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Die
1,1111initrri31
eank & Quotation Section
Railway Earnings Section
financial
rontrie
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, OCTOBER 11 1924
VOL. 119.
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The Financial Situation
Trade recovery just now is proceeding rather
slowly, but that is not strange, considering that this
is the year of a Presidential election, when there is
always more or less hesitancy about engaging in
ventures of any great size pending the outcome of
the election contest. Yesterday the stock market
suffered a rather bad break, and the fall was ascribed
to a political "scare." As nothing has developed to
warrant uneasiness regarding the political outlook,
explanation of the slump must be sought elsewhere.
The indications are that the movement was simply
an attack by bear operators, who, noticing that the
market lacked support for the time being, saw their
opportunity, and made a general attack upon prices
which in the circumstances yielded more or less
profit to them. The unseating of the British Labor
Government has come in as an unsettling influence
for the moment, though the worst that could happen
at the British elections on Oct. 29 is the return to
power of this dame Labor Government, which has
some notable achievements to its credit. On the
other hand, the floating of the German loan for 800,
000,000 gold marks is now definitely sheduled for
the coming week, and this is by all odds the biggest
financial, economic and political event, all combined, in recent years. And the most notable circumstance in connection with the event is that the
success of the undertaking is accepted as a foregone
conclusion.
There is in all this occasion for gratification and
for rejoicing, since it seems the sure precursor of a
more rapid revival in trade, albeit it will be a mistake to look for anything in the nature of a boom
like the unrestrained buoyancy of 1919 and 1920.
As it is, signs of greater industrial activity are ob-
Electric Railway Sectioti
State and City Sectiex
NO. 3094.
servable in many different directions. Textile production, both in the cotton and the woolen lines, is
slowly increasing. The make of steel has been progressing much faster than anyone had any idea was
the case. The figures for the month of September
have come to hand the present week, and they show
that the production of steel ingots in that month
reached 2,814,996 tons, against 2,541,501 tons in August and 1,869,416 tons in July. This is certainly a
formidable "come-back" after the slump from 4,187,942 tons in March to 1,869,416 tons in July. The unfilled orders of the United States Steel Corporation
are also slowly increasing; the total for Sept. 30 is
3,473,780 tons, against 3,289,577 tons for Aug. 31
and 3,187,072 tons for July 31, though, of course,
there is still a wide gap as between the present total
and the 5,035,750 tons for Sept. 30 1923 and the
6,691,607 tons for Sept. 30 1922.
Bituminous coal production, which only a short
time back was running at only about 6,000,000 tons a
week, for the week ending Sept. 27 amounted to 10,189,000 tons. For the same week the railroads of the
United States report having loaded 1,087;447 cars
ith revenue freight, the highest of the year and the
third highest for any week in railroad history. Then
we have had this week the Agricultural Bureau report on the 1924 crops, to which detailed reference
is made below. This shows a further addition to
the size of both the wheat crop and the oats crop,
with only a trifling reduction in the probable yield
of cotton.
Here, then, we have a notable array of encouraging features. If now we bear in mind that in four
weeks' time both the Presidential election and the
British elections will be behind us, there is everything to encourage the belief that in 'a very brief
space of time industrial affairs will once more be
proceeding in a normal, healthful way.
Farm prospects, except as to corn, look exceedingly well, particularly in the case of wheat and
oats, and this in connection with the prevailing high
prices for grain, constitutes one• of the bright
spots in the situation. The Government crop report
issued on Thursday shows some further deterioration in corn during September, there having been
considerable injury by frost during that month,
especially in Iowa, the leading corn State, and much
of the crop will be of low grade. Some further injury was also done in neighboring States, and there
will be a considerable portion of soft corn. The
condition of the crop Oct. 1, as announced by the
Department, is 65.3% of normal, only 1.1 points
below that of Sept. 1, but contrasts with 82.0% of
1664
THE CHRONICLE
[VoL. 119.
normal a year ago, and a ten-year average condition and 15.5 for the preceding year. Buckwheat promof 78.4%. The yield per acre this year is now placed ises a yield this year of 15,100,000 bushels in conat only 23.3 liushels; for 1923 it was 29.2 bushels, trast with 13,920,000 in 1923, and flaxseed 29,200,and during the Oast four years it has ranged between 000 bushels, against 17,424,000 bushels in 1923.
28.3 bushels in 1922 and 31.5 bushels in 1920. The
Potatoes also promise well, a yield per acre of
crop is placed at 2,459,000,000, a reduction during 112.8 bushels, against 108.1 bushels last year, and a
September of 54,000,000 bushels. During August total production of 424,000,000 bushels, in contrast
the estimated yield of corn decreased 63,000,000 with 412,396,000 bushels in 1923. The crop of hay
bushels; in fact, the condition of corn has been ex- this year is placed at 95,100,000 tons, which conceptionally low throughout the entire season. In trasts with 89,098,000 tons in 1923. The estimate for
the four years prior to 1924 there were three years tobacco, however, for this year is only 1,182,000,000
in which the corn crop was materially in excess of lbs., against 1,491,000 lbs. in 1923. At the very
3,000,000,000 bushels, and one year in which the much higher prices for wheat and other grains preyield was 2,906,000,000 bushels. For Iowa the yield vailing in the markets this year as compared with a
this year is now placed at 337,027,000 bushels, which year ago, and with values for practically all agricul93,200,000 bushels less than last year; Nebraska tural products much above those of the autumn of
is put down for, 28,936,000 bushels, a decrease from 1923, the farmers should prosper prodigiously.
last year of 63,116,000 bushels, and Illinois 279,819,000 bushels, a loss of 57,493,000 bushels. These are
The trade construed the Oct. 1 cotton condition
the three leading corn States, where practically one- report, issued by the Government on Wednesday, as
third of the 3,046,387,000 bushel crop of 1923 was favorable—that is as indicating a substantial yield
harvested. The. decline in .the number of bushels of cotton this year. It is true that the latest estidoes not measure the loss, for a considerable por- mate of production for this year, 12,499,000 bales, is
tion of the crop.is not merchantable.
97,000 bales smaller than was indicated two weeks
On the other hand,,the estimated production of earlier and 288,000 bales below the estimate based
spring wheat has again been raised. A yield of 15.7 on the Sept. 1 condition report. In the case of the
bushels per acre is now indicated, which,, with the 1923 cotton crop there was a gain during the month
exception of 1922, when, the production was esti- of September of 227,000 bales, whereas in September
mated at 14.1 bushels per,acre, is about 40 or 50% 1922 and 1921 a loss was shown, amounting in 1922
higher than the yield per acre:for each of the pre- to 440,000 bales and in 1921 to 500,000 bales. The
ceding fonr years.: The spring .wheat crop is now production for the three years prior to 1924 was,
given, as 266,456,000 bushels, which is 19,000,000 however, considerably smaller than the 12,499,000
bushels more -than was estimated as the probable bales now indicated for the current year's crop, the
yield on Sept. 1, and contrasts with 213,401,000, the yield in 1923 having been 10,139,671 bales; in 1922,
final estimate of yield,last year.; 280,720,000 bushels 9,762,069 bales;and in 1921 only 7,953,641 bales, so
in 1922; 214;589,000 bushels in 1921 and 222.430,000 that the September decline in estimated production
in 1920. The total, wheat crop, including both win- for the two years last mentioned was relatively, as
ter and spring wheat, is now placed at 856,000,000 well as actually, very much greater than now appears
bushels. This with the exception of 1922, when the for 1924, according to the report just issued. It is
crop was 11,600,000 bushels larger than is now prom- not at all improbable that the yield this year
will
ised for 1924, is considerably,in excess of the pro- exceed the figures now given. Of the seven or eight
duction of the four preceding years. It is calculated leading cotton growing States, five of them
promise
by the Department of Agriculture that the spring a production this year considerably in excess of
wheat crop this year grades 93.4% high medium. 1,000,000 bales each, and this includes Texas with
All of the spring wheat States, except Idaho and 4.255,000 bales. In all of these States the area this
Washington, in which States the yield is consider- year is very large, and with a late frost and late pickably reduced, report a larger harvest than for 1923, ing the output may easily show a considerably larger
the increased production for North Dakota being yield than is now predicted. Particularly is this the
very large, or from 58,660,000 bushels for 1923 to case for Texas. The final return for Texas last year
115,258,000 bushels for this year.
was 4,342,000 bales, which is 87,000 bales larger than
The other grain crops promise a good outcome. A the latest estimate of production for that State this
further increase in the yield of oats is shown in the year, notwithstanding the increase in area this year.
Oct. 1 Government report, the production now being Last year's yield of cotton in Texas was nearly 43%
placed at 1,509,000,000 bushels, 23,000,000 bushels of the total crop of the United States, whereas this
larger than was indicated a month earlier and con- year it is now estimated at only 34% of the total
siderably in excess of the harvest of the proceding yield. At 40% of the total yield this year, based on
three years. The average yield per acre for 1924 is the latest estimate, the production for Texas.would
36.3 bushels; in 1921 it was only 23.7 bushels, which approximate 5,000,000 bales. The condition for
was much the lowest of the five-year period 1920- Texas Oct. 1 this year was 51% of normal, a decline
1924. For 1920 it was 35.2 bushels and that was the of 4 points during September, whereas last year on
next highest to the present year. Barley also prom- Sept. 25 it was 56% of normal, a gain of 1 point durises a large harvest, 26.6 bushels per acre, higher ing the preceding four weeks, the ten-year average
than for any of the four preceding years, with a for that period being a decline of 4 points.
total yield this year of 201,000,000 bushels, as conThe other States of large production suffered some
trasted with 198,185,000 bushels for 1923. For rye, decline in condition during September this year,
a heavy curtailment in area this year has resulted in notably Georgia, in which State the condition on
a harvest of only 65,800,000 bushels, in contrast with Oct. 1 was 53% of normal, a loss during the preced63,023,000 bushels for 1923 and 103.362,000 bushels ing month of 11 points, which contrasts with a tenfor the preceding year. The yield per acre this year year average loss of 7 points. Oklahoma shows a
for rye is placed at 15.2 bushels, against 12.2 in 1923 condition Oct. 1 this year of 63% of normal, and a
OCT: 11 1924]
THE CHRONICLE
less during September of 7 points. For Arkansas
the September loss was 8 points and Mississippi and
Alabama 3 points each. The Carolinas, which have
been quite hard hit this year in contrast with 1923
show a loss in condition during September this year
of 11 and 10 points, respectively, the former North
Carolina. These eight States are put down for the
current year for nearly 90% of this year's crop. The
loss in condition in Virginia during September this
year is 12 points; Missouri 11 points; Tennessee 8
points, but Louisiana and Florida show gains during the month of 2 and 3 points, respectively. For
the entire cotton belt, the condition Oct. 1 this year
was 53.5% of normal, which contrasts with 55.4%
two weeks earlier; 59.3% Sept. 1 this year, and
49.5% on Sept. 25 1923, which is the nearest date for
comparison between the two years. The loss for September this year was 5.8 points—a year ago it was
4.6 points, whereas the ten-year average loss was
6 points.
The improvement in the insolvency returns for
September, as contrasted with the earlier months of
this year, reference to which was made by us last
week, is reflected in the reports from most of the
leading departments of trade—not only in the manufacturing division, but in trading lines as well. The
detailed statement for last month, as compiled from
the records of R. G. Dun & Co. are made available
this week. They show 360 manufacturing defaults
in the United States during September, with liabilities of $19,468,185; 883 trading failures for $10,125,648, and 63 defaults of agents and brokers owing
$4,702,443. As to the number of defaults in both the
manufacturing and trading divisions the September
figures are very decidedly the best of the year to
date. A number of large failures in manufacturing
lines continue to add to the liabilities reported in
that division, as hag been true of the earlier months
this year as well. It is a fact, however, that these
large manufacturing defaults have not been as numerous, or for such heavy liabilities, as in most of
the earlier months this year. Compared with September 1923, there is an increase all along the line,
as noted last week, but the increase for the past
month over the corresponding month of 1923 is not
as heavy as in most of the preceding months this
year, while the defaults for every month. this year,
both as to number and indebtedness, show a reduction in comparison with 1922.
As to the leading divisions in the manufacturing
lines, there was a notable decrease in the number of
defaults among manufacturers classified under lumber during September this year as contrasted with
the corresponding month of 1923; likewise a notable
decrease in the amount of indebtedness involved. On
the other hand, an increase appears in failures of
manufacturers of machinery and tools, both as to
number and liabilities; also manufacturers .of clothing, and in the printing trades. Changes in other
important manufacturing divisions are of minor
importance. In the trading department, notable decreases appear in the number of defaults occurring in
September this year among general stores, groceries,
restaurants, dealers in tobacco and there is likewise
a decrease this year in the indebtedness reported for
September defaults in the above mentioned trading
lines with the exception of the grocery division, for
which liabilities were heavier this year owing- to
some larger defaults. As to dealers in clothing, dry
1665
goods, shoes, furniture and jewelry, the number of
failures reported in September this year shows an
increase over a year ago, and the indebtdeness is in
excess of last year for the jewelry defaults, but in
the other departments of trade last mentioned, liabilities are less this year than last, the decrease being especially marked as to the clothing and dry
goods trades. Failures in manufacturing lines last
month, involving in each case an indebtedness of
$100,000 or more, numbered 23, and the total liabili.
ties were $13,431,337, leaving to the remaining 337
defaults of manufacturing concerns that occurred
last month a total indebtedness of only $6,036,848, oran average to each default of $17,913. There wereonly four of the larger trading failures last month,
and these reported a total of liabilities amounting to,
$1,407,621. There were also four of the larger failures in the class embracing agents and brokers, with
an indebtedness of $3,825,800, but more than twothirds of the last mentioned sum was for a single
Wall Street brokerage concern.
With the figures for the third quarter of this year,
which also appear at this time, the record by States
is printed. In all sections an increase in the number of defaults is shown in comparison with the corresponding three months of 1923, but there is a decrease compared with 1022, except for the Central
West, which embraces the eight States west of the
Mississippi River, including Minnesota, Missouri,
Kansas, the Dakotas, etc., and for the three Pacific
Coast States. Liabilities for the third .quarter this
year exceed last year in all sections but the South
and the far Western States. In comparison with the
third quarter of 1923, perhaps the best showing is
made by the New England and Southern Central
States. There were fewer failures during the third
quarter in Massachusetts this year. than a year ago,
and as to the Southern Central group, the same is
true of Oklahoma and Texas. The three Middle Atlantic States each show an increase in the number of
failures, and the liabilities reported for New York
are heavy and very much larger than for either last
year or 1922. The amount for New York is particularly large this year in the manufacturing division;
also, for agents and brokers. The total increase for
New York State alone is nearly $29,000,000—for the
United States as a whole the increase is $27,500,000.
Maryland, Virginia and West Virginia each report
a considerable increase in the number of defaults
this year. As to the Central States. the increase
this year is notably larger for Ohio, Illinois and
Michigan; likewise Missouri, but Minnesota and
North Dakota show a decrease. For all three of the
Pacific Coast States the increase is quite large.
In addition to the above, there were.80 bank failures in the United States during the third quarter of
this year, with liabilities of $21,543,382. These figures contrast with 163 similar defaults for $52,953,120 in the preceding three months and 84 suspensions in the third quarter of 1923 for which the indebtedness was $24,293,973. As in the past year or
two, banking defaults continue more numerous
in
the States west of the Mississippi, River
(omitting
the three Pacific Coast States). For the
three
months just ended there were 49 banking suspensions in these 15 Western States, with
liabilities of
$15,758,052, 61% of the total number and 73% of the
total indebtedness., The Southern States
reported
22 similar defaults with.an indebtedness
of $3,852,202, 28% of the total number and 18% of
the liabili-
1666
THE CHRONICLE
[VOL. 119.
ties. For the two groups combined this is respec- ical comedy, entitled 'Imminent General Election,'
tively 89% as to the number of banking defaults and which is being played on the Westminster stage this
91% as to the indebtedness.
past week, appears to be approaching a farcical denouement. The first act began with a scene showing
The outstanding events in European affairs have all the wire-pullers and gossips of the Opposition
been the defeat of the British Labor Cabinet, the parties in the House of Commons gathering todissolution of Parliament and the calling of a gen- gether to turn the Labor Government out of office.
eral election for Oct. 29. The Cabinet will continue They were joined by tub-thumpers of the platform
to serve for the present, according to London cable and press, with Lords Beaverbrook and Rothermere
dispatches yesterday morning. Negotiations with making the air hot with sizzling predictions of the
respect to the German loan have been practically immediate doom of Premier Ramsay MacDonald and
completed and it is expected that the formal offer- his colleagues. Act II was staged at St. Stephen's,
ing will be made next Tuesday morning. The agree- the Houses of Parliament, partly in the debating
ment between the German Government and the bank- chamber of the Commons, but chiefly in the smoking
ers was signed in London yesterday, according to an room and lobbies, and also in odd corners remote
Associated Press dispatch from that centre last eve- from observation. Conservatives and Liberals apning. There have been quite definite reports from peared to be actuated by a common decision to join
Berlin of the probability of the Marx Cabinet being forces, and that of course could have only one re'dissolved soon because of the failure of the Chan- sult. Mr. Lloyd George did not make many appearcellor to form a coalition.
ances before the footlights, but he was playing an
important role in the prompting box. Ramsay MacThe downfall of the British Labor Cabinet was Donald had only one entrance in this scene, but he
quite positively predicted in London cable dispatches then declared that if he were defeated in the House
the first of the week. On Sunday evening the repre- he would appeal to the country. In the third act, on
sentative of the New York "Herald Tribune" sent a which the curtain has just fallen, both the Liberals
message to his paper in which he said that "the Mac- and Conservatives were discovered carefully considDonald Government will ride to a fall in the House ering their position. What were they to go to the
of Commons Wednesday. Parliament will be dis- country on? The question of whether Sir Patrick
solved as soon as the Irish Boundary Bill receives the Hastings, Attorney-General, had exceeded his auroyal assent and a general election will be held Nov. thority by changing his mind in regard to the prose8. This is the general view in political circles here to- cution of an unknown writer of communistic theories
night." He admitted, however, that "this program was not one over which the electorate was likely to
cannot be regarded as fixed until the Labor Cabinet get excited, and attempts that had been made, either
at a full meeting to-morrow decides its course of ac- to suggest that there had been interference with the
tion in the present vital week in British politics, but course of justice or to implicate the Prime Minister
it can be stated authoritatively that Premier Mac- had failed completely if not even ignominiously.
Donald will urge that the Liberal motion calling for Thus, any serious danger to the Cabinet over the
a Parliamentary investigation into the dropping of Hastings incident, at next Wednesday's debate in
the prosecution of John R. Campbell, a Communist the House appeared to have been obviated, although
editor, be treated as a vote of no confidence, on it has to be borne in mind that an artificial creation
which the Government is prepared to stand or fall." of a false situation may influence the final direction
The situation was outlined in part as follows the of the plot of even a political piece. That will be
next day by the representative of "The Sun" in Lon- seen on Wednesday next."
don: "Having precipitated a political crisis which
Naturally, there was special interest in the meetthreatens a general election, the Liberals are now
exhibiting signs of panic as the hour of the show- ing of the British Cabinet on Monday, as it was exdown on Wednesday approaches. The entire Liberal pected that at that time the program to be followed
press to-day is trying to convince Prime Minister by the Labor Party in the House of Commons two
MacDonald that the Liberal request for an inquiry days later would be decided upon. The London corinto the withdrawal of the prosecution against respondent of the New York "Times" cabled that
Campbell, the Communist editor, really offers no ex- "the Labor Government, in Cabinet Council, to-day
cuse for a Governmental appeal to the country. decided to refuse both the Conservative vote of cenThere are even evidences of a desire on the part of sure on the Government for withdrawing the prosemany Liberals to adopt a less truculent attitude re- cution of the editor of a Communist weekly and the
garding the Russian treaty, which later in the month, Liberal amendment calling for a Parliamentary inif the Campbell incident does not do so before, will quiry." The correspondent added that "it was again
bring down the Government. Nor is nervousness made clear at the Cabinet meeting that whatever
about the election confined to the Liberals, for there course events may take the safety of the Irish bill
are indications that the Conservatives are not unani- will not be imperiled. If the Government is demous in desiring an early appeal to the country." feated On Wednesday night the House of Commons
According to still another London cablegram, "a will certainly meet again to pass the Irish bill
general election between Nov. 8 and 15 was forecast through its remaining stages after it comes from the
to-day by political prophets. The British Labor House of Lords. The only uncertain attitude is that
Party has issued orders to its lieutenants through- of the Liberals, now that a crash is inevitable if
out the country to prepare for the opening of the their amendment is carried. A judicial inquiry instead of an investigation by a Parliamentary comcampaign by the end of October."
mittee may be suggested as a compromise, but not
The London correspondent of the New York from the Labor side of the House, the Cabinet having
"Times," in a dispatch on Oct. 4, treated the whole decided against offering such an alternative." The
situation largely as a farce: He said that "the polit- New York "Herald Tribune" representative in the
OCT. 11 1924.]
THE CHRONICLE
1667
British capital said the same evening that "every- squelch the renewed attempts of the Communists to
thing points to the Government's defeat this week become affiliated with the Labor Party and to indiand a general election in November, but there are cate to the country in view of the impending election
two other possibilities—one that the Liberals will that Labor has had no truck with Communism."
The following are some of the most striking statemake an eleventh-hour retirement and the other that
ments
in the address: "We will surrender nothing
dissolution
Parliament.
of
a
grant
not
will
the King
The second possibility seems extremely remote, of the rights of the Government. If there is to be an
though there is great pressure being brought to pre- election, the responsibility is not ours. The Labor
Party will take the field, not to defend itself, but to
vent a general election."
In an address on Monday Prime Minister Mac- attack its enemies. Until we can put our industry
Donald further outlined his position and that of the on a footing of willing service, we shall have nothing
Labor Party in the political crisis with which they but quarrels. For that reason we want no Commuwere confronted. The Associated Press correspond- nist backstairs methods, for that and wire-pulling
ent in London reported that "Prime Minister Mac- have not built up our party. The war has threatDonald, addressing the annual conference of the ened to make the world safe for dictatorship, for
Labor Party, which opened in Queen's Hall to-day, conspiracy. Unless we are prepared to fight that,
confirmed the overnight indications that the Gov- we might as well put up the shutters and say that
ernment intends to resist both the vote of censure we are weary in well doing. Communism as such
advanced by the Conservatives and the Liberal has nothing in common with us. It is the product
amendment proposing an inquiry into the circum- of Czarism and the war mentality. Every one knows
stances under which the sedition charges against a that the country begs us to go on with our work and
Communist editor were recently abandoned." Ac- not disturb it yet with an election, but the nation has
cording to the dispatch also, "Mr. MacDonald indi- never respected a Government without spirit or selfcated the Government would not shrink from a dis- respect. Every person knows we are in the midst of
solution of Parliament and an election if put to the work which cannot be interrupted, except to the
test, and declared the responsibility for an election grave disadvantage of the nation, but which cannot
would. not be the Labor Party's." It was added that be carried on except by men whose authority, in the
"the Prime Minister's address was loudly applauded eyes of the foreigner and of our own people, is reby the conference, which unanimously adopted reso- spected by Parliament." It developed that "in its
lutions congratulating the Government on its rec- conference the Labor Party to-day took a step more
ord, approving its handling of the Irish situation, decisive than anything previously done to rid itself
praising its recognition of Soviet Russia and offer- of Communism. It resolved that no Communist shall
be eligible for membership."
ing 'fullest support and encouragement'"
The announcement that the King and Queen would
In outlining the Cabinet crisis as he saw it, the
London correspondent of the New York "Evening return to London Thursday morning from Balmoral
Post"said in a cablegram on Tuesday afternoon that Castle in Scotland by special train was taken in
"on Wednesday the House of Commons will have two London as further circumstantial evidence in adpropositions before it. First, there will be a plain 'ance of the probable downfall of the MacDonald
• vote of censure laid down by the Conservatives, to Ministry. The London correspondent of "The Sun"
the effect that the Government erred in withdrawing cabled Wednesday afternoon that "every seat in the
the charge of sedition against the Communist editor House was occupied when the Speaker took his
of the Workers' Weekly after Sir Patrick Hastings, chair. MacDonald's entry was the signal for an
Attorney-General, had instituted such proceedings' outburst of cheering from the Laborites." He added
in the courts. The other proposition is an amend- that "Sir Robert Horne, Conservative leader, introment to the censure resolution; or, rather, a substi- duced the motion of censure, declaring that if the
tution, submitted by Herbert Asquith. It calls for a administration of law became subject to political
board of inquiry into the action of the Attorney-Gen- expediency, justice as it had been known in England
eral." He added that "such is the immediate diffi- would cease to exist." The correspondent did not
culty, but there are others too numerous to chron- fail to observe that "MacDonald looked fatigued
icle. Mr. MacDonald is accredited with not being when he entered the House. He had a late session
too severe against his natural enemies, the Conserva- with the dentist last night, and was obliged to take
tives, for their vote of censure, but he believes that an anaesthetic to have a tooth extracted."
he has been 'double-crossed' by Asquith and Lloyd
George in the inquiry amendment, because they can
The MacDonald Government was defeated at
plead in the election, if he rejects the proposition, Wednesday's session of the House of Commons,after
that he feared exposure." In his account of the having been in power about eight months. In his
Prime Minister's address before the Labor Party account, the London correspondent of the New York
conference he observed that "many who believed be- "Times" said that, "after an all-day debate in the
tore MacDonald's speech that there was still a House of Commons the Labor Government was dechance of turning the perilous corner to-morrow, if feated to-night by a vote of 364 to 198 on a point
passions were no further aroused, felt that his sting- arising out of the suspended prosecution of James
ing attack on the Liberals reduces to a minimum the Ross Campbell for an article he published in 'The
chances of avoiding an early general election." He Workers' Weekly,' a Communist paper, while acting
stated that "the Prime Minister almost at the outset as temporary editor." He added that "the size of
of his speech denounced Communism as a product of the final majority against the Government came as a
Czarism and asserted that unless labor was pre- surprise to all parties. The Conservatives polled
pared to have nothing to do with it'we had better put very heavily, but the size of the majority is mainly
up the shutters.' His declaration in this respect is explained by the fact that fewer Liberals than was
calculated to have a double-edged significance—to expected went into the Government lobby on the
1668
THE CHRONICLE
[VoL. 119.
critical division. As far as could be discovered in MacDonald might not wait for the
new Parliament
the confusion after the division, the Government to- tc, meet, but resign at once to avoid
being forced out."
tal of 198 consisted of 2 Unionists, 2 Nationalists, Continuing to outline the situation, he
said • "The
12 Liberals and 182 members of the Labor Party." pace between now and election will
be extremely
According to the "Times" dispatch, "no vote was fast, and the fight is bound to be bitter.
Neither the
taken on the Conservative motion proper, but, in- Liberal nor the Conservativ Party
e
is completely
stead, a general motion was offered prior to the vot- satisfied with last night's development
s. Labor's
ing, calling for a decision on which motion, Conser- success in the election will depend
to a large extent
vative or Liberal, should be taken. By 359 to 198 on the arrangement between Conservativ
es and Libthe House elected to vote on the Liberal amendment erals not to enter triangular contests in districts
only, which had the effect of killing the Conserva- where Labor might elect minority candidates. The
tive motion of censure."
Conservative press is urging the leaders to show a
Developments with respect to the downfall of the spirit of accommodation, but, as the Unionists inBritish Cabinet followed one another in rapid suc- variably would be the chief gainers, it is doubtful if
cession on Thursday. The London representative of the Liberals will make many concessions. The
Lathe Associated Press cabled that "Parliament will bor Party intends to name more candidates than
a
be dissolved to-night [Oct. 9] and a general election year ago, and, especially, to nominate more women.
will be held Oct. 29, it was announced this afternoon The party's campaign war chest is rather low,
but its
after King George held a privy council at Bucking- expenses will be much smaller than the
costs to the
ham Palace, at which he signed a proclamation pro- other parties." According to a London
dispatch to
roguing Parliament." Other features of the day's the New York "Evening Post" last evening
the Prime
events were outlined in part as follows: "At 6 Minister and his party were planning to get into
the
o'clock this evening the House of Commons was sum- campaign ahead of the Conservatives and
Liberals.
moned to the House of Lords to hear the King's
speech, read by the Lord Chancellor, giving assent
Further progress with respect to working out the
to the Irish Boundary Bill which previously had terms and details of the German loan for $200,000,been passed by the House of Lords and proroguing 000 was made early in the week. On Oct. 3
J. P.
Parliament. Announcement of the date for the elec- Morgan issued in London a statement in
which he
tion, which will define the political complexion of said that "our position at present is that we have
the Government which will succeed Great Britain's been requested by the British, French and Belgian
first Labor Ministry, was made after Prime Minister Governments to use our good offices to facilitate
the
MacDonald, coming this afternoon before the House placing of the German loan under the Dawes
plan
which last night defeated his Government, declared by issuing a portion for the American market;
that
the King had assented to his request for the dissolu- we have satisfied ourselves as to the underlying
setion of Parliament. Though plans call for the pro- curity of the bnods and have already begun
negotiarogation to-night, Mr. MacDonald said it would be tions with the authorized representatives
of the Gerconditional upon the final passage of the bill creat- man Government." It became known in
the British
ing an Irish boundary commission. It is understood, capital on the same date that, "on the recommenda
however, there will be no difficulty in giving the bill tion of Owen D. Young, Agent-General
in Germany
its final reading in the House of Lords. The Pre- fcr reparations payments, the Reparations
Commismier also announced that the new Parliament would sion to-day extended for seven days
from Monday
meet a week or two after the date of the general elee- next [Oct. 6] the time within which
contracts should
tion."
•
be made to float the 800,000,000 gold marks loan
($200,000,000)." It was explained also that "Oct. 6
Parliament was prorogued Thursday evening. The was set in the London agreement as the
date by which
Irish Boundary Bill was passed by the House of the Reparations Commission should announce that,
Lords, "and it became law by receiving the royal in addition to voting and promulgating the
necesassent at once. The House of Commons had pre- sary laws for working the Dawes plan, Germany
viously passed the measure." The New York "Times" should have installed all executive and controlling
correspondent said that "Labor members received bodies provided for in the plan, should
definitely
the announcement with cheers. The other parties have constituted the new bank and German railway
seemed taken aback, though there was little room company, and should have deposited with the
respecfor surprise after statements made at the Labor tive trustees the certificates representing
railway
Party convention earlier in the day."
bonds and industrial debentures. The same date
The London daily newspapers pretty generally was fixed also for the Reparations Commission to
blamed Prime Minister MacDonald for the downfall announce that contracts had been concluded assurof his Ministry. Paris newspapers were inclined to ing the loan as soon as the plan had been brought
believe that it would adversely affect Premier Her- into operation, and that all conditions contained in
riot. The London correspondent of the New York the experts' report had been fulfilled."
"Herald Tribune" pointed out that "the Labor CabiAccording to London cable dispatches made availnet has not resigned and will not do so for the pres- able here Thursday morning,
the negotiations with
ent. It will probably await the result of the election respect to the terms of the loan were practically
comand the assembly of the new Parliament. If Labor pleted in London the day before. The
New York
gains no more than its present 191 seats and if the "Times" representative said that "J. P.
Morgan and
Liberals and Conservatives decide to coalesce, then Thomas W. Lamont have been in London
more than
MacDonald and his Ministers will be forced out. two weeks laboring upon the multifarious
details.
But if there should be no understanding reached Progress has been steady and consistent,
but hithbetween the two older parties it is probable that erto it has been impossible to report
the definite
Labor will remain in charge, unless it should meet State. No one feature could be
considered settled
with severe reverses at the polls. In the latter event until the whole was in shape for
signatures." He
OCT. 11 1924.]
THE CHRONICLE
added that "the novelty and intricacy of the transaction are equaled only by its importance. At once
the buttress and keystone of the Dawes plan, it may
be taken as marking the end of the semi-chaotic business conditions following the war and as ushering in
a period of greater stability and progress." Commenting upon the security for the bonds and.their
real status, the "Times" representative said: "The
new bonds stand on a basis absolutely distinct from
any other Continental security. They constitute a
first general charge upon all Germany's revenues
and a prior lien upon specific revenues set up for
control under the Dawes plan. It has been often
stated publicly and never denied that on present
figures the controlled revenues pledged as security
for the loan equal in amount each year the face value
of the entire loan."
,It was generally expected in local financial circles
yesterday that a nation-wide syndicate, headed by
J. P. Morgan & Co., would offer next Tuesday in the
United States $100,000,000 German Government 25.
year bonds bearing 7% interest. It was expected
that the offering price would be 92 or 93. A large
oversubscription is confidently expected. Definite
announcement was made in London yesterday that
"the agreement covering the issuance of the $200,000,000 loan to Germany, provided under the Dawes
reparations plan, was signed here to-day, following
negotiations between a German delegation and British, American and Continental bankers."
The German Cabinet has been occupied again this
week, partly with maintaining its own position and
also with the handling of several more or less troublesome international problems. In a wireless dispatch on Oct. 4 the Berlin correspondent of the New
York "Times" said that "Germany's complicated political affairs to-day moved a step nearer to deserving the name of crisis when the probability loomed
up that Chancellor Marx might resign his post, together with Foreign Minister Stresemann, and that
the Reichstag might be dissolved, thus bringing a
new election." He explained that "the reason for
this was an ultimatum from the People's Party—a
member of the present Government coalition most
friendly to the Nationalists—threatening to 'reserve
its liberty of action' unless other parties forming
the coalition consent to the admission of Nationalists into the Government." Continuing, the "Times"
correspondent said that "the ultimatum is taken to
mean that the People's Party, whose leader is Foreign Minister Stresemann, will secede from the Government coalition 'composed of itself, the Centrist
Party and Democratic Party, unless the promises
made by Dr. Stresemann and others of its leaders
to Nationalists are kept. These promises pledge the
People's Party to lige its best efforts to get the Nationalists some seats in the Cabinet as a reward for
their having refrained from sabotaging the laws for
carrying out the Dawes plan when these came up for
a vote in the Reichstag at the end of August. Since
the passage of the Dawes plan laws the People's
Party leaders have tried to prove that all the members of the Government coalition had bound themselves to admit the Nationalists, but the Centrists
and Democrats have refused to see things that way."
The probable entrance of Germany into the League
of Nations has attracted further attention. On Oct.
to Berlin rnnrperrtPtive of the'Yew York "TiTnr."
1669
declared that"amazement and indignation have been
aroused among the delegates to the twenty-third
World Peace Congress, which opened here to-day,
because the German Government has failed to take
any official notice of it." Continuing, he explained
the situation in part as follows: "While Dr. Fridtjof Nansen and other speakers were earnestly urging
the necessity for Germany to enter the League of
Nations without delay, representatives of the German Government were conspicuous by their absence
from the hall of the German National Economic
Council, where the congress is sitting. Though President Ebert had signified his desire to receive a delegation representing the congress, it was decided
unanimously at to-day's opening session to send a
telegram to Chancellor Marx, expressing the astonishment of the members over the manner in which
the German Government has given the peace congress the cold shoulder. Various reasons are being
advanced to-day to account for the Government's
aloofness. The general assumption is that it was
due merely to an oversight. But there are those who
say that Chancellor Marx left the matter to Dr.
Stresemann, as coming within his province as Foreign Minister, and that Stresemann's head was buzzing so loudly with internal political questions that
he forgot all about world peace."
The attitude of the Allied Powers as well as that
of Germany, on the League of Nations question, has
been followed with keen interest. On Oct. 6, according to a special cable dispatch to the New York
"Times" from Paris,"the French Government to-day
dispatched to Berlin its answer to the German memorandum relative to the eventual admission of that
country into the League of Nations." He added
that "this reply is conformable to the declaration
made by Premier Herriot at Geneva: the French
Government will not in any way oppose German
membership and will not oppose the allocation to.
Germany of a permanent seat on the Council of the
League. But it recalls that before any of these steps.
can be taken Germany must show that she adheres
to all the obligations in the compact which bind the
other League members." The correspondent further
stated that "there cannot be any privilege extended
to her on the important first clause of the compact,
which reads that any applicant 'shall give effective
guarantees of its sincere intention to observe its international obligations and shall accept such regulations as may be prescribed by the League in regard
to its military, naval and air forces.'" That saving
clause in the French reply will, it is understood, be
included also in those which are being sent from London and Brussels and is intended as a cover during
the conclusion of the German disarmament inquiry
and the transition period for application of the
Dawes reparations plan." According to the correspondent's information, "if events proceed normally
in these two matters, it is expected that Germany
will be received into the League at a special meeting
of the Assembly to* be held in Geneva in December •
and the date of the 10th of that month is mentioned
ac a possibility." The New York "Herald Tribune"
correspondent in the French capital asserted in a
cablegram, also dated Oct. 6, that "admission of Germany as a permanent member of the League of Nations is now certain to become a fact before the end .
of this year. The French answer to the Reich's condiVorq in ennnertion with itg rem-feat to rap in on
1670
THE CHRONICLE
League Council, sent to Ambassador Von Hoesch
this morning, removes the greatest obstacle in the
path of international acquiescence—the possibility
of French opposition." Cabling from Berlin the
next afternoon, the representative there of "The
Sun" said that "the French reply to Germany's
questionnaire on the subject of her entry into the
League of Nations offers insufficient guarantee for
the avoidance of conflict between the Reich and Soviet Russia in the event of the League undertaking
an action deemed hostile to Moscow's interests." He
also said, "that is, in substance, the observation
made to Fridtjof Nansen, here as the League's unofficial representative, by Chancellor Marx and Foreign
Minister Stresemann after last night's receipt of a
note from Paris." Continuing to outline the reported attitude of German Government leaders,"The
Sun" correspondent said: "The German statesmen
voiced satisfaction with Premier Herriot's formal
expression of readiness to support Berlin's claim for
a permanent seat on the League Council. They are
of the opinion, however, that mere membership on
the Council would not be enough to insure peace for
Germany unless the Council also takes cognizance of
Germany's peculiarly dangerous position under Article 16 of the Covenant." He added that "Nansen
declared his willingness to serve as an intermediary
in bringing the matter to the attention of the Allies
again. He expressed confidence that means could
be found by which Germany's position could be safeguarded."
The New York "Times" representative cabled later
PI the day that "Chancellor Marx this morning communicated his 'outlines for reform of the Cabinet'
to the various parties, with a request to let him know
before the day was over if they were acceptable.
The principal points of the Chancellor's program
are: Any party that desires to enter the Government must recognize the inviolability of the Republican Constitution and pledge itself to support the
present foreign and interior policy, help to put the
Dawes report in operation and advance Germany's
efforts to enter the League of Nations on conditions
compatible with her economic and political interests." He observed also that "all the afternoon the
various parties met in caucus and discussed the
Chancellor's communication." Continuing, he suggested that "to the uninitiated these proceedings
might appear all harmony and cordiality, but experienced politicians think it means nothing else but
dissolution of the Reichstag and new elections, because they say the Socialists and Nationalists can
never be brought together in one Cabinet and that
each party is only waiting and hoping that the other
by some blunder will take the odium upon it of having spoiled Chancellor Mark's plan." According to
a wireless dispatch from Berlin yesterday morning, "Chancellor Marx this [Thursday] afternoon
received Socialist and Nationalist delegations, each
of which criticized the attitude of the other severely
and declared it was impossible to join in the Government for the best interests of the country. Threupon
the Chancellor declared that his efforts to join the
Nationalists and Socialists in the present Cabinet
had failed and he would to-morrow confer with the
leaders of the Government parties on what steps
should be taken. It is generally believed in all political circles that dissolution of the Reichstag and new
elections are now unavoidable, the probable result
•
[VOL. 119.
of which will be the return of Dr. Wirth as Chancellor, with Dr. Breitscheid, the Socialist leader, as his
Foreign Minister."
Official discounts at leading European centres
contiune to be quoted at 10% in Berlin; 7% in Norway and Denmark;
in Paris; 5/
1
2% in Belgium
and Sweden;5% in Holland and Madrid, and 4% in
London and Switzerland. It appears that the Hungarian National Bank rate has recently been raised
from 10% to 12/
1
2%. Open market discount rates
in London were not materially changed from the
levels of the preceding week. Short bills finished
unchanged 3 9-16@35
/%, while three months'
bills are quoted at 3 11-16@334%, against
3 9-16% last week. Money on call at the British centre again advanced, touching 3%, though closing at
2%70, as compared with 2V8% a week earlier. At
Paris and Switzerland open market discount rates
1
2% and 3%7
remain at 5/
0,respectively, the same as
heretofore.
A small gain in gold (£54,927) was shown by the
Bank of England statement for the week ending Oct.
8, although as note circulation was heavily expanded,
namely 0,196,000, reserve declined £2,141,000, while
the proportion of reserve to liabilities was reduced
tc 19.03%, from 20.21% a week ago. At this time
last year the ratio stood at 197
/8% and in 1922 at
18.36%. The highest reserve thus far this year was
that of the preceding week, 20.21%, and the lowest
12.24% for the week of Jan. 3. Public deposits were
reduced £6,407,000. "Other" deposits increased
£3,185,000. The bank's temporary loans to the Government increased £5,000,000, but loans on other securities fell £7,340,000. Gold holdings now are
£128,481,074, as against £127,670,558 a year ago and
£127,426,688 in 1922. Reserve totals £23,747,000,
against £23,511,428 in 1923 and £23,306,798 a year
earlier. Circulation is now £124,484,000, which compares with £123,909,130 and £122,569,890 one and
two years ago, respectively. Loans aggregate £73,911,000. A year ago the total was £71,309,461 and in
1922 £66,704,309. No change has been made in the
bank's official discount rate from 4%. Clearings
through the London banks for the week totaled £718,536,000, as against £804,228,000 a week ago and
£701,615,000 last year. We append herewith comparisons of the principal items of the Bank of England statement for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923,
1924.
1922.
1921.
1920.
oa. 10.
Oa. 8.
00. 11.
Oct. 12.
Oct. 14.
L
Circulation
124.484,000 123.909,130 122.569.890 124,613,620 127.123,340
Public deposits
10,866,000 13,501,395 15,160,226 15,015,758 18,200,817
Other deposits
113,881,000 104,910,991 112,051,745 134,780,538 123,970.756
GovernmVsecurities 44,733,000 41,228,834 54,891,973 64.850,907 63,707,891
Other securitiee
73,911,000 71,309,461 66,704.309 80,371,836 81,675,848
Reserve notes & coin 23,747,000 23,511,428 23,306,798 22,257.967 14,481,074
Coin and builion......128,481,047 127,670,558 127,426,688 128,421,587 123,154,414
Proportion of reserve
to liabilities
19.03%
14.86%
19%
1018%
18.36%
Bank rate
4%
7%
551%
4%
3%
The Bank of France in its weekly statement shows
a new high record for note circulation, the total
outstanding now aggregating no less than 40,648,504,000 francs. In the past three weeks successive increases in that item have been reported, the expansion
this week being 114,568,000 francs; last week it
was 195,195,000 francs and the preceding week 94,258,000 francs. In 1923 at this time the total
outstanding was 38,489,354,315 francs and in 1922
36,418,442,600 francs. Just prior to the outbreak
OCT. 11 1924.1
THE CHRONICLE
of war, in 1914, the amount was only 6,683,184,785
francs. During the week a further small gain
occurred in the gold item. The Bank's gold holdings
are thus brought up to 5,544,233,775 francs, comparing with 5,538,546,759 francs at the corresponding
date last year and with 5,532,752,339 francs the
year previous; of these amounts, 1,864,320,900 francs
were held abroad in 1924, 1,864,320,907 francs in
1923 and 1,897,967,056 francs in 1922. Increases in
the various other items for the week were registered
as follows: Silver, 192,000 francs; bills discounted,
114,568,000 francs; advances, 126,543,000 francs,
and Treasury deposits, 2,506,000 francs. On the
other hand, general deposits fell off 82,886,000
francs. Comparisons of the various items in this
week's return with the statement of last week and
corresponding dates in both 1923 and 1922 are as
fellows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as o
for Week.
Oct. 9 1924. Oct. 11 1923. Oct. 12 1922.
Cold Holdings—
Francs.
grancs.
Francs.
Francs.
In France
Inc.
80,100 3,679,912,875 3,674,225,852 3,634,785,283
Abroad
No change
1,864,320,900 1,864,320.907 1,897,967,056
Total
Inc.
80,100 5,544,233,775
Silver
Inc.
102,000
301,716,000
BIllscliscounted
Inc. 114,568.000 4,996,962.000
Advances
Inc. 126,543,000 2,842,987,000
Note cIrculatIon Ine. 114,568,000 40,648,504,000
Treasury devosIts_Inc. 2,506.000
15.475,000
General deposltsDec. 82,886,000 1.876,550,000
5,538.546,759
295,072,736
3,091,102,133
2,268,194,264
38,489,354,315
21,399,492
1,965,422,597
5,532,752,339
287,579.688
2,229.935,629
2,272,144.667
36,418,442,600
20,695,762
2,062,448,978
The weekly statement of the Imperial Bank of
Germany, issued as of Sept. 30, was featured by a
huge addition to note circulation and a moderate increase in gold reserves. Notes in circulation expanded 268,496,275,000,000,000,000 marks, to 1,549,552,655,000,000,000,000 marks, which compares with
28,228,216,470,000,000 marks a year ago and 316,869,000,000 marks in 1922. Holdings of Rentenbank
notes declined 174,213,559,000,000,000,000 marks,
other assets 22,280,607,000,000,000,000 marks and
deposits 225,289,959,000,000,000,000 marks. Among
the large increases were 83,630,006,000,000,000,000
marks in bills of exchange and checks, 123,502,735,000,000,000,000 marks in Rentenmark bills and
checks, 4,263,650,000,000,000,000 marks in advances,
28,370,350,000,000,000,000 marks in Rentenmark discounts and advances, while investments showed a
gain of 745,484,000,000,000,000 marks. Holdings of
Treasury and loan association notes fell 22,999,000,000,000,000 marks. Liabilities resulting from discounted bills payable in Berlin were reduced 45,000,000,000,000,000,000 marks and other liabilities 5,516,293,000,000,000,000 marks. Rentenbank loans remain unchanged. Gold holdings showed a gain of
17,839,000 gold marks,to 577,919,000 marks, of which
136,463,000 marks are deposited abroad. Silver coin
reserve declined 6,304,956,000 paper marks.
Analysis of the Federal Reserve Bank statements,
issued at the close of business on Thursday, revealed
comparatively minor changes in gold and discounting operations for the System as a whole. At New
York, however, there was a loss in gold reserves of
$11,000,000, while rediscounting of all classes of
bills expanded approximately $20,900,000 and open
market purchases increased $19,300,000. Total bills
discounted now are $74,876,000, which compares with
$205,047,000 a year ago. Earning assets are $40,400,000 larger and deposits $33,800,000. The combined
report indicated a nominal increase in gold-4700,000. Rediscounts fo Government secured paper increased $5,600,000, while "other" bills decreased
1671
$6,000,000. Bill buying in the open market increased
$37,100,000. Total bills discounted are 4266,388,000, as against $869,017,000 in the corresponding
week of 1923. Large increases were reported in
earning assets and deposits, $41,700,000 and $41,500,000, respectively. Federal Reserve notes in actual
circulation increased $7,500,000 locally and $12,500,000 nationally. Further large increases, moreover, took place in member bank reserve accounts.
For the twelve reporting banks the gain was $61,900,000 and $35,600,000 at New York. As to reserve
ratios, additions to the deposit items brought about
a lowering to 72.8%, 3.3% off at the local institution, and 1.1%, to 78.0%, for the System.
Last Saturday's statement of New York Clearing
House banks and trust companies revealed changes.
quite as noteworthy as those of the week preceding,
though in the opposite direction. Recovery from the
recent strain was shown by a gain in surplus reserve
of more than $61,000,000; this, too, despite larger
deposits. Loans and discounts, etc., rose $14,839,000.
Net demand deposits increased $55,427,000, to
$4,694,167,000, which total is exclusive of Government deposits to the amount of $35,258,000. In time
deposits there was a drop of $9,009,000, to $580,872,000. Cash in own vaults of members of the Federal
Reserve Bank increased $3,367,000, to $50,375,000;
although this is not accounted as reserve. State
bank and trust company reserves in own vaults inc:eased $313,000. Reserves of these same institutions kept in other depositories decreased $287,000.
Member banks added to their reserve credits at the
Reserve Bank $68,665,000. The result of this was
not only to wipe out last week's deficit, but to establish a surplus above legal.requirements of $42,169,710. The above figures for surplus are on the basis
of legal reserves of 13% for member banks of the
Federal Reserve System,,but do not include $50,375,000 cash in vault held by these member banks on.
Saturday last.
Call money jn the local market reached 3% for a
single day, after which 2/
1
2% was again the preyailing rate. Time money was reported in some circles
early in the week as being a little firmer, but in the
main it was practically unchanged, with the demand
only moderate. Little occurred to affect the money
market, as might easily be assumed from what has
been noted already. Estimates of brokers' loanwere placed at $1,475,000,000. This is the largest
total since July 18 1923, when they were approximately $1,500,000,000. The peak was $2,000,000,000,000 on Feb. 14 1923. The increase to $1,475,000,000 was regarded as surprising, in view of the
dulness of the stock market of late. The business of
the country continues to expand gradually. If the.
rate of increase is not more rapid during the last
three months of this year, and as the peak of the
grain movement will be reached during the present
month, it is not reasonable to expect much further
increase in the demand for funds from commercial
and agricultural sources. Negotiations with respect
to.the German loan were in progress in London the
greater part of this week, and it is expected that the
offering will be made next Tuesday morning. The
agreement between the German Government and the
international bankers was signed in London yesterday. Offerings of other foreign securities in the
American market have continued. Many more such.
1672
THE CHRONICLE
[VOL. 119. •
offerings may be expected after the German loan is
In sterling exchange, rate movements have conout of the way. Our Government has not been a fac- tinued devoid of special significance, with the volume
tor in the money market this week.
of business again light during the greater part of the
week. While underlying conditions in foreign exReferring to money - rates in detail, loans on call change appear to he little changed, a new element
ranged between 2M@3% this week, as against 2@3% of uncertainty has been introduced by the political
a week ago. Monday 3% was the high, with 23,'% crisis in England. The chief topic of discussion in
low and also the rate for renewals. During the rest the early dealings viras the probable overthrow of
of the week, or from Tuesday to Friday, a flat rate the MacDonald Ministry and speculative interests
of 23'% has prevailed, this being the maximum and withdrew from the market to await developments.
minimum figure as well as the renewal basis for each The result was a succession of small, irregular price
day. In time money very little change has taken changes that carried demand down to M cent, to
place. The market continued dull and professional, 4
then up to 4 46%, on light offerings and a
with rates unchanged up till Thursday, when a still lighter inquiry. This lasted up to Thursday,
slightly firmer tone developed on lighter offerings, when the sudden call for a general election in Engand the close was DA% for sixty days, against land brought about a rush to cover short commit23@23/2%; ninety days,29@3% (unchanged);four ments, entered into previously in anticipation of a
months, 3()33% (unchanged), and five and six sharp drop, and prices rose more than 3 cents in the
months 31%@3%, against 3@3%.% last week. pound in the space of a few hours. Demand bills
The inquiry was restricted and no large individual sold up to 4 49 and heavy buying was noted. Shorts
•
loans were reported.
are reported to have been badly squeezed, as a result
Mercantile paper rates have not been changed from of banking support. Much of the buying was said
3@33% for four to six months' names of choice to be of an official character and confirmed recent
character, with names less well known still requiring reports that banking support, either private or Gov33@332%, the same as a week ago. A fair degree ernmental, is invariably put forth whenever there is
of activity was reported, with country banks the prin- danger of a break by reason of speculative selling
cipal buyers. New England mill paper and the operations. The bulk of this, of course, was of
shorter choice names are still passing at 3%.
foreign origin, that is, British banks, and the local
Banks' and bankers' acceptances have been a market, as usual, followed the lead of London.
shade firmer and fractional advances were noted in Bankers here do not anticipate any extended rise at
open market quotations. Prime names were in this time. Offerings of cotton and grain bills are
good demand from both local and out-of-town insti- expected to make their appearance in more or less
tutions. Offerings, however, were not large, so that volume for a considerable time to come; although
the week's turnover attained only moderate propor- the marked disparity in money rates between the
tions. For call loans against bankers' acceptances New York and London markets will probably largely
the posted rate of the American Acceptance Council offset this influence and the floating here of a large
has not been changed from 2%. The Acceptance part of the German loan is of course also to be conCouncil makes the discount rate on prime bankers' sidered. Transfer of funds abroad is still going on in
acceptances eligible for purchase by the Federal Re- a desultory fashion. Aside from this, trading will
serve Banks 23'% bid and 2% asked for'bills running likely be quiet until the outcome of .the election is
30 days, 23j% bid and 21A% asked for 60 days, learned. Practically all details for the flotation of
2%% bid and 23% asked for bills running 90 and the German loan have already been arranged, ac4% bid and 23/2% asked for bills cording to prominent bankers here, and it promises
120 days, and 23
running 150 and 180 days. Open market quotations to be a great success, accordingly. There are those
follow:
who look for widespread improvement in internaSPOT DELIVERY.
trade conditions and a gradual restoration to
tional
30 Days.
90 Days.
80 Days.
23,4(42
2%@2Wi
2%0214
Prime eligible bills
normal in exchange values. In the late trading inFOR DELIVERY WITHIN THIRTY DAYS.
creased strength developed on the actual signing of
2% bid
E ble member banks
214 bid the German loan agreement, and the close was at
ble man-member banks
the best.
There have been no changes this week in Federal
Referring to quotations in detail, sterling exchange
Reserve Bank rates. The following is the schedule on Saturday of last week was a shade easier, and
of rates now in effect for the various classes of paper demand bills declined fractionally to 4 45%@
at the different Reserve banks:
4 45 15-16, cable transfers to 4 46@4 46 3-16 and
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
sixty days to 4 4334@4 43 7-16; trading was light
OCTOBER 10 1924.
and the market dull and narrow. On Monday
Paper Maturing—
irregular
weakness developed and there was a furAfter 90 After
3 for demand,
Days, but
Out
small
ther
recession to 4 453'@,4 45%
Within 8 Within 9
Within 90 Days,
Months. Months. to 4 45%@4
FEDERAL RESERVE
and to 4 43@
transfers
46 for cable
BANK.
Agricul.• Agricul. 4
Conercial Secured
and offerings
few
for
sixty
were
days;
buyers
433
and
and
Agricul. by U. S. Bankers' Trade
Accep- Livestock Livestock
&Livest'k Govern't Accepstationary
remained
of
bills
fairly
Rates
liberal.
Paper. MUNI- lances, lances. Payer. Payer.
lions.
n.e.s.
on Tuesday and trading much of the time was at
334
334
314
314
Boston
314
314
a complete standstill; the range for demand was
3
3
3
3
New York
3
3
334
334
334
Philadelphia
334
334
334
again 4 453'(4)4 45%, for cable transfers 4 45%@
334
334
334
Cleveland
334
334
334
4
4
4
4
Richmond
4
4
4
4
46 and for sixty days 4 43@4 4334. Wednesday
4
4
4
Atlanta
4
4
4
4
4
4
Chicago
4
4
4
4
4
falling off in the supply of bills and improvement
a
4
St. Louis
4
• 4
4%
4%
434
436
Minneapolis
43.c
434
4
4
4
the inquiry brought about an advance to 4 45%@
Kansas City
4
in
4
4
4
4
4
Dallas
4
4
4
34
334
354
San Francisco
334
4 463
334
33-4
% for demand, to 4 46@4 47 for cable transfers
•Including bankers acceptances drawn for an agricultural purpose and secured
and
to 4 4334@4 4434 for sixty days. Heavy
by warehouse receipts. &e.
buying, largely in the nature of short covering,
OCT. 11 1924.]
THE CHRONICLE
,,
1673
The London check rate onParis closed at 86.78,
against 84.67 a week ago. In New York sight bills
on the French centre finished at 5.193, against 5.26;
cable transfers at 5.20/
1 2, against 5.27; commercial
sight bills at 5.183/2, against 5.25, and commercial
3 last week. Antsixty days at 5.133, against 5.19%
werp francs closed the week at 4.793/ for checks and
4.803 for cable remittances, in comparison with
2 and 4.823/
2 the previous week. Final rates
4.813/
on Berlin marks were 0.000000000023% (unchanged).
Austrian kronen were maintained at the nominal
level prevailing so many months, namely 0.00143'.
Lire finished at 4.343 for bankers' sight bills and at
4.353 for cable transfers, as compared with 4.363%
and 4.373% a week ago. Exchange on Czechoslovakia closed at 2.983, against 2.98%; on Bucharest
2; on Poland at 193' (unat 0.543, against 0.523/
2
changed), and on Finland at 2.52, against 2.513/
The Continental exchanges were in neglect and the preceding week. Greek exchange finished at
the week just closed was the dullest in quite some 1.73 for checks and 1.733/2 for cable remittances,
time. In keeping with this price fluctuations were which compares with 1.733 and 1.734
3.
usually inconsequential and trading dull and featureless. During the early part of the week the trend
As to the former neutral exchanges, further progwas downward, mainly through lack of buying ress was made in the upward movement previously
interest, since the strictly speculative element was inaugurated. Steady buying of guilders, incidental
almost a unit in holding aloof and business was to transference of funds to Amsterdam because of
restricted to mere routine transactions. French the high money rates prevailing at that centre, refrancs ruled within a few points of 5.25 up till sulted in another advance of 39 points, which carried
Wednesday when there was a slump to 5.173% on the quotation- up to 39.12. Swiss francs were also
increased offerings of commercial bills. The defeat firmer, moving up to 19.19, on improvement in
of Great Britain's Labor Government had the oppo- Swiss trade and economic conditions. Of the
site effect on franc values to that shown in sterling, Scandinavian currencies, Copenhagen and Norwegian
in that prices fell sharply and a new low on the cur- remittances scored advances of 5 to 25 points.
2, Spanish pesetas were firm, closing at a net gain of
rent movement was established, namely 5.123/
although later on some of the loss was regained. 16 points. This latter, however, was ascribed to
Recent unfavorable reports regarding France's grain official support rather than to actual improvement
crops have led to a concerted rush to prepare for the in military and financial affairs.
financing of heavy wheat imports later in the year.
Bankers' sight bills on Amsterdam finished at
It is claimed that it will be necessary to purchase 39.11, against 38.723'; cable transfers at 39.15,
more than double the amount required last year. against 38.763/2; sight bills at 39.05, against 38.663/2,
Much of this buying is in both America and Argen- and sixty days at 38.69, against 38.303' a week ago.
tina. One day this week more than 5,000,000 Closing quotations on Swiss francs were 19.19 for
bushels of wheat were reported as sold in Chicago bankers' sight bills and 19.20 for cable transfers, as
for shipment to Europe. Belgian currency followed compared with 19.10 and 19.11 last week. Copenthe course of Paris exchange. Italian exchange hagen checks finished at 17.59 and cable transfers at
ruled easier, mainly on fears of a wheat shortage 17.63, against 17.45 and 17.49. Checks on Sweden
2, or 8 points off, on light closed at 26.58 and cable remittances at 26.62,
and lire declined to 4.293/
dealings, though recovering before the close. Reichs- against 26.58 and 26.62, while checks on Norway
marks remain• immovable. Reports have it that finished at 14.28 and cable transfers at 14.32, against
Germany's exchange position has been aided by 14.18 and 14.22 the week preceding. Spanish pesetas
credits that have been granted to German indus- closed at 13.42 for checks and 13.44 for cable transtries abroad. Foreign trade balances are improv- fers. Last week the close was 13.203' and 13.27.
ing, and it is intimated that the German GovernWith regard to South American exchange further
ment is soon to remove a number of the restrictions improvement in values has taken place, and Argensurrounding dealings in foreign exchange. Ger- tine paper pesos shot up to 37.29 for checks and 37.34
many, however, is expected to retain partial control for cable transfers, against the previous week's high
of exchange trading during the period that the Dawes of 36.48 and 36.53, though closing at 37.13 and
plan remains in operation in order to maintain sta- 37.18. Good buying was reported against fature
bility in mark quotations. A factor which is re- grain shipments to France and Italy. Brazilian
garded as having prevented more severe declines milreis also closed strong at 11.25 for checks and
in francs has been the placing of recent French rail- 11.30 for cable transfers, against 11.14 and 11.19 last
way bond issues in this market. It is expected that week. Chilian exchange finished at 11.05, against
a considerable portion of the proceeds will be spent 11.01, and Peru at 4 16, against 4 12 last week.
here, while the rest is to be used to establish balances
Far Eastern exchange continues to profit by the
against French purchases in this market. Changes activity and high prices for silver and there were
in the minor exchanges were unimportant, save on further advances which carried Hong Kong currency
Rumania, which showed renewed strength and once to 563@56%, with the close 553'.@5532, against
more advanced to 0.553, presumably on lessening 543'@543"2; Shanghai went up to 803(:)803/
2, but
in the political tension between the Rumanian au- finished at 78%@79%, against 78(:)783;'Yokohama
thorities and Russia.
was easier at 38@383, against 403%@41; Manila
was responsible on Thursday for a rise of about 3
cents, which carried demand up to 4 473%@4 48%,
1 i and sixty days to
cable transfers to 4 48@4 49/
4 453@4 46%; this was mainly in response to the
cabinet crisis in England. On Friday the market
was strong and quoted rates went up to 4 49@4 493"
for demand, 4 4934@4 493% for cable transfers and
4 463@4 47 for sixty days. Closing quotations
were 4 463/i for sixty days, 4 49 for demand and
4 49% for cable transfers. Commercial sight bills
3 , ninety
finished at 4 48%, sixty days at 4 444
days at 4 443, documents for payment (sixty
days) at 4 45, and seven-day grain bills at
4 48/3s. Cotton and grain for payment closed at
4 48%.
So far as could be learned no gold was engaged
this week, either for export or import.
1674
[VOL. 119.
THE CHRONICLE
501A@50%
3 , against 50%@5W),; Singapore, 529.@
The following table indicates the amount of bul3
/
58;Bombay,34%@34943, against lion in the principal European banks:
53, against .52,g@52
33M@.33Vi, and Calcutta at 343)C1,34, against
October 9 1923.
October 11 1922.
33-N@,33%.
Banks of-Gold.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
OCT. 4 1924 TO OCT. 10 1924, INCLUSIVE.
I
Country and Monetary
Unit.
I
Noon Buying Rate for Cable Transfer., in New York.
Value in United States Money.
Oct. 4.
Oct. 6.
Oct. 7.
Oct. 8.
Oct. 9.
England __ 128,481,074
France a._ 147,195,374
Germany c 22,072,800
Ann -Hung 92,000.000
Spain
101.394,000
Italy
35,574.000
Netherl'ds 44,091,000
Nat. Belg_ 10,819,000
Switzland 20.197.000
Sweden.__ 13,711.000
Denmark _ 11,642,000
Norway _ _ 8,179,000
Silver.
Total.
Gold.
.£
128,481,074 127.670.558
12.080,000159.275,374 146,968,086
1,401,700, 23,474,500 27,235.950
b
1 92,000,000 92,000,000
26.218,000 127,612,000101,028.000
3,418.000 38.992.000 35.627.000
941,000 45,032,000 48,480.000
2.679,0001 13.498.000 10.790,000
3,751,000 23,948.000 21,080,000
13,711,00 15,142,000
1,119.000 12,761,000 11,647,000,
8,179,000 8,182,0001
Silver.
Total.
127,670,558
11,764,000158,732,088
3.475,400 30,711,350
b
92,000,000
26,437,000127,465,000
38,661.000
800,000 49,280,000
2,391,000 13,181,000
3,881,000 24,961,000
15,142,000
224,000 11.871.000
8.182,000
Total week 545,356,248 51.607,700596.963,948 555,850,594. 52,006,400607,856.994
Prey. week 545,495,167 51,603,500 597,098,667556.865,572. 52,085,400608,950,972
a Gold holdings of the Bank of France this year are exclusive of £74,573, 977
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
year are exclusive of £6,823,150 held abroad.
Oct. 10.
The Importance of Seeing the "Main Issue."
Make no mistake-there is an issue in this election! It overshadows all partisan politics. It is an
issue of simple statement-the preservation of our
present form of government. And note the importance of the word "present" in the statement. Our
Republic is staunch, though at times not quite
steady. We do not fear that the "overthrow" is to
come soon. There is too much "common sense" in the
country. The dangers are no less real because insidious. Dangers of imperceptible change; dangers
of a self-satisfied, almost somnolent, electorate;
dangers of false and futile "issues" becoming paramount; dangers of discontent evolving into disruption. The voter who loves his country is a sentinel
on the watch-tower at every election. It is a right,
maybe an imperative duty, to be a party man. But
he must try his party by the attitude it bears toward
the fundamentals of government as they appear in
the light of current events. The issue for the voter,
for the two old parties, is made this year by the appearance of a third party in the field, bearing the
'banner of "progressivism"-and attacking the independence of the Supreme Court.
This issue cannot be obscured. It is utterly useless for any party to try to make "corruption in
The New York Clearing House banks, in their office" an issue paramount over that of continuing
operations with interior banking institutions, have our present form of government. Of what use to
gained $4,485,008 net in cash as a result of the cur- purify, if we are not to preserve? Of what use to
rency movements for the week ended Oct. 9. make the derelictions of a few men in administrative
Their receipts from the interior have aggregated acts (when proven) the proof that a whole party is
$5,709,258, while the shipments have reached $1,224,- corrupt? Only a party in power is susceptible of the
250, as per the following table:
charge that it is corrupt because some office-holders
eunuENey RECEIPTS AND SHIPMENTS BY NEW YORK BANKING are corrupt-if the courts shall decide that they are.
INSTITUTIONS.
No such charge can be laid at the door of a party out
Into
Out of
Gain or Loss
of power. But if such a party raise an issue of
Banks.
Week Ending Oct. 9.
Banks.
to Banks.
55.709,258
$1.224.250 Gain $4,485,008 wholesale corruption against an opposing party,
Banks'interior movement
raise the issue for political purposes, that is untrue,
As the Sub-Treasury was taken over by the Fedis it thereby made fit to assume the reins of governeral Reserve Bank on Dec. 6 1920, it is no longer ment? How can a party
out of power show that its
possible to show the effect of Government opera. nominees are more honest
than those of another
dons on the Clearing House institutions. The Fed- party when they have not
been tried? Even the
eral Reserve Bank of New York was creditor at the third
party does not make this the paramount issue!
Clearing House each day as follows:
Some of us become emotional, almost hysterical,
DAILY CRBD1T BALANCES OF NEW YORK FEDERAL RESERVE BANK
over elections. We want to win. We go in to win.
AT CLEARING HOUSE.
And our "leaders" know how to enthuse and excite
Saturday, Monday. Tuesday, Wednesd'y, Thursday, Friday,
Agawam
Oct. 4.
Oct. 9.
Oct. 8.
Oct. 10.
for Week.
Oct. 6.
Oct. 7.
us. This enthusiasm and emotion blinds many an
5
honest man into unconscious acceptance of ready90,000,000 85.000,000 75.000,000 70.000.000 70,000,000 70.000,000 Cr.460,000,000
made-to
-wear political issues. Of all years this is
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of the year for calm
contemplation, for, we repeat,
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing House
Institutions, as only the items payable in New York City are represented in Oh, there is an issue, plain and unmistakable. the presdaily balances. The large volume of checks on Institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do ervation of our present form of government. A third
not pass through the Clearing House but are deposited with the Federal Reserve
party may talk of "monopoly" being the paramount
Bank for collection for the account of the local Clearing House banks.
issue, another party may say "corruption in office"
EUROPEIt
s
s
5
S
$
Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
.0483
.0481
.0481
.0477
.0475
.0479
Bulgaria, lev
.007300 .007311 .007311 .007336 .007286 .007308
Czechoslovakia, a1oait- .029858 .029828 .029823 .029812 .029813 .029817
Denmark, krone
1750
.1749
.1749
.1749
.1753
.1761
England, pound ster
ling
4.4609
4.4584
4.4582
4.4615
4.4758
4.4948
Finland, markka
025116 .025107 .025105 .025108 .025117 .025117
France,franc
.0527
.0525
.0524
.0520
.0515
.0520
Germany, relchsmark
aa
a
a
a
a
Greece, drachma
.017417 .017369 .017387 .017305 .017345 .017350
Holland, guilder
3876
.3876
.3885
.3888
.3898
.3912
Hungary. krone
000013 .000013 .000013 .000013 .000013 .000013
Italy. Ora
0437
.0437
.0436
.0432
.0433
.0436
Norway, krone
1424
.1429
.1435
.1432
.1432
.1431
Poland.zloty
1921
.1921
.1922
.1921
.1924
.1924
Portugal. escudo
0358
.0355
.0360
.0371
.0382
.0388
Rumania,len
.005245 .005280 .005361 .005419 .005414 .005388
Spain, peseta
.1332
.1332
.1331
.1336
.1338
.1341
Sweden,krona
2661
.2660
.2661
.2661
.2661
.2662
Switzerland, franc
.1913
.1912
.1914
.1013
.1915
.1918
Yugoslavia, dinar.... .013790 .013921 .014164 .014390 .014498 .014358
ASIAChinaChain°, tad
.7954
7833
.7850
.7838
.8025
.8008
Hankow,tael
.7822
.7909
.7966
.7775
.7819
.7941
Shanghai, tad
.7717
.7771
.7634
.7683
.7836
.7816
Tientsin, tadl
.7933
.8013
7900
.7946
.8108
.8067
Hong Kong, dollar. .5392
.5465
.5496
.5400
.5433
.5496
Mexieun dollar___. .5438
.5495
.5513
.5585
.5443
.5598
Tientsin or Pelyang
dollar
.5450
.5546
.5383
.5475
.5583
.5583
.5417
.5583
.5613
Yuan dollar
5504
5358
.5608
India. rupee
.3364
.3407
.3334 . .3338
.3410
.3389
Japan, yen
.3901
.3879
.3945
.3817
.3958
.3794
.5183
.5188
Singapore (ELS.) dollar .5200
.5147
.5150
.5156
NORTH AMER..999631 .999573 .999600 .999580 .999573 .999555
Canada, dollar
Cuba,peso
.999531 .999383 .999453 .999401 .999469 .999492
488333 .488542 .488281 .488958 .488958 .488958
Mexico, peso
Newfoundland, dollar .997188 .997083 .997135 .996901 .997188 .996914
SOUTH AMER..8530
.8488
.8370
.8482
Argentina, peso (gold) .8326
.8432
.1154
.1158
1117
.1114
.1143
Brazil, milreis
.1138
.1095
.1086
.1090
.1094
.1097
Chile. peso (paper)___ .1100
.8751
.8788
.8981
.8957
8848
Uruguay. new)
.8977
reichsmarks
have
been
Sept. 27 .000000000000238;
a Quotations for German
Sept. 29, .000000000000238; Sept. 30. .000000000000238; Oct. 1,.000000000000238;
(let. 2, .000000000000238; Oct. 3, .000000000000238.
OCT. 11 1924.]
THE CHRONICLE
1675
is aparamount. But again, we ask, why purify, unMr. Davis and Presidential Powers—The True
less we preserve, first?
Foreign Policy for the United States.
This may not sound right without qualification.
In a speech at Albany last Monday night Mr.
It must be understood we have the human element in
all parties. Why ask for suffrage on the ground Davis, referring to the recent meeting of the League
that the personnel of one party is more honest than of Nations at Geneva,is reported to have said:"Had
that of another? In any event administration is per- I been President of the United States I would not
sonal. In his Continental Congress speech at Phila- only have accepted the invitation to attend the presdelphia, recently, President Coolidge said: "The ent conference, but I should (sic) have insisted upon
real fact is that in a republic like ours the people are the right of the United States to be present and take
(the) Government, and if they cannot secure perfec- a leading part when matters so vital to ourselves
tion in their own economic life it is altogether im- were being dealt with. . . . It is all very well to
probable that the Government can secure it for them. say, as President Coolidge does, that Americans are
The same human nature which presides over private bound to preserve their independence, meaning
enterprise must be employed for public action." And thereby the privilege of reserving to themselves the
so of parties—it is a mere subterfuge to say that per- choice of their own course and the decision of their
sonal honesty in office can be secured in one party own actions. . . . But while we will not entrust
more than another—although we would amend this to others the power of making up our own mind for
by saying that a party composed of discordant, dis- us, we ought at least to exercise that power for ourruptive, elements might not withstand the lures of selves. . . . We cannot escape our responsibility
office.
by saying that if we are to co-operate we must be perHaving disposed of this cry of "corruption" as un- mitted to co-operate without the sacrifice of our
worthy of thoughtful endorsement for the reasons right to determine our own policies. Such words are
we have cited, we must contemplate the attack upou but stale and vapid formulae. . . . The country
the Constitution as of serious moment. Mr. Davis has a right to know whether we have a foreign policy,
and Mr. Coolidge are each clear upon this matter. and, if so, what that policy is."
Mr. Davis, himself, is a sound defender of the ConAt the time when these words were spoken the
stitution and the integrity of our three co-ordinate protocol relating to so-called disarmament and sedivisions of government, but he places "corruption curity had been adopted by the League. That protoin office," as charged, as the paramount issue in the col, as Mr. Davis must know, embodies an explicit
campaign now under way. Mr. Coolidge, conscious assumption of authority on the part of the League
that no party can claim a preponderance of honesty, to brand as an aggressor any nation which shall reas far as its members are concerned, places the main fuse to submit to the judgment of the World Court
issue where it belongs—the preservation of our pres- any controversy with another nation that may posent form of government from the insidious encroach- sibly lead to war. It further provides, by the same
ments of those who would destroy the Supreme Court. assumption of authority, that in case one of the na• by placing the Acts of Congress above it.
tions in controversy shall claim that the issue inAnd it is not possible to overestimate the evil of volved is one solely of its domestic policy, and the
such an innovation. Of what use to try to hark back World Court shall sustain the claim, the Council of
to former fundamental principles dividing the two the League may nevertheless itself go on with a conold parties? If we had no balance between the co- sideration of the question with a view to obtaining
ordinate divisions, if our Supreme Court had no in- a settlement. Both of these provisions, as it hapdependent interpretative power, if Congressional pens, were explicitly declared, in open sessions of
law was the only guide, the only Governmental the League, to apply equally to member and nonpower, and that absolute within itself, the republic member States. If, accordingly, the provisions of
would swing hither and you with every move of pop- the protocol are ever invoked in a controversy to
War passion. If Congressional representation re- which the United States, the chief of the non-memmain,even as now,in blocs favoring sections, classes, ber States, is a party, the United States will be in
and fantastic ideas of rule, minorities would tyr- danger of being stigmatized as an aggressor, by a
• ranize and personal liberty would be at the mercy of political organization with which it has no connecevery excited caprice that might rise out of the "tur- tion, solely on the ground of refusal to acknowledge
moil." Never should such an attempt gain foothold a tribunal foreign to our jurisdiction and unknown
through partial political success.
to the Constitution or the laws, and of having its
Those who think before they vote, who put country domestic policy inquired into by outsiders and the
above party, must see this clearly, but those whose sanctions of joint international force applied.
devotion to party, though commendable in spirit,
Mr. Davis did not say at Albany that he favored
renders them heedless of this sinister proposition of the amazing doctrine of the Geneva protocol, or that
destructive change, must in some measure answer he would, if President, permit the League to intrude
for results. Personal rights, inalienable rights, are itself into American affairs. He carefully avoided
.the rock upon which our Government rests. These any reference to the protocol in his speech at Buffalo
rights include property, by individual ownership. on Wednesday, when he again attacked the course of
This one, though we may add the right to peaceful the Administration in foreign affairs. What he did
assembly and petition, the right to trial by jury, the say at Albany, however, is that, had he been Presiright to religious liberty, this one alone is sufficient dent, he would have insisted upon the right of the
to show the danger. Government itself cannot take United States to be represented and heard in the
away these rights under our present form and Con- League meeting, and that he will, if President,favor
stitution. But a Congress supreme over the Consti- the participation of the United States in the distution could and might! And no such revolutionary armament conference which the League proposes to
idea should receive even the toleration of a minority hold in the near future. As the only object of the
vote, or the courtesy of an evasive condemnation.
proposed conference is to bring about disarmanient
1676
THE CHRONICLE
[VOL. 119
on the lines which the League has laid down, and as what he intends. There is the more reason for entire
the protocol will still remain the weapon by which definiteness in this particular matter because the
world peace, armed or disarmed, as the case may be, Democratic platform, which he has accepted and on
is to be maintained,it seems a fair inference that the which he is making his campaign, calls for a popular
protocol has Mr. Davis's approval, and that if the referendum on the League. We have already exUnited States had been officially represented at pressed the opinion that such a referendum would
Geneva, as he declares it ought to have been repre- be an excellent thing, and we have no doubt that it
sented, he would have authorized the American dele- would end flirtation with the League once and for
gates, had he been President, to sign the document all, but if Mr. Davis is to go ahead before the verdict
and would have urged Congress to ratify it.
of the country has been rendered, and demand offiIt is hard to see upon what ground Mr. Davis, able cial American representation in League meetings as
lawyer as he is, could have felt himself justified, had an indisputable fight, he lays himself open to the
he been President, in demanding official represen- imputation of repudiating the platform as well as of
tation of the United States in the recent meeting of trenching upon the Constitution, which as a lawyer
the League. Custom and propriety, to be sure, per- he is sworn to uphold.
mit the President of•the United States to designate
The criticism of the Coolidge Administration for
any persons whom he may choose to attend unoffi- having no foreign policy, or, if it has one, for failing
cially the sessions of international conferences, for to make clear what it is, is an unworthy play to the
the purpose of keeping the President, and through gallery. The foreign policy of the United States is
him Congress and the country, informed of what is perfectly clear. It is the policy of minding our own
going on and of safeguarding, if necessary, any business and leaving other nations to mind theirs.
American interests that may happen to become in- It is a simple policy because the United States has
volved. But the Geneva meeting was not of that no need of alliances or understandings, of deals or
kind. It was a regular and stated meeting of the combinations or nicely adjusted balances, to insure
League, admission to which, official or unofficial, security or due recognition of our rights; and it is
could not have been demanded as a right by any an open policy because it has been repeatedly deGovernment that was not a member. What is more, clared. The alarming picture which Mr. Davis
not only is the United States not a member of the sketched at Albany of our situation in the world is
League, but the Covenant upon which the League is not only fanciful, but mischievously fanciful at that.
founded has been twice,emphatically rejected by the "I see open to us but two courses," he declared."One
Senate through formal and constitutional refusal is to so fully arm ourselves that we need not fear agto ratify the Treaty of Versailles. The position of gression, even if it comes supported by the united
the United States, in other words, is not at all that strength of other Powers. The second is to meet all
of a nation which thus far has merely failed to ad- Other Powers in conference and build up understandhere to the League; it is that of a nation which has ings which will make future aggression impossible."
twice refused, openly and without equivocation, to. Neither of these alternatives corresponds to any situenter the League or to have any connection with ation with which the United States is now _conit.
fronted, and Mr. Davis himself had to preface his
If there is any evidence that the attitude of the alarm by saying: "I do not know of any nation that
present Congress, with which Mr. Davis would have cherishes hostile designs upon our security at home
had to deal had he been President, is different from or our peace abroad." On the same day on which Mr.
that of its immediate predecessors, or that public Davis spoke at Albany the Washington correspondopinion, which unquestionably supported the action ent of the New York "Times" reported that "there is
of Congress in rejecting the Versailles Treaty, has no inclination" among the members of the diploreversed itself on the issue, the evidence has yet to matic corps "to believe that the League would ever
be brought forward. The only way, accordingly, in attempt to go so far" as to declare the United States
which Mr.Davis could have done what,in his Albany an aggressor, and order the application of sancspeech he declared he would have done, would have tions, "in the face of the announced stand of the
been to take the bit in his teeth, ignore the known United States." The Washington diplomats have
opinion of Congress and the country, and go ahead had no difficulty, either, in taking the measure of the
as if he alone were the judge of the foreign policy League pretensions or in discovering that the United
which the United States ought to pursue. Mr. Davis States has a foreign policy to which the.nations of
is too good a lawyer not to know that the Constitu- the world pay respectful heed, and we cannot but
tion gives no such power to the President, and that think that Mr. Davis would have done better to have
the exercise of such arbitrary discretion on his part taken his stand where a long line of Presidents have
would almost certainly wreck the harmony which taken theirs, upon the ground of friendly relations
ought to subsist between the President and Congress. with all nations but entangling alliances with none,
IL would have been an act of executive usurpation rather than to conjure groundless fears and to prowholly foreign to the genius of democratic govern- claim his intention, if elected, to pursue a course
ment, and would have repeated in 1924 the policy of which the Constitution does not warrant and in
government by Presidential fiat which cost Wood- which neither Congress nor the country would be in
row Wilson the esteem of the American people, and the least likely to acquiesce.
from whose baneful consequences the country is still
struggling to escape.
It would be ungracious to assume that Mr. Davis Business, Pure Science and the Universities.
is appealing for support on a platform of executive
We have had frequent occasion to call attention to
usurpation, just at a time when the full recovery of the need of advanced technical training for business
the right to sell-government which the Wilson re- men. Now that the universities are so generally
gime jeopardized is the people's fondest hope, and making provision for it a new necessity arises.
he cannot, we think, too soon make clear precisely, Widely heralded new buildings and splendid endow-
OCT. 11 1924.]
THE CHRONICLE
1677
ments, together with the throng of students crowd- of men who 50 years ago started the movement for
ing into the new departments, will turn the atten- higher scientific research."
The significant fact is that advances in the activition of students and of the country to the special
value of practical studies, and away from the cul- ties of the universities in abstract science are due in
tural ones, which the colleges and universities were a very real sense to the rapid development of the
created to give, and which they have represented; American university, and to its splendid influence
those for which the college and university degree upon the mentality of our industries. Many of the
has hitherto stood. The distinction is al- great corporations have costly research laboratories
ready made that the college exists to turn out of, high grade. The American Telephone & Telemen, the university to produce specialists and graph Co. and the affiliated electric companies emexpenditure of 0,000,experts.
i4 JAW ploy about 3,000 persons at an
Now that on all sides the demand is for men who 000 annually in their research and development
can do things, Sand rich reward awaits them, and work. In these and like laboratories in many indus"mere students" and professors are seen in the old tries are employed scientific men of the highest
places with little new distinction and, at best, small training, who are busily exploring what Helmholtz
pecuniary compensation, the danger is that vital called "the rich territories near the boundary lines
interests will be overlooked. "Culture," for which of the various sciences," as well as the sciences formthe very name records man's advance from his inter- ing the foundation of their respective industries.
est in the trappings of his horse and his work in the
The spirit of scientific research has moved into
fields, to his discovery of the powers of his mind an:I our industrial organizations, and now industrial re
the uplift of his spirit in the act of worship, will be search is making ever bigger demands upon the unilittle esteemed; and "pure science," which stands versities for.highly trained scientific research men.
for him at the gateway of the universe to give him The demand is larger than the supply, and the univision of the unseen and to lead him into the un- versities are losing valuable teachers whom they
opened realms of both spirit and matter, will be ig- cannot properly support. Behind the men who are
pursuing scientific investigation for the sake of the
nored or held of small importance.
As the schools of all kinds reopen and attention industry which employs them are the hierarchs of
everywhere is turned to choosing lines of study for pure science. These are the men who furnish the
the young there is need to-day of a shift of emphasis. inspiration and discover the essential truths which
Knowledge for its own sake, as having the key of make possible the great inventions. The scientific
progress, challenges pursuit. "Know thyself" is as vision of Faraday, the mathematics of La Grange
imperative as "know business." The ancient warn- and Clerk-Maxwell, the researches of Lord Kelvin
ing about gaining the whole world and losing one's and J. J. Thomson, and the investigations of Roentsoul, has not lost its grip. Furthermore, the men of gen and Madame Curie, and their colleagues, have
vision, idealists,"dreamers" even, have led the world enlarged the area and opened the secrets of fundain its progress, and have laid the foundations of its mental truth, laying the foundations for the pracmaterial prosperity.
tical sciences, as well as of the industries and the
We are glad for any compensation to set over arts of to-day.
against the losses of the war. It was the emergenAs a single illustration, Professor Pupin of Columcies of the Civil War that led President Lincoln, at bia University testifies that the discovery of the
the suggestion of Professor Joseph Henry, to ap- application of supplementary induction coils at
prove the chartering of the National Academy of fixed intervals gives new potentiality to telephone
Sciences, our first association of workers in abstract wires, came after English and French engineers, who
science. This gave birth to the American Mathe- were cognizant of the principle involved, had experimatical Society in 1888 in Columbia University, the mented with it to no purpose, and the Chief Engineer
American Physical Society under Professor Row- of the long distance department of the American
land of Johns Hopkins in 1899, the Carnegie Institu- Telephone Co. had also tried and failed. Study made
tion in Washington, and, in the late war, the Na- long ago of the work of La Grange the French mathetional Research Council, all devoted to solving the matician, furnished the formula by which the probproblems of science as described in the executive or- lem was solved. The discovery enables the telephone
der of President Wilson; organized "to survey the company to "give the public a service at lower cost
larger possibilities of science, to stimulate research than would otherwise have been possible if $100,in the mathematical, physical and biological sci- 000,000 more had been spent."
ences, and in the application of these sciences to enOver against this may be set the fact that the use
gineering, agriculture, medicine and other useful of Clerk-Maxwell's theory of electric magnetic enarts, with the object of increasing knowledge, of ergy enabled Professor J. J. Thomson of Cambridge
strengthening the national defense, and of contrib- to prove the electric composition of the atom, from
uting in other ways to the public welfare."
which has grown the new knowledge of the nature of
Before the Civil War there were men of high scien- matter, and the construction of the universe.
tific attainment in this country. Professor James D.
All this indicates the path by which truth of every
Dana of Yale was termed in Europe "the greatest kind is to be attained. New truth does not destroy
physicist living." Professor Joseph Henry, Presi• old truths. It simply antiquates their interpretadent Barnard, and Andrew D. White, all had part in tion. In fact, the new is reached through what was
supporting the new movement. The universities discovered before. It is the unfolding of the thought
gradually created laboratories with research facili- of the Creator of all. That in its entirety is eternal
ties, the Jefferson at Harvard,the Sloane at Yale, the and can never be superseded. Here is the need of
Fayerweather at Columbia, the Ryerson at Chicago, our learning all the truth within our reach. It is of
and notably Johns Hopkins, under Rowland; and to- prime importance in our work, whatever that may
day research in the university laboratories would be, and stands' in closest relation to its permanence
satisfy, we are told, "even the highest expectations and success. We cannot knew all, but we shall find
1678
THE CHRONICLE
it hard to excuse ourselves for being ignorant of
what we might have known. More than what we do,
is what we may become.
Here is where the chief value lies. We want
knowledge that we may succeed; we want it more
that we may grow. Technical training is useful;
much more is culture, that growth of the man himself which comes with the opening of his mind and
the enlarging of his powers which result when he is
led into the realms of the mind and the spirit.
Around us all is that storehouse of the universe,
the doors of which the philosophers, the men of sci-
[VoL. 119.
ence, the investigators and seekers for truth are
striving to unlock. What they disclose we may understand but imperfectly, and be able only in small
part to use, but it is a positive gain, a step toward
Truth itself.
If need be that we are tied to our daily task and
must give our strength to it, we may yet lift up our
eyes; despite the limitations, we may cherish the
thought of our possibilities, and do what we can to
encourage the light-bearers wherever they appear;
and our sons can be set on their track. They at least
shall not perish for lack of light.
Railroad Gross and Net Earnings for August
The exhibit of the earnings of United States rail- diminution in the gross receipts was inevitable. Our
roads for the month of August is of much the same compilations show that for August 1924 the gross
character as the returns for the months immediately earnings were only $507,406,011, as against $563,preceding. The showing, as compared with the cor- 358,029 in August 1923, being a decrease of $55,952;responding month of last year, is unfavorable both 018, or only a trifle less than 10%, the exact ratio
in the gross and the net, but less so than.in the pre- of decline being 9.93%. This was met by a reducvious month, at least in the case of the net, where tion in expenses of $53,803,777, or 12.61% (the ratio
curtailment of operating expenses served to wipe out of expenses to earnings being only 73.46% in 1924
almost the entire loss in the gross. We shall refer against 75.71% in 1923), leaving a loss in net of no
to the reduction in expenses further below. In the more than $2,148,281, or but 1.57%. In tabular form
matter of the shrinkage in the gross revenues, the the totals for the two years are as follows:
1924.
1923.
Inc.(+rot Des.(—).
showing is, of course, what was to be expected. Busi- MllesAugust—
235,172
of road
235,445
—273 —0.11
$507,406,011 $563,358,029 —155,952,018 —9.93
ness reaction was perhaps less pronounced in Aug- Gross earnings
372,736,297 426,540,034
expenses
—53,803,737 —12.61
ust than it had been in July, when apparently it Operating
75.71%
Ratio of expenses to earnings
73.46%
reached its greatest depth, but nevertheless trade Net earnings
$134,669,714 $136,817,995 —$2,148,281
—1.57
practically everywhere continued depressed, ,and
The falling off in expenses seems to have followed
accordingly, the volume of traffic passing over the almost entirely.from a reduction of the maintenance
railroads was substantially smaller than in August outlays, which deprives it of much of its significance,
1923. Gross earnings fell off simply because the since it would appear to reflect merely a matter of
carriers had less tonnage to move.
policy—the roads having earned less, their managers
That traffic was smaller in all the different geo- spent correspondingly less in maintenance outlays.
graphical sections of the country appears from cer- The total of the maintenance expenses decrease.'
tain statistics just made public by the Bureau of $33,924,600, or more than 16%. In maintenance of
Railway Economics at Washington, compiled from way alone the decrease was $7,746,249; or 9.6%, but
returns filed by the carriers with the Inter-State in the expenditures for maintenance of equipmerq
Commerce Commission. We should naturally expect the decreased reached $26,178,327, or over 20%, cor
the falling off in tonnage to be heavier in the great roborating what has already been said, that the curmanufacturing districts, which last year at this time tailment in the maintenance outlays was largely a
were enjoying unwonted prosperity, affording a matter of policy.
freight traffic over the railroads of record-breaking
On the other hand, emphasis is lent to the small exproportions, than in other sections. and that is pre- tent of the loss in net the present year by the fact that
cisely what the figures show. It is these same manu- comparison is with figures in 1923 noted for the magfacturing districts that have suffered most from the nitude of the improvement both in the gross and in
present year's inactivity of trade and thus in these the net—the addition to the gross earnings then haydistricts we have what may properly be termed a ing been no less than $90,181,967, or 19.06%, and the
comparison of extremes—the 1923 figures exception- addition to the net $49,897,384, or 57.59%. However,
ally high and the 1924 figures very low. It is hence the further fact must be considered that the improveno surprise to find that the statistics compiled by ment last year was so pronounced simply because
the Bureau of Railway Economics disclose that comparison was with extremely bad results in the
freight traffic in the Eastern district, meaning the year preceding-1922. In its general results August
New England States and the Middle and Middle 1922 was conspicuously unfavorable. It was indeed
Western States in the territory between Chicago and one of the worst months of that year. Business reSt. Louis and the Atlantic Seaboard, in August.the vival had then already made considerable headway,
present year fell nearly 16% under that for the cor- but adverse influences of large size were retarding
responding period last year. The Southern group, recovery and in some respects operated to cause a
as well• as the Western group, also sustained losses setback. Both the coal miners'strike and that of the
in tonnage, but in ratio only about half the falling railroad shopmen reached a climax in that month.
off on the Eastern roads. In other words, on the The coal strike had been in progress since the pre
Southern roads the decrease in freight traffic vious April 1 and in that long interval no anthracite
reached only a little over 8%, while in the Western coal whatever had been mined, while the soft coal
district the shrinkage in freight traffic was approxi- output had been confined entirely to the non-union
mately only 71/2%.
mines; this latter, though by no means inconsiderIn this situation, with the roads in all parts of the able, amounting, indeed, to 3,000,000 to 4,000,000
country having a reduced tonnage, a very substantial tons a week, fell far short of current needs. The re
Om 11 1924.]
PH 144
suit was a scarcity of fuel supplies to the extent of
interfering seriously with mercantile and manufacturing operations in many different parts of the
country. The shopmen's strike on the railroads came
in to accentuate the trouble, the consequence being
that even the non-union coal could not all be sent to
market. It was then that President Harding made
his memorable address to Congress. Fortunately,
when things were at their worst a turn came for the
better. A truce was patched up between the miners
and the operators under which work was resumed on
the basis of the old wage scale, this to continue until
April 1 1923 in the case of the bituminous miners
and until August 31 1923 in the case of the anthracite miners. The settlement in this last instance did
not come until after the close of August, but the settlement with the soft coal miners was reached about
the middle of the month, though even here full resumption did not occur until about the last week of
the month. All this, naturally, proved costly to the
roads. In addition, the roads, in the matter of gross
revenues, also suffered by reason of the horizontal
reduction of 10% in freight rates made by the InterState Commerce Commission effective July 1 1922.
Altogether, therefore, conditions in August 1922 for
the rail carriers were highly unfavorable throughout the month. On the other hand, the fact should
not be overlooked that in August 1921 (with which
comparison was then being made) there had been a
reduction in expenses of prodigious magnitude—so
much so that though gross earnings then suffered a
reduction of 850,119,218, due to business depression,
net recorded an improvement of no less than $248,237,870, expenditures having been reduced in this
single month $298,357,088. This improvement in the
net then did not, it should be understood, mean an
absolute addition of that amount to the net, but represented to a very great extent the wiping out of very
heavy deficits suffered by these rail carriers in 1920.
In a word, in August 1920 the roads had fallen
$125,167,103 short of meeting their bare operating
expenses, not including taxes, while in August 1921
there were net earnings above the expenses of $123,070,767. In no small measure the prodigious reduction in expenses in 1921 followed from the huge augmentation in expenses the year before. In August
3920 expenditures had run up in amount of $319,579.099—this on a gain of 883,071,497 in the gross, leaving net diminished, therefore, in amount of 8236,507,602. The truth is, the statement for August 1920 was
one of the worst on record, due to the peculiar dr•
cumstances existing at the time. The roads had
been returned to private control on the previous
March 1, but for a period of six months thereafter
(or until the end of August) Congress had provided
that the carriers should receive the same amount of
net income (irrespective of their own earnings) as
they had been receiving as rental during the period
cf Government control—except in cases where a carrier preferred to take, instead, its own net earnings,
which very few elected to do. Expenses were running very heavy at the time and were further increased by the wage award announced by the Railroad Labor Board the previous month, and which
was made retroactive back to May 1. This wage increase was estimated to add at least 850,000,000 a
month to the payroll of the railroads, apart from the
retroactive feature. While the retroactive feature
had been in great part taken care of in the June and
July returns, nevertheless some of it also was car-
1679
CHRONICLE
ried forward into the August returns. In 1921, on
the other hand, the railroads got the benefit of the
wage reduction which went into effect July 1 of that
year, and which on a normal volume of traffic—the
traffic in 1921, of course, was away below the normal
—was estimated to work a reduction in expenses of
about $33,333;000 a month.
Even prior to 1920 net results had been steadily
growing smaller. For instance,in August 1919, our
compilations showed a loss in both gross and net832,636,656 in the former and $31,315,528 in the latter. In 1918, while the showing was very satisfactory under the increase in rates then made by the
Director-General of Railroads as a war measure, the
situation nevertheless was that an addition of $135,759,795 in the gross brought with it an addition of
no more than $24,312,758 to the net. Going back yet
a year further we find that in 1917 a gain of $39,771,575 in the gross was accompanied by a decrease of
$4,668,838 in the net. In the following summaries
the comparisons are shown back to 1906:
Net Earnings.
Gross Earnings.
Year.
Year
Given.
line. (+) or,
Year
I Preceding. Dec.(—).
Year
Given.
Year 'Inc. (+) or
Preceding. I Dec.(—)•
August.
$
IS
$
$I$
I
$
I
1906 ___ 137,589,560122,S98,468+14.691.092 48.074,911 42,719.768 +5,355,143
1907 ___ 144,913,337128.178,064+16.735.273 45,629,104 44,849,955
+779.119
206,755,864 241,122,442 —34,366,578 75,028.707 84,251.096 —9.222,389
1908
„ +29.682,863 00,384,53 75,319,538 +15,065.001
1910 ___ 254,005,972235,726,000 +18,279,972 89,517,075 90,176.9371 —659.863
—595,069
1911 ___ 243,816,494245,784.289 —1,967,695 86,224,971 86,820,040
1912 ___ 276,927,416251,067,032 +25.860,384 99,143,971 87,718,505 +11.425,466
1913 _ 259,835,029255,493,023 +4,342,006 83,143,024 92,249,194 —9,106.170
+471,544
1914 ___ 269,593,446 280,919.85 —11,326,412 87,772,384 87.300,840
15 ___ 279,891,224274,618,3
+5.272,843 99,713.187 89,673,609+10,039.578
1916 ___ 333,460,457278,787,021 +84.673,436125,827.849 99.464,634 +36,373.215
1917 ___ 373,326,711 333,555,136 +39,771,575 121,230,736 125,899,546 —4,668,810
1918 _ 498,269,356362,509,561 +135759795 142,427,118118,114,360 +24,312,758
1919 ___ 469,8f 8,678502,505,334 —32,636,656 112,245,680143,561,208 —31,315,528
554,785,872471.714,375+83,071,497.123942810112,564,791 —236,507,601
1921 ___ 504,599,664554,718,882 —50,119,218123,070,767 *121137103 +248237870
1922 __ 472,242,561 504,154,065 —31,911,054 86,566,59 123,353,665-36,787.070
1923 ___ 563,292,105473.110,138 +90,181,967 136,519,55 86,622,169+49,897.384
1924 _ 507,406,011 563.358,029—55.952,018134,669,714136,817,995 —2,148.181
• Deficit.
Aute.-1n 1906 the number of roads included for the month of August was 91; in
1907. 86; in 1908 the returns were based on 231,220 miles; in 1909 on 247,544 miles;
In 1910 on 238,493 miles; in 1911 on 230,536 miles; in 1912 on 239,230 miles; In 1913
on 219,492 miles; In 1914 on 240,831 miles; in 1915 on 247,809 miles; in 1916 on.
245,516 miles; in 1917 on 247,009 miles; in 1918 on 230,743 miles; in 1919 on 233,422
miles; in 1920 on 199,957 miles; in 1921 on 233,815 miles; in 1922 on 235,294 miles;
In 1923 on 235,357 miles; in 1924 on 235.172 Mika.
As is always the case, the returns of the separate
roads correspond very closely with the showing made
by the general totals. There is an extended list of
roads obliged to report decreases in gross, many of
them for large amounts, with a relatively small number of roads able to report increases; and also a long
List of roads with decreases in net, though almost an
equal number with increases in net, these latter reflecting the results of the cutting down of expenses.
Improvement in both gross and net earnings is most
conspicuous in the case of Southwestern roads and
apparently is to be ascribed to the rapidity with
which the large winter wheat crop harvested in that
part of the country has been moving to market under
the stimulus of the high prices that farmers have
been able to realize. In the eastern part of the country, owing to the falling off in trade, losses in earnings are large and general, though some prominent
systems managed to offset the whole of their loss in
gross by reductions in expenses. This is conspicuously true in the case of the Pennsylvania Railroad
System, which reports $9,569,084 decrease in gross
earnings for the month accompanied by $10,437,397
decrease in expensse, leaving a gain in net of $868,313. Of the $10,437,397 decrease in expenses,$6,389,155 is in the maintenance expenditures.. The New
York Central falls 86,127,128 behind in gross and
$1,754,647 behind in net. This is for the Central
itself. For the entire New York Central System
there is a loss of $10,038,776 in the gross and of
84,059,396 in the net. The Baltimore & Ohio reports
$4,024,219 decrease in gross and $157,484 decrease
1680
THE CHRONICLE
in net, while the Erie falls behind $1,793,565 in gross
and $263,914 in the net. Among the anthracite carriers the Reading, the Delaware & Hudson and the
Lackawanna have lost heavily in both gross and net,
but the Lehigh Valley, as also the Central of New
Jersey, has managed to convert a loss in gross into a
gain in net.
Southern roads quite generally are able to show
gains in net, even though the most of them have sustained losses in gross, some of them, as for instance
the Louisville & Nashville and the Southern Railway,
fcr large amounts. The Northwestern and transcontinental lines have nearly all suffered heavy
losses in the gross, but results as to the net are irregular,even among roads in the same territory. Thus
the Northern Pacific with $1,029,366 decrease in
gross has $103,228 increase in net, while the Great
Northern has $2,085,742 decrease in gross and
$1,173,084 decrease in net. In the Sbuthwest, as already stated, increases in net are the rule, though
with one or two prominent exceptions, while increases are pretty numerous also in the case of the
gross. In the following we show all changes for the
separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net:
[VOL. 119.
a This is tne result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana), the Pennsylvania RR. reporting $621,825
increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase of $868,313.
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c., the result is a decrease of $4.059.396.
When the roads are arranged in groups, the favorable showing made by Southwestern roads is again
apparent, for these roads constitute the only group
showing an increase in both gross and net. Our
summary by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
Inc.(+)or Dec.
1923.
Section or Group1924.
AugustGroup 1( 9 roads), New England__ 21.403,625
Group 2(33 roads), East & Middle.158,437,997
Group 3 (27 roads), Middle West__ 43,874,582
Groups 4 & 5 (34 roads), Southern.. 69,650,889
Groups 6 & 7 (29 roads), Northwost103,458,791
Groups 8 & 9 (49 roads), Southwest 82,049.164
Group 10(12 roads, Pacific Coast.... 28,530,963
(-).
23,757,502 -2,353,877 -9.91
186,920,519 -28,482,522 -15.24
51,261,611 -7,387,029 -14.41
72,645,727 -2,994,838 -4.12
116,514,976 -13,056.185 -11.21
+933,316 +1.15
81,115,848
31,141,846 -2,610,883 -8.39
Total(193 roads)
507,400,011 563,358,029 -55,952,018 -9.93
-Mileage
Net Earnings
Section or Group.
1924.
1923.
Inc.(4-)or Dec.(-)
August1924. 1923.
3
$
$
%
Group 1
7,366 7,473 4,964,489 4,719,488 +245,003 +5.19
34,683 34,472 41,346,855 43,510,023 -2,163,168 -4.97
Group 2
15,987 15,924 12,203,622 14,899,328 -2,695,706 -18.10
Group 3
38,969 39,063 17,394.463 15,650,739 +1,743,724 +11.15
Groups 4 & 5
66,971 66,978 27,518.860 28,950,266 -1,431,400 -4.94
Groups 6 At 7
54,206 54,606 22,652,095 19,672,916 +2,979.179 +15.15
Groups 8 & 9
16,990 16,929 8,589,330 9,415,237 -825,907 -8.77
Group 10
235,172 235,445 134,669,714 136,817,995 -2,148,281 -1.57
Total
NOTE.-Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo. also all of New Jersey. Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana. all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Of(Plips IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII, combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana. Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and /X. combined include all of Kansas. Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City. Colorado south
of Denver, the whole of Texas and the bulk of Louisiana. and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington. Oregon. Idaho, California, Nevada. Utah
and Arizona. and the western part of New Mexico
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF AUGUST 1924.
Increase.
Decreate.
Missouri Pacific
$543.740 Southern Ry
Atch Top & Santa Fe (3)- 510,611 Buffalo Roth & Pittsburgh 2674,953
5
670
63.4
.60
32
1
Chicago RI & Pacific(2)- 387.603 Wabash
Florida East Coast
276,508 Western Maryland
549,200
Louisville Ry & Navig_
136,931 Lehigh Valley
526,384
Western Pacific
122.570 Minn & St Paul & 85 M.- 524,530
Kansas City Mex & Or
114.120 NY Chicago dr St Louis.- 518.607
• Chesapeake & Ohio
110.157 1:
Anllrarr
E le
481.315
New York Connecting.... 104,902 Wheeling434,103
We have already referred to the large movement
Duluth Iron letanrge-_-_-_-_
Total (12 roads)
$2.307,142 Chicago 8; Alton
377..484
wheat. This was common to the whole West ex4
of
Decrease. Grand Trunk Western _ 363,215
Pennsylvania
029,540,809 Central RR of New Jersey 3
290
39:7
383
25 cept at spring wheat points like Minneapolis. For
New York Central
86,127.128 Union RR
Baltimore& Ohio
4.024,219 Trinity & Brazos Valley__
278,979 the four weeks ending Aug. 30 the receipts of wheat
Reading Co
2,286,782 Kansas City Southern ._ _ _ 26
77;5
0752
6
Great Northern
2,085,742 Maine Central
Southern Pacific (8)
1,950.526St Louis-San Fran (3) -- 243.497 at the Western primary markets aggregated no less
Chicago Milwaukee & St P 1,843.669 Chicago & Eastern Illinois
241
2.
.9
29
13
6 than 87,412,000 bushels, as against 59,189,000 bushErie (3)
1.793.565 Atlantic Coast Line
Pittsburgh & Lake Erie- 1,687,587 St Louis Southwestern (2)
Duluth Miss & North_ _ _ _ 1,590,272 Nashv Chattanooga & S L 235,451 els in the corresponding four weeks of 1923. The
233,378
Chicago & North Western 1.456.312 Chicago St P Minn & Om_
2
222
32.
.5
29
79
7 receipts of oats were also heavier, as likewise
Illinois Central
1,235,079 Virginian
rye,
CC C & St Louis
1,199,079 Minn & St Louis
178.213 though the
Boston & Maine
1,080,735 Monongahela
receipts of barley and of corn did not
174.755
Northern Pacific
1,029.366 Los Angeles & Salt Lake
70
30
7
127
25.4
Elgin Joliet &Eastern- - 1,019.811 New Orleans & NE
quite equal those of the previous year. For the five
NYNH& Hartford.- 990.665 Monongahela Connecting
120,081
Louisville & Nashville
_ 977,152 Indiana Harbor
116.206 cereals combined, the receipts aggregated no less
Union Pacific (4)
973,416 Buffalo & Susquehanna__
112.052
Michigan Central
873.796 Detroit Or Haven & Milw 111.148 than 137,626,000 bushels in the four weeks the presBessemer & Lake Erie_
805,901 Central New Env,land__-- 108,723
Delaware Lack & Western 805,658 C D & C Grd Trunk Jet.100.414 ent year, as against 107,021,000 bushels in the correDelaware & Hudson
777.582
Norfolk & Western
716,589
Total (73 roads)
$57.338,121 sponding four weeks of 1923. In the following we
Note.-All the figures in the above are on the basis of the returns
Mod
with the Inter-State Commerce Commission. Where, however,
give the details of the Western grain movement in
returns do not show the total for any system, we have combinedthese
separate returns so as to make the results conform as nearly as possiblethe
usual form:
our
to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
WESTERN FLOUR AND GRAIN RECEIPTS. .
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St.
4 Weeks End, Flour.
Wheal.
Corn.
Barley.
Oats.
Rye.
and the Grand Rapids & Indiana). the Pennsylvania RR. reportingLouis
$9,Aug.
30.
(bush.)
(8513.)
(bush.)
(bush.)
(bush.)
(bush.)
540.809 decrease. For the entire Pennsylvania System,including all roads Chicagoowned and controlled, the result is a decrease in gross of $9.569.084.
1924......
983,000 27,201,000 7.247,000 9,609.000
756,000
276,000
b The New York Central proper shows $6.127.128 decrease. Including
1923........ 743,000 21,440,000 8,239,000 8,351,000
988,000
309,000
the various auxiliary and controlled roads, like the Michigan Central, the Milwaukee
"Big Four," &c., the whole going to form the New York Central System,
1024......- 286,000 2,171,000
972,000 1,419,000
599,000
162,000
the result is a loss of 210,038,776.
1923._ 234,000
221,000 1,307,000 2.275,000
640,000
94,000
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH St. Louis1924........400,000 8,429,000 1,839,000 3,552,000
74,000
117,000
OF AUGUST 1924.
1923_
427,000 5,890,000 2,419,000 3,192,000
74,000
101,000
Increase.
Decrease. ToledoChicago Burl & Quincy- - $1,981,005 New York Central
1924.._
821.754,647
2,424.000
144.000 1.353,000
15,000
Atch Top & Santa Fe (3)
968,682 Reading Company
1.312.431
1923........
2,362,000
246,000 1,236,000
44,000
4,000
Missouri Pacific
901,524 Duluth Missabe & North 1.289.610 Detroit846.808 Great Northern
Central New Jersey_
1.173.084
1924_.
200.000
12,000
270,000
2,000
1,000
Pennsylvania Company- 0621,825 Pittsburgh & Lake Erie.... 1.060,530
1923.......
14,000
250,000
92,000
188,000
Lehigh Valley
568,109 C C C & St Louis
923.925 PeoriaIllinois Central
557,759 Elgin Joliet & Eastern__
558,400
1924__.... 155,000
609,000 1,024,000
23,000
807,000
33,000
489.724 Southern Pacific (8)_ _
Louisville & Nashville
1923........ 130,000
387.533
636,000 1,649,000 1,310,000
32,000
9,000
Southern Railway
429,188 Bessemer & Lake Erie_ .
332,885 DictuThSt Louis San Fran (3)..Minneapolis
334,929
& St Louis_
1924_
312,265
2,903,000
502,000 1.383,000
1,076,000
592.000
Colorado Southern (2)....
277,268 Grand Trunk Western...
307.668
1923299,000
24,000
2,039.000
908,000
22,000
Pere Marquette
270,501 Delaware & Hudson.... _
295,374 MinneapolisYazoo & Mississippi Val_
261.337 Duluth & Iron Range_ - 290,449
1924.._
6.075,000
2,729,000 1.093,000 1,052,000
592,000
Chicago Great Western_ _
211.722 St Louis-South West (2)
1923........
281.711
7,883,000
382,000 2,247,000 1,342,000 1,142,000
Union Pacific (4)
210,316 MinnSt Paul & SR M....
263.963 KansasCityCinc New Orl & Tex Pac
201,530 Erie (3)
1924._
263.914
19,000 21,626,000
783.000
977,000
Buffalo Roth & Pittsb_ _
166,555 Union Railroad
1923.
231.643
12,673,000 1,000,000 1,070,000
Chic Rock Isl & Pac(2).
164.845 Chicago & North Western
210.661 Omaha db IndianapolisNorfolk & Western
Michigan Central
1924_
200.840
9,288,000 2,538.000 3.622.000
Mo Kan & Texas (2)-Delaware Lack & West....
190,029
1923_
4,277,000 2,731,000 3,409,000
14048 :
4783 83 Los
NY Ontario & Western_
Angeles & Salt Lake..
134.705
179.231 Sioux CityFlorida & East Coast......
132,744 Chicago Milw & St Paul..
162.034
1924.-865,000
521,000
23,000
1,000
276,000
15,000
Mobile & Ohio
157.484
1923.
129,550 Baltimore & Ohio
Wabash
153,199 Si. Joseph129,357 NY Chicago & St Louis_
New York Connecting_ _
1924.......
152.224
195,000
120,960 Wheeling Sc Lake Erie1,953,000 1,177,000
Northern Pacific_ . _
148,089
103.228 Trinity & Brazos Valley1923..
72,000
1,518,000
388,000
El Paso & South Western
130.284 Wichita102.842 Indiana Harbor
Long Island
1924.
103.000
80,000
102.832 San Antonio & Aran Pass
112.675
4,257,000
Kansas City Southern.._ _
112,204
1923_
Chesapeake & Ohio
111.206
Chicago 8; Alton
103.706 Total AU1924.- 1,844,000 87,412.000 17,738,000 26,380,000 3,071,000 3,045,000
Total (38 roads)
810.708.976
1923._ 1,548.000 59.189,000 18,472,000 23,374,000 3,379,000 2,607,000
Total (41 roads)
$13,163,898
•
•
OCT. 11 1924.]
1681
THE CHRONICLE
The Western live stock movement, on the other
hand, appears to have been very much smaller than
ill August last year, acting to offset the advantage
derived from the larger grain movement. At Chicago the receipts of live stock comprised only 20,656 carloads in August 1924, against 23,893 in August 1923. At Kansas City the live stock receipts for
the month were only 12,230 cars, against 17,131 in
August last year, and at Omaha 9,671 cars, against
10,759.
As regards the Southern cotton movement, August
always witnesses the beginning of the new crop season. t The movement the present year did not quite
come up to that for the same month last year. The
gross shipments overland were 38,414 bales, against
27,644 bales in August 1923; 45,186 bales in August1922 and 141,067 bales in August 1921, but the
receipts at the Southern outports were 226,959 bales
in the month the present year, against 284,564 balesLi 1923; 189,436 bales in 1922 and 359,735 bales in
1921, as will be see by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST/AND FR011i
JAN. 1 TO AUG. 31 1924, 1923 AND 1922.
1924.
Galveston
Texas City
New Orleans
Mobile
Pensacola, dm
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
1923.
1922.
1924.
1923.
1922.
137,377 201,921 105,609 786,409 711,882 1,063,469
26,351 45,793 24,332 293,775 243,328 282.810
32,273 19,860 20,505 605,224 521,679 611,061
58,030
21,661
85,337
467 2,606
6,343
5,615
3,702
8,832
165
44
19
19,864 7,542 28,148 212,360 198,228 393,404
183
3,451
16,977
1,975
___
89
82,642 112,195
51,364
2,284 4,522 1,852
37,130
43,683
33,398
88 1,028 1,312
97,336 134,350
2,246 3,412 2,932 115,780
226,959 284,564 189,436 2,162,138 1,921,019 2,752,118
Indications of Business Activity
But on the other hand prices are 35 to 40 cents a bushel
THE STATE OF TRADE-COMMERCIAL EPITOME.
higher than last year. The oats crop is 200,000,000 bushels
Friday Night, Oct. 10 1924.
Improvement in trade is only gradual in this country. larger than that of last year and yet prices are 15 to 16
The truth is it is not up to expectations. The disposition cents a bushel higher than then. It begins to look as
Is to keep close to shore until after the national election. though there will be a foreign demand for American oats as
The instances of an increase of business over last year are well as for wheat and rye. Europe's purchases of rye have
now comparatively few. The best showing is still made by recently been on a very large scale at rapidly rising prices.
mail order and chain store houses, whose existence marks Rye indeed is 60 cents a bushel higher than a year ago toperhaps an interesting evolution in modern trade. Jobbing night. Hog products have been advancing steadily, and they
and wholesale business is rather disappointing, even in sec- are all sharply higher compared with the quotations of last
tions of the country where it might be expected to make a year. Cotton has had a sharp setback, declining $10 a bale
better exhibit, notably at the West. High prices for grain in two days, most of it last Wednesday, when the Bureau
and live stock might be expected to stimulate buying and of Agriculture stated the crop at 12,499,000 bales, as against
It does in certain directions. But the mail order and chain 10,150,000 bales last year. There was little speculative supstore concerns feel it more than the old-time and regular port, as the much abused speculator has been largely driven
channels of business. Fall festivals for trade have not out by the gigantic fluctuations due largely to the disturbing
been altogether successful. But the mail order sales in effect of the bi-monthly crop reports now issued by the BuSeptember turn out to have been $32,919,322, against $25,- reau of Agriculture. The innovation, it is stated, was made
075,841 in August this year and $27,310,114 in September at the instance of several Southern Senators with the laud1923. This refers to three large houses. September's sales able purpose of giving more information and stabilizing the
of seven chain stores were $36,967,091, against $35,617,879 price, or at any rate preventing violent fluctuations. But
In August this year and $32,867,616 in September 1923. The the effect has been precisely the reverse. On the publicagrand total of mail order and chain stores for September tion of these reports prices have Often shot upward or downwas $69,886,413, against $60,693,720 in August this year and ward anywhere from 1 to 2 cents. The result is that the
$60,177,730 in September last year. It is worthy of note, too, cotton trade is kept in a state of uncertainty and greater or
that the mall order sales for nine months of the present year less apprehension, to the evident detriment of its best interamount to $272,105,445, against $255,132,453 for the same ests. On the first opportunity very many would therefore
time last year, an increase this year of 6.6%. The chain be glad to see a return of the old system of a report once a
store sales for nine months were $304,383,710, against $267,- month supplemented by the usual weakly weather and crop
587,559 for the same time last year, an increase this year report every Wednesday. This, it is felt, would be quite
of 13.7%. The grand total for nine months of mail order enough. Collections throughout the country are better.
and chain store sales is $576,489,155, against $522,720,012, an That is a gratifying change. For a considerable period this
Increase of 10.2%. This is a remarkable showing of trade Year it was not the case. As to prices in general, the addevelopment in directions which at one time in our history vances are still more numerous in all commodities than
were unthought of. But the big industries of the "country declines. In steel the railroads are still the largest buyers
are rather slow. It is true that the cotton manufacturing and the West makes the best showing. Some steel products
business shows some improvement here and there. The are steady and others are lowered from time to time, it
great Amoskeag mills of Manchester, N. H., are increasing seems, to facilitate business. Unfilled orders are larger.
their working time and employing more looms. Similar re- The steel production gains faster than that of pig iron. The
ports come from parts of the South. In North Carolina and business in pig iron is on only a fair scale and here again
Georgia many mills are running on full time. It is notice- prices weaken from time to time, it appears, where worthable that the Amoskeag mills are running at the old wages. while orders are concerned.
the 10% reduction having been suspended indefinitely.
Automobile production is not up to expectations, nor is
Woolen goods have been advanced. The wool sales at Lon- lumber business as active as could be desired, although some
don show some decline as compared with last spring's prices. signs of improvement are begining to be reported. Coffee
The shoe manufacturing industry is making a better exhibit has advanced sharply, owing to fears of a decreased crop in
both in New England and at the West. Grain has been very Brazil following drouth. There seems to be a big bull
active with large export sales to Europe as it becomes clique at work in that country and the possibility of a conplainer than ever that foreign crops will be deficient.
siderable loan to Sao Paulo is reported. Sugar is somewhat
The wheat crop proves to be larger than expected, that is lower, with the beet root season approaching. The export
to say 856,000,000 bushels, or 70,000,000 bushels larger than trade in grain and cotton makes a good showing, especially
the last crop. This is certainly an agreeable surprise com- that in grain. The total exports of wheat this week of 15,pared with the expectations earlier in the season, especially 800,000 bushels are nearly double those for the same week
as prices are 40 cents a bushel higher than at this time last last year, and the total thus far this season of 115,300,000
Year and 51 cents higher than at one time this year. This is bushels is some 27,000,000 bushels larger than in a like pean eloquent answer to radicalism at the West. It is regret- riod last year. Weekly failures make a favorable exhibit
table that the corn crop is turning out somewhat smaller compared with the last three years. On the whole condithan was at one time expected, namely 2,459,000,000 bush- tions in American business are still sound. Money is still
els, or nearly 600,000,000 bushels smaller than that of last easy, with call loans at 2%% and commercial paper 3% to
year and 750,000,000 bushels smaller than the high record. 31/J%. The tone is very generally hopeful, but at the same
1682
THE CHRONICLE
[VoL. 119.
• time the conservative note is still very apparent and is ful assemblage and inciting to riot would
constitute a felony
• likely to continue until the result of the national election is and it is likely that the cases will be
held over until more
definitely known. All the signs point to the election of Mr. definite action can be taken."
Cool.dge, while there is a sharp contest between the DemoAt Lynn, Mass., ten of the twelve shoe factories where a
crats and the Progressives for second place. It is not be- strike was authorized
on Oct. 6 according to a statement
lieved in well-informed circles that the election is at all issued by the business agent
of the Sole Leather Workers'
likely to be thrown into the House of Representatives, but Union of Lynn, have agreed
to pay for Saturday morning
the mere suggestion now and then of such a possibility, re- work and to sign a working agreement
for the year to expire
mote as It is generally considered, has a tendency to con- Oct. 1 1925. It is believed
that the other factories will
firm the disposition in popular par:ance to keep close to enter the agreement
and that a strike will be prevented.
shore until the matter is settled and out of the way.
Continued heavy buy:ng by China and India, combined
Stocks, though lower to-day, have latterly been advancing, with buying by speculators, against forced
the price of
in spite of the fall of the MacDonald Ministry in England. silver to a new high
price for this year at 71%c. an ounce.
London quickly discounted It, according to some dispatches. while London also established a high for
the year at
There will be a general election on Oct. 29 in England. 35 11-16d. It is the highest in two years.
Meanwhile the outlook for the German loan is regarded as
Building is still gaining. A seasonal shrinkage was shown
• very favorable. It is believed to be practically certain that in new building in September
as compared with August, yet
3100,00,000, or half of this loan, will be promptly absorbed the decrease, -considering that
September was a shorter
when It is offered here next Tuesday by the syndicate month, was very small and compared
with September a
beaded by J. P. Morgan & Co. On the same day the British year ago a considerable gain is
shown, according to figures
proportion of the loan will be offered by the Bank of Eng from 146 cities comp led by
Bradstreet's. The value- of the
land. The belief here is that Investors will have to be building permitted for at 146 cities in
September was $207,quick to secure an allotment of this loan. This will mean 615,945, as against $214,458,698
at identical cities for Auga long step forward towards the financial rehab:litation of ust and $190,335,374 recorded for September
last year.
Germany and is therefore a gratifying sign of the times.
There is here shown a decrease of 3.1% from August this
Adams,
• At
Mass., the Renfrew Manufacturing Co. has year, but an increase of 9% over September
1923.
.posted notices of a cut in wages of 12%% effective from
The weather during the week has been clear and cool in
next Monday. The explanation is that the company finds the East with some snow reported in
parts of the West.
it impossible to continue to operate under the present state Yesterday it was 52 at Chicago and Milwaukee,
44 at Cinof the market at the present level of wages. With the pro- cinnati and Cleveland as well as at Baltimore.
It was 50
posed reduction it is hoped to operate the mills on a schedule at Indianapolis, 64 at Kansas City.
At New York it was
•of at least three or four days a week and possibly full time down to 42. The days have been warm at the
South but
in some departments. This reduction offsets an increase the nights quite cool. To-day it was 66
here at 2 p. m., and
-a 12,h% made in May 1923. At Clinton, Mass., the Bige- it was warming up somewhat in most parts of the West.
low-Hartford Carpet Co., which for the last four months Rain or snow was reported yesterday over
North Dakota,
has been operating three to four days a week, has opened all Montana, Wyoming, Idaho and portions
of the Canadian
departments for a full six-day week. At Manchester, N. H., Northwest. But the low barometer was
evidently passing
It is reported that the Amoskeag mills are having a better northeastward into Canada. A typhoon in the
Philippines
business and are increasing their working time in some de- has just killed 30 persons.
partments very noticeably. The Amoskeag mills will be
closed on Monday next, Columbus Day, but will operate Changes in Retail Food Cost from Aug. 15
to Sept. 15.
• 3,000 looms in the cotton department four days next week.
The United States Department of Labor, through the
The carding room of No. 1 mill will also resume next Tues- Bureau of Labor
Statistics, has completed the copilations
*lay after a long shutdown. It is expected that the delayed showing changes in the
retail cost of food in 21 of the 51
formal opening of Amoskeag ginghams will be made next cities included in the
Bureau's report, and under date of
week. New England business Is on the up-grade, and alOct. 10 says:
though the improvement is not quite as fast as was hoped
During the month from Aug. 15 1924 to Sept. 15 1924, 20 of the 21 cities
tor, it is gradually though surely becoming better, accord- showed Increases as follows: Bridgepert, Fall River. Mobile and New
3%: Boston, Los Angeles, Louisville, Manchester, Newark, New
Haven,
ing to Gerrit Fort, Vice-President and Traffic Manager of York, Norfolk,
Philadelphia. Providence and Richmond, 2%; and Charlesthe Boston & Maine. At Mocksville, N. C., the Cooleemee ton (S. C.), Jacksonville, Milwaukee, Minneapolis, Omaha
and Savannah,
cotton mill, which has been running but three days a week 1%. In Butte there was a decrease of 1%.
For the year period. Sept. 15 1923 to Sept. 15 1924. 18 of the 21 cities
for the past few months, went on full-time production this showed decreases as follows: Bridgeport and
Newark,5%; Fall River, New
week, but it is understood employees' wages were reduced Haven and Philadelhia, 4%; Manchester, Minneapolis, New York,
12y2%. Greensboro, N. C., wired that numerous cotton mills Norfolk. Omaha. Providence and Richmond, 3%; Boston, Butte and
SavannaY. 2%:and Charleston (8. C.), Louisville and Milwaukee, less than
there were working full time. Gastonia, N. C., mills, it is five-tenths of 1%. The following 3 cities
showed increases: Jacksonville
predicted, will before many weeks be running full time. and Los Angeles, 1%;and Mobile, less than five-tenths of 1%.
compared
the
As
with
average
cost
in
the
year 1913, the retail cost of
The prospects for a further improvement in sales and col- food on Sept. 15 1924 was
55% higher in Richmond;.52% higher
Provilections in all lines of trade in the Carolinas, Georgia, Ala- dence;51% in Boston and Milwaukee; 50% in New York;49% inin
Charleston
(S.
In
C.);
Fall
47%
River.
Manchester and New Haven; 48% in
bama, Louisiana and Texas are exceedingly bright, accordPhiladelphia; 45% in Los Angeles:
in Newark; 41% in Jacksonville.
ing to the survey made by the National Association of Minneapolis and Omaha; and 39%-in42%
Louisville. Prices were not obtained
Atlanta,
Ga., all mills and those in that from Bridgeport. Butte, Mobile, Norfolk and Savannah in 1913, hence no
Credit Men. At
vicinity are running full day time. At Rock Hills, S. C., the comparison for the 11-year period can be given for these cities.
Helen and Wymojo cotton mills are now operating on a full
time day and night schedule. The Helen mill for three Factory Employment in New York State Shows Gain
in September—Upward Turn of Payrolls in
weeks had been operating on a schedule of four days and
August.
nights a week. The Wymojo, which has been operating on
September reports from the manufacturers of New York
a full time day schedule for some time, has resumed night
operations. At Norwich, Conn., the Falls Co., which hail State definitely established the upward turn in employment
been closed since spring, has resumed operations on full which was noted in August. It is estimated that in the month
time and expects by Jan. 1 to have its working force at of August at least 40,000 workers were added to the factory
maximum. The company manufactures awning cloth. At payrolls of the State, still' caving out of factorye mployNew London, Conn., a deadlock exists between employers ment about 150,000 workers who were working in factories
and striking weavers of the Edward Bloom Silk Co., Inc., a year ago. The percentage gain this month is from 3 to 4%.
The total
off in employment during the recession
and efforts at reconciliation have thus far failed: The that set infalling
in April and reached its lowest point in July
plant is closed.
amounted to 11%. This statement was issued by IndusPaterson, N. J., wired Oct. 8: "The city in general is trial Commissioner Bernard L. Shientag on Oct. 9. Conpleased with the move made by Mayor McLean to have 235 tinuing, he said:
Increases were found in practically all the Industry groups outside of
aliens who have taken part in strike riots here deported as
building materials, but it must be remembered that part of this gain IS
"undesirable aliens," but the Mayor was advised to-day by only seasonal. Thefur trades were more active as the late season developed
City Counsel Merry, who is preparing the papers, that to and the modistes' shops and dress factories responded to immediate fall
have them deported they must first be convicted of a felony demands.
The only important losses this month as last were in tho factories rebefore the Immigration Department of the Department of lated to the building industry. Brick fell off further so that for the first
Labor can act. The Chief of Police had several detectives at Dime this year forces in that industry are smaller than for the corresponding
month of 1923. Plaster plants cut forces a
house trim showed
work to-day collecting evidence against the aliens. Unlaw- a seasonal decline. Cement stayed active. little and
OCT. 11 1924.]
THE CHRONICLE
1683
of the closing of'
rolls for August 1923 were slightly reduced on account
many places for President Harding's funeral.
already been reached
The evidence that the low point of the depression has
August of the previous demakes a compariscn of this August with the low
to be $4,000,estimated
pression in 1921 of particular interest. Payrolls are
now 8% higher than
000 higher than in August 1921. That is payrolls are
at the lowest point of the last depression in August 1921.
striking differA doter examination of the separate industries discloses
of the total payences from the situation in 1921. Although a compariscn
combined, the
industries
rolls shows a gain of 8% for all manufacturing
where payrolls are
differences range from the building supp:y industries,
textiles and clothing groups,
half again as high as three years ago, to the
where payrolls are lower than in the middle of 1921.
is one of the
The remarkable showing of the building supply industries
Payrol:s in these industries
marked characteristics of the present situation.
but show an increase over
are not only higher than in periods of depression,
rate increases and also to
previous periods of activity, due both to wage
is the fact that the metals
much greater production. Almost as significant
than that reached
and wood industries show a payro:1 leiel one-third higher
and food industries are
in August 1921. The chemicals, paper, paper goods
so great.
higher than in 1921, but the difference is not
is the falling
Equally characteristic of the present industrial situation
comparison with August
off in the textiles. A drop in payrolls of 16% in
of 1921,
point
low
the
below
1921 cannot •be interpreted as a drop of 16%
clothing were the first indesbecause in that industrial cycle textiles and
iodustries came earlier. in
trise to come up. The low point of the apparel
the more severe
January. and by August they were well on the "p-turn and
the textile indusphase of the reduction had been passed. A comparison of
gives an idea how
tries now with the lowest point reached by them in 1921
Clothing Season Brings Increased Employment in New York City.
especially 'sigthe reduction during the present period. The
was
less
also
much
reflected
was
whole
a
as
State
the
in
shown
The upward tendency
not the reduction
factor. A nificant thing about the textiles and apparel industries is
chief
the
are
industries
clothing
the
Here
City.
York
New
with the way
in
women's in employment so much as the slowness of recoNery in contrast
marked seasonal improvement in the modistes' shops and the
is part of a downward trend
This
1921.
in
movement
the
led
in
cloththey
men's
which
the
in
14%
to
clothipg factories and increases ranging from 4
bad times
gave forhese industries in New York State that shows in good and
ing, men's neckwear and women's millinery and underwear factories
Textiles
alike.
g.
manufacturin
of
branches
these
in
improvement
evidence of
depressiou
upward.
In any comparison of this industrial recession with the severe
are lees imp irtant down State but the trend here also was
a much
in New of 1921 it must be remembered that the low point of 1921 followed
The miscellaneous apparel trades are also of great importance
of the
amount
The %%mole
1923.
of
expansion
the
than
leather
expansion
making
greater
plants;
the
and
York City. The fur shops, the shoe factories
of 1923 to August 1924 wes 16%. Three years
spring
season
the
fall
from
the
for
reductioe
both
employees
on
taking
began
belts, bags and novelties
spring.
influence in New ego payrolls in August nad fallen SG% from the preceding' high
and for the pre-Christmas rush which has such a definite
exThis difference and much palter dislocation was due to the abnormal
York City manufacturing operations.
the metals pansion in meitufacturing payrolls during the post war boom.
As was to be expected from their gradual downward course,
brass,
the
are
was favorable.
The metals at this time separate into two groups. In one
here did not show a marked upward swing but the tendency
which
especially active. copper and steel mi:ls, railroad equipment and automobile plants
The plants making jewelry, brass goods and cutlery were
in New York respond sharply to changes in the business situation and which have felt
The printing and paper goods group is the other big factor
September was heavy reductions in payrolls both because of the dropping of employees and
City employment conditions. The large increase here in
for these in- the introduction of part time. The automobile plants, however, were the
especially important because usually the range of variation
a greater only ones in the metal industries to experience such a cut in orders that
for
responsible
was
improvement
general
dustries is small. The
the book and job operations were reduced to the 1921 level. Payrolls here were about the
helped
printing
election
and
containers
paper
for
demand
and
same as in August 1921. Electrical apparatus and machinery, cooking
printers.
heating apparatus and instruments and appliances have held up relatively
Utica.
and
Textiles Cause Improvement in the Capital District
well through the dull period. Payrolls range from 10 to 14% below last
in, the Utica year, but in all cases the drop has been gradual and 1923 had been high. In
The textile industries brought the outstanding increase
showed some improve- the plants making typewriters and instruments, reductions have been general,
district but almost all the manufacturing industries
and knitting but there have been no extensive cuts in employment and no shut-downs.
ment. Several hundred employees went back in the cotton
with uncertain Heating apparatus has been carried along with the great activity in buildmills. The gain throughout the metals was also general
showed some ing and in 1923 it was 25% higher than the peak of 1920. so the loss of 13
tendencies in only a few industries. Furniture and leather
to 14% in employment and payrolls last year is not so severe as at first
go.
let
were
operatives
clothing
few
a
but
improvement
some of the appears.
Increased activity after the prolonged summer vacation in
August to
The wood products industries are less variable than the metals. Employees
textile mills accounted for the gain in the Capital district from
those in the furniSeptember. The shirt and collar factories also took back several hundred in the piano factories have felt the depression more than
this month
of their workers in preparation for the fall and Christmas demand. Metals ture plants. However, there was a gain of 10% in their payrolls
in the Capital district showed very little chaege but they had not experienced and they are only 5% below 1923, which was a good year for them.
paid out
amount
business
The building material plants showed reductions in the
so large a reduction as the metals in other sections. Improved
yards
conditions were also reflected in both the printing and the paper making in wages in August over July. Part time and shut-downs in the brick
and a small drop in pottery brought down wages in that industry division by
industry.
about $50,000, as estimated for the whole State. There was a slight retitleImprovement Affects All Industries in Buffalo.
tion in the cement plants, also, which were lower than last year. But 1923
After an important gain in August factory employment in Buffalo experia record year for both these industries.
was
4%
another
up
employment
sent
in
September which
enced a further gain
In the clothing and apparel factories the rapid recovery from the depresand brought several thousand workers back onto factory payrolls. The
An important gain
metals continued upward and carried along employment in the factories sion which was noted in 1920-1921 is not in evidence.
a few large facmaking mineral products and abrasives. Brass, steel and other metals, in shoes this month, following severe reductions in all but
last year, and
heating apparatus, automobiles and machinery felt the effects of the im- tories of the State still leaves payrolls about $157,000 below
approximately the same as in August 1921. Employment in women's clothprovement.
month were
The chemicals and similar industries went up a little and both tlour mills ing and millinery felt the new low paints in July. Payrolls last
based on much
and meat packing establishments took on a few workers. Clothing workers lower than they have been since 1917.1918, when wages were
were let go here also but it is usual for the up-State clothing factories to lower rates. The gains this month were seasonal and unusually smellMen's clothing, while it held up better than most of the clothing trades,
end their season somewhat earlier than those in New York City.
reports employment is 8% lower than last year, while payrolls are almost
Smaller Gains in Rochester and Syracuse.
equally low. Payrolls in the collar factories have been falling each month
On the whole both Rochester and Syracuse showed a small advance from as cuts in employment and extended vacations are put into effect.
The textile industries have been most severely hit by the depression.
August to September but in both cities some decreases were reported.
Rochester has been keeping up quite well and showed some improvement This month payrolls fell off further in all except the cotton mills. Here
betore this month so conditions are by no means unfavorable. The metals the reopening of a few plants closed last month accounted for the increase.
do not show much upward pull, partly because Rochester is affected by the In August 1921 all the textiles had shown good recovery from the severe
railroad equipment situation where there has not been any marked upturn, depression of the winter before the metals began to start upward, while this
and partly because Rochester makes many instruments of precision and August reductions were still being put into effect. In the silk mills, which
similar apparatus which are not affected by the general tendencies among escaped much of the depression in 1920-1921, but have been gradually reducthe metals.
ing working forces since, there has been a reduction of 45% in Payrolls from
Shoes receded slightly but the men's clothing shops did not show special December 1923 to August. But the August figures, however, include exto
continue
take
food
The
industries
evidence of the seasonal falling-off.
tended vacations, which will presumably be over in September. Woolens
on workers.
have fallen as sharply in the past few months and snore cuts in employment
Both metals and chemicals went up in Syracuse. The automobile and were reported in August. Payrolls are 30% lower than last year. Snit
accessories industry showed irregular tendencies there, with some plants goods have not dropped to the level to January 1921, the lowest month on
showing marked improvement and others little change.
our records, but except for that one month payrolls are as low as they have
Some of the August gain in shoes was lost here but the difference is not been for eight years.
and
the
food
little
a
were
workoff
industries
letting
went
Clothing
great.
Employment in the chemical and oil plants is on the level of the depresers go.
sion of 1921-1922. Payrolls are slightly higher. These industries have
responding later to the business cycle, so the comparison of the two
No tables for September have yet been furnished, but we been
periods is not complete. August showed they are still apparently losing
comment
concerning
following
manugive herewith the
ground, though the reduction is gradual. Both drugs and industrial chemfacturers' payrolls in August, made public by Commissioner icals have been sliding since November. Payrolls in this group are higher
than in 1921, but employment is about even. The contraction after the war
Shientag on Oct. 7, and further below the August tables, and
the extraordinary expansion of 1920 has been lasting. Oil and petroleum
also recently made public:
products are below last year both in employment and payrolls. MiscellaManufacturers' reports received at the New York State Department of neous chemical products are holding up fairly well.
Paper boxes and tubes reflect the recent slackness in manufacturing.
Labor show a gain of over 1% in total wage payments from July to August.
While this indicates a small change in the total wage payments made to Printing has shown an unusual reduction, partly because of the combination
of
part
resumption
in
activity
several
State,
of papers in New York City. This industry is unusually steady and is afthe factory employees of the
important industries makes August a significant month in the general de- fected very little by industrial conditions.
The food industries are also relatively stable except for seasonal fluctuapression.
It is estimated that weekly payrolls are about $4,800,000 less this Augur tions. However, employment in August 1924 is a little below August 1923.
difference,
full
however, for pay- Payrolls are slightly higher.
than last. This is not a measure of the
scale of operations.
The metal industries continue to increase 'their
the depression
The automobile plants which were most severely hit by
repeated the substantial gain of last month.
metal working
Several thousand employees were taken back in the
gains. More
plants. Some of the steel mills showed very important
the important
workers went back in the heating apparatus plants and in
aluminum,
The
were
reported.
machinery group some good increases
valves generally
brass and copper mills and plants making utensils and
gain in employment
increased operations and this group showed a net
decreases in the metals
for the first time in months. The only important
reduced and
were
further
were in railroad equipment where operations
where a few large cuts went
in the instruments and appliances division,
into effect.
show an improveBoth the furniture and piano factories continued to
upward and printing
ment. The chemical and allied industries moved
showed an important gain.
in September. The reThe textile mills were slightly more active
to part of the
opening of some silk and cotton mills gave employment
was a net
workers dropped in the past two or three months and there
in several
first
time
the
for
mills
knitting
Increase in employment in the
additions to their
months. A few of the rug factories made substantial
working forces though they were not all on full time.
went
Shirt and collar workers who had been on extended vacations
extremely low.
back in September. although employment here remains
Cigar and cigarette plants also took on more workers.
most lines.
The food industries came up a little with greater activity in
especially candy, tobacco and flour.
THE CHRONICLE
[Void. 119.
COURSE OF EMPLOYMENT IN REPRESENTATIVE FACTORIES.
AUGUST 1924.
Business Indexes of the Federal Reserve Board.
-Percentage of Change From-July 1924- -Aug. 1923The Division of Research & Statistics of the Federal
EmPayEmPayIndustryReserve Board issues about the first of each month a stateployees. roll. ployees
roll.
Stone. clay and glass products
0.1 -2.9 -7.0 -5.3
Miscellaneous stone and mineral products
a
3.0 -22.4 -15.5 ment giving current figures of its various business indexes.
Lime, cement and plaster
-2.4 -4.5 -1.2 -1.0 The following is the
statement just made public by the
Brick.tile and pottery
-7.3 -13.1
4.7 -1.5
Glass
24.6
15.9 -14.1 -5.8 Board:
Metals, machinery and conveyances
0.4
2.9 -17.7 -18.7
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
Gold, silver and precious stones
3.0 -2.0 -8.4 -11.8
Brass, copper, aluminum, Om
(Corrected for seasonal variations. Monthly average: 1919 = 100.)
-2.0
4.9 -17.8 -16.1
Pig iron and rolling mill products
10.7
18.1 -38.7 -44.6
Structural and architectural iron work
2.7
3.6
1.4
8.1
Steel
Sugad Animals Slaughtered
Sheet metal work and hardware
0.7
4.3 -19.3 -16.0
1923. Total Pig In- Cot- Wool Vh't. Melt,
Firearms, tools and cutlery
Lull,4.8 -15.3 -17.7
Iron gots ton
Flour fags rattle Calres Sheep Hogs her
Cooking, heating and ventilating appliancee---2.6
8.7 -13.0 -13.7
Machinery (including electrical appliances)
-0.4
0.1 -9.7 -10.3 July
121
144
128
95
112
122
68
90 105
Automobiles, carriages and aeroplanes
91 136 115
5.8
9.5 -25.7 -24.5 August
120 130 127 100 106 102
Cars, locomotives and railroad repair shops
72
99 127
82 157 127
-0.1
2.6 -23.5 -25.8
1924.
Boat and ship building
20.7 -22.5 -30.3
25.8
April
114
127
121
97
97 105 115
98 116 102 136 127
Instruments and appliances
-0.8
1.0 -11.1
10.3 May
103 101
92
80
93 105 109 107 111 109 124 117
Wood manufactures
0.7
1.2 -10.2 -4.6 June
93
81
74
70
88 107 111
86 108 102 116 104
Saw mill and planing mill products
-3.2 -6.8 -8.2 -1.6 July
94
70
67
71
83 118 125
95 117
Furniture and cabinet work
99 141 •106
1.
2.2 -7.3 -3.6 August
94
71
87
72
82
99 104
94 118
Pianos, organs and other musical instruments91 136 105
$.3
9.9 -13.3 -5.1
Miscellaneous wood and allied products
0.4
0.7 -13.0 -9.3
SituAnFurs, leathers and rubber goods
Sole
2.7
4.0 -12.8 -12.6
manx1923.
min- hra- Cop- Zlne
Leather
N
Ce- Par, Gig- Cigar- factured
6.4
4.8 -9.2 -8.2
ow cite
per
Fur and fur goods
er print meat team ars dies
-4.0
-15.3 -19.2
Tobacco
Boots and shoes
2.6
4.4 -13.1 -14.6
uly
120 113 129 110
Miscellaneous leather and canvas goods
91 112 173 198
1.8
5.4 -9.1 -6.8
96 137
97
ust ___ 119 118 131 106
Rubber and gutta percha goods
93 115 163 203 101 145
2.3
3.6
3.7
12.8
95
924.
Pearl, horn, bone, celluloid, hair, dm
8.2
4.7 -27.1 -25.2
92
"ril
97 127 114
62 111 169 189
Chemicals, oil, paints, ,tic
-0.9
-7.1 -3.6
88 157
91
87 101 125 121
57 116 172 192
Drugs and chemicals
0.8
1.2 -9.3 -3.8 gay
95 173
96
83 100 124 111
54 103 173 187
Paints, dyes and colors
--3.1 -4.7 -0.8
91 163
94
0.1 Tune
86
Tilly
106
.133
109
63
102
193
Animal and mineral oil products
2.2
3.1
185
98 155
10.2 -5.7
97
84
95 132 106
62 101 190 190
Miscellaneous chemical products
0.2
1.0 -3.0 -1.5 kagust
95 157
93
Paper
-2.8 -1.8 -16.4 -16.3
OF
EMPLOYMENT
INDEX
IN
MANUFACTURING
Printing and paper goods
-1.1 -1.0 -8.1 -3.4
INDUSTRIES.
(Not corrected for seasonal variations. Monthly average: 1919 = 100.)
Paper boxes and tubes
3.4 -7.7 -2.1
0.1
Miscellaneous paper goods
-0.7 -2.9 -8.9
0.3
Printing and book making
--1.3 -1.1 -8.5 -4.1
Metals & Prod'ts Textiles and Products
Textiles
Lunt--3.0 -2.0 -23.8 -26.1
Total
ber and
Silk and silk goods
-24.9 -16.8 -41.2 -37.1
1423.
Group Iron di Group
Prod- ProdWool manufactures
-2.3 -3.7 -18.9 -25.1
Index
Steel
Index Fabrics
ucts
acts
Cotton goods
44.8 -20.2 -21.2
34.0
Cotton and woolen hosiery and knit goods
-4.5 -6.8 -31.0 -36.5
101
95
95
99
97
100
121
Other textiles and allied products
2.2
1.8 -9.6 -10.6
101
94
93
98
98
98
121
Clothing. millinery, laundering, &c
3.1
7.2 -13.0 -10.8 August 1924.
2.3
Men's clothing
1.4 -7.5 -5.6 April
97
91
90
89
92
94
123
-5.6 -9.2 -24.0 -25.5
Men's shirts and furnishings
93
so
as
87
so
89
119
Women's clothing
28.9
48.5 -20.9 -16.8 May
90
so
so
85
85
86
117
-5.4 -7.5 -4.9 -2.7 June
Women's ,underwear and furnishings
87
76
76
78
78
79
113
Women's headwear
11.8
19.4 -5.3 -4.6 July
87
78
75
81
81
81
114
-2.1 -3.0 -10.4 -3.9 August
Miscellaneous sewing
--1.6 --3.3
Laundering, cleaning, dyeing, dm
1.4
1.7
Motor Payer & Foods & Leather Stone, Tobacco Chisel-1.6 -3.1 -1.8
Food, beverages and tobacco
2.6
VeSt- Print- Prod1923.
and
0.4
Flour, feed and other cereal products
a
1.7
Clay di
and
cats &
1.9
ing
des
ucts
Prod's Glass Prod's Prod's
9.8
Fruit and vegetable canning and preserving
0.4
8.6 -2.2
-5.8 -3.9
Groceries not elsewhere classified
4.9
5.7
98
105
87
103
-4.2 -6.5 -4.3 -4.8 July
114
Meat and dairy products
87
77
104
98
-3.5 -5.3 -5.0
104
Bread and other bakery products
91
115
84
6.4 August
78
1924.
Confectionery and ice cream
6.3
3.8 -7.1
1.4
101
April
105
98
-9.3 -0.3 -12.4
82
115
83
Beverages
13.4
77
104
oo
97
-0.3 -3.0
79
117
Cigars and other tobacco products
2.4
82.
74
10.6 May
81
99
103
-3.3 -4.2 -0.4 -1.8 June
73
115
83
Water,light and power
70
76
99
JUIY
101
74
-111
82
67
78
101
98
Total
78
110
0.1 311ct, 1.4 -13.8 -129 August
82
68
a Decrease of less than 0.05.
Unless otherwise indicated all changes are increases.
INDEXES OF WHOLESALE AND RETAIL TRADE.
AVERAGE WEEKLY EARNINGS-AUGUST 1924.
-All Employees- Shop Employees
GrocerWholesale
Trade
Dry
HardTotal New York
(Total State)
1923.
Meat Goods Shoes
ies
ware
Drugs Taal
IndustryState.
COy.
Men. Women.
Stone, clay and glace products
$2893 $37 33 $31 05 $14 87
81
64
88
July
66
100
106
Miscellaneous stone and mineral products
79
33 20 48 97 41 12
67
114
86
74
106
111
as
32 44 33 07 32 24 2146 August
Lime, cement and plaster
1924.
24 80 29 16 25 82
Brick, tile and pottery
998 April
81
81
68
*108
115
27 61 33 53 31 20
*78
Glass
14 18
May
64
73
*54
•104
111
Metals, machinery and conveyances
29 65 28 75 30 43
76
16 57
•82
64
70
*50
*96
106
2661
Gold, silver and precious stones
30 62 31 00
75
18 08 June
82
*67
*79
44
*93
•113
27 02 27 09 2790 16 70 July
*78
Braes, copper, aluminum, rirc
82
69
103
93
MO
58
/1.1
31 63
32 31
Pig iron and rolling mill products
22 28 Manua
33 81
Structural and architectural iron work
37 18 31 72
•
27 10 26 71
Sheet metal work and hardware
28 59 15 05
Department
Department
Matt Order
•
Retail Trade
24 89
Firearms, tools and cutlery
25 89 12 95
Store Sales
Store Stocks
Sales
Cooking, heating and ventilating apparatus
1923.
31 22 28 15 31 10
•
30 30 28 99 30 30 16 54
(a)
Machinery (including electrical apparatus)
(a)
(h)
(a)
(b)
(0)
31 33 33 52 30 56
Automobiles. carriages and aeroplanes
19 22
89
Cars, locomotives and railroad repair therm--32 11 33 89 32 08 22 92 July
119
119
74
*128
100
30 93 30 84 30 54
August
100
Boat and ship building
128
129
130
73
97
1924.
25 78 25 24 28 36
Instruments and appliances
16 37
27 04 28 47 28 37 15 12 April
*133
130
140
138
Wood manufactures
114
111
28
May
127
56
products
planing
mill
30
and
123
97
28 80 12 29
*135
•135
Saw mill
90
100
•120
27 27 32 48 27 77 17 10 June
*120
127
133
Furniture and cabinet work
89
*104
91
*122
122
•130
Pianos, organs and other musical instruments_ 28 42 30 67 29 82 1452 July
60
93
Aummt
93
110
120
124
23 52 22 08 24 72 15 39
74
Miscellaneous wood and allied products
00
24 93 28 34 27 85 16 33
Furs, leathers and rubber goods
•Revised. a Without seasonal correction. It Corrected for seasonal variation.
23 67
22 93 13 25
Leather
33 75 33 75 35 94 21 41
Fur and fur goods
24
60
84
28
79
26
17
18
shoes
Boots and
24 77 28 53 30 15
14 13 Upward Trend in Industrial Situation in
Miscellaneous leather and canvas goods
Illinois in
26 37 25 91 8042
16 86
Rubber and gutta percha goods
22 82 24 87 24 83
14 61
September 1924.
Pearl, horn, bone, celluloid, hair. dte
28 07 27 50 31 28
15 77
Chemicals, oil, paints. Ac
28 52 22 32 31 11
The upward trend in the operations of Illinois factories
15 31
Drugs and chemicals
26 79 27 07 27 05 14 39
Paints, dyes and colors
27 87 29 57 31 14
15 42 Which began with a slight up-turn in August was continued
Animal and mineral oil products
28 40 29 22 32 34
16 19 in September, according
Miscellaneous chemical products
to the monthly statement made
•
27 87
27 51
13 56
Paper
32
36
43
72
34
52
17
01 public Oct. 9 by R. D. Cahn, chief statistician of the Illigoods
Printing and paper
24 12 25 98 27 11
15 18
Paper boxes and tubes
25 47 26 95 26 27 1530 nois Department of Labor. The statement continues:
Miscellaneous paper goods
35 11 37 14 38 39 17 94
Thirty-five of the 58 principal manufacturing industries of the State had
Printing and book making
21 15 22 95 25 33 14 00
Textiles
20 51 22 58 27 57 16 98 more workers in September than in August. This is the largest number of
Bilk and silk goods
•
separate
industries to record expansion since February of this year. In
26 11
13 58
23 49
Wool manufactures
24 74 13 45 August,30 Industries expanded,In July, 18, and in September, one year ago,
20 61
Cotton goods
•
26
12
09
12
17
83 19. Thus the increase of the past
Cotton and woolen hosiery and knit goods
30 days has been over a wide range of
14 88
22 17 23 06 24 01
Other textiles and allied products
16 31 factory employment.
24 93 29 17 33 81
Clothing, millinery, laundering. azo
Considering the changes in industrial operations geographically. increase
16 32
28 43 33 43 32 95
Men's clothing
16 52 27 03 26 09 12 60 also is shown in the bulk of instances. In 9 of the 13 principal cities of
Men's shirts and furnishings
33 48 35 37 46 43 24 03 Illinois, factory
Women's clothing
employment increased during the 30-day period ending
16 88
20 23 20 95 30 83
Women's underwear and furnishings
28 53 28 53 38 50 21 17 Sept. 15. In one city there was no change during the month. Only in
Women's headwear
18 30 18 23 28 60 14 76 Aurora. Danville and Chicago has employment lagged behind the general
Miscellaneous sewing
1863 19 97 28 69 14 99 upward trend of the month. In Chicago the employment decline was 4-10
Laundering, cleaning, dyeing. .itc
25 69 30 29 16 02
25 11
Food, beverages and tobacco
27 93 28 72 14 20 of 1%. But although industry has been increasing generally throughout
29 51
Flour, feed and other cereal products
17 63 23 46 26 89 10 97 the State and throughout the general range of industry, the aggregate
Fruit and vegetable canning and preserving
17 57 growth has not been largo in the month. The manufacturers' reports cov20 06 29 89 31 81
Groceries not elsewhere classified
29 33 32 18 29 37 12 70 ering 56 industries and 1,180 separate plants had 275,057 workers in SepMeat and dairy products
25 14 25 26 30 46 1384 tember, which
Bread and other bakery products
was 0.8% more than the identical plants reported one month
Confectionery and ice cream
21 10 21 26 25 60 14 19
11 58 ago. The extent of the expansion has been depressed by the figures from
Beverages
3604 41 68 35 63
19 26 several large Chicago plants which were laying off workers (mite freely
Cigars and other tobacco products20 17 21 43 28 15
•
Water. light and power
33 59 33 01 33 58
during the month.
Probably the most significant change during the past thirty days has been
Total
$27 40 $29 02 $30 52 $16 05
In
enough
the mines. Six mines reported to the Department of Labor that they
employees
to
be
•Not
reported separately.
r
13
OCT. 111924.]
THE CHRONICLE
1685
had resumed operations in September, giving jobs to 2,691 workers. There houses are of expanding business and by the fifteenth of September the
was also steadier work for the miners than has been the case for some time houses had already increased the number of their workers by 2.2%.
past. Average weekly earnings for Illinois miners amounted to $33 74.
which was a gain of 2% in the month.
Temporary employment was given to 2,000 additional employes by the New High Records in Railroad Revenue Freight.
canning industry, which was in the midst of the corn pack.
Five new high records were established during the week
Aside from the manufacturing industries that are included in the tabulations are reports from public utilities, trade, mining and building and which ended on Sept. 27 in the number of cars loaded with
contracting. In the aggrego(e the employers totaling 1,501 and employing revenue freight, according to reports filed by the railroads
approximately 400,000 workers increased the number of their workers by
with the car service division of the American Railway Asso1.2% during the month.
One thousand one hundred and seventy reporting manufacturers paid out ciation.
1. A total of 1,087,447 cars was loaded during the week of Sept. 27. the
$6,573.552 in wages during the week of Sept. 15. which was an expansion
of 2.9% over the amount the identical firms paid out during the week of highest number for any one week this year and the third highest in history.
earnings
a
only
1%.
of
increasing
fraction
was
employment
Aug. 15. While
This was only 10,046 cars below the highest week on record which was that
increased 2.9%. so that the average weekly earnings of the factory workers of the corresponding week last year when the total was 1.097,493 cars.
of the State has increased. The average in September for all factory work2. More cars were loaded with grain and grain products during the week
ers was $27 19,comparing with $26 96 in August. $27 73 in September 1923. than were over loaded during any other week on record.
years.
throe
past
the
of
peak
the
1923,
and $28 33 in June
3. The greatest number of cars in history were loaded with miscellaneous
There has been in the aggregate little change in the extent of part time freight in the week of Sept. 27.
employment in the State during the past 30 days. During August about
4. The number of cars loaded with merchandise and less than carload
68% of the workers of the State were working part time and approximately lot freight during the week was the largest for any similar period ever
HowSeptember.
In
schedules
time
part
on
working
the same percent were
recorded.
ever, the number of plants closed down has been reduced. Whereas 40
5. More freight cars were moved by the railroads on Wednesday. Sept.
plants were reported to be in total suspension in August, this number had 24, than on any single day this year, the total moved. Including both loaded
been reduced to 36 in September. In addition to the manufacturing plants and empty cars, having been 1,013,184.
which resumed operations as has already been pointed out, six of the mines
These five new high records were established by the railwhich were inactive again began to hoist coal.
The slight gain of the past two months in the extent of industrial opera- roads in the face of three new high records attained by them
tions in this State has not yet been sufficient to lift employment out of the the previous week. The total for the week of Sept. 27 was
state of depression. Using the average for the year 1922 as 100, the index an
increase of 10,894 cars over the preceding week this year,
for September was 97.3. This means that there were about 2.7% fewer
people at work in September than there were on the average in 1922. This all commodities reporting increases except live stock and
Is the worst September in four years and is 14.8% below the level of Sep- ore. It also was an increase of 109,656 cars compared with
tember of one year ago. This means that the factories of Illinois have about
the corresponding week in 1922. Loading of grain and grain
97,000 fewer workers than in September 1923. Some of these 97,000 have
products for the week totaled 69,289 cars, the largest number
gone to the farms, but the number of unemployed is very large.
The operations of the free employment offices show a somewhat more ever loaded as already stated during any one week on recfavorable condition than one month ago. In 8 of the 13 principal cities of
452 cars the previous high record for all
the State in which free employment offices are operated, the ratio of per- ord, exceeding by
sons registering for positions to the number of places open was lower than time established during the week which ended on Aug. 30
in August. Employers in 9 of the cities placed more orders for help than in this year. The total for the week was an increase of 726
August and total request for help rose in the State by 2,300. During
week and 18,404 cars above the same
September the free employment offices placed 11.573 people in positions cars over the preceding
which they accepted. A year ago the number was 16.302 and a month ago week last year as well as 17,364 cars above the same week in
9,819. For the State as a whole, there were 143 persons seeking each 100 1922. This new high record in the number of cars loaded
fobs at the free employment offices. In August the number was 152 and in
July and June 171. The index of 143 registrants per 100 jobs compares as with grain and grain products is due principally to the fact
follows with September for other years: 1923, 106; 1922, 102; 1921, 195; that loading of that commodity in the Northwest during the
1920, 96.
month of September exceeded every previous record, inBuilding operations by no means have subsided throughout the State.
Although there was no down-State city whose projects compared with the cluding 1915, when the wheat crop in North Dakota totaled
$2,000,000 worth of permits issued in Springfield in August, nevertheless, one hundred and fifty million bushels and the entire country
permits of substantial amounts were taken out in a number of cities. In
bushels of wheat. The stateBerwyn, Cicero, Decatur, Evanston. Oak Park and Peoria permits for the produced more than a billion
month exceeded $400.000. Of 23 cities for which building permits are ment also adds:
The entire movement of grain and grain products to date has been made
collected by the Illinois Department of Labor, authorizations were larger
in September than in August in 10 cities and larger than one year ago in 16 with no car shortage, the only exceptions being of so minor a nature as to be
utterly negligible and duo entirely to details of local distribution.
cities.
Employment and earnings declined in September among the building • Loading of merchandise and less than carload lot freight for the week
material concerns. Glass factories laid off 2 %,and brick, tile and pottery of Sept. 27 amounted to 258,458 cars, a now high record for all time and an
concerns, 4.7%. The group decline for 11,000 workers in the stone, clay increase of 989 cars over the preceding week which had marked the previous
high record. This was an increase of 5,238 cars over the same week last
and glass group of industries was 2%.
Expansion ruled among the industries of the metal machinery and con- year and an increase of 25,074 cars compared with the same week in 1922.
veyance employees in the tabulation of 380 manufacturers whose aggregate
Miscellaneous freight loading totaled 405.436 cars which also was a new
employment is approximately 140,000. The largest gains were among high record for all time and an increase of 7.559 cars over the preceding week
automobile
automobile and accessory firms, and tools and cutlery. The
which, as In the case of merchandise and less than carload lot freight, had
industry has been operating through the summer at a low rate. September been the previous record. Compared with the same week last year, this
brought a spirited recovery although this is by no means the time of peak was an increase of 11,801 cars and an increase of 58,015 cars above the same
more week in 1922.
production normally. In the tools and cutlery factories about
people found employment in September than one month earlier. The conCoal loading totaled 193,422 cars, an increase over the week before of
sum- 4,437 cars and the largest number loaded during any one week since Feb. 16
industry
the
which
been
throughout
has
building
depressed
tract car
mer after an unusually busy winter and early spring, as yet shows no signs this year. The number loaded during the week of Sept. 27 was a decrease,
of recovery although the car shops operated by the railroad companies did however,of 7,533 cars under the corresponding week in 1923 hut an increase
add about 3% to their working forces.
of 5,610 cars over the corresponding week in 1922.
One of the surprising things is that iron and steel has not improved. In
Live stock loading totaled 36,871 cars, a decrease of 1,701 cars below the
point
operations
lowest
the
that
foundries
about
at
continue
and
mills
the
week before and 4,230 cars under the same week last year as well as a dehas been reached in three years, and this in the face of reports which have crease of 2,928 cars below two years ago.
appeared in the press that this industry had begun to recover. EmployForest products loading totaled 68,404 cars, 627 cars above the week
ment in agricultural implement factories had continued the upward move- before but 7,093 cars under last year. Compared with the corresponding
electrical
fell
industry
employment
are
6.6%.
Operations
the
ment. In
week two years ago,it was an increase of 10,402 cars.
improving in the wood industry led by an expansion of 8.9% in the piano
Ore loading amounted to 46.176 cars, 2,191 cars below the week before
factories. In furniture and cabinet work the increase was 4.1% and house- and 23,088 cars under last year as well as 3,819 cars under two years ago.
hold furnishings 12.1%. Even the planing mills which normally would be
Coke loading totaled 9,391 cars, an increase of 448 cars above the preexpected to reduce the number of workers at this time of the year had 1.6% ceding week but 3,545 cars under the corresponding week in 1923 and 62
more workers in September than In August. In the review of the industrial cars below the same period In 1922.
situation for August it was pointed out that there had been a sharp revival
Compared by districts, increases over the week before in tho total loadin the leather industry during the thirty-day period ending Aug. 15. The ing of all commodities were reported in all except the Southern district
and
further
tanneries
gone
during
has
expansion in the
September 10.5% which showed a decrease of slightly more than one hundred cars. All dismore workers were employed. Shoe factories also reported the addition of tricts reported increases over the corresponding week last year except the
workers, 29 factories added about 450 employees or 4.3% during the put Eastern, Allegheny and Northwestern but all showed increases over the
thirty days. The small fur factories which are included in the tabulation, corresponding week two years ago.
near the peak of their year's harvest took on about ono-quarter more emLoading of revenue freight this year compared with the two previous
ployees.
years follows:
1922.
1923.
Employment rose in each of the four chemical industries, led by a gain of
1924.
2.785.119
3.373,965
3.362.136
6% in drugs. Paint firms had 5.7% more workers and even at the refineries 4 weeks of January
3.027,886
3,361,599
3,617,432
February
of
weeks
4
the
employment. In 3 of the 5 industries comthere was an expansion in
4.581.176
4.068,132
4.607,706
5 weeks of March
3.764.266
2,863,416
prising the printing and paper group, namely in job printing, paper novelties 4 weeks of April
3,499,210
were
there
declines.
4,876,893
3,841,683
In
binding,
the
May
of
weeks
5
4,474.751
book
manufacture of paper
and edition
3,414,031
4,047,603
3.625,472
containers, increase ruled and for 35 employers there was a gain of 13.3%. 4 weeks of June
3,252,107
3,940,735
3,526,500
4 weeks of July
Seasonal variations stand out clearly in a number of instances. Knit 5 weeks of August
4.335,327
5,209,219
4,843,404
trade
holiday
the
took on 4.2% more workers. 4 weeks of September
3,699,397
4,147,783
4,146.403
goods firms producing for
The season at an end in men's clothing employment dropped 10.1%. For
31,307.098
37,303,239
35,703,014
Total
similar reasons there were declines in men's hats and men's furnighlru&s.
In the women's wear lines there were gains, in skirts and suits, 4.57;
drosses and waists, 10%; and millinery about 14%.
September is the month for the corn packing in the canneries. During New England Textile Plants Extending Operations
the past month some 14 canneries employed about two thousand more
Employing
Maine,
Operatives,
2,500
Sanford
Mills,
people than than thirty days previous. This is the largest single product
Now on Full Time.
which is canned in Illinois. Shipments of grain were largo. Grain concerns
had 15.2% more people than one month before. Candy firms already busy
an improvement in the New England
of
Indications
in preparation for holiday trade added about 7% more workers.
textile trade are contained in the following messages advising
Fall trade generally appears to be satisfactory. Retail stores added about
operations at several textile plants. A dispatch
Reports
9%.
for
increased
nearly
wholesale
the
employees,
mail-order
more
4%
1686
THE CHRONICLE
from Boston Sept. 19 to the New York "Journal of Commerce" said:
Indicating a slow improvement in the New England wool manufacturing
industry, full time operation has been ordered in the Star Worsted Mills
at Fitchburg. Mass., and in the Sanford Mills at Sanford. Me., where 2,500
operatives are employed. In the latter mill there is a night crew on part
time.
The Star Worsted Co. has been on part time for a matter of ten months,
but business latterly has been improving, induced partly through the
necessity of buying cloth and partly because of constantly strengthening
tone of the market for raw materials which has made it seem the part of
wisdom for cloth buyers to anticipate their wants to some extent.
The following advices from Amsterdam, N. Y., appeared
in the "Journal of Commerce" Sept. 23:
After having been Idle for several months operations were resumed to-day
in the knit goods plant of the Gardiner & Warring Co., which employs
about 200 hands. The suspension was said to be due to depression in the
textile industry.
The "Wall Street News" Oct. 3 stated:
The Helen and Wymojo Mills at Rock Hill, So. Caro., have resumed full
time, day and night schedule. Previously had been operating on four-dayand-night a week schedule.
Advices from Boston, Mass., to the same journal Oct. 6
announced:
The Bigelow-Hartford Carpet Co., which for the past four months has
been operating its Clinton plant on a three and four-day-a-week schedule,
has opened all departments on a full six-day-a-week. The Clinton plant
employs about 1,600 hands.
Wage Increases in New London Silk Mill.
The following from Hartford, Conn., appeared in the
New York "Journal of Commerce," Oct. 6:
The strike at the Edward Bloom Silk Co., Inc., mills at New London
was settled to-day by compromise advances of 2c. a yard on single-end
satins, lc. on double-end satins, 2c. on double-end wool satins and lc. on
single-end wool satins.
Operations will be resumed on Tuesday next.
Employees struck work Sept. 18 as a protest against working conditions, asking that night work be eliminated and
that all strikers be employed at day work at the same wages
paid the night shift. This, it was stated, meant an advance
in wages of 3 cents a yard for all work.
[VoL. 119.
weekly wages for the operatives. it was suggested that a 20% cut in wages
would probably work out to the best advantage of all concerned. The operatives rejected the suggestion and countered with a proposal of a 10% cut,
to become effective from Oct. 4.
This cut the mills accepted. tentatively. Now the mills find themselves
In the position of having the reduction in wages nullified, practically, by
the recent advance of about 4 cents a pound in raw cotton, which has taken
place since the last Government crop report was issued, while the selling
agents for the mill declare it would be necessary to cut the price of goods
about 3 cents a yard from the present lists in order to meet competition. if
The mill management, it is held, would hardly be justified in putting the
mills on full time basis in the face of a loss of 3 cents a yard, especially
following the financial experience of the past two or three years. Hence the
necessity for suspending the new arrangement which, contrary to some suppositions, is not rejected but merely in suspense. Whether the operatives
will be content to wait until the mill can take orders to advantage on the
basis of the 10% cut or will ask for a further conference with the object of
putting a lower wage rate into effect remains to be seen.
Regarding the action of the Amoskeag employees in
accepting the 10% cut, Thomas F. McMahon, President of
the United Textile Workers of America, said at a special
meeting of the Rhode Island Textile Council at Pawtucket,
R. I., Sept. 21 that he had been informed that the Amoskeag
workers had since voted to follow the advice of the council
as to any future action, which, the President said, would
depend upon conditions. Horace A. Riviere, organizer of
the United Textile Workers, stated at Pawtucket, R. I.,
Sept. 26 that President McMahon had no intention of
calling a protest strike in the Amoskeag Mills, as the time,
according to Mr. Riviere, is "not ripe for a strike, especially
with winter coming on and the fact that the unions are not
very well organized at Manchester."
That the Manchester Textile Council, affiliated with the
United Textile Workers of America, was opposed to the
Amoskeag workers' action, is conveyed in the following from
Boston, which appeared in the "Journal of Commerce"
Sept. 26:
The Manchester Textile Council, comprising delegates from every
local union in the United Textile Workers of America. has adopted a
resolution declaring itself out ot sympathy with the action of the Amoskeag
operatives in accepting a wage cut recently of 10%, and voting further
to leave the matter of future action in the hands of the International
Prost('cot.
Woolen Co. Further Advances Prices of
Woolen and Worsted Goods.
Amoskeag Manufacturing Co. Benefits from Demand
The "Wall Street Journal" on Tuesday last (Oct. 7) said:
for Worsted Yarns.
American Woolen Co. announces second advance on all goods made with
from
following
The
Manchester, N. H., appeared in the
wool or worsted yarns. The recent advance made in this class of goods was
based on increased cost of woolen content and latest advance partially "Wall Street News" Oct. 9:
American
reflects increased cost of worsted content. Advances range from 7 M to
Sc. a yard.
Yesterday, Oct. 10, the "Wall Street Journal" said:
American Woolen Co. announces additional price advances on 94 fabrics made of all wool or wool and worsted yarns reflecting the increased cost
of wool content in these fabrics. Most of the advances range from 23.ic. to
5c. a yard with a few advances offrom 10 to 15c. a yard.
The preparatory rooms in the worsted divisions of Amoskeag Mtg. Co.
are operating on a 90% basis. It is understood that there is a demand
for worsted yarns at present and local corporation is getting its share of
the orders.
54
Amoskeag plant in normal times employs 3,500 people in its worsted
section. Operatives employed in the preparatory process are getting
full-ame employment. There are no new developments in the cotton
section.
Last week we announced advances by the American
Woolen Co., ranging from 5c. to 273"ie. a yard over the openAmoskeag Carding Work to Be Resumed.
ing prices, on staple and fancy worsteds, uniform cloth and
A special dispatch to the New York "Journal of Comspecialties, for the men's wear trade for next spring, also merce" from Boston yesterday (Oct. 10) said:
ranging from 5e. to 20e. a yard on men's wear fabrics made
The Amoskeag Mills will be closed on Monday next, but will operate
from worsteds and wool.
3,000 looms in the cotton department four days next week. The carding
Mills New Wage Agreement Suspended—
Declared Impracticable Through Advance in
Raw Cotton.
Owing to the advance which has taken place in the price
of raw cotton since the Government crop report of Sept. 23,
the Amoskeag mills at Manchester, N. H., reopened Oct. 6
on the old wage basis, W.Parker Straw, agent for the mills,
stating that the new wage agreement (reported in our issue
of Sept. 20), under which employees consented to a 10%
reduction with the mills to be running on as near a full-time
schedule as readjusted selling prices and future orders would
warrant, was suspended. Since, according to the mills'
selling agents, it would be necessary to cut the price of
cotton goods by 3 cents a yard from ruling levels in order to
meet foreign competition successfully, the management, in
face of the dearer raw material, considered it impracticable
to run the mills on full time. Hence the suspended agreement. Discussing the situation, the Boston correspondent
to the New York "Journal of Commerce" wrote Oct. 5 as
follows:
Amoskeag
The Amoskeag Mills will reopen to-morrow, according to present plans,
on the old basis of wages, the mills having decided not to put the 10%
reduction into effect as yet. The announcement was a surprise to the
operatives in the mills, who had counted on getting back to work on a reasonably full time schedule.
The mills, however, find it impracticable to adopt the new schedule of
wages and place the force back to work on full time, much as they would
like to do so, and, as W. Parker Straw, the agent for the mills, states it,
the new wage agreement is suspended.
When the mill management called the committee representing the operatives together a short while ago and explained the situation to them,
declaring that a substantial reduction in wages would be necessary if the
mills were to be run at a profit to the owners and with reasonably good
room of No. 1 mill will also resume next Tuesday after a long shutdown.
It is expected that the delayed formal opening of Amoskeag ginghams will
be made next week.
Thomas F. McMahon, President of
Workers, Explains Why He Resists
United Textile
Wage Cuts—
Twelve and One-Half Per Cent Reduction at
Renfrew Mills, of Adams, Mass.
Appealing for organization amongst textile workers as
the only method of resisting wage cuts, Thomas F.McMahon,
President of the United Textile Workers of America, at a
special meeting of the Rhode Island Textile Council, called
at Pawtucket, R. I., Sept. 21, for the purpose of considering
the 10% wage cut at the•Manville-Jenekes mills there, summarized his reasons for asking authority to resist the cut as
follows:
An increase in machinery operated by each operator enabling the manufacturers to save 25% in wages; reduction of 34% in the price of cotton in
the retail market; only 17 cents of every dollar paid by the consumer for
cotton cloth received by labor, and stock dividends declared by the mills
to avoid payments to the Government used as the financial basis on which
to endeavor to cut wages.
Having obtained the unanimous consent of the meeting
to take such action as he might deem necessary, President
McMahon declared his intention of forcing the manufacturers
to restore wages, adding however, that "we will use every
reasonable influence to avoid a strike." The Boston "Herald," commenting on the meeting Sept. 22, said:
President McMahon said that this indorsement of the recent vote of the
United Textile Workers of America, with which the Rhode Island Council is
affiliated, carried with it authority for him to call for action on the part of
the operatives at such time and such place as he decides, without further
notice.
"We will use every reasonable influence to avoid a strike," he said, "but
It this cut in wages is not restored the battle will be on. We do not want an
OCT. 11 1924.]
1687
THE CHRONICLE
impromptu strike. It is possible that enough influence can be brought to
bear on the manufacturers to restore the cut, but only through organization.
The manufacturers must restore wages or we will have a scrap."
McMahon said that his statement and to-day's vote applied to all other
mills which might put wage reductions into effect.
In his communication to the Council which brought the vote of authorization, President McMahon said: "Organization of the textile workers under
the banner of the American Federation of Labor is going on rapidly. The
unorganized workers are mainly responsible for the present cut in wages.
When the battle starts, and start it will, none but those (and their families)
who are connected with our union will be assisted."
because of the condition of the trade,to reduce wages and that the workmen.
agreeing with this view, had accepted the reduction and were now working
under the new scale. Demand for all classes of window glass, despite a
big building season, has been light.
Unfilled Orders of Steel Corporation Show Further
Increase.
The United States Steel Corporation yesterday (Oct. 10)
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of Sept. 30
the
publish
we
8
Oct.
From the New York "Times"
1924 to the amount of 3,473,780 tons. This is an increase of
following from Adams, Mass.:
Notices of a wage reduction of 12%% effective Oct. 13, have been 184,203 tons over the unfilled tonnage as of Aug. 31 1924
posted at the mills of the Renfrew Mfg. Co. here, with the explanation and compares with 3,187,072 tons on July 31 1924, which
that present market conditions make it impossible to continue operation
in over thirteen years.
unless labor costs are reduced. The notices also declared that with the last was the lowest figure touched
wage reduction it may be possible to operate the mills three or four days On Sept. 30 1923 the unfilled orders were 5,035,750 while on
a 'week with full time in some departments. In May 1923 the company Sept. 30
1920 they aggregated no less than 10,374,804 tons.
Increased wages 12 %•
In the following we show the figures back to the beginning
found in the issue
Six Hundred Slater Mills Employees to Return at of 1920. Figures for earlier dates may be
of the "Chronicle" for April 14 1923, page 1617:
Unchanged Rate of Wages.
1920.
1921.
1922.
1923.
1924.
Boston advices to the "Wall Street News" Oct. 9 ran as January
4.798,429 6,910,776 4,241,678 7,573,164 9,283,441
9,502,081
6,933,867
4,141,069
7,283,919
4,912,901
February
follows:
4,782,807 7,403,332 4,494,148 6,284,765 9,892,078
March
Six hundred employees of the North Village Mills of the Slater Co.
will return to work Oct. 20 at the same rate of wages prevailing previous
to the 12%% cut which caused a walkout.
The company does not guarantee any length of working hours or days
each week at the old rate of wages. Employees preferred uncertainty on
that score to a cut in wages. Under a counter proposition, which would
be effective under the 1234% wage cut, employees would be guaranteed
three months of steady work, according to officials.
4,208,447
3,628,089
3,262,505
3,187,072
1,289,577
3,473,780
April
May
June
July
August
September
October
b/ov.mber
December
7,288,509
6,981,851
6,386,261
5,910,763
5,414,663
5,035,750
4,672,825
4,368,584
4,445,339
5,096,917
5,254,223
5,635,531
5.776,161
5,950,105
6,691,607.
6,902,28%
6,840,242
6.745,703
5,845,224
5,432,487
5,117,868
4,830.324
4,531,926
4,560,670
4,286.829
4,250,542
4,268,414
10,359,747
10,940,469
10,978,817
11,118,468
10,805,038
10,374.804
9,836,852
9,021,481
8,148,122
A committee representing striking employees at the mill
n for August Increases Over That
offered,in conference Oct..4with Treasurer Moore oftheplant, Wool Consumptio
,Previous Months.
Three
for
to return to work on a part-time schedule with no wage
on Sept. 30 made public
Commerce
of
the
mill
The
Department
by
rejected
was
reduction, but the proposition
the following statistics with regard to the consumption of
officials.
wool, by manufacturers in the United States during the
International Paper Co. Reduces Price of Newsprint month of August, based on reports received from 580 manuPaper.
facturers. This is exclusive qf 26 which failed to report the
Following the action on Sept. 30 of the Belgo Paper Co., consumption of wool for the month. The total quantity of
one of the largest newsprint mills in the Province of Quebec, wool entering into manufacture during Aug. 1924, as rein reducing the price of paper $3 a ton for 1925, making ported, was 34,640,017 pounds, as compared with 28,613,692
the new price $70, the International Paper Co., through pounds in July 1924 and 41,538,269 pounds in Aug. 1923.
Aug. 1924 included 28,208,026
J. L. Fearing, sales manager, announced on Oct. 7 that, The consumption shown for
the grease; 4,919,554 pounds
in
as
reported
of'
wool
pounds
effective Jan. 1 next and continuing through 1925, the of scoured Wool, and 1,512,437 pounds of pulled wool.
company' price for its standard roll news to its contract Reduced to a grease equivalent these quantities would
customers will be $70 a ton, f.o.b. mill. This likewise amount to 40,063,717 pounds. The grease equivalent for
July 1924 was 33,777,635 pounds and for Aug. 1923, 48,represents a reduction of $3 a ton. Mr. Fearing said:
We are making this announcement earlier than usual on the request 232,955 pounds. The monthly consumption of wool
advance
of many of our customers who wish to know their costs as far in
(pounds) in grease equivalent for concerns reporting for1924
as possible.
was as follows: January, 53,845,024; February, 50,632,884;
the
take
we
From the "Wall Street Journal" of Oct. 8
March, 47,630,291; April, 44,361,464; May, 36,507,484;
following:
June, 30,972,041; July, 33,777,635, and for August, 40,063,By the end of the third quarter of 1924, ended Sept. 30, International 717 pounds. The report also gives the following:
Paper Co. had reduced its bank loans to $6,865,000, a shrinkage of over
or $4,895,000 from the first of the year. At that time banking indebtedness totaled $11,760.000. Present loans are lowest since 1920,
International Paper's record earning year, and compared with the peak of
over $16,000,000 at the end of 1921.
The company has just announced that contract newsprint price would be
$70 a ton throughout 1925. This is a cut of $3 from present price and $5
from price prevailing through 1923 and the first half of 1924. Best opinion
in the new3pr1nt industry is that the cut is wholly in lino with lower cost
level to manufacturers.
Canada First to Cut.
First indication of a lower trend in newsprint prices took place around
the middle of this year, when Canadian mills reduced their price to $73 a
ton from $75. and were followed by International and other American
Mills. Even at that time, at least one and possibly more of the smaller
Canadian manufacturers were making some contracts at $70.
The reduction is a reflection of the price level for mechanical and chemical pulp, newsprint's main constituents. Compared with a year ago,
quoted prices run from 15% to 25% lower, and are well below those prevailing six months ago.
The $70 price puts newsprint back to 1921 and 1922 levels and is a contrast to International's highest price of $130 a ton in 1920. That 1921 and
1922 were lean years for the company was due, not to newsprint prices, but
to a combination of a costly strike and depreciation of too heavily stocked
pulpwood Inventories.
Expect Better Business.
International Paper's step in announcing lower prices before its large
such action is in line with its attitude during
took
competitors
Canadian
1920, a year of soaring prices, when it reduced its contract prices for the
benefit of customers with the first reduction in its material costs, in spite
of Increases by competitors.
Third quarter business for International Paper was probably the poorest
for the year. Over 22 90 a share was earned on the slightly less than 200.000
shares of common stock in the first quarter. In seven months over $5 a
share was earned on the junior stock. A substantial picking up in demand
few weeks. Fall advertising camfor newsprint has taken place in the last
paign.s are going on and indications are that newsprint consumption in the
last quarter will be well up to its customary high point in that quarter
Improvement in tone of this market has already been reflected in International Paper's production program.
40%
Window Glass Workers Take 10% Cut.
The following advices from Pittsburgh are taken from
the New York "Commercial":
The American Window Glass Co., largest manufacturers of plate glass
in the wage scale of its glass
in the country, put into effect a 10% reduction
workers on Sept. 12.
and General Manager of
At the office of William L. Monro, President
the company, it was stated to-day that the company had thought it best,
Consumption by Grades.
Classified according to grade, the total includes 9.131,957 lbs. of fine
wool, which may be compared with 6,780,863 lbs. consumed in July 1924
and 8,703,717 lbs. consumed in Aug. 1923: 4,833,079 lbs. of ti-blood as
against 4.099,428 lbs.in July 1924 and 4,081,010 lbs. in Aug. 1923:5,518,752
lbs. of ti-blood as against 3.813,111 lbs. in the month preceding and
6,327.830 lbs. in Aug. 1923: 5.880,525 lbs. of 3.j-blood, which may be
compared with 4,616,204 lbs. in July 1924 and 7,411,849 lbs. in Aug. 1923:
1,715.833 lbs. of low 3,i-blood, common, braid, and Lincoln as against
1,577,760 lbs. in July 1924, and 1,937,494 lbs. in Aug. 1923, and 7,559,841
lbs. of carpet wool, as against 7,726,326 lbs. in the preceding month and
13,076,369 lbs. in Aug. 1923.
Domestic and Foreign Wool.
Of the total quantity of wool used by manufacturers during the month
of Aug. 1924. 19.687,099 lbs., or 56.8%, was domestic wool, and 14,952,918
foreign
lbs., or 43.2%, was foreign wool. The carpet wool was all of
origin, while 69.9% of the fine wool was produced in this country: 56.6%
of the ti-blood, 79.2% of the ti-blood. 66.4% of the X-blood and 60.2%
of the low 1.1-blond.
Geographic Distribution of Consumption.
Of the total consumption of wool in Aug. 1924 (amounting to 34,640,017
lbs.) 17,229.773 lbs., or 49.7%, were reported from the New England
Coast
States, 42.9% from the Middle Atlantic States, 1% from the Pacific
States and 6.4% from the other sections of the country.
Imports of Tops and Noils.
which
The consumption of foreign tops and noils constitutes one element
it has not been possible to include in the consumption reports since the
manufacturers would be unable to distinguish between foreign and domestic
tops and mils. In the long run, though not necessarily month by month,
hair,
this element must be equal to the imports. The imports of wool and
advanced, including tops, for the current month were 104 lbs. and for
were
month
current
the
1924. including August, were 172,980: noils for
2,187.739, and for 1924, including August, 6.369,412. The exports of
tops and noils were negligible.
Detailed Statement.
The following tables show the quantities of wool consumed. classified
according to grades, class and condition, w'th separate figures for foreign
and domestic wool. Comparative figures zre also given for Aug. 1923.
July 1924 and 1923 and totals for the months Jan. to Aug., inclusive:
CONSUMPTION OF WOOL BY GEOGRAPHIC SECTIONS AUGUST 1924.
Section.
New England
Middle Atlantic
Pacific Coast
Other sections
Total
• Grease
Pulled. li' utinienr.
Scoured.
Grease.
703,801 20,24804
17,229,773 13,741,582 2,784,390
640,189 16,1320920
14,851,209 13.143.f05 1,067,415
539,693
6.724
187,893
349,469
154,852
161.723 3343.320
879,856
2,209,566 1,167,987
34,640,017 28,208,026 4,919,554 1.512.437 40 063.717
Total.
1688
THE CHRONICLE
COMPARATIVE CONSUMPTION FOR AUGUST, FOR JULY AND FUR
EIGHT MONTHS.
(All quantities in pounds.)
_
.
Class
and
Grade.
Totalfor August.
1924.
1923.
Totalfor lull,.
1924.
1923.
Total Jan. to Aug. Incl.
1924.
1923.
Petal
Domestic
Foreign
34.640,01741.538,26928,613.69239,542,599 286,499,31.383,996,974
19,687,09912517,17015.050,34013,619,483 133,634,411 134,444,551
14,952,91858.621,099 13,563,35225,923,116 152,864,904 249,552,423
Combing a
Clothing a
20,407,37920.956,199 14,655,74521,934,549 149.754.292214,379.603
6,672,797 7.505,701 8,231,621 7,591,352 57,674,277 69,869,170
F1ne, total
9,131,9871 8,703,717 6,780,863 8,147,714 64,313,080 76,126,713
Combing:
Domestic
4,858.915 2.526,000 3,428,718 2,528,220 30,008,802 23,824,299
Foreign
2,323,288 4,531,068 1,711,043 4,022,458 20,144,463 37,539,537
Clothing:
Domestic
1,521,250 1.188,530 1,313,254 1,183,018 11.051.700 10,087,620
Foreign
428,534
428,119 327,848 414,018 3,108,115 4,675,257
4-blood,total_ 4,833,079 4,081,010 4,099,428 4,396,106 35,383,469 45,415,329
Combing:
3,454,139 1,498,009 2,797,382 1,535,664 22,214,777 17,247,763
Domestic
Foreign
506,950 1,495,015 427,504 1,770;548 5,832,503 16,763,593
.Clothing:
Domestic__. 727,507 799.459 756,797 845,951 6,160,181 9,257,450
144,488 288.527
Foreign
117.745 243,943 1,176,008 2,146,623
-blood,total_ 5,518,752 6,327.830 3,813,111 6.608,732 43,271,766 64,756.537
Combing:
2,684,596 1,582,751 1,331,753 1,909,024 16,074,487 19,339,239
, Domestic
788,517 2,572,447 674.233 2,585.195 10,162,011 24,559,025
Foreign
Clothing:
1,683,600 1,635,265 1.529.523 1,522,422 13,600,316 15,150,072
Domestic
362.039 537,367 277,602 592,091 3,434,963 5,708,201
Foreign
4-blood,total_ 5,880,525 7,411,849 4.618,204 8,385,296 49,619,716 82,473,882
Combing:
3,222,638 1,879,895 2,347,990 1,947,922 19,360,25 23,199,329
Domestic
1563,856 3,397,529 920,662 4,226,357 15,588.862 39,174,631
Foreign
Clothing:
679.576 1.006,581
Domestic
904,295 1,235.066 8,660,66 11,116,198
714,455 1.127,844
Foreign
443.257 975,951 6.000.931 8,983.724
594,281
kW 34-blood_b 1,216,934
845,266 709,250 8,997,800 4,793,236
Combing:
521,172 254,541
Domestic
212,922 354,318 2,906,73. 2,947,947
328,166
Foreign
3,080,549
264,371
Clothing:
211.665 339,740
Domestic -__
158,301
354,932 1,769,065 1,845,289
Foreign
209,672
155,931
1,241,449
84,472 170,413
:ommon ,totalc
170,191
105,363 1,252.473
275.776
57.349
Combing ___
90.555
120,904
32,871
466,507
123,426
27,128
Clothing____
79,858
72,492
49.287
785,966
152.350
37.574
;raid, total e__
55,986
99,219
97,583
565,949
153.569
25,7:49
48,968
3,489
'Combing ___
62,983
276.024
111,951
Clothing__ _
11,785
7,018
34,600
95,725
289,925
41.618
376,853 1,116,814 463,089 1,075.857 4.034,316 10,253.731
incoln, total
Combing __
372,019 1,029,421
414,774 958,989 3,639,32. 9,548,863
Clothing___.
87.393
4.839
48,315 116,868
394.991
704.888
'arpet,total d_ 7.559,84113.076.369 7.726,326 10,016,698 79,060.746 99.748,201
Combing __ 3.135.521 6,654,748 3.422,826 4.962,776 35,443.351 52,658,826
4,424,320 6,421,621 4,303,500 5,053,922 43,617,395 47,089,375
Filling
4
'otal reduc. to
maw equiv.e40.063.717 18,232,95533,777,635 16,347.256 337,790.541 147,445,788
Domestic _ _ 23,348,65817,101.86318.593,205 17,923.802 166,852,665 173,034,619
16,715.034 31.131,087 15.184.42928.423.454 170.937.872274.411.169
Foreign
a Exclusive of carpet wools. b Figures for dates previous to July 1923 include
"Common" and "Braid.' c All domestic. d All foreign. e In computing the
grease equivalent, 1 lb. of scoured wool Is considered equivalent to 2 lbs. In the
grease, and 1 lb. of pulled to 11-3 lbs. In the grease.
CONSUMPTION OF GREASE, SCOURED AND PULLED WOOL FOR
AUGUST 1924 AND 1923.
(All quantities in pounds.)
-
Class
and
Grade.
Grease.
1924.
1923.
Scoured.
1924.
1923.
Pulled.
1924.
[VOL. 119.
Further Increase in Steel Production for September.
The output of steel in September shows a further large
increase and following the heavy gain registered during
August brings the production of steel up to the highest level
since April last. According to the usual monthly statement
prepared by the American Iron & Steel Institute, the production of steel ingots in September 1924 by companies,
which in 1923 made 94.84% of the steel ingot production in
that year, amounted to 2,669,742 tons, consisting of 2,252,976 tons open-hearth, 409,922 tons Bessemer and 6,844 tons
all other grades. The calculated production for all companies
on this basis is 2,814,996 tons for September, as against
2,541,501 tons for August, 1,869,416 tons for July, 2,056,466
tons for June, 2,628,261 tons for May and 3,333,535 tons
for April. In September last year the output for all companies was 3,356,776 tons. The approximate daily output
for September 1924 was 108,269 tons with 26 working days,
while September 1923 had an approximate daily output of
134,271 tons with but 25 working days. In the following we
show the details of production back to January 1923:
moNTTax PRODUCTION OF STEEL INGOTS, JANUARY 1932 TO
DECEMBER 1923.
Reported for 1923 by oos. whin]) made 94.84% of the steel ingot production in 1923
Months.
1923.
Jan
Feb
March
April
May
June
July
August
Sept
Open?yank.
2,906,892
2,613,564
3.046509
2,974.579
3.136.558
2.821.239
2.658.449
2,798,370
2.562,771
Bessemer.
728,270
669.901
799.525
772,485
847.418
737.845
680,884
701.059
613.709
Calculated
A isprostMonthly
Monthly No. of mate daily
Mk production production working production
Other. companies
all
days.
all
reporting. companies.
consortia.
VOW Ms.
9,467
10,797
12.841
13.933
16.719
15.483
11,196
9.326
8.602
3,644.629
3,294,284
3.858.675
3.760.997
4,000,695
3.574.567
3.350,829
3.506.755
3.185,082
3.841.095
3,471.843
4,066,680
3,983.736
4516.355
3.767,258
3.531.458
3.695.788
3,358,776
27
24
27
25
27
28
35
27
25
142,263
144,660
150,618
158,549
156,181
144,894
141,258
138,881
134,271
9 months 25.518,731 6,551.098 108,664 32.176.493 33510,987
233
145,541
649,452 9,163 3594.128 3,577.091
618.335 9.309 2.974.005 3,134.321
570.004 10,912 2,716,814 2,883.286
27
26
25
132.485
120,551
114,531
Total_ 32,736,503 8,388,889 138,048 41,261,440 43.485,885
311
139,825
3.633,839
3.809,185
4.187,942
3,333.535
2,628.261
2,056,468
1,590.416
2,541.501
2,814,996
27
25
26
28
27
25
28
213
26
134,579
152.387
161,075
128.213
97.343
82,259
71,901
97,750
108,269
D months 21.015,010 4,391,871 81,313 25,488,19426,874,941
234
114,850
Oct
Nov
Dee
1924.
Jan
Feb
March__
April____
May ____
June ___
July ___
August_
Sept
2.735,513
2.348,361
2.135,898
2,768,534 667,032
2.902.641 695,905
3,249.783 706.801
2,575.783 573.381
2.060.896 425.099
1,637.660 310.070
1.525.912 241,880
2.042.820 361,781
2,252,976 409.922
12,577
14,085
15,260
12,356
6,648
2,622
5.162
5.759
6,844
3,446,143
3,812,691
3,971,844
3,161,525
2.492.643
1,950,352
1.772 954
2.410.360
2.669.742
1923.
rota!, August_ 28.208.021 33.221.609 4.919,554 5,883,697 1.512,437 2,432,960
Domestic__. 15,262.554 7.718.969 3,280.103 3,673.946 1,144,442 1,532.255 Activity of Machinery in Wool Manufactures During
12,945,472 25,510,637 1,639,451 2,209.751
Foreign
367,995 900,711
the Month of August, 1924.
Combing a.... 19,255.760 19,312.773 595,604
773,265 556.015 870.161
Department
The
of Commerce on Sept. 29 issued its re1,692.862 1,439,129 4.080,297 4,716.386 699.638 , 850 186
Clothing a
port on active and idle wool machinery for August, 1924,
7,711,166
7,454.359
;lne. total
1,019,510 812,012 401,311
437,346
based on reports received from 906 manufacturers, operating
Combing:
•Domestic
4,643.757 2.216.982
31,027
42,783
184 1311 266.235 1,080 mills. This is exclusive of
13 which failed to report for
2,318,919 4,573,942
3,878
Foreign
7,126
491
Clothing:
the
month.
Of
the
total
number
of
looms wider than 50-inch.
665.834
503,901
Domestic
651,338 405,439 204.0781 169.190
Foreign
82.656
69.534
333.267 356.664
12.6111
1,921 reed space, 36,456, or 59.7%, were in operation for some part
4-blood,total_ 4,200,693 3,110,127 488,814 697,646
143,5721 273,237 of the
month of August, 1924, and 24,613 were idle throughCombing:
3.384,449 1,349,227
17,221
Domestic
18,899
52,464
129,883 out the month. The active machine-hours reported
for wide
1,482,352
505,419
1,536
Foreign
12,663
Clothing:
looms for the month of August formed 58.4% of the single152,980
235,112
415,241 515,927
Domestic
77,154
130,552
125.568
75.718
54,818 150,157
Foreign
13554
12,802 shift capacity, as compared with 58.4% for the month of
4-blood, total- 3,598,049 4,010,932 1,513,902 1,829,998 406,801
487,400 July, 1924, and 76.3% for August,
1923. Of the total numCombing:
2,448,515 1,109,856
91.024 263.218
Domestic
145,057 209,677 ber of looms of 50-inch reed space or less
covered by
2,550,041
36,299
752,268
22.406
,Foreign
ports for August, 1924, 12,763, or 73.8%, were in operation
Clothing:
309,818 1,166,180 1,081529 258,554 243,518
258.866
Domestic
138,400
40,717 220.449 462,445
3,190
,Foreign
34.205 at some time during the month, and 4,534 were idle through(-blood, total_ 4,570.204 5,290,701 1,105,815 1,679,428 204,506 441,720 out the month. The active
machine-hours for these looms
Combing:
Domestic __ .. 3,000.077 1,513,350 164.183 209,758
58,378
158.787 represented 54.3% of the single-shift capacity, as against
81,825
1,150,407 3,221,286
106,494
31,624
Foreign
69.749
50.2% in the preceding month and 63.8% in August, 1923.
clothing:
99,261
425,115 748,098
179,059
Domestic__..
75,402
159.222 The number of
carpet and rug looms reported for August,
456,804
434,692
615,078
240.661
39,102
55,962
Foreign
249,494
492,505 306,050
642,355
.0Iv 34-blood b
82,074
38.737 1924, was 9,440, of which 6,376, or
67.6%, were in operation
Combing:
204.593
85,664
Domestic
43,325
362,722
6,623 for some part of the month, and 3,064 were idle throughout
72,786
60,826
Foreign_
,
3,463
263,877
the month. The active machine-hours reported for these
Clothing:
Domestic ___
197,654
44,901
262,725
12,341
1,670
32,114 looms represented
56.8% of the single-shift capacity of the
Foreign
148,361
3.415
4,155
21,239
70,882
3ommon.totalc
71.077
28,454 looms, as compared with 51.6% in July, 1924, and 79.9%
48,465
14,768
Combing ___
47,665
38,304
4,679
27,117
27,134
5,000
Clothlng_ __.
18,560
43.960
34,578
1,320 in August, 1923. The following further details are also fur9,768
800
Sraid, total c__
10,768
14,217
45,218
23,357
nished:
Combing ...._
3,750
2,432
23,357
45,218
Clothing___
11.785
7,018
Spinning Spindles.
incoln, total
19,899
82,672
2,621
354.333 1,020,689
13,453
Of the total number of woolen spindles reported in August. 1924, 1,663,Combing ___
15,726
15,060
2,621
354,333 1,009,622
4.073
Clothing---_
66,946
4,839
9,380 814, or .32.9%, were In operation for some part of the month, and 617,187
11,067
:arpet, total d_ 7.059,404 11,969,704 243.653 394,046 256,784
712,619 were idle throughout the month. The active woolen spindle
hours reported
Combing ___ 3,018.701 6,272,392
76,033 306,448 for this
75,908
40,787
month represented 72.1% of the single-shift capacity, as compared
Filling
4,040,703 5,697,312 202,866 318,138 180,751
406,171
with 71.5% In July, 1924, and with 89% In August, 1923.
Total.July
22,512,958 31,165,031 4,695,561 6,018,202 1,405,14. 2,359,366
The number of worsted spindles in operation during August. 1921, was
`Mal, January
Aug., incl. 224.269.460 07.207,28045.821.90956,778.37316.407,04;20,011,321 1,511,936, or 58.2% of the total, and the number idle was 1.085.218. The
active worsted spindle hours were equal to 51.1% of the single-shift capacity.
a Exclusive of carpet wools. 51923 Hewes include "Common" and "Braid.' In July, 1924, the active worsted spindle hours represented
44.1% of the
AU domestic. d All foreign.
capacity, and in August. 1923, 81.5%•
the re-
THE CHRONICLE
OCT. 11 1924.)
Cards and Combs.
Of the total number of sets of cards reported for August, 1924. 5,218. or
75.1%, were in operation at some time during the month, while 1,734 were
idle throughout the month. The active machine hours for cars were equal
to 73% of the single-shift capacity in August. 1924. 76.8% in July, 1924,
and 93.2% In August, 1923.
Of the combs reported for August. 1924, 1,785, or 67.2%. were In operation for some part of the month, and 871 were idle during the month.
The active machine hours for this month were equal to 68.2% of the singleshift capacity, as compared with 53.4% In July. 1924;and 84.4% in August.
1923.
Detailed Report.
The accompanying table gives the total number of machines in operation
some time during the month of August, the number of idle for the whole
month, the number reported on single shift and on double shift, the active
and idle machine or spindle hours, the percentages active and idle, and comparative figures for July, 1924. and August. 1923.
%.1
0 61.15-hvi
.-
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i .
gtt
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. ...... •
.
,..c.
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.--,.......
E r,..
io;-.O •
5-
Decrease.
June 1924 over June 1923, decrease 1.17%; July 1924 over July 1923. increase.
7.99%; August 1924 over August 1923. decrease, 0.35%.
The September figures of fifty industrial cities follow:
h.:
4.
b.?
.
..
r.3.%'
b
tz' ....
a
na
w...aco &.. 6o4.;.. •
oww .
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1414.,-.00w00
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=ow
'
618
6071
780
1
...
.
...,
LI,
•
Sets of Cards.
gi
;0;2'4 5 ;;:tult3=Ig1R2.'
:Ittt
Y.-1741b.
.... .,
. . ...-i.
v
...
:..;..W
---1
55-1-4
t=
1
,b°
o.-.
4,600
4,673
5,327
?.
iv Co b :i
1,130,640
417,204
1,185,555
358,485
1,501,633
109,985
m-4-4
...
1,158,882
880,030
1,064,136
997,143
1,640,007
412,909
..,..a.
t
pww
I
..: •
4.
4..
LOOMS.
a
2,047,842
1,725,133
1,872,465
1,854,376
2,497,452
1,414,926
cs,...
4.
S,
Wide? than 50- 50-inch Reed
inch Reed Space. Space or Less.
160 •
•
i
1,.141..
- ..
'4'4t4 ..w
i
VOIrd F'
ob-000l.i'm
b
a
o.wwo...awo
.
.
-. ...0....
-,.. .61 05545 •
...
''4'4
.
ts
P.
4..Aw
coo.
enb;.• •
41
1
•
ggg tx
00.116.
..m.
2,597.154
1,511,936
1,085,218
2,598,474
1,423,790
1,174,684
2,570,287
2,171,787
398,500
0.- t,
0
i
...;
0
co
1
Double.
C'.
157,417
125,146
200.155
ron
292,294,049
279,810.766
245,266.750
310,670,291
471,803,716
107,142,214
2Ittil a
2,281.001
1,663,814
617.187
2.280,700
1.688.836
591,884
2,297,062
1,931.785
365.277
1Double. Single.
—
201.338 1,354.519
194.572 1,298,644
213,994 1,971,632.
22,556
89,8&5
91,774
03,559
08,572
49.206
..6
_o-4....,
.-6.”..,
.0-, t
S
I
''.
1",
1.°
Lolob, •
Increase in Postal Receipts at Fifty Selected Cities and
Fifty Industrie Cities for September.
Nearly a million-dollar increase in postal receipts was reported by New York City for the month of September 1924
as compared with September 1923, while Chicago made a
gain of nearly a half a million dollars, according to figures
from fifty selected cities received by Postmaster-General
New, who, in a statement made public Oct. 8, says:
New York's percentage of gain was 18.31 and Chicago's was 12.37, while
the average for the fifty cities was 11.28, which, converted into dollars,
made an Increase of 62,625,615 97.
The greatest percentage of increase reported from the fifty cities, however, came from Fort Worth, Texas, which, for more than a year, has been
reporting a decrease as a result of the activities of post office inspectors in
suppressing fraudulent oil stock selling schemes. The gain percentage was
24.74.
Dayton, Ohio, with 23.40 had the second largest percentage, while Houston, Tex., was third with 19.42; New York City fourth; Los Angeles, Calif.,
fifth, with 15.31; Cincinnati sixth with 14.82; Newark, N. J., seventh. with
13.61; Washington, D.C.,eighth, with 13.61;and Kansas City, Mo.,ninth,
with 13.50. While the percentage of Newark, N. J.. and Washington,
D.C., were apparently the same, Newark's gain was a fraction of a per cent
greater than that of the Capitol city. Tabulated figures follow.;
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELP.PTED OFFICES FOR
THE MONTH OF SEPTEMBER 1924.
s
P. C. P. C. P. C.
1924 1923 1922
over
over
over
Increase.
Sept. 1923.
Sept. 1924.
il
1923. 1922. 1921_
$
Offices$
864,976 00 18.31 0.50 7.76
New York. N.Y. 5,589,922 67 4.725,016 67
486,087 92 12.37 2.93 11.43
Chicago, Ill.__ 4,416,514 77 3,930.426 85
61.601 67 4.80 *10.58 19.75
Philadelphia,pa. 1,345,128 60 1,283,526 93
Boston, Mass__ 1.127,12430 1,050.253 15
76.871.15 7.32 '3.37 11.49
84,994 65 9.67 3.92 15.02
878,757 59
St. Louis, Mo__ 983,752 24
92,187 92 13.50 9.44 11.03
682,727 55
IlansasCity Mo. 774,915 47
37,064 30 6.13 11.44 9.73
604,543 98
Cleveland, Ohlo. 641,608 28
43,787 66 7.95 2.21 15.17
551,078 05
San Franc'o, Cal 594,865 71
49.630 15 9.37 "1.39 18.43
529,861 75
Brooklyn, N.Y. 579,491 90
71,95207 12.90 5.84 14.48
557,654 08
Detroit, Mich__ 629,606 15
79,432 06 15.31 16.65 19.21
518,812 03
Los Angeles,Cal. 598,244 09
36,249 46 7.21 9.01 3.86
502,859 90
Pittsburgh,Pa__ 539,109 36
17,166 35 3.72 *1.64 14.41
460,921 85
Minneap., Minn 478,088 20
67,497 91 14.82 5.44 10.29
455,541 03 ,
Cincinnati, Ohio 523,038 94
1.01 9.43
33,660 23 8.44
398,660 25
Baltimore, Md. 432,320 48
42,717.74 13.61
3.00 8.51
313,847 89
Washington,D.0 356,565 63
7,169.61 2.08 6.97 4.21
343,952 12
Buffalo, N. Y__ 351,121 73
23,149 19 6.95 10.73 10.28
333,157 97
Milwaukee, Wis. 356.307 16
8,47296 2.60 18.89 12.17
325,820 44
St. Paul, Minn_ 334,293 40
1.87 18.80
28,701 09 9.80
64
292,815
73
321,516
Indianapolls,Ind
1.16 15.83
20,480 28 8.12
252,248 64
Atlanta, Ga____ 272,728 92
1.15 2.95
30.50962 13.05
233,827 90
Denver, Colo.__ 264,337 52
8.83
*4.24
5.43
94
11,751
51
216,284
Omaha, Neb-_ 228,036 45
7.29 16.27
32,993 98 13.61
242.46547
Newark, N. J__ 275,399 45
23,865 54 9.83 10.18 9.09
242,888 49
Dallas, Tex_ _ -- 266,754 03
26,538 16 12.70 4.02 9.79
208,983 27
Seattle, Wash__ 235,521 43
11.56373 5.33 4.90 18.93
215,429 86
Des Moines, la_ 226,993 59
0
78
.8
8.
0 20
71
8.8
5,60793 2.54 .2
220,659 28
Portland, Ore__ 226,267 21
20,439 98 10.91
187,286 38
New Orleans. La 207.726 36
22,290 35 12.56 "4.45 4.98
177,442 38
Rochester, N.Y- 199,732 73
6
35
.7
3.
11
24,019 47 12.94 "6.68 2
185,671 32
Louisville, KY-- 209,690 79
21,229 41 11.49 6.94 19.24
184,739 83
Columbus,Ohio. 205,969 24
9.67872
82
153,098
162,777 54
Toledo, Ohio__
12.43
10,685 21
146,152 65
Richmond, Va.- 156,837 86
6.59
11,873 02
131.997 81
Providence, R.I. 143,870 83
16.68
li
.
li
7,222 11 1.11
146,264 92
Memphis, Tenn. 153,487 03
6.28
.
4,282 26 3
115,757 97
120.040 23
Hartford, Conn_
6,484 88 5.01 6.025.85
129,333 00
Nashville, Tenn. 135,817 88
28,269 82 23.40 10.02 17.59
120,821 16
149,090 98
Dayton, Ohio_
4 24.74 *35.67 31.94
13
49
13
88
1:0
24
97,353 63
Fort Worth,Tex. 121,438 57
1.62 6.04 9.23
112,220 15
Syracuse, N. Y. 114,033 28
21,796 48 19.42 4.94 1.27
112,241 43
134,037 91
Houston, Tex__
7
83
29
3
1:
6.41
2
17
7
3
42
6:0
838
17
100,421
29
New Haven,Ct_ 106,858
5.02 49..3294
100,073 40
09 07
Gr6. Rap.,Mich 105.7
7,49557 8.32 12.27 3.24
90,067 43
97,563 00
Jersey City,N.J.
5.15 .0.39 33.05
4.490 21
87,19232
91,68253
._
Akron,Ohio_.
2
4.
8 18
8:20 4
6,502 45 6
3188 "0
93,184 39
99,686 84
S. L.City. Utah.
3,18747
46
86,271
89,458 93
Springfield,Mass
81 5.66
4.6
'4,82730 *5.67 13
79,826 45
75,300 15
Worcester,Mass.
*6.97
6,154 73 9.97
61,731 87
67,886 60
Jacksonville,Fla.
25,897,729 05 23,272,113 08 2,625,615 97 11.28 2.23 11.55
Total
12? N?
S
i
'
Single. Double.
—
—
34,108 2,348
35,850 1,787
44,632 3,082
.....
7,848,626
5,591,310
7,534,476
5,377,501
10,627,606
3,308,556
62;.k. F
.,
o
z
Ia
a
.. 01
g* -3 6"t
E
4
1
a
4
4
?.
m
..Aa
.-. .,
b-ce
..ti•:S.,,1 2 a F.- .43 n rg:
2•42c,E y t tillnql1.
n-n
q
.
4
. "
1689
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
FOR THE MONTH OF SEPTEMBER 1924.
P. C. P. C.
1924 1923
over
over
Increase.
1923.
Sept.
• Sept. 1924.
1923. 1922.
$
$
OfficesI.93
•
29.61
78
43.609
54
147,298
32
190,908
Springfield, Ohio
87,110 66 23,102 83 26.52 *6.28
110,213 29
Oklahoma, Okla
98,365 05 20,219 16 20.56 0.21
118,584 21
Albany, N. Y
315 43 0.39 11.92
80,343 58
80,659 01
Scranton, Pa
70,845 48 21,486 75 30.33 12.09
92,332 23
Harrisburg Pa
03 21.24 9.89
76.64816,280
72
92,928
San Antonio, Texas
81,943 97 '1,09808 "1.34 10.76
80.88589
Spokane, Wash
82,080 62 26,324 66 32.07 3.92
108,405 28
Oakland, Calif
11,691 99 13.21 16.05
88,523 17
100,215 16
Birmingham,Ala
72,376 60 18,920 88 26.14 *1.01
91,297 48
Topeka, Kan
3,861 90 5.89 8.50
65.56406
96
69.425
Peoria, Ill
5,626 30 9.60 "0.22
58,592 76
64,21906
Norfolk, Va
2.75526 5.31 "8.73
07
51,020
33
53,775
Tampa, Fla
84 55 0.11 33.73
73,562 42
73,646 97
Fort Wayne,Ind
9,80606 17.34 2.00
56,55674
66.36280
Lincoln, Neb
28 11.46 2.00
6,756
73
58,974
01
65.731
Duluth, Minn
2.68432 3.91 10.09
68,637 85
71,322 17
Little Rock, Ark
10.47 9.87
6,13000
64
58,523
54
64.654
Iowa
Sioux City,
67,625 46 '6,94457 "8.79 23.31
81,680 89
Bridgeport, Conn
5,533 38 10.27 7.22
53,896 03
59,429 41
Portland, Me
429 32 0.87 2.94
50,390 08
50,829 38
St. Joseph, Mo
7.00304 15.90 17.87
44,043 35
51.04639
Springfield, Ill
52 "0.87 15.52
*422
29
48,429
77
48,006
Trenton, N. J
841 50 2.06 *5.00
40,845 93
41.687 43
Wilmington, Del
15.082 79 41.16 2.26
36.63900
51,721 79
Madison,Wis
1,48691
3.06 8.38
48,501 91
49,988 82
South Bend. Ind
7,854 76 16.00 14.09
49,096 56
56,951 32
Charlotte, No. Caro
38.10
*4.92
99
"2,496
93
50,706
94
48,209
Savannah, Ga
2,58940 6.60 6.60
39,217 72
41,807 12
Cedar Rapids, Iowa
"753 89 "1.88 15.82
40,063 25
39,309 36
Charleston, W. Va
1,643 02 2.87 20.59
57,267 64
58,910 66
Chattanooga, Tenti
6,51247 18.59 9.40
35,021 05
41,533 52
Schenectady, N. Y
1,479 62 4.29 6.35
34
34,509
96
35,988
Lynn, Mass
1,662 10 4.38 46.36
37,030 43
38,692 53
Shreveport,La
580 11 2.00 13.77
24
29,051
35
29,631
Columbia, So. Caro
4.52 6.52
1,35591
29,99088
31,346 79
Fargo, No. flak
*850 75 *2.95 21.12
28,835 65
27.984 90
Sioux Falls, So. flak
3.45 17.57
29
974
48
28,271
29,245 77
Waterbury, Conn
28,504 17 ' 895 85 3.14 6.26
29.40002
Pueblo. Colo
9.40
8.26
13
1,946
79
20,712
92
22,658
Manchester. N.H
2.08472 9.03 •1.19
23.06884
25,153 56
Lexington, Ky
4,562 16 22.56 10.50
20,222 61
24,784 76
Phoenix, Ariz
1,153 25 6.27 *1.35
18.393 12
19,546 37
Butte, Mont
4,66833 23.32 5.02
20.01588
24,684 21
Jackson, Miss
00 21.57 18.69
3,370
15,6251)0
00
18,995
Boise, Idaho
19,842 67 *4,044 28 *20.38 27.70
15,798 39
Burlington, Vt
*701 87 "5.41 6.30
12,942 94
12,241 07
Cumberland,Md
1,34018 11.66 4.90
11,491 95
12,832 13
Reno, Nev
558 27 4.41 23.55
12,645 96
13,204 23
Albuquerque, N. Max
235 46 2.76 *8.78
8.513 80
8.749 26
Cheyenne. Wyo
2,717.578 45 2.438381 56 279,19689 11.45 8.05
Total
•Decrease.
June 1924 over June 1923, 1.50%; July 1924 Over July 1923, 10.64%; August
1924 over August 1923, 3.25%.
Steel Market More Settled as Price Adjustments
Occur-Pig Iron Buying is Light.
The market situation as regards the price basing question
is becoming better adjusted, declares the weekly summary
of the "Iron Age" in its issue dated Oct. 9. Freight rate
changes for which Pittsburgh and Youngstown independent
steel companies will ask and proposals fot linking together
producers in different districts in new consolidations have
been foremost in the price basing developments of the week,.
says the "Age," adding:
1690
THE CHRONICLE
Central Western independents will put before the railroads and the
Commerce Commission at an early date the disadvantage to them of
5th class rates from the Pittsburgh district, as against a commodity rate
on Chicago district steel. This situation gives 1734c. per 100 lb. from
Chicago to St. Louis, 304 miles, against 19c. between Pittsburgh and
Cleveland, or 150 miles.
Reports of possible mergers have been plentiful. While it is doubted
that actual negotiations have started, there is no question of the serious
purpose of a number of important companies to parallel the advantage
of the Steel Corp. in having in different districts great plants from which
a variety oi finished products can be shipped with minimum hauls to
consumers' Works.. Some of these plant may be months in maturing;
others may come on rapidly.
Thus far October has shown some gains in new business over the first
week in September, and some progress has been made by sellers in getting
their bearings under plural basing. Operations for the whole industry
are slightly under 60%.
On certain products Chicago mills just now are booking business faster
than Pittsburgh and Ohio mills. This is taken to mean that some Western
consumers are making sure of getting their steel supply from nearby sources,
seeing that freight. from Pittsburgh or Youngstown would have to be
'paid on all orders in excess of Chicago capacity.
At all events Chicago mills give the best reports concerning current
.bookings. On plates, shapes, bars and rails one important producer there
reports the largest week's total in new orders and specifications since
Jan. 1923. Increased buying by automobile and implement producers
is a factor.
The market situation in wire products,sheets and pipe is becoming better
adjusted. A few outside mills are meeting the new Chicago district prices,
absorbing the difference in freight, but a considerable number of independents, particularly sheet mills, have not decided whether they will
make the necessary concessions.
While at Chicago rather more firmness in plate, shape and bar prices is
Indicated, reports from Pittsburgh and Cleveland show a continued tendency to weakness. Sheet mill operations in all districts are on a larger
scale.
On cold rolled strips, Cleveland has now been generally adopted by
independent mills as a basing point. In both cold finished steel bars and
Cold rolled strips the situation seems to turn on the amount of capacity
the Steel Corp.'s wire subsidiary has at the various basing points it has
named.
, Purchase of 5,650 freight cars in the week brings the total since Sept. 1
to about 25,000. The Southern Ry. bought 3,650 cars and 50 locomotives
and the Reading and Wheeling & Lake Erie, 1,000 cars each. Fresh
inquiries for 4,400 have come out. The Florida East Coast has placed
15,000 tons of rails with the Alabama mill. The Chicago Great Western
has ordered 7,000 tons and the Chesapeake & Ohio is inquiring for 30,000
tons in addition to its recent purchases.
Low fabricated steel prices are bringing out more building work than
Is ordinarily expected at this season. The week's awards of about 27,000
tons were 40 to 50% ahead of any week in September. New projects call
for 33,000 tons of which 14.000 tons is for civic work in Chicago and 9,000
tons for Brooklyn subway construction.
Pig iron buying is light and is confined almost entirely to prompt and last
quarter delivery. The few buyers who have sounded the market for
delivery in the first quarter of 1925 have encountered higher quotations
and in nearly all cases have declined to contract.
Revised pig iron figures for September show an output of 2,053,264 tons,
or 68,442 tons a day, which is 1.200 tons a day more than the estimate
made on Sept. 30. The 173 furnaces in blast on Oct. 1. represent a daily
capacity of 72,235 tons, as against 63,070 tons for 150 furnaces on Sept. 1.
Pig iron production is now at a yearly rate of 261,6 million toms, which is
about 65% of the reoord output of 40,361,000 tons last year. This month
may show a further slight increase, as here and there a furnace is blowing in.
For 8 successive weeks the "Iron Age" pig iron composite price has stood
at $19 46 per ton. It is $3 40 below the year's peak of early March and
near the lowest mark of the past 30 months.
The "Iron Age" finished steel composite price remains for a third week
at 2.474c. per lb., the -lowest figure.since early Jan. 1923. Eight months
ago, at the year's high, it was 2.789c.
The usual comparative price list follows:
Oct. 7 1924. Finished Steel, 2.474c. per Lb.
Based on prices of steel bars, beams,tank ?Sept. 30 1924
2.474c.
plates, plain wire, open-hearth rails. Sept. 9 1924
2.496c.
black pipe and black sheets, constitut- Oct.
9 1923
2.775c.
tag 88% of the United States output__ 10-year pro-war average_1.689c.
Oct. 7 1924, Pig Iron, 11946 per Gross Ton.
Based on average of basic and foundry Sept. 30 1924
$1
Irons,the basic being Valley quotation, Sept. 9 1924
19 46
23 79
the foundry an average of Chicago,,Oct. 9 1923
Philadelphia and Birmingham
10-year pre-war average-- 15 72
Finished Steel-1924 to date: High, 2.789c., Jan. 15: low, 2.474c.,
Sept. 23. 1923: High, 2.824c.. April 24. tow. 2.446c., Jan. 2.
Pig Iron-1924 to date: High. $22 88, Feb. 26: low, $19 29, July 8.
1923: High, $30 86, March 20; low, $20 77, Nov. 20.
The weekly resume of events in the steel market as given
in. the "Iron Trade Review" of Cleveland of Oct. 9 appears
equally optimistic to that cited above. The "Review's"
version of the situation is as follows:
As the various adjustments occasioned by the revised pricing methods on
steel products approach completion, a more settled tone has been spreading over the steel market and better buying, interrupted by the new order
of conditions, again is asserting itself. This revival of demand is accepted
as a further manifestation of the sound fundamental conditions which since
July gradually have been lifting the steel industry out of its depression.
The Chicago district continues to show substantial gains in the volume of
incoming tonnage and mill operations are still increasing. Recovery of rail
and car orders has been a big factor. Similar conditions are reported from
Pittsburgh. In general the industry is running around 65% of capacity.
Unfilled orders of the Steel Corp. at the end of Sept. are expected to have
held their own with August.
Complications incident to the displacement of the principle of Pittsburgh
Plus in naming steel prices are constantly appearing. More intense interest
In freight rates on the part of both buyers and sellers has brought many
Imequalities into the open and this prom;ses to pave the way for many appeals
for relief or harmonization to the Inter-State Commerce Commission.
Some consumers even in the West are showing dissatisfaction with the new
Price plan because it leaves them more in doubt as to the steel costs of their
competitors than under the Pittsburgh plus practice. Fear of some independent companies that they will not be able to compete with the Steel
Corp. units and other more fortunately located plants. has led to considerable talk of possible mergers and consolidations, some of which is taking
definite form.
LVoL. 119.
The week has brought out some further new basing points for prices.
In the South the wire market has been placed on a level $3 a ton above
the Pittsburgh-Cleveland base, with Fairfield, Ala., the basing point.
Cleveland has been added to the bases on cold rolled strip steel at an equal
price with Pittsburgh, and Worcester, Mass., is based $3 per ton higher on
both cold-rolled strip and cold-finished steel. Independent sheet producers
In the Youngstown district lack uniformity in their methods. Some are
quoting a straight delivered price. others on a mill basis, and others are
simply meeting Pittsburgh competition.
Railroad buying is going ahead at undiminished volume. Car orders
of the week are in excess of 7.000. including 3,650 for the Southern, 1,252
for the Gulf Coast Line, 1,000 for the Wheeling Sz Lake Erie, and 1,000
additional for the Reading. A final compilation shows car orders in Sept.
totaled 27.600, and brings the year to date to over 108.000. This compares
with 103,487 for all of 1923. Rail orders of the week were 30,000 tons for
the Reading, 15,000 for the Florida East Coast and 10,000 for the Lackawanna.
Eastern cast iron pipe makers have bought further round tonnages of
pig iron. A New England textile machinery builder took 8.000 tons and a
pump manufacturer 7,000 to 8.000 tons. One block of basic has been
closed in the East. These sales are outstanding in a week of fair activity
in which prices have held well. The scrap market has weakened further.
Structural steel inquiry is good, including 10.000 tons for a hotel at New
York, 9,000 tons for a subway section in New York and an equal amount
for the same purpose in Philadelphia. The week's awards total 33,032 tons.
Prices have held on a dead centre this week and "Iron Trade Review"
composite offourteen leading iron and steel products is unchanged at $38 67.
Complete statistics of pig iron production for Sept. show the gain in tonnage over August to have been 12.7%, and in the number of furnaces, 24.
The total output in Sept. was 2.053,617 tons, or at the rate of 24,250,000
tons annually. This represents 61.2% of the high point in March.
Foreign competition in both pig iron and steel is again more apparent.
especially along the Atlantic Coast. Eastern jobbers have closed for several thousand tons of German steel bars and structural shapes at $41 per
ton duty paid tidewater, which is $3 to $5 per ton under the domestic
figure. Two cargoes of pig iron from England and France were discharged
to Delaware River buyers this week. Sales of Indian pig iron in the East
now are estimated at 10.000 to 15,000 tons monthly.
Complete Reports of Sepembter Pig Iron Output.
Complete figures for the pig iron production in September
show an increase over the estimated output published last
week, as obtained by telegraph by the "Iron Age." This
is due in part to a faster rate of operations last month than
that of August, which was taken as the basis for the estimate, explains the "Age" of Oct. 9, adding:
The production of coke pig iron for the 30 days in September amounted
to 2,053,264 gross tons, or 68,422 tons per day, as compared with 1,887,145
tons, slightly revised, or 60,875 tons per day for the 31 days in August.
This is an increase of nearly 12.5% in daily rate. The turn upward which
started in August, when the increase in daily rate was about 6.5% has
been intensified nearly twofold.
There were 26 furnaces blown in and only three blown out or banked
in September, the net gain being 23. as compared with six for August.
The capacity of the 173 furnaces active on Oct. 1 is estimated at 72,235
tons per day, contrasting with 63,070 tons per day for the 150 furnaces
active on Sept. 1. Of the 26 furnaces blown in last month, six were Steel
Corp. stacks, 14 were independent steel company furnaces and six were
merchant units. Two independent steel company stacks and one merchant furnace were shut down.
The ferromanganese production in September was 13,263 tons, or
2,545 larger than in August. The output of spiegeleisen was only 5,033
tons, or next to the lowest this year, the April production having been
only 4,240 tons.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
Steel Werke,
Merchant.
Total.
78.799
1923-September
25,385
104,184
October
77.255
101,586
24,331
November
72,352
96,476
24.124
December
69,921
94,225
24.304
73,368
97.384
1924-January
24.016
83.126
106.026
February
22.900
March
111,809
86.276
25.533
April
82.101
107,781
25,680
62,176
22,182
84,358
May
June
50,237
67,541
17,304
July
43.353
14.224
57,577
45,591
15,284
60,875
August
50.312
September
18,130
68,442
PRODUCTION OF STEEL COMPANIESr-GROSS TONS.
-Splegeleteers and Ferromanganese-TotalProduction- F'errom. Spiegel. Ferrom. Spiegel.
1923.
1924.
1923.
1923.
1924.
1924.
2,479,727 2.274,005 19.358 12,050 20,735
January
7,948
2,259.154 2.410.658 21,282
February
3.657 22,405
9,870
2,724.305 2,674,565 20.730 13.832 22,351 13,796
March
April
2,704,360 2,483.027 20.808
4.240
7,440 23.580
May
2,976,892 1,927.461
9,336
19.568
9,533 14,993
June
2,727,208 1,507,110 19,717 18,289 20,049
9,405
Halt year
July
August
September
October
November
December
15,871,648 13,256,826 121,564
2.752.738 1.343 052 26.493
1,413,314 22,045
2,680,851
2.363.967 1,509,360 23,206
2.394,922
20,015
2,170,567
14,839
2,167.563
18,069
64,807 124,113
12.376 14.367
5,586 10.718
4,478 13,263
15,931
16.783
10,124
54,595
15.328
8,010
5,033
Year
30,402,254
246,231 130.585
TOTAL PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
1924.
1923.
1920.
1922.
1921.
January
3.01.5,181 2.416,292 1,644,951 3,229.604 3,018,890
February
2,978,879 1,937,257 1,629,991 2.994.187 3.074,757
March.
3,375,907 1.595.522 2,035.920 3,523,868 3,466,086
April
2.072,114 3,549.736 3.233,428
2.739,797 1,193,041
May
2,985,682 1,221,221 2,306.679 3,867.694 2,615.110
Juno
3,043,540 1,064,833 2.361,028 3,676,445 2,026,221
- Half year
18.138,986 9,428,166 12.050.683 20.841,534 17,434,492
July
3,067,043
86(555 2.405.365 3.678 334 1,784,309
August
1,887,145
954,193 1,816,170 3,449,493
3,147,402
September
985.529 2,033,720 3,125,512 2,053,264
3.129,323
October
3.292,597 1.246.676 2.637.844 3.149.158
November
2,934.908 1,415,481 2.849,703 2,894.295
December
2.703,855 1.649,086 3,088.898 2.920,982
Year
36,414,114 16,543.686 26,880,383 40,059,308
•These totals do not Include charcoal pig iron. The 1923 production of this Iron
was 251.172 tons
THE CHRONICLE
OCT. 11 1924.]
1691
domestic, for the third quarter of 1924 came to
Shipments, foreign and
Crude Oil and Gasoline Prices Remain Stable After 583,274,000 pounds, average of 194424,000 pounds a month, with production for the period 632.394,000 pounds, average of 210,798.000 pounds a
Last Week's Reduction.
month.
The few price changes noted during the current week
Shipments tor the second quarter totaled 661,604.000 pounes, average of
pounds.
to
down
quotations
the
220.534,000 with production 647,070,000. average of 215.690.000
were all in the nature of bringing
for the first quarter totaled 726,702,000 pounds. average of 242.the levels announced by competitors. In this class was the Shipments
217,952,234.000 a month with production 653,856,000 pounds. averaging
reduction in crude oil announced Oct. 5 by the Humble Qil 000 pounds a month, making total shipments for the first three quarters
for the
a
cents
15
1.971.580.000 pounds, average of 219.064.000 pounds. Production
& Refining Co. The reduction was from 10 to
was 1,933.320,000 pounds, average of 214,813,000 pounds,a month.
barrel in the various grades of midcontinent crude oil, period
Domestic shipments for the third quarter came to 318,816.000 pounds.
thus meeting the reductions announced about a week ago average of 106,272,000 pounds a month, with export shipments 264,458,000
pounds, average or 88.152,000 pounds. These compare with domestic
by the Prairie Oil & Gas Co. and others.
130,shipments of 390,252,000 pounds in the second quarter, average of
Wichita
Moran,
for
basis
gravity
The new prices are on a
084,000 pounds a month, and export shipments of 271,352,000 pounds.
Below
first
the
for
shipments
and Archer County crude oils and run as follows:
average of 90,450,000 pounds a month. Domestic
average of 149.099.000 pounds a month,
30 gravity, 75e. a barrel; 32 to 32.9 gravity, 90c.; 33 to 35.9 quarter came to 447.298,000,
with export shipments 279.404.000 pounds, average of 93.134.000 pounds
gravity, $1 10 and 36 gravity and above, $1 25 a barrel. a month, making total domestic shipments for the first three quarters
for
month and export
Previously Humble had only one price, $1 25, a barrel
1,156,266,000 pounds. average of 128.474,000 pounds a
of 90,580,000 pounds a month.
average
pounds.
815,204,000
of
shipments
stipulation.
gravity
without
crudes
Archer and Wichita
month shown by
Average shipment of 219,064,000 pounds of copper a
Effective Oct. 4, Magnolia Petroleum Co. met the prices the figures of the American Bureau of Metallic Statistics for the first three
of 192.895.000
for crude oil in Oklahoma, Kansas and Texas quoted by quarters of 1924 compares with average monthly shipmentsin
1922.
a month
Prairie Oil & Gas Co. The new prices posted by Magnolia, pounds a month in 1923 and of 151.234,000 pounds
the
week,
this
public
made
the
figures
Regarding the copper
showing a reduction of 15 to 20 cents a barrel from
said:
10)
(Oct.
night
gravity,
last
of
ees
Post"
"Evening
deg
York
30
New
Under
as
are
prices,
follows:
previous
information
Following a lapse of more thanTthree'lmonth in which no
75c. a barrel; 30 to 32.9, 90c.; 33 and above, $1 25. The
refineries Wall
was available as to the performances of American copper
top grades, 33 deg ees and above, remain unchanged, but Street
50.000,000
almost
to-day received statistics indicating an increaes of
the company previously quoted 90c. a barrel for oil under pounds in the amount of unsold surplus of refined copper since mid-year.
previously had
It was not entirely a surprise, however, as developments
28 gravity, $1 for 28 to 30.9 and $1 10 for 31 to 32.9.
their policy
indicated producers had been giving consideration to renewing
Standard
the
that
stated
7
Oct.
on
Reportsfrom Shreveport
of publicity with respect to their detailed operations.
instead of
Smackover
qmrterly
Oil of Louisiana has regraded its classification of
Hereafter the copper statistics will be made public
by the "Evening Post," and in this manner will be
crude, making 25 and above gravity 95e. a barrel and below monthly,it was learnedclosely
with such mining companies as still continue
made to conform more
25 gravity 85c. a barrel. Previously the company had been to make known their production in an official manner.
period
The first quarterly showing of American copper refiners for the
grading Smackover crude at below 24 gravity at 85c. a barrel.
follows:
to-day,
public
made
as
by
1,
October
barrel,
to
a
10c.
UP
reduced
been
has
oil
El Dorado crude
Pounds.
Pounds. I
Standard Oil of Louisiana to $1 for 33 and above and 90c. Primary production
264.458.000
615,650.0001Export deliveries
318,816.000
a barrel below 33.
16.744.000[Domestic deliveries
Scrap production
The reductions in gasoline prices have been of the same
583.274,000
632,394,0001 Total
Total
nature as those in crude oil, the most notable one being that
of
Co.
Oil
Standard
the
by
Ky.,
announced in Louisville,
Lumber Movement Declines.
Kentucky, which reduced gasoline prices in Southern States
an average of 3c. a gallon. Kentucky prices have been
The national lumber movement for the week ending
reduced from 1 to 3c. a gallon, according to the points of Oct. 4, as indicated by telegraphic reports from 353 of the
distribution.
chief commercial softwood lumber mills of the country,
The retail price of gasoline, which for some time has been indicates a decrease in all three factors of production, ship15c. a gallon in Schenectady, N. Y., and 180. in Albany, ments and new business compared with the previous week,
dropped to 140. at an independent filling station on the says the National Lumber Manufacturers' Association on
highway between the cities. The reduction came after the Oct. 9. These decreases are also noticeable in comparison
price fell to 16e. in Albany. No change is indicated in with the corresponding week of 1923. The report conSchenectady.
tinues:
end
Refiners in Northwestern Pennsylvania have announced a
The unfilled orders of 245 Southern Pine and West Coast mills at the
reduction of Yac. a gallon in the wholesale price of gasoline of last week amounted to 564,381,121 feet, as against 588.674,620 feet
this
in
for 245 mills the previous week. The 124 Southern Pine mills
to jobbers.
feet at the end of last
Crude Oil Output Again Decreasse.
A decrease of 13,900 barrels per day was reported by the
American Petroleum Institute on Oct. 8, the daily average
gross crude oil production in the United States for the week
ended Oct. 4 having fallen to 2,010,450 barrels from 2,024,350
barrels for the preceding week. The current output is also
a decrease of 146,950 barrels per day compared with the
corresponding week of 1923. Current California production
is 608,400 barrels, as compared with 607,500 barrels; Santa
Fe Springs is reported at 54,000 barrels, against 55,000
barrels; Long Beach, 140,000 bareels, against 141,500
barrels; Huntington Beach, 39,000 barrels, no change;
Torrance, 52,000 barrels, against 52,500 barrels, and Dominguez, 34,000 barrels, against 30,000 barrels. The daily
average production east of California is 1,402,050 barrels,
as compared with 1,416,850 barrels the previous week, a
decrease of 14,800 barrels. The following are estimates of
daily average gross production for the weeks indicated:
DAILY AVERAGE PRODUCTION.
Oct. 4 '24. Sept. 27'24 Sept. 20'24 Oct. 6'23.
/n Barrels535,050
546,500
396.950
527,850
Oklahoma
85,050
85,650
71.450
84,600
Kansas
73,900
72,700
67.800
72,850
North Texas
179,400
180,650
265,400
177,300
Central Texas
54.000
54,150
52,550
56.500
North Louisiana
130,050
130.250
131,850
122,350
Arkansas
143,100
133,250
101.100
Gulf Coast & Southwest Texas 139,400
107,000
108.500
108.000
108.000
Eastern
109,300
109,250
112.800
133,850
Wyoming, Montana & Colo
607,500
612,800
608,400
834,000
California
combination showed unfilled orders of 223,468,200
121
week and 231,837.555 feet for 124 mills for the preceding week. For
against
West Coast mills the unfilled orders were 340.912,921 feet, as
356.837,06% feet for 121 mills a week earlier.
Of the 353 comparably reporting mills, last week's shipments were 100%
mills b)
and orders 88% of actual production. For the Southern Pine
the
themselves these percentages were 106 and 95%,respectively, and for
West Coast group 98 and 84.
the
for
Of the foregoing mills. 329 have a determined normal production
week of 214.655,040 feet, according to which actual production was 102‘,",
shipments 101% and orders 89% of normal production.
as reflected
The following table compares the national lumber movement
3 weeks
by the comparably reporting mills of 7 regional associations for the
indicated: •
Week
Preced'a
Corresponding
Past
Week 1923. 1924 (Revised)
Week.
377
390
353
Mills
241,538,795
256,787.457
231,221.433
Production
241.352,936
236.334.093
230,745,867
Shipments
231,619,161
246,075,162
202,560057
Orders (new business)
movement for the
The following figures compare the reported lumber
first 40 weeks of 1924 with the same period of 1923:
Orders.
Shipments.
Production.
9.369.718,776 9.283.615.550 8.983,923.859
1924
9.319.563.773
9,803,753,914 9,798,049.918
1923
335.639.914
514,434,368
434,035,168
1924 decrease
make weekly
The mills of the California White & Sugar Pine Association
in respect
reports, but for a considerable period they were not comparable
not repreto orders with those of other mills. Consequently the former are
reported a
sented in any of the foregoing figures. Twelve of these mills
7,973,000
orders
cut of 15,534,000 feet last week,shipments 12,246,000 and
The reported cut represents 32% of the total of the California pine region.
West Coast Weekly Lumber Review.
One hundred and twenty-one mills reporting to West Coast
s Association for the week ending Sept. 27,
Lumbermen'
273,502,000
Pounds-Figures
1
Copper Stocks Oct.
d 97,881,459 feet of lumber; sold 100,116,285
manufacture
Hereafter to Be Made Public Quarterly.
feet; and shipped 104,105,019 feet. New business was 2%
[From the "Wall Street Journal" of Oct. 9.]
new business.
of refined copper in hands of North and South American pro- above production. Shipments were 4% above
Total
2,010,450 2,024.350
2.038,850 2.157,400
Stocks
Forty-six per cent of all new business taken during the week was for
ducers Oct. 1 were 273.502.000 pounds. against 224.390.000 pounds July 1,
which 34,830.increase of 49,122,000 pounds during the third quarter, average of 16,374,- future water delivery. This amounted to 46.295.384 feet, of
export. New
000 pounds a month. Stocks in producers' hands were 239.924,000 pounds 145 feet was for domestic cargo delivery; and 11,465,239 feet
business by rail amounted to 1,558 cars. .
April 1 and 311.770,000 pounds Jan. 1.
1692
THE CHRONICLE
[Vol,. 119.
Forty-three per cent of the lumber shipments moved by water. This
The movement of soft coal across the lakes continued close to the 800.000amounted to 45.064,118 feet, of which 33,726,424 feet moved coastwise ton mark. The total quantity dumped at Lake
Erie ports amounted to
and intercoastal; and 11,337,694 feet export. Rail shipments totaled 1.732 789,965 net tons, for the week ended Sept.
28, a decrease of 89,782 tons, or
cars.
nearly 5%. Dumpings for the corresponding week in 1923 totaled 836,790
Local auto and team deliveries totaled 7,080.901 feet.
tons. Of the total dumpings 744,784 tons were cargo coal and 45,181 tons
Unfilled domestic cargo orders totaled 128.826,588 feet. Unfilled export were vessel fuel. To date, the cumulative
dumpings for the season amount
orders 97,570,477 feet. Unfilled rail trade orders 4,348 cars.
to 16,016,090 tons—a decrease of 6,044,911 tons from the corresponding
In the thirty-nine weeks of the year, production reported to West Coast period in 1923, and 2,218,398
tons from the same period in 1921, but it
Lumbermen's Association has been 3,599.320.493 feet; new business 3,665,- sbould be remembered that when the 1924
season opened there were between
152.738 feet; and shipments 3,773,613.809 feet.
four and five million tons of soft coal on the docks of Lake Superior and
Michigan, while the carry-over in 1921 was about 2,500.000 tons, and in
1923 the docks were practically stripped when the first cargo arrived.
Lumber Production During August.
For the same week Hampton Roads activity decreased, dumpings of soft
The "National Lumber Bulletin," published monthly by coal dropping to 361,767 net tons—a decrease of 52,556 tons, or 13%.
The anthracite markets continued active and good, with domestic demand
the National Lumber Manufacturers Association of WashingIncreasing and a slight betterment
sales and inquiries for steam sizes.
ton, D. C., and Chicago, Ill., in its issue dated Oct. 7 1924, Many districts report a shortage of instove
and some producers leaving the
market on account of being sold up. In the Philadelphia market, as in other
printed the following statistics:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY Eaastem markets, anthracite receipts were curtailed owing to the severe
storm early last week. Baltimore reports feeling the competition of oil
BY MEMBER ASSOCIATIONS* TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR AUGUST 1924 AND AUGUST 1923.
burners, but our correspondent adds that the equipment in many cases is
not proving satisfactory.
August 1924.
The bituminous coal market
Association.
Production.
Shipments.
ills
Hardwoods Softwoods. Hardwoods Softwoods.
Feet.
Feet.
Feet.
Feet.
California Redwood
I
California White & Sugar
Pine Mfrs
Georgia-Florida Saw Mill
North Carolina Pine
Northern Hemlock &
Hardwood Mfrs
Northern Pine Mfrs
Southern Cypress Mfrs
Southern Pine
West Coast Lumbermen's
Western Pine Mfrs
Non-members
15
43,317,000
34,719,000
29
4
57
147.177.000
4.120,000
38,570,000
89,377,000
4.280.000
36,887,000
45 23,181,000
22,970,000 26,419,000 17,806.000
42,729,000
34,590,000
13,887,000 3,166,000
9,472,000
399.475.000
421,035,000
347452.000
350,397,000
142.053.000
120,216,000
7,106,000 24,131,000 8.601,000 29,219,000
I 524 34,028,000 1,225.981,000 38,188,000 1,153,998,000
Total
9
11
177
113
39
25
3,741,000
August 1923.
Association.
Mills.
Production.
Hardwoods
Feet.
California Redwood
15
California White & Sugar
Pine Mfrs
38
Georgia-Florida Saw Mill
7
North Carolina Pine
43
Northern Hemlock &
Hardwood Mfrs
56
Northern Pine Mfrs
10
Southern Cypress Mfrs_
8
Southern Pine
182
West Coast Lumbermen's 120
Western Pine Mfrs
36
Non-members
27
Total
542
Shipments.
Hardwoods Softwoods
Feet.
Feet.
Softwoods
Feet.
50,371,000
45.329,000
172,319.000
6,731.000
32.086,000
80,034,000
5,607,000
29.099,000
31,462,000
30.731.000 40.674.000 26,961.000
59,209,000
32.225,000
7.641.000 3,042.000
8,155,000
426.588,000
407.247,000
480,277,000
443,601,000
131,315.000
92,209,000
6,462,000 58,714.000 5,076,000 50,108,000
40,504,000 1,455,962,000 48,792,000 1,220,635,000
2,580.000
•Michigan Hardwood Manufacturers Association no longer reporting.
Total Production Aug. 1924, 1,260,009,000 feet.
Total production Aug. 1923, 1,496.466,000 feet.
Total shipments Aug. 1924. 1,192.184.000 feet.
Total shipments Aug. 1923, 1.269,427,000 feet.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY
STATES
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR AUGUST 1924.
August 1924.
tits. Production(ft) Shipments (ft)
Alabama
Arkansas
California
Florida
Georgia
Idaho
Louisiana
Michigan
Minnesota
MeshedPei
Montana
North Carolina
Oklahoma_
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others*
25
17
36
13
9
16
53
9
5
46
10
12
3
53
18
37
18
81
37
28
34,386.000
38,420,000
165,4813.000
24,595.000
7.106,000
68.580,000
129.923,000
7,801,000
29.413,000
110,893,000
20.310.000
6.750.000
9,164.000
172,261,000
8,583,000
71,605,000
18,368,000
253,462,000
40,787,000
42,116,000
33,436,000
40,900,000
106,895.000
23.595,000
7,886,000
52,467,000
136,963,000
6,053,000
27,349,000
114,692,000
18,550,000
6,070,000
7,166,000
169,600,000
8,287,000
79,457.000
16,385,000
253,198,000
39,340,000
43.895,000
TotaL
524 1,260,009,000 1.192,184,000
*Includes mostly non-member mills, not distributed
Further Improvement Marks the Week in Both Hard
and Soft Coal Markets.
Further improvement in the bituminous markets of the
country were to be noted during the first week in October.
In some sections, as noted in the "Coal Trade Journal" of
Oct. 8, prices have gained a little ground and everywhere
else they remain firm. In Chicago, smokeless is in good demand and prices have advanced. More interest is being
shown by buyers in Pittsburgh, where buying has inceeased
in volume. Philadelphia reports market unchanged, with
pier market in good shape and no distress coal. No change
was to be noted in St. Louis or in Baltimore. both markets
.being quiet. Buffalo and Toronto markets showed slightly
greater activity. The New York market is slowly improving, continues the "Journal," adding further details, which
are appended:
(er
continued to forge ahead
during the last week, declares the "Coal Age," New York, in
its market review of Oct. 9. The improvement, of course,
is more marked in some fields than others, Baltimore, for
instance, still being in the throes of the depression that descended upon the industry last spring. A most encouraging
development, however, is the display of strength in the
New England market, where pessimism reigned so long.
Business is so brisk in western Kentucky that it is difficult
to keep track of prices, they change so rapidly. In the other
centres, however, the upturn is more gradual. Car supply
has become a problem already in fields served by the Chesapeake & Ohio, Norfolk & Western and the Louisville & Nash.
ville, as well as in the Birmingham district, according to
observations made by the "Age," to which we add the following extracts from its review:
While the pace of general industry is irregular, the trend is definitely
upward and prospects are getting better, particularly in such basic industries as iron and steel as well as textiles. A notable feature of this expansion is seen in the huge orders for equipment being placed by the railroads,
$60,000,000 having been spent for this purpose during the last month by
carriers in this country.
"Coal Age" index of spot prices of bituminous coal again advanced one
point during the last week—its fifth successive rise—standing on Oct. 6 at
171, the corresponding price for which is $2 07. This compares with 170
and $2 06, respectively, on Sept. 29.
Activity at Hampton Roads registered a further reaction last week, dumpings of coal for all accounts during the seven.day period ended Oct. 2
totaling 331,398 net tons, compared with 856,557 tons handled during the
preceding week.
Coal movement up the lakes is holding up well despite the belief of some
that it is a finished job as far as this year is concerned. Dumpings at Lake
Erie ports during the week ended Oct. 5, according to the "Ore & Coal Exchange," were as follows; For cargo, 731,604 net tons;, for fuel, 45,145
tons, compared with 734,246 and 39,686 tons, respectively, during the
previous week.
Anthracite is moving easily in most markets, though a large
proportion
of the business is in small orders, and prices hold firmly. Stove
continues
to be most in demand, but there is a better call for the other sizes also. including steam coals, No. 1 buckwheat being in particularly good shape.
Production has been hampered considerably by floods at a number of
mines
following the heavy rains of last week.
Output of Bituminous Coal—Anthracite and Coke
Improve.
The weekly report on the coal and coke production of the
United States issued by the Department of the Interior,
through the Geological Survey, Oct. 4 1924, states that a
general improvement in production is noticeable throughout
the industry. The report is in substance as follows:
The production of soft coal continues to improve steadily. The total
output for the week ended Sept. 27,including lignite, coal coked, mine fuel
and local galas, is estimated at 10,189,000 net tons, an increase of
359.000
tons. The average daily rate of output nearly reached 1,700,000
tons,
and is now just above the level attained at this time in 1922.
It is still
somewhat below that for 1923, and before reaching the level
of 1919 and
1920 it would be necessary to add about 2,000.000 tons to the
prevailing
weekly rate of production. Production in the corresponding weeks
of the
last four years was as follows:
1923
11,347,000 net tonsI1921
9,085,000
tons
not
1922
10,168,000 net tons 11920
12,123,000 not tons
Estimated United States Production of Bituminous Coal (Net Tons). Including
Coal Coked.
1924
1923
Week. Cal.Yr.toDate
Week. Cal.Yr.toDatec
Sept. 13
9,529,000 312,103,000
388.212,000
11,378.000
Daily average
1.588,000
1,896,000
1.703,000
1,437,000
Sept. 20.a
9,830,000 321,932,000
11,454,000
399,606,000
Daily average
1,638,000
1.909.000
1,796,000
1,443.000
10,189,000 332.121,000
11,347,000 411.013,000
Daily average
1.891,000
1,799,000
1.449,000
a Revised since last report. h Subject to revision. c Minus one day's
production in New Year's week to equalize number of days in the two years.
Preliminary telegraphic reports on loadings on Monday and Tuesday of
the present week (Sept. 29-Oct. 4) show an increase over the corresponding
days last week, and indicate the possibility of total production reaching
10.300.000 tons.
Production of soft coal during the first 229 days of the calendar year
1924 was 332,121,000 net tons. In the Six preceding years it was as follows:
Years of Activity.
Years of Depression.
I
1918
440,450.000 net tons 1919
349,808,000 net tons
1920
300,212,000 net tons
405,999,000 net tons 1921
1923
411,013,000 net tons 11922
278,991,000 net tons
Thus it is seen that front the viewpoint of the production of soft coal, the
year 1924 stands 21% behind recent years of activity and 7% ahead of the
Years of depression.
OCT. 111924.]
THE
CHRONICLE
1693
According to the Connellsville "Courier," 717 additional ovens were put in
ANTHRACITE.
and the output there increased from 59,520
The'production of anthracite Improved perceptibly in the week ended blast in the Connellsville region
tons
to 70,260 tons.
Sept. 27 and passed the 1,900,000-ton mark. The total output is now
placed at 1,942,000 net tons, an increase of 19.000 tons. This estimate is
Estimated Production of Beehive Coke (Net Tons).
based on the 37,130 cars reported loaded by the principal anthracite
Week Ended
carriers, and includes allowances for mine fuel, local sales, and washery
1924
1923.c
Sept.27 Sept.20 Sept.29
to Date.
1924.a 1924.b 1923. to Date.
and dredge coal. The present rate of anthracite is close to the capacity
265,000
11,674.000
83,000
5,699,000
94,000
Pennsylvania
&
Ohio
of the mines, and, as is shown in the following table, compares favorably
843,000
7.000 6,000 15,000 391.000
West Virginia
withlthe highest records for the corresponding week in other recent years.
842,000
14,000 -16,000 18,000 707,000
Ala., Ky., Tenn. & Ga
587,000
1,730,000 net tons Virginia
1,942,000 net tons 1921
9,000 8,000 13.000 303,000
1924
1,710,000 net tons Colorado & New Mexico
293,000
5,000 6.000 201,000
2.025,000 net tons 1920
5,000
1923
2.000,000 net tons Washington & Utah
212,000
1,982,000 net tons 1919
4,000 4,000 4,000 158.000
1922
Estimated United States Production of Anthracite (Net Tons).
132,000 122,000 321,000 7,459,000 14.451.000
United States total
1924-------1923
Week. Year to Date Daily average
Week. Year to Date
62,000
32.000
22,000 20,000 54,000
2,000 68.362,000
1,820,000 64,058.000
Sept. 13
877,000 69,239,000
1,851,000 65,909.000
Sept. 20
a Subject to revision. b Revised from last report. c Less one day's
71,264,000
1.942,000 67.851,000
2.025,000
Sept. 27
production in New Year's week to equalize the number of days covered for
the two years.
BEEHIVE CORE.'
The production of beehive coke continued to improve in the week ended
Sept. 27. The total output is estimated at 132,000 net tons, an increase of
10,000 tons over the revised figure of the preceding week. The improvement was due principally to a gain of 11,000 tons in Pennsylvania and
Ohio.The output in the group of four Southern States declined somewhat.
Cumulative production of beehive coke during 1924 to Sept. 27 stood at
7,459,000 net tons. Figures for similar 'periods in earlier years are as
follows:
4,769,000 net tons
1920
15,832,000 net tons 11922
14.451.000 net tons
4,261.000 net tonsi1923
1921
Current Events and Discussions
The Week with the Federal ReserveBanks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 8, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows increases of $37,100,000 in holdings of acceptances purchased in open market
and of $5,300,000 in Government securities, together with
a decrease of $400,000 in holdings of discounted bills. Total
earning assets rose to $1,024,800,000, or $41,800,000 above
the total reported a week ago. Federal Reserve note circulation increased by $12,500,000, total deposits by $41,500,000 and cash reserves by $600,000.
An addition of $21,100,000 to holdings of discounted bills
is reported by the Federal Reserve Bank of New York, the
remaining Reserve banks reporting dedlines aggregating
$21,400,000. The largest reduction-$6,800,000-is shown
for Cleveland, Richmond reports a decline of $3,000,000 and
San Francisco of $2,600,000. Holdings of paper secured
by U. S. Government obligations went up by $5,700,000
to $110,400,000. Of the latter amount $59,900,000 was
secured by Liberty and other U. S. bonds, $48,900,000 by
Treasury notes and $1,600,000 by certificates of indebtedness. After noting these facts, the Federal Reserve Board
proceeds as follows:
All Federal Reserve banks show larger holdings of acceptances purchased
In open market except Richmond, which holds none of this class of bills.
Of the total increase of $37.100.000 in acceptance holdings, $19,600,000
represents the increase at the New York Reserve Bank. On Sept. 18 the
Federal Reserve Bank of New York used a portion of the small balance
which has been kept on deposit with the Bank of England for a number of
Years to purchase prime sterling bills in the London market. The amount
of such bills held, $227,000, is included in the statement with other bills
bought in open market. Holdings of U. S. Government bonds increased
by $1.700,000 during the week, those of certificates of indebtedness by
33,500,000 and of Treasury notes by $200,000.
A gain of $7,500,000 in Federal Reserve note circulation is reported
by the Federal Reserve Bank of New York. and gains of $3,000,000 and
$2,800,000,respectively, by the Cleveland and Dallas banks. The Chicago
bank shows a decline of $3,300,000 in its Federal Reserve note circulation
and Philadelphia a decline of $2,500,000, while the remaining banks report
relatively small changes in this item for the week. Gold reserves increased
by $700.000. Reserves other than gold declined by $100.000, and nonreserve cash increased by $7,000,000.
The Week with the Member Banks of the Federal
Reserve System.
Further increases of $186,000,000 in loans and investments, accompanied by increases of $240,000,000 in net
demand deposits and of $17,000,000 in accommodation at
the Federal Reserve banks, are shown in the Federal Reserve
Board's weekly consolidated statement of condition on
Oct. 1 of 745 member banks in leading cities. It should be
noted that the figures for these member banks are always a
week behind those for the Reserve banks themselves.
All classes of loans increased during the week; loans on
corporate securities were higher by $64,000,000, loans on
U. S. Government securities by $2,000,000, and "all other,"
largely commercial, loans and discounts by $39,000,000.
Investment holdings of U. S. Government securities increased by $6,000,000 and investment holdings of corporate
securities by $75,000,000.
Loans and discounts of the New York City members
increased by $75,000,000, of which $57,000,000 was in loans
on corporate securities, $1,000,000 in loans on U. S. Government securities and $17,000,000 in :'all other" loans and
discounts. Their investments in corporate securities show
a gain of $51,000,000, while their investments in U. S.
Government securities declined by $2,000,000. Further
comment regarding the changes shown by these member
banks is as follows:
Ofthe total increase of$240,000.000 in net demand deposits. *173.000.000
was reported by banks in the New York District. Smaller increases
were reported by banks in all other Federal Reserve districts except St.
Louis and San Francisco. Time deposits increased by *11,000.000.
Reserve balances with Federal Reserve banks were $8,000,000 larger
than a week ago, the larger increase of $37.000,000 reported by New York
City members being partly offset by decreases reported by other members.
principally in the Cleveland and Chicago districts. Cash in vault declined by $10,000,000 of which $4.000,000 was reported by the New York
City banks.
Borrowings of all reporting institutions advanced from $75,000,000
to *92,000,000, the New York City members accounting for nearly all
of the increase.
On a subsequent page-that is, on page 1715-we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
The statement in full, in comparison with the preceding furnished a summary of the changes in the principal items
week and with the corresponding date last year, will be found as compared with a week ago and with last year:
Increase (+) or Decrease (-)
on subsequent pages, namely, pages 1714 and 1715. A •
During
Year.
Week.
summary of the changes in the principal assets and liabilities
+5105,000,000
Loans
and
discounts,
total
+5799.000,000
of the Reserve banks during the week and the year ending
+2,000,000
-65,000,000
Secured by U. S. Govt. obligations_
+64.000,000
Secured by stocks and bonds
+732,000,000
Oct. 8 1924 follows:
+39,000,000
All other
Total reserves
Gold reserves
Total earning assets
Bills discounted, total
Secured by U.S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Govt. securities, total
Bonds
• Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
+132.000.000
Increase (+) or Decrease (- -) Ievestments,total
+81.000,000
+889.000,000
U. S. bonds
+349,000.000
Miring
+9.000,000
+1,000,000
U. S. Treasury notes
-252,000,000
Week.
Year.
U. S. certificates of indebtedness
-4,000,000
+179,000,000
+$600,000
*62,300.000
+75.000,000
Other bends, stocks and securities__
+613.000.000
+700,000
-76.400.000 Reserve balances with F. R. banks
+8,000.000
+224,000.000
+41,800,000 -118,000.090 Cash in vault
--10.000.000
--14.000,000
+240,000.000
Net
demand
deposits
-400,000
+1,825.000,000
602,600.000
+11.000,000
deposits
+659,000,000
' +5,700.000 -295,800,000 Time
Government deposits
-3,000,000
-6,000,000 -306,800.000 Total accommodation at F. R. banks__ _
+17,000.000
-506.000.000
+37.100,000
-7,000.0011
+5.300.000 +489.300,000
+1,700,000
+17,200.000 Forthcoming $20Q,000,000 Gorman Loan Agreement
+200,000 +333,209,000
Signed in London.
+3,500,000 +135.900,000
+12.500,000 -531.100.000
The signing in London yesterday (Oct. 10) of the agree+41,600,000 +349,800,00(1
ment covering the issuance of the proposed $200,000,000
+61.600,000 +325,700.000
-19.000,000
+17.400.000 loan to Germany, provided for under the Dawes reparation
-1.000.000
+6.700.000 plan, and the expected offering of the loan in this
country
1694
THE CHRONICLE
and abroad on Tuesday next, Oct. 14, are the outstanding
financial events of the moment. J. P. Morgan & Co. will
head the American syndicate offering the bonds, while the
Bank of England will head the British syndicate. The signing of the agreement covering the loan followed negotiations
between a German delegation and British, American and
Continental bankers. J. P. Morgan, who, with Thomas
W. Lamont, a partner in his firm, have participated in the
London negotiations, issued a statement on Oct. 3 in which
he indicated that the American bankers would assist in the
placing of the loan. Mr. Morgan's statement follows:
Our position at present is that we have been requested by the British.
French and Belgian Governments to use our good offices to facilitate the
placing of the German loan under the Dawes plan by issuing a portion for the
American market; that we have satisfied ourselves as to the underlying
security of the bonds and have already begun negotiations with the authorized representatives of the German Government.
The necessity of simultaneous discussions with various Continental markets whose co-operation is essential to the success of the issue has necessarily
delayed the completion of the matter. Meantime, while it is known that
approximately 50% of the issue of £40,000,000($200,000,000) will be placed
in America, 35% in England and the remainder on the Continent, considerable speculation has been rife as to the interest yield and other details.
But it is unlikely these will be finally arranged until preliminary matters,
such as the exact apportionment, arrangement of securities and the terms of
the issue, have been settled.
The favorable result of the preliminary conferences already has had an
effect in London, where a pronounced hostility was displayed against the
loan a fortnight ago. This now appears largely to have been mitigated by
assurances that the American experts see little difficulty in the way of the
successful flotation of the same.
With the arrival of Dr. Luther on Wednesday night the conferences began
to take on a more official character. Financial circles expect it will be a matter of only a short time before the loan document will be ready for Dr.
Luther's signature.
[VOL. 119.
Consequently, it was said in Wall Street, while the $100,000,000 subscribed by American investors will merely lie in the bank here as a reserve
for the new German Gold Bank's liabilities in Germany, the private loans
which will be made immediately afterward, which may aggregate $200,000,000 before the end of the year, will serve to boom American exports and
American manufacturing.
Bankers admitted that there was a possibility that the $100,000,000 subscribed here would leave the country in the form of gold. That, it was
pointed out, depended upon the policy of the German bank in the matter
of whether it preferred to keep its gold reserve here or in Berlin. Several
bankers said to-day they hoped the gold would go to Berlin, because there
Is too much of it In this country.
Upon the reserve created by the loan here and abroad the German bank
will issue currency to the German Government, which will purchase goods
used in making reparations payments in kind.
There is a disposition in banking circles to believe that while the $200,000,000 German loan will mark the turning point for Europe,it will also mark a
turning point for many industries in the United States which have experienced hard times owing to unbalanced international trade. Should this be
the effect, it will be regarded as a most constructive development.
Chancellor Marx on Proposed German Loan.
Discussing with a correspondent of the Associated Press
the importance of the loan as an integral part of the Dawes
plan, Chancellor Marx of Germany, according to Associated
Press cablegrams from Berlin Oct. 8, said:
"Both the German people and the German Government are keenly interested in a successful conclusion of the negotiations now under way in
London. The German people sincerely desires and is prepared to do
everything In its power to accomplish enforcement of the Dawes plan,
particularly as the results of the London conference have yielded a sounder
and more healthy basis for resumption of normal relations between Germany
and her former enemies than has any previously suggested solution of the
reparation problem.
"The German people sees in the loan a means of stabilizing Germany's
finances, while its failure, on the other hand, would be bound to have a
far-reaching detrimental effect on the entire situation and might even
mean the collapse of the Dawes plan."
Chancellor Marx anticipates liberal American participation in the loan.
inasmuch as American bankers, in his opinion, view the securities and
guarantees offered as sufficient.
"Our negotiations with representatives of the various international money
markets," the German statesman continued, "have been marked from the
beginning by a spirit of loyalty on all sides, and we view it as an auspicious
omen for their happly conclusion that not only the United States and
England but also France, Belgium. Italy, Switzerland, Holland and Sweden
are prepared to participate in the loan."
The parties to the negotiations included Dr. Hjalmar
Schacht, President of the Reichsbank, and Dr. Hans Luther,
German Finance Minister. The Associated Press advices
from London last night said:
Reginald McKenna, director of the London City St Midland Bank, has
written a letter to J. P. Morgan & Co. ex/messing a wish for the success of
the American issue of the $200,000,000 German loan. He says that he
has no doubt it will be successful, as the terms in his opinion fully warrant
its success and should justify a large oversubscription of the British portion
of the loan.
Mr. McKenna further expressed the opinion that the Dawes plan affords
the only solution to the problem of industrial and commercial reconstruc- To Join in German Loan—French Bankers Reach
tion of Europe. He regards the successful participation ot the United
Decision at Conference with Herriot.
States in the loan as an event of first importance in the amelioration of
.world conditions.
A cablegram as follows (copyright) was reported from
Owen D. Young, temporary agent-general for reparation Paris by the New York "Times" Oct. 7:
There seems every likelihood that French participation in the 800,000,000
payments under the Dawes plan, announced yesterday
gold mark loan to Germany will be taken up to the full amount of £3,500,000.
(Oct. 10), according to Paris Associated Press cablegrams,
This morning Premier Herriot, with Finance Minister Clementel, held
that the bonds would be issued at 92 and carry an interest a meeting with fifty bankers at the Quai d'Orsay, and, though almost complete secrecy has been maintained about the proceedings, no doubt is enterrate of 7%. The New York "Times" of yesterday said:
tained that the bankers are prepared to meet the demand. Two of their
Preliminary advices received by investment bankers from the syndicate
number, M. Sergent of the Union Parisienne and M. Simon of the Societe
heads indicated that the offering price might be lowered to yield even more Generale, are leaving for London
to continuo with Jean Parmentier the
than 73 %. This, it was explained, was in the interest of putting the loan
negotiations which are taking place there between British and American
over especially well, and of providing for the widest possible distribution.
financiers and the German representatives, Dr. Schacht and Dr. Luther.
Subject to last minute modification,it was indicated that the $110,000,000
This morning's meeting was called to discuss whether France should parAmerican participation would be in the form of % bonds, priced at 92
ticipate, the amount of participation and whether the loan should be offered
to yield 7.75% and maturing in 25 years.
to the public or taken up by the banks. The bankers decided for particiRequests by banks for participations in the underwriting continued pation and are believed to have
indicated that they could place the loan
yesterday. The office of J. P. Morgan & Co. was unusually busy, the to
the amount required. Decision as to whether it would be opened to
partners being in conference practically all day with representatives of
public subscription or privately dealt with was left for further discussion
other banks. One house said that it would not endeavor to sell the bonds after consultation with London.
to corporations, but would pass them out to private investors. It was said,
Messages from Brussels state that the Belgian quota, £1,250,000, is also
however, that corporations were prepared to absorb whatever part of assured of success. Swiss
participation seems more doubtful, the Swiss
the loan was not subscribed for by individuals. The largo banks banks being already somewhat overloaded
with foreign loans.
and corporations, it Is said, have an abundance of idle money on hand,
sufficient, if utilized, to absorb $110,000,000 of German bonds without
difficulty.
Credit to New German Bank.
The 50 New York institutions which are expected to take part have
The
following
is from the New York "Times" of Oct. 9:
German
handling
bonds.
the
New
for
financing for
cleared their decks
The acceptable credit of $25,000,000 recently granted by a group7of
other accounts has practically been abandoned, save for one or two small
American banks, headed by the International Acceptance Bank, to the new
Issues, until after the floating of this German loan.
According to associates of J. P. Morgan & Co., advance inquiries have German Gold Discount Bank, has been liquidated through the payment
already reached the amount of bonds expected to be offered. Forecasts of $3,000,000 of maturing acceptances, it was reported yesterday. 'The
credit, however,remains still open, and the German banks are privileged to
were made yesterday that there would be an oversubscription of 100%.
An analysis of the Joan prospects completed by the Bankers Trust Co. draw on it as required.
Indicated that the wealth of the German people is about $55,000,000,000.
a loan of $200,000,000 being less than four-tenths of 1% of the national
Return German Railways—Roads will be Turned Back
wealth. The service of the loan,including sinking fund operation, manageOct. 19 under Agreement.
ment, &c., is estimated to cost around 820,000,000 in the earlier years,
against the estimated present national income of Germany of about $7,Associated
Press
advices from Berlin Oct. 7 were given as
000,000.000. The sinking fund, according to reports from London. Is
follows in the New York "Evening Post":
expected to retire one twenty-fifth of the loan yearly at 105 or less.
It is announced hero that the negotiations between the Franco-Belgian
From the Brooklyn "Eagle" of last night we quote the Railway
Commission, which has been in charge of the lines in occupied
following from London:
territory, and the Gorman officials, have culminated in an agreement
The "Mail" to-day asserts that strong efforts will be made to place a under which the railways will be returned to German control Oct. 19.
larger portion of the German loan on the Continent, reducing London's
portion thereby to £10000000, or possibly £1,000,000 less.
Germans Change Ship Tax—Modify Exemption Decrees
Reports have reached the financial district that the Dutch portion of ;,he
loan will not be less than £2,000.000 or more than .C3,000,000. It is underAffecting American Shipping Interests.
stood the loan is in sterling is at 93. A rise in sterling, it is figured, might
Special advices from Washingto
'
n Oct. 4 published in the
bring the yield on the Dutch portion to more than 8%•
It is believed the Continental part of the loan will be unmarketable in New York "Times" state:
The Treasury Department of the German Government has modified its
London, but a higher yield may sympathetically stimulate the issue here.
two decrees concerning exemption from income tax of American shipping
It is expected that London's portion will be oversubscribed.
•
interests doing business in Germany.
111
The following is from the "Sun" of last night.
This action is understood to be another step in the direction of a reciprocal
Not a penny of the $200,000,000 German loan, which will be floated in arrangement between the United States and Germany whereby exemption
world markets next week, will be used to purchase goods, bankers said from taxation shall be extended to nationals of the two countries doing a
to-day, but the flotation, particularly the $100,000,000 here, will set loose shipping business either in Germany or the United States.
a flood of private credits for Germany which will be employed for the purUnder the law of 1924 the United States Treasury has authority to
chase of goods,
conclude such reciprocal arrangements.
OCT. 11 1924.]
THE CHRONICLE
1695
Germans Pay Rumania in Kind—Will Send 12,000,000 Offering in New York of $7,000,000 Finnish Municipal
Loan—Books Closed—Bonds Sold.
Gold Marks of Rail Material on Reparations.
On Oct. 8 the National City Company and Dillon, Read
Bucharest advices Oct. 10 were published as follows in
& Co. offered at 91 and interest, to yield over • 7.23%,
the New York "Evening Post" last night:
Germany is about to resume deliveries in kind to Rumania on the repara- $7,000,000 Finnish Guaranteed Municipal Loan of 1924.
tion account, and approximately 12,000,000 gold marks worth of railroad The issue consisted of the following 30-year sinking fund
material is expected for September and October.
Three engineers are going to Berlin to arrange for shipments of the 63/2% external gold bonds:
material, while railroad officials will visit Paris to settle detaiLs with the
Reparations Commission.
Bank in Santiago, Cuba, Suspends Payments.
According to a special cablegram-from Havana Oct. 7
to the New York "Journal of Commerce," the banking house
of Luis Tammaelle of Santiago de Cuba, has suspended
payments. No announcement of the reasons leading to the
suspension has been made as yet, it is stated.
Sao Paulo Plans to Increase Coffee Tax.
The New York "Journal of Commerce" has the following
to say in Washington advices Oct. 3:
Information is received from Brazilian official sources that the Govern
ment of Sao Paulo. Brazil, contemplates proposing to the Legislature an
increase in the export tax on coffee shipped from that State, to become
effective In 1925,according to a cablegram received to-day by the Commerce
Department from its office at Sao Paulo. The exact amount of the increase
has not been decided.
Series "A," $3.900,000 associated municipalities.
Series "B" $3,100,000 City of Helsingfors.
It was announced on the day of the offering that all the
bonds had been sold, and that the subscription books had
been closed. The bonds will bear date Oct. 1 1924, will
become due Oct. 1 1954 and will be non-redeemable for ten
years except for sinking funds. With regard to the latter
it is announced:
Respective series are to be redeemed at or before maturity through
cumulative sinking funds, the first redemption to take place on or before
April 1 1925. Sinking fund moneys will be applied to the purchase of
bonds in the open market below 100 and interest, if obtainable, or to drawings by lot semi-annually at 100. All bonds retired through the sinking
funds are to be cancelled.
Bonds of either or both series redeemable,in whole or in part,at the option
of the respective municipalities issuing the same, on Oct. 1 1934. or on
any interest date thereafter at 100 and interest.
The bonds, coupon, in denominations of $1,000 and $500,
will be registerable as to principal only. Principal and interest
(April land Oct.1)will be payable in NewYork City in United
States gold coin of the present standard of weight and
fineness at the National City Bank of New York, fiscal
Million State Workers in France Reject Herriot's Offer agent, in time of war as well as in time of peace, irrespective
of Minimum Wage Scale.
of the nationality of the holder, without deduction from
Under date of Oct. 6 a copyright cablegram from Paris either principal or interest for or on account of any taxes
or duties, present or future, levied by the Republic of
to the New York "Herald-Tribune" said:
The Herriot government faced the most embarrassing internal situation Finland or by or within any political subdivision or taxing
on record to-day, when federations representing 1,000,000 State employees
authority thereof. The bonds of Series A are the direct
voted to reject the Government's offer of a minimum wage scale, demanding
joint and several obligations of twenty-seven associated
instead an increase sufficient radically to unbalance budget.
The United Railway Workers are expected to join in similar demands. municipalities participating therein; and the bonds of Series
The Amalgamated Federation of State Employees and the Postman FedB are the direct obligations of the City of Helsingfors.
eration voted to-day.
The present situation has revived rumors that M. Herriot is not anxious Both issues, it is announced, are unconditionally guaranteed
to continue in the Premiership much longer. Paul Painleve, President of by the Republic of Finland as to principal and interest by
the Chamber of Deputies. Is mentioned as his successor.
endorsement on each bond. From information from authentic sources and from the translation of a letter signed
Premier Herriot of France Orders Inquiry into Wheat by Risto Ryti, Governor of the Bank of Finland, and Dr.
Cost.
Antti Tulenheimo, Chairman of the Association of Finnish
Associated Press cablegrams from Paris Oct. 9 state:
Municipalities, supplied in the official circular we take the
The sudden and extensive rise in the price of foreign wheat appearing following:
to
Premier Herriot has ordered a judicial investhe Government,
suspicious
tigation with a view to prosecuting operators who may be forcing up the
price by illegal methods.
Czech Loan Placed in Paris.
In its Oct. 6 issue the New York "Times" said:
The "Frankfurter Zeitung" states that the Czechoslovakian Minister of
Finance has placed a loan of 1,500,000,000 Czech crowns with French
bankers. The proceeds are to be used in taking up outstanding Treasury
bonds falling due this present month.
Optimistic Outlook of N. C. Stenning for Trade with
South America.
Norman C. Stenning, President of the Anglo-South American Trust Co., New York, is optimistic regarding the
immediate outlook for trade with South America. Mr.
Stenning, who resided eight years in South America, as agent
for the Anglo-South American Bank, states that Argentina
has had a very satisfactory year. Its large cereal harvest
is being dispcs3d of at very satisfactory prices, and it is
expected that all its stocks will be depleted before the end
of the year. Exchange has recovered considerably from the
low point, although still well below par. Several of the large
railway companies are contemplating spending large sums
in extensions and improvements, and this should have a
beneficial effect on exchange, thereby assisting the importer.
Mr. Stenning also says:
Brazil seems to have entirely settled down after its political trouble and
the abnormally high prices of coffee at present current should have a
beneficial effect on that country's commercial situation.
Chile would also appear to have come through its political troubles
satisfactorily, and it is hoped that the result will be more satisfactory from
an economic point of view.
Colombia is benefitting to an unusual extent from the advanced price
of coffee, while Venezuela is prospering from the oil developments in that
country.
The possibilities of doing business in Central and South America are
therefore in as promising a situation at the present time as they ever have
been. With a ready sale of all products at high prices, the buying power
of all these countries is greatly enhanced and prospects are undoubtedly good.
The Anglo-South American Bank has capital and reserves
of more than $60,000,000, and has been in existence 36
years, during all of which time it has specialized in export
• banking. It has 51 branches throughout Latin America,
and is represented in the United States by the Anglo-South
American Trust Co., New York.
These 27 associated municipalities, together with the City of Helsingfors,
comprise the great majority of the municipalities of Finland. They
include 86% of the urban population and about one-seventh of the total
aggregate population of the Republic. The City of Helsingfors, the
metropolis of Finland, has a population in excess of 200.000 and is an
important seaport and trade centre of Northern Europe.
Of the proceeds of the present loan, more than half will be applied to
the funding of outstanding short term indebtedness of the various municipalities, incurred principally for capital,expenditures, and to this extent will
not represent increase of debt. The balance will be expended for additional
capital purposes,such as harbor improvements and extensions, the construction of water works and electric power plants and transmission lines, the
erection of hospitals, schools, dm., and the development of municipal
housing plans.
The municipal law of Finland provides a substantial measure of control
by the national Government over the financial policies of the municipalities.
For instance, municipal loans running for more than two years require
approval by the Government, which is thereby enabled to exert a comprehensive control over the financial administration of cities. In passing upon
a proposed municipal loan the Government authorities pay special attention
to the legality of the loan, its practicability and the purposes for which the
proceeds are to be expended, andin practice the Government authorities
generally insist that municipal borrowings shall be expended for capital
purposes only.
During the 25 years preceding 1914 Finland borrowed abroad at coupon
rates ranging from 3% to 43 %, approximately the same'rates at which
Sweden,Denmark and Norway borrowed externally during the same period.
Tho funded debt of the Republic, including its contingent liability on this
and other guaranteed loans, is estimated to amount to about $31 per capita
(taking the Finmark at 2Sic.). As an offset, the Government owns
properties, mostly revenue-producing,including 93% of the railroad mileage
of the country and vast areas of timber land, valued at more than four times
the national debt.
The bonds were offered if, as and when issued, and received
subject to approval of counsel. The right was reserved to
allot in whole, or in part, and from either or both seriesDelivery in temporary form is expected on or about Oct. 16.
Offering in New York of $7,000,000 Republic of Peru
Bonds.
A syndicate composed of Blyth, Witter & Co., White,
Weld & Co., Marshall Field, Glore, Ward & Co. and Tucker,
Anthony & Co. offered on Oct. 9 an issue of $7,000,000
Republic of Peru external sinking fund secured 8% gold
bonds (Sanitation Loan—Series of 1924). The bonds were
offered at 993/i and accrued interest, to yield 8.05%. They
will be dated Oct. 1 1924 and will mature Oct. 1 1944. They
are callable as a whole or in part, at the option of the Government, on any interest date on 60 days notice at 110 and
1696
THE CHRONICLE
accrued interest. Provision is made for a sinking fund
commencing Oct. 1 1924, estimated at not less than $1,250,000 in the first 15 months; thereafter fixed payments
for service of the loan at the rate of $700,000 per annum,
the surplus over interest requirements being available for
sinking fund purposes. The Guaranty Trust Co. of New
York is paying agent for the loan. Principal and interest
(April 1 and Oct. 1) will be payable in United States gold
coin of the present standard of weight and fineness at the
office of the Guaranty Trust Co. of New York, or at the option of the holder in London in pounds sterling at par of
exchange, without deduction of any taxes, present or future,
of the Republic of Peru. The bonds, coupon, in denominations of $500 and $1,000, will be registerable as to principal
only. From the circular we quote the following:
[vol.. 119.
sion to New Orleans of delivery privileges in the case of
future contracts. Edward E. Bartlett Jr., President of the
Exchange, is quoted as saying:
The question of extending delivery privileges to New Orleans is one which
concerns the whole membership of the Exchange, and the board feels that
every one should have an opportunity to express his opinion. A free and
open discussion of the plan will help to give every member a better understanding of what ft involves and just what its adoption would mean. It is
the desire of the board that whatever action the Exchange eventually takes
will be truly representative of the wishes of a majority of the membership.
William R. Meadows Named as Cotton Registrar of
Chicago Markets.
William R. Meadows, formerly assistant chief of the
textile division of the United States Department of Commerce, was appointed Cotton Registrar of the Chicago
This issue is to provide funds which, together with the revenues desig- market by the directors of the Chicago Board of Trade at
nated for sanitation purposes and not required for the service of this loan. a meeting on Sept. 23. Prior to his service in the Departare to be used in defraying the cost of sanitation construction work already ment of Commerce, Mr. Meadows
for seven and a half
done and being carried on by the Foundation Company, New York, in the
years was connected with the Federal Department of Agriprincipal cities of Peru.
The sinking fund moneys mentioned above will be used by the paying culture for the greater part of the time being the head of
agent for the purchase of bonds up to par and accrued interest. If bonds the cotton division of the Federal Bureau of
Agricultural
are not obtainable at that price, moneys will be invested by the paying agent
In United States Government obligations for the benefit of the sinking fund, Economics. In that capacity he was directly in charge of
or, at the option of the Peruvian Government. used to purchase bonds at the enforcement of the Cotton Futures Act and the Cotton
a premium.
Standards Act, both of which laws he assisted in drafting.
These bonds will be direct obligations of the Republic of Peru, and will be
specifically secured by a first lien on certain of the revenues designated for His active connection with the cotton trade included two
sanitation purposes by laws of May 1920 and December 1922. The bonds years in charge of the Milan, Italy, branch house
of the
will also be secured, as provided in the law of December 1922, by a first
mortgage on all public works, including water and sewerage systems, con- firm of George H. McFadden dr Bro. of Philadelphia. As
Cotton Registrar, Mr. Meadows will have immediate superstructed or completed from the proceeds of the loan.
The national debt of Peru is low. As of Dec.311923, at par of exchange, vision over trading in cotton on the Chicago Board
of Trade.
the total was only 856.534,000, of which about $22,246,500 was external.
On Sept. 30 the directors of the Chicago Board of Trade
The present external debt, including this isspe, is less than 65% of the favorable trade balance for 1923 alone. The gold reserve against paper authorized the Cotton Trading Committee to proceed to
money in circulation is over 90%,which is one of the highest reserves in the draft rules
for the establishment of a clearing house for
world.
All conversions of Peruvian currency into dollars not specified as made at cotton transactions on the Chicago market, similar to the
par of exchange (84.8685 per Peruvian pound) were made at $4.00 per clearing houses of the New York and the New Orleans
pound, which is loss than the current rate.
cotton exchanges. General rules for cotton trading have
The bonds were offered when, as and if issued and received,
already been adopted and the committee is perfecting its
subject to the approval of counsel. It is expected that plans
for the opening of the Chicago cotton market.
temporary bonds will be ready for delivery about Oct. 22.
Warehousemen, Bankers and Shippers in Conference
New York Banking Institutions Headed by Seaboard
with Secretary Hoover—Move Toward Uniform
National Bank and Goldman, Sachs & Co. to FiWarehouse Forms.
nance Cotton Crop Handled by Texas Farm
As a result of a meeting with Secretary of Commerce
Bureau Cotton Association.
Hoover on Sept. 24, a conference of warehousemen, banking
Announcement was made on Oct. 9 that a group of bank- and financial organizations, mercantile and manufacturing
ing institutions in New York and elsewhere, headed by the interests, shippers and others approved the use in warehousSeaboard National Bank and Goldman, Sachs & Co., of this ing of standard size forms and blanks. "Terms and Concity, will again finance, through acceptance credits, a large ditions," as presented by the Simplification Committee of the
percentage of the cotton crop handled by the Texas Farm American Warehousemen's Association, as a part
of a uniform
Bureau Cotton Association. Members of the banking group program, were deferred for further action by a number
of the
include, in addition to New York City institutions, banking interested groups after studies which will be
conducted during
institutions in San Francisco, Philadelphia, Chicago, Provi- the next few months. The "Terms and Conditions"
as predence, R. I., and Houston and Dallas, Texas. The official sented, however, will be uniform for members fo the Ameriannouncement continues:
can Warehousemen's Association, official approval having
Last year a similar agreement was entered into with the Texas Farm
Bureau Cotton Association by a banking group headed by the Seaboard been given to the work of the committee in the Association's
National Bank and Goldman. Sachs at Co. This agreement attracted meeting some months ago; and the program of this organizaconsiderable attention because it was the first of such magnitude to be made tion was approved by a number
of banks,shippers and others.
between banking institutions and a cotton co-operative.
The Texas Farm Bureau Cotton Association, which is in the front rank The Department of Commerce makes the following announceof cotton co-operatives, and has a membership in the neighborhood of ment in the matter:
30.000, handled over 182,000 bales of cotton last season, and expects to
handle well above 200.000 bales of this season's crop.
The Texas association, through the financing of its requirements by the
medium of prime bankers' bills, sold In New York, has the advantage of the
cheapest money market in the world at the present time. The lower
money rate prevailing at the present time as compared with last year will
effect a very material saving to the association.
The new agreement provides that credits under it shall be made available
through acceptance by members of the banking group of drafts drawn
by the Texas association. These drafts may be drawn up to May 11925,
the maximum total amount that may be outstanding at any one time being
limited to 810,000.000. All drafts drawn under the agreement will mature
not later than July 1 1925.
The credits will have as security cotton in process of shipment to or
stored with the Houston Compress Co. of Houston. Tex., or such other
warehouse or warehouses as may be approved by the Seaboard National
Bank and Goldman, Sachs & Co.. the managers of the banking group.
This cotton is to be evidenced by satisfactory negotiable bills of lading or
negotiable warehouse receipts, adequately insured and delivered to the
trustee of the group, the American Exchange National Bank of Dallas. Tex.
A distinctive feature of this year's agreement, as it was of last year's,
is the provision for the orderly marketing of the cotton crop. The Texas
association agrees that so long as there shall be outstanding any drafts
under the agreement all the cotton acquired from Its members during the
1924-25 season will be sold at a minimum average monthly rate of 10%
of its estimated cotton receipts for the season.
Special Meeting Oct. 15 of New York Cotton Exchange
to Discuss Extension of Delivery Privileges to
New Orleans.
A meeting of the members of the New York Cotton Exchange has been called for Oct. 15 to discuss the report of the
Special Southern Warehouse Committee, referred to in our
issue of Sept. 6 (page 1126) which recommended the exten-
Secretary Hoover told the conference that distribution is very costly In
this country, and that improvement of this situation is only possible by
cooperative action. He expressed the hope that the action of the American
Warehousemen's Association would be followed by other measures to reduce
the preventable waste in the distribution processes.
Gardner Poole of Boston, President of the American Warehousemen's
Association, W. W. Morse of Minneapolis, former President, and A. H.
Greeley of Cleveland, all of whom have spent months working with the
committee, told the conference that thousands of types of warehousing
forms had been examined during the surveys. The committee, Mr. Greeley
disclosed, had also conducted an exhaustive investigation of all of the laws
affecting warehousing, both Federal and State, in order that the legal
requirements of all States might be conformed to in the forms as offered to
the meeting.
A. L. Green of the freight claim prevention department of the American
Railway Association, Chicago, declared that 75% of the freight loss is
preventable. E. R. Woodson of the Railway Accounting Officers Association, describing the progress made in standardizing waybill and accounting
forms used by the railways, cited the experience of a Now Zealand commission, which visited this country to study distribution and transportation.
This commission discovered that the modification of their forms resulted
in the saving in one year of an amount three times as great as the cost of
their trip.
Several speakers asserted that the lack of uniformity is reflected in the
cost to the public as a whole of almost every article used in their daily life,
because of the expense due to confusion, duplication, errors and. claims.
The experience of the railways in bringing about uniformity has its parallel
in the action of the banks, It was pointed out.
L. S. Tieman. Vice-President of the American Exchange National Bank.
discussing "Terms and Conditions," said that the interest of the banks was
to secure the legal protection or the warehouseman and the bank.
A. M. Clark, Vice-President of the National Surety Co., New York.
revealed that a new development is being undertaken In the surety field of
guaranteeing the warehouseman's obligation as represented by warehouse
receipts issued. "We must know" he said. "that the receipts are Issued by
a bona fide responsible public warehouse. . . We are of the opinion
that the uniform warehouse receipt should be a guaranteed receipt."
Oer. 111924.]
THE CHRONICLE
Millions of dollars, of potential credit, are tied up in warehouse receipts,
he said, and this new development will eliminate an unnecessary waste of
the interest on such funds. He urged that the receipts should embody
space for complete information as to inspection by a duly qualified inspector,
licensed and bonded to safeguard the legal holder of a warehouse receipt
and to fix the responsibility of the warehouseman.
Nathan B. Williams of the law department of the National Association of
Manufacturers of the United States, urged a further study by all interested
groups of proposed "Terms and Conditions" and these will be submitted
in writing to the Division of Simplified Practice and to the United States
Chamber of Commerce,.the latter organization having initiated the movement for unified forms.
The meeting was presided over by R. M.Hudson,chief of the Division of
Simplified Practice, and some of the organizations represented included the
U.S. Sugar Manufacturers Association, U. S. Army, U. S. Shipping Board.
U. S. Fidelity and Guaranty Co., of Baltimore, Home Insurance Co. of
Now York, National Surety Co., New York, Aetna Casualty & Surety Co.
of Washington, National Automobile Chamber of Commerce, National
Distributors Association, Institute of American Meat Packers, The Bank
of America. New York,Insurance Co.of North America, Michigan smelting
& Refining Co. of Detroit, National League of Commission Merchants.
Bush Terminal Co. New York, Electric Manufacturers Council, Schenectady, N. Y.,Inter-State Commerce Commission, National Furniture Warehousemen's Association, Straw Manufacturers Association, Baltimore.
American Chain of Warehouses, National Delivery Association, National
Canners Association, National Paint Oil and Varnish Association, Insurance
Co. of North America, Philadelphia, U. S. Navy, Automatic Register
Manufacturers Association of Chicago, New York Board of Trade and
Transportation, New York City, American Specialty Manufacturers Association, New York City, New Amsterdam Casualty Co.of Baltimore. Great
Atlantic & Pacific Tea Co. of New York, U. S. Department of Agriculture.
Farmers' Loan & Trust Company of New York on "The
Position of the Farmer"—Constantly Improving.
A study of "The Position of the Farmer," embodying
statistics bearing on "Agricultural Production and Prices
1913 and 1920-24," is furnished in a brief graphic report
issued by the Farmers' Loan & Trust Co. of New York,
prepared at the instance of President James H. Perkins
from information collected with a view to reaching a conclusion as to the agricultural status. The data supplied embraces charts covering wheat, corn, tobacco, cotton, hogs,
cattle and calves, dairy products, and all farm products.
The conclusion is that the position of the farmers is not
constantly improving. With regard thereto the report says:
The charts herewith presented show graphically the volume of farm products and the value of these products at the farm, for the years 1913 and
1920 to 1924.
The improving position of the farmer is clearly shown. At the same
time It must be remembered that the figures for crop values, as given in the
charts, do not represent the sales realization of the farmers; and it is the
sales realization, rather than total crop values, which represents more
nearly the economic condition of the farmer. Nevertheless, these two factors—crop values and sales realization—undoubtedly fluctuate closely
together.
To illustrate the difference between the crop value and the sales realization: in 1923. $276,188,000 worth of wheat out of a total of $746,454,000
and $1.838,637,000 worth of CA)112 out of a total of $2.298,296.000 was not
shipped out of the county where it was grown. The tamers can not be
credited, therefore, with $2,298,296,000 worth of corn as well as $1.204,000,000 worth of hogs to which more than half of the corn was fed.
Another way of presenting the farmers' position is found in the figures of the Department of Agriculture which show net income after all expenses of $4,773,000,000 in 1920-21, 23,588,000,000 in 1921-22,54,459,000,000 in 1922-23, and 94.887,000,000 in 1923-24.
To compare the net income of farmers with that of other industries would
be difficult for the reason that the farm-factory is also the dwelling and
produces a considerable part of the sustenance of the proprietor.
As to the farmers' position as compared with other consumers. he is less
subject to increasing costs than are others who do not produce any part
of what they consume, in the form of food or fuel, and who are more often
tenants than householders.
The National Industrial Conference Board Cost of Living Index (with 100
as the 1914 base) was 197.9 in 1920, 166.7 in 1921, 156.6 in 1922, 161.3 in
1923. and may be placed at 162 for 1924.
This general cost of living index may be compared with the index of
the farmers' cost of living as represented by the prices of 89 articles bought
by farmers. This price figure (1914=100) was 224 in 1920, 176 in 1921.
177 in 1922, 186 in 1923, and is about the same for 1924.
• An index figure of the value of all farm products less crops fed to livestock (with 100 as the 1913 base) was 179.9 in 1920. 125.5 in 1921, 145 in
1922, 156.2 in 1923, and will be higher for 1924.
From all of these data it appears that while the farmers have suffered
in common with all producers and consumers, their position is constantly
improving, and this improvement will be more marked statistically when
this year's higher prices for grain crops are fully recorded.
Further Developments in Day & Heaton Failure.
On Monday, Sept. 29, Assistant District-Attorney Richard H. Gibbs made public an excerpt from a letter in the
handwriting of George R. Christian, the fugitive defaulter in
the Day & Heaton failure, sent to James H. Waterbury, one
of the members of the failed firm, in which the writer indicated that he was without funds and threatened to expose
others in the firm and authorities of the Stock Exchange if
efforts were made to apprehend him. This letter, unsigned
and undated, was, according to the New York "Times" of
Sept. 30, the last of three written by the fugitive to Mr.
Waterbury between Aug. 14 last, when Christian announced
he was going to Canada on a vacation, and the appointment
of Alfred C. Cose Jr. as receiver for Day & Heaton on Sept.
18. It was received ten days before the failure (Sept. 8)
1697
and was postmarked at the General Post Office in this city.
The excerpt from the letter is as follows:
It is not only best for me but all hands concerned if this thing is
up and no effort made to touch me. I have nothing. and it will do no one
any good to touch me, but my knowledge and testimony would be harmful to
many and would be just what the District Attorney is looking for. tsi
My escape is not only best for some around here, but also from the viewpoint of the New York Stock Exchange authorities, for I have been compelled to put it all over their much-bragged-about questionnaire system ever
since it was first inaugurated as a safeguard against just this very thing.
Think this over well before you anew any one to put up any howl or start a
quest for me.
The "Times" went on to say:
Mr. Gibbs refused to reveal whether Mr. Waterbury had delivered all
three of Christian's letters to him. The prosecutor said, however,that other
parts of the third letter contained "scandalous charges," but explained that
it might interfere with Mr. Banton's investigation of the Day & Heaton
failure if the charges were revealed at this time.
Mr. Gibbs said that Mr. Waterbury had satisfied him that the letter was
in Christian's handwriting. The three letters were in the same writing,
and to establish their authenticity Mr. Waterbury explained that they
referred to details in the operations of Day & Heaton with which nobody
but Christian could possibly have knowledge.
Mr. Gibbs said that it was his understanding that the letters sent to Mr.
Waterbury on different dates contained a complete outline of the manner In
which the firm was led into the bankruptcy court through the misuse of
negotiable securities.
The prosecutor said that one of Christian's partners had admitted that so
outside accountant had ever been called in to examine the books of Day &
Heaton. Christian, he said, was the only man who was acquainted with all
the details of the firm's affairs, and his honesty was relied on implicitly.
Yearly Figures of New York Clearing House Association.
Total clearing house transactions of $261;888,500,822 are
reported by the New York Clearing House Association for
the year ending Sept. 30 1924 in the report made public at
the annual meeting on Oct. 7. Of the total transactions
$235,498,649,045 represented exchanges and $26,389,851,777 were balances. These transactions of $261,888,500,822 compare with $237,903,196,165 for the year ending.
Sept. 30 1923. According to the report made public this
week the largest day's transactions on record were those of
July 1 1924, when the total transactions amounted to.
$1,544,847,947, made .up of $1,443,826,554 exchanges and
$101,021,392 balances. The exchanges of that date were
the largest in the history of the Association, while the largest
balances on record were those for June 17 1920, the figures of
that date being $157,020,487. The following extract is from,
the manager's annual report:
Extracts from Managers' Annual Report for Year ending Sept. 30 24.
The Clearing House transactions for the year have been as follows:
Exchanges
$235,498.649,044 75
Balances
26,389,851.777 70
Total transactions
The average daily transactions:
Exchanges
Balances
$261,888,500,822 45
$774.666,608 69
86,808.722 95
Total
$861.475,331 64
Total transactions since organization of Clearing House (71 years):
Exchanges
$4,437,686,167,568 47
Balances
298,833,692.627 34
Total
24,736,519.860,195 81
Largest exchanges on any one day during the year (July 1
1924)
$1,443.826,554 64
Largest balances on any one day during the year (June 17
1924)
139,297,244 18
t transactions on any one day during the year
Lalry
1 194)
1.544,847,946 62
Smallest exchanges on any one day during the year
(April 19 1924)
347,266,160 15
Smallest balances on any one day during the year(March8
56,186,634 95
1924)
Smallest transactions on any one day during the year
(April 19 1924)
408,601,745 13
atimt day's transactions on record, July 1 1924.
nges$1.443,826,55464
101.021.391 98
Balances
L
Total transactions
$1,544.847,946 62
Largest exchanges, July 1 1924
51,443.826.554 64
Largest balances, June 17 1920
157,020.486 37
Transactions of the Federal Reserve Bank of New York:
Debit exchanges
62,851.193,039 42
Credit exchanges
24.130,607.076 02
Credit balances
21.279,414,03660
The Association is now composed of 16 national banks, 10 State banks,
and 12 trust companies. The Federal Reserve Bank of New York, and the
Clearing HOLM City Collection Department also make exchanges at the
Clearing House, making 40 institutions clearing direct.
There are 6 banks and trust companies in the city and vicinity, not members of the Association, that make their exchanges through banks that are
members in accordance with constitutional provisions.
James S. Alexander, Chairman of the board, National
Bank of Commerce in New York, was re-elected President
of the Clearing House Association at this week's annual
meeting, and Dunham B. Sherer, Vice-President, Corn
Exchange Bank, was re-elected Secretary of the AssociationWilliam J. Gilpin continues as Manager of the Association
and Clarence E. Bacon continues as Assistant Manager;
Charles A. Hanna, likewise continues as Examiner. Albert
H. Wiggin, President of the Chase National Bank, succeeds William Woodward as Chairman of the Clearing
House Committee. The Chairmen of the other committees
are:
1698
THE CHRONICLE
[voL. 119. '
Conference Committee, John McHugh, President Mechanics & Metals are not members of any exchange. There, the exchange rules
fail to reach
National Bank.
a majority of the brokerage houses of the city, but even if the rules did reach
Nominating Committee, Raymond E. Jones, First Vice-President those firms, we see from the
Day & Heaton failure that the rules are powerBank of the Manhattan Co.
less to protect the public.
Committee on Admissions, Ruel W. Poor, President Garfield National
The whole purpose of the bill I prepared was to place the brokerage firms
.Bank.
in the same category with bankers and to protect the customers as we proArbitration Committee, Albert A. Tithey, President Bankers Trust Co. tect the depositors of banks. This bill will be introduced in the coming
The following are the officers of the New York Clearing Legislature, and when the Stock Exchange appears in opposition I hope the
members of the Legislature will remember the Day & Heaton failure.
House Building Co.:
Stephen Baker, President, President Bank of the Manhattan Co.
When shown the District Attorney's statement with refRichard Delafield, Vice-President, Chairman of the Board National erence to the
failure of Day & Heaton, President E. H. H.
Park Bank.
William J. Gilpin, Secretary and Treasurer, Manager New York Clearing Simmons of the New York Stock Exchange, replied to the
House.
accusations as follows:
It was inevitable that Mr. Banton should use this deplorable failure of the
Ebel & Co. Enjoined by New York State Supreme firm of Day & Heaton as an argument in favor of the policy of public supervision that he has always advocated. The fact is that no form of supervision
Court.
has ever been devised that will prevent embezzlement and defalcation by
New York State Attorney-General Carl Sherman an- partners or trusted employes.
Failure of stock exchange houses through such causes have been very
nounced Thursday night (Oct. 9) that he had obtained from
rare. Banks and trust companies that are subject to State or Federal superSupreme Court Justice Mitchel an order restraining William vision have
often been robbed by their officers or employes, whose operations
J. Ebel, doing business at 20 Broad Street, this city, under sometimes had extended over periods of years without detection.
The
failure
of the First National Bank of Putnam, Conn., which has
the firm name of Ebel & Co., temporarily from buying and
recently occurred,is a case in point. The defalcations in this bank amounted
selling stocks, bonds and securities. Mr. Ebel is to appear to approximately
$3,000,000 and had extended over a period of years, alin Court on Oct 14 to show cause why the injunction should though it was subject to Federal examination twice a year, and a -similar
examination
by
the
State, due to the fact that the cashier of the bank was
not be made permanent. According to the New York the
State Treasurer. In
to this, frequent periodical examinations
"Journal of Commerce" of Oct. 10, it is charged by Deputy were made by committeesaddition
of the directors.
The failure of Day & Heaton does not reflect upon the value of the Stock
Attorney-General Wilber W. Chambers, who, assisted by
questionnaire. The results of the questionnaire have been of
the Better Business Bureau, is prosecuting the case, that the Exchange
most extensive benefit in keeping Stock Exchange firms in solvent condition
defendant has violated the general business laws of the State and with sufficient capital to meet all necessary requirements,although safe.
relating to transactions in stocks and other securities, in guards under the questionnaire have not been devised to meet the defalcations of a man who, through laxity of his partners, is enabled to misapnot executing the orders of certain clients in accordance with propriate
the assets of the firm and to make false reports to the Stock
their instructions.
Exchange. The Stock Exchange is considering the possibility of devising
such safeguards, but as long as human nature is what it is defalcations will
sometimes occur.
Dividends in Chandler Bros. & Co. Failure.
The following special press dispatch from the Philadelphia Economist Anderson of the Chase National Bank
Exposes a Bi-Partisan Fallacy—Federal Reserve
News Bureau in regard to the affairs of the defunct firm of
Bank "Deflation" of the Farmers.
Chandler Bros. & Co., that city, appeared in the "Wall
Speaking before the Virginia Manufacturers' Association
Street Journal" of Oct. 1:
Trustee for the brokerage firm of Chandler Brothers tr Co. which failed at Roanoke, Va., on the evening of Oct. 8, Dr. Benjamin M.
In July 1921, will shortly distribute about $200,000 to some of the firm's Anderson Jr., economist of the Chase National Bank of
customers, representing funds realized from sale of securities returned
by the banks. This money will be distributed to customers whose claim New York, denounced as a "bi-partisan myth," the charge
to the securities has been established in the reclamation proceedings before being made in the current political campaign, that the Fedthe Court, recently terminated. Checks will be mailed out in about eral Reserve Banks deliberately "deflated" the farmers in
two weeks.
Shortly after this distribution the trustee will be prepared to pay, the the crisis and depression of 1920-21. He said that the Demofirm's creditors another dividend. This dividend, it is expected, will be crats charge the Republicans with the responsibility for this
for 5% of their claims and will be the second dividend paid to creditors action of the Federal Reserve Banks, while
the Republicans
out of funds recovered by the trustee, ;he first payment, also of 5%,
charge the Democrats with the responsibility. He probaying been made in July of this year.
In addition to the dividend paid out of trustee's funds, however, most nounced both of the parties guilty of raising a false issue,
of the Chandler creditors received in January of last year a dividend of 33%
;representing funds recovered by a creditors' committee from a firm which and blamed both of them for making Federal Reserve Bank
policy a cheap pawn in the game of party politics. He said
handled the Chandler business immediately preceding the failure.
Final settlement or the Chandler accounts will not be accomplished that the controversy had taken such form as to make both
until several months after the next dividend payment, as nuermous suits
parties advocates of unsound cheap money policies,and that
are still pending. In the final settlement it Is exepcted another payment
the false political accusations were making it extremely
•of about 5% will be made.
Chandldr Bros. & Co. failed in July 1921. Our last difficult for the Federal Reserve authorities to administer
reference to the affairs of the company was in the "Chron- the system scientifically. He declared that the crisis of
1920 grew out of world-wide causes, started in Japan, and
icle" of June 21 1924, page 3035.
was better handled in the United States than in almost any
other country. He said that the Federal Reserve Banks had
District Attorney Banton Blames Supervision Methods performed their greatest services for the country during this
of New York Stock Exchange for Day & Heaton
terrible period, and that they had given more credit, relaFailure—President of Exchange Refutes
tively, to the farmers than to any other industry or comCriticism.
mercial interest during this period. He held that the chief
In a statement issued on Tuesday, Sept. 30, District criticism to be made of their policy was that they kept their
Attorney Banton termed as "scandalous" the failure of Day rates too low in 1919 because the United States Treasury
& Heaton and accused the New York Stock Exchange of wished cheap money to assist in handling its financial probhaving made "specious promises" to control the activities of lems, and that the cheap money policy during the boom
its members. He further declared the Stock Exchange had made the boom go further than it would otherwise have
made the Day & Heaton failure possible by opposing State done. In support of his contentions, he referred to the
supervision of brokerage houses. Mr. Banton in his state- Report of the Joint Commission of Agricultural Inquiry. This
commission consisted of leading Senators and Represenment said:
The scandalous failure of Day & Heaton and the disappearance of George tatives, Democratic and Republican. After
an elaborate
legislative
the
measure
had
introR. Christian would have been avoided
study, the commission made a report in October 1921,
duced at my request become a law.
It would have placed the brokerage firm of Day & Heaton under the exonerating the Federal Reserve Banks of the charges and
supervision of the State superintendent of banks. His visitations and in- explicitly stating that "the
liquidation of discounts of agrispections would have disclosed the wrongful actions, if any, of George R.
cultural and livestock paper was relatively less than the
Christian.
Assuming that members of the firm of Day & Heaton are correct in their liquidation of all other discounts." Dr. Anderson said in
accusations of Christian, the Day & Heaton firm would have been saved and part:
have lost.
the
customers would not
The letter which Christian wrote to James A. Waterbury sustains every
contention I made for the supervision of brokerage firms. The letter opens
with this starting statement: "For a number of years my accounts have
been very much involved and were constantly getting worse in spite of
every effort."
The opposition made by the Stock Exchange to the bill I prepared was
that the bill was not necessary because the Stock Exchange itself could and
would cause the same supervision to be made of its members that was proposed in the bill. The disgraceful condition of affairs shows how specious
were those promises and how powerless the Stock Exchange is over control
of its own members.
If the Stock Exchange cannot or will not protect the public against its
own members, how can we expect any protection of the public against those
who are not members? Fifty-one per cent of the brokerage firms of the city
Myths are easy to create and hard to kill. A particularly dangerous
and pernicious myth has grown up in the United States regarding the
course of the Federal Reserve Banks in 1920-21. The charge Is that they
deliberately "deflated" the farmers, and that their policy was responsible
for the break in 1920-21 in agricultural prices. The charge is false, and it is
worth while going over the record to prove that the charge is false.
The world had spent four years in war and waste and, after the wur,
the stricken parts of the world were so disorganized and chaotic that they
were unable to resume the 'orderly pursuits of industry and trade. They
continued to live on credit, drawing in from the outside world vast quantities of goods which they could not pay for by their own goods sent out in
return. They thus piled up all over the world, but very especially in the
United States, an immense volume of debt, largely short-time debt which
they could not liquidate at maturity.
OCT. 11 1924.]
THE CHRONICLE
prices
As Europe continued to draw on the world for goods and supplies,
she ofmounted higher and higher. Europe was reckless as to the prices
specuAmerican
fered, since she was getting the goods on credit, and eager
profits
lators rushed in to pay even higher prices in anticipation of greater
working capfrom higher prices still. As exporters and others tied up their
their banks
ital in extensions of credit to Europe, they were driven back to
the total
to replenish their working capital under line-of-credit loans, and
between
25%
like
of bank loans in the United States mounted something
reserves of the country
May 1919 and May 1920. Meanwhile, the gold
and on
went down drastically, as we shipped gold on our own account
uropean parts
European account to South America, to Asia and other non-E
same
the
at
of the world. Federal Reserve Bank credits increased rapidly,
the reserve
time that the Federal Reserve Banks were losing gold, and
ratios of the Federal,Reserve Banks fell close to the legal minimum..
through the
The Federal Reserve Banks should have been making use,
rediscount rates
whole of the boom, of the sound policy of keeping their
United States
above the market. Owing, however, to the policy of the
floating debt,
Treasury, which wished an easy money market to readjust its
commercial
they refrained from raising their rates, even though rates on
counters of
loans, stock market loans and other loans went very high at the
Federal Reserve
the member banks. Late in 1919 and early in 1920. the
rates in an
Banks were forced as a sheer matter of necessity to raise their
expansion
effort to protect their reserves and to restrain the ever growing
of credit.
Prices
prices.
down
The Federal Reserve Banks, however, did not pull
materials were
fell. In 1919, the world had been under the illusion that raw
but in
scarce. The war had been fought, not in the raw material regions, comas
manufacturing regions, and raw materials were relatively abundant
materials,
raw
pared with manufacturing capacity. Europe bought few
manufacturing
and the raw materials of the world poured in upon us. Our
world,
capacity was quite inadequate to work up the raw materials of the
became
and raw materials piled up in the hands of speculators until the load
another,
after
so heavy that violent crashes came in one raw material line
the first being in silk and starting in the markets of Japan.
in agriculture
Meanwhile, what revival there had been in Europe was
our agrirather than in manufacturing, and Europe was willing to buy
compared
cultural products in 1920 only at great concessions in prices as
prices of raw
with 1919. Agricultural prices fell. With the collapse in the
had their inmaterials and farm products, the producers of these things
relatively scant
comes so reduced that they were unable to buy even the
and there came a
manufacturing output of the world at prevailing prices,
down; prices
collapse of manufactured goods also. Prices were not pulled
buying on credit
fell. Prices were put up, primarily because Europe was
sellers found it
goods far in excess of what she could afford. Prices fell as
Europe, and as
more and more difficult to continue to extend credit to
an increased
Europe out of her own harvests found herself able to supply
1699
advances were made in discount rates, followed in January by more radical
advances and by further increases during the remainder of 1920.
"In the meantime there began and continued a period of expansion.
extravagance, and speculation, the like of which has never before been
seen in this country or perhaps in the world.
"This era of expansion, speculation, and extravagance resulted in the
making of a large volume of debts which was reflected in large increases in
the borrowings of the member banks from Federal Reserve Banks. When
finally the Federal Reserve Banks and the Federal Reserve Board adopted
the policy of restriction of expansion of loans and discounts and of speculation and extravagance, loans and discounts, currency and prices had
reached such a point that deflation was a process accompanied by perpendicular and very material declines of prices accompanied by great losses
and hardship upon banks, communities and individuals alike.
"The reserves of individual Reserve banks and of the system as a whole
began to dwindle rapidly. In some of the Reserve banks the reserves fell
as low as 9%,and at one time it is said that the reserves of one of the bznks
were entirely exhausted.*
this
"With the exhaustion of the credits of European Governments in
fail. This
country the purchasing power of Europe in our markets began to
The
resulted in a sharp decline in exports, particularly of farm products.
in exports, gave
exhaustion of credit and capital, coupled with the decline
the first impetus to the decline in prices. With the beginning of this decline
the forces of reaction and depression began to operate. Goods were thrown
on the market, orders were canceled, the buyer's strike developed, unem(Report
ployment ensued, and complete industrial depression followed."
of the Joint Commission of Agricultural Inquiry, Part II, pages 12 and 13.)
The Committee adds:
of the
"The pressure was greater upon the agricultural sections because
l crops, and
peculiar conditions surrounding the marketing of agricultura
as a result of the fact that the crops of 1920 had been produced at costs
of the coungreater than those applicable to any other crops in the history
agricultural
try. These hardships were also greater because the prices of
than
rapidity
commodities declined to a greater degree and with greater
n shows
commissio
the prices of other commodities. The investigation of the
of
that liquidation of bank loans and discounts in the agricultural sections
the country was less than in the industrial sections, and in fact that but little
agricultural
actual liquidation of loans and discounts had taken place in the
II.
sections of the country as a whole up to May 1921." (Report. Part
page 14.)
credit
After an elaborate investigation of expansions and contractions of
in various industries, the committee meets the charge that the agricultural
financial
sections were liquidated by the Federal Reserve Banks so that the
centers might have the money,in the following language:
:
"An analysis of the figures in these studies seems to justify the conclusion
"1. That the expansion of bank loans in rural districts during the period
of inflation ending June 1920 was relatively greater than in the industrial
proportion of her necessary foods.
n in the volume sections, taken as a whole.
Prices began to fall long before there was any contractio
commodity prices,
"2. That the action of the Federal Reserve Board and the Federal
of credit. According to Bradstreet's Index number of
not
to Dun's and the Reserve Banks, during the 15 months preceding April 28 1921, did
prices began to drop after February 1920. According
The peak ot the produce a greater curtailment of bank loans in the rural districts than in
Bureau of Labor Statistics, the peak reached in May 1920.
November of 1920. the financial and industrial sections.
Federal Reserve Bank discounts was not reached until
expense of
"3. Credit was not absorbed by the financial centres at the
not the contraction of
By that time, prices had already fallen 25%. It was
collapse of the rural communities for the purpose of speculative activities.
the
of
.
because
fell
prices
prices;
credit that pulled down
in the
"4. That the pressure of the forces of liquidation and depression
abnormal and unsound sources of demand.
to expand during agricultural sections was reflected in a reduction of deposits. This reducCredit under the Federal Reserve System continued
in the
larger
should have done. tion of deposits, particularly demand deposits, was relatively
the period when prices wore falling most rapidly—as It
Their debts agricultural and semi-agricultural counties in the United States than in the
unawares.
caught
are
men
In such a time, sound business
If they are to remain industrial counties." (Report. Part II, page 117.)
mature, and they cannot collect what is due them.
Another quotation:
tion from their banks.
solvent, they must have additional accommoda
livestock
loans, not for the
"A comparison of the tables of rediscounts of agricultural and
It is the business of banks in such situations to expand
not for the Paper with the table showing all other discounts indicates that the increase
markets,
the
off
goods
hold
purpose of helping speculators to
solvent customers in discounts of agricultural and livestock paper was relatively greater than
purpose of expansion, but for the purpose of permitting
of
banks in such a situa- the rediscounts of all other paper, and that the liquidation of discounts
to pay their pressing debts. It is the business of the
to meet their agricultural and livestock paper was relatively less than the liquidation
tion to enable solvent customers to mobilize their slow assets
the banks in such of all other discounts." (Report. Part II, page 120.)
quick liabilities. It is, of course, no part of the business of
before
insolvent men.
The committee points out that action was taken by foreign banks
situation to throw good money after bad to hopelessly
Banks standing it was taken by the Federal Reserve Banks:
For the first time in our history, with the Federal Reserve
the rates
able to perform
"A comparison of the rates of discount of foreign countries and
loyally behind them, the banks of the United States were
expanded loans of discount of the Federal Reserve Bank of New York shows that rates of
fully and adequately this service for their customers. They
were presented discount in Denmark, England, Japan, Norway and Spain increased before
and they paid out cash over their counters when checks
in industry and the rate of discount increased at the Federal Reserve Bank of New York.
calling for cash. In 1907. with very much less disorder
6.5%
adequate rediscount
"It will be noted that the rate of discount in Japan was raised from
prices. the crisis degenerated into a panic. Lacking
often obliged to to 7.3% in October 1919, and from 7.3% to 8.03% in November 1919.
facilities and an elastic bank note issue, the banks were
obliged to refuse
silk market, which
refuse necessary loans to good customers, and were oftendegenerate into a These increases were coincident with the break in the
from
took place in Japan at that time, and the financial crisis that resulted
cash to their depositors. In 1920-21, the crisis did not
industry,
in
it." (Report. Part II, page 128.)
panic. There were disorders, but they arose from disorders
Reserve
the banking machinprices, and trade. They did not arise from defects in
Finally, the committee reached conclusions regarding Federal
should be praised
theories now
ery. The Federal Reserve System proved its worth, and it
rediscount policy radically at variance with the cheap money
calling for low
and not blamed for what it did in 1920-21.
being advocated by both of the political parties. Instead of
-ins arise and men who have made rediscount rates at the Federal Reserve Banks, the committee says:
In times of economic distress.
someone
find
to
try
e with the
.. economic disasters
economic mistakes and are e"••
"The discount rates of Federal Reserve Banks in accordanc
in 1920-21 and
having a central
to blame for it. The Feder. .teserve System was blamed
outcry policy of banks of issue, in almost all of the countries,
The
farmers.
the
of
by the
troubles
carried
rates
was very especially blamed for the
consisting banking system, should normally be slightly above the
was so insistent that a Joint Commission of Agricultural Inquiry,
the lending power of the
that
order
in
apply,
they
to
which
of
paper
class
leading
tives,
financial stringency
of five Senators and five members of the House of Representa
ion of the Federal Reserve Banks may be preserved for times of
not be depleted by
men of both political parties, was organized to make an investigat
crisis and in order that this lending power shall
.
and
Minnesota
of
Anderson
Sydney
only." (Report.
charges. The House members were:
member banks borrowing from them for purposes of profit
Hatton
Illinois,
of
Funk
H.
Frank
York.
Chairman, Ogden L. Mills of New
page
II,
Part
11.)t
The Senate
W. Sumners of Texas and Peter G. Ten Eyck of New York.
their support
Capper of Kansas,
Both political parties, in the current campaign, are giving
members were: Irvine L. Lenroot of Wisconsin, Arthur
blaming the Republicans for
are
Pat
and
Democrats
The
of
myth.
Arkansas
this
exploded
to
Robinson
Charles L. McNary of Oregon, Joseph T.
farmers and the
by Professor Clyde having made the Federal Reserve Banks "deflate" the
Federal ReHarrison of Mississippi. The committee was assisted
work. by Republicans are blaming the Democrats for having made the
its
of
part
in
and,
nia,
Pennsylva
of
L. King of the University
compare the Democommittee held elaborate hear- serve Banks "deflate" the farmers. It is interesting to
The
Michigan.
of
Friday
-Book of
David
Text
Professor
Campaign
System and listened to the cratic Campaign Book of 1924 and the Republican
ings, listened to the critics of the Federal Reserve
each party on this point. The
of
e
On
.
Committe
rigorously
the
latter
by
the
National
ined
issued
1924
cross-exam
Federal Reserve authorities. It
statistical information. It analyzed Democratic pronouncement follows:
its own account. it collected elaborate
of the country to the other, and it
"Republican Contraction of Credit and Currency.
the movements of funds from one part
credit for various industries.
of legitimate and
analyzed the expansion and contraction of
the recent cruel and unjust contraction
denounce
"We
so-called
ow The committee states:
which was directly due to the
currency,
and
credit
of
loans
necessary
restriction
a
of
policy
that
n
commissio
in its National Platii"It is the opinion of the
deflation policy of the Republican Party as declared
Reserve
of
rates
the
Federal
discount
the
in
advances
and discounts by
acceptance of its candidate for the
adopted in the early part of 1919, not- form of June 1920, and in the speech of
Banks could and should have been
the election of 1920 this policy
after
months
eighteen
Within
.
nt
d
Presidency
Departme
anticipate
Treasury
of
withstanding the difficulties which the
and discounts by over five billions
loans
bank
ng
In
withdrawi
resulted
were
adopted.
policy
a
in floating the Victory Loan if such
been
this
policy
adopted
had
that
n
commissio
this.
the
another corrected
le"It is also the opinion of
* Rediscounts by one Federal Reserve Bank forpublicatio
, speculation, and extravan in four parts.
is an elaborate
in the early part of 1919 much of the expansion
probt The Commission's Report being
period could have been avoided.
devoted to the Federal Reserve
(159 pages),
"Credit"
II.
gance which characterized the post-war
Part
not hesitate to
does
n
in
adopted
the
a
commissio
been
such
policy
system,
the
had
g
lem. While vindicatin
the
expressed
"The commission also believes that
n
commissio
of the
losses which occurred in 1920-21 as a criticise points of detail, and the majority
1919 the difficulties, hardships, and
that a more liberal rate policy might have
been diminished. opinion that "it seems probable"
n
have
would
(Pages
liquidatio
report
minority
and
The
deflation
86).
of
(page
1920
of
result of the process
toward the end
point. The comof expansion, inflation, and hrlp:ed things
158-59) expresses a very ably reasoned dissent on this
"No action in theedirection of resteiction
this excepwas taken.by the Federal Reserve mission Is unanimous, regarding Federal Reserve policy, with
speculation by increases in discount rates
when
slight
1919,
tion.
December
until
Banks or the Federal Reserve Board
4
1700
THE CHRONICLE
dollars and in contracting our currency by over fifteen
hundred millions of
dollars. This contraction bankrupted hundreds
of thousands of farmers
and stock growers in America and resulted in wide-sprea
d industrial depression and unemployment." (Democratic
Campaign Book, pages
19-20.)
The Republican Campaign Text-Book (pages 235,238)
meets the charge,
not by denial that a crime was committed, but rather
by an argument
designed to prove that the Democrats committed the
crime. Leading
speakers of both parties in the current campaign are adding
fuel to this fire.
Both parties are reprehensible for giving publicity to
this myth. Both
parties are shaking the independence of the Federal Reserve
System by
giving currency to it and building up popular distrust
of the system. It is
right that the Federal Reserve System,like all our other institution
s, should
be criticized fairly and honestly when it makes mistakes, but
it is wrong
that it should be maligned and that it should be charged
with wrongdoing
at a time when it was performing its greatest services. If
the kind of criticism to which the Federal Reserve System is being subjected by
the political
parties in this campaign is allowed to have its way, and above
all if the
belief is created that the Federal Reserve Banks can make or
unmake
prosperity depending on whether they give us cheap or dear money,
then
we shall turn the Federal Reserve System Into an instrument
ality for financing booms with cheap money,and we shall find It with its lending power
reduced and its ability to serve diminished when real emergencies
come.
Let us lift the discussion of Federal Reserve policy out of the mire
of partisan myth-making, and treat it as the scientific problem that it is.
[VOL. 119.
yourselves, living under the same slave conditions
. But the Government
not only organizes the services for war, it always
keeps them fully equipped
to be able to crush their own workers when
the need arises.
Have you never noticed how, in large strikes and
lockouts, all the newspapers condemn tho strikers and talk about maintainin
g "essential services
and the food supplies?" Have you forgotten
that during the Tonypandy
strike of railway men in 1911, the soldiers
were used and workers were
shot? That gunboats were used by Asquith
to defeat the dockers in 1912?
That troops were used at Liverpool against
the transport workers in 1912?
Have you forgotten how the Labor Government
threatened to use naval
men during the dockers' strike this year?
How in the tramway strike
the Government threatened to introduce
the E. P. A. (the Emergency
Powers Act), which would have forced
many of you to have shot your own
brothers and fathers?
Have you forgotten the miners' lockout
in 1921, when the reserves were
called out and Hyde Park was turned
into a military camp in order that
a large section of the army could be
ready to suppress any action that
might take place as the result of the triple
alliance strike?
Soldiers, sailors, airmen, flesh of our
flesh and bone of our bone, the
Communist Party calls upon you to begin
the task of not only organizing
passive resistance when war is declared
or when an industrial dispute
Involves you, but to definitely and
categorically let it be known that
neither in a class war nor in a military war
will you turn your guns on your
fellow workers, but instead will line up
with your fellow workers in an
attack upon the exploiters and capitalists,
and will use your arms on the
side of your owa class.
Form committees in every barracks, aerodrome
and ship. Let this be
the nucleus of an organization that will prepare
the whole of the soldiers.
sailors and airmen, not merely to refuse
to go to war or to refuse to shoot
strikers during industrial conflicts, but will make
it possible for the workers,
peasants, soldiers, sailors and airmen, to go
forward in a common attack
upon the capitalists, smash capitalism
forever, and institute the work of
the whole working class.
Refuse to shoot down your fellow workers.
Retuse to fight for profits.
Turn your weapons on your oppressors.
Fall of British Labor Government—General Election
Fixed for Oct. 29—Withdrawal of Sedition Charge
Against Communist Editor Leads to Labor's
Defeat.
The Labor Government under Prime Minister Ramsay
MacDonald has fallen and a general election will take place
in Britain on Oct. 29. The Government fell Wednesday
last (Oct. 8) by 364 votes to 198 on a Liberal amendment to
A vigorous assertion that the Labor Party were not
a Conservative motion for a vote of censure on the GovernCommuni
sts and were opposed to communism was made
ment's action in cancelling a prosecution involving charges of
sedition against John Ross Campbell, acting editor of the by Premier MacDonald in answer to Sir John Simon, who
"Worker's Weekly," the official political organ of the Com- moved the Liberal amendment on Wednesday. The Prime
munists. The Liberal amendment, which called for a special Minister, as a reason for the withdrawal of the prosecution
inquiry into the facts attendant upon the withdrawal of the of Campbell, said that in his opinion the prosecution would
prosecution, received the full voting support of Conservative have given an "extraordinarily gratuitous advertisement
members. Since Ramsay MacDonald in the course of the to communism." The New York."Times" Oct.9in a special
debate on the Conservative motion (Oct.8)had declared that copyrighted dispatch reported the crucial debate as follows:
"if this House passes either resolution or amendment now, Before the debate on the vote of censure began, the Prime Minister
made an explanation of a reply which he had given in the House
on Sept. 30,
then we go," it followed that an appeal to the country would and
which, he said, might have misled the House. This was
concerned
at once result from the Government's defeat, and on Thurs- with his "cognizance" of the details regarding the prosecutio
n of Campbell.
He said he had asked for information about the prosecution, and
day morning (Oct. 9) the Prime Minister visited Bucking- that
contended
he was entitled to do so, intimating that by inquiring as to
the facts
ham Palace and obtained royal consent to a dissolution of he was
in no sense influencing the action of the law officers of the
Crown.
Parliament, which he announced in the House of Commons
Premier MacDonald was pressed for explicit details by Austen Chamberbut at the behest of one of his supporters to say nothing
at the afternoon sitting. Mr. MacDonald and his Cabinet, lain,
further. the
Prime Minister sat down abruptly.
it is said, will remain in charge of affairs until Nov. 18, on
Interference with Justice Charged.
which date the new Parliament will assemble and when a
Sir Rob wt Horne then led the attack on the Governmen
readjustment of political power will take place in accordance
t, offering the
Conservative motion of censure. His argument was
that no
with the verdict of the polls.
party, and no Minister, was entitled to interfere with the Attorney political
The first British Labor Government, having clung to the acting in his judicial capacity. If crimes were not to be punished-General
because
reins of office for almost nine months with a grip that often a delinquent belonged to a particular party, then the law would be mocked.
and retaliation by another party when it came to power
would bring
weakened precariously, has thus met its defeat, not on an about a condition in which justice would
be destroyed.
"If there is any gift more than another," he said,
issue of importance such as the Russian treaty, but as a result
"which the British
nation has given to the world, in which it can take pride,
it is the dispensaof what T. P. O'Connor in the House of Commons during tion
of even-hand
Wednesday's debate called a "miserable tempest in the tiniest of the world." ed justice, which has characterized our race in all parts
Sir Patrick Hastings, Attorney-General, made a
little teapot that ever was introduced into political life."
long speech in which
he assumed the fullest repsonsibillty for his action in regard
to withdrawing
The nature of the lawsuit which directly led to Labor'p over- the
Communist prosecution, and he indignantly denied
he had, been
throw was described in a London cable to the New York subjected to any politcial influence or outside suggestionthat
.
Sir John Simon. who moved the Liberal amendment,
-Times" Oct. 9, which said:
voiced suspicions
The episode which led to the Labor Government's defeat occurred last
August, when John Ross Campbell, one el the editors of "The Workers'
Weekly," published an article in his paper opposing the use of soldiers
in
Industrial disputes. He was charged with inciting sedition and arraigned
at Bow Street on Aug. 13. There the Court withdrew the charge on representations made by the public prosecutor that it was not the intent of the
article "to try to seduce men in the fighting forces from their duty and
allegiance, or to induce them to disobey lawful orders, but that it was comment upon armed military force being used by the State to suppress industrial disputes."
On the following day Albert Inkpin, for the Political Bureau of the Communist Party, published a statement in the "Weekly" In which he declared
that the initiative for withdrawing the charge had not come from Campbell,
but from the Government itself. tor Campbell was prepared to plead justification and had summoned a host of witnesses with that defense in view.
Then Inkpin added a passage on which has been based the subsequent
criticism of the MacDonald Government ever since. It read:
"We wish to state that the withdrawal of the charge was made on the sole
responsibility of the Labor Government under severe pressure from such
well-known Labor members of Parliament as George Lansbury, who volunteered to give evidence for Campbell's defense of Justine-ado)); Mr. James
Maxion, A. A. Purcell, John Scurr and many others."
We reproduce the article, published in the "Workers'
Weekly" on July 25, which led to the fall of the Labor
Government:
The Army and Industrial Dispute; An Open Letter to the Fighting Forces.
Conrades:—You never joined the army or navy because you were in love
with warfare, or because you were attracted by the glamour of the uniform.
In nine cases out of ten you were compelled to join the services after a long
fight against poverty and misery, caused by prolonged unemployment.
Once in the service, you are subjected to a military discipline that
bears
down upon you in an ever increasing manner.
Repressive regulations and irksome restrictions are Intentionally
Imposed
upon you. And when war is declared you are supposed to be filled
with a
longing to "beat the enemy.'' The enemy consists of workingme
n like
that he said were at the bottom of all the trouble.
lie said It was on the
night of Aug. 5, going well into the small hours of
Aug. 6, that certain
members of the House, including some who were alleged
to have interfered
In connection with this Communist --secutfon, were
engaged in and endeavoring to induce the Government
s to terms with !tussle. He
asked:
"Did the Prime Minister say, 'I satisfied the Communis
ts, and agreed
to the treaty with Russia yesterday, after announcin
g the day before
that I would not do it, and I now find you at exactly
the same moment
engaged in prosecuting the very people with whom
I am trying to arrive
at an accommodation?'"
Whether it was a man or a Government that burned
a house to conceal
a document, it was equally obvious that they
had something to hide. Sir
John Simon said:
MacDonald Resents Insinuation.
Premier MacDonald was highly indignant
at this insinuation. Ile declared that the Anglo-Russian Treaty and
the Communist prosecution were
never brought into contact: they were
never considered In relation one
to the other. The Government was determine
d that, so far as it could
help it, the propaganda of communism
was to have no chance in this country, he said, adding: "We are not Communis
ts. We are opposed to communism."
The one thing he felt was that the prosecutio
n of Campbell would give all
extraordinarily gratuitous advertisement
to communism. It was one of
those breaches of the law which must be considered
in the effect of the prosecutler). and from that point of view ho
felt that prosecution was a mistake.
Ile recounted his interview with the Attorney-General
and denied that he
concealed anything. From the dispersal of the Cabinet
meeting until he
was leaving or had left for Scotland, he said, he did
not know in the least
what had taken place in regard to the prosecutio
n. He did not know what
the House was going to do.
Since they had been on the Government benches he and his
colleagues had
tried to do the work which they believed ought to be done,
he said, adding:
"We are prepared to go on as best we can, but if we go on the
House mum,
give us a satisfactory measure of confidence. If this House
passes either
resolution or amendment now, then we go."
OCT. 11 1924.]
THE CHRONICLE
1701
Asquith Gives a "Sympathetic Tear."
It was at a Cabinet meeting on Oct.6 that the decision was
After this Mr. Asquith dropped a "sympathetic and
tributary tear on the reached to
fight the Conservative motion and the Liberal
funeral oration which the Prime Minister had pronounc
ed," and then Stanley Baldwin spoke.
amendment, thereby courting defeat and making a general
The divisions then followed, with the results already
given. There was election a certainty. Premier MacDon
ald, in an interview
cheering and counter-cheering as the voting was announced.
with Wickham Steed, the journalist, accused the
Premier MacDonald then rose, amid loud cheering from
his supporters.
Liberal
A number of them rose and cheered again and again, waving
their handker- and Conservative Parties of precipitating an election at
a
chiefs. When the demonstration had concluded the Prime
Minister said:
time when the "national and international situation" made
"In view of what has happened, Mr. Speaker. I move
it
that the House do
unwise. He said:
now adjourn."
This motion was agreed to at once and the House adjourned
Though the Government has no majority in the lobbies, it
at 11:29 p.
has a right to
in. As the Prime Minister rose to leave the Chamber,
demand
fair play. We are not a gang of footpads.
the whole of the
Ministerialists sprang to their feet and cheered vociferously, waving
Now,
if
I
am
relieved
of
this strain and worry. I shall rejoice
handkerchiefs and order papers.
But I care enough for the country not to rejoice at the prospect for myself.
of
and frustrated achievement which the attempt to throw Labor confusion
out of office
Forcing an Election Decried.
may entail. Of course, we have made mistakes. We happen
to
be human.
The debate which ended in this sensational fashion (sensation
al because al- I believe it is on record that other Governments also have made mistakes.
most up to the very end there existed an idea that some
way out of the But in the present national and international situation we think it might
dilemma other than dissolution and a general election would
be discovered) have been wiser for our opponents to have acted otherwise than they have
was described by T.P. O'Connor as a "miserable tempest
in the tiniest little determined to act.
teapot that ever was introduced into political life."
Take the Russian treaty. The Liberals say that if they were in
power
For the House to ask the country to have a general election
on this ques- they would do this, that or the other. They would have the treaty, but
tion would be madness, he said, and he urged the
House to adjourn and re- they would not give guaranties. They and the Conservatives together can.
sume the discussion at a cooler moment.
of course, smash this treaty if they like. Whether they will
then be able
Stanley Baldwin,Conservative leader, who spoke at
a late hour,suggested to replace it with a different agreement is another question. But if they
that T. I'. O'Connor had forgotten that teapots
had played a very great part object to the principle of the treaty, why have they made no attempt to
In history. The upsetting of a small amount
of tea in Boston Harbor had approach us and see what can be done In the general interest? They have
changed the history of the world, and there
was an oil field in America valled made no such approaches. Had they made them they would not have
Teapot Dome.
Sound us unwilling to consult with them.
The Conservative leader agreed with
Mr. O'Connor's remarks about the
The attitude adopted by the Labor Cabinet rowards the
undesirability of a general election, but "whether
there is a general election
or not rests entirely with the Governme
opposition amendment was confirmed next day (Oct. 7) at
nt," he said.
The same report, referring to the manner • in which the the annual conference of the Parliamentary Labor Party,
when Ramsay MacDonald, following a review of the work
various parties voted, said:
The size of the final majority against the Governme
nt came as a surprise to accomplished since the Labor Party assumed office, entered
all parties. The Conservatives polled
very heavily, but the size of the ma- into a bitter denunciation of the
methods employed by the
jority is mainly explained by the tact that fewer
Liberals than was expected
Liberals in the present instance. The Conservative motion
went into the Government lobby on the critical
division. As far as could be
discovered in the confusion after the division, the Governme
nt total of 198 he described as "straightforward," but the Liberal amendconsisted of 2 Unionists,2 Nationalists, 12 Liberals
and 182 members of the ment "was conceived in a spirit of
Labor Party,
medieval crookedness
and torture." We quote from a New York "Times" disThe Liberal amendment called for a Parliamentary inquiry
into the circumstances under which the prosecution had been withdraw
n. There were patch from London, Oct. 8:
364 votes for the Liberal
amendment and 198 against it.
No vote was taken on the Conservative motion
proper, but, instead, a
general motion was offered prior to the voting,calling
for a decision on which
motion, Conservative or Liberal, should be
taken. By 3.59 to 191,the House
elected to vote on the Liberal amendment only, which had
the effect of
killing tho Conservative motion of censure.
The King's speech proroguing Parliament, which was
read on Thursday night (Oct. 9), talked of the Government's
achievements since assuming office and included the issues
upon which the Labor Party will base its appeal to the
country. Greatest emphasis are placed upon foreign affairs, in which sphere were stressed the "confirmation and
acceptance of the Dawes report by the London Conference,"
and the "renewal of diplomatic relations with Soviet Russia,"
while the arbitration and security proposals recently formulated by the League of Nations' Fifth Assembly were
referred
to as "an important advance on the road to reductio
n of
armaments." The New York "Times" (Oct.
10) account of
the King's speech follows:
The King's speech proroguing Parliamen
t to-day, after announcing that
confirmation and acceptance of the Dawes
report by the London Conference. together with the unanimous approval
of recommendations for implementing the report.
It then declares:
"This happy result was duo to the broad-min
ded spirit of co-operation
with which the difficult problems were approache
d by the powers concerned.
I believe this settlement will contribute largely
to the restoration of international commerce,on which the material prosperit
y of this country so largely
depends."
The speech proceeds to refer to the Fifth Assembly
of the League of Nations which, "by formulating proposals for
dealing with the problem of
general arbitration and security, made an important
advance on the road
to reduction of armaments. The issue and
its discussion have been embodied
in a protocol which will be submitted to Parliamen
t as soon as possible, and
which, it Is hoped, will lead to the first
practical measures for lightening
the heavy burden under which the nations are suffering.
"
The renewal of diplomatic relations with Soviet
Russia is then announced,
together with the conclusion of two treaties
"having for their object the
re-establishment of the political and
commercial ties of Great Britain and
Russia as the necessary element in the general pacificati
on and economic
reconstruction of Europe."
The speech then alludes to the question of the frontier
between Turkey
and Irak which has been referred to the League of Nations
for a report,
pending which both parties have undertaken to maintain
the status quo on
the frontier.
It expresses regret that the informal discussions of Premier
MacDonald
with Said Zaghlul l'asha, the Egyptian Premier, failed to
lead to negotiations. It declares that in the absence of an agreement, the
Anglo-Egyptian
relations will continue to be governed by the policy adopted
when the protectorate was withdrawn.
With great emphasis the Prime Minister showed resentmen
t over Mr.
Asquith's publicly announced Intention to make the Labor Governme
nt"eat
out of his band." and he declared that it was the Liberals
who had decided
to have an election.
"There has been a trumped-up stunt about the dropping of a certain
prosecution," he exclaimed. "What a chance for a worry, what a
chance
for a humiliation, what a chance for the wiles of a pettifoggi
ng lawyer.
"Every one knows that the country begs us to go on with our
work and
not disturb it yet with an election, but the nation has never
respected a
government without spirit or self-respect. Every person knows we
are in
the midst of work which cannot be interrupted, except
to the grave disadvantage of the nation, but which cannot be carried on except by
men
whose authority, in the eyes of the foreigner and of our
own people, is
respected by Parliament."
There was dishonesty, obliqueness, about the whole business,
Mr. MacDonald complained. He said the Conservatives had a straightf
orward
motion of censure on the order paper, but the Liberal
Amendment was
conceived in a spirit of medieval crookedness and torture."
He asserted
that it arraigned the Government before a
picked committee, adding:
"Seven out of the ten men to be appointed will go
to-morrow into the
lobby condemning us. The next day they will,
as judges consider our
case impartially. There is dishonesty, obliquene
ss in the whole business;
Satan reproving sin that is totally inadequat
e. Why, it is Satan pretending to be a judge of sin after he himself has lived
a sinful life through
the eternal years.
"Our opponents are to pretend that no election is required, and we
should
continue our work. At the same time they rob us of our virtue
of respect
and lay us open to another charge that we
are mean-spirited enough to
cling to office. They propose to drive us into the
jails of the inquisition
while special pleaders and executioners are to prepare
a biased indictment.
rack and block. By this little maneouvre we are
to go down, and the
fortunes of the Liberal Party are to be restored."
Great cheers greeted the Premier's bitter denunciation of the
Liberal
tactics, and his expression of wonder how decently minded
Conservatives
would regard them.
4
"Depend upon this. We shall surrender nothing of the right of the
Government," he said. "If there is to be an election, the responsibility
is not ours. Some fast, clean fighting in the constituen
cies may clear
the air. I trust this conference will remember what is at stake,
and its
members will return to their posts, prepared to take the field, not to defend
Labor, but to attack our enemies."
Continuing, the same message stated that the Labor
Party took a decisive step to rid itself of Communism, by
adopting three resolutions destroying communistic affiliation with Labor. The advices proceeded:
Voting on the resolutions was interesting. The delegates voted
by
card, which means they had votes to correspon with the number
d
of members in their organizations. The conference is composed of
representatives
of trade unions, trade councils and local
Labor parties. and Socialist
parties, the voting was as follows:
Against affiliation of the Communist Party, 3,185,000; for,
193.000;
majority, 2.992,000.
Against endorsement of Communists as
Labor candidates. 2,456,000:
for. 654.000; majority. 1.802,000.
Against Communists being eligible for membership
In the Labor Party.
1,804,000; for, 1,540.000; majority. 264.000.
Matters of home interest are then referred to in the speech,
such as steps
taken with the Dominion Governments to promote the
marketing of food,tutfs in Great Britain. It continues:
"Although there are, I am glad to say, signs of a distinct
improvement in
some of the principal industries and certain branches of
trade and com- British Financial Interests Protest Against "Unnecesmerce, severe depression continues. My Ministers have
been actively
sary" Election—Stock Exchange Business Reduced
engaged in the development of a constructive policy with a
view of stimulating industry and encouraging trade as the only means of
Through Uncertainty.
dealing fundamentally with unemployment,from which a large proportion of
our fellowLondon
advices
by the Inter-Ocean Press Oct. 9 stated:
citizens are still suffering."
Following the fall of the Labor Government each political
The speech then proceeds to outline these relief measures,
party is blaming
including unem- the others for precipitating an unnecessa
ry general election which the counployment benefits, housing, assistance to agriculture by
means of loans, try does not desire. Industirial and
financial interests are particularly
grants, &c., and other social reforms. In conclusion the speech
says:
bitter and loud in their protests against the
"I pray that the blessing ef Almighty God may rest upon
inevitable interference with
your labors."
commerce.
1702
THE CHRONICLE
[VOL. 119.
mean that we are not represented. We are represented as
fully as we think we ought to be in view of the nature of the
subject or character of the conference or meeting, or as fully
as we can be represented without becoming officially related
to an organization of which we are not members." At another point in his address Secretary Hughes declared that
s"the people of this country would never tolerate the submi
of
n
inatio
the
determ
s,
power
of
group
sion to any power, or
any of our domestic questions. If we are to co-operate, we
ut the sacrifice of our
we must be permitted to co-operate witho
From the "Journal of Commerce" yesterday (Oct. 10)
rights to determine our own policies." Secretary Hughes
take the following:
bed the third party movement as "definite and dangerthe outcome of the general descri
Financial circles here are optimistic as to
"would be that instead of
both the Conservatives and ous," saying that its first effect
elections, set for Oct. 29. It is believed that
with the result that neither electing a President we should have no election at all. That
s,
Liberal
the
from
seats
win
will
the Labor Party
two and that the result of such a
party will have a majority over the other
our election of Nov. 4 would fail, and the election would
will receive sufficient support from is,
situation will be that the Conservatives
thrown into the House of Representatives with the prosbe
.
Cabinet
a
form
to
the Liberals to enable them
Party at the last election,
Labor
the
of
es
success
ted
of no election there." "The most serious and dangerous
unexpec
pect
In view of the
calculations, business circles
ction
pre-ele
all
d
falsifie
ely
complet
which
the third party," said Secretary Hughes, "is in its
ts as to the result of the appeal to the aim of
hesitate to make any definite forecas
atives attempt to destroy our system of Government by its assault
Conserv
the
that
be
to
seems
opinion
country, but the consensus of
upon the jurisdiction of the Supreme Court in the interprehave a fair chance to regain power.
ment last night and the announceThe defeat of the MacDonald Govern
of the Constitution." Mr. Hughes called attention to
transce
on
tation
influen
no
had
ent
Parliam
ment to-day of the dissolution of
dimen- the fact that "Congress now has full power to deal with its
smaller
to
s
busines
reduce
to
except
actions on the Stock Exchange,
the political situation will affect
own statutes so far as their interpretation is concerned" and
sions. It is expected, however, that
e way for the next few weeks, tending
trading on the exchange in a negativ
that "what we are now dealing with is a very different
said
ons.
to event any expansion of operati
again,
ed
harden
es
securiti
ged
gilt-ed
matter. It is the question of the interpretation of the ConOn the Stock Exchange to-day
success of the Queensland moan.
ion of the United States." He declared that the proInfluenced favorably by the unexpected
stitut
with
dull,
. Industrials were
,
British railway shares recovered slightly
y
compan
Oil
inties.
posal was far more than a mere assault upon the Court
political uncerta
trading restricted because of the
adding:
securities were steadier.
and the disIt is believed that this general feeling against the election
largely responsible for the
, advantages pointed out by leaders of trade were
on the principle of "the
leaders reaching an agreement apparently based
sooner the election takes place the better."
and the Governl
While the present situation is merely a politica artifice
ng no widespread public
ment's defeat took place upon a question involvi
the Russian treaty.
feeling, behind it lies the real battle over the issue of
on an issue which is
Mr. MacDonald apparently elected to accept defeat
fare better in that
would
Intrinsically insignificant, believing that his party
rown later on the treaty
case, than to avert disaster now only to be overth
will be the Russian loan
issue. Behind the scene of the political jockeying
.
and trade agreements as a major issue in the contest
Government was founded
It is an assault upon the States. When this
larger States. What was pos-
States feared the control of the
ary Bill Before the smaller
concentration of popuBritish Parliament Passes Irish Bound
sible then is even more possible now with the great
Dissolution.
lations.
Tribune"
The framers of the Constitution had not deemed the proLondon advices to the New York 'Herald
on an
tection afforded by the Senate, where every State stood
Oct. 10 stated:
t the Irish boundary bill passed equality, as a sufficient protection for the smaller States, Mr.
Before Parliament was dissolved to-nigh
received royal assent. The comthe House of Lords on final reading and
therefore limited the powers of Congress
ing the line between the Free State Hughes argued. It
mission will start work at once on delimit
, continuing:
added
he
cally,
specifi
and Ulster.
to have gained the consent of a
power to override these limitations of its own
the
have
to
ss
Congre
Prime Minister MacDonald is reported
Is
committee, and the Government has prommight as well be abrogated. What use is
man to represent Ulster on the
of northern Ireland. The bill
ised he will be representative of the feelings
g of the disputed Article 12, and
does not attempt to interpret the meanin
Supreme Court of South Africa,
therefore Justice Richard Teetham, of the
decisive vote, whether it means
Chairman of the commission, will have the
le transfers of large portions of
simply rectification of the border or wholesa
territory.
authority? Then these limitations
disregard at will? The proposal of
a limitation which the one limited can
nement of the Congress over the
the third party would mean the enthro
States.
adopted, everything yr u have,
If the proposal of the third party were
be held at the mercy of Congress.
the security of your person and life, would
And they call that progress!
e is the Irish
The Irish Boundary Bill, of which the full tItl
and which
Bill,
ment)
Agree
of
ion
irmat
(Conf
State
Division in
Free
l ses- President Coolidge on Part Played by First
specia
the
of
ning
summo
the
for
reason
Peace—
formed the real
rd
Towa
Move
Must
e
Peopl
War—Says
was overthrown,
s Plan.
sion of Parliament at which the Government
Dawe
of
Out
ing
Carry
Urges
ons
of Comm
passed second and third readings in the House
ent
ibn of the bill
In dedicating in Washington on Oct. 4 a monum
Oct. 1 and Oct. 2, after a motion for the reject ed.
the
of
on
Divisi
First
the
of
men
the
of
y
memor
in
d
defeat
erecte
moved by the Ulster members had been
war,
late
the
in
died
s
who
Force
ary
ition
American Exped
President Coolidge declared that "war and destruction are
of
es
Polici
of
that
Secretary of State Hughes in Support
unnatural; peace and progress are natural." "It is in
Would Never
ion," he added, "that the people of the earth must
President Coolidge—Says People
direct
ions
favor of
Tolerate Submission of Domestic Quest
move." The President expressed himself "in
sals
Propo
policy
te
can
Follet
a
Ameri
rs—L
the
to
Powe
rming
ants
de
confo
to Outsi
treaties and coven
and promote
war
sive
nt
aggres
Respecting Supreme Court.
preve
to
ce
enden
indep
of
on Oct. 4,
peace we have now
Opening the Republican campaign in Ohio h at Cin- permanent peace." If, he said, the
in the benefits
speec
result
a
it
is
to
in
if
s,
peace,
Hughe
E.
real
s
a
be
Charle
to
"is
State
made
of
Secretary
opse we nourish
the
of
s
becau
attack
be
the
will
it
it,
ring
from
answe
to
accrue
f
to
himsel
that ought
cinnati, devoted
be
we seek to
the
may
se
becau
ever
spirit,
"what
peace
the
posing parties, and declared that really only one issue in with equal sincerity
by the
moved
are
we
e
becaus
is
will,
there
es,
good
l
speech
mutua
ign
campa
ish
establ
subject of
Calof
said:
on
also
ent
strati
Presid
Admini
The
y."
the
nimit
Shall
magna
is,
sentiment of
this campaign, and that
Power,
other
any
t
to
intrus
to
"
e
nued?
propos
conti
not
do
"We
be
vin Coolidge
have a leader who rep- or combination of Powers, any authority to make up
Asserting that "in this campaign we
ence and the desire for our own mind for us." "We want," he said, "to see
experi
by
gained
m
wisdo
resents the
and builds up, that fosters lib- the Allies paid, we want to see Germany restored to a conthe progress that conserves
that seeks better conditions dition of productivity and progress under which she will be
ty;
erty, that safeguards proper
Secretary Hughes con- able to take up the burden of civilization." He referred to
rity."
prospe
ced
enhan
of living and
that "the best assur- the American Government as the architect in suggesting a
ment
state
the
cluded his remarks with
attainment of these plan toward that end, and said: "The experts unconnected
the
of
time
this
at
have
can
ance that you
Calvin Coolidge." with any Government built the structure known as the
of
on
electi
the
in
ends is to be found
ed it. It
responsibility is
party
"our
Dawes plan. The Allies and Germany have adopt
Secretary Hughes asserted that
against whom ac- remains for private enterprise in this country and Europe to
one
every
of
ution
prosec
being met by the
Our party responsibility has help finance it." "We do not claim we have been able to
cusation can be properly laid.
high minded men as candi- discharge our full duty toward the other nations of the
of
ation
nomin
been met by the
fact that "our Democratic earth," said the President, "but we have a right to believe
the
to
ing
dates for office." Referr
respect to our partici- that we have been the most effective agency in helping to
with
opponents have something to say
ary Hughes said restore Europe." The President's remarks, which were
Secret
"
ences,
confer
l
pation in internationa
were as follows:
conferences are
but
ences,
confer
addressed to survivors of the First Division, men of the First
"we believe in international
it must be to the
ipate
partic
nt to the memory of the
monume
we
a
e
to
when
meet
dedicat
We
and
s,
directed to object
who gave their lives in battions, according to Division of the American Expeditionary Forces
extent that we can make good our obliga
comrades bestow this gift upon the nadomtle for their country. Their surviving
the
with
dance
accor
ny of an affectionate regard for
our system of Government and in
It bears mute but enduring testimo
s further tion. who
Hughe
This beautiful and stately shaft repreary
e.
Secret
sacrific
great
."
the
made
people
those
inant sentiment of our
tribute of reverence and sorrow
unofficial observers sents no spirit of self-glorification. It is adead
from those who knew and
said "when we appoint what are called
five thousand of our immortal
nearly
to
not
it
does
gs
meetin
and limit our participation in particular
OCT. 11 1924.]
THE CHRONICLE
loved them. The figure of Winged Victory rises above the scrolls of imperishable bronze on which are inscribed alone the ennobled names of those
Who fell and through their deathless valor left us free. Other soldiers,
generals and privates, officers and men, rank on rank, of illustrious fame,
are unrecorded here. They live. The dead reign here alone.
This memorial stands as a testimony of how the members of the First
Division looked upon the war. They did not regard it as a national or personal opportunity for gain or fame or glory, but as a call to sacrifice for the
support of humane principles and spiritual ideals. This monument commemorates no man who won anything by the war. It ministers to no aspiration for place or power. But it challenges attention to the cost, suffering
and sacrifice that may be demanded of any generation, so long as nations
permit a resort to war to settle their disputes. It is a symbol of awful
tragedy, of unending sorrow and of stern warning. Relieved of all attendant considerations, the final lesson which it imparts is the blessing of peace,
the supreme blessing of peace with honor.
The First Division has the notable record of being the first to enter
France and the last to leave Germany. Hurriedly assembled, largely from
regular army units, its first four regiments landed at St. Nazaire at the
end of June, 1917. the advance guard which in a little more than a year was
to be swelled to the incredible force of two millions. It had two battalions
In the grand parade of July 4 in Paris, when tradition claims that a great
American commander laid our wreath at the tomb of the great Frenchman
with a salutation which was short but all-embracing in its eloquence—
"Lafayette, we are here." Other units, mostly from those who served in
Mexico, made the division so cosmopolitan that it represented every State
and all the possessions of the United States. It was comprehensively and
truly American.
After short and intensive preparation the division was ordered from the
Gondrecotut training area to the Sommerville sector, where on Oct. 23 the
irst American shot was fired. On Oct. 25 the first American officer was
wounded, and two days later the first prisoner was taken. On the night
of Nov. 2 Corporal James B. Gresham and Privates Thomas F. Enwright
and Merle D. Hay, killed when their trenches were raided, were the first
Americans lost in the war. In January, 1918, the division was removed to
the Tout sector, where for the first time Americans were given charge of a
section of trenches. From here it was sent to Cantigny sector to resist the
March drive against Amiens.
To this place General Pershing came on a personal visit, warning the
officers ot the desperate character of the fighting which was soon encountered. The trenches here were imperfect and the troops were constantly
exposed to shell fire. The first offensive of an American unit was the
attack on Cantigny. Repeated and desperate efforts were made to recapture the town from the Americans in order that they should not be
permitted to record a success, but the town was held and victory remained
with the First Division.
In July the division was placed in the Soissons sector to take part in the
attack on the German salient. In five days of heavy fighting it advanced
eleven kilometers and captured 3,500 officers and men, with large quantities of materials. Its own losses were 78 officers and 1.458 men killed,
214 officers and 6,130 men wounded, 5 prisoners and 390 missing; a heavy
price to pay, but the victory at Soissons has been called the turning point
of the war.
Following a fortnight for rest and replacements a short service in the
Vosges preceded the attack on St. Mihiel. The offensive against this
position, which had been held for four years, was the first operation of an
American army under an American commander. Under the direction of
General Pershing nine American and some French divisions won complete
victory, the Americans capturing 16,000 prisoners, 443 guns and 240 miles
of territory. The division was then sent to the Meuse.
In the great final offensive about 1,000,000 American troops were engaged in the Argonne sector. After being held in reserve five days after
operations opened the First Division went into action Oct. 4 to open the
way on the east for a flank attack upon the forest. From then until the
armistice fighting and marching were continuous. The early successes
of the American forces in the Argonne attack started a general German
retirement about Nov. 2. From then until Armistice Day the advance
continued. On the night of Nov. 5 the First Division reached the Meuse.
It was ordered to attack Sedan. Bewteen 4:30 in the afternoon of Nov.5
and midnight Nov. 7 the division advanced and fought constantly. The
16th, 18th and 28th Infantry regiments covered 35 miles each, while
the 26th Infantry under the command of Col. Theodore Roosevelt, traversed no less than 45 miles. Then came the armistice. Immediately
after the division was ordered into Germany and stationed at the bridgeheads east of the line, from which it was withdrawn about a year later,
the last units reaching New York on Sept. 6 1919.
Such in barest outline is the war record of the First Division. In little
more than a year it lost by death 5,516, of which number 4,964 were killed
in battle. Over 17,000 were wounded, 170 were reported missing and 124
were taken prisoners. These numbers nearly equal the original strength
of the division. In General Order No.201 of Nov. 191918, his only general
order issued, referring exclusively to the work of a single division, after
describing your difficult accomplishments, General Pershing concluded thus:
"The Commander-in-Chief has noted in this division especial pride of
service and a high state of morale never broken by hardship or battle."
Five different Generals commanded the division, all of whom won high
distinction and conunendation. They were William L. Sibert, Robert L.
Bullard. Charles P. Summerall, Frank Parker and Edward F. McGlachlln.
The little that I can say in commendtaion of the service of your diviions
is but a slight suggestion of what is deserved. Every unit of the American
army, whether at home or abroad, richly merits its own full measure of
recognition. They shrank from no toll, no danger and no hardship, that
the liberties of our country might adequately be defended and preserved.
We raise monuments to testify to the honor in which we hold men for
the work they have done, and to be a constant reminder to our selves and
future generations of the lessons their actions have taught us. A tradition
remainds us of the ingratitude of republics.
That supposition must have arisen before America was very far advanced.
It is true that we do not pay much attention to those who serve us in civil
life. The honor bestowed during the term of the office may well be thought
adequate recognition. When our country was young and struggling, poor
and unorganized, it found difficulty in even paying those who fought in
the Revolutionary War. It is well known that Washington was not even
a dollar-a-year man, but donated his great talents to his country.
But after our Constitution was adopted and the national finances were
restored to order, and as the resources of the country grew, the nation did
not fail in its duty toward those that won our independence. The unsurPassing honor in which the nation has always held its defenders has since
that time been reflected in a policy too familiar to need mention. The
great contest which Lincoln directed ended less than sixty years ago. Those
Who fought in it and their dependents have been paid about $6.000,000.000,
averaging $100,000,000 a year, and payments are now going on at the rate
of about a quarter of a billion dollars each year. The participants
in the
Spanish War are being provided for along the same direction.
1703
For that which might be broadly characterized as relief work for the
veterans and their dependents of the World War the Government has
already appropriated well toward $3,000,000,000. But this is not the
measure, it is only an indication, of the high regard and the abiding honor
which America bestows upon its loyal defenders. It cannot be measured in
money. How poor and cheap and unworthy would be that attitude which
could say: "You have offered your life. Here is your dollar. That
discharges the debt. 'Take it and go."
The nation recognizes towards them all a debt which it can never repay,
but which it will never repudiate. Standing to their credit will forever
be an inexhaustible balance of gratitude, of honor and of praise. In song
and story, in monument and memorial, in tradition and history, they will
live in the heart of the people forevermore.
Aid and Relief of Veterans.
For the aid and relief of all veterans suffering disability by reason of
service, and of their dependents, with the unanimous support of the country'
the Government is committed to a most broad and liberal policy. Its
administration has been difficult from its very magnittilie. It had no
opportunity to grow and learn by experience. While a military force
of about 4,600.000, of which number more than 2,000.000 were brought
from abroad, had to be demobilized and returned to their homes, and a
civil force calculated at about 7,000,000, discharged from war industries,
had to be relocated in peace time occupations, an organization complete
in all its functions had to be devised to meet this great emergency of relief.
Nevertheless, these 12,000.000 people were restored to a life of peace with
little economic loss.
To unify the relation of the Government to this whole problem the
Veterans' Bureau was established. The Bureau is now functioning in the
Interest of those it is intended to serve. The scattered mass of laws dealing
with relief have been co-ordinated in the Veterans' Act of 1924. Government hospital facilities have been made available to all veterans of all wars,
whether the disability was or was not due to military service. The needy
are even furnished traveling expenses to reach the hospital, Since 1921 a
broad policy of caring for the sick has been established. Over $40.000,000
has been appropriated, 25 new hospitals have been completed with over
10,000 beds, and seven more with about 1,700 beds will soon be ready for
occupancy. The 25,000 to 30,000 patients will soon be entirely housed in
Government hospitals with several thousand spare beds.
In order that the Government might be brought to the veteran, district
organizations provide local relief agencies. Uncertainties are resolved in
favor of the service men and the particular kind of assistance required is
supplied. Exceptional benefits accrue to the mentally ill and their dependent,s. Organization is nationwide to provide employment. In cases
of excessive relief, if no fraud is involved the loss falls on the Government.
The pension laws for widows and mothers have been liberalized. While
there are still 40.000 taking rehabilitation training, over 80.000 have completed these courses and substantially all have been placed in profitable
employment.
The caring for those who are the disabled and the dependents by reason
of service in time of war is the very first duty of the National Government.
I have referred to a few of the representative efforts which
our country
has made to discharge that duty with an unstinted expenditure which has
averaged about half a billion dollars each year. •For the relief of stricken
veterans and their dependents, America has been proud to establish a new
standard.
While this is the fhat duty,it is by no means the only one. Many others
have resulted from the great war, which must be discharged by
the Government and the people. I am well aware that it is impossible to maintain in
time of peace the same exalted spirit of patriotism that exists
in time of
war, and yet, although it may be in a less degree, the country
has need of
devotion to the same ideals. In our land the people rule. The great truth
cannot be too often repeated that this nation is exactly what the people
make it. It is necessary to realize that our duties are personal.
For each
of us our country will be about what we make it.
The obligation of citizenship is upon each one of us. We must discharge
it in the actions of our daily life. If we are
employed we must be true to
that employment. If we are in business we must be
true to that business.
What is always of the utmost importance, if we have the privilege to vote,
we must inform ourselves of the questions at issue, and,
going to the ballotbox on Election Day, there vote, as we claim
the sacred right of Americans
to live, according to the dictates of your own conscience. You who
have
offered your blood that these supreme rights and privileges might be maintained as a standard of human conduct on this earth, must continue to be
their chief exponents by what you say and by what
you do. The coming
generations will reverence your example.
In this presence I am well aware there is no need to urge any support of
the American Constitution, but I cannot let this occasion pass without
expressing my most strong and emphatic commendation for the reverence
which your words and actions constantly express for the liberty-giving
provisions of the fundamental law of our land. You have supported the
Constitution and the flag, which is its symbol, not only because it represents
to you the homeland, but because you know it is the sole source of American
freedom.
You want your rights protected by the impartial judicial decisions of the
courts, where you will have a right to be heard and not be exposed to the
Irresponsible determination of partisan political action. You want to have
your earnings and your property secure. You want a free and fair opportunity to conduct your own business and make your way in the world
without danger of being overcome by a government monopoly.
When the Government goes in:o business it lays a tax on everybody else
in that business and uses the money that it collects from Its competitors to
establish a monopoly and drive them out of business. No one can compete. When the Government really starts into a line of business that door
of opportunity is closed to the people. It has always been an American ideal
that the door of opportunity should remain open.
But while naturally we think of our own domestic affairs first we have to
remember not only that we are affected by what happens abroad, but that
we are one among other nations. If there is anything which is dear
to
Americans, which they are bound to preserve at all hazards, it is their independence. I mean by that the privilege of reserving to themselves
the choice of their own course and the decision of their own actions.
We do
not propose to intrust to any other Power, or combination of Powers,
any
authority to make up our own mind for us. But we recognize that
what
others do has an effect upon us. Had it not been so it would not have
been
necessary for you to go overseas. We recognize, too, that we are a part
of
the great brotherhood of mankind, that there are mutual duties
and obligations between nations as there are between individuals.
America has
every wish to discharge its obligations. This is a condition
which is not
Imposed upon us by artificial covenants, but which results from
the natural
relationship among nations. We wish to recognize these requirements
for
the promotion of peace. War and destruction are
unnatural; peace and
progress are natural. It is in that direction that the
people of the earth
must move.
1704
THE CHRONICLE
{VOL. 19.
business and industrial development and raises
In Favor of Treaties and Covenants Conforming to American Policg--Dawes conditions. jeopardizes
questions of vast importance to th epublic and the business community.
Plan.
The National Industrial Conference Board has been engaged for over a
I am in favor of treaties and covenants conforming to the American year in an intensive study of the development and present status of public
promote
permanent
and
war
aggressive
prevent
to
of
independence
policy
policy toward private business enterprise, with special reference to the
peace. But they have little value unless the sentiment of peace is cherished application of the anti-trust laws. This study covers the legal and economic
in the hearts of the people. Peace is the result of mutual understanding aspects of the development and regulation of industrial combinations and
and mutual confidence exemplified in honorable action. Your adversaries the control of various forms of business co-operation and trade practices,
found that when you made war you made it with all your might. The na- the financial and economic aspects of business combinations, the relation
don nourished the war spirit.
of anti-trust laws to labor and the bearing of industrial combinations upon
But now we have made peace. If it is to be real peace; if it is to result foreign trade and international affairs. The purpose of the whole investiin the benefits that ought to accrue from it, it will be because we nourish gation is to clarify for the public and the business community the present
with equal sincerity the peace spirit, because we seek to establish mutual situation with respect to governmental policy so as to provide a sounder
good will, because we are moved by the sentiment of magnanimity.
and more scientific basis for discussion of the vital issues which have arisen
No other basis exists for the progress of civilization on earth. We had out of that situation. The investigation is being carried out by the research
many motives for entering the war. I shall not attempt to catalogue them. staff of the board in cooperation with a group of legal and economic authoriWhat we need now is to cherish the motives for which we made peace. We ties of national eminence in this field, and a largo body of industrial and
want to see the Allies paid, we want to see Germany restored to a condition business leaders.
of productivity.and progress, under which she will be able to take up the
The board's announcement says that since the whole issue
burden of civilization. Our country has been working toward that end.
Our Government suggested a plan, the essence of which was that it should of public policy has been raised recently in connection with
be carried out by private citizens unhampered by political consideration.
the effort of the Secretary of Commerce and the AttorneyThat was done. The American Government was the architect, the experts
as the Dawes General to define what trade associations may or may not
unconnected with any Government built the structure known
plan. The Allies and Germany have adopted it. It remains for private do, the first report resulting from the board's investigations
enterprises in this country and Europe to help finance it.
survey and analysis of "Trade AssociaWhen this is done; I believe Europe will begin to survive, and that we is a comprehensive
This report, to be issued
shall receive the benefit of a larger market for the products of our farms tions and Their Activities."
knowing
of
and our factories. Above that, we shall have the satisfaction
of trade associations and
development
the
analyzes
shortly,
restore
war,
of
the
hatreds
the
dispel
to
that we have done what we could
of their activities.
economic
importance
and
status
legal
prosfor
industrial
foundation
the
firmer
a
lay
and
wrought,
destruction it has
comwill focus national attention on the place of trade assoperity and a more secure peace. To promote these ends, reserving
and
plete jurisdiction over its own internal affairs and complete independence to ciations in our industrial economic structure.
direct its own actions. America should always stand ready. I have already
indicated many times my wish for an international Court and further disarmament.
Samuel Gompers of American Federation of Labor in
We cannot claim that under our institutions we have reached perfection,
Defense of Proposals of Robert M. La Follette to
but we are justified in saying that our institutions are the best for the promotion of human welfare that the ingenuity of man has ever been able to
Limit Powers of United States Supreme Court.
devise. We cannot claim that our Government is perfect, but we have the
Sanuel Gompers, President of the American Federation of
right to believe that it is the best that there is. We do not claim we have
been able to discharge our full duty toward the other nations of the earth. Labor, in a statement issued at Washington on Sept. 28
But we have a right to believe that we have been the most effectual agency defending the proposal of Senator Robert M. La Follette for
in helping to restore Europe.
If any one doubts the depth and sincerity of the attachment of the Amer- the limitation of the powers of the U. S. Supreme Court,
ican people to their institutions and Government, if any one doubts the sac- declared that:
rifices which they have been willing to make in behalf of these institutions
The demand is not that the Court be deprived of all power to pass on the
and for what they believe to be the welfare of other nations, let them gaze constitutionality of legislation, but that it be deprived solely of its power of
in
reated
been
have
that
memorials
like
other
and
monument
this
upon
final veto. What is demanded is that the people finally may be able to out.
every quarter of our broad land. Let them look upon the representative voice the Supreme Court and write their will into law in spite of the Supreme
has
America
dedithat
gatherings of our veterans and let them remember
Court.
cated itself to the service of God and man.
statement:
We give herewith Mr. Gompers'
For political campaign purposes the vociferous General Dawes and the
President Coolidge are seeking to make It appear that
Move by National Industrial Conference Board to cool and cautious
the opponents of unlimited power for the Supreme Court are in reality little
Create Factory Price Index—Rubber Industry
better than revolutionists and are striking drastically at the most sacred
Prices.
foundations of the Republic. Most of the adjectives in the dictionary have
been applied to those who support the declaration of the American FederaThe first attempt to investigate the level of prices received tion of Labor and the plank in the platform of Senator La Follette demandbeen
under- ing the curbing of the improper powers now exercised by the Court.
by the American manufacturer for his goods has
Those who criticize the proposal to deprive the Supreme Court of its
taken by the National Industrial Conference Board, 247 unlimited
power to nullify acts of Congress on the ground of radicalism and
to
is
purpose
Its
ultimate
Park Avenue, New York City.
as an assault on established institutions should read again the proposal
develop an index of factory prices for a large number of rep- enunciated by Theodore Roosevelt in the Progressive Party platform in
1912. This should be read particularly by those former followers of Colonel
resentative manufactured commodities, a highly important Roosevelt
who are now unable to see the constructive nature of a proposal
economic indicator now lacking in basic industrial informa- which is indeed less sweeping than that which they then advocated and
section:
tion. When such an index is completed, it will be possible which they then approved. That platform contained the following
"Popular Review of Judicial Decisions—The Progressive Party demands
for the first time, says the board, to compare the trend of such
the
people
the
to
of
the courts as shall leave
restriction of the power
these changes with the trend of wholesale and retail prices. ultimate authority to determine fundamental questions of social welfare
policy."
Such a comparison, it is hoped, will provide manufacturers and publicalways
been the practice of those who favor strong centralized
It has
with a much needed guide to the adjustment of prices and Governments and of those who favor the perpetuation of autocratic power
of
offices
the
at
was
announced
It
waste.
of
anywhere to attribute dangerously radical and revolutionary tendencies
the elimination
those favoring the extension of enlargement of the powers of self-govthe board this week that the program is already under way to
ernment.
available,
become
as
data
and
1921,
1919,
1914,
years
the
for
The American Federation of Labor believes that a majority of the people
power by the
for 1923. The board has effected a comparison of average of the United States are opposed to further usurpation ofthe
Court comCourt and are opposed to a system under which
factory prices in the rubber industry in 1923 with those pre- Supremo
posed of judges who are appointed for life can veto legislation passed by
preliminary
figures
on
based
years,
census
vailing in previous
elected representatives. There is involved in this opinion no attack on
anywhere to deprive the Court
from the 1923 census of manufactures. Of the list of ten the Court as such, and there is no desire
what should be its proper functions and power.
commodities, representing over 69% of the total value of ofThe
present situation is that the Supreme Court by a decision of 5 to 4
products of this industry, seven show the average factory may declare null and void any Act passed by Congress. The Court having
the people have no further recourse except through the cumbervalue to be less in 1923 than in 1921. The decrease in the so decided,
some process of constitutional amendment. The demand is not that tho
average price of pneumatic tires and inner tubes for motor Court be deprived of all power to pass on the constitutionality of legisvehicles, which in terms of value constitute 55% of the entire lation, but that It be deprived solely of its power of final veto. What is
is that the people finally may be able to out-voice the Supreme
industry, is very striking, says the board, in view of the demanded
Court and write their will into law in spite of the Supreme Court.
marked increase in the case of materials and rubber over the
It is demanded that Congress shall have the power to re-enact any law
the law
levels prevailing in 1914. Automobile and truck casings declared invalid by the Supreme Court and that upon re-enactment
stand. This does not contemplate hasty overturning of Supreme
declined from $13 175 in-1914 to $10 083 in 1923, and inner shall
over
legislation
Court decisions, nor does it contemplate the enactment of
tubes from $2 542 to $1 311 in the same period.
the head of the Supremo Court during a temporary wave of emotion or
during any condition which might lead Congress to do what later might
be regretted. It must be borne in mind that cases do not reach the Supreme
ActivAssociation
--Trade
Anti-Trust Investigations
Court in a day and that it would be little less tban a miracle if the same
Conference
Congress over got the opportunity to act for the second time upon a measure
ities Surveys by National Industrial
which found disfavor in the Supreme Court.
Board.
The first child labor law probably reached the Supreme Court as rapidly
and was declared unconstituThe policy of the Government toward co-operation and as any law could ever reach that tribunalfirst
law was not the Congress
The Congress which enacted the
combination in private business enterprise, as expressed in tional.
been in effect a constitutional
had
there
which enacted the second law. If
the anti-trust laws, judicial practice, and the activities of the provision limiting the power of the Supreme Court. the following Congress
Act and it would have been the law of the land.
Federal Trade Commission, present difficulties and unsolved could have re-enacted theplutocratic
interest in the Republic opposes the
Every predatory and
problems of the greatest public importance,says the National proposal
to limit the powers of the Supreme Court to those functions
public
made
statement
and adhered to by the Court until
a
in
Constitution
Industrial Conference Board
obviously intended in the
the advent on the bench of Chief Justice John Marshall. Little else could
Oct. 4, which adds:
expected of General Dawes and little else could be expected of Calvin
A lack of a clear and definite expression of public policy towards certain be
than that they should align themselves with the desires of those
forms of business activity which have grown up out of changing economic Coolidge
OCT. 11 1924.]
THE CHRONICLE
great Interests which feel as they always have felt toward the Constitution
of democratic self-government.
General Dawes is a powerful banker among powerful bankers, and he has
been running true to form, lie has no sympathy with the aspirations of
the masses of the people and he could not be expected to have any.
The fundamental characteristic underlying all others in the make-up
of Calvin Coolidge is that things are about right as they are and any notable
change is nothing less than wicked. There need be no question as to the
mental integrity of President Coolidge. He is doubtless sincere in his
feeling for what he regards as an almost sacred institution. Tie has faith
In Massachusetts, whose electoral vote he counts as assured, but his faith
in the wisdom of the people of the rest of the country is unquestionably
limited.
He is almost certainly deeply distrustful of the wisdom of those who
live west of the Mississippi River. He has undoubtedly a puritanical
desire for puritanical justice, but this desire is unenlightened by any understanding, either of the psychology or the requirements of the people of the
country. So Calvin Coolidge inevitably must stand for what is, even
though he is none too clear about how it came to be.
The question of depriving the Supreme Court of its final veto power
Is one which cannot be disposed of by so simple an expedient as that adopted
by President Coolidge and General Dawes. Tagging it with adjectives
not only does not touch the merits of the case, but It reflects a total inability
understand the case or to comprehend the determination of the people.
The issue is an issue in this campaign solely because the spokesmen
of a great political party have seen fit to champion the cause of arbitrary
and tyran;cal power. It will remain an issue until the people are able to
overcome and correct a situation wholly incompatible with Democracy
and wholly intolerable to those who have faith in their power to govern
themselves.
Charles A. Stone, of Stone & Webster, on Prosperous
Condition of Public Utility Industry.
At the opening session of the third convention of managers
of the sixty public utility companies under the executive
management of Stone & Webster, Inc., held recently in
Boston, Charles A. Stone, Chairman of the board of directors, pointed out that the public utility industry is in the
best financial condition in its history. Mr. Stone said:
patties.
The public service industry In the United States is in a period of greater
prosperity than it has ever been before. The business of supplying light,
power and transportation required a large investment of capital and therefore interest and depreciation charges are larger factors in the cost of this
business than in most other kinds of business.
Since the large Federal Reserve Banks have reduced the rediscount rates
to 3%, this country is enjoying, on the whole, a more favorable rate for
money than has ever been the case before, and with our enormous gold
reserves and with good prospects of healthy, but not too rapid growth, it
looks as if we must have cheap money for a long time.
These conditions have brought about, during the past few months, a
rapid rise in the market value of public service securities, particularly in
many of the common stocks, and it looks as if the end is not yet in sight.
Besides this, the public at last realizes that the big companies in the large
cities and several groups like our own, made up mainly of companies in
moderate sized cities, are well managed and have a permanent and steady
earning power that can be relied upon.
We are, therefore, in better shape to increase our business by the investment of new capital than ever before. This applies especially to those
companies which are conservatively capitalized. The keynote of this convention of Stone & Webster Managers is the development of new business,
and I am glad that I can advise you that new business can be taken on and
financed to-day with greater confidence than ever before.
Mr. Stone also sketched briefly the changes in the general
methods of supplying transportation and indicated the important place which gasoline buses are taking as adjunct to
the present equipment. He stated that over 1,000 such
buses had been bought so far this year by the utility cornITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two New York Stock Exchange memberships were reported posted for transfer this week, that of Rollin C. Newton to John A. Coleman Jr., and that of J. William Barkdull, deceased, to Walter B. Kerffer. The consideration in
each case was stated as $81,000. The last previous sale was
for $83,000.
The New York Curb Market membership of L. Sherman
Andrews was reported sold this week to Oscar H. Alexander
for a consideration stated as $6,500. The last previous
transaction was for $6,000. •
The Now York Coffee and Sugar Exchange membership
of E. Gaban was reported sold this week to Farr & Co. for
a consideration stated to be $6,900. This is the same price
as the last preceding sale.
Chicago Board of Trade memberships were reported sold
this week for $8,600.
The Madison Avenue office at 72d Street of the Farmers'
Loan & Trust Co. of New York was opened on Oct. 6. Extensive additions and improvements which have been under
way for the past six months include the installation of a
large safe deposit vault. The banking room, to which there
are entrances on Madison Avenue and 72d Street, is attractive in style and furnishing. Complete banking and trust
facilities are provided.
1705
Willis G. McCullagh, Treasurer of Collins & Aikman Co.,
plush manufacturers, of Philadelphia and New York, has
been elected a director of the Central Mercantile Bank of
New York.
The condensed statement of condition of the Guaranty
Trust Co. of New York as of Sept. 29 1924, issued this
week, shows deposits of $574,821,513, as compared with
$531,495,382 at the time of the last published statement,
June 30 1924. The company's total resources are $668,940,946, as compared with $650,427,127 on June 30. Surplus and undivided profits total $18,987,958.
Lionello Perera, banker, has returned on the Homeric
from Milan, where he attended the special conference of the
Italian Cable Co., of which he is President.
Frank L. Norris, for several years National Bank Examiner of this district, has been appointed Vice-President of
the Gotham National Bank of New York. Mr. Norris
assumed his new duties Oct. 3.
The statement of condition of the Discount Corporation
of New York as of Sept. 30 1924 has just come to hand.
It shows total assets of $66,762,647, made up of the following
items: Acceptances discounted, $50,509,292; United States
Treasury certificates, Treasury notes and Liberty bonds,
$14,096,215; cash and due from banks, $2,094,013, and
sundry credits, $63,127. On the opposite side of the statement acceptances rediscounted and sold with endorsement
are shown as $25,651,938; loans payable and due to banks
and customers, $23,195,941; United States Government
securities repurchase agreements, $10,000,000, and combined capital, surplus and undivided profits at $7,709,557.
The Borough Park branch of the Municipal Bank of Brooklyn, at 46th Street and 13th Avenue, suffered "a run" this
week which began late Monday afternoon (Oct.6)and lasted
until Thursday morning. According to James C. Hazle, the
comptroller of the institution, $450,000 was paid out. Alleged irregularities in the accounts of a former manager of the
Borough Park branch, recently discharged, caused rumors
to be circulated in the neighborhood that the bank was insolvent and brought hundreds of excited depositors, mostly
women, to the institution Monday afternoon demanding
their money. A few moments after the rush started, it is
said, six policemen were called from the Parkville Station to
keep order, but as the crowd increased and became more
and more insistent in its demands, word was sent to police
headquarters and Inspector Kelly and 30 men responded.
Although on Mondays the branch is regularly open from 9
a. m. to 3. p. m.and from 5 p. m. to 7 p. m. no attempt was
made to close during the afternoon and the bank continued
open until 8 p. m.when the police, after conferring with the
officials of the bank, closed the doors. The ploicedispersed
the crowd with difficulty, it is said, many people waiting in
the neighborhood for hours. Upon the opening of the bank
Tuesday morning a long line of people quickly formed and
by 10:30 1,000 persons were awiting to withdraw their
money. On the other hand, however, there was a line of
people, not nearly so long, anxious to show their confidence
in the institution by making deposits. From the first the
merchants and business men of the neighborhood made
every effort to counteract the effect of "the run." On the
third morning of "the run" 125 persons were in line when the
bank opened and at 2:30 o'clock there were only 50 people
waiting to be paid,and by the following day, Thursday,
"the run" was over and conditions returned to normal.
With regard to the soundness of the Municipal Bank, the
Brooklyn "Eagle" of Wednesday, Oct. 8, reported George
V. McLaughlin, New York State Superintendent of Banks,
as saying:
There Is no cause for anxiety as shown by a recent thorough examination
of the department. Not only is this bank in excellent condition but
all the
banking institutions in Brooklyn under the jurisdiction of the department
are in splendid shape,in as strong a position as any in New York
State.
The board of trustees of the Western Savings Bank of
Buffalo N. Y., announces the death of Mr. Albert J.
Wheeler,President of the bank for 28 years. Mr.Wheeler's
death occurred on Sept. 25.
The 25th anniversary of the founding of the Utica Trust
& Deposit Co.,Utica,N.Y., was celebrated on
Oct.9. The
interior of the bank building was beautifully decorated for
the occasion and souvenirs in the form of an attractive
1706
THE CHRONICLE
booklet, which sketches the leading features in the history
of Utica, were distributed. The booklet also contains a
history of the Utica Trust & Deposit Co. from its inception.
The bank began business at 80 Genesee St.in a small building
which could be put in a corner of the companys' present
quarters. On Jan. 1 1900 its deposits were $306,738; July 1
1924 they were $13,981,997. Jan. 1 1900 its undivided.
profits were $5,192; July 1 1924 they were $1,883,589. Its
resources on beginning business were $200,000; July 1 1924
they were $16,068,914. Since its organization it has paid
in dividends $1,572,000, and in interest to depositors $5,474,300. J. Francis Day is President of the institution.
By a happy coincidence he celebrated his 25th anniversary
with the company on the same day.
On Oct. 6 the Mellon National Bank of Pittsburgh increased its surplus from $4,500,000 to $5,500,000 by the
transfer of $1,000,000 from undivided profits.
The Parkesburg National Bank, Parkesburg, Pa., was
closed by order of its directors on Oct. 4 and following an
investigation of its affairs by Federal officials, A. C. Hamill,
P.
the Assistant Cashier of the institution, and Charles
(who
office
in
or
predecess
his
hia,
Philadelp
of
Lukens,
resigned in June last at the request of the directors, it is
said), were arrested for the alleged embezzlement of more
than $100,000 of the bank's funds. Later Lukens was
released in $25,000 bail, while that of Hamill was placed at
$10,000. The case was prosecuted in person by United
States District Attorney George W. Coles, who, according
to the Philadelphia "Record" of Oct. 9, in a sweeping indictment charged that one of the accused, or that both working
in conjunction, had embezzled the bank's funds and distorted
its records in such a manner as to cover up defalcations
running back several years.
A consolidation of the People's Commercial & Savings
Bank of Washington,D.C., with the Washington Mechanics'
Savings Bank, was announced on Oct. 6 by Ezra Gould, the
President of the latter institution, according to the Washington "Post" of the following day. The combined deposits
of the two institutions is in the neighborhood of $1,500,000.
The People's Commercial & Savings Bank, together with its
branch at 3608 Georgia Ave., will be continued as branches
of the new institution. There will be no changes in the
personnel cf the enlarged Washington Mechanics' Savings
Bank, it is said, except that R. H. Hill, heretofore Cashier
of the People's Commercial Savings Bank, becomes an
Assistant Cashier.
The Raleigh "News" of Oct. 7 reported the closing on the
previous day of the Bank of Maxton, Maxton, N. C.,
following a heavy "run" on the institution. While the withdrawals by its depositors was the immediate cause of the
closing, it was said, the bank had been in bad condition since
1920, due to deflation and the low price of cotton at that
time. It was further stated that eighteen months ago
W. S. Coursey was appointed President at the recommendation of the Corporation Commission and that during his
tenure of office the liabilities of the bank had been reduced
more than $300,000. At the time of the closing the bank's
capital was $72,750.
Charles L. Hutchinson, advisory Vice-President of the
Illinois Merchants Trust Co. of Chicago, and long prominent
in banking and civic circles in Chicago, died in the Presbyillness.
terian Hospital in that city on Oct. 7 after a brief
on,
Mr.
Hutchins
a.
pneumoni
l
bronchia
to
due
was
Death
on
Mass.,
Lynn,
in
born
was
year,
who was in his 71st
He
March 7 1854, but had lived in Chicago since 1856.
ty.
was graduated from Tufts College and Harvard Universi
He began his business career in the grain business, his father,
B.P. Hutchinson, then being one of Chicago's famous grain
speculators and one of the prominent factors in the Chicago
Board of Trade. Mr. Hutchinson later became President
of the Board of Trade. Subsequently he gave up the grain
business and entered the banking field, becoming a VicePresident of the Corn Exchange National Bank. Just
recently, upon the consummation of the merger of the Corn
Exchange National Bank with the Illinois Merchants Trust
Co., Mr. Hutchinson became advisory Vice-President of the
new organization. Besides his banking interests, Mr.
Hutchinson was active in civic affairs in Chicago and in
educational and philanthropic institutions. He was deeply
interested in art, being the founder and former President
of the Art Institute of Chicago.
[voL. 119.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Trading on the New York Stock Exchange the present
week has been extremely quiet, with irregular changes in
prices, but with the drift downward most of the time. The
short session on Saturday offered nothing of unusual interest.
The only noteworthy feature was the heavy demand for
American Tobacco, which forced that issue up 3 points to
163. Stocks were again irregular at the session on Monday.
Heavy selling developed in St. Paul preferred, which carried
that issue down a point and a half, and New York Central
went below 106 for the first time in several weeks. American Can dropped nearly two points from its opening level,
followed by General Electric with a decline of three points.
The market was particularly dull on Tuesday. The notable
features of the day were the strength of Wabash preferred
"A," which moved forward more than a point from its early
low, and Southern Railway which was in strong demand at
advancing prices. Trading was again light on Wednesday,
declines predominating in the general list, though there
were fractional advances in a number of industrials and
specialties. Among the notable declines were General Electric, which receded more than 3 points, bringing that issue
nearly 30 points below its high for the year. United States
Steel common went below 108 again, and American Can fell
below 131. The market improved in the opening hours on
Thursday, and price movements assumed a moderate upward swing. Interest centred largely in speculative issues,
many of which recorded substantial advances. General
Electric was again weak, losing nearly 7 points in the late
trading. The market resumed its downward drift on
Friday. An important feature of the day was the tonnage
an
report of the United States Steel Corporation, indicating
during
orders
unfilled
of
in
the
total
increase of 184,203 tons
the month of September. The Steel report had little effect
d
on the general list, the market continuing its downwar
trend throughout the afternoon. General Electric and
Woolworth were particularly weak, United States Steel
to
common dropped to 107, and American Can receded
129%. The final tone was weak.
THE CURB MARKET.
Trading on the Curb Market was restricted this week
owing to the holiday. The general undertone was weak
and prices were inclined to sag. Public utilities were the
feature by reason of their erratic movements and the heavy
losses in some issues. American Gas & Electric common
dropped from 94 to 85. American Power & Light common
was off from 46% to 403, with the final figure to-day 413.
Commonwealth Power common broke from 105 to 963/2'
and finished to-day at 97. Lehigh Power Securities declined from 89 to 83 and sold finally at 833. Middle West
Utilities common weakened from 75 to 70. American Light
& Traction was conspicuous for an advance of some 12 points
r
to 148, the close to-day being at 1473/2. Dubilier Condense
57
to
from
593/2
up
selling
strong
feature,
a
was
& Radio
and reacting finally to 579/2. National Tea lost 28 points
to 225 and sold to-day back to 235. United Bakeries after
an early rise of about a point to 117 fell to 1123/2 and ends
the week at 115. Oil stocks were inclined to weakness, but
business was extremely light. New York Transit lost three
points to 57 and recovered to 583/2. Prairie Oil & Gas sold
down from 208 to 194. Southern Pipe Line eased off from
84 to 803/2. Vacuum Oil declined from 72 to 69% and closed
to-day at 7038. Red Bank Oil after an early advance from
4 broke to 33.
/
369 to 393
A complete record of Curb Market transactions for the
week will be found on page 1728.
CURRENT NOTICES.
their quar—Charles E. Doyle & Co. have published the current issue of
and current
terly "Quotation Bulletin." showing par value, dividend rate
us stocks and
market on over 500 public utility, railroad and miscellaneo
bonds.
Exchange,
—Morrison & Townsend. members of the Now York Stock
become assoannounce that W. Wilson Hewitt and Howard J. Reilly have
ciated with them in their bank stock department.
ia Stock
—Emory, Freed & Co., members of New York and Philadelph
Third Street,
Exchanges, are now located in their new building at 109 South
Philadelphia.
—S. J. Richards & Co., Inc., investment bankers, of Boston, announce
of Albert G.
the opening of a New York office at 67 Wall Street, in charge
Rich.
n a now circular
—Brown Brothers & Co. have prepared for distributio
describes over fifty of the
on international investments which briefly
leading foreign Government municipal and corporation loans.
—Walter M.Brokaw,formerly with Brokaw & Co., Chicago, has become
associated with the Chicago office of Merrill, Lynch & Co.
OCT. 11 1924.]
THE CHRONICLE
FOREIGN EXCHANGE.
Sterling exchange opened and ruled quiet and fairly steady
until Thursday, when there was a sharp upturn and the
close was strong and substantially higher. The Continental
exchanges were dull and irregular, though without important change.
To-day's (Friday's) actual rates for sterling exchange were 4 46%(4)4 47
for sixty days, 4 49(4)4 49% for checks and 4 49310414 49% for cables.
Commercial on banks, sight, 4 484@4 4934; sixty days, 4 4434@4 4534;
ninety days, 4 44%(4)4 4434. and documents for payment (sixty days)
4 45(4)4 4534: cotton for payment, 4 487.4(4)4 4934, and grain for payment,
4 4834@4 4934.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.07%0
5.145 for long and 5.13®5.20 for short. German bankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
38.64@38.70 for long and 39.00(4)39.06 for short.
Exchanges at Paris on London,86.78 fr.; week's range, 84.93 fr. high and
86.80 fr. low.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days.
Cables.
Checks.
High for the week
447
4 4934
4 4934
Low for the week
4 43
4 45.35
4 45%
Paris Bankers' FrancsHigh for the week
5.20
5.2631
5.273j
Low for the week
5.0634
5.1234
5.1334
Germany Bankers' MarksHigh for the week
0.00000000002334 0.00000000002374
Low for the week
0.00000000002374 0.000(10000002334
Amsterdam Bankers' Guildersfor
the
High
week
38.70
39.12
39.16
Low for the week
38.26
38.68
38.72
Domestic Exchange.-Chicago. par. St. Louis, 15(4)25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal.$3125 per $1,000
discount. Cincinnati, par.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the iveekly circular of
Samuel Montagu & Co. of London, written under date of
September 24 1924:
GOLD.
The Bank of England gold reserve against its note issue on the 17th inst.
amounted to £126,598,805, as compared with £126,598,695 on the previous
Wednesday. Owing to the large amounts of gold shipped direct from
Durban to India, the supplies in London this week were exceptionally small
and practically none was available for the Eastern markets. Exceptionally
large gold movements are taking place just now in London and New York,
though the movement in each case is within a mile. The transfer is owing
to the central banking institutions changing their quarters. The Bank of
England is temporarily moving its gold reserve from Threadneedle Street
to Finsbury Circus, and the Federal Reserve Bank In New York from
Nassau Street to a new permanent home in Maiden Lane. The Commercial Intelligence Department, Calcutta. announces that India's foreign
trade during August last was as follows:
Lacs of Rupees.
Imports, private merchadise
20.65
Exports, private merchandise, including re-exports
25,15
Net imports of private treasure
5.55
The balance of trade, including enfaced rupee paper, &c., is Its. 83
lam.
against India, as compared with Its. 3,20 lacs in favor of India
in July.
The demand for remittances to India is now so
keen that the India Council
has decided to resume, as from Tuesday next,
the sale by tender of bills
of exchange and telegraphic transfers, both immediate
and deferred.
The amount to be offered has been fixed at 50
lees of rupees. No intermediate bills or telegraphic transfers will be offered for sale at
present.
The following extracts are from the "Times of India" dated
Sept. 6 1924:
"The Government states that in future emergency
currency against
inland bills will be issued. Rs. 4 crores when the bank rate is at
6%, and
the remaining Its. 8 crores when the bank rate is 7%, or over without any
specified limit at 7%. The Government hopes that this modification will
enable emergency currency to be provided with greater elasticity, but those
interested in finance in Bombay think that unless the amount of emergency
currency is raised from Rs. 12 to Its. 20 or even Rr. 24 crores, the modification proposed cannot prevent the bank rate from rising much higher than
7% in an active season. . . . Tho Hon, Finance Member
has ex_
pressed an opinion in his recent public utterances that the main objection
to the reversion to the Is. 4d. ratio was the unsettled condition of
Europe.
This objection is mainly removed by the new situation created by
Germany
agreeing to and signing the Pact of London, and it is to be
hoped that the
Finance Member will expedite the passage of the currency bills
through
this present session."
The following figures relate to the United Kingdom imports
and exports
of gold during the month of August 1924:
Imports,
Exports.
Sweden
£315,700
Netherlands
£1,560
Belgium
8,572
France
3,049
103.224
Switzerland
16,470
Egypt
3.000
West Africa
96.712
Java and other Dutch possessions in the Indian Seas
1,001
United States of America
348 1,519.708
Central America and West Indies
300
Various South American countries
608
Rhodesia
212,864
Transvaal
1,475.167
British India
1,183,137
Straits Settlements
10,200
Other countries
3.921
11,536
Total
E1,794.529 E3,172,548
SILVER.
The tone of the market has been good and prices during the lest few
days have moved steadily upward. Quotations for both deliveries touched
35 1-16d. yesterday. This price is only 1-16d. below the record for
the year for cash delivery, 3534d. on May 31. As a quotation for forward
delivery, it is the highest since Oct. 9 1922. Boar covering from China
and India has been the principal cause of the good tendency. America
has been a sluggish seller, but China'has put some silver on the market.
1707
The underlying reason for recent bear covering has been the civil war in
China, which has restricted the movement of goods and the fulfillment
of contracts. The Continent has not figured as a substantial factor.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Aug. 31. Sept. 7. Sept. 15.
Notes in circulation
17813
17781
17837
Silver coin and bullion in India
8448
8417
8472
Silver coin and bullion out of India
Gold coin and bullion in India
2232
5555
ii5i
Gold coin and bullion out of India
Securities (Indian Government)
5733
'855
8.'55
Securities (British Government)
1400
1399
1400
No silver coinage was reported during the week ending 15th inst. The
stock in Shanghai on the 20th inst. consisted of about 42.800,000 ounces
In sycee. 45,500,000 dollars, and 1,910 silver bars, as compared with about
43,300,000 ounces in sycee, 46,500,000 dollars, and 1,240 silver bars on
the 15th inst.
.
-Bar Silver per Oz. Std.Bar Gold per
Or. Fine.
QuotationsCash.
2 Mos.
3470.
September 18
92s. 5d.
3474d.
September 19
92s. 91.
34 11-I6d.
34 11-ISd.
September 20
34 13-16d.
34 13-16d.
September 22
35d.
92s. 7d.
35d.
92s. 9d.
September 23
35 1-16d.
35 1-16d.
35d.
September 24
92s. 7d.
35d.
34.906d.
Avergae
92s. 7.4d
34.906d.
The silver quotations to-day for cash and two months' delivery are each
1-16d. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London
as reported by cable, have been as follows the past week:
London,
Fri.
Mon.
Sat.
Wed. Thurs.
Tues.
Week Ending oa.900. 4. 00.6. 00. 7. 00.8. 00. 9. 00. 10.
Silver, per oz
d 3534
3531 35 11-16 36
36 1-16
3534
Gold, per fine ounce
92s. 9d. 925. 9d.92s. 11d. 92s.11d. 92s. 5d. 928. Sd.
Consols, 234 per cents
57%
57
5734
5734
5634
British, 5 per cents
102% 10214 10254 102%
10234
British,4% Per cents _ _ _ _
97%
9734
97%
9734
97%
French Rentes (In Paris),
__
52.20
51.60
51.20 51.35
51
French War Loan (in Paris)fr. ____
85.20 64.75
64.40
63.75 63.85
The price of silver in New York on the same day has been:
Silver in N.Y., per oz. (ets.):
Foreign
7034
7034
7134
72
7234
72
COURSE OF BANK CLEARINGS.
Bank clearings for the country as a whole the present
week will show a very substantial increase as compared with
a year ago. This is due in part to the fact that the Columbus
Day holiday, which fell in this week last year, comes a week
later the present year and to the large increase at New York
City (in part as the result of the same circumstance), the
exchanges at this centre showing a gain for the five days of
49.3%. 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, Oct. 11)
aggregate bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns
will register an increase of 26.7% over the corresponding
week last year. The total stands at $7,971,436,403, against
$6,291,556,257 for the same week in 1923. Our comparative
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ending 00. 11.
1924.
1923.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. LOUIS
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
33,497,000,000
498,687,698
381,000,000
300,000,000
117,741,336
a
139,300,000
115,909.000
•128,600,000
103.929,081
88,487,464
80,553,532
74,935,423
32,342,081,866
472,357.563
297,000,000
220,000.000
90,666,116
a
108,400,000
94,690,000
107.466,363
73,381,872
71,557,933
62,268,247
47,385,294
+49.3
+5.6
+28.3
+36.4
+29.8
a
+28.5
+22.3
+13.1
+41.6
+23.7
+29.4
+58.1
Twelve cities,5 days
Other cities, 5 days
55,525,543,534
1.117,320,135
33,987,255,254
1,005,708,294
+38.6
+11.1
Total all cities, 5 days
All cities, 1 day
$6,642,863,669
1,328,572,734
84,992.963,548
1.298,592,709
+330
+2.3
Total all cities for week
$7.971.436.403
a NV111 not report clearings. * Estimated.
36.291.556.257
+26.7
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Oct. 4. For
that week there is an increase of 10.5%, the 1924 aggregate
of the clearings being $9,274,410,943 and the 1923 aggregate
$8,394,356,329. Outside of New York City the increase
is only 1.5%, the bank exchanges at this centre showing an
expansion of 17.7%. We group the cities now according to
the Federal Reserve districts in which they are located and
from this it appears that in the Boston Reserve District the
totals are larger by 3.7%; in the New York Reserve District
(including this city) by 17.3%, and in the Philadelphia
Reserve District by 7.2%. In the Cleveland Reserve
District there is a gain of 2.4%; in the Chicago Reserve
District of 2.3%, mid in the St. Louis Reserve District of
4.4%. In the Richmond Reserve District there is an
increase of 1.6% and in the Dallas Reserve District of 3.8%,
but in the Atlanta Reserve District the clearings show a
decline of 6.3%. The Minneapolis Reserve District records
an improvement of 13.2% and the Kansas City Reserve
District 4.3%. The San Francisco Reserve District, on
the other hand, has suffered a contraction of 9.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANE CLEARINGS.
Week Ending Oct. 4 1924.
1923.
1924.
Ine.or
Dec.
a
$
Federal Reserve Districts.
11 dila 449,806,657 433,764,630
(1st) Boston
10 - 5,567,924,085 4,738,273,706
(2nd) New York
570,042,043 531,904,667
9 "
(3rd) Philadelphia
390,867,913 381,619,702
8 (4th) Cleveland
124,641,424 191,535,997
6 "
(5th) Richmond
177,210,182 189.070,080
11 "
(8th) Atlanta
883,840,979
863,820,269
20
(7th) Chicago
75.062,712 71,884,629
7 "
(8th) St. Louie
160,635,018 141,915,892
(9th) mippeapqns ____ 7 "
259,368,717 248,761,974
(10th) Kansas City-___12 "
90,052,611 86,779,188
5 "
(11th) Dallas
464,968,602 515,025,580
"
16
(12th) San Francisco
Grand total
Outzdde New York
rt....A.
1922.
1921.
$
$
%
+3.7 438,623,908 326,897,648
+17.34,802,6467573,874,462,043
+7.2 511,319,219 425,392,429
+2.4 361,726,375 318,251,384
+1.6 190,555,491 147,023,339
-6.3 177,501,358 182,837,531
+2.3 865,352,110 717,940,355
+4.4 73,383,863 66,603,293
+13.2 136,608,682 124,812,885
+4.3 361,949,966 253,813,619
+3.8 69,149.302 60,519,803
-9.7 424,048,849 348,153,223
122 cities 9,274,410,943 8,394,356,329 +10.5 8,312,865,880 6,826,717,552
3,799,597,651 3,742,339,259 +1.5 3,587,826,787 3,018,529,386
city
90 Att.. 227 NU 217 38746148? 4-8.2 171.351.518 107481 221
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Oct. 4.
'Cravings at1924.
1923.
First Federal Reserve Dist rict-Boston
1,131,025
1,151,002
5,360,018
5,103,484
Portland
Mass.-Boston.._ 392,000,000 376,000,000
2,766.776
2,036,633
Fall River...a
a
Holyoke
*1,500,000
1,886,187
Lowell
a
a
Lynn
1,703,265
1,492.887
New Bedford..
5,69 ,400
5.369,931
Springfield
4,030,000
4,148,000
Worcester
13,651,856
15,719.049
Conn.-Hartford
7,903,890
8,307,584
Hew Haven__ _
12,591,900
14,020,400
R.I.-Providence
Total(11 cities)
449,806,657
433,784.830
Second Feder al Reserve D Istrict-New
4.228,082
6,743,207
N. Y.-Albany
1,606,8043
1,258,500
Binghamton_
d48,022,389
51,448.000
Buffalo
842,315
808,709
Elmira
1,205,119
c1,085,383
Jamastown_
New York_ __ _ 5,474.813,292 4,651,957,070
14,101,031
13,665,912
Rochester
7.946,452
6,756,766
Syracuse
c3,733,257
4,843,755
Conn.-Stamford
567,945
563,807
-Montclair
N. J.
Inc. or
Dec.
+1.8
-4.8
+4.3
-26.4
a
+25.7
a
-12.4
-5.7
+2.9
+15.1
+5.1
-10.2
+3.7
1922.
1921.
1,196,676
1,082,189
*3.500,000
2,579,500
386,000.000 .281,669.794
2,308,691
2,241,525
a
a
1,212,191
1,074,649
a
a
1,631,257
1,537,441
5. 8,948
5,295,242
4,178,000
3,541,905
12,262,857
9,963.067
6,940,388
5,914.838
13,614.900
11,997,500
438,623,908
328,897,648
York
5,522,067
+59.5
5,108,420
1,422,211
-21.7
1,289,700
44,972,001
-6.7
38,155,284
+4.2
669,747
1,085,426
-9.9
1,029,914
+17.7 4,725,039,093 3,810,188.166
14,000,238
+3.2
9,891,711
5,840,377
-15.0
4,783,407
3,507.760
-22.9
3,658,944
+0.7
448,497
586,837
Total(10 cities) 5,557,924.085 4,738,273,708 +17.3 4,802,846.757 3,874,462,043
Third Federal Reserve Dist rict-Philad elphia
1,681.088
1,733,052 -3.0
Pa.-Altoona
Bethlehem
1.972,915 -14.7
1,645,972
Chester
4.254.253 -17.2
3,523,673
Lancaster
Philadelphia...- 539,000.000 501,000,000 +7.6
3,600,656 +12.1
4,037,538
Reading
7,512.386 +7.4
8.066.016
Scranton_
4,356,933 -8.2
e3,998,596
Wilkes-Barre_ _
2.357..382 +8.1
2,547,817
York
5,541,343
5,162,360 +7.3
N.J,-Trenton...
a
a
a
1,523,981
1,120,639
2,011.112
4,000,726
484,000,000
3,754,874
5,882,259
3,562,172
1,872,297
4.711,798
a
1,393,935
3,148,576
402,000,000
3,095,054
6,219,525
3,265.171
1,500,160
3,649,369
a
+7.2
511,319,219
425,392,429
Fourth Feder al Reserve D istrict-Cle veland
7,299,000 +0.6
d7,343,000
Ohio-Akron..5,068.046 -5.7
4,780,003
Canton
66,785,509 +2.9
68,750.271
Cincinnati
122,719,113 114,699,446 +7.0
Cleveland
17,610,000 -0.7
17,484,900
Columbus
a
a
a
Dayton
a
a
a
Lima
1,977,264
-12.7
d1,726,203
Mansfield
a
a
Springfield
a
a
Toledo
5.403,723 -116.0
d5.726,468
Youngstown
a
a
a
Pa.-Erie
Pittsburgh...- 162,337.055 162,776.714 -0.3
6,286,000
4,335,548
63,659,948
98,370.715
16,283,400
a
a
1,474.617
a
a
4,516,147
a
168,800,000
6,521,000
3,592,387
53.084,805
84,418,219
14,135,500
a
,38
10,000
a
a
3.670,459
a
151,759,004
177.501,358
162,837,531
Total(9 cities).
670,042,043
531,004,667
Week Ended Oct. 4.
Clearings at1924.
177.210.182
189,070,095
-6.3
1923.
Inc. or
Dec.
1922.
Seventh Feder al Reserve D 'strict-Ch Imps
250,974
298,065 -10.9
265,634
Mich.-Adrian __
1,063,045
1,026.278 +7.3
Ann Arbor_
1,101,267
128,926,834 125.354,658 +2.8 118,730,197
Detroit
6,584,304
7,142,519 +7.9
7,704,495
Grand Rapids.
1,879,100
2,527,9.12 +5.5
Lansing
2,666,551
2,384,916
2,640,523 -9.3
2,395,941
Ind.-Ft. Wayne
19,613,000
20,440,000 -3.8
19,657,000
Indianapolis2,857,144
2,905,000 -12.6
2,537.800
South Bold
5,399,951 -8.5
4,941,828
Terre Haute.....
36,471,821
40,825,777 -3.0
39.601.908
Win.-Milwaukee
2.824,360
3,320,049 -8.0
3.053,798
Iowa-Ced. Rap_
11,458,611
12,656,223 +0.8
12.783,067
Des Moines......
7,649,294 -5.8
6,688,158
7.203,287
Sioux OW-1,605,734
1,660,158 +8.5
1,803,524
Waterloo
1,625,104 +0.8
1,388,243
1,638,539
HL-Bloomhwton
836,435,055 616,658,947 +3.2 641,211,419
Chicago
a
a
a
Danville
1,415,177 -2.3
1,248,788
83,913
'
1,3
Decatur
4,725,314 +2.8
4,204,686
4,847,690
Peoria
2,648,857 -13.4
2,266,828
2,293,717
Rockford
2,900,467 -9.6
2,622,131
2,622,773
Springfield_ _
863,820,269
1921.
123,725
834,463
91,758,000
6,118,799
2,242,447
1,900,527
17,131,000
2.433,897
33,607,116
2,744,703
10,909,197
6.388,999
1,655,071
1,792,741
529,348.818
a
1,235.102
3,468,494
1,967,097
2,282,159
+2.3
865,352,110
717,940,355
Eighth Federa I Reserve Dia trict-St. Lo uis4,844,083 +5.0
4,875.750
Ind.-Evansville.
a
a
Mo.-St. Louis28,616,744
30,696,879
Ky.-Louisville _
426,852 -19.7
342,928
Owensboro-.....
22,212,370 -0.1
22,181,170
Tenn.-Memphis
13,975.358 +8.7
15,199,539
Ark.-Little Rock
419,848 +15.9
486,510
-Jacksonville
III.
1,589,376 -19.5
1,279,936
Quincy
4,242,847
a
27,029.514
387,279
27,208,389
12,532,020
363,u43
1,620,771
4,053,004
a
22,688,077
295,565
25,663,223
12,303,016
384.998
1,215,410
73,383,883
66,603,293
9,113,971
80.744,081
37,840,674
2,530,452
1,638,603
770,662
3.970.239
8,167,767
78,995,554
28,489,143
2.714,196
1,522,130
890,244
4.033,851
136,608,682
124,812,885
338.329
668,227
4.740.163
45,080,125
2,795,320
10,535,080
140,109,217
522,325
689,534
4,178,816
38,354,451
3,681,788
11,570,053
145,801,724
a
27.633,852
a
1,167,372
22,011,647
872,634
a
28,242,939
a
1,142,491
20,718.072
931,428
261,949,966
253,813,619
2.258,457
38,072,712
14,283,115
9,682,475
a
4,854,543
2,151,210
33,811,049
13,927,112
6,243,976
a•
4,386.458
69,149,302
86.779.188 +3.8
90,052.611
Total(5 cities).
Twelfth Feder al Reserve D istrict-San Francl ceo33,626,176
39,872,701 -1.2
39,392,618
Wash.-Seattle12,224,000
12,278,000 -3.6
11,838,000
Spokane
a
a
a
a
Tacoma
1,653,206 -1.9
1,457,497
1,621,822
Yakima
43,243,155 -8.2
43,089,898
39,683.133
Ore.-Portland..
17,296,061 +0.1
15,790,947
17,317,121
Utah-S. L. City
a
a
a
a
Nev.-Reno
a
a
a
Ariz.-Phoentx
4,781,045
5,466.300 -12.5
89,061
'
6,3
Cal.-Fresmo.
5.891,514
9,053,805 -33.0
6.063,808
Long Beach
Los Angeles-. 130,333,000 148,468.000 -12.3 106,709,000
17,061,141
17,975,082 -5.1
15,808,248
Oakland
4,944,015
6,122,046 -19.2
4,070,728
Pasadena
8,529,816 -3.3
d8,240.472
8,228,706
Sacramento
4,036,158
3,895.312 +3.6
.3,500,000
San Diego_
San Francisco_ 172.500,000 194,200,000 -11.2 160,600,000
2,965,069
3,298.952
2,784.919 +18.6
San Jose
1,106,919
964,107
1,032,947 +7.1
Santa Barbara.
2,974,200 -8.1
2,635,900
c2,733.500
Stockton
60,519.803
Total(20 cities)
883,840,979
71,884,629 +4.4
75.062,712
Total(7 cities)Ninth Federal Reserve Dia trict-Minn eapolis
10,126,766 +54.4
15,637,328
_
-Duluth_
Minn.
84,633,037 +23.2
minneapous d104.295.000
38,818,329 -16.3
'32.497,758
St. Pau
2,394,667 -7.3
2,218,703
No. Dak.-Fargo
1,560,668 +13.3
1,769.0 0
S. D.-Aberdeen
733.284
672,13651 +9.1
Mont -Billings.
3,483,885
3,709.760 -6.1
Helena
Total(7 cities). 160,635,018 141,915.8921 +13.2
Tenth Federal Reserve Dia rrict-K a as as City
458.976 -81.6
d176.178
Neb.-Fremont _
631,967 +20.759,438
Hastings
4,261,530 +13.7
4,848,788
Lincoln
38,703,194 +10.5
42,781.100
Omaha
3,595,571 -32.9
d2,413,664
Kan.-Topeka
7,816,692 +1.8
d7,970,761
Wichita
Mo.-Kan. City- 140,398,690 138,680,388 +1.2
7,555.513 -5.0
d7,178,1I4
St. Joseph
a
a
a
Okla.-Muskogee
22,373,932 +28.1
Okla. City...- d28,663,307
a
a
a
Tulsa
1,170,522 -31.6
800,392
Colo.-Col. Spga.
22,510,509 -0.6
22,367,528
Denver
973,180 +8.1
e1,032,757
Pueblo
Total(12 cities) 259,368,717 248.761,974 +4.3
Eleventh Fade cal Reserve District-Da Has2,502,658 -30.7
1,733,944
Texas-Austin
56.135,484
51,164.162 +9.7
Dallas
14,540,010 +1.9
Fort Worth-. d14,821,795
12,747,168 -6.2
11,951,455
Galveston ...a
a
a
Houston
5,816,190 -7.0
5,409.953
La.-ShrevePort
30,285,806
11,623,437
a
2,003,062
34.106,492
14,420,104
a
a
5,662,012
3,521,099
79.762,000
11,352,515
3,109,282
7,506,454
2,211.810
132,900,000
2,315.406
887,644
8,488,100
Total(16 cities) 404,958,602 515,025,580 -9.7 424,048,849 348,153,223
Grand total (122
9,274,410,943 8,394,356.329 +10.58.312,805.8808.826,717.552
cities)
Outside New York 3,799,597,651 3.742,399,259 +1.5 3,587,826,787 3,016,529,386
Week Ended Oct. 4.
Clearings at
1924.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Total(8cities). 390,867,913 381.619,702 +2.4 361.726.375 318,261,384 Quebec
Halifax
Fifth Federal Reserve Dist rict-Richm ond2.014.059
1,601,630 Hamilton
2,236,157 -23.3
1,715,903
W.Va.-Hunt'en
8,147,504
7,706,915 Calgary
8,848.277 -16.2
d7,416,097
Va.-Norfolk
51,872,120
42.839,964\ St. John
53,674,000 +5.3
56.493,000
Richmond
2,486,637
*2,475,000 Victoria
3.184,412 -32.1
d2,162,646
B.C.-Charleston
73,376,448 London
Md.-Baltimore- 106,998.778 101./41,151 +5.4 103,911,309
22,122,962
19,023,382 Edmonton
-10.0
22,082,000
D.C.-Washing% d19.85.5,000
Regina
Brandon
Total(6 cities). 194,641,424 191,535,997 +1.6 190,555,491 147,023,339 LIthbridge
Saskatoon
Atlan ta-Sixth Federal Reserve Dist liCt
5,722,735
4,769,623 Moose Jaw
6,802.040 --13.1
Tenn.-ChatVga. d5,909.929
Brantford
4,388,309
2.989.887
--2.9
3,322,884
Knoxville
3,225,962
20,139,415
16,958.047 Fort William......
21,865,926 -10.8
Nashville
19.511,788
New Westmtruster
54,697,870
50,840.072
--1.5
56,015,296
Ga.-Atlanta.....
55,161,808
Medicine Hat
Augusta
Peterborough.-- 1,789,733
1,889,076
1,918,932
Macon
1,898.443
Sherbrooke
a
a
a
Savannah
a
•
8,903,304
9,162,423 Kitchener
11,267,644 +19.6
Fla.-Jack'nvlile_
13,474,361
19,911,526 Windsor
28,568,537
28,003,551 -4.4
26,761,894
Prince Albert__ _ _
Mobile
2,063,567 +3.4
2,133,474
1,127,557 Moncton
1,074,141
Mlas.-Jackson1,334,569 +7.8
1,438,198
Kingston
425.723
448,455
Vicksburg
475,688 +11.3
529,388
53.190.013
53,336,452 .r,.9..1 ('.,,,.1a(921
La.-NewOrleans
47,164,961
56,000,000 -15.8
Total(11 cities)
[Vol.. 119.
THE CHRONICLE
1708
1923.
inc. Of
Dec.
1922.
1921.
$
S
%
$
a
135,926,(0) 116,570.440 +10.6 110,314,539 124.803,869
135,486,322 102,081,430 +32.7 120,517,870 129,555,785
67,938,492
69,025,426 -21.7
68,040,812
54,037,462
14.779,508
15,499.907 +2.4
14,644,240
15,875,282
7,685,885
8,288,094 -27.6
7,318,101
6,002,106
6,231,415
6,300,065
5,623,325
6,478,128 -13.2
3,505,850
3,633,967
3,124,774
2.985,854 +4.7
0,537,427
6,095,059
6,882,483 -25.7
5,096,820
7,844,862
4,495,972
5,933,358 +5.5
6,258,413
2,738,989
2.976.759
2,761,333 -10.8
2,463.755
2,445,240
2,353,193
-8.9
2,095,910
1,909,815
3,823,592
3,185,814
2,723,705
3,368,830 -19.1
7,123,874
4,886,446
4,586,608 +9.6
5,029,039
4,169,651
4,488,519
3,303,082 +9,4
3,614,101
912,918
824,554
952,609 -28.4
682,221
809.432
757,221
-23.0
724,938
557,945
2,227,383
2,419,763
2,251,090 -32.6
1,517.303
1,782,904
1,670,906
1,872,269 -33.5
1,245,487
1,359,935
1,326,689
1,274,010 -32.3
881,831
1,084,162
1,028,764
1,299,385 +7.4
1,395,564
647,155
737,796
751,270 +0.8
757,317
455,485
509,828
502,867 -34.1
331,318
875,268
800,133
926,603 -15.0
787,654
860,807
969,790
949,077 -28.0
674,705
1,061,291
1,261,891
1,060,424 -12.7
917,157
3.101.585
2,000.000
2,951,493 -3.0
2,862,350
402,830
994,048
423,461 -27.0
309,107
1,146,566
1,202.006
835.465 -12.4
731.661
808,009
700,000
856,745 +0.6
861,678
107 AAA 917
287.482.557
443.2
377.231.519
407.551.122
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Oct. 1. d Week ending Oct. 2. e Week ending Oct. 3. • Estimated.
OCT. 11 1924.]
THE CHRONICLE
Commercial a ndMiscellaneausgms
Breadstuffs figures brought from page 1757.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats. I Barley.
Rye.
bbls.19615s.bush.60 lbs.bush.56 lbs.bush. 32 ti's. bush.481bs laush.581bs.
Chicago
291,000 1.529,000 3,295.o i • 1.983.000 467,00'
78,000
4,031.000
Minnealm118144,000 2,224,000 850,001
439,000
Duluth
5,931.111
47.000 1,856,000 1,176,000 3,348,000
Milwaukee-301,111
60,
288,000
542,000 408,000 109,000
Toledo
279,0 o o
92,011
171,000
1,000
13,000
Detroit
73 1 t 1
31,11i
50.000
Indianapolis_
67 1 II
461,000
156,000
St. Louis_ _
109.111
__1,244,111
628 il o
734,000
i•I
9,000
Peoria
53,000
50,000
421,111
261,00
35,000
Kansas City__
_ ____ 1,924.000
116,000
174,000
Omaha
1,031,000
279,000
594,000
St. Joseph...
377,111
124,000
70,000
Wichita
611,000
24,000
8,000
Sioux City_ _ _
63,110
80,000
13,111
206,000
7,000
Total wk. '24 513,000 17,511,000 6,030,001
Same wk. '23 401,001 9.373,000 2,911,011 9,029,000 2,992,000 4,003,000
855,000
Same wk. '22 559,000 13,189,000 7.929.111 6,587,00' 1,171,111
5,497,000 1,177,011 2,358,000
Since Aug. 11924
4,791,000 197,843,000 48,480,001 90,218,00018,634,00020
,176,000
1923
4,040,000125,545,000 43,267,000 62,876,00011,638.000 8,768,000
1922
5.38.5.000 133.673.011 64 862 00 52 085 ma in 158 MD 27
252 000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oct. 4 1924, follow:
Receipts at-
Flour. I
Wheal.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
305,000; 2,203,000
16,000
807.000 827,000 410,000
63,000
754,000
9,000
87,000
271,000
44,000,
165,000
19,000
69,000 283,000
143,000
2,0001
3,000;
81,0001
923,000
46,000
39.000
1,318,000
65,000, 4,643,000
16,000 1,011,000
4,000 1,053,000
31,0001
102,000
30.000
31,000
Total wk. '24 594,000 10,108,000
106,000
SinceJan,1'24 19,305,000203,111,000 15,885,000 2,043,000 1,145,000 1,877,000
38,882,000 13.028,00021.853,000
Week 1923... 580,000 5,290,000,
448,000
401,000 588,0001 973,000
SinceJan.1'23 18.004.00013S 402 nnnl 25 au nem 21 nvn
00019 91,16 non an 137 nnn
I
New York___
Philadelphia _
Baltimore_ _.
Newport News
Norfolk
New Orleans*
Galveston__
Montreal _ --Boston
*Receipts do not Include grain passing through New
Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Oct. 4 1924, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley. Peas.
Bushels. Bushels, Barrels. Bushels, Bushels, Bushels.
Bushels.
New York
1,972,061
234,736 983,108 833,208 827,964
-_ _
Boston
88,000
39,000
50,000
...Philadelphia ___ - 788,000
13,01)0 202,000 434,000 66,000
--Baltimore
344,000
31,000 139,000
32,000 50,000
---Norfolk
3,000
--Newport News_
_
2,000
New Orleans._._ 1,370,000
40,000 62,000
3,000
Galveston
780,000
35,000
Montreal
4,545,000
165,000 457,000 653,000 100,000
---Total week 1924_ 9,887,061
40,000 584.736 1.784,108 1,952,208 1093964
--Same week 1923. 6,644,141
15.000 319.819
420011 560 750 2110 270
The destination of these exports for the week and
since
July 1 1924 is as below:
Flour.
Exportsfor Week
and Since
Week
July 110Oct. 4
1924.
Since
July 1
1924.
Wheat.
Week
Oat. 4
1924.
Corn.
Since
July 1
1921.
Week
Oct. 4
1924.
Since
July 1
1924.
Barrels. Barrels,
Bushels.
Bushels. Bushels, Bushels.
United Kingdom_ 119,000 1,128,240 2,667,303 31.353.877
Continent
376,445 1,917,769 7,198,758 47,814,646
So.& Cent. Amer_ 30.770
352.845
21,000
258,600
23,000
524,830
West Indies
34,680
364,044
59,000
17,000
402,810
Brit.No.Am.Cols.
_ _ _.
2,705
Other countries_ 23,861
223,154
151,500
3,900
Total 1924
584,736 3,988,757 9,887,061 79.637,623
40,000
931,540
Total 1923
319,819 3.194.015 6.644.141 60.709.673
151100 1 210 1190
The world's shipment of wheat and corn, as
furnished by
Broomhall to the New York Produce Exchange, for
the week
ending Friday, Oct. 3, and since July 1 1924 and
1923,
are shown in the following:
Wheal.
Corn.
1921.
1923.
Week I
Since
Oa. 8.
July 1.
Since
July 1.
1924.
Week
Oct. 8.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 9,528,000106,718,000 89,686,000
32,000
Black Sea_ _ _
112,0001 2,560,000 3,024,000 433.00
Argentina _ _ 1,780,000 28,561,000 31,740,000 6,332,000
Australia -824,0001 12,976,I I I 11,304,000
India
656,000 11,664,000 10,472.000
0th. comae
1,584,000
Total
12,898,000162,479.000 147,810.000 6,797,00
1923.
Since
July 1.
Bushels.
1,383,000
2,153,000
46,814.000
7,497,000
87.884,
I 57,847.000
1709
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo.
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River-
GRAIN
Wheal.
bush,
464,000.
106,000
1,225,000
1,435,000
STOCKS.
Corn.
Oats.
bush,
bush,
44,000 1,236,000
32,000
31.000
231,000
67.000
310,000
116,000
400,000
334,000
Rye.
bush.
955,000
1,000
140,000
255,000
Barley.
bush.
666,000
347,000
2,166,000
36,000
3,000
3,413,000
43,000
3,318,000 1,042,000 2,305,000
497,000
431,000
890,000
608,000
84,000
118,000
1.865.000
40,000
804,000
24,000
1,000
180.000
18,000
200.000
12,000
16,161,000 2,416,000 15,090.000 4,995.000
208,000
738.000
371,000 2.371,000
95.000
236,000
7,623,000
244,000 8,305,000 2,533,000 1,779,000
320.000 14.077,000 1,421,000
8,055,000
842.000
274.000
171.000
699.000
4,000
12,000
3,666,000
144,000
295.000
18,000
19,103,000
282,000 1,430,000
152,000
8,000
2,920.000
1,303,000
223,000
270.000
13,000
4,000
985.000
14,000
9,000
785,000
273,000
563,000
50,000
4,374,000
478.000 1,905,000
105,000
14.000
927,000
570,000
550,000
661.000
319,000
905,000
337,000
5,000
266,000
Total Oct. 4 1924_ _ _81,896,000 7,153,000 52,716,000 12,440,000 5,254,000
Total Sept.27 1924____81,559,000 6,040,000 48,006,000 13,643,000 4.689,000
Total Oct. 6 1923-64.335,000 1,562,000 16,515,900 15,301,000 3,516,000
Nole.-Bonded grain not Included above: Oats, New York, 481,000 bushels:
Baltimore, 3,000; Buffalo. 422,000; Duluth, 4,000; total, 910.000 bushels, against
177,000 bushels In 1923. Barley, Buffalo, 182,000 bushels; Buffalo afloat, 85,000
Duluth,108,000; On Lakes,75,000; total, 450,000 bushels, against 538,000 bushels In
1923. Wheal, New York, 93,000 busbies; Boston, 8,000; Philadelphia, 231,000
Baltimore, 190,000; Buffalo, 97,000: Buffalo, afloat, 183,000; Duluth, 187.000;
On Lakes, 785,000; total, 1,774,090 bushels, against 2,336,000 bushels In 1923.
Canadian- .
Montreal
912,000
178,000 1,281,000
163,000
20,000
Ft. William & Pt. Arthur_ 5,855,000
3,158,000 1,389.000 1,635.000
Other Cso•dlan
1,955,000
3,538,000
877,000
891,000
Total Oct. 4 1924- 8,722,000
178,000 7,971-00
Total Sept.27 1924.- 6,118,000
244,000 7,278,000
Total Oct. 6 1923-.15,469,000
17.000 1,676,000
SummaryAmerican
81.896,000 7,153,000 52,716,000
Canadian
8,722,000
178.000 7,971,000
2,429,000 2,546,000
1,734,000 1.289,000
2,342.000 1,610,000
12,440,000 5,254.000
2,429.000 2,546,000
Total Oct. 4 1924_ _90,618,000 7,331,000 60,687.000 14,869.000 7,800.000
Total Sept.27 1924..._87,677,000 6,284.000 55,284.000 15,367,000 5,978,000
Total Oct. 6 1923_ _ -79,804.000 1,579.000 18,191.000 17,643,000 5,126,000
New York City Banks and Trust Companies.
AU owes dation per Mar
Banks-N.Y. RIO
Alt •
.k Trust Co.'s Bid
Banks
Btu
America s.... 232 236 Manhattan •- 183 165
New York
Amer Each.. 330 335 Meal) & Met. 364 368
Amer Union. 165
400
Bank of N
Bowery •_
525
Nat American 140 155
& Trust Co 555 568
Broadway Cell 155 170 National CIO 395 400 Bankers Trust 396 400
Bronx Boro• 250
New Neth •_. 140 155 Central Union 625 635
Bronx Nat__ 160 170 Park
432 438 Empire
295 300
Bryant Park • 170 180 Penn Exch.-. 105 115 Equitable Tr. 228 232
Butch & Drov 138 145 Port Morris.. 178
Farm L & Tr 692 697
Cent Mercan 180 184 Public
407 415 Fidelity later 210 220
Chase
366 370 Seaboard
440
Fulton
320
Chat & Phen. 265 270
went) Ave. 95 105
uaranty Tr. 272 276
Chelsea Exch. 153 160 Standard
260 275 Irving Bank'
Chemical
570 577 State__
375 385
Columbia Tr 230 232
Coal & Iron.. 224 230 Trade•......
140 Law Tit & Tr 232 237
Colonial•___. 440
Trademen's• _
Metropolitan 343 348
Commerce _ 344 346 23d Ward.... 165
Mutual (West
Com'nwealth• 280
United States* 194 198
cheater) --- 140
Continental.. 200 iio Wash'n flts• _ 225
N Y Trust-- 388 393
Corn Exch... 447 452 Yorkville •__ 1400
Itle Gu & 'Tr 467 472
Cosmoplan• 115 125
8 Mtg & Tr 316 322
East River__ 215 225
Brooklyn
tilted States 1475
Fifth Avenue* 1400
Coney Island* 180
Weetchea Tr 245
Fifth
2:0 257 First
420
Brooklyn
First
1825 1850 Mechanics' •_ 140 150 Brooklyn Tr_ 600 625
Garfield
298 305 Montauk •--- 180
Inge County 1100
Gotham
132 137 Nassau
290 30" Manufacturer 293
Greenwich'.. 375 400 People's._.. 270
People's
425
Hanover
Harriman... 420 440
•Banos marked with (.)are State, panics. co Es divideno. (I) New stock
255
New York City Realty and Surety Companies.
Alliance R'llt2
Amer Surety
Bond & M G
City investing
Preferred..
Eavrwor• Milne
BM
115
108
338
98
98
150
Ask
--112
343
102
105
183
AU triC411 40411 Pe• Mars
Rid
4se
BM
115 120 Realty Assoc
(Bklyn)com 150
172 176
let pref ___. 85
250 255
2d pref.... 77
Westchester
225 ....
Title h Tr 230
189 192
Mtge Bond_
Nat Surety_
N Y Title &
Mortgage .
IT S Casualty_
US Title Gus
I Ask
I 155
90
82
200
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Amt. Ms.on Deposit to
Secure Circulation forNational
Fed. Res.
Bank Notes. Bank Notes.
National Bank Circulation
Afloat onBonds.
Legai
Tenders.
Total.
Sept.30 1924_ 741,239,890
736,557.660 39,269,184 775,826,844
Aug.30 1924.. 742,462,390
737,141,058 40,052.136 777,193,194
July 31 1924._ 746.611,640
740,549,740 36.537.849 777,087,589
June 30 1924._ 750.858.930
744,953.710 33.058.069 778.011,779
May 31 1924- 750,113330
545,900 745,029.518 82,460.609 777.490,127
AprIl 30 1924__ 750.676.880
545,900 745.795,653 31.611,339 777.406,092
Mar.31 1924._ 749,974,180
545,900 745,171.676 31382.366 776,334,042
Feb. 29 1924._ 748,875,180
545.900 743,454,758 30,964,444 774,419.202
Jan. 311924.. 747,256.230
545,900 742.670.537 30.126.232 772,796,769
Dec. 811923.. 746,577.780
545.900 740.521.752 31.045,227 771
.566,979
Nov.30 1923.. 746.778.050
545.900 743,984,275 29,450,769 773.435,044
Oct. 31 1923_ 748,562.330
545,900 743,806,385 28.799.884 772,606.269
Sept.29 1923_ 746,780,830
545,900 742,184,915 28,137.092 770,822,007
Aug. 31 1923_ 745,585,080 4,543.700 740.323,568 28,621.244
July 31 1923_ 744.848,840 4,793,700 740.986.663 28.823,714 768,944,812
June 30 1923_
744,654.990 4.993.700 719.103.625 28.336.094 769,810,377
747.439,719
May 31 1923__ 744,034,190 5,593,700 742,178,351 27,829,641
April 30 1923._ 742.823.590 6,148.700 740.099,541 27,888,731 770,007,992
Mar.31 1923._ 742.879.540 6,368,700 739.984.523 27.197,981 767,968,272
Feb. 28 1923._ 741.077.590 6,878.700 738,423,517 28.620.187 767,182,504
Jan. 81 1923
739.329.840 7.868.700 734.541,173 29.209.789 787,043,704
763.750.962
29,448,170 Federal Reserve bank notes outstanding Sept.
30 secured by lawful
money, against 517,352,000 Sept. 30 1923.
The visible supply of grain, comprising the stocks in
The following shows the amount of each
granary at principal points of accumulation at lake and
of United
States bonds and certificates on deposit to class
' seaboard ports Saturday Oct. 4, was as follows:
secure Federal
Reserve bank notes and national bank notes on
Sept. 30:
U. S. Bonds Held Sept. 30 to Secure—
Bonds on Deposit
Sept. 30 1924.
[VOL. 119
THE CHRONICLE
1710
On Deposit tolOn Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
Oct.
1-3329—The Exchange National Bank of Seneca Falls,
100,000
N.Y
Effective close of business Sept. 30 1924.
Liq. Agent: John S. Gay, Seneca Falls, N. Y.
Succeeded by the Exchange Bank of Seneca Falls, N. Y.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the cura second table, in which
741,239.890 741,239,890 rent week. Then we follow with
Totals
we show the dividends previously announced, but which have
The following shows the amount of national bank notes not yet been paid.
afloat and the amount of legal tender deposits Sept. 1 and
The dividends announced this week are:
Oct. 1, and their increase or decrease during the month
Books Closed.
of September:
When
Per
2s, U. S. Consols of 1930
4s, U. S. Loan of 1925
2s, U. S. Panama of 1938
2e, U. S. Panama of 1938
588,807,700
78,612,050
48,190,320
25.629,820
National Bank Notes—Total Afloat—
Amount afloat Sept. 1 1924
Net decrease during September
'
Amount of bank notes afloat Oct. 1 1924
Legal Tender Notes—
Amount on deposit to redeem national bank notes Sept. I 1924
Net amount of bank notes retired in September
$
588,807,700
78,612,050
48,190,320
25,629,820
$777,193,194
1,360,350
$775,826,844
$40,052,136
782,952
839,269,184
Amount on deposit to redeem national bank notes Oct. 1 1924____
Auction Sales.--Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
$ per $h.
Shares. Stocks.
&Maidstone Club of East Hamp11
ton, L. I
11 Ardsley Estates, Inc.. no par__ 41
225 Lumber Tie & Timber Vul_
$1 lot
canning Co
20
37 Hooker Electrochemical Co., pf334
6 Hooker Electrochem. Co., corn
150 Lumber Tie & Timber Vul$1 lot
canizing Co
1,650 Golden Glow Sign Corp.,
$1 lot
par $10
100 Canda Realty Co., par $10_ _ _ _ 10
Co.,)
Products
Food
10 General
/$1 lot
common, no par
10 Gen.Food Products Co., pref J
731 Canadian Conn. Cotton Mills,
common,"B," Par $10_ _ _$1 10 per sh.
$ Per sh.
Shares. Stocks.
69
40 N.Y.& Hanseatic Corp
274 Standard Supply & Equipment,
1
common,"B," no par
Sundry notes aggregating $130-1
594 35 with collateral
Sundry notes aggregating $4,-17,700
I lot
825 66, without collateral
101 Marietta Investment Co.,
Marietta, Minn
$ per sh.
Shares. Stocks.
20 Jencks Maivire Co., Class"B"_ 80
3 Hamilton IV anufacturing Co____ 4734
10034
10 Esmond Mills, preferred
20 Great Falls Manufacturing Co__ 28
5434
10 Sharp Mfg. Co.,corn
5 Bigelow Hartford Carpet Co.,com11434
2 Springfield Ry. Cos.4% cum. pt. 43
5 Craton de Knight Mfg. Co., pref.. 42
$ per sh.
Shares. Stocks.
10 Bird & Son, Inc.,8% prior pref.
10934 & div.
7334
8 units First Peoples Trust
5 special units First Peoples Trust_ - 6
11514
12 Plymouth Cordage Co
40 Fall River Elec. Lt. Co., Par $25 3334
25 Corona Typewriter Co.,Inc., 1st
93
prof
Per cent
Bonds.
$5,000 Ardsiey Estates, Inc., Gen.
M. 5s, July 1 1936; Jan. 1925
80
coupon attached
$126,000 Seaboard Finance & Investment Co., 7% cony. notes.
$700 lot
Sept. 1 1923
By Messrs. Wise, Hobbs & Arnold, Boston:
Boston:
By Messrs. It. L. Day & Co.,
Shares. Stocks.
$ per sh.
Shares. Stocks.
20134
5 National Shawmut Bank
1 Webster & Atlas National Bank_ A9834
Mills
7%cum•
corp.,
Contoocook
20
90
pref
4434
30 Contoocook Mills Corp.,com
div.
&
pf_96
cum.
7%
Mills,
10 Lancaster
3 Saco-Lowell Shops, 7% cum. 2d
72 & div.
pref
25 Newmarket Manufacturing Co 14034
2 Boston Railroad Holding Co., pf 4034
25 Otis Elevator Co.,6% cum.Pref-10014
3534
20 Towle Manufacturing Co
1 Finance Corp.of New Eng.,com13034
8 Finance Corp. of New Eng., preffp.unit
IS per oh.
8 Travelers Insur. Co.(Hartford)...91934
11734
3 Plymouth Cordage Co
8 Jones, McDufee& Stratton Corp..
53
corn., Class A
$59 lot
250 Minot Trawler Co
$50 lot
250 Minot Trawler Co
$ per oh.
Shares. Stocks.
3 Chestnut Hill Title dr Trust Co.,
52
Par $50
53034
8 Provident Trust Co.
23831
I Southwark Nat. Bank
200
5 Quaker City National Bank
2 Pro(ucers & Consumers Bank,
1034
$10
par
70
25 Overbrook Bank, par $50
2 Sixty-Ninth Street Term. Title
65
& Trust Co., par $50
916
5 Girard Trust Co
505
Co
Trust
100 Fidelity
11 First Nat. State Bk.of Camden-30034
6 Second Nat. Bank,Reading, Pa_ _375
9 Peoples Nat. Bank, Lancaster,Pa.260
24 Farmers Trust Co., Lancaster,310
Pa., par $50
80 Lancaster Trust Co., Lancaster,340
Pa.. par $50
19 Insurance Co.of N. A., par $10_ 61
55 Insurance Co. of N.A., par $10. 61
37
16 Alliance Ins. Co., par $10
803(
3 Hare & Chase, Inc., pre:
with
pref.,
Inc.,
Chase,
&
Hare
20
$2,100 lot
10 shares common
50 Horn & Hardart Co.of N.Y_ _ _ _151
60
Inc
Son,
30 Dennison &
per sh.
15 Edward G.Budd Mfg. Co., pref. 97
5 Autocar Co.(Ardmore,Pa.),corn. 60
25 Autocar Co.(Ardmore,Pa.),corn.60
11 Citizens Pass. Ry, Co
20034
36 John B. Stetson Co., common,
95
no par
32 Philadelphia Bourse, common- 1634
24
4 Philadelphia Bourse, preferred_
85 Ridge Avenue Pass. Ry. Co__ —16634
8 The Interstate A meisite Co., pref- 1
5 J. B. Van &firer Co., common- _100
10 Philadelphia Ritz Carlton Co., pf.$3
$ per Right.
Rights—
2034
272-3 Aldine Trust Co
Per cent.
Bonds.
$1,000 Electrical Securities Corp.5s,
98 & int.
Feb. 11953, 17th series
$1,000 Electrical Secur. Corp. to,
98 & int.
Feb. 11943, 12th series
$3,000 Dartmouth-Stuart Realty
Trust 1st 65 Feb. 15 1953- _ _ 95 & int.
Philadelphia:
By Messrs. Barnes & Lofland,
Shares. Stouts.
Per Cent,
Bonds—
510.000 Springfield Consol. Water
9114
Co. 1st 58. 1958
$1.000 Olean Bradford & Salamanca
Ry. Co. 1st dr ref. 7s, Ser. A,
1951 (together with 120 abs.0.B.
dc S. Ry. corn. and 50 shs. 0. B.
$500 lot
& S. Ry. pref.)
$5,000 Borough of New Holland 58,
,10534
1949
82,000 Kutztown & Fleetwood St.
so
Ry. 1st 58, 1932
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE APPROVED. Capital.
$25.000
Midland Park, N.J
Sept.30—The First National Bank of
Payne. care First National
Correspondent: Joseph
Bank, Wyckoff, N. J.
100.000
2—First National Bank in San Rafael, Calif
Calif.
Correspondent: W. P. Murray. San ,Rafael,
25,000
Tex
Goldthwaite
4—First National Bank In
, Tex.
Correspondent: W. E. Miller, Goldthwaite
.
RECEIVED
APPLICATIONS TO CONVERT
$100,000
Sept.30—The Citizens National Bank of Williamson, W. Va
Williamson,
Conversion of The Day & Night Bank,
W. Va.
Monroeville. Ala. 100,000
Oct. 4—The Monroe County National Bank of
,
Conversion of the Monroe County Bank, Monroeville
Ala.
IONS.
VOLUNTARY LIQUIDAT
Sept.30-10321—The Exchange National Bank of Muskogee,Okla.$300,000
Effective Sept. 23 1924.
Liq. Agent: T. F. King, Muskogee, 01rJa.
Absorbed by the Commercial National Bank of Muskogee,Okla., No.5236.
Oct.
Oct.
Name of Company.
Cent. Payable.
Days Inclusive.
Railroads (Steam).
Dec. 1 *Holders of rec. Oct.
Atch. Topeka & Santa Fe,corn. (quar.)_
134 Nov. 15 Holders of rec. Oct.
Internat. Rys.of Cent. Amer.. pf.(qu.)_ •134
Nov. 1 *Holders of rec. Oct.
Manhattan Ry.(quar.)
Oct. 7 Sept. 10 to Oct.
3
Vermont & Massachusetts
Public Utilities.
Amer. Light & Traction, corn. (guar.)._
Common (payable in common stock)_
Preferred (quar.)
Central Power & Light. pref. (guar.)._
Edison Elec. Ilium, of Boston (quar.)
Electric Bond & Share, pref.(quar.)_ _
Electrical Utilities Corp., pref. (quar.)_ _
Havana El. Ry.,Lt.& Pow.,com.&pref.
Montreal Tramways(quar.)
Newport News & Hampton Railway.
Gas & Electric (guar.)
Public Service Invest., corn. (quar.)__
Preferred (quar.)
Sierra Pacific Elec. Co., Prof.(quar.)
Southern Canada Power (quar.)
Texas Power & Light, pref.(quar.)
Western States Gas & Elec., pref. (cm.).
1
11
134
134
3
134
1.34
•3
234
Nov. 1 Oct. 15 to Oct.
Nov. 1 Oct. 15 to Oct.
Nov. 1 Oct. 15 to Oct.
Nov. 1 Holders of rec. Oct.
Nov. 1 Holders of rec. Oct.
Nov. 1 Holders of rec. Oct.
Oct. 15 Holders of rec. Oct.
Nov. 1 *Holders of rec. Oct.
Nov. 3 Holders of rec. Oct.
Nov. 1
Nov. 1
Nov. 1
Nov. 1
Nov. 15
Nov. 1
194 Oct. 15
134
134
13(
•13i
$1
31a
31
20
7
28
28
28
15
15
15
7
24
15
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 14
Holders of rec. Oct. 31
Holders of rec. Oct. 16
Holders of rec. Sept. 30
Miscellaneous.
154 Nov. 1 Holders of rec. Oct. 17a
Amer. Smelt. & Ref., corn. (quar.)
134 Dec. 1 Holders of rec. Nov. 7a
Preferred (quar.)
Nov. 1 *Holders of rec. Oct. 17
•134
pf.(qu.)
Corp.,
Bigelow-Hartford Carpet
134 Nov. 1 Holders of rec. Oct. 20
Brown Shoe, pref. (quar.)
Nov. 1 Holders of rec. Oct. 15a
2
(qu.)_
Pf.
Theatres,
Ltd..
Buffalo Loews
*81.50 Dec. 15 *Holders of rec. Nov.29 •
California Packing Corp.(quar.)
Oct. 10 Oct. 5 to Oct. 11
3
Cleveland & Buffalo Transit
1 Holders of rec. Oct. 21
Cluett, Peabody & Co., Inc., corn. (qu.) ig Nov. 15
Oct. 8 to Oct. 14
Oct.
2
Collins Company (guar.)
1 *Holders of roe. Oct. 20
Nov.
0$1
(quar.)
Carbon
Columbian
of rec. Oct. 20
*Holders
31
Oct.
*134
Consolidation Coal,corn.(quar.)
Nov. 15 Holders of rec. Nov. 5a
Continental Can, Inc., corn.(quar.)_ _ _ $1
of rec. Oct. 23
Holders
1
Nov.
134
Esmond Mills, corn. (guar.)
134 Nov. 1 Holders of roe. Oct. 23
Preferred (quar.)
Holders of rec. Oct. 20
1
Nov.
134
(quar.)
prof.
Fair (The),
234 Nov. 1 Holders of rec. Oct. 18a
Fajardo Sugar (guar.)
234 Nov. 1 Holders of rec. Oct. 18a
Extra
Nov. 1 Holders of rec. Oct. 15
2
(qu.).
pf.
Corp.,
Famous Players-Lasky
25e. Nov.20 Holders of rec. Nov. 10a
General Development(quar.)
1 Holders of rec. Nov. la
Dec.
$3
(guar.)
Razor
Safety
Gillette
1 Holders of rec. Oct. 20
Globe Automatic Sprinkler, Class A(qu.) 6234e. Nov.
334 Nov. 1 Holders of rec. Oct. 20
Preferred
of rec. Oct. 14
Grand(F.&W.)5-10-25e.Stores, pt.(qu.). •134 Nov. 1 *Holders
*Holders of rec. Nov. 17
Hart, Schaffner & Marx. Inc., com.(qu.) '1.34 Nov. 29
of rec. Oct. 20
*Holders
25
Oct.
*50c.
(monthly)
Mining
Homestake
Holders of rec. Oct. 17
Internat. Combustion Engineering (qu.) 50e. Oct. 31
134 Nov. 1 Holders of rec. Oct. 16
Internat. Nickel, pref. (quar.)
Holders of rec. Oct. 15
1
Nov.
34
Internat. Shoe, pref. (monthly)
of rec. Nov. 1
Intertype Corporation, corn.(quar.)___ _ 25c. Nov. 17 Holders
Holders of rec. Nov. 1
17
Nov.
110
stock)...
common
in
(payable
Common
of rec. Oct. 20
Holders
1
Nov.
134
Kelsey Wheel, pref. (quar.)
Nov. 1 *Holders of rec. Oct. 20
*1
Kress(S. H.) Co., coin.(quar.)
of rec. Nov. 10
Holders
15
Nov.
50c.
Miami Copper (quar.)
134 Oct. 15 Holders of rec. Oct. ha
Michigan Lime Stone dr Ch., pt. (qu.)_
rec. Oct. 21
of
Holders
134
1
Nov.
pref.
(guar.)
Knitting,
Monarch
rec. Oct. 25
Montgomery Ward & Co.,Inc., Cl. A_ _• /183.50 Nov. 5 *Holders of
134 Nov. 1 Holders of rec. Oct. 70
Nash Motor, pref. (quar.)
Oct. 20
rec.
of
*Holders
1
Nov.
*2
National Carbon, pref. (quar.)
134 Nov. 1 Holders of rec. Oct. 15a
National Dept. Stores, 1st pref. (quar.)_
Nov. 15a
rec.
of
Holders
134
1
Dec.
(quar.)
preferred
Second
134 Nov. 1 Holders of rec. Oct. 22
Pacific Mills (quar.)
Dec. 1 Holders of rec. Nov.204
$1
Package Machinery Co.,corn
of rec. Oct. 17
Producers & Refiners Corp., prof. (qu.). 'I% Nov. 3 *Holders of
rec. Oct. 10
* 16 2-3c Oct. 15 *Holders
Pro-phy-lac-tic Brush
to Dec. 21
10
Dec.
20
Dec.
50e.
(quar.)
St. Joseph Lead
ree. Oct. 15
of
*Holders
*135 Nov. 1
Savannah Sugar Ref., corn.(quar.)
15
*154 Nov. 1 *Holders of rec. Oct. 24
Preferred (quar.)
Oct.
rec.
of
Holders
1
134
Nov.
Scott Paper, pref. (quar.)
20
Oct.
•134 Nov. 15 *Holders of rec.
Shell Union 011, pref.(quar.)
134 Dec. 1 Holders of rec. Oct. 24
Standard 011 (Ohio), prof.(quar.)
rec. Oct. 20
Stover Mfg.& Engine, pref. (quar.)___ _ •134 Nov. 1 *Holders of
*31.80 Oct. 28 *Holders of rec. Oct. 10
Union 011 of California (quar.)
rec. Nov. 10
of
*Holders
1
Dee.
*75c.
Woolworth (F. W.) Co.(quar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Baltimore & Ohio,corn.(quar.)
Preferred (quar.)
Cleve. Cin. Chic.& St. Louis. corn.(qu.)
Preferred (guar.)
Cuba RR., preferred
Delaware Lackawanna & West.(quar.)Georgia itlt. & Banking (quar.)
Gulf Mobile & Northern, Prof.(quar.)
Kansas City Southe:n, pref.(quar.)
Morris & Essex Extension RR
New York Central RR.(Wier.)
Norfolk & Western, ad1. pref. (guar.)._
Northern Pacific (quar.)
Passaic & Delaware Extension RR
Pere Marquette. prior preferred (filisf.)Preferred (quar.)
Pittsburgh & West Virginia. prat(guar)
Prefe-zed (mar.)
Readingrompany.common (guar.).St. Louis-San Francisco, Prof.(No. 1)
Southern Railway.common(guar.)
Preferred (qoar.)
Syracuse Binghamton & N.Y.
West Jersey & seashore
Western Pacific RR. Corp., pf. (qu.)
Public Utilities.
All-America Cables (guar.)
Amer. Electric Power. pref. (contr.).American Gas Co.(quar.)
American Gas & Electric. pref. (guar.)._
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
ti
Dec. 1 Oct. 12 to Oct. 13
Dec. 1 Oct. 12 to Oct. 13
154 Oct. 20 Holders of rec. Sept. 26a
260
1 g Oct. 20 Holders of rec. Sept.'Via
Feb2'25 Holders of roe Jan 15
4a
Oct.
rec.
of
$1.50 Oct. 20 Holders
14
234 Oct. 15 Oct. 2 to Oct.
1
Nov.
roe.
of
Holders
13( Nov. 15
Oct. 15 Holders of rec. Sept.30a
1
Bolden.; of rec. Oct. 240
Nov.
2
260
154 Nov. 1 Holders of rec. Sept.
Nov. 19 Holders of rec. Oct. 31a
1
30
Oct.
roe.
of
Holders
1
Nov.
134
Nov. 1 Holders of rec. Oct. 24a
2
134 Nov. 1 Holders of rec. Oct. 15a
154
154 Nov. 1 Holders of rec. Oct.
1)4 Nov,29 Holders Of rec. Nov. la
2'25a
Feb.
rec.
of
Holders
(w)
155
Nov. 13 Holders of rec. Oct. 20a
$1
134 Nov. 1 Holders of rec. Oct. 158
154 Nov. 1 Holders of rec. Sept.23a
134 Oct. 15 Holders of rec. Sept.23a
Nov. 1 Holders of rec. Oct. 24
3
Oct. 15 Holders of roe. Oct. la
$1
134 Oct. 20 Holders of rec. Oct. 8a
154
1 li
114
134
Oct. 14 Holders of rec. Sept.30a
Nov. 15 Holders of rec. Nov. 5a
Oct. 15 Holders of rec. Oct. la
Nov. 1 Holders of rec. Oct. 11
OCT. 11 1924.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Publir. Utilities (Continued).
Amer. Telephone & Telegraph (quar.)-- 2j Oct. 15 Holders of rec. Sept.20a
Quarterly
2)4 Ja15'25 Holders of rec. Dec. 20a
Quarterly
2ig &p15'25 Holders of rec.Mar.17'250
Associated Gas & Elec.. Pref. (extra)
l234c. Apr.1'25 Holders of rec. Mar. 15
Preferred(extra)
12)4o. July1'25 Holders of rec. June 15
Preferred (extra)
12 He. Oct.1'25 Holders of rec. Sept. 16
Preferred (extra)
12Hc. Jan1'26 Holders of rec. Dee. 15
Bell Telephone Co. of Canada (guar.)- 2
Oct. la Holders of rec. Sept.23
Bell Telephone of Pa.6 33% prof.(gu.)_ _
Oct. 15 Holders of rec. Sept.20
Brooklyn-Manhattan Transit, pref.(qu.) $1.50 Oct. 15 Holders of roc. Oct. la
California-oregon rower, pref.(guar.)
1% Oct. 30 Holders of rec. Oct. 15a
Carolina Power & Light. corn. (quar.)_. 1
Nov. 1 Holders of rec. Oct. 15
Central Illinois Pub. Serv., pref. (guar.) 1g Oct. 16 Holders of rec. Sept.30
Central Power, pref.(guar.)
1)4 Jct. la Holders of rec. Sept. 306
Ches.& Po. Tel. of Bait., pref.(guar.)
1)4 Oct. 15 Holders of rec. Sept.30
ChM.Rap.Tran. Co.. prlor pref.(mthly) 65c. Nov. 1 Holders of rec. Oct. 2I0
Prior preferred (monthly)
65e. Dec. 1 Holders of rec. Nov. 18a
Cln. Newport & Co v.L.& T.,com.(qu.) 1)4 Oct. 15 Oct. 1 to Oct. 15
Preferred (guar.)
1% Oct. 15 Oct. 1 to Oct. 15
Cleveland Elec. Illuminating (guar.)_
234 Oct. 15 Holders of rec. Oct. la
Commonwealth Edison Co.(guar.)
*2
Nov. 1 *Holders of rec. Oct. 15
Commonwealth Gas & El. Cos., p1.(qu.) $1.50 Oct. 15 Holders of rec. Oct. la
Commonwealth Pr. Corp., corn.(guar.). $1
Nov. 1 Holders of rec. Oct. 16a
Preferred (guar.)
134 Nov. 1 Holders of roe. Oct. 16a
Continental Gas& El. Corp.,corn.(qu.) 75c. Jan 1'25 *Holders of rec. Dec. 13a
Common (payable in common stock)_ j75c. Jan 1'25 *Holders of rec. Dec. 13a
Participating preferred (quar.)
135 Jan 1'25 *Holders of rec. Dec. 13a
Participating preferred (extra)
34 Jan 1'25 *Holders of rec. Dec. 13a
Partic. pref.(payable in corn.stock)
Jan 1'25 *Holders of rec. Dec. 13a
Preferred (attar.)
134 Jan 1'25 *Holders of rec. Dec. 13a
Prior preferred (guar.)
134 Ian 1'25 *Holders of rec. Dec. 13a
Detroit Edison (guar.)
2
Oct. 15 Holders of ru. Sept. 200
Dominion row. & Transm.. pref.
134 Oct. 15 Sept.21 to Sept.30
Dominion Telegraph (qtiar.)
133 Oct. 15 Holders of rec. Oct. 1
East Bay Water Co., Clam A (guar.).- $1.50 Oct. 15 Holders
of rec. Sept.30
Class B (guar.)
$1.25 Oct. 15 Holders of rec. Sept.30
El Paso Electric Co., pref. ser. A,(qu.) 1% Oct. 15 Holders of rec. Oct. 3a
Preferred series 13 (guar.)
1% Oct. 15 Holders of rec. Oct. 3a
Fort Worth Power & Light, pref.(quar.)
Nov. 1 Holders of rec. Oct. 15
Georgia Sty. de Power,it pref.(guar.)_ - 2
Oct. 20 Holders of rec. Sept.30a
Illinois Northern Utilities, pref.(guar.) $1.50 Nov. 1 Oct. 16 to Oct. 31
Internat. Teleph. & Teleg. (guar.)
134 Oct. 15 Holders of rec. Sept. 27a
Interstate Put).Sere., pr. lien stk.(au.)_
134 Oct. 15 Holders of rec. Sept. 10a
Interstate Railways,corn.(No. 1)
Nov. 1 Oct. 16 to Nov. 1
1
Kentucky Securities Corp., pref.(quar.) 134 Oct. 15 Sept.23 to Oct. 8
Kentucky Utilities. pre!. (guar.)
134 Oct. 15 Holders of rec. Sept.30a
Laurentide Power (guar.)
134 Oct. 15 Holders of rec. Sept.30a
Louisville Gas & El. of Ky., M.(wt.).1% Oct. 15 Holders of rec. Oct. la
Manchester Trim., Light & Power (guar.)
Oct. 15 Holders of rec. Oct. 1
Manufacturers' Light & Heat(quar.)... 2
Oct. 15 Holders of rec. Sept.306
Massachusetts Gas Cos.,mommon (qu.). 131 Nov. 1 Holders of rec. Oct. 15
Mass. Lighting Cos. 6% pref. (quar.)
1% Oct. 15 Holders of rec. Sept. 25
Eight per cent preferred (guar.)
2
)ct. lb Holders ot rec. Sept. 25
Michigan Gas & Electric. pref. (quar.)-- 1% Oct. 21 Holders of rec. Sept.30
Prior lien stock (guar.)
134 Oct. 15 Holders of rec. Sept.30
Middle West Utilities, pref. (guar.)._
1% Oct. 15 Holders of rec. Sep. 30a
Milwaukee Elec. Sty.& Light, prof.
(qIL) 1% Oct. 31 Holders of rec. Oct. 20a
Missouri Gas& Rice.Serv. pr.lien (qu.)_
134 Oct. 15 Holders of rec. Sept. 16a
Montreal Telegraph (guar.)
2
Oct. 15 Holders of rec. Sept. 300
Mountain States Power, pref.(guar.) _ 1% Oct. 20 Holders of rec. Sept.300
Municipal Service Co.,corn.(guar.)_ _ _ _ 40c. Oct. 25 Holders of rec. Oct. 10a
Preferred Pp tar.)
1% Nov. 1 Holders of rec. Oct. 15a
National Fuel Gas(guar.)
134 Oct. 15 Holders of rec. Sept.30a
Nevada-Calif. Elec. Corp., pref. (quar.) 1% Nov. 1 Holders of rec. Sept.30a
Newbury port Gas & Elec.(guar.)
$1.50 Oct. 15 Holders of rec. Sept.30
Extra (from reserve for di vidends)_ _ - 50c. Oct. 1: Holders of rec. Sept.30
New York Telephone, preferred
(quar.)- 1% Oct. 15 Holders of rec. Sept.20
Niagara Falls Power pref. (quar.)
43%(. Oct. 15 Holders of rec. Sept 306
Nor.Indiana Gas& Elec., pref. A
(guar.) 15( Oct. 14 Holders of rec. Sept.30
Northern States Power, corn.(quar,)..
Nov. 1 Holders of rec. Sept.300
Preferred (quar.)
13i Oct. 20 Holders of rec. Sept.30
Ohio Fuel Supply (quar,)
82%c Oct. 15 Holders of rec. Sept.30
Oklahoma Natural Gas(quar.)
500. Oct. 20 Holders of rec. Sept.20
Pacific Gas & Elo :trio, common
(guar.). 2
Oct. la Holders of rec. Sept.30a
Pacific Telep. & Toles.. pref.
1% Oct. 15 Holders of rec. Sept.306
(guar.).
Peoples Gas Light & Coke (quar.)
154
17 .Holders of rec. Oct. 30
Philadelphia Company.6% prof.(guar.) $1.50 Oct.
Nov. 1 Holders of rec. Oct. 1
Philadelphia Co., common (attar.)
$1 Oct. 31 Holders of rec. Oct. 2a
Philadelphia Rapid Transit (guar.)
75c. Oct. 31 Holders of rec. Oct. 15a
Phila. & Western By., pref.
6234c Oct. 15 Holders of rec. Sept.30a
Pittsburgh Utilities, common(quar.)-Si
Nov. 1 Holders of rec. Oct. 15
Common (extra)
$96.25 Nov. 1 Holders of rec. Oct. 15
Preferred
35e. Nov. 1 Holders of rec. Oct. 15a
Preferred (extra)
25c. Nov. 1 Holders of rec. Oct. 156
Pub.Fiery.of NAIL,com MOO par)(qu.) •134
Nov. 1 *Holders of rec. Oct. 15
Common (no par value)(guar.)
*51.75 Nov. 1 *Holders of rec. Oct. 15
Six per cent pref.(guar.)
•134 Nov. I *Holders of rec. Oct. 15
Seven per cent pref. (quar.)
M1h Nov. 1 *Holders of rec. Oct. 15
Puget Sound Power & Light, corn.(qu.)_ 51
Oct. 15 Holders of rec. Sept.20a
Prior preference (guar.)
134 Oct. 15 Holders of rec. Sept.200
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept.20a
Quebec) Power, preferred (quen)
154 Oct. 15 Holders of rec Sept.30a
San Diego Cons. Gas & Elec., pf.(qu.)
15( Oct. 15 Holders of rec. Sept.30
South Pittsburgh Water,7% pref.(qu.)_
154 Oct. 15 Oct. 5 to Oct. 15
Southern Calif. Edison, orlg. Pt. ((Pt). 2
Oot. 15 Holders of rec. Sept.206
Southern Canada Power. pref.(guar.)
134 Oct. 15 Holders of rec. Sep. 300
Southern New England Telep. (guar.)._
2
Oct. 15 Hoblets of rec. Sept.300
Southern Wisconsin Elec. Co..COM.(qU.) 2
Oct. 25 Holders of rec. Sept. 30a
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 30a
Standard Gas & Electric, Cora.(quar.).. 75c.
25 Holders of rec. Sept.30
Oct.
Prior preference (quar.)
134 Oct. 25 Holders of rec. Sept.30a
Texas Electric Ry.,common (guar.)._
1
Dec. 1 Holders of reo. Nov. 15
Second preferred (guar.)
134 Nov. 1 Holders of roe. Oct. 15
Union Natural Gas Corp.(guar.)
50c. Oct. 15 Holders of rec. Sept.30a
United Gas Improvement, corn. (qu.)._ 8734c Oct. 15
Holders of rec. Sept.300
Preferred (guar.)
87%c Dec. 15
United Light & Power,corn., Cl. A (au.) 40c. Nov. 1 Holders of rem Nov. 29
Holders of rec. Oct. 15
Common,Class A (In Class A stook).
(0) Nov. 1 Holders of rec. Oct. 15
Common,Class B (guar.)
40o. Nov. 1 Holders
Common,Class B (in Class A stock)_ (s) Nov. 1 Holders of roe. Oct. 15
of rec. Oct. 15
United Light & Rys., corn. (guar.)
2
Nov. 1 Holders of rec Oct. 15
Virginia Its'. at Power, preferred (guar.) _
1H Oct. 20 Holders of rec. Sept.306
Washington Wat. Pow.,Spokane(guar.) 2
Oct. 15 Holders of
Sept.25a
Western Power Corp.. preferred (quar.). 134 Oct. 15 Holders of rec.
rec. Sept.30a
Western Union Telegraph (guar.)
134 Oct. 15 Holders of rec. Sept. 25z
West Penn Power Co.,7% pref.(quer.). 134 Nov. 1 Holders of rec.
Wisconsin River Power, prof. (guar.)._ _ *51.75 Nov.20 *Holders of rec. Oct. 15
Oct.
York Railways,common (guar.)
75e. Oct. 16 Holders of roe. Oct. 31
6234c Oct. 31 Holders of rec. Oct. 6a
Preferred (guar-)
21a
$2
Banks.
Corn Exchange (quar.)
Miscellaneous.
Abitibi Power & Paper, Ltd., corn.(qu.)
Air Reduction (quar.)
Extra
Alliance Realty (guar.)
Allied Chem.& Dye,corn.(guar.)
Allis-Chalmers Mfg., Common (quar.)- Allis Chalmers Mfg.,prof.(guar.)
Amalgamated Sugar, pref.(guar.)
American Art Works, corn. & pref. (qu.)
Amer. Bank Note, corn. (guar.)
Preferred (quar.)
American Beet Sugar, corn (guar.) -.
Common (guar.)
American Can., corn.(guar.)
American Cigar, corn. (guar.)
American Coal(guar.)
Amerlean Coal(quan)
Nov. 1 Holders of roe. Oct. 3Ia
$1 Oct. 20
$I
Oct. 15
la
Oct. 15
2
Oct. 18
Nov. 1
$1
Nov.15
$1
1% Oct. 15
Nov. 1
2
151 Oct. 15
$1 .25 Nov. 15
1 J an31'25
J anSl'25
Oct. 31
1
1% Nov.15
134 Nov. 1
Nov. I
$1
51
Nov. 1
Holders of rec. Oct. 10
Holders of rec. Sept. 30a
Holders of rec. Sept. 30a
Holders of rec. Oct. 100
Holders of rec. Oct. 150
Holders of rec. Oct. 24a
Holders of rec. Sept.24a
Holders of rec. Oct. 170
Holders of rec. Sept.30
Holders of rec. Nov la
Holders of rec. Jan10'25a
Holders of rec Jen.1025a
Holders of rec. Oct. ha
Holders of rec. Oct. 310
Holders of rec. Oct. 154
Oct. 12 to Oct. 31
Oct. 12 to Nov. 1
Name of Company.
1711
When
Per
Cent. Payable.
Book: Closed.
Days Inclusive.
Miscellaneous (Continued).
American Fork & Hoe, 1st pref
Oct. 15 Holders of rec. Oct. 150
American Glue. preferred (guar.)
Nov. 1 Holders of rec. Oct. 15
2
Amer. Greenhouse Mfg., Prof. (quar.)... 2
Oct. 15 Holders of rec. Sept.300
American Ice, corn.(guar.)
154 Oct. 25 Holders of rec. Oct. 80
Preferred (guar.)
Oct. 25 Holders of rec. Oct. So
Amer. La France Fire Eng.,corn.(Quer.) 25e. Nov.15 Holders of rec. Nov. la
American Rolling Mill. corn.(guar.).- 50e. Oct. 15 Holders of rec. Sept.300
American Seeding Machine, pref.(quar.) 134 Oct. 15 Holders of rec. Sept.30a
American Shipbuilding. common (guar.) 2
Nov. 1 Holders of reo Oct. 15
Common (guar.)
2
Feb2'25 Holders of rec. Jan. 15'25
Common(guar.)
2
M.Y1'25 Holders of rec. Apr.1525
Common (guar.)
2
Aug.I'25 Holders of rec. July 15'25
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 15a
American Steel Foundries, corn.(quar.)_ 750. Oct. 15 Holders of rec. Oct. la
Amer. Type Foundries, corn. (quar.)
154 Oct. 15 Holders of rec. Oct. 100
Preferred (guar.)
134 Oct. 15 Holders of rec. Oct. 10a
American Vitrified Products (guar.)._ -- 50c. Oct. 15 Holders of rec. Oct. 54
American Woolen, preferred (guar.)_ _
131 Oct. 15 Sept. 16 to Sept.25
Art Metal Construction (guar.)
25c. Oct. 31 Holders of rec. Oct. 106
Asbestos Corp. of Canada, pref.(guar.). 134 Oct. 15 Holders of rec. Oct. la
Associated Dry Goods,common (quar.)_
134 Nov. 1 Holders of rec. Oct. 11
First preferred (guar.)
13.5 Dec. 1 Holders of rec. Nov. 8
Second preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 8
Associated Industrials. pref. (quar.).-Oct. 15 Holders of rec. Oct. 140
Associated 011 (guar.)
3735c Oct. 25 Hollers of rec. Sept.306
Atlantic Refining, pref.(guar.)
154 Nov. 1 Holders of rec. Oct. 150
Atlas Powder,pref.(guar.)
154 Nov. 1 Holders of rec. Oct. 206
Austln, Nichols & Co., prof. (quari---Nov. 1 Holders of rec. Oct. 15a
ttabeeeK St Wilcox Co.(guar.)
Jan 1'25 Holders of rec. Dec. 200
Quarterly
154 Aprl'25 Holdersof rec.Mar.20'250
Barnhart Bros. & SpindlerFirst and second preferred (quar.)____
1;1 Nov. 1 Holders of rec. Oct. 25a
Bayuk Cigars, 1st pref. (quar.)
1% Oct. 15 Holders of rec. Sept. 300
Convertible second preferred (quar.)__
151 Oct. 15 Holders of rec. Sept. 30a
Eight per cent second pref. (quar.)___
Oct. 15 Holders of rec. Sept. 306
Beacon Oil, preferred (guar.)
$1.875 Nov. 15 Holders of rec. Nov. 1
Beech-Nut Packing. preferred B (quar.) 154 Oct. 15 Holders of rec. Oct. la
Borden Company, preferred
__
134 Dec 15 Holders of rec. Dec. la
Borne Scrymser Co
Oct. 15 Sep2. 21 to Oct. 14
Extra
2
Oct. 15 Sept. 21 to Oct. 14
Bowman-Blitmore Hotels, 1st pref.(qu.) 1 X Oct. 15 Holders of roe. Sept. 15
Burns Bros., prior preference (quar.).__
134 Nov. 1 Holders of rec. Oct. 200
Cadillac Storage Co., common (quar.)_ _
134 Oct. 15
Oct. 1
Common (extra)
34 Oct. 15
Oct. 1
Canada Cement Co., Ltd.(guar.)
1% Oct. 18 Holders of rec. Sept.300
"Canada Dry" Ginger Ale. A stk.(qu.). 75e. Oct. 15 Holders of rec. Oct. 1
Canadian Explosives, common (guar.).- 2
Oct. 31 Holders of rec. Sept.306
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept,306
Canadian Industrial Alcohol (guar.)_ _
233 Oct. 11 Holders of rec. Sept. 306
Cartier, Inc., preferred (guar.)
134 Oct. 31 Holders of rec. Oct. 156
Central Foundry. pref
5
Oct. 15 Holders of rec. Sept.30
First preferred (guar.)
2
Oct. 15 Holders of rec. Sept.30
Century Ribbon Mills. corn. (quar.)---- 50c. Oct. 31 Holders of rec. Oct. ltda
Chicago Pneumatic Tool (quar.)
134 lot. 25 Holders of rec. Oct. 156
Chicago Yellow Cab(monthly)
33 1-3t Nov. 1 Holders of rec. Oct. 206
Monthly
33 1-3( Dec. 1 Holders of rec. Nov.200
Cities Servlee Co.
Common (monthly pay.In cash scrip)_
034 Nov. 1 Holders of rec. Oct. 15
Com.(mthly., pay in corn. stk. scrip). el% Nov. 1 Holders of rec. Oct. 15
Preferred and preferred B (monthly)_ _
34 Nov. 1 Holders of rec. Oct. 15
City ice & Fuel (Cleveland) (guar.)._ __
Joe. 1 Holders of rec. Nov.20a
Congoleum Co., corn. (guar.)
750. Jet. 30 Holders of rec. Oct. 15a
Preferred (guar.)
.1% Dec 1 *Holders of rec. Nov.15
Consolidated Car Heating (quar.)
114 Oct. 15 Holders of rec. Sept. 30a
Consolidated Royalty 011 (guar.)
30. Oct. 20 Oct. 18 to Oct. 20
Continental Motors Corp.(guar.)
200. Jct. 30 Holders of rec. Oct. 18a
Corn Products Refining. corn. (quar.).._ 50c. Oct 20 Holders of rec. Oct. 64
Preferred (guar.)
1% )et. 15 Holders of rec. Oct. fia
Craddock-Terry Co., common (quar.)
Dec. 31 Dec. 16 to Dee. 31
Firstand second preferred
Dec. 31 Dec. 15 to Dec. 31
3
Class C preferred
Deo. 31 Dec. 15 to Dec. 31
Crex Carpet
1
Oct. 15 Holders of rec. Sept.300
Crucible Steel, common (quar.)
Oct. 31 Holdets of rec. Oct. 150
1
Cudahy Packing, common (quar.)
Oct. 15 Oct. 4 to Oct. 15
1
Delaware Lack.& West.Coal (quar.)_ _ _ $1.25 Oct. 15 Holders of rec. Oct. la
Detroit Motor Bus (quar.)
*2
Oct. 15 *Holders of rec. Sept.30
.1
Extra
Oct. 15 'Hollers of rec. Sept.30
Pictograph Products Corp., pref.(quar.) 2
Oct. 15 Holders of rec. Sept.300
Doehlei Die-Casting, common (quar.)_ _ 50c. Nov. 1 Holders of rec. Oct. 154
Dome Mines, Ltd
500. Oct. 20 Holders of rec. Oct. 3a
Dominion Textile, pref. (guar.)
Oct. 15 .Holders of rec. Sept.30
du Pont(E. I.) de Nemours & CoDebenture stock (quar.)
Oct. 25 Holders of rec. Oct. 10a
du Pont(El.)de Nem.Powd.,com.(qu.) 134 Nov. 1 Holders of rec. Oct. 204
Preferred (guar.)
134 Nov. I Holders of rec. Oct. 20a
Eagle-Picher Lead, prof. (quar.)
1% Oct. 15 Holders of rec. Oct. 4a
Eastern SS. Lines, Inc., pref. (quar.)
87%0 Oct. 15 Holders of rec. Oct. 8a
Elgin National Watch (attar.)
.500. Nov. 1 *Holders of rec. Oct. 15
Eureka Pipe Line (guar.)
Nov. 1 Holders of rec. Oct. 15
1
Exchange Buffet Corp. (guar.)
50c. Oct. 31 Holders of rec. Oct. 18a
Fifth Avenue Bus Securities(guar.)
18e. Oct. 16 Holders of rec. Oct. 20
Finance Co.of Amer.(Bait.),corn.(qu.) 58%0 Oct. 15 Holders of rec. Oct. 8
Seven per cent preferred (quar.)
1% Oct. 15 Holders of rec. Oct. 8
Eight per cent preferred (quar.)
Oct. 15 Holders of rec. Oct. 8
2
Firestone Tire & Rubber,corn.(guar.)_ _
Si Oct. 20 Holders of rec. Oct. 100
Six per cent preferred (guar.)
134 Oct. 15 Holders of rec. Oct. la
Fisher Body Corp.,cons.(guar.)
$2.50 Nov. 1 Holders of rec. Oct. 204
Vleishmann Co.. common (Oust.)
75e. Jan 1'25 Holders of rec. Deo. lba
Ford Motor of Canada
Nov.15 Holders of rec. Nov. 5
10
General Cigar, common (guar.)
2 Nov. 1 Holders of rec. Oct. 230
Preferred (guar.)
1% Dec. 1 'Holders of rec. Nov.226
Debenture preferred (quer.)
1% Jan2'2 Holders of rec. Dec. 236
General Electric, corn. (quer.)
2
Oct. 1 Holders of rec. Sept. es
Common (payable in special stock)._
Oct. 1 Holders of rec. Sept. 46
Special (guar.)
150. Oct. 1 Holders of rec. Sept. 4a
General Fireproofing, pref. (Oust.)
151 Jan2'25 Holders of rec. Dec. 20
General Motors. 7% pref.(guar.)
1% Nov. 1 Holders of rec. Oct. 86
Slx per cent deb.(guar.)
134 Nov. 1 Holders of rec. Oct. 86
Six per cent pref.(quar.)
114 Nov. 1 Holders of rec. Oct. Go
General Refractories(quar.)
50c. Oct. 15 Holders of rec. Oct. 7a
Gillette Safety Razor,stock dividend_ -- e5
Dec. 1 Holders of rec. Nov. 1
Gimbel Bros., Inc.. pref.(guar.)
131 Nov. 1 Holders of rec. Oct. 154
Ginter Company,common (guar.)
45% Oct. 20 Holders of rec. Oct. 10
Globe-Wernicke Co., pref.(guar.)
1% Oct. 15 Holders of rec. Sept.30
Gosserd (H. W.) Co.(monthly)
200. Nov. 1 Holders of rec. Oct. 20
Monthly
200. Dec. 1 Holders of rec. Nov.20
Gulf States Steel, first preferred (guar.) 154 Jan2'25 Holders of rec. Dee, 150
Second preferred (guar.)
1% Jan2'25 Holders of rec. Dec. 150
Halle Bros.. preferred (guar.)
1% Oct. 31 Oct. 24 to Oct. 31
Harbison-Walker Refrac.. pref. (quar.)
1% Oct. 20 Holders of rec. Oct. 10a
Hibbard, Spencer, Bartlett Co.(mthly.) 350. Oct. 31 Holders of rec. Oct. 24
Monthly
35c. Nov.28 Holders of rec. Nov. 21
Monthly
300. Dec. 28 Holders of rec. Dec. 19
Extra
100. Dec. 28 Holders of rec. Dec. 19
FillIcrest Collieries, common (guar.)_ _ _ - 134 Oct. 16 Holders of rec. Oct. 3a
Preferred (guar.)
134 Oct. 15 Holders of rec. Oct. 3a
Hillman Coal /t Coke,5% pref.(guar.)
134 Oct. 25 Oct. 15 to Oct. 25
Seven per cent preferred (quar.)
13.4 Oct. 25 Oct. 15 to Oct. 26
Holly Sugar, pref.(quar.)
134 Nov. 1 Holders of rec. Oct. 15
Preferred (sect accumul. diva.)
134 Nov. 1 Holders of rec. Oct. 15
Hupp Motor Car,common (guar.)
200. Nov. 1 Holders of rec. Oct. 16
Hurley Machine,common (guar.)
SI Oct. 15 Holders of rec. Oct. 10
Common (extra)
25o. Oct. 15 Holders of rec. Oct. 10
Illinois Brick (quar.)
134 Oct. 15 Oct. 4 to Oct. 15
Independent 011 & Gas(guar.)
250. Dec. 31 Holders of rec. Dec. 120
Indiana Pipe Line (guar.)
Si
Nov.15 Holders of rec. Oct. 17
International Harvester.com.(quar.)_._
131 Oct. 15 Holders of rec. Sept.250
International Paper. prof.(guar.)
134 Oct. 15 Holders of rec. Oct. fla
Kaufmann Dept.Stores,Inc.,corn.(au.) $1
Nov. 1 Holders of rec. Oct. 20
Kerr Lake Mines, Ltd.(guar)
1234c Oct. 15 Holders of rec. Oct. la
Loose-Wiles Biscuit, 1st pref.(guar.).- 131 Nov. 1 Holders of rec. Oct. 180
151
154
Name of Company.
When
Per
Cent. Payable.
Rooks Closed.
Days Inclusive.
Miscellaneous (Concluded.)
2% Oct. 15 Holders of rec. Sept.30a
MacAndrews & Forbes,corn. (quar.)_
1% Oct. 15 Holders of rec. Sept.30a
Preferred (quar.)
1% Nov. 1 Holders of rec. Oct. 15a
Macy(R.
& Co., Preferred (quar.).
1% Oct. 18 Holders of rec. Oct. 3a
Maple Leaf Milling, preferred (quar.)..
McCrory Stores Corp.,pref.(guar.)._ 1,' Nov. 1 Holders of rec. Oct. 20a
Oct. 20 Holders of rec. Sept.30a
$3
Mexican Petroleum,common (guar.)
Oct. 20 Holders of rec. Sept.30a
2
Preferred (guar.)
75c. Nov. 1 Holders of rec. Oct. 15a
Moon Motor Car (guar.)
Nov. 1 *Holders of rec. Oct. 20
•31
Motor Products. pref. (guar.)
$2 Nov. 1 Holders of rec. Oct. 160
Mullins Body Corp., pref.(guar.)
75c. Oct. 15 Holders of roe. Sept.300
National Biscuit, common (guar.)
Dec. 31 Holders of roe. Dec. Ila
Nat. Enamel. & Mpg.. pref. (quar.).
750. Oct. 15 Holders of rec. Oct. 1
National Fireproofing, pref. (quar.)_ _
Oct. 15 *Holders of rec. Oct. 4
*2
National Grocer,common
Oct. 15 Holders of rec. Sept.30a
2
National Paper & Type, pref.(quar.)_
Nov. 10 Holders of rec. Oct. 31
2
New Jersey Zinc (guar.)
Nov. 1 Holders of rec. Oct. 70
New York Air Brake,common (quar.)_ _ Si
Jan2.25 Holders of rec. Dec. 3a
$1
Class A stock (guar.)
New York Canners,Inc..first preferred_ 3% Feb1.25 Hold,of rec.Jan.22'250
Feb1.25 Hold,of rec. Jan.22'25a
4
Second preferred
New York Mortgage Co.,corn.(quar.)_ _ 500. Oct. 15 Holders of rec. Aug. 15
Oct. 15 Holders of rec. Aug. 15
Preferred (guar.)
50c. Oct. 15 Holders of rec. Sept. 19
New York Transit (guar.)
50c. Oct. 15 Holders of roc. Oct. la
New York Transportai ion (quar.)
to Oct. 17
150. Oct. 20 Oct. 1
Nipissing Mines Co., Ltd.(guar.)
to Oct. 17
150. Oct. 20 Oct. 1
Extra
Oct. 15 Holders of rec. Sept. 30a
$1
Ohio Brass, common (guar.)
Oct. 15 Holders of rec. Sept.300
$1
Common (extra)
14 Oct. 15 Holders of rec. Sept.304
Preferred (quar.)
12,4c Nov. 1 Holders of rec. Oct. 200
Orpheum Circuit,corn.(monthly)
124c Dec. 1 Holders of rec. Nov.20a
Common (monthly)
Oct. 15 Holders of rec. Sept.30a
Si
Otis Elevator,common (guar.)
Preferred (guar.)
LIt Oct. 15 Holders of rec. Sept.30a
Overman Cushion Tire, pref.(quar.)__ _ 14 Oct. 20 Holders of rec. Sept.30a
1% 'n20.25 Holders of rec. Dec. 310
Preferred (guar.)
Nov. 1
1
Package Machinery, preferred (quar.)
30c. Oct. 31 Holders of rec Oct. 1Sa
Packard Motor Car,corn. (guar.)
30c. Oct. 31 Holders of rec. Oct. 15a
Common (guar.)
Pan American Petroleum & Transport.°
Oct. 20 Holders of rec. Sept.30a
Common and common B (guar.)
Nov.15 Holders of rec. Nov. 5
Penmans, Ltd., com.(guar.)
Nov. 1 Holders of rec. Oct. 21
Preferred (quay.)
Oct. 15 Holders of rec. Sept.300
Pennsylvania Salt,Mfg. (guar.)
Feb125
Permanent Mtge. Co., Preferred (extra).
Nov. 1 Holders of rec. Oct. 20a
PhIlUps-Jones Corp., pref.(guar.)
Oct. 15 Holders of rec. Oct. 5a
Pierce, Butler & Pierce Mfg.,corn.(qu.)
Oct. 15 Holders of rec. Oct. 5a
Common (extra)
Nov. 1 Holders of rec. Oct. His
Seven per cent preferred (guar.)
Nov. 1 Holders of rec. Oct. 20a
Eight per cent preferred (quay.)
Oct. 25 Holders of rec. Oct. 10a
Pittsburgh Coal, common (guar.)
Oct. 25 Holders of rec. Oct. 10a
Preferred (quay.)
•1yi Oct. 20 Holders of rec. Oct. 1
Plymouth Cordage (guar.)
Nov. 1 Holders of rec. Oct. 21a
Postum Cereal Co.,common (quar.)_ _ _ $1
Nov. 1 Holders of rec. Oct. 210
2
Preferred (quay.)
Oct. 31 Holders of rec. Sept.30a
2
Prairie Oil& Gas(guar.)
Oct. 31 Holders of roe. Setrt.30a
2
Prairie Pipe Line (quar.)
Oct. 15 Sept. 21 to Oct. 8
Procter & Gamble Co.,8% pref.(guar.) 2
$1.25 Nov.15 Holders of rec. Oct. 31
Punta Alegre Sugar(guar.)
Oct. 16 Holders of rec. Oct. la
3
Quaker Oats, common (guar.)
1)4 Nov 29 Holders of rec. Nov. la
Preferred (guar.)
Realty Associates, corn,& 2d Prof.(qu.) $2.50 Oct. 15 Holders of rec. Oct. 6a
.25c. Nov. 1 *Holders of rec. Oct. 15
Reynolds Spring,common (guar.)
Oct. 15 Holders of rec. SeDt.30
Rickenbacker Motor(guar.)
2
Rockland & Rockport Lime, corn.(au.). $1.50 Nov. 1 Holders of rec. Oct. 15
Russell Motor Car, Pref.(guar.)
1)4 Nov. 1 Oct. 17 to Oct. 31
20c. Nov. 1 Holders of rec. Oct. 160
Salt Creek Producers Assn.(guar.)
Extra
30c. Nov. 1 Holders of rec. Oct. 15a
Savage Anns Corp.. 2nd prof. (guar.)
114 Nov. 15 Holders of reo. Nov. lo
Dec. 1 Holders of rec. Nov. 15a
Schulte Retail *gores. common (quar.)-- m2
an1'25 Holders of rec. Dec. 15a
2
Preferred (guar.)
Sears, Roebuck & Co.,corn.(guar.)._ _ _ $1.50 Nov. 1 Holders of rec. Oct. 15a
Simmons Co.,pref.(guar.)
1)4 Nov. 1 Holders of rec. Oct. I50
Oct. 20 Holders of rec. Oct. 10a
Smith (How.)Pap. Mills, Ltd., pf.
.(qu.)
Spalding(A.G.) dc Bros.,corn.(quar.)
$2 Oct. 15 Holders of rec. Oct. 4
First preferred (guar.)
1% Dec. 1 Holders of rec. Nov.19
Dec. 1 Holders of rec. Nov.19
Second preferred (guar.)
2
Oct. 15 Holders of rec. Oct. Ca
Spanish River P & P.,cont.& pf.(qu.)_
1
Stearns(F.B.)Co.,common(quar.) -- 500. Oct. 20 Holders of rec. Sept.300
Nov. 1 Holders of rec. Oct. 4
Steel Co. of Canada.corn, & pfd. (qu.). 1
Sterling Products, Inc..(Rum.)
$I Nov. 1 Holders of rec. Oct. 15a
Sullivan Machinery (guar.)
$1 Oct. 15 Oct. 1 to Oct. 14
Superheater Co
$1.50 Oct. 15 Holders of rec. Oct. 4
Superior Steel, common (guar.)
750. Nov. 1 Holders of rec. Oct. 15a
Nov. 1 Holders of rec. Oct. 23
Thompson (John R.) Co., corn.(mthly.) 1
Dec. I Holders of rec. Nov.24
Common (monthly)
Tobacco Products Corp., corn,(guar.)._ $1.50 Oct. 15 Holders of rec. Oct. la
74c. Oct. 21 Oct. 1 to . Oct. 6
Tonopah Mining
Tower Manufacturing,corn.(No.1)__ •500. Nov. 1 *Holders of rec. Oct. 15
Oct. 15 Holders of rec. Sept.30a
Tucked Tobacco,common (guar.)
1
Preferred (quar.)
1% Oct. 15 Holders of reo. Sept.30a
United Drug,common (quar.)
*$1.50 Dec. 1 *Holders of rec. Nov.15
First Preferred (quay.)
874c Nov. 1 Holders of rec. Oct. 15
United Drug, 2d pref ((mar.)
*$1.50 Dec. 1 *Holders of rec. Nov.15
Malted Dyewood. pref. (guar.)
141 Jan 2'25 Holders of reo. Dec. 15a
United Equities Corp.(guar.)
41 Oct. 15 Holders of rec. Oct. 10
United Fruit (guar.)
2% Jan.2'25 Holders of rec. Dec. 6a
United Oil of Calif.(guar.)
75c. Oct. 15 Oct. 7 to Oct. 15
5 Oct. 31 Holders of roe. Sept. 30
United Profit-Sharing, Preferred
United Verde Extension Mining (guar.)_ 500. Nov. 1 Holders of rec. Oct. 3a
75c, Oct. 15 Holders of rec. SePt.30a
U. S. Can, common (guar.)
1% Oct. 15 Holders of roe. Sept.30a
Preferred (guar.)
U.S.Cast Iron Pipe dr FdY.. pref.(qua- 1)1 Dec. 15 Holders of rec. Dec. la
U.S. Industrial Alcohol. pref.(guar.)._ 1% Oct. 15 Holders of rec. Sept.30a
1)4 Oct. 15 Holders of rec. Oct. la
U. S. Radiator. Prof. (guar./
U.S.Realty & Improvement. Pref.(go.) 1)4 Nov. 1 Holders of roe. Sept. 5
Oct. 31 Holders of rec. Oct. 15a
U.S. Rubber, 15t pref. (guar.)
U. S. Smelt., Ref. & Min., pref. (quar.) S74c. Oct. 15 Holders of rec. Oct. 90
yat)or car Heating. preferred (guar.)-- 13( Dec. 10 Dec. 2 to Dec. 10
500. Nov. 1 Holders of rec. Oct. 15
Ventura Consol. 011 Fields (guar.)
Oct. 15 Oct. 1 to Oct. 5
2
Victor Talking Machine, corn. (quar.)
1)4 Oct. la Oct. 1 to Oct. 5
Preferred (quay.)
Vulcan Detinning, preferred (guar.)_ _ _ _ 1% Oct. 20 Holders of rec. Oct. 90
Oct. 20 Holders of rec. Oct. 90
Preferred (account accum. dividends)_ hl
1% Oct. 20 Holders of rec. Oct. 9a
Preferred,Class A (guar.)
Warren (Chas.) Co. of Del.1)4 Oct. 23 Holders of rec. Sept.30a
First and second pref. (guar.)
$1.50 Oct. 31 Holders of rec. Sept.30a
Westinghouse Air Brake (guar.)
Oct. 31 Holders of rec. Bept.30a
Westinghouse Elec.& Mfg.,corn.(guar) $1
Oct. 15 Holders of rec. Sept.30a
Si
Preferred (guar.)
50e. Oct. 20 Holders of rec. Sept.300
White Eagle 011 & Refining (quay.)
400. Dec. 20 Holders of rec. Dec. 15
Woodley Petroleum (guar.)
Wrigley (William) Jr. & Co.
250. Nov. 1 Holders of rec. Oct. 200
Monthly
Yellow Cab Mfg., Class B (monthly).- 41•sc Nov. 1 Holders of rec. Oct. 204
4110 Dec. I Holders of rec. Nov.20a
Class B (monthly)
f Annual dividends for :924,all payable In equal quarterly Installments on April 1.
July 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: On the common stock $3 cash and $3 in common stock;on the participating preferred the regular
6% and extra dividends of 1% in cash and 1% in common stook; on the preferred
stock regular 6%; on the prior preferred stock regular 7%
•From unofficial sources. •The New York Stock Exchange has ruled that stock
Will not be quoted ex-dividend on this date and not until further notice. 6Th,
will not be quoted exNew York Curb Market Association has ruled that stock
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stoat.
g Payable In scrip. h On account of accumulated
/Payable in common stock.
dividends. I Payable in stock of the Pennok Oil Corp. of Delaware. being one-third
stock. n Payable In Canadian funds.
preferred
In
Payable
of a share. m
1925.
W Payable Feb. 28
[VOL. 119.
THE CHRONICLE
1712
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City.
Clearing House members for the week ending Oct, 4. The
,figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
New
Reserve
Capital] Profits Loans,
Net
Time Bank
count, Cash
with
Week Ending
De- CirceLegal Demand
Oct. 4 1924 Nat'l. June 30 Investin
State, June 30 ments, Vault. Deposi Deposits. Poetic laMon.
tortes.
(000 omitted.) Tr.Cos.June 30 &C.
Members of Fed. Res Bank.
Bank of N Y &
$
$
Trust Co__ 4,000 12,188
Bk of Manhat'n 10.000 13,491
Mech & Met B 10,000 15,694
Bank of America 6,500 5,36
51 54,133
Nat City Bank_ 40,000
17,005
4,
Chem Nat Eta
285
Nat Butch & Dr 1,000
5,000 7,952
Amer Each Na
Nat Bk of Corn. 25,000 39.523
Pacific Bank_ _ _ 1,000 1,741
Chat&Phen Nat 10,500 9,26
5,000 22,878
Hanover NatB
Corn Exch Bank 10,000 13,155
Nat Park Bank_ 10.000 23,772
East River Nat_ 2,100 1,900
First National._ 10,000 59,964
IrvingBk-ColTr 17,500 11,823
1,027
Continental Bk. 1,
Chase National. 20,000 24,605
500 2,56
Fifth Ave Bank
997
60
Commonwealth.
Garfield Nat... 1.000 1,685
Fifth National_ 1,200 1,240
Seaboard Nat__ 4,000 7,613
Coal & Iron Nat 1.500 1.349
Bankers Trust_ 20,000 25,103
U El Mtge & Tr_ 3,000 4,352
Guaranty Trust 25,000 18,763
Fidel-InterTrust 2,000 2,021
NY Trust Co._ 10,000 18,317
Metropolitan 'Tr 2,000 4,075
Farm Loan dr Tr 5,000 17,132
Equitable Trust 23,000 10.160
Average Averag Average Average Average dem
56,363 10,633
78,749
73
7,644
134,253 24,262
163,420 2,449 18,127
174,754 9,482 54
182,427 3,33 22,971
82,982 1,788 11,435
85,485 4,175
675,743 4,6921 74,395 *674,737 90.650 -956
133,853 1,1361 16,183
123.985 6,757 347
492
6,449
6
4,581
181
622
118,801
90 12,313
106,041 8,235 4,943
376,698 1.1081 45,592 347,726 12,812
30,707 1,048 4,128
29,445 2,961
161,631 4,023 17,117
123,367 32,789 6,015
128,934
567 15,113
114,141
300
194,106 6,378 24,456
174,431 27,496
185,406
958 19,914 151,217 9,045 1,556
30,309 1,145 3,299
23,489 6,949 499
333,259
403 31,060 234.941 18,290 7.460
296,564 3,227 37,667 282,101 31,624
7,164
14
759
5.644
376
402,504 4,10 51,398 389,840 22,723 1,6150
23,403
785 3,430
23,348
12.363
422 1,344
9,881 2,665 -15.440
15,249
136 897
436 2.505
19,807
16,639 1,365 245
180 2,212
101,047
63
844 13,303 100,506 2,776
19,355
257 2,040
15,897 1,527 412
329.573
967 37,838 *294,252 39,620 ---54,586
794 6,399
46.958 6,051 -503,666 1,494 51,615 *453,819 65,389 -18,132 1,744 ---_
20,582
403 2.427'
179,325
695 20,153 149,279 24,840 -46,161
41,506 3,559 -670 5,484
136,132
498 14.831 •111.314 22,433 -290,716 1,460 35,191 *323,623 30,363 --__
Total of averages291,900451,154 5,341,862 48,120612,965 c4,577,672 522,27432.306
Totals, actual co ndition Oct. 45.336.1111 50,375652,901 64,583,941 515.89032.353
Totals, actual on ndition Sept.275,321,675, 47,008 584,236 c4,529,287 525,471 32,409
Totals, actual co ndition Sept.20 5,190.6701 47.506602.071 c4,532,378 507,88132.469
State Banks Not Me mbers of Fein Res've Bank.
1
514
20,430,
Greenwich Bank 1,000, 2,354 20,205 1,802 1,868
630
2,456 2,008
888,
5,099
307
250,
Bowery Dank__
32,448 60,057
3.500
3.500, 5,000 96,019 3.805 2,151
State Bank...
Total of averages
4,750; 8.243, 121,3231 5,914
4,649
55,334 62,577
62,814
62,1
t
81,8221
6.101 4,480
6.007 4,609
5,797 6,599
Res'y e Bank
1,4261 4,213
902 1,621
55,512
55,488
54,399
1
37,508
16,710,
Total of averages 16.000 •20,731,
85,271; 2,328; 5,834
54,218
2,2521
Totals, actual on ndition Oct 41
Totals, actual co ndition Sept.27,
Totals, actual co ndition SePt.20.
85.715
85,425
85,283
54,614
53,885
53,988
2,165;
2,27R -2,360, --
Totals, actual on ndition Oct. 41 121.5021
Totals, actual an ndition Sept.271 121.399,
Totals, actual on ndition Sept.20; 119,189
Trust Compact es Not Membe roof Fed'I
Title Guar dr Tr 10,000 14,647, 57,6171
LawyersTit&Tr 6,000 6,083 27,654,
2,386
2,173
2.485
5,869
6.027
5,824
1,4221 -__
830, -
Gr'd aggr., aver 312.850480,1295,548.456 58,362023,448 4,687,224 587,10332,306
Comparison witIs prey. week _ +95,507, +189-2,761 +64,923 +6,258, +6
Gr'd aggro Rai cond'n Oct. 45,543,328 58,868663,250 4,694,067 580.872 32,353
Comparison wit h prey. week_ _ +14,829 +3,680+68378 '+55,427-9.009 -56
Gr'd agar., ad'l cond'n
Gr'd aggro acti cond'n
Gr'd aggr.,(gal cond'n
Gr'd aggr., actl cond'n
Gr'd aggro aerl cond'n
Gr'd agar., act .cond'n
Sept.27 5,528,499
Sept 205.395,142
Sept.13 5.261,261
Sept. 65,282,551
Aug .306,303.254
Aug .235,290,591
66.188594,872
56,588674,494
56.921,636,706
58,594649,369
52.170161)0,895
52,5261607,957.
4,638,640 589.88132,409
4,640,763 572,06332,469
4,531,407 538,71132.374
4,512,536 530,807 32,406
4,518,953532,58832,494
4.515,050538,70332,553
Note.-U. S. deposits deducted from net demand deposits In the general totals
above were as follows: Average total Oct. 4, $35,258.000; actual totals Oct. 4.
335.258,000; Sept. 27, $35,258,000: Sept. 20, $35,258,000; Sept. 13, $13,968,000
Sept. 6, $10,364,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week, Oct. 4, $426,590,000; Sept. 27, $378,276,000; Sept. 20, $338,395,000; Sept. 13, $336,727,000; Sept. 6, 3343,233,000. Actual totals Oct. 4, 3488,922,000; Sept. 27, $405,836,000; Sept. 20, $350,674,000; Sept. 13, $340,429,000;
Sept. 8, $3371,189,000.
'Includes deposits in foreign branches not included in total footings as follows:
National City Bank,$123,950,000; Bankers Trust Co.,$14,105,000; Guaranty Trust
Co., 572,563,000; Farmers' Loan & Trust Co., $6,003,000; Equitable Trust Co..
$62,631,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $16,774,000; Bankers Trust Co., $1,268,000;
Guaranty Trust Co.. $5,978,000; Farmers' Loan dr Trust Co.,$6,003,000; Equitable
Trust Co., $7,648,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank_
State banks
Trust companlea_
5,914,000
2,328.000
Reserve
in
Depositories
Total
Reserve.
a
Reding)
Squired.
612,965,000 612,965,000 610,765,580
4,649,000 10,563,000 9,960,120
5,834,000 8,162,000 8,132,700
Surplus
Reserve,
2,199,420
602,880
29,300
8,242,000 623.448,000 631,690,000 628.858,400 2,831,600
8,208,000 626,209,000 634,417.000 620,208,890 14,208,110
8,200,000 691.373,000 699,573,000(118,623,580 81,049,420
8,101,000 615,426,000 623.527.000604.139,790 19,387,210
*Not members of Federal Reserve Bank.
a This Is the reserve required on the net demand deposits in tho case of State banks
and trust companies. but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows,'
Oct. 4, 315,668,220; Sept. 27, $15,493,890; Sept. 20, $14,626,560; Sept. 13. $14,021,940.
Total Oct. 4_ _
Total Sept.27.... _
Total Sept.20....
Total Sept. 13_ _ _
OCT. 11 1924.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositories
Members Federal
Reserve Bank_
State banks
Trust companies *__
11
Total Oct. 4____
Total Sept.27_ _ -Total Sept.20....._
Total Sept.
Total
Reserve.
Reserve
Refuired.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN °REA
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from
Oct. 4.
precious week.
Loans and investments
$934,079,800 Inc. $6,047,100
Gold
4,647.700 Inc.
492,400
Currency and notes
20,785,200 Dec. 409,000
Deposits with Federal Reserve Bank of New York_ 81,327.800 Inc.
1,633,300
Total deposits
989,952,000 Inc. 9,932,800
Deposits, eliminating amounts due from reserve depositories and from other banks and trust companies In N. Y. City, exchange and U.S. deposits 929,408,400 Inc. 7,540,800
Reserve on deposits
150,550,300 Inc. 1,937,500
Percentage of reserve, 21.5%.
RESERVE.
-State Bantes-Trust CompaniesCash In vault
•$30.820,200 15.62%
$75,940,500 15.17%
Deposits in banks and trust cos __ 12,560,000 6.35%
31,229,600 6.23%
Total
843,380,200 21.07
$107,170,100 21.40%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Oct. 4 was $81,327,800.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
OMMBUTED RESULTS OF BANKS AND TRUST COMPANIES DT
GREATER NEW.YORE.
Leans and
Investments.
Week Ended-,
$
June 7
5,655,543.500
June 14
5,757,644,700
June 21
5.862.466,200
June 28
5.910.665.500
July 5
5,980,525.800
July 12
5,937,803,400
July 19
5,981,963,600
July 26
6.020,656,100
Aug. 2
6.078,827.900
Aug. 9
8,133,212,300
Aug. 16
6,147,662.200
Aug. 23
6,197,834.200
Aug. 30
8,176,232.200
Sept. 6
6.189,878,800
Sept. 13
6,171,331.700
Sept. 20
6.245.090.200
Sept. 27
6,380,981,700
A
It 529 SOS RfIn
Demand
Deposits.
$
4.927.070,500
5,059.294,800
5,140,479,500
5,185.308.900
5,221.705,600
5,208,912,100
5.274.074.000
5,291,357,000
5,335,452,300
5,382,392,900
5,396,229,400
5,420,377.600
5,410.175,900
5,413,636.100
5,428.157,800
5.544.643.300
5.544,168,600
Sal a rt..° Ann
*Total Cash
Reserve in
in Vaults. DeposUartes.
$
81.984.300
82,224,800
78.107,400
78,890400
79.946,300
86.578.700
80,692,800
78,972,700
77.149.800
78.544,500
78,611,500
77.334.600
78.013,900
80,217,700
83.772,900
80,731,400
81,522.500
n• nn.. nnn
$
672.867.200
724,239.500
725.168,100
719.713.500
714,776,100
700.834,000
736,247,400
750,661,600
746,518.800
744.376,500
761,925,500
727,393.700
733.914,000
722,157,200
739,130400
828,038,100
749,472,300
..•. e.e Ann
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the
foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
(Stated in thousands of dollars-that Is. three ciphers [000]
omitted.)
Na
CLEARING
Capttal.1 Profits.
NON-MEMBERS
Nat. bks. June 30
Week Ending State bka. J'ne 30
Tr. cos. June 30
Oct. 4 1924.
Loans,
Discounts.
Investmenu,
&c.
Members of
Fern Res've Bank
Grace Nat Bank_ -_
Average Average Average Average Average
S
•
9,961
27
596
3,130
4,725
9,961
27
596
3,130
4,725
Total
State Banks
Not Members of
Peel Res've Bank
Bank of Wash. IIts_
Colonial Bank
Total
Trust Company
Not Member of
Fedll Res've Bank
Mech.Tr., Bayonne
Reserve
Net
Net
Cash
with Demand Time
In
Legal Deposits Deposits.
Vault. Depositortes.
1,000
$
1,718
1,000
1,71
200
1,000
437
2,328
7,514
25,300
774
2,674
378
1,498
6,301
22,739
1,979
2,885
1.2001
2,7651 32,814
3,448
1,876
29,040
4,884
sool
4461
8,851
318
109
2,71
5,934
446
8.851
31
109
2,719
5,934
Grand aggregate._
2,700
Comparison with prev. wee
au
Ord aggr..Sept. 271 2,700
Gr'd agar., Sept. 20
2.700
ore aggr.. Sept.13
2,7
Gra agar.Sept. 6
2.7
4,931
51.626
+790
3,793
-26
2,581 a34,889
-23 +1,139
4,931
4,931
4,931
4.931
50,836
51.011
49.827
49,140
3,81
3.76
3,87
3.6
2,6041
2,4031
2.745
2,454
I
I
233,750
234,083
233,451
232,504
a United States deposIta deducted, 3400,000.
Bills payable, rediscounts, acceptances and other liabilities. 8281.000.
EX0100 reserve. $223,050 decrpase.
Oct. 8
1924.
Changes from
previous week.
Cal. I
1924.
Sept. 24
1924.
Capital
57,400,000 Unchanged
57,400.000 57,400.000
Surplus and profits
81,387.000 Inc.
356,000 81,031.000 81,039.000
Loans, disets dc investments_ 923,947,000 Inc. 2.840,000 921,107,000 922,822,000
Individual deposits,incl. U.S.634,773,000 Dec. 5,250.000 639.798,000 639.880,000
Due to banks
152,965,000 Inc. 6,288,000 146,697,000 147.516,000
171.020,000 Dec. 2,615.000 173,635,000 171.826,000
TimedePosits
United States deposits
32,056.000 Dee.
27,000 32,083,000 32,097,000
Exchanges for Clearing House 28,657,000 Inc.
343.000 28.314,000 25,069,000
Due from other banks
74.181,000 Dec. 4.778,000 78,959,000 86.067.000
Reserve In Fed. Res. Bank_ _ 77.738.000 Inc. 1,383.000 76.355.000 77,602,000
Cash in bank and FR.Bank.. 9,212,000,Ine.
205,000 9,007,000 9,237.000
Reserve excess In bank and
l
Federal Reserve Bank_ _ _
1,694,000 ine.
939,000 2,487,000
755.000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Oct. 4, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Week Ended Oct. 4 1924.
Two Ciphers (00)
omitted.
Member:of Trust
P.R.Systern Companies
1924
Total.
Sept. 27
1924.
Sept. 20
1924.
Capital
$47,8194 $5,000.0 $46,819,0 $46,819,0 346466,0
Surplus and profits
121,981,0 16,526,0 138.510.0 138,377,0 136,960.0
Loans,chisels & invest'ts_ 781,375.0 43,872,0 825.247,0 822,194,0 824,688,0
Exchanges for Clear.House 34480,0
989,0 35.869,0 29,852,0 31381,0
Duo from banks
156,547,0
15,0 156,562,0 150,899,0 148.250.0
Bank deposits
169.748.0
922,0 170.670,0 167,687,0 170,299,0
Individual deposits
586,377.0 26,455,0 612,832,0 602,201,0 604,874,0
Time deposits
1,343,0 84,593,0 82,507,0 80,916,0
83,250.0
Total deposits
839,3754 28,720,0 868.095,0 852.395,0 856,089.0
U. S. deposits (not incl.)28,957,0 28.858,0 30,836,0
Res've with legal deposit's_
4,174,0
4,174,0
4,483,0
3,953.0
Reserve with F.R. Bank_ _ 63,202.0
63,202,0 63,014.0 65,398,0
Cash in vault •
1,434,0 10.761,0 11,100,0 10,938.0
9,327.0
Total reserve .1r cash held
72,529.0
5,608,0 78,137.0 78.067,0 80,819,0
Reserve required
62,609.0
4,022,0 66,631,0 85.809,0 66,284,0
Excess res. & cash in vault..
9,920,0
1,586,0 11,506.0 12,258,0 14,535,0
•Cash In vault not counted as reserve for Federal Reserve members.
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. 8 1924 in
comparison with the previous week and the corresponding
date last year:
Oct. 8 1924. Oct. 1 1924. Oct. 10 1923.
RenmnaGold with Federal Reserve Agent
509,827,000 569,839,000 634,657,000
Gold redemp. fund with U.S. Treasury7.761.000
7,010,000
4.231,000
Gold held exclusively agst. P.R. notes. 517.538,000 574,070,000 641,667,000
Goldsettlement fund with F. R. Board_ 189.614.001) 147.583.000 143,646,000
Gold and gold certificates held by bank
172.305,000 168,946.000 178,293,000
Total gold reserves
879,507.000 890.599.000 963,606400
Reserves other than gold
16,603,000
18,253.000
17,262.000
Total reserves
897,765,000 907,861.000 980,209,000
Non-reserve cash
9,837,000
17,958,006
12,524,000
Bills discountedSecured by U. S. Govt. obligations_ 56,446,000
36,878,000 146,344,000
Other bills discounted
18,430,000
58,703,000
16,936,000
Total bills discounted
205447,000
74,876,000
53,814,000
Bills bought in open market
94,335,000
32,741,000
74,739,000
IL S. Government securitiesBonds
4,902,000
1,149,000
4,902,000
Treasury noted
136.394,000 136,394,000
4,027,000
Certificates of indebtedness
46,020.000
46,020,000
1.673.000
Total U. B. Government securities
187.316.000 187.316.000
6.849,000
All other earning assets
245,000
Total earning assets
356,527,000 310,114,000 244,637,000
Uncollected items
139,528,000 142.930,000 130,388,000
Bank premiums
16,718,000
13,396,000
16,718,000
All other resources
8,938,000
1,211,000
8,492,000
Total resources
1.437,434,000 1,404,639,000 1,379,678,000
LiabilaiesFed. Res. notes in actual circulation
311,812.000 304.341,000 471,073.000
Deposits-Member bank, reserve acc't
894,584,000 858,899,000 693,640,000
Government
8.759,00
5,348,000
10,485,000
Other deposits
18,533,000
12.553,000
18,676,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
500
Total
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
652.901,000 652,901,000 611,389,030 41,511,970
6,107,000 4,480,000 10.587.000 9,992,160
594,840
2,386,000 5,869,000 8,255,000 8,192,100
62.900
8,493,000 663,250.000 671.743,000 629,573.290 42,169,710
8,180,000 594,872,000 603.052,000 622,639,000 -19,587,030
8,282,000 674,494,000 682,776,000 622,335,330 60,440,670
8,130,000 636,706,000 644,836,000 607,141,460 37.694,540
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Oct. 4, $15,476,700; Sept. 27, $15,764,130; Sept. 20, $15,236,430; Sept. 13, 314,242,380.
es..
1713
921,876,000
111,793,000
30,201,000
59,929,000
1.823,000
888.060,000
120,446,090
30,201,000
59,929,000
1,662,000
711,541,000
103,571,000
29,302.000
59,800,000
4,391,000
1,437,434,000 1,404,639.000 1,379,678,000
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined
Contingent liability on bills Purchased
for foreign correspondents
CURRENT
72.8%
76.1%
82.9%
5,191,000
5.053.000
11,993,000
NOTICES.
-Arthur Mendez, member of the banking firm of F. J. Lisman
& Co.
will sail on the Franconia Oct. 11 for an extended
business trip baroad.
15,523
-82 Mr. Mendez, it was learned, will undertake negotiations in connection
with the financing of several European government and
railroad projects.
15.605
-W. C. Langley & Co., members New York Stock
15,547
Exchange, have
prepared
for distribution to investors, a brief and concise presentation
15,564
of the
15,550 legal and financial safeguards surrounding electric light and
power securities.
-Clark, Dodge & Co. are distributing a pamphlet outlining
the more
Important factors which necessitate a periodic
examination of investment
holdings and which require careful consideration in
reviewing security lists
[VOL. 119.
THE CHRONTCLE
1714
Weekly Return of the Federal Reserve Board.
9, and showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct.
present the results for the system
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we
corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks.
between the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes
the returnsfor the latest
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon
week appears on page 1693. being thefirst item in our department of"Current Events and Discussions."
OCT. 9 1924.
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
COMBINED RESOURCES AND
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U.S. Tress-
Aug. 201024. Oct. 10 1923.
Oct. 8 1924. Oct. 11924. Sept. 24 1924. Sept. 17 1924 Sept. 10 1924 Sept. 3 1924. Aug. 27 1924
$
$
$
2,075,614.001 2,074,372,000
1,984,893.000 2.027.304,000 2,031.406,000 2,038.632.000 2,03.5,611.000 2,109.188.000 2.059.620,000
60,275,000
39.947.0041
43.314.000
29.937,000
36.891.000
36.638,000
34,772,000
34.886.000
39.605,000
2,134,647,000
2.066,092,000 2.075,270.000 2,072.502.000 2,049.123,000 2.102.934.000 2.115.561.000 623,054,000
Gold held exclusively agst. F. R notes 2,024,498,000 2,062.076,000
619.128,000 588,384,000 603.448.000 611.304.000 619.422.000 656.187.000 608,095.000 604.190.000
364,693,000
Gold settlement fund with F. R. Board_
406,897.000
464.2331.000
375,705,000
392,995.000
Gold and gold certificates held by banks. 402,320.000 394.779.000 399.623.000 394.919.000
3,122,394,000
3,126,648.000
3,115,267.000
3,081.015.000
000
3,084.919.000
3,081.493
3,069.163,000
3,045,239.000
3,045.946,000
71,529,000
Totalgold reserves
86.300.001
87.118.000
78.748.000
86.920,000
86.852,000
83.919.000
85.786,000
85,694.000
Reserves other than gold
3,193,923,000
3.212.948.000
000
3.202,383
3,159,763.000
3,171.839.000
3331,640,000 3,131,025,000 3356.015.000 3,165.412.000
68,932,000
Total reserves
45,854.000
44.469.000
37,993,000
46,098.000
44,543.000
43.191.000
39,776.000
46,771,000
Non-reserve cash
406,269,000
Bills discounted:
70.570.000
77.938,000
118.073.000
84.931,000
89,515,000
83.601,000
110.444.000 104,785.000
462,748,000
Secured by U.S. Govt. obligations
155,944.000 161,971,000 170.348,000 174,366.000 176.299.000 183,876.000 184,622.000 188,714,000
Other bills discounted
869,017,000
259,284.000
266,388,000 266,758,000 259.863,000 257.967.000 261.230.000 301,949,000 262.560.000
Total bills discounted
25.724,000 182,407,000
69.583.0001 49.289.000
94.491.000
99,212,000
91,901.000
175.392.000 138,261,000
Bills bought In open market
22,098,000
U. S. Government securities:
31.686.000
32.883.000! 32,391.000
34.044.000
37.061,000
35,951.000
37,663,000
39,316.000
64,710,000
Bonds
397,916,000 397,762,000 397.753.000 397.863,000 412.378,000 391,532,000 391,489 000 391.569.000
5,075,000
117.875.000
Treasury notes
117,748.000
117.730.000
143,989.000 140,532.000 139,782,000 184,915,000 121.766.000
Certificates of indebtedness
542.145.000
1.750,000
982.858,000
923.659.000
915.427.000. 856.225.000
775.917.000
59.672.000
26,464.000
580,589.000
59.376,000
33.383.000
590.970.000
59.323.000
32,322.000
575.957.000
1,995,000
574,596,000
1.995.000
618.729.000
6.950,000
1,024.751,000
Total earning assets
5% redemp fund agst. F. R. bank notes
626.384.000
Uncollected items
60.070,000
Bank premises
26,469,000
AB other resources
982,969,000
928.355.000
Total resources
LIABILITIES.
F. R. notes In actual circulation
F. R. bank notes In circulation—netDeposits—
Member banks—reserve account
Government
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
621,409,000
60,040,000
26,511,000
598.345,000
60,026.000
26.211.000
541.626,000
1,750 000
588.188.000
1.750,000
581,221,000
1,750,000
Total U. S. Government securities
All other earning assets
511.052.000
69.292.000
31 933.000
In actual circulation
91,883,000
317.000
827,888.000 1,143,624,000
28,000
646,278,000
55,202,000
13,470,000
672.931,000
459.290.000
31.517.000
4.750.4013.000 5.1211.457,000
4.916,085,000 4,861.730,000 4,812,143.000 5.054,866.000 4,814.944,000 4,795,798.000 4.704 353.000
1,738.057.000 2.288,580,000
0,709.000
1,757,452,000 1,744,974.000 1,729,859,000 1.734.866.000 1.750.670.000 1,760,757,0001,74
480,000
95,388.000 1,863,850.000
2,189,536,000 2,127,949,000 2,120,331,000 2.261,255,000 2338.893.000 2.101.923.000 2,082.481.000,2.0
.287,000
33,023.000
35,160.000
29.741.000
6.339.000
56,542,000
46.926.000
37,546.000
21,754,000
33,993,000
32,150.000
34,860,0001
31.734.000
29.511.000
28.625.000 '29,583.000
28.469.000
1.905.755,000
2,157.648.000
2.150.364.000
2.169.223.000
2,200.368.000
2.297.177.000
2,255,551,000 2.214,002.000 2,195.882,000
509.847.000 576,277,000
557,432,000 557,664.000 540,929,000 678.060.000 518.542.000 520,925,000 468.103,000
112,014,000 112.1819.000 109,676,000
111,981,000 111,964.000 111,976.000 112.032.000 111.989.000 112.003.000 220.915.000
2211.915.000 218.369,000
220,915,000
220.915.000
220.915,000 220.915,000 220.915,000 220.915.000
22,320,000
11.932.000
12.248.000
11,975.000
12.460.000
12.0211.000
12.582.000
12,754,000, 12,211.000
4,916,085.000 4,861,730,000 4.812.143.000 5,054,866,000 4,814,944.000 4,795,698.000 4,704.353.000
Total liabilities
Ratio of gold reserves to deposit and
80.1%
78.3%
78.0%
76.4%
76.9%
78.2%
75.9%
F. R. note liabilities combined
Ratio of total reserves to deposit and
82.3%
80.4%
80.3%
79.1%
80.4%
78.6%
78.0%
F. R. note liabilities combined
Contingent liability on bills purchased
28.280.000
25.927.000
23.718.000
20.959,000
18,727,000
19.892,000
18,865.000
for foreign correspondents
$
$
$
$
Distrilnagon by Maturities10.906,000
23.617.000
24,075,000
20,121.000
52,103,000
20.084.000
78,776,000
1-15 days bills bought in open market_
157,886,000 155.256,000 143.331,000 137,243.000 129.354.000 164,526.000 122.499,000
1-15 days bills discounted
35.001,000
Indebtedness
1-15 days U. S. coll.! of
1-15 days municipal warrants
9,008,000
8.381.000
13.595.000
14,200.000
18,333,000
13,593,000
24,783,000
16-30 days bills bought in open market__
28,218,000
36,331,000
36.812.000
31.591.000
26,276,000
30.569.000
31,199,000
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness
16-30 days municipal warrants
8,261,000
10.290.000
17.916,000
23,902.000
34,949,000
24.270,000
43,102,000
31-60 days bills bought in open market_ _
58.153,000
61.051.000
52,324.000
47.631.000
48.859.000
48,200,000
43,993.000
31-60 days bills discounted
1.000.000
3.000
3.000
31-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
12,794,000
19,074,000
29.566.000
32.438.000
25,404,000
27.910,000
21.581,000
61-90 days bills bought in open market_..
38,486,000
36,348,000
30,811.000
31.438.000
29,043,000
28,417,000
25,992,000
61-90 days bills discounted
1,001.000
3.000
98.421.000
72,780.000
76,282,000
68,264,000
Indebtedness_
of
certif.
S.
U.
61-90 days
61-90 days municipal warrants
8.221.000
8.322,000
7,339.000
8,551.000
7,472,000
6,064,000
7,150,000
Over 90 days bills bought in open market
17,342,000
13,555,000
11.929.000
9,659.000
8,687,000
7,981.000
7,318,000
Over 90 days bills discounted
116.729.000
117,746.000
121.763.000
50.493,000
63,497,000
87,772,000
75,722,000
Over 90 days certif. of Indebtedness_ _
Over 90 days municipal warrants
Federal Reserve Nags—
Outstanding
Held by banks
541,110.000
1,750.0110
4,750,408.000 5,121,457,000
80.1%
74.4%
82.5%
76.1%
30.262,000
36,015,000
10.873,000
112,209,000
63,939,000
578,169,000
1,923,000
6.025.000
30,229.000
27,447,000
80.062,000
3.692.000
59,497,000
42,953,000
121,813,000
3,142.000
38,073.000
2.992,000
19.276.000
117,875.000
266,000
43,728,000
75,509,000
261,000
41,000
4,340,000
13,374,000
2,391,000
10.000
2,232.202,000 2.236.305,000 2,739,884,000
2,250,137,000 2,232.483,000 2.236,419,000 2.247.075.000 2,249,824,000 2.234.260,000
498,248.000 451,304,000
492,685,000 487,489,000 506,560,000 512.409.000 499,154,000 473.503.000 491.493.000
1.738,057.000 2,288,580,000
1,757,452,000 1.744.074.000 1.729.859,000 1,734.666.000 1,750.670,000 1.760.757,000 1,740,709,000
3,600.728,000
3,145,995.000 3.159,468,000 3,159317.000 3.147,426.000 3,143,862.000 3,160.847.000 3388.360.000
Amount chargeable to Fed. Res. Agent 3,163,884.000 913.532.000 923,047,000 912.042.000 897,602,000 909,602,000 928.645,004 932,055.000 860,844,000
913.747.000
In hands of Federal Reserve Agent
2.236,305.000 2,739,884,000
2,250,137,000 2.232,463.000 2.236.419.000 2.247.075.000 2,249.824.000 2.234,260.000 2.232,202.000
Issued to Federal Reserve Banks
flowSecured—
331.504,000 320,534.000
331,504,000 331,505.000 331,504.000 331.504,000 331.504,000 331.504.000 331,504,000 180.691,0001 665,512,000
By gold and gold certificates
265,244,000 205,159.000 205.013.000 208.443.000 214.213.000 215,074.000 172.582,000 113,621,000 112,074,000
By eligible paper
107,736,000
105.088.000
111,364,000 115,626,000 114,669,000 113,459,000 111,360,000
1,641,764.000
Cold redemption fund
1,642,025.000 1,580,173,000 1.585,233.000 1.593.669,000 1.592.747,000 1.682.594.000 1,620.380.000 1.630.489,000
With Federal Reserve Board
2.739,884.000
2,236.305.000
2,250 137.000 2,232.463,000 2,236,419.000 2,247,075,000 2.249.824,000 2.234.260,000 2,232.202,000
Total
1,007,544,000
423.368,000 383,887,000 341,280.000 348,369,000 337.282.000 356,952,000 302,433,000 277.493.000
AgentR.
F.
to
delivered
Eligible paper
notes.
Victory
Includes
•
8 1924
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT.
WEEKLY STATEMENT OF RESOURCES AND
I
Total.
Dallas. San Fran.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louis. Mania,' Kan.City
Federal Reserve Bank of—
s
$
$ 227,453,0
$
$
s
$
$
$
$
i
$
$
1,984,803,0
RESOURCES.
183.211,0217,122.0 54,718.0 130,883,0 221,266,0 55,152,0 82,059,0 63,833,0 48,989,0 1,513,0
39,605,0
1,096,0
l'old with Federal Reserve Agents 210,380,0 509,827.0
7,761,0 8,609,0 2,840,0 1,637,0 1,921,0 6,427,0 3,743.0 1,182,0 1,407,0
1,489,0
Gold red'n fund with U.S.Tress_
—--—
228,966,0 2,024,498,0
219,962,0 56,355,0 132,834,0 227.693,0 58,895,0 63.221,1) 65.240,0 50.085,0 32,935,0 619,128,0
Gold held mi.agst.F.R.notes. 211,869,0 517,588.0 191,820,0
65,246,0 35,450,0 17,773,0 119,734,0 19,268,0 12,980,0 33,714,0 12,285,0
27,325,0
189,614,0
52.824,0
Gold settle't fund with F.R.B'rd
7,266,0 32,573,0 402,320,0
2,841.0
7,951.0
7,631,0
11,553,0
78,573,0
14,326,0
17.980,0
28,485,0
Gold and gold etre. held by banks 20,836,0 172,305,0
-426,000,0 89,716,0 84,132,0 101,795,0 69,836,0 294,474,0 3,045,946,0
285.529,0 879.507,0247,630,0 303,188.0 106.131,0 158,208,0
Total gold reserves
85.694,0
998,0 2,191,0 7,537,0 3,124.0
18,258,0 2,792,0 4,757,0 4,436,0 9,264,0 11,391,0 12.429,0
8,519,0
Reserves other than gold
103,986,0 77,173.0 297,598,0 3,131,640,0
85,128,0
.0
110,667,0
102,145,0
167.472,0487.391
307,945.0
250.422.0
294,048,0 897,765,0
Total reserves
46,771,0
594,0 2,009,0 1,480,0 2,837,0
17,958,0 1,980,0 2,644,0 2,226,0 3,687,0 5.610,0 2,258,0
3,488,0
Non-reserve cash
901,0 3.610,0 110,444,0
Bills discounted:
570,0
114,0
4,413,0
1,564,0
7,317,0
13,324,0
7.794,0
56,446,0 10,329,0
Sec. by U.S. Govt. obligations 4,062,0
7,193,0 7,509,0 10,594,0 155.944,0
18,430,0 7.282,0 8,358,0 25,807,0 22,006,0 19,684.0 19,347,0 8.448,0
3,306,0
Other bills discounted
--—
7,763,0 8,410,0 14,204.0 266,388,0
8,562,0
74,876,0 17,591,0 19,682,0 33,124,0 23,570,0 27,478,0 23,760,0 2.781,0 6,605,0 6,034,0 14,978,0 175,392,0
7,368,9
Total bills discounted
3.492,0 14,848,0 5,851,0
94.335,0 2,902,0 12,472,0
12,094,0
Bills bought in open market
39,316,0
U. S. Government securities:
600,0 8,381,0 1,642,0 1,834,0 1,121,0
749,0 5,115,0 1391,0 1,116,0 11,828,0
4,902,0
1,039,0
Bonds
397,916,0
53,143,0 12.715,0 16,077,0 24,410,0 19,469.0 42,056,0
26,796,0 136,394,0 25,426,0 38,228,0 2,811.0 1,391,0
17,163,0
Treasury notes
6,492,0
143,989,0
9307,0
4,768,0
3,454,0
535.0 17.748,0
991,0
46,020,0 5,277,0 21,405,0
Certificates of indebtedness_ 11.029.0
50.340.0 581.221.0
55 cu. n 141.1 Qta n 11 Las n 114 7.180 4O03 n 30321) 52 RI711 11171100 2,1.228.0 35.169.0 27.795.0
,,,-.., 71 0 C!...• mwmIlitimm
OCT. 11 1924.]
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
New York.
Phila.
$
$
s
THE CHRONICLE
1715
Cleveland Richmond Atlanta. Chicago
St. Louts .Ifinneap. Nan. City Dallas. San Fran• Total.
$
s
s
s
S
$
3
$
3
$
1,750,0
356,527,0 53,695,0 96,902,0 38,117,0 30,104,0 124,843,0 46,380,0 39,569,0 48.527,0
139,528,0 55,308,0 53,448,0 54,424,0 27,045,0 75,216,0 36,813,0 16,311 0 43,185.0 42,239,0 89,522,0 1,024.751,0
16,718,0 1,112,0 9,129,0 2,528,0 2,875,0 8,264,0 2,544,0 2,989,0 4,595,0 32,564,0 40,248,0 626.384,0
1,912,0 3,092,0
60,070.0
8,938,0
286,0
234,0
200,0 1,858,0
761,0
140.0 4,908,0
943,0 3,449,0 4.582,0
26,469,0
Total resources
412,608,0 1,437,434,0 362.803,0 470,302,0 208,062,0 233,041,0 652,085,0 190,310,0 149,499,0 203,245,0
158,817,0 437,879,0 4,918,085,0
LIABILITIES.
F.R.notes in actual circulation_ 200,699,0 311,812,0 153,588,0 212,420.0 73,985,0
135,564,0 211,845,0 56,186,0 68,668,0 67,518,0 56,013,0 209,174,0 1,757,452,0
Deposits:
Member bank-reserve acct__ _ 135.054,0 894,584,0 128,456,0 170,574,0 63,865.0
59,584,0 318.823,0 76,251,0 51,213,0 80,752,0 53,130,0
Government
1,651.0
8.759,0 1,834.0 2,323,0 1,599,0 4,216,0 5,006,0 3,811,0 1,953,0 2,052,0 1,798,0 157,240,0 2,189,536,0
2,544,0
37,546,0
Other deposits
199,0
18,533,0
304,0 1,159,0
111.0
184,0 1,033,0
836,0
316,0
804,0
335,0 4.655,0
28,469,0
Total deposits
136.904,0 921.876,0 130,594,0 174,056,0 65.575,0 63.934,0
324,862,0
Deferred availability items
50,349,0 111,793,0 47,901,0 46,444,0 50,011,0 18,591,0 68,257,0 80.908,0 53,482,0 83,608,0 55,263,0 164,439,0 2,255,551.0
15,155,0 37,639,0 34,015,0 39,756,0 557,432,0
Capital paid in
7,996,0
30,201,0 10,402,0 12,705,0 5,881,0 4,580,0 15,198,0 37.521,0
5,122,0
8,064,0 111,981.0
Surplus
16,390,0
59,929,0 19,927,0 23,691,0 11,672,0 8,950,0 30,426,0 10,072,0 3,323,0 4,362,0 4,147,0
7,484,0 9,496,0 7.577,0 15,301,0 220,915,0
All other liabilities
270,0
1,823,0
391,0
986,0
938,0 1.372,0 1,497,0
521.0 1,387,0
622,0 1,802.0 1,145.0
12,754,0
Total liabilities
412,608,0 1.437,434,0 362,803,0 470,302,0 208,062,0 233,041,0
652,085,0 190,310,0 149,499,0 203,245,0 158,817,0 437,879,0 4,918,085,0
hte.nrnnda.
Ratio of total reserves to deposit
and F. It. note liabilities combined, per cent
87.1
72.8
88.1
79.7
79.2
83.9
81.5
74.5
79.7
79.7
69.4
68.8
Contingent liability on bills pur78.0
chased for foreign correspond't
5.191.0 1.871.0 2.256.0 1.099.0
849.0 2.874.0
045.0 694.0
887.0
733.0 1.466,0
18,865.0
All other earning assets
1,750,0
Total earning assets
Uncollected items
Bank premises
All other resources
58,326,0
52,264,0
4,312,0
170,0
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS
AT CLOSE OF BUSINESS OCT.8 1924.
Federal Reserve Agent at-
Boston New York Phila.
. Resources-
(In Thousands of Dollars)
$
Federal Reserve notes on hand
68,950
Federal Reserve notes outstanding
221,517
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
12.080
Gold Fund-Federal Reserve Board
163,000
Eligible paperf Amonnt required
11.137
lExcees amount held
8,325
Total
Net amount of Federal Reserve notes received fro
Comptroller of the Currency
Collateral received from I Gold
Federal Reserve Bank(Eligible paper
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
Cleve. Richm'd Atlanta Chicago.
St. L.
Minn. K.City Dallas. San Fr.
Total.
$
$
$
$
$
239,760 50,180 51,220 29,680 72,175
611,964 198.699 232,915 83,697 152,548
$
$
$
$
$
$
$
240,420 26,100 18,032 27.393 18,777 71.100 913,747
227,411 63,412 71,738 75,097 61,101 250,038 2,250,137
238,531 7.800 8,780
3,500
30,296 12,522 13,312 3,923 7,383
241,000 162,889 195,000 50,795 120,000
102,137 15,488 15,793 28,979 21,665
57,295 1,456 14,128 3,988 5,288
9,985 13,052
____ 14,556
____ 331,504
5.622 3,187 1,007 4,473 3,933 13,616 111,364
215,644 42,000 48,000 59,360 30,500 213,837 1,542,025
6,145 8,260 9,679 11,284 12,112 22.585 265,244
36,077 21,257
645 1,974 2,264 5.429 158,124
520,309 1,520,983 449,014 531,178 201,042 382,557
731,319 174.181 162,153 179,561 143,243 576,605 5,572,145
290,467
210,380
19,462
467,831 89,512 89,770 102,490 79,878 321,138 3,163,884
221.266 55,152 62,059 63.833 48,989 227,453 1,984,893
42,222 29,517 10.324 13,238 14,376 28,014 423,388
851.724 248,859 284,135 113,357 221,723
509,827 183,211 217,122 54,718 130,883
159,432 16.944 29,921 32,987 26,951
520,309 1,520.983 449,014 531,178 201,042 382,557
731.319 174,181 162,153 179,561 143,243 576,605 5,572,145
221.517
20.818
611,984 198,699 232,915 83,697 152,548
300,152 45,111 20,495 9,712 16,984
227,411 63,412 71,738 75,097 61,101 250.0382,250.137
15,568 7,248 3,070 7,579 5,088 40,864 492,685
200 699
st 1 Ft12 153.556 212420
911 RAS
72 QRS1RS
nna
SR 1RR
OR OCR
67 S1R
SA MR
one
170 1 7%7 452
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board,
giving the principal items of the resources;
the liabilities of the 745 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 "ChroniPle" of Dec. 29 1917, page
2639. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and
Discussions," on page 1693.
I. rs.rs for .11 reo.,,t1,4
Federal Reserve District.
hanks In each Federal Reserve District at close of business
Oct. 1 1924
&non. New York
Three ciphers (000) omitted.
PhIto.
Cleveland. Richmond Atlanta. Chicago. St. Louts.
Minneap. Kan. City Dallas. San Fran.
Total.
Number of repo,tuec banks
43
108
55
77
75
36
103
Loans and discounts, gm...,
34
25
72
51
745
66
S
S
$
$
$
3
$
Secured by U.S. Gov't obligations
3
$
$
$
3
8.701
$
75,846
9,458
19,628
6,222
7,631
33,249
10,018
Secured by stocks and bonds
2,791
6,364
3,339
192.796
9,549
269,833 2,092,443 288,461 417,434 123,658
61,698 684,149 149,114
All other loans and discounts__
50,242
81,783
59,219 191,770 4,469,802
639,884 2,616,897 375,910 716,294 342,088 351,450 1,215.105
319,936 197,827 319,482 209,017 815,951 8,119,801
Total loans and discounts
918,3984,785,186 673,829 1,153,356 471,946 420,779 1.932,503
U.S. pre-war bonds
479,068 250,880 407,629 271,575 1,017,270 12,782,399
13,730
51,449
10,692
45,229
26,624
14,726
23,362
U. S. Liberty bonds
14,808
8,530
11,404
18,534
26,907
265,995
87,887 679,436
47,631 195,342
27,762
9,380 156,925
23,198
U. S. Treasury bonds
21,440
39,546
12,261 120,539 1,421,347
4,855
20,351
2,990
2,037
1,042
622
11,080
U. S. Treasury notes
2,256
230
2,093
1.161
18,071
13,345 288,559
66,788
24,194
54,913
3,386
3,346
126,073
10,199
U.S. Certificates of Indebtedness
19,392
22,041
9,168
607,872
33.256
8.677 143,078
23,162
18,756
8.459
2,660
33,805
2,725
Other bonds, stocks and securities.. 208,914 1,094,104 246,694
7,659
7,282
4,888
29,129
290,278
338,829
60,320
42,440 394,719
93,923
28,784
67,343
16,255 166,547 2,758,872
Total loans & disc'ts & investm'ts 1,255,806 7,062,163 1,024,786
1,812,868 599,539 493,953 2,878,467 626,177
Reserve balance with F. It. Bank.._
336,895 557,338 333,840 1,411,719 18,193,551
94,751 780,567
78,771 115,013
38,316
37,908
229,138
41.319
Cash in vault
23,744
48,584
26,962 105,099 1.620,172
19,180
75,727
14,247
29,584
12,629
12,245
52,386
7,141
Net demand dello/11W
5,674
12,451
11,168
272.789
20,357
876,886 5,826,729 739,132 993,895 345,823 279,102
1,755,354 363,131 224,080 458,630 233,272 773,672 12,869.708
Time deposits
331,024 1,101,965 158,806 694,560 179,966
189,183 868,368 204,056
Government deposits
91,107
89.423
133,986
632,459
4,674,883
33,408
47,079
36,370
29,957
12,467
8,377
21,278
Bills payable and rediscounts with
4,289
2,566
3,903
232,964
5,936
27,334
Federal Reserve Bank:
Secured by U.S.Govt. obligations
670
27,020
1,829
8,708
2,554
1,612
2,730
All other
357
3,300 1[49,183
158
245
274
12,666
2,398
1.935
8.659
6.087
575
6.127
276
466
1.425
1.943 I 42.855
!, A
2. Data of reporting member banks In Federal
Reserve Bank and branch cities and all other
reporting banks.
Three ciphers (000) omitted.
New York City.
City ofChicago.
Oct. 1. 'Sept. 24.
Oct. 1. !Sept. 24.
Number of reporting banks671
$
$ 67
$ 471
$ 48
Loans and discounts, gross:
69,049
Secured by U.S.Govt. obligations
68,002
28,884
28,106
Secured by stocks and bonds
1,891,2851,834,071 521,080' 518,476
All other loans and discounts_- _ 2,320,3732,303,601 731,4361 727,115
,
4 280,7074,205,674 1,278.4001,270,697
Total loans and discounts
U. S. pre-war bonds
,
.
,127
4,129
U. S. Liberty bonds
590,237 590,435
82,882
77,628
U. S. Treasury bonds
13,209
13,452
3,451
3,555
U.S. Treasury notes
269,253 272,406
94,798
93,895
U. S. Certificates of Indebtedness
138,456 136,770
18,008
17,775
Other bonds, stocks and securities
839,842 789.110 188,872 181,372
AU F. R. Bank Cities. I?. R. Branch Cities.Other Selected
Cities.
Oct. 1.
I Sept. 24.
Oct. 1. 1 Sept.24.
Oct. 1.
Total.
Sept.24. la. 1 '24.1Sept. 24'240a. 3 '23.
2541
255
196
196
295
7451
$ 741
296
$ 770
$
I
$
3
$
$
$
$
131,408
129,150
33,431
33,269
27,957
190,352
192,796
27.933
258,423
3,320,743 3,257.548 618,953 619,511 530,106 528,894 4,469,802 4,405,9521
5,157,095' ,129,475 1,605,652 1,598,542 1,357,054 1,342,418 8,119,801 8,080.435 3,737.706
7,987,517
-_I
8,609,246 8,516,1732,258,036 .251,321 1,915,117 1,909,245 12,782.399 12,678,739
11,983,646
92,085
91,985
74,070
74,047
99,840
99,975
265.995
266,0071 275,379
890,698
881,854 342.253 341,662 188,396 185,948 1,421,347 1,409,4641
1,043,067
32.090
32.527
18,190
19,909
16,508
17,227
66.788
69,6631
88,457
448,172
448,846 110,431 109,601
607.8721 607.1211 860,058
49,269
48,674
217,513
218,871
57,506
59,219
15,259
16,460
290,27
294.550j 111,316
1,578,877 1,516,020 674,591 669,455 505,404 498,526 2,758,872
2,681,011 2,145,849
Total loans &eiso.t8 & investmqs_ 6,172,5686,048,6091,670,536 1
8,68111,706,276 3,535,0773,525,2142,789,79
Reserve balance with F.E.Bank.... 730,419 693,468 163,190 ,649,05111,86
193,55118,007,555 16,505,772
169,258 1,196,282 1,172,214 250,372 260,218 173,51832,776,06518,
179,634 1,620,172 1,612.066 1,395,681
Cash in vault
61,861
65,495
26,726
28,504
135,437
78.2881 80799
2,295
59,068
59,785
272,78982,879
Net demand deposits
5,298,0655,136,3261,228,0851,216,386 9,126,585 8,924,6232,03
286,926
4,6862,030,8271,708,4551,674,63912,869,706 12,630,089
Time deposits
775,559 775,021 407,884 404,049 2,348,577
2,340,948 1,349,788 1,345,339 976,518 977,923 4,674,883 4,664,210 11,044,638
Government depositS
37,909
37,929
9,834
4,015,597
9,834
152,621
152,641
60,929
61,620
18,723
19,220
Bills payable and rediscounts with
232,964
232,790
236,358
Federal Reserve Bank:
Secured by U.S.Govt. obligations
17,450
1,0
..14
160
22,784
6,384, 19,425
6,974
18,70
6,170
All other
49,183
8,550
8,203
75
31.261 ,1, 293,567
16,002
17,417
16,251
8,862
10,602
17,101
Ratio of bills payable dr rediscounts
42,855
304,852
43,380
with F. It. Bank to total loans
and investments, per cent
0.2
0.4
0.004
101
0.01
0.3
0.2
0.8
0.8
0.8
0.8
0.5
3.6
0.4 0
• Revised figures.
1716
[Vot.. 119.
THE CHRONICLE
• Tganiters7 Gazetc
STOCKS.
Week ending Oct. 10
(Concluded)
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range since Jzn. 1.
Highest.
Lowest.
shar
per share
S per share.
Indus. & MIscell. Par Share. $ per share
e.Sept
Oct 10 31% May g4g0"34
Stand Gas & Elee, clfs..39 3,40 3734 Oct 1 38
Oct 4 1734 Sept 3534 June
Oct 9 20
Stand Plate Glass ctfs _ _• 11,60 18
Aug
934
June
7
Oct
631
Telautograph Corp-. 300 85i Oct 7 834
Oct 8 3034 Oct 4 2534 May 35% Jan
200 30
Transue & Was Steel_ _•
Oct 9 4234 June 5434 Aug
Unit Cig Stores, new_ _25 3.700 5194 Oct 6 53
June
July 2
Univ P & R, tern ctfs_ _• 1,600 1634 Oct 10 1734 Oct 8 13
une
fg Jo
1%
30
5234 Oct 8 50% July 6
100 5234 Oct
Prof temp certifs_ _100
ct
Apr
21%
1
Oct
Oct 7 3134
*22.800 30
US Distill) Corp
July 23% Oct
100 1,400 120X Oct 712334 Oct 10 98
Preferred
Jan
33%
May
16
7
1.
Oct
Jan.
since
1634
Range
7
Oct
200 1634
100
Van Raalte
Range for Week.
Sales
STOCKS.
Feb
% Oct 10
34 June 7
34 Oct 1
• 100
Va-Caro Chem B
for
Week ending Oct. 10.
Oct 9% Oct
34 Oct 9 5
Highest.
Oct 9
Highest. I Lowest.
1 5,100 8
Wells Fargo, new
Lowest.
Week
July
117
Apr
11134
10
Oct
Oct 1011434
300 114
West Elec 7% cum pf 100
July
Oct 8 4734 Jan 98
per share.$ per share. West Penn Co
• 1,200 8234 Oct 8 86
Pcr Shares S per share. S per share. $25
Railroads.
Mar 36
Aug
Oct 10
300 9134 Oct 8 9134 Oct 8 8734 Apr 9434 July
10
Preferred 7%
Oct 10 31
100 31
Ann Arbor, preferred le
Aug 7234 Jan
Sept Wilson & Co, pref _100
Oct 4 11
May 65
81 18
Oct 9 40
Oct
700
56
9
1734
Oct
15
5534
100
Flits.
Sept
Buffalo Roch &
July 85
Apr Worthington pref A 100 800 80
Oct 7 7034 May 88
Oct 8 8034 Oct 4 68
Oct 7 82
10 82
Sept
Buff Roch & P. pref _10
Mar 25334 Aug
Oct 8 99
Oct 9 6734 Oct 8 5834 Jan 72
467 66
100
Oct 8230
Preferred B
200 230
Central RR of N J_ _10
Jan 474 Aug
29
7
Oct
44
7
Oct
44
100
C St PM tic Omaha_ _10
par
value.
No
Aug
*
Jan
50
Oct
6034
Oct 6 60
100 60
Col St Sou. lot peel.,.10
Jan 15
Oct
Oct 9 45
Oct 955
100 55
10
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
2d preferred
Mar 2234 Mar
80 2234 Oct 9 2214 Oct 9 20
DAILY, WEEKLY AND YEARLY.
Detroit & Mackinac_10
Ma 11414 Aug
Oct 4 104
Oct 7 110
2,100107
_10
_
pref
Central
Illinois
Jan 7134 Aug
64
90 7034 Oct 6 7034 Oct
RR Sec Series A _ _ _100
United
%
34
Oct
Oct
8
Slate,
34
Railroad,
Oct
Si Oct 8
21,200
Rights
Oct
,ke.
15
1134 July 1634 Aug
Stocks,
Municipal ce
Oct
Stales
14
Week Ending Oct. 10.
Int Rys of Cent Am_ _100 1,700 234 Oct 9 234 Oct 9 194 Jan 334 Aug
Bonds.
lids.
Foreign
Bonds.
Shares.
No.
100
10
Iowa Central
34 Aug 134 Jan
34 Oct 9
9
Oct
34
300
_10
_
M_
Keokuk &
3778,000
Jan 8014 Sept Saturday
Oct 8 42
53,181,000 51,449,000
612,650
125 7434 Oct 9 77
Manhattan Kiev gtd_ 100
1,414,300
Jan Monday
1,931,500
7.288,000
2934 Apr 46
612,370
100 3334 Oct 4 3334 Oct
10
IVIStP&SSM
1,008,410
1,769,000
50 June 673; Jan Tuesday
6,789,500
437,390
Oct 9 5734 Oct
100
5734
101
Preferred
1,161,300
Sept Wednesday
1,768,000
7434 Mar 79
6,040,000
457,000
255 7834 Oct 10 7834 Oct
50
Morris & Essex
3,224,000
Aug Thursday
2,279,000
6,995,000
527,600
10012534 Oct 612534 Oct 6, 12034 July 135
Nash Chat & St L__ _100
918,000
2,157.000
111
Sept
Oct
334
10,835,000
814,200
531
4
11
July
Oct
4
100
Friday
10
Xat Rys Mex 1st pref
Ja 40
Feb
16
Oct
Oct 6 24
100 24
10
84 ens nln
ain
Pacific Coast
(401 910 841 198 nnn sit 'ic't ,
734 Oct 934 Sept
Oct
7
Tnnil
Oct
834
14,000
_
734
_
rights_
Pitts & W Vs
Oct
1534 Mar 2434 July
Oct II 21
11,000 19
Reading rights
Oct
11234 July 116
Oct
Oct 6 116
Jan. 1 to Oct. 10,
41116
Week Ending Oct. 10.
Sales at
Rensselaer & Sara._ _10
New York Stock
Indus. Sc Miscall.
Sept
May
9634
10514
Oct
1104
Oct
1923.
1924.
100104
1923.
(
1924.
C.ibles_10
ica
Exchange.
Am°,
All
Oct
Oct 83
Oct
82
83
Oct
300 82
Amer Railway Expr_ _ _ _
Oct
Jan 108
Oct
98
178,923,362
Oct 8 108
184,693,626
100 108
3,118,980
3,461,210
__
shares_
-No.
Stocks
Am Rolling Mill pref _10
July
Apr 150
Oct 1 134
147
10
90014634 Oct
Bonds.
American Snuff
Sept 115
106
Sept
3607,576,575
3740,389,640
10734 Oct II 10934 Oct
38,504,010 $10,419,000
Government bonds _ _ _
Amer Type Founders 10 I 1,000
351,690,900
143.4 Oc 1634 Jan
382,330,500
10 1434 Oct 6 1434 Oct
4,351,000
_1
11.353,500
Construe_
foreign bonds_
&
State
Metal
Art
Aug
Jan 99
600
Oct
89
1,221,404,
99
600
10
Oct
1,709,805,
97
50
22,055,050
41,128,500
10
pf
bonds__
20
RR.& mlscell.
Assoc Dry G'dis
I
Apr
Oct
47
Feb
5414
16
4834
Oct
4834
10
Atlas Powder, flew...
5 Jun 113.4 Jan
Oct 6 634 Oct
0 336,825,050 32,832,525,740 82,180,672,075
10
560,986,01
634
bonds
Total
Tack
Atlas
Oct
96
Sept
Feb 98
Oct 7 97
10 97
Bayuk Bros jot pref_10
Mar
Aug 54
30
LPHIA AND
10 3134 Oct 6 3134 Oct
DAILY TRANSACTIONS AT TIIE BOSTON, PHILADE
Brit Emp Steel 1st p110
734 Au 1534 Jan
Oct
9
4
Oct
30
834
10
BALTIMORE EXCHANGES.
20 preferred
4
Oct
June
Jan
20
34
28
234
1
Oct
200 26
Booth Fish lot pref_ _ 10
ay
Oct
Oct ii 99
60 98
10
Burns Bros pref
Baltimore.
Philadelphia.
Boston.
Oct 9 6734 Oct 1
Burroughs Add Mach.. 1,80 6534 Oct 10 98
8734 NJ
6979%% NAO1 uag
OI 102102
Jan
Oct 1 6
10 98
Week Ending
Bush Term Bldg pref 10
May
1
Bond Sales. Shares. Bond Sales. Shares, Bond Sales.
Oct
Shares.
8
1534
Oct
1434
1924.
50
,
2
Oct.10
Calumet et Recta
u
un
Ja
73i j
ay 7
19
Oct
1ti May
13
4
Oct 6 60
Case(JI)Thr Mach pref • 100 60
513,200
326,100
3,107
$11,500
8,487
2534 Ap 334 Jan Saturday
2734 Oct
20 2734 Oct
60,800
Century Rib Mills
30,400
6,560
16,000
1
June
Sept
Oct
2434
14,820
3634
7
38%
Oct
3434
1,601
•
Monday
42,500
Certain-Teed
29,100
5,314
37,500
Jan
Jan
Oct
13,584
103
10534
10034
Oct 8
101. I.03
Tuesday
37,100
27,300
Ciuett, Peabody pref 101
4,299
30,850
Oc
Oct
Sept
11,045
34
34
1.
Oct
.1,
286647
Wednesday
righ
El
25,200
Columbia Gas &
32,600
6,691
47
48,500
Oct
11,735
44
30%
May
Oct
201 4334
•
Thursday
15,600
48,000
Con Invest Trust
5,286
10,000
JAg
ut t Friday
7% May 14% S
13,304
1134 Oct
101 1134 Oct
•
Conley Tin Foil
15534
e
up
t
Oct
gt
Sept
129
149
1
Oct
139
2,901
11,411
3194,400
8193,500
Cons GEL&P EMILIO
31,257
3154.350
9834
Apr
Oct
89%
72,975
July
Oct 11. 94
20 93
Total
Continental Insurance.25
11534 Ap 12334
20 12034 Oct 9 12034 Oct
23.065 8159.81)0
Corn Prod Rein pref 101.
53.317 5382.900
Feb Prpv irprk revised
87.203 8220.500
Oct
8334 Sept 95
Oct 4 84
201 84
Cosden & Co pref. _ _ _100
Sept
Feb 39
21
301 3634 Oct 10 3734 Oct
101
Crex Carpet
Jan
76
Oct
May
8.
6134
Oct. 9. Oct. 10.
Oct.
7534
7.
Oct.
6.
Oct
Oct.
1
4.
Oct.
Prices.
10C753.4
U. S. Bond
Deere & Co pref_. ._10
Mar 9834 Aug Daily Record of
93
100 9834 Oct 9 9834 Oct
Devoe-RaynoldsIstpf101
1003; Mar 10834 Sept
Oct
100"n 1002132
10023n
106
100"n
6
Oct
1002,12
106
30
100.3:
High
I
pfd_10
Loan
lot
Duquesne Lt
Apr 93
Oct
85
Sept First Liberty
1001 22 100210 100"32 100"3,
501 9234 Oct 7 93
334% bonds of 1932-47...( Low_ 10033,32 100"32 10C,,32 1001532 10027 31 1002532
E I DuPont6% phi_ _10(.
Jan
7% Apr 15
601 734 Oct 6 934 Oct
(Close 100,932 100,3333
3%s)
(First
Emerson-Brant pref_10C
22
Oct
234 June 434 Jan
33 1,466
334
175
Oct 9 3
62
101. 3
Total sales in SI,C00 units _ _.
Fairbanks Co (The)._25
2534 May 2934 Aug
Oct 4 2734 Oct
Converted 4% bonds of (High
Fairbanks-Morse tp ctfs• 1,301 2734 Oct 1' 83
____
____
____
Oct
74% May 8734 Sept
____
____
82
2
-ctfs_.
Low_
_
tern
-I
4s)
(First
1932-47
Fed Lt & Trac
Oct
7434 June 79
Oct
Oct 8 79
101 79
100
Preferred
Mar 139
118
Aug
15 13234 Oct 713334 Oct
Total sales in $1,000 units_
Fidel Phen F Ins N Y_2
July 6614 Aug
Oct
38%
1072,n
10
Oct
62
6334
80
pref_100
Converted 434% bonds (High 102.232 102.33 102,32 102,n 10-2;31
Fisk Rubber 1st
334 Aug 7
Jan
102,32 102,32
• 2,500 434 Oct 4 534 Oct
1932-47 (First 4348)(1.0w- 102,32 102/32 102,32 102'32
01
Gardner Motor
Feb 9834 Aug
Oct
92
96
102
,
32
102'32
4
,
102
32
32
Oct
,
102
96
32
,
401
102
101'.32
(Close
100
pf
7%
Gen Am Tk Car
60
Jan 160
Sept
Oct 1 93
34
101
Oct 4 151
47
108
58
• 2,50 144
Total sales in $1,000 unUs _ _ _
Gen Baking Co
5734 Oct 6134 Sept
101.,32 1011,33 101.131 101"I1 101"31
12,50 5734 Oct 10 5934 Oct
101.932
High
f
•
_
34%
4
new__
Converted
Motors
Second
General
933
Oct
9534 July 100
101.
Oct
6 100
1013,33
Oct
32
101032
,
101
3.00C
101033
101..32
1.0w.
9734
106
(First(
bonds of 1932-47
7% preferred
Jan
Oct
June 55
31
Oct 6 39
• 1,200 35
I Close 101"n 101,,n 101"n 101"n 101 1.31 101"as
Second 13.48)
Gen Refractories
117
99
Sept
773
Jan 107
Oct
142
233
483
Oct
1010034
230
700
10534
units__
$1,000
..l0
_
in
_
pref
sales
Total
Gimbel Bros
---8434 Oct 993,4 Feb
8614 Oct
____ 101'n
_ ___
_ ___
9,301. 8434 Oct
(High 1019,32
Liberty Loan
Great Western Sugar_2"
Apr 10834 Jan Second
Oct
107
105
____ 101,32
____
____
400 10634 Oct
100
4% bonds of 1927-42_ ..i Low_ 1019,32
Preferred
_ --95
32
Feb
Apr
Oct
88
101,
88
7
Oct
_
_
_
_
88
100
101"32
(Close
(Second 48)
Hamm let pref C IA.10I
Sept
Jan 254
Oct
159
Oct 8 250
-- - 7
47 245
10
Total sales in 81,000 units. __
Ingersoll Rand
Sept
34
Jan 105
Oct
101
Oct 9 105
102932
____
20010434
High
f
33
_
bonds
_
pref_
434%
WI
Converted
Inland Steel
3 June 934 Jan
634 Oct
Oct 1
6
____ 102,32
8
of 1927-42 (Second (Low_
Int Agricultural new..
Apr 111% Oct
Oct
73
Oct 9 104
10 104
- -- - 102'n
(Close
434s)
International Shoe __
116% May 11734 Oct
_ ___
20 11734 Oct 911734 Oct
_
_
_
units
lii
Total sales tel $1,000
Preferred
2734 June 3234 Mar
2132 10-2-'42
Oct
.
500 3034 Oct 9 31
(High 102112 102.00 10-2:65 10-2-9.2 10
Intertype Corp
Jan 115
Sept Third Liberty Loan
109
Oct
Oct
110
101.'32 101'713 101"as 102.32 102'32
711034
200
102,132
1.0w.
3
_10
1928
of
pfd_
434% bonds
Jones & L Steel
Aug
98
Feb
Oct
92
,32 102.32
32
102
,
102
97
4
1019932
Oct
1018133
97
20
(close 102.00
(Third 43(s)
K C Pr & Lt lot pfd
198
52% Aug 80% Sept
393
364
127
159
38
600 7634 Oct 10 7734 Oct
Total sales in 31,000 units.,..,
Kinney Co
62% June
7132 102033 102"22
Sept
Oct
4634
16
102
Oct
4934
102"33
1021,32
47
102"n
4,500
(High
Loan
.- _
Kresge Dept Stores_
July 98
94
Sept Fourth Liberty 1933-38...i Low_ 102.132 102933 102,32 102,32 102032 102.032
Oct 1 9434 Oct
30 94
10
of
bonds
41i%
Preferred
Sept
Sept 25
25
Oct
32 102"32 102"32 102"33
Oct 9 25
40 25
(Close 102"32 102"32 102,
(Fourth 431s)
Kuppenheimer B
Oct
Oc 91
1 91
Oct
405
403
390
204
444
Oct 9 91
201
10 91
10
Total sales in $1,000 units. _ _
Mar
Sept 100
B preferred
1 90
Oct 7 9534 Oct
106.110 106.0C 106,31 106'32 106'n
9534
105"n
101
(High
100
pf
2d
Treasury
Loose-Wiles Bis
Mar
106
1100
Oct
Aug
106.3t
Oct
106.00
105,,n
610034
106.00
105,1,32
105,132
Mow1010834
410, 1947-52
Feb
McCrory Stores pref _10
6434 Apr 69
3. 106,32 106'12
Oct 4 663.4 Oct
106,
500 66
(Close 105 1 n 1052632 106.00
,•••
KA
[ft
21
Mackay Cos pref. _ _ _100
Oct 9934 Oct
1•1
93
".
."
Oct 10 9734 Oct
41 95
pd_
15
16
Sept
Sept
Mack Trucks 1st Inst
1
Oct
15
1
Oct
15
101
Oct
634
3
3
Metro Goldvtyn Pict pf27
Oct
71% June
Oct 8 91
coupon
91
of
101
sales
only
includes
100
pf
table
Prod
Note.-The above
Sept
Midland Steel
10434 Apr 110
1 107% Oct 7 107% Oct
Montana Power pref._1
9834 July 10334 Oct bonds. Transactions in registered bonds were:
31 10334 Oct 1010334 Oct
Nash Motors pref__ _100 '
92% June 9834 Oct
9834 Oct
8
1012932 to 102.00
Oct
98
tools., to 100",, 28 3(1 4348
_100
Nat Dept Stores pfd
1 3034 Aug 3534 Sept to 1st 334,
102932 to 102..22
1116 3534 Oct 6 3534 Oct
102,32 to 102,32 77 4th 4348
6 1st 434s
Jan
Sep 89
Nat Distill Prod Pfd- - -*
Oct
67
1059433 to 105.'33
Oct 8 71
71
4348
1
201
Treasury
1019.32
to
32
101,
pf_100
20
4348
59 lot
Oct
30
Jun
Nat KissesStpg
23
Oct
2974
Oct
29
30
Aug
New York Canners_ _ _ _• 10 1434 Oct 10 1434 Oct 1
May 16
11
N Y Shipbuilding_100
42
Sept 47 May
101 4234 Oct 8j 4234 Oct
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Sept
29
Niagara Falls Power_10
June
Oct
27
2834
60 2834 Oct lul
Jan -See page 1729.
Niag F Pow, pref, new.25
May 30
18
1934 Oct 4j 1934 Oct
30
•
Onyx Hosiery
Au 7434 Mar
46
200 4634 Oct 4 4634 Oct
10
Otis Steel, pref
May 9334 Mar
Oct
88
Oct 6 91
10 91
Foreign Exchange.-Sce page 1707.
Pacific Tel & Tel, pf _100
14 July 134 Sept
Oct
134
4
Oct
134
Parish & Bing stmpel___• 80
Sept 3034 July
24
Oct
Oct 10 26
• 40 25
Curb Market.-The review of the Curb Market is
The
Park & Tilford
Jan
3034
.1934 Mar
100 2034 Oct 4 2034 Oct
Penn Coal & Coke_ _ _ _ 50
Jan given this week on page 1706.
Jan 47
4
Oct
234
44
6
Oct
506 44
Philadelphia Co, pref_50
Sept
4% Sept 5
434 Oct 7 414 Oct
CURB MARKET.
•11,70
Pierce Petroleum
Aug
Jan 103
95
9834 Oct
DAILY TRANSACTIONS AT THE NEW YORK
20 9834 Oct
Pittsburgh Steel, pref 10
July
1434
Fe
4
,
113
Oct
Oct 4 1334
Pitts Utilities, pref ctfs10 1,80 1334
Jan
42 June 4734
BONDS (Par Value).
Oct 7 4434 Oct
STOCKS (No. Shares).
200 44
Prod & Ref Corp,pref _50
Sept
9934 Apr 110
Oct 810834 Oct
406 108
PS Corp of NJ pf 8%100
Week Ending Oct. 10
9634 Mar 10034 Aug
Oct
Domestic. For'n Govt.
Mining.
100
6
Ott.
Oct
Ind.ct$Its.
20
9934
100
preferred
7%
1234 May 1934 Oct
Oct 8 1834 Oct
5,200 16
Rights
9434 May 101 34 Oct
$5,000
109,500 3558,000
57,500
83,865
300 10034 Oct 91013.1 Oct
Pub Serv Elec Pr, pf_100
Oct
Saturday
2634 Oct 2834
Oct
649,000
40,000
122,200
53,390
113,350
Radio Corp of America.' 9,8001 2634 Oct 7 2734 Oct 1 4634 Oct 473.4 Oct Monday
690,000
149,910
62,000
64,230
104,488
800 4634 Oct 6 4634
5
Preferred
Tuesday
July
118
Jan
113
633,000
54,000
Oct
132,236
86,440
Oct 6 116
94,060
100 116
Ry Steel Spring, pref _10
60 June 7434 Jan Wednesday
688,000
111,875
60,000
Oct
54,705
Oct 8 60
121,78(
Reis(R)& Co, lot p1.10'1001 60
Sept Thursday
Ma 96
86
Oct
729,000
142.630
63,000
82,650
121,450
Rossia Insurance Co _ _ 2' 30 9234 Oct 16 93
Aug Friday
May 112
105
Oct
Oct 6 112
200 112
Schulte Ret Stores.pf.100
9474 Jan 9934 Oct
708.351 $3,947,000 5284,000
398.915
9934 Oct
038.993
10 9934 Oct
Simmons Co, Isref...l6I
Total
Apr
Oct 100
97
Oct
97
8
Oct
100
97
lot
pf.l0I
13ros,
Spalding
0
a
a
_0o
-e
-a
Wall Street, Friday Night, Oct. 10 1924.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1706.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
New York Stock Exchange-Stock Record, Daly, Weekly and Yearly
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually Inactive,
see preceding page
111011 AND LOW SALE PRICES-PER SHARE, NOT
PER CENT.
Saturday„V Oa day,
Oct. 4.
Oct. 6.
Tuesday,
Oct. 7.
IVedlesdav
Oct. 8.
Thursday,
Oct. 9.
Prtdai,
Oct. 10.
Sales
for
'he
1Veck.
STOCKS
NEW YORK STOCK
EXCHANGE
PER MARS
Range Since Jan. 1 1924.
On Oasts of 100-share tote
1717
PER SNARE
Range for Previews
Year 1023
Lowest
Highest
Lowest
Higteet
Per share $ per share $ per share
per share
per care $ per share Shares.
Railroads.
10612 10678 10618 10714 10518 10638 10514 1054 $
Par $ per shard $ per Mars $ per share $ per share
10512 10578 10112 10558 12,600 Atch Topeka
& Santa Fe_ _100 9718 Jan 2 109 Sept 29
*92
0212 92
92
9158 914 0114 9178 914 914 0178 92
94
Oct 0518 Mal
1,600
Do prof
2
2
100 8612 Jan 2 9312 Aug I
2
218
214 214 .2
854 Dec 105s Mar
218 2N
218
2
214 2,000 Atlanta Birm & Atlantic_100
13218 13312 132 13234 132 13214 132 13338 13314 13312
14 Feb 23
314 July 22
31, Feb
114
Aug
132
13214
3,500
Atlantic Coast Line Ilit
62
6212 6178 6212 6178 6214 6218 6212 6214 6234 x604
100 112 Jan 23 138 Sept 23 1097s July 27 Feb
614 9,700 Baltimore & Ohio
60
100 5218 Apr 22 65 Aug 15
60
60
60
60
60
60
60 .5912 60,4 *5912 6014
404 Jan 6034 Dec
900
130
pref
2378 24
100 5614 Apr 16 6134 July 28
2314 2378 2314 2312 2312 234 24
5534 May 607s Mar
244 2334 244 22,500 Bklyn Manh Tr
v t c__No par 1312 Jan 4 20'2 July 17
6712 6712 68
68
*67
68 .67
914 Oct 1412 Dee
68
68
68
67
67
500
Prof vol tr ars
*212 312 *212 312
Vs par 4834 Jan 3 7014 July29
3412
212 212 .2
Oct 494 Dee
312 .2
24 *212 312
100
Brunswick Term
14778 14818 14714 14778 14718 14738 14712 14814 14712 1477
1 .lan 3
412MaY 9
74 Nov
258 Jan
8 14678 14738 4,700 Canadian Pacific & Ry -100
8438 8412 8378 8138 84
10
4
1423
15412
Mar
10
Aug 11 13934 Sept 180
8158 84
8418 84
8418 83
Apr
8418
6,600
Chesapeak
e & Ohio
•102 10258 1024 1024 *10212 10234 •102 10234 10212 10212
10
6734 Feb 28 9234 Aug 4
57 June 764 Jan
10234 10234
300
Do pref
518 514
100
10918.1uly
9912
Jan
3
*5
514 514
25
514
96
June 1044 Feb
5
5
5
518
*5
51
2
1,200
Chicago
&
Alton
*1112 12
1112 1112 *1114 1158 •11
100
314 Apr 15
614Sept 29
2 May
438 Dee
1134 1118 1118
600
Do Prof
.2814 2914 *2813 29
100
*2814 29
818May 201 1334July 22
34 Jan 124 Dee
2314 28,4 2814 28,4 .
2
18
114 218114
700 Chic & East Ill RR
4212 4212 *4212 44
100 21 May 5 3078July 21
*4212 43 .4212 43 .4212 4312 .4212 4314
19 Aug 3834 Feb
100
Do
pref
612 612
100 37 May 51 5112 Jan 8
6N 634
638 612
634 634 *658 634
4.614 Aug 6214 Mar
612 634 2,100
1918 1978 1918 2058 1912 2()
4 Apr 301
758Sept 29
1934 2012 1934 2012 1958 204 14,800' Chicago Great Western._ _100
234 Oct
7 Feb
DO pref
10() 1012June 41 225a8ept 29
64 Oct 17 Feb
12
1214
1078 1212 1112 114 1134 1218 12
1212 114 1214 24,300' Chimgo NIllw &
20
2012 1814 2034 19
St Paul.--100 1078 Oct 6 1818 Jan 10
Oct
1934 1914 20
1114
8 Mar
1958 2038 1918 20
263
35,300
Do pref
5912 60
5934 60
100 1912 Oct 7 3014 Apr 12
5913 60
60
204 Dec 4512 Ma,
6018 60
6038 594 604 4,0001 Chlc
Do
agowdz
.104 107 .105 107 *105 107 *105 107
Western_100 4914 Jan 3 6414 Aug 18
4718 Dec 88 Mar
•
106
107
*105
107
3212 33
3212 3314 3218 3258 32
100 100 Jan 8 108 Aug 5
3234 3218 3212 3118 3258 17,800 Chicagopref
9718 Dec 11818 Max
8012 894 89
Rock Isl & Pacifle_100 2111 Feb 15 3634Ju1y 28
8912 88
88
8712 8734 87
194 Oct 374 Mar
8712 8718 8714
1,210
7% preferred
*7712 7812 7634 7634 *76
100 7634 Feb 26 91 July 21
7712 .7612 7712 7612 7612 *76
72 Aug 95 Feb
7718
300
6% preferred
424 4278 42
4212 4178 42 .42
100 6558 Jan 2 794.1111Y 19
43
604 Aug 85 Mar
42
4214 42
4218 1.900 Colorado & Southern
12512 12614 12518 12512 124 125
100 20 Jan 2 4314 Oct 3
124 12414 12334 12334 122 12384 2,400 Delaware
Oct 4512 Feb
17
13612 13734 137 13912 137 138
100 104123.tar 5 13434 Aug 11
13512 137
934 July 12412 Feb
13512 137 I 13534 13713 7,000 Delaware & Hudson
2618 2612 2578 2612 254 26
Lack & Western_ 60 11034 Feb 15 14638Sept 9 1094 Oct 13012 Feb
26
2618 26341 26
263
9,000 Erie
374 3734 373 3758 3714 3712 3714 26
100 2034 Jan 3 354 Aug 1
104 may 2234 Dec
3712 *3714 37121 3614 3712 3.500
130 1st preferred
*3712 38
37,2 3712 *37
100 2858 Feb 19 424 Aug 1
3734 3738 3738 3712 371
3712 537
15
Jan 3114 Dee
300
Do 2d preferred
6134 6218 6114 6214 6112 6158
100 254 Jan 3 42 Aug 8
6112
62
1034 May 274 Dec
614
613
4
6112
6114
6,175
Great
.29
Northern pref
2912 *29
2912 .29
100 53114Mar 3 6938July 23
2912 2914 2914 2912 2978 294 2913 1,400.
Oct 80 Mar
5052
Iron Ore Propertles_ _No par 26 May 23
.1814 183
1734 1734 *17
18
3112 Feb 4
*17
18
25 July 38 Mar
17
17 I .17
18
300; Gulf Mob & Nor tr elfs
74
741 .72
74
100 1134 Apr 30 22 July 22
7212 73 .7212 73
20 Mat
Aug
7'212
912
7212
723
74
4
1.700
Do pre(
10738 109
10734 10838 10612 103,8 103 10718 108 1081
100 50 Jan 3 7514 Oct 2
444 Jan 624 Feb
1084 10838 7,6001 Illinois Central
•2212 2112 2212 2212 23
100 1004Mar 4 11412 Aug 18
23
2314 254 244 25
Feb
994
Dec
1174
2212
24
5,600,
Interboro Rap Tran
2034 2118 2014 2034 2014 2014 2014
100 1214 Jan 2 3914July 17
204 2014 208 2012 2078 4.100; Kansas City
912 June 224 Mar
•54
5434 5418 5418 544 514 *54
Southern__ 100 1734 Mar 26 241411518 25
55 I *54
1558 July 2473 Mar
55 1 .54
55
200' Do pre(
6114 6134 5912 62
100 5114Mar 31 56 Sept 22
5934 6012 6018 61 I 6012 614 594 6114 34,800,
483* July 574 Mar
Lehigh Valley.
9734 9734 .93
9834 9818 9818 .98
50 63912 Apr 10 723s Jan 25
54 June 714 Feb
9834 9734 9812 .98
083
7001 Louisville & Nasbville
100 8758 Jan 16 10134 Aug 11
844 Oct 155 Feb
4158 4212 *4212 43
4258 4414 45
46781 4634 4778 46
4712 11,900 Manb Elevated, mod
*734 912 *734 10
guar_100 3012 Jan 2 514July IS
.734 9
*734 9
274 Doc 4512 Apr
.8
9
*734 9
1 Market Street fly
•113
23 •18
634 Mar 15 1311 Jan 4
10
26
*18
23 .18
23
*19
74 Oct 22 Mar
23
*19
23
Do pref
44
44
44
44
100 22 Feb20 4012 Jan 5
4418 4418 44
44 .4312 45
23
Oct 684 Mat
*44
45
400;
Do
prior pref
.14
16
*14
17 .14
100
4312Mar
17
7112
Jan
4
17
16
5612
Oct 87 Mat
16
*14
17
.15
17
100
Do 2d pref
214 214
2
2
100 14 Mar 18 30 Jan 4
*2
2s *2
1438 Oct 58,4 Mar
214
2
214
.2
214
200
alinneap
&
15
St
L
1514 1518 154 154 1518 1434 1535 15
(new).
100
138 Jan 3
918 Feb
4 Jan 28
7
8
Aug
1412
15
1514
10,300
4614 4634 47
4814 464 4712 4634 4734 4714 4734 464 4734 12,400 11Io-Kan-Texas RR____N0 par 10123.114y 20 1612Sept 26
04 Oct 17 Feb
Do prof
21
2114 2012 21
100 29114 Feb 18 49 Sept 3
204 2012 2014 204 2014 2034 20
2478 Oct 4512 Feb
204
13,700
Missouri
57
Pacific corn
5712 5512 5712 5512 5612 56
100
94 Jan 3 2214 Oct 2
814 Oct 1938 Feb
5678 5614 5634 55
5634 27,850
Do prof
.1% 1,
4 *14 134 .158 134 .14 134 •14
100 29 Jan 3 59 Oct 2
2214 Oct 49 Feb
134
134 1341
500 Nat Rya of Mex 2d pref
10758 10812 108 10834 10718 10718 .10714 1084
118July 16
100
23
8Sept
26
44 Feb
114 Nov
10812
10852
107
10714,
1,100
New On Tex & Mex
10618 10678 10534 10638 10512 106
100 9312 Feb 15 12112May 20
8212 Aug 105 Mar
106 10638 1054 10612 106 10678 12,300
York Central
114 114 •112 114
100 9918 Feb 15 1104 Aug 20
11114 11158 11112 11112 1104 11034 107 11018 2,000 New
0012 May 10714 Dec
NYC
&S
8734 8734 .8714 8812 87
100 7212 Feb 18 121 Sept 5
8712 Aug &us Dec
87
874 8712 8712 8714 8734 1,400, Do pref tL new co
234 2334 2214 2332 2232 2234 8712
100 83 May 21 9378Sept 5
86 Nov 954 July
23
2318 2212 2314. 2214 2314 10,100 N Y N II
2134 2134 2112 2158 2112 '2112 214 211, 21
dr Hartford
100 1418 Jan 2 3018 JulY 24
Ps July 2212 Jan
214
205
8
2114
5,0
70
00
0
N
IS
01YrfoOlkn1aSoruiotharerNnVe8tern
IS .18
100
20 .18
16
May
24
234
19
AUg
1414 June 214 Feb
*18
17
1834 17
18 1 17
17
12334 124
12318 12334 1224 12312 12234 123
100 1212 Apr 22 2114July 21
Sept 1838 Feb
9
1223
4
12314'
12214
12314
10,600
Norfolk
& Western
.75
78
*75
100 1024 Jan 3 13212 Apr 8 104) July 11738 Feb
78
*75
78 .75
78 .75
78 1 *75
78
I
Do pref
63
6314 62
6314
100 724 Feb 28 804June 10
784 Aug
6234 6214 627
72 Sep
62313 6234' 6218 6234 9,100 'erthern
445 4434 4412 444 6218
Pacific
100 4778 Mar 3 673 July23
4112 4434 4412 4458 4434 447
494 Oct 8112 Mar
444 4478 12.200 Pennsylvania
1912 1912 1912 1912 *18
50
424
Jan
3
464
28
Jan
19 .18
4778 Apr
407
Nov
a
19
2012 2114 .18
19
1,800 Peoria & Eastern
100
934Mar 13 2134Sept 26
Oct 17 Mar
8
5938 5912 5812 5912 57
58
.5814 59
58
58
5814 5414
1,600. Pere Marquette
•7914 8012 *79. 80,g *78
100 4013 Mar 31 6818 Aug 8
80
38
Jan 4714 June
79
79 .78
80 .
78
80
100. Do prior pref
704 7018 6912 6912 .68
100 714Apr 23 854 Aug 2
69
69
6712 Oct 7634 Mar
69
69
69
69
6958 1,0001 Do pref
4918 494 4934 5014 4978 5014
100 60 .fan 4 77 Aug
574 Oct 7012 Jan
5112 53
5034 51
5234 54
14,0001 Pittsburgh & West Va
10618 1064 10618 10618 *10618 10612
100 38 Jan 4 6414Sept 9
1064 10614 10614 1061 10614 10614
3372 Jan 5038May
1,600, Do prof
6034 61
6014 6014 6014 601 2 6034 603
100 8514 Jan 5 10614 Sept 30
85 Dec 93 Jan
6014 6034 5914 6014 9,100, Reading
36
36
36
36
50 5I78May 20 79 Jan 12
8118 Feb
*3512 36
3512 351
Jun
684
344
351
3518
3518
3,500
1
Do 1st preferred
3434 3434 53434 35
50 3414June 24 5612 Jan 14
3434 3434 345 3438 534
5812 Feb
44 Jun
344 .3412 35
700' Do 2d preferred
*52
58
•52
58 .50
50 0334 Jan 16 58 Jan 14
1, Rutland
58 .52
meg Jan
45 Jun
57
*54
59
544
5412
300
3058 31
RR
prof
3032 3152 3012 3034 304 311
100 32 Jan 3 6034Sept 24
2212 Oct 39 Dee
3014 3112 304 3138 28,600' St Louts-San Fran
7134 7178 72
7252 7112 72
100 194 Apr 30 3138 Oct 6
7112 72
1634 Oct 27 Mar
7112 7112 7012 7114 4,6001 Do pref A
4238 4278 4I34 4234 41
100 424 Jan 3 7312 Oct 2
41 14 4112 42
3212 Jan 50 Mar
4114 4218 4014 4134 6,5001 St Louis
7014 70,4 7078 704 70
Southwestern
.100 33 Jan 2 4558July 15
70
3638 Feb
694
2512 Au
6914 6912 6912 6914 1.800,. Do pref
1414 144 1412 144 1414 1434 1414 70
100 5778 Jan 3 72 Sept 18
1412 1434 144 144 1458 5,200; Seaboard
38 Jun
834 Mar
54
2612 '2612 2614 27
Air Line
27
10
27
74 Feb
614
Jan
2
*27
1712July
43
4
28
Au
28
2714
274
27
274 2,000
Do pref
9312 94
9318 934 924 9314 93
100 1414 Jan 2 3238July 30
814 Au
154 Dec
9314
9312 92
93,8 16,300; Southern Pacific Co
6712 68
6632 6732 6534 6712 66N 6634 93
100 8512Mar 26 974 Aug 12
Feb
9514
8414
Au
8612 67
653
30,800,
8
6612
Southern Railway
7618 7612 7612 764 7612 764 7612
100 3812 Jan 2 7014Sept 26
244 Jan 394 Dec
7634 7612 764 764 764 3,200, Do pref
36
3612 35
3614 35
100 6634 Jan 3 76348ePt 22
3534 35
,Mar
707
83 Jul
3512
3512
354
344
35
9,800.
Texas
&
Pacific
1234 1234 .11
1212 *II
__100 19 Jan 3 394 Aug 19
1212 •11
13
14 Aug 294 Mar
1212 1212 .1112 1312
300, Third Avenue
.4018 4112 *401g 43
100
*4014 45
834May 20 1812July 17
84 Dec 1914 Feb
*3914
.4012 45 .40
45
1 Twin City Rapid Transit. _100 3912
138 13814 13638 1384 13678 13712 1374 44
Oct 2 66 Jan 12
5814 Jan 7712 June
138
13814 13834 13714 13812 9,600, Union Pacific
.7314 7414 *7314 7414 7314 73,2 •7312 71
100
1264
Mar
3
1463
12412
Aug
4
10
, Feb
Aug 1447
74
74 I 74
74
500
Do prof
100 70 Mar 20 7612 Aug 27
7014 Dec 71312 Jan
2012 2012 2014 2034 193g 2032 1012
20
20
2014
1912 1984 3,1001 United Railways Invest
4712 48
46
-100
4712 45
74 Apr 23 2358 Oct 1
46
454 46
772 Oct 214 Mar
96
4614 43
4612 8,100, Do pref
6212 63
63,
2 6358 *63
100 264 Apr 21 5458July 14
65
Oct 62 Mar
6012 6212
28
4 6234 6238 6232
800, Virginia Railway & Power _100 36
1534 1513 15% 154 1532 1578 1538 1618 623
Feb 20 7234July 12
304 Aug 3612 Oct
1512 1578 15
151
5,800 Wabash
4312 4358 4314 4414 433 4412 443
100 104 Jan 4 1738 Mar 20
Mar
7
12 Dec
45
7
4414
44
43
441
28,0001 Do pref A
3038 3038 .29
3012 •2912 3012 .30
100 34 Jan 3 4734Mar 19
2314 Jan 394 Dec
3034 *2912 3012 *29
301
100; Do pref B
1058 ION •1G34 11
1034 1034 11
100 2212 Jan 3 3234 Apr 4
231I4 Dee
1612
1114
•1012
Jan
11
1012
11
1,200
Western Maryland
*18
19
1814 1814 1712 18,8 174 1734 18
100
84June 3 1334 Aug 6
8 Sept 15 Feb
18
1712 173* 1,400, Do 2d preferred
2212 22s 2212 23
2214 2212 '2212
100 1514May 15 2158July IS
14 Sept 264 Mar
4 2212 224 2218 2258 2,100; Western
72
7212 *7112 7214 723s 7238 *7012 223
Pacific
100 1434 Jan 2 254 Sept 19
Sew 2014 Mat
38 70
721.
12
70s
70
701
900
Do pref
12
1234 1212 1212 12
737 July 2
100
124 12
53 May 634 Mar
12
1212 12
1112 12
4,5001 Wheeling & Lake Erie Ry _100 58 Jan 7
2134 22,8 2034 '20'34 *2084 2112 *2012 211
712 Jan 2 1514 Aug 5
6 Oct 1012 Feb
2058 2058 2012 21
700
Do pref
100 144 Jan 2 2612 Aug
Oct 19 Feb
Hi
- . Wisconsin Central
100 34 Jan 16 3712 Jan 29
23 Aug 3872 Dec
Industrial & Miscellaneous
8512 8512 •8512 8712 •8518 87
586
89
8634 8634 8612 8612
300 Adams Express
11
*10
*10
11
.10
11
100 734 Jan 2 8912July 18
10
10
67 Sept 82 Mar
912 94 •9
1012
300 Advance Rumely
535
39 •36
3812 3a12 537
100
39
6 June 9 1234July 29
612 Oct 1912 Mar
36
•35
38
•36
38
100' Do pref
81
8212 83
8414 8212 8212 8234 8234 824 84
100 2814June 14 414 Jan 4
21 Nov 5438 Jan
82
835
8
5,800
Air
93
Reduction
, Inc.,,.,.No pa
912 0,2
*08
9
914
I08 914
6714
Jan
912 012
July 724 Mar
1384Sept
2
66
29
9
9,4 3,600 Ajax Rubber. Inc
50
412May 14 1114 Aug 18
-is
18
44 Oct 144 Mar
14
14
300 Alaska Gold Mines
114
1
•118
10
14 •1i8
1
1,4
58 Mar
1
Is Jan 3
18 Aug
Feb
14
*1
2
118 *Da
114
500
Alaska Juneau Gold Min_ 1
73
7112 72
72
7212 7212 7238 7238 7212 7314 72
14Mar 4
4 Jan 30
34 Oct
14 Oct
73
4,500 Allied Chemical & Dye_No pa
65 Mar 18 79 July 28
Jan
6914 Aug 80
*116 117
11614 11612 117 117
117 118 .11612 11712 11612 11612
600
Do pref
100 110 Apr 8 11814July 16 10514 Aug 112 Mtr
5912 5978 6814 5912 5834 59
5814 59
59
5914 5712 5918 7.900 Allis-Chaltuers Mfg
*9712 99 .9712 99 .06
100 413451,18 20 6612 Aug 19
00 .96
99
3734 June 5114 Feu
•96
99 .96
99
1
Do pref
100 90 Apr29 10058Sept 18
1218 1218 1134 12
1158 1158 •1138 1212 1158 1158 114 114
89 Nov 9712 Jan
1.400 Amer Agricultural Chem_100
34
718 Apr 7 1718July 29
3418 3312 34
334 3358 334 34
104 July 3678 Feb
334 334 34
34
2,900
Do pref
•135 140
100 1834 Apr 7 4958 Jan 9
140 141 .130 145 .130 142 .130 145
139 139
2814 Oct 687/ Feb
300
American
Bank
Note
50
98
54
Jan 8 141 Oct 7
____ .54
*54
•54
*54
____ .54 -------77
Jan 104) Nov
Do
pref
--I
60 52 May 6 56 Sept 24
4038 4038 40
40
11117g 40
40
40
40
4014 239
604 June 5514 Aug
39
1.600 American Beet Sugar
100 36 Mar 21
*2714 28
2634 2514 26
26
254 254 2512 2512 25
4912 Feb 6
25 Aug 401/ Feb
2518
Amer
Bosch
1,800
Magneto
_No
par
2214 Apr 1 3578 Jan 12
8112 82
82
81
8114 .81
81
81
.8034 82 .8012 82 • 500 Am Brake Shoe & F__
2234 Oct 60 Mar
_No par 76 Apr 14 854 Aug 15
.103 107
106 106 *10434 107 *10134 107 .105 107 .10434 10710
8918 Sept 8314
0
Do met
100 10414July 10 110 Mar 26 102 July 110 Feb
1304 13138 12918 13178 12934 13078 13038 13178 13058 133
Jan
1294 13312 182,600 American Can
100 9578 Apr 21 13818 Aug 20
1164 11652 *11612 117 .11612 117
11612 11612'11513 11613'11613 117
7312 Jan 10758 Dec
600
Do pref
100 109 Jan 8 1164 Oct 4 106 Sept
16878 167 .165 167 .105 16612 *165 16634 016538 166
115 Feb
166
16612
American
750
Car
&
Foundry.
100
15312
Apr
120 120 .118 12112 .118 121
14 17S Jan 26 14814 July 189 Mar
120 12078 .120 12034 120 120
300, Do pre
100 11834 Apr 9 125 July 18 117 Sept
2314 2314 23
2:03 227
, 227s 2314 2314 23
23
1214 Jan
234 2318
900 American Chain, cl A
25 2118 Mar 21 25 Sept 5
30
30
00
3114 2934 3012 32
2038 June 2512 Mar
31
3112 •3034 33
3212
3,300
American
Chicle
No
par 1434 Apr 22 3612Sept 25
512 512
518 534
5
512 534
54
Jan
1738 Nov
54 6
534 57
554 54 11,500 Amer Druggists Syndicate_10
312June 6
•115 1164 115 115
614 Jan 30
418 Sept
11412 11412 .11314 11614 11612 11634 *114 115
738 Feb
700 American ExpreSe
100 8S Apr 15 12212 Aug 4
117 1171, 117 11738 11612 11678 115 1154 11514 116
87
Nov
1434
Mar
11412
11512
2,900
Atu & Foreign Pow 25% paid- 0212 Mar 8 12112 Aug 22
11612 11612 11658 11712 11612 11612 115 115 *115 116
96 Dec 97 Dec
115 115
1,200; Full paid
911
.
Apr
•10,4 11
4
12112
10
Aug 22
10
*10
1012 10
10
914 978 5012 1012
900,
American
Hide
Leather_1
&
00
714 Apr 28 134 Feb 13
041* WV* Cr,
I 031, CO61
014 Aug
C
6318 6358 624 6338 2,800' Do nref
idi
100 5012 Jan 3 6612Sept 26
2934 Aug 7 4, Mat
•Bid and asked price,. 3 F.x-dividend.
b Ex-rights.
1
New York Stock Record-Continued-Page 1
1718
page preceding
sales during the week of stock. usually Inactive, see second
PER SHARE
PER S114141
Based for Prerloa.
Range &nee Jan. 1 1024.
STOCKS
Sates
Year 1923.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CONT.
Ors bents of 100-5h3re lots
for
NEW YORK STOCK
EXCHANGE
P'S4**.
'he
,
Trp.‘
2diu,
I
1y,4
W4411
11tO3es1
rot.442.
Lowest
I
MohesI
serarday.
M•••1141s•
Lowest
Week.
Oct. 10.
Oct. 9.
Oct. 8.
Oct. 7.
Oct. 4. I Oct. 6.
Oars
$
shard
Per
share
Per
share
PM
Per
Indus. & Miscall.(Con.) Par
Oct 11112 Apr
78
per share $ per share $ per share $ per share 3 per slure I 3 yer shire Sh7res. American Ice
100 72 Aug 28 96 Feb 7
7613 8,200
7612 75
75
89 Feb
Oet
4
5
775
Feb
771. 7512 7314 27412 75
83
28
7712 778 73
Mar
794
•
100
Do prat
100
*784 791 *7814 80
*7984 80
16 Sept 334 Mar
*7814 80
2972 Ang 21
7034 7914 *7934 80
4,800 Amer International Coro_ _100 1732 Mar 19 124 Jan 9
26
1012 July 13 Mar
*2514 2512 25% 25% 25% 25% 25% 254 2534 2614 2512 11
10 10 May 19
200 4merhan La France F E
*1014 11 1 *104
11
Oct 38 Mar
13
14
Jan
4 11
8
1
1014 10,
22
*1014 11
*1014 11
7
4May
100 131
300 tmerican Linseed
19
19
19
19
19
2814 Oct 59 Feb
1913 1912 *18% 1912 *1813 1)13 *18
100 30 Apr 15 45 Mn 14
1)0 pref
400
41
.40
41
41
7614 Dec
41
July
*39
21
6434
Aug
40•2 41
8'1h
42 *40
42
.41
15
Apr
par
7012
_No
now
79
3.309 tmerican Gramm.
78
79
Feb
78% 7314 7814 7314 79
7813 78% 78% 79
100 11614 Apr 16 121112Smt 29 11412 Sept 122 2 Mar
Do pref
122
100
4014 June 557
tag 18
119 122 *118 122 •118 122 .118
4912
3
120 120
4.1une
*11713 122
par
1
38
Metals
American
1.900
454 4614 4534 46
Dee
97
Jan
76
19
Sept
119
16
4614 4614 41314 4514 4513 45% *45% 48
Apr
r 9414
a5
No 2
Radiator
117 11714 117 11812 1.000 %n1.
47 June
912 Feb
8% iept 27
116% 118 '116 11712 •116 117
*116 117
25
5% Apr 22
812 2,400 American Safety Razor
8
8 i
8
8'2
10% July 2182 Jan
812 *8
84 *8
8% 814
163* Feb 11
800 Amer Ship & Comm ....No par 1012•May 21
•1012 11
114
4
•103
Mar
6912
Oct
11%
1053
514
20
11
Aug
10%
7312
*1012 11
*10% 11
7512 7332 7514 14.500 "Amer Smelting & Refining _100 57% Jan 14 105 Aug 19
74
74
73
74
93 June 10234 Mar
73
7314 744 73% 71
100 96 Jan 2
101 101
1,090
31%
s
7
40
Mae
July
7
Feb
40
21
103 10114 •10214 10114 •I0112 103,C 10334 104
104 101
Apr
Stee Foref undrios____33 1-3 334
i)°pi
3614 3514 36 1 3,100 Ass
3514 36
36
9712 Aug 10514 Feb
36
3314 36
36
*3514 36
100 101 14 Apr 25 107 Oct 7
Do pref.
100
1064 108 *10614 103 '
Oct 85 Feb
48
107 107 *10614 108
6114 Feb 7
10314 103
*10614 107
2 4534 434 4514 8,200 amerm.an Sugar Refining_ _100 3832 Apr 23
447
4512
44
92 Dec 10834 Jan
41/4
4513
14
Feb
45% 4514 4512 4314
100 79 lune 7 9974
Do pref
89
1,200
89 : *86
88
16 July 38% Feb
9
Jan
II
2812
2.1aly
83% 83% 8314 8314 *8514 83
89
89
61
100
Tobacco..
Sumatra
Amer
4
3
7
7
1.700
73*
75*
713 734
78 77
4
,
*7% 714
74 7
3212 July 6534 Feb'
100 2212Sept 9 69 Jan le
Do pref
I
30
*25
36
*26
30
*26
*2514 30
4 Mar 13 11912 June 12834 Dec
1
30
*25
30
*25
100 121 15June 26 130/
Amer Telep & Teleg
8
10,600
1267
12614
2
1267
2
1267
127
4
1261
12678 127
25 16712Sept 22 14014 July 16134 Feb
Mar
127 12713 1267 127
100
131112
Tobacco
4merican
164
163
9,500
Mae
1621 16334 16312 16434
100 101 Apr I 1 1110(2.1orly 23 IMP, Nov 10572 Feb
15978 16312 16212 16513 162 1631±
Do prof
800
*10112 105
1354 Mar 25 16114Sept 22 140 May 15934
10173 105 1*10413 105 1 105 105 *10412 105
*10414 105
Do common Class B.
162 16212 11.700
25
2712 Jan 444 Apr
18
23mA
Feb
16012 163% 161 16158 1617 1627 162 163
40
12111
c...100
t
v
15813 162
&
Wks
Wat
Jan
105 10934 107 11114 14.600
105 110
854 July 93
10812 114
1164 117
11518 117
1)0 1s1 prof(7%) VI! 100 8918 Mar 21 99 July 8
200
*9512 97
*9513 97
*9513 97
484 Jan 6712 Dec
9534 95% *951* 97
*9512 97
ISO partic p1(8%) vi 0 100 86 Feb 19 99 July 10
8812 8934 3,000
*8934 90
89
8 Mar
1093
14
Oct
83
90
65
89
II
934
Jan
2
7
78
10
14Sept
51
9014
100
90
Woolen
• .8913
5612 57% 9,900 American
577
5724 57
57
96% Oct 11134 Jan
4 In 19
1
100 951293pt 19 102/
5714 5714 567 5734 5713 5712,
Do pref
500
9634 9614 9612 961
1
97
115 Dec 34 Mar
7 July 14
112 Apr IS
96% 902 9614 9614 9612 9612 *9514 28 *238 3
*212 3
600 Amer Writing Paper pref _100
2121
64 Oct 1914 Feb
234
14
Feb
213
29
10%
234
Mar
•212
7
_25
212 213
78
714
1,300 Amer Zinc, Lead & Snselt
714 73*
718 *712 714
2434 Dec 5814 Feb
7
24 June 5 34h Jan 14
25
110
prat
7% 7,4 *74 734
28
800
2812
*2514
2614
27
*25
3232 Oct 5312 Mar
*25% 28
27
2134May 20 42 Aug 20
27
27
27
14,500 tnaeonda Copper Miffing 50
55 351a 353
3514 3614 351 37
8834 Oct 9414 Dee
ne 18 9312 Jan 24
35% 3174 35% 3514 3514 35
8913
*88
300 trmour & co(Del) pref _100 8314Ju
89
89
88
1012 Nov 1834 Oct
891± 88
•88
Julie 4 15 Inn 9
89
8
par
No
to
8912 89
v
("0
*88
constle&
Arnold
600
814 84
8% 81s
8
8
624 Jan 89 Mar
8121
2 Oct 1
*8
8
8
814
*8
1* 11734 1.300 Associated Dry floods_ _100 79 Jan 15 1227
z115
11814
11814
118
2 Oct 294 Dec
6
247
'117
Feb
11814 11814'3
25 2712July 16 34%
*118 11812 119 119
Associated Oil. new
58
15%
28.
2812 284 284 28
914 July 34 Mar
*28
2734 28
2123July 14
*2772 2814 271 28
1,310
00 All Gulf & W 188 Line___100 1034 Mar 26
15
1412
15
1513
July 27 Mar
654
3
1512
1512
2718July
15%
4
15%
Jan
1512
100 1212
*1513 1514
1)0 pref.
300
•2012 212 *2013 211
9932 Sept 15312 Jan
22
*2012 21% *2012 22
21
100 78(2.11ily 10 1404 Jan 31
*m2 22
*844 86
2,800 Atlantic Refining
86
Jan
86
120
85
May
115
85
7
Feb
86
23
118
8512
10914June
85
8434
84
100
8412
1)0 pref
700
17 July 354 Jan
11214 11214 *110 11214 III 11134I
184 Mar 28 30 Jan 9
112 112 *112 11214 112 112
1.200 Austin. Nichols & Co__NO Par
*2314 244 231 24
23% 234 231 2314 *2322 24
Jan
8912
June
*2312 24
4
23
785
100 79 Apr 17 8934Sept
Do pref
89
*88
89
88 I .88
63* Dec 2814 Apr
84 Jan '2
130(10020
•87h 8912 •871± 89% '8712 88 •87% 214 *2
2
200 Auto Knitter Hosiery._No par 10412May 21) 131 Feb 7 11012 Aug 14414 Mar
2
214
218 218 *2
213
Wks 100
*212 212 *2
Locomotive
Baldwin
11914
120%
45,700
1225*
12114
Apr 11634 Jan
110,2June 10 116 Feb 1 111
100
12034 12212 12012 121% 12034 12178 *11412 11012 *113 116
pref
12134 122
110
100
97 Aug 35 Mar
115 115
25 14 Feb 16 2112.1une 30
Corp. Class A
*114 116 •114 116 *113 116
Hamadan
1712
1712
3,300
18
Oct 22 Jan
*1712
1
6
18
31
*1712
26 10 Jan 7 1614June
1818 178* 1778 1712 1712
18
Do Class 13
200
60 June 6214 Apr
69 Jan 5
1234 12% •1212 1312 1234 1214
*1212 14
131/ •12% 14
•13
14ayuk Cigars, Ino.---No 7M7 3912May 16
47
6,000
46
4712
8114 Mat
4
1
7
46
Dee
31
4812
4634,
Jan
45
15
5812
2
Apr
467
4412
4
443
421, 441
20
*4112 42
400 Beech Nat Packing
53
6312 53
*63
414 June 70 Mar
55
*53
53
100 4112July 17 6212 Feb 5
*53% 5372 5314 5314 53
9.900 Bethlehem Steel Corp
1114 Mar
433* 4334 4313 44
June
72I
7
15
43
10014
Feb
11014
4314
12
5g
Apr
43
s
5
14
101
4414
100
43
43
45
44
Do cum cony 8% pre(
400
10714
87 July 9712 Mar
1071 107% *107 10734 *107 10714 •107
100 89I.1une 30 97 Feb 11
*107 107% 1077 103
Preferred new
*931/ 94
900
74 Jan
*9314 94
314 Oct
74 Jan 6
9312 94
352.1une Ii
94
No par
9313 9312 *931 94% 04
412 1.700 Booth Fisheries
•37
4 Mar
1
9/
1
4
4
3 Dec
Aug
4
6
8
II
t
412
4'8
214Sop
*4
100
412
4
Steel
414 414
Empire
ItritIsh
21
*21
3
Jan
12112
*2
May
212
10414
212 *218
212 *2
100 1074.1une 2 120 Sept 26
*214 2% •2
3:70
000 •irooklyn Edison. Ino
11612 11714 11514 116
25
Sept
118
8014
21
*117
Apr
118
56%
4
par
1172
_No
118
new_
118
118 1184
iiklyn Union Oau1
6.700
75
7614
657;
Apr
.
752
Oct
834
7514
41%
inn
9
7614
76
27
7614
100 39 May
76
7614 76
300 Brown Shoe Inc
*48% 50
*4812 50
50
50
50
100 9712 Feb 26 11212.1une 27 100 Sept 14434 Mar
5012 50%
*50
110 111 1 2,200 Burns Brothere
Jan
110 111
214 Sept 43
109% Ill
1938 Feb 211 27 Juue 27
10914 10972 •108 10913 109 109
new Class B corn__
Do
*2434
1
25
500
2
241
243*
2412
414 Oct 114 Feb
612 Feb 14
3% lune 26
*2312 2413 *2334 2412 *2314 2412 2412
84 *5
54 1.000 Butte Copper & Zino
5,4
134 June 22 Aug
54
23
Jan
2
233
5
*5
28
Apr
514
17
514
100
5
5
5%
*5
1714
1714 *17
100 Butterick Co
4 Oct 3772 Mar
1
12/
1714 *17
17 .17
10 14 May 29 20% Feb 15
1714 17
1734 *17
17
.
16% 2,300 Butte & Superior Mining par
912 Feb
1614 16
14 Nov
414 Jan 19
168* *1512 1612 16
112Sept 15
16% 16
16
1614 1614
112
200 Caddo Cent Oil & ReI_No par 80 Apr 30 92145ept 20
14
1
3
17
Aug 87 Feb
12
77
9
178
*112
2
*112
*1% 2
Packing....No
*112 2
California
92
600
*9012
90%
90
9014 9014 *9014 92
91
*90
91
174 Sent 291g May
2914 Feb 6
91
California Petroleum. now 26 1912Ju1y 16
904 Sept 1104 May
100 9212July 16 107 Jan 31
21% 21% 2112 2112 214 2112 2072 21% 6.200
21% 2114 2172 22
Do pref
400
96
*94
96
*93
34 Oct 12% Feb
9
Jao
96
2
7
10
5
*9412
96
212May
*9412
10
ad
.9514 9613 9514 96
3,4 314 2,900 Callahan Zinc-Le Mining- 10 414Mar 31 544 Aug 15
318 318
Oct 66 Mar
42
3,2 3%
3
3
3
3
314
*3
49
49
2,000 Calumet Arizona
434 Feb
49
48
4 Oct
18
14
July
48
47
26
4
Mar
47
47
par
46%
No
Plow
4612
4712 48%
*34
78
1 Case (J I)
*34
42 Mar
.34
78
Dec
17
July
78
28
29
*34
414
19
14
8
7
Mar
78
Case Threshing Mach_No par
*12
2378
*21
23
*21
95* Nov 404 Mar
23
972 Mar 25 1771 Feo 13
23 .21
*21
100
23
Leather
23 *21
Central
*21
,300
1312 13I4
284 Nov 798 Mar
*13,4 1312 •1314 13%
100 2914 Mar 5 524 Aug 15
Do pref
13% 13% 1314 13% *1314 14
7
418 434 5.600
364 Oct 6012 Mar
par 404 Mar 31 404July 22
43% 44% 4214 4214 427 43
*44% 4512 4334 45
9,700 Cerro de Pasco Copper_No par 3032 Oct 8 664 Jan 2
4512 4638 4534 47
43 Oct 76 Mar
46
4518
45
451a
.No
Car__
45%
45
Motor
Chandler
4512 4513
16,700
3112
30%
31
30%
21
754 June Wad Mar
8.11ilv
3112
878
15
%
301
7972May
*8812 8514
32% 3373 317 33% 3112 3212
200 Chicago Pneumatic Tool..100 39 May 12 6112 Apr 10
8514 85% 8612
*8512
4
851
4
Par
851
*8512
Cab-NO
Yellow
*8512
4
Chicago
8.51
85%
4812 3.500
4712
4813
2412 June .144 Mar
18
482
4814
Aug
29
8
3512
3
4
25
Mar
481
4914
49
25
4812 49
48
48
4 Mar
1
323* 311 3214 17,100 Chile Copper
L4s, Aug 31/
5 15 Mar 28 23% Aug 20
3112 3134 3112 31% 31% 3112 31%
31% 32
1,000 Chino Copper
19% 197
19
19
60 July 7614 Mar
Jan 311
1814
754
1812
7
55
Oct
20
100
4
Co--.
*181
&
19
Peabody
19
Ciuett,
1914 19%
Juno
200
57
834
*56
I
Oct
57
654
*55
21
AIM
57
21
7812
Apr
•5414
61
par
55
No
55
57
5812 *56
*56
7412 76
10.500 Coca Cola Coy to
Oct 351 May
20
7612 7518 75114 757 76
100 2472 Feb IS 544 Aug 3
7614 7514 7614 751a
75
4232 20,300 Colorado Fuel & Iron
5112 Dec
39
Oct
42%
41
4
18
411
42%
Jan
65%
41%
391
30
4212
48ept
t
v
c
Par
4114
No
42% 42% 41% 43
801,June 3734 Apr
1,800 Columbbso Carbon
43
42% 43
42
4114 *41
4112Sept 15
42
No Par 33 Mar 21
41% 41
41
41
41
Feb
4214 10,900 Col Gas & Eleo, new..
25 Apr 46
42% 42
Oct 2
43% 4212 4314 4214 42% 42%
Commercial Solvents A No Par 4314 Jan Ii Ws Oct 2
4312 43% 43
1,400
87
15 Apr 40 Dec
•6514
07
6614
67
65
15
Jan
6614
par
33
68
No
*66
13
8
6614 6614 6672 67
2,500
Nov
181%
Dec
63
2444
*
61
6213 63%
64
62 •63
No par 3212May 19 6614 Fob 18
6312 6312 6114 6314 62
141s Dec 3932 Jan
4514 4514 6,700 Congoleum Co
4534 457
11% Mar 25 224 Jan 14
4512 46
4514 461a 4534 4612 4514 461 •19
7,000 Consolidated Clitar---N0 Par
19
101* 1912 1912 19
60 Dec 83 Feb
1912 18% 19
18% 19 .19
100 5912 Apr 24 84 Jan 15
prof
Do
100
July 6938 Feb
1
76
5634
4
75
*74
Sept26
7614
7614 *74
41 Jan 2
1
60/
75 *74
75
76
7512 *74
.74
20,600 Consolidated Gas(N Y4)NO Pa'
6 Oct 1412 Feb
7032 71
8 Jan 5
7034 718
232 Apr 22
72
Consolidated Textile-No Par
7112 7212 714 71% 71
7112 72
674 Deo
7
9,100
May
2
2
427
I
3
15
s
5012
27
Aug
7
2
14
2%
214
100 434 Apr
3
3
Ins
27a 3
3
3
5 Oct 124 Jan
5714 58141 12,700 Continental Can
8 Jan 16
6 Apr 22
5712 5814 6772 581
Par
58% 57% 58
2,800 Continental Motors-NO 100
Dee
16012
July
5814 5812 58
4
674
1143
28
Jan
634
*
1
187
64
4
Jan
64
6%
2
614
1523
614 67
622 7
.__ 1 Corn Products Refining
__.
6% 6%
25 3112 Jan 15 3772 Jan 28
New when Issued
ili- 32,100
Sept 62'S 11-1Wr
354
225
5
3612
Feb
36
404
361*
30
2Sept
223
par
No
355*
iii2
- ijif2
32 14,000 Cosden & Co
-313- 168
574 Sept 844 Mar
2312 23% 2312 23% 2332 2234 23
Steel of America- _100 48 May 13 714 Feb 7
2314 2312 2314 23% 2312 5514 5512 56
8534 Aug 9412 Mar
664 57 1 5512 574 8,700 Crucibleprof
100 86 May 22 92 Feb 11
Do
300
90
90
55% 5513 54% 55% 5518 90
812 Aug 20 Feb
90
6
Feb
90
18
22
ll%
Apr
8914
8914
No Par
Sugar
Cane
Cuba
3,300
4
123
4
123
*8914 9012 *8914 9014 *8914
13
334 Aug 654 Dec
100 53% Apr 21 71h Feb 11
12% 1272 1238 1238 1272
1272 13
Do Prof
1234 1234
601a 6112 19,900
Aug 378k Feb
23
604
11
Feb
2
60
7
9
38
2812June
6114
5938
10
6112
Sugar
6178 6212 60
627
62
92 July 106 Apr
30% 304 3014 7,300 Cuban-American
30% 30
30
100 98 Jan 4 100 Aug 27
3012
30
prof
Do
100
311e
4
30%
971
31
99 I 9714
31
3 July 1214 Mar
*97
Valium 16
812 Feb 5
par
98
98 *95
*95
99
5,200 Cuban Dominion Sugar No
*96
99
614 7
*07
80 Aug 6812 Mar
712 •67, 714 .612 7
100 41 Aug 29 52 Feb 5
714
pref
Do
6% 714
300
50
5412
July 7212 Des
4
3
*48
4912
6% 612
4932
50
No par 4614 Aug 28 7412 Jan 3
49 *47
4712 4712 *47
5,100 Cuyamel Fruit
49
5014 487 50
4413
50
Daniel Boone Woolen Mills 25 10I2Sept 9 324 Mar 6 -270;
49% 48% 4912 4912 5012 11
4,700
-15et;
5013 5112 49
12
113
3
1114
8
Jan
II%
11
o_No par 41 Apr 14 694
111
473 13,200 Davison Chemical v t No par
18% Dec 28 Mar
1214 1112 1134 1112 464 46
•12
46% 46% 4732 44
1814 Jan 21 224 Mar 14
100 De Beers Cons Mines
4712 46
111 Mar
21
June
*1912
1004
20
4612 47% 46
201s
Aug
2012
30
11012
Jan
21
14
101
100
*1912
Detroit Edison
*1978 21
*1978 21
304 May 44es Jan
4 21
1
*19/
108 10812 10812 10812 1,600 Dome
1372 Oct 8 2014 Jan 7
Mines, Ltd....No par
10814 108 108
7,500
4ct 1414 June
11
1412 145
10812 10812 108 10812 108
14% 15
0112June 0 1222 Aug 27
14% 14% 1378 14%
15
MUMS Pectin
1,100
15
1214
1214
15
15
124
121*
1212
894 Jan 11514 Apr
1212 12
1214 •12
*12
12
12
Kodak Co. No Par 10412 Apr 21 11212 Jan 8
Eastman
1,400
Oct 27 July
*
20
1098
8
11014
109% 109% 10972 110
814Sept 11 241/1 Jan
2,200; Eaton Axle & Spring __No par
0
9
10912 10912 109 109%
4 Feb 1 10814 Jan 14812 Apr
/
1411
*812 9
0109 110
'
9
9
9
9
El du Pont de Nem & Co_100 112 May 20 64 Feb 7
6712 Mar
7,100'
July
52
9
128
126
9
12912,
914
129
9
12712 12812
Battery__No par 5012May 15
1214 Dec 2034 Jan
26
128 129% 1277 129% 12712 128% 56% 5714 *57
5712 5634 5712 1,900 Elec Storage Corp
50 11 12June 20 144 July 29
57
74 Feb
Dec
300 Elk Horn Coal
5714 57
1212
*12
57
y
4
*5714 58
123
312Jul
•12
23
%June
1214
Emerson-Brantingham Co-100
•12I4 1255 12
11872 Oct 944 Jan
*1214 13
•1214 13
*112 2
2
3.18
0 6712 Jan 16
•112 2
3,14 2
Jan
1,800, Endicott-JohnsOn Corp-- 50 5572May 26 116 Jan 17 110 Oct 118
63
62
.2 212 .2 212 *6212
63
63
10512June
63
100
6214
64
4001 Do Prat
Jan
19h Dec 31
6338 6418 6312 64
109 109
109 •10812 109
par 184May 21 2412 Aug 1
109
Corp_No
Buffet
109
Exchange
Jan
600'
93
Oct
•108
52
109
4
22
22
*10614 109 *10812
2112 22
Jan 29 8712 Aug
21% 2172 *2114 2214 8113 821* 8012 82
14,400 Famous Players-Laisky_No par 81 2 Jan 28 9714Sept 24
Oct 994 Feb
82
*2114 2214 *2112 22
82
1
81%
100 87
(8%)
prat
Do
13
Nov
June
1,200
6
8
9714
8172 82% 81% 8314 8114 82
Aug
*96
54 An. 1 14
*9612 97
Federal Mining & Smelt-a-100
9612 9612 9612 97,4 *9
3414 June 6012 Feb
97
97
97
97
*9% 12
12
100 4112 Jan 2 5434 Aug 19
*914 12
.914 12
Do met
1,000
714 Sept 1032 Jan
50
*914 12
*gla 12
94 Jan 23 134 Jan 26
494 4934 50
No par
4812
4812
Bus
Avenue
Fifth
49
300
*4812
49
49% 4918 48%
Jan 23 2234 Mar 21 140 July 21214 Jan
*1112 1114 1112 11%
163
3
•207
1114
Par
NO
Corp
Body
1,1001 Fisher
13
94 July 102% June
Mar
10212
*1072 1118 10% 10% 1112 1112
181
1814
9
182
Jan
182
98
186
.2001 Fisher Body Ohio prof....100
5711 Oct 164 Feb
183 18312 182 182 *18112 185 •181
512June 6 1034 Jan 16
102 102 *102 10212
No par
37% Feb 4714 Mar
5.3001 Flak Rubber
2
9
*102 10212 102 102 •102 102% •102 10212
9
94
9
No par 444 Jan 22 7334Sept 2
9
9
9
4 July
1
6.9001 Fleischman CO
9
9
5812
Oct 78/
9
9
72
9
Oct
71%
8814
11
724
Jan
7112 71
No Par 664
Co
912 July 22 Jan
7112 7012 71% 7012 7112 704
4 Jan 7,
1
71
712Scpt 6 13/
868* 8312 861* 6,600, Foundation
8412 85% 854
77
77
1,8001 Freeport Texas Co_-NO Par
384 Oct 717 Feb
20
Aug
494
8512 85% 8334 8572 8312 85
8
8
77
28
3512MaY
Par
Car-No
714 714
77
23 Aug 54 Mar
734 772
7%
8
8
44% 444 1,1001 Gen Amer Tank
100 31% Apr 11 47% Aug 15
4512 *4412 45
45
4512 4512 464 45
60 Sept 83 Mar
45
4114 4,600 General Asphalt
85 Aug 16
45
40
4114 42
100 7112 Aor 5
4112 4172 *813*
pref
Do
3001
8212
2
4114 41,2 414 4112 4114 4214 *WIN
811
83
R3
1137, R*72
R4
•80
31
*80
a fix-31Videna.
Kg 300% In atOok. a Extighta.
tnis day.
•Dia aud &steal prised; no maim on
I
13:47534
New York Stock Record-Continued-Page 3
For sates during the week of stocks usually Inactive, see third page
preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
ggessegap„Wepulay.
Thesday, (Vert.,esday. Thuesdag, i Peidao
Oct. 4.
Oct. 6.
Oct. 7.
Oct. 8.
Oct. 9. 1 Oct. 10.
$ per share 14 per Mare $ per share $ per share
Per share $ per Mare
*88 831/ 88 88
83 .337 8) *88
88
89
89
89
107 107 •107 103 *107 103 *107 108 •107 108 *107 103
25612 25832 25412 25813 25312 255/
1
4 250 25512 247 251
24213 250
1112 1132 1118 111
/
4 Ills 1118 1114 1114 1114 1114 1118 1114
897k 897g ;81 Ii1-2 '8834 898 891r 89'3 .;i35"
-aft- 1i89/
1
4 90 •88 8913 88 8834 8912 89,2 *89
891
/
4 89
89
4014 4014 4014 40/
1
4 4014 4013 4012 4012 40/
1
4 4012 40 4012
*5834 59
5378 5938 *5813 5014 5812 53/
1
4 5813 58/
1
4 5612 5812
12/
1
4 13
1238 121
/
4 12
121
/
4 12
1278 12
1278 1112 121
/
4
3734 37/
1
4 .3614 3812 *3614 3812 *3614. 3812 *36
3812 *3614 3813
Sates
for
shs
Week.
STOCKS
NEW YORK STOCK
EXCEIANGE
PER SHARE
Range Since fan. 1 1924
On basis of 100-share lots
1719
PER SHARE
Range for Preston,
Year 1923.
Loosen
I
Highest
Lowest
Highest
Sharee. Indus. & Miscell.(Con.) Par $ per share
Per share
Pia share 5 Per share
230 General Cigar, Inc
100 8214 Apr 3
9734 Ian 10
80'.June 97/
1
4 Dec
109
Debenture preferred__ 100 100 Apr
1031231ot 17 10414 Nov 110 Ace
55.913 General Electric
100 10313 MD
281 Aug 4 113712 Sept 20214 Dec
4,820
lowest
10 1012 Apr 2
1112July It
1014 Oct 12 Jan
General Motors Corp__No par 12'4'45y2
161: Feb 1
12/
1
4 June 17/
1
4 Apt
303. Do pre(
100 130 June
81/
1
4 Oct 4
79 July 89 Apr
1,800
Do Deb stock (6%)_100 8018 rune
93 Oct 4
7814 July 90 Apr
Do Deb stock (7%)-100 92 June!. 1001a M,!17
9334 Oct 105 Apr
6,039 General Petroleum
23 38/
1
4.1une
45 xag 4
4,693 Littubei Broil.
No Par 4712 June
Sant
61
,
4
17
1111317u
-;) 511
/
4 Air'
14,800 (11150110 Co
No par
14 Feb 4
8 June
6 Sept 12/
1
4 Feb
100 Gold 1)itst Corp
No par 2812 Apr 1
4114 .Filly 29
_
Goldwyn Pictures. new _No par
8/
1
4 Feb
1612319t 9
8 Nov 2211 Jua•
2834 29/
1
4 29 30
2812 29
29
3038 30/
1
4 30/
1
4 28/
1
4 3012 8,109 cifx)drieh Co (B F) ___No par 17 June 1
32'4"st.26
17/
1
4 Oct 411, Mai
8514 8514 8534 8614 86
8612 .8612 88
8614 8714 *86
8712
1,109
Do
pre?
100 7014Way 1 8714 Oct 9
6714 Oct 9213 Mar
68 6912 6732 6972 6714 68
6712 6314 68
6912 87 6314 8,039 lloodyear T & Rub pf v t o_1110
39 Jan 4 7172 Oct 2
.96 9712 *9612 9713 *96 9732 *9613 9712 97
35 Oct 6212 Apr
97
9512
203
Prior preferred
100 8814 Jan 2 Ms Oct 1
17
88 Oct 99 Feb
17/
1
4 1718 1718 1714 1714 1714 1714 1814 1832 1734 9534
18/
2,700
1
4
Granby Cony M. Sm & Pow100 121
One
/
4
14
3/
1
4 352
12 Oct 33 Mar
202
Aug
20
314 312
3
314
3
3
3
3
212 2/
1
4 3,200 Gray A Davis. Inc --No Par
212 Oct 10
918 Jan 111
6/
1
4 Deo 15/
1
4 Mar
*1434 1478 *1434 15 *1434 15
1434 1414 15
15
*1434 15
200 Greene Cananea Copper_ _ _100 10 May 16 1834 July 22
*534
13/
1
4 Dec 3412 Mar
534 534
5/
1
4 5/
1
4
63
5/
1
4 51
/
4 *572 634
5/
1
4 5/
1
4
400 iluantanam.Sugar_ _No par
4July
Feb
1018
18
6
7034 72
Sept
5
3
6934 711
5
6972 7011 6934 71
1413
Feb
70
7114 70
7212 9.900 Gulf States Steel tr Mfg_ 100 62 May 20 8914 Feb
33 33
7 66 June 10458 Mar
33 347
3334 3434 3418 3412 3413 35
3414 3434 9,900 !Sunman Corporatton_No par 31 Snit
4434 Feb 4
3514 3534 3434 3552 3434 351 *3412 35
10
Nov
79
/
1
4
94
/
1
4
Feb
35
35
3434
35 i 4,200 laves Wheel .
•45 46 .45
100 3214May 20 15273 Feb 4
31 July 44 Ara
47 '45 47
46 461 *46
4612 46/
1
4 461
/
4
400 riomestake Mining
100 35 July 1 5618 Fan 3 54 Dec 79/
*34
341
/
4 3412 341
1
4 Jar
3414 3454 34
34
34
34
34
34
1
1.500
household Prod. Inc_ _No par 311
/
4 Opt 19 3578 Aug 4
7014 7078 6818 701
28/
1
4 July 3912 Mel
6832 69
6918 691
6812 70 I 68 69 I 7.100 houston Oil of Teialll
100 61 Apr 22 82/
2714 2732 2713 2738 2712 2714 27
1
4 Feb 5
4014 Aug 78 Feb
2738 2612 27
2613 26/
1
4 8.700 lindson Motor Car __No par 2012May 13 30 Aug 26
1438 1412 14
June 3214 Mar
20
1414 14
1432 14
14
141
/
4 14,8 14
14 I 2,000 Hupp Motor Car Corp___. 10 111/01av 13 18
•12
Jan 2
34
151
/
4 Dec 3012 Apr
*12
34
1
12
*12
3
*13
200 hydraulle Steel
34
'2
'2
612 612
/
1
4 Jan 2
No par
112 Jan 10
638 612
Is Oct
Jan
612 61
612 613
6/
1
4 658
634
63
4
1,400 Independent Oil& Gas_No pa
51431%27
14
914 Jan 18
14
*14
388 Sent 1114 M87
38
*18
*1
/
4
38
14
*14
38
*14
38
100 Indlahoma Refining
.1812 19 *1813 19
5
14 Aug 23
2/
1
4 Jan 17
Oct 19 Mar
1
1811 1853 1814 1832 1734 18 , 18
20
/
1
4
3.000
Indian
Motocyole_
__No pa
1512.1une 6 2514 Feb 4
*534 6
514 514 *513 6
1
4 Dee
18 Dec 19/
'
3512 53
*514 6 ' *512 6 I
100 Indian Refining.
10
3/
1
4 Apr 12
*3514 3614 3614 3614 *3534 3614 36
712 lune 18
312 Dec
8/
1
4 Apr
36
3614 3614 3614 3613
900 Inland Steel
No pa
3112Mny 16 3814 Ian 30
24/
1
4 2478 2414 241/ 2114 241 '
18 July 4858 Apr
31
32412 2514 25
2514 244 24/
1
4
1.900
Inspiration Cons Copper- 20 2218 Feb 28 29/
1
4Sept 2
*/
1
4 118
*78 118
2314 Oct 43/
1
4 Mar
*78 11
*78 114
*78
114
*78
114
Internet Agelcui Corp
100
12 Apr 15
2/
1
4 Feb 6
*7
914 *7
/
1
4 Oct 11 Feb
914 *7
91
*7
914
734 734 *7
100
914
Do prat
318Ma3'29 1018 /an 8
10118 102
100
Oct
10012 10114 10018 10052 10134 10134 10178 10314 10034 10213
41*
2 Feb
397
5.800 Int Business Machlned.No pa
83 Apr 11 10714 Ana 20
50 50
4913 50 •42 ____ 49 49
_
4914 491
4 4872 49 ; 1,800 International Cement_ _No pa
4034 Apr 24 5034 t le 23
2812 2932 29 2934 2818 2834 2812 2878 2838 29/
June
Mar
31
44
281g
2914
13,100
Inter Combue Engine. No pa
22 Mar 31 31 3)11.29
93 9314 93 9312 9234 9234 *9213 9312 *93
1958 June 2718 AP,
9313 9234 9314
900 1nternational Harvester_ 100 78 Jan 3 911
/
4 Aug 21
1
4 Feb
668, Oct 03/
•11114 112 •111 112 1.11114 112 •11114 112 11114 11114 *111 112
100
Do pref
100 108 Feb 26 11112Sept 24 105 Oct 1164 Jan
9
9
8/
1
4 872 *834
834 8/
852 8/
1
4
'
1
4 1,260 It Mercantile Marine
834 9
100
6/
1
4 Jan 2 1114 Aug 18
3813 3813 3734 3872 3612 37/
4/
1
4 Aug 1153 Feb
1
4 3658 3732 37
3734 3558 3712 13.600
Do pref
2012 Mar 26 4312 1iiif 21
108
1714 1712 1712 1753. 1714 1758 17/
Ito, Aug 47 Jan
1
4 1832 1814 19
18
1872 44,400 International Nickel (The) 26 1112May 9 1911 Aug
*8812 8914 *8853 89141 8914 8914 8978
19
/
4 Feb
Oct 181
loge
8978 '3891
/
4
90
*891
2
90
200
Do prof
100 7512May 29 89/
1
4 Oct 8 69/
4534 47
45 45/
1
4 Jan 83 June
1
4 4518 4514 4514 4514 46
46
44
45/
1
4 4.000 International Paper
100 3412 Apr I5 59 Jaiy 15
74 •72
74
2772 Oct 68/
1
4 Mar
74
7314 7314 *72
74
73
•72
73
74
,
400
Do
stamped preferred.100 62/
1
4 Mar 25 7178 Oct 1
*81
83 *81
60 Oct 75/
1
4 Jan
83
82 82
8114 82
821
/
4 834 *811
/
4 82 1
700 lnternat Telep & Tomes. 100 86 Feb I 86348apt
•1234 13
25
1234 13
64 Oct 711
/
4 Apr
1238 123
1218 1214 1212 1212 1213 1234 3,200 Invincible 011 corp----NO
•42 45 *42 45 *4212 47 4 *4213
1
4 Jan 2
Par i0i8 July 17 16/
Nov
7
/
1
4
Mar
1914
*4212 45 1
45
45
45
100
Iron ProdlieteCorp___No par 3912 Apr 2 5234 Jan 10
•1913 2014 1913 20
3213 Aug 5814 Mar
19
19
1913 20 •20
/
1
4 20
20
20
800
lewel
Tea,
Inc
Apr
100
1658
15
2314
*95 100 *95 102 *98 102 100/
Jan 2
1538 Oct 24 Mar
1
4 10012 *98 101
•98 101
200
Do
pref
•
100 78 Mar 31 10.3 Sept 19
1613 1612 1614 1672 *1632 17 •1614 17
62 June 8811 Dec
16/
1
4 1613 1618 1632 2,900 'ones Bros Tea. Inc
100 1434Sept 10 274 .In 3
29/
1
4 3112 3138 3312 32/
2012 Dec 6332 Mar
1
4 34
3378 3578 341
/
4 3618 3234 3512 26.400 iordan Motor Car
No par 213411av 20 3618 Oct 9
1834 19 *1834 1911 18/
1
4 191
1838 1812 17/
1
4 18
18
18
,
1.600
Kayser (J) Co. v t c
No par 1614 Aug 16 3818 Jan 18
*79 82
28 July -5173 Feb
80 80 •80 81 •78 82
80
80 •79
80 '
230
Do
1st
pref
NO
par
Aug
77
10212
16
Feb 11
1812 1814 17/
96 July 104 Mar
1
4 181
1758 1734 1712 1734 1772 1818 1714 1812 3.900 Kelly-Springfleld
Tire
25
984June 20 35 Jan 10
*50 5734 *55/
20/
1
4 Oct 6218 Mar
1
4 59 •50 5734 *50
5734 *50
5634 *50 5734
Ke8aypwrehreeorried.
•85 92 *85 93 *85 92
100 33 June 21 88 Jan 10
73 Nov 103 Jan
'85
*89
91
91
*85
91
Inc
100 76 May 7 101 Jan 10
4478 4512 44/
75 Oct 11714 Mar
1
4 451
4414 4514 4514 45313 45$8 46/
1
4 4514 46/
1
4 37.500 Kennecott Copper
No par 341
/
4 Jan 21 491
/
4 Aug 16
*1/
1
4 2
2912 Oct 45 Mar
1/
1
4 11
/
4
178 172
11
/
1
4 *11
4 1/
/
4 2
*172 2 1
400 Keystone Tire & Rubber-- 10
158May 14
42514 42514 •42014 438 *42014 438
4/
1
4 Jan 9
11
/
4 Oct 111
/
4 Mar
*42014
*423
100 Kresge (S 5) Co
100 28712 Jan 17 440 Aux 28 177 Mar 300 Dee
*101 103 *100 10312 •100 103 •100 437 103 434 *42014 430
103
103 *100 103
200 Laelede Gas L (St Louis)
-100 79 Jan 2 101 Oct 2
75 Jt117 8932 June
•1012 11
•10
11
10
1018 10
10
10 •1038 11
1014
700 Lee Rubber & Tire_ _ _ _No par
8 May 13 171
/
4 his 11
Ills Oct 311
/
4 Mar
------ Liggett& Myers Tobacco_
_100 20814 Feb 18 245 Fob 9 1903i May 240 Dec
119 1-1-678
-•
116" 110 119 *116- 116*He" fiti300
Do pref
100 11472July 7 121 June 26 1111
*61
6212 6252 6332 6213 6212 6212 6212 6212 116
/
4 Apr 11812 Jai,
6252
621
5
4
8
623
1,000
New
25
50 Mar 26 64345ept 23
6114 62
62
_
6214 62 62
6138 6134 62
6238 6214 8212 3.200
B new
25 48/
1
4 151er 28 6123Sept 22
61
61
60 6014 6014 60,4 60 6012 6014 6014 5934 6014 1,400 1.1ma
Loc Wks tern int-No par 56 June 9 6814 Feb 9
17
17
17 .1711 17
6814 Jun
7434 Mar
17
16/
1
4
*167
17
17
2
8
17
167
2,900
Loew's
Incorporated.
...No pa
1512June 25 18 Jan 10
*614 7
14 Jun
*618 67s *618 634 *64 7
2114 Feb
Loft Incorporated
*618 634 *61g 634
5/
1
4 Ian 11
5/
1
4 Apr 22
7012 7012 6913 71
No Par
6 Sep
1114 Jan
*69 10
70
70
71
70
6912
68
800
Loose-Wile/B
iscuit
Mar
50
3758 37/
6 73588ept 29
100
1
4 3712 3734 3712 3712 3724 3724 3724 38 I 37/
3614 July 8814 Dee
1
4 3734 4,200 Lorillard new
25 3412May 15 4014July 2
*18
1912 •18
1912 *18
1913 •18
1912 *18
1913 •18
1912
Ludlum Steel
1714 July 17 2334 Mat 17
*11534 17 •11534 117 117 117 •117
No Pa
119
117
*116
117
11734
200
Mackay
Companies
100 107 Jan 2 119 Aug 1 jai" May 121 Feb
98/
1
4 9934 9814 9958 9818 9914 98/
1
4 9913 9832 1001
/
4 9712 9934 23,900 Mack Trucks, Inc
No Par 7554 Apr 14 10711 Ailg 20
1021
/
4 10218 102 102 •10112 104 *102
581, Jan 9313 Apr
*102 104
10312 10312
300
Do 1st preferred
1
4 Jan 16 10412 Aug Ii
100 95/
9714 9714 9712 9712 '39634 9734 5913 104
87 July 9914 Mat
*9612
98
9712
*96
9712
300
Do 2d preferred
100 87 Apr 22 9713 Oct 6
64 6434 *64
72
June 92 Mar
6512 *6414 65
6414 6434 6412 6412 64
6412 1,400 Macy as 13) & Co. Ino_No par 59 May 15 8818 Jan
33 3312 3234 331
57 July 7113 Jan
/
4 3212 33
33 3312 34
3434 3212 35
7,100 Magma Copper
No par 2618J tine 14 3714 Aug 18
*2234 23 *2212 23
2714
Oct 3814 Mar
2212 2258 2214 2214 22
2212 22
224 1,000 MaIllnaon (11 R)& Co_No par 18 Mar 28 8134 Jan 18
4612 4612 45 45
21 June 40 Jan
44
4534 *4512 46
4578 46
46 I 1,800 Manhattan Elee SupplyNo par 3314 Mar 21 49/
45
1
4July 15
3434 34
*34
35 Oct 86 Mar
34
33/
1
4 34
*3312 3412 *34
34
34
1
500 Manhattan Shirt
3412
25 3312Mav 16 44 Jan 10
2612 2612 26
40 Oct 47/
1
4 Jan
26
'2514 26
2512 2512 26
26
254 2612 2.400 Maracaibo 011 Expl---No Par 254 Oct 7 3718 Jan 26
16 Sept 2812 Dee
33/
1
4 34
33 3358 3212 33
32/
3234 33
1
4 33
32
3318 35,600 'Harland Oil
No par 29 May 12 42 Feb 5
Oct
1712
*8
9
695
*8
2 Apr
9
*8
9
*8
9
8
8
*8
9
200 Martin-Rockwell
No par
8 Jan 8 1734 Mar 11
314 Nov 18 Feb
3312 3352 *33 33/
1
4 3212 33 '3212 33 *3212 33 *3213 33 1
600 Martln-Parry Corp.
No
3114June
pa
3
37
July
1
2
26
Jan
3512 3513 •35
17
3734 Ayr
36
*35
36
35 35
*3413 3512 34
34341
800 Mathieson Alkali Works... 60 2918May 13 467g-rune 20
3114 Oct 63/
60 6034 59 6034 5812 5912 5852 60
1
4 Mar
59/
1
4 6114 591
/
4 6114 18,300 Maxwell Motor Chun A-100 38 Apr 14 621231% 2
38 Oct 6314 Mar
1834 1834 1818 1858 17/
1
4 1818 1818 187, 1834 1912 18/
1
4
1912
39,000
Maxwell
Motor
B.No
10
Class
/
1
4
Apr
pa
19
30
/
1
4
Oct
9
1014
95
Oct 21 Apr
9512 95 96
95 96
95 9512 964 9612 94
96
5,900
May Department Stores...100 8212 Apr 21 10012 Aug 20
6758 Jan 93 Dec
16
16 •1572 16
1572 1578 *1534 1578 *1513 15/
1
4 15/
1
4 1534
500 McIntyre Porcupine Mines.
15 May 23 184 Jan 7
15 Sept 2012 May
2278 2332 2258 23/
1
4 2258 23
2232 23
23
23/
1
4 22/
1
4 23/
1
4 12,900 Mexican Seaboard 011_ _Na Oar 1418 Jan 3 2534Sept 12
Mg Aug 23/
1
4 May
Voting trust certificated__._
12/
1
4 Jan 3 23 Feb 6
2184 2134 21 11-3-8 -2154 2114
6 Aug 23/
1
4 may
4 114 2114 21I -Els -213.
4 -5
- -,600 Miami Copper
5 20 May 19 25 Aug 18
2012 Oct 3012 Feb
112 14 •118 it4
11
/
4 114
112 14
118
118
118
118
6,700
Middle States 011 Corp._
3/
1 Aug 14
1
4 Nov 1214 Jan
672 Jan 2
10
26 26 *25
26 *25
26 *25
26 *25
26
*25
26
100 Midvale Steel & Ordnance. 60 25 July 17 34/
1
4 Feb 7
2118 June 33/
1
4 Apr
6513 6512 65/
1
4 6578 6514 6514 .
6514 66
65
65/
1
4 65
65
1,000 Montana Power
100 6114June 17 71 July 11
5412 June 75 Mar
38
3812 3734 3
3758 3832 374 3778 374 38
3578 3772 50.300 Mont Ward & Co III Corp_ 10 2134May 20 39 Oct 3
May
1814
2614
2214 2214 *2212 2234 2238 2232 2238 2278
Nov
2252 2278 224g 2234 3,400 Moon Motors
No par 18 May 20 2713 Feb 7
1734 Jan 2938 Mar
712 7/
732 7,2
1
4
713 7,2
738 712
7/
1
4 7,2
738 738 5.000 Mother Lode Coalition-No Par
May 19
6
Feb
914
June
15
14
7
/
1
4
*15
Feb
1558 *15
1552 15
15 *14
14
/
1
4 1438 *14
15
200 Mullins Body Corp_ ___No par
1412
9 Mar 22 18 July24
/
4 Aug 29/
101
1
4 Mar
*3114 3112 *3114 3112 311
/
4 3114 3114 31,4 *31
3114 31
31
400
No par 2918July 14 39/
.Inc
3113 Oct 3612 Nov
1
4 Jan 16
14712 14912 150 155
150 155
145 145
144 150
143 145
2,400 Nash Motors Co
15/
No par 0012 Apr 29 161 Sept 27
1
4 Jan 11413 Jan
*5
514 *5
514
5' 5
*4
*4/
5
1
4 5
414 4/
1
4
600 National Acme
414 Oct 10 1018 Jan 28
7 Nov 181
/
4 Feb
7213 7414 7314 74
7214 73
7234 73
7238 74
72/
1
4 7413 7,700 National Biscuit
25 5014 M ar 28 7714 Sept 23 38 Jan 52/
1
4 Nov
•12214 124
12214 12234 •12214 123 •12214 123 •12214 123 *12214 123
100
Do pre(
1(10 12012 Jan 8 126 Aug 15 11813 July 125 Feb
*50 55 '
50 52 *50 55 '50 64
*50
54
*50
55
National
Cloak
& Suit__ _ _100 44 June 5 64 Feb 1
40 June 8714 Feb
35
3512 35
35
3434 36 •35 36
*3514 36
35
36
3.100 NatDairy Prod tem Mrs_ No par 301
/
4 Apr 11 3918 Aug 21
.
38
37/
1
4 38
39
38
38
3818 38
38
38
3812 3813 1.600 Nat Department Stores No par 37 June 9 43 Jan 9
3414 June 4212 Apr
• 2012 2052 2118 214 2138 2152 2118 211/ 211g 2118 21
211
1,500 Nat Enam'g & Stamping-100 1812Sept 8 44/
1
4 Jan 17
36 Oct 73 Mar
15214 153 1504 15334 15034 15034 151 153
15212 15313 150/
1
4 132
2,500 National Lead
100 12313 Apr 21 16914 Aug 15 108 July 148 Dee
*11612 117 *11612 117
11612 11612 .116 11612 *116 11612 116 11632
400
Do
pre!
100 11112May 27 118 Sept 9 10712 June 114 Jan
584 5812 554 5612 5638 5612 .
5612 5714 55/
1
4 5638 5412 553
3,400 National Supply
so 5412 Oct 10 7212 Feb 4 54/
1
4 Oct 6812 Dee
13/
1
4 14
1334 1378 1334 13/
1
4 1334 13/
1
4 1378 14
13/
1
4 14
5,800, Nevada Cowed Copper_ _- 5 1172 Jan 2 1538 Aug 19
9/
1
4 Oct 1818 Mar
43 4312 4234 4278 •411
/
4 42 *4112 42
4112 4112 41
41
1.200 NY Air Brake temp Mfg No par 3612 Apr 22 45 June 16
2618
Jan 4272 Nov
51
51
5034
51
51
5078
5014 5112
51
5112 511
/
4 511
1.600
Clan A
No par 47/
1
4 Jan 7 511
/
4Sept 25
4514 Aug 5113 Feb
3118 3112 30
29
32
2912 30
2912 30
3038 301
/
4 321
3,200
New
York
Dock
100 19 Jan 9 3718May 23
15/
1
4 June 27 Apr
•50
5212 *50
53
50 50 .5012 5112 *5012 51
5012 51
300
Do pref
/
4 Feb 27 5514May 14
100 411
3734 Aug 511
/
4 Mar
351
/
4 3512 34/
1
4 34/
1
4 3234 3334 3112 331
1
4 3532 34/
1
4 3252 34/
: 74,000 North American Co
10 22 Jan 2 36 Oct 2
17/
1
4 May 2414 Apr
48 48
47/
1
4 48
47/
47/
1
4 48
1
4 4772 4734 4772 4734 4714 2.0001 Do pref
so 4378 Jan 2 50'i July 11 421
/
4 July 4812 Feb
Nova Scotia Steel &
8/
1
4 Apr 25 14/
1
4 Jan 18
1318 Dec 2972 Mar
-;74 -ii- .7/
-;iiz --i- "iii: --ii" -;ii's
1
4 9
•71
/
4
1 Nunnally Co (The).Coal.-100
_._No par
9/
1
4 Feb 6
7 Apr 11
778 Oct 1012 .Ifeb
4.34 ii4
•1 11
/
4 •1
78 11
/
4
3114 11
/
4
•84 11
/
4
1323
300 Ohio Body & Blower__.No par
72 Oct 7
438 Jan 14
114 Dec 101
/
4 Jan
_
Okla Prod & Ref of Amer__ 5
11
/
4 Jan 2
212 Aug 1
/
1
4 Nov
3/
1
4 Feb
-ii- -11.
*714 8
-•734 -1- --iiii -114 -;7i4
1,100 Ontario Silver Mining
4/
1
4 Mar 24
100
814 Oct 9
3
July
Dee
914
*22
2214 •22
2214 21/
1
4 22
22 22 *2134 22
211
/
4 2114 2,000. Orpheum Circuit. Inc
1
4Sept 20
1 18 Feb 18 22/
1614 June 2118 AP1
*6712 oosg 69/
1
4 694 69 6914 8038 8938 6912 6912 88 69/
900; OW Elevator-k
1
4
50 63118June 24 7318June 4 114/
1
4 July 153 Feb
7/
1
4 758 •714 732
1
714 7/
4 712
1
4 1.100; OtLx Steel
1
4 712 *7/
712 712 •7/
712 Aug 13 11/
No Par
1
4 Jan 26
7 June 14/
1
4 Mar
4118 4158 4112 424 *4112 42
4134 4158 4114 4134 4111 4214 1,100 Owens Bottle
25 3914May 29 47 Jan 10
36/
1
4 Jan 52/
1
4 Apr
*12
58
13
13
*12
34
200 Pacific Development
52
*12
52
*12
33
/
1
4 Jan 2
52
114 Jan 11
Nov
Mar
214
Is
9758 9758 971. 975. •97 07?. 07
97
600 Pacific (las & Electric
9732 9732 9612 97
100 901. Ian 4 9978 Sent 20
73 lel, 9472 Dec
•Bui anus:02ml pnotan no dales this day z Ex-dividend k Par Value changed from 4100 to $50 and prices on that basis
beginning June 3 a Ex-rights.
New York Stock Record-Concluded-Page 4
1720
For sales during the week of stocks usually inactive, see fourth page preceding.
111011 AND LOW SALE PRICE-PER SHARE. NOT PER CE.VT.
Saturday,
Oct. 4.
Monday,
Oct. 6.
Tuesday,
Oct. 7.
1Vedu‘,,day
Oct. 8.
Thursday,
Oct. 9.
Pridau.
Oct. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCLIANGE
PER SHARE
Range Since Jan. 1 1024
On basis of 100-share last
Lowest
Highest
PRIt SHARI)
Range for Precious
Year 1923.
--Highest
Lowest
share $ per share $ per share $ per Aar.
$ per share $ per share S per share $ Per share 11 per share $ per share Shares. Indus. & Miscall.(Con.) Par $ Per
7 July 12% Mar
7 Apr 7 1034 Jan 9
100 Pacific Mall Steamship.... 6
ii8 _ _18_11.22
1_ 8
18
812 _'
81
812 SI: *8
812 *8
*812 834
3114 Sept 524 Dec
22 5814 Feb 5
Apr
45
17,400 Pacific 011
4612 4634 4658 4718 4612 47
473s 4638 47
47
47,4 47
94 Oct 1512 Mar
1418Sept 29
1
8May
Car
97
Motor
10
6,200
Packard
13%
134
1312
1318
3
133
1338
1313
1314
13%
13313
1314
1314
9018 June 99 Feb
100 894 Apr 24 102 Oct 9
Preferred
*99 102
1,100
101 10118 101 102
10014 10014 •100 101 •100 101
53 Rent 9312 Feb
4 Feb 14 6114 Jan 2
/
514 5214 6,000 Pan-Amer Petr & Trans.__ 50 441
5234 53,2 5218 53% 5212 5314 5238 5238 5212 53
Jan 2
594
5012 Oct 88 Feb
14
Feb
10
Class
4114
524
Do
51
50
25,000
524
5113
4
/
521
5218 5278 5112 5314 51% 5234 5134
614 Apr
114 Oct
23
Jan
418
_No
par
112Sept
200 Panhandle Prod & Ref
*I% 233 *1% 24 *134 238
2
238
2
238 *2
*2
9 May 1512 Mar
No par 134 Jon 2 16 Mar 12
ParIsh St Bingham
Oct
6
Apr
17
112
Jan
414
7
par
cNo
t
v
Oct
St'l
114
Penn-Seaboard
112
6,800
138
112
114
1% 112
138
138
138 1,2
Apr 984 Dee
86
900 People's0 L & C (Chic)_.100 9234 Apr 29 10912 Oct 1
107 107 "105 10612
107 10712 10712 10712 10738 10712 •106 107
41
July
14
5312July
1
3
4278Nlay
50
Co
Philadelphia
4814
(Pittsb)__
2,200
4712
4
473
47
48
48
48
4818 4818 4818 4812 48
_
21,300 Phila & Read C & Ow I_No par 3412 Mar 28 5278July 31
4412 451 4 4134 41
4534 4412 453
, 4612 45% 4638 45
451,
r
A 1:)
55 AUg 80 M
*6512 70
Phillips-Jones Corp_„No par 44 May 14 88 July 14
*6512 70
*6512 70
70
*65
*6512 70
*6512 70
2458 Dec,
July
31
1113
8
Jan
2334
10
July
&
11
Morris
14
Co
_10
.
1412
Phillip
Ltd_
8
153
3,000
15
1438 1514 14% 14% 1478 1478 1478 15
1934 Sept 6958 Apr
Phillips Petroleum __No par 2812 Oct 3 4212 Apr 5
3012
25,500
297
3013
29%
3014
30
4
293
3012
8
297
30%
3038
30
614 July 1514 Jan
gies,fay 13 1218 Jan 17
2,000 Plerce-Arrow Mot Car_No Par
878 9
84 878
9
9
918
9
9% 912
*912 934
an
Je
5% F
1312 July 36
3114 2,600
100 1818May 15 3678Sena 2
Do pref
3014 *2812 3212 *2812 3012 3013 3034 3012 13
3014 303s 30
113 July
413 Jan 22
4
/
11
3
Apr
25
011
..
Pierce
4
2,400
13
Corporation_
4
13
1%
8
17
18
4
13
8
15
l58 158
Jan
158 134
45
Oct
16
•
21
Jan
36
4
Mar
20
pref
26
100
200
Do
*25
2518
2518
26
*25
26
*25
26
2612 26
*25
100 53 Oct 10' 6334 Mar 12 I 58 Jan 6772 Mar
55
5512 5434 5134 5418 5438 5412 545s z53 • 5314 1,800 Pittsburgh Coal of Pa
Apr
55
55
Oct 100
96
99 1
100 947g Aug 21 100 Apr 4
100
Do pref
*98
99
*98
99
*98
99
99
99
*98
99
*98
4 Sept
/
97 Jan 22 1412July 10 1 10 July 111
pref_
1312
_100
_
1338
Utilities
Pittsburgh
1312
2,700
1312
: 1312 1312 1312
1312 133s 133s 1338 131
Feb
134
July
47
3
Oct
_ _No par 4812 Apr 22 6733
6612 6738 6538 673s 6512 654 6512 6618 654 6612 6453 6578 11,300 Post= Cereal Co Inc
100 110 Feb 7 117 Oct 2 10812 June 11414 Jan
; Do 8% preferred
4 11712 *11634 11714 *116 1174
•11634 11712 *11634 11712 *11634 1171 2 *1163
4213 Oct 814 Jan
45
100 39 Aug 6 62 Jan 29
45
400 Pressed Steel Car
443 4458 *441* 4512 4438 4438 *4438 45
*4412 46
Oct 99% Jan
80
100 67 Aug 15 90 Feb 6
72 I
Do pref
300
*71
7112
•71
7112
7112
72
*7014
7118
7212 71
.71
22
Jan
17 Nov 5818 Ma/
4312
22
Apr
2234
50
Corp_
&
4
Refiners
243
Producers
25
2,600
26
*2514
2514
25,8 25
2518 25
2514 25
5113 Ape
*25
Dec
4112
63
29
25
Sept
Mar
39
5914 5978 11.000 PubServCorp ofNJ new No Par
5934 5912 60
6114 614 6114 6134 6012 6112 5834 130
100 11312 Apr 10 13478 Aug 12 11013 July 134 Mae
12612 12912 3,900 Pullman Company
130 130
12912 12913 12914 13014 12934 12934 12958 5012 4912 504 4912 5012 8,700 Punta Alegre Sugar
Apr
14
Mar
July
8914
41%
8
673
6
4714June
50
50
4938 51
5214 5112 52
52
1614 Sept 32 Feb
25 20 June 6 2634 Feb 6
5 2234 2238 2234 2212 2234 4,800 Pure 011 (The)
Mar
2212 2212 2212 2212 2212 2278 *223 97
13
100
8212
Mar
984
Aug
10
Jan
100
92
9612
preferred
9612
Do
8%
900
9612
9612
9634
98
*97
97
97
97
97
9912 Oct 123 Mar
100 106 Jan 3 1354 Oct 2
1274 12914 12514 12512! 2,800 Railway Steel Spring
128
126 1291 127 12714 12618 12638 *127
4 July 3418 Feb
/
291
No par 30 Jan 17 3313 Feb 15
_ __
- -- - ----I ------ Rang Mines. Ltd
*3014 32
"3018 32
*3014 32
*3014 32
94 Sept 1714 Ma:
20
Aug
14
27
Mar
9
10
Copper_
Consoltdated
1214
8
115
2
-11
1
14,400 Ray
4 1113 1118 1112 1114 1114 -1138 /
1112 11% 111
24 June 4818 Mar
4212 1,200 Remington Typewriter____100 3214 Jan 4 49% Feb 5
*41
4212
4
413
4112
4112
41
41
43
4218
Feb
*4214 44
89 Dec 104
100 0014 July II 94% Feb 5
95 1
100
1st preferred
*92
95
.92
9.5
*93
95
192
93
93
Jan 99 Nov
4 93
/
80
•911
100 90i2may 13 106 Oct 6
100
2d preferred
106 106 *103 110 *103 112 *103 110 *103 110
Oct 3134 Feb
•106 108
8
714June 11 1658 Jan 28
par
No
Steel
1112
"11
Replogle
8
113
2,700
11
118
8
113
11
1114
1112
1114 1114 11
4018 June 6614 Mar
100 42 Juno 7 6178 Feb 11
46 1 2,700 Republic Iron & Steel
4533 4534 4534 45
45
4538 4634 4518 46
451
45
84% Oct 9871 Mar
100 82 June 16 95 Mar 6
Do pref
8512
100
8512 *85
8512 .85
86 •85
86
88
•86
88
14 June 497a Apr
936
par
973May 13 224 Jan 7
No
Spring
16
!
1512
4,200
Reynolds
16
1512
15
1538
7
15
*1512 1578 1478 1512 14
Jan 75 Dec
47
77381 7,500 Reynolds(R. J) Top Class 13 25 8134 Mar 31 78 Oct 2
7718 77% 7612 7718 764 7714 7718 7712 7714 774 77 1207
July 118 Feb
114
121
17
26
June
Mar
11514
100
8
300
Do 7% preferred
*120 12078 *120
4(512 Aug 5518 Feb
120 120 *120 12078 120 120 "120 1208
4034Sept 22 5912 Feb 6
shares).
Y
(N
Co
4034
41
Dutch
Royal
41
5,300
8
407
4118
4118
41% 4078 413s 404 4114
17 June 2318 Den
41
10 22 Jan 7 3434 Oct 9
3434 3438 3412 4,500 St Joseph Lead
34
33
33
33
3314 33
33
5 Feb
114 Oct
3214 34
338 Jan 24
114 Mar 6
138 */12 178
600 Santa Cecelia Sugar_ _ _No par
1 12
15s '% • 12 134
•13s 2
•158 2
1812 Jan 3512 Dee
1
6514
Oct
2
Jan
8
325
Corporation_100
Arms
8
625
8
6318
2,600
Savage
643
6314
64
6318 634 6334 64,4 6314 6314 64
May
116%
88
12914
7
16
Aug
Apr
par
De1
4
No
963
108 10834 10612 107% 10,900 Schulte Retail Stores.
10634 109
10614 107
6534 June 9238 Feb
10611 10712 10633 107
100 7834:vlay 15 10712 Aug 18
3,200 Soars. Roebuck & Co
10512 10534 •10412 10533 *10414 10514 105 10514 105 10614
Nov
June
116
10612
22
Aug
105 105
120
26
Mar
11212
100
Do pref
100
119 *118 11834 *118 119
4 Mar
/
12May 2
478 Oct 121
614 Jan 11
11813 11818 *118 119 •118 119 *118
par
112
900 Seneca Copper
112 *114
138 *114
114
118 14
1,4
114
5 Oct 10% Mar
8 July 23
4 Apr 11
•133 14
N
500 Shattuck Arizona Copper_o
*614 612 *614 612
612
6
•6
6
6
6
4 May
1
/
19
Jan
3
123
6
Feb
6
2018
6
17
4Ju1y
I53
par
No
174 13,100 Shell Union 011
1718 1718 17191 17
164 1718 17
8912 Nov 96 May
1634 164 1634 17
100 9112 Jan 4 9631May 6
Preferred
100
*0412 9538 *9512 9538 *9514 9538
9512 9512 •9512 96
16
Feb
July
15
Sept
10
612
4
Jan
8
*9512 96
103
10
Petroleum
14
5,500 Simms
1413 1414 1378
14
2234 Dec 344 Mar
1438 1433 1412 1412 1418 1414 14
par 22 Apr 14 3112 Oct 6
3078 297 3014 293 3014 13.200 Simmons Co
30
3014 3112 3018 31
16 Sept 39% Mat
30
29
July 16 274 Jan 2
15
par
o
N
Corp_N
011
Cons
1512
1514
Sinclair
1512
26,900
154
1512
8014 Aug 994 Feb
1514 15% 153g 1512 1514 15% 1514
100 77 May 8 90 Jan 21
400
Preferred
80
•70
80
179
*7914 81
80
8013 80
95s Jan 36 Mar
*8018 8012 80
25 174July 17 29 Feb 4
1,900 Skelly Oil Co
1734 1734 *1712 18
3914 July 63 Dee
20
17% 174 17% 17% 1758 18
1778 18
Aug
20
7612
May
52
Iron
100
St
Steel
-Sheffield
6978! 6834 7033 4,100 Sloss
69
6912 6834 69
Aug 70 Dec
6812 7012 69
3814
71
8
Mar
9572
9
71
69
600 South Porto Rico Sugar_.100 6412June
6812 68121 566
67
67
664 70
72
*68
1134 June 2714 Feb
72
*66
7118June 20 18 Jan 12
Vs par
1212 1,800 Spicer Mfg Co
12
13
13
4 13
/
121
13
13
Oct 974 Feb
88
141* 13,4 14
2
Oct
92
18
*14
July
78
100
Do pref.
*9112 93
500
•9112 93
92
9212 9212 92
91% 91% 9112 92
100 3912May 20 64 Sept 20' 6014 Dee 9013 Jan
65
100 Standard Milling
64 .60
*60
65
*60
64
64
65
•60212 64 •60
474 July 12312 Jan
5618 7,400 Standard 011 of California_ 25 5511 Apr 21 6812 Jan 26
5614 5618 5613 56
3078 July 4414 May
5612 5634 5614 56% 5614 56% 56
25 33 May 14 4214 Jan 26
3412 3514 3458 344 341 3478 12,600 Standard 01101 New Jersey
3534 3412 35
3512 354 35
114%
Aug 11814 July
22
Aug
4
/
1
1191
Do pref non-voting_ _ _100 11514 Mar
900
4
4 11714 11714 *11714 11712
51 June 673e Mar
•117% 118 •11712 118 11712 117% 1173 1173
No par 5512 Apr 23 65 Oct 6
6478 64% 64% 644 6438 644 6414 4,100 Sterling ProductsCorp_No par 4812 JulY 17 10078 Jan 12
64
July
12412 Apr
6184 6134 6214 65
74
Sp
5612 5434 56,8 5638 5712 5514 574 15,300 Stewart-Warn
5678 571 1 554 57% 55
594 July 9414 Mar
par 5412May 14 8478 Jan 11
6412 6514 644 6518 6412 6512 1,700' Stromberg Carburetor_No
*6512 6612 6434 65
12814 Mar
Oct
4
933
8
30
Jan
Apr
10814
8012
_100
.
6518 6512
(Tha)_
Corp
i Studebaker
No par 3012May 20 42 Sept 25
New w I
39
2 -55i, 165-8 -5812 3912 -40-.666. Submarine
Jan
15 Apr
2
7
29
Jan
Mar
1218
7
par
No
40 -4-63s 39% 4038 391-3 - 7-8 -56- 161Boat
2,200'
814
8'n
814 812
814 838
814 84
814 812
614 Feb
2 Sept
84 Aug 4
233 Jan 2
No par
812 834
47
434 434 9,200Y Superior 011
478
4% 44
4% 5
44 5
2312 Oct 34 Mat
518 518
100 23 JulY 28 3478 Jan 9
Steel
Superior
!
28
*2614
28
•____
28
*2614
28 *2614 28
Oct
4
*27
June
1
2
Jan
3
8
134Sept
10
*2614 28
America
of
Co
214 214 1.000' Sweets
214 238
212 *218 212
8 June 1234 Feb
914 Jan 5
634 Mar 31
Vo par
214 2% *214 212 *214
714 74 1,900 Penn Copp & C
714 714
714 712
4 712
1
7/
Nov 427s Mar
3453
30
7,2 7,2
Jan
8
453
3714J
7
712 712
une
25
(The)____
Company
3
Texas
8
395
11,800,
3912 3973 39
Jan
403s 3934 40,8 3934 40
5314 July 65
4014 4012 40
10 574 Apr 21 82 Sept 25
9,200' Texas Gulf Sulphur
79
7834 78
77% 7814 78
78
4 Feb
/
512 Nov 241
784 7878 7734 784 77
814June 7 1514 Feb 1
10
812 84 2,700 Texas Pacific Coal & OIL
8% 9
•834
9
9
Mar
July
144
94
878 878
7
11814J111y
15
Feb
100
141
834 9
011
Tidewater
1115 120 *113 118 •113 118
3318 Jan 45 Mar
Jan 7
•119 121 •I17 120 *110 120
364 3518 3614 4,800. Timken Roller Bearing _No par 3112May 19 41 Feb
36
36
36
4614 Aug 7834 Dee
5
35% 354 3534 3534 357g 364 65
6614 30,200; Tobacco Products Corp_ _100 53 Apr 11 7014 Oct 9
654 6558 6614 64
65
6412
644
4
7612 July 9272 Dec
653
25
Mar
9312
8314
100
8
647
64
92% 9312 9212 9278 5.2001 Do Class A
9134 9178 93
*91
91% 92
100 113 Feb 19 11972June 30 10434 Feb 11512 Oct
91% 92
Preferred
35 Apr 15
21
11a Oct 1412 Jan
Jan
614
par
NO
.
011_
Transcontinental
37
4
34 44 23,600
418
4
44
4
3578 Aug 42 Dee
251 3618Sept 8 43 Jan 9
44
4
38
300 Underwood Typewriter
*3712 3812 378 3734 38
*3712 39
38
38
*3714 39
Oct 7713 Mar
50
200 Union Bag & Paper Corp...100 3312Sept 10 6438 Feb 9
13712 40
.3712 40
38
Is Jan
3812 38
40 .38
14 Jan
14Feb 1
*38
as Apr 9
40
No par
•38
•.21 .23 1..20 .23 4,600 Union Oil
.23
*.20
.23
.20
•
9914 Mar
.22
Feb
81
18
13278Sept
.21
94
7
Jan
100
.22 .22
2,400 Union Tank Car
122 122 *12312 12412 *120 124
121 123
Jan
11634July 23 106 Sept 112
18
Feb
10614
100
pref
Do
12014 120,4 121 12234 *111 113
112
700
112
11118 112 *11112 113
11234
29 July 3912 Mar
No par 2014 Oct 10 37 Feb 11
111 111 *111
800 United Alloy Steel
2 2014 21
2112 2134 *2118 2114
4,
7414 Oct 8534 Feb
100 71 May 29 954 Oct 1
Drug
United
*2134 22% 2134 2212 92
5,200
9218
8
937
4
923
92
4
923
92
93
4614 Feb 49 July
60 4612May 3 50 Sept 23
9212 9312 9234 94
Do 1st preferred
1,000
4934 50
50
50
*4912 50
*4912 50
100 182 Jan 4 22412 Aug 5 15212 Jan 18713 Dee
4912 491i 4934 50
900 United Fruit
20514 20514
204 205% 20514 20512 •20514 208
206
21) July 6913 Dee
8 Oct 1
1165
64
27
Feb
Fdy._11)0
dr
Pipe
Iron
Cast
49,200
US
noo 208 206
8
115
1153
11013
11118 11212 11178 11314 113
100 8178 Jan 15 9812 Oct 3, 64 June 87 Nov
Do prof
500
9812 98,2
113 113% 11014 114
9812 9812 *9812 983
Jan
1334 Oct 25
Corp.No par 1658Mar 28 2414 Oct 3
Mach
Hoff'n
US
9812 9812 9812 *98% 9914
3,300
23
2312
2312
*98
2318
2:312
4 2334 2334 2318
/
40 June 734 Mar
2414 2353 241
7114 15,400 U S Industrial Alcohol_ .100 13118Nlay 20 83% Jan 31
24
7014 6912 7112 69
69
69
9514 June 101 Mar
6912 69
100 98 Jan 3 10334 Feb 7
pref
Do
6912 68
I
69
s
*100
8
1047
1047
*100
8
1047
*100
8818 July 106 Mar
90 June 9 10714 Feb 13
*9612 1044 *99 10478 1100 1044
9212 9212 9238 9212 1,600 U S Realty & Improv't__ _100 100
93
9212 *92
4 Aug 1083s Mar
1
97/
109 Feb 13
June
Preferred
9312 9418 93'2 9412 92
400
10114 10114
101% 10134 *101 102 *102 103
3058 Oct 644 Mar
2212May 22 42% Jan 12
100
Rubber
102 102
States
4,100
United
34
8
333
•101 102
3418
8
333
4
3312 333
3312 34
Jan
4 Oct 105
763
4
1
/
94
10
28
Jan
3412
6612May
34%
preferred
100
1st
Do
3,100
3414 3412
8734 8812 8812 89
*8734 8814
87% 88
1833 Oct 43113 Mar
3514 10,100 US Smelting, Ref & Min._ 50 18'3 Mar 26 36 Aug 19
8814 8812 8818 8812 3212 3212 33
32
3412 3434 36
383s Dee 481/ Jan
21
464July
22
ar
Al
4
/
371
50
pref
200
Do
*45
454
3212 3234 3214 32% *45
*44
45%
46
4512 45
8512 July 10958 Mar
45%
*44
States Steel Corp._100 9414June 6 111.34 Aug 20
45
*43
1074 10838 108 10834 10634 10834 141,500 United prof
10712 108
100 1181s Feb 1 123 July 23 1164 Aug 12312 Jan
Do
2.700
10758 10814 10712 1084 12218 12233 122 12212 12212 12212 12212 1223
554 Oct 764 Mar
29
4July
18
12214
Jan
811
64
10
Copper
122
Utah
5,200
7913
78
•122 12212
78
78
76
Oct 2438 Feb
14
7434 7434 7434 76
100 16% Jan 4 37 Sept 10
74
9,500 Utah Securities
73
3114 323
73
4 3212 33
3314 3178 334 3218 323
2414 July 4458 Mar
33% 33
33
Corp
Vs par 1918June 9 3312 Feb 11
Vanadium
1,400
224
2314
2312
2312
64 June 27 Feb
*2234 2312 2234 2318
10% Jan 11
23
23
*2314 24
138 158 1,400, Virginia-Carolina Chem....100
158 1% •158 134
17 June 69 Ma,
las 13:
9 3434 Jan 2
2; n 10
14
23
•112 134 •112 1%
100
600, Do pref
3% 3% *338 4
Oct 23 Mar
355 358
12
4
434July 12 1518 Jan 10
par
(V)
No
Vivaudou
7,600
918
334 34 *312 3% *3%
834
918 9%
94 9%
1458 June 20 May
No par 14 Apr 29 1718July 14
9,4 912
9,8 9%
958 94
1434 1514 2,500 Waldorf System
1412
*1414
1638 Den
Jan
1412
1438
124
14
Mar
oh
2,200; Weber & LIellbroner„ No par 1414 Jan 31
1438 14% 1438 14% *1414 1434
154 1478 15
1514 15
33 Dee 105 Mar
: 15 465
50 3514 Jan 19 4712 Oct 9
15% 15% 1514 151
•1512 16
474 4612 4612 3,100; Wells Fargo Express
4612
July
11913
Feb
8
1014
4614
19
Aug
464
118
*4518 454 4534
45
1,700 Western Union Telegraph _100 10.5 May 1
45
76 July 120 Feb
11118 11113 11114 11218 111 11214
9684 Jan 28
100 WeatInghouse Alt Drake...50
11114 11114 11212 11212 111 112
•9212 9312 *9212 9312
6718
June
9312
Feb
5212
*9214
17
75
Slay
9312
16
Al
8ay
551
92
94
93
93 .
*93
8212 6212 6218 6212 3,100' Wastinghour a Elea & Mfg_ 50
Oct 3033 Mar
20
29% Feb 6
6214 62,4 eve 6212 24
Vo par
634 6238 63
900; White Erie' Oil
63
2378 24
24
6618sent 25
24
65 June 6078 Mar
24
.%
834
2
50
r
Yn
p
aa
2
1
2
1
or
60
24
Mo
2334 2334 *2334 24
White
24
6218 634 6112 6314 10,900'
2 Dec 14 Feb
5 Jan 11
78May 19
6214 6134 6214
1,200 Wickwire 3pencer Steel.. _ 5
6234 6351) 6212 93% 62
1
1
1
1
5 June 1114 Dee
11s
*1
678Alay 17 1414 Jan 16
1
1
1
. 25
1
118
•1
84 16,100, Willys-Ce erland (The)._.
8
818 814
4 Jan 83 Dee
1
42/
15
Jan
814
818
88
s
83
100
818
814 814
8,4
.
,
8
19 Juno 4214 Mar
6714 6012 6714 6512 6634
67
2Ala
1118
aY 16 28 Jan 9
67
No par 64
6712 67
6712 6712 67
500' Wilson & Co Inc
5% 6
•578 614 *534 618
6
6
100 280 Jan 4 345 Mar 24 19918 Jan 290 Dec
*512 6
534 5%
I WoolwGrth Co (F W)
25 7212 Apr 10 12012June 30
11114 1074 1104 18,600. New WI
1973 Oct
100 2314June 9 4712Sept 21
iioi, 1111-4 11034 1118* 110 111
iioEs
4334 3814 42% 15,000' Wortb;ngton P & M
43
814 Jan 1313 Nov
958Alay 15 1312 Jan 3
43%
8
423
4212
4312
par
4134
4138
_No
4234 4334
600 Wright Aeronatuleal__
11%
8
115
12
•1158
1
4 Dee 404 Dec
373
Oct
44%
22
No par 35 Apr
1134 1134 1178 1178 1112 114 1112 1112 *43% 44
4312 43% 2,8001 Wr1gleY(Wm Jr)
8 Mar 27
855
10
4414June
434 4418 4312 4312 *5114
*43% 44
.10
ctfs_
tern
Mfg
4312 44
Cab
1,400: Yellow
51
51
52
Oct 80
62
Jan
20
Aug
8
703
5
May
5212
62
.51
par
52
5212
5134 52
51
51
400 Youngstown Sheet & T_No
6412
6412 •63
*62
65
64
•6412 66
64
66
66 .
*64
-dividend
Ex
z
•Bid and asked price: no sales 00 thin day.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
1721
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except for income and
defaulted bonds.
BONDS.
N. Y.STOCK EXCHANGE
Week ending Oct. 10.
4 4-,
c2,‘
Price
Friday
Oct. 10.
Week's
Range or
Last Sale
•
E
Range
Since
Jan, 1
:
1
BONDS.
N. Y.STOCK EXCHANGE
Week ending Oct. 10,
Pries
Friday
Oct. 10.
Week's
Range or
Last Sale
U. S. Government.
BkI
Ask Low
High No. Low
High
Bid
Ask Low
High
IFIrat Liberty LoanAtch Top & Santa Fe (Concluded)
of 1932-1947
J D 100033 Sale 100,1,410011n 2092 98341 101113t
&est Unto Div 1st g 41____1928 MS 993* 100
99 Sept'24 - - Cony 4% of 1932-1917
J D 102,33
1011,24Aug'24 _ _ _ 98,711 102"lf
Rocky Mtn Div let 49____1985
'3 _ _ _ _ 8434 8418
8458 23
Cony 45-2% of 1932-1947
3D 102,34 Sale 102,34 1021144 403 98113310213 n
Frans-Con Short L 1st 48_1958• 1 864 8734 88%
808
1
2d cony 434% of 1932-1947... J D 101"13 Sale 101644 1011434 1978 981041 103
Cal-Ariz
lst
444s
&
•'A"1962
ref
94
93
3
93
4
MS
1
94
Second Liberty LoanAtht Bina 30-yr 1St g 4.9_91933 NI S
8512 10
6% of 1927-1942
MN 101,42
1
101 0 1012,33
9 981,0 102":. Atl Knoxv & Cin Div 4s____1953 MN 89 -66- 8
89
514 893 5
Cony 452% of 1927-1942
MN 101.12 Sale 102,31 102,
0
98,44102ss4 Atl Knoxv & Nor 1st g 55_1946 3D 10
424
,5
oc
13
4 _05.3_4 19
ci
05
t:2
3 O
Third liberty LoanAll & Chart AL 14t A 4558-1044 ii
434% of 1928
M S 10210 Sale 1013731 102.33 1281 9911,, 102,43
let
30-year
58
B____1944
Series
11011s
1017
102
8 16
3
J
1015,
Fourth Liberty LoanAll Coast Line lst con 48__731952 M S 9138 Sale 91
9112 3743-9% of 1933-1938
AO 1021144 Sale 102.134 1021534 2047 981,34 103
10-year secured 78
1 39
los
10714
8
1078
1073
N
1930
M
Treasury 4345 1947-1952
AO 106,33 Sale 105.144 100:4 309 991144 106733
General unified 4458
9331 98,
1964 J D 935 94121 934
Si consul registered
d1930 Q J
10312 10344
10334 Sept'24
I. dr N coll gold 49
86121 40'
a1932 NI S 84'I 8638, 85%
gs 0009o1 coupon
d1930 Q J
10248 10248 Atl & Danv 1st g 49
10238 Mar'24
10
79
194.33 J 79 Sale 78
Panama Canal 3s gold
1961 QM
9378 Aug'24
9378 931s
2d 41
Oct'24
_
68
19482
68
85
State and City Securities.
Yad 1st g guar 4.9
1949 A 0 77
7814 77 Sept'24;
Y City-44s Corp stock _1960 MS 10118 _
98% 10134 A & N W lst gu g 5g
101
10114 12
1941
3
J
4599 Corporals stock
1964 MS 10238 1-02-3-4 10234 10234
9958 10234
3
10018 Aug'24I-43413 Corporate stock
1986 *0 10238
_ 102% 10238
9934 102% Balt & Ohio prior 3548
1
100 I 36
1923 J J 9978 Sale 998
1151s Corporate stock
1971
D 1087s
10534 10714
107 July'24
Registered
9978 Sept'241--__
81925 Q J 9512 100
4548 Corporate stock _July 1967 J J 10634
10244 10634
10618 Sept'24
1st 50-year gold 4
.
. 8738
88 I 49
#1048 A 0 _87_4 S_a_1!
048 Corporate stock
1985 in 10612. 1-0714 10658 Oct'24
103 10644
Registered
86 I 21
#1.948 Q J
8512
430 Corporate stock
1963 M
37 10214 107
106,
106%
4
8912425
10-year cony 454s
107
1993 M 5 8918 Sale 89
it% Corporate stock
1959 M N 9914 -- 9914
2
9912
9458
9912
Refund & gen 69 Series A_1995 J D 8512 Sale 85
8534 421
4% Corporate stock
1958 M N 9914
9458 9938
9918 Oct'24
10
125
102%,
10293
-year
fis
8
1025
J
Sale
1023
4
4% Corporate stock
1957 M N 9914
9914 Sept'24
964 9934
Ref & ten 69 Ser C temp _ _ 1995 J D 19
100341 268
18
2 Sale1007,
10
09
07
4% Corporate stock reg_1956 M N
9812
9131 0812
P Jet di NI Div 1st g 3359-1925 MN
1
1j 10
0
0
4
15
109
455% Corporate stock._ 1957 MN loSi4 Sale 10613 Sept'24
2 103Ia 10018
10614
P LE&W Va Sysref 49 1941 MN 8412 Sale 8418
% Corporate stock_ _1957 MN 1061s
102% 10814
10614 Oct'24
7 Sale 997
Southw Div let gold 3545.1925 J
270
-997y
99
839% Corporate stock
1954 MN 8934 -9014 8934
f1
3
854 90,
8934
Ti & CM Div 1st ref 45 A..1959 J .1 68 Sale 68
684 12
New York State Can Im 49_1981 J J
10212 10334 Battle Cr & Star 1st gu 39-1989
---- 10212 Aug'24
694 64
62 Aug'24
.1
Highway Improv't 45433 _1963 M S
11272 1127s Beech Creek let gu g 45
---1127g Aug'24
1938.3 J 92% ____ 927s
8
9278
Foreign Government.
Beech Cr Ext lst g 3159...J.10511A 0
5
74
714 May'24
Argentine(Govt)78
1927 F A 10214 Sale 10218
102% SS 10034 10314 Big Sandy 151 48
1944 J D 8412 Sale
Argentine Tres.sury 58 £.__1945 M
84 B & N Y Air Line 1st 4s_ _ 1955F A 8712
78
16
8112 Sale
82
671
6734 6712
2
846
Temporary s f g Cs Sec A 1957 Nt S 937s Sale 81'3
395
8912 9412 Bruns & W 1st gu gold 45.-193813 3 91
94
9312
2
91
93
91
Austrian (Govt.) s fly
1943 1 D 9334 Sale 9234
8314 98 Buffalo It & P gen gold 55_1937IM S 10118 Sale 1013*
9558 257
10152 10
Belgium 25-yr ext s f 745a 9_1945 J D 11014
97 111
Sale 11014
11034 136
Consol 4548_
125
35
19371M N 8744 Sale 87
5-year 6% notes
Jan 1925 1 J 10012 Sale 10012
49
9834 101
1003
Burl C R & Nor 1st 59
1934 A 0 100', ___.. 10058
100758
8'8
20-year ti f Is
1941 F A 10758 Sale 10712 108
97 10.9
57
25-year ext 6359 w
1949 M S 9614 Sale 955
9812 1105
9414 9812 Canada Sou cons gu A 59_1962 A0 10112 10178 101
102
8
Bergen (Norway) Si 88
1945 M N 11114 Sale 11078 11112 10 108 11112 Canadian
North deb 9 f 79-1940 J o 117 Sale 11838
117
85
Berne (City of) s f 85
1945 M N 111 112 111
14 108 112
112
25-year 9 f deb 8458
117 Sale 11612 11714 41
1946
Bolivia (Republic of) 89__.,1947 MN
9314 105
94 Canadian Paz lty deb 48 stock_ _ 3,
85
9234 Sale 924
230
80
J J 7978 Sale 7912
Bordeaux (City of) 13-yr 65_1934 MN 8758 Sale
87
91 Carl, & Shaw 1st gold 4s__ _ _1032 M
88% 78
874
9312 9434 94 Sept'24 -Brazil, US external 88
1941 3D 964 Sale 9612
97
91
127
9012 Caro Cent 1st
793 Oct'24
1919 J J 7938 81
49
-78 (Central Ry)
1952• D 84 Sale 83%
83
713
84
60
Caro Clinch a,0 1st 3-yr 5s_ -1038
21
100
D 100 Sale 9934
7348(Coffee seem') £(flat) 1952 A0 100 Sale 09
94 103
25
100
85
1952 J o 10518 Sale 1054
1057, 85
Buenos Aires (City) ext 65413.1955 J J 96 Sale
94
97
52
96
Cart & Ad Ist gu g48
1931 J O 8312 ____ 8312 Sept'24 - - -Canada (Dominion of) g513. _1928 AU 10138 Sale 954
99% 10112 Cent Branch U P 19t. g 49-1948 J D
101% 44
10118
68
1931 * 0 102 103 102
9912 10358 Cent New Eng let gu 49_ _1901
10212 30
2
6314 6478 64
64
J
10-year 5348
1929 1, A 10414 Sale 104
10412 330 10034 10434 Central 061() 4-4s 1930
1930 MS 0712 9912 9758 July'24
rse
1952 MN 1033* Sale 1034
994 104 Central of Ga 1st gold 58—P1945
10312 111
____ 101
FA 101
101
1
Carlsbad (City) s f 85
1954 33 9714 08
27
9414 98%
98
9512
Consol gold 55
100
8;
1945 NI N 100 Sale 9934
Chile (itepueum est a f 89_1941 FA 106 Sale
108
55 102 10912
10412
10
secur
-year
June
58
10318
1034
1929
Sale
1034
3D
13
External 5-year 8 f Bs__ ,,1926 A0 10314 Sale
10338 28 102% 10558
103,4
Chatt Div pur money g 49.14151 • D 8338 _ _
83 Sept'24
20-yr ext 78
1942 MN 0714 Sale 9714
98
87
99
94
Mae & Nor Illv 1st g 58_ _1946 J J 983* ____ 957 July'24
25-year is f 89
1946 MN 10514 Sale 104z 10538 44 102 10714
MId Ga & Atl Div Sc
94 July'23
1047 J J
9438
Chinese (Hukuang Ry) 58_1951 in 41 Sale 41
3914 4712
42
9
Mobile Division 5s
1846 3.9 9838 ____ 99 July'24
Christiania (City) 8 f 8s_ _1945 * 0 11012 Ill
111
33 107 111 Cent RR & B of Ga coil g 54.1937 MN 9514 96
11011
2
9513
96121
Colombia (Republic) 6145_1927•0 9914 Sale
94% 100 Central of NJ ten gold
994 19
55
106
1987
'
3
4 lOS7s 106
Copenhagen 21-year sib449_1944 J J 9534 Sale 99,4
8714 964
96
77
95,2
Registered
Sept'24
107
4
k1987
107
1053
Q
J
Cuba 5s of 1904
1944 M
93% 964 Cent Pc 1st ref gu g
9612
954 96,2 9514
5
1940 F A 87% Sale 871s
49
88,4 48
Ester debt 58 1914 Sir A _ _1949 FA 04
89
95
9612 95 Sept'24
Mtge guar gold 3Lis
3
41920 J
955
9534 Sale 9534
External loan 4449
794 89
1949 FA 88
1
89
89 SePt'24 —10
Through
St
1.
1st
gu
48_
_
.1954
*0
853
86
8
85
85% 10
5548
1953 1
9112 97% Charleston &
9638 Sale 96%
9634
Savannah 79 1938 .1
11618
1153* Feb'24
Czechoslovak (Repub of) 88_1951 A 0 10058 Sale 10018
10078 100, 94 10134
Sink fund 8s Ser B lot ctfs.1952 AO 10058 Sale 10014
10034 119, 9712 101
Ches & Ohio fund &!mot 59_1929'3 10018 10038 10018
10018
I
Danish con Municip iss"A“ _1946 FA 10912 110 10912 111
23 10812 111
let eonsol gold 58
11993399 MN 10118 ____ 10112 101% 11
Series 13 s f 88
1946 FA 1097
47 10612
10912 1101
Registered
' 26 10714 11012
MN
10018
10018
___
_
2
1001g
Denmark external i f 89_ _1945 * 0 111 8 Sale
11112
Sale 11058 111
General gold
1992 MS 8878 Sale I 8812
8914 57
20-year 69
1942 JJ 1005
9314 101
10058 182
10014
Registered
1992 MS 85% 8712 86 Sept'24 ____
Dominican Rep Con Adm s f 5s'oh FA 101 8 Sale
100 10212
Sept'24
1017
10114
20
-year convertible 434s 1930 F
Custom Administr 5555_1942 MS 93
8534 9438
78
933
93%
8
9212
c
313-year cony secured
g 54,
cured58_1948
A 0 9
93'2
7 Sale
97
96
71
852
5 127
al i 97
Dutch East Indies ext 68
1947 33 98% Sale 96,4
9258 0714
175
97
1940 J J 95
Oct'24
9934 97
40-year 69
1962 MS 9534 Sale 0512
9212 9612
111.
96
Patti Creek Branch 1st 49_1048 J J
____
8118 833 80 July'24 ____1
External 5558
1953
854
83
91
90
Sale
904
8934
R A A Div 1st con g 45_ 1989 J .1 80
8012 84
Deposit recelpt9
MS 8934 Sale 8934
81
85% 92'4
24 conloi gold 48
00
1989 J J 744 7534 803* Sep8
t.424I ___ 1_I
French Repub 25-yr ext 89_ _1945
.
315
92It 109
108 Sale 10534 107
Warm Springs V 1,1g 58 _ _1941 M 9 937 9812 95, July'24 _ __,
20-yr external loan 754s._1941
609'
9(112
1
10514
10158 Sale 10078
102 4
Chic. A klton RR ref g Ifl
1949
11
Finland (Rep) ext Os
A
6212
6
0
1
38
62
613*
1945 NI
37
8512 9112
874 Sale 8678
88
Certifs deg 8tpd Apr 1924 int__ ____
CR Brit & Ire!(UIC of) 5559_1937 FA 10538 Sale
594 ____ 5914 Sept'24 ____.
98% 105%
10518
105% 180
Certif dep stmpd Oct 1923 lot .___ 5914 84
____'
July'24
60
10-year cony 5549
1929 FA 11038 Sale 110
11012 419 10811 11134
itoiltroy ttrat lieu
Greater Prague 75501
4412 96
1952 MN 91 Sale 90
189, 7812 9312 Chic Burl & Q-111 3 Ad.__ _1950 3 .1 44 Sale 43
91
Div 350_1949 J J 81% 8278 81%
83 I 26
Haiti (Republic) 611
1952 A0 9278 Sale 921
42
884 93
4
I linois Division 4s
93
90141 11
1919 J J 8934 9014 8934
Hungary (King(' of) el 7348w 1'44 FA 87,2 Sale
188
87
8912
87,2
a
4
8Exteneio
n
49_1927 114 N 100 Sale 9914
100 I 28
Italy (Kingd oil Ser A 649_1925 F
9812 101
10058 101 10058
1(137034 18
General
9
19.58
89
M
90 I 14
89
Sale
1
Japanese Govt--f loan 4558_1925 Ft 8112 82
92% 97%
9738 Sept'24
1st & ref 58
1971 F A 10178 Sale 10134 10234 48
Second series 4558 £
1925 J J 011s 9114 974 Sept'24
9134 9812 Chic City & Conn Rya
-Sept'24 ____
55_1927 A 0 478 51
4712
Sterling loan 48 33
1931 ii 8158 Sale Slit
75%
8
I
82,4 29
Chicago & East III 1st 6s.__1934 A 0 1O6'2 ---- 1065, Sept'24 ____
Temporary 9 f g 654
11154 FA 9138 Sale 914
9212 1148
884 93% C & E Ill tut(new co) ten
59_1951 M N 71% Sale 7112
7214 133
Oriental Development 88.1953 M
81
91
8714 Sale 8714
883* 45
Chic & Erle 1st gold 5a. _1932 NI N 100
____ 994
100 I 11
Lyons (City of) 15-year 89_ _1934 NI N 8712 Sale 8714
7218 91
887
, 0
Q.,
1
Chicago Great West bit 48 1959 NI S 583* Sale 577
354
59
Marseilles (City of) 15.yr 65_1934 NI N 8758 Sale 874
7218 91
88% -Chic Id
n & County—Ref 69_ _1947 3 J 10912 111% Ill Sept'24 ___
Mexican Irrigation 4 49_ __ _1943 NI N
20
1912 21
20 Sept'24 -40
Refunding gold 59
____
Sept'24
1947
J
Mexico-59 01 1899
9938
J
__
993*
1945 Q
37 Sept'24 - 20
40
5112
45
Re
Getnte
mra
dling
58 4
,4 Seris9
C
Gold debt 48 of 1904
1947 J J 8514 ____ 8514 Sept'24 ____
1954 Jo 2213 Sale 23
3
23
18
30
5
86
1966 M N 86 Sale 8512
Montevideo 7e
1952 it, 9012 9112 904
8514 93
91% 16
General
69
II
2
51
14!
10
77
1%
1
Netherlands 62 (jlat v76-41_1972 MS 98 Sale
07
14 17
77
014
4 17
3 10
07
13
8934 10012
97%
9812 96
Ind & Louisville 1st gu 49
.c_119.
8
30-year external 68 (Jla1)._1954 *0 10012 Sale 10038
56
62
3
376
98
1003
4
10034 Chic Ind & Sou 50-year 49 1956
37
Norway external918,
2
,4
4
8
ep
e
L
s
O
8
9
6
3
18
1940
24
0 1117g Sale 11134 113
1094 11378 Chic 1. 8 A DLit
-_-_-_-_ I
20-yr exti Ge
2 D2
1043 FA 9812 Sale 984
98% 74' 9112 9914 C M & Puget Sd 1st 4548_ 1969 3
9826118 S98
let gu 48_ _ _1919 J y 6
20-year external 69 int etf9.1944 FA 9818 Sale 9778
a65
1e7s 48
9858 2881 97
98% Cl, 131 & SIP gene 4s Ser A _e1989 J J
30-yr esti tls
54
72
Sale
7118
683
4
1952 A0 9858 Sale 984
114
924 9912
09
General gold 355s Sir B. e1989 J J 614 65
Panama (Rep) 554e tr rects_1951 J
6
6114
61,4
36
100
954 100
9978 Bale 9914
General 4559 Serlee C.__ _elOSO J J 793* 8034 79%
19
80
Porto Alegre (City of) 89
1961 Jo 9412 Sale 9412
29
95
92
99
Gen & ref Series A 4 ¶-9,.a2014 A 0 49 Sale 4814
5312 236
Queensland (State) acts f 7v11141 *0 10912 Sale 10912 11012 25, 1044
1103
4
Gen ref cony Ser B Si
a2014 F A 53 Sale 5214
5414 262
25-year Os
1947 FA 10314 104 10314
10334 28' 991:194
Debenture 45-414
553
55
1,
925
32 3 D
3,3
18 S
53
r) 6
1 1g
sallee 6
Rio Grande do Sul 88
58
1946 A0 98 Sale 96%
964 11
92
99
Debenture 49
Rio de Janeiro 25-yr a f 88 1946 *0 95 Sale 9414
27
95
87% 99%
25-year debeuture 48
5
70
17
4
2 190
92
1
1934
481s
J
25-yr e.311 89
.1
Sale
1947 A0 9412 Sale 94
47
9512 38
87
9778
Chic A Mo 11.1v Div 5a_ _ _ _11126 J J 96
5
97
9714 96%
Rotterdam (City) external 851964 MN 10:12 Sale 10212 10312 12
98
99% Chic & N'west Ext 48_1896-1926 8' A
1
9912 Sale 9912
99'21
El Salvador (Bey) 88..... 19.1s J J 99% Sale 994
9934 36 100 10414
Registered
13813-1926 F A 9775 9878 9814 Sept'24'_. _ Sao Paulo (City) a I 88
1952 NI N 9512 97
961.
7
96
9012 1024
General gold 3549
5
75 I
1987 SIN 75 Sale 74%
San Paulo (State) Ott it 88_ _1936 J J 10034 Sale 10014
10078 35
94 103
General 45
19,7 M N 85 Sale 844
8512 21
Seine (France) ext 78
1942 J J
9214 Sale 9178
199
94
79
9712
Stamped 4s
1987 M N ____ 8512 86 Sept'24 ____
Serbs, Croats & Slovenes 89_1962 MN 8812 Sale 8818
339
89
6314 9012
General 58 stamped
103 I 16
1987 M N 10214 104 10258
Soissons(City)Ile
1936
N 87 Sale 8612
8712 30
78
8944
Sinkltig fond 68
1879-1929 A 0 10312 ____ 105
Oct'24 ____
Sweden 20-year 68
1939 3D 10514 Sale 10514
10513 50 101% 108,4
Sinking fund 5s
1879-1929 A 0 99 Sale 9758 Aug'24 _____
Awls, Confedern 20-yr s f 88 1940 J J 11412 Sale 11412
115
18 1 113* 118
Registered
1879-1929 A 0
_ __ 98 Sept'24 __ _
SwItzerland Govt ext 5129 _1948 *0 9912 Sale 9912
10014 422
94% 10014
SlukIng fund deb 58
1933 M N 10034 Sale 10058
101,4 14
Tokyo City 5s loan of 1912
MS 8414 65 6414
65
6
5912 6614
Registered .......-I. _ _ _1933 NI N 9912 ____ 100 Aug'24 _ _ _
Uruguay (Republic) ext 881_.1946
A 10578 Sale 10512 106
48 10114 107
10-year seeured 79 g
1930 3 D 108 Sale 108
1085s 22
Zurich (Clry of) s f 85
1945 *0 111 Sale 11078
11114
9 10912 112%
secured
15-year
it_
6548 _ ._193(1 M 9 11012 Sale 11012
11018 11
Railroad.
Chic RI & P—Hailway ten 491988 J J 8312 Sale 8318
8
8312
Ala (it sou 1st eons A 59...„1943 Jo 9958 __.- 9918
9958 10
9534 1004
Registered
J J 80% 8178 82
Oct'24 _ _ _ I
Ala Mid fat guar gold 59_ _1928 Ni N 10114 ____ 102 Sept'24 -98% 102
ReftradIng gold 49
1934 A 0 8112 Sale 8114
8178 199
Alb & Stem eons 3349
8158
1
1946 *0 8158 8212 8158
79
83 Chin Si. L & NO gold 511._ _1951 J 1) 10158 103 100% Aug'24 ____
Alleg & West 1st- a 4s gn_ _1998 A0
82
1
82
80
84
Gold 3558
1451 J D
77 leb'24 ____
Aileg Val ten guar g 48
92
3
1942 MS 92 Sale 92
88% 927s
Joint 1st ref 59 Series A_ _ _1963 J 0 973 Sale 96%
9738 51
Ann Arbor let g ye
6212 18
81995 Q J 6218 Sale 1321s
57
6414
Do Series B
1963 1 D ____ ____ 9512 June'24 ____
Atch Top AS Fe—Gen g 48_1995 *0 8918,Sale 88%
88
89% 151
91
Memphis Div 1st g 48
1991 J 0 82
854 8212 Oct'24
Adluntment gold 48
#1999 Nov 8218 904 8311 Oct'24
794 85 C St L & P 1st eons g As._,A932 A 0 10044 ____ 10044 Sept'24 ____
____
Stamped
84 I 18
81995 Nov 8212 Sale 8212
7102 85 Chic St P NI h 0 eons na_ _ _1930 J D 10412 10512 10412
105 I
2
Cony gold 48 1909
1
8312
1955 3D 80% 83 8312
81
85
Cons6re 8ced to 3549._1930 1 D 92
____ 91% Sept'24 ____
Coo, 49 1905
9812 Sept'24 -1999
D 8138 83
80% 85
Debenture 5,
1930 61 9 9814 Sale 98
Pen,. •f.f.nrnn nf 1.3111
9538 52
10811
n 8218
4
8212
8212
8138 8318 ChM T 11 & So East 191 5...l11633 0 767 Sale 764
77 I 56
$6—E. a Due Jan. it Due Apr 1
Due May. o Due June, ii Due July. 8 Due Aug. o Due Oct.
V Due Nov. it Due Dee a Option gala.
855%
eon g
4548
Rase.
541301
Jae. 1
__—
Low
Hish
9512 9912
8511
80
831s 8858
9018 95
8512
70
90
81
8912 103
91% 95
98 103
8811 9314
106 108%
8614 93%
8138 87
734 804
65
6912
68
801a
9612 1004
9614 10034
96 10014
8112 8878
88%
80
8214 9012
8912
83
1001s 10378
100 10112
954 100
79
8578
964 1004
6814 70
62
58
9012 9312
7714 7714
80% 84%
6912
81
8812 92
100 103
9014
87
9534 10112
97% 102
111 117
110% 117%
7834 82%
94
90
70% 7934
9258 100
98 10614
81
8312
7514
67
50% 66
97%
96
Sig 10134
9514 10012
100 104
7812 83%
9534 11763
90
9934
9172 98
10334 10714
102% 10712
89,2
85
9612
91
81% 87
11514 115%
97 10178
9558 103
98 10014
8414 90
8358 88
9"
887
812 103
8
9234 9734
82%
78
7g12 Z1531
6
93
578
60
60
4512
8312
l
612 19
06131
0
88
8
91
85
9878 10234
47
5512
1044 106%
5
9
56
54
9312
3034
7834
811
9
69
18
2 10
70
60
50
11%
19
05%
38 199
81% 85%
814 874
21
9
3
75
1,2 19
09
80
884
49,2 6
817
8 93
8214
704
614
78
48,4
62
51,8
75,4
85,
4
84
554
6218
88
6
47
3
96
9638
96
69%
80
79%
95
99
96
9538
8"
60%
100
99%
9834
76
8612
86
10514
105
10
04 %
38
9712 102
1)8
714
10
94
'
8'14 19
2
10512 11212
7614 84
7678 82
735s 83
00 10158
77
77
04
9758
9514 984
8038 85
997s 10034
11113* 108
731s 917s
034 941,
7814 82
1722
BONDS
MT.STOCK EXCHANGE
Week ending Oct. 10.
New York Bond Record-Continued--Page 2
Price
Friday
Oct. 10.
Week's
Range or
Lae: Sale
111
2
re,
Range
Since
Jan, 1,
BONDS.
N Y.STOCK EXCHANGE
Week ending Oct. 10.
Price
Friday
Oct. 10.
Wad's
Range of
Lan Salo
11
Ask Low
Bid
Higa Illinois Central (Concluded)
High No
High No Low
Ask Low
BM
8
We 94
Collateral trust gold 43___1953 MN 9414 8432 8334
84
9312 17
9178 Sale 9112
50
MN
8 48
1045
4
044
1013
97
58
Refunding
1955
101
-10412
10134 Sale
10134
19
11 11455 11814
15-year secured 540
1934 J J 10244 10278 0212 103
117 Sale 11612 117
10434 10514
15-year secured 64e g
1936 J' 111 11112 1112 Oct'24
10514 ____ 10514 Sept'24
40
88 Sept'24
714 7814
Cairo Bridge gold 03
77
1950 JO
7634 Sale 7612
9 10112 1044
72
Oct'24
Litchfield Div let gold 38_1951 J J
1034 105 10358 10478
5
J J 7838 80 79
4
993
94
SO
&
Div
Louis,
1953
tie
3
g
Term
9912
9912
99% 100
Omaha Div let gold 3e___1951 PA 7038 7212 7012 Sept'24
- 88 Mar'17
6 -88i2 1141.
2 Bt Louis Div & Term g 3s_1951.3,
81
81
938
9314 1/418 9314
824 91
82 July'24
Gold 348
91 Sept'24
81
1951.3' 80
9034
9112 9112
Springfield Div 15t g 348_1951
914 Sept'24
894- 82 July'24
7811
86
PA 8612
Sept'24
8814
8718 Oct'24
Western
8778
g
90
let
Line
48_1951
8814$
9818
85 May'24
1004
Registered
1951 PA
10014 10012 1004 Oct'24
Ind B & W let prof 4s
9778 -- 93 Mar'23
1940 AO 8838 _ _ _ _ 86 Mar'16
20
84
86 serws4
781. 84
1950 J
Ind Ill & Iowa let g 4s
8638 95
8338 Sale 8212
16
8214 9812 Ind Union Ry 58 A
9812 16
1965'.3 9934 10012 9954 los
9714 Sale 9714
2
974 1044 int & Great Nor adjust 68_ _1952.3' 6048 Sale 604
6112 117
10318 Bale 10338 10338
61
10012 104
10314
10112 335
10318 Sale 103
let mortgage 6s certifleates1952 .1 J 10114 Sale 10114
2 1014 10714 Iowa Central let gold 5.e._1938 JD 5912 62 594
105
6112 22
105 10578 105
2
9612
94
954 Bale 9478
1634
953g 160
Refunding gold 4s
1951 MS 17
1714 163a
5514 90
9012 90 Oct'24
89
77
4
8914 James Frank & Clear let 45-1959
D 8374) 8712 88
801s
8018 Sale 80
Oct'24
7812 85
8212 15
8212
823* 84
854 8812 Ka A&GRAstgug 5a---1938 3' 9918
99 July'24
8818 9112 88 Sept'24
86
87 Kan & M ist gu g 48
8678 ____ 8678 Aug'24
1990 AO 804 82 81 Sept'24
2 10338 10918
10734 ____ 10734 10734
10014 14
1927.3, 10014 Sale 100
2d 20-year 55
977 101
2
Oct'24
9934 __ 101
10314
K C Ft SA M cons g 68-.1928 MN 10314 10334 10314
8418 96713 K C Ft S & M Ry ref g 48.-1936 A0 8012 Sale 801s
80714 200
__- 96 Aug'24
96
95
99 KCArM R &B ist gu 58-1929 A0 9812 _
98'n____ 99 Aug'24
984 22
9812
91
91
15
71
91 Mar'24
9712 100
Kansas City Sou let gold 35_1950 AO 71 Sale 71
8412 9434
8912 33
8412 Aug'24
Apr 1950.3.3 8914 Sale 89
9758
Ref & impt As
66
.1 85 Sale 841s
85
_ 7018 Dec'17
Kamm City Term let 4a.-1960
1
8434 Sept'24
83'2 84's Kentucky Central gold 48_ -1987.3, 8434 86
8312
- 8312
8038 8514
80121
1
904 974 Kenk & Des Moines let 58..1923 A0
85'4
951t
8514
9538 9612 9512
3
9 10235 108
1003* 1018 03'4
10024
1925 J
10518 Sale 1054 10512
Knoxv & Ohio let g Is
954 101 18
9912 115
9938 Sale 994
8412 Lake Erie & West let g 55-1937
SO
J 10018 Sale 9934 10014
8412 Oct'24
7
8414 85
9238 9812
1941 J .1 9434 91378 9434 02V24 -9738 23
9714 Sale 9714
8011 8974 Lake Shore gold 3148
8912 48
1
7912
1097 3
874
7912 7912
79
984 99
814 8718
1997
87 Sept'24
D 754 784 77 Sept'24 -Registered
8634
9812 51
8178 8378
11128 M S 9814 Sale 9814
844 854 8378 July'24 -Debenture gold 43
9618 33
8114 85
1931 MN 9614 9612 96
8212 Sale 8212
8478 17
25-year gold 48
101 103
9514 July'24 -- 1931 MN 9178 96
10112 102 102 Sept'24
ftpgletered
89
954
5
8912 Geh Vel NI V let gu g 4 tie 1940 3 3 9558 9614 954
891s 119
8918 Sale 89
9412 July'24
1940 J 1 9112 _ _
Registered.
834 31
9211 9634 Lehigh Val (Pa) cons g 4S-2003 M N 8978 Sale 834
3
9634
J 9634 97
9634
Day & Mien let eons 448_194i
894 23
8331 91
2003 M N 8911 Sale 8114
8912 17
General eon, 4(4*
Del & Hudson 1st & re( 48__ _1943 MN 8918 8912 8814
9235 l0078 Leh V Term Ry let gu g 53- -1941 A 0 1014 103
0118 Sept'24 -- 9873 48
1935 AO 9834 Sale 9838
10-year cony 58
971/ 0027,8
10214 14
-- 9112 Jan'24
Registered ------------1941 A 0 994
15-year 614..1937 MN 10214 Sale 0178
2
3 10612 110 i Leh & N V let guar gold 45.-1945 Ii S 8414 86 86
86
110
09
1930 3D 110
I0-year secured 78
2
92
92
Lox & Rant 1st 50-yr 58 Ku_ _1965 A 0 10314 104 10321 10312
-- 92 June'24
gu 4e g
1936 PA 9278
D RR & Bdge
6714 82
8134 119
1962 M N 81134 ____ 8112 July'24 -.Little Miami 4s.
eons g 4e_ _1936'.3 8112 Sale 81
Den &
7212 8512 Long Durk con801 C 65
1
10718
8414 11
1935 A 0 10712 --__ 0718
Camel gold 434s
1930
J 8434 Sale 8412
124
00 Aug'24
7912 9278 Long laid tel con gold 55_51931 Q
92
9134 Sale 9114
Improvement gold 5s____1928
341a 4634
9412 --__ 001s Aug'24 -51031 @ J
4512 115
195.5 PA 4434 Bale 444
let Nowa gold Is
1s1 & refunding 5e
8814 --__ 8814 01t'24 ---1938
do Registered
General gold 45
1
89 July'24 -5414 4614
4514 51 .
4418 4512 4418
19323 13
framers L&Tr row Aug '65. •--Gold Is
2
82'2
444 15
3414 4671)
19405* S 8212 Sale 8212
4418 4512 4412
Bankers Fr etre of del)
Unified gold te.
9414 03t'24 -33
1934 J D 93,8 97
45
4378 4312 S3pt'24
do Stamped
Debentore gold rw
37
45
19375* N 8912 8178 89 Sept'24 -4412 S3pt'24
46
deb Is
Am Ex Nat III Feb '22 etts.
20-year p
344 41
_
8314 Sale 8212
3
834
3812 June'24
in Aug 1922 Me!
Guar refunding gold 48 _ -.1949 M
9918
3712 474
9312 90
6
42
ii 1-2 41
J 41
& Ft D let gu 4s. _ __1935
Nor fib B let con g gu 54.01932 Q J 99
Des
O2t'24
60
10012 101 101
71
D 7014
Louisiana & Ark 18t g 56-1927 M
Ott& Mack-lot lien g 45..1995
- 7012 Oct'24
85 Sept'24 - -M 8
70 Lou & Jeff Bdge Co gu g
60
65 Sept'24
1995 3 D 65
Gsid 48
N 10212 1134 104 Aug'24
8712 9312 Louisville & Nashville 541....1937
9234 33
9214 92
1961 MN 92
Del Rlv Tun 4140
4
92
1480
Sale
994
Sept'24
924
9312 59
1940J
gen
46
Nor
&
gold
J
Dui Missabe
58. _1941 3
Untried
70034
9134 July'24
98 10114
2
8818 _
10114
1940.3
Registered
1174
88
Dui & Iron Range let 58...._1037 A 0 10
S -----7 --- 10114
1
101
.0278 July'23
1937 A 0
Registered
Collateral trust gold 55-1931 MM 101 Sale 101
73
8
1073
N
10714
Sale
76
1030
78
10714
84¼
8312 16
10-veer seeered
DM Sou Shore & Atl g 58.-1937 3 J 8312 Sale 8211)
let refund 5141 Series A 2003 A 0 1054 107 107 03'24 ---36
844 8914
2003 A 0 103 Sale 10212 133
re Series B
1st &
le Minn Nor Div let g 40.._,1948 A 0 8734 13912 8858 June'24
9314 140
90:1 10014
99 Sept'24
1938 M S
let & ref 448 Series C -2003 A 0 9315 Sale 924
E Tenn retest len g 53
10478 Aug'24
9844 MO
1530 -1 .1 10312
1930 .1 .1
IfTVa&GnFfvg58
994 Sept'24
N 0A 11.1 let gold ea
102 Juoe'24
1931 J J 102g
8 42 ill: 10014 10012 7 9772 10034
0:
Cons let gold 5s...... __1956 MN 10090
2d gold 69
9712 10042
4 8812 Sept'24
318
92
8112 6
100 Sept'24
Paducah & Mom Div 43._1946 F A 6
Elgin Joliet & Rest Iota ST.-1941 M N loo
62
104%
4 -10938
12
S
51
.1980
$
M
10918
4
38
ext-1931)
78
Sale
gold
Div
1o812
consul
Louie
3
108
gold
2d
let
St
Ede
6134 7438
94 Sept'24
59
71
L&N&M&Mletg4481.945 MS 9314
7015
1996 3 .1 70
71
lst eons g 48 prior
61
9
84
8318
69
834 84
J
1996
68 Sept'24
Registered
LA N South Joint M 45...1952J
5312 66
Jan'24 7612 ____ 77
51952 Q
Res/Were!.
6512 77
lot consol gen lien g 45 1996 J ./ 6234 Sale 6234
59 Louise Cln & Lox gold 445.1931 SIN 98
99
53
97 Sept'24 -_1996 .1
Registered
59 Sept'24
34
9414 15
854 95
Penn coil trust gold 43._1951 F A 9418 9412 9418
5434 68,s Mahon Coal RR 1st 55 ___-1934 3 .1 10034
_ 9834 Feb'24
6475 89
60-year cony 4e Set A_-1953 A 0 6412 Sale 64
4
5412 11917 Manila R.R(Southern Lines) 1939 111 N 61
63
63 62
1953A 0 6418 641 64
6412 49
do Series B
130
D 9712 100
98 Sept'24 -5934 77
68
1953 A 0 6778 Sale 6678
vlaultoba Colonization 53._.1934
Oen cony 4$ Series 13
8912 10234 \tau GB&NW ist 3 t1s---1941 11
8218 ___ 8212 July'24 --1955J J 10078 Sale 10078 10134 10
Erte & Jersey late f 6e
37 Mar 13 -82
85
____ 2418 Sept'24
1940 J .1 84
Vlex internat.l lee eons a 45-1977 M S
Erie & Pitta gu g 3tie B
1033*
1931 51
83
1
i0072 ____ 10078
85
84
Michigan Central Le
1940 3 J 84 Sale 84
Series C
___ 88 Apr'24
987
1931 4.1
Registered
Evans&'r U let gen g 5s___1942 A 0 -----_ 88 Apr'22
J 93 8-93 I 90 July'24
1940
7912 Apr'23
46
Elul Co Branch 1st g Se_ .,1930 A 0
9734 98
1940 3 7 3714 ____ 8612 Sept'24 --Registered
J 9812 ____ 98 Sept'24
Fla Cent & Pen let ext g 58_1930
1951 MS 773
___ 7718 Apr'24
9348 9914
19433 J 9758 100
J L & S let gold 34e
9712 Aug'24 _
Cense!gold 5e
2
83
1952 M N 81 8-824 83
874 95
11
lot gild 34.40
95
9235
9212 94
Florida E Coast let 4lie_ __1959
9712 104
70
61
1929 A 0 974 9734 9714
4
1952 M N 64
644 64
644
20-year debenture 46
Fonda & Glov 4 tie
0
Sept'24
A
1940
4
893
8934
824
89
8314
5e
ext
1
1st
.1
NJ
Mid of
88113 ____ 8814
884
Fort St U D Co !et g 448_1941 J
1
10034 li1535 11.411w L 13 & West imp g 5a_ung F A 10038 ___ 10012 10012
104 105 10458 Aug'24
W Den C let g 5 Ae___1961. J
100 Dec'23
4
1925 IN 8
1
deniand Div let g 68
844 9434
934 9412 9414
9414
101 Worth Rio Gr let g 48._1928 J
10514
i :24
;
1in
_1934 J D 81 6
158 2
92
1:)712
14 6
90
1
107
Ms A Nor let ext 4
From Elk & Mo V ist 68.___1933 A 0 10812 ____ 107
9512 10038
1934
Cone extended 44s
55..-1931 M N 10038 ____ 10038 Oct'24
0 Li & B A M at P
9612 los
---- 864 8514 amt.2 ---Mil Spar & 74W let gu 48-1947 M
1931 J J 993* _.... 100 Sept'24
2d exten 5e gear
8918 9.134' t1ll&SL10tgl3%e..,
801e ---- 8612 May'24
3
.l9-l1J
9312
Gal, Hoes & fiend 1s1 5e-1933 A 0 9312 Sale 9314
D
89
10178 103 103 Sept'24
3
101%
1st
2
Louie
St
1927
70
&
Minn
J
100
8
1004
69___-1961
1007
4
983
I
Genesee River lets
514 12
1934 51 14 63 Sala 53
844 931s
9318 10
let consol geld 5e
Oa As Ala Ry 181 con 5s..-01945 .1 J 9212 ____ 9212
Oct'24
18
9.14 IOU
1
ist & refunding gold 46_1049 MI 8 184 19
Oa Car & No let gu g 5s____1929 J J 9934 Sale 9934 100
13
1312
164
5.
40-yr
A
ger
_
67
4
3
60
F
ext
Q
1312
_1062
5
&
19441
7
0
A
Ref
544
644 67 6175
Oa !Midland let 38
9812 1004 VIstP&SSiticong4slutgu'383 J
N 0
tel D
100 Sept'24
964
975
Ulla V 0& N 1st gu g
1e
1
3
.1
8
98
2
118
9
8
;
8
98
8
'
16s
4
984
.55
cone
9
8
Feb'24
..,..,1938J
1
4
1'4
7
9
let
721
2
1942
4
083
Goa & Oswegatch 53
1014 hats 11135 10212 13
n11
111-v4ar,
903s 95
`11.......1031 M
95 94 Sept'24
Or R & I ex let gu g 41.0.-1941 J J 94
11034 11714
1
101.1 10014 10114
101141
let & ref 68 Series A
1945
Grand Trunk of Can deb 70_1910 4 0 11714 Sale 11612 1174 67
1
83181
10495*
1024
8312 8512 83.8
8
545
4
1073
44
25-ye3r
4
S 1074 Bale 10714 1073
1936
IS-year. f 65
_
UV. thet,144,, CUM sf4,...l041 MN 92's 95 1014 May'24
1947 .1 0 spa ___ 10112 Apr'07
Grays Point Ter 5e
106
994
994
411
100
g
ist
SSM&A
Sept'24
11015
Int
gu-1926
75
1085
J
J
8
Sale
10914
10912
_1936
A.
Great Nor gen 78 Settee
83
9012
9434 Sept'24 ---924 ,d1ssIssInpi Central let 58._ _1949 .1
6
J 9112 Sale 9114
9112
Ie1&ref4s8erlee A__ _1961
SI K & Okla 1st guar 5q....1942 MN ---- 9134 May'23
90 June'23
J
Reglatered
.
I
CPI;
814 20
8138
101-7Sale
8112
Tex-let
&
Kan
Mo
e
gold
35
3
1
101
411-1990
10036
J 10114 Sale
General 54s Series B____1952
82
86
9114 9512 Ndlo-K-T Kit-Pr I 5s Ser A.1962 3J 8534 Sale 8512
9414 222
J 944 Sale 9312
General 58 Series C temp..1973
29
70
4
3
9
694
70
B
70
Series
15
J
684
-year
40
1962
Sept'24
67
75
- - Feb 6812
Green Hay & w uso etla
42
1014
8
1013
Bale
1014
7
10-year 611 Series C
1114
19
1932 7 7
11
Feb 1072 1112 107
Debentures ctfe -13"
6218 445
6112
Bale
56
adjust
Cora
A
Ser
e
613
0
A
Jan_1967
Oct'23
8412
____
_1940
8518
4e_
N
M
g
Greenbrier Ry let gu
93
Vtlasourl Pacific (reorg Cu)
93
93 Sale 93
Cull& B 1 1st ref & t g 58.-01952
8234 26
let & refinviing Si Ser A..1905 F A 8234 Bale 8235
5313
7314
let & rebinding 5s See C...1946 e' A 10,138 Sale 10015 10035 2.3,
6
8312
81
Sale
8312
MN
Harlem It & Pt Clue let 413._1954
81'
98
2
97,
Sale
834
98
A
refunding
F
&
let
6s Ser 0 1010
9036
2
8912
Hocking Val let cons g 448_0199 J 1 8858 Sale 874
: 4911
621
84
83
Oeueral II
1975 M S 6238 Sale 6134
Registered .
1999 1 1 8334 __ _ 83 May'24
Pacific
97
Missouri
10014
--__
100
1937.3 1 100 Sale 100
ElatTCletefte lot gu
85 85 Sept'24
964 97
31 78 extended at 4%.....1939 M N 83
Houston Belt & Term let 55_1937 J .1 9612 964 9634 Sept'24 -98 Sept'24
9514 994 Mob & 131r prior Ben g 58_1945 J
98
Haus E & W T let 2 58
9912 ____ 9934 Aug'24 ---1933 M N
100
100
7718 77 Sept'24 -76
gold
J
J
Mortgage
___1945
Is__
let guar 55 red
1933 MN 9912 100 100 Sept'24 -.
Mobile & Ohio new gold 65__1927 J D 10314 ____ 10318 Sept'24 -844 95
.a;
Sept'24 ..1
Housatonic Ry cone gl5s____1937 M li
8034 874
let, extended gold 68...j,1927 Q J 10134 10212 1024 Sept'24 -Had & Manhat Se Series A__1957 F A
31's Sale MI
5814 6812
General gold 4e
1938 M $ 844 ___. 8412 Ost'24 -6512 54
Adjust income 51
1957 A 0 6518 Sale 65
9814 9814 Oct'24
Montgomery Div 1st g 5a.1947 F A 98
92
88
01111015 Central let gold 4s_1951 4 J 4012 ----913* Sept'24 - - __
1
Louis
89
89
Div 58
St
19273 0 10012 Sale 1004 10012'
89 July'24 -Registered
1951 J J 8714
1
83 I
83
Mob & Ohlo coil tr g 4a__ _1938 M S
834
72
let gold 3lirl
1951 1 4 80z _323_4 4
1 34 Ili
1
85
cg
85
q:
844
-_
MS
:
-_
1st
f
Mal
&
1991
Mob
gu
8414
48
7734
Extended lot gold 345_1951 A 0 77
July'24
110
11212
1937 J J 110
8012 8012 MontCletgugtle.
Registered
1951 A 0 7714 ____ 8012 June'24 -103 10034 Sept'24
1004
J
3
1937
Se
gall
suer
let
61
60
June'24
3e
sterling
gold
let
1951 PA 8 62
61
69
1
774
MOO .1 0 7734 714 7734
8914 Ms te tat gu 34e
83
Collateral trust gold 45.__1952 PA 8 864 Sale 8818
871 30
4
2
8412 9012 NaebvCbatt&StLls%5u.1928A 0 10112 Sale 10112 10134
9038
In refunding 45
1955 ai N 90
9012 9014
Apr'24
99
____
10018
A
R
1931F
1st
ie
N
lit
.
ree
g
764
en
5
81/35
Purehaged lines 3tie__. 19024 1 244 8614 8014
Cele Un Sta'n I ftt gu 44s A_I963
J
let 5e Series 13
1963 Ii
tat 53,41 Seoee C
1963.33
COM & West Ind gen g 66_81932 M
000801 50-year 48
1952.3,
15-year I f 734s
1936 7*1 5
Oboe Okla & Gulf cone 58-..-1952
N
C Find & Ft W 1st gu 4e g-1923 MN
Oln H & 13 2d gold 43,41_j937 .1 J
OIStL&Cletg48
k1936 Q F
Registered
*1936
F
1943 MN
CIaLeb&Norgu4sg
Chs B& Ci cons ist g 59
1923'.3
j
Clearf& Mah 1st gu g5e__--1943
Cleve Cin Ch & St L gen 41-1993 J
20-year deb 4 3.4e
1931 .1 J
General 55 Series B
1993 3D
Ref & imet fis Series A
1929 ii
1941
611 series C
J
5e Series D
J
1963
Cairo the let gold 45
last, J .1
j
Cln W & M Div lst g 45_19141
St L Div let cell Ira g 48-1990 MN
SPr & Col Div let g 413._ 1940 MS
1940 J
W W Val Div Isle 4e
1934'3
0CC & / gen cons rt es
Cloy Lor & W con let g 58-1933 AO
1935 MN
CI & Mat let gu a 4 tie
Cleve & Mahon Vail g 5s.--1938 J
j
131 & P gen gu 44e Ber A„--1942
1942 A0
Series B
1948 MIs
flerlesC 314s
1950 F!'
SerIesD3341
Cleve Sher Line let gu 448-1961 AO
2 AO
973
16
Cleve Union Term 5301
AO
let f 58 Ser B
1945 3D
Coal River Lty let gu 4e
Colorado & South iet3 11.--1929 FA
Refunding & exten 4tie_ _1935 MN
1948 AO
001& 111 V let ext g 4e
1955 FA
COI& Tel let ext 4s
Cuba RR let 50-year 511 g._1952 J
1036.31)
lit ref 74e
Cuba Northern Ry let 5s___1966
-..
a Due Jan. 5 Due Feb. s Due June, 5 Due July.
n Due Bent. a Due Oct
Option salt.
AGNS
Macs
Jas. 1.
Low
High
797a 8612
9934 1054
10011 104
10812 11212
88
85
6971 7215
7434 80
6834 72
704 81
754 824
7555 82
8314 8714
85
85
8
.4 I71113
96 100
4018 65
9018 102
70
67
161. 26
8314 89
90 99
7784 83
95 101
:104
1001
7312 82
644 6818
7178
67
91
86
,
80511 851
8614
82
604 8514
10194 101
935a 10015
96
87
7350 8012
75
7834
9414 99
9214 97
9134 9584
924 964
914 914
764 83
8514 9114
10014 108
9912 9912
E114 86
99 105
8112 8112
1.0658 10712
974 10011
934 10012
844 8812
89
83
8412
79
9138 9114
89
84
88
79
9414 9912
9512 10116
794 95
1907s l0412
9412
89
894 9134
967s 103
1.057s 10814
4 10718
1
104/
974 10514
9214 9314
1031: 105
102 10312
8512 904
64
80
9514
94
85
79
77
77
96
9734
98/4
55
9612
8058
9934
63
99
824
'oa"
07/1
1098
88
4 90
1
86/
77% ssis
7718 9318
7718 83
9214 9838
: 8914
871
ggl2 ism
"Roil WIZ
8712 9213
8312 87
8818
82
100 103
53
684
134 2312
131a 21
864 9714
9734 1034
101 10334
9714 1024
87
83
914 1014
9634 9978
.
911
88
'Oa 'ifs;
78.14 87
7234
65
9434 102
5134 65
754 8514
0414 1004
874 100
6314
51
8034 85
9234 98
66
7718
10214 10478
10014 10214
8414
74
92
9814
9614 10014
8418
76
8018 8558
108,4 11018
9914 101
7618 80
9978 102
99 99
New York Bond Record-Continued----Page 3
BONDS.
N Y STOCK EXCHANGE
Week ending Oct. 10.
Price
Friday
Oct. 10.
;
Week's
Range or
_ s3
Last Sale. 16
Range
Since
Jan. 1
BONDS.
N. Y. STOCK EXCHANGE
Week ending Oct. 10.
1723
Price
Friday
Oct. 10.
Week's
Range or
Last Sale.
Rafts
Mous
Jan. 1.
RIDS No. Low
Ask Low
818
Ask Low
Ingo
Mob No. Low
Nat FLY of Mex pr lien 4H8_ _1957 J J
30 Sept'23 _-__
Pere Marquette let 4s Ser 73-1956 13 8014 8012 81
8114
4
7614 817a
July 1914 coupon on
-iii 1534 July'24 ____ -iii4 ii ?Dila Bait.& W lit g 48
93
92
8914 9984
92
4
1943 MN 92
July 1914 coupon off
____ 26 Nov'23I___ ___ ___: Philippine fly let 30-yr ef 45 1937 J J 43 Sale 42/
1
4
431: 10
87 • 47
Guaranteed 70-years f 48-1977
274 July'23 ____
PCC&StLgu 4H8A
9614
93% 97
1940 A0 9614 97
9614
1
April 1914 coupon on
18 May'24
-in- iii
Series B 43-4s guar
9612
1942 AO 9614
9612
93/
1
4 96%
9
April 1914 coupon off______
24 Dee'23
Series C 4 He gu
9412 Aug'24 guar
88
9412
1942 MN 95
Nat RR Mex prior lien 00_1926
3814 June 23
Series 13 4s guar
83
1
83
90%
83
1945 MN 8912
July 1914 coupon on
25 -27-34 25 July'24
-ii- -4114
Sera 5 E 34e guar gold_1949 FA 8912
8612
Inas
92/
1
4 Sept'24 34
July 1914 coupon off
Oct'23
.._ -Serbs F guar 48 gold
9712 Mar'24
871, 971s
8912
1953
let come' 4s
28 Apr'23
1951 A 0
Series G 4. guar
92 Sept'24 - _ _
881s 92
1957 MN 91
.
_ 3
April 1914 coupon on
---_ -al- -iti
Series 1 cone guar 4358-1963 FA 9514
22
95
9434
9038 9612
"ii 17 - 1814 Apr'24
April 1914 coupon off
10
22
Series 3 45-44
904 934
3-4 931s Aug'24
1964 MN 934 -01j
Naugatuck kot tot 46
1954 MN 71 ---- 667s Mar'23
General 55 Series A ' 1970 JO 10012 Sale 1001: 10012 22
931s 101
New England cons 58
39453 1 91
924 Oct'24
-io- 1214 Pitta & L. Erie 2d g Sc
10012 Sept'24
100 1004
a3925 AO 10012
Consol 4s
1
4 Aug'24 ____
75
83 Pitts McK & Y lat gu 68___1932 31 103%
1945J 3 7712 ___- 78/
105 Dec'23 -NJ June RR guar lit 4s_..1986 FA SD: 86
83 Sept'24 ____
8034 83
2d guaranteed 68
15838 100
9834 Aug'24
1934 33 102
NO&NElstref &Imp 4Hs A'52 J J 8512 8638 855
8558 12
814 88 Pitts Sh & L E 1st g 5s
1
9812 10044
100
100
1940 40 9934
New Orleans Term 1st 48_1953 J
8112 Sale 8112
82
10
7614 83
1st cense! gold 5.
9844
97
9834 Feb'24 -1942 33
II0Tufts & Mexico let68..1925 3D 102 Sale 102
102
12
9814 1023,, Pitta Y & Ash let cone 58.-1927 MN
99 102
Sale 10112 10112
Noo-rum income 55
91 Sale 9034
1085
851s 934 Providence Secur deb 4e
9138 18
40
46Is
1
46
MN
434
41%
48
.
1957
1st 58 Series B temp
1954A 0 907 Sale 9034
914 47
89
9214 Providence Term let 48
80
80
80 Sept'24
77% _
1956 M
lit00Series A temp..
47
1964 A 0 100 Sale 9834 100
98 100 Reading Co gen gold 49
8714 9514
61
'
3 9434 Sale 9434
951
1997
re & nage gen gu 4
9212 Sept'24 ____
92
941, Certificates of deposit
-1946.J I 9314
8714 92
92 May'24
NYB&MB let con g 5a. _19351A 0 99% 68-1-e- 99%
9958
1
95
9158
Jersey Central coil g 48_ _1951 * 0 87 Sale 8612
8314 88
87
28
NY Cent RR cony deb Oa 1935 MN 10612 Sale 10612 1074 378 1034 109.
3
Gen & ref 4 Hs Set A
931
94
67
881s 9414
.7
Sale
1997
93%
Cense! 4s Series A
844 84
8478 17
8018 8615 Reams & Saratoga 20-yr68-1941 MN 1101
1998 FA 84
:
Ref & impt 4H8 "A"
9014 38
2013 AO 8914 Sale 89
844 9012 Rich & Dan 55
AO 100% ...1003$ 1003
1927
1663i
s
2
Eel & inapt 58
997 347
2013 AO 9918 Sale 9912
952 100 Rich & Meek lat g 5a
_ 72 May'23
1948 SIN 70%
N Y Central & Hudson RiverRich Ter 58
96 10038
1
100
100
1952 13 100
Mortgage 3Hs
78
7918 Rio Grande June 1st gu 58-1939 Jo 911s 93
74
7911 78
7814 22
1997
9212
84
92%
92
Registered
78
7734 Sept'24
7214 784 Rio Grande Sou let gold 48-194U• J
1997
Ii 54
412 7
314 Aug'24
Debenture gold 48
MN
94 Sale 9312
9430 37
894 96
1934
Guaranteed
J
1940
6
10-year debenture 48
9334 Rio Grande West let gold 48.1939 31 8212 83
9114
87
914
1942 I 3 90
7
691* 54
4
82
712 De82.233
Lake Shore coil gold 31O-1998 F A
758
7512 76
7978 774
7534 12
7212
Mtge & coll trust 4a A ._ 1949 * 0 70% Sale8
71 On
1443
%
8
73
24
38
Sale 70
1998 F A 7534 Sale 74%
Registered
743s
. 75 R 1 Ark & Louis 1st 4 Hs_ _1934
3 697
744 8339
S 824
Mich Cent coll gold 33ft_ _1998 F A
767a 78
73
7818 Rut-Canada 1st gu g 48
7634 Oct'24 _ _
8374
88
714 75
1949 1
74 Aug'24
Registered
7518 80
724 7712 Rutland 1st eon g 4 Hs--JAC J
76% Oct'24 _ _ _
1998 F A
au% 88
854
88 Sept'24
Y Chic & St L let atl
89% 93 St Joa & Grand Is) g 4s
91%
2
1937 A 0 9158 Sale 9114
714 77
7612 -77
1947 J J
- - 77 Sept'24 -- ReaNtered_
lo37 A 0 9114
8958June'24
881a 893. St Lawr & Adir 1st g 58
9114 WI
9712 95 July'24 ---1996 I1 95
25-year debenture 48
951
9412
. 2d gold as
92
88
9434 47
1931 M
98 98
1996 40 9918 ____ 98 Mar'24
1931 MN 10312 Sale 10338 10334 35 1001. 10334 St L&Cniroguarg4s
2d 6s Seriee A B C
89
9412
1931 ii 9434 9514 94/
1
4 Sept'24
Ref &Hs Series A temp_ _1974 A 0 9434 Sale 93/
1
4
93% 964 St L Ir M AS gen con g 58-1931 * 0 994 10018 994 10118 31
9514
7
10134
96
N k Connect le, au 41. A 19531 1" A 8912 9014 90
864 9134
90% 208
Unified & ref gold 48
1929 J J 9212 Sale 921s
8312 9314
9238 45
Y & Erie 1st ext g 4e
8.812
1947M N 89
8912
89
89
8
Riv &0 Div lit it 45
8334 S
72 857a
w
ale 8
99
3:
1933 MN
t.4232 127
1 82,8
ad eat gold 4 Hs
913:
9312 96 St L M Bridge Ter gu g 54- - -1930 40 100
96 May'24 _
1933 NI
9812 9974
4th ext gold Si
19301A 0 994
911
9714 St L & San Fran (reorg 00)451964)31 711s s
__
9714 Sept'24
6674 717a
528,
29
3
7.1:
2:
134 17
75
038
12 July786
Sa
alle
e 8
5th ext gold 4s
931:
9712
97/
1
4 Sept'24 _
1928,1 D 9714
Prior lien Set B 58
891
: 871s
1950 .1. I 8614
A Y & Green L gu g 5e
R412 91
91 Sept'24
1946 M N 881
:
Prior "en
C 6e
Salle 19
03
1134
4
1928 J J 101% 92
194
0212
9838 1031,
N Y & Harlem g 3f4s
7634 78
78 Aug'24 _
54s Be lee D
7814
2000 AI N
14
42
1942 33 94
874 9514
N Y Lack & W tat & ref 58-1973 M N
9313 981
9812 Mar'24
: Cum adjust der A 68----A1955 A0 79,4 Sale 7858
72
814
8014 455
1174
1st & ret 4.48
96
97/
1
4 Sept'24
1973 Pa N 97
Income Series A (le
bps 763a
131960 Oct
704 Sale 8
72
058
12
NYLE&W let 78 ext_19301M S lta 109 10212 Aug'24
10214 10212 St Louis & San Fran gen 68-1931 J J 1051s 10534 1047a Oct'24
8971 1058s
9014
Dock & Imp 58
97% 9/4
9914 Sept'241
1943 1
General gold 55
971s 10012
10014 14
1931 J J 10014 Sale 100
131 Y & Jersey 1st tts
1932,F A 99%
10014
10014 Oct'24 _ _
St LA SF RR eons g 48..-19913 3
921g
N Y& Long Br gen g 4s,j94lM S 897a
90
Oct'24 _
90
90
Southw Div let g 58.-1947 A0 9734 1-110
157', 93l
3
9912
9912
NYNH& HartfordSt L Peo & N W 1st gu 58-1948 33
1
103
98 ha
103
Non-cony deben 3411- ..19541 A 0 51 Sale 51
3913 55 St Louis Sou lei gu g 49
52
11
- 94
Oct'24
911s 94
_
1931 MS 93
Non-cony deben 48
53
5314 58
441, 69 St 1. S W let 84. bond etre _1989 141 N 81 -813
5812
4
1947 IA
18
82
- 8 811
/
4
76
83
Non-cony deben 34e
53 Sale 53
38
53
55
2
19471A1
2d it 48 Income bond ctn._ P1989 Ii 74
594 7414
744
Oct'24
743
4
Non-cony deben 45
57
Oct'24
4418 61
58
57
1966 1
Coning gold 48
1932• D 86 Sale 86
7771 8711
86511 66
Non-cony deben 45
4312 60
57
13
1956 M N 57 Sale 57
let terminal & unifying 58-1952 13 8134 Sale 8118
85
78
821a 40
Cony debenture 3He
3934 60 St Paul & if CBI) List 4 Ha-1941 FA
52
6
1956 / J 52 Sale 5134
27
73 81
79
7834 7914 783
Cony debenture Os
80 St Paul E Or Trunk 4 He_
59
7512 Sale 7512
7612 46
1948
88
95
88 Sept'24
-1947 1 .1 91
_
_
a% debentures
4974 St Paul Minn & Man 46.._1933
47
36
48
14
1957 MN 45% 47
31 9434 dile- 9434
2
91% 98111
9434
78 European Loan
1928 A 0 8614 Sale 86
7018 88
87
116
let cense! g 6s
J 1 10734 1087 10738 Oct'24
195
108
1933
1925 A 0 85 Sale 8412
Franca
69
881
: Os reduced to gold 4Ha --.1933 J J 9858 Sale 983
8558 390
9414 99
7
985a
Cone ity non-cony 48_14130 F A
44 Apr 23 ___ _
Mont ext let gold 43
8.4 97%
1937 ID 9212 8
0e
pi
t:224
4
99
2% se
99
3 8
Non-cony 48
51%
1
1954 3 3 -514 53 51%
461k 55's
Pacific ext guar 48
8213 89
1940• J 87
Non-cony deben 48_ _ 1955 I J 5112 54
48
5512 SA &A Pass let gu g 48... 1943 J
52 Sept'24 _ _
71% 71,7a
1
79% 31
797s Sale 7858
Non-cony deben 48
421
: 5712 Santa Fe Pres & Phen 58---1942 MS 99
5112 53
5212 Sept'24
__
1956
99
___
1s 100
100
100
N Y & Northern lat g 581927 A 0 1001
1
4 San Fran Term] 1st 48.
: ___ 10038 Oct'24
99% 100/
80,2 87%
1950 * 0 854 Sale 8518
8514 10
NYO&W ref let g 46----01992 138
6U
6614
Sale
67%
6618
Say Fla & West 68
6612, 12
* 0 108
_
1934
1071
____
:
108
108
Aug'24
General 4a
6314 Sale 6314
195,5J
58% 66
3
5.
64
1934 AO 101
1004 1014
_ 10112 Sept'24
N Y Prov & Reston 4s
1942 A 0 8514_ 8518 May'24
851s 851a Scioto V & NE 1st gu g 44-1989 MN 884
844 901
:
4
8878 884
8818
Y & Putnam 1st con gu 4e '93A 0 8114 83 83 Sept'24 _ _' 81
8312 Seaboard Air Line it Is
1
1950 *0 7234 7334 734
5514 73%
7334
NY&RB Let gold 59
994 Sept'24
1927 M S 9918
' 891s 100
Gold 48:tamped
584 74%
1950 *0 7214 7234 7214
6
7234
N Swig & W 15tret5s,...j9373 1 6578 67
95
524 71
9512 10
Adjust ment 58
01949 FA 63% Sale 635s
4374 08
6434 287
25 gold 414s
1937 F A 5414 571: 5678 Sept'24
43
5812
Refunding 4.
57
1959 40 5638 Sale 56
110
674 5816
General gold 5e
1940 P A 5812 Sale 58
4014 66
5812
1st & cons Si Series A---1945 MS 82 Sale 8114
3
am 85
82 _.
1 1_8_
Terminal let gold 5e
1943 N N 9112
94 Aug'24
8614 94 Seaboard & Roan let 5a_---1926 J J 101 Sale 101
9734 1011.
2
101
NYWches&B1stSert4s46J 1 531: Sale 534
391: 58 S & N Ala cons gu g 5s
55 1 103
/
4 1043s
1936 FR 102 104 1013* July'24 --__ 1011
Norfolk Sou let & ref A 58_1961 F A
Sale 68%
Gen cons guar 50-yr 58-1963 A0 10314 106 10314
694 22 614 70
99 10532
6
10312
Norfolk & Sou let gold 5e...1941 M N
6884 9534 Oct'24 _ _ _ _
89
9534 So Pac Col 4s(Cent Pac col)k1949• I) 8412 85
811s 9814
84%
7
8412
MN 10
Nor!& West gen gold 6.
666
1074 107/
7
9:
83
: 20-year cony 48
:814
1
4
1 105% 1071
924 10012
01929 MS 9714 Sale 9718
974 194
Improvement & ext 63 -1934 F A
10712 10712'
20-year cony 58.
1 106 10712
1934
10012 101 1001: 10012
2
9715 10114
New River let gold
1932 A 0 10612
_ 10711 Sept'24
106 1074 So Pac of Cal-Go it 5.1
101 103
1927 MN 101%
Sept'24
110
N W Ry 1st cone g 43.- -1996 A 0 90 Sale 894
86
91% So Pac Coast let go 48 g
90 I 34
9113 10112
J J 9312 9438
1937
Aug'24
A
0
Registered
10931
8614 89 So Pac RR let ref 48
89 Sept'24
__
1955 J J
85
90 Sale 895g
90%
90
97
DIV' let lien & gen g 4s_1944
I 9014 9012 90
8614 9078 Southern-let cons it 58
9058
9
954 102
1994 J J 10012 Sale 100
10034 45
10-Year cony fla
1929 M S 123 Sale 123
1
124 I 77 10612 131:
rbwelep %ten 4.Ser A _19641 A 0 744 Sale 744
6918 7684
8
132
74
Pocith C & C Joint 48-1941 1 0 9112 9414 9112
7614 9214
9212
3
Develop & gen as
1956 A 0 10212 Sale 102
964 1031s
86
103
North Ohio let guar g 5e
1945 A 0 8834 89
844 91
8738 Sept'24
1956 A 0 1064 Sale 10678 107
Develop & gen 648
101 1014 10711
Nor Pacific prior lien 4e
1997 Q
85% Sale 851:
801s 8634
863$ 323
Meth up, 1st 8 41.61-58-1906 1 3 983,3 _8512
Sept'24_
9
5
32
9338 100
8
9
8
12
_
_
Registered
1997 Q J
78% 851s
8518 Oct'24
St Louis Div let g 48
19514
79% 86
86
8534
General lien gold 38
02047 Q F 61% Bale 611:
56% 63 So Car & Cla 1st ext 5 Hs -1929 M 1,7 101% ,
62
43
gy7s 102/
10
8
1
8
4
114
Oct'24
02
1
1
14
4
1
Registered
(12047 Q F 5934 62 60
57
60
60 Spokane Internal 1st g 58.-1955
2
83 9274
88
8
9234
Ral&impt434userA.2O47J
87 Sale 86%
87% 17
79% 8812 Sunbury & Lew 48
8918
1936
t:
2
18
3
_
95
91
m
O
a
cy
ser B
"047
21 1071
/
4 Sale 107
10734 132 10184 10814 Superior Short L let 54 4....e1930 34 '
3 100
as C
2047
97 Sale 96%
97% 14
90% 9812 Term Assn of St L 1st g 4H8_1939 A 0 9334 -957
"3485 96
; 9412 Aug'24 Si D...204731 9738 Sale 664
9712 81
894 100
1544 F A
tat cons gold 53
9714 10014
99%
St Paul & Duluth let 53 1931 Q
9978 ____ 994 Mar'24 _ _
9914 9914
Gen
J
refund
J
etg
78% 8644
48
844
Sale
847
8
19
£14%
1953
let consol gold 48
1968 3D 7912
_
8414 Jan'23 _ _ _
Tex & N 0con gold Si
941s 9714
7
:
4
2 Sept.24 1943 J J
;7-1-4 99
Nor Pao Term Co let a 61-1933 33 10914
1094 Oct'24
_ 15914
Texas
•
D
&
100
1st
92
Pee
101
gold
Sale
100
511
_.
9912
.
6
2000
No of Cal guar g 5e
1938• 0 102
9114 Aug'24 _
8012 1091: 24 gold income .58
7314 731s
42000 Mar 82
91 I 734 Aug'24
North Wisconsin let fie
1930 II 1034
100 June'24
97% 100
La Div B L 1st g 53
Ii 9912 Sale 9912 100
91 100
7
1931
Og & L Chem let gu 48 2.--1948• J
7314 7412 7334
7334 Tol & Ohio Cent 1st gu 58.--1935 J J 9934 10018
69
7334
2
3 97 100Is
9938 100
Ohio Conn Ry as
1943 MS 90%
891
: Apr'24
894 89%
Western 13Iv let 858
947s 101
1935 40 98% 101 101 Sept'24
Ohio River RR 1st g lo
1936• I)
993 Sept'24 _ _
9714 9912
3D
General
914 97
gold
5s
1935
Sept'24
_,
97
95%
AO
General gold 5s
1987
98 Sept'24 _ _ _
9534 9814 Toledo Peorla & West 4s._.1917 J
20311 3014
__
20% -2414
- 20% Sept'24
1927 3 .1 101% 10112 10114
Ore & Cal let guar g 58
10138
9
294 10174 Tol St L & W pr lien g 3He_ _1925 ..1
96.8 100
9912 9934 9912
5
9912
Ore RR & Nav con g 4a.
1946 3D 8112 Sale 8812
8912
85% 9012
7
50-year gold 48
76
8411
1950 * 0 82
82
83
:sale 10418
Ore Short Line-1st cons it 58-'46 J J 1057
1057
101 10614 Tol W V dt.0 gu 4He A
13
9534 97
1931 J J 96%
--1
97
.
!
1
July'24'9324
'
3 105 Sale 105
1946
Guar cons 58
1052
14 101% 106%
Series
3
13
448
951e
9515
_
1933
Feb'24
9518
963
s
J
-_-1929
9714 Sale 974
Guar refund 48
973 165
924 9814
Series C 48
1942 M S 8912
'3 8234 Sale 8214
- 8612 Mar'23
Oregon-Wash let & ref 48- 1961
827 140
79% 84 Tor Ham & Buff let g 4a._ _k1946 Jo 86 ifile
81
;
3
51)1
8438
86
Pacific Coast Co 1st it 541946• D 80 Sale 79
21
80
8
7512 8012 Ulster & Del let cons. 5s.._ _1928 3D 97 Sale 97
93
9712
14
97
nte RR of Mo let ext g 4s_ -1938 FA
9038 914 90 Sept'24
78
9918
1st refunding g 4s
40 62% 6878 6814 Sept'24
624 7034
1952
1938 J
984 _
94 extended gold 58
984
89
9814
1
994 Union Pacific let g 4s
I 92
• 884 94
1947
Paducah & lii. 1.1 if 4448 1953, 3
9312 -- 9378 Sept'24 _ _ _ _
9111 9812
20-year cony 48
1927 31 9914 Sale 99
953s 100
112
99
2%
12 58
53
8012 Sale 804
Parle-Lyons-Med RR Os.... 1958 ✓ A
82
317
65
8412
181 * eefundIng 48
MS
02008
81es 8814
13
86
Sale
86%
8512
97
1942
Sale
M
97
Pinnate RY 78
97
89
1
98
tel lien t ret 5s.
02698 51 S 104% 10478 1058 Oct'24 - - _
100 106
Pennsylvania RR-eons g 44 1943 Pa N
92% Aug'24
8912 951:
10
-year perm secured 6.„1924 3
102
/
1
4 10512
1043
s
Sale
105
10418
3.5
1948
924 9238 924
Cense)gold 48
924
1
87
93 17 N J RR & Can gen 4a_ _ _1944 MS
93 Sept'24
SA 93
92%
92
9112 92
as stamped
May 1 1948 M
92
22
Utah & Nor gold 5s
874 95
1926 J J 1004 _ _ _ 10014
93 100%
10014
1
1960 FR 98% Sale 9812
Coneol4l4s
98%
90 100
9
let extended 4s
1933 J J
93 93
D 94 Sale 9312
1965
General 44s
94
49
9014 9914 Vendetta eons g 46 Ser A_ _ _1955 Fl 92% -9414 93 Aug'24 85%
Jan'24
85
85
85
103 Sale 0234 10312 58
1968 J
General Si
9338110
Consol 4e Series B
1957 MN 8534
R5
89
8534 Oct'24
1930 AO 10914 Sale 0914
10-year secured 78
10912 41 101 11014 VeraCrucA P let au 44e.._1934
Ii
_ _ _ _ 20/
1
4 Sept'24
201
: 2012
15-year secured 614s
110% 85 10758 1107s
1936 FA 11012 Sale 1014
July 1914 coupon on
26
Apr'24
25
3
8
264
Pennsylvania CoVerdi V I & W lat g 5a
1926 MS 99% 997s 9934 Sept'24
9914 99%
Guar 3Hs coil trust reg A _1937 MS 84% - - -- 8558 Sept'24
8538 8614 Virginia Mid Series E
MS 100% Sale 1004 100/
1
4
97 10074
3
Guar .314s coll trust Sir B..1941 AA
83
8318 84 83
4
831s 84
General 5s
1936 MN
9934 10014 1001s Oct'24
98 10914
831s Sept'24
Guar 3368 trust et(' C_ _ _1042• D 8234 84
mt. VI & Soutbven let gu 5e..._2003
13 954 967 958 Oct'24 - _
9214 97
Guar 3Ha trust etts 13_ _1944 J o 83% 84
8334
8334
1
8114 83%
let
*
0
cone
50
-year
5e
1958
831g 8412 8434 Sept'24 _ _ _ _
7614 8812
Guar 15-25-year gold 4e._1931 * 0 95
95 Aug'24
96
90% 954 Wiegnnlan 181 58 Serfs,: A _ _ _ _1962 MN
Sale
9.5%
95
,
2
96
924
9734
156
N
Guar 414 Ser E
95%
6
864 86% 954
1052
8334 8711 Wabash Lot gold .5a
1939 MN 1005a Sale 1005s 101
964 101
49
Peoria & East let cone 418
7934 13 .67
1940 At) 794 Sale 7914
80
da gold 5e
. _1939 FA 9534 Sale 9512
96
87198's
10
384 Sale 351:
Income 45
37
.1990 Apr
21
69
3812
let lien 511.yr 2 term 4e _ _.1954 33 76,2
77
79
10
68
79
Pere Marquette let Set A 54 1956 Ii 9712 Sale 97
9712
914 99
Oat Ch ant lat g 5s. _ 1941 J J 984 100
-- 9S7 Aug'24
9914
97
a Due Jan. c Due Marsh, 6 Due Apr
a Due 31117. 0 Due June. Is Due July. k Due Aug. •Due Oct.
Due Dee. s Option ale.
I
--_-
____
--
-
New York Bond Record-Continued-Page 4
1724
BONDS.
N. Y.STOCK EXCHANGE
Week ending Oct. 10.
i
Price
Friday
t. 10.
Week's
Range or
Last Sate.
•
Range
Sines
Jan. 1.
BONDS.
N. Y. STOCK EXCHANGE
Week ending Oct. 10.
Sn
Price
Friday
Oct. 10.
;
Week's
eRange or
Last Sale. 441
ease.
Blase
Jos. 1.
Blob
High No. Low
Ask Low
Bid
High
Mob No Low
Wabash (Conetuded)AM Low
Bid
6414 85
12
66
6572 6512
7212 8414 Dominion Iron dr Steel 511_1939 J .1 64
7
Dee Moines Div 1st g 4s__1939 3 J 7912 81
7712
'791z
9212
81
1
8414
8414
Sale
8414
7s
1942
Donner
Steel
J
.1
8
673
4
7312
714
Om Div 1st g 333e
7152
1941 A 0 711. 72
8912 9212
_
7734 82 du Pont (E I) Powder 4338_1936 J D 8914 __ 8912 Aug'24
Tol & Ch Div g 4s
82 82 Sept'24
1941M S 80
774 773s duPont de Nemours & Co 7Sis'31 MN 108. Sale 10712 10818 35 10672 10878
Warren let ref gu g 333a
2000 F
7734 -- 774 Oct'24
10512 67 10314 10618
7812 86t2 Duquesne Lt let & coil 6s
1949 J .1 10532 Sale 105
Wash Cent let gold 45
1948 Q M 8212 8812 8612 Aug'24
10312 36 102 10312
jot coil trust 533s Series B_1949 J J 10312 Sale 10314
8012 89
Wash Term lot gu 333e
1945 F A 8832 -- 8212 Aug'24
10412
10638 86 1034 111
Sale
10412
Cuba
Sug
15-yr
s
g
733
East
7333'37
M
S
4
8814
July'24
74
12
lit 40-year guar 45
1945 F A 82
891s 92
7
91
4
9518 Ed El Ill Bkn let con g 43_1939 J J 91 Sale 8934
90
94
9334
W Min W de N W 1st gu b1930 F A 9375
984 10118
_
Oct'24
____ 100
1995 .1 1 100
6512 Ed Elec Ill lot cons g 5s
58
6334 40
West Maryland 1st g 4s
1952 A 0 6315 63'2 63
9934
96
1
9912
9912
100
995
8
1925
J
D
973
5
10114
5
Elk Horn Coal cony 65
9934
West N Y & Pa 1st g 5s
1937 J J 9934 Sale 0934
8872 9734
9734 452
18
81
Empire Gas & Fuel 7333
1937 M N 9718 Sale 9614
8014
7612 81
Gen gold 413
1943 A 0 8018 81
9978
93
3
4
9314
7i412
31
993
4
99
/
1
4
8
9
7
9
3
1
4
2
18
0
0
8
,
12
8
36
Light
50
1932
M
Eqult
Gas
S
91
9038
Sale
Western Pac let Ser A 56
1946 M S 91
98
93
16
97
97
10117
8
1942 M S
9235 102
Federal Light & Trac Os
B 6s
1948M S 10112 Sale 10114
9811 10712
10512
6
34
1953 M S 10412 105 105
7/333 85
83
72
West Shore 1st 4s guar
2361 j .7 83 Sale 82
9818
1054
42
10512
105
Sale
10514
1941
884
Rubber
1st
s
f
Ss
M
S
7714
*Sept'24
Fisk
81
82
Registered
2361 J J 80
77/
1
4 81
1
7812
7812
79
1
9838 10034 Ft Smith Lt & Tr 1st g 511_1936 M S 78
Wheeling & L E 1st g bs__1928 A 0 100 10014 10034 10034
844 9712
9552 142
98 10034 Framerlc Ind & Dew 20-yr 734s'42 J J 9434 Sale 9414
Oct'24
Wheeling Div lot gold 53_1928 3 .1 100 10014 100
1
4
107/
10118
10214
10212
6
9612
9912
99'
2
94
9912 Francisco Sugar 733s
1
9612
1942 M N 10238 10234
Exten & impt gold 5s
1930 F A
9734
94
10
534 6818 Gas& El of Berg Co cons g 5s 1949.5 D 9734 Sale 9752
5
6512
Refunding 433s Series A 1960 M S 6512 Sale 6512
8
1057
101
‘
5
.
1
5
7
73
8
4
10578
Sale
75
8
25-yr
6E1_1936
J
D
60
10514
General
Baking
1st
70
7012
RR lot comic)! 4s
1949 M S 7012 Sale
8334
80
2
83
83
49
5
1942 F A
70 Gen Electric deb g 334s
64
6412
65
1942.3 D 64
Wilk & East let gu g 55
38 100 105
1952 M S 10412 Sale 10412 105
99 101
Debenture 5s
1938 j D 10012 10034 10012 Aug'24
Will de S F let gold be
984 102
15
8412 Gen Refr let s f g (Ss Ser A 194
_
7F
J A
3 100 101 10038 101
81
952
1960 3 1 8358, 8418 8414 Oct'24
Winston-Salem S B 1st 4s
9338 10012
9912 Sale 9912 10018 105
7632 8414 Goodrich Co 633t3
8134 23
WM Cent 50-yr let gen 4s
1949 3 .1 81 Sale 81
119
11412
11812
123
11712
2
11818
Sale
82'41
MN
77
Rub
lat
2
1
Goodyear
Tire
&
873
4
8414
Sup & Dul div & term 1st 4s'36 M N 8414 843 844
118 100 10714
41931 F A 10678 Sale 10612 107
10-year s f deb g Ss
INDUSTRIALS
92
91
78
DO
91 Aug'24 _
8534 Granby Cons /11 & P con Os A*28 M N
20
85
Adams Express coil tr g 4s._1948 M S 8414 Sale 8312
94
90
1
4
7434 95/
__ 9312 Sept'24 _
1928 M N 9214
9378 21
Stamped
9234
94
1936
93
Alm Rubber 84
98
89
54 712
9638 9414
95 I
7
1
1925 M N 94
518
518
Cony debenture 88
512 6
Alaska Gold M deb 63 A._ 1925 M S
96
78
54 712 Gray & Davis 7s
8974 8412 Sept'24
1932 F A 89
512 Aug'24 -1926 M S
518 6
Cony deb 63 series B
98 10212
Oct'24 _
94 10014 Great Falls Power let s f 58_1940 M N 100 101 100
9912 20
1928 A 0 9918 Sale 99
Am Agric Chem let 58
7914 8234
_
8234 Aug'24
82 101
1952 J J
Hackensack Water 45
9634 116
1941 F A 9538 Sale 95
lat ref s I 7330 g
8134 8511
86
29
9112 9712 Havana El Ry L& P gen 5e A 1954 M S 8512 Sale 8514
25
97
American Chaln Os1933 A 0 9612 Sale 9614
92
9514
9514
2
82
1952 F A 9434 9534 9434
9034 Havana Elec consol g 5s
9012 23
9012 Sale 90
Am Cot 011 debenture 58_1931 M N
104
101
1033
4
Sale
1033
8
104
29
M
N
10612
g
1073
4
1st
s
f
Aug'24
Choc
Hershey
____
107
1936
gu
(le
1
10612
Am Dock & Impt
841j
72
84
17
8758 9758 Holland-Amer Line 6s Ulan A947 MN 8314 Sale 83
9234 28
9212 0212
1937 A 0 92
Amer Republics 83
9414 9978
9158 9538 Hudson Co Gas let g 5s_1949 M N 9814 9834 9814
9814 16
148
95
Am Sm & R 1st 30-yr bs ser A1947 A 0 9412 Sale 9412
9658
100
/
1
4
1003
2
110
100
10014
997
8
J
5346_1932
J
1011
12
Refining
/
4
10612
8
Humble Oil&
1947 A 0 10538 Sale 10458 1053
Se B
934 984
9734 89
D 9712 Sale 9718
9658 10234 Illinois Bell Telephone 52_1956
10118 96
1937
100 Sale 100
Amer Sugar Refining 88
914 95
9418
943
8
63
943
8
Sale
1940
A
0
9212
210
9814
43is
9712
Steel
deb
46_1929
I
Illinois
Sale
9718
tr
9713
Telep
ds
Teleg
coil
Am
914
82
914
4
19313 M N 9112 Sale 9112
87
93 Ind Nat & 0 5s
1936 m
9014 9012 9013 Oct'24
Convertible 4s
1952 M N 10112 Sale 10112 102 I 29 100 10312
3 10058 109 Indiana Steel let 58
106
10534 107 106
30-year cony 43is
100
11/0
Aug'24
100
132
J
983
4
n1935
J
9718
171
1024
10112
let
58
Ingersoll-Rand
11170 10114 Sale 10078
a3
30-year coll tr 55
1012 11
_
1078 June'24
14
9714 10314 Interboro Metrop coil 4 tis 1956 A 0 11
10234 197
1943 m
10212 Sale 1024
20-year of 5333
5834 7114
44
66
J 6534 Sale 6434
68 11214 123 Interboro Rap Tran let M._19613
121
7-year convertible Os... 1925 F A 11912 Sale 119
4 7214
583
95
65
Sale
6418
65
8412
94
9214 66
Stamped
/
4
Am Wat Wks & Elec 5e1934 A 0 92 Sale 911
544 7214
67
118
1932 A 0 6678 Sale 6534
30
57
21
48
AM Writ Paper s f 7-es__ _ _1939 j
10-year 621
4512 Sale 4512
8315 9275
14
88
8814
874
M
S
873
4
1932
454
57
12
46
7s
4512 4612 4512
Temp interchangeable ctfe del/ _
4(314 7012
2
6312
1
4 Jot Agric Corp 1st 20-yr 53 1932 M N 6312 Sale 60
944 99/
9958 291
Anaconda Copper Os
1956 -A 97/
1
4 Sale 9734
7912 90
8814 39
9412 10114 Inter Mercan Marines f Os. _1941 A 0 8712 Sale 8712
180
9934 Sale 9912 100
75
1938 F A
88
83
8614
Sale
87
69
J
8612
1917
J
834 8778 International Paper bs
8512 81
Armour & Co 1st real est 43481939 1 D 8512 Sale 8412
8314 85
84 hlar'24
1947 J J
220
8458 9212
92
1943 j
let & ref bs B
9018 Sale 90
Armour as Co of Del 533s
7312 85
85
284
/
4 10112 Jurgens Works Os (flat pr4ce).1947 J J 8412 Sale 8312
961
1936 ‘,1 s 10114 Sale 10038 10138 180
Associated 011 temp 65
95
89
9434 102
21
40 Kansas City Pow & Lt 5s-1952 M S 9458 Sale 9414
Oct'24
21
Atlantic Fruit 75 etre dep
1934 J D 1814 33
9912
93
9914 45
3912 Kansas Gas & Electric (is__ A952 M S 9834 Sale 98
21
2112 2514 2534 Sept'24 -Stamped certifs of deposit
__
973
4
10512
4
10212
1024
35
A
10214
1023
F
1942
9938
90
Kayser & Co 73
1937 j j 9858 Sale 9814 • 9834 16
Atlantic swig deb 55
881.4 10414
9914 45
5 10018 10234 Kelly-Springfield Tire 8s__ A931 M N 99 Sale 984
Baldw Loco Works lot 56_1940 M N 10218 104 10112 10178
7312 84
84 Sept'24 _ _
84
J J 80
9514 104 Keystone Telep Co let
2
Barnsdall Corp s f cony 8% A1931 j j 10312 Sale 10312 10358
9852 103
10012
3
0 10012 10138 10012
1937
9712 10114 Kings Co El dr P g 5a
Bell Telephone of Pa 5a._ 1948 J J 101 Sale 10078 1014 103
11078 11414
Oct'24
1997 k 0 114 11614 114
99 10112
28
101
Purchase money Os
10078 Sale 10078
Bath Steel 1st ext a f Ss__ _1928 j
6934 76
7234 Oct'24 _
74
9218 9712 Kings County El let g 4s__ _1949 F A 73
9612 15
1942 m N 9618 Sale 96
lat & ref be guar A
7014 76
1949 F A 7214 74 I 73 Sept'24
/
4
8712 911
46
_1935 j
Stamped guar 4s
89
20-yr nm&1mnsr
89 Sale 884
774 103
Sept'24
J
8614
5/3_1954
J
87
/
1
4
8618
Lighting
953
4
100
181
County
967
8
Kings
Sale
96
1948
96
30
-year
68
Series
A
F
A
Cony
10312
95
103
4
103
10312
J
103
19543
8734 92
8812 24
6335
Cony 30-year 533s Series B1953 F A 874 Sale 8734
5 10112 10512
1930.3 D 10518 Sale 10518 10512'
7212 8354 Kinney Co 7335
8014 7912 Oct'24
1926 A 0 80
Booth Fishenen (1en s I m
3
91141
88
93
9114
9114
1950
M
91
53
A
93
9714
Steel
49
Lackawanna
97
1942 A 0 9614 Sale 9614
Brier Hill Steel let 533s
911
/
4 9812
9734! 20
6012 731, Lao Gas L of St L ref &ext 5s 195
9738
33
4A 0
6918 25
B•way & 7th Av 1st c 65 19433 D 6878 70
68/
1
4
9252 9552
47
95
I
Sale
9412
F
A
943
2
ser
C
533e
6014
73
Sept'24
ref
Coll
&
70
69
Dec
'23
int
67
of
dep
stpd
Certifs
91
94
94 Sept'24
J 95
94 Lehigh C & Nav s f 4335 A 1954
87
93
7
1941
9478 93
93
Brooklyn City RR as
91 101
2
101
1933 3 3 101 Sale 101
974 10212 Lehigh Valley Coal 55
10014 21
mayn Edison Inc gen 55 A 1949 I J 100 10018 100
874
8952
Sept'24
894
__-895
8
10212
10612
8
10518
45
1930 1
105 10512 104
General 65 Series B
3252 4312
_
S 384 3912 394 Sept'24
10534 25 10478 109 Lox
& P F 1st gu g 63_1993
1931) .1 .3 10558 Sale 10558
General 73 Series C
118
22 11434 11814
1940 J D 10734 Sale 10734 10778 90 107 11018 Liggett & Myers Tobac 7s 1944 A 0 118 Sale 11734
General 7s Series D
95
78 100
A
f
3
100
30
4
1
F
A
Sale
987
8
1
9
5
4
100
723
4 8212
80
372
j 7978 Sale I 7912
Sklyn-Man R Tr See 6s. 1968
52
5 11412 11818
1164 117 11652 117
63/
1
4 6918 Lorillard Co (P) 73
Bklyn Qu Co & Sub con gtd 53'41 MN 6418 6512 64 Sept'24
99
95
A
9712
10
1951F
973
8
Sale
974
80
80
_
Jan'24
52
80
19413 J
1st 58
8818 92
9158 52
7814 101
Louisville Gas & Electric 58.1952 M N 9158 Sale 9112
Brooklyn Rapid Trams g 56_ _1945 A 0 95 ____ 9512 Oct'24
1
4
11518
5 10814 119/
96
96
Magma Cop 10-yr cony g 7s..1932 .1 D 114 Sale 114
96 June'24
Trust certificates
9731 10112
100
20
1942 A 0 99 Sale 99
6478 8234 Manati Sugar 733s
_
1st refund cony gold 42...2002 .1 J 8014 8212 8234 June'24
70
56
6218 25
974 10912 Manhat Ry(NY)cons g 43_1990 A 0 6112 Sale 6112
10912 Sept'24
3-yr 7% secured notes___1921 J J - -47
58
3 84
3
2
1199
044
102
5278
6
5214 5312 5212
964 11612
2d 42
11438 Sept'24
Certificates of deposit
- -9412 101./
4
9812 Sale 9812
9834
9234 110/
1
4 Manila Electric 7t3
-- 11034 July'24
Ctfs of deposit stamped........
824 864
S
1
5s_
_1953
M
86
1
Lt
s
8612
&
88
86
Ry
8012
8512
Elea
13
Manila
8
825
821
1950
4-5s
FA
lilt
g
8234
8218
El
2 Bk1yn Un
97/
1
4 10034
36
Q
98/
1
4 Sale 0814
99
81
8512 Market St fly is Ser A
8212 23
1950 F A 8212 8234 82
Stamped guar 4-53
1 11635 140
126
9658 10014 Marland Oil f 88 with war'nts'31 A 0 12012 130 126
9944 100 1 9934 10014 12
Sklyn Un Gas lot cons g 58-1945 M N
100
116
A
0
Sep1'24
attached__
__
10512
1054
106
warrant
114
156
Without
140
150
1932
M
N 14834 Sale 14714
79
1931 F A 11718 121 1174 11752
2 117 136
9912 10734
7333 Series B
6
1st lien & ref Os Series A 1947 M N 105 107 10712 10712
9834 105
105
2
warrants
1044
1044
Sale
114
156
without
30
do
14714
Sale
150
1929
M
N
14714
7s
9734 192
11
90/
1
4 9334 Metr Ed 1st & ref g 6s Ser 13.1952 F A 10038 Sale 10038 101
94
9212 Sept'24
19323 D 92
Buff & (luso Iron s f be
9412 100
91.135
1953 J D 10014 101
9
99
81
8652 Metr Power 133
3
1952 A 0 8552
8512
8512
Bush Terminal let 48
1014 108
N
M
71
8s._.1936
108
Sale
106
s
I
108
Petroleum
83
5
4
883
2
Mexican
17
1
955
Sale
87
J
.1
87
8612
Como]5s
8534 01,12
8814 41
91
9734 Midvale Steel &0 cony s f 55 1936 M S 8732 Sale 8712
9678 21
1
4 Sale 1 9434
Building 55 guar tax ex_ _1960 A 0 94/
95 1054
7
9/14 100 Milw Lice Ry & IA cone g 53 1926 F
10052 Sale 1004 10058
9912 9912
9912
2
1937 M N 99
Cal G & E Corp 5s
9012
96
J
4333_1931
J
95
95
/
1
4
Sale
953
8
953
8
---exten
101
Refunding &
29
_1933 A 0 10034 Sale 10034 101
Cal Petroleum 633s(w
92
9612
1951 J D 95/
9612
8
94
1
4 9614 9534
9734
General 513 A
8
95
94
Camaguey Bug let of g 7s_ _1942 A 0 9412 95
80
,
4
88
12
8614
Sale
85
/
1
4
9414
85
/
1
4
953
5s
B
4
16
1st
953
4
f
75'42
M
N
9514 96 ' 9512
Canada SS Lines let coil 5
955
4
100
MS
98
28
97/
1
4 Sale 9712
ref g Os ser C
6 10252 107
10658
Canada Gen Elec Co 65_1942 F A 106 Sale 106
9434 9834
9
9812
9734 101
Milwaukee Gal Lt let 4s. _1927 M N 9814 9834 9838
Cent Dist Tel let 30-yr 58...1943 .1 D 10012 10034 10012 10052 15
95
9838
1
4
9814
18
1
4 Sale 97/
8912 9532 Montana Power let 55 34_ _ _1943 J J 97/
9538
6
1931 F A 9512 9812 95
Cent Foundry lets f (is.
8613 9434
9412
8
924 1007s Montreal Tram list & ref 53_1941 J 1 9412 Sale 9414
10038 124
Cent Leather 20-year g 5S1925 A 0 10014 Sale 10014
76
83
J
-1939
Sale
804
13
10752
804
784
lots
4)3s...
110
Co
I
Morris
dr
109
10814
1941
M
10814
10814
5'
N
pants& Steel 8e
7412 7412
1966 A 0 7418
_ 7412 June'24 _ _
9312 9878 Mortgage Bond 45
9812 Oct'24
06 G L & Coke 1st gU g 5S-1937 J 1 9812 99
92
9412
1932A 0 94
Oct'24
_
_
_
74
9412
94
81
63
55
Sale
7412
7512
8
F
A
743
1927
Chicago Rye let 50
9614
92
99 1094 Mu Fuel Gas let cu g 55. _ _
9514 9534 96 Sept'24 _ _
10614 173
1932 A 0 10614 Sale 104
Chile Copper 135 Ser A
9372 9534
954 10038 Slut Un gtd bonds ext 5%...1941 M N 9518
9513 Aug'24 _ _ _
6
993
8
Sale
99
99
A
0
'56
ref
55
let
&
Elea
Gas
&
Cincin
J
J
533
4
6312
_1951
96
Sale
62
10112
6212
6212
9
Elec
guar
gold
4.s._
30
Nassau
101
Sale
10012
101
A
0
1981
6338 Ser B due Jan 1
94
82
8114 9314 National Acme 733s
1
8814 Sale 88
8812
5
91
91
Colo F & I Co gen s 5s.....-1943 F A 9034 92
0618 994
75
82
9734 Sept'24
Nat Enam & StamVg let 5s-PSZ 3 0
7934 11
Col Indus let & coil 58 gu_ 1934 F A 7952 Sale 7958
97
954
1
53_
_1930
1
12
96
96
Starch
20-year
deb
1003
8
Nat
9614
954 ---10058
J 10038 Sale 10014
1927
Columbia G & E let 55
994 102
3
1952
9614 10033 National Tube lot 55
1014
10114 Sale 10114
1927 .1 .1 10012 Sale 10038 10012 16
Stamped
93/
1
4 100/
1
4
973
7
7
Sept'24
973
8
Newark
Con
Gas
55
_
_
Apr'24
12
7
2
Col & 9th Av lst gu g 58_1993 M S
0714 10112
.
1
r41
83
- 10012 101 • 36
10034 1007
- -8
9714 New England Tel & Tel 5s. _
Columbus Gas let gold 5s 1932 .1 J 984 ___ 7414 Sept'24
10118 104
N 10312 Sale 10312 10313
M
70
1
_1928
7614
Air
Brake
let
Os..
N
Y
cony
75
7312
Sept'24
7314
J
45._2397
Q
Commercial Cable let g
73
7872
87
9835 N Y Dock 50-yr let g 43_ __.1951 F A
78/
1
4 43
7812 Salo 7734
9734 91
1947 M N 9714 Sale 97
Commonwealth Power 6s
1
4 1134
17 109/
113
9414 967s N Y Edison 1st & ref 633s A_1941 A 0 11212 Sale 11218
9612 10
Comp Azuc Antilla 7a...-l939.3 J 96 Sale 96
9814 102
32
0
10112
J
100
Gas
El
Lt
&
10014
Pow
g
1948
1033
4
10112
Sale
N
Y
5.9
Sale
10214
4
1023
10212
16
1937 .1 J
Comp Azu liars 7.46
8218 8672
12
80
98 103
Purchase money g 43
1949 F A
16
103
86 Sale 86
102 103 102
Computing-Tab-Rec f 65_1941 J
8012 814
8772 8838 N Y Munic Ity hit s I 52 A_ _1906
J. 8012 ___ 8112 Apr'24
8778 July'24 -- -Conn Ry&L 1st & ref g 433e 1951 J J 8734
US 10012
__
2
_
5
_
Oct'24
N
Y
Q
El
82
883
2
0
714
3
L
&
P
1st
g
9014
4
14
8
.
8
8
_l_
e
_
10
3
_1930
F
A
Sept'24
13
00
8
8378
1951 3 J 88
Stamped guar 433s
334 4412
86
9034 N Y R.ys ist R E & ref 4s-1942 J J
8814 45
Cons Coal of Md 1st & ref be 19503 D 8738 Sale 8715
32
4334
100
38
92
7
8
/
1
4
Certificates
of
94
43
36
deposit
4
37
93
363
93
9314
Cont Pap & Bag Mills6 He_ _1944 F A 93
14 6
41s 26
9312 100
334
30-year adI Inc 53
al942 A 0
334 Sale
984 9752 Sept'24
Con G Co of Cb 1st gu g 511-1936
112 6
-11 98
5
4
4
87
30
Sale
Certificates
of
924
9014
deposit
4
893
4
Sale
90
N
1952 M
Consumers Power
58
65
36
65
903s 103
N Y State Rye let cons 433s 1962 Mil 65 Sale 6412
1931 M N 9958_ _ 9058 July'24 -Corn Prod Refg elg 5e
85
90
1
8712
9814 10134
8712 8712
10134 10
87
let 25-year s f Is
1934 M N 10078 1-01-14 10114
9212 99
19
98
97
Sale
NI/
i
t:team
let
71
85
98
25-yr
Os
Ser
A
1
1
96
9
4
2
7
M
N
N
3
80
78
7812
Crown Cork & Seal Os
1943 F A 7812
935
8
9712
54
974
9612
MN
22
9658 Sale
9112 98 N Y Tele') 1st & gene 4333.1930
96
Cuba Cane Sugar cony 7s_ A930 J ..1 9578 Sale 9514
30-year deben f 6s_ _ _Feb 1949 F A 10738 10818 10812 10812 15 105 10812
96 10112
9934 89
994 Sale 99
Cony deben stamped 814-1930
10318
10712
51
10712
107
0
Sale
A
10812
107
15
10714
63_1943
20-year
refunding
gold
10818
108 10838 108
Cuban Am Sugar let coil 85_1931 M
99 10333
1014 102 10034 10112 14
94/
1
4 9818 Nlagara Falls Power let Ss.. 1932 .1
7
9818
CumbT&Tlst&gen5s.1937J J 98 Sale 9712
1 10212 loots
1
4
1
4 105/
103/
1
4 10434 105/
8414 9118
Ref & gen 6s
9034 36
Den Gas& EL latarref s g 5251 MN 8934 Sale 8934
9913
104
4
103
1034
0
N
A
M
Sale
4
2
4
1034
93
67
7
Nina Ark At 0 Pow lot 63..
82
61 0
7412
Deo' Corp (D 0) 75
1942 M S 7212 7334 7312
99 10378
F A 103/
1
4 1034 103 Sept'24
99 10114
6
Refunding 65 Series
Detroit Edison let coil tr 56.1933 J J 10034 Sale 1004 101
9114
98
9714
75
t
97
Sale
97
S
95
1952
M
No
Amer
Edison
OS
101
46
9934
lst & ref be Series A
111140 MS 9934 Sale 994
06 103
1948iM S 10038 Sale 10038 10112 43
Secured s g (134313er B
10638 16 104 1 11
1st & ref Os Series B
11940 M S 10618 Sale 10618
8712 93
18
92
Sale
9012
M
91
1947
(I114
8458
Nor
Ohio
Trim"
&
100
644
_
9414
LIgbt
92
9414 Sale
DM United let cons g 43414 .19323 J
8914 9414
9414 49
40
5418 Nor States Pow 25-yr 541 A..1941 1A 0 9414 Sale 9312
Distill Sec Corp con 1st g 581927 A 0 4014 4712 40 July'24 _ _
10412 11 101 105
let & ref 25-yr tis Ser B..1941 A 0 10412 Sale 104
38
5473
4012 12
4014 4212, 4014
Trust certificates of deposit
1074
108333
1083
4
56
109%
Sale
1083
5
A.1941
F
A
irthweet'n
Bell
T
let
7s
4
8514 87 i N
87
Dold (Jacob) Pack let 68_1942 MN 8514 Sale I 8514
e
&
oDue Jan. 5 Due Feb. c Due June. 5 Due July. k Due Aug
o Due Oct
121
p Due Nov. r Due Dec. s Option sale.
OCT. 11 1924.]
THE CHRONICLE
1725
Quotations of Sundry Securities
New York Bond Record-Concluded-Page 5
All bond prices are"and Interest" except where marked "2."
Standard 011 Stocks Par Rid. 1 A .1
Railroad Eouipants Per Cl. Basta
1514 Atlantic Coast Line 65
Anglo-American Oil new _ El *15
5.20 4.95
Atlantic Refining
100 8412 86
Equipment6%s
5.00 4.80
Preferred
110000 110 111 Baltimore & Ohio 64
5.35 5.00
210 220
Equipment 434s & 5s
5.00 4.80
Ask LOW
BO
WA No Low SW Borne Scrymeer Co
North W T lst fd g 43411 gtd _1934 J J 94 __ 9378 Sept'24 ____
1
4 Buckeye Pipe Line Co__50 85514 5653 Buff Rot% & Pitts equip 68. 5.00 4.75
92 95/
or Mfg new__ 25 *48
Ohio Public( Service 7346_1946 A 0 110 Bale 110
49 Canadian Pacific 4345 & 6s. 5.05 4.85
11014
10 1037 11012 ChAseefberrr
7s
100 113 116 Central RR of N J Os
5.25 5.05
1947 F A 1071
/
4 108 1107
10718 12 10014 10714
Ontario Power N F let 55._ _1943 F A 99 Sale 9858
Continental 011 new
25 *42
5.35 5.05
50 Chesapeake & Ohio re
99
23
941s 99
Ontario Transmission M.__.1945 M N 97
Equipment634s
5.10 4.85
12
9734 9712 Sept'24 -___
94
9912 Crescent Pipe Line Co_ 50 *11
Otis Steel 83
Equipment 58
1941 F A 9312 Sale 9338
5.00 4.80
1
4 Cumberland Pipe Ltne_100 134 138
93 101/
94
10
Eureka Pipe Line Co
15t 25-yr a f g 7548 Ser B_1947 F A 8712 Sale 8712
Chicago Burl & Quincy 58.... 5.25 5.00
100
8812 18
95
87
nettle()dr El egn & ref 58._1942 1 J 9334 Sale 93
Galena Signal Oil oom--100 5212
75 712
9334 98
9034 95
53
6 Chicago & Eastern III 1534e. 5.50 5.05
Pao Pow&Lt Ist&ref 20-yr 58 '30 F A 9834 Sale • 9812
Preferred old
100 110 116 Chicago & North West 5s.... 5.30 5.05
9834 37
92
987s
Pacific Tel & Tel 1st 5e
Preferred new
1937.1 J 9914 Sale 9914
Equipment634e
5.05 4.85
100 103 106
100
13
96 100
Humble
511
Oil& Ref new.. 21 *35
5.15 4.95
1952 M N 9278 Sale 9234
38 Me R I & Pao 434e & 5s
9058 9373
9314 81
Pan-Amer P & T 1e1 10-yr 7 1930 F A 10414 Sale 10414
5.50 5.20
Equipment68
100 120 122
10434 47
9958 10514 Illinola Pipe Line
Park-Lax (ctfs) 6348_ _ _. . 1953 J J 95 Bale 95
Imperial 011
5.45 5.20
051
25 *10014 10012 Colorado & Southern es
8
94 100
Pat& Passaic G & El eons 5a 1949 M 8 9738 99
Indiana Pipe Line Co.... 50 *70
5.20 4.95
Delaware & Hudson 65
99 Sept'24 --_71
9378 99
Peon Gas de C let cons g 6a_.1943 A 0 10714 108 107/
International Petroleum-a) *18/
5.00 4.70
1
4 Sept'24 ---- 104% 108
1
4 1834 Erie 4348 & 51
Refunding gold 58
Magnolia Petroleum_ _100 128 130
5.45 5.20
1947 M.5 9418 96
Equipment68
9412
9458 13
8714 98
Philadelphia C 63 A
5.20 5.00
1944 F A 102 Sale 102
102% 38
9958 10373 National Transit Co__12.50 *2154 2212 Great Northern fis
534a
.1938 M 5 9412 Sale 94
5.00 4.70
New York Transit Co...100 57 5812
9412 39
90
96
Equipment 58
?Dila & Reading C& I ref 56.1973 J J 10012 Sale 998 10012 54
Northern Plpe Line Co 100 75
5.40 5.10
93/
1
4 102
78 Hocking Valley lis
Pierce-Arrow 88
1943 M 8 8514 sale 85/
5.00 4.75
1
4
8614 134
25 *5914 5934
Equipment tai
70
8883 Ohio 011 new
Pierre 011 8 188
1931 .2 D 10118 10183 10034
4.90 4 65
25 *29
847e 10214 Penn Mex Fuel Co
24
101
32 Illinois Central 434s & 5s
Pillsbury Fl Mills Os (rota). _1943 A 0 9914 Sale 9834
5.20 495
Prairie 011 dr Gas new
100 194 194/
Equipment68
9914 23
947e 100
1
4
Pleasant Val Coal let get 581928 J .1 97/
Prairie Pipe Line new......100 10114 102
5.00 480
1
4 Sale 9718
93
4
Equipment 7s & 6345
9714
9714
Poet!).Con Collieries let a f 5a1957 J 1 9258 Sale 9212 Oct'24
Solar
5.35
5.10
Refining
100
90/
1
4 94/
1
181 183 Kanawha & Michigan 5s
1
4
Portland Gen Elec let 5N...1935 J .1 9853 ____ 99
5.20 600
Southern Pipe Line 0o-100 81
95 99
5
Equipment4345
99
82
Portland Ry lit & ref Se__ _1930 MN 9258 9378 927
5.30
South
Penn
5.05
011
100
153.4e.
Southern
1
927
86
City
Kansas
93,2
126 131
Portland Ry Lt & P let ref 581942 F A 834 Sale 8313
Soutaweet Pa Pipe Ltnes-100 70
84
8083 90
4
73 Louisville & Nashville 6...... 5.25 500
65 B
1947 M N 95 Sale 9434
5.05 480
9634 70
8983 96% Standard Oil (California) 25 *56
Equipment6345
5618
let & refund 7349 Ser A_ _1946 MN 10412 _Standard
Oil
(Indiana)
25
105
10412
3 103 107
*5518 5514 Michigan Central 58 & (is- 5.20 4 95
Porto Rican Am Tob Ss_,,. 1931 M N 105
25 3214 33 MinnStP&13131‘14348&511 5.30 500
1041s 10612 Standard 011(Kan)
105
--Premed Steel Car 55
1933.1 .1 9114 Sale 9034
5.30 5 10
Standard 011 (Kentucky) 25 *11414 11511
9114 10
88/
1
4 95
EQUipMellt 634s & 75
Prod & Ref s f 88(with waents)'31 1 D 113 115 10912
3 10938 116% Standard Oil(Nebraska)100 234 236
10912
Missouri Kansas & Teem fle 5.65 5 35
Without warrants attached_.1 0 10912 110 10934 1055
Stane
dfae80
r88
d011 of New Jer_ 25 *3455 34% Missouri Pacific tis & 63-45_. 5.65 5 25
106
/
1
4
1
1093
4
1103
4
Pub Serv Corp of NJ wen M 1959 A 0 10434
100 11714 11712 Mobile & Ohio 434s & 5s
Preferred
Sale 10434 104% 59
77 107
5.10 490
Pub Serv Elec & Gas 1st 5340959 A 0 97%
96
9814 Standard 011ot New York 25 *3813 3834 New York Central 4345 & 54 4-85 4.65
Sale 9634
98/
1
4 57
Pub Berv El Pow & Ltg(
/
1
4_1948 A 0 10314 Sale 10318 10312 68
5.20 4.95
Standard Oil(Ohio)
100 310 314
96 104
Equipment
65
Punta Alegre Sugar 7s
1937 .1 J 10712 Sale 107/
5.05 4.80
Preferred
100 117 118
Equipment 73
1
4 144
Remington Arms 6:
1937 M N 9414 Sale
100 39
1n13 Swan & Finch
9
4341..85 4.40
Western
&
Norfolk
Repub I dr 8 10-30-Yr See I 1940'A 0 92/
5.05 4.85
1
4 Bale 947
100 120 124 1 Northern Pacific 7s
12
95
93' 9634 Union Tank Car Co
53411
Preferred
5.05 4.80
100 111 113 Pacific Frult Express 7s_
1
4
8711
/
4 92/
1953 J J 92 Sale 9218
9258 75
Robbins & Myers if 7e
1952.1 D 71
25 0978 70/
5
75
76
75
75
9112 Vacuum Oil new
1
4 Pennsylvania RR eq 55 & 63 5.10 4 75
Koch dr Pitts Coal & Iron 5A.1946 M N
Waahington 011
5.11 4 90
10 2913
90
90 • Aug'241 ---90
91
Pitts & Lake Erle 6346
Rogers-Brown Iron Co 7s....1942 M N 75
Other 011 Stocks
5.60 5 25
74
90
4
7614
7678 76
Equipment&
St Jos Ry Lt Ht & Pr M
19371 M N
4.75 450
84
(8) *21
86
7634 8434 Atlantic Lobos 011
841
/
4 Aug'24 -___
234 Reading Co 434s & 5e
St L Rock Mt & P 58 stmpd _1955 J .1 761
/
4 76 8 76/
1
4
3
74
Preferred
80
so 4,6
707
9 1 St Louie & Ban Francisco 5s. 5.15 490
St Louis Transit 5.
19241 A 0 70/
5212 78,2 Gulf Oil new
25 45878 59 Seaboard Air Line 434e & Si 5.50 490
7114 40
1
4 Sale 70
Bt Paul City Cable
55
91
/
1
4 9534 Mexican Eagle on
1937 1 J 92% ____
6 •412 5/
95 July'24
1
4 Southern Pacific Co 045._ 4.85 450
St Paul Union Depot 51.. 1972J J 10053 Sale 100
1
4 10134 Mutual 011
95/
a •I058 1034
10012 28
5.05 480
Equipment70
Bake Co is
_1942 M S 1061
100 108 112 Southern RY 4%5 & 5s
/
4 107 106%
10 -78 10 102 10578 National Fuel Gas
505 4.85
San Antonio Pub Ser 6s_1952 1 J 9912 Sale 9912
Salt Creek Producers
9314 100
9912 42
10 .
5 35 500
Equipment
tis
26
25%
Sharon Steel Hoop 1st ils ser A '41 at 8 103 10314 103
Sapulpa Refining •
5 •1
2 100 104
10458 1458
5.30
Ohio
Toledo
Central
&
5-60
6/2.2
Sheffield Farms 634s
1942 A 0 10458 sale
1
4 105
2 100/
5.00 4.80
Union Pacific 7s
Sierra & San Fran Power 58_1949 F A 904 Sale 554
Public Utilities
8
9034
83/
1
4 9112
84
Sinclair Cone 01115-year 7s_1937 M S 8814 Sale 8513
Amer Gas & Elea new--(t) *82
8512 97
196
89
Tobacco St....
*24312 45
8.348 B(w1)
1938.1 D 83 Sale 8234
Preferred
7712
50
834 99
8214 9014
96 American Cigar common 100 76
Sinclair Crude 011 534s
1925 A 0 100 Sale 100
Deb 65 2014
MAN 95 14612
100 84
87
100/
97 10114
1
4 39
Preferred
14512
tis
1920 F A 10012 Sale 10014
Amer
8
10114
Light
957
& Tree eom-100 93
136
101
Amer Machine & Fdry 100 .15.1.
94
Sinclair Pipe Line Si
1942 A 0 834 Sale 8334
9153 86
Preferred
100
8334 70
-24•4 2453
4012 42 British-Amer Tobao ord_ £1 *23
South Porto Rico Sugar 7s 1941 J 0 102 Sale 102
Amer Power & Lt Oom
1
4
10
54 24/
1021
di
Bearer
91
89
South Bell Tel & Tel lets f 5s1941 .1 J
0778 sale 0778
9814 28 111 15
Preferred
100 9412 9512 Helme (Geo W) Co. corn 25 *63 66
1
4
2
t
Sweet Bell Tel let & ref 5s_1954 F A 96,2 Sale 9638
Deb 6.2016
9
M&S
100 112 114
9634 231
Preferred
Southern Colo Power 65_ _ _ _1947 .1 .1 90 Sale 90
Amer Public UM e0m--100 90
14
92
Imperial Tob of G B & Irel'dj 1672 17%
Gas &Stand El deb g 6346_1933 M S 1024 Sale 10138 102% 40
87
4/
7% prior pre!
1
4 104
312
100 90
Int Cigar Machine:7_100j 61
74
Standard Milling let Se
1930 M N 9984 Sale 0034
0928
3
95% 100
a% panic pref
100 *72
Johnson Tin Foil & Met.1001 75
Steel & Tube gene 175 See' C 19.51 .1 .2 106 Sale
1061
/
4 21 193 106
MacAndrews & Forbes_ _1(10 149 152
'
5 Blackstone Val0&E Dom 50
Sugar 5:states (Oriente) 712 _1942 M $ 9412 96 106
9412 9712 Carolina Pow & Lt com-100 220 226
2
95
95
7001 99 101
Preferred
142 144
Superior 011 1st 5 f 78
1929 FA, 98
99
Cities Service Co oom
9978
100
33
Mengel Co
77%
77%
Syracuse Lighting let g 5e. _1961 1 D 9812 99
Sept'249714 --1. n 1St,
Preferred
100 •714
9653
60
Rican-Amer
Tob
31
_
Porto
_1
1
°0
00 56
Light & Pow Co coil tr 5 1 5a'54 J 1
7/
1
4
84/
1
4 105
Preferred B
8 ____ 104% May'24
34
10
Universal Leaf Tob oom-100 32
Tenn Coal Iron & RR gee Se 1951 J .1 1047
72
3
4
7214
10114 102
/
4
9914 1021
Preferred B B
Sept'24
100
54
100 81
Preferred
Tennessee Cop lit eon, 81. III?'M N 10112 10212 10153 Oct'24-_ • 9712 103
/
4 1455
CitiesServieeBankerriThated •141
10112
119
122
Yo
Co
100
p
u
ra
ng
f
er
(
.1
880_
8)
Tennessee Elec Power let 68.1947.1 D 9833 Sale 9734
9355 981$ Colorado Power com
98/
1
4 47
100 34
35 I
100 102 105
Third Ave let ref 43
9412
1960.1 .2 55% sale 55/
1
4
501
/
4 36
5112 6153
Preferred
100 921
Rubber Stocks(Clesslaud) prices)
Ad)Inc 5s tax-ex N Y. .a1960 A. 0 47% Sale
*98 100
Cem'w•th
Corp
corn
Pow
46%
10
(t)
5
473
4 10
IN% 19
Am
pre
Tfle
rerrtdRub corn
1:
5
Third Ave Ry 1st g 58
76
75
1937 J J 937 95 9412
Preferred
100
9412
25 40
Tide ater Oil 10-yr 6345..1931 F A 103/
93
W Consumers Power pref _ _100 so
1
4 Sale 10314
02
15
1033
4
corn
9
85
711 14
Firestone Tire& Rub
00
10 *9
Toledo Edison 1st 7s
1941 M 5 10834 Sale 10812 10834 14 106 109
Elec Bond & Share prat _100 101 102
a% preferred
Toledo Trac Lt& Pr6% notes'25 F A 10038 Sale
14
•12
9812 101
Elec Ry Securities
11
1003
100
5
8
100
95
92
(0
erred
referr
ige
e
f
d
Trenton G dr El let g te_ _.A949 M 23 97
7
P%
85
Lehigh Power Securities-(2) 83
____ 97 Sept'24
General The & Rub own 50 220 230
Underged of London 48_1933
%
J J 885s -__ 90 Aug'24 _-_- _-_gi
°
)
10
7
Mississippi Mir Pow corn 100 321 3312
99
96
loc
i
Income 6s
1948.1 J
Preferred
881
/
4 88,2
8812 May'24 __-,,,,, 90 Goodyear Tire & R eon:1-100 14
15
100 88
Union Bag & Paper let M 136_1942 M N 933* -95 - 9358
First mtge 5s. 1951 J&J "- 9734 Goody'r TAR of Can P1-100
9853
4
933*
92
_
Union Elec Lt & Pr let g 53_1932 M 5 100 100/
8 F g deb 7s 1935_M&N 1021
2
97is 10014
1
4 9958 100
100
oom
80
Rub
Tire
&
India
Ref & bet 55
1933 MN 9812 Sale 9853
92
Nat Power & Lt cow -(5) *163
99
98/
1
4 11
Preferred
Union Elcv Ry (Chic) 55_1945 A 0 76
95
Preferred
70
77
1
77
76
51
76
8
5.
9
510 1.25
9012
(t) 93
(
1
100
130
t) *
85
Union Oil let lien 5 I 8,.._ A931 J J 9914 9934 100
98 Mason Tire & Rub oem100
2
Income 75 1972
953* 10214
J&J 97
20
100 16
Preferred_
47
May 1942 F A 103 Sale 103
30-yr 65 Ser A
9
Northern
103
Ohio
Electrio..(2)
1
Miller Rubber
Union Tank Car equip 73_1930 F A 105 Sale 10414
26
ns
105
113
9IS Into
Preferred
22 10
00
2
11
4 12
100
11
0 10
Preferred
United Drug cony 88
1941 .1 13 115% Sale 1153.8 11578 173 1111
/
4 11685 North States Pow 00m-100 101 103 Mohawk Rubber
United Fuel Gas 1st s f 65...1936 .1 J 99% Bale 99/
9212 997
1
4
61
997
Preferred
100 93 96
1 65
Preferred
United Rys Inv 55 Pitts issue 1926 MN 99 Sale 99
63
99
Nor Texas Elec Co eem-100 130
37
II
i reerflerr40
ingTire & Rubber(S) •10
73 Belb
-Stamped
9
11
99
98%
n
40
Preferred
100 70
100 75 82
United Rys St List g 45_ __ -1934
7014 Bale 7014
7053
7
6178 71
Pacific Gas & El let pref 100 9114 92 Swinehart Tire & R com-100
United SS Co 15-yr 13s
1937 M N 9212 93 9212
9212
11
4
85 • 93
Power Becuritiee corn. .(I) •0
100 iiPreferred
United Stores Realty 20-yr 65'42 A. 0 10214 Sale 10178 102,4
45
Second preferred
13
,1,114
2 1g14
47
(t) *42
00000
US Rubber let & ref Ss Bar A 19472 J 84 Sale
31
841 143
8
78
Coll trust 68 1949___J&D 76
ao *912 11
10-yr 734% sec notes_ _1930 F A 104 Bale 103% 19438 84
991s 10618
91
Incomes June 1949 __F&A 89
00311. 20 *7412 7512
al
US Smelt Ref & M cony 68_1926 F A 1013* Sale 10114 102
55 Cent
120
9914 102
Puget Sound Pow & Lt 100 52
100 110 111
Fajardo
US Steel Corplcoupon._41963 MN 10438 Sale 104/
1
4 105
96 102 105
85
6% preferred
100 83
Saar Ref oom 100 55 60
isreef
raelrr
if 10-60-yr 5siregistered_d1963 MN -------- 104
100 d10312 105,2 Fed
1 101% 10412
104
7% preferred
97
100
Utah Lt& Tntc 1st & ref 55_ _1944 A 0 84
85 84
8434 26
80
9712 Godchaux
8712
1st
&
9612
ref
5
Ws
1949
5
_
_131D
Sugar. Inc.._(t) '
8. 32
Utah Power dr Lt 1st 512__ _1944 F A 92% Sale 92/
9314 _15
1
4
.
6
**37
Republic Ry & Light-100 35
33
100 27
Preferred
Utica Elm L & Pow lets f 5s 1950 2 J 9934 ____ 98
Oct'24
61
Preferred
24
100 58
*22
SugarCorp
Holly
a)
oom
Utica Gas& Elec ref & oxt 5e 1957.1 .1 98
__ 98
98
3
908 98% South Calif Eaton oom 100 99 100
81
79
Preferred
1953.1 .1 50
Victor Fuel 1st s f 5t3
57
55/
1
4 Sept'24 ____
048
100 115 118 Juncos Central Sugar
8% preferrea
1100°° 75 125
Va-Caro Chem 1st 75
1947 .1 D 60 Sale 60
6112 43
Standard
G&
El
9612
7%
pr
pf
100
87
88
Refining_100
93
NaticsalSugar
Certificated of deposit
. 58
60/
1
4 58
59
8
527 6412
50 49
8% cute met
50 New NIQUero Sugar_ _ _.100 90
95
Certificates of deposit stmpd ____ 54
57
5418
5418
2
Tennessee Elec Power._ _(2) *3812 4012 Santa Ceelita Sug Corp pf 100
8
4
7348 with & without war..i937 J D 28 Sale 28
30
Us ni3:
24
Second
preferred
69
(2) *67 „
67l4
, Savannah Sugar com___1
00 *66
Certifs of deo with warranta.
(t)
___ 29
30
30
3
3612
2$
34
_100
Western Power Corp_ _ _
va iron coal & core Ist g 531949 M
86
83
Preferred
,„;
*-'
'
2
____S 9112 Sale 91
9112
7
88
92
100 82
Preferred
89
Sugar Estates Oriente p1100 85
1934 .7 .1 9312 Sale 9318
Va Ry Pow 1st & ref 58
9412 12
88
9.512
West India Sug Fin com-:00
Vertientes Sugar let ref 7s-1942 J D 9312 Sale 93,3
9312
Short Term Securities
26
5
3
10
5
101.
Preferred
100
75-1941
J
D
let
92 Bale 88
Warner Sugar Refin
12
r1111 11R Anaconda Cop Mmn 65'29 J&J 10314
,
18
4 iii
1 industrial&kliscall..
Warner Sugar Corp let 76._ _1939 J J 8378 Sale 81
Ang/o-Amer 0117%8'25 A&O 10134 102 ' American Hardware___-100 79
81
Wash Wat Power a f Es--1939 J .1 10012 1007s 10012 Sept'24 --__101
Federal Bug Ref 6s'33.M&N 16
01142 Babcock & Wilcox
01 10
100 130 132
Weetchee Ltg g Mstmpd gtd 1950.1 19 9934
_ 100 Sept'24 ____
11638 100
Hocking Valley 581926 M&S
1312
Bliss (E W) Co new____(t) •12
West Penn Power Ser A 58_ _1946 M 8 9512 Bale 947
9558 17
K 0 Term Ry 630'31 J&J 10312 _ -.1 Preferred
.58
50 *50
_1958
105
J 12
Sale 1041
let 40-year 6s Series C_ -/
4 105
12 41C112 Inss
512e
1928 10214 102% Borden Company corn.,.,100 126 128
1946 M 5 10612 107 10612 10612
lit 7s Series ID
8 10414 1073* Lehigh Pow Sec (Se '27_F&A 100% 1011
/
4
•123 125
New corn
1963 M 5 93 Sale 93
151 fa Series E
9414
Sloes-Bheff SAl 81,'29.F&A 10112 102
Preferred
100 10212 10412
1953 k 0 101 Sale 10014
1st 534s Series F
101
1,
1
16
154 1gP U S Rubber 73.4s 1930_F&A 104 110414 Celluloid Company
61
100 58
Western Electric deb 58.-1944 A 0 99 Sale 9853
99
287
96
99
Preferred
100 97 100
Westem Union con tr cur 511-1938 J J 10038 ____ 10014 10012 11
967 10114 Joint Sib Land Bk Bends
Childs Company corn ...14) •33
35
Fund & real estate g 430_1950 M N 9434 95 9454
9483 10
1
4 ChM Jt Stk Land Bk 56-1951
9058 97/
100 110 112
15-year 6348 g
/
4 Sale 11114 1113* 24 10853 1121/4
1936 F A 1111
56 1952 opt 1932
2512
8 HePrreculleesrrea
35 10°2
1°
011:
Powder
89
100 86
Westinghouse E & M 7s.- _ _1931 M N 10858 Sale 10815 1087
72 10683 10934
55 1963 opt 1933
/
4
102 11031
Preferred
10412 10512
Wickwire Spen Steel 1st 7s_.19352 .2 75 Sale 75
76
51
534. 1951 opt 1981
103 10414 International Silver prat 100
10tern
106 109
9934 n
1933 M 5 9934 Sale 9912
t 6345
450 1952 opt 1932
1Ze"
00
1581 p
10
Le
021
bh
1 8 10
eligh
ys D
V0
a1
018
e8 C
C0
ora01 Bales 50 •80
Valley
82
Wilson & Co lat 25-yr s f 63_1941 A 0 88 Sale 8712
434e 1952 opt 1932
100 112 115
51
10-year cony s f 6s
1928 J D 5012 Sale 5012
n5
4
413(5 1963 opt 1933
101 10134 Royal Baking Pow com_100 145 153
10-yr conv a f 7346
527
8
91931 F A 5234 Sale 5213
4612 100
Pac Coast of Portland. Ore
i
Preferred
I
100 98 100
Winchester Arms 7345
102
1941 A 0 10154 Sale 1018g
13 10038 102,4
55 1954 op 1994
J&J 10114 102 , Flintier Manufacturing_100 169 171
Young'n Sheet & T 20-yr 68_1943 J .1 9578 Sale 953
96
99
94
97
•Per share. I No par value. S Basis. d Purchaser also pays accrued dividend.
a Duo Jan d Duo April.
Due March. e Due May, U Due June. 8 Due eNew stock. 1 Flat price. k Last sale. n Nominal. z Ha-divklencl
i Ex-rights.
July
Due Aug. •Due Oct. g Due Deo. a Option sale.
Ex-stock dividend. a Bale price. eCanadian quotation.
BONDS.
B.T STOCK EXCHANGE
Week Ending Oct. 10.
11
No.
Price
Frtdav
Oct. 10.
Week's
Range or
Last Sale
gangs
Since
Jan. 1
V, 12
30 1
Vi"
164i-
i--;
susguagrs
Caracas Sugar
55I
4
"1
willy.overland 9
8838 ,,92 11
ici"
1726
BOSTON STOCK EXCHANGE-Stock Record S.B::::arie
HIGH AND LOW S&LS PRtC11-PBR SHARK. NOT PBS
8878788Y.
Oct. 4.
Monday,
Oct. 6.
Tuesday,
Oct. 7.
Wednesday. Thursday.
Oct. 8. I Oct. 9.
cevr.
Metro.
Oct. 10.
Sales
for
the
Week.
Range Macs Jae.1 1924.
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Highest
PBR WARN
Range for Previous
Year 1923.
Lowest
Highest
Railroads
161 161
180 160 16012 1601: 16012 161
181 181
406 Boston & Albany
100 14578 Mar 27 161 Oct 7 148 Apr vw June
1801: 161
74
74
75 75
159 Boston Elevated
75 June 84 Jan
75
7434 75
75
100 7134 Aug 8 80 Jan 8
75
75 +____ 75
Do Prof
9112 Aug 100 Mar
*93
1
4 Aug 6 9814May 10
*93 ____ *93
100 88/
- *93 ---- *93
114 11-4 - 114 114 •113 ____ 113 113
113 ill" ill 1-1-373 Do let pref
100 110 June 18 11814 Jan 21 11118 Aug 125 June
93
9312
120 Do 2d pref
95 Nov 108 Mar
9412 9412 94 94
94
91 *93
100 92 Sept 30 100 Feb 27
931: 94 *93
734 Dec 204 Mar
184 1834 1814 1814 18
19
1812 1812 1,401 Bostonlc Maine
19
84 Jan 2 21785ept 25
19
100
1812 18
19
19
7 Dec 27 Feb
*20 22 *20 22 *20 22 *.._ _ _ 22 *19
20
5 Do prof
100 12 Jan 10 25 Sept 25
124 Oct 324 Mar
2434 2514 2434 2434 25 25
254 --------414 Do Series A 1s1 pref-100 13 June 12 30 Sept 25
25 251: 25
154 Dec 48 Feb
3434 3514 35 35
36
354 3512 --------176 Do Series B let prat _100 174 Jan 2 39 Sept 25
35 35 *35
151: Dec 42 Mar
30 --------93 Do Series Clot pref-100 16 Feb27 3312Sept 25
31
31
*29 3012 30
304 3012 *3012
20 Dec 59 Feb
43 43
43 43
43 4314 4314 4314 4314 434 --------179 Do Series D let pref _100 23 Jan 3 51383ept 25
*164 ____ 16418 1614 env. __ _ _ •1644
*185 ------------5 Boston & Providence
100 143 Jan 4 165 Sept 2 135 July 1801: Jan
21
18 Feb 35 Mar
757 East Mass Street Ry Co-- _100 18 May 12 27 July 30
20 20 +197 20
197 2112 2112 2112 21
131978 20
82 62
: 62
47 Do let pref
58 Dec 72 Jan
81
81
62 •611
100 584 Jan 8 88 June 27
62 62 *60 62 *61
5084 Dee 85 Mar
100 48 May 26 58%July 28
*5012 ,5234 *5012 5234 3150 5214 514 52 *5012 514 --------47 Do pref B _
334 3512 3434 3514 1,623 Do adjustment
31 Dec 48 Mar
32 3213 32 32
100 28 May 21 394 Fan 14
311: 3212 3212 35
.8i4 _2..i1..
4 ______:ii:___ ___ ___ Mast Mass St fly (tr Ws)-100 3134 Apr 23 3912 Feb 11
31 Nov 45 Mar
_........ _2..6..ii _i
-ii- ii- "ii- -213-4 ---- ---- ;
115 Maine Central
2212 Dec 43 Jan
'
13
100 25 June 19 371: Apr 9
2338
2238
2
3
-1
;
Y
N
934 July 2211 Jan
2,652 N
El& Hartford
100 14 Jan 3 301:July 25
2312 2334 214 2314 -iiT4 -ii52.3- 224 2318 2234
----*80
'Northern New flampehlre_100 82 Jan 14 80 klapt 21 62 Dec 84 Feb
Jan
..i.
i...
g;)
,
•10112 106 *105 106
Tv61
.
clhon
&y Worcester preflg I 80 Jan 2 105 Sint 25
75 Dec 1.00
105 105
91
91
91
841: Oat 81 Feb
90 90
7212 Jan 4 91 Sept 27
91
91 *914 93 -51- 92
1Rutland prat
34* Mar 3 59123J)t 21
2112 Aug We Dec
_-_-100
*57 59 *57 59
Jae
10 Vermont & Masuelausetts_100 70 Jan 22 90 Aug 28
-55- 167,5670 Nov 08
*31)0
Miscellaneous
312 Jan
lisSept 25
2 Jan 18
1 Sept
*114 14 *114 14 *114 112 *114 14 *114 112 ---- ----1 ....--1 Amer Pneumatio Service_ 25
Jan
____
160 fao prof
12 Dee 20
50 12 Jae 3 15 June 5
1234 13 *1278 13 *1278 13 *1234 13
*1234 13
8 1,610 Amer Telephone 62 Teleg_100 121 June 21 13078 Mar 1.2 119 June 12312 Dec
1263* 127 .12688 1213% 126% 1-2-6-712634 127
12634 12714 1283* 127
71
71 1
70
89 emoskeag Mfg
874 Oat 112 Jan
No par 65 Apr 28 83 Ian 14
6714 6714 69 69 *63 681: 69 8314 89
Jan
70
7214
70
72
151
Do prof
No par 70 Oct 8 79 Aug 11
72 Oat 88
70
72
72 *70 75
72
72 72
13.15 .17 --------------- Art MetalConstrue, Inc.... 10 13 Aair 8 18 Feb 15
1434 Nov 181: Mar
17 *15
17
17
+15
*15
17 *15
71
*6
74
Feb
*8
6
June
1.0
Dec
71:
1014
*6
,
a
t,
e
,Q
T
t,00kr,
fan
8
8
204
71:
712 *6
*6
104 Jan 18 108 July 1 104 Oct 1.031: Feb
Cone Gas Co pter_
310612 107 *10512 107 ,311061: 107 *107 --__ ioi" itii" ----ii'
10612 10612'
07 Mir 29 .20 Jan 10 .05 Dec .30 Jan
.07 .07 1,003 Boeton Meg Pet Trus__No pa
3.07 .10 31.07 .10 +.07 .10
3.07 .10 '
31.07 .10 '
19 July 27 Mar
10 2114 Oct 6 2518 %ler 5
22 22 I 2114 224 2218 22% 2214 2234 2234 2234 2212 2234 2,299 Connor (John T)
35
2512 Dec 2014 Der
53 Dominion Stores. Ltd -----ilea 2112May 22 35 S3pt 26
35
35 *3478 36 I 35
3478 3478i *3178 38
*33 35
fan
15
SS
A
ig
7
____
---------1
84
____
*924
Preferred
A
____
*9212
___ .9212
3192 ____
2 Slat 22
3 Feb 25 -i- Dec -.4- -.7tii
_
*2
3 1
3
*2
3
3
*2
3
*2
*2
5 Dec 1418 Mar
4
4 Oct 3
818 Feb 6
*3
-1113- -1- ------ ratB
ad
cturing
4
rn°'tgaufn
+3
*3
4
*3
4
12
*4
5
31 Nov 1274 Mar
25 38 Jan 3 554 Mar 8
45 I -_-_20 Eastern SS Lines. Inc
441: 411: 441: 441: •44
3144 45
*44 45
Ws Jan 25 40 Feb 7
35 Oct10 Oil
No pa
Preferred
*361: 37 *3612 37 *3612 37 *23614 37 •23614 37 ---- ---- -----85i4 Jan g 93 Mer 8
85 Aug 88
Oot
3183 91
90 90 •818 91
3188 91
3188 91
Jan
4
18312 Jan 2 190 Aug 0 152% Nov 173
8;3 Edlisetorgieerortric Ilium
180 181
18014 181
180 18034 180 18112 181 18112 jai- 1-11-324 Jan 17
438 May 14
14 Dec 107: Jan
27
27
No par
100' Elder Corporation
*3
334 *278 314 *24 314 *478 314 •27s 314
July
294
Feb
II
31
5
13
Jan
40
iJalvegton-ffouston
Elea-100
Air
-------75
354
3514
35
35
35
35 35 *34 35 *34
54 Dec 15% Mar
812 fan ii
314S)pt 10
44 412 --------50No par
-_
Oct 1164 Oct
100 1134 Mar 28 1.181233pt 18 118
:.iiiii-2 -_-_:
:*Herz -_-_:: *1161.1 ____ _ _._ ____ ______ 1 atwo. fly & Eleo
*ii1172 ____ "ilitiz :2
Feb 8014 June
18
80
Jan
3
78
-100
79
A
m
cum
prof.
it
--- ---- ____ __I 5% n
_ *7912 _- .. •7912 ---- *7912
*7912
-- •7912
14% Nov 24 Fee
25 1212 Oct 10 15% Jan 7
40 Greenfield Tap & Die
*1234 13 *1234 13 •1234 13 +1212 13 *121: -1-3 -1 -1212 124
50 Dec 6318 Mar
No par 48 • Mar 25 63 fan 8
50
30 Flood Ribber..._
50 •48
50 50 *48
*49
51
50 50
32 July 44 Met
34 Intermit Cement Corp.No par 41 Apr 28 50 Slet 9
+4912 5012 4514 494 3149 59 *4812 4912 494 494 ---- ::::
11: vfay 26 .1.0 Dee
3 Mar
_ International Produets-No par .10 Feb 18
3.15 .40 31.15
$.15 .45 31.15 .35 +.15 .40 '
8 Mar
2 June 20 .80 Dec
100 .25 Feb 14
Du prof.
*112 212 *112 ____ *113 ---- ---- :::: ----------*112 3
*112 3
Kidder, Peabody Acceptance
.
8412 ____ .8412 ____ .8412 _ _ _ _ .8112 ____ *813* .......1
_-_
___:
* _
100 80 Jan 3 SU:Sant 2 80 May 8312 Feb
Corp Claes A Prof
84 Ian 4
..41! Dec
4 June 12
489 Libby. McNeill& Libby.- 10
514 514
518
5
514
5
512
514 514
*70
3170
71
---- ...- Lincoln Fire Insuranae._ 20 70 Jan 9 70 Jan 9 .
70
70
V.
101:
9
84 June
Mar
Jan
9
.912
95
25
934
Theatres
934
9
3
4
--------110
Loew's
9)8 *938
*912 10
7312 Dee 874 Jan
71
714
711: 72
239 %Ifsesachulette Gas Cm..-100 1391:July 7 81 Fab 20
73
72 *72 73 *72
*72 -i11 - 72
Jan
Dec 73
Ian
31
82
62
June
28
70
100
65
85
65
65
i
prof
8111
65
215
Do
8412
8112
814
6134
8412 6412
Jan
105 Mergenthaler 1..inotype-100 150 Apr 22 17112920t 25 147 June 179
185 16512 165 166 1
165 166 131854 167
186 160 186 187
3 Del 1434 Feb
1
4 PO 21.
84 Jan 2 17/
•810
_ ______ Mexican faveltmeat. Eno_ 10
*8
10
*8
10
10
10
*8
*8
18 Nov 2814 Jan
324 -3138
429 Mledatippi River Power-100 19 Feb 18 35 Oct 2
3212 33
3212 3234 3212 3234 3234 3238 3212 33
80 Jan 84 Feb
100 80 Jan 4 90 568125
89
Do stamped prof
8314 834 *884 891: 89
135
89 83
*881: 90 *88 90
4%
Jan
28
81/
1
4 Feb
37
Apr
21
1(e Dee
2
37
10
31
National
Leather
33*
1,203
312
34
4
334
334
384
*334 378
2 Oct
44 Sept
534 Apr 8
2 Jan 2
Ve --------637 New England 011 Corp tr otte_
2% 3
Vis
2
214
33* *212 33*
le
Oct
20
1212
Deo
100 15 Oct 3 314 Mst
17 1 ____
1312 *14
17
15
370' Preferred (tr ort4)
16
16
16
•10 17
1352 .1ea England Telephone-100 103 Sept 16 11512 fan 31 1.10 Deo 122 Jan
___1
16412 101% 101% 10112 10112 10434 10112 1004 10112 105 1 10184 1-0514
Apr
Jan
16
8Sapt
18
164
July
214
1
14
227
____
_
_
Circuit.
leo
__ _ Orrineum
•2112 2212 *211: 211: *211: 2212 *2134 2214 *214 224
Jan
81 Deo 190
72 Sept 30 87 Feb 14
7412 754 75 79% 77 79
73 79 I 7834 79 I 78 :
_781_
_ 4 ___965 Reece
escirla
Hole
10 11.34 fan 5 17 Jaly 22 21414 Dec 18 Mar
Button
Mule10
1814 164 ---*11814 17 *11614 17 *21614 17 *31014 17
24May 14
3 Jan 2
2 Jan
34 Mu
234 234
118 fleece Foiling Machine- 10
•234 3
234 234, 234 3
*234 3
*334 3
2 Feb
5 .12 Oct 3 .40 Feb 1.5 .10 Dec
ilmme 34 moat°
.3.15 .50 •.15 .50 13.15 .60
100 100 June 11 10 14 July 3) 9812 June 1094 Jan
73.Z-I ______
336 iwift & Co
21 jail 1-Iii- ifiiI.2 1.--KAT: 1-(1i1104 105 1014 105 10334105
391
/
4 Dec 50 Mer
26 35121une 3 4212 Jan 11
381: 334
331: 391: *334 391: '338 314 39
39
413 egt
59 Tordingt m
5
7 Feb 2 10 Feb 18
8 Del 11 Mar
9
9
8
nion Twist Drill
*8
U
133
9
9
136
9
*6
1
4July 3.)
3212 Nov 55% Mar
-iii2 -811 8
- _ -2-,576 United Shoe Maoh Corp-- 25 34 Jan 3 3)/
384 39
33% 3378 3334 3914 39 3914 3834 39
8s Feb 29 27 Jan 7
24
June 284 Jan
25
208
pref..
264
27
2612
27
I
263
0)
27
2834
27
2834
231
4
27
27
*264
1934 Aug 33 Jan
2014 20
2014 2.037 Ventura Consol 011 Fieldi 5 191:Oct 2 27 Jan 29
1912 2014 20 2012 20 2)3* *20
1912 193
15 Dec e2.14 Mar
144 144 143* 1412 1412 144 1434 153* 2,025 trat turf Sy*, Eno. new eh No par 1378 tor 30 1714 Jan 9
1414 1434 1414 141
sy -- -y ---5 Feb 13 Mar
ire
1 104 Feb 1
412.1,1
1re 10
__- _-__ _____. ellaith Watch Cl 13 ooat.eto Par 18
15 Dec 294 Ma
2312 rob 13
100
15 •1512 ____ •154 --------------9 Preferred trust etre
*151: --__ 17 li- 15
1512
lune
Jan 18 Dec
-------Manufacturiag20
20
2114
Feb
11
1114
174
+181:
Walworth
161:
-130
161:
161
/
4
11312
167
8
16%
*1678 171
2512 Jan 3112 Mar
50 2938 Jen 3 3434 342r 12
3778 4,095 Warren Bros374 3734 373* 3778 3712 33
371: 38
371: 38
301: Deo 394 Mar
3134 k Dr 25 41 Jan 25
......
50
prof
.
tat
Do
39
39
39
39
432
391:
383
4
333
4
39
39
*38
391
39
50 36 Mar 5 42 Jan 18
33 July 44 Mar
Do 3d Pref
____
10
40 *3912 40
40 40
*38
*39 41
*39 41
51s Jan 14
3 Dee 1212 Feb
:::: ......r Wickwire Speacer Steel._ 6 90 Aug 20
%liming
1
1 Feb
Nov
41
.10
Coneolidated_
25
.20
Simi
Apr
8
.25
Adventure
*.20 .50 31.25 .50 •.25 .50 *.25 .50 0.25 .50 +.25 .50
25 .10 Jan 15 .20 Mar 201 .10 July .50 Mar
'Algomati Mining
•.10 .20 0.10 .20 *AO .20 *.10 .20 *AO .20 •.10 .20,
44 Mar
2l July 22 .70 July
100 %martian Coneolidated.-- 25 .75 June 18
112 *14 141
14 14 *1
*114 112 *114 14 3114 17
7 Dec 141: Mar
8 Jan 2 1218 Aug 19.
6
97 10
10141
9913 taxon* Commercial
10 1 10
10
912 91
*934 10
10
10
10 14 June 13 184 Jan 15' 1418 Oct 19 Feb
Mince
Bingham
1612
*158
4
161
*1534
181
*153
4
1612
*151
:
17
•113
*16 ---17 Oct 49 June
25 1388May 15 19% Jan 7
1434 1434 147 147e 1478 153* 147 1512 2,017 Calumet & Heels
15
15
15
- 15
3 Feb 1
1% Dec
0% Feb
1 Mar 31
1
200 Carson 11111 Gold
11
*1
114 '
31
114
311
11
114 *1
1
1
1812June 8 294 Aug 201 2218 Oct 464 Mar
25
Copper
Range
Co
2234
2312
2278
1,930
2134
22
22
2184
211:
22
2034 2112 21
434 Jan 231
214 June
5 Feb
10
334 Jan 3
Davie-Daly Copper
314July 15
54 Jan 24
44 Nov 1112 Mar
895 Bait Butte Copper Mining_ 10
2
--,
4
-.- --.4.May
21
1
.40
Jan
8
.30
May
25
Franklin
23e
Mat
.55
.55
130
•.55
.75
.70
.70
.40 .4
31.55 .75 *.55 .75
75 June 26
2 Jan 28
1
Oct
4 Mar
Hancock Consolidated__ 25
$.75 1
•.75 1
91.75 1
13.75 1
31.75 1
•.75 1
281
Jan
7
2434
8
June
:
20'2
Oct
8
Mar
33
Coal
Co
.
*2014
21
Hardy
2114
22
585
2184
201:
221
22
23 23
23 23
112Sapt 2 .10 Sent
25 30 %ley 10
114 Feb
Helvetia
•.70 1
31.70 1
.3.70 1
$.70 1
'3.70 1
31.70 1
9318 Nov 1151: Apr
1 9114 Apr 2 135 A ig 28
127 130
1,402 Island Creek Coal
125 128 1251: 127'c 126 12712 126 130
128 129
Mar
June
4
100
1004
prof1
90
Sept
11
9014
Nov
96
Do
96
+954
27
96
961:
93 *9512
*98 9812 96 97 *96
18 Oct 334 Mar
25 12 June 7 20 Jan 3
141: 15
310 Isle Royal Copper
15
131: 131: 14
161: •1314 14
•1414 1534 li
*15
5
11:Mar
5
Dec
24
Feb
13
1%
re
Jale
Kerr
Lake
17
2
1%
1021%
•1188
17
8
*x188 17 *x188 178 31218
24 Mar
25 .50 Jan 7
1 Feb 19 .80 Sept
5 Keweonaw Copper
+.70 1
'
3.50 1
*.50 1
.65 .6
13.75 1
13.75 1
234July 23
1 Oct
54 We
25 .90 Apr 3
Lake
Copper
Co
2
80
2
•114
*114
*114
2
1%
13
1%
138
*134 214
34 Mar
25 70 June 13
VsSept 21 .50 Dec
100 La Salle Copper
1
4 *214 234
2% 218 *214 218 •214 2/
23* 23e
21:
*2
2% Mat
14 Nov
134Mame Valley Mine
188July 7
2 mar 7
5
138 13138 1% *13
•138 l58 *138 112 *138 138 •13
Dec
44 Mar
.50
An
20
134
Consolidated
25
.50
Jan
8
285
Mem
*1
112
112
*1
1
1
1
1
112
+1
*1
112
Oct
7 Feb
Us
5
July
2
Mayflower-Old
Apr
9
5
Colony-25
80
2
2
*2
24
21
21: +2
212 *2
2
212
+2 •2
27 Oct 71 MMc,
3213 32
33
233 Mohawk
25 231:June 131 381: Aug 20
30
29 29
29 2929 29 *29 31
144 Oct 2418 Mar
MN Jan 2, 23 Aug 18
850 New Cornelia Copper
1934 2014 1934 1934
20
20
2014 2014 20 2014 20 20
44 Apr
24 Aug
284 Apr 7
.75 June 19
14 1% 4,234 New Dominion Copper
114 114
13X. 1 3X4
114 112
114 11:
1% 138
35 Apr 40 Apr
River Company
June 16, 40 Mar 11
New
35
35
5
100
*_35
*-___
35
35
_
4135 381: 35
35 •_..
Mar
Nov
84
72
11
Mar
prof
75
Do
June
10
83
I
80
+62
100
84
*83
4,8 83 83 '
378 66
118 •45
..
31.
63
578 84
618 :
,65
378 86
634 Feb
434 July
60 Nipisetng Mines
534 Jan 10 81114Feb 1
6
814
814' 84 818 *6
•26
1'A Nov 1234 Mar
638July
26
71
North
Butte
Oct
5,800
178
*212
234
15
214
23*
214
24
178 218
34 34
1'(. 314
2% Mar
.90
25 .40 June 10 .95 Aug 18 .60 Nov
40 011bway Mining
.50 .65 31.85 .90 •.85 .90 +.85 21
31.60 .95 •.65 .90
131: Oct 32
3%4
4M
mFeaabr
r
315 Old Dominion Co
20
25 16 Jan 301 2712July 28
191: 21
20
3119
19
19
19
194 191: 19
1
214
Aug
44 Nov
Feb
54
3
Jan
City
95
Park
Mining
&
312
Smelt
5
43
4
*44
44 414
4% 4% *438 434
3,1% 434 *438 434
1214 Dee 1614 Mar
1312 1.150 Pd Crk Pocahontas Co_No par 1034July 11, 1512JulY 23
144 13
131: 1334 14
13
14
13
*1234 14
13
18 Oct 50 Mar
501 Quincy
21
20
25 14 June 10 2534July 28
1812 20
194 191: *1812 20
18 1319 20
18
27 Oct 5312 Mar
26 June 18 4014 Aug 18
3312 3314 3312 331: 3412 1,145 St Mary's Mineral Land_ 25 .30
11: Mar
33 3312 3214 324 *321: 334 3132
Apr 21 112Sapt 13 .30 Dec
10
Shannon
200
.90
*.82
75
75
.85
.80
•
*.80 115 13.60 .85 •.60 .85
1 Aug
South Lake
25 .25 July 191 .40 Sept 8 .10 June
• 25 .75 '3.25 .75 •.25 .75
•.25 .75 • 25
75 •.5
D
ec
eo
JU1Y
25
.05
1
178
15,
Jan
Superior
25 .90
*114 1% *114
2 July 26
275 Superior & Boston Copper_ 10 .25 Aug 19i
38
1 14 1 34
38 4
:1114
8 168
1
%
7
134
*114 13* *114 138
% *1
13
4 '1
114 17
218' Oct
6 Apr
172June 281 34 Mar 8
5
585 Utah-Apex Mining
24 24 •213 214
4
21,f. 21
4 214
21,.
11 24
23,1;, 23
4 +23
3 Mar
1 .01 Jan 8 .01 Jan 3 .01 Dee
____ ______ Utah Consolidated
Dec
July
22
.25
18
.70
June
13* Feb
.14
1
Utah
Metal
&
Tunnel
.25
50
"":21
:io
-37.15 --.55 -;.-2-5 -:ao -.;.-2-5 - -.56 -;.-15 --.ifi -47:21 1 Aug 18 .60 Aug
23* Feb
25 .15 Apr 24
Victoria
.•.50 .75 '
3.50 .75 13.40 .65 '3.50 .75 $.50 .75 •.50 .75
134 Mar
Feb 6 .71 July 22 .10 Dec
.13
25
Winona
730
.50
•.25
.25
.25
.30 .30
'.25 .35
.30 .30 •.25 .30
1 mar
Iri Dee
25 .10 Jule 23 .25 July 26
Wvandot
25 •.20 .25 31.20 .25
31.20 .25 31.20 .25 •.20 .25 • 20
rilvidead. a Assessment paid. e Price on new basis.
•Bid and asked prime; ‘01181441 on this day. x Ex-rights. 4 Ex-div. and rights. I Ex-dividend Ex-stook
2
a:
ig
13
......ip
.f81.,, ita
Ai
--ii, --iii ";ii4 -41 --iis
";4"
Om 11 1924.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Oct. 4 to Oct. 10, both inclus
ive:
Friday
Last Week's Range Sales
Range since Jan. 1.
Sale
of Prices.
for
BondsPrice. Low. High. Week.
Low.
High.
Amer Tel & Tel 4s_ _1929
97
97
31.000
95
May
974
Sept
534e
1943
10234 102% 2,000 973-4 Mar 1024 Oct
AU Gulf & W 158 L 531959 5454 5451 564 13,000
42
Jan 6034 July
Chi June Sty & U S Y 48'40
84
84
4,000 80
Jan 84
Oct
5s
1940
97
97
2,000 9211 Jan 974 July
E Mass St RR Ser A 448'48
60
60
5.000 58
Sept 63
Mar
Series B 58
1948
66
66
1.850 59
Aug
Hood Rubber 7s
1936 10231 102 102% 17,000 9934 May 75 June
10234 Sept
X C din & Spr let 58_1925
9734 9734 1,000 85
Jan 9734 Oct
K C Mem & B bac 58_1934
9334 934 13,000 87 June 944 Aug
Mass Gas 43.48
1929
97% 97% 5,000 944 Jan 98 Sept
454s
1931 9534 95% 95% 5,000 91
Jan 9731 Sept
Miss River Power 50_1951 97
9651 9754 14,000 92
Jan 974 Oct
New England Tel tis_ _1932
10034 101
24,000 97
Jan
Swift & Co 5s
1944 9634 964 96% 11,000 9434 May 10134 Aug
101
July
Warren Bros 734s_ _ _ _1937
125 126
15,000 106
Jan 126
Oct
Western Tel & Tel 58A932
9931 9934 15,000 9534 Jan 10031 Aug
Baltimore
Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Oct. 4
to Oct. 10, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Alabama Co
100
1st preferred
100
2d preferred
100
Arundel Sand & Grave1.100
Baltimore Tube, pref _ -100
Bartlett-Hayward, prof 100
Century Trust
50
Ches & Pot Tel of Balt_100
Commercial Credit
•
Preferred
25
Preferred B
26
Cons Gas EL & Pow_ -100
634% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _ _100
Preferred
100
Cosden & Co
5
Equitable Trust Co
25
Fidelity & Deposit
50
Fin Co of Amer, prof- - _ _25
Finance Service. pref _ -10
lIouston Oil prof tr etfs-100
Manufacturers Flnance_25
Maryland Casualty Co-25
Mercantile Trust Co. 50
Merch & Min Tr Co_ _100
Met Cos Ins, NY
25
Monon Vail Trac, pref _ _25
Mt V-Vrdb'y Mills v t r 100
Preferred v t r
100
New Amsterd Cas Co 100
Northern Central
50
Penna Water & Pow---100
Seaboard Air L Ry _._ _100
Silica Gel Corp
•
United Ry dr Electric_ -50
U S Fidelity & Guar_ -50
Wash Bait & An, pref..-50
West Md Dairy Inc pref _50
'West Maryland RR
684
80
82
11051
2334
2434
139
104
10934
12134
7851
23
8034
8254
55
77
133
14
1954
BondsAla Cons C & Ills. _1933
Bait Traction let 50_1929
Belvedere Hotel 58
Bernhelmer-Leader Storm
78
1943
Carolina Central 48. _1949
Carolina City Lat Rd 5s'34
Consol(las 5s
1939
General 440
1954 9154
Cons G E L & P 430_1935
Series A 68
1949
Series D 6348
1957
Series E 554s
1952 102
Consol Coal ref 448.-1934
Refunding 58
1950
Elkhorn Coal Corp 68_1925 9934
Fairmont Coal 5___1931
Macon Dub & Say 58_1947
Md Elec Ry 1st fis___ .1931
Norfolk 434s
1941
Norfolk Street Ity 50_1944
Petersburg "A" 5e_ _ _ _1925
Public Service Bldg 58_1940
Southern Ry 58
1994
Titusville Iron Wks is 1929
United E L & P 448_1929
United Ity & El 4s_ _ _ _1949 714
Income 48
1949
Funding 5s
1936
as
1949
tv..... la.lt .6 Ann A.
14141
55
884
884 884
67
80
80
83
56
56
116 116
100 100
11051 111
2334 24
2434 2434
2434 25
139 14834
104 10531
109 10954
12154 12251
7534 7634
10251 103
23
2334
50
50
8734 8754
2634 2634
94 954
924 924
544 544
80
8034
275 275
113 114
8254 823-4
2051 2034
9
9
54
55
393-4 40
76
77
127 13434
14
14
1834 1654
1934 1954
158 158
1234 1254
514 52
1034 1034
Range since Jan. 1.
Low.
9334 934 62,000
98
98
3,000
97
97
2,000
92
97
97
at Philadelphia Stock Exchange Oct. 4
to
inclusive, compiled from offcial sales lists.
Friday
Sales
Last Week's Range for
Sate
of Prices.
Week.
Par. Price. Low. High. Shares.
Alliance Insurance
10
364 37
Amer Elec Pow pref.-100
9034 91
American Gus of N S. _104 100
104 104
American Milling
10
10
10
American Stores
* 3534 35'
36
Brill(SO)Co
100 96
96
96
Cambria Iron
40
60
40%
Catawisaa let pref
43
50
43
Congoleum Collie
•
45% 46
Host Shore G & E 8% pf _25
24% 2454
Elsenlohr (Otto)
44
100 45
45
Electric Storage Batt'Y-100
564 58
General Asphalt
100
41% 4151
Giant Port! Cement_ -50 15
15
15
Insurance Co of N A._._10 61
6134
61
Keystone Telephone. _50
654 6%
Lake Superior Corp._ _100
3
354
334
Lehigh Navigation
50 834 8251 8434
Lehigh valley
so
804 60%
Lit Brothers_
_10
244 24%
May
Feb
Oct
9434 Au
9831 Aut
Oc
97
10234 10234 1,000 1004 Apr 10254 Ant
7954 7934 2,000 7214 Feb 7931 Oc
104 104
1.000 104
Oct 104
Oc
100 100
1.000 98
Mar 10031 Aul
91
9136 4,000 8834 Jan 9154 Oc
9534 9531 4,000 91
Jan 9551 Au!
105 105
4,000 10134 Jan 105 Jun
109 109
4,000 107 May 109
03
102 102
1,000 9734 Jan 102 Jun
9334 94
4,000 8934 Jan 95 Jun
884 8834 2,000 87
Jan 90 Jun
994 9951 21,000 953-., Jan 997-4 Oc
9874 9831 1.000 95
Jan 9831 Or
7554 7534 1,000 55
Jan 7554 Oc
98
96
1,000 93
Jan 97
9931 9931 3,000 9931 Oct 9934 Sell
Oc
97
97
5,000 9534 Mar 98 Set
100 100
1,000 983-4 Mar 100
Oc
10054 10051 1.000 10036 Sept1004 Oc
984 984 5.000 9874 Oct9834 0(
1004 1004 2,000 100 May 1004 Au
9734 9734 3,000 91
Jan 9754 Oc
71
39,000 6831 Mar 734 Au
72
5234 524 9,000 49
Apr 53 Set
7234 7334 5,40(
6234 Jan 74
Ja
9874 9754 23.00
9551 Apr 9954 Ja
in U
11.(1.6
11 Ann
aqu n. .r. 1, To
Philadelphia Stock Exchange.-Record
Stocks-
High.
204 45 May 75
Jan
4 80
Mar 8834 Oct
145 60
Mar 80
Oct
1,106 48
Jan 86
Sept
30 53
Jan 7334 Feb
50 110
Jan 116
Oct
1 99
Mar 10131 Jan
34 10954 Jan 112
Feb
263 224 June 314 Feb
369 2334 June 2534 Jan
347 2434 May 2834 Mar
2,430 z108
Mar 155
Oct
306 10034 June 106
Sept
246 x10454 Mar 110
Apr
190 11534 Jan 1244 Oct
107 6934 Apr 8134 Jan
112 102
Sept 104 May
221 2234 Sept 2814 Aug
10 46
Feb 50 Sept
75 77 June 90 June
5 18
Jan 2634 Oct
25
734 June
914 Sept
24 8634 May 95
July
10 50
Feb 5434 Oct
720 75 June 83
Jan
3 250
Jan 275 May
100 102 June 115
Oct
225 64 June 84 Sept
190 17
May 2334 July
15
7 Sept 11
Jar
397 45 June 6034 Jar
92 3834 June 4054 Sept
136 72
Apr 774 AN
964 9834 Jan 1353-4 Oct
11 14
Oct14
Oct
100 1834 Oct3034 Fet
415 1554 May 2034 Ben'
438 145
Apr 158 Sepi
40 1234 Oct 28
Jai
55 3934 May 52
Jul)
50 1034 Oct 1034 Oc
of transactions
Oct. 10, both
Range since Jan. 1.
Low.
164 32
Jan
45 77)1 Mar
24 774 Apr
40
8
Feb
2,904 264 Apr
20 8531 Jan
40 3834 Apr
50 42
Mar
135 31
Feb
10 24
Mar
60 30% July
449 5034 May
10 33
Apr
10
3 May
654 484 Jan
20
634 Aug
365
274 June
1,628 6454 Jan
12 394 Apr
20 22 June
High.
3731 Sept
943 June
109 June
10
Feb
37% Sept
123
Jan
41
Mar
43% July
504 Aug
25
Jan
6151 Jan
634 Feb
45% Feb
22% Sept
6254 Oct
834 June
434 Jan
86% July
72
Jan
2534 May
1727
Irma
Saks
I
s
l
e Weeks Range for
Range since Jan. 1.
of Priers.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
Low.
High.
Little Schuylkill
50
3836 3836
30 3834 July 40
Jan
Minehill & Schuyl Hav_ _ 50 40
50
5051
21 4854 Mar 504 JulY
Penn Cent Light dr PoW--*
5934 5934
5 57
Jan 60
Jan
North Pennsylvania_ -50
7954 7954
6 78
Mar 80
July
Pennsylvania Salt Mfg_ _ 50 7834 7834 82
112 784 bet 89
Feb
Pennsylvania RR
so
4434 4434 2,944 4234 Jan 4611 Jan
Plana Electric of Pa
25 374 3754 383-4 11,400 29 May
397-4 Aug
Preferred
25 38
3754 3831
749 2934 Mar 394 Aug
Phlla Germant & Norris_50
120 1204
67 11834 Apr 1204 Oct
Phila Rapid Transit_ ___50 36
3511 3631 1,240 3034 June 39
Jan
Philadelphia Traction_ _ _50 60
59
60
257 5834 May 64
Jan
Philo, & Western
50 1354 1334 1434
445
9
Jan 204 May
Preferred
50 35
35
35
115
3134 Apr 35
Jan
Reading Co
50
6034 6034
25 5134 May 7831 Jan
Warrants
41
41
100 32
Mar 46
Aug
Scott Paper Co pref_ _ _100 9731 9554 9734
30 9334 June 9834 Aug
Tons-Belmont Deve-1_ _I
34
34
900
'ii Aug
"I4 Feb
Tonopah Mining
1
134 2
665
151 Jan
234 July
Union Traction
51)
39
3934
327 373.4 June 43
Jan
United Gas Impt
50 7931 7934 8031 4,361 5834 Jan 84
Aug
Preferred
so
33 5554 Jan 58 June
5614 5734
Warwick Iron & Steel- - -10
854
8
834
754 May
340
831 Sept
York Rys prof
50 35
35
354
60 34
Feb 3654 Apr
Bonds
-•
Amer Ga3& Elec 50_._2007 9134 86
9134 39,700 84
Mar 92
July
Bell Tel 1st 5s
1948
101 101
2,000 9734 Jan 101
Oct
Consol Trac N'J 1st 5s 1932 72
72
73
15,000 8151 Jan 76 Junc
Elec & Peoples tr ctfs 4s'45 6251 62
6354 24,100 62 May 66
Mal
Harwood Electric 68_1942 105
105 105
1.000 10434 Mar 106 Junc
1Keystone Tel 1st 5s._ _1935 814 8154 83
17.000 75
Jan 8534 J1113
Lehigh Valley 1st ext 4s'48 9234 924 9234 3,000 89
Mar 924 Oct
Gen cons 46
2003 8054 79
8011 6,000 7654 Jan 8054 Oct
Philp, Electric let 58_1968 101
10074 1014 82,200 97
Feb 1034 AN
Small 58
1966
10034 10034 1,000 964 Jan 10134 AtIE
5340
1947
1033-4 104
8,000 9934 Jan 104
Oct
534a
1953
10354 104
6,000 9854 Jan 104 Sepi
6s
1941 107
107 107
4,000 10334 Jan 10736 Setil
let 40 s f
1966 8434 843.4 8434 4,000 80
Oct8551 AN
PM!dr Read Term 50_1941
10454 10434 1,000 toty. Apr 10436 Oc
Registered 5s
1941
104 104
5,0(10 101
Fob 104
Oc
Read Jersey Cent 48..1951
8834 864 1,000 8334 Jan 8054
Oc
Reading Coal 5s
1973
100 100
1,000 9151 Jan 100
Oc
Sayre Electric 1st 5s_ _1947
9334 9334 5,000 8451 Jan 9354 Or
Spanish Amer Iron 68_1927
10131 101% 1,000 100
Apr 102 Juni
United Rys g tr cas 413_1949
6254 6234 1,000 54
Vir....• 7,...... r,o a.
Mar 73 Jun
1,100
OA LC
MI I,
1 rtnn
Mt IL
nm
OR IA
0,
Chica
go Stock Exchange.-Record of transactions at
Chicago Stock Exchange Oct. 4 to Oct.
10, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last ll'eek's Range for
Sale
of Prices. Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Amer Pub Serv, pref _ _ _100 894 8934 90
387
85
Aug
May
91
American Shipbuilding_100 50
4834 50
300 4834 Oct 63
Jan
Armour & Co (Del),Pf-100 89
8834 8934
210 83 May 9354 Jan
Armour & Co, pref _ ---100 79
79
7934
793 89
Apr 84
Feb
Balaban & Katz v t c...25 49
483-4 49
1,630 38
Apr 5134 Jan
Bassick-Alernite Corp--• 31
31
324 1,145 2734 May 3854 Jan
Beaver Board prof ctfs_100 22
22
2234
150 13 June 26
Aug
Borg & Beck
* 25
25
27
2,835 20 June 31
Jan
Rights
27c
14 3,895 27o
Oct
134 Oct
Case (J I), let pref...-100
3
3
50
1 June
44 Jan
Cent Ill Pub Serv, pref___. 8634 86
863.4
578 85
Jan 92 Sent
ChicCy&ConRy pt sh com•
Si
34
100
A Jan
% Jan
Chicago Fuse Mfg Co_ •
264 2631
50 2654 Sept28
Aug
Chic Rys part ctf Series 2_ _
34
40
4
A Apr1
Jan
Chicago Title & Trust...100
345 345
10 340
Apr 346
SeP1
Commonw'th Edison_ _100
13336 13334
635
12651
May
136
Jan
Consumers Co, corn. _20
34 1
300
34 Oct434 JILE
Continental Motors
•
7
654 7
1,525
6
Apr
854 Jan
Crane Co, prof
100 11331 11234 11334
247
10734 Ma 11354 Oct
Cudahy Pack Co. com_100 65
644 65
100 55
Apr 6534 Oct
Daniel Boone Wool Mills 25 1134 1054 12
3,585 1054 Sept38
Jar
Deere & Co, prof
100
74
7574
611 61
May 753.4 Ocl
Diamond Match
100 11854 11734 11834
290 115
July 12034 Jar
Fair Corp (The), pref _ _100
10634 1064
15 10034 Ap 10634 Seri
Gill Manufacturing Co_ •
5
5
225
5 june 18
Jar
Godchaux Sugar,corn_._ _•
4
4
4
200
3
July
8
Jar
Gosyard (NW).Prof
•
2434 2434
100 22
Jar
July 30
Great Lakes D & D_ _ _ _100 85
85
86
95 7934 Apr 8934 Jar
Hibb, Spen Bart Si Co_ _25
68
68
130 6534 Jan 70
Fet
Hupp Motor
10 14
13314 144 3,465 1034 June 173-4 Jar
Hurley Machine Co
• 60
59
8231 2,320 48
Apr 6554 Sept
Illinois Brick
100 93
92
310 78 May 9354 Oct
9374
Indep Pneumatic Tool_ - _• 674 6734
68
135 62 June 8034 Jr..'
Internat Lamp Corp_ _ _ _25
351
174
4
15.160
1
Jar
Mar
9
Kraft Checae WI
2454 24
2414
550 24
Oct 2434 001
Libby,McN&Libby.new 10
534
536 531 1,345
4 June
854 S1113
McCord Had Mfg Co"A"• 3554
3554 36
325 30
Apr 3834 AN
Middle West Util corn_ _ _ _• 70
70
7434 4,138 43
Jan 85 Sepi
Preferred
100 9174 914 9131
Mar
8351
480
9434 Bev
Prior lien preferred_ _100 98
97
9834 1,108 94
Jan 997-4 SeP'
Nat Carbon pref(new)_100 11834 11814
11654
60 112
Aug 125
Jai
National Leather
10
354
334 434 2,125
24 June
431 Jai
North American Car Co_ _• 2734
2734 2734
225 2754 Oct 2734 Oc
Northern States Power_ 100
10234 10231
Feb 104
50 99
Sep
Omnibus pre!"A" w1 .100
89
89
110 88
July 92
Juli
Voting trust Ws WI a_ _•
1534
Sept
1654
1434
1634
981
Atli
1854
Phillpsborn's Inc tr ctf_ _ I
34
4 1,468
4 Aug
234 Jai
Pick (Albert) Si Co__ __ _10
194 1,004 17
July 2174 Sal
1954 19
Pines WInterfront "A"...5 52
52
5334 4.755 194 Apr 5334 Oc
Public Serv of Nor III com •
103 10334
127 99 June 10354 Oc
Common
100 10334 103 10354
67 97 May 10334 003
Preferred
100 93
9174
9351
585
9054 June 9954 Jai
7% preferred
100
10854 108
Aug 108
Oc
'72 105
Quaker Oats Co
100
290 290
250
Apr 295
Fel
63
Preferred
100 10134 10134 10134
35 ggA May 102
Jul
Real Silk Hosiery MIlls_10 47
46
4734 1,700 2854 July 4754 Oo
Reo Motor
10 1654 1654
Standard Gas& Elec Co_ _• 3774 374 1654 1,370 15 June 1951 Ja
38
440 303-4 Jan 4054 Sep
l'referred
50 4954
4934
830 4654 May 50
Jul
Stewart-Warner Speed em • 5534 4934
5554 5734 12,235 4934 Aug101
Ja
Swift Si Co
100 105
105
tooK
1,205
May
10474
10934
Jul
Swift International
15 28
Jan 31
2734 2934 18.284 19
Set
Thompson,J R.corn_ __ _25 4534 45
370 4274 Apr 5054 Ja
Union Carbide & Carbon_• 594 5934 454
5,660 55
60
Apr 6334 Fe
United Iron Works v t c _ 50
234
134 234
560
134 Oct
454 Jr.
United Light Si PowerCommon "A" w 1 a.__• 49
4334 5234 5,790 2874 May 56
0(
Common "B" WI a_ _ _ _• 50
49
52
978 31
May 544 Set
Preferred "A" w I a._ _ _• 8134 80
85
980 7554 Apr 85
Set
Preferred "B" w 1 a._ _ _• 46
4534
4734
965 4334 Apr 477-4801
u 8 Gypsum
20 119
119 125
1.512 78
Apr 125
04
Preferred
100
10934 10954
25 10234 Jan 116
All
Wahl Co
• 2534 25
2534
740 21
Sept 42
Ja
Ward Montgomery pref 100
115 11531
30 1104 Jan 117 Set
Common
10 37
364 39
41,540 214 May 39
0(
Class "A"
• 116
11534 116
885
104 May 11614 Set
Wolff 731fg Corp
•
851
831 9
960
434 Apr
954 04
Certificates
834 854
80
874 Oct
854 Oc
Wrigley Jr, corn
• 4334 4354 44
97,150 3534 July 4434
Yellow Cab Mfg cl "B"_10 51
0,
51
5254 6.030 4451 May 96
VallAve,
Ja
1 •6 r•,.. in• fr.5,1.,•
L714
47L
AO LA
0 ROX
50
.11Arags,
RA IA
JA
• No par value.
Friday
Last Week's Range Sales
Sale
of Prices.
far
Price. Low. High. Week.
Bonds-
Armour & Co of Del20-year g 534s
91%
1943 92
Chic City & Con Rys 55'27 4734 47%
Chicago Rys 40 ser "B"'27
36
Commonw Edison 5s....1943 100
9931
Metrop W Side El 1st 4s'38
6834
100
PacSpruceCorp&AssCos'39 100
Swift & Co 1st f g 5.5_1944 9634 9634
Range since Jan. 1.
High.
Low.
92 $23,000 88%
32,000 4734
48
2,000 36
36
9931 1,100 95
6834 2,000 61
11,000 100
100
96% 14,000 94%
Jan
June 92
Sept 5534 Jan
Jan
Oct 45
Jan 107% May
Mar 71% Mar
Oct 100
Oct
May 98%, July
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Oct. 4 to Oct. 10, both inclusive, compiled from official sales lists:
Sales
Friday
Range since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
Low.
High.
StocksPar. Price. Low. High. Shares.
1154 11%
Am Vitrified Prod, com_50
87
87
Am Wind Glass Mach_ _100
110 110
Am Wind Glass Co, p1_100
431
4
434
Arkansas Nat Gas, corn.10
33
32
• 32
Federated Metals
121 121
Harb-Walk Remo,com100 121
2831 2914
25 29
Lone Star Gas
50 59% 59% 5931
Mfrs Light AC Heat
10%
Nat Fireproofing, corn_ _50 1034 10
27%
50 27% 26
Preferred
29% 2931 29%
Ohio Fuel Corp
25 3634 3634 37
Ohio Fuel Supply
2634
Oklahoma Natural Gas_ _25 2631 26
634
6
5
Pittsburgh Oil& Gas
244 244
Pittsburgh Plate Glaas.100
731 8
10
Salt Creek Con Oil
Stand Plate Glass, com__* 1834 18% 20
10
10
10
Tidal Osage Oil
25 34% 3434 35
Union Natural Gas
94
93
West'house Air Brake_ _ _50 93
BondsWest Penn Tr 5s
[VoL. 119.
THE CHRONICLE
1728
1960
84
84
8%
10
30 86
130 107
4
875
380 32
130 120
260 2634
2,303 51
7
990
1,330 20%
3,452 28%
952 31
495 22%
6
308
'21 209
7
910
320 18%
8
100
2,310 20
535 84
$1,000
June 13
Jan
July 96% Feb
Mar 112
Feb
Oct
7 April
July 35 June
Apr
July 125
Jan 30 Sept
Apr 61
Sept
June 11
Sept
June 27% Sept
Oct
Sept 30
Feb 39% Aug
May 2734 Sept
9% Feb
July
Jan 265
Mar
Sept 1034 Jan
Oct 39 May
Jan
July 16
June 35
Oct
Feb 9634 Jan
Oct
84
84
Oct
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange Oct. 4 to Oct. 10, both inclusive, compiled from official sales lists:
Sales
Fridi y
Range since Jan. I.
Last Week's Range for
1Veek.
Sale
of Prices.
Low.
High.
Par, Price. Low. High. Shares.
StocksBdatmen's Bank
14434
140
Nat'l Bank of Commerce
Mercantile Trust
Mississippi Valley Trust_ _ _ 253
Title Guaranty Trust
American Bakery, corn.... 50
35
Beet Clymer Co
Brown Shoe, common
Preferred
Emerson Electric, pref____ 98
Ely & Walker D G'ds, corn_
Fulton Iron Works, pref_
Hamilton-Browne Shoe_
Hydraulic Press Belt, com_
Preferred
International Shoe, com
106
118
Laclede Steel Co
136
Mo Portland Cement
National Candy, common
Rice-Stix Dry G'ds, 1st pfd
2d preferred
S'western Bell Tel, pref _ _ _
Wagner Electric, common.
Preferred
Johnson Stephens Shoe_ _ _ - _ _ ____
BondsUnited Railways 49
14434 145
140 140
390 392
253 253
37
37
50
50
3034 35
50
5034
9131 9131
98
98
22
22
95
9635
4134 4131
334 331
65
6531
10334 106
118 118
128 136
8834 89
109 109
my, 10231
107 10734
2434
24
79
80
90
9034
13
50
20
5
15
10
338
95
5
100
200
31
145
200
22
392
30
99
16
10
10
84
155
17
30
7034 $7,000
7031
ne
Pre
.
nnn
14334
135
388
253
37
32
1834
40
85
90
2031
92
4134
334
6334
73
100
94
90
106
101
103
20
77
35
Sept
July
Aug
Oct
Oct
May
May
June
June
June
July
Aug
Oct
Bent
Feb
May
July
Apr
May
Apr
July
Mar
May
May
Jan
148
147
398
265
58
50
35
5034
9234
98
24
100
47
6
6931
111
125
136
92
109
10334
10734
3434
8434
9531
Feb
Feb
May
Jan
Jan
Oct
Oct
Aug
Apr
Oct
Jan
Jan
Mar
Feb
Mar
Oct
Feb
Oct
Jan
Oct
Sept
Oct
Jan
Feb
Sept
61
Mar
71
June
AO,/
1,ns.
,G
el.,
New York Curb Market.-Official transactions in the
New York Curb Market from Oct. 4 to Oct. 10 inclusive:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Week ending Oct. 10.
Range since Jan. 1.
Stocks-
Low.
Indus. & Miscellaneous.
134 134
300
Acme Coal Mining
300
Adirondack P & L com.100 3031 3034 3234
70
98
99
100
7% preferred
400
5
531
•
Allied Packers. corn
100 46
4436 4634 1,300
Prior preferred
300
834 834
Amalgam Leather eom. •
200
9534 96
Amer Cotton Fabric pf.100
50
76
76
Amer Cyanamid pref...100
Amer Foreign Pow new w . 3134 ' 3134 3331 4,200
5,800
94
85
Amer Gas as Elea, corn-. 85
200
4434 4434
50
Preferred
300
10 1331 1331 14
Amer Hawaiian SS
15,670
148
13634
14734
_100
cornTrac.
&
Lt
Amer
240
9314 9334 94
. .10i
Preferred.
200
1934 19y,
Amer Multlgraph com_ •
,
27,40
4634
4034
4134
new_•
Amer Pow & Lt corn
220
100 8931 8931 90
Preferred
200
36
36
36
_____
*
new
Stores
American
300
33.4 4
5
Amer Thread pre(
2,300
Amer Tobacco new w 1_ _50 8234 8234 83
2,600
8234
81
81
60
Com B new w I
730
70
65
Appalachian Pow. com.100 66
20
100 9134 9134 9134
7% preferred
100
1934 1934
Archer-Daniels-Mid Co_ _•
50
78
78
Armour & Co (Ill) prof. 100
134 1,300
1
131
Atlantic Fruit & Sus, w 1_•
20
12534 126
Borden Co. common.._100
1,000
350 35c
Bradley Firm)Prod com_ _1
NO
2376 2334
Brit-Am Tub ord bearer-CI
25
50
Brooklyn Borough Gas--- - ______ 50
1,000
934
9
9
10
Brooklyn City RR
903
1031 1034 1034
Brown & Will Tob, el B.__
630
65
64
Burroughs Add Mach..--•
500
10034 101
New preferred
101, 101
20
11034 11034
Campbell Soup, pref _ _ _100
100
800
80c
Cent Teresa Bug com_ _10
300
Ceiltrtfugal Cast Iron Pipe. 3235 3234 3434
1731 1,500
1634 16
When issued
525
Chatterton 3, son corn_ _10 1134 1134 12
600
Chic Nipple Mfg, Ci A_ _50 35% 3534 35%
5,100
Class B
60 1636 163-1 1634
500
Childs, Co. new stock....• 3434 333 3434
530
Cities Service. com.-100 14234 141 14234
Preferred
100 77% 7674 7734 1,100
300
Preferred B
10
734 734
82 $19,000
Stock scrip
82
82
n $19,000
Cash scrip
70
ann
...,
•...
. 71
"--"----' -'--• No Dar value.
July
1
2234 Feb
July
96
134 Mar
1434 June
6
Sept
Jan
95
73 June
Aug
30
4334 Jan
4134 Apr
Apr
8
Aug
117
Ms r
91
1934 Oct
Aug
38
Apr
84
30
Feb
334 Feb
8234 Oct
Oct
81
Oct
65
8934 Sept
Aug
1634
Apr
72
830 Sept
11714 Mar
200 Sept
2034 Jan
50
Oct
5834 Set)'
1034 Oct
July
45
July
98
10731 Jan
Oct
80c
2534 Apr
1534 Sept
July
10
3334 May
1334 Sept
32 May
132 June
6634 Jan
634 Jan
Jan
77
70 May
I 2IL ?any
High.
3
3531
100
634
4634
1634
98
7734
39
91134
4634
1534
14034
04
25
5034
92
37
434
83
8234
93
9134
26%
83
234
133%
500
25
50
1436
1034
6634
102
111
134
35
1734
12
4034
2234
3734
155
7734
731
98
74
I II
Jan
June
Sept
Aug
Oct
Jan
Mar
Aug
Aug
Sept
July
Sept
July
Apr
Mar
Sept
Aug
Sept
Jan
Oct
Oct
June
Oct
Feb
Mar
Feb
July
Mar
Aug
Oct
July
Oct
Oct
July
June
Jan
Sept
Oct
July
Jan
Jan
July
Feb
Oct
Oct
Feb
Jan
To n
Sales
Friday
Last Week's Range for
3.Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Colorado Power. com__100
Columbia G A: El pf A new
Conewealth Pow Corp...'
Warrants w I
Preferred
100
Cons G.EL&P,Balt,new,w1
ntinental Tobacco_ _ _ _•
Cuba Company
•
Curtiss Aero & M new corn*
Davies(Win)Co,el A._ _ _•
Del Lack & West Coal_ _50
Dlctograph Prod Corp_ _10
Doehler Die-Casting
Dubiller Condenser & Had'
Dunhill International__ •
Du Pont Motors, Inc....'
•
Durant Motors. Inc
Des Co, Inc, Class A w L.•
East Penn Elec Co corn_ _ _•
Elec Bond & Share,pref 100
•
Elec Ry Securities
100
Fajardo Sugar
Federated Metals Corp..'
Fur" Inspection Machine
Firestone Tire & R com_10
100
7% preferred
Ford Motor of Cauada_100
•
Felted:Mori Co, pref
3
Garland Steamship
Gillette Safety Razor....'
New w
•
Ginter Co, corn
•
Glen Alden Coal
Goodyear Tire & R,com100
•
Grand 5-10-250 Stores
Hall Snitch & Sig.com.100
•
Hazeltine Corp
•
Heyden Chemical
Hoe (It) & Co, Class A_ •
25
Hudson Cos, pref
Hudson & Manh.corn_ _100
Hurley Machine
Intercontinental Rubb_100
Inter-Ocean Radio Corp_ _•
Jones(Jos W)Radio Mfg..
10
Keystone Solettter
Lehigh Power Securities..'
Lehigh Val Coal Sales__ _50
Leb Vail Coal, ctts new w 1
Libby. McNeill & Libby_10
100
Mengel Co
•
Mesabi Iron Co
Middle West Utilities corn'
100
Preferred
•
Midvale Co
Mississippi RlvPowcom 100
Motor Products Corp__ •
10
National Leather
Nat Power & Light, COM.*
•
National Tea new
1
New Men & Ariz Land
6 % pre-100
NY
Nickel Plate corn, new, WI.
l'referred, new, w I
Omnibus Coro v t c. w i_..•
poty-Detroit Mot Car_ _10
100
Preferred
Paths Exch. Inc. Class A _•
Peerless Truck & Motor_50
Pierce But & Pierce 8% pf._
Pittsb Term Coal, com.100
100
6% preferred
Procter & Gamble, com_20
Pro-phy-lae-tie Br, corn_.•
Pyrene Manufacturing_ _10
Radio Corp of Amer,corn.'
6
Preferred
10
Reo Motor Car
Rova Radio Corp tr Ole •
Royal Typewriter corn_ •
Sierra Pile Flee Co eom.100
Singer Manufacturing..190
Sou Calif Edison.corn_ _100
Southern Coal &
Standard Motor Constr_10
Stand Publishing cl A___25
Superheater Co
100
Swift & Co
15
Swift International
Tenn Elec Power. com _•
•
Second preferred
Thompson(RE)Radio vte•
10
Timken-Det Axle
Tob Prod Export Corp...'
Todd Shipyards
WI
5
Tower Mfg CorpCorp.__Union Carbide & Carbon_•
Unit Bakeries Corp corn.'
100
Preferred
United G & E,corn, new_10
United Lt & Pow,corn A.*
United Profit Sharing. _ _ _1
Unit Retail Stores Candy.'
•
Founders shares
United Shoe Mach corn..25
US Lt & Ht Corp, coca_ _10
Preferred
10
Ward Corp.corn,Class A •
Common, Class B
•
7% preferred
100
Ware Radio Corp, w 1_ _•
Western Pr Corp, com.100
Preferred
100
White Rock Min Spr, new.
Wickwire-Spencer Steel...
_•
Yellow Taxi Corp. N
105
97
7534
35
2534
36
21
10231
5734
134
153.4
24%
59%
101%
3234
8
430
11134
316
56
120%
1434
27
274
4034
21
1154
9%
134
83%
81
3836
5
70
9734
24
3%
163
235
11034
71%
8134
16
14
4634
4534
534
4%
1656
1434
172
10034
170
2676
2831
39%
6734
8
3
4534
2174
115
10034
27
50
554
534
3934
34%
94%
29
3734
15
3%
1934
Rights
Commonwealth Power._
Former Standard 011
Subsidiaries
Anglo-American 011._ __El
Buckeye Pipe Line
50
Chesehrough Mfg,new._25
Preferred
Eureka Pipe Line
100
Galena-Signal 011, com_100
New preferred
100
Humble Oil& Refining_ _25
Illinois Pipe Line
100
Imperial 011 (Can) coup_25
Indiana Pine Line
50
Magnolia Petroleum_ _100
National Transit._
New York Transit
100
Ohio 011
25
Penn Mex Fuel
25
Pralrle Oil & Gas
100
Prairie Pipe Line
100
South Penn 011
100
Low.
High.
3431 34%
20
103 105
5,000
96% 105
3,910
20
500
2034
76
75
1,160
35
3731 31,490
2631 4,000
25
36% 2,000
35
100
7% 7%
21
100
21
375
10134 103%
234 231
100
18
960
18%
55% 593/s 20,100
2434 25
200
13,4
174 1,400
1534 1634 1,100
23% 25
9,900
59
61% 1,780
101 10134
230
13
13
300
113 113
10
3234 333.4 1,000
754 8% 2,000
85
85
10
88
88
15
425 430
20
10934 11134
180
60c 60e
300
316 328
1,100
5534 58
9,800
26
2634
500
12034 122
900
1434 1534 2,600
70
70
200
534
5
500
26% 28% 6,200
2% 3
1,400
5031 50%
700
4031 41% 2,600
21
21% 2,400
61
61
100
3% 3%
400
1114 1134 4,800
834 934 13,500
13.4 1% 4,200
3,400
83
89
81
8234
600
3834 4034 27,400
5
5% 1,500
30
30
10
2% 2%
700
75
70
6,860
200
973.4 9734
24
24
100
3234 32%
100
86
84
60
1,700
334 4
163 175
70
460
225 253
6
634 1,200
750
110 01034
713-1 7334 2,500
2,600
8134 82
1534 1634 2,800
400
1374 1434
20
87
87
900
4634 47
1331 14
300
25
89
89
400
39% 40%
100
79
79
10
105 105
4431 453.4 3,300
100
10% 10%
534 5% 2,900
4% 434 3,500
1634 16%
500
4 1534 6,800
143
15
15
200
18% 19%
600
170 172
115
9834 10034
100
7c 17c 290,000
331 331
100
2534 2634 1,900
11834 11834
25
105 105
100
27
2935 8.400
39
42
1,400
67
6734
350
834 2,000
7
200
3% 334
334
3
700
4534 4534
50
700
2134 2274
60
100
60
11234 117
2,700
9934 10034 1,300
27
29
800
45
5034 1,000
200
5% 5%
5% 5% 1,200
534 5%
600
39
3934 1,200
51c 51c
100
90c
13i
200
124 126
700
34
34% 5,800
93
95% 8,400
2434 30% 25,300
3634 4134 4,800
8434 84%
100
1434 1534 1,200
334 5
300
800
1934 20
22% Feb
Oct
103
56
Feb
Oct
20
Mar
74
33% Sept
20% May
July
32
434 June
11 June
Apr
88
134 July
Sept
16
1034 Jan
23 May
Mar
1
12 May
2234 Sept
36 June
Jan
97
Mar
11
Aug
99
32% Aug
334 Ane
July
64
87 May
410 June
86% July
600 Aug
257 May
49% Sept
2434 July
7634 Jan
8)4 Jan
Feb
35
Feb
1
13
Feb
1 June
50% Oet
17% Feb
9% Mar
Oct
61
2 June
831 Sept
731 Aug
75e June
33
Jan
72 May
26% Apr
4 June
Apr
25
Mar
2
50 May
88 June
18 t Jan
19
Feb
38% Jan
2% July
83% Mar
151
May
3% Jan
109
Mar
7114 Oct
81% Sept
14% Aug
1231 May
Apr
86
38% Sept
13% Sept
89
Oct
3934 Oct
Sept
79
Oct
105
4034 Aug
10 May
3% Apr
311%July
tisq June
9% July
13% Oct
1634 Sept
125
Jan
97% Sept
4c May
234 Jan
2534 July
Oct
115
100 June
18% Mar
1734 Jan
49% Jan
7 Oct
334 Oct
2% Sept
4211 May
18% Sept
Apr
56
Feb
43
Jan
85
18% Jan
Apr
30
534 July
Mar
4
3 May
34% Apr
50c May
85c July
5334 Jan
1434 Apr
70% Jan
1334 June
Mar
26
80 June
MaN
10
334 Oct
Apr
17
36 June
105
Oct
11034 Aug
2034 Oct
81
Aug
3934 Oct
27
Sept
4034 Feb
Sept
8
14% Apr
110
Sept
234 Oct
2234 Mar
59% Oct
28% July
3% Jan
36% Jan
2834 Sept
64
Sept
102% July
19 June
12434 Apr
3534 Sept
10% Aug
Oct
85
Feb
92
482 Apr
112
Aug
Jan
70c
335
Sept
59
Sept
30% July
125
Sept
15% Oct
81 June
5% Oct
July
30
34 Aug
50% Oct
44
Sept
23% July
64)4 Best
5
Feb
1154 Oct
931 Oct
2
July
91
Oct
89% Feb
July
45
614 July
35% Apr
8% Sept
85% Sept
98
Aug
2534 Mar
3234 Oct
Sept
92
4% Jan
190 Sept
258 Sept
10
Apr
112% July
76% Sept
85 Sept
19
July
18
Feb
87
Oct
48% Sept
2614 Jan
92% Oct
52
Sept
83 Sept
114 June
46 Sent
13% Feb
5% Oct
4% Sept
18% Jan
17% Sept
15% Mar
20% Sept
177 Sept
10434 Apr
Jan
17e
434 July
2634 Oct
118% Oct
10834 July
3131 Sept
4434 Sept
68% Aug
18% Aug
7% Jan
5% Feb
63% Feb
24
Sept
63% Feb
Sept
119
Sept
102
41 June
5634 Oct
7% Feb
5% Sept
5% Oct
39% Sent
136 Jan
1% Jan
129% Sept
36% Sept
95% Oct
30% Oct
45% Sept
85 Sent
15% Oct
Oct
5
39% Jan
334
700
2% Sept
4% Sept
15%
5635
4931
113
78
5234
103
3634
123
10014
7036
129%
22%
60
6031
32
208
10334
134
3,600
150
300
20
70
60
110
1,700
60
643
90
50
100
70
700
200
3,700
1,980
100
June
Sept
May
Sept
Oct
Sept
June
Aug
Sept
Apr
Sept
Ju y
Jule
Aug
June
July
Oct
Feb
June
18
Feb
8634 Jan
6234 Mar
115 June
105
Jan
70
July
105
July
43% ,Mez
161
Jan
119
Jan
100
Jan
162
Jan
27% Feb
97
Jan
79% Jan
43
Jan
289
Jan
111
Feb
171
Jan
3
15%
55
5234
122
10034
5834
194
101%
130
Range since Jan. 11
15
55
483i
113
77
5234
103
35
121
10034
70
129
2211
57
59
3134
194
10131
130
14%
51
47%
11234
74
52
10034
34%
120
98%
66
122
20%
55
58
27
194
100
117
OCT. 11 1924.1
THE CHRONICLE
1729
----
Friday
I Sales
Former Standard Oil
Last Week's Range for
Subsidiaries
Week.
Sale
of Prices.
(Concluded)
Par. Price. Low. High. Shares
Southern Pipe Line.- _100 8045
So VIrit Pa Pipe 1.1nes_100
Standard 011 (Indiana)-25 5534
Standard 011 (Kansas)_ _25 3234
Standard 011 (Ky)
25 1143.4
Standard 011 (Neb). ..100
Standard 011 of N Y
25 3845
Stand 011 (Ohio) corn._100
Preferred
100
Swan & Finch
100 40
Vacuum Oil
25 7034
Other OillStocke
470
Allen 011
Atlantic Lobos 011 pref.. _
Barrington 011 class A_ _ _10
Boston-Wyoming 011_ _ _1
Carib Syndicate
845
Creole Syndicate
Sc
Engineers Petroleum Co..)
930
Euclid 011 Co
Federal 011
334
Gilliland Oil v t c
10 15c
Glenrock 011
Gulf Oil Corp of Bs
25 5834
Hudson Oil
2c
1
International Petroleurn._• 1834
Kirby Petroleum
•
Lego Petroleum Corp-- •
5
Lance Creek Royalties__ A
20
Latin-Amer Oil
3c
1
Livingston Oil Corp
1
Livingston Petroleum _ _ _ _•
1:
Mexican Parolee 011_ _10
Mexico Oil Corporation.10
Mountain & Gulf 011
1
Mountain Producers
10 19
Mutual Oil vet trust 008_5 1034
Nat Fuel Gas
109
New Bradford Oil
5
New England Fuel OIL _ _ 5 20
Noble(Chas F)011&G corn 1
Ohio Fuel Corp
Oklahoma Natural Gas_25
Peer 011 Corp
•
Pennsylvania Beaver 011_1
18c
Pennok 011
10 17
Red Bank 011
25 33
Royal Can Oil Syndicate.•
574
Ryan Consol Petrol
•
Suit Creek Conan'
_ _ _ 10
Salt Creek Producers-10 2534
Sapulpa Refining
5
Sumter 011
150
Union 011 of California _100
Dillon. Read & Co Int rec 132
Venezuelan Petroleum.._
234
Wilcox Oil& Gas
534
1
Woolley Petroleum Co.-• 1034
"Y" 011 & Gas
1
Mining Stock•
Alaska Br-Col Metals_ _10
Alvarado Mining dr Mll1_20
Arizona Globe Copper...1
4c
Calumet & Jerome Cop. 1
Canario Copper
334
10
Comstock Tunnel & Dr.10c
Cense' Copper Mines___ _1
394
Copper Range Co
2234
Cortez Silver
Cresson Con Gold M & M 1
394
Diamond B1 Butte Rectal
140
Divide Extension
1
Dolores Esperanza Corp_ _2
Engineer Gold Mines, Ltd 5 1034
Eureka Crams
1
60
First Thought0 M
470
Goldfield Deep Mince...50
2c
Gold Zone Divide
10e
Green Monster Mining.50c
Hard Shell Mining
1
lc
Hamill Divide
100 12c
Hawthorne Mines, Inc__ _1 31e
Heels Mining
25c
934
Hilltop Nevada Mining...1
20
Hollinger Consol G 131._ _ _5 1495
Howe Sound Co
234
1
Independence Lead Mm.) 10e
Iron Blossom Con Mining 1 250
550
Jib Canso! Mining
1
Jim Butler Tonopah
1
Kay Copper Co
Pus
1
Lone Star COn801
6c
1
Lorrain Silver Syndlcate 1 40c
MacNamara Cress DeveLl
Mason Valley Mines
5
Mohican Copper
1 100
Nevada Hills
1033
New Cornelia Copper Co.5 1934
New Jersey Zinc
100 163
N Y Porcupine Mines Ltd 1
13e
NipissIng Mines
5
634
Nixon Nevada
41c
North Butte Mining. .15
Ohio Copper
1
Parmac l'orcup Mines Ltd _
54c
Plymouth Lead Mines...1 800
Portland Gold Mining _ _ _ I
Premier Gold Mine Ltd__ I
234
Ray Hercules Inc
5
lc
10e
Red Hills Florence
Red Warrior Mining Co...1 42e
28e
Reorg Div Ann M
Pis
Rocky Mt Smelt & Ref-I
1
Preferred
1
San Toy Mining
Sc
Silver Dale Mining
South Amer Gold & Plat._ I
Spearhead
1
1
Success alining
Temiskaming Mining Co_l
311,
Tonopah Extension
1
Tonopah Mining
1
Tri-Bullion S & D
100 13c
49c
Trinity Copper
United Eastern Mining-1 35e
United Verde Extension 5033
U 8 Continental Mines...5 1533
Walker Mining
1
Wenden Copper Mining...I
West End Consolidated _ _5
West End Extension Mtn.] 16c
Western Utah Copper._ I 16c
Wettlaufer-Lorraine S M.1
DondeAllied Pack oonv deb 65'39 73
series B
1939 87
Alttnitnum Co of Am 76.'33
7.
1925
Amer G & E deb 6s__ -2014 95%
New
American Ice 7s
110234
803.6
70
5534
32
114
235
3834
311
117
40
6934
84 .
270
70
20
5634, 15,100
3274900
11595 3.700
236
20
3934 4.500
90
316
210
117
40
100
72
17.900
430
8
.50c
80c
234
844
4c
80c
26e
334
15c
5834
20
1834
195
434
2e
2c
5c
134
50c
13c
134
19
1095
109
4%
17
6c
2934
25%
1
18c
1634
33
53.4
336
7%
2544
1
13c
132
132
294
43-4
1034
50
49c
8
1
950
234
9
Sc
94c
30c
334
15c
593.1
20
1994
195
534
2e
3c
50
135
55c
15c
17,•
1934
11
110
494
20
8e
2934
25%
1
21c
1794
3944
6
334
8
2631
1%
16c
132
13295
27
4
534
12
Sc
Range since Jan. 1.
Low.
80%
70
54%
32
101
199
37%
275
116
34
5695
Oct
Oct
July
Oct
May
Jan
May
June
Sept
July
Jan
High.
Jan
100
Jan
89
68% Jan
50% Jan
Jan
120
25695 Jan
Jan
48
Jan
335
May
120
Jan
81
7334 Oct
Apr 50c Sept
8,000 10c
200
July 11
5
Jan
2,100 50c
Oct
895 Jan
700 750 May
134 Jan
3,000
2% Oct
6% Jan
18,200
295 Jan
994 Sept
2,000
30 Ma
13e June
7,100 80c
Oct 940
Oct
2,000 150 May 60e
Jan
200
144 Jan
5% Feb
1.000 15c
Oct 60c
Jan
Jan
3.100 56% May 65
24.500
lc Sept
Jan
70
6.700 16% June 22% Feb
194 Apr
600
294 Jan
37,700
5% Aug
274 Jan
Feb
4,000
lc
30 Aug
19,200
le Aug
lb. Feb
Oct 22c June
1,200
5c
200 60e Mar
234 July
1,400 500 Sept
1% Apr
2,000
7c May 30c
Jan
600
134 Jan
194 Mar
Feb 20
1.500 16
Sept
19,600
9% July 13% Jan
Jan 11095 Sept
50 85
434 Sept
900
636 Jan
300 17
Oct 44
Julv
7,000
6c Sept 16c
Feb
300 29% Oct 29% Oct
10 .22
Apr 26% Sept
200
July
1
Jan
6
15,000 180
Feb
Oct 62c
10,800 1294 July
1794 Sept
13,700
Aug
595 Jan 58
11,200
294 Apr
Aug
7
5% Mar
200
334 Jan
600
795 Sept 1011 Jan
12,500 1934 Feb 27% Sept
400 82e
234 Mar
Jan
10,000 12c Sept 250 May
230 116
July
Jan 139
1,400 132 July 134% July
10,400
394 Sept
295 Sept
4% May
8% Feb
5,300
9,600
Apr 13
7
May
2,000
50 June 14c Feb
10c 1.000 10c May 40c Feb
1933
400 90c Aug
Oct
195 3
3
4c 5,000
3c
Oct 120
30
Jan
17c 2.000
15c
70 Feb 25e May
394
334 19.000
July
4
1% May
26c 3,000 15e Aug 26c
23e
Oct
3'us 5.300
274
4
194 Jan
Aug
200 2035 Oct 29% Aug
2034 2295
13c 3,000 10e June 700 Mar
12c
334 3.100
394
3% Oct
4% Jan
16c 34,000
120
40
Jan 220 July
4e 2,000
30
2e
Jan
70 Aug
32c 1,000 320
320
Oct 70c Feb
1034 1234
600
Mar 2314 June
6
Jan
7c 7,000
60
40 June
150
43e
47c 13.000 400 Sept 47c
Oct
20 4,000
2c
20 Sept
70 Sept
50
3c 6,000
20 June 120 Jan
Sc
5c 1,000
30 Aug
7c Sent
lc
20 153,000
Jan
le Feb
543
7c
15c 50,000
20
Aar 260 Aug
25e
41c 41,000 150 May 82c
Jan
995 994
700
8% Jan
A% Oct
20
2c 2,000
lc Feb
70 Mar
1435 1434
400 11% Mar 1495 Oct
234 234
3.000
Jan
1% June
3
90
10c 3,000
Go
Feb
Apr 18e
250
25c 1,000 25e
Jan
Oct 32c
55c
60c 32,400 150 Mar 95c July
40
5c 4.000
Apr
2c
Sc Sept
Pis 1.34 9.800
1
AP
1915 Sept
6c
60 20,000
lo May
90 Aug
35c
80c 34.800 300 Aug 810
Oct
30
30 2.000
le Aug
5e Sept
195
1,000
134
194 Jan
2% Aug
10c
30c 2,000
Oct 48c
Sc
Jan
30c
300 1,000
Sc
Jan 43c July
19% 20
400 15% Jan 22% July
15994 166
301 13494 May 170% Aug
130 5,100
60
5c Sept 35c
Jan
6
2,000
634
55( Jan
6% May
40e
42c 17.000 250 Sept 42c
Oct
2
3%
1,000
2
Oct
495 July
1
134 6,300 65c Mu 194
Aug
50c
700 lac June 67c Mar
51c
/50c 22.100 30e
60c
Jan
800
Oct
45e
450 4.000 45e
Oct 500 July
2% 294
800
134 Apr
2% Jan
15c
15c 1,000 10c Mar 38c
Feb
le
lc 10.000
lc
Jan
Jan
50
42c 2.000 21c
42e
Jan 750 Aug
25e
29 15,000
le July
3233 Sept
1713 195
1,600
1
Apr
154 July
17,• 17,
600
1
Apr
19( June
3c 2,100
3o
2c
Apr
Sc Feb
4c
Sc 46.000
is July
Jan
60
434 594 15,600
294 June
534 Oct
7c 23,000
Sc
2e
Jan 100 June
13c 6.000 120
120
Oct 51c
Feb
160 2,000 16c Aug 31c
160
Jan
334
3ts 3,300
I% Jan
371, Oct
174 13,000
134
134 Jan
236 Julv
140
10e
16,000
30 Feb
1533 Sept
54c 18,300 25e May 8033
44c
Jan
35e 1,000 35c
35c
Oct
17,3 Feb
200 21
2534 26
June 30% July
15c 13,000 100 May 20e
120
Jan
100
3
2
3
Apr
3% Aug
195
1
134 14,900
Apr
115 Sept
40
680
68c
30o June 86e
Jan
2e May
200 33,800
140
33e Sept
16c 3,000 15c Aug 50c
160
Jan
100 120
190
19c
Jan 270 May
73
8795
107%
103%
95%
94%
102
7335 $31.000 48
May 75% Oct
May 89% Oct
8995 63.000 57
107% 23,000 105% Mar 107% Aug
103% 2,000 10114 Jan 103% June
95% 69,000 94% Oct 9634 June
95% 22,000 94% Oct 96
Sept
10294 82,000 101)4 Sept 107% Aug
Bonds (Concluded)-
-•-
• ___
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Range since Jan. 1.
Low.
High.
Am Pow & Lt Saw 1..2016 9454 94% 94% 21,000 9494 Sept
95
Aug
65 old warr attach_ _2016 94% 9454 95
38,000 94
Sept 95
Sept
Amer Rolling Mill 66_1938 10095 100 100% 9.000 98% Apr 100% Aug
Amer Sumatra Tob 795s'25
86
86% 6.000 73
July 99
Feb
American Thread 65..1928 104
10395 104
3,000 10135 Jan 101
Oct
Anaconaa Cop Min 68 1929 10334 10334 10395
7.000 101
Feb 104
Aug
Anglo-Amer 011 7458_1925 10134 101% 102
9,000 10195 mar 102% June
Assoe'd Simmons Hardware
1933 84
63.4s
84
85
16,000 7155 June 93% Feb
Atlantic Fruit fls
2244 2434 8.000 22% Oct 36
Mar
Atl Gulf & W I SS L 5,3 1959 55
55
5636 28,000 42
Jan 61
July
Beaver Board Co 88_4933
7734 78
Jan 80
4.000 70
Aug
Beaver Products 795s_ 1942
101 101
97%
June 101
1.000
Sept
Beth Steel equip 733- _1935 104
10335 104
34,000 102% Feb 104
Aug
Canadian Nat Rye 733_1935 10934 10936 Ill
23,000 106% Jan 112
Sept
Childs Co 68w 1
1929
June 104% July
10274 10334 9.000 102
Cities Service 78 ser B_1966
125 125
1.000 11834 Feb 125
Oct
7s series C
1966 9834 9834 9894 28,000 89% Jan 98% Oct
78 Series D
1966 9635 9635 97
-Jan 97
35.000 89
Sept
Cons G.E L&P.Balt. 6,3'49 1047
4 10434 105
11,000 101% Jan 105% June
5448
Jan 10234 Sept
1952 10234 102 10234 15,000 93
695s Series D
10834 10834 11,000 1083.4 MnY 108% Sept
1951
Consol Textile Ss
Sept 97
1941 7945 793.4 803-4 34,000 68
Jan
Cudahy Pk deb 5%s_ _1937 8634 8634 8634 22,000 8134 May
8834 Jan
Deere & Co 7948
1033.4 10394 51.000 9934 May 10394 Sept
1931
Detroit City Gas 68_1947
10294 10295 102% 19,000 993.4 Jan 103% June
Detroit Edison 68...._1932 108
103 10335 34.000 102% Jan 10934 Aug
Dunlop T& Rot Aro 78_1942 95
Jan (1651 Oct
95
9634 172,000 90
Federal Land Bk 4348_1953
10254 10294
1,000 102% Oct 103% Oct
Federal Sugar as
1933 10095 10034 101% 30.000 9195 Jan 10135 Aug
Federated Metals 6s_ _1939
99
99
Aug
Bent 101
10,000 99
Fisher Body 68
1003.4 1003.4 5,000 100
1925
Mar 101% July
fis
193C
102 10234 6,000 09% Jan 102% Sept
6s
102 102
1927
1,000 98(4 Jan 102% Aug
6s
1928 10134 10174 102
6,000 9744 Jan 10434 Sept
Gall* (Robert) Co 731_1937 99
99
9995 17,000 9494 May 1009( Sept
Galena Signal Oil 78_ _1930
10536 10534 21.000 10434 Jan 106
Aug
General Asphalt 8s
1930 10535 10594 1053-4 33.000 10245 May 105% Oct
General Petroleum 68_1928 1003-4 1003-4 10035 41,000 9494 Jan 101
Aug
Grand Trunk Ry 635s-1936 107: 107 10745 26,000 10595 Jan 108% Aug
IGt Cons El Pow(Japan)
1st 8 I is ,•er A
1944
913.4 9135 26,000 9144 July 93% Sept
Gulf Oil of Pa 1%
1937 98
9774 9895 29.000 94
Jan 98% Ji0V
Hoe(R)& Co Inc 694s 1934 99
99 100
Oct 100
Oct
3,000 9)
Hood Rubber 78
19:311 102
102 10234 6,000 99
May 10295 May
Internal Match 63413_1943 9934 9955 1003,4169,000 92% Jan 101
Sept
Italian Power 6448_ _ _1928
983.4 9894 6.000 97% Feb 100
Sept
Kan City Term Ry 5955'28 10295 10255 102% 6,000 10034
Jan 102% Sept
Kennecott Copper 78_1930 10636 106: 106: 241.000 103
Jan 107
Aug
Lehigh Power Secures 1927 10074 10074 10145 26.000 96
Jan 101% Aug
Lehigh Val Har Term 5854
10035 101
29.000 9594 Jan 1013.4 JulY
Lehigh Vail RR Saw 1.2003 9936 99
9944 35,000 99 Sept 1009( July
1.1bby McNeill& Libby 78'31 100
100 10034 13,00
Jun 101
94
Feb
Liggett-Winchester 76_1942
10554 1053,4
1,000 10294 Jan 105% Aug
Lower Austrian HydroElec Pow 634s w 1....1944 85
85
85
Aug 859( Aug
30.00
85
Manitoba Power 7a_ _ _1941 100
100 100
9594 Jan 1003.4 Sept
5.00
Morris & Co 7%a
92 Jun 10034 Feb
1930 9994 9934 9954 15,00
Nat Distill Prod 7a w 1.1930 96
96
96
10.00
85 Jun
96
Sent
National Leather 88..1925
10134 101% 11,00
9294 Apr 10195 Sept
New OH Pub Serv 55_1952 8795 8634 87 3.4 91900 819( Jan 98% Jan
Northern Cent RR 513_1974
10134 10235 67.000 101% Sep 102% JulY
Nor States Pow 6958._1933 10236 10195 1027
/ 180.000 98
Jan 104;4 June
634% gold notes_ _._ 1933 9734 9734 973-1 53,000 9635 May 98
May
Ohio Power 58
1962
91
5,000 84 34 Jan 9144 Sept
91
Paris-Orleans RR 7s..1954
9234 927
4 57.000 9254 Sep
Oct
93
Penn Pow & Light es _1052 923.4
9295 93
23.000 87% Jan 94
June
Pennsylvania RR 58_1964 9834 9895 9834 136,000 98% Oct 98% Oct
Phila Elec lls
'1941
107 107
July
1,000 10495 Jan 107
5958
1947
10395 10334 11,000 98% Jan 104
July
Phillips Petrol 73411- -1931
Aug
Aor 104
100
.
90% 11
4
3Si 191PubSonEl&Ga5%s'64 % 4
9534 Sept 95% Oct
Public Service Corp 714 1941 1077-4 10735 1077
4 58,000 101
Jan 108% Jut/
66
1944 9495 9435 9554 115,000 94% Oct 97
July
Pure 011 Co 6958
1933 9554 9534 9534 69,000 92% Jan 9654 Aug
Shawatteen Mills 7a__.1931
104 10434 8.000 102
Jan 10434 Mar
Skelly 0116368
1927
10034 10035 38,000 100% Oct 102% Aug
Sloss-Sheffield S& 16* 1929 10134 10135 10194 4,000 97
Jan 10294 Ally
Solvay & Cie 6s
1934
10195 102
Sept
Apr 102
15.000 99
South Calif Edison 58.1944 9294 9236 9395 16.000 89% Jan 93% June
Standard Gas & El 8945'54 102
10136 10294 286,000 96
105% Sept
Au
Stand 011 of N Y 6%0_1933 10794 10734 108
40,000 105% Jan 10936 June
7% serial gold deb_ ..1925 19054 10094 10074 9,000 10054 Oct 102% June
7% serial gold deb_ _1926 106
10594 106
40.000 10294 May 106% Sept
7% serial gold deb_ _1927
1,000 104% July 10695 Aug
10534 1053-1
7% serial gold deb_ _1928
106 106
Jan 10694 Feb
1,000 105
7% aerial gold deb_ _1929
1053410574 26,000 10594 Jan 107% June
7% serial gold deb_ _1930 10574 10534 106
June
Feb 108
12,000 105
7% serial gold deb_ _1931 10574 10534 10634 20,000 10544 Oct 109
Feb
Swift & Co 58.-Oct 161932 9454 943,4 9534 42,000 8954 May 95% Aug
Tidal-Osage 011 78._ _ .1931 10495 10494 1043.4 6,000 10134 Jan 104% July
Union EIL&Pot111590'54 9895 9834 9895 44,000 943( Apr 9834 Aug
Union 0116a series B_.1926
10134 10195 12,000 10034 Mar 102
Ally
United Drug 68
1944 1003.4 10045 loosi 161.000 10095 Oct 100% Oct
United 011 Prod 6s_ _ _ _1931 3374 337-4 34
Aug 79% Feb
2,000 30
Un Rye of Havana 7358235 10736 10735 10794 4,000 10534
July
Jan 109
Vacuum 011 75
1936 10695 10636 10635 20.000 106
June
Jan 108
Webster Mills 694s_ _ _1933 10395 10336 10394 10,000 looM Jan 10434 Sent
Foreign Government
and Municipalities
Indus Mtge Bk of Finland
151 M coil 81 7a_ ... _ 1944 9434
9436 96 408,000 9454 Sept 96% Sept
Indus Bank of Japan Lb)
e% deb notes Aug 15'27
999
4 9974 61,000 9941 Atilt 100
Aug
Netherlands(Kinrsd)eaB"72 9895 9795 9836 29,000 8934 Apr 1009( Aug
Peru (Republic of) 88.1932 99
99 10034 90.000 9795 Jan 100
Sent
8s
1944 9995 9995 9954 5,000 99% Oct 9994 Oct
Poland (Repub of) 65_1940 7474 7444 7545 30.000 68% Sept 75% Oct
Russian Govt 6943__ _1919
1395 15
Jan 2134 Aug
39,000
9
695s certlfleates____1919
1334 1454 15,000 10
Jan 20% Feb
595% certificates_ _ _192 l
1295 1234 4,00
934 Jan 21
Aug
Switzerland Govt 514s 1929
10134 10134 31,00
Aug
9794 Apr 102
Ext 5% notes
19210 10011 10014 10094 38.000 9795 Jan 100% Aug
• No par value. t Correction.
Listed on the Stock Exchange this week. where
additional transactions will be found. o New stook. a Option gale. to When
Issued. z Ex-dividend. it Ex-rights e F.x-stoek dividend
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
lIlt.
Rate.
Bid.
Asked.
Maturity.
Mar. 15 1925_
Mar.15 1926_
Dee, 15 1925_
Sept.15 1926...
June 161925...
494%
494%
43,4%
436%
434%
101,31
10218
101"ar
101 14.
10141
1019.5
10236
101013
1010,3
101%
Dec. 15 1927...
Mar.15 1927.__
Dec. 15 1924...
Mar. 15 1925....
Dec. 151924...
Sept. 151925...
CURRENT
fat,
Rate.
Bid.
434% 10294
102714
436% 10095
4%
10094
294% 100755
% 100
Asked.
10254
1021.1.
10034
10041
10044,
1001t.
NOTICES.
-Frank D. Van Nostrand & Co. announce the removal of their offices
to 2 Rector Street, New York.
-The New York Trust Co. has been appointed registrar for Erie Railways Co. preferred and common stocks.
-Tooker. Gilbert & Co. of 120 Broadway. New York, announce that
Middleton Rose is to join their sales department on Oct. 11.
-Arthur M. Leinbach has joined Bonner. Brooks & Co. to take charge
of their investors service department.
1730
Xnurtstnunt and AlaiIrma
guteraftente,
--
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the fourth
week of September. The table covers 16 roads and shows
2.31% decrease from the same week last year.
Increase. Decrease.
Fourth Week of September.
1924.
1923.
Ann Arbor
Buffalo Rochester & Pittsburgh*Canadian National
Canadian Pacific
Duluth So Shore & Atlantic_ _ _Georgia & Florida
Great Northern
Minneapolis & St. Louis
Mineral Range
Mobile & Ohio
Nevada California & Oregon___
St. Louis-San Francisco
St. Louis-Southwestern
Southern Ry. System
Texas & Pacific
Western Maryland
143.752
472,116
6,787.684
5,481,000
170,988
41,400
3,770.027
344.101
13,513
497.484
19.246
2.582.737
706.943
4,886,679
918,933
495,573
149,361
598.495
7,209,215
6,365.000
163.575
43.882
3,470.055
372.632
10.044
494,985
15.140
2.264,968
760.913
4,674.425
802,018
586.541
5,609
126.379
421,531
884.000
7,413
2.482
299.972
3.469
2.499
4.106
317.769
212.254
116.915
28,531
53.970
90.968
27,332,176 27.981,249 964,397 1.613,470
649.073
Total (16 ro,ds)
Net decrease (2.31%)
*Nine days ending Sept. 30.
For the first week of October only two roads as yet have
reported. Their figures are as follows:
First Week of October.
I
Increase. Decrease.
1923.
1924.
Buffalo Rochester & Pittsburgh-I *327.197
367,409
Minneapolis & St Louis
$408,014
347.649
$80.817
19.760
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings for STEAM
railroads reported this week:
—Grossfrom Railway— —Net from Railway— —Net after Taxes de DU1924.
1923.
1923.
1924.
1923.
1924.
$
$
5
$
S
5
Bellefonte Central RR Co—
31
—as
2,658
P,`111
2,828
10,072
August _...4,293
5,408
5,253
6,768
88,061
66,018
From Jan 1_
Electric Railway and Other Public Utility Net
Earnings.—The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
—GrossEarnings— —NetEarnings—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Amer Telep & Teleg_ _ _ _Aug 6.251,024 5.927,782 2,552.810 2.436,741
49,168.432 47,544,613 20,225,882 20,544,347
From Jan 1
Barcelona Traction Light &
Auge4.140.816 e3,826,083 e2.571,759 e2,285.397
Power Co
037.146.049e33,106.982e22.241.102e18,840,350
From Jan 1
134,443
318.848
Central Power & Light_ _July 375,376
126,568
4,017.898 3,266,267 1,386,413 1,051.924
For 12 months
Companies.
e Given in pesetas.
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
667.007
Aug'24 *2.444.009
221,187
Boston Elev Ry
629.832
310,315
• '23 *2,502.043
19,828
9,005
53.298
Eastern Shore Gas Aug'24
8,631
16,994
'23
47.258
& Electric Co
105.834
231.405
605.833
12 mos end Aug 31 '24
103,237
189,373
537.949
'23
61,930
146,891
429.025
Aug '24
Federal Light &
67.237
134.257
415.685
'23
Traction Co
472,617
8 mos ended Aug 31 '24 3,695.644 1.371.507
532,483
'23 3,613.240 1,345,573
89,946
Aug '24 1,189,029 *579,436
Havana Elec Ry
93,270
'23 1,103,575 *593,147
Light & Pow Co
729.244
8 mos end Aug 31 '24 9,386,803 *4.777.222
746,153
'23 8.818,394 *4,778,575
42.408
147.767
309.730
Aug '24
Manila Electric
152.353
305.075
37,345
'23
Corporation
460,707
12 mos ended Aug 31 '24 3.689.823 1,868,206
454.831
'23 3.584,044 1,733,266
38,645
Aug'24 *115.830
Mississippi Power
28,348
*96.263
'23
Co
& Light
252,790
429,136
12 mos end Aug 31 '24 *1,286,967
401.901
'23 *1,203.655
n48,854
*98,658
273,792
Aug'24
New Bedford Gas
n45.797
*79,241
265.302
'23
& Edison Light Co
12 mos end Aug 31 '24 3.496.397 *1,240,161 n591,419
'23 3,649.447 *1,291,649 n599.758
*Includes other income. n Includes depreciation.
New Yoek City Street Railways.
Fixed
*Net
Gross
Charges.
Companies—Revenue. Revenue.
July '24
'23
7 mos ended July 31 '24
'23
Brooklyn Heights July '24
'23
7 mos ended July 31 '24
'23
Brooklyn Queens July '24
'23
7 mos ended July 31 '24
'23
Coney Isl & Bklyn July '24
'23
7 mos ended July 31 '24
'23
Coney Island &
July '24
Gravesend
'23
7 mos ended July 31 '24
'23
Nassau Electric
July '24
'23
7 mos ended July 31 '24
'23
South Brooklyn
July '24
'23
7 mos ended July 31 '24
'23
Manhattan Bridge July '24
3c Line
'23
7 mos ended July 31 '24
'23
Brooklyn City
155,262
961.553
250,093
986.845
6.997,028 1,471.660
6.988,250 1,834,448
7,816
1,577
8,981
7.014
32,452
34.746
44,130
50,175
46,369
206,431
71,476
203,405
357,055
1.485,626
446,204
1,497.194
103,333
304.417
64,804
289,448
425.450
1,705.330
458,084
1.711,323
13,058
27,376
18,096
11,104
73,309
35.285
78.074
74,439
515,408
158.765
478.066
615,476
3.396.926
890.056
3,209.447
47,840
131,393
60.481
122.742
189.722
702,926
249.113
722.539
442
21,402
—508
21.845
11,453
158.764
10,118
161,962
39,141
51,718
292,647
366,119
57,954
68,196
406,908
477,469
51,202
50,394
369.592
358.211
29,338
29.247
194.301
192,244
13,722
13,610
95,051
94,850
92,246
93,475
643,481
M4.071
27,892
32.058
63,924
226,799
297
261
1,998
1,619-
Balance,
Surplus.
—445,820
—319,517
10,823
8.363
125,571
86.135
84.961
67,020
898,890
813,090
489,490
499.877
4,047.978
4,032,422
105,359
115.008
1.407,499
1.278,435
Gross
Earnings.
Companies.
Interboro R T System—
Subway Div
July '24 2,848,711
'23 2,716.961
7 mos ended July 31 '24 23.061.741
'23 21,761.277
Elevated Div
July '24 1..555,756
'23 1,525.007
7 mos ended July 31 '24 11,273,812
'23 11.225,177
NY Rapid Transit July'24 2,545.245
'23 2,191,307
7 mos ended July 31 '24 16.918,038
'23 14,924,568
Third Avenue By July '24 1,252.951
' 1,225,865
7 mos ended July 31 '24 8,629,671
'23 8.375,458
New York Ry Rec July '24
752,104
763,124
'23
7 mos ended July 31 '24 5.160.592
'23 5.253,698
Eighth Ave RR
July '24
95.572
'23
95.432
690,994
7 mos ended July 31 '24
687,979
'23
Ninth Ave RR
'24
37.015
'23
40,183
274,717
7 mos ended July 31 '24
'23
294,488
July '24
104.610
N Y & Harlem
'23
108.261
878.284
7 mos ended July 31 '24
'23
873.148
94,245
Second Ave (Rec) July '24
89,142
'23
645,163
7 mos ended July 31 '24
587,201
'23
67,214
July '24
N Y & Queens
59,358
'23
(Rec)
305.782
7 mos ended July 31 '24
390,798
;23
62,538
July '24.
Steinway Rys
61.459
'23
(Roc) •
500,921
7 mos ended July 31 '24
453,216
'23
39,340
Long Island Elec July '24
43.365
'23
236.722
'24
7 mos ended July 31,
220,693
23
41,230
NY & Long Island July'24
'23
46.347
(Rec)
255,021
7 mos ended July 31:24
278,564
23
59.471
July '24
Ocean Electric
56.311
'23
180,057
7 mos ended July 31 '24
185,945
'23
33,857
Manhat & Queens July '24
34.107
'23
(Rae)
224,126
7 mos ended July 31:24
229,739
23
79,654
Richmond Light & July '24
78.357
'23
RR
470,019
7 moo ended July 31 '24
471,892
23
'
Net after
Taxes.
1,153,970
932,374
10,011,415
8,661,992
420,948
372.690
3.151.819
3,012.959
790,628
638,027
5,192.558
4,653.287
227,903
24.3.316
1,580,834
1,718.581
172.443
74,242
447,862
442,066
2.541
—6,450
—14,408
--51,008
--12.512
--5,631
--51.447
--57,278
118.297
120.465
861,741
893.867
8.075
13,745
51.941
30.216
12.416
3,118
55.834
264
3,962
6,530
34,454
37,778
5,128
7,571
—4,418
—28.913
9,574
—5.857
28.739
--101,934
36,135
34,101
56.223
68,177
6,037
8.677
41,627
58.466
17,751
64.193
51,585
478,093
Fixed
Charges.
Balance,
Surplus.
1.060,944
93.026
1,040,174 --107,800
7,422.269 2,589,146
7.249,686 1.412,306
690.171 --269.223
619,936 --247,246
4,758,613--1.606.794
3,949,495 --936.536
307.265
483,363
162,577
475,450
3,377,373 1.815,185
3,577,816 1,075:471
3,157
224,746
19,373
223.943
11,840
1,568,994
146,048
1,572,533
445.475 --273.032
231,841 --157,599
1,888,784-1,318,310
1.644,943--1,202.877
---8,251
10.792
11.200 --17,650
74.601 --89,009
75,215 --126,223
3,690 --16,202
--7,194
1,563
15.042 --66,489
10,488 --67.766
68,645
49,652
71,330
49,135
497.301
364.440
530,206
363.661
--9.577
17,652
--2.060
15.805
131,823 --79.882
113,279 --83,063
25.769 —13.353
25,528 —22,416
188,943 --133,109
141.629 --141,365
—438
4,400
1.900
4,630
4.364
30,090
9.115
28,663
4.086
3,480
4.
26.364 --30.782
26,078 —54,991
2,960
6,614
8.609 —14.466
46.975 —18.236
61.029 —162,963
25.193
10.942
22,719
11.382
21,110
35,113
23,632
44,545
--3.175
10.212
--1,974
10.651
61,911 --19,284
74,080 --15,614
7.878
10.073
49.675
14,518
64.400 —12,615
373.184
104.909
•Includes other income.
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
Oct. 4. The next will appear in that of Oct. 25.
American Sumatra Tobacco Co.
(Annual Report—Fiscal Year Ended July 31 1924.)
President Louis Leopold July 31 wrote in brief:
The 1923 crops, both in the North and South, were grown under unfavorable conditions and did not prove profitable. In addition, the unsold
portions of the inventories of the 1920, 1921 and 1922 crops which had been
49,804
over showed considerable loss by reason of the prices of tobaccos
33,444 carried declined.
648,742 having
the circumstances in order to meet market conditions, which have
Under
691.891 been depressed,
the officers have inventories all tobaccos on hand, both
North and South, at prices which should enable the company to dispose
of same and show a reasonable profit.
Our 1924 crop in the South has all been harvested and is being packed
Net Corp.
1924
Income. In the company's warehouses, ready for market early in 1925. Our
crop in the North Is being harvested and is above the average in quality,
curing seasons and a normal market should show a profit.
favorable
with
and
116,121
Our gold notes maturing June 1 1925 have been reduced from $6,654,000,
198,375
1,179.013 original issue, to $3,255,500.
1,468,329
Since the foregoing report was written the company has discharged its
—50.138 entire banking indebtedness and is now free of banking loans. It has no
--59,215 indebtednes.s whatever, apart from the balance of its gold notes and current
--374,456 bills. The contingent liability shown in the balance sheet represents a
--433,339 customer's notes discounted, which the company has every reason to believe
--4,833 will be paid by the maker at their maturity on Dec. 311924.
21,082
INCOME ACCOUNT FOR YEARS ENDED JULY 31.
—12.537
1921.
87.993
1922.
1923.
1924.
$18,438 $2,257,683
73,995 Gross profits on sales_ _loss$374.014
$498,280
660.101
825,413
602,179
35.557 General Sc selling exps__
373,773
1,403,430
231,119 Depreciation of invent'y
866,295
72,418
78,654
55,209
265,840 Discount on sales
—664
$1,525,164
lossS159,1081008$2289058
Net oper. profit_ _ _loss$1,614,082
4,486
787.141
714,287
369,938
.107,699
—83,947 Int.on notes,loans&mtgs.
128.476
--59,565 Disc,on customers'accts.
Propor.
disc.
of
&
comm.
--17,807
re 73,5% 5-year notes
65.290
147,858
131,280
86,893
85,840
written off
—28,005 Miscellaneous
64,809
8,094
taxes___ _
245.985 Bad debts
written off
19,948
50,623
117.708
and reserved
7,558
284,423 Miscellaneous charges_ _
3,671
5,814
58.148
15.923 Int.rec'd & misc.income Cr.172.212 Cr.163,778 Cr.110,868 Cr.524,441
75.600
22.189 Federal and State taxes_
145
•$2,239,741 *8508,600 43.035,522 *x$966.637
--767
Net loss
9,455
' 8,499 , • Before providing for depreciation of bldgs. x Profit.
176.346
OCT. 11 1924.]
THE CHRONICLE
1731
The consolidated deficit account as at July 31 1924 follows: Oper. deficit
The company during the fiscal year just ended received $150.000
as at July 31 1923. $2,930,008; deduct adjust.
in Payof divs. re Pref. stock of ment of a mortgage covering property previously
sold. As this amount.
Griffin Tobacco Co. in sinking fund and treasury, $1,867; adjust. of invest. together
841.000 received at tho time of the sale, represented capital
values of subsidiary selling companies to their bolok value as acquired, assets,thewith
directors thoughtit inadvisable to use the funds as working caPital.
$1,779; balance, deficit, $2,926,361. Add additional Federal taxes paid After inviting tenders from the holders of Pref.
stock, this sum of 8191.000
for years 1917. 1918 and 1919. $179,155; net loss for the year ended July
31 was used in purchasing 1,925 shares of Preferred at the lowest
price, no
1924. $2,239.741: open deficit as at July 31 1924. $5,345,258; less capital share being bought
above par, $100. This will result in a dividend saving
surplus, $560,889; deficit as at July 31 1924. $4,784,368.
of $13,475 a year.
CONSOLIDATED BALANCE SHEET AS OF JULY 31.
INCOME ACCOUNT FOR YEAR ENDED AUG. 31 1924.
1924.
1923.
1924.
1923.
1924.
1923.
1922.
1921.
Assets$
Liabilitiesg
$
Sales
$
Y33.757.880 34.687,797 33,097.480 $4,139,445
Real estate, buildPreferred stock-- 1,963.500 1,963,500 Cost and expenses
3,476,945
4,287,921 x4.370.718
5.051,523
ings, ,ice
8,682,861 8,725,086 Common stock
Equipment
368,138
327.207
equity
x9,664,216 12,079,466
Operating profit
3280.935
$399.875def$1273,238 def$912,078
Good-will
911,427 Pref. stock Griffin
913,206
Main. E. SprIngf. prop..
14.044
8k.fd.pref.stockof
Tobacco Co_
150,000 Depreciation
178.880
192,138
Griffin Tob.Co_
107,095 Gold notes
3,255,500 3,690,200 Preferred dividends_ _ -70,000
70,000
70.000
70.000
Claims
58,141 Notes & accounts
%
notes
714
92
332
payable
982,461 2,239,885
Surplus
3137.737def$1343.238 def$982.078
318,012
Notes& accts.rec_ 1,911,020 4,395.167 Accrued taxes, inCash
750,847
627,500
tercet, asc
x Includes loss on sale of holdings in the Harley Co. y Includes 320.098
62,136
73,947
Inventories
1,179,549 1.232,638 Drafts payable__
26,353
21,500 other income credits.
Crop-growing exp_ 1,824,725 3,212,182 Insurance reserves
52,315
52,285
BALANCE SHEET AUG. 31.
Livestock & supp_ 309,570
388,178 Deferred credits__
41.625
1924.
1923.
1924.
1923.
Deferred charges
148,789
198,938
AssetsLiabilitiesS
Int.accr.on notesreo
46,200 Total (each side)_16.048,106 20,270,783 a Land
& bldgs__ 575,869
589,277 Preferred stock___ 807,500 1,000,000
a
MaCh'Y
& equip819,650
785,923 Corn. stk. & surp_x5,086,793710,000,000
x Represents net equity for Common stock of $14,448.585 (par $100).
&c____ 2,500,000 8,300,000 has. for conting__
99,640
116,083
This is arrived at by deducting the operating deficit of 35.345.258
and
428,326
705,268 Accts. payable.__ 150,273
218,869
adding capital surplus of $560,889. or a net deficit of $4,784,369 from the Investments
Cash
278,970
366,430 Customers' depos.
amount of Common stock outstanding.
249,240
8,271.
299,609
10,164
and advances_ _
Contincent Liability.-Notes receivable. Consolidated Cigar Corp., due Accts. receivable
Notes receivable
23,237
41.587 Wages payable__
19.694
24,597
Dec. 31 1924. discounted, 31,397,500.-V. 119, p. 1628.
Due from branches
21,448
107.773 Accrued taxes__ _
33,359
27,076
Inventories
1,302,509 1,281,134 Liabil. for com.stk.
98,196
International Agricultural Corporation.
Common stock
1,073,930
Profit & loss surp_
acquired
98,196
(15th Annual Report-Fiscal Year
Ended June 30 1924.)
Pres. John J. Watson Jr., Oct. 2, wrote in substance:
Plan.-During the fiscal year ended June 30 1924 the readjustment of
debt and reciaesificatiooo uie capital SLOCIC was completed (see V. 117,
p. 1241). Of the 88.228.300 Sinking Fund gold bonds originally due May I
1932. $7,015,300 have been deposited and stamped under the extension
agreement and now mature May 1 1942.
Under the agreement made with the bondholders whereby they extended
the maturity of their bonds, there have been deposited with the Bankers
Trust Co. as trustee $4,994,800 bonds as additional security for the extended bonds, to be used only as protection for the depositing bondholders.
There remain in the treasury of the corporation, available for future corporate purposes, $1,771,700 bonds.
Results.-The net operating profits for the year were 3673.706. The
interest charges, including interest on bonds, amounted to $931,310, the
plant depreciation and the depletiob charges for phosphate roel
, mined
during the year amounted to $291,404, leaving a net deficit of $549,008.
The benefits of the reduction in the intapst charges effected by the
reorganization did not begin to accrue until after Dec. 1 1923, or after
five months of the year under review had passed.
During the selling season, while the demand for fertilizer was good and
the corporation sold the largest tonnage of bagged goods in its history.
prices were so competitive and reduced to such a low level that there was
no profit on goods sold.
Phosphate Rock.-The phosphate rock department of the corporation's
business has been very competitive, and while we have materially reduced
mining costs by the installation of new machinery and equipment, the
selling prices for the various grades of rock have been the lowest prevailing
in many years.
Sulphuric Acid.-The corporation's contract for sulphuric acid, in the
past, has forced upon us at times such a large tonnage of acid that an
uneconomical policy of manufacturing and selling has been necessary to
enable us to meet our obligations to receive this acid. This contract
expired in March 1924 and the corporation is now operating on a basis
whereby it is required to receive only such acid as is necessary for its own
fertilizer business.
Outlook.-The improvement in the financial condition, the increased
yield of cotton in the section of the country where the corporation does
a large volume of its business, and the progress made in
the collection of old
accounts, hold prospects for a material improvement in the condition of
the corporation.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1923-24.
1922-23.
1920-21.
1921-22.
Gross profit on oper'ns__ $1,929,114 $1,650,092 $2,654,726
$1,798,511
Operating, &c., exp--- 1255,408
1,357,328
2,312.906
1.255,906
Net earnings
$673,706
3292.764 $1,398,820 loss$514,395
Bond interest
411.415
429,322
470,950
449,445
Balance, surplus
$262,291 def$136,558
def$985,345
$949,375
Amortiz'n of bond disc t.
organization exp.. &c_
92,841
92,841
186,612
Profit on bds. purchased
Cr.85,572
Cr.79,511 Cr.109,563
Interest
519,895
920.774
1.015,154
Deprec. & depletion_ __ _
291,404
304,219
309,255
Inventory adjustment_
1,170,575
2referred dividends_ _ _ _
(3%)489,581
Total
6,297,445 12,477,003
Total
6,297,445 12,477,003
a After depreciation. x Common stock represented by 100,000 shares
of no par value. y In Oct. 1923 the authorized Common stock was changed
from $10,000,000 (par $100) to 100.000 shar,no
par value, and the shares
exchanged share for share.-V. 118, p. 2957.
Lake of the Wocds Milling Co.
(Annual Report Fiscal Year Ended Aug. 31 1924.)
INCOME ACCOUNT-YEARS ENDED AUG. 31.
1924.
1922.
1923.
3740.767
8732,318
3713.087
115,000
68,500
66.500
40,500
54,000
105.000
105.000
105.000
420.000
420.000
420.000
50.000
50.000
50.000
xProfits
Depreciation
Bond interest
Preferred dividends
Common dividends
yRetiring allowance
Balance
Previous surplus
850.767
1.328.773
350.318
1,278.455
315.587
1,262,867
Total surplus
$1,379,541 31.328.773 81,278.4.55
x After deducting all expenses of operation and providing for doubtful
accounts and income tax. y Provision for employees, retiring allowance.
BALANCE SHEET AUG. 31.
1924.
1923.
Assets$
Liabilities-$
Real estate, Wigs..
Common stock___
& machinery__ _x4,415,817 4,348,687 Pref. 7% stock_
__
Good-will, tradeBond red. account
marks, &c
250,000
250,000 Accounts payable_
Cash
528,035
945,897 Contingent res've_
Open accts. rec
2,052,180 2,058,062 Empl rah% allow_
Inventories
1,781,704 1,440,238 Reserve account__
Auto trucks,stable
Surplus account__
&c.,eq.,furn.,&c 104,304
98,708
1924.
1923.
3
$
3,500,000 3,600.000
1,500,000 1,500,000
600,000
y702,499
812,818
500.000
50.000
2,000,000
900.000
1,379,541 1,328,774
Total
9,132,040 9.141,592
Total
9,132,040 9,141,592
x Real estate, buildings and machinery.
$4,530.817;
less depreciation
written off, 3115,000. y Including provision for income
tax.-V. 117.
P. 2329.
Standard Milling Company.
(Annual Report-Fiscal Year Ended Aug. 31 1924.)
CONSOLIDATED SURPLUS ACCOUNT YEAR ENDING AUG. 31.
1923-24.
1922-23.
1920-21.
1921-22.
Net profits all cos
31.242.173 31.223.567 $1,150,244 $1,331,267
Int.&disc.on 1st M.bds_
194,817
201,415
139.637
128.100
Interest on debentures_
4,149
2,891
Div. on pref. stock (6%)
389,196
389.178
389.178
389.178
Div. on cons. stock----(5%)624.532 (x)601,600 (8)593,007
(8)592.190
Balance, surplus
333,627
831,374
3217,650
825.531
Previous surplus
5.933.649 10,559,675 10.534.144 10.316,494
Total surplus
35.967.276 310.591.049 310.559,675 310,534,144
y Cora, stock div.(60%)
4,457,400
Adjustment of reserves_
200,000
Reduc. of Staten Island
plant values
175,000
Profit & loss surplus
35.792,276 85,933.649 $10,559.675 310,534.144
Balance. deficit
3549.008 $1,368,820
9388.363 $2,722,550
CONSOL. BALANCE SHEET JUNE 30, INCL. AFFILIATED COS.
1924.
y1923.
1924.
y1923.
Assets$
$
Real est.,plant,&c.23,921,314 23,885,808 Prior pref. stock..10.000.000
Investments
522,993
678,856 Preferred stock.
13,055,500
Cash
1,406,102 1,746,791 Common stock_ x2,250,000 7,260,600
Accts., notes, &c.,
First mtge. bonds_ 8,228,300
rec.(less reave)_ 6,233,914 6,391.928 Accounts payable- 324,254 8,228,300
280,656
Inventories
1,771,672 1,867,243 Loans de notes pay. 3,318,317 12,112,500
x Common dividends paid at rate of 8% per annum prior to payment of
Due from Jointly
Interest on bonds
Common stock dividend and at rate of 5% per annum thereafter.
owned corporlut 1,470,837 1,189,993 and loans acy Distributed on Dec. 22 1922.
DUefromGerm.Co.
5,000 1,037,888
crued, &c
349,944
361,270
Deferred charges_ 154,856
209,448 heave against amt.
CONSOLIDATED BALANCE SHEET (INCL. SUB. COS.) AUG. 31.
Cash in sink.fund_
599
599
due from Assoc.
1924.
1923,
1924.
1923.
50,000
U. S. Liberty bds.
50,000
German Co__
1.037,888
Assets$
$
Liabilities$
Overburden from
$
Special reserves__ 5,011,963 5,461,810 Land, bldgs., maPreferred stock__ 6,488,000 6.488.000
unmined phosExcess assets
x8,305,130
chlnery. tradeCommon stock-12,488,042 12.189.342
528,009
phate property. 250,622
marks, &c
27,908,286 26,843,488 6% gold notes_ - 1,500.000
10,211,962
Deficit
Liberty bonds,Oa_ 556,392
588,844 Bonded debt
3.683.000 3.903.000
Cash
Notes payable_-__ 3,247,536 2,700,000
35,787,908
47,798,524
Total
Total
35.787,908 47,798,524 Accla & bills rec., 1,351,599 1,127,876 Accounts
payable_ 591,973
424,624
less reserves
3,075,405 3,105,852 Special reserve... 4,000.000 4,000,000
x Declared capital, 450.000 shares of no par value. y Before giving effect Inventories
7,171,811 5,860,688 Accrued interest,
to the plan for the readjustment of debt and reclassification (V. 117, P. Prepd.
insur.. &c_ 354,343
387,018
330,097
taxes, &c
414,210
1241). z Excess assets over required declared capital.
bonds,
Depreciation, &c_ 2.260,966 1,905.000
Note.-These are also contingent liabilities consisting of endorsements Company's
sinking fund,&c.
975
101,000 Surplus
5,792,276 5,933,649
on notes of jointly owned corporations, $270,000, not included above.
-V. 118. p. 1143.
Total
40,418,811 37,957,826
Total
40,418,811 37,957,826
-V. 118. p..2053.
Indian Motocycle Company.
(Annual Report-Fiscal Year Ended Aug. 31 1024.)
President F. J. Weschler says in part:
The inventory item of $1,302,509 represents materials, raw, finished and
in process in the factory and also finished motocycies in warehouses. The
Items making up inventory account are appraised at cost or market, whichever is lower. The amount of cash available is more than sufficient to
satisfy total current liabilities. The ratio of current assets to current
liabilities is approximately 9 to 1. This ratio was 7 to 1 last year and the
year before that was 3 to 1.
The company owns 2.836 shares of the Preferred and 6.836 shares of the
Common stock of the Wire Wheel Corp. of America. An additional reserve
has been set up out of surplus so these shares are carried at current market
value. There has also been set up of surplus a reserve of $100,000 against
the book value of the East Springfield property which consists of a drop
forge lant which was acquired by the foreclosure Of a mortgage.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form rouches the high points
in the railroad and electric railway world !luring the week
Just past, together with a summary of the items of greasest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Wage Increases Sought on 40 Roads.-Brotherhood of It. &
SS. Clerks.
Freight handlers, Express &'Station Employees opens
fight before U. S.
1732
[vol.. 119.
THE CHRONICLE
RR. Labor Board for return to pay levels of May 1 1920, an advance
of 12.6% over present scale. "Wall Street Journal" Oct. 8.
Fifty-Eight Roads Oppose Wage Increase Request.-New York "Times"
Oct. 9. p. 28.
New Terminal Planned for Newark (N. J., Transportation Lines.Proposed terminal, to be used by Pennsylvania RR.. Hudson & Manhattan RR. and trolley lines of N. J. Public Service Corp.. to cost about
515.000,000. City would have to expend about 52.500.000 for acquisition
of property necessary for terminal. New York "Times" Oct. 9. p. 24.
Autnorized Statistics.-The Car Service Division of the American ttailway
Association on Oct.4 reported the following:
Surplus Cars.--A further decrease in the number of surplus freight cars
due to increased demand for transportation facilities was reported by the
carriers. Surplus freight cars on Sept. 22. according to these reports.
totaled 143,345, a decrease of 23,812 compared with the number reported
on Sept. 14, at which time there were 167.157. Surplus coal cars in good
repair on Sept. 22 totaled 72.279, a decrease of 11.918 under the number
reported on Sept. 14, while surplus box cars in good repair totaled 48,135,
a decrease of 9,693 within a week. Reports showed 9,276 surplus stock
cars, a decrease of 249 since Sept. 14, while there was a decrease during
the same period of 2,041 in the number of surplus refrigerator cars, which
brought the total for that class of equipment to 4.775.
Car Shortage.-Practically no car shortage is being reported.
Matters Covered in "Chronicle" Oct. 4.-(a) New high record in loading of
revenue freight, p. 1564.
Alabama Traction Co.-Discontinues Railway Service.-
The company will discontinue its street car service in Albany and Decatur (Ala.) on Oct. 11, according to an announcement made on Oct. 1.
The action of the company follows permission given it several weeks ago
by the Alabama P. S. Commission. Because several hundred people were
dependent on the street cars for transportation to and from their work, the
cars had been kept running under revised rules and regulations.-V. 119.
p. 1171.
Bangor & Aroostook RR.-Notes.-
The I.-S. C. Commission on Sept. 25 authorized the company to issue
four promissory notes in the face amount of 531.620 eacn, aggregating
$126.480, payable to the order of the American Locomotive Co. in the
procurement of four locomotives.-V. 118, p. 1768.
Boston & Maine RR.-Seeks Further Abandonments.The company has filed application with the I.-S. C. Commission for
abandonment of portions of two small Massachusetts branch lines, the
Lowell & Lawrence and the Salem & Lowell. The section of the Lowell &
Lawrence which It is desired to abandon runs from Lawrence to Tewksbury,
a little over 5 miles and 3 miles of the Salem & Lowell from Tewksbury to
Wilmington Junction would be cut out. In its petitiou the company gives
as a reason for abandonment that the public demand for service on these
lines has been so small in rzcent years as to cause a material loss from their
-V. 119, p.
: and continued operation will entail further loss.
3
4
at4o
3
lAr
Buffalo & Lake Erie Traction Co.-Distribution of
Securities under Reorganization Plan.The holders of certificates of deposit for Buffalo ar Lake Erie Traction
Co. First & Ref. Mtge. 5% Bonds are advised under date of Oct. 4 that
the plan and agreement of reorganization dated April 1 1924 (V. 118, p.
1770) has been perfected and the committee (Alvin W. Krech, Chairman)
has received the securities and cash called for by the plan.
The amount of stock deliverable and cash payable In respect of each
$1,000 bond deposited with the committee is as follows: (a) 13i shares of
7% Cumulative Preferred Stock of Erie Railways Co.(Erie company), total
par value, $150: (b) 1 share of 5% Non-Cumulative Preferred Stock of
Buffalo & Erie Railway Co. (interurban company), total par value, $100;
(c) 3shares of no par value Common Stock of Erie Railways (Erie company),
and (d) $28 in cash.
While it was expected when the plan was issued that each bondholder
would receive $30 in cash, unforeseen delays and expense items have increased the cost slightly beyond the committee's estimate.
Holders of certificates of deposit are requested to surrender their certificates to Equitable Trust Co. New York, depositary, 37 Wall St., New
'for fractions of shares of Preferred Stock of
York. Scrip will be delivered
Erie Railways exchangeable for such stock when surrendered in amounts
aggregating an integral share or integral shares.-V. 119, p. 1394, 1281.
Canadian National Rys.-Definitive Notes.On and after Oct. 15 the Guaranty Trust Co.of N. Y. will be prepared to
deliver definitive 3-Year 4_% Gold notes, due July 11927, upon surrender
of the interim receipts of Dillon, Read & Co. (See offering in V. 119, p.
578.1-V. 119, p. 1509.___,
Carolina Clinchfield & Ohio Ry.-To Reduce Capital.The New York Stock Exchange has received notice from the company of
a proposed reduction in the capital stock by the amount of outstanding
Preferred stock, which on Dec. 31 1923 amounted to 511,500,000.-V. 119.
p. 1509. 1281.
Central RR.of New Jersey.-New Trustee.The U. S. District Court at Philadelphia has appointed Goldthwaite
H. Dorr of New York trustee for the company in place of R. E. McCarty
of Pittsburgh. who died recently. The appointment is made under the
Reading segregation decree. Mr. Dorr is to serve with C. 8. W.Packard
of Philadelphia. Pa.-V. 119. p. 450.
for No. 2, not less than $20,000; for No. 3, not less than $50 a share for the
stock, which it comprises; and for No. 4, not less than $400,000.
For the four parcels when offered together the upset price is $17,935.700.
-V. 119, p. 1624, 1509.
Erie Railways Co.-Registrar.-
The New York Trust Co. has been appointed registrar for the Preferred
and Common stock.-V.119, p. 1624, 1394.
Great Northern Ry.-Earnings-Outlook for 1924.-
At the annual meeting of the stockholders, Pres. Ralph Budd said
that with the improved business outlook 1924 net will be fully as large
as 1923.
The estimated income for the nine months ended Sept. 30 1924, compares
with actual figures for the corresponding period of 1923 as follows:
Results for Nine Months Ended.Sept. 30.
Actual
Estimated
1923.
1924.
557.100,000 $65.475.468
Freight revenue
10,000,000 11,622,269
Passenger revenue
8.187,795
7,800,000
Revenue from mall, express, &c
Total operating revenue
Operating expenses
Taxes
Equipment and joint facility rents (credit)
575,000.000 585,285.532
555,500,000 566,569,822
6.359,711
7,300,000
919,168
400,000
Net operating income
Other income
$12,600,000 $13,275.167
5,459,119
x6,800,000
Total income
Interest and other deductions
519.400,000 $18,734.286
y13,400,000 12,652,202
Net income
President Budd further said in substance:
The decrease in gross revenue of approximately $10,000,000 was due
to a general slowing down in business this year. It does not reflect local
conditions in Great Northern territory compared with last year as they
are in fact very much better than they were a year ago and than they
have been for some years. The revenue ton-miles resulting from the 1924
crop will be the largest in history of the Great Northern By. The business
of the company should, of course, increase from year to year for the physical
property is constantly increasing both in point of size and ezcellence and
property investment likewise is more each year.
The disparity between the cost of everything that the railroad buys
and the increase of rates it may charge in transportation is so great that
the net revenues from this large business will not be as large as it should
be. For example, the Great Northern, which operates 8,251 miles of
roads, shows the following -actual comparisons between the year 1923
and the average results for the three years just before the war, that is,
the three years ended with June 30 1917. Average rates of pay per-hour
Increased 128%, average cost of fuel and other materials increased 88%.
These things represent the increase in the Great Northern cost of living.
How much did the Great Northern increase the rates which it charged
the public? Average revenue per passenger mile Increased 44%, average
revenue per ton mile increased 38%. How is it possible for the Great
Northern to pay such exceedingly heavy increases in wages and cost of
fuel and other materials and perform its transportation service at so much
smaller increases in rates?
The answer is in part that there has been an important increase in the
efficiency of operation and in part that there has been a serious shrinkage
in the net return which was left to the owners of the Great Northern.
Increased efficiency is reflected by the fact that the amount of ton-miles
of traffic service performed per employee was much more in 1923 than
during the pre-war period or during the period of Government operation.
Undoubtedly this increase in efficiency played an important part in enabling
the company to sustain such greatly increased costs with so much smaller
increase in freight and passenger rates. It is also reflected in the operating
ratio, which ever since the war has been decreasing. For example, the
operating ratios for the first nine months of 1921, 1922, 1923 and 1924
respectively, have been as follows: 1921, 84.9%; 1922. 78.8%; 1923,
78.1%. and 1924. 74.0%. The most hopeful outlook for the immediate
future is that there will be a sustained traffic for the balance of the year
and well into 1925. There is every reason to expect that the net railway
operating income for 1924 will be as large as it was in 1923, when it totaled
524,731.991. The property has never been in a condition to handle so
large a tonnage as it Is at the present time and despite the fact that we
are now in the midst of the busiest season of the year, the capacity of the
system is not anywhere nearly reached. These excellent results should
be accredited to the splendid co-operation of shippers and employees with
the management.-V. 119. p. 1624, 1510.
Greene Railroad.-Trustee Appointed.-
The Farmers' Loan & Trust Co. has been appointed trustee of the
company's 1st & Ref. 5% Gold bonds. See V. 118. p. 2179.
Holyoke Street Ry. Co.-Earnings.-
Cincinnati Lebanon & Northern Ry.-Tenders.--
Operating Income
Gross income
Deductions
Dividends
Concord Maynard & Hudson St.Ry.-Affairs Closed.-
Balance
-V. 119, p. 1624.
The Farmers' Loan & Trust Co. will until Oct. 31 receive bids for the
sale to it of First Consol. Mtge. 4% gold bonds to an amount sufficient to
absorb $12,620, at a price not to exceed par and interest.-V.119, p.6920.
In reply to our request for information, D. P. Abercrombie, former
receiver for the company, discharged by decree% Aug. 21, says: The
affairs of the company are completely wound up all of the property having
been sold, final decrees entered in the receiversnip proceedings and petition
' for dissolution of tile corporation is pending with the coming Legislature.
-Nr. 116, p. 2881.
FP Connecticut Valley St. Ry.-Liguidation.-for information, D. P. Abercrombie. receiver, says:
'In reply to request
the company I have practically completed liquidating;
"The property of
and Montague having been sold to the Green9 miles of track in Greenfield
miles of track in Hatfield,
field & Montague Transportation Area; 15have
sold to the Northampton
Amherst, Hadley and city of Northampton IGreenfield,
Deerfield, Whatley
of
towns
the
in
track
of
miles
Ry.
14
St.
in the town of Montague
track
a
miles
9
dismantled.
and HaVield is being
I sold for dismantling in the winter of 1922."-V. 119, p.692.
$6,000,000 $6,082,084
x Includes $4.151.280 dividend from Chicago Burlington & Quincy stock.
y Includes $6,037,500 interest on bonds issued for purchase of Chicago
Burlington & Quincy stock.
-Quarter End. June 30- -6 Mos. End. June 301923.
4;138
82
1924.
92
1923.
11
111.697
541.032
141,500
2,059
82,589
541.374
41,636
37,747
40,318
20,120
20,951
40,260
40,260
40,260
40,260
def$19,005
def$19,575
$2,011
54.052
Illinois Central RR.-$11,000,000 Additional Common
Stock Offered to Stockholders.-The Common stockholders of
record Oct. 22 will be given the right to subscribe to approximately $11,000,000 additional Common stock at par ($100)
to the extent of 10% of their holdings. In a letter to the
holders of the Common stock, Sec. David R. Burbank says:
The stockholders, at a special meeting held May 18 1908. authorized the
directors to increase the Common stock by an issue of $28.512,000 of new
stock, but at the time the directors issued only one-half thereof, leaving
undisposed of $14.256,000 of the proposed new stock for subsequent requirements. On Oct. 7 1924 the directors, in accordance with the authority so
granted by the stockholders, authorized the issue of a part of said unissued
stock equal to 10% of the Common stock, par value, of the company outstanding at the close of businese. Oct. 22, subject, however, to the approval
Secretary.Delaware & Hudson Co.-New
of the I.-S. C. Commission. The new Common stock so to be issued will
Olyphant.
M.
F.
late
the
succeed
to
Secretary
elected
been
to approximately $11,000,000.
amount
has
Coon
W.
J.W
In the event that the necessary approval is obtained, each holder of
-V. 119, p. 1394.
Common stock will have the right to subscribe at par ($100) for such addi-Sale.tional Common stock to an amount equal to 10% of the Common stock
Denver 8c Rio Grande Western RR.
the system, as a_part of registered in his name upon the company's books at the close of business
Official announcement is made that the sale of
Denver,
in
place
take
will
proceedings,
Oct. 22.
the foreclosure and reorganization
Full payment for the new shame will be due at the company's office in
Oct. 29, at 11 o'clock. The sale will be conducted by Casa E. Herrington,
York on or before Dec. 10 1924.
Court.
New
the
Special Master appointed by
consists of the
Separate warrants evidencing the stockholders' right to subscribe will be
The property will be sold in four parcels. The first parcel
shares, and
lines of railroads and other physical property covered by the First & Ref. Issued by the Treasurer for full shares, and also for fractional
will be mailed together with an explanatory circular shortly after Oct. 22
Mtge. of the Denver & Rio Grande RR.
assets upon which the 1924.
The second parcel consists of the property and is
a lien.
Denver & Rio Grande RR. adjustment mortgage
Tentative Valuation of $347,680,187 Placed on Property.Junction By. Co.
Parcel three consists of all the stock of the Rio Grande
The I.-S. C.Commiaston has placed a tentative valuation of S347,680,187
Mtge., consisting of
subject to the First & Ref. Mtge. and the AdjustmentBy..
the
on
with
toroperty of the company. as of June 30 1915.
together
all
Junction
Grande
19,583 shares of the stock of the Rio
As of June 30 1915 the COMI111.48i011 valued the system at 5389,430.390.
title, interest, &c., of the Denver & Rio Grande Western RR. and other The figure
of $347.680.187 covers only the lines owned in fee. The system
creditors.
Denver & Rio figure includes the cost of reproduction new, less depreciation, plus value
Parcel four consists of all the ectuipment claimed by the the
liens of the of lands, plus materials and supplies and cash on hand, plus a certain allowGrande Western RR. to be owned by it free and clear of all
ance for going-concern value. It includes the Yazoo & Mississippi Valley
First & Ref. Mtge. or the Adjustment Mtge. This equipment consists of and
the Chicago Memphis & Gulf, but excludes Dunleith & Dubuque
1,473 box cars. 497 coal cars. 10 Santa Fe type of locomotives and certain Bridge Co.,
which would add only about $850,000. The book value of the
equipment.
miscellaneous
ene,a.,1
on the tome date VPIR $357.905.5144 and the capitalisation ont..
M'eneetv
the
lw
received
The following are the minimum bids that will be
; ;.
Tor o. . no
-r fa- the fie- In'iv1•7•1•11
,
0
1S4,
•OCT. 111924.]
THE CHRONICLE
Interborough Rapid Transit Co.-Increased Manhattan
Elevated Dividend Rental.See Manhattan (Elevated) Ry. below.-V. 119, p.
1624.
Kentucky Securities Corp.-Annual Report.-
1733
of United Securities Ltd. (of the par value
of $100 each) on the followi
basis, viz:
ng
For each $100 par value of Commo shares
of Montreal Tramways &
Power Co., United Securities Ltd. willndeliver
in
exchang
e
a
certific
ate
or
certificates aggregating $15 par value of its own fully
-paid shares, of which
$7 50 will be covered by a certificate for
6% Non-Voting Cumulative
Preferred stock and $7 50 will be covered its
by
a
certific
ate for its Common
stock.
Such offer of exchange expired on Aug. 1
1924. Shareholders holding in
the aggregate over 127,000 shares
have already taken advantage
offer. United Securities Ltd. now renews
of this
its offer of exchange, which
be open for aceptance until Oct. 31 1924. All
will
holders of the
of Montreal Tramways & Power
n shares
Co., who desire to acceptCommo
this offer must
deposit their certificates at office of Montreal
Trust Co., 11 Place d'Armes.
Montreal.-V. 119, p. 1625, 811.
(Kentucky Traction & Terminal Co., Lexington Utilities
Co., nc., and
Lexington Ice Co., Inc.)
Year End. June 301924.
1923.
1922.
1921.
Operating revenue
$1,673.707 $1,551,715 $1.457.818 51.479,906
Operating expenses
847.536
843.873
781,043
934.466
Net operating revenue $826.171
$707,842
5676.774
$545,440
Miscellaneousincome.._
84,236
96,589
91,424
82,609
Gross income
$910,407
$804.431
$768,199
$628,049
Taxes,rentals, &c
National Railways of Mexico.-Board of Direct
157,676
143.832
146,752
140.165
ors.Interest on bonds
At
annual meeting of the stockho
304.276
288,623
283,434
250,002 1924,the
held in Mexico City, Oct. 1
the following were-elected directorlders,
s of this company for the ensuing
year:
xNet earnings
$448,455
$371,977
$338,013
5237,882
Resident in Merico.-Mariano Cabrera, Ignacio
C. Enriquez, Fernando
x Before providing for depreciation, Federal taxes and loss on abando
Gonzale
ned Alberto sJ.Roa, Eduardo N. Iturbidc. Agustin Legorreta, Eduardo Ortiz,
property.-V. 119, p. 1395.
Pani, Joaquin Pesirero Cordova, Roberto V.
Pesqueira, Adolfo
Prieto. Leon Salinas, Jose
Vascone
Lake Tahoe Ry. & Transportation Co.-Tend
Resident in United States.-Jeromeelos.
J. Hanauer, Robert G. Hutchins Jr..
Toe Mercantile Trust Co., trustee, San Francisco, Calif.,ers.
Leonor
F.
Lome,
Fernandez McGregor, Alberto Mascarrnas,
Oct. 13 receive bids for the sale to it of 30-Year 5% 1st Mtge. will until DeWitt Millhauser, Genaro
Walter T. Rosen, Henry Ruhlender, Sir William
gold bonds,
dated Oct. 1 1901, to an amount suff.cient to exhaust
Wise513,326.-V. 118. man.---V. 118. p. 2824.
p. 21.79.
Lincoln (Neb.) Traction Co.-Fares Increased.The company recently increased faros
Lincoln, Neb., to 10 cents cash
or 4 tickets for 30 cents. Theformer ratein
was8cents cash.-V.119, p.1625.
Longview Portland & Northern Ry.-N
otes.The I.-S. C.Commission on Sept. 27 authori
zed tne company to issue not
exceeding $19.755 of promissory notes in connect
ion with tile purchase of
one locomotive.-V. 117, p. 439.
New York Central Lines.-Equipment
Trust.Tho I.-S. C. Commission on
27 authorized the issuance of $20.955,000 Equip. Trust certific Sept.
to be issued by the Guaran
Trust Co.
of New York under an equipmates
ent trust agreement dated Sept.ty
15 1924; the
certificates to be sold at an average price
of not less than 96.89 and diva. in
connection with the procurement of
certain
equipment. See offering in
V. 119, p. 1395.
New York Chicago & St.
Louis RR.-Merger.It is stated that brokers have been
informed in the last few days by
persons said to be representatives of
the Van Sweringen interests of Cleveland
d
deliver
to
that
definiti
ve First & Ref.
enough proxies have been received to
Mtge.454% Gold bonds, Series "C,'
assure the consolidation
due April 1 2003,in exehamse for thew of the Nickel Plate, Pero Marquette,
interim receipts now outstanding. '
Hocking Valley, Chesapeake & Ohio,
See offering in V. 119, p. 1064, 1395.
and Erie into one railroad system.
The New 'York Stock Exchange has
authorized the listing of $16,000,000
A seven-page pamphlet signed "Stockh
(authorized issue. 517.829.000) 1st dc Ref.
olders' Protective
tee"
Mtge.44% Gold Bonds, Series which does not name the
"C," due April 1 2003, making the
s thereof, but refers to WalterCommit
total amount of 1st & Ref. Mtge. bonds (of Godfrey & Marx, 42 member
E. Godfrey
Broadw
applied for: $12,753,000 Series "A"
ay,
N.
Y.
5%,$14,000,000 Series "13" 5% issued from Mr. Godrey's office inviting City) as its counsel, has been
and $16,000,000 Series "C" 4
holders of New York Chicago
& St. Louis Preferred stock to join the
Si%•
Condensed Income Account 7 Months Ended July 31 1924.
terms of Nickel Plate merger. The committee in opposition to proposed
pamphlet gives arguments to the
effect that Preferred stockholders
Railway operating revenues
may ask $110 a share.-V.
576.520.003 1395, 1282.
Railway operating expenses
119. ri•
63.474,462
Ry. tax accruals. $2,973,955; uncollect. ry.
revs., $20,301
2.994,257
New York Railways.-Reorganization.The
Total operating income
for depositing the securities and claims
$10,051,285 plan oftime
named below under tha
Total non-operating income
reorganization, dated July 18 1924.
without payment of any penalty
$2,419,924 has been
.
extended by the reorganization conunittee
until the close of business on Oct. 20 1924. Deposits after
Gross income
said
date will be accepted only
$12,471,209 ject to the consent
Rents. &c
sub723.996 such penalties as of the reorganization committee and upon payment of
Miscellaneous tax accruals
the committee may impose.
12,338
Interest on funded debt
(a) New
Railways Co.30-Year First Real Estate
6,166,253 Gold BondsYork
& Ref. Mtge.
Interest on unfunded debt
(bearing coupons maturing on and after
11,916
July 1 1919)• 4%
Miscellaneous income charges
(b) New York Railways Adjustment
Mtge, 30-Year 5% Income
30.383 (bearing coupon
Income applied to sinking funds
Bonds
numbered 10 and all subsequent coupons
67.248
).
(c) Lexington Avenue & Pavoni
Ferry RR. First Mtge.5% Gold Bonds
(bearing coupons maturing on anda after
Income balance transferred to credit of profit and
loss-- $5,459,071
(d) Stock of: (1) Forty-Second StreetMarch 1 1920).
Balance Sheet July 31 1924.
& Grand Street Ferry RE.;
Sixth Avenue RR.; (3) Broadw
(2)
ay & Seventh Avenue RR.;
Assets(4) Bloecker
Liabilit
Street
ies
& Fulton Ferry RR.; (5) Twenty
Invest,in road & equip_$374,458,295 Capital
-Third
Street Ry.; and (6) Chriatopher
stock
& Tenth Street RR.
$117.000.000
Impts. on leased ry. prop 1,996,3
(e) Claims for materials and supplie
19 Prem.on Capital stock.. _
12,117
Other assets
s and other general unsecured claims
459,566 Grants in aid of constr'n.
gainst New York Railways of the
10,995
Deposits in lieu of mtged.
classes and subject to the conditi
Funded debt
ons set
231,012,235 orth in said plan of reorganization.-V. 119, p.
property sold
1172, 694.
305,427
Traffic
car
&
serv.bal
.pay
1,117,7
39
Miscell. physical prop... 4,691,876 Aud.
Nord Railway (Compagnie du Chemi
accts.& wages pay_ 7,829,056
Inv. in affiliated cos..
n
23,486,777 Miscell.accounts payable 1,435,937 Nord),
Other investments
France.-Bonds Sold.-.1. P. Morgan &de Fer du
7,058.931 Int. matured, unpaid__ 511,849 anty
Co., GuarCash
15,339,234 Divs. matured, tuipaid„
Co. of New York, Bankers Trust Co.
154,682
Time drafts & deposits
and Harris Forbes
13,033,550 Funded debt mat'd,unpd
26,000 & Co. have sold at 88% and int. to
Other assets
15,678
Unmat'
yield
d
diva.declared_. 3,510,000
over 7%,815,Loans & bills receivabm.
000,000 634% External Sinking Fund
221,966 Unmatt r d int. accrued_ 2,136,279
Traffic & car serv.bal.rec 2,616,8
Gold bonds.
Unnutured rents accrued
Dated Oct. 1 1924; due Oct. 11950.
25,752
Not bal.ree.fr.agts.& coed1.058,0328 Oth,
Int.
payable
7
A. & 0. 1. Not sub..r current lisbilities
288,272 joct to redemption before Oct. 1 1934. except
Ansel 1. accts. receiveole 2,688,712
the sinking fund as stated
Deferred liabilities
161,079 below. The entire issue, but not any part, for
Material & supplies
16,294,583 Tax liability
subject to redemption, at the
4,908,854 option of the company at 102% and int. on is
Int. & dirs. receivable
Oct. 1 1934, or on any imt. da
277,053 Operating reserves
ftereafter. Denom. $1,000 and $500c.
date
4,569,052
Rents
_
Principal and int. payable in N.
87,048 Accr. deprec. (road)_
Y.
12,758,132 City at the office of J. P. Morgan & Co.
Other current assets..
in W. S. gold coin of the standar
216,460 Accr. deprec.(equip.) - 35,303.
of weight and fineness existing
d
381
Deferred assets
on
Oct. 1 1924, without deduction for any
6,942,151 Accr.deprec.(inism11.)_
French
taxes
present
513.278
Unadjusted debits
or future.
2,529,528 Other unadjusted credits 2,232,8
Sinking Fund.-An annual increasing
49
sinking
Add'ns to prop. through
fund, commencing in 1931.
and sufficient to retire the entire issue
by maturity, will redeent the bonds
Income & surplus
2,621,414 by annual drawings by lot for redemption
100 and int., or. if the company
Sinking fund reserves
1,389.889 so elects, by purchases in the market if at
bonds are obtainable at or below
Appropriated surplus_
348.588 100 and int. The bonds are rod, for the sinking fund
Total (each side).---5473,828,020 Profit
on Oct. 1 of each year
& loss
43,950.785 commencing Oct. 11931.
-V. 119. p. 1395.
Company.-Was established in 1545
and
its
concess
ion
runs until Dec. 31
1950.
Its
railway system serves that section of
Louisville (Ky.) Railway.-Pays
France north of Paris
extending to the Belgian frontier and
The company on Oct.2 paid a 5% dividend on1923 Dividends.
northwest of Paris, extending to
its Preferred stock to stock- English Channel. This region
the
holders of record Sept. 17, This cleans
was before the war, and has again become
.
ferred stock, previous to 1924. Dividen up deferred dividends on the Pre- the most productive industrially and one of
the richest of France, containds due April 1 and Oct. 1 1924 are ing, furthermore, the most
still in arrears.-V. 118, p. 1773.
importa
of the French coal mines, those of
the Nord and Pas do Calais districtnt
s.
The
lines
of
the
system
serve
such
Important cities as Paris. Lille, Amiens
Manhattan Railway.-Dividend
Tourcoing and the North Channel ports , the textile centres of RoubaLsThe directors of the Interborough Rapid Rental Increased.
Boulogne. Calais and Dunkirk.
Transit Co. have declared a
Company controls and operates aboutof
quarterly installment of rental of
2,380
miles
of
railroad In France
$1 25 a share on the Guaranteed stock of and about 105 miles in Belgium
the Manhattan Railway Co.. payable
. The character of the territory served is
1 to holders of record Oct. 20. such that the company has in normal
This is in accordance with the readjusNov.
times enjoyed exceedingly heavy
ted rental plan which provide
s divi- traffic, both freight and passenger. Thus. although the company's lines
dends at the rate of 5% per annum beginni
ng with the fiscal year starting comprise less than 10% of the total mileage
July 11924. The last payment was $1 a share
of the six great French railway
made on Oct. 1 to cover the systems, the gross receipts of the Nord Railway
dividend which was deferred last January
in 1923 were nearly 20%
.
distribution of $115 per of the gross receipts of all the six systems and
share was made on July 1 last ($1 to cover A
the freight tonnage amounted
in
the
dividen
same
d
year
for quarter ended
to more than 26% of the total
June 30 1924 and 15 cents, balance of rental due
freight
tonnage carried by
July 1 1923).-V.119, p. the six railways. As a consequence of such
1510.
traffic conditions. the Nord
Railway has always maintained a very
high average annual earning power
per mile of road.
Maumee Valley Ry.-A pplication for Receive Reconstruction of System-In the years immedia
tely following the ArmisSuit for foreclosure of a bond mortgage for $345.000, and r.
for the appoint- tice, the company's energies were devoted mainly to the reconstruction of
ment of a receiver, was filed in Common Pleas
the system. By the end of 1921
Court
at
Toledo,
this reconstruction was virtually comOct. 7, pleted, and the line and
by the Commercial Savings Bank & Trust Co.
its equipment are now restored according to the
On the ground that the road was not paying
most modern standards.
s, applica
was
made recently to the Public Utilities Commission expense
Earnings.-Gross operating receipts in
for ;permission to tion
1923 amounted to Fcs. 1,225,abandon 344.000, or
the line. This application is pending.-V. 119, p. 1282.
approximately Fcs. 515,000 per mile of road
excluding the
Belgian lines. The operating ratio
was reduced from 107% in 1921 to less
than 90% in 1923, and there is every
Milford Attleboro & Woonsocket St. Ry.-Disconti
believe
reason
to
that,
by means of
nues.
strict
economy and constant progress in operating efficien
'lunge Carroll in the Supreme Court of Massachusetts has
cy, thW improvegranted Clark ment
V. NV00.1. receiver of the company, permission to discont
be continued. Gross operating receipts for
inue operations on show awill
the
year
(hi.. 3. The company was placed in the hands of
notable
increase over those for 1923, due in large part to1924 will
a receiver July 2 1924.- increase
material
s in railway rates which became
V. 119. p. 1510.
effective in March 1924. As a
result of the war, the Nord Railway
, in common with the other railway
systems in France, has reported annual
Minneapolis & St. Louis RR.--Financing.-during recent years, which
however, are being materially reduced deficits
v . M.Bremner,receiver, has asked the 1.-S.C. Commission for
a result of the increased operating
authority efficiency above referred to, as well asas
to issue 5750,000 of receivers' certificates to be used
of
in
the
increase
renewal
in traffic and in railof
outstand- way rates.
ing obligations. They will run six months or longer and carry
5%
Funded Debt.-Company's bonded debt consists
est.-V. 119. p. 1510. 939.
of debenture bonds outstanding in the amount of Fcs. 4.125.4
18.003 and £5,000,000. and the
present issue of $15.000,000 63-4% Externa
Montreal Tramways & Power Co., Ltd.-Offer
l Sinking Fund Gold bonds.
Extended. That proport
In a notice, dated Oct. 2 to the shareholders of the Montrea
ion of the total indebtedness of the compan
l
Tramwa
& Power Co., Ltd., Pres. Julian C. Smith of the United
ys result of war deficits and damages, is covered by annual y iocurred as a
payments by the
Securities
French Government to the company. These
says in substance:
paymen
therefore, reduce
the amount
Under date of June 20 1924 United Securities Ltd. made
interest and amortization charges tots,
be covered by the
the following company outof
offer (V. 118. p. 3198) to all holders of the Commo
of
operati
miscell
and
ng
aneous
receipts
n
Shares of Montreal operation of the "Joint
and by means of the
ramways
Fund" as mentioned below. None
ower Co. Ltd., viz:
of the debentures
or bonds is secured by mortgage or lien upon
United Securities, Ltd. will acquire the whole or any part of
any part of the company's
the Common system or equipme
shares of Montreal Tramways & Power
nt.
Externa
6)4%
The
l
Sinking
Co. of an aggregate par value of direct obligations
Fund
Gold bonds are
$17,578,330 by giving In exchange therefor
Preferred and Common shares other obligations of the company and rank equally with the company's
now outstanding.
Louisville & Nashville RR.-Definitive Bonds Ready.
J. P. Morgan & Co. are now prepare
Capital.-Company's unamortized outstanding share capital is carried
in the balance sheet at Fcs. 208.222,525. Before the war the company
were granted
never called upon the French Government guaranteest which
by the convention of 1883 between the Governmen and the company.
n in 1845,
its
organizatio
since
year
every
in
• Company has paid dividends
than 10% per
which dividends since 1851 have been at a rate of not less
before deduction
annum. The shares are currently quoted at a price which,
ely 5.80%, and after
of French taxes on the dividends, yields approximattotal
value of the outdeduction of such taxes. approximately 4.501%. The
.
Fc,s.
600,000,000
about
is
quotations
standing shares at current
was entered into
Convention with French Government.-A new convention
t and the larger railroad
on June 28 1921, between the French Governmen
by the "Law Regulating the
systems, including this company, approved
revising the status of the
Great Railroad Systems," dated Oct. 29 1921,
is established a "Joint
there
law
and
convention
this
railroads. Under
of the large comsolidarity
financial
Fund" for the purpose of creating
the receipts and expenditures.
panies and to provide for the balancing of
any balance of
Fund"
"Joint
the
to
over
turn
The railroad companies shall
for their operating expenses
their gross receipts available after providing
operating
premium invariable
a
loans,
their
of
n
amortizatio
interest and
operation, the guaranteed divitended to encourage efficient and economicas
established by the convention.
dends to the stockholders and other charges
should be insufficient to meet
If, at any time, the gross receipts of a railroad
be paid to the railroad out of the
the charges mentioned above, there will
the deficiency.
up
make
to
necessary
sums
any
Fund"
"Joint
has undertaken to advance to the
The Government of the French Republic
the receipts of the "Joint Fund" may
"Joint Fund" any sums by which
however, that if the Minister of
fall short of Its requirements; provided,will
issue bonds for such purposes,
Public Works so requires, the railroads guaranteein
g the interest, amortizaRepublic
French
the
of
t
Governmen
the
bonds until paid. The consuch
of
service
the
of
tion and actual expenses
of tariffs, if necessary, in order
vention further provides for an adjustment
revenue to meet expenditures.
to provide the railroads with sufficient
concession, interest and amortizaUpon the expiration of the company's
then be outstanding will be borne by
tion charges on any bonds which may
convention and law referred to
the
of
terms
the
under
the Government
above.
the bonds to be issued that if,
in
covenant
will
Co.
Railway
Nord
The
, it shall place any mortwhile any of the bonds of this loan are outstanding
its properties or revenues or on any of
gage, lien or Other charge on any of
28 1921, and the law
June
of
convention
the
under
it
to
accruing
the rights
convention, it will secure the bonds of
of Oct. 29 1921, approving the said
by such mortgage,
secured
obligations
any
with
ratably
and
equally
loan
this
lien or charge.
of Public Works, by authorizaApproval.-The Ministers of Finance and
these bonds in the
tion dated Oct. 4 1924, have approved the issue of
amount of $15,000,000.
course for the listing of
Listing.-Company will make application in due
its (IM % External Sinking Fund Gold bonds on the New York Stock
Exchange.
Northern Mass.St. Ry.-Liquidation Nearly Cornloleted.-
e, receiver, says:
In reply to request for information, D. P. Abercrombi
company is nearly completed.
"The liquidation of the property of the Orange
to the Athol
have
sold
I
and
Athol
of
towns
the
in
track
7 miles of
of track in Athol, Philipston,
& Orange Transportation Area. 19 miles to
the Gardner-Templeton St.
Templeton and the city of Gardner I sold
dismantled about 10 miles of that
By,, who have since abandoned and of
the Northern Massachusetts St.
purdhase. The balance of the track
Westminster and the city of
Gardner,
Templeton,
,
Ry. in Winchendon
Fitchburg I have dismantled. This covered about 20 miles".-V. 118,
1520.
P.
Northwestern
[VOL. 119.
THE CHRONICLE
1734
Ohio Ry. & Pwr. Co.-Merger.
See Ohio Public Service Co. under "Industrials" below.-V. 119. p.
1282.
Oklahoma Ry.-Fare Increase Granted.-
per share) April 1
tional ($15 per share) Jan. 2 19254and the final 25% (515
at the rate of 6% a year
1925. The company will pay subscribers interestpayment.
final
on installment payments until the time of
additional
The proceeds of the stock issue will be devoted to providing
keep up with
plant and facilities to meet increasing demands for service and
The offering has
the tremendous growth of the Public Service companies. company's
office,
at
been underwritten. Subscriptions may be payable 140
Brosdway. N. Y.
Newark, N.J., or at its agency, Guaranty Trust Co.,
shares (no par)
City. The outstanding stock now amounts to 700,188
stock, and
Common stock. 215,086 shares (par $100) 8% CUM. Pref.
109,311 shares (par $100) 7% Cum. Prof. stock.-V. 119, p. 1626, 1065.
(N. J.).-Suit Dismissed.-
Public Service Ry.
the
The U. S. Supreme Court at Washington, D.C., on Oct.6 dismissed
to reduce
suit of the New Jersey P. U. Commission to compel the company
advised
was
court
The
charge.
transfer
-cent
2
a
with
its fares to 7 cents,
that the parties had reached a settlement.-V. 119, p. 456, 325.
Co.-General Mortgage Bond Exchange.-
Reading
of Reading
According to a Philadelphia dispatch, less than $4,000,000
outstanding at
Gen. Mtge. bonds remain outstanding out of 894,266,000
for pretime
The
effect.
into
put
was
plan
the time the segregation
bonds of Reading Co.
senting the bonds for exchange into two-thirds new
by the District
and one-third bonds of Reading Coal Co. was extended
the company
Court from April 10 to Oct. 10. Under the decree of the Court of the bondis directed to report to the Court the names and addresses
make such
will
Court
the
and
bonds
their
exchanged
not
holders who have
of the
further order as may be requisite to carry into effect the provisions
1065.
thin1 modified plan and decrees of the District Court.-V.119, p. 1396.
& Ohio River RR.-Stock.-
•
St. Louis
to issue
Tne I.-S. C. Commission on Sept. 25 authorized the company
less than par.
$1,446,500 capital stock (par $100). the stock to be sold at not
report of the Commission says in part:
The
capitalstock
The applicant was orgi.nized In March 1920 in Illinois, with aorizcd
capital
anti
of $10,000, which has been issued. Sulk equently the
of the
subsidiary
a
is
stock was increased to $1,500,000. The applicant
which
with
funds
the
of
most
advanced
which
America,
of
Co.
Aluminum
of the
amount
The
Its
railroad.
the applicant acquired and constructed
$1,231.222.
advances, including interest, to April 30 1924. was
southeastThe line of the applicant extends from East St. Louis. ULM aof
approxierly direction to a point south and east of Belleville, a distance
Tract on Co.
mately 15 miles. This line formerly belonged to the Southern
eperty
p
the
acquired
When
sale.
foreclosure
a
of Illinois, and was sold at
n work was also
was in need of rehabilitation. Additional constructio
shows
applicant
The
operation.
for
condition
in
line
the
put
necessary to
the acquisition, rearibilita
that to April 30 1924 it expended 51,172,553 in
additions and bettertion and construction of its railroad, and that further
in contemplation. The
ments amounting to approximately $200,000 areof
the following, less the
stock in respect
applicant r
$10,00
51,172,553
1924
30
Investment in road and equipment April
have
Proposed expenditures for additions and betterments which
50,809
been authorized
150,000
Tentative construction projects not yet authorized
83,133
capital
Working
-V. 110. p. 2488.
San Francisco Napa & Calistoga Ry.-Tenders.-
invites bids for the sale
The Mercantile Trust Co. of California, trustee,
mount of 1st Mtge.6% gold bonds for
to it on Nov. 1 1924 of a sufficient,
Bids must be delivered
fund.
sinking
the
in
now
$6,383
of
the investment
tenders not exceeding for
to the trustee on or before Oct. 30. The lowest -V.115. p. 1100.
each bond 105 and int. to Nov. 1 will be accepted.
.
(Pa.) Railways.-Wages Increased-
Scranton
employees an [nThe board of arbitration has awarded the company's
crease of 1 cent an hour.-V. 118, p. 1269.
company an
Suit.The Oklahoma Corporation Commission has granted the
Southern Ry.-Pref. Stockholders File
effective Oct. 1.
of $22,900,000 in dividends
Increase in fares to 8c, cash, with two tickets for 15c.,
A suit to enforce payment by the company
The previous rate was 7c, cash with four tickets for 25c. See also V. to Preferred stockholders was filed in Law and Equity Court at Richmond,
and the trustees of the estate of
119, p. 1396.
Va., by, the Norwich Water Power Co.stockholder
s.
and other unnamed
Pennsylvania RR.-Tentative Valuation of Lines West of C. D. Langhorne,
are entitled to payment of
claimed,
is
it
s,
stockholder
The Preferred
Pittsburgh.earned, but not declared in their favor, to the extent
heretofore
dividends
0
$284,676,67
of
valuation
$38 per share, before holders of the Common
The I.-S. C.Commission has placed a tentative Lines
west of Pittsburgh. of $22,900,000, or about
on the total used property of Pennsylvania Co.'sthe
to receive any,dividends.
valuation are: Pennsyl- stock are entitled
is that for a number of years past the company
contention
Pa. as of June 30 1915. Companies included inRy.;
the
of
basis
The
Massillon & Cleveland
has not paid it,
vania Co.; Pittsburgh Fort Wayne & ChicagoPittsburgh
part or all of the 5% Preferred dividend, but
earned
has
RR.,
net
&
Pittsburgh
Cleveland
retain and carry such net profits into the surplus has
RR., Erie & Pittsburgh RR.,
RR., Pittsburgh preferring rather toThe
company
the
that
now
that
claim
Youngstown & Ahstabttla By., Youngstown & Ravenna
plaintiffs
account.
income
&
Ry.,
Toledo
Cincinnati
Akron
there
that
Cleveland
ed
has
RR.,
demonstrat
it
Cincinnati
&
stock
Ohio Valley
initiated dividends on its Common
& Southern RR.
Columbus & Ohio River RR., and the South Chicagotentative
necessity of applying its net profits to surplus funds, and
valuations no longer is any
placed
The Commission has up to the present time
ask the court to compel payment to them of the profits heretofore
they
a
follows:
Co.,
Pennsylvani
as
System
a
Pennsylvani
of the
on four partsvalued
on the Preferred stock.
at $284,676.670. or $169,000 per mile; P. C. C. & St. earned
1.681 miles,
Preferred Stock Provisions.
a mile; Long Island RR.,
Louis, 2,222 miles. at $227.930,863. or $102.000
with the above suit, Vice-President F. S. Wynn states
connection
In
RR.,
&
Seashore
Jersey
West
mile;
379 miles at $93,201.517, or $234,000 a
stock as recorded in the Preferred stock
Preferred
of
provisions
total mileage, 4,661, at that the
are as follows:
351 miles, at $26,621,783. or 873.700 a mile;
7,029 miles of system to be certificates and in the charter of Southern Ry.
$632,430,833, or $135,600 a mile. This leaves
to the following preferences and to no
is
entitled
stock
Preferred
"The
valued chiefly between Pittsburgh and the Atlantic seaboard.-V. 119. p. other, namely: In each and every fiscal year after the first of July 1895,
the rate of 5% per annum,
1525.
to receive non-cumulative dividends at and up todividends
on the Common
preference and priority to payment of any
Pittsburgh & West Virginia Ry.-Equipment Trusts in
profits of the company as
net
stock in such fiscal year. but only from thethe board
of directors and only
and by
'Sold.-Dillon Read & Co. have sold at prices to yield from such shall be fixed and determined
therefrom, but notwithwhen and as such boards shall declare dividendsproviding
for payment of
4% to 4.80%, according to maturity, $3,000,000 4%% standing
the preference hereby declared, if after
Preferred stock outstanding in
Equip. Trust old Certificates, Series of 1924. Issuedunder dividends for any such fiscal year onofthe
year, the board
such
of
profits
net
such year there shall remain a surplus
Philadelphia plan.
any other stock of the
installments of $300,000 each Nov.1 of directors may declare and pay dividends upon
Dated Nov. 1 1924. Due in annual
119. p. 1511,
-V.
profits."
net
surplus
of
such
out
year
at
1023 on company for such
Denom. $1,000 O. Redeemable
1025 to 1934, inclusive.
days' notice. Dividend warrants payable M.& N. 1396.
any interest date on 30
Ohio,
trustee.
Cleveland,
Co.,
of Union Trust
in New York and at office
United Light & Power Co.-Description of Company.guarantees the payment of princiGuaranty.-Company unconditionallyby
endorsement on each certificate. President Frank T.Hulswit in connection with the acquisition
these certificates
pal and dividends on
trust
agreeequipment
are issued under an
& Electric Corp. and
Security.-These certificates
Trust Co., Cleveland, as trustee, whereby the of control of the Continental Gas
ment and lease with Unionand
clear to equipment appraised at $4,039,105 other utility properties, issued a circular giving a description
trustee will hold title freeCar
Co. This equipment will be leased to the
constituted after the consolidation.
by the Greenville Steel
sufficient to provide for the installments of maturing of the company as
company at a rental
on the certificates. Title will remain in the President Hulswit says in substance:
principal and the dividends
name
principal and dividends on all the certificates.
United Light & l'ower Co., succeeding a company of similar
trustee until full payment of
of 27 steam locomotives, 2,445 freight cars and organized in 1910, owns all or a very large amount of the Common stocks
The equipment consists
all-steel hopper coal cars delivered (and in some cases all or substantial amounts of the Preferred stock issues
-ton
55
999
includes
and
cars,
11 passenger
& West Virginia Ry. between Jan. 2 1923 and March 18 and bond issues, as well as certain other indebtedness) of the following
new to Pittsburghapproximat
ely 81,612,000, and 11 all-steel passenger train companies:
1923, which cost
operates all of
to Pittsburgh & West Virginia By. in 1923 costing
(a) Tr -City Railway & Light Co.-Through subsidiaries
new
cars delivered
Muscatine and Iowa City, Iowa; Rock
approximately $241,000. eight months of 1924 net revenues of the company the public utilities in Davenport.
territory in Illinois. Over
contiguous
and
first
Moline
East
the
Moline,
Island,
-For
Earnings.
(which it owns) were $939,858 as against 75% of gross revenues derived from the sale of electric light and power and
and the West Side Belt RR.
ng period of 1923. Gross income available for gas service. Population served exceeds 200,000.
$887,474 for the correspondi
purposes
Issue in the first eight months of 1924 was
equipment
(6) Chattanooga Gas Co.-Supplies gas for domestic and industrial
the charges on this
in the corresponding period of 1923. within the city of Chattanooga, Tenn.,and surrounding territory. Popula$1,177,502 as against $1,589,557
Included only $160,000 dividends on the Mon, 80,000. Territory,served is one of the important manufacturing and
income
gross
of
figures
The 1924
Terminal Coal Co. against $640,000 in the distributing points of the industrial South.
Common stock of Pittsburgh
serving Fort
(c) Fort Dodge Gas & Electric Co.-Of Fort Dodge, Iowa;
corresponding period of 1923.
and Fort Dodge
, &c.
Dodge and nearby cities with electric light and power,
n-Acquisition
Redemptio
for
aggregatCalled
Population
Stock
purposes.
Preferred
Pron. stock (Par COO) with gas service for industrial and domestic
electric power important industries,
All of the outstanding $9.100.000 6% Comul•
and dividends at the Chase ing 25,000. Company supplies with known
products.
psum
Gy
has been called for redemption Dec. 31 at 105
nationally
including those producing
Marion, Iowa. and
National Bank, New York City.
(d) Cedar Rapids Gas Co.-Serving Cedar Rapids andindustrial
the issuance of $3,000,000
purposes..
and
The stockholders will vote Dec. 1 on approving
consider the acquisition by the contiguous territory with gas service for domestic
will
and
amounts of Ras
largo
Certificates
supplies
of 5% Equipment Trust
of the West hide Belt RR. Population aggregating 75.000. Company Penick & Ford Co., Sinclair
company of franchises and corporate property
for industrial purposes to Quaker Oats Co.,
See also V. 119, p. 1283, 1511.
Packing Co., and others.
-Of Mason City, Iowa; supplies Mason
Jersey.-Rights.- (e) Peoples Gas & Electric Co.with
Public Service Corporation of New
electric light and power and the city
s of record Oct. 17 an oppor- City and surrounding country
exceThe directors have voted to offer stockholder
With gas service for domestic and industrial purposes. Population
the
on
stock
par
Common
no
of
issue
distributing points
tunity to subscribe to an additional
shares of both Common ing 45.000. Company here serves one of the important
basis of one share of the new issue for every ten
to be issued will be of the Northwest.
domestic
and Preferred outstanding. The number of sharesDec.
(f) Ottumwa Gas Co.-Serving Ottumwa, Iowa. with gas for
1 1924. and the
approximately 102,458. The issue will date from
at and industrial purposes. Population exceeding 30.000.
Ind.,
Westville,
and
LaPorte
subscription price has been fixed at $60 a share plus accrued dividend
Co.
-Serving
(g) LaPorte Gas & Electric
the rate of $4 per share per annum.
and LaPorte with gas and restricted
in full, or, if they desire, with electric light and power service,
16,000
Stockholders will have the option of paying cashprice
exrcedirg
l'cpulation
Dec. 1, 25% addl., district heat service.
paying 50% ($30 per share) of the subscription
OCT. 11 1924.]
THE CHRONICLE
(h) The L.nitea Light ot Pinar Co.'s sub,idliaitS also serve over 80 other
communities located in Iowa, Illinois and Michigan. Company's elect; lc
Power stations are equipped with generators of modern type, and of the 11
gas plants operated by the subsidiary companies 9 are equipped with coalgas and water-gas apparatus permitting the operation of whichever is more
advantageous under prevailing conditions: supplemented with ample holder
capacity for an annual output of over 2,250,000,000 Cu. ft.
(i) Continental Gas & Electric Corp. (See that company below).-Through
its subsidiaries serves with electric light and power Kansas City, Mo.:
Columbus, O.; Lincoln, Neb.; Brandon, Manitoba. and 188 cities and
communities in Iowa, Kansas, Nebraska and Missouri. These subsidiark s
of the Continental Gas & Electric Corp. also furnish gas to Brandcn,
Manitoba; Lincoln, Neb.. and 4 other cities: do the entire street railwcy
business in Columbus, O., and steam heating business in restricted districts
in Kansas City and Columbus.
(1) Kansas City Group.-The Kansas City Power & Light Co. does all
the electric light and power business in Kansas City, Mo., and sells either
wholesale or retail electric current used in portions of 14 nearby counties
in Missouri and Kansas. Population served exceeds 575.000.
(2) Columbus, Ohio, Group.-The Columbus Ry. Power & light Co.
does practically to entire cenair ere's! electric power and light business in
Columbus, 0, and vicinity, and the entire street railway business in
Columbus. Company is able to operate its railway property profitably
at a rate of fare lower than is being charged in most other communities.
Population exceeding 300.000.
(3) Iowa and Nebraska Group -From a main Central Station at Lincoln.
Neb., as well as from other smaller stations, the company's subsidiaries
serve electric light and power to 141 adjacent cities and communities,
all interconnected by transmission lines in Iowa, Missouri and Nebraska.
Population served exceeds 240,000.
General.- The operating companies composing the properties of The
United Light & Power Co.serve a total of 289 communities. The properties
are equipped with electric generating stations of the most modern type.
having an aggregate installed normal- capacity of 330,000 k.w.
The gas plants are of modern design and equipped to supply substantially
in excess of 3,000,000,000 cu. ft., the present annual output. The street
railway properties are of modern type. efficiently operated and well maintained. as are also the 5 district steam heating plants serving restricted
districts in Kansas City, Columbus, Davenport. Mason City and LaPorte.
The total population served is estimated to exceed 1,750,000.
Capitalization United Light & Power Company.
Based on acquisition of all the Corn,stock of Continental Gas & Elec. Corp.]
Authorized, Outstanding.
Pref. stock, Class "A," $6.50 Cumul.(no par)---500,000 shs. 150,200 shs.
Pref. stock, Class "B,"$3.50 Cumul., now paying
• $4(no par)
500,000 shs. 108.868 shs.
Common stock, Class "A"(no Par)
500,000 shs. 174.682 shs.
Common stock, Class "B"(no par, sole voting). 500.000 shs. 200.000 slis •
Bonds, due 1932 to 1959
$26,510,000
Debentures, due 1926 to 1974
10,738,000
• Prior Preferred 7% stock (The U. L. & R. Co)
3,285,000
Consolidated Earnings Statement 12 Months Ended June 30 1924.
[United Light & Power Co.& Subs., incl. Cont. Gas.& Elec. Corp. & Subs.
Gross earnings, all sources
$33,962,587
Operating expenses, including taxes and maintenance
20.333.911
Net earnings
$13,628,676
Net earns. of United Light Se Power Co. (incl. undistributed
income for same period of sub. cos. accruing to it) after
deductions for oper. exp.. incl. maint. & deprec. annual int.
& div. charges of sub. cos. and all other prior deductions
$5,297,022
Annual charges on prior debt
of United Light & Power Co_ _ _ _ 2,362,330
'
Dividends $6.50 on Class"A" Preferred stock
976,300
Dividends $4 on Class "B" Preferred stock
435,472
1735
otherwise, for meeting underlying bonds as they mature and for future
corporate requirements for which provision is not made wider the present
plan."
The directors have felt that an earlier time than the present would not
have been opportune, either in respect of general conditions or of well
demonstrated earning capacity and approved credit of the company, for
making the provisions thus contempSted but deferred in reorganization.
It has thus been necessary to utilize the company's current income for the
capital outlays required to conform its railways, equipment and facilities to
the demands and standards of present-day rail operations.
In'pursuance of the policy thus imposed upon it, the company, from
Nov. 1 1915 to May 31 1924, has invested the sum of $30.598,214 in the
purchase of new locomotives ano cars and in the substantial improvement of
locomotives and freight and passenger cars acquired through reorganization.
During the same period the sum of $8,350,904 has been invested in the
acquisition and construction of additional terminal properties and the
general improvement of the roadbed, tracks, bridges, shops. roundhouses.
stations and buildings, &c. The entire cost of the improvements above
mentioned has been paid out of net income, except a portion of the cost of
the new equipment. .As to this item, the company has paid in cash more
than 25% of the purchase prme thereof, while the unpaid portion has been
financed through equipment trust obligations which have been sold on
advantageous terms.
In addition to the improvements above outlined, the company has, during
the period mentioned,invested $1,708,371 in securities of terminal and other
affiliated railroad companies, and has paid off $8,320,726 principal amount
of its interest-bearing indebtedness.
The results already accomplished have fully demonstrated the wisdom of
this program of general improvement of the company's transportation
facilities. New equipment purchased includes 95 locomotives, 8,050 automobile and other box cars, 4,060 coal cars, 300 stock cars, 26 passenger
cars, 12 mail and baggage cars and certain miscellaneous equipment. The
average tractive power of locomotives has been increased from 30,188 lbs.
in 1915 to 36,240 lbs.; the average loading capacity of freight cars has been
increased from 78,518 lbs. to 81,950 lbs.; the percentage of freight cars
having steel underframes has been increased from 36% to 82%; the number
of steel passenger cars has increased from 38 to 74: the average tons per
freight train have increased from 463 to 663; the tons of freight hauled per
mile of road have increased from 5.350 tons to 7,536 tons, and the net
income of the company has increased from $632,704 in 1918 to $5.410,873
in 1923.
In pursuing the policy of utilizing its income for the improvement of the
property and the strengthening of the credit of the company, the directors
have relied upon the support and co-operation of the stockholders. In the
judgment of the directors, the financial stability and credit of the company
are now sufficiently advanced to warrant the creation of a mortgage resource
designed to provide a capital currency for broader measures in the improvement and development of the property, and to that extent afford ultimate
relief of net income.-V. 118, p. 1902, 665.
Winnipeg Electric Co.-Changes Approved.-
The shareholders have approved the proposal to modify provisions contained in the Trust Deed, securing the issue of the company's 4 Si% Perpetual Consolidated Debenturs stock, and also approved a supplemental
trust deed whereby authority is given to increase the rate of interest and
to provide for the issue of same in English sterling, United States dollars
or Canadian dollars, and to give the stock a maturity date. See also
V. 119, p. 1174.
INDUSTRAIL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrail world during the past week
together with a summary of similar news published in full
detail in last week's "Chronicle."
Balance available for Common stocks
$1,522,920
Equity -The Class "A" Pref. stock, First Series, and Class "B" Pref.
Prices, Wages and Other Trade Matters,
stock, First Series, take precedence as to dividends and assets over 374,682
shares of no par value Common stocks, which at present quotations have In Canadian Flour Prices Advance 20c. per Barrel.-Total of 45c. advance
week and $1 15 since beginning of new crop wheat year. Present
an aggregate market value of over $19.000,000. The Class "A" Pref.
stock is entitled to cumulative dividends of $6.50 per share per annum,and price compares with $235 per barrel one year ago. Boston "Financial
is red. at $105 per share, and in the event of liquidation must be retired at News" Oct. 9, p. 3.
International Paper Co. Reduces Price $3 per Ton on Newsprint for 1925
$100 per share and diva., after prior obligations have been satisfied. The
Class "B" Pref. stock is entitled to cumulative diva. of $3.50 per share per Deliveries.-New price is $70 per ton, lowest since January 1922. New
annum and, whenever the dividends on the Common stock in any year York "Times" Oct. 8, p. 27.
American Woolen Co. Announces Further Advance.-Company announces
exceed $1.40 per share, to an additional disbursement of 50c. per share
during the succeeding year. lied. at $60 per share and in the event of additional price advances on 94 fabrics made of all wool or wool and worsted
yarns, reflecting increased cost of wool content in these fabrics.
liquidation must be retired at $50 per share and
diva, after prior obligations
Most of the advances range
have been satisfied and before any distribution is Made
2S to Sc. a yard, with a few advances
on the Common of 1.0 to 15 c. a yard. Bostonfrom
stocks of the company.
"News Bureau" Oct. 10.
Amoskeag Rescinds Wage Reduction.-10% wage reduction, recently
Franchises.-The franchises under which the subsidiary companies
accepted
by the textile workers of the Amoskeag 'Mfg. Co. has been inoperate are, in the opinion of counsel, satisfactory, and in the larger properdefinitely suspended by
ties are of long duration, or are perpetual. The relations between
management. New schedule was to have
the become effective to-day.the
Reason given for the postponement is that
operating companies and the communities served are excellent.
the advance in cotton has made it impossible
for Amoskeag to reduce its
Combined Gross & Net Earnings of all of Operating Cos. & U. L. & P. Co. price list.
"Wall Street Journal" Oct. 4. p. 2.
Calendar Years,
Renfrew Mfg. Co. of Adams, Mass. Cuts Wages 12ji %.-Management
Gross.
declares reductions. effective Oct. 13. may enable mills to operate 3 or 4
Net.
Gross,
Net.
1919
$20,883,130 $5,419,553 1922
$30,585,679 $10,686,558 days per week. "Wall Street Journal" Oct. 8. p. 3.
1920
26,697,972 7,468,915 1923
33,492,706 12,458,487 InRiot in Patterson (N. J.) District Where Silk Strike Continues, Results
1921
27.570,285
Arrest of Eleven.-New York "Times" Oct.
8,956.497
1.
Operating Statistics.-The-total number of customers served with electric
Longest Bridge Span in World Completed Oct. 8.-ear
7'B, Mountain & Hudson
light, power and manufactured gas service,and the output ofsuch services in River Bridge Co. completes suspsnsion
bridge span between Anthony's
1923 follow: (a) Electric customers. 266.403; (b) gas customers, 88,072: Nose (on east bank) and a point just north
Bear Mountain (on west
(c) electric sales-k.w. hours, 702,129,810; (d) gas sales-in cu. ft., 2,- bank) crossing Hudson River 155 ft. above of
river level. Roadway will
be 193 ft. above river when bridge is formally opened
760.922,800.
for traffic next June.
But
bridge,
although 1.623 ft. long, will be outdistanced by 120 ft. when
• Compare also Continental Gas & Electric Corp. below. new bridge over
Delaware River from Philadelphia. Pa.. to Camden, N. J..
--V. 119, p. 1627, 1173.
Is completed in 1926. New York "Times" Oct. 9, p. 25.
Matters Covered in "Chronicle" Oct. 4.-(a) Producers' milk price for
October is unchanged, p 1564.
United Rys. Co. of St. Louis.-Foreclosure Suit.Advanced prices for American Woolen
Co.'s woolen and worsted lines(b)
The Mercantile Trust Co. St. Louis, trustes for the St. Louis
of men's goods, p. 1568. (c) American
Transit
Woolen Co. withdraws woolen and worsted lines from sale; increased oper5% bonds, has filed foreclosure suit in Federal Court at St. Louis.
This ations in mills, p. 1568. (d) New regulation announced by Department of
is the first step toward a reorganization of company, which has been
in Agriculture under which bonds will
receivership since April 12 1919. The suit, which Is directed against
be required to cover business of packers, p. 1568. (e)
Rolla Wells, receiver, St. Louis Transit Co. and St. Louis Union
in rubber production between 1921 and 1923.
Trust Co.. p. 1570. (f) WageIncrease
trustee for the $30,300,000 Gen. 4% bonds, requests the consolidation
earners' rents rise 6% in 1 year, P.• 1571. (0 Rents
of
fa
15117
11i.
n Chicago; City Council hears that thousands of flats are vacant. P.
all United Rys. Co. litigation pending in the Federal courts, and
asks that
the properties of the company be sold for the benefit of creditors.
See
tentative terms of plan in V. 119, p. 1627.
Adirondack Power & Light Corp.-Increase Sought.The corporation has applied to the New York P. S. Commission for an
Valley RR.-Trustee Appointed.immediate temporary increase in the rates for gas chargeable in the city of
The Farmers' Loan & Trust Co. has been appointed trustee of
the Saratoga Springs, N. Y. The company claims that the rates fixed by the
company's 1st & Ref. Mtge. 5% Gold notes. See V. 118. Is.
1521.
Commission by order of Jan. 4 1923 and May 1 1923 have failed to produce
Virginian Ry.-Virginian &Western Ry. Bonds Authorized, the expected revenue, and asks
that the Commission grant a temporary
The I.-9. C. Commission on Sept. 29 authorized the company to issue rate of $1 90 per 1.000 cu,ft. for the first 25.000 cu.ft. and $1 75 per 1,000
$1,352.000 First Mtge. 5% Gold Bonds, Series "A": the bonds to be de- for all over 25.000 cu. ft.-V. 119, p. 1066.
livered to.the Virginian Ry. at not less than 95 and interest, in payment of
Ajax Rubber Co., Inc.-Bank Loans Liquidated.advances made by the latter company. Authority was also granted
to the
An authoritative statement says:
Virginian Railway to assume obligation and liability, as guarantor,
in
"While
it has been the custom of the company to pay off seasonal borrowrespect of the bonds.-V. 119. p. 1284, 695.
ings before the end of the year, it has liquidated all bank loans this year
•
two
months
than usual. The company now has no floating indebtedWabash Railway.-Blanket Mortgage Proposed.-The ness except earlier
current bills payable, not due.
stockholders will vote Dec. 29 on authorizing the creation
"The improvement in the tire business the past two months has been
in a sharp gain in earnings. Since June 30 sales have been
and issuance of Ref. ez Gen. Mtge. bonds in an aggregate reflected
considerably in excess of the corresponding period last year, and itrunning
is estiamount not exceeding one and one-half times the aggregate mated that earnings
in each of the past two months have exceeded total
profits of the first six months of the year. While tire prices remain
par value of the outstanding Capital stock.
at
their
low level, the improvement in the company's earnings is a direct
reflection
The directors are sending a letter to the stockholders to the effect that
the of economies effected by the management as well as a more normal trend in
capital structure as now constituted does not enable the company
sales
than existed last year.
to do
any financing to pay for additions and betterments. A blanket
"Plant operations are at capacity with forces working three
mortgage
eight-hour
will be created which will permit issue of new bonds when necessary
and to shifts a day. Unfilled orders indicate that this level will be maintained for
cover existing issues.
some time."-V. 119, p. 696.
The letter to the stockholders follows in part:
The principal purpose of the special meeting is to approve and
authorize
the creation of a new refunding and general mortgage, and the
Issue of the
bonds therein provided.
In the reorganization plan of 1915, under which the company was
it is stated that: "It is left to the directors and the stockholders created,
the new
company after reorganization to make such provisions as to themof
may seem
beet, by the creation of a first and refunding mortgage or other
mortgages or
Algoma Steel Corporation.-Tenders.-
The U. S. Mortgage & Trust Co., until Oct. 8
bids for the sale
to it of First & Refunding 5% bsnds, due 1962, to received
an amount sufficient to
exhaust $42,796.-V. 119, p. 1170.
Allied Chemical & Dye Corp.-Sub. Co. President.
Proctor K. Malin has been elected President of the Solvay
Process Co..
the Semet Solvay Co. and the Atmospheric Nitrogen
Co.. subsidiaries of
1736
THE CHRONICLE
'
119.
the Allied Chemical & Dye Corp., to succeed E. D. Winkworth, resigned.
-V.118, D. 2440.
American Sales Book Co., Ltd.-Bonds Offered.-A. E.
& Co.,Ames
Montreal, are offering at 99 and mt., to yield
American Bosch Magneto Corp.-To Increase Capital over 6.10%,$1,000,000 15-Year 6% 1st Mtge. Sinking Fund
Stock-Exchange of Stock for Stock of Gary & Davis. Inc.-- Gold bonds.
The stockholders will vote Oct. 16 on:
Dated Oct. 1 1924: due Oct. 1 1939. Prin. and int.(A. & 0.) payable in
(1) Increasing the authorized capital stock from 100,000 shares without lawful money of Canada at the Bank of Nova Scotia, Toronto, Montreal,
par value to 175.000 shares without par value.
Victoria or at the agency of the Bank of Nova Scotia at New York in U. S.
(2) Cancelling the authority of the directors to issue 4.000 shares of gold coin of the present standard of weight and fineness, at the holder's
capital stock to the employees.
option. Denom.$500. 51.000. c* & r. Callable all or part on Oct. 1 1926
(3) On amending the certificate of incorporation so as to provide that the on 60 days' notice at 105 and int.. and thereafter on any int. date up to and
corporation may issue 42,266 shares on stoek to Gray & Davis Inc. upon incl. Oct. 1 1938 on 60 days' notice at Yi% less premium annually, at which
receipt of the entire authorized capital stock (other than stock reserved latter date and up to April 1 1939 the call price shall be 102 and int. Interest
for conversion of the 1st Mtge. bonds) of a now company to be formed which payable without deduction for normal Federal U. S. income tax not exceedwill have acquired all of the assets of Gray & Davis Inc. and have assumed ing 2%. Exempt from personal assessment in the State of New York.
all the liabilities and obligations of Gray & Davis Inc. including the cor- Fidelity Trust Co. Buffalo, N. Y., trustee.
poration's outstanding $1,000,000 1st Mtge. Convertible bonds.
Sinking Fund.-in annual sinking fund, commencing Oct. 1 1926, is
(4) On authorizing the officers to surrender to Gray & Davis Ipc. for provided, sufficient to retire all outstanding bonds at maturity.
cancellation all the preferred stock of that corporation held by this corporaAuthorized. Outstanding.
Capitalizationtion amounting to 4.966 shares, in exchange for 16.139 shares of capital Common stock
$614.660
$614.660
stock without par value of this corporation and scrip representing 3.4 a 7% Cumulative Preferred stock
3,073,300
3,073.300
share or its equivalent in cash.
1,000,000
6% 1st Mtge. bonds,due October 1939 (this Issue)_ 1,000,000
time
all
any
at
of
times
sell
or
stock
the
to
officers
(5) Authorizing the
Company.-Incorp.in June 1911 in Ontario. Is the largest manufacturer
this corporation received on surrender of the preferred stock of Gray &
plants,
Davis Inc. for such consideration and to such persons and on such terms as of sales books in the world and operates 2 modern well-equippedhas
been
at Niagara Falls, N. Y. and Elmira, N. Y. Company
located
the officers may deem advisable.
the pioneer in the sales book field
'and CAMS many valuable patents covering
(6) Authorizing the cancellation of the present sales agency contract It
thereof.
manufacture
s
the
in
used
products
machinery
and
automatic
the
new
a
contract
of
operating
execution
the
and
Inc.
Davis
with Gray &
with the new company formed to take over the assets of Gray & Davis Inc., Company's products also include autogr sphic registers and supplies, and
which contract will provide in substance that the new company will operate carbon paper. Company has over 95,000 customers, including leading
its entire plant, machinery and equipment when and to the extent and on department stores.
Purpose.-Proceeds will be used to retire the outstanding $216.000 bonds
such products as this corporation may determine, and will sell its products
exclusively to this corporation at a price which will cover the entire cost of of the 1912 issue, to provide additional working capital required in connection
with the company's increasing business, and for further extensions.
operation of the new company,and in addition an annual charge of $180,000.
(7) On authorizing the directors to Issue at any time or times, to such Net Earnings Available for Payment of Bond Interest, and After Deducting
aubest,
remaining
the
of
part
all or any
Estimated Government Taxes and Depreciation.
person ot persons as they deem
thorized and unissued capital stock at such price or prices as may be at the 11Y99e11a88r.
Earnings.
Depreciation. Net Earnings.
time of any such issue, in the opinion of the directors, the fair market value
$222695:468852
$7731:040000
of such shares, or at such price as shall be consented to or approved of by
$330347..4152
the holders of the majority of the shares outstanding and entitled to vote 1920
348046..778091
130,659
537,368
at this or any meeting of the stockholders.
137,219
522,000
1922
395,581
536,497
140,916
1923
President Arthur T. Murray, Springfield, Mass., Oct. 3.
The net profits available for bond interest after deducting depreciation and
in a letter to the stockholders, says:
Federal Government taxes, have averaged $327.580 for the past eight years.
In August 1920 a contract extending Lo Jan. 1 1936 was entered into by 1916 to 1923 inclusive. This is approximately 5.5 times the interest on the
the company under which the operation of Gray & Davis Inc. was taken
The net profits for the year 1923 on the same basis were $395,581.
over by this corporation and this corporation was appointed selling agent bonds.
approximately 6.6 times the interest.-V. 118, p. 1394.
for Gray & Davis Inc. on a fixed commission basis. While this contract has of
given Gray & Davis Inc. an absolutely essential sales service and has otherAmerican Shipbuilding Co.-President Resigns.wise been of advantage to both comapnies, it has been found under condiM. E. Farr, President of the company, tendered his resignation at the
tions of actual operation that sucn an arrangement did not permit of the annual meeting held Oct. 8. It was accepted, and a committee was apmost economical or efficient use of the working capital and plant facilities
to consider the presidency and ether erne'sl organization matters.
of the two companies. Likewise, the severe competition now prevailing pointed were re-elected, with the following exceptions: James E. Davison
In the manufacture of starting and lighting equipment for automobiles does Officers
senior Vice-President. Secretary and Treasurer, and David
appointed
was
not permit of the margin of profit anticipated in 1920. As a result it has N. Cottrell succeeded H. A. Kelly as General Counsel.-V.119. p. 1621.
been found that if American Bosch were to enforce the full terms of the contract, operations of Gray & Davis would have to be conducted at a serious
American Smelting 8c Refining Co.-Mexican Outlook.
loss, which would seriously jeopardize the profit of this corporation on said
Vice-President William Loeb says in part:
contract.
The recent trip of the company's officials to its Mexican properties was*
Accordingly, a committee was appointed by the directors of each com- highly
satisfactory and found all the company's smelters operating at
pany to consider the present problem. This committee found that material capacity.
Mexico looked better than It has for years. Political condieconomies could be expected, both in overhead and direct operating ex- tions are quiet,
bandits are pretty well exterminated, and the people genof
operation
between
comtwo
arrangement
the
flexible
more
a
if
penses,
more prosperous than for many years. Furthermore, there
look
erally
panies could be effected. For example, during slack periods such as pre- seemed to be
feeling toward Americans.
better
a
vailed in the second quarter this year, it would prove more profitable to run
All plants are in first-class condition. Excellent progress has been made
one plant full with the other completely shut down than to operate two on the Resits. project. The by-product coke ovens are completed, and, as
plants at low capacity with their attendant overhead expenses.
are now being heated up, the ovens should be turning out coke in
Accordingly, the committee unanimously recommended the following they
another two weeks. Heating up has to proceed slowly, so as not to injure
plan which has been unanimously approved at meetings of the directors of the
brick and checker work. The by-product plant, the sulphuric acid
both companies:
plant and the zinc smelter are well under way, and the whole installation
A new company Is to be organized which will take over the entire assets of should
be completed about Jan. 1. As a whole,the project is 75% finished.
Gray & Davis Inc. and assume all its liabilities, including the $1.000,000
The company will make about 10 tons of sulphuric acid a day at Rosita.
let Mtge. Convertible bonds of Gray & Davis Inc. The new company will This
which will be made from the sulphur in the zinc ores treated at
acid,
issue 134,182 shares of capital stock without par value, being its entire
will be used in treating the by-products from the coking operaauthorized capital stock, other than stock reserved to cover conversion of the smelter,utilizing
the gas from the coke ovens and as a result of profits
By
tions.
corporation
Davis
This
will
St
Gray
issue to
the above mentioned bonds.
ammonium sulphate and other by-products recovered from
the
upon
made
Inc. 42,266 shares of the capital stock of this corporation of the same class the coking operations,
the company will be able to obtain very low priced
of
shares
42,266
American
Magneto
Bosch
This
outstanding.
present
at
as
coke for its smelting operations south of the border. The whole Rosita
Corp.stock is approximately 44% of the amount of the present outstanding installation
will cost 37,000.000. Direct and indirect profits resulting from
stock of this company and that percentage closely approximates what the this expansion
should make themselves felt appreciably in Mexican earnings
committee considered to be the relative value of the net assets of the two
year.
next
companies and their relative earning capacity based on the preceding period
Potosi work is progressing on the new smelter, which should
Luis
San
At
years.
five
about
of
operation by Oct. 1925. The arsenic plant is already in operaThe proposed plan results in this corporation becoming tho sale stock- be ready for
fumes shipped from the various Mexican smelters a the comholder of the successor to Gray & Davis Inc., and the owner of the equity tion upon
pany. as San Luis Potosas a central point on the main line to Tampico.
In its entire undertaking,subject to the outstanding 1st Mtge. bonds and its -V.
119. p. 1628.$1,aagt
other Indebtedness.
- -- year
8
an
into
with
operation
enter
contract
will
company
new
The
Tobacco Co.-To Change Par of Common.American
American Bosch Magneto Corp. which will provide substantially that the
Common
authorized
the
changing
The stockholders will vote Nov. 6 on
new company will operate its plant when and to the extent and on such
shares of $100 par to 1,000,000 shares of $50 par, and
products as this corporation may determine, and will sell its products to stock from 500.000
1.000,000 shares of Common "B" of $100 par to 2.000,000
this corporation exclusively at a price which will cover Its entire cost of the authorized
If the stockholders approve the plan, they will
value.
par
$50
of
shares
nature
in
and
of
charge
and
annual
name
an
addition
every
of
operation
shares of the new $50 par value stock in exchange for each share
$180,000. This sum will be sufficient to retire all said bonds in approxi- receive two
$100 par value stock now held.
mately 7 years. This operation contract will permit tho most economical ofIt
is also proposed to change the rights of the holders of the Preferred
and efficient arrangement of production as between the two plants and will stock
so as to give them two votes for each share held instead of one vote
permit a substantial reduction in inventory. If the proposed plan had been as at present.
-V. 119, p. 944, 582.
of
the
quarter
that
year,
the
estimated
is
it
second
the
during
In effect
earnings available for stockholders of this corporation would have shown
Anglo-American Oil Co., Ltd.-Tenders.&
Gray
Davis
p.
Inc.
119.
also
See
-V.
below.
increase.
substantial
a
J. P. Morgan & Co., trustee, 23 Wall St.. N. Y. City, will until Dec. 20
1627. 1512.
% Sinking Fund Gold notes dated
receive bids for the sale to it of 5-year
April 11920. to an amount sufficient to exhaust $1,250,000, at a price not
American Car & Foundry Co.-Operations.-582.
p.
119.
Int.-V.
and
101
exceeding
President William H. Woodin says in substance: "We are operating at
is better with us than it was early in
about 75% of capacity. Business fairly
Arizona Commercial Mining Co.-Copper Output.well and I hope they will be as
theyear. Our earnings are doing
April.
une.
.June.
Jut',.
Mau.
August.
Sentonther.
good as last year. I expect a moderate demand for equipment to continue 688.50011s. 683,000 lbs. 588.00011N. 571.325 lbs. 611,600 lbs. 702,60011N.
1284.
p.
119,
-V.
come.
for some time to
-V. 119. p. 1284. 696.
American Light & Traction Co.-Stock Dividend.-
the Preferred
The directors have declared a cash dividend of 1 Yi% aon
dividend at the
stock, a cash dividend of 1% on the Common stock and of
Common
stock
shares
100
every
on
stock
Common
rate of one share of
outstanding, all payable Nov. 1 to holders of record Oct. 14. Cash divieach
paid
been
have
quarterly
1%
of
dividends
stook
and
dends of 1%
on the Common stock since February 1921.-V. 119. p. 1512.
Autoline Oil Co., Baltimore.-Pref. Stock Offered.-Poe
& Davies, Baltimore, are offering at $9 per share 25,000
shares of 8% Cumulative Participating stock (par $10). A
circular shows:
The Preferred stock is cumulative and participates equally in all dividend disbursements with the Common stork after 8% has been paid, first
the Preferred stock then on the Common stock. The Common stock
on
The New York Stock Exchange has
Is listed on the Baltimore Stock Exchange and application will shortly be
capital stock, par $100 (authorized 340.000,000).
made to list the Preferred stock. Preferred stock is not callable and has
Income and Profit & Loss Accounts.
equal voting rights with the Common stock, share for share. Quarterly
6 Mos. End. Year End.
dividends of 2% (8% per annum) are paid in Jan., &c. Transfer agent.
June 30 '24. Dec. 31 '24. Equitable Trust Co., Baltimore.
$140,865,308
$309,579,474
Capital Authorized and Outstanding (No Bonds).
Operating revenues
65,663,241 155.736,204
Express privileges-Dr
8% Cumulative and Participating Preferred stock (par $10)- - - $518,500
506,000
$75,202,066 $153,843,270 Common stock (par $10)
Revenue from transportation
Company.-Incorp. In Maryland April 17 1924 to take over the business
1 ,649,495
3.600,491
Other revenue from operations
of the Wm.C. Robinson & Son Co.,established in 1832. and the Pittsburgh
is the manufacture and sale
A76,851.561 3157.443,761 Oil Refining Corp.. formed in 1919. Business
Total operating revenues
products. COi1JB.flY does not
$75,330.141 $154,446,243 of lubricating oils, greases and petroleum slel
Operating expenses
.asn
s
erale
ud
r adeo
o thetm
r
o
f
i
ti
e
i
w
ts
r
ec
ri
d
t
n
i
ee
s
o
ru
ll
e
.
ng
ed
iw
t
r
oil
es
ri
es
,
ine
f
magea
er
g
r
o
o
.
?
:
23,238
25,284
Hhcollectible revenue from transportation
1,028,399
2,138.362
Express taxes
Colophine
"F" Autoline, ",00" Autoline. Robsoco Motor Oil,
011, &c.
$469.772
$833,871 Engine Oil, Robsol Quenching
Operating income
Earnings.-Net earnings of the predecessor companies for the year 1923
684,485
1,665,300
Other income ______________________________
to
equivalent
approximately 10% on both the Preferred
were
$97,327.
or
1.154,257
2,499.171
_____
Gross income ___ __
Earnings so far this year are in excess
2.133
1,950 and Common shares outstanding
Interest on unfunded debt
period of 1923.
13,445
37,452 of those of the corresponding
Miscellaneous deductions_
Worthington,
Pres.: Edw. 0. Cole, Sec. & Treas.;
G.
Officers
.-Robert
1,039.260
2,078,520
Dividend appropriations
2576.
42,117
221.708 G. Iloward Duvall. Asst. Sec. & Treas.-V. 118. p.
Profit and loss kerne (net credit)
Offered.-Mur-Bonds
(Idaho).
Co.
Canal
Big
Wood
8602,956
$141.536
Totalincome
phey, Favre & Co. and Ferris & Hardgrove, Spokane, are
-V. 119. p. 1628.
Co.-Listing-Earnings.American Railway Expressauthorized
the listing of $10,466,700
eleartihn.
OCT. 11 1924.]
THE CHRONICLE
offering at prices ranging from 100 and int. to 101 and int.,
to yield from 6% to 6%%,according to maturity, $200,000
1st Mtge. 63% Serial Gold bonds. The bankers
state:
Dated Sept. 1 1924: due serially, Dec. 1 1925 to
1934. Int. payable
J. & D. at the office of Ferris & Hardgrove
, Spokane, Wash. Red. in
inverse order at 102 on any int, date
upon 60 days' notice to the trustee.
Joel E. Ferris and George P. liardgrove
, trustees. Denom. $500 and
$1,000.
Company.-Incorporated October 1908 as Big Wood Reservoir
& Canal
Co., toe name being changed to Big Wood Canal Co.
in 1921. Is the
landowners' non-profit irrigation company which serves
a
gross
acreage
of over 75,000 acres of some of the most valuable and
productive lands
in the State of Idaho, situated in Blaine, Gooding
and Lincoln counties.
Security.-Secured by a direct first mortgage on the
entire irrigation
system end water rights conservatively valued at
$2,500.000. and are
further secured by an indirect lien on all the land served
by the system
or about 75,000 acres valued at $2,500,000. giving a total
valuation of
$5,000,000 as security, or 25 to 1. Included in the district
served by the
canal system, and almost entirely dependent upon
it,
are
the
towns of
Gooding and Shoshone, which are county seats of Gooding
and Lincoln
counties, respectively, as well as the towns of Richfield
and
Dietrich.
Purpose.-Proceods of the loan will be used for the new improveme
nts
and betterments.
Capitalization.-Company has outstanding 75,494.20
shares
of
stock
owned by 953 individual stockholders, who have authorized
this bond
issue of $200,000, which is the only debt of the company.
Operating Cost.-The annual assessment on the stock levied to
meet the
operating expenses
company
comia
apeildof gyears
averaged
cmore
n
of
l the served.
ample is qvidenced by the fact that at the time
this financing the company has a very substantial cash reserve. Toofmeet
the principal and
interest requirements of this loan an additional
assessment of 30c, per
acre will be made, making a total of not more than
$1 50 for each acre
of land served, which will be more than
sufficient to meet the company's
requirements for all operating expenses, interst
and principal.
tthisamohas
1737
this provision more than amply insures the maintenance
of the.properties
at their present high value.
Management.--Company and its predecessor
owned and controlled by the same interest sincecompanies have been
inception. the Regan
and Eastman families, pioneer residents of the city. Its
William V. Regan, Pres.; Ben S. Eastman, V.-Pres.:directorate includes
Raymond Moore,
and Craig H. Coffin. Treas.
Booth Fisheries Co., Chicago.-New Directors
.
Prank Carroll, J. H. Kelity and P. H. McCue have been electeddirectors.
-V. 119, p. 201.
Boston Woven Hose & Rubber Co.-Annual
Report.Years end. Aug.31- 1923-24.
1922-23.
1921-22.
1920-21.
Gross sales
38,892,780 310,814.376 39.431,888 $8.026,033
Poundage produced.._
Not stated 39,102.789 31,899,348 20.875,587
Balance Sheet Sept. 1.
Assets1924,
1923.
Liabilities1924.
1923.
Land, bides., maPreferred stock-- $750,000 $750,000
chinery, &c-___$3,660,563 $3,580.511 Common stock_ _ _x4.300,000
4,300,000
Patents
1
1 Accounts payable
Employees' notes
(not due)
139,666
228,055
for stock subser_ 129,701
201,167 Accrued wages_ _
12,787
7.498
Cash
659.824
518,376 Loans
535,000
575,000
Accts.receivable
885,439
889,423 Div. pay. Sept. 15 129,000
86.000
Notes rec., acceptRes.for future dep.
59,551
203,593
ances& warrants
10,171
6,461 Surplus
1,485.648 1.539,664
Mdse.Inventory 2,065,953 2,493,872
Total
37,411,652 $7,689,811
$7,411,652 37.689,811
Total
x Represented by 86,000 shares of no par value.-V.
117, P. 2437•
Boyle Mc.,, Co Inc. Los Angeles.-Bonds Offered.Citizens National do. and M. H. Lewis & Co., Los Angeles,
Bohn Aluminum & Brass Corp.-Bonds Offered.-Otis are offering at prices ranging from 98.60 and int. to 100 and
int. to yield from 6% to 63(%, according to maturity,
& Co., Keane, Higbie & Co., Merrill, Lynch & Co., and
Detroit Trust Co., are offering at 100 and mt. $1,500,000 First $200,000 1st Mtge. 6% Gold bonds. The bankers state:
Dated July 1 1924. Due serially. July 1 1925
to 1931. Int. payable
Mtge. 7% 10-Year Sinking Fund Gold bonds.
J. & J. at Citizens National Bank.
Los Angeles, trustee, without deduction
for
Dated
Sept. 11924;duo Sept.
Int. payable M.& S. at the office
of Detroit Trust Co., trustee. 11934.
Denom. $1000, $500 and $100 c*. Red.
all or part on any int. date on 30
days' notice at 105 and int, for the first
3 years and at 102% and int. thereafter.
Company will agree to pay hat.
without deduction for the normal Federal income
tax up to 2%; and to refund the Penn. and Conn. personal
property
taxes not in excess of 4 Innis
each, the Maryland securities tax not in excess
of 4 4 mills, and the Mass.
income tax up to 6% per annum on the
interest.
Data from Letter of President Chas. B. Bohn, Detroit,
Sept. 29.
Company.-Is being organized in Michigan to acquire the
business, property and plants of the Charles B. Bohn Foundry Co.
established in 1918,
and the General Aluminum & Brass Mfg. Co., established
in 1912. These
two companies are engaged in manufacturing aluminum
and brass castings,
including housings, crank cases,
transmissions, bronze back babbitt lined
bearings, brass bushings, bearing gears and many
similar products.
The consolidated company succeeds
a firmly established profitable
business, and will be one of the largest to
producers
of aluminum and brass
castings in the world and of bronze back babbitt lined
United States. These bearings are sold under thebearings made in the
trade name "Ring
True," and are favorably known throughout
the motor industry.
The company also acquires the Peninsular Smelting
& Refining Co. and
the Machon Pattern & Lillie Co., all of whose capital
stock is owned by the
Charles B. Bohn Foundry Co.
The consolidated company will list
its customers General Motors,
Packard, Lincoln, Ford- Studebaker,among
Hudson, F. B. Stearns, Cleveland,
Pierce Arrow and White
automobile
'
ers and the manufacturers
of the Wright and Curtiss aeroplanesmanufactur
and the Eureka vacuum cleaners.
Plants, located in Detroit, Mich., have
floor space aggregating
360,000 sq. ft., occupying about 10 acres combined
of land.
Earnangs.-The average annual earnings of the consolidated company
available for interest charges on this issue of bonds,
before interest and Federal taxes,for the 5 years'perioafter depreciation but
d ending Dec.31 1923,
were $555,404, or over 5 times such interest requiremen
ts. The earnings
available for interest for the first seven
months of 1924 were $424,017, or
at the annual rate of approximately seven
times
interest
charges on this
issue of bonds.
The company Is now operating at approximat
ely 50% of capacity, and
with the present revival of business
is expected that the company will
reach approximately 100% capacity it
in the near future.
Capitalization1st Mtge. 7% 10-Year Sinking Fund Gold bonds_ Authorized. Outstanding.
_$1,500,000 $1,500,000
8% Cumulative Preferred stock
660.000
1.000
Common stock (no par value)
350,000 sh. 335.700 sh,
Sinking Fund.-The mortgage securing these
bonds
will provide for a
Peeking fund requiring the company to pay to the
$37,500from Mar. I 1926 to Sept. 1 1931 incl., and trustee semi-annually
thereafter $50,000 semiannually, to be used to retire these bonds either through
purchase up to,
or call by lot at, the prevailing redemption price. The
bonds will be callable
at 105 and int. for the first three years, at 102 and int.
thereafter. This
sinking fund will provide for retiring approximat
ely $750,000 of these bonds
by maturity.
Balance Sheet July 31 1924.
[Giving effect to the proposed acquisition of all of the outstandin
g stock
of the General Aluminum & Brass Mfg.Co.and
the Chas. B. Bohn Foundry
Co. and the issuance of Common stock therefor,
to the retirement of Prof.
stock of both companies, and the disposition of the
proceeds
1st Mtge bonds, none of these transactions having yet been of $1.500.1114111
consummated.'
AssetsI Liabilities'Land, bidgs. & all equip. $3,100,000 8%
Preferred
stock
$1,000
Good will, patents. &c___
31,043
Cash and cash items
351,810
shares, no par valuej_
2,891,516
really.,less allow's_ 547.468 1st mtge bowls
1,501 0
'Inventories
1.833,959 Notes payable
150.000
Life insurance, &c
21,758 Accounts payable
586,636
Other assets, deferred
Federal taxes (unpaid 1923
charges
60 524
installments)
40.992
Provision for retirement
of Preferred stock
705,000
Res.for possible 1924 Fed.
Total (each side)
$5,946,561
taxes and contingencies_
71.417
‘' American Appraisal Co. appraisal completed Sept. 25
1924 gives a
total valuation of permanent assets at 33,600,000.-V.
119. p. 1628.
(Chas. B.) Bohn Foundry Co.-Merger.--
See Bonn Aluminum & Brass Corp. above.-V. 119. p. 1398.
Boise (Idaho) Water Co.-Bonds Offered.-Lumberm
Trust Co. Bank, Portland, Ore., it offering at 973 en's
and
int. to yield over 6%%, $300,000 1st Mtge. 6% Gold
bonds, Series "A." A circular shows:
the normal Federal income tax, not to exceed 2%. Red. on any int.
date upon 60 days' notice at par and
int., plus a premium of % of 1
for every unexpired year or portion thereof.
Exempt from California
personal property tax. Denom. 31,000. Authorized
. $300,000.
Company.-A California corporatio
in 1898. Manufactures
at the present time an extensive line nofformed
sheet metal products, including
oil barrels, storage tanks, water pails, wash
boilers and basins, garbage
cans, &c., which are sold in practically every hardware
store on the Pacific
Coast, and throughout Arizona and New Mexico, under
the trade name
"Boyco." Steel dump truck bodies, steel oil wagon tanks,
and underground storage tanks are also manufactured. Company maintains
a
!Acton?' branch at Alameda, Calif., on property owned in fee, and maintains
a sales organization there to take care of the
in San Francisco and the Pacific Northwest. rapidly expanding business
Security.-Bonds are secured by a first mortgage on the following
property: Land and buildings located
at 51st and Santa Fe Ayes., 3379.813;
machinery and equipment (after depreciation). $361.826:
total. $741.639.
Assets.-Net quick assets are in excess of 3634.000 as of
June 30 1924
after giving effect to the sale of these bonds. This
indicates the strong
financial position of the company and together with
the above mentioned
fixed assets provides sound tangible
values of 31,375,639. Junior to this
bond issue there is outstanding $633,000
Common stock, having a book
value as of June 30 1924 of $823,759.
Sales for Calendar Years.
1915
$684
.079 1921
830.619
3783.944
1916
3306.79211920
267,086 1919
722,127 1922
1,078.595
1917
467.74811920
830.836119
11923
23
Net earnings for the first six months of 1924 were $74.264.
For 1923
net earnings were 3165.874,
or over 1331 times interest requirments on
these bonds, and for the past five years
have averaged over eight times
interest requirements on the total funded debt.
Purpose.-To reimburse the company for expenditures and to provide
additional working capital.
Carondelet Building, Inc., New Orleans.-Bonds Offered.-Whitney-Central Banks, Wheeler & Woolfolk, Marine Bank & Trust Co. and Mortgage & Securities Co., New
Orleans, are offering at par and hit., $1,000,000 1st (Closed)
Mtge. 53% Serial Gold bonds.
Dated Oct. 1 1924: due serially. Oct. 1 1930 to 1939. Denom. $1,000
and 3500c*. Principal and semi-annual int.
(A.& 0.) payable at WhitneyCentral Trust & Savings Bank, New Orleans,
La., trustee, without deduction for normal Federal income tax up to 2%.
Callable as a whole
or in part by lot, on any int. date at 102 and int., on 60
days' notice.
Security.-Secured by a closed first mortgage on the Carondelet
Bldg.
and the ground on which it is situated. The building, located on
the
corner of Gravier and Carondelet Sts., in the h&rt of the financial and
commercial centre of New Orleans, occupies a plot of
ground containing
approximately 14,376 sq.ft., having a frontage of 145 ft. 734 in. on Carondelet St. and 91 ft. on Gravier St., with a depth
of 112 ft. 131 in, on the
Common St. side. The building, of modern fireproof constructi
on, is 13
stories high and has an underground basement. It has a rentable
area
of 109.798 sq.ft. offloor space,all of which is used for general office purposes
except the ground floor, one-half of which is occupied by the New Orleans
Bank & Trust Co. and the other half by the Porter Clothing Co. The
offices are leased for varying terms by a large number of exceptionally
high-class tenants, which assures permanence of income.
percentage
of unoccupied space in the Carondelet Bldg. on Sept. 30The
1924 was lees
than 1%. The property is valued by Leo Fellrnan, realtor, at 31.750.000.
Earnings.-Earnings for the year ending Dec. 31 1923 before deducting
Federal tax and depreciation, were $125,793. It is estimated that net
profits for the year 1924. exclusive of Federal taxes and depreciation, will
amount to $144,730.
Brooklyn Edison Co., Inc.-Expansion.-
The company announced on Oct. 4 that it had begun construction of the
new alternating current substation at Johnson and Pearl streets, Brooklyn,
N. Y. which is to relieve the load on the Jay St. station. The first five
floors'
of the new structure will be occupied by four transformers and the
remaining floors will be used for office purposes. The building will resemble
In type that recently completed at Pearl and Willoughby
streets, Brooklyn.
N. Y.-V. 119, p. 1628.
Brooklyn (N. Y.) Union Gas Co.-Conversion Privilege.
Holders of the 10-Year 77. Convertible Debenture bonds dated Nov. 1
1919 have been notified that in addition to their right to convert the above
Debenture bonds on Nov. 1 1924 or upon any interest day thereafter until
maturity into Capital stock on the basis of2shares of stk, no par value,nom.
for each $100 of Debenture bonds surrendered, the
privilege is afforded to
the holders of the Debenture bonds to convert the same at any time after
and between the actual coupon interest days,upon 10 days previous notice.
subject to a cash adjustment in respect to the accrued interest on such bonds
and any dividends accruing on the shares of stock delivered upon such
conversion. Holders of the above Debenture bonds who desire
to avail
themselves of the privilege of converting their bonds as of
Nov. 1 1924
(a regular coupon date) may present or send their bonds for such
conversion
to the office of the National City Bank of Now York,
department.
69 Wall St., N. Y. City, and receive stock certificatestransfer
without adjustment
of interest or dividends. Bonds presented for conversion
between
Nov. 1
and May 1 will be subject to an adjustment of accrued interest and dive.
Notice has also been given that the conversion privilege on the 10-Year
7% Convertible Debenture bonds dated May 1 1922 is effective on and
after Nov. 11924, and that a 10 days' written notice of
to convert
is required. Conversion to be made at the office of the intention
National City Bank
of New York.-V. 118, p. 3082.
MI
Dated Oct. 1 1924; due Oct. 1 1939. Int. payable A. & 0.
Denom,
$1,000, $500 and $100. Lumbermen's Trust Co.,Portland, Ore..
trustee.
Mortgage Provisions.-The mortgage securing these bonds provides
that
additional bonds may be issued thereunder to an amount not
60% of the valuation of the present properties, fixed thereon by exceeding
P. U. Commission or any other public body having competent the Idato
jurisdiction,
at the time of issuance, and new construction bonds for an
not to
exceed 75% of the actual cost of improvements, additionsamount
to property; provided, however, that no issuance of bonds or extensions
additional to
the present $300,000 bonds shall take place unless the net
earnings for the
18 months immediately prior to the issuance of such new
or for
any 12 consecutive months within such 18-month period, are bonds,
the interest charges on all bonds outstanding and those soughtat least twice
The company covenants to reserve or expend annually for to be issued.
and depreciation an amount equal to 3.6% of the value of themaintenanee
depreaiable
Burroughs Adding Machine Co.-Listing--Earnings.propery, but in no event
than $25.000. This reserve must be held
The New York Stock Exchange has authorized the listing of 300,741 shares
In a segregated trust fund less
or expended by the company for maintenance, of non-p
ar value stock (authorized 600,000 shares), with authority to add
replacements, renewals. improvements, additions or extensions
to the 299,259 share. (par $100) upon official notice of issuance
property. In the opinion of our engineers and the company's
in exchange for
engineers, the prior outstanding Common stock of the company.
THE CHRONICLE
1738
Sales, Earnings and Federal Taxes (Calendar Years).
Net
-Machine Sales- Depreciation U.S.Income Earnings.
Taxes.
Written Off.
Number. Amount.
$261,241 $1,899,582 $4,056,129
60,420 $17,704,037
1917
3.464,284
2.437,362
462.079
83,029 25.203,087
1918
1,738,650 3,713.118
598,364
105,880 29,720,156
1919
4,289,869
1.698,841
808,415
126.406
41,072,788
1920
2,242,887
215,343
1,111.913
26,056,605
1921
72,042
2,365,977
159,229
1,029,155
1922
60,095 22,276,591
4,443,927
esi.645,000
1.214.870
75,885 28,404,508 1923
475.000 2,960,676
324,720
19,786,061
1924(8 mos.)- 53,809
a small
The company has purchased a tract of 142 acres near Plymouth,Backus,
town about 20 miles west and north of Detroit. Pres. Standish
purchased
land
was
the
that
stated
purchase.
in confirming the report of the
intend to
to provide for future expansion and that the company does not
move the present plant or in any way to curtail its Detroit operations.
is.
it
where
The home office and plant will remain
To-day the present plant, started in 1904, occupies more than 20 acres
of floor space, an increase of more than 1,200% over the first building.
V. 119. p. 328, 201.
Gas & Electric Co.-Merger Approved.-
Calumet
of 14 public
The Indiana P. S. Commission has authorized the merger
The
utilities in northern Indiana with the Calumet Gas & Electric Co.
companies included in the merger are:
Light & Power Co.; (3)
Electric
Knox
Co.:
(2)
Fuel
&
Gas
Elkhart
(1)
Co.;(5) Plymouth
Monterey Light & Power Co.;(4) North Judson Electric
Light & Power Co.;
Electric Light & Power Co.; (6) La Grange County
(9) DeMotte
Co.;
Electric
Consumers
(8)
Co.;
Lighting
(7) Valparaiso
Kankakee Valley Electric
Utilities Co.:(10) Hanna Light & Power Co.;(11)
Electric Co.; (14)
Co.; (12) Kingsbury Light & Power Co.; (13) Union
Wanatah-LaCrosse Electric Co.
the north end of the State of
The companies operate in 12 counties in in
Lake, Porter, LaPorte, St.
Indiana. Communities served are located
Fulton, Pulaski. LaGrange
Marshall,
Starke,
Joseph, Elkhart, Newton,
and -Noble counties.-V. 119. p. 1175.
n Industrial Alcohol Co. Ltd.-New Company.
Canadia
providing for the sale
The shareholders on Oct. 7 ratified a resoltition
Industrial Alcohol, Ltd., a new
of the existing company to the Canadianlaws
Dominion of Canada,
the
of
the
under
d
incorporate
recently
company
par value. The new
with an authorized capital of 1,000.000 shares of no
undertakings of the old
company acquired the entire properties, assets and
800,000 shares of the
of
on
considerati
the
for
concern,
going
a
company, as
among
new company, of no par value. The distribution of these shares
to receive
the shareholders of the old company will entitle each shareholder
$25.par
stock,
of
share
one
for
value,
two of the new shares, of no par
V. 119. p. 1629.
[VOL. 119.
having been encobalt ores under a new process. Unforeseen difficulties
plant has
countered by that company, operations were abandoned and the
adn supplies
equipment
salable
the
of
been closed down. A large amount
on hand are now being disposed of.
in the
Consolidation of Properties.-Company recently became interested
consisting
Armstrong-Booth claims in Tisdale Township,Porcupine District,
A company was
of 200 acres adjoining the Newray Mine on the South.
develop these
formed and incorporated as Strong-Bow Gold Mines, Ltd.,to
owned 96.25% of the
Claims, in which company Coniagas Mines, Ltd.
depth on the
at
values
'
anticipated
the
that
is
believed
Capital stock. It
these claims on
Newray Mine, and also on the Goldale property adjoining
property, and it was
the south and west, extend into the Armstrong-Booth
three properties-Goldale,
felt by the directors that if a consolidation of the would
be decidedly in the
Newray and Strong-Bow-could be effected it
possibility of a mine of
the
holding
as
s
shareholder
of
Conlagas
Interests
large potential value.
companies,
Negotiations were carried on with the Goldale and Newray
n of interests in
and an agreement was reached providing for the consolidatio
company. This
the three properties and the formation of an operating
the respective companies.
agreement has been ratified by the shareholders of
under the
Incorporation of the operating company has been completed
of $5,000,000 (par
name of the "Coniaurum Mines, Ltd.," with a capital
D. Reid.
F.
V.-Pres.;
Bishop,
L.
A.
Pres.;
$5). Directors: R. W.Leonard,
Alexander Longwell. W. Cl. Watson. F. D. Reid has been appointed
Sec.-Treas.
J.
Mackan,
Mr.
and
Gen. Mgr.
Ltd., receives in
Under the agreement for consolidation, Goldale Mines,
under development.
exchange for their main property of 120 acres nowMines,
Ltd.receives
Newray
The
company.
228,000 shares in the new
Ltd. in
for their property 172,000 shares: the Strong-Bow Gold Mines,'
the
and'
shares,
60,000
receives
claims
-Booth
for
the
Armstrong
exchange
Ltd., at
Mines,
Coniagas
toe
by
up
remaining 540,000 shares will be taken
and the
a price of $1,050,000, of which 5250,000 was paid on allotment
1924.
balance is payable within two years from June 12will
acquire a controlling
Under this agreement the Coniagas Mines, Ltd.,
of treasury
Interest of 61.275% in the new company as follows: By purchase
Mine, 15,000
Newray
on
date
to
stock, 540.000 shares: for expenditure
Ltd..
shares: for its interest of 96.25% of the Strong-Bow Gold Mines,
57.750 shares.-V. 115. p. 2797.
Conley Tank Car Co.-Equip. Trusts Offered.-MeLaughlin, MacAfee & Co., Pittsburgh, are offering at prices
ranging from 99.04 and int. to 101.43 and int. to yield from
5% to 6%,according to maturity, $300,000 6% Equip.
Trust Gold Certificates, Series "E." Issued under the
Phila. plan. Guar. prin. & divs. by Conley Tank Car Co.
exception of
All of the property and assets of the company, withatthe
public auction,
receivables, cash. bonds, &c., will be offered for sale in
, on
Court,
bankruptcy
District
S.
U.
the
of
subject to the approval
ft? sale includes real estate,
Oct. 211924. at Detroit, Mich. The property
materials,
and
finished
stock
production
equipment,
plant
and
machinery
Aug. 11924. at $919,981.
cars, furniture and fixtures, &c.. appraised as of p.
1513.
Security Trust Co.. Detroit, is trustee.-V.119.
1935. Dividends
Dated Oct. 11924; duo $30.000 each April 1 1926 to to
pay the normal
payable A. & 0. Denom. $1,000 O. Company agrees
60 days' notice
on
date
int.
any
on
Red.
2%.
to
Federal income tax up
ia Co. for
Pennsylvan
at
at 102 and int. Principal and dividends payable
Ins. on Lives & Granting Annuities, Philadelphia, trustee.
Company.
Data from Letter of F. G. Conley, President of the
equipment: 203
Security.-Certificaten will be secured by the following
cars and
tank
steel
insulated
8,000-gallon
46
8.000-gallon steel tank cars,
has a present replace11 10,000-gallon steel tank cars. This equipment
per car.
$2,000
of
an
average
or
$520,000,
ely
approximat
of
ment value
car, or 58%
These certificates will be outstanding at the rate of 51,154 per
of replacement value.
in 1920. Owns a total
Cympany.-A Pennsylvania corporation, incorp.
the proceeds of this issue.
of 733 cars. including those acquired through
and equipment of the
business
the
acquired
company
the
1924
1
On July
Keystone Car & Equipment Co.
transportation of refined and
The tank cars owned are leased for the
cottonseed oil, packingcrude oil, gasoline, benzol, industrial alcohol, at Pittsburgh, Pa., and
house products, &c. Offices are maintained
Tex.
Dallas,
1923 average annual net earnEarnings -For the 4 years ended Dec. 31
applicable to int. charges, were
ings, after operating expenses and taxes,Equip.
Trust Ctts. After Jan. 1
outstanding
then
the
int,
on
,
over 5 time'
Equip. Trust Ctfs., the
1925 the company will have outstanding $734,000
Earnings for the
annual int. charges on which will amount to $43,380.
the Keystone Car &
and
company
the
of
current year, based on the results
approximately 314
Equipment Co. for the first 8 months of 1924, will be
times such annual int. charges.
Balance Sheet Aug. 31 1924.
and the acquisition of new
[After giving effect to the sale of this issue stock.]
of $100,000 Preferred
sale
the
also
equipment.
Assets.
$296,400
51,243.585 Preferred stock
Tank car equipment
340,700
1,447 Common stock
Office furniture
785.000
__
bonds_
trust
Equipment
101,506
Cash
3,412
payable
Accounts
Series "C" Equips, due
17,557
5,000 Reserve accounts
Nov. 15 1924
1,516
Surplus
35,243
Accounts receivable
4,051
Notes receivable
151,444,584
side)
(each
Total
53,751
assetsother
&
Deferred
Mgr.; J. H.
Directors.-F. G. Conley, Pres.: Walter J. Curley, Gen. N. Trimble,
Holmes. W. J. Johnson, H. P. Kuhn, D. J. McLaughlin, It.
J. W. Ward. Pittsburgh.
Congoleitm Co., Inc.-Name Changed to CongoleumNairn, Inc., &c.
s on Oct.6(a) voted to change the name of the company
Toe stockholder
airn. Inc.. and (6) amended tne certificate of incorporation
g $240,400) have
Certain 1st Mtge. bonds dated May 2 1921 (aggregatin
at the First Trust &
been called for payment Nov. 1 at 104 and interest
at the First
holder,
the
Savings Bank, Chicago, Ill., or, at the option of
National Bank, New York City.-V. 117, p. 1781.
Certain-teed Products Corp.-Listing.-
of 40,000 addiThe New York Stock Exchange has authorized the listing 500,000
shares)
tional shares of Common stock without par value (authorized
applied for 140,000
on official notice of issuance, making a total amount
for
used
be
will
stock
of
shares
40,000
the
of
all
of
proceeds
The
shares.
additional working capital.-V. 119, p. 1629. 1285.
Chemical Foundation, Inc.-Dye Patents Hearing Set.-
set Nov. 10
The U. S. Circuit Court of Appeals at Philadelphia Oct.t7
Governmen for the return
for the hearing of argument on the appeal of thepatents
by the company.
of several thousand German dye and chemical
GovernJudge Morris of the District Court of Delaware dismissed the
from Germent's suit for restoration of the patents, which were confiscatedby
Francis
man nationals during the World War and geld to the Foundation
Mr. Garvan
P. Garvan, former Allen Property Custodian, for $250,000. Governmen
t
later became President of the Chemical Foundation. The
patents were worth hunmaintained that the sale was illegal, declaring the
119,
-V.
for
them.
p.1285.
paid
was
dreds of thousands of dollars more than
Chevrolet Motor Car Co.-Output.-
The company in September produced 25,472 cars and trucks. compared
with 25,194 in August. Retail deliveries in September totaled 24,958.
against 25,329 in August.-V. 119, p. 1398.
Cincinnati Gas Transportation Co.-Tenders.--
trustee, Cincinnati. 0., will
The Provident Savings Bank & Trust
of 5% bonds dated July 1 1908
Co.,
until Oct. 16 receive bids for the sale to it
. 119, p. 1285.
593,821.-V
to an amount sufficient to exhaust
Clinton (Iowa) Water Works Co.-Increases Stock.-
This company, a subsidiary of the American Water Works & Electric
Co. has filed a certificate at Dover. Del.,increasing its authorized capital
stock from $1,500,000 to 51.950,000.-V. 107, p. 1483.
Columbia Motors Co.-Bankruptry Sale.-
to Conoleum-N
Increasing the number of directors to 15.
Common stock
The stocknolders on Sept. 8 last increased the authorizedof no par value.
from 1.000,000 shares of no par value to 1.750.000 shares
-V. 119. p. 1286.
Congoleum-Nairn, Inc.-New Name, &c.Coniagas Mines, Ltd.-Interim Report.-
See Congoleum Co., Inc., above.
the shareholders,reports
President R. W. Leonard in an interim report to
In substance:
alteration has taken
material
a
1924
7
April
-Since
Mine.
Cobalt
Fire at
the company. A disastrous fire occurred on the
Place in the affairs ofCobalt
in the total destrucresulting
on May 30 last,
company's property at
the entire surface equipment of
tion of the mill, shaft-house and practically
the mine.
management of the company's staff at
It is entirely due to the capable
reached in milling operations at the mine,
Cobalt and the splendid efficiency
been prolonged from year to year, as for several
that the life of toe mine hasbeen
producing low-grade ore almost entirely.
years past the mine has
has been realized. During the 14 months
upon which a very fair profit
profits amounting to $394,428 were
working
1923,
31
Dec.
period ending
months of the current year the estimated
realized, and for the first fourabout
8100,000.
to
working profits amounted cessation
of operations at the cobalt property
The fire has caused the
While the insurance companion conuntil the future policy is determined. it is anticipated that the total amount
cerned have not yet made settlement,
$157,550.
to
amount
of moneys recoverable will
these properties the results
Ruby .Lfines.-After thorough explrration of
purchase the claims has been
have not been encouraging and the option to
on these properties was
spent
money
abandoned. The net amount of
approximately $88.000.
s at the Beaver mine
-Operation
Mines.
Doris
Beaver, Badger and Prince
quantity of ore has been mined
have been carried on continuously. A fair
ng mill located
concentrati
the
in
treated
was
which
from the upper levels,
at depth on the diabaseon the property: but the development of the mine
work on these properties i.e
keewatin contact has been disappointing, and
foot level to the west
now confined to completing the cross cut at the 1.200
the terms of the working
boundary of the Prince Davis eroperty, under
development of these properoption entered into in 1922. Up to July 31 the
ties had cost your company approximately $113.500.to date has consisted
Newray Mine.-Development work at this property
baying reached a
almost entirely of shaft-sinking, the main.shaft now
the 1,000 foot
depth of 1.080 feet. An active exploration of the mine at
of the property.
level will now be carried on to determine the possibilities
of the Capital
shares
which
for
$249.608 has been spent on work to date,
stock of the Newray Mines have been received.
under lease to
was
Thorold
at
smelter
Ltd.
urtion
-The
Co.,
Coniagas Red
treatirg
the Coniagas Alkali & Reduction Co., Ltd., for the purpose of
Consolidated Water Power & Paper Co.-Bonds Canal.
ation Coal Co.-Stricken from List.-
Consolid
the list Consolidation
The New York Stock Exchange has stricken fromfrom
the Exchange was
Coal Co. $440,205,448 Common stock. The striking
correspondence between it
made at the request of the company as a result oflast
of $10.000.000
spring
issuance
regarding
and the listing committee
Capital stock '
Preferred stock following which the previously outstanding
the company's
of
amendment
The
stock.
Common
became
automatically
change, and
the
make
to
charter by the Maryland Legislature was required
asked the
it was not secured without delay. Meanwhile, the company
has been
stock
The
list.
the
from
issue
Junior
the
Stock Exchange to strike
dealings in it '
very inactive for many years on the New York Exchange, where it now
Exchange
the
Baltimore
to
confined
principally
having been
Exenjoys a regular market. It was first listed on the New 'York Stock
change in 1870 and subsequently was moderately active.-V.118. p. 2442.
rs Power Co.(of Me.), Mich.-Change in Capl.
Consume
shares of
The stockheiders will vote Oct. 24 on (a) changing me 200,000
of authorized
authorized Common stock, par $100 each. to 1,4001,000 shares
7 shares
of
issue
the
authorizing
and
par
value,
no
Common stock having
the par value of
thereof in exchange for each share of Common stock of stock
by increascapital
the
increasing
(b)
:
outstanding
each
presently
$100
each, from
ing Um authorized number of shame of Prof. stock, par $100 of shares
300.000 shares to 500,000 shares, and by increasing tne number
to
2.000.000
1,400,000
from
value
no
par
ef the Common stock having
consideration for
shares; and (r) authorizing the directors to prescribe the
not
value
issued
par
no
having
stock
Common
the
of
shares
increased
watch
in exchange may be issued and disposed of.-V. 119, p. 1630, 698, 329.
Continental Gas 8c Electric Corp.-Offer of United
Light & Power Co. To Exchange Its Stock for Continental Gas
& Electric Corp. Common Stock.-The United Light & Power
Co. has contracted to purchase not less than 75,000 shares
of the 109,057 shares of Common stock of Continental Gas
& Electric Corp. outstanding on June 30 1924 and 35,000
additional treasury shares, thus obtaining in excess of 75%
'of the entire outstanding.Common stock, the stock to be
held in the name of a subsidiary. The United company
being desirous of obtaining the balance of the outstanding
Common stock of the Continental corporation is prepared
to acquire all or any portion of the remaining outstanding
Comm cn stock on the basis outlined below. Otis & Co. and
OCT. 11 1924.]
THE CHRONICLE
Howe, Snow & Bertles, Inc., investment bankers, approve
of the exchange and consider it of advantage to the Common
stockholders and suggest that shares be deposited without
delay.
The above offer is in connection with the acquisition by
The United Power & Light Co. of control of the Continental
Gas & Electric Corp., which in turn controls Columbus Ry.
Power & Light Co., Kansas City Power & Light Co. and the
Lincoln Gas & Electric Co. (noted in "Chronicle" Oct. 4,
page 1627).
1739
U n completion of the refunding and purchase
ns as above, tht
$20. .000 of this issue then to be outstanding, onoperatio
the basis of the presene
capitalization, will constitute the sole funded indebted
ness
of
the Continental Gas & Electric Corp.. and will be secured by 100%
of the Common
stock of the Kansas City Power & Light Co.. at least
75% of the Common
shares and a substantial interest in the Preferre
d shares of the Columbus
Ry. Power & Light Co., and by the equity (subject
this time to only
$1096,100 bonds) of all the other now owned propertieat
s of the Continental
Gas & Electric Corporation.
The present value of the then deposited collateral, on the
als of the properties by recognized engineering authoriti basis of appraises, plus additions
(Columbus valuation based on book values), and after deductin
g the par
value of all prior securities, is in excess of $37.000.000.
Sinking Fund.-The trust indenture provides for an annual
sinking fund
payment for the retirement of this issue commenc
ing Oct. 1 1926, equal to
1% of maximum principal amount outstanding (less bonds retired
through
sale of pledged collateral), at any time precedin
g such payment during the
first 8 years;2% during the next 25 years; and 2Si
% during the last 5 years.
Consolidated Earnings Statement, Year Ended June 30.
(Continental Gas & Electric Corporation and its subsidiaries.]
1923.
1924.
Gross earnings of subsidiary companies
Net earnings of Continental Gas & Electric Corp.$20.033,761 $21.411.644
(incl. undistributed income for the same period of
sub. cos. accruing to it) after operating expenses
incl. maint. and deprec'n at the rates provided in,
the indenture securing this issue, and after int.
and div. charges on sub. cos. and all other
prior
deductions
$3,589,395 $4,336,453
Int.on First Lien 54 due 1927,and ref. 64,due
1947
531,017
Int. on $11,700.000 Sec.6
Gold Bonds, 1964 (this issue).._
%
760,500
Int. of $5,700,000 Coll. Trust 7% Gold Bonds,
1954
399,500
Balance
$2,645,936
Franchises.-The electric light
power franchises, both in Missouri
and Kansas, are, in the opinion and
of counsel, with minor exceptions, perpetual. Company's electric light
franchises in Columbus are,
in the opinion of counsel, withoutand power
limit. Important street railway
lines, extending through the centretime
of
the
city
and aggregating over 18
miles, are operated under franchises which are also,
in the opinion of counsel, without time limit. The remainin
mileage is operated under franchises expiring in 1925 and 1926. The gfranchise
of
are also satisfactory. Corporation has no pending the other subsidiaries
rate or franchise litigation and satisfactory relations prevail
in all communities.-V.119. p. 1 O.
1286.
Basis of Exchange.-The United Light & Power Co. offers to exchange
,
and will balm,for each share of Continental Gas
& Electric
Common
stock 1 1-5 shares of Class "B" Pref. stock, First Series,Corp.
1 share of
Class "A" Common stock, on condition that Common stockand
the Continental company are deposited on or before Oct. certificates of
30 1924 with
one of the following depositories: Cleveland Trust Co..
d. 0.;
Old National Bank. Grand Rapids, Mich.; Continental &Clevelan
Commercial
Trust & Savings Bank, Chicago:Ill., or New York Trust
Co., New York.
The above offer is open only to Continental Gas & Electric
Corp. stockholders of record Oct. 7 1924.
No fractional shares will be issued, and where
result the United
Light & Power Co. is prepared and offers to sell fractions
sufficien
"B" Pref. stock in order to make a complete share, ort additional Class
is prepared and
offers to buy anshay fractional share resulting from the exchange
, at the rate
of $45 per full
re.
The Class "B" Pref. stock. First Series, of United Light
&
Power
Co. is
entitled to cumulative dividends at the rate of $3.50 per
share per annum,
payable quarterly J. & A., and is entitled, whenever dividend
s in excess of
$1.40 a share for any calendar year shall have
been paid or declared and
set apart for payment on the Common stock, to
an extra distribution of
50c. a share during the succeeding calendar year.
The earnings of the
company justify the pay:ent of, and the company
is now paying dividends
upon thisVas
:
r de
"
eB
in
'
'
a
ift;
at the rate of $4 per share per annum.
whole
h
or in part, at the option of the company,
at $8
60 per share; and in the event of
on must be retired at $50 per
share and all accumulated dividends,liquidati
it any, after prior obligations of the
company have been satisfied.
The Class "A" Common stock of
United Light & Power Co. shares
equally with the Class "B" Commonthe
stock in all dividend disbursements,
and in the event of liquidation it shares
equally with the Class "B" Com.
stock in the distribution of assets after prior
ns have been satisfied.
Dividends at the rate of $1.60 per shareobligatio
.per annum in cash are now
being paid on both Class "A" and
"B' Common stocks of the company, in quarterly installments, asClass
Crew Levick Co., Philadelphia.-Expan
declared on Feb. 1, &c. In addition
thereto both classes of Common stocks now receive
The company intends to enlarge its Petty Island sion.
extra dividends in the one
terminal and make it
form of Class "A" Common stock at the
of the largest receiving and distributing stations for
rate of 1-20th of one share of
petroleu
m products
Class "A" Common stock per share, per annum
on the Atlantic coast. The company now
only lubricating oils
export and distribution throughout the handles
Eastern States, but it now
President Frank T. Hulswit of the United Light & Power for
plans to build storage and receiving tanks
for gasoline, kerosene, gas oil,
Co. says:
fuel oil and distillates, all of which are expected
to be purchased in the
Mid-Continent States.-V. 118, p. 2955.
At the market price prevailing on Sept.
1924,
30
namely, $50 per share,
the extra dividendi payable in stock is worth at market
value $2.50. making
Dauph
a total dividend yield on the Common
in
County
Gas Co.-Merger.a return of 8% on the market value. stock of $4.10 per share, exceeding
It announced that this(Pa.)
company has been merged with the
The present market value (as of (Pa.)isGas
Harrisburg
Sept. 30) of the Class "B" Preferred stock
Co.-V. 107, p. 406.
$45
is
per
share.
Therefor
e
1 1-5 shares of Class "B" Preferred stock at present
market prices are worth
$54, which, when added to the value
Detroi
t
Garages, Inc.-Bonds Offered.-First National
of one share of Claw;"A" Common
stock at $50 per share, give a present market
of Continental Gas & Electric Corp. Commonvalue of $104 for each share Co., De r3.t Tru t Co. and Nicol-Ford & Co. Inc.,
We believe that the proposed exthange will stock exchanged.
Detroit
,
are
offering at 100 and interest, $650,000 First
be to the advantage of the
holders of Common stock of the Continental company
, and we respectfully Mortgage Sinking Fund 6% Gold Bonds.
request that deposits of stock be made without
delay.
Dated Oct. 1 1924. Maturing Oct. 1 1934.
Denom. $1,000 and
$500 C.
A brief statement setting forth the position of
ble, all or part, on 30 days' notice, at 102 and
interest.
United Interest Redeema
A. & 0., without deduction for normal Federal
Light & Power Co. and the properties it operatethe
income tax
up
to
2%.
Detroit Trust Co., trustee.
s, &c., as
Security.-Direct obligation of company, and secured
constituted after giving effect to the acquisition of the
by a first mortgage
on valuable downtown real
in the city of Detroit, located within oneContinental Gas & Electric Corp. and
subsidiaries, is half mile of the City Hall.estate
These properties have been appraised by the
given under that company under 'Railroits
Detroit Trust Co. as follows:
Land, $621,000; buildings. $630,000; total.
ads" above.
$1.251,000.
$11,700,000 Secured 63% Gold Bonds
Company.-Organized in March 1924 for the
purpose of erecting and
Co., Howe, Snow & Bertles, Inc., Peirce, Sold.-Otis & or3nt
operating .
n
p type
garages lernnn
nntnnn
& Co., and
anll
of the City
first three
J. G. White & Co.Inc., have sol 1., at 99 Fair
rcon
distrcnheowf7
be completed in Nov., Dec. and Jan., respectiv
and
interest
,
to
ely. Among those who were
yield over 6.55%,'$11,700,000 Secured 63/2%
responsib
for, and are financially interested
Gold Bonds, interests le
the company, are the
Series "A."
controlling certain downtown buildingsin
.
Earnings.-Earnings have been conservatively
Dated Oct. 1 1924; Due Oct. 1 1964.
estimated from actual
Interest payable A. & 0. In New figures on other garages of the
York, Chicago or Cleveland,
type throughout the country at an
without deduction for normal Federal income
amount substantially in excess ofsame
tax up to 2%. Redeemable, all
sinking fund and interest requirements.
or
part,
on
any
interestd
Sinking
ate.
upon
30
days'
Fund.-A sinking fund, beginning Nov. 1 1925, and
notice, on or before Oct. 11959.
payable
105 and interest; thereafter at 100 and monthly to the trustee,
interest. Delimit.. $1,000. $500atand
will retire
bonds on or before maturity.
$100.
Principal payable in Moneys in the sinking fund will be $350,000
New York,Cleveland or Chicago. Clevelan
used annually to purchase bonds in the
d Trust.
c*. Co.,Cleveland, trustee. open market, or if not so obtainab
le below 102, bonds will be redeemed by
Data from Letter of Chairman C. S. Eaton,
Cleveland, Ohio, Oct. 1: lot at the call price.
Corporation.-A holding company organized
in 1912 in Delaware. Con,
trols a group of electric power and light
(W.
L.) Douglas Shoe Co., Brockton, Mass.-New Pres.
and in Canada, and serving 192 growingcompanies operating in 4 States
Herbert L. Tinkham has been elected Presiden
communities. The companie, W.
t to succeed the late Gov.
controlled are as follows: (a) Kansas
L. Douglas. Daniel W. Packard,
City
Power
&
Light
Co.,
a director, has been elected Vice..
Kansas
City.
Mo.; (b) Nebraska Gas & Electric Co.: (c)
President, and Carl B. Nevins,
Canada Gas & Electric Corp.- Judge
Treasurer, both succeeding Mr. Tinkham.
Brandon,
(d) Columbus Ry., Power & Light
Warren
A. Reed, executor of the Douglas estate, has been adedd
to
(e) Iowa Service
Man.•* Co.; (f) Lincoln Gas & Electric LightCo., Columbus, 0.s the board -V. 119. p. 699.
Co., Lincoln, Neb.:
and (g) Maryville Electric Light & Power
The subsidiaries serve with electric lightCo.
Duquesne Light Co.-Listing-Earnings.and power: Kansas City. Mo.:
Columbus, 0.;Lincoln, Neb.; Brandon,
The N. Y. Stock Exchange has authoriz
Manitoba, and 1.88 cities and communities in Iowa. Nebraska and Missouri
ed the listing of $15,000,000 addi. They furnish gas to Lincoln. tional 1st Pref.stock 7% Cum.,Series
Neb., Brandon. Manitoba, and five
A,par $100. making the total amount
other cities; do the entire street railway applied for $30,000,000. (See
business in Columbus. 0., and a steam
offering in V. 119, p. 1630.)
heating
business in restricte districts in Kansas City and
Income Account Year Ended Aug. 31 1924.
s. The corporation derives overd83%
of its net revenue throughColumbu
Grass
the sale of electricity. Its subsidiar
$20,025.638
ies have Oper.earnings
230,918 customers, and serve a total
expenses
and
taxes (incl. $893,717 Federal taxes)
population of approximately 1,090,000.
12.889.371
Capitalization (After This Financi
Authorized, Outstanding.
Prior Preferred stock, 7%, par $100ng)Net earnings
$7,136.267
$20.000.000 $10,047,400 Net earnings from other
Participating Preferred stock, 6-8%,
operations
par $100. _ _ _ 20,000.000
212,623
Common stock, no prat' value
1.920.600 Other income
450.430
350,000 shs. 144,057 shs.
First Lien Sinking Fund 5% bonds, due
1927.... $5,000,000 $4,066,900
Grass income
Refunding Mortgage 6%. due 1947
$7,799.320
Restricted
Collateral Trust 7% bonds, due 1954
5,461.200 Rent for lease of electrical properties
387.498
Secured
% Gold bonds, due 1964 (this issue)._ Restricted a5,700,000 Interest accrued on funded debt
2.107,945
20,000,000 11.700.000 Interest accrued on
unfunded debt
15,659
Amortization of debt discount and expense
a To be refunded by $5,700,000 Secured 631% Gold
109,753
bonds.
Purpose.-Preferred and Common stocks of the
Continen
tal
Gas &ElecNet income for the year
tric Corp. have been sold at this time to provide over
$5,178,464
which, together with the proceeds of this issue of $11,700, $5,000.000 cash. Surplus Sept. 1 1923
4.989,188
000 of bonds will Additions to surplus
be used to acquire practically the entire remainin
g
outstand
94.482
the minority shares held by Illinois Power & Light Co.] ing shares [being
and
25.000
Gross
additional treasury shares [including 15.000 additional shares
surplus
$10,262,
134
stockholders' meeting Sept. 15 1924] of the Kansas City authorized at a Deduct-Divs. on Pref. stock, $1,950,000; on Com.,$1,640,340 3.590.34
Power Securities
0
Corp. (owning 100% of the outstanding Common
Prem. on Pref. stk. retired, $14.620;on bond.s retired. $17,025
shares
31.645
of
the
Kansas
City Power & Light Co.) and not less than 75% of the
Expenses in connection with tsglie and sale of Pref. stocks-..
Common shares and
621,666
a substantial interest in the Preferred shares of the
Loss
on
fixed
capital
retired from service
248.447
Light Co. and to provide funds for the acquisiti Columbus Ry., Power & Miscellaneous
138.718
of controlled companies. (The Continental Gason&of additional securities
Corp.. it is
Surplus
understood, now owns 98.7% of the outstanding stockElectric
Aug.
31 1924
of
the
$5.631.3
16
Kansas
City -V. 119. p. 1630.
Power Securities Corp.]
Security.-Secured by deposit and pledge of the above
-mentioned securities, acquired and to be acquired
Elkhar
t
(Ind.) Gas & Fuel Co.-Merger., or funds impounded for the acquisiti
thereof.
See Calumet Gas & Electric Co. above.-V. 119, p.
on
1176.
The net earnings (ate. taxes and after maintenance and
deprecia
tion
the rates provided in the indentur
Edison
Electric Illuminating Co., Boston.-Stock.-e securing this issue) accruing directly at
this collateral for the 12 months ended June 30
to
The
special
meeting
stockhol
of
the
ders, scheduled for Oct. 6. to act on
1924. were over three times an issue
the interest charges on this issue.
of 77.857 additional shares, has been postpone
Oct. 20 pending
Provisions.-Of the present authoriza
decision from the Department of Public Utilities. d to
of $20,000,000 bonds there are a
The
has
reserved $5,700.000 bonds to refund tion
notified
the
Department that the price at which it desirescompany
00 of Continental Gas & 77,857
Electric Corp. Collateral Trust 7s, due$5,700,0
shares of additional capital stock is $155 a share, whichto mile the
1954. The remaining 32.600,000
will
may be sold and the proceeds used to reimburs
realize
$12.067.
835.
If
the
authorit
asked
granted,
for is
y
e the company for not to bonds
exceed 75% of the purchase price of securities of
of the Boston Electric Light Co., due Sept. 1,the company will retire
controlled companies.
amounting to $1,250.The refunding of the $9,528,100 First Lien
5s and Refunding 64 of the I 000, and will pay off some notes covering new construction, addition
Continental Gas & Electric Corp..
s and
improve
ments
to property amounting to $1.0817.835.
through securities of a subsidiary of the
Continental Gas & Electric Corp.is
The present capital stock of the company is
provided for, the equity reverting to
$28.928.400, and the prethe lien of the indenture securing' this
miums paid for stock amount to $24,614,
issue.
543, making a total of $63,542,
paid for stock in the company.
943
1
1740
THE CHRONICLE
Comparative Balance Sheet.
June 30'24. Dee.31 '23
June 30'24.Dec.31 '23.
$
UabfliftesAssets38,871,000 32,440,300
Plant
93,015,796 82,801,707 Capital stock
Prem.on cap.stk-24.572,876 22,000,596
51,203
Other investments
1,250,000 1,250,000
Cash
665,746 2,558.095 Bonds
Coupon notes, 12.000.000 12,000,000
Special deposits_ -1,000
11,820,000
-14,045,000
payable__
Notes
Notes receivable__
20,651
27,641
4,305,760
Accts.receivable__ 1,449,945 1,800,878 Install,on new stk.
541,469
Material & supp__ 2,663,656 1,953,285 Accts. payable___ 433,572
213,585
deposCustomers'
Other current assets 225,759
265,468
973,209
Divs. declared__ -- 1,166,130
Prepaid items__ __ 465,925
1,102,988
Tax liability
Disct. on bonds__
72,583
457,553
Interest accrued-- 365,971
Other unadi. debits 445,730
Other unad1. cred_ 500,545
Deprec. reserve- 2,792,791 3,011,977
599,226
Total (each side)_99,084,988 89,400,088 Profit and loss_ 1,770,528
-V. 119, p. 1400.
Empire Gas & Fuel Co.-Bonds Called.-
Certain 1st Mtge. & Coll. Trust S. F. 6% gold bonds, due May 1 1926
(aggregating $469.000). have been called for payment Nov. 1 at 104 and
int. at the Bankers Trust Co., 10 Wall St., N.Y.City.-V.119, p. 1287.
Equitable Illuminating Gas Lt. Co. of Phila.-Tenders
The New York Trust Co. will, until Oct. 23, receive bids for the sale to it
of 1st Mtge.5% gold bonds. due 1928, to an amount sufficient to exhaust
3421,080 at a price not exceeding 105 and int.-V. 118. p. 2048.
Fajardo Sugar Co.-Extra Dividend of 2M%.
An extra dividend of 234% has been declared on the outstanding capital
stock, par $100,in addition to the regular nuarterly dividend of 2%%, both
payable Nov. 1 to holders of record Oct. 18. An extra of 134% was paid
on Aug. I last and one of 234% on May 1 last.-V.119, p. 79.
• 'Mil..
1-19.
Purpose.-Proceeds will be used to redeem the outstanding 33,621,309
8% 10-Year Sinking Fund Cony. Gold bonds due Dec. 1 1930, to be called
for redemption Dec. 11924. at 105 and interest; to reimburse the company
for working capital utilized in the retirement on Oct.-1 1924, of the outstanding $1,085.500 10-Year 6% Sinking Fund Gold Debentures due
.
April 1 1925, and for other corporate purposes.
Assets -After giving effect to this financing, the consolidated net assets
of the company and its subsidiaries as of June 30 1924, were in excess of
con337.500.000. or more than 73J, times the amount of this ssiue. Thetimes
solidated current assets, on the same basis, were in excess of 334
liabilities.
the current
Earnings.-The consolidated earnings of the company and its subsidiaries
applicable to the payment of interest and sinking fund charges, after all
expenses, including charges for depreciation, inventory adjustments and
taxes during the 12-year period ended Dec. 31 1923, have averaged $1,187.interest and
399 annually, or nearly three times the combined annual
minimum sinking fund charges on those bonds. Such earnings for 1924.
based on actual figures for the first seven months, are estimated at $1,900.000, or over 4,4 times such interest and sinking fund charges.
Sinking Fund.-The agreement under which these bonds will be issued
than
will provide for a cumulative sinking fund, with payments of not less
bonds
350.000 semi-annually, to be used for the purchase or redemption of
of this issue at not more than the redemption price existing at the next
ensuing interest date.
Convertible.-Bonds are to be convertible at the option of the holder at
any time on or after April I 1927, into an equal par, amount of Common
stock of the company. If bonds are called for payment on or after April 1
1927, conversion may be made•on or before the date fixed for redemption.
-V. 119. p. 1513. 1287.
General Gas & Electric Co.-Tenders.-
The Equitable Trust Co., of New York, trustee, will until Oct. 21 re-elve
Wds for the sale to it of 1st Lien 5% Cony, gold bonds, dated July 1 1912.
ty an amount sufficient to exhaust 3150.000.-V. 119. p. 1287. 1176.
General Motors Corp.-GMC Truck Opens Branches.-
The GMC Truck Corp., a subsidiary, has just opened 6 additional direct
Famous Players-Lasky Corp.-Foreign Business.service facilities and
E. E. Shauer, Assistant Treasurer, and director of foreign business, says factory branches waich are equipped with complete
the supervision of trained experts. The new branches are located
1-3%
about
33
is
under
running
ahead
in substance: "Our foreign business
Wayne. Ind., Fort Worth, Tex..
of last year. Prospects of the company are more encouraging than ever. at Albany. N. Y., Newark, N. S., Fort119,
p. 1631.
We are operating on a larger scale, which should be reflected in earnings. Tacoma, Wash., and Columbus, 0.-V.
Business in France. Belgium and Switzerland is double what it was a year
Germain Co., Pittsburgh.-Notes Offered.-Warren A.
ago. Subsidiaries in both Holland and Italy have been organized, which
will help materially in our distribution. We now have producing units Tyson & Co. are offering at prices ranging from 97.89 and
In California, New York and London.
according to
'We are operating 211 theatres in the United States and are building int. to 100 and int. to yield from 6% to 6%%,
Secured Serial gold notes.
a new theatre in London. called the Plaza. at a cost of about $1,500.000. maturity, $600.000
6%
'
We are also leasing a number of theatres in France for our productions."
Dated Aug. 11924. Due serially Aug. 1 1925 to Aug. 11929. Interest
-V.119, p. 1069.
payable F. & A. at Peoples Savings & Trust Co., 'Pittsburgh, trustee,
ss of 2%. Free of
deduction for Federal income taxes not in exc,
without
Ferrer Sugar Co. (of Cuba).-Trustee.-Penna. 4 mills tax. Denom. $1.000. Red., all or In part, on
The Metropolitan Trust Co. of New York has been appointed trustee of the present
Int.
and
102
at
notice
weeks'
4
on
dat.
int.
any
3450.0008% Debenture bonds maturing April 1 1934.-V. 118, p. 2596.
Authorized. Outstanding.
Capitalization00
0:8000
26
40
56
000
$600:0
6% Secured Serial gold notes (this issue)
• Ford Motor Co. of Canada, Ltd.-Report.Pref. 7% cum. stock (par $100)
631.500
1921-22.
1922-23.
1920-21.
900,000
Years End. Jule 31- 1923-24.
Common stock (par $100)
Total sales and other inc.$43.459,138 338,556.183 $29.273.254 337,836.473
The company has guaranteed principal, interest and sinking fund payExp.,incl. maint.& oper139,739,951 33.449,986 124,266,742 35,005,810 ments on an issue of $300,000 of timber bonds of its subsidiary company,
20,627
246,906
Taxes
Germain Land & Timber Co.(V. 114. p. 1896). Annual sinking fund payDividends paid
(16%)700,000(15)1.050,000( 0)2100,000(15)1050,000 ments will be sufficient to retire the entire issue by maturity in 1932.
Data from Letter of President Louis Germain Jr.
Net profits,after taxes,
and successful
Company.-Started In 1906 and has been in continuous
$3,019,187 84,056,197 a$2,885,885 $1,533,757
dividends, &c
wholesale distrioperation since that time. Company is engaged In tar
and ear malumber
nee,
of
handling
[no
in
specializing
lumber,
bution of
a Before adding $133,143 shipping reserve.
invested amounted to $2.500,
W. R. Campbell. V.-Pres., announces plans for the establishment of terial for railroad use. The original capital
$2,200,000.
over
of
assets
total
shows
sheet
balance
latest
the
whereas
Ford Motor Co. of Australia aitti a capitalization of 5,000,000.-V. 119,
Purpose.-Proceeds will be used to retire bank loans. shares (out of a
p. 1631.
Security -Secured by deposit with the trurtee of 4,500
Foundation Co.-Contract to Build Piers.-total of 5.000 shares) of the capital stock of tne Germain Land & Timber
The company has received a contract for building the approaches and piers Co. The value of tne property of this subsidiary ermeany, as recently
Bawd
of the new Sixth. Seventh and Ninth Street bridges over the Allegheny determined by American Appraisal Co.. is in excess of 11,6)0.000.Germain
River at Pittsburgh. It Is stated that the bid was 31,157,299.-V 119. P. on this value, the equity applying to the 4,500 shares owned by
1631.
Co. is in excess of $1,150,000, or over 60% above tae value at which this
stock is carried on tne books of the Germain Co.
from
Francisco Sugar Co.-Balance Sheet June 30Earnings.-The average earnings of tne Germain Co. in the period
excess of
Companla Azucarera Ella.)
March 1 1918 to Dec. 31 1923. before Mt. cnarges, nave been in
company's
the
from
benefit
no
reflect
earnings
These
3125.000 per annum.
1924.
1923.
1924.
1923.
.
reached
investment in Germain Land & Timber Co., as this property only tne
$
Liabilities$
Assets$
first
on results for
5,000,000 5,000,000 full production basis in January of tnis year. Based that
Prop. & plant_ -- _12,821,776 11,550,869 Capital stock
of
proportion
the
154.626 1st Mtge. bonds__ 4.735,000 5,000,000 6 months of this year, it is conservatively estimated
73,559
Investments
of
Per
excess
in
be
Co.
$50,000
will
Germain
the
to
applying
earnings
450,000
Serial
notes
375,669
600,000
Mat'ls & supplies_ 432,820
maximum
times
over
or
of
$175,000,
434
income
293,635 annum, making a total
Colones accounts_ 1,582,969 1,173,391 Pur,money mtges_ 266,570
Interest charges of $36.000.
325.242 Def'd payments... 172,270
Accts.receivable__ 220,638
•
750.000
777,897 1,596,989 Bills payable
Cash In U. S
ting.
Gillette Safety Razor Corp.-Stock Distribution-Lis
250,000
128,938 Loan account
Cash in Cubs,__ _ 128,504
plan outreadjustment
capital
the
6
Oct.
approved
on
stockholders
The
payable..
128,049
Draft
193,500
Sugar & molasses
448,862 lined in V. 119, p. 1401.
198,190 Accts. payable_ _ 714,433
not liquidated__ 2,171,637
of
Tne Boston Stock Exchange has authorized for the list 350 910 shares
Res. for U. S. -&
Balance pending on
Cuba taxess._
996,407
125,000
237,104 Common stock, without par value. See V. 119, p. 1401, 203.
98,983
sugar contracts_
25,000
Dividends payable 150,000
Deposit top ,y 1st.
Ginter Co., Boston.-Sales.-98.024
10,754 Accrued interest_
5,429
80,380
Increase.
Mtge. bond int_
1924-September-1923. Increased 1924-9 Mos.-1923.
462,045 Rea. for Coionos
Deferred charges._ 536.632
88,297.386 3661,462
352.628138.958,848
3928.310
account
375.000
200,000 5980.938 p. 1631.
Claim against Cu817.
119,
-V.
235,727
1,000,000 1,000,000 Res. for accts. rec_ 165,101
ban Govt
Res, for deprec___ 1,450,000
920,000
Glade Creek Coal 8c Lumber Co., Charleston, W. Va.
4,435
366,329
Res.for sug.contr.
-Bonds Offered.-First National Co., St. Louis, and Baker,
Res,for claim arst
Cuban Govt.__ 1,000,000 1,000,000 Fentress & Co., Chicago, are offering at prices to yield from
4,034,646 3,354,940
Tot.(each slde).19.850.887 17,973,124 Surplus
6% to 6.75%, according to maturity, $500,000 1st Mtge.
in V. 119. p. 1631.
was
published
account
A comparative Income
bonds.
George E. Crawley and Salvador C. Monde, have been elected directors Sinking Fund 6M%
Int. payable
Dated Feb. 11924: due serially (F. St A.) to Feb. 1 1935. part.
to succeed Walter E.Ogilvie and Rafael Zevallos,resigned.-V.119. p.1631.
on any
$500 and $100c5. Red., all or
$1,000.
Denom.
A.
&
F.
$700.000;
Authorized.
2%.
of
int. date at par and int, plus a premium
General Aluminum & Brass Mfg. Co.-Merger.-issued with the
be
may
$150.000
the
Of
balance,
$500,000.
1400,
present
issue,
1176.
-V.
Corp.
119.
above.
P.
Brass
&
See Bohn Aluminum
cost
approval of Baker, Fentress & Co. to pay not more than one-half the
additional timber or facilities to be covered by the mortgage,and $50,000
General Asphalt Co.-Bonds Sold.-Drexel & Co., of
Fentress & Co. for other corporate purposes.
Baker,
of
the
with
approval
Calvin Fentress
Philadelphia, have sold at 973 and int., yielding over 634%, Trustees. Central Trust Co. of Charleston, W. Va., and Baker,
Fentress
of Chicago. Principal and int payable at the office of
$5,000,000 6% 15-Year Sinking Fund Cony. Gold bonds. &
tax not
income
Federal
for
normal
deduction
Co.. Chicago, without
8% 10-Year Sinking Fund Cony. Gold bonds due Dec. 1 over
2%.
15.
Sept.
Shadle,
E.
will
H.
be
of
accepted
V.-Pres.
attached,
Letter
from
coupons
Data
1930, with all unmatured
Company.-Is engaged in the manufacture of hardwood lumber,operating
at $1,090 per $1,000 bond, less bank discount at the rate of a mill
of
at Hamlet, W. Va.. and owning a choice and well-located body
Dec.
1
1924,
to
miles
settlement
of
date
the
3% per annum, from
timber served by the company's standard-gauge railroad, some 534
bonds.
new
the
of
sales
in
length.
in payment against confirmed
mortand interest payable
Security.-Direct and only funded obligation and secured by firstvalued
Dated Oct. 1 1924: due Oct. 1 1939. Principal
York. Int. payable A. & 0. gage on real estate, lands, timber, railway, mill and coal properties
at the office or agency of the company in Nowon
any int. date on not less at over $2.200,000.
Red., all or part and for the sinking fund,
operations Its
before Oct. 1 1929, said
Operations.-For the approximate seven months of actual the company
than 30 days' notice at a premium of 5% on or April
11930. with a like first year (1923) and for the eight months of the current year,
premium to be reduced by % of 1% commencingyear thereafter,
equals somethis
months,
bonds realized a total of 3148.532. Computed for 12
additional reduction commencing April 1 of each case with accruedthe
bonds.
interest. what over $115,000 available for payment of interest and maturing
being redeemable at par on April 1 1939; in each
and a miniremoved,
timber
all
for
feet
America & Trust Co.. PhilaSinking Fund.-$6 per thousand
Denom. $1,000 and $500c5. Bank of North
for mum of 10c. per ton for coal mired must be paid the trustees for the retirewithout
deduction
interest
pay
to
agrees
Company
delphia, trustee.
the normal Federal income tax not exceeding 2%, and to refund Penna. ment of the principal of these bonds.
four-mills tax.
Balance Sheet as of Sept. 1 1924 (After Present Financing).
LiobtUtica.
Data from Letter of Arthur W. Sewall, President of the Company.
Assets.
$40,244
pro$53,702 Payrolls & accts. payable_
the
in
engaged
is
and
Cash
subsidiaries,
receivables
Company.-Company, through its
18,192
payable
Bills
50,000
of a Liberty bonds
duction and sale of asphalt and petroleum and in the manufacture
20,558
Accrued int. and taxes_ __
107,849
dea
it
gives
production
Inventories
diversified
wide range of other products. Its
500,000
bonds
Mtge.
1st
of
888,311
development
Timber lands
pendable earning power throughout the year through
1,905,531
916,020 Capital and surplus
allied industries which are already established and capable of great future Coal
408,147
Plant,railroad & equip__
growth.
4.749
The Property includes valuable rights to deposits of asphalt in Trinidad Real est. dc rights-of-way$2,484,524
Total (each side)
55,746
and Venezuela and under United States patents In the State of Utah; Prepaid & deferred charges
also a svell-equipped railroad of 68 miles, owned and operated in con-Contract-Shipments, dec.Cleveland.
Co.,
Glidden
nection with the Utah property. The refineries and the manufacturing
lacquer
and
requirements
varnish
A contract to supply all of the paint,
plants has e been and are being exp
. anded to care for the increasing business.
Corporation for the current year has been placed with
The oil Interests, which now include a fixed royalty interest in the pro- of the Studebaker
also stated that shipments of the Glidden Co. to the
duction of petroleum from properties controlled by the Royal Dutch-Shell the Glidden Co. It is
running 15% ahead of this time last year, and orders
are
Co.
Ford
Motor
a
are
valuable
Group on more than 300,000 acres of land in Venezuela,
than a year ago.--T. 118. p. 2709.
larger
on the books are 25%
asset already yielding tangible returns.
OCT. 11 1924.]
Globe
THE CHRONICLE
Automatic
look, &c.
-
Sprinkler
Co.-Acquisition,
Out-
A. M.Lewis, V.-Pres. & Gen. Mgr., who has just returned from Europe,
in a statement issued Oct. 9 said in part:
"My analysis of the European situation and an investigation applying
to the automatic sprinlcler industry indicates that economic necessities
will force in the near future some change in European building
permitting of the erection of higher buildings of greater area. Aslaws,
property
becomes more congested the necessity for automatic sprinkler protection
arises and I, therefore, believe that the future of the automatic sprinkler
industry in Europe is very promising.
"We have completed the purchase of the entire automatic sprinkler business of the Pacific Fire Extinguisher Co.. the oldest concern
engaged in
the automatic sprinkler business on the Pacific Coast. We have taken over
as a part of this purchase a complete going business, properly manned.
It is our expectation, based on past results of the Pacific Fire Extinguishe
r
Co. that this purchase will immediately increase our volume of business
to the extent of more than $500,000 per year, and that it will be
a
source
of considerable profit to us in the future.
"Through this acquLsition the company now completely covers the entire
United States and Canada with 28 sales offices, and we are
in a position
to compete for business throughout this entire territory.
"Our anticipated profits on the contracts we closed for the first 8 months
of this year, as compared with the same period of 1923
an increase
of more than 40%, which indicates that competition show
our business is
lessening and that therefore we are in a position to sellinour
product
at a
more satisfactory price. Our finished business for the first 8 months
of
the year, as compared with same period of the previous
year, shows an
increase of over $500,000. I am looking forward to a period
substantial
of
prosperity in this country."-V. 117, p. 1892.
(F. & W.) Grand 5-10-25-Cent Stores, Inc.-Sales.-
1741
the "unimpeached" and "undisputed" estimate of
value of $15,260,000 as found by the commission in its$19,000,000 and the
order of last November or the value as established in its order of January
1923.
In the hearing which started before Judge Geiger
on April 22 1924.
Taylor E. Groninger representing the city alleged
that $7,967.649 represented every dollar properly chargeable to capital account
He also contended that not more than $4,500,000 of moneyof the company.
was ever put in
the property outside what was put in by the patrons through
the payment
of the rates charged.
The city contended that between $11,000,000 and $12,000,000 would
be
a fair valuation of the property as a rate base. Engineers
for the company contended for a valuation of $25.000.000 for the property
and
a
fair
value for rate making of about 819,000,000.-V. 118. p. 2580.
558.
International Business Machines Corp.-Outlook.-
Pres. T. J. Watson says in substance: "European conditions generally
and particularly in the field of the International Business
Machines Corp..
show improvement. Our German factory commenced operations
about a
month ago and is turning out excellent work. At our
factory we
are making scales and parts of Hollerith tabulatingStuttgart
machines, and are
preparing to turn out time recording equipment. One factory in Paris is
about ready to start. At that plant we will make the same products
as at
Stuttgart. With these factories in operation and the improvement that
is
be expected to continue in general European business, I look for a substantia1growth in the company's business abroad.
'1 find prospects in the United States especially bright for the future.
September sales of Dayton scales were the largest of any month in the
company's history, surpassing August, which was also a record month.
IN
arg
orema
5
t8s6a
.les of scales come in May. May business was also
."-V,
International Harvester Co.
-
Increase.
$802,167
Hearing on the petition to dismiss the case against the company for
alleged violation of the Sherman Anti-Trust Law,set for Oct.6 at St. Paul,
has been indefinitely postponed by Judge Booth.-V.119. p. 1632.
The company reports for September sales of $1,697,875,
an increase of
10.61% over Sept. 1923. For the 9 months
ended Sept. 30 1924 sales
amounted to $14,940,917, an increase
of 18.61% over the same period
last year.-V. 119, p. 1288.
It is announced that, effective Jan. 1 1925 and continuing through 1925.
the International Paper Co. price for its
standard roll news to its contract
customers in the United States will be $70 per ton f.o.b. mill. Contracts
for the second 6 months of 1924 were on the basis of $73 per ton.-V.119.
P. 1514.
1924-Sept.-1923.
$468.289
$409,853
-V. 119. p. 1288. 700.
Increased 1924-9 Mos.-1923.
$58,436 $4.183,757 $3,381,590
(W. T.) Grant Co.-September Sales.-
Gray & Davis, Inc.-Exchange of Stock for American
Bosch Magneto Corp.-
International Paper Co.-Cuts Newsprint Prices.-
Intertype Corp., Brooklyn N. Y.-Stock Dividend.-
The directors have declared a 10% '
stock
on the Common stock,
no par value, payable Nov. 17 to holders ofdividend
record Nov. 1. A like amount
was paid in stock on the Common stock in Nov. 1922 and 1923.
The regular quarterly cash dividend of 25 cents per share has also been
declared on the present outstanding Common stock, payable Nov. 17 to
holders of record Nov. 1. Extras of 25 cents per share in cash were paid
Feb. 15 and Aug. 15 last in addition to the regular quarterly dividends of
25 cents per share.-V. 119. p. 332.
See American Bosch Magneto Corp. above.
The plan of consolidation of Gray
Davis Inc. with American Bosch
Magneto Corp., provides that Gray &&Davis
Comn;on stockholders receive
one share of American Bosch Magneto stock for
7Si shares of Gray &
Davis and 3k shares of American Bosch stock each
for each share of Gray &
Davis Preferred.
Gray & Davis stockholders are given two options: (a) To receive in
liquidation 8 shares American Bosch Magneto
for each 60 shares of
Iron Products Corporation.-To Reduce Capital Stock.Gray & Davis; or (b) to receive in liquidation 19stock
of American Bosch
The stockholders will vote Oct. 31 on changing: (a) the authorized
Magneto stock for $350 casn and 60 shares Grayshares
Davis
Common.
&
The
Common
stock from 300.000 shares, no par value,
second option must be definitely accepted in writing before Oct. 15, other157,310 shares, par
$10.and (b)the Preferred stock from 30.000 shares toto
wise that option will be closed.
9.873 shares,par $100.
Upon the completion of the above steps the present Gray & Davis Inc. -V. 119, p. 1632.
will be dissolved. Gray & Davis stockholders will rate on tar plan
Oct. 14.
Jamison Coal & Coke Company.-Tenders.
See also American Bosch Magneto Corp above.
-V.119, p. 12845.
The Union Trust Co. of Pittsburgh, trustee,
unt41 Oct. 10 receive
bids for the sale to it of 1st Mtge. 5% Sinkingwill
Harrisburg (Pa.) Gas Co.-Merger.Fund Gold bonds dated
April 1 1912 to an amount sufficient to exhaust $162,212.-V.
See Dauphin County Gas Co. above.-V. 107, p. 407.
118. IL
1780.
Hartman Corp., Chicago.-September Sales.-
1924-Sept.-1923.
81,471.696 $1,257,465
-V. 119. p. 1288, 700.
Increased 1924-9 Mos.-1923.
Increase.
$214,231 $14.135,542 $13,077,947 $1.057,595
Jim Butler Tonopah Mining Co.-To Reorganize.
President Clyde A. Heller, in a letter Oct. 1, says in subst.:
Company has a capital of 2,000,000 shares (par
fully pad and nonassessable, of which there are outstanding 1,718,021$1)
shares.leaving 281.979
Hercules Powder Co.-To Build New Plant.shares remaining in the treasury.
Plans have been completed for the company's new high explosive plant at
Company owns 22 mining claims in the Tonopah mining district. Nev.,
McAdory, Ala., near Bessemer, Ala.
site will cover close to 1,300 all of which are patented except two, comprising 332 acres which is the
acres; the plant will have a capacity of The
1.250.000 lbs. per month, and it is second largest area owned by any mining company In the district.
For a
intended that it shall be completed about the middle of 1925.-V.
119,P.585. number of years the company'F; operations were very profitable, and
aggregating $1,151,074 were paid to stockholders. Company
(R.) Hoe & Co., Inc.-Bonds Sold.-Guaranty Co. of' dividends
became involved in very expensive apex litigation, which was decided
N. Y., Edward B. Smith & Co. and Dominick & Dominick against it by the U.
S. Supreme Court. Its most proapkrous years were
those in which the high rates of Federal income
have sold at 993 and int., to yield over 6.55%,$4,500,000 of
tax prevailed, and because
certain rulings of the Income Tax Department
, company was obliged
1st Mtge. Gold bonds, Series "A," 63'%.
to pay upwards of 815.000 in back taxes
in
1921.
was then
without funds and borrowed this amount from theCompany
Dated Oct. 1 1924; due Oct. 1 1934. Int. payable
Tonopah Belmont
A. & O. at Guaranty Development Co., along
Trust Co. of New York. trustee.
with other amounts necessary to pay its quarter
Denom.
$1,000
Red.
c*.
part
or
all
share of the development cost of other properties taken
at any time on 30 days' notice at 105
over by the Tonopah
and int., to and incl. Oct. 1 1930, Belmont
the premium decreasing by 1% for
each full year elapsed thereafter. Cumu- quarter Development Co. under option. Company pledged its entire
lative sinking fund, payable
interest in these options, together with all its holdings in Nevada
semi-annual
ly,
beginning
Oct. 1 1925. of and assets there and elsewhere, as security
$135.000 annually, plus int. on all bonds held
for these loans, which amount
in the sinking fund, to be to upwards of 3131.500.
used for purchase or redemption of bonds.
This sinking fund is calculated
Company being without funds, was unable to continue the development
to retire more than 81.500.000 of bonds by maturity
in 1934. Penn.4-mill of its property at Tonopah, and the
tax, Conn. personal property tax up to 4 mills per
annum,and Mass,income teresting period. Development uponwork was stopped just at a very intax up to 6% per annum refundable,
properties, and geological
findings based upon later exposures, adjoining
purpose.-Proceeds of these bonds
make it apizm,ar that the territory
of 80.000 shares of Class A stock belonging to the company
(V. 119. p. 1631) and 160,000 shares and
should be more thoroughly prospected. and a
of Common stock will be used for the comprehensive plan
of development has been prepared by L. R. Robins,
retirement of $800,000 of mortgages and for the purchase
of the assets and Superintendent of the Tonopah
business of R. Hoe & Co. by a successor
Belmont Development Co., and formerly
. R. Hoe & Co., Inc., in charge of this company's
organized in New York, which will issuecorporation
property. This plan will require the expendithose
bonds
and
such
stocks.
ture of upwards of $100,000.
Security.-Secured by a first mortgage upon the
plants in N. Y. City
It
is
now
proposed
and Dunellen, N. J., and by pledge
to
reorganize the company, forming a new company
of all
fying shares) of R. Hoe & Co., Ltd. the stock (except directors' quali- to be called the "Jim Butler Mining Co., with a capital of $2.500,000
(par $1) fully paid and non-assessable, to be issued as follows:
Consolidated Net Earnings, Calendar Years.
[Available for all int., after deprec., but before Fed.
& N. Y.income tax.' To present shareholders, one share of new stock for each four sharesShares.
1918
81.137,27611920
$815.24311922
of old stock
31.454.600
1919
1.425.425 1921
812 1923 equivaleln.t47t03.24821 To Tonopah Belmont Development Co., to extinguish the Indebted-429.505
Average not earnings or the 6 years 1.198
$1.2 0.000,
edness, at 15c. per share approximately
times annual Interest charges on thesewere
develop-870,495
First Mortgage bonds, and 1923 Sem
ll eanttl5c. p
per share, to furnish
earnings were 5 times such charges.
$105,0
00 new money for
Net earnings for the first 6 months of
700.000
current
the
year
To
remain
were
in
the
8523,893.
treasury
somewhat below the average owing to the delays
in shipment and the inIn order to carry through this plan it is essential that the owners of a?
clusion of high-cost materials resulting from
the strike in the latter part of least two-thirds of the present outstanding
1923. In this strike the company was completely
stock consent to the same and
successful and as a result forward their certificates of stock to be exchanged
has established its plants on an open-shop
for the new cartificatee
basis.
at the office of the company. 500 Bullitt Bldg., Philadelphi
a. The stockFurther details regarding history, capitalization, &c.,
holders will veto on approving the plan Nov. 19 next.
in
The Tonopah Belmont Development Co. has underwritten the 700,000
V. 119, p. 1631.
shares at 15c. per share above referred to, and will take and pay for at the
same price without deduction or commission
any shares not taken and
Hudson Motor Car Co.-Production.-paid for by stockholders. Any stockholder desiring
to purchase his pro
Month ofSept. 1924. Aug. 1924. Sept. 1923. rata
llco, p.1
share
9n.
of this stock should do so not later than Nov. 15 1924.-V.
No.of Hudson & Essex cars produced
10.500
14,025
5.800 ra
-v. 119, P. 1514, 1288.
Indianapolis Water Co.-Rate and Valuation
Decision.The petition of the company for an injunction to
the Indiana
P. S. Commission from enforcing the water rates and prevent
the valuation of the
company established in its order of November 1923. was granted
by Judge
Ferdinand A. Geiger of Milwaukee, sitting as a special judge
in the Federal
District Court of Indiana Oct. 2.
The decision of Judge Geiger will enable the company to
petition the
I'. S. Commission for even higher rates and a higher valuation
of the property. It is possible that an appeal from the decision of
Judge
Geiger
will be
taken to the U. S. Supreme Court.
Judge Geiger in his decision held that the rates or tariff of charges
established by the order of the commission would not satisfy the constitution
al
requirements for a rate of return in this case. He said he was
content to
accept in broad way the theory of valuation expressed in recent decisions
of
the Supremo Court that the dominating consideration in establishing
value
should be the reproduction spot theory minus depreciatio
n as of the date
of the inquiry.
Be called attention to the fact that "undisputed" and "unimpeac
hed"
evidence Introduced before the P. S. Commission was that the reproductio
n
spot value of the property was $19.000,000. This evidence,
he said, was
before the commission in the last rate case and also in the one which
resulted
in the order of January 1923, in which a valuation of
$16.455,000 was
established.
If dominance is to be given to the spot reproduction theory
of valuation Judge Geiger held in effect there
should not be such disparity between
(Julius) Kayser & Co., New York.-Report.--
Years End. Aug.31- 1923-24.
1921-22.
1922-23.
1920-21.
Prp
ofeid
tsuctla
ia
ftne/
e
depr c'n)_ 4206,954 41,714,630 41,685,058 $1,2
150
69 04
000
7
Inventory adJustment__
633,475
y650.
:069
Redemp'n of pref. stock_
Res.raw silk fluctuations
R.
250,000
Miscellaneous
32.182
New pref. stk. divs. ($2)
528.920
528,920
329206.,6390
528.903
Divs. on old pref. stocks
99.008
126,028
Divs.on old com.stocks.
Total deductions
Balance, surplus
31,162,395
def$955,441
8778.920. $716,081 31.587.199
$935,710
3968.977 def$218,152
z Profits in 1924. 1923 and 1922 are after provision for
and taxes on income, while tho income account for the bond int., deprec.
year ending Aug. 31
1921 does not show any deduction for Federal
and excess profits
tax, but the balance sheet shows a provision forincome
Federal
taxes on Income
for 1920-21 (source of which is not stated). y
of inventories
to market value, $1,036.069; for market declineAdjustment
or unfilled purchase contracts. $114.000: total. $1,150,069;less reserve
$500.000; balance. 3650,069.-V. 119, p. 203.previously provided therefor,
Keystone Iron & Steel Works, Inc., Los
Angeles.Bonds Offered.-E. L. McCormack & Co.
and CoastiSe-
THE CHRONICLE
1742
'[VOL. 119.
60 days' notice on any int, date at 103 and int. Int. payable without
deduction for Federal income tax not in excess of 2%. Principal and interest
payable at Fidelity National Bank & Trust Co., Kansas City, Mo., trustee.
Business.-Manhattan Oil Co. and its 5 subsidiaries, including the
Dated June 1 1924. Due serially, 1929 to 1939. Denom. $500 and
$1,000. Total auth. issue, $600.000. Issued and outstanding. $300,000, Manhattan Pipe Line Co., are among the leading operators of refining and
the remaining $300.000 to be held by the trustee for future requirements marketing of petroleum and its products. The Kansas City Refining Co.,
and redeeming Gold notes not yet due. Int. payable J. & D. at Hellman located in Kansas City, Kan., has a daily capacity of 5,000 barrels.
Security.-Secured by a closed first mortgage on all the fixed assets of
Commercial Trust & Savings Bank. trustee. Callable at 105 after 5 years
with a reduction of /4 of 1% for each unexpired year thereafter. Exempt the Manhattan Pipe Line Co.,having an appraised value of over $1,700,000.
Guaranty.-Payment of principal and interest of these bonds is jointly
from all California personal property taxes. Normal Federal income tax
and severally guaranteed by endorsement on each bond by the Manhattan
not exceeding 2% will be paid by the corporation.
Co. of Neb.,
Company.-Is well known in southern California, having been established Oil Co. of Del., Kansas City Refining Co., Manhattan Oil
of Iowa. A. R.
in Los Angeles over 35 years ago as the Keystone Iron Works. Now Manhattan Oil Co. of Kansas and the Manhattan Oil Co.
net worth of
total
a
have
E.
Jones,
W.
who
Howe.
P.
J.
Mr.
and
Goebel
the
in
plants
owns one of the largest and most modern and best-equipped
West on which this issue of bonds is a first lien. Properties are located over $9,000,000, jointly and severally agree that they will 'purchase at
on the 6). -acre tract fronting Santa Fe Ave.from 30th to 36th Sts., Vernon, maturity any unpaid bonds at par and interest.
Earnings.-The average annual earnings for the 4% years, ending June
being some of the best and most advantageously located industrial property
annual interest
in greater Los Angeles District. All of its buildings are of the most modern 311924, have been $594,000, or over 13 times the maximum
on this issue of bonds. The earnings will be materially increased
charges
type.
line.
pipe
new
the
completion
the
upon
of
of
construction
The company manufactures all kinds of iron, steel and brass castings
Purpose.-Proceeds will be used to finance one-half of the cost of a trunk
• and supplies, including oil well machinery, plumbers' fittings and supplies, pipe
line from Greenwood County, Kan., to Kansas City, Kan.
municipal supplies such as fire hydrants, manhole covers, lamp posts and
heavy machinery of all types, besides a special line of gasoline pumps, oil
Maxwell Motor Corp.-Shipments Increase.pumps and service station supplies.
September shipments of Cnrysler and Maxwell cars totaled 7.521. comPurpose.-Proceeds are to be used for the purpose of retiring all bank
Of the OW ship. loans, to take up other indebtedness and furnish additional working capital. pared with 6,258 for the corresponding month last year.
-Auction
Security -Secured by a first mortgage on all of the property, land, ments last month 4,202 were Maxwells and 3,319 Chryslers. Pra total of
buildings and equipment,which are appraised as follows: Land, $522.228; figures for September were 4.270 Maxwells and 3,283 Chryslers.
vehicles.
7,255
of
schedule
7.553,
production
comparing
budget
with
(after
equipment
$455,000;
for
allowing
depreciation).
buildings (after
--V. 119. p. 1633.
allowing for depreciation), $384,468; total, $1,361,696.
turities Co., Los Angeles, are offering at 100 and interest
$300,000 1st Mtge. 7% Gold bonds. The bankers state:
•
(G.,R.).Kinney Co., Inc.-September Sales.1923
Sept.
'1924
ti.250.215
$1,255 889
-V. 119, p. 1288, 1402.
In^,,nse,
Increase.11924--9 54es.-1923
35 674 1311.108,767 $9,444.024 81,661,743
•
(S.S.) Kresge Co.-September Sales.-
Memphis Power & Light Co.-Pref. Stack Offered.Old Colony Trust Co., Boston, is offering an additional
issue of 5,000 shares Cumul. Pref. stock no par value)
at $98 a share and divs., yielding .7.14%. 'The stock is
paying annual divs. of $7 per share.
.
larr^as,
Increase. I 1924-9 Mos.-1923.
The company is operated under the supervision of the Electric Bond &
8527,262 I 859.379,417 $54,019,445 $5.359.972 Share Co. and produces and sells all electric power and light and gas consumed in Memphis. The company's sales of electricity for.the 12 months
ended June 30 1924 were 17% greater than the calendar year of 1923.
-September Sales.(S. H.) Kress & Co.Increase.
Earnings after all charges as of Aug. 31 1924 were 5.9 times Pref. stock
. dividend
[newts,
1 1924-9 Mos.-192a.
-1924-Sept.-1923.
•
requirements.-V. 119, p. 205.
$22,289,128
$3,561,260
$2,431,126
8692,3321825.850.388
$3,123,458
-V. 119. p. 1288, 701.
Merchants & Manufacturers Securities Co., hicago.
1024-Sept.-1923.
$6,850.961 $6.223.699
-V. 119. p. 1288, 701.
Laclede Gas & Electric Co.-Definitive Bonds Ready.- -Stock Offered.-Bauer, Bond & Vivian, Inc., New York,
are offering at $32 per share, 20,000 shares non-voting
Common stock (par $25).
Under present law exempt from normal Federal income tax. Registrar,
Lafayette Motors Corp., Indianapolis.-Liquidation.-- Chase National Bank, New York. Transfer agent, Guaranty Trust Co. of
The Guaranty Trust Co. of New York is now prepared to deliver
definitive Collateral Trust Gold bonds, Series "A." 7%,due April 15 1934,
in exchange for the outstanding temporary securities.-V.118. p. 2710.
The directors recently sent a letter to stockholders, informing them that
in spite of the reorganization of the company and the sinking of another
$2,000.000 into it by the Nash Motors Co. in June 1922, its affairs had
failed to improve and that its liquidation was recommended. Unprofitable
operation was declared to be the chief difficulty. The letter continued:
'The directors feel that they cannot recommend to the Lafayette stockholders putting more money into the company ins further effort to establish
the business. It seems clearly more for the interest of any stockholder who
desires to put new money into the automobile industry to purchase the
securities of one of the already thoroughly established companies.
"The proceeds of the sale, together with the cash in hand and other assets
not included in the sale, would enable the company, after settlement of
accounts with merchandise creditors, to pay a substantial percentage.though less than the face value-of its bank loans. The bank creditors
have indicated that they will accept such a settlement. Necessarily, this
would leave nothing for the stockholders, including the Nash company, in
return for the $2.000,000 subscribed by it at the date of the reorganization."
"The Lafayette company is an affiliation of the Nash Motor Co. and
was financed almost entirely by the same industrial and banking interests
which are behind the Nash concern. The Lafayette company was formed
in 1919 to manufacture a high-priced motor car. From the start it was not
successful and in June 1922 reorganization was made necessary. At that
time the Nash company put in another $2.000,000. The last available
record of the Lafayette company's balance sheet shows that its financial
position at the end of 1922. 6 months after the reorganization, was very
unsatisfactory. At that time it had cash of only $156.746, receivables of
$128.057 and inventories of $1.015,448. Against this were three-year bank
'notes of$950.000 accounts payable of $194,260 and notes payable of$25,000.
It is stated that the liquidation of Lafayette Motors Corp. will involve
no losses to Nash Motors Co. aside from those already provided. Nash,
'earnings a contingency reserve of $2,584,028
it is said, has set up out of past
or more than sufficient to wipe out the entire loss of its $2,019,394 invest
inept in Lafayette Motors Co.(See also Nash Motors Co. below).-V. 118,
p. 914.
(R. H.) Long Motors Company.-Sale.-
tinder authorization granted Oct. 1 by Judge Lowell in the U. S. District
Court at Boston, Guy Murchie,receiver for the company, will sell to Richard II. Long the entire automobile inventory of the company, comprising
Bay State automobiles,cars in process of construction, parts and accessories,
manufacturing equipment and machinery and good will of the Bay State
car. The purchase price is to be $125,000.
Coupled with the agreement to purchase the machinery. etc.. is an agreement on the part of Mr. Long to form a new cornoration for purchase of the
factory buildings of the Long Motors Co. on Fountain St., Framingham,
for $150,000.
The agreements outlined form part of a composition offer to be made by
the motors company, the R. II. Long Co. and the R. H. Long Shoe Co. to
the creditors of the three companies. The companies have been in the
hands of Receiver Murchie for nearly a year, and the present developments are viewed as the beginning of the financial recovery of the Long
enterprises.
As part of the composition offer proposal, Mr. Long will turn over to
Receiver Murchie $290.000 worth of Boston Telegram bonds, for which
the receiver is thought to have a ready purchaser, and some parcels of real
estate, the personal property of Mr. Long. The proceeds will be applied to
etc., of the Motors
the general fund. The purchase ierice of the machinery.
Co.is to be paid in installments, but must be fully paid up on or before Dec.
31.-V. 119. P. 701.
Secretary.Louisville Gas & Electric Co.-New Treasurer
and Auditor.
New York.
Authorized. Outstanding.
•
Capitalization$155,550
$155,550
Non-Cumulative Preferred stock
1,073,760
1,764,450
on-Voting Common stock (par $25)
80,000
80.000
Class B Common stock (par $25)
Data from Letter of Chairman Arthur Greene, Chicago, Aug. 22.
commercia
of
purchase
the
is
Business
company.-Organized in 1919.
accounts. notes, acceptances, drafts, installments and motor lien obligations, all of which are secured by substantial margins. The average payment on commercial accounts is about 90 days and on motor lien obligations
about 180 days, so that the assets of the company are liquid and subject to
practically no depreciation. Of the total volume of business, practically
67% consists of purchasing commercial accounts and the remainder the
purchasing of motor lien obligations.
Summary of the Operations, Years Ended March 31.
Balance Per Cen!
Pref.
Net (after
Total
Dividend Applic. to Earned
Federal
Receivables
on Corn.
Required.
Com.Stock.
Taxes).
Purchased.
$15,937
7.69
$3,684
$19,622
$1,031.658
1920
10.65
36,364
8,143
44,507
2,162,341
1921
10.66
43,974
10,008
53,981
3,554,118
1922
15.13
73,353
10,578
83,931
6,753,996
1923
22.46
132,091
10,862
142,953
11,689,845
1924
Dividends.-Company has regularly paid dividends on its outstanding
Preferred stock at the rate of 7%.and in addition has paid regular dividends
at the rate of 10% on both classes of Common stock outstanding, since
Nov. 1919.
Purpose.-Proceeds of present financing will be added to working capital.
Common Stock Provisions -The Non-Voting Common stock has preference
over the Class B Common stock in the following particulars: As to dividends
to the extent of 10% per annum, provided that whenever a dividend is
paid on the non-voting Common stock, a like dividend for a like period may
be paid on the Class B Common stock. After the Class /3 stock has received 10%,the two classes of stock share alike,share for share, in dividends
declared and paid. In case of liquidation, the non-voting Common stock
has preference as to assets up to $32 50 per share, and after the Class B
stock has received a like amount, the two classes share alike in remaining
assets in proportion to the amount of stock outstanding. No stock dividends may be declared on the Class B stock unless same percentage has been
previously declared on the Non-Voting Common stock.
Credit Losses -During the five years endod March 311924, total obligations purchased exceeded $25,191,937, while credit losses were less than
1-16 of 17,
Balance Sheet March 31 1924 (Prior to This Financing).
LiabilitiesAssets$155,170
$579,777 Preferred stock..
Cash
653,760
Open acc'ts, notes & accep. 1,639,699 Common stock
1.187
828,240 Convertible stock warrants
Motor sales retail notes_
1,880,000
53.462 Collateral trust notes
Interest earned (not due)_
7,380
30,231 Say. & sundry notes pay'le
Sundry receivables
3.836
16,030 Sundry payable
Due from subsc. to capital
6,752 Due customers when obliFurniture and fixtures_ _ _ _
372,198
80,000 gations are paid
Good will
32.179
33.197 Profits collected not earned
Deferred charges
30.000
Reserve for contingencies_
131.677
Surplus
$3,267,388
Total (each side)
Mexican Petroleum Co., Ltd. (of Del.).-Earnings.-
[Mexican Petroleum Co., Ltd., and Owned Companies.]
6 Mos.End. -TwelveMonths Ended Dec. 31
John J. McKenna, who for the last year has been
1921.
1922.
whore-Wilson,
B.
1923.
T.
June 3024.
succeeds
He
-Treasurer.
Secretary
has been elected
$22,449,427
$39,360,253
the
late Profit from operations... $4,860,369 $18,011,518
cently was made Vice-President and General Manager, succeeding
647,966
732,743
331,707
236,472
Int.& amortin chges.,net
Donald McDonald.-V. 119, p. 1289.
6,260,776
9,676,346
5,441,523
Depreciation & depletion 2,587,544
--Tenders.
Co.
Electric
3.000,000
&
Gas
3,675,000
1.150,000
Luzerne County
Federal taxes, &c
125.000
will until Oct. 27 Preferred dividends.. _ _(4%)480,000 (8)960,000 (8)960,000 (8)960,000
The United States Mortgage & Trust Co., as trustee,
Fund Gold bonds to Common dividends_
_(6%)2:743.650(16)7316,380(13)5713,577(12)5239,950
receive bids for the sale to it of 29-Year 7% Sinking
80.
204.
an amount sufficient to exhaust $30,000.-V. 119, p.
Balance,surplus_ __def.$1,312,297 $2,811,908 $18,602,587 $6,340,734
Sales.Surplus end prey. year__ 46,657,967 43,754.108 25,151,521 18,810,787
McCrory Stores Corp.-September
Increase. Miscellaneous credits_
91,952
Increase.1 1024-9 Mos.-1923.
1924-Sept.-1923.
$235,4761816,602,608 $14,084,217 $2,518,391
31,903,063 $1,667,587
Profit and loss, surp--$45,345,671 $46,657,967 $43,754,108 $25.151,521
-V. 119, p. 1289, 1071.
Consolidated Balance Sheet[Mexican Petroleum Co. and Owned Companiesl
McMyler-Interstate Co.-Proposed Merger Abandonea.June 30 '24. Dec. 31 '23
June 30'24. Dec. 31 '23.
The proposed merger of the Industrial Works, Bay City, Mich., with
LiabilitiesAssets$
the McMyler Interstate Co., Cleveland, 0., has been abandoned.12,000,000 12,000,000
stock_
Preferred
73,899.031
acet.
*Property
73,478,347
V. 119. p. 586.
Investments__ _ 2,569,307 2,569,307 Common stock. 45,730,000 45,730,000
Mex. Petrol. of
Accts. with attn.
Manhattan Oil Co. of Del.-Guaranty.
51,260
51,260
Calif. stock__
COO
5,894,305 10,246,612
See Manhattan Pipe Line Co. below.-V. 109, p. 1530.
Bonded debt_ _ _ 8.515,500 8,607,500
Crude At fuel oil
& refin. prod_ 14,111,244 13,669,169 Acc'ts payable__ 2,456.085 2,660.733
Manhattan Pipe Line Co.-Bonds Offered.-Fidelity
2,500,000
Material & CUPP. 5,027,638 4,263,516 Notes payable_
National Bank & Trust Co., Kansas City, Mo., is offering Accla
receivable 6,556.625 6,735,859 Dividends pay'le 1,611,828 2,069,096
and
taxes
Fedi
3,802.712
at prices ranging from 983/i and int. to 101 and int. to Cash
4,817,815
1,955,733
contingencies_ 1,252,321
& loan to
yield from 5.45% to 6.75%, according to maturity, $700,000 Deposit
45,345,671 46,657.967
Mexican Govt 3.211,328 5,882,179 Surplus
Manhattan
by
guaranteed
l
1,163,904
bonds,
st Mtge. 6M% Gold
Deferred charges 1,296,056
Oil Co. and subsidiaries. The bankers state:
116,962,665 122,232,289
Total
116,962,665 122,232,289
Total
Dated Sept. 11924.,due annually March 1 1926 to March 11932. Denom.
After depreciation.
$1.000. 3500 and $100_0. Red. in reverse of their numerical order OD
OCT. 11 1924.]
.THE CHRONICLE
. Outstanding Bonds to be Retired Shortly.See Pan American
Petroleum & Transport Co.below.-V.118, p. 2958.
MidCo Gasoline Co.-Reorganization Plan.-
See Midco Petroleum Co. below.-V. 119. P•
1178.
•
Midco Petroleum Co.-Reorganization Plan,
A plan of reorganization covering the properties of the Midco Petroleum
Co. and the Midco Gasoline Co. has been approved
by the committee
representing the holders of the Midco Petroleum Co. 1st
Mtge. 8% Serial
Gold bonds.
Plan of Reorganization.
A company is to be organized with some suitable name to take over
the
properties of the Midco Petroleum Co. and the Midco
Gasoline Co. after
bid in by the committee. [Properties purchased by committee
Aug. 20V. 119, p. 1178.1
The committee bid in the property subject to claims of the United States
Government or the State of Oklahoma for taxes
any other unadjusted
claims, and subject to the expenses of the trustee or
for foreclosing the mortgage, including legal and other expenses.
In this way the bondholders who have deposited their bonds will obtain
all of the property secured by foreclosure of the mortgage.
present some depression in the oil business in Oklahoma. TheThere is at
committee
regards this as only temporary. It is hoped by the organizatio
n of the
new company and the taking over of these properties a much
better
result
will be obtained than by sacrificing at the coming sale for what
cash they
• would bring at the present time.
•
After consideration of various forms of refinancing the committee
has
deemed it advisable to adopt such a plan of refinancing
as will allow the
utmost flexibility in the operations of the new
company,
thus
rendering
possible the maximum recovery of the bondholders. The
plan of the
committee is, therefore, to issue 36,575 no par value shares
which shares are
to be placed in a voting trust. These 36,575
no
par
value
shares
will be
distributed pro rata to the holders of the $3,657,500
of bonds. Should it
be necessary the committee will then be in a position
to
borrow
money
necessary to pay off all claims and provide working capital
for the company.
The present committee have consented to act
as the voting trustees of
the stock, but after the company is organized
a meeting of the stockholders
will be called within 60 days thereafter, so that
any change can be made
if they desire.
The above plan gives all of the capitalization to the
bondholders, leaving
the credit of the company free so as to take
advantage of any favorable
situation that there might be for improving
its
position
any way.
Bondholders' Protective Committee -The committeein for
the Midco
Petroleum Co. 1st Mtge. 8% Serial Gold bonds
consists of: W. K. Hoagland. Chairman; Edson S. Willaman,
Burton A. Howe. P. ad. Chandler,
with A. C. Heckler, Sec., 29 So. La Salle
St., Chicago, Ill. Continental &
Commercial Trust & Savings Bank, Chicago,
and Equitable Trust Co.,
New York, depositaries.-V. 119, p. 1178.
Midway Gas Co., San Francisco.-Bonds Called.One hundred forty ($140,000) First
& Ref. Mtge.6% Gold bonds, dated
Dec. 1 1914(numbers 861 to 1,000, inclusive),
have been called for payment
Dec. 1 at par and interest at the Mercantile
Trust Co. of California, 464
California St., San Francisco, Calif.-V. 118,
p. 2958.
Millinery Centre Building Corp., N. Y. City.-Bonds
Sold.-Hayden, Stone & Co., William R. Compton Co.
and Brooke, Stokes & Co. have sold at 100 and int. $2,000,000 1st (closed) Mtge. Leasehold 7% Sinking Fund
Gold bonds.
Dated June 1 1924. Due June 11944. Int. payable J.
& D. in N. Y.
City without deduction of normal Federal
income tax up to 2%;Penn. and
Conn. 4-mills taxes, Maryland 4% mills tax.
District of Columbia 5 mills
tax and Mass.6% income tax refunded. Denom.
$1,000. $500 and $100 c*.
Red. all or part on 30 days' notice on any int. date
at 105 and int. until
June 1 1934. premiums decreasing thereafter
;
,4% each year. Equitable
Trust Co., New York, and E. E. Beeck, trustees.
Data from Letter of Pres. Charles J. Cohen, New York,
Sept. 1924.
Security.-Secured by a closed mortgage on the leasehold, covering
approximately 19.800 sq. ft. of ground at the northeast
corner
Seventh
of
.Ave.
and 38th St., N. Y. City, and covering a modern
building to be erected thereon. The period of the22-story office and loft
lease is 21 years from
May 1 1924, with the right to two renewals of
21 years each. The land is
free of all liens and no mortgage
can be placed on either the land or buildin ranking prior to or ratably with
rights under the lease.
lion.-The location, which isthe
midway between the Pennsylvania
RR. Station and Times Square, is one
the most desirable in New York
City, according to real estate authoritiesof
.
Construction.-Approximately
of the construction is to be completed
and paid for by the corporation40%
before any of the net proceeds of these
bonds are used. The net proceeds
Equitable Trust Co., New York. andof the bonds will be deposited with
from time to time against
the cost of the work on certificates ofadvanced
construction to specified stages as
certified to by the Engineering Departmen
t of the Title Guarantee & Trust
Co., which will supervise the construction.
The corporation is to furnish
a bond of a group of surety companies in
sum of $2,000,000,guaranteeing
the completion of the building, free andthe
clear of liens, under arrangements
requiring that any amounts recovered thereunder
be applied to the completion of the building and (or) payments under
the ground lease.
Cost and Appraisals.-The cost of the building,
as
defined in the contract
with the trustee, must be not less than
; if the cost is less, the
amount of outstanding bonds is to be $3.349,000
proportionately and immediately
reduced, and such reduction credited to the
sinking fund.
Dwight P. Robinson & Co.. Inc., Engineers,
have estimated the cost of
construction at $3,336,000. The value
of the lessee's interest, upon completion of the building, has been appraised
as follows: Joseph P. Day & Co.,
$3.670,771; Fenimore C. Goode Co.. $3,347.500. Based
on these figures.
these bonds will be outstanding at 55% to
60%•
Earnings.-Horace S. Ely & Co. have estimated
gross rentals at $755,000
per year. The average of the estimates
of Joseph P. Day & Co. and Fenimore C. Goode Co. are as follows: Annual
gross rentals. $751.500; expenses
(including vacancies, ground rent,
and operating), $332,813; net
annual income, estimated. $418.687.taxes
equivalent to almost three
This
times the $140,000 maximum annual interestis
requirements on these bonds.
Sinking Fund.-Monthly sinking fund payments
beginning June 1 1928
are provided to retire the entire issue by maturity,$110,000
of bonds being retired each year thereafter except the principal amount
last year, when
$130,000 principal amount,are to be
retired.
Montgomery Ward & Co.-Accumulated
.The directors have declared a dividend of $3 50 on theDividend
Class "A" stock
on account of arrears, payable Nov. 5 to holders of
Oct. 25. This
covers unpaid dividends of the last quarter of 1920record
and the first quarter
of 1921.
Payment of this dividend will leave $17 50 a share accumulated
dividends
on the Class "A" stock. Dividends were resumed on this
issue Feb. 18
1924, tho first since Oct. 11920.-V. 119, p. 1633, 1515.
Murray Hill Office Building, N. Y. City.-Bonds
Offered.-S. W. Straus & Co. are offering at par and int.,
to net 65" for all maturities except 1928 and 1929, which
are offered at prices to net 5.75% and 5.85%, respectively,
$5,000,000 1st Mtge. 6% Serial Coupon Gold bonds. Safeguarded under the Straus plan.
Dated Oct. 11924. due Oct. 1 1925 to 1939. Denom.
and $500.
Int. payable A. & 0.at offices of S. W. Straus & Co., Inc.$1,000
Callable at 102
and Int. Federal income tax of 2% paid by Murray Hill Offices
Corp.
This issue is a direct closed first mortgage on the 25-story
Murray Hill
Office Building, now in course of construction at the northeast
corner of
Madison Ave. and Fortieth St., New York. and the land
in fee thereunder.
Land and the completed building have been appraised at $6,800,000
.
Net annual earnings applicable to the payment of interest and
tion charges, after deducting taxes, insurance andoperating cost,amortizaand with
due allowance for vacancies, are estimated at $642.450. This
sum is more
than twice the greatest annual interest charge and over $200.000
in excess
of the largest combined interest and amortization charge.
Nash Motors Company.-Sub. Co. Purchase-Barn.
-
The Ajax Motors Co., Racine, Wis. (a subsidiary), has
purchased for
$225,000 the machinery, tools and other equipment of the
Lafayette
1743
Motors Corp. of Milwaukee, which has discontinu
ed manufacture of a
high-priced 8'-cylinder car and is liquidating its assets.
(See Lafayette
Motors Corp. above.) The Ajax company is preparing
to manufacture a
popular priced car in the former Mitchell automobile
opened its tool room on Sept. 15. The equipmentworks at Racine, and
from the Lafayette
plant will be moved from Milwaukee at once and
be supplemented by
considerable new and used machinery, purchase of will
which awaits completion
of plant layout and engineering specifications. David
M.Averill is V.-Pres.
and general manager, and Earl D. Gunn is chief engineer.
"Iron Age."
Period----Quarters Ended- -Nine Months EndedAug.31 '24. May 31 '24. Aug. 31 '24. Aug. 31 '23.
Net earnings after mfg.,
depr.,selling & admin.
exp.& Federal taxes
$1,205,766 $1,501,000 $4,325,241 $6.399.414
-V. 119, p. 205.
National Acme Co.-Proposed Capital Reduction
The stockholders will vote Oct. 24 on reducing the Capital .
stock from
$25.000,000 to $5,000,000, by reducing the par value of the sares
from $50
to $10.
President A. W. Henn in a letter to stockholders says:
For a period now running well into its fifth year the machine tool
industry has been in a more or less depressed
condition,
of which this company has not been immune. from the adverse effects
In the interest of a more rigid economy directors recently consummat
ed
a sale of equipment and inventory
the Montreal plant; closed the Boston
and Buffalo offices; consolidated at
all Cleveland manufacturing under one
roof at the Coit plant; and contemplat
e
disposing of the Stanton Ave.
property. While operating expenses willthe
thereby have been reduced quite
materially, our facilities for manufacturing and selling
have not been curtailed except as to Montreal, and there we
had been unable to manufacture
and sell at a profit since the war.
Besides effecting a saving of $30.000 yearly in State corporate taxes, if •
the company's Capital stock were to be reduced
as proposed, the directors,
believing the prospects for future
will also be thereby improved,
are unanimous in their recommenddividends
ation to the stockholders that the authorized capital be reduced from $25,000,000 to $5,000,000 the number of
;
outstanding shares to remain the same (500,000);
the par value to be $10
per share instead of the present $50.
The proposed change in capitalization will in no manner alter the relative
Interest of any stockholder. Whatever value now exists will remain identical regardless of a change in the nominal value of
the stock itself.-V.119.
P. 1633, 1515.
National Steel Car Corp., Ltd.-Balance Sheet June 30.
1924.
1923.
1924.
AssetsLiabilities
$
Pats. & goodwill__
•
$1
$1 *Capital & surplus 2,396,250
Land,bldgs., plant
Bank loans (see'd) 664,895
& equipment___ 3,277,361 3,291,431 1st M.6% bonds_ 1,610,000
Cash
57,014
24,806 Accts. payable___ 513,063
Accts. & bills rec.. 1,034,517 2,552,478 Bills payable
Sundry investmla
14,911
11,811 Accr. wages, &e
51,942
Inventories
1,436,969 2,686,693 Res. for deprec__- 945,531
French Republic,
&c.,claims
263,478
263,478
Deferred charges_
97,432
176,991
Total
$6,181,682 $9,007,888
Total
6,181,682
1923.
8
•
2,395,937
1,909,09e
1,710,000
2,034,923
31,081
76,506
850,152
9,007,688
* Represented by 100,000 shares of capital stock
without nominal or
par value (subject to realization of Frenc.h
Republic and Paris Lyons &
Mediterranean Ry. Co. claims).
The usual income account was published in V.
119, P. 1515.
National Tea Co., Chicago.-Denies
Stock Div. Rumors.
In reference to reports that the company would
probably declare a
150% stock dividend, President George Rasmussen
says: "The company
will not declare a stock dividend in 1924. Reports
to that effect are
ridiculous and the present market value
of the stock is too high. There
will be no change in the present $8
rate either this year or next,
as surplus earnings are being useddividend
to enlarge its chain of stores."-V.
119. p. 1515, 1290.
New Brunswick Telephone Co., Ltd.-Rights.
The stockholders have received the right to subscribe
to 13,335 shares of
capital stock at par ($10).-V. 117, p. 1135.
Newburyport (Mass.) Gas & Electric
Co.-Dividends.The directors have declared a regular quarterly
dividend of $1 50 per share
and an extra dividend of 50 cents a share
(from
reserve
for dividends), both
payable Oct. 15 to holders of record Sept. 30.-V.
118. p.2711.
New Mexico 8c Arizona Land Co.
-Contract.The directors have ratified and approved the
execution of an agreement
with the Standard Oil Co., of California,
authorizin
g the latter company
to make a geological examination of any
of the land company's
acreage which it may select in McKinleyportion
Juan counties, New
San
and
Mexico, to determine the presence of oil or gas, with an
option to lease not
exceeding 10,000 acres. The examinatio
n is to be completed by Jan. 16
1925. The land company owns 17.200 acres
in
San
Juan
County and 106.400 acres in McKinley County-(Official).-V.
118. p. 3206.
New York Central Electric Corp.-Pref. Stock Offered.
Bonbright & Co. Inc. are offering at 97)4 and div., toyield 7.18%, $2,000,000 7% Cum. Pref. (a. & d.) stock.
Redeemable, all or part, at
end dlr. on any div. date after 3 Years
from the issue thereof. Divs. 110
payable Q.-J. Transfer agent, Co.'s office.
50 Church St., New York: registrar.
New York Trust Co., New York.
Under the present Federal income tax law
dividends on this stock are exempt
from the normal tax and are entirely exempt
from all Federal Income taxes
when held by an individual whose net income,
after all deductions. is
$10.000 or less. Dividends when received by corporatio
are entirely
exempt from all Federal income taxes. Issuance authorizednsby
New York
Public Service Commission.
Data from Letter of Vice•President E. L. Phillips, Dated Oct. 9.
Business.-Corporation. upon completion of present financing, will furnish, directly or indirectly, the entire electric
power and light service in
Auburn, Corning, Hornell, Geneva, Newaree, Seneca Falls. Dansville,
Perry, Warsaw, Lyons and in 44 other communities, and the principal
electric power and light service in Penn Yen;the entire gas service in Auburn,
Geneva, Newark, Seneca Valls. Dansyille, Lyons and in 5 other communities; and a steam-heating service in Auburn and Hornell.
These communities, which are located in the central part of
State of New York,
are old manufacturing centres, containing a large the
diversity of established
industries, while the surrounding rural areas are devoted to
farming,
dairying and fruit grouing.
Corporation proper is a consolidation of the properties serving some 24
communities. Most of these communities have heretofore been served as
isolated units. An extensive system of transmission lines now under construction or projected will interconnect these communities. The substantial economies which will consequently be effected and the additional
business which the corporation will then be in a position to take on
will
result in the opinion of the management,in a more than normal increa.e
in
earnings during the next few years. Corporation also proposes
connect its properties with those of the Empire Gas & Electric Co.to interThese
two companies will thus form an interconnected part of the power
development now extending from Niagara Falls across the entire State of New
York.
Within the territory served by corporation are several situations
which are
suitable for substantial hydro-electric developments.
Property.-Corporation will own or operate electric generating stations
with a present installed capacity of 17,850 k.w., current being
also purchased under favorable contract from the Niagara Lockport
& Ontario
Power Co.; 18 substations: over 181 ndies of high-tension
lines, and over 674 miles of distribution lines. About 148 transmission
tional high tension transmission lines are under constructionmiles of addior projected.
The gas equipment includes generating plants with
a capacity of approximately 5,385,000 cu. ft. per day, and a holder capacity
of
approximat
ely
2,144,000 cu. ft.; over 57 miles of high pressure gas mains
and over 179
miles of distribution mains. These properties serve
more than 29,800
electric customers and more than 18,400 gas customers.
Purpose.-Accmisition of all the outstanding Common
stock of Empire
Gas & Electric Co.
•••••••
1744
THE CHRONICLE
Combined Earnings 12 Mos.End.- Dec.31 '22. Dec.31 '23. July 31 '24.
Gross income
$2,713,238 $3,048,731 $3,218,916
Oper. exp., maintenance and taxes- - 1.668,060
1,848,230 2,007,482
Net income
$1,045.178 $1,200,501
Interest charges and other deductions
$1,211,434
593.773
Balance available for diva., depreciation, reserves. &c
$617,661
Annual div. requirements on Pref. stock (incl. this issue)
218,330
The balance of $617,661,as shown above,for the 12 months ended July 31
1924, Is equal to over 2.8 times the annual dividend requirements on the
$3,119,000 Pref. stock outstanding and including this issue.
Capitalization Outstanding with Public (After This Financing).
$3,119,000
Pref. stock, 7% cumulative (incl. this issue)
2,000,000
Common stock
1st Mtge. gold bonds, 5;e% Series of 1950
2,100,000
1.000,000
13%__note
The capitalization as of July 31 1924 of Empire Gas & Electric Co.
con.sists of $5.816,000 funded debt, $1,185,400 Pref. stocks and n.656.000
Common stock. The entire Common stock will presently be owned by
New York Central Electric Corp.
Management.-Corporation is controlled and operated by the same interests that control and operate Long Island Lighting Co. and Queens
Borough Gas & Electric Co. G. W.Olmsted, Pres. of New York Central
Electric Corp. and V.-Pres. of Long Island Lighting Co.,and E.L. Phillips,
Pres. of Long Island Lighting Co.and V.-Pres. of New York Central Eloctric Corp.. own the controlling interest in these two companies. The
Queens Borough Gas & Electric Co. is controlled by the Loft Island
Lighting CO.-V. 119, P. 1073, 1403.
New York Steam Corporation.-Listing.-
The New York Stock Exchange has authorized the listing of 7,000 shares
Cumulative Preferred stock. Series "A." no par value, making the total
amount applied for 32,421 shares.
Earnings Twelve Months Ended Aug. 31 1924.
$3,696.540
Total operating revenue
23,346
Non-operating revenues
33.719.886
Total gross earnings
Operating expenses and taxes (including $42,000 Federal taxes).-$2.708,898
Deduct-Bond interest, 8308,279: general interest, $244; bond
334,549
discount and expense. &c.. $260,26; total
99,734
Dividends on Preferred stock
325,000
Appropriation for renewal and replacement reserve
Net income to surplus
-V. 119, p. 1280.
$251,703
New York Telephone Co.-Tenders.-
119. •
0`Gold Notes"Sold.-Halsey, Stuart & Co.,
$1,000,000 57
Inc., announce the sale at looy, and int., yielding 4.70%,
of $1,000,000 5% Gold notes, due Aug. 311925.
Authorized, 81,600,000: outstanding. 81.000,000. Interest payable
Q.-M.at the company's office in New York City and at the office of Halsey,
Stuart & Co.,Inc.,in Chicago,without deduction for normal Federal income
tax now or hereafter deductible at the source not in excess of 2%. Denom.
81.000. 85,000 and $10,000 c.
Security.-The notes will be direct obligations of the company. The
Indenture will provide that no additional funded debt may be created by
the company while any of these notes are outstanding, except purchase
money mortgages. 1st Mtge. & Ref. bonds issued under the indenture to
Bankers Trust Co., dated Oct. 1 1921. which contains carefully drawn
restrictions, and underlying bonds, if any, which are pledged with the
trustee under said indenture.
Data from Letter of V.-Pres. T. 0. Kennedy, New York, Oct. 4Company.-A successful and well established company,serving numerous
important and prosperous manufacturing cities and some of the richest
agricultural counties of Ohio. Company has had a very substantial growth
and has experienced greatly increasing demand for electric energy in the
communities served. During 1923 a total of 5,172 new installations were
added to the company's lines, an increase of 10.7%, and the amount of
power sold increased 90,426.000 k.w. hours over 1922, a gain of 32%•
Company does substantially the entire electric light and power business
without competition in Warren, Mansfield, Lorain. Elyria, Ashland,
Massillon and Alliance. In addition, the company furnishes electric
power at wholesale to companies distributing it to outlying communities.
Company does the gas business at Alliance and Mansfield and owns and
operates a small street railway in Mansfield and an interurban line connecting Mansfield and Shelby.
Company is acquiring certain electric, gas and interurban railway properties in contiguous territories serving Sandusky, Port Clinton, Coshocton,
Medina. Lima and other communities. (See V. 119. p. 1290.)
The principal industries served consist of steel plants, blast furnaces.
glass and china factories, chemical works, agricultural implement plants.
stove works and electric appliance factories. Exceptional opportunities
are offered for largely increasing the company's business.
The population of the combined territories supplied with gas or electric
service Is in excess of 400,000.
Capitalization Outstanding with Public (After This Financing).
a$23.525,000
b4,063.800
Divisicne;1 bonds (mortgages closed, except for pledge)
1,600,000
5% gold notes. due Aug. 31 1925
41.737
Car trust certificates
7,013.500
First Preferred stock
7,525,000
Common stock
a Not including 8350,000 Series B pledged as collateral for U. S. Govt.
loan; incl. 85.100.000 734% Series A,due Oct. 1 1946: 84.000.000 7% Series
B. due Feb. 1 1947;$5.425.000 6% Series 0, due March 11953. and 29.000.000 5% Series D, duo Sept. 1 1954.
b Not including 82.891,600 deposited as additional security for the 1st
Mtge.& Ref. bonds, nor $150,000 bonds alive in sinking fund, nor $463,000
of one underlying issue deposited as part security for another underlying
issue.
Purpose.-The bonds and notes, together with other securities, are being
for the acquisition of the properties or Sandusky Gas & Electric Co.,
Northwestern Public Service Co.-Bonds Sold.-A. C. Issued
the Port Clinton Electric Light & Power Co., Northwestern Ohio Ry. &
Co.. and for other corporate purposes.
Allyn & Co., Inc., and A. B. Leach & Co. Inc., have sold Power Co. and Central Ohio Gasthe
company's property as determined by
-The total value of
at 100 and int. $1,332,000 1st Mtge. 66% gold bonds, theValuation.
Ohio P. U. Commission, plus subsequent expenditures for additions and
of $42,500,000.
1
excess
in
Dee.
is
Due
July
11923.
to
1948.
Dec.
311924,
(See
Improvements
Series "A." Dated
description in V. 117, p. 2780.)
Earnings of Company, Including Earnings for the Same Periods of the Properties to Be Acquired.
Data from Letter of V.-PresiVictor Emanuel, New York, Sept. 23.
-12 Mos.End,Jule 31--Calendar Years
Company.-Owns and operates public utility properties furnishing directly
1921.
1922.
1923.
1924.
at retail without competition electric light and power in Aberdeen, Mitch-11, Gross earnings(including
Huron and Yankton. So. Dak., North Platte and Columbus. Neb., and in
810.767.918 310.959.248 $10,033.340 $3,509,751
other income)
45 other communities in these States. In addition the company supplies Oper. exp., maint.&taxes 6.851.841
6,653.602
6,101.391
7,066,501
electricity at wholesale for distribution to 15 other communities in Nebraska
and South Dakota, and also manufactures and distributes gas in Mitchell,
83,916,077 83.892.747 $3,379,738 82.408,359
earnings
Net
Huron and North Platte. Total population served estimated at 125.000,
Annual interest requirements on the total mortgage indebtedness now
embracing 68 communities. The aggregate number of gas and electric
outstanding with the public, Incl. this issue, will amount to $1.652.788.
customers is approximately 24.000.
For the 12 months ended July 31 1924 over 83% of net earnings and over
The company also supplies electric energy to a large number of pewer
derived from the sale of electric current for
consumers, among which may be mentioned railroad shops of the Union 76% of the gross earnings were19%,
respectively, from gas sales.
and power and 16% and
light
Pacific and the Chicago & North Western RR.,large sand and gravel comProperty.-Company has recently completed the construction of 105
panies. poultry depots, creameries, grain elevators, stock yards and numermiles of steel tower 132.000-volt transmission line connecting Warren.
ous other representative manufacturing establishments.
and Lorain. This conProperty.-The principal electric generating stations of the campany are Alliance and Canton, and Mansfield. Ashland
connection with the 20.000 k.w. turbo-generator which was
located at Huron. Aberdeen, Mitchell, Columbus, North Platte, Armour struction, inLorain
marked economies
has
effected
1924,
already
May
in
at
iestalled
and Yankton, with reserve generating stations at Springfield, Menno,
for building the final conWolsey. Faulkton, Ashton, Iroquois and Clark. The aggregate generating in operation. Preparations have been started
when completed.
which,
line
132.000-volt
transmission
the
of
link
necting
entire
in
6.284
is
system
h.p. in
generators,
12.733 k.w.
capacity of the
all of the present electric generating plants.
boilers and 4,866 h.p. in oil and gas engines. The total annual output of will inter-connect stations
now owned have a combined installed capacity
The generating
the electric system is estimated at 20.000.000 k.w.h. Connections with
addi122,000 k.w. and will be presently supplemented by 18.000 k.w.
other large electric utility companies already made or under construction of
capacity now being acquired. The generating stations are modern
will provide further capacity and permit increased efficiency through tional
substations with
63
The
includes
physical
also
efficient.
property
and
energy.
interchange of electric
kva. capacity and 395 miles of high-tension transmission lines.
The gas manufacturing properties of the company are located at Huron, 207.000
The gas property includes a large and valuable natural gas acreage.
Mitchell and North Platte. Each plant has two water gas sets, distribution
and modern compressor stations and over 700 miles of pipe line.
adequate
mains aggregate 44.9 miles in length and a total of 4,039 gas customers
Management.-All of the Common stock, except directors' qualifying
is served.
owned by Cities Service Co.-V, 119, P. 1290, 82.
is
shares,
are
high-voltage
of
lines
being
miles
now
220
transmission
Approximately
constructed to inter-connect the company's properties in South Dakota.
Okra-homa Gas & Electric Co.-Expansion.- been shut
and upon their completion will constitute a super-power system extending
Another municipally-owned electric plant in Oklahoma has
across the State from the Nebraska to the North Dakota boundaries. The
of curentire system will then embrace 500 miles of transmission lines and 350 down and transmission line service substituted for local generation
rent. The town of Paden. Okla.. has closed its electric plant and connected
miles of distribution lines.
Its distribution system to the lines of the Oklahoma ari0.9 & Electric Co.
Capitalization Outstanding upon Completion of Present Financing.
operation of city83,232,000 Twelve cities and towns in Oklahoma have abandoned
1st Mortgage 6ees, Series "A"(this Issue)
transmission aye655.000 owned electric plants to take current from the company's
Divisional 6%, bonds
2959.
p.
tem.-V.
118,
debentures
950.000
10-Year 7% Convertible gold
885.000
7% Cumulative Preferred stock
Old Dominion Co.(Maine).-Copper Output (Pounds).30,000 shares
Common stock (no par value)
May.
July.
June.
Earnings of the Properties Now Owned-Twelve Months Ended June 30 1924.
September. August.
$1,523 592
Gross earnings
1.943.000 1.872,000 1,823,000 1,668,000 1,987,000 2.072.000
921.854 -V. 119, p. 1290. 703.
Oper. exp. (incl. current maint. & taxes other than Fed'l taxes)_
•
$601.738
Net earnings
Opelika (Ala.) Sewer Co.-Receivership.249.380
on Oct. 1
Annual interest requirements on total mortgage debt
Court
District
the
of
United
States
Clayton
Judge
D.
Heney
Net earnings as shown above are thus equal to nearly 2.14 times the appointed M. D. Morgan, receiver, on a petition filed by the West End
bondholders,
for
annual interest requirements on outstanding mortgage debt.
acting
trust
The
company,
Trust
Philadelphia.
Co.
of
operated are
Franchises.-The franchise's under which the properties areThe
the company bonds wore
issuance set out in the petition that a total of $75.000 of total
satisfactory in form and without burdensome restrictions.
of $125.000 due the
held, and accrued interest of $50,000, making a
of the securities of this company is subject to the jurisdiction of and has bondholders.-V. 82, p. 933.
been authorized by Nebraska State Railway Commission.
by
managed
Albert
and
operated
Management.-The properties are
Orpheum Circuit, Inc.-Sale of Keith Stock.ternanuel Co., Inc.-V. 119, p. 1634. 1404.
A published statement. understood to be substantially correct. eve:
Offered.
-Halsey,
-Bonds
Co.
"Agreement for the sale of 43% of stock in the B. F. Keith Greater New
Ohio Public Service
York Theatres Co., by the Orpheum Circuit, Inc., to stockholders of former
Stuart & Co. Inc., are offering at 89 and int., to yield over company
has been practically consummated, excepting details of payment.
5% gold bonds, Ser."D." The price will be between $1,500.000 and $2.000,000. In 1921 the Orpheum
4% $9,000,000 1st Mtge. &1 Ref.
53
the
at
S.
dz
M.
payable
Circuit
Int.
1954.
the Keith stock for $621,731 of Orpheum Cumulative 8%
purchased
Sept.
Due
Dated Sept. 1 1924.
of 8% for four
office of Halsey, Stuart & Co., Inc.. In Chicago and at the office of the Preferred stock. Dividends paid on this stock at tho rate
net investment of
company in New York without deduction for normal Federal income tax years amount to approximately $200.000, indicating a
r*
and
and
$1.000
1516.
$100
and
than
p.
more
$500
119,
81.000.
$800,000.-V.
not in excess of 2%. Denom. ca
multiples thereof. Red.,all or part, 00 30 days' notice at 105 and int, to
Pan AmeriAn Petroleum & Transport'Co.-Bonds
and ind. March 1 1932: thereafter at 104 and int.. leas 1% of the principal
amount for each expired 5-year period to March 1 1952; and thereafter at sold.-Blair & Co., Inc., have sold at 97 and int.2 to_yield
par and int. to maturity. Reimbursement of the Penna. 4 mills tax. the
Conn. personal property tax not exceeding 4 mills per dollar per annum, 6.40%, $12,000,000 10-Year Convertible 6%Sinking Frnd
and the Mass. Income tax on int, not exceeding 6% to resident holders.
Gold bonds.
Securiti.-Secured by a direct 1st mtge. lien upon important parts of
Dated Nov. 1 1904, due Nov. 1 1931. Interest payable M. & N. at
the property of the company and are also secured by a direct mortgage lien
on all property now or hereafter owned, subject to prior lien bonds at any office of Blair & Co., New York. without deduction for any Federal income
time outstanding. At present there is a total a $7,568.400 divisional taxes not exceeding 2%. Penn.'4 mills tax and Mass. Income tax on int.'
Denom. $1,000, $500 and
bonds, of which $2,891.600 are pledged sa additional security for the 1st not exceeding 6% of such int- refundable.sinking
fund) at any time on
Mtge. & Ref. gold bonds, and only $4,063,800 are outstanding with the $100 C. Red, as a whole (or in part for the
30 1929, and thereafter
April
before
or
on
int,
and
103
weeks
6
notice
under
at
pledge
for
public. The divisional mortgages are closed _except
at 103 and int_ less 11 9, for each 6 months or part thereof elapsed after
other mortgages of the company.
said date.
Issuance.-Authorlzed by the Ohio P. U. Commission.
The Farmers' Loan & Trust Co.of New York, trustee, will, until Nov. 1,
receive bids for the sale to it of 1st & Gen. Mtge. Sinking Fund bands
dated Oct. 1 1909, to an amount sufficient to absorb 8750.000. at a price
not exceeding par and int. Tenders of bonds payable in pounds sterling
must be submitted in terms of currency of the U. S. of America. and such
bids will be considered on the basis of a currency par or face value of 84 85
for el sterling, the fixed rate of exchange designated in the bonds.V. 119, p. 1515.
OCT. 11 1924.]
THE CHRONICLE
Data From Letter of Chairman E. L. Doheny, New York
Oct. 9.
Purpose.-To provide for the prompt redemption of the entire outstanding 57.494,200 Mexican Petroleum Co.. Ltd., of
Del..
15
-Year
8%
Sinking Fund Cony. Gold bonds and to furnish additional working capital.
Approximately 98% of the capital stock of Mexican Petroleum Co. is
owned by Pan American Petroleum & Transport Co.
Consolidated Net Earnings for Calendar years (Incl. Owned A:. Controlled Cos.).
[Based on present ownership of stock of Mexican Petroleum Co.,
Ltd.
of Del., and Caloric Co.)
YearxNet Earns. yNet Earns. YearxNet Earns. yNet Earns.
1919
511.871.585 510,140.986 1922
43,126,127 536.630.987
1920
19.169,159 16,435,617 1923
24,180,820 20,449,859
1921
26,591,800 21,853,668 '24(6 mos.). 9,503,649
7,599.402
After depreciation and depletion but before interest and Federal income
taxes. y After depreciation, depletion, interest and Federal
income taxes
at present rates.
Maximum annual interest charges on the $12,000,000
bonds and
other funded debt outstanding after giving effect to thisnew
financing, will
amount to $1,198,517. Net earnings, after depletion
depreciation for
614 years ended June 30 1924, averaged $23,011,757 and
per annum, or over
19 times such annual interest requirements. Net earnings
above after
depreciation, depletion, interest and Federal income taxes atas
present rates.
averaged $19,327,224 annually, or over 25 times the
maximum
annual
Interest on the new $12,000,000 bonds.
Equity.--Company's outstanding Capital stock at current market quotations represents an equity of about 5133.000,000, which ranks
Junior to
the presentissue of $12,000,000 bonds. After giving effect to this financing
.
this issue, together with other obligations
ng 57.030,533, will
constitute the only funded or mortgage debt aggregati
of the company and its controlled companies.
Consolidated Balance Sheet as of June 30 1924(V. 119.
p. 1179), including
owned and controlled companies, shows current
assets before giving effect
to this financing, of $43.718,828 and current
liabilities of 520,472.896.
Consolidated current assets as of that date adjusted
to give effect to the
present financing were substantially in excess of all liabilities
, both current
and funded, including the new bonds.
Convertible into the company's class'B" Common stock at $70
per share.
that is. at the rate of 51,400 face amount of bonds for
stock (20 shares of $50 -par value each) with provision 31.000 par value of
for
reduction
of the
conversion rate if under certain conditions additional Common
stock or
class '8" Common stock (other than 200,000
shares
and
any
stock
issued
in exchange for Mexican Petroleum Co. stock), shall be issued
or sold at
prices lower than $70 per share.
Sinking Fund.-Company will covenant to retire 1-10th of these bonds
in each year. the first installment to be payable
Nov. 1 1925: the Sinldng
Fund payments to be payable semi-annually on
thereafter on May 1 and
Nov. 1. Company is to be credited on its sinking
fund obligation with
bonds retired by conversions. Company may anticipate
its sinking fund
installments.
Listing.-It Is expected that application will be made to list these
bonds
on the New York Stock Exchange.
Capitalization Oct. 7 1924Authorized. Outstanding.
Common stock (par $50)
555.000,000 550,077,800
Class "B" Common stock (par $50 shares)
150,000,000 78,702.600
Both classes of Common stock have the same rights
that the class "B"Common stock has no voting power.and privileges, except
The outstanding funded debt of this company and subsidiaries,
as of
Oct. 7 1924, not including these new bonds or the Mexican
Petroleum Co.
8% bonds which are about to be called for redemption.comprises
$5,668,500
let Lien Marine Equip. 7% Gold bonds. due Aug. 1
5940,300 miscellaneous funded obligations and 5421.733 purchase 1930:
money obligations,
making a total qf 87.030.533 principal amount of funded
indebtedness.
-V. 119, p. 1179, 1074.
Park Row Realty Co.-Tenders.-
The Irving Bank-Columbia Trust Co., trustee,60 Broadway, N.Y.
City,
will until Nov. 3 receive bids for the sale
to It of 1st Mtge. 20-Year 6%
Sinking Fund gold loan certificates duo April 11943.
to
an
amount
sufficient
to exhaust $25.387, at a price not exceeding 105 and int.-V. 118,
p.1783.
(J. C.) Penney Co., Inc.-September Sales.-
1924-Sep1.-1923.
56.883.244 56,010.297
-V. 119. p. 1180, 704.
Increase.
1924-9 Mos.-1923.
Increase.
3852.9471546,581,799 538.925.834 57,655,965
Pilgrim Mills. Fall River, Mass.-Stock Dividend
.The stockholders have voted to increase the authorize Common
d
Capital
stock from $700,000 (all outstanding) to $1.200,00
0. par $100. the increase
to be in the nature of a stock dividend.
The new shares are to be distributed
pro rata among the present stockholders,
each 7 shares now held.-V. 119. p. 1517.on the basis of 5 new shares for
Pittsburgh Utilities Corp.-Earnings:
-
3 Months Ending
PeriodSept. 30'24. June 30'24. Mar. 31 '24
Income from dim
$492,000
$492.000
5492,000
Income from interest._
2,986
3.030
3,991
Total income
$494,986
$495,030
5495,991
Expenses
$4,945
$3,660
$1.816
Bond interest
150,000
150.000
150.000
Net income
$340,041
$341,370
$344,175
-V. 119, p. 1517. 206.
$1,025,586
-12 Months EndedAug.31'24. Dec.31'23.
Gross receipts
$201,190
Oper.
.exp., taxes & depr.lees residuals & non-op.inc_ $212,650
123,117
117,048
Gross earnings
589.533
584,142
Bond and note interest
46,000 .
46.000
Net earnings
543.533
$38,142
-V. 115. P. 82.
Proctor & Gamble Co.-Stock Increase Delayed.
A dispatch from Cincinnati. Ohio, states that a legal point
which had
been overlooked has delayed the action of the stockhold
ers
of
the
company
in the proposed 51.000,000 capital stock increase at the
annual meeting
on Oct. 8.
further
states that under a new Ohio statute,'c
The despatch
orporations
are required to have all Preferred stockholders vote on
any
in the
capital. The charter of the Procter & Gamble Co. provideschange
that
r referred stockholders are non-voting, and notice of the proposed the 6%
was sent only to the Common and 8% Preferred stockholders. increase
In order
to comply with the Ohio law, action on the increase of the capital
stock
to $25,000,000 was postponed until Nov. 19.
The proposed increase is in accordance with plan announced
last by President Wm. Co6per Procter (see V. 118, p. 3207).-V in June
.1
1405. 1291.
Pro-phy-lac-tic Brush Co.-Initial Dividend.-
The directors have declared a dividend of 16 2-3 cents a share
on the
outstanding 100,000 shares of Common stock, no par value,
payable
Oct. 15 to holders of record Oct. 10. The distribution
represents one
month's dividend, placing the stock on a $2 annual basis. See
also V. 119.
P. 1180.
Purity Baking Co., St. Paul.-Acguisition.-
A controlling interest in the Banner Grocers, Baking Co.,
amounting to approximately 70%. has been sold to the Purity Cincinnati,
Baking Co.,
according to an announcement by L. II. Brandewie, President
of the
Banner Co. The sale involved the transfer of the plants at
Cincinnati,
Hamilton and Columbus. but the amount of the transaction
was
not
diselosed.-V. 117. p. 1356.
(Robert) Reis & Co.-Sales (Including Subsidiaries).-
Quarter Ended Sept.30-1924.
1923.
1922.
Gross sales
$1.646,660 51,853.398 31.479.250
-V. 119. p. 206.
Richland Coal Co. Wheeling, W. Va.-
The following published'
statement is understood by the "Chronicle'
to be correct:
The transfer of the Otto Marmot Coal & Mining Co..
associated the Black Betsey & Marmot Halm Coal Co.. with which is
to Johnson C.
McKinley. President of the Richland Coal Co..
The deal, it is said, involves upward of $2,500,000. has been announced.
The properties are located in Putnam, Kanawha and
Mason counties,
and comprise 11.000 acres of coal fields, in addition to
railroads leading
from the mines to terminals and river transportationtwo
property,
including
three boats and a flotilla of barges. The annual output has
been 400,000
tons. It is understood the purchaser will install
ents in the way
of more machinery and increased facilities that improvem
will bring the output up
to 600,000 tons a year.-V. 116. p. 2646.
St. Joseph Lead Co.-Dividend of 50 Cents.-
The directors have declared a quarterly dividend of 50 cents
per share
on the outstanding capital stock, par $111, payable Dec.
20 to holders of
record Dec. 9. A like amount was paid Sept. 20 last.
On Mar. 20 and June 20 last extra dividends of 25 cents were
paid in
addition to quarterly dividends of 25 cents.-V. 118, p. 2835.
Sandusky (0.) Gas & Electric Co.-Merger.
-
See Ohio Public Service Co. above.-V. 119, p. 1291.
San Francisco Parcel Post Bldg. Corp.-Name
Changed
The name has been changed to Ferry Station Post
Office. (See also
V. 119, p. 1631.)-V. 118. p. 1280.
Seattle Lighting Co.-Earnings, Year Ended July 31.-
1923.
1924.
Gross earnings
5 $2,208,111
Operating exp., incl. taxes, maint. & renewals_ .$2.168,46
1.383.152
1.355.313
Net earnings available for interest, deprec'n,&c,.
$785,313
$852,798
Annual int. requirement on first mtge.
55 and ref. mtge.5s_ _
5375.375
-V. 111, p. 1089.
Securities Corporation
General.-'Annual Report.
Income Account Year Ended June 30.
1923-24.
1922-23.
1921-22.
1920-21.
Gross income
$258,873
5168,211
$126,152
Int. on loans pay., taxes, $195.198
exp. & salaries
58,993
45,097
40,022
37,018
Preferred dividend
116.569
55.947
Balance, surplus
$19,636
$157,829
$128,189
$89,135
Previous surplus
564,229
397,451
369,262
272,334
Difference between issue
.
price and cost of Prof.
stock canceled
Cr.13,494 Cr.280,677
Inv.res. acct. written off
114,380
100,000
Underwriting priv. amt.
written off
25,000
25,000
Issued val. of 1st Prof.
stock of no par value .
Issued in lieu of exch.
Prof.stk.divs. accrued
7,492
246,728
Miscall. adjustments_ _ _ Dr.1,007
Cr.7,793
Profit & loss, surplus_ 5449,478
5564,229
5397.451
5369,262
Comparative Balance Sheet June 30.
Assets1924.
1923.
Liabilities1924.
1923.
Invest. in bonds &
6% cum. Pt. stock 815,222 5101,053
stocks
$2,507,822 $1,923,508 lst Pref. stock..___ 1,846,625
1,792,201
Time and demand
Loans
pay,
on coll_ .842,929
365,000
loons
340,994
636,363 Accounts payable
Cash
167,277
108,370
& accruals
18,600
19,307
Accts receivable
6,565
89 Res, for declared
Res, for dive
1,490
divs.on frac ohs.
Div. res. account_
1,912
3,503
stk.
to
be Issued
Accr'd int. recle
13,219
14,715 in conversion__ _
1,913
Prepaid taxes_ __ _
1,485
563 Surplus
449,478
564,228
Priv. to partly. in
underwritings
75,000
100,000
Treasury stock
59,003
54,679
Total (ea. side)_$3.174,767 $2,841,789
Note.-The capital stock June 30 1924,
as above shown, is as follows:
(1) 6% Cumulative Preferred
Prof. stock, 19,490.20 shares ,of162 shares issued, value $15,222: (2) 1st
no
par
value:
issued value. $1.846,625.
Common stock outstanding June 30
1924 amounted to 27.250 shares of no
par value, but issued value is not given.
-V. 117, p. 2223.
Shaffer Oil & Refining Co.-New
Well.The company reports the completion
of the
of six wells which it is
9 Mos.End. drilling on a new lease south of Wewoka. Okla.first
The first well is reported
Sept.30'24. flowing at the rate of 1,600 bbis. per day.-V. 119,
p. 1518. 590.
$1,476,000
Shubert Theatre Corp.-Transfer Agent.
10,007
The Equitable Trust Co. of New York
has been appointed transfer agent
51,486.007 for the Common stock of the corporation.-V.119.
1). 1635.
$10,421
60 Broadway Building Corp., N. Y.
450,000
City.-Notes
Porto Rico Gas & Coke Co.-Report.-
,
1745
Sold.-Edmund Seymour & Co., New York;
F. R. Sawyer
& Co., Boston, and McCown & Co., Philadel
phia have sold
at 100 and int. 81,000,000 10-Year 7% Sinking
Fund Gold
Notes (Closed Issue).
Dated Oct. 1 1924. due Oct. 1
Int. payable A. & 0. Denom.
51.000, $500 and $100 c•. Red. 1934.
as a whole or in part, or through the
sinking fund, at any time after Oct.
1 1925. on 30 days' notice at 110
and int. Int, payable without deduction
for normal Federal income tax
not in excess of 2%. Penn. and Conn.
not to exceed 6.6% on int. refunded.4 mill tax and the Mass. income tax
Exempt from personal property
tax in New York State. Equitable
Trust Co., New York. trustee.
Lcase.-The Irving Bank
a Trust Co. has leased from Oct. 1
1924 the first 3 floors of this-Columbi
building
15 years at a rental approximately
equal to the interest charges on thefor
first mortgage. The income, therefore, from the remaining
20 floors of the building is directly applicable to
sinking funds, operating expenses
and Interest charges on this issue.
Data From Letter of Geo. R. Coughla
n,President of the Corporation,
Location -The 60 Broadway Building,
place and New St., is in the heart of the bounded by Broadway. Exchange
New
York financial district, diagonally across New St. from the
York Stock Exchange. Within one or
two blocks of the building areNew
located
United
the
States Treasury, .1. P.
Morgan & Co., Bankers Trust Co..
First National Bank. Central Union
Trust
Equitable Trust Co., Adams Express Building and American
Express
Co..
Building.
The property consists of about 9.000 sq.
ft. of land owned in fee and the
23 story office building thereon.
The building is of the highest type bank'
construction and is in excellent condition
. Under present zoning laws
only a 15-story building could now ha
erected on this site and added value
should be given to the property
an equal net rentable space per square
foot of ground area would not beas
possible in a new structure.
Security -These notes will
a direct obligation of the corporation, and
will be further secured by abe
closed mortgage lien of 31.000.000 on the
land and building subject only
existing leases and to a 1st Mtge. of $2.900,000. due in 1939. at 5% forto
10 years and 514% thereafter, held by the
Irving Bank-Columbia Trust Co.,
New York, on which a sinking fund or
lass than 2 1-57 per annum begins
May 1 1930. Based on appraisals by
Joseph P. Day,Inc., and McKim. Mead
& White, the property is valued
at$5.554,965. Deducting the first mortgage
directly applicable to this issue of $1,000.00 leaves an equity of $2,654.965
of notes.
Earnings.-In accordance with statements0furnished
by the Irving BankColumbia Trust Co., the earnings of the property
for the past 3 years have
been as follows:
Gross earnings
Oper. exp., matnt., ins. & taxes
1923.
5557.833
196,005
1922.
3555,717
187,923
1921.
5506.993
185,059
Net earnings
$361,828
1367,7 :
$3321,934
The net earnings, as shown above, have
averaged 5350.515 per annum.
or approximately 3 times the interest requireme
nts on this issue after
1746•
[VOL. 119.
THE CHRONICLE
deducting the interest requirements on the first mortgage now outstanding.
Based on existing leases and the new bank lease the earnings for the year
1925 are estimated as follows:
$623,071
Gross rentals
Operating expenses, maintenance. Insurance & taxes, $196,729:
341,729
interest on first mortgage, 9145,000
8281,342
Net earnings
70.000
Maximum interest charges on this issue
Sinking Fund.-A sinking fund is to be created commencing Oct. 1 1926
for the semi-annual redemption of notes by purchase or call. Beginning
the following year in addition to fixed payments, the company further
covenants to pay into the sinkingfund one-half of the remaining net earnings
of the property. The combined payments are calculated hi retire the
whole issue by maturity.
Skelly Oil Company.-Tenders.
The Union Trust Co. of Pittsburgh, trustee, will until Oct. 15 receive
bids for the sale to it of 1st Mtge.& Coll. Trust 10-Year 7 SS% Sinking Fund
bonds, dated Dec. 1 1921. to an amount sufficient to exhaust 8175,748
at a price notexceeding 105 and int.-V. 119, D. 1518. 1074.
(A. 0.) Smith Corporation.-Tenders.
The Irving Bank-Columbia Trust Co. will until Oct. 22 receive bids for
the sale to it of Preferred stock to an amount sufficient to exhaust $43,639,
and at a price not exceeding 110 and dividends.-V.118, p. 1785.
(L. C.) Smith & Bros. Typewriter Co., Syracuse, N. Y.
-New Interests Acquire Control-New Financing Contemplated
years have been $69.346, or approximately 214 times the maximum interest
requirements of this issue. This does not take into consideration the increased earnings after the new mill is completed, which in our opinion will
double our present output and earnings. We expect this mill to be in operation by Jan. 11925.
Sinking Fund.-The trust deed contains provision for sinking fund payments to the trustee of $13,500 annually, payable quarterly, plus $4 per
1.000 fet of standing timber as cut from lands under the mortgage. Moneys
will be applied toward the call of bonds by lot at 10214 and int., if not purchasable in the open market for less. This sinking fund should insure a
constant market for the bonds.
Purpose.-Proceeds will be applied toward the purchase of standing timber, completion of the new mill, purchase of new logging equipment, and for
additional working capital.
Balance Sheet July 31 1924 (After This Financing).
LiabilitiesAssets$100,000
Timber, mills, equip., &c.. $895,243 Capital stock
530,000
Real estate
17,714 Bonded indebt
20.396
114,927 Trade creditors
Cash
5,234)
Accounts receivable
33,955 Pay roll
3,451
45,558 Accrued liabilities
Inventories
448,319
Surplus
Total
$1,107,398
Total
$1.107.398
(B. F.) Sturtevant Co.-Balance Sheet June 30.1924.
AssetsCash
$465,593
Notes & accepts.
87,163
receivable
Accts.receivable._ 1,671,574
Merch. inventory_ 2,040,394
36,734
Prepaid items
29,889
Stocks & bonds_ _ _
1,263,565
Real estate
Mach.,equip., &c. 1,520,512
1923.
1924.
1923. I Liabilities$337,708 Capital stock._ __:$3,450,000 $3,450,00(f
500,000
Notes payable_ _ _ _ 1,300,000
294,851
62,907 Accounts payable,237,898
1,675,260 Res,for city, State
43,428
34,400
1,623,113 & Fed. taxes. _ _
23,629 Res. for deprec.,
769,914
plant assets__ _ _ 896,457
11,000
1,196,670 1,264,473
1,211,754 Surplus
1,377,295
$7,115,424 $6,322,866
Total
Ford. Bacon & Davis, Inc., have acquired control of the company through
the acquisition of part of the stock of the elder Smith stockholders. The
younger generation of the Smith family retain their interests in the company and will co-operate with Ford. Bacon & Davis in formulating its
policies. The acquisition of control by Ford, Bacon & Davis is for themselves and associates, and is not for any other interest as has been rumored
in the trade.
A new corporation called L. C. Smith & Bros. Typewriter. Inc., will be
incorporated in New York to acqfiire the property and assets of the present -V. 117. p. 2444.
L. C. Smith & Bros. Typewriter Co. The capitalization of this company
will be substantially the same as of the present company and will consist
Thomas Iron Co.-Sale.-of $2,000,000 7% Cum. Pref. shares, par $100. and 30,000 shares of no
See Southern Coal dc Iron Corp.. above and V. 118, p. 2837.
par value Common stock. In addition, there will be an issue of 81,000.000
6% 1st Mtge. Sinking Fund gold bonds. This issue has been underwritten
Tobacco Products Corp.-Capital Stock Reduced.and will be put out by Syracuse bankers.
The stockholders voted Oct. 9 to decrease the authorized Capital stock
Wilbert L. Smith will continue for the time being as President of the new
Stivers
has
C.
Schuyler
been
Treasurer.
by
as
$7,845,300 Preferred stock. This stock was called for redemption
Smith
W.
H.
and
company
elected Secretary of the present Smith company and will be Secretary of July 1 last at 120 and dividends.-V. 119, p. 952.
the new company. Mr. Stivers is a Vice-President of Ford, Bacon & Davis
Telautograph Corporation.-Operation.and also Secretary of Syracuse Washing Machine Corp., one of the largest
makers of washing machines in the world, and also Secretary,of Oswego
The corporation, the stock of which was recently listed on the New York
and
liquid-tight
caps
bottle
paper
of
makers
Y.,
N.
Fulton.
of
Corp.
Falls
Stock Exchange, has a broader field of operation other than being used from
cans carrying the trade name of Sealright products, in both of which com- a business standpoint. On Election night, in various cities of the United
panies Ford, Bacon & Davis have large holdings.
States, the Telautograph stereopticon will give election returns. The use
The main outcome of the new alignment will be a modernization of the of this system reduces the delay and gives the audience returns simultanecompany's operations. No material expansion in output is contemplated ously upon receipt and with the same speed and accuracy as in commercial
at this time or any foray into the portable field.
use.-V. 119, p. 1519. 1407.
It is understood in the trade that the Smith factory is at present turning
Turners Falls Power & Light Co.-7'o Increase Stock.out about 50,000 typewriters a year. The Smith company is one of the
four largest makers of standard typewriters. Its typewriter is characterThe company has applied to the Massachusetts Department of Public
ized by its excellence of mechanical construction and workmanship. The Utilities for authority to issue at par ($100) 3.634 additional shares of
company was the first maker of type-bar machines to strive after quiet- Common stock to retire indebtedness incurred in making permanent addiness of operation.
tions and improvements. There is at present authorized and outstanding
$9,636,600 Common stock.-V. 119, p. 1407.
Southern Canada Power Co., Ltd.-To Offer Stock.-
Union Oil Co. of California.-Earnings.-'
The company will shortly offer to its employees and customers $400,000
expenses, taxes (incl,
of 6% Cum. Partic. Prof. stock under its customer ownership plan.
Profits -Profits from all operations, less general
V. 118, p. 1677. ,
income tax), interest charges, employees' share of profits and provident
approximately:
were
fund,
1922.
1923.
Southern Coal & Iron Corporation.-Acquisition.1924.
Nine Months Ended Sept. 30The corporation has taken over the ownership of the iron properties of Profit subject to depreciation &c__ _$17,500,000 $17,000,000 $17,000,000.
the Rittenhouse Iron Co. of Philadelphia, located between Bethlehem and Provision for depreciation & depletion 85,200,000 $4,650,000 $3.950,000
Philadelphia. These properties adjoin the Thomas Iron Co.'s properties Prov, for labor & incidental cost of
5,150,000 3,800,000
3,300,000
also recently acquired. The Southern Coal & Iron will put both properties
new drilling
into operation in conjunction with its Greiss Mines, shipping low-phosphor$9,000,000 $7,200,000 $9.250.000
ous iron ore to the Eastern Pennsylvania furnaces. Wm. A. Behan is
Net profits for the nine months
and controlled companies aggro--Production of crude oil by the company
Sec.-Treas.-V. 116, P. 2398.
gated 11.200,000 bbls. in the first nine months this year, a decrease of
Standard Oil Co. (Ind.).-Files Answer to Ouster Suit.- 2,100,000
bbls. from the same period of 1923. The company's own proAn Associated Press despatch from Jefferson City, Mo., Oct. 8 says: duction is now 42.000 bbls. daily, with 140 wells having potential production
An answer setting forth that the company had lived up to the spirit of 12,000 bbls, daily shut in; 44 new wells were brought in during the nine
and letter of the Missouri Supreme Court's order of June 28 1913, with months and 8 wells deepened.
respect to the State's anti-trust laws, was filed Oct.8 in reply to the ouster
Sales were approximately 850.700,000; or $4,400,000 less than in the nine
months last year,due to smaller shipments of crude to the Atlantic seaboard.
action of Attorney-General Barrett, filed Sept. 11.
licensing
of
its
other
manuby
has,
company
the
that
pleads
answer
The
Capital expenditures approximate $8,800.000, consisting principally of the
facturers to use its refining methods, aided its competitors in enlarged cost of leased territory, drilling and expenditures for extension of marketing
trade opportunities instead of restraining trade, and has served the public facilities.
nearly to the
Current assets total 347.000,000, including 8163.320 in unpaid sock subin such a way that the price of gasoline has beeninkept more
general use.
scriptions, and show an increase of $4,750,000 since Dec. 311923. They
level of 1913 than prices of any other commodity
the
Supreme
aside
set
to
seeks
September
in
begone
proceeding
The
are in the ratio of6 to 1 to current liabilities, which approximate $8,000.000.
Court order of 1913 permitting the company to do business so long as it increasing $700,000 since the end of last year.
Mortgage Debt.-During the past nine months, mortgage debt in the hands
obeys the State laws. That conditional order followed a judgment in
1900 in which the company was held to have violated the laws and was of the public has been decreased $4,239,969.
Stock subscriptions already paid on the offering of $4,500,000 stock made
ordered ousted from the State.
of $163,320
The answer states that by its own processes the company, through
last January amount to $4,336.680, leaving unpaid balance
the
double
was
to
able
produce
patents,
Its
payable on Nov. 10. The definite date for surrender of $100 par share
licensing other refiners to use
crude oil.
certificate for the new $25 par value certificate has not yet been determined.
percentage of gasoline previously derived from a barrel of others
to use its -v. 119, p. 1636.
By its methods as a pioneer developer and in licensing the public
and
processes, the answer says, the corporation has served
instead
competitors,
its
of
opportunities
trade
the
enlarged
United Bakeries Corporation.-Sales Increase.has voluntarily
lawfully
it
as
itself,
to
exclusively
patents
of reserving all the benefits of its
Sales of all companies owned or controlled for the current calendar year
might have done."
1924 show an increase of almost 26%. Operating profit,
White Eagle Oil & Refining Co. the Lion up to Sept. 13tax
The answer sets up that theTexas
but after depreciation and interest charges for the same
Co. are competing in Missouri with before income
in excess of $2,700,000. Several of the underlying comOil & Refining Co. and the
slightly
is
period,
marketing
to
as
limited
is
them
of
none
that
and
Co..
Oil
a percentage of net profit in the erection,
the Standard
produced an economy in panies contemplate reinvesting
territory. The patented process, it asserts,
new bakeries in cities in which they are not at present
supply and "that the effect of the from time to time, of
the
increased
and
gasoline
the earning power of the company.
augment
further
of
still
cost
the
Oil Co. any monopoly operating; this will
licenses did not tend to nor did it give the Standard
Company has over 3,000 stockholders.
or power to restrain trade."-V. 119. It• 1635.
The companies operating under the United Bakeries Corp. and where they
follow:
Stetson & Post Lumber Co.-Bonds Offered.-Carstens
@FedFRASER