33,269
Total_ ___ 99,702 62,39 145,164307,260 578.165 288,721 913.9121,780,798
Total 1922..102,665 58,431 144,202 305,298 483,695 252,499 741,3371,477,531
Total 1921.. 33,747 55,982 73.070162.799 427,866 271,072 1,076,0081,774,946
-Exports to Canada.
-It has never been our practice to include in the
NOTE.
above table exports of cotton to Canada, the reason being that virtue ly all the
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow In coming to hand. In view, however,
of the numerous Inquiries we are receiving regarding the matter, we will say that for
the Month of September (no later returns are as yet available) the exports to the
Dominion the present season have been 6.163 bales, of which 5,529 bales were to
Quebec and 634 bales to Maritime Provinces. In the corresponding month o the
preceding season the exports were 4.672 bales.
For the two months ending Sept. 30 this year there were 10,993 bales exported'
as against 18,983 bales for the corresponding two months last year.
In addition to above exports, our telegrams to-night
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
COTTON
Friday Night, Nov. 2 1923.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
349,036 bales, against 277,177 bales last week and 287,213
bales the previous week, making the total receipts since the
1st of August 2,669,656 bales, against 2,436,002 bales for
the same period of 1922;showing an increase since Aug. 1
1923 of 233,654 bales.
1922.
1923.
Receipts to
Nov. 2.
On Shipboard, Not Cleared for
Great
GerOther CoastNov. 2 at- Britain. France. many. Cortrnt. wise.
Galveston
New Orleans_ _
Savannah
Charleston_
Mobile
Norfolk
Other ports*_ _
5,175
2,627
2.500
2.000
77
--
250
5.500
3.000
8,100
1.200
Total.
8.143 18.000 36,318
5,514 3.462 19.780
700 3,200
-91
250
-891
2:6615 3,0566
-
11,;i6O
Leaving
Stock.
252,364
118,812
74.691
47.857
9,213
86,150
75,471
16,052 3.277 13,100 16,907 22,253 71.589 664,558
Total 1923
Total 1922_.. 19.016 20.283 11.046 46,197 12,869 109,411 991,086
Total 1921.._ 52.165 28,473 16.333 58.722 11.724 167,417 1,400.930
* Estimated.
Speculation in cotton for future delivery until to-day
(Friday) was of an evening up sort awaiting the Bureau
report. To-day the report appeared and put the crop at
10.248,000 bales, against 9,762,000 last year, 7,953,641 in
1921, 13,439,603 in 1920, 11,420,763 in 1919 and 12,041,000 in
1918. The condition was stated at 47.8, against 49.5 a month
ago. The yield per acre is given as 128.9 lbs. All this led
to an advance from the low point of the day to the 200 point
limit allowed in one day amid great excitement and activity. All of the States show a decrease for the month except
Texas and North Carolina. There is much regret that the
2014
Bureau estimated the crop at as high as 11,015,000 bales on
Oct. 2. Those figures were much above the general estimates of the trade. Now the Bureau reduces its estimate
some 767,000 bales. Many had expected its figures would be
around 10,500,000 to 10,600,000 bales. Some even expected a
higher total. When the report came of 10,248,000 bales it
•was a shock at home and abroad and its reverberations will
undoubtedly spread throughout the cotton trade of the
globe. It was one of the most sensational reports that the
Bureau of Agriculture has ever issued. Earlier in the week
prices swung to and fro within very narrow limits, though
on the whole there was some decline. Bullish points seemed
to have been discounted. The weather was cold or rainy,
frosts were reported and a certain amount of damage to the
crop. But for the most part this fell flat. The coming Bureau report seemed to cast a kind of shadow over the market. It was a new thing. Nobody had any way of gauging
it, or arriving at any intelligent opinion as to just what it
might say. The consensus was that it might reduce the crop
estimate considerably in deference to the opinion in the
trade that its last previous estimate of Oct. 2 of 11,015,000
bales was considerably too high. It was supposed that the
Bureau by issuing a report on Nov. 2 was desirous of avoiding too marked a decrease in its statement to be given out
on Dec. 2, though as we note in our remarks in connection
with the report printed further on, the Bureau denies that
there has been any basis for this conjecture, issuance of the
present report having been determined on some time ago.
Meanwhile the spot basis at the South was reported lower.
The actual cotton was said to be offered more freely. American mills were regarded as hand-to-mouth buyers of the
actual staple. Their goods were selling but slowly. New
Bedford was reported as predicting great curtailment in the
next six to eight months. Ginghams were quoted by the
Amoskeag Co. of Manchester, N. H., at the same price as a
year ago, though the price of actual cotton, of course, is far
higher than then. This surprised a good many. Others
thought that it was simply a special case of dulness for a
particular line of cotton goods, and that it had no other significance. But it was certainly not an inspiring factor.
Meanwhile Worth Street and Fall River were quiet. There
were contradictory reports from Manchester; some were
cheerful, others were not. There were some complaints of
the old trouble of unsatisfactory bids. The actual turnover,
whatever may be said about the extent of the inquiries, was
reported small. That, at least, was the case in some instances. And there was still talk across the water to the
effect that Lancashire mills were soliciting aid of one kind
or another from the British Government. Why aid if trade
was in a promising condition?
Meanwhile the•market here became long. Shorts had experienced rough treatment in a quick rise of 2c. and there
were unpleasant reminiscences of an advance of some 9 to
10c. since July 31. Therefore the short side was touched
rather gingerly and only for quick turns. But with the approach of the Bureau report buying for long account died
out. There was a disposition to even in) and look on until
the report was out of the way. On Thursday there was an
early advance in response to a rise in Liverpool beyond what
was due. But its effect was short-lived and a substantial
reaction occurred in the later business here on selling by
Liverpool itself as well as American interests here., there
and everywhere. Despite bad weather reports, circulation
of a crop estimate as low as 9,718,000 bales, which was the
lowest yet and finally big exports and a rising stock market,
cotton turned downward. Bullish news was treated as of
little moment by comparison with the desirability, as it was
regarded, of expunging commitments on the long side and
awaiting the actual announcement of the Bureau report today before taking hold again. Also, there were some reports
that the North Carolina crop would be larger than many
have expected. Other reports said that the Eastern belt,
taken as a whole, would produce more than some of the
more gloomy prognostications had forecast. Finally, the
very fact that the stock market had suddenly become active
at rising prices was taken to mean that the outside speculative public might turn from cotton to stocks, whereas recently it had turned from stocks to cotton as affording the
quicker action. And the average operator in the markets is
supposed to dearly love quick action, whatever may befall.
On the other hand, cotton has had a good many friends.
It certainly has now. It laid down as an axiom that as this
Is the third inadequate crop in succession the price in all
likelihood will advance until the rise is checked by diminished consumption and that alone. The private crop estimates of late have been in the main around 9,970,000 to 10,300,000 bales, and with a carry-over from last season of only
2,500,000 bales, this is taken to mean just one thing, namely
a further advance in prices. Some insist that Manchester's
trade is gradually mending. Certainly for some reason or
other Liverpool's spot sales have latterly increased noticeably. Recently they were only 5,000 bales a day. Then they
rose to 8,000 and after sagging a little they jumped on
Thursday to 10,000. To-day they were 8,000. Ten thousand
was the largest total seen for months past. And some reports from Texas said that holders in at least some parts of
that State were clamping down the lid and refusing to sell
on any decline. Rains and freezes have visited parts of the
Southwest. It is true that not a few estimates have put the
[vol.. 117.
THE CHRONICLE
amount picked as 80 to 85% of the crop. Some other reports
have said that only 25% remains to be gathered. But 25%
is no slight matter in these times of scanty stocks following
three semi-failures of the crop. Some contend, it is true,
that the damage has been more to the grade than to anything else. The grade has been reduced, it is argued, rather
than the quantity. But redwing the grade would of itself
be a serious matter. It might mean a notable scarcity of
contract cotton to meet the rigid requiremens of the contract
law in this country and also the rules of the Liverpool Exchange. Meanwhile the exports have been increasing. It is
true the increase may be called a month-end spurt. But in
any case the cotton is leaving the country. On Nov. 1 the
total exports for the day were close to 190,000 bales, or in
exact figures 189,425 bales, of which no less than 172,000
went out from Galveston and Houston. There is talk to the
effect that cotton is going to be shipped from New York and
New Orleans for delivery on December contract. And the
certificated stock has risen here to 13,827 bales, whereas not
so many weeks ago it was down close to the vanishing point.
But December has kept at a premium over January of
around 45 to 50 points. The trade has been buying heavily
on downward reactions. To-night 35c. is predicted before
Christmas. Some of the more radical say 35c. before
Thanksgiving Day.
To-day future prices, as already stated, advanced 200
points from the low level of the day. The net rise for the
day was 162 to 178 points as compared with the previous
closing. The trade, Liverpool, Wall Street, the West and
scattered interests all bought on a large scale. The estimated transactions for the day approximated 500,000 bales.
It was the most active day seen for months. It brought out
the fact that the 200-point limit rule was still necessary five
years after the armistice and eight years or more since the
time of the war. It was the most excited day since war
times. It was indeed a day of the greatest excitement in
six years. Net changes for the week show an advance of
155 to 161 points. Spot cotton closed at 32.80c. for middling,
an advance for the week of 105 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 27 to Nov. 2Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
31.75 31.75 31.80 31.50 31.25 32.80
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Nov. 2for each of the past 32 years have been as follows:
1923
1922
1921
1920
1919
1918
1917
1916
32.80c.
24.700.
19.00c.
22.10c.
39.05c.
29.25c.
28.75c.
18.80c.
1915
1914
1913
1912
1911
1910
1909
1908
11.95c. 1907
1906
1905
1904
1903
1902
1901
1900
14.10c.
11.75c.
9.40c.
14.55c.
15.10c.
9.40c.
11.00c.
10.400.
10.95c.
10.15c.
10.500.
8.65c.
7.88c.
9.56c.
1899
1898
1897
1896
1895
1894
1893
1892
7.44c.
5.31c.
6.00c.
8.19c.
8.940.
5.75c.
8.31c.
8.44c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot
Market
Closed
Futures
Market
Closed
SALES.
Spot.
Contr't. Total.
Saturday_-- Steady, unchanged_ Very steady
Monday _- Steady, unchanged_ Very steady--- -----1,000 1,000
Tuesday _ -- Steady, 5 pts. adv-- Irregular
1.800 1,800
Wednesday_ Quiet, 30 pts. dec_ _ Barely steady-- ------ 14,300 14,300 7
Thursday - _ Quiet, 25 pts. dec_ _ Steady
Friday
Steady 155 pts. adv.. St'dy at thelmt
Total_ ___
17.100 17,100
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday Monday, Tuesday, Wed'day, Thursd'y, Friday,
05.27. 05. 29. oa. 30. Oct. 31. Nov. 1. Nov. 2.
November
Range
Closing__
December
Range
Closing
January
Range
Closing
February
Range
Closing
March
Range
Closing
April
Range
Closing
May
Range
Closing
June
Range
Closing
July
Range
Closing
August
Range
Closing__
September
Range
Closing__
October
Range
Clnalna
.130c. I 32o
Week.
30.70-.73
30.70-.85
30.86
30.72 -30.73 -30.79 -30.50 -30.50 -32.28 - -30.48-.74 30.18-80 20.54-96 30.50-80 30.45-.78 30.28-128 30.18-128
30.69-.72 30.75-.78 30.79-82 30.50-.55 30.50-.53 32.28 -- 29.80-131 29.55129 30.12-48 29.93-130 29.96-128 29.60-160 29.55460
30.15-.18 30.26,28 30.31-.32 30.05-.0629.98-103 31.60 - -30.16 -30.24 -30.35 -30.04 -30.00 -31.63 -- 29.89-121 29.68128 30.12-48 30.02-34 29.96127 29.65-t65 29.65-165
30.16-.17 30.24-.25 30.39-.41 30.04-.08 30.00-03 31.65 - -30.17 -30.22 -30.35 -30.05 -30.00 -31.63 - 29.87-124 29.68427 30.15-.46 30.02-.31 29.96125 29.60-160 29.60460
30.18 -30.22-.27 30.30-39 30.05-.06 29.98-10331.60 - -29.84 -29.88 -30.10 -29.73 -39.71 -31.40 --
-
29.25-.61 29.18-.67 29.52-.88 29.49-.75 29.46-.70 29.30-130 29.18-130
29.59-.60 29.63 -29.85-.87 29.49-.51 29.46-47 31.30 -- 27.90-99 27.75-035
28.30-.35
27.75
28.15 -28.05 -28.30-.35 28.05 -28.05 -29.75 -- 27.90 -26.85-190
26.85
26.90
- 27.20 -27.30 -27.10 -27.00 -26.95 -28.75 26.27-.60 26.34-000 26.27-000
26.25 -28.00 -- 1310. .280. t 27.0.
-
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Nov. 2Stock at Liverpool
Stock at London
Stock at Manchester
2015
THE CHRONICLE
Nov. 3 1923.]
1923.
bales 352,000
1,000
33,000
1922.
588,000
4,000
54,000
1921.
830,000
1,000
61,000
1920.
828,000
3.000
63,000
386,000
13,000
53,000
64,000
3,000
71,000
5,000
2,000
1,000
646,000
5,000
105.000
125.000
6,000
64.000
19.000
9,000
1,000
892,000
22.000
294.000
170,000
10,000
91,000
4,000
14.000
894.000
18.000
88,000
138.000
1,000
31,000
28.000
212.000
334,000
605,000
304,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
3,768.991 4,946,150 6,388,710 5,422,963
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales_ 166.000 301,000 481.000 468,000
Liverpool stock
34,000
42.000
55,000
24,000
Manchester stock
159,000 280,000 541,000 236.000
Continental stock
813,000 566,000 555,167 556,146
American afloat for Europe
736,147 1,100,497 1.568.347 1.163,220
U.S. port stocks
1,086.495 1,355,653 1.436,173 1,296,123
U. S. interior stocks
23
349
474
U. S. exports to-day
Total East India, Szc
Total American
1922
Since
Aug. 1.
155.255
68,218
90
-1923
Since
Nov. 2
Shipped
-Week. Aug. 1.
110,422
Via St. Louis
19,239
Via Mounds, &c
36,400
6,300
Via Rock Island
890
122
5.094
Via Louisville
526
47,312
Via Virginia points
4.395
112,541
Via other routes, &c
7,581
Week.
38,201
19,050
-66§
mom
5,850
8,931
46.931
122,281
38.163
312,659
72,700
409,391
2.111
539
24,657
9,768
6.847
165,574
3,600
641
18,970
14,028
7,331
125.316
Total to be deducted
598,000 980,000 1,497,000 1.198,000
Total European stocks
85,000
84.000
42,000
87.000
India cotton afloat for Europe
566,000 555,167 556,146
American cottonafloat for Europe 613,000
66.000
81,000
EgyptBrazil,&c.,aflot for Europe 93,000 104,000
227,000 307.000 301,000 127,000
Stock in Alexandria, Egypt
328,000 491.000 866,000 931,000
Stock in Bombay. India
736,147 1,100,497 1.568,347 1,163.220
Stock in U.S. ports
Stock In U. S. interior towns___ -1,086,495 1,355,653 1,436,173 1,296,123
474
23
349
....
U.S. exports to-day
Total American
East Indian, Brazil, &C.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil. &cc., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
27,307
182,189
23,211
146,675
Leaving total net overland *
10,856
130.470
49,489
262,716
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, 8cc
Between interior towns
Inland, &c.,from South
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 10,856 bales, against 49,489 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 132,246
bales.
192
1923
Roue
/n Sight and Spinners'
Since
Aug. 1.
Week.
Takings.
Week.
Aug. 1.
Receipts at ports to Nov.2
349.036 2,669,656 365.080 2.436,002
262,716
Net overland to Nov. 2
49,489
10.856
130,470
Southern consumption to Nov.2-a 76,000 1,118,000
82,000 1,131.000
Total marketed
Interior stocks in excess
435,892 3.918.126 496,569 3,829.718
839,663
26.493
815,600
74.772
Came into sight during week
Total in sight Nov. 2
-462,385
571,341
4,669.381
4,733,726
2,784,991 3,637,150 4.623.710 3.774,983
North.spinners'takings to Nov.2 57.041
186,000
1,000
9,000
53.000
87.000
93,000
227,000
328,000
287,000
4,000
20,000
54,000
42,000
104,000
307,000
491.000
349.000
1.000
19,000
64,000
84,000
81,000
301,000
866,000
360.000
3,000
8,000
68.000
85.000
66,000
127,000
931,000
984,000 1309,000 1,765,000 1,648.000
2.784,991 3,637,150 4.623,710 3,774,963
3,768.991 4,946,150 6,388.710 5,422,963
Total visible supply
17.44d.
14.56d.
12.11d.
15.55d.
Middling uplands, Liverpool__
25.15c.
18.80c.
20 85c
Middling uplands. New York--- _ 32.80c.
Egypt, good sake!, Liverpool- _ - 19.656. 19.50d. 25.756. 45.086.
15.00d. 25.00c1.
Peruvian, rough good, Liverpool_ 18.75d. 16.00d.
14.756. 12.75d.
11.30d.
13.85d.
Broach fine, Liverpool
15.90d.
13.65d.
12.30d.
14.35d.
Tinnevelly, good, Liverpool
Continental imports for past week have been 94,000 bales.
The above figures for 1923 show an increase from last week
of 286,283 bales, a loss of 1,177,159 from 1922, a decline of
2,619,719 bales from 1921, and a falling off of 1,653,972
bales from 1920.
464,381
97.495
561.221
a These figures are consumption: takings not available.
Movement into sight in previous years:
Bales.
Since Aug. 1410,884 1921
-Nov.4
439.239 1920
-Nov.5
496.450 1919
-Nov.7
Week1921-Nov.4
1920-Nov.5
1919-Nov.7
Bales.
3,939,780
3,320,062
3,382,710
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week ending
Nov. 2.
Saturday, Monday, Tuesday, Wed'day. Thursd'y. Friday.
30.40
Galveston
30.50
New Orleans_
30.13
Mobile
29.97
Savannah
30.00
Norfolk
Baltimore
30.13
Augusta
30.75
Memphis
30.25
Houston
Little Rock---- 30.38
30.20
Dallas
Fort Worth_
30.50
30.50
30.13
30.01
30.00
30.25
30.19
30.75
30.35
30.38
30.15
30.00
30.50
30.50
30.13
30.00
30.00
20.50
30.06
30.75
30.40
30.38
30.10
30.00
30.25
30.50
30.00
29.77
29.75
30.50
29.75
30.75
30.00
30.25
32.00
Holiday 31.50
29.88
31.00
29.78
31.25
29.75
31.25
30.50
31.25
29.75
31.19
30.75
31 75
30.00
31.50
30.25
32.00
29.70
31.45
29.70
31.25
AT THE INTERIOR TOWNS the inovement-that is,
29.75
the receipts for the week and since Aug. 1, the shipments for
29.70
the week and the stocks to-night, and the same items for the
NEW ORLEANS CONTRACT MARKET.
corresponding periods of the previous year-is set out in
-The closing
quotations for leading contracts in the New Orleans cotton
detail below:
market for the past week have been as follows:
Movement to Nov. 2 1923.
Towns.
Stocks
MOUS. Nov.
2.
Week. Season. Week.
Receipts.
Ship-
Movement to Nov. 3 1922.
Receipts.
Ship- Stoc.ta
malts. Noy
Week. Season. Week.
3.
931 5,226 2,480 22,640 2,745 8,524
9.869
Ala..131rMIDeM 1,547
500 1,073 2,800
3,690
2,849
100 2,713
300
EUtaula
Montgomery. 3,398 33,683 2,154 18.999 2,892 41,732 2,233 21,288
3,295 23,169 3,343 11,223 3,035 44,654 .2,956 10,886
Selma
706 8,990 2,737 20,079 2,184 16,626
5,380
949
Ark., Helena
8,276 47,102 4,409 35,911 11,847 108,413 11,574 63,670
Little Rock
23,059 2,888 32,224 7,599 48,703 4,839 53,816
Pine Bluff__ - 8,424
104
5,218
87 2,618
213 2,720
1,743
113
Ga., Albany._
9,442 1.000 16,790 2.090 13,782 1,240 18,531
2,000
Athens
113,579 9,598 61,578
12,279 47,627 5,178 30,849 17,92
Atlanta
13,145 96,919 6,855 50,571 13,55 118,643 8,774 69,976
Augusta
51,429 4,365 13,745
Columbus--- 5,800 32,579 6,641 17,988 4,54
894 8,887
648 7,488 2,198 25,428
8,968
1,228
Macon
12,488 2,124 3,576 2,219 19,351 2,299 7,242
2,805
Rome
La., Shreveport 12,000 65,000 7,000 33,000 6,800 48,600 3,400 28.200
6,752 1,000 4,158 1,462 15,680 1,599 7,974
Miss.,Columbus___
3:994 46,270 1,91 44,348 15.383 81.742 8,999 69,639
Clarksdale
Greenwood_ - 4,000 65,195 3,000 48,407 8,037 71,880 5,380 58,153
46
9,268 1,852 25,135 2,267 11.817
2,745 11,759
Meridian
21,339 1,377 11,609
Natchez
3,570 17,311 1,57 13,242 2,46
13,275 1,2781 10,246
89
6,338 1,922
Vicksburg_
1,004
5.610
19,863
844 19,182
Yazoo City._ 1,902
11,446 1,07 12,931 2,472
4,148 38,201 155,255 36,890 12,628
Mo., St. Louis_ 19,355 102,079 19,23
24,284 3,000 16,211
1,955 11,283 a.
N.C.,Gr'nsboro 4,328 15,56
759
338
4,449
700
Raleigh
800
458
728
5,3531
11,071 7,645 22,684
Okla., Altus... 5,465 20,593 2.56 12,844 7,709
Chirkasha
4,319 15,931 2,865 8,225 8,104 42,271 6,203 13,759
1,725 5,513 35,127 5,195 21,382
Oklahoma
1.974
19,771 6,769 61.951 3,056 44,754
S.C.,Greenville 6,698 29,974
482
4,637
219 10,511
Greenwood_ 3
91
741
5,887 3:i97 10.074
Tenn.,Memphis 36,931 206,218 26,634 109.941 85,452 331,103 36,383155.180
226
Nashville_
299
- 1
Texas, Abilene_ 6,117 37,769 5,442 3,011 3.650 31.949 3,4 3,343
651
15,517
721 4,132
I3renham
1,843 19,311 1,627 6,123
553 28,25
Austin
1,993 27,819 2,263 3,200
801
652
7,307 80,403 4,057 18,982 4,6311 38,031 3,466 21,440
Dallas
Houston __._ 171,2112,044,219205,728434,482 189,74511.639,153 184,111412,930
4,329 53.614 5,051 12,147 3,3921 53,380 3.082 10,300
Park3
San Antonio_ 6,000 47,589 5,000 11,000 2,0001 34.889 2,000 3,779
3,542 49,334 3,931 6.004 3.5481 39,923 3,685 16,359
Fort Worth
Total, 40 towns373,661 3,327,633345,116 1088495 457.3463,482,229397,9731355653
The above total shows that the interior stocks have increased during the week 26,493 baps and are to-night
269,158 bales less than at the same period last year. The receipts at all towns have been 83,685 bales less than the same
week last year.
Satur40.
Oa. 27.
Monday,
Oct. 29.
Tuesday, Wednesday, Thursday,
Oct. 30. Oct. 31. Nov.1.
Friday.
Nov. 2.
December. 30.19-30.23 30.36-30.39 30.35-30.38 29.98-30.05
31.80January.. 30.05-30.10 30.18-30.20 30.22-30.26 29.88-29.95
31.70March____ 29.96-29.99 30.09-30.10 30.12-30.15 29.78-29.87
31.62 ---29.83-29.84 29.96-29.99 29.97-29.98 29.67-29-.74 HOLIDAY 31.50May
29.31 -29.49 bld 29.49 -29.3031.10 ---July
Tonesteady
Steady
Firm
Spot
Quiet
Firm
OntIrma
Steady Very sted'y Steady
RteAdv
RtINAtiV
AGRICULTURAL DEPARTMENT REPORT ON COT-The
TON CONDITION AND SIZE OF THE CROP.
Agricultural Department at Washington yesterday (Friday,
Nov. 2) issued a special report on cotton condition and the
probable size of the crop as of date Oct. 25.
We are advised that while this report is issued in terms of
condition, the Crop Reporting Board itself has also considered
not only the condition reported by the correspondents, but
also the probable yields per acre, the amount of cotton picked
and the amount ginned as reported by ginners and special
cotton correspondents.
There has been comment in the press to tho effect that the
Crop Reporting Board was issuing this special report because of the fact that it was dissatisfied with its Sept. 25
report. This is not the case, we are informed. The Board
has been gathering information similar to that gathered the
present year for the past four years, with the intention of
making another regular report as of Oct. 25. There was considerable discussion in 1922 as to whether a report should be
issued at that time, and it was finally decided to postpone
the issuance of the report for another year. When the
schedule of reports for 1923 was made up a final decision in
the matter had not been reached, hence the report was not
included in the regular schedule.
The change in forecast since Sept 25 it is stated reflects the
change due to weather and other factors since that date as
ascertained by the board from all information at its command. Generally unfavorable weather and heavy rains in the
Southwest, exceptional damage to grown bolls by the weEM1,
result of leaf worm ravages, coupled with the heaviest aban--
2016
donment on record resulted in a forecast of about 767,000
bales below last month. In the Southeast picking is even
further advanced than last year, but in the West it has been
greatly delayed particularly in Oklahoma, Arkansas,Missouri
and Northwest Texas.
The following is the complete official text of the report:
UNITED STATES DEPARTMENT OF AGRICULTURE
Bureau of Agricultural Economics
Washington, D. C.
November 2 1923, 11:00 a. m., Eastern Standard Time.
The Crop Reporting Board of the United States Department of Agriculture estimates,from the reports of its correspondents and field statisticians,
that the condition of the cotton crop on October 25 was 47.8% of a normal.
as compared with 49.5 on September 25 1923. 52.6 on October 25 1922, and
43.2 on October 25 1921.
A condition of 47.8% on October 25 forecasts a yield per acre of about
128.1 pounds and a total production of about 10,248,000 bales of 500
pounds gross. The final outturn may be larger or smaller than this amount
according as conditions developing during the remainder of the season prove
more or less favorable to the crop than in an average year. Last year the
production was 9,761,817 bales, two years ago 7,953,641, three years ago
13,439,603, four years ago 11.420.763. and five years ago 12,040.532 bales.
The average production for the five years 1910 to 1914 was 14,259,231 bales,
and for 1945 to 1919 the average was 11.481,084 bales.
Comparisons by States follow:
CONDITION.
STATE.
Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Missouri
Oklahoma
California
Arizona
All other c
[voL. 117.
.THE CHRONICLE
PRODUCTION.
Forecast, Final 1922
October 25.
September 25.
Oct. 25
(Census
1923.
ginning:).
1923. 1922. 1921. 1923. 1922. 1921.
Bales.
Bales.
88
70
53
31
22
39
36
43
57
37
35
49
43
86
88
61
60
37
38
se
58
58
53
56
59
62
80
46
80
85
53
60
60
39
32
47
48
49
41
38
56
65
80
41
80
75
43
83
64
53
31
20
42
37
45
56
so
63
59
38
37
55
55
54
53
52
57
47
64
49
84
90
84
70
42
80
80
85
se
53
54
40
33
50
46
48
41
38
53
62
70
38
73
81
83
27,000
53,000
852,000
1,010,000
740,000 493,000
715,000
610,000
25,000
12,000
823,000
615,000
989,000
620,000
343,000
320,000
4,300,000 3,222,000
680,000 1,011,000
391,000
230,000
149,000
151,000
627,000
735,000
b28,000
a49,000
83,000
47,000
19,000
40,000
- 47.8 52.6 43.2 49.5 50.0 42.2 10,248,000 139,762.000
United States total
a About86,000 bales additional are being grown in Lower California (Old Mexico)
b Includes about 7,000 bales of the 58,000 ba es grown in Lower California (Old
Mexico).
c Including New Mexico.
WeekI
Receipt* at Porte.
Stocks at Interior Towne.
1923. 1922. 1921. I 1923.
ReceiptsfrornPlaatattotes
1922. I 1921.
1923. 1922. 1921.
Aug
i0__ 29,72 24,012 74,894 264,913 345.7261,074,165 24,400 14,579 49.821
17_ 46.
33.716 84.050 268,226 341,5191.048,597 51,252 29,509 58,482
24-- 62,758 44,317 91,711 302.780 351,0791.015.473 97.312 53,877 58,587
41_142,595 91,62 105.024 331,947 355.704 987,684171,762 96,250 77,235
Sept.
7-- 146,130 95,017107,847 377,401 416,1611 987,030191.584155,474107,193
14__ 170.272 163,102 142,000 442,567 471,52 983,869235,378 218.470 138.839
21._ 258,747205,404 168,787 519,567 600,5401.037.994334,807 334,415 222,912
28__ 288,759253,298 205,490 577.954 743,160 1,147,941 347.146305,164315,437
Oct.
329.949275.188258,740 670.922 897,611 1,225,335422,917380,561 336,134
12... 273.052 250,881 275,129 811.0881,067,5451,301,337413,218420,815351,131
19_ _ 287,213326,02.269,084 946,192 1,186,8131,312,699 422,317445,288280,446
26_ _ 277.177297,53!217.59 1,060,0021,280,881 1,380,236390,987 391,601285.138
Nov.
2_ _349,035 365,080238,187 1,086,4951.355,6531,436,173,375,529439,652 294,124
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1923 are 3,484,109 bales;
in 1922 were 3,285,861 bales, and in 1921 were 2,610,074
bales. (2) That although the receipts at the outports the
past week were 349,036 bales, the actual movement from
plantations was 375,529 bales, stocks at interior towns having
increased 26,493 bales during the week. Last year receipts
from the plantations for the week were 439,852 bales and for
1921 they were 294,124 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1923.
Week.
Season,
1922.
Week.
Season.
Visible supply Oct. 26
4,752.602
3.482,708
Visible supply Aug. 1
3,760.450
2,024,671
American insight to Nov. 2_ _ __ 462,385 4,733,726 571,341 4,669,381
Bombay receipts to Nov. 1
11,000
123,000
5,000
129,000
Other India shipm'ts to Nov. 11.000
52,000
2,000
56,550
Alexandria receipts to Oct. 31-70,000
376,400
78,000
371,800
Other supply to Oct. 31_ *_b
4,000
60,000
4,000
83.000
Total supply
Deduct
Visible supply Nov. 2
Total takings to Nov.2 a
4,031,093 7,369.797 5,412,943 9.050,181
3.768,991 3,768,991 4,946,150 4,946,150
262,102 3,600,806
466.793 4,104,031
Of which American
237,102 2,784.406 318,793 2.992,481
-Reports to
WEATHER REPORTS BY TELEGRAPH.
Of which other
25,000
816.400 148,000 1,111,550
us by telegraph from the South this evening denote that in
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
the eastern portion of the cotton belt temperatures have
a This total embraces the total estimated consumption by Southern mills,
averaged about normal, while in the western States it has 1,118,000 bales In 1923 and 1,131.000 bales in 1922-takings not being
available-and the aggregate amounts taken by Northern and
been generally cold and cloudy. Continued wet weather spinners, 2,482,806 bales in 1923 and 2,973,031 bales in 1922, offoreign
which
has done considerable damage in Oklahoma and delayed 1,666,406 bales and 1,861,481 bales American. b Estimated.
picking in other parts where rain has fallen.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Texas.
-The cotton harvest is nearly completed, aside The receipts of India cotton at Bombay and the shipments
from the extreme West and Northwest, where some damage from all India ports for the week and for the season from
has occurred on account of rain. The top crop is rather Aug. 1, as cabled, for three years have been as follows:
poor to negligible.
1923.
1922.
1921.
Mobile.
-Picking is finished and gins are closing down.
Nov. 1.
Thermometer
Since
Since
Since
Receipts al
high 76 low 52 mean 64
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
low 38 mean 52
high 66
high 79 low 46 mean 63 Bombay
11,000 123,000 5,000 129,000 27,000 443,000
high 82 low 60 mean 71
high 82 low 54 mean 68
For the Week.
Since August 1.
high 70 low 40 mean 55
high 70 low 39 mean 55
Exports.
Great Conti- Japan&
Great
Conti- 1Japan cti
high 74 low 39 mean 57
Britain. sent. China.
Britain. I neat.
China.' Total.
high 76 low 37 mean 57
high 76 low 34 mean 55
high 79 low 45 mean 62 Bombay
1923
5,0001 4.000 45,000 54,000 36,0001 117,000, 122,500 275,000
high 81 low 31 mean 60
1922
10,0001 6,000 21,000 37,000 22,000 85,500 214,500 322,000
high 76 low 42 mean 59
1921
8,000 138,000 419,00 565,000
2
22,000 27,00 51,
high 73 low 38 mean 56
high 76 low 40 mean 58 Other India
1923
52,000
8,000 44,000
1,000
low 44
1922
56,550
6,000 50,550
1,0001 1,000
high 66low 38 mean 52
25,000
1921
2,000, 23,000,
1,000
high 65 low 39 mean 52
high 64 low 37 mean 51
high 67 low 30 mean 49 Total all
1923
5.0001 5,000 45,000 55,000 44,0001 161,000, 122,000, 327,000
high 60 low 32 mean 46
1922
11,0001 7,000 21,010 39,000 28,000 136,0501 408,000 378,550
high 75 low 31 mean 53
1921
2.00 23,000 27,000 52,000 10,000' 161,000' 419,000 590,000
high 76 low 35 mean 50
high 73 low 34 mean 54
According to the foregoing, Bombay appears to show an
high 77 low 34 mean 56
high 79 low 41 mean 60 increase compared with last year in the week's receipts of
high 80 low 40 mean 60 6,000
bales. Exports from all India ports record an increase
__ mean 62
high
-fii low 41mean 59 of 16,000 bales during the week, and since Aug. 1 show a
mean 59
high 83 low 35
high 82 low 37 mean 60 decrease of 51,550 bales.
high 80 low 34 mean 57
-Our report received by
MANCHESTER MARKET.
high 77 low 42 mean 60
high 79 low 40 mean 63 cable to-night from Manchester states that the market in
38 mean 57
high 75 low
high 81 low 47 mean 64 both cloths and yarns is steady. Demand for foreign markets
high 78 low 37 mean 53 is improving. We give prices to-day below and leave those
high 82 low 41 mean 62 for previous
weeks of this and last year for comparison:
high 81 low 44 mean 63
high 80 low 51 mean 66
high 80 low 40 mean 60
1931-22.
1922-28.
high 78 low 42 mean 60
high 92 low 40 mean 66
834 lbs. Shirt- cars
834 lbs. Shill- Corn
high 75 low 53 mean 64
828 Cbg
WM Common Mid.
82s Cog
ings. Common Mid.
high 75 low 41 mean 58
UPPe
Twist.
SO Finest.
d'totst.
So Mad.
ow 46
high 80 low 41 mean 61 July d.
a
.
d. s. d.
i.6. d. 81.
a. s. d.
high 76 low 35 mean 58
17 2034
19% 15 2 4§18 0 18.25
2134 18 1 @l6 5 15.81 1834
high 80 low 40 mean 60
24 20%
21% 15 4 @HI 2 12.80
2131 16 0 fg16 4 15.19 1931
mean 58
high 78 low 37
81 20%
21 16 0 618 5 18.70
2131 16 0 (416 4 14.93 20
high 75 low 36 mean 56 Sept
high 72 low 31 mean 52
7 2131
21 15 6 4318 2 12.84
21% 16 2 @l6 6 15.8711931
14 2231
21 15 4 618 2 13.32
23 16 5 (417 2 16.8920
RECEIPTS FROM THE PLANTATIONS.
-The fol- 21 24
214 15 4 Ef)16 2 12.83
2518 16 5 617 1 17.95 191s
28
20% 15 4 @l6 2 12.25
25% 16 5 @l7 2 16.91119%
lowing table indicates the actual movement each week from Oct. 24
the plantations. The figures do not include overland re5 2231
20% 15 4 @16 0 12.87
24% 16 5 @l7 2 16.64119 0
12 2231
24 16 5 (4117 0 16.50 1931
20% 15 4 (416 0 13.15
ceipts nor Southern consumption; they are simply a state- 19 23
24% 16 5 (4%17 2 17.04 200
21% 16 0 @la 4 13.50
the weekly !movement from the plantations of that 26 24
ment of
24% 16 7 @l7 3 17.03,20%
21% 16 3 0P)17 0 14.14
part of the crop which finally reaches the market through Nov.
2 2434
7.4420%
24% 16 5 @173
22 163 @170 14.56
6
the outports.
Rain. Rainfall.
dry
6 days 3.13 in.
1 day 1.13 in.
1 day 0.04 in.
dry
4 days 0.69 In.
4 days 2.30 in.
5 days 1.35 in.
3 days 2.79 in.
1 day 0.10 in.
1 day 0.02 in.
1 day 0.10 in.
2 days 0.30 in.
5 days 0.63 in.
3 days 0.74 in.
6 days 1.85 in.
4 days 1.40 in.
5 days 3.43 in.
3 days 2.44 In,
5 days 1.95 in.
5 days 1.57 in.
1 day 0.78 in.
2 days 0.49 in.
3 days 0.27 in.
2 days 0.30 in.
dry
dry
2 days 0.17 In.
2 days 0.33 in.
1 day 0.18 in.
dry
1 day 0.46 in.
dry
dry
dry
.12 In.
1 day 0
1 day 0.37 in.
1 day 0.02 in.
dry
1 day 0.01 in.
dry
dry
2 days 0.12 in.
1 day 0.16 in.
dry
dry
1 day 0.03 in.
1 day 0.07 in.
dry
1 day 0.17 in.
2 days 0.50 in.
3 days 0.30 in.
0
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
' Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
x
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Okolona. Miss
Columbus
Greenwood
Vicksburg
Mobile. Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston.S. C
Greenwood
Columbia
Conway
Charlotte, N. C
Newbern
Weldon
Dyersburg, Tenn
Memphis
Prices of futures at Liverpool for each day are given below:
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
October 31.
2017
THE CHRONICLE
Nov. 3 1923.]
1922.
1923.
1921.
Sat.
Oct. 27
to
Nov. 2.
Mon. I
Tues. I
Wed.
Thuss.
Fri.
123( 4: 123i 4:00
P. m.P- m- p.m p.m.
Receipts (cantars)240,000
390,000
350.000
This week
cf. d. d. d. d.
1.741.962
1.797.802
New Contrast, d. d. d. d. d. I d. I d. 17.21 17.33 17. 17. 17.71
1.878.716
Since Auz. 1
17.7817.88 17.52 17.60 17.54 17.24
October
.6017.1917.3317.3017.1617.15 17.2-.17.17 17.23 17.59
November --------17.47117
Since
Since
Since
_17.35 17.50 17.11 17.26 17.24 17.13 17.10 17.21 17.14 17.19 17.55
Week. Aug. 1. Week. Aug. 1 Week. Aug. 1. December
17.44
Exports (bales)January
.... __ 17.27117.43 . 17.19 17.16 17.02 16.99 17.10 17.03 17.08 17.35
_ 17.1417.29 16.91 17.0617.04 16.92 16.9017.01 16.9 17.00 17.24
.
41,041 February
10,000 39,789 7,000 31,815
To Liverpool
17.01117.1 16.80 16.96 16.93 16.81 16.79 16.90 16.83 16.8 •
35,040 March
32,912 7,750 36.744 6,000
16.70 16.81 16.7 16.8017.15
To Manchester, &c
1
800 55.767 April16.6816.84 16.81 16.72 16.56 16.68 16 16. 17.01
To Continent and India_ 7,000 79.402 2.100 57,900
_ 16.75 16.94 16.58 16.73 16.70 16.
100 36,016 May
8.919 9,000 27,558
16.85
To America
_ _ 16.59,16.67 16.44 16.59 16.56 16.42 16.42 16.52 16.4 16.49 16.37
_
June
.06
_ __ 16.4216.60 16.28 16.43.16.40 15.96 15.96 1.3615.98 16.03 15.60
17.000 161.022 25.850 154.017 6.900 169.864 July
15.27115.32
Tntal nrnnrta
_ 15.9416.1 15.83 15.96 15.93 15.27 15.27
August
5.1715.1714.7214.7514.8614.7714.82 15.10
cantar is 99 lbs. Egyptian ba es weigh about 750 lbs. were September -------- 15.2515.4015.051
This statement shows that the receipts for the week ending; Oct. 31
foreign shipments 17,000 bales.
4350.000 canters and the
1234i 1234 1234 4:001 123(, 4:00 1234
P. m.P. m.P. m P. m.1P. m.P. m.P. m.
BRE ADSTUFFS
-Shipments in detail:
SHIPPING NEWS.
Bales.
1,900
Friday Night, Nov. 2 1923.
-Editor, 1,900
NEW YORK-To Havre-Oct. 25
-President Harding, 900Oct. al
26
To Bremen-Oct.
Flour has been quiet and more or less unsettled. Some
1,100
Bremen, 200
400 decline in wheat had a certain effect for a time, though
-Adriatic,400
-Oct. 26
To Liverpool
-Laconia,
quotations. Later
To Manchester-Oct. 26-Gitano, 315-....Oct. 26
998 mills were plainly loath to lower their
683
too
wheat advanced. Still, for flour many of the bids were
To Bremen-Oct.26-Janelew,7,013 ...Oct. 30
GALVESTON21,792
Werra,6,176_ __Oct. 31---City of Weatherford,8,603
low and the sales were, as a rule, small. Buyers noticed
-Dora Haim. 1.050-Oct. 31-bladdeTo Genoa-Oct. 27
16,279 that cash wheat at Minneapolis fell last Saturday 1% to 2c.
lena 0,4,774; West Hobomac, 10,455
-EdgeOct. 29
-Genoa Meru, 10,200
prices weaken, espeTo Japan-Oct. 27
11,500 They naturally expected to see flour
field. 1,300
cially as importations of Canadian flour increased. This
-Colorado Springs, 10,023-Oct.31-Oct. 29
To Liverpool
Dakotian, 10,119; Monk)de Larrinaga, 2,718; West Durfee, 29,110 last was a chilling factor. Buyers became less inclined to
6,250
buy heavily. Exports were small, but for the month of Oc-Colorado Springs. 1,522 _ _ _Oct.31To Manchester-Oct.29
Dakotian, 1.239; Minnie de Larrinaga, 5,093; West Durfee,
large. Some predict large exports in November.
9.196 tober were
1,342
Later the tone was steadier, with wheat higher, but trade
To Havre-Oct. 31-Warkworth, 9,284; Middle:ham Castle,
32.836 remained for the most part quiet. Export sales were mod7,578, Polybius, 15.974
New
To Antwerp-Oct. 31-Polybius, 1.370; Middlebara Castle,
2.755 erate. During October, however, the clearances from
1,385
-Oct.31-Polybius, 1,805; Middleham Castle,4,092 5,897 York reached the surprising total of 1,165 bbls. and 778,118
To Ghent
5.540
from
To Barcelona-Oct.31-Mar Mediterraneo, 5,540
3.445 sacks. American flour is meeting sharp competition
To Venice-Oct.31-Highe,850; Laura, 2,595
3.026 Canadian flour in German markets, according to a report to
To Trieste-Oct.31-Iligho, 1.976: Laura. 1,050
3.605
To Rotterdam-Oct.31-Cody.3.605
Commissioner in
100 the Department of Agriculture from its
-To Christiania-Oct.26-Braheholm,100
NEW ORLEANS
225 Berlin. This was ascribed partly to the quality of the CanaTo Gothenburg-Oct. 26-Braheholm, 225
-Fingal.
To Antwerp-Oct.26-Burgondier, 1,082---_()ct. 27
Canadian mills are sat1.437 dian flour, but also to the fact that
5--_()ct. 31-Coldbrook, 350
isfied to accept payment in cash documents at Hamburg,
-Oct. 26-Burgondier, 250-Oct. 31-Coldbrook,
To Ghent
284
34
mills will sell only against sight draft on
450 whereas American
-West Metals,450
To Barcelona-Oct.27
New York. Germany, it is said, wants flour, not wheat, but
27-Jacona. 877 .._Oct. 31-Morldnevro,
To Genoa-Oct.
7.744
expert says that German millers are pre6,867
950 one Minneapolis
-Victorious, 950
To Chloe-Oct. 30
bbl.
2,356 venting the use of American flour, which has $1 a
To Liverpool-Oct. 31-Karnesit, 2,356
1.248
To Manchester-Oct. 31-Karnesit, 1,248
food value than German. German millers are said
3,527 greater
616; Breiz Izel,2,911
To Havre-Oct.31-Coldbrook,
weeks ago R. F.
4,700 to be playing up the exchange factor. Some
-West Hobomac. 4.700
HOUSTON-To Genoa-Oct. 26
8,300 Bausman of the Washburn-Crosby Co. says, the best grades
To Japan-Oct. 26-Edgefield. 8,300
200
y
To China-Oct. 26-Edgefield, 200
of American flour were selling in Hamburg at approximatel
To Liverpool
-Oct.27-Dakotian,5,010; Minnie de Larrinaga.
33,240 $3 below very poor German flour.
397-- _ Oa. 31-Steadfast, 16,702 Professor. 11,131
-Minnie de Larrinaga. 250___Oct.31
To Manchester-Oct.27
Wheat has been irregular, declining early in the week and
1.100
-Steadfast,850
Oct. 31-Aumselma
To Havre-Oct. 27-Warlovorth, 4.877
advancing later with persistent reports that the Govern14.924
' de Larrinaga,3,975; West Carmak,6,072_
farmer through co-operative
2.536 ment favored a plan to help the
-Mar Medlterraneo, 2,536
To Barcelona-Oct.27
2,700 marketing, lowered export rail freights, etc. A Washington
To Venice-Oct.29
-Laura.2,700
4,400
-Laura. 4,400
To Trieste-Oct. 29
were heard in Ad905 dispatch on Oct. 30 said: "Predictions
To Antwerp-Oct.31-West Camak,905
740 ministration circles that President Coolidge would follow
-West Oswalt,740
-Oct.31
To Ghent
3.247
-West Camak,3.247
To Rotterdam-Oct.31
the advice of leading agricultural exports of the Government
To Bremen-Oct. 31-Clemence C. Morse, 11.630; Hertha,
13,980 and recommend to Congress the substitution of a system of
2,350
603
To Hamburg-Oct.31-Hertha,603
the present system of specula7,300 co-operative marketing for
-Duquesne, 7,300
-Oct. 29
CHARLESTON-To Liverpool
1,539 tive marketing. As a result of the investigation in the
-Duquesne, 1,539
To Manchester-Oct.29
-Em-Port, 3,700. Oct. 29
-To Bremen-Oct. 27
NORFOLK
and Frank W. Mondell, direc7,400 West by Eugene Meyer, Jr.,
den. 3.600_ __Nov. 1-Anastasia, 100
_Nov. 1-Annumda, 50
400 tors of the War Finance Corporation, and personal repre-Emden, 350_,
To Danzig-Oct. 29
200
To Liverpool-Nov.2-Rexmore,200
the Administration leaders have
149 sentatives of the President,
To Rotterdam-Nov.2-Glenridge, 149
565 been convinced that the formation of co-operative organizaPENSACOLA-To Liverpool-(?) 565
25
PHILADELPHIA-To Antwerp-Oct. 11-Immoko, 25
business men and farmers shall
100 tions in which bankers,
To Liverpool-Oct. 18-Haverford, 100
or-City of Spokane, 1.750 ' 1.750 participate will solve the present farm problem. Such
PORT TOWNSEND-To Japan-Oct.26
600 ganizations could regulate wheat marketing in such a manSAN PEDRO-To Havre-Oct.27-Kosmo,500
o Bremen-Oct.6-Magxneric, 1,400-Nov. 1
SAVANNAH-T
3.950 ner as virtually to eliminate the big fluctuations in prices
Hanna Khorne, 2,550
4,107 which follow the present method of dumping grain into terTo Havre-Oct. 27-Greystoke Castle, 4,107
Castle, 50
50
To Antwerp-Oct.27-Greystoke
minal markets at harvest time, regardless of the ability of
To Liverpool-Oct.29-Novian,5,868---Oct.30-Sacandaga,
8.750 those markets to absorb it." Meanwhile Europe is buying
2,882
30-Sacandaga,
To Manchester-Oct.29-Novian,962_ _ _()ct.
poor to do
3.600 from hand to mouth; it is forced to. It is too
2,638
3,000 otherwise. Besides, its crops are larger than they were
To Japan-Oct. 30-Sacandaga, 3,000
4,600
WILMINGTON-To Havre-Oct. 29-Carplaka, 4,600
Last year England herself
following the
307,260
Total
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port:
Oct. 12.
28.000
40,000
29,000
14.000
12,000
12,000
4,000
1,000
2,000
55,000
56,000
51,000
331.000 339,000 373,000
119,000 125.000 158.000
91.000 110.000
84,000
60,000
81,000
74.000
266.000 202,000
253,000
163,000 187,000 131.000
Sales of the week
Of which American
Actual export
Forwarded
Taal stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
52,000
23,000
3.000
67,000
352.000
166.000
56.000
39.000
289,000
193.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Market, 1 A fair
business
12:15
doing.
P.M.
Mid.UPrds
Bales
17.66
6,000
Afonday,
Tuesday. Wednesday. Thursday.
Friday.
Good
demand.
A fair
business
doing.
A fair
business
doing.
Good
Inquiry.
Good
inquiry.
17.73
17.45
17.23
17.43
17.44
8,000
7,000
6,000
10,000
10,000
Very ste'dy Very ste'dy
Quiet
Steady Bar. ste'dy
8 to 19 pts. 8 to 16 pts. gpts.dec. to 9 to 12 pts. 4 to 6 pts.
advance. advance. 10 pts.adv. advance. advance.
Firm
Market, I Quiet but Irregular Quiet but Quiet but Quiet unch
to Opts.
st'dy 13 to 13 to 28pts. st'dy 2 to st.9pts.dee. advances 33to 42pts.
4
advanep
21 nta dew dpenna InntsRadv tolOnts.ad
P Xf
Futures.
Market 1
opened k
Steady
war.
Immediately
held only 15% of the stock usually carried in pre-war years
and England is in better shape than the Continent. Abnormally low foreign exchange rates, of course, hit Europe's
buying power hard. It is stated that under the plan of ea
operative marketing now being considered by the United
States Government the flow of wheat to market will keep
pace with the demand. While heretofore only 25% of the
wheat grown in this country has been exported, it has been
the European price which has fixed the domestic price. But
a co-operative marketing of American wheat will shift the
control of prices, it is contended, to this side of the Atlantic,
taking a leaf out of the book of Europe's own book with its
cartels, associations, etc. At one time there were reports of
larger country selling in the Northwest. Some think, too,
that if Germany should get to the point of famine this winter the United States would in some way or other arrange to
supply it with wheat. Already there is a plan to feed
2,000,000 children in Germany this winter. Apart from that,
it is suggested that if things get too bad in Germany the
United States would buy cargoes of wheat and flour and
send thither very much as it supplied wheat to Russia following the war. In any case in four weeks ending Oct. 27
the exports from the United States of American wheat and
flour reached 19,000,000 bushels. This attracted considerable comment. It suggested that exporters were certainly
doing more business than had been generally supposed.
Meanwhile the visible supply in the United States increased
2018
THE CHRONICLE
[VOL. 117.
within a week 1,202,000 bushels, as against a decrease in the port details put the yield per acre of corn at
same time last year of 1,595,000 bushels. The total is now and the total crop 2,984,000,000 bushels. The 28.9 bushels
quality of the
67,731,000 bushels, against 33,563,000 a year ago, so that it crop is put at 81.4%, or 2 points below the 10-year average.
is fully double that of last year. English reports say that A large part of the crop is of excellent
quality, although late
European statisticians are impressed with the largeness of in maturing, but frost injury and resulting soft corn
in
the continental and ex-European purchases, while business tions of the territory from Ohio to Iowa lowered the secgenin the United Kingdom is generally very dull. Argentine eral average. The percentage of old corn on
the farms
shippers have offered their old crop wheat very sparingly small, 3% representing an aggregate Nov. 1 carry-over is
of
and cash prices there rule firm. Offers from Australia of about 87,000,000 bushels, against 178,000,000 last year, and
old crop are very small, and reserves are practically ex- 286,000,000 bushels in 1921. The present carry-over is very
hausted, as farmers are holding, due to the drouth now ex- little different from the 10-year average, 1911-20. Later
isting throughout eastern Australia and New Zealand; corn advanced in sympathy with wheat and also because
of
Australian shippers are disinclined to offer new crop wheat reports of disappointing husking returns and
predictions
at further coneessions, until the crop is assured. Russia has that corn receipts would soon decrease. To-day prices
were
stopped offering wheat for the time being, but it is believed at one time lower, but rallied slightly in the later trading,
that this stoppage is only temporary, as the chartered fleet with light receipts, poor grading and a forecast of rain.
now numbers 53 named steamers, and new chartering con- the week they show a decline of %c. on December andFor
an
tinues. East Indian offerings are slightly larger, but are advance on May and July of % to %c.
meeting a poor demand as the quality of previous arrivals
NE DAILY CLOSING PRICES OF CORN IN NEW YORK.
has been below expectations. Western European weather
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_118 117 108 10834 10834 108%
has been extremely mild; some parts are complaining that No.2 mixed
threshing and seeding are hindered by excessive rainfall. DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Italy-Spain sowing of new crops is progressing favorably. December delivery in elevator_cts_ Sat. Mon. Tues. Wed. Thurs. Frt.
73
72$ 7134 73U 73
73%
May delivery
In South Russia conditions have been generally favorable. July delivery in elevator
71
70
70% 71
71% 72
in elevator
71
71
71% 72
72% 72%
In South Africa beneficial rains have fallen in the TransOats declined early in the week, feeling the downward
vaal; rain is needed in North Africa. Sir James Wilson,
grain. There was a moderate amount
In an article on the world's wheat position, says: "The pull of corn and other.
good European crops this year, with depreciated moneys of buying by commission houses, but it was not large enough
and the general impoverishment throughout Europe is very to brace prices much. Besides, the receipts of new corn are
likely to considerably reduce the demand for foreign wheat." increasing and they depressed oats. Later in the week
Sir James Wilson estimates that by the end of the season prices fell off a little further; it was only a fraction, but
exporting countries will hold reserves of 416,000,000 bushels, the trend was downward. Trade was not brisk. The visible
compared to 192,000,000 bushels at the beginning of the sea- supply in the United States, too, increased 511,000 bushels,
son (this refers to carry-overs). These increased reserves against a decrease in the same week last year of 310,000
are likely to further reduce prices, says Sir James Wilson, bushels. This left the total, to be sure, still only 20,127,000
and he expects the world's wheat acreage to be about main- bushels, against 35,404,000 a year ago. Later oats rallied
tained, and therefore no scarcity is likely during the next somewhat with wheat and corn, though the trading still kept
two years. Broomhall does not confirm these estimates put within very moderate or even narrow bounds. On Oct. 31
out by Sir James Wilson, but continues to reckon a total 50,000 bushels were sold for export, but this was cold comworld's surplus of wheat of 320,000,000 bushels in excess of fort; they were Canadian. In any case the quantity was
importers' likely purchases, or a reduction of 96,000,000 small. To-day prices were without marked changes. Nor
bushels from Sir James Wilson's estimate. A sharp rise in were there any striking features. Final quotations show a
the stock market, with an increase in the Steel common drop of % to %c. for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.dividend at one time helped wheat. So did a bullish outgivSat. Mon. Tues. Wed. Thurs. Frt.
ing by Jesse Livermore as to general business conditions in No.2 white
cta_ 53
53
53
53
53
53
the United States. There was still talk of the possibility DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed Thurs. Fri.
that railroad freight rates on export grain might be cut with December
delivery in elevator_cts.. 41$ 41% 41
4111 41
411
a higher American tariff on wheat imports. Besides, the May delivery in elevator
44
44
43
44
44
43
Quakers of the United States are to feed 2,000,000 German July delivery in elevator
43
43% 43
43
43
43
children this winter. That fact also counted; so did reduced
Rye declined as other grain fell, especially as trade was
estimates of the 1923 wheat yield in Minnesota, the Dakotas to all appearance not active. There were persistent reports
and Montana. Liverpool has been cool towards any advance of big feeding to live stock on the farms, but the visible
in the United States. Minneapolis mills, too, are said to supply in the United States for all that increased last week
have bought Canadian wheat of late on a rather large scale. 157,000 bushels, in contrast with a decrease in the same
That was a damper. The Canadian weather has been good week last year of 931,000 bushels. This difference of 1,088,for marketing grain. The winter wheat acreage in this coun- 000 bushels, suggests the possibility that farm feeding has
try seems likely to be larger than has been expected. Presi- been somewhat exaggerated. Time will tell. The total visdent Coolidge's suggestion of a lowering of rail freights on ible supply in this country now is 16,580,000 bushels, against
export wheat was rejected by the railroad companies. Ex- 8,344,000 a year ago, or only about half the present total.
port sales on the 1st inst. were only 300,000 bushels, though Prices have been well maintained by the uplift from wheat's
freight room was taken for the United Knigdom for 400,000 advance, but the trouble is there is so little actual business.
bushels and another charter was made for 350,000 bushels to Yet there have•been some rumors of export inquiry.
Rye
Italy. The Chicago Board of Trade will be open for busi- the principal grain used for bread making in Finland is
and
ness as usual on Tuesday, Nov. 6, Election Day in New York. during recent years considerable quantities of unground
To-day prices showed in the end very little net change. The rye have been imported, says Trade Commissione Mayer,
r
cables were better, but the market lacked snap. For the in a report to the Department of Commerce.
Wheat and
week it shows an advance of % to %c. Greece, it is said, wheat flour are to be considered as yet more or less articles
has just taken 500,000 bushels of Manitoba, a report that of luxury in Finland. During the period from January
to
braced up Winnipeg.
August 1923 Finland imported 95,000 tons of rye, of which
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Russia furnished 65,600 tons. For the whole year 1922 FinSat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
cts_124 123% 12334 125 124% 12434 nish imports of unground rye amounted to 100,000 tons, of
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. which quantity Russia delivered only 3,000 tons, the bulk of
Sat.
Wed.
Frt. the total imports coming from the United States. Reports
December delivery in elevator_cts-106$ Mon. Tues. 1071 Thurs. 107
105% 105R
107
of the 1923 crops are to some extent unfavorable, rye having
Nlay delivery in elevator
111 Ito% 110 112 112 112
July delivery in elevator
107 107 106
107 107% 107% suffered greatly from frost in the northern districts. It is
Indian corn declined 4% to 10e, on cash corn on Oct. 80 at possible that the total amount of unground rye to be imthe West with prices shifting to the new crop basis. That ported by Finland during the next year will amount to 150,offset bad weather at the West. Besides, the receipts of 000 tons. To-day prices showed little change as a rule. For
corn have been increasing. On Oct. 29 out of 383 cars that the week December is unchanged and May Vic. lower.
arrived at Chicago 70% was new crop. Of course, stocks
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
are still small. The visible supply increased last week, it is December delivery elevator_cts_ Sat. Mon. Tues. Wed. Thurs. Fri.
in
6934 69
688
6934 6934 65%
true. some 113,000 bushels, as against a decrease last year May delivery in elevator
73% 7234 72
73% 7334 73%
73
72% 71
of 68,000 bushels, but the total is still only 1,100,000 bushels, July delivery in elevator
72
72
73
against 9,087,000 a year ago. Shorts were therefore not overThe following are closing quotations:
venturesome. Yet bull speculation was not aggressive,
' GRAIN.
either. On Oct. 31 prices suddenly turned upward, with Wheat,New York:
Oats:
No. 2 red, f.o.b
belated October shorts covering freely and not a few DeNo.2 white
124%
5234@53
No. 1 Northern
137
No.3 white
cember shorts following their example. The weather was
51%@52
No.2 hard winter. f.o.b.-125
Rye, New York:
fine and very favorable for a large movement of the crop. Corn:
No. 2 c.i.f
77
No72 mixed
108% Barley, New York:
But on the other hand there are intimations that an excelNo.2 yellow
108%
Malting ,
77
lent cash demand only awaits the arrival of desirable grades
Chicago
71
of the new crop. The Clement Curtis & Co. report put the
FLOUR.
at 2,998,000,000 bushels, against 2,891,000,000 last year;
crop
patents
$6 0O@$6 40 Rye flour, patents
4 00 435
percentage of corn merchantable quality, 80.5%, against Spring first spring
Clears,
5 25 575 Semolina No. 2 med - 63089 6 50
88,3% last year; percentage of crop put into silos, 77.8%. Soft winter straights_ 4 75 500 Oats goods
27589 2 85
Hard
5 50 600 Corn
245892 75
Old corn carried over is put at 48,000,000 bushels, against Hard winter straights__ 6 00 6 50 Barley our
winter patents_ __
goods—
177,000,000 bushels last year, making a total supply, includ- Hard winter clears
Nos. 2.3 and 4
4 7389 5 25
3 50
Fancy Minn. patents__ 7 2514 7 85
Fancy pearl, No.2,3
ing crop and carryover, of 3,046,000,000 bushels, against City mills
and 4
7 1589
600
3,068,000,000 last year. The Snow-Bartlett-Frazier crop reFor other tables usually given here, see page 1966.
Nov. 3 1923.]
THE CHRONICLE
WEATHER BULLETIN FOR THE WEEK ENDING
OCT. 30.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Oct. 30, is as
follows:
2019
THE DRY GOODS TRADE
Friday Night, Nov. 2 1923.
conditions surrounding the textile markets reGeneral
mained about unchanged during the past week. There has
The week ending 8 a. in. Oct. 30 presented several important phases. been no particular activity, while prices as a rule mainfrom
Heavy rains during the first few days over the Atlantic coast districtswater
heard of concesNorth Carolina to New England greatly relieved the drought and par- tained a steady undertone. There was less
shortage which had been gradually growing to serious proportions,
for raw materials
in the districts from Maryland to southern sions in cotton goods as the rise in prices
ticularly that of water shortage,
New England. During Wednesday and Thursday unusually heavy snows led selling agents to demand more money for the products
fell over the eastern slopes of the middle Rocky Mountains and into the
were
adjacent Great Plains, the falls ranging up to 18 inches in central Wyoming. of their mills, and especially where future deliveries
adAt the close of the week the coldest weather of the season, so far, hadzero
difficulties confronting cotton goods manuand temperatures only a few degrees above
vanced into the Northwest
Nebr., involved. The
days go
occurred at points in Wyoming and adjacent States, Valentine, point
facturers and merchants do not lessen any as the
reporting a temperature of 4 degrees, the lowest ever observed at that
to
so early in the season.
on in raw cotton trading. Cloth buyers continue slow
Freezing temperatures were reported over wide areas in the West,
of the Appalachian Mountain regions, and gen- make commitments, while mills are becoming more and more
in the higher elevations
coast. In the
erally over New York and New England, save near the 10 degrees, and
run out. In fact,
northern Rocky Mountain region temperatures were below zero occurred. disposed to shut down machinery if orders
s as low as 2 degrees above
at points in Wyoming temperature
coun- cotton mill conditions are more or less baffling, with extenThe week as a whole was colder than normal over nearly the entire
try, but particularly so over the Great Plains and Rocky Mountain regions, sive curtailment forecasted in the event of prices running
where the weekly meansranged from 6 degrees to 15 degrees below normal.
been
The precipitation for the week was generous to heavy over the Middle and under actual cost of production. There has already
North Atlantic States, in portions of the Ohio Valley and lower Lake region.
very well managed
New Mexico northand from western Arkansas, central Texas and eastern Nebraska, the falls further curtailment on the part of some
westward to eastern Idaho, Wyoming and western
gingham manufacturers do not appear to
amounting to 2 inches or more in portions of central and eastern Wyoming cotton mills. The
the trade to
and northeastern Colorado.
was be alone in finding a lack of response from
Over the Gulf States, including Florida and eastern Texas, there
Pacific
Plateau
little or no rain and similar conditions prevailed in theNorthernand
prices based upon cost of production. Many buyers are holdStates becoast States, and there were only light falls over the
Mountains.
ing out of the market until they have disposed of their
tween Lake Superior and the Roc
The week as a whole was favorable for farming operations and other out- present stocks, and despite the strength of raw material and
all Eastern and Southern districts and in the Far
door work over practically
higher prices, they feel
portions
West. Over the Great Plains and Rocky Mountain States, and in and was all the other various good reasons for
operations
of the Mississippi Valley cool, damp weather delayed In the Southeastern that it will be impossible to maintain current high prices
drying of corn.
unfavorable for late seeding and for
portions, unless the goods can be sold. It is admitted that curtailStates dry weather continued, particularly in the more eastern
truck.
make goods scarce, but scarcity at the
delaying fall seeding and preventing proper growth of late crops,
are suffering ment will no doubt
&c. Streams in this section continued low and power plants
moment is not the issue with jobbers. Many buyers are of
of water.
for lack
that mills have large stocks. Whether this
SMALL GRAINS.—Winter grain seeding is practically finished except the opinion
spedisin portions of the southern Great Plains and central Rocky Mountain the proves to be the case, however, remains to be seen. The
tricts, where wet weather has interfered with this work, and in some of
Department of Agriculture
been delayed on account of dry weather. cial cotton report issued by the
more southern districts it has
of cotton
Much seeding is still to be done in Georgia, and this work is progressing to-day (Friday, Nov. 2) placed the indicated yield
with 11,015,000
favorably in portions of the far Northwest.
its condition is generally this season at 10,248,000 bales, compared
Over most districts the early planted is up and
in prospective
good, with heavy growth reported in western Kansas and parts of Oklahoma. bales as of Sept. 25. This sharp reduction
More moisture is needed for growing wheat and for germination of the outturn caused a sharp advance in prices for raw cotton,
from
late sown over the more southern districts, where this crop is grown, in
ing
and will no doubt have considerable effect in strengthen
the Mississippi River eastward. Sowing of winter oats is being delayed
the Southern States on account of dry weather.
ideas of sellers of the manufactured products.
the
Grain sorghums were badly damaged by moisture in Oklahoma. The
weather was favorable for the harvest of this crop in California. Rice is
DOMESTIC COTTON GOODS: Markets for domestic
week.
!Warty all harvested in the lower Mississippi Valley and harvest is proceedcotton goods were generally quiet during the past marThe crop is yielding well in Georgia.
ing rapidly in California.
throughout the
good progress in the Ohio Valley Although there were many inquiries
CORN.—The husking of corn made
States, except in Illinois, where this work was delayed by wet weather; ket, the latter were at prices slightly under recent quotamolding
with one or
considerable corn was damaged in this State, and there was somenorthern
tions and failed to result in business at mills,
in the northern part. Husking also made good progress in the
and central Plains States and in some eastern districts. Husking and shred- two exceptions, owing to the fact that nearly all current
ding were progressing in the Lake region.
losses based on replacement costs. One exBut little husking was done in Iowa and corn was too moist to crib, with prices indicate
mills in
much soft and moldy; fields were too soft for hauling and cribbing in Mis- ception to the rule was the action of the Amoskeag
where the crop is
souri. Harvest was mostly suspended in Oklahoma,
price of a leading line of dress ginghams 2c. per
rotting and sprouting in the fields, and where broomcorn was badly damaged cutting the
le extent beby moisture. The harvest of corn and broomcorn was delayed by stormy yard. This baffled the trade to a considerab
Gulf
weather in Colorado. The corn crop is being gathered generally in the
at a time when prices on other dry goods lines
though frost checked growth in some central cause it came
and Southeastern States,
in the
were displaying an advancing tendency. However,
Gulf districts.
d that the action of
COTTON.—Favorable temperatures prevailed over the more eastern cotton goods trade it was well understoo
districts, but in the western States of the belt there was much cloudy,
Amoskeag mills in reducing prices on a certain line of
rainy and cold weather. Picking is nearly completed in all districts, except the
competition, and
over the northern States of the belt, particularly in Oklahoma and western ginghams was for the purpose of meeting
and northwestern Texas: in Oklahoma on account of wet weather cotton is an effort to try to arrive at a basis of price that would stimrotting and sprouting in the bolls, which are opening slowly, and picking
slowly for some
is much delayed. In western and northwestern Texas some damage and ulate orders on fabrics that have moved
deterioration have resulted on account of rain, and picking has been de- time. Retailers who visit the wholesale markets claim that
layed. The top crop in this section is generally poor and negligible, and It
they do not attempt
is probable that this condition exists over all the cotton States. In North trade with them is fairly good so long as
Carolina rain delayed picking somewhat and about one-fourth of the crop to advance prices. They are able to sell new goods and
remains to be gathered: the yield is reported as better thaa expected.
at a moderate profit, but when
In New Mexico picking has been delayed in the Pecos Valley on account styles not known to the public
of rain and some cotton picked damp was seriously injured. In Arizona they attempt to secure higher prices for well known goods
conditions were favorable for picking.
and California
s withdraw. While the improvement in the stock
North Carolina.—Cool with moderate rain early in week and snow in purchaser
greater confimountains; fair with moderate temperature thereafter; no killing frost market during the past few days has created
yet east of mountains. Crops matured beyond material damage. Cotton dence in trade prospects, merchants were more interested in
out favorably; rain delayed picking early part of week; about onetuning
the spread of cool weather over a wide area of the country,
fourth to gather.
goods at
SotUh Carolina.—Rains early in week insufficient and drought persists. as it was claimd that this would do more for dry
Cotton picking practically completed, except probably 25% unpicked in the present time than anything that may be offered by
Piedmont.
sections of
Print cloths, 28-inch, 64 x 64's construcGeorgia.—Drought continues severe over centre portion of State, with speculative factors.
Gray
serious diminution of water power, especially on Savannah River; light. tion, are quoted at 8c., and 27-inch, 64 x 60's, at 73c.
harmless frost occurred. Cotton all out, except a very few scattered fields
-inch. 68 x 72's, are quoted at 11c., and 39goods in the 39
north.
in extreme
Alabama.—Rainless week; temperatures decidedly below normal first inch, 80 x 80's, at 13%c.
part, with frosts, mostly light; unseasonably warm thereafter. Dry,
practically
WOOLEN GOODS: Markets for woolens and worsteds
frosty weather checked vegetable growth. Cotton picking it is
all
nearing
finished except in a few scattered areas, mostly in north, where
have been less active during the past week. Despite
completion, ginning making good progress.
part of some trade factors to force matters,
except light showers night of 29th in extreme north. efforts on the
Mnsissippi.—No rain
in either the men's
Moan temperature generally low; frost to coast Wednesday and Thursday; the market failed to develop any activity
Ample sunshine throughout. Fair ?regress picking cotton; picking practi- or women's wear division. The cold snap of the past day or
fair; about completed in south and
cally completed; progress of ginning
two, however, has been greeted with satisfaction by piece
central.
Louisiana.—Cold at beginning of week, with frost nearly to coast, and goods men who expect it to stimulate the retail trade. Tht
killing or freezing weather many northern and central localities with slight
market in particular has been held in check by
of week
frost damage. Moderate temperatures latter half gathered. with no rain men's wear
uncertainty because the weather has been adverse to the
except a few light showers at end. Cotton nearly
Texas.—Wook opened rainless, clear and quite cool generally, with occa- movement of overcoats and winter suits in the hands of resional light to heavy frost, aside from coastal districts; middle of week had
moderato temperatures with cloudy weather and frequent showers in north tailers.
over two-thirds of State; closed showery and cool in interior of State. CotFOREIGN DRY GOODS: Dress linens have continued
northwest,
ton harvest nearly completed aside from extreme west and crop
condi- moderately active, and early indications point to the spring
where some damage and deterioration account of rainfall; top
tion poor to negligible.
another big season for dress linens. Last spring and
Oklahoma.—Cool, mealy cloudy, with frequent rains; heavy to excessive; as
in the high colto heavy frost first of week, freezing in northwest portion morning of summer witnessed a big run on these cloths
light
29th, no serious damage. Cotton deteriorated; rotting and sprouting in ors, and while it is still too early for volume buying by the
Picking progressed
bolls; damaged by rains; opening slowly. very good first of very slowly.
week, delayed cutters, the trend to them is becoming clearly defined.
Arkansas.—Progress gathering cotton
latter portion by light to moderate rains; frost causing bolls to open; crop Household linens have remained quiet. Although a few imrenearly gathered most sections; little damage by frost.by frost:
warm last porters claimed a slight improvement in demand, others
Tennessee.—Cold first of week with some damage
by
two days. Precipitation light and more needed in eastern and central ported a decrease in business with sales stimulated only
divisions. Cotton nearly all in with poor yield. of
market for
stormy weather fa- price reductions. No life was displayed in the
but absence
Arizona.—Night temperature low,
vorable. Ideal weather for harvesting cotton. with light
burlaps, due to the fact that the wide difference between the
precipitation in
New Mexico,—Tomperaturos below normal,
asked for spot and future cloths created more or less
north and east; weather favorable in Rio Grande for picking cotton. Cotton prices
picking delayed Pecos Valley account of rains; some picked while damp uncertainty among buyers who were unwilling to operate.
seriously injured.
Light weights are quoted at 6.40c. and heavies at 8.05c.
California.—Warm, dry weather favorable for harvesting cotton
2020
THE CHRONICLE
ffitate anti Tit prpartnxent
NEWS ITEMS.
Detroit, Mich.
-Bond Limit Amendment Proposed.
-The
people of Detroit on Nov. 6 will vote on a proposed charter
amendment which, if approved, will increase the city's debt
limit from 7% to 9% of the assessed valuation of real and
personal property. The Detroit "Free Press" in its Oct. 25
issue said of the proposed amendment:
The bonding amendment, if passed, will make part of the city charter
the bonding limit for municipalities which was fixed in the Culver-Wilcox
bill passed by the Legislature a year ago. This bill empowered municipalities to increase their bonded indebtedness not to exceed 9% of the assessed value of all real and personal property. At present the bonding
limitation is 7%. It has been said that this revision of the charter might
clear the way for the sale of additional Detroit bonds and enable the city
to go ahead with public improvements that have had to be held up.
New York City, N. Y.-1924 Budget Adopted.
-The Board
of Estimate on Oct. 31 adopted the 1924 budget of the City
of New York over the protest of Comptroller Craig that it
was illegal, and that the members of the Board knew that
illegal items were included in the figures. The Comptroller
hinted at court proceedings to have the action of the Board
of Estimate nullified.
The new budget calls for $375,468,000 for 1924. This is
an increase of $22,117,075 over the 1923 budget total of
$353,350,925, which at the time of its adoption was the
largest budget the city ever had. The 1924 figures establish a new high record in the cost of the city's management,
as is shown by the following comparison of recent budgets,
published by the New York "Herald" in its Nov. 1 issue:
Year.
Budget.
Increase. Year.
Increase.
Budget.
1919__-',__$248.025,759 59.901,675 1922
5350.516.524 $4,944,925
1920
273.689.664 25,564,230 1923
2,834,401
353,350,925
1921
345,571,599 71.881.935 1924
375,468,000 22.117.075
The budget for 1918
-Mayor Mitchel's last year
-was $238,123,759.
and for 1914, the last year of the Gaynor administration. $123,645,222, less
than one-third of the 1924 figure.
The New York "Times" of Nov. 1 referring to the adoption
of the 1924 budget said in part:
tVoL. 117.
BOND PROPOSALS AND NEGOTIATIONS
AKRON, Summit County, Ohio.
-BOND OFFERING.
-Sealed bidswill be received by F.A.Parmelee, Director of Finance, until 12 m.
time) Nov. 12 for the purchase of the following issues of coupon (Eastern,
or regisbonds offered unsuccessfully on Oct. 9:
tered
51,500,000 trunk sewer bonds. Date Sept. 1 1923. Denom. $1,000.
Due yearly on Oct. 1 as follows: $62,000 1924 to 1935 incl.
and $63.000 1936 to 1947 incl.
257,900 Brown St. impt, assessment bonds. Date Sept. 1 1923. Denom. 31,000, one for $900. Due yearly on Oct. 1 as follows:
328,900 1924, 528.000 1925 to 1927 In
and $29,000 1928 to.
1932 incl.
31,000 Burton Ave. impt. assessment bonds. Date Sept. 1 1923.
Denom. $1,000. Due yearly on Oct. 1 as follows: $3,000,
1924 to 1928 incl. and $4.000 1929 to 1932 incl.
33,800 Glendale Ave. impt. assessment bonds. Date Sept. 1 1923.
Denom.$1,000, one for $800. Due yearly on Oct. 1 as follows:
$3,800 1924.33,000 1925 and 1926, and $4,000 1927 to 1932 incl.
28,200 Johnson St. impt. assessment bonds. Dated Aug. 1 1923.
Denom.$1,000, one for 3200. Due yearly on Oct. 1 as follows:
33,200 1924, 53,000 1925 to 1931 incl., and $4,000 1932.
68,500 Auldfarm Road impt. assessment bonds. Date Aug. 1 1923.
Denom.$1,000. one for $500. Due yearly on Oct. 1 as follows:
37.500 1924 $7,000 1925 to 1927 incl., and 38,000 1928 to•
1932 incl. '
10,600 Dayton Place impt. assessment bonds. Date Aug. 1 1923.
Denom.$1,000, one for $600. Due yearly on Oct. 1 as follows:
$1.600 1924, 31.000 1925 to 1931 incl., and $2,000 1932.
20,500 Berwyn Street kept, assessment bonds. Dated Aug. 1 1923.
Denom. 31,000, one for $500. Due yearly on Oct. 1 as follows:
$2,500 1924,$3,000 1925 and 1926 and 12,000 1927 to 1932 incl.
11,500 Pine Alley impt. assessment bonds. Date Aug. 1 1923. Denom. $1,000, one for 3500. Due yearly on Oct. 1 as follows:
$1,500 1924.$2,000 1925 and 1926 and $1,000 1927 to 1932 incl.
8,900 Seventh Ave. impt. assessment bonds. Date Aug. 1 1923.
Denom.$1,000, one for $900. Due yearly on Oct. 1 as follows:
$1,900 1924, 51,000 1925 and $2.000 1926 to 1928 incl.
14,400 Hammel Street Lmpt. assessment bonds. Date Aug. 1 1923.
Denom. $1,000. one for $400. Due yearly on Oct. 1 as follows:
$2,400 1924 and $3,000 1925 to 1928 incl.
4,900 Keeney Street impt, assessment bonds. Date Aug. 1 1923.
Denom. $900. Due yearly on Oct. 1 as follows: $900 1924'
and $1,000 1925 to 1928 incl.
9,000 South Street impt. assessment bonds. Date Aug. 1 1923.
Denom. $1,000. Due yearly on Oct. 1 as follows: $1,000 1924'
and $2,000 1925 to 1928 incl.
67,800 Alton Drive impt, assessment bonds. Date Sept. 1 1923,
Denom. 31,000, one for $800. Due yearly on Oct. 1 as follows
313,8001924.$13,000 1925 and 1926,and 314.000 1927 and 1928.
65,100 West Market Street bonds. Date Sept. 1 1923. Denom.
31,000, one for $100. Due yearly on Oct. 1 as follows: $13,100
1924 and $13,000 1925 to 1928 incl.
300 Norman Street impt. assessment bonds. Date Aug. 1 1923.
Denom. $60. Due $60 Oct. 1 1924 to 1928 incl.
3,100 Kent Street impt. assessment bonds. Dated Aug. 1 1923.
Denom. $600, one for $700. Due yearly on Oct. 1 as follows:
$600 in 1924 to 1927 and $700 in 1928.
7,700 East Market Street impt. assessment bonds. Date Aug. 1
1923. Denom. $1,000, one for $700. Due yearly on Oct. 1
as follows: $1,700 1924, $1,000 1925 and 1926, and $2,000 1927
and 1928.
13,900 East Market Street impt. assessment bonds. Date Aug. 1
1923. Denom. $1.000, one for $900. Due yearly on Oct. 1
as follows: $2,900 1924, $2,000 1925 and $3,000 1926 to 1928
Comptroller Charles L. Craig, alone voting against the adoption of the
budget,characterized it as"a travesty on the transaction of public business"
and hinted at legal action to prevent acceptance of the budget as passed.
Earlier in the day the Comptroller, at a closed meeting of the Board, is
understood to have referred to the possibility of injunction proceedings.
Acting Mayor Murray Hulbert said after last,
night's meeting: "I suppose
he means that he will try to get an injunction.'
The Comptroller refused to make any comment on the budget other than
his remarks during the Board meeting. "I will not say anything to-night,"
he said.
Eleventh-hour pruning of salary items in the Comptroller's budget,
11,000 East Market Street impt. assessment bonds. Date Aug. 1
which the Board had tentatively accepted ten days ago, was the occasion
1923. Denom. $1.000. Due yearly on Oct. 1 as follows:
for the Comptroller's opposition. The cuts were made at an executive ses$2,000 1924 to 1927 and $3,000 1928.
sion of the Board's Committee of the Whole during the forenoon. The cuts
790 East Market Street impt. assessment bonds. Date Aug. 1
were regarded by supporters of Mr. Craig as a personal slap at the Mayor's
1923. Denom. $150. one for $190. Due yearly on Oct. 1 as
arch-enemy by the FIylan "bloc."
follows: $190 1924 and $150 1925 to 1928 incl.
A total of 31,568,709 had been cut from
budget before it reached the
All bear interest at 5% except the first Issue, which bears interest at 5M %.
form in which It was presented to the BoardtheEstimate for adoption. The
of
total requests made originally by the various city departments and bureaus Purchaser to furnish legal opinion. Prin. and semi-ann. int. (A. & 0.)
payable at the National Park Bank. N. Y. City. A certified check for 2%
amounted to $394.490.691-$19,012,709 more than the total allowed.
of the amount bid for, payable to the Director of Finance, required.
When the Board convened at 9 o'clock last night for ratification of
figures finally decided upon earlier in the day, Comptroller Craig said: the
ALBEMARLE, Stanly County, No. Caro.
-BOND SALE.
-Keane,
"I move that the action with respect to the engineers of
Department Higbie & Co. of Detroit have purchased the $90,000 coupon (with privilege
of Finance be disregarded and that the budget carry those the
items as carried of registration) water bonds offered on Oct. 25-V. 117, p. 1689
-as 64
in the proposed budget."
at par plus a premium of 34,100,
A vote on the motion was last, with the Comptroller and Benjamin Mar- Date Nov, 1 1923. Due on Nov.equal to 104.55, a basis of about 5.64%.
1 as follows: $2.000,.926 to 1953 incl.;
vin, Commissioner of Public Works in Queens, recorded in the affirmative. $3,000, 1954 to 1959 tad., and
$4,000, .960 to 1963 incl.
The Comptroller had previously supported salary
increases in the Queens
budget.
ALLEN SCHOOL DISTRICT NO, 25, Kidder County, No. Dak.NO BIDS RECEIVED.
The Comptroller made a similar motion with
-There were no bids received for the $6,000 certifiin his department, which he did not specify. respect to other salary items cates of Indebtedness offered on Oct. 25-V. 117, p. 1799. Date Oct. 25
vote on the budget was then called for. AfterThe vote was the same. A 1923. Due April 25 11125.
voted affirmatively. Comptroller Craig said: Acting Mayor Hulbert had
ANACORTES, Skagit County, Wash.
-BOND OFFERING.
-Sealed
"I vote 'no' on this budget for the reason
that
transaction of public business of the City of New it is a travesty on the bids will be received until 8 p. m. Nov.20 for $30,000 road and water-main
York, and for the further construction bonds by Laurina Frazier. Date July 1 1932. Interest rate
reason that the members have included items
which are illegal and to which not to exceed 6%. Principle' and interest payable at the fiscal agency in
their attention has been directed."
New York City. Due on July 1 from 1925 to 1932, inclusive. A certified
check for 5% of bid, payable to the City Treasurer, required.
Protests Signing Budget.
After all the others had voted, Acting Mayor
Hulbert said that the budget
ANTELOPE COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Elgin),
would be passed around so that it could be
signed.
Neb.-BOND SALE.
-The $70.000 coupon school bldg. bonds offered on
"Nobody has any business to sign it. said
-were awarded to the United States Trust Co. of
budget comes to me with any signatures they will the Comptroller. "If the Oct. 25-V. 117, p. 1799
be stricken out.
Omaha as Sc at a premium of $295, equal to 100.42, a basis of about 4.94%
I am going to sign it as a means of
indicating that
ment of the Board of Estimate and Apportionment," it is the original docu- if called at optional date and 4.97% if allowed to run to last maturity.
said Mayor Hulbert.
Date Sept. 1 1923. Due Sept. 1 1943; optional Sept. 1 1933.
"The law does not require it to be signed,"
the
"That is simply another Indication of bureaucracy. Comptroller declared.
ANTLER SCHOOL DISTRICT NO. 32, Bottineau County, No.
It doesn't mean anything. It will simply go In the waste basket."
Dak.-BOND OFFERING.
-Bids for the purchase of $12,000 54% fundActing Mayor Hulbert. Acting President of the Board
ing bonds will be received at the County Auditor's office in Bottineau
iam T. Collins, Edward Riegebnann, Brooklyn Boroughof Aldermen Will- 2 p. m. Nov. 10 by H. A. Engman, District Clerk. Date Oct. 1 1923.
President: Julius
Miller, Borough President of Manhattan,and William
Due Oct. 1 1943. A certified check for 31,000, payable to the District
Flynn.
of Public Works of the Bronx, were those who were said to Commissioner Treasurer, required.
have joined in
voting the cuts in the Comptroller's salary list.
Borough Presidents
-BOND SALE.
ARLINGTON, Middlesex County, Mass.
-The
Maurice Connolly of Queens and John Lynch of
1909-have
Comptroller, it was said, because the ComptrollerRichmond stood by the 0004% coupon school bonds offered on Oct. 29-V. 117,
had supported them in been awarded to Merrill, Oldham & Co. of Boston at 101.929, a basis of
SI.
increases for their departments.
about 4.22%. Date Nov. 1 1923. Due yearly on Nov. 1 as follows:
Acting Mayor Hulbert denied after the meeting
Rate Bidd prrs wem:
.
certed attempt to cut down Comptroller Craig's that there was a con- $6,000, 1924 to 1936 incl., and $5.000, 1937 and 1938. Other bi.de emiure
Rate Bid,
In some circles the cuts in the budget.particularly budget.
in
101.88 Kidder, Peabody &
regarded as an indication that Mayor !Islam, despite the salary items, were Estabrook & Co
his loss of voice in the R. L. Day & Co
Co
101.84
1101.84
101,595
budget conferences because of his illness, had
Arthur Perry & Co-101.58
ur
creases generally were cut down, along the line seen to it that salary in- Old Colony Trust Co
of frequent past assertions F. S. Moseley & Co
1()1.81 Curtis & Sanger- -101.52
that he would do so.
Blodget & Co
101.78 Harris, Forbes & Co.101.47
E. W. Rollins & Sons
Following the adoption of the budget Acting Mayor
101.67 National City Co_ - _101.28 $112•64
101.634 Grafton Co
2 00
.
101.27
bert issued a statement,according to the "Times," which Hul- Blake Brothers
says:
ARVILLA SCHOOL DISTRICT NO. 114, Grand Forks County,
"While it is the largest budget in the history
of the city, It must be re- No. Dak.-CERTIFICATES NOT SOLD.
-The $1,700 certificates of inmembered that New York is the largest city
-were
no bids
ing faster than any other city in the world. in the world and that it is grow- debtedness offered on Oct. 26-V. 117. p. 1909
This rapid and constant growth were received. Date Oct. 1 1923. Due Oct. 1 1943.not sold as
of the city must be provided for."
Mr. Hulbert then explains the procedure in
ASHLAND SCHOOL DISTRICT NO. 32, Stutsman County, No.
making the budget. Con- Dak.-BOND
tinuing he says:
OFFERING.
-Until 2 p. m. Nov. 13 bids will be received
"The increase in the tentative budget of 1924 over
the budget for 1923 was by Mrs. Thos. Rudolph. District Clerk, at the County Auditor's office
approximately 319.000.000, of whith. $16,
In Jamestown for the purchase of $5,000 6% funding bonds. Date Oct.
000,000
that mandatory increase is the State tax, is mandatory. Nearly 1 1923. Prin. and semi-ann. int, payable at the First National Bank.
half of
that in prosecuting his campaign of economy on which is due to the fact Minneapolis. Due Oct. 1 1933. A certified check for 5% of bid required.
candidacy
for re-election, Governor Miller omitted from thethe eve of his absolutely
ATHENS,
-On Dec. 5
essential appropriations for carrying on work in State budget upon the an election willClarke County, Ga.-BOND ELECTION.
be held to vote on a proposition to issue $50,000 impt. bonds.
hand and drew
-never intended for that purpose-in order to reduce the tax rate,
surplus
ATTICA & ALEXANDRIA UNION FREE SCHOOL DISTRICT
the folly of which is illustrated by the fact that the appropriations thus
cut out were in reality only postponed, and the city's share now has to be NO. 1 (P. 0. Attica), Wyoming County N. Y.-130ND OFFERING.included in the budget for 1924, which alone will account for any increase Sealed bids will be received by Burt F. Disbrow, Clerk Board of Education,
until 8 p. m. Nov. 5 for $290.000 5% coupon or registered school bonds.
In the tax rate.
$1,000 and $500. Date Nov. 1 1923. Prin. and semi-ann. int.
"Few of the items which make up the increase of the proposed budget Denom.at
payable
the Guaranty Trust Co. of New York. Due yearly on Nov. 1
over the tentative budget are mandatory, but are due to the Increased
necessities resulting from increase in population, such as additional police- as follows: $7,500, 1928 to 1957 incl., and $6,500, 1958 to 1067 incl.
Certified check for 2% of the amount of bonds bid for, payable to the
men, fire companies, street cleaning equipment and the extension of activ- District Treasurer,
required. Legality approved by Caldwell & Raymond
ities in the Bellevue and Allied Hospitals."
of New York.
Nov. 3 1923.]
THE CFIRONTCLE
2021
Co., of New York, was awarded the $375,000 paving series "C" bonds
BALDY SCHOOL DISTRICT NO. 124, Mountrail County, No. offered on Nov. 1 (V. 117. p. 1799) as 5s at a premium of $712 15, equal to
-months'
.-Ofthe $4,000 18
Dak.-CERTIFICATES A WARDED IN PART
Nov. 1 1923. Due yearly
117, p. 1799-32.000 100.189-a basis of about 4.97%. Date inclusive, and $38,000. 1930 on
certificates of indebtedness offered on Oct. 26-V.
to
to 1929,
1 as follows:
were awarded to the First National Bank of Plaza at par as 7s. Date Nov. inclusive. $37,000, 1925
1934.
Oct. 26 1923.
-BIDS REJECTED
CHIPPEWA COUNTY(P.O. Montevideo),Minn.
-On Nov. 6 the voters of the
BALTIMORE, Md.-BOND ELECTION.
-All bids received for the $3,200 ditch bonds
RE-OFFERED.
city will ballot on two bond proposals, one for $10,000.000 4% water bonds -BONDS construction of Ditch No. 50) offered on Oct. 23-V. 117. p.
(issued for
police building bonds.
and the other for $1,000,000
1799
-were rejected. Bids will be received by A. E. Johnson, County
-The $15,000 Auditor, until 4 p. m. Nov. 13 for the above bonds. Date Nov. 1 1923.
BEAVER DAM, Dodge County, Wis.-BOND SALE.
-were Interest rate 534%. Due on Nov. 1 as follows: $200, 1929 to 1942 incl..
5% school building bonds offered on Oct. 25-V. 117, p. 1799
awarded to A. B. Leach & Co. at a premium of $370. equal to 102.46. and $400, 1943.
At the same time bids will be received for the purchase of $6,000 534%
a basis of about 4.79%. Date Aug. 1 1923. Due on Feb. 1 as follows:
bonds Issued for the construction of Ditch No. 49.
$7,000, 1941. and $8,000, 1942.
-BOND OFFERING.
BENTLEYVILLE, Washington County, Pa.
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Hamilton
-Sealed bids will be received by
-BOND OFFERING.
A. V. Galway, Borough Secretary, will receive sealed bids until 8 p. m. County, Ohio.
Nov. 5 for $70,000 434% coupon fire dept. bldg. bonds. Denom. $1,000. R. W.Shafer. Clerk Board of Education, until 4 p. m.Nov. 12 for $113,000
n. and semi-ann. int. (M. & S.) payable at the 5% school bonds. Denom. $1,000. Date Nov. 1 1923. Prin. and semiDate Sept. 1 1923.
Due
Farmers & Miners' National Bank of Bentleyville. Due yearly on ann. int. payable at the American Exchange Bank of New York. 1934;
313,000,
Sept. 1 as follows: $3,000, 1924 to 1943 incl., and $5,000, 1944 and 1945. yearly on Nov. 1 as follows: $13,000, 1932; 312.000, 1933; 312,000, 1939,
1938:
Certified check for $1.400 required.
$12,000. 1935: $13,000, 1936; 312,000, 1937: $13,000,
bid
-BOND and $13,000. 1940. Certified check for 5% of the amount of bonds
BERKELEY COUNTY (P. 0. Monck's Corner), So. Caro.
Education, required.
-R.A.Thomley,Chairman Board of Highway Commissioners, for, payable to the Clerk Board of
OFFERING.
-Merrill.
-BOND SALE.
m. Nov. 19 for $60,000 5% coupon highway
H.
will receive sealed bids until 12
CLAREMONT, Sullivan County, N.
improvement bonds. Denom. $1,000. Date Dec. 1 1923. Due 33,000 Oldham & Co. of Boston have purchased an issue of $75,000 4% water
yearly from 1924 to 1943, inclusive.
bonds at 95.21. Date Nov. 1 1923. Due 1924 to 1943 inclusive.
-The
-A tem-BOND SALE.
-TEMPORARY LOAN.
BEVERLY, Essex County, Mass.
CLARKSVILLE, Montgomery County, Tenn.
porary loan of $100,000 dated Oct. 29 1923 and maturing March 14 1924 American National Co. of Nashville has purchased the 375.000 5% street
has been awarded to Blake Bros. on a 4.22% discount basis plus a $1 35 widening and extension bonds offered on Oct. 26 (V. 117, p. 1577) at par.
premium.
DateOct. 1 1923. Due Oct. 1 1943.
-The 317.000 6%
BEXAR COUNTY COMMON SCHOOL DISTRICT NO. 5, Texas.
-BOND SALE.
CLYDE, Sandusky County, Ohio.
-have been awarded
-On Oct. 24 the State Comptroller of Texas regis- electric plant bonds offered on Oct.29-V.117. p. 1577
BOND REGISTERED.
basis of
bonds.
tered $10,000 6% serial school
,to the Detroit Trust Co. of Detroit for $17,642, equal to 103.77, a $1,500,
as follows:
Date Oct.
BLOSSOM INDEPENDENT SCHOOL DISTRICT (P. 0. Blossom), about 5.40%.incl., and 1 1923. Due yearly on Oct. 1
$2,000. 1936.
-On Oct. 25 the State 1925 to 1934
-BONDS REGISTERED.
Lamar County, Texas.
-The
-BOND SALE.
Comptroller of Texas registered $25,000 S34% serial school bonds.
CONCORD, Cabarrus County, No. Caro.
59, McLean County, No. $88,000 coupon (with privilege of registration as to principal only) street
BLUE HILL SCHOOL DISTRICT NO.
-were awarded to Season-Bids will be received until 10 impt. bonds offered on Oct. 25-V. 117. p. 1690
Dak.-CERTIFICATE OFFERING.
as 534s par plus a premium of $933 33,equal
a. m. Nov. 10 by Mrs. Viola Albert, District Clerk, at the County good & Mayer of Cincinnati5.37%. at
Date July 11923. Due on Jan. 1 as
of about
Auditor's office in Washburn, for 35.000 7% certificates of indebtedness. to 101.06, a basis1925 to 1934 incl.; $3,000, 1935 to 1938 incl.; $4,000, 1939
Denom.to suit purchaser ($100 to $1,000). Due in 18 months. A certified follows: $5,000, 36,000, 1944.
to 1943 incl., and
check for 5% of bid required.
-The $10.000 5%
CORDELE, Crisis County, Ga.-BOND SALE.
-The
-BOND SALE.
BRANT (P. 0. Brant), Erie County, N. Y.
-were purchased
117, p. 1578
Oct.
$9,390 6% Lake Shore Road registered bonds offered on Oct. 29-V. water works bonds offered on Aug.20-V. Due $1.000 yearly on Aug. 1
1 1923.
Sherwood & Merrifield of New York by the City of Cordele. Date
-have been awarded to
117. p. I909
inclusive.
at 102.47, a basis of about 5.13%. Due yearly on April 1 as follows: from 1941 to 1950
32,000. 1925 to 1927 incl.. and $3,390, 1928.
CORYELL COUNTY COMMON SCHOOL DISTRICT NO. 23,
-The State Comptroller of Texas regis-BONDS REGISTERED.
- Texas.
-BOND OFFERING.
BRIDGEPORT, Fairfield County, Conn.
Sealed bids will be received by John H. Williams, City Treasurer, until tered $5,000 6% serial school bonds on Oct. 26.
% East Washington Ave. coupon or
-BOND OFFERING.
p. m. Nov. 5 for $350,000
2:30
CROOKSVILLE, Perry County, Ohio.
registered bridge bonds. Denom. $1,000. Date Sept. 1 1923. Prin. Sealed bids will be received by C. L. Dean, Village Clerk. until 12 m.
and semi-ann. int. (M. & S.) payable in gold at the City Treasurer's Nov. 17 for $12.000 5.5% street impt. bonds. Denom. 31.000. Date
office. Due $10,000 yearly on Sept. 1 from 1924 to 1958 incl. Certified Sept. 15 1923. Int. M. & S. Due yearly on Sept. 15 as follows: $1,000.
check for 2% of the amount of bonds bid for required. Legality approved 1925 to 1932 incl. and 32,000, 1933 and 1934. Certified check for 10%
by Ropes, Gray, Boyden & Perkins of Boston.
of the amount of bonds bid for required.
-Our western
-Sealed
-BOND OFFERING.
BRISTOL, Washington County, Va.-BOND OFFERING.
CROWLEY, Acadia Parish, La.
proposals were received until 7.30 p. m. Nov. 1 by B. E. Ballard, City representative advises us in a special telegraphic dispatch that bids will
Clerk. for the purchase of $50,000 coupon street improvement bonds, to be received until Nov. 16 for the purchase of several issues of bonds aggrebear interest at a rate not to exceed 6%. Denom. $500 or multiples gating 3200.000. A like amount of bonds was offered and sold on Aug. 31
-J. Due $2,000 yearly on Jan. 1
thereof. Date Jan. 11924. Interest J.
V.
- 117. P. 1151.
from 1927 to 1951, inclusive.
-The
-BOND SALE.
'CUYAHOGA FALLS, Summit County, Ohio.
-have
- following issues of 6% bonds offered on Oct. 23-V. 117. p. 1690
BROADWATER, Morrill County, Neb.-BOND ELECTION.
An election will be held on Nov.5 to vote on the question of issuing $30,000 been awarded to Seasongood & Mayer of Cincinnati for $76,769, equal to
funding bonds. P. H. Eaton, Village Clerk.
101.11. a basis of about 5.73%:
-The fol- $18.045 West Broad Street water bonds. Denom. 31.000 and one for BROCKTON, Plymouth County Mass.--BOND SALE.
lowing two issues of coupon (with privilege of full registration) tax exempt
$45. Due yearly on Oct. 1 as follows: $2,045 1924 and $4,000
bonds on Oct. 26 aver° awarded as 434s to F. S. Moseley & Co. of Boston
1925 to 1928 incl.
Street impt. bonds. Denom. $1,000 and one for
at 100.048, a basis of about 4.24%:
6,122 South Thirdyearly on Oct. 1 as follows: $1,122 1924; 31,000 1925
$122. Due
$30,000 Water Loan Acts of 1922. Date Oct. i 1923. Due yearly on
incl. and $2,000 1928.
incl., and $1,000. 1934
Oct. 1 as follows: $2,000, 1924 to 1933
to 1927
and one for
to 1943 incl.
47,198 Allen Street impt. Ibonds. Denom. 31.000 $5,000 1925 to$198.
1930
Due yearly on Oct. as follows: $5,198 1924;
80,000 Centre Street Extension Loan Act of 1922. Date Oct. 1 1923.
1932.
incl. and $6,000 1931 and
Due $8,000 yearly on Oct. 1 from 1924 to 1933 incl.
one for
Prin. and semi-ann. Int.(A. & 0.) payable at the City Treasurer's office.
912 North Front Street sidewalk bonds. Denom. $200 and
Other bidders were:
$112. Due yearly on Oct. 1 as follows: $112 1924 and $200 1925
Estabrook & Co., 100.02 for 4
to 1928 incl.
$890.
Brockton National Bank, 100.0125 for 43s.
2,890 Schubert Street impt. bonds. Denom. $500 and one for 1928
Blodget & Co., 100.51 for $30,000 4345, and $80,000 434s, or 100.03 for
Due yearly on Oct. 1 as follows: 3890 1924 and $500 1925 to
$80,000 430 and $30,000 434s.
incl.
It. L. Day & Co. 100.039 for $30.000 4345 and $80,000 434s.
Date Oct. 1 1923.
National City Co., 100.171 for $30,000 4s and $80,000 434s.
-The $335,000
-BOND SALE.
DADE COUNTY (P. 0. Miami), Fla.
Kidder, Peabody & Co., 100.893 for all 434s.
-were
5% highway bonds offered on Oct. 30-V. 117. p. 1484 of awarded to
Blake Bros. & Co., 100.89 for all 434s.
Co., Inc., of New York, at 98.18. a basis about 5.157p•
R. M. Grant &
Curtis & Sanger, 100.83 for all Ois.
Date Oct. 1 1923. Due on Oct. 1 as follows: $3,000 1925 to 1930. incl.;
E. H. Rollins & Sons, 100.699 for all 434s.
$7,000 1931 to 1936. had.:38.000 1937 to 1939,incl.; 313.000 1940 and 1941.
Merrill, Oldham & Co., 100.02 for all 43s.
Financial Statement oct. 10 1923.
$17.000 1942 to 1953, incl.. and $21,000 1054.
Valuation for year 1922. less abatements
$63,915,910 00
-A syndicate composed
-BOND SALE.
DALLAS, Dallas County, Tex.
4.631,00000 of Geo. H. Burr & Co., Seasongood & Mayer and Austin, Grant & Ogtlby.
Total debt (present loans not included)
Water debt
1.625,000 00 all of New York. has purchased and is now offering to investors at a price
Sinking fund (water)
614,845 87 to yield about 4.50%. 31.250.000434% coupon, with privilege of registraPopulation (estimated)
69.400 tion as to principal only, street improvement bonds. Denom. $1,000.
-N.), payable
-BOND Date May I 1923. Principal and semi-annual interest (M.
BRUNSWICK (P. 0. Troy), Rensselaer County, N. Y.
follows:
coupon or registered bridge bonds offered on in gold coin at the Chase National Bank, N. Y. City. Due as 335.000
SALE.
-The $8,000 5%
1930, incl.;
-have been awarded to the Troy Trust Co. of $30,000 1924 to 1926. 335,000 1927, $30,000 1928 to
Oct. 31-V. 117, p. 1909
incl.;
Troy at 101, a basis of about 4.75%. Date Nov. 15 1923. Due $1.000 1931. $36,000 1932 to 1934, incl.; $35,000 1935. $30.000 1936 to 1938.
1943.8.30.000 1944 to
135.000 1939. 330.000 1940. to 1942, incl.: 535.000 $35.0001951. 330.000
yearly on Nov. 1 from 1924 to 1931 inclusive.
1946. incl.: $35,000 1947. $30.000 1948 to 1950,incl.: 1958. incl.; $35,000
-The Sinking Fund Trustees have
-BOND SALE.
'BUFFALO, N. Y.
1952 to 1954, incl.; $35.000 1955, $30.000 1956 to
purchased an issue of $22.184 16 4% local water works bonds. Date 1959. $30,000 1960 to 1962, incl., and $35,000 IN&
Oct. 15 1923. Due Oct. 15 1924.
-BONDS TO BE OFFERED
DENVER (City and County of), Colo.
BURKE COUNTY (P.O. Bowbells), No. Dak.-CERTIFICATE SALE SHORTLY
.-It is reported that within the next two or three weeks $500.000
Bank of 13owbells has purchased the 39.00018 months' 434% court house site purchase bonds will be offered for sale. Denom.
-The First National
-at par $1.000. Date Aug. 11023. Prin. and semi-ann. int. payable at Kountze
certificates of indebtedness offered on Oct. 23-V. 117. p. 1799
as 7s.
Bros., N. Y. City, or in Denver. Ben. F. Stapleton, Mayor.
-BOND OFFERING.
BURLINGTON INDEPENDENT SCHOOL DISTRICT (P. 0. BurDESCHUTES COUNTY (P. 0. Bend), Ore.
lowa.-BOND ELECTION.
-A special Sealed bids will be received by the County Clerk until 2 p. m. Nov. 21 for
lington), Des Moines County,
election will be held on Nov. 8 to vote on the question of issuing 3275.000 $50,000 53(% road bonds. Denom. 31.000. Date Nov. 1 1923. Int.
high school building and $75,000 gymnasium construction bonds. D. S. M.
-N. Due on Nov. 1 as follows: 33.000 1929 to 1942, incl., and $8,000
Cooper, Secretary Board of Directors.
1943, incl Legality approved by Teal, Winfree. Johnson & McCulloch,
CALLAHAN COUNTY ROAD DISTRICT NO. 1 (P. 0. Baird), of Portland. A certified check for $1,000 required.
-Victor B. Gilbert. County Judge, will receive
-BOND OFFERING.
Tex.
DEWEY SCHOOL DISTRICT NO. 12, Pierce County, No. Dale.-year road bonds.
sealed bids until Nov. 12 for 8200,000 534% 30
-0.0. Rue. District Clerk, will receive bids
CERTIFICATE OFFERING.
-BOND OFFERING.
-- until 2 p. m. Nov. 10 at the County Auditor's office in Rugby for $1,500
CASS COUNTY (P. 0. Logansport), Ind.
bids will be received by J. J. McCormick, County Treasurer. unti certificates of indebtedness to bear interest at a rate not to exceed 77 and
Sealed
of bid, payable to
10 a. m. Nov.10for 39.2005% James F. Harvey et al.road bonds. Denom. to mature in 12 months. A certified check for 5%
$460. Date Nov. 15 1923. Int. M.& N. 15. Due $460 each six months Ole A. Bryn, District Treasurer, required.
inclusive.
-BOND SALE.
from May 15 1925 to Nov. 15 1934
DOUGLAS COUNTY (P. 0. Alexandria), Minn.
- The Minnesota Loan & Trust Co.of Minneapolis has purchased the $60.000
CASTLEWOOD, Hamlin County, So. Dak.-BOND OFFERING.
1910
ditch
W.
W B. Boswell. City Auditor, will receive bids until Nov. 3 for $10,000 public drainage Oct. 1bonds offered on Oct. 30-V. 117, p. from-at Par
1929 to
1923. Due $4,000 yearly on Oct. 1
as Vis. Date
-year bonds. A certified check for 10% required.
6% 15
inclusive.
- 1943.
CENTER SCHOOL DISTRICT NO. 11, Oliver County, No. Dale,
-We learn that
-Peter Anstadt. District Clerk, will receive bids until
-BASIS.
BOND OFFERING.
EAST LANSING, Ingham County, Mich.
2 p. m. Nov. 5 at the County Auditor's office in Center for $3,000 6% the 350,000434% water and fire equipment bonds sold to the Detroit Trust
-were
coupon funding bonds. Denom.$1,500. Prin. and semi-ann,int. payable Co. of Detroit at par plus a premium of 102.07-V. 117. p. 237
at place of purchaser's choice. Due $1,500 1934 and $1,500 1944. A issued in two blocks of 325.000 each. The money costs the city aPPren& J.
certified check for 5% of bid required.
mately 4.60%. Denom. $1,000. Date July 1 1923. Interest J.
-BOND OFFERING.
-Bids Due July 1 1948.
CHANHASSEN, Carver County, Minn.
will be received until 8 P. m. Nov. 8 by Henry M. Mason, Village Clerk,
ELLISVILLE SCHOOL DISTRICT NO. 65, Williams County;
for the purchase of $2,000 6% light bonds maturing on Nov. 1 as follows: No. Dak.-CERTIFICATE OFFERING.-Minnle Hendrickson, District
5100, 1926 to 1929 incl.; 3150, 1030 to 1933 incl., and 3200, 1934 to 1938 Clerk, will receive bids until 7 p. m. Nov.3 at the Clerk's office in Marmon
incl. A certified check for 10% of bid, payable to the Village Treasurer, for the purchase of $4,000 certificates of indebtedness. Denom. $1,000.
Mar.
required.
Dated $2.000. Nov. 15 1923; $1,000, Jan. 15 1924, and $1.000,date 15
A
-BOND SALE.
CHARLESTON,Charleston County, So. Caro.
-The 1924. Interest rate not to exceed 7%. Due in 18 months from
Co. of Atlanta, bidding for the account of Eldredge & certified check for 5% of bid required.
Lowry Bank & Trust
2022
THE CHRONICLE
[voL. 117.
ELMWOOD PLACE SCHOOL DISTRICT (P. 0. Elmwood Place),
$10,000 Elmwood Ave. impt. assessment. Denom. $1,000. Due $1,000
Hamilton County, Ohio.
-BOND OFFERING.
-Sealed
will
yearly on Oct. 1 from 1925 to 1934 inclusive.
ceived by W.L.Morton,Clerk of Board of Education, untilbids m. be re8 p.
7,000 Elmwood Ave.inapt, village's share. Denom.$1.000. Due $1,000
for $6,732 706% coupon funding bonds. Denom.$420 and one for Nov.21
$432 70.
yearly on Oct. 1 from 1925 to 1931 inclusive.
Date Nov. 211923. Prin. and semi-ann. Interest (F. & A.) payable at the
1,600 Ridgway Place water and sewer assessment. Denom. $200. Due
First Nat. Bank of Elmwood Place. Due each six months as
$200 yearly on Oct. 1 from 1925 to 1932 inclusive.
843270 Feb. 1 1924 and $420 Aug. 1 1924 to Aug. 1 1931. incl. follows:
400 Ridgway Place water and sewer village's share. Denom. $100.
ENDERLIN SPECIAL SCHOOL DISTRICT NO. 22 Ransom
Due $100 yearly on Oct. 1 from 1925 to 1928 inclusive.
County, No. Dak.-CERTIFICATE OFFERING.
3,200 West First Ave. impt. assessment. Denom. 5400. Due $400
-Sealed bids will be
received until 10 a. in. Nov. 9 by R. B. Smith. District Clerk, at the
yearly on Oct. 1 from 1925 to 1932 inclusive.
County Auditor's office in Lisbon for 512,000 certificates of indebtedness.
1,500 West First Ave. impt. village's share. Denom. $500. Due $500
Denom. $100 or multiples thereof. Int. rate not to exceed 7%. A
yearly on Oct. 1 from 1925 to 1927 inclusive.
certified check for 6% of bid required.
3,500 Second Ave.!rept. assessment. Denom. $500. Due $500 yearly
on Oct. 1 from 1925 to 1931 inclusive.
ESSEX COUNTY (P. 0. Salem), Mass.
-TEMPORARY LOAN.
-On
700 Second Ave. impt. village's share. Denom. $100. Due $100
Oct. 30 the three temporary loans offered on that date
-V. 117, p. 1911
yearly on Oct. 1 from 1925 to 1931 inclusive.
were awarded as follows:
GREENFIELD, Hancock County, Ind.
$220,000 to the Merchants Nat. Bank of Salem on a 4.18% discount basis,
-BOND SALE.
-The 59,000
plus a premium of $2 85. Date Nov. 1 1923. Due May 1 1924. 5% North Street extension and impt. bonds offered on Oct. 22 (V. 117, p.
15,000 to the Salem Trust Co. of Salem on a 3.89% discount basis, plus 1691) have been awarded to the Citizens' Bank of Indianap9lis at par and
accrued interest plus a premium of 525 10. equal to 100.28, a basis of about
a premium of $2. Date Nov. 1 1923. Due May 1 1924.
i 9%
5,000 to the Salem Trust Co. of Salem on a 3.99% discount basis, plus t e . Date Oct. 1 1923. Due $900 yearly on July 1 from 1925 to 1934
c
a premium of Sl. 25. Date Nov. 1 1923. Due Oct. 1 1924.
Other bidders, together with discount rates offered by each, were:
GREENSBORO•SCHOOL TOWNSHIP (P. 0. Kennard), Henry
On the $220,000 renewal loan: Manchester Trust Co., Manchester,
-BOND SALE.
-J. F. Wild & Co. of Indianapolis have
N.H.,4.30%; Central Bank of Lynn,4.25; Cape Ann Nat. lank, Glouces- County, Ind.
purchased an issue of $30,000 5% school bonds at par plus a premium of
ter. 4.35; Salem Trust Co., 4.29: Naumkeag Trust Co., Salem, 4.29; C. L.
Edwards & Co., 4.22: Gloucester Safe Deposit & Trust Co., 4.29, and $1 75, equal to 100.005.
Gloucester National Bank,4.30.
GUSTINE INDEPENDENT SCHOOL DISTRICT (P. 0. Gustine),
815,000 new loan: C. L. Edwards & Co., 4.22; Merchants Nat. Bank, Comanche County, Texas.
-BONDS REGISTERED.
-On Oct. 22
Salem,4.18. plus $1 35; Manchester Trust Co.,4.12: Central Bank of Lynn, State Comptroller of Texas registered 58.000 6% serial school bonds. the
4.25; Cape Ann Nat. Bank, 4.35; Naumkeag Trust Co.. 4.29; Gloucester
"MTRIMITETag, 1
-7
Woa Parisi, La.
-BONDS NOT SOLD.
Safe Deposit & Trust Co.. 4.29, and Gloucester Nat. Bank. 4.30.
$5,000 new loan: Naumkeag Trust Co., 4.29; Merchants Nat. Bank, The $40.000 5% coupon water works equipment bonds offered on Oct. 26
-were not sold. Date Aug. 1 1923. Due in 26 years.
4.18, plus $1 30; Manchester Trust Co.. 4.12; Central Bank of Lynn,4.25; -V. 117. p. 1579
Cape Ann Nat. Bank, 4.35; C. L. Edwards & Co., 4.22; Gloucester Safe
HANCOCK COUNTY (P. 0. Greenfield) Ind.-BOND SALE.Deposit & Trust Co., 4.29, and Gloucester Nat. Bank,4.30.
The $4,400 5% coupon W. R. Weber et al. road bonds offered on Oct. 4'
Central Bank of Lynn offered a premium of $1 if awarded all three
V. 117, p. 1801-have been
Naumkeag Trust Co. a premium of $10 if awarded all three issues. issues; at par plus a premium of 550awarded to the Citizens Bank of Greenfield
20, equal to 101.14, a basis of about 4.75%.
FALLON COUNTY SCHOOL DISTRICT NO.67(P.O. Westmore), Date Sept. 15 1923. Due $220 each six months from May 15 1924 to
Mont.
-BOND SALE.
-At the offering of the funding bonds in an amount Nov. 15 1933 inclusive.
not to exceed $4.471 65 on Oct. 22-V. 117. p. 1578
HANNAFORD SPECIAL SCHOOL DISTRICT NO. 22 (P.O. Hana-the State Land
Board, bidding par, was awarded that amount as 6s.
ford), Griggs County, No. Dak.-CERTIFICATE OFFERING.
-P. A.
Anderson, District Clerk, will receive bids until 6 p. in. Nov.7 for the purFARIBAULT, Rice County, Minn.
-BOND OFFERING.
-Sam Andrews. City Recorder, will receive bids until 8 p. in. Nov. 13 for the pur- chase of $4,000 certificates of indebtedness to bear interest at a rate not to
exceed 7%, maturing in 18 months.
chase of the following 5% bonds:
$20,000 local improvement bonds. 1E5,000
HARDEMAN COUNTY ROAD DISTRICT NO. 1 (P. 0. Quanah),
dge and culvert bonds.
15.000 building !ponds.
Texas.
-BONDS VOTED.
-At the election held on Oct. 13-V. 117,
24,000 sew bonds.
brier
Denom. $1,000. Date Nov. 1 923. Int. semi-ann. Due serially p. 1485
-the proposition to issue 5250,000 534% road bonds failed to
1929 to 1943. incl. A certified check for 5% of bid, payable to the
City carry by a vote of 173 to 124.
Treasurer, required.
HARRIS COUNTY COMMON SCHOOL DISTRICT NO. 16, Texas.
-BONDS REGISTERED.
-On Oct. 27 the State Uomptroller of Texas
FLASHER, Morton County, No, Dak.-BOND OFFERING.
L. Fischier, Village Clerk, will receive bids until 1 p. m. Nov.5 for-Frank registered 515.000 6% 10 -year school bonds.
-20
the purchase of $6,000 funding bonds. Denom. $500. Date Nov. 11923. Int.
HARTFORD RURAL SCHOOL DISTRICT (P. 0. Croton), Lickrate not to exceed 6%. Int. J. & J. Due in 5 years. All bids must be ing County, Ohlo.-BOND OFFERING.
-Sealed bids will be received
accompanied by a certified check for 5%.
until 12 m. Nov. 14 by R. B. Stumph. Clerk Board of Education, for
86.623 59 6% school bonds. Denom. $425 and one for $248 59. Date
FLORENCE, Lauderdale County, Ala.
-BOND OFFERING.
-T. B. Nov.
Int.
Smith, City Clerk, will offer for sale at 3 p. m. Nov.6 $4,000 6% improve- Feb. 11 1923. Feb. 1 F. & A. Due each six months as follows: $425.
1931 incl., and $248 59 Aug. 1 1931. Certified check
ment bonds. Date Jan. 1 1924. Principal and interest payable at the for 1%1924 to amount
of the
of bonds bid for required.
National Park Bank, N. Y. City. Due Jan. 11934. optional 1-10 yearly
at a premium of equivalent to 3 of the annual interest.
HAZEL SCHOOL DISTRICT NO. 4, Slope County, No. Dak.CERTIFICATE OFFERING.
-F.0. Sift, District Clerk, will receive bids
FRANKLIN COUNTY(P.O.Columbus), Ohio.
-BOND OFFERING, at the County Auditor's office in Amidon until 2 p. m. Nov. 10 for $1.000
-Sealed bids will be received by Opha Moore,Clerk of the Board of County' 7% certificates of indebtedness. Date Nov. 12 1923. Int. annual. Duo
Commissioners, until 10 a. in. (Central Standard Time) Nov. 21 for the in 18 months. A certified check for 5% of bid required.
purchase of the following issues of 534% bonds.
HEIBRON SCHOOL DISTRICT NO. 18, Morton County, No.
E8,000 S. D.Clinton No.2 watermains, Delawanda Area. bonds. Denom.
Dak.-CERTIFICATE OFFERING.
-Until 2 p. m. Nov.6 bids will be re•
$1,000. Due 82,000 yearly on Nov. 1 from 1925 to 1933 incl.
7,800 S. D. Clinton No. 2 watermains, Rosemary South Area, bonds. ceived at the County Auditor's office in Mandan by U. Buchli, District
Clerk, for $1,000 7
certificates of idnebtedness. Deqom. $500. Int.
llenom. $1.000 and one for $800. Due yearly on Nov. 1 as folsemi-ann. Due in 1 months. A certified check for 5% dl' bid required.
lows. $LOW, 1925 to 1931 incl., and $800, 1932.
13.500 S. D. Clinton No. 2 sewer. Rosemary South Area, bonds. Denom.
HENDERSON COUNTY (P. 0. Hendersonville), No. Caro.
51.000 and one for $500. Due yearly on Nov. 1 as follows. BOND SALE.-Prudden & Co. of Toledo have purchased 580,000
22,000. 1925 to 1928:81,500. 1929, and 51.000, 1930 to 1933 incl. funding bonds. Denom. $1,000. Date Sept. 15 1923. Prin, and 6%
Date Nov. 1 1923. Prin. and semi-ann. Int. (M. & N.) payable at ann. int. (M. & S. 15) payable at the National Bank of Commerce, semiN.
the County Treasurer's office. Certified check for 1% of the amount of City. Due $5,000 yearly on Sept. 15 from 1929 to 1944 inclusive. Y.
bonds bid for, drawn on a solvent national bank or trust company, payable
HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
to the order of the County Commissioners, required. A complete trans
-BOND OFFER-Al. P. Erickson, County Auditor, will receive sealed bids until
script of all proceedings had in the matter of authorizing, advertising and ING.
awarding the bonds will be furnished the successful bidder at the time of 11 a. m. Nov. 12 for $25.000 ditch No. 36 bonds bearing interest at a rate
the award, and bids conditioned on the acceptance of bonds bid upon only not to exceed 6%. Denom. $2,500. Due $2,500 yearly on Oct. 1 from
upon the approval of the proceedings by the attorney
the bidder will be 1924 to 1933, inclusive.
accepted and considered, and a reasonable time will beof
allowed the successHILL COUNTY (P. 0.
-BOND SALE.
-The
ful bidder for the examination of the transcript before requiring compliance McClung Construction Co. has Hillsboro), Texas.
purchased $30,000 Covington Road District
with the terms of this offering or any bids made thereunder. Bonds will No. 5 bonds at par
and accrued interest.
be delivered free of charge at any bank designated in the city of Columbus.
HILL COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Kremlin),
Purchaser must pay charges if any for delivery of the bonds outside the
city of Columbus.
Mont.
-BOND OFFERING.
-E. C. Bohlig, Clerk Board of Trustees, will
GEAUGA COUNTY (P. 0. Chardon), Ohlo.-BOND SALE.
-The receive bids until 10 a. m. Nov. 24 for the purchase of an issue of amortiza$4,000 6% refunding bonds offered on Oct. 29-V. 117. p. 1911-have tion funding bonds in an amount not to exceed $3,500. Date Nov. 11023
been awarded to the Chagrin Falls Banking Co.of Chagrin Falls for 54,015, Int. M.& N. Due Nov. 11933. optional Nov. 11928.
equal to 100.37, a basis of about 5.91%. Date Oct. 1 1923. Due $500
HOLT COUNTY SCHOOL DISTRICT NO. 57 (P. O. Page), Neb.yearly on Oct. 1 from 1924 to 1931 incl.
BONDS VOTED.
-At a recent election an issue of $3,000 school-building
bonds was voted.
FREEPORT, Nassau County, N. Y.
-Sealed
-BOND OFFERING.
HORSEFLY IRRIGATION DISTRICT (P. 0. Bonanza), Klamath
bids will be received by Howard E. Pearsall, Villaim Clerk, until 8 p._ m.
County, Ore.
-BOND SALE.
-it is reported that the $59,000 irrigation
Nov.9 for 530,000 Memorial Library bonds (Series 'X')
not to exceed 0•
De om. $1,000. Da Dec. 31 1923. Prin. and semi-ann. Int. (J. &n , bonds, mentioned in V. 117. p. 2800, have been disposed of at 95.
Date
.)
HUBBARD,Hill County, Texas.
payable at the First National Bank of Freeport. Due $2,000 yearly on
-BONDS REGISTERED.
-The State
Dec. 31 from 1924 to 1938 incl. Certified check for 5% of the amount Comptroller of Texas registered *10.000534% serial school bonds on Oct.22.
of bonds bid for required.
HUDSON SCHOOL DISTRICT, Los Angeles County, Calif.
-BOND
OFFERING.
-Sealed proposals will be received until 11 a. in. Nov. 5 by
GASTONIA, Gaston County, No. Caro.
-The
-BOND SALE.
American Trust Co. of Charlotte, bidding for the account of Kissel, Kinni- L. E. Lampton, County Clerk (P. 0. Los Angeles), for 850,000 5% school
bonds. Denom. $1,000. Date Nov. 1 1923. Prin. and semi-ann. int.
cutt & Co. and the Wm. R. Compton Co. of New York, was awarded as payable
at the County Treasury. Due on Nov. 1 as fellows: 52.000,
6).is the following three issues of coupon, with privilege of registration as
1924
to principal only, bonds, offered on Oct. 29-V. 117. p. 1911. The price 3% to 1943 incl., and $1.000. 1944 to 1953 incl. A certified check for
paid was par plus a premium of 82.700, equal to 100.54, a basis of about Theof issue, payable to the Chairman Board of County Supervisors,required
assessed valuation of the taxable property in said school district for
5.21%.
the
10
2000 water and electric light bonds, maturing on Feb. 1 as follows: nowyear 1923 is $3,957,010. and the amount of bonds previously issued and
5
outstanding is 583.000.
$3.000, 1925 to 1944. incl.. and 57,000. 1945 to 1964, incl.
250.000 street improvement bonds, maturing on Feb. 1 as follows: $10,000,
HURON COUNTY (P. 0. Norfolk), Ohio.
-BOND OFFERING.1925 to 1934, incl., and $25,000, 1935 to 1940, incl.
Sealed bids will be received by A. S. Vail, County Auditor, until 12 m.
50.000 sewer bonds, maturing on Feb. 1 as follows: $1,000, 1925Ito Nov. 12 for $7,400 5;4% Section "A" of I. C. H. No. 149 impt. bonds.
Issued under Section 1223 of General Code. Denom. MOO and one for
1954, incl. and $2,000, 1953 to 1964, incl.
Date Aug. 1 1923.
$400. Date Oct. 1 1923. Prin. and semi-ann. Int. (A. & 0.) payable at
the
GATE TOWNSHIP, McLean County, No. Dak.-NO BIDS. The to County Treasury. Due yearly on Oct. 1 as follows: $1,000, 1924
1930 incl. and $400, 1931. Certified check for 5% of the amount of
$1,200 certificates of indebtedness offered on Oct. 20-V. 117, p. 1800
- bonds bid for, payable to the County Treasurer, required. Bidders are
!ere not sold as no bids were received.
required to satisfy themselves as to the legality of the issue, but full transGLENS FALLS,Warren County, N.Y.
-BOND SALE.
-The $125,000 scrip will be furnished as provided by the law.
434% sewer bonds offered on Oct.:31 (V. 117, p. 1911) have been awarded
INDIANAPOLIS, Ind.
-The following bids were received
-BIDS.
to Geo. B. Gibbons & Co. of New York at 103.24. a basis of about 4.25%• for the
$300,000 "Street Resurfacing Bonds of 1923," sold to the Merchants
Date Aug. 11923. Due $2,5000 yearly on Aug. 1 from 1939 to 1943 incl.
National Bank and the Indiana Trust Co. of Indianapolis at par and
• GOLDEN VALLEY, Mercer County, No. Dak.-BOND OFFERING.
- accrued int. plus a premium of $1,705, equal to 100.568-V. 117, yo. 1912.
Bids will be received imtll 3 p. in. Nov. 15 by E. C. lsaak, District Clerk, The bonds were awarded as 5s and are in the denomination of 51,000.
Prem.
at the County Auditor's office in Stanton for $6.000 7% funding bonds. Merchants
National Bank and Indiana Trust Co
51.705
Denom. $1.000. Due in 10 years. All bids must be accompanied by a
Union Trust Co. and J. F. Wild Co
491
certified check for 5%•
Fletcher Savings & Trust Co. and Guaranty Co. of New York
630
GOLDMAN SCHOOL DISTRICT NO.9, Mercer County, No. Dak.- City Trust Co.and Ames, Emerich & Co
408
-No bids were received for the $1,000 certificates ofindebtedness H.L. Alien Co.. N. Y.
930
NO BIDS.
offered on Oct. 24-V. 117. p. 1800. Date Oct. 24 1923. Due in 18 Northern Trust Co.
1,246
Bonbright & Co
216
months.
Eldredge & Co., New York
1,320
GRAND ISLAND, Hall County, Neb.-BOND SALE.
-The Com- Barr Bros. & Co.. Inc., New York
591
mercial State Bank of Grand Island has purchased 836,000 Paving District National City Co
627
R. W.Press rich & Co
No. 42 bonds.
1,185
.
W. A. Harr man Co
141
GFtANDVIEW HEIGHTS (P. 0. Columbus), Ohio.
All bids include accrued interest.
-BOND SALE.
-The following issues of 534% bonds offered on Oct. 30 (V. 117, p. 1691)
INMAN, Holt County, Neb.-BONDS VOTED.
-At the election held
awarded to the Citizens' Trust & Savings Bank of Columbus at on Oct. 16 (V. 117. p. 1486), the proposition
have been
to issue $5,000 electric-light
100.38, a basis of about 5.42%.
system bonds carried.
W
Nov. 3 1923.]
TNT
CHRONICLE
2023
LINCOLN SCHOOL DISTRICT NO. 1, Sioux County, No. Dak.At the same time a proposition to Issue $10,000 transmission line bonds
-Bids will be received until 3 p. m. Nov. 13
CERTIFICATE OFFERING.
was also voted.
by Arthur kiloton. District Clerk, at the County Auditor's office in Fort
IOWA SCHOOL DISTRICT NO. 2, Burleigh County No. Dak.- Yatesfor the purchase of$33,000 certificates ofindebtedness. Denom.$500.
'
CERTIFICATE OFFERING.-Blds will be received until 4:30 P. 111. Date Nov.23 1923. Interest J.&J. not to exceed 7%. Due May 23 1929.
Nov. 10 by A. A. Helgerson, District Clerk, at the County Auditor's office A certified check for 5% of bid required.
In Bismarck for $3,500 certificates of Indebtedness. Denom. $100. InterLISBON PARK DISTRICT (P. 0. Lisbon), Ransom County, No.
est rate not to exceed 7%. Due in 18 months. A certified check for 5%
-The $9,000 534% funding bonds offered on Oct.
Dak.-BOND SALE.
of bid required.
-Were purchased by the Merchants Trust & Savings
- 29-V. 117, p. 1802 a premium of $25. equal to 100.27, a basis of about
Newton County, Ind.
IROQUOIS TOWNSHIP (P. 0. Brook),
Bank of St. Paul at
BOND SALE.
-The $16,500 5'7. "Second Series of Public Aid Bonds"
1933.
offered on Oct. 25 (V. 117, Ir. 1801) have been awarded to the Fletcher- 5.71%. Date Sept. 1 1923. Due Sept. 1
-Our Western corres-BOND SALE.
LOGAN, Cache County, Utah...
American Co. of Indianapolis for $16,577. equal to 100.34-a basis of
4.92%. Date Nov. 1 1923. Due $1,000 each six months from Jan. 1 1925 pondent, in a special wire, advises us that the Palmer Bond & Mtge. Co.
8200.000 5% electric plant rebuilding
of Salt Lake City has purchased
to July 1 1932, inclusive, and $500 Jan. 1 1933.
bonds recently offered un- bonds at par. Apparently these are the same
-BOND SALE.
ISABELLA COUNTY (P. 0. Mt. Pleasant), Mich.
Joel Stockard & Co. of Detroit purchased the $4,050 serial Assessment successfully (see IT. 117. p. 920).
District Road No. 44 bonds offered on Oct. 25 (V. 117, p. 1801) as 6s for
LONE TREE SCHOOL DISTRICT NO. 6, Golden Valley County,
-There were no bids received for the $4,000 18
$4,091.equal to 101.01-and to pay attorney's fees and furnish blank forms. No. Dak.-NO BIDS.
months' certificates offered on Oct. 27-V. 117, p. 1802.
JASPER COUNTY ROAD DISTRICT NO.5,Texas.-BONDSREGIS% serial
TERED.-The State Comptroller of Texas registered $125,000
LONGFELLOW SCHOOL DISTRICT NO. 70, McLean County,
-The $4,500 certificates ofindebtedness
No, Dak.-CERTIFICATE SALE.
road bonds on Oct. 22.
-were awarded to C. B. Enkema
offered on Oct. 22-V. 117._p. 1802
-NO
-BOND SALE.
JEFFERSON COUNTY (P. 0. Madison), Ind.
22 1923. Due April 22 1925.
BIDS.
-On Oct. 26 the 57,400 434% John Speltz et al coupon road bonds & Co. of Minneapolis as 7s. Date Oct.
LOS ANGELES CITY SCHOOL DISTRICT, Los Angeles County,
offered on that date (V. 117, p. 1081) were awarded to the Madison Safe
-The Bank of Italy
-REMAINDER OF BONDS PURCHASED.
Deposit & Trust Co. of Madison at par and interest. Date Oct. 13 1923. Calif.
% school bonds.
Due $370 each six months from May 15 1924 to Nov. 15 1933, inclusive. of Los Angeles has purchased the remaining $700,000
of which were awarded to them
No bids were received for the $6,850 Harry Christman et al road bonds .4* the total Issue of 81,200.000. $500,000
par.
as stated In V. 117, p. 1486. The price paid for all of the bonds was1927
offered at the same time.
Oate Sept. 1 1922. Due on Sept. 1 as follows: $100,000, 1923 to
- inclusive, and 520,000. 1928 to 1962 inclusive.
JONES COUNTY COMMON SCHOOL DISTRICT NO. 5, Texas.
BONDS REGISTERED.
-The State Comptroller of Texas registered $5,000
-BOND
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif. County
6% 5-20 year school bonds on Oct. 22.
-Sealed proposals will be received by L. E. Lampton,
-Sealed OFFERING. 11 a. an. Nov. 13 for 81.000,000 5% court house and Jail
-BOND OFFERING.
KEARNEY, Hudson County, N. J.
Clerk, until
bids vrill be received by William ft. Rosa, Town Clerk, until 8:30 p. m. construction bonds. Denom. 51.000. Date July 1 1923. Prin. and
Nov. 14 for the purchase at not less than par and int. of the following issues semi-ann. int. payable in gold coin at the County Treasurer's office, or
5% coupon or registered bonds, no more bonds to be awarded than will at Kountze Bros., N. Y. City. Due $50,000 yearly on July 1 from 1928
of
produce a premium of $500 over the school bonds and 51,000 over the to 1947 incl. A certified or cashier's check for 3% of Issue, payable to
other bonds:
the Chairman, Board of Supervisors, required. The assessed valuation
$545,500 school bonds. Denom. $1,000 and one for $500. Due yearly of the taxable property in Los Angeles County for the year 1923 is $1.on Oct. 1 as follows: $13,000, 1924: $14,000. 1925 to 1961 incl.. 635.251.165. and the total amount of bonds of said county previously
and 514,500, 1962. Prin. and int, payable at the First National Issued and now outstanding Is $3.851,000.
Bank of Arlington or at the Coal & Iron National Bank of N. Y.
LUBBOCK COUNTY COMMON SCHOOL DISTRICT NO. 5,
147,000 assessment bonds. Denom. $1.000. Due yearly on Oct. 1 as
-On Oct. 23 the State Comptroller of
-BONDS REGISTERED.
follows: $13,000, 1924 to 1930 incl., and $14.000, 1931 to 1934 Texas.
inch Prin. and int. payable at the West Hudson County Trust Texas registered 819.000 5% serial school bonds.
Co. of Harrison or at the Bankers Trust Co. of New York.
-BOND SALE.
LUZERNE COUNTY (P. 0. Wilkes-Barre), Pa.
92,000 general impt. bonds. Denom. 51.000. Due yearly on Oct. 1 The $350,000 5% bridge bonds offered on Oct. 26-V. 117. p. 1802
as follows: 85.000, 1924 to 1933 incl.. and 56,600, 1934 to 1940
have been awarded to Biddle & Henry of Philadelphia for 5354,504 51.
incl. Prin. and Int. payable at the West Hudson County Trust
equal to 101.28. a basis of about 4.57%. Date Nov. 1 1923. Due yearly
Co. or at the Bankers Trust Co. of New York.
1927 incl., and $50,000. 1928.
61,000 Passaic Valley sewer bonds. Denom. $1,000. Due yearly on on Nov. 1 as follows: 5100.000, 1925 to
Oct. 1 as follows: $2,000, 1924 to 1944 incl., and 51,000, 1945
McCOMB,Pike County, Miss.-DESCRIPT/ON.-The 5150,000534%
to 1963 incl. Prin, and int. payable at the West Hudson County school bonds awarded as stated in V. 116, p. 2666, are described as follows:
Trust Co. of Harrison or at the Bankers Trust Co. of New York. Denom. $500. Date May 15 1923. Principal and semi-aanual interest
Date Oct. 11923. Int. A. & 0. Certified check for 2% of the amount
.& N.) payable at the City Treasurer's office. Due on May 15 asfollows
of bonds bid for, payable to the Custodian of School Moneys for the school
.000. 1924 to 1928. Inclusive; $6.000. 1929 to 1938, inclusive; and $7,500i
bonds and payable to the Town for the remainder of the bonds. required. 1939 to 1947, inclusive.
Financial Statement.
The bonds are prepared under the supervision of the United States Mort$10,000.000
gage & Trust Co. of New York, which will certify as to the genuineness Estimated actual valuation
5.635,173
of the signatures impressed thereon and the validity of the bonds will be Assessed valuation. 1923
652.000
approved by Hawkins, Delafield & Longfellow of New York.
bonded debt
Total
106.800
- Water assessments against abutting property
-A. J. Brans Special bonds
192,600
KELSO, Cowlitz County, Wash.
-BOND OFFERING.
corn, City Clerk, will receive sealed bids until 8 p. m. Nov. 6 for $40,000
353,200
water system and 510.000 fire equipment bonds. Date Aug. 11923. In- Netdebt
Population (1920 Census). 7,775. Population (officially estimated.
terest rate not to exceed 6%. Due 1925 to 1943 incl. A certified Check
1923), 10.500.
for 5% required.
-The $50,000 434%
MADISON, Dane County, Wis.-BOND SALE.
KING COUNTY COMMON SCHOOL DISTRICT NO. 1, Texas.- coupon water works and extension bonds offered on Sept. 26-V. 117. p.
BONDS REGISTERED.
-On Oct. 22 the State Comptroller of Texas regis- 191 -were awarded to Blyth-Witter & Co. at a discount of $1,075, equal
tered $11,400 534% 2-20 year school bonds.
to 97.85-a basis of about 4.67%. Date Oct. 1 1923. Due Oct. 1 1943.
-The
KNOX COUNTY (P. 0. Vincennes), Ind.
-BOND SALE.
MADISON RURAL SCHOOL DISTRICT (P. 0. Madison), Lake
$9.247 47 6% August Tilley et al. drainage bonds offered on Oct. 27- County, Ohio.
-Sealed bids will be received by
-BOND OFFERING.
V 117, p. 1691-have been awarded to W. M. Alsop of Vincennes for C. W. Luckart. Clerk Board of Education, until 8 p. m. Nov. 19 for $13,9,299 87, equal to 100.56. a basis of about 5.89%. Date Oct. 1 1923. 598 95 5
school bonds. Denom. $500 and one for $598 95. Date
ue yearly on June 1 as follows: $924, 1925 to 1933 Incl., and $931 47. Oct. 11923.Principal and semi-annual interest (A. & 0.) payable at the
1334.
Exchange ank of Madison. Due yearly on Oct. 1 as follows: $500, 1924
-Of the to 1949, inclusive, and 8598 50, 1950. Certified check for $500 required.
LAKEWOOD, Cuyahoga County, Ohlo.-BOND SALE.
following iss1108 of5% special assessment paving bonds offered unsuccessfully
-W. L. Bonney, State Treas-NOTE OFFERING.
MAINE (State of).
on Oct. 1-V. 117, 13. 1580-$57,916 have been awarded to William A. urer (P. 0. Augusta), will receive sealed bids until 12 m. Nov. 12 for
McHugh & Co. of Cleveland and $143,760 to the Highway Construction $300,000 4 Si% coupon tax-exempt two-year notes. Denom. 85,000.
Co. of Elyria, each paying par and accrued interest.
1 1923. Prin. and semi-ann. Int. ((. & N.) payable at the
Date
$9,129 Delaware Ave. bonds. Dated day of sale. Due $1,000 yearly on State Nov.
Treasurer's office in Augusta. Due Nov. 1 1925. Notes will be
Oct. 1 from 1924 to 1931 incl., and 51,129, 1932.
Issued under the supervision of Fidelity Trust Co. Portland, which will
10,677 Ogontz Ave. bonds. Dated day of sale. Due $1,177 Oct. 11924: certify as to the genuineness of the signatures. lire opinion of the At$1,000. Oct. 1 1925, 1927, 1928. 1930 and 1931, and 51,500. Oct. 1 torney-General of the State as to legality will be furnished the purchaser.
1926, 1929 and 1932.
about Nov. 12, at which time the
loan may be
15,165 Reveley Ave. bonds. Dated day ofsale. Due 51,665, 1924:51.500. Payment for thewill be readymade on or
for delivery.
1925, 1927, 1928, 1930 and 1931, and $2,000. Oct. 1 1926. 1929 definitive notes
and 1932.
MAPLE HEIGHTS (P. 0. R. F. D. Bedford), Cuyahoga County,
33,183 Waterbury Road bonds. Dated day of sale. Due 53,683, Oct. 1 Ohio.
-Sealed bids will be received by F. J. Vasek,
-BOND OFFERING.
1924; 83,500, Oct. 11925, 1927, 1928, 1930 and 1931. and $4.000, Village Clerk. until 12 m. Nov. 19 at the office of Green & Woods. 1040
Oct. 11926, 1929 and 1932.
Guardian Bldg.. Cleveland,for the purchase of the following issues of 534%
24,613 Atkins Ave. bonds. Dated day of sale. Due $2,613, Oct. 1 1924: special
$2.500. Oct. 1 1925, 1927, 1929 and 1931, and $3,000, Oct. 1 1926, gg0d Thomas St. water bonds. Denom. $500. Due yearly on Oct. 1
entbon
a
1928, 1930 and 1932.
as follows: $500, 1924 to 1926. inclusive: $1,000, 1927; $500, 1928
16,838 Glenbury Ave. bonds. Dated day of sale. Due $1,838, Oct. 1
and 1929; 81.000, 1930: $500, 1931 and 1932: and $1,000, 1933.as
1924,• $2,000, Oct. 1 1925, 1926, 1928, 1929, 1930 and 1932, and 16,000 Thomas St. sewer bonds. Denom. $500. Due yearly on Oct. 1
$1,500, Oct. 1 1927 and 1931.
follows: 81.500. 1924 to 1927, Inclusive; $2,000. 1928: $1,500, 1929
11,920 Armin Ave. bonds. Dated day of sale. Due($1,000, Oct. 11924,
to 1932, inclusive,' and $2,000, 1933.
1926 and 1929; 51.500, Oct 1 1925, 1927, 1928, 1930 and 1931, and
5,500 Raymond St. sidewalk bonds (Series 5). Denom. $500. Due
$1.420, Oct. 11932.
yearly on Oct. 1 as follows: $500. 1924 to 1928, inclusive; $1,000.
33,000 Clarence Ave. bonds. Dated day of sale. Due $3,500, Oct. 1
1929: $500. 1930 and 1931. and $1,000. 1932.
1924, 1925, 1926, 1928, 1929 and 1931, and 54,000, Oct. 1 1927, 18.500 South Boulevard sewer bonds. Denom. $500. Due yearly on
Oct. 1 as follows: $1,500. 1924;52.000, 1925 and 1926;$1,500, 1927;
1930 and 1932.
incl.
18,589 Narragansett Ave. bonds. Dated day of sale. Due $2,000. Oct. 1
52.000. 1928 and 1929: $1,500, 1930. and 82.000, 1931 to 1933, Due
Denom. $500.
1924; 52,500, Oct. 1 1931, and $2,000 on Oct. 1 in each of.the
9,000 Anthony St. sidewalk bonds (Series 2). inclusive.
$1,000 yearly on Oct. 1 from 1924 to 1932,
other years from 1925 to 1932 inclusive.
yearly on
16,750 Chippewa Ave. bonds. Dated day of sale. Due $1,750, Oct. 1
1,400 Granger Court sidewalk bonds. Denom. $140. Due
Oct. 1 as follows: $140. 1924 to 1931 Inclusive, and $280. 1932.
1924; 82,000. Oct. 1 1925, 1926, 1928, 1929. 1930 and 1932, and
Granger Road sidewalk bonds (Series 2). Denom. $120. 1Due
$1,500, 1927 and 1931.
,200
11,812 Eldred Ave. bonds. Dated day of sale. Due $1,312, Oct. 1 1924;
yearly on Oct. 1 as follows: $120, 1924 to 1931, inclusive, and $240.
1932.
$1,500. 1925, 1927, 1928, 1930 and 1932, and 51,000, 1926, 1929
$500. Due yearly on
and 1931.
11,000 Maple Road sidewalk bonds. Denom. inclusive; 51.500,
1928:
All the above bonds aro being delivered through the Guardian Savings
Oct. 1 as follows: $1,000. 1924 to 1927,
& Trust Co., Cleveland.
$1,000, 1929 to 1931, Inclusive. and 81.500. 1932.
Denom.
50,000Maple Heights Boulevard sewer bonds. inclusive. $500. Due
LARAMIE, Albany County, Wyo.-BOND SALE.
-The two issues of
$5,000 yearly on Oct. 1 from 1924 to 1933,
sewer bonds, one for $62,000 and the other for 150,000. offered on Oct. 24
4600 North Boulevard sewer bonds. Denom. 5460. Due $460 yearly
-V. 117. p. 1691-were awarded as 5s to the Albany National Dank of
on Oct. 1 from 1924 to 1933, inclusive.
Laramie at a premium of $225, equal to 100.20. Denom. $1.000 or $500.
Date Nov.5 1923. Principal and semi-annual interest(A.& 0.)payable
Date about Nov. 10 1923. Due In 20 years; optional after 10 years.
Certified
at the Central National Bank,Savings & Trust Co.of Cleveland.5% of the
County for
LAREDO, Webb County, Texas.
-BONDS REGISTERED.
-The check upon a solvent bank located in Cuyahoga
of bid, payable to the Village Treasurer, required.
State Comptroller of Texas registered $200,000 5% serial street impt. amount
bonds on Oct. 24.
MAYFIELD RURAL SCHOOL DISTRICT (P. 0. Gates Mill),
-Sealed bids will be
-BOND OFFERING.
LE ROY UNION SCHOOL DISTRICT (P. 0. Le Roy), Genesee Cuyahoga County, Ohio.
received 13y Homer L. Himscher, Clerk-Treasurer, until 12 m. (Central
-BOND ELEGTION.-A special election will be held on
County, N. Y.
time) Nov. 13 for $24,049 93 6% school funding bonds. Denom.
standard
Nov. 20 to vote on the issuance of $225,000 school-erection bonds.
$1,609 and one for $4993. Date Nov. 1 1923. Prin. and semi-ann.
LINCOLN SCHOOL DISTRICT(P.O. Lincoln), Lancaster County, int. (F. & A.) payable at the Union Trust Co. of Cleveland. Due each
-A syndicate composed of C. W. McNear & Co., six months as follows: $1.600. Feb. 1 1924 to Feb. 1 1931 and $49 93.
Neb.-BOND SALE.
H. L. Allen & Co., and B. Van Ingen & Co.. all of New York, has pur- Aug. 1 1931. Certified check for 2% of the amount of bonds bid, for
J.
chased 8712,000434% school bonds. Denom.$1,000. Date Nov. 1 1923. payable to the Board of Education, required.
Principal and semi-annual interest(M.& N.) payable at the City Treasurer's
MENARD COUNTY COMMON SCHOOL DISTRICT NO. 18, Texas.
office. Due on Nov. 1 as follows: $28,000, 1929 to 1952, inclusive, and -BONDS REGISTERED.
-The State Comptroller of Texas registered on
-40-year school bonds.
840,000. 1953.
Oct. 22 85.000 5% 5
IRRIGATION DISTRICT (P.O. Merced), Merced County,
MERCED
LINWOOD SCHOOL DISTRICT, Davidson County, No, Caro.
-A. L. Cowell, Secretary Board of Directors,
.-BOND OFFERING.
-The 812.500 6% coupon, regIsterable as to prin. and int., Calif
BOND SALE.
-were awarded to C. W. received sealed bids until 11 a. in. Nov. 2 for $1.320,000 534% Irrigation
school bonds offered on Oct. 20-V. 117, p. 1802
McNeal & Co. of Trinity at a premium of $226, equal to 101.80. a basis bonds. Denom. $1.000. Date Jan, 1 1922. Due on Jan. 1 as follows.
2% of amconni
of about 5.78%. Date Oct. 1 1923. Due $500 yearly on Oct. 1 from 1600,000, 1954, and $720,000, 1955. A certified check forMoore & Orrick
bid for required. Legality approved by Goodfellow, Bells.
1926 to 1950 inclusive.
2024
THE CHRONICLE
[voL. 117.
of San Francisco. These bonds are part of a total issue of $12,000,000.
of which various amounts have been sold. The sales of same have been
reported in the "Chronicle" as they took place.
MEXIA INDEPENDENT SCHOOL DISTRICT (P. 0. Mexia), Limestone County, Texas.
-BONDS REGISTERED.
-On Oct. 22 the State
Comptroller of Texas registered $50,000 6% serial school bonds.
MICHIGAN SCHOOL DISTRICT NO. 86, Grand Forks County,
No. Dak.-CERTIFICATES NOT SOLD.
-The $1.350 certificates of
Indebtedness dated Oct. 26 1923 and maturing Oct. 26 1924. offered on
Oct. 26-V. 117, p. 1913
-were not sold, as no bids were received.
MILLIGAN, Fillmore County, Neb.-BONDS VOTED.
-The proposition to issue $6,000 street
-improvement bonds'submitted to a vote of the
people at the election held on Oct. 9 (V. 117. p. 1487) carried.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wisc.-PURCHASERPRICE.-The purchaser of the $100,000
% bonds (see V. 117, p. 1913),
part of a total issue of $4,300,000, the remainder of which is being offered on
Nov. 1, was the Commissioner of Insurance of Wisconsin. The price paid
was par plus accrued interest of 81,876.
MINNEAPOLIS, Minn.
-CERTIFICATE OFFERING.-Geo. M.Link.
Secretary of Board of Estimate and Taxation, will offer at public sale at
2 p. m. Nov. 14 $20.000 certificates of indebtedness bearing interest at a
rate not to exceed 5%%. Date Nov. 15 1923. Due Feb.
1924. A
certified check for 2% of amount bid for, payable to C. A. 15
Bloomquist,
City Treasurer, required.
MISSOURI (State
SALE.
-The $5.000.000 414% coupon
or registered Series "C" road bonds offered on Nov. 1 (V. 117, p. 1372).
were awarded to a syndicate of New York firms composed of Estabrook &
Co., First National Bank of Ncw York. Remick, Hodges & Co., Redmond
& Co., ICissel, Kinnicutt & Co., Blodget & Co., and Hannahs, Ballen &
Lee, at 99.449-a basis of about 4.59%. Date Nov. 11923. Due $1,000,000 yearly on Nov. 1 from 1928 to 1932. inclusive.
We are informed that all of the above bonds have been sold to the investing public and the books closed.
MITCHELL COUNTY (P. 0. Camilla), Ga.-BOND OFFERING.
Until 10 a. m. Nov. 13 sealed bids for the purchase of $400,000 5% road
bonds will be received by W. B. Nevels, Clerk of County Commissioners.
Denom. $1,000. Prin. and semi-ann. int. (F.
-A.) payable in New York.
Due 8100.000 1939 and 1944 and $200,000 1949. A certified check for
$5.000 required.
MONTGOMERY COUNTY (1'. 0. Troy), No. Caro.
-BOND SALE-Sidney Spitzer & Co. of New York have purchased $50,000 514% road
and bridge bonds. Denom. 81,000. Date Nov. 1 1923. Prin. and
semi-ann. int. (M. & N.) payable at the Hanover National Bank, N. Y.
City. Due Nov. 1 1953.
MONTPELIER SCHOOL DISTRICT NO. 14, Stutsman County,
No. Dak.-CERTIFICATE OFERING.-Bids will be received until
2 p. m. Nov.6 by (Mrs.) F. A. Ward, District Clerk, at the County Auditor's office in Jamestown for $6,000 certificates of indebtedness bearing
Interest at a rate not to exceed 7%. A certified check for 5% of bid required.
of).-BOND
$600 yearly on April 1 from 1925 to 1929 incl. Certified check for 2% of
the amount of bonds bid for required.
NOLAN COUNTY(P.O. Sweetwater), Texas.
-BOND OFFERING.A special telegraphic dispatch from our Western correspondent advises us
that bids for the purchase of $600,000 534% 30-year serial road bonds will
be received until Nov. 12.
NORTH CANTON,Stark County, Ohio.
-BOND SALE.
-On Oct. 31
Spitzer, Rorick & Co., of Toledo, purchased $12,000 6% storm water
sewer bonds at par and accrued interest plus a premium of $378, equal to
101.21-a basis of about 5.82%. Denom. $800. Date Nov. 1 1923.
Interest M.& N. Due $800 yearly on Nov. 1 from 1925 to 1939,inclusive.
NORTH CHICAGO, Lake County, 111.
-BOND SALE.
-At a private
sale on Oct. 10 Thompson, Kent & Grace of Chicago purchased an issue of
$60.000 5% funding bonds. Denom. $1,000. Date Sept. 1 1923. Int.
M.& S. Due serially from 1924 to 1943.
Financial Statement.
Actual valuation
$6,000,000
Assessed valuation, 1922
1,863,228
Total bonded debt
74,000
Population (United States Census, 1920)
5.839
NORTH SHORE PARK DISTRICT (P. 0. Rogers Park Station,
Chicago), Cook County, 111.
-The price paid by Minton
-PRICE.
Lampert & Co. of Chicago for the $300,000 5% bonds awarded to them
on Oct. 11-V. 117, p. 1803
-was par and accrued interest plus a premium
of $5,100, equal to 101.70. Denom. $1,000. Date Oct. 1 1923. Due
1926 to 1943 incl.
NORWAY SCHOOL DISTRICT NO.40, Kidder County, No. Dak.NO BIDS.
-There were no bids received for the $1,000 certificates of indebtedness offered on Oct. 22-V. 117. p. 1803. Date Nov. 1 1923. Due
Nov. 11924.
ONSLOW COUNTY (P. 0. Jacksonville), No. Caro.
-BOND SALE.
-The $100.000 road bonds offered unsuccessfully on July 9-V. 117. p•
240
-have been purchased by W.H. Bauck & Co.of Wilmington as Ois.
ORANGE COUNTY NAVIGATION DISTRICT (P. 0. Orange),
Texas.
-BONDS REGISTERED.
-The State Comptroller of Texas registered $250,000 5% serial bonds on Oct. 22.
OREGON (State of).
-BIDS.
-The following is a list of the bids received for the $1,000,000 434% highway bonds awarded to Dillon, Read
& Co. of New York, as stated mV.117, p. 1914:
R,ate Bid.
Dillon, Read & Co
99.012
The National City Co
98.831
Stacy & Braun, Eldredge & Co., Anglo, London, Paris Co., Kissel',
Kinnicutt Co., Wells
-Dickey Co., Ralph Schneeloch Co_
98.659
Freeman. Smith & Camp Co., Wm. R. Compton Co., Hallgarten &
Co.. Carstens & Earles. Inc.. Halsey, Stuart & Co_,.• Inc
98.579
John E.Price & Co., Bankers Trust Co., Guaranty Trust Co., E. H.98
ollins & Sons, Ames, Emerich & Co
Al9
G.E. Miller & Co., Clark, Williams & Co
98.282
Blodget & Co., New York
97.900
A. M. Wright
97.690
Balllargeon. Winslow & Co., Barr Brothers & Co
97.597
Harris Trust & Savings Bank. Chicago: Lumbermen's Trust Co___ _97.244
ORRVILLE, Wayne County, Ohio.
-BOND SALE.
-The 560.000
534% water works system enlargement bonds offered on Oct. 30 (V. 117,
p. 1693) have been awarded to Sidney Spitzer & Co. of Toledo at 101.56.
a basis of about 5.17%. Date Oct. 11923. Due $6,000 yearly on Oct. 1
from 1924 to 1933 incl.
OX CREEK SCHOOL DISTRICT NO. 14, Rolette County, No. Dale
-CERTIFICATE OFFERING.
-Martin Retrum, District Clerk, will receive bids until 2 p. m. Nov. 5 at the County Auditor's office in Rolla for
the purchase of $1,000 7% certificates of Indebtedness. Denom. $500.
Date Nov. 5 1923. Maturing in 18 months. A certified check for 5%
of bid required.
PADUCAH INDEPENDENT SCHOOL DISTRICT (P. 0. Paducah),
Cattle County, Texas.
-BONDS REGISTERED.
-The State Comptroller
of Texas registered $80,000 534% serial school bonds on Oct. 23.
PEMISCOT COUNTY (P. 0. Caruthersville), Mo.-BOND SALE.
The 832,0006% Drainage District No. 12 bonds offered on Otc. 23(V. 117,
p. 1803) were awarded to the Liberty Central Trust Co. of St. Louis at
101.77, a basis of about 5.84%. Date Oct. 1 1923. Due Oct. 11943.
PIONEER DRAINAGE DISTRICT, Logan County, Colo.
-BOND
OFFERING.
-L. A. Whittier, Secretary of Board of Directors, will receive
sealed bids at the Sterling Loan & Investment Co. In Sterling until 10 a. m.
Nov. 17 for 865.0006% coupon drainage bonds. Denom.$500. Int. ann.
A certified check for $1.000. payable to the above district, required.
PLEASANT SCHOOL DISTRICT NO. 16, Ward County, No. Dak.BOND OFERING.-E. 13. Sldnner, District Clerk, will receive bids until
2 p. m. Nov. 15 at the County Auditor's office in Minot for the purchase of
$12,000 6% funding bonds. Denom. $1,000. Date day of sale. Interest
J. & J. Due in 20 years. A certified check for 5% of bid required.
POLK COUNTY (P. 0. Crookston), Minn.
-BOND SALE.
-The
Northwestern Trust Co. and Kalman, Gates. White & Co. of St. Paul have
jointly purchased the $80,500 ditch bonds offered on Oct. 29-V. 117,
p. 1487
-as 5s at a premium of $1,130. equal to 101.40. Date Nov. 11923.
Due serially 9 to 20 years.
RED WILLOW COUNTY SCHOOL DISTRICT (P. 0. Marion),
Neb.-BOND SALE.-Geo. M.Bechtel di Co. of Davenport has purchased
:
110 000
school bonds. Denom. $1,000 and $500. Date Nov. 1
MOORESVILLE, Iredell County, No. Caro.
-BOND SALE.
-The
$200,000 coupon (registerable as to principal only) water bonds offered on
Oct. 26(V. 117, p. 1803) were awarded to the American Trust Co. of Charlotte as 554s at par. Date Oct. 11923. Due on Oct. 1 as follows: $3,000
• 1924 to 1933 incl.: $5,000 1934 to 1953 incl., and $7,000 1954 to 1963 incl.
The following is a list of the bids received:
itzer, Rorick & Co
$203.680
lman, Gates, White & Co
202,110
5
Walter, Woody & Heimerdinger
6 0
205.100
Wachovia Bank & Trust Co
203.720
53(%
584%
Stacy & Braun
200,618
Breed, Elliott & Harrison
200,600
5%
Hanehett Bond Co., Inc
5 %
203.810
Halsey, Stuart & Co., Inc
,,
203,154
Geo. H. Burr & Co
a200,116
5%
Ryan, Bowman & Co
b200,000
5%
J. C. Mayer & Co
c200.000
a Less 34.000.
Is Less $6,500.
c Less $4,000.
NASHUA, Hillsborough County, N. H.
-TEMPORARY LOAN.The First National Bank of Boston has purchased a temporary loan of
860,000 on a 4.37% discount basis plus a $3 premium. Date Oct. 30
1923. Due Jan. 4 1924.
NATRONA COUNTY (P. 0. Casper), Wyo.-BOND ELECTION
INDEFINITELY POSTRONED.-The election to vote on the question of
Issuing $500.000 county building and court
-house bonds, scheduled to take
place on Nov. 6(V. 117, p. 1487), has been indefinitely postponed.
NEWSOMS SPECIAL SCHOOL DISTRICT (P. 0. Franklin),
Southampton County, Va.-BOND OFFERING.
-R. M. Newton,
Division Superintendent of Schools, will receive sealed bids until 2
1). m.
Nov. 5 for $40,000 5% coupon school bonds. Denom. 81.000. Prin, and
annual interest(May 1) payable at the Hanover
Bank. N.Y.City.
Due $10.000 1933 and $3,000 1934 to 1943 National
approved
John C. Thomson, N. Y. City. A certified incl. Legality required. by
A
like amount of bonds was offered and sold oncheck for $5,000 116, p.
2044.
May 1. See V.
NEW YORK CITY.
-TEMPORARY LOANS.
-During the month of
October this city issued short-term securities
consisting of revenue bills and bonds, taxin the aggregate of$59,990.200,
notes, corporate stock notes
and assessment bonds, as follows:
Revenue Bills of 1923.
Water Supply.
Int.
Date
When
When
Int.
Dose
Amount. Rate %.
Sold.
Due.
Due.
'Sold. Amount. Rate %.
8500,000 454 Dec. 5 1923 Oct. 4 8450,000 454 •Oct. 1 1924 Oct. 2
REPUBLICAN CITY, Harlan County, Neb.-BOND SALE.
-The
1,000,000 434 Dec. 10 1923 Oct. 4 2,000,000 4% May 15 1924 Oct. 4
4,000,000 434 Dec. '31923 Oct.22
200,000 4% Feb. 15 1924 Oct. 4 Omaha Trust Co. of Omaha purchased $12,000 5% water bonds recently
1.000.000 4% Dec. 10 1923 Oct. 23 1,000,000 434 Mar.15 1924 Oct. 10 at a premium of $10, equal to 100.08.
600,000 454 Dec. 10 1923 Oct. 26
500.000 454 Apr1124 1924 Oct. 11
REXINE SCHOOL DISTRICT NO. 1, Kidder County, No. Dak.550.000 434 Dec. 3 1923 Oct.29
170.000 454 Apr1115 1924 Oct. 15 NO BIDS.
-Due to lack of blds. the 51.000 certificates of indebtedness
14,450.000 454 Dec. 10 1923 Oct.29
50,000 4% Feb. 15 1924 Oct. 15 offered on Oct. 20-V. 117, p. 1693
-were not sold, Date Nov. 1 1923.
15,000,000 454 Dec. 14 1923 Oct. 30
Mar. 14 1924 Oct. 17 Due May 1 1925.
750,000 4%
50,000 494 Feb. 25 1924 Oct.22
Special Revenue Bonds of 1923.
RHODES TOWNSHIP, McKenzie County, No. Dak.-CERTIFI100,000 4% Aprll 15 1924 Oct.24
3100.000 4% May 15 1924 Oct. 3
CATE OFFERING.
-Bids will be received by M. Jorgenson, Township
200.000 4% May 15 1924 Oct. 15
Rapid Transit.
Clerk, until 2 p. in, Nov. 12 at the County Auditor's office in
100,000 454 May 29 1924 Oct. 17 8150,000 454 AprI115 1924 Oct. 3 $3,500 certificates of indebtedness. Denom. $500. Interest Schafer for
300,000 4% May 15 1924 Oct.24
100,000 434 Apr1115 1924 Oct. 3 exceed 7%. Due May 11925. A certified check for 5% of bid rate not to
required.
24,200 434 *Oct. 3 1924 Oct. 3
Tax Notes.
RICHLAND COUNTY SCHOOL DISTRICT NO. 28 (P. 0. Sidney),
219,000 4% Feb. 15 1924 Oct. 4
$100,000 4% May 15 1924 Oct. 3
-BOND OFFERING.
-Bids will be received until 2 p. m. Nov. 15
190,000 4% Feb. 15 1924 Oct. 4 Mont.
100,000 4% May 151924 Oct. 15
Oct
by (Mrs.) Arthur A. Redlin, Clerk Board of Trustees, for an Issue of amor100,000 4% May 29 1924 Oct. 17 1,000,000 4% Mar.14 1924 Oct. 4 tization
4
1924
funding bonds in an amount not to exceed 81.000. Denom.
100,000 454 May 15 1924 Oct. 24 1,000,000 454 Mar.14 1924 Oct. 10 $100.
Date Nov. 15 1923. Interest M. & N. 15. Due Nov. 15 1933,
30,000 43-4 Mar.14
300,000 434 Mar.14 1924 Oct. 10 optional Nov. 15 1928.
Corporate Stock Notes.
150,000 4% Mar.14 1924 Oct. 17
RIO VISTA JOINT SCHOOL DISTRICT (P. 0. Fairfield), Solano
Various Municipal Purposes.
100,000 4% Mar.14 1924 Oct. 17 County, Calif.
5750.000 434 •Oct. 11924 Oct. 2
-G. G. Halliday. Clerk Board of
-BOND
25,000 4% Apr1115 1924 Oct.24 Supervisors, will receive OFFERING.
400.000 434 •Oct. 1 1924 Oct. 2
sealed bids until 11 a. m. Nov. 5 for $14,000 6%
Aprt115 1924 Oct 24 school bonds.
250.000
941,000 454 Feb. 15 1924 Oct. 4
Denom.$1,000. Due 51,000 1924 to 1937 incl. A certified
150,000 4% Apr1115 1924 Oct.24 check for 10% of amount
420,000 4% Mar.14 1924 Oct.10
of the bid required.
16,000 4% *Oct. 28 1924 Oct.26
200,000
Apr1115 1924 Oct. 15
ROCKFORD SCHOOL DISTRICT (P. 0. Rockford), Winnebago
630,000 454 April 15 1924 Oct. 15
Dock.
-The 895,000 434%•• coupon school bonds
-BOND SALE.
2,000,000 4% Mar.14 1924 Oct. 15 8100,000 4% Apr1115 1924 Oct. 3 County, 111.
-have been awarded to the Continental
450,000 454 Feb. 15 1924 Oct. 4 offered on Oct. 22-V. 117, p. 1804
1,000 000 434 Feb. 15 1924 Oct. 15
450,000 4% Mar.14 1924 Oct. 17
250,000 4% Mar.14 1924 Oct. 10 & Commercial Trust & Savings Bank of Chicago for $93,879. equal to
97.66, a basis of about 4.81%. Date April 1 1923. Due $5,000 yearly
100,000 434 Mar.14 1924 Oct. 17
Assessment Bonds.
250,000 4% Mar.14 1924 Oct. 17 8500,000 4 aJan. 2 1924 Oct. 3 on April 1 from 1924 to 1942 incl. Following is a list of the bids received:
m . Bid.
1,275,000 454 Apr1115 1925 Oct.24 1,000,000 4 aJan. 2 1924 Oct. 9
Continental & Commercial
Bonbright & Co
02 0 00
9 72
$ 4 7 0e)
500.000 43i April 15 1924 Oct.24
750,000 4 aJan. 2 1924 Oct. 18
Trust SE Savings Bank_ _$93,879 00 Seipp, Princell Co
100.000 451 Feb. 5 1924 Oct. 29
750,000 4 aJan. 2 1924 Oct.29 National City Co
93.397 35 W. A. Harriman & Co..-- 92,971 75
First Trust & Savings Co_ 93,364 00 Harris Trust & Say. Co-- 92,901 00
•Due on or before said date.
Minton. Lampert & Co
93.305 00 Northern Trust Co
92,900 50
a Due on or after said date.
Hill, Joiner & Co
93,200 00 Blyth, Witter & Co
92.865 00
GENERAL FUND BONDS.
-General fund bonds, in the amount of Taylor, Ewart & Co
93.176 00 A. G. Becker & Co
92 786 50
81.250,000, bearing 3% int. and maturing Nov. 1 1930, were also issued People's Bank & Tr. Co..- 93,165 00 Wm. R. Compton Co
92,300 00
during the month of October.
Illinois Merch. & Ti', Co_ 93,135 00 H. C. Allen & Co
92,207 00
NILES, Trumbull County, Ohio.
bids
-BOND OFFERING-Sealed
ROCKWOOD, Somerset County, Pa.
-BOND OFFERING.
-B. G.
will be received by Homer Thomas, City Auditor, until 2 p. m. Nov. 23 for Vough. Borough Secretary, will rece ve sealed bids until 7 p. m. Nov. 19
13.0005%% street impt. bonds. Denom.$600. Date Oct. 1 1923. Prin. for $10,000 4% street impt. bonds offered unsuccessfully on Sept. 29and semi-ann. int.(A. dc O.) payable at any banking house in Niles. Due V. 117, p. 1914. Denom. $500 and $1,000. Due Oct. 1 1948: optional
43.4%
Nov. 3 1923.]
THE CHRONICLE .
2025
Legality approved
Oct. 1 1928. Prin. and semi-ann. int. payable at the Borough Treasurer's 57 of issue, payable to the City Treasurer, required.Bids to be made for
by Storey. Thorndike, Palmer & Dodge of Boston.
office. Certified check for 2% of amount of bonds bid for required.
bonds as a whole or for each issue separately.
ROSEBUD COUNTY SCHOOL DISTRICT NO. 31 (P.O. Sumatra),
SPRINGFIELD CITY SCHOOL DISTRICT (P. 0. Springfield),
-The $10,610 02 6% funding bonds offered on
-BOND SALE.
Mont.
-Sealed bids will be received
-BOND OFFERING.
-were purchased by the State Land Board of Clark County, Ohio.
Sept. 19-V. 117, p. 1156
by W.L. Smack, Clerk Board of Education, until 12 m. Nov. 19 for $187.at par. Due 1924 to 1933; optional 1928.
Montana
491 78 5% school funding bonds. Denom. $12.000 and one for $7.491 78.
- Date Oct. 15 1923. Prin. and semi-ann. int.(F. & A.) payable at the Dis-BOND SALE.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-have been trict Treasurer's office. Due each six months as follows: 324.000. Feb. 1
The $35,000 57 bonds offered on Oct. 29-V. 117. p. 1268
awarded to the Fletcher American Co. of Indianapolis for $35,560. equal 1924 to Feb. 1 1927. and $19,491 78. Aug. 1 1927. Certified check for
to 101.54. a basis of about 4.77%. Date Dec. 1 1923. Due Dec.1 1931.
57 of the amount of bonds bid for require..
-The $7,500
-BOND SALE.
SADDLE BUTTE SCHOOL DISTRICT NO. 1, Golden Valley
STARKE COUNTY (P. 0. Knox), Ind.
County, No. Dak.-CERTIFICATE OFERING.-Bids will be received 5% coupon Wm. Thompson et al gravel road bonds offered on Oct. 27
by J. M. Still. District Clerk, until 2 p. m. Nov.6 at the County Auditor's (V. 117, p. 1805) have been awarded to J. F. Wild & Co. of Indianapolis
office in Beach. for $1,400 18 months certificates of indebtedness. Denom. at par and accrued interest plus a premium of $4575, equal to 100.61.
$500 and $400. Interest rate not to exceed 7%. A certified check for Date Sept. 15 1923.
5% of bid required.
STERLING COUNTY COMMON SCHOOL DISTRICT NO. 1,
-The fol- Texas.
-BOND SALE.
SALISBURY, Rowan County, No. Caro.
-The State Comptroller of Texas reglse
-BONDS REGISTERED.
-were awarded tered $50.000 5% serial school bonds on Oct. 27.
lowing coupon bonds offered on Oct. 25-V. 117, p. 1694
as 54is to the Equitable Trust Co. of New York at a premium of $769 50,
-BOND OFFERING.
SUMTER COUNTY (P.O.Sumter),So. Caro.
equal to 100.19. a basis of about 5.23
Sealed proposals will be received by J. J. Brennan, Secretary of the Perma$340,000 street improvement bonds. Due on Nov. 1 as follows: $17,000, nent Road Commission, until 12 m. Nov. 7 for $500,000 5% registerable
1925 to 1942 inclusive. and $34,000, 1943.
$1,000. Date July 1
35,000 water bonds. Due $1,000 yearly on Nov. 1 from 1926 to 1960 as to principal road and bridge bonds. Denom.New York. Due $20,1923. Prin. and semi-ann. int. (3.& 3.) payable in
inclusive.
A certified check for 2% of
30,000 sewer bonds. Due $1,000 yearly on Nov. 1 from 1926 to 1955 000 yearly on Jan. 1 from 1928 to 1952 incl. or trust company in South
amount bid for, upon an incorporated bank
inclusive.
Carolina or a national bank anywhere, payable to the County Treasurer,
•
Date Nov. 11923.
required. Legality approved by Caldwell & Raymond of New York City.
-The following These bonds are part of a total issue of 11.000,000 which was offered un-BOND SALE.
SANFORD, Leo County, No. Caro.
three issues of coupon (with privilege of registration) bonds offered on successfully on Aug. 16. See V. 117, p. 924.
-were awarded to the Wachovia Bank & Trust
Oct. 25-V. 117, p. 1804
TACOMA SCHOOL DISTRICT NO. 10 (P. 0. Tacoma), Pierce
Co. of Raleigh as 5%s at a premium of $225, equal to 100.10, a basis of County, Wash.
-Sealed bids will be received by
-BOND OFFERING.
about 5.487:
Geo. M. Meath. County Treasurer, until 11 a. m. Nov. 12 for the purchase
$100.000 street improvement bonds. Due on Oct. 15 as follows: $4,000, of $2,400,000 school bonds.
ilenom. $1,000. Date Dec. 1 1923. Prin.
1924 to 1933 incl., and $6.000..934 to 1943 incl.
and int. payable at the County Treasurer's office or at the fiscal agency of
55.000 water bonds. Due on Oct. 15 as follows: $1,000, 1926 to 1936 the State of Washington in New
York City or at the office of the State
incl., and $2,000, 1937 to 1958 incl.
Due on Oct. 15 as follows: $2,000, 1926 to 1954 Treasurer in Olympia. A certified check (or cash) for 57 of bid required.
70.000 sewer bonds.
Alfred Lister, District Secretary, says: "These bonds were authorized
incl., and $3,000, 1955 to 1958 incl.
at an election held May 8 (see V. 116, p. 2305) and were sold to the State
Date Oct. 15 1923.
of Washington. but that on account of some irregularity in the ballot title
SANTA MONICA CITY SCHOOL DISTRICT, Los Angeles County, which stated that the bonds would be paid in twenty equal annual installOct. 29 ments, whereas the new bond law required that the bonds and interest be
-The $525,000 5% school bonds offered on
-BOND SALE.
Calif.
(V. 117, p. 1915) were awarded to the Bank of Italy of San Francisco at a paid by equal annual tax levies, the Supreme Court of the State held the
premium of $9,082, equal to 101.72, a basis of about 4.88%. Date Oct. 1 election invalid."
1923. Due on Oct. 1 as follows: $2.000 1924 to 1929 incl.; $3,000 1930 to
Of the total issue declared invalid, we reported only $1,200,000 as having
1935 incl.; 34.000 1936 to 1939 incl.; X5,000 1940 and 1941: $8,000 1942 to been sold (see V. 116. p. 2804). Notice of the bonds being revoted at a
1945 incl.: $9.000 1946 to 1952 incl.; $37,000 1953 to 1958 incl., and $38.000 recent election (Oct. 18) was given in V. 117, p. 1915.
1959 to 1962 incl.
-BOND OFFERING.
TAYLOR COUNTY (P. 0. Abilene), Texas.
-Frank A special telegraphic dispatch from our Western representative advises us
-BOND OFFERING.
SEA GIRT, Monmouth County, N. J.
-year serial
Durand, Jr., Borough Clerk, will receive sealed bids until 8 p. m. Nov. 13 that bids will be received until Nov. 12 for $350.000 53. % 30
for an issue of 57 coupon or registered funding beach improvement bonds road bonds.
not to exceed $25.000. No more bonds to be awarded than will produce a
-BONDS REGISTERED.
-The State Comptroller
TEXAS (State of).
premium of $1,000 over $25,000. Denom. $1,000. Date Dec. 1 1923. of Texas registered the following bonds:
Principal and semi-annual interest (J. & D.) payable in gold at the First Amount.
Int.
Date Rea.
Place.
Due.
1 from 1924 to
National Bank of Spring Lake. Due $1,000 yearly on Dec.
10-20-yrs. 67 Oct. 22
32.000 Dawson Co.Com.Sch. Dist. No.13
1948, inclusive. Certified check for 2% of the amount of bonds bid for,
5
Oct. 22
20-years
Fisher Co. Corn. Sch. Dist. No.39
1.600
Payable to the Borough, required.
2-20-yrs. 5% Oct. 22
1.700 Brown Co.Corn. Sch. Dist. No.31
5-20-yrs. 5% Oct. 22
- 1,000 Brown Co.Com.Sch. Dist. No.11
Texas.
SHARYLAND INDEPENDENT SCHOOL DISTRICT,
Oct. 22
20-40-yrs. 6
4.500 Coryell Co. Com.Sch. Dist. No.93
-On Oct. 22 the State Comptroller of Texas
BONDS REGISTERED.
Oct. 22
1,500 Coleman Co. Corn. Sch. Dist. No.48_ _ 10-20-yrs. 5
registered $15,000 67 serial school bonds.
5-10-yrs. 6% Oct. 23
Dickens Co. Cora. Sch. Dist. No. 20_
1.000
-Bert Fix,
serial
67 Oct. 23
-BOND OFFERING.
SHELBY, Richland County, Ohio.
1.000 Sheering Independent Sch. Dist
Oct. 23
Director of Finance, will receive sealed bids until 12 m. Nov. 12 for $19,2,600 Palo Pinto Co. Corn. Sch. Dist. No.25 10-20-yrs. 5
serial
6% Oct. 24
298 71 5% Main St. impt. assessment bonds, issued under Sec. 3941 of
Deyworth o d. Sch. Dist
:0
2 00 FalettecInconi.ch Dist. No. 22
30
5-20-yrs. 5347 Oct. 26
General Code.. Denom. $1,000 and one for $1.298 71. Date Oct. 15
5-20-yrs. 5% Oct. 26
1923. Due yearly on Oct. 1 as follows: $2,298 71. 1924: $2,000. 1925
4,000 Dickens Co. Corn. Sch. Dist. No.7
to 1932 incl., and $1,000, 1933. Certified check for 5% of the amount
THOMPSON'S SCHOOL DISTRICT, Robeson County, No. Caro.
of bonds bid for, payable to the above official, required.
-J. R. Poole, Superintendent of Schools (P. 0. LumBOND OFFERING.
SKANEATELES WATER DISTRICT(P.O.Skaneateles),Onondaga berton), will receive sealed bids until 11 a. m. Nov. 5 for $25,000 6%
County, N. Y.
-The $88,000 coupon or registered bonds school bonds. Denom. 31.000. Date Nov. 1 1923. Prin. and semi-ann.
-BOND SALE.
-have been awarded to Sherwood
offered on Oct. 31-V. 117. p. 1915
payable at the Hanover Nat. Bank, New York. Due S1.000 yearly
& Merrifield of New York at 100.39. Date Nov. 1 1923. ,Due $4,400 int.
on Nov. 1 from 1926 to 1950 incl. A certified check for 2% of bonds bid
Legal proceedings and preparation
Yearly on Nov. 1 from 1924 to 1943 inclusive.
for,payable to the Treasurer.required. of Bruce
Craven of Trinity. Le-The and sale of bonds under the supervision
-BOND SALE.
SCARSDALE, Westchester County, N. Y.
-have gality approved by Storey, Thorndike, Palmer & Dodge of Boston.
$50,000 434% fire house bonds offered on Oct. 31-V. 117, p. 1915
New York at 103.17, a basis
Ohio.
-BOND OFFERING.
been awarded to Sherwood & Merrifield of
-Sealed bids
TOLEDO, Lucas County,
of about 4.47%. Date May 1 1923. Due $2,000 yearly on May 1 from will be received by Walter Stewart, Director of Finance, until 12 m. Dec.3
1928 to 1952 inclusive. Other bidders were:
for the purchase of the following issues of 5% bonds:
Rate Bid. $490.000 intercepting sewer bonds. Date Nov. 1 1923. Int. M. & N.
Rate Bid.
Due yearly on Nov. 1 as follows: $21,000. 1925 to 1943 incl.;
102.09
102.80 Geo. B. Gibbons & Co
C. W. Whitls & Co
$23.000, 1944 to 1946 incl., and $22,000. 1947.
101.57
J. G. White & Co102.72 Union National Corp
102.70 H.L. Allen & Co
101.40
Scarsdale National Bank
160,000 municipal garage bonds. Date Oct. 1 1923. Int. A. & 0.
102.34 A. M.Lamport & Co
Parson, Son & Co
101.30
Due $8.000 yearly on Oct. 1 from 1925 to 1944 inclusive.
102.29
Harris, Forbes & Co
Denom. 31.000. Prin. and int. payable at the U. S. Mtge. & Trust
Co. of New York. Certified check for 2% of the amount of bonds bid
SHAKER HEIGHTS VILLAGE SCHOOL DISTRICT (P. 0. Shaker for, payable to the Commissioner of the Treasury, required. An outline
-BOND OFFERING.
Heights), Cuyahoga County, Ohio.
-Sealed bids of the steps authorizing the issuance of the bonds, together with a form
will 130 received by J. W. Main, Clerk Board of Education, until 12 m. of the bonds, will be prepared by the Director of Finance for the use of
(Central Standard Time) Nov. 21 for $194,215 5%% coupon school funding the bidders. Unless the bids are unconditional and the bidder furnishes
bonds. Denom. $1,000 and one for $125. Date Dec. 1 1923. Prin. and
statement that he has examined the form of the bonds and steps taken
semi-ann. int. (F. & A.) payable at the District Treasurer's office. Due a authorize the issuance thereof, the tenders will not be accepted.
each six months as follows: $12,215. Feb. 1 1924; $12.000, Aug. 1 1924 to
TOLLEY SPECIAL SCHOOL DISTRICT NO. 25, Renville County,
to Feb. 11927; $13,000. Aug. 11927: 312.000. Feb. 1 1928 to Feb. 1 1931,
-Chase Mulinex, District Clerk,
and $13,000. Aug. 11931. Certified check for 57 of the amount of bonds No. Dak.-CERTIFICATE OFFERING.
bid for, payable to the District Treasurer. required. Purchaser to take will receive bids unti. 2 p. m. Nov. 13 at the County Auditor's office in
up and pay for bonds within 10 days from time of award. All of the bonds Mohall for 115,000 certificates of indebtedness. Denom. $1,000. Interest
will be delivered to the highest bidder at the Union Trust Co.of Cleveland. rate not to exceed 7%. Due Nov. 15 1924. A certified check for 5%
of bid required.
SHEFFIELD LAKE SCHOOL DISTRICT (P. 0. Elyria), Lorain
TOWNER COUNTY(P.O.Cando), No.Dak.-CERTIFICATE SALE.
-Sealed bids will be received by
-BOND OFFERING.
County, Ohio.
The Merchants Trust & Savings Bank of St. Paul has purchased the
W.J. Boyd. Clerk Board of Education, until 7 P. m.Nov. 19 for $24,999 70 $1.600 and one for $2,599 70. Date Aug. 1 $10.000 certificates of indebtedness offered on Oct. 22 (V. 117,p. 1694)
5%7 school bonds. Denom.
basis of about 6.87%. Date Oct. 23 1923. Due April
1923. Prin. and semi-ann. int. (F. & A.) payable at the Cleveland Trust as 7s at 100.05, a
Co. of Lorain. Due each six months as follows: $2,599 70, Feb. 1 1924. 23 1924.
and $1,600. Aug. 1 1924 to Feb. 1 1931 incl. Certified chcek for 57 of
-BONDS DEFEATED.
TRAVIS COUNTY (P. 0. Austin), Texas.
the amount of bonds bid for, payable to the above official, required.
At an election held on Oct. 25 a proposition to issue $1,500,000 road bonds
votes.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 11 (P.O. Dagmar), failed to carry by 108
-BONDS
-T. J. Chellew, Clerk Board of Trustees, will
Mont.
-BOND OFFERING.
UNION HILL INDEPENDENT SCHOOL DISTRICT,Tex.
receive bids until 2 p. m. Nov. 24 for the purchase of an issue of amortiza- REGISTERED.
-The State Comptroller of Texas registered 111,000 5%
in an amount not to exceed $1.495 54. Date Nov. 1 serial school bonds on Oct. 25.
tion funding bonds
1923. Interest rate not to exceed 6%. Due Nov. 1 1933, optional Nov. 1
VERMILION PARISH SUB-ROAD DISTRICT NO. 1 (P. 0. Abbe1928. A certified check for $150, payable to above Clerk, required.
-BOND SALE.
-The 3130.000 road bonds offered on Sept. 8
ville), La.
SHERIDAN COUNTY SCHOOL DISTRICT NO.57(P.O. Dagmar), - 117, p. 697-were purchased by the Bank of Abbeville. the First
V.
Mont.
-Walter Roland. Clerk of Board of Trustees National Bank and the Peoples Dank & Trust Co.. all of Abbeville. as
-BOND OFFERING.
will receive bids until 2 p. m. Nov. 24 for the purchase of an issue of amorti- 5%s at par.
zation funding bonds in an amount not to exceed $1.669 04. Date Nov. 1
VICTORIA SCHOOL DISTRICT NO.'7. McLean County, No. Dak.
1923. Int. M.& N. Due Nov. 1 1933, optional Nov. 1 1928. Interest
-The 38.000 certificates of indebtedness offered
-CERTIFICATE SALE.
rate not to exceed 6%.
-were awarded as 7s to C. B. Enkema & Co.
on Oct. 23-V. 117. p. 1805
SOUTH AMHERST SCHOOL DISTRICT (P. 0. Elyria), Lorain of Minneapolis. Date Oct. 23 1923. Due April 23 1925.
-Sealed bids will be received by
-BOND OFFERING.
County, Ohio.
VOLANT SCHOOL DISTRICT (P. 0. Volant), Lawrence County,
Carl E. Gibson, Clerk Board of Education, until 6 p. m. Nov. 19 for $8,-Redmond & Co. of Pittsburgh on Oct. 19 were
-BOND SALE.
823 48 6% school bonds. Date Oct. 1 1923. Prin. and semi-ann. int. Pa.
(F. & A. payable at the Lorain County Savings & Trust Co. of Elyria. awarded an issue of 38.000 5% school bldg. bonds at par and accrued int.
months as follows: $550. Feb. 1 1924 to Feb. 1 1931 Incl., plus a premium of $120, equal to 101.50. Denom. $500. Date Oct. 15
Due each six
and $573 48 Aug. 11931. Certified check for 57 of the amount of bonds 1923. Interest A. & 0. Due 1926 to 1944 incl.
bid for required.
-An election
-BOND ELECTION.
WACO, McLennan County, Texas.
SOUTH MONTEBELLO IRRIGATION DISTRICT (P. 0. Monte- will be held on Dec. 18 to vote on the question of Issuing $75,000 sanitary
-The California Co. sewer system and $60.000 high school bonds.
-BOND SALE.
bello), Los Angeles County, Calif.
and the Citizens National Bank of Los Angeles have purchased 1125.0006%
WADSWORTH TOWNSHIP SCHOOL DISTRICT (p. o. Wadsirrigation bonds. Denom. $1,000 and $500. Date July 1 1923. Due worth), Medina County, Ohio.
-BOND SALE.
-On Oct. 12 the Wads.
on Jan. 1 as follows $6,000 In even years from 1926 to 1944. Incl.. and worth Savings Bank & Trust Co. of Wadsworth purchased an issue of
years from 1927 to 1945, incl. These bonds were offered $6.928 5%% school deficiency bonds for 36,945. equal to 100.24. a basis
16.500 in odd
on July 3. See V. 116, p. 3031.
of about 5.37%. Denom. $433. Date Oct. 15 1923. Interest F. & A.
-BOND OFFER- Due $866 each six months from Feb. 1 1924 to Aug. 1 1927, inclusive.
- SPARTANBURG, Spartanburg County, So. Caro.
-T.J. Boyd, City Clerk, will receive sealed bids until 4 p. m. Nov.5
ING.
-At a recent
WALTHILL,Thurston County, Neb.-BONDS VOTED.
for $400,000 street and sidewalk impt., $60,000 sewerage extension and election, 330.000 electric light and $16,000 ice plant bonds were voted.
140,000 fire protection 57 coupon bonds. Denom. $1,000. Date Nov. 1
COUNTY (P. 0. Williamsport), Ind.
-BOND SALE.semi-ann. in (M. & N.) payable at the United States
WARREN
1923. Prin. and
Mtge. & Trust Co., N. Y. City. Due Nov. 1 1943. A certified check for The $17,180 5% Wm. Eberhart et al., coupon road bonds offered on Oct.
2026
THE CHRONICLE
-have been awarded to the Warren County Bank of
27-V. 117, p. 1695
Williamsport for $17,345 26, equal to 100.96. a basis of about 4.80%.
Date Oct. I 1923. Due $859 each six months from May 15 1924 to Nov.
15 1933, inclusive.
WASHINGTON COUNTY (P. 0. Hillsboro), Ore.
-BOND OFFERING.-Chaa. H. Bamford, Secretary Board of Supervisors, will receive
sealed bids until 2 p. m. Nov. 26 for $30,000 6% impt. bonds. Denom.
$1,000 and $500. Int. semi-ann. Due as follows: $5.000. 1928 and
1929; $6.000. 1930. and $7,000. 1931 and 1932. Legality approved by
Teal, Winfree, Johnson & McCulloch of Portland. A certified check
for $1,000 required.
WASHINGTON COURT HOUSE CITY SCHOOL DISTRICT (P.O.
Washington Court House), Fayette County, Ohio.
-NO
The $7,495 64 5% coupon school bonds offered on Oct. 19-V. 117. p.
-were not sold as no bids were received.
1489
• WASHINGTON SCHOOL TOWNSHIP(P.O. Bowling Green), Clay
County, Ind.
-BONDS NOT SOLD.
-The $8,000 5% school building
bonds offered on Sept. 4-V. 117. p.924
-have not been sold as yet Date
Aug 15 1924 Due $200 each six months from July! 1924 to Jan 1 1943,
incl , and $.400 July 1 1943
WAUSEON, Fulton County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received by J. C. King, Village Clerk. until 12 in. Nov. 19 for
$2,650 6% street impt. bonds. Denom. $285. Int. semi-ann. Due
$265 each six months from Feb. 1 1924 to Aug. 1 1928 incl. Certified check
for 5% of the amount of bonds bid for required.
WEBSTER TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Dunbridge), Wood County, Ohio.
-BOND SALE.
-The $12.087 03
6% coupon school funding bonds offered on Oct. 29-V.117. p. 1805
-have
been awarded to Ryan Bowman & Co. of Toledo for $12.101 53. equal to
100.11, a basis of about 5.97 7. Date Oct. 11923. Due each six months
as follows: $837 03 Feb. 1 1924 and $750 Aug. 1 1924 to Aug. 11931. incl.
WESTMORELAND COUNTY (P. 0. Greensburg), Pa.
-BOND
OFFERING -Sealed proposals will be received by Weber A Arter. County
Controller, until 11 a. m. Nov. 12 for $375,000 45j% tax-exempt county
road bonds. Denom. 81.000. Interest semi-ann. Due on Nov. 1 as
follows: $75,000, 1933; $100,000 in 1942, 1948 and 1953. Certified check
for 2% of the amount of bonds bid for, payable to the County Treasurer,
required. The legality of this issue will be guaranteed by competent
attorneys at the expense of the county.
WEST VIRGINIA (State of).
-BONDS AWARDED IN PART.
Of the $5,000,000 43.4% coupon or registered highway bonds offered on
Sept. 29-V. 117, p. 1490-$2,000,000 were recently purchased at a
private sale at par and accrued interest by the National City Co.: Harris,
Forbes & Co. and Brown Bros., all of New York, and an option taken
on the remainder.
WILDROSE SPECIAL SCHOOL DISTRICT NO. 90, Williams
County, No. Dak.-NO BIDS.
-The $15,000 building and $15,000 funding
5% bonds offered on Oct. 23-V. 117. p. 1695
-were not sold, as no bids
were received. Date Oct. 1 1923. Due Oct. 11943.
WINCHESTER SCHOOL DISTRICT (P. 0. Winchester), Scott
County, III.
-BOND SALE.
-Neat. Condit & Grout of Winchester have
purchased an issue of $15,000 6% school bonds at par. Denom. $1,000.
Date July 1 1923. Interest July 1. Due for 15 years.
WINNETT, Fergus County, Mont.
-R. H.
-BOND OFFERING.
Wiedman. City Clerk, will offer at public auction at 8y. in. Nov- 20,
$15,000 6% 10-20 year (opt.) refunding bonds. Date Dec. 1 1923. A
certified check for $1.500 required.
[VoL. 117.
YALOBUSHA COUNTY ROAD DISTRICT NO. 1, Miss.
-DESCRIPTION.
-The $80,000 534% road bonds awarded, as stated in V. 116, p.
1692, are described as follows: Denom. $500. Date June 11923. Prin.
and semi-ann. int. (J.
-D.) payable at the County Depository or at the office
of A. K. Tigrett & Co. of Memphis. Due as follows: $3,000, 1924 to
1928 incl.; $3,500, 1929 to 1938 Incl.: $3,000. 1939 to 1948 incl.
YANKTON-CLAY DRAINAGE DISTRICT (P. 0. Yankton),
Yankton County, So. Dak.-BOND OFFERING.
-Sealed bids will be
received by Jesse D. McCoun, County Auditor, until 2 p. m. Nov. 27
for $225,000 (more or less)6% drainage bonds, maturing in 1 to 20 years.
A certified check for $2.500 required. A like amount of bonds was offered
and sold on May 11-V. 117. p. 2306.
YAP, Mercer County, No. Dak.-BOND AND CERTIFICATE OF"
FERING.-R. K. Hefner, Village Clerk, will receive bids until 21p. in.
Nov. 15 for the following:
$3.000 7 funding bonds. Denom. $1,000. Due in 10 years.
4,000 7 certificates ofindebtedness. Denom.$500. Due In 18 months.
A certified check for 5% of bids required.
CANADA, its Provinces and Municipalities.
CHATEAUQUAY, Que.-BOND OFFERING.
-Sealed bids will be
received by L. P. Pare, Secretary-Treasurer. until 5 p. ro. Nov. 5 for
$12,500 6% bonds. Date Nov. 1 1923. Denom. $500. Due in 5. 10,
15 and 20 years.
.
FORT ERIE, Ont.-BOND OFFERING.
-Sealed bids will i;t3 received
by A.E.Seaton, Clerk, until 12m.Nov.19for $7,000 535% 20 installment,
bonds.
POINT GREY, B. C.
-DEBENTURE SALE.
-An issue of $75,000
20
-year sewer debentures has been sold to the Royal Financial Corp. at
a price of 100.14. Bids were as follows:
usin
Royal Financial Corp
100.14 Canadian Financiers Trust Co.99.01
A. E. Ames & Co. and
V. W.Odium & Co
99.41
Pemberton & Son
99.393
PORT DOVER, Ont.-DEBENTURE SALE.
i i
-It is stated ----M.fl
that'.
Burgess & Co. were awarded 820.000 Si% 30
-installment and $12000
-installment debentures at a price of 98.27. an equivalent cost
534% 15
basis of 5.65%. The bids were:
C. H. Burgess & Co
98.27 Matthews & Co
98.19
W.C.Brent & Co
98.26 W. A. Mackenzie & Co
97.75
Mackay
-Mackay
97.25
SASKATOON SCHOOL DISTRICT. Sask.-BOND OFFERING.
W. P. Bate, Secretary, will receive sealed bids until Nov. 13 for $30,000
6% school bonds. Alternate bids are asked for bonds payable at Saskatoon, Toronto. Montreal and New York. and for bonds payable at Saskatoon. Toronto and Montreal only.
SCARBOROUGH TOWNSHIP, Ont.-DEBENTURE SALE.
-it in
stated that W.A. Mackenzie & Co. were the successful bidders for $347.478
5.4% and 65 5. 10. 20 and 30
-installment debentures, paying a price of
100.07. At the purchase price the money is costing the township approximately 5.56%. The proposals vrere:
,4
W. A. Mackenzie & Co
100.071C. H.Burgess & Co.and Mac
Wood. Gundy & Co
99.581 neill, Graham & Co
99.55
WEST VANCOUVER, B. C.
-DEBENTURE SALE.
-An issue of
$11,000 water works debentures has been sold to the Royal Financial
Corp. at a price of 94.
WART & COMPANY
TAYLORT.
0
INCORPORATED
0
0
Investment Securities
CHICAGO
NEW YORK
NEW LOANS
KANSAS CITY
ST. LOUIS
NEW LOANS
0
MINNEAPOLIS
NEW LOANS
BALLARD & COMPANY
FOR SALE.
Menthers New York Stock Exchange
HARTFORD
$10,649,500
We Specialize in
City of Philadelphia
STATE OF NORTH CAROLINA
Connecticut Securities
PERMANENT IMPROVEMENT
3s
/
31 29
4s
4%o
1 28
4/
58
/
51 48
/
51 29
Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to New York
Call Canal 8437
FORTY-YEAR BONDS.
ARE YOUR SECURITIES SECURE?
Security Bank Note Company
known the world over as Engravers
of securities, safe:from counterfeiting
and duplication.
WRITE US, ABOUT YOUR NEEDS
PHILADELPHIA
223-5-7 Chestnut St.
NEW YORK
21 Broad St.
Coupon or registered at option of purchaser.
Principal and interest payable in New York
City or Raleigh, N. C.
Both bonds and interest therefrom exempt from
all State. County or municipal taxation whatsoever.
The bonds to be bid for at par at the lowest
rate of interest not exceeding 5 per cent. It is
suggested to bidders to bid on whole numbers o,
on quarters, halves, or three-quarters (4 per cent434 per cent. 434 per cent, 434 per cent, 5 per
cent).
Bonds dated October I, 1923, due October:!,
1963.
Two (2%) per cent of bonds bid for must arc
company bid.
For further information apply to me or Mr.
Chester B. Masslich, Attorney-at-Law, 115
Broadway. New York City, who will give his
opinion on the validity of the issue.
The right to reject any or all bids is expressly
reserved.
Bids will be received in my office, Raler.,
N. C.. until 12 O'CLOCK NOON, NOV mBER 14TH, 1923
B. R. LACY, State Treasurer."
@FedFRASER