Full text of Commercial and Financial Chronicle : October 13, 1923, Vol. 117, No. 3042

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Me

finattriai

rontrie

Bank & Quotation Section
Ppilwav F:irninu Section

INCLUDING
Railway & Industrial Section
Bankers' Convention Section

SATURDAY, OCTOBER 13 1923

VOL. 117.

Whe Thronicle.
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
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We send to our subscribers to-day along
with the "Chronicle" itself our "American
Bankers' Convention" Section or Supplement.
This is an exceedingly valuable publication, especially on the present occasion, as
it gives the papers and addresses read
before the Annual Convention at Atlantic
City, Sept. 24-27 of the American Bankers'
Association and its Sections and Divisions,
at which were discussed banking, financial,
industrial and economic questions touching
intimately the interests and welfare of the
entire community.

The Financial Situation.
The anthracite coal troubles were supposed to have
been settled over two weeks ago, but already they
are cropping out in a new form. On last Saturday
the "grievance" committee representing some 20,000
miners in the Scranton anthracite district called
a strike because of some alleged grievances which
have been grumbled over for several months. Although the call was rescinded on Tuesday (the chief
complaint having been about certain instructions
and tests as to the details of drilling and cutting)
the incident reminds us that not all is settled yet in
Pennsylvania and that a "peace" obtained by surrender is no peace and is almost sure to require further surrenders to keep it from break-up. The
United Mine Workers' "publicity director," who
edits the "Journal" of that organization, blossomed
forth, a few days ago, with the charge that "nonunion coal operators are as anxious as the Communists to wreck and destroy the United Mine Work-




Electric Railway Sectica
State and City Sectict
NO. 3042

ers of America." It is not unlikely that the Communists and the Reds and the I. W.W. might like to
smash this organization,since all these pestilent persons seem to have one persistent and common
thought, namely to tear down everything; but to
connect the coal operators with the allegation is
both reckless and ridiculous. Director Searles is
said to base his charge upon the fact that the National Coal Association, representing large bituminous interests, "has attacked his assertion that Reds
were responsible for inciting the massacre at Herrin" and for other acts of violence. On March 16,
says Mr. Searles, Mr. Brydon, bead of the coal association, told Mr. Marshall of the Coal Commission
of alleged cases of dynamiting the property of coal
companies and laid the blame upon the United Mine
Workers, whereupon Mr. Searles wrote to him and
said that the Communists,.not union miners, were
the guilty parties. But"Mr. Brydon never answered
that letter"; and, pursues Mr. Searles,"there is nothing in the conduct of Mr. Brydon and his crowd of
non-union coal operators to indicate that they were
in any degree anxious to get rid of the Reds that
were attempting to discredit the United Mine Workers of America by destruction of mine property."
As a piece of argument, this has not the thickness
of a spider's web. The letter which was not answered
contained nothing more than an expression of opinion and required no answer. That Reds and wicked
emissaries,from abroad plotted and carried through
the Herrin murder is no new story, but was it one of
those persons who caused Mr. Lewis, the head of the
Mine Workers' union, to send that memorable
"strike-breakers" wire and suggest, by an inevitable
implication, that they might justifiably be treated
as the wretches they were, only two days before the
massacre? And was it a Red emissary who said, in
the union organ, that the faces of the killed did present a "terrible" appearance—naturally, that is—
but "were even worse after justice had triumphed"
in killing them? It is not a new incident for outrages
to be committed by striking unionists (judging from
circumstantial evidence) and then have the plea set
up that some enemies of the organization must have
done the deeds in order to discredit it before the public.
Yet the editor of the miners' organ is not wrong in
saying that "there still is much to be uncovered and
learned about the work of Reds in this country," although there may be less acquiescence when he adds
that "the miners' union believes that a thorough investigation of the matter should be undertaken by a
committee of the United States Senate." If this is
undertaken, he offers to place at disposal a large
quantity of material not yet made public, and he

1586

THE CHRONICLE

challenges Mr. Brydon "and his crowd of non-union
labor-haters to lend the same kind of honest help,"
adding the fling that if the Senate does go to the bottom of the subject "there are persons prominent in
and out of the coal industry who probably will feel
like running for cover." If the suggestion were
made less broad it might perhaps be a proper topic
for the Coal Commission; but Congressional invegtigations have often been so partisan and perverted as
to accomplish little of value—so little that they can.not be regarded as very hopeful. Nor does the wording of this challenge offer much encouragement.
There are no non-union haters of labor; nobody
"hates" labor. What is hated and ought to be hated
is the lawless and criminal misconduct of labor in
organization. If there is any conspiracy against
labor, the unions themselves are the conspirators.

[VOL. 117.

bushels as against 186,110,000 bushels last year; the
rye crop 64,774,000 bushels, compared with the 1922
crop of 95,497,000 bushels, and the buckwheat crop
13,927,000 bushels, as against 15,050,000 bushels in
1922.
The crop of potatoes in the Eastern States is bet ter than the earlier reports indicated, the quality being excellent, and a yield of 401,424,000 bushels is
now expected. This is a gain of 10,000,000 or 20,000,000 bushels over the earlier estimates, but compares
with 451,185,000 bushels last year. Tobacco has been
rather hard hit, frost in the northern sections and
wet and unfavorable weather in others, having
caused heavy losses, which is placed by the Department of Agriculture at 89,005,000 pounds, the yield
now being estimated at 1,461,711,000 pounds; last
year it was 1,324,840,000 pounds.

The Government crop report, issued on Tuesday,
Former Premier Lloyd George, in a series of admakes some further reduction in the yield of both dresses since arriving in the
United States last Fricorn and wheat this year. Damage to corn from day, has emphasized the necessity
of a program for
frost in practically all of the Northern States will world peace. Judging from recent
European cable
affect the quality and considerable corn was still im- ativices, political leaders over
there have not gotten
mature at the date of the report Oct. 1. The condi- very far in carrying out,
or even formulating, such a
tion at this date is put at 82.0% of normal, which is program. Premier Poincare
has made caustic criti1.3 points below the preceding month, but contrasts cisms of statements in recent
speeches by both Lloyd
with 78.4%, the condition of the 1922 crop on Oct. 1 George and Lord Curzon.
Former Chancellor Streseof that year. As noted a month ago, the crop this mann has succeeded in
recasting his old Cabinet by
year promises to be the. fourth largest crop of corn making only a few changes, but the
newly organized
raised in the United States. The yield is now put at Ministry seems to be in an altogethe
r unstable posi3,021,454,000 bushels, which is 54,332,000 bushels t;on. Bavaria continues
to offer opposition to tlic
less than was indicated a month ago. There have Government of the Reich, although
professing loybeen four crops in excess.of 3,000,000,000 bushels, the alty. Chancellor Stresemann has
made overtures to
largest in 1920, when the yield was 3,232,367,000. Belgium and France to begin
negotiations over the
Last year 2,890,712,000 bushels of corn were raised. Ruhr, but Premier Poincare has
taken the position
The increase this year over last is largely in the Cen- that the negotiations must embrace
"the entire reptral States, Illinois, Indiana, Nebraska, Missouri arations question." Lord Curzon
has submitted a
and Kansas. Iowa, which produces more corn than comprehensive statement to the Imperial
Conference
any other State, reports a decrease this year as com- of Premiers in London on the big
problems in which
pared with 1922; also Ohio. Nearly 60% of the crop Great Britain is most deeply
interested. The necesis grown in these seven States.
sity of increasing trade between England and her
A reduction in the yield of spring wheat is also in- Dominions was specially
stressed. The British
dicated by the October crop report, attributable to Board of Trade statement for
September showed that
rust and hot weather just prior to harvest. The qual- imports into the United
Kingdom increased E6,321,ify of the spring wheat crop this year is below the 400 and exports increased £1,324,900
, compared with
ten-year average. The latest estimate of yield is the same month of last year.
213,321,000 bushels, which is 7,490,000 bushels less
than a month ago and contrasts with 270,007,000
Following the resignation last week of the Gerbushels, the spring wheat crop of last year. Of the man Cabinet headed by Dr.
Gustave Stresemann, the
preceding ten years, the spring wheat crop was Berlin and London cable advices
contained numerlarger than is now indicated for this year six times ous rumors as to what was likely to happen,
and even
and smaller only four times. Extremely low yields as to what it was claimed actually had
happened.
are reported this year for North and South Dakota, According to a Berlin dispatch of the
Associated
Nebraska and Kansas, particularly North Dakota, Press dated Oct. 5, "a resuscitation
of Chancellor
where the crop this year is now estimated at only Stresemann's defunct four-party coalition
to-night
56,466,000 bushel's, against 123,234,000 bushels raised Put an end to the Parliamentary crisis
whose mystelast year. Montana and Washington report an in- rious origin is only exceeded in novelty
by its bafcrease in yield -this year. As to the wheat crop as a fling solution, in that the four warring
parties virwhole, including both winter wheat and spring tually agreed there had been no ground
for disagreewheat, the total yield is now placed at 781,737,000 ment three days ago and that a revamping
of the
bushels. Of the ten preceding years, only three re- coalition was the only way out of the
dilemma." Conport a smaller yield than is now indicated for 1923, tinuing to outline the Ministerial situation,
the corand it is not since 1917 that the crop of wheat has respondent said: "Conservation of party
prestige,
been below the estimate of this year. Last year the emoluments of public office and concern over
polittotal wheat harvest was 856,211,000 bushels. Oats ical patronage are declared to have played an
unwill also show a reduction in yield, amounting in the usual part in the inter-party truce, which was
prepast 30 days to 9,234,000 bushels, this year's crop ceded by a day of bartering and jockeying for posinow being estimated at 1,202,453,000 bushels; as tion, as the coalition leaders apparently
preferred
against 1,215,496,000 bushels, the final estimate of to risk their immediate political future by giving
the
last year; the barley crop is now put at 199,251,000 four-party bloc another tryout to taking a
chance of




OCT.13 1923.]

THE CHRONICLE

1587

before the fall of his
being eliminated from the nation's affairs through speech in the Reichstag just
in no vote of conindulged
g
Reichsta
The
the advent of the dictatorship with which they were Cabinet.
schedule of new
day's
the
on
s
measure
Two
fidence.
threatened." The New York "Herald" representaon the Cabinet
powers
inary
extraord
ng
conferri
bills,
tive in the German capital commented in part as folwere
postponed
bank,
currency
new
the
creating
and
and
lows on the Cabinet crisis: "Balked by friend
ed
till Monadjourn
g
Reichsta
the
and
ely,
indefinit
a
being
foe alike in his feverish efforts to bring into
dictatorial regime headed by himself, Chancellor day afternoon."
Cabling Sunday evening, the Berlin representative
Stresemann turned back somersaults, and this eveasserted that "the weakning came up standing with the same old Cabinet of the New York "Times"
ent and big coaliGovernm
and program which through his resignation Wednes- ness of the Stresemann
. The coalistrongly
too
d
day he apparently had discarded forever. He first tion cannot be expresse
with plaster,
together
patched
been
got the People's Party to try a coalition again and tion's pieces have
and cleavcrisis
g
precedin
the
from
cracks
some
then lined up.the Socialists." The New York "Trib- but
Strese"The
said:
he
ng,
Continui
show."
still
age
une" representative at the same centre asserted that,
diperfect
a
almost
in
is
caught
ent
mann
Governm
Cabinet
"having failed to form his purely bourgeois
bring
to
calculated
of 'experts,' among whom Hugo Stinnes, leading lemma. Any real measures
such as collecting
tation,
's
rehabili
Germany
about
as
role
chief
the
to
play
German industrialist, was
heavy new real
dictator over the country's economic and financial real instead of paper taxes, levying
or aboliwealth
life, Chancellor Stresemann tried hard until the taxes direct or indirect, a levy on
precipitely
immedia
early, hours of this morning to patch up a new Min- tion of the eight-hour day, will
while
ent,
Governm
the
istry on 'a Parliamentary' basis—a Cabinet which tate a crisis and break up
salreal
such
to
concert
and
failure
would depend for its life upon Nationalists in the procrastination
the
on
y
German
te
accelera
s
merely
Reichstag. This attempt also failed, whereupon Herr vation measure
ann
Stresem
the
way
Either
to
ruin.
road
Stresemann retreated to the starting point and de- certain
fall and fulvoted his efforts to-day to reconstructing the big Government seems doomed to a speedy
be the last.
it
would
y
that
the
of
prophec
fillment
or
coalition. As a result of these labors, the Chancell
ent."
Governm
tional
Constitu
acondemn
open
the
has brought down upon himself
tion of Stinnes who, to-day, through his paper,
Apparently Chancellor Stresemann came off bet'Deutsche Allgemeine Zeitung,' declared war on the
than had
Chancellor. Stinnes's break with Stresemann and his ter at Monday's session of the Reichstag
ul
successf
more
frank avowal for a Nationalist dictatorship is due to been expected. Certainly he was
discable
Berlin
in
the
Stresemann's refusal to accept an ultimatum deliv- than had been indicated
that Monday
ered to him yesterday by a group of powerful indus- patches for several days. It seems
confidence in
of
a
vote
"passed
g
trialists headed by Stinnes, who demanded, among night the Reichsta
the German
against
ent
ann
Governm
Stresem
other things, the unconditional abandonment the
and the
Party
People's
n
the
Bavaria
ists,
National
by the Government of the eight-hour day for
"a Sothat
also
known
It
became
sts."
Communi
labor."
cialist motion endorsing the Government's constitumeasures in
Last Saturday, Oct. 6, former Chancellor Strese- tional standpoint regarding exceptional
Press corremann completed a new Cabinet, in which he will Bavaria was carried." The Associated
th to-day adopted
act as Minister of Foreign Affairs, as well as Chan- spondent reported that"the Reichsra
by Chancellor, with Dr. Hans Luther taking the portfolio of the draft bill of the authorization law asked
re
would
he
which
Minister of Finance and Herr Koeth that of Public cellor Stresemann, by virtue of
measc
economi
g
dictatin
Economy. In the afternoon the Chancellor pre ceive sweeping authority in
n provinces
sented his new Ministry to the Reichstag. The Berlin ures. Bavaria and some of the Prussia
was
measure
the
on
vote
The
the
bill.
against
correspondent of the New York "Times" character- voted
the
es
authoriz
bill
'the
that
d
He
17."
explaine
ized it as "his second great coalition Cabinet." He 46 to
considit
s
measure
take
to
of
ent
Reich
the
Governm
added that "the new Cabinet was described by the
in financial, economic and
ultra-reactionary member Dr. Graefe as the 'galvan- ers necessary and urgent
ss of the provisions of the
ized corpse of the former Cabinet.' It has as its prin- social matters, regardle
however, would not extend
cipal change the elimination of the Radical Socialist, Constitution. Its power,
law regulating working hours.
Dr. Hilferding, as Finance Minister in favor of Dr. so far as to affect the
invalid by March 31 or upon a
Hans Luther, who had resigned as Food Minister, The new law becomes
in the Government."
which portfolio is not yet filled, and of replacement change
by
,
Dr.
Koeth
resigned
who
Raumer,
of Minister von
Naturally much significance and importance were
as Minister of Economics." The "Times" representace between Hugo Stinnes and
tive described in part as follows the reception given attached to the conferen
Degoutte at French
General
the new Cabinet by the various political factions in several associates and
. It took place
Stahlhof
the
at
the House: "The Right Wing members, Dr. Strese- Military Headquarters
5. AccordOct.
n,
afternoo
Friday
last
o'clock
maun's own party, were icily cold. Stresemann and at 5
the New
to
am
cablegr
orf
Duesseld
a
to
special
Stinnes had obviously broken, and the industrial ing
submit
to
]
came
Germans
[the
"
"they
York
the
back
"Times,
for trying
gro:qa that stabbed Stresemann in
repand
tion
co-opera
future
for
program
ul
definite
a
successf
would
have
to put over a program which if
in
ation
particip
Allied
on
based
s
arations
payment
a
pay
wealth
real
made the owners of real German
further
"Times" dispatch
share of reparations and other burdens had turned German industries." The
nearly an hour. The
lasted
w
that
intervie
"the
stated
it.
Soknew
The
or
Chancell
thumbs down, and the
frigidly but in a polite
cialists, too, were cool, the Moderates even being conversation was carried on
those present as strangely
stingy with applause, while the Communists rioted tone, described by one of
w of Marshal Foci and the
and raged to an even greater degree than they had reminiscent of the intervie
on in November 1918."
delegati
against Chancellor Cuno on the occasion of his last German armistice




1588

THE CHRONICLE

[VOL. 117.
The correspondent added that "the program which,I
Cabling the next day, the Paris correspondent of
understand, includes a loan guaranteed by the Rhen- the New York
"Times" said that Premier Poincare
ish railroad and the Ruhr's immense riches, mines "is
against fixing at this time any other limit of repand industries, is being transmitted to Paris by Gen- aration
s than 50,000,000,000 gold marks plus what
eral Degoutte, who is dispatching a special courier France
must pay England and America. He does
to-night" He likewise suggested that "the fact that not believe
that Germany, owing to her fiscal condithe deputation here to-day does not officially repre- tion,
can make any important cash payments for
sent the German Government is held in no way to some time
to come, but in the meanwhile he would
diminish its importance, and the event is regarded install an interm
ediary regime for collections in the
as marking a critical point in Franco-German rela- Ruhr and
Rhineland." He stated also that "this
tions." In concluding his account of the incident, plan comprises
five parts: First, the Rhineland railthe "Times" representative said that "at the conclu- roads to be turned
over to an international comsion of the interview Stinnes went to the Duesseldorf pa.ny, on which
Germans may be repreAented, to be
Prison, where he spent an hour with Baron Krupp run for the accoun
t of the Reparations Commission;
von Bohlen discussing the program submitted to second, part of
the Ruhr coal mines to be handed over
General Degoutte."
to a similar international company; third, resumpThe French were pleased with the negotiations at tion of payments
in kind within limits to be fixed;
Duesseldorf. •The New York "Times" correspondent fourth, custom
s duties to be levied in gold and be
at Paris cabled that "it is said.at the Quai d'Orsay handed to the
Allies; fifth, part of the receipts from
that conversations between the occupying authori- the products
of big industries, probably 26%, to be
ties and the Ruhr industrialists, such as that of Herr paid to the Allies.
" The Paris representative of the
Stinnes and associates, with General Degoutte yes- Chicago
"Tribune" cabled that "Germany will soon
terday, may well serve an excellent purpose." He make a new
offer on reparations to the Allies, accordsaid that "it was added that these conversations ing to authent
ic reports reaching official quarters in
would be limited necessarily to the re-establishment Paris."
From that centre came the announcement
.of normal conditions in the Ruhr and would not em- that "the
conference between General Degoutte and
bark on the larger subject of a general reparations groups of
Ruhr industrialists has borne the first
settlement which the allied Governments would dis- fruit. By an
agreement signed to-day [Oct. 8] the
cuss only with the German Government officially." Otto Wolf
group, representing the Phoenix and
The correspondent suggested, however, "but it is Rheinnische
Stahlwerke, the company which is yieldvery apparent that there can be a close connection ing 10% of
the total coal output in the Ruhr, has unbetween ways and means found for co-operation dertaken to
resume work according to the.program
between the Ruhr industrialists and the French and laid down by
the Reparations Commission." The
the final system of reparations adopted, for what- New York
"Herald" representative in Paris cabled
ever plan eventually is chosen the French expect to also that
"it has agreed to pay a tax on the coal
collect the more important part of reparations in the mined since
the beginning of the occupation as well
Ruhr for a number of years to come."
as on future coal production, and also has agreed to
supply the demands of the Rhenish railroads and of
From Duesseldorf came word that "Herr Hugo the occupa
tion forces. The French, in return for
Stinnes and his lieutenants left Duesseldorf this this, will
order the lifting of the blockade on this
morning [Oct. 6] and proceeded to Unna in unoccu- firm's
products, which will be free of exportation repied territory on the Cologne-Berlin railway and strictions."
The Berlin correspondent of the same
there conferred with other German industrial barons paper asserte
d that "Hugo Stinnes is trying to make
from Unna. Herr Stinnes returns to Berlin this himself
absolute master of all Germany. Having
evening for an interview with Chancellor Strese- suppressed
the Socialists and subjugated labor
mann. The German proposals are now being exam- through his
skillful maneuvers of the last fortnight,
ined by Premier Poincare and an answer is not ex- the industr
ialist chief is now working for a merger
pected for some days." In a Paris cablegram to the of the interes
ts which he dominates and the National
New York "Herald" Monday morning the assertion Fascista
organizations, which are openly pitted
was made that "inside a week Germany will have re- against the
German republic." The Associated Press
sumed payments in kind on the reparations account, representative
at the German capital said that "viras a result of Hugo Stinnes's heart-to-heart talk with tually accusing
Chancellor Stresemann of having
General Degoutte at Duesseldorf. This is the inti- 'cribbed' the cardina
l features of his 'more producmation given out to-night by well-informed French tion' program, and
contemptuously dissipating the
officials, who say that, although neither Stinnes nor legend that he was
seeking the dictatorship of GerDegoutte was authorized to close any deal or to ne- many, Hugo Stinne
s has buckled on his journalistic
gotiate on behalf of their respective Governments, armor to the extent
of utilizing two columns of his
any undercurrent arrangement is certain to be di- personal organ, the
'Deutsche Allgemeine Zeitung,'
rected toward a general settlement of reparations, to reveal the inciden
ts which precipitated the Govan achievement throwing Germany deeper and ernment crisis last week,
and the part he played
deeper into bankruptcy." A similar statement was therein."
cabled by the Paris representative of the Associated
Press later in the day. He asserted that "negotiaEven more optimistic statements relative to the
tions between representatives of German industrial situation between the
Germans and the French apgroups and the Franco-Belgian authorities of occupa- peared in an Associa
ted Press dispatch from Paris
tion, looking towards complete resumption of work Tuesday evening. It
was said that"Germany has exn the Ruhr and deliveries in kind on reparations pressed to the Belgian Govern
ment her desire to coaccount, are in a fair way to succeed, it was said at operate with Belgium and
France in the complete
the French Foreign Office to-day."
resumption of the economic life of the Ruhr and
to
resume her deliveries of coal on the reparations
ac-




OCT.13 1923.]

THE CHRONICLE

count, says the Brussels correspondent of ‘L'Intransigeant.'" It was added that "in transmitting this
declaration to Foreign Minister Jaspar, the correspondent adds, Charge d'Affaires Roediger further
proposed in the name of his Government that a conference of Belgian, French and German delegates be
convened without delay in the occupied area to study
the measures urgently needed to bring about these
objects." The Associated Press correspondent reported that "M. Jaspar told Herr Roediger he would
inform the French Government of his proposition,
but drew the attention of the Charge to the absolute
necessity that the German Government show the genuineness of its professed good intention by tangible
acts of co-operation, notably in ordering the railroad
employees to return to work and guaranteeing the
payment for coal deliveries before negotiations
could be opened."

1589

(Oct. 10) it was stated that "Herr von Hoesch, the
German Charge d'Affaires, called on Premier Poincare at 11 o'clock this morning to open direct negotiations between the Berlin and Paris Governments,
offering the co-operation of the Reich toward the
resumption of the normal economic life of the Ruhr."
According to the dispatch also, "Premier Poincare
replied that inasmuch as negotiations were in progress in the Ruhr with groups of industrialists and
labor leaders, he did not consider it advisable to begin further conversations on the same subject. He
informed Herr von Hoesch that when Germany was
ready to make a proposition covering the entire reparations question he would be glad to consider it."
The Associated Press correspondent further asserted
that "the French Premier's purpose is to keep the
pledges seized from the interference of the Berlin
Government until the essentials of the entire reparations problem are settled and the payments to the
It was definitely stated in a Berlin Associated Allies guaranteed. His position is that the occupaPress cablegram the same day (Oct. 9) that "the tion of the Ruhr was a penalty applied for default
German Government has instructed its representa- in the execution of the Treaty of Versailles and that
tives at Paris and Brussels officially to ask the Germany has nothing to do with the methods of apFrench and Belgian Governments whether they are plying that penalty."
ready to enter into negotiations with the German
The opposition with which Chancellor Stresemann
Government for,the resumption of work in the occu- is compelled to contend was shown in the following
pied territories." The correspondent added, on the excerpt from an Associated Press cable dispatch
other hand, that "it is stated that only when replies from Berlin dated Oct. 10: "The Nationalists and
are received will the government define its attitude Communists in the Reichstag, voting jointly, suctoward the German industrialists' demands." The ceeded to-day in effecting the postponement until
Paris representative of the "Times" cabled that "the Thursday of the third reading of Chancellor StreseGerman Charge d'Affaires called at the Quai d'Orsay mann's authorization bill giving him wide authority
late this afternoon [Oct.9] to place before the French in the dictation of measures for economic rehabilitaPremier a memorandum identic with that presented tion. The indication was they hoped ultimately to
early to-day to M. Theunis by the German diplo- defeat the measure through filibustering tactics." It
matic representative in Brussels. Premier Poin- was added that "meanwhile the coalition leaders are
care was out of town to-day, but probably will receive making hectic efforts to round up the members of
the German representative to-morrow. M. Poin- their parties in sufficient numbers to insure the neccare's answer to the German memorandum is ex- essary two-thirds majority for the Chancellor's measpected to be more uncompromising than was the Bel- ure."
gian Prime Minister's, for it will be definite." He
The Chancellor was quoted in a dispatch sent out
added that "the French and Belgian Premiers are from Berlin Wednesday night as saying that "if this
in perfect accord on this procedure, it is understood, bill does not become law to-morrow I will dissolve
and instructions have already been given to the Al- the Reichstag." It was explained that "the Chancellied command in the Ruhr. Reparations negotia- lor referred to the emergency act granting the Govtions must be carried on only with the commission ernment widespread dictatorial powers which had
established by the Treaty of Versailles for that task." been approved by the Council of the heads of the
The Berlin correspondent of the New York "Herald" Federated States, had passed second reading in the
said that the identic note to Belgium and France Reichstag, but to-day struck a snag in that body
was sent by Chancellor Stresemann and added that when brought up for third reading. It is charged
"the note emphasizes Dr. Stresemann's determina- that intrigues by Stinnes within his own faction of
tion to conduct all negotiations relative to the re- the German People's Party, whose titular head is Dr.
sumption of normal productivity in the occupied area Stresemann, were responsible for the delay and the
and the reparational adjustments in his capacity as struggle between the Chancellor and the industrialist
Foreign Minister."
is still on." The New York "Herald" correspondent
stated that "the Chancellor admitted to-night he
In a special Paris cablegram to the New York was no longer sure of obtaining the two-thirds ma"Tribune," dated Oct. 9, it was asserted that "Pre- jority necessary for enactment of any measure which,
mier Poincare to-day, the 'Tribune' learns, flatly re- like this bill, runs counter to the provisions of the
jected the offer of Hugo Stinnes to General Degoutte, Weimar Constitution." From Berlin came an Assoimposing certain conditions on France as a result of ciated Press cablegram Thursday evening stating
which the great German industrialists would bring that "President Ebert this afternoon invested Chanabout full resumption of industrial activity in the cellor Stresemann with authority to dissolve the
Ruhr." The "Tribune" dispatch further stated that Reichstag in the event that the Government's author"Premier Poincare takes the position that the big in- ization bill, giving the Chancellor wide authority in
dustrialists will in the course of time be forced simi- dictation of measures for economic rehabilitation,
larly to come to terms unconditionally. Until they failed to command the necessary two-thirds majority
have made up their minds to this, he holds that fur- in that body." It was added that 'the Chancellor
ther conferences are simply a waste of time." In an immediately informed the Coalition Party leaders o2
Associated Press cablegram Wednesday afternoon the alternative confronting the Government parties.




1590

THE CHRONICLE

The Socialists thereupon immediately called a caucus with the idea of uniting the party in support of
the authorization law. There was a minority defection. The Socialists went into caucus and began to
use persuasion on that minority." The other important developments at that session were outlined as
follows: "The Reichstag this afternoon voted the
first paragraph of the Government's authorization
bill by 253 to 97. The second paragraph also was
voted, but when the bill as a whole came up for a
final vote the entire Nationalist Party left the
Reichstag Chamber. This left the body without a
quorum and the Reichstag adjourned mitil Saturday,
when a final vote on the bill is expected."
According to a special Berlin cablegram to the
New York "Tribune" Thursday morning,"Germany,
in the course of the next few days, will dispatch a
new reparations note to all the Allied Powers. This
step was decided on at a Cabinet meeting to-night
[Wednesday]. The note will be addressed to the
Powers through the Reparations Commission." It
was added that, "according to Government spokesmen, this move is intended to frustrate the full effect
of Premier Poincare's policy of ignoring the German
Government entirely before he has concluded separate agreements with the German industrialists,
which would affect Germany's interests in the Ruhr
and the Rhineland vitally."
The political situation in Bavaria has continued to
attract special attention. Dr. von Knilling, Bavarian Premier, was quoted in an interview on Oct. 5
as follows regarding the most recent political developments in the Reich: "I fear half measures will
be attempted. Either the Reichstag must be dissolved and a new Reichstag elected or it must be dissolved so as to give way to a dictator." Relative to
conditions in Bavaria and the Premier's attitude toward them and his relations with Dictator von Kahr,
the New York "Times" representative said: "With
his own dictator Dr. von Knilling is on the friendliest and most cordial terms. There is the most complete understanding, the Premier said, between all
Government departments and the general commission and Bavaria has reason to be well content with
the present administration." When asked in the
course of the interview "if von Kahr was not merely
a cloak for Crown Prince Rupprecht, von Knilling
said: 'The Crown Prince, I myself and every public
leader of Bavaria is of the opinion that the time is
not ripe yet to talk about a monarchy. All that matters is the fate of Germany.'" Professing his loyalty
and that of the Bavarians generally to the Reich, Dr.
von Knilling was reported to have asserted that "we
Bavarians have never lost faith in the Reich and we
want to see it recreated as it used to be with proper
respect for each federated State. But unfortunately
there are in Berlin and elsewhere people whose only
desire is to shut Bavaria out of the Reich if she is
unwilling to accept their Red Government. They are
the real separatists, and not our people, who wish
simply to have nothing to do with Marxists and Bolsheviki."
In a special cablegram from Munich to the New
York "Times," the attitude of the Bavarians toward
the Reich was set forth in a somewhat different light.
It was even asserted that "the hope of Dictator von
Bahr and of the whole Bavarian Party is for the dissolution of the Reichstag and either a new election,




[VoL. 111.

which will return an anti-Socialist majority, or the
dissolution of the Reichstag and creation of a dictatorship for the whole country. It is being realized
that until the whole of Germany chooses to change
its political direction Bavaria cannot, either by will
power or by force compel it to accept her policies."
He further stated that "while the country is awaiting the end of the struggle at Berlin as to whether the
Right or Left is to govern the whole country, the Dictator is seeking by every means to consolidate his
position here. A big scheme is being drafted for fixing prices of milk and other commodities, but with
the mark tumbling millions to the dollar every week,
fixed prices are not easy for even such a strong Dictator as Dr. von Kahr to arrange. His difficulties in
that respect are only a few of those which beset his
path to the reconstruction of Germany under Bavarian leadership and against the Treaty of Versailles."
Dictator von Kahr, in an interview in Munich on
Sunday with foreign and German newspaper correspondents,"announced his policy as directed toward
the formation of a strong Germany which could
prove that it was never guilty of the recent war and
would have strength enough 'to ward off attacks of
robbers,' by whom, preaumably, he meant the
French." The New York "Times" representative
said that "for the achievement of this aim he declared his intention of fighting Socialism with all
means in his power. With it there must be no compromise and no co-operation. There must be no dictatorship by the Socialistic class, for Marxism, in
the Dictator's opinion,'means the death of the country.' Further to achieve his aim he professed himself willing that the monarchist question should for
the present remain in the background. The majority
of Bavarians, he said, were monarchists and spoke of
'our Crown Prince,' but like von Knilling two days
ago, and like Prince Rupprecht himself, the Dictator
seems convinced that the restorationists must, for
the present, defer the realization of the aim."
Since arriving in the Ernited States last Friday,
former Premier Lloyd George of Great Britain has
stressed the need of a program for world peace. While
no intelligent person will disagree with him on that
proposal, certain it is that little or no disposition to
bring about such a condition is manifested, even by
the most prominent political leaders in Europe. For
instance, Paris cable advices on Monday morning
stated that "in an address at Pierrefitte to-day Premier Poincare made the following statement, which
must have been intended for Mr. Lloyd George: 'Certain former Allied Ministers who periodically deform
French policy in weekly articles and who to continue
their campaign undertake spectacular speaking tripe
might find out of place the words suggested to me
every day by the cruel trials and admirable efforts
at recovery of which I am a spectator and witness.
But there are some of us in France who will not be
silenced and who will cross our arms only on that
day when Germany shall have effaced in ten of our
departments all marks of her passage and her
crimes.'" It was further stated that "in another
speech at the unveiling of a war monument at Lignyen-Barrois, the Premier answered Chancellor Stresemann's declaration before the Reichstag yesterday
that France would.not negotiate. He said: 'We will
be ready to listen to precise proposals when we shall
have observed on the spot that resistance has ceased

OCT.13 1923.1

TTIF CHRONICLE

1591

and when the payments in kind due us have resumed was revealed and that this country apparently is to
wait and see what France does." The Paris repretheir regular movement.'"
-sentative of "The Sun and The Globe" cabled the
In a series of articles now being published in the same afternoon that "France has been greatly anLondon "Times" and the New York "Tribune," Win- gered by Lord Curzon's criticisms made just at a
ston Churchill makes a "digest from the second vol- moment when a rapprochement with Great Britain
ume of his book,'The World Crisis.'" He charges through Prime Minister Baldwin was felt to be the
that the "Allies wasted millions of lives with need- only reassuring factor in the dangerous situation
less blunders; that they muddled the Gallipoli cam- caused by developments in Germany." He added
paign, extended the fight for two years and piled up that "the French are bewildered and find it imposfutile mountains of the mutilated." • He "holds that sible to conceive of the same Cabinet containing two
the war failed to solve old woes and that discon- men expressing such entirely different attitudes tonected viewpoints and incompetent commanders ward France as those indicated respectively by Prehalted victory." It is difficult in the extreme to see mier Baldwin and Foreign Minister Lord Curzon."
how publications of this nature can contribute to The New York "Times" representative in the French
capital elaborated this statement in part as follows:
world peace.
"Lord Curzon's statement before the Dominion PreProbably there was more interest in the session of infers yesterday angers rather than alarms the
the Imperial Conference in London on Oct. 5 than French, when, after obtaining a passive resistance
there will be in any subsequent gathering of the Pre- victory despite the British, the French look forward
miers. At that time Lord Curzon made a three-hour to more comfortable reparations negotiations followspeech in which he "laid before the Dominion repre- ing the Baldwin-Poincare declaration of Allied
sentatives a statement of what had happened in for- unity. They now hear the British Foreign Minister
eign affairs since the Conference met two years ago." return to his attacks on the occupation of the Ruhr.
The New York "Times" correspondent said that "he Failing to see any other reason for conflicting Britdealt principally with the Ruhr problem and the ish statements, the French figure that London again
Treaty of Lausanne." Continuing, the "Times" dis- is playing the standard British Continental policy—
patch said: "With regard to the Ruhr, Lord Curzon both ends against the middle. In other words, acexplained that the British Government was now cording to French newspapers, after having slapped
awaiting proposals from France. Passive resistance Germany on the back while resisting the French,
has been replaced by passive assistance, but not by London pats France on. the back as she is winning
hearty co-operation, and it is time for the Allies to the Ruhr fight and then turns back to caress Ger.act." Lord Curzon declared that "Great Britain is many ugain."
willing to discuss the position with France in a
Little of a definite character relative to Monday's
friendly spirit, but she feels that no settlement can
be reached without her co-operation." He was fur- session of the Imperial Conference was obtainable.
ther quoted with respect to Germany as saying that The London correspondent of the New York "Times"
"we now see the beginning of the internal disruption said that "the Imperial Conference was in private
of Germany which we all along feared, but which we session all day to-day, discussing foreign affairs and
had consistently been told to regard as a bogey. And Lord Curzon's speech. Among those who spoke were
the disruption is not merely an ominous political General Smuts, Premier of South Africa; Premier
symptom;it has a pretentious economic significance, Mackenzie King, of Canada; Kevin O'Higgins, Minfor it means the ultimate disappearance of the debtor ister for Home Affairs of the Irish Free State, and
himself." The New York "Times" representative ob- the Maharajah of Ahlwar, for India." He added
served that "representatives of all the Dominions, that "the effect of the consultation between the Britincluding the Irish Free State and India, were pres- ish and Dominion representatives, it is believed by
ent, with the exception of Australia. Curzon spoke those in touch with the general feelings of the overfor three hours and they were much impressed by his seas delegations will be to bridge over the differences
between Great Britain and France. General Smuts,
effort."
Summarizing the speech, the London correspond- indeed, is inclined to bring the League of Nations
ent of the New York "Herald" said that "Lord Cur- into the Allied dispute with Germany, while Premier
zon in a most important speech on Great Britain's Mackenzie King, it is understood, is more or less imforeign policy, made a bold bid to the Imperial Con- bued with isolationist ideas."
Stanley M. Bruce, Premier of Australia, delivered
ference for its approval by the Imperial Premiers.
Indications to-night are that his efforts were not un- what the New York "Times" correspondent characsuccessful in proving that in the face of supreme dif- terized as a "strong speech" at Tuesday's session.
ficulties this policy, which its critics have character- He declared also that it "makes a bid for an Empire
ized as one of masterly inactivity, really is very far- fiscal policy and protective tariff." Continuing, he
sighted. Put briefly, Great Britain is waiting for said that "the speech contains some trenchant critiFrance to take the initiative and put forward pro- cism of 'British dependence on the United States,
posals for a continuance of Allied co-operation, in particularly for foodstuffs and meats.'" Outlining
view of Germany's giving up its policy of passive re- the speech further, the "Times" repreSentative stated
sistance in the Ruhr." The Associated Press corre- that "Premier Bruce offers what is characterized as
spondent in London cabled last Saturday afternoon a bold plan to end such dependence on America with
that "it cannot be said that Lord Curzon's statement the suggestion of establishing an Imperial Puchasbefore the Imperial Conference has received a warm ing Board, which would buy only such foreign prodreception from the press. While there are indulgent ucts as the Empire could not itself supply." It
comments on some parts of the .official summary seems that at the sessions Tuesday,"Sir Philip Lloyd
given to the newspapers a majority of the editorials Graeme,President of the Board of Trade, announced
display impatience that no definite British policy that the Imperial Government proposed to extend




1592

the preferential tariff. But the proposals, he said,
might be modified in the light of discussions with the
Dominion representatives. However, they are
strictly limited. They concern only commodities
already subject to duty, dried fruits, dried currants,
preserved fruits, sugar ancl tobacco." According to
the "Times" dispatch,"no mention was made of any
plans for assistance to the British agriculturist, and
there was a complete absence of any suggestion of
using a protective system." It was added that,"such
as they were, however, the proposals met with the
hearty approval of the Dominion representatives,
while the spokesman for the Crown Colonies, including the West Indies, Mauritius, Nyassaland and
Rhodesia, expressed his belief that they would be of
great value to those dependencies. Only India disassociated herself entirely from the preference idea."
The British trade statement for September was
distinctly favorable. It reflected, an increase of
£5,720,000 in exports and a decrease of £5,450,000 in
imports, the comparison with August of this year.
The excess of imports was only £11,320,120, against
£22,520,000 the month previous. The following
table shows the results for September compared with
the corresponding month of 1922:
Imports
Exports, British products
Re-exports, foreign products

September
September
1922.
1923.
£83,260,"00 £76,940,000
63,830,000 62,510,000
8,110,000
6,380,000

Total exports

£71,940,000 £68,890,000

Excess of imports

£11,320,0001 £8.050,000

Cable advices from Berlin under date of Oct. 8
disclosed the fact that the Bank of Germany had
advanced its official discount rate from 90% to
108%. • The previous level had been in effect since
Sept. 15. Needless to say, this figure is the -highest
on record and compared with 10% in Nov. 1922
and 5% prior to the outbreak of the war. Aside
from this change, official discount rates at leading
European centres remain at 6% in Denmark and
Norway, 53/2% in Belgium, 5% in France and
Madrid,43/2% in Sweden and 4% in London, Switzerland and Holland. Open market discounts in
London were steady at 2 15-16@3% for short bills
and 3 3-16% for three months, the same as a week
ago. Call money, however, was a shade firmer,
finishing at 23.1%, against 23% the previous week.
In Paris and Switzerland open market discount rates
are still quoted at 43/ and 2%, unchanged.
The Bank of England again added to its gold holdings, the increase for the week being £11,022. Note
circulation was reduced £874,000, so that there was
an expansion in reserve of £885,000. Furthermore,
the proportion of reserve to liabilities advanced to
19.85%, which compares with 18.81% last week and
18.36% in the corresponding week of 1922. Public
deposits expanded £1,998,000, although "other" deposits fell off £3,851,000. Loans on Government
securities declined £3,430,000. On other securities,
however, loans showed a small increase, viz.: £49,000.
The Bank's stock of gold aggregates £127,670,558,
as against £127,426,688 last year and £128,421,587
in 1921. Reserve stands at £23,511,000. A year
ago the total was £23,306,798 and the year before
that £22,257,967. Note circulation is £123,909,000,
as compared with £122,569,890 and £124,613,620
one and two years ago, respectively, while loans




[VOL. 117.

THE CHRONICLE

amount to £71,310,000, against £66,704,309 in 1922
and £80,371,836 the year previous. 'No change has
been made in the official discount rate from 4%.
Clearings through the London banks for the week
were £701,615,000, against £782,247,000 last week
and £716,429,000 a year ago. We append herewith
comparisons for a series of years of the different items
of the Bank of England returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1919.
1920.
1923.
1922.
Oct. 14.
Oct. 11.
cm 12.
041.15.
Oct.
Circulation
123,909,000
Public deposits
13,502,000
Other deposits
104,912,000
Governm't securities 41,140,000
Other securities
71,310,000
Res've notes dc coin_ 23,511,000
Coln and bullion_127,670,558
Proportion of reserve
19.85%
to liabilities
Bank rate
4%

122,569,890 124,613,620 127,123.340
15,160,226 15,015,758 18,200,817
112,051,745 134,789,538 123,970,756
54,891,973 64,850,907 63,707,891
66,704,309 80,371,836 81,675,848
23,306,798 22,257,967 14,481,074
127,426,688 128,421,587 123,154,414
18.36%
3%

14.86%
531%

10.18%
7%

83,705,095
22,225,497
99,851,919
34,345,213
82,602,331
22,827,277
88,082,372
18.70%
5%

The Bank of France in its weekly statement shows
a further small gain of 100,000 francs in the gold
item. This brings the Bank's total gold holdings
up to 5,538,547,425 francs, comparing with 5,532,752,339 francs on the corresponding date last year
and with 5,523,480,961 francs the year previous; the
foregoing amounts include 1,864,344,927 francs held
abroad in 1923, 1,897,967,056 francs in 1922 and
1,948,367,056 francs in 1921. Silver, during the
week, increased 97,000 francs, while advances were
augmented by 129,992,000 francs. On the other
hand, bills discounted fell off 775,250,000 francs,
Treasury deposits decreased 4,785,000 francs and
general deposits were reduced 181,688,000 francs.
Note circulation took a favorable turn, a contraction
of 40,282,000 francs being recorded. The total outstanding is thus reduced to 38,489,354,000 francs,
which contrasts with 36,418,442,600 francs at this
time last year and with 37,611,632,500 francs in
1921. Just prior to the outbreak of war in 1914
the amount was only 6,683,184,785 francs. Comparisons of the various items in this week's return
with the statement of last week and corresponding
dates in both 1922 and 1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as o
Oct. 11 1923. Oct. 12 1922. Oct. 13 1921.
for Week.
Francs.
Gold Holdings—Francs.
Francs.
Francs.
In France
Inc.
100,000 3,674,202,498 3,634,785,283 3,575,113,905
Abroad
No change
1,864,344,027 1,897,967,056 1,948,367,056
Total
Inc.
100,000
Silver
Inc.
97,000
Bills discounted- _ _Dec.775,250,000
Advances
Inc. 129,992,000
Note circulation Dec. 40,282,000
Treasury deposits_Dec. 4,785,000
General deposits Dec. 181,688.000

5,538,547,425
295,073,000
3,071,102,000
2,268,194,000
38,489,354,000
21,399,000
1,965,422,000

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

5,523,480,961
277,810,007
2,325,373,578
2,269,054,568
37,611,632,500
46,141,322
2,386,188,416

The Imperial Bank of Germany continues to add
practically incalculable amounts to its outstanding
obligations. Figures given in the statement, issued
as of Sept. 22, show that note circulation has again
more than doubled in a week—the latest increase
being in quadrillions, namely, 5,444,048,605,165,000
marks. Discount and Treasury bills expanded
8,420,984,893,371,000 marks, deposits 4,198,356,846,934,000 marks, bills of exchange and checks
1,497,607,621,797,000 marks and other liabilities
1,323,973,227,343,000 marks. There was a decrease
in Treasury and loan association notes of 6,916,374,924,000 marks, but notes of other banks increased
53,701,062,000 marks, advances 523,892,146,612,000
marks and investments 712,459,023,000 marks. Total
coin and bullion (which now includes aluminum,
copper and nickel coins) gained 32,119 000 marks.
Gold holdings, however, decreased another 20,000,000 marks, and now stand at 469,727,000 marks, in

a

OCT.13 1923.]

THE CHRONICLE

comparison with 1,004,858,000 marks a year ago
and 1,023,705,000 marks in 1921. Note circulation
has'reached the wholly grotesque total of 8,627,729,673,275,000 marks. At this time in 1922 it stood at
290,093,000,000 marks and a year earlier at 82,178,000,000 marks. As shown in another column, the
Bank announced a further advance in its official
discount rate to 108%, as against 90%, the previous
level which had been in effect since Sept. 15 last.
This rate of course is without precedent in the history
of the institution and clearly indicates Germany's
abnormal financial condition. Bankers express very
little hope that this move will be any more successful
than other similar recent movesto effectimprovement.
The weekly Federal Reserve Bank statement which
was issued on Thursday afternoon, indicated a,
moderate gain in gold for the entire System, but a
reduction in rediscounting operations. For the
country as a whole, gold holdings increased $7,000,000. Discounting of Government secured paper
expanded $6,000,000, and open market purchases
$9,500,000; but rediscounts of other classes of paper
fell $18,700,000, so the net result was to draw down
the total of bills on hand $3,000,000, to 14,051,424,000. Earnings assets were smaller, declining $6,400,000, and deposits recorded a shrinkage of $30,500,000. The New York Bank lost gold to the other
Reserve banks to the amount of $9,900,000. Rediscounting of Government paper expanded $9,800,000, and bill buying in the open market $10,300,000.
A reduction of $8,800,000 took place in discounting
of "all other"; hence, total bill holdings increased
$11,400,000. There was a small addition to earning
assets ($4,700,000), but deposits fell off $9,700,000.
The amount of Federal Reserve notes in circulation
increased $16,000,000 in the combined statement,
but decreased $3,800,000 at New York. Member
bank reserve accounts were reduced—$20,000,000
nationally, and $6,400,000 at the local bank. As the
changes above noted very largely offset each other,
reserve ratios were not materially altered. For the
banks as a group the ratio gained 0.3% to 76.1%,
and at New York 0.1%, to 82.9%.
Last Saturday's statement of the New York
Clearing House banks and trust companies showed
contraction in nearly all of the principal accounts.
The loan item was reduced $21,993,000, while net
demand deposits fell off $26,495,000, to $3,688,722,000. This total is exclusive of $43,300,000 in
Government deposits, a decline in the latter of
$1,920,000 for the week. Time deposits also decreased, to $461,875,000, a loss of $8,057,000. Cash
in own • vaults of members of the Federal Reserve
Bank showed a small gain, namely $838,000, to
$48,691,000 (not counted as reserve). Reserves of
State banks and trust companies in own vaults increased $447,000, and reserves kept in other depositories by these institutions gained $45,000. Member
banks drew down their reserve credits at the Reserve
Bank $11,367,000; thus, notwithstanding the falling
off in deposits, surplus reserve was reduced $7,190,350, to $15,960,210, as against $23,150,560 a week
earlier. The above figures for surplui are on the
basis of reserve requirements of 13% for member
banks of the Federal Reserve System, but do not
include cash in own vaults amounting to $48,691,000
held by these banks on Saturday last.




1593

The somewhat irregular trend of call money rates
at this centre the current week is attributed more to
special developments from day to day than to any
important change in the money position of the
country as a whole. As the week advanced the
tendency was downward. Time funds were quiet
and essentially unchanged. There was little difference in the demand for funds to finance speculation
in stocks, but offerings of new securities were on a
considerably larger scale than in recent weeks.
Syndicate managers reported quick resales. Government withdrawals from local depositaries totaled only
between $5,000,000 and $6,000,000. No Government operations involving large sums of money have
been conducted. Representatives of the Government
continue to talk optimistically about business conditions in this country, but there is still a lack of
confidence on the part of speculators in stocks.
European cable advices have contained fresh rumors
of a forthcoming large international loan to Germany, but it is difficult to see how anything definite
can be done in that direction until Germany and
France get closer together.
Dealing with specific rates for money, the week's
range for loans on call was 432@532%, which compares with 4@6% a week ago. On Monday the high
with 432% also the
was 532%, the low
renewal basis. Tuesday no loans were made above
53.1%, but renewals were advanced to 53%; the
minimum was still 432%. Wednesday's range was
4@5%,with 5% the renewal basis. There was no
change on Thursday from 5% high, 43/2% low, with
renewals at 5%. Friday was a holiday (Columbus
Day). The figures here given are for both mixed
collateral' and all-industrials alike. For fixed date
maturities a general easing has been noted, and
offerings have been in larger supply. The range remained at 53i@53/2%, the same as at the close of
last week for all periods from sixty days to six
months, but considerably more business was done at
the lower figure. Aggregate transactions, however,
were only moderate, with no important loans negotiated in any maturity. The former differential
between regular mixed collateral and all-industrial
money is no longer observed.
Mercantile paper was fairly active with most of
the demand still coming from out-of-town institutions. The range for sixty and ninety days' endorsed
bills receivable and six months' single names of choice
with the bulk of
character continued at 5@54%,
1
the business passing at the higher level, and 5%
named for New England mill paper. Names not so
well known require 5/
1 1,@53/2%.
Banks' and bankers' acceptances ruled quiet but
firm, although actual quotations remain unchanged.
Prime names were in good demand, although, as
offerings were light, the turnover attained limited
proportions. Inquiries were noted on the part of
New York and country banks alike. For call loans
against bankers' acceptances the posted rate of the
American Acceptance Council has been raised from
4% to
The Acceptance Council makes the
discount rates on prime bankers' acceptances eligible
g% bid
for purchase by the Federal Reserve Bank 43/
and 4% asked for bills running for 30 days, 43,1%
bid and 41A% asked for bills running for 60 and 90
days,4/
8% bid and 43.'% asked for bills running 120
days, and 43/2% bid and 43A% asked for bills runing
150 days. Open market quotations were as follows:

THE CHRONICLE

1594
SPOT DELIVERY.
90 Days.
434043'

Prime

60 Days.
4g04g

30 Days.
434043'

FOR DELIVERY WITHIN THIRTY DAYS.
434 bid
434 bid

ember banks
e non-member banks

There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve bnkas:
DISCOUNT RATES OF THE FEDERAL BEBE:RYE BANKS
IN EFFECT OCT. 12 1923.
Payer Maturing—
Alter 90 After 6
but
Days, but
Within 6 Within 9
Months. Months.

Within 90 Days.
FEDERAL RESERVE
BANK.

Aerieut.*
Con'retal Scour, by
and
Apricul. U. S. Bankers' Trade • and
Accep- AMID- Livestock Livestock
41.4vestl Govt.
Paper. Obliva- tances. lances. Paper. Paper.
Bons.
n.e.s.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Eit. LouisMinneapolis
Kansas city
Dallas
San Francisco

434
434
434
434
4M

43'
434
43'
431
4,4
434

434
434
434
434
434
434

4g
434
43'
4;4

434
434
44
4)4
4,4
43'
434
43'
434
43'

43
434
4%
4%
434
434
434
434
434
434
434
434

434
434
434
434
434
434
434
434
434
434
434
434

6
43'

5

434
434
434
454
434
434
4

•Including bankers* acceptances drawn for an agricultural purpose
by warehouse receipts. Ac.

The market for sterling exchange has bee marking
time and dulness featured dealings during the greater
part of the week. Price levels were maintained with
exceptionally narrow fluctuations; the extremes for
5
3 and 4 54%.
Attention condemand were 4 55%
tinues to centre almost exclusively upon the movements in Continental exchange, particularly French
and German, and sterling consequently has been
neglectea. London is still the dominant factor in
determining prices and, although English currency
is no longer swayed to any important extent by the
vagaries of European politics, local prices usually
respond to changes in rates cabled from the British
centre. Nearly all of the large operators are temporarily out of the market, awaiting further developments in the adjustment of the reparations issue
between France and Germany, and trading has been
of more than ordinarily small proportions. Toward
the latter part of the week the market came to a
practical standstill owing to the interruption of
Columbus Day holiday, which is generally observed
as a holiday in this State, and final quotations, which
were easier, were little better than nominal.
Additional factors in the underlying strength displayed by sterling have been a material lessening in
the supply of commercial bills and cessation of selling
by British interests for the purpose of accumulating
dollars. This gave rise to the belief that Great
Britain had completed all arrangements for the next
payment of interest due on its war debt to America,
and had a distinctly steadying effect. Incidentally,
it has been rumored in some quarters that France
has been paying off interest on her obligations in
London, thus creating an inquiry for sterling in Paris
and thereby aiding in the upward movement. Notwithstanding the many complications still surrounding the international situation, bankers take a more
favorable view of the outlook and, barring untoward
developments, predict a return to higher levels
once the autumnal requirements have been taken
care of.
As regards quotations in greater detail, sterling
exchange on Saturday of last week turned weak and
demand was marked down to 4 54%@4 55, cable



[Vol,. 117.

transfers to 4 55@4 553 and sixty days to 4 52Mt,
4 523; trading was dull and nominal. On Monday
rates steadied and there was an advance to 4 55@
3 for cable
4 553/i for demand, to 4 5530;4)4 55%
transfers and to 4 523
%@4 533 for sixty days; very
little increase in activity, however, was noted.
Sterling values were well maintained on Tuesday,
although the range was narrow, the extremes for demand being 4 55 3-16@4 55 8, for cable transfers
5 and for sixty days 4 52 5-16®
4 55 7-16®4 55%,
4 53M. Wednesday the trend was reactionary, with
fractional declines on light trading; demand moved
between 4 54 13-16@4 553, cable transfers between
4 55 1-16@4 55M and sixty days between 4 52 9-16®
4 53. Pre-holiday dulness took possession of the
market on Thursday and trading was reduced to a
minimum; quotations, which were largely nominal,
1 for demand,
showed a range of 4 54%@4 55%
3
%
4 54%@4 55
for cable transfers and 4 52/@
sixty
for
days. Friday was a holiday (Colum4 52%
b Day). Closing quotations on Thursday were
9-16 for sixty days, 4 54 13-16 for demand and
55 1-16 for cable transfers. Commercial sight
bills finished at 4 54 11-16, sixty days at 4 51 9-16,
ninety days at 4 50 13-16, documents for payment
(sixty days) at 4 52 7-16 and seven-day grain bills at
4 54 3-16. Cotton and grain for payment closed
at 4 54 11-16.
The week's gold movement was small, comprising
a consignment of gold valued at £455,300 on the Majestic from London. This vessel also carried silver
to the amount of £1,425.
In the Continental exchanges the most noteworthy
feature of an otherwise dull week was activity and
strength in French francs and a renewal of the downward movement in German marks. Almost from the
start good buying of exchange on Paris developed,
both for local and foreign account, and the quotation
moved up progressively from 5.873/i to 6.00 and
6.16%, on a fairly large volume of trading. Just
what induced the buying was not quite clear. Some
attributed it to the influence of improved prospects
of solving the Ruhr problem, and the belief that the
whole reparations matter was in a fair way, of being
adjusted. Toward the close Premier Poincare's
peremptory refusal to negotiate with the Stresemann
Government had a disquieting effect, and some of the
earlier gains were lost. Among the reasons assigned
for the sudden increase in the demand for francs were
the activities of French Government agents, said to
be supporting the market for the purpose of aiding
the flotation of Treasury bonds; also buying by large
interests who counted on a resumption of negotiations
with France. Later on, these hopes were dashed,
and dispatches from Berlin were less favorable in
tone. Profit-taking sales, of course, served to accentuate the decline.
As to marks, it is, of course, no exaggeration to
say that the quotation this week approached several
degrees nearer to the irreducible minimum.
Eclipsing all previous low records, the value of
reichsmarks was forced down to the diminutive figure
of 0.00000002, which means that a dollar could have
purchased 5,000,000,000 marks. According to some
reports, the quotation broke to 0.0000000018. Selling
persists in London and other world financial centres,
but dealings in marks on this market have been completely suspended. Italian lire ruled quiet but steady
at slightly higher levols. Greek exchange was likewise
•

OCT.13 1923.1

THE CHRONICLE

1595

maintained at about the levels of a week ago, but earlier. Peru, however, advanced to 4 08 from 4 07
Polish marks suffered in sympathy with German a .week ago.
Far Eastern exchange was quiet and not materially
marks and dropped to another new low record of
%@525
% (un0.000075, which compares with 0.000175 last Week. changed. Hong Kong closed at 523
against
713'@
,
4
at
70%@703
This fresh collapse was regarded as indicating that changed); Shanghai
against
49@4934;
49@4934,
at
Yokohama
;
cur4
its
713
Poland had given up the idea of stabilizing
rency by means of exchange operations of the national Manila at 49%@49% (unchanged); Singapore at
bank. Except for the operations in francs, trading in 533@53% (unchanged); Bombay at 31 A@,313.1,
exchange was dull, especially toward the close, when against 30%@31%, and Calcutta at 3114(4)31%,
1 2.
the approach of the holiday put a stop to all semblance against 3134.@31/
of trading activity.
The London check rate on Paris closed at 74.70, as FOREIGN EXCHANGE RATES CERTIFIED BY FEDFIZAI RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
compared with 76.70 a week ago. In New York
OCT. 6 1923 TO OCT. 12 1923, INCLUSIVE.
4,
sight bills on the French centre finished at 6.063
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
against 5.9332; cable transfers at 6.079', against Country and Monetary
Oct. 6.
Oct. 9. Oct. 10. Oct. 11. Oct. 12.
Unit.
Oct. 8.
5.9432; commercial sight bills at 6.059, against
$
$
$
$
EUROPE$
$
6.003/2,
against
5.923/2, and commercial sixty days at
Austria, krone
000014 .000014 .000014 .000014 .000014
.0519
.0516
.0508
.0512
Belgium,
franc
.0501
as
moved
which
francs,
5.8734 last week. Antwerp
.010233 .010250 .010357 .010286 .010293
Bulgaria. lev
kron .029607 .029636 .030017 .029917 .029934
usual in sympathy with Paris, closed the week at Czechoslovakia,
.1766
.1765
1777.
.1762
.1759
Denmark, krone
pound sterl
5.163/2 for checks and 5.173/ for cable transfers, as England,
4.5518
4.5550
4.5528
45500
4.5534
log
.026700 .026722 .026767 .026697 .026769
Finland, markka
against 5.003/ and 5.013/ the week before. Reichs- France,
.0809
.0599
.0606
.0605
0590
franc
Germany, reichsmark 00000000132 00000000123 00000000055 00000000311 00000000221
marks finished at 0.00000002, against 0.00000020 a Greece. drachma
014905 .014725 .014495 .015510 .014668
.3932
.3932
.3930
.3932
.3933
Holland, guilder
.000054 .000054 .000054 .000054 .000055
week ago, for both checks and cable transfers. Hungary, krone
.0457
.0453
.0454
.0455
.0450
Italy, lira
4(one rate). Norway, krone
.1560
.1559
.1552
.1578
.1569
Austrian kronen remain pegged at 0.00141
.00000118.00000090 0000010 .00000105.00000108
Poland, mark
HOLI
.0404
.0403
.0406
.0404
.0405
escudo
Lire finished at 4.56 for bankers' sight bills and 4.57 Portugal,
DAY
.004631 .004643 .004661 .004669 .004681
Rumania.leu
.1360
.1355
.1358
.1353
1348
Spain, peseta
for cable remittances. This compares with 4.483/ Sweden,
.2641
.2640
2649
.2651
.2848
krona
1 a week earlier. Exchange on Czechoslo- Switzerland, frano .1788 .1791 .1792 .1791 .1792
and 4.49%
.011565 .011545 .011580 .011663 .011718
Yugoslavia, dinar
ASIA4, against 2.953/2; on Bucharest Chloavakia closed at 2.993
.7183
.7175
.7183
.7142
tael
.7213
1 2, against Chefoo
at 0.47, against 0.46; on Poland at 0.0001/
.7138
.7117
.7129
.7096
.7163
Hankow tael
.6996
.7011
.6994
.6973
.7040
tael
Shanghai
2.69,
against
at
Finland
2.68. Tientsin tael
0.000175, and on
.7242
.7233
.7221
.7200
7267
.5208
.5193
.5186
dollar___ .5214
Hongkong
for
at
checks
finished
and Mexican dollar__ .5089 .5064 .5079 .5082 .5185
1.493.'
Greek drachmae
.5073
Tientsin or Pelyang
.5079
.5088
.5075
1.50 for cable transfers, in comparison with 1.493,
.5063
.5083
dollar
.5113
.5121
.5117
.5104
5113
Yuan dollar
.3102
.3104
.3102
.3091
unchanged.
.3086
India. rupee
.4892
.4888
.4886
.4884
.4887
Japan, yen
.5313
.5317
.5313
.5321
.5321
BillesPore(S.S.)do
NORTH AMER.As to the former neutral exchanges, there is nothing Canada,
.988017 .989659 .989102 .986974 .986460
dollar
.999063 .998800 .998938 .998938 .999000
peso
new of moment to report. The volume of business Cuba,
.485125 .485469 .483958 .484219 .484167
Mexico. peso
dollar .985313 .987344 .986602 .984219 .983906
transacted continues light and rate variations have Newfoundland,
SOUTH AMER..7394
.7439
.7466
.7479
Argentina. peso (gold) .7482
.0965
.0963
.0968
.0969
not been particularly,important. Guilders and Swiss Brazil, nalrels
.1157
.1182
.1187
.1196
.1198
Chile, peso (paper)
.7417
.7449
and
.7458
at
finished
.7466
slight Uruguay, peso
7480
francs have been maintained
on
Scandinavian
exchanges,
the
net gains. The
other hand, exhibited a declining tendency, NorThe New York Clearing House banks in their
wegian and Danish currencies losing more than 25 operations with interior banking institutions have
points, on unfavorable trade conditions. Pesetas, gained $3,405,409 net in cash as a result of the curafter early weakness, steadied and closed more than rency movements for the week ended Oct. 11.
14 points up, mainly as a result of improvement in Their receipts from the interior have aggregated
the outlook.
$4,508,109, while the shipments have reached $1,102,1 2, 700, as per the following table:
Bankers' sight on Amsterdam finished at 39.28/
2, against CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANNING
/
against 39.28; cable transfers at 39.321
INSTITUTIONS.
2, against
2; commercial sight at 39.225/
397323/
Gain or LOU
Om of
.1
Into
I
2, and commercial sixty days at 38.863',
39.225/
to Banks.
Banks.
Banks.
Week ending Oct. 11.
against 38.863/i last week. Final rates for Swiss Banks'interior movement
81.102,700 Gain 83.405.409
84.508,103
francs were 17.91 for bankers' sight bills and 17.92
As the Sub-Treasury was taken over by the Fedfor cable transfers, which c?mpares with 17.90 and
Dec. 6 1920, it is no longer
17.91 a week ago. Copcnhagen checks finished at eral Reserve Bank on
of Government operaeffect
the
to
show
possible
17.64 and cable transfers at 17.68, against 17.79 and
institutions. The FedHouse
the
on
Clearing
tions
17.83. Checks on Sweden closed at 26.41 and cable
York was creditor at the
transfers at 26.45, against 26.483/2 and 26.523, while eral Reserve Bank of New
follows:
as
day
House
Clearing
each
chOcks on Norway finished at 15.62 and cable transDAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
fers at 15.66, against 15.75 and 15.79 the preceding
AT CLEARING HOUSE.
week. Spanish pesetas closed at 13.55 for checks
Aggregate
Saturday, Monday, Tuesday, Wednescry, Thursday, Friday,
and 13.59 for cable remittfinces. A week earlier the 00.0. 00,8, 00.9. Oct. 10. 00. 11. Oa. 12. for Week.
$
close was 13.503/i and 13.543,.
65,000,000 74,000,000 50,000,000 65,000,000 71,000,000 Holiday. C.325,000,000
With regard to South American exchange a slightly Note.-The foregoing heavy credits reflect the huge mass of checks which come
the New York Reserve Bank from all parts of the country in the operation of
easier undertone prevailed, although quotations were to
the Federal Reserve System's par collection scheme. These large credit balances.
however,reflect only a part of the Reserve Bank's operations with the Clearing House
not essentially changed Argentine checks finished Institutions,
as only the Items payable In New York City are represented in the
balances. The large volume of checks on Institutions located outside of
at 32% and cable transfers at 33, against 33.15 and daily
such checks do
New York are not accounted for in arriving at these balances, 83Federal
Reserve
not pass through the Clearing House but are deposited with the
33.20, while Brazil currency closed at 9.75 for checkF Bank
for collection for the account of the local Clearing House banks.
and 9.80 for cable transfers, comparing with 9.80 and
9.85 last week. Chilean exchange was steadier and
The following table indicates the amount of bulthe final quotation was 12.50, against 12.25 a week lion in the principal European banks:




1596

THE CHRONICLE

[VOL. 117.

upon ourselves the fact that we must drag this "ball
and chain" for years, without escape, we will be
ready to consider methods of helping each other.
127,426,688
England _- 127,670,558
127.670,558127,426,68
France a-- 146,988,086 11,764.000158,732,086 143,375,912 11,480,0001154,855,912
Will it seem trite if we suggest again that the
Germany _ 27,235,950 b3,475,4
30,711,35 50,111.230 1,299,1501 51,410,380
13,313,000 10,944,000 2,369,000 13,313,000
Aus.-Hun_ 10,944,000 2,369,
"simple
life" is the road to freedom from debt and
Spain ____ 101,028,000 26,437,
127,465,000 100,936,000 25,930.000126,866,000
Italy
35,627,000 3,034,000 38,661,000 34,628,000 3,035,00 37,663,000
taxes?
There
was the hectic prosperity of war-time
50,222,000
49,488,000
734,000
Neth'Iand 48,480,00
800,000 49,280,000
Nat. BeIg_ 10,790,000 2,391,000 13,181,000 10,664,000 1,895,000 12,559,000
Switz'land. 21,080,000 3,881,000 24,961,000 20,230,000 4,577,00 24,807,000 business; followed by a slowing down of general
15,202,000
15,142,00 15,202,000
Sweden
15,142,
239,0001 12,922,000 trade; accompanied by seeming advances in special
224,000 11,871,000 12,683,000
Denmark _ 11,647,000
8,183,000
• 8,182,0
8,183,00
Norway
8,182.000
lines that tended to consume continuing high prices
Total week 564,794,594 54,375,400 619,169,99 .583,871,830151,558.1501635,429.980
Prey. week 565,809,572 54,454,40 620.263,97 583.840,2721 51,480.1500135,320.422 and high wages. This fluctuating life did not make
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held and does not now
make for frugality and thrift.
abroad. b It is no longer possible to tell the amount of silver held by the Bank
of Germany. On March 15 1923 the Reichsbank began Including in its "Metal Savings bank
deposits increase—but there is unevenReserve" not only gold and silver but aluminum, nickel and iron coin as well. The
Bank still gives the gold holdings as a separate item, but as under the new practice
the remainder of the metal reserve can no longer be considered as being sliver, there ness in the power to save, though the spirit of spendis now no way of arriving at the Bank's stock of silver, and we therefore carry It
ing seems unabated. If the moving picture exhibialong at the figure computed March 7 1923.
tions are an index of ready money to spend for
The Responsibilities of Taxation.
amusement the purses of the average man and woCredit, wisely evoked, is an inestimable blessing; man are growing lighter. Yet the automobile indusdebt, foolishly incurred, is an increasing curse. The try, part luxury and now part necessity, continues
amortization of debt is a method advantageous to on a large scale. Under all there is a murmuring
the borrower, provided the term'of serial payment that "taxes are too high."
Considerable part of this discontent is because of
be accurately adjusted to his ability to pay. It is to
be noted that in accepting English bonds,for the war the inequalities of the income tax, which is not in
credit extended by this country, a period of some some instances an income tax at all in the true meansixty years was fixed over which serial payment is ing of the word, but a grab-all, or as much as posto extend. It is understood that in retiring the war sible; of that which comes in from any and every
debt of the United States in so far as any refunding Source. A man may make a trade in property, by
has been accomplished, the period of amortization selling and buying or buying and selling, a man who
contemplated is about twenty-five years or roundly never made a profit in this way in his life, and may
one generation. We leave this thought here—but it never do so again—the tax-master levies on this
is a subject for consideration in the matter of our profit. This is but one example. Business is bled of
its profits, regardless of ability in management, havcontinuous and heavy taxation.
We have spoken before of the duty of contempla- ing little left for re-investment and increase. These
tiOn by the American people of this subject, pending murmurs we understand. But now that "things are
the meeting of the Congress. Plans there are rang- settling down," the man who really works and earns
ing from the wise to the absurd. The method of ex- (one not intoxicated by union-forced high wages)
pressing "public opinion" in this country is weak, begins to feel the slow pull of the incessant taxation.
not fitted to emergencies, too much subject to ex- These murmurs will grow deeper. Unless something
cited argument and selfish interests. But whether is done by way of correction politics will be corthe inordinate surtaxes are reduced or whether they rupted by the discontent.
So that however far-fetched it may seem to talk of
are eliminated altogether, as they ought to be, the
burden of taxation will still be heavy to bear. And personal economy it is an evident duty. The social
one of the pressing problems confronting every citi- pull tends to make man spend for that which his
zen is that of paying his own share of this huge na- neighbor has. The more he spends to "keep up style,"
tional tax bill. It becomes a collective problem in the more he spends to attain and keep a station set
by "the spenders," the less he will have with which
that it is so distinctly an individual one.
to
pay his share of the war debt, to pay for the mainabout
to
We were
say—"for no one escapes some
part." But that is not true. Many do escape. And tenance of the Government. We set a penalty, for
where one man, exercising his prerogative of buying an excessive and inequitable tax amounts to a pentax-free securities, escapes—scores escape by meth- alty upon earning and making, not upon spending
ods of original exemption that are held to be just and wasting. There has been no end of talk about
and helpful. True, there remains the indirect tariff the personal budget, with forms and figures pretax which everyone pays in some degree. But we sented for adoption. Has there been much stress
have grown out of the way of considering this, since upon saving to pay taxes? Yet if rightly levied these
the total of customs dues is such a small fraction of millions of personal contributions might be matethe gigantic whole. Is it wrong to say that as the rially reduced, and if met with the spirit of sacrifice
Government thus tax-sustained protects the poor man for Government's sake might soon pass into normal.
There is too much talk of the rich "escaping." The
as well as the rich in the exercise of "liberty under
poor
man and man of moderate means must answer
every
pay
some
law"
citizen should
part, and pay it
to himself as to whether or not he does not take addirect, of the war debt?
Assuming that every man pays some part of the vantage of all exemptions, does not himself invest
war-debt tax, the individual problem of each becomes his small surplus in a Government tax-free security.
the collective problem of all, because it affects our This leads us astray in that we fail to realize that
mode of life. What each does, in principle, all must each of us must earn and pay some part of the say
do. The saving may be by means as various as the twenty-two billions of war debt, the interest
individuals and their circumstances, but all must thereon, and the extremely heavy present Governsave. All must also live. And since the living of mental expenditures. The example,of sober, serious,
each affects that of the others, it is pertinent to in- saving living, each man may set. We may help each
quire whether we are giving a thought in our social other in this. Whether we do or not, the tax is the
living to the payment immediate or ultimate of this only means of payment. We cannot go on in a riot
war debt. Perhaps if we can sufficiently impress of high living without increasing the tax pressure as
Oct. 12 1922.

Oct. 11 1923.

Banks of

Gold.

Silver.




I

Total.

Gold.

Silver.

I

Total.

OCT.13 1923.]

THE CHRONICLE

1597

the years go on. There should be a revision and reThe independence and integrity of credit is not lost
casting of the tax burden. But there should also be a while through these State country banks it can issue
sense of the responsibility which taxes put upon us freely according to the local demands of trade and
all.
commerce. Many of the large city State-chartered
banks have joined the System. And so long as an
/Assuming a Bank Need That Does Not Exist.
emergency currency be the chief cause and purpose
An investigation of the reasons why the State of the Federal Reserve System, so long as the cenbanks have failed to join the Federal Reserve System tralization of member bank reserves in regional incannot affect the original and fundamental inde- stitutions affords a working basis, there is ample
pendence of by far the larger part of our "country means for the emergence of needed currency which
banks." They have been at no time under legal or going into general circulation practically solves the
financial compulsion to join. At the outset, a way hitherto unsolved problem of so-called panic needs.
was provided by which certain of them might ally The credit of State country banks can be maintained,
themselves with the System, but they have not, save and is maintained, through
city correspondents as
in a few instances, availed themselves of it. Nor before. Therefore no imperative
need calls for their
could they, without surrendering their State char- inclusion in the "System."
ters, become full-fledged members. And at most a
Par clearance is said to hinge upon their joining—
divided allegiance does not make for efficiency in but if, as now in practice, par clearance offered by
is
conduct or tranquillity in operation. An investiga- the "System" to those banks
that will reciprocate in
tion which starts with the tacit assumption that kind, then the question becomes
one the State banks
these thousands of country banks ought to join the must answer on the principle of
the general good vs.
System begins with prejudice.
their own fees and charges for clearance and collecThe thought has been advanced that the Federal tion as a part of legitimate
profits. Merely coming
Reserve System of Regional Banks must be strength- into the System, or being
forced or unwarily lured
ened or it will meet the fate of the First and Second into the System, will
not satisfactorily answer this
United States Bapks. Investigation looking to an problem—for there yet
remain city clearaqce charges
enlargement of membership at the expense of the that must also be disposed
of. An exchange charge,
individual bank's natural independence will only if it can be determined
satisfactorily, which will be
serve to emphasize an alleged monopolistic tendency a service charge rather than
a commission and profit
of the System. If all banks, State regulated, large charge would appear to
be equitable all around, and
and small, are to be driven into the System, the time a reasonable solution.
will, thereupon,soon come,when the charge will everyOne thing seems plain—in this matter of enlargwhere be heard that the credit of the people, as well ing and perfecting the System
there lies no solution
as the money, is controlled by a Governmentally ap- of the farmers' troubles.
They are now decrying
pointed Board at Washington. When such a time what they are termed to
please the "deflation" or redoes arrive there will be another "removal of depos- tirement of a part of
the Federal Reserve note issue.
its," by political will of the people.
If all small banks were members, according to the
Any investigation must be superfluous which does agreed-upon capital stock
permission, mere eligibilnot recognize the original right of the country bank ity or membership
would have no steadying effect
to exist under State or national charter; which does upon Reserve note
issues, and could in no wise offer
not recognize the original right of:the citizens of a the farmer
added relief. "Inflation" and credit are
community to organize under proper articles of asso- different
matters. If any effect could be predicated
ciation a local bank to supply local needs under lo- it would be an
easier process of inflation. No invescal management. The fundamental freedom of tigation we
think can point the way through this
credit is at stake when we proceed upon the assump- means to an
alleviation of the ills of agriculture, ills
tion that credit cannot issue save by permission of that are
greatly exaggerated and become the politState or nation. Bank regulation has little to do ical football of
an over-zealous bloc.
with bank initiation. There is, to be sure, some
When the report of this "investigation" is forthslight degree of authority vested in the Comptroller coming it may
throw some light on this mooted dark
as to the number of national banks which may be question. But
whatever be the cause of the failure to
chartered in a given community. But the continued join it cannot
alter the saving quality of the prinexistence of the two forms of banks establishes the ciple of free and
independent banks as best for the
now really recognized principle that banking is a free general credit
of the country. Why should these
business.
banks join? What would be gained should all of
We are not arguing at this time one way or the them join? On
the contrary, what would be the reother as to the advisability of State banks entering suit of having
all our banks under national supervithe Federal Reserve System. That they have not sion and
within the power of the Federal Reserve
done so does not argue that the failure is due either System? If
money and credit have, as asserted, the
to bank or System. It does go far to establish the power to make
or mar prosperity, credit coming
claim that these many community banks are per- more and more
into the toils of money, will the counforming a satisfactory service to their respective try and
commerce be benefited by weaving more
communities and that they are themselves satisfied closely the
so-called "centralization" which some now
in so doing. And the very establishment of regional clamor
against so loudly?
banks in the System was a protest against centralization—which would to some extent follow the coThe A. F. of L.—Radicalism in Seeming
ercing of all our banks to come under the manageConflict with Radicalism.
ment (for it is more than regulation or supervision)
The 43rd annual convention of the American Fedof the Federal Reserve Board at Washington. Minor eration of
Labor in session at Portland, Ore., the last
considerations, such as par clearance, ought not to two weeks,
revealed anew the presence of an openly
obscure this principle.
radical faction within the organization as against



1598

THE CHRONICLE

the pseudo-conservative elements within the body,
and it also revealed the effort (possibly somewhat
too seriously regarded) of radicalism outside to bore
within and capture it. Before the sessions began a
systematic foray by Red plotters was rumored as
about to be made, and the report of the Executive
Council repeated the old scream that there is a propaganda which "is frankly revolutionary and has for
its ultimate purpose not only the destruction of the
trade union movement but the eventual overthrow of
the democratic government of the United States." A
large part of the report was expended upon this, particularly upon the real and the alleged activities of
W.Z. Foster. Mr. Gompers, who still holds his position, has for several years shown a recognition of the
growing diffieulty of yielding enough to extreme radicalism to keep it hopeful without yielding enough to
it to seriously alarm the country. He still talks loyalty to the country and professes Americanism of
the purest type, but his own record of antagonism to
courts and of intent to make organized labor the ultimate power is so bad that any radicalism beyond
his own may well be reckoned menacing.
By itself, the following from the Council's report
might be taken as encouraging, in seeming to coincide with Mr. Harding's ideal of "less government
in business":
"The largest freedom of action, the freest play of
individual initiative and genius in industry, cannot
be had under the shadow of constant, incompetent
political interferences, meddlesomeness and restrictions. . . The threat of State invasion of industrial life is real. . . . The continual clamor for
extension of State regulatory powers, under the guise
of reform and deliverance from evil, can but lead
into greater confusion and more hopeless entanglements."
This—especially the first sentence—is true, and
excellently put, but the following from the same report shows what form of "State invasion of industrial life" is deprecated:
"Powerful groups of earnest and sincere persons
constantly seek the extension of State suzerainty
over purely industrial fields. Such ignorant encroachments as the Esch-Cummins Act, the Kansas
Court of Industrial Relations, and the Colorado Industrial Commission Act, such a blundering gesture
of Government acting under the spur of organized
propaganda or of political appetite for power, are
examples of what all industry has to fear."
That is, unions must be permitted to have their
own way, and any attempt to intervene for limiting
their power is a "blundering gesture"; in some instances, it has seemed to be so, but that does not ab,
solutely condemn all efforts to keep a limit on union
domination.
The Red element was held at bay, and beaten, on
the first test vote, and on last Monday William F.
Dunne, delegate of the Silver Bow Trades and Labor
Council of Butte, Mont., editor of the "Bulletin" of
that city, and said to be an avowed Communist and
an aid of Foster, was expelled both from the meeting
hall and from the Federation, by a vote of 27,737 to
107, the Foster "one big union' being also overwhelmingly rejected at the same time. On Tuesday, by
25,066 against 1,895 (1,618 not voting) the Convention
approved a report, which recommended rejection of
resolutions proposing participating in politics as an
independent party, the convention evidently remembering the past success of organized labor in claiming to control a solid "vote" and in dealing with




[VoL. 117.

politicians on the basis of holding the "balance of
power."
The Convention endorsed the Executive Council's
declaration against the Sherman anti-trust law of
1890, the Clayton law and the Trade Commission
law. This declaration "charged that the Sherman
law, originally intended to exempt labor organizations has been so construed that industrial combinations, which were originally the object of attack by
the law, have escaped, and the law has been turned
against organized labor." It is not easy to say which
one of these four assertions is most untrue, and the
charge reminds one of the dull student's description
of a crab which contained three statements, each one
wrong. The Sherman Act was not intended to make
the exemption mentioned; the "object" of its attack
was not "industrial combinations" but every combination in restraint of trade; industrial combinations have not "escaped"; instead of being turned
against labor unions the Act has been in practice
kept blind towards them, as scandalously shown,for
one memorable instance, in the latter months of
1916, when the railway brotherhoods openly threatened to tie up all transportation unless they were
given their way.
It should not surprise anybody that the old dislike of the courts appeared in a resolution adopted,
denouncing "government by injunction," which was
termed "a cancer in the body politic," and demanding removal of the cancer. Perhaps there should be
slight surprise that "an adequate soldiers' bonus"
[how much would that be?] was demanded.
The trend of the meeting was to strike for a larger
organization rather than rely entirely upon legislation for Correcting what are deemed industrial evils.
The Council's report laid great stress, as did Mr.
Gompers, upon restricting child labor, and especially
denounced the Supreme Court decision on the minimum wage law, doing this particularly because the
decision was by a bare majority. It has never been
the habit of courts to refuse to give to statutes full
presumption as -to validity, notwithstanding much
loose talk about an alleged disposition to "nullify";
yet, said this report, despite the rule that Acts of
Congress should be found invalid "only where there
is reasonable doubt," the tribunal "persists in declaring laws unconstitutional by a bare majority of
one." Here we have the old indignation expressed
anew and the implication that a larger vote than five
out of nine should be required, this being coupled
sometimes with the foolish proposition that an
amendment should make a repassing by Congress of
an invalid statute sufficient to cure the invalidity,
which is like saying that repeating an untrue statement could make it true. Although only five of the
nine hold a statute invalid, the five may have no
reasonable doubt of the fact, and some of the four
may accept the statute before them without being
free from doubt about it.
A resolution was adopted that organizers should
be sent at once into the textile fields of the South—
particularly into the Carolinas and Georgia and
Tennessee, to organize the workers there. Hope of
doing something among the workers in iron and steel
is not abandoned, nor of bringing even the farmers
to see "eye to eye" with unionism and east in
their lot with it. It still seems impossible for labor
leaders to perceive (or to correctly read) the handwriting on the wall, and to appreciate that the very
name of this country-wide organization expresses a

OCT.13 1923.1

THE CHRONICLE

practical impossibility, for "labor" is so varied and
so universal that any central organizing and controlling of it is impossible. Even the significance of
the figures of the A. F. of L. membership does not
Appear to be noticed, or, at least, it is passed by in
silence. The total was announced as 2,926,468, showing a loss for the fourth consecutive year and of more
than 260,000 in the last year; the maximum was in
1920, with 4,078,740, but even that largest number is
a mere handful compared with the mass of people
who work,and it is one of the "gestures" of organized
labor that it persists in talking as if only persons of
union membership and holding union cards are
rightly to be regarded as working.
The deduction is the same which Mr. Gompers and
his fellows view with an alarm they try hard to conceal by big talk: that the open shop movement is
irresistibly progressing and is constantly gathering
momentum.
Lord Rose bery and the Men of Yesterday.
The break between the world of the past and the
new world the war has introduced is not sharp but is
definite. The arrival of Mr. Lloyd George calls attention to the change. Leaders of the earlier day
have in the main passed on; and many are already
busy telling their story and appraising their work.
When the attempt is made to write the life or estimate the career of any of those who still are living
the justification is that it is the gathering of material for the future historian, which, while we are far
, too near for any final estimate,*has much of immediate interest.
This gives us the "Life of Lord Rosebery,"* who
after a long and brilliant public service both as Foreign Minister and British Premier is now retired
under the burden of prolonged infirmity, personal
sorrow and the weight of the inconsiderate years.
Born of the old Scotch nobility, of which he was always proud, endowed with shining talents, married
early to a great heiress, he quickly entered upon a
distinguished career. He rose rapidly to the summit, and then,from various causes, partly of circumstances, and partly in his personal traits, he fell out
of the political line, and after some years in which he
was always a public man to be reckoned with, he
passed into his sad retirement.
A nobleman, but always critical of the Peers, a
member of the House of Lords, but ever mourning
that by that he was excluded from a career in the
House of Commons, an Imperialist, though a Liberal, and for a time supporting Home Rule for Ireland, an aristocrat, proud,fastidious, ambitious, luxurious in his tastes, he was sensitive to criticism, and
an idealist, with many points of contact with widely
different people. It was inevitable that frequent
sharp and very diverse things would be said of him.
His biographer,in a book which is clever and intensely
interesting, adds many. Whether he was "chiefly a
gentleman who fared sumptuously every day"; "too
selfish, too trivial, too much of a poseur"; "one of
those who like the palm without the dust," or that he
was "the man of the future," with "a brain to move
mountains," may well be left to be determined by the
historian of the future. Our interest for the hour
lies in what he was in relation to his times. .
Our author, to whom we turn, says he was the most
attractive political speaker of the day. He never
.The Life of Lord Rosebery. By E. T. Raymond. E. P. Dutton Co.




1599

shrank from being interesting through fear of being
shallow; and, to quote his own words, he had "the
ardor of a man who is moved by all great transactions and did not regard dulness as the essential
merit even of history." He extolled the more rugged
virtues, independence, self-sufficiency, frugality, tenacity, but in practice too much labor irked, too
much difficulty daunted. He could dominate men on
occasion, but jibbed at the drudgery of patient continuous self-assertion. The great service he rendered
the nation was as Foreign Minister. He devoted himself with success to establishing a tradition of substantial continuity in foreign policy; and this at a
time when it was thought impossible to do so because
of the vagueness of popular passion. He saw clearly
the great evil of permitting foreign relations to be
subject to the gusts of popular enthusiasm. He held
that an inferior policy constantly pursued is better
than the alternate application of two policies which,
however excellent, are incompatible with each other.
He won a very considerable body of liberal opinion
to the view that foreign policy should be excluded
from the arena of acute controversy.
Seemingly little fitted to deal with the rising spirit
of democracy, or to understand the great changes
impending in the whole monarchical system of Europe, he was able to play an important role in the
part of Great Britain. Himself sympathetic to Germany, highly unsympathetic to France, and highly
suspicious of Russia, and all for strong reasons personal as well as political and historical, he lived to
see a Liberal Foreign Minister of his training, enlarge the Entente with France and end by a declaration of war with Germany. But his ruling idea that
the Foreign Office, speaking as constantly as possible with the voice of the people, should know no
parties, and that there should be a substantial continuity of policy despite party changes, was applied
through the long reign of Sir Edward Grey, and,
though broken through the later administration of
Mr.Lloyd George,and often assailed with great vehemence in the period of Liberal ascendancy between
1906 and 1914, remained in full vigor during the
greatest crisis of British history, and seems destined
to endure.
At the opening of the war, addressing his countrymen of Scotland, he said: "We are fighting for a
righteous cause. We are fighting for the sanctity of
the public law of Europe, which if the enemy conquered would be torn up and destroyed forever." As
a confirmed Imperialist he loved the Empire as
against the Little Englanders, not only because it
was big, but because it was beneficent—the greatest
secular agency for good that the world had seen. He
laid emphasis on the white, rather than the black or
sido of Empire—on the permanent and splendid, as against the more transitory and doubtful results of British colonizing. He felt that whatever.
mercantile profit might follow from Imperial effort
in climates unfitted to sustain the full vigor of
Europeans, the gain was at best doubtful; whereas
every acre of white man's country that is settled by
Britons is an addition forever to the might of a great
race, whether or no it contributes to any particular
State.
His own largeness of mind is evidenced in his attitude on the Irish question. He said: "We have
to fight the battle of a policy of conciliation against
a policy of coercion. If you adopt it and it succeeds,
you will reap a rich and abundant harvest—an hun-

1600

THE CHRONICLE

[VoL. 117.

The existence of two rival political parties is so
dred fold; but if you fail you will at any rate have
English scheme of government
tried an experiment that you will never regret, and deeply rooted in the
is not common and breakallegiance
of
transfer
that
you will have placed for all time England in a better
justified. Coalitions,
rarely
is
entirely
away
ing
en
position to deal with our unhappy fellow countrym
welcomed in an emergency, our
be
may
they
however
in Ireland."
as always having a brief career.
In politics, he said,"Choose your leader with what author points out
to the system and represent
are
not
germane
They
you
When
may.
caution, care and deliberation you
Lord Rosebery, who was a dehave chosen him close up your ranks and follow him; Party at its worst.
of Mr. Gladstone, at his leader's death
for this I can tell you, as an absolute maxim, that a voted follower
free to follow his own bent and was not
united party behind an inferior leader is more effi- felt himself
satisfy. His occasional positive detachment
cacious than a disunited party with the best leader easy to
was a capital cause of his failure as a politician, but
that ever lived."
was also, according to Mr. Raymond, a large eleit
With his national position and his devotion to the
in that hold on the public mind which survived
ment
Empire he was devoted to even the obscure activities
disillusionment. He was always intense
much
so
faithful
of municipal work, and rendered long and
'to do something,' though not very
"anxious
and
service
service to the municipality of London by his
this enthusiasm faded as he grew
and
what,
clear
Chairthe
was
on the County Council of which he
older."
proba
such
has
been
man. He said: "There never
After the defeat of the Imperialistic wing of the
lem to exercise the faith and the ingenuity and the
Rosebery became a "deenterprise and the enthusiasm of mankind as this Liberal Party in 1905, Lord
but leading part in
acrid
great conglomeration of human beings which is tached critic." He took an
inducing them to
Lords,
of
called London." . . . "I believe that if there is the debate in the House
ves; thereprerogati
their
of
one great safeguard to which we may look in the fu- accept the curtailing
appeared
he
never
life,
public
of
40
after
years
upon,
ture of our country it is this—that if by any chance
narrative
the
closes
author
Our
again.
House
in
the
party politics should become a mere scene of violence
of Japan finds
and corruption, slander and malignity, you have al- with saying that the political genius
States"Elder
of
the
wisdom
mellow
for
the
use
a
and
safe
ways below and beyond that a perfectly
definite
need
to
seems
mind
the
Western
but
man,"
which
on
life
solid sub-stratum of public municipal
its vigor. To which
you may fall back, if I may say so, as your second employment in order to maintain
experience that to preline of defense. While your orators are banging we may add as the common
to protect the public
tables and calling each other every kind of name, the serve their own reputation and
do such thinking
municipal authorities go on providing gas and water our politicians seem to require to
in
active
service. Be-'
still
are
they
and pavements for their streets, free public libraries, as they can while
of melloweither
assurance
no
seems
public baths, and do not care one farthing about tiring, with us,
.
recognizes
public
the
that
wisdom
a
ness, or of
those conflicts that are going on."

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 12 1923.
There is still a brisk business among jobbers and retailers,
although the cotton textile industry lags behind some others.
Northern mills are hard put to it to compete with the
Southern mills owing to high wages, the dearness of cotton
of
and oppressive taxes. There has been some extension
curtailment at Fall River and a certain amount even at
Charlotte, N. C., one of the great seats of the cotton manufacturing industry at the South. Moreover, there has been
situto all appearances no improvement in the cotton goods
there
enough,
Yet
H.
singularly
N.
,
ation at Manchester
Manchesare persistent reports from Texas that a very large
the
except
in
down
everything
shut
recently
which
ter plant
cotton
worsted department has been a steady buyer of raw
in Texas. Possibly the situation in that part of New England may brighten in the not distant future, especially if
raw cotton should decline materially under the weight of
the usual rush of marketing in October and November, together with the customary hedge selling here against such
receipts. Meanwhile, too, the Southern cotton mills for the
most part are running on full time and some are even working nights. It Is regrettable, of course, that Manchester,
England's, trade is still in a state of greater or less prostration and that there are persistent rumors of more or less
financial difficulty in that great manufacturing section of
the world. Perhaps these rumors are exaggerated. It is,
however, a fact beyond dispute that Lancashire has been
seeking help in one form or another from the British Government. Like our wheat farmers, the British cotton manufacturer seems to think that the Government has some
magical panacea for business ills, whereas economic probin
lems in the long ran have to work out their own cure
supreme
the
and
demand,
supply
of
law
the
with
accordance
the
test of prices the world over and in accordance with
curalso
silk
are
mills
the
of
Some
things.
of
natural order



tailing at Paterson, N. J., but this is something that grows
out of the great Japanese disaster and a temporary scarcity
of raw silk, a feature which in the end will be remedied as
Japan gets on its feet. Meanwhile the grain markets have
advanced, partly in the ease of wheat, it is true, because of
the hope that some acts of paternalism on the part of the
United States Government will ease that situation. If rumor
Is to be trusted, some of those who have the matter under
advisement for the Government are suggesting a scheme
.which sounds a little like the valorization plan of Brazil in
regard to coffee. But it is gratifying to notice that the
President of the Chicago Board of Trade characterizes the
plan as founded on a fallacy and likely to do more harm
than good in the end. This undoubtedly is sound economic
reasoning. Under the present scheme the War Finance Corporation would, it seems, buy up 50,000,000 to 75,000,000
bushels of the 200,000,000 bushels of surplus wheat in this
country with funds at its disposal and would sell this wheat
to the foreign markets at whatever price it would bring.
The War Finance Corporation would play the role of what is
popularly known as the "angel," and the loss in the end
would be shifted to the shoulders of the tax-payers of this
country. The scheme is visionary and ought not to be
adopted. An instructive lesson is derived from the state of
the corn trade in this country. Some grades of corn during
the past week have risen to about the price of wheat. This
Is phenomenal, but it grows out of no chimerical scheme
savoring of paternalism carried to the nth degree. The
truth is that there is a sharp demand for corn and it is none
too plentiful. The visible supply is only about one-fifth of
the total a year ago, while the farmer is feeding to live stock
on a scale that eclipses anything known in recent years.
That is the cause of the high price of corn. It has been up
to a new high price for the season, and it is all based on
solid facts of supply and demand. This is certainly, as already intimated, a lesson to those who would seek to evade

OCT.13 1923.]

THE CHRONICLE

1601

the Warwick Mills.
the natural laws of trade. In homely parlance driven out of workers in the Centerville, R. I., plant of
struck for higher
the door these laws will come in through the window and About 700 workers are involved, having
before the Departstrikes
55
were
there
On
6
Oct.
wages.
mark.
$1
the
above
keeps
wheat
even
And
rule in the end.
which
In Chicago on Oct. 10, as already noted, unusual shifting of ment for settlement, and in addition 19 controversies
The new cases involve
prices made corn and wheat almost identical in value. No. 2 had not reached the strike stage.
textile workers,
yellow corn in Chicago was worth $1 10 a bushel at the close miners, track laborers, traction employees,
workers.
of trading and No. 2 hard wheat ranged from $110 to shoe workers, meat cutters and colliery
Amazing as it sounds, while the union wage scale for
$1 14%. Corn as a rule sells at about 25c. a bushel under
have latterly been hiring
wheat, but the supply of old corn has been nearly exhausted plasterers is $10 a day contractors
The scale for carpenday.
a
$26
for
and
men
$25
best
the
is
meal
Corn
for
market.
ready
is
crop
new
before the
getting $25. The opare
they
and
$12
is
Brooklyn
in
ters
actually quoted higher than some good grades of wheat flour.
eration is "snowballing" with a vengeance. Workers are
On Wednesday No. 2 yellow corn advanced 4c. a bushel.
wages, especially in the
Meanwhile there is an excellent demand for steel from continually quitting a job for higher
finish his job on
the railroads. On the whole the steel trade is making a bet- Brownsville district. The contractor must
wages in preferfantastic
He
a
pays
pay
forfeit.
or
time
period
in
same
the
during
did
it
than
ter showing thus far
one time, but
at
losses
heavy
Contractors
suffered
ence.
either September or August. Not for six months has there
contractor, pays, and
the
not
are
The
not
they
owner,
now.
is
it
iron,
Pig
railroads.
the
from
demand
a
so
been
brisk
higher. There
true,- is lower and very evidently production outruns con- in the end the people. Rents are, of course,
steamfitters, accordsumption for the time being. Copper has also declined some- Is a marked shortage of plumbers and
Employers'
what. At some big centres there is a good trade reported in ing to reports to the New York Building Trades
Contractors' Associaflour though the demand is small here. Car loadings are up Association by the Heating and Piping
Bricklayers
to a new high level for the week reported and furnish grati- tion and Plumbing Contractors' Association.
as $20 a
high
as
and
a
$14
of
were
getting
who
minimum
fying evidence of the underlying soundness of American trade.
about Aug. 1.
peak
their
during
the
passed
day
summer,
A
August.
those
of
below
were
totals
building
September
layers. Now
Scranton coal strike failed after a few days. Petroleum Then began the shortage of plasterers and tile
dollars over
prices on the whole seem to be still tending downward. the plumbers and steamfitters command several
as high as
getting
some
rate
$10
day,
established
of
a
the
the
old
Crude oil has again been cut in California. It is
steamfitters
trouble of over-production. Soft coal and coke have de- $12. There are about 10,000 plumbers and
of cold
clined, but anthracite coal prices keep up, although produc- needed in the Greater City with the approich
tion has increased. On the Stock Exchange stocks have lat- weather.
At Scranton, Pa., on Oct. 10 19,000 employees of the Hudterly declined, but at times francs have advanced sharply
Coal Co., who struck on Monday, were ordered to return
son
as the prospects brightened for a settlement of the Ruhr and
lost to
reparations questions. With this out of the way an incubus at once. About 65,000 tons of anthracite coal were
authe
without
the
by
which
was
trade
called
strike,
the
would be lifted from commercial, financial and social Euunion gorope and pave the way for a far quicker return to the condi- thority of the union. The question is when is the
ing to get prompt control of its members. It could not in
tions of normal civilization.
its authorAt Fall River, Mass., a cut in cotton goods output has been the recent pressmen's strike until it asserted all
At New Orthat
only
delay.
after
and
ity,
considerable
it
been,
have
there
predicted but not made. Manufacturers
the longis said, discussing relief for the textile industry. A consoli- leans the teamsters and screwmen have deserted
in their strike. It is expected to collapse. At Norshoremen
plants
River
Fall
of
majority
A
dation of mills is suggested.
folk, Va., Oct. 9 stevedores and officials of steamship lines
suffer losses as a result of Southern mill competition. Not a
expressed themselves as satisfied that they would be able to
At
capacity.
of
60%
only
running
at
are
River
Fall
at
few
the strike of longshoremen with non-union labor. The
Adams, Mass., 300 weavers in Mills No. 4 of the Berkshire break
strikers are demanding 80c. an hour as against the old rate
Cotton Co. struck following the discharge of an employee.
65c. an hour. The offer of 75c. was refused.
The 48-hour law will bean issue in Maine next Monday when of
At St. Louis sales at the Fur Merchants' Sales Co. and
a State-wide referendum will be held to determine whether
Fouke Fur Co., which concluded their fall auction on
or not the present 54-hour week shall be superseded by the the
10 totaled $1,320,000. The sales on the 10th show sales
Oct.
48-hour week as a legal week's work. The present 54-hour
indicated a 19% decline in prices in lynx, wolverine, wolf
the
was
hours
60
which
to
1915
in
previous
adopted
week was
timber wolf.
legal week. At Montgomery, Ala., a cotton mill was said on and
The advance in the price of cotton halts British cotton
Wednesday to have closed down. The report was denied.
line, ManAs a matter of fact cotton mills in the South are working on mills. Idle machinery is increasing all along the
active.
full time. They are not expecting textile curtailment. Or- chester reports. Light and fancy fabrics only are
advisability of
Expert
Lancashire
is
the
divided
on
opinion
in
the
freely
coming
Carolinas. Charlotte,
ders are reported
of the MasN. C., wired that textile mills in that section are for the most Government control of the trade. The President
Cotton Spinners' Federation stated on the 6th inst. that
ter
after
a
capacity
full
at
rather
long
stagnant
running
part
members of the federation were overwhelmingly against
period through the summer months. All mills have put on a the
Government control scheme, while the Chairman of the
any
number
of
a
mills,
and
which
operatives
had
of
force
full
Manufacturers'
Association has issued a similar statement.
been operating only one shift a day have put on a night
Sir Charles Macara, on the other hand, has reiterated his
shift. Mill executives report orders coming in freely and
opinion that a Government board of control is just as necesthey are optimistic over the prospects of a long season of
sary now as it was during the war.
prosperous operation. An attempt will be made to unionize
in
textile
the
mills
of
States
Southern
400,000 workers in
Building Activities Well Sustained.
North Carolina, South Carolina, Georgia, Tennessee and
Alabama, centring principally in the Carolinas.
General building activities throughout the country give
Some of the smaller silk mills at Paterson, N. J., are to indication of being well sustained during the fall, according
close, as they find it hard to get raw silk. Finished product to official reports of September building permits from 213
Is now about 60c. a yard dearer than before the Japanese major cities made to S. W. Straus & Co. There is a gain
of 3% as compared with September year ago. The usual
earthquake, causing a buyers' strike.
Factory employment increased slightly in New York State seasonal decline from August is reflected in a 12% loss,
from August to September. The gain was small considering which is in keeping with the usual trend of p2rmits issued
that September is usually the beginning of the busy fall sea- during these two months. For the three-quarters of the
son for manufacturing as a whole. Nevertheless, the in- year there is a gain of 25% in the reporting cities as comcreases were in important industries and the decreases do pared with the nine months period of 1922. St. Louis,
not indicate any serious curtailment of activity. The usual with a gain of 83%, lead all other cities in percentage or
seasonal course of the manufacturing industries shows after increase for the nine-months' period. Los Angeles gained
a summer slackening a steady rise through the fall until 63%, Chicago 60%, Detroit 38%, Seattle 35%, New
November or December, a drop after Christmas, a rise again York 26%, and Philadelphia 19%.
The Eastern States lost 14% in September as compared
In the spring and a steady decline after March or April for
with September last year; the South lost 11%, while the
the summer let-down.
Secretary Hoover says at this time practically no unem- Central States gained 25% and the Far West gained 32%.
ployment exists in the United States. There is not much The rank of the ten leading cities in point of permits issued
doubt of that. The Department of Labor has made it known in September were as follows; New York, $42,539,599;
that its conciliators are seeking to end the strike of textile Chicago, $27,874,705; Los Angeles, $14,099,353; Detroit.




1602

THE CHRONICLE

$9,708,727; Philadelphia, $7,086,060; St. Louis, $5,592,630;
Cleveland, $3,857,650; Milwaukee, $3,216,501; San Francisco, $2,907,389, and Minneapolis, $2,858,765.
Building material prices were all well stablilized, it is
stated, during September. Though there were some minor
fluctuations, the general level was without significant change,
in fact, with the exception of a few grades of brick, building
tile and Southern pine lumber, prices of the previous month
generally prevailed.

tV0L, 117.

Reductions in prices offered by the Standard 011 Co. of California for
crude oil at the well in all California fields were announced by the company
to be effective to-day. The reductions range from 2c. per barrel for oil
of 22 degrees gravity to 28c. per barrel for oil of 35 degrees gravity and
above. Oil below 22 degrees gravity is not affected.
The new prices are based on 60c. per barrel for oil from 19 degrees gravity
to and including 19.9 degrees gravity, and an increase of one cent per barrel
for each degree in gravity above 19.9.
The reduction is said to be due to continued overproduction of oil in
Southern California, the bringing in of new wells and a seasonal diminution
in the consumption of petroleum products.

Reductions were aiso announced by the Texas and Humble
Oil companies, concerning which the following details were
published in the "Journal of Commerce" Oct. 10:
Japanese Requirements Not Likely to Increase BuildHumble Oil & Refining and the Texas Company posted new schedules
ing Material Prices.
of prices for Burkburnett and Ranger. Texas,crude involving reductions
of 10c. to 25c. per barrel, according to grade. Oil from these pools is also
American building material manufacturers have an esti- regraded,
both companies quoting on five grades instead of three as hreremated reserve capacity worth approximately $426,865,000 tofore.
so
demand
before
schedule of prices on Burkburnett and Ranger crudes posted
new
The
program
reconstruction
for the Japanese
by the Humble and Texas companies compares as follows with the former
far approaches supply as to greatly inflate domestic build- grades and prices:
ing costs, says the Dow Service Daily Building Reports in
Ranger Prices.
New Price. Old Price.
its issue of Oct. 6, and then adds:
Domestic construction for the entire country is consuming basic structural
materials this year at the rate of $1.083.135.000 per annum. The estimated
total basic structural building material output capacity for the United
States has been placed at $1,700,000,000, but at no time has full capacity
ever been employed to permit the production of basic structural commodities sufficient to reach that value.
Building material manufacturers, receiving recent official inquiries from
the Department of Commerce asking for information as to their ability to
meet Japan's needs in their lines, and what price movement might be expected,if any,assured Secretary Hoover that they would be able to meet the
demand at domestic open market price lists covering corresponding quantities and delivery conditions.
It was figured that Japanese emergency building material requirements
would be in two classes, that for temporary construction and that for permanent, more or less earthquake-proof buildings. The temporary building material shipments come at a time when, normally, domestic building
construction is not at its highest pitch. It can easily find available building material reserves, as the building material industry this year was headed
for a production representing a valuation of about $1,500,000,000, owing to
the fact that in many plants throughout the country additional equipment
has been installed this year to take care of the normal domestic demands of
the building industry. The manufacturers estimate that further contemplated additions will be sufficient to increase the gross value of basic building material production to approximately $2,000,000,000 per annum in
1924.
Had there been no midyear buyers' strike, the margin for the Japan
emergency would have been far less. The turn toward greater national
building activity since July 1, however, is significant. August, for example. shows a national 56.4% gain over the same month in 1922. The national gain for July and August for the two years 1923 leads over 1922 by
144.000,000.
New York City, by way of more local example, shows a total of 37,967
plans filed in all boroughs from Jan. 1 to Sept. 25, as against only 28,975 in
the same period in 1922. Total construction value, including alteration
work up to Sept. 25 this year, is $541,480,000, against $385,187,321 for the
same period in 1922.
Building material manufacturers pondering the Government's inquiry,
turned from their estimating tables to their plant superintendents and
forthwith gave orders for full speed ahead for the communication showed,
showed plainly that the devastation in Japan necessitated a supply of basic
building materials that the United States could supply,and at the same time
the domestic building construction program was taking a turn that, to say
the least, was unusual.
Current reports of basic building material shipments and orders for,
example, confirms the national tendency toward greater building activity.
Cement shipments for the first eight months of 1923 over 1922 show a
gain for the country of 19%. Shipments in the three States supplying the
New York market with this material showed a gain of 6% over 1922 in
New Jersey, 10% in Pennsylvania. and 19% for New York.
New lumber orders recorded up to Sept. 30 showed 10% gains over the
preceding week. Shipments in that week were 247,702,01)0 feet, as against
205.605.000 feet in the week ending Sept. 8. Orders in the identical weeks
showed a jump from 206,383,155 feet to 268,702,000 feet.
Hudson River brick makers are piling up a reserve estimated to be in the
neighborhood of 420,000,000 brick, or about half as many again as they
had burned and ready for shipment at this time last year. There is more
Hudson hard brick being distributed to jobs in this city now than there were
at times in the middle of the building season. One indication of price stabllity is that forward delivery contracts are not readily placed.

Grades—
Below 30 degrees
Below 32.9 degrees
30 to 32 degrees
33 to 35.9 degrees
33 to 41 degrees
36 to 38.9 degrees
Above 39 degrees
Above 41 degrees

Per Barrel. Per Barrel.
$0.90
$0.90
1.10
1.20
-1.30
1.35
____
1.50
1.75

The Texas Company has offered to take all oil offered from now on and
also to buy all oil now held in its storage for producers' credit at the new
price. It was reported yesterday that the Humble company will soon begin
taking all oil offered in north Texas in order to gain the good-will of producers
In that territory.
The local oil trade is looking forward to a revision in Mid-Continent
prices in line with the new California schedule, either in the form of reduced
pipe line charges or another cut in posted prices. At the new prices California crude ranging from 14 to 33 degrees, avreaging 67c. per barrel, can
be laid down at Eastern refineries at $1 94 per barrel, as compared with
Mid-Continent crude of 33 degrees or under at $1 96h per barrel.

The Standard Oil Co. of California on Oct. 11 was said to
be ready to lift restrictions limiting oil purchases to amounts
stipulated on contracts.
The Humble Oil & Refining Co. announces that production
of crude oil will be accepted without limit on basis of 39
degrees, or better, gravity at rate of $1 50 a barrel. This
represents an increase of 50% in price, other large companies having quoted $1 where total runs were taken.
Urging the men of the oil industry to take steps to avoid
governmental regulation, E. W. Marland, President of the
Marland Refining Co., warned them that such regulation
is imminent. Mr. Marland spoke before the International
Petroleum Exposition and Congress in Tulsa, Okla., his
remarks being reported in the New York "Times" Oct. 11
as follows:
I fear that we must face the possibility of State control of production.
The landowners of Oklahoma and other producing States probably will
not long continue to permit such foolish waste of their property by their
lesseess as has been seen this year.
Declaring that overproduction in every new field Is a natural result
of the present system of unregulated competition among operators. Mr.
Marland said he believes that one approach to the solution is "intelligent
and unfirom proration of purchases from flowing wells," and to that end
he suggested "legislation permitting purchasers and carriers to enter into
agreements regarding proration during periods of overproduction."

Another speaker at the exposition in Tulsa, Okla., was
L. B. Jackson, President of the International Petroleum
Exposition, who outlined a worldwide co-operative association for the general advancement of the industry, all branches
of which are to be represented. Mr.'Jackson's address follows in part, as reported by the "Journal of Commerce"
Oct. 10:

Petroleum Trade Continues Unsettled.
The possibility of having any Government interference in
the petroleum industry, such as putting the pipe lines in the
class of "common carriers" under the regulation of the InterState Commerce Commission or fixing the prices of oil in
any manner, will be strongly fought by representatives of the
Oil Men's Association of America, according to reports from
Chicago, where the Association held its convention. The
Chicago "Journal of Commerce" on Oct. 5 reported the
Association's attitude towards this matter as follows:

"It is the desire of this congress," he said, "to promote co-operation between the large and small producers, the refiners, transportation agencies,
distributers and consumers."
Other suggestions of Mr. Jackson were that the International Exposition
be made an annual event, standardization of equipment be sought, an international museum of petrology be established to preserve the history of
the industry, field workers be brought together in more intimate social
contact, that the business be purged of "the grafter and fake oil promoter,"
and that a home be established in the United States for superannuated
workers of the producing fields.
W.A. Durgin,representing the Federal Department of Commerce. spoke
on the standardization program, outlining the accomplishments of the Department's program in other industries, and urging immediate application
of the principle upon manufacturers of oil equipment.

A decision of the Association's board of directors was made at a late
afternoon session on Oct. 4. not to present to Congress any legislative
program on behalf of the petroleum industry, since it might be misconstrued
as an effor to influence or embarrass the Congressional Oil Investigating
Committee headed by Senator LaFollette. It was made plain, however,
that the oil men would fight to the limit any proposal for price fixing of
petroleum products of any attempt to impose Governmental regulation on
the industry.

The price of gasoline in Dallas, Texas, noted in our columns
last week, page 1509, is less than the price of distilled water,
according to a dispatch from Dallas, Texas, dated Oct. 4,
appearing in the "Journal of Commerce" of this city on Oct.5
and reading as follows:

Further reductions in crude oil prices occurred during the
-week, the Standard Oil Co. of California leading. With
ference to this reduction the New York "Evening Post"
. 9 ai




Gasoline is being sold in Dallas to-day at less per gallon than distilled
water. Some filling stations are charging 9 cents for gasoline. Distilled
water, such as is used to fill storage batteries, cost 10 cents a gallon. The
majority of the retail filling stations, however, charge 10 cents a gallon for
gasoline. Retailers say they would not be surprised at further reductions
in the price.

OCT. 13 1923.]

THE CHRONICLE

Reports from St. Louis, Mo., state that on Oct. 6 the
Standard Oil Co. of Louisiana and the independent companies serving the same territory cut the price of gasoline
13c. to 13.4o. per gallon at service stations.
A report from Washington on Oct. 6 concerning plans for
urging a gasoline price inquiry by Congress appeared in the
New York "Times" of Oct. 7, as follows:
A meeting here on Oct. 24 of the Executive Board of the American Automobile Association was called to-day by Thomas P. Henry. President of the
Association. Plans will be developed, he said,for urging Congress to make
an investigation of gasoline prices.

Price cuts by the Standard Oil Co. of Kentucky, in addition to the one mentioned on page 1509 last week, are as
follows: 1 cent a gallon at Jackson, Miss., effective Oct. 5,
and 1 cent at Covington, Lexington and Louisville, Ky.
Gasoline Stocks Sept. 1 Smaller than on Aug. 1, But
Much Larger Than a Year Ago.
Diminution of the nation's gasoline stocks on Sept. 1 to a
figure of 1,053,856,221 gallons, representing 47 days' supply,
as compared with a stock of 1,165,389,340 gallons, or 54 days'
supply, on hand Aug. 1, was announced by the Department of
the Interior to-day, from statistical data compiled by the
Bureau of Mines. Gasoline stocks Sept. 1 of last year, however, amounted to only 703,738,310 gallons, or 37 days' supply.
The output of gasoline in August was 648,954,706 gallons,
as compared with 637,000,000 gallons in July and 550;000,000
gallons in August 1922. Domestic consumption during August amounted to 692,185,610 gallons, an increase of 18,000,000 gallons over the July consumption and an increase of
nearly 109,000,000 gallons over August of last year. Exports
of gasoline in August were 78,503,475 gallons, a decrease of
5,000,000 gallons from the July figures, but an increase of
50,000,000 gallons over August of last year. The number of
operating refineries reporting to the Bureau of Mines in
August was 260, with an aggregate daily indicates crude oil
capacity of 2,055,532 barrels. These plants operated at
78.4% of their capacity.
Kerosene production was 186,218,819 gallons, a decrease of
2,000,000 gallons from the July production, but an increase
of 200,000 gallons over August 1922. Stocks of kerosene
Sept. 1 amounted to 243,617,556 gallons, a decrease of 26,000,000 gallons from the first of the month, and a decrease
of 42,000,000 gallons from the same date last year. Consumption of kerosene was 131,887,963 gallons, an increase of
8,000,000 gallons over July consumption, but a. decrease of
more than 4,000,000 gallons from August of last year. Exports of kerosene in August were 80,226,306 gallons, an increase of 20,000,000 gallons over July, but a decrease of
7,000,000 gallons from August 1922.

1603

The August production of gas and fuel oils was 1,010,657,879 gallons, a decrease of 42,000.000 gallons from the July
output, but an increase of 66,000,000 gallons over the production for August 1922. Stocks of these oils Sept. 1 were
1,462.182,129 gallons, an increase of 61,000,000 gallons over
Aug. 1, and an increase of 95,000,000 gallons over Sept. 1
1922. Exports of these oils for August amounted to 127,000,000 gallons, an increase of 6,500,000 gallons over July, and
of 68,000,000 gallons over August of last year. Consumption
of gas and fuel oils in August was 833,000,000 gallons, a decrease of 69,000,000 gallons from July and'of 44,000,000 gallons from August 1922.
Lubricants produced during August amounted to 87,261,902 gallons, a decrease of nearly 7,000,000 gallons from July
and of 1,600,000 gallons from August 1922. Stocks of lubricants Sept. 1 were 220,419,457 gallons, a decrease of 4,500,000 gallons from the first of the month, but practically the
same as the figures for Sept. 1 1922. Consumption of lubricants in August was,69,269,209 gallons, a decrease of 2.000,000 gallons from July, but an increase of nearly 2,000,000
gallons over August 1922. Exports of lubricants for August
amounted to 22,530,546 gallons, a decrease of 1,000,000 gallons from July and of 4,700,000 gallons from August 1922.
The following are the refinery statistics in full for August
as compiled by W. C. Hill, Petroleum Economist:
A continued decrease in the number of operating refineries is noted in
August, the number reporting to the Bureau of Mines for that month being
260 and their aggregate daily indicated crude oil capacity decreased to
2,055,532 barrels. These plants were operating during August at 78.4%
of their capacity, running to stills a daily average of 1.613,398 barrels
of crude oil.
August 1923.
Gasoline-July 1923.
Auoust 1922.
1,165.389,340 1,263,583,128
Stocks first of month
772,908,949
Production
648,954,706
636,912.059
549,958,376
10,201,260
2,829,062
Imports a
22.634,719
78,503.475
Exports _a
83,721,099
38,270,145
583.687.932
Indicated consumption
692.185,610
674.019,467
1,053,856,221 1.165,389.340
Stocks end of month
703.738,310
Kerosene-

Stocks first of month
Production
Imports a
Exports_a
Indicated consumption
Stocks end of month
Gas and Fuel OilStocks first of month
Production
Imports_ a
Exports_a and c
Indicated consumption
Stocks end of month

269.459.847
186,218,819
53,159
80.226,306
131,887,963
243.617,556

324.586,128
184,382,897
87,316,297
136.132,597
285.520,131

1,400,813,790 1,324,025.107 1,358,870,284
944,289,105
1,010.657,879 1,053,242.507
46,259.234
11,030,099
59,530,469
127,414,605
120,942.731
877,017.309
901.770.327
832,905.034
1,462.182,129 1,400.813,790 1.366,611,611

Lubricants-

Stocks first of month
Production
Imports_a
Exports _a
Indicated consumption
Stocks end of month

264,301.002
188,226.251
11,060
59,821,009
123.257,457
269,459,847

224,951.955
87,261,902
6,355
22.530,546
69.269.209
220,419.457

225.137.230
93.960,874
486.922
23,603,187
71.029.884
224,951,955

226,690.749
88,824,133
27,244,801
67,601.583
220,668,49

a From Bureau of Foreign and Domestic Commerce. Exports incude
shipments to non-contiguous territories. b Figures not compiled prior to
October 1923. c Does not include fuel or bunker oil laden on vessels
engaged in foreign trade.

OUTPUT OF REFINERIES IN THE UNITED STATES DURING AUGUST 1923.
•
East Coast Penna. Ind. & Ill. Oklahoma
(N.F-Phil. N.Y..E.Ohio W.0hio.Ky.
and
di Bait.) & W. Va. et Tenn.
Kansas.
Oils Run to Sluts (Barrels)Domestic crude
Foreign crude

Total crude oils

8,955,421
1,776,417
10,731,838
74,317

Domestic, partly refined_b
675,472
Foreign, partly refined
Casingbead gasoline
30,676
Total other olls_b
780,465
Total oil runs.b
11,512,303
Output of RefineriesGasoline
Gallons_ 134,454,750
Kerosene
Gallons. 50,632,173
Gas and fuel olls
Gallons_ 216,468,071
Lubricants
Gallons. 25,918,628
Wax
Pounds. 15,017,036
Coke
15,049
Ton_
103,941
Asphalt
Ton.
Other fin. products_ _Gallons.. 6,330,230
Losses
482,460
Barrels_
Domestic Assrt ,.ofrA
or nn,
on.

1,R43,227

4,387,687

4,943,516

1,843,227
43,341

4,387,687
133,825

4,943,516
309,461

10,171

24,024
157,849
4,545,536

97,984
407,425
5,350,941

53,512
1.896,739

Texas.

7,236,700
878,669
8,115,369
323,054
48,985
83,468
455,507
8,570.876

Cobra
and
Wyoming.

Louisiana
and
Arkansas.
3,205,831
835,632
4,041,463
52,028
26,006
78,034
4,119,497

Daily Average.
California.

2,447,026 13,505,221
2,447,026 13,505,221
551,182
90,828
47,887
599,069
90,828
3.046,095 13,596,049

Total.
1923.
46,524,629
3.490,718
50,015,347
1,128,302
776,485
411,024
2,315,811
52,331,158

1,500,794
112.604
1,613.398
36,397
25,048
13,259
74,704
/,898,001

1922.
a

a
1,413,451
a

a

a
157,529
1,570,980

27,802,346 89,068,241 93.206.475 101,878,990 39,921,366 53,656,819 109,165,919 848,954,708 20,934,023 17.740,59
12,362,471 17,968,607 20,050,012 33.331,385 21,883,301 13,611,098 16,399.772186,218,819 6,007.059 5,947,83 1
17,267,800 57,318,144 92,513,556 176,887,772 74,020,262 52,505,730323,676,544 1,010,857,879 32,601,867 30,460,939
87.261,902 2,814,900 2,865,295
14,319.476 8,747,123 5,058,317 21,764,923 2,463,169 1,917,454 7,072,812
37,629.416 1,213,852 1,220,683
5,280,790 2,978,827 2,275,512 4,920,746 3,553,871 3,602,634
1.671
1.758
5,464
54,506
5,898
7.634
1,591
1,819
17,051
7,180
7,448
31,031
230,896
46,595
1,904
34,272
106
1
12,847
a
724,705
22,465,866
3,412,463
5,546,705
55,769
798
1,154,763 3,213.923 2,751.215;
56,423
58,02
1,798,639
219,598
93,866
83,556
388,936
245,1831
157,054
129,986
a
80.079.684
18.586.554

a Not available prior to 1923. b Net runs to stills. e Net production.
STOCKS OF REFINERIES IN THE UNITED STATES AUGUST 31 1923.
East Coast Penna. Ind. et IS. Oklahoma
(N.Y ,Phila. N.Y.,P.Ohlo W.Ohlo, Ky,
and
& Salt.)
& W.Va.
Kansas.
& Tenn.
Crude Oil & Partly Ref. Products(Ms)
Domestic crude
5,950,137
Foreign crude
2,981.652
Total crude oils
8,931,789
Domestic, partly refined
4,956,835
Foreign, partly refined
34.587
Total other oils
5,305,422
Total oils to be run
14,237,211
Finished ProductsGasoline
Gallons. 210,464,461
Kerosene
Gallons- 70,867,100
Gas and fuel oils
Gallons_ 324,615,255
Lubricants
Gallons. 91,375,878
Wax
Pounds- 52,352,447
Coke
Ton.
5,91
Asphalt
Ton68.36
All other f n ahr•r1 nr9/19nta
flolinn
, 8 559 ARR
a n ta not ava

be prior




1923.

Louisiana
and
Arkansas.

Colorado
and
Wyoming.

Total Stocks.
Californta.

1,108.693
2,229,437

4,682,909
1,871,834

5.727,538
926,771
6.654,309
5,742,547

4,959,526
1,464,039
6,423,565
2,375,324

1,458,944 3,799,500
2,073,600 10,307,579

2,229,437
3,290,421

1.871,834 5,742,547
6,554,743 12,396,858

2,375,324
8,798,889

2,073,600 10,307,579
3,532,544 14,107,079

1,108,693

4,682,909

1,211,154
808,591
808,591
2,019,745

1,211,154

Terns.

21,078,675 13?,307,602 201.983,469,124,133,099
12,891,041 44,356,421 19,699,287 46,663.471
32,796,355 42,240,869 105,541,655 346,718,801
31,148,567 19,821,903 9,795,018 47,166,764
15,854,314 27,619,996 3,205,487 11,865,559
7,213
297
1,933'
1,756
24,418
188
9,575,
2,159
OAA ROA IA ASS And!
A 6110 070
85 657

1,458,944

3,799,500

1923.
28,898,401
5,372,462
34,270,863
30,365,747
348.587
30,714,334
64,937,488

1922.
a
a
34,029.919
a
a
974,047
35,003,966

90,129,850 120,133,981 153,605.104 1,053,856,221 703,738.310
20.094,884 5,968,648 23,275,804 243,617,556 285.520.131
80,577,257 40.521,503489.170,434 1,462,182,129 1,366,611.611
3,142,317 4,981,431 13,186,679 220,419,457 220,668,491
166.424 175,021,042 219,721,841
59,100,421 4,856,394
44,40t
20.504
3,131
262
128,034
142,061
11,785
975
10.571
a
31.043.226
1.1K One
RAA 401
519 911

1604

THE CHRONICLE

Federal Reserve Board on Course of Wholesale Trade
in Federal Reserve Districts.

The wholesale trade of the United States was 12% larger
In August than in July, according to the Federal Reserve
Board index, and reached the largest volume of any month
since October 1922. This statement, issued by the Board
Oct. 1, also said:

[VoL. 117.

chandise at department stores increased about 8% during August, as is
usual in preparation for fall trade, and were 12% larger than on Aug. 31
1922. The volume of both stocks and sales continues to be relatively larger
in industrial districts than in agricultural districts.
Detailed statistics showing the trend of chain store sales and department
store sales and stocks by Federal Reserve districts are shown in the following tables:
Trend of Retail Sales (Average Month 1919 = 100)•

Mail
Stores 34ouses
Increased sales were reported from all districts, and for almost all lines of
4
306
Grocery & 10 Drug Cigar
Shoe Music
trade. Dealers in men's clothing and women's clothing more than doubled
3
21
5
4
4
10
their sales in August. Shoe sales also showed large increases compared
with July in all districts except St. Louis, with an average gain of 45%. 1922
July
80.1
58.4 135.1 126.3 128.8 127.3 101.2
83.0
Sales of dry good were larger in all reporting districts, the increases ranging
August
87.2
57.2 139.1 130.4 128.7 126.9
86.7
99.1
September
108.2
75.1 141.0 136.1 129.0 135.4 117.7 118.2
from 4% in the Chicago district to 71% in the Minneapolis district, and
October
129.9 108.7 148.6 156.8 133.4 127.1 121.1 118.8
dealers in furniture, Jewelry and diamonds also reported substantially
November..
130.1 110.4 162.4 152.3 123.2 126.9 121.9 120.7
larger sales in August than in July. The only lines showing decreased
December
188.1 107.8 185.5 279.2 161.5 178.7 164.7 203.7
business were agricultural implements and machine tools. Prices of most 1923January
100.0
88.4 165.1 115.9 129.3 115.6
85.5
95.0
wholesale merchandise showed little change in August and September, but
February
88.4
83.6 158.8 117.4 125.6 109.7
70.8
87.8
dry goods has shown an advancing tendency on account of increases in the
March
122.8 112.8 188.4 163.4 144.9 134.5 145.5
96.0
prices of raw cotton and silk.
April
118.2 101.9 184.1 143.0 135.0 124.8 121.6
98.8
May
127.8
97.0 177.2 154.6 142.0 136.5 140.0 100.1
Comparisons with a year ago indicate that business is larger in all reJune
123.2
86.6 164.3 155.1 149.2 136.3 139.3
97.3
Porting lines. Sales of machine tools, men's clothing and hardware showed
July
90.4
74.1 181.7 143.9 140.6 127.7 101.2
82.4
the greatest improvement as compared with August 1922, with increases
August
73.3 165.6 153.7 145.4 135.3
97.8
99.5 102.6
of66%,49% and 18%,respectively. In most other lines sales ranged from
5 to 10% higher than last year.
Department Store Sales by Federal Reserve Districts(average Month y Sales 1919=100).
Statistics collected by the Federal Reserve Bank of Dallas show that
2.No. 3 No. 5 No. 6.No. 7. No. 9.No.11No.12Index.
stocks of merchandise held by wholesalers decreased during August, but
Bost N. Y. Phila Richm Ada'a Chic. Mpls. Dall San F. U.S.
(24)•. (64)•.(18)* (19)* (35)*. (70)•.(24)•.(21)•• (31)*.(306)*
were larger than a year ago. Dry goods stocks, which showed the largest
changes, were 11% less than on July 31, but 36% more than on Aug.311922. 1922
Detailed statistics showing the trends of important lines of wholesale
July
81.7 77.9 86.8 71.0 69.8 83.1 81.2 64.8 95.9 80.1
trade by Federal Reserve districts are published below:
August
87.5 78.8 94. 72.9 73.9 92.1 93.1 67.7 119.3 87.2
September_
114.2
107. 107. 90.8 86.4 114.4 105.4 101.0 112.5 106.2
Wholesale Trade in the United States. by Lira.
October
134.8 145.1 143.8 119.1 113.8 122.1 119.8 104.. 137.0 129.9
(Average monthly sales 1919= 100.)
November... 134.9 142.0 146. 122.3 113.1 130.9 107.0 104.9 132.2 130.1
Groceries. Meat. Dry Goods. Shoes. Hardware. Drugs. Total.
December
1922.
197.3 199.5 185. 184.7 161.: 184., 164.1 149.2 203.7 186.1
July
74.5
59.2
80.2
47.5
81.6
93.6
71.6 1923
January..,... 106.3 108.1 106.1 83. 83.0 99.4 92.1 81.0 114.6 100.0
August
79.6
55.9
111.2
67.6
89.9
80.6
102.9
February
92.3 87.7 08.0 79.6 78.2 92.2 77.0 73.3 101., 88.4
September_ 83.6
60.5
116.1
77.5
March
126.9 123 149.0 115.3 105.5 123.: 105.3 99.4 134.6 122.8
85.3
95.9
104.6
April
127.9 121.8 127.2 100.5 101.2 127. 114.3 88.9 124.4 118.2
October 90.8
67.8
108.3
77.2
89.2
99.6
111.1
May
133.4 128.6 150.7 111.6 108.4 129.: 113.5 106.2 147.1 127.8
November
88.1
54.1
94.4
68.0
80.9
93.5
102.9
June
136.2 128.2 131.5 114.5 101., 131., 109. 92.3 127.8 123.2
December -- 78.3
56.8
72.8
59.1
83.4
99.0
72.3
July
90.5 84.7 111.3 82.7 78.9 92. 83.7 88.8 115.9 90.4
1923.
August
98.7 87.0 114.3 82.6 81.7 104. 96.9 69.41 138.3
7.8
January 75.0
60.4
102.6
56.6
88.7
113.0
78.1
Trend
of
Department
Store
Stocks
by
Federal
Districts.
(Average
Monthly
Reserve
Stocks
February.... 75.0
56.8
98.0
56.9
75.7
82.4
106.6
1919= 100).
March
63.3
80.7
113.0
81.3
109.3
120.4
86.1
No. 1.No. 2. No. 3.No. 5.No. 6.No. 7. No. 9.No.11 No.12 Index.
April
79.9
60.3
87.0
62.4
78.7
111.9
106.2
Bost
. Y. Phila. 'tam. Afro. Chic. Mpls. DailaSan F. U. S.
May
80.7
64.2
83.5
67.5
80.0
117.4
107.4
(24)•.(64)•. (13)•.(19)•.(22)4.. (59)•. (16)•. (16)•. (29)•.(265)*
June
88.7
87.1
63.9
67.4
83.8
113.4
106.6
July
80.8
65.6
94.6
51.3
94.7
79.9 1922105.4
July
103. 104.: 105.6 99.8 103.2 113.6 97.: 99.6 108.1 105.6
August
120.1
84.4
74.6
69.1
106.2
108.8
89.1
August
105.0 109. 111.9 105.1 109.3 125.0 102.1 111. 112.1 111.8
Change in Condition of Wholesale Trade by.Lines and Districts.
September.... 116.9 120.8 121.6 119.. 118. 128. 107.7 117.7 118.0 120.5
October
125.1 125.1 127.. 130.3 121.3 134.8 112.6 119.6 120.0 125.7
P. C. Change
P. C. Change
November.... 130.1 132.1 126.7 126.0 123.1 136.8 115. 118.9 124.2 128.5
in Aug. 1923
in Aug. 1923
December
110.. 111.1 105. 103.2 101.2 115.2 97.2 94.1 107.6 107.7
Sales as CornSales as Com- 1923
pared with:
Pared with:
104.1 106.* 102.2 99.6 105.2 112.2 100.0 97. 107.4 105.5
January _.
July August
July August
February.... 111.5 111. 116.5 113.0 111.9 127.2 107.2 108.8 117.7 115.3
Groceries1923. 1922.
March
119.9 122.9 127.5 124.3 118.9 138.7 117.1 115.4 124.8 125.3
United States
+4.5 +6. Minneapolis District__ 1T21.6 1?
1-9 5.1
2
April
125.2 127.3 132.1 125.8 121.4 140.5 117.3 118.9 131.8 128.9
Boston District
2.4 +9.3 Kansas City District__ +0.0 -4.6
May
124.1
125.0 127.7 121.7 120.8 136.0 115.: 117.2 126.7 125.9
New York District_ +2.4 +6.3 Dallas District
+10.1 +46.0
June
115.9 116.1 123.1 114.: 113.4 128.0 103.9 109.9 121.2 118.1
Philadelphia District__ -1.0 +13.9 San Francisco District_ +5.4 +8.4
July
108.6 110. 118.1 121.1 111.4 127.6 97.3 107.1 120.5 115.5
Cleveland District.. _ _ _ +3.7 +6.2
DrugsAumist
112.4 118- 131.4 122. 119.8 144.1 103.8 121.3 127.5 124.7
Richmond District_ +3.0 +8.0 United States
+3.2 +5.7
Atlanta District
+12.7 +9.6 New York District__ -3.1 +5.0
•Number of stores.
Chicago District
+5.3 -1.9 Philadelphia District__ +8,3 +10.0
St. Louis District_ _ _ _ +8.5 +2.4 Cleveland District_ __ _ +3.7 +8.0
Minneapolis District +14.4 +8.1 Richmond District__ +9.1 +16.9
Kansos City District- +3.3 +13.3 Atlanta District
+13.0 +26.3
Railroad Freight Car Loadings Again Break
Dallas District
+19.0 +8.9 Chicago District
+14.5
San Francisco District.. -5.8 +1.4 St. Louis District
All Records.
Dry GoodsKansas City District
+4.6 +1.3
United States
+27.2 +8.2 Dallas District
Railroad
freight
traffic
continues of unprecedented volume
+12.5 +5.9
New York District...., +20.7 +14.8 San Francisco District_ +7.9 +6.7
and the largest number of cars for any one week in history
Philadelphia District__ +31.8 +9.8
FurnitureCleveland District.,.... +44.9 +32.2 Richmond District..,_ +272 +61.1
was loaded with revenue freight during the week which
Richmond District_-- +44.5 +1.5 Atlanta District
+32.7 +25.5
Atlanta District
+44.1 -0.5 St. Louis District
+10.8 +9.0 ended on Sept. 29, according to the Car Service Division
Chicago District
+3.7 +2.7 Kansas City District__ +20.3 -3.8
St. Louis District
+28.8 -0.6 Dallas District
+37.3 -2.6 of the American Railway Association. The total for the
Minneapolis District.- +70.7 +34.8 San Francisco District_ +20.2
+11.5 week was
1,097,274 cars. This exceeded by 4,707 cars the
Kansas City District-- +8.3 +1.5
Agricul. ImplementsDallas District
+52.7 +11.5 Atlanta District
--18.4 --0.6
San Francisco District- +37.4 +7.9 Minneapolis District_ _-30.0 -22.5 previous record which was established for the week of
Dallas District..
Shoes-District__-12.2 +7.5 Sept. 1 this year when the total was 1,092,567 cars.
United States
+45.4 +10.4 San Francisco
+11.2 +11.6
New York District_ _ _ +35.5 +10.1
While freight loadings are ordinarily heavier at this time
StationeryPhiladelphia District +50.7 +32.1 New York District
+8.0
+3
+57.8 +5.3 Atlanta District
Richmond District
-5.6 of year than at any other, owing especially to the seasonal
+31.7
--Atlanta District
+49.5 +3.6 San Francisco District.. +48.1 +7.5 crop and coal movements, the total for the week of Sept. 29
Auto SuppliesChicago District
+25.8 +0.0
St. Louis District
-15.2 +6.0 Chicago District
+0.3 -8.4 far exceeds other weeks in the autumn months in previous
Minneapolis District__ +67.0 +10.6 San Francisco District.. +2.8 +15.5
years. Up to this year the record loading for any one week
San Francisco District.. +27.7 +0.6
Mens' ClothingNew York District__ +123.6 +49.0
Hardwarein history was 1,018,539 cars, which was reached during the
United States
Women's Clothing+12.1 +18.1
New York District__ _ +9.1 +16.6 New York District-- +114.8 +16.7 week of Oct. 15 1920, but even that figure has been surpassed
Philadelphia District.... -0.3 +9.9
Machine ToolsCleveland District...... +6.2 +17.3 New York District___-23.3 +66.1 eleven times out of the fifteen weeks this year that the
Richmond Distriet__ _ +23.3 +20.6
DiamondsAtlanta District
+19.0 +13.3 Now York District- _ _ +26.1 +7.6 million car-loading mark has been exceeded. The total for •
Chicago District
+2.8 +9.5
Jewelrythe week was an increase of 36,838 cars over the preceding
St. Louis District
+12.0 +16.0 New York District_ _ _ +24.5 +5.1

0.1.No.

Board on Condition of Retail Trade in
Federal Reserve Districts.
Retail business in August was considerably more active
than in July and sales in all reporting lines were larger than
a year ago, says the Federal Reserve Board under date of
Sept. 29; continuing it says:
Federal Reserve

Sales of chain music stores were 24% larger than in July, which was
more than the usual increase at this season, and sales of five and ten-cents
stores and cigar stores increased 7% and 6%, respectively. The August
trade of mail order houses and grocery stores was of about the same volume
as in July, but mall order sales were 28% larger than in August 1922.
Department store sales increased 8% in August and were 13% larger
than a year ago. The most pronounced gains during the month occurred
In the Chicago, San Francisco and Minneapolis districts, while the only
decline in business occurred in the Richmond District and was comparatively
small. Demand for house furnishings and men's and women's clothing
has been particularly large in all sections of the country. stocks of mer.




week this year, while it also was an increase of 119,483 cars
over the corresponding week last year, and an increase of
192,443 cars over the corresponding week in 1921.
Except for grain and grain products,, increases in the
loading of all commodities over the corresponding weeks
in the two previous years are shown. Compared with the
corresponding week in 1920, all commodities record increases
for the week of Sept. 29 this year except coal, coke and ore,
which are somewhat under the figures for three years ago.
At the same time the railroads loaded a record number of
freight cars, they had on Sept. 30 over 41,000 surplus freight
cars in good repair and immediately available for use if
necessary, while the actual reported car shortage on that
date was only 15,000 cars. This unequalled performance
n the part of the railroads of the country was made possible,
it is stated, by a speeding up in the movement of both empty

OCT. 13 1923.]

1605

THE CHRONICLE

and loaded cars, 52 Class 1 railroads representing about 96%
of the total mileage for that class of roads, having moved
on Sept. 26 1,013,724 cars, the biggest number for any one
day in history. This exceeded by 41,000 cars the previous
record which was established on Sept. 19 this year. Virtually complete reports show that the same railroads on
Oct. 3 also moved more than a million cars. The following
additional information is furnished by the Car Service
Division of the American Railway Association:
The number of cars loaded in the Eastern district during the week of
Sept. 29 was an increase of 11.2% over the same week last year, while in
the Southern district an increase of 14.8% was reported and in the Western
district an increase of 12.6%.
Loading of grain and grain products for the week of Sept. 29 totaled
50,896 cars, 1,990 cars above the week before, but 1,029 cars under the
corresponding week last year and 6,326 cars below the corresponding week
In 1921.
Live stock loading totaled 41,624 cars, 127 less than the week before,
but 1,825 cars over the same week last year and 8,645 cars above the same
week two years ago.
Coal loading amounted to 200,970 cars. This was not only an increase
of 18,446 cars over the previous week, but was an increase of 13,158 cars
over the same week last year and an increase of 20,616 cars over the same
week in 1921.
Coke loading amounted to 12,936 cars,403 cars less than the week before.
Compared with the corresponding week last year, this was an increase of
3,483 cars, while with the same week two years ago it was an increase of
7,348 cars.
Forest products loading totaled 75,491 cars, 1,862 cars above the week
before and 17,489 cars above the same week last year. Compared with
the same week in 1921 it was an increase of 25,638 cars.
Ore loading amounted to 69,172 cars, 6,355 less than the preceding week,
but 19,177 cars over the same week last year and 42,700 cars above the same
week two years ago.
Loading of merchandise and miscellaneous freight, which includes manufactured products, totaled 646,185 cars. Compared with the week before
this was an increase of 21,425 cars, while it also was an increase of 65,380
cars over last year, and an increase of 93,822 cars over two years ago.
Compared by districts, increases over the week before in the total loading of all commodities were reported in all districts, which also showed increases over the corresponding weeks in the two previous years.
Loading of revenue freight this year compared with the two previous
years follows:
1921.
1923.
1922.
4 weeks of January
3,380,296 2,785.119 2,823,759
4 " " February
2,739,234
3.366,965 3,027,886
5 " " March
4.583.162 4,088,132 3,452,941
4
April
3.763.963 2,863,416 2,822.713
4 " " May
3.941,386 3,102,124 3.039.234
5 " " June
4.977,053 4,153,590 3,808,040
4 " " July
3,944,386 3,252.107 2,998.885
5 ,, 44
August
5,204,532 4,335,327 4,069,765
Week ended Sept. 8
749,552
823.247
928,858
937,221
852,552
1,060,580
15
961.138
873,641
"
22
1,060,436
.4
4.
904,831
1,097,274
977,791
29

STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES FOR
THE MONTH OF SEPTEMBER 1923.
Office.

September
1923.

September
1922.

Increase,

% 1923 % 1922
over
over
1922. 1921.

3147,298 54 $150,200 92 -32,902 38 -1.93 16.76
Springfield, Ohio
3.26
92,947 63 -5,83897 -6.28
87,110 66
Oklahoma, Okla
211 23
.21 12.71
98,153 82
98,365 05
Albany, N. Y
3.05
8,55764 11.92
71,785 94
80,343 58
Scranton, Pa
7,64340 12.09 10.38
63,20208
70,845 48
Harrisburg, Pa
6.56
9.89
69,748 55 6,900 14
76,648 69
San Antonio, Texas
7,96397 10.76 -.72
73,98000
81,943 97
Spokane, Wash
3.92 19.79
3,093 39
78,987 23
Oakland,Calif
82,080 62
4.85
76,282 83 12,240 34 16.05
Birmingham, Ala
88,523 17
73,11738 -74078 -1.01 13.11
72,37660
Topeka, Kan
3.56
8.50
5,13801
05
60,426
Peoria,III
65,564 06
58,725 74 -13298 -.22 6.09
Norfolk, Va
58,592 76
55,476 08 -4,45601 -8.73 -7.21
51,020 07
Tampa, Fla
55,006 00 18,556 42 33.73 -7.19
Fort Wayne,Ind
73,562 42
2.00 -1.84
1,10676
55,449 98
Lincoln, Nebr
56,556 74
8.31
.57
337 82
58,636 91
Duluth, Minn
58,974 73
2.56
6,292 63 10.09
Little Rock, Ark
62,345 22
68,637 85
9.87 -2.62
5,25577
53,267 87
58,523 64
Sioux City,Iowa
12.29
23.31
46
12,785
54,840 00
Bridgeport, Conn
67,625 46
7.22 14.08
3,628 80
Portland, Maine
53,896 03
50,267 23
1.31
2.94
1,43929
St. Joseph, Mo
48,950 77
50,390 06
2.30
6,676 28 17.87
Springfield, Ill
37,367 07
44,043 35
0.56829 15.52 15.87
Trenton, N. J
41,92100
48,42929
40,845 93
Wilmington,Del
42,889 33 -2,043 40 -5.00 11.51
9.09
2.26
808 24
Madison, Wis
35,830 76
36,639 00
8.38 19.18
3,752 24
South Bend,Ind
44,749 67
48,501 91
6,06541 14.09 14.25
Charlotte, No,Car
43,031 15
49,096 56
Savannah, Ga
50,70693
36,722 33 13,984 60 38.10 -.82
6.60 -2.87
2,427 78
36,789 94
Cedar Rapids,Iowa
39,217 72
5,472 44 15.82 -2.61
40,063 25
Charleston, W. Vs
34,590 81
_9,778 53 20.59
47,489 11
57,267 64
Chattanooga, Tenn
3.38
3,009019.40
Schenectady, N.Y
32,012 04
35,021 05
8.21
6.35
2,062 16
Lynn, Mass
32,447 18
34,509 34
.38
11.7282646.35
25,302 17
37,030 43
Shreveport, La
4.62
3,5158213.77
25,53542
29,051 24
Columbia, S. C
6.52 -2.74
1,835 15
Fargo, No. Dak
28,155 73
29,990 88
5,0278021.12 10.59
Sioux Falls, So. Dak__ _ _
23.807 85
28,835 65
4,2246717.57 15.91
28,271 48
24,046 81
Waterbury, Conn
7.32
6.26
1,67815
26,826 02
28,504 17
Pueblo, Colo
8.26 -8.65
1,580 52
19,132 27
20,712 79
Manchester, N. H
14.33
-1.19
-27858
23,347
23,068
84
42
Ky
Lexington,
2,45513 13.81 10.50
17,767 48
20,222 61
Phoenix, Ariz
18,644 76 -25164 -1.35 15.20
18,393 12
Butte, Mont
7.09
5.02
956 27
19,059 61
20,015 88
Jackson, Miss
19,217 76 -3,59276 -18.69 17.21
15,625 00
Boise, Idaho
5.60
4,30442 27.70
15,538 25
19,842 67
Burlington, Vt
6.30 11.99
78767
12,175 27
12,942 94
Cumberland, Md
4.90 15.70
537 37
10,954 58
11,491 95
Reno, Nev
2,411 42 23.5 -11.81
10,234 54
12,645 96
Albuquerque, N. Mex.-8.98
9,33350 -81970 -8.78
8,51380
Cheyenne, WYO
6.34
8.05
52.438.381 56 82.256.718 06 3181.663 50
Total
-Decrease.

June 1923 over June 1922
July 1923 over July 1922
Aug. 1923 over Aug. 1922

7.96%
8.73%
8.24%

Increased Postal Receipts Bring About Advances to
Presidential Grade of Postmasters of Fourth
Class.
As a result of increased postal receipts for the year ending
June 30 1923, 382 postmasters of the fourth class in the
United States and its insular possessions have been advanced
Total for year to date
37,308,891 31,307,098 29,135,147
to the Presidential grade and will receive substantial increases
in salaries effective Oct. 1, it was announced by PostmasterIncrease in Retail Food Prices.
General New on Oct. 6. The Department's announcement
•
The U. S. Department of Labor, through the Bureau says:
One of the offices, Longview. Wash., jumped from fourth class to second
of Labor Statistics, announced on Oct. 8 the completion of
others going to third class.
the compilations showing changes in the retail costs of food class,
This is the largest number of offices to be advanced to the Presidential
in 20 of the 51 cities included in the Bureau's report. We grade in any year except 1921, when, as a result of the operation of new
legislation decreasing the amount of annual receipts required for Presiquote the Department's statement as follows:
dential offices, more than 800 were advanced to that grade.
During the month from Aug. 15 1923 to Sept. 15 1923, 18 of the 20
cities showed increases as follows: Los Angeles and St. Louis, 4%; Baltimore, Fall River, New Haven and New Orleans, 3%; Chicago, Kansas
City, Norfolk, Providence, Richmond, Rochester and St. Paul, 2%;
Houston, Indianapolis, Jacksonville, Savannah and Washington, D. C.,
1%;and Portland, Me., showed a decrease of less than five-tenths of 1%;
Butte showed no change during the month.
For the year period, Sept. 15 1922 to Sept. 15 1923, all 20 of the cities
showed increases as follows: Indianapolis, 10%; Chicago and, Baltimore,
9%; Fall River and New Haven,8%; Norfolk, Providence, Rochester and
Washington, D. C., 7%; Richmond, St. Louis, St. Paul and Savannah,
6%; Jacksonville, Kansas City, Los Angeles, and Portland, Me., 5%;
Butte, Houston, and New Orleans, 4%.
As compared with the average cost in the year 1913, the retail cost of
food on Sept. 15 1923 was 59% higher in Richmond; 58% in Washington,
D. C.; 57% in Chicago, Baltimore, and Providence; 53% in Fall River
and New Haven; 48% in St. Louis; 47% in Indianapolis; 45% in New
Orleans; 43% in Los Angeles, and 40% in Jacksonville and Kansas City.
Prices were not obtained from Butte, Houston, Norfolk, Portland, Me.,
Rochester, St. Paul, and Savannah in 1913, hence no comparison for the
ten-year period can be given for these cities.

Increases of rates in very,small offices in sufficient amount to warrant
an advance to a higher grade is considered, probably more than any other
factor, an evidence of general prosperity because it is the small town rather
than the large city which prosperity reaches last, according to the view
of postal officials.
The largest number of offices increased was in Pennsylvania, where
24 postmasters will get salary raises. Texas was second with 23; Illinois
third with 20, and Alabama fourth with 17, showing a fairly general distribution over the various sections of the country.

Postal Receipts of Fifty Selected Cities in September
Show 2% Increase Over Last Year.
With a handicap of five Sundays and the loss of business
in two large cities amounting to more than $200,000, postal
receipts for the month of September at the fifty selected
offices showed a gain of 2.23% over September 1922, according to figures received on Oct. 5 by Postmaster-General
New. Continuing, the statement issued by the Post Office
September Postal Receipts of Fifty Industrial Cities Department says:
A decrease of more than $150,000 was caused at the Philadelphia. Pa.,
Gain 8% Over Last Year.
office by the action of a large and well-known publishing house in making
A gain of 8.05% in postal receipts was made by the fifty a primary distribution of its peridicals by freight, shipping them to various
throughout the country for further distribution by mail. While
Industrial Cities in September as compared with September centres
this will result in a general increase in business at the distribution points,
1922, according to figures received Oct. 6 by Postmaster- It brought about a decrease at Philadelphia, amounting to 10.58% as
compared with September 1922.
General New. He also says:

Another decrease amounting to 35.67% in the local office revenues was
Although ten of the fifty offices reported decreases, the gains made by
others more than offset this loss. Three cities reported gains of more than brought about at Fort Worth, Tex., as a result of the action of the Post
Department in quelling the activities of oil stock promoters who.
Office
33%, while eight were in excess of 20%•
solicit
Shreveport, La., with 46.35%, had the largest increase, while Savannah, during the previous September, had flooded the mails with literature
Ga.,Iwas second with 38.10%, and Fort Wayne, Ind., third with 33.72%. ing the public to invest in their schemes.
the
and
Sundays
combination
The
brought about by a handicap of five
Other cities with large gains are:
decreases at Philadelphia and Fort Worth was overcome, however. and
27.70% Chattanooga, Tenn
Burlington, Vt
20.59% big
a slight gain was registered which, added to the 11.55% increase for the
23.55% Springfield, Ill
Albuquerque, N. M
17.87%
previous September, makes an increase of nearly 14% over 1921.
23.31% Waterbury, Conn
Bridgeport, Conn
17.57%
The largest gain made by any of the fifty cities in September was reSioux Falls, S. D
21.12%
111
ported by St. Paul, Minn., with 18.89% over the same month of the preTabulated figures for the fifty cities follow:
vious year. Other offices reporting more than 10% increase are as follows:




THE CHRONICLE

1606
Los Angeles, Cal_16.55 Jersey City, N..L12.27
Jacksonville, Fla_13.81 Cleveland, 0- __ _11.44
Memphis, Tenn- _12.81
Tabulated figures follow:

Milwaukee, Wis_10.73
10.18
Dallas, Tex
10.02
Dayton, 0

STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF SEPTEMBER 1923.
September
1923.

Offices.

New York,N.Y____
Chicago, Ill
Philadelphia,Pa..
Boston, Magi
St. Louis, Mo
Kansas City, Mo
Cleveland, Ohio_
San Francisco,Calif_
Brooklyn, N. Y
Detroit. Mich
Los Angeles, Calif_
Pittsburgh, Pa
Minneapolis, Minn_
Cincinnati,Ohio
Baltimore, Md
Washington, D. C
Buffalo, N.Y
Milwaukee, Wis
BC. Paul, Minn
Indianapolis, Ind
Atlanta,Ga
Denver, Colo
Omaha, Nebr
Newark, N. J
Dallas, Texas
Seattle, Wash
Des Moines, Iowa
Portland, Ore
New Orleans, La_....
Rochester, N.Y
Louisville,Ky
Columbus, Ohio__ _
Toledo, Ohio
Richmond, Va
Providence,R.I_
Memphis, Tenn
Hartford, Conn
Nashville, Tenn
Dayton, Ohio
Fort Worth,Texas
Syracuse, N.Y
Houston, Texas
New Haven, Conn
Grand Rapids, Mich.
Jersey City, N..L
Akron, Ohio
Balt Lake City, Utah
Springfield, Mass
Worcester, Mass.__
Jacksonville, Fla
Total
d Decrease.

8
4,725,016 67
3,930,426 85
1,283,526 93
1,050,253 15
878,757 59
682,727 55
604,543 98
551,078 05
529,861 75
557,654 08
518,812 03
502,859 90
460,921 85
455,541 03
398,660 25
313,847 89
343,952 12
333,157 97
325,820 44
292,815 64
252,248 64
233,827 90
216,284 51
242,405 47
242,888 49
208,983 27
215,429 86
220,659 28
187,286 38
177,442 38
185,671 32
184,739 83
153,098 82
146,152 85
131,997 81
146,264 92
115,757 97
129,333 00
120,821 16
97.35363
112,220 15
112,241 43
100,421 17
100,073 40
00.06743
87,192 32
93,184 39
86,271 46
79,826 45
61,731 87

September
1922.

Increase,

Per Ct. Per CS. Per CS.
1923 1922 1921
over over over
1922. 1921. 1920.

$
$
.50
4,701,294 78 23,721 89
3,818,340 42 112,086 43 2.93
1,435,435 18 4151,908 25 d10.58
1,086,919 06 436,665 91 63.37
845,575 37 33,182 22 3.92
623,816 32 58,911 23 9.44
542,492 47 62,051 51 11.44
539,136 08 11,941 97 2.21
537,318 87 d7,457 12 41.39
526,867 75 30,786 33 5.84
444,746 63 74.06540 16.65
461,277 77 41,582 13 9.01
468,459 12 47,537 27 61.64
432,014 38 23,526 65 5.44
3,973 42 1.01
394,686 83
9.13532 3.00
304,712 57
321,553 07 22,399 05 6.97
300,932 31 32,225 66 10.73
274,048 18 51,772 26 18.89
5.38437 1.87
287,431 27
2,89512 1.16
249,353 52
231,164 52
2.66338 1.15
225,873 47 69,588 96 44.24
225.924 06 16,481 41 7.29
220,433 70 22,45479 10.18
200,906 45
8.07682 4.02
205,370 27 10,059 59 4.90
202,988 80 17,670 48 8.70
192,305 20 45,018 82 42.61
185,702 04 48,259 66 44.45
198,083 41 d12,412 09 46.68
172,758 50 11,981 33 6.94
139,451 91 13,646 91 9.79
138,909 35
7.24330 5.21
128,403 16
3,59465 2.80
129,576 71 16,688 21 12.81
2.06637 1.82
113,691 60
7,34565 6.02
121,987 35
109,821 87 10.999 29 10.02
151,345 56 453,991 93 35.67
6.39030 6.04
105,820 85
5,28508 4.94
106,95035
8,53511 9.29
91,88606
95,905 78
4,167 62 4.34
9,841 93 12.27
80.22650
433841 4.39
87,530 73
93,228 19
44180 4.04
81,19323
5,07823 6.25
3,516 77 4.61
78,309 68
54,240 76
7.491 11 13.81

23.272.113 08 22.764.414 01 507.699 07
June 1923 over June 1922
July 1923 over July 1922
Aug. 1923 over Aug. 1922

7.76 61.76
11.43 5.63
19.75 49.80
11.49 7.02
15.02 4.94
11.03 3.55
9.73 44.42
15.17 8.08
18.43 47,30
14.48 42.93
19.21 16.75
3.86 1.71
14.41 7.58
10.29 2.76
9.43 5.07
8.51 62.88
4.21 9.66
10.28 10.85
12.17 17.45
18.80 3.12
15.83 43.53
2.95 8.94
8.83 13.27
16.27 7.88
.42
9.09
9.79 4.32
18.93 3.01
20.70 3.05
9.65 4.25
4.98 23.58
21.36 2.95
19.24 41.60
13.75 66.37
12.43 7.08
6.59 7.34
16.68 420.41
.22
6.28
5.85 6.13
17.59 9.32
31.94
.27
9.23
1.27 41.11
12.93 44.38
3.87 19.88
3.24 4.52
33.05 426.28
14.22 4.85
8.45 2.83
5.66 8.24
68.97 66.49

2.23 11.55

1.82

7.07%
7.69%
5.86%

Further Slight Decreace in Gross Crude Oil
Production.
The American Petroleum Institute on Oct. 11 estimated
that the daily average gross crude oil production in the
United States for the week ended Oct. 6 was 2,157,400 barrels, as compared with 2,220,250 barrels for the preceding
week, a decrease of 62,850 barrels. There is an increase,
however, of 613,400 barrels over the total for the corresponding week of 1922. The daily average production east
of the Rocky Mountains was 1,323,400 barrels, as compared
with 1,365,350 barrels the previous week. The following are
estimates of daily average gross production for the weeks
ended as indicated:
DAILY AVERAGE PRODUCTION.
Oct. 6 '23. Sept. 29 '23. Sept. 22 '23. Oct. 7 '22.
(In Barrels.)
407,100
396,950
405,400
422,200
Oklahoma
87,000
71,450
71,900
72,150
Kansas
57,100
67,950
67,800
66,800
North Texas
140,350
268,450
265,400
276,100
Texas
Central
93,400
57,100
56.500
56,100
North Louisiana
38,350
121,000
122,350
131,000
Arkansas
111,100
97.950
101,100
97,850
Gulf Coast
116,000
109,000
108,000
107,500
Eastern
83,600
165,000
167,500
133,850
Wyoming and Montana_
410,000
854.000
834,000
848,000
California
Total

2,157,400

2,220,250

2,242,700

1,544,000

[vol.. 117.

Conversely, the changes announced by the Dort Motor
Co. were in the nature of advances, as the following list
shows: Coupes, $1,610, formerly $1,410; sedan, $1,673,
formerly $1,543; sport touring, $1,309, formerly $1,180,
and touring, $1,150, formerly $1,080. All these become effective about Oct. 25. The company also announced that,
effective Nov. 1, two new models, a coupe and a brougham,
are listed at $1,535 at the factory. The entire 4-cylinder
line, it is stated, is now out of production, being superseded
by the models listed above.
The Ford Co. of Canada has announced that after Jan. 1
next the 4-door sedan will be $985 and the coupe $755, while
the present models will be discontinued.
Lowest in Year-Increased Demand or
Copper.
Attention to the increased demand for copper has been
drawn by William A. Willis, Manager of the Copper &
Brass Association, almost coincident with the establishment
of the lowest copper quotation the present year. Quoting
Mr. Williams as stating that the increased consumption
of copper was greatest in August and has this year been only
10% below the peak period of the war, due, in a large
measure, to the educational campaign conducted throughout the country in the use of copper and brass), the New
York "Times" of Oct. 4 said:
Copper

What has been accomplished by the trade organization of the Copper
& Brass Association, Mr. Willis pointed out, can be done in every line
of industry. "I say without hesitation," Mr. Willis added, "that, no
matter what the commodity, it can be successfully promoted through
collective effort if it has merit and its destinies are properly directed."
But he warned that a trade organization which failed to promote competition among its members was doomed for failure from the day it was
organized. It must also avoid all price problems.
In discussing the growth of the trade organization in the copper and
brass field, and showing what has been accomplished through a united
effort, he said:
"Up to the time of the armistice the copper and brass industries had
no common business relations. The former represented production purely:
the latter consumption alone. But when these two groups found themselves embedded in the same post-war morass through no fault of either,
they very sensibly decided to combine forces to find a way out. And
thus was brought about a coalition which has continued up to the present
time, continued and carried on with not the slightest infringement of
the Federal statutes, without in any way menacing the interest of either
group, without the slightest disturbace of competitive conditions."
Mr. Willis said that the copper and brass trade organization succeeded
where so many other trade organizations had failed, because it took its
time in organizing, and gathering its educational material. "I am convinced," he said, "that no co-operative effort can be fully successful unless
it is preceded by just such a thorough survey as was made in the interest
of the copper and brass industries. Such a survey should be made by
some one outside the industry involved, some one with no ax to grind,
some one with the courage to confront the industry with facts, even if
they are unpleasant.
"When we sat down in the latter part of 1919 and studied the fruits of our
survey, here briefly is what we found: Almost all of the markets formerly
occupied by copper, brass and bronze, controlled by substitutes w Inch have
been intensively advertised and promoted, and did not mean to yield their
places without a struggle; an amazing public ignorance of the merits of
copper and copper alloys; an entire lack of organization so far as getting
copper into the hands of the ultimate consumer was concerned; no community of interest whatever between those who mined the metal and those who
fabricated, manufactured and marketed it; an absence of interest in copper
and copper alloys on the part of architects, builders and contractors; a
prejudice against it largely based on high costs and hostile propaganda; no
adequate distribution of copper or brass either in the form of finished
materials such as sheets, rods, tubes and wire, or in the thousands of articles
in which copper, brass and bronze now go into daily consumption. Add to
this the fact that poverty-stricken Europe, which always had taken a largo
percentage of American copper, was practically out of the market, and you
will get some idea of what the industry faced."
After the survey, he said, the Copper and Brass Research Association was
formed. Serious attention was given this development by such loaders in
the industry as Walter Douglas, John D. Ryan, R. L. Agassiz, Stephen
Birch, Charles Hayden, F. S. Chase, E. 0. Goss Edward H. Binns, and
H. J. Rowland. Through the combined efforts of the industry the copper
and brass men launched a campaign of public education through advertising,
educational literature and speeches. A service bureau also was organized to
answer any and all questions concerning the uses of the metals, whether
inquiries were of a tecnhical nature or a commercial character.
Recently a survey showed that the two years' campaign had increased the
domestic consumption of copper 7%. During the first eight months of
this ywr. according to the figures of the Association, the world's copper
consumption was approximately 230,000.000 pounds, which was at the
rate of 2.750.000,000 pounds a year. Of this monthly consumption
192,500,000 pounds was supplied by American mines and refineries.

California production ww, 834,000 barrels, as compared
with 854,000 barrels the previous week a decrease of 20,000
barrels. Santa Fe Sprin is reported at 285,000 barrels,
against 314,000 barrels; Long Beach,248,000 barrels, against
As to the low record for copper we quote the following
240,000 barrels; and Huntington Beach, 84,000 barrels,
the New York "Times" of the 9th inst.:
from
against 88,000 barrels.

Although quoted at 133i to 13h' cents, spot copper has been selling at
13 cents a pound on the New York market the last three days, with transactions aggregating close to 15,000,000 pounds. This is the lowest price
for copper in more than a year.
Corresponding reductions in export copper were said to have resulted
in large sales to France and England. The price aside ship is 13 to 133i
cents for domestic shipment, and for European shipments American producers are asking 13.66 cents a pound, C. I. f., Havre or London.

Further Price Changes in the Motor Field.
Two additional manufacturers of automobiles, changed
their price lists during the week just past. The Durant
Motor Co. on Oct. 10 announced the following reductions on
A further lowering of the price of copper has since been
its Locomobile models: 4-passenger sport, reduced to $1,600; witnessed, the "Daily Financial America" of Oct. 10
stating:
$1,000;
5-passenger
$1,700;
to
to
sedan,
touring,
7-passenger
Keen competition among small copper dealers has brought the price
7-passenger sedan, to $1,200; cab, to $1,000; limousine, to down to 12% to 12%c. per pound. This compares with 13c., the level
heretofore asked by some of these sellers. It is learned authoritatively
$2,600, and coupe, to $1,150.




OCT.13 1923.]

THE CHRONICLE

that sales involving 400,000 lbs. were made on Tuesday at112%c. per
pound, delivered.
Leading selling agencies continue to quote 13e. per pound, delivered,
but this price is merely nominal, as no business can be obtained at the
higher price. There is sufficient copper being offered at concessions to
supply the present demand.
Published reports that the metal had sold at 11.87c. per pound, cash,
are denied in all trade circles. It is said that even resale metal could not
be secured at that figure.
The market appears to be bordering on demoralization at the moment,
according to some trade interests. Consumers are not putting out inquiries
and about the only business being placed is for prompt delivery. This
demand is being supplied without difficulty, as there is more than enough
of the red metal on hand to meet the immediate trade requirements.
Export busines. is negligible again. The continued decline in the London
market is causing a withdrawal of inquiries for shipment abroad. Quotations are down 15 to 20 points and are now 12.80 to 12.85c. per pound,
f. a. s., New York harbor, and 13 to 13.05c. per pound, c. I. f., London
or Hamburg.

Large Rail Inquiries the Chief-Feature of the Steel
Market-Pig Iron Price Declines Still Further.
The prospects of large purchases of rails is promising,
with current steel bookings in that respect on the increase
says "The Iron Age" on Oct. 11 in its weekly review o
condition in the market. "The appearance of the largest
railroad car inquiries that have come out since the early
months of the year has produced a more cheerful view of
steel market prospects. Leading steel producers at the
same time report bookings of finished material for the
first week of October at a rate slightly better than the
September average," continues the "Age," giving further
details which we quote below:
Operations by the Steel Corporation are at 93% of capacity in the
Chicago district and at 88% for the Carnegie Steel Co., with an average
close to 90%. Independent companies in the Pittsburgh. Youngstown
and Wheeling districts are still running at 70 to 75%•
The better outlook for railroad buying is dwelt on, because present
steel prices have been considered too high to encourage contracting on a
large scale. It remains to be seen what concessions will be made to the
car makers and what economies the latter can enforce to keep their prices
within bounds.
The Southern Pacific has led off with an inquiry for 8,730 freight cars,
152 passenger cars, 58 locomotives and 5,000 refrigerator cars. For the
Union Pacific, also, large purchases are planned. The St. Louis & San
Francisco is in the market for 2,500 cars and the B. & 0. for 1,400, and
the Chesapeake & Ohio inquiry may reach 4.000. All told, the steel
trade expects soon to have before it plate and other requirements for a
total of 40,000 cars.
Rails already booked and those in sight will make a large draft on rail
mill capacity for the first half of 1924. Estimates of the Pennsylvania
RR.'s coming orders run as high as 200,000 tons, or one-third more than
the 1923 total.
It is still difficult to take the measure of Japanese buying. The 60,000
tons of galvanized sheets and 7,000 tons of wire nails for which inquiry
has been taken up through W..shington are considered emergency needs.
Structural steel demand on any scale is some distance in the future. The
sheets wanted are of thin gages and not commercially attractive to the
mills.
Broadly speaking, the immediate demand for plates, shapes and bars
is about what it has been-shipments being well in excess of new business.
Steel pipe and tin-plate are still the lines of largest activity,Prith wire products
a fair second, while sheets are weaker. Concessions beyond the 3.75
cents that has been available for some time are now reported.
Steel production held up better in September than was indicated by
the 6.5% falling off in the pig iron output of the steel companies. At
3,313,000 tons for 25 workings days, the September steel rate was 132,534
tons a day, or only 2.7% less than the daily rate of 136,214 tons in August.
Pig iron and steel alike have now fallen off 16% from the peak production
rate of last spring.
Low prices have led to considerable • pig iron business in the Buffalo
district, where $23 has been shaded„ but at Chicago, where prices are
down $1 further and in other centres where added weakness has appeared,
buying has been limited to rather small tonnages. Southern iron is selling
at Chicago on a basis of $20. Birmingham, but $21 is still regarded as the
ruling quotation in other centres. In eastern Pennsylvania no further
reductions have developed, but the market is unsettled. Competition
has grown stronger in New England between New York and eastern
Pennsylvania furnaces.
Lake shipyard prospects are more promising. Inquiries have been
received for two or three freighters, following those for two boats for the
Canadian National Rys. and orders for two boats for the Ford company.
Bookings of fabricated steel work, amounting to 13,000 tons, are under
the weekly averages of August and September, but fresh inquiries at
23,500 tons are the largest in two months.
On plates for the Big Four RR. a Cleveland mill quoted 2.385 cents,
Pittsburgh.
The Cockerill and Ougree Marihaye works of Belgium have divided
a 45.000-ton rail order from Argentina, and the latter company has booked
15,000 tons for Spain.
For 25 weeks or nealy half a year, the "Iron Age" finished steel composite price has shown but one change, and that of 28 cents a ton. For
12 successive weeks it has remained at 2.775 cents per pound, following
13 weeks at 2.789 cents.
The further decline in foundry iron brings the "Iron Ago" pig iron
composite price to $23 79, from $23 96 last week. This is the lowest
figure since mid-July of 1922. The table given herewith shows comparisons
for periods indicated:
Composite Price Oct. 9 1923, Finished Steel. 2.775c. per Pound.
Based on prices of steel bars, beams, tank Oct. 2 1923
2.775c.
plates, plain wire, open-hearth rails. Sept. 11 1923
2.775c.
black pipe and black sheets,constituting Oct. 10 1922
2.460c.
88% of the United States output
10-year pre-war average-1.689c.
Composite Price Oct. 9 1923, Pig Iron $23 79 per Gross Ton.
Based on average of basic and foundry Oct. 2 1923
$23 96
irons, the basic being Valley quotation, Sept. 11 1923
25 29
the foundry an average of Chicago, Oct. 10 1922
30 94
Philadelphia and Birmingham
10-year pre-war average- 15 72




1607

Unfilled Orders of Steel Corporation Show Further
Decline.
•
The United States Steel Corporation on Wednesday,
Oct. 10 1923, issued its regular monthly statement showing
unfilled orders on the books of the subsidiary corporations
as of Sept. 30 1923, to the amount of 5,035,750 tons. This
is a decrease of 378,913 tons from the unfilled tonnage Aug.
31, a decrease of 875,013 tons from July 31, and of 1,350,511
tons from June 30. Last year on the corresponding date
(Sept. 30 1922) they stood at 6,691,607 tons, while on Sept.
30 1921 they stood at only 4,560,670 tons. In the following we give comparisons with previous months back to the
beginning of 1917. Figures for earlier dates may be found
in the issue of the "Chronicle" for April 14 1923, page 1617.
Tons.
Tons.
Tons.
Sept.30 1923... 5,035,750 June 30 1921_ 5.117.868 Mar.31 1919... 5,430.572
Aug. 31 1923_ 5,414,663 May 31 1921_ 5,482,487 Feb. 28 1919.-- 6.010.787
July 31 1923_ 5,910,783 Apr. 30 1921... 5,845,224 Jan. 31 1919.-- 6.684,268
June 30 1923... 6,386.261 Mar.31 1921--- 6.284,765 Dec. 31 1918-- 7.379,152
May 31 1923.... 6,981.351 Feb. 28 1921_ 6,933,867 Nov.30 1918_-_ 8,124.863
Apr. 30 1923... 7,288.509 Jan. 31 1921... 7,573,164 Oct. 31 1918... 8,353,298
Mar.31 1923... 7,403,332 Dec. 31 1920... 8,148,122 Sept.30 1918.-- 8,297.905
Feb. 28 1923_ 7,283,989 Nov.30 1920.... 9,021.481 Aug.31 1918.- 8,759.042
Jan. 31 1923.-- 6,910,776 Oct. 31 1920_ 9,836.852 July 31 1918.-- 8,883.801
Dec. 31 1922_ 6,745,703 Sept.30 1920.__10,374.804 June 30 1918.... 8 918 866
Nov.30 1922_ 6,840,242 Aug.31 1920_10,805,038 May 31 1918... 8,337,623
Oct. 31 1922_ 6,902,287 July 31 1920_..11.l18,468 Apr. 30 1918- 8,741,882
Sept.30 1922.-- 6,691,607 June 30 1920.-10,978,817 Mar.31 1918- 9,056,404
Aug.31 1922._ 5,950,105 May 31 1920_10,940,466 Feb. 28 1918.-- 9.288,453
July 31 1922_ 5,776,161 Apr. 30 1920_10,359,747 Jan. 31 1918_ 9,477,853
June 30 1922... 5,635,531 Mar.30 1920.-- 9,892,075 Dec. 31 1917_-_ 9.381,718
May 31 1922... 5,254,228 Feb. 28 1920_ 9,502.081 Nov.30 1917... 8,897,106
Apr. 30 1922.... 5,096,917 Jan. 31 .920_ 9,285,441 Oct. 31 1917... 9,009,675
Mar.31 1922... 4,494,148 Dec. 31 1919.- 8,265.366 Sept.30 1917.- 9,833,477
Feb. 28 1922___ 4,141,069 Nov.30 1919.__ 7.128,330 Aug. 31 1917.--10.407.049
Jan. 31 1922- 4,241,678 Oct. 31 1919_ 6.472.668 July 31 1917-10,844.164
Dec. 31 1921_ 4,268,414 Sept.30 1919... 6,284,638 June 30 1917__ _11,383,287
Nov.30 1921_ 4,280.542 Aug. 31 1919_ 6,109,103 May 31 1917...11.888.591
Oct. 31 1921.-- 4.286,829 July 31 1919- 5,578,661 Apr. 30-1917-12,183.083
Sept.30 1921.... 4,560,670 June 30 1919... 4,892,855 Mar.31 1917-11,711,644
Aug.31 1921___ 4,531,926 May 31 1919... 4,282.310 Feb. 28 1917...11,576.697
July 31 1921._ 4,830,324 Apr. 30 1919--- 4,800,685 Jan. 31 1917-11.474,054

Steel Production in September-Revised Report on
New Basis for 1923.
The American Iron & Steel Institute has issued a statement from which it appears that the production of steel in
September 1923 by companies, which in 1922 made 95.35%
of the steel ingot production in that year, amounted to
3,159,283 tons, consisting of 2,536,972 tons open hearth,
613,709 tons Bessemer and 8,602 tons all other grades. This
indicates a total production for the month of 3,313,354 tons,
on which basis comparison is with an indicated production of
2,818,261 tons in September last year. With reference to
the change inaugurated in June 1923 in the method of compiling these figures, we refer the reader to the "Chronicle"
of Aug. 11 1923, pages 607 and 608.
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1922 TO
DECEMBER, 1922.
[Reported by companies which made 84.15% of the Steel Ingct production In 1922.1

Months
1922.

Openhearth.

Jan '
Feb
March
AtrIl
May
June._
July....
Aug
Sept....._
Oct
Nov ____
Dec

1,260,809
1,395.835
1,918,570
1,997,465
2,214,774
2,143,708
2,020,572
1,507,310
1,911,147
2,352,207
2,360,903
2,241,104

Bessemer.

331,851
348,571
451,386
445,939
494,893
487,851
464,047
404,379
460,127
518,010
525,945
536,214

Calculated
ApproxiMonthly No. of mate daily
Monthly
All
production production working production
Other, companies
all
all
days.
reporting. companies
companies,
gross tons.
822
616
795
1,109
1,474
2,918
2,485
2,893
2,505
2,198
2,449
2,572

1,593,482
1,745,022
2,370,751
2,444,513
2,711,141
2,634,477
2,487,104
2,214,582
2,373,779
2,872,415
2,889,297
2,779,890

1,891,857
2,071,772
2,814,667
2,902,240
3,218,794
3,127,775
2,952,806
2,629,256
2,818,281
3,410,265
3,430,309
3,300,416

26
24
27
25
27
26
25
27
26
26
26
25

72,764
86.324
104,247
116,090
119,215
120,299
118,112
97,380
108,395
131,164
131,935
132,017

Total.... 23.624.404 5.469.213 22 5911 99 110 CU .24 055 1115

310

111.511

MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY, 1923,
TO SEPTEMBER, 1923.
Reported for.1923 by companies which made 95.35% of the Steel Ingot production
In 1922.1

Months
1923.

Openhearth.

Jan
Feb
March .._
April
May.
June.._
July
Aug _
Sept_....

Bessemer.

Calculated
APProriMonthly
Monthly No. of mate daily
production production working Production
AU
Other, companies
all
days.
all
reporting, companies
companies,
gross tons.

2,906,892 728,270 9,487 3,644,629 3,822,369
2,613,564 669,903 10,797 3,294,264 3,454,918
3,046,309 799,525 12.841 3,858,875 4,046,854
2,974,579 772,485 13,933 3,760,997 3.944,412
3.136,558 847,418 16,719 4,000,695 4,195,800
2,821,239 737,845 15,483 3,574,567 3,748,890
2,658,449 680,884 11,496 3,350,829 3,514,241
*2,796,370 701,059 9,326 .3,506,755 *3,677,771
2,536,972 613,709 8,602 3,159,283 3,313,354
9 months 25.490,932 6,551.098 105 054 gs 180 504 23 715 son

27
24
27
25
27
26
25
27
25
223

141,669
143,955
149,883
157,776
155,400
144,188
140,570
*136.214
132,534
144.7151

•Revised.

Lake Superior Iron Ore Shipments in September.
The shipments of iron ore from Lake Superior ports during
the month of September 1923 totaled 9,095,981 tons, as
against only 6,801,299 tons in September 1922, an increase
of 2,294,682 tons, or 33.74%. The movement for the
season to Oct. 1 aggregated 45,988,845 tons, contrasting with

THE CHRONICLE

[voL. 117.

Production of Bituminous Coal Falls as Anthracite
11,238 tons for the corresponding period last year and
Gains.
only 18,661,194 tons in 1921.
elow we compare the shipments from different ports for
the week ended Sept. 29 the production of bituDuring
tember 1923, 1922 and 1921 and for the respective seasons minous coal fell off approximatcly 146,000 net tons to
Oct. 1:
11,308,000 net tons, while with the return of more of the
Season to Oct. 1
September
1921.
1922.
1923.
miners in the anthracite fields the production of that
1921.
1922.
1923.
3,325,625 1,314,331
Escanaba tons. 569,060 820,520 556,158 4,564,527
for the same period totaled 2,025,000 net tons,
459,802
commodity
1,625.903
342,643 311,758 196,697 2,120,986 4,642,345 1,847,928
Marquette
5,199,694
of 1,148,000 net tons over the preceding
increase
1 050,443 928.712 418,620 13,751,785
an
Ashland
or
4,177,498
8,484,713
2 744,199 1;781,670 668,570
Superior
10,183,478 7,975,877 week, according to figures compiled by the United States
15,310,275
1,503,237
2,159,754
486,943
3
Duluth
4,849,174 2,885,758
Two Harbors_ _ _ 902,693 798,885 569,840 5,041,578
Geological Survey and issued under date of Oct. 6. Further
18,661,194
33,111,238
45,988,845
3,913,122
6,801,299
9095,981
Total
details from the report of the Survey are appended hereto:
Cast Iron Pipe Production in August.
The Department of Commerce on Oct. 2gave out statistics
iron
on the production, orders, sales and shipments of cast
the
pipe for the month of August 1923. This is the third of
monthly reports to be issued by the Department for cast iron
pipe and includes returns from twelve establishments. It is
confined to bell and spigot pressure pipe exclusively. The
statistics are presented below in tabular form and, as the
work progresses, it is hoped to present comparative figures
I
for identical establishments from month to month. Table
principal
the
of
each
for
gives a summary by total tonnage
items of the industry and Table II shows in detail these
items by class and size.
TABLE I.
Cast-iron pipe produced during the month
month
the
during
shipped
pipe
Cast-iron
Orders for cast-iron pipe specified to be shipped from stock
Orders for cast-iron pipe specified to be made on orders
Orders for cast-iron pipe not specified as to sizes
TABLE II.

(tons) 84.588

(tons) 84,843
(tons) 14,727
(tons)165,518
(tons) 6,860

Sizes.

Resumption of mining in the anthracite region has caused a slight reaction
n the production of bituminous coal. Increased demand in anticipation
of a stoppage of anthracite had carried production of soft coal to 11,737,000
tons in the last week of August. In the week of Sept. 29 it declined to
11,308,000 tons, a decrease of 429,000 tons.
The downward tendency has continued into the present week (Oct.
1-6). Preliminary telegraphic reports for Monday. Tuesday, and Wednesday indicate that the output for the week will hardly reach 11,000,000
tons and may fall as low as 10,700.000 tons.
In spite of the reaction, the present rate of daily output compares
favorably with preceding years. Though below the record years 1918
and 1920, it is well above 1919. 1921 and 1922.
So heavy has been the production during the past summer that the
output for the year to date is now ahead of any preceding year excepting
only 1918.
Coa
Estimated United States Production of Bituminous Coal. Including
Coked (in Net Tons).
1922
1923
Cal. Yr.
Cal. Yr.
to Date.
Week.
to Date.
Week.
251.446,000
9,737,000
390,674,000
11.378.000
Sept. 15
1,149,000
1,623,000
1,790.000
Daily average--- 1,896.000
261.193,000
9.747,000
402,127,000
11,454,000
Sept,22 a
1,162,000
1,625,000
1,793,000
Daily average__ _ 1.909,000
271,015,000
9,822,000
413.435,000
11,308,000
Sept. 29 b
1,174.000
1.637,000
1,795.000
1,885,000
Daily average

a Revised since last report. b Subject to revision.
Production during the first 230 working days of 1923 was 413,435,000
614 net tons. During the corresponding period of the six years preceding
393
885 1,068 1.307 1,102
A pieces
it was as follows (in net tons):
804 27,423 31,247 11,628 2,736 4,405
B pieces
596 2,524
Years of Depression.
410 4,015 7,717 3,602
Years of Activity.
C pieces
144
437
351,713,000
313
31 1,314
1 •
411.936.000 1919
D pieces
641 1917
464
302,047,000
1,189
7,631
1921
15,806
18
442,117.000
1918
Gas pieces
271,015,000
407.514.000 1922
1920
8,328
4,626
17,834
49,216
48,343
2,118
Total
ANTHRACITE.
the
early days
during
work
Anthracite miners continued to return to
934 11,981 17,464 6,286 2,019 3,000
Specified from stock. Pieces
4,767 198,855 274,477 71,816 17,122 26,383. of the week ended Sept. 29, and apparently a full force had reported by
Specified to make, Pieces
5,402 cars were
29,383 the middle of the week. Records of loadings show that
Totalsold but notshipped• pieces 5,701 210,836 291,941 78,102 19,141
with a
loaded on Monday and that there was an increase on each day
maximum of 6.484 cars on Saturday. On the basis of the total loadings
Sizes.
mine
tons,
including
fuel.
net
Class.
the total output is estimated at 2,025,000
30
24
30
18
16
14
local sales, and the output from dredges and washeries.
Returns for the first three days of the present week show that loadings
202
325
153
129
467
138
A pieces
545 were heavier than on the corresponding days of the week preceding. They
605
676
167
897
608
B pieces
341
214
124
49
224
170
less, however, than in the weeks just prior to the strike
C pieces
38 were considerably
59
17
15
62
26
D pieces
during the remainder of the week, it seems likely
increase
loadings
Should
145
167
670
5
248
Gas pieces
that the total output will be again in the neighborhood of 2,000,000 tons.
365 1.640 1,370 1,271
942 1,898
Total
Estimated United States Production of Anthracite (Net Tons).
1922
1923
611
655
667
111
1,049
122
pieces
stock,
Specified from
Cal. Yr.
Cal. Yr.
746 3,246 3,997 3,875
2,123 4,559
Specified to make, pieces
to Date.
Week.
to Date.
Week.
Week4,486
4,652
3,913
5.608
857
24,794,000
1,127,000
Totalsold but notshipped,pieces 2,245
68,362,000
2,000
Sept. i
26,691,000
1.897,000
69,239.000
877.000
Sept. 22
Sizes.
28,673,000
1,982.000
71.264.000
2,025.000
Sept. 29
Class.
,..
ov
54
45
45
BEEHIVE COKE.
.50,
The week ended Sept. 29 was marked by a decrease in the production
141
21
430
HO
A pieces
37)
- - of beehive coke. Present estimates place the total output at 321,000
__
2
147
283
B Dims
__ net tons, against 335,000 tons in the week preceding. The decline was
__
__
8
12
28
C pieces
__
occurred
_1
-_
I) pieces
'
_ _ general in all the coke-producing districts, but the largest decrease
__
__
__
__
li
Gas pieces
in Pennsylvania and Ohio. The decrease of 9,000 tons in that district
1 was doubtless due in part to the withdrawal of the demand for domestic
20
14
177
444
497
Total
of work at the
coke as a substitute for anthracite with the resumption
14-161
10
252
Production in the Connellsville region
Specified from stock, pieces
ii
-- anthracite mines on Sept. 19. "Courier"
19
617
261
2,828
tons against
Specified to make, pieces
232.960
totaled
according to the Connellsville
14
-- 239,580 tons in the week ended Sept. 15.
33
778
271
Totalsold but notshipped,pieces 3,080
Estimated Production of Beehive Coke (in Net Tons).
1923
1922
Week ended
to
to
Sept. 29 Sept. 22 Sept. 30
Prod uction of Malleable Castings in August and
Date.
Date.
1923.a 1923.1, 1922.
Preceding Months.
11.714,000
119,000
273,000
3.641.000
__264.000
Pennsylvania and Ohio846,000 294,000
15.000 16,000 11,000
Virginia
The Department of Commerce has made public the fol- West Ky.,
845,000 325,000
19,000 20,000 13.000
Tenn. and Oa
Ala.,
castings
malleable
of
production
the
589.000 226,000
8,000
owing statistics on
13,000 14.000
Virginia
only
include
295,000 153.000
6,000
7,000
Colorado and New Mexico- 6,000
manufactured for sale by months. The returns
5,000
213,000 146,000
5,000
4,000
Utah
and
not
Washiniston
manufactured for sale as such and do
those
Class.

3

4

6

8

10

12

--

--

castings
include those used in the plant or finished and sold as other
products. Figures are also shown comparatively for June,
July and August covering the operations of 103 identical
establishments for which reports were received each month.
REPORT ON MALLEABLE CASTINGS BY MONTHS.
Month.
May
June
July
August

Total
Total
Plants
report'g production shipments
(tons).
(tons).
(No.)
95
105
108
112

64,726
65,168
57,881
68.069

62,806
64.608
60,102
65.405

Orders
booked
(tons).
52,896
42,067
41,723
39,830

Month.
June
ilb.,

103
103
102




63,298
54,433
63.038

62,888
55,922
60.207

Orders
booked
(tons).
39,814
39,131
36.753

321,000 335,000 162.000 14,502,000 4,785,000
62,000
20,000
54,000 56,000 27.000

a Subject to revision. b Revised from last report.
The cumulative production during 1923 to Sept. 29 stood at 14,502.000
tons. Production during the corresponding periods of the four years
preceding was as follows (In net tons):
16,070,320
4,785.39111920
Monthly ca- P. C. of 1922
14,797,243
4,112.71911919
;mein, of total cap. 1921
coke
operated.
beehive
of
production
1923
plants(tons)
It is thus seen that from the viewpoint
the
dull
for
average
the
years,
of
ahead
y
is at present approximatel 223%
71.0
91,174
the
active
for
years,
average
1919
and
the
behind
6%
and
1922,
1921 and
67.7
96,240
58.9
98,241
1920.
103,1)68

66.0

ESTABLISHMENTS
COMPARATIVE SUMMARY FOR 103 IDENTICAL
Total
Total
Plants
report'g prbduction shipments
(tons).
(tons).
(No.)

United States total
Daily avergae

Monthly ca- P. C. ol
pacity of total cap.
plants(tons). operated.
94,840
94,826
94.858

66.7
57.4
66.5

Trade Journals' Review Picture the Coal Market as
Rather Gloomy.
is still the dominant note in bituminous
gloom
Unrelieved
coal trade circles, says the "Coal Trade Journal" in its
regular weekly detailed review of conditions affecting
the industry. That weekly production is maintained at a

OCT.13 1923.]

THE CHRONICLE

rate in excess of 11,000,000 tons deepens, it declares, rather
than lightens the pessimistic outlook. In the East coal
shippers have not yet recovered from the shock of disappointment that followed the failure of the market to react strongly
to the anthracite strike threat. In the -West weather has
been against a strong domestic demand, while railroad
restrictions upon holding unbilled loads at the mines have
placed producers at the mercy of canny steam buyers.
Lack of a heavy export demand adversely affects the producers in the Southeast, continues the "Journal" in its issue
of Oct. 10, adding further details as follows:
Prices during the first week in October slipped back a little further.
Compared with the preceding week, changes were shown in 31.3% of
bituminous quotations, but 80% of these changes represented reductions.
These latter ranged from 5 to 35 cents and averaged 19.3 cents per ton,
the same as the average advance. With reductions outnumbering advances
so heavily, however, the straight average minimum slipped back to 31 86
and the maximum to $2 29. A year ago the averages were $3 96 and $4 67.
respectively•
Lake trade still acts as a safety valve for hard pressed producers, but
the days when it may so serve are numbered. During the week ended at
7 a. m. Oct. 1 cargo dumpings of bituminous coal at the lower Lake ports
totaled 786,782 tons, as compared with 822.981 tons the week preceding.
The total for the season, however, was 22,061,001 tons, as compared with
9,693,751 tens in 1922, 18,234,488 tons in 1921 and 15,469,590 tons in 1920.
During the week ended last Saturday 34 cargoes unloaded approximately
325,000 tong at the Head of the Lakes.
Some improvement in anthracite production was noticed last week.
The Government estimates the output in the neighborhood of 2,000,000
tons. Although demand for domestic sizes continues to be unusually keen.
it has receded from the stage where coal at any price was acceptable. Coal
above $13 50 mines is distinctly in disfavor and quotations in excess of $12
are not received with enthusiasm. If the present temper of the market
remains unchanged, an early return to normal differentials may be expected. Steam sizes, however, are extremely weak and some No. 1 buckwheat has been sold at half circular price.
Lake dumpings of anthracite coal at Buffalo and Erie up to the end of
last month approximated 2,408,000 tons, as compared with 3,428,000 net
tons in 1921. Last week dumpings at Buffalo were 79,300 tons. The
Head of the Lakes also received the first cargoes since the strike, unloading
approximately 25.000 tons.

In concurrence with the views expressed by the extracts
from the "Journal," as given above, the "Coal Age" of New
York makes the following observations concerning the market in its weekly summary published Oct. 11:

1609

Stocks and Production of Leather.
The total stocks of sole leather (cattle) reported by tanners, dealers and
manufacturers using the leather as a material, amounted to 9,901,820
backs, bends and sides on Aug. 31 1923, the corresponding figures for
July 31 1923 being 9,650,938, and for Aug. 31 1922 10,320,301. The
production of sole leather during Aug.31 1923 amounted to 1,718,317 pieces
(backs, bends and sides), and the stocks in process at the end of the month
to 6,243,311 pieces.
The harness leather in stock on Aug. 31 1923 amounted to 421,718 sides,
as compared with 374,060 sides on the corresponding date in 1922, the
total stocks of upholstery leather on Aug. 31 1923 comprised 321,172 hides,
as against 294,196 hides one year earlier: upper leather (cattle) in stock
on Aug. 31 1923 amounted to 6,751,364 sides, as compared with 7,734.969
sides on Aug. 31 1922.
The stocks of horse leather on Aug. 31 1923 amounted to 357,438 fronts
and 394,801 butts, as against 382,449 fronts and 463,239 butts in stock
one year earlier. Calf and kip skins (finished) in stock on Aug. 31 1923
numbered 8,011.993: goat and kid skins, 21,650,848, and sheep and lamb
skins, 11,713,258: while on Aug. 31 1922 there were in stock 7,902,756
finished calf and kip skins, 22,809,277 goat and kid skins and 11,084,271
sheep and lamb skins.
•
Detailed Statement.
Detailed figures relative to stocks of hides and skins, and stocks and
production of leather are given in the accompanying tables, as follows:
Table 1.-Comparative summary-Stocks of principal kinds of raw hides
and skins at the end of August and July 1923 and August 1922, and stocks
disposed of during August 1923.
Table 4.-Comparative summary-Stocks of principal kinds of leather
at the end of August and July 1923 and August 1922.
TABLE 1.-COMPARATIVE SUMMARY-STOCKS OF PRINCIPAL KINDS
OF RAW HIDES AND SKINS AT THE END OF AUGUST AND
JULY 1923 AND AUGUST 1922. AND STOCKS DISPOSED
OF DURING AUGUST 1923.
(Detailed figures for stocks on Aug. 31 1923 in Table 3.)
Kind.

Stocks on Hand and in Transit. Stocks Disposed of
August
July
August
During
1923.
1923.
1922. Aug.1923.

Cattle, total
hides 5,634,864 5.931,288 5,342.607
Domestic, packer
hides 3,058,523 2,968,131 2,827,315
Domestic, other than packer_ _hides 1,195,289 1,298,399 1,423,987
Foreign (not including foreignhides 1,381,052 1,664,758 1,088,305
tanned)
hides
Buffalo
127,695
144,819
164,625
Cattle and kip, foreign tanned
hides & skins
30,505
62,990
70,971
skins 3,972.086 4,260,403 4,531,448
Calf and kip
Horse, colt, 939, and muleHides
hides
100,727
105,006
113,185
Fronts
whole fronts
109,118
153,545
75,516
Butts
whole butts
274.386
334,457
374,011
Shanks
shanks
43,331
68,422
24,850
Coat and kid
skins 11,796.882 11,571,842 9,196,731
Cabretta
skins
980,526 1,092,626
662,534
Sheep and lamb
skins 9,076,515 *9,613,371 11,294.364
Skivers and fieshers
dozens
136,464
126,341
183,866
Kangaroo and wallaby
skins
318,469
406,917
363,854
Deer and elk
skins
277,440
288,934
177,659
Pig and hog
skins
90,603
53,648
105,543
Pig and hog strips
pounds 676,630
490,805
344,816
* Revised after publication of July report.

1,522,634
946,169
406,728
169,737
34,253
3,277
1,213,183
26,163
7,985
35.406
26.000
1,265.267
15,358
2,962,581
46,895

Prices for soft coal continue to slip downward, while production shows a
slight drop, duo to the resumption of anthracite mining. There were about
56,000,000 tons of soft coal in storage as of Sept. 1. according to the Government stock report, an increase of about 4,000,000 tons over the revised
figures for Aug. 1.
94,747
Soft coal prices declined six points last week,"Coal Age" index register-.
45,478
ing 190 on Oct. 8. while the average price was $2 30 as compared with $2 37
114,543
the previous week. Declines occurred in Springfield, eastern and western
Kentucky, Hocking, Clearfield. Cambria and Somerset and Pocahontas
coals, while Mt. Olive advanced.
TABLE 4-COMPARATIVE SUMMARY-STOCKS OF PRINCIPAL KINDS
Lack of demand has caused a reduction in the running of most soft coal
OF LEATHER AT THE END OF AUGUST AND JULY 1923 AND mines. Coal for screenings has relaxed, causing an accumulation in some
AUGUST 1922.
districts together with a lowering of prices. Buyers continue on a hand-tomouth basis, due to heavy reserve stocks and the prospect of lower prices.
Stocks on Hand and in Transit.
Car supply has improved in some sections, while lost time because of "no
Kind of Leather.
market" has increased, caused in part by the reaction against better demand
Aug. 1923. July 1923. Aug. 1922.
In anticipation of the anthracite strike.
The sag in the Chicago market continues. A smaller volume of screen- Sole and belting leatherCattle-sole
backs, bends and sides 9,901,820 9,650,938 10,320,301
ings is coming forward because of the cut in mining, giving operators hope
Horse-sole
whole butts
38,791
32,137
41,645
of a stiffening of prices. Domestic demand in most regions is firmer. In
Belting butts
butts and butt ends
746,167
924,523
877,720
Offal-sole and belting
Pounds 65,489,706 66,847,756 74,770,731
New England the market seems duller. There are no increases in inquiries
stockand no indications of improvement. Spot buying has practically stopped Cut
Blocks
dozens
*932,140 1,205,310
943,014
and contractors are curtailing shipments. The Ohio market is dull and in
Cut soles
dozen pairs 6,821,994 *7,039,888 7,573.528
Taps
some sections as bad as at any time during the summer. The I ittsburgh
dozen Pairs
612,633 691,892
572,488
sides 421,718
412,306
374,060
market has declined from last week and consumers are showing no interest. Harness leather
Bag, case and strap leather
358,990
sides
389,931
334,191
declined
have
during
the
shipments
past
month, dumpings during Skirting and collar leather
Lake
142,749
sides
159,177
187,762
the week ended Sept. 30 amounting to 836,790 net tons of cargo and bunker Lace and latigo leather
32,28645,135
sides
44,477
Welting leathercoals.
Cattle
28,610
17,467
sides
26,900
Export demand is quiet and there are no indications of improvement.
Pigskin strips
Pounds 1,140,882 1,038,138 1,275,299
Shipments from Baltimore during the first nine months of 1923 amounted Upholstery leather, total
338,412 294,196
hides
321,172
Whole-hide grains
to 1,426,767 tons of cargo and bunker coal and 175,723 tons of coke. Dump68,097
82,776
65,918
hides
BUffings (russet)
a
a
16,761
hides
ings for all accounts at Hampton Roads during the week ended Oct. 4
Machine buffed
108,540
83,445
106,436
hides
totaled 324,093 not tons as compared with 256,730 tons in the previous
Whole-hide splits
142,654
147,096
132,057
hides
week.
•
Upper leather-Cattle,total
sides 6,751,364 6,849,716 7,734,969
Other than patent
Demand for bituminous screened coals and for coke as substitutes for
sides 6,076,782 6,154,878 7,159,552
Patent
stopped,
although
theme
is
575,417'
694,838
sides
a
674,582
practically
greater
anthracite has
movement Glove leather-cattle
33,507
29,454
sides
39.204
of coke than of the former. Inquiry for Welsh anthracite Is slow and few Cowhide(fancy and grains
80,244
78,481
sides
106.466
bookbinders')
Buffings (fancy and bookbinders')
ew orders are reported as being booked.
135,060
153,209106,015
hides
HorseFronts and half fronts a_ __equivalent fronts
357.438
*372,754
382,449.
Butts c
394,801
*369,753
whole butts
463,239
Splits, otner than upholstery
pieces 4,332,538 4,510,823 5,869,914
Calf and kip d
skins 8,011,993 8,470,442 7,902,756
Production and Stocks of Leather in August-Stocks Goat and kid d
skins 21,650,848 21,844,270 22,809,27T
Cabretta
e
skins 2,384,365 2,452,496 3,015,301
and
Skins.
of Hides
Sheep and lamb
skins 11,713,258 11 595571 11,084,271
Skivers, total
83,571
88,213
85.569
dozens
Commerce
at
Washington
on
The Department of
Oct. 9
Hat sweats
12,647
11,299
dozens
10.903
Other
made public the following information with regard to stocks Fleshers,skivers
72,66875,566
74,170
dozens
total
67,453
52,944
53,245
dozens
Chamois
of hides and skins, and stocks and production of leather for
44,781
41,818
dozens
42,476
Other fieshers
22,672
dozens
11.428
10,468
the month of August; based on reports received from 4,713 Kangaroo
and wallaby (upper leather)_ _ skins
776,608*543246
557,530
Deer
and
elk
c
*474,335 444,264
455,758
skins
manufacturers and dealers:
Pig and hog g
.55,277
36,66
skins
35,737
Seal (fancy and
46,900
62.742
63,482
Rough leather bookbinders') equivalent skins
Stocks of Hides and Skins.
17 421
18,570
16,939
sides
Rough splits (including grains) equivalent sides 248,951
266.123 413,597
The total number of cattle hides held in stock on Aug. 31 1923 by packers
and butchers, tanners, dealers and importers (or in transit to them)amounta Includes In "bufrings (fancy and
bookbinders')."
ed to 5,634,864, as compared with 5,931,288 on July 31 1923, and with
b Includes upper, patent and glove leather.
stocks
of
calf and kip skins amounted
5,342,607 on Aug. 31 1922. The
c Includes upper and glove leather.
to 3,972.086 on Aug. 31 1923, as compared with 4,260,403 on July 311923,
d Includes upper, Patent, glove and fancy or bookbinders' leather.
and 4,531,448 on Aug. 31 of last year. Goad and kid skins numbered
e Includes upper, glove and fancy or bookbinders' leather.
11,796,882 on Aug. 31 1923, 11,571,842 on July 31 1923 and 9,196,731
fIncludes upper, patent, glove and fancy or bookbinders' leather, shearllngs,
on Aug. 31 1922. The stocks of sheep and lamb skins on Aug. 31 1923 roller leather and
miscellaneous sheepskins.
amounted to 9,076,515, on July 31 1923 to 9,613,371 and on Aug. 31 of
g Includes glove and fancy or bookbinders' leather.
last year to 11,294,364.
•Revised after publication of July report.




THE CHRONICLI1

1610

[VoL. 117.

The following is a comparative summary of hosiery proLeather Gloves and Mittens Cut During'August 1923.
orders and stocks for July and August, 1923, for
duction,
the
out
gave
6
Oct.
on
The Department of Commerce
following statistics on leather gloves and mittens cut during 295 identical establishments representing 377 mills reporting
the month of Aug. 1923, according to reports received from for both months:
CO
.00
N
N.• .
229 factories.- The factories included in this statement
Nri 8 3 2
..
.. .. to
0.
. •
,
„
represent 94.4% of the total value of leather gloves and
4
.
ceicimi46
”1:,...q .4
..
OSA'
.
N
NM.
N
-..,...-a.
mittens at the Census of manufactures, 1921.
8
2
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0
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I
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CUT
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COMPARATIVE SUMMARY OF LEATHER GLOVES AND MITTENS
4* .3
0:
aaaaaa
" ' .-; 1,... !...a a
IDENTICAL FACTORIES
'3.0.

Part Leather
•
AU Leather.' & Fabric.

Part Leather
Be Fabric.
AB Leather.,

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:all other' to avoid disc osure of Individual operations.
•Includes In'
Note.-In addition to the gloves and mittens here reported, these manufacturers
dozen
elso cut 2,677 dozen pairs of men's and boys' fabric gloves in July and 3,933
July
pairs In August; 1,090 dozen pairs of women's and children's fabric gloves in
end 620 dozen pairs in August.

Production, Orders and Stocks of Hosiery for
August, 1923.
.
The Department of Commerce on Oct. 9 made public the
Following statistics on hosiery production, orders and stocks,
3received from 299 establishments representing 381 mills,
For the month of August 1923, with a comparative summary
for 295 identical establishments, representing 377 mills, for
ktly and August. The 299 establishments included in this
statement represent 67.4% of the total value of hosiery
reperted at the census of manufactures, 1921.
.
..
28.5 2
'
2
0
'001 *
2 g,.
.
.0
1... "
.4,1
t 0.= .....
N
ON
a . .a...

.
o

g. 2
'

C>
4

.4

0:

7'
.

N
W0

Aug.

Dress gloves, street gloves,
mittens dc gauntlets:
666
494
___ ____
776
Imported-Lamb dr kid
183
6,964 10,007 •
•
•
52612,950 14,864
Cape
572 1,091 ---- -;-6,773 6,826 ____ ____
Suede
•
22
55
*
3.869
_-3,421
Deerskin
•
2,698 4,054 __*
6,618 8,504 -*
Mocha
31
s5
181
155
37
72
927 1.865
All other
166 ---- ---263
--- ____
7.152
Do:nestle-Suede
---66 3,099 1,798 •
9,372-*
16,955 23,179
Cape
•
171 --- ---,
1,737 1,567 ____ ____
Flesher
46
70
171 ____
295
733
421 1,300
All other
and
mittens
gloves,
Work
.
gauntlets:
17,216 18.322 •---Horsehide
____
____
____
____
____
6,479
4,557
split
horse&
Combina'n
13,255 13,549 •
•
•
Shank
__-- _•
•
Co m bina'n shank & split 4,550 6,682 _ _ __a
3,673 5.703_Cowhide
a
•
19,801 23.768 •
Sheepskin
6.920 7.942
Buckskin
58L __.- ---1i 13-,ai ;
7
15,754 16,850 15-.2
Spilt leather
---- ---1,920 1,308
-iii-Hogskin
- ii 20.a
937 12i
a ---- ----1
1.148
All other

Boys' and
Misses'
(All Styles).

•

Women's.

July. Aug. July. Aug. July. Aug. July. Aug.

..
.z...

el. CO
00 c.O.
.60

Vt.

..CO
01 CO

1,692,965 420,265
2,170,058 749,919
1,397,033 293,208
27,110
74,904
3,149,332 1,026,976

Men's and Boys'.

CO°

1

Kind.

Women's and Children's.

0
4

..4

A
00
W
0A
".
S V.1,
.
.
CO

N . CO
V
CO
N
.
.°
S :
S
A
.
. .
..
N •
CO

ACV
CON

1
"

3

eM ill

iht 0 ,g

.41it 3
v.8g81-zs2ig mm 45 g
== .
ds't 0= 0,
0
..4.

t 8.i ?.d0:1 CO

.4

33

.-

:74
'

Orders and Stocks:
Shipments during month
Finished product on hand,end of month_
Orders booked during month
Cancellations received during month__ _
Unfilled orders on hand, end of month_ -

Quantify Cut (Dozen Pairs).

Children's
and Infants'
(All Styles).

DURING JULY AND AUGUST 1925 FOR 229
FOR BOTH MONTHS.

a

0
4.
mM000Cd
AAWN0

a

re sS 0% 0'. 0
-g
ggg44

Flour Production Increasing but Mills Employed to
Less Than 56% of Capacity.
of Commerce has compiled statistics on
Department
E_ g
The
T.- :-s' "'q °
222-'2X wheat ground and wheat-milling products by months, the
2
,Ct
Ce't.
0
2 1 latest being for August. The figures for July are revised to
. g E. -v RE2g
22 : A E
22
....--.0. ii include reports received since the preliminary bulletin for
....
....
..64588
8: 2 42
2 0
0
a.
0
2.-.-:.'" . ...
;B- that month was issued. These returns include only mills
...:!
CS
which are now manufacturing at the rate of 5,000 or more
t N
O
i
c 1
.'
E
t
a
., barrels of flour annually. The figures for August include
3
o .000
L!
1
6
5 ..
reports from 1,031 mills that produced 84.5% of the total
.5 ..
Ts.#L,Vi
v
2 wheat flour reported at the biennial census of manufactures
u8
..
r- 02
gSEgl .
1,31
AUV
8
produced 84.4% of the flour re........1
2
g.ia..:1 1921. In July, 1,054 mills
V,8
IBIrg24
ground averaged 274.9 pounds
The
1921.
wheat
in
ported
gi v -E
i
, i Z 41 715 ce Et
4i!ILli
per barrel of flour in August, 275.8 pounds in July, 274.1
1.1 .''
X
pounds in June, and 274.6 pounds in May. The offal re1
"*.lt•Itiri t-isg
amounted to 17.5 pounds per bushel of wheat in
ported
3 ..V.§2
gg:T ls
-6
bo'8..w .8 2
la 54 August, 17.7 pounds in July and June, and 17.5 pounds in
mm.m e
.80 g 0 E-8 .el, iii Fa'
UK
-,
k
May.
cogOoq
4-4 X Ea*
;'

sgi
q




C.
:

.
"
"
r :
,..00v.

.-... 0

OCT. 13 1923.]

THE CHRONICLE

WHEAT GROUND AND WHEAT-MILLING PRODUCTS,BY MONTHS.
,
Production.
Month,

May
June
July
August

Mills
reportin°
(No.)
1,081
1,080
1,054
_ 1.031

Wheat
ground
(bushels),
36,210,276
30,942,592
35,871,115
43.757.317

Wheat
flour
(barrels).
7,911,852
6,735,493
7,805,106
9.550.345

Wheat grain
offal
(pounds).

Daily
(24-hour) Per cent
capacity in of total
wheat flour capacitit
(barrels). operated.

635,329,571
549,483,608
633,324,409
765.585.414

683,649
661,396
650,248
646.112

44.5
40.7
46.2
54.7

COMPARATIVE STATEMENT FOR 924 IDENTICAL MILLS WHICH
REPORTED EACH MONTH.
Daily
Average Average (24-hour) Per cent
Wheat
Month.
pounds of pounds°, capacity of total
ground
Wheat Wheat grain wheat per offal per In wheat capacity
(bushels). flour
offal
barrel
bushel
flour
oper(barrels). (pounds). offlour. of wheat. (barrels). ated.
Produetion.

May __- 31,834,146 6,950,756 561,589,464
June_ - _ - 29,820,718 6,499,322,529,367,824
July _ - - - 34,410,092 7,492.576607,138.223

274.8
275.3
275.6

17.6
17.8
17.6

616,706
616,706
616,706

43.3
42.2
46.6

Boots and Shoes Again IncreasingThe Figures for August.
The Department of Commerce, from returns based on
reports received from 1,144 manufacturers, finds that the
total production of boots and shoes during the month of
August 1923, amounted to 29,853,373 pairs, as compared
with 25,256,106 pairs produced in July, 28,273,105 pairs in
June, 30,926,004 pairs in May, and 27,675,986 pairs in
August 1922. Comparative figures for January-August
show 243,056,929 pairs produced in 1923 and 207,293,245
pairs for the same period in 1922. The August production
included 8,796,292 pairs of men's shoes (high and low cut,
leather), 1,962,920 pairs of boys' shoes, 9,202,453 pairs of
women's shoes, 3,384,876 pairs of misses' and children's
shoes, 2,300,814 pairs of infants' shoes, 380,629 pairs of
athletic and sporting shoes (leather), 417,969 pairs of shoes
made of canvas, satin, and other fabric, and 3,407,420 pairs
of miscellaneous footwear.
Production

of

PRODUCTION OF BOOTS AND SHOES: AUGUST AND JULY 1923 AND
AUGUST 1922, AND COMPARATIVE FIGURES FOR JANUARYAUGUST 1923 AND 1922.
Number of Pairs.

Kind.
August
1923.

July a
1923.

August
Jan.-Aug. Jan.-Aug.
1922.
1923.
1922.
total_
shoes,
_
Boots and
29,853,373 25.256,106 27,675,986 243,056,929 207,293,245
High and low cut (leather), total
25,647,355 21.243,365 24,100,051 207.642,065 180,880,524
Men's
8,796,292 7,128,886 7,949,367 68,641,214 55,977,751
Boys'and youths'._ _ 1,962,920 1,736,642 1,959,296 15,422,384 13,665.808
Women's
9.202,453 7,808,816 9,061,844 76,302,300
Misses' and children's 3,384,876 2,649,659 3,176,429 28,274,393 69,778,531
26,255,541
Infants'
2.300,814 1,919,362 1,953,115 19,001,774 15,202,893
Athletic and sporting
(leather)
380,629
476,754
712,61
4,900,493 5,366,651
Canvas, satin, and other
fabric b
417.969
537,949
305,390 6,592,200 4,322,360
All other (slippers and
miscell. footwear)e
3,407,420 2.998.038 2,557.931 23,862,171 16,723,710
a Figures revised to include data received after publication of July report.
b Excludes rubber-soled footwear with canvas and other textile fabric uppers.
c Includes slippers for house wear, barefoot sandals and play shoes, moccasins
and all other not specified above.

Number of Men's and Boys' Garments Cut During
August 1923,
The Department of Commerce on Oct. 6 made public the
following statistics with regard to garments cut for men's
and boys' clothing during August, according to reports received from 455 establishments, with comparative summary
for 334 identical establishments reporting, February to
August, inclusive.
GARMENTS CUT DURING AUGUST (455 ESTABLISHMENTS).
KindNumber.
Men's suits, wholly or partly of wool
1,014,779
Men's suits, wholly or partly of mohair,cotton,silk, linen, die
69,266
Men's separate trousers, wholly or partly of wool
997,797
Men's separate trousers, wholly or partly of mohair,cotton,silk,linen, &c. 536,374
Men's overcoats--------------------------------------562,477
Boys' suits (all grades)
247,177
Boys' separate pants (all grades)
495,480
Boys' overcoats and reefers (all grades)
98,376
COMPARATIVE SUMMARY FOR 334 IDENTICAL ESTABLISHMENTS.
Number of Garments Gut,
Kind.
March. April. May. June. July.
Aug.
Men's suits, wholly or partly of
wool
- 961,072 705,835 700,613 720,897 630,825 665,391
Men's suits, wholly or partly o
mohair, cotton, silk, linen, &c_ 156,339 132,208 130,718 88,959 49,052 26,055
M en's separate trousers, wholly or
875,216 730,740 709,231 680,883 716,194
partly of wool
672,923
Men'sseparate trousers, wholly or
Partly of mohair, cotton, silk
linen,do
498,166 460,816 475,574 343,744 369,269 394,013
Men's overcoats
154,288 193,955 291,217 350.530 367,239 401,875
Boys' suits and separate pants
731,200 644,808 701,614 781,289 658,746 595,846
(all grades)
Boys' overcoats and reefers (all
grades)
21.294 33,527 • 56,897 89,788 66,492 81,001




1611

CLOTHING CUT DURING AUGUST,BY CLASSES OF ESTABLISHMENTS.
199 wholesale tailors and tailors to the trade: 337 ready-to-wear, and 19 cut,
trim and make.)
Number of Garments.
Kind.

Tailors to
the Trade.

Men's suits, wholly or partly of wool
Men's suits, wholly or partly of mohair,cotton,
silk, linen, dic
Men's separate trousers, wholly or partly of
wool
Men's separate trousers, wholly or partly of
mohair, cotton, silk, linen, &c
Men's overcoats
Boys' suits (nil grades)
Boys' separate pants (all grades)
Boys' overcoats and reefers (all grades)

222,877

762,305

8,324

60,305

637

136,852

822,103

38,842

56.426
88,689
30,357
84,207
16,036

447,024
458,974
198,564
397,272
69,509

32,924
14,81.4
18,256
14,001
12,831

Ready-to- Cut, Trim
Wear.
& Make.
29,597

Friedman & Co.(of This City) in Bankruptcy-Donald,
Friedman & Co. Enjoined by Supreme Court.
An involuntary petition in bankruptcy was filed in the
Federal District Court on Thursday, Oct. 4, against the
brokerage firm of Friedman & Co., at 51 Beaver Street, this
city, by four creditors, who alleged they lost $9,700 through
"false and fraudulent representations" by the company in.
connection with the purchase of securities, according to the
New York "Times" of Oct. 5. Mitchell M., Harry D. and
Isadore Friedman, it is said, were named in the bankruptcy
petition as members of the firm of Friedman & Co. The petitioners were 0. A. Waggoner, with a claim of $3,500; Robert J. Freitag, with a claim of $2,000; Alanson U. March,
$1,800, and Jerry March, $2,400. Shortly after the filing of
the bankruptcy petition against Friedman & Co., Justic Wagner in the Supreme Court issued an injunction against Donald, Friedman & Co., another brokerage firm occupying the
same offices as Friedman & Co., restraining them from
"fraudulently selling or purchasing stocks or other securities." The injunction, it is said, was granted at the request
of Deputy Attorney-General John J. Dwyer, head of the
Attorney-General's office in this city, on the petition of
Abraham Rosenthal, a Deputy Attorney-General, attached
to his staff. Mr. Dwyer, it is stated, was not aware that the
petition in bankruptcy had been filed against Friedman &
Co. when at 4 o'clock on the afternoon of Oct. 4 he ordered
Mr. Rosenthal to obtain the injunction against the firm of
Donald, Friedman & Co. on the complaint of Harry Good, of
45 Murray Street, this city. When Justice Wagner had
signed the order directing H. E. Freeman, the Secretary of
Donald, Friedman & Co., to appear in the Supreme Court on
Oct. 8 for examination in the injunction proceeding, Mr.
Dwyer declared that an investigation had revealed a new
form of swindling stock investors. In regard to this we
quote further from the "Times" as follows:
Mr. Dwyer said that while the Supreme Court proceeding was
being conducted against Donald, Friedman & Co. under the Martin Act, it
was the
first case which had confronted the Attorney-General's office
in which it
was not necessary to warn the firm of impending court
action by seizure of
its books. He added that Freeman's examination in the
Supreme Court
was expected to develop interesting facts regarding the
manner in which
the business of the firm was conducted.
He said that Good complained to District Attorney Banton several days
ago about Donald, Friedman & Co., and when Mr. Banton
found that
the matter could be investigated more properly under the Martin Act.
he referred the complainant to the Attorney-General's office. Good told
Mr. Dwyer that in June last he bought through Donald, Friedman &
Co.
81.000 worth of the stock of the Urban Motion Picture Industry Corporation. Several weeks ago Good was alleged to have told the Deputy
Attorney-General that a solicitor for the brokerage firm through whom
he
had invested the $1,000 called on him at his office.
The solicitor told him, Good alleged, that Donald, Friedman & Co. were
trying to create a market for the motion picture corporation stock and
induced Good to purchase a one-year option on the sale of 100 shares of
a
new issue at $6 a share, and explained that in the event the stock
rose in
value before the option expired, Good would be able to sell back
to the
brokerage firm the option at the market price and thus make
up some of
the $1,000 he had invested in the first shares.
Mr. Dwyer said that an employee in Good's office made an affidavit
that
he witnessed the transaction between Good and the solicitor,
who clearly'
explained that the $100 which Good advanced on the
option was not for
an actual purchase of stock, but to aid Donald, Friedman & Co.
in creating
a market for the stock.
Good was alleged to have received a letter from the firm
three days after
the visit of the solicitor, in which he was informed that 100 shares of the
new issue had been purchased for him for $600, and he owed the firm $510.
He told Mr. Dwyer that he called up a member of the firm and was informed
that the sending of the notice was an error on the part of a clerk and that
he was to ignore it.
Last Wednesday, Good further alleged, he received another bill from the
irm, demanding the $510 and giving additional warning that the 600 shares
of stock would be sold that day unless he made good. These letters he
turned over to Mr. Dwyer, and when Good received another letter yesterday, informing him that the stock had been sold and that he owed the firm
a difference of $287, the Deputy Attorney-General immediately drew up
the injunction papers which Mr. Rosenthal presented to Justice Wagner
for signature.
"We don't know to what extent Donald, Friedman & Co. carried on this
scheme," said Mr. Dwyer,"but we intend to go to the bottom of their business conduct when we get Freeman on the witness stand. This injunction
proceeding is dissimilar to others we have instituted against suspected brok-

1612

THE CHRONICLE

(VOL. 117.

erage firms, because through our avoidance of a seizure of the books, the
members of the firm cannot be granted immunity from possible investigation by District Attorney Banton."

was recently extended to Nov. 8. Our last reference to the
affairs of the failed firm was in the "Chronicle" of July .7,
page 25.

Composition Plan Approved by Creditors of
Jones & Baker.
According to the New York daily papers of Oct. 5, approximately 90% of the creditors of the defunct Curb Market firm
of Jones & Baker have approved the plan of settlement formulated by the creditors' committee and it is expected the
plan will be submitted to the court for hearing within two
weeks. All claims, it is said, are to be liquidated on the
basis of prices obtaining on May 31 1923, the day the firm
failed. The committee proposes, it is said, to make an initial cash payment of 50% upon entry of the order confirming the composition and further payments will be made from
the proceeds of sales of securities in the possession of the
receiver when the plan is made effective. Good progress, it
is said, has been made in the liquidating of the firm's assets.
The firm on Tuesday of this week (Oct. 9) filed accounting schedules in the Federal District Court which showed
assets as of May 31 of $3,796,701 and liabilities of $3,765,960. This bears out, it is said, the contention of both members of the firm at the time of the appointment of a receiver
that they were solvent and that they would be able to pay off
all accounts and creditors at 100 cents on the dollar. The
firm, it is said, was never adjudicated bankrupt and the
time for its entering an answer to the petition in bankruptcy

Affairs of J. M. Gidding, Retail Women's Apparel,
in Hands of Receiver.
Reorganization of the business of J. M.Gidding& Co.,Inc.,
importers and retailers of women's apparel, operating stores
on Fifth Avenue,New York,as well as in Philadelphia, Washington, Cincinnati and Duluth, is now under way, the affairs of the company having been placed in the hands of an
equity receiver on Oct. 3. The affairs of James Bennat &
Co., a retail store in this city controlled by the Gidding interests, also are in the hands of a receiver. The liabilities of
the Gidding firm were estimated at somewhat in excess of
$1,500,000, and of this it was said about $500,000 was due
to banks. Among the banks which have been active in
the reorganization of the company's affairs are the Harriman National, the National City, the Manufacturers' Trust
and the Guaranty Trust Co.
Creditors are expected to receive payment of their claims
in full when the company's affairs are adjusted, the embarrassment being attributed largely to lack of liquid assets.
More than $500,000, it is said, was owed the company by
charge account customers. Leo A. Price, President of
Rothenberg & Co., department store, is receiver for the Gidding company, while Samuel D. Leidesdorf is receiver for
the business of James Bennant & Co., Inc.

Current Events and Discussions
The Week With the Federal Reserve Banks.
Increases of $16,300,000 in Federal Reserve note circulation, of $5,900,000 in cash reserves, and of $9,500,000 in
acceptances purchased in open market, as against a decline
of $12,600,000 in holdings of discounted bills, are shown in
the Federal Reserve Board's weekly consolidated bank statement issued as at close of business October 10 1923, and
which deals with the results for the twelve Federal Reserve
Banks combined. Deposit liabilities declined by $30,500,000, while the reserve ratio rose from 75.8 to 76.1%. After
noting these facts, the Federal Reserve Board proceeds as
follows:

Board, comprise increases of $107,000,000 in loans,and discounts, of $153,000,000 in net demand deposits, and $25,000,000 in accommodation at the Federal Reserve banks.
Loans and discounts secured by Government obligations
show only a nominal increase, while those secured by corporate stocks and bonds increased $61,000,000 and "all
other"—largely commercial—loans increased by 846,000,000.
Investment holdings of all the reporting banks decreased
$23,000,000, United States bonds showing a decline of $11,000,000, certificates of indebtedness, and other bonds, stocks
and securities declines of $4,000,000 and $12,000,000, while
holdings of Treasury notes increased $4,000,000. It should
be noted that the figures for these member banks are always
a week behind those for the Reserve Banks themselves.
Loans and discounts of the New York City banks show an
increase of 872,000,000 for the week, of which $52,000,000
represents an increase in loans secured by stooks and bonds,
and $21,000,000 an increase in "all other" loans. Investment holdings of these banks declined by $12,000,000, decreases of $5,000,000 in Liberty bonds and of $9,000,000 in
corporate securities, being offset in part by an increase of
$2,000,000 in Treasury notes. Further comment regarding
the changes shown by these member banks is as follows:

Larger holdings of discounted bills, by $7,700,000, $4.300,000 and $3,000.000, respectively, are reported by the Federal Reserve banks of Cleveland, Atlanta and Philadelphia. The banks at San FrancLsco, St. Louis,
Boston, Chicago and Dallas show reductions of $9,300,000, $5,300,000,
$4,300,000. $4,200,000 and $4,000,000, respectively, in their holdings of
discounted bills, while the remaining four banks report smaller changes for
the week. Federal Reserve bank holdings of paper secured by U. S. Government obligations increased by $6,100,000, the total holdings on Oct. 10
being $406.300,000. Of this amount, $261,400.000 was secured by U. S.
bonds. $130,200,000 by Treasury notes, and $14,600,000 by certificates of
indebtedness.
Increases in Federal Reserve note circulation are reported by all Federal
Reserve banks except those at New York and Kansas City, which show
small declines. The largest increases in note circulation, by $6,000,000,
$3,700,000 and 82.800,000, are shown for the Federal Reserve banks of
Net demand deposits increased in all Federal Reserve districts except
Cleveland. Philadelphia and Boston, respectively.
principal Increases, amounting
Gold reserves increased by $6,600,000 during the week, while reserves those of Chicago and San Francisco. The
and $8,000.000, respectively, are
other than gold declined by $600,000, and non-reserve cash by $3,400,000. to $96,000,000, $17,000,000, $14.000,000
Cleveland and Boston Reserve disIncreases of $11,200,000, $7,900,000 and $3,800,000 in gold reserves are reported by the New York,Philadelphia,
show but nominal changes during
reported by the Federal Reserve banks at San Francisco, Richmond and tricts. Time and Government deposits
City banks report a decrease of $11,000,000 in
St. Louis, respectively, while decreases of $10,000,000, $2,700,000 and the week. The New York
time deposits.
$2,500,000 are shown for New York, Minneapolis and Chicago.
Reserve balances at the Federal Reserve banks increased $30,000,000.
The statement in full, in comparison with the preceding and cash in vault increased $3.000,000. For the Now York City members,
corresponding increases of $6,000,000 in reserve balances and of $1,000,000
week and with the corresponding date last year, will be found In
cash are noted.
on subsequent pages, namely, pages 1640 and 1641. A sumBorrowings of all reporting banks from the Federal Reserve banks inthe
of
assets
liabilities
principal
and
the
from 8573.000.000 to $598,000,000, or from 3.5 to 3.6% of their
in
creased
changes
of
mary
total loans and investments. For member banks in New York City, an
Reserve Banks, as compared with a week and a year ago, Increase
in borrowings from the local Reserve Bank from $133,000,000 to
follows:
$137,000,000, and from 2.6 to 2.7% in the ratio to total loans and invest(—)
Decrease
Increase (±) or
ments, is shown.
Since
Oct. 3 1923.
Oct. 11 1922.
On a subsequent page—that is, on page 1641—we give
—16,100,000
+5,900,000
Total reserves
+32.400,000 the figures in full contained in this latest weekly return of the
+6,600.000
Gold 'reserves
—102.400.000
,000
Total earning assets
4-344,200,000 member banks of the Reserve System. In the following is
—12,600,000
Discounted bills, total
+174,000,000
+6.100,000
Secured by U.S. Govt.obligations_ _
+170,200,000 furnished a summary of the changes in the principal items of
—18.700,000
Other bills discounted
—64,200,000 assets and liabilities as compared with a week and a year ago:
+9,500,000
Purchased bills
—382,700,000
—3,300.000
United States securities, total
Increase (-I-) or Decrease (—)
—149,300,000
—2,800,000
Bonds and notes
Since
—233,400,000
, —500,000
U. S. certificates of indebtedness_
Oct. 4 1922.
26 1923.
—16,500,000
Sept.
—30,500.000
Total deposits
+$932.000,000
—27,000,000 Loans and discounts. total
+8107,000,000
—20,200,000
Members reserve deposits
—6,000,000
+7,700,000
U.S.
Govt.obligations
—9,900,000
Secured by
Government deposits
+2,800.000
+61,000,000
+119.000,000
—400,000
Secured by stocks and bonds
Other deposits
—31,500,000
+819,000,000
+46,000.000
circulation
+16,300,000
other
in
All
notes
Federal Reserve
—23,000,000
+64.000,000
Investments,total
—11,000,000
+24,000,000
United States bonds
+4,000,000
+193,000,000
Treasury notes
—4,000,000
—55,000,000
U. S. certificates of indebtedness
The Week With the Member Banks of the Federal
—98,000,000
Other bonds, stocks and securities_ --- —12,000,000
+30,000,000
—1,000,000
Reserve System.
Reserve balances with F. R. Banks
+3.000,000
+5,000,000
in vault
Cash
—2,000,000
+111,000,900
deposits
Principal changes for the week ending October 3 in the Government
+153,000,000
—124,000,000
deposits
demand
Net
for
—4,000,000
+431,000,000
condition of about 770 member banks in leading cities,
Time deposits
+25,000,000
+417,000,000
received weekly by the Federal Reserve Total accommodation at F. R.Banks

which reports are




OCT.13 1923.]

TR" CHRONICLE

U. S. of Brazil Coffee Bon
ds Called.
Dillon, Read & Co. announced
last week that in conformit
y
with the contract for the
United States of Brazil 71
4% coffee security loan of 1922
bonds have been drawn by
lot in
the City of London on Sept
. 21 1923 for redemption.
The
bonds designated for redemp
tion are payable on or afte
r Oct.
1 1923 at par in sterling or
the equivalent in dollars
at the
current rate of exchange.

1613

the Polish Treasury shall
be deposited with the Ban
with J. P. Morgan & Co.
k of England and
or New York as security for
the new note issue,
the understanding bein
g, however, that no loans will
be floated in the
United States.
The capital of the new
bank probably will be 340,000,
partially by the Polish
000, subscribed
Government and the remainde
r by the public,
the expectation being
that many of the Poles in Amer
ica will desire to
take shares.
The Polish Diet will meet
Oct. 9 with the principal bills on
relating to reorganizati
the calendar
on of the Polish finances, incl
uding the balancing
of the budget and the
cess
atio
n
of
addi
tion
s
to the unsecured paper currency. It is with the
latter object that Finance Mini
ster Kucharski is
negotiating with Lond
on financiers for a loan
/10.000,000.
of
Earlier

Dutch East Indies Floati
ng Debt Greatly Reduced.
According to information
Associated Press advices
received by the Foreign Dep
from Warsaw (Sept. 28)
art- said:
ment of Moody's Investor
s Service, the floating deb
M.
t of the
Kucharsld, the Minister
Dutch Indies aggregates
of Finance, announced
at present 269,396,117
new State bank of issu
guild- favo
e would be opened by the Gove to-day that the
ers, equivalent to about $106
rnment at the first
rabl
e moment. It will
,411,500 at prevailing rates
be
cond
ucted by a company in which
of Government holds 25%
exchange. Of the total, 139,
the
of the stock, the remainin
896,117 guilders represent floa
exclu
g 75% being reserved
sively for Polish subs
ting debt in the mother
country; 40,700,000 guil
Morgan interests, who, cribers. The subscription will be opened by the
ders State four
the
notes; and 7,100,000 guil
years in return for 8% Minister said, had offered a guarantee for
ders debt owing to the Ban
interest.
k of
M. Kucharski added
Java. The present floating
that the negotiations
indebtedness compares wit
in England to obtain a loan
h 416.- of $50,000.000 to cover the Polish budg
369,466 guilders at the
et deficit were following a favorabl
course.
end of 1922 and with 586,
e
055,228
guilders at the end of 1921
.
Progress in Restor
ation of Damaged Coa
l Mines in
J. Henry Schroder &
France.
Co. of London
to Establish
Offi
cial
figu
res
showing, for the first tim
Branch in United States
e since the war,
.
the progress made in the
Frank C. Tiarks, partner
restoration of France's dam
in the London banking
aged
house of coal mines are contained in a new
J. Henry Schroder &
review of reconstruction
Co., and a Governor of
the Bank of progress issued by the French
England, arrived in New
Ministry of the Liberated
York on the 10th inst.
on the S. S. Regions. The detailed figures,
Majestic. Mr. Tiarks will
as received by the Banker
spend two weeks in New
Tru
s
st
Co.
of
New York from its Fre
York
arranging for the openin
nch Information Service
g of banking offices her
e for the and made public Oct. 3 show the
Schroder firm. The New
following progress in the
York office will at the
outset en- work of restoring the ravaged mines:
gage in a general mercha
nt banking business.
Announcement will be made later
Number of Pits.
as to the date of openin
g of the new In 1914
banking firm and the
Destroyed during the war
location of offices.
290
Reg
arding the Now in operation
proposed branch to be
290
established here, the
New York
"Times" of the 4th inst.
205
Galleries.
said:
Further evidence that larg
e European bankers are
mercial situation in the
canvassing the comUnited States with a
view to entering it was
nished yesterday when it
furwas learned on good auth
house of J. Henry Schr
ority that the old London
oder & Co. is planning
to establish a branch
It is understood that
here.
the branch would restr
ict itself to the acceptan
business, the growth
of which in the United
ce
States has made such a
parture almost necessary.
deThe proposed branch
writing and would
not therefore compete with would not engage in underthe United States.
investment institutions
in
The firm of J. Henry Schr
oder
&
Co.
is
well
kno
whose business is
wn to New York bankers,
of an international natu
re. Their activities
throughout continental
extend
Europe and South America,
The firm is rated as
particularly Brazil.
one of the four largest issue
banks in the British Empi
and is possible the
largest house engaged in the
re
firm was organize
acceptance business. The
d by Germans in 1804
. During the World War
its Teutonic origi
, despite
n, the bank enhanced its repu
tation in Great Brita
played an important part
in and
in underwriting some of
issues. One of the large
the large war-time bond
st undertakings was in
the flotations of the Fren
Railways bonds. Present
ch
partners are Baron R.
Frank (I. Tiarks.
Bruno Schroeder and

Length destroyed or badl
y damaged
Length rebuilt and in use
on July 1 1923
* A kilometer equals .621
of a mile.
Coal Production (in Metr
ic Tons).
1913
1,515,750
1921
453,293
1922
661,913
1923 (July 1)
951,103
The sta

says:

Kilometers.•
3,075
1,323

Per Cent of 1913.
29
43
62

tement issued by the
Bankers Trust Co. further

The population of the ten
invaded Departments had
4.207,000 persons on July
been increased to
1. compared to 2,075,00
0 at the armistice and
4.690,000 in 1914. 21,556
new houses had been
against 9,732 in April 1922
completed on July 1, as
,
paired and 136,000 temporarand 430,864 damaged dwellings had been rey
Out of 3,337,000 hectares structures erected.
(a hectare equals 2.47
tated, 3,136,257 had been
acres) of land devasrestored on the above
tare
s
of
agric
ultur
al
land
Soviet Will Int
were under cultivatio date. and 1,880,427 hecroduce Its Gold Not
n out of 1,882.209 hectares
which had been rendered
es to Siberia.
useless.
A total of 7,771 factories
Advices from Vlad
ivostok, Siberia, Aug.
have been rebuilt and
ing
are in operation, employ70.9
26,
%
of
the
appearing in
pre-war
the New York "Evening Pos
t" of Oct. 1 stated:
7,178, compared to tne pre-personnel. The number of schools reopened is
war number of 7,39
An attempt is to be mad
been reopened, compared
5. Also, 193 hospitals have
e to put Soviet money
to 200 existing in
into circulation in
ar East. Mr. 13arishnik
1914; and there are now 2,89
ort, director of the local
the charitable institutions in operation. In
4
1914
ank, points out that no atte
there were 2,834. and only
bran
665
ch
at
the
of
armis
the Stat
tice.
mpt will be made to
interfere with the pres e
apaneso currency circulatin
Up
to
July
1
1923
oni
g here, and that the Sovi
the number of clai
nly circulate on an equa
ms entered by war sufferers
lity with the foreign mone et money tokens will damages and indemnification reached
for
y and will be
t the bank for foreign
changed 119,551,796,000 francs. Up to date 2,998.795, having a total value of
money or gold as the
holder may desire.
over
90%
onoy to be put into circulatio
of
inve
thes
stig
e claims have been
ated and decided
The
n will be the Russian
ote of the denomination
"tchervonets," a bank 45.000,000,000 francs haveupon by the competent authorities, and over
of ten rubles gold.
been paid on acco
unt of recognized claims.

Trotzky to Respect Americ
an Interests.
From London Oct. 1 Associat
ed Press advices said:

A Reuter dispatch
from Moscow quotes Minister
of War Trotsky as
ying in reply to a ques
tion: "As long as any priv
ate property exists in
erica, American interests in Russ
ia
will
be
resp
ecte
d
and all engagements
tared into with the Sovi
ets will bo scrupulously kept.
ould be suicidal."
Any other action

Potash Prices, Gold Basis,
up 12.89%.
Special radio advices to the
"Journal of Commer
om Frankfort-on-t
ce"
he-Main Oct. 3 said:

An increase of
12.89% has just been announced
in all potash price
old basis).
s

nk of England and
J. P. Morgan & Co. Aid
Polish
Bank Project.
The following fro War
m
saw, Oct. 3, appeared
in the
ournal of Commerce":
ommander Hilton You
or to the Polish Gove ng of London has been appointed financial
rnment, under agreement
1, Polish Minister
between M. Kuehof Finance, and the Bank of Engl
ng is due to arriv
and. Commander
e here Oct. 7 with H. A.
Trotter and E. Penson,
ho British Treasury
. Their first work will be to
draw up a detailed
for the new Polish Stat
e bank of issue.
he general agreemen
t already made between the
Ban
k of England and
ndlprovidos that gold
and American money already
in the hands of




Reason Why Dollar is
at Premium in Germany.
The following is issued
by
the
American Express Co.:
On account of the acute

shortage of currency thro
days, many American
ughout Germany these
travelers attempt to obta
in actual dollar bills for their
dollar travel funds. In
most cases they are
successful, but in almost every
such case they are surp
rised to receive a
less amount of dollars than the
face amount of their trave
lers' cheque or draft
tourists began to return,
calls for. Since the summer
banks which deal in
pressed to explain these
travel funds have been hard
instances to their clien
ts. The following brief expl
nation may accordingly
aprove of value:
When it is considered
that
Germany, with consequent United States currency must be imported to
of interest, the fact that insurance and transportation charges, and loss
one cannot expect to
dollars for a ten-dollar
check in Germany will receive ten United States
not seem at all strange.
Foreign banks and exch
ange dealers must pay
While the dollars are in
interest on the currency
trans
it,
also
tran
sportation charges and insu
which means that dollar
rance.
currency is always wort
than dollar exchange.
h more in a foreign country
Actu
Germany, but at a premium ally, of course, dollars can be obtained in
which fully takes into
During the past summer
account all these factors.
this premium freq
uently reached 4%.
Another thing which
puzzles the layman
making two transactions
is that the bank insists on
out of the payment
actual dollars. No
of a dollar check or draft in
banker should have
such a course is abso
any
difficulty explaining that
lutely
counts straight, and that necessary in order for the bank to keep its ac, far from being
the paper, it is a disti
a disadvantage to the holder
nct
of
For the bank which is advantage.
most anxious to obta
sequently ready to pay
in dollar exchange, and conthe best rate, is
Which is willing to sell
seldom at the same time the bank
dollar currency chea
tions of the conversion,
pest
the holder of the pape . By making two transacbank which pays the
r may sell it for marks to the
best
the lowest rate on dolla rate, and then take his marks to the bank offering
rs and make his purc
hase there.

1614

THE CHE,ONTCL.1.:

[VOL. 117.

varied, a condition o.
, or, if the metaphcr be
Germans took the
grew up a sort of deadlock
the rival forces. The
een
betw
e
emat
stal
ed
embitter
of the Treaty. They
tion
viola
t
direc
in
on was
view that the occupati
co and Belgium, and
on payments to Fran
itation
refused all voluntary reparati
the way of indutrial explo
in
acle
obst
ble
possi
y
of Germany, prothey threw ever
military disarmament
the
of
work
The
on.
of the regi
"
ty, also came to a stanstill. France good fortune
sury has sent to
hs
vided for the Peace Trea
The Secretary of the Trea the Cuban Treasury for the first three mont
r Law, while wishing
of
July,
, and he added:
Lord Curzon said that Bona
ality
neutr
ment detailing the situation According to this report, the revenue for
t
same in her undertaking, took an attitude of stric
r Law's return
of the present fiscal year. $18,784,416. being an increase over the
law officers, after Bona
our
from
ned
was
lear
r
we
embe
justified by the
"The fact that
August and Sept
on was not, in their opinion,
pati
28.
occu
pre96,7
the
the
$4,8
of
of
that
n
s,
sh attitude,
year
datio
Pari
Briti
from
period of last
sional liqui
wisdom of the
by saying that provi
ic use
h $7,039,- terms of the Treaty, thus confirming the
The report terminates
On the other hand, publ
of 612,000,000, of whic
s.
lus
Allie
surp
a
our
ed
from
r
show
us
Afte
by basing
was never concealed by
vious presumed expenses States Government, owed as a war loan.
himself raised the legal issue
care
Poin
M.
will
ed
Unit
on"
sury
until
it
pati
Trea
was not made of
expenses, the
292 was paid to the
on in resisting the occu
ite amount for presumedhasing Republic of Cuba 6% his case on the alleged illegality of German actisuggestions for a compromise
setting aside a defin
purc
first
to
ety
's
entir
Cuno
in its
Lord Curzon dismissed Herr that he had himself never failed in his
dedicate the balance
ained
amortization.
as "ill advised," and expl Ambassador to insist "that the duty of his
bonds, 1929, for
rviews with the German
Inte
debts: secondly, to
to
first, to pay their just
mitting Railroads
Per
rnment was three-fold:
y third, to offer
Gove
orit
Bill
auth
t
ns
eten
Sig
comp
as
by
ents
President Zay
ment.
agree to a fixation of paym es."
ern
Gov
Due
ts
men
ante
Pay
Curzon disPostpone
but adequate guar
Oct. 9 specific led
last summer. The first
up to the German offers of the second, of June 7, was more
This
were reported from Havana
ved":
oncei
ill-c
and
The following advices ce":
ting
"hal
missed as
that it held out a chance
sh Government thought
of Commer
s.
railroads, after com- substantial, and the Briti
its French and Belgian allie
the
by the "Journaltong
with
itti
s
perm
tion
hill
ersa
a
conv
ed
in
day sign
owed for progress. So it began
had assumed the first place
President Zayas
ent of the amounts
tance
paym
resis
pone
post
ive
to
s,
pass
litie
ver,
forma
By this time, howe
that until it was abanplying with certain
care laid down clearly
onal Treasury.
the French outlook and Poin
s.
ssion
discu
by them to the nati
her
furt
d he Would enter upon no
d to advise the German
Affiars, done
for its part, continue
k,
The British Government,
Secretary for Foreign
Lord Curzon, "do not thin
h
tis
said
Bri
and,
,
e,
sens
zon
ar
Cur
they were
Lord
Government in a simil
y was Feared
man
Majesty's Government that
Ger
of
his
n
of
tio
said
rup
be
Dis
can
our
it
on: and certainly
therefore, that
Says Internal
or barren of suggesti
der—Says Disruption
either backward in initiative
by impartiality and goodwith Latter's Surren
to be characterized both
.
us
tor
to
Deb
ared
s
appe
of
e
osal
anc
prop
ving an unfavorable reply
ate, however, in recei
Means Ultimate Disappear
" Lord
on will. They were unfortun
don
Lon
rable reply from Belgium.
favo
in
e
more
enc
h
fer
muc
Con
not
erial
from France and a
n
eig
In addressing the Imp
For
for
y
on:
etar
Curzon went
Through.
Curzon, British Secr
Doubts Germany Will Pull
bOct. 5, the Marquis of
ppointed at the
developments, Turkish pro
r
Ruh
and I were greatly disa
the
es
eagu
ed
coll
iew
my
rev
that
ess
s
more we stated
Affairs,
year
"I conf
Once
two
.
e
tion
enc
rven
fer
inte
Con
s
ting of the
t of our sincere but thankles
meticulous care,
lems, &c., since the mee
passive resulcase
11, a note revised with
in the British note of Aug. Prime Minister and myself: and once
our
of Germany to abandon
sion
deci
nt
rece
the
by
the
r
then
,
and
ende
ago
whole of our claims
first by the Cabinet
special attention. The surr
settlement to cancel the
n we offered as the price of
debt to the United
and
agai
resistance claiming his
our
ly
t
ise
inse
unw
to
ing
en
sterl
d Curzon, had "be
pt for the sum of £710,000,000
of Germany, said Lor Stating that one of the results exce
the German reparaStates Government.
portion of the sum from
foolishly postponed."
reduced.
"Moreover, if we could get a
n brought about,"
bee
ady
would be proportionately
s
alre
allie
has
our
ted
upon
cipa
nds
been published.
our dema
"that we anti
rnal disruption tions
Belgian Governments have ady taken up.
inte
and
ch
that
of
Fren
the
gs
of
es
nnin
repli
e
begi
alre
"Th
advance from the position
e been They
he said, "we see the
indicate not the faintest
feared, but which we hav
manifestly exhausted."
useful intervention was
for
that
which we have -all along
city
he thought it
ing
capa
lar
said
on
Our
Dec
Curz
r of Germany, Lord
rd as a bogey."
always been told.
Coming to the surrende
tem,"
consistently told to rega
sys
l
tica
postponed. "But I have
poli
shly
s
fooli
nou
and
omi
sely
an
unwi
rnment could at
merely
had been
h, that no German Gove
"this disruption is not
ic significance, for and I suspect that it is the trut
nom
eco
r. Whether Stresemann,
s
ende
tou
surr
ten
a
por
e
a
mad
has
h
rtain
himself." that time have survived whic
he added, "it
this step, will survive is unce
disappearance of the debtor
courage and wisdom to take
the who had the
m
fro
it means the ultimate
es
ranc
assu
s.
ge
word
e
ated
grud
? Wd do not
to the repe
as I speak thes
t to which we have come
Lord Curzon referred
resistance had
ive
"And now, what is the poin
contrary, we welcome it,
pass
as
n
the
soo
On
as
be.
at
it
"th
ory
t
a vict
Allies our Allies the victory—ifours
French Governmen
elves advised it.
e for discussion between the
just as we have for long
reparations payments begin
definitely ceased, the tim
ws,
kno
t
men
a settlement? Will
ern
er
near
Gov
any
nch
are we
t
Fre
ration or organization
"Bu
The
e."
com
form of civil administ
new
t
the
would have
is
nex
t
the
Wha
ect
exp
to flow in?
and
it
awa
we
at
"th
?
Ruhr
therefore, he averred,
vital also to answer.
mes" that is to be applied tos the
h it is vital to put, and
From the New York "Ti
"These are question whic rate, that we anticipated has already been
g
proposals from them."
owin
foll
any
the
at
ts,
internal disruption
"One of the resul
don Oct. 5 we quote
the beginnings of that
copyright advices from Lon
consistently told
ght about. For we see
been
brou
have
we
y:
h
whic
man
rding Ger
feared. but
which we have all along
as to his remarks rega
erned.
to regard as a bogey.
not merely an ominous
Asserts All the Allies Are Conc
ed that this disruption is
it means
or, as he preferred to
"And let it be remember
us economic significance, for
sition of the Franco-German concern two or three
ento
expo
port
his
a
n
has
It
bega
He
symptom.
ical
not
it
polit
did
that
ting
elf.
isnis
hims
by
or
debt
problem
allotted, and that
disappearance of the
no concealcall it, European
to which reparations had been only by common the ultimate fore, should be the next step? I have made
and
State alone, but all
"What, there
, it could be settled
French Ambassador
view
the
sh
with
s
Briti
tion
the
on
ersa
in
rati
,
conv
repa
much by
ory of the
ment of our view in my
. consequently
ivho recently did so
,
consent. Reviewing the hist
ster
mon
Mini
d
e
com
fixe
Prim
had
the
on
and
of
Commissi
action
It has the approval
a rather heated
on told how the Reparation
a friendly atmosphere after
discussions, Lord Curz
went on:
his visit to Paris to recreate
00.
and
00,0
00,0
£6,6
at
ness
med an almost sacro- discharge of rival guns.
the German indebted
Government that a
has since in some quarters assu
red by the French
ssion b
"That total, which
Germany could pay,
"We have repeatedly been assu
the time for discu
ty bore no relation to what
ed
reali
ceas
in
itely
mant
r,
defin
acte
clai
had
ous
char
sanct
of the vari
er, the Germs
soon as passive resistance
So far as I can gath
by lumping together the demands quite impossible sum
.
at
come
ved
arri
have
d
was
s
woul
Allie
but
taken the steps r
which is well known to be a Germany would be tween the
their intentions and have
powers. This total,
Government are sincere in
local population in th
cted that
ever
expe
the
has
of
on
tude
pers
atti
the
be
is only
and which no sane
of all the Powers."
quired of them. What may
ention be valid, that it
can only be altered by consent
ther
Paris, Lord Curzon Ruhr I cannot say, but if the French cont
able to pay in full,
have hitherto resisted.
they
r's conferences in London and
that
winte
in
last
Berl
to
g
from
rrin
Refe
obedience to orders
conduct.
their
all
t
of
nd
abou
grou
culty
back
:
diffi
no
the
be
stid
s.
the Ruhr. which had been in ged into prominence should
"Then it was that
Awaits French Proposal
years, emer
has, as w
s and proposals for two
while passive resistance
erably by the
pref
that
,
rk
pied
the French plan
rema
occu
ly
be
.
mere
to
d
it may be too mu
"Now, I woul
ch specific—the Ruhr
by passive assistance,
as would go in with
s
aced
as the sole Fren
Allie
repl
her
of
been
such
red,
and
desi
ce
by Fran
ent hoped and
siastic co-operation.
the immediate paym
Allies; if not, then
owed in a flash by enthu
ct in the move being to obtain
ired to expect It to be foll
e„ that we await and exp
requ
be
efor
t
ther
migh
s
know
sum
her. France's obje
nt
"The French Governme
which she claimed, plus whatever
ncy of the cessation of passh
inge
cont
The
.
of £1,300,000,000
es.
them
Stat
ed
s to Britain and the Unit
total the next proposals from been anticipated at the Quai d'Orsay, and con
to pay off her debt
no reduction of the
tance must have long
way. France would agree to
in detail. We shall
nst the cancellation resis
agai
"Put in another
s exist, in outline if not
ff
as
set-o
save
,
debt
quently measures doubtles
ration
repa
friendly spirit.
man
Ger
the
of
and to discuss them in a
ica."
ive
Amer
rece
to
y
and
read
e
ain
s us the right to
quit
Brit
of
give
in the occupied area,
of her war debts to
that the occupation
Lord Curzon explained, was
"Our position at Cologne,
disrupt German
may be proposed, and that posit
t
that
migh
The British view,
ts
emen
pay,
to
agre
city
local
capa
ulted in any
the German
Europe as a whole. cons
the Ruhr would reduce
don.
entail grave economic loss on
we have no intention to aban
to pare it down in the
internally, and would
willing as we have been
"Our reparation claim,
any such settlement cot
osed
that
prop
and
le
on
ssib
pati
impo
Ile went on:
occu
it
declined to join in the
terests of settlement, renders
"Bonar Law therefore
tion.
debt to £2.500.000,000.
hed without our co-opera
ts us
h
for the reduction of the total
for a short period be reac
recovery of Europe, whic affec
an alternative plan
um
tori
mora
a
s,
bond
of
issue
r stake in the economic
"Ou
e neighbors of G
ying
nce.
mpan
fina
acco
an
an
Germ
with
more so than the immediat
over
rol
ects
ic
cont
resp
drast
of
some
n
in
tutio
and
insti
have already shown our willingn
, startling though closely
of years, and the
long for the issue. We
were accepted, he made an offer
an war debts many, makes us
te to it."
Further, if this proposal
concessions to contribu
to cancel the French and Itali
ed
ty,
ampl
rosi
gene
unex
its
by
in
unrecognized
."
toto
to us in
The Results. as Britain Sees Them.
Zayas of Cuba
British Government
summed up the results, as the
Bill Signed by President
on
Curz
Lord
Then
I think, be denied Tarafa
ot,
cann
an
Interests.
"It
:
ric
Ruhr
the
Ame
of
on
by
occupati
Continued Protests
sees them, of the
entered upon have been
expectations with which it was
to Americ
able
d military
onge
cept
prol
unac
that the sanguine
still
and
e
In amended form but
by the results. The extersiv
ed, as soon as it
I arg-ly falsified
to provide for the c
gned
desi
being contemplated, and inde
,
from
Bill
far
d
afa
was
aine
Tar
sust
the
interests,
scene. The
ece tr anon
to regulate ports
, the Italians retired from the
foreseen. Anticipated solidation of Cuban railroads and
rpp— rcd inevitable
of passive resistance were not
payon
rati
repa
on Oct. 9. The
a
in
cbttinacy and fury
Cub
or
of
in deliveries of coal and coke,
signed by President Zayas
payments, whether
protest in thejUni
of
n to be not forthcoming.
ect
show
subj
y
the
entl
is
pres
me
occupation beca
mene, were
which was, and still
yield of the Franco-Belgian
net
was passed bv'T
the
s,
as
the
rest
le,
by
nts
inte
nwhi
bita
r
"Mea
inha
sugar and othe
nting, so the treatment of the
there States by
creasingly disappoi
increasingly severe. Thus
me
beca
s
ritie
autho
trench and Belgian

l Retire Bonds.
Cuba Has Surplus; Wil
.9
legram from Havana Oct
The following special cab merce" of Oct. 10:
Com
stateappeared in the "Journal of
J. P. IvIorgan & Co. a




OCT.13 19231

THE CHRONTGLE

1615

Cuban House on Aug. 11. As
indicated in our issue of signature and the
Wasiaington Government has had no Intim
Aug. 25 (page 850), request that
ation that he
final action be delayed on might veto it as a result
of representations made in behalf e Ameri
the bill was made to the Cuba
can
n Government by the State sugar interests.
Department at Washington, foll
The Washington Government has not sails
led irself as yet that the bill,
owing protests lodged with designed
to provide railroad consolidation and
the latter against the bill in beha
national ports, has been
lf of American interests. amended so as to remove from
it those provisions of the original measure
Subsequently, J. M. Tarafa, auth
which
were
regarded as confiscatory in application to
or of the bill, conferred
the American owned
port facilit
with Secretary of State Hughes
of certain sugar companies. Protests of
the sugar concerns
and Ambassador Crowder against theies
final draft of the measure are still before the
at Washington, and with sugar and
Sttae Department.
They were presented some time
railroad interests in this
ago
and
the
recen
confe
t
rences between
city, as a result of which, as was
dent Zayas and the attorneys representi
reported in these columns Presi
ng
the
Ameri
can interests
were arranged
Sept. 1 (page 951), "substantial
the request of the State Department. President
Zayas
understanding," it was signed the dill at
at the conclusion of these conferences, havin
announced had been reached on
previously
the disputed points in the given assurances that full consideration would be given to theg state
ments
bill. With the introduction of the
bill anew in the Cuban presented in behalf of American interests.
Senate on Sept. 20, its supporters
Diplomatic Action Possible.
were said to have expressed
their belief that the objectionabl
At no time has the Washington
Government taken any definite position
e features had been elim- with
relation to the final draft.
inated. On Sept. 22 the Cuban
A translation of the bill has been received
Senate passed the bill by from the American Emba
ssy in Havana, but the text as signed still is lacka vote of 15 to 4. On Sept.
25 the Senate amendments ing, and it was indicated to-day that State Department officials were
were concurred in by the House,
withholding their decision as
to whether any of its provisions are of a conthe latter passing the bill fiscat
ory nature until more &lotto
by a vote of 92 to 7. The signing
information is at hand.
of the bill by President
In any event, it was pointed
out, since the bill has been signed by the
Zayas occured on the 9th inst.,
as stated above. On Sept. President, any remedy desired by the American
interests involved would
have
20, in indicating the amendmen
sought by means o diplomatic excha
ts made by the Senate wouldtobebereferr
nges, the possibility that it
ed
again
Committee, Associated Press advices
to the Cuban Congress or changes in langu
age
having passed.
from Havana said:
The bill, as amended by the Senat
e Committee, provides that after
A
furt
her
proposed holding company has
the
dispatch from Washington to the "Journal
started consolidation of the railro
ads, the of Commerce"
lines affected, shall institute a 20%
Oct. 10 said:
rate reduction on the charge for
carrying
sugar more than

125 kilometres, and shall also effect
The United States will postpone
a 30% cut in their
for the time being the determination
charges for transporting the nlails
this country's attitude towar
of
.
d the Tarafa port and railro bill,
Sugar companies and other indust
ad
which was
signe
d yesterday by President
ries would be authorized to
Zayas of Cuba, it was indicated
the same operation of priva
continue the White
to-day at
te ports as in the fiscal year
House by Major-General
1922-23. Ports Ambas
Enoch H. Crowder. the American
would be divided into two classi
sador at Havana. General
fications; first, those of general
Crowder discussed the Cuban situation
interest of with Presi
the first and second order; secon
dent Coolidge for about an
d, ports of local interest, or provis
hour.
municipal ports.
ional or
With respect to the ultimate
position to be taken by the Gover
Ports of general interest of the
nment in
regard to the Tarafa bill,
first order would be those engag
General Crowder was of the opini
ed in direct State
communication with the princi
on that the
Department would have to
pal
wait until it bad more definite infor
while those of the second order centres of Cuban and foreign production, as to
mation
how the law will work when
would be those in which vessel
put into effect. He believed
s might seek Gover
refuge from storms. Local or
that the
nment has not yet been able
provisional and municipal ports
to get a clear picture of just what
those used in coastwise trade. In
would be Taraf
the
a bill actually provides, and
the future no ports or wharv
declared that this country will have
es would be wait
authorized except under certai
to
n provisions of the bill.
until the regulations to be issued
under
As regards the railroads an unoffi
the
bill
have
been
promu
before it will be fully acquainted
lgated
cial translation of the Senat
with the situation.
e measure
reveals the following provisions:
General Crowder looked upon
the administrative features of
When consolidated lines exist
the new
Cuban law as extremely important
in any municipal district,
and maintained that unte the rules
construction of
new roads or extension of prese
carrying out the law could be studi
for
nt ones would be permitted
ed it would be impossible for this
when effected
by the consolidated lines or
Government to decide just how the intere
by roads whose systems conne
ct more than
sts of American concerns would
three provinces, or when such
affected.
be
projects "may be declared of
public convenience by the railroad commission
Industrially, General Crowder
" under provisions of existing
declared. Cuba is in excellent shape
laws.
The company holding'the share
The high prices now being realiz
.
s of the consolidated roads
ed for sugar, he said, were enabl
would have industry
power to make agreements with sugar
ing that
and other Cuban industries to
producers for transportation
make
product "on a scale movable in
of
their
very
good
progr
ess.
He did
not comment upon any other
relation to the annual average
Cuban conditions aside from the indust
which this product reaches"
of the price situat
rial
and the fixed price for trans
ion.
"not be greater than that
portation shall
Although General Crowder carefu
of the base tariff in force" nor
lly refrained from disclosing any
shall "prejudicial
preferences be established amon
recommendations to President Cooli
g the shipp
dge in connection with the Taraf bill,
Plants established prior to promulgati ers."
a
it was
understood that the Administra
on of the proposed law
tion has been advised to go slow
portation of crude petroleum
for
imin
maki
a
ng
definite stand. American sugar
or coal would be excepted from
interests have been opposing the
the provisions and
regarding ports. The Secretary
law
had been pressing the State Depar
of the Treasury would "authorize
tment
centrals and other entities,
the
to
sugar
intercede in their behalf,
but it is understood that Mr.
which prior to promulgation of
Coolidge is being advised to proce
have constructed priva
this law, may in
ed cautiously
te docks (sub ports or private wharv
committing the United State
s finally on the matter.
es) and which
may have used them durin
g the fiscal year of 1922-23, to
continue effecting
through them the same opera
tions which, prior to promulgati
may have been realized;
on of this law
but in no case, nor through them
tions which, prior to promu
the same opera- Offering of $6,000,000
Bonds of Republic of Salvador
lgation of this law may have
been realized, but
in no case, nor through any
.
circumstance,can said permit
The proposed issue of $6,00
be made extensive
or transfarred to other
0,000 bonds of the Republic of
industries."
Salv

ador, which we indicate
d in these columns Sept. 29,
page 1408, was about to be offe
red in New York, has been
floated by F. J. Lisman & Co.
of this city. On Oct. 9 the
bankers announced that "the
greater part of this issue having been sold, we offer the
unsold balance, when, as, and if
Issued and received by us,
A message to the State Depar
at 100 and accrued interest, to
tment to-day contained
which was given to the
this assurance, yield about 8.20%." The
American representatives
issue, designated as Republic of
yesterday in their conference with the Cuban Presi
Salv
ador Customs First Lien 8%
dent.
Sinking Fund Gold bonds,
In indicating the intention of
protesting American interests Series "A," is dated July 1 1923, becomes due July
1 1948,
to prosant their objectio
and
the
bond
s are not callable as
ns to President Zayas on
a whole or in part before
Oct. 3 Jan. 1 1934.
or 4, a special dispatch from
Inte
rest
Washington to the "Journal
is payable Jan. 1 and July 1;
the
of Commerce" on Oct. 2
bonds, coupon, with privilege
said:
of registration as to principal,
The decision of the American
are
in
deno
mina
intere
tion
sts,
s
which
of
are understood to be pri$500 and $1,000. They are payable
marily those connected
with the sugar industry of
ing extensive confe
Cuba, was taken follow- In New York at the office of the
fiscal agent—Metropolitan
rences with officials of the
State Department, in which Trust Co. of the
attorneys for the sugar
City of New York—both princ
companies said that the amen
ded bill contains
ipal and inseveral confiscatory featu
terest, in gold
res despi

According to a Washington
dispatch Oct. 5, President
Zayas has promised careful
consideration of the protests
which were being presente
d in Havana by representa
tives
of American sugar interests
against the bill. The Wash
ington dispatch said:

te the compromise
cently in New York
between Colonel Jose M. Taraf agreement made rea, sponsor of the bill,
and attorneys representi
ng the sugar interests.
By the terms of this compr
omise it was agreed that the
original bill authorizing
provisions of the
by the sugar intere the closing of some forty-seven private ports owned
sts should be eliminated,
and other objectionably
monopolistic and confiscato
ry features removed. It now
the Tarafa interests
is charged that
did not keep faith in drafting
the new measure.
Not only does the amen
fic which may be carrie ded bill place a restriction on the amount of trafd through the private ports, and
to use these ports
specify that permits
must be secured from the Cuba
n Government, but, according to opponents of
the measure, it also virtually
property in the national
ports by providing that only confiscates private
houses shall be used.
Government wareIt also places objectionable
building of now
restrictions upon the
railway lines.
While no definite assur
ance has yet been received that
will consent to recei
Preddent Zayas
ve the representatives of the sugar
every confidence is
interests Wednesday,
expressed that he will do so.

Following tho announcement of
the
President Zayas, tho same paper repo signing of the bill by
rted the following from
Washington Oct. 9:
Signing of the Tarafa bill
by President Zayas of Cuba
ated by State Depar
had been anticie.Lod within which tment officials, since to-day marked the end of t'e
he might consider his action under
the Cuban Constiution. The measure
would have become a law to
-morrow without his




coin of the U. S. A., of or equa

l to the standard
of weight and fineness in effec
t on July 1 1923. Announcement is made that:

The United States of America
and El Sah.ador have enter
exchange of formal diplomatic
ed
notes with reference to this loan into an
copies of which are on file with
(certified
the Fiscal Agent and open
to
request) by which Salvador
on its part assures the Unite inspection on
d States that it
will co-o))erate in every respect
with the Government of the
and the bankers in carrying
United States
out the terms of the loan
contract, and the
United States on its part takes
cognizance of the terms of the
and states that the Secretary
loan contract
of State of the United
States is prepared
to carry out the stipulations with
refere
nce
to
him
in
Articl
es
XXIII of the loan contract shoul
IX,XIX and
d it be necessary to do
so.

The following is also taken
from the offering circ

ular:
Redeemable by 4% half-year
ly sinking fund, commencing
July 1 1923,
applicable to purchase in open
market at or below 110. If
not so obtainable, sinking fund moneys remai
n on deposit with Metropolit
an Trust
Co. to be applied on any interest
date on and after Jan. 1 1934 to
redeem
bonds by drawing according to
following schedule (unless purchaseab
at a lower price in the market):
le
Jan. 1 1934-July 1 1938, at 110%
Jan. 1
;
1939-July 1 1943. at 10”i%;
Jan.
Not callable as a whole or in part 1 1944-maturity, at 105%•
before Jan. 11934. Thereafter callab
as a whole or in part on any
le
interest date: Jan. 11934-July 11938
,at 110%;
Jan. 1 1939-July 11943. at
10735%; Jan. 11944-maturity, at
105%
Exempt from all present or
.
future taxes of Salvador.

1616

THE CHRONICLE

[VoL. 117.

e the
customs revenues, which secur
n 5s of 1904, nevertheless these
customs
revenues, which are col- Cuba
, represent a mortgage on the total tor. In
oms
sense
a
cust
in
of
and.
s
bond
70%
on
ctive
lien
Trust Co. respe
1. Security.-First
as a rule collected by the credi tive of
collected by the Metropolitan
revenues or a part thereof, are not
lectable in U. S. gold and will be Salvador.
ed by a representa
Salvador issue, the matter is handl York City, which repthe
San
of
in
case
the
tives
senta
its
repre
ugh
thro
in New
n
tutio
insti
ng
Gold.
banki
S.
a
large
U.
,
ngement is made possible
$40,634,749 the fiscal agent
2. Customs Revenues Payable in
bondholders. This arra
3.125,603 resents the interests of the l diplomatic notes between the Government of
1910-1922
forma
of
e
chang
inter
the
by
,002
2,297
Average
the Government of El Salvador.
4,374.595 the United States and
1918 lowest
cially to emis pointed out, wished espe
2,486,853
it
ing,
1920 highest
Mr. Lans
Governments
two
the
of
st:
1923, January-June 30
part
again
s
the
ts,a,
on
this policy
times requiremen
$744,000 phasize that
or in 1923 at the rate of about 7
ady existing
alre
the
dify
rements
19.200 tends to further increase and soli
Interest and sinking fund requi
Central American
t
rtan
impo
of
rence
this
diffe
een
or
betw
-diminishing each year at least
mutual good-will
y disagreement, question
to increase the con3. Special Stipulations.-An the interpretation or performance of the
nt and our Government, and
any nature whatever regardingto the Chief Justice of the Supreme Court Governme
Central American rethe
in
s
red
stor
refer
inve
s.
be
ican
State
Amer
shall
d
loan contract
fidence of
of the Unite
ugh the Secretary of State
the fact that these counof the United States, thro shall be final and binding. (See Article IX.)
publics. Mr. Lansing referred to
rnGove
of
need American
ing
stand
for decision, and his decision
ense natural resources which
ms Lien Bonds.-The high
4. High Standing of Custo on customs revenues is evidenced by the fact tries have imm
that propents
ngem
arra
r
liens
unde
ent
by
ed
selllopm
secur
are
issues
ment bonds
capital for their deve
Brazilian 1898 customs lien
s. He
and
n
blic
nica
repu
Domi
the
as
n.
well
Cuba
as
that the
erly safeguard the investments
ing on a 5% to 6% basis.
customs revenues collected
by
ed
secur
s
bond
nt
rnme
ed:
The history of Gove
gn Governments further stat
al and
s or by representatives of forei
said about the necessity of cordi s of
by agents of the bondholder
At a time when so much is being
United State
lt.
defau
of
d
recor
a
ption price being close diplomatic and commercial relations between the
Is without
redem
mum
mini
e
to see
-Th
.
fying
Price
republics, it is indeed grati
5. Minimum Redemption
least 105.
America and the Central American The Department of State is assuredly
the bonds is equivalent to at
.
taken
step
on
s
105, the par value of
oking
bond
is most
such a forward-lo
the listing of the
policies are so constructive and it ican
Application will be made for
living up to its function when its
for Pan-Amer
ange.
of us who appreciate the necessity mutual confidence
Exch
those
to
k
g
Stoc
ragin
k
encou
Yor
the New
San
demonstration of the
Finance, in a letter from
solidarity to witness so fine a
e of notes regarding this loan,
Gustavo Vides, Minister of
said between the two countries. In the interchangthat
Co.,
&
man
Lis
F.
it will co-operate in every
J.
to
1
.
d States
Sept
Unite
of
the
es
date
r
assur
part
unde
its
on
Salvador
Salvador
s and the bankers in carryGovernment of the United State
the
with
ct
respe
particular the stipulations
in part:
s of the loan contract, and in
ng Fund
Customs First Lien 8% Sinki g you ing out the term intment and removal of the Collector-General of Cus0,000
$6,00
of
issue
the
to
Referring
ure in givin
d States
relating to the appo
of Salvador, I take great pleas
ement of disputes, and the Unite
gold bonds of the Republic
toms in case of default and the settl terms of the loan contract and states
the
of
zance
cogni
takes
the following information:
part
its
on
red to carry out the
nal and External Indebtedness.
of State of the United States is prepa should it be necesConsolidation of Salvador's Inter
act
its Customs that the Secretary
contr
issue
loan
and
the
e
in
creat
him
to
to
ence
acted
refer
has contr
ed to the stipulations with
The Republic of Salvador
, respectively. A. B and C, limit
sary to do so.
First Lien bonds in three series
ic has for many years
of:
nt
aggregate principal amou
Mr. Lansing stated that "our publ
most unstable politicis
ica
Customs First Lien00-U. S.gold coin
Amer
00.0
ral
$6,0
Cent
that
due 1948
had the idea
8% bonds of Series "A,"
ling
-Ster
ver, if there has
0,000
Howe
11,05
.
1957
ally
due
erci
s "B,"
and comm
6% Sterling bonds of Serie
000-U.S. gold coin ally, industrially
500.
-$7.
1957
been because
due
has
"C."
s
it
belief,
7% Dollar bonds of Serie
and Series"C" been any foundation for this
issued for cash:the Series"B"
loaned in
been
has
inpast
both
the
in
s
s,
The Series "A"bonds will be
ation
trie
oblig
money loaned these coun
nge for all Government
other
re the
and
Whe
ts.
1908
bonds will be issued in excha
resul
of
Loan
best
the British £1,000,000
such a way as not to secure the
ternal and external, including
of the Governtion
sanc
ial
offic
ss.
the
r
tedne
debt
ing
unde
indeb
ct,
float
floating
the
loans are, in effe
s"A" bonds will be used to pay
British loan,
The proceeds of the Serie
we may welcome this as a new
of bank loans, interest on our America-the ments concerned, certainly
al
of the Republic, consisting
Centr
ways of
Rail
nal
natio
Inter
the
c
era."
-other publi
subsidies due to
now approaching completion
transcontinental railroad
thus
0,
00,00
&c.
.
$18,5
works
of Chicago Joint Stock
therefore now amounts to
August 31 Balance Sheet
Salvador's national debt
a debt of $12 30 only.
capit
per
k.
a
,000
Ban
d
1,500
of
Lan
showing on a population
in U. S. Gold.
ues, Which Shall Be Payable
tanding, of $48,600,000
outs
and
ed
an
First Lien on Customs Reven
issu
by
ed
s,
secur
Farm loan bond
the bonds of Series "A" are
be
shall
sheet of the Chicago
nce
h
Interest and sinking fund of
bala
whic
of the customs revenues-all of and sinking are shown in the Aug. 31 1923
absolute first lien upon 70%
us last week. Inciby
d
priority over the interest
ishe
have
publ
k,
shall
Ban
and
d
goldLan
S.
U.
their
payable in
Joint Stock
s "C" in
bonds of Series "B" and Serie
el, Kinnicutt & Co.
the
Kiss
of
ts
that
remen
out
requi
ted
fund
dentally it may be poin
and
est
inter
s of the bank since
respective order.
bond
not sufficient to provide for the s "A,""B" have handled over $32,000,000 of the
If at any time the 70% is
nce sheet of the
e isssue of bonds of Serie
bala
the
entir
is
g
the
of
owin
ts
foll
remen
requi
the total September 1921. The
sinking fund
be extended, if necessary, over
shall
lien
first
the
then
and "C."
bank:
customs revenues.
31 1923.
Consolidated Balance Sheet Aug.
nal" of Oct. 9 we quote the
Jour
et
Stre
ll
"Wa
the
m
Fro
Assets63.475
lands
$51,9
farm
on
first mortgages
following:
est Grossloans secured by
361,458.)
dor pays off arrears of inter
$127,
Salva
of
.
nt
value
rnme
aised
Gove
(Appr
the
cing,
ves
By new finan
972,594
and recei
ipal_
e sterling debt with £1,050,000,
ization payments received in princ
on sterling debt,funds its whol ing for spread and expenses, if all arrears to Less: Amort
allow
by
n
$50,990,881
show
about $2.850,000 in cash,
as
Debt position is approximately
Net mortgage loans
August 1923 are paid off.
s Liberty bonds at par.._ $234,700
d
State
Unite
s:
tment
s:
Inves
table
Yearly Int.
the following
less amount
Joint Stock Land Bank bonds at par,
386.831
(6 Coupons
held under re-purchase agreement
621,531
d).
Unpai
g.
Outstandin
g84,523
Before the Financin
$3,784,500 $227,070
vable
recei
unts
Acco
debt
70,486
$1,206,202
1908 6% sterling
1,006,940
On first mortgage loans
est:
inter
ued
loan
Accr
ng
5
fundi
25,29
1915 7%
2,411,672
st 1923
On investments
1,231.497
Arrears of interest. Augu
40,400
775,305
Expenses (London, 1915)
198,000
s
mo)
bank
(am
in
d.
Cash
16,793
Arrears of railway subsi
res
fixtu
and
ture
Furni
1,621
556
$7,441,512 $297,
ased
purch
s
Premium on bond
Interest,
Total
$53,722.151
Outstanding. 1st Year.
After the Financing$6,000.000 $480,000
ities
Liabil
$3.250,000
loan
50
330,7
1923 8% dollar
5,109,300
issued and outstanding
£1,050,000
778,000
240,000 Capital stock,
1923 7% sterling refunding
ts
profi
ided
undiv
4%
11,297
47,250 Reserves and
Sinking fund on 8% loan at
est
inter
ned
unear
for
ve
1%
Reser
48,600,000
Sinking fund on 7% loan at
issued and outstanding
s,
bond
Loan
00
Farm
200,0
,000
$1 .109,300 $1,098
Bills payable
50,451
Total
finan
new
of
"B"
Due borrowers
sting of Series "A" and
803,750
anding
In addition to the above, consi nal6% loan (Series "C")for $7.500.000.
Accrued interest on bonds outst
25,320
an inter
cing, Salvador will also issue
receipts. Series Coupons due, not presented for payment
oms
cust
of
70%
on
gage
mort
3,333
respectively on
This will be secured by third
May 1 installments
ages,
est,
d
mortg
inter
secon
nce
and
Adva
first
by
ed
"A" and "B" are secur
ing internal debt is refunded
exist
-if
1
tion
22.15
flota
$53.7
After
.
same revenue.
09,300 and debt service $1,428,750
funded debt will total $18,6
Wilson Adrecord of loans from the date

State during the
Robert Lansing, Secretary of
7 by a representative of the
ministration, interviewed on Oct.
with reference to the new
Latin-American News Service,
ul
issue views the successf
bond
8%
Salvador customs lien
inl
ncia
fina
and
een Salvador
negotiation of this loan betw
steps
one of the most constructive
terests of this country,
exady
alre
s
tion
rela
ial
cement the cord
yet taken to further
announcement of
nt
e
rece
"Th
s.
trie
coun
e
isting between thes
interest
Salvador is of more general
th $6,000,000 loan to
as saying, adding:
ed
is
he
quot
"
ace,
surf
the
than appears on
ng been incor
in itself is not a novelty, havi
and the
Although the customs lien
87, the Brazilian 5s of 1898
1886of
5s
tine
Argen
the
porated in




We also give, as follows, the
Aug. 1 1923:
of the bank's organization to

Average
per Acre.

Total.
4,035
Number of loans
671,756
Number of acres
8
166.4
Average number of acres per loan
40.82%
value
ised
appra
to
loans
of
ntage
Perce
35.69%
Percentage of loans to sales value
$32,730
Average appraised value per farm
$13,359
farm
per
Average loan
$80.24 $53,904,145
loans
of
Amount
$196.60 $132,066,814
Appraisal for loaning purposes
correspondents_ _$224.83 $151,034,414
Actual sales or value given by bank

OCT. 13 1923.]

THE CHRONICLE

Directors of Savings Invites Attention to Advanta
ges
of United States Treasury Savings Certificates.
The distribution on Oct. 15 by the United States Treasur
y
Department of approximately $151,000,000 to holders
of
the Fourth Liberty Loan and tha Treasury bonds of 1947-52
in payment of the semi-annual interest on these securitie
s,
prompts R. H. Roraback, U. S. Director of Savings for
the
N'ew York Federal Reserve District, to call attention
to
the fact that United States Treasury Savings Certificates,
because of their convenience and safety, are a favorite form
of re-investment for interest money received from Government and other securities. The certificates are issued in
three denominations of $1,000, $100 and $25, and
are
available at post offices and the Federal Reserve Bank of
New York on a discount basis at prices of $820, $82 and
$20 50, respectively. They run for five years or may be
redeemed at any time on demand with interest. Of the
total amount of $151,000,000 to be distributed the coming
week by the Treasury Department, about $47,000,000
will be received by investors in this district. Last week's
statement by the Federal Reserve Bank of New York
regarding the distribution was referred to in our issue of a
week ago, page 1515.

1617

No. Each bank may issue collateral trust debenture
s, or short-term
bonds, based on discounted or purchased farmers'
notes and other agricultural paper. Such debentures may be sold up to an
amount not exceeding
ten times the bank's paid-in capital and surplus. Proceeds
of debenture
sales are available for making loans. On the basis
of the present total
authorized capital of the 12 banks, their maximum
loaning power is
$660,000,000.
How do the Intermediate Credit banks operate?
They discount farmers' credit paper for banka and other
financing
institutions and for co-operative associations. This means
that these
institutions may endorse and turn over their credit paper to
the Intermediate Credit bank and obtain the money tied up in the
loan for the
further extension of credit to their patrons. The Intermedia
te Credit
banks also make loans direct to co-operative associations of
agricultural
producers on the security of warehouse receipts or mortgages
on live stock.
For what term may these banks make discounts or advances?
The minimum term is six months and the maximum term three years.
For the present the Federal Farm Loan Board has
limited the term of
discount to nine months. Borrowers, whether these
be farmers' organizations or banks, have the assurance, however, that renewals will
be made
where the need exists and the security warrants. Loans
made by Intermediate Credit banks are not based on deposits which may
be suddenly
withdrawn, but on funds obtained from the sale of securities with
a definite
maturity.
At what rate are discounts and advances made
by the Intermediate
Credit banks?
Interest or discount rates charged may not exceed
by more than 1%
the rate paid on the last debentures sold. An issue
of debentures was
recently sold at 4M %. Intermediate Credit
banks, therefore, can not
now charge more than 53%. No credit paper
may be discounted for,
or purchased from, any bank or other institution
if the rate charged by
that institution to individual borrowers is more
than 1 ji% above the
discount rate. At present, therefore, the
ate Credit banks can
Public Debt Retirement—First Quarter Retirements not discount any paper carrying an interestIntermedi
charge to the farmer of more
than 7%.
Chargeable to Ordinary Receipts $95,413,550.
Can an individual farmer borrow direct from the
Intermediate Credit
The following is from the "Wall Street Journal" of Oct. 9: banks?
No. If the banks should loan to the farmer direct,
For the first quarter of the new fiscal year public debt
the cost of setting
retirements chargeup machinery for this purpose would make interest
able against ordinary receipts totaled $95,416,5
rates too high. The
50, as compared with
banks serve wide districts and would find direct dealings
$53,310,150 in the corresponding period of preceding
year. Of the total,
with the individuals too expensive.
purchases for sinking fund amounted to $77,073,6
00, against $52,466,300
farmers necessarily obtain credit from the Intermedia
last year, and purchases for foreign repayments
Must
$15,640,700, against $450,te Credit
bank through local banks or other existing insitutions?
000. As receipts by Federal Government during first
quarter on principal
No. In most States they can form agricultural credit
account of foreign loans amounted to $37,873,592,
corporations of
there is still roundly
their own to discount paper with the Intermediate Credit
$22,000,000 available in this fund which can be used to
banks. Such
reduce public debt, corporatio
ns must have a capital of at least $10.000. Intermedia
exclusive of further purchases for sinking fund.
te Credit
banks help in forming such corporations. Some ef
Tabulation of sources of revenue for purchases made
them
have
prepared
during the first suggested
articles of incorporation intended to comply with
quarter follow
State laws
in their districts.
September.
August.
July.
Can persons other than farmers form agricultural credit
Sinking fund
$20,231,000 $30.306,800 $26,535,800
corporations
to obtain discounts from the new banks?
Foreign repayments
8,221,900
7.047,650
371,150
Yes.
Bankers or business men who wish to help the farmers
From estate taxes
292,300
to obtain
1,658,650
819,900 cheaper credit can form
Forfeits, gifts, &c
such corporations. In fact, any group can do
3,000
13,750
4,650 so. Bankers in some cases
may find it desirable to conduct such credit
corporations in connection with their banks. Several
<Lai
$28,748,200 $38,936,850 $27,731,500
of the kind have
been organized.
Is it the intention of the Agricultural Credits Act
of 1923 that credit
Intermediate Credit for the Farmer—Explanation by accommodation should be provided by new local agencies rather than by
existing banks or other institutions?
Department of Agriculture.
The evident intent of the law Is that
credit machinery shall
A pamphlet containing questions and answers concerning be used as far as possible. It is desirable existing
or advisable to form new credit
intermediate credit (as provided for in the Agricultural agencies only where the present ones are inadequate or
do not take advantage of the new discount facilities. Improvement
Credits Act of 1923) and what are termed
of existing credit
al facts agencies, rather than their destructio
showing the need for it" has been prepared"essenti
n, is the object of the law.
the U. S.
Are these Intermediate Credit banks now in operation?
Department of Agriculture, and just made by
public. We
Yes. They were chartered and organized shortly after
the enactment
quote the information herewith.
of the law, and have been in operation several months.
What is the Agricultural Credits Act of
On what products stored and controlled by co-operati
1923?
ve marketing
It is an Act to provide intermediate credit
for the farmer. It enables associations may direct advances be obtained from these new banks?
the farmer to borrow for production and
The Federal Farm Loan Board has already approved the following
marketing purposes, for periods
comrunning from six months to three years, depending
upon the purpose for modities, when properly stored, as security for loans: Grain, cotton,
which the credit is used. It establishes 12
wool, tobacco, peanuts, broom corn, beans (including
Intermediate Credit banks.
soy beans), rice,
What is meant by intermediate credit?
alfalfa and red top clover seeds, hay, nuts, dried prunes,
dried raisins.
Intermediate credit, as the phrase is commonly
used, means credit and canned fruits and vegetables. Other commodities will be added to
granted to farmers for terms longer than those
covered by ordinary bank the list when the Board has determined whether or not in its opinion
loans, but shorter than those for which farm mortgage
loans are usually they can be stored so that warehouse receipts based on them will be good
made. It is based on personal and collateral
security; that is to say, collateral.
on the character and standing of the borrower, and
Is the service of the new banks to be measured solely by the disconntx
on commodities or
other personal property pledged to guarantee repayment
of the money and advances actually extended?
loaned. Farm credit other than mortgage credit, and
No.
They are also valuable in that credit made available by them
running for terms
of from six months to two or three years, is properly
spoken of as inter- encourages private financial institutions to extend loans. Farmers'
mediate credit.
co-opzrative associations have often found commercial banks willing
to
What has been the source of intermediate credit in the
give credit on very reasonable terms as soon as advances have been promised
past?
There has been no regular source qf intermediate
approved by the Intermediate Credit banks. An association that
and
credit in the past.
Our banking system has grown up primarily to
serve industry and trade has been deemed a safe risk by an Intermediate Credit bank has thereafter
and has not been well adapted to the needs
of agriculture. Farmers a better standing with private financiers.
have consequently been obliged to seek intermediate
How can additional information concerning the operation of these banks
credit by the makeshift plan of renewing short-term loans from bankers
be obtained?
or merchants.
Why does the farmer need intermediate credit more than
Informatio
n about loans and discounts, or the organization of agriculother producers?
Compared with that of business men, the turnover
of the farmer is tural credit corporations where such are needed, can be obtained from the
slow. Business men frequently turn their stock
two or three times a Intermediate Credit bank in the district concerned.
year. Loans of short maturity therefore are suited
Does the Agricultural Credits Act of 1923 contain any other provision
to business needs.
But crop growers, with few exceptions, have only
one turnover a year. for the improvement of intermediate credit to the farmer besides those
Loans obtained by them in the spring as a rule can
not be repaid con- dealing with the Intermediate Credit banks?
veniently until crops are marketed. Even credit obtained
Yes. These are four other important provisions:
later in the
season may be needed longer than six months if the crop
1. The Federal Reserve Act is amended by increasing the maximum
is to be marketed
in an orderly way. Livestock producers have a
yet longer turnover than term for which the Reserve banks may discount agricultural and livestock
grain growers. Farmers need longer-term credit
than business men owing paper from six months to nine months.
to the nature of their work.
2. The definition of agricultural paper is broadened to include loans
How are the Federal Intermediate Credit banks organized
to co-operative marketing associations for grading, processing packing,
?
,
One such bank serves each Federal Land-bank
district. They are preparing for market, or marketing of any agricultural products handled
located in the same cities as the Federal Land banks,
and have the same for members.
officers and directors. They operate under the
supervision of the Federal
3. The capital needed to make a State bank eligible for admission to
Farm Loan Board, just as do the Federal Land banks.
the Federal Reserve System is reduced to 60% of the amount required
What is the amount and source of the capital for
the new banks?
national banks in cities of corresponding
for
Each Intermediate Credit bank is entitled to
size to that in which the
capital from the national State bank is located. It is provided,
however, that the State bank must
Treasury up to $5,000,000. The Secretary,of the
Treasury is authorized agree to increase its capital within a reasonable
and directed by the Agricultural Credits
time
to the amount required
Act to subscribe the capital of the national bank. Country
as it is called for by the directors of the
banks that take advantage of this provision
Intermediate Credit banks, with will greatly add to their ability
the approval of the Farm Loan Board. Only
to aid agriculture.
for by the banks when they were organized. $1,000.000 each was asked
4. Privately financed and managed national agricultural credit corporaSeveral of them have since tions may be organized
called for additional amounts.
under Federal charter. Such corporations must
have a capital of at least $250,000 and will be supervised by the Comptroller
Does this mean that the total amount of loans
and discounts which the of the
12 banks may make can not exceed
Currency.
Existing
livestock loan companies may re-incorporate
$60,000,000?
under the law.




1618

THE CHRONICLE

[VOL. 117.

.
members of the Federal Reserve system
own local banks, which, if they are
or
l Reserve bank the notes, drafts
may in turn rediscount with the Federa
Act
e
Reserv
l
ers. The Federa
bills of exchange acquired from custom
banks
er of paper that the Reserve
places certain limitations on the charact Reserve Board the duty of issuing
l
may discount and places upon the Federa
is a
provisions of the law. Following
regulations putting into effect the
Board's regulations
the
of
and
Act
the
of
ons
provisi
brief summary of the
ts.
es offered to agricultural interes
with special reference to the credit faciliti
Paper.
e
Eligibl
of
er
General Charact
nt
Federal Reserve banks may discou
The character of the paper which
prothe Federal Reserve Act. This
is generally defined in Section 13 of
drafts
notes,
e banks to discount
vision of law authorizes Federal Reserv agricultural, industrial or comfor
and bills of exchange issued or drawn
to be
which have been used or are
mercial purposes, or the proceeds of
to
not permit the Reserve banks
used for such purposes. The law does (1) to be loaned to some other
are
discount paper the proceeds of which
tion.
specula
for
(3)
or
ent investment,
borrower, or (2) to be used for perman
diskinds of agricultural loans are
Exceptions to (1) in favor of certain
cussed later.
Agricultural Paper in General.
over
Act an important advantage
Agricultural paper is given by the
not
be discounted only for a period
commercial paper, since the latter can
tural
agricul
an
for
or drawn
issued
is
which
paper
while
exceeding 90 days,
Renow be discounted by Federal
purpose, or is based on livestock, may
to run from the date of discount.
serve banks even though it has 9 months
its
in
this
appropriate provision for
The Federal Reserve Board has made
agricultural paper has been clariof
ion
definit
the
which
in
dew regulations,
and most liberal principles
es ($10,000,000) of fied and broadened so as to incorporate the latest
tural paper.
Sale of Second Issue of Debentur
ining what constitutes agricul
determ
in
Board
the
by
d
have
adopte
s.
for discount if the proceeds
Federal Intermediate Credit Bank
Nine months' paper will thus be eligible or more of the steps of planting,
one
nced
any
in
annou
farmer
Board
a
been or are to be used by
Commissioner Cooper of the Farm Loan
or of breeding, fattening or
mediate Credit cultivating, harvesting or marketing a crop,
has held that the
yesterday (Oct. 12) that the Federal Inter Intermediate marketing livestock, and the Federal Reserve Board
s carrying them for a reasonable
marketing of crops or livestock include
banks have sok1. a cecoltd issue of $10,000,000
of dumping
banks which time in order to market them in an orderly manner, instead
order to get money with
debentures to substantially the same group of
in
time
one
at
market
the
on
purchasing large quantities
r
this provision of the law, membe
purchased the initial issue in August. The banks
which to meet current expenses. Under
growers and
for nine months to wheat
money
loaned
are:
have
which
issue
banks
nt
their
prese
the
, carrying and marketing
ee National Bank, Springfield: other farmers for the purpose of raising
e
Old Colony Trust Co., Boston; Chicop
s' notes with the Federal Reserv
ty Trust Co., New York; Chase crops, will be able to rediscount the farmer
Guaran
York;
New
Bank,
City
al
Nation
al
Nation
York;
New
Bank,
al
banks.
tions.
National Bank, New York; Hanover Nation
Paper of Co-operative Marketing Associa
s Trust Co., New York; New
coming
Bank of Commerce, New York; Banker
ing associations have been
York; Chemical
market
New
tan,
ative
Manhat
co-oper
of
years
Bank
recent
In
York;
farmer to market
York Trust Co., New
al Bank, Philadelphia; more and more into prominence as agencies that enable the
Nation
elphia
Philad
York;
New
can
tions
Bank,
National
such associa
Union Trust Co.. Cleveland; First his crops to better advantage. The service which
Merchants National Bank, Baltimore;
the Federal Reserve Ace
and
Co..
Trust
ized
recogn
cial
Commer
clearly
is
&
ental
agriculture
tions.
Trust & Savings Bank, Chicago; Contin
of render to
on of credit to such associa
Bank, Louisville; National Bank
makes special provisions for the extensi
of March 4
Chicago: Citizens Union National
Orleans; First
the Agricultural Credits Act
by
New
ed
Co.,
amend
as
Trust
&
Act,
the
Bank
ia
Hibern
Under
paper which is eligible
Kentucky, Louisville;
of Commerce, St. Louis; First 1923, co-operative marketing associations can issue
proceeds of the paper
Nation Bank, St. Louis; National Bank
al Bank, St. Paul; First Wis- for discount with maturities up to nine months, if the
National Bank, St. Paul; Merchants Nation
ge
for an agricultural purpose,
Exchan
tion
associa
e;
the
Spokan
of
rs
Bank,
membe
al
to
Nation
ed
are advanc
the assoconsin National Bank, Milwaukee; Old
agricultural products delivered to
al Bank, Portland.
or are used to pay members for
Market,or marNational Bank, Spokane; First Nation
association in packing, preparing for
the
e
financ
or
.
1924,
ciation
14
ing
h
market
Marc
ative
by its members. Paper of co-oper
The debentures are dated Sept. 14, due
e keang products grownmoney
incom
be in turn loaned to individual
15
to
h
ed
Marc
borrow
of
ce
is
advan
in
day
associations by which
coming payable one
ineligible for discount, but
make them at- members of the association would ordinarily be
available for distax payment, which it was thought would
to issue such paper and have it
ability
the
that
felt
nt.
was
it
payme
ative marketing movement
tractive to persons accumulating funds for that
such assistance in the co-oper
of
be
would
count
law. The law
te Credit
the general rule is made in the
Commissioner Cooper stated that the Intermedia erative that a special exception toagricul
certain classes of paper of co-operatural
as
co-op
defines
cally
the
also specifi
ise would be construed as commerbanks are having their principal call from
of rapid tive marketing associations which otherw
eligible for discount
marketing concerns, which he regards as evidence ssed a cial paper. This provision makes the paper in questiofonnine
months instead
period
expre
um
maxim
a
and
for
ting
with Federal Reserve banks
development of that method of marke
rs'
growe
of 90 days.
special satisfaction in the fact that the wheat
Sight and Demand Drafts.
advances pracprove of great assistance to the
co-operatives had, up to Sept. 30, received
Another feature of the law which should
War
the
by
'year
last
.made
provision making sight and demand drafts
were
as
new
the
is
ts
large
as
interes
tural
twice
y
agricul
ticall
the original
as the War eligible for discount under certain circumstances. Under
e it has no definite
Finance Corporation to Nov. 30. Inasmuch
paper would be ineligible for discount becaus
all
of
such
Act
care
member
took
tly
many
custom of
Finance Corporation last year promp
ty. It appears, however, that it is the
drafts
wheat growers maturi
the
to discount large volumes of sight
ng
s
that
showi
as
period
ded
oving
regar
is
crop-m
during
this
banks
ds,
deman
, or other
of
sale
ng the shipment of wheat, cottonmaturity,
coveri
The
of
lading
bills
by
d
on.
secure
erati
in
co-op
ess
e
are making good progr
drafts, although having no definit
Intermediate agricultural products. Theseprompt
a liquid
ness and actually constitute
the first issue of debentures by the Federal
are usually paid with great
l Reserve
Federa
18
the
Aug.
tion of
ns
sugges
colum
the
At
in
these
nced
paper.
of
form
annou
le
was
and desirab
Credit banks
Federal Reserve Act by the Agrias the present Board, an amendment was made to the
ting Federal Reserve banks to
(page 729). The amount was the same
tural Credits Act of March 4 1923, permit
nt
to finance the domestic shipme
issue, viz., $10,000,000.
discount sight or demand drafts drawn
and secured by bills of lading
staples
able
market
readily
e
ishabl
of nonper
staples.
ing or securing title to such
or similar shipping documents convey
e banks' assets, it is
Agricultural Credits In
of
sion
the liquidity of the Federal Reserv
Exten
for
assure
to
sions
order
Provi
able
reason
The
presented for payment with
provided that such paper must be
Under Federal Reserve Act.
l Reserve bank hold such
Federa
a
may
event
no
in
that
ness and
ions of the Fed- prompt
paper longer than 90 days.
A description of the more important provis
Factors' Paper.
credit
of
sion
exten
the
for
de
provi
bills of
eral Reserve Act which
also provides that notes, drafts and
ed
y
amend
recentl
shed
as
furni
law
The
tly
es to producers
facilities to the agricultural interests was recen
for the purpose of making advanc
issued
factors
of
ge
exchan
de
disfor
recalled, amen
raw state shall be eligibl
of staple agricultural products in their
by the Federal Reserve Board. As will be
the proceeds of which are loaned
paper
Agris,
the
stance
circum
in
normal
ed
Under
count.
ments to the Reserve Act were incorporat
ineligible for discount, but this kind of
March 4 last, to some other borrower would bented
with maturities up to 90 days. This
cultural Credits Act which became a law on
now be discou
may
paper
'
factors
bility of credit facility should prove of much assistance in financing agricultural producand with a view to increasing the availa
farmers can also
Credits Act tion, because in addition to borrowing from their banks,
through the Reserve banks, the Agricultural
the more ready to lend on account of
be
will
,
who
factors
their
from
m
Reserve Syste borrow
notes and drafts which may be disalso made provision for the admission to the
the privilege given them of making
se of insufficient counted by Federal Reserve banks.
rly,
becau
forme
which
,
banks
er
small
of
full text of
Bankers' Acceptances.
capital, were ineligible for admission. The
ns
classes of credit instruments—that is, notes,
colum
ry
ordina
the
to
these
on
in
additi
In
given
was
s'
the Agricultural Credits Act
of exchange—a type of paper known as banker acceptances
bills
and
of
drafts,
ties
facili
n use as a means of financing
Sept. 8, page 1095. In reviewing the credit etin" said: has recently been coming into more commo
farmers and more particularly
Board in its August "Bull
operations, both by individualBanker
the Reserve banks theattach
ing agricultural
s' acceptances are drafts
ing to the added facilities for extend
by co-operative marketing associations.
In view of the interest
1923
by a bank or trust company
ed
of
accept
s Act
and
Credit
on
tural
drawn
ge
the
Agricul
by
exchan
of
shed
bills
or
establi
s,
credit to farmer
zes Federal Reserve banks
contained,
to the Federal Reserve Act which it
or other banking institution, and the law authori
ons. For this purlanguage
with the amendments
nt bankers' acceptances under certain conditi
the following summary in non-technical
discou
to
ed
prepar
been
has
there
purposes
by a member bank and must be
credit may be extended for agricultural
pose such acceptances must be indorsed
which
in
ways
the domestic
goods,
of
the
of
the regulathe amended Federal Reserve Act and
drawn to finance the importation or exportation
under the provisions of
e of readily marketable staples. Acceptthe
storag
or
Board.
e
of
goods,
nt
Reserv
l
shipme
Federa
tions issued by the
domestic shipment of goods or the
ances which are drawn to finance the
How Credits Are Extended.
be secured by shipping docue of readily marketable staples must also
storag
agrito
credit
ing
in
extend
Reserve banks
or securing title to the goods or
s ments or warehouse receipts conveying
The operations of Federal
variou
its
with
Act
e
l
Reserv
Federa
s'
ted by the
to banker acceptances, the law also
cultural interests are regula
credit staples in question. With regard
s nor other individuals can obtain
drawn to finance agricultural operations by
those
of
in
favor
inates
amendments. Neither farmer
discrim
their
to
banks, but must apply for loans
directly from the Federal Reserve

banks located, and what States
Where are the Intermediate Credit
are served by each of them?
ediate Credit bank districts, group
The Federal Land bank and Interm
are
location of each pair of banks
of States comprising each district, and
as follows:
Location of Federal
Land Bank and
Federal IntermeDistrict
diate Credit Bank.
States.
No.
t. New Hampshire,
1 Maine, Massachusetts, Vermon
New Jersey, and
Rhode Island, Connecticut,
Springfield, Mass.
New York
re,
Delawa
nd,
Maryla
a,
Virgini
West
2 Pennsylvania.
Baltimore, Md.
ia
Virginia, and District of Columb
Carolina, Georgia, and
South
na,
Caroli
North
3
Columbia, S. C.
Florida
Louisville, Ky.
and Tennessee
4 Indiana, Ohio, Kentucky,
New Orleans, La.
ma
Alaba
and
ippi,
Mississ
5 Louisiana.
St. Louis, Mo.
Arkansas
and
ri,
Missou
s,
Illinoi
6
Minn
ota, Wisconsin and Michigan-St. Paul,
7 North Dakota, Minnes
South Dakota, and Iowa_ _ Omaha, Neb.
8 Wyoming. Nebraska.
Kan.
a,
Wichit
Colorado,and Oklahoma
9 New Mexico, Kansas.
Houston, Texas.
10 Texas
Berkeley, Calif.
and Arizona
11 California. Nevada. Utah.
Spokane, Wash.
Montana. and Oregon
12 Idaho, Washington,




OCT. 13 1923.]

THE CHRONICLE

making them eligible for discount with maturities up to six months,
provided
they are secured by warehouse receipts conveying title to readily
marketable staples, while bankers' acceptances drawn for other purposes
may be
discounted by Federal Reserve banks with maturities up to 90 days
only.
Thus individual farmers and co-operative marketing associations can
obtain
funds to finance their operations by drawing on their banks
and discounting
the accepted drafts with other banks. This additional
means of getting
credit is a very valuable one, because bankers' acceptances are normally
the best typo of credit instrument and carry the lowest rate
of interest.
Admission of Small Banks to Membership.
With a view to increasing the availability of credit through the Federal
Reserve banks, the Agricultural Credits Act of March 4 1923
contained
a provision designed to enable many smaller banks, which formerly had
insufficient capital to become member banks, to join the Federal
Reserve
system. Under this provision banks having 60% of the capital
normally
required as a qualification for membership may join the system under
certain conditions relating to the increase of their capital within a reasonable
time, and it is hoped that mans'of the small country banks will take advantage of this provision and thereby put themselves in a position
to offer
their customers tne benefits of membership and the increased credit
facilities afforded by the rediscount privilege.
Open-Market Purchases of Paper.
In addition to the discount of agricultural paper for member
banks, Federal Reserve banks are also enabled to extend credit facilities to the agricultural interests by means of purchasing such paper in the open
market.
Under Section 14 of the Federal Reserve Act, the power is given to Federal
Reserve banks to purchase in the open market bankers' acceptances
and
bills of exchange of the kinds and maturities made eligible for
discount.
By virtue of this provision Federal Reserve banks may purchase,
as well as
discount, bills of exchange drawn for agricultural purposes and having
maturities up to nine months and secured bankers' acceptances
drawn to
finance agricultural operations with maturities up to six months.
Five-Year Loans on Farm Lands.
The Federal Reserve Act also makes provision for long-time
borrowing
on real estate security. Section 24 of the Act authorizes national
banks to
make loans for periods up to five years when secured by
improved and unencumbered farm land, and for periods up to one year when
secured by improved and unencumbered real estate. Naturally, land thus
used as security for loans must be located within reasonable proximity to the
lending
bank—the exact limits are prescribed in the law—and it is further
provided
as a matter of sound banking, that ,hese loans may not e.cceed
50% of the
actual value of the property offered as security. The law also
places a
reasonable limitation on the aggregate amount offarm loans
and real estate
loans which national banks may have outstanding,for otherwise
they might
tie up too much of their funds in long-time, nonliquid loans
and not be able
to meet the current requirements of their other borrowers.
Thus farmers,
who need long-time loans, can borrow for five years from
national banks
in their locality on the security of their farm lands, and the
Federal Reserve
Board has provided in its regulations that at maturity such
loans may be
renewed for other five-year periods, although a national bank
must not
obligate itself in advance to make a renewal.
Other Credit Facilities.
The above gives a brief description of the more important
provisions of
the Federal Reserve Act which provide for the extension
of credit facilities
to the agricultural interests. There are also certain
other provisions dealing with the relations between the Federal Reserve banks
and the new intermediate credit institutions which were set up by the
Agricultural Credits
Act of 1923, and by virtue of which Federal Reserve
banks, through discounting and open market purchases, arc enabled to
extend certain additional credits to agriculture.
Agricultural Loans by National Banks.
Attention should also be called to the provisions
of Section 5200 of the
Revised Statutes. This is not part of the Federal
Reserve Act and applies
only to national banks, but it has an important
bearing on the amount of
credit which farmers and co-operative marketing
associations may obtain
from national banks. Section 5200 of the Revised
Statutes contains the
limitation on the amount of money which a national
bank may lend to any
one person. This is, in general, 10% of the lending
bank's capital and
surplus, with certain classes of paper excluded as not
being considered loans
of money. An exception is made, however, with
respect to loans on
readily marketable, non-perishable staples, including
livestock. Such
loans may be made to any one person up to 25% of the
lending bank's
capital and surplus, provided the loans over and above 10%
are represented
by notes, secured by shipping documents or warehouse
receipts covering
staples or livestock.. National banks may also discount
in unlimited
amounts certain kinds of paper classified broadly as "bills of
drawn in good faith against actually existing values." Section exchange
5200 of the
Revised Statutes includes in this broad classification drafts
secured by
shipping documents conveying or securing title to goods shipped,
demand
obligations when secured by documents covering commodities in
process
of shipment and bankers' acceptances of the kinds described
in Section 13
of the Federal Reserve Act, so that national banks may
extend credit on
these classes of paper without limitation. These provisions,
which were
inserted on the recommendation of the Federal Reserve Board, give
broad
powers to national banks to extend accommodation on the
security of
farm products and livestock and have proven of great value to
farmers and
cattlemen in their financing problems.
The Federal Reserve Board's Part.
A discussion of the provisions of the law in this connection
would not
be complete without reference to the functions of the
Federal Reserve
Board in construing and administering the law. There is not
space here
for a critical study of the Board's rulings and regulations
with respect to
agricultural credits, but it can be stated with emphasis that the
Board has
so construed and administered the law as to improve, in
the highest possible
degree, the credit standing and economic position of the
agricultural
interests, placing at their disposal, through its discounts for
member banks
and its open-market operations, the vast resources of the
Federal Reserve
System to the fullest extent permitted by the law and by the
principles of
sound banking.

1619

level of the preceding month. The Board says, under date
of Sept. 29:
Deposits for the entire country on Sept. 1 were $6,659,615,000,
an increase
of 84,811,000. or 0.07%, over deposits on Aug. 1. Compared
with deposits
on Sept. 1 1922,increases were noted in all districts and for the entire country
the increase was $619,247,000, or 10%. A comparison of savings deposits
on Sept. 1 1923 with deposits on Aug. 1 1923 and Sept. 1 1922 is
shown in
the following table. The figures for the Boston and New York
districts
are those of large mutual savings banks, but in all other districts reports of
other banks are included to make the figures thoroughly representative.
Savings Deposits by Federal Reserve Districts.
Number
Sept. 1
Aug. 1
Sept. 1
of
1923.
1923.
1922.
District—
Banks,
S
S
$
Boston
64 1,194,152,000 1,192,585,000 1.104,435,000
New York
30 1,854,412,000 1.854,810,000 1,728,310,000
Philadelphia
80
461.922,000
461,876,000
422.128,000
Cleveland
18
432,286,000
439,014,000
380,041.000
Richmond
92
288,652,000. 289.348.000
269,220.000
Atlanta
99
217,421,000
217.946,000
192.303.000
Chicago
209
858,657,000
858.068,000
767.120,000
St. Louis
35
130,158.000
129.740.000
116,715.000
Minneapolis
15
88,820.000
88.821,000
79.105.000
Kansas City
59
101,468,000
101.391,000
91.831.000
Dallas
118
94,729,000
94.082,000
80.624.000
San Francisco
75
936,938.000
936,123,000
807,546,000
Total

894 6.659,615.000 6,654,804.000 6.040,368.000

Federal Reserve Board on Condition of Acceptance
Market Aug. 15 to Sept. 15 1923.
Under date of Oct. 2 the Federal Reserve Board said:
During the 30-day period ending Sept. 15 the acceptance market continued quiet, with few developments. The supply of bills was generally
moderate throughout the period, although during the second week of
September seasonal evidences of drawings against grain and cotton were
noted and the volume of bills slightly increased. Demand for bills was
very irregular early in the period, but it improved somewhat in September.
Bills with less than 90-day maturities were in the best demand. Purchases for foreign account continued in good volume, but both foreign
and domestic demand were not sufficient to absorb offerings and dealers'
portfolios showed a moderate increase. Rates were generally firm throughout the period at 4% to 4% bid and 4 to 4% offered. The principal
commodities against which bills were drawn were grain, cotton, silk, sugar,
hides and leather, wool, provisions, and agricultural implements.

Soldier Bonus Again Being Agitated—Would Cost
Four Billion Dollars, Says National Industrial
Conference Board.
Public interest in various phases of the agitation for a
soldiers' bonus has been greatly aroused by the assurance
from the American Legion in Washington that the bonus
legislation in similar form to that vetoed by President Harding would certainly be enacted by the next Congress. Officials of the National Industrial Conference Board of 10 East
39th Street, which recently concluded an economic survey
of the whole bonus situation, report many inquiries as to
what the bonus would cost the people of the United States.
In answer to these inquiries the Board has prepared data
based upon its researches and checked up by the United
States Treasury Department which show that the total cost
under the four suggested plans of adjusted bonus compensation will be, first and last, in the neighborhood of four billion dollars. If the American Legion is correct in its assurance that a bonus law will pass even over President Coolidge's veto, a huge sum estimated at $3,845,659,481 will be
added to the national debt, the Conference Board points out.
The statement issued by the Board then goes on as follows:
Under the four alternative plans for rewarding the veterans, the Board
finds that the cost to the people of the United States would be in each case
as follows if all the veterans elected to accept the same plan:
Adjusted service pay
$1,495,000,000
Farm-home-land plan
1,833.000.000
Vocational training plan
2,093,000.000
Certificate plan
4,486,545,975
Estimates as fixed by the United States Senate Finance Committee, and
quoted by the Conference Board,show a probable acceptance of the various
plans as follows:
75% under certificate plan
$3,364,909.481
22 Si% under farm-home-land plan
412,425,000
2Si% under vocational training plan
52,325,000
Cash payments
16,000,000

Total cost
83,845,659.481
Of this huge sum more than a billion dollars--$1,136,74
1,670 to be
exact—would have to be met by taxation or by loans
in the next twenty
years. The balance of $2,708,917,811 would have to be paid
after 1943.
The effect of the bonus, the Conference Board's economic studies
show,
would be to add to the debt of the United States twenty
years hence a bum
equivalent to from $102 to $142 on each family, and
from $64 to $86 for
every person gainfully employed, which group compriess
the great class of
taxpayers.
According to Treasury estimates made independent
ly of the estimates of
the Senate Finance Committee, the outlay for payment on account of
the
bonus would amount to 8145,000,000 in the first year, $225,000,00
0 in
the second year, $114.000
.
,000 in the third year. 8312,000.000 in the fourth
year, &c. These figures are exclusive of an average annual cost of many
millions in administering the provisions of the measure. In addition, the
annual interest charges which will be saddled on the Treasury when final
payment is made In 1943, or after, may be estimated at $108,000,000 to
$144,000,000, according to which of the various plans is considered.

Increase in Savings Deposits in Federal Reserve
Districts.
Savings deposits, as reported by 894 banks distribute
d
throughout all sections of the United States, increased during August in all Federal Reserve Districts
except in the
The question is raised, therefore, as to how the Federal
New York, Richmond and Atlanta districts.
In the Minne- Government can balance its budget and continue to
reduce
apolis district they remained relatively unchanged
from the its public debt, meet its recognized obligations in connection



1620

THE CHRONICLE

[Vor.. 117.

$12 65; in Maine,
in a posi- each family in Colorado,$25 60; in Illinois,
with the support of disabled veterans, and still be
$20 25; in New Jersey, $12 05, and in
a,
in
Minnesot
;
35
$19
proposed
the
of
tion to make annual payments on account
only tax payments on
"there is a Ohio, $8 30. These figures represent
bonus. "Moreover," says the Board's statement,
interest payments on
include
not
do
and
according actual construction
limit to the tax-paying capacity of the nation and,
tion. A weighted
construc
highway
cover
to
issued
bonds
apbeing
to general business opinion, that limit is rapidly
the per capita cost
places
States
six
the
for
costs
of
of taxation im- average
proached. It is pointed out that the burden
ting highways at $261. It
construc
of
cost
the
and
$1230
at
ytars
recent
in
posed by State and local Governments has
State taxes going into
taxation has will be seen that the percentage of
been growing tremendously, and while Federal
d communities was about 21%. In
combine
these
in
roads
levying
taxother
of
declined somewhat, the expenditures
dollar out of every five colbond issues, have other words, approximately one
authorities, defrayed out of taxes and by
road-building in 1922."
for
went
States
six
of the tax bur- lected by the
been increasing phenomenally. Any increase
thirteen States considother
the
but
debt,
no
has
a
Nebrask
g
providin
purpose of
den which might be necessary for the
1917 and 1922 by
between
ness
indebted
their
d
increase
from time to time erably
funds in payment for the soldiers' bonus
this increase about 71% is accounted
Of
000.
$160,000,
about
ent
Governm
of
and the necessary issuance of large amounts
funds for soldiers' bonuses and
of the bonus, for by bond issues to provide
bonds to meet the final payment on account
Eight of these thirteen States floated
tion.
construc
highway
inng
disturbi
exercise
aggregating billions of dollars, will
during 1922.
of the country issues for these purposes
fluences upon the general business interests
says Mr. Helm,"is a total of $67,000,000 indebted"Here,"
ng
well-bei
the
y
indirectl
and
and thus will affect directly
$47,700,000 for highway construcs and finances are ness for soldier bonus and
of the population. Students of economic
being sufficient to increase alalone
item
former
the
tion,
large public
familiar with the inflationary forces which
indebtedness of the entire thirteen
the
d
three-fol
most
would
inflation
debts and increased taxation generate. This
t alone to more than doualso would States in 1917, the latter sufficien
not only be reflected in increased price levels, but
build
highways is hardly
to
t
movemen
the
thus en- ble it. And
tend to depress the price of Government bonds and
at the present time.' The Bureau of Public Roads
launched
tail hardships to investors."
lding program to
Industrial estimates the past fiscal year's road-bui
"The weight of the evidence," says the National
$957,000,000. To this sum the Fedabout
told,
all
cost,
have
that
on
conclusi
Conference Board, "points inevitably to the
the municipalgrounds eral Government, the States, the counties and
the soldiers' bonus proposal cannot be justified on
This year the cost probably will run to
ted.
contribu
ities
the
to
or
,
veterans
of economic equity and fairness to the
0,000
a the same figure, making a close approach to $1,000,00
general population, while it would lay upon the country
our
of
ance
mainten
and
tion
construc
of
cost
interests as the annual
financial burden which would adversely affect the
Thus far the item of interest
systems.
of
motor
network
new
to
tend
of the nation as well as of the veterans and might
ures of
In- on borrowed money is a minor one in the expendit
hamper the nation's necessary efforts in behalf of the
have been announced. The
returns
whose
States
thirteen
the
vetaged
capacitated veterans at present and the needy and
e the maghave Federal Government may well serve to illustrat
erans of the future. Finally, because the bonus would
to which the interest item may rapidly attain. At
nitude
of
expenses
the
to be paid out of taxation and thus increase
debt inure the present time, interest on the national debt—a
industry and the tax-payer, and because its expendit
proxiof
time
a
peril—ap
at
defense
national
the
in
it curred
would create a sudden demand for consumption goods,
the entire outlays of the Federal Govof
th
one-four
mates
general
would operate directly and indirectly to raise the
distant when interest on
large ernment. The time is measurably
cost of living. For these reasons the distribution of
which is being incurred largely for
debt
debt—a
State
the
,
taxation
sums of money in the aggregate, raised out of
travel convenience and pleasure—will be one-fourth or more
would in the final analysis impair rather than enhance the
State expenditures, unless the present tendency to borof
c
economi
the
y
g
welfare of the veterans by adversel affectin
mony is checked."
row
welfare of the country as a whole, and by making more difdisabled
the
for
of
caring
y
task
ficult the just and necessar
Representative Green on Purpose of Legislation to
ex-service men."
Restrict Tax-Exempt Securities.
Cost of State Governments Doubled Since 1919 and
In a statement issued Oct. 8 Representative William R.
Quadrupled Since 1913.
Green of Iowa undertakes to explain the purpose of the proAnalysis of the returns made to the Census Bureau by posed constitutional amendment to be considered at the
fourteen States for 1922 indicates that the cost of State Gov- next session of Congress) designed to restrict the issuance
ernments throughout the Union has more than doubled since of tax-exempt securities. We quote his explanation herewith
1919 and has quadrupled since 1913, according to William P.
The Burden of Tax-Free Bonds.
Helm, Jr., who discusses the "joy-riding" of the Common
Many inquiries received from various sources and some articles written
proposed constitutional amendwealths in the October issue of "The Budget," a periodical for farm papers show that the effect of the
ment restricting the issuance of tax-exempt securities is often misunderstood
whose
States
The
ee.
Budget
Committ
National
the
Issued by
and the evils arising from present conditions are not apprehended. I also
reports have been tabulated are Colorado, Delaware, Illinois, find that some inquire why it is necessary, and others as to what benefit
Jerwill result. Some also do not understand what the term "tax-exempt
Kentucky, Maine, Michigan, Minnesota, Nebraska, New
do not have
securities" covers. To make these matters clear to persons who
Wyoand
n
Wisconsi
West
,
Virginia
sey, Ohio, Rhode Island,
the time or opportunity for independent investigation I have summarized
.
or
3,
separately
the questions most commonly asked and will answer each
ming. They have a combined population of 33,203,64
What securities are exempt from taxation?
total
Question.
The
on
of
country.
the
populati
total
about 30% of the
as to
Answer. The bonds of the National Government are exempt both
post of
n
cost of government in these States, exclusive of the
principal and income from taxation by the several States or any subdivisio
law
Federal
was of them. Part of them are entirely exemptfrom any tax by the
government in their counties, cities, towns and villages,
issues
Certain
entirely.
not
are
which created them, but most of them
$438,682,777, or $1321 per capita. "Applying this cost to authorized by the Federal Government, such as the farm loan bonds, are
the
by
d
are
estimate
United
States,
the
of
on
populati
also entirely exempt. The bonds of the States or any divisions of them
the entire
Mr. exempt from Federal taxes, and are generally made exempt from taxation
Census Bureau to have been 109,248,393 in 1922," says
tax
may
States,
however,
by or within the State that issues them. Other
Helm,"we reach $1,443,161,272 as the approximate total cost both principal and interest.
estimate
This
the
out
Union.
through
Question. What is proposed by the amendment?
of State government
To permit the National Government to tax the income only of
contrasts with the Census Bureau's figures for 1919, when theAnswer.
State securities and the States to tax the income from the national
for
those
and
per
or
nt or State
$609
capita,
,134,
$640,403
the total was
securities, in each case only to the same extent as the Governme
1913, when the total cost was $382,551,199, or $395 per cap- taxes its own bonds.
Question. Does the amendment apply to securities already issued?

lta."
Answer. No; only to those issued after its adoption.
As to the purposes for which these expenditures were
Question. Why ought such an amendment to be adopted?
Answer. To equalize the burdens of taxation. As some escape taxation
made, detailed information is available with respect to Coloby investing in tax-exempt securities this must be made up by increasing
rado, Illinois, Maine, Minnesota, New Jersey and Ohio only. the taxes of others. The amount of State and municipal securities in
29
is entirely
existence is now over ten billion dollars, the income from which
In these six States, with a combined population of 20,251,2
about twenty billions of Government bonds
tax,
and
roadFederal
from
of
exempt
cost
the
of
,738,
cost
ent
$249,115
and a total governm
Government thereby has been variously
of partially exempt. The loss to themillions
to four hundred millions a year
building was $53,000,000. Taking the per capita cost
estimated at from three hundred
of the graduated income tax and
government as a whole and the per capita cost of road-build- The effect is to nullify the provisionsindividual
.
the ratio of increase the taxation of the ordinary
ing in these States as a basis, Mr. Helm gives
Question. Who are the most favored by the present system?
,
Colorado
in
30%
as
cost
ent
in tax-exempt securigovernm
invested
have
total
who
to
wealthy
Answer. The extremely
highway cost
Minnesota, 14% in ties. Under our graduated income tax a person having a not income of one
32% in Illinois, 19% in Maine, 23% in
million from property like railroad bonds, corporation stocks, farms, or
New Jersey and 15% in Ohio.
business of any kind, is required to pay a Federal in °me tax of $550.800
fama
to
members
of
five
average
per year, while if he has this amount of income from tax-exempt bonds held
"Assuming," he says, an
in taxes, in does not:pay atcendthereon. The gain is not largo to those having small
cost,
in
1922
s
highway
of
tion
construc
ily, the



OCT.13 1923.1

THE CHRONICLE

1621

a representative gathering and the helpful consideration
incomes, hence they seldom buy tax-exempt securities. The extent to the fine prospect for
may come before it. I wish it were possible to accept
that
subjects
the
of
from
judged
be
may
securities
tax-exempt
hold
wealthy
which the extremely
to be present at the conference which to my regret
the fact that when William Rockefeller died, it was found that his estate the cordial invitation
it is not. I wish to extend to those who will be gathered at this time the
included $43,000,000 in tax-exempt securities.
sympathetic interest in the vigorous effort they are
Question. It is sometimes claimed that those who buy tax-exempt securi- assurance of my most
about a broad and thorough understanding of the
bring
to
forth
putting
is
interest
the
which
upon
securities
buy
to
them
ties pay enough more for
question, as it is presented to the country
so low that the Government substantially makes up its loss in taxes and the problems involved in the tariff
• at this time.
purchaser derives little gain therefrom. Is this true?
I think it can be fairly said that there has never been a period in our
Answer. Only to a very limited extent. There is always such a large
so little of sectional interest entered into the conamount of tax-exempt securities being offered that there is little competition country's history when
The obvious necessity for maintaining a
question.
this
of
sideration
income
an
having
those
For
incomes.
heavy
having
those
among
for them
American industry and production in the
of a million dollars the purchase of a tax-exempt bond paying 4.50% proper measure of protection to
following the war has unquestionably
would net about as much as a taxable bond paying 10%,• but the same face of chaotic industrial conditions
solidarity on this issue.
bond could be sold at the same price by making the rate of interest slightly brought us nearer to a national
CALVIN COOLIDGE.
higher. The Government loses what the buyer of tax-exempt securities
The Congress, which it is said is of non-partisan character,
makes according to his income. Tax experts and political economists all
agree that under a graduated system of income taxes the exemption benefit is, according to the Associated Press, the first meeting of
to the wealthy investor is not passed on to the borrowing municipality or
producers in the West to consider the tariff as it affects
State.
practically
Question. Is it necessary to amend the Constitution when we already have that part of the country. Delegates representing
what is known as the Income Tax Amendment?
the West, chambers of
in
organization
every
producing
amendment
that
Answer. Yes; although it was generally believed when
in attendance when the
was passed that Congress would have the power to tax incomes from any commerce, banks and the press were
source, the Supreme Court has since held that it does not extend the objects meeting was called to order on the 3d inst. Addressing the
of the tax, and only made it unnecessary to apportion the tax among the
Association as Chairman, Frank J. Hagenbarth, of Salt
Stites.
amendment
an
City, Utah, declared "that present tariff schedules
such
make
to
as
Lake
so
change
Question. Will conditions
unnecessary?
business should not be disturbed unless there is
affecting
Answer. On the contrary, conditions are getting worse as the State and
reason for such action." Associated Press
compelling
some
a
dollars
municipal indebtedness is increasing at the rate of about a billion
places
and
taxes
from
as follows:
exempt
him
quote
accounts
year. This enlarges the amount of property
It must be our function in the West to bring in a proper and orderly
a heavier burden on the salaried man and the man who has only a small
Income as well as on all incomes derived from industry, agriculture and manner to the attention of the President, and.to the Tariff Commission,
underlying
commerce.
and even to Congress and its personnel when necessary, the
Question. Does the issuance of tax-exempt securities make any difference facts which make for prosperity in the West. We cannot permit the selto the man whose income is not large enough to require him to pay an fishness of human nature to ravish our industries. We are trying to build
Income tax, such as a small farmer or a laborer?
up a commonwealth amid the mountains and plains west of the MississillP1
Answer. Yes; because it increases the cost of living.
but we cannot do so in poverty.
lb
living?
of
cost
Question. How does the exemption of bonds increase the
No one industry in the producing West is strong enough to withstand
decreasing
thus
business,
active
from
money
Answer. By withdrawing
organized and wealthy manufacturing interests in the East. It is'for
competition, and by increasing the cost of capital to manufacturing cor- purpose of giving voice to this thought that we are met here together •
porations, railroads and merchants, thereby raising the cost of manufactur- motto must be that of Alexander Dumas' "Three Musketeers," "Ono
ing goods, making freight rates higher, and generally increasing the cost all and all for one."
doe.
of doing business. Capital for building has been scarce and high, making
Let us approach our problem with respect for our opponents and with
rents higher, and causing working men to demand higher wages. When regard for the right. We are here to permanently organize the Western
dead capital is tied up in tax-exempt bonds live capital must pay taxes for Tariff Association. This association which we shall perfect, will serve as a
both, and all taxes on property have enormously increased.
medium for the proper presentation of facts before the Tariff Commission in
Question. Does the amendment permit the Federal Government to tax Washington whenever any group of our organization, or any Western
exempt?
now
bonds
of
the
as
income
the principal as well
product, is under attack. We hope to demonstrate effectively and perAnswer. No. The amendment in express terms applies only to income, manently to the Commission the commercial and economic factors involved,
and provides that neither the Government nor the States shall discriminate and as affecting the West.
against the bonds of the other.
Congress in its wisdom passed what was known as the Emergency Tariff
Question. Would farmers have to pay a higher rate for land loans if measure, and. I might say in passing, that this measure came nearer being
tax exempt securities were not permitted to be issued?
non-partisan than any tariff measure ever passed by Congress. Later on,
Answer. No. Investments in tax exempt securities have withdrawn im- in the summer of 1922,the Fordney-McCumber Tariff Act was passed after
mense sums which would have been used for farm loans, and thereby re- many months ofarduous consideration ofthe various new problems involved.
duced the rates of interest. Many farmers were required to pay their It was freely predicted that this measure would stop the flow of imports into
loans when money was hard to get because the holders of the loans wanted and exports from the United States. As shown by the record up to date, a
to put their money into tax exempt securities. Farm loans were formerly contrary result has been accomplished. The stubborn facts in the case
a favorite investment for large estates. These estates are now getting rid show that a prosperous America was enabled to buy generously from an
of them as fast as possible. If no more tax exempt securities were issued impoverished Europe. notwithstanding the so-called-high tariffs imposed
the rate on farm loans would fall, for there would be more competition for by the Act. The revenue derived from the Act has been a surprise to even
them. So, also, if no more tax free issues were permitted, the Federal Its most ardent champions, and this revenue, by the way, has come at a
Farm Loan bonds would sell at substantially the same rate. They would time when it was sorely needed by the American taxpayer.
always enjoy a preference on account of the security, and security has more
Opponents of this provision charged that it was unconstitutional; that if
to do with the market price of bonds than the tax free provision. There the Tariff Commission and the President could be given authority to lower
raise
on
sold
be
cannot
that
existence
in
bonds
free
tax
are now great amounts of
or raise the tariff 50%,they could be given authority inl Ike manner to
as favorable terms as some of those which are taxable. Moreover, as be- it or lower it 99%. thus doing away entirely with the Constitutional provifore stated, the quantity of tax exempt bonds is so immense that there is sion that taxes and the raising of revenue should be solely a function of Conmore than there is demand for among the large income tax payers. A gress.
considerable portion must be taken by those whose income tax is assessed
Other opponents saw a grave danger in giving to any body of men the
at only a small percent. The price these parties will pay fixes the price of power, virtually, to raise or lower the values of production and industry
the whole issue and they will pay only a very little more than for a taxable En this country to the extent of billions of dollars annually. Others again
security of the same grade.
saw that such a provision would mean a constant unsettling and instability
Question. Is this a political or local question
of business. They claimed that if it was bad to have business unsettled
Answer. It is not. Neither is it a question of occupation. Members of by Congress every four years in the writing of a new tariff Act, how much
both political parties voted for the amendment when the resolution passed worse was it to have business constantly agitated and fearful of the actions
the House of Representatives in January 1022. Two Democratic Secre- of a body of men who had the power from day to day to practically rewrite
taries of the Treasury and one Republican Secretary have recommended schedules of the tariff.
the adoption of the amendment. It was approved by President Harding,
Others who saw the apparent necessity, in view of the alarming conditions
Who earnestly urged its passage, and passed the House in the last session of of foreign exchange, for some sort of a flexible provision were desirous
Congress. So many organizations have approved it that there is no space that it be limited in its operation for one year, or two years at the most.
to mention them all, but among the more prominent are: The National
Notwithstanding all of this opposition the elastic provision was finally
Grange, the American Farm Bureau Federation, the American Bankers written into the law as it now stands, and now it is contended that the
adopted, is
Estate
the
Real
of
States
Boards,
United
Association
National
Association,
Tariff Commission, by the rules and regulations which it has
Chamber of Commerce, the American Economic Association, and the Na- violating the spirit if not the letter of the law. The Commission has
tional Tax Association. Economists and tax experts, with practically no apparently seen fit to so construe the law that it has authority to initiate
exceptions, favor it. and the Legislatures of several States have already movements to change the tariff without a preliminary hearing. This
endorsed it. Its supporters are increasing in number and earnestness as the the law does not contemplate.
Injustice of tax exemption becomes more apparent.
President Coolidge has said, "Give the Administration a chance to catch
up with legislation." In the present instance before the ink is fairly dry
has begun for the rePresident Coolidge Says Obvious Necessity of Main- on the Fordney-McCumber Tariff Act, agitation
duction of tariffs. It is a singular coincidence that complaints for reductions
taining Tariff Has Brought Us Nearer Solidarity—
up to date which have been filed with the Commission are leveled prinCongrecs of Western Tariff Association.
cipally at agricultural products and so-called raw materials.
It is a wholesome comparison to know that notwithstanding the imCommending tho efforts of those who seek "to bring about position
of what is called a robber tariff on wool and woolens that the
of
the
understanding
problems involved average increase in the price of clothes and clothing in February 1923.
a broad and thorough
in the cost of
in the tariff question," President Calvin Coolidge in a as compared with 1913, was 26% less than the increase
carpets, which were on a free wool basis. The figures I use are taken from
Tariff
in
Association
Western
at
session
message to the
reports of the Department of Commerce.
Denver, Colo., on Oct. 3, declared that "there has never
We have no political role to play. Nor do we wish to be known as
our neighbors who may have
been a period in our country's history when so little of living in glass houses and casting stones at tariffs.
Let our sole purpose
just cause for complaint against certain
a
the
into
consideration of this be the seeking of daylight and justice and to protect our weaker individual
.sectional interest entered
question." The "obvious necessity for maintaining a members through presenting a common front, guided by unity of action.

proper measure of protection to American industry and
production," says the President, "has unquestionably President Coolidge Unable to Personally Attend
brought us nearer to a national solidarity on this issue." Memorial Service in New York to President Harding.
The President's message follows:
The decision of President Coolidge to give his Presidential
To the Western Tariff Association:
duties
precedence over his own desires to participate personthe
to
wishes
Tariff
Western
sincerest
Association
My greetings and
to be
at the opening of its conference. I have been much pleased to learn of ally in the service in memory of President Harding,




1622

THE CHRONICLE

held in New York on the latter's birthday—Nov. 2—was
made known on Sept. 26. Confronted with the dilemma
of acceding to his desire to attend the service and the necessity of giving his undivided attention to the problems affecting the country, the President found himself obliged to leave
with the delegation which on Sept. 26 called on him in
Washington to invite his participation, the determination
of the question of his acceptance. The decision was announced as follows by the delegation after their call upon
the President:
The delegation wishes to say that it was the President's earnest desire
to accept the Committees invitation, but that in view of the situation in
Washington, in America and throughout the world, he reluctantly reached
a decision to take the delegation's advice, through a letter to be read on
the occasion of the memorial service on Nov. 2, in New York, to give
expression to his love of the late President and evaluation of his character
and great services to his fellow-men.

The New York "Times" in referring to the visit of the
delegation and the conclusions of the President said:
What happened in the President's office when the New York delegation
called has a deeper significance than appears on the surface. President
Coolidge is attempting to adhere consistently to a decision to devote himself
to public affairs without any material diversion. His purpose in taking this
course is to make it clear that if he is to be a candidate for the Republican
nomination for President he will stand on a record of personal accomplishment and devotion to the policies of President Harding. The new President
is working hard, and there are indications that he feels the strain of his
office, with the multiplicity of detail in connection with administrative
affairs that he desires to master at the outset of his tenure.
A lesser purpose which-actuated President Coolidge in his attitude
toward the invitation of the New York delegation is his desire to avoid
delivering any public addresses away from Washington until after he has
communicated his views on important questions to Congress when it
assembles in December. Once the ice is broken by his annual message to
the Senate and the House the President will feel free to consider invitations
to make speeches on matters of interest and concern to the country.
The New York delegation was headed by John A. Stewart. who explained
to the President that it represented a committeeformed originally to welcome
President Harding on his expected arrival in New York frcm his extensive
tour across the Continent to Alaska and back by way of the Panama Canal,
Porto Rico and the Virgin Islands. After Mr. Harding's death the committee was reorganized as a memorial committee.
President Coolidge was told that the committee was arranging to hold
the memorial services in the largest available hall, that Bishop William F.
Anderson of Cincinnati. a close friend of President Harding, would offer
prayer, and that a Baptist clergyman would deliver the benediction.
Maybr Hylan, the delegation said, was the honorary head of the Memorial
Committee.
"No invitation which could be extended me would have a stronger appeal
than that which comes from your committee asking me to be the speaker
at the Harding memorial service in New York." said President Coolidge
to the delegation. "It brings our great loss to us with particular poignancy
that those who had planned to welcome President Harding on his arrival
in New York should now be preparing to pay honor to his memory."
In conversing with the delegation President Coolidge said that if he were
to crystallize constructively the policies of President Harding he would need
all the time at his disposal between now and the convening of Congress.
All that time, he said, must be spent in laborious work. He explained
that he was working under great stress. Innumerable matters were
demanding his earnest attention, and he was obliged to give close, careful
consideration to the preparation of his forthcoming message to Congress
and to constructive legislation relating to the first session of a new Congress.

President Coolidge Calls a Conference of Governors
on Law Enforcement.
Invitations were sent out from the White House on
Oct. 3 to the Governors of the 48 States for a conference
with President Coolidge Oct. 20 to discuss law enforcement,
particularly as applied to prohibition, immigration, and
anti-narcotic statutes. The Governors will go to Washington
from their annual conference at West Baden, Ind. They
will go direct to the White House, where they will be entertained at luncheon by the President, after which the conference will begin. The plan for the conference provides
that the heads of the Departments of Justice, Treasury,
and Labor, which are particularly concerned with the
enforcement of the legislation to be considered, shall present
the views of the Federal Government with respect to cooperation in enforcement. This presentation will be followed
by a discussion of what the States can do in a co-operative
way.
Inquiry Into Reasons Why State Banks and Trust
Companies Remain Out of Federal Reserve System—
Views of Paul M. Warburg, D. R. Crissinger,
C. S. Hamlin, &c.
The assertion by Paul M. Warburg that there is grave
danger that the Federal Reserve System is "headed for the
rocks" unless Congress does something to protect its members
from Senatorial attacks hasfigured as one of the outstanding
declarations made before the Joint Senate and House Banking
and Currency Committee, which began on the 2d inst. at
Washington, its inquiry to determine why eligible State
banks and trust companies have failed to join the Federal
Reserve System. Mr. Warburg, who was formerly a
Governor of the Reserve Board, and is now a member of the
Advisory Council of the Board, was heard by the Committee
on the 5th inst. at which time also Levi L. Rue, Chairman




[VOL. 117.

of the Advisory Council, and President of the Philadelphia
Nation.at Bank, testified before the Committee. It was at
this inquiry that the information was brought forth that
Attorney-General Daugherty had ruled on the question of
the establishment of branches by national banks. This
ruling was referred to by us last week (page 1515). Mr.
Warburg in referring on the 5th inst. to the danger confronting the Reserve System, had the following to say, according
to a Washington dispatch to the New York "Commercial":
There is grave danger of the Federal Reserve System going down because
of too great a turnover in its membership. In eight years six men have left
the Board. Members of the Board who have made themselves unpopular
have been unable to be confirmed by the Senate. Accordingly, the American Bankers Association the other day recommended that once a man has
been appointed by the President and confirmed he may be reappointed
without confirmation.
Some day the country may see the Federal Reserve Board headed for the
rocks unless something is done to protect its members. There will be
Increasing difficulty in getting high grade men to accept membership on
the Board.

The same paper quotes to the following effect Senator
Glass, of Virginia, one of the members of the Committeez
You might as well talk about stopping the world from revolving on its
axis as to get the United States Senate to surrender its prerogatives.

From the "Journal of Commerce" it is learned that Mr.
Rue predicted the disintegration of the national banking
system unless action was taken to "equalize the privileges
enjoyed by national banks with those enjoyed by State
banks and trust companies." The further account from
Washington Oct. 5 of the day's hearing was reported as
follows in a Washington dispatch to the "Journal of Commerce."
Advocates of changes in the Federal Reserve Law or in the rules and
regulations of the Federal Reserve Board, designed to draw in as many
as possible of the non-member banks of the country, received no encouragement from either Mr. Rue or Mr. Warburg. Taking issue with Eugene
Meyer Jr. and others who have previously testified, Mr. Warburg declared
the small banks coming in "would multiply the difficulties of the Reserve
System" and not help it much. "Purely from the point of view of the
strength of the System" he said. "it is stronger without them."
Opposes Larger Returns.
Mr. Warburg also opposed any larger distribution of earnings than is now
provided for by the 6% dividend. If higher returns were paid member
banks, he expressed the belief that the Federal Reserve Board would be
attacked for profiteering, and pointed out that the System was not created
to be a money-making organization. As a suggestion for constructive
improvement in the System, he advocated the elimination of the dual
regulatory and examining functions of the Federal Reserve System and the
Comptroller of the Currency.
He indorsed the resolution adopted by the American Bankers Association
whereby membersofthe Federal Reserve Board,once having been confirmed
by the Senate, could be reappointed by the President without referring the
matter again to Congress. Reciting that there had been a large turnover
in the membership of the Board, Mr. Warburg expressed the opinion that
there should be greater continuity in its composition, adding that unless
the System was protected from recurring "whacks" by Congress, it would
meet with increasing difficulties in getting good men.
John Miller of the First National Bank of Richmond, representing the
Fifth District on the advisory council, stated that there ought to be at least
an annual gathering of member banks for the purpose of raising their enthusiasm for the System by brushing aside misapprehensions existing as
to it. He favored a wiser distribution of profits if there were any after
the payment of a tax on the uncovered portion of the Federal Reserve notes
among members on the basis of average balances maintained by the banks.
Mr. Miller said the existence of a $200,000,000 surplus, which would fall
into the hands of the Government if the Federal Reserve System were broken
up, constituted a great temptation to the enemies of the system and contended that, inasmuch as Congress had contributed less than $80,000
toward seaing up the system, it should not be such a heavy beneficiary
In the earnings of the system.
Suggests Changes.
Conceding that while his proposals were "scientifically unsound" they
were "practically sound," Mr. Miller suggested changes in the basis of computing reserves which member banks must maintain with the Federal Reserve Board. The first was that a member bank should be allowed to count
cash in the vault as one-tenth or some such percentage of the reserve balance.
In computing reserve requirements, Mr. Miller suggested that the member
banks should be allowed to deduct from liabilities money due from banks.
If these concessions were made, Mr. Miller said it might serve to bring more
country banks into the system.
Mr. Rue opposed a concerted movement to bring the eligible banks
into the system.
"It is doubtful." he said, "whether any additional effort should be made
to induce non-member banks to join the system. Certainly no pnasure
should be brought to bear. Time will prove to these banks the advantages
of joining. I do not think the standards of the Federal Reserve System
should be lowered to get them in now."
Three main reasons were given by Mr. Rue why State banks are staying
out of the Federal Reserve System. First, the loss of interest on deposits
which must be kept in the Reserve banks and the inability to count cash
in vaults as part of their reserves: second, the fact that non-member banks
can got practically all the benefits of the Federal Reserve through correspondent banks that are members; and third, membership in the system
on the part of the State banks makes it necessary to render reports and
accounts to both State and national authorities.

IVould Equalize Privileges.
The correspondent city banks handling the business of the small State
banks are not responsible for keeping the State banks out of the system,
according to Mr. Rue. "The small State banks have a presonal relationship oftentimes of years' standing with their correspondent city banks
which they could not hope to have with the Federal Reserve banks.
"Unless something is done to equalize the privileges enjoyed by national
banks with those of the State banks and trust companies, the disintegration
of the national bank system by the withdrawal of banks from the national
system is likely to take place," he concluded. "There is little if any ad-

OCT. 13 1923.]

THE CHRONICLE

1623'

vantage now for a bank to operate under a national charter, and when subjected to competition from State banks and trust companies located in the
same community and having greater privileges, their position becomes
more and more difficult, and only sentiment holds many of theta to-day in
the national system."
During Mr. Rue's testimony. Representative Strong of Kansas complained that many of the banks in his State were unable to use the Federal
Reserve facilities because their paper was ineligible, and referred to "onename paper" as coming within the class of this paper. When it was pointed
out that this did not necessarily prevtnt its being rediscounted, he said
there was too much red tape incidental to filing a statement such as was required.
Taking the stand, Mr. Warburg said that.he desired to state that no loan
below $5,000 required the filing of a statement from the borrower.
"The standards for eligibility of paper must be kept up," he said, adding
that it was a question whether the small bank coming in would help the
farmer. The small banks are overloaned most of the time, he said, and
when they are unable to accommodate the borrowers blame the Federal
Reserve System. In response to a question, Mr. Warburg said that he
believed the system was stronger without the small banks and said that his
feeling with respect to recruiting them to membership was that "we should
not be impatient." However, he added that the door should be kept wide
open to permit them to come in when they see it is to their advantage.

crimination in the selection of the personnel of the Federal Reserve Board
and insisted that there should be continuity in the membership, with the
President permitted to reappoint members without subjecting them to
confirmation by the Senate. He also would have the Board appoint its
Governor instead of having that officer selected by the President.
A great deal could be accomplished,continued Mr. Newcomer,in removing the opposition of the small banks to membership in the System, he said,
should the Government guarantee 6% interest on the stock of the Federal
Reserve System, to which members are required to subscribe.
Large national banks had left the System, he stated, to meet the competition of State banks and not because of opposition to any of the requirements
of the System. He was opposed, he said, to holding out any inducement to
small banks to bring them into the System unless the inducements were
sufficient to bring all of them in.
Oscar Wells, Vice-President of the American Bankers Association, told
the committee that some country banks were opposed to the Federal Reserve System because they believed it embodied the objections they had
against branch banking.
R. F. McNally, Vice-President of the National Bank of Commerce of
St. Louis, who represented the Association of Reserve City Bankers, proposed that 50% of the profits of the Federal Reserve banks should be set
aside annually until a fund of $100.000,000 had been raised. This fund,
he said, should be maintained for use by the Federal Reserve Board to aid
banks which had become "waterlogged."
Upholds, Bank Practice.
Resolutions adopted by the banks of the First Federal Reserve District,
Mr. Warburg said he could add very little to what Mr. Rue had assigned composed of New England States, were presented to the committee. The
as the reasons for the banks not coming in, and defended the practices of New England bankers said increased membership could be obtained by prothe reserve city banks in acting as correspondents for them.
viding that members in towns where there is no Federal Reserve bank or
Questioned on branch banking, Mr. Warburg said unless national banks branch might carry not to exceed one-third of their required reserve in their
are given the same right in States where State banks are permitted to estab- vaults in the shape of Federal Reserve notes issued through their own
lish branches, it was inevitable that they would undergo a conversion. He Federal Reserve banks.
said he couldn't understand why Congress should be obstinate in acting
Other changes they recommended would provide that Federal Reserve
to place them on a parity.
banks pay a uniform tax of 2% to the Government, to be a first charge,
Mr. Warburg said he was "confused" by Attorney-General Daugherty's taking precedence of cumulative dividends, and to be levied upon that
opinion on branch banking, and characterized as "a very extraordinary portion of the Federal Reserve note issues outstanding which is not specially
position" the holding that tellers' windows might be set up, provided they covered by gold reserve. After member banks had provided a reasonable
should be limited to receiving deposits and cashing checks.
contingent reserve they should be required, the delegation said, to pay into
Mr. Warburg touched upon the note issue, contending that the outstand- the Treasury the amount in which their surplus exceeded 100% of their
ing Federal Reserve notes, amounting to $2,200,000,000, represented the subscribed capital, and should not be permitted to make any further addicommercial requirements of the country, and expressing the belief that tions to their surplus except in cases where it became imperative..
"Prices make note issues, and not note issues prices," Only $800,000,000
of the notes in circulation are backed by commercial paper, he said, the rest
On the 10th inst. Frederick A. Delano, former member
being backed by gold.
the Federal Reserve Board, and a director of the Federal
of
concerning
the
effect
of
Answering questions
discount rates upon business, Mr. Warburg expressed the belief that the Federal Reserve Board Reserve Bank of Richmond, suggested, a,ccording to the
could advance rates a good deal without affecting the situation unless the New York "Commercial," that the committee take steps to
mental reaction were taken into consideration. The Board could raise bring about a conference between Federal and State banking
them to 554% without affecting the credit situation otherwise, he said.
Open Market Operations.
Representative Wingo sought to gain the admission from Mr. Warburg
market
operations
of the Board had a greater effect upon the
open
that
situation than that produced by changing the rediscount rates. Mr.
Warburg conceded that the operations had a "more precise effect." but
would not go further.
The withdrawal of banks from the national system does not mean that
they would leave the Federal Reserve System, Mr. Warburg said. At
this juncture he pleaded for more consideration of officials of the Federal
Reserve banks, contending that they had been "attacked unfairly" by
members of Congress. Many are serving for far less than they can obtain
from outside banks, he said, and alluded to the fact that the capital for
setting up the System was supplied by the member banks and not by
Congress. He said that he was opposed to increasing the 6% dividends
because the System would be charged with profiteering.
Senator Glass of Virginia interrupted to state that, while the impression
had become current that the System had made enormous profits, the
large gross earnings were due to expansion of business and not to increase
In rediscount rates.
Representative Wingo defended the interest of Congress in the Reserve
System, stating that it had the right to control it. "To supervise, not
control," Senator Glass corrected. "The Government is not an interloper
but a beneficiary." Mr. Warburg stated that the System had been
drawn up so that it could be kept out of politics, and for this reason was
not designed to make money.
Opposes Dual System
Responding to Chairman McFadden's request for constructive suggestions, Mr. Warburg said the member banks should be spared from
the continuance of the dual system of comptrollers where "two authorities
are trying to run one system." Comptroller Dawes' objections to placing
the Comptroller's office under the Federal Reserve Board were recited,
but Mr. Warburg said he saw no reason for perpetuating the System where
two offices give different opinions, although he was not opposed to preserving the entity of the Comptroller of the Currency.
Discussing the need for greater continuity in the membership of the
Federal Reserve Board, Mr. Warburg said: "We are really going down
because the System is not properly protected by Congress." It is a target
for constant "whacks," he said, and declared able men who have made
themselves unpopular with members of the Senate cannot be reappointed.
He expressed favor of the plan to permit the President to reappoint a
member without referring to Congress, but there was an emphatic agreement
on the part of Senator Glass and the three Representatives that the Senate
would never give up any of its prerogatives.
After stating that the System was "headed for the rocks unless something is done by. Congress to protect it," Mr. Warburg concluded his
testimony.

authorities with a view to the preparation of an up-to-date
uniform code. We quote further from the "Commercial"
as follows:

There is something wrong with a banking system, Mr. Delano said,
which has permitted several hundred failures to take place within the past
few years. Steps should be taken, he declared, to make such failures impossible.
Mr.Delano said that the National Bank Act in particular needs a thorough
revision, being obsolete in many respects. He said that the Federal Reserve Act is sound and needs no radical changes.
Discusses Non-Members.
Discussing proposals to induce non-member banks to come into the Federal Reserve System, Mr. Delano said that he believed it was a mistake to
reduce the minimum capital of eligible banks to $15,000 and that the public
Is injured by encouraging the existence of weak banks. He proposed that
either capital requirements should be raised or else banks should be permitted
to form branches within a county so as to get added strength through diversity of business. Dependence of many banks upon a single industry,
he said, has proved a serious cause of weakness.
As a means of inducing non-member banks to enter the Federal Reserve
System Mr. Delano said ti might be wise to give member banks an opportunity for earnings greater than the present 6% dividends paid by Federal
Reserve banks on stock held by members.
"I am a great believer in the Federal Reserve System," said Mr. Delano.
'I have no general criticisms against the system. It is not because anything
is wrong with the system tht State banks do not join. The big eligible
State banks find it to their advantage to join the system but there is a host
ofsmall banks that can get practically all the benefits of the system without
joining and while this is true they won't join.
"I would not have the Federal Reserve Banks pay interest on reserve
balances. It doesn't take much calculation to show that the banks couldn't
stand it.
Would Divide Surplus.
"I do think there is something to be said in favor of giving member
banks an interest in the profits of Federal Reserve banks above the bare
6% which they now get. Membership in the system would be more
attractive if you could see your way clear to allowing the banks to get a
share of the profits which now go to the Government in the form of a
franchise tax. I have thought of dividing the surplus earnings equally between the banks and the Government. I think it will be found that in
normal times the Federal Reserve banks will barely pay the 6%. But in
abnormal times they will make more money."
Mr. Delano said that he believed it to be true that the fact that surplus
earnings of Federal Reserve banks go to the Government was an inducement
to extravagance by the management of these banks.

The following is from the Oct. 10 dispatch to the "JourWith the conclusion of the hearings on the 5th inst. the nal of Commerce":
Committee adjourned until the 9th inst.; on that day
F. R. Jones, representing the Georgia Bankers' Association and the
representatives of bankers' associations and Federal Reserve National State Bankers' Protective Association, informed the committee
districts in various parts of the country suggested to the that the outside banks were "not interested" in joining the system and
to'be let alone. He was engaged in a spirited controversy by
Committee methods for improving and enlarging the Reserve desired
Senator Carter Glass.of Virginia, when the question of par collection was
System. The Associated Press stated:
brought within the scope of the Committee, as he charged that it had been

'

Waldo Newcomer of Baltimore, speaking for a committee of the American adopted by Congress as the result of false representations.
Perhaps the most lively incident that has developed thus far during the
Bankers Association, gave six reasons for failure of State banks and trust
companies to enter the organization. They were, he said, inadequate hearing came late this afternoon, when Mr.Jones, speaking for the Georgia
returns on stock which member banks here required to take in the Federal State bankers and other groups of bankers opposed to the par collection
Reserve System, loss of interest on reserve balances, lack of eligible paper, system, asserted that par collection had been put over on Congress through
the requirements for statements and other formalities, the sufficiency of false representations. This was vigorously challenged by Senator Glass,
accommodations obtained by non-member banks from their correspondents who, as a member of the House of Representatives, succeeded In having par
collection adopted. Mr. Jones said that there had been a hundred-year
and resentment against apparent attempts to force them into the System.
Mr. Newcomer declared the Federal Reserve System was fundamentally battle raging between the two groups favoring State and national control
sound. but opposed the establishment of agencies or branches in Cuba,or of the banking system, and declared that par collection had been conother foreign countries. He protested against what he termed class dis- ceived as a means of giving those favoring national control the upper hand.




1624

THE CHRONICLE

"'Before the small banks can be induced to join the system, there must
be'a "living down" of OW old regime, Mr. Jones said. If the-par collection
issue were removed, he declared in response to a question by Representative
Wingo of Arkansas, a good part of the resentment on the part of the smaller
banks would disappear. They have an idea that a good many mistakes
have been made by the Federal Reserve Board during the past few years,
he:added, and must be persuaded that the System is all right now.
Challenges Glass Figures.
This statement brought a question from Senator Glass as to "what some
of these mistakes were." Mr. Jones said that the effort made iy Governor
W. P. G. Harding and by Senator Glass to show that there bad been a
$1,000,000,000 expansion in business, by adding a $600,000,000 increase in
rediscounts and $400,000,000 in Federal Reserve note issues to obtain this
total, had not been at all convincing. Senator Glass challenged him to
controvert any of the figures he had marshaled in his widely circulated
speech in defense of the Federal Reserve System, declaring that no one
yet had been able to show that they were wrong.
Mr. Jones. at the start of his testimony, explained that the protective
association had been created to fight par collection and was composed
chiefly of small banks in the agricultural districts of the South and West.
These banks, he said, are not interested in the Federal Resevre System,
because they do not think it would be in their interest to join.
The committee has not yet determined whether it will leave Washington
to get first-hand Information in the agricultural districts as to why eligible
banks do not join the System.

The branch bank question, which we indicate above, was
one of the matters injected into the hearing, came before the
Joint Committee with the start of its inquiry on the 2d,
when D. R. Crissinger, Governor of the Federal Reserve
Board, in indicating why small banks remain out of the
Reserve System, adirocated a change in the law which would
place national banks on a par with State banks in cities
where the State laws permit branch banking. The "Journal of Commerce" of the 3d inst., speaking with regard to
this, said:
Governor Crissinger declared that the present limited membership had not
marticularly effected the Federal Reserve System, except that it had retarded
the extension of credit to the borrowers. He stated that the small banks generally assigned four reasons for not joining the System: First, because the
Federal Reserve System did not pay interest on reserves; second, it does not
pay enough dividends; third, the resources of the banks are not such as
would make them eligible; and fourth, the banks have a theory that there
is too much red tape incidental to holding membership in the System. There
appeared to be a general agreement on all sides as to the reasons for the
banks staying out.
Loss in Gold Reserve.
While the Governor professed that there was little likelihood, under prevailing conditions, of all outside banks coming in, he presented figures showing that if all eligible banks were admitted to membership there would be a
vast loss in the gold reserve and the banks would have to borrow $400,000,000 to come up to the requirements.
"On the basis of our present combined deposit and note liability, totaling
$4,198,981,000, a loss of $1,000,000,000 gold from our present reserve ($3,187,665,000 gold and lawful money) would reduce the reserve ratio from the
present figure, 75.9% to about 52.1%," Governor Crissinger said.
An increase of $40,600,000 in the paid-up capital stocks would be necessary if all eligible banks joined, while the estimated increase in reserve deposits he figured at $422,000,000. To meet the Reserve Board requirements,
the banks would ultimately have to make payment in cash or by borrowing
from the Federal Reserve banks. If payments were made by borrowing,
earning assets would be increased by about $460,000,000, which at 41
/
2%
would produce an annual income of about $20,000,000.
Reciting that all non-member State banks, including stock savings banks
and loan and trust companies, carried $316,000,000 cash in vault, or 3.2%
of their total demand and time deposits, while national banks had 21
/
2%,
Governor Crissinger said it was estimated that 7% of $316,000,000, or $22,000,000 might be paid in cash.

[VOL. 117.

of "unfriendly espionage" on the part of the Board on banks, if reprisals
had not been made against banks which criticised the officials, and there
had not been favoritism in granting accommodations. The questions failed
to draw fire because the Governor said he knew nothing of the alleged incidents.
Governor Crissinger said that he would recommend "some slight changes"
in the law and then took up the question of branch banking. He declared
that the national banking system, the structure upon which the Federal
Reserve System was built, would be a thing of the past if the laws were not
liberalized somewhat to offset the greater freedom and privileges accorded
by the States. He favored a change in the interlocking directorate law, declaring that the system was threatened with the loss of one of its largest
New York banks on account of this inhibition. It would be well if departmental banking, such as is permitted under the California statute were permitted, he declared, and suggested that the law might be amended to prevent
the sale of national bank charters, under certain conditions.
The real menace to the National banking system was declared by Mr.
Crissinger to be that growing out of the action of States in permitting banks
under their charter to establish branches, while this right is denied national
banks.
In closing Governor Crissinger presented letters from the Governors of the
twelve regional banks, in which they set forth their views as to how the
*banks might be attracted. They were almost unanimous in opposing any
concerted movement to bring the banks in the System. At the same time
nearly all of them expressed the belief that there should be a more equitable
distribution of earnings of the Federal Reserve System.
IV. P. G. Harding, former Governor of the Board, and now Governor of the
Boston bank, said there was strong sentiment in New England for changing
the provisions of Section 7. J. H. Case, Deputy Governor of the New York
bank, said he was in favor of payment of additional dividends upon Federal
Reserve bank stock, when, and if earnings warrant. Governor Seay, of the
Richmond Bank, came out for a greater participation in earnings, while
other Governors echoed these sentiments.
Opposes Interest on Reserve.
Governor Harding said that sentiment in New England favoring the payment of interest on reserve deposits had been dissipated by the realization
that such a system would require the Board, in order to increase its earnings, to engage so extensively in open market operations as to put it in
active competition with the banks.
"New England is in favor of an amendment to Section 7 which would provide, first, for the payment to the Government of a specific tax by Federal
Reserve banks, a tax based upon the uncovered portion of Federal Reserve
notes outstanding, which is after all the Government's real contribution to
the System," Governor Harding wrote.
Vice-Governor Platt of the Federal Reserve Board testified later, coming
out in favor of branch banking, departmental banking and a change in the
Interlocking directorate law.

The views before the committee on the 3d inst. of Comptroller of the Currency Henry M. Dawes, who made known
the issuance of the Attorney-General's ruling on branches of
national banks, were given by us last week. Charles S.
Hamlin, one of the members of the Federal Reserve Board,
was also heard by the committee on the 3d inst., and according to the New York "Times," he said that 58% of the
eligible banks of the country were not members of the Federal Reserve System, and that these banks, numbering 13,881, represented 25% of the country's resources. He said it
was desirable that these banks should be members of the
System and that some inducement ought to be found to attract them. The "Times" account continues:
Suggestions advanced to capture the State banks included:
Permitting banks to deduct outstanding checks in process of collection in
making up their gross deposits.
Give member banks a larger share in the Federal Reserve Bank's profits
over 6%.
The imposition of a tax on uncovered Federal Reserve notes.
Senator Glass, who is a member of the committee, said that there appeared
to be very little, if anything, that Congress might do to make it more attractive for State banks to associate themselves with the Federal Reserve.

Might Accumulate Cash.
"If the smaller banks were to join the System," the Governor said, "they
might find it possible to accumulate a certain amount of cash from current
operations and use it in payment of their capital stock and reserve balance requirements at the Federal Reserve banks. The total amount of cash
to be withdrawn from circulation, however, would be relatively small, probably not in excess of $50,000,000, and this amount, added to the $22,000,000,
which could possibly be spared from their vaults, would make available about
$70,000,000 in cash, which could be used in making payments to the Reserve banks. This amount deducted from the total payment on account of
capital stock and reserve balance requirements, estimated at $460,000,000,
would still leave approximately $400,000,000 to be borrowed from the Federal Reserve banks."
Governor Crissinger declared that while it had been thought more banks
might be brought into the System by lowering the capital requirements, there
had been just one application since Congress, at the last session, reduced
them. He said each of the twelve regional banks was making an organized
effort to' attract the outside banks.
The limited membership, he said, affects the borrowers and impedes the
service to users, explaining that non-member banks borrow from member
banks and force the rates of interest up, because if member banks rediscount
at 41
/
2% from the Federal Reserve Board and then make loans to non-member banks they always charge something for this accommodation.
The Governor told Senator Glass that the expense of this System, however,
was wholly upon the borrower. He agreed with Senator Glass that the three
major reasons for the banks not joining were that they preferred not to
impound their reserves without interest, when they might obtain 2% from
correspondent banks; preferred not to incur overhead expenses, when they
could get Federal Reserve System facilities through their correspondents,
and that they did not want to be harrassed by the strict scrutiny and examination of the Comptroller's office.

We also quote from the "Journal of Commerce" the following:

System Handicapped.
Mr. Crissinger said that the System was handicapped by State banks persuading the smaller banks to hold aloof. The "worst enemies" of the System, he stated, were the big banks which discouraged smaller banks from
coming in so that they might build up large reserve balances.
Asked whether he thought it was desirable to have all of the outside banks
In the System, Governor Crissinger declared that some were "distinctly desirable," but that he doubted if one-half of them could pass the required
examinations. At this juncture Representative Wingo of Arkansas put a
running fire of questions to Governor Crissinger, asking him if he had heard

Favors Larger Membership.
As Mr. Meyer is reputed to have been the author of the inquiry, there was
some interest in his testimony. Asked for specific suggestions, as to how
the non-member banks might be brought in, Mr. Meyer said that the recruiting of the bank to membership was "a matter of administration principally"
and advocated the Federal Reserve Board getting in direct contact with the
American Bankers Association, the State bankers' associations and the State
superintendents of banking to find out why the eligible banks would not
come in and to show them that it would be to their advantage to have a
direct rather than an indirect rediscounting system.




Eugene Meyer, Jr., Managing Director of the War Finance
Corporation, was heard by the committee on the 4th inst.
From the New York "Commercial" we take the following
regarding the presentation of his views:
Amendments to the law are not needed but rather a better administration
of law, declared Mr. Meyer, who expressed the opinion that the agricultural
credit crisis of 1920 and 1921 could have been met to much better advantage
If all the eligible non-member banks, numbering nearly 10,000, had been
members of the Federal Reserve System.
Basing his judgment on the successful efforts of the War Finance Corporation to secure the co-operation of the banking interests of the country, Mr.
Meyer said he believed that the bankers now outside the Federal Reserve
System could be appealed to on the ground of broad public interest to come
in.
Says They Aren't iVanted.
Mr. Meyer said he understood that at least one Governor of a Federal Reserve bank had declared that the non-member country banks were not wanted
in the System. Representative McFadden of Pennsylvania, Chairman of the
Joint Committee, interrupted to state that a Governor of a Federal Reserve
bank had made such a statement to him within the past week. Mr. McFadden and Representative Wingo, of Arkansas, both charged that there
have been influences at work to keep bankers from participating in the present investigation of the reasons why non-member banks have not joined the
Federal Reserve System.

OCT.13 1923.]

THE CHRONICLE

He declined to offer specific suggestions of changes in administration that
would bring the banks in, but repeated his belief that the effectiveness of
the banking laws depended on the way in which they were administrated.
The operations of the War Finance Corporation, of which Mr. Meyer is
the active head, were reviewed. Mr. Meyer said that two-thirds of all the
loans made by the corporation to meet the needs growing out of the agricultural depression had been made to non-members, while only one-third of the
loans had gone to member banks. This demonstrated, he said, that the nonmember banks in an emergency could not get the accommodations through
the indirect rediscount system and was a strong argument for the Federal
Reserve System.
Presents Compilation.
Mr. Meyer presented a compilation showing the capital stock and aggregate resources of the member banks and of those which had not come into
the system, and declared that while some of the members of the Federal
Reserve Board and some Governors of the regional banks were doubtful as
to the desirability of having all the eligible banks take out membership it
was desirable that all of them should come in. In the six great corn raising
States in the Middle West, Mr. Meyer said, banks eligible for membership
had capital stock totaling $315,000,000 and aggregate resources of $2,554,000,000.
At this juncture, Representative NVingo of Arkansas asked Mr. Meyer if he
had not advocated the lowering of the capital requirements of country banks
as a means of inducing them to join the Federal Reserve System. Mr. Meyer
said that he had urged this, but when asked how many had come in responded by stating that he did not know.
The Reserve city banks, by acting as correspondents for the small country
banks and paying interest on the balances which they keep on deposit, are
defeating the objects of the Federal Reserve Systm, Mr. Meyer said. The
object of the Act was to mobilize the reserve resources of the country so that
they might be available for various sections of the country where credit was
needed, Mr. Meyer said. "And to free the country banks from the tyranny
of the large correspondent banks," Senator Carter Glass of Virginia added.
Whole Structure Involved.
As the consequence of the present system, Mr. Meyer said, the whole banking structure of this country was involved, and a more scattered and complicated banking system was being set up. While some of the members of
the committee expressed the belief that the Reserve city banks would not
give up these balances, Mr. Meyer thought that a great deal might be accomplished if the Federal Reserve Board would take steps to bring an end
to the practice.
Criticisms made by Representative Strong as to the failure of the committee to find out specifically why the country banks were not joining were
met by a statement from Mr. McFadden, who said the program called for the
appearance before the committee of representatives of the country bankers,
the advisory council of the American Bankers Association, the farm organizations and other groups which would be able to give first hand information.

1625

In like manner, in the District of Columbia, branches of banks obtained
under the so-called Millspaugh Act of April 26 1922, are not affected by the
opinion.
The Attorney-General's opinion covers only two questions First, the
authority of a national bank under its general incidental powers to conduct
certain routine business at an office or offices outside of its banking house:
and second, can a national bank in the conduct of such business operations
go beyond the city limits of the place of the location of the bank? The first
question was answered in the affirmative and the second in the negative.
The opinion is not a new departure, but confirms the opinion of AttorneyGeneral Wickersham of 1911, and is in harmony with the rules and precedents of the office of the Comptroller. It recognizes the validity of the
former opinion, which holds that a national bank could not establish a
branch bank for the conduct of a general banking business except under the
provisions of the amendment of 1865.
Operations Affected by Ruling.
The only existing operations of national banks affected by this opinion
are those carried on in the additional offices approved by former Comptroller
Crissinger. The Attorney-General does not attack the legality of these
permits. On the contrary, he affirms the authority of the Comptroller and
the authority of the national banks in this connection. He has, it is true,
made a more specific statement as to what business can be conducted in
these offices, and the present Comptroller will,in the near future,issue rules
and regulations on this point.
As to the St. Louis case, the authority of the Comptroller is not involved
at all. This suit is brought by the State of Missouri against a national
bank inquiring into its authority to operate a branch.
The upshot of the whole matter is that the Attorney-General has given
an opinion upholding the position of the Comptroller's office that a national
bank may, under certain conditions, exercise some of its administrative
functions at an office or offices outside of its general banking house.

United States Supreme Court Declines to Review
North Carolina Par Collection Decision.
The U. S. Supreme Court declined on Oct.8 to review its
findings in the proceedings brought by the Farmers & Merchants Bank of Monroe, No. Caro., against the Federal
Reserve Bank of Richmond, involving the question of
par collection of checks. As was noted in these columns
June 16 last, page 2718, the Supreme Court decided on
June 11 that the Act of the North Carolina Legislature
passed in February 1921, which leaves it optional with nonmember banks of the Federal Reserve System to charge
The proposed inquiry was referred to in our issue of Sept. for the collection of checks "does not interfere with the per29, page 1412.
formance of any duty imposed upon the Federal Reserve
Board and the Federal Reserve banks. Nor does it interfere
Federal Government Preparing to Intervene in Missouri with the performance of any powers conferred upon either.
Branch Bank Proceedings—Statement by Treasury
It is therefore consistent with the Federal Reserve Act
Department on Attorney-General Daugherty's
and with the Federal Constitution." In referring to the
Ruling.
declination of the Supreme Court to review its decision, press
Notice to the effect that the Federal Government is advices from Washington Oct. 8 said:
The Federal Reserve Board considered the case vital in establishing its
preparing to intervene in the branch bank proceedings which
contention that Reserve banks had the right which no State could impair
started in Missouri and has assumed national importance, to insist upon all banks, including those not members of the Federal Rewas contained in a telegram received on Oct. 9 by Attorney- serve System, to cash at par all checks drawn upon them which had been
General J. W. Barrett of Missouri from James M. Beck, placed with Federal Reserve banks for collection.
Solicitor-General of the United States, according to Associated Press advices from Jefferson City (Mo.) Oct. 9, Governor Smith in Letter to Governor Pinchot Says
which stated furUher:
Responsibility for Coal Prices Rests Primarily
This action follows the opinion last week by Attorney-General Daugherty
on Pennsylvania.
that the law did not permit national banks to have branches and the stateGovernor Smith on Sept. 30 began an inquiry into the fuel
ment by Comptroller Dawes that he would not permit any outside agency
whatever for national banks in those States where the State banks are not situation in New York State, asking Edwin J. O'Malley, Comallowed to have branches.
missioner of Markets of New York City, and the men who
The fight against branch banking was started by Attorney-General Barrett
as County Fuel Administrators for the State Fuel Adacted
in
ago,
year
an
a
than
more
Missouri
opinion
holding that the First
of
National Bank in St. Louis could not open a branch office.
ministration last winter to supply information as to the anAttorney-Generals of fifteen other States have intervened in the Missouri thracite
supply, the prices being charged and for evidence
suit, while on the other side all of the national banks in the country which
In his letter to Commissioner O'Malley the
profiteering.
of
hand.
have branches have taken a
The case is set for argument before the United States Supreme Court Governor said:
on Nov. 12.

At the same time a Washington dispatch to the New York
"Herald" stated:
In arguments to be heard soon before the Supreme Court on branch banking the Government will deny the right of States to regulate the banks in
the Federal Reserve System. This was said to be one of the objects of an
Intervention plan announced to-day by the Government in a test case from
Missouri.

I am endeavoring to gauge the coal situation as it affects the State of New
York and I shall appreciate your assistance in securing and forwarding to
me at the earliest possible moment specific information on conditions in
the City of New York.
1. What was the prevailing price per ton of anthracite coal in June 1923
In the various boroughs?
2. What is it at the present time?
3. What is the price per quantity such as is used by the small householder
In less than ton lots, and what does this average per ton?
4. Have you any concrete evidence of gouging or profiteering on the part
of retail coal dealers or coal peddlers in your city?
5. Have they made any announcements of future increase of coal prices?
6. Is the present supply and the outlook for the future supply adequate
or do you anticipate a shortage?

The ruling of Attorney-General Daugherty was referred
to at length in our issue of Saturday last, page 1515.
According to the Washington (D. C.) "Post" of the 9th
inst., conflicting views among bankers regarding the opinion
of the Attorney-General on branch banking called forth an
To those who acted as County Fuel Administrators, the
official statement at the Treasury, pointing out the status Governor wrote:
of existing branches and the effect of the ruling on such
Mindful of your service to the State during the coal crisis last winter, I
operations in the future on the part of national banks. The venture to ask your assistance now in securing for me certain information
you to secure.
situation in the District of Columbia is stressed particularly, that your familiarity with local conditions especially qualifies
I wish to be
informed on coal conditions in the various counties
says the paper quoted, which gives as follows the statement at the present reliably
time. Will you, therefore, forward to me at the earliest
issued by the Treasury Department:
possible moment replies to these important questions?
The opinion of the Attorney-General did not and could not abrogate any
specific provision of the Federal statutes. The amendment to the National
Bank Act of 1865, which permits a State bank having branches to become a
national bank and elect to retain its branches remains in full force and effect and branches of this character in operation by national banks are not
in any way affected by the opinion of the Attorney-General.
Likewise as to the amendment of 1918, permitting the consolidation of
national banks, branches in operation by nation banks which have been
acquired by consolidation with one or more national banks also are not
affected by the opinion of the Attorney-General.




1. What was the prevailing price per ton of various sizes of anthracite
coal for household and industrial uses in June 1923?
2. What lathe price at the present time?
3. Do dealers contemplate further increases?
4. Is there at present an adequate supply of coal for the needs of your
county?
5. Is the outlook as to supply satisfactory for the winter?

Governor Smith also sent to Governor Pinchot of Pennsylvania his answer to a letter received from the latter in rela-

1626

THE CHRONICLE

tion to the coal situation. Governor Smith pointed out that
the Public Service Coimuission of this State could do nothing
toward protecting customers from "undue and unnecessary
increase in price" of coal. His letter follows:
Dear Governor Pinchot —I have given careful consideration to your letter
of Sept. 10 relating to coal conditions, in which you express your concern
for the protection of the consumer "from undue and unnecessary increase in
price."
I think you say very properly that a special responsibility rests upon you
in this matter as the Governor of the only State which produces anthracite
coal. You are in possession of first-hand information with regard to conditions at the mines. I am not. I assume that you know whereof you speak
when you mention the need of a fairer wage in a peculiarly hazardous industry. I find no fault with your action in suggesting an increase of wages if in
your opinion this was necessary. But I do not believe that any public
official should lead the people to believe, or attempt to lead the people to
believe, that the price of producing any commodity can be increased without
increasing the cost to the ultimate consumer, unless profiteering can be
proven. Have you any evidence of profiteering, so far as your State is
concerned?
In your letter to the President, a copy of which you enclose to me, you
state that "many operators could absorb the whole of the 60-cent increase
and still make abundant profit." As these operators are wholly within the
Jurisdiction of your State, it would seem to me that in the discharge of the
special responsibilities which you say rests upon you in the matter, some
action should be taken by you and your State to see that the operators do
absorb this increase which you say they can absorb and thus do not pass it
on to the consuming public of New York and neighboring anthracite-using
States.
From your intimate knowledge of the business and the experience you
must have gained in the recent settlement of the coal strike, have you been
able to gain any helpful information from the report of the commission
appointed by President Harding to investigate the whole question of production and distribution of coal?
Your suggestion that the public can be protected against payment of this
this increase in some way, by the action of the Public Service Commission
of this State, entirely loses sight of the fact that no anthracite coal is produced in this State and no shipments of anthracite coal originate in this
State. The freight rates of anthracite coal are all regulated by the InterState Commerce Commission so far as this State is concerned.
I am, of course, keeping in touch with coal conditions throughout New
York State and will be glad to confer with you at any time. Thus far the
State of Pennsylvania itself has added to the cost of coal to the consumers
by the tax imposed at the mines and the addition of 50 cents a ton,imposed
by the State of Pennsylvania, upon production of anthracite coal. Now,
the settlement of the coal strike giving a further increase of 60 cents a ton
has made you assume the responsibility for these additions for the cost of
coal to the consumer.
If you have any specific suggestion that I might submit to the Legislature
of the State of New York, I shall be glad to hear it, but in the first instance
It seems clear to me that the duty and responsibility rests upon you and the
State of Pennsylvania.
Sincerely yours.
(Signed) ALFRED E. SMITH.

[VOL. 117.

5. This year the policy of delivery in turn was adhered to. It was
found that the available supply was very soon exhausted on comparatively
few customers.
List of Prices at Mines.
The following price list of coal at the mines was submitted:
Stove.
Egg.
Nut.
Pea.
Delaware Lackawanna & Western
$8 75
38 75
$8 75
$6 25
Lehigh & Wilkes-Barre
8 7$
8 75
8 75
6 25
Lehigh Valley
8 75
8 90
8 90
6 35
W.& P.(Erie)
895
895
8 95
6 15
Delaware & Hudson
9 00
9 00
9 00
Philadelphia & Reading
9 15
9 15
9 15
6-60
Lehigh Coal & Navigation
9 25
9 25
9 25
6 50
D.& E.(Ontario & Western)
9 25
9 25
9 25
6 65
Weston Dodson
9 75
9 75
9 75
7 50
Hanna (Sus.)
9 85
9 85
9 85
6 75
Thorn Neale
10 25
10 25
10 25
7 40
Wentz
10 25
10 25
10 25
725
Markle
10 45
10 45
10 45
7 50
Buckwheat,
Buckwheat,
Buckwheat,
1st Quality.
2d Quality.
3d Quality.
$350
$250
$150
The first eight of the above are the old producers and account for 70%
of the total supply. The last five, the Department of Public Markets
said, assert that they are bound to charge more on account of increased
overhead. In order to arrive at the New York price, $2 40 per ton for
freight, 40 cents for lighterage and 33 50 for gross profit and overhead, a
total of $6 30, must be added to these figures.

Anthracite Coal Advanced to $17.40 in Chicago by the
Consumers Company.
The first increase in retail coal prices in Chicago since
the recent anthracite strike was announced on Sept. 27 by M.
E. King, Vice-President of Consumers Co. Anthracite range
coal will sell for $1740 a ton, an increase of 40c., while anthracite chestnut coal was raised 30c. to $1730 a ton. No
Increase was made in the price of bituminous coal or of the
other anthracite grades. Other coal dealers were expected
to follow the Consumer Co.'s example.

Governor Pinchot Warns Anthracite Operators They
Must Clean Their Own House or Public Will
Force Action.
Government interference in the anthracite coal industry
is inevitable if the operators refuse to provide a remedy for
existing evils, Governor Pinchot of Pennsylvania declared
in
a radio address made at Philadelphia on Oct. 4. "Because
Coal
Dealers
in
New York Fix $14.25 as Fair Price
Large
the public is willing to pay a fair profit," the Governor said,
for Anthracite.'
Announcement was made on Sept. 28 following a meeting "is no reason why it should stand for extortion." The Pennsylvania Governor, who was the guest of honor on the occaof members of the Coal Merchants' Association in this city
of the World Dairy Congress, spoke in part as follows:
that $1,4 25 a ton had been fixed by the large dealers as a sion
I have something particular that I desire to say this evening, and in order
fair price for anthracite. Various agencies—Govermnental that I may say just what I mean, I am going to read it. Further, if I seem
and civic—have been co-operating recently in efforts to work to lack emphasis it is just because a change in inflection does not sound well
over the radio, and not a lack of emphasis on my part.
out plans by which to ensure sufficient supplies of coal durThe Philadelphia Dairy Council is a striking example of self-government
ing the winter in New York at reasonable prices. We quote in industry. The result has been better sanitary conditions on the farms,
better milk for the public, a larger per capita consumption of milk, better
as follows from the New• York "Times" on Sept. 29:
prices for the farmer and lower

The Department of Public Markets announced yesterday that the Coal
Merchants' Association had appointed George J. Elks as their representative to co-operate with the Investigating Committee of the Women's Market
Committee in ensuring supplies and stability of prices. It was also announced, after meeting of members of the Association with Deputy Commissioner Mrs. Louis Reed Welzmiller, that $14 25 a ton was the price
definitely fixed by the large dealers.
Jr. F. Birmingham, prominent coal operator and director of the Delaware
Lackawanna & Western Coal Co., 120 Broadway, further promised at the
recfuest of the Department of Public Markets, to secure an immediate
"Intensive allocation" for Now York which would tide over the coal shortage until, as estimated, abundant supplies have rolled in by Dec. 1.
Birmingham and Elks are to confer with Mrs. Welzmiller to-day. Mrs.
Welzmiller said yesterday that she believed arrangements will be perfected
whereby every householder will be immediately furnished with a thirty
days' supply, but no more during the next eight weeks.
"Our campaign, which is practically concluded, has been a success," said
Mrs. Welzmiller. "When the housewives started out on their inquiry
people thought we were nothing but loquacious agitators. But now we
have smoked the coal dealers out and they are beginning to talk deliveries."
Explain Reasons for Shortage.
The coal representatives handed the Department of Public Markets
yesterday a summary of the coal situation, which they submitted in the
interest of a better understanding of their position. They gave five reasons
for the shortage and presented a full list of prices at the mines, which, they
suggested, would enable the public to realize the difficulties under which
they are working to secure a stable price. The shortage reasons wire:
1. The strike affected the production of anthracite. Only a portion of
the miners resumed work after the settlement. Production to-day is only
55% of pre-strike tonnage.
2. Season preference accounts in some degree for short supplies. There
are freeze-ups to be thought of in districts where delivery is impossible
after the beginning of November. New England is clamoring for her
allotment.
3. New England gets her allocations before New York, since she has always "hollered longest, loudest and soonest." Preference is given to
Western points and the Great Lakes for obvious reasons. The West is
to-day a far greater consumer of anthracite than previously. During the
war the West got her first taste of anthracite and she cannot forget it.
Long hauls and increased freight charges make Western deliveries very
profitable.
4. No coal was held over from 1922. There was therefore greater demand. The consumers were frightened and began clamoring for coal in
March, while, at the same time, they asked for double their usual quantity.




prices to the consumer than those in any
other large city in the United States. $elf-government in the milk industry which supplies Philadelphia has been fully as good for the public as
It has for the industry itself. The industry has looked after the general
interest as zealously as it has its own.
Those of us who are not Socialists will agree that government should interfere as little as possible with industry and still secure the protection of the
safety, health and morals of the people. No one will deny that where it is
necessary government must and will establish contact enough with private
business to assure such protection. No one will deny that menaces to
public morals, health and safety supply good reasons for combined action
by all the people in their own defense.
The history of government affords ample proof that the extent of interference by government with any industry or profession depends mainly on
the attitude and action of the industry itself. Those professions and industries which have regulated themselves to the point of assuring a square
deal to the public have had the least interference. Those professions and
industries which have disregarded the rights of the public are precisely
those where the Government has stepped in. Nothing is more certain
than that the rights of the public will finally be protected either by the
action of each industry or profession, or by the joint action of the people
themselves.
Lawyers, architects, engineers, doctors, undertakers and many other professions have established codes of ethics for the protection both of the pro-,
fession and of the public, and are forcing their own members to live up to
them. We hear no talk of Government interference for them. Liquor
dealers, on the other hand, for years systematically disregarded the most
elementary requirements of decency, refused to regulate their industry in
the interest of the public, and have reaped their natural reward. Nothing
Is more certain than that their business (with its agency, the saloon) is on
the verge of disappearance not only from Pennsylvania, but from the whole
United States.
In the case of the saloon the evil was so great that the public rightly became convinced that it could be abated only by complete abolition. With
most industries the abuse is less violent and the proper remedy far less
drastic.
Just at this time the people of the United States are face to face with the
problem of deciding what shall be done about extortion in the prices of
anthracite coal. They have reached a degree of exasperation which makes
It entirely certain that a remedy will be applied. The question is no longer
whether there shall be a remedy, but what the remedy shall be.
No one seriously denies that the abuses exist. Shall the public stdp in
and remove them with a strong hand, or w: I the industry clean its own
house? One of these two things will lisp n, Ind happen soon, just as
surely as the sun will rise to-morro .

OCT. 13 1923.]

THE CHRONICLE

The way to prevent Governmental interference is to make it unnecessary.
Speaking broadly, no profession or industry in this country has ever been
subjected to obnoxious Governmental interference without having itself to
thank. But if an important business or profession fails to deal fairly with
the public, a time always comes when the public itself undertakes to assure
for the people at large that fair treatment to which they have an inalienable
right. Interference follows abuse—always has and always will. There
has always been and there will always be less Government interference with
those businesses which have the good sense to govern themselves.
Will the hard coal industry voluntarily assume its proper duty of eliminating extortion and treating the people fairly? If it will, the threat of Government interference which has bulked so large in the minds of many of its
leaders need keep them awake no longer. Hit will not, no power in America
can keep the people of this country from asserting their proper rights and
compelling the hard coal industry to live up to standards of decency which
the public will set up and enforce. And if the people do so it will be because,
and only because, the industry was not wise enough to set and enforce these
standards itself.
I have heard much talk from the leaders of the anthracite operators about
their own concern over the rising price of anthracite. The remedy is in their
own hands.
The public interest not only permits but requires that every necessary
industry shall earn fair profits on its legitimate investment. Without them
the public cannot be served. But because the public is willing to pay a fair
profit is no reason on earth why it should stand for extortion. The time is
at hand in the case of anthracite when it should refuse, and will refuse, to
do so. The question before the anthracite industry is this: Will you be
good of your own motion, or will you delay until the public forces you to be
good?

Commissioner of Markets Letter on Coal Prices
in New York.
Edwin J. O'Malley, New York's Commissioner of Public
Markets, on Oct. 5 made public a reply to Governor Smith's
series of questions relative to the coal situation in New York.
In a detailed examination of coal supplies, prices and alleged
profiteering in this city, Commissioner O'Malley says consumers have reached the limit of their patience in standing
a continued increase in the cost of coal. Commissioner
O'Malley's reply said in part:
In answer to your first question as to the prevailing price of anthracite
coal in June 1923 in the various boroughs, I would say that $13 50 was the
price level quoted and obtained until the suspension of operations in the
mines Aug. 31. This was effective in Manhattan and the Bronx. In
Brooklyn and outlying boroughs unestablished prices ranged from $13 50
to $17 50.
Although one or two dealers claimed they were quoting at $13 50, we
could find none that was being delivered at that price. To all advances
made by our investigators to buy coal no guarantees or price were made
and no date of delivery set. In short, the public was compelled to take its
chance and pay whatever price was asked on the date of delivery. This
condition has prevailed since early spring.
Your second query referred to the price at the present time. The old
dealers, at least a few of them, led by Burns Brothers, have fixed the price
at $14 25 a ton in Manhattan. with 50 cents for delivery and 25 cents extra
for trimming, making a ton of coal delivered into the cellar $15. The dealers have thus shifted the cost of a part of the delivery upon the consumers.
The price in the Bronx is $14 25 to $14 50. The price in Brooklyn.
Queens and Staten Island is higher and ranges from $14 25 to $17 50, not
including the cellar delivery or trimming. The above prices do not include
coal peddlers, but refer merely to the regular retail dealers.

1627

recent wage increase that resulted in increased coal prices,
but had acceded, feeling that the price to the consumer was
secondary to keeping the mines in operation. "There was
no criticism of the operators at that time," Mr. Warriner
stated. "The Governor made a proposition of a 10% increase in an effort to keep the mines in operation. The operators had no desire to assume responsibility for a shutdown
of the mines, and accepted." The operators, Mr. Warriner
stated, deplored the present high price of coal, and, he added,
they intended correcting this condition "when the opportunity presented itself."
United States Coal Commission a Lamentable Failure,
Says John Lewis.
The work of the United States Coal Commission has been
a "lamentable failure," and its recommendations "fail to
encompass the one great object for which it was created,"
John L. Lewis, President of the United Mine Workers of
America, declared in a statement issued on Sept. 29 at
Springfield, Ill. President Lewis's statement follows:
The taxpayers of the nation should be deeply gratified to know that the
life of the United States Coal Commission legally expired Sept. 22. The
Commission has been in existence for a year and has succeeded in expending
more than $600,000 of the people's money. The work of the Commission
in so far as the coal industry is concerned is a lamentable failure and has not
even justified the existence of the Commission or the funds expended. Its
report is a maze of well-worn generalities which could have been written
by any well informed mine superintendent within a sixty-day period.
The Commission's recommendations fail to encompass the one great
object for which it was created, namely the stabilization of the coal industry
as affecting both the opportunity for employment on the part of the miner.
reasonable profits for the operator and a fair price of coal to the consumer.
The death of the Commission leaves the industry suffering from the same
ailments and ills as was the case preceding its creation by Congressional
enactment. It will go down in history as being, perhaps,the most inefficient
of all Federal commissions from which our country has suffered. It has,
however, furnished positions of public distinction to a number of excellent
gentlemen who know less about the coal industry than when they started
investigating a year ago.
The Commission surrounded itself with a large corps of needy college professors and so-called experts of the intellectual variety, who wrote reams of
staff reports which have been from time to time given publicity. It is
generally conceded that one can prove anything he chooses by reference to
those staff reports.
The fact that many of these reports contradict each other seems to rest
very lightly on the shoulders of the Commission. The fact that these reports contain misstatements due to a woeful lack of knowledge on specific
subjects is also of small concern to the Commission The final report of
the Commission should be duly filed and the dust of the ages allowed to
collect thereon.

Demands of Railroad Trainmen for Wage Increases
Ranging from 15 to 39%.
Formal demands for increases in wages amounting to
from 15 to 39% were made on the Eastern railroads by
Answering the question as to the price for small lots, the the Conductors' and the Brakemen's Brotherhoods on the
10th inst. The New York "Times," in stating this, said:
Commissioner said:

So far there has been no cold weather. There has been little demand for
the small lot coal. The people who buy in 100-pound lots are just beginning to wake up. There has been no established scale for these small sales.
The complaints wo have had show that these small buyers are being charged
from.$17 to $20 a ton. The small sales will start on a large scale as soon
as the weather gets colder. Therefore, it would be wise to establish a fair
price for this kind of sale at once. The time is to at now.

They request that the railroads grant them an answer by Nov. 10.
These are the last of the demands of the Big Four Brotherhoods to
be served on the railroads, in which increases averaging approximately
12 % are requested. Personnel officials of the roads are planning conferences with the employees, although no dates have been decided upon.

Death of Ralph Peters,President of the Long Island RR.
Through the sudden death on Oct. 9 of Ralph Peters,
for the past 18 years President of the Long Island RR.,
the loss is suffered of one who had been not only an important factor in railroad administration and development
but who likewise had actively participated in civic and
business affairs. On Nov. 19 Mr. Peters would have
been 70 years of age, and would then have been automatically
retired as President of the road, under the Pennsylvania
Railroad's retirement system. Mr. Peters, who had suffered impaired health about a year ago, had nevertheless
continued active interest and control of the Long Island
properties, although recently he had visited his office only
about once a week. Mr. Peters' railroad career covered
a span of 50 years. A celebration in his honor on Nov. 17
had been planned by the officials of the Long Island, and on
Oct. 4—only a few days before his death—he had been
Samuel Warriner, Anthracite Operators' Spokesman, presented with a gold-headed cane by a group of workers
at Hempstead while he was on an inspection trip of the
Finds Present Prices Economically Unsound.
The high price of hard coal is "economically unsound and lines. Mr. Peters was born in Atlanta, and was a son of
a calamity," Samuel D. Warriner, chief spokesman for the Richard Peters, a pioneer railroad builder of the South.
anthracite coal operators in the recent wage negotiations
with the United Mine Workers, told an audience at the City New York New Haven & Hartford RR.—Analysis of Its
Securities—Assets Are Substantially in Excess of
Club of Philadelphia on Oct. 5. The high price of anthraTotal Liabilities—Rapid Restoration of
cite to the consumer, he predicted, would eventually result
Earning Ability.
in a discontinuance of its free use by the consumer and would
In the October Issue of the "Savings Bank Journal,"
react on the prosperity of the coal field and the country at
large. Mr. Warriner took occasion to answer Governor Edward G. Buckland, Vice-President and General Counsel,
Pinchot's charge of extortion in regard to the coal prices. gives an analysis of the position of the New Haven securities
He stated that the operators had been unwilling to grant the and the future outlook of the road. Mr. Buckland says:
Regarding profiteering the Commissioner remarked:

This question is difficult to answer. The question as to whether profiteering existed would depend wholly upon how much was paid for the coal.
Books of dealers would have to be investigated to get this information.
This office would view any price exceeding the price set by the old dealers
—$14 25 to $14 50—as profiteering. The Brooklyn, Queens and Staten
Island prices, ranging up to and exceeding $17 50, are simply unanswerable.
The standard dealers themselves realize that these prices are doing no good
to the coal dealers. The dealers who are charging these prices claim they
are having to pay independent coal operators higher prices. In connection
with this, the situation extends to the mines and includes the old controversy of the higher prices charged by the "wildcats" and the regular independents. The writer is of the opinion that the State of Pennsylvania
could and should easily absorb the cost of the strike, that is, the 60 cents
a ton paid to the miners. * * *
In view of the fact that very little coal has been coming into the city
previous to this investigation, and no deliveries being made, consumers
were obliged to order without knowing the quantity or quality of coal they
would get or what price they would have to pay. The situation was, to
say the least, and still is, pregnant with opportunity on the part of dealers
or operators inclined to profiteer.




1628

THE CHRONICLE

[VOL. 117.

This does not include savings, material other than fuel and in other items
Any intelligent appraisal of the value of investments in obligations of the
New York New Haven & Hartford RR. system should be based upon the not included above.
present and prospective ability of the New Haven to pay interest currently
Outlook for Net Income.
and principal when due. Compared with this ability as it has been demonThe confusion as to the New Haven's ability normally to earn a net income
strated in the past, quotations on exchange are incidental and rather negli- under the present management is due to the failure
to distinguish between
gible factors. Market quotations generally are the expressions of fear, rentals received from the Government
by the corporation during Federal conwhereas earnings and production express facts. Principal among the fears trol and deficits actually suffered by
during
the same period.
property
the
are losses in outside investments, inability to meet maturing indebtedness,
For instance, the Joint Committee Report states that the deficit in 1920
lack of net income. Let us get a close-up view and examination of these was only $4,276,726, whereas it was in fact $30,592,203, the balance $26,fears.
315,477, being made up by the Government's payment in fulfillment of its
Losses in outside investments.—On this subject the Joint New England obligation to make good deficits occurring during Federal control and the
Railroad Committee says:
limitations
imposed upon the management during the guaranty period.
"It is clear that to the $52,959,118 of capital already written off as lost
A further cause is the lack of knowledge of how much the coal strike of
there must be added a large sum impossible at present to calculate and that 1922 and the shop strike of 1922-23 cost the New Haven. The public almost
these past and probable future losses taken together constitute a most im- unanimously supported the New Haven in the shop strike, but it forgot the
portant factor in the New Haven's financial condition and credit position bill of expense to follow from increased operating costs due to impaired
to-day."
motive power and service, and decreased revenues following the embargoes.
The writing down of capital investments reduces the corporate surplus or That bill is now paid. It is not likely again to be incurred, but the effect
increases the corporate deficit. It does nothing else. It neither increases nor has been to prevent the New Haven from earning a net income and to raise
decreases the natural value of the company's assets, nor does it help or impair in some minds the thought that it never can do so without a complete reorthe company's ability to pay interest, principal or dividends. The same is ganization.
true of any writing up of capital investments. Each is merely a bookkeeping
These are the principal fears which have alarmed investors. It is hoped
entry signifying the company's idea of the value of the particular investments that the above analysis will serve to allay them. The New Haven wants
the
so written up or down. The real question at all times is, what is the aggre- friendly help of every investor and patron. It is by law entitled to a fair
gate value of assets compared to the par value of liabilities? If the value return upon the value of its property held for and used in the service of
of the assets is greater, a corporate surplus expresses the excess. If less, a transportation. Such a return will quickly restore credit and yet it must
corporate defict expresses the deficiency.
not be attained through the handicapping of New England industries. The
The value of the assets of the New Haven System is substantially in excess first principles of intelligent management forbid rates which traffic cannot
of the total liabilities including capital stock. This is based upon the ten- bear. With this in mind the New Haven has led the fight for divisions which
tative valuation found by the Interstate Commerce Commission and protested the Interstate Commerce Commission and the United States Supreme Court
by the company as too low, a value as of June 30 1915, excluding all of the have said belong to it. It is still fighting against a determined resistance
outside investments which have been written off.
outside New England to get increased returns from revenues to which it is
There can be no question but that the New Haven's balance sheet to-day, entitled. It was disappointed that the Joint New England Railroad Cornwhen adjusted to the actual value of its assets based upon the valuation, mittee, whose report was so helpful in many respects, failed to be helpful
will show a corporate surplus. But as was said at the beginning, this adjust- in this one and remained silent or became censorious when they might have
ment does nothing to help the company earn or pay its debts. Its principal given real assistance to a board of directors, a staff of officers and 50,000
importance is to show that the company's capital is unimpaired and enables loyal and efficient employees struggling amidst difficulties
not of their makIt to pay dividends if and when earned.
ing to restore service and revenues.
Inability to meet maturing indebtedness.—The only maturity of conseThe directors and management have given prompt attention to the critiquence before 1930 is the European loan which now amounts to a net out- cisms of the report. They have made a complete study
of it. Members of
standing sum of approximately $22,600,000 and falls due April 1 1925. the board have been in frequent touch with the Joint
New England CommitThis maturity will have to be met either by payment in full or by part pay- tee for the purpose of co-ordinating in every practicable
way
in the development and extending or refunding the balance. There should be no difficulty ment of a sound plan for rehabilitation.
in caring for this maturity. The company is currently earning a net income
The directors have a very definite program, for which at the proper time
over all charges. It has no floating debt. Its cash situation is satisfactory. they will ask the support of security holders, among whom
they count as the
The report of the Joint New England Railroad Committee suggests a prac- most important the savings banks of the New
England and neighboring
ticable and helpful plan, which is that the holders of the European loan will States.
be asked to accept new 6% first and refunding mortgage bonds maturing
A digest of the Joint Committee report was given in the
Nov. 1 1937 at par in payment of 30% of the principal of their debentures.
Forty per cent to be converted into preferred stock and the balance (30%) "Chronicle" of July 7, pages 87, 88 and July 14, pages 170to be paid in cash. This plan, or some modification of it, points the way to 175.
the solution of the first and most important problem which confronts the
New Haven.
Lack of Net Income.
Decisions of United States Railroad Labor Board on
The third principal fear which confronts the owners of New Haven securiRules and Working Conditions—Some
ties is lack of net income. Much mental confusion and some ignorance is
shown in discussing the New Haven's capacity to earn net income. This is
Wage Increases.
not to be wondered at in view of the effect of Federal control on the net earnSeveral decisions were handed down on Sept. 27 by the
ing ability of the New Haven. Prior to Federal control the New Haven never
failed to earn a substantial net income. Indeed, in its darkest years during U. S. Railroad Labor Board at Chicago in cases pertaining
and succeeding the Government lawsuit and up to Jan. 1 1918, the beginning to rules, working
conditions and wage increases on various
of Federal control, it earned above all charges an annual average of more
than $4,000,000. It was under the Director-General that the property began carriers. Among the railroads affected by the decisions
to suffer deficits as follows:
were the Southern Pacific Co. and the Michigan Central
In the year 1918 under Federal control a deficit of
$8,214,499 RR. The Chicago
"Journal of Commerce," in discussing the
In the year 1919 under Federal Control a deficit of
9,105,266
matter, said:
In the year 1920 under Federal control and the operating limitations of the Guaranty Period, a deficit of
30,592,203
The most important decision of the day gave employees of the
Southern
In the year 1921, the first full year of restored private control
Pacific Co. in clerical classifications holding positions of minor
or "suprethis deficit was reduced nearly $17,000,000 to
13,603,654 visory" authority below the rank of"subordinate
officials,"
all
the
privileges
Again in the year 1922, even with the coal strike and the shop
accruing to the ordinary worker, including the eight-hour day, the
benefit
strike, there was a still further reduction of almost $8,000,000
of the rule relating to "discipline," the "seniority," "overtime," and various
to
4,989,457 other provisions which up to the present time have
not operated to their
The current year, in spite of the effects of the shop strike in the
credit and have not been covered by any agreement clause.
first three months, indicates a still further reduction of $2,Under this order the carrier will be allowed to fill vacancies existing In
500,000 to a deficit not exceeding
coal,40s0t,r0i0k0e
2,400,000 these "supervisory" capacities by promoting the best qualified employees In
It may be stated with a fair degree of certainty that but for the
the "seniority" districts, thus obviating against favoritism on the part of
and the shop strike of 1922 there would have been no deficit for that year officials in charge in the way of bringing in "outsiders"
with no previous
and a surplus of more than $6,500,000 for the current year. These results experience or qualifications whatever to perform the work.
In this way,it
are reached by an allocation of the abnormal expenses due to these strikes.
is claimed, the deserving employee will receive the preferment.
As a further proof of the New Haven's ability to earn net income witness
The Board dismissed a petition brought against the Chicago & Eastern
the current months since the effects of the shop strike disappeared and its Illinois by the United Association of Railway Employees of North America,
motive power approached normal repairs:
an outlaw organization, that it be allowed to negotiate an agreement to
May, June and July 1923 produced a net income of
$525,342 govern rules and working conditions of yard conductors, brakemen and
May, June and July 1922 produced a deficit of
1,326,408 switch tenders at the Chicago terminal. The Board ruled that inasmuch
An improvement of 1923 over 1922 of
1,851,750 as the organization did not claim to represent a majority of the classificaThis fairly measures the rate at which the New Haven is coming back to tions It was without authority to negotiate an agreement.
A petition for a hearing on a decision handed down June 29 directing that
Its former high estate as an earner of net revenue. This rapid restoration of
earning ability is not a matter of chance or coincidence. It is the logical a secret ballot be taken to determine the wishes of a majority of the shop
result of careful planning by the board of directors and the expenditure of craft employees on the Gulf Coast Lines and the Houston Belt & Terminal
sixty millions of dollars in cash to expand capacity and improve facilities. Railroad Co. was denied.
Five thousand shop craft workers employed by the Michigan Central
The resultant economies are thus referred to by the directors in their stateRailroad Co. have been granted increases ranging from 2 to 3 cents an hour,
ment of Aug. 16 1923 to the stockholders:
In this connection the board calls attention to the very large economies or an approximate annual total of $359,000. An agreement made public
affected by the management in the period between 1917 and 1922. These yesterday by H. Shearer, General Manager of the carrier, particularized
economies, due in part to improvements and betterments and in part to that, effective Aug. 1, machinists, boilermakers, blacksmiths, sheet metal
more effective operation, have resulted in annual savings in payrolls, fuel workers, car men and car cleaners, at all car cleaning points except Detroit,
will receive a 2-cent an hour advance.
costs and per diem approximately $19,500,000, as follows:
Effective Sept. 16, and continuing until April 1 1924, the same classificaPayrolls—If it had been necessary to employ in the year endtions of rail workers employed by the Ann Arbor Railroad Co. have been
ing June 30 11/22 the same number of employees' hours per
allowed an increase of 2 cents an hour under an agreement just disclosed by
revenue ton mile and per passenger one mile, as during the
E. F. Blomeyer, Vice-President and General Manager.
years 1915, 1916 and 1917, the 1922 payroll would have been
Firemen, deck hands,cabin and night watch members of the Ferry Boatabout (more than it actually was)
$15,000,000
men's Union of California have filed request with the Railroad Board for
Fuel--If the fuel consumed per revenue ton mile and per pasadvances approximating $30 a month, to become effective as of July 1.
senger one mile in the year ending June 30 1922 had been the
This submission involves the Southern Pacific Co., Pacific System; the
same as during the years 1915, 1916 and 1917, the fuel cost
would have been about
2,000,000 Atchison Topeka & Santa Fe; the Western Pacific; and the Northwestern
Pacific
railroad companies.
Per diem—If the miles per freight car per day (excluding bad
In response to a formal request made upon him by Chairman Ben W.
orders in excess of normal, and stored cars) and the car loadHooper of the Railroad Board, H. H. Ferguson, Vice-President in charge
ing for the year ending June 30 1922 had been the same as
of the Labor Department of the Illinois Terminal Railroad Co., appeared
during the years 1915, 1916 and 1917, the sum per diem would
have been (more than it actually was)
2,500,000 before the members of the rail body yesterday and officially submitted
arguments in eighteen docketed cases involving the railroad trainmen
and
Total
$19,500,000 the locomotive firemen and enginemen
brotherhoods.




OCT.13 1923.]

THE CHRONICLE

Heat and Power Companies Petition Inter-State
Commerce Commission to Reopen Assigned
Car Case.
Sixteen light, heat and power companies of New York
City and Westchester County, N. Y., on Sept. 27 petitioned
the Inter-State Commerce Commission to re-open the proceedings in the case in which the use of assigned coal cars
was prohibited and to postpone the effective date of the
order from Nov. 1 to April 1 1924. The companies averred
that application of the order would seriously ,interfere with
their coal supply and affect their ability to render adequate
service to their consumers. The petitioners were:

1629

R. H. Aishton Urges Period of Rest from Politics and
Legislation for Railroads.
A period of rest from political agitation and legislation
in order to permit the railroads to demonstrate to the public
what they can do under the present system of regulation,
was urged by R. H. Aishton, President of the American
Railway Association, addressing the New England Railroad
Club at Boston on Oct. 9. Mr. Aishton spoke as follows:

The Astoria Light, Heat & Power Co.; Bronx Gas & Electric Co.; Central
Union Gas Co.; Consolidated Gas Co., of New York; East River Gas
Co..
of Long Island City; New Amsterdam Gas Co.; New York Edison
Co.;
New York & Queens Electric Light & Power Co.; New York & Queens
Gas Co.; Northern Union Gas Co.; Northern Westchester Lighting
Co.:
Peekskill Lighting & Railroad Co.; Standard Gas Light Co., of New York;
United Electric Light & Power Co.: Westchester Lighting Co.: and the
Yonkers Electric Light & Power Co.

With the Government, through its different bodies—that is. Congress,
the Inter-State Commerce Commission, the Railroad Labor Board, and
the various State Railroad Commissions—exercising complete control
over the question of rates charged by the carriers, the amount paid for
labor by the carrier; their income regulated to a "fair return" to be determined by a Government institution; the value of the carriers' property,
upon which the fair return is based, also determined by the Government:
with the power vested in a Government body to determine whether or
not the management is "honest, efficient and economical" and "expenditures for maintenance of way and structure reasonable"; with the question
of whether or not stocks and bonds are to be issued and, if so, in what
amount, governed by the Government, and with all favoritism or unjust
discrimination in favor of any of the carriers' patrons expressly forbidden,
can anyone with reason contend that the carriers are not now under existing
,law adequately regulated, or that any interest of the shipping public is
not fully recognized and adequately protected. If then,no such reasonable
contention can be made, should the carriers not be given a period of rest
from political agitation and legislation, and be permitted to demonstrate
to the public what they can do under this syetm of regulation?

The companies said they annually bought upwards of two
million net tons of bituminous gas and steam ;coal, of which
a large tonnage was moved in private cars. They declared
they had stored as much coal as possible and had in storage
on Aug. 31 in excess of 500,000 net tons of coal but that such
Application of "common horse sense treatment" in meeting
storage was not adequate protection against the contingen- the economic situation in certain sections of the country,
cies of extended coal shortages which have arisen and which for which "high freight rates" have been blamed, was
are likely to arise again. Continuing, the petitioners said:
urged by Mr. Aishton. As an illustration, he said a drop
That, to obviate as far as possible the occasions when emergency
priority some time ago in shipments of seed potatoes from Maine to
orders for coal cars will occur, your petitioners have made
contracts for the Southern trade was blamed on freight rates by farmers
periods not less than one year with responsible operators
in various fields
and shippers in that section of the country. To ascertain
whore coal of the kinds best suited to their needs are reasonably
obtainable.
which contracts generally run to April 11924. and desire to
refrain from and the actual situation, he said, President Todd of the Bangor
avoid the necessity of entering speculative markets for
coal; that if the & Aroostook RR. proposed to the Aroostook Potato Growers'
order herein is made effective, your petitioners will in times
of coal car Association
that if it would select a competent man to
shortage, be obliged to make "spot" purchases in the markets;
and that
your petitioners in making existing contracts, to protect
the performance investigate the real reason the railroad would pay all expenses.
of the same in securing an adequate supply of coal of uniform
quality have A man unknown to the railroad officials was selected and after
relied upon the use of private cars and have made some
contracts relying
upon the past performance of certain contracts accomplished
visiting most of the Southern States, he made a report to
by means of
their ownership of private cars, and to deprive them
thereof, will result in the Potato Growers' Association which was practically to
inability to secure adequate quantities of coal of quality best
adapted to the the effect that freight rates had nothing whatever to
do with
character of coal-consuming devices and furnace equipment
not installed,
and that for these and other reasons they and their customers
will sustain Maine losing the seed potato traffic, but that the real
large losses from inability to secure adequate quantities of
suitable coal in responsibility rested on the potato shippers themselves.
periods of car shortage.
He went on to say:
result is that the farmers of Aroostook County now know what
United States Railroad Labor Board Declares Void theThe
trouble is, have quit their talk about freight rates and arc devoting
Compulsory Membership in Railroad Brotherhood.
their attention to providing the real remedy for the discovered trouble.
There isn't any question that arises regarding any phase of transportation.
A railway employee's membership or non-membership in
an either in Kansas. Texas, or the State of Maine, or even Minnesota,
whether
organization should not be a matter of compulsion, the U. S. affecting
potatoes or wheat, or what-not, that isn't susceptible of similar
Railroad Labor Board ruled on Sept. e9 in sustaining com- treatment.
Some time it will be found that the remedy may and does exist in the
plaint of the Switchmen's Union of North America,
affiliated transporation company. The railroads are Just as glad
to know this
with the American rederation of Labor. The Board
declared as anybody else. On the other hand, a great many of the half-baked
void a provision in the contract of the San Antonio
uproven ideas that are to-day perverting the mind of the people
and
& Aranin various sections of the country, when submitted to this analysis, are
sas Pass Railway Co. with the Brotherhood
of Railway completely and satisfactorily corrected. You will find that the American
Trainmen guarante6ing that 85% of the carrier's
yard em- people as a whole recognize the truth and truth will prevail.
ployees be membersl of the Brotherhood.
Regarding the program unanimously adopted by the
railroads of the country last April in New York "to provide
Greater Power to Enforce Decisions of Railroad
adequate transportation service in 1923," Mr. Aishton said
Board Recommended to President Coolidge Labor that substantial
progress has been made in carrying it to
by Chairman Hooper.
success. Continuing, he said:
Chairman Hooper,of the Railroad Labor Board
Loading of revenue freight from Jan. 1 this year to Sept. 1 inclusive
presented
to President Coolidge on Oct. 1 recommendations
has been the heaviest for any corresponding period in history, being
that the 5,554,042
ears in excess of the same period in 1922; 7,407.172 cars in
Transportation Act be amended to give the Board
more excess of 1921, and 3,248,151 cars in excess of 1920. In this period for
authority in the enforcement of its rulings. The
weeks
this
year, loading has been over 1,000,000 cars a week, with a
authority 12
peak loading for the week enedd Sept. 1 of 1.092,567 cars, which really
asked for, Mr. Hooker said, would be particularly
helpful means that when you take into consideration
the cars awaiting repairs,
in dealing with railroad managements. He said
that the the cars held in grain districts for loading (and practically out of service
Board at present had satisfactory powers over the
time),
that every available car in this country was loaded, moved
employees for a destination,
to its
unloaded and put back for another load in less than
through a rather indirect control exercised by the
manage- two weeks.
ment in discharging employees who refused to obey its
The railroads also from Jan. 1 this year to Sept. 1 installed 116.117
rulings.
new freight cars and 2.583 new locomotives, while they also have on order
United States Railroad Labor Board Denies
Petition
of Philadelphia & Reading for Rehearing in
Telegraphers' Case.
The U. S. Railroad Labor Board recently denied the petition of the Philadelphia & Reading Railroad for a rehearing
of decision No. 1955, which decided that the Order of
Railroad Telegraphers should be recognized as the
representative of the employees in the tower, telegraph and station
service of the carrier, providing a majority of these
employees
so desired. The employees had a right, under the Transportation Act, to raise the question of representation at a
wage
conference, the Board decided, in spite of the contention
of
the carrier that this was improper. The carrier
has a right
to maintain contact with the selection of the
employees to
satisfy itself as to their genuineness, but not such as
to interfere with the freedom of the employees. A
dissenting
opinion was signed by Samuel Higgins, J. H.
Elliott and
Horace Baker, Board members representing the carriers.




with deliveries being made daily. 72,906 new freight cars and 1.517 new
locomotives. When it is considered that this financing of equipment was
very largely done through borrowed money; that the return of the roadshas been less than 5j% on their valuation, it must be evident that the
railroads making these vast capital expenditures are dependent on the
fairness and self-interest of the American people.
The program also provided that locomotives awaiting heavy repairs
be reduced to 15% by Oct. 1. This figure was met no Sept. 1 and is
now in the neighborhood of 14.7%, the lowest number of locomotives
held for repairs since the Car Service Division has had records.
The program further provided that every effort should be made to
bring down the percentage of freight cars awaiting repairs to 5% by
Oct. 1. On Sept. 1 it was 7.7%. When the figures are compiled for
October it will be somewhat less than that. Despite the handling of a
peak business this year there has been a surplus of equipment in good
repair and ready for business at all times, and there has not been a single
day that the entire transportation requirements have not been reasonably
well met.

Mr. Aishton said that on Sept. 1 the average load per
loaded car, was 2834 tons, which exceeds that for the same
time last year by 33. tons and 1921 by one ton. The
average movement per car is also seven miles per day over
1922 and 6 3-10 miles per day over 1921. Under orders of
the Car Service Division, he also said the Eastern and

1630

THE CHRONICLE

[VoL. 117.

require only a
States, the State of Maryland or Baltimore City, which
that to be relieved
negligible amount of investigation and Judgment; and
made of funds under
of responsibility for the choice of investments to be
invest in such bpnds
the Jurisdiction of the equity courts, a trustee must
of Maryland, Baltiissued or guaranteed by the United States, the State
or in mortgages
bonds
more City stock or bonds or Federal Land Bank
trustee, and
on real estate made or assigned directly to the investing
ground rents within the following limits, that is to say
of 60% of
First mortgages on real estate in Maryland to the extent
property and Productive; '
the value thereof if dwelling-house, store or office
of its
30%
or
,
improved
and
50% of its actual value if farm property
actual value if unproductive or manufacturing property.
ing
Regard
where
ore City
Ground rents on unincumbered real estate situate in Maryland
Ruling of Supreme Bench of Baltim
of the value of the
the amount of rent capitalized at 6% is not over 50%
Trust Fund Investments.
re]City property from which they issue.
two persons
A recent ruling by the Supreme Bench of Baltimo
The valuation must be certified (under oath) by at least
the familiar
be certhat
Bench
the
of
sense
"the
as
ed
with the value of said property and the title must either
in which it was express
five years' practice
judgment upon se- tified by a member of the Baltimore City Bar of at least
pass
to
ke
underta
not
.
should
company
Judges
by a reputable title insurance
administered or must be guaranteedmay
be made by trustees under orders of court in
curities for investment of trust funds being
That investments
s
transfer
&c.,"
courts,
equity
under full personal responsbility of the investing
only
other securities, but
under the jurisdiction of. the
as if the trust were being
the trustees, and trustees in each instance, in all respects the same
a court, for care and
the responsibility from the Judges to
administered independently of the jurisdiction of
ent
Investm
the
of
Group
nts, notwithstanding
stern
investme
Southea
according to the
diligence in the choice and retention of the
ent of Court any order that may be passed by the court in a case under its Jurisdiction
investm
"the
places
tion,
Associa
s
Banker
securities is con- for such investments.
rule governing
Trust Funds, as far .as the great bulk of
it is further ordered that there shall be no general
always existed; theAnd
from investments
has
which
practice
retention or disposition of securities held by trustees
cerned, in line with the
retain or
(Maryland) and made prior to this date, but that in each trust the trustee shall
in regard to ordinary trusts in this State
interests of the trusts
dispose of such securities hereafter as due care of the
stateThe
"
States.
other
in
re
procedu
with the general
require.
ns governing inwas issued on shall
And it is further ordered that all rules and regulatio
ment in behalf of the Southeastern Group
public
the requirements of registration of securities, not
made
and
s,
including
an,
vestment
Chairm
,
Colston
A.
Oct. 4 by George
remain in full force
amended by this action of the Supreme Bench, shall
Co. of Baltimore:
as follows by W. H. Lanahan & the
and effect.
InvestGroup,
ern
Southeast
AMBLER,
M.
JAMES
t has been prepared by
JAMES P. GORTER,
Tills statemen
in order to explain and clarify
ROBERT F. STANTON.
W. HEITISLER,
CHAS.
ment Bankers Association of America,
adopted rule of the Supreme Bench,
CHARLES F. STEIN,
HENRY DUFFY,
some of the provisions of the recently
ons made unofficially by some
ELI FRANK,
H. ARTHUR STUMP,
of Baltimore City. It embodies explanati
&c.,
,
investors
by
trustees,
DUKE BOND.
CARROLL T. BOND,
of the judges, and we feel may be accepted
WALTER I. DAWKINS.
as correct.
GEORGE A. COLSTON, Chairman.

the gateSouthern lines delivered to Western lines through
16 to
April
from
alone,
Louis
ways of Chicago and St.
belonging to
Sept. 23 this year, 114,530 empty box cars
owned by
Western railroads, as well as 27,200 box cars
There
crop.
of
nt
moveme
Eastern lines to be used for the
cars or rebox
of
e
shortag
to
as
nt
complai
no
has been
frigerator cars in any territory up to this time.

Baltimore, Oct. 4 1923.
ETC.
of Baltimore City has been ITEMS ABOUT BANKS, TRUST COMPANIES,
For over a year past the Supreme Bench
Investments for Trust
memberships were rege
Exchan
Stock
York
considering the so-called Court List of Approved
New
Two
of regulating the investFunds under their jurisdibtion. This method
H. Hough to H. Elbert
to the judges for some time ported sold this week, that of Edward
ment of such funds has been unsatisfactory
nature of their work and training Foster, the consideration being stated as $80,000, and that of
very
the
from
that
felt
They
past.
experience and facilities which
they did not have the expert knowledge,
deceased, to Curtis A. McWhinney for
a list in the beginning, but Francis F. Palmer,
would qualify them not only to select such
necessary $82,000. The last previous sale was at $82,000:
and
additions
proper
the
both
make
and
list
the
• also to supervise
removals.
view, was their
Furthermore, and perhaps more important in their
The new Liberty National Bank of this city. organized
responsibility for the selection
opinion that the old method threw the
Inc.,
rather
judges
the
nts
upon
investme
fund
trust
court
by William C. Durant. President of the Durant Motors,
and the retention of
by the makers of
selected
256
at
originally
were
who
located
is
ion
trustees,
institut
The
the
10.
than upon
business on Oct.
in such matters, and who were began
of $750,000.
the trusts for their ability. judgment. Re.,
surplus
and
capital
a
was
has
It
It
Street.
work.
57th
for
such
West
fees
and
recompensed through their commissions
and logical method was None of its stockholders of the bank (with tile exception of
the decided opinion of the Bench that the proper
Various plans,
d by law to possess ten shares)
to place such work and responsibility upon the trustees.
banks in certain the directors, who are require
such as limiting the list to securities eligible for savings
one share of stock. Mr. Due,
than
committe
more
own
to
or
ed
are permitt
other States, supervision of the list by some outside agency
and were consequently rejected. rant is Chairman of the Board of Directors of the new bank
and so on, did not meet this requirement
number of trusts in this State
It should be borne in mind that a large
of which Carroll Downes is President, and Charles S. Anare not under the supervision of the courts.'
of selection drews, Jr.. and Robert W. Daniel are Vice-Presidents. W.
The new rule, therefore, will not only transfer the work
but also place the
is Cashier and W. G. Ehni is Assistant
and responsibility from the judges to the trustees,
securities is Irving Granville
investment of court trust funds, as far as the great bulk of
regard to Cashier. •Previous references to the new bank appeared in
in
has
always
existed
which
practice
the
with
line
in
d,
concerne
the general procedure in other our issues .of April 21, page 714, and June 9, page 2599.
ordinary trusts in this State, and with
States.
of MaryAfter reciting the short approved list of United States, State which it
Land Bank bonds, about
Frank E. Howe, President Manufacturers' National Bank
land, City of Baltimore and Federal
lack of care could arise, the new rule of Troy, N. Y., has been elected a director of the Hudson
of
question
no
that
d
considere
Is
and mortgages. These are
gives the limitations regarding ground rents
or assigned Trust Co. of New York.
unchanged from the old rule, and mortgages must still be made
s
under a participating
directly to the investing trustee. Mortgage issued
The National American Bank of New York announces the
ed; would not be eligible under this
or certificate form, even if guarante
provisions regarding other investments election of G. 31. Heckscher as a director.
t
importan
The
rule.
the
of
part
follow:
in other
"Investments may be made by trustees under orders of court
W. D. McLean and G. J. Schutz, Vice-Presidents; J. B.
responsibility of the investing
securities, but only under full personal
and
Comptroller; R. H. Riddleberger, Assistant Secrechoice
Morris,
in
the
and
diligence
care
.
for
.
.
trustees in each instance
may be tary, and Huger W. Jervey, Charles Jerome Edwards and
any
that
tanding
order
nts,
notwiths
investme
retention of the
under its jurisdiction for such investments."
passed by the court in a case
Lionel Sutro, directors of the Morris Plan Co. of New York,
select his own investments and gives him
to
trustee
the
This allows
will attend the fourth annual convention of banks and comof
part
There was no intention on the
entire freedom in such choice.
bonds
n
they
that
regarded
impressio
panies of this organization throughout the United States, to
the Supreme Bench to convey the
the old court list as unsuitable for
of the general class such as were on the
be held at Atlantic City, Oct. 15 to 17, inclusive. Dr. John
on
contrary, every trustee is now
the investment of trust funds.
or
Finley', Associate Editor of the New York "Times," will adinvestments upon the old list,
at liberty to make his selection from
exercise of his own judgment and dress the delegates on "Thrift," on Tuesday evening, Oct. 16.
other securities as he may decide, in the
and it
responsibility. He will have to obtain the usual order of court
s of the convention are a banquet, ball and golf
would be refused if the security Social feature
could be expected, of course, that this
not tournament.
do
ility"
personal
"full
responsib
words
The
bad.
y
were obviousl
loss on the part of the trustee; he
mean financial responsibility for any
care and diligence both in the selection
The statement of condition of the Discount Corporation
is only required to exercise due
nts, and he could only be held financially
New York as of Sept. 29 1923 has Just been received. It
and the retention of his investme
of
jurisdiction
responsible, as is the case at present with trusts outside of the
proved to shows total assets of $59,513,668, the principal items of which
and
were
care
diligence
common
ordinary
such
if
of the court,
diligence" has generally been interpreted are Acceptances Discounted, $34,898,809; U. S. Treasury Cerhave been lacking. "Care and
which an ordinarily prudent man would use in
y Notes at Market Bid Prices, $20,693,by the courts to be that
ility now placed upon court tificates and Treasur
conducting his own affairs; and the responsib
rested upon 499; U. S: Government Securities under Resale and Repurhas
which
ility
regularly
responsib
the
than
more
trustees Is no
immemorial.
chase Agreements, $2,400,000 and Cash and Due from Banks,
trustees and agents from time
not be changed, but are subject as to retention
Present investments need
81. On the debit side of the statement Acceptances
$1,439,1
part
the
on
for
care
ents
above
requirem
the
to
or disposal in the future
unted and Sold with Endorsement are given as $29,Redisco
of the trustee.
Rule of Supreme Bench.
Loans Payable and Due to Banks and Customers
795,961.
Bench of Baltimore City this 17th day of
,444; U. S. Government Securities Repurchase and
Ordered by the Supreme
$19,$17
as
the sense of the Bench that the judges should
September 1923 that it is
upon securities for investment of trust Resale Agreements, per contra, $2,400,000, and Combined
Judgment
pass
to
e
not undertak
the jurisdiction of the equity courts. Capital, Surplus and Undivided Profits, $7,320,706.
funds being administered under
acceptable for such investment other than
or maintain a list of securities
to principal and interest, by the United
of bonds issued, or guaranteed as




OCT. 131923.]
•

1631

THE CHRONICLE

Arthur J. Yetter, Cashier of the Ampere Bank of East
Orange, N. J., died on Oct. 8 after an illness of several
months. He was 39 years of age.
According to the Boston "Herald" of Oct. 5, Bank Commissioner Joseph C. Allen, on Oct. 4 petitioned the Supreme
Court for authority to pay a dividend of 6% to creditors of
the commercial department of the defunct Cosmopolitan
Trust Co. of that city and a 10% dividend to creditors of the
same department whose claims were allowed subsequent to
the paying of the first dividend of 10%. The "Herald"
quoted the Commissioner as saying that he has on hand
$1,318,221; that the total of proved claims of that Department is $6,561,770 06, and claims proved since the first dividend amount of $33,418 56. Mr. Allen is further reported as
saying that the dividends petitioned for will require $397,04706. The Commissioner also states that he has reserved
$885,73141, which is 16% of rejected and unfiled claims,
plus the balance of savings department claims, and claims
In suits for priority pending. We last referred to the affairs of the failed trust company in our issue of June 16 1923.

Thornton Jones, Jr., formerly Cashier of the defunct
Farmers & Merchants Bank of Tempe, Ariz., was on Sept. 18
sentenced by Judge M. T. Phelps to from four to five years'
imprisonment in the State Penitentiary at Florence, following his plea of "guilty" to burning and destroying important
records of the bank which precipitated the closing of the
institution, according to a press dispatch from Phoenix on
that day appearing in the Denver "Rocy Mountain News" of
Sept. 19. The former Cashier in a statement to the Court
volunteered to aid the State in an investigation of the affairs of the failed bank and Judge Phelps declared that his
willingness to assist in the inquiry would be a factor that
would be taken into consideration in the prosecution of Jones
on other charges on which he was indicted by the Grand
Jury. It was further stated that W. J. Kingsbury, the former President of the defunct bank, together with his wife,
Viola C. Kingsbury, the former Assistant Cashier of the institution, were under indictment for alleged "wilfully and
unlawfully appropriating the funds of the bank for their
personal credit."

--..-

According to the Baltimore "Sun" of Sept. 26 a new financial institution—"The Prudential Bank of Baltimore"—will
be opened not later than Dec. 1 in the Raith Building at the
corner of Fulton and Pennsylvania avenues, Northwest Baltimore. The new bank will be chartered under the laws of
Maryland and will have a paid-in capital of $200,000, with
a surplus of $40,000. Wallace L. Saumenig will be the Cashier of the new bank, it is said.
Newspaper advices from Baltimore say that the Century Trust Co.—a new financial institution recently organized by interests identified with the National Bank of Baltimore of that city and which will be operated under the
same general management as that institution—will be
opened for business in the new National Bank Building at
Baltimore and St. Paul streets about Nov. 1. The new bank
will begin business with a paid.in capital of $500,000 and a
paid-in surplus of like amount, the former consisting of 10,000 shares (par value $50 a share), the subscription price
of which was $100, $50 for capital and $50 for surplus.
Stockholders of the National Bank of Baltimore were given
the privilege of subscribing to three-fourths of the capital
stock. T. Rowland Thomas, the President of the National
Bank of Baltimore, has been elected Chairman of the board
and Chairman of the executive committee of the new company, while Douglas Thomas, his brother, has been chosen
President and Peter E. Tome, Vice-President. The new trust
company will occupy the basement of the new building and
is installing what is said to be the largest safe deposit vault
In Baltimore, intended to accommodate 10,000 boxes. The
officers will assume their new duties on Oct. 15.

The following press dispatch from Santa Fe, N. M., on
Sept. 21 to the Los Angeles "Times" reported the closing
temporarily of the Santa Fe Bank of that place. It read:
The Santa Fe Bank was closed to-day (Sept. 21) with a notice on the
door that State Bank Examiner L. B. Gregg was in charge. W. J. Barker, a
director, gave out a statement that there had been "a slight run" on the
bank yesterday and the directors and officers, after consulting Gregg "deemed
it advisable to close for the further protection of the depositors." He added
negotiations were pending which may enable the bank to reopen. The bank
had deposits of approximately $477,000.
p.

The preliminary report of the Curator of the Home Bank
of Canada (head office Toronto) whose collapse on Aug. 7
last was reported in the "Chronicle" of Aug. 25, page 842,
was issued last week. Following its publication, the Rt.
Hon. W. S. Fielding. Dominion Minister of Finance, and
the Hon. W. F. Nickle, Attorney-General of the Province of
Ontaria, immediately instituted criminal proceedings against
ten former officers and directors of the defunct institution
and their arrest on warrants sworn out by Dominion and
Provincial officers followed on Oct. 3 and Oct. 4. Those
arrested and subsequently admitted to bail in amounts ranging from $25,000 to $100,000, were H. J. Daly, President;
11. P. Gough, Vice-President; F.J. B.Russell,J. F.M. Stewart,
S. Casey Wood, K.C., C. A. Barnard, K.C., and Clarence F.
Smith, directors (the two last named of Montreal); A. E.
Calvert, Acting General Manager at the time of the failure;
Ocean G. Smith, Chief Accountant, and Sydney H. Jones,
Auditor. The bail in the case of Mr. Daly, Mr. Gough (who
is also a director of the Canadian National Railways), Mr.
Russell and Mr. Stewart, according to the Toronto "Globe"
of Oct. 4, was fixed at $100,000 each. Persival A. Mitchell,
a director of the failed bank in London, Eng., has been requested to go to Toronto in connection with the proceedings,
it is said. The alleged charges against the several defendants, according to the Toronto "Globe," are as follows:

John J. Mitchell, President of the Illinois Merchants'
Trust Co. of Chicago, who on Oct. 1 completed fifty years of
service with the institution, was presented with a silver lov'big cup and a silver service by the directors and employees
The charge against President Daly is: "That de did negligently sign a
In commemoration of the event. Mr. Mitchell, who will be
70 years old next month, feels that he has "a long way to go false return respecting the affairs of the Home Bank, contrary to the Bank
• before I'm an old man," an item in the Chicago "Daily News" Act."
The directors are all charged as 'follows: "That they did negligently
of Oct. 12, in which he is quoted to that effect, saying:
concur in a false return respecting the affairs of the Home Bank, contrary
Some years ago a surgeon named Osier was quoted as saying all men past
the age of 60 years should be painlessly removed from further competition,
as worn out and impossible. And, although Dr. Osier has since
denied
saying anything of the sort, John J. Mitchell was asked to-day when a man
on active duty In such a job as his begins to get old.
"Well," said the President of the Illinois Merchants Trust Co., who
yesterday celebrated the anniversary of his fiftieth year with the institution,"some men arc old, worn out, at 50. I will be 70 years old on Nov.3
and I ceased feeling that I was growing old twenty years ago. I feel as
young to-day as I did twenty years ago, have my enthusiasms just as keenly,
enjoy and do my work as well as ever, I believe, and I feel that I have a
long way to go before I'm an old man."
Mr. Mitchell started as a messenger for the Illinois Trust & Savings Bank
i
fiftyyears
ago yesterday. Ho became President of the bank in 1886 and
held the helm until he was made Chairman of the board two years ago,
withthe late Edmund D. Hulbert, then President of the Merchants Loan
& Trust Co., becoming President of the interests that were merged to make
the present institution. At Mr. Hulbert's death Mr. Mitchell
returned
to the Preakdency of the newly merged banks, and there he is to-day.•
—•—__

The closing of the Citizens' Bank of Lancaster, Mo., was
reported in the following press dispatch from Jefferson City
on Sept. 25, printed in the St. Louis "Globe-Democrat" of
the
following day:
The Citizens' Bank of Lancaster, Schuyler County, Mon closed its
doors
to-day upon order of A. C. Martin, Bank Inspector for the State
Finance Department, it was announced at the Department's offices late to-day. Martin
wired Frank C. Millspaugh, Commissioner of Finance, that
he had taken
charge of the bank, but no other details.
According to the last statement of the institution, it has a capital
stock
of $50,000 and surplus funds of $80,000. A. D. Martin
is President and
Irvin O'Briant Cashier.




to the Bank Act."
The charge against Ocean G. Smith, Accountant, is as follows: "That he
did negligently prepare and sign a false return relating to the affairs of the
Home Bank, contrary to the Bank Act."
The charge against A. E. Calvert, Acting General Manager. is: "That he
did negligently sign a false return relating to the affairs of the Home Bank,
contrary to the Bank Act."
The charge against Sydney H. Jones, Auditor, is: "That he did negligently
concur in a false return relating to the affairs of the Home Bank, contrary
to the Bank Act."

The preliminary statement of the Curator of the failed
bank as of the date of suspension (Aug. 17) shows total liabilities of $18,486,978, of which $2,955,426 are preferred
claims, and $15,531,552 owed to depositors and other creditors. The assets are shown as $15,848,400 and are divided
into three classifications, viz.: Quick assets, other assets
and bank premises, real estate, etc. Quick assets amount to
$5,643,051; other assets, characterized as "special assets,"
the value of which is substantial, but the definite worth of
which cannot be determined except upon realization, aggregate $9,229,997; while bank premises, real estate, etc.,
amount to aPproximately $1,000,000. The deficiency between assets and liabilities (as above shown) amounts to
far as creditors only are concened, to $2,638,578; but to this
must be added, the report states, the paid-up capital of $1,960,592 and the general reserve fund of $550,000, and also
the contingent funds, profit and loss balances, and other

1632

(VOL. 117.

THE CHRONICLE

reserves shown by the books of the institution amounting to
$110,206, leaving ascertained losses and depreciations (apart
from any losses that may be sustained with the realization
of special assets and real estate) to be accounted for to the
total amount of $5,259,376.
In commenting on the Curator's report in its issue of Oct.
4, the Toronto "Globe" said in part:

funct bank will be held in Toronto on Dec. 5. The depositors
will be notified through the medium of the press, it was said,
and not by individual notice, owing to their great number.
Proof of claim must be filed by Nov. 28. The shareholders'
meeting is scheduled for 10.30 a. m., Dec. 5, in Toronto, and
the creditors' meeting for 2.30 p. m., it was said.

not atThe cold, official statements in Curator A. B. Barker's report did
He merely
tempt to place blame on any individuals for the bank's condition.
He did not
stated the facts as he found them in a hurried examination.
dividend
even mention the fact that depositors would receive a 25% initial
There
last.
Sunday
of
at an early date, as disclosed by the official statement
was left
matter
the
of
phase
That
was no mention of criminal proceedings.
by Mr.
entirely with the Crown officers, who had been accurately informed
plans accordBarker as to what was forthcoming, and who had laid their
ingly.
morning at
Mr. Barker handed out his report at 9.30 o'clock yesterday
He was accompanied by
the directors' room of the Home Bank head office.
newspaper, and
Glyn Osier, K.C., his Solicitor. He gave two copies to each
newsthen for three hours answered questions put to him by the assembled
causes of
paper men. The Curator was not concerned with the underlying
bank's
the
in
entries
the
was
about
speak
the bank's collapse. All he could
which
books, which did not disclose the men behind certain of the enterprises
are heavily indebted to the bank.
Some of these enterprises were: A Toronto shoe manufacturing company,
in
a South African veterans' scrip enterprise, pulp and timber concerns
in
British Columbia, a railway in New Orleans, mercantile organizations
Montreal and Toronto, and a Toronto firm, part of whose loans date back to
of
the days of the Home Savings & Loan Co., out of which the Home Bank
Canada sprang thirteen years ago; loans to two former General Managers
two
operating
of the bank, totaling many thousands, and the enterprise
steamships out of Montreal, concerning which there has been so much speculation; three real estate firms, the operations and financing of which were
shown to be closely interwoven.
The Curator deals with several companies formed to protect loans made to
certain concerns. This is particularly noticeable in connection with British
Columbia pulp and lumbering organizations. The names of President H. J.
Daly and Directors S. Casey Wood, K.C., and Lieut.-Col. Clarence S. Smith
were on the board of directors of one of the pulp and paper companies taken
over. Mr. Barnard of Montreal, another director, is mentioned as having
guaranteed the whole of the indebtedness of $1,409,845 of the British Columbia Holding & Investment Corporation, Ltd.
A veil of secrecy is cast over the names of three Toronto concerns to which
large loans were advanced by the Toronto branch of the bank. The Curator
states that provisions are included "for estimated losses of $671,282 in connection with three accounts, which are not specifically mentioned, in order
that realization thereupon might not be prejudiced." The Curator stated
that it would do no good to name these companies, and that it might seriously affect the bank's chances of realizing on these claims.
Three personal guarantees, totaling $227,759, were given to the bank by
President Daly in connection with three separate loans. Mr. Daly has a personal liability of $48,000 in connection with advances of $120,410 to the
Arnprior Cabinet Co., of which he was President. Mr. Daly is personally
liable to the extent of $95,000 in connection with advances and loans of
$661,821 in the Manufacturers Holding & Investment Co., Ltd., which is
connected with the operation of the James A. Ogilvy Co. of Montreal, both
of which organizations are headed by H. J. Daly. The third personal guarantee, which amounts to $84,758, was given in connection with aggregate
advances of $177,103 to the Canadian Debentures Corporation, Ltd.; to
Dominion Industries, Ltd., and the London & Canadian Corporation, Ltd.,
with all of which Mr. Daly is officially identified. Included in this advance is $31,231 to T. S. O'Connor, "said to have been made in connection
with the purchase of Home Bank stock." Another alleged instance where
bank funds were said to have been used for the purchase of Home Bank
shares is in the case of advances made to the Manufacturers Holding & Investment Co., Ltd.
There was no mention whatever in Mr. Barker's report relative to the
alleged transfer of 1,000 shares of Home Bank stock from President H. J.
Daly to A. J. Pattison, Jr.
The worst fears of Home Bank depositors in connection with their individual losses have been more than amply realized. There is only cold comfort in the statement that there, remains in immediately realizable assets
only $2,687,625, as against total deposits and amounts due ordinary creditors of $15,531,552. This undoubtedly will be increased somewhat by the
operation of the double-liability obligation upon shareholders, and the realization of the "special assets," which will likely take a long time.

THE CURB MARKET.
Trading in the Curb Market this week was decidedly dull
and uninteresting. Price movements were without definite
trend and generally over a narrow range. A fair degree of
activity continued in Standard Oil of Indiana, the price
dropping from 563' to 533', while the final figure to-day was
at 543j. Buckeye Pipe Line lost three points to 77. PennMex. Fuel broke from 28% to 19 and recovered finally to
203'. Prairie Oil & Gas sold down from 171 to 164 and
back to 168, with a final reaction to 166. South Penn Oil
was conspicuous for a drop of seven points to 119. Standard
4 and
Oil of N. Y. advanced from 42% to 433's, fell to 403
recovered to 413. The new Gulf States Oil & Ref. Co. was
heavily traded in for the first time to-day, up from 6 to 63and down to 5%, with the close back to 6. Shell Union
Oil "rights" were active and traded in for the first time, advancing from 65c. to 80c. There was little of interest in the
industrial list. Durant Motors dropped from 28 to 23 and
ends the week at 253%. Checker Cab Mfg. cl. A stock was off
from 34 to 30. Gillette Safety Razor after a drop from 265
to 2603-i, jumped to 270, the close to-day being at 2683.
% but recovered
Glen Alden Coal declined from 73 to 713
finally to 72%. Nat. Supply Co. common sold down from
62 to 59 and up to 60, the final figure being 59%.
A complete record of Curb Market transactions for the
week will be found on page 1655.

With regard to a deposit of $1,000,000 of surplus funds
made in the failed bank by the Canadian National Railways
on May 28 last and withdrawn a few days later the following
statement (as contained in a press dispatch from Montreal
printed in the Toronto "Globe" of Sept. 26) was issued on
Sept. 25 by the Financial Department of the Canadian National Railways. It read:
It is the custom of the Financial Department of the Canadian National
Railways to distribute its funds by depositing them in banks which best suit
its purpose. The railway uses 14 banks at the present time. About the latter part of May 1923 the Financial Department of the system deposited in
the Home Bank of Montreal $1,000,000 of surplus funds. Shortly after depositing these funds with the Home Bank it came to our notice that Mr.
R. P. Gough, one of the directors of the Canadian National Railways, was
also Vice-President of the Home Bank, and to avoid any possibility of
criticism the funds were promptly withdrawn.
The deposit had no unusual features, and it was effected in the ordinary
course of the affairs of this department.

In its issue of Tuesday of this week (Oct. 9) the Montreal
"Gazette" printed a press dispatch from Toronto under date
of Oct. 8 which stated that Mr. Justice Fisher in the Bankruptcy Court at Osgoode Hall on that day had formally declared the Home Bank of Canada insolvent,tand had appointed G. T. Clarkson of Toronto, interim liquidator. I. E.
Weldon, of Lindsay, Ont., General Solicitor of the Depositors' and Creditors' Committee of the bank, was appointed to
act with Mr. Clarkson, it was said. It was further stated
that meetings of the shareholders and creditors of the de


COURSE OF BANK CLEARINGS.
Bank clearings the present week show a decrease compared with a year ago. The week this year, as last year,
includes Columbus Day, which is observed as a holiday in
most sections of the country,and the clearings therefore cover
one less business day in the two years. 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. 13) aggregate bank clearings for all
the cities in the United States from which it is possible to
obtain weekly returns will show a decrease of 12.0% as compared with the corresponding week last year. The total
stands at $6,288,872,726, against $7,143,427,263 for the
same week in 1922. At this centre there is a loss of 22.6%
Our comparative summary for the week is as follows:
Clearings-Returns by TdegraPb.
Week ending Oct. 13.

1922.

1923.

Per
I Cent.

New York
Chicago
Philadelphia
Boston
Kansas City
Bt. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans b

92,340,000.000
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

83,021,875,810 -22.6
418,539,037 +12.9
-6.3
317,000,000
-6.4
235,000,000
120,136,410 -24.5
a
a
-4.2
113,100,000
52,206,000 +81.4
•145,000,000 -25.9
-0.2
73,556,985
75,169,863
-9.7
68,984,272
+0.3
47,221,483

Twelve cities, 4 days
Other cities, 4 days

58,985,573,388
805,948,690

84,687,789,660
754,821,588

-15.0
+6.8

Total all cities, 4 days
All cities, 1 day

$4,791,522,078
1,497,350,648

$5,442,811,248
1,700,816,015

-12.0
-12.0

86,288,872,726

87,143,427,263

-12.0

Total all cities for week

a Will not report clearings. •Estimated. b Flye days.

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 dayof 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 ending Oct. 6. For
that week there is an increase of 0.8%, the 9123 aggregate of
the clearings being $8,393,224,906 and the 1922 aggregate
$8,322,903,347. Outside of this city, however, the increase
is 4.0%, the bank exchanges at this centre having fallen oft
1.5%. We group the cities now according to the Federal
Reserve District in which they are located, and from this itappears that in the Boston Reserve District there is a decrease of 1.2%, in the New York Reserve District (because
of the loss at this centre) of 1.3%, and in the Chicago Re-

OCT. 131923.]

THE CHRONICLE

serve District of 0.9%. In the Philadelphia Reserve District there is an improvement of 4.2%, in the Cleveland Reserve District of 5.3%, and in the Richmond Reserve District of 0.5%. In the Atlanta Reserve District the totals
are larger by 5.6%, in the Minneapolis Reserve District by
3.9%, and in the Dallas Reserve District by 25.5%. In the
St. Louis Reserve District there is a falling off of 1.4%, and
in the Kansas City Reserve District of 8.4%. The San
Francisco Reserve District enjoys a gain of 21.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY or BANK CLEARINGS.
Week ending Oa.6 1923.

1923.

1922.

Federal Reserve Districts.
$
$
(1st) Boston
10 cities 432,264,630 437,411,717
(2nd) New York
10 " 4,740,701,910 4,802,646,757
(3rd) Philadelphia__ 10 " . 537,050,084 515,212,531
(4th) Cleveland
9 "
386,085,925 366,488,112
(5th) Richmond
6 "
191,535,997 190,555,491
(6th) Atlanta
190,207,900 180,065,867
11 "
(7th) Chicago
19 "
857,893,024 865,352,110
(8th) 81. Louis
7 "
72,353,211 73,383,863
(9th) Minneapolis.... 7 "
141,915,892 136,638,682
(10th) Kansas City
240,011,575 261,949,966
11 "
(11th) Dallas
5 "
86,789,178 69,149,302
(12th) San Francisco.--16 "
516,415,580 442,048,949

Inc.0?
Dec.

1921.

1920.

$
$
%
-1.2 325,822,999 381,726,228
-1.3 3,874,462,043 4,667,903,039
+4.2 428,465,450 508,258,406
+5.3 322,032,887 437,075,433
+0.5 147,023,339 191,103,505
+5.6 165,714,501 192,549,519
-0.9 717,940,355 893,235,874
-1.4 66,603,293 69,327,424
+3.9 124,812,885 184,658,505
-8.4 253,813,619 361,591,692
+25.5 60,519,803 80,950,946
+21.8 348,153,223 409,419,577

Grand total
121 cities 8,393,224,906 8,322,903,347 +0.8 6,835,364,397 8,377,800,148
Outside New York City
3,741,267,836 3,597,864,254 +4.0 3,025,176,231 3,787,924,409
t-,

on.,,,..

.10•7 A., 1.1.
•

.2
,
1•1 n•111 Cla

_IS re

AIM eel .••••1

en•• d••••• ••••••

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending Oct .6.

Clearings at1923.

1922.

inc. or
Dec.

$
$
%
First Federal Reserve Dist rict-BostonMe.-Bangor.__ 1,131,025
1,196,676 -5.5
Portland
5,360.018
*3,500,000 +53.1
Mass.-Boston_ _ 376.000,000 386,000,000 -2.6
Fall River__ -2,766,776
2,308,691 +19.8
Holyoke
a
a
a
:Lowell
b
b
b
Lynn
a
a
a
New Bedford..
1,703,265
1,631.257 +4.4
Springfield
5,697,400
5,778,948 -1.4
Worcester
4,030,000
4,178,000 -3.5
Conn.-Hartford
13,651,856
12,262,857 +11.3
New Haven__ _
7,903,890
6.940,388 4+13.9
R.I.-Providence
14,020,400
13,614,900 +3.0
Total(10 cities)

432,264,630

437,411,717

Second Feder al Reserve D istrict-New
N. Y.-Albany
6,656,286
5,522,067
Binghamton_ _ _
1,606,800
1,423,211
Buffalo
d51,448,000
44,972,001
Elmira
808,709
669,747
Jamestown_
c1,205,119
1,085.426
New York.... 4,651,957,070 4,725,039,093
Rochester
13,665,912
14,000,238
Syracuse
7.946,452
5,840,377
Conn.-Stamford
c4,843,755
3,507,760
N. 3.-Montclair
563,807
586,837
Total(10 cities) 4,740,701,910 4,802,646,757
Third Federal Reserve Dist rict-Philad
Pa.-Altoona
1,733,052
1,523,981
Bethlehem
5,145,417
3,893,312
'Chester
1,927,915
2,011,112
Lancaster
4,254,253
4,000,726
Philadelphia _ _ 501,000,000 484,000,000
Reading
3,600,656
3,754,874
Scranton
7.512,386
5,882,259
Wilkes-Barre
d4,356,963
3,562,172
York
2,357,082
1,872,297
N.J.-Trenton
5,162,360
4,711,798
Del.-Wilmingt'n
a
a

-1.2

1921.

1920.

$

$

1,082,189
2,579,500
281.669,794
2,241,525
a
b
a
1,537,441
5,295,242
3,541,905
9,963.067
5.914,836
11,997,500

925,000
3,500,000
329,170,170
2,227,008
a
b
a
1,777,579
5,114,944
4,697,647
13,009,575
7,127,005
14,177,300

325,822,999

381,726,228

York+20.5
5,108,420
5,037,820
+12.9
1,289.700
1,400,000
+14.4
38,155.284
48,270.650
+20.7
+11.0
1,029.914
1,076,302
-1.5 3,810,188,166 4.589,875,739
-2.4
9,819.711
12.482,901
+36.1
4,763,407
5.266,148
+38.1
3,658,944
3,942,216
-3.9
448,497
551,263
-1.3 3.874,462,043 4,667,903,039
elphia+13.7
1,120,639
+32.2
3,073,021
-4.1
1,393,935
+6.3
3,148,576
+3.5 402,000,000
-4.1
3,095,054
+27.7
6,219.525
+22.3
3,265,171
+25.9
1,500,160
+9.6
3,649,369
a
a

1,365,269
4,370,189
1,830,837
3,066,171
478,033,023
3,244.265
6,814,701
3,360,957
1,647,252
4,525,742
a

Total(10 cities)

537,050,084 515,212,531 +4.2 428,465,450
508,258.406
Fourth Feder al Reserve I)'strict-Clev eland-Ohlo-Akron__.7,299,000
6,286,000 +16.1
6,521,000
10,668,000
Canton
5,068,046
4,335,548 +16.9
3,592,387
5,302,437
Cincinnati ____
66,785,509
63,659,948 +3.9
53,084,805
66.572,793
Cleveland
d114,517,000
98,370,715 +16.4
84,418,219 142,449,510
Columbus
17,610,000
16,283,400 +8.1
14,135,500
15,529,000
Dayton
a
a
a
a
a
Lima
a
a
a
a
a
Mansfield
d1,977,264
1,474,617 +34.1
*1,080,000
1.775,801
Springfield
a
a
a
a
a
Toledo
a
a
a
a
.
a
4,516,147 +19.7
Youngstown
5,403,723
3,670,469
6,050,285
Pa.-Erie
a
a
a
a
a
Pittsburgh...,,. 162,776,714 *166,800,000 -2.4 151,759,004 183,727,607
W.Va.-Wheeling
4,648,669
4,761,737 -2.4
3,771,503
5,000,000
Total(9 cities).

386,085,925

366,488,112

+5.3

322,032,887

437,075,433

Fifth Federal Reserve Dis trict-Richro ondW.Va.-Iluntlon
2.014,959 +11.0
2,236,157
Va.-Norfolk
d8,848,277
8,147.504 +8.6
_
51.872,120 +3.5
Richmond
53.674,000
8.C.-Charleaton
2,486,637 +28.1
d3,184,412
Md.-Baltimore _ 101,531,151 103,911,309 -2.3
D. C.-Wash'ton d22,062,000
22.122,962 -0.3

1.601,630
7,706,915
42,839.964
*2,475,000
73,376,448
19,023,382

1,877,586
9,708,007
55,041.160
4,500.000
101,078,348
78,898,404

147,023,339

191,103,505

Sixth Federal Reserve Dist rict-Atlant a5,722,735 +18.9
d6,802,040
Tenn.-ChatVga4,769.623
2,989,887 +11.1
Knoxville
3,322,884
4,388,300
Nashville
20,139,415 +8.6
21,865,926
16.958,047
Ga.-Atianta
54,697.870 +2.4
56,015.296
50.846,072
2,564.509 +24.8
Augusta
3,201,372
2.876,970
Macon
1,789,733 +7.2
1,918,932
1,889,076
Savannah
a
a
aa
Fla.-Jacks'nvIlle
8,903,304 +26.5
11,267.644
9.162,423
Ala.-Birm'sham
28,003.551
28,568,537 -2.0
19,911,526
b
Mobile
b
b
b
Miss.-Jackson
1,074,141 +24.2
1.334,569
1,127.557
425,723 +11.7
Vicksburg
475.686
448,455
53,190,013 +5.3
La.-NewOrleans d56,000,000
53,336,452

7,426,717
3,952.371
23,739,831
60,519.654
3,830,915
*2,300.000
a
9,862,849
18,002.789
b
700,000
459,039
61,755,354

Total(6 cities) _

Total(11 cities)

191,535,997

190,207,900




190.555.491

184,065,867

+0.5

+5.6

165,714,501

192,549,519

1633
Week ending Oct. 6.

Clearings at
1923.
Seventh Feder al Reserve D
Mich.-Adrian__
298,065
Ann Arbor__ -1,026,278
Detroit
125,354,656
Grand Rapids.
7,142,519
Lansing
2,527,912
Ind.-Ft. Wayne
2,640,523
Indianapolis- 20,440,000
South Bend_ _ _
2,905,000
Wis.-Milwaukee
40,825,777
Ia.-Cedar Rap's
3,320,049
Des Moines._
12,656,223
Sioux City..... d7,122,000
Waterloo
1,660,156
III.-Bloomlngton
1,625,104
Chicago
616,658,947
Danville
a
Decatur
1,415,177
Peoria
4,725,314
Rockford
2.648,857
Springfield
2,900,467
Total(19 cities)

857,893,024

Inc.or
Dec.

1922.

1921.

1920.

-Chi ca go250,974 +18.8
123,725
233,777
1,063,045 -3.5
834,463
890,042
118,730,197 +5.6 *91,758,000 127,000,000
6,118,799
6,584,304 +8.5
6,219,852
2,242,447
1,879,109 +34.5
2.703,125
1,900,527
2,384,916 +10.7
2.250,903
17.131,000
19,613,000 +4.2
18,182.000
2,433,897
2,857,144 +1.7
2,042,025
33,607.116
36,471,82 +11.9
35.444,835
2,744,703
2,824,36 +17.6
2.836.312
10,909,197
11,458,61 +10.5
12,193,593
6,388.999
6,686,15
+6.5
9,500,000
1,655,071
+3.4
2,540,478
1,605,73
1,792,741
1,388,24 +17.1
1,855,829
641,211,41
-3.8 529,346,818 656,851,646
a
a
a
a
1,235,102
1,248,78 +13.3
1,624,987
3,468,494
4,766,470
4,204,68 +12.4
1,967,097
3,000,000
2,266,828 +16.9
2,282,159
3,100,000
2,622,773 +10.6

strict

-0.9

717,940,355

893,235,874

Eighth Federa iReserve Ohs trict-St.Lo uis
Ind.-Evansville
5,112,665
4,242,847 +20.5
Mo.-St. Louis
a
a
Ky.-Louisville_
28,616,744
27.029,514 4-15.9
Owensboro
426,852
387,279 +10.2
Tenn.-Mempia
22,212,370
27,208,389 -18.4
Ark.-Little Rock
13,975,358
12,532,020 +11.5
Ill.-Jacksonville
419,846
363,043 +15.6
Quincy
1,589,376
1,620,771

4,053,004
a
22,688,077
295,565
25,663.223
12.303,016
384,998
1,215,410

4,349,165
a
28.108.983
458,750
23,000,000
11,065.781
588,761
1.755,984

66,603,293

69,327.424

Total(7 cities) _

72,353,211

865,352,110

73,383,863

-1.4

Ninth Federal Reserve Die trict-Minn eapolis
Minn.-Duluth_
d10,126,766
9,113,971 +11.1
Minneapolis- 84.633,037
80,744,081 +4.8
St. Paul
38.818,329
37,840,674 +2.f
N. D.-Fargo-2,394,667
2.530.452 -5.4
S.03.-Aberdeen.
1,560,665
1.638,603 -4.4
Mont.-Billings _
672,661
770,662 -12.7
Helena
3,709,761
3,970,239 -6.f
Total(7 cities)Tenth Federal
Neb.-Fremont _
Hastings
Lincoln
Omaha
Kansas-Topeka
Wichita
Mo.-Kan. City_
St. Joseph_ _ _
Okla.-Muskogee
Okla. City__ _
Tulsa
Colo.-Col.SDP.
Denver
Pueblo

141,915.892 136,638.681
+3.4
Reserve Dis trict-Kan, as City
d458,976
338,325 +35.7
631,967
666,227 -5.1
4,261,530
4,740,161 -10.1
d37,509,000
45,080,12f -16.9
d3,595,571
2,795,32( +28.8
d7,846,000
10,535,085 -25.5
138,680,388 146,109,211 -5.1
a
a
a
a
a
a
d22,373,932
27,633,852 -19.0
a
a
a
1,170,522
1.167,372 +0.3
22,011,647 +2.3
22,510,509
872,634 +11.5
e973,180

14,624,059
8.167,767
78,995.554 110,138,338
49,479,292
28,489,143
4,065.056
2,714,194
1,522.130 • 2.571,379
890,244
1,654,674
2,125,707
4,033,851
124,812,881

184,658,505

522,325
689,534
4,178,81(
38,354,451
3,681,78(
11,570,0K
145,801,724
a
a
26,242,939
a
1,142,491
20,718,072
931,428

925,832
940,230
5,510,491
57,823,149
3,442.576
15,619.231
217,448,734
a
a
33,002,501
a
1,083,979
24,588,910
1,206.059

253,813,619

361,591,692

2,151,210
33,811,049
13,927,112
6,243,976
a
4,386,456

1,959,012
42,731.330
21,372,744
10,087,860

Total(5 cities)_
86,789,178
69,149,302 +25.5
60,519,803
Twelfth Feder al Reserve D strict-San Franci see-Wash -Seattle._
33,626,176 +18.6
39,872,701
30,285,806
Spokane
12,224,000 +11.8
13,668,000
11,623,437
Tacoma
a
a
a
a
Yakima
1,457,497 +13.4
1,653,206
2,003,062
Ore.-Portland _
43,243,155
34,106,492
43,089,898 +0.4
Utah.-S.L.City
17,296,061
15,790,947 +9.5
14,420,104
Nev.-Reno-a
a
a
a
Arts.-Phoenix
a
a
a
a
Calif.-Fresno_
6.589,061 -17.0
d5,466,300
5,662,012
Long Beach....
9.053,805 .5,691,514 +59.1
3,521,099
Los Angeles_ _ _ d148,648,000 106.709,000 +39.3
79,762.000
Oakland
17,975,082
11,352.515
15,908,246 +13.0
Pasadena
6,122,046
3,109,282
4,070,728 +50.4
Sacramento _ _
d8,529,846
7,506,454
8,226,706 +3.7
San Diego_
3,895.312
2.211,810
*3,500,000 +11.3
Francisco.
San
194.200.000 160,600.000 +20.9 132,900,000
San Jove
2.784,919
2,315.406
2,965.06
-6.1
Santa Barbara_
1,032,947
887,644
964,10
+7.1
Stockton
c2,974,200
6,486,100
2,635,900 +12.8

80,950,946

Total(11 cities) 240,011,575 261.949,966 -8.4
Eleventh Fede cal Reserve District-Da liasTexas-Austin _ _
2,256,457 +10.9
2,502,658
Dallas
38.072,712 +54.4
51,164,162
Fort Worth
14,283,115 +1.9
d14,559,000
Galveston
9,682,475 +31.7
12,747,168
Houston
a
a
a
La.-Shreveport5,816,190
4,854,543 +19.8

Total(16 cities)

516,415,580

424.048,949 +21.8

Grand total (1 21
eitles)
8.393,224,906 8,322,903,347
Outside N. Y.-- 3.741,267.836 3.597,864,254

40,618,460
14,994.201
a
1,985,405
43,503,895
17,864,510
a
a
7,230,064
3,654,271
81,853.000
11,445.882
2,858,823
8,429,771
3,211,810
161,400,000
2,973,278
965,807
6,430.400
409.419,577

+0.8 6,835,364.397 8,377,800,148
+4.0 3,025,176,231 3.787.924,409

Week Ending Oaober 4.

Clearings at
1923.
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebe'
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat _ _ _
Peterborough__ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert_
Moncton
Kingston

348,153.223

4
100,000

8
116,570,440
102,081.430
69,025,426
15,499,907
8,288,094
6,478,128
2,985,854
6,862,483
5,933,358
2,761,333
2,095,910
3,368,830
4,586,606
3,303,082
952,609
724,938
2,251,090
1,872.269
1.274,010
1,299,365
751,270
502,867
926,603
949,077
1,050,424
2,951,493
423,461
835,465
856,745

1922.

Inc. or
1 Dec.

3
110,314,539
120,517,870
68,040,812
14,644,240
7,318.101
6.300,065
3,633,967
6,995,059
4,495,972
2,736,969
2,353,193
3,185,814
4,886,446
4,488,519
824,554
757.221
2,419,763
1,679,996
1,326,689
1,028,764
647,155
455,485
800,133
860,897
1.261,891
*2,900,000
402,830
1,146,566
808,009

'7
+5.7
-15.3
+1.4
+5.8
+13.3
+2.8
-17.8
-1.9
+32.0
+0.9
-10.9
+5.7
-6.1
-26.4
+15.5
-4.3
-7.0
+11.4
-4.0
+26.3
+16.1
+10.4
+15.8
+10.2
-16.8
+1.8
+5.1
-27.1
+6.0

1921.

1920.

$
$
124,803,869 172,599,412
129,555.765 117,132,001
67,938,492 102,512,194
14,779,508
17,730,307
7,685,885
16,640,249
6,231,415
7,549,145
3,505,850
4,890,567
6,537,427
9,151,017
7.644,862
11,419,901
2,976,759
3.183.356
2,445,240
2,600,000
3,823,592
4.383,086
7,123,874
5.976.663
6,054,319
4,169,651
912,916
1,032,928
1,306,519
809,432
2,227,383 • 2,811,662
2,520,986
1,782,904
1,784,861
1,359,935
1,084,162
1.153,933
807.578
737,796
794,764
509,828
1,494,544
875,268
1,304,238
969.790
1,061,291
1,293.979
3,854,349
3,101,585
994,948
854,783
1,202,006
700,000

Total(29 cities) 367.462,567 377,231,519 -2.6 407,551,433 502.837.340
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Oct. 3. d Week ending Oct. 4. e Week end ng Oct. 5. • Estimated.

1634

THE CHRONICLE

[VOL. 117.

of the white metal last month is taken as a reflection of the

the imports
nt under the Pittman
NGE. In
discontinuance of silver purchases by the Governme
domestic silver at
THE WEEK ON THE NEW YORK STOCK EXCHA
Act. With the United States Mint no longer buying
have closed, while
mines
American
the
many
in
of $1 an ounce,
centred
price
has
fixed
the
week
this
market
stock
the
in
bring the value
to
Interest
as
have reduced their tonnage by sorting ore so
present market price of
nt in the others
of the mill grade up to a Profitable figure. The
be too low to
oil stocks and the railroad shares. The moveme
to
said
-is
ounce
an
here-between 62 and 63 cents
of last silver
quotation represents approxiwarrantfull operation ofthe mines;the current
railroad list was at improving prices, in continuation
the principal
from
data
to
according
year,
last
n
a de- mately the cost of productio
of this year, silver
week's advance, until Tuesday when pressure forced
Nevada mines. For the seven months ending July
showing an excess
06,
$31,493,7
&
ake
exrotps
and
Chesape
25.
in
$39,098.8
ed
imports totaled
year of 1922 imports
cline. The speculation that develop
of $7.605.119 in imports. For the entire calendar
72. In 1920. howthe short exceeded
exports by 87,999,367: in 1921 by $11.667,2
Ohio on Friday of last week was again the feature in
while in 1919,
imports,
than
greater
83
silver exports were $25,556,1
ever,
points
four
nearly
of Great Britain,
price
account
the
session on Saturday and sent
due to the heavy shipments to India for the Unless the price of silver
imports.
than
larger
033
brisk
A
$149,611,
exports wore
unless costs of
above the closing quotations of the preceding day.
sufficiently to encourage domestic production, or heavy."
apparent advances
production are reduced, imports are expected to continue
demand for offerings of the Southern roads was
were
INDIAN CURRENCY RETURNS. 15.
Sept. 22.
Sept.
Sept. 7.
in the closing hour. Missouri Pacific and Reading
In Lacs of Rupees17789
1 736
shared
17656
Central
York
.
n
New
circulatio
advance
in
the
Notes
in
nt
9606
also promine
9553
9473
India
in
bullion
Silver coin and
railroad
The
102.
over
going
Silver coin and bullion out of India
in the upward movement,
ii5i
iiii
2432
India
in
bullion
half
and
coin
first
Gold
group was again the leader on Monday, and in the
Gold coin and bullion out of India
8181.
K81
5751
New Securities
(Indian Government)
----- -hour these shares advanced from one to three points,
Securities (British Government)
ly
especial
being
week ending 22d inst. The stock
York Central, Lehigh Valley and Reading
No silver coinage is reported during the
sycee.
in
ounces
0
26,100,00
about
Shanghai on the 22d inst. consisted ofas
with about 27,200,000
active. In the late afternoon somewhat of a reaction In
0 dollars. and 1.380 silver bars, compared
the 36,000,00
silver bars on the 15th inst.
ounces in sycee, 35.000.000 dollars and 170
occurred. Considerable irregularity was noticeable in
Bar Gold
-Bar Silver per or. Std.per or. Fine.
industrial group, American Woolen being one of the weakest
2 Mos.
Cash.
Quotationspressure
M,d.
31
Tuesday
On
70.
g
below
325-16d.
droppin
Sept.20
on the list and
90s. 8d.
32d.
323d.
21
31)d.
325-16d.
was directed against the railroad securities. In the decline Sept.
Sept.22
5d.
90s.
9-16(1.
31
39 1-16d.
24
90s. 2d.
319-16d.
Baltimore & Ohio yielded about a point and fractional re- Sept.
321-16d.
Sept.25
90s. 4d.
shares
Md.
31
Oil
group.
313d.
the
out
Sept.26
cessions were numerous through
905. 4.7d.
31.666d.
32.16Sd.
Average
were somewhat lower. Sinclair Oil was particularly weak,
for cash and forward delivery are respectively
to-day
s
quotation
silver
The
al 1-16d.and Md.below those fixed a week ago.
dropping below 18 in the closing hour. In the industri
closing
group considerable strength was manifested in the
CABLE.
ENGLISH FINANCIAL MARKETS-PER
hour. Studebaker was a conspicuous feature in the upward
at London,
&c.,
es,
quotasecuriti
early
for
the
ons
The daily closing quotati
swing anli closed nearly two points above
as follows the past week:
been
have
presunder
cable,
were
by
d
shares
steel
reporte
and
oil
as
day
Wednes
On
tions.
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
London,
Oct. 12.
Oct. 6. Oct. 8. Oct. 9. Oct. 10, Oct. 11. -sure and declines of a point or two were frequent in these
1Veek Ending Oct. 12.
3133
3155
3115
315
31%
quickly
d
Silver, per oz
point to 17%, but
_issues. Sinclair Oil fell off
903.46. 903.6d. 90s.5d. 905.56. 90s.6d. -Gold, per fine ounce
5854
5855
5855
58%
____
per cents
recovered to 193' on the announcement of the regular divi- Consols,5254
10254
10234
10234
10233
British, per cents
---99
9934
99
99
____
dend on these shares. In the steel issues there were moderate British. 455 per cents
55.90 ...56.5
56.5
56
a
up
French Rentes (in Parts). _fr. ____
going
Steel
74.65
States
United
74.85
•
hour,
last
the
74.90
in
s
74.95
advance
French War Loan (In ParhOfr. ____
has been:
point to 87% and Gulf States two points to 78. The copper
The'price of silver in New York on the same day
the
Silver in N.Y., per oz. (cts.):
shares developed weak-ness on the decline in the price of
6355
6335
ON
6334
6355
Foreign
metal. Anaconda dropped to 36, a new low for this issue.
around.
29 1923.
In the final hour the market became heavy all
Preliminary Debt Statement of U. S. Sept.
of the
The stock market was dull and uninteresting on Thursday.
debt
public
the
of
nt
stateme
The preliminary
Some activity was displayed in the opening hour, but trading United States for Sept. 29 1923, as made up on the basis of
soon dropped off and there were several periods of minutes the daily Treasury statements, is as follows:
at a time when the tickers were silent.
Bonds$599,724,050 00

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 26 1923:

Consols of 1930
Loan of 1925
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds

First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938

118,489,900 00
48.954,18000
25,947,400 00
49,800,000 00
28,894,500 00
11,877.900 00

8883,687,930 00
31,951,674,400 00
3,108.472,60000
3,361,546.200 00
6,327.223.90000
$14,838,917,100 00
763,954,300 00

GOLD.
19th
The Bank of England gold reserve against its note issue on the
previous
inst. was E125,827,580, as compared with £125,823,675 on the
small
Treasury bonds of 1947-1952
a
on
Wednesday. The demand from the Indian Bazaars being
week will
$16,486,559,330100
scale, the bulk of the moderate supplies of gold in the market this
Total bonds
$1,500,000
Notesprobably go to the United States of America. Gold valued at
the
Reuter,
Treasury noteshas been received in New York from London. According to
8311,088,600 00
Series A-1924, maturing June 15 1924
currency
380,681,100 00
bill for the creation of a new German currency provides that a
Series B-1924. maturing Sept. 15 1924
industry,
e,
598.355,900 00
Series A-1925, maturing Mar. 15 1925
bank shall be established by representatives of agricultur
0000
301.551,9
and
world
1925
15
Dec.
maturing
by
banking
and
the
,
B-1925,
Series
transport
including
trade and commerce,
407,231,000 00
"bodenSeries C-1925, maturing June 15 1925
owners of urban real estate. The new money is to be called the
616,737,200 00
15
1926
Mar.
maturing
A-1926,
Series
be
will
415,522,300 00
mark" (meaning the mark based on land), and one bodenmark
Series B-1926, maturing Sept. 15 1920
of the
355,779,900 00
Series A-1927, maturing Dec. 15 1927
worth .358 grammes of fine gold. It was reported in the "Times"
0 00
668,200,40
allow
15
1927
Mar.
to
maturing
B-1927,
decided
Series
of
has
Finance
4,055,148,300 00
18th inst. that the Soviet Commissariat
Hitherto
the import of foreign gold and silver currency without limit.
sTreasury
Certificate
rubles.
gold
of
of
the
value
500
amounts
to
restricted
been
has
Tax
such import
$191.517,500 00
Series TD-1923, maturing Dec. 15 1923
178,549,500 00
SILVER.
Series TD2-1923, maturing Dec. 15 1923_ _ 321,196,00
0 00
_
1924_
again
15
Mar.
Series TM-1924, maturing
The market has continued active, the Indian Bazaars and China
249,750.50000
1924
15
Mar.
maturing
.
of
TM2-1924
buyers
Series
keen
941,013,500 00
being the principal factors. Whilst the former have been
account
Treasury (War) Savings Securitiescash silver, sales for forward delivery have been made on China
the 20th
War Savings Certificates:
resulting in a wide difference between the two quotations. On
850,117,706 37
-the
Series 1919 a
21,630,222 95
inst. spot silver was quoted at 32 5-16d. and forward at 31d.
19200
Series
To-day,
12,985,180 80
difference of 9-16d. being the highest recorded since Jan. 30 last.
1921 a
Series
tendency
Bazaars,
Indian
an
easier
the
Treasury Savings Certificates:
owing to withdrawal of support by
1,877,101 55
b
1921
15
forward
Dec.
of
Issue
and
1921.
31
Md.
and
Series
Md.
for
cash
31
to
s
receded
obtained and quotation
103,701,445 85
Series 1922, Issue of Dec. 15 1921
10th
the
on
New
York
that
states
from
Advice
95
ly.
17,214,281
respective
delivery,
Series 1922, Issue of Sept.30 1922 b
was
138,597,579 35
Series 1923. Issue of Sept. 30 1922 b
Inst. the amount of silver undelivered against Pittman Act purchases
American
UnclassiStamps,
Thrift and Treasury Savings
about 8.000,000 ounces. According to the general bulletin of the
4,568,907 18
issued a
fied sales, &c
350,692.426 00
Mining Congress, the United States Department of Commerce has
compiled
of
use
silver
1914,
since
monetary
the
in
the
changes
report on
a$21,833,413,556 00
Total interest-bearing debt
from information received from American consular officers and represent
report
Matured Debt on Which Interest has Ceasedtives of the Department of Commerce in 40 foreign countries. The
debt matured at various dates prior to
remarks that "one of the economic effects of the war has been the change Old
81,296.03026
April 1 1917
that
4,152,000 00
s of indebtedmas
In the monetary status of silver in many foreign countries" and shows
Certificate
278,100 00
coun- Spanish War Loan of 1908-1918
most
declined
in
has
since
1914
purposes
reserve
for
silver
of
the use
266,250 00
cover 331% Victory Notes of 1922-1923
tries, both absolutely and in proportion to gold and other forms of
1922-1923
of
Notes
Victory
04%
relative
13,829.65000
for note issues. Numerous forces have operated to reduce the
Called for redemption Dec. 15 1922
there
31.672.10000
importance of silver as a circulating medium, and in many countries
Matured May 20 1923
51,494,13020
report
The
of
silver
or
contents
coins.
the
fineness
in
reduction
has been a
Debt Bearing No Interestassumption
$340,681,016 00
adds that "no movements appear to be in progress to justify an
notes
States
United
note
for
152,979.025 63
gold reserve
that silver will soon regain its pre-war relative position as reserve
pre- Less
issues or as a circulating medium." This information was specially on.
90 37
3193,701,9
Commissi
of
the
Senate
Silver
and
Gold
use
the
pared and analyzed for
the "Economist," writing under date of Deposits for retirement of national bank notes
44,954,076 50
notes
bank
The New York correspondent of
Reserve
Federal
and
upon the silver movements to and from Old demand notes and fractional currency
2,050,494 18
the 27th ult., thus comments
240,706,561 05
the United States last month,amountthe U.S.A.: "Imports ofsilver into
this
month
of
any
the
largest
preceding
ing to $10,066,466, were by far
4,247 31
822,125,61
Total gross debt
the net
year; In fact, the excess of July imports over exports equalled
a Net cash receipts. I Net redemption value 01 certificates outstanding,
increase
the
heavy
current
year.
The
of
months
six
imports for the first




OCT. 13 1923.]

THE CHRONICLE

1635

Public Debt of United States-Completed Return
Treasury Cash and Current Liabilities.
Showing Net Debtlas of June 30 1923.
The cash holdings of the Government as the items stood
The statement of the public debt and Treasury cash
holdings of the United States as officially issued June 33 Sept.29 1923 are set out in the following. The figures are
1923, delayed in publication, has now been received, and taken entirely from the daily statement of the United States
as interest attaches to the details of available cash and the Treasury for Sept. 29 1923.
gross and net debt on that date, we append a summary
CURRENT ASSETS AND LIABILITIES.
thereof, making comparison with the same date in 1922.
GOLD.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
June 30 1923. June 30 1922.
Balance end month by daily statement. &c
S370,939,121 5272,105,513
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
-1,052,305
-7,978,577

Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' cheeks
Discount accrued on War Savings Certificates
Total

5369,886,816

8264,126,936

81,606,057
61,354,030
65.837.604
47,287,770

81,965,257
82,145,121
33.467,095
128,886,388

5176,085,461

8296,463,861

Balance, deficit (-) or surplus(+)
+8193,801,355 -532,336,925
INTEREST-BEARING DEBT OUTSTA
Interest June 30 1923. June 30 1922.
Title of LoanPayable.
28, Consols of 1930
599,724,050
Q.-J. 599,724.050
45, Loan of 1925
Q.-F. 118,489.900
118,489,900
25 of 1916-36
48,954,180
48,954,180
Q.-F.
25 of 1918-38
25,947,400
25,947,400
Q.-F.
35 of 1961
49,800,000
50,000,000
Q.-M.
35, Conversion bonds of 1946-47
28,894,500
Q.-J.
28,894,500
Certificates of indebtedness
J.-J. 1.031,418.500 1,754.787,500
Certificates of indebtedness under Pittman Act.J.-J.
74,000.000
314s, First Liberty Loan, 1932-47
.1,-.I. 1,409,999,050 1,410,002,050
.
45, First Liberty Loan. converted
J -D.
9,971,850
12,523,500
45(s, First Liberty Loan, converted
3.-I). 528.301,150
525,826,050
4145, First Liberty Loan, second converted_J.-D.
3,492,150
3,492,150
4s. Second Liberty Loan 1927-42
42,817,400
M.-N.
54,420,800
4145, Second Liberty Loan, converted
3.156.219.400 3,256,176,250
4(4s, Third Liberty Loan of 1928
NI.-81. 3,407.787.250 3,473,788.000
OM Fourth Liberty Loan of 1933-38
6,328,565,650 6,345,383,750
4345, Treasury bonds of 1947-52
763,954,300
4s,Victory liberty Loan of 1922-23
3-b.
1,991,183,400
45, War Savings and Thrift Stamps
Mat. 337,198,674
679.015,317
254s, Postal Savings bonds
11,860,200
J.-J.
11,830,440
5355 to 5;0. Treasury notes
J -D 4.104.195.150 2,246,596,350
Aggregate of interest-bearing debt
22,007,590,754 22,711,035,587
Bearing no interest
243,924.844
227,792,723
Matured, interest ceased
98,172,160
c25,250.880
Total debt
a22,349,687,758 22,964,079,190
Deduct Treasury surplus or add Treasury deficit
+193,801.355 -32,336,975
Net debt
622,155,886,403 22,996,416,115
a The total gross debt June 30 1923 on the basis of daily Treasury statements was
822,349,707,365 36, and the net amount of public debt redemption and receipts
In
transit, &c., was $19,607 52.
S No deduction is made on account of obligations of foreign Governments
or
other investments.
c Includes 514,609,400 Victory 341% notes.

Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for September 1923
and. 1922, and the three months of the fiscal years 1923-24
and 1922-23.
Receipts.2Sept. 1923. Sept. 1922.3 Mos.' 4.* 3
Mos.'23.*
Ordinary$
$
$
$
Customs
44,810,022 53,135,385 130,535,149 129,639,075
Internal revenue:
Income and profits tax.
342,995,805 286,535,255
Miscellaneous internal revenue 80,063,159 81,283,050 416,545,604 342,460,994
275,756,563 278,745,155
Miscellaneous receipts:
Proceeds Govt.-owned seem's:
Foreign obligationsPrincipal
30,500.000
37,873,593
406,500
Interest
686,386
11,052,621 12,996,020
Railroad securities_.,_
4,138,913 13,246,376 8,088,912 21,245,398
All others
420,010
92,374
1,647,311
3,604,028
Trust fund receipts (reappropriated for investment)
3,045,012 1,966,913 6,729,066
5,875,411
Proceeds sale of surplus prop'ty 4,794,826 4,221,554
16,264,357 19,689.814
Panama Canal tolls, &c
2,008,861
1,374,911
5,786,755 3,195,709
Receipts from miscellaneous
sources credited direct to
appropriations
4,503,285 4,021,676 14,542,940 20,454,731
Other miscellaneous
12,911.869 8,931,187 47,202.125 38,249,945
Total ordinary
530,778.148 454,808,681 972,024,996 876,562,780
Excess of ordinary receipts over
total expenditures chargeable
against ordinary receipts
215,957,444 107.697.119 180,484,959 82,397,984
Expenditures.
Ordinary(Checks and warrants paid, dtc.)
General expenditures
155,576,651 178,356,399 477,525,529 509,307.061
Interest on public debt
al22,302,911 112,080,2210156,901,851 159,485,542
Refunds of receipts:
Customs
1,607,334 2,799,505 7,507,158 15,175,873
Internal revenue
11,007,439 7,141,260 29,559,846 37,456,627
Postal deficiency
10,000,000
22,171,912
Panama Canal
1,133,225
432,626
1,726,618
887,779
Operations in special accounts:
Railroads
510,263,159 3.144,091
455,104 23,594,395
War Finance Corporation
65,949,358 511,323,490 517,646,205 527,036,028
Shipping Board
9,324,928
0551.306 22,599,104 516,945,346
Alien property funds
53,713,180
309,812 51.629,251
396,539
Loans to railroads
1,000,000 1,100,000 1,371,000 1,718,725
Investment of trust funds:
Govt. Life Insurance Fund-. 3,045,012 1,966,913 6.694,037
5,856.899
Civil Service Retirement Fund 1,000,700 51,324,017
11,023,666 8,766,156
District of Columbia Teachers'
Retirement Fund
35,029
18,511
Total ordinary
286,072,504 304,132,013 696,123,487 740,854,646
Public debt retirements charge- able against ordinary receipts:
Sinking fund
20,231,000 42,526,550 77,073,600 52,466,300
Purchases from foreign repayments
8.221,900
450,000 15,640,700
450,000
Received for estate taxes
292,300
2,680,850
382,850
Forfeitures, gifts. &c
3,000
3,000
21,400
11,000
Total
28,748,200 42,979,550 95,146,550 53,310,150
Total expenditures chargeable
against ordinary receipts_ ___ 314,820,704 347,111,563
791,54037 794,164,796
"Receipts and expenditures for June reaching the Treasury in July
are Included.
a The figures for the month include $2,026,866 16 and for
the fiscal year 1924 to
date 88,248,1W 66 accrued discount on war savings certificates
of the series of 1918.
S Excess of credits.




AssetsGold coin
Gold bullion

318,284,643 13 Gold °era's. ontstand'g_ 844,753,659 00
3.128,754,728 49 Gold fund F. R. Board
(Act of Dec. 23'13.as
amended June 21'17)-2,268,340,442 20
152,979.025 63
Gold reserve
180,966,244 79
Gold in general fund

Total
3,447,039,371 62
3,447,039,371 62
Total
Note.-Reserved against $346,681,016 of U. S. notes and $1,451,177 of Tremens,
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver
dollars in the Treasury.
SILVER DOLLARS.
Assets-Liabilities$
$
Silver dollars
431.121.11200 Silver certifs. outstandl 406,453,506 00
1,451,177 00
Treas. notes of 1890 out_
Silver dollars In gen.Fnd 23,216,429 00
Total

431.121,11200
431,121,112 00
Total
GENERAL FUND.
AssetsLiabilitiesGold (see above)
130,966,244 79 Treasurer's checks outSilver dollars (see above) 23,216,429 00
1,547.731 70
standing
United States notes_ _
2,408,410 00 Depos. of Govt. officers:
Federal Reserve notes_
1,025,120 00
5.165.437 96
Post Office Dept
Fed. Res. bank notes_ _ _
BoardoftrusteesPostal
178,137 00
National bank notes..
17,163,742 50
Savings System(5%
Subsidiary silver coin
6,600,924 80
9,123,532 99
res'velawful money)
Minor coin
1,684,396 88
158,191 38
Other deposit 3- - - _
Silver bullion
33,478,053 92
Comptroller of CurUnclassified-collecrency, agent for
tions, &c
3,045.057 09
creditors of insolvDeposits in Federal Re2,906,368 55
ent banks
serve banks
76,580.383 52
Postmasters, clerks of
Deposits in special decourts, disbursing
positaries account of
27,140,833 23
officers, &c
sales of certificates of
Deposits for:
Indebtedness.
297,150,000 00
Redemption of Fed'i
Deposits in foreign deReserve notes (5%
positaries:
174,545.461 47
fund, gold)
To credit Treas. U.S_
160,824 08
Redemption of Fed'l
To credit of other
Reserve bank notes
Government officers
598,890 00
(5% fund, lawful
Deposits in nat'l banks:
27,500 00
money)
To credit Treas. U.S.
8,064.895 28
Redemption of nat'l
To credit of other
bank notes (5%
Government officers 21,064,723 56
fund,lawful money) 30,676.727 57
Deposits In Philippine
Retirement of addiTreasury:
tional circulating
To credit Treas. U.S.
1,010,419 65
notes, Act May 30
15.810 00
1908
Uncollected items, ex5,386,761 59
changes, &c
Net balance

254,171,748 25
422,747,512 01

Total
676,919.260 26
676.919.26026
Total
Note.-The amount to the credit of disbursing officers and agencies to-day was
$859,096,532 80. Book credits for which obligations of foreign Governments are
held by the United States amount to $33,236,629 05
Under theActs of July 14 1890 and Dec. 23 1913 deposits of lawful moneyfor the
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned as part of the public debt. The amount of such obligations
to-day was $44,954,076 50.
$682,075 n Federal Reserve notes, $178,137 in Federal Reserve bank notes and
$16,892,680 in national bank notes are in the Treasury in process of redemption
and are charges against the deposits for the respective 5% redemption funds.

TREASURY MONEY HOLDINGS.-The following
compilation made up from the daily Government statements shows the money holdings of the Treasury at the
beginning of business on the first of July, August, September
and October 1923:
Holdings in
H. S. Treasury.

July 1 1923. Aug. 1 1923. Sept. 1 1923. Oct. 1 1923.
s
$
$
s

Net gold coin and bullion..
Net silver coin and bullion
Net United States notes_ _
Net national bank notes. _
Net Fed'I Reserve notes_ _
Net Fed'i Res. bank notes
Net subsidiary silver
Minor coin,&c

341.404,756
42,651,589
992,174
14,451,964
1,415,889
459,434
11,587,200
9,898.485

341,269,361
52,711,220
3,219,456
17,120,594
1,079,151
300,725
10,926,697
6,223,408

Total cash in Treasury..
Leas gold reserve fund

422.861,491
152,979,026

432,850,612 "422.871,822 .425,268,150
152,979,026 152,979,026 152,979,026

Cash balance in Treasury_
Dep. In spec. depositories
Acct. certs. of indebt. _
Dep. In Fed'I Res. banks_
Dep. in national banks:
To credit Treas. U. S._
To credit dish. officers_
Cash in Philippine Island
Deposits in foreign depts_
Net cash in Treasury
and in banks
Deduct current liabilities..

333,201,370
53.203,705
1,794,877
17,731,827
1,359,281
472.651
9.797,406
3,310,705

333,945,270
56,694,483
2,408,410
17,163,743
1,025,120
178,137
9,123,533
4.729,454

269.882,465

279.871,586

269,892,796

272,289,124

297,843,000
46,837,050

190,413,000
53,085,875

139,395,000
66.732,568

297,150,000
76.580.384

7,669,653
19.252,187
1,156,376
859,131

7.276,962
20,469,107
1,051,848
814,099

7,837,023 . 8,064,895
21,064.723
20,905,194
1,010,420
1,005,212
759.714
723,545

643,499,862
272.560,741

552,982.477
270,128,682

506,491,338 (176,919,260
254,035,100 254,171,748

Available cash Indium. 370.939.121 282.853.795 252.456.238 422,747,512
* Includes Oct. 1 533,478,053 92 silver bullion and $1,684,396 88 minor coins.
&c. not included in statement "Stock of Money."

gourtnerdal andMisceilaneatts/PIM
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:

[VOL. 117.

THE CHRONICLE

1636

The destination of these exports for the week and since
July 1 1923 is as below:

National Bank Circulation
Afloat on-

Ana. Bds. on Deposit to
Secure Circulation forFed. Res.
National
Bank Notes. Bank Notes.

Legal
Tenders.

Bonds.

Total.

Corn.

Wheat.

Flour.
Exports for Week
and Since
July 1 to-

Since
July 1
545,900 742,184,915 28,137,092 770,322,007
Sept.29 1923._ 746,780,830
768.944,812
1923.
Aug. 31 1923__ 745,585,080 4,543,700 740,323,568 28,621,244 769,810,377
July 31 1923_ 744.848,940 4,793,700 740,986,663 28,823,714
Bushels. Bushels. Bushels.
Bushes.
Barrels. Barrels.
June 30 1923._ 744,654,990 4,993,700 719,103,625 28,336,094 747,439,719
641,026
United Kingdom_ 66,957 1,159,269 2,168,176 24,970.442
May 31 1923._ 744,034,190 5,593,700 742,178,351 27,829,641 770,007,992
262,000
212,862 1,674,501 4,383,965 35,289,231
April 30 1923._ 742,823,590 6,148,700 740,099,541 27,888,731 767,968,272 Continent
39,000
202,000
28,000
78,000
Cent. Amer- 8,000
&
80.
Mar. 31 1923_ 742,879.540 6,368.700 739.984.523 27,197.981 767.182,504
767,043,704
342,000
28.620.187
15,000
4,000
738.423,517
237,000
6,878,700
19,000
West Indies
Feb. 28 1923._ 741.077,590
763,750.962 Brit.No.Am.Cols.
29,000
Jan. 31 1923_ 739,329,840 7,868.700 734.541,173 29.209,789 762,128,087
i
6,000
241,000
64,000
145,245
Dec. 30 1922._ 738,257,440 7,968,700 735,281,275 26.846.812 761,499,127 Other Countries__ 13,000
25,433.762
736.065.365
Nov.30 1922_ 739,018,690 31,468,700
760.679,187
1,319,026
15.00060,709,673
6,644,141
3,194,015
319,819
1923
Total
...
.-Oct. 31 1922_ 737.660.690 46,488,700 734,520,475 26,158,712
.......
........
....... .........
......
...___........
760.751.197
•
.
34IMI0 5.330.011
Sept.30 1922_ 737.501,940 58.788,700 734,465,283 26.285,914
735,460.690 67.518.700 733.623,525 26.082,024 759,705.549
Aug. 31 1922_
758,071.562
July 31 1922_ 735.160.890 80,518.700 732,467.585 25,603.977 758,202,027
The world's shipment of wheat and corn, as furnished by
June 30 1922._ 734,546,300 84.218,700 732.585,640 25,616.387 755,900.702
25.696,832
May 31 1922._ 733,876.590 87.218.700 730,203.870 25.098.414
754.622,549
to the New York Produce Exchange,for the week
729,526.135
Broomhall
95,588.700
731,693.890
APri130 1922._
Mar.31 1922._ 730.016.940 102.393.700 727,838,900 24,840.522 752.679,422
752.035.482 ending Friday, Oct. 5, and since July 1 1923 and 1922,
Feb. 28 1922._ 729,702.240 110,359.700 727.465,523 24.589.959
749.611.367
Jan. 31 1922_ 729.425.740 126.393.700 724.480.758 25.130.609
are shown in the following: '
Sept. 29 (of which 3485,000
$17,352,000 Federal Reserve bank notes outstandinglawful
364.against
by
money),
secured by United States bonds and 816,867,000
Corn.
Wheat.
219,400 Sept. 30 1922.
United
1922.
of
class
each
of
1923.
amount
the
I
1922.
shows
1923.
• The following

States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Sept. 29:
U. S. Bonds Held Sept. 29 to SecureOn Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.

Bonds on Deposit
September 29 1923.

545,900

28, U.S. Consols of 1930
48, U. S. Loan of 1925
28, U. S. Panama of 1938
28, U.S.Panama of 1938

587,150,300
85,693,150
48,347.620
25,589.760

Total
Held.

587,696,200
85,693,150
48,347,620
25,589,760

Week
Oct. 6
1923.

Week
Oct. 5. I
Bushels.
North Amer_ 10,020
Russ.& Dan. 592
Argentina... 1.751
Australia ___ 1,464
56
India
0th. countr'
Total

Since
July 1
1923.

Since
July 1.

Week
Oct. 6
1923.

Since
July 1
1923.

Week
Oct. 6
1923.

Since
July 1.

Week
Oct. 5.

Since
July 1.

Since
July 1.

Bushels.
Bushels. I Bushels. I Bushels.
Bushels.
40,0001 1.383.000 33,223,000
89.686,000 119,476.0001
75.0001 2,153,000 3.477,000
3,024,000 2.408.0001
46,814,000 29,948,000
31,740,000 28,481.0001 2,456,0
I
11,304,000 7,652,0001
10,472,000
1,118.0001 7,497,000 3,179,000
1.584,000

13,883,000 147.810.000158.017,000 3,689.000 57.847,000 69.827.000

The visible supply of grain, comprising the stocks in granat principal points of accumulation at lake and seaboard
ary
545.900 746,780,830
Totals
Saturday, Oct. 6, was as follows:
ports
notes
bank
of
national
The following shows the amount
and
1
Sept.
GRAIN STOCKS.
deposits
tender
afloat and the amount of legal
Barley,
Rye,
Oats,
Corn,
Wheat,
Oct. 1, and their increase or decrease during the month
bush.
bush,
bush.
bush,
bush,
United States18,000
109,000
of Blot- mb r:
488,000
31,000
753,000
New York
747,326,730

National Bank Notes-Total AfloatAmount afloat Sept. 1 1923
Net increase during September
Amount of bank notes afloat Oct. 1 1923
Legal Tender NotesAmount on deposit to redeem national bank notes Sept. 1 1923
Net amount of bank notes retired in September
Amount on deposit to redeem national bank notes Oct. 1 1923

8768,944,812
1.377,195
8770,322,007
828,621,244
484,152
328,137.092

Breadstuffs figures brought from page 1683.-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-I Flour. I

Wheat. I

Oats.

Corn.

Barley. I

Rye.

'1,113.196114.'bush. 60 /bs.lhush. 56 lbs. bush. 32 lbs. bush.481bs.1bush.56lbs
29 000
677,000 1,088,000 1,768,000 22,5,000,
221.000
Chicago
56,000 1,018,000 431,M, 267.000
4,200,00
Minneapolis..
478,000
249,000
72,00
1,462,000,
Duluth
26,000
229,000
616,0
82,000
42.000
65,000
Milwaukee__ _
3,000
7,000
110,
18,000
328,000
Toledo
54,00
41,000
23,000
Detroit
142,
334,000
71,000
Indianapolis_
52,000
18,000
555,000
958.000
598,000
81,000
St. Louis_ _
12,000
347.000
538,000
51,000
34,000
Peoria
119.000
261.000
1,111,000
Kansas City_
204,000
578,000
525,000
Omaha
30,
129,000
190,000
St. Joseph_
250,00
149,000
95,000
Sioux City__
401,000 9,373.000 2,910,000
559,000 13,189,000 7,929,000
460,000 10,576,0001 11,547,000

Total wk. '23
Same wk. '22
Same wk. '21

6,587,000 1,171,000 855,000
1,177,000 2.358,000
5,497,
5,692,000 696,000 489,000

Since Aug.14,040,000125,545,000i 43,267,000 62,876,00111,638,000 8,768,000
1923
5,385,000133,673,000 64,862,000 52,065,000110.156,00027.252.000
1922
4,897.000140.831.000 79,434,00 62,568,000 7,618,000 5,583,000
1921

Total receipts of flour and grain at the seaboard ports for
the weA ended Saturday Oct. 6 1923 follow:
Flour. I

Receipts atNew York__ _
Philadelphia__
Baltimore..._
N'port News_
New Orleans•
Galveston__
Montreal ____
Boston

Wheat.

Corn.

I

Oats.

Barley.

Rye.

Bushels.
Bushes. Bushels.
Bushels.
Barrels. I Bushels.
552,000
173,000
238,000
72,000
320,0001 2,273,000
5,000
10,000
38,000
225,000
68,000
33,000
8,000
10,000
47,000
157,000
41.0001
4,00(
47,000
18,000
36,000
55,00
47,000,
135,000
124,000 489,000 383,000
2,475,006
70,0
10,000
38,000
77,006
22,00

448,000
401,000 588.000 973,000
Total wk. '23 580,000i 5,290,000
Since Jan.1'23 18,004,000185,492,000 35,964,000 31,070,000 12,288,000 30,137,000
Week 1922..:I 535,0001 5,261,006 1,297,000 1,459,000 570,0001,365,000
Since Jan.1'22 18,907,000 192,500,000 120,180,000 54,716,000 13,470,00033,410.000
•Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.

The exports from the seVeral seaboard ports for the week
ending Saturday, Oct. 6 1923, are shown in the annexed
statement:
Exportsfrom-

New York
Boston
Philadelphia
Baltimore
Newport News_
New Orleans
Galveston
Montreal

Barley Peas,
Rye,
Corn, Flow, Oats,
Wheat,
Bushels. Bushels. Barrels. Bushels. Bushels, Bushels Bushels
124,819

1,578.141
40,000
417,000
274.000

66,000
8,000
3,000
15,000 30,000

28,000
40,000
4,267,000

6,644,141
Total week 1923_,
ona n'n
./...61nno
.
•




276,759 120,379

4,000

88,000 38,000
1

293,000 149,000

15,000319,819 42,000 569,759269,379
AAA 125 947 aln 724 007 1 772 en, ARK ,IVI

•

Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
St.Joseph, Mo
Minneapolis
St. Louis
Kansas City
Sioux City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River

1,000
769,000
1,557,000
733,000
1,031,000
4,421,000
1,928.000
24,000
19,648,000
466,000
4,357.000
1,071,000
10,837,000
1,953,000
9,738,000
155,000
63,000
772,000
3,446,000
316,000
297,000

1,000
56,000
150,000
78,000
92,000
1,148,000
30,000
19,000
950,000
221,000
4,789,000

332,000 2,040,000
377,000
29,000
80,000
32,000
367,000 2,903,000
162,000 1,177,000
502,000
76,000
38,000
1,000 4,659.000 6,829,000
238,000
18,000
51,000
102,000
36,000 1,144,000
498,000
8,000
30,000
272,000
4,000
247,000
3,000
132,000
107,000
89,000 1,227,000

643,000
2,000

591,000

241,000

10,000
20,000
25,000
149,000

24,000

24,000
231,000
146,000
88,000

98,000

1,000
3,000
3,000

184,000
259,000
836,000
6,000
885,000
5,000
339,000
9,000
82,000

Total Oct. 6 1923_ _ _ _64,335,000 1,562,000 16,515,000 15,301,000 3,516,000
Total Sept. 29 1923_ _ _ _63,924,000 2,052,000 16,515,000 15,188,000 3,252,000
Total Oct. 7 1922_ _ _ _32,584,000 10,962,000 35,900,000 7,371,000 2,301,000
BaltiNote.-Bonded grain not included above: Oats, New York, 10,000 bushels;
more, 4,000: Buffalo, 132,000: Duluth, 31,000; total, 177,000 bushels, against
239.000 bushels in 1922. Barley, New York, 66,000 bushels; Baltimore, 54,000:
Buffalo, 311.000; Duluth, 51,000; Chicago, 56,000; total, 538,000 bushels, against
345,000 bushels in 1922. Wheat, New York.314,000 bushels; Boston, 74,000: Philadelphia. 86,000: Baltimore, 186,000: Buffalo, 388,000; Duluth, 153,000; Chicago,
1,137,000; total, 2,338,000 bushels, against 8,822,000 bushels in 1922.
Canadian268,000
194,000 1,508,000
17,000
1,019,000
Montreal
1,338,000 1,162,000 1,265,000
Ft. William dr Pt. Arthur_13,214,000
77,000
672,000
144,000
1,236,000
Other Canadian
17,000 1,676,000
Total Oct. 6 1023...15,469,000
42,000 1,447,000
Total Sept. 29 1923....10,771,000
1,627,000
000
802,000
7
1922____22,926,
Total Oct.
Summary64,335,000 1,562,000 16,515,000
American
17,000 1,676,000
15,469,000
Canadian

2,342,000 1,610,000
2,153.000 1,442,000
63,000 2,504,000
15,301,000 3,516,000
2,342,000 1,610,000

5,126.000
Total Oct. 6 1923_ _ _79,801,000 1,579,000 18,191,000 17,643,000 4,362,000
Total Sept. 29 1923_ _ _74,695,000 2,004,000 17,962,000 17,581,000
4,805,000
Total Oct. 7 1922...55.510,000 11,764,000 37,527,000 7,434,000

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
Oct.

Oct.
Oct.
Oct.
Oct.

APPLICATION TO ORGANIZE RECEIVED.
Capital.
$30,000
First National Bank of Richland. Texas
-The
5
Correspondent, H. A. Swink, Richland, Texas.
APPLICATIONS TO ORGANIZE APPROVED.
2-The Old First National Bank of Mount Vernon, Ind__ 3100,000
Succeeds The First National Bank of Mt. Vernon, Ind.
Correspondent, Eugene E. Highman. Mt. Vernon,Ind.
25,000
2-Tho First National Bank of Cunningham, Kan
Correspondent. Leland Scrogin, Pratt, Kan.
50,000
5-The First National Bank of Pineville, La
Correspondent, James A. Christian, Pineville, La.
100,000
6-The Ocean City National Bank, Ocean City, N. J
Correspondent, Russell H. Nulty, Ocean City, N. J.

APPLICATIONS TO CONVERT RECEIVED.
$50,000
Sept. 28-The Peoples National Bank of LaFollette. Tenn
Conversion of The Peoples Bank of LaFollette. Tenn.
Mich
$25,000
City,
Reed
Bank,
City
National
Oct.•5-The Reed
Conversion of The Commercial Savings Bank of Reed
City. Mich.
100,000
Oct. 6-The Citizens National Bank of Edenton, N.C
Conversion of The Citizens Bank of Edenton, N. C.
25,000
Oct 5-The First National Bank of'Waller, Ill.Conversion of The Valler State Bank of Yeller. Ill.
APPLICATION TO CONVERT APPROVED.
$200,000
Oct. 2-The Ogden National Bank of Chicago, III
Conversion of The Ogden Avenue State Bank,Chicago,Ill
•

THE CHRONICTiE

OCT.13 1923.]

1637

DIVIDENDS.
CHARTERS ISSUED.
Texas $50,000
Oct. 1-12448-The Exchange National Bank of Eastland,
are grouped in two separate tables. In the
Dividends
President, Henry James; Cashier, Roy Riddel.
-- 50,000
Oct. 6-I2449-The First National Bank of Floral Park, N. Vfirst we bring together all the dividends announced the curPresident, David Hill; Cashier, W. I. Sherman.
300,000
Y
N.
rent week. Then we follow with a second table, in which
Geneva,
of
Bank
National
Oct. -12450-The
we show the dividends previously announced, but which have
VOLUNTARY LIQUIDATIONS.
S500,000
, Fayet been paid.
not
Oct. 1-3371-The Ninth National Bank of Philadelphia
Effective beginning of business Oct. 1 1923. Liquidating
The dividends announced this week are:
Committee:Thomas B.Harbison, Thomas S. Gay, George
Beach, Harry Foster and Harry E. Thomson, PhiladelBooks Closed.
When
Per
phia, Pa. Succeeded by The Ninth Bank & Trust Co. of
Days Inclusive.
Cent. Payable.
Philadelphia.
Name of Company.
500,000
Ind
Oct. -7478-The Old State National Bank of Evansville,
Effective close of business Sept. 29 1923. Liquidating
Railroads (Steam).
•1% Dec. 1 *Holders of rec. Nov. 2
Committee: Samuel L. Orr, M. S. Sonntag, Louis A.
Illinois Central, common (quar.)
Daus, Evansville. Ind. Succeeded by Old National Bank
131 Oct. 1 Holders of rec. Sept.20a
&
Chicago
Joliet
circulation
for
Nov. 1 Holders of rec. Oct. 220
In Evansville, Ind., No. 12444. Liability
$10
common
RR.,
Coal
Mahoning
Dec. 13 *Holders of rec. Nov.27
assumed under Sec. 5223, U. S. R. S.
*50c.
(qu.)
Reading Company,first preferred
25,000
Okla
Hastings,
in
Bank
National
Oct. 1-10094-The First
Effective Aug. 17 1923. Liquidating Agent, W. W.
Public Utilities.
Brunskill, Hastings, Okla. Absorbed by The Oklahoma
131 Oct. 29 Holders of rec. Oct. 15
Amer. Dist. Teleg. of N.J.(quar.)
National Bank of Hastings, Okla., No. 12150.
1% Nov. 1 Holders of rec. Oct. 20
& Light, pref. (quar.)
Power
Dallas
500.000
_
Neb_ _
Oct. 5-2665-The Nebraska National Bank of Omaha, F. W.
1% Oct. 15 Holders of rec. Oct. 6
(quar.)
Electrical Utilities, preferred
Effective Sept. 21 1923. Liquidating Agent,
131 Nov. 1 Holders of rec. Oct. 16
Idaho Power, preferred (quar.)
*Holders of rec. Sept.30
Clarke. Absorbed by The First National Bank of Omaha,
Interstate Pub.Serv., prior lien stk.(qu.) •14i, Oct. 15
Dec. 1 *Holders of rec. Nov. 20
No. 209.
(NO.
1) *S1
Keystone Telephone, pref.(au.)
50,000
Ark
Marshall,
31
of
Bank
National
Oct. -10794-The First
*6231 Nov. 15 *Holders of rec. Oct. 31
Montreal Water & Power,common
T.
Effective Sept. 24 1923. Liquidating Agent, Wm.
*334 Nov. 15 *Holders of rec. Oct. I66
Preferred
bank.
State
a
by
Oct.
succeeded
rec.
be
of
To
Holders
Ark.
Marshall.
Mills,
40c. Oct. 25
Municipal Service Co., corn.(quar.)-of rec. Oct. 156
CONSOLIDATION.
Common (payable in common stock)_ - (ii) Oct. 16 Holders of rec. Oct. 150
g,N.Y. $25,000
1% Nov. 1 Holders
Preferred (quar.)
Sept.24-7541-The First National Bank of Trumansbur g,N.V.
25,000 Niagara Lockport & Ont.Pow., pt.(qu.) 1% Oct. 1 Holders of rec. Sept.15
and 12417-The State National Bank of Trumansbur
18 to Sept.30
Act
Northwestern Electric, common (quar.) 30e. Oct. 1 Sept.
Consolidated Sept. 24 under the provisions of the
1% Oct. 1 Sept.18 to Sept.30
Six per cent preferred (quar.)
of Nov. 7 1918 and under the charter and corporate
1 Sept.18 to Sept.30
g,"
Oct.
Trumansbur
1%
(quar.)
of
preferred
Bank
cent
per
Seven
National
First
title of "The
130
131 Nov. 1 Holders of rec. Oct. 30
Sierra Pacific Electric Co., pref. (quar.)_
No.7541, with capital stock of $50,000.
Oct. 15 Holders of rec. Sept.
2
Southern Calif. Edison, orig. pref.(qu.)_

6

1

6

Miscellaneous.
2
Nov. 1 Holders of rec. Oct. 17
Amalgamated Sugar,first pref.(quar.) _
150
Dec. 31 Holders of rec. Dec. la
American Radiator, common (quar.) _ _ _ $1
1% Nov. 15 Holders of rec. Nov.
Preferred (quar.)
rec. Nov. la
of
Holders
15
Nov.
82.50
A
corn.
(guar.)
Class
Bros..
Burns
50c. Nov. 15 Holders of rec. Nov. lo
Class B common (quar.)
Nov. 1 Holders of rec. Oct. 18
Si
Price. Corrode Pasco Copper (quay.)
Stocks.
Shares.
Price.
Nov. 1 *Holders of roe. Oct. 20
Stocks.
*31
(quar.)
Shares.
Columbian Carbon
lot
_$1,000
comCo.,
Mfg.
Southern
100
1% Oct. 31 Holders of rec. Oct. 156
17 United States Historical Soc___$41 lot
Consolidation Coal (quar.)
56
Corp.,
51
Nov. 15 Holders of roe. Nov.
(quer.)
Can,
common
20 Francis E. Lester Co. 7% pref-$25 lot 800 Federal Adding Machine
Continental
$8 lot
common
*51
Oct. 20 *Holders of rec. Oct. 17
548 Chemical Fuel Co.of Am.,pf _3410 lot
Oil & Refining. pref.(guar.)
Derby
15
common
Co.,
Oct.
108 Mohawk Rubber
134 Nov. I Holders of rec.
1,871 Chemical Fuel Co.of America,
$235 lot Electric Bond & Share, pref.(quer.)
no Par
$1,000 lot
*1% Nov. 1
common
Esmond Mills, common (quar.)
108 Mohawk Rubber Co.,pref-330 Per sh.
Nov. 1
1,068 Chemical Fuel Co.of America
'154
(quar.)
Preferred
$6.75 lot 150 Smith Motor Truck Corp.,com•1% Nov. 1 *Holders of rec. Oct. 20
debenture stock
Fair (The), preferred (quar.)
mon temporary ctfs.,$10 each_ -81 lot Fisher Body Corp., common (quar.)_ _ _ _ 52.50 Nov. 1 Holders of rec. Oct. 200
3 American Alliance Insur_5350 per sh.
Inc.,
Interests,
1,200 Universal
Oct. 31 Holders of rec. Oct. 20
common (guar.)_ _ _ 51
185 Deep Sea Fisheries, Inc.. com$9 lot Fulton Iron Works,
common, no par
S20 lot
mon v. t. c
General Tire & Rubber,common (Var.) 75c. Nov. 1
_15110
_
_
corn
Am.,
of
Corp.
Asbestos
lot
80
%
Dec. 1 *Holders of rec. Nov. 1
$3
1,000 Pioneer 11Corp.,El each.$12
lot Gillette Safety Razor (quar.)
Am., pref___
Nov. 1 *Holders of rec. Oct. 15
*2
500 Sun-Light Arc Corp.,$10 ea_ _513 lot 80 Asbestos Corp. of
Gray & Davis, preferred (quar.)
19
cum.
7%
Co.
Utilities
Ohio
_
3
Canadian
pref
Pittsburgh.
*334 Oct. 31 *Holders of rec. Oct.
200 Lamson & Hubbard
$21 per sh. independent Brewing. Engineering (qu.) 50c. Oct. 31 Holders of rec. Oct. 23
pref
550 lot
Co., Ltd. pref
Combustion
Internat.
Power
Nov. la
&
Light
rec.
of
Traction,
Toledo
3
Holders
Mining
(quar.).
15
Nov.
25c.
Homestake
Extension
common
Corporation,
1,100
$82 per sh. Intertype
4,154 Nov. 1 *Holders of rec. Oct. 20
Co.6% cum. pref
51,000 lot
(quar.)
Co.,510 each
$6 lot Kelsey Wheel, preferred
65 Pinelawn Cemetery, Inc
Nov. 1 *Holders of rec. Oct. 20
*1
50 West Virginia Traction & ElecKress(S. H.) Co., common (guar.)
sh.
per
530
Co
Alpine
lot
100
$50
*2% Dec. 1 *Holders of rec. Nov.23
tric Co., prof
Lancaster Mills, common (guar.)
e154 Nov. 1 *Holders of rec. Oct. 24
500 New England Fuel Oil Co_513 per sh.
100 Federal Adding Machine Corp.,
Preferred (quar.)
510 lot
Nov. 15 *Holders of rec. Nov. 3
corn.(quar.)_ *1
preferred
Price. Loew's Boston Theatres,
Bonds.
Nov. 1 *Holders of rec. Oct. 20
*2
$1,000 Dunkirk & Fredonia RR.Co.
Lord & Taylor, 2d pref.(quar.)
15 Holders of rec. Oct. 154
$100 lot $500,000 West India Sugar Finance
Oct.
1%
preferred
(guar.)
first
5% bonds
Furnace,
Magee
notes,
secured
8%
-year
5
Corp.
15 Holders of rec. Oct. 156
7%1521
2
Oct.
preferred (quar.)
$4,000 Liberty Oil Co. 5-year
Second
lot
$350,000
ctfs. of deposit
lot
1% Nov. 1 Holders of rec. Oct. 200
gold notes, Series E, 1924
McCrory Stores, preferred (quar.)
520,000 Lafayette Hydraulic Gravel
1 Holders of rec. Oct. 16
2
Nov.
pref.
(quar.)
Corp.,
10 Liberty 011 7 3-10% cum. pref..]
Mullins Body
Co., 1931; June 1923 coupons
The. Jan1524 Holders of rec. Dec. 310
1 140-1000 Moline Plow Co. Trust)
$500 lot National Biscuit, common (mar.)
attached
1% Nov. 30 Holders of rec. Nov. 166
.of deb. bond panic.)3100
trustees'ctf.
(guar.)
Preferred
lot $1,000 Wabash Fittsb. Term. RR.
1% Oct. 30 Holders of rec. Oct. 20
5 700-1000 Moline Plow Co.Trusti
River Company, preferred
rec. Oct. 13
1st mtge gold 45, Of.of deposit_ 310 lot New
trustees' elf,of corn. stk. panic-)
N.Y.& Honduras Rosario MM.(guar.) _ 2% Oct. 25 Holders of rec. Oct 19
Nov. 1 'Holders of
*2%
g,
(guar.)
common
Manufacturin
Pyrene
By Messrs. R. L. Day & Co., Boston:
154
,
4
rec. Oct. 31
of
Nov.25 *Holders
Price. St. Louis Coke & Iron,7% pref.(quay.).
Price. Shares. Stocks.
Shares. Stocks.
2
Nov. 1 Holders of rec. Oct. 210
(quar.)
8 Electric Bond & Share Co., prof.. 96% St. Louis Cotton Compress
rec. Oct. 15
% Fourth Atlantic Nat. Bk., Bost,.100
of
*Holders
1
Nov.
•20e.
Creek Producers (quay.)
5 National Shawmut Bank,Boston_210% 25 American Glue Co., common_ _ _ 41% Salt
•20c. Nov. 1 *Holders of rec. Oct. 15
Extra
2%
72% 20 Boston Maritime Corp
Oct. 16
rec.
14 Nashua Mfg. Co.,common
of
_
Holders
1
(quar.)
1%
Nov.
pref.
Refining,
Sugar
Savannah
40 Johnson Educator Biscuit Co.,
25 Worcester Cons. St. Ry., 1st pf_ 51
Nov. 1 Holders of rec. Oct. 25
Scruggs & V.B.Dry Goods,corn.(quar.) 2
19
common, Class A, par $25
rec. Oct. 15
450 Riverside Boller Works, Inc.,
of
*Holders
Nov.
*1%c
(monthly)
Oil
Gas
&
Seaboard
10c. 13 rights Municipal Real Est. Trust 61c.
preferred
*flic Dee. 1 *Holders of rec. Oct. 15
Monthly
100 Inter-Coast Steamship Co__ _ 10
12 North Boston Lighting Proper*1%c Jan 1'24 *Holders of rec. Oct. 15
Monthly
ties, preferred, ex-dividend__ _82%-% 1,020 Coin Sorting & Counting Co.,
_
1% Nov. 15 Holders of rec. Nov. 3
(quay.)
A
011,
pref.
her.
5100 lot Shell-Union
28
Par 510
10 Everlastik, Inc., pref. Class B
rec. Nov. 1
Price. Sinclair Consolidated Oil, corn.(quar.)._ *50c. Nov. 30 *Holders of
Bonds.
6 Charlestown Gas & Elec.,par 550A 38%
Nov. 15 *Holders of rec. Nov. 1
*2
(guar.)
Preferred
Co.
54,000 Federal Wharf & Storage
Oct. 2
10 Boston Woven Hose & Rubber
rec.
of
Holders
20
60c. Oct.
Stearns(F.B.) Co.(quar.)
1st 55, Feb. 1912-01d Colony
87%
Co., common
rec. Oct. 20
4% Stover Mfg.& Engine. pref.(quar.).. •144 Nov. 1 'Holders of rec. Oct. 15
194%
Trust Co. ctf. of deposit
1 Lowell Electric Light Co •
of
'Holders
1
Nov.
*2
(quar.)
pref.
of
Sugar Estates Oriente.
. Interest in Boylston
$28,996 54 ctf.
10
10 rights North Boston Lighting
"51.80 Oct. 27 'Holders of rec. Oct. 5
$5 lot Union Oil of California (quay.)
Shoe Machinery Associates
50c.
Nov.
Properties
.
134 Dec . 1 *Holders of rec. Nov. 5
Union Tank Car,common (quay.)
rec.
of
'Holders
1
&
Dec.
Arnold,
Hobbs
Boston:
*131
By Messrs. Wise,
Preferred (quar.)
Price. Woolworth (F. W.) Co.(guar.)
Dec. 1 'Holders of rec. Nov. 9
*2
Price. Shares. Stocks,
Shares. Stocks.
64c
2-100 State Theatre Co., prof
10 First National Bank, Boston_ _ _323
5 American Glue Co., common__
42
5 National Shawmut Bank,Boston_210
105
6 Bigelow Hartford Carpet, pref___114% 13 Boston Wharf Co
7 Merrimac Chemical Co., par $50_ 9431
150
Below we give the dividends announced in previous weeks
11 Androscoggin Mills
47%..34
65 Fisk Rubber Co., 1st prof
122
11 Otis Co
not yep paid. This list does not include dividends anand
5
Glue
Co.,
42
_
_
_
common_
American
e,Inc.311ot
750aston,Williams&Wigmor
32,487 Southwestern 011 Fields Co.,
nounced this week, these being given in the preceding table.
10 Fitchburg Gas & Elec. Co.,
Ec
par Si
82%
ex-dividend par 550
Books Closed.
1 Heywood-Wakefield Co., corn_ _119
When
Per
Doss Inclusive.
cent. Payable.
Philadelphia:
Name of Company.
By Messrs. Barnes & Lofland,
Price.
Stocks.
Shares.
Price.
Shares. Stocks.
12 John B.stetson Co.,com.,no par 90%
Railroads (Steam).
60
Oct. 26a
30 Mutual Trust Co.. Par $60
4 Philadelphia Bourse, common.-- 1731 Atch. TM).& Santa Fe, COM.(quar.)--- 131 Dec. 1 Holders of rec. Oct. 15
92
32 John B. Stetson Co., no par
1% Dec. 1 Oct. 14 to
8% 4 Philadelphia Bourse, common_ _ _ 18
Baltimore & Ohio, com.(gnat.)
25 German Theatre Realty Co
Oct. 15
to
14
Oct.
1
Dec.
1
40 American Pulley Co
40%
Preferred (quay,)
15
8 Philadelphia Rifle Club
Oct. 20 Holders of rec. Sept.280
$3 lot 5 Phila,Suburban Gas & El., pref-100
Clev.CM.Chic & St. Louis,corn.(guar.) 1
254
50 Fairmount Ice Mfg. Co
Sept.
rec.
of
Holders
20
Oct.
1%
30 Penney.Cold Storage & Mkt.Co. 26
395
Preferred (quay.)
29 Philadelphia Nat. Bank
Febl'24 Holders of rec.Jan.19'29a
3
560% 10 Phila. Ritz-Carlton Hotel, pref..52 lot Cuba Railroad, preferred
7 Franklin National Bank
Oct. 6a
rec.
of
Holders
20
Oct.
$1.50
(quar.).
lot
10
560
pref
$2
Jacob Shrelber Co.,
Delaware Lackawanna & West.
5 Franklin National Bank
Oct. 15 Oct. 2 to Oct. 14
3
4 Philadelphia Bourse, common.- 17% 10 Jacob Shrelber Co.,corn., no par..52 lot Georgia RR.& Banking (quar.)
Nov.15 Holders of rec. Nov. 10
El
Gulf Mobile & Northern, pref.(No. 1)_
10 Camden & Burlington Co. RR__ 26% 35 Northern Liberties Gas, par $25_ 35
Nov. 1 Oct. 21 to Nov. 1
30c.
1 North Phila. Trust Co.. par 550-22534 16 Phila.& Camden Ferry,Par 550-118% Hudson Companies
1 Holders of rec. Sept.290
Ncotv..15
O
224% 250 Progresalve Knitting Mills,
Kansas City Southern, preferred (quar.) 1
2 Northern National Bank
Holders of rec. Oct. 24
2
Pa
631
Royersford,
% Morris & Essex Extension RR
1 Eighth Nat. Bank of Philo,
1% Nov. 1 Holders of rec. Sept. 286
Price. New York Central RR (quar.)
Bonds.
79%
1 North Pennsylvania RR
Holders of rec. Oct. 31a
19
1
Nov.
of
City
1947
(quay.)..
4s,
Phila.
&
21%
52,000
9931
Norfolk
pref...
pref.
Western.
&IL
2a
6 Elizabeth & Trenton RR..
1% Nov. 1 Holders of rec. Oct. 24
35,000 Superior Calif. Farm Lands
19
Northern Pacific (quar.)
6 Elizabeth & Trenton RR., cora__ 410
Nov. 1 Holders of rec. Oct.
2
Co. Cis (reduced to $600 each)_ _ 10
Passaic & Delaware Extension RR
10 Corn Exchange Nat, Bank
Oct. 15a
rec.
of
Holders
1
Nov.
%
1
$1.000 American Public Service Co.
Pere Marquette,five per cent preferred..
150
5 Centennial National Bank......380
89
1% Nov. 1 Holders of rec. Oct.
68, 1942
391
Priorpreference (quar.)
13 Philadelphia Nat. Bank
of rec. Nov. 16
31,000 Altoona Logan Valley Elec.
110
Pittsburgh & West Virginia, pref.(qu.). 134 Nov. 30 Holders of rec. Feb.1'246
11 Tioga Trust, par $50
Holders
29'24
65
1% F eb
Co. 4%s, 1933
72%
Preferred (guar.)
16a
25 Belmont Trust Co., par 850
2m Nov. 8 Holders of rec. Oct.
$1,000 Fort Dodge Des Moines &
Reading Company,common (quar.)--- $1
4 Bank of North Am.& Trust Co_ _294
Oct. 31 Holders of rec. Oct. 20a
7331 Southern Ry pref
Southern Ry. 55, 1937
240
4 Bank of North Am.& Trust Co_.291%
Oct.
rec.
of
Holders
Nov. 1
3
$1,000 Wilmington Gas Co.5s, 1949 84
Syracuse Binghamton & New York
10 Central Trust & Say., par 350-141
Nov. 1 Holders of rec. Oct. 13
3
Utica Chenango & Susq. Valley
55 Phila. Co. for Guar. Mtges_ __ _180% $1,000 Allegheny Valley Ry.48.'42 87
Oct. 40
rec.
of
Holders
15
Oct.
$1.75
51,000 Reading Co., Phila. & ReadWarren RR
Oct. 10
5 Cobbs Creek Title & Trust Co..
l34
.25 Oct. 15 Holders of rec.
51
lag Coal & Iron gen. mtge. 45
67
Wet Jersey & Seashore
par 850
Oct. 22 Holders of rec. Oct. 11
350
(Drexel & Co.ctfs. of deposit). __ 8654 Western Pacific RR.Corp., pref.(quar.)
2 Ninth Bank & Trust Co
178
$1,000 Chic. Ind. & St. L. Short
2 West End Trust Co
7731
Line Ry.4s, 1953
Public Utilities.
5 Logan Bank & Trust Co.,Par $50. 60
1% Oct. 15 Holders of rec. Oct. la
20,000 marks City of Leipsic 4318_55 lot All-America Cables (quar.)
50 Federal Automatic Safety De
1% Oct. 15 Holders of rec. Oct. la
7s,
Corp.
450
Refining
Island
$3,000
Gas
(quay.)
American
common
vice Co.,
Nov. 1 Holders of rec. Oct. 13
75c.
lot
of
_
deposit).
1929
__
18% Amer. Gas & Elec., pref.(quar.)
(certificates
110 Thomas Engineering Laboral
Nov. 1 Oct. L12 to Oct. 25
$2,000 Huntingdon & Broad Top
Amer. Light & Traction, com.(quar.).. 1
Beim,Inc., no par
Nov. 1 Oct. 12 to Oct. 25
stock)..
lot
'25
RR,
62%
55,
Coal
Co.
55
Er
common
Mountain
prof.
Common
in
Co.,
(payable
20 Young-Smythe-Field
1 Oct. 12 to Oct. 25
Nov.
134
Preferred (quar.)
4 Young-Smythe-Field Co., com....511ot $5,000 Atlantic City & Ocean City
40
Co. 55, 1947
100 Notaseme Hosiery Co. 1 t pf_"35 lot

Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:




-I

1638

THE CHRONICLE
Per
When
Cent. Payable

[VoL. 117.

Books Closed.
Per
When
Books Closed.
Days Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Concluded).
Miscellaneous (Continued).
Amer. Telephone & Telegraph (quar.)- 234 Oct. 15 Holders of rec. Sept. 200 Atlas Brick,
preferred (quar.)
2
Oct. 15 Holders of rec. Sept.29
Appalachian Power, 1st pref. (guar.)-- 131 Nov. 1 Holders of rec. Oct. 15a Atlas Powder,
pref.(quar.)
I% Nov. 1 Holders of rec. Oct. 200
Preferred (quar.)
131 Oct. 15 Holders of rec. Sept. 28a Auto-Knitter Hosiery (quar.)
Oct. 15 Holders of rec. Oct. is
$1
Bangor Railway dr Electric, corn.(quar.) 1
Nov. 1 Holders of rec. Oct. 10
Bang Service Stations, pref. (quar.)
*2
Nov. 1 *Holders of rec. Oct. 15
Bell Telephone of Canada (quar.)
2
Oct. 15 Holders of rec. Sept.220 Barnhart Bros. & Spindler-California-Oregon Power, pref.(quar.)
131 Oct. 25 Holders of rec. Oct. 15a
First and second preferred uar.)_--- ln Nov. 1 Holders of rec. Oct. 260
Cape Breton Electric Co
3
Nov. 1 Holders of rec. Oct. 100 Bayuk Cigars, Inc., 1st pref.(
(quar.)____
134 Oct. 15 Holders of rec. Sept. 29a
Carolina Power & Light, corn. (quar.)....
34 Nov. 1 Holders of rec. Oct. 17
Second preferred (quar.)
2
Oct. 15 Holders of rec. Sept.29a
Central Ill. Pub.Serv., pref.(quar.)---- 134 Oct. 15 Holders of rec. Sept.300 Beacon
Oil, preferred (guar.)
$ 1.8734 Nov. 15 Holders of rec. Nev. la
Central Power, preferred (quar.)
131 Oct. 15 Holders of rec. Sept.29
Beech-Nut Packing,Class B pref.(quar.) 1% Oct. 15 Holders of rec. Oct. la
Ches.ft Potomac Telep. of Bait., pf.(qu) 134 Oct. 15 Holders of rec. Sept.29
Belgo-Canadian Paper, Ltd.. Pref. (qu.)
Oct. 20 *Holders of rec. Sent.30
CM.,Newp.& Coy. L.& Tr., corn.(qu.) 134 Oct. 15 Sept.30 to Oct. 15
Bethlehem Steel CorporationPreferred (quar.)
134 Oct. 15 Sept.30 to Oct. 15
Seven per cent cum. pref. (quar.) ___ 134 Jan 224 Holders of rec. Dec. 15a
Cleveland Elec. III., corn. (quar.)
214 Oct. 15 Holders of rec. Oct. la
Seven per cent non-cum. pref. (quar.) 134 Jan 2'24 Holders of rec. Dec. 15a
Six per cent preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 250
Eight per cent preferred (Guar.)
Jan 224 Holders of rec. Dec. 150
2
Colorado Power, corn. (quar.)
34 Oct. 15 Holders of rec. Sept. 29a Borden Company. Preferred
(quar.)____
134 Dee, 15 Holders of rec. Deo. 1
Columbus Ry., Pow.& Lt., com.(on.). 1
Dec. 1 Holders of rec. Nov. 150 Borne Scryruser Co
4
Oct.
15 Sept.23 to Oct. 13
Preferred, Series A (quar.)
134 Jan2'24 Holders of rec. Dec. 16a
Extra..
3
Oct. 15 Sept.23 to Oct. 13
214 Nov. 1 Holders of rec. Oct. lea Bridgeport klach!ne Co. (quar.)
Preferred, Series B_ _ _ . ________
25e. Jan 1'24 Holders of rec. Dec. 200
Commonwealth-Edison (guar.)
*2
Nov. 1 *Holders of rec. Oct. 13
Quarterly
Detroit Edison (quar.)
2
Oct. 15 Holders of rec. Sept. 200 British Empire Steel Corp., pf. B (quar.) 25c. Apr2'24 Holders of rec.hlar.20'24a
134 Nov. 1 Holders of rec. Oct. 13a
Detroit United Railway ((buar.)
114 Dec. 1 Holders of rec. Nov. la Brown Shoe, pref.(quar.)
134 Nov. 1 Holders of rec. Oct. 20a
East Bay Water, preferred A (quar.)--Oct.
15 Holders of rec. Sept.30
134
Bunte Bros., pref.(quar.)
'131 Nov. 1 *Holders of rec. Oct. 25
Preferred B (quar.)
134 Oct. 15 Holders of rec. Sept.30
Burns Bros., prior preference (gust.) --- 134 Nov. 1 Holders of rec. Oct. 190
Edison Electric Illum of Boston (quar.)_ 3
Nov. 1 Holders of rec. Oct. 15
Canada Cement, common (quar.)
134 Oct. 16 Holders of rec. Sept.30a
Electrical Utilities, preferred (quar.)_ _
134 Oct. 15 Holders of rec. Oct. 6
Canadian Car & Foundry Co.Illinois Northern Utilities, of.(quar.)--- *114 Nov. 1 Holders of rec. Oct. 15
Preferred (account accum. dividends). h3)4 Jan10'24 Holders of rec. Dec. 29
Illinois Traction, common (guar.)
50c. Oct. 15 Holders of rec. Oct. 1
Canadian Explosives, common (quar.)-- 114 Oct. 31 Holders of rec. Sept.290
International Telep.& Teleg.(quar.) - 114 Oct. 15 Holders of rec. Sept.27a
Preferred (quar.)
131 Oct. 15 Holders of rec. Sept.290
Kentucky Securities Corp., pref.(qu.) _
114 Oct. 15 Sept.22 to Oct. 10
Central Coal & Coke, cont.(guar.)
134 Oct. 15 Holders of rec. Sept. 300
Kentucky Utilities. pref. (quar.)
134 Oct. 15 Holders of rec. Sept.30
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept.30a
Louisville Gas & Kim of Ky., pref.(qu.) 131 Oct. 15 Holders of rec. Oct. la Checker Cab Mfg., class A
(quar.)
$1.25 Nov. 1 Holders of rec. Oct. 160
Manchester Trae., Light & Power (quar.) 2
Oct. 15 Holders of rec. Oct. la
Class A (Guar.)
$1
15
4
2 Febl'24 Holders of rec. Jan15'240
Manufacturers Lt. dr Ht. .Pittsb. (qu.). $1
Oct. 15 Holders of rec. Sept. 290 Chicago Pneumatic Tool (quar.)
Oct. 25 Holders of rec. Oct. 150
Massachusetts Gas Cos.,corn.(quar.)„ 134 Nov. 1 Holders of rec. Oct. 15
Chicago Yellow Cab (monthly)
33 1-3e Nov. 1 Holders of rec. Oct. 20s
Massachusetts Ltg. Cos.,6% pref. (qu.) 114 Oct. 15 Holders of rec. Sept.250 Cities Service
Co.8% preferred (quar.)
2
Oct. 15 Holders of rec. Sept. 250
Corn. (monthly, pay. In cash scrip)... pH Nov. 1 Holders of rec. Oct. 15
Michigan Gas dr Elec.. prior pref.(quar.) 134 Oct. 15 Holders of rec.Sept. 300
Corn. (pay. in com, stock scrip)
0131 Nov. 1 Holders of rec. Ort. 15
Preferred (quar.)
134 Oct. 20 Holders of rec.Sept. 300
Preferred and preferred B (monthly).14 Nov. 1 Holders of rec. Oct. 15
Middle West Utilities, pref. (quar.)134 Oct. 15 Holders of rec. Sept. 290 Cluett, Peabody & Co.. coin.(quar.).- 134
Nov. 1 Holders of rec. Oct. 20
Milwaukee El. Ry.& Lt., pref.(quar.)
134 Oct. 31 Holders of rec. Oct. 200 Collins Company (guar.)
2
Oct. 15 Oct. 3 to Oct. 14
Missouri Gas & Electric ServiceCongoleum Company, common
Oct. 15 Holders of rec. Ott.
$2
Prior lien stock (quar.)
134 Oct. 15 Holders of rec. Sept.29
Connecticut Cotton Mills, 1st pref.(qu.) 131 Nov. 1 Holders of rec. Oct. 16
Montreal Telegraph (War.)
2
Oct. 15 Holders of rec. Sept.29a Consolidated Car Heating (quar.)
114 Oct. 15 Oct. 1 to Oct. 16
Mountain States Power, pref.(quar.)--- 134 Oct. 20 Holders of rec. Sept.
Consolidated Royalty Oil (quar.)
3e. Oct. 20 Oct. 18 to Oct. 20
Nevada-Callfornla Elec. Corp., pf. (qu.) 134 Nov. 1 Holders of rec. Sept.290
30
Corn Product Refining,corn.(quar.)____ 134 Oct. 20 Holders of rec. Oct.
50
Newburyport Gas & Electric (quar.)___ - $1
Oct. 15 Holders of rec. Oct. 1
Common (quar.)
75e Oct. 20 Holders of roc. Oct. 50
Extra(from reserve for dividends)___ $I
Oct. 15 Holders of rec. Oct. 1
Preferred (quar.)
134 Oct. 15 Holders of rec. Oct. tia
Newp. N.ar H.Hy.,G. dr E.,corn.(qu.) $1.25 Nov. 1 Holders of rec. Oct. 150 Crucible Steel,
common (quar.)
I
Oct. 31 Holders of rec. Oct. 15a
New York Telephone, pref.(quar.)
134 Oct. 15 Holders of rec. Sept.20a Cuban-American Sugar.common
75c. Nov. 15 Holders of rec. Oct. 240
Niagara Falls Power, pref. (quar.)
134 Oct. 15 Holders of rec. Sept.290
Common
75e. Jan 224 Holders rec. Dec. 80
Northern States Power, common (quar.) 2
Nov. 1 Holders of rec. Sept.29
.334 Nov. 1 Holders of
Cudahy Packing, 7% preferred
of rec. Oct. 20
Preferred (guar.)
134 Oct. 20 Holders of rec. Sept.29
.3
Six per cent preferred
Nov. 1
of rec. Oct. 20
Pacific Gas & Elec., um.(quar.)
13.4 Oct. 15 Holders of rec. Sept. 29a Delaware Lack.& Western Coal(quer.). $1.25 Oct. 15 Holders
Holders of rec. Oct. la
Pacific Telep.& Teleg., pref.(guar.).114 Oct. 15 Holders of rec. Sept.290 Detroit Motor Bus (quar.)
*2
Oct. 15 Holders of rec. Sept.29
Peoples Gas Light & Coke (quar.)
•1
134 Oct. 17 Holders of rec. Oct. 30
Extra
Oct. 15 Holders of rec. Sept.29
Philadelphia Co. core. (attar.)
51 Oct. 31 Holders of rec. Oct. la
Stock dividend
e•20 Oct. 15 Holders of rec. Sept.29
6% preferred
$1.50 Nov. 1 Holders of rec. Oct. la DictographProduct-sCorp..
Philadelphia Rapid Transit (quar.)
The. Oct. 31 Holders of rec. Oct. 150
Preferred (quar.)(acct.accum.divs.). h2
Nov. 15 Holders of rec Oct. 31a
Phila. & Western Hy.. pref. (quar.)...._ 6231c Oct. 15 Holders of rec. Sept.290 Dome Mines,
Ltd.(quar.)
$1
Oct. 20 Holders of rec. Sept.290
Pittsburgh Utilities, common (No. 1)___ Si
Nov. 1 Holders of rec. Oct. 15
Dominion Coal, Ltd.. pref.(quar.)
144
Nov.
1 Holders of rec. Oct. 12
Common (extra)
0) Nov. 1 Holders of rec. Oct. 15
Dominion Steel Corp.. Ltd.. pref.(quar.) 114 Nov. 1 Oct. 18 to Nov. 1
Preferred (No. 1)
35e. Nov. 1 Holders of rec. Oct. 15
Dominion Textile, pref.(guar.)
134
Oct.
15
Holders of rec. Sept.29
Preferred (extra)
25e. Nov. 1 Holders of rec. Oct. 15
titiPont4E.I.)de Nem.Powd..com.(qu.). 134 Nov. 1 Holders of rec. Oct. 200
Public Service Co. of Nor. Ill.,com.(qu.) *134 Nov. 1 *Holders of rec. Oct. 15
Preferred (quar.)
111 Nov. 1 Holders of rec. Oct. 20a
No par common stock (guar.)
*31.75 Nov. 1 *Holders of rec. Oct. 15
duPont(E.I.)de Nem ACo.,deb.stic.(qu.) 154
25 Holders of roe. Oct. 10a
Preferred (guar.)
.111 Nov. 1 *Holders of rec. Oct. 15. Eagle-Picker Lead, preferred (guar.). __. 134 Oct.
Oct. 15 Oct. 7 to Oct. 15
Puget Sound Power Lt., corn.(quar.). 1
Oct. 15 Holders ol rec. Sept. 200 Eastern Steamship,cons.(pay,in pf.stk.) (r) Oct. 15 Holders
of rec. Oct. lOr
Prior preference (quar.)
131 Oct. 15 llolders of rec. Sept. 200 Eisenlohr(Otto) & Bros.. corn.(quar.).. 134 Nov.15 Holders of
rec. Nov. its
Preferred (quar.)
.2
134 Oct. 15 Holders of rec. Sept. 200 Elgin National Watch (quar.)
Nov. 1 *Holders of roe. Oct. 18
Quebec Power. pref.(guar.)(No. 1)____
131 Oct. 15 Holders of rec. Sept.28
Eureka Pipe Line (quar.)
2
Nov. 1 Holders of rec. Oct. 15
Southern Canada Power, pref. (guar.)._
134 Oct. 15 Holders of rec. Sept.300 Exchange Buffet Corp.(quar.)
50e. Oct. 31 Holders of rec. Oct. 20a
Southern New England Telephone (qu.)_ *2
Oct. 15 *Holders of rec. Sept.29
Fajardo Sugar (quar.)
.234 Nov. 1 'Holders of rec. Oct. 20
Southern Wisconsin Elec. Co., common_ 2
Oct. 15 Holders of rec. Sept. 290
Extra
•234 Nov. 1 *Holders of rec. Oct. 20
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept. 290 Famous Players-Lanky Corp.. pref.(qu.) 2
Nov. 1 Holders of rec.
150
Standard Gas & Electric, corn.(quae.)_ _ 6214c Oct. 25 Holders of rec. Sept.29
Finance Co. of Amer.(Salt.), corn.(qu.) 234 Oct. 15 Holders of rec. Oct.
dOct. 5
Texas Electric Securities, corn.(quar.)
1
Dec. 1 Holders of rec. Nov. 150
Preferred (quar,)
di%
15 Holders of rec. dOct.
Second preferred (quar.)
131 Nov. 1 Holders of rec. Oct. 150 Firestone Tire* Rubber, pref. (quar.).... 134 Oct.
Oct. 15 Holders of rec. Oct. la
United Gas Impt., corn.(quar.)
75c. Oct. 15 Holders of rec. Sept. 290 Fleishmann Co., common (quar.)
50e. Jan 1'24 Holders of rec. Dec. 150
Preferred (quar.)
871ve Dec. 15 Holders of rec. Nov.300 General Development (quar.)
25o. Nov. 20 Holders of rec. Nov. 100
United Light & Rys.,corn.(quar.)
134 Nov. 1 Holders of roe. Oct. 150 GeneralDiscount Corp.(quar.)
2
Oct. 15 Holders of rec. Sept.30
Common (extra)
34 Nov. 1 Holders of rec. Oct. 150 General Electric, corn. (guar.)
2
Oct. 15 Holders of rec. Sept. 50
Participating preferred (extra)
11 Jan 2'24 Holders of ref. Dec. 15
Common (payable in special stock)___ 5
Oct.
15 Holders of rec. Sept. 5a
Washington Water & Power,Spok.(qu.) 2
Oct. 15 Holders of rec. Sept.25
Special stock (quar.)
15c. Oct. 15 Holders of rec. Sept. tia
West Penn Power Co.,pref.(quar.)
134 Nov. 1 Holders of rec. Oct. 15
General Motors Corp.7% deb.stock(qu) 131 Nov. 1 Holders of
rec. Oct. 80
Western Power Corp., pref.(quar.)
134 Oct. 15 Holders of rec. Sept.290
Six per cent debenture stock (qu.)._. 134 Nov. 1 Holders
of rec. Oct. 80
Western States Gas & El., pref.(quar.)- 131 Oct. 15 Holders of rec. Sept.29
Six per cent peeferred stock (quar.)__ 133
14c. Nov. 1 Holders of rec. Oct. Sa
Western Union Telegraph (quar.)
134 Oct. 15 Holders of rec. Sept. 250 General Petroleum Corp.,co.(guar.)._ 43
50c. Deo, 15 Holders of rec. Nov.30
Wisconsin Power & Lt., pref. (guar.)._
134 Oct. 20 Holders of rec. Sept. 300
Preferred (quar.)
Dec. 1
York Railways, common (quar.)
50c. Oct. 15 Holders of rec. Oct. 5a General Refractories (quar.)
Oct. 15 Holders of rec. Oct. 60
Preferred ((mar.)
6214c Oct. 30 Holders of rec. Oct. 200 Gillette Safety Razor (stock dividend)._ $1
115
Dee, 1 Holders of rec. Nov. 1
Gimbel Bros., pref.(quar.)
131 Nov. 1 Holders of rec. Oct. 150
Banks.
Globe-Wernicke Co., pref.(quar.)
114 Oct. 15 Holders of rec. Sept. 300
Corn Exchange (guar.)
5
Nov. 1 Holders of rec. Oct. 31
Gossard (H. W.) & Co.. corn.(monthly) 25c. Nov. 1 Oct.
21 to Oct. 31
Common (monthly)
25c. Dee. 1 Nov.21 to Nov.30
Miscellaneous.
Gulf States Steel Co.
Abitibi Power & Paper,common (quar.). Si
Oct. 20 Holders of rec. Oct. 10
First and second preferred (quar.)__
134 Jan 2'24 Holders of rec. Dec. I4a
Air Reduction (qar.)
$1
Oct. 15 Holders of rec. Sept. 290 Halle Bros Co., 1st & 20 pref.(quar.).- - 131
Oct. 31 Oct. 25 to Oct. 31
Alliance Realty (quar.)
2
Oct. 20 Holders of rec. Oct. 100 Harbison-Walker Refract., pref. (quar.)
111 Oct. 20 Holders of rec. Oct. 100
Allied Chemical dr Dye Corp., coin.(qu.) 111
Nov. 1 Holders of rec. Oct. 150 Harris Bros. Co., pref. (quar.)
•191 Nov. 1 *Holders of rec. Oct. 18
Allis-Chalmers Mfg.. common (fluor.)-- 1
Nov. 15 Holders of rec. Oct. 290 Hercules Powder, pref.(guar.)
131 Nov. 15 Nov. 6 to Nov. 14
131 Oct. 15 Holders of rec. Sept. 24a Hilicrest Collieries, common (quar.)---Preferred (quar.)
13.4 Oct. 15 Holders of roe. Oct. 2
Amalgamated 011 (quar.)
The, Oct. 15 Holders of rec. Sept.280
Preferred (quar.)
131 Oct. 15 Holders of rec. Oct. 2
American Art Works, corn. & prof.(qu.) 13.4 Oct. 15 Holders of rec. Sept.800 Hillman Coal & Coke,5% prof.(guar.).
Oct. 25 Oct. 16 to Oct. 25
134
American Bank Note, corn.(quar.)
$1.25 Nov. 15 Holders of rec. Nov. la
7% preferred (quar.)
131 Oct. 25 Oct. 18 to Oct. 25
American Can. corn.(quar.)
d131 Nov. 15 Holders of rec. Oct. 310 Homestake Mining (monthly)
500. Oct. 25 Holders of rec. Oct. 200
American Cigar, common (quar.)
13.4 Nov. 1 Holders of rec. Oct. 150 Hood Rubber, pref. (quar,)
•13i Nov. 1 *Holders of rec. Oct. 20
American Coal(quar.)
$1 Nov. 1 Oct. 12 to Nov. 1
Howe Sound Co.(quar.)
Sc. Oct. 15 Holders ot rec. Oct. la
Amer. Fook & Hoe. 1st pref
334 Oct. 15 Holders of rec. Oct. 50 Hupp Motor Car Corp.,corn.(guar.)... 25f). Nov. 1 Holders of rec. Oct. 156
American Glue, preferred (quar.)
2
Nov. 1 Holders of roe. Oct. 18
Hurley Machine,common (quar.)
.75e. Oct. 12 *Holders of rec. Oct. 8
American Ice, corn.(quar.)
Oct.
134
25 Holders of rec. Oct. 50 Illinois Brick (quar.)
Oct. 15 *Holders of rec. Oct. 3
Preferred (quar.)
134 Oct. 25 Holders of rec. Oct. 50 Indiana Pipe Line (quar.)
2
Nov.15 Holders of rec. Oct. 19
Am.La France Fire Eng.,Ine.,com.(qu.) 25c. Nov. 15 Nov. 1 to Nov.14
International Harvester,com.(guar.)._
134
Oct.
15 Holders of rec. Sept.250
Amer. Laundry Machinery. Pref.(quar.) 134• Oct. 15 Oct. 8 to Oct. 16
International Nickel, pref. (guar.)
114
Nov.
1 Holders of rec. Oct. lla
American Machine & Foundry (quar.)_ _
134 Jan 124 Holders of rec. Dec. la International Paper. Preferred (quar.)
114 Oct. 15 Holders of rec. Oct. 50
American Sales Book. pref.(guar.)
Nov.
1 Holders of rec. Oct. 15
134
International Shoe. pref,(qufx.)
50c.
1
Nov.
Holders of rec. Oct. 15
Amer. Seeding Mach., corn. (quer.).-- 730. Oct. 15 Holders of rec. Sept.290 Intertype Coro.. corn. (in corn. stock)_ /10
Nov.15 Holders of roe. Nov. la
Preferred (quar.)
114 Oct. 15 Holders of rec. Sept.29a Jones Bros. Teas, common (quar.)
M
Oct.
15
Holders
of rec. Oct. la
Amer. Shipbuilding, corn. (fluor.)
2
Nov. 1 Holders of rec. Oct. 154 Kelly-Springfield Tire, prof. (guar.)._ _. 2
Nov. 15 Holders of rec. Nov. in
2
Common (quar.)
Febl'24 Holders of rec. Jan. 15'240 Kerr Lake Mines(quar.)
1234c Oct. 15 Holders of rec. Oct. la
Common (guar.)
Mayl'24 Holders of rec. A pr.15'24a Lindsay Light, preferred (guar.)
2
134 Nov. 8 Holders of rec. Nov. 50
Common (quar.)
Augl'24 Holders of rec. July 15140
2
Preferred (quar.)
134 FebIY24 Holders of rec.Feb. 7'24 a
131 Nov. 1 Holders of rec. Oct. 15
Pref. (quar.)
Loose-Wiles BiscuitAmer. Smelt. & Refg., corn. (quer.)111 Nov. 1 Holders of rec. Oct. lla
2d pref. (acc't accumulated dividends) 37 Nov. 1 Holders of rec. Oct. 18a
Preferred (quar.)
134 Dec. 1 Holders of rec. Nov. 90 MacAndrews & Forbes Co.. corn.(quar.) 214 Oct. 15 Holders of rec. Sept.
29a
American Steel Foundries. corn.(quer.). 75c. Oct. 15 Holders of rec. Oct. la
Preferred (quar.)
1% Oct. 15 Holders of rec. Sept.29a
Amer.Type Founders, corn.(quar.)_.. 134 Oct. 15 Holders of rec. Oct. 100 Macy(R.H.)& Co..Inc., pref.(quar.). 1% Nov. 1 Holders of
rec. Oct. 13a
134 Oct. 15 Holders of rec. Oct. 100 Maple Leaf Milling, pref. (quar.)
Preferred (cluer.)
131 Oct. 18 Holders of rec. Oct. 3a
*50c. Oct. 15 *Holders of rec. Oct. 5
Amer. Vitrified Products, common
Mexican Petroleum, coin. (Guar.)
4
Oct. 20 Holders of rec. Sept. 290
*50c. Dec. 15 *Holders of rec. Dec. 5
Common
Preferred (guar.)
2
Oct. 20 Holders of rec. Sept. 29a
Amer. Woolen, corn. & pref. (guar.).- 131 Oct. 15 Sept.15 to Sept.26
Miami Copper Co. (guar.)
Nov. 15 Holders of rec. Nov. la
50e.
75e. Oct. 22 Holders of rec. Sept. 15
Anaconda Copper Mining (quar.)
Michigan Limestone & Chem., pf.
.(qu.). 1% Oct. 15 Holders of rec.
25c. Oct. 31 Holders of rec. Oct. 12
Art Metal Construction (quar.)
Midwest Oil, corn.($10 par) (gust.).... 62%c Oct. 15 Holders of rec. Sept.29a
Oct. la
Oct. 15 Holders of rec. Sept.290
Asbestos Corporation,common(guar.).. 1
Common ($1 par) (guar.)
611c Oct. 15 Holders of rec. Oct. la
134 Oct. 15 Holders of rec. Sept.29a
Preferred (quar.)
Preferred (quar.)
Oct. 15 Holders of rec. Oct. la
811e.
1
Nov. 1 Holders of reo. Oct. 130 Mohawk Mining (guar.)
Associated Dry Goods,corn. (filial%)Oct. 13 Holders of roe. Sept. 22a
Si
114 Deo, 1 Holders of rec. Nov. 100 Moon Motor Car (quar.)
First preferred (quar.)
75c. Nov. 1 Holders of rec. Oct. 15a
131 Dec. 1 Holders of roe. Nov. 100
Second preferred (War.)
Extra
d25c Nov. 1 Holders of rec. Oct. 150
Associated Oil(new $25 par stock)
3734e Oct. 25 Holders of me. Sept.28a Motor Products, Class A (guar.)
*32 Nov. 1 Holders of rec. Oct. 10
131 Nov. 1 Holders of rec. Oct. 150 Nash Motors, pref. A (quar.)
Atlantic Refining, pref. (quar.)
131 Nov. 1 Holders of rec. Oct. 19a
Name of Company.




THE CHRONICLE

OCT. 131923.]
Name of Company.

1

When
Per
Cent. Payable.

Rooks Closed.
Days IncWeise.

1639

Weekly Return 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. 6. 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.

Miscellaneous (Concluded).
75e Oct. 15 Holders of rec. Sept.29a
National Biscuit, common (quar.)
Holders of rec. Oct. I5a
National Dept. Stores, 1st pref.(quar.)- 11f, Nov. 1
°13i Dec. 1 *Holders of rec. Nov'.15
(quar.)
Second preferred
Holders of rec. Dec. 110
31
Dec.
lie
Nat.Enameling &Stamping, pref. M./- 1( Oct. 15 Holders
of rec. Sept.29a
National Fuel Gas(quar.)
of rec. Sept.29a
Holders
15
Oct.
2
(qu.)
pt.
ar
corn.
National Paper & Type,
of rec. Oct. 19
Holders
1
1li Nov.
National Tea, pref. (quar.)
.
Nov. 10 *Holders of rec. Oct. 31
*2
NEW YORK WEEKLY CLEARING HOUSE RETURNS
New Jersey Zinc (guar.)
to Oct. 30
16
Oct.
1
Nov.
334
(000] omitted.)
ciphers
three
Newton(Geo. B.) Coal,lst pref
Is.
t
dollars-tha
5a
of
thousands
Oct.
in
rec.
of
(Stated
81. Nov. 1 Holders
New York Air Brake, corn.(Qum.)
51 Jan. 2 Holders of rec. Dec. 30
Class A (quar.)
Oct. 15 Holders of rec. Sept.20
2
New York Transit (guar.)
Nets
1
Oct.
50c. Oct. 15 Holders of rec.
Reserve
New York Transportation (guar.)
Capital Profits] Loans.
15c. Oct. 20 Sept.30 to Oct. 17
Time Bask
with INet
Nipissing Minos, Ltd. (quar.)
Discount. Cash
17
Oct.
ending
to
Week
30
De- Circa.
15e. Oct. 20 Sept.
Legal Demand
In
Extra
Invest.14
Sept
of rec. Oct. 6
Oct. 6 1923 Nat'l,
Holders
15
2
Oct.
posits.
pref.
(guar.).
Deposits.
Coal,
&
Depost
Steel
Nova Scotia
State, Sept.10 merits. Vault.
flog.
Oct. 15 Holders of rec. Sept.29a
52
tortes.
Ohio Brass, corn.(quar.)
f2c.
,
290
Tr
10,
Sept.
omitted.)
.Cos.‘1ePt.
rec.
((000
134 Oct. 15 Holders of
Preferred (quar.)
Sept. 29a
rec.
of
Holders
Mess.
15
Oct.
Average
563.c
Average
Ohio Fuel Supply (quar.)
Members of F d. Real Bank. Average Average Average
10c. Oct. 15 Holders of rec. Sept.29
Oil Lease Development(monthly)
$
Bank of N Y
_25e. Oct. 20 Holders of rec. Sept.26a
46,859 6,98
758 6,424.
Oklahoma Natural Gas(quar.)
Sept.29a
Trust Co____ 4,000 12,108 63,407
rec.
of
15
Holders
Oct.
2
101,474 20,211
2,259, 14,007
Otis Elevator,common (guar.)
133,832
10,000
Sept.29a
of
rec.
ManhaVn
of
Bk
990
9
3,90
115 Oct. 15 Holders
143,653
18,833
4,380
Preferred guar.)
164,703
156 Mech &Met Na 10,000 16,849
____
3.2
30c. Oct. 31 Holders of rec. Oct. 29a
76.43
Packard Motor Car, corn.(quar.)
6,500 5,648 77,975 1,513 10,285 *516,97
Bank of Ameni
Oct. 20 Holders of rec. Sept.
80,145 2,138
Pan Am. Pet.&Tr., com.droom. B (car.) $2
53,764
4,660
511,814
52,2,11
200
40,000
Nat City Bank_
344
Dec. 31 Holders of rec. Dec.
SI
93.264 5,691
•
Peerless Truck & Motor (quer
Chem Nat Bank 4,500 18,550 116,693 1,1551 12,551
Nov.15 Holders of rec. Nov. 5
32 297
2
3,495
477
52
Penmans, Limited, common (guar.).152
500
Nat Butch &
6,291 4,935
134 Nov. 1 Holders of rec. Oct. 20
79,333
10,94
9041
93.305
Preferred (guar.)
8,128
Amer Exch Nat 5.000
51.25 Oct. 15 Holders of rec. Sept.29
902 34,613 263,089 17,346
Pennsylvania Salt Mfg.(guar.)
Nat Bk of Corn_ 25,000 39,449 330.490
Oct. 15 Holders of rec. Sept.29
22,661 1,554
803 3,38
Petroleum Realiz'n Co., Cl. A (monthly) 2
Holders of rec. Oct. 200 Pacific Bank_ __ 1,000 1,723 28.213 4,915
1
Nov.
1Si
(guar.)
pref.
15,794 111,835 26.34_
Co.,
nes
Phillips-Jo
Chat &Phen Nat 10,500 9.791 146,550
5:100
40c. Nov. 1 Holders of rec. Oct. 2
103,52
13,862
275
Pick (Albert) Co..common (guar.)
117,992
21,904
2
5.000
Oct.
Bk
Nat
rec.
of
Hanover
13c. Nov. 1 Holders
157,022 23-,dd
New common (quar.)
of rec. Oct. 50 Corn Exchange_ 9.075 12,878 176.811 5,454 21,72
Holders
15
7,806
Oct.
1
5,509
(qu.)
corn.
128,93
Mfg.,
Pierce
&
Pierce, Butler
1,0171 16,9
50
Oct. 25 Holders of rec. OA. 100 National Park__ 10,000 24,0 0 160,873
1
11,381 2,84
3101 1,683
Pittsburgh Coal, coin. (guar.)
16.303
832
135 Oct. 25 Holders of rec. Oct. 100 East River Nat_ 1,000
186.558 21,941 7,450
561 24,906
Preferred (quar.)
rec. Oct. la First National__ 10,000 55,943 275,343
of
Holders
20
Oct.
115
14,456
245,40
Plymouth Cordage (guar.)
17,500 11,407 249,405 3,923 32,56
75e. Nov. 1 Holders of roe. Oct. 20a Irving-Bk-Col
37
983
158
Postum Cereal. corn. (quar.)
7,477
958
Nov. 1 Holders of rec. Oct. 201 Continental Bk_ 1,000
2
1 24,49 1,087
73
51
6:8
295
Preferred (guar.)
rec. Sept.29a Chase National- 20,000 23.250 336,290 4.248 39,711
of
Holders
31
Oct.
2
21.204
2.844
61
Prairie Oil& Gas (quar.)
23,872
2,5251
500
__
Sept.29a
rec.
Avenue.
of
Fifth
Oct. 31 Holders
2
97d
9,176
1,178
60
Prairie Pipe Line(guar.)
600 1,0111 10,591
Commonwealth.
Oct. 15 Sept. 23 to Oct. 10
iid
2
13,697
Procter &Gamble,8% preferred (guar.). 2
390 2,298
14,144
248
3 Oct. 15 Holders of rec. Oct. la Garfield Nat... 1,000 1.842,
89
14,762
1,992
202
Quaker Oats, common (guar.)
20,335
1,190
la
of rec. Nov.
Fifth National._ 1.200
Holders
88
30
Nov.
114
2,567
80,95
10,757
(quar.)
862
Preferred
84,539
408
50c. Nov. 1 Holders of rec.Sept. 14a Seaboard Nat.. 4.000 7,353
841
13,023
1,822
354,
15.683
Reynolds Spring, corn.(qu.)(No.1)-1,283
1.500
300
Nat
Sept.
rec.
Iron
of
Coal &
Oct. 15 Holders
2
23,16
.21700'
27,45
1,0811
Itickenbacker Motor (quar.)
246.628
24,228
135 Oct. 28 Holders of rec. Oct. 160 Bankers Trust__ 20.000
2.60
43,77
9861 6,00
River Raisin Paper (guar.)
49,5831
U S Mtge & Tr_ 3,000 4.4 8 346,230
25c. Dec. 20 Dec. 9 to Dec. 20
350,232 44,56
1.3741 37,047 .
St. Joseph Lead (guar.)
Guaranty Trust 25,000 18,330
25c. Dec. 20 Dec. 9 to Dec. 20
1.80
17,99
2,342
Extra
3421
22,835
Dec. 1 Holders of rec. Nov.15a Fldel-Inter Trust 2,000 1,045 151,021
119,92 18,92
Schulte Retail Stores, corn.(In pref. stk.) rnS2
4951 16,386
Mr 1'24 Hold,of rec. Feb. 15'24a N Y Trust Co__ 10.000 18.342
2.54
35,63
4,731
40,558
4,014
Common (Payable in preferred stock)- m$2
5961
114 Nov. 1 Holders of rec. Oct. 15a Metropolitan Tr 2,000
579 11,879 *84,85 26,55
122,998
Simmons Company, pref. (quar.)
Farm Loan & Tr 5.000 16,171 219,943
Holders of roe. Oct. 10
1,705 26,581 *223,945 16,81
Smith (Howard) Paper Mills, corn.(qu.) 135 Oct. 20 Holders
of rec. Oct. 10
Equitable Trust 23,000 10,2211
20
Oct.
2
(quar.)
Preferred
10c. Oct. 20 Holders of rec. Oct. 1
43,401 486,741 c3,605,145405,504 32.282
Southern States 011 (monthly)
Total of averages289,3751440.17914.381,180
Oct. 15 Holders of rec. Oct. 9
2
Spalding(A.CL)& Bros., corn.(quar.)
of rec. Nov.17a
Holders
1
Dee.
114
491,015c3,567,969 401,94 32,434
First preferred (guar.)
Totals, actual condition Oct 64,362.731 48,691
Dec. 1 Holders of rec. Nov. 17
2
385,63 47,853502,383c3,595.544 410,12 32.297
Second preferred (quar.)
Totals, actual condition ,Sept.29,4,
Mills
Paper
&
466,612c3,548,428416,113 32.402
46,551
Pulp
4.318,004
River
Spanish
Sept.22
134 Oct. 17 Holders of rec. Oct. 8a Totals, actua! condition
1
Common (guar.)
Members of Fed'l Res've Bank. 1
134 Oct. 17 Holders of rec. Oct. 8a . State Banks Not
18,065
1,780,
1,540
17,760
Preferred (quar.)
2,337
Greenwich Bank, 1,009
Holders of rec. Oct. 5
2,682 2,051
4461
329
5,423
2501
Steel Co. of Canada, corn. & pref.(qu.). 134 Nov. 1 Holden. of rec. Oct. 150 Bowery Bank..!
879
Nov. 1
28,641' 55,22
$1
87,726 3,530 1,855'
Sterling Products(qino.)
2,500 5,009
Nov. 1 Holders of rec. Oct. 156 State Bank
Sugar Estates of Oriente, pref.(quar.)._ 2
Oct. 15 Sept.30 to Oct., 14
49,368 57.282
$1
5,429, 4,0811
110,909
Sullivan Machinery (guar.)
8.226
la
3,730
averages
Nov.
of
rec.
Total
Nov. 15 Holders of
Superior Steel Corp., 1st & 2d pf.(qu.). 2
1
Oct.
rec.
of
Holders
16
Oct.
135c.
49,683 57,331
Mining
4,0611
Tecopa Consolidated
Oct. 6 111,155 5.6771
15 Holders of rec. Sept.290 Totals, actual co miltIon Sept.29
50,230 57,21
111,702 5,512: 4,002
Tennessee Copper & Chemical(quar.) - 250. Oct.
Holders of rec. Oct. 230 Totals, actual co nd I tion
1
Nov.
250.
49.6811 57,175
(mthly.)
corn.
4,0471
5,514:
Co.,
R.)
111.065
(John
Thompson
Sept.22
25c. Dec. 1 Holders of rec. Nov. 230 Totals, actual condition
of red 'I Reeve Bank'.
Members
Common (monthly)
les
Not
la
Compass
Nov.
Trust
rec.
134 Nov.15 Holders of
33.959 1,947
3,440,
1,6741
55,633
Tobacco Products, Class A (guar.)
13,616
Title Guar Tr 10,000
714c. Oct. 20 Sept.30 to Oct. 7
846
15.835
8451 1,5891
25.76
Tonopah Mining (quar.)
Holders of rec. Oct. la Lawyers Tit & T 8.000 5,480
Transue& Williams Steel Forg.(quar.) _ 750. Oct. 15
of rce. Sept.30
15
--Holders
Oct.
1
2,5931
49,794
(guar.)
2,5191
5,0291
common
81,393
Tobacco,
Tuckett
Total of averages' 16.000 19.026
114 Oct. 15 Holders 01 ,00. Sept.30
Preferred (guar.)
2,598 -30 Oct. 20 Holders of rec. Sept.29
51,070
2,574
5.139
82,46
Turman 011 (quar.)
6
Oct.
Totals, actual condition
134 Oct. 15 Holders of rec. Oct. 5
49,443 2,584 ---81,007 2.292 5,1441
Union Bag & Paper Corp.(quar.)
50c. Oct. 15 Holders of rec. Sept.29n Totals. actual Condition Sept.29
49,355 2,527 ---80,889 2.431 5.1661
Union Natural Gas (guar.)
Nov. 1 Holders of rec. Oct. 180 Totals, actual condition Sept.22
United Cigar Stores, common (guar.).-- 3
150
Nov.
rec.
of
Holders
1
Dec.
465,379 32,282
134
United Drug, corn. (quar.)
25 467,502 4,573,482 56,349 495,8511 3,704,307 4,955
+6
8734c Nov. 1 Holders of rec. Oct. 153 Gr'd agrf.. aver:309,1
+62,074let pref.(guar.)
Dec. 150 Comparison with prey. week. _ +35,769 +575+9.3051
rec.
of
Holders
1Ss
Jan2'24
(guar.)
pref.
Dyewood,
United
15c. Oct. 28 Holders of rec. Oct. 8
3,868,722461.87532,434
United Eastern Mining (quar.)
500,2071
56,942
6
64.556,34
Oct.
act'l
cond'n
+137
Cir'd SW..
2
Oct. 15 Holders of rec. Sept.20
United Fruit(quar.)
-21,993 +1,285-11,322 -26,495-8,057
Nov. 1 Holders of rec. Oct. 50 Comparison with prey. week
United Verde Extension Mining (guar.)- $1
459,932 32,297
75c. Oct. 15 Holders of rec. Sept. 300
3,695,217
,529
U. S. Can, corn. (guar.)
55.851511
4,578,339
134 Oct. 15 Holders of rce. Sept.300 Gr'd agar.. acVleond'a Sept.29 4,539,958 54,498 475,8251 3.847,484475,818 32,402
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. la Gr'd agar., act7cond'n Sept.22
,759 3,681,400471,371 32,439
U.S. Cast Iron Pipe & Fdy.. pref. (4111.)- s1
Gr'd 5W.. nal cond'n -ep .154,527.458 55,353494,955, 3,600,319 472,482 32,508
Oct. 15 *Holders of rec. Sept.27
U.S. Finishing,common (quar.)
aggr., eel cond'n Sept. 84.486,188 58,0071479
27
Sept.
Gr'd
rec.
of
15
Oct.
409,50432.481
*Holders
*134
Common (extra)
ept. 14,502.848 53.475488.250 3,626,795 457,25832.387
rec. Sept.29a Gr'd agar., aa't cond'n ,
3,568,183
U.S.Industrial Alcohol, pref.(quer.)--- 134 Oct. 15 Holders ofto
acrlcond'n Aug.254,429,102 55,887,493,9451
15
Oct.
SW..
Gr'd
2
15
Oct.
Oct.
(quar.)
114
pref.
Corp.,
Radiator
U.S.
114 Nov. 1 Holders of rec. Oct. 200
total
U.S. Realty & Impt., pref. (guar.)...
in the general
Note.-U. S. deposits deducted from net demand depositsactual
Oct. 31 Holders of rec. Oct. 150
-- 2
totals Oct. 6,
United States Rubber. 1st pref.(quar.)
(qu.).
Oct. 15 Holders of rec. Oct. 80 above were as follows: Average total Oct. 6, 544,634,000:Sept. 15. 819,174.000:
8735c
pref.
Min.,
&
U.S. Smelt., Ran.
0;
545,185,00
22,
Sept.
0;
15
of
$45,220.00
rec.
Oct.
0;
29,
1
Sept.
Holders
50c. Nov.
$43,300,00
Ventura Como'.011 Fields (quar.)
acceptances and other liabilities,
Oct. 15 Sept.30 to Oct. 5
Sept. 8, 821,307,000. Bills payable, rediscounts,
Victor Talking Machine, corn. (quar.)... 52
00; Sept 22, $378,127,114 Oct. 15 Sept.30 to Oct. 5
average for week Oct. 6, 5419,114,000; Sept. 29, 5416,712,0
Actual totals Oct. 6, 8451.Preferred (quar.)
00.
5427.257,0
8,
90
20 Holders of rec. Oct.
000: Sept. 15, 5424,393,000; Sept.
15, $424,120,000:
Sept.
Vulcan Detinning, pref. dr prof. A (qu.)- 154 Oct.
00;
•50c. Nov. 1 *Holders of rec. Oct. 24
054,000: Sept. 29, 5439,670,000; Sept. 22, 5393,294,0
Wahl Co., corn. (monthly)
*50c. Dec. 1 *Holders of rec. Nov.23
Sept. 8, 5427,893,000.
Common (monthly)
as follows:
footings
in total
*50c.J an 1 '24 *Holders of rec. Dec. 24
* Includes deposits in foreign branches not Included
Common (monthly)
Co., 811.942,000: Guaranty
*1 Sf 2 an 1 '24 *Holders of rec. Dec. 24
City Bank, 5122,174,000: Bankers Trust$223,000:
National
Trust Co.,
Preferred (quar.)
Equitable
Oct. 15 Holders of rec. Sept.300 Trust Co.,$74,683,000; Farmers' Loan & Trust Co.,
for such
Warner(Chas.) Co.of Del.,com.(qu.).. 50c.
131 Oct. 25 Holders of rec. Sept.306 $26,258,000. Balances carried in banks in foreign countries as reserve
$822,000:
1st and 2nd preferred (guar.)
Co..
Trust
Bankers
200
Nov.
0:
rec.
$1.25 Dec. 20 Holders of
deposits were: National City Bank, 524,032,00 Trust Co., $223,000: Equitable
Wells Fargo & Co
Oct. 15 Sept.21 to Oct. 14
2
Guaranty Trust Co.. $6,132,000; Farmers' Loan &
Western Grocer, common (quar.)
not Included.
10c. Oct. 31 Holders of rec. Oct. 15
Trust Co., $3,654,000, c Deposits in foreign branches
Western States 011 (monthly)
of rec. Sept. 296
31
Oct.
Holders
$1.40
(quar.)
Brake
Air
use
Westingho
of institutions
286
Sept.
groups
t
rec.
of
31
Holders
differen
Oct.
$1
(guar.)
corn.
the
The reserve position of
Westinghouse Elec.& Mfg.,
Oct. 15 Holders of rec. Sept.250
$l
Preferred (guar.)
s for the week and the actual
average
the
of
both
basis
the
290
Sept.
of
rec.
20
Oct.
Holders
on
50c.
(quar.)
Ref.
White Eagle 011 &
two
1/4 Oct. 25 Holders of rec. Oct. 25
condition at the end of the week is shown in the following
WInchester-Hayden Co., I ref. (quer.).- 50c.
Nov. 1 Oct. 28 to Oct. 31
Wrigley(Wm.)Jr. di Co., corn.(mthly.)
tables:
25
roe.
Oct.
of
1
Holders
Nov.
250.
Common (extra)
G HOUSE BANES
50e. Dec. 1 Nov.24 to Nov.30
STATEMENT OF RESERVE POSITION OF CLEARIN
Common (monthly)
250. Dee. 1 Holders of roe. Nov. 24
AND TRUST COMPANIES.
Common (extra)
1924
1
to
Jan.
25
Dec.
Janl
'24
50c.
Common (monthly)
250. ianl'24 Holders of rec. Dec. 24
Common (extra)
Averages.
110c. Fent .24 Jan.28'24 to Jan.31 '24
Common (m on t hly)
250. Fel,l'24 Hold.of rec. Jan 25 '24
Common (extra)
a
Reserve
25'24
Feb
rec.
of
Cash
Marl'24
Hold.
250.
Surplus
Common (extra)
Reserve
Total
Its
250. Aprl'24 Hold.of rec. Mar 2S'24
Reserve
Reserve.
Common (extra)
Required.
Reserve.
Depositaries
_ *415s Nov. 1 *Holders of rec. Oct. 25
Vault.
_
In
(monthly).
B
class
Mfg.,
Cab
Yellow
stock
that
has
ruled
York
New
Exchange
Stock
The
5
5
Federal
•From unofficial sources.
5,907,030
I The Membersbanks_
488,741,000 488,741,000 480,833,970
Reserve
will not be quoted ex-dividend on this data and not until further notice.
823,760
quoted ex5,429,000 4,081,000 9,510,0001 8,886.240
New York Curb Market Association has ruled that stock will not be
State banks.
78,900
7,469,100
further
notice.
7.548,000
until
Trust companies.... 2,519,000 5,029,000
dividend on this date and not
d Correction. e Payable In stock.
0.809,690
a Transfer books not closed for this dividend.
310
01497,189,
503,799,00
ed
0
of
In
accumulat
scrip. h On account
Total Oct. 6..... 7.948,000 495,851,00
Payable in common stock. g Payable
489.262.580 5,089,420
n Payable In Canadian funds.
Total Sept. 29.... 7,806,000 486.546,000 494,352.0000493,383.560 8,261.440
dividends. m Payable In preferred stock.
8,112,000 493,535,000 501,647,000 486,934.930 7,172,070
Oct. 1.
Total Sept. 22 _ _ _
o New York Curb Market rules British Amer. Oil be quoted ex-div. on
494.107,00
8,367,000 485,740,000
Total Sept. is._
or before Sept. 3 will be in time for paymen
V All transfers received in London on
of dividend to transferees.
• Not members of Federal Reserve Bank.
in the case of State banks
a This is the reseri e required on net demand deposits
r One share of no-par preferred stock for each share of common stock. Boston
of the Federal Reserve Bank
Stock Exchange rules Eastern Steamship common stock shall be quoted ex. the stock and trust companies but in the case of members
which was as follows:
deposits,
time
net
on
required
Includes also amount in reserve
dividend on Oct. 15.
22,$12,485,010: Sept.15, $12,387,Oct.0,512,165,120; Sept. 29,512,317,430; Sept.
Extra dividend on corn. S98,250.
480.
U Municipal Service stock dividend is 19-81 of a share of common stock.




1640

THE CHRONICLE

Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:

Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries

Total
Reserve.

Reserve
Required.

[VOL. 117.

Surplus
Reserve.

Members Federal
Reserve banks_
State banks*
Trust companies__ _

$
491,016,000 491,016,000 475,894,350 15,121,650
5,677,000 4,061,000 9,738,000 8,942,940
795,060
2,574,000 5,130,000 7,704,000 7,660,500
43,500

Total Oct. 6_
Total Sept. 29_ _
Total Sept. 22--_ Total Sept. 15

8,251,000 500,207,000 508,458,000 492,497,790 15,960,210
7,804,000 511,529,000 519.333,000 496,182,440 23,150.560
7,945,000 475,825,000 483.770.000 490,124,860 -6,354,860
8,313.000 494.759,000 503,072,000 491,882,230 11,189,770

•Not members of Federal Reserve Banks.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows:
Oct.6,812.058,380; Sept.29,$12,303,870: Sept. 22,312,483,390; Sept. 15,812,359,220.

BOSTON CLEARING HOUSE MEMBERS.
Oct. 10
1923.

Changes from
previous week.

Oct. 3
1923.

Sept. 26
1923.

$
$
$
$
Capital
57,300,000
unchanged
57.300,000 57.300,000
Surplus and profits
84,437,000
3,359,000 81,078,000 81,157,000
Loans. disc'ts de investments- 887,714,000 Inc.
Dec. 2,383,000 890,097,000 880,439,000
Individual deposits,incl. U.S.607,559,000 Dec. 614.000 608,173,000
597,909,000
Due to banks
115,954,000 Inc. 1,058,000 114,896,000 108,247,000
Time deposits
128,274,000 Dec. 1,445,000 129,719,000 130,070,000
United States deposits
37,653,000 Dec. 2,538,000 40,191,000 40,219.000
Exchanges for Clearing House 21,737,000 Dec. 4,755.000 26,492,000
18,920,000
Due from other banks
66,088,000 Dec. 1,342,000 67,430,000 66,426,000
Reserve In Fed,Res. Bank_ _ _ 70,067.000 Inc.
489,000 69,578,000 67,666,000
Cash in bank and F. R. Bank 9,463,000 Inc.
690,000 8,773,000 8,440,000
Reserve excess in bank and
Federal Reserve Bank
1,788,000 Dec.
139,000 1.927.000
838.000

State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for
the week ending Oct. 6, with comparative figures
panies in New York City not in the Clearing House as follows: for the two
weeks preceding,. is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Differencesfrom is not a part of legal reserve. For trust companies not memOct. 6.
previous week.. bers of the Federal Reserve
Loans and investments
System the reserve required is
$815,691,500 Inc. 32,293,600
Gold
3,224,800 Dec.
800 10% on demand deposits and includes "Reserve with legal
Currency and bank notes
20,462,700 Inc.
406,200 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
72,570,600 Inc. 2,135,300

Total deposits
838,081,200 Inc. 10,711.900
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchanges and U.S. deposits 784,535,200 Inc. 4,289,700
Reserve on deposits
130,538,300 Inc. 6,035.700
Percentage of reserve, 21.6%.
RESERVE.
State Banks
- --Trust CompaniesCash in vault
*328,001,100 16.25%
S88,257,000 15.84%
Deposits in banks and trust cos____ 9,226,700 5.36%
25,053,500 5.81%
Total
337,227,800 21.61%
893,310,500 21.65%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Oct.6 was 72,570,600.

Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week endedJune 16
June 23
June 30
July 7
July 14
July 21
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Oct. 6

Demand
Deposits.

'Total Cash
in Vaults.

Reserve in
Depositaries

I

Net Loans
CLEARING
apital.Profits DUReserve Net
Nat'l
Net
NON-MEMBERS
counts Cash
with Demand Time Bank
Nat.bks. Sep.14 Invest
in
Legal
CfrruDeDeWeek Ending Statebks.Sep.I0 meats, Vault. DOMposits. posits. lation.
Oct. 6 1923. Tr. cos. Sep. 10 &c.
tortes.
Average Average Average Average Average Average
$
$
$
$
$
$
6,083
25
356
1,70. 2,536
- -- -

$
500

$
1,567

500

1,567

6,083

25

356

200
8

388 6,434
2,217 20,600

693
2,393

338
1,335

5,635
19,944

1,441

------

III

2,605 27,034

3,086

1,673

25,579

1,441

----

9,07

318

15

3,098

5,716

--

500

4071 9,07

318

15

3,098

5,716

----

2,011 4,580 42.1871 3,429
3rand aggregate
Domparison with previous week _ _
+58
+61

2,184 230,382 9,693
+12
+406 -145

-- --- -

)r'd aggr.,Sept.29
31'd agar., Sept.22
3r'd aggr., Sept.15
led aecrr Rant 0

2,172
2.31 i
3,32
2.21

--- --- --

Total
Trust Co. Not
Member of
Fed'I Res've Bank
Iilech.Tr.,Bayonn
Total

1,70

2,536

4,580 42,129 3,369
2,
2,0001 4.406 42.5481 3,416
2 0001 4,406 42,407I 3,107
9nniii 4.406 41.7271 3.324

a29,976
1130,339 10,181
a30,515 10,322
220.700 In iaal

a United States deposits deducted, $286,000.
Bills payable. rediscounts, acceptances and other liabilities, $169,000.
Excess reserve, 1.4,160 increase.




Sept. 29
1923.

Sept. 22
1923.
844,125,0
122,599,0
757,270,0
28,587,0
100,301,0
120.789.0
552,111,0
54,506,0
727,405,0
16,274,0
3,068.0
54,463,0
10,673,0
68,204.0
59.851,0
8,353,0

Oct. 10 1923. Oct. 3 1923. Oct. 111922.
$
$
8
178,293,106 171,075,499 150,261,000
143,646,290 159.252,147 131,679,000
321,939,397
634,657,470
7,009,586

330,327,646
634,832,870
8,418.089

963,606,454
16,602,743

973,578.607 1,021,421,000
16,833,645
33,785,000

980,209.197
9,837,135

990,412,252 1,055,206,000
10,818,713

146,344,501
58,703,105
32,740,828

136,459,001
67,517,478
22,357,025

110,261,000
40,006,000
85.589,000

237,788,435
5,175,750

226,333,504
10,423,750

235,856,000
68,797,000

1,673,000
Total earning assets
244,637,185
Bank premises
13,395,819
5% redemp.fund agst. F.R.bank notes..
Uncollected items
130,387,698
All other resources
1,211,376

3,150,000

11.500,000
74,104,000

Total resources

239,907.254
13,395,819
147,180,985
1,060,934

281,940,000
731,406.000
8,075,000

390,257,000
9,647,000
574,000
134,828,000
2,389,000

1,379,678,411 1,402,775,960 1,592,901,000

LiabilitiesCapital paid in
29,302,100
Surplus
39,709,523
DepositsGovernment
5,348,547
Member banks-Reserve account-- 693,640,108
All other
12,552,774
Total
711,541,431
F. R. notes in actual circulation
471,073,229
F. R. bank notes in eireten-net liability
Deferred availability items
103,571,378
All other liabilities
4,390,748
Total liabilities

407

Total.

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. 10 1923 in
comparison with the previous week and the corresponding
date last year:

Resourcess
$
Gold and gold certificates
81,749,900 607,842,900 Gold settlement
fund-F. R. Board__
78,750,200 596,572,600
80,871,000 606,940,200
Total gold held by bank
83,510,400 833,640.100 Gold with Federal
Reserve Agent
85.305,800 608.094.400 Gold redemption fund
79,020,500 609,843.200
78,711,400 588,988,700
Total gold reserves
78,046,100 591,712,400 Reserves other than gold
80,142,000 578,776,900
79.734,800 581,500.000
Total reserves
78,651,400 573,572.600 'Non-reserve cash
79,233,800 577,416,800 Bills discounted:
79,476,700 584,092,300
Secured by U.S. Govt. obligations-82.333.900 591,433,500
All other
79,777.500 601.935.000 Bills bought in open market
79,056,100 587.766,500
80.036 500 602.701 800
Total bills on hand
U. S. bonds and notes
U.S. certificates of indebtednessOne-year certificates (Pittman Act).
Banks and Trust CornAll other

RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that (a, three ciphers '0001 omitted.)

Total
State Banks Not
Members of
Fed'i Res've Bank
Bank of Wash. H
3olonial Bank__ --

Week Ending Oct. 6 1923.
Membersof
Trust
F.R.System Companies

Capital
839,375,0 $5,000,0 344,375,0 144,125,0
Surplus and profits
107,774,0 15,513,0 123,287,0 123,437,0
Loans,discla & investmls 716.251,0 44,222,0 760.473,0 759,058,0
Exchanges for Clear.House 30.382,0
663,0 31,045,0 29,165,0
Due from banks
102,684,0
13,0 102,697,0 98,617,0
Bank deposits
125,763,0
941.0 126,704,0.
Individual deposits
533,243,0 27,623,0 560,866.0 555,877,0
Time deposits
55,274,0
943.0 56,217,0 54,622,0
Total deposits
714,280,0 29,507,0 743,787,0 730,461,0
U. S. deposits (not Inc! )_
9,428,0 17,285.0
Res've with legal deposit's
3,143,0
3,143,0
3,612,0
Reserve with F. R. Bank_ 56,373,0
56,373,0 54,338,0
Cash in vault*
9,365.0
1,441,0 10,806,0 10,809,0
Total reserve and cash held 65,738,0
4.584,0 70,322,0 68,759,0
Reserve required
56,606.0
4,230.0 60,836,0 60,278,0
Excess res. & cash in vault
9.132,0
354,0
9,486,0
8,481,0
•Cash In vault not counted as reserve for Federal Reserve members.

8
$
5,417,776,500 4,527,000.900
5,411,405.200 4,511.280,800
5,455,575,600 4,543,063,300
5,521,531.400 4,614,315.200
5,467.089.000 4.5.55,262.200
5,404.760.500 4.527,081,500
5,350,244,500 4,469,997.600
5.335,175,500 4,452,081.300
5,287,686.600 4.372,278.000
5,268,638.700 4,350.022.600
5,229,446,600 4,338.761,700
5.257.620.900 4,354.662,100
5,299,993,700 4,380.653,300
5.305,103,700 4,404.072,200
5,343.149.700 4,456.769,600
5,351,110,900 4.422,478,500
5,389,173,500 4,488,842.200

New York City Non-Member
panies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:

Members of
Fed'I Res've Bank
W.R.Grace & Co_

Two Ciphers (00)
omitted.

29,289,350
59,799,523

27,805,000
60,197,000

8,155,130
700,064,804
13,037,053

69,000
769,834,000
11,411,000

721,256,988
474,894,177

781,314,000
611,984,000
9,681,000
96,588,000
5,332,000

113.383,590
4,152,330

1 379,678.411 1,402,775,960 1,592,901,000

Ratio of total reserves to deposit and
F. R. note liabilities combined
82.9%
Contingent liability on bills purchased
for foreign correspondents
11,992,808
• Net shown separately prior to January 1923.

82.8%
11,950,230

75.7%
11,889,62

CURRENT NOTICES.
-The Lloyd-Thomas Company, appraisal engineers, announce
an enlargement of their facilities and a service department for investment
bankers.
In thirteen years this organization has made over 15.000 appraisals
for over
10,000 clients covering a wide range of industry. The total
valuations of
these appraisals, on which in most Instances were based stock
and bond
issues, were in excess of $7,128,000,000.
-Alexander B. Johnson, formerly Vice-President in
charge of the
foreign exchange department of the American Express
Co., and Carman R.
Runyon Jr., formerly•Secretary and now a director of Bruns
Bros. Coal
Co., have been admitted as partners in the firm of
Prentice & Slepack.

1641

THE CHRONICLE

OCT.13 1923.]

Total.
Sari Fran.
Louis. Minneap.Kan.City Dallas.
nd Richmond Atlanta. Chicago. St.
Boston. New York. Phila. Clevela
$
$
$
$
$
$
55,202,0
$
0
$
$
$
a
1,755,0 4,970,0 1,952,0 2,952,
$
$
0 2,828,0 8,715,0 1,155,0
2,617,
0
9,684,
744,0
,0
13,396
28,0
4,434,0
28,0
Bank premises
646,278,0
ti% redemption fund against
,0 37.140,0 33,295,0 43,055,0
13,470,0
0
25,225,0 79,739,0 42,286,0 17,453 0
3,684,
,0
0
63,831
2,903,
,0
692,0
F. R. bank notes
62,304
,0
55,275
108,0 2,379,
56,287,0 130,388,0
484,0
660.0
619,0
321,0
Unoolleeted items
284,0
1,211,0
125,0
6,0 162,159,0 441,345,0 5,121.457,0
All other resources
2,0 200,912,0 137,267,0 196,04
800,32
1,0
219,65
9,0
236,45
4.0
1,379,678,0 411,750,0 499,83
4,0
436,03
7,759,0 109,676,0
Total resources
3,520,0 4,554,0 4.189,00 15,263,0 218,369,0
7,496,
5,740,0 4,426,0 15,194.0 5,018,0
LIABILITIES.
29,302,0 9.865,0 12,242,0 11,288,0 8,942,0 30.398,0 9,665,0 7,473,0 9,438,0 1,336,0 1,867,0
0
7,867,
20.151.0
In
,0
951,0
Capital paid
718.0
59,800,0 18,749,0 23,495
1,502,0
16,312,0
7,0 1,863,850,0
10,0„
337,0 2,146,0 1,168,0 1,4.0 266,221,0 66,544,0 47,846.0 75,942,0 54,153,0 147,12
5,349,0
1,430,0
21,754.0
0
4,318,
51,273
.0
229,0
63,591
9,0
532,0
159,06
Deposits: Government
334,0
472,0
7.0 693.640,0 114,837,0 1,060,0
129,0 1,246,0
148,0
Member bank-reserve waft 123,60
455,0
12,553,0
278,0
153,312,0 1,905,755,0
,0
55,718
,0
77.425
Other deposits
.0
,0 48,898
5,0 64.907,0 52,812.0 269,404.0 68,518 ,0 59,337,0 62,852,0 58,272,0 220,293,0 2,288,580.0
125,315,0 711.542,0 115,629,0 162,27
95.046,0 133,426,0415,859.0 75,074
Total deposits
480,0
232,514,0 471,073,0 216.938,0 247.898.0
480,0
F.R.notes in actual circulation
,0 576,277.0
V. R. bank notes in circulation40,629,0 33,796.0 42,545
22,320,0
58,101,0 18,689,0 67,325,0 41,269.0 16,430,00 1.098,0 2,208,0 2,173,0
,0
52,051
net liability
,0
48.808
1,0
1,609,
53,063,0 103.57
0 1,356,0 2,142,0 1,368,0
Deferred Availability items
4,390,0 1,761,0 1,875,0 1,377,
963,0
5,0 5,121,457.0
All other liabilities
196,046,0 162,159,0 441,34
9,0 219,651,0 800,322,0 200,912,0 137,267,0
236,45
4.0
499.83
0,0
436,034,0 1,379,678,0 411,75
ies
liabilit
Total
Memoranda.
76.1
76.5
54.5
Ratio of total reserves to delve!
61.7
65.4
52.9
81.0
52.9
57.4
79.6
and F. R. note liabilities corn
79.2
82.9
83.0
36.015,0
2.608.0
0
1322.
0700
blned, per cent
1
n
vaci
1
n
616
0 1.506.0 5 ins n 1
Contingent liability on bills pur
11 093 0 3 159 0 3 067 n 1.010.
chased for foreign correspond'
ESS OCT. 10 1923.
AGENTS ACCOUNTS AT CLOSE OF BUSIN
STATEMENT OF FEDERAL RESERVE
Total.
K.City. Dallas.San Fr.
Richni'd Atlanta Chicago. St. L. Minn.
Boston. New York Phila. Cleve.
II
atAgent
0
Federal Reserve
8
$
$
$
$
$
$
67,600 860.044
$
$
3
$
24,390 10.605 35.313 25,454 258,974 2,739,884
nds of Dollars)
0
Thousa
115,40
75,262
(In
24,390
31,420
63,338
Resources
87,350 313,260 50,400
0 149,006 464,249 90.950 62,024 73,297
Federal Reserve notes on hand
247,496 726,904 231,021 269,605 103,02
320,534
7,391
•
Federal Reserve noted outstanding e notes outstanding
13,052
11,080
4
2,400
Reserv
l
Federa
4,007 13,795 112,07
JollateraIsecurity for
35,300 235,531 7,000 8,780 3,157 7.848
9,631 2,415 1.606 3,393 15,500
5 1,641,764
195,07
28,126 13,924 13,713
Gold and gold certificates
38,360
10,459
5 22,000 23,000
2
391,64
665,51
63,000
33,795
50,104
0
fund
185,00
tion
9
36,440
Gold redemp
153,000 371.000 150,38
62,973 55,455 24,366 31,544
37,864 342,032
92,247 59.708 62,112 66,068 75,758
Gold Fund-Federal Reserve Board
48,737
80,564 14,874 3,973 20,247 13,882
8,362
6,769
24,808
3.071
5
Eligible paper( Amount required
117,76
9,833
644
lExcess amount held
4 166,012 623,412 6,682,
9 361,636 1,124,482 221,164 138.626 202.15
592,175 1,884,833 515,513 595,438 237,19
Total
728
Liabilities108,610 88,792 326,574 3,600,
notes received from
2,074,372
127,410 224,268 579,649 115,340 72,629
Vet amount of Federal Reserves
334,846 1,040,164 281,421 301,025 36,952 73,248 401,276 35,495 37,658 41,753 26,898 208,870 1,007,544
cy
87,968
3
the
Curren
207,49
of
Comptroller
51.791 50,322
198.759 634,657 171,313
72,837 84,120 143,557 70,32 28,339
3ollateral received from(Gold
58,570 210,012 62,779 86,920
6,682,644
Federal Reserve BanklEligible Doper
4 138,626 202,154 166,012 623,412
221.16
482
1,124,
6
381,63
9
237,19
8
592,175 1,884,833 515,513 595,43
2,739,884
4
258,97
63,338
Total
73,297
103,020 149,006 464,249 90,950 62,024
38,681 451.304
247,496 726,904 231,021 269,605 7,974 15.580
48,390 15,876 2,687 10,445 5,066
1 14,083 21,709
Federal Reserve notes outstanding
255,83
14,982
58.272 220.293 2.288.580
Federal Reserve notes held by banks
133.426 415.859 75.074 59.337 62.652
232.514 471.073 216.938 247.896 95.046
tion
Federal Reserve notes In actual circula
RESOURCES(Concluded)Two ciphers(00) omitted.

ks of the Federal Reserve System.
Weekly Return for the Member Ban
the resources
rve Board, giving the principal items of

by the Federal Rese
es are always a week behind
Following is the weekly statement issued
weekly returns are obtained. These figurwere given in the statement
h
whic
from
s,
bank
er
memb
770
the
and liabilities of
the statement
. Definitions of the different items in
ent of the Reserve Board upon the figures
those for the Reserve Banks themselves
comm
The
.
2523
page
,
1917
29
Dec.
le"
onic
"Chr
the
in
shed
publi
,
1917
on page 1612.
of Oct. 18
of "Current Events and Discussions,"
for the latest week appears in our Department
at
in each Federal Reserve District
I. Data for all reporting member banks

s (000) omitted.
close of business Oct. 3 1923. Three cipher

'
BassFran. Total
Chicago St. Louis Minneap. Eon.City Dallas
Cleveland Richmond Atlanta
770
66
52
76
28
36
106
39
$
77
$
81
$
55
s
111
$
43
$
$
3
$
258,42
12,767
s
2,938
Number of reporting banks
$
7,120
$
4,608
$
12,107
$
8,592 38,250
9,220
Loans and discounts. gross:
57,363 183,838 3.737.706
27,677
81.075
18.210
39,306
11,735 105,198
7,987.517
64,745 578,886 140,960
6
5
803,32
121,13
8
Secured by U.S. Govt. obligations 235,28
5
211,72
412,50
5
9
7 199,726 355,36
3 1,555,271 267,33
338,424 346,106 1,153,893 316,49
Secured by stocks and bonds
645,360 2,561,748 '360,678 694,666
All other loans and discounts
9 999,0111 11,983,646
4 1,771,029 469,564 243,640 443,560 272.02
275.379
419,44
30,191
9
468,77
848
20,961
11,566
646,227 1,134,
217
9,161
8
4,222,
892,37
15,304
24,764
nts
14,475
discou
and
97,447 1,043,067
Total loans
29,410
13,766
47,890
47,034
10,698
13,345
48,257
12,702
23,165
86,457
95,505
14,186
12,623
U.S. pre-war bonds
32,032
1,997
7
115,91
4,588
44,074
955
8,614
77,754 468,842
12,227
860,058
1.666
42,970
4,070
U. S. Liberty bonds
14,397
4,560
3,281
18,863
27.343
27,379
4,533
19,048
111,316
5,828 119.737
12,308
12,702
U.S. Treasury bonds
4,305
59,430
3,832
49,454
9
460,94
3,910
29,301
5,559
21,121
8,647
3,147
U.S. Treasury notes
9,607
11,275 157,580 2,145,849
4,778
62,429
27,906
20,982
13,120
84,041
42,538 335,432
51,451
U.S. Certificates of Indebtedness
171,125 724,846 180,587 296,639
0 1,353,050 16,505,772
Other bonds, stocks and securities
338,73
2
591,87
681
4 2,379,815 625,295 326,296
25,695 106,156 1,395,
9 1,668,891 601,591 506,78
48,039
939,09
436
913
22,831
5,973,
1,200,
3
m'ts.
38,744
196.26
286,926
&
invest
32,379
disc'ts
21,424
36,243
Total loans &
9,874
99,632
12,337
73,747
5,700
87,375 628,577
8,105
55,489
11,044,636
10,400
2
725,88
13,779
Reserve balance with F. R. bank
5
234,72
32,684
1
15,919
3 427,34
81,716
19,499
2 259,311 1,447,425 327,719 198,67
Cash in vault
76,027 549,068 4,015,597
804,838 4,674,825 698,012 917,083 328,82 8 180,064 783,804 188.842
83.612 134,941
236,358
22,292
Net demand deposits
8,264
2,743
5,199
269,279 895,989 104,884 596,289 152,79
8,646
25,939
11.485
s
deposit
9,188
Time
22,154
19,812
59,599
41,037
s
Government deposit
293,567
23,105
2,160
Bills payable and rediscounts with
18,577
6,185
14,504
38,440
304,852
12.155
37,747
18,535
Federal Reserve Bank:
5.662
18,195
17.261
14,869
1
117,39
6.255
9,451
38.217
ions
29,917
27,609
26.110
Secured by U.S. Govt. obligat
16.209
13,665
58,836
27,364
other
All
Federal Reserve Distria.

Boston

New York

Phila.

.
h
and all other reporting banks
l Reserve Bank and branc cities
2. Data of reporting member banks in Federa
Total.
d Cities.'
Bank Cities. F. R. Branch Cities. Other Selecte
CUP of Chicago. AU F. R.
New York City.
pt.26 '2305. 4 '22.
'23.;Se
3
!Oct.
26.
'Sept.
Sept. 26. 04. 3, Sept. 26. Oct. 3.
Three cipherl (000) omitted.
786
05. 3. Sept.26. Oct. 3. 1 Sept. 26. Oct. 3. 1
770
7701
307
3071
205
2051
258
$
$
258
8
491
491
$
66
$
5
$
264,02
66
$
$
1
1
banks
258,12
ng
S
3
porting
258,42
Number of reporti
$
$
$
182,313 40.639 40,502 35,724' 35,306
508 3,618,941
and discounts, gross:
29,648 28,883, 182,060 2,585.319 594,249 590,235 496,6711 500,954 3,737,706 3,676, 376 7,168.342
96,706 97,389
ions
obligat
Govt.
7,942,
S.
786
517
U.
by
2,646.
d
7,987,
4
Secure
1,374,836 1.322,948 432,734' 430,237, 4,954,427 4,924,7281,644,359 1,634,7241,388.731,1.382,924
Secured by stocks and bonds
2,247,9382,226,723 679,4571 673,65
11,877,00511,051,308
All other loans and discounts
461 1,921,126 1,919,18411,983,6469
274.995
7,783,273 7,692.3602,279.2472,265,
275,37
3,719.4803,647,0601,141.8391.132,774:
76,867, 76,870 104.8571 104,636
93.487
1,053.456,41.380.542
93,655
067
Total loans and discounts
1,043,
8
4,095.
166,11
4,125.
0
37,428 37,42
6 168,18
2,
248,97
2
247.20
636,36
5
87.092
627,68
86,457
U.S. ore-war bonds
38,5971 39.919,1
19,7671 20,229
403,3711 408,436
41 *667,378
44,848 • 45,115 21.842, 21,7481 82,969
U. S. Liberty bonds
5,3871
5,2071
, 83,224 860,058 855,60 3 166,769
18,234, 18,17
3 147,969, 147,9571
624,42
115,95
0
6
629,12
111,31
U. S. Treasury bonds
68,172
18,740
71,875,
0' 424,11
18,079,
426,50
2,244,282
40,732
55.658
41.5551
761
1
2,157,
ry
52,498
U. S. Treasu notes
7,4171
6, 2,145,849
6,092
16,3621 16.77
__
1,138,436 589.368590,5191 431,730 428,80
U.S. Certificates of Indebtedness
161,746 166,339, 1,124,7511
.514,4191 523,06
15.510,279
ies
securit
66
and
,421.8
stocks
,77216
bonds,
16,505
Other
2,746,7082,742,939
780
0410,355.83010,285,8413,403.2343,393,086
1.395.6811,365,732 1,396,
.
, ,
5,135,7945.075,049 1,429,4811,424.1
976.798 226,8211 224,92
283,824 281,801
Total loans & diee'ts & investls. 579,408: 573,05
135,439 134,710 1,000,1711
81,156' 79,963 286,9266 10,891,33011.188,378
,
61,94
Bank__
1
61,747
R.
141,92
F.
3
with
e
144,02
Reserve balanc
29,820 29,089'
1,643,047,1,615,39711,044,63 4,019,613 3,584,586
68,4721 65,186
7,518,962 7.413,6911,882,627,1,862,242
Cash in vault
4,191,7504,103,787 967,5211 971,908 1.954,643 1,960,446 1,196,230,1,195,83 864,724 863.330 4 015 597
125,733
Net demand deposits
236:358 238,222
367.536 365,2011
7
621,08
21,101 21;083 '
610.17
62,05
39'
0
62
5
155,08
Time deposits
11,054' 153,219
53,758 53,758
Government deposits
11.0421
I
80.623
293,567 294,534
Bills payable and rediscounts with
I
75,5381 77,3381 40,4771 44,040 304,852 278,770 101,183
173,156
F. R. Bank:
15,046 177,552
26,284
88,086 97,161
68,759 49,5741 49,497
4
74.860
160,51
8
180,41
Secured by U.S. Govt.obUgaUoi1
14,437
35,778
48,421
All other
16,846
1.2
1
3.5
ount
3.6
Ratio of bills payable & rediscloan
3.4
3.3
I
43
4.4
3.2
total
to
Bank
3.5
It.
F.
with
2.1
3.0
2.6
2.7
I
cent
and investments, per
•includes Victory notes.




1

1642
•

THE CHRONICLE

{VOL. 117.

Weekly Return of the

Federal Reserve Board.
The following is tne return issued by the Federa
l Reserve Board Thursday afternoon, Oct.
of the twelve Reserve Banks at the close
11,and showing the condition
business on Wednesday. In the first table
as a whole in comparison with the figuresof
we present the results for the system
for
the
seven
?
preced
ing
seeks
and with those of the corresponding week
The second table shows the resources and liabili
last year..
ties separately for each of the twelve
Accounts (third table following) gives
banks.
The
Federa
l Reserve Agents'
details regarding transactions in Federal
Reserve Agents and between the latter and
Reserve notes between the Comptroller
and
week appears on page 1612, being the first Federal Reserve banks. The Reserve Board's comment upon the return
sfor the latest
item in our department of "Current Events and
Discus
sions.
"
COMBINED RESOURCES AND LIABILITIES
OF THE FEDERAL RESERVE BANKS
AT THE CLOSE OF BUSINESS
OCT. 10 1923.
Oct. 10 1923 Oa. 3 1923. Sept. 26 1923.
Sept. 191923. Sept. 12 1923.

RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R.. Board
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund

3
$
364,693.000 357,185,000
623,054,000 643,874,000

Sept. 5 1923. Aug. 291923. Aug. 221923, Oct.
111922.

3
$
359,664.000 357,345,000
641,647,000 638,892,000

II
349.597,000
633,454.000

3
344.748,000
645,876.000

$
361,066,000
649,455,000

$
356,804,000
615.595,000

3
265,341,000
570,599.000

987.747,000 1,001,059,000 1,001,311,000
996,237,000 983,051,000
2,074,372,000 2,055.663,000 2,061,965,000
990,622,000 1.010,521,000 972,459,000 835,940,000
2,066,488,000 2,070,557,000 2,060,70
60,275,000
0.000 2,061.164.000 2,081,265,000 2,192,940,000
59,108,000
53.328,000
59,245,000
57.053.000
50,688,000
49,304,000
69,040,000
Teta gold reserves
61,100,000
3,122,394,000 3,115,830.000 3,116,604,000
Reserves other than gold
3,121,97
0,000
3,110,66
1,000 3,102,010,000 3,120,939,000 3,122,76
71.529,000
72,160.000
76,094,000
4.000 3,089,980,000
77,832,000
77,004.000
76.324,0
00
80,245.0
00
78.612,000 120,037,000
Total reserves
3 193,923,000 3,137.990,000 3.192,698,000
•Non-reserve cash
3,199.802.000 3,187,665.000 3.178,33
68,932,000
72,354,000
4.000 3,201.234.000 3.201,376,000 3,210,017,000
74,248,000
Bills discounted:
84,295,000
77,139,000
65,782.0
00
68.700,000
79,585,000
Secured by U. S. Govt. obligations.. 405,269,000
400,158,000 402,141,000
Other bills discounted
482,748,000 481,503,000 459,867,000 324.640,000 389,071.000 399,118,000 376,194,000 359,999,000 232,280,
Bills bought in open market
000
000 452,288,000 450,978.000
182,407,000 172,902.000 172,124,000 449,600.
439.324.000 420.597,000 292,506,000
171,044,000 179,313,000 174,563,
000 173,485,000 176,610,000 246,620,000
Total bills on hand
1,051,424,000 1,054,583,000 1,034.132,000
945,284,000 1,020,672.000
cr. B. bonds and notes
80,808,000
1,024,657,000 989,003,000 957,208,000 771,406,000
89,628,000
87.737.000
U. S. certificates of Indebtedness
84.670,000
94,718.000
5,075.000
96.320.000
5,514,000
91,328,000
4,148.000
80,925,000 236,145,000
Municipal warrants
7,919,000
5.139.000
317,000
2.452.000
2.202,000
317,000
3,834.000 238,410,000
317,000
317,000
20,000
20,000
20.000
20.000
15,000
Total earning assets
1,143,62
4.000
Bank premises..55,202,000 1,150.022.000 1.126,334,000 1,038,190,000 1,120,549,000
1.123,449,000 1,082,553,000 1.041,985,000 1,245.985,000
55,173,000
55,023,000
5% redemp. fund sot. F. P.. bank notes
54,915,0
00
54,361,000
28,000
54,269,000
54.239,000
28,000
54,183.000
28,000
44,605,0011
Uncollected items
28,000
28.000
646,278,000 663,548,000 616,211,000
28.000
93.000
93,000
3,764,000
ail other resources
747,873,000 670.882.000 594,984.
13,470,000
000
546,926,
13,118,000
000
583.915,
13,717,000
000 649,385,000
13,332,000
13,532,000
13,339.0
00
13.477,0
00
13,043,000
15,114,000
Total resources
5,121,457,000 5,142.233.000 5,078,259,000
5,138,435,000 5,124,136.000 5,030,18
5,000 4,967,222,000 4,974,180,000 5,168,870,000
LIABILITIES.
Uapital paid In
109,676,000 109.669,000 109,657,000
iurplus
109,644,
000 109.682,000 109,718.000 109.751,
218,369.000 218,369,000 218,369,000
000 109,678,000 106,271,000
Deposits-Government
218.369,000 218,369.000 218,369,
20,151,000
000 218,369,000 218.369,000 215,308,000
30.065,000
56,279,000
37,970,000
Member bank-reserve acoottnt
39,597.000
1,883,850,000 1,884,046,000 1,851,790,000 1,825,00
38,534,0
00
37.980,0
00
34,285,000
12,457,000
Other deposits
5.000 1,872.773,000 1,843,065,000 1,848,61
21,754,000
22,126.000
7,000 1,824,572,000 1,890,841,000
22,004.000
24,865,000
24.086.000
20,776,000
21,005,000
23,048.000
18,927.000
Total deposits
1,905.75
5,000
1.936.23
1,930,07
7,000
3,000 1,887,840,000 1.936,456,000
E. R. notes In actual circulation
2,288,580.000 2,272,308,000 2.247.83
1,902,375.000 1,907.582.000 1,881,905,000 1,922,225,000
0.000 2.254,764.000 2,262,525.000 2,257.27
P.R bank notes in circulation-netliab
480,000
8,000 2,224.760.000 2,225,063,000 2,320.115,000
485,000
492,000
Deferred availability items
497,000
509.000
576.277,000 583,742,000 550,527.000 645,866,
509.000
1.565,000
1,521,000
42,715,000
000 576,015,000 522.057,
LH other ilabilitles
22,320,000
000 485,041,000 518,366,000 537,899,000
21,423,000
21,311.000
21,455,000
20,580.000
19,879,000
20,154.000
19,278,000
24,247,000
Total liabilities
5,121,45
7.000
5,142,233,000 5.078.259.0005.138,435,000
UM° of gold reserves to deposit and
5,124,136,000 5,030.185,000 4,967,222,000
4,974,180,000 5,168,870,000
F'. R. note liabilities combined
74.4%
74.4%
74.6%
tag() of total reserves to deposit and
75.4%
74.1%
74.6%
75.5%
76.0%
F. R. note liabilities combined
72.8%
76.1%
75.8%
76.4%
3ontingent liability on bills purchased
77.2%
75.9%
76.4%
77.5%
77.9%
75.7%
for foreign correspondents
36,015,000
34.276,000
33,794,000
33,752.000
33.784,000
34,304.000
35,404,000
35,146,000
31,832,000
DU 'Dutton by Maturities8
6
$
8
1-15 days bills bought In open market_
a
63,939,000
$
$
57,237,000
$
56,831,000
$
56,621,0
1-15 days bills discounted
61,971.000
60,115.000
578.169.000 585.560.000 571,155,000 482,783. 00
54.600,000
59,029,000
70,709,000
000 558,412,000 572,012.000 531,631,
1-15 days U. S. certif. of indebtedness.
1,923,000
000 496.397,000 339,574,000
4,053.00
0
2,375.000
6.120,000
1-15 days municipal warrante
4,452,000 . 1,827.000
385,000
1,214,000
29,620,000
6-30 days Dine bought In open market27,447,000
32,222,000
34,308.000
33,483.000
6-30 days bills discounted
34,545,000
33,815,000
80,062,000
32,094,000
29.013.000
85,084,000
81,295.000
43.587,000
83.725.000
8-30 days U. S. certif. of Indebtedness
76.545.000
74,317.000
64,241.000
65.204.000
52,240,000
8-30 days municipal warrants
706.000
1,067,000
3,100,000
4-60 days bills bought in open market
42.953.000
39,403.000
38,148.000
3,000
39,976,0
1-80 days bills discounted
00
45.682.0
00
48,277,000
121,813,000 117,004,000 120,935.000 121,103,
52,339.0
52,949.000
63,963,000
1-60 days U. S. certif. of Indebtedness
000 119.401,000 117.292,000 120,476, 00
000 119,568,000
70,095,000
1-60 days municipal warrants
266,000
266,000
260,000
15,863,000
1410 days bills bought In open market43,728.000
39,500.000
38.749.000
38.374.000
1-90 days bills discounted
33,300.000
28,501.000
75,599,000
29,674,000
31,440,000
80,435,000
75,155,000
54,021,0
72,793,0
00
1-90 days U. S. certif. of indebtedness_
00
71,152,0
00
261,000
68,487.000
76,809.000
75,390,000
361,000
45,007,000
264,000
1-90 days municipal warrants
392,000
1.000 •
41,000
612.000
63,035,000
)ver 90 days bills bought in open market
266,000
4.340.000
4.540,000
4,088,000
2.590.000
Iva 90 days bills discounted
3,835.000
3,855,000
13,374.000
4,778,000
13.598,000
4,179,000
13,468,000
14,340,000
13,836.000
1ver 90 days certif. 01 indebtedness-115,849.000
17,986,000
2,891.000
22.361.000
1,100.000
24,037.000
1,509.000
17,870,000
1,407,000
Iver 90 days municipal warrants
686.000
625,000
10,000
499.000
51,000
653,000 126,801,000
51,000
51,000
20.000
20,000
20,000
20,000
12,000
Federal Reserve NotesIntittandIng
2.739,884,000 2,736,500,000 2,725,864,000
Cold by hanks
5,000 2,716.690.000 2,701.577.000 2.688,75
451,304,000 484,192,000 478,034,000 2.721.73
9,000 2,687,335,000 2,708,014.000
466,971,000 454,165.000 444,299,
000 461,999,000 462.272,000 387,899,
000
In actual circulation
2,288,580,000 2,272,308,000 2,247,830.000 2.254,76
4.000 2.262,525.000 2.257,278.000
2.224.760,000 2,225.063,000 2,320,115.000
Amount chargeable to Fed.Res. Agent 3,600,728,000
3,598,004.000 3,610.978,000 3.607,199,000 3,584,43
a hands of Federal Reserve Agent
9,000
860,844,000 861,504,000 885,114,
000 885.464,000 867.749.000 3.563,431,000 3.552,703,000 3.533,989.0003,489,306,000
861,854,000 865.944,000 846,654,000 781,292,000
Issued to Federal Reserve Banks
2,739,884.000 2.738.500.000 2.725,864,000 2.721,73
5.000 2.716,690.000 2,701.577.000
2,686.759,000 2,687,335,000 2,708,014,000
Dow secured17 gold and gold certificates
320,534,000 320,534,000 320.959,000 320,959,
000
17 eligible Paper
321,359,
000
320,924.000 320,424.000 320.424,000 416,509,000
665,512.000 680,837,000 663;899,000 655,247,
lold redemption fund
112,074,000 114,668,000 120,813,000 116,797,000 646.133,000 640.877.000 625,595,000 600,070,000 515,074.000
000 119,921,000 119.710,000
nth Federal Reserve Board
1,641,764,000 1,820,461.000
124,045,000 125,847,000 126,843,000
1,620,193,000 1.028,732.000 1.629,277,000
1.620,066.000 1,616,695,000 1,634,994,000 1,649,588,000
Total
2,739,884,000 2,736,500,000 2,725,864.000 2,721.73
5.000
2.716,69
0.000
2.701,57
7.000 2.686.759.000 2.687,335,000 2,708.014,000
-Mange nener delivered to F. R. Agent 1.007.34
4.000 1.014.796.000 901.115.000 899.924.000
980.070.000 980.947.000 950.462.000 918.173.
000 751.046.000
•Not shown separately prior to Jan. 1923.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
CLOSE OF BUSINESS OCT.10
1923
Tica ciphers(00) omitted.
Boston. New York. Phila. Cleveland Richmon
Federal Reserve Bank of.
d Atlanta. Chicago. St. Louis. Afinneap./Can. City Dallas. San Fran.
Total,
RESOURCTS.
$
$
$
$
$
$
}old and gold certificates
$
$
$
20,457,0 178,293.0 37,069,0
$
8
$
8
bold settlement fund-F.R.Wrd 60,205,0 143,646,0 33,430,0 13,157,0 11,974,0 6,562,0 47,926,0 4,389,0 8,622,0 3,399,0 11,433,0 21,412,0
364.693,
99,662.0 36,870,0 10,189,0 94,876,0 22,920.0 20,985,0
34,427,0 15,506.0 50,248,0 623,054,0
0
Total gold held by banks
80,752,0 321,939,0 70,499,0 112,819, 48,844,0
16,751.0 142,802,0 27,309,0 29,807,0
0
bold with F. R. Agents
198,759,0 634,657,0 171,313,0
37,826,0 26,939,0 71,660,0 987,747,0
207,493,0 36,952,0 73,248,0
;old redemption fund
13,829,0
7,010,0 11,000,0 2,470,0 3,611,0 3,958.0 401,276,0 35,495,0 37.658,0 41,753,0 26,898,0 208,870,0 2,074,372,0
2,475,0 3,158,0 2,521,0 4,418,0 2,114,0
3,713,0
60,275,0
Total gold reserves
293,340,0 063,606.0252.812,0
322,782, 89,407,0
546,553.0 65,960,0 69,786,0 83,997,0 55,951,0
teserves other than gold
3,784,0
16,603,0 10,650,0 3,910,00 2,398,0 93,957,0
284.243,0 3322,394,0
4,599,0 8,194,0 9,968,0 1,006,0
2,556,0 6,204,0 1,657,0
71,529,0
Total reserves
297,124,0 980,209,0 283,462,0
326,692, 91,805,0 98,556,0554,747.0 75,928,0 70,792,0
Ion-reserve cash
15,676,0
9.837,0 1,848,0 2,829,00 1,371,0
86,553,0 62,155,0 285,900,0 3,193,923,0
7,864.0
6,112,0 7,328,0 1,531,0 4,502,0
Wig discounted:
2,315,0 7,719,0
68,932,0
Secured by U.8.GOvt•Ohliga'98 18,900,0 146,344,0 36,529,0
32,945,0 28,632,0 18,042,0 49,714.0 22,174,0 8,648,0
Other bills discounted
30,767,0
58,703,0 18,358,0 26,564,0 45,328,0
19,203,0
2.057,0 23,081.0 406,269,0
57,122,0 51,382.0 48,258,0 20,771,0
iills bought In open market
8,903,0
32,741,0 17,844,0 28,206,0
30,739,0
20,863,0
53,895,0
915,0 9,026.0 42,659,0
7,0
51,0 2,215,0 27,968,0 11,874,0 462,748,0
182,407,0
Total bills on hand
58,570,0 237,788,0 72,729,0 87,715,0
74,875,0 84,190,0 143.755,0 70,439,0 29,470,0
T. S. bonds and notes
3,568,0
5,178.0 17,367,0 9,953,0 1,341,0
52,157,0 50,886,0 88,850,0 1,051,424,0
260,0
6,555,0
T. S. certificates of indebtedness_
3,668.0 13,867,0 9,588,0 8,280.0
250,0
1,673,0
41,0
9,185,0
86,808,0
336,0
17.0
215,0
Eunicipal warrants
20,0
178,0 2,345,0
51,0
5,075,0
266,0
317,0
'rota,earning assets
62.388.0 244.637,0 90.137,0 98.004,0 76.216,0 84.518,0
150.525.0 74,107,0 43,357,0 62.189,0
59,511,0 98,035,0 1,143,624,0




kiaultf:

(r)azettt

.
Wall Street, Friday Night, Oct. 12 1923
e review of the
-Th
ks.
Stoc
s
neou
ella
Misc
and
Railroad
1634.
Stock Market is given this week on page
ANGE
NEW YORK STOCK EXCH
TRANSACTIONS AT THE LY
AND YEARLY.
DAILY, WEEK

Week Ending Oct. 11.

Stocks,
Shares.
323.500
704.619
771,776
607.585
711,500

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

3.118.980

Total

Railroad,
&e.
Bonds.

1923.

State.
& Municipal
Foreign Bds.

United
States
Bonds.

$562,000
$3,117,150
796,000
5,347,500
000
1,067,
200
4,483,
932,000
4,456,200
994,000
4,651,000
HOLI DAY

$965,000
2,737,000
2,624,000
3.076,000
1,017,000

$4.351.000

$10.419.000

$22.055.050

Week ending ou. 11.

Sales at
New York Stock
Exchange.

1643

E CHRONICLE

OCT. 13 1923.]

1922.

Paris bankers' francs were 5.9954
To-day's (Friday's) actual rates for
bankers' marks
46.10 for short. Germanybanke
rs' guilders
6.0454 for long and 6.04%
Amsterdam
bills.
short
and
long
for
d
are not yet quote
short.
for
%
3
439.2
14
and
39.22
were 38.8654@38.8754 for long
francs; week's range, 74.70 francs
Exchange at Paris on London, 74.70
high and 76.20 francs low.
the week follows:
The range for foreign exchange for
Cables.
Cheques.
Sixty Days.
Sterling. Actual45594
4 55%
4 53%
High for the week
4
4545
45454
45254
Low for the week
Paris Bankers' Francs%
6.17
4
6.165
6.1054
High for the week
5.8814
5.8734
5.8154
Low for the week
Germany Bankers' Marks0.00000017 0.00000017
High for the week
0.00000002 0.00000002
Low for the week
Amsterdam Bankers' Guilders- 38.89
39.35
39.31
39.31
High for the week
39.27
38.85
Low for the week
$1,000
par. St. Louis. 15425c. Per 25
per
Domestic Exchange.-Chicago.
818.1
eal,
Montr
par.
Francisco,
discount. Boston, par. Sanpar.
nati,
Cincin
$1,000 discount.

Jan. 1 to Ocr. 11.
1923.
178,923,362

1922.

Stock Exchange this
The following are sales made at the
detailed list on the
our
in
d
week of shares not represente
w:
follo
h
pages whic

201,716,994

5,477,255
3,118.980
Stocks-No. shares__ _
Bonds.
$607,576,575 $1,330,205,465
$31,675,700
480,758,000
Government bonds_ _ _ $10,419,0000
351,690.900
6,674,000
41,351.00
State and foreign bonds
,404,600 1,636,587,850
.1,221
,500
26,670
,050
RR and misc. bonds__ 22,055
,595.437 $3,649,268.309
$39,944,030 870,497.455 $2,359
Total bonds
NEW YORK CURB MARKET.
DAILY TRANSACTIONS AT THE
BONDS (Par Value).
STOCKS(No. Shares).
Domestic. For'n Govt.
041.
Week Ending Oct. 11. Ind.&Mis.
$26,000
156,625 $146,000
49,635
17,205
82,000
236,000
Saturday
166,710
72,950
37,550
70,000
y
0
Monda
226,00
152,400
95,145
24,185
125,000
0
Tuesday
248,50
5
273.22
0
125,66
17,110
87,000
0
236,00
Wednesday
29,470
78,430
29,570
Thursday
Holiday- Columbus Day.
Friday
778,430 $1,092,500 $390,000
421,820
125,600
Total
AND
THE BOSTON. PHILADELPHIA
DAILY TRANSACTIONS AT
BALTIMORE EXCHANGES.

STOCKS.
Week ending Aug. 3.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

Highest.

per share.$ per share.
Par. Shares $ per share. $ per share. $
Sept 2454 Feb
Railroads.
11
100 1514 Oct 6 1514 Oct
100
Ann Arbor
3054 July 34 Sept
400 3134 Oct 8 3134 Oct
Jan
Sept 68
Bklyn Rap Tranjull paid
53
110 5554 Oct C 60 Oct
Feb
July 231
Buffalo Roch& Pitts_100
175
11 219 Oct
Oct
104
Jan
Central RR of NJ...100 1,400200 Oct
76
Oct
100 Oct 61013.4
Feb
C C C & St Louis... _100
sq Aug 5% Mar
8 454 Oct
Oct 11834
Duluth S S & Atl, pf _100 200 454 Oct
107
Oct
1
112
Oct
Illinois Central, pref _100 500 107
3035 June 4534 Apr
400 32 Oct 9 324 Oct
Feb
Manh Elev Mod Gtd.I
Oct 122
100115 Oct 10115 Oct 1 115
Nashv Chatt & St L.100
87% Aug 95% July
Oct
Oct 10 9054
Ott
795i
Aug
NY Ch & StL, p1. w 1.100 2.500 8954
67%
Oct 11 7954 Oct
100 4,700 76
Mar
When issued
4% Sept 13
100 200 74 Oct 9 8 Oct 1 15 Sept 1934 Mar
Pacific Coast
100 18 Oct ii 16 Oct 1
100
2d preferred
9% June 18% Apr
Oct 1
8 12
Apr
Rapid Transit Corp_ _ _ _• 1,500 1134 Oct
31% July 49
100 1,100 3654 Oct 11 38 Oct
y
Oct
Preferred
% AugAr 523436 4 641
38s
30
Oct 9 3634 Oct
36
Virginia Ry & Power _100 2
Oct
4454
8
Oct
4454
100 100
Sept
8.5
Western Penns
Sept
85
1
100 100 85 Oct 1 85 Oct
7% preferred

Industrial & Miscell's
2514 Mar
2134 Oct 6 2254 Oct 8 20% June
90% Oct
Amer Chain,Class A._25 2
5
Oct 11 90% Oct 11 90
200 90
1834 Apr
Armour, pref
May
12
6
Oct 11 17% Oct
15
2,6
ble
Consta
Arnold
July 5754 June
Oct 9 52% Oct 9 51
Jan
Atlas Powder, new._ _ • iii 5234
1004
Aug
96
11
Oct
98
11
200 9754 Oct
27% Oct
Amer Roll Mill, pref-100 4.211
Saturday
2854 Oct 11 27% Oct 6 25 Sept
14 Oct
Associated Oil, new.._25
Monday
% Oct
9
% Oct 6
Oct
55
7,3
Rights
Sept 2% Feb
Tuesday
Oct 8 1
Oct 8 1
300 1
28% Apr
Wednesday
Atl Fruit Col T Co ctf dp
1435 Oct 11 19 Oct 6 14% Oc
3,2
Oct 12434 Apr
Thursday
Auto
95
10
Oct
9554
11
100 200 95 Oct
Jan
st pref
Cnlit
ik.
99
Oct
Friday
89%
8 90 Oct 6
Brown Shoe,Inc, pre1100 300 89% Oct
Sept 10954 June
Oct 10 94
100 96 Oct 10 96
Oct
Total
20%
Burns Bros. pref._ ..l00
Oct
818
Oct
11 19%
May
Calumet& Hecla, new.25 400 18 Oct
3154 Oct 9 28 June 3-314 May
3054 Oct
• 3
Pro,: scpck revised
Century Rib Mills
Oct 4934
41%
8
Oct
43%
Oct
1,800 423-4
Jan
Columbia Carbon
1134 Oct 6 1134 Oct 22% May
• 100 1134 Oct
11.10a. 12. Conley Tin Foil
Oct
32 Oct 10 2554 July 4935 July
Oct. 6. Oct. 8. Oct. 9. Oct. 10. Oct.
28
Commercial Solv, A._ _• 400 30 Oct
Daily Record of U. S. Bond Prices.
Apr
15
11
Oct
2454
200 24
" 991,32
Aug 109% Feb
99",2 9912
85
"
99", 99,s
Oct
8954 Oct
First Elbert LoanHigh
Cosden & Co, pref...100 100 89%
July 1234 Mar
3
99"ss 99"ss 99102: 99"s:
5% Oct
ow_ 991,3
. 200 5 Oct
Sugar.
ion
Domin
991.22
Cuban
Aug 5814 Mar
99uss
30
314% bonds of 1932-47_1L
Close 99", 99",s
100 3234 Oct 1 33 Oct
100
63
393
Preferred
(First 3145)
263
5454 July 7034 June
74
58
• 900 6054 Oct I 63 Oct
Fruit
97"2,
el
2% Sept
_
Total sales in $1,000 units__
_
Cuyam
__
Sep
97322
%
_
__
_
_ _ _.
4 Oct
97.22
Converted 4% bonds of {High
____
Davison Chem,rights_ _ _ 8,250
977::
11% Oct 14% Jan
ct
X ge
400 1154 Oct 1 1114
27 .July
1932-47 (First 44_ ___ Low.
Douglas Pectin
____ 97033
Sept
97133
20%
_
.
_
_
Oct
21%
__-_
11
Oct
Close
I
Feb
Eaton Axle & Spring---• 600 2054 Oct 9113 Oct
10234 Jan 138
- -- -- - 100113
Total sales in $1,000 units-. 971,33
4754 May
Fid Phen Fire lot NY 2
37% J
971433 971333 971,33 971,33
1,500 42(4 Oct 11 4334 Oct
hmann Co
July
971,33
Converted 04% bonds {High 97132
Fielsc
971032
78%
Oct
97",2
84H
"s2
97
• 800 6434 Oct 11 6654 Oct
Sept
of 1932-47 (First 4WO Low_ 971,33 971,33 971033 971133 971133
Foundation Co
Close
• 100 82 Oct 6 82 Oct
43
6
8454 111b
n 102
General Baking Co
ay
7Jul
16
7254'
96
103
8
1401100 Oct 8 1004 Oct
_100
_
Total sales in $1,000 units___
pref_
Bros,
l
82214i
97.00
Gimbe
t
c
.9
?
---6,
2
16
____ 97":2
Oct 6 124 Oct 1 3
JuneApr
Second Converted 43k% High
Goldwyn Pictures, new_ 1 175 12
___ _ 97.00
- - - - 979:52
10 38%
bonds of 1932-47 (First( LowFeb
97.00
Goodyear Tire, pref_100 1,300 37 Oct
.. - - 90 Sep 99
- - - _ 97",,
Close
6 9154 Oct
Oct
90
0
300
Second 44s)
...10
ed_
preferr
Prior
34 A 10834 Mar
-- _ _
Total sales in $1,000 units___
200 10454 Oct 1110434 Oct 11102
-___ HOLI- Great West Sugar, pf.100
Feb
97"33
101
12
,
Oct
97
__
__
85
____
Oct
{High
85
Second Liberty Loan
--_ DAY
Aug
£1711,2
Guantanamo Sug,()L IN) 100 85 Oct
__ __ 97,s2
___ _
Low.
9434 Oct 1 9234 Sept 97
4% bonds of 1927-42
9434 Feb
Hanna, 1st pref A__ _100 300 93 Oct
July
8034
Oct
84
Oct
(Second 48)
Sept
600 83%
__ --10
234
man
Corp'n
Sep
I
liart
____
.
_
__
134
_
_
234 Oct
Total sales in $1,000 units_
2,000 214 Oct 1
393.4 May
9710,2 9710,2 97",, 971,32 971432
3054 Oct 1 2834 July 40
Converted 414% bonds (High 97,3:
% May
97,33
11s
d Prod temp ctfs.• 1,100 3034 Oct
u
97,13
isVts
ll
Ho
97,33
97,33
Low5% Oct
5% Oct
•
of 1927-42 (Second
970
2,100
Gas
&
97"s3
32
011
,
97
ndep
t
July
97.st
3
3111
Close 97,42
37 Oct
414s)
• 100 37 Oct
17$
Aug
604
75
332
:nland Steel, w
170
June
32
_
6454
units_
Oct
$1,000
71
in
sales
Oct
Total
4154 Mar
International Shoe__.• 600 70
98":2 08"as 98u, 98us, 98",:
Oct 1 26% .1
31
Oct
30%
Oct
Third Liberty LoanHigh 98,st
500
Corp
33
,
98
pe
9130,2
4434
988,2
Aug
I nterty
98.::
{Low..
4434 Oct 1 3134 Apr 6434 June
45g% bonds of 1928_
5,100 4034 Oct
98", 98":: 98*s2
Iron Products, ctfs
98,12
3534
Close 98osz
50 Oct
Oct
49
(Third 41(s)
Apr
270
400
•
1428
112
Co
(3s)
y
e
1207
e
en
rnn
Oct
1
K
1368
K
441
..
los% Oct 109% Apt 21954 Feb
Total sales in 21.000 units.
100 10934 Oct
Co,pref.100
97'43: 972S
{High 07",, 97t2,2 97"3
19054
Oct
217
Fourth Liberty Loan
971033
APIrsper
Tob,13,100 100 217 Oct
ep
3ro
,, 975:s
m MC
97,
iaga
Iirir
Nag
I.
97,s,
Apt 106
106
Low- 97.2,
106 Oct
Oct
6
10010
451% bonds of 1933-38
97"g,
pf-100
-W
1st
97",t
Stec,
I,00se
2854 Oct 383.4 Mar
Close 97.21 97"ss 97",
Oct
2854
11
Oct
2854
(Fourth 434s)
Mar
94
281
• 700
627
90
612
July
542
232
87
_
1
units.
Oct
90
Total sales in $1,000 {High 982322 98,231 98,23
100 600 87 Oct 9
981.33 99.00
Sept 2234 July
Manila Electric
16
18% Oct 6 20 Oct
Treasury
Aug 9934 Mar
Nlamcalbo Oil Explor_ _• 3,0
87
Low_ 98",: 98",2 98", 98",2 98"22
Apr
• 100 90 Oct 6 90 Oct 1 103
431s, 1947-52
,
pref
983322 983922
Edison
Oct 112
98313
Metr
Close 98,5,2 98"33
tcA
104 Oct
L,
1
Oct
M2
103
RRIl
00
200
175
pref.1
,
4234 Apr
na
Power
Junr
Mr
Monta
3434
m.......7 -,-. a.. et rum
39 Oct 5 39 Oct
Feb
• 1
102
Oct
Nat Dept Stores
9214
Oct
9 9214
3234 June
Enam & Stpg, p1.100 100 924 Oct 11
2814 Oct 11 2734 Aug 67
only sales of coupon Nat
Mar
• 100 2734 Oct
N Y Canners
31 Jum
10
Oct
Note.-The above table includesbonds were:
314
Oct
25 400 31
Jar 7234 Mar
Ohio Fuel Supply
tered
4754 Oct 8 47
100 474 Oct
Feb
bonds. Transactions,13into regis
100
r0 Il.
Stee
patirska
O
97322 to 971322
92 Oct 9 9054 June 99
991.31 32 2d 43.(s
Oct
99
42134 Apr
pore , pref _100 400 91
Motor
July
98321
3555
to
24 lst 3148
98322
8
Igs
4
Oct
3d
126
3654
Oct
97,33 to 9033
36%
1
Mar
.
&
Coke.
1914
Coal
July
971131
Penn
45gs
to
1st
33
22
97,
71 4th 45gs
1734 Oct 11 1 1135
97
15% Oct
Sept45% Feb
10 4,
Philip Morris
3 2d 48
Oct 1 4234 Oct 101 4134 Ml 1154
Jul
Phila Co.6% pref _.50 100 424 Oct 11 1114 Oct 9 10
&c.
1034
,
400
Mar
ness
_100
bted
pref
.
of
URI,
Inde
4934
urg
s
Pittsb
Sept! 83( Mar
10 38 Oct 10 I 36
Quotations for U. S. Trea Ctfs
Aug10
Prod & Ref Corp. pf._ _50
Int.
99 Oct 11 9954 Oct 10 , 9814 Ma 9934 July
200
1st.
.100
NJ,
torp
p1,8%
PS
ea
k
.4
Rale, I Bid.
Maturity.
Oct 11 93 Oct 8, 88
Jan
Rate. Bid. Asked.
18
Schulte Retail Stores_ _• 2,500 90
Maturity,
Oct 8 734 Oct 6! 634 Jul
Simms Petroleum ___ _10 2,500 2754
July 3434 Mar
991i
ct 8 2534 Oct 8, 23
1001,13i Sept. 15 1926._ 4*k% 99%
0
5g
100"gs
1
4
0
,
0
0
0
Apr
2
6
3,
15,4%
_
Co
9834
ns
Simmo
9934
June 15 1924-.
I 90 Junel
9 92 Oct
10Ougs 10019,2 June 15 1925_ 414% 9994
Shell Union Oil, prof.100.
AugI 9934 Feb
99%
Sept.15 i024__. 514% 100
414% 9934
10o 5g Dec. 15 1927_
834 Oct 8 8434 Oct 11. 80
500
Feb
454%
4
..100
pref_
_
Oil,
Feb11
r
l925__
Sinclai
15
100
.
Mar
991111
13 Dec. 15 1923_ 4%
Oct 911034 Oct 810454
100'st 100,
4154 June
Tobacco Prod, pret_100 50010834 Oct 11
Mar. 15 1926._ 454% 9914
10014
39 Oct 8 3534 AugI112
99% Mar. 15 1924._ 454% 100
Feb
500 3834
5
,
new-2
d
Typew
Jan
Under'
100%
93
Dec. 15 1925._ 4%%
_
1
4%% 10054
Mar. 15 1927.
1010554 Oct
g110834 Mar
U Et Tobacco, pref....100 10010554 Oct
Mar 15 1924... 4%% 991,13 100
111013-1 Oct 9 9754 Au
Jan
S Real & Impt, pref._ _1 3001003.1 Oct
OctI
64
3255
6
Oct
Aug
1001 200 3631 Oct 6 364 Oct 811134 Masjll7
Raalte
Oct 911254
d within narrow Van
g
move
Junej 20 May
rlin
.
West Elec 7% cum p1100 200111(4 Oct
-Ste
1454
ange
1
Exch
Oct
16
8
ign
Fore
Mar
m, new_ _•1 400, 1554
Aug 78
8 70
and trading light. In the Waldorf Syste
Jan
1001 75 Oct 8 75 Oct 10
& M,lst pf 50
6334 July 80
limits with the undertone firm res of a dull week were W'house ESheet
Oct
& Tube.•1 300 65 Oct 8 6554
Youngs'n
exchanges the featu
BOUM.

Week ending
Oct. 11 1923.

rnuaaapma.

MILIttlIOre.

les. Shares. liondSales.
Shares. Bond Sales. Shares. BondSa
2,500
528
0
140,00
6,652
23,750
10,848
11,900
1,079
38,100
9,939
13,000
18,670
19,800
1,023
0
388,05
13,419
0
283,35
12,845
19,000
342
305,000
9,160
257,800
10,114
15,100
407
33,000
11,841
15.000
7,317
close d
nge
Excha
ock
St
Daybus
Colum
68,300
3 ,377
902,150
51,011
592,900
57,794
0
143.90
6.093
100
93.395 1.217.
217.050
66 801

Continental
inued spectacular
strength and activity in francs and cont
s.
mark
weakness in
4 52%4

actual rates for sterling exchange were
for
To-day's (Thursday's)
4 54%44 553-4 for cheques and 4 54%44 559-4
4 5254 for sixty days,on banks sight 4 54 55 E2.4 55. sixty days 4 52544
rcial
cables. Comme
days)
(sixty
nt
payme
for
ents
and
docum
50"te
4 5254. ninety days 4 n for payment 4 543444 55 and grain for payment
4 52%44 52%. Cotto
4 5454@4 55.




• No par value.

the Curb Market is
The Curb Market.-The review of
given this week on page 1632.
transactions for the
A complete record of Curb Market
.
1655
page
week will be found on

1644

New York Stock Exchange-Stock Record, Daily, Week
ly and Yearly
OCCUP
For sales during the week of YING FOUR PAGES
stocks usually inactive. see preced
ing page

HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER
Monday,
Tuesday, Wednesday. Thursday
Oct. 8.
Oct. 9.
Oct. 10.
Oct. 11.
$ per share
per share $ per share $ per share
$ per share
29
32
*33
35
*28
32
30
30
30
30
98
9812 98
99
9713 9814 9713 9758 9718 98
.87
,
4 88
87,
4 87,
4 8738 8734 *8714 88
*87
,
4
88
128 2
134 2
*Ps 178 *158
17s •158
11112 114
178
114 11412
. 5858 5914 5918 59, 11334 11334 11158 11212 11012 11112
4 5814 5913 5814 59
5578 5714
5914 5912 5938 591.
2 5S3 59
5812 5912 5714 5712
14
• *14 38 "14 58
14
14
14
28
2s
•____
14414 145,
8 14514 14738 14518 140
145 14512 14338 14434
6,212 6914 6714 6914 6678 68
65,
4 6714 6514 6658
9873 9912 99
99
*9814 99
9812 9812 9818 9814
278 314
313 35s
3
31s
3
314
278 3
714 812
8
,
4 95s
812 914
814 9
734 858
30
30
*27
30
28
28
28
2818 *27
29
5214 .5214 *53
58
53
53
53
53
53
53
*4
414
418 414
41s 414
4
4
*4
414
912 1038 10
9
,
4 9,
4
10
9
912 *9
10
16
1618 16
1638 1558 1553 1558 1558 1514
1514
2678 27,
4 2712 2812 2634 2753 2658 2714 2614
2634
6314 63,
6412 63
4 63
6314 6318 6318 6214 6312
*105 110 *105 110 *105 110
*105 110 *105 110
2314 2414 2334 2412 23
235
23
8
2312
23
2314
7812 79
79
4 7912 7912 79
79
*7812 80
68,
4 6978 *69
70
*6812 6934 *6812 6934 6658 6812
*50
53
*50
53
*50
53
*51
53
.50
53
21,
4 21,
4 22
22
*2112 22
2112 2178 *21
22
10834 10934 10914 11213 11058 11112 10912 11012
108 19l3
112 11278 11234 115
11312 11334 112 11212 11014 1113
1453 1478 1434 1518 14
1438 137g 1438 1353 14 4
2314 24
2334 2434 2234 2312 2212 2314 22
2258
17
1718 17
1712 1613 1718 163, 1678 16
1618
54
,
4 5512 5419 56
5414 5434 5412 5478 5414
5412
28
,
4 2918 2834 29
2812 2812 2834 2834 28
2812
*912 10
10
1012 11
1112 1112 1134 •1012 1112
46,
4 46,
4 47
4812 4913 5014 *4914 50
105 105
10478 10514 10478 10478 104 10418 4812 4912
10418 10434
Saturday,
Oct. 6.

CENT.
Friday,
Oct. 12.

c.Sates
for
the
Wee/c.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots

PER SHARE
Range for Preototu
Year 1922.

Lowest
Highest
Lowest
Highest
per share Shares.
Railroads
Par $ Per share
$ per share 8 Per share
600 Ann Arbor preferred
per share
100
5,600 Atch Topeka & Santa Fe..100 22 July 31 45 Feb 23
274 Jan 52 Aug
9414July 31 10518 Mar 3
500
9184 Jan 10812 Sept
Do prat
100 887 July 5 90/
1
4 Mar 6
800 Atlanta Birm Sc Atlantic_
84/
1
4 Jan 9512 Aug
114 Aug 14
314 Feb 21
2,500 Atlantic Coast Line RR_ _100 1097g
34 Jan
612 Apr
_ _100
July 31 127 Feb 28
47,300 Baltimore & Ohio
83
Jan 12478 Sept
100
404 Jan 17 5984 Oct 8
2,400
3313 Jan 6014 Aug
Do pref
100 5534May 7 6078 Mar 21
400 Brooklyn Rapid Transit
524 Jan 6614 Aug
100
4 Oct 4 1614 Jan 2
6
Jan 29 June
Certificates of deposit
18 Aug 9 13 Jan 12
10,650 Canadian Pacific
5511
100
13934Sept 21 160 Apr 18 11918 Jan 2478 June
52,100 Chesapeake Sc Ohio
Jan
1511
/
4 Aug
100
,57 June 27 7838 Jan 30
1,70'
54
Jan 79 Aug
Do prof
100 96 June 29 10478 Feb 23
13,600 Chicago & Alton
100/
1
4 Dec 10588 Oct
100
2
8
May
21
3 4 Feb 13
23,200
184 Jan
Do prof
1234 May
388 Jan 12
928 0.1 8
400 Chic & East III RR (new) 100
318 Jan 2078 May
19 Aug 6 38,
4 Feb 13
1214 Jan 4334 Aug
D
r
4612 Aug 15 6214 Mar 26
1,100
50011 Chicago Great Western_ __100
3118 Jan 6412 Aug
4 Jan 18
7 Feb 7
2,200
334 Dec 1034 May
Co prof
100
84 Jan 18 17 Feb 6
7 Dec 2412 May
5,000 Chicago Milw & St Paul
100
1414
Aug
6 2633Mar 5
13,900
1714 Jan 3638 Aug
Do pref
4,100 Chicago & North Wester 100 2413 July 5 4512 Mar 5
29
Jan 5514 Sept
n_100 6188 Aug 4 88 Mar 5
59
Do pref
Jan 954 Sept
100 10812June 20 11818 Mar 21 100
5,300 Chicago Rock Isl & Pacific-100
Jan
125 Aug
1914 Aug 6 3778 Mar 21
800
3012 Dec 50 Sept
7% preferred
100 72 Aug 4 95 Feb 9
500
8314
6% preferred
Jan
105
Sept
100
8 Aug 4 85 Mar 5
7014 Jan 95 Sept
Chic St P Minn & Omaha_100 607
5253 Oct 4 78 Mar
606 Colorado & Southern
Si
Jan 90 Sept
100 2112 Oct 10 4512 Feb 5
13
4,600 Delaware & Hudson
38
Jan 5312 Apr
9314 July7 12412 Feb 13
2,300 Delaware Lack & Western_ 100
60 11014 0,111 13012 Feb 8 10684 Jan 141 12 Sept
21,0,-0 Erie
Oct
100 1018May 22 1638 Aug 25 108 Feb 143
17,300
7
Jan 18,
Do 1st preferred
4 May
100 15 Jan 17 2512 Aug 24
1118 Jan 2812 Aug
6,809
Do 26 preferred
100
1034Ma
y
21 1812 Aug 24
4,900 Great Northern prat
74 Jan 2014 May
100
1,400
7014 Jan 9578 Oct
Iron Ore Properties_No par 5113 Aug 4 80 Mar 6
1,500 Gulf Mob & Nor Cr etre._.100 25 July 2 36 Mar 19
2818 Nov 4588 Apr
912 Aug 22 20 Mar 5
1,100
5 Jan 19 May
Do pref
100 4478 Jan 2 6234 Feb 21
1,700 Illinois Central
16
Jan 47
Oct
100 10312Sept 23 1174 Feb 21
9712 Jan 115,
Interboro Cons Corp..No par
4 Sept
is
Jan 17
38 Jan 4
1314 1314 -ii- 13
Do pref
Dec
iitif2
5 Apr
1313 ";.1 .14
100
;12i4
14
Mar
11
12
4
/
1
4
Jan 5
1812 18
18
300 Interboro Rap Tran w
;8
8 Dec 1234 Apr
1853 1778 18
1712 1758 1718 1714
912June 30 2278 Mar 14
4,100 Kansas City Southern_L-100
1734 Dec 324 Aug
_._100 1588July 31 2473 Mar 21
*52
54
*51
54
5134 5218 5153 52 '
17 Nov 3014 Apr
Si
53
400
Do pref
100 48/
1
4July 30 5734 Mar
524 Nov 5912 Apr
Lake Erie & Western
100 2878May 22 34 Jan 5
2
10 Feb 397s June
-13812 -6:1-2 -6138 -13-S,-12 6214 623 -854 -8-2-3-8 -(W2 601
Do pref
100 65 June 7 75 June 26
2618 Feb 77 Sept
8,000
8714 8814 88
Lehigh
8878 88
Valley
8812 *86
50
88
•
54
85
June
30
87
7138
,
4
Feb 7
*4234 45
56
*4284 45
1,600
Louisvi
/
1
4 Jan 72 Sept
lle
&
*40
Nashvi
45
lle..
•40
_EV
85i2
45
*40
May 7 155 Feb
45
.3312 34
108
Manhattan Ry guar
Jan 14478 Oct
•3318 3514
100 3814June 28 60 Apr 26
- *3212 3312
_17
*813 1012 *812 1012 .812 -1012
35
Eq Tr Co of NY elf dep_100 354
Jan 58 Aug
.812 1012 *812 1012
Jan
25 44 Feb 13
*38
Market
444
*28
40
Aug
40
554 Aug
Street
*28
40
RI
*28
100
40
8 Aug 13 22 Mar 12
*28
40
•6558 6612 6513 6512 6473 6478 •85
34 Jan
Do pref
11 Mar
100 32 Sept 17 6812 Mar 12
6712 65
65
*23
17
Do prior pref
28
300
*23
Jan
28
*22
5014
Apr
28
*22
100
28
62 June 21 87 Mar 12
*22
28
35
Do 26 pref
Jan 76 Nov
118 118
118
114
118
100 214June 21 5614 Mar 12
118
118
lls
*-_-_-_-_ -511 *45
558 Jan 32
1,600 Minneap Sc St L (new)
55
*48
Apr
55
*48
100
55 .48
7
8
Aug
55
15
Stock
94 Feb 13
5
Minn St P& 55 Marie_ _ _ _100
Jan
1412 Apr
Aug 18 7312 Mar 5
55 June 7534 Oct
-l2T8 -1/18 -12.1-2 13's 1214 1212 1214 1214
Missouri Kansas dr Texas_ _100 5512
814 Apr 26 12 Feb 8
- -1-2-13 Exchange
-1.2
8,100 Mo Kan & Texas (new)
3034 3112 31
Jan
154
32
Dec
3058 3084 3013 3012 2912 30
10
July 5 17 Feb 15
712
10
58 Jan
5,400
Do pref (new)
1058 1012 1012 10
n
1934 Aug
1018 10
10
*10
1018 Closed2412 Jan 4884 Aug
2,000 Missouri Pacific trust cUs_100 25 July 5 4512 Feb 14
2654 2988 2734 29
2784 28
28
9
28
June
27
31
2712
1938 Feb 14
1512 Nov 2514 Apr
*238 27
Do pref trust Ws
3.800
*233 273 *238 284
100 2414July 31 49 Feb 10
258 23s
238 2,
4 Columbus
40 Nov 6334 Sept
8612 8678 863 87
100 Nat Rya of Mex 2d pref_ -100
8512 8558 86
8738 8558 8558
238 Jan 17
484 Feb 15
2/
1
4 Nov
10114 10218 10114 102,
2,000 New Orl Tex dr Mex v t c 100 8212
714 May
8 10034 10112 10053 10178 10018 10114
Aug
14 105 Mar 26
Day
5478 Jan 87,
28,100 New York Central
8 Dec
100 9012May 4 1041sJune 13
---7284 Jan 10118 Oct
N Y Chicago & St Louls
100 68 May 22 84 Jan 29
---Holiday
514 Jan 9112 Oct
Do 2d preferred
1178 1312 1212 1314 1214
761
/
4
100
Jan 2 95 July 3
1212 1258 1273 12
6134 Jan 93 Sept
1212
17
7,200 N Y N II & Hartford
1758 *1613 17
1634 1634 .16
100
938July
1612 *1614 1634
1212 Jan 38 Aug
11
700 N Y Ontario & Western...100 1414Jun 5 2212 Jan 30
1112 1112 1112 *10
1112 *1014 1112 1012 1012
e
28
211
/
4
Feb
13
1812 Dec 3012 Apr
10273 10312 10212 104
700 Norfolk Southern
10238 10258 102113 10314 102 10213
100
9 Sept 1 1838 Feb 9
884 Jan 2212 June
*74
7,200
Norfolk
77 •74
77
dr
Wester
*74
n
77 1 *74
100 100 July 30 11738 Feb 9
77
74
74
5538 5612 5478
964 Jan 12512 Sept
100
Do pref
5658 5412 55 I 5412 5512 54
100 72 Sept 7 7812 Aug 15
55
72
Jan 82
4214 4278 4258 4278 4238 4284 4214 425
7,400
Northe
rn
Oct
Pacific
100 54 0.111 8112Mar 5
8 *4218 4214
73 Dec 9038 Aug
1112 12 I 12
19,100 Pennsylvania
12
1114 1114 1012 1012
50 4112June 30 4778 Apr 4
913 10
3314 Jan 4934 Oct
4134 4212 42
1,200 Peoria & Eastern
4234 4158 42 1 4119 42
100
41
8 Oct 1
4112
17 Mar 21
1034 Jan 208 Aug
*71
7,900 Pere Marquette
*71
73
72
71
71
*70
100 36 Jan 11 4714June 11
7212 *70
72
19
*59
Jan 40/
100
Do prior prof
60
60
60
1
4 Aug
*59
61
*59
100 6834July 19 7634 Mar 5
61
*59
62
63
4218 4218 4134 4258 *413s 42
Jan 82 Aug
Do
100
pref
41
100 59 Sept 24 704 Jan 9
4114 4053 407s
5018 Jan 7484 Aug
*89
1,350 Pittsburgh Sc West Va
90
89
89
89
89
*86
100 3378 Jan 17 5838may 10
90
•88
90
23
Jan 4138 Aug
Do pref
7714 79 I 7818 8018 78
150
7978 77
100 8512June 29 93 Jan 9
7853 7514 7778
76
54
87,400 Reading
Jan 95 Nov
5484 5412 55
55
5514 5478 55
50 6812June 29 8113 Feb 7
54
5414
7118 Jan 874 Oct
54
Do 1st preferred
2,300
54
5414 5413 5412 5434 *5312 54
50
44
June
5312
28
930
5612 Feb 7
5312
3112 *28
43 Mar 57 May
1,500
Do 2d preferred
30
2834 2834 *25
50 45 June 28 5634 Jan 30
30
•25
29
45
1834 1923 19
Jan 5912 May
100 Rutland RR pref
2014 1878 19
1812 185s *18
100 2213
19
1712 Feb 5314 June
4414 4512 4518 4612 4414 45 I 45
2,500 St Louis-San Fran tr ctfs_100 17 Oct 1 3754 Jan 10
4533 44
July 31 27 Mar 21
45
2014
2838 29% 2984 3014 29
Do
4,200
Dec
pref
A
3238 Aug
trust
etfs
2918 28
100 324 Jan 3 50 Mar
2812 2714 2712
5
3434 Nov 56 Aug
2,500 St Louis Southwestern_ _ 100 2512
57
5734 5712 5812 5634 5684 5712 5712
Aug 4 36/
5612 5612
1
4 Feb 10
2038
Do prof
2,700
512 553
Jan
6
3678
57s 6
6
Nov
*534 6
100 54/
534 584
1
4June 28 6378 Mar 21
3238 Jan 5978 Nov
1,500 Seaboard Air Line
1012 1114 111s 1112 1034 11 1 *1012 11
100
434 Aug 15
1012 1012
712 Feb 10
Do pref
2,700
253 Jan
10
Apr
100
8718 8704 873s 877s 8634 87121 86311 863
814 Aug 1
1314 Mar 23
44 Jan 1484 Apr
4 8614 8678
8,200 Southern Pacific Co
3478 3512 3412 3512 3418 3512 34
100 8414 Aug 14 9514 Feb 21
35
32,
4 35,
8
Southe
784
6914 6914 69
149,70
rn
Jan
Railwa
0
6914 6812 69
y
U614 Oct
6812 6812 68 4 68,
100 2484 Jan 6 37,
4
rJune 13
1714 Jan 2888 Aug
Do pref
21,
21
8 2014 2158 *2018 2012 2013 2012 19,
1,300
100 63 July 2 7078 Mar 22
20
*10
46
3,900 Texas & Pacific
11
Jan 71
*10
11
•10
Oct
11
*10
11
100 14 Aug 4 2912 Mar 21
10
10
184
Third
*64
Avenue
Nov
100
67
*46
67
36
*6313 67
Apr
*6412 87
100
6413 6413
912June 30 1914 Feb 10
1312 Nov
12934 13013 13018 13078 129 13014 129 129
Twin
100
City
25
Rapid
,
3
may
Transit
..
5814
100
14 12812 12912
Jan 19 7712June 11
34
Jan 6212 Sept
9,500 Union Pacific
*7014 7214 *70
,
4 71,
4 70,
4 71
7134 7134 .
100 12114July 31 14478 Feb 26
71
72
125
Jan 15434 Sept
Do pref
*1014 1012 11
700
11
*10
1012 *10
11
100
10
4 i
1012
9 7612 Jan 6
7114 Jan 80 Aug
United Railways Invest- _100 703
*34
400
35
3314 3412 3312 3312 *3318 34
812June 26 2178 Mar 6
33
33
712 Jan
1978 Apr
Do prof
1,009
958 1013
978 1033
912 934
912 934
100 2612 Jan 17 62 Mar 5
918 912
2014 Jan
3612 Apr
18.400 Wabash
3073 33
32
33513 3134 3234 3114 3258 3014 3178
100
7 Mar 10 1112 Mar 22
6
Jan
143
79,900
Do pref A
8 May
21,
21
8 2118 2112 2112 21 18 *2012 2114 *19
100 2314 Jan 17 3418 Mar 22
12 2112
19
Jan 3512 Aug
912 934
Do pre( B
1,400
9
9
912 912
100 1612 Jan 18 2212 Mar 22
912 913 *9
913
1214 Jan 2478 Aug
Wester
Maryla
1,700
1618 1814 1778 1814 1634 17
n
nd
(new)..
.100
1614 1613 1618 161s
8 Sept 27 15 Feb 9
814 Jan 1714 Aug
*15
Do 26 preferred
2,700
1514 15
1514 14
14
100 14 Sept 27 2684Mar 22
1314 1312 1312 1358
13
Jan 2812 Dee
*56
1,500 Western Pacific
*5712 58
58
57
57
100 12 Sept 28 2014 Mar 5
*57
58
5412 56
133
4 Jan 2478 Apr
613 7
Do
pref
500
613 612
653 7
612 612
100 53 May 7 633s Mar5
612 612
5112 Mar 6478 Sept
1214 12
2,900 Wheeling & Lake Erie Ry_100
,
4 13
1312 *1213 13
614 Aug 13 1012 Feb 13
1214 1214 *1014 1112
6 Feb
1612 June
Do pre(
*27
29
700
*2014 29
*2614 29
100 1012Sept 29 19 Feb 13
*26
29
*26
29
914 Jan 29/
Wisconsin Central
1
4 June
100 23 Aug 4 3512 Feb 23
35
Jan 3314 Mar
Indust
rial
Miscel
6912 6912 70
&
laneou
*6912 71
70
s
*6912 71
*6912 71
200 Adams Express
100 67 Sept 28 82 Mar 3
*712 812 *712 9
•712 9
48
*7
Jan 83
8
*712 8
Oct
Advance Rumely
*2812 3112 3113 3118 *2812 3112 *2813 31
100
7 Sept 26 1912Mar 6
*2814 31
1078 Jan 23 Aug
Do pref
100
*64
64
64
65
6212 6312 64
100 31 Oct 4 5438 Jan 14
64
62
6212
311
/
4
Jan
514 512
512 512
304 Aug
900 Air Reduction, Inc.. No par 56 July 2
514 512
514 514 *514 5,
72/
1
4 Mar 19
8
4512 Jan 66
•12
14
2,000 Ajax Rubber, Inc
Oct
Is
18
*13
*18
14
74
50
514 Sept 19 1478 Mar 14
912 July
78
.73 1
1884 Apr
78
100 Alaska Gold Mines
34
10
34
34
Is
*34
7
Aug
16
7
8
Is
Dee
53 Mar 9
78 May
2,400 Alaska Juneau Gold MM._ 10
6234 6358 6134 6212 1321s 6312 6178 8218
64
64
34 148,
, 9
184 Mar 9
/
1
4 Jan
2 May
10,200 Allied Chemical & Dye_No par 5914 Aug 9
*105 107 *105 106 •105 106 i*105 106
10512 108
80 Jan 2
551
4 Jan 9184 Sept
*4014 42
Do pref
300
42
4114 4112 40
41
1013 10514 Aug 16 112 Mar 2 101/
40
3912 40
Jan 11512 Sept
1,400 Allis-Chalmers Mfg
*92
9214 •92
9212 *92
9214 9214 9214 9212 9212
100 3734June 28 5114 Feb 10
3734 Jan 5984 Sept
Do Prof
1214 1212 •1212 12,
300
4 1218 1212 *1218 1258 •121s 12,
100 8978July 19
3
8612 Jan 104 Sept
100 Amer Agricultural Chem_100 104 July 3 9712 Jan 27
34
34
3212 3334 3018 3118 3154 33 •32
3312
36/
1
4 Feb 21
2714
Nov 4278 June
Do
1,600
pref
*85
*85
*85
89
89
89
100 29 July 30 6873 Feb 21
*8513 89
*8512 89
56
Jan 724 Sept
American Bank Note
•54
*54
56
*54
50
56
50 77 Jan 8 9112 Mar
*54
5512 •53
5512
7
58
Jan 91 Dec
Do pref
38
36
3458 3484 34
36
35
3412 3312 34
50 804June 29 5514 Aug 14
51
July
Americ
5512 Dec
1.700
an
Beet
Sugar
2814 2878 29
2812 23
2914 25
100 25 Aug
26
24
24,
4
3184 Jan 49 June
5,800 Amer Bosch Magneto..No Par 23 Oct 4 494 Feb 13
*69
71
71
71
71
71
•7012 71
71
71
10 60 Mar 6
3114 Jan 49
400 Am Brake Shoe & F....-No par 70 Jan
103 10712 *103 10512 •103 10512 *103 10512 103 103
Apr
3 8314 Feb 16
51
Jan 8812 Sept
Do pref
100
9218 9284 9012 9212 8938 9058 8978 9138 8878 9012
100 102 July 3 110 Jan 14
9814 Jan 113
96,400
A0181184
Can
10
1061* 108
Oct
*10614
107
10673 1067
.*10612
100
107
,
0918Sept 13 106 Mar 6
10612 10673
3214 Jan 7612 Nov
Do prof
400
153 158
15614 157
100 106 Sept
158 158
15634 157
15578 1557s
934 Jan 11378 Dec
800 American Car & POundry-100 14814July 6 115 Feb 20
118 11813 11812 11812 1 1784 11754 *11712 125
118
12 189 Mar 7 141
Jan 201
pref
Do
200
1118
1118
Oct
1118 1158
1113 1214
100 117 Sept 17 12578 Jan
1112 12
11
11
18 1154 Jan 1264 Nov
2.100 American Chicle
No par
53A Jan 30 1314 Aug 22
5 Nov 14 MAY
•Bid and asked prices. s Ex-dividend.

1




New York Stock Record-Continued--Page 2

1645

For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Oct. 6.

Monday.
Oct. 8.

Tuesday, , Wednesday
Oct. 9.
Oct. 10.

Thursday,
Oct. 11.

Friday,
Oct. 12.

Sales
for
the
Week.

STOCK
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1922.
LOWS:

Highest

$ per share $ per share $ per share a per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per share
$ per share $ Per share $ per chops
6
614
578 6
2,700 American Cotton Oil
6
814
6
818
6
614
1514 Nov 3012 Mar
100
334July 11 2034 Jan 4
•18
19
Do pref
1,200
1
4 1912 *1814 20
1838 1912 *18/
100 14 May 18 3834 Jan 4
1814 1812
3312 Nov 81 May
78g Feb 23
6
6
534 534
8
6
*538 6
7,800 Amer Druggists Syndicate..11)
412 Jan
714 Aug
58 8
4185ept 19
*91
94
95
91h *91
91
93 944 *91
100 90 Sept 27 14312Mar 2 126 June 162 Oct
1,400 Amer.can Express
93
713 7/
*784 8
100 American Hide dr Leather-100
10% Dec 1711 Apr
*74 8
1
4 '7188 754 "74; 734
84 Aug 9 1334Mar 7
37/
1
4 3812
40
Do pref
1,200
1
4 38/
1
4 *38
3912 39/
1
4 38/
58 Jan 7414 Sera
*39/
1
4 42
100 2934 Aug 9 7434 Mar 7
8612 8734 86
/
4 90
3,300 American Ice
871
91
78 Jan 122 Sept
*90
92 *90
100 88 Oct 11 1111/ Apr 2
8614
8172 *80
*8012 82
Do pref
200
82 *7812 82 *80
72 Jan 9514 Aug
81
100 78 June 27 89 Feb 21
81/
1
4
16/
1
4 17
1612 1612
1,800 Amer International Corp..100 18 Sept 25 331/ Mar 28
*1714 1713 1712 1772 1634 17
2458 Deo 5012 June
*111
/
4 uh uh uh 4.10h uh
/
4 111
Pis Jan 14 July
/
4 111
/
4 *114 111
600 American La France F E
10 1018July 6 13 Mar 1
*18
300 American Linseed
28 Nov 4212 Oct
1834 178 1734 1712 1712 *1714 1713 1634 1634
. 100 1618Sept 27 38 Mar 5
3478 36
Do pref
400
3438 35
39 *3412 36
*36
39 *35
48 Nov 6412 Oct
100 33 Aug 13 59 Feb 15
12,600 American Locom, new _No par 64341uly 5 7514 Aug 22 _- -- ---- --- --1
4 6914 6832 6914 6814 6872
7014 7012 6932 7012 68/
100
4 Deo
•116 117 117 117 *116 119 *11812 119 *11612 119
Do pref
100 1141/Sept 15 122 Feb 9 112 Jan 12211,500 Amer Metal temp ctfs_ _No par 404June 30 55/
4314 4314 4314 4334 *4313 4312 4312 4312 4213 4318
44 Sept 5314 Deo
1
4 Mar 5
81
8114 8012 81
*81
82
1,100 American Radiator
81
8112 *8034 81
82 Jan 129 Oct
25 76
an 2 881/ Apr 19
1,600 American Safety Razor
8/
1
4 Oct
528 528
534 534
354 Jan
25
534 534
5% 534
*534 6
9/
1
4 Feb 19
4%,.me 27
51 Jan 244 May
1012 1012 1028 11
*1034 11
1012 1012
11
11
500 Amer Ship & Comm-No par 1038July 2 2138 Jan 5
8,700 Amer Smelting dr Refiging_100 53 Jan 17 6912Mar 2
55
58
5812 581/ 5814 5938 5728 5828 57
5534
43/
1
4 Jan 6712 Mar
9772 97/
97
97
*97 98 *97
Do pre!
200
1
4 *97
98
8612 Jan 10412 Oct
100 93 June 27 10238Mar 6
9734
*130 139 *130 139 *13212 139 *132 139 *13212 139
American Snuff
100 130 June 30 15214 Feb 14 10912 Jan 159 Sept
34l8
3438 3418 3414 34
34% 3438 34
*3434 35
2,600 Am Steel Fdry tern istfs_33 1-3 3138July 2 4078 Mar 21
3034 Jan 4618 Sept
Do prof temp ctfs
*10034 101 *10034 101 *10034 101 *10034 101 *10034 101
100 977k Aug 14 1054 Feb 9 91 Feb 1084 Oct
631 8312 821 6378 611
4,900 American Sugar Reftning_100 57 Aug 1 85 Feb 13
6014 61
/
4 6212 6013 63
5418 Jan 8578 Aug
*9814 102
10012 101
*101 102 *101 102 *101 102
Do pref
300
100 100 Aug 9 10834 Jan 3 84 Jan 112 Aug
1913
19
21
*2114 22
2038 2038 1978 20 *20
600 Amer Sumatra Tobacco 100 18 July 2 3638 Feb 14
234 Feb 47 May
*3718 55 *3718 55
Jan
*3512 55 *3538 55
Do pref
5214 Feb 71
100 3212July 11 6534 Feb 13
*3528 55
4,500 Amer Telep & Teleg
12328 12328 12312 12334 12314 12328 12314 12338 123 1231
100 11918June 29 1251/Mar 5 1141/ Jan 12814 Aug
1
4 14913 148 148's
1
4 148 *147/
15013 151
3,100 American Tobacco
149 15034 146/
100 14084 July 3 16134 Feb 13 12918 Jan 189% Sept
1
4 102/
1
4 *102 10284
/
4 10314 10314 10314 102/
*102 10313 *1021
Do pref (new)
200
100 100148ept 21 10572 Mar 3
9612 Jan 10832 Oct
1
4 1464 14711
147 147 *146 147/
14914 149/
1
4 148 149
Do commonClass B
1,900
100 140 May 20 15934 Feb 9 126 Jan 16534 Sent
*3834 3872 *3713 39 *3712 39 *37
Am Wat Wks dz El v t c__ _100 2718 Jan 29 4434 Apr 26
3812 *3734 381
8 Jan 334 Nov
91
*9112 917e
9112 9112 91
*9112 92 *9134 92
Do led pref(7%) v t 0-100 8514 July 3 93 Jan 18
300
87 Jan 9378 Sept
62
62/
1
4 63
6314 6314 62 6312 62
*6113 63
Do panic pt(6%) v t 0.100 4812 Jan 3 6312 Oct 9
600
174 Jan 554 Oct
*90 100 *90 100 *90 100 *90 100 *90 100
Amer Wholesale, prof
100 9314 Jan 2 9814 Jan 31
88 Oct 95 Jan
70
711
/
4
7014 72
7212 7312 6934 7312 6913 71
100 6912 Oct 9 109/
60,000 American Woolen
784 Jan 105 Oct
1
4 Mar 21
1
4 10034 10014 lOOla
1
4 10114 100/
1
4 101 *100/
*100/
1
4 10112 *100/
100 9818June 21 11134 Jan 3 102 Jan 1114 Deo
300 . Do pref
4
4
• 4
412
378 4
4
4
*3U 38
1,100 Amer Writing Paper pref_100
221/ Jan 554 Sept
3 Oct 5 34 Mar 7
8
772 7/
1
4
*712 772
714 714
712 712
8
800 Amer Z tic, ,i ad & Smelt-25
7 Sept 19 1914 Feb 16
12/
1
4 Jan 21 Sept
32
32 *28
32 *26
35 *26
*27
35 *27
Do pre r
25 26 Oct 1 584 Feb 27
38 Jan 57 Sept
1
4 36
1
4 3814 34/
3814 3872 3812 39
37/
1
4 3814 35/
40,700 Anaconda Copper Mining_ 50 3478 Oct 11 5312 Mar 6
45 Nov 57 May
7713 7634 7634 7514 7514
*78
7913 7712 7712 76
1,000 Associated Dry Goods
100 624 Jan 5 89 Mar 19
43 Jan 7078 Dec
*83 85 *83 85 *82
*83
85
85
85 *82
100 8212 Jan 18 89 Feb 13
I Do 181 preferred
75 Jan 88 Oct
88
90 *83
90 *83
89 *83
*84 89 *84
Do 2d preferred
100 881/Sept 18 9312 Feb 26
76 Jan 91Is Oct
10713 108 *107 108
107 107
*107 109 *108 109
100 9814 Sept 28 133 Jan 12
600 Associated 011
99 Jan 1351/ May
*1
14 •112 112
1
1
1
11
113
*1
512 Apr
600 Atlantic Fruit
No par
112 Dec
312 Feb 14
Wept 26
124 1312 1213 13
13
13
14
141 *1313 14
2,700 Atl Gulf Zx WI SS LIne___100
914July 5 34 Mar 19
1928 Dec 434 May
12
11
1138 *11
13
*1138 12
•11% 13 *11
Do pref
200
634July 3 27 Mar 19
100
15 Dec 314 Mar
103 103
*107 108 *103 107 *103 107 *103 107
100 9938Sept 18 15312 Jan 10 117 Dec 1575 Oct
100, Atlantic Refining
117 117
*118 117 *116 117 *11612 117 *11612 117
Do pref
100 115 May 2 120 Jan 18 113 Jan 11912 Dec
100
*1114 1214 *1114 124
12
1
4 1112 12
*1112 1212 *10/
1
4 May
No pox 1034June 27 20/
100 Atlas Tack
1312 Feb 22/
1
4 Feb 14
2434 2513 2414 2411 2414 2414 2412 2413
25
25
1,600 Austin, Nichols & Co No par 17 July 8 3512 Jan 12
94 Jan 403s Sept
85
*80
85
85 *80 85 *80
*80
85 *80
Do pref
100 7834June 21 8913 Jan 23
68 Jan 91 Sept
9312 Jan 14228 Oct
11754 11812 11514 11884 11413 1161 11514 11714 114 11612
111,100 Baldwin Locomotive Wks_100 11012 Aug 4 1444 Mar 19
*113 116 *113 116 *113 118 *112 118 *111 116
Stock
Do pref
100 111 Apr 2 11834 Jan 4 104 Jan 118 Oct
*25
26
26
36 *25
36 *25
*25
36 *25
40 • Jan 87% Sept
Barnet Leather
No par 30 Sept 13 55 Feb 16
1012 1 12 Exchange
*12
13
12
12
1
4 Apr
400 Barnsdall Corp,Claw A___ 25
1034 11
*11
13
1938 Jan 56/
978 Aug 23 35 Mar 23
*7
812 *8
7
8
*7
8
7
*7
712
200
17 Nov 39 Apr
638Sept 18 22 Jan 2
Do Class B
25
.8.82
14
*1
/
4 • 14 Closed*1
/
4
1
1
•/
1
4
14
*18
/
4 Mar
11
12July 2
U Dec
/
1
4 Aug 31
Batoplias Mining
20
554 5512
55
55
57
5634 5712 57
5714 57
1,200 Bayuk Bros
33 Apr 85 Sept
No par 50 June 21 6214 Apr 4
*6814 88
68
6612 6712 Columbus
66
6714 69
*137
70
30 July 5338 Dec
2,200 Beech Nut Packing
20 51 Jan 2 8414 Mar 26
471g 4614 4712 46
47
4772 49'o 46
*4878 49
51 Jan 79 May
29,700 Bethlehem Steel Corp
100 4134June 29 70 Mar 3
Day
5512 Jan 8214 May
Do Class B common_100 6014 Jan 16 7178 Mar 3
9078 Ma 108 Nov
Do pref
100 9314 Feb 1 98% Jan 2
ini- iiii- «ilia- 166- ion- 161 *ioi- iiii- 'Pia- iiii- Holiday
400
Do cum cony 8% pref-100 lOOl4June2l 1114 Mar 12 104 Jan 116% June
9014 904
*9014 9112 *9012 9112 9014 901 *8414 90
94 Nov101 Oot
200 • Preferred new
100 87 July 2 9718Mar 9
414 44 *414 5
414 484
414 4/
1
4
414 413
1
4 Aug
4 Nov10/
7/
1
4 Jan 18
300 Booth Fisheries
412 Oct 3
No par
8
8 *____
*5
8 *____
*5
8
*5
8
811 Jan 15 Sept
972 Mar 2
5785ept 2
I British Empire Steel
100
_
*5918 ___ *5714
_
__ *58
80 60
7634 Apr
I Do 1st preferred
100 5834Sept 2
58 Ma
6912Mar 13
_ _ _ 18
1712•*58-1534 -1534
- - *1612 -20 *161 18
Do 2d preferred
100
1918 Mar 39 Sept
100 1534 Oct 9 2612 Feb 20
108 10918 10738 10738 10738 108
*108 109
10878 10778
1,400 Brooklyn Edison, Inc
100 10414Mai 22 1211/ Jan 9 100 Jan 12428 Aug
112 11312 *11214 114
112 112
112/
1
4 11212
112 112
1,400 Brooklyn Union Gas
70 Jan 12412 Noy
100 10312May 11 128 Feb 7
46/
1
4 47
*4612 49
48
4512 4634 *45
43/
1
4 4513
3,200 Brown Shoe Inc
42 Jan 8478 Sept
100 421k July 5 8578 Apr 2
*118 112 *1
112 *112 112
112 *I
112 *1
I Brunswick Term & Ry Sec_100
11/June
538 JUlle
228 Jan 25
1 Aug 7
*10518 106
104 1041
/
4 10412 105
106 106
105 105
1.200, Burns Brothers
100 100 Sept29 14434Mar 23 1133, Jan 147 Dec
1
4 23
*2318 2312 2312 23/
2313 *2334 2372 *2334 23/
2838 Jan 53 Oct
Do new Class B corn
800
1
4
211/Sept 29 43 Jan 2
532 512
532 532
512 514
5
51
/
4
5
5
3,700 Butte Copper & Zinc v t o__ 5
54 Mar 1012 Dee
5 Oct 10 1128 Feb 14
1814 1814 18
*1818 19
1712 18
18
*1734 18
100 1314June 21 22 Aug 18
1,000 Butterick
15 Nov 34 Feb
1414 13/
1
4 14
1312 1312 1314 13/
1
4 14
1334 1334
1,700 Butte dr Superior Mining
203s Jan 8514 MI
10 1278 Oct 1 8778Mar 1
2
2
*134 214
11
/
4 134 *134 2
134 112
300 Caddo Cent 011 & Rel_No par
634 Dee 1518 Apr
11/ Aug 4
918 Feb 18
*7813 7913 79
*78/
1
4 7912 7878 7912 *7818 7914
79
400 California Packing_ ___No par 77 Aug 4 87 Feb 9
88 Jan 86121 Sept
1
4 2018 18/
1934 2012 19/
1
4 19/
1
4 1812 18/
1
4 1812 18/
1
4
23,900 California Petroleum, new_ 25 1718Sept 19 293sMay 31 ____ ---- --- *9112 9312 93
93
*9112 9328 *9112 9328 *9112 93%
Do pref
300
83 Jan 981-2-Apr
100 9012Sept 27 1101/May 23
412 438
412 412
414 4/
1
4
4
41
/
4 438
414
3,200 Callahan Zinc-Lead
54 Feb We May
10
4 Sept 28 1228 Feb 20
47
47 *4812 49
*47
49
46
4628 4638 *45
200 Calumet Arizona Mining
10 44 June 28 66 Mar 1
5018 Nov 6612.Inne
•_ _ _
812 *
812 *
812 *__
812•_ _ _
512
Carson Hill Gold
614 Dec 1633 Mar
1
9/
1
4 Feb 19
5/
1
48ept 6
;is 1
;114 1
*it I
;i4 1
.44 1
912 June
3 Mar
Case (J I) Plow
No par
4% Feb 21
%Sept 27
7212
66
70
70 *67
*67
70 *87
*85
87
20- Case(J I) Thresh M pi etf-100 66 Aug 21 85 Apr 9
68 Feb 9314 A116
1478 16
16
1612 16
1512 1512 14/
*16
1
4 15
2952 Jan 4412 Sept
5,600 Central Leather
100 131/ Aug 9 4012Mar 7
/
4 4212 4034 42
/
4
1
4 4514 411
*4412 45% *43/
4012 411
3,200
Do pref
100 4018 Oct 11 79¼ Mar 7 6328 Jan 8234 Sept
3712 3812 3734 3812 375 3734
3888 38% 3812 39
8234 Jan 465e Deo
4,700 Cerro de Pasco Copper-No par 161s July 30 501/Mar 28
30
30 *_ __ 30
35
*____ 35 *__ __ 35 *30
100 Certain-Teed Prod__No par 23 July 18 45 Mar 14
34 Feb 5318 June
461
/
4 4482 4512
454 4612 45
4612 47
46/
1
4 47
10,300 Chandler Motor Car_ -No par 444 Oct 11 76 Mar 14
4734 Jan 794 Apr
81
77
*80
797 80
*80
8112 8034 81
81314
3,500 Chicago Pneumatic fool_100 751/June 20 9034Mar 21
80 Jan 893$ Sept
1
4 2613 25/
2612 26/
1
4 25/
2634 27
2613 27
1518 Jan 294 Nov
7,200 Chile Coroner
1
4 25/
1
4
25 244June 20 3032 Mar 1
1672 174 1712 1734 16% 1828 163s 163
1612 1612
2214 Nov 3832 June
8,300 Chino Copper
5 1434 Aug 30 3172 Mar 2
*68
69 *68
70
69 69
70
70
43 Jan 704 Dee
600 Matt, Peabody .4 Co
684 6814
I00 60 July 2 764 Mar 28
744 7413 7212 74
41 Jan 8234 Oct
3,100 Coca Cola
74
7514 7414 7414 734 74
No par 72 Sept 29 8332Jtme 8
2534 26
27
268 26
27 *26
*26
2712 27
24 Jan 87 may
1,000 Colorado Fuel & Iron
100 25 June 28 3538May 31
337 34
5,500 Col Gas& Eiec, new w I No par 304June 28 3734 Apr 19 - -- -,-- --,,,-334 3328 32% 3328 3214 328
332 34
12
12
13
*12
52
12
12
12
12
552 June
-114 Jan
7,600 Columbia Graphophone No par
2/
1
4 Feb 8
28
125ept 19
*234 334
2
2
228 284
312
272 278 *3
5 Feb 21 J11116
Do pref
2,000
100
2 June 19 1212 Jan 15
*6912 7012 *6912 72
6912 6913 6918 8918
5514 Jan 7934 Am
200 Computing-Tab-RecordNo par 67 June 30 8312 Apr 9
.89
71
1812 1812
20
19
1938 20
20
21
21
21
1852 Feb 4234 Oct
1,400 Consolidated Clear_ -__No par 17 Sept 19 395 Jan 3
47 Feb 874 Nov
62
*6314 6512 65 65 *8314 8512 6314 63'4 62
Do prof
300
100 62 Oct 11 83 Feb 17
214 Mal
14 Feb
ConsolDistrIbutors,Inc No par
% Jan 30
IsJune 6
Consolldated Gas(N Y)___100 120 Jan 2 137 Jan 26
8512 Jan 14534 Sent
When issued
- -4 -iiiis -611-4 -6084 -61-7,100
1
4 Dec
5772 Dec 62/
-6113 ii- -iii8 i621-4 -6034 6
No par 5634July 2 6938 Feb 7
10,000 Consolidated Textlle
638 634
No pa
634 634
612 654
9 July 1528 Api
634
718
818July 31 1412 Feb 9
Vs 714
Continental Can, Inc
4534 Jan 11514 Dec
100 115 Jan 2 13134 Jan 31
When issued
30,600
-in- -4-64 -iiis -487-8 -4784 ..iiNo par 427gMay 7 5512Sept 11
ii400 Continental Insurance__ _ - 25 90 Aug 9 104 Jan 31
95 *95
944 944 95
*92
95
66 Jan 9334 Aug
9312 94
9614
i 3.000 Continental Motors_ _.No par
1
4 Dec
64 614
84 814
64 618
1114 Dec 18/
6
84
64 63
6 Oct 1 1214 Jan 19
18,600 Corn Products Refining_100 11438July 5 13914 Feb 8
122 12414 12134 1221/4
12412 125
12314 12412 12214 124
914 Jan 13434 Oct
I
200
Do pref
*11514 118
Jan 122% Noz
11712 11712 *11514 119 *11514 117 *11514 118
1
4 Feb 24 111
100 116 Sept 28 122/
1
4
25
26
43,800 Cosden & Co
24/
1
4 25/
2512 26
261's 27
2534 27
No par 2234 Sept 19 634 Feb 17
3128 Jan 64 Deft
20,400 Crucible Steel of America_ _100 5712Sept 27 8412 Mar 21
5818 5934 5818 5913
58% 59
8012 6012 59
1
4 Feb 9832 Elepl
81
52/
87
87
Do pref
300
86
86
87
87 *85
*85
87 *85
80 Jan 100 SW
100 8534 Aug 6 9413 Mar 2
uh
5,300 Cuba Cane Sugar
811 Aug 2 20 Feb 13
No par
818 Jan 1954 Mal
uh nh uh nh uh 124 uh 114 u
1
4 46/
1
4 45
Do pref
6,700
4514
481z 4614 4712 44/
48
•47
48
1514 Jan 417a Jul,
100 3312 Aug 4 644 Mar 15
9,400 Cuban-American Sugar
307
297 3018
1413 Jan 28 Aul
3038 3118 3088 3118 30
3028 31
10 23 Aug 1 3728 Feb 13
Do pref
*9312 97
*9312 97 *93% 97 *931 97
*E8312 98
100 92 July 12 108 Apr 5
784 Jan 10283 Dec
4334
60,500 Davison Chemical v t ci-No par 2038May 21 72 Aug 30
46/
1
4 4312 4614 41
44
49
504 4412 49
2318 Nov 6528 Aps
De Beers Cons Mines__No par 2134Sept 18 28 Mar 1
1
4 Elepi
1
4 *2134 2213 *2113 2214
151 Jan 25/
*2134 2312 *2134 22/
1
4 *2134 22/
300 Detroit Edison
•10213 10234 10234 10234 10212 10212 10278 10278 *10212 103
100 10014June 26 111 Mar 2 10032 Jan 1181 Ana
1
4
1
4 *3712 37/
1,100 Dome Mines. Ltd
1813 Jan 4613 Nov
1
4 3812 3712 37/
*38
3834 3813 3834 37/
10 3034May 22 4412 Jan 4
105 1051
/
4 *104 106
1,700 Eastman Kodak
_ _No par 89% Jan 2 11534 Apr 3
1074 10714 107 10734 105 106
70 July 9012 Dec
12412 12728 12212 12518
36,700 E I du Pont de Nem
12714 12883 125 12834 12312 128
CodrCo_100 10614 Jan 17 14812 Apr 28 105 Dec 16954 Nov
1
4 8612
200 6% cumul preferred....._100 811
80 June 901/ Sept
86 *8412 8612 *84/
88
86 .86
8612 86
/
4 Apr 12 8914 Apr 10
1
4 571/4
1
4 57/
1
4 Dec
4012 June 58/
900 Elan Storage Battery__No par 52 July 5 674 Mar 21
5913 5912 59
5914 5813 5872 5772 58/
1
4 1412
1
4 •13/
1414 Jan 2413 Dec
*1312 16
Elk Horn Coal Corp
*1312 141
/
4 *1312 1412 * 1312 14/
1
4 Jan 2
1
43uly 11 20/
58 13/
11
/
4 11
/
4 *1
1
4 Jan 114 JUM1
134
2/
100 Emerson-Brantingham
*1
2
*1
2
•1
2
712 Feb 20
100
128 Oct 10
604 8212
63
63
*85 87
7614 Jan 9478 Dec
5,700 Endicott-Johnson
62 65
651 66
50 604 Oct 11 9414 Jan 2
*112 115 *112 115 *112 116 *112 11412'112 114
Do nref
.100 111 May 2 118 Jan 3 104 Jan 119 Dec

-iiii. -ii- -iii.,

*Bid and asked Dem no saies on this day. a Ex-dividend.




New York Stock Record-Continued--Page 3

1646

For sales during the week of stocks usually Inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Oct. 6.

Monday,
Oct. 8.

Tuesday,
Oct. 9.

Wednesday. Thursday,
Oct. 11.
Oct. 10.

Friday,
Oct. 12.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

$ per share $ per share $ per share $ per share $ per share 3 per share Shares. Indus. & Miscall.(Con.) Par
No Par
300 Exchange Buffet
22
22
22
*21
22
*21
*21
22
21
21
19,000 Famous Players-Lasky_No par
711, 6818 70
7114 7212 7034 7218 6958 7118 70
Do
preferred
(8
%).
_ _ _100
200
90
9112
90
*90
91
91
92
92
*91
*91
Federal Mining & Smeit'g_100
914
914 *7
*7
914 *7
9
912 *7
*7
100
Do pref
700
41
3914 40
*39
39
39
*39
40
3934 39
No par
55,300 Fifth Avenue Bus
934 1038
912 10
914 934
812 878
834 978
No par
1,536 Fisher Body Corp
154 15412
158 16018 15412 156 *154 160
160 160
9838
600 Fisher Body Ohio prat_..100
9838 •98
*98
93
*97
9712 9712 9712 98
No par
3,100 Fisk Rubber
6
658
6
614
634 634
678 7
634 678
5,000 Freeport Texas Co.__ _No Par
1,112
12
11
*1134 1214 1112 1178 1114 1214 12
Gen
Amer
Tank
Car_
_
_No
par
*4112
4312
*4112
431
4312
2
4412 *4112
*42
*4314 44
100
3,000 General Asphalt
2812 2712 2818 2718 2712
2812 2912 28
30
30
Do
pref
100
500
62
62
*613
4
62
647
8
*6134
6234 6234
63
63
100
1,400 General Cigar, Inc
83
8114 8114 8033 81
*81
*8112 83
83
*82
Debenture preferred_ _ _ _100
*10112 107 *10112 107 *10112 107 *101 12 107 *10112 107
General
Electric
100
2,200
4
170
1703
4
1693
170
170
1703
4
17114 17112
17114 172
Special
10
1,858
11
1078 11
107s 1078
11
1078 11
'108 11
13,300 General Motors Corp__No par
1334 14
1418 1378 1418 1378 14
1418 1414 14
100
Do pref
200
82
*80
83
82
*8012 83
81
81
*8212 83
Do Deb stock (6%)_ _100
100
81
*8012 8212
81
*8012 82
*8012 83
83
*82
300
Do Deb stock (7%)_ _ _100
9712 9712 *9512 98
93
*97
93
97
98
*97
No par
Gimbel
Bros
1,300
*46
4618
46
46
4634 4634
46
46
47
*46
No par
200 Glidden Co
7
7
*7
712
*7
714
8
*7
8
*7
No par
Goldwyn Pictures
No par
2114 2112 -2013 21
2,700 Goodrich Co (B F)
2214 21* 22
;22i4 13-- 22
100
Do pre:
1,800
7112 7312
74
7514 7312 7312 *7312 7412 *7312 74
100
Granby
Cons
M,Sm
dr
Pow
400
16
16
16
16
1612
1618
*1612 1712 *1614 18
100 Gray & Davis, Inc..._No par
7
7
*612 7
*734 8
*734 8
*712 8
1,500 Greene Cananea Copper_ _ _100
*16
16
1714 1534 16
*1612 1712 1618 1618 16
200 Guantanamo Sugar_ _ __No par
612 *612 6
612 *6
6
614 *6
'6'4 68
100
52,000 Gulf States Steel tr ctfs
7812 7932 7618 7938 7312 7534 7312 7618 7134 7412
*12
54
3
4
Habirshaw Elec Cable_No par
*12
700
*12
3
8
3
8
34
4
58
100
1,800 Hayes Wheel
3434 3434
35
35
3434 3518 *3434 35
345a 35
100 Hendee Manufacturing...100
1612 164
*16
17
*1612 1712 *1612 17
. •1612 18
Mining
Hotnestake
100
750
6112
6112
*6112 6414
6214 6214 6112 62
63
•62
100
2,400 Houston Oil of Texas
4758 50
51
5012 51
• 5234 5234 5114 5112 51
4,310 Hudson Motor Car__..No par
2334 2332 2358 2334 2318 2312 2312 2334 2314 2354
600 HMV Motor Car Corp.... 10
1734
1712 1712 *1734 1912 17
*1714 18
*1712 18
No par
2,200 Hydraulic Steel
1
1
1
1
1
1
*58
%
1
112
5
4,100 Indlahonsa Refining
138 2
218 218
214 214
214 214
*214 232
10
.5
100 Indian Refining
514 *412 514 *412 514
5
5
6
*4
Inspiration
Cons
Conner
20
4,600
25
2534
2538
2618
2514
2618
253
4
26
2614 2614
100
400 Internat Agricul Corp
118
1
114
112 *118 114 *118 114
*112 212
100
Do prat
400
*712 612 *512 712
7
7
714 714
8
8
1,200 International Cement_.No pa
35
*3612 36
3558 3534 3512 3512 3512 3512 34
2,100 Inter Combus Engine_.No Pa
2034 *20
2058
2014 20
2058 2053 2014 2014 20
6,900 Internat Harvester (new)..100
73
7318 7312 72
7512 7534 7438 7512 7214 74
I
Do pref (new)
10
•10614
108
*10614
107
1087
8
*10614 10378 *10614 10378 *10614
1,300 Int Mercantile Marine _100
7
*7
712
7
7
712
7
*7
714 *7
100
pref
2418
5,900
Do
2318
24
24
23
2318
8
247
2312
24
*22
5,300 International Nickel (The) 25
1158 1134 1158 1134 1112 1158 11323 1112 1114 1112
100
Do pref
200
*77
78
"7412 78
77
7714 7714 77
*7714 78
100
1,100 International Paper
3212 3058 3138 3134 3134 3012 3112
*3034 3212 *31
1
Do stamped preferred_100
"6212 64
*6212 64
*6212 64
*6212 64
*6212 65
2,100 Invincible Oil Corp____No pa
8% 878!
858 834
Stock
918
878 878
9
9
9
3,600 Iron Products Corp__ _ _No pa
4114
4112 4278 4253 4234' 41
4112 42
4118 43
I
18
18
ts
18 Exchange 20,700 Island 011 & Transp v t c__ 10
18
18
14
18
18
100
6,600 Jewel Tea, Inc
1838 1832 1758 1753 *1712 1734 1714 1712 1538 1714
100
Do pref
500
Closed77
6514 70
*70
75
75 .70
*70
77
*70
100
27,300 Jones Bros Tea, Inc
2934 32
2802 3032
30
2532 2812 2512 2718 26
100 Jones & Laughlin St, prat_ _ 100
10858 10858 *108 110 *108 110 i*108 110 Columbus
*107 109
10
300 Kansas & Gulf
*14
38
14
32
*14
38
58
*14
14
14
Kayser (J) Co (new)__.No pa
1,600
36
Day
3614
3614
3514
3714
38
3714
*3812
3612 3672
Do lst pref (new)__No pa
*95 102
*95 102
69'2 *95 100
*96 10072 *66
25
19,500 Kelly-Springfield Tire
2312 2334 2338 2414 2318 2334 2258 2414 2214 2378 Holiday
1001 Temporary 8% pref._ __100
80
80
90
•80
90
90
*80
*80
90
*80
100
Wheel,
Inc
Kelsey
85
*78
80
*80
85
85
•80
*80
82
*80
No par
16,800 Kennecott Conner
33111 3358 3234 3314 3218 3278
3412 3358 34
34
3,600 Keystone Tire & Rubber__ 10
212 234
258 27Et
258 278
234 278
234 278
100
1,300 Kresge (S S) Co
228 228
22814 230
230 23812 235 235 *230 234
Laclede Gas (St Louis)____100
79
*77
80
*76
80
*78
80
*76
79
*76
Tire_
___No
par
Rubber
&
2,000
Lee
1514 1578 1438 15
16
1614 16
1618 1614 16
300 Liggett & Myers Tobacco_ _100
21934 21934 *215 21954 *215 21934
220 220
*215 220
100
pref
100
Do
*114
115
117
115
*115
119
*114 117 *114 117
7,800 Lima Lot Wks temp ctf.No par
6312 64% 6258 6312
6412 6272 64
63
6234 63
3,600 Loew's Incorporated__.No par
1612 1612 16%
•1612 1678 1678 1678 1614 1612 16
No par
2,700 Loft Incorporated
614 614
614 64
612 612
633 638
614 638
100
1,000 Loose-Wiles Biscuit
*50
5012 51
5012
51
50 -50
*5134 5212 51
100
Lorillard
300
(P)
"162
*160
165
16
166
16212
212
1623s 16238 16214 16214
100
100 Mackay Companies
110 110 .10912 115 •10938 113 *109 112
•109 112
100
Do pref
*6514 67
*6514 67
67
*6538 67
*65
67
*65
No par
12,400 Mack Trucks, Inc
7118 7258 7034 7234 6834 71
75
*75
7512 73
Do 1s8 preferred
100
100
9158 9158 *90
*92
94
914
94
*92
*92. 94
Do 2d preferred
100
400
8414 8414
87
8334 8334 *84
*85
8712 *8514 87
No par
700 Macy
6112 *6012 6112 59,2 6012
*60
61
61
"6012 62
3,400 Mallinson (H It) & Do_No par
3012 29
30
31
3114 3012 3012 3012 3034 30
100
Manati Sugar
54
*52
5434 *52
53
*52
56
*52
55
*52
100
Do pref
*72
*72
83
83
83
*72
83
*72
83
*72
300 Manhattan Elec SuPPlyNo par
*37
37
38
37
*3712 39
39
*38
39
*38
25
200 Manhattan Shirt
*4112 4212 4214 4214 4214 4214 •4112 4232 *4112 4232
No par
21,400 Marland Oil
2332 2432 2312 243, 2314 2334
2512 2578 2412 26
5
.1
Marlin-Rockwell.
No par
6
7
6
, 900 Martin-Parry Corp....No par
26
28
26
*-262 2612 2612 2612 2618 2618 26
1,000 Mathicson Alkali Works... 50
36
37
3712 3712 3714 38
40
*38
40
*38
6.303 Maxwell Motor Class A...100
3612
37
38
3834
3034 3712
38
3838 3812 38
2,500 Maxwell Motor Class B No par
*1118 1114 1118 111s 1014 1012 1058 1058 *1012 11
2,600 May Department Stores...100
76
76
77
77
77
76
7734 78
1117712 79
2,900 McIntyre Porcupine M Ines_ _ _
1618 1558 1534 1534 1578 1534 1614
.16
1614 16
100
Mexican Petroleum
---100
Do pref
---3,500 Mexican Seaboard 011_ _No Par
912
8 912 -678 9122 984
1012 -1761; -16j8 168trust certificates_ _ _
Voting
2,000
9t
912
912
612
912
934 10
*934 1014
5
900 Miami Copper
2338 2334 2318 2318
24
24
2334 24
*2312 24
10
17,800 Middle States Oil Corp_ _
538
5't
5
5
5
538
512 513
514 512
Ordnance_
50
Steel
&
Midvale
500
25
26
25
*25
*2534 2612 *2514 2614 253g 2538
100
1,400 Montana Power
5912 5912 5912 5912 5912 5912 5912 5912 5914 5912
3,300 Mont Ward & Co III Corp- 10
22
2238 22
2238 22
2258 2253 2212 2258 22
par
No
Motors
Moon
3,500
23
23
2314
*2312 2334 2358 2378 2278 2312 23
818 812
6,100 Mother Lode Coalition-No par
818 818
814 838
812 812
838 612
No
Par
*1312
1534
1534 *13,4 1534 *1312 15 '1312 1534
*13
No par
200 Nash Motors Co
8712 8712
92
*85
87
87
90
*88
92
*87
100
preferred A
Do
98
*97
98
"97
98
1197
98
*97
98
*97
50
100 National Acme
9
*878 912
9
*854 912 "914 912 *834 912 4638 4714
25
National Biscuit
4,400
4612
47
4634
463
4
4718
47
473
8
4634
pref
100
Do
*119
122
*11914
122
122
•119 122 *119 122 *119
400 National Cloak & Suit...100
*5438 58
548 5438 *5438 58
5458 55
*5438 56
14
14
600 Nat Conduit & Cable_ _No par
.14
38
14
14
12
"4
14
14
Nat Enam's & Stamping_.100
6,700
4412
4278
4638 4634 4312 4534 4314 45
*4617 47
100
1,200 National Lead
116 11714
12012 12114 11712 11914 *11712 121
•121 123
100
Do pref
200
11212
111
111
*11034
11212
*111 113 *111 113 *111
4,600 Nevada Consol Conner.-- 5
1138 118 1138 1112
12
12
12
/
1
4
1214
8
123
1214
3628
1,400 N Y Air Brake (new)__No par
3612 36
3614 36
.3512 3634 3612 3678 3618
No par
Class A
300
*4672 4712 4732 4732
47
4712 47
4712 *47
*47
100
New York Dock
*16
173
4
*16
1718
4
175
*16
17%
1734 .16
•16
100
pref
Do
100
*387
8
40
40
*388
*3834 40
40
3978 39% *38
8,000 North American Co. new.. 10
2012
203
4
2014
205
8
4
2012
203
207
8
205
8
2034 2078
50
Do pref
600
4314 4338
4334 4378 4314 4314 *4312 44
*4312 44
100 Nova Scotia Steel & Coal...100
18
1614 1812 *16
1712 1712 *1634 1812 *1614 1812
Nunnally Co (The)._ _ _No par
*8
9
I
*8
9
9
*8
9
48
•8
9
200 Ohio Body & Blower-No Par
*234 312 '254 312 *212 312
3
3
278 278
5
200 Okla Prod & Ref of Amer
112 •114
112
158 •114
114
•182 112 *122 112
100
Ontario Silver Mining
500
*412
_
6
51.
_
_
*412
*454 6
5
*4
Circuit,
Inc
1
Orpheum
1,400
1818 1818
18
1814 1812 1812 1812 1814 1812 12112 122
100
700 Otis Elevator
122 122
122 12234
123 123
123
123
S
dividend
•1310 and asked Deices DO sales this day.




PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest

Highest

I

11

PER SHARE
Range for Previous
Year 1922.
Lowest

Highest

$ per share
20 Sept 4
66 July 2
85 Aug 27
5 June 5
3414June 4
714 Sept 21
140 July 3
94 July 3
6 Oct 10
912July 2
40 Sept 18
23 Aug 9
60 Sept 27
8018June 28
10412 Jan 2
168 Sept 20
1012June 6
1234June 28
79 July 10
7834July 17
96 June 28
3912June 27
6 Sept 22
312June 28
2014 Aug 4
7012Sept 23
1534June 30
7 Ou 10
15 June 20
5 Sept 19
66 June 28
14 Aug 8
31 July 5
12 July 2
60 May 23
4014 Aug 4
20 June 28
1634 Oct 1
1 O 't 6
114 Sept 20
4 Sept 19
24 Oct 5
1 Sept 14
514Sept 26
31 June 28
1958June 28
71 Aug 1
10614 Sept 5
4% Aug 9
1812 Aug 8
11 18July 5
6934 Jan 4
3012Sept 25
63 July 12
8 Aug 15
3212 Aug 6
4 Oct 3
1538 O't 11
62 June 20
2512 Oct 8
107 Mar 19
14 Aug 6
28 July 2
96 July 2
2214 Oct 11
80 02111
80 Oct 2
32 June 20
214 Sept 26
177 Mar 2
75 July 5
143 Oct 11
1903,May 21
11154 Apr 4
5814June 28
14 June 21
6 Sept 8
3614July 7
146 June 21
103 May 23
6412July 30
584 Jan 2
87 July 3
72 June 29
57 July 2
21 June 27
43 July 31
75 June 20
36 Aug 9
4112Sept 14
2014 Sept 19
7 July 5
26 July 31
36 June 28
3612 1,411
1014 Oct 2
6758 Jan 5
15 Sept 18
182 Sept 14
1004 Feb 28
5% Aug 15
6 Aug 15
2212June 21
434 Sept 21
2112June 29
5412June 28
1814May 22
1734 Jan 17
718June 20
1018 Aug 21
754 Jan 2

$ per share !'8 per share $ Per share
2612 Dec 3112 Oct
31 Jan 10
7518 Jan 107 Sept
93 Jan 2
9112 Jan 107% Sept
9954 Feb 14
9
Jan
1612 May
1234 Feb 16
6012 Feb 13
374 Mar 6254 Sept
1038 Jan 21
854 Dec 10% Dec
Jan 218 Dee
21214 Jan 111 75
10238June 14' 764 Jan 10314 June
1612 Feb 13
105* Nov 194 Apr
22 Jan 13
1214 Jan 2714 Oct
Oct
7172 Feb 20
4554 Jan 80
54 Mar 7. 3714 Nov 73% July
83 Mar 71 69 Nov 111 July
9432 Mar 14
65 Mar 83% Dee
94
Jan 109
Oct
110 Apr 2
19012 Feb 2 136
Jan 190 Dec
12 Jan 2
1012 Oct 12 Sept
814 Jan
1514 July
1712 Apr 18
69
Jan 86 Sept
89 Apr 17
67% Mar 9614 Oct
90 Apr 7
7914 Mar 100 Sept
105 Apr 10
3818 Oet 454 Oct
5112 Apr 24
12% Feb 9
954 Nov 1814 June
434 Dec
7% Mar 9
812 Oct
2812 Nov 4472 May
4118 Mar 22
7912 Nov 91
924 Mar 6
Apr
22 Nov 35 May
33 Mar 23
8 Nov 19% May
1558 Mar 7
22 Nov 34/
3418 Mar 6
1
4 May
1412 Feb 14
7 Feb 1458 Mar
44% Jan 94% Oct
10458 Mar 21
54 Jan
212 Jan 12
34 Mar
44 Apr 19
84 Sept28
15
Jan
23% Feb 16
Jan 82 Nov
55
79% Jan 2
6114 Nov 9154 Oct
78 Feb 16
1912 Aug 2638 Dee
3254 Mar 8
1078 Jan 2618 Dec
3012 Apr 2
312 Feb 1418 June
64 Jan 8
19 Mar 19
1554 Dee
34 Jan
812 Apr 6
Jan
1158 June
5
31 Nov 45 June
4354 Mar 1
5% Dec 1134 May
11 Feb 20
30% Feb 23
2812 Nov 434 Mar
Jan 3854 May
44 Mar 19
26
2018 June 3012 Sept
274 Apr 6
9812 Feb 7
79% Jan 115% Aug
11614 Jan 4 10512 Feb 119 Sept
834 Dec 274 May
11% Feb 14
4158 Dec 87% May
47 Jan 5
1614 Feb 16
1114 Jan 1954 Apr
Jan
Jan 85
60
83 June 12
3858 Mar 6
4312 Mar 63% Oct
59 Mar 8012 Sept
7518 Jan 5
1218 July 2014 Apr
1914 Mar 7
Jan 5318 Oct
24
5814 Mar 8
22 Feb 24
3
Jan
14 Nov
24 Mar 15
10
Jan 2212 May
3812 Jan 76% Dec
82 Feb 26
3412 Feb 57% Sept
63% Mar 16
11012Sept 4 10718 Dec 10938 Dec
312 Jan 12
14 Dec
712 Jan
34 May 485s Aug
45% Feb 23
94 May 10812 June
04 Mar 23
344 Jan 53% Me y
624 Mar 22
9012 Jan 10754 May
408 Jan 18
81
Feb 11512 Dec
11714 Mar 6
254 Jan 39% May
45 Mar 1
4% Nov 2438 May
1118 Mar 24
Jan 18912 Nov
2484 Arm 26 110
43
Jan 9412 Aug
8938June 9
2414 Nov 354 Mar
3134 Mar 22
22234 Feb 9 15314 Feb 235
Oct
Jan 12312 Nov
1184 Jan 8 108
74% Mar 20
52 Nov 117% May
2114 Feb 14
1058 Jan 2354 Sept
11% Jan 5
1414 May
9
Jan
36
6314 Mar 2
Jan 6778 Sept
17858 Feb 9 14714 Jan 180 Sept
121 Feb 6
72
Jan 117 Dec
57
Jan 70 Nov
7012 Feb 16
2512 Jan 6178 Sept
9312 Apr 6
68 Feb 944 Dec
9914 Mar 12
Jan 8754 Sept
92 Mar 6
54
59 Nov 62 Dec
714 Jan 20
1512 Jan 40 Aug
40 Jan 2
3014 Jan 52 Mar
7514 Mar 14
7314 Apr 8414 Sept
90 Feb 26
41 Mar 6944 Apr
66 Mar 21
32 Mar 5854 Oct
47% Jan 5
2258 Jan 46% June
59% Apr 2
512 mar 2638 Mar
16 Feb 26
2014 Jan 3614 June
37% Apr 17
Jan 54 Nov
22
6412 Mar 14
414 Nov 7434 May
6314 Mar 8
11
Feb 25% June
21 Apr 5
654 Dec 17434 Deo
86 June 7
1058 Jan 2158 Mar
2012May 4
293 Jan 2 10654 Jan 322 Dee
7914 Jan 108 Dec
10514 Mar 16
15
Oct 3412 July
2354May 28
12
Oct 3218 July
2314May 28
304 Feb 23
25 Nov 31% May
16
11 Nov
124 Jan 12
Apr
264 Dec 4514 May
334 Apr 18
Jan 76% Sept
63
75 Mar 8
12 Feb 25% Aug
26 Feb 13
1938 Dec
13 Aug
293s M ar 22
9% Nov 1214 Dee
14 Feb 20
1714 Dec 34 Mar
29% Mar 15
70 Dee 525 July
1144 Jan 12

964 Apr 23
814 Sept 28
38 Jan 5
11812July 5
40 June 18
14May 31
4272 Oct 11
108 July 6
10712June 28
1118June 26
2658 Jan 2
4514 Aug 23
1514June 30
3754 Aug 14
1712May 21
4212July 2
1412 Oct 1
8 June 28
278 Oct 2
114 Sept 21
3 July 21
1614June 21
11412July 30

10154 Jan 17
184 Feb 19
4812Sept 6
125 Feb 2
6714 Feb 21
112 Feb 24
73 Mar 14
13634 Mar 20
114 Jan 4
18% Mar 5
41 Apr 25
5112 Feb 13
27 Apr 2
5112 Mar 15
241s Apr 13
4812 Feb 14
2978 Mar 3
1018 Feb 9
1018 Jan 29
318 Feb 8
7%May 7
2158 Apr 26
153 Feb 16

10112
912
36%
11312
26
1
3054
85
108
134
2412
454
20
46

Aug
Nov
Dec
Jan
Jan
Dec
Jan
Jan
Jan
Nov
Nov
Nov
Nov
Nov

108 Dec
2114 Apr
270 Dee
126
Oct
6678 Sept
418 Apr
684 Oct
12914 Dec
117
Oct
19% June
4158 Sept
5114 Oct
46 June
684 June

38
Jan "if14 Aug
2054 Feb 40 Sept
8 July
1284 Mar
5 Nov
1414 Apr
134 Dec
4% June
44 Jan
938 Mar
1238 Jan 28
Oct
116
Jan 168114 Oct

1647

New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually inactive, see fourth page preceding..
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Monday,
Saturday,
Oct. 6. 1 Oct. 8.
$ per share
712 712
*4212 43
12
12
*7612 78
8
"7
3838 3912
1238 1212
5712 58
55
5578
*118 2
*914 1038
214 238
*9034 91
4312 4312
60
*55
2478 2538
*734 8,2
*1812 19
*17g 2
*1712 19
60
*99

63
101

Tuesday,
Oct. 9.

Wednesday., Thursday,
Oct. 11.
Oct. 10.

per share
Per share
718
718
738
7
4234 4234
"4234 43
34
•12
34
12
'
78
78
'7714 78
80
•712 812 *77
3738 3878 3612 3734
1134 1218 1178 12
5534 5612 56,4 5734
5338 5412 5334 5538
2
•114
'118 2
•914 1038 *914 1038
134 178
134
Ps
9078 9078
*9014 91
4212 4212 42t2
42
60
60 •55
'55
2418 2478 23713 2412
738 8
814 812
1834 1912 1934 2014
2
2
178 2
1634 1634
1712 1712 *1612 19

$ per share
714 714
43
4312
12
*14
78
78
8
8
3834 3938
12:8 1238
5612 58
5412 5538
"118 2
*914 1038
113 214
91
91
•4234 4313
60
*55
2518 2578
*734 8,3
•1812 19
2
2

$ per share
7
7
4212 4234
1238
78
78
80
*77
3612 3734
1178 12
57
56
5312 5438
'114 2
*914 958
134 14
*8934 904
4212 4278
60
*55
2314 2412
818
8
*19
2112
134 134
17
16

-02- 62-1; ;66- -6i- 617g 6212 -011-4 6114
*9712 101
*9712 101
'99 101
'99 101

;01- 5222
54 "02- 6:2-1-3
;0213 6i3-8 54
•11012 11112 *11012 11112 *11012 11112 *11012 11112 111 11112
*4734 4914 48
48
49
*48
49
4934 •4712 49
85
87
"8434 87
85
•85
87
88 .85
*85
23
2312 2338 2514 2312 2418 2318 2414 2038 2234
4338 4314 4324
43
44
43
44
44, 4414 44
117 117
11614 11614 11638 116% 11612 118 *11612 11714
5733 5512 5634 5438 5538
5514 5512 5538 5612 56
1718 1733 1718 1733 1718 1713 1718 1712 1738 1712
86
*8512 37
*8512 87
86
*86
90
"86
90
10014 10014 *101 103 *101 102
101 101
*100 102
*3033 3138 *3014 31
•30311 31% '2978 31
*3012
1138 118 1112 1134 1112 1134 1138 1134
1178 12
35
*3512 37
3512
3712 3712 3712 3738 •3512 37
95
*88
95
95
"88
"88
95 '88
95 .88
95 '90
•92
95
95
*96
9814 *9(1
98,4 95
612 10
918 914
918 933
10
10
10
10
4214 4238
4238 43
4233 43
4413 4418 4318 44
*8514 87
*8514 87
•8534 87
8534 8534 '8514 87
201t4 2012 2018 2012 1934 2038
2012 2012 2012 21
6778 6838 6778 6838 6734 6818 6734 68
*6734 68
118 118. "11514 11713
*11412 118 •11412 118 *11412 118
4438
4318 4333 4312 4312 44
4312 4312 4314 44
1912 •18
1912
*1938 1912 1938 1938 1914 1012 *19
112 112
112 112
1,2 1,2 *112 218
*1,2 134
30
*3012 31
301fl 2938 2978 2938 2934 *2914 2934
7714 7812
77
77
*7912 8012 7712 8012 7614 78
•108 118 •108 118 •105 115 '105 115 •105 115
734 778
818
"8
8
8
718 712
712 734
512 512
512 534
512 512 •512 6
*513 6
2978 *2914 2978
*29
297s 2878 2938 *2834 2978 *29
1578 1312 1424 1313 1438 1312 1418
1538 1578 14
1812 19
1338 1878 1778 1838 1733 1918 .1833 19
1638 1718 1612 17
1614 1678 1614 1612 •1618 16%
40
4018 41
4018 4012 40
42
•4112 4212 42
81
'72
81
*72
81
84 '72
•72
81
•72
54
54
55
53
53
51
50
51
*50
50
14
1414 14
1414 •14
1412 14,2 *1414 15,2 14
94
94 •____ 94
•-___ 89
94
*6212 70
*6212 70
'66
6634 67
*6634 75
75
5314 5312 5212 5338 5138 5212 5112 5214 50,4 51%
34
3312 3238 3314 3238 33,4
34,8 3312 3418 33
11634 11634
•11612 11678 11(178 117 *116 117 *116 117
*111
____ *111
"111
.111
•111
5512 5512 551.4 5514 5538 5534 *5512 5534 5534 5613
"113 116 *113 116 •113 116 *113 116 *113 116
8014 8112 80
8112 784 8014 7934 8112 7912 8034
6114
8133 6212 61
*6514 6534 63
64
6114 63
9678 9734 9518 97
9414 9613 9514 9718 9412 9578
115 115
•115 116
115 115 *115 118 *115 118
812 834
858 9
853 87s
9
9
834 834
*213 234 *212 234
214 238 *214
212 *214 212
29
27
*24
27
24 "24
•24
24
27
218
218
214
214 238
218 214
218 214
214
912 632
878
918
9
3
87
9
9
4
83
9
4014 41
4138 4133 4112 4178 4078 4114 4038 41
5712 57314 5734 5634 5634
*5712 5812 58
5818 57
712 733 •734 814
712 778
712 712
753 734
•10312 10412 10378 10378 10212 10212 101 18 10118 101 101
3518 3518 3478 3514 3378 3453 3412 3412 3412 3438
5612 57
5714 5614 5712
5618 5718 5538 5612 56
87
8712 8634 8733 8534 8634 8638 8738 8638 87:2
34
2
233 238
238 212
238
2
218 238
6012 *5912 6012 *594 8013
61
62
*61
60
61
18
18
is
18
00
*87
87
87
90
•87
*87
90
90
*87
•10714 10812 •10714 10812 *10714 10812 *10714 10812 10714 10714
30
3012 30
*30
31
*30
3034 3012 3012 *30
77
*75
*7512 77
76
*76
75
77
*76
77
*4733 48
*4718 4734 *4718 4734 54718 4734 *4718 4734
I68
168
170
•16712
8
•16878 170
16833 1683
170 170
76
75
76
76
76
7612 .73
74
7612 *73
3573 3834 3538 3634
3834 40
3812 4034 3513 39
80
*79
7914 80
81
82
8234 81
8214 82
*312 4
334 373
4
*34 334
334 4
4
1512 1512
10
16
16
*1512 16
*16
1612 16
5212 5234 5034 5212 5014 5034 5012 5112 5012 5138
•96 100
•96 100
"96 100
"96 100
*96 100
9118
91
91
•9314 94
9278 9314 9112 9278 91
3634
361, 3734 36
38
38
3738 3818 3638 38
92
4
913
9212
9218
95
95
9214 9214 •92
9312
2078 2078
23
23,4 22
2312 2312 2314 23,4 23
4212 *41
*41
4178 4014 4014 4014 4014 *404 41
8678
8734 8814 8718 8818 8612 8718 8612 8778 86
11878 11878 *11834 119
119 119
11834 11918 11812 119
58
5712
59
5818
5912
5812
6014 5912 5934
60
15
1514 147s 15
15
•1512 1614 •1514 1512 15
28
284 29
2812 2812 2734 2812 277* 2814 28
87
•80
8712
*80
89
*80
*80
89
*80
89
614 914
914 614
94 914
*914 934 •914
27
*26
52512 2612 2512 2512 *26
26
27
26
59
*54
59
*54
59
89 •54
•54
59 •54
81
83 . 81
080
83
*80
83
*79
83
•79
18
1718 1712
18
1712 18
18
18
18
18
1334 1334 *1312 1434 *1334 14,2 "1334 1438 *1334 14
*3712 40
*3712 40
*3712 40
*39
*39
40
40
*10434 10534 10534 10534 •10434 10518 10518 10518 *104 10514
•81
83
8118 8118
83
8212 82
.82
*81
82
5734 5612 57
58
58
5738 58,4 573s 5738 57
23
23
2212 2212 2212 2212 2238 2234 2214 2212
48
4814 48
4714 474
4812 4854 •4314 4813 48
12
12
3
1,
12
12
12
12
13
12
578
614
6
618 8118
614 612
618
6
618 614
618 614
614
6
618 814
638
6
5878 61
5938 5934
5914 6078 5912 8034 5812 60
21
21
2118 2118 *2118 23
*21
22
22 '21
•135
70
*65
70
70
*65
70
•65
70
•65
252 25312 25312 257 *252 258
252 252
252 252
*2334 2478 2338 2338
*24
2412 2412 *2318 24
27
10
10
*934 10
10
10
978 973 •93, 10

Friday,
Oct. 12.

STOCKS
NEW YORK STOCK
EXCHANGE

per share Shares. Indus. & Miscell.(Coo.) Par
No Par
2,8001 Otis Steel
25
800 Owens Bottle
100 Pacific Development
100
400 Pacific Gas & Electric
5
300 Pacific Mall Steamship
44,100 Pacific 011
10
7.000 Packard Motor Car
50
18,2)0 Pan-Amer Petr & Trans
50
Do Class B
31,800
Panhandle Prod dr Ref_No par
No par
Parish & Bingham
13,100 Penn-Seaboard St'l v t cNo par
200 People's G L & C (Chic)__ _100
1,300 Philadelphia Co (Pittsb) . 50
No par
Phillips-Jones Corp
21,800 Phillips Petroleum .No par
1,800 Pierce-Arrow Mot Car..No par
100
Do pref
900
25
600 Pierce Oil Corporation
100
Do pref
1,000
Pigg W1gg Stor Inc"A" No par
5,800 Pittsburgh Coal of Pa
100
Do pref
100
10
Pond Creek Coal
No par
100 Postum Cereal
Do 8% preferred
100
2001
100
200 Pressed Steel Car
100
1001 Do pref
63,200 Producers& Refiners Corp_ 50
0 01 PubServCorp ofNJ,new No par
18
100
1,700 Pullman Company
50
18,200,I Punta Alegre Sugar
25
9,1001 Pure 011 (The)
100
Do 8% Preferred
1031
100
200 Railway Steel Spring
No par
1 Rand Mines, Ltd
14,900 Ray Consolidated Copper_ 10
1,100 Remington Typewriter v t c100
list preferred v t c
100
1
100
100, 2d preferred
No par
5,000 Replogle Steel
100
6.900 Republic Iron & Steel
•
100
Do pref
100
No par
2,100 Reynolds Spring
8,900 Reynolds(R J) Tob Class B 25
Do 7% preferred
100
100
4,900 Royal Dutch Co(N Y shares) _
10
500 St Joseph Lead
500 San Cecilia Sugar v t c_No par
1,200 Savage Arms Corporation_100
100
1,800 Sears, Roebuck ez Co
Do pref
100
No par
1,900 Seneca Copper
400 Shattuck Arizona Copper__ 10
Shell Transp & Trading_ _ _ E2
Stock
No par
78.100 Shell Union 011
Exchange 69,100 Sinclair Cons Oil Corp_No par
10
500 Skelly 011 Co
Closed1,200 Sloss-Sheffield Steel & Iron.100
Do pref
100
Columbus
1.400 South Porto Rico Sugar. 100
No par
400 Spicer Mfg Co
Day
Do pref
100
100
500, Standard Milling
Holiday
19%109 Standard Oil of California_ 25
15,400 Standard 011 of New Jersey 25
100
Do pref non-voting..
300
Steel dr Tube of Am, pref_ _100
No par
1,500 Sterling Products
100
Stern Bros, pref(8%)
16,200 Stewart-Warn Sp Corp-No par
3,800 Stromberg Carburetor-No Par
100
115,100 Studebaker Corp (The)
100
Do fIref
300
No par
3,600 Submarine Boat
No par
400 Superior 011
100
100 Superior Steel
10
8,000 Sweets Coot America
3,100 Tenn Copp & C tr ctfs_No par
25
13,700 Texas Company (The)
10
2,000 Texas Gulf Sulphur
10
1,900 Texas Pacific Coal & 011
100
450 Tidewater Oil
3.300 Timken Roller 13earine_N0 par
32,500 Tobacco Products Corp_ _ _100
Do CIA (since July 15) 100
23,300
37,200 Transcontinental Oil_ .No par
300 Union Bag & Parser Corp_ _100

•Bld and asked prices: no sales on this day. z Ex-d1vIdend.




Sales
for
the
Week.

PER SHARE
Ran7e since Jan. 1 1923.
On Oasis of 100-share lots
Lowest

Highest

$ per share
$ per share
7 June 30 1434 Mar 21
3638 Jan 2 5234 Apr 2
24 Mar 5
12 Jan 2
73 July 2 8513 Aug 20
7 July 2 1234 Mar 14
3114 Sept 19 4878 Jan 4
1018 Jan 8 1512Mar 22
8 9312 Feb 7
3.0
se pt 2
134S
53
5078Sept 28 86 Feb 7

5
ar 13
Ap
4M
5112
9 May 23 16
6 Apr 4
112 Oct 8
86 Apr 27 944 Jan 30
41 July 2 5014 Mar 19
55 Aug 9 80 Apr 4
19345ept 18 6958 Apr 5
814 July2 1514 Jan 14
1312July 2 3538 Jan 9
112July 5
6 Feb 13
45 Jan 4
16 Oct 11
5514 Jan 17 124 Mar 20
58 Jan 16 874 NIar 7
9712July 11 100 Apr 5
914 Mar 1 4778 Feb 15
47 July 5 134 Feb 6
108I2June 30 11414 Jan 25
48 Sept 21 8112 Jan 2
85 Oct 10 9934 Jan 5
2018Sept 18 5818 Mar 20
42 Sept 18 5112 Apr 16
110I2July 2 134 Mar
4178July 31 6914 Apr 19
1614 Sept 21 32 Feb 13
824 Aug 28 100 Mar 9
9978 Sept 19 123 Mar 17
2914July 16 3438 Feb 19
94Sept 21 1714 Mar 1
24 June 27 4818 Mar 6
98 Aug 29 104 Feb 13
80 Jan 3 98 Sept 25
918
t 10 3134 Feb 16
4018June 30 6834 Mar 21
3134 Oct 1 9678 Mar 21
14 June 30 2978 Apr 17
47 Jan 10 694 Sept 11
114 July 9 118 Feb 9
4012 Aug 1 5518 Feb 19
17 June 29 2238 Mar 9
114 Oct 4
5 Feb 14
1812 Jan 3 3334 Sept 5
6514June 30 9238 Feb 13
10012June 4 11312June 12
6 June 20 1212 Mar 3
538July 6 1078 Mar 2
2918 Oct 3 4114 Mar 7
1238 Jan 8 1914May 23
16 Sept 18 393 Mar 19
938 Jan 2 35 Mar 31
3914 July11 60 Apr 26
68 Jan 13 90 Mar 16
3814 Aug 4 644 Mar 19
1134June 30 2714 Feb 18
8812 Oct 4 9778 Feb 2
6634 Oct 9 9013 Jan 23
4718Ju1y 30 12312 Jan 2
3078July 31 4414 Mar 3
11434 Aug 24 11814July 27
85 Jan 2 11038 Aug 9
51 June 29 6738 Mar 2
10912 Jan 2 115 Jan 5
74 July 5 12412 Apr 17
5912July 2 9414 Mar 6
9334 Oct 1 12614 Mar 21
112 Jan 4 11612 Aug 16
7 Jan 3 15 Apr 6
534 Feb 15
2 Sept 18
24 June 29 34 Mar 22
278 Jan 12
1 June 4
8 June 21 1234 Feb 21
3914 Sept 18 5278 Mar 20
5324 July 2 65 Jan 15
7 Sept 18 2414 Feb 2
94 July 2 144 Mar 2
334 Jan 2 45 Mar 8
4634 Aug 4 614 Apr 27
7612July 2 874 Oct 5
2 Oct 6 1412 Jan 5
60 Oct 9 7712 Mar 28
14 Jan 3
No par
Jan 4
200 Union Oil
9934 Mar 19
100 81 Feb 1
100 Union Tank Car
Do pref
100 106 Sept 6 112 Jan 19
No par 29 July 31 3912Mar 21
200 United Alloy Steel
100 '434 July 2 8534 Feb 26
200, United Drug
50 4614 Feb 14 49 July 1
Do 1st preferred
I
100 15212 Jan 17 183 Mar 2
300 United Fruit
2,600 United Retail Stores_ _ _No par 6438 Feb 1 8418 Apr 17
43.100 US Cast Iron Pipe & FdY-100 20 July 3 4034 Oct 8
100 64 June 21 8234 Oct 8
1,600
Do pref
612 Mar 19
218.1une 28
1,300 US Food Products Corp_ 100
300 US Iloff'n Mach Corp_No par 15 June 30 25 Jan 27
9,100 U S Industrial Alcohol_ _ _ _100 40 June 29 7314 Mar 16
Do pref
100 9514June 29 101 Mar 28
I
2,500 U F3 Realty & Improvement100 8818July 2 106 Mar 5
100 3512 Aug 13 6478 Mar 22
9,200 United States Rubber
Do 1st preferred
100 8814 Aug 13 105 Jan 13
400
1,000 US Smelting. Ref & Min
51) 20 June 28 434 Mar 2
Do pref
200
50 4014 Oct 9 4818 Jan 3
81,700 United States Steel Corp. 100 8512July 31 10958 Mar 21
Do pref
100 11618 Aug 6 12312 Jan 15
1,200
10 56 July 5 7612 Mar 5
4.800 Utah Copper
100 1418June 27 2438 Feb 16
900 Utah Securities v t c
No par 2434July 5 4438 Mar 20
4,700 Vanadium Corp
Van Raalte, 1st pref
100 85 Oct 5 98 Jan 25
614June 27 27 Feb 20
500 Virginia-Carolina Chem__ -100
Do pref
100 17 June 27 69 Mar'15
200
Virginia Iron. C & C ____100 52 July 2 68 Mar 5
Do pref
100 7712June 28 85 Apr 23
100
No par
1514 Jan 17 23 Mar 22
1,800 VIvaudou(V)
100 Weber & Hellbroner
No Par 1214 Jan 27 1538 Mar 8
Wells Fargo Express
100 3412July 11 105 Mar 2
200 Western Union Telegraph-100 101 18July 5 11912 Feb 20
50 76 July 5 120 Feb 17
200 Westinghouse Air Brake
6,500 Westinghouse Elec & Mfg- 50 5212June 30 6718 Feb 16
No par 2018 Sept 18 3038 Mar 20
700 White Eagle Oil
50 45 June 28 6078 Mar 19
1,200 White Motor..
54 Feb 19
4 Oct 3
7.300 White 011 Corporation_No par
534July 28 14 Feb 13
3,000 Wickwire Spencer Steel__ _ 5
814 Jan .5
5 June 21
25
7,400 Willys-Overland (The)
100 4212 Jan 2 7038Sept 1
Do pref (new)
6,100
19 June 27 4234 Mar 7
300 Wilson & Co. Inc. v t C_No par
Do pref
100 64 July 13 8i0 Feb 8
100 1994 Jan 24 280 Sept 10
2,300 Woolworth Co(F W)
300 Worthington P & M v t c 100 2315 July 3 404 Feb 15
814 an 171 11 May 17
500 Wright Aeronautical_ _No par

PER SHARE
Range for Previous
Year 1922.
Lowest

Highest

Per share $ per Share
678 Nov
1612 Apr
24
Jan 4238 Sept
12 Dee 1418 Apr
80
9118 Sept
Jan
Jan
11
19 June
4212 Nov 6938 May
10 Dec 21 Nov
4878 Jan 1004 Dee
4012 Feb 9534 Dec
3 Dec 1212 Jan
712 Nov
17
Apr
238 Dec 1338 May
5934 Jan 99 Sept
3112 Jan 4538 Sept
7314 Oct 10518 Jan
2814 Jan 5914 June
8 July 243s Apr
Apr
184 July 49
Jan
378 Dec 12
Jan
32 Sept 71
39 Nov 594 Dec
55 Nov 7238 Sept
9018 Feb 10012 Sept
Dec
1414 Feb 41
Oct
6538 Apr 120
1054 Apr 11212 Oct
63 Jan 9514 Sept
Feb 106 Sept
91
2418 Jan 51 Sept
1051 Jan 13984 Sept
Jan 5314 June
31
2612 Nov 3838 Jan
94 July 10234 Apr
Jan 12614 Sept
94
1912 Jan 3612 Sept
1218 Nov 19 May
Jan 42 Mar
24
Jan 105 Dee
55
504 Feb 8034 Dec
21 Nov 3822 May
4812 Novi 784 Mar
74 Feb 9584 Niel
1214 Nov 5034 Jun
43 Mar 6334 Nov
111 12 Apr 11834 Oct
4738 Jan 67 June
1233 Jan 2014 Sept
112 Jan
614 Mar
10 14ug 2478 Apr
5938 Feb 944 Aug
Jan 112 Aug
91
Oct 2314 Jan
6
612 Nov
12 June
3412 Dec 4818 May
124 Dee 1314 Dee
1834 Jan 3884 June
11;2 Oct
838 Nov
3412 Mar 5412 May
Aug
66 Mar SO
33 Nov 5714 Mar
24 June
15 Nov
Apr 96 Sent
84
8434 Dec 141 Sept
Oct
9134 Jan 135
384 Dec 25012 Oct
11338 Jan 11612 Nov
68 Mar 90 May
454 May 634 Dec
Jan 109 Dec
81
244 Jan 79 Dec
3514 Jan 71 Dec
794 Jan 14134 Dec
100 Feb 11814 Nov
312 Jan
84 Nov
104 June
4 Nov
Jan 3912 Apr
26
5 Mar
138 Nov
12'i May
838 Nov
42 Mar 5214 Oct
384 Jan 6715 Nov
3234 June
1812 Nov
Oct
10934 May 154
Oct
2812 Sept 35
4914 Nov 8414 June
7678 Aug 8912 Sept
74 Mar 2013 May
55 Mar 78 Sept
18 Dec 25 June
85 Dec 13484 Dee
102 Feb 113 Sept
4114 May
Jan
25
Oct
6078 Mar 85
414 Feb 514 Oct
1034 Jan 162
Oct
4312 Feb 8712 Oct
1618 Jan 39 Aug
Jan 78 Aug
50
1012 Jan
284 Feb
1812 Nov 2578 May
Jan
7278 Oct
37
Oct
7212 Dec 102
Jan 9278 Oct
50
46 Nov 674 Apr
91 Sept 107 July
33 Feb 4834 Oct
4214 Feb 49 Aug
Jan 11112 Oct
82
11382 Feb 123 Sept
7112 Sept
59 Nov
Vs Jan 2318 Sept
4 Aug
538
3014 Jan
Oct
Jan 100
92
2314 Nov 3678 Mar
Oct
58 July 83
43 Mar 9412 Jan
Oct
66 Mar 86
618 Jan
16 Dec
1072 Oct 17 Apr
9614 Jan 9834 Oct
89 Feb 12114 Aug
80 Mar 114 Dec
4918 Jan 6518 Aug
25 May 3338 Nov
3518 Jan 54 Sept
12 May
24 Dec
8t2 Nov
2172 May
412 Feb
10 May Feb
4912 July
24
5012 Sept
2714 Jan
Jan 91 Sept
66
Jan 223 Nov
137
2678 Nov
554 June
Janl 11
6
Aug

1648

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interear-exceptfor income
BONDS.
N. Y. STOCK EXCHANGE
Week ending Oct. 11.

Price
Thursday
Oct. 11.

Week's
Range or
Last Sale

.
3
12.
ta

High No.
Ask Low
Bid
U. S. Geeeee mint.
First Liberty LoanJ D 991033 Sale 99104: 991131 851
334% of 1932-1947
2
J D 972531 Sale 9773: 9710::
Cony 4% of 1932-1947
43 176
/
J D 971133 Sale 971033 9711
Cony 43. % of 1932-1947
971033 10
98 97
J D 97
2d cony 434% of 1932-1947
Second Liberty Loan3
M N 9753:
97533 9711:2
4% of 1927-1942
MN 971033 Sale 97122 971432 1313
Cony 434% of 1927-1942
Third Liberty LoanM S 98332 Sale 98733 981183 4714
434% of 1928
Fourth Liberty LoanA 0 971334 Bale 97533 97003 2294
434% of 1933-1938
854
A 0 983332 Sale 981532 99
Treasury 4348 1947-1952
10412 July'23 -41930 Q
28 consol registered
103 July'23 -41930 Q J
2s consol coupon
1925 Q F--------104 May'23 413 registered
103/
4 Aug'23 -- -1
1925 Q F
48 coupon
--------100 July'21 - -Panama Canal 10-30-yr 2s-k1938 Q F
9412
Apr'23 -95
QM
1961
Panama Canal3s gold
9234 Sept'23 - -1981 QM
Registered
Securities.
State and City
N Y City-434e Corp stock_1960 M 5 9814 9918 9814 Oct'23 ---1964 M S 9838 99% 9918 Sept'23 - -43413 Corporate stock
__ 100 Sept'23 ---1966 A 0 9838
Ole Corporate stock
1971.3 D 10214 1-6358 104 Sept'23
4
Corporate stock
2
J
102
103
10218 10218
J
1967
etock_July
4 s Corporate
1965 D 102 103 10134 Oct'23 - 434e Corporate stock
1963 M S 102 103 10234 Sept'23 - 434s Corporate stock
9614 95 Oct'23 ---1959 M N 95
4% Corporate stock
9614 95 Oct'23 --1958 MN 95
4% Corporate stock
1957 M N 9434 9614 96 Sept'23 --4% Corporate stock
94
95 July'23
4% Corporate stock reg 1956 MN 102
5
102
Sale 102
1957 MN
&34sCorporate stock
102
103
10112
MN
Oct'23 -1957
stock
434% Corporate
8612 8512 Oct'23
% Corporate stock_ _1954 MN 85
1961 M S--------10212 June'23
New York State-48
10212 June'23 --Canal Improvement 4s-1961 J J
11214 July'23 - -Highway Improv't 4%13_1963 M S
432 Apr'22 -M
S--------10
_1985
4%s_
Highway Improv't
.1
7114 Oct'20 1991
Virginia 2-3e
Foreign G00000must.
1927 F A
Argentine(Govt)78
Argentine Treasury 58 of 1909_ _ M El
1943 D
Austrian (Govt) 78 w I
D
Belgium 25-yr ext s f 7Me
J
Jan 1925
5-year 8% notes
1941 F A
20-year s f 88
N
M
1945
88
1
s
Bergen (Norway)
1945 M N
Berne (City of) s 18s
1947 MN
Bolivia (Republic of) 8s
Bordeaux (City of) 15-yr 68-1934 MN
1941 J D
Brazil. U S external 88
1952.3 D
75 (Central RY)
7348 (Coffee Security)_ __ _1952 A 0
Canada (Dominion of) g 58_1926 A 0
5.-.1931 A 0
do
do
do
1929 F A
10-year 5348
1952 M N
58
Chile (Republic) ext s 1 8s_ _1941 F A
1926 A 0
External5-year s 55
1942 M N
7e
1946 M N
25-years(88
JD
-1951
5s
Ry)
Chinese (Hukusuag
1945 A 0
Christiania (City) s f 8s
Colombia(Republic)8348_ _ -1927 A 0
J
Copenhagen 25-year sf5348i944
1944 M S
Cuba 55
Exter debt of 5s'14 Ser A.1949 F A
1949 F A
External loan 4345
J
1953
Czechoslovak (Repub of) 85-1951 A 0
Danish Con Munlcip 85"A"-1946 F A
1946 F A
Series B
1945 A 0
Denmark external s f 8s
1942 J J
20-year 138
Dominican Rep Con Adm 5158'58 F A
1942 M S
5%8
Dutch East Indies ext 6s1947 J J
1962 M 5
40-year (is
1953 M 5
ais trust rots
French Repub 25-yr ext 88 1945 M S
20-yr external loan 7348_1941 J D
(it Brit & Ire (UK of) 5348_1937 F A
1929 F A
10-year cony 5I4s
1952 M N
Greater Prague 7345
1952 A 0
Haiti (Republic) 69
Italy (Kingd of) Sex A 650_1925 F A
F A
4%8_1925
loan
Govt-£
Japanese
1925 J J
Second series 434,
1931 J J
Sterling loan 48
Oriental Development 68_1953 M S
Lyons (City of) 15-year 6s..1934 M N
Marseilles(City of) 15-yr 6s-1934 M N
Mexican Irrigation 4348_ _ _ _1943 MN
1945 Q J
Mesdco-55 of 1899
D
1954
Gold debt 43 of 1904
1952 D
Montevideo 75
M
5
...i972
prices)
(fiat
Netherlands Os
1940 A 0
Norway external is 1 85
1952 A 0
(Ss
138 (interim certificates) _ _1943• A
Panama(Rep)534s Tr recto-1953 D
Porto Alegre (City of) Ss__ _ _1961 J D
Queensland (State) exts f 78_1941 A 0
1947 F A
25-year Os
1948 AO
Rio Grande do Sul 813
-years f 88_1946 A 0
Rio de Janeiro 25
A 0
1947
Es
1952•S
San Paulo (City) s f 88
San Paulo (State) ext s I 88,3936• J
1942 J J
Seine (France) ext 7s
Serbs, Croats & Slovenes 85-1962 M N
MN
Os
1936
(City)
Solssons
1939 J D
Sweden 20-year 65
Swiss Conferern 20-yr s f 86_1940 J J
M S
Tokyo City Sc loan of 1912
Uruguay Republic ext 88_ _ 1946 F A
0
A
1945
1313
f
s
of)
Zurich (City

10134 Sale 10112 10134 67
7
10158 102 8014
81
152
89
8834 Sale 8812
997,1 Sale 9978 10014 103
118
97
97 Sale 9614
100% Sale 10014 1007t 78
7
10812 109 10814 10812
4
10813 Sale 10812 10813
8818 38
88 Sale 8734
7914 Sale 79
80
39
59
9334 Sale 9312
94
107
79
7878 Sale 7734
9978 Sale 9934 10038 19
9958 10
993g 9958 9912
100 Sale 100
10018 18
56
101 Sale 10034 101
9914 125
99% Sale 987
104 Sale 10378 10438 50
1031 Sale 103
10312 39
9512 97
9512 Sale 94%
11
10334 Sale 1033g 104
8
45 43
43
4312
10814 10834 10834 10834
7
45
92
92 Sale 9118
8912 26
8938 Sale 8914
96 Sale 95
9614 32
91 Sept'23 -91
90
4
8434
8434 Sale 8434
92 521
917g Sale 9112
9334 23
9314 Sale 9312
4
10712 10812 10734 10734
14
10734 Sale 10734 108
10812 109 10813 10914 27
97 Sale 96
97% 75
9934 10014 100 Sept'23 -8
8714
8714 Sale 865s
94
971
9718 Sale 9634
9614 Sale 9673
9612 78
9178 92 9134
9178 68
9912 Sale 99
10014 332
96% 218
9434 Sale 94%
10114 Sale 10172 10112 80
94
112 Sale 11134 112
7534 Sale 7534
7672 26
9334 44
9334 Sale 92
9658 Sale 96%
9658
7
107
93 Sale 9212
93
9113 Sale 9138
9178 141
7813 Sale 7814
7812 76
8912 42
8918 90 8834
80 Sale 7912
8012 47
8012 52
7912 Sale 79
3412 32 Aug'23 - 28
6238 10
52 Sale 52
3012 18
30 Sale 30
8613 87 86
9
86
9734 55
9734 Sale 9738
4 111
1
23
11012 Sale 110/
9514 60
95 Sale 95
9612 63
9612 Sale 9614
8
96 8
9534 96 9434
97 96 Oct'23 --- 96
45
10712
Sale
10678
10738
101 Sale 10012 10112 15
4
96
96 Sale 96
9134 30
9034 Sale 9012
91
17
9034 9114 91
9512 96 9518 Oct'23 - -9334 Sale 98
9834 27
8874 86
86 Sale 8518
102
68
6712 Sale 66
52
83
83 Sale 8234
22
106
10412 104% 1041
11214 Sale 11113 11212 33
6834 Sale 0814
6834
5
8
10158 Sale 10114 10158
10813 Sale 10874 10872 23

Railroad.
Ala(it Sou 1st eons A 6s_ _1943 J D 96 Sale
Ala Mid 1st guar gold 513__ _ _1928 M N 100 Sale
79
1948 A 0 78
Alb & Busts cony 3343
Alleg & West 1st g 48 gu_1998 A 0 7914 823.,
8634
8912
S
M
1942
45
g
guar
gen
Alleg Val
k1995 Q J 5214 5712
Ann Arbor 1st g 4s
A 0 8712 Sale
Atch Top & Fe-Gen g 48_1995
_1995 A 0 8412
Register&
k1995 Nov 7853, Sale
Adjustment gold 48
7918
Sale
Nov
k1995
Stamped
8212
1955.3 D 82
Cony gold 48 1909
1955 J D 8134 Sale
Cony 4.1905_ _
83
D
78
J
COM? 4 /sue of 1910,,_.A960
Eaat0 Divlstg4s_.192SM S 96 Sale
83
Rocky Mtn Div let 4......1965J J 80
Trans-Con Short L lst 48_1958 J .1 8234 83
Cal-Ariz let & ref 448"A"1982 M S

4
95
9534
00
100
79
Oct'23
82 Aug'23
8714 Sept'23
7
5714
8514
8714
88 213
8534 Sept'23 _
6
7858
7858
7934 39
7858
8214 Oct'23
3
8134
8134
7778 Sept'23
96
96
7938 Sept'23
8234 Oct'23
3
9012
9012

Range
Since
Jan. 1
Low

High

99331101.90
97314 98.90
96333399.10
97.0099.00
4398.70
/
9631
4298.88
/
9631
43
/
44 9911
/
9711
97134 99.04
981143100.04
10213 10413
103
102
104
103
103% 10311
9234

9684

BONDS.
N. Y. STOCK EXCHANGE
Week ending Oct. 11.

Price
Thursday
Oct. 11,

Week's
Range or
Last Sale

Range
Since
Jan. 1

High
High No. Low
Ask Low
Bid
6978
3 66
69
Atl & Birm 30-yr 1st548_4_1933 M S 6713 70 69
50
8612
4
1
/
8231
80
8214
823
82
N
M
_1955
Div
413___
Cin
&
Knoxv
Atl
9834
9912
May'23
9834
____
D
998
Atl Knox & Nor 1st 5 5s____1946 J
9178
88
9134 93 917 Sept'23
Atl & Cheri A L let A 4348_1944 J
96 100
97
9714 97
97
1941.3
1st 30-year 513Ser B
21
8258 89
87
86 Sale 8533
Atl Coast Line 1st gold 48_111952 M
1 106 108
10612
1930 M N 10613 10634 10612
10-year secured 7s
1
82 89%
8434
8638 848
86
1964 J
General unified 4349
7612 83
8134 18
a1962 M S 8118 Sale 811s
L & N coll gold 4s
7872 7934
75%
Sept'23
76
75
1948.3
J
Atl & Deny lst g 48
6118 887s
1948 J J 6158 68 65 Aug'23 ____
2d 45
76% 78122
1949 A 0 76% 80 7612 Oct'23
Atl & Yad 1st g guar 48
9315 9714
9358
9358 Sale 9358
1941J
A & N W lat gu g 58
92
93%
9713
9514
Sale
9618
9618
1925.3
334e
Bait & Ohio prior
93% 9413
k1925 Q J 9058 ____ 9412 Oct'23
Registered
74% 80
793 1911
83948 A 0 7914 Sale 79
let 50-year gold 48
2
74% 787g
78
83948 Q J 7633 7812 78
Registered
8314
77
4 147
/
831
1933 M S 827 Sale 828
10-year cony 4%5•
184
85
79%
841
84
Sale
D
8412
J
A___1995
Sex
Si
gen
Refund &
98
1017s
99
101
%
1011
Sale
1929 J J 10114
10-year 139
61
9114 95
95
P Jet & M Div let e 3348-1925 MN 9434 96 9458
12
7912
78
73
PLE&WVaSysre148_1941 MN 7534 7612 7612
9534 133
9112 9534
Southw Div 18t gold 334s-1925 J J 95 Sale 95
75
68
6112
68
6512
4
J
673
6718
.1
_1959
A
48
ref
1st
Div
Cin
Tol &
5718 Apr'23
57% 60
Battle Cr & Stur let gu 3s...,1989J 1:3 5212
Apr'23
86% 89%
Beech Creek 1st gu g 48__ _1038 J J 8714 ____ 89%
86
Feb'23
86 86
____
84%
J
J
1936
Registered
104 May'16
.1 96
1936
2d guar gold 58
60
July'22
0
A
-4
1
/
75
3349.-81951
1st
g
Ext
Cr
Be3ch
quire 8454
1944 D 8012 82 8014 July'23
Big Sandy lst45
7512
63
63 Oct'23
B & N Y Air Line 1st 4s_ _1955 F A
89 89
89
Feb'23
8513
J
8912
J
_1938
gu gold 4s__
Bruns W
1 100 10153
100
Buffalo R & P gen gold 5s_ _1937 M S 100 10034 100
8614 9214
1957 M N 87% 8778 8612 Oct'23
Consol 4348
9913
95
95%
1934A 0 9518 95% 95%
Burl C R & Nor let 59

9814 101
99% 10278
100 10213
104 108
10134 1071:
10134 10718
10234 10738
95 10014
95
9978
96 10018
95
991:
10112 10738
10112 10712
8512 91
10113 10312
10238 10212
11214 11214 Canada Sou cons gu A 58._ _1962 A 0
i
J D
0j
Canadian North deb a f 78_ 1946
25-year a f deb 6345
Canadian Pat Ry deb 48 etock__ J .1
Carb & Shaw 1st gold 40__ _ _1932 M S
1949.3 J
10014 10312 Caro Cent 1st con g 45
7712 8514 Car Clinch &0 1st 3-yr 5s1938 J D
D
J D
23
58
94
1
8334 93%
Os
1981 J D
9114 10312 Cart & Ad lat gu g 48
93 9838 Cent Br U P 1st g 4s
1961 J J
93 10314 Cent New Eng let gu 4s
1930 MS
4 10912 Central Ohio 4345 1930
1
107/
58.-Y1312
gold
1st
Ga
of
11314
Central
108
Consol gold 55
86. 94
June 1929 D
10-yr secures
69% 8312
D
9134 99
Chatt Div pur money g 49.1951
J
Mac & Nor Div 1st g 5s-1946
4 86/
/
771
4
1
J
7
6
4
9
1
53
Div
AU
&
9634 104
Mid Ga
99 10134
Mobile Division 58
99 102 CentRR&Bolgacolig 58-1937 MN
9935 10213
Central of NJ gen gold 5.3.1987 J J
k1987 Q J
Registered.
97% 102
A
1949
100 104% Cent Pac 1st ref gu g Di
Mort guar gold 3tie....._104129 J 1)
100 1041s
Through St L 1st gu 45..1954 A 0
9312 9634
J
J ...N
9 ,I
10012 105 Charleston & Savannah 78-11933:
1,1 Nii
9 ,1
20
93
41
5234 Ches & Ohio fund & inapt &s.119
58
gold
consol
10712 11212
181
Registered
8812 95
1992 __
M ,..
03
General gold 4345
9213
88
1992 m 7i.
9014 9978
„ Registered
871: 9314
20-year convertible 4%s_1930 F A
8118 89
30-year cony secured 58..1946 A 0
1040 -1 J
90
Craig Valley 1st g 55
9934
6J
49
77 9612
Potts Creek Branch 1st 413_ 198
1061: 10912
R & A Div 1st con g 48---1989 J J
2d consol gold 4s
10634 10934
Warm Springs V 1st g 58_ _1941 M N
10752 1103s
95 99 Chic & Alton RR ref g 38_ _ _1949 A 0
---New York Tr Co ctfs
4 102
1
95/
---Stamped Oct'22 int.__ _
90
84
Stamped Apr'23 int..
4 9814
1
92/
1S50.1.i
92
Railway lst lien 3345
9734
0J J
1949
87% 9414 Chic Burl & Q-III Div 3%e-1
90 101
Illinois Division 48
E;
MN
7 8861
287
11982
84 97
Nebraska Extension 45_ _ 199
Registered
10038 10434
General 45
10978 116
A
A 0
1st & ref5e9F
65 8234
1927171
8912 98 Chic City & Conn Rye 5s
0
A
1034
6s
1st
East
III
9212 9714 Chicago dc
9012 937s C dc E Ill RR(new co) gen 58-1951 MN
1982 M N
4 Chic & Erie 1st gold 55
1
9038 93/
7534 82% Chicago Great West 1st 45_ _1959 M S
8814 9312
With Bent'24 coupon on
6914 83% Chic Ind & Lonny-Ref 138_ _1947 i"-,
1947 J J
6913 8312
Refunding gold 5s
7 ii NJ
486
J
11986
c_199
30 42
Refunding 48 Series C
49 5812
General 5s A
4134
30
General 68 B
J J
91%
Ind & Louisville 1st gu 45_1956 .
85
9634 10212 Chic Ind & Sou 50-year 4e 1956, J
J D
let
434s_
_1969
East
&
11234
S
L
Chic
109
1
95 100 C M d3 Puget Sd 1st gu 411._ -1949 i .
1
95% 9658 Ch M & StP gen g 4s Ber A.21989
J
9434 97%
Generalgold334aSerB....ei950 3
J
J
General 4%e Series C_ _ _ _81989
93 99%
O
4A D
12
93
10
Gen & ref Series A 4%s a2
10512 10912
Gen ref cony Ser B 5s a2014 F A
100 10234
Convertible 4%t3
9178 9914
l925J E
.;
48
00 97
1934
9712
25-year debenture 45
90
J
_1926
58...
Div
Riv
Mo
&
Chic
4
993
9513
9 6'A
95% 100 Chic& N'west Ext 41886-119827
A
al N
1888-1926 F
Registered
90
76
General gold 3345
: 7812
531
Registered
6812 85
en
G eral 45
10313 108
p1110
587
998
MQ NF
77 M
Stamped 4s
11112 11914
1987 M N
General 59 stamped
77
68
1879-1929 A 0
Sinking fund 135
4 107
1
99/
1879-1029 A 0
Registered
10814 1137s
1879-1929 A 0
Sinking fund 55
G
9 6, N
,
2
1879-1193
Registered
Sinking fund deb 58
9212 96
1933
M
N
Registered
99% 101%
10-year secured 7s g
8112
78
S
MD
9j
15-year secured 6343g_ 1936
82 8314
90 Chic R I & P-RaUway gen 413'883 .1
87
J J
Registered
55 655s
A0
Refunding gold 48
8414 9112
34 1 D
951
81
88% Chic St L & N 0 gold 55-A19
D
J
75% 8212
76% 8212
Golde93iter°5
D
J D
1i
53
96
19
Joint 1st ref Sc Series A_ _1
84
76
1951 J I)
84
Memph Div 15t g 40
76
77% 10414 C St L & P 1st cons g 5s_1932 A 0
93% 9613 Chic St PM at 0 cons 68- _1930 J D
Cons 13e reduced to 3345_,.1930J 13
7712 83
1930M 8
Debenture 55
81% 8634
8712 93 Chic T H & So East let 55..1980 J D

*No price Friday; latest Sid and asked, a Due an. dDueApril, e Due MAY. 0 Due June. 11 Due




No„,

and defaulted bonds

I:,4

8
9634
9614 97 96%
8
11312
11312 Sale 113
11212 11234 11212 11334 31
7933 84
793s Sale 7834
8358 90 9212 Sept'22 69%
1
6918 Sale 6918
1
923,
9212 9238
92
9512 31
9514 Sale 95
77%
Oct'23
77% -6614 6712 66% May'23
1
50
49
50 50
92% 95 9334 Dec'22
100 102 00 Sept'23
2
9434
9434 95,4 9434
10032 Sale 0012 10038 22
2
76
74% 7934 74
963, Sept'22
93% ____ 94 July'23
1
9712
9712 9812 9712
2
9114
4 -- -- 9114
/
911
2
102 10334 10352 10332
_
97 10812 10212 Oct'23
8514 91
85 Bale 84%
5
9134
9112 9178 91%
8014
7914 8012 8014
11413 June'23
113
9532 11
- _ 9534 9538
9972 33
9838 Sale 9832
9638 _ _ _ _ 9812 May'23
83% Sale 83%
8334 21
81
Oct'23
8714 77
8714 Sale 8612
88% 272
8814 Sale 88
9218 ____ 9138 Sept'23
7514 -- 7814 May'23
80% 56
8038 Sale 8014
74% 7714 7434 Aug'23
9112 95 9034 July'23
5514 60
54% Sale 54%
53 July'23
50% ____ 52 Sept'23
_ _ 52 Sept'23
5034
178
33
3134 Sale 3134
8012 8158 79% Oct'23
8634
86% Sale 86%
5
96
96
9713 96
9412 9634 96% July'23
8412 17
84 Sale 8334
50
99
99 Sale 9818
51
5134 5114 Sept'23
_ _ 10418 June'23
102%
7634 Sale 7612
7634 39
91% 92 90 Oct'23
54
45
4413 Sale 4413
1
4134
4138 43 4134
10314 106 10413 Oct'23
94
95% 94 Oct'23
8012 Oct'23
7934 85
1
80
80 Sale 80
2
96
9434 97 95
6814 7113 78 June'23
82 8312 8212 Sept'23
85% _ _ 8812 June'23
4
56
55
5512 56
723s 14
72% Sale 71
5912 62 63 Sept'23
7834 33
7838 Sale 7818
5218 33
51 Sale 51
10
58
5734
58
57
57% 91
5578 Sale 55%
7512 33
74 Sale 74
5238 15
5012 523s 52
9712
9712 Sale 9712
96
96
2
95
95
71
32
711,1 73 7018
7034 6814 Oct'23
68
2
811s
8114 817s 8118
8478 8318 Aug'23
76
99%
9912 100 9834
10278 10434 101 Aug'23
9958 __ 1017 Apr'22
9912 97 July'23
98
9712 Mar'23
99 101
99
99 Sale 99
9814 97 Aug'23
93
107
14
107 Sale 106
3
10813 Sale 10812 10812
77
85
77 Sale 76%
7112 _ -- 74 Sept'23
7434 96
74 Sale 74
97 100% 100 Sept'23
4 ___- 0558 June'23
1
94/
7858 May'23
4
1
93% 20
4 9314 93/
1
92/
8212 78 Sept'23
78
99% --- 9912 Sept'23
10414 105' 10414 10414
6
9113 92% Mar'23
90
94
18
94 Sale 94
81
81
1
8018 81

94 10013
112 115
11038 113%
7612 8012

-66- If"
88ti
89
76%
687s
48

94
98%
4
1
77/
667s
58

100 102
9233 eta•

4
1
99% 101/
74 81

94 94
4
1
943s 97/
9053 97%
10312 108
10212 10514
4
1
79% 88/
4 91%,
/
8611
79% 84
11412 11412
94% 97
4
1
9734 103/
4
1
9714 98/
8078 8634
8014 81
82% 8913
9618
84
9014 95
4 781.3
1
78/
7638 81
7474 76
90% 9014
4
/
5018 561
li4 53
52
4658

g

El:
234
87 2 97
9584 mg

83 8912
9632 10118
47 66
104 106%
8112.
76
86% 9712
56
44
413s 46
4
1
10412 107/
92
971t
4,
1
7913 86/
79% 84
9412 98
78
78
4
1
84/
81
86% 90
5412 68112
7014 7414,
6112 6514.
77% 83%,
49% 62%
70
56
55 68
70% 84
6313
52
98
96
9458 96
93% 95%
89% 77
6814 68%.
8018 87
4
1
87/
79
9814 10512
101 losta

if" 01;
ova
97 103
9914
97
105 110
106 111
82
76
74
8034
7212 83%
95 10112
95% 95%
7838 7912
91% 97%
78
8378
9912 100%
104 1(171:
4
1
9212 92/
9238 9634
765s IQ%

July. k Due Aug. o Due Oat. so Due Nov. g DUO Deo. is Option sale.

1649

New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE 1 11
Week ending Oct. 11.

Price
Thursday
Oct. 11.

Week's
Range or
Last Sale

4
E3
2
34,

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 11.

Ask Lois
High Illinois Central (Concluded)
High No. Low
Bid
1952
Purchased lines 3340
8912 32 874 925s
Chic Un Sta'n let gu 4348 A_1983 is 893s Sale 8834
1
Collateral trust gold 49...1953
10012
95
9612
i
9834
S
4
9812
983
1983
58 B
1953
8 11212 11512
Registered
113
1963 J J 11212 11318 113
1st Series C 8348
1955
Ref 52
10412 105
10458 Sept'23
Chic & West Ind gen g 89._51932 QM 10412
1934
15-year secured 5340'
6812 7578
7018 27
1952 S i 7018 7012 8958
Consol 50-year 431
8 10112 1034
15-year secured 830 6_1938
1935 MS 10212 10258 10212 10212
15-year a I 734s
48
gold
1950
Cairo
Bridge
97
95
95
94
Sept'23
N
95
59-1952
Choc Okla & Gulf cons
Litchfield Div let gold 39_1951
88 Mar'17
gu 49 g_ --1923 MN
C Find & Ft W
&
1953
Div
3348
g
Loulsv
Term
-airs
1
9
8
Aug'23
8712
4
3II
868
.1
J
-1937
434s__
gold
2d
D
&
H
Cin
Omaha Div lot gold 39_ _1951
91 89 Aug'23
884 89
/1938 Q F 89
CIStL&Cletg 48
St Louis Div & Term g 38_1951
904 Oct'22
/1938 Q F 8512
Registered
1951
Gold 33411
. IA
;
a
844 June'23
1942 MN 8458
CM Leh & Nor gu 4s g
1951
s
SprIngt Div 1st g
97 99
1928 is 9712 100 9738 Aug'23
Cin S & CI cons 1st g 58
1951
93 94
Western Lines 1st g 49
93 Mar'23
Clear'& Mah 1st gu g 58._ 1943 S i 9414
27
1951
Registered
8218
76
Sale
7814
D
774
S
7814
Cleve CM Ch & St L gen 48.1993
1
1940
9114
9114
9014 9312 Ind B & W lot prof 48
1931 is 9118
20-year deb 4345
10
1950
&
III
g
Ind
let
100
Iowa
9558
48
99
9534
9738
974
D
J
1993
B
Series
General 5s
1985
Ref & impt 69 Series A-- _1929 J J 10112 Sale 10078 10158 25 100 1024 Ind Union By 58 A
102 Oct'23
10012 10212 lot & Great Nor adjust 89_1952
1941 is 102
89 C
2
1952
mtge
1st
&fogs
85
8512
86
88
8018
88
is
1939
Cairo Div 1st gold 48
1938
771 7614 Sept'23
7514 7838 Iowa Central let gold 58
Cm W & M Div let g 49.-1991 S i 76
1951
48
gold
Refunding
78
8138
Sale
78
78
7479
MN
tr
coll
1st
g
413-1990
Div
g
St L
8218 Sept'23
824 84
SPr & Col Div let g 4s....1940 MS 82 _
8258 Sept'23
8058 8214 James Frank & Clear let 49_1959
W W Val Div 1st g 48.....-1940 J J 8212
10318 1064
1934• J 1024 1061 10412 June'23
OCC&Igenconag88
1938
9412 98 Ka A & G R lst gu g 59
Clev Lor & W con 1st e 54-1933 AO 9838 983 964 Oct'23
1990
94
9418
Sept'23
924 95 Kan & M lst gu g 48
N
1935
4345
g
gu
1st
Cl & Mar
1927
2d 20-year 58
_ 93 Mar'22
1938 is 9014
Clay & Mahon Vail g 5s
91 Mar'2
K C Ft S& M cons g 139___A928
CI & P gen guOis Ser A.-1942 is 9212
own
10412
49-1938
ref
Ry
M
S&
Ft
KC
92i
5
1942
AO
Series B
--__
KC&MR &B lat gu 59_ _1929
_ 9812 Feb'l
7884
Int reduced to 3348.- 1942 AO 7834
Kansas City Sou 1st gold 39_1950
1948 MN 7978 _ _ _ _ 9018 Dec'l
Series C 3%9
Apr 1950
__
7978
Ref & impt 58
67
Jan'2
1950 P A
Series D 334s
12
8918 98 Kansas City Term lot 49.--1960
8958
893
Cleve Shor Line 1st gu 4348-1961 * 0 9018 91
1017
45..
17
_1987
gold
10112
Central
10112
Kentucky
Sale
106
101
1972
A0
Cleve Union Term 534
951
14
944 9512 Keok & Des Moines let 59_1923
1973 AO 95 Sale 9478
58 (w 1)
1925
8014 8018 June'23
804 85 Knoxv & Ohio lot g6s
1945 J D 79
Coal River RI 1st gu 49
4
90% 9312
92
Colorado & South lst g 49-1929 FA 9158 Sale 9152
4 804 874 Lake Erie &West let e 56-1937
811
Refunding & eaten 434 a_ _1935 MN 8078 Sale 8012
1941
8018 Sept'23
78 801s
1948 AO 80
Col & H V let eat g 49
1997
8034 Lake Shore gold 3348
76
774 Aug'23
1955 FA 7818
Col & Tol let ext 48
1997
17
841
Registered
80 87
Cuba RR let 50-year 59 g.._ _1952 S i 8414 Sale 84
1928
4 100 10512
Debenture gold 49
1936 3D 1014 10212 10112 1021
let ref 734s
1931
25-year gold 40
1931
Registered
9234
91
9118 June'23
Day & Mich let cons 4346_1931 is
25
8234 90 Leh Val N Y lot gu g 444s.- _1940
84
Del& Hudson 1st & ref 49__ -1943 N 84 Sale 83
1940
6
90 98
Registered
1935 AO 9234 Sale 9234
93
20-year cony 58
15 974 10212 Lehigh Val(Pa) cons g 49-2003
1937
98
15-year 530
N 9712 Sale 974
2003
4
1
General cons 4340
1930 J D 10812 Sale 10812 10858 10 103 111/
10-year secured 7s
_ 87 May'2
1938 P A 8918
Leh V Term Ry let gu g 5s..1941
D RR & Bdge 1st gu 45 g
1941
8918 Sale 691s
Registered
707 143 "tio;
Den & P.Or-lst cons g 48..1938
75 80 Leh Val RR 10-yr coll6s__n1928
1938• s 7514 78 7514 Oct'23
Consol gold 4348
_1945
gel
49_
gold
guar
1st
8314
12
88
NY
8314
82
gold
Sale
58-1928 ID
Improvement
Leh &
4112 58 Lax & East 1st 50-yr 55 gu 1985
441 153
1955 FA 43 Sale 43
let & refunding 58
1982
4912 Aug'2
Little Miami 48
do Registered
1935
4112 46 42 July'23
4212 5314 Long Dock consol g65
Farmers L&Tr rota Aug '55_
40 50 Long Iald 1st cons gold 59._81931
424
Bankers Tr °Us of dep
424 Oct'23
3912
81931
50
46
1st consol gold 48
46 June'23
do Stamped
1938
4238 46
2
424 45 4238
General gold 49
4238
Am Ex Nat Bk Feb '22 Ws_
1932
Gold 4s
3912 57
do Aug 1922 Ws
1949
2
45
35
Unified gold 48
Des M & Ft D let gu 4s_ _1935 ii 36
3612 3514
38
1934
_
934 Sept'2
Debenture gold 511
Des Plaines Val let gu 434e1947 M
1937
65
7518
20-year p m deb 55
65 Aug'23
Det & Mack-let lien g 45.1995 J D
60 7314
Guar refunding gold 49._ _1949
1995 J D 5512 80 734 Aug'23
Gold 4s
lot
9014
B
55-01932
Sh
85
gu
Nor
7
cone
1961
88
8712
87
88
Tun
Det Riv
4345
MN
9814 9912 Louisiana & Ark 1st g 58---1927
Dul Missabe & Nor gen 56_ _1941 iJ 98% ____ 994 July'23
98% 10044 Lou & Jeff Bdge Co gu g 48._1945
Dul & Iron Range 1st 59- 1937 AO 9784 9812 9858 Oct'23
9514 9812 Louisville & Naahvllle 59_ _1937
9518 July'23
-1937 AO
Registered
1940
74 80
Unified gold -is
Dul Sou Shore & Atl g 58
79 79 Sept'23
1937 is 76
1940
Registered
844 90
Collateral trust gold 56_1931
844 July'23
E Minn Nor Div 1st g 49-1948 AO
1930
9112 9312
1938 MS 9058 95 9312 June'23
10-year secured 75
E Tenn room lien g 55
2003
97 100
1930 S i 9812 987s 9814 Oct'23
1st ref 53411
ET Va&GaDiv g 5a
2003
1956 MN 9838 Sale 98
3 964 9912
Cons let gold 59
9838
58 B (w I)1930
1
9758 10014
Elgin Joliet & East 1st g 58 1941
98
N 0& M 1st gold 133
N 9734 9914 98
1930
32 10212 10434
2d gold Gs
Erie let consol gold 70 ext-1930 MS 104 Sale 10318 104
1998 is 5734 Sale 5754
Paducah & Mem Div 49_1946
let cons g 49 prior
5814 101
5412 60
Registered
1996 is 5118 ____ 57 Mar'22
St Louis DIv 2d gold 38-1980
4313 52
L&N&M&M lot 6001945
let consol gen lien g 45.-1998 is 4958 Sale 4912
339
51
1998• J ____ 4714 47 Sept'23
Registered
43
4714
L & N South Joint M 48_1952
Penn coil trust gold 45-1951 FA 8934 Sale 8934
81952
Registered
4 82 897s
8934
50-year cony 4s Ser A1953 A0 5214 Sale 52
4112 5472 Louiev CM & Lox gold *48_1931
8
5234
1953 * 0 5238 Sale 5178
do Series B
4214 55
5238 31
Gen cony 49 Series D---1953 * 0 55 Sale 55
1934
4334 58 Mahon CI RR lot 58
5812 26
Erie & Jersey lets f 89
1955 ii 88
89 8812
8812 76 84 8978 Manila RR(Southern Lines) 1939
Erie & Pitts gu g 39.58 B---1940 S i 804 ____ 84
1
84
8334 85 Manitoba Colonization 59..1934
1940 S i 8018 --__ 82 July'23
Series C
82 8314 Man GB&NW let 3I49._ _1941
Evans & T H let gen g 69-.1942 *0
88 Apr'21
Mex Internat'l let cons g 48-1977
1930 A0
1931
6912 Apr'21
Sul Co Branch let g Ss
Michigan Central 58
1924 is 9914 --_- 9912 Aug'23
Fargo & Sou es
-9er3 1E112
Registered
1931
Fla Cent & Pen 1st ext. g 59_1930 is 9412 --- 9412 June'23
1940
40
9412 9412
1943 is
Registered
Consol gold 59
9512 Sept'23
96
91
1940
Florida E Coast lot 4348....1959 in 8538 8718 87
854 89
1951
J L & Slot gold 334a
Oct'23
1952 MN 8458 6734 6734 Sept'23
65 72
Fonda J & Glov 4345
let gold 3349
1952
4 834 8134 Oct'23
79 8134
20-year debenture 48
Fort St U D Co let g 4349_1941 J J
1929
1961 S D 9812 9978 9934 Oct'23
1940
9944 103 Mid of N J lot ext 55
Ft W& Den C let g 5348
82 8798 Milw L S & West imp g 58_ _1929
Ft Worth & Rio Gr 1st g 49_1928 S i 8318 8434 8258 Oct'23
106 109
Ashland Div 1st g 89
1925
Frem Elk & Mo V 1st69.-1933 AO 10678 10734 10812 Oct'23
981 9534 Oct'23
GH&SAM&Plet 59-1931 MN 96
954 994
Mich Div let gold 69
1924
9912 98 July'23
1931 ii 95
934 98 Milw & Nor let ext 434s..._1934
2d oxten 59 guar
eel,
Cons extended 434o
1
1934
854 8973
Galv Hone & Hend let 59_--1933 * 0 884 8958 884
86
6 82 8858 Mil Spar & N W lift gu 4e_ _ _1947
Genesee River let s f 69._.1957 S i 8584 8612 86
794 824 Milw & S L lot gu 334e
- 8212 Aug'23
1941
Oa & Ala Ry 1st col 5s_ __ _01945 55 794
9058
90
9112 Minn & St Louis let 78
g 58.-19295,
4
1927
9058
Ga Car & No 1st
6184
1946 * 0 6134 Sale 6134
lot consol gold 5s
2
1934
4 64%
1
30/
Ga Midland 1st 35..
- 9958 July'23
9914 9912
lot & refunding gold 48__ _1949
Gila V G & N 1st gu be__ 1924 MN 9912
1942 J D 9434
Ref & ext 50-yr 55 Ser A _1982
Gou & Oswogatch 5s
92"le' 92 M StP&SSM con g 48 lot gu'38
Gr & I ex Mt gu lc 430-1941 S i 8934 91
1st cons 58
1938
11318
9 11158 115
Grand Trunk of Can deb 79_1940 AD 113 Sale 113
1035
Sale
1936
8
10234 105
10358
MS
10-year coil trust 634s
1931
Oa
104
37
f
9
15-year
1947 S D 8434
10112 Apr'07
89 A
1946
Grays Point Ter 59
1st Chicago Term 0 f 4s_ _ 041
Great Nor gen 7s Series A_ _1936 S i 10834 Sale 10638 10634 187 10518 11112
8618 9212 MSSM&Alstg49inteu_19213
8678 20
let & ref Oil, Series A-1961 J J 8658 Sale 864
1981 J J
_ 90 May'23
8632 90 Mississippi Central lot 5s...1949
_
Registered
96 1024 M K & Okla let guar 5s__ _1942
1952 J J 97 Sale 9612
97
549 Series B
51
60 75 Mo Kan & Tex-lst gold 48_1990
8038 June'23
Green Bay & W deb ctfa "A"____ Feb
Feb
1314 Mo-K-T RR-Pr 15e Ser A_1982
714
7
718 8
718
Debenture ctfs "B"
8412 8412
40-year 48 Series B
1982
844 Oct'23
Greenbrier lig 1st gu g 48_ _A940 MN
78 844
7938 79
10-year 13e Series C
1932
79
1
Gulf & S I 1st ref & t g 58_81952 J J 79
67
7018
MN
Sale
7812
49..1954
70%
7012
let
Cum adlust 55 Series A _ _1987
5
Harlem B.& Pt Chas
8278
80 88 Missouri Pacific(reorg Co)
5
Hocking Val 1st cons 54348.1999 S i 8118 83 82%
81
8112
1999 5"
let d refunding 59 Ser A_1965
8112 July'23
Registered
9558 9734
let S,refunding 58 sec o_ _1926
1937 S i 9758 _ _ _ 9758 Oct'23
H & T C 1st g 58 int gu
88 93
let & refunding 68 Ser D_ _1949
90
1
Houston Belt & Term let 59_1937 S i 90 Sale 90
98
49
9414
93
N
General
90
98
1933
1975
July'23
Hone E & W T let g 59
9318 98 Missouri Pacific1933 MN 9414 9878 9318 July'23
let guar 58 red
87 87
1938
34 70 Extended at 4%
Housatonic By cons g 59_...1937 MN 7578 95 87 May'23
1948
7878 8478 Mob & 131r prior lien g 58
8234 66
Hud & Manhat 59 Series A.._1957 FA 8118 Sale 8118
55 6438
Mortgage gold 48
1957 A0 5858 Sale 5818
1945
.57
116
Adjust income 58
8812
88
new
is
Ohio
921s
&
gold
8912
Mobile
8912
89..1927
49..1951
Oct'23
Illinois Central let gold
let ext gold 68
8318 Sept'23
81927
1951 is 8418
Registered
S 78
'
80
7714 83
General gold 4s
78 July'23
1938
1951
let gold nis
Montgomery Div lot g58.1947
80 Oct'22
1951 is
Registered
83 83
83 Feb'23
1927
St Louis Div 59
Extended let gold 334s.-1951 * 0 76
784 7614 Mob & Ohio coil tr g 49
1938
1951 * 0 75 80
7614 Sept'23
Registered
1991
8312 Mar'22
Moh & Mal lot gv 148
1951 MS
let gold 39 sterling
834 Sale 80
1937
7718 854 Mont C let gu g e
8
Collateral trust gold 49-1952 M
834
Registered
1937
9538 Sept'19
1952 A0 7814
Registered
1955M N 8312 Sale 834
1937
let guar gold 38
8 82 8834
lit refunding 45
8353
*No price Friday: latest bid and asked this wnek. a Due Jan




6 Due Feb.

Price
Thursday
Oa. 11.

Range
Brace
Jan.1

Week's
Range or
Lag Sale

Mob
High No. Low
Ask Low
7512 79
78 7512 Sept'23
7734 83
7934 10
80 7934
7688 784
77 Sept'23
9778 10012
9953 10
9914 9934 9912
10034 Sale 10038 10114 38 100 10258
17
111
10718
10812
10918
109
10812
8238 87
8238 -- 8312 June'23
4 73
1
69/
8814 6912 71 June'23
2 7212 7978
7338
733s -- 7338
5
6734 69/
4
1
6814
6814 -- 6814
68 71
June'23
70
70
6812
75 80
7434 -- 75 May'23
_ - 7812 May'22
7612
80 83
83 May'23
92 Mar'10
7814
'TA WI;
86 Mar'23
8212 8579
8134 84 8212 Oct'23
944 100
9518 9812 9412 Oct'23
33 4914
181
4278
40 Sale 40
8812 975a
6734 26
4034 4114 8112
734
57
5
60
60
60
57
14 60
5
1618
1618 1612 1618

Bid
75
79

82

Sale

82

82

78
7778 7614 Sept'23
9734 97 Oct'23
97
101
101 Sale 101
7414
74 Sale 7358
Oct'23
931g
9512
9318
697
6978 ____ 6912
8518
8518 Sale 8418
81
81 Sale 80
8078 834 82 June'23
8538
8538 6512 854
10012 10114 10012 1001

5

82

87

"ill' IA
957a 97
10012 10234
73 7912
9234 95
63% 704
31
32 83 894
32 765a 834
8358
81
64 92
21
78
101
10012
3

28

1
931
9312 Sale 9312
8
86
86 Sale 8512
16
75
7418
744 Sale
7118 74 7212 Sept'23
18
94
9358 Sale 9338
7
913s
9138 Sale 9138
8512 July'20
9014
2
923
9258
9258 9312
8912 -___ 9012 Oct'23
4
7714
7814 77 7714
1
86%
8538 8614 8818
10138 103 10138 Sept'23
_ _ 100 Sept'23
9612
2
103 Sale 10258 103
8034 8714 8958 Oct'23
3
9738
9738 Sale 9738
81 Mar'23
Aug'23
107
107
9814 98 9612 Sept'23
92 9212 May'23
89
86 8434 Sept'23
84
-- 8112 July'23
814
75 July'23
757s 84
92 Oct'23
5
834
8241 8312 8314
6
774
7714 77% 77
93 June'23
9114 -9712 98 Sept'23
98
1
7934
7812 80 7934
10014 102 10078 Sept'23
8938 39
8812 8938 8918
9014 May'23
9712
9712 10
-07i298
4
10718
10814 10718 107
10218
10238
10314
10318
954 156
95 Sale 9514
10234 105 10258 Oct'23 _
984 -- -- 10112 Feb'23
83 85 83 Sept'23
60 6114 8158 Oct'23
8914 -- 9334 Sept'23
7712 8014 7712 Oct'23
7214 ---- 7312 Apr'23
_
9534 Oct'23

9118 97
814 87
7238 781i
7212 75
904 96
9058981*
918* 97
90 9214
7618 814
84 024
1007s 1024
100 100
10014 105
804 8956
974 100
81
81
107 107
955a 98
9058 9214
854
81
81% el%
75 81
91 91
824 8512
75 83
92 93
93 98
77 83
9756 103
8714 92
904 904
974 101
106 109
4
1
10114 105/
95 9614
1014 103
9712 101
8214 8411
584 63
9212 96
75 8054
ye% 7312
4
1
945a 97/

9812 984
98
984 July'23
71
61
9 95/
6152
604 63'z 61
4 984
1
10
9712
9712
9612 9712
62 83
82 Sept'23
804
77 Mar'17
fir"
101 Aug'23
9612
9734 10012
May'23
10012
4
1
95/
8534 88
88 8534 Oct'23
86
86 86
____ 8712 86 May'23
80 80
7412 78 80 Feb'23
784 84
76
7812 7614 Sept'23
8938 93
9112 9214 9112 Oct'23 - --- '87 87
804 ---- 87 Apr'23 -- 9818 100
9934 Aug'23 -10012
-- 10112 Mar'22 -- 1664 11817.,
10034 Aug'23 ---8734 924
10014 _ _
Oct'23 -8818 92 91
89 91
92 8912 Sept'23 ---90
834 89
8312 -8312 Sale 8312
97 16111
7838 86 8618 Aug'21 -- --1
9934
55
76
9914 - - 9934
5812 18
56 Sale 55
40
18
24
1934
19 Sale 19
3914
14
_
1512 Oct'23
1512 18
8454 9912
5
4
873
87
8812 873s
98 1004
9814 99 9812 Oct'23 - 14 10014 106
10134 Sale 10134 102
a8lz 1054
9958 100 99 Sept'23
- 9212 Dec'22
914
9697
9612 9714 98 Sept'23
8814 100
1
8814
8814
8814
9134 94
9134 May'23
733s 8014
55
7478
7358 Sale 7338
7434 835a
7712 Sale 7634
7712 98
6112 6711
22
6312
6334 Sale 6318
4 96%
923
9418 38
9378 Sale 9378
4888 68
5112 284
'5034 Sale 5034
75'l 8872
11 ..
78
73
7614 75,2
944 9634
96 9478 Oct'23
95
0 99
*
157
90
891. Sale 88
4918 63%
5012 242
50 Sale 4912
7912 81/
4
1
8018 8112 8034 Aug'23
9178 92%
9212 ____ 924 Sept'23
54
73
6915
6912 Sept'23
12
104%
100
gels IN
10212 103 103 Oct'23
3 7258 yips
100 103 10058 10059
74 Sept'23
° 9454
,
,.‘
9
93 9214 Sept'23
9512
1
9414
9414 Sale 9414
7412 7812
1
7412
7412
Sale
7412
8238 gess
82 8238 May'23
80
107 izz
10712 109 107 Oct'23

9914 10013
Option Bale.
Due June. 2 Due July. 0 Duo deJt. o Due Oct.

9914 101'S

New York Bond Record-Continued-Page 3

1650
BONDS
N.Y.STOCK EXCHANGE
Week ending Oct. 11.

t
t

Price
Thursday
Oct. 11.

Week's
Range or
Last Sate

44

Range
Since
Jan. 1

BONDS
N. Y.STOCK EXCHANGE
Week ending Oct. 11.

Sn

Price
Thursday
Oct. 11.

Week's
Range or
Last Sate

Range
Since
Jan. 1

High No, Low Ingb
Ask Low
Bid
High
High No. Low
Ask Low
Bid
4
6912
8834 78
78 Peoria dr East 1st cons 48-__1940 A 0 8912 Sale 6834
744 35
74
M & E lat gu 34i8
2000 3D 74 Sale 74
73
27
27 2512
2038 80
Income 45
1990 Apr. 26
1
984 101
9912 9914
Naahv Chatt & St L 1st 55 1928 AO 99
9914
8
9254 98
Sale
9312
9418
1956
J,
J
9312
Marquette
let
Ser
A
55
gg
gg
Pere
5
98
N Fla & S lst gu g 5s
1937 FA 9613 -- 98
17
7812 824
7712 Sale 784
7712
Ist Series B 4s
Nat Ry of Mex pr lien 065_ _1957 J J 2614 --- 30 Sept'22
8734 9214
19
94
56
3M
I N
j 8758 ____ 8734 Oct'23
3234 Phila. Balt & W 1st g 48
23
2534 2712 264 Oct'23
July coupon on
4978
4312
41
35 Philippine Ry 1st 30-yr s f 4s 1937 J 3 4312 Sale 434
29
2414 2614 29 Mar'23
do off
94 9714
1940 A 0 9218 98 9412 Sept'23
2618 2818 P C C & St L gu 44is A
2818 July'23
1977 A 0
General 48 (Oct on)
Oct'23
94
97
75
____
9414
1942
A
0
9218
4468
guar
2434
Series
B
2134
20
23 22 Sept'23
April coupon on
9312 9414
1942 M N 9134 ____ 9312 Aug'23
Series C 44,55 guar
28
2912
181* 3012 2912 May'23
do off
Oct'23
8954
93
9118
M
N
91
1945
8612
Series
D
4s
guar
3814
39
3912
June'22
430_1928
.1
.1
Nat RR Mex prior lien
8412 9334
2 -5ii2 ;aSeries E 33is guar gold__ _1949 F A 8334 91 9038 Oct'23
384 Sale 3878
3878
July coupon on
9134
89
19531 D 8534 ____ 9112 June'23
Series F guar 45 gold
4438 444
3611 4014 4438 Mar'23
do off
Sept'23
98
9112
93
M
N
894
1957
854
0
4s
guar
Series
27
28
lat consol 45 (Oct on)____1951 A 0 2314 30 28 Apr'23
9212 944
2114 2812
Series I cons guar 4.415___ _1963 F A 9014 ____ 9314 Sept'23
2314 30 23 Oct'23
April coupon on
9112 94
1984 M N 9014 ____ 9112 Oct'23
2212 2818
Series J 440
2314
2258 2458 23
do off
41
9358 foals
96
1970 J D 954 Sale 95
General 58 Series A
6818 8818 May'23
884 8818
1954M N 68
Naugatuck RR let 48
75 9059 Pitts L Erie 2d g 55
61928 A 0 9838 ____ 99 Nov'22
1945 J J 763s 8778 75 Aug'23
New England cons 58
Dec'22
105
107
Melt
_1932
.1
.1
Pitts
&
Y
1st
gu
8s
10814
69
7514
69
1945.3
.1
Aug'23
6814 76
Consol 45
1934.3 .1 9938 ____ 9514 June'20
82 82
2d guaranteed 8s
82 Jan'23
NJ June RR guar 1st 4s__ _ _1988 F A 79
1940 A 0 9818 9934 9934 Oct'23
77 8li2 Pitts Sh & L E 1st g bs
7734
NO&NElstref &imp 4As A'52 J J 7734 Sale 7734
100 Feb'23
1943 J .3
4
1st consol gold 55
734 7934
7412
l953 J J 734 7412 74
New Orleans Term let 48
9 100 10112 Pitts Y az Ash 1st cons 5s_ _1927 M N 994 ____ 98 Juno'22
NO Texas & Mexico 1st 6s 1925 .1 D 10014 Sale 10014 10034
3212
30 June'23
_1957
M
N
20
&cur
deb
4s_
_
29
Providence
725
8
84
74
75
7412
Sale
1935
A
0
Non-cum income 58
1956 M S 704 ____ 8858 Feb'18
8914 9012 Providence Term 1st 48
1945 J J 90
9278 9038 Sept'23
N & C Bdge gen gu 444a
-iff8734 82
1997.8 J 87 Sale 8658
9178 94 Reading Co gen gold 45
93 June'23
NYB&M B 1st cong55-1935 A 0 9218
3 79 88
8678
8878 Sale 8878
Certificates of deposit
NY Cent RR cony deb 68-1935 MN 10412 Sale 10414 10434 158 101 10838
5
80 80
81
8178 81
Jersey Central coil g 48-1951A 0 81
7
1998 F A 7914 80 7938
784 83
7912
Consol 45 Series A
Dj 10812 -----------8 84 884 Renee & Saratoga 20-yr6885
Ref & Irani 448s "A"-_2013 A 0 8458 Sale 84
5 774 -1;8-4
9734 9814 9814
9838 Rich & Dan 5s
9278
2013 A 0 9478 Sale 9454
9538 211
Ref &!mut 5s
72 72
1
9
5
4
,
8
ji
M
N
j 89 73 72 Mar'23
Meek
1st
g
50
Rich
&
RiverHudson
Central
&
NY
9612
95 100
9514
9814
9478
,
Rich
Ter
58
7418
1997
72 7734
3
J J 7334 Sale 7334
Mortgage 3458
83 87
1939 J D 83 87 8418 Sept'23
1997 J J 7114 74
8914 7312 Rio Or Juno 1st gu 58
7212 Oct'23
Registered
34 9
318 July'23
1940 J J
759 8
1934 M N 8838 Sale 8838
8812 914 Rio Or Sou 1st gold 48
8858 71
Debenture gold 48
11
11
11 June'23
1940 J J 12
Guaranteed
1942 J J 8518 8578 844
7
8438 9014
8438
30-year debenture 48
72 78
7434 13
1939 .1 .1 7414 Sale 7414
7114
6818 78 Rio Or West 1st gold 48
6
Lake Shore coil gold 3,40_1998 F A 7114 Sale 7114
4
6015
68
8312
0
Sale
63
A__
_.1949
A
6312
coil
trust
45
Mtge
&
1998
69
73
F
A
6878 7038 69 Sept'23 - Registered
714 81.
7334 25
7358 Sale 7214
1
7214
7114 7614 RI Ark & Louis 1st 44is- -1934 M
Mich Cent coil gold 33.s_1998 F A ____ 7238 7214
70
70
1949.8 J 85 6912 70 June'23
693s 75 Rut-Canada let gu g 45
1998 F A 8918
6938 Sept'23
Registered
80 8012
1941 J J 7834 79 80 Apr'23
8812 13 8378 9014 Rutland 1st con g Ois
Y Chic & St List g 4o___ -1937 A 0 8734 -894 88
6914 7584
1947 1 J 6812 72 6914 June'23
1937 A 0 8738 8712 8818 Sept'23
'86's 8812 St Jos & Grand tel g 48
Registered
91
9212
.1 8878 9312 91 Apr'23
8358 89 St Lawr & Adir let g bs
1996 JA 0
8778
1931 M N 8712 88 8778
7
Debenture 4111
9538 9811
9718 100 9778 Oct'23
2d gold es
1931 M N 10014 Sale 100
98 101
10012 40
2d68ABC
87
90
8712
874
g
48
1931
J
8712
Sale
&
Cairo
guar
J
F
A
St
L
8538
A-1953
8514
43is
884
8614
gu
Oct'23
Connect
1st
844
NY
931g 9912
9438
1931 A 0 9312 9438 9334
81 81 StLIrM aragencongba
_ 81 Sept'23
1947 MN 83
NY& Erie 1st ext g 4s
1931 A 0
-_- 102 July'14 - Gen con stamp gu g 50
1933 M S
95 May'23
95 9912
,88
ad ext gold 0
37
1929.3
J
8258 897a
Sale
83
gold
48
83
3
4
Unified
ar
ref
1930
A
834
94
94
0
9318
9438
Sept'23
4th ext gold 5s
74 80
7412 23
1933 M N 7312 7434 74
19281 13 92
9134 9134
Riv &0 Div let g 48
9134 Aug'23
5th ext gold 48
90
99
July'23
9714
Ter
gu
g
58-1930
A
0
99
1948
9818
St
L
M
Bridge
M
N
72
72
8114
g
ba
72
gu
July'23
Green
L
&
NY
j
J1 8612 Sale 88
66 704
_992288 j
1
3 j
664 81
2000 M N 7318
74 Sept'23
734 7738 St L & San Fran (reorg Co)4511'
N Y & Harlem g 34is
8C1
8572
15
81
Prior lien Ser B 58
1923 F A
81 Sale 804
9934 100
9934 June'23
N Y Lack & Western 58
97 10014
18
99
9812 Sale 9812
Prior lien Ser C 613
1973 M N
_
1st & ref bs
8754 9258
8
1942 J J 8978 9014 8912
1973 M N 8878 97 9512 Sept'23
8934
9512 97
54,1s
lst & ref 4448
130
894 80
71
Cum adjust Ser A 138____M955 A 0 70 Sale 70
103 June'23
99
_ 103 103
NY LE &W let 7s eat__ _1930 M
5414 67
81960 Oct 5558 Sale 5558
564 314
Income Series A 88 '
1943 J J 9914
9812 June'23
94 9812
Dock & Imp 55
1024 104
10318 ___ 10314 Sept'23
1932 F A 9612 -97 9812
9454 9878 St Louis & San Fran gen 05 Ini
2
9834
N Y & Jersey lat 5s
, 9954
9538
5
9734
973
4
gold
58
S
0718
9734
General
1941
M
91
844
g
48
Br
gen
July'23
N Y& Long
824 824
StL&SFRRconag 4s
1996
J
8212 July'23
NYNH& Hartford91
91
southw Div 1st g bs
1947 A 0 8814 ____ 91 June'23
344 47
10
36
Non-cony deben 3As.--1954 A 0 384 37 36
9818 103
1
9914
1947 M
4734 49 St L Peo & N W lst gu U.-1948 J J 9012 102 9914
35
55 48 June'23
Non-conv deben 48
1931 M S 8938 Sale 8714
5 8812 8932
8938
35
36 44 June'23
4312 48 St Louis Sou 1st gu g 45
Non-cony,deben 3418---1947 M
8 724 7854
7534
1955 J 3 39
3734 5138 St L S W let g 48 bond ctfs 1989 M N 7434 Sale 7312
40 40 Sept'23
Non-conv deben 45
86/
1
4 7012
3
39
2j
J D
J 6
76
8114
8 s_a_l_e_ 8
78
538
18 001'6238
2d g 45 income bond ctfa.p1198
1956 M N 36
51
37
2
3934 3954
394
Non-cony deben 45
Mg 78
22
Consol gold 45
3512
1958
J 35 Sale 35
4812
34
Cony debenture 340
73
14 82Io
58,19523
22
74
unifying
J
731.
&
7334
terminal
1948
.1
743
5
1st
5412
5512
5412
J
Sale
7314
45
52
Cony debenture 68
8112
74
7512 14
2714 4234 St Paul K C Sh L let 4%5_1941 F A 7434 Sale 7434
2734 36
4% debentures1957 MN 2734 Sale 2714
got, 904
Sept'23
448s
1
9
4
3
9012
Trunk
7
3
j
J
.
j
7
8912
1925
84
Or
A
Paul
&
6278
Sale
0
81
St
14
Loan
544
6112
8278
European
78
9114
93
July'23
9058 ____ 9134
1925 A 0 5812 5958 5014
6014 7112 St Paul M & Man 48
35
Francs
501
108 1094
19331 J 19
05838 19
05
63
14
2 108
538 Sept'23
1st consol g 88
Cons Ry non-conv 48„..-1930 F A 3814 ____
9558 994
3
1954 J .1 3878 3978 40 June'23
4
88 Reduced to gold 4%s _1933 .1 J
40
4611
Non-conv 45
8918 93
9
190j
19371 D
j 8814 90 8918
8914
1955 J J 3754
42
44
Mont ext let gold 45
43 July'23
Non-cony deben 4a
.84
85
85 July'23
Pacific ext guar 45
1956.8 J 4734 50 40 Sept'23
40 40
Non-cony deben 4s
703s 7155,4
2
gotta 9978 S A & A Pass 1st go g
7214
7178 Sale 717a
•Li
NY & Northern let g 5s......1927 A 0 9812 99 9938 June'23
97 99
1942
N y 0& w ref 1st g 45.--4;1992 M S 8114 Sale 604
9859 -___ 97 May'23
7 6014 7078 Santa Fe Pres & Ph 58
8114
78Is 8314
1950 A 0 8012 Sale 8038
8012 14
1955.8 D 56
7058 San Fran Terml let 4s
58 584 Sept'23
60
General 45
107 10814
1934 A 0 1054 ___ 108 Oct'23
1942 A 0 72
Sav Fla & W 6s
73 Aug'22
NY Prey & Boston 48
9934 9954
1934 A 0 9934 10112 9934 July'23
58
-8814 -8234
NY & Pu let cons gu g 48-1998 A 0 798 8214 8014 Sept'23
8465 874
1
N 88 Sale 88
86
M A o
1927 MS 964
_ 95 Apr'23
95
95 Selo V & N E lat gu
NY&RB 1st gold 55
53 58
53 53
5618 ____ 56 Sept'23
50 60 Seaboard Air Line g 4s
53
2
N Y Snag & W 1st ref 58_ _1937 J J 50
52 58
1950
22
stamped
A
0
Gold
45
1937
F
A
4878
5534
564
494
45
553t
554
42
4is
gold
4
Sept'23
2d
2234 384
01949 F A 3478 Sale 3278
3878 881
Adjustment 58
1940 F A " 38
39
49
39 39 Sept'23
General gold 58
39 46
1959 A 0 4438 Sale 4438
Refunding 48
9368
1943 M N 83
4512 187
84
89 June'23
Terminal 1st gold 58
Series
A
584
68
339
65
44i
a.'46
J
1st & cons
1945 M S 8534 Sale 6512
38 Sale 3712
324 5014
884
39
17
N Y W'ches& Blot Ser I
9354 9734
1
64 63 Oct'23
9714
71 Seaboard & Roan 1st ba.--1926 J .1 9714 ____ 9714
61
Norfolk Sou 1st Bc ref A 58 1961 F A 63
87%
9312
sh
&
so
1st
gu
g
5a
1943
J
D
3711
58-1941
M
N
8712
3812
Sher
&
Sou
1st
gold
90
3612
June'23
8812
Sept'23
Norfolk
98 10114
1936 F A -ii"
984 Aug'23
106 10812 SAN Ala cons gu g 55
Nonf & West gen gold 8s_ __ _1931 M N 10612 10314 10612 Sept'23
1963 A 0 9712 984 974
Gen CODS guar 50-yr 55
1934 F A 1084 -- _ _ 110 Mar'23
MS 9978
9712
Improvement dr extg
110 110
913 L
774 85
1932 A 0 10718
10714 10714
5
8212 Sale 8238
83
7 10634 10714 So Pao Co145 (Cent Pee col)i1/'49
New River 1st gold
N & w rzy 1st cons g 48_ _ _1990 A 0 8914 Sale 88
20-year cony 45
go
14 9314
85
9214 50 9012 9232
40
914 Sale 9178
98 1024
1934 J 13 9758 9912 98 Oct'23
1998 A 0 8512
20-year cony 55
85 July'23
Registered
85 90
101 10375
1937 M N 92 10358 10334. Oct'23
824 89 So Pac of Cal-Gu g 58
Div'l lat lien & gen g 48_1944 J J 864 8734 8612
1
8812
88
90
937 J j
J 8833 9012 90 Sept'23
105 Aug'23
101 108 So Pao Coast let gu 48 g__ _ 19
10-25 year cony 018-1938 M S 90
553
1929 M S 10812 108 10612 108
854 Sale 8514
173 10612 11734 So Pac RR 1st ref 48
10-year cony 88
8578 83 83 884
924 984
8468 8838 Southern-lat cons g 5s_ __A994 J .1 9414 Sale 9334
1941 J D 8314 38 8512 Sept'23
Pocah C & C joint 48
9412 74
6814 6911
Develop & gen 4a Ser A_ _ _ 1956
6 A 0 681j Sale 68
85
79 July'23
79 83
8838 159
North Ohio 1st guar g bs---1945 A 0 78
8154 87
1997 Q .1 8258 Sale 8212
10112 138 100 102
BM
10114 Sale 101
324 61
Nor Pacific prior lien 48
1 90 97
1997 Q I -___ 8112 8114 Sept'23
Mem Div 1st g 441e-5s-1998 J .1 93
93
94 03
834
81
Registered
1 7514 81
02047 Q F 5858 Sale 5858
St Louis div 1st g Is
1951 J .1 77l 79
5912 43
5855 8214
General lien gold 38
97 9934
9
t7213
02047 Q F 684 80 So Car & Ga 1st ext 541s___ _1929 MN 98
5878 60 June'23
99 9
78
712
8 Sep7
Registered
8154 83Is
D
J
Oct'23
Internet
let
g
55
194
19
5
5
3
j
84
A_-_2047
J
.1
8312
84
____
824
8214
9012
Spokane
83
8112
ser
5
430
impt
Ref dc
2047 J .5 10334 Sale 10312 10438 87 10314 10934 Staten Island Ry 440
80 Oct'20
85 ser B
91
1936 J J 91 Sale 91
2047 J J 9234 9312 9258 Oct'23
9212 100 Sunbury & Lew 4s
ba C
9212 9414 Superior Short L 181 58 g-__e1930 M S 9618 ___ 95 May'18
2047 J J 9234 Sale 9212
36
93
be D
89 Feb'23
89 89 Term Assn of St L 1st g 4%5_1939 A 0 9134 044 9212 Oct'22
St Paul-Duluth Diva 48-1996 I D 7812
1944 F A 96
Q
F
09 97 Sept'23
1st cons gold 55
58..1931
9878
9878
9813
Jan'23
1st
Duluth
St Paul &
77 82
8414 8414
1953 J J 7718 7814 7812 Sept'23
Gen refund e I g 48
1968 .1 D 7614
8414 Jan'23
1st consol gold 4s
90 9034
1943
9038 May'23
J
_ 1094 Oct'23
108 110 Tex & N 0con gold ba
Nor Pao Term Co 1st g 65._ _1933 J J 109
Deo'22
3318
gu
g
_1943
M
S
Okla
1st
Texas
&
100
1938
A
0
102
974
100
Sept'23
10034
No of Cal guar g 5a
89's 96
9134 17
2000 13 0111 Sale 90
Texas & Pao 1st gold 58
1930.8 J 10138
_ 100 June'23
-North Wisconsin 1st 68
4012 54
42000 Mar 40
51 Aug'23
2d gold income 5s
71
88
Og & L Chem 1st gu 45 g__ _1948 .1 J 8318 87 68 July'23 -84 92
19311 J 9
85
33
348 8
982
81 8518 Oct'23
La Div B L lat g be
1943 M S 894
8812 Apr'23
8614 8834
Ohio Conn Ry 4s
96 9824
19351 J
97 Sept'23
1936 J D 9534 - -L - 964 May'23
954 9818 Tol dr Ohio Cent 1st gu 5s
Ohio River RR 1st g 5s
9214 98
125
5A D
O
94 Sept'23
Western Div let g 58
1937 A 0 94
9418 Oct'23
General gold 58
9415 9512
8768 92
9018 Sept'23
General gold 55
4
1927
.1 99
9938 9914
984 100
9938
Ore & Cal let guar g 58
284
32
Oct'23
1917
.1
30
30
32
West
45
Peo
&
90
Tol
1
48
1946
.1
D
87
8434
83
Nay
con
g
8818
8618
&
RR
Ore
9318 964
2
,
5A 0
J 9534 9618 96
9014 16
1
0934
99 10412 Tol St L & W pr lien g 340_ 195
Ore Short Line-1st cons g 5s 46 3 JP 9934 10034 9934
6818 75
30
71
71
6968
70
50-year gold 45
1946 .1 .1 10034 Sale 10018 10078 57
9978 105
Guar con 58
9514 9512
1931
9514 3une'23
94 96
1029
D 9214 Sale 9218
9058 924 Tol WV &0 gu 440 A
9214 27
Guar refund 4s
1933
j
J 94
9414 9814
98
9414 Aug'23
7,812 82
Series B 4s
7912 119
1961
J 7912 Sale 7834
Oregon-Wash let & ref 4s
1942 M S 8612 _ _ 8678 Nov'22
Series C 45
75 Sept'23
77
75 794
Pacific Coast Co 1st g 58_ _ _ _1946 J D 75
Ws lc
2 84 8858 Tor Ham & Buff 1st g 48_ _k1946 I D 7834 8014 804 July'23
8534
Pac RR of Mo let ext g 48- _1938 F A 8534 - - - 8534
94
9614
1
98
95
28
2A 0
13 0414 96
96
1938 3 J 9438 944 9438 Oct'23
9435 97 Ulster & Del 151.7009 g 58-19
2d extended gold 5s
58
_70
0
912
Mar'23
6712
7
9
48
_5018
1st
refundIng
438_
.1955
3
J
8912
91
90
91
a
90
s
f
Sept'23
Paducah & Ills 1st
69 8814 9435
138
1947
Eta
ale 95
J 9111 s
96
27
;
1
7312 51
6515 7812 Union Pacific 181 g 4s
Paris-Lyons-Med RR 6s__ _ _1958 F A 73 Sale 7268
9414
ma
39
1927
45
3
J
cony
1942
M
-year
8
20
7
9512
974
9512
9612
9514
9512
78
Paulista Ry
30 994 100
100
2008 M S
1st & ref tern.) 58 g
8812 9314
Pennsylvania RE-cons g 481943 M N 8812 - - - 8812 Sept'23
8112 18
80 88
52008 M S 8112 Sale 8118
1948 M N 8778 8812 8812
1st & refunding 4s
8812 10
8714 914
Consol gold 4s
05 90
10-year perm secured 6s _1928J J 10212 Sale 10218 10338 22 1024 10534
May 1 1908 MN 8358 8812 8812 Aug'23
48 stamped
90
9312
9212 9112June'23
0
94
26
4M j
a 90
12
1960 F A 9434 9534 95
9254 9858 U N J RR & Can gen 4s-1
95
Cons.]4s
9912 9978
9918 100 9978 June'23
Utah
& Nor gold ba
59
1985
J
D
9058
Sale
8578
9218
8934
9058
General 4s
1
91
9154
'
1933
J 8912 _-- 9612 Apr'23
let extended 45
50
1968 1 D 9912 Sale 9912 100
98 10134
General 5s
86 Apr'22
BO 10615 11034 Vanden& cons g 45 See A--1955 F A
1930 A 0 108 Sale 108
109
10-year secured 78
"ii" lif"
85 May'23
1957 MN
Console Series B
1936 F A 10818 Sale 108
10858 61 10615 1114
15-year secured 640
8712
34
618 June'23
30
Vera Cruz & P lat gu 4e_ J934 J J
Pennsylvania Co3 3012 45
3013
3914 32
July coupon on
Guar *Ss coil trust reg A-.937 M S 834 8878 8412 Nov'22
1928 M
9814 8814
____ 9912 9814 Mar'23
4
8218
8154 8315 Verdi V I & W let g 55
Guar 3448 coll trust Ser B.1941 A A 82 Sale 82
1928 M 13 984 984 9818 Sept'23
9815 9834
82 8138 Oct'23
8138 8318 Virginia Mid Ser E 55
Guar 341s trust Ws C__ _ _1942 J D 81
93
977s
1938 MN 9612 9712 9818 Aug'23
General bs
8154 Oct'23
8134 8134
Guar 34,611 trust ctfs D__ _1944 J D 8114
8914 93 Va & So'w'n let gu 58
9112 9314
0412 9112 Sept'23
2003 .1 J 92
9012
9058 10
Guar 15-25-year gold 4s__1931 A 0 954 91
Aug'23
9534
8584
81
7734
7614
1958
8534
8834
7518
76
go,
9038
let
cons
50
-year
58
A
0
MN
1
1952
Guar 4s Ser E
etre price pedal latest bid and asked this week. a Due Jan. 6 Due Feb. g Duo June. h DUe July It Due Aug., 01300 Oct. pDue Nov. Dile Dee. a Option sale.




a

_1311

&

--

g a-19958g

New York Bond Record-Continued-Page 4
7.
BONDS
N. Y. STOCK EXCHANGEr".
,
Z.
Week ending Oct. 11.

Price
Thursday
Oct. 11.

Week's
Range OT
Last Sale

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 11,

4?.

1651
Prfee
Thursday
Oct. 11.

Week's
Range or
Last Sale

4.2

Range
Since
Jan, 1

fltd
Ask Low
filch No. Low
High
Bid
Ask Low
litoh No Low
Virginian let 56 Series A____1962 M N
9338 Sale 9312
Mob
9418 10
9012 98 Det United lst cons g 0.68_1932 J J 8514 Sale 8514
86
21
95l Sale 95
Wabash 1st gold 58
82 8634
1039 M N
9514 17
9334 99 Diamond Match a(deb 7,48 1936 M N 10478 10518 105
105
7 105 10812
26 gold 56
8458 8534 8534
1939 F A
3
8534
83
Distill
Sec
Corp cony 1st g 5s1927 A 0 49
9214
49
53
4918 13
1st lien 50-yr g term 48
47
64
1954 .1 J 67
7158 71 June'23
6814 71
Trust certificates of deposit....... 4812 49
4912
4912
3
47
Det & Ch ext lst g 5a
64
1041 J .1 94 10018 94 Aug'23
Dominion Iron & Steel 56___1943
7938 Sale 7938
7912 12
78
Des Moines Div 1st g 46..1939 J J
8512
71 Sale 71
733 Donner Steel 7s
7138 10
1942 J J 8934 Sale 89
8934 11
Om Div 1st g 33is
93
84
1941 A 0 6514 Sale 6312
s du Pont(E I) Powder 4s _1936 J D
6214
3
6
7
96
2
;
678
76792411
6514
8834 Sept'23
_
Tol & Ch Div g 48
1941 MS 7298 80
8734 90
7234 Oct'23
duPont de Nemours& Co 75.6s'31 MN 1077s gale 10778
10818 33 105.58 10914
Warren 1st reign g
F A
7418 Mar'22
Duquesne Lt 1st & coil 6s 1949 .1 .1 10358 Sale 10312 10438 116 101
Wash Cent 1st gold 95
10912
1948 Q M
7878
7878
5 -2.4Es 16"
Debenture 7s
1936.5 J
10618 June'23
WO&Wlstcygu4s
1061s 10816
09
1924 F A
9912 99
Oct'23
9758 99 East Cuba Sug 15-yr sI g 73.6s'37 M
100 166(4 100
10014 154
Wash Term 1st gu
94 11314
7814 7914 79
F A
Oct'23
7612 80 Ed El Ill Bkn 1st con g 98_1939 J .7 89
11
8
895
89
895
8
86
91
1st 40-year guar 4e
8234
1945 F A
8512 June'23
8512 8512 Ed Elec Ili 1st cons g 58-1995 J .3 100 101 100 Sept'23
-W Min W & N W 1st gu 58_1930 F A
99 103
7698 90
80 Aug'23
80
8712 Elk Horn Coal cony 63
1925 J D 9512 9714 9612 Oct'23
_
West Maryland 1st g 98
9612 9914
1952 A 0 59 Sale 59
5918 35
58
653
Empire
4
Fuel
Gas
1937
7s
&
MN
135
9212
Sale
92
92
8812 93
West N Y & Pa 1st g 59
99 100
1937 J
99 Sept'23
9012 100 Equit Gas Light 55
1932 MS 93 Sale 93
93
2
93
Gen gold 45
95
1943 A 0 75
77
7598 Oct'23
7314 81
Federal Light & Trac 6s
10
96
43
26
M
4 s
S 9034 9314 93
Oct'23 - 92
9614
Western Par 1st Ser.A 58
1946 M S 79 Sale 7814
16
79
78
8312
7s
9858 Sale 98
9858 11
07
9912
B 6s
1946M S 90 Sale 90
1
90
Fisk Rubber 1st s 8s
1941 M S 10318 Sale 10318 10414 39 102 10812
West Shore 1st 4s guar
2361
8
.1 7814 Sale 7814
7912
8
76
7
8
83
671t Ft Smith Lt & Tr 1st g Us_ -1936 M S 7818 82
80 Sept'23 -- -7012 80
Registered
7618 78
2361 .1 .1
7612
7712 16
75
82 Frameric Ind dr Dev 20-yr 75.5E142 J J 90 Sale 90
9014
6
Wheeling & L E 1st g 5s
8314 9334
1926 A 0 97
99
9834 June'23
97
99
Francisco
Sugar
75i
1942
s
MN
1003
4
101
10014
8
Sale
9914
Wheeling Div 1st gold 53_1928 J J 94
10334
99
99
Feb'23
985s 99 Gas & El of Berg Co cons g 581949 J D 9278 94
9014 July'23 ---9114 9312
Eaten & impt gold 53.._1930 F A 8978 9778 953 June'23
9553 9558 General Baking 1st 25-yr 6s-1936 1 D 100 10012 100
Oct'23 -9912 101
Refunding 05s Series A._1966 M S 47
48
47
47
Gen
Electric
deb
g
3As
1
0
9
6
4
2
Ivi
F
A
s
8012
8012
8214
1
8012
7638 8211
RR 1st cense' 4s
1949 M S 5934 Sale 5912
5934
3
Debenture 55
10114 Sale 10012 10114 15
9912 10334
Wilk & East 1st gu g 59
51
1942 J D 50
51
4
549
56
1
67'4 6
660
6218 Gen Refr lstsf gas Ser A 19
94
52
7.4
F A
i 9712 99
6
99
9712
Will & F 1st gold 5s
97 101
19383 D 991s _
9918
9914 15
98 101 Goodrich Co 65,68
9914 Sale 9834
9914 72 9712 10184
Winston-Salem 5 B 1st 48_1960 J J
7812 83
7914 Oct'23
76
8112 Goodyear Tire & Rub 1st s ,
81
s9
'41
31 MN
F A 115 Sale 115
11512 38 11318 11778
Wis Cent 50-2r 1st gen
7534 Sale 7534
8
76
7414 82
I0-year s 1 deb g 8s
10214 Sale 10134 10214 55
9998 106
Sup dr Dul div & term413-1949
75
1st 46'36 M N
77
76 Sept'23
75
Peon
805
8
&
Granby
Os 1
Cons MS
A
928 64
'
M N 8834 94
93
93
8812 93
3
W & Con East 1st 4s
19433 J
5734
65 May'22
Stamped
8534
92 June'23 92
92
INDUSTRIALS
deben
Cony
88
1925
M
N
93 Sale 93
93
6
92 100
Adams Express coil tr g 45..1948 M S 80
8014 80
80
7
80
8098 Gray & Davis 78
1932 F A 88 Sale 88
10
89
101
88
Ajax Rubber 88
1936 .1 D 90 Sale 88
88
9914 Great Falls Power 1st 158.1940 M N
9112 18
9834 100
3
9834
9834
97 100
Alaska Gold M deb 66 A....1925 M S
514
5a 612 518
5
5
8 Hackensack Water 45
1952 J J 7834 7934 781,
79
5
7812 82
Cony deb 136 series II
918
1926 M S
51s 612 518
1
5
612
P
Havana
Rv
gen
L
55
&
A
E
1954
M
S
82
82
5
8184 8514
Am Agric Chem let 58
1928 A 0 9712 Sale 9612
9712
4
95 10012 Havana Elec consol g 5S
931,
F
A
1952
94
9314 Oct'23 -87
1st ref a 7Ms g
94
1941F A 99 Sale 9812
99
83
96 10434 Hershey Choc 1st f g 65...A042 M N
9834 Sale 9858
9914 60
Ameni an Chain 68
96
9914
9334 232
1933 A 0 03 Sale 9234
92
9734 Holland-Amer Line fis (flat).1947 M N 83 Sale 9212
8338
Am Cot 011 debenture 5s
78/
1
4 92
67
6612
1931 M
7012 6812
7
59
8012
Is.
..A949
1st
Hudson
g
Gas
Co
M N 94 Sale 9378
7
94
Am Dock & Impt gu (is___ _1936 J
9278 95
10538
10572 De2'22
Humble Oil dr Refining 555s-1932 J J 96
97
9758 30
9658
Amer Republics 68
9412 99
1937 A 0 86
8818 86
8612 23
85 -1)(178 Illinois Bell Telephone 58 w 1 1956
940 J
A D
o 9312 Sale 9314
9398 142
Am Sm & R 1st 30-yr 5s ser A1947 A 0 9034 Sale 90t2
9318 95%
9112 87
8418 9234 Illinois Steel deb 45,58
91 Sale 9014
9114 28
6s B
9258
1947 A 0 10178 Sale 101
88
10178 65
9938 102 Ind Nat G dr05s
1936 M N 7714 _ _
79 July'23 __
Amer Sugar Refining (is__.A937 .1 J 10158 Sale 10118 101% 43 10012
79
8011
104 Indiana Steel 1st 58
1952 M N 9978 Sale 9912
100
34
Am Telep & Teleg coil tr 48_1929 J J
9212 Sale 9214
99
nail
0234 88
9078 9318 Ingersoll Rand 1st 58
91935 J J
9678 9812 96 Nov'22
Convertible 4s
1936 M 5 89
90
89
Oct'23
86
901s
coil
Metrop
Interboro
4is-1956
A
0
1012
1834 9314 July'23 -- -ars Yr
20-year cony Ois
1933 M S 10318
10212 Oct'23
100 103
Certificates of deposit
_
30-year coil tr Is
514 Apr'23
1946 .1 D 9778 Sale 0678
21s
5
9778 162
95 101
Guar Tr Co ctfs 16% stamped.
138
138
138 10
7-year convertible
F A 117 Sale 11634 11714 39 11312 11712
1.1s
Tran
1st
53..1966
Interhoro
Rap
J J 6158 Sale 6034
6218 88
Am Wat Wks & Elec 5s__ -1934 A 0 84 Sale 8312
727s
5612
84
23
82
86
Stamped
6158 Sale 6012
62
178
Am Writ Paper a f 7-66
5712 7212
1939 .1 J 53 Sale 52
5314 47
52
8614
1932
-year
AO
Os
10
60
Sale
5812
6012 113
Anaconda Copper Os
5278 7318
1953 F A 9618 Sale 9578
97
521i 9834
353
1932 M S 87 Sale 8434
75
8714 228
843/ 94%
7s
1938F A
9838 Sale 0738
9978 408
973s 10434 Int Agile Corp 1st 20-yr 58 1932 M
6214 Sale 6214
5
63
Armour & Co 1st real est 4;681939 .1 D 8312 Sale 83
81.11
.56
84
27
82
90
Marine
81
Mercan
68..._1941
AO
Inter
7712 Sale 77
7812 42
74
90%
Atlanta Gas Light Is
1947 J
9578
International Paper 513
1947 .5.5 84 Sale 8318 Oct'23 _ _ _ _
Atlantic Fruit cony deb 78 A-1934
81
8812
D 20
29 Sept'23
30
28 7617,
1
Is
B
ref
1947
&
J
J
1st
8412
Sale
8412
8312
22
811s 8834
Trust certificates of deposit....... 20
2012 20
21
20
3
3612 Jurgens Wks 65 (flai price)._ 195
42
7
J
7818 Sale 7734
7814 43
74
8412
do stamped
18 Sale 18
22
18
3
44 Kansas City Pow & Lt Is.
MS 8818 89
88
89
36
91
87
Atlantic Refg deb Is
1937.5 .1 9612 9738 9714
971
9414 9934 Ran Gas & El 6$
14
MS
9312
9378 Sale
94
12
93
9635
Baldw Loco Works 1st 56
1940 M N 100 10038 100
100
2 100 103 Kayser &Co 76
1942 FA 104 105 10514
10534
9 1021s 107
Barnsdall Corp s teeny 8% A1931 JP J 9534 Sale 95
14
96
94 103 Kelly-Springfield Tire 88
1931 MN 104 Sale 10278
104
77 1027s 10934
Bell Telephone of Pa 5s
1948 .1 .1 9758 Sale 9712
9778 78
9512 9918 Keystone Telep Co let 5s
1937
5• J 85-.
__
July'21
9412
Beth Steel 1st ext s f Is
1926 J J 98313 99
99
99
15
9812 100 Kings Co El LAP g 59
193
25
7 A0 9734 99
97 Sept'23
1(34 9914
let & ref 58 guar A
1942 M N 9212 Sale 9158
927s 24
9034 9718
1997 A0 10914 110 111
Purchase money 68
Oct'23
10812 11322
20-yr p m & Imp 51 5s
1936 J .7 8518 89
991
89
87
9312
Convertible deb 65
MS 10118
_
Sept'23
9778 10431
977
8
Os A
1948F A 9658 Sale 9698
9714 33
96 100 Kings County El 1st g 4a__ _1949 FA 7114 -ii14 7112 Oct'23
6912 74
53is
1953 F A 8834 Sale 8812
89
22
879
s
9378
1949 FA
7114 73
73
73
2
vit 76
Booth Fisheries deb s 1135
1926 A 0 7612
89 July'23
7033 80 KI8
8ting 58_19
uaL
rig4h
unt
993
gy
5,4
4J J
ed
n1gasmCpo
75
7934 7514 June'23
7514 801a
Braden Cop M coil tr a 168 1931 F A 9898 Sale 9834
99
12
9734 10018
J J 9578 Sale 95
85
9578 10
94 101
Brier 11111 Steel 1st 5%e_...1942 A 0 9318 Sale 9278
9318 52
9158 9838 Kinney Co 7).4s
J O 10118 10212 102
Oct'23._..
9912 10211
D'way & lth Av 1st c g 5s 1943 J
6312 6512 64 Sept'23
6112 69 Lackawanna Steel Is A._..1950 MS 89 Sale 8812
89
18
87
9212
Brooklyn City RR Is__ .__194I J .1 8614 90
86
86
29
83
88 Lac Gas L of St L ref & ext 5s1
1934
3 AO 9414 Sale 9414
3
9414
8934 96
Bklyn Edison Inc gen 56 A 1949
J 9712 Sale 9678
4
9712
9438 99 Lehigh C & Nay f
A 195
33
4 J J 90
9112 9112 Sept'23
9912 9214
General 138 Series B
1930.5 .1 10318 104 10258 Oct'23
:11199,4,5431
10012 10478 Lehigh
1
1
0,
58
b9a0,875:
s
o
4T
ai
F
p
t
vt:
J
Valley
J
g421,5
eA
t
9734 9812 9734Oct';
9734 loo1
/
4
General 76 Series C
1930 .1 .1 10534 10678 10638 10638
6 105 10812
'.5 88
_ 8312 Oct'21
General is Series D
1940
D 10734 Sale 10734 108
14 106 10934
M 5 41 Sale 4012
4714
41
40
12
Bklyn Qu Co dr Sub con gtd 5s'41 MN
65 July'23
58
66
Myers
AO 11518 117 117
Liggett
117
11 112 11914
let Is
1941 .1 .1 86
7912 Nov'22
FA 9612 Sale 9534
Is
Brooklyn Rapid Tran g 5E1_1945 A 0 71
96,
8 14
93
9814
_
72
Oct'23
55
ii" Lorillard Co (P) 75
1944 A0 11514 11612 11512 11512
Trust certificates
1 11178 11812
7212 Sale 7214
7212
64
6
79
1951 FA 96 Sale 9514
55
1st refund cony gold 4s.._ .2002.5 .1 6034 ____ 6058
96
30
9318
971s
6058
1
55
El
64
68
Louisville
G
&
1952
MN
Sale
87
8618
3-yr 7% secured notes.___1921 .1 J
87
8618 8811
6
8838 Oct'23
8434 96 Magma Cop 10-yr cony g 75_11199434222
9 3D 10812 110 10812 10934
Certificates of deposit
7 207 120
-135 97 8858 Oct'23
84
9512 Matl
A0 9734 Sale 9712
5•5
tut Sugar 711
Ctfs of deposit stamped........
963s 102
97,
4 32
8418
9418 35
78
9918
9
9
1
0
3
48-2
60118
Nianhat
1
0
(NY)
21
Ry
A0
5534 5658 557e
Bklyn Un El 1st g 4-56
551tt 6471
3
56,
8
1950 FA 9858 Sale 7838
79
4
785s 85
J D 45
2d
Stamped guar 4-5s
5134 5012 July'23
1950 F A
5012 66
7858 Sale 7858
7998
7858 8434 Manila Elec 78
6
MN 9612 97
9612 Oct'23
Bklyn Un Gas 1st cons g 56_1945 M N 9514 9614 9614
9612 9814
9614
9312
7
Lt
s
f
5s
&
100
Ry
Elec
193
Manila
24
3 MS 8212 8312 82,
82
,
2
7s
8
1932 M N 10958 Sale 10914
813
1
4 8976
10934
9 10712 1167s Market St Ry 1st co
cons 1s..1924 al S 9314 Sale 93(4
1st lien & ref 6s Series A_ _1947 M N 10314 10398 10358
9114 9644
93,
8 25
10358
9 10014 10512
5-year 6% notes
9612 20
AO 961g 9658 96
Ts
99
1929 M N 10812 10912 109
s
947
109
1
10718 117 Marland Oils 185 with war'nts'31 AO 11634 119 11612 11612
Buff &Susq Iron $ 1 Is
1 109 16134
1932 .1 D 9112
9112 June'23
9112 9112
Without warrant attached1__3
9 _1 AO 10012 Sale 9934
102
Bush Terminal let 4s
9858 10712
22
1952 A 0 8278 81 Sept'23
80
87
B
FA 11212 120 112
75.58 Series
Oct'23 _ _ _ _ 102 159
Consol Is
1955
J 8278 8458 8412
8518
8298 8978
do without warrants
92
9134 1017s
Building 58 guar tax ex
9938 9912 100
65
1960 A 0 9078 Sale 9034
9112 21
85
9334 Merchants & Mfrs Exch 76_ _1942
105 Sale 105
17
95 106
105
Cal G & E Corp 58
1937 M N 9614 Sale 9614
9678 13
9412 9814 Metr Ed Ist&ref g 66 Ser B.1952 FA 98 Sale 98
9512
9812
Cal Petroleum (la (w I)
96
9972
1933 A 0 9612 Sale 9612
9658 21
9412 06% Metr Power 65
1953 3D 95 Sale 95
95
9418 9612
1
Camaguey Sug 1st 81 g 79._ _1942 A 0 95
95
96
95
1
94
99 Mexican Petroleum s f 88__ _1936 MN 104 10414 104
101 10914
2
104
Canada SS Lines lstcoll 61 76 '42 M N 04 Sale 9338
94
9
9114 9712 Mich State Telep 1st Us
1924 FA 9934 Sale 9934
9938 10038
9934
5
Canada Gen Elec Co 6s
1992 F A 10134 102 101
10112
9 100 10312 Midvale Steel &0 cony s f 591936 M
43
86 Sale 8512
86
8412 9112
Cent Dist Tel Ist 30-year 58_1943 .1 D -___ 9834 9812 Sept'23
_
97 100
pn0
o06
.d54eee
Certificates ofeL
61
4%
26
_59:8:111199,
9632
3
6
11
97
84
Sept'23
855
90
8
86
Cent Foundry 1st $ f Os__ _1931 F A 8734 9012 88
8814
9512 9914
4
FA 9858 9834 9834 Oct'23 _ _
98
9912
Cent Leather 20-year g Is. 1925 A 0 0714 Sale 97
9738 81
97 10018 6111
:
RgY
efu
Eniedein
llw
'.5 8812 90
89 Sept'23 _ _ _ _
889
8
9112
Cerro do Pasco Cop 89
1931 J .1 117 Sale 117
120
51 11612 150
Gen 53 A
1951 J
90
8914 Sale 9914
8878 9216
8
Ch 0 L & Coke 1st gu g Gs_ _1937 J J 92
9312 9314 Oct'23
92
9634
151 Is B
3D 8138 Sale 81
8112 41
81
891e
Chicago Rya 1st 58
1027 F A
7538 Sale 7434
7538 22
7314 8378 Milwaukee Gas L let 4s__..1027 MN
9212 9376 9312 Oct'23
9278 9934
Chicago Tel Is
1923 J D 09711 _ _ _ _ 9978 Oct'23
9912 1001a Montana Power 1st Is A. _1943 J J 95 Sale
9518 28
9412
93
9834
Chile Copper Os Ser A
1932 A 0 9812 Sale 9812
9938 131
96 10314 Montreal Tram 1st dr ref 5s-19
,
4
,
1 J J 8812 Sale 8838
8634 91
11
883
4
Cincln Gas & Elec 1st & ref Is'56 A 0 9412 97
97
97
9434 9934 Morris & Co 1st $ 0
1
.66_ _ _1
19
93
39
2J J
794 7912 79
79
3
7312 873
Ser B due Jan 1
1961 A 0 9534 9712 96
96
9
9512
9812
45
Mortgage
Bond
1906
AO
-- 83 Apr'14
-_
Colo F & I Co gen s f 56._ _1943 F A 8612 8714 87
87
2
8512 8912
55
A0 9212 9312 9212 Sept'23 _
9113 93l
Col Indus let & coil Is gu--1934 F A
75
7534 75
7512 10
74
7912 Mu Fuel Gas 1st tug 5s
1947 MN 9138 931.2 9198 Sept'23
8934 95
Columbia G & E 1st 55
1927 J J 9634 9634 06%
9634
4
95
mut
bds
973
un
8
ext
gtd
5%
N 86
1911
9518 Feb'23
___
9518
_
_
951s
Stamped
1927 J .1 9618 9678 9512
9612
9
953s 97 Nassau Elec guar gold 48_1951 J
56 Sale 56
58
Col & 9th Av 1st gu g Is....1993 M
36
5514 6734
1712
10 Sept'23
_
10
20 NatNa2'o
ms
e57
5X76 165 66.11
A c&
Ennaalm
1925
99329
1 J D 9214 Sale 92
92
0212
9
9534
Columbus Gas 1st gold 56..1932 J J
9234 _ _ _ _ 9212 Sept'23
_
8
92
925
J o 9534 0912 9712 June'23
97
Commercial Cable 1st g 48..2397 0 .1 6918 6912 6934
9712
6934
69
1
7512 Nat Starch 20-year deb 56_1930 J J 95 100
95 Aug'23
93 95
Commonwealth Power tis_ _1947 M N 8678 Sale 8612
8712 41
84
8914
Tube
1st
National
Is
MN 99 Sale 99
Comp Azu Bare 7;is
97 10112
2
9914
1037.5 .1 10018 10012 10018
10012
5
9812 10112 Newark Con Gas Is
1948 J O 9312 9434 9312
9214 95
9312
Computing-Tab-Rec $ f 66._1941 J .1 98
1
98
99
99
7
9512 10112 New England Tel & Tel 58_ _1952 J O
97 Sale 97
9512 100
9912
Conn Ry & L 1st & ref g &Sir' 1951 J J 7818 _ _
62
7714 Sept'23 _
7612 8738 New 06 Ry & Lt gen 45,66 1935 J J 62
_
62 Aug'23
62 62
Stamped guar 43.6s
1951 J .1 7918 80
80
80
1
76
8314 N Y Air Brake 1st cony 68_1928
N 102 2021
4 102
Oct'23
Cons Coal of Md 1st & ref 5s 1950
D 8512 Sale 8512
- 100 109
87
39
8412
90
Dock
50-yr 1st g 45...A19
NY
,5
4
,
1 FA 78 Sale 78
Con GI Co of Ch lat gu g 58-1936 J J 9234 _ _
7412 80
78
5
94 Aug'23
90
9534 NY Edison 1st & ref6s A-1941 AO 10912 Sale 109
10912 41 10656 11212
Consumers Power
1952 M N 86 Sale 86
87
16
8412 921r
J O 9714 9778 9634
Corn Prod Refg s f g 58
9512 100
6
9778
1931 M N 100 10014 100
Oct'23
9812 100
3n
r
ch
E
uas
nL
ie
e'kP
YttG
m
FA
82 Sale 82
7918 831a
let 25-yr s(58
8238 10
1939 MN 9914 100
9914 Oct'23
98 101
ng
le
stisy
t at
g 5
48
8..
A 21
19
86
46
9 3.5 7955
82
Crown Cork & Seal (is
76
82 June'23
1993 F A 8734 8978 90
Oct'23
8812 95 N Y Q El L & P lat g 4s
1930 FA 9698 -97
99
Cuba Cane Sugar cony 78._ _1930 .1 J 8738 Sale 87%
96
Sept'23
963
8
8814 22
82
94
N Y Rys 1st R E & ref 46
J
J
1942
2
30
4
Sale
,14
Cony deben stamped 8%.1930 3 J 9414 Sale 9358
3814
30
283
4
9478 83
8712 9814
Certificates of deposit
27
15
30 Sale 28
30
3714
Cuban Am Sugar 1st coil 88_1931 M
10612 Sale 10614
10638 21 10512 10812
al942 AO
21
2 Sale
8
2
2
Cumb T & T 1st & gen .5a__ _1937 J J 9238 9312 9212
2
9234
4
91
9414
lcdaite
in
scordeposit ______
3G-e
Lratrifa
112 775
6
112 Sale
_
Denver Cons Tramw 5s___ _1933 A 0
112
112
NY State Rya 1st cons 4s 19
59
96
62
Oct'23
2 &il 60
69
Den Gas dr E L lat&ref 8 1 g 55'51 M N 8434 Sale 843
62
5934
86
4
30
8358 16"
88
9712
58 N
8814 90
88 Sept'23
Dery Corp(D G)75
7612 78
1942 M
7634
7712 23
58
99 NY Steam 16225-yr 6s Ser A 1947 35
M N 9 8 94
92
98
Oct'23
94
Detroit Edison 1st coll tr 56_1933 .1 J 100 Sale 100
10038
7
9924 10013 NY Telep 1112 & genet 05s-1939
42
94
90
3
4
4
9
933
Sale
1st & ref Is Series A
514
54
9
3
21990 M S 9518 Sale 9478
N
M
9538 41
9034 98
30-year deben 6 f6sFeb 1949 F A 10518 Sale 105
1st & ref (is Series B
10512 31 10312 10838
/1090 M
103 Sale 10258
103
14 101 10412
20-year refunding gold 88_1941 A 0 10412 Sale 10414
10434 58 10214 10714
No Price Friday;latest bid and asked. a Due Jan 6 Due Anal, C
Due March. s Due May. gi Due June. 8 Due July 5 Due Aug. 0 Due Oct. 9Due Dee, Winton
NO




1652

THE CHRONICLE

New York Bond Record-Concluded-Page 5

[VOL. 117.

Quotations of Sundry Securities

All bond prices are "and Interest" except where marked'
Railroad Equipments PerCi.iBasis
Standard 011 Stocks Par Bid Ask •
Range
Week's
Price
BONDS
t
40
.3
51 5.
50
.6
.5.
1412 Atlantic Coast Line 05
Anglo-American Oil new. .£1 •14
Since
Thursday
N.Y.STOCK EXCHANGE
Range or
z
106
Equipment
103
6M8
Atlantic
100
Refining
Jan.
rilc
1
Sale
Last
11.
Oa.
Week ending Oct. 11.
5.80 5.40
Baltimore & Ohio 65
100 116 117
Preferred
Equipment 4345 & Ss....5.65 5.35
100 130 140
High Borne Scrymser Co
High No. Low
Ask Low
Bid
Buckeye Pipe Line Co_ _50 •7612 7712 Buff Koch & Pitts equip (38_ 5.50 5.30
9978 10
9514 101
J 9928 Sale 99%
Niagara Falls Power 1st 5a__1932
Chesebrough Mfg new._100 220 230 Canadian Pacific 4195 & 65.. 5.55 5.25
5 10112 105
Ref & gen 68
a1932 AO 10378 Sale 10378 10378
5.60 5.35
100 110 115 Central RR of NJ Els
Preferred new
9712 100
7
9934
litlag Lock & 0 Pow let 55_ _1954 MN 9914 Sale 9914
5.75 5.45
92
91
Continental Oil new..... 25 *3534 3712 Chesapeake & Ohio Os
39
96
No Amer Edison 88
1952 MS 9134 Sale 9138
5.60 5.35
Equipment65.58
03
90
Crescent Pipe Line Co_ 50 *16. 17
9
95
9214 9218
Nor Ohio Trac & Light 65._ A947 MS 92
5.60 5.30
55
Equipment
102
_100
Line_
Pipe
22
89
105
93
8
8
897
.875
Cumberland
Nor States Power 25-yr 55 A_1941 AO 8938 Sale
5.65 5.30
97 Chicago Burl & Quincy Os
10013 22
9834 102
Eureka Pipe Line Co_ _ _ _100 95
lot & ref 25-year 65 Ser B_1941 AO 10014 Sale 100
5.50
6.25
Eastern
&
60
Chicago
61
_100
Signal
1081s
com_
107
011
Galena
8
24
1073
1115)40..
8
1077
Sale
4
1073
FA
Northwest'n Bell T 1st 75 A-1941
100 107 114 Chicago & North West 4M8 5.45 5.25
9112 May'23 _ _
9138 9212
Preferred old
_
North W T lot fd g 4s gtd_1934 is 0078
5.65 5.35
Equipment6s
106 104 106
104
1 101 108
Preferred new
Ohio Public Service 73-s____1948 AO 10418 105 104
5.55 5.35
4
32
Equipment6M5
9934 10514 Humble Oil & Ref new.. 25 *31
1947 FA 10038 Sale 1003s 101
75
45
3
9512
0 5.50
87
100 156 157 Chic It I & Pat 4M5 & 55___ 5.8
9234 9612 Illinois Pipe Line
'Ontario Power N F let 58__1943 FA 9413 Sale 9412
•98
65
25
_
Equipment
Sept'23
8
_
99
937
9214
011
96
Imperial
8
937
93
MN
_1945
_
58
Ontario Transmission
07
91
96 10112 Indiana Pipe Line Co___ 50 *90
Colorado & Southern'tis____ 5.75 5.40
11
1941 FA 0778 Sale 97
Otis Steel 85
5.65 5.40
92
9012 9478 International Petroleum_(2) *1514 1512 Delaware & Hudson 68
92
8
03
lat25-year stg 71.0 Ser B 1947 FA 92
6.25 5.80
8812 9314 Magnolia Petroleum___ _100 133 135 Erie 41:0 & 55
8934
8
Pacific G A El gen A ref 55_ _1942 is 8914 Sale 89
6.40 6.00
_
Equipment68
Oct'23
8978 94
National Transit Co__12.50 *2234 23
9212 92
Pac Pow&Lt lat&ref 20-yr 55 '30 FA 92
961, 18
5.85 5.40
00
6
n.
rtahlelery
96 G
945: 9912 New York Transit Co_ _100 93
reaktiriNgov
.
.
H
1937 Si 96 Sale 96
Pacific Tel & Tel lot 58
5.75 545
9038 39
88
9212 Northern Pipe Line Co__100 102 104
1952 MN 9038 Sale 9038
55
25 •55
5512 Illinois Central 4340 & 58.... 5.45 5.20
103
13 102 10538 Ohio 011 new
Pan-Amer P A T 1st 10-yr 7s 1930 VA 103 104 103
5.65 5.35
25 *20
Equipment65
9238 94
2312
9318 Sept'23 _ _ _
Penn Mex Fuel Co
Pat& Passaic G dr El cons 581949 MS 9318
_100 15512 16612
Equipment 70 & 8M5_ _ _ _ 5.50 5.30
5 1043s 108
Prairie Oil St Gas new....
'Peon Gas & Clot cons g 65_ _1943 AO 10418 10512 10512 10512
Gs__
5.85 5.45
Michigan
9812
&
_100
new..
Kanawha
Line
8914
94
8914
874
5
Pipe
MS
Sale
Prairie
8914
914
9
1947
50
gold
Refunding
5.65 5.25
100 167 173
Equipment43is
10038 37
9858 10112 Solar Refining
1944 FA 10014 Sale 100
Philadelphia Co 65 A
8812 9112 Southern Pipe Line Co_ _100 9112 92 Louisville & Nashville U.._ _ 5.65 5.35
903s 35
1938 MS 9018 Sale 8914
6S:s
5.55 5.30
115
6M8
100
120
Equipment
75
6518
,
011
.
15
731
7312
Penn
MS
Sale
4
823
South
1943
Pierce-Arrow 85
8112 Michigan Central 55 & 130.- 5.50 5.25
70
8118
98
8118
2
85
Southwest Pa Pipe Lines_100 80
1931 SD 82
Tierce Oils f 85
5.40
4Maik
5.75
58
25
*51
SSM
(California)
5118
_
8
903
MinnStPA
Sept'23
89
8
011
903
Si
Standard
get
1928
55
-lot
4
893
Coal
Val
Pleasant
Equipment 6.5.55 & 75____ 5.85 5.45
9018 9458 Standard Oil(Indiana)_ _ 25 •541s 5414
Pocah Con Colliers lst 0 f 55-1957 Si 9014 9212 9134 Oct'23 _ _ _ _
25 *3812 3912 Missouri Kansas & Texas 65 6.00 5.50
9112 9512 Standard 011 (Kan)
9412 Sept'23 _ _ _ _
Portland Gen Elec lot 55_ __ _1935 Si 9412 _ _
4
8734
8435 88
87
Standard 011 (Kentucky) 25 *9034 92 Missouri Pacific 65 & 6M5.... 5.85 4.45
Portland Ry lot & ref 55_ _ _ -1930 MN 8712 89
5.75 5.30
82
83
13
8678 Standard Oil (Nebraska) 100 215 230 Mobile & Ohio 4M8 & 55._
Portland Ry.Lt & Plat ref 55'42 FA 8213 8234 82
5.60 5.35
_
9614
93
Oct'23
4
923
MN
Standard 011 of New Jer_ 25 *3212 3234 New York Central 4M5 & 5i
92
1947
9012
B
65
5.70 5.40
65
100
2
1163
117
8
Equipment
1037
10714
2
10414
N
Preferred
105
10414 105
lot & refund 7s Ser A_ _ _1946
5.60 5.40
Equipment 75
1 10178 106
105
105
Standard Oil of New York 25 *4114 4112
Porto Rican Am Tob 88___ _1931 MN 105
4Ms___.
5.35 5.10
Western
100
4
275
933
8
271
875
(Ohio)
&
Norfolk
1
011
8912
8912
55
Standard
1933
Pressed Steel Car 55
5.55 5.30
100 117 120 Northern Pacific 70
10912 13 108 13312
Preferred
Prod dr Ref of 85(with waents)'31 in 10938 Sale 109
5.60 5.35
100 22
26 Pacific Fruit Express Th.__
Without warrants attached__ _ SD 10134 Sale 10112 10212 24 100 10812 Swank Finch
6:
A
5.30
....100
55
eq
5.60
87
787
RR
90
8
Co...
Pennsylvania
86
Car
16
Tank
8018
8
Union
Pub Fiery Corp of NJ gen 55_1959 AU 7878 Sale 787
100 10714 10812 Pitts & Lake Erie tiMs
5.50 5.30
Preferred
11034 92 105 124
1937 JJ 10914 Sale 100
Punta Alegre Sugar 70
25
5.40
7438
5.80
65
50
4
Equipment
*493
8518
new
Oil
Vacuum
418
6612
4
673
1968
6634
Sale
65
Rapid Transit Sec
10 *19
5.35 5.10
21
9078 96
Reading Co 4345 & 55
9213
94
Washington 011
29
1937 MN 9312 94
Remington Arms 6s
9612
89
Other 011 Stocks
89
8934
St Louis & San Francisco 55. 5.80 5.50
8
Repub I A S 10-30-yr 55 51_1940 AO 8938 90
9458 Atlantic Lobos 011
(I) *212 3 Seaboard Air Line 4145 & 5: 5.90 5.50
87
8912 10
1953 is 87 Sale 87
540
50 •10
20 Southern Pacific Co 4)40.. 5.35 5.10
9514 99
1
9514
1952 SD 0212 9413 9514
Preferred
Robbins A Myers of 78
25 •5018 51
91
5.50 5.35
Equipment 7s
91
91
new
Oil
MN
Jan'23
Gulf
Iron
55-1946
&
Roch & Pitts Coal
5 •412 512 Southern Ry 43.55 & 53
85
5.65 5.25
80
21
85
Mexican Eagle 011
Rogers-Brown Iron Co 75-1942 MN 85 Sale 83
5
878 9
5.85 5.50
Equipment85
Mutual Oil
100
8
795
5.85 5.50
84
65._
86
Central
Gas
Ohio
Fuel
&
77
Toledo
8
795
Oct'23
National
1937
M
7938 82
lit Jos Ry. L,H & P 55
10 *1834 19 Union Pacific 7s
5.45 5.25
Salt Creek Producers
8518 Dec'22
St Joseph Stk Yds lot g 435 1930 iS 8512 03
4
•13
5
178
"iWa
Refining
Sapulpa
7718
Oct'23
stmpd-1955Si
7513
8114
55
P
St L Rock Mt &
Tobacco Stocks
5714 62
5714 Sept'23
1924 AO
St Louis Transit 58
81
93
92
American Cigar common 100 78
Public Utilities
92 Sept'23
1937 J J 8734 _ _
St Paul City Cable 58
88
100 83
Preferred
3 100 1037e Amer Gas & Elec new.. (I) *3714 35,4
1942 MS 10212 103 10212 103
Saks Co 75
50 *24112 4212 Amer Machine & Fdry _ _100 140
9434
90
Preferred
92
1
San Antonio Pub Ser 65.-1952'S 9114 Sale 9114
MAN 94
95 British-Amer Tobac ord.. El •2412 25
97 104
18
Deb 6s 2014
9914
Sharon Steel Hoop lot 135 ser A '41 MS 9918 Sale 9918
El *2412 25
9912 103
Bearer
2
Amer Light & Trao com_100 116 117
10134
1942 AO 10134 Sale 10134
Sheffield Farms 6As
52
100 90
91
: Preferred
Heime (Geo W) Co, new 25 .50
8212 871
84
Oct'23
Sierra & San Fran Power 58_1949 FA 8238 86
100
_100
110 114
169
corn.
167
92
Lt
10112
Preferred
&
Power
60
8
933
94
Amer
Sinclair Cons Oil 15-year 7s-1937 MS 9338 Sale
100 8212 84 Imperial Tob of013 & Irel'd •I612 1712
9714
85
Preferred
D 88 Sale 8612
8812 271
1938
6145 B (w I)
M&S 9012 92 Int Cigar Machinery.....100 58 65
94 10054
9612 70
Deb 135 2016
1925 AO 9612 Sale 96
Sinclair Crude 011 5s
90
35 Johnson Tin Foil A Met_100 80
935:, 9978 Amer Public Util com__100 25
38
96
1926 FA 96 Sale 9512
es
100 66
68 MacAndrews & Forbes_ _100 132 135
8014 8912
8213 29
7% prior pref
1942 AU 8218 Sale 8134
Sinclair Pipe Line 59
100
49
100
90
100
43
102
Preferred
9812
prig
18
panic
10012
8
1007
4%
75-1941
So 10012 Sale
South Porto Rico Sugar
24
100 20
100 55
9054 9578
Mengel Co
9
9438
6% preferred
'South Bell Tel & T lots f 55-1941 is 9438 Sale 9418
75
73 Porto Rican-Amer Tob_100 68
: 92
871
BlackstoneVal G&Ecom 50 4171
89
Oct'23
88 '89
Southern Colo Power 85. - _1947 jr
75
com_100
78
90
10012
75
Scrip
Lt
&
5
Carolina Pow
9834
Stand Gas & El cony of 65-1926So 9858 Sale 9814
80
9534 9914 Cities Service Co Cora__ _100 128 130 Universal Leaf Tob com_100
1
9534
1930 MN 9412 9554 9534
Standard Milling let 58
100 90
93
100 8612 6714
Preferred
Preferred
10514 15 100 10712
Steel & Tube gen a f 755er C-1951 55 103 10454 105
100 105 110
9934 CitiesServiceBankers'Shares 1212 1312 Young (J 5) Co
95
2
95
95 Sale 95
Sugar Estates (Orienti) 78.-1942 51
100 100
20
Preferred
9018 9112 Colorado Power corn_ _ _ _100 19
9114 July'23
'Syracuse Lighting 1st g 58_ _1951 SD
100 92
833s 86
6
Preferred
8334
84
Light& Power Co col tr at 58'54 Si 8312 86
341.2 Rubber Stocks(Cleveland)
9818 101
2
Com'w'th Pow,Ry & Lt _100 33
99
99
Tenn Coal, Iron & RR gen 55'51 Si 99 100
66
9914 10112 Com'w'th Pow Corp pref 100 7212 7412 Firestone Tire dr Rub corn 10 *65
Tennessee Cop lot cony 60_1925 MN 9938 10013 9914 Oct'23
100
90
9218 95
6% preferred
Consumers Power pref _ _100 87
9312 36
'Tennessee Elec Power 68._ -1947 J D 9234 Sale 925s
62
_100
90
86
100
97
preferred
pref
•96
Share
11
7%
5212
&
Bond
Mee
55
5414
5518
5418
ii
45
1960
ref
lot
Ave
Third
Tractional
corn
68
170
8234
Rub
*66
&
50
Tire
A
49
Light
45
General
Federal
46
4512 4514
Adjustment Income 58__ _01960 AO 45
100 04
100 •68
98
70
9514
Preferred
90
Preferred
94
Oct'23
96
1937 Si 91
Third Ave Ry lot g 58
18 10112 105
934 10
Lehigh Power Securities_(I) 2112 2212 Goodyear Tire AR com-100
103
1931 FA 10214 10213 10214
'Tide Water Oil6M s
80
Mississippi My Pow corn 100 1912 21
Goody'r TAR of Can Pf-100
10714 55 10234 107
•Tobacco Products 5 I 78_ _ -1931 SD 10514 Sale 10514
100 80
83 Mason Tire & Rub comAt) •112 2
Preferred
10614 50 10518 10758
1941 MS 106 Sale 106
Toledo Edison 75
17
100 15
5
9712 9912
Preferred
First mtge 55, 1951...J&J 9014 9114
9814
1925 FA 9734 9812 9814
'Toledo Tres, L& P60
100
66
92,4 95
S F g deb 78 1935__MAN 100 102 Miller Rubber
Trenton G dr El lst g 58___ -1949 MS 9218 --__ 9214 July'23
98
9314
85
100
.(I)
corn..
Lt
&
51
Power
*50
Nat
85
Preferred
Oct'23
'Undergr of London 4M8_ --1933'S
8
8658 89
*8412 86 Mohawk Rubber
100
Preferred
88
Oct'23
1948 is 8834
Income 65
J&J 87
2
89
99
-3-6- 512
Income 75 1972
95
Preferred
97
1942 MN 97 Sale 9612
Union Bag & Paper 60
.5
•412
9754
95
4
Ohio
8
Rubber(S)
Electric&
(I)
Tire
SelberlIng
Northern
9612
Union Elec Lt & P 1st g 5.9 1932 MS 9612 Sale 96
45
8814 92
100 20
100 35
22
Preferred
Preferred
1933 MN 9114 9138 9114 Oct'23
55
21
70
08 Swinehart Tire AR com_100
70
North States Pow com_100 94
70 June'23
74
Union Elev (Chicago) 6o____1945 AU 67
100 16- 50
100 92
94
98
Preferred
90
Preferred
9534 96 Aug'23
1931 .1 J
Union 011 55
10258
3
Co
Elec
63
com-100
Texas
58
9912
9912
9912
Nor
100
100
FA
C1942
65
100 67
73
Sugar Stocks
Preferred
10338 24 10212 105
Union Tank Car equip 78-1930 FA 10312 10334 103
13
50 •11
11138 19 110 11334 Pacific Gas & El Sat prof 100 8712 89 Caracas Sugar
1941 J D 11114 Sale 111
United Drug cony 85
.3
81
Sugar com_ 26 *79
(I)
8
Aguirre
corp.__
5
98
92
Cent
Securities
Power
923
9478
4
94
8
943
J
J
65--1936
'United Fuel Gas let a f
103
101
100
Sugar
18
Fajardo
8714 9712
(5) *13
Second preferred
9334 33
United Rys Inv 55 Pitts Issue 1026 MN 9334 Sale 92
66
81
Federal Sugar Ref corn..100 63
5612 63141
Coll trust Os 1949.._JAD 76
.5978 80
United Rys St L 1st g 45-1934 Si 5838 Sale 5612
100 90 105
Preferred
8612 93
60
Incomes June 1949_ _F&A /55
Oct'23
United SS Co int rota 68---1937 MN 8812 8878 89
10
98 10112 Puget Sound Pow dr Lt_ _100 46
49 Godchaux Sugar, Inc.__ al .7
9
99
1042 AU 9838 Sale 9838
United Stores 65
70
100
Preferred
100 80
83
1 10018 10214
6% preferred
1932 is 10218 Sale 10218 10214
8 Hoffman Mach 130
85
25
new
*83
Sugar
Western
100
103
10212
100
Great
preferred
99
7%
US Realty & I cony deb g 581924 Si 100 --- - 10014 Sept'23
8912
84
83
Gen mtge 7Ms 1941 _ MAN 104 10512 Holly Sugar Corp corn..(5) *2712 29
86
US Rubber lot & ret 5a 8er A 1947 is 85 Sale 84
100 78
7912
Preferred
16 105 10912 Republic Ry & Light......100 1312 1512
106
1930 VA 10534 Sale 105
10-year 7M s
41
9912 102
Juncos Central Sugar.._ _100 00 110
100 39
7
Preferred
9912 100
US Smelt Ref & M cony 6s-1926 FA 9914 100
90
Sugar Refining_100 88
10312
com_100
102
National
Edison
89
104
Calif
4
South
1005
10112
10178
Sale
4
1013
MN
17 13 Steel Corpicoupon ___d1963
95 100
100 114 11612 New Niquero Sugar
100 10412
8% preterreu
- 100 Sept'23
of 10-60-yr 551reghitered _d1963 MN
12
28 Santa Cecilia Sue Corp pf 100
8
9134 Standard Gas & El (Del) 50 *27
80
8112
82
Utah Light & Traction 55-A944 AU 8112 82
com___(:)
58
*55
50
Sugar
Savannah
4
483
4
"478
92
853:
17
Preferred
4
873
88$8
1944 FA 8778 Sale
Utah Power & Lt lot 55
81
100 79
Preferred
9554 Tennessee Elea Power--(5) •1334 1412
95
9514 -- -- 9514 Sept'23
Utica Elec L & Pow lot of 581950 J
90
47 Sugar Estates Oriente prof... 85
(5) *44
Second preferred
9214
89
9134 90 Sept'23
1957 Si 90
Utica Gas & Elec ref 55
Western Power Corp_ _ _100 2612 28 West India Sug Fin com_100
100 16- 30
100 80
82
Preferred
9954 10012
Preferred
3
Oct'23
Va-Caro Chem 1st 15-yr 58-.1923 SD 100 10018 100
31
Short Term Securities
98
88
75
1947 SD 86% Sale 8638
78
27
9412 Am Cot 011 65 1924_ M&S2 9834 9914 IndustrIal&Miscellaneous
71
55
1937 Si 70 Sale 68
12-year f 734s
59
9012
Tel&Tel 65 1924.F&A 10014 10038 American Hardware__ _ _100 58
58
Amer
7114
Sept'23
Without warrants attached _ J J
78
9512 Anaconda Cop M in 65'29 J&J 101 10112 Amer Ty pefounders Coln 100 74
92 Sept'23
93
92
Va Iron Coal & Coke lot g 55 1949 MS 92
99
100 97
Errw
(c
Anglo-Amer 0117)4s'25 A&O 10134 10214 Birsar ef
87
8
84
1934 Si 8512 Sale
Va Ry Pow lot & ref 55
•18
1912
_
new_
Co
N
hide
_
'24
0)
65
Ref
Sug
Federal
18
99
9613
9578
9512
1942 SD 9578 Sale
Vertientes Sugar 75
62
50 *56
MAN 9734 9814
19 10153 106
65 1033
103
1941 Jo 10234 Sale 10234
Warner Sugar 78
Company corn..100 117 119
M&S
1924
Borden
60
Valley
1003
100
locos
Hocking
5
3
981:
100
_
100
3
993
Si
1039
Wash Wet Power sf58
100 10112 10312
Preferred
9313
2
-- -9512
9312 9714 Interboro R T 88 1922.MAS
Weatches Ltg g 58 stmpd gtd 1950 SD 9512 98
00
100 85
Celluloid Company
7
95
K C Term Ry 68'23 MAN15 fikr
88
9138
West Penn Power Ser A 55_ _1946 MS 9078 9138 9078
100 108 112
Preferred
S&P
103
1931
104
6MsJuly
22
101
10212
10134
100
1st 40-year 88 Series C_ _ ...1958 in 101 Sale
1926 99,2 0934 Childs Company com___100 160 164
512s
1 1024 10712
41946 FA 1041* 105 10412 10412
lat series D 75
100 111 114
Preferred
9434
6
8912 Lehigh Pow Sec 130 '27_F&A 94
5811
87
1963 MS 8818 Sale 8818
58 E
100 104 108
Sloss-Sheff SAL 138 '29.F&A 904 97,4 Hercules Powder
9718 15
96 100
Western Union coil tr cur 55_1938 J J 9778 Sale 9714
100 103 105
Preferred
F&A
1930_
7M0
106
Rubber
105
4
,
S
U
7
9212
9238
94
Sale
89
9212
MN
Fund & real estate g 4558-1950
Salt
100 7878 8918
International
Bonds
Bk
Land
11178
Stk
12
Joint
109
106
1936 FA 109 Sale 10834
15-year 8Ms g
10812 Chic Jt Stk Land 13k 55_1951 10012 102 International Silver pref 100 2103 106
Westinghouse E dr M 75_ _1931 MN 10778 Sale 1074 10778 47 10512
80
50 *78
Sales
Coal
Lehigh
102
10012
1032
opt
Valley
50
98
1952
55
9212
9314
Sale
91
9314
J
Wickwire Spen Steel 1st 75_ _1935
100 140 155
102 104 Phelps Dodge Corp
5348 1951 opt 1931
9414 102
9612 15
Wilson & Co 1st 25-yr of 65_1941 AO 9614 Sale 9534
Baking Pow com_100 120 130
10012
Royal
88
99
1932
opt
1952
91
43'8
8518
8578
83
851s
853
4
SD
1928
10-year cony a t 65
100 98 100
Preferred
9912
98
434s 1952 opt 1932
9638 15
93 105
1931 VA 9612 Sale 96
7.1is
99 10012 Singer Manufacturing_ _100 115 117
10312 14 10012 106
4345 1963 opt 1933
1941 AO 103 10313 103
Winchester Arms7M5
328
9912
9312
9312
94
Sale
4
933
13
Younen Sheet dr T68(w 1)-1943
d Purchaser also Pays accrued dividend.
• Per share. 5 No par value. b BUIL
f Flat price. k Last sale. n Nominal. z Ex-dividend. y Hz-rights.
•No price Friday;latest bid and asked. a Due Jan. d Due Apr,C Due Mar. e Due f Now stook.
Ex dock dividend. a Sale prloe. ti Canadian quotation.
May. p Due June. h Due July. k Due Aug. o Due Oct. p Due Dec. s Option sale.




BOSTON STOCK EXCHANGE-Stock Recordsee6g2gage
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Oct. 6.

Monday,
082. 8.

Tuesday,
Oct. 9.

Wednesday. Thursday,
Oct. 10.
Oct. 11.

148 148 *447 148
145 146
145 146
147 147
2712 2712 77
7712 *77
77
7712 7712 77
7712
9314 9314 94
94 *94
94
94
41116
*116111
*11512
116 116
98
98
97
98
97
98
98
97
12
1212 12
12
12
12 •____ 1212
*12
1214 4.12
14
12
12 •____ 12
16
17
16
16
1512 1512
10
16
11,22
23
22 23
22 22
*___ _ 22
'26
28 "ii
26
27 *27
25
*138
_ *138
4.138
*138
4.23
24
23
23
2212 23
23
23
60 60
60 60
60 00
*___ _ 56
56
__
5612 56
56 .
*34 __ _ _ 34
3512 *3512
3512 3512
_ 56*3212 36 •35
36
3612 36
36 *35
2612 2612 *2612
2812 2812 *2812
_
1178 1234 1212 1312 *1214 1234 •1258 1314
- -His -II(
467
7034
4.84
90 *84 90
486
90
70
70
69
70
70
70 ;(14- "70"
32
32
30 30
29
29
29 *28
*272 ____ 72
72 *74

Friday,
Oct. 12.

Sates
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

1653

Range Mu Jan. 1 1923.
Lowest

Highest

PER SHARE
Range for Premien
Year 1922.
Lowest

Railroads
Shares
70 Boston & Albany
100 143 Apr 3 151 June 14 13014 Jan
73h Feb
95 Boston Elevated
100 75 June 29 84 Jan 5
9 Do pre!
9414 Mar
100 214 Aug 9 100 Mar 6
28 Do 1st pre!
100 11118 Aug 2 125 June 12 116 June
45 Do 2d pref
100 97 Sept 24 106 Mar 5 10112 Nov
14 Jan
170 Boston & Maine
100 1014 July 30 2012Mar 2
37 Do pref
20 Jan
100 12 Oct 9 27 Feb 13
200 Do Series A 1st pref.. 100 1512 Oct 10 3212 Mar 1
22 Jan
76 Do Series B 1st pref_100 22 Oct 8 48 Feb 6
36 Jan
Do Series C 1st pref
100 22 Sept 24 42 Mar 22
30 Jan
42 Do Series!) lat pref
100 25 Oct 10 59 Feb 7 40 Jan
Boston & Providence
100 135 July 21 16012 Jan 25 125 Jan
308 East Mass Street Ry Co 100 18 Feb 15 35 Mar 22
18 July
92 Do 1st pref
66 Aug
100 60 Oct 2 72 Jan 16
225 Do pref B
51 July
100 53 Feb 24 65 Mar 19
57 Do adjustment
100 34 Oct 3 46 Mar 22
28 July
30 East Mass St RI (tr etfs)_100 3412 Feb 1.5 45 Mar 21
29 July
34 Maine Central
100 2512Sept 27 43 Jan 2
2712 Jan
421 NYNH& Hartford
124 Jail
100
934July s 2212 Jan 30
Northern New Hampshire_100 65 Sept 8 84 Feb 3 69 Jan
Norwich dc Worcester pref-100 80 June 12 100 Jan 3
58 Jan
92 Old Colony
100 65 Aug 14 81 Feb 14
57 Jan
246 Rutland pref
100 2112 Aug 25 3818 Feb 20
15 Jan
1 Vermont & Massachusetts-100 72 Oct 3 98 Jan 11
78 Jan

Highest
152 May
8912 Sept
105 Sept
126 Sept
109 Sept
3118 May
37 Apr
44h Apr
62 May
54 May
7718 MAY
163 July
2658 July
77 July
60 Nov
47 Aug
47 Aug
55 Oct
3478 May
96 J111.1
10354 De
984 May
5278 June
100 Aug

Miscellaneous
395 Amer Pneumatic Service__ 25
I Sept 19
414 Jan
34 Jan 9
21 Dec
220 Do pref
50 13 Aug 7 20 Jan 10 13
Feb 2014 Aug
1,861 Amer Telephone dc Teleg_100 119 June 29 12554Mar 14 11453 Ian 12814 Aug
470 Amoskeag Mfg
No par 6712 Oct 9 112 Jan 5 104 Jan 121 Dec
80 Do prat
No par 72 Oct 9 88 Jan 5
80 Nov 91 Aug
Art Metal Construe,Inc__ 10 15 Mar 1 1612 M ar 14
14 Nov 2012 Mal
Atlas Tack Corp
No par 10 July 2 2018 Feb 14
13 Jan 22 May
ia" 10514
13 Boston Cons Gas Co. pref_100 105 Jan 22 10812 Feb 24 10454 Aug 107 Dee
Boston Mex Pet Trus_No per .10 Jan 18 .30 Jan 25 .10 Sept .50 may
2114 2112
-iii Connor (John T)
10 19 July 5 27 Mar 19
1534 Jan 307s Dec
212 212
725 East Boston Land
10
212 Oct 8
4 Jan 2
3 Jan
6 Apr
*714 8
, Eastern Manufacturing
5
7 June 28 1418 Mar 5
7 Dec 1414 Feb
330/ Eastern SS Lines,Inc
25 6854July 30 12712 Mar 22
3812 Jan 891 Oct
160 1-61-1,180 Edison Electric Illum
100 158 Oct 3 172 Jan 3 158 Ma 185 Sept
115 Elder Corporation
No par
312June 30 1078 Jan 2
3 Mar 13 May
35 Galveston-Houston Elec__100
5 July 9 2912 Feb 5
28 Dec 39 Aug
814 Aug 23 1558 Mar 3
Gardner Motor
No per
9 Nov 1614 Apr
16
16
130 Greenfield Tap & Die
25 15 Sept 21 24 Feb 10
17 Dec 2714 Fe
5312 54
185 Hood Rubber
No par 5312 Orli, 11 6312 Mar 13
43 Mar 5458 Dec
Internat Cement Corp-No par 32 July 92 44 Mar 19
26 Jan 384 may
10 Internat Cotton Mills
50 10 Sept 14 22 Feb 19
20 Nov 32 Jan
---Do pref
100 50 May 31 7912 Jan 10
60 Aug 85 Dee
---International Products_No par .75 Oct 4
3 Mar 20
618 Mar
118 Dec
100
54 Dec 17 Apr
Do pref
44.1une 20
8 Mar 15
623 622
512 Oct 1
109 Libby.McNeill& Libby__ _ 10
812 Aug 20
158 Apr 1112 June
10
10
25
181 Loew's Theatres
814June 27 11 Apr 26
8 July 13 Jan
80
8012
100 7812May 22 874 Jan 2
92 Massachusetts Gas Cos
63 Jan 9018 Nos
100 65 July 7 73 Jan 25
42 Do pref
62 Jan 74 Oct
16012 ftfilz
Mergenthaler
Linotype_ 100 147 June 19 179 Jan 6 130 Jan 181
124
Oct
Stock
150 Mexican Investment.Inc_ 10
5 Oct 10 1454 Feb 19
11 Dec 274 June
Mississippi River Power--100 1812Sept 20 284 Jan 31
13 Jan 34 Aug
Do stamped pref
Exchange
100 80 Jan 16 84 Feb 14
7212 Jan 851s Oct
383 -13-4
10
171 National Leather
84 Feb 13
314June 27
64 Dec 1158 Jan
Closed100 New England 011 Corp tr Mrs_
2 On 9
5 Jan
412Sept 13 .22 Dec
117 117
100 New England Telephone 100 113 July 4 122 Jan 3 109 Jan 125 Sept
Columbus
50 Orpheum Circuit. Inc
1 1654July 12 2112 Apr 26
13 Jan 28 Oct
117 Pacific Mills
8714 88
8534 Oct 9 190 Jan 2 11554 Oct 192 Dee
Day
10 15 June 26 18 Mar 14
35 Reece Button Hole
1212 Apr 16 July
2 Jan 11
56 Reece Folding Machine- 10
3 Mar
314 Mar 15
158 Dec
Holiday
5 .75 June 14
I Simms Magneto
74 Apr
2 Feb 20 .50 Nov
10118 10138
100 9812June 26 10918 Jan 6
355 Swift & Co
924 Jan 1104 Bevi
4412 45
159 Torrington
25 42 July 31 50 Mar 9
8118 June
39 Jul
5
718 Jan 19 11 Mar 7
45 Union Twist Drill
1414 Feb
8 Ma
3423 3514
2,009 United Shoe Mach Corp.- 25 23312.1une 15 5534Mar 8
37 Jan 45 Mar
26
26
25 2458June 14 2814 Jan 11
118 Do pref
25 Jan 2712 July
2412 247/3
18,852 Ventura Consol 011 Fields_ 5 1954 Aug 23 30 Jan 2
2178 Jan 3318 June
1534 16
1,637 Waldorf Sye,Inc.new shNo par 1553Sept 17 82218 Mar 19 81314 Jan g1918 Dee
170 Walth Watch Cl B com.No par
5 Feb 15 13 Mar 17
1454 Apr
214 No
100 1512 Mar 6 2912Mar 19
Preferred trust ctfs
1
11 No
49 Apr
1714 1724
71 Feb 13 Oct
5,935 Walworth Manufacturing- 20 1114 Jan 5 1734 Oct 8
117 Warren Bros
ao 2512 Jan 31 3412Mar 14 1712 Jan 854 Sept
3314 3314
50 31 July 12 3912 Mar 14
128 Do 1st pref
3012 Jan Ma Oct
148 Do 2d pref
50 33 July 10 42 Mar 15
31 Fe
44/
1
4 Jul/
Wickwire Spencer Steel- 5
7 Aug 14 1212 Feb 21
854 No
21 May
Mining
+.30 .55
.33 .33 *.30 .55 •.30 .55 14.30 .55
100 Adventure Consolidated.- 25 .25 Feb 16
1 Feb 28 .50 Jo
1 Ain.
25 54 July 5 87 Mar 1
Ahmeek
56 No
66 MAY
";:fo "Tio
";.1-5 .20
25 .10 July
Algomah Mining
.50 Mar 2 .03 Sep .50 Apr
25 15 Aug
Moue:
34 Mar 1
19 Dec 3212 Jan
";iis
112*11
134 +.112 134
123 153
25 .70 July
300 Arcadian Consolidated
458 may
414 Mar 5
2 Mar
•812 9
834 834
878 878
512
812
.812 878
Commercial
Arizona
a
115
738
Jan
6
1412
Mar
2
6 Nov 1012 June
*15
16
1415
16
+15
16 •15
16
*15
16
10 15 Sept 1
Bingham Mined
19 Feb 19
13 Jan 1854 Sept
20
2012 19
2012 20
20
19
1912 1712 1812
25 1712 Oct 11 49 June 15 248 Nov 301 Aug
2,030 Calumet St Hecla
324 A 3 3'X 3 314 312 3% 312 318
1
2,111 Carson Hill Gold
258 Oct 4
578 Nov 1634 Ma/
93g Feb 13
Centennial
25
7 Jan 18 15 Mar 1
8 Nov 134 Feb
;iLi4 16- 26 16" 25 2512 2454 /61-2 24l 25's
25 2412 Oct 11 4634Mar 1
Range Co
367
Copper
3518
Dec 4634 MAY
234 234 *212 234 41212 234 *212 234 *212 234
914 Jan
10
200 Davis-Daly Copper
214June 28
218 Nov
5 Feb 23
*5, 518
5
514
5'Xs 5'A
5!>
514 Vs
5
712 Nov 1214 Jan
750 East Butte Copper Mining- 10
5 July 5 1112 Mar 1
•1
114 *1
114
.90 .90
1
1
1
1
25 .30 May 22
237/Franklin
378 ADP
I
Apr
258Mar
5
•112 214 +112 214 *112 214 *112 214 •112 214
!Hancock Consolidated-- 25
114 Sept 13
112 Aug
312 Mar
4 Mar 5
*3012 3114 31
311
3012 3012 *3014 31
*3014 3012
160,Hardy Coal Co
2454 Mar 28 3358June 7
.1.35 .50 •.35 .50 •.35 .75 •.25 .50 '4.25 .50
25 .10 Sept 17
Helvetia
114 Feb 20 :66" Dec 24 Apr
102 102
102 1021 102 10212 102 102
10114 10212
1 97 July 2 11512 Apr 7 814 Jan 11658 June
6271 Island Creek Coal
*92
9414 91
91 •92
9312 4.92
9312 *92
94
31 Do pref
1 91 Oct 8 1001:Mar 28
88 Feb 97h Nov
•20
21
20
20
1934 1934 1978 198 1912 1912
25 19 June 21 3314 Mar 3
90 Isle Royale CoPPer
18 Nov 2654 May
*22
212 •z2
21
2
2
4./2
212 4.2
212
a
478 Apr
70 Kerr Lake
2 July 17
3 Feb
358
Jan
2
•.75 112 *15 11
•.75 112 5..75 112
.75 .75
312 Apr
25 .60 Sept 4
30 Keweenaw Copper
1 Feb
214
Mar 5
*158 2
•158 2
•158 2
•158 2
112 158
25
115 Lake Copper Co
554 May
114 Oct 4
214 Feb
514
Mar
1
•114 2
•114 2
•114 2
114
114 *114 134
25
24 Apr
10 La Salle Copper
118 Jan 29
1 Nov
314
Mar
1
•178 218
178 17
+178 2
*178 2
*158 2
234 May
SO Mason Valley Mine
158 Jan
Isolune 15
258 Mar 27
*112 2
112 11
112 112 *112 134
112 112
25
44 Apr
60 Maas Consolidated
112 Dec
14July 20
414 Mar 3
2
2
214 214 *218 212 •218 212
218 212
135 Mayflower-Old Colony
25
618 Apr
2 Sept 14
218 Dec
7 Feb 10
•158 214
158 158 *178 214 *132 214 *158 154
25 .90 July 3
5 Michigan
7 Apr
4 Mar 17 .75 July
38
38
3734 3812 38
39
37
3734 3714 3714
25 37 Oct 2 71 Mar 2
167 Mohawk
52 Nov 68 June
*1714 1734 1712 1712 1712 1712 •1634 1714 17
17
177 New Cornelia Copper
5 16 June 28 2412Mar 2
1514 Dec 2012 June
*212 3
*212
*212 3
3
*212 3
New Dom. Copper
2h Aug 20
414 Apr 4
_15237
38
38
•z37
*37 44
1 New River Company.....100 35 Apr 18 40 Apr 27
87 Jan 40 Feb
*17712
*17712 80 4:7712 80
• 77127722 7714 771
100 77 Mar 5 84 Mar 16
pref
60
Do
73 Jan 85 Got
*25
528 518 *518 51
514 514
518 518
534
280 NIDIssinff Mine,
a
624 Feb 20
.Tan
ay
44July 5
00
15
7 2.4
512 July
*112 134
112 158
112 11
15s 153 •118 134
15
565 North Butte
112 Oct 8 1254 Mar 1
*.80 114 •.80 118 •.80 118 *.80 118
.81 .81
25 Ojibway Mining
25 .70 July 2
114
Dec
258
8Apr
Mar
41
5
1534 1534 1512 1534 15
13
1612 15
1512 •15
25 15 Oct 9 3212 Mar 1
80 Old Dominion Co
16 Nov 27 JIB
*z_
___
Osceola
25 2434July 18 46 Mar 1
25 Nov 381s Aug
;;5" 31 .4z3 --312
3
*if - 11
-31-2 '284 324
Park City Mining & Smelt- 5
214
4
Aug
13
354 Nov
_2_18
J_un_..
e
Mar
5
*1312 14 •1312 14
*1312 14
*1312 14
+1312 14
Pd Crk Pocahontas Co-No par 1254May 22 1614 Mar 23
•23
24
23
2278 23 •23
24
24
24
*23
72 Quincy
25 22 July 5 50 Mar 2
MaF
"66"
NOV
30
1432
34
33
33
33
32
32
32
32
32
146 St Mary's Mineral Land_ _ - 25 30 Sept 18 534 Mar 1
37 Nov 4812 May
+.55 .75
.50 .55
.45 .45
.50 .50
.45 .45
190 Shannon
10 .35 Sept 6
118 Mar 5 .25 Mar
14 May
•.25 .85 •.25 .85 •.25 .85 .4.25 .8.5 14.25 .85
South Lake
25 .10 June 4
114 MAY
1 Aug 8 .25 Dec
5114 134 •114 134 *114 134 •1/4 124 *114 134
Superior
25
114July 18
14 Dee
34 Mar 3
434 Jul,
5..97 114 •.99 118 •.99 us
hg 114
1
118
245 Superior & Boston CopPer- 10 .90 July 30
254 Oct
354 Feb 23 .90 Mar
.29 .29
.28 .28
.21 .28
.35 .35
.25 .28
1,800 Trinity Copper Corp
a .21 Oct 10
814 API`
14 Feb 15
15‘ Dec
•1
118 *1
114 •1
lk *1 8 1
1'4 •1
13.5 Tuolumne Copper
10
1 July 6
158 Aug 18 .40 Nov .92 May
*278 3
4118 3
4118 3
27
3
27s
20 Utah-Apex mining
4 Mar
5
Oct
234
VA
Jan
9
6
Apr
13
*114 158 •118 112
1
114
1
1
114 •1
555 Utah Consolidated
312 June
1
1 Aug 7
1 Feb
3 Mar 5
*.65 .70
.55 .55
.60 .65 •.55 .65
.55 .65
825,Utah Metal & Tunnel
218 Apr
1 .38 Sept 24
.80 Dec
153
Feb
27
'114 154 •1
+1
2
*1
2
2
*1
2
Jan
212
!Victoria
25
Nov
.75
.60
Aug
30
253
Feb
28
•.25 .50 11.25 .50
.30 .30 4..25 .50
.40 .40
170 Winona
25 .30 June 29
234 Apr
154 Mar 5 .25 Jan
*GIs 7
628
618
6
812
*618 7
61s 618
32 Wolverine
25
714 Nov 16 May
5 July 3 13 Mar 1
•Bid and asked prices: no sales on this day. s Ex-rights. b Ex-dividend and rights.
z Ex-dividend.
Ex-stock dividend. a Assessment paid.
Beginning with Thursday. May 24. trading has been in new shares, of
two new shares of no par value were given In exchange for one share of old stook of 810
oar value. In order to make possible comparisons with previous quotations,which
we have divided all these previous quotations by two.
2
2
*2
2
214
2
2
2
*1312 14
1312 14
1312 1312
1334 14
123 12358 12314 12334 12314 12334 12314 12358
7058 7058 7012 7112 6712 71
68h 6912
*75 _ _ _ _ *75
74
75 *73
7812 72
*15 _ _ _ _ *15
*15
•15
_
151034 12 •1024 12
*1034 12
*1034
10514 10514 *105 _
4.105 -*105
*15 .30 •.15 .30 +.15 .30 4..15 .30
2118/ 2118 21
2112 2112 2112 2112 2112
212 212
*212 3
212 212
212 212
*74 783 *714 784 *712 754 *712 8
80
81
80
8112 80
8034 81
8012
15712 158
158 15934 15914 161
159 16012
4
4
384 334
*334 414 *358 414
*614 12
914 914 •914 13
*914 13
*614 834 *614 834 *61s 834 *618 834
1634 17 •16
1612 *16
1612
1612 *16
*54
55 *54
55
54 54 *54
55
.4:35
36 .235
36 .4:35
36 *235
36
14 •12
14
*10
12
12 •10
12
*5512
-- 1452
58 *53
58 •53
58
.4.50 1
+.50 1
•.50 1
•.75 .88
•122 5
•112 5
*112 4
*112 4
•612 678 *684 7
658 634 *634 7
912 10 *10
1014 *10
1014 4'10
1014
8012 8012 81
8012 81
8012 8012
81
68 68
68 68
68 68
68
68
*2159 160 160 161
160 160 •/159 16012
*6
*6
7
7
5
5
514 514
•1934 2012 p1934 2012 •1934 2012 +1934 201
4.:80
8234 .4/80
8234 *280
8234 *280
81
•352 378 *355 3711
358 4
358 351;
•2
4
4.2
4
2
2
*2
31
.1.:1113 117
116 117 116 117
116 117
*18
1812 18
18 *1814 1834 •18
181
*8734 8812 88 88
8534 8734 •8758 88
*21514 1558 *2154 1558 1514 1514 15
1514
.4/2 _ _
2
2
4/2 _ _ _ _ */2
41.50 1
*.50 1
14.50 1
*.50 1
10112 102
10114 10112 101 10158 10114 1013
*4414 45
4434 4434 4434 45
4454 443
+8
11
+8
11
*8
11
8
8
3518 3512 35
3512 3434 3514 3478 351
*2534 2812 *26
27
26
2614 2534
23
2534 253s 2612 2438 2512 23
251
16
1618 1534 161a 1534 1618 1578 16
*812 834 .
812 834
812 81
812 812
•18
•18
17
1714 *18
1614 1718 1714 1734 •1714 1734 1714 171;
*29
2912 29
29
2912 29
29
29
+32
33 .32
33 *32
33
3312
33
+34
37
*34
37 *34
37
35
35
*614 7
46
7
*6
7
4.6
7




2
214
1312 131
123 1231
6912 691

Sales
Than.
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.

Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Oct. 6 to Oct. 11, both inclusive (Friday,
Oct.12, being Columbus Day and a holiday on the Exchange).
Bonds-

[voL. 117.

THE CHRONICLE

1654

Sales
Thurs.
Last Week's Range for
Week.
ofPrices.
Sale.
Par. Price. Low. High Shares.

AtIG&WISSL 59_1950
Carson Hg cy notes 781927
Chic June &II S Y 48_1940
1940
5.9
1936
Hood Rubber 78
IC C Mem & B Inc 4s_ _ 1934
1934
Income 58
1929
Mass Gas 4318
1931
451s
Miss River Power 58_ _1957
Punta Alegre Sugar 78_1937
1944
Swift & Co 58
1926
U S Smelting 68
1924
Utilities Coal 68
1928
78
1932
Western Tel 58

Range since Jan. 1.
Low.

4554 46 818,500 43
5,500 97
97
97
1,000 78%
80
80
92% 9251 2,000 8851
1,000 100
101 101
85% 8551 8551 3,000 85%
8654 86% 3,000 85
9451 9451 1,000 92
9111 9131 9151 2,000 89
9051 905( 8,000 89
400 107%
1093.41091.4
19,000 91
96% 97
97
99% 99% 2,000 99%
10051 100% 5,000 100%
9951 99% 5,000 99%
9555 953.4 9534 5.000 94

97

July
Mar
May
May
July
June
Apr
Apr
Apr
Apr
Aug
Apr
Oct
Oct
Oct
Mar

High.
62
100
84
95
102%
9351
8834
9651
92
95
119
9931
100%
100%
9951
98

Mar
Jan
Feb
Mar
Jan
Sept
Jan
Mar
Jan
Jan
Mar
June
Jan
Oct
Oct
Feh

Scott Paper Co, pref __ _100
Tono-Belmont Devel_ _1
1
Tonopah Mining
50
Union Traction
United Gas Improvt_ _ _ _ 60
50
Preferred
W Jersey & Sea Shore_ _ _50
York Railways, pref_...50

39
53
44
35

96
44
131
39
53
5554
43
35

96
3.4
1%
3951
53%
56
44
35

Range since Jan. 1.
Low.

High.

Aug 99
May
20 94
20 9-16 Sept 1 5-16 Jan
251 Jan
131 Oct
500
430 35 June 4051 Jan
Apr
853 47% May 56
107 :5451 May 56% Feb
Jan 4451 Oct
505 33
20 34 May 3631 Jan

BondsJuly 9555
8731 54,900 82
48 8755 84
907
10
Amer Gas& Elec 5s_ _ _2
9774 9751, 5,000 9651 June 99
Bell Tel 1st 5s
Sept 8254
Consol Trac NJ 1st 591932 7031 7051 7034 3,000 67
July 7151
16,500 60
6351 64
Elec & Poop tr ctf 4s_ _1945 64
July 9834
9834 9851 2,000 98
General Refractories691952
Sept 49
1,000 44
44
44
Inter-State Rys coll 4s 1943
Oct 31
1.000 18
18
18
Lake Superior Corp 591924 18
North Cent 2d 58 Ser A1926 9934 9954 9934 2,000 9954 Oct 9931
683.4 6855 1,000 65 June 73
Peoples Pass tr ctf 4s A943
8934 8974 1.000 8934 Apr 9351
Phila Co cons & stpd 581951
Apr 103
9851 103.100 96
1966 9834 98
Phlia Elec lst 5.9
Apr 103
9,000 99
1947 10051 10054 101
5548
10651
May
10254
13,000
10334
1941
10334
68
8551 8551 2.000 8534 Oct 86
Phlla & Read impt 49_1947
Reading general 4s_ _ _1997 8735 8755 8751 2,000 8331 Apr
H
8%
80
Spanish Amer Iron 69_1927 10034 1003.4 10015 1,000 9951 May 10
Jan 9414
5.000 88
United Rye Invest 59_1926 9334 9314 94

Apr
Jan
Jan
Jan
May
Jan
Feb
Oct
Jan
Mar
Jan
Feb
Jan
Sept
July
Jan
Mar

Baltimore Stock Exchange.-Record of transactions at • No par value.
Baltimore Stock Exchange Oct. 6 to Oct. 11, both inclusive,
Pittsburgh Stock Exchange.-Record of transactions at
(Friday, Oct. 12, being Columbus Day and a holiday on the Pittsburgh Stock Exchange Oct. 6 to Oct. 11, both inclusive
Exchange), compiled from official lists:
(Friday, Oct. 12, being Columbus Day and a holiday on the
owes
Tours.
Exchange), compiled from official sales lists:
Range since Jan. 1.
Last Week's Range for
Stocks-

Week.
Sale
ofPrices.
Par. Price. Low. High. Shores.

Armstrong-Cator 8% 10100
Arundel Sand & Gravel _100
At1Coast L(Conn)_ _._100
Balt American Insurance 25
100
Baltimore Brick
50
Baltimore Trust Co
Bartlett-Hayw'd Co.Pf.100
•
Beneath (I), corn
25
Preferred
Central Fire
Cent Teresa Sus, pref_ _ _10
Cbes & Pot Tel of Balt _100
25
Commercial Credit
25
Preferred
25
Preferred D
Cons Gas,E L & Pow-100
100
7% preferred
100
8% preferred
Consolidation Coal-- - -100
•
Eastern Rolling Mill
100
8% preferred
50
Fidelity& Deposit
Finance Coot America_ -25
Finance & Guar, pref- _ _25
Finance Service, Class A.10
10
Preferred
Houston 011 pf tr cr.'s_.100
Manufacturers Finance-25
25
2d preferred
Maryland Casualty Co--25
Merch & Min Tr Co- _100
Monon Val Trac, pref._ _25
MtV-Wood Mills pf vtr.100
New Amster'm Cas Co_100
50
Northern Central
Penns Water & Power _100
United Ry & Electric_ _ _50
U S Fidelity & Guar_ _ _50
Wash Bait Annap_ _ 50
50
Preferred

89
89
4531 4351 4551
11134 1113411134
41
41
451 451
155 15534
110 110
35
35
3554
2534 2555 2534
2351 2351
4
4
10931 109 10955
7331 71
7351
2451 25
25
26
26
109
109 110
105 10534
105
11451 11451 115
86
86
86
4451 45
87
87
87
8031 81
4234 43
43
18
18
18
1634 1631
' 834 834
85
84
5051 51
22
23
22
83
82
83
106 10659
106
20
20
64
61
63
39
39
7351 7351
9951 100
1634 17
154 154
8
8
28
28

5
102
10
27
45
70
2
72
21
5
300
25
170
44
197
284
19
32
10
55
75
179
65
100
100
35
160
54
57
72
55
74
326
120
7
47
255
17
15
1

Low.
8851
40
11134
41
4
155
110
3231
2555
2331
234
10854
48
2451
2534
10634
103
114
8251
25
80
7834
3834
1634
15
751
80
50
2154
82
10434
18
50
35
72
9834
1534
147
8
2634

Aug
Jan
Oct
Apr
Jan
Jan
June
Aug
June
Oct
July
June
Jan
Oct
Aug
July
July
Sept
May
Jan
Jan
July
Jan
July
Aug
June
Aug
July
Oct
Sept
Aug
Feb
Aug
Jan
July
Sept
Aug
Jan
Aug
June

High.
90 June
Sept
46
Mar
127
4234 Mar
531 Mar
Feb
160
112 May
38 June
2634 Jan
2331 Oct
434 Feb
11034 Mar
7334 Oct
2534 Apr
2734 Jan
Mar
118
Mar
108
Jan
120
Jan
98
Apr
60
Mar
100
14451 Apr
4434 Mar
Jan
30
Jan
17
Apr
9
95
Jan
5751 Jan
2634 July
Jan
90
Apr
121
Aug
22
7334 Mar
39 June
77
Jab
10834 Mar
2051 Jan
Jan
164
Feb
15
3134 Feb

Bonds9734 9754 83,000 9551 Jan 9754 Oct
Balt Elec stamped 5s_ _1947
Apr 90 May
8834 8859 5,000 88
Balt Spar P& C 459s_ _1953
Jan
1,000 98 Sept 101
Consolidated Gas 5s._1939
99
99
9134 9134 1,000 8751 Feb 9251 Jan
Cons G,E L & P 4%8_1935
Jan
10334
Apr
101
10051
10151
1949
10134 6,000
Series A 68
1931 10534 10555 10551 6,000 10551 Oct 10834 Feb
Series C 78
Jan
8631 8651 1,000 8534 May 90
Consol Coal ref 5s_ _ _1950
Lexington Ry let 5s_ _1949 8555 85% 8534 1,000 85% Oct 8851 May
51
51
1.000 4951 Apr 5459 June
Macon Dub dr Say 59_1947 51
Jan 2851 Oct
Mary'd & Penne Inc 461951 2851 2851 2851 1,100 21
97
97
2,000 9634 Apr 9834 Jan
North Bait Trac 5s...1942
10054 100% 1,000 10034 Oct 10234 Jan
Petersburg Class 13 68_1926
United Ry & Elec 48_ _1949 713.4 7151 7151 13,000 7134 Sept 7454 Jan
Jan
5034 5034 2,000 5034 Aug 55
1949
Income 48
7334 7314 2,000 7234 Oct 7734 Jan
1936
Funding Ss
a.o. 1 A2 1,4 Inn
no
a Ann
OA 1.4
Oa
an IA
1440
••
•NO par value.

Stocks-

Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High Shares

Range since Jan. 1.
Low.

175
651 July
834 951
Am Vitrified Prod. com_50
431 Oct
451 55( 8,600
Arkansas Nat Gas, com_10
128
2% Oct
251 251
Carnegie Lead dr Zinc__ .5
Mar
40 102
115 115
Barb-Walk Refrac,com.100
175
3 Sept
4
4
Indep Brewing, corn_ _50
Jan
62
6
8
8
50
Preferred
Maayr
20 12
351 ivi
06
109 109
Jones-Laughlin Steel,pf.100 109
347
25 25% 2451 25%
Lone Star Gas
185 51
May
53%
53
50 53
Mfrs Light dr Heat
70 1434 July
17
17
Nat Fireproofing, pref-50
405
32
25 3151 31
Ohio Fuel Supply
041 Julyau
148
2151 2251 1,020 3
Oklahoma Natural Gas_ _25 22
25
Aug
531 551
531
Pittsburgh Brew, pref _ _ _50
8t
8 pe
16,500
% Jun
10
13c
__I
12c
Cop_
12c
Shasta
Pitts & Mt
30
631 651
Pittsburgh Oil & Gas
5
145 165
Jan
Pittsburgh Plate Glass. 100 19251 188 192%
Sept
ear
m
S
6
7% 731 2,035 7354
751
Salt Creek Consol 011 _ _ _10
160
83% 8451
Stand San'y Mfg, com_100 84
734Oct
150
755
754
10
Oil
Osage
Tidal
150 2334 Febt
29
28
25 28
Union Natural Gas
Apr
160 67
82
West'house Air Brake_ _50 81% 81
July
145 50
5851
5654
57
W'house Elec dr Mfg,com50

High.
9%
10
451
122
454
10
110
27
60
19
36%
3651
8
28c
10%
205
17%
8551
1351
29
86
695(

Oct
Jan
Aug
May
Aug
July
Aug
July
Feb
Aug
Mar
Mar
Mar
Jan
Feb
Jan
Sept
Apr
Feb
Sept
May
Mar

St. Louis Stock Exchange.-Record of transactions on
the St. Louis Stock Exchange for week from Oct. 6 to
Oct. 11, both inclusive (Friday, Oct. 12, being Columbus
Day and a holiday on the Exchange),compiled from official
sales lists:
Stocks-

Sales
Thur.
Last Week's Range for
Week.
ofNUM
Sale
Par. Price. Low. High. Shares.

197%
First National Bank
Nat'l Bank of Commerce_ _ 140
Mercantile Trust
St. Louis Union'Trust
United Railways, pref
Brown Shoe, common
Preferred
Cert-Teed Prod, 1st pref.- 73%
Ely & Walker DC 1st pref. 102
Fulton Iron Works. pref_
Hydraulic Press Brick, Com
5051
Preferred
1%
Indiaboma Refining Co_ _
International Shoe, corn.. -----Preferred
Missouri Portland Cement_ 100%
National Candy, corn
Scruggs-V.-B.D.G.,2d pt. 85
Southern Acid & Sulph,com 10251
Wagner Electric, corn
Wagner Else Corp, pref..- 79%

19754 19914
140 141
361% 36151
230 230
12
12
46% 47
9051
90
7351 75
102 102
100 100
4
4
5054 51
- 1% 234
72
70
114% 11451
10054 101
83%
81
85
85
10251 10251
27% 28
79% 79%

46
60
1
3
10
30
148
8
3
5
20
55
1,010
389
92
21
60
251
15
52
15

Range since Jan. 1.
Low.
197%
140
356
221
12
4654
90
70
10134
98
354
5754
1%
63%
114%
79%
73%
85
101
21
71

Oct
Oct
May
July
Oct
Oct
Oct
Aug
Sept
Sept
Aug
July
Sept
Jan
Sept
Jan
Aug
Oct
July
Aug
July

High.
210
153;4
380
245
17
05
993-4
90
105%
103%
655
60
19
75
119
10055
9131
89
10451
3551
83

Jan
Mar
June
Feb
Jan
Mar
Jan
Feb
June
Apr
Feb
Feb
Mar
Apr
Mar
Oct
Jan
Apr
June
Apr
Mar

BondsPhiladelphia Stock Exchange.-Record of transactions United
Jan
5851 5951 839.000 5851 Oct 64
59
Railways 48
at Philadelphia Stock Exchange Oct. 6 to Oct. 11, both
at
of
transactions
-Record
Exchange.
Stock
Chicago
inclusive (Friday, Oct. 12, being Columbus Day and a
Chicago Stock Exchange Oct. 6 to Oct. 11, both inclusive
holiday on the Exchange), compiled from official sales lists:
(Friday, Oct. 12, being Columbus Day and a holiday on the
ins's.
&UM
Exchange), compiled from official sales lists:
Range since Jan. 1.
Last Week's Range for
Stocks-

Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.

Low.

High.

Apr
Feb 30
2431 2531 1.155 15
50 25
Amer Flee Pow Co
Apr
Feb 78
76
15 63
76
100
Preferred
285 713.4 Aug 8351 May
81
American Gas of N J..- -100 8031 80
Sept
954
9
Mar
8
40
9
10
American Milling
Oct
2734 sog 28.501 20 June 32 May
• 28
American Stores
Aug 240
125 12851 3,897 104
• 127
Congoleum Co.Inc
Jan
Aug 86
87
105 60
66
100
Eisenlohr (Otto)
Jan
100 9751 Oct 100
100
9734 0734
Preferred
59
115 5255 July 6651 Mar
58
Elm Storage Battery_ _100
Feb
25
30 2334 July 27
25
• 25
Erie Lighting Co
• 49
49
4934
105 4234 Feb 5951 Mar
General Refractories
Apr
4634
202 4234 Jan 50
Insurance Co of N A_ _._10 4651 46
851 Feb
551 Sept
655 651
50
Keystone Telephone_. _50
Mar
3431
Aug
25
27
27
80
Preferred50 27
355
331 4
Oct 10% Feb
3
2,120
Lake Superior Corp._._ _100
Jan
177 64
50 6754 6734 68
Aug 75
Lehigh Navigation
Feb
50
6231 6251
50 5734 July 71
Lehigh Valley
10 2051 2034 21
150 20
Feb 2254 Jan
Lit Brothers
Feb
4951 4934
43 48 Sept 53
Minehill & SchuYi Hay--50
Aug
59
59
20 5451 Apr 62
Penn Cent Light & Pow_ •
8134
79
_50
Jab
79
June
77
7
Pennsylvania_
North
9055 1,705 79 June 9355 Apr
Pennsylvania Salt Mfg_ _50 8934 85
4254 4274 3,601 4134 Juno 47% Jan
50
Pennsylvania RR
100
151 151
•
134 Oct554 Feb
Penn Seaboard Steel
43
43
10 41 June 4559 Feb
Phila Co pref(cum 6%)-50
3031
30
5,024
3051
2751
25
May 3311 Jan
Phi's Electric of Pa
255 2931 May 3351 Jan
3051 3151
25 31
Preferred
45
912
Aug 5051 Jan
42
42
45
*
Wire
Insulated
Phila
Jan 3531 Sept
825 30
3431 3551
Phlla Rapid Transit_-_50 35
60
60
10 5934 Oct67 Pan
Philadelphia Traction_ -12
ng




Stocks-

Sales
Thurs.
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.

Amer Pub Serv, pref._ _100
American Shipbuilding_100
Amer Tel dr Tel Co
Armour & Co (Del), p1_100
Armour & Co, pref._ _100
15
Armour Leather
Bawdck-Alemite Corp_ _ _•
•
Borg & Beck
10
Bunts Bros
Central Pub Serv, pref_100
Chicago Elev Ay, pref.100
Chic Motor Coach,cora...5
Preferred
Chic Rys, Dart ctf Series 2_
Commonwealth Edison.100
Consumers Co,pref. _100
Continental Motors_ - _ _10
Crane Co. preferred
Cudahy Pack Co, com_100
Daniel Boone Wool Mills 25
100
Deere dr Co, pref
100
Diamond Match
Eddy Paper Corp (The) •
Fair Corp (The), pref_ _100
•
Gill Mfg Co
•
Godchaux Sugar,corn
W,
H
-.100
pref__
Gossard,
Great Lakes D & D_ _100

86
12351
90
80
3151
2631
51
185
95

85% 8651
76
72
1233-4 12351
90
88
74% 80
751 7%
3151 32
26% 26%
85( 851
85
85
%
51
185 210

go

in

1% 151
12755 127 128
65
65
6% ex
6%
108% 107% 10854
50
50
30% 30% 31%
63
63
113 113
33%
33
33
10134 1023-4
18
1751 18
10
9
2734 2754 28
80
78

203
60
10
500
1,360
10
224
400
245
25
635
188
2,448
200
745
20
350
100
400
6,900
49
20
263
270
320
200
135
230

Range since Jan. 1.
Low.
8351 Aug
59 June
120
July
84% June
June
71
7% Apr
27% Feb
2251 May
July
8
8254 Sept
51 Aug
118 May
85 May
7-4 July
12651 Oct
58% Aug
Oct
6
10631 Oct
40 Juno
19% May
48% June
10951 July
22% Apr
100
Jan
1651 June
754 Aug
24% Feb
75 June

High.
197
74
12451
108
96
10
39%
3231
11
90
851
212
99
3%
131
70
12
115
6431
6231
74%
121
40
106
28%
2654
35%
9454

Feb
Jan
Sept
Feb
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Oct
Oct
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
July
Jan
Apr
Apr
Apr
Feb

OCT. 13 1923.]

THE CHRONICLE

31
4731
2131
102
4
6
11431
10231
179
1154

BondsArmour & Co of Delaware
20-year gold 54s_ _ _1943
Chic City & Con Rys 5a '27
Chicago Railways 5s..1927
4s, Series "13"
1927
Northwestern Elev 58.1941

6131
7331

894
5131
7431
49
7335

894 83,000
5131 10,000
7431 3.000
49
1,000
7331 15,000

8531
47
73
453.4
7331

July
Jan
Sept
Sept
Oct
-

AAA X

A

AX

XXXXXX

clwovpp.csilsEv.p.oESE,04Evt2EEE4VV_VEIM5SV4,1.22g12r9.11g2A.IgA2A

1631
484
8031
10131
1831
534
52
6
1394
80

AXXXXAXX

9935
904

AA X AAA A

334
254

1031

.oX44.4

4531
8231
9631

ww
wW
.. w
p-,..
w.
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P.O.W.
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33

1031

A

8231
3531
10
4335
2531
631

AA

17
4731

Sept
125 101
10131 10131
119 119
50 81
May
164 18
2,077 1651 July
2,204 414 July
4734 50
640 1531 Sept
163( 1631
79
79
Apr
20 60
82
824
Oct
220 82
3531 36
July
50 32
10
460
8 May
434 44
112 3931 July
2531 2534
50 2431 Aug
631 7
2,125
5
July
100
334 331
231 May
33
3434
290 26 Jun
19
194
May
100
4535 46
855 3631 May
8231 85
300 8035 Jul
9631 97
305 96 Jun
18
18
20 18
Jul
115 115
15 115 Jun
34 351
448
34 Jun
• 24 231
774
2 Sell
1831 19
125 1731 Au
99 100
Oct
40 99
99
9934
47 99 Sep
90
9135
150 GO
Sep
220 220
Ma
375 210
9835 9835
205 85 Jun
1631 1631
834 1131 Jan
27
2731
900 1731 Jan
48
445 464 June
4831
7734 8131 22,125 7431 July
10131 102
981 984 June
1831 19
905 16 June
48
5435 14,840 4335 June
5135 56
5,530 514 July
6
631
6
Jan
300
137 140
Jan
73 71
7631 80
713 694 July
9031 92
40 8931 Aug
104 104
10 51
July
30
31
385 164 Aug
3,790 43
July
4734 49
100 184 May
2231 2231
1094 1094
15 954 Feb
214 2231 1,885 184 May
1014 102
555 93
Jan
51 1
51 Oct
2,700
6
670
7
435 Sept
114 115
450 100
Jan
100 269
8,910 100
Oct
175 185
3,545 175
Oct
111 117
9,415 7031 Jan

High.

•

HammermIll Paper, pfd_10
Hartman Corporation_ _100
10
HuPP Motor
Hurley Machine Co
•
Hydrox Corp, com- _100
Illinois Brick
100
IndeP Pneumatic Tool_ _ _*
Inland Steel
25
International Lamp__ _ _25
Kellogg Switchboard_ _ _ _25
Kupp'h'r & Co(B),coin_ _ 5
Libby,McNeill& Libby_10
Lindsay Light
10
McCord Radiator Mfg__ _•
MeQuay-Norris Mfg
•
Middle West'UM,com.100
.,Preferred
100
- Prior lien preferred
Murray Mfg Co
10
Nat Carbon,Pref(new).100
National Leather
10
Philipsborn's,Inc,com- _5
Pick (Albert) & Co
10
Pub Serv of N Ill, corn_ •
Common
100
Preferred
100
Quaker Oats Co
100
Preferred
100
Reo Motor
10
Standard Gas& Electric_50
Preferred
50
Stew Warn Speed,com-100
Swift & Co
100
Swift International
15
Thompson,J R,corn_ _ _ _25
Union Carbide & Carbon.10
United Iron Works v t 0_50
United Lt& Rye,com--100
First preferred
100
Participating pref. _ _100
US Gypsum
20
Vesta Battery Corp,com_•
Wahl Co
•
Wanner Mall Castings- - •
Ward, Montg,& Co.Pf.100
When issued
20
Class "A"
•
Western Knitting Mills..'
•
Wolff Mfg Corp
Wrigley, Jr, corn
25
a Yellow Cab Mfg,"13".10
Rights
Yellow Taal Co

Low.

• No par value. a Yellow Cab Mfg. Co. low quotation due to issuance of exrights at 175-185.

New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Oct. 6 to
Oct. 11, both inclusive (Friday, Oct. 12, being Columbus
Day and a holiday on the Exchange), as compiled from the
official lists. As noted in our issue of July 2 1921, the New
York Curb Market Association on June 27 1921 transferred
its activities from the Broad Street curb to its new building
on Trinity Place, and the Association is now issuing an official
sheet which forms the basis of the compilations below.
Thurs.
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.

Week ending Oct. 12.
Stocks-

Indus. & Miscellaneous.
Acme Coal Mining
10
10 15e
Acme Packing
Amer Cotton Fabric, pf.100
10
Amer-Hawallan El 8
American Thread, pref._ _5
Archer-Daniels-Mid Co..* 254
Armour & Co (Ill). pref.100
Armour & Co of Del. Pf.100
•
Atlantic Fruit Co
10 103.4
Blyn Shoes, Inc
364
Blyn & Sons, Inc
Borden Co., common--100
Bridgeport Machine Co..* 1031
Brit-Amer Tob,ord bear.£1 2451
Brit Int. Corp, Class A..' 18
• 1431
Class B
10 1131
Brooklyn City RR
•
155
Buddy-Buds,Inc
Caracas Sugar
50
Car Ltg & Power, cont. 25
Cent Tere,sa Sug,tom_ _ _10
Preferred
10
CentrUugal Ctuft,Iron Pipe* 21
Checker Cab Mtg. CI A-• 30
CM Nipple Mfg.new,C1 A50 3731
Cities Service, corn----100 12834
100 6731
Preferred
10
Preferred 13
79
Stock scrip
70
Cash scrip
Bankers' shares- -.....• 13
Cleveland Automob,com -• 244
Colombian Emeral Synch•
Congoleum Co
•
• 34
Cuba Company
Curtiss Aeropl & M,coin._
Certificate of deposit__ _ _
94
Del Lack & West Coal_ _50 91
Dubiller Condenser & Rad* 10
•
DuPont Motors,Inc
Durant Motors. Inc.___ _• 2531
8
Durant Motors of Ind_ AO
Electric Bond & Sh prof 100
5
Federal Tel & Tel
Ford Motor of Canada-100 435
• 26831
Gillette Safety Razor_ __.
Gleasonite Products Co_10 1031
• 7231
Glen Alden Coal
•
Gold Dust Corp w I
934
Goodyear Tiro & 11,com100
com_25
Sugar,
Western
at
Hartman Corp new w I_ _ :
ey -en - '




Range since Jan. 1.
Low.

High.

155 2
2.200
135 Sept
6 May
150
15e 3,000
bc June 35c
Jan
99 100
200 99
Oct 102
Mar
13
13
100 113.4 Oct 2534 Mar
4
4
200
34 Feb
434 Oct
25
200 25
2531
July 4031 Apr
80
80
300 73
July 94
Feb
894 90
300 8431 July 9931 Feb
151 155
100
131 Sept
234 Feb
10
300 10
1031
Oct 1031 Oct
3634 3631
100 35
Sept 37
Sept
11856 11831
10 110
Mar 122
Jan
104 1031 4,000 104 Oct 1831 May
244 2431 1,200 1931 Jan 25
Sept
18
100 12
18
July 184 Sept
14
144
800 1131 Apr 1431 Oct
104 1131 4,700
731 Jan 11
Oct
llte 131 8,700
lite June
154 Feb
04 931 1,040
9
Oct 21
Mar
1,000 75c Mar
154 2
3
Aug
1
151 1.100 50c July
254 Mar
4
4
100
24 Jan
5
Feb
2031 23
3,100 10
Jan 23
Oct
30
34
600 294 Sept 664 Feb
37
3734 1,300 3654 Sept 414 Sept
1284 131
450 1284 Oct 195
Feb
6631 6731 1.800 844 June 70
Mar
531 8
200
531 June
651 Mar
79
80
88,000 72 June 102 June
70
70
32,000 70 Sept78
Aug
1231 13
2,400 1231 Sept 1934 Feb
244 25
300 2431 Oct344 Apr
lc
lc 1,000
1c Sept450 Jan
130 130
50 107
Sept130
Oct
3335 34
400 3331 Oct3831 June
931 1031
0035 91
10
1031
355 334
23
28
8
8
9631 964
735 731
430 439
26031 270
1031 1051
7131 7334
19
19
951
8331 84
3931 40

1031

1,700
7
75 82
1,400
431
200
235
3,900 23
100
731
20 96
800
331
155 400
1,260 238
900 10
2,300 56
200 184
1,600
9
600 74
900 39%
AMP

Aug 1031
Jan 9331
Jan 1334
June
731
Oct84
Oct2534
July 99
Apr
734
Jan 460
June 292
Oct1031
Jan 754
Sept24
Sept1631
July 91
Sep
40%
516

1655

Thurs.
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.

Range since Jan. 1.

,•40.000,0
4WONCAO

Thurs.
Sales
for
Last Week's Rang
Sale
ofPikes.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.

Oct
Sept
Apr
Apr
Jan
Jan
Mar
Sept
Mar
Apr
Oct
Apr
Sept
May
Max
Sept

Range since Jan. 1.
Low.

High.

Hudson Cos, prof
100 1634 15
16% 3,400 1231 Aug 1731 Feb
Hud & Mann RR.corn _100
8
July 1231 Feb
935 935 1,100
95'
Intercontinental Rubb.100
200
334 Air
351 34
34
134 Jan
Internat Concrete Indus_10 10% 10
934 Sept 10% Oct
1054 1.200
Kresge Dept Stores, corn.' 3531 os% 36
900 3354 Sept 38
Oct
Kup'h'mer(B)& Co,com.5
25
may 30
100
2534 254
Mar
Lehigh Power Securities_ •
22
300 1731 July 25 Mar
22
Lehigh Valley Coal Sales 50 78
50 7534 Aug 90
78
78
Jan
Lupton(FM)Publish CIA'
Oct 22
100 11
1134 114
Jan
McCrory StoresNon-vot Class B corn_ *
Aug 70
200 57
70
70
Oct
Pref (without warr)..100
Aug 97
100 95
Sept
9631 9651
Mesabi Iron Co
•
411 Sept 12% Jan
54 834 3,400
Midvale Co
• 17% 174 18
1,900 114 June 2134 Apr
Munsingwear. Inc_
•
344 35
300 3131 July 42% May
Nat Supp Co(Del),corn _50
59
62% 2,700 5036 May 704 Mar
New Mex & Ariz Land_ _1
24 Mar
3
100
3
4% Mar
NYTelepS34% Pref-100 10934 10931 109%
175 108 June 112 'Jan •
N Y Transportation
*
28
Feb 30% Mar
32
700 24
Park & Tillord, Inc
25% 2531 2531 1,200 25 Sept 2734 Sept
Peerless Truck & Motor_50
• Jan
2934 3031
400 2934 Oct
Pyrene Manufacturing_ _10
Mar II
9
Jan
94 934
100
Radio Corp of Amer,cm..
4%'Mar
2% 3
2%
24 June
3.800
Preferred
5
3rte
2ste Jan
354 331 4,400
3331 e Apr
Reading Coal, w 1
July 5035 May
48
400 39
48
50
Reo Motor Car
10 16% 1656 1651
900 1334 Feb 2034 May
Rosenb'm Grain CorP.Pf50
4655 464
400 4655 Oct 5454 Mar
Shelton Looms, common.'
Aug 2734 Mar
20
20
100 18
Southern Coal & Iron_ _ _ _5 11c
Sc Sic 10,000
90 Sept 50c May
Springfield Body Class A.• See no te below
Studebaker-Wulf Rubber_• 5231 52
5054 Aug 52% Oct
22
5234
Stutz Motor Car
•
1235
12
300 1031 Sept 2451 Jan
Swift & Co
100
101 101
Feb
110 98 June 109
Tob Prod Exports Corp_ •
4
50
631 Mar
434
234 June
United Profit Sear, new..
554 5% 1,200
434 Jan
Apr
53'
7
Unit Retail Stores Candy.*
5
535 1,700
5
Mar
Jan
531
8
US Light & Heat. com_ _10
1
1
1
1
Jan
700
24 July
Universal Pipe & Had, WI * 1635 1435 1751 8,100 11% Sep
204 Apr
Preferred
100 56
55
58
1,200 55
Oct 72
Apr
Waring Hat Mfg
• 124 1235 13
300 1231 Oct 22% Apr
5
Wayne Coal
1
1
131 4,800
1
Oct
231 Jan
Willys Corp, 1st pref_100
3%
335 Oct 11% Jan
3% 335
100
1st preferred etf of dep..
4
4
200
3 Jun
1031 Jan
Yellow Taxi Corp. N Y •
123% 13431
300 100
Feb 152% Apr
Rights.
Reading Coal w I
Illinois Central
Shell Union 011
Former Standard 011
Subsidiaries
Anglo-American Oil....51
Buckeye Pipe Line _ _ 50
Crescent Pipe Line
25
Cumberland Pipe Line-25
Eureka Pipe Line
100
Galena-Signal Oil. corn _100
Humble Oil& Refining_ _25
Illinois Pipe Line
100
Imperial 011 (Can) coup.25
Indiana Pipe Line
so
Magnolia Petroleum- .100
National Transit....12.50
New York Transit._ _100
25
Ohio 011
25
Penn Mex Fuel
Prairie 011 & Gas
100
Prairie Pipe Line
100
100
South Penn Oil
Southern Pipe Line......100
Standard Oil (Indiana)_25
Standard 011 (Kansas)..25
Standard 011(KY)
25
Standard Oil(Neb)----100
Standard 011 of N Y---25
Stand Oil(Ohio).com-100
25
Vacuum 011
Washington 011
10

2131
50c
790

2155 2331 19,000
50c , 50c 3,200
650
80e 48,500

14
1451 1.000 1334
14
77
80
77
410 77
100 154
1634 16% 164
104 106
104
60 85
97% 98
50 95
6034 61
25 55
31
32
600 28
156 157
50 152
455 92
98
993,4
9035
440 83%
9035 89
135 141
520 123
23
23
23
100 22%
95
95
20 92
.5534 5534 5654 2.300 484
19
284
900 104
164 171
166
1.650 152
99
984 9931 1.265 91
119
119 126
130 100
240 92
93
92
9351
5434 5334 5835 70,200 4934
39
39
40
200 36%
91
9235 1,100 80
220 220
220
100 186
4131 40% 4331 9,200 354
275 280
35 270
49% 4931 504 20,900 40
19
19
40 19

Other 011 Stocks
Arkansas Nat Gas cam_ _10
45‘ 5%
5%
Atlantic Lobos 011. com_ •
24 3
Carib Syndicate
334
331 351
5
Creole Syndicate
155 235
Derby Oil & Refin, corn_ •
254 2534
Engineers Petroleum Co_ _1
Sc
4e
Sc
General Petrol Corp corn 25
3131 32
Glenrock 011
10 70c
63c
70e
Granada 011 Corp Cl A..10
600
60c
Gulf Oil Corp of Pa
-25
5034 52
Gulf States Oil & Ref
6
5% 831
135
151 135
MetroPolitall Tr recta w
Hudson Oil
1
Sc
Sc
International Petroleum_ _• 1534 154 15%
Keystone Ranger Devel--1
3C
2c
3c
•
Kirby Petroleum
251 251
Lafayette 011 Corp
1
14
Lance Creek Royalties.._1
2c
2c
Marland Oil of Mexico__ .1
3% 34
34
Mexican Panueo 011-- _10
70c
80e
Mexico Oil Corporation .10 74c
70c
85c
Mountain & Gulf 011
131
135 131
1
Mountain Producers- ..10 1431 14
1434
Mutual oil vet trust certifs
835
8% 954
National Fuel Supply
85
85
New Bradford 011
5
435
43,6 431
Northwest Oil
3c
2e
2c
1
Oklahoma Natural Gas_.25
21
21
Omar Oil & Gas
60c
55c
10 55c
Peer 011 Corporation
• 85e
860
850
Pennsylvania-Beaver 011.1 50c
56c
50c
Pennok 011
114 114
10
Royal Can Oil Syndicate.*
3%
334 33.4
Ryan Consol Petrol Corp.'
3
3
Salt Creek Producers-10 18% 18% 19%
Sapulpa Refining
135 134
5
134
Seaboard 011 & Gas
1%
1
131
10
Shell Un Oil, new, corn, w
12% 1254 1331
Southern States 011
1454 1535
10 15
Tidal Osage 011
8
8
10
8
Turman Oil
69c
65c
1 69c
Union Oil of California.
106 106
Wilcox 011 & Gas
431
431 4%
"V'011 & Gas
1
70
7c
7c
Mining Stocks
Anglo-Amer Corp of 8A £1
Arizona Globe Copper__ _1
Belcher Extension
10c
Boston & Montana Dev.-5
Butte & Western 51ining.1
Calumet & Jerome Copp _1
Canarto Copper
1
Candalarta Silver
1
Cash Boy Consolidated...1
Consol copper Mines._ _ 5
Consol Nevada Utah Corp_

1434 Jul
50c Oc
650 Or

Sc

2

2831
Sc
Sc
12c
10c
10c
151
Sc
Sc
2
Sc

8.800
700
1.500
7.600
100
25,000
300
1.500
1.500
1.600
13.800
1.800
2,090
4,90
88,00

loo
soo

Sep
Sep
Jun
Jan
Jan
Jul
Sep
Sep
Jul
Sep
Sept
Jul
Sept
Jul
Aug
Sep
Sep
Jul
Oct
Aug
Sept
Jan
Jan
May
July
July
Oct

4% Oct
235 May
331 Sept
151 Sept
54 Oct
3e June
31 June
50c June
50c Sept
43% Sent
534 Oct
155 Oct
Sc Sept
134 June
20 Oct
14 Apr
75c June
lc May
131 Aug
51.3 June
350 Sent

1,000
1,106
200
27,200
100
2,400 12% July
854 Sept
8.500
Oct
83
1
334 July
1,500
2,500
lc Sept
17
18% Apr
5,400 45e Aug
400 75c, Sept
19,500 50c Sept
1,500
931 Jan
.5,300
231 Aug
700
3 Sept
1,900 154 June
151 Oct
500
5,100 80c
Oct
600 1231 Oct
37,900 1155 Sept
300
734 July
1,200 (10.3 June
13 106
Oct
7,90
4 Sept
2,000
7c June

284
300
10e 54.700
lc 13.000
14e
4,000
200
3.000
100
1,000
lilt
2,900
Sc 11,000
Sc
5.000
2% 5.500
Bc
1.000

22
60
lc
90
10e
100
134
40
Sc
14
50

Mar
Aug
Aug
Feb
Oct
May
June
Oct
Aug
Aug
Aug

2334 JUIY
Oct
50c
700 Oct

19%
94%
26
115
117
7934
414
171
123
103
168
29
138
8531
2834
275
11834
196
118
69%
57
110
285
49%
317
55%
28

Jan
Jan
Feb
Feb
Apr
Mar
Mar
Feb
Feb
Mar
Jan
Feb
Apr
Feb
Oct
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Feb
Jan
Apr
Mar
Jan

Mar
10
7% Jan
7% Apr
731 APT
18% Apr
250 Jan
38% Apr
2he Jan
3
Feb
884 Mar
64 Oct
151 Oct
180 Jan
24% Feb
40c Feb
4
Jan
24 Apr
40 Feb
54 Aug
Mar
83
2ite Mar
11.1 Mar
204 Feb
1535 Mar
8535 Feb
554 May
22c Jan
21
Oct
lilt, Mar
Mar
13
5
Mar
1454 Apr
735 Mar
631 Mar
25% Feb
431 Mar
4
Apr
1334 Oct
2655 Mar
1335 Feb
151 Apr
Oct
106
104 Jan
20c Mar

2851
850
60
230
83
22e
24
38c
130
44
150

Oct
Feb
Jan

may
Apr
Feb
Jan
Jan
Jan
Mar
Jan

Mining Stocks
(Concluded)

[VOL.117.

THE CHRONICLE

1656
Sales
Thurs.
Last Week's Range for
Week.
ofPrices.
Sale
Price. Low. High. Shares.

Continental Mines, Ltd._ _
Cork Province Mines, Ltd_
1
Cortez Silver
Cresson Con Gold M & N _1
Crown King Cons M,Inc_1
Crown Reserve
Dolores Esperanza
1
Emma Silver
1
Eureka Croesus
Fortuna Cons Mining
Goldfield Cons Mining._10
Goldfield Deep Mines _5c
Goldfield Development
1
Goldfield Florence
1
Goldfield Jackpot
Gold Zone Divide
1
Hard Shell Mining
100
Harmill Divide
250
Hecht Mining
Hilltop-Nevada Mining Hollinger Con Gold Mines5
Homentake Ext Min Co__1
Howe Sound Co
Independence Lead Min_ _1
Iron Blossom Cons Min_ _1
Jerome Verde Developm't 1
1
Jim Butler Tonopah
5
Kerr Lake
_1
Consolidated_
Lone Star
1
Marsh Mining
5
Mason Valley Mines
-1
Min
McKinley-Darr-Say
Metals Production Co_ _ _1
50c
National Tin Corn
1
Nevada Ophir
New Cornelia
_5
_
Copper_
New Dominion
_100
New Jersey Zinc
New York Pocupine Min_ _
5
Nipissing Mines
Nixon Nevada Mining1
01110 Copper
Premier Gold
5
Ray Hercules, Inc
Red Hills Florence
Salida Mining
1
San Toy Mining
Silver Horn M & D
Silver King Divide (reorg)
Silver Mines of America_ _ _
Silver Pick Consol
Silver Queen Mln Corp- -.
SilvesmIth Mining
South Amer Gold & Plat _I
Spearhead
Standard Silver Lead_ _1
Sutherland Divide
1
Teck-Hughes
1
Tonopah Extension
1
Tonopah Mining
5
Tr -Bullion Smelting
1
Copper
Tuolumne
United Eastern Mining-5
United Verde Extension.50
U S Cont Mines
5
Unity Gold Mines
Wenden Copper MinIng-West End Consolidated..5
West End Exten Mining._ _
Western Utah Copper -1
White Caps Min Co-- _100

4%
70
50c
1%
60c
92e
3c
10c
120
Sc
lie
110

20
30
8%
1%
30e
4c

110
100
3
51e
5%
lc
65c
2%
39e
6c
50c
11c
4c
40c
4
100
37c
171,

154
28%
19c
75e
750
30

BondsAllied Pack 8s, See B.1939 67%
Convertible deb 68_1939
Aluminum Co of Am 781933 10614
1925 102%
78.
Amer Cotton Oil 6s __ _1924 98%
Amer G & E deb 133-2014 9414
Amer Light & Trac 6s_1925
Without warrants
Amer Rolling Mill 68.1938
Amer Sumatra Tob 734s'25 98
Amer Tel & Tel68.._ _1924 100%
American Thread 68_ _1928
Anaconda Cop Min 65_1929 100%
Anglo-Amer Oil 7%s_ _1925
Armour & Cool Del 53413'43 8934
Assoc Hardware 6%8.1943 93
Atl Gulf Sr WISS L 581959 4634
Beaver Board 88...._ -1933 72.11
Beth Steel equip 7s...1935 102%
Canadian Nat 78--_1935 10734
1941 10734
Central Steel 88
Charcoal Iron of Am 88'31 89%
6 98%
5%8-192
Pac
&
Chic RI
Cities Service 78, Ser C '66
1966
78,Series D
Columbia Graph 8s...1925
20
Otis of deposit
Cons GEL &P Balt 65'49 10135
1931
78
1952
5348
Consol Textile 88.....1941 9434
Cuban Teleph 7348_ _ _1941
1931 99%
Deere & Co 7%s
Detroit City Gas 68_ _1947 99%
_ _1932
Detroit Edison 68
Dunlop T&R ot A m7s _1942
1933 98
Federal Sugar 68
1924 100%
Fisher Body 68
1925
6s
1927
6s
1928 97%
68
Galena-Signal 011 75.. _1930
General Asphalt 55.._1930 101%
General Petroleum 68_1928 94
Grand Trunk Ry 634s.1936
1937 94%
Gulf 011 of Pa 55
Hocking Valley RR 68 1924
1936 101
7s
Rubber
Hood
Kan City Term Ry 5%8'26 99%
Kennecott Copper 78.1930
Libby,McNeill&L1bby7s'31
Liggett Winchester 78_1942 102%
Manitoba Power 7s_ _1941
Without warrants
1925
Maracaibo 011 78
1930
Morris & Co 7Sis
National Leather 88_1925
New On Pub Serv 58..1952 83%
1952
Ohio Power 58
Penna Pow & L 5s B__1952 86
Philadelphia Elm 63_1941 10334
Phillips Petrol 7 s.--1931
98%
without warrants
Public Serv Corn 75-1941 100%
9554
68.1948
Pow
Pub Ben; Elec
Sears, Roebuck & Co 7s'23
Shawsheen Mills 78 _ _1931 103%




500
11,000
88,400
1,800
800
1%
1,000
63c
700
1
3,000
30
100
7,000
120 168.000
6c
2,000
12e 58,000
110 15,000
680
4,700
2,000
46e
1,000
30
9,000
20
3,000
30
900
4e 20.000
100
11
1% 2,900
800
3
30e 28,000
2,000
320
200
l%
4c
7,000
300
2%
4c 47,000
100
2,000
2,400
2
1,000
130 13e
ills 134 8.300
10c 110 27,000
4,000
70 100
300
17
17%
234 3
3,400
10
144% 14434
7,300
490 51c
600
5% 5%
lc
2c 57,000
9.200
65e 65c
234 234 1,700
8,000
25e 60c
4c
(30 14,000
50c 50c
500
40
4c
5,000
443 lie 134,000
3c
1.000
3c
1,000
110 110
6,000
4c
4c
2,000
Sc
Sc
2,000
38e 400
314 4
10,100
7,000
9c 110
3,000
170 17e
15c 390 165,000
17re 1% 2,900
1,600
2
2
200
171e 1.71e
4,000
60
Sc
3,000
Sc 100
5,300
134
800
28
28%
5.000
19c 200
3% 2,600
3,400
74c 76c
6,000
750 76c
lc 10,000
le
7,000
37c 39e
30 16,000
Sc
4%
70
43e
311,
11-4
60e
900
Sc
90
70
6c
10e
10c
560
450
30
10
30
8%
30
11
75e
2%
258
310
1%
30
2%
30
90

80
50c

Range ence Jan. 1.
Low.
Sept
4
Sc July
400 Sept
Apr
2
1% Sept
320 Feb
700 Aug
lc Apr
Sc Aug
Sc Sept
5c Apr
70 Apr
40 Jan
29e Jan
35e Jan
le Aug
lc Sept
2c Jan
5% July
Oct
30
Sept
11
580 Feb
234 Sept
160 June
230 July
950 Apr
lc June
July
2
20 June
60 Jan
1% June
13e July
Oct
1
100 June
60 June
16% June
2% Jan
Sept
144
300 Jan
4% July
lc Sept
370 Jan
1% Aug
Oct
250
lo May
42c May
lc June
40 Oct
lo Aug
10c May
30 June
Oct
Sc
38c Oct
2% July
4o Mar
15c Aug
lc Jan
81c Jan
1% June
1% Aug
3o Sent
8c June
Pis Aug
26% Jan
13o AM'
2% Oct
28e June
670 July
10 May
15e July
2o Jan

High.
5% Sept
150 Jan
1% Mar
3% Sept
1% Oct
72e Apr
2% Jan
4c Jan
370 Jan
74e Jan
Jan
lie
240 Jan
340 Jan
76c Feb
57c Mar
11c Feb
130 Jan
10e Mar
9% Apr
1771• Feb
Feb
14
1% Oct
4% Mar
480 Mar
38e Jan
3% Feb
60 Jan
334 Jan
100 Jan
16e May
2% Mar
258 Mar
1% Oct
32e Jan
20e Mar
24% Mar
4% Mar
18034 Mar
750 JUDO
6% Mar
100 May
Viz Mar
Apr
3
2% Mar
Sc Mar
June
1
40 Feb
110 Oct
250 Apr
400 Feb
9c Jan
50c Feb
530 Jan
4% Mar
310 June
280 Feb
Oct
390
1% May
Mar
4
2% Jan
160 Feb
67c Feb
21.• Feb
3834 Apr
280 July
5% Mar
Oct
760
1% Jan
Jan
Sc
55c Feb
12c Mar

Bonds (Concluded)-

Thurs.
Last Week's Range Sales
for
ofPrices.
Sale.
Price. Low. High. Week.

Sloes-Sheffield B& 1 6s 1929
1924 104%
Solvay & Cie 88
South Calif Edison 53.1944 89%
6%8_1933
106%
Y
N
of
011
Stand
7% serial gold deb_ _1925
7% serial gold deb__1926
7% serial gold deb__1927 -154;4
7% serial gold deb_ _1928 10414
7% serial gold deb1929 10614
7% serial gold deb._1930 106
7% serial gold deb_ _1931 107%
1931 101%
Sun Co 78
1929 97%
Sun Oil 68
Swift & Co 5s_ _Oct 15 1932 91%
1931
Tidal-Osage 011 78
Union 0110! Calif 6s_ _1926
2003
Union Pacific 58
United 011 Produc 88.1931 80
United Rys of Hay 714s 36
1926 10634
Vacuum 011 68
Foreign Government
and Municipalities
Argentine Nation 68_ _1924
1945
Mexico 45
68 10 year Series A
3s
Netherlands(Kingd)13s1932
Peru (Republic) 88_1932
Russian Govt 6%8-1919
Certificates
1921
534s
Switzerland Govt 5345 1929
Ext 5% g notes____1926

99%
33%
54%
9934

99%
97%

97
97
104% 105%
89% 90
106% 107%
10234 103%
103 103%
104% 10434
104% 104%
106 106%
105% 106
106% 107%
101% 101%
9734 97%
9134 9134
100% 10134
99
99%
99% 9934
79% 81%
106% 10614
105% 10634

1,000
7,000
5,000
17,000
8,000
8,000
7,000
9.000
7,000
8,000
11,000
3,000
4,000
15,000
8,000
4,000
36,000
15,000
1,000
8,000

99% 99% $49,000
49,000
34
33
24,000
54% 55
93' 2,000
9734 97% 13,000
9934 99% 16,000
8,000
10
9
9% 9% 6,000
13,000
9% 10
98% 9934 32,000
96% 97% 198,000

Range since Jan 1.
Low.
Feb
96
103% Sept
Mar
87
104% Apr
102 June
Apr
103
Apr
103
104 Sept
Apr
104
Apr
105
10534 May
100 June
Apr
97
89% Mar
Aug
100
Oct
99
9934 Sept
78' Sept
103% Apr
10554 June

99%
33
53%
9%
98%
96
9
8%
9%
98%
96%

High.
98%
105%
93
10731
106%
106
107%
107%
108%
109%
110
103
99%
94
104
9974
99%
106%
107
107%

Feb
May
Jan
Jan
Feb
July
Jan
Jan
Feb
Jan
Feb
Mar
Aug
Feb
May
June
Sent
Mar
Jan
Jan

Oct 9934 Oct
Oct 44% May
Aug 6334 May
Feb
Sept 11
Sept 10211 Aug
Sept 100% Apr
Oct
1634 Feb
Oct 16% Feb
Feb
Jan 16
Jan
Aug 104
Oct 97% Aug

* No par value. k Correction. m Dollars per 1,000 ire flat. I Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. s Option sale. w When issued. z Ex-dividend. y Ex-rights. z Ex-stock
dividend. n Ex-stock dividend of 40%.
Note.-New York Curb Market listings committee ruled Oct.5 that transactions
In Sprikfield Body Class A stock be suspended until further notice.

New York City panks and Trust Companies.
All prices dollars per share.

Bid Ask Trust Co.'s Bid Ask.
Banks
Banks-N.Y. Bid
New York
Harriman_ _ __ 320 335
America s____ 21,3
148 American.......
145
Manhattan'_
288
Exch.__
Amer
Mecb dr Met- 382 387 Bank of N Y440
Bowery'
473
ds Trust Co
__
320
Mutual*
Broadway Ce 160
Nat American 135 148 Bankers Tru 350 353
Bronx Soros_ 140
National City 341 344 Central Unio 480 484
Bronx Nat_ 120
135 145 Commercial__ 120 125
New Neths
Bryant Park* 155
305 315
Empire
300
Pacinc •
Butch & Drqv 128
Park
424 428 Equitable Tr_ 188 191
Cent Merest'. 205
Farm
&
167
_
L
_
Port
545 550
346
Morris_
Chase
195 205
.303 312 Fidelity In
Public
Chat & Phen_ 254
251 265
370 380 Fulton
Seaboard
Chelsea Exch• 60
90 Guaranty Tr.. 243 247
Seventh Ave- 80
Chemical.... 542
202 210
Standard •.._ 185 200 Hudson
Coal & Iron__ 213
347 354 Irving BankState.
Colonial•___ 375
ColumblaTr 220 223
Tradesmen's• 200
Columbia____ 275
__ Law Tit & Tr_ 190 197
23d Wards_ _ _ 275
Commerce ___ 295
United States* 165 172 Metropolitan_ 296 301
Com'nwealth* 240
-- Mutual (West
Wash'n Hts•- 200
Continental__ 140
chester) ___ 120 130
Yorkville•___ 800
Corn Each... 450
N Y Trust__ 344 347
Cosmop'tans- 115
Title
& Tr 372 376
204
River___
East
U Mtg & Tr 304 310
Fifth Avenue+.1250 1365
United States 230 1250
Aug 84% Jan Fifth
243 252
Brooklyn
67% 83,000 51
67
1260 1275 Coney Island* 160 170 Wretches Tr_ 210
61
4,000 513-4 July 76% Jan First
59
320 335
Brooklyn
270 280 First
106 10634 18,000 105% July 106% Aug Garfield
Jan Gotham
160 168 Mechancls' s- 114 180 Brooklyn Pr. 470 485
102% 102% 18,000 101% Sept 104
Sept Greenwich'.. 290 310 Montauk'___ 170
Feb 99
-- KingsCounty 850
93,000 85
9834 99
__ Manufacturer 275
225
685 695 Nassau
94% 9434 24,000 91% July 97% Jan Hanover
385 400
165
People's
People's
101 101
1,000 100% Jan 101% Feb
July locix Jan
9834 9834 5,000 97
nd.
•Banks marked with (s) are State banks. (*) Ex-divide
96% 98
5,000 95% Jan 100% May
Jan
100% 100% 42,000 10034 Sept 1o1
102 102
1,000 101% May 103% Mar
New York City Realty and Surety Companies.
100% 101% 12,000 100% July 103% Feb
102 102% 23,000 101% Sept 103% Jan
A prices dollars per she
8914 8934 62.000 84% July 96% Jan
Bid Ask.
93
93
16,000 93 Sent 98% June
Bid Ask
Bid Ask
Mar Alliance R'Ity 102 108 Mtge Bond__ 108 114 Realty Assoc
46% 46% 7,000 43% July 82
72% 73
(Bklyn)com 100 108
13,000 65% Feb 82% June Amer Surety_ 95
97 Nat Surety___ 151 153
88
102% 103
1st pref____ 83
16,000 101% Sept 103% Sept Bond & M G. 278 285 N Y Title &
77
107 10734 5,000 10634 may 1103.4 Jan City Investing 73
2d pref ____ 72
77
M ortgage.._ 192 199
Feb 108% Apr
107% 107% 7,000 106
99 U S Casualty_ 160 173 Westchester
Preferred _ _ 94
220
Mar
200
TrOct 97
89
91
Title &
7.000 89
Lawyers Mtge 153 158 U 13 Title Guar 133 139
9834 98% 20,000 96
July 98% June
8834 89
30,000 87% Aug 98% Apr
8834 89% 4,000 87
July 93% Jan
CURRENT NOTICES.
22
Jan
19
29,000 12% Aug 30
Jan
18
20
July 38
5,000 10
become
101% 101% 7,000 100% Apr 103% Jan
-Townshend Rennard, formerly of the Bankers Trust CO., has
103% 103% 3,000 102% Sept 108% Feb
department of their
Jan associated with Wells, Deane & Singer in the bond
Apr 100
9734 97% 1,000 97
Feb New York office.
94% 95% 11,000 94 June 106
Jan
7,000 105
Jan 107
105 105
-T. B. Crews, Jr., & Co., 25 Broad St., New York, have announced
99% 99% 8,000 98% Jan 103% Feb
representative, in the State of Penn99% 99% 31,000 99 Sept 101% Jan the association with them, as resident
Jan sylvania of Thomas J. Evans, formerly with Janney & Co., Inc.
7,000 100 June 104
101% 102
94
Oct 9734 Apr
25,000 94
94
as-Roy A. West, formerly with E. H. Rollins .5c Sons, has become
97% 98% 20 000 96% June 98% May
100% 100% 2,000 99% Mar 100% Apr sociated with Wells, Deane & Singer in the bond department of their
100 100% 9.000 96% June 100% June New York office.
97% 97% 7,000 96 May 99% Feb
-R. M.Grant, of the bond firm of R. M. Grant & Co., has gone abroad
97% 97% 23.000 9434 Mar 98% Feb
103 103% 2,000 103 June 105% Mar on a business trip of several months. While abroad Mr. Grant will spend
Jan
101% 101% 2,000 99 June 105
Apr most of his time in England and France.
94
Sept 98
9,000 94
94
is
Jan
-George A. Kinsell, formerly with Messrs. II. F. Bachman & Co.,
104% 105
28,000 10334 Apr 107
9434 94% 27,000 93% Mar 97% Jan now associated with the sales organization of Fitch, Crossman & Co.,
Apr
100%
Mar
100% 100% 3,000 100
Jan Philadelphia.
101 101
2,000 100 June 102
-Bacon. Sprague & Mather, Inc., successors to Bacon & Sprague,
99% 99% 40.000 99% Oct 99% Oct
103% 103% 4,000 101% July 105% Jan announce the opening of their offices to deal in investment securities at
July 102% Jan
99% 99% 1,000 97
May the Real Estate Trust Building, Philadelphia.
102% 102% 1,000 101% Mar 104
Feb
4,000 95
Jan 102
9834 99
-Robert W. Rea. formerly With Biddle & Henry, is now associated
2000,
97
Jan 103% Feb
100 100
in their trading department.
Mar 249% May with Harrison, Smith & Co., Phiadelphia,
200 200
1,000 105
100 100% 8,000 97
Aug 106% Jan
offices of Bolster, Pratt, Gillespie & Co., Inc., have
Philadelphia
The
Jan
96%
96%
13,000 95% July 102
1600 Walnut St.
83% 84
33,000 81% July 89% Mar been removed from 421 Chestnut St. to
Jan
8534 12,000 833-4 A:3r 92
85
transfer agent for the Preferred
appointed
been
has
Trust
Co.
Bankers
8554 86% 28,000 85% Oct 90% Jan
Corporation.
103% 103% 5,000 102% Mar 105% Jan and Common stock of Amalgamated Silk
-Bernon S. Prentice of the firm of Dominick & Dominick has just
97% 98% 9,000 95% Aug 103% Jan
7.000 99% Sept 104% Feb returned from a two months' European trip.
100% 101
34,000 94% Oct 98% May
9514 96
-H. E. King is now associated with Battles & Co., 30 Broad St.. New
99% 99% 1,000 99,74 Oct 101 34 Jan
103% 103% 3.000 103% Oct 105;4 Apr York, in their bond department.
Ask
215
295
--__
130
165
135
215
350
258
80
547
220
--198
250
150
461
125

putestment and. gailroati

gutelliffente.

1657

RAILROAD GROSS EARNINGS

or monthly returns
The following table shows the gross earnings of various STEAM roads from which regular weekly
month, and the last two
can be obtained. The first two columns of figures give the gross earnings for the latest week or returns
of electric railways
columns the earnings for the period from Jan. 1 to and including the latest week or month. The
are brought together separately on a subsequent page.
Latest Gross Earn'ngs.
ROADS,

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

ROADS.

Jan. 1 to Latest Date.
Latest Gross Earnings.
Previous
Current Previous Current
Yesr.
Year.
Year.
Year.

Week or
• Month.

$
$
3
$
$
3
1,431,103 1,277,886 10,760,555 9,940.958
231,219 18k745 1,790,426 1,442,301 Minneap & St Louis August
Akron Canton & Y_ August
32,357,528 28,043,855
4,526.505
4,347.861
M_
S
S
August
&
P
St
Minn
1,985,276
2.249,484
299,591 217.574
Alabama & Vicksb_ August
1,792,327 1,885.433 13,845,487 11,986.673
Wisconsin Central August
13266 417 12929457 8,527903.8 77.898,175
American Ry Exp... June
965,203
145.936 118,341 1.196.988
Central_ August
3d wk Sept 110,607 101,755 3,804.877 3.567.408 MississippiKan-Tex.
Ann Arbor
2.804.539 22.965.362 20,913.332
3.198,371
August
17683514 16797939 131062326 115967469 *Missouri
*Atch Topeka & S F August
13,222,457
12,708,035
1,645,628
1,780,069
2,252.3292,356,848 15.414,297 14,294,396 Mo K & T Ry of Tex August • 4,978,441
Gulf Colo & S Fe_ August
4,450.167 35,673,398 34.135,789
Total system ---- August
840,781 683,29 5,208,380 4,796,377
Panhandle S Fe_ _ August
260,480
960.616
91.185
141.366
389,638 329,435 3.044,809 2.495.342 Mo & North Arkan_ August
Atlanta Birm & Atl_ August
8,756,702 73,439,762 65.073,700
028
10255
August
Pacific____
Missouri
1,584,830
1.933.160
230.167
238,010
Pt_
August
West
Atlanta &
12.817.555
15.152.774
507.298
499,362
wkSept
4th
&
Ohio
Mobile
859,510 727,050 3,490.244 3,315.484
August
Atlantic City
983,696
993.871
136,299 133,214
Columb & Greenv August
5.254,139 4,608,155 53,902,812 46,198,073
Atlantic Coast Line_ August
96.035 1.843,359 1.061.837
253,832
22502756 14104234 173788951 126727118 Monongahela Conn_ August
Baltimore & Ohio_ August
387.088
1.675.128
22,150
245,148
August
Montour
302.427 274,673 2.473.214 1,998,162
B & 0 Ch Term_ - August
2,150,926 2,099,888 16,371,125 14,088,088
396.272 377,037 4,309.181 5.271,998 Nashv Chatt & St L August
*Bangor & Aroost'k August
219,378
266,344
10.967
4th
16,111
on
wkSept
Nevada-Cal-Oreg
66,138
88.061
9.983
10,072
Bellefonte Central August
312.892
621,523
64,011
89,005
August
621,308 500,753 4,791.795 3,837,393 Nevada North
Belt Ry of Chicago- August
1,413.352 1,284,573
139.240
177,322
So
August
&
Sh
*Newburgh
7.663.772
13.633.051
1,575,265
2,351.263
Bessemer & L Erie August
255,863 208.870 1.908.309 1,694,939
126,162 New Orl Great Nor_ August
303,943
23,317
50.818
Bingham & Garfield August
199,157 175,415 1.944.667 1.677.334
& Alex_ August
7,776,026 6,975,505 58,059,404 51.402.683 NO Texas
*Boston & Maine August
200.173 150.985 1.514,309 1,341.931
SL
&
\Veit
August
Beaum
1.061.723
100.477 142,398 1.037.722
August
Bklyn E D Term
758,390 537.150 3.817,154 3.518,341
St L Brownsv &M August
Buff Roch & Pittsb- 1st wk Oct 390,920 510.332 17,020,897 10,508,449 New
36872841 29812929 286154291 223252173
York Central August
865.357
243,363
81,279 1.876.801
August
Buffalo & Susq
875.405 7.718,008 6.305.071
986.947
Belt_
August
Harbor
Ind
Canadian Nat Rys- 4th wkSept 7,234,9527.352,416 181558228 164382346
8,154,041 7,622,377 64,194,497 51.776,358
Michigan Central August
220,437 248,568 2.131.620 1,797,638
AU & St Lawr'ce_ August
64.051.930 54,179.681
7.003.195
8,484,030
August
&
L
St
Cloy
CC
Canadian Pacific__ - 1st wk Oct 4.976,0004,829.000 131206000 126181000
450,473 228,887 3,537.739 2.206,703
August
792,713 593,882 6,275,972 5.081.429Cincinnati North_ August
Caro,Clinch & Ohio_ August
30.972.649 15,892.734
2,139,657
4,092,348
Erie
Lake
&
Pitts
14.630,928
2.180,771 1,947,283 17.657.042
Central of Georgia_ August
August
4,951,671 4.425.478 38.581,612 32.196,811
5,353.627 3,796.503 39,068,861 30,682,640 N Y Chic & St L
Central RR of N J August
209,858 225.210 2,288,286 1,838,172
:August
_
Connecting_
Y
N
4.366.254
5,161.1381
446,73
759.872
Engl'd
New
ugust
of
Cent
11740570 10534 282 89.325,380 78,858,227
& Hartf_ _'August
716.884 604.639 5.798.910 4,558,861 NY N H &
Central Vermont..... August
1,715,8121,258,471 9,790,337 8.011,185
312.365 221.333 2.644.105 2,18.616 NY Ont Western August
Charleston & W Car August
408,816 298,429 3,334.754 2,607,279
August
West
&
Susq
Y
N
56,630,225
66.676.076
5,982,593
Ches & Ohio Lines August • 9.473,221
698.068 585.556 6.043.252 5.457,920
August
Southern
Norfolk
- August
3.139.909 1.891,713 22.152.612 17,885.495
Chicago &
8.758,915 7,903,124 62.229,997 61.477.819
14899 151 14502539 113048039 101747129 Norfolk & Western_ August
Quincy _ August
Chic Burl &Alton_8,661,337
August
8,539,793 63.406,979 58,448,288
Pacific.—
Northern
15,502.378
2,370,147 1,810,522 18,810,327
Chicago & East Ill_ _ August
883,868 874.785 5.344.431 4.226,200
2,246,481 2,204.138 17,119.538 15,442.416 Northwestern Pac August
Chicago Great West August
63133868 521272519 438232010
71175043
August
Syst
Pennsylvania
10,230,655
11,962,998
1,270.995
1.537.779
Chic Ind & Lonisv-,August
64833927 57370667 484735655 404796672
14916655 14272930 112178885 98,124,034 Pennsylv RR & Co- August
Chic Mllw & St Paul August
192,702 197,848 1.033,180 1.072,616
August .
Atl
&
Ches
Balt
93.202.325
969
West_
229
14561
North
August
106259
12860888
&
Chic
3,735,347 3,277,691 22,984.147 20,607,463
August
Long Island
133.629 133,209
908.675 1,439,441
Chic Peoria & St L. August
769,207
732,096
132.044 146,465
Mary Del & Va August
625.896 563.291 4,937.949 4,415,738
Chic River & Ind-- - August
531.442 251.293 3.880,107 2.118,461
August
_
_
_
Monongahela
76,903,458
181.477.18
Pac
21
August
1125072310819
Chic R I&
1,069,435
1,225.713
147,012
174.185
August
West.
&
Peor
Tol
519.352 528,638 3,684,306 3.783.184
Chic RI & Gulf_ August
1,963,311 1,894,763 9,853.388 9.316,179
W Jersey & Seash August
2,546,983 2,731,206 18,501,808 18,110,929
Chic St PM & Om- August
145.958 133,544 1.152,643 1,151,174
August
378,680 344,135 3,063,683 2,729.461 Peoria & Pekin Un_ August
Cinc Ind & Western August
3,386.042 29.988.598 24,814.000
3.976,042
Marquette.....
1.051,739 1,182,087 8,168.043 8.419,803 Pere
Colo & Southern- — August
837,466
749,798
106.898 119.515
August
Perkiomen
6,030,047
5,962.273
886,936 898.752
Ft W & Den City- August
5,490,608 72.976.875 48.909.096
9,234.598
August
_
Reading_
&
Phila.
431,696 152,422 1,545,538 1,890,578
Trin & Brazos Val August
676,881
932,937
120,560 117,491
760,640 Pittsb & Shawmut_August
854,118
117,438
98,204
Wichita Valley--- August
677.118
984.487
92,088
116,658
4,566.740 2,399,439 31,892,374 23,487,737 Pitts Shaw & North August
Delaware & Hudson August
351.609 191,994 2.473.737 1.795,927
August
7.749.005 5,773.758 58.579.466 47,205,974 Pittsb & West Va August
Del Lack & Western August
1.919.235 1.143,678
66,789
206,939
Reading
Port
20.492,224
21.235,066
Deny & Rio Grande August
3.102.056 3.133.441
7,129,528 5,957,687 48,319.229 42.846,815
August
765.477 Pullman Co
274,949 185.896 1.635,959
Denver & Salt Lake August
693.526
841,549
93,371
101,199
August
172,588 201,827 1,238,815 1,197.940 Quincy Om & K 0.... August
Detroit & Mackinac August
908.405 895,213 8.312.628 7.138.111
Potom_
&
Rich
Fred
957,597 719,708 8.919.700 6.021,610
Detroit Tol & Iront- August
3.742,771
4.526,850
628.989
519,718
August
322,926 267,884 2.836,474 2.297.350 Rutland
Dot & Tol Shore L.- August
wkSept 2,323,890 2,050.837 66,486,408 61,316.957
1,192,645 1.257,614 5.341.537 4.773.220 St-Louis S Fr Syst 4th
Dul & Iron Range August
7,702,610 6,309,073 56.624.573 52,476,719
St L-San Fran Co August
Dul Missabe & Nor_ August
3,801.351 3.170.708 13.887,844 9.752.158
828,221
961,891
145,986 122,836
Ft W & Rio Grand August
Dul Sou shore & Atl 4th wkSept 163,575 124,970 4.396.780 3.214,758
160.222 164.256 1,050,721 1,103.750
August
Texas_
of
F
L-S
St
175,498 170,152 1,661,963 1.309,134
Duluth Winn & Pac August
11,181,430
13,629.308
1,503.532
1,622.626
224.050 180,024 1.582.364 1,351,742 St Louis Southwest_ August
East St Louis Conn- August
746.926 607,934 5.183,826 4.647.811
St L-So West of T August
2,418.243 1,097.303 19.18,5981 3,337,175
Elgin Joliet & East- August
4th wkSept 752.998 779.451 21,257.220 18.210.987
Total System_
888.844 964,694 8,461,586 7.387,825
El-Paso & Sou West August
488.806
571,686
60,972
88,316
August
August
Erie Railroad
107877607,238.682 80,740.143 58.703,158 St Louis transfer
738,751 551.160 3,667,952 3,465.540
Chicago & Erie.- August
1,034,418 903,307 9,086,200 7.220,640 San Ant& Aran Pass August
714.028
822.581
102.523
123.756
991,781 San Ant Uvalde & G August
August
NJ & NY RR
150,419 128.780 1.081.804
3,719.557 3,29,034.516
161.047
673,491 Seaboard Air Line August
Evans Ind & T H
August
84.919 1.115,444
164952342
067
.
18.'3034
149
.
23160
25658062
August
Pacific
Sys
Southern
Florida East Coast- August
860,395 673,897 11,082,761 9,454.654 Southern Pacific Co August
18643069 16717507 130302916 115875721
908,071
121,511 113,584 1,018,514
Fonda Johns & Glov August
1,150,861 977,042 9.054,824 7.496.861
Atlantic 88 Lines August
Ft Smith & Western August
127,913 152.053 1,008,333 1,018.004
302,344 267,448 2,445,577 2.601.969
Arizona Eastern_ August
929,825
Galveston Wharf.-- August
877.732
122.979 136.410
2,090.286 1.872.596 14,840,927 13,983.419
Galv Harris & S A August
549,439 440,597 4.053,238 3,228,807
Georgia Railroad... August
1,236,624 8,874.110 9,213,478
Cent_
Tex
1,272.535
August
&
Hous
982,957
Georgia & Florida.. 4th wkSept
41,500
37.110 1.151.657
275,044 308,215 1,939.537 2.003,695
Hous E & W Tex_ August
Grand Trunk Syst
322,948 2.990,941 2,709.674
West'n.
343,714
Louisiana
August
August
ChDetCanGTJct
296.587 172,070 2.335.780 1.493.558
687.239 620,501 5.718,199 5.013.226
Morg La & Texas August
616,448 393,918 4,524,468 3.443.117
Dot G H & Milw_ August
757,605 680,327 5.819,632 5.652.009
Texas & New Orb. August
1,804,834 1.694,650 13,415,286 10,660,651
Grand Trk West- August
147693 450 117779031
Great North System 4th wkSept 3,468,447 3,372,103 85,090,651 72,795,984 Southern Railway 4th wkSept 4.610,937 3,934,904 99,417.379
81,398,509
12754 333 9,482,594
Southern Ry Co August
112,851 100,791
905,906
867,477
Green Bay & West- August
7,209.962 5,570.833
374,446
South_
930,564
Great
August
Ala
Nor_
&
August
486.847 334093 3,890,001 3,057,280
Gulf Mobile
10.737.258
15,609.683
560,488
P
Tex
&
August
1,877,395
Cin N 0
286,955 2 618 2.184,507 1.948,829
Gulf & Ship Island_ August
443,473 315,620 3,494,962 3,041.911
Georgia Sou & Fla August
1.585,002 1.07 ,434 11,898.445 8,316,023
Hocking Valley---- August
3,575.047
4,627,112
183,115;
_
Sz
E
Nor
577,945
Ori
August
New
15269894 15727040 125068560 107466105
*Illinois Cent Syst_ _ August
861.742
99.1411 1.137.663
159,504
Northern Ala_ _ _ _ August
13613355 14074640 111872860 95.717,659
Illinois Central Co August
741.449
782.489
107,9431
108,796
Internat..
Spokane
August
11,748,446
1,652,400
Vali
1,655,939
August
13.195.700
Yazoo & Miss
1.663.836
5.172.777
638.3361
&
Portl
708.676
Seattle August
132,871 158,993 1,884,802 1,800.218 Spok
lot Ry Co of Me_ - - August
1,716.590 1,648,232
239.582,
T
R
258,124
Island
August
Staten
8,868,205
9,278,918
1,177,179
Nor_
A,ugust
1,301.713
Internet & Grt
Central_ August
262,177 185.3711 2.058.602 1.526.776
890,827 TennesseeAssn
226,620 112,704 1,225,848
Kan City Mex & Or August
ofStI., August
446,667 340,558 3.369,293 2,978.966
967,797 Term RR
156,199 113,988 1,131,031
HO Mex &0 of Tex August
418.597 323,655, 3.258.129 2.366.611
Bdge
T_
Mer
August
L
St
1,791,900 1.549.661 13.138,253 11.620,597
Kansas City South- August
Pacific.. _ _ _ 4th wkSept 838,053 846.452,22.857,888 22,021,594
244,568 177,909 1.780.504 1,323,708 Texas & Delaware..
Texark & FtSm.- August
242.989 205,751; 1.266,153 1,132.284
August
&
Ulster
12.944,301
1,727.570
August
14,918,757
_
__
2,036,468
system_
Total
10896004 10233061 71.199,79763.731.340
August
184,783 268,425 1,681,861 1,822,628 Union Pacific
Kansas Okla & Gulf August
19058604 17627803 128716699 116158620
Total system.._ _ August
735,726
191,282 259,386
875.157
Lake Sup & Ishpem_ August
3,356.996„ 23,621.248 22,076.635
Oregon Short Line August
711;725
783,557
81.406
108,554
August
Lake Term By
2.758,855 18.300,044 17.732,338
RR
&N
2,733,852
-Wash
August
Ore
283,551 153,639 2,025.984 1,503,932
Lehigh & Hud River August
St Jos & Gr Island August ' 276,425 275,271 2.072,805 2,014.567
537,912 276,091 4.120,410 2.493,724
Lehigh & New Eng_ August
1,064.255 8.457,777 7,304,420
1,218,594
(Penn)
RR
August
Union
6,952,403 4,697,582 50,058,218 40,177.067
August
Lehigh Valley
990.118 1,116.999
132,773 196.019
2,071.753 1,532,802 15,595.611 12.618.308 Utah Shrev & Pac August
Los Aug & Salt Lake August
•' ...' 2.871.866 2,393.820
419,734
August
Vicks
2.206,402
314.839 280,197 2,510,942
Louisiana & Arkan_ August
13.245,606
14,690,000
1,345,294
1,787,426
Virginian
Railroad_ August
292,451 293,588 2,554.511 2,168,578
Louisiana By & Nay August
6,108,633 1,703.309 43.319,019 37,977.110
Wabash RR
August
455,850
115,744
La By & Nay of T August
12,966.310
6
513,357117,675,01
559.035
4th
Maryland_
Western
wkSept
119738198,973.394 89.911.56480,600.376 Western Pacific.. _
Louisville & Nashv_ August
1.303.728 1,124,213 8.480,423 7,317,294
August
319.754 304.884 2,305.296 2,112.411
Loulsv Head & St L August
1,642.657
1,928,489
of
Ala
Ry
231,2601
246,301
Western
August
13,507,096
1.905,595 1,754.220 14.180,758
August
Maine Central
1,962,765 990,118 12,483,596 8.995,182
372,818 345,244 2.971.619 2.994.184 Wheel & Lake Erie_ August
August
Midland Valley..
213.796
wkSept
347,851
10.669
10.044
4th
Mineral Range

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease. 1 %

3
.Yr. Prey.Yr.
$
Mileage. Cur.
$
$
$
—235,748 235.679 523.748.483 466,130,328 157.618.155112.85
4th week July (13 roads)__.. 25,323,563 21,312.383 +1,001.180 18.77 November
December---235.290 236.121 512.433,733 434,698.143 87.735,590 20.66
1st week Aug (16 roads).... 19,200.306 16,536,783 +2,663,523 16.11 January
....235,678 235.827 500.816,521 395.000.157 70,803,472121.00
2d week Aug (14 roads)..__ 18,272,732 15.953.700 +2,319,032 14.54 February- -235.399 235,528 444.891,872 400.146,341 44.745.531111.18
3d week Aug (13 toads)._ 18,385,609 15,443,476 +2,942,133 19.10 March23
5.470 533,553,199 473.747.009 +59.806,191112.63
20,458,007
+4.091.83920.00
24,549,846
13
roads)....
4th week Aug
234,970 235,839 521.387.412 415,808.970 .1.105578442 25.89
Aprll
9.45
1st week Sept 14 roads)____ 16,173,591 14,776,721 +1,396.870
235.186 235,472 545.503.898 44„ 4-97,510,054:21.77
Ma)
2d week Sept 15 roads).... 19,482,178 18,379,315 +1,102,863 6.00 June
236.739 236.683 540.054.185473.150.664 +66,903.50114.14
+834,204 4.98
3d week Sept 14 roads)____ 17,576,049 16,741,845
'235.477
235.813 534,634.552 442,955,873 +91.678.67920.70
July
4th week Sept 15 roads)_ _ .... 27,636,687 26,460.653 +1.176.034 4.44 August
235.357 235.696 563.292.105 73.110.138 +90.181.967119.06
+27.588 0.52
1st week Oct 1 2 roads)..... 5.366.920 5.399.332
included in New York Central.
Note.—Grand Rapids & Indiana and Pitts. Cin. Chic.& St. Louis ncluded in PennsylvaniaRR. Lake Erie & Western
Toledo St. Louis 34 Western included in New York Chicago & St. Louis. * Revised figures.




Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the first week
of October. The table covers 2 roads and shows 0.52%
increase over the same week last year.
First Week of October.

1923.

Increase. Decrease.

1922.

$
510.332
390.920
Buffalo Rochester & Pittsburgh
4,976.000 4.829,000
Canadian Pacific
5.366,920 5,339,332
Total (2 roads)
Net increase(0.52%)

119,412
147,000
147,000
27,588

119,412

In the following table we also complete our summary for
the fourth week of September.
Fourth Week of September.

1923.

Previously reported (3 roads)-Ann Arbor
Canadian National
Duluth South Shore & Atlantic_
Georgia & Florida
Great Northern
Mineral Range
Mobile & Ohio
Nevada-California-Oregon
St Louis Southwestern
Southern Railway System
Texas & Pacific
Western Maryland

9,279,523
142,150
7.254,952
163,575
41,500
3,468,447
10,044
499,362
16,111
752,998
4.610,937
838,053
559,035

1922.

Increase. Decrease.
$

8.826.593 452.930
17,787
124,363
7,352,416
38,605
124,970
4,390
37,110
96,344
3,372.103
10,689
507.298
5.144
10,967
799,451
3,934,904 676.033
846,452
45,678
513,357

27,636,687 26,460,653 1,336,911
1,176,034

Total (15 roads)
Net increase (4.44%)

97,469

625
7,936
46,453
8,399
160.877

Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings for STEAM
railroads reported this week:
—Gross from Railway— —Nei from Railway— —Net after Taxes
1922.
1922.
1923.
1923.
• 1922.
1923.
$
$
Denver & Rio Grande Western—
696,417
863.595 —98,090
70,168
August ____ 3,102,056 3,133,441
403,592 4,056,050
From Jan 1 21,235.066 20,492,224 1.750,599 5,330,240
Illinois Central—
Yazoo & Miss Valley—
70,341
33.679
151,132
176,559
August-.-- 1.655.939 1,652,400
172,119
541,533
From Jan1 13,195,700 11,748,446 1,420,659 1,118,860
Los Angeles & Salt Lake—
116,421
343,283
228,820
456,134
_ 2.071.753 1,532,802
August
__-1 15,595,611 12,618,308 3,197,512 1,993,618 2,291,896 1,107,529
From Jan
Atlantic—
*Newburgb South Shore &
9,529
21,146
20,016
33,293
139,240
- 177,322
August
284,427
121,971
385,721
224,799
__-1 1.413,352 1,284,573
From Jan
New Orleans Texas & Mexico—
St Louis Brownsv & Mexico—
258,690
425,865
444,788
271,050
537,150
August. _ 758.390
From Jan 1 3.817,154 3.518,341 1,408,090 1,229,906 1.259,432 1,114,062
Pittsburgh Shawmut & Northern—
92.088 —22,892 —13.746 —25,239 —17,113
_ 116.658
August
677,118 —79,222 —209,131 —98,515 —228,042
From Jan 1 984,487
Quincy Omaha & Kansas City—
--1,898
146
--3,858
2,027
03,371
_ 101,199
August
693,526 —101,383 —23,337 --136,653 --54,792
From Jan1 841,549
San Antonio Uvalde & Gulf—
30,514
43,524
46,645
33,503
102,523
123.756
August __
137,799
133.761
161,697
160,360
714,028
From JanI 822,581
Southern Railway—
Northern Alabama—
18,266
52.010
58,034
22,265
99,141
_ 159,504
268,773
403,436
457.496
301,128
861,742
AugnstJan 1 1,137,663
From
Spokane International—
32,214
37,691
20,237
26,271
107,943
August ..__ 108,796
166,006
195,343
741.449
148,492
209,940
From Jan 1 782,489
Seattle—
&
Portland
Spokane
142,460
228,081
638,336
153,048
226,603
708,676
_
975,801
AugustJan 1 5,172,777 4,683,836 1,700,699 1,649,587 1,100,163
From
Union Pactilc—
Oregon Short Line—
412,166
780,746
528,546
691,236
August _ _ 3,356,996 3,103,085
From Jan 1 23,621.248 22,076,035 5,253,570 5,205,381 3,241,148 2,992,379
Oregon Wash RR & Nay Co—
86,566
518,200
339,281
267,607
_ 2,733.852 2,758,855
53,003 —639,969
809,671
Jan1 18,300,044 17,732,338 1,422,277
AugustFrom
Island—
Grand
St Joseph &
17.565
38,320
275,271
25,184
33,756
_ 276.425
August
111,567
216,448
110.920
252,392
__-1 2,072,805 2,014,567
From Jan
— Deficit. •Revised figures.

ELECTRIC RAILWAY AND PUBLIC UTILITY CO's.
Latest Gross Earnings.
Name of Road
or Company.

[VoL. 117.

THE CHRONICLE

1658

Month.

Adirondack Pow & Lt August
Alabama Power Co-- August
Amer Elec Power Co_ August
Am Pr & Lt Co Subsid July
American Tel & Tel..- May
rnAm Wat Wks & Sub August
Appalachian Pow Co.. August
Arizona Power Co_ _ _ August
cArkansas Lt & Power August
Asheville Pow & Light July
Associated Gas & Elec July
Aug-Aiken Ry & Elec June
Bangor Ry & Electric July
Barcelona Tr. L St P August
Baton Rouge Electric August
Beaver Valley Trac_ _ August
Binghamton L H & P July
Blackstone Vol G & E August
Boston "L" Railway.. June
'Brazilian Tr, Lt & Pr August
Bklyn Heights (Rec)_ May
Bklyn Q C&Sub(Rec) May
,I & Bkin (Roc) May
Done)
Doney Island & Grave May
sTassau Electric(Rec) May
May
both Brooklyn
3klyn-Man Transit May
August
(Rec)
RR
City
Ikiyn
May
qV Consul (Rec)
:lapeBretonEICo,Ltd August
3arolina Power S. LI_ Jul
:lent Miss Vail El Co.. August
.Jentral Pow & Light.. March
:Sties Service Co__ _ _ August




Current Previous
Year.
Year.

Jan, 1 to Latest Date.
Current
Year.

Previous
Year.

$
$
$
531,981 460.534 4.428,664 3.&!9.200
624,679 452,603 4.784,244 3.418,011
1652.382 1574.818 14,019,425 12,549,837
23.57.611 2189,369 17.759.530 16,187,271
6050.498 5462,967 29,942,764 26,025,049
2924.199 2219.491 22.844,339 13,895.758
293.442 246.794 *3.258,963 *2.806.110
78,359 60,960 *801,168 *559,705
170.047 161,933 *1.415,657 *1,214,238
84.762 79.616 *937,457 *874,951
278.293 150.442 2,939,592 *1.055.744
97,571 88,476 *1.215,135 *1,064.292
832.439
119,503 114,622
880,586
3826,083 3599,168 33,106,082 29,822,896
48,564 46,577
384,983
416,783
417.3th1
56.897 49.903
473,218
565.582
88.005 75.129
659,877
337,626 306,154 *4,402,018 *3,910.447
2760.077 2630.924 17.448.458 10.535.329
21949000 17168000 160712000 126338000
36,466
7,365
8.218
35.898
226.802 232.157 1.081.666 1.067.298
269,509 269,566 1,135,366 1.109,733
11,093 10.139
35,092
30.518
496,388 466,068 2,236,417 2,052.439
418,470
104.400 99,299
486,802
3310.274 3017.255 *36899294 *34544092
948.720 944,550 P1.911.058 p1,906.037
2309.787 2074.299 10.540.583 9.733,022
56,754 49,640
389,975
448,800
160,022 15f.070 *2.142.724 *1,817,588
353,073
44.414 43,212
373,186
240.718 282.315 *3.095.150 *3.238.434
1132,547 1017.345 12,051,579 10,066,671
77.166 63.706 *037.46F, *76(1.125

Latest Gross Earnings.
Name of Road
or Company.

Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous I
Year.

$
$
255,340
266,350
87,324 81,251
City Gas Co. Norfolk March
407,010
416.326
Cleve Painesv & East July
66,555 76,584
109,214 89,797 *1,122,692 *985,667
Colorado Power Co_ _ August
1471,166 1311.347 13,911,727 12,067.760
Columbia Gas & Elec August
160,557 1,474,267 1,259.495
179,447
August
Pow
&
Columbus Elec
2298.417 1955.069 19,164.532 16,683,893
Com'w'lth Pow Corp.. August
2858.424 2508,401 21,379.122 18.712,033
Com'w'Ith Pr. Ry & L July
161,607 144,346 1,306,371 1,111,023
Connecticut Pow Co_ August
1259,333 1085,571 9,441,996 7,924,497
Consumers Power Co July
309,319 292,855 2,170.239 1,944.724
Cumberland Co P & L July
August
2367,629 2005.987 20,510,947 16,722,367
Detroit Edison Co
1455.173 1324.018 12.714.072 10,760,554
Duquesne Lt Co Subs August
889.799 917,399 7.350,691 7,118,368
Eastern Mass St By.._ August
228,936 166,929 *2.658,637 *2.457,947
Eastern Penn Elec Co June
EastSh G &E Co& Sub August
47.258 43.365 *537,949 *485.879
377.548 270,999
East St Louis & Sub__ April
179.637 153.239 1,352.718 1,174,623
East Texas Elec Co_ _ August
916,639
767,496
108,413 96.552
Ficlis El Ill of Brock'n_ July
El Paso Electric Co_ _ August
193,726 181,677 1,594,729 1,508.139
Elec Lt & Pow Co of
286,731
237,100
40,591 34,901
Abington & Rockl'd August
517,999
388.066
April
Erie Ltg Co &
118.216 87.774
665,466
644,605
$3,422 84.787
Fall River Gas Works August
415,685 387,665 3,613.240 3,322,510
Federal Lt & Trac Co August
228.994 205.101 1.684,572 1,411,695
o Ft Worth l'ow & Lt_ July
276,642 268,624 *3,289.959 *3,364,162
Galv-Hous Elec Co__ August
1274.338 1050,614 8.835,647 7,365.835
Gen 0 & L & Sub Cos July
816,457
710.490
165.131 141,828
rgla Lt, Pr & Rys May
1276.155 1147,332 16.100,289 14,676,281
rgia Ry & Power_ August
584.682 617.327 3,572.795 3,660,507
lireat West Pow Syst June
26.792 22,411 * 330.595 '268.296
Hanover Pr Co & Sub July
1103,575 1057,418 8.818,394 8,594,425
Havana El Ry, L & P August
370,938
353,299
40,890 44,387
Haverhill Gas Light__ August
Helena Lt & Rys Co. March
33,547 34.845 *413,962 *390.987
560.687
561,050
83,566 82,840
Honolulu Rapid Tran July
355,987
344,100
37,522 39,321
Houghton Co Electric August
Hudson & Manhattan June
938.617 889,981 5,735,437 5,508,870
780.766
682,794
91.260 91.213
Hunting'n Dev & Gas July
56133286
Interb Rapid Transit_ June
579.158
249,485 3048.671 16.128,120 23.033,215
Subway Division_ May
Elevated Division_ May
688,670 1654,183 8.085.132 7,822,253
July
226.202 219,406 *2,527,740 *2,368,924
Idaho Power Co
636.567 578,714 5,807,014 4,943,677
Kansas City Pr & Lt_ August
rillan Gas 8c Elec Co_ June
407,165 358,167 *5.382,139 *4.930.963
270.386
249,826
32,864 30,498
Keokuk Electric Co_ _ August
158.669 145.834 *1.669,763 *1.578.128
Kentucky Trac Term June
Keystone Telep Co_ _ September 152,159 142.418 1.333.497 1,2497.51
161,250
165,145
Key West Wiectric__ _ August
18.716 19.420
Lake Shore Electric July
250.326 246,178 1.587.645 1.390.782
Lexington Util Co &
Lox Ice Co Consol_ April
84.463 80,257 *1,121,044 *1.083,865
145,960
140,748
Long Island Electric.. May
35,226 36,824
Los Angeles Gas Co.._ April
989.904 1040.632 4,914,646 4,987,097
5654.106 4931.795 15,654.105 4,931.795
Louisv Gas & El Co.._ January
818,360
Lowell El & Lt Corp_ August
112,312 96,397 1,094,711
116,693
117,795
24.467 25,560
Manhat Bilge 3c Line May
162.257
148,766
Manh & Queens(Rec) May
36,840 36,973
298,268 291,093 *3.578.259 *3,611.449
Manila Electric Corp.. July
6.442,860
837.172
Market Street Ry__ - August
260.711 238.783 1,620.650 1,393.341
Mass Lighting Co_ __ June
616,698 507,000 4,347.466 3,577,053
e Metropol'n Edison. July
1734,069 567,568 21.616,243 18,809,849
Milw Elec Ry & Light August
93.733 90.462 *1.202.729 *1,133,995
Miss Power & Lt Co. May
248,354 245,162 2,023,152 1,964,895
Miss River Power Co_ August
154,898
75.132 72,640
146,982
Mobile Electric Co__ _ February
1152.932 998.044 1.152.932
998.044
Mountain StatesPrCo January
361,807 359,351 *4.849,357 *2,880,405
Munk Ser Co & Subs_ August
79,924 74,765 *932.341 *871,360
Nashv Pow & Lt Co.._ June
289.770 267.855 2.173,347 1,948,710
d Nebraska Power Co July
327,023 289,132 2,913.778 2,353,641
Nevada-Calif Electric August
265,302 261,083 2,432,142
New Bed G & Ed Lt_ August
601,500 456.332 *7,151,460
New Eng Power Sim_ August
513,451
76,044 47.452
362.556
New Jersey Pow & Lt July
Newpt News & Hann)
196,579 195,021 *2,130,221 2,107,222
By. Gas & Elec Co.. August
New York Dock Co.... August
276.379 321,579 2,222,525 2,675,987
New York Railways_ May
777,244 825.369 3.689,500 3,774,287
Eighth Avenue____ May
491.910
107,015 111,653
507,115
May
Ninth Avenue
45,159 44,091
211,946
218,941
N Y & Queens Ree)_ May
273.695
60,856 87,002
518.000
N Y & Harlem Ree)- May
646,399
132,525 140,035
675,566
N Y & Long Island.... May
42,977 54,064
190,834
224,573
Niagara Lockport &
Ont Pow Co & Subs August
454.737 394,634 3,588,291 2,361,910
Nor Caro Public Serv July
117,392 99,264
699,491
809.531
Northern N Y Util_ July
145.893 131,004 1,107,420
920.026
Nor Ohio Elec Corp July
802,328 796,942 6.083,439 5,293.431
Nor'west Ohio By & P July
220.014
280.440
50.918 44,107
North Texas Elec Co_ August
226.606 243,580 1,901,352 2,014,049
May
Ocean Electric
91.525
94,654
25.195 29,793
d Pacific Power & Lt_ July
260.357 251.239 1.722.915 1.677.517
356,756
Paducah Electric_ _ _ _ August
399,314
48,124 43,523
Penn Central Light &
Power Co & Subs.. _ August
294,953 196,039 2.179,635 1,508,943
Penna Coal & Coke.... June
718,413 698,806 4.549,640 3,245.066
Pennsylvania Edison.. July
266,103 203,226 1.779,471 1,444.938
PhIla Co. & Subsidy
910.512 895,185 9.956,138 9.154,256
Natural Gas Cos August
637,027
301.991
30,168 60,696
Philadelphia Oil Co_ August
533.498
569.899
72,8.52 69.541
Philadelphia & West.. August
3488,191 3315.45729,548.111 27.790.059
Phila. Rapid Transit August
948,786
886,151
August
84.877 83,058
Pine Bluff Co
269.263 265.063 1.984,961 1,974.232
dPortiand Gas & Coke July
895.180 812.005 6,312,107 5.032.135
Portland Ry, Lt & Pr July
6740.834 6269,518 42.049,797 88,458.591
Pub Sore Corp of N J June
171.329
171.329 168,816
168.816
Puget Sound Gas Co. January
1001,180 816,896 *11722599 *10247893
Puget Sound Pr & Lt_ August
263.312 256,524 1.818,189 1.693,130
Reading Transit & Lt July
848,481 696,428 6,518,330 5,335,265
Republic By & Lt Co_ August
322,811
68.956 67,388
301,669
Richm Lt & RR (Reg) May
41.844 48,250 *564.468 *567,604
Rutland Ry, Lt & Pr July
3756,665 866,576 3,756.665 3,866.578
San Diego Cons G&EI January
496.883
53.284 54,051
432.963
Sandusky Gas & Elec July
158,432 130,742 1.108,963 1.064,743
Savannah Elec & Pow August
119,621
103,664
15.684 14,383
Sayre Electric Co........ July
686 407
740 516
74.836 142 534
Schenectady Ry Co_ May
407.184
394,366
90,521 90,365
Second Avenue (Roc) May
3.638
25.219
3.869
24.723
17th St Incl Plano Co August
963,384
87,568 76,498 1,068,887
Sierra Pacific Meg Co August
320.712
316.721
156,416 151,631
South Colo Power Co February
912,129 1547,895 13,007,070 10.896,727
Southern Calif Edison August
78.577 71,323 t854.585 t770.891
So Canada Pr Co. Ltd August
46,894 41.585 *555.922 *535,607
South NY Pr & Ry_ tine
192.970 182.423 *2,423,559 *2,431.189
Southern Utilities Co.. June
826.462 757,525 6,164,799 5,472,827
gSouthwest'n Pr & Lt July
455.053
455,053 577.227
577.227
Tacoma Gas & Fuel January
165,125 135,420 2.045,629 *1.752,085
Tampa Electric Co August
Tennessee Elm Pr Co August
736,916 637,140 5,942,545 5,114,433
253,734 223,168 2,797,216 *2,715,775
Texas Eleetric Ry_ _ _ August
386,078 355,905 3,027.030 2,683,950
oTexas Power & Light July
1182,423 1193,257 P10557883 P9,449,443
Third Avenue Rv Co_ August
675,451 661,871 4.063.548 3.824,819
United Electric hys. _ June
1066.762 965.652 *13608205 *12070329
United Gas & El Corp August
966.459 942,355 8,084,765 7,452,597
United Lt&Hys&Subs August
1436,169 1345.418 4.045,237 3.804.11
Un Rys & El of Bait.. March
728,481 591,454 *8,056,587 *6,844,573
Utah Power & Light_ August
855.435 727.514 *9,698,135 *8,562,352
gUtah Securities Corp August
409,603
58,135 46.528
295,853
Vermont Hydro-Elec_ July
222.216 180.547 *2.379.028 *1.820.413
Virginia Power Co__..June

OCT. 13 1923.]

THE CHRONICLE
Latest Gross Earnings.

Name of Road
or Company.
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
5
S
$
Virginia Ry & Pow Co August
861.208 799,619 6.918.227 5,984.041
West Penn Co & Sub_ August
1881,230 1489,140 *22490501 *14887565
Western Pow System_ May
562,483 636,517 2,988,113 3.043.179
Western Union Tel Co May
9021.169 8091,170 36,318.142 31.789.301
Winnipeg Electric Ry August
400,388 409,752 *5,528,759 *5,485,735
nYadkin River Pr Co July
152,545 95,838 *1.620,783 *1.174.859
York Hay Wat & Pow July
67,475 68.496
488.026
517,704
York Utilities Co___.June
16,503 15.772
108.328
119,585
Young & Ohio Riv RR March
50.472 41.284
15.310
159.341
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with thi
approval of the Court. declined to continue payment of the rental: therefore
since Oct. IS 1919 the Brooklyn City RR. tins been operated by its owners.
b The Eighth Avenue and Tsinth Avenue RR. companies were former''
,
leased to the New York Railways Co., but these .e sea were terminated
on July 11 1919,since which date these roads have been operated separately.
c Includes Pine Bluff Co. d Subsidiary of American Power & Light Co.
e Includes York Haven Water & Power Co. f Earnings given in milrels.
p Subsidiary companies only. h Includes Nashville Ry. & Lt. Co. i Includes both subway and elevated lines. I Of Abington & Rockland (Mass.).
k Given in pesetas. 1 These were the earnings from operation of the properties of subsidiary companies. m Includes West Penn Co. n Includes Palmetto Power & Light Co. o Subsidiary of Southwestern Power & Light Co
* Earnings for 12 mos. t Earnings for limos,ending Aug.31. p Earnings
for 2 mos. ending Aug. 31.

1659

TRAFFIC AND TRANSPORTATION FOR CALENDAR YEARS.
.
.
.
1919.
Average miles operated_
1,165
1.128
1,165
99?
OperationsPassengers carried
1,597,601
1,441,489
2.310,935
2,242.094
Pass. carried 1 mlle
53.744,723 55,138,654 79.410,414 78,577,198
Av. rate per pass. p. m- 3.373 cts. 3.386 Ms. 3.028 cts. 2.833 cte.
Revenue tons moved--- 6,374,296
7.19 .292 6,150,826
6,083,674
Tons moved 1 mile (000) 1,653,772
1,774,969
1,565,272
1.492,380
Avge. rate p. ton p. m-0,923 cts. 0.980 cts. 0.850 cts. 0.839 cts.
Avge.rev. tr.-load (tons)
458.19
490.92
514.15
407.61
Gross earnings per mile_
$16,221
$15,274
$14,970
$15.691

The usual comparative income account was published in
V. 117, p. 1556.

GENERAL BALANCE SHEET DEC. 31.
1922.
1922,
1921.
1921.
Assets$
$
Liabilities3
$
Road & equipm1_48,873.237 48,473,848 Common stock._ _ 6,016,800 6,016,800
Sinking funds_ _ _ _
6,031
28,171,000 28.171,000
8,031 Funded debt
Cash dep.in lieu of
Equip. trust Wig_ 1,488,069 1.452,000
mortgaged prop.
250
250 Governmentgrants 217.238 • 347,435
Physical property_ 422,877
375,950 Loans & bills Pay1,503,616
Inv. in attn. co's:
152,020
Traffic, &c., bals_ 200,365
Stocks
197,753
197,753 Accounts & wages. 2,000,413 2.418.187
Bonds
603,000
603,000 Misc.acets pay'le. 145,976
338,121
Notes
178,172
178,172 Int. matured unp'd 151,828
145,960
Advances
48,983
42,951 Divs. mat'd unp'd. 142,439
595,579
Other investments
377
,
377 Funded debtmat'd
5,800
Cash
1,795,282
961,398 Interest accrued._ 277,730
350,593
Special deposits_
866.016
804.597 Other curr. Habit's. 248.589
142,195
Loans& bills reeds,
3,947
6,347 Deferred liabilities 110,704
114,433
Electric Railway and Other Public Utility Net Traffic,
&c., ha's- 278,699
395,589 Taxes
396,520
258,890
Earnings.- The following table gives the returns of Balances due from
Operating reserves 210,766
253,936
agents & conduc.
98,290
50,342 Accrued depreciaELECTRIC railway and other public utility gross and net Misc.
acc'ts reedy. 485,388
705,377
tion on equip't_ - 4,109,658 4,854,969
earnings with charges and surplus reported this week:
Material & supplies 1,497,721 1,254,335 Other =adj.cred_ 1,119,248
973,318
Other
assets
59,854
62,819
Additions
to prop-gross Earnings- -NetEarnings
Deferred assets..... 118,651
30,982
erty through inCurrent
Previous
Current
Previous
Unadjusted debits. 888.998
735,342
Companies.
336,902
come & surplus_ 343,737
Year.
Year.
Year.
Year.
Claim agst.U.S.G1,655,550 Profit and loss_ _ _ _ 8,864,623 8,108,246
$
$
$
$
Arizona Power Co
Aug
78,358
60,960
39,569
32,310
54.219,505 56,540,998
Total
Total
54,219,505 56,540,998'
12 mos ending Aug 31___
801,167
559,704
411,040
283,546
Note.-Unpledged
of the company held by it amount to
Cities Service Co
Aug 1,132,547 1,017,345 1,088,905
982,207 $2,215,200.-V. 117, securities
p.
1556.
12 mos ending Aug 31__ _16,638,879 14,131,156 16,116,326 13,698,763
Gross
Net after
Fixed
Balance,
Southern Railway Company.
Taxes.
Earnings.
Charges.
Surglus.

American Water
Aug '23 2,924.199 *1,264,597
Works & Subs
'22 2,219,491
*933,261
12 mos ending Aug 31 '23 32,965,297*14,497,561
'22 20,876,228 *9,332,287
Federal Light &
Aug '23
134,257
415.685
Traction Co
'22
387,665
123,687
8 mos ending Aug 31 '23 3.613,240 1.345,573
'22 3,322,510 1,113,091
.Keystone Telep Co Sept 23
152.159
71.623
142,418
'22
64,293
9 mos ending Sept 30'23 1,333.497
597,523
'22 1.249.751
508,798
Municipal Serv Co Aug' 23
361.807
123,121
& Subs
359,351
'22
115,404
12 mos ending Aug 31 '23 4,849,357 1,810,007
'22 2,880,405 1,044.296
Penn Central Light Aug '23
137.455
294.953
& Power Co & Subs '22
59,877
196.039
12 mos ending Aug 31 '23 3.165,030 1,432,313
993,000
'22 2,294.561
Utah Power &
728,481
*398.932
Aug '23
Light Co
591,454 *319,893
'22
12 mos ending Aug 31 '23 8,056,587 *4.341,030
'22 6,844.573 *3,544,630
West Penn Co &
Aug '23 1,881.230 *605.996
Subs
'22 1,489,140 *502,226
12 mos ending Aug 31 '23 22,490,501 *8,077,437
'22 14,887,565 *5,154,810
Winnipeg Elec Ry Aug '23
400,388
95,016
'22
409,752
88,699
12 mos ending Aug 31 '23 5.528,760 1,448,170
'22 5.485,735 1,428,124

815,951
684.209
9,473,031
6,454,069
67,237
56,258
532,483
443.172
43,412
41,573
389,055
374,974
36,828
38,045
487,523
182.981
40.754
29.119
383,793
358,412
180,207
167.407
1.956,031
1,805.222
465.202
408,178
5,251.061
3,696,283
60,084
54,469
739,688
733,235

448,646
249,052
5,024,530
2,878,218
67,020
67,429
813,090
669.919
28,211
22,720
208,468
133.824
86,293
77,359
1,322,484
861.315
96,701
30,758
1,048,520
634.588
218,725
152,486
2,384,999
1,739.408
140,794
94,048
2,826,376
1.458,527
34,932
34,230
708,482
694,889

•After allowing for other income.

FINANCIAL REPORTS

(29th Annual Report-Year Ended Dec. 311922.)
The report of President Fairfax- Harrison, together with
a comparative income account, profit and loss account and
comparative balance sheets for two years past, will be found
on subsequent pages of this issue.

TRAFFIC STATISTICS.
1922.
1921.
1920.
1919.
Average miles operated_
6,971
6,984
6,971
6.973
X EquipminiLocomotives
1,744
1,865
1,865
1,770
Passenger equipment_ _ _
1,156
1,171
1,770
1,180
Freight equipment
52,181
51,198
51,322
49.680
Road service equipment..
1,894
1,972
1.965
2,000
Marine equipment
20
22
20
22
Operations14,653,689 16,220,874 21,914.632 21,639,898
Passengers carried
Passengers carr. 1 mile _ _877,546,000 927,854,000 1229054,000 1361153.000
Av,rev. per pass. per m_ 3.449 cts.
3.460 cts.
2.707 cts.
3.020 cts.
Tons carr.(rev.freight)_ 35,498,269 30,121,296 42,928,381 36,520,244
Tons 1 mile(rev.frt.)(000) 6,512.961
5,563,471
8,229,652
6.303,441
Av. rev, per ton per mile 1.353 cts.
1.531 cts.
1.298 cts.
1.219 cts.
Av,rev.train load (tons)
417.59
386.49
464.33
446.10
Rev, per pass. train mile 52.36809
$2.46246
$2.67222
$2.37161
Rev. per freight train m_ 55.64811
55.91768
$5.66127
$5.78992
x Includes narrow-gauge equipment.
OPERATING STATEMENT FOR CALENDAR YEARS.
-Corporate------ Combined.
Federal.
1922.
1921.
1920.
1919.
Revenues-$
5
$
Freight
88,091.272 85,185,082 100,338,810 81,811.428
Passenger
30.264,514 32,104,922 37,122,638 36.839,805
Mail
2.895,131
3.373,070
5,365,701
1,803,342
Express,
2,649,455
3,037,975
3,228.681
Other transportation__ _ 2,393,738
2,235.714
2,524.286
1,648.273
Incidental
1.970.737
2,292,063
3,307,276 3,533,015
Joint facility
750,512
874.845
930.022
1.113,974
Total oper. revenues

128,489,847

128,715,150 152,817,410 129,787,812
ExpensesFinancial Reports.-An index to annual reports of steam
Maint.of way.&c
17,295,517 19,287,487 22,240,898 24,169.452
railroads, street railway.and miscellaneous companies which Ma
int. of equipment_ _ _ 21,927,548 23,396,100 30,667,028 27,467.881
have been published during the preceding month will be given Traffic expenses
2.479,929
2,556,858
2,332,648
1,554,890
50,754.014 55,443,873 70,402.188 56,335,717.
on the last Saturday of each month. This index will not Transportation
General expenses
3.760,407
4,096,997
3,285,091
include reports in the issue of the "Chronicle" in which it is Miscellaneous operations 954,922 1.055.085' 4,103.721
1,485,482
1,195,528
Cr.7,393
4,184 Cr.263,747
published. The latest index will be found in the issue of Transp. for investment_ Cr.2,203
Scpt 29. The next will appear in that of Oct.. 27.
Total oper. expenses.._ 97,170,133 105.829,007 131,236,149 113.744,818
•
Net earnings
31,319,714 22.886,143 21,581,261 16,042,999
Taxes
5,763,689
4,582,293
4,634.082 4,042,115
Mobile & Ohio Railroad.
Uncolloctibles
89,821
85,043
57,163
74.285
(75th Annual Report-Year Ended Dec. 31 1922.)
Operating income..
25.466,203 18.218.807 16.890.016 11.926,598
Pres. Fairfax Harrison, Mobile, Ala., Sept. 5, wrote in
The comparative balance sheet, income account, &c., are
brief:
given on a subsequent page.-V. 117, p. 896.
• Income.-Operating revenues in 1922 declined $312,174. or 1.7%,
belt.vr the revenues of 1921. Expenses were cut $2,290,309, or
Philadelphia & Reading Coal & Iron Co.
14.2%.
The final net Income after the payment of rents and interest charges
(Annual Report-Fiscal Year ending Dec. 311922.)
amounted to 1,018,961, compared with $201.705 in the preceding year.
1923 Outlook.-Notwithstanding substantial reductions in freight rates,
Pres. W. J. Richards, April 19 wrote in substance:
the operating results HO far in 1923 eve been substantially better than
for the c wresponding period of 1 22, the soy n moot s of the current
Preduatee.-Total production of anthracite coal from lands owned,
year

for which figures are vailabl as this report is written showing n operating
income after expenses and taxe: of $1.873.459. compared with $1,457.019
for the same months of the preceding year. The volume of freight traffic
is running 30% and passenger traffic 12% heavier than last
year.
Govt. Guaranty.-As state in the report for 1921, the sum of $705.556
was included in the income account for 1921 as representing
the minimum
ft ,ure which it was deemed re sonably might have been expected
on a
final settlement of the company's claim against the Government under
the provision of the Transportation Act which guaranteed an
operating
income for the six months from March to August 1920 equiv lent to one-half
of the annual standard return provided for by the Federal Control
Act.
The amount actually received in such final settlement was
$605,736.
and as a consequence the income for 1922 is charged with
$99,820 on
that account.
Property Investment.-The reduction of $ .745,056 in
in
equipment is due to the retirement of old cars which hadinvestment
b come unfit
for service. The same cause contributed largely to a decrease
of
$977.040
in the cost of freight car r pairs.
Equipment -On March 1 1923 a. contract was made to
the
following new equipment: 10 Mikado type freight locoinotte acquire
3 Pacific
type passenger locomotives, 400 box cars. 200 coal cars, 100 S.
stock cars,
2 passenger coaches, 1 express car, 1 baggage-mail car. The cost
of this
new equipment is $2,041,800. and the maney was pr wided
from
current treasury funds and the remainder from the sale ofpartly
$1.600.000
Series "L"
Equipment Trust bonds dated M rch 1 1923, payable in
30 substantially equal semi-annual installments (see offering in
V. 116,
.7.
2)




leased and controlled by the company for 1922 was 6.924.284 tons, compared with 11,588.001 tons mined during the previous year.
During the year the company mined 6,100,869 tons and sold 7.398,974
tons, as compared with 10.577,967 tons mined and 9.450.278 tons sold
the previous year. The decrease in tonnage as compared with 1921, both
in production and sales, is attributable to the strike.
Coal Strike.-The agreement covering the wages and working conditions.
of the employees of the anthracite mines established by the U. S. Coal
Commission in 1920 expired on March 31 1922. On that date no agreement between the parties having been reached for the further operations
of the mines, though conferences to that end were then in progress, the
order of which the following is a part was issued " . . the executive
officers of the United Mine Workers of America hereby direct all members
of the organization employed in and around the anthracite and bituminous
coal producing districts to discontinue work and cease the production of
coal at midnight on Friday, March 31 1922 . . ."
The strike inaugurated by the above order on March 31 1922 continued
in force until Sept. 11 1922. a period of almost 5.).,6 months, when operations
were again resumed under a contract extending the working conditions
which were operative on March 31 1922 to and including Aug. 31 1923.
During the negotiations and after consideration had been given to the
points at issue without reaching an agreement, the representatives of the
operators persistently urged that all matters in contention be submitted
to arbitration. This was as persistently declined by representatives of
the employees. [Effective Sept. 1 1923 the employees of the anthracite
mines went out on strike. The strike was terminated on Sept. 17 and
work was again resumed at the mines Sept. 19. The new contract will

THE CHRONICLE

1660

continue for two years. For details of settlement, &c., see "Chronicle."
issues of Sept. 1, 8. 15 and 22.1
Funded Debt.-The funded debt of the coal and iron company has been
reduced by the following payment: Philadelphia & Reading Collateral
Sinking Fund loan, $30,000.
so Kohler Act Unconstitutional.-The U. S. Supreme Court on Dec. 11 1922
Pennsylhanded down a decision pronouncing the Kohler Act of the State of
vania, known as the Mine Cave Act. unconstitutional. By the provisions
unlawful
make
of this Act, the Commonwealth of Pennsylvania sought to
any mining that might cause damage to certain surface developments.
of this
provisions
The
owner.
coal
the
of
regardless of the legal rights
Act would have ultimately curtailed the production of coal from much
of the territory in the anthracite field now occupied by the developments
proposed to be protected, and would have restricted the uses the surface
of the coal mining territory could be put to hereafter, because of incurring
the llability proposed to be established by the Kohler Act.
our
Local Taxation.-The authorities in several of the counties in which
lands are located have placed excessive values on the coal lands therein.
comThe
made.
On these valuations as a basis the levy for local taxes is
pany has taken appeals from the excessive assessments to the courts of
the respective counties. The appeals are now pending.
Reforestation.-During the year, in the work of reforestation, 110.000
as best
young trees have been planted on portions of the lands selected
fitted for forest growth. Much attention has been given to encouraging
conthe growth and development of timber native to the property. Inbeing
is
nection with this work, timber that has reached its full growth A
forest
recovered for use at the mines and operations of the company.
a protree nursery has been established and is giving good results. As
and
tective measure further extensions have been made to the fire lanes
trails through the timber areas.
COAL PRODUCTION YEARS ENDED DEC. 31.
From Lands From Lands From Other
Total.
Lands.
Controlled.
Year. Owned.
byMined
6,100,869
710,706
238,556
1922
5,151,606
Company
1,357,015 10,577,967
451,865
8.769,085
Company
1921
1922
1921

3,617,479
734,888
872,389

213.309
88,526
137.644

Decrease
Co. & tenants_ _ _1922
Co. & tenants---1921

137,500
5,886,494
9.641,474

49,117
327,083
589,510

Decrease
Tenants
Tenants

646,309

4,477,097
823,414
1,010,033

186,618
710,706 6,924,284
1,357,015 11,588,000

4,663,716
646,309
262,427
Decrease
3,754.980
31.
INCOME AND PROFIT AND LOSS ACCOUNT YEAR ENDED DEC.
1920.
1921.
1922.
$52,786,120 $71,088,983 $74,101,759
Coal sales
Oper.& other exp. (less rentals, &c.)_ 50,524,705 63,897,354 65,400,369
Operating revenue
$2,261,415 $7,191,628 $8,701,390
626,879
755,512
937,479
Other income-interest & dividends_
Gross income
$3,198,893 $7.947,140 $9,328,269
Deduct-Depletion of coal lands &
$492,649
$729,421 $1,195,341
leasehold
2,530,502 2,353,266 2,388,603
Federal, State & local taxes
34,803
33,608
32,400
Interest on funded debt
$6,412,212
$4,364,926
loss$93,430
Net income
29,167,217 25,685.428 19,013,206
Previous surplus
Gross surplus
$29,073,786 $30,050,354 $25,425,419
Adjusts. Applicable to Prior YearsDr.883,138
Additional depletion of coal lands_ _ _ _
Cr.260,010
Recovery of royalties
$25,685,428
$29,073,786 $29.167,217
Profit and loss surplus
BALANCE SHEET DEC. 31.
1921.
1922.
1922
1921.
$
3
LiabilitiesAssetsId.
sic.
cell
dr
R.
dz
coal
P.
acct.,
Prop.
840,000
loan, 1892-1932_ 810,000
timber l'ds, &c-69,684,302 69,225,108
8,000.000 8,000,000
Capital stock
Reading Co. spec'l
69,357,018 69,357,018
2,500.000 2,500,000 Reading Co
loans
490,260 Payrolls Sr accts.
Stks.,bds.& mtges 1,341,522
2,675,576 2,901,211
payable
Secur. of MM.cos_11,207,433 10,944,408
6,928.386 6,198,964
U. S. Lib'ty bonds 6,501,531 6.499.289 Depletion
13,060,826 6,396.462 Accr. int. dc taxes_ 2,051,905 1,362,949
Cash
37.493
23,010
7,479,117 7,267,513 Miners' benef'l Id_
Coal accounts_
1,419,003 9,643,578 Workmen's comCoal on hand
pensation fund_ 1,572,316 1,649.750
Supplies dc marls_ 2,723,410 3,015,503
247,394 Contingent funds_ 1,488,561 1,533,741
Miscellaneous- --- 1,079,088
104,001 Profit & loss surp-29,086,429 29,179,859
Accrued interest._ 129,551
2,360,279
2,360,279
Depletion fund_
Workmen's fund 1,572,316 1,649,750
Tot.(each side) A21993201 121060,986
717,443
934,822
Deferred items
-V.116. p. 625.

Ford Motor Co. of Canada, Ltd., Ford, Ont.
(Annual Report for Fiscal Year Ended July 31 1923.)
W. R. Campbell, V.-Pres. & Treas., writes in brief:

Construction work on the new plants at Ford and Toronto was commenced in November last and the several units are now in various stages
Based
of completion, the anticipated completion date being Jan. 1 1924. further
on contracts awarded and orders placed, it is estimated that acomplete
to
necessary
will
11,850,000
be
expenditure of approximately
the construction program.
PRODUCTION FOR YEARS ENDED JULY 31.
1910-20.
1922-23.
1920-21.
1921-22.
55,616
46,832
70,328
45,000
Cars
2,335
3,395
3,063
1,192
Tractors
INCOME ACCOUNT FOR YEARS ENDED JULY 31.
1919-20.
1922-23.
1920-21.
1921-22.
Total sales and other inc.$38,556,183 r9,273,254 $37,836,473 $43,671,988
38,007,153
Exp.,incl. maint. St oper 33,449,986 24,266,742 35,005,810
20,627
968,591
246,906
Taxes
A1,050,000(30)2100,000(15)1050,000(25)1750,000
Dividends paid
Net profits,after taxes,
$4,056,197 42,885,885 $1,533,757 $2,946,244
dividends, &c
a Before adding $133,143 shipping reserve.
BALANCE SHEET JULY 31.
1922.
1923.
1923.
Liabilities3
Assets7,000,000
Plant account_ _ _15,354,640 9,806,276 Capital stock
1 Accounts payable. 3,824,157
1
Patents
6,099,890 6,147,715 Accr. payroll, &c. 305,710
Cash
,Acc'ta receivable 1,773,946 1,017,193 Res, income tax... 587,000
158,169 Deprec'n reserve_ 4,500,866
Deferred charges.- 261,562
"Stores accounts"- 6,481,864 4,560,909 Other reserves_ _ _ _ 160,000
16,594,170
3,000,000 3,971,184 Surplus
Investments
Way.Total
25,661,447
32,971,903
32,971,903
Total
-V. 117, p. 558.

1922.
$
7,1100,000
1,309,114
172,626
600,812
3,880,923
160,000
12,537,973
25,661,447

Associated Gas & Electric Co.
(13th Annual Report-Year ended Dec. 311922.)
President John I. Mange writes in substance:
interests
Territory.-During 1922 the company substantially increased its and
genin electric and gas operating properties situated in New York State

the Kentuckyerally termed the New York State group. Similarly inwere
acquired in
electric properties
Tennessee group, additional operating
and so
Tennessee
the
northern
part of
the southern part of Kentucky and
close of
situated as to be connected to the company's existing line. At the




[VOL. 117.

1922 the operating properties were supplying electricity and (or) gas to
more than 44,000 consumers in the three grographic groups, namely, the
New York State properties, the Kentucky-Tennessee properties and the
Ohio properties.
Operating Properties.-(1) The New York State properties at the close of
1922 rendered electric and (or) gas service to 29,770 consumers in 113
communities in the south central section of New York State, the territory
having a total population in excess of 107,000. These operating properties
included 11 steam and 7 hydro-electric power stations with a generating
capacity of 16,225 k.w. and 251 miles of electric high tension transmission
lines; also 7 gas plants with a daily capacity of 2,795,000 cu, ft., and 102
miles of mains.
(2) The Kentucky-Tennessee properties rendered electric and (or) gas
service to 12,513 consumers in 26 communities located principally in southern Kentucky and northern Tennessee and having a total population in
excess of 71,0100. The properties include 3 electric power stations with a
generating capacity of 6,050 k.w. (including a new 3,000 k.w. modern
steam turbine beinginstalled at Hopkinsville. Ky.), 92 miles of high tension
transmission lines, 4 gas plants with a daily capacity of 550,000 cu. ft. and
57 miles of gas mains. The properties also supply electricity to connected
distributing companies over 47 miles of transmission lines owned by such
companies.
(3) Of the Ohio properties, one property, the Greenville Gas Light Co.,
is leased to the Jantha Light & Fuel Co. for a long term of years on a satisfactory basis. The Van Wert Gas Light Co., supplying gas to 1,747 consumers in the City of Van Wert. 0., having a population of 8,100, owns an
oil gas plant with a daily capacity of 600,000 cu, ft. and 22 miles of distribution mains.
Operating Conditions.-The increase in electric sales in 1922 ($1,832,130)
was more than the total electric sales during the calendar year 1921
($898.154) and larger than the combined revenues from electric sales for
the calendar years 1920 and 1921 ($1,676.815).
The work which had been undertaken in the latter part of 1921 of connecting up by transmission lines the various operating companies was
continued and in some cases was brought to a conclusion during 1922.
Efforts have been directed during the past year to connecting the hydroelectric power plants by transmission lines so as to get the maximum use
-electric generated current with a consequent reduction of the
of hydro
necessity for steam-generated operation.
Construction.-The plant and property account (as per consolidated
balance sheet below) increased $6,099,495 over the corresponding amount
at the beginning of the year. The increase represents additional properties
acquired and additions, betterments and extensions, &c. In addition
thereto there was reserved or expended out of earnings during the year for
maintenance and repairs and for the renewal and replacement of existing
property, a total amount of $376,152.
In the New York State group of properties the high tension transmission
line connecting the Oneonta, Norwich and Sidney plants was completed
and the line put in operation. During the latter part of the year the construction of a transmissign line between Oneonta and Colliersville was
begun. which line was completed and put in operation during the early
part of 1923.
At the Ithaca power plant the installation of a General Electric 3,000 k.w.
15-stage Curtiss condensing turbine with a 500 h.p. Connelly 3-pass watertube boiler equipped with Foster super-heater and a 10 C Spiroflo surface
condenser as well as necessary auxiliary apparatus which was begun in
1922 was completed during the first quarter of 1923. Contracts were also
made for the installation of a 3,000 k.w. steam turbine in the Hopkinsville
plant of the Kentucky-Tennessee properties, which work will be completed
during the current year.
Financing.-Under the serial mortgage of the New York State Gas Sr
Electric Corp. made to the Equitable Trust Co., N. Y., as trustee and
dated July 1 1921, there were issued during 1922 a total of $2.645,000
bonds, of which $1,350,000 were sold to and distributed by bankers in
New York and Philadelphia. Small amounts of other bonds sufficient to
finance the needs of other of the subsidiary and affiliated companies were
offered to the public and quickly absorbed.
The work of placing the various subsidiary companies in position to finance
themselves progressed substantially during the year. Generally spealdng
on each
this work consists of placing a modern open-end serial mortgage
property, such mortgage being designed to provide for the refunding of
prior obligations and as a means of obtaining funds for future additions
and betterments.
In order to provide for junior financing of the,subsidiary companies, the
directors decided on the policy of distributing the Preferred stock of this
company as far as possible among the consumers and the employees of the
several subsidiaries. Preliminary to carrying out this iaolicy. Preferred
stock issues of subsidiaries were provided for several of the operating companies and were offered for sale among the employees and consumers in the
respective territories. The result was gratifying and up to the close of the
year 1922 up wards of $450,000 of such Preferred stock was so distributed.
The plan to sell this company's Preferred stock was then put into effect,
and since the beginning of the year substantial amounts have been sold in
the respective territories and the situation gives promise of carrying out the
aims of the directors to make all employees and consumers stockholders
in this company.
The response to the company's offer to issue two shares of its new no par
value Cumulative Preferred stock with dividends cumulative at the rate of
$3 50 per share per annum from Jan. 1 1922 in exchange for each share of
the $100 per share 6% Pref. stock outstanding, was gratifying and practically all of such stock was exchanged during the current year. A substantial block of such stock was sold during the year under favorable
terms to banking houses for distribution to the general investing public.
During the year the company undertook to acquire the outstanding First
Mortgage Bond & Stock Collateral Trust 5% gold bonds, of which there
were $1,293,000 outstanding, and under such offer during the current year
1923 to the rendering of this report, there were acquired $1,070,000,leaving
only $223,000 outstanding.
No cash dividends were paid on the Common stock during the year 1922,
property
but all earnings available for Common stock were reinvested in thesurplus
to
and from time to time amounts were transferred from corporate
leaving of such
stated capital for Common stock, this transfer insuring the
for
capital
stated
The
company.
the
in
permanently
earnings
surplus
Common stock at July 31 1923 was substantially in excess of the total
face amount of outstanding funded debt of the company.

The usual comparative income account was given in
V. 117, p. 1559.
CONSOLIDATED BALANCE SHEET.
July31 '23. Dec.31'22.
July 31 '23. Dec.31'22.
LiabilitiesAssetsCommoh stock.- 2,400,000 1,800,000
Plant and proper1,914,400 1,226,050
12,956.617 11,790,165 Preferred stock_
ties
68,400
8,783 Int.-bearing scrip_
54,905
Investments
2,971
Non-Int. bear.scrip
Syndicate particiStocks of imbed.&
393,714
pation
592,900
affiliated cos-- 832,067
110,318
Subscriptions
591,713 1st M. Coll. Tr. fa 223,000 1,293,000
419,670
Cash
Sink. Fund gold 6s 1,022,500 1,064,900
Marketable securi71,000
141,000
190,677 Coll.TrustDeb.6s
245,147
ties
Fund, debt of sub.
Materials and sup& affiliated cos_ 4,384,000 4,203,700
327,6'18
357,315
plies
82,610 Notes pay.seed by
92,023
Notes receivable_ _
markTble seeur. 657,050
264,000
Accounts receiv333,208
395,319 Notes payable......_ 1,150,724
380.730
able
payable.. 457,851
422,665
Accounts
375
Interest receivable
81,474
63,069
70,437 Accrued interest_ 27,308
Prepayments
&c.
insur.,
86,065
Accrued
debt
Unamortized
109,518
discount & exp.. 1,268,188 1,385,176 Other unfunded dt. 478,420
9,500 Reserves58,925
Suspense
Accr. amort. of
831,996
760,167
capital
For tax liability_ 108,089
97,436
120,512
Other opt. res.- 261,961
x1,380,470 2,312,684
Total(each side)-16,254,544 14,962,694 Surplus
-x Consists of capital surplus, $179,591: provision for Preferred dividends
$14,773: proportion of surplus of subsidiary and affiliated companies applicable to capital stock of those companies not otvned by Associated Co.,
$21.184: proportion of surplus applicable to securities of Associated Co.,
$873,326; excess of par or stated value of securities of subsidiary and
affiliated companies owned over the par value at which such securities are
carried on thebooksof the Associated Co.,$291.596.-V. 117. p. 1558. 1131.

OCT. 13 1923.]

THE rTTRoNTrELE

Kentucky Securities Corporation and Subsidiaries.
(Kentucky Traction & Terminal Co., Lexington Ice Co., Inc., Lexington Utilities Co., Inc.)

(13th Annual Report-Year ended June 30 1923.)
Pres. P. M. Chandler, Phila., Sept. 15,rays in substance
Results.-The result of the operations of the property for the past fiscal
year has been the most successful in the history of your properties.
Lexington Utilities Co.-Gross receipts of this department again show
a satisfactory growth, the receipts increasing 12.7%. The amount of
current generated during the year was 30,371.500 k.w.h.. which is an increase of 6.3%;the total connected load is now 11,224.54k. w., an increase
of 2.7%: and the number of electric customers total 6,517, or an increase
of 17.5%. New construgtion and betterments for the year total $57,027.
principally for power plant equipment, meters. transformers and service
connections.
Kentucky Traction & Terminal Co.-The gross receipts of this department show an increase of $35,769, or 6%,and the net earnings an increase
of 844,067, or 29.2%. In order that the significance of this improvement
In the operating results of the railway department may be appreciated, a
review of the problems and their method of solution should be interesting.
For a number of years the management had been working on plans to
re-equip both the interurban and city lines with one-man light-weight
cars of a type never before used. The old interurban equipment had consisted of two-man 35-ton cars with a maximum speed of 55 miles per hour:
while the new interurban cars weigh 12M tons with equal speed. The
car-builders delivered the new interurban equipment in Feb. 1922, and
it
was placed in service on Feb. 20 1922. At that time an incorporated bus
company had been operating buses in competition with all divisions of the
interurban railway and charging rates of fare about 10% less than on the
electric cars. The effect of this bus competition had been to take away
about 35% of the gross business of the railway department. After the
Installation of the new equipment there was an immediate reversal of these
conditions. March and April of 1922 still showed decreases; in May 1922
the receipts increased 12.8%; and in the fiscal year under review the interurban passenger earnings show an increase of 16.9%. The bus company
went into the hands of a receiver two months after the new cars went into
service, and has not since resumed operations.
Embodying generally the same features and ideas as the interurban
cars, the company has purchased 27 new city cars, thereby replacing its
entire city equipment. The builders delivered the new cars in June and
July 1923, and they are now in service and are being operated with similar
economical results. These cars weigh 8 tons, compared with 13M tons
for
the cars retired from service.
The physical condition of the railway department has been adequately
taken care of through the expenditure of $149,760, equal to 23.7% of the
gross revenue, the expenditures being $5,040 less than for
the previous
year. but due to the new cars there have been economies in track structure
maintenance.
Service Suspended in Frankfort.-Franchise in the City of Frankfort expired early in June 1923 and in view of the fact that operations
were unprofitable, the service was, and still is, entirely suspended.
Lexington Ice Company -The sales of this department were 42.432 tons.
compared with 46,392, the decrease being entirely attributable to the
unusually cool weather conditions in the summer of 1922. Further refinements have been made in manufacturing and distributing
The sub-icing stations have been increased in number and are amethods.
decided
convenience to the public.
Gas Department.-This department shows a continued growth, and the
system to-day consists of 67 miles of mains, to which are connected
8.492
customers, an increase during the year of 712. The capital expenditures
in this department during the year amounted
to
comprising
$24,379,
extension of mains, services and meters.
Southwestern Utilities Corp.-One of the subsidiary companies for a number of years has held a substantial stock interest in the
Southwestern
Utilities Corp. The corporation, or its predecessor, has since
1915 been
engaged in the production, purchase, pipe line transportation
and sale of
natural gas at wholesale and retail in Kansas and Oklahoma, serving,
directly or indirectly, Independence, Cherryvale.
Elk City. Sycamore and
many other communities. Gas is
sold to the Fredonia Gas Co.. the
Union Gas & Fuel Co. and manyalso
large industrial plants, including the
Edgar Zinc Co. (a subsidiary of the
U. S. Steel
Western States
Portland Cement Co. (the largest cement plant Corp.).
in the Central West),
Fredonia Portland Cement Co., and the Standard
011
Co.
of Kansas.
By lease or contract gas rights are held underlying
51.853 acres. Distribution is made through 256 nines of pipe line, to which
are connected
265 producing gas wells with an open flow
capacity of 200,000,000 Cu. ft.
per day. The territory tributary to the pipe
line system is over 600 miles
in extent. Gas sales in 1922 amounted
to 4,494,463,000 cu. ft., and
contributed to gross sales of $954,788 and net
earnings of $262.734. Gas
sales and earnings for the first
seven months of 1923 are running at substantial increases. There are also owned oil
rights underlying 31,026
acres in Kansas and Oklahoma, from which
oil is now being taken at the
rate of oVer 40,000 barrels a year.
The company recently acquired gas rights
underlying 50,000 acres in the
Viking gas fields of Alberta, Canada, one
the largest fields on the Amer-.
can Continent. This acreage covers 77 of
sq.
and 27 sq. miles are
proven territory, having nine producing wellsnines,
and an open flow capacity
of 36,000,000 Cu, ft. per day, with a reserve
estimated
Davis, Inc.. New York, to be over 60,000,000,000 Cu. by Ford. Bacon &
ft. Showing of oil
In certain of these wells indicates future
oil production.
Gas from this field will be sold under exclusive
franchise
in the City of
Edmonton. Canada, the only city of its size in the United
States or Canada
without natural or artificial gas. The city has
a
population
of 60,001'.
Gas will also be furnished for industrial uses.
Utilities Commission of
Alberta has established rates of 46;•6 cents andThe
30
per 1,000 Cu. ft.,
respectively, for domestic and industrial use, such cents
rates being based on a
107 return on the invested capital.
Financial.-During the year $57,000 Lexington By. bonds
were purchased by the sinking fund, in which there are now $346,000
Lexington Ry.
bonds held alive.
Dividends.-Regular quarterly dividends of 134% each have
been paid
on the outstanding $2.286.498 Preferred
stock, and four dividends of 1%
each have been paid on the outstanding $2,052,288
Common stock.

1661

CONSOLIDATED BALANCE SHEET JUNE 30.
1923.
1922.
1923.
1922.
AssetsLiabilities$
Property, equitet.
Pref.stk .,6% cum 2,286,498 2,271,598
franch.,&c.(less
Common stock _ _ _ 2,052,288 2,052,288
depreciation) _ -- 8,585,979 8,195,931 Ky. T. & T. Co.
Investmls-Bonds
2,219,000 2,235,000
1st Ref. 5s
and stocks
322,610
368,411 Lox. fly. lit & 58_ 981,000 1,038.000
Sinking fund cash
Lex. TAIL 1st lien
and interest re& refunding 6s-- 1.591,150 1,549,600
ceivable
2,088
22,703 B.G.T.lit M.5s,
Bonds of sub. cos,
204,000
due 1934
204,000
In treasury
450
450 Ky. T. & T. Co.
Cash
49,642
63,037
80.230
62,736
Car trust notes_
Cash in escrow for
Liabll. under lease
equip. purchase. 172,649
purchase oblig__ 302,450
Accounts and notes
Ky. T. & T. Co.
receivable
69,372
65,906
Eq.tr. ctf."A"_ 160,000
Materials and sup407.931
Loans& notes pay. 450,857
plies
72,941
19,575
10,291
113,699 Cust'rs depos.,&c.
Prepaid operating
46,228
73,433
Accounts payable_
expenses
30,688
13,209
32,770
30.333 Def. paving sect_
Excess cost over
120,977
Accr. int. & taxes_ 114,773
par of capital
55,649
56,763
Res.for Injuries,&c
stock ofsub.cos.
Accrued dividends
held by Ken34.074
34,146
on pref. stock_ _
tucky Sec. Corp. 1,168,382 1,168,382 Pref. div. scrip__ _
45,172
2,058
Bond discount and
Ky.T.& T.Co.
expense
458,145
75
462,636
minority Interest
75
300,102
280,880
Surplus
Total
10,915,470 10,491,187
10,915,470 10,491,187
Total
--V.116, p. 1644.

Standard Milling Company.
(Report for Fiscal Year ending Aug. 31 1923.)
CONSOLIDATED SURPLUS ACCOUNT YEAR ENDING AUG. 31
1922-23.
1920-21.
1921-22.
1919-20.
Net profits all co's
$1,223,567 $1,150,244 $1,331,267 $2,413,315
Int.&dLsc.on 1st M.bds_
201,415
139.637
127,425
128,100
Interest on debenture&
2,891
4,798
4,149
Div. on pref. stock(6%)
389,178
389.178
389.178
389.178
Div, on corn. stock
(x)601,600 (8)593.007 (8)592.190 (10)711.629
Balance, surplus
Previous surplus

$31,374
10,559,675

$25,531
10,534,144

8217,650 $1,180.285
10,316,494 9,136,209

Total surplus
$10,591.049 $10,559,675 $10,534,144 810.316,494
y Com,stoat div.(60%) 4.457,400
Adjustment ofreserves_ 200,000
Profit & loss surplus- _ $5,933,649 810.559,675 810,534,144 810,316.494
x Common dividends paid at rate of 8% per annum prior to payment of
Common stock dividend and at rate of 5% per annum thereafter.
y Distributed on Dec. 22 1922.
CONSOLIDATED BALANCE SHEET (INCL. SUB. COS.) AUG. 31.
1923.
1922.
1922.
1923.
AssetsS
$
Liabilities-$
$
Land, bidgs., maPreferred stock_ __ 6.488,000 6,488,000
cbinery, tradeCommon stock_ _12,189,342 7,431,942
marks, &c__ _ _x26,843,468 25,737,455 Bonded debt
3,903,000 3,958,800
Liberty bonds,&c_ 588,844
699,700 Notes payable_
2,700,000 1,250,000
Cash
1,127,876 1,338,490 Accounts payable_ 424,624
516,773
Acc'ts receivable,
Special reserve_ _4,000,000 y4,000.000
less reserve
3,105,852 2,833,200 Accrued Interest.
Inventories
5,860,688 5,485,787
taxes. &c
414,210
348,005
Prepaid insur., &c. 330,097
273,673 Depreciation, &c_. 1,905,000 1.847,000
Company's bonds,
Surplus
5,933,649 10.559,675
sinking fund,&c. 101.000
31,890
Total

37,957,826 36,400,195
Total
37.957,826 36,400,195
x Includes land, buildings, machinery and equipment, brands and trademarks, $25,726,586; expenditures to date for warehouse now under construction by subsidiary company, $816,882; amount paid (in stock of
Standard Milling Co.) on account of contract for purchase of Canadian
Milling Cos., $300.000. y Special reserve resulting from reduction in 1907
of capital stock of Hecker-Jones-Jewell Milling Co., from $5.000.000
to
$1.000.000.-V. 116, p. 2779.

Lake of the Woods Milling Co., Ltd.
(Report for Fiscal Year Ended Aug. 31 1923.)
INCOME ACCOUNT-YEARS ENDED AUG. 31.
1922-23,
1921-22.
1919-20.
1920-21.
3732,318
$713,088
$732,232
$762,074
40,500
54,000
54,000
54.000
105,000
105,000
105,000
105.000
420.000
420,000
294,000
420,000

xGross profits
Interest on bonds
Prof. diva.(7%)
Common diva.(12%)
Prop. & good-will accts.
written off
Balance, surplus

116,500

118,500

118,500

100.000

$50,318

$15,588

864,574

$179,232

x After deducting all expenses of operation and providing for doubtful
accounts and war taxes.
BALANCE SHEET AUG. 31.
1923.
1922.
AssetsLiabt tesReal estate, bidgs.,
Common stock__
machinery_
_
dr.
_14,348,687 4,343,436 Prof. 7% stock__
Good-will, trade6% bonds
marks, &c
250.000
300,000 Bond red.acct_ _
Cash..
945,897 1,536,079 Accr.int. on bonds
Investments
155,903 Accounts payable_
Open accts. roc-- - 2.058,062 2,239,580 Contingent res've_
Inventories
1,440,238 1,268,060 Reserve account_
Auto trucks. stable
Surplus account__
&c.,eq..furn.,&c
98,708
106.080

1922.
1923.
3
3,500,000 3,500,000
1,500,000 1,500,000
900,000
600,000
600,000
13,500
y812,818
663,269
500,000
593,913
900,000
900,000
1,328,774 1,278,455

CONSOLIDATED INCOME ACCOUNT YEARS ENDED JUNE
30.
[Kentucky Traction & Terminal Co.. Lexington Utilities Co.,
Inc.,
Lexington Ice Co.. Inc., and Blue Grass Park Co., Inc.]
1923.
1922.
1921.
1920.
Operating revenue
$1,551.715 $1.457,818 $1,479,906 $1,307,669
Operating expenses
843.873
781.043
934.466
757.278
Total
9,141.592 9,949,137
9,141,592 9,949,137
Total
Net operating revenue $707,842
$676,774 $ 545,440
$550.391
x Real estate, buildings and machinery, $4,415,187: less depreciation
Miscellaneousincome_ -96.589
91.424
82,609
93,741 written off. 866,500. y Including provision for income tax.
Note.-Indirect liability on customers' paper under discount, 1101.896.
Gross income
$804,431
$768,199
$628,049
$644.133 -V. 117. P. 1502.
Taxes, rentals, &c
143,832
146.752
140,165
126,706
Net income
$660,600
$621,447
$487,884
$517,427
Interest on bonds
288.623
283,434
250.002
254.394
Surplus for dive., &c_ .. $371.977
$338,013
$237,882
$263,033

GENERAL INVESTMENT NEWS.

TEN-YEAR STATEMENT OF SUB. COS. OF KY. SECURITIES
CORP.
YearCross Earns. Gross Inc. Fixed Chges. x Surplus.
1913
$772,825
$371.318
$225,268
$146.049
1914
814.294
401,784
245,184
156,600
1915
839,917
407,515
237.230
170.285
1916
879.891
441,728
245,576
196,152
1917
951,829
471,564
264,496
207,068
1918
1.066.628
461.354
302,454
158,899
1919
1,187,381
518,279
322,093
196,186
1920
1,401.411
644.133
381,100
263,033
1921
1.562.515
628,049
390,167
237.882
1922
1.549.242
768.199
430,186
338,013
1923
1,648,304
804.431
432,454
371.977
x Available for depreciation, holding co.
dividend and expense.




RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
lust past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
I.-S. C. C. Orders Suspension of Rate Cuts Proposed by Southern Pacific
System.-Reductions designed to meet Panama Canal route competition
are ordered held up until Feb. 7. An investition will be held to determine their reasonableness. New York "Times' Oct. 10. p. 32.
New 127-Lb. Railfor New York Central RR.-Now use; 120-1b. rail. New
formula for heavier type completed by Dr. P. M. Dudley. consulting

[VoL. 117

THE CHRONICLE

1662

York "Times"
engineer of rails, ties and structural steel for the road. New
Oct. 8, p. 19.
following is
-The
.
Railroads
Authoritative Information on Condition of
Railway Association:
authorized by the Car Service Division ofthe American
are breakfreight
revenue
of
loadings
that
Car Surplus.-Despite the fact
for this season in
ing all records, exceeding by a wide margin loadings
freight cars in
surplus
30
41,745
had
Sept.
on
railroads
previous years, the
y. This was a
good repair and immediately available for service if necessar
decrease of 17,263 since Sept. 22.
of 4,244 in
decrease
a
30.527.
totaled
repair
Surplus box cars in good
was also a decrease of 11,189 in the
approximately a week, while there
the total for that
brought
which
repair
good
in
cars
coal
number of surplus
stock cars in good repair totaled 1.105,
class ofequipment to 5,651. Surplus
while surplus refrigerator cars totaled
a decrease of 128 since Sept. 22, 22.
Sept.
on
3,723, or 1.656 less than
of 15,331 cars, 6,476 represented
Car Shortage.-Of the reported shortage
673 within approximately a week, while
box cars, which was an increase of
a decrease of 43 within the same
or
5,439,
the shortage in coal cars totaled
reported shortage in stock cars brought the
period. An increase of384 lathe
while a shortage in refrigerator
1,058.
nt
to
equipme
total for that class of was reported, an increase of 838 over that which
cars amounting to 992 total increase in car shortage for the period ended
The
22.
existed on Sept.
1,816.
Sept.30 over that ended Sept. 22 was only

& Savings
Louisville, Ky.; J. P. Butler (Pres. Canal-Commercial .Trust
for
Bank), New Orleans, La.; Arthur V. Morton (V.-Pres Penna. Co.
First
Ins. on Lives & Granting Annuities), Philadelphia; Oscar Wells (Pres.
Caron.
,
212
Secretary
Falk,
H.
L.
with
Ala.,
ham,
Birming
Bank),
National
debt St., New Orleans, La., and Powell C. Groner, Counsel,65 Broadway,
New York City.-V.117, p. 1128.

British Columbia Electric Ry.-Wage Increase.-

n
A board of conciliation has reached an agreement whereby motorme
from
and conductors will receive an Increase in wages of 3% cents an hour,
583 to 62 cents. All other employees will receive an increase of 2 cents
al
an hour.-V. 117, p. 552.

Chicago Elevated Rys. Collat. Trust.-Sale Restrained.

M.
A temporary injunction has been granted by Federal Judge Hugo
the $14,Friend at Chicago restraining the sale of the collateral securing
New
in
15
Oct.
Co.
ts
Trust
Merchan
Illinois
by
the
notes
gold
000,000
the Preferred
York. In the petition for an injunction the attorney for
part of a conspiracy
shareholders alleged that the sale of the notes wasby
of which the
means
of
company
zation
which would lead to the reorgani
lines.
Commonwealth Edison Co. would gain control of the Elevated
the Illinois
of
on
behalf
on
injuncti
the
opposed
ugh
H.
McCullo
Frank
on
behalf
it
opposed
Robbins
S.
Henry
,
Merchants Trust Co. and Attorney
of the noteholders. Judge Friend said that the bill of the complainants
Operative. ought to be answered, and until it was answered a stay of the sale should
-Plan
Corp.
RR,
&
Nor.
see
Tennes
ma
Alaba
of be entered.-V. 117. p. 1555, 1346.
under date of Oct. 10 notified the holders
President John T. Cochrane the
agreement dated May 12 1923, between
Div.Chicago North Shore & Milwaukee RR.-Initial
General Mortgage bonds that
deposited the
have
who
bonds
Mtge.
Gen.
of
holders
on the 6%
the corporation and
An initial quarterly dividend of 114% has been declared
declared operative and Irving Bank-Columbia Non-Cum
of
to
record
25
holders
Oct.
payable
stock,
$100,
par
Pref.
ul.
same thereunder has been
to such depositors their General Mortgage
V. 117. p. 893.
Trust Co. is prepared to return
with new coupons attached and to make the cash Oct. 10. See also
bonds duly stamped and said
andon.
agreement.
Cleveland Southwestern & Columbus Ry.-Abauthorit
payment provided for in
who have not already, forwarded
y
Holders of General Mortgage bonds
City,
The receiver has applied to the Ohio P. U. Commission for
branch
lumbia Trust Co.,60 Broadway, N.Y.1923.
This
Oberlin.
and
Norwalk
between
line
trolley
the
their bonds to Irving Bank-Co
to abandon
may do so until Nov. 15
nt
the
agreeme
in
specified
purposes
for the
Is 24.4 miles long.-V. 117, P. 893.
Compare V. 116, p. 2880.

eld & Joliet RR.-To Abandon Line.-

Aurora Plainfi
Commerce Commission for per
The company,has applied to the Illinois
Ill.-V.111.p. 1565mission to abandon its road between Joliet and Aurora,
•
Rv. Corp., N. Y. City.-Fare Decision.-

Belt Line
8 in the U. S. District
Judge John C. Knox, in an opinion filed Oct.
E. Henry Lacombe, Special
Court, confirmed the conclusion of ex-Judge
ion some time ago
corporat
the
d
by
institute
suit
n
Master in the injunctio
l, and Edward Swann, as
against Charles D. Newton, Attorney-Genera
r of the Public
successo
as
ion
Commiss
Transit
the
and
Attorney
Distrct
transfer order of
Service Commission, that the Joint five-cent fare and
October 1921 would be confiscatory.
is effected, of course, by
Judge Knox said: "The result to be reached
of
plaintiff's property for the purpose
the value to be accorded to the The
the property to be
found
Master
return.
le
reasonab
a
ng
calculati
believe,
I
finding,
This
00.
of
$2,600,0
worth, in round figures, the sum
it.
was justified by the evidence and I shall not disturb
and accepting the
"Adopting as I do the ruling of the statutory court
of passengers to be carried, the
Master's calculation upon the number
or not, would be
by
transfot
whether
of
them,
each
ting
transpor
cost of
to fixed charges for borupwards of three cents. This cost, when added
cover depreciation
rowed money, would leave plaintiff without revenue to
and a fair return on capital.
d in determining
employe
to
be
"But, aside from the particular theory
1921 is confiscatory, the
whether the P. S. Commission's order of Oct. 29
ances that the
circumst
ve
persuasi
most
and
case presents the unusual
rate of five cents, fixed
Commission itself entered its order that a Joint
conditions, become
changed
through
had,
29
1921
Oct.
of
by the order
return for tho service
'unjust, unreasonable,and Insufficient to render a fair
furnished.'
declaration by the
a
of
nt
the
is
equivale
on
conclusi
"To my mind this
that a joint rate of five cents was,
predecessor of one of the defendants me
rate, if enforced
joint
the
that
satisfies
evidence
The
confiscatory.
Master's conclusion to the same
would continue to be confiscatory. The
effect will be confirmed."-V.114, P. 2467.

Cuba RR.-Listing.-

listing of $454.000
The New York Stock Exchange has authorized the
due July 1 1952, making
additional 1st Mtge. 5% 53-year Gold bonds,000.
purpose of this
The
$13.624.
date
to
the total amount applied for
necessary funds required
additional bond issue of $454,000 is to secure the
of its branch
company
this
by
on
completi
the
for
ures
for capital expendit
line to Santa Cruz del Sur.-V. 117, p. 1346. 1344.

Dayton Springfield & Xenia Southern RR.-Application Denied.g to a Cincinnati dispatch, has

Judge Smith Hickenlooiw, accordin
ee, trustee of
denied the petition of the Wisconsin Trust Co. of Milwauk
The trustee sought a
a bond issue, for the appointment of a receiver.
coupons
interest
on
the
d
receivership because the company has defaulte
on the outstanding $396,000 1st Mtge. 5s, the principal of which became
due Oct. 1 last.-V.113. p. 70.

Eastern Massachusetts Street Ry.-Files Answer to
Suit Brought by L. Sherman Adams to Compel Payment of
Stock.
Common Dividends and Dividends in Arrears oninAdjust.
an equity suit

The company and its trustaes, made co-defendantsthe Massachusetts
before
brought by L. Sherman Adams of Boston,
their answer with
Supreme Court in July last (V. 117, p. 552) have filed
the Clerk of the Supreme Court.
been wrongfully withheld
The defendants deny that dividends shave
accrued in February 1923
from the plaintiff or that any dividend had
They state that no dividends
upon the Adjustment or Common stocks. earned,
and unless the financial
on any class of stock were to be paid unless
payment. The trustees claim
condition of the company justified theirpay
dividends other than those
that earnings have been insufficient to
already paid.
t, the plaintiff has also filed
In addition to the formal bill of complain
ded to each of the devendants, except
a bill of interrogatories to be propounS.
Comptroller. There are
Jackson,
Caleb
to
and
Samuel W. McCall,
them pertain to the financial history
more than 200 questions, a majority of.-V.
670, 552.
p.
117.
company
the
of
n
conditio
and present

ComBirmingham Ry., Light & Power Co.-Protective
Erie RR.-Equip. Trusts Sold.-Drexel & Co., Phila. 1 1923 Int.
mittee for Refunding & Extension Mtge.68-NovBondhol
, it is announced, hlve sold an issue of $1,500,0006%
ders
delphia
to
ee-Offer
if Defaulted to be Paid by Committ
ent Trust certificatest Series "KK."
tee
Equipm
commit
-The
ed.
ion for authority to
Over 45% of Bonds Already Deposit
The company has applied to the L-S. C. Commiss
the
of
in connection with the
holders
the
to
5
Issue $1,500,000 67Q Equipment Trust certificantespassenge
named below, in a notice dated Oct.
r cars and 200
subst.: acquisition of 475 box cars, 44 steel suburba
sell the certificates at 97
$4,601,000 Ref. & Ext. Mtge.6% gold bonds, says in
refrigerator cars. The company proposes tophia.
p. 1016.
C
Bradley
•
-V.
117.
[Lee
1919
23
Jan.
hip
Philadel
since
The property has been in receivers
mort- and dividends through Drexel & Co.,
is subject in part to two
le of Prop.
c
and J. S. Peaver, receivers]. This property
Ry.-Sa
Mtge. 6s.
Electri
(Ill.)
ee
Ext.
&
Kewan
urg
&
Galesb
Ref.
e
the
securing
mortgag
the
to
lien
gages prior in
bonds, all of which mature
The senior of these mortgages securese$787,000
the mortgage securing
July.2 1924. Junior to this mortgag but prior to$8,720,0
00 Gen. Mtge.
the Ref. & Ext. Mtge. 6s is the1mortgage securing
Ref. Ois which mature April 1954.
Birmingham,
of
city
a
the
with
made
contract
recently
comThe receivers have
will be to eliminate the destructive
the effect of which, it is believed,
for several
contend
to
had
has
the
which
company
with
jitneys
petition from
2387.
p.
116,
V.
in
e
ordinanc outlined
years. (Effective Sept. 15 the new
es jitney competition and reduces
went into effect. This ordinance eliminat
this contract the receivers are required
cash fares from 8 to 7 cents.] Under
very
which will require
to make extensions and improvements in the service
have substantial
substantial expenditures. In addition, the receiverswhich will mature
amounts of receivers' certificates and bills payable,
on or before July 2 1924.
now and
their cash resources between
The receivers are of the opinion that
mentioned)
the 1st Mtge. bonds abovethey
will be
July 2 1924 (the maturity date of
e all of the obligations which
with the
will not be sufficient to discharg
that date, and on Oct. 5 they filed
&
Ref.
the
called upon to discharge by
on
recommend that the interest necessary that
court a petition in which they
1923. It is obviously
May be
Ext. Mtge. 6s be not paid on Nov. 1 in
interests
order that their
the holders of these bonds combine
properly protected.
a large amount
requested by the holders ofbonds.
Central
The undersigned have Deep
ee for the holders of the National Bank.
of the bonds to serve as a committ
First
ry.
the
is
deposita
York,
Union Trust Co.. New
Orleans,
New
Bank,
Trust & Savings
on Lives
Birmingham,Ala., Canal-Commercial
and Pennsylvania Co.for Ins.its
agents
United States Trust Co., Louisville. have
been appointed to act as
& Granting Annuities,Philadelphia,of
be
l bonds. Deposits may
with authority to receive depositsMoreadditiona
have already
bonds
the
of
45%
than
and
1923
made on or before Oct. 30 1923.
1
Nov.
been deposited. Bonds should be deposited with the
coupons
suosequent coupons attached.
d bonds and
The committee has contracted to sell the deposite otherwise at a price
on or
theretoif the principal of the bond be due by, declarati
any payment
of their
sufficient to yield to the depositors of the bonds (with
ee) the principal
Provided
fore made by or upon the direction of the committ
of payment,the bonds
bonds and int. at 6% from May 1 1923 to the date
of
60%
than
less
be made
that the purchasers are not required to purchase
of the bonds need not
outstanding and payment for and delivery
been sooner
of the company hassecuring
said
before May 1 1924 unless the propertylien
e
mortgag
of the
the provested in a new company free from the
for the distribution of
bonds. The deposit agreement provideswithout
delay.
the
ceeds of any such sale to the depositors
ee to purchase
These parties also agree upon demand of the committ
or to lend
on Nov. 1 1923
and
coupons,
coupons from deposited bonds which will mature
such
of
to the committee or the depositors the face amountdepositors receive cash
it will be the purpose of the committee to see that
ee
for their Nov. 1 1923 coupons.
services of the committ
Under the deposit agreement no charges for the
plan for the reorganipower to
may be made against the depositors of bonds.theNo
has
ee
committ
may
zation of the company has been adopted but
such plan provision
plan may be
submit such plan to the depositors. Under any
e, but no such
may
rs
deposito
be made for the compensation of the committe
rs and the
committee.
adopted except with the consent of the deposito
for the services of the
and pay such
then withdraw their bonds without costee
retain the bondssuch
to
committ
the
in
,
depositor
however
right,
the
with
theretofore paid
depositor cash which,together with any cashwill equal the principal thereof
1923.
with respect to such bonds and coupons,
1
May
annum from
and interest thereon at the rate of 6% per
(V.-Pres. Newman, Saunders
Committee.-L. Carroll Root, Chairman
(Pres. U. S. Trust Co.),
& Co., Inc.), New Orleans, La.; B. B. Veech




an order for the sale
The Henry County (I11.) Circuit Court has entered
The line operates the interof the property of the company as an entirety. the
carsln Kewanee.
city
and
Ill.,
,
ICewanee
and
Galva
urban between
special master to make
John T. Cummings. Kewanee, has been appointed
at Camthe sale, which, it is expected, will be made some time this month
bridge. 111.-V. 117, p. 1016.

.
a Ry.-Report of Receiver-

Georgia & Florid
1923, to
The report of John Skelton Williams, receiver, dated Oct. 1
the holders of the 1st Mtge. 5% bonds, affords the following:
31
1923.
Aug.
Ending
12
Months
the
for
n
Results of Operatio
have been
The operating net revenues for this period Would probably
it not been for the reduction
$100,000 more than the figures realized had
July 1922.
of 10% in freight rates, which took effect in
and all other charges
The net income after payment of taxes, car hire
1923, amounted to $225.except interest for the 12 months ending Aug. 31interest
for the 12 months
before
deficit
net
a
d
with
compare
This
968.
net improvement therefore in the
ending Aug. 31 1920 of $900,330. The
months in 1920 is
12
nding
past 12 months as compared with the correspo
$1,126,298.
or
1922-1923. 1919-1920. inc.(
(Und.present(Under Co.or Dec.(-).
Adm.).
Fed
.
Admin.)
sCross Operating Revenue
$656,922 +8124,841
Total 6 mos. Sept. 1922-Feb. 1923--- $780,125
+142,054
721.076
863,130
Total 6 mos. March-Aug. 1923
8
+265,257
1,377,99
5
1,643,25
Total 12 months ended Aug. 31
Operating Expenses39
07
-$438,2
$1,033,5
$595,268
1923
-Feb.
1922
Total 6 mos. Sept.
-511,615
Total 6 mos. March-Aug.1923
0 -949,854
2,216,08
6
1,266,22
31
Aug.
ending
mos.
12
Total
Net Operating Revenue-.
+561,442
184,857 def376,585
Total6 mos. Sept. 1922 to Feb. 1923
+653,670
192,173 def4Sl,497
Total6 mos. March-Aug. 1923
12
82
+1,215,1
def838,0
377,030
Total 12 months
n.-The railroads of the
Comparison of Receiver's With Federal Operatio
ents
former
managem
their
to
ent
Governm
country were returned by the
elapsed from the date of its
on March 11920. For the 16 months which
1 1921, when the present
relinquishment by the Government to&July
By.showed an operating
Florida
administration took charge, the Georgia hire and interest, amounting to
car
taxes,
of
payment
the
before
deficit
$644,123.
31 1923, the road has converted
For the past 16 months ending Aug.
of $465.258. The improvement in
the previous deficit into net revenue
compared with the 16 months
operating results for the past 16 months as
administration is thereimmediately prior to the beginning of the present
fore over $1,109,000.
conditions under which the
Outlook.-Notwitbstandlng the adverse
9 months, it has been able to show
road has been operated during the past earnings
over same months of last
an increase of about 32% in its gross
time it is believed that to estimate
this
at
outlook
d
the
improve
With
year.
conservative.
quite
be
will
1924
an increase of 15% in earnings for
the calendar year 1915
Improvement in Gross and Net Revenue.-For
$850,279
d
to
gross earnings amounte
gross operating revenue
The present indications are that thenotwiths
tanding reduced
be,
will
1923
year
calendar
the
for
1,800,000
freight rates, approximately
15% over the
Should the gross earnings for 1924 increase only
270,000
say
revenues of 1923, or,
00
$2,070,0
be
will
1924
for
earnings
gross
The

OCT. 131923.]

THE CHRONICLE

1663

In the foregoing tables it was shown that there was an improvement in
and int., to
net operating results for the year ending Aug. 31 1923, as compared with Co. and Dillon, Read & Co. have sold at
the 12 months ending Aug. 31 192Q of $1,215.113—the deficit of $838,082 yield over 53
$10,000,000 3-Year 53% Secured Gold
in 1920 having been converted into net operating revenue for 12 months notes. (See
advertising pages)
ending Aug. 31 1923 of $377,030.
Dated Nov. 15 1923. due Nov. 15 1926. Int. payable M. & N. at
If with gross earnings of $2,070,000 in 1924 it should be possible to keep
Lee.
Higginson
&
Co., Boston, New York,or Chicago, or Illinois Merchants
the road's operating expenses, taxes and car hire within 78% of its gross
operating revenues, the road s net income after payment of interest on Trust Co. Chicago, trustee, without deduction for Federal income taxes
not
in
excess
'
of
2%.
Denom.$1.000 c5. Callable ass whole or in amounts
receivers certificates and on old divisional bonds will exceed the fu 1 interest
of not less than $1,000,000 on any int. date on 30 days' notice at 10134
7 bonds.
charges on the entire outstanding issue of 1st Mtge. 50
Advance in Earnings Despite Unfavorable Conditions.—The extraordinary and int. on or prior to Nov. 15 1924. thereafter at 101 and int. on or prior
improvement in earnings and the reduction In operating expenses which to Nov. 15 1925, and at 10034 and int. on May 15 1926.
Issuance.—Subject to authorization by the I.-S. C. Commission.
have been accomplished in the past 2 years have been brought about in the
face of many unfavorable circumstances and difficulties. From July 1921 Data from Letter of Pres. W. M. Corbett, Kansas City, Mo., Oct. 9.
until the autumn of 1922 the whole country, but especially the South, was
Company.—Incorp. in 1906 in Missouri. The properties owned comprise
suffering heavily from the general business depression. The South also principally:
suffered severely from the ravages of the boll weevil and the consequent
(1) A 'Union Passenger Station, centrally located betvteen Broadway
serious shortage in the cotton scrop.
and Main St. and 21st and 24th Sts.. Kansas City, covering, with train
In July 1922 a general reduction in freight rates went into effect, thereby sheds and tracks, about 51 acres. This passenger station contains 18
increasing the difficulty of providing net income. Notwithstanding this parallel through tracks, with capacity for 8 additional, making a total of
rate reduction, the road's net income for the past 12 months was approxi- 26 tracks, capable of accommodating 52 trains simultaneously.
mately 100% more than the annual rental paid by the Government during
(2) A central power plant with 4,000 installed boiler h.p. and space for
Federal operation
extension, from which steam is supplied for heating the passenger station
Improventents.—The work of revision, realignment and regrading of and other company buildings and heating cars, &c.
about 30 miles of the main line of the railway between Augusta, Ga., and
(3) A main line approximately 6.61 miles in length, with from 4 to 8
St. Clair, Ga., involving the elimination of trestles and construction of tracks, running through the heart of the city from east to west. This line
heavy embankments and deep cuts for many miles of entirely new roadbed, affords an entrance into the Union Passenger Station from both directions.
has been continuously in progress since Aug. 1921. This work is now
(4) A double-track line, 2.36 miles in length, extending from a Junction
substantially finished and at a cost materially less than was originally with the westerly end of the above-mentioned main line to a Junction with
estimated. By Oct. 10 it was expected that the railway would have its the main line of the C. B. & Q. RR. near the Missouri River.
trains running over the entire length of the revised line.
(5) A double-track line approidmately 7 miles in length, running along
The construction work on the main line, which has been carried on the northerly side of the city and connecting with the above-mentioned
concurrently with the operation of trains over some of the sections under main line at the east and west ends of the city.
revision, has, necessarily, added to the cost of operation while this work
(6) Two double-track elevated lines, together approximately 6.72 miles.
was in progress, but as these difficulties are now 'practically past, the extending from the westerly end of the above-mentioned main line through
road's advanced physical condition should be reflected in decided increases Kansq City, Kan.
In both gross and net returns.
(7) Two passenger stations in Kansas City, Kan., one of which is comA Growing (re Prosperous Region.—The section of country traversed by pleted and in use, and the other of which is near completion and will be put
this road is developing rapidly; new farming lands are being opened up; in service during 1923.
new industries started, and settlers of the better class are coming in on a
(8) Surface tracks in Kansas City, Mo.,and Kansas City, Kan.,reaching
substantial basis from less favored regions.
the stock yards, packing houses and other industries, and connecting with
There are marked and increasing evidences of confidence and prosperity various railroads.
throughout the territory served which promise well for the future of the
In all, the mileage operated comprises 172 miles of track, of which about
property.
1483i miles are owned.
The net revenue of the railway for the 2 years and 3 months from July 1
Security.—Secured by deposit with the trustee of $13,783,000 1st Mtge.
1921 to Sept. 30 1923, after payment of oper. exp., but before the deduction 4%
niateG
ly
ol7
d2bo
H.
nds, duo Jan. 11960. the bonds being thus pledged at aPProxlof taxes, car hire and interest, has amounted to approximately-- $570,000
For the 2 years and 3 months immediately prior to July 1
Control.—The $2,200,000 Capital stock of the company is owned by the
1921 the road had shown an operating deficit (before deduction
following railroads, all of which, or their successors, use its terminal facilities:
of taxes, car hire and interest) of
1.247.925 Atchison Topeka & Santa Fe, Chicago & Alton. Chicago Burlington &
Quincy, Chicago Great Western, Chicago Milwaukee & St. Paul, Chicago
Making the impt.in these net results since July 1 1921,aPProz $1.817,925 Rock Island & Pacific, Kansas City Southern, Missouri
Kahnsas & Texas,
Cause for Encouragement.—It should be encouraging to those who have Missouri Pacific, St. Louis-San Francisco, Union Pacific and Wabash.
Guaranty of 1st Mtge. Bonds.—Each of the proprietary companies (above)
provided the millions of dollars which have been invested in this enterprise
to realize that when the road for a 12-months period shall make a further covenants unconditionally to pay an equal amount of the principal of all
increase in its net revenue equal to only one-sixth of the improvement outstanding 1st Mtge. bonds when due, and an equal amount of the interest
which was accomplished in the past two years and three months, as com- thereon, and of all taxes payable by the Terminal company. 10 days before
pared with the two years and three months ending July 1 1921, the road such interest and taxes become duo, and agrees also to pay Its share of the
will earn, in addition to all other expenses and fixed charges, considerably total expense of operation and maintenance of the Terminal, proportionate
more than the full amount of the interest on the 1st Mtge. 5% bonds of to its use thereof. If one or more of these proprietary companies should
default in its or their obligations under these agreements to pay principal,
the railway which amount to $6.240,000.
It is the belief of the receiver after a careful study of the property during interest and taxes, the remaining companies or company must make up
the time he has been in charge
if the bondholders of the road will now all deficiencies ratably, and the defaulting company or companies may be
co-operate and aid in carr
out the plans and policies of the present excluded from the use of the Terminal. 'rhe reorganized Missouriadministration, that, in the absence of any unforeseen misfortunes, and Kansas-Texas RR. Co. if not already bound, will likewise be bound if it
with a continuance of the helpful and constructive support which the elects to continue to use the Terminal -under the terms of the agreement.
receiver has had the honor to have from the court at all times, the road
The combined surplus income of these railroad companies after payment
can be placed on a paying basis, and can be made within a reasonable time of their entire fixed charges, as shown by their annual reports for tha fiscal
to earn the full interest charges on its 1st Mtge. 5% bonds, upon which year ended Dec. 311922 was more than $85,000.000, and as now indicated
no interest has been paid since May 1913.
will substantially exceed
'this amount in 1923.
The railway has resumed the payment, promptly, as it matures, of all
Purpose.—Proceeds will be used to retire $9,850,000 6% Secured Gold
Interest charges on its divisional bonds. Tlaere are no car trusts now out- notes, maturing Nov. 15 1923.
standing against the property, its obligations of this chractor having Funded Debt Outstanding In Hands of Public Upon Completion of Present
been paid off in full (see also V. 116, p. 883).—V. 117, p. 208.
Financing.
(Closed) Mtge.4% Gold bonds, due Jan. 1 1960 (auth. and
Great Northern Ry.—Equip. Trusts Sold.—J. P. 1stIssued
$50,000,000)
Morgan & Co., First National Bank and. National City 3-Year 534% Secured Gold notes,due Nov.15 1926 (this issue)LS
84)10
8
62:0
,0
800
- B.
10-year 634% Secured Gold notes, due July 1 1931
2.000,000
Co. have sold at prices to yield from 5.20% to 5.50%, ac- 15
-year 6% Equip. Gold notes, due $12,500 annually Jan. 15
cording to maturity, $8,625000 5% Equipment Trust Gold
1924-105
150,000
5-year 6( note, due June 28 1926
Certificates, Series "B." Issued under the Philadelphia 5
-year 5% Mtge. Securednote, due Nov. 12 1923
588
c1n0
16,
0t
8
84s7
Plan (see advertising pages).
x The balance of $16,908,000 are pledged to secure the 63.5% Gol5
Dated Sept. 1 1923. Serial maturities of $575,000 per annum, Sept. 1 due July 1 1931, and these 534% Gold notes.—V. 117, p. 553.
1924 to Sept. 11938. both inclusive. Divs. payable
& S. at office of
Kansas City Southern Ry.—Equip, Trusts Authorized.—
First National Bank, New York, trustee. Denom. $1,000c*.
M.
The I.-S. C.Commission has authorized the company to issue $1.620.000
Issuance.—nuthorized by the I.-S. C. Commission.
Security.—Certiticates are to be issued to provide for part of the cost of 534% Equip. Trust Certificates to be sold at 97.03 to Ladenburg, Thalthe following standard new railway equipment: 30 Santa Fe type locomo- mann & Co. (See offering in V.117, p. 1017.)—V. 117. p. 1555, 1236.
tives, 28 Mountain type locomotives, 1,500 steel ore cars, 500 steel underKentucky Traction 8c Terminal Co.—Report.—
frame automobile cars, 125 steel tank cars and 1,000 box cars. The foreSee Kentucky Securities Corp. under "Financial Reports."—V. 117,
going equipment Is to cost $11.527,457, of which over 25%, or $2,902,457,
Is to be paid by the company in cash at the time of acquisition.—V. 117, p.670.
p. 1236,670.

4%,

Illinois Central RR.—Additional Pref. Stock Offered.—
The directors on Oct. 10, subject to the approval of the
I.-S. C. Commission, authorized the issue of additional
6% Convertible Preferred stock, Series A.
In the event that the necessary approval Is obtained each holder of
Common stock will have the right to subscribe at par for such additional
Pref. stock to an amount equal to 10% of the Common stock retistered in
his name upon the company's books at the close of business Oct. 23.
Payment for the new shares will be due in two installments, payable at
the company's office in New York, as follows: 50% on Dec. 1 1923, 50%
on March 11924. Payment may be made in full on or before Dec. 1 1923.
Interest at the rate of 6% per annum from Dec. 1 1923 to March 1 1924
will be allowed on installments paid on or before Dec. 1 1923.
Separate warrants evidencing the stockholder's right to subscribe will be
issued by the Treasurer for full shares and also for fractional shares, and
will be mailed together with an explanatory circular shortly after Oct. 23
1923.—V. 117. p. 1555, 893.

Illinois Light & Power Corp.—Earnings.—
Consolidated Statement of Earnings or 12 Months Ended July 31 1923.
$26,973,032
Gross earnings
18.422,770
Operating expenses, maintenance and taxes
4.492,829
Annual interest on total outstanding funded debt
Balance for dividends and amortization
Annual dividend requirements on 7% Cum. Pref. stock

$4.057.433
1,255.828

$2,801,605
Balance
About 7007 of the net earnings are derived from power and light.—
V. 117, p. 1461.

Interstate Public Service Co.—A erisilion.—

The company has applied to the Indiana P. S. Commission for authority
(a) to purchase the Jeffersonville (Ind.) Water, Light & Power Co. for
S165,000, the Interstate Co. to assume $98,500 of bonds outstanding,
and (b) to issue $117,000 607 bonds at 80 and $80,000 7% Prior Lien
stock at 90. The Interstate Co. in its petition represented that the estimated value of the Jeffersonville company is $290,950.—V. 117. p. 1555.

Kansas City Rys.—Fare Schedule Extended.—

The Missouri P. S. Commission has authorized the company to continue
the present street car rates at Kansas City for a period of six months from
Sept. 18 1923. These rates range from 8 cents a single trip to two trips
for 15 cents and 5 trips for 35 cents.—V. 116. p. 2255.

Kansas City Terminal Ry.—Notes Sold.—J. P. Morgan
& Co., Lee, Higginson & Co., Illinois Merchants Trust




9934

Long Island RR.—Obituary—Traffic, &c.—

President Ralph Peters died at Garden City, L. I., on Oct. 9.
Donald Wilson. General Freight Agent on Oct. 2 made ipubllc a statement which contains an interesting review of the Island's agricultural
situation, also 801110 comparative statistics showing that the railroad is
hauling the heaviest freight traffic in its history this year. Regarding the
latter he says:
"The general freight movement on the Long Island RR. during the first
seven months of 1923 has established a new tonnage record. In this period
4,629.166 net tons of freight were handled, being an increase of 1,391.683
net tons over the same seven months of last year. Some of the principal
items of freight hauled between Jan. 1 and July 31 1923, excluWng agricultural products, consisted of:
Increase Over
Net Tons.
Commodity—
7 Mos. of 1922.
7 Mos. 1923.
cite coal
1,454585:5137
Lumber
7
M
25
3
4,7
89
6
87
62
210,881
Brick
40,799
197.284
197,284
Refined oil and products
39,352
180,335
Clay, gravel,sand and stone
172:6784
4551
52.099
Lime and plaster
12,118
Fresh meats
46,517
3,555
—V. 117, p. 1347.

Mahoning Coal RR.—Declares Dividend of $10.—

The company has declared a dividend of $10 a share on the Common
stock. payable Nov. to holders of record Oct.
22. Dividends of $10 a
share were paid on the Common
May and August last.
The company has outstandingstock in February,
Preferred
and $1,500,000
5%
$681,367
Common stock, of which the N. Y. Central RR. ovrns $399,500
Preferred
and $894,650 Common stock.—V.
116. P. 2767.

Michigan United Rys.—No Deposits After Oct. 20.—

The reorganization committee (G. R. Cottrell°, Chairman) has issued a
notice dated Oct. 5 to
holders of 1st & Ref. Mtge. bonds, Debentures.
Preferred stock and Common stock
of Michigan United Rys. not deposited
under the plan of reorganization dated
of Dec. 1 1922 (V. 115, p. 2684),
as amended (V. 117. p. 553): and also as
to depositors of such bonds, debentures, Preferred stock and Common stock,
to the effect that the committee
will receive no deposits of the above-mentioned
securities after Oct. 20.
The depositaries, namely, Bankers Trust Co.. 16
St., New York;
City National Bank, Lansing, Mich.: Capital Trust Wall
Corp., Toronto, Canada, and Investment Registry, Ltd., of 6 Grafton St., New Bond St., London, Eng. (representing Capital Trust Corp.), have been Instructed accordingly and will receive deposits
up to and including Oct. 20 but not
thereafter.
The authorization of the Michigan P. U. Commission having been obtained to the issue of the securities of the new company [Michigan Electric
Ry.], in conformity with the plan of reorganization as amended (V. 117.
P.

1664

THE CHRONICLE

1462), the books of the reorganization committee will finally close on
Oct. 20 1923 in order to permit of the preparation and issue of the securities of the new company. After Oct. 20 1923 no transfers of certificates
of deposit upon the books of the reorganization committee will be made and
the securities of the new company will be issued in conformity with the reorganization plan as amended to and (except as to bonds of the new company
which will be issued in coupon form) in the name of the holders of record of
certificates of deposit on the last-mentioned day.
There have been deposited to date the following securities of the Michigan
United Railways under the reorganization plan: Bonds. 59,984,850 out of
outstanding;
$10.381,000 outstanding; debentures, $578,320 out of 5703,800
preferred stock. 8,045 shares out of 10,000 outstanding; common stock.
stock
59,550 shares out of 60.000 shares. It is expected that the amount of
and bonds on deposit when the books are closed will be considerably larger.
-V. 117, p. 1129.
•

Midland Ry.-No Sale.-

a 75%
With the exception of three locomotives, a motor truck and
was withdrawn
interest in some real estate, the entire property of the road
Baldwin
three
The
Dixon.
W.
Meritt
Sheriff
by
2
Oct:
from public sale
of 515,000
locomotives, weighing 206,400 pounds each, were sold for a total
Works. The
to H. Wiley Johnson, an agent of the Baldwin Locomotive
Wilson
Mr.
by
in
bid
was
Wilson,
N.
C.
from
motor truck, purchased
for $200. and the Interest in the real estate was bought by G. H. Well
•
554
P.
for 5200.-V. 117.

[Aim. 117.

bonds to be sold at not less than 96 and the proceeds applied in reimbursement of its treasury for expenditures made in purchasing and retiring
Equipment Trust obligations and for additions and betterments.-V.
117, p. 1462, 1347.

New York New Haven & Hartford RR.-To Drop
Federal Suit-Analysis of New Haven's Securities, Outlook, cte.

Two indictments against certain directors of the New Haven pending
since Nov. 2 1914 and Feb. 26 1915 on a charge of conspiring to violate
the Sherman Anti-Trust Law were quashed Oct. 9 when U. S. District
Attorney Hayward filed a writ of nolle prosqui in the criminal branch of the
U. S. District Court at New York.
The indictments charged the directors of the New Haven with illegal
combination and conspiracy to monopolize inter-State trade.
The directors named were Wllilam Rockefeller, Charles F. Brooker,
Lewis Cass Ledyard, E. D. Robbins, Charles M. Pratt, William Skinner,
James S. Elton and John Villard. The first indictment resulted in acquittal
of some and disagreement as to the others. Skinner, Elton and Villard
were not named in the second indictment.
No further action was taken by three United States district attorneys,
and Attorney-General R. W. Batts, present Government counsel in charge
of the case, recommended that the cases be dropped.

For statement by V.-Pres. E. G. Buchland regarding
analysis of securities, earning power, &c., see under "Current
782.
Minneapolis & St. Louis RR.-New Bondholders' Corn.
York; Events" above.-V. 117, p. 1462,
James H. Perkins. Pres. of the Farmer's Loan & Trust Co., New
Corp.-Files Mortgages.Transit
Rapid
P. Le Roy Harwood, V.-Pres. of the Mariners Savings Bank, and James
New
York
Co.,
Insurance
Mutual Life

Lee Loomis, V.-Pres. of the Connecticut
savings
have, at the request of various insurance companies. Connecticut
protection
banks and other holders, agreed to act as a committee for the
50-Year Gold
of the interests of the holders of the 1st & Ref. Mtge. 4%
bonds. F. A. Dewey, 22 William St., is Secretary of the committee.
the
The committee says: "In view of the appointment of a receiver of
bonds
property and of the default in the payment of the coupon on the on
the
necessary
is
action
that
concerted
apparent
is
due Sept. 1 1923, it
thempart of the holders of these bonds. Bondholders desiring to avail
the
with
bonds
their
should
deposit
the
of
committee,
services
the
of
solve
the Farmers'
Sept. 1 1923 and subsequent coupons attached, promptly with
Loan & Trust Co. New York. depositary, or either of the sub-depositaries
Trust Co..
ticut
or
Hartford-Connec
Chicago.
Bank,
First Trust & Savings
Hartford, Conn."-V.117. p. 1347. 1236.

Muscle Shoals Birmingham & Pensacola Ry.-Registrar

The company filed Oct. 6 with James A. McQuade, Register of Kings
County, a mortgage of $3350,000,000 dated July 2 1923, on all its properties
in Kings, New York and Queens counties. The mortgage is made to the
Chase National Bank and is a blanket refunding mortgage for retiring old
stockholders'claims and various mortgages on the company's railway plants.
It is given as collateral for 5% gold bonds, of which $93,508,500 have been
issued. A first refunding mortgage was also given to the Central Union
Trust Co. for $73.000,000 as collateral for an issue of 5% gold bonds covering the company's properties. Only one $1.000 bond was issued.
The Williamsburg Power Plant, a separate corporation, gavo to the
Chase National Bank a general mortgage of 517.885,600 covering that
of
property as collateral for a 5% gold bond issue. Another first mortgage
Co.
$10,000,000 was given on the Williamsburg plant to the Central Trust
as collateral for 5% bond issue of like amount. Only $1,000 of these bonds
were issued -V.117, p. 1556, 1347.

Central Union Trust Co. of New York has been appointed registrar for
Olean Bradford & Salamanca Ry.-Fares.the 1st Mtge.6% gold bonds, dated July 1 1922, due July 11942.-V. 116,
The New York P. S. Commission has approved a tariff providing numerp. 2637.
ous changes in local passenger rates applying between all stations on the
New York State lines of the company, effective Oct. 8. In general, inNassau Electric RR.-Listing.-made in interurban fares (fare basis increased from 4 cents to
The New York Stock Exchange has authorized the listing of 59,700.000 creases areper
mile), commutation fares, baggage charges and special car
Consolidated Mortgage 4% Gold bonds, stamped as having adopted the 4.5 cents
present mileage book rates are canceled. Provision is made
The
rates.
stamped
such
of
to
add
5647,000
authority
plan,
with
reorganization
school tickets(46 single trips) at one-half the regular
monthly
of
of
for
sale
the
amount
bonds, on official notice of such stamping, making the total
stamped bonds applied for $10,347,000 (being the amount already listed one-way fare.-V. 114, p. 948.
on the Exchange).
Pacific Electric Ry.-Fare Decision.The lease of the properties of the company to the Brooklyn Heights RR.
The California State Supreme Court has handed down a detision upholdunder the terms of whichBrooklyn Heights RR. guaranteed the payment
the action of the California RR. Commission in fixing interurban
the
ing
and
of the principal and interest of the bonds, has been terminated,
railway fares upon a different basis from local fares for street car service.
Brooklyn Heights RR. Is now in the hands of a receiver.
also "Electric Railway Journal" of Sept. 22, page 467.)-V• 117,
1919
(Compare
1
July
the
of
due
interest
The company defaulted in the payment
p. 1018.
on these bonds. The unpaid interest on July 1 1923 on the total aggregate
than
(other
public
hands
of
the
the
in
outstanding
bonds
these
amount of
Pennsylvania-New Jersey RR.-To Abandon Service.bonds hold within the Brooklyn Rapid Transit System) amounted to
to
The Pennsylvania P. S. Commission has authorized the company
51,860.660, or $180 per bond. All of the Common stock of the railroad,
operation, tear up tracks and dismantle all equipment on the
Brooklyn
suspend
the
by
stock,
was
of
held
its Preferred
and substantially all
Pa.,
and
Trenton,
Doylestown,
Bristol,
between
operating
Rapid Transit Co., and pursuant to the terms of the plan for the reorganiza- trolley line
tion of B. R. T. company it was proposed to reinstate these bonds and to N. J.-V. 117. p. 1347.
readjust the unpaid interest b the issuance in respect of each $1.000
Philadelnhia Rapid Transit Co.-Leases Apnroved.bond of 1 4-10 shares of the 6% Preferred stock, Series A, of Brooklynof the
The Pennsylvania P. S. Commission has granted the application
Manhattan Transit Corp. and the payment of $40 in cash upon the deposit
Connecting
company for the approval of a lease of the Champlost Street Street
of such bonds under the plan.
Ry.,
Street Ry., Pelham & Frankford
Approximately 94% of the bonds ($9.700,000) have been so deposited Ry., Tioga & Frankford
Wayne Junction Connecting Ry. and Frankford Connecting Ry.-V. 117,
and are deliverable on and after Oct. 8 1923. upon surrender of certificates
p. 1556.
of deposit issued therefor; such bonds before delivery to be stamped with
the following endorsement: "The holder hereof consents to the plan and
Philadelphia & Reading Ry.-Segregation Plan.
agreement dated March 15 1923 for the reorganization of B. R. T.company
the
The following subsidiary companies of the Reading Co., including
and its subsidiary companies, including the Nassau Electric RR., and to
authorized all action to be taken
8
Oct.
on
Ry.,
Reading
&
Philadelphia
the readjustments made thereunder."-V.116, p. 1649.
the
and
plan
third
modified
the
effect
into
necessary or expedient to carry
decree of the IT. S. District Court for the Eastern District of Pennsylvania,
National Rys. of Mexico.-Accepts Agreement.June 28 1923, pursuant to the mandate of the U. S. Supreme Court
The shareholders have accepted the provisions of the agreement made enteredsuit
of the United States against Reading Co., et al.
the
in June 1922 between the international committee headed by Thomas W. in They
also authorized the merger by Reading Co. of the Philadelphia &
Treasury.
Lamont and Adolfo de la Huerta, former Secretary of Mexican
Reading Ry.. the Chester & Delaware River RR., Middletown & Hummelsfor the resumption of payments on Mexico's debt, and which contained town
RR., Rupert & Bloomsburg RR., Tamaqua Hazleton & Northern
several provisions directly concerning the National Railways. (Compare
RR., Norristown Junction RR. Philadelphia & Frankford RR.. PhilaV. 115, p. 1153; V. 117. p. 208.)
RR., Schuylkill& Lehigh RR., Shamokin
Harrisburg & Pittsburgh'
delphia
Gold).
(Nat.
Financial Statementfor Years end. June 30 in Mexican Currency
Sunbury & Lewisburg RR. New York Short Line RR., Norristown &
1921.
1922.
and Reading Belt RR.
'
Line Connecting RR.
Main
5430,021
Expenses of co.'s Mexico, N.Y.& London offices_ 5528.781
The stockholders of tho Reading Co. will vote Oct. 15 on approving all
195,626 necessary
192.979
Taxes in Paris and other sundry taxes
steps in connection with the plan.-V. 116, 10. 2384.
107,458
60,450
Interest on sundry obligations
Pittsburgh (Pa.) Rvs.-To End Receivership.Int.on fund.debt,equip.& coll. trust& notes pay_ 21,840,762 21,875,977
481
Debit balance of exchange account
The termination of the receivership of the company, which has now
2,289,434 lasted
2,289,434
Installment acct. sinking fund Prior Lien 43is
for 5 ti years. is recommended in a final report by Special Master
Henry G. Wasson, filed with the U. S. District Court in Pittsburgh. It
524,912,887 $24,898,517 Is now expected that the company will pass out of receivership by Jan.
Total
2,422 1 1924.-V. 117, p. 1463.
Credit balance of exchange account
Interest and dividend on securities owned
Pittsburgh & Beaver Street Ry.-New Officers.Int.on pending amts,spent in construe. of new lines
410.241
E. W. Washabaugh his been elected Secretary,succeeding W.B. Carson,
537,274
Miscellaneous earnings
who has been elected Vice-President -V. 117, p. 1018.
$1,602,221 $1,433,858
Total credits
Portland Ry., Light & Power Co.-Balance Sheet.$23,464,659
$23,310,666
Balance, deficit
July 31 '23 Dec.31 '22
July 31 '23 Dec. 31'22
$216,231,317$192,918,018
Total profit and loss deficit
$
Liabilities5
S
Assets-V.11?. p. 1556. 208.
3,275,300 1,101,900
stock_
Pref.
Prlor
&
property
Plant.
6,250,000
6,250,000
stock
Preferred
1st
65,878,258 62,505,197
- equipment
New Brunswick Power Co.-New Board of Directors.
2d Preferred stock_ 5,000,000 5,000.000
board Undistrib. constr.
11,250,000
.11.250.000
_
stock_
Common
At the annual meeting of the stockholders on Oct. 4, the following
1,119,307
estimates
-Walter
56,467,205 51,592,480
of directors was elected: E. N. Sanderson New York (President)
388,293 Funded debt
Invest'ts_ 386,408
J. L. McAvity, A. P. Paterson,
482,648
Notes k accts.paY. 743,578
C. Allison, W. S. Fisher, W. E. Golding, J
& Adv.to aft11. cos_ 125,021
303,215
268,577
assessments
Paving
and Richard Su livan. all of St. John, N. B.: M. A. Pooler (V.-Pros.
472,072
648,945
Control Cash
560
Gen. Mgr.), L.- C. Gerry of Bedell & Co., Providence, R. I. Traction
710,635 Unpaid dividends_
859,707
rec.
notes
&
Accts.
taxes.
1,198,643
tic
1,394,346
Int.
of this company was recently acquired by the Federal L ght &
Accr.
300,000
2,200
securities_
Govt.
687,601
Deferred liabilities 620,057
Co.-V.117. p. 894.
Mat'is & supplies
565,630 Depreciation res__ 2,474,678 2,281,059
769,667
at cost
141,534
reserves....
Other
New Haven & Shore Line RR.-Officers. &c.
Unpaid subscr. to
567,488
1,219,146
99,470 Surplus
See Shore Line Electric Ry.above and in V.117. p.895,and V.116,13.823.
Prior Prof. stock 121,191
Treas. bonds (1st
& Ref. 5s) _ _ _ _x12,121,000 6.380,000
New Orleans Public Service Inc.-Tenders.until Sinking funds...4,730,202 4,282,735
The New York Trust Co.. trustee, 100 Broadway, N. Y. City, willbonds
Cash with trustee
Nov. 7 receive bids for the sale to it of General Lien 04% Gold
not
3,321
price
5,613
a
to
at
sufficient
under mortgageamount
$50,391,
exhaust
an
to
1935
1
July
due
Unamortized bond
exceeding 105 and int.-V. 117, p. 1462. 1017.
disct. & expense 2,132,503 2,016,010
Tot.(each side).88,943,917 80,876,100
150,438
46,094
New York Chicago & St. Louis RR.-Earnings First Other def. charges
x Pledged under 1st Lien & Ref. Mortgage.-V. 117. p. 1463. 782.

igN) i741:Sit

Eight Months of 1923.-

The results attained by the consolidated "Nickel Plate" System during
inthe first eight months of 1923. including August, show substantial
in 1922.
creases in both gross and net earnings over the corresponding period
Gross revenue for the first eight months of 1923 amounted to 538,581,612.
an increase
compared with 532,196,812 in the corresponding period of 1922,
income, after equipment and joint facility
of $6,384,800, or 19.8%. Gross
amounted to
non-operating
adding
income,
after
and
taxes,
and
rents
of 1922, an
58,525,315, compared with 6,911,443 in the same period charges,
net
After deducting fixed
increase of $1.613.872. or 23.3%. stock
com$5,921,292.
Preferred
to
amounted
the
for
income available
$1,355,344.
in
1922, an increase of
pared with $4,565,948 in the same period
on the Preferred stock, the balance
or 39.7%. After deducting dividends
stock was at the annual rate of
available for the $30,405,964 Common
rate of
over $24 per share. Dividends on the Common stock are at the
$6 per share.
issue
to
3
The I.-S. C. Commission on Oct. authorized the company
said
not exceeding $690,000 2d & Impt. Mtge. 6% bonds, Series "C";




St. Paul Union Depot Co.-Rumored New Financing.-

A dispatch from St. Paul states that a settlement of differences between
reached,
the railway companies using the St.Paul Union Station having been
steps to complete
a bond issue of about $15,000,000 to permit the immediate
it is
the passenger terminal will be sought. The I.-S. C. Commission,
stated, will be asked to approve the application for authority to issue $15,000,000 gold mortgage bonds to refund existing debt of approximately
59,500,000 and provide funds for remainder of work. Bonds are expected
it
to be offered for sale within 60 days. Adjustment made by arbitrators,
companies on basis
is said, provides for payment of rental by the tenant
T.
A.
were
St.
Lerkins,
Louis
arbitrators
The
units.
operating
of use of six
F. A. Molitor, New York, and E. C. Carter, Chicago -V.115. p.2257.

Sacramento Electric, Gas & Railway Co.-Tenders.-

The Mercantile Trust Co., trustee, 464 California St., San Francisco.
Calif., will, until Oct. 31, receive bids for the sale to it of 40 1st Mtge.
5% Gold bonds, dated Nov. 1 1897.-V. 115, p. 1839.

OCT. 13 1923.]

THE

CHRONICLE

1665

San Diego Electric Ry.-Equip. Trusts Authorized.-

larging the responsibility of C. R. Gray as President and placing him in
full charge of the operations of the properties in the West, subject to
the usual control of the board of directors and the specific control by the
Finance Committee in regard to larger capital expenditures.
By
placing the New York office in charge of the Controller, who is(3)
to be
elected a Vice-President and who will be the channel of communication
and information between the President and the board of directors and
Schenectady (N. Y.) Ry.-Resignation.J. H. Aitken will resign as Secretary-Treasurer and Purchasing Agent. the Finance Committee.
The board of directors on Oct. 11 appointed the following Finance
effective Nov. 1.-V. 117, p. 1463.
Committee: Charles A. Peabody, W. A. Harriman, C. B. Seger, Paul
M. Warburg, Newcomb Carlton and Robert S. Lovett, ex-officio. The
Schuylkill Ry.-Strike.Effective Oct. 2 the motormen and conductors in Mahanoy City, Pa., Finance Committee will select its own Chairman when its appointment
went on strike, because the company refused to grant them an increase in comes into effect on Jan. 1 next.
F. W. Charske, Controller, has been elected Vice-President and Conwages amounting to 10 cents per hour. The company offered to give the
men an increase of 754 cents an hour, which would increase the minimum troller, effective Jan. 1 Inc
The New York Stock Exchanga has admitted to list temporary certifirate to 5734 cents per hour.-V.111, p.1950.
cates for $20.000.000 59" 1st & Ref. Mtge. bonds, due June 1 2008. See
Shore Line Electric Ry.(Conn.).-Officers, &c.
offering in V. 117. p. 1237, 1557.
w. Scott Eames, general manager of the New Haven Trap Rock Co..
United Light & Rys.-Offer to Tr -City Shareholders.has been elected President of the New Haven & Shore Line By., a part of
the former Shore Line Electric Ry. A. William Sperry, has been elected
bee Tr -City Ry. & Light Co. above.-V. 117. v. 1130, 1018.
Vice-President; Frederic E. Kingston as Treasurer and Leonard 0. Ritter
Virvinian Railway.-Case Reopened.as Secretary. Directors are: Clarence Blakeslee, David S. Walton Jr.,
The I.-S. C. Commission has reopened for further hearing the matter
Charles M. Walker. Donald A. Dunham of Hartford; Philip J. Stueck,
Middletown: Robert B. Lively, Clinton: Frederick C. Spencer, Guilford: of the application of company for authority to construct an extension of
Arthur W. Chambers, Frederick N. Sperry, A. William Sperry, W. Scott 134 miles in Wyoming County, West Va., which was denied by the ComEames and Frederic E. Kingston.-V.116.p.823,1051.2516; V.117.p.895. mission some months ago,-V.117. P. 783.
The California RR. Commission has authorized the company to issue
$712,000 6% equipment trust certificates the proceeds to be used to purchase 50 double-end electric cars costing $865,000 and 10 Fageol motor
coaches costing $85,000.-V. 117. p. 782.

Southern Railway.-No Common Div.-New Officer.-

The following statement was issued Oct. 11: "After a full discussion of
the question of declaring dividend on the Common stock, the board of
directors concluded to adjourn consideration of the question until its March
meeting, by which time figures for the full year would be in hand."
E. H. Shaw has been elected a Vice-President in charge of traffic, succeeding L. Green. who has been appointed Assistant to the President as
traffic advisor.-V. 117. p. 896.

Virginia Railway & Power Co.-Fare Extended.

The City Council of Richmond, Va., has adopted the 6-cent fare resolution, extending the period 6 months from the date of the expiration of the
present privilege.-V. 117, p. 1349.

Waterloo Cedar Falls & Northern Ry.-Bus Operations.

The Iowa Railroad Commission has granted the company a certificate
permitting it to operate a bus line from Cedar Falls to Waterloo. Iowa.
V. 117, p. 1463.

Tr -City Ry. & Lt. Co.-Offer to Pref. Stockholders.
West Penn Power Co.-Offers Preferred Stock. The 67,, First Pref. stockholders have received an offer from the 'United
The company is offering $650,000'7% Cum. Pref. stock at par, $100.
Light & Rys. Co. to exchange their Prof. stock for United Light &
Rys. Payment
may be made in full or at the rate of $6 per share at time of sub67 Pref. on the following bates: Each 10 shares(par $100) of the 6% Pref.
of°the Tr -City may be exchanged for 11 share (par $100) of the United scription and $6 per share monthly until payments are completed. The
offer expires Oct. 15.-V. 117. P. 1557.
Light & Rys.6% Pref. This offer is good until Nov.1.

Sub. Co. Tears Up Tracks.-

Tracks of the Tr -City Ry. of Iowa, in the town of Rockingham. Ia.,
extending from the city limits of Davenport. Ia., to the end of the line,
a
distance of 1,300 ft., have been torn up. This was done in compliance with
an ordinance adopted by the Rocidngham town council in August last.
("Electric By. Journal'').-V. 117. D. 1349.
Tennessee Electric Power Co.-Pref. Stock Offered.-

INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
Bonbright & Co. Inc. are offering at 91 and div. to yield detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
about 7.70%, $1,500,600 7% Cumul. 1st Pref. '
(a. & d.)
The review of market conditions by the "Iron Age,"
stock, par $100. (See advertising pages.)
formerly given under this heading, appears to-day on a
Divs. payable Q.-J. Red. as a whole only on any div.
upon at
least 60 days' notice at 110 and diva. This stock has full date,
voting power. preceding page under "Indications of Business Activity."
Transfer agent, Central Union Trust Co., New York. Registrar,

Equitable
Trust Co., New York.
Data from Letter of Chairman C. B. Cobb, New York Oct. 8.
Company.-Owns or controls through subsidiary companies one
the
most extensive and important systems of properties in the United of
States
engaged in the generation, transmission and distribution of electric
energy.
largely from water power. More than 82% of the aggregate net earnings
is derived from the electric light and power business, and during the past
five years the hydro-electric stations have supplied 95% of the total electrical
output of the system. The steam plants of the system are largely
in
reserve for operation at periods of peak load and to assure at allheld
times
continuity of service. The field of operations includes practically
the
entire central and eastern portions of the State of Tennessee, extending
nearly 200 miles from east to west and 100 miles from north to south,
with an estimated population of over 450,000.
Properties -Properties of company constitute one interconnected
r
ec
twicarallocn
lud% La)in
Tsltr
aylughea
di
p mtty
ow
ope
5r671g6s6 tilap
e.H
oa
nln.. e
B
ed
Tennessee
River. the largest and most important plant of the system, with duplicate
high tension steel tower transmission lines to Chattanooga.
(b) Through direct ownership. 3 hydro-electric stations with
an aggregate
installed capacity of 58,000 h.p., a steam station of 20,000 h.p.
capacity,
and an extensive system of transmission lines connecting
these stations
with each other and with the various markets served.
(c) Through direct ownership, electric light and power distribution
system
together with the city railway lines in Chattanooga.
(d) More than 99% of the entire outstanding Common stock, over
81%
of the outstanding Preferred stock and $2,538.000 of bonds of
the Nashville
By. & Light Co., which owns and operates without
competition an electric
light and power distribution system and electric
railways in and around Nashville.
Capitalization Outstanding With Public.
Common stock
156,000 shs.
2d Preferred stock. $6 per year per sh., non-cumulative
50.000 shs.
1st Preferred stock, 6% Cumul.(par $100) '
43,488,700
1st Prof. stock 7% Cumul.(par $100)
6,672,600
1st & Ref. Mtge. Gold bonds, series A,6%, due 1947
19,359,600
Divisional lien bonds
12,744.500
Nashville By. & Light Co. 5% Preferred stock
469,200
x Not including $469,200 reserved for exchange in the future
for a like
amount of Nashville Ry. & Light Co. 5% Pref. stock outstanding
with
the public.
Combined Earnings the Tennessee Electric Power Co. System Year Ended Aug
.31
1922.
1923.
Gross earnings
$7,706,305 $8,821.310
Operating expenses, including maint & taxes
4,028,947
4.896,988
Net earnings
$3,677,358 $3.924,322
Annual int, charges on $32.104.100 outstanding bonds
& annual
diva. on $469,200 Nashville Ry. & Light Co. 5% Pref.
stock
not yet acquired
1,827,761
Balance for dividends, depreciation, &c
Annual div. requirements on $6.672.600 7% 1st Prof. stock $2,096,561
and $3,488.700 6% 1st Preferred stock
676,404
-V.117, p. 1463, 1348.

Third Avenue Ry.-Service Resumed.or The New York Transit Commission has
authorized the

Union Railway,
a subsidiary, to resume service on a portion of its
Park Ave.surface
line, between Bronxdale Ave. and WilliamsbridgeMorris
Road, the Bronx. which
has been closed since 1916. ("Electric By. Journal").
-V. 117, p. 1018.

Union Pacific RR.-Finance Committee

Created, &c.
Robert S. Lovett has resigned as Chairman of the Executive
Committee,
effective Jan. 1 1924. Mr. Lovett has, however, consented
to continue
his association with the property and in particular
to direct the representation of the Union Pacific interests in railroad consolidation
matters
and in the valuation of railroad properties upon which
the I.-S. C. Commission is now engaged.
To this end the office of the Chairman of the Board
and Mr. Lovett was elected to that office with specific has been created
jurisdiction over
these two important subjects without any duties
or responsibility with
respect to the general question of management, although
he will remain
a member of the board of directors ex-officio and a
member of the Finance
Conunittee.
1114Upon the recommendation of Mr. Lovett and the
Executive Committee,
the board of directors decided to abolish the office
of Chairman of the
Executive Committee and to replace the Executive Committee
Committee. The directors have amended the by-laws of by a Finance
the company
to carry out this plan. effective Jan. 1 next.
(1) By creating a Finance Committee, which will have
charge of all
financial affairs and investments of the company and
of the boardtof directors when the board is not in possess all the powers
session. (2) By en-




Coal Production, Prices, &c.

The United States Geological Survey's report on coal
production, togethe^ with the detailed statement by the
"Coal Trade Journal" regarding market conditions, heretofore appearing in this column, will be found to-day on a
preceding page under the heading "Indications of Business
Activity."
Oil Production, Prices, &c.

The statistics regarding gross crude oil production in the
United States, compiled by the American Petroleum Institute
and formerly appearing under the above heading, will be
found to-day on a preceding page under "Indications of
Business Activity."
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.-On Oct. 9 Federal Refining Co. reduced price
10 pts. to 9.15e. per pound and are considering a limited amount of business
at 9..10c.
Copper Price Falls.-Official settling price of copper in N. Y. Metal Exchange on Oct. 10 was 12.75c. per pound down from 12.8734c. the previous
day. New York "Times" Oct. 11.
Brass Price Reduced.-American Brass Co. reduces prices on copper and
brass products Mc. per pound in accordance with the lower price of copper.
"Wall Street Journal" Oct. 9. p. 4.
spring Prices on Rugs and Carpets Advance.-Alex. Smith & Sons Carpet
Co.'s spring retail price list shown advances on tapestry and cheaper velvets
ranging from 60c. to $1 20 over previous prices. A slight decline of from
El 20 to $6 30 on representative sizes of axminsters was posted, the only
exception being the 9x12 size, which advanced 90c. to $31 20. Wilton
velvets showed declines ranging from $1 50 to $8 40. N. Y. "Times"
Oct. 9. P. 36.
Paper Box Makers' Strike ScIllid.-80 employers apply for settlement on
second day of strike, according to the organizer for the Paper Box Makers'
Union. "Sun & Globe" Oct. 5, p. 29.
Alcohol Price Advanced.-U. S. Industrial Alcohol Co. advanced price
2c. to 37c. per gallon. "Daily Financial America" Oct. 11.
Cable Rates Reduced.-All America Cables, Inc., announce reduction of
25c. for first 20 words to San Juan and Ponce, Porto Rico. New rate is
$2 for first 20 words and 10 cents for each additional word. "Wall Street
Journal" Oct. 5. p. 9.

Aetna Foundry & Machine Co., Warren,0.-Acquis'n.

This company has taken over the property of the Shenango Machine Co.
of Sharon and will operate it in connection with its Warren plant. The
Warren plant makes steel and tin mill machinery and iron castings. The
combined plants have a total foundry capacity of 800 tons per month and
about 200 men are employed. Capital stock authorized $300,000. of
which $127,250 outstanding (par $25)•
Officers are: Pres. & Treas., M. I. Arms, 2d V.-Pres., Alec Crowe;
Sec., J. R. Paisley.
Directors are J. U. Anderson (Treas. Trumbull Steel Co.), M.I. Arms.
2d (Pres. & Treas.), Lloyd Booth (Pres. Falcon Steel Co.), J. H. Fitch
(V.-Pres. Newton Steel Co.), J. M.Faris (Youngstown Sheet & Tube Co.)
IC. T. McCleary (Mgr. Youngstown Sheet & Tube Co.) and V. E. Rehr.

Amalgamated Silk Corporation.-Transfer Agent.-

Bankers Trust Co. has been appointed transfer agent for the Pref. and
Common stock.-V. 117, p. 896.

American Bosch Magneto Corp.-Contracts-Earnings.

The corporation has closed a contract with Rimenbacker Motors for
starting and lighting equipment for 1924. The contract, it is stated, calls
for delivery of 18.000 sets. The corporation also has closed an order with
the Yellow Cab Mfg. Co. of Chicago for their entire taxicab and truck
magneto business up to Aug. 11924, calling for deliveries of from 6,000 to
9,000 magnetos.
Net earnings for the eight months ended Aug. 31 1923, it is reported.
amounted to about 8265,000.-V. 117, p. 1558, 442.

American Cotton Oil Co.-Deposits Under Plan.-

It was announced Oct. 8 that although no time limit has been set for
the final deposit of the Common and Preferred stock for the new Gold
Dust Common, the stockholders' committee is encouraged by the amount
of stock already deposited and indications are that the plan ofreorganization
will become operative within a relatively short time. The time for the
final deposit of American Cotton 011 stock, the committee states, will be
announced within the next two weeks. Leading stockholders,it is asserted,
are much impressed with the way the new management has taken hold,
particularly in their decision to stake everything on the future for Gold
Dust. Fairy Soap and other well-known products. There is no intention'

1666

[VoL. 117.

THE CHRONICLE

It is stated, of letting down on advertising because of the unfortunate
conditions of the cotton oil business. As a matter of fact the directors
have just authorized the expenditure in the next year of approximately
program.
$1,000,000 to be used in a vigorous advertising and selling
Dust
While too early to estimate probable earnings on the new Gold
the radical
layout,
new
the
cert.lin
is
Morrow
K.
stock, President George
the
and
generally,
retrenchments in administrative expenses and overhead
prosperous
concentration on Cotton Oil's real money-makers point to a
1464.
p.
V.
117,
Compare
future for the Gold Dust Corp.

Amesbury & Salisbury Gas Co.-ProPosed Sale.-

See Haverhill Gas Light Co. below.-V. 117, P. 1351.

Balance Sheet June 30 of Armour Fertilizer Works (As Filed With the
Massachusetts Commissioner of Corporations).
1922.
1923.
1922.
1923.
S
$
Liabilities-$
Assets$
1,000,000 1,000,000
Capital stock
Real est., mach. &
7,074,109 7,354,298 Accounts payable_12,253,766 11,280,482
equipment
Notes payable_._ _ 3,099,405 6,249,405
Mer., mat'l stock
8,270,000
2,595,736 2,515,053 Mortgages
In process
16,899,340 16,934,741
Cash & debts rec.. _26,731,000 21,241,524 Surplus •
4,818,185 4,353,753
Investments
303,481
Deferred charges
Total

1:
47
. 288
,522 511 35,464,628

Total

41,522,511 35,464,628

American Smelting & Refining Co.-Semi-Annual -V. 116. P
Associated Gas & Electric Co.-Earnings (Including
Report.-The official semi-annual report of the company,
for the period ending June 30 1923 has just been issued. Subsidiary and Affiliated Companies).Consolidated Income Statement for 12 Months ended July 311923'
In his report President Simon Guggenheim says:

or depletion, taxes Operating revenues. $2.928,003; operating expenses, maintenance
After deducting all bond interest, depreciation,
979
58
S1.00160
1:
& taxes, $1,921,033; net earnings
miscellaneous adjustments, there
(including estimated Federal taxes) and
over the same Other income
$3,270,122
of
increase
an
$5,096,045,
was a net income of
period for last year.
$1,018,559
Gross income
six months amount to $1.750,000
As the Preferred stock dividends for each
376 332
upon the Conunon stock $3,346.046. Deduct fixed charges of subsid, and affiliated companies
there was left available for dividends
on
nt.
(2)1
$103.717;
bonds.
nearly
Fixed charges assoc. cos.:(1) int. on
$5 48, or at the rate of
an earninz for the six months' period of
disc.& exp.$10,127.. 155,998
debt.
of
showing.
amort.
(3)
debt,
this
floating
of
$42,154:
view
In
stock.
Common
of
$11 per annum per share
146.724
the Common stock Reserve for renewals and replacements
directors in June decided to resume dividends upon
dividend of 13:1,% being
at the rate of 5% per annum, the first quarterly
$339.504
for
dividends
available
Surplus
payable on Aug. 1.
there was on hand at the -V.117. p. 1558.
There have been no bank loans this year and
convertible into cash
Auto-Knitter Hosiery Co., Inc.-Earnings.end of the period, in cash or securities immediately
$18.658.183.
The company reports for the 6 months ended June 30: Gross profits of
net profit after reserve for bad debts, depreciation, &c., 8109,527;
With respect to the company's business operations, $259,456;
$532,922;
dividends. $75,000; balance, surplus. $34,527; previous surplus.
President Guggenheim says:
total surplus, $567.449; deduct reserve for 1923 in Federal income tax.
new business during the period. $15,003;surplus,$552,446.-V. 117,p.556.
The company has been quite active in
an important interest in
It has assumed the management and acquired
Beacon Oil Co.-Control of New Company.& Railway Co., whose important Alvarado
the Mexican Northern Mining own
See Colonial Filling Stations, Inc., below.-V. 116, p. 2134.
Veta Grande mine. It has also taken
mine immediately adjoins our
stock,
Common
the
of
majority
a
with
together
over the management,
Beech-Nut Packing Co.-Sells Beverage Business.
owns or controls the various mines in
beverage business to Clicquot
of the Towne Mines. Inc.. which
It is reported that the company has sold its plant
It has
Medcana.
Metaiurgica
Compania
the
under
formerly
at
Canajoharie, N. Y.,
Mexico
properties Club Co., Millis, mass.. and will devote the
completed the financing for the construction (1) at its Rosita coal
production of candy and gum
of an arsenic formerly used for beverage reeking, to the
coke
(2)
plant;
by-product
and
plant
mining
modern
443.
897.
a
D.
-V.
117.
of
smelter at San Luis Potosi; after alterations are completed.
plant at San Luis Potosi: (3) of a new copper
where the gas made from the by-product
Blyn Shoes, Inc.-Transfer Agent.(4) of a zinc smelter at Rosita,
is
actively under way.
already
Construction
utilized.
be
can
ovens
coke
The Guaranty Trust Co. of N. Y. has been appointed Transfer Agent
All told, the period has been one of profit and progress.
for 100,000 shares of Preferred stock, par $10, and 200,000 shares of Comstock, par $10. For offering of 100,000 shares of Common stock, see
The detailed figures showing the company's position at mon
six months of 1923, compared to 1922, V. 117, p. 1238.

the end of the first
was given in V. 117, p. 1458, 1464. •
Asks Copper Export Association for Permission to Sell
Contract Copper Independently Abroad.to

Burns Brothers (Coal).-Extra Dividend.-

An extra dividend of50 cents per share has been declared on the Class"A"
Common stock in addition to the regular quarterly payment of $2 per share
on the Class "A" stock and 50 cents per share on the Class "B" Common
stock, all payable Nov. 15 to holders of record Nov. 1. Like amounts were
paid Feb. 15, May 15 and Aug. 15 last.-V. 117, p. 556, 329.

to permit it
The company has asked the Copper Export Association the
copper that
sell independently of the Association in the foreign market
Magma, Howe Sound and
Butler Vaporizer Corp. (Brewster, N. Y.).-Sale.It is selling on contract, such as that of Bole°,
the total
of
5%
only
about
is
proportion
Co.'s
others. The Smelting
The real estate plant and equipment will be sold on the promises Oct. 19
that
copper sold through the Copper Export Association. It is understood
order of the trustee, Edward J. Quinlan, under the direction of J. E.
by
Association and
the Smelting Co. is desirous of remaining a member of the
the rules of Conant & Co., auctioneers, Lowell, Mass.
Is perfectly willing to sell its custom and its own output under
remain
it should
Butler (Pa.) Water Co.-Preferred Stock Sold.the Copper Export Association, but it does not feel that
having their copper
tied as to the sale of copper for independent companies
The company has just completed the sale of $250,000 7% Cumul. Prof.
Copper Export Assosmelted or refined and sold through it on contract.
to its consumers.-V. 107, p. 1483.
stock
Street Journal.")
ciation has made no decision in the matter yet. ("Wall
registrar
ts Coke Corp.-Bonds Called.By-Produc
The Central Union Trust Co. of New York has been1appointed
offering
for 1st Mtge. 6% gold bonds, Series "II," due April 1947 (for
Thirty-nine 1st & Ref. Mtge.8% Sinking Fund gold bonds, Series "A,"
1464.
1458.
D.
of
117.
see V. 116, D. 1896).-V.
dated May 11921, of $1,000 each, 30 bonds of $500 each and 24 bonds
Nov. 1 at 107
$100 each (total $56400) have been called for redemption
trustee,
Bank,
Savings
&
Committee.
Trust
Commercial
&
and int. at the Continental
American Writing Paper Co.-Bondholders'
following com- 208 so. La Salle St.. Chicago, Ill.-V.116, p. 1415.

Because of the appointment of a receiver the
mittee has been formed to protect the interests of the holders
of the 1st Mtge. 20-year 6% Sinking Fund Gold bonds, due
Jan. 1 1931.
Co.), Boston:

Carey Printing Co., Bethlehem, Pa.-Sale.-

The real estate, machinery and equipment of the company, located at
Bethlehem. Pa. will be sold at public auction Oct. 16 under the direction
of Samuel T. Freeman & Co., auctioneers, 1519 Chestnut St., Philadelphia.
Committee.-George C.Lee, Chairman (Lee, Higginson &
(Spring- -V.117, p. 92.
Philip Stockton (Old Colony Trust Co.)Boston; A.Willard Damon
Carter, Macy & Co., Inc.-New Control.R. Allen
field Fire & Marine Insurance Co.), Springfield, Mass.; PhilipThalmann
B.
In connection with the announcement in V. 117, p. 1559, of the sale
H.
Lake
(Ladenburg,
Mass.:
(Bird & Son.Inc.),East Walpole,
St.,
by the American Interational Corp. of its stockholding in Carter, Macy
F. Hill, Sec., 44 State
& Co.), Otto Marx. New York, with Josiah60
Counsel. & Co., it is stated that the Pilgrim Export & Import Co. of New York
Boston,and Ropes, Gray,Boyden & Perkins, State St., Boston.
Co.,
Trust
and Boston has acquired the stock of Carter, Macy & Co.
Depositaries.-Old Colony Trust Co., Boston: Central Union
Mass.
The Pilgrim Export & Import Co., it is said, has conducted a very
New York; Springfield Safe Deposit & Trust Co., Springfield,
bondholders
profitable business for many years, and touches all of South America
enable
.
"In
says
order
to
committee
A statement by the
the committee and the Far East, handling tea, coffee and such miscellaneous articles
to take united action and properly to protect their interests,
with this as iron, steel, lumber, cotton, &c. It is the plan of Pilgrim company
has been formed. It Is recommended that bonds be deposited
attached. to adapt the business of Carter, Macy & Co. to their own organization
committee with the Jan. 1 1924 and all subsequent coupons
The so far as possible. Such additional markets and facilities as will come
1923.
to
24
up
and
deposit
Oct.
including
for
received
be
will
Bonds
of to the company through Carter, Macy & Co., now already covered by
committee urges that it is of value and of importance to the interests
the Pilgrim organization, will be conducted as heretofore. There is no
the bondholders that deposits be promptly made."
on
receiver
appointed
plan at present to Issue any 'stock as the result of the combination of the
company,
was
the
of
President
Wilson,
Sydney L.
appointalso
two companies, it is said.-V. 117. p. 1559.
Oct.5 by Federal Judge Hand at New York. Mr. Wilson was
ed ancilliary receiver by Federal Judge Lowell at Boston on Oct. 8.Canada Bread Co., Ltd.-Balance Sheet June 30.V. 117. p. 1558. 1351.
•1922.
1923.
1922.
1923.
Assets(1923).
Preferred stock ___$1,250,000 $1,250,000
Output
Co.
-Copper
buildings,
l
Land,
Mining
Arizona Commercia
2,500,000
2,500,000
stockCommon
April.
equipment, good
June.
May.
August.
September.
$5,558,366 $5,489,310 First Mortgage 60_ 1,077,400 1,090,400
will,&c
July.lbs. 695.000 lbs. 754,000 lbs. 789,600 lbs.
592.000 lbs. 607.000 lbs. 631,000
44,342
41,324
264,831 Accr.Int.& walaw_
500,893
Investments
106,856
-V. 117, p. 1238, 210. 91.
90,076
157,495 Trade creditors-149,945
Cash
11,089
12,302
outstand'g
Tickets
110.977
114,844
_
receivable_
.Accts.
Anderson Ind.-Sale
21,875
21,875
Arvac Manufacturing Co.,
109,395 Pref. dIv. reserve_
& sum) 215,016
this company,located
' at Anderson,Ind., Ingredients
490,072
8,012 Deprec'n reserve__ 584,650
6,044
The modern industrial plant of space,
prepaid_
Expenses
23.
Oct.
will be sold at auction on
139,747
General reserve___ 152,767
and containing 85.000feet offloor
ContIng. reserve__ 100,000
478,658
Armour & Co. of Del.-Listing,
Tot.(each side)_$6,545,109 $6,130,021 Profit and loss__ _ 711,697
Exchange has authorized the listing of $60,000.000
• The New York Stock
The comparative income account was published in V. 117, P. 1559.
(authorized $100.000,000), Par $100
7% Guaranteed Preferred stock in
exchange for temporary certificates,
issuance
of
notice
Channell Chemical Co.-Name Changed-Capital Inc
each, on official
official
upon
said
stock
in
of
addition,
with authority to list $4,864,300
The stockholders on Oct. 5 (a) changed the name of the company to
restraints on
shares of 7%
notice that such additional amount has been freed from all
0-Cedar Corp.: (b) Changed the capitalization from 2,500
Its resale.
stock, par $100 value and 40.000 shares of Class"A"Common
27 1922 with Cumul.Pref.
stock of no
"B"
Common
Class
of
shares
80.000
Armour & Co. of Del. was incorporated in Delaware Dec.
and
value
par
no
of
in 32 stock
a perpetual charter. It has been authorized to transact business
to 2,500 shares of 7% Cumul. Pref. stock, par $100, and 400,000
Co. of Illinois par value,Class
of Class
shares
800,000
and
$10.
par
stock,
States. Company was organized to acquire from Armour &administratio
Comraoo
"A"
of
shares
n
by this company
certain of its properties and assets in order to facilitate the
"B" Common stock, par $10: (c) approved the purchase
of the Channell Chemical, Ltd.. of Slough Bucks, Eng,
and financing of its business.
shares
Ll
40,000
of
together
stock,
Common
The $60.000,000 Preferred stock and $60,000,000
Gold bonds, Series
President C. A. Channell says in substance:
with $50,000,000 let Mtge. 20-Year 5Si% Guaranteed
that the
by the company and such
We believe that it is for the best interests of this company
"A," due Jan. 1 1943, were originally issued
Illinois
be changed to "0-Cedar Corp." to correspond with its well-known
name
securities or their proceeds were delivered to Armour & Co. of
of
Co.
&
Armour
by
the
company
to
transfer
-Cedar."
"0
the
advertised trado-mark
in consideration of
$4,864,300 and
The increase in the number of shares will in no way affect the present
Illinois of certain of its properties and assets. The additionalproperty to
ten
the company for cash and
rate of dividend on the shares of stock outstanding-you will receive
of Preferred stock was issued byCo.,
used
be
to
subsidiaries,
of
its
one
shares of stock for each one now held. and instead of receiving $6 on each
the North American Provision
the purchase price for the business share of stock per year you will receive 60 cents on each share of stock
for
payment
part
in
company
that
by
purchase of the business and properties per year, or a total of $6.
and poroperties of Morris & Co. Theon
to the State of Illinois
March 28 1923. The business and
At the present time we are paying franchise taxes
of Morris & Col was consummated
the
which is now outstanding,
properties were purchased for $2,750,000 in cash and the balance byDel.,
on the basis of $100 per share, for each share
of
Co.
no
dr
we believe this is
greater
of
stock
be
Preferred
Armour
and inasmuch as our franchise tax will
delivery of $5,000.000 of the
stock and $10,700,000 of the Common stock for the best interests of the company.
$9,000,000 of the Preferred
the
out
following
paid
bonds at
has
Illinois.
company
Co. of
Since Jan. 1 1921 (1) the
of Artnour & Common
stock is owned by Armour & Co. of Illinois and maturity: $60,000 on Channell Chemical Co. Factory Bldg. 1st 68.
All of the
dividends and $180.000 on 0-Cedar Mills 1st 7s. (2) The company has purchased the
to
as
guaranteed
principal,
is
stock
Preferred
all of the
Illinois.
following bonds and stocks of its properties: $54.000 on 0-Cedar Mills 1st
sinking fund by Armour & Co. of
$2,600 Channell Chemical Co. Factory Bldg. let 6s:1,971 shares ChanPermanent Bonds Ready.- Guaranteed gold bonds, Series "A," 7s:
nell Chemical Co. Pref.stock. (3) The company has increased its capital
Permanent 1st M. 20-Year 534%
in the 0-Cedar Mills $60,000 and in its own plant $360.0N.
Investment
Com&
either at the office of the Continental
In this period of 2% years the company has paid the following dividends:
are now ready for delivery
or the
208 So. La Salle St.. Chicago,
Class "A," $236,959: Class -11," $249,060; total,
$43,750:
mercial Trust & Savings Bank,
Preferred,
temporary
the
in
Y.,
for
exchange
N.
Chase National Bank,57 Broadway.
$529.768.
179.)
p.
see
V.
of
116.
bonds
offering
(For
outstanding.
bonds now




OCT.13 19231

THE CHRONICLE

1667

The company is not selling any stock or offering any for sale to the
public.-V.117. p. 1352.

Consolidated Naval Stores Co.-Bankers Acquire Interest in Company-To Offer Stock of New Naval Stores InvestCharcoal Iron Co. of America.-Earnings Six Months ment Co.-Baker, Fentress & Co., Chicago, have purchased
Ending June 30 1923.7,188 shares (approximately 29%) of the Common stock
Sales: Pig iron,$1,575.71; alcohol, $412,176;acetate,$372,348_$2.359,895
and 3,594 shares (approximately 147%) of the Preferred
Deduct-Manufacturing cost of sales
1.675,089
stock of the Consolidated Naval Stores Co. In connection
Gross profit
$684,807 with the purchase the bankers state:
Add: Profit from other operations
78,082

We have purchased these Consolidated company securities in the firm
belief that the Preferred stock (which the Naval Stores Investment Co. will
acquire at $90 per share) will in due course be retired at $105 per share plus
7% divs.from July 1 1923; and that the Common stock (which the Investment company will acquire at $110 per share) has a potential value of
about $560 per share.
In order to hold these securities in one voting unit, and also enable us
Balance available for interest, depredation, &c
$556,785 to sell them on terms, we plan to organize the Naval Stores Investment Co..
to which these stocks will be assigned. This new company will issue 47,000
-V. 117. p. 1466, 329.
shares of its Capital stock (par $25), which stock we offer at par, payable
Chicago Breweries, Ltd.-Reduction of Stock.(at the subscriber's option) either (a) all in cash, on call by the new corn
The shareholders on Sept. 28 approved a reduction in the capital stock pany, or (b) $8 33 per share cash on call, and the remainder on or before
from £400,000 (par £10) to E200.000 (par £5)', such reduction being effected the following dates: Feb. 25 1924. $1 67 per share; Aug. 25 1924, 112 50
by issuing to the holders of the 40,000 shares of £10 each, in proportion to per share; Feb. 25 1925, $2 50 per share; Aug. 25 1925. $2 50 per share.
the number of such shares held, one new share of 15 and one redeemable Feb. 25 1926. $2 50 per share; Aug. 25, 1926. $250 per share; Feb. 25'
1927, $2 50 per share, producing for the company 47,000 shares, a total
Mortgage Debenture for £5, in respect of each share at present held.
The redeemable Mortgage Debentures to be issued to the shareholders of $1.175.000.
All payments, including the down payment, will bear 6% interest per
shall carry interest at the rate of 6% per annum, and shall be repayable
at par only at the option of the company at any time, in whole or part, but annum from Aug. 1 1923. Interest on deferred payments will be due
if in part, then by means of drawings on one month's notice being given. Feb. 25 and Aug. 25. In case the subscriber chooses the deferred payment
plan, he will accompany his down payment with an obligation to pay the
-V. 108, p. 477.
remaining S16 67 per share, depositing as collateral security therefor the
Childs (Restaurant) Co. of N. Y. City.-Lease.certificates of stock subscribed for, whereupon the Investment company
It is stated that the company has leased 102-106 Park Row, N. Y. will issue to him its certificate evidencing his interest. Upon payment of
City, for a period of 42 years at an aggregate rental of approximately subscriptions in full, the collateral will be re-delivered. No subscription •
will be binding unless the entire 47,000 shares shall be subscribed for by
$600,000.-A% 117, p. 1559.
Oct. 30 1923.
Cincinnati Gas & Electric Co.-Listing-Earnings.When subscriptions for the 47.000 shares shall have been obtained, the
The New York Stock Exchange has authorized the listing of 16.000,000 Naval Stores.Investment Co. will acquire from us as of Aug. 1 1923 the
Prior Lien & Ref. Mtge. 53,
4% 40-Year Sinking Fund gold bonds, Series Common and Preferred stock at the following prices, plus interest thereon
at the rate of 6% per annum from Aug. 1 1923: 3.594 shares of Preferred
"B," duo Jan. 1 1961.
at 90, $323,460; 7,188 shares of Common at 110, $790,680; total purchase
Comparative Income Account.
price, $1,114.140.
6 Mos. end.
Calendar Year
The purchase price shall be paid by the Investment company as follows:
PeriodJune 30'23.
1922.
1921.
1920.
Cash, $369,140; March 1 1924 notes due, $75.000; Sept. 1 1924 notes due.
Rentals received from
Un. Gas & El. Co_ --- $1,627,222 $3,272,068 $2,998,126 $2,603,940 $110,000; March 1 1925 notes due $115,000; Sept. 1 1925 notes due, $110,000; March 1 1926 notes due, $115,000; Sept. 1 1926 notes due $110.000;
Misc.. incl. int, on sec__
393
3,244
4,507
1,996 March
1 1927 notes due, $110.000; total 11314,140. Leaving a balance
of cash and (or) notes receivable in the investment company's treasury at
Total earnings
$1,627,615 $3,275,312 $3,002,633 12,632.936 its
inception
of 1.60,860.
Expenses
•
15,558
27,324
26.553
26,239
It is planned that the Common stock of the Consolidated company thus
Divs., bond & note int. &
acquired
company, together with Consolidated company
by
the
sink,fund installment_ 1,563,472
3,144,568
2,870,626
2.650,315 Common stock Investment
held by some large interests who have directed its affairs
for the past 15 years, will be deposited in a voting trust, with a view of
Surplus
$48,585
$103,420
$105,454
$1,382 controlling over
51% of the total Common stock of the Consolidated
-V.116, p. 1537.
company. The Preferred stock has not voting power, except when and
so long as the accrued and unpaid dividends thereon aggregate as much
Cincinnati Gas Transportation Co.-Tenders.-The Provident Savings Bank & Trust Co., trustee, Cincinnati, 0., will as 14%•
The stockholders, officers, directors and immediate associates of the
until Oct. 16 receive bids for the sale to it of 5% bonds dated July 1 1908 bankers
have subscribed for 27,000 of the 47,000 shares of stock of the
to an amount sufficient to exhaust 127.113.-V. 116, p. 1182.
new company at the price and upon the terms stated above. The unsold
balance of stock is being offered at the same terms and price to the public.
Miscellaneous income

18,243

Total income
$781,131
Deduct: General selling and administration expenses
197,350
Idle plant expenses, $7,959; experimental expense, $17,138;
loss on sale of securities, $1,400
26,497

Colonial Filling Stations, Inc.-Bonds Offered.-Kidder,
Peabody & Co. are offering at 98.20 and int., to yield 6%%,
$1,000,000 Real Estate 1st Mtge. 10-Year Sinking Fund
67s. The bankers state:
Dated Oct. 15-1923, due Oct. 15 1933. Denom. $500 and $1,000 c*.
Interest payable A.& 0.at the National Shawmut Bank of Boston,trustee.
Callable all or part at any time on 30 days' notice at 110 and interest.
A sinking fund of $30,000 per annum will be applied to the retirement of
the bonds.
Security.-Secured by a first mortgage on land and improvements (principally in Massachusetts), of an actual cost of $2.500,000 Of this amount
the company covenants that it will have, subject to the lien of this mortgage, $1.500,000 cost of value of such lands and improvements, before
iinzotlaoprioc
ool
ee
t:gri of til
lit,
ispb
r0
00
ned issue,acIbtoadtiistoowi
e lliointedl
ootq
l n Ilfgo
enocl
$
additional land angimprovements to be included under this mortgage.
The estimated cost value of land alone will exceed the amount of this
bond issue.
Compane.-Incorp. in Mass. Feb. 17 1922 for the principal purpose of
marketing gasoline and motor oils at retail through filling stations, and at
wholesale through garages and dealers. As of
15 1923 the company
,s expected to have completed and in operation Oct.
approximately e0 stations,
located on selected sites on the main traffic routes of the Boston Metropolitan district. All of these stations have been built or acquired during
the last 15 months,and most of them have only commenced actual operation
during this summer. The operations during the past several
months have
resulted in a satisfactory profit.
Control.-Beacon 011 Co. has the dominating interest in and the control
of the Colonial Filling Stations, Inc., and all gasoline and motor
oils sold
by the filling stations are purchased from the Beacon Oil Co.
Capitalization.-As of Oct. 15 1923. 17,500 shares of Common stock. par
$100, for which $1,750,000 will have been paid into the treasury 1 zcash.

Colonial Steel Co. Pittsburgh.-New President.-

Charles M. Brown has been elected President, succeeding D. W. Dunlevy.-V. 108. p. 2435.

Corircoleum Co., Inc.-Listing-Earnings.The New York Stock Exchange has authorized the listing of 240,000
shares of Common stock of no par value.
Consolidated Income Account 9 Months end. Sept. 29 1923 (Incl. Sub. Cos.).
Mfg. profit after deducting cost of goods sold, in
materials,
labor and factory exp. but excl. of deprecin, $7,418.996; add
interest, royalties, dividends, &c., $111,558
$7.530,554
Selling, gen.& adm.exp.,excl. ofdepr.on office & selling equip_ _ 3,656,065
Interest paid
217.525
Depreciation223,677
Federal taxes for nine months 1923 (estimated)
429,159
,Net
Net profit
$3,004,127
surplus, balance Dec. 311922, $4,065,280. less miscellaneous adjustments, $6,055
$4.059,227
Total surplus
$7.063.355
Deduct: 1st Pt. stk. divs., $96,703; Corn. stk. diva., $1,280,000_ 1,376,703
Balance
$5,686.651
Capital surplus,created by valuation ofgood-will and trade-marks 1,000,000
Reserve for /rinsing fund-First Preferred stock
100,000
Reserve for redemption premiums-First Preferred stock
17,643
Combined surplus---------------------------------------$6,804,295
-V.117, p. 1132.

Commercial Chemical Co.-Bal. Sheet June 30 1923.Factories. mach.& equip _ _ x$192,419
Organ. & devel., formulae,
patents, &c
y95,609
Cash
27.892
Accts. & notes receivable- 234,489
203,669
Inventory
Deferred charges
9,584

LiabilitiesPreferred stock
$250,000
Common stock equity
z128.648
Accts. & notes payable.156,835
10-Yr.8% deb. gold bonds_ 200,000
Real estate notes
15,872
Reserves for int. & taxes- -- 12.309

$763,663
Total
$763,663
x Includes factories, $96,079; machinery and equipment. $101,218;
total, $197.297; less depreciation charged off. $4.878. y Organization
and development,$51,487;formulae, patents, &c.,$53,000: total, $104.487;
less amortization, $8,878. z Common stock equity represented by 25,000
shares of no par value.-V. 116. p. 415.
Total




Data from Pres. W. J. Kelly, Jacksonville, Fla., Aug. 1.
Consolidated Naval Stores Co.-Incorp. in 1902. During its operations
company has been constantly investing earnings in timber lands until it
had acquired over 1.421,000 acres in Florida. Approximately 950,000
acres carry a merchantable stand of timber estimated at 2,300,000,000 ft..
practically all long leaf yellow pine, except some cypress.
While other timber throughout Florida and adjoining States was being
operated, this great timber acreage of the Consolidated company and its
100% owned subsidiary, the Consolidated Land Co., was held practically
intact. By 1920 the cutting of Florida timber had so far exhausted the
resources of the State that the holdings of the Consolidated company
represented approximately 60% of the entire timber remaining on the
Florida peninsula. Furthermore, the demand for timber on the part of
manufacturers had so increased prices that it was determined that the
time was opportune for beginning to realize on the company's holdings:
first, by extracting from the timber the naval stores products therein
(namely, the turpentine and rosin); second, by manufacturing the timber
into lumber, and third, by selling the lands.
Pursuant to this policy, the Consolidated Land Co. in 1920 closed a
contract with Gillican-Chipley Co., Inc.(the largest naval stores operators
in the world), whereby the two united in the organization of the Florida
Industrial Co. The latter then purchased from the Consolidated Land
Co.about 1,019,000 acres ofland and timber for approximately $12,124,000.
being on a basis of $1 per 1,000 ft. for naval stores rights;$3 50 per 1,000 ft.
for timber after being turpentined, and $2 per acre for land. A down
payment of $1.500,000 was made, the balance to be paid over a series of
years, but to be completed by 1941. Deferred payments to draw 6% int.
from Jan. 1 1924. Shortly thereafter the Florida Industrial Co. began
the extraction of naval stores from the timber, and is now operating about
300 crops on approximately 300.000,000 ft. of timber. The naval stores
operations should complete turpentining ofthe timber in from 12 to 15 years.
As the Florida Industrial Co. did not contemplate the man ufacture of
lumber after turpentining, a contract was negotiated with Baker, Fentress
& Co. in Jan. 1923, under which the bankers undertook the sale of timber
to lumber manufacturers, reserving, however, to the Florida Industrial
Co. the naval stores rights and the land itself.
Recent Sales.-During the 6 months which have elaspsed. the following
sales have been made:
Balance Sheet as of July 1 1923 (Incl. Consolidated Land Co.).
AssetsLiabilitiesLand & timber holdings
7% Cumulative stock-- $2,475,300
in Florida
2,47 ,300
$11,878,455 Common stock
Timber other than Fla_ _
626,485
189,116 Timber notes(1924-26)-Cash in irks. & on hand_
3,000,000
426,523 1st M. Ms.(1925-37)
349,999
Notes & accts. rec.-net.. 4,172,943 Notes payable-To banks
Inv.in sub., &c.. cos---- x5,289,531
58,294
do To individuals- -Deferred charges. &c--- 123,231
do Rediscited paper..
349,122
35,530
Sundry accounts pay.,&c
Deposits, net
1,064,812
Due subsidiaries
113,333
Reserves
569,124
Surplus & undivided prof 2,599,758
Total (each side)
y8,814.525
$22,305.691 Unearned profits
x Florida Industrial Co.,$2,126.234; Consolidated Grocery Co.,$630,544;
Lewis-Chitty Consolidated Co $450,000; Florida Pine Co., $427,856;
Herty Turpentine Cup Co., $164.532; Pensacola Naval Stores Storage Co..
$52,479; Kissimmee Island Cattle Co., $1,360,834; other investments,
$77.000. y Based on land and timber values.
Subsidiaries.-The Florida Industrial Co. has purchased the greater part
of land and timber holdings. We own $1,250,000, or one-half of its Capital
stock.
Consolidated Grocery Co., all of whose stock we own, had on June 30 1923
$500.000 of capital and $130,544 of surplus and undivided profits. Grocery
part of its business recently combined with the Lewis-Chitty Co. under
name of "Lewis-Chitty Consolidated Co." Since consolidation the Consolidated Grocery Co. has been liquidating its remaining assets. Assets
worth $630,543.
Lewis-chaty Consolidated Co.(a consolidation as above), is showing satisfactory earnings and is paying a 2% div. quarterly. Capital, surplus and
undivided profits as of June 30 1923 are $1,112,082. -We own 45% of
Capital stock.
Florida Pine Co. organized several years ago for the purpose of holding
interests in naval stores producing companies. Has had exceed ugly
satisfactory earnings, having accumulated a profit and loss credit balance
as of June 50 1923 of $367,556. This, with its capital (which we own
entirely) of $60,300. Gives the amount at which it stands on our books
$427,856.
We own 1,538 shares. about 51%,of a total of 3,000 of the Herty Turpentine Cup Co. Engaged in the manufacture of clay turpentine cups, building
and drain tile. We have received earnings on our stock in this company

1668

THE CHRONICLE

[vol.. 117.

since its organization and up to Dec. 31 1922 of about $290,000. Earnings proximately 134 times such charges, and 234 times maximum interest refor the first 6 months of 1923 have been at the rate of a little more than quirements.
p•er annum on the capital.
Dorris Motor Car Co., St. Louis.We own 100% of the Pensacola Naval Stores Storage Co.-Organized in
A dispatch from St. Louis says that two proposals for the refinancing of
1913 and up to Dec.31 1922 its net earnings totaled approximately 3167,000
company were considered at a stockholders' meeting following the
the
of
months
on a capital investment of 320,000. Earnings for the first 6
failure of the recent plan to merge the Dorris with Haynes and Winton into
1923 were at the rate of over 44% per annum.
new
a
company. The first plan, it is stated. provided for an authorization
own
we
which
100%.
of
Co.,
Cattle
Island
Our investment in the Kissimmee
is largely represented by 108.974 acres of land, mostly fenced, and provided of an additional $5,000,000 Capital stock. The second was an offer from
with wells, windmills, pens, dipping vats, &c., and about 29,500 head of an outside source to buy the business. Action on the proposals was postponed until Nov. 2.
cattle, over 5.000 sheep, hogs, goats, &c.-V. 117, p. 1466.

Consumers Power Co. (Maine).-Listing-Earnings.-

Dryden (Ont.) Paper Co.-Receivers Appointed.-

The Ontario courts have appointed F. Perry of Montreal (representing
the bondholders) and F. A. Sabbath of Grand 'Mere (a director and shareholder) as receivers.
President W. A. Black in a statement to the shareholders says:
"The directors regret that they have found it necessary to place the
company in receivers' hands.
"The finances of the company were such that the interest on 1st Lien
notes and bonds, and the sinking fund payment of $50,000, due Oct. 1,
could not be met. To avoid foreclosure, and conserve for the shareholders
and creditors the large equity in the plant and property, it was decided
that receivership was the best course to pursue.
"Operations during the past three years resulted in a loss of over $700,000.
which has eliminated the working capital, and until there is a change in
the Kraft market, it will not be possible to do any financing.
"The surplus assets over liabilities were, by the company's books on
Aug. 31 1923, 35,066,780, or slightly over $50 per share, but until the
can show an earning sufficient to meet interest on fixed charges
company
31,987,577
Surplus Aug. 31 1923
and a fair dividend on the stock, it will be impossible to do further financing
-V. 117, p. 441.
to provide the necessary working capital.
Balance Sheet as of Aug. 31 1923.
Continental Can Co., Inc.-Listing-Earnings.LiabilitiesThe New York Stock Exchange has authorized the listing of 5,464 shares
Assets-:$613,873
3274.375 Bank loan
additional Common stock without par value on official notice of issuance, Logs and pulpwood
154,051
110,124 Accounts payable
making total amount applied for 365.464 shares of Common stock. The Manufactured stock
35,100
issuance of the 5,464 shares was authorized Sept. 25 1923 and are to be Stores, supplies, equip__ _ 249,347 Interest on bonded debt
304,000
exchanged with other considerations for the entire can manufacturing Accounts receivable
59,153 First Lien notes
of
1,100,000
machinery
_
_
stock_
debenture
Mtge.
manufacturing
machinery e.piipment and collapsible tube
6,541
Bills receivable
3.166
the National Can Corp. The company has also purchased for cash the Timber limits, plant, &c
6,451,823 Note redemption reserve_
38.384
3,737 Depletion reserve
inventory and raw materials, goods in process and finished product of the Deferred charges
National Can Corp.
160,252 Capital & surplus account 5,066,780
Loss for 11 months
Consolidated Income Acct.for 8 Months end. Aug. 31 1923 (Subject to Atli.)
87,315,356
Total
37,315.356
Total
Net earns. at Aug.31 before providing for depr., taxes & conting-S3,613,324 -V.
117, p. 1560.
Deduct: Reserve for depreciation for 8 months,$334.534:reserve
744.534
for Federal taxes, $410,000
Eastern Steamship Lines, Inc.-Listing.The Boston Stock Exchange has authorized for the list temporary certifi$2,868,790
Balance. surplus
1,740,797 cates for 85,254 shares of no par Preferred stock.
Balance to credit ofsurplus of undivided profits at first of year
These no par Preferred shares are issued as a dividend to Common shareadopted by the directors,
$4,609,587 holders in accordance with the following resolution
Total surplus
Sept. 24 1923: "Voted: That in accordance with the authority given the
Deduct: Dividends paid on Prof. stock, $207,366: dividends paid
adopted April 18 1923. there
stockholders,
the
by
of
resolution
the
directors
837,366
on Common stock,'$430,000
for each
1.485,000 be issued as a stock dividend one share of no par Preferred stock
Applied in redemption of Preferred stock
share of Common stock outstanding, this stock to be issued Oct. 15 to
record
of
Oct.
10."
holders
$5,257,221
Balance
The directors on the same date voted that the cumulative dividends on
The directors have declared the regular quarterly dividend of $1 per this no par Preferred stock should date from Oct. 15 1923. Whenever all
share on the Common stock, no par value, payable Nov. 15 to holders provisions with respect to dividends upon the First Pref. stock shall have
of record Nov. 5. A like amount was paid Aug. 15 last (see also V. 117. been fully complied with, the holders of the no par value Preferred stock
p. 211).-V. 117, p. 1240.
shall be entitled to receive from the remaining surplus or net profits available for dividends, cumulative dividends at the rate of, but not exceeding,
Continental Motors Corp.-Outlook.50 per share per annum, in preference and priority to the declaration or
$3
Vice-President W. R. Angell says: "The number of motors produced payment of any dividend upon the Common stock. In the event of liquidaduring the current year will be greatly in excess of those produced in any tion. after the payment of$im per share and accrued dividends on the First
other year of our history. While the margin of profit has been naturally Preferred stock, the Preferred stock has a priority over the Common up to
lower than in previous years, nevertheless our earnings will not be disap- $50 and accrued dividends per share and under specified conditions may be
pointing. In preparing for the increased volume of business rather large redeemed at $55 per share and accrued dividends. All classes of stock
expenditures have been necessary and this has prevented payments of have voting privileges.
dividends for the time being. The book value of our stock is at least
Authorized. Outstanding.
Present Capitalization60% above the present market, and from present indications, we expect First Pref. stock. 7% cumulative (Par $100)
$3,500,000 $2,848,800
to produce next year twice as many motors as we have in any previous No par Preferred stock
90,000 shs. 85,254 shs.
year."-V. 117, p. 1560.
90,000 shs. 85,254 shs.
Common stock (no par value)
-V. 117, p. 1467.
Daniels Motor Co.-Sale Postponed.The sale of the company's plant and equipment at Reading. Pa., has
Elkhart (Ind.) Gas & Fuel Co.-New Financing.been postponed from Oct. 4 to Oct. 25 by order of the U. S. District Court.
The company has applied to the Indiana P. S. Commission for authority
-V. 117, p. 1132.
to issue $722,500 6% bonds at not less than 90 and int., the proceeds to
be used to refund $300,000 of 5% bonds due Jan. 1 1924 and $422,500 of
Dayton Power & Light Co.-Listing-Earnings.The New York Stock Exchange has authorized the listing of $594,000 5% bonds maturing Dec. 1. 1929.-V. 114, p. 632.
additional 6% Cumul. Prof. stock, par $100, making the total amount
Famous Players-Lasky Corp.-Listing-Earnings, &c.
applied for $5,000,000.
The New York Stock Exchange has authorized the listing of 14,228
The $594,000 Pref. stock will be sold for cash and the proceeds turned
into the treasury to be used as working capital or for the acquisition of additional shares of Common stock without par value, making the total
amount applied for 334,780 shares.
property or the extension of lines.
Of the 14,228 shares above applied for 11,438 shares are to be issued
Year ended 7 Mos. end.
in
full payment for 2,000 shares of the capital stock of Hill Street Fireproof
'23.
31
July
EarningsDec. 31 '22.
of which
Gross earnings
$4,535.303 $2,969,878 Building Co. of Calif., the issued and outstanding capital stockwhich
the
1,046,404 (total authorized 20,000 shares) consists of 4,000 shares, all of
Net earnings (before Federal taxes)
1,595.503
purchase.
proposed
the
will
of
corporation
own
the
upon
consummation
94,126
Federal taxes
117,839
and for 100,000 shares of the capital stock of New York & Pacific Coast
-V. 115, p. 2482.
Amusement Co. of Calif.. the authorized, issued and outstanding capital
stock of which consists of 200,000 shares, all of which the corporation
Derby Oil & Refining Co.-Omits Common Dividend.The directors have decided to omit payment of the quarterly dividend will own upon the consummation of the proposed purchase. The Hill
of
which is due this month on the Common stock, no par value. An initial Street Fireproof Building Co. owns certain real property in the city
Los Angeles, Calif., with the improvements thereon, including a large
quarterly dividend of 50 cents per share was paid on this issue in July last.
of the
The directors have declared the regular quarterly dividend of $1 per share motion picture theatre and office building. The seating capacityAmuseCoast
on the Preferred stock, no par value, payable Oct. 20 to holders of record theatre Is approximately 3,600. The New York & Pacific
Fireproof
Oct. 17. An initial dividend of like amount was paid in July last.-V.117. ment Co.leases and operates the theatre owned by the Hill Street
The
Angeles.
Los
in
theatres
first-class
and
Co.
two
Building
also
other
p. 1352.
value of the net equity represented by the shares of stock 'proposed to be
purchased is over 31,200,000. There is now a mortgage of $1,400,000
Des Moines (Iowa) Gas Co.-Stock Offered, &c.
This company is now offering for sale to its employees and customers on the property which is not to be assumed by the corporation.
The remaining 2,790 shares of the 14,228 shares are to be Issued pursuant
$250,000 7% Cumul. Prof. stock at par ($50 per share) and dividends.
the corporation and
The proceeds will be used to provide additions and extensions to the com- to certain contracts dated Dec. 15 1922 between
as and for part of their
pany's property to take care of its growing business. Payments for the Adolph Zukor and Jesse L. Lasky, respectively,
The 2,790 shares
corporation.
the
of
officers
as
compensation
acting
for
full
in
made
in
or
be
may
stock purchased
installments.
to said contracts on Jan. 1
The authorized capital stock of the company is $3,500,000, divided into will be free from restraints imposed pursuant
until Dec. 31 1927, and are terminable
31,250,000 Preferred stock and $2,250,000 Common stock. $500.000 Pre- 1925. The above contracts runtime
by the corporation. They provide
ferred stock and all of the $2,250,000 of Common stock has been issued and on six months' notice at any
for certain payments in stock or cash, at the option of the company, based
Is now outstanding.
provision for fixed charges, interest
full
after
profits
the
of
percentage
a
on
to
1
Jan.
in
says
Haines
from
substance:
Jansen
"Gas sold
President
and Pref. stock.
Aug. 311923. 626,818,382 cu. ft. an increase over last year for the same and dividends at the rate of $8 per year on the Common
0.42%. The operating revenue for the
Consolidated Income Account.
period of 59,144,400 cu. ft., or 1.
1.000
eight months ended Aug. 31 1923 shows a decrease of 10.53c. per
6 Mos. end. -Calendar Years.
1921.
cu. ft., owing to tho reduction in the selling price of gas.
1922.
June 30'23.
1922.
$2,046,819 $4.718,526 35,970,671
Operating profits
Eight Months Ending Aug. 311923.
607,540 1.275,172
155.771
Operating revenue--- --------- ---- ---------$730,322 $721,151 Provision for Federal taxes
Operating revenue per 1,41110 cu.ft. of ---- sold
81.1651 S1.2704
$1,891,048 $4.110,987 34,695.499
Bal. Operating profit
Operating expenses--------------------8571,065 $566,496
(34)916,812(88)1684.148(38)1654,672
30.9979 Common dividends
soii:i
as
g
of
cu.
80.9110
-r
Operating expenses pe
(4%)358,800(8%)735.600(8%)764.400
"During the 8 months ending Aug.31 1923 there have been laid 76,284 ft. Preferred dividends
5,115
11,528
263
or 14.45 miles of new gas mains and 1,007 new services. There has been Divs.of subsid.cos.(to outside inteets)
added to the property since Jan. 1 in improvements and extensions up to
$615.173 $1,686,124 $2,264,899
Balance. surplus
Aug. 311923. 3314,757."
$8,645,304 $9,350,113 $7,663,989
(The company on Oct. 1 Paid a quarter?,dividend of 2% ($1 per share) Profit and loss surplus
on the 8% Prof. stock and a dividend of 1 on the Common stock, making -V. 117. p. 1240, 673.
first
the
for
issue,
nine
of
months
Year•l
this
latter
the
on
a total of 4%
Ford Motor Co., Detroit.-Arouisition, &c.V. 115. p. 873.
The company,it is announced, has purchased the holdings of the Johann.
of
-Bank
Angeles.
os
Offered.
Gauge Co.of Sweden, with an American branch at Poughkeepsie, N. Y.
-Bonds
son
Detwiler Corp.,
Johannson company manufactures precision instruments.
Italy and Blyth, VVitter & Co. are offering at 100 and int. The
It is stated that the company's River Rouge plant now manufactures a
commercial fertilizer, Ford ammonium sulphate, which will be distributed
$500,000 1st (closed) Mtge.06% Sinking Fund Gold bonds.
Dated Sept. 1 1923. Due Sept. 1 1943. Int. payable M. & S. In Los through Ford dealers.
Plans have been completed for doubling the capacity of the Ford Motor
Angeles without deduction for normal Federal income tax not in excess
of 2%. Denom. 31,000. 3500 c*. Callable, all or part, on any int. date Co. assembling plant in Kansas City, Mo., before March 11924.
Henry Ford is reported to have taken an option on another small wateron 30 days' notice at 10234. Monthly sinking fund payments commence
power site at Omer, Sarenac County, Mich., on the Rifle River.-V.
Jan. 1 1924. Bank of Italy. trustee.
The property known as the Detwiler Building, Los Angeles, has 14 floors. 117, p. 1560.
containing three stores with basement and 325 office rooms. The building
Foster & Kleiser Co., San Francisco.-Stock Offered.has been appraised as having a present valuation of $961,200. During the
& Co.: Shingle, Drown & Co.; Stephens & CO.: Geary. Meigs
four years ending Dec. 31 1922 net earnings have averaged an amount in & Mellonnel
of San Francisco, and Stevens. Page dc Sterling of Los Angeles
Co.,
bonds.
of
issue
fund
sinking
charges
this
on
excess of maximum interest and
Darby; the calendar year 1922 net earnings amounted to $88,360. or ap- are offering at par ($10 per share) 150,000 Class "A" Common shares.
The Now York Stock Exchange has authorized the listing of $3,500,000
additional 1st Lien & Unifying Mtge. gold bonds. Series "C." 5%, due
Nov. 1 1952, making the total applied for $17,500,000 (of which $141,000
have been canceled by sinking fund operations).
- Income Account for 8 Months ended Aug. 31 1923.
Gross earnings: Electric, $8,274,445: gas, $2,303,411; heating
$10,741,919
and water, $164,063; total
Operating expenses and taxes (Incl. $338,167 for Fed. taxes)_ -- 5,809,430
1,496,373
Interest, &c., fixed charges
744,000
Deduct-Provisions for depreciation
583,220
Dividends on Preferred stock
1,136,881
Dividends on Common stock
1,021,362
Surplus Jan. 1 1923
5,789
Sundry surplus debits




OCT. 13 1923.]

THE CHRONICLE

1669

Data from Letter of Pres. G. W. Kleiser, San
Francisco, Sept. 15.
from enforcing their reduced rate schedule
Company.-Business originated 22 years ago,
. The answer
the
and Geo. W. Kleiser entered the outdoor advertis when Walter F. Foster Commerce Commission's claim that the value of the property issupports
$96,000.000
ing
Ore., and Seattle, Wash. Business was profitab business in Portland. instead of $144.000,000 as the company claims. The Federal
District
le and grew steadily. Court recently granted a temporary injuncti
In 1915 acquired plant in San Francisco. In
on and a hearing will be held
1918 purchased plants at Oct. 15 before Federal Judges Wilkerso
Oakland and Los Angeles, and have since expande
n,Page and Evans.-V.117,p.
d throughout California,
15611
largely through the purchase of existing
plants. To-day company handles
Independent Brewing Co.; Pittsburgh.
over 90% of the outdoor advertising on the
-33/
Pacific Coast, operating a uni. Divide
2% Pref.form service in 507 cities and towns in Californ
nd.ia, Oregon and WashingtonThe directors have declared a dividend of
Earnings-Years ended March 31.
3%% on the Preferred stock.
payable Oct. 31 to holders of record
Gross
Net
Oct. 19. This is the first disbursement
Gross
Net
on the Preferred stock since Oct. 18
Income.
Profit.
1922, when a dividend of 8% was
Income.
Profit.
paid
(see
1920
V.
115,
p.
62,208,686 $226,749 1922
1539).-V. 115, p. 2274.
$3,486,466 $409,185
1921
2,827,650
341,648 1923
International Agriculture Corp.-Depositaryfor Bonds.
Business for the first quarter of the current fiscal 4,210,470 615,568
Pres.
year
John
shows
J.
an
increase
Watson
of 30% over the same period
1922 and bookings Indicate a similar rate National Bank has been Jr. has announced that the American Exchange
of increase for the entire year.of
named
ry for receipt of the outstanding
$8,228,300 20-Year 5s due May 1deposita
Contracts.-March 31 1923 company had on its
1932, by holders agreeing to the financial
plan
books
as
recently
unexpired conadopted by the stockholders.
tracts with advertisers amounting to $5,617.8
72. an increase of more than
The plan contemplates that the
$2,000,000 for the year. Such contracts have
maturity date of the bonds is to be
shown a further increase extended from May 1 1932 to May
during the first quarter of the current fiscal year
1 1942: the annual sinking fund payand amounted on June ments for the next five years postpon
30 1923 to $5,879.807.
610.000,000, leaving in the treasury of ed, and the mortgage closed at
company 31.771.700 of bonds
Capitalization June 30 1923availabl
e
for
future corporate purposesthe
Authorized. Outstanding.
. Compare plan in V. 117. P.
Preferred stock. 7% cumulative
$2,000,000
4947.900 1241. 1561.
Class"A"Common
2,500.000
(none)
Class"B"Common
International Combustion Engineering Corp.
5,500,000
4.746,750
A dividend of 50 cents per share has
declared on the outstanding
x Sept. 15 1923 there was issued and outstand
Capital
stock, payable Oct. 31 to holdersbeen
ing $1,253,400 Preferred
of record Oct. 23.
stock. Company has no funded debt.
The corporation now has outstand
ing 374,759 shares of stock. Of this
Purpose.-Proceeds of this financing will be used
49,952 shares were
to retire plant purchase amount.
obligations and provide further addition
underwriters of the offering torecently acquired by stockholders, and the
s to advertising units.
stockhol
and 75,048 shares were issued
Dividend Policy.-Company has regularl
In
connecti
on with the acquisition of ders,
y paid dividends quarterly
all of the now outstanding stock.
on the Preferred stock and starting Nov. 15 1923
2,500 shares of the Raymond Brothers
begin to pay quarterly p. 1242,
Impact Pulverizer Co. (See V. 117.
dividends at the rate of 90 cents per share per will
1134.)V. 117, p. 1561.
annum on the Class "A"
Common stock.
Jamison Coal & Coke Co.-Tenders.
Balance Sheet June 30 1923.
The Union Trust Co. of Pittsburgh.
[After adjusting Common stock to $10 par value
trustee, will until Oct. 11 receive
but without giving effect bids for the sale
to it of First Mtge. 5%
to Class "A" Common stock financing.]
Sinking Fund gold bonds dated
Apr.
1
1912
to
an
amount sufficient to exhaust 6150,65
Assets2.-V. 116, p. 418.
Liabilities-Cash
630.379 Audited vouchers and
Jeffersonville (Ind.) Water, Light &
Debtors
Pesw"r
Co.-Sales.
753,422
accounts payable
See Interstate Public Service Co. under
$284.747
Inventories
"Railroads" above.-V.116. P.
145,483 Plant owners
27.644 2843.
Investments
64,648 Notes payable
399,167
Unexpired contracts with
Payroll accrued
Jones Bros. Tea Co., Inc.-September
7,403
advertisers
Saes.3.528,133 Unclaimed wages
1923-Sept.-l922.
2,395
Prepaid expenses
Increase. I 1923-9 Mos.-1922.
149,346 Plant purchase accounts_
Increase.
743,039 61.912.469 61,429,043
Fixed assets (depreciated
$483,4261614,924,820 612,845.773 $2,079.046
Res. for life annuities_ _ _
-V. 117, p. 1243. 787.
8,100
value)
2,141.142 Res. for Federal taxes__
59,637
Franchises,leaseholdsAc 5,353,083 Stock subscr.
Jones & Laughlin Steel Co.
paid in _ __
8[3,287
Pref. Stock
The company, it is announced, has -Buys Site.
947,900
purchased a site of several acres
Class"B"Common
4,746,750 in Memphis. Tenn., on the Mississippi River, on
which it will establish a
Famed surplus
steel distributing and storage depot
1,324,43
0
Total (each side)
with a river and rail terminal.
$12,165,636 Surplus deferred (contra) 3,528,13
3 V. 117, p. 787, 94.
-V.116, p. 1281.

Kanes Falls Electric Co.-Bonds

Fruit Growers St.pply Co.-New Financ

Called.All of the outstanding 1st Mtge. 5% gold
bonds have been called for redemption Feb. 1 1924 at 105 and int.
at the Irving Bank-Columbia Trust
Co.. trustee. 60•Broadway, N. Y. City.-V.
97. p. 731.

General Electric Co.-To Close Mazda

Retire Notes.Certain 10-Year 8% Sinking
Gold notes, dated May 15 1921.
aggregating $500.000, have beenFund
called for redemption Nov. 15 at 110
and interest at the Central Union Trust Co.
of New York, 80 Broadway.
New York City.-V. 117, p. 1562.

ing.It is reported that the Fruit Growers Supply
Co. and the Fruit Growers
Exchange have sold to the First Securitie
s
Co.
of
Los
Angeles an issue of
$4,000,000 1st Mtge.6%% bonds, to be issued
by a California and Eastern
syndicate.-V. 111, p. 899.
Lamp Plant.The Mazda lamp division of the General
Electric Co. has posted notices
to its employees in Central Falls,
R. I., that it will close its plant in
that
city within a month. The lamp-ma
king will thereafter be done at a new
plant in East Boston, Mass.-V. 117,
p. 1353.
General Motors Corp.-Sales of General Motors
Cars.Preliminary combined sales for Septemb

passenger and commercial car divisions er of the American and Canadian
totaled 69.400 cars and trucks:
this compares with previous months
as follows:
1923.
1922.
January
49,162
. 16,088
.
y
75,420 46,736
February
55,458 20,869 June
69,708
48.541
March
71,698 34,082 July
51.657 33,772
April
75,854 40,474 August
66,019 42,840
September
*69,400 35,443
* This preliminary figure of sales includes
Oakland, Oldsmobile passenger and commerc Buick, Cadillac, Chevrolet,
[The Buick Motor Co. in September turnedial cars and GMC trucks.
out 19,651 cars, not including
those finished in the Canadian plant.
This exceeded the previous high
of 19,502 in May of this ,ear by 149 cars.]
-V. 117, p. 1560. 1353.

Kelly Springfield Tire Co.-To

Kentucky Utilities Co.-Bonds Offered.-Halsey, Stuart
& Co., Inc., are offering at 98 and int., to yield about
6s/1%, 82,265,000 1st Mtge. Lien 63/2%
Gold Bonds, Series
"D" (see advertising pages).

Dated Sept. 11923. duo Sept. 1
Int. payable M.& S. in Chicago
and New York without deduction1948.
for normal Federal income tax not in
excess of 2%. Denom. $1,000, $500 and
$100 c*. Red. all or part at
any time subsequent to Aug. 31 1933 upon 30
prices and int: 107% if redeemed during the days' notice at the following
5 years ending Aug. 31 1938:
105 if redeemed during the 5 years ending Aug.
subsequent to Aug. 31 1943. but on or before 31 1943. and if redeemed
Aug. 31 1947 at 10234 less
% of 1% for each year or part thereof
redeemed after Aug. 31 1947 at par. elapsed after Aug. 31 1944, and if
Data from Letter of Pres. Harry Reid, Louisvil
le, Ky., Oct. S.
Cornpany.-Ineorp. in Kentucky
in 1912. With its subsidiaries, the
Electric Transmission Co. of Virginia
and
the
Kentuck
y Light & Power
Co., now serves 53 communities with one
Grand Rapids (Mich.) Gas Light Co.-Rate
or more classes of public utility
Case.service. Electric light and power
City Attorney Ganson Taggart has filed
is supplied to 53 communities. 11 are
in
District
supplied
Court the City of
with ice. 7 with water, 1 with gas and
Grand Rapids' answer to the
2 with street railway service
of the company, which asked that
by means of a small connecting street
gas rate schedule establishedpetition
railway. Combined population of
by
Michigan P. U. Commission be the
set communities served estimated, 124.370. All of the
aside as confiscatory and unfair. the
The city contends the $4,120.0
stock of the
00 valua- subsidiaries (except directors' qualifying shares) and Common
tion fixed by the Commission to be fair and
all of the outstanding
asserts that since Jan. 1 the 1st Mtge. bonds of the Electric
capital has been earning
Transmission Co. of Virginia are owned
nearly 10% return of this valuatio
by
Kentuck
the
n and asks that
y Utilities Co.
the company's petition be dismissed. The present
rate for gas in Grand
Capita iza ion
Rapids is $1 11 per 1,000 cu. ft.-V.115,
Authorized. Outstanding.
p. 1948.
Preferred stock.6% Cumulative
$5,000,000 $2,010.000
Common back
Great Western Power Co.-Bonds
5.000.000
2,500.000
1st Mtge. Lien Gold bonds (incl. this
The California RR. Commission has authoriz Authorized.
issue)
c6,554,700
a
ed
the
compan
Gen.
Mtge.
6s, due 1947 & Electric
y to issue
$1,000,000 6% 1st Mtge. bonds, the proceeds to
sion
be used to complete a
Co.of Virginia. Gen, Mtge.6s. dueTransmis
power development program.-V. 117, p. 1560. 1467.
1938b1,324.000
Kentucky Light & Power Co. 1st M.
6s. 1931
430,400
1,0100.000
Haverhill Gas Light Co.-Acquisition-Stock Increas
e.a Restricted by the provisions of the
The stockholders on Oct. 8 voted in favor of a plan
trust
Middle
Owned
by
deed.
13
to
West
purchase
all
Utilities
the
Co. c Of the 66,554.700 1st Mtge.
property and assets, (except bills and
Lien Gold bonds outreceivable and cash) of standing. $2.784,800 are 6%
the Amesbury & Salisbury Gas Co. accounts
series "A," due Sept. 29 1924: $860,109 7%
for
$109,50
0.
The
series
"B,"
stockhol
due
ders
Nov.
15 1941: 6644,800 6% series "C." due May 1 1952.
also voted to petition the Massachusetts Dept.
of Public Utilities for and $2.265,000 634% series
authority to issue 5.616 shares of capital stock
due Sept. 1 1948.
(par $50) at $70 a share.
Purpose.-Proceeds will be"D,"
Compare V. 117, p. 1353.
used toward the construction of the company's
power station now being built
on
Ky., toward the construction of the Cumberland River near Pineville.
Hayes Wheel Co.-Earnings-Wins Suit.the 95-mile 66.000 volt transmission line
being built from Pineville, Ky.,
to Highbriclge, Ky.,and for other corporate
Gross earnings for the first nine months of 1923. it is reported
purposes.
to 614.100.000, as compared with $12,067.000 for the entire , amounted
Security.
-Secure
d
by
year
a
of
direct first mortgage
1922.
Net earnings, it is said, are correspondingly higher,and
all of the fixed properare running at the ties, rights and franchises now owned or hereafteupon
rate of about $10
r acquired with the proceeds
a share before taxes.
of these bonds. Further secured
by a first lien on the fixed properties,
Announcement was made by the company Oct. 5 that the Kelsey
rights
and
franchis
es
of the Electric Transmission Co. of Virginia through
Wheel
Co. had lost its suit against the Hayes Wheel Co.for
patent infringement in the pledge of all the 1st Mtge, bonds and all
the U. S. District Court of Detroit.-V.
the Capital stock (except
directors' qualifying shares) of that
117. p. 1134. 786.
company now or hereafter outstand
Hendee Mfg. Co.-To Change Par Value-Annual Report. Consolidated Income Account (Incl. Subsidiaries) Years Ended Aug.ing.
31.
The stockholders will vote Oct.24(a)on
g the authorized Common Gross earnings
1923.
1922.
stock from 100,000 shares, par $100, to changin
(including other income)
100,000 shares of no par value, Operatin
$2,729,8
$2,173,2
55
66
and (b) on changing the name of the compan
g
expenses
, maintenance and taxes
y to the Indian Motorcycle
1,528,307
1.336.006
Co. The new no
Common stock, if authorized, will be exchanged
for present outstandpar
Net
earnings
before
depreciation
ing Common stock. share for share.
$1,201,548
$837.261
Annual int. on 1st M.Lien
bonds
Income Account-Years ended Aug. 31.
& Power 1st Mtge.6s requires & Kentucky Light
$439,03
2
1922-23.
1921-22.
1920-21.
1919-20.
Statement of Earnings, tic., for
Sales
Calendar Years.
$4,687,797 $3.097,480 $4.139,445 69,055.357
Costs and expenses
Gross Earnings Net Earnings Customer
4,287,921 x4,370,718
5,051.523 8,295,442
Kilowatt
s,
Preferred dividends(7%)
(Incl. Other
70,000
70.000
(Before
70,000
Electric &
Hours
78,717
Depreciation
Income).
192,138
Depreciation). Gas Services.
Output.
1919
61,504.570 93 $511.525 47
45,051,511
15,391
1920
Profit
$137.737df$1.343.238 def3982.078 sur3681,199
1,914.513,
57.198.977
Profit and loss surplus_ _ $1,073.9
1921
2,118,354 46
$936.192
29
62,630,628
736:968 03
$436.008
19,365
$229.696 1922
x Includes loss on sale
2.284.895
of holdings in the Harley Co.-V. 117. p. 1561.
75.837.411
884,606 15
21,783
1134, 1021.
During the above period 25
gross earnings increased 51%, net earnings
72%. number of customers 41%
'
Hydraulic Steel Co.-Tenders.-The company has increased its and k.w. hours output 68%•
authorized capital stock from $5,000,000
The Guardian Savings
Trust Co.trustee. Cleveland, Ohio. will until to $10,000.000, par $100.-V. 117, p. 1021.
Oct. 27 receive bids for the&sale
to it of 10-Yr.
8% Sinking Fund Gold
Keystone Telephone Co. (of N. J.).-Stock Offered.dated Nov. 11920.
an amount sufficient to exhaust $87,558 at anotes.
not exceeding 107% to
price
The Keystone Telephone Co.
and int.-V. 117. P. 1468.
Philadelphia, a subsidiary, is offering
to its employees and customers,of30,000
shares of Preference stock (no
Illinois Bell Telephone Co.-City Files Answer
par value) at $54 a share. Quarterl
y dividends at the rate of $4 Per
.The city of Chicago has filed
annum
will
be
paid.
Payment for the shares may be made either in cash
an answer to the petition of the company in
for a permanent injunction
full,
or on the partial payment plan. The proceeds will be used to
restraining the Illinois Commerce Commission
retire outstanding notes, &c.




[Vol,. 117.

THE CHRONICLE

1670

Car Corporation.-Annual Report.-

perpetual franchise for supplyA circular states: "This company has aphia.
It has valuable franchises
ing automatic telephone service in Philadel
New Jersey. It owns and
and
ania
Pennsylv
in other communities in
underground systems
complete
operates 24 exchanges and one of the most
terra cotta laid in tile.
in America-over 13,000,000 ft. of conduit, mostly
about $16,000,000.
re9uire
would
y
To reproduce these properties to-da
'
Over 45,000 Keystone telephones are now in use.

Magor
1921.
1922.
1923.
Years ended June 3051,889.857 $5,637,719
Sales, less discounts and allowances_ _ $2,121,818
2
7
5,120,78
1.578.08
2,036,027
Cost of sales and expenses
$516,937
$311,770
$85,791
Gross profit
76,271
79,570
54,962
Miscellaneous income

Initial Div. Declared on
e Co. of Philadelphia have
The directors of the Keystone Telephon
share on the outstanding Preferred
declared a quarterly dividend of $1 per
of record Nov. 20 (see
holders
to
1
Dec.
stock, no par value, payable
offering above).-V. 117.p. 1468.

Total income
Depreciation
Interest
Prem. on redemption of Pref. stock_ _
Estimated provision for Fed. taxes__ Dividends paid

New No Par Preferred Shares.-

mber Sales.(S. S.) Kresge Co.-Septe
922. Increase.
-1922. Increased 1923-9 Mos.-1 660 $11,672,787
1923-Sept.

$6.323,699 $5,423,494
-V. 117, p. 1134, 675.

$900,205 I $54,017,447 $42,344,

-September Sales.(S. H.) Kress & Co.
Increase. 1923-9 Mos.-1922.

1923-Sept.-1922.
$2,431.126 52.303.584
-V. 117. p. 1134. 675.

Increase.
$2,495,962
$127,542 1$22,289,128 $19.793,166

-Earnings of Sub. Cos.-

Lake Superior Corporation.subsidiary companies for the two
Net earnings from operations of all
d to $541.825, before deducting bond
months ending Aug. 31 1923 amounte
for the same period In 1922. The
interest, &c., and compares with 574.459
Corp. 1st & Ref. Mtge. 5% gold
Steel
Algoma
the
on
1
Interest due Oct.
also V. 117, p. 1014.
Compare
bonds was paid on that date.
ellsville Coal & Coke Co.-Tenders.--

Latrobe-Conn
until
Trust Co.. trustee, Phila., will Fund
The Bank of North America &
it of 1st Mtge. 20-Year 6% Sinking
Oct. 17 receive bids for the sale to
amount sufficient to absorb $89,684
an
to
1911,
1
June
dated
bonds,
gold
interest.-V. 115, p. 2275.
and at a price not exceeding 102 and

5140.753
62,871
17.840
600
9,773
43,905

$391,340
62,201

5593.208
37,986

70,352
46,180

235,000
39,394

$280,828
5212.607
55.764
Balance, surplus
d to $2,231,072.
Unfilled orders on hand July 1 1923 amounte
30.
BALANCE SHEET JUNE
1922.
1923.
1922,
1923.
$
LiabilitiesAssets150,000 180,000
stock_
Preferred
7%
plant
Land, bidgs.,
equity_x1,210,034 1,204,271
and equipment_ _ _1,163,698 1,082,337 Com, stock
550,000
1 Notes payable
1
Patents and good-will
. 496,534 313,031
payable..
Accounts
39,891
156,388
Cash
18,585
Accrued pay-roll_ _ _ _ 24,298
Notes receivable(subAdv. payments rec'd
to reserve)... 273,188[
22,212
22,099
__
_
customers
from
Def.install.notesrec. 496.469 965,773
Prov. for Fed. taxes_ 293,800 322,971
Accounts receivable_ 274,047k
89,134
87,802
783,827 295,959 Other reserves
Inventories
357,669 269,663
18,961 Deprec. reserve
18,961
Investments
16,935
25,658
_
_
_
charges_
Deferred
3,192,236 2,419,857
Total
3 192.236 2,419,857
Total
of no par value; issued and
x Common stock, authorized, 200,000 shares
capital, surplus and undivided
outstanding, 32,530 shares represented by
116. p. 522.
profits, as at June 30 1922, of 51,210.034.-V.

.).Marlin-Rockwell Corp.-Bal. Sheet (Incl. Subsid
Dec.31'22

Inc.-Report.

Lexington Utilities Co.,
al Reports."-V. 115
See Kentucky Securities Corp. under "Financi

p.2386.
an Subsidiary.Libby-Owens Sheet Glass Co.-Belgidepartm
ent of Moody's

According to information received by the foreign 30 1923 of the Belgian
as of Aug.
Investors' Service, the balance sheet
22,532,790 francs over
subsidiary showed an increase in fixed assets of
This increase is said to be due largely
the figures as of Aug. 30 1922. especiall
y in connection with the opening
n
g of
to new construction and expansio
company's capitalization consistin
of a new plant at Gompel. Of the 500
francs par value, 72.000 Ordinary
48,000 shares of Preferred stock of
shares without
ary
Benefici
36,000
and
value,
par
francs
shares of 500
the Preferred and Beneficiary
par value. the American company owns all
•
stock.
shares and a substantial portion of the Common
Balance Sheet as of Aug. 30 1923 (in Belgian Francs).
1922.
1923.
Liabilities1922.
1923.
Assets36,000,000
56,749,278 34,216,488 Common stock_ _ _36,000,000
Fixed assets
0
24,000,00
00
_24,000,0
_
stock_
Cash dr in banks 4,636,174 5,545,100 Preferred ry stock.
Treasury notes... 3,000.000 2.500,302 Beneficia
356,890
6,762,542
.
Current
liabilities
117,353
Bills receivable__ _
3,750,000
Reserve
Current accounts_ 2,933,467
3.011,437
Advances
1,195,907
Inventory
296,000
1,451,405
.
Miscel.
liabilities
370,000
Int. in other cos.. 5,475.702
0
18,021,00
867,503
_
_
_
assets_
Miscel.
74,975,384 60,652,890
Total
74,975.384 60,652.890
Total
-V. 117,

June 30'23 Dec.31'22
AssetsLd.,bidgs.,mach'y,
059 $3,037,712
_231,993,
&c_
pm't,
equi
162,297
Pats. & pat. rights
40,871
30,111
Investments
526,155
405,859
Cash
Notes. accts., &c.
410,567
b509,009
receivable
1,594,527 1,787,158
Inventories
34,674
28,061
Deferred charges.-

June 30'23
LiabilitiesCapital stock. _ _c$1.024,107 $1,024,107
Notes& accts. pay. 834,345 d1,483,712
975.000
Syndicate loan__ - 975,000
11,000
7,000
Mtges. payable_ _ _
87,007
106,293
Reserves
1,094,644
.
1,094,644
surplus..
Capital
Earned surplus__ _ 519,237 1,323.982
Tot.(each side).54,560,626 $5,999,432

machinery, equipment and furniture
a Land and buildings, $678,497;
28; less reserve for depreciation.
and fixtures. $4,013,631; total, $4,692,1acceptances receivable, 3134,752:
trade
and
$2,699.069. b Includes notes
, less reserve for doubtful
accounts receivable, $512,502: total, $647,254•ing, 81,007 shares without
outstand
accounts, 5138.246. c Capital stock Federal
and profits taxes.
income
par value. d Includes provisions for
ended June 30
The comparative income account for the six months
1562.
p.
1923 was published in V. 117,

l Motor Corp.-Production.-

Maxwel
Maxwell and Chalmers
The corporation in September last produced 6.070p. 1562.
117,
cars,as compared with 4,805 in August.-V.

StuMetropolitan Edison Co.-Bonds Offered.-Halsey, nal
an additio
int.
and
98
at
g
offerin
are
Inc.,
Co.,
&
art
1st & Ref. Mtge. Gold bonds, Series "B,"
Shares and block of $500,000 1 1922. Due Feb. 1 1952. (See previous
Feb.
Liggett 8c Myers Tobacco Co.-To Increase
Dated
6%.
Reduce Par.number of offering in V. 114, p. 1541.)
ders will vote Nov. 12 on (1) increasing the
The stockhol
shares, par 5100, to 859,856 and the
shares of Common stock from 214,964"B"
from 443,638 shares, par $100,
number of shares of Common stock
of the shares of Common stock
value
to 1,774,552 and changing the par
of$100,and (2)on authorizing
and Common stock"B"to $25 each, instead
new Common stock and
the directors to take the necessary steps to have ing
Common stock and
Common stock "B" exchanged for the outstand
od that four shares
is
understo
.
It
company
the
of
"B"
stock
Common
each present share
for
d
be
will
exchange
of the new $25 par value stock
of 5100.-V. 116. p.2644.

& Co.-Acquisitions.-

Lockwood, Greene
of Lancaster, S. C.,
The company has acquired from Col. Leroy Springs,Chester,
S. C.; Fort
his holdings in the Eureka Mill and Springstein Mill, Mill. These mills
Cotton
Mill (S. C.) Mfg. Co. and the Lancaster (S. C.)
acquired,
recently
was
which
Co.,
Mfg.
Pelzer
the
with
will be consolidated
and a new company formed.
Co. will have the
Mill
r
Cotton
the
of
Lancaste
ders
sharehol
minority
The
Interest in the reorganiright to participate on equal terms with the Springs
zation.--''OffIcial."-V. 117, p. 675.
Loft, Incorporated.-Sales.-

-Quarter ended Sept. 30•
-V. 117, p. 1354, 446.

1923.
51.691,951

1921.
1922.
$1,618,787 $1,595,875

on Second
Lord 8c Taylor, New York.-Quarterly Dividend
Preferred Stock.on the 2d Pref.
y dividend of 2%
The directors have declared a quarterl Oct.
20. This is the first regular
record
stock, payable Nov. 1 to holders of
On Aug. 1 1923 accumulations
1
1914.
May
since
issue
payment on the
on that date of a
payment
d to 56% after
on the 28 Pref. stock amounte 333.
-V. 117, p.
dividend of 18%.

-Deposits of
Lucey Manufacturing Co. (of N. Y.).
Notes Urged.Weston, Chairman)

Stock Exchange and applicaListing.-Previous issues listed on N. Y.
tion will be made to list this issue._
L. West, Reading, Pa., Sept. 14.
Data From Letter of President E.
and power properties in an
Company.-Owns and operates electric light
ania and serves directly the imporextensive territory in eastern Pennsylv
, together with 64 other
Lebanon
and
Reading
tant industrial centres of
y 30 additional communities
communities. Company serves indirectling
s and supplies_praccompanie
distribut
local
to
of
power
through the sale
Transit & Light Co. Entire
tically all the power used by the Reading
on of 300,000, Is furnished
populati
a
with
,
territory
this
in
supplied
power
by company.
stock of the PennThe company owns the entire outstanding Common
rg Electric Co., Metrosylvania Edison Co., Hanover Power Co., Gettysbu
and more than
Co.,
Power
&
politan Power Co. and Weimar Electric Light
York Haven Water & Power
09% of the outstanding capital stock of the
d stock
Preferre
7%
B
Class
the
in
Co. It also has a substantial interest
of the Reading Transit & Light Co.
with
territory
l
ies
additiona
subsidiar
its
through
The company serves
a population estimated at 275,000.
Authorized. Ouistand'g
Capitalization151,593,000
1
Metro. Edison Co. Mtge. Series A 8s, 1935
Series B 6s, 1952 (Inc1.1
do
do
do
6,055,000
x
this issue)
1,000,000
SeriesC 5s, 1953
do
do
do
2,492,500
y
1939
due
bonds,
3%
ng
Underlyi
Prof.
ting
participa
Preferred s